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TWO
S E C T I O N S —S E C T
ONE
I O N
UL 7
i9j0
~
ummerciH
COPYRIGHTED IN 1936 BY WILLIAM
B. DANA COMPANY, NEW
ml 40 Issued Weekly, 35 Gents a Copy
14 J,
^
$15.00 Per Year
,
YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW
NEW YORK, JULY 4,
1936.
vwiiamafr'^
TRUST
BROOKLYN
Chartered
,
1
NO. 3706
CHASE
THE
COMPANY
NATIONAL
Kidder, Peabody & Go.
1866
President
OF
BOSTON
NEW YORK
George V. McLaughlin
THE
The
served
lember Federal Deposit
YORK
is
tra-
bankers' bank.
a
years
many
BROOKLYN
BANK
NEW
chase
ditionally
For
OF
CITY
PHILADELPHIA
NEW YORK
1J79.1
YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
has
it
Insurance Corporation
of banks and bankers
as
New York
correspondent
and
depository.
COMMERCIAL BANKERS SINCE 1852
•
UnlonlhistCo.
SAN
reserve
Member Federal Deposit
STATE
and
.»
large number
a
Insurance Corporation
AND
MUNICIPAL
FRANCISCO
United States
BONDS
Member Federal Deposit Insurance Corporation
Government
RESOURCES OVER $200,
Securities
The
Hallgarten & Co.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
corporation
Established 1850
63 Wall
NEW YORK
BOSTON
Street, New York
Telephone: BOwIing Green 9-5000 "
CHICAGO
L;NEW YORK
\
PHILADELPHIA
SAN FRANCISCO
Boston
Philadelphia
Chicago
San Francisco
.
■
London
Chicago
AND OTHER PRINCIPAL CITIES
i
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
The
120 Broadway
State and
New York
Amsterdam
London
CARL M. LOEB & CO.
61
NewTorkTrust
Company
Barr Brothers & Co.
BROADWAY
Capital Funds
NEW YORK
Municipal Bonds
♦
$32,500,000
INC.
New York
Berlin
Amsterdam
London
Chicago
Paris
ioo
broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
NEW YORK
EDWARD B. SMITH & CO.
31 Nassau Street
•
State
-
Municipal
New York
•
Industrial
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
European Representative*! Office:
London
•"
Easton
8 KING WILLIAM
1
Minneapolis
CHICAGO
Public Utility
LONDON, E. C. 4
R.W.Pressprich&Co.
Co., Inc.
St. Louis
-
BONDS
*
Correspondent
Edward B. Smith &
Railroad
STREET
Members New York Stock Exchange
Member Federal Reserve System
N. Y.
and
Clearing House Association
New York
Chicago
j
,
Philadelphia
San Francisco
Chronicle
Financial
II
July 4, 1936
A. G. Becker & Co.
Incorporated
Established
CO.
P. MORGAN &
J.
1893
NEW YORK
CO.
DREXEL &
Investment Securities
PHILADELPHIA
Commercial Paper
Condensed Statement of Condition June 30,1936
Chicago
New York
ASSETS
Other Cities
And
Cash
on
Hand and
on
$100,564,333.84
Deposit in Banks
United States Government Securities
824,631,496.10
(Of these $900,000 are pledged)
State and Municipal Bonds and Bills
Stocks and
NEWARK
19,162,673.50
18,954,857.52
Bonds, etc
48,251,513.10
Loans and Bills Purchased.
Accrued Interest and Accounts Receivable......
New
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
1,823,196.94
Morgan Grenfell & Co. Limited, Shares
5,500,000.00
Banking Premises
6,728,304.12
Liability of Customers on Letters ,1_:
of Credit and Acceptances... .$15,575,426.67
Less
15,457,579.03
117,847.64
Prepayments
$541,073,953.65
Total Assets
J. S. RIPPEL & CO.
LIABILITIES
Newark, N. J.
18 Clinton St.
$455,000,541 -84
Deposits: Demand
21,140,800.97
Time
ST.
LOUIS
$476,141,342.81
Payable
Accrued Interest and Accounts
124,329.76
Credit
Acceptances Outstanding and Letters of
15,575,426.67
Issued.
1,000,000.00
Special Reserve Fund
$ 25,000,000.00
Capital
23,282,854-41
48,232,854.41
Total Inabilities.....................
$541,073,953.65
Surplus and Partners' Balances
St. Louis Securities
in the assets and
Cie., Paris. Our interest in Morgan
is now represented by fully-paid shares.
statement is exclusive of our Interest
foregoing
The
Srn{ &
liabilities of the firm of Morgan &
Grenfell & Co. Limited, London,
ft
ba/nt Laura
Licensed
909 OLIVE 91
Priva te Bankers
as
Authorised
Members St. Louis Stock
Z,
.
,
under Article IV of the Banking Law of the State of New York
Private Bank bj the Department of
Commonwealth of Pennsylvania
as a
Exchange
July
-
■
Banking of the
1936
Missouri and Southwestern
Stocks
and
Bonds
Smith, Moore & Co.
THE FIRST NATIONAL BANK
THE
OF
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
CITY
OF
NEW
YORK
Exchange
Report
Condition
of;
at
the
Close
Business June
of
30, 1936
member federal deposit insurance corporation
~
Loans
and
RESOURCES
discounts..
$102,138,567.67
United States securities..
DETROIT
Other bonds, stocks,
.
securities, etc...
251,464,479.89
121,245,644.77
Banking House
5,000,000.00
Cash and due from Federal Reserve Bank
$117,795,923.53
Exchanges
MUNICIPALS
MICHIGAN
26,701,846.23
Due from banks.
5,723,517.51
and
CORPORATION
BONDS
150,221,287.27
""
Customers'liability—Indorsed drafts sold
and
WATLING, LERCHEN & HAYES
acceptances
.
•
.
.
guaranteed
24,133.86
$630,094,113.46
'
Members
"•*
'
LIABILITIES
'
New York Stock Exch.
New York Curb Assoc.
;
Detroit Stock Exchange
Chicago Stock Exch.
Capital
.......$ 10,000,000.00
Surplus
80,000,000.00
834 BUHL BLDG.,
DETROIT
•
'
Profits
Dividend
Deposits:
10,750,568.49
payable July 1, 1936.
2,500,000.00
$145,662,788.58
Banks
All ethers
378,839,397.64
524,502,186.22
Reserved
for taxes and assessments,,...
Indorsed drafts sold and acceptances
LISTED
AND
2,317,224.89
guaranteed
24,133.86
UNLISTED
$630,094,113.46
SECURITIES
Memorandum:
U.
S.
securities
pledged to
deposits, and to qualify for fiduciary
Charles A. Pa reel Is & Co.
Members of Detroit
Stock
Exchange
PENOBSCOT BUILDING, DETROIT. MICH.
Other
trust
bonds,
stocks,
deposits
securities,
etc.,
secure
trust
$22,871,021.73
powers.
pledged
to
secure
$
952,593.66
■i..
Tin'
omnmtia
JULY 4,
Vol. 143
No. 3706
1936
!
CONTENTS
1
Editorials
Financial Situation
.
_PAGE
.1
_
The Battle at the Crossroads
14
The Problem of
15
Subject Peoples
Comment and Review
*
.
U
•fe ;;;
Text of Revenue Act of 1936___
of
Text
or
tRobinson-Patman
__
Section Two, 1 to
Anti-Price
Discrimination
"Chain Store" Bill
Week
on
the
26
17
European Stock Exchanges
6
Foreign Political and Economic Situation
7
.
Foreign Exchange Rates and Comment
10
&
51
Course of the Bond Market
18
Indications of Business
19
Activity
I
.
Week
on
the New York Stock
Week
on
the New York
Curb
Exchange
f
4
Exchange.,
-
51
News
Current Events and
Bank and
General
Discussions
28
Trust Company Items
47
Corporation and Investment News...
Dry Goods Trade
State and
i.
96
1;
142
*
Municipal Department
143
Stocks and Bonds
Foreign Stock Exchange Quotations
95
.....
Dividends Declared
...
55
Auction Sales
95
New York Stock Exchange—Stock Quotations
63
New York Stock
Exchange—Bond Quotations..
62 &
72
New York Curb Exchange—Stock Quotations
78
New York Curb
Exchange—Bond Quotations..
81
Exchanges—Stock and Bond Quotations
84
Other
Canadian Markets—Stock and Bond Quotations
88
Over-the-Counter Securities—Stock & Bond Quotations.
91
j
-
Reports
?<
Foreign Bank Statements
Course of Bank
9
Clearings
Federal Reserve Bank Statements
■h
General
11
!
51
...
...
Corporation and Investment News..
59
96
■
Commodities
The Commercial Markets and the
Crops
132
n
Cotton
Breadstuff s
134
...
...
.
139
4
■
Chronicle
Financial
YY
CHASE
THE
X
BANK
NATIONAL
OF THE CITY OF
Statement
July 4, 1936
NEW
YORK
of Condition, June 30, 1936
RESOURCES
Cash
Due
and
from
U. S. Government
guaranteed
State
and
.
<
-
.
•
•
.
.
Obligations,
•
.
Banks
.
.
and
Loans, Discounts
Banking Houses
Securities
and
.
Other Real Estate
«
Mortgages
.
.
.
.
.
.
.
.
.
•
•
•
•
•
•
•
.
.
•
735,987,426.74
*
.
.
.
.
•
•
•
•
•
•
96,689,988.58
•
•
•
•
•
184,412,520.93
•
•
•
•
•
649,449,053.91
38,271,272.3,1
•
•
•
Customers' Acceptance Liability
Other Assets
602,890,348.12
.
.
.
.
.
.
.
.
Bankers* Acceptances
.
.
•
..
•
•
.
...
direct and fully
Municipal Securities
Other Bonds
.
.
.
4,213,474.44
•
•
•
•
•
10,255,689.23
i
•
•
•
19,668,994.51
•
•
.
•
i
•
14,518,907.50
•
$2,356,357,676.27
LIABILITIES
Capital Funds:
..
Preferred Stock (Called
Common Stock
as
of August 1, 1936)
.
.
.
.
.
Surplus
.
.
.
.
.
...
.
.
$
3,694,340.00
.
.
.
100,270,000.00
.
.
.
100,270,000.00
Undivided Profits
22,657,367.23
$
Reserve
for
Contingencies
Reserve
for
Taxes, Interest,
Deposits
.
...
as
Endorser
Other Liabilities
.
.
on
•
.
.
.
12,413,158.33
..
•
•
•
.
.
•
•
•
•
•
•
.
2,083,325,945.17
...
.
.
•
•
•
21.341,521.84
.
.
Foreign Bills
and
•
•
1,183,448.27
•
Acceptances
•
226,891,707.23
.
etc.
.
.
Acceptances Outstanding
Liability
.
•
.
6,772,365.13
4,429,529.30
•
$2,356,357,676.27
United States Government and other securities carried at
public and
trust
deposits and for other
Member Federal
purposes as
$147,818,737.41
required
or
Deposit Insurance Corporation
are
pledged
to secure
permitted by law.
X.
■
^r~
The Financial Situation
THE business community has now had a week of
that usually
to it in
election
the rest
comes
party conventions and the com¬
political campaigning.
At
between the
year
least, it has had
ments
active
of
mencement
rest so far as overt political develop¬
a
For
concerned.
are
an
somewhat longer period
a
it has been relieved of the uncertainties and anxieties
that
for
speculation
.
.
cam¬
and
naturally been
words, of
of
wise.
The New Tax Law
By far the most impor¬
legislation
the
was
and
men,
particularly those
ecutives
many
of
management
analyze
They
it
that
passages
reaching and harmful ef¬
ally.
good
business
There have
gener¬
been
a
predictions of
many
the consequences
likely to
manifest themselves in al¬
tered dividend
policies and
inability of
in
issues without
a
new
cor¬
that
the
be
there has
Mr. Lewis and the Steel
Industry
then per¬
been
real
have been for it is
now
industry,
Much is appearing in
ing.
the
which has been
press
featuring the defiance and
Mr.
of
counter-defiance
Lewis and his associates on
the
one
ployers
hand, and the em¬
on
the other. Con¬
flicting private reports are
in circulation, some
assert¬
ing that the leaders in the
greatly
steel industry are
concerned
these
de¬
the state of
over
others
that
leaders
feel
and
affairs,
same
quite assured that the sit¬
uation is well in hand.
ment
such
any
course,
definitely
this
at
Of
move¬
when
time,
the steel industry
politicians have reached
conclusions, or else much
outspoken and militant proposals to give
about
more
the
effect to such ideas would be found in
the other
ating at
same
or
that of
one or
is
oper¬
rate as high as
a
today, carries po¬
tential dangers
both of the platforms.
not
conclu¬
refunding
steel
the
reports are rather conflict¬
be amended
much
situation in
TO the
S
As
with
ever
significance,
exist
only
Probably
~~
year
would
which would
other
at
times.
time
will
bring forth the facts in clear relief, and reveal the
Probably further time for
consequences
of the trouble that Mr. Lewis is ap¬
thorough study of the bearing of the provis¬
parently bent
on
new
necessary
predictions
is
economic
What the Secretary of Agricul¬
others who
think
similarly
forward
political as well as
well be of
We infer that the
bond
substantially checked.
ions of the
be
journey at this time may
the Court will
can
personally,
sections
although of course such a
wane.
noteworthy during the past
programs so
more
if
the
on
penalty, and have drawn
sion
these
the
there may
heavy tax
from this fact the
nor
visit
tary of Agriculture to
changes as sweeping as these, not¬
withstanding a great deal of loose talk about
"the new economy" and the like.
We, more¬
over, are of the opinion that whatever demand
porations to insert sinking
fund clauses
are
Secre¬
ington to lead the
mand for
Others have taken
note of the
portant enough in ;Wash-
The
echo much that is being said
that the Constitution
come
doubt
reorganized capital struc¬
tures.
to
At any rate,
the situation is deemed im¬
logical and practical
specific proposals
for repealing the due process clause in the
Constitution, alter other provisions appro¬
priately to vest legislative power in the Chief
Executive, and grant the Federal Govern¬
ment jurisdiction over intrastate matters.
There is absolutely nothing to prevent such
proposals except the political hazards in¬
volved, and if "the economic and social trends
of the times" are really as strong and as en¬
during as these gentlemen seem to believe,
there ought to be no great political hazard in
making such proposals.
For our part, we
is
exaggerated, al¬
book, recently published
the Constitution
and
suspect
from the
stricken regions
-
certain.
be
cur¬
should do in order to be
also
almost certain to have far-
fects upon
course,
desired.
ture
contains
unfortunate
of
though of that one cannot
any
reason
and
are
his
to
reasons
reports
have been
barrier against steps designed to
them legislative effect, for the simple
give
finding
are
as
to
understand.
finding
neither
prove
corporations,
difficult
ex¬
responsible for the
financial
either
in
facts
the
drought
then
forming the functions for which they were
brought into existence.
This, however, is but one aspect of the mat¬
ter.
Let these ideas but take permanent and
controlling hold upon the people at large, and
tax
new
in
The Court and the Constitution
of last-minute
law, which business
social trends of the times,
speak in this way intend to say that, when the
Supreme Court declines to permit the hysteri¬
cal clamor of the day to persuade it to give
the provisions of the Constitution a new
meaning in order to validate laws designed to
respond to this clamor, any government un¬
dertaking to cater to the whims of the day is
likely to find the going rough, they are right,
but
without
good ground for complaint.
of them other¬
piece
of
some
the present time.
Just what is meant by the words "economic
and social trends of the times" ?
If those who
mildly encouraging
some
difficult to be certain
very
that
(Supreme) Court either
in many quarters at
no
than guesses, some
tant
writing, it is
under the title 44Whose Constitution?"
concerning campaign mat¬
ters have
or
affairs
rent
Forecasts
activities.
them
ment of this
Agriculture Wallace in the discussion of
during the closing days of
more
union, has injected himself in an effort to organize
workers on an industrial union basis.
At the mo¬
living with that government, become almost
insuperable."
This plaintive note is struck by Secretary of
approved
thatCongress
industry,
Lewis, head of the coal miners'
the problems of government, and of the people
study of the legislation
its
into which John L.
lags behind in understanding the
or
economic
and
developments,
paign
when the
.
mistakes
in the form of
in the West and Middle West.
Almost Insuperable" ?
as
has in
what the future
for
area
The other is the labor situation in the steel
these situations. There are
"
store
wide
over a
of them is the
One
matter.
said to have become definitely threat¬
-
opportunity have been af¬
to
ening
now
Thus time and
in session.
forded
drought,
certain to be its misfortune when Congress is
are
for that
legislation
statute
upon
before the
can
accuracy
many
of these
be determined, although of course it
quite obvious that the law is
which should
of
never
have
In two other quarters
seen
the
an
unfortunate
one
light of day.
developments have tended to
draw the attention of the business
community from
political and semi-political questions, and from recent
making.
The effect of the "bonus
specific situations will
ness
are
is
another
scarce.
themselves
A
as
feeling
some
penditure of these funds.
a
money"
on
curfent busi¬
subject about which accurate facts
number of industries have reported
stimulus
Yet there
feeling of disappointment
over
from
seems
the
the ilet results, al¬
though the volume of business maintains itself
markably
well,
all
things
ex¬
tto persist
considered.
re¬
Certainly
2
Financial
there
be
can
little
time
doubt that many veterans have wasted
have imposing academic connections.
is involved, and the facile writer has little trouble
in
Tuesday
on
into their hands.
only
leaving
$4,116,000 000,
$4,361,000,000.
But of
receipts
deficit
a
there
course
of
was
enticing
pictures
credit systems of the nations.
This brought
against
painting
The subject
Utopias
of
be
to
brought into being by tinkering with the money and
(exclusive of debt
year
$8,477,000,000,
to
in
$724,235,000 had been paid
expenditures for the
retirement)
The
of the close of the fiscal
as
some
redemption of these bonus bonds.
total
July 4, 1936
getting cash
no
in
Treasury reports that
year
Chronicle
rule
greatly
oversimplify
Such writings
as a
while
subject,
the
the
sounder thinkers in the field find it difficult to
of
bring the discussion effectively down to the
man
in
the street without leaving conclusions virtually
some
nothing
ex
surprising in these figures, since the daily Treasury
cathedra. It is Therefore hardly surprising that the
statement had
rank and file, always inclined to be searching for
perfectly
It
is
long made their order of magnitude
cle^ir.
to be
seems
There
being used in
and
substantial amounts in the
very
reliably reported
swelled
these
Savings bank deposits
during the past two weeks
as
difficult than
part of the funds will stay in such deposits very
should have
long.
whether and when
security markets
seem
have
to
issue
today,
the
was
when "sound
case
being debated during the Civil War
was
earlier case, the issue
payments, but there is doubt that the larger
The
The
for that matter when
or
was
being championed by
such formidable political figures as the late William
Jennings Bryan at the turn of the century. In the
result of
a
factors.
the bi-metallic standard
having been considerably
as
other
and for years thereafter,
they too have felt decidedly the effects of this
are
more
money"
Holders of mortgages report
huge distribution of cash.
also
are
realistically approached, is vastly different from
generally agreed that bonus cash
repayment of debts.
that
rainbows' ends, are misled.
Bonus Cash
been
fiat
a
first, whether
was,
paper
should
we
In the latter
or
not we
and, second,
currency,
specie
resume
pay-
the question under debate
largely neglected by the veterans, but in part at least
ments.
this may
be
ness now
prevailing in these markets and the lack of
had merely to do with the metallic basis of our currency.
During the third quarter of the nineteenth
result
a
as
definite
price trends.
clearly.
First,
Two facts at least stand out
payments, and,
for the current fiscal year
as a
;century, currency was widely used and the employ-
:
ment of demand bank deposits and checks but little
*
proportion
same
currency
every
as
ultimate soundness of the currency systems of those
days depended upon the soundness of the banking
period ended Tuesday, since roughly
half of the
mand for
possible (and, we suppose, probable) decash on this account was paid out before
the close of business
V system, as recurrent money panics repeatedly demonstrated.
June 36.
on
V«Q
j
Sound
mind
^
the
the
cause
things in regard to banking, credit and
of sound money
more
result of the elections this fall unless
can
be
done
to
be
will be greatly advanced
as a
alter the
that
course
-p
callv
vdliy
■,
their
llltXI
•
i•
..
•
the soundest currency
now
i
-j
J.T.
...
the
tiiv
dollar
LLUXXclX
u
v
...
e
j
4.V.-
x,
• x
^
4.
..
.
m,
record
vUX U.
,
as
dw
v
.
,
but
too
favoring
sound
a
d
Xd V UX XXI
wU (XXXIX
.
,,
currency
U (XX X t XIL y
jii
n
the remainder of
in
.
their
or
else that
all
dXX
mean
about the whole
can
little
than
more
"sound
money"
served in
given point, there is
possibility at most of making
more
than
ritual to be ob
a mere
recent years
is, of
with
course,
more
that
many
have flooded newspapers and
zines with twaddle about
like, to
say
of books.
writers in
imagination than
common-
popular
maga-
managed currency and the
nothing of the "money-made-easy" type
Some of these writers have had and still
a
x.i_.,.x
n/m nnn
,«
««
.
aaa
.«
.
•
-i
tj.
silver. It would ap-
in
*t
*■
i
j
•
m
**
order
"sound currency"
xi
the older and
in
nar-
ui.
x
^
of the term would be merely to restore
T
,
xi
.
j
-
,
«
convertibility. Judged by the standards of the older
mm
■
j
m
iii
*
i'
i
•
days, there could be but little risk
,.
what they
political pronouncements.
One trouble
sense
a
©o
-
„
subject that unless their thinking,
,
,,
x
on
is. Meanwhile the rank and file
be clarified and
somehow
j
rower sense
of the voters of the country have become so confused
•
therefore that all that needs to be done
to restore
they had but the vaguest idea of
-what sound money
■
any-
,
with sound
synonymous
,
a
f
hazards
XXd^dX vX b t
,
plainly that either they did not
said
at
d L
,
A
pear
n
A
platform showed all
t
.
i
xx
thing about the situation. Their opponents went
X
nAn
•,
I
implies lack of recognition of need to do
course
"sound currency" today must
almost
000>000 and 12,000,(100,000
is
Xo
the world, which of
m
n
that
lilcl v
sense
as
_
tinkering, emphati-
nlatform
pXdtXUXXll
nar-
The latest Treasury statement shows the monetary
ft5L°C °,
f
I-J aPProac 111" e $ >
00°'°+0() ^ark while he total paper currency in cirflat^/.S bllt+*hgbtly m°re owns \alf thlS $1,d00,than between
In addition, the Treasury
Both
i
.
...
important
considered
m.
possible at the ballot boxes
,
same
Gold Stocks
now
The Democrats, wish-
their monetary
in
1X1
asserted
dfebtl LvU.
,,
as
•
4.x.
of
result
a
little
as
ij.
as
in
currency
In this
banking.
political parties have made genuflections before the
ing to lose
of the term.
sense
something
events
promise to take during the next few months.
abstract idea of sound money.
narrower
rower sense even term "soundin the larger andmajor
the today, but currency" is of even
importance
cur-
To make matters worse, it is unlikely that
money.
But the debates of those eras, and the
changes proposed or made, concerned
Money
THIS budgetary situation can hardly fail to re-.
thoughtful of the unfortunate
rent state of
Again in the early years of this century,
itself was relatively far more important in
day life than is the case today. Of course, the
developed.
second, the deficit
will be enlarged by the
cashing of bonds in about the
for the fiscal
of the quiet-
as a cause
"boom" has been ushered in
no
of these
result
well
era,
,
J
.
-u
x
i
m
A.
i
such restoran
10n
convertibility, since substantial y more than
,tw° dollar®1 ° m+etal^s held/°r e/C.h
™cy. The troubles is found in the fact that
there;fe some $50,000,000,000 or more-in bank
^Posits which m modern business serve as money,
and
^uld ** 'into claims on gold;
16 th!
}*
he matter 1S,to bf
.
,
JTudfd by (tbe basis of standards formerly employed.
dust hmJ ®°™d ^ thls form of modern money as
ln"s s an
.
o ay.
Other Factors Involved
The search for an answer to such
a
question does
not proceed far before it becomes evident that much
more
than merely the amount of gold locked in the
Treasury vaults is involved, and would be involved
Volume
if
even
Financial
143
convertibility
restored tomorrow. Lay¬
were
3
Chronicle
this country
ing aside for the moment the jargon of the text¬
as
large
books and of the
to
us
ask ourselves a few
simple questions about all this. First of all, how did
in
this
deposit
money
Cer¬
into existence?
come
moderate fraction of the in¬
than a. very
in bank
crease
all
during the past two or three years, but
is the volume of such imports it amounts
no more
bankers, let
as
deposit
The bulk of the increase
deposits.
occurred within this
that has
money
of time is the result of converting Treasury
tainly not by customers coming into the banks and
space
depositing "money." There is not more than a rela¬
deficits into'
tively small fraction of this amount of money in
gold standard, apart from its work in international
the
country even if, forgetting duplications, we were
to add paper
of
matter
originated when
when he sells his bank
obligation to
block of bonds, he
or
It is unfortunate that this
often
obscured
cerned
bank, for it is
obvious
con¬
fact
a
important
as
loan that
processus as
sound
brought it into existence, and
important also for the
as
the
no more so.
reason
that it so clearly
that the process
reveals the truth
of borrowing at
commercial bank converts the asset left with the
lending bank into
of money so
once
most practical purposes are con¬
as
poses
significance, likewise, because
the question of what types of assets
safely and soundly be converted into
may
We
far
the modern equivalent
money, or
It is of vital
cerned.
it at
all too prone
are
being coined into
in
rect
sense
we
now
money.
to think only of gold and silver
and in
money,
thinking.
so
for the most
a sense we are cor¬
But in fully
a
that what is coined into money
see
important
is
as
part neither gold nor silver but bonds,
notes, mortgages and the like.
Over-Issue of
From this
great importance.
has been said from time out of mind that
banks must
demands
which is true.
commercial
money
•
are
short term
on
What is not
government obligations which are now in
the
creation
self-liquidating
course
of
power
which
hands of
are
owners
make
a
is
There
or
at
the
same
trade
provide the
money, or
in the
of
of
creating
time that
from
continue to prevent
we
occurring
standing that
in
money
we
have far
are
than
more
our
yellow metal, and that we are following a foolish
policy of buying silver abroad in mountainous quan¬
tities.
Many other countries
standard now;
the
idea
of
others
are
not on the gold
constantly flirting with
are
seeking trade advantage by currency
debasement.
Furthermore, practically
iting, the movement of goods ajcross international
Under conditions of this sort the
world-wide
a
one
posits,
the whole world has had to go
through the
issue
of
deposit
currency.
Now to
than
return
a
to
This of
Apply all this to the "sound money issue" today,
and
we
must conclude that any
political party that
really intends to establish a sound currency in a
real
sense
is
as
must be
prepared at the least:
to balance the Federal budget as promptly
(1)
humanly possible;
(2) to alter national policies and laws in such a
to permit and to foster conservative banking
way as
and
genuine liquidity in banking assets;
(3) in conjunction with other countries to under¬
take
as
speedily
is the
years
possible to strike from interna¬
as
obligations, long-term in tenor
so.
govern¬
if techni¬
for
every one
or
international
to
as
by the events of recent
some means
indebtedness,
and
years,
of redistributing
a
part
gold hoards now to be found in two leading
countries—France
As
an
ratios which have been thrown badly
(5) to devise
or,
have imported vast quantities of gold into
and currency
some
lies in
to a workable understanding with
come
countries
of the
now
state;
to
other
Hardly
is necessary to discover
only important increase is found in
;we
(4)
out of balance
the current situation.
cally short-term, only technically
knows,
course
over¬
glance at the growth in bank assets
during the past few
that the
ment
steadily increasing
of inflation.
essence
more
a
of
agony
"currency war" of unprecedented proportions.
Practical Conclusions
steady accumulation of de¬
in other words
or
The problem
which may not be solved until
anemic
course,
own
system for preventing, or at least very severely lim¬
the
a
coun¬
every
try of great consequence has established its
tional trade the shackles in which it
inevitably results in
share, that
virtually denuded of the
against illiquid assets which cannot be got out of
banking system within due and brief
import
remotely
proportions
The result is that the world's
other countries
many
from savings.
deposit
We have
gold is continually flowing to our shores, notwith¬
for
passing into the
who will take them up
practice
means
else to other types of
course
side of the situation.
the domestic
al^o the international aspect.
resembling normal.
money
which will in the
paper,
the
^
radically reduced the gold content of the dollar at
demand,
deposit
in
banks
commercial
the
billions of dollars.
The International Aspect
j j
So much for
commer¬
to bring deposit
of this
business
retiring the deposit
assets
of
amount of many
a
always realized is that
banks, with their
by
to
normal
To
It
into being, must be careful to limit the assets
obtained
either
of
portfolibs
keep their assets liquid since the
them
on
out gold, but only paper
be had from the Reserve banks
gold standard simply will not work.
naturally to certain further
passes
wholly different when there
pay
virtually unlimited amounts upon the presenta¬
is
one
can
boundary lines.
Deposit Currency
rather obvious deductions of
cial
which
the
as
corollary that the deposit money that is
brought into being in the
a
is
It is important by reason of the
elementary.
It is
elementary fact is so
the average man
as
currency
by the constant shifting of deposit balances
from bank to
it is
far
as
no
in
obliged to convert
deposit^ into gold and pay them out to depos¬
tion
another.
be
may
The situation is
payment in the form of a credit to his deposit
bank
moment they
any
is
takes
one
likely to feel keenly as long as they know that
at
itors.
his
or
account at
very
As every
bank,
a
banks m extending credit, a restraint they are
their
knows, when he borrows from
man
relations, lies in the restraint it imposes
currency
upon
by
either
banks
at the
credit
of bonds to the banks.
the sale
or
Most of it
obscure.
obtained
customers
business
a
fact, the origin of this deposit currency
is not at all
loans
As
and gold and silver all together.
The chief advantage of the
deposits.
and
the
United
States—or find
equivalent in practice for such redistribution,
otherwise many
virtually
rency.
none,
countries would have
no
gold,
to form the basis of their cur¬
,
;
Financial
4
constitute
Does this
Is it
superhuman task?
a
asking better bread than
can
be made from wheat?
even
that
a
year.
must
enjoy
be
The Treasury recompensed itself for $148,499 000
again
of the
system were increased to $8,106,541 000 on July 1
to
before
is
There
surely
a
shall
we
term, and for that matter the fruits of
sense
well ordered
a
why
reason
no
beginning should not be made, and made at
From what has been said it is clear
declarations of the t,wo
jects do not
in each
slight
some
assurance
a
once,
enough that the
major parties
these sub-
on
scratch the surface.
even
case
aggregate
further high record.
a
of gold acquisitions by depositing certificates with
the 12 banks, and such certificate holdings by the
stability in the best
life.
$10,612,000,000, which is
day,
attended
currency
economic
gold stocks, making the
monetary
our
But, after all, these are matters
Certainly it cannot all be accomplished in
nor
iuIy 4> 1936
Chronicle
Indeed, while
is given in
a
few
from $7,958,042,000
A modest reduc-
June 24.
on
tion took place in cash in vaults, and total
moved
reserves
$8,385,728,000 from $8,243 250,000.
to
up
Federal Reserve notes in actual circulation increased
4,046,086,000 from
to
Total de¬
3,980,018,000.
posits advanced to $Q,576,619,000 from $6,488,961,000, the chief changes consisting of
increase of
an
particulars, both parties include other provisions in
member bank deposits to $5,589,134,000 from $5,-
their
307,954 000, and
platforms which in practice could not fail to
block progress no
matter how diligently sought in
other directions.
Is there not
the
be persuaded that it is politically
politicians
well
as
and
can
some
economically wise to give
as
careful
more
realistic consideration to these
more
in which
way
questions?
decrease of Treasury deposits
a
The
large addition to
reserves
ratio moved
to 78.9% from 78.7%.
up
week, when the the usual condition statement
in the
was
interesting changes have taken place
bankers' bill
holdings
quite unchanged at $3,077,000, while holdings
Were
of United States
Government securities, as already
noted) fell $6j000 to $2,430,228,000.
accounting methods relating to the extensive
holdings
Such
Discounts
by the system fell $1,968,000 in the week to $4,221,$29,785,000. "Open market
pEDERAL Reserve authorities^ made known this
1
some
overshadowed the
gains in circulation and deposit liabiilities and the
°00' while industrial advances dropped $151,000 to
Federal Reserve Bank Statement
federal Reserve Bank Statement
issued, that
on
general account to $731,016,000 from $929,072,000.
Corporate Dividend Declarations
States Government securities.
United
of
holdings, which constitute almost all the
earn-
CORPORATE
dividend
actions
generally
were
ings assets of the 12 banks, have been concentrated
v->
in
america Corp. declared a semi-annual dividend of
special "system account," from which realloca-
a
tions
are
tions
in
to be made to the various
accordance
with
Previously, the individual banks
of
some
the
securities
in
portfolio,
requirements,
able to hold
were
separate investment ac-
counts, although the great bulk
reflects
regional institu-
earnings
restef
in the system
The concentration of the holdings clearly
the
ever
more
contralized
control
Board of Governors of the Federal Reserve
Washington.
and is
cance
Beyond that, it has
The
allocations
of
holdings
New York and
changes
were
bookkeeping
a
made
the
in
re-
sizable reductions in
Chicago, while increased proportions
allotted to
were
chief
System in
practical signifi-
no
entirely in the nature of
transaction.
by the
Philadelphia, Cleveland, San Fran-
cisco, Richmond and Minneapolis.
Aggregate hold-
20c.
favorable
ous
a
share
a
of 5c.
again
the
current
week.
Trans-
the capital stock as well as an extra
on
share, both payable July 31; the two previ-
a
semi-annual distributions amounted to only 15c.
share, but
of 50c.
a
Aug. 1,
an
extra of 10c.
share and
on
a
share was paid
S. H. Kress & Co. declared
Jan. 31 last.
the
an
a
extra of like amount,
common
on
dividend
payable
shares as outstanding prior
to the 2-for-l split-up now being effected; the cornpany
25c.
previously paid regular quarterly dividends of
a
share
as
well
as
semi-annual extras in 6% pre-
ferred stock; an extra of $1 a share was also paid
in cash Dec. 10 last.
dividend of 50c.
a
Holly Sugar Corp. declared a
share
on
the
common
stock,
pay-
able Aug. 1, which compares with an initial distribution of 25c. a share made on May 1. Horn & Hardart
ings were reported at $2,430,228,000, a mere $6,000
Co. (New York) declared an extra dividend of 20c.
under
indicated also
a
share, in addition to the regular quarterly of 40c.
ratios of the
a
share, both payable Aug. 1.
discontinued, although the
*
the
preceding week.
that the practice of
reporting the
individual banks would be
ratio for the system as a
known
as
It
was
reserve
usual.
The combined condition statement of the 12 banks
again reflects
this
week little
more
States Treasury financial operations.
and bonus bonds
and the
drawing
•
f
^he New York Stock Market
whole naturally will be made
than
United
Bonus checks
QMALL and irregular movements were the rule
*3 this week on the New York Stock Exchange,
Dealings
were
on
a
small scale, partly because of
the impending holiday, but.also as a consequence of
cashed in huge volume
the developing drought in the West and threats of
Treasury met these expenditures partly by
labor troilbles in the steel industry. The political
situation also failed to provide any reason for bullish-
on
were
its general account
banks and partly
previously
again
had
with the
Reserve
by depositing gold certificates which
been withheld.
Because of such
ness,
since the distinct impression was given that the
Administration would not greatly concern itself
re¬
fur-
strikes. The European
situation showed improvement as the nations moved
ther
$77,000,000 to the highest figures since just after
toward the elimination of sanctions against Italy, but
the
banking crisis three
such factors
payments and partly also because of the month-end
requirements,
money
in circulation advanced
years
Most of the
ago.
Treasury expenditures rapidly found their
member bank
for the
over
balances, which moved
week to
Wednesday night.
legal requirements,
mary
up
way
into
$281,180,000
Excess
accordingly,
000,000 higher at $2,670,000,000.
a
reserves
were
$230,-
The credit
reflects the diminished gold flow to this
sumcoum-
try, as only $12,000,000 was added in the week to
Igarding
any
widespread
were
not of immediate moment in
our
Stocks as a whole showed only
small upward and downward variations throughout
the week, with net changes inconsequential in most
securities markets.
instances.
Some of the prominent speculative
ve-
hides moved higher oii good buying, but'others
declined.
The markets clearly were in a mood to
await further developments.
Volume
Chronicle
Financial
143
shares;
Trading last Saturday resulted in small gains in
equities, but the week-end trading was of no great
ket this
day the markets were faced with an overnight an¬
One
day.
or
somewhat
equip¬
ment group particularly noticeable.
General Elec¬
tric closed yesterday at 38% against 38% on Friday
of last week; Consolidated Edison Co. of N. Y. at
36% against 35%; Columbia Gas & Elec. at 19%
against 19%; Public Service of N. J. at 45% against
44%; J. I. Case Threshing Machine at 169% against
178%; International Harvester at 83% against
88%; Sears, Roebuck & Co. at 74 against 74%;
Montgomery Ward & Co. at 43 against 44%; Woolworth at 52% against 53%, and American Tel. &
Tel. at 168 against 165%.
Western Union Tel.
closed yesterday at 86% against 86 on Friday of
last week; Allied Chemical & Dye at 202% against
201%; Columbian Carbon at 125 against 122%;
The
advanced.
with
sharply higher,
two motor stocks moved
leading issues in other groups likewise
few
a
business
tone
uncertain
was
Tuesday,
on
steel issues
Most
small scale.
a
on
again receded, and losses were registered also in oil
But bullish demon¬
stocks and many carrier issues.
strations
appeared in
a
The Western drought
and other
grains
good effects in
purchasing
wide
A
few motor and utility stocks.
caused sharp advances in wheat
Wednesday, with corresponding
on
few issues, but the curtailment of
a
implied by the lack of
power
number
of
.much
the
as
a
advances,
profit-taking.
in the
change
wide
showed
specialties
while others suffered from
not
in
crops
depressed most of the market for equities.
area
situation
drought in the grain belt
There
national
Liquidation appeared in the farm equipment
group
a
few
The tone
was
and
others also eased,
most
equities remained in keen demand.
better yesterday in
of
tion
and
steel
almost all
stocks.
with the
groups
Gains
while
Biscuit at
excep¬
degree.
Brands at
Mfg.
35
similar
a
irregularity
at
later
neglected
issues that
entirely
almost
and
fair demand
early sessions but recovered in
Highest rated corporate bonds
dealings.
was
noted for the several
against 117%; Lorillard at 23%
against 34%; Canada Dry at 13% against 13%;
eign dollar section
Polish
issues, and
in the
sharp
a
the
of
advance in
in
other
halted
was
the
new
were
was
Sheet &
group,
29%
The
were more
the sharp
and
Cotton
touched
new
stocks touched
New
York
York
levels
high
stable tham
fered
the
Call
loans
On
the
on
the
New
York
half-day session
on
Tuesday,
shares;
new
Stock
on
76
ern
at
.■
On the
822,265 shares;
on
Monday, 185,140
against 34%; Southern Railway
16% against 16, and Northern Pacific at 26%
Among the oil stocks, Standard Oil
of N. J. closed
yesterday at 58% against 60
were
were
re¬
Wednesday,
on
On the New York Curb Ex¬
shares;
were
on
Kennecott
Copper
against
39;
American
Dodge at 33% against 34%.
•
Trade
generally
and industrial
little
interpretation.
247,665
week
ending yesterday
,
reports for the week were
favorable, but
92,955 shares;
Tuesday,
39
at
Smelting & Refining at 79 against 80%, and Phelps
on
Fri¬
Anaconda Copper closed yester¬
day at 33% against 34% on Friday of last week;
966,230
on
Fri¬
16%, and Atlantic Refining at 28% against 28%.
366,350
770,240 shares;
on
day of last week; Shell Union Oil at 17% against
Exchange the sales at
Thursday, 1,072,650 shares, and
day, 1,020,180 shares.
Pacific at 33%
against 28%.
new
low levels.
Exchange
Saturday last
Monday they
week; Atchison Topeka & Santa Fe at 76%
In the copper group,
Stock
change the sales last Saturday
on
while
unchanged at 1%.
the
shares;
York
New
Pennsylvania RR.
yesterday at 32% against 32% on Friday of
against 77%; New York Central at 36% against
stocks
Exchange 42 stocks touched
high levels and 34 stocks touched
mained
year
77
low levels for the year.
new
Curb
The railroad shares suf¬
price declines for the week.
closed
last
28% against 29%, and B. F. Good¬
19% against 19%.
36%; Union Pacific at 127% against 128%; South¬
Exchange
for
In the rubber
Goodyear Tire & Rubber closed yesterday at
States Rubber at
against the French franci
Stock
In the motor
Friday of last week; General Motors at
Hupp Motors at 2% against 2%.
rich at
by the regulations of the Leon Blum
New
62% against 63%.
24% against 24% on Friday of last week; United
gold and security holdings abroad.
the
Tube at
Auburn Auto closed yesterday at 28 against
on
group,
regime for registration by French citizens of their
On
yesterday at 59% against
Friday of last week; Inland Steel at 91%
69% against 66%; Chrysler at 114% against 108,
Base metals hardly varied at all.
pressure
on
against 96%; Bethlehem Steel at 50% against 51%;
recorded
concern.
further depressed this week.
Republic Steel at 18% against 19, and Youngstown
other agricultural products
foreign exchange markets
as
60%
grain prices, but the
gain caused general
improved.
months,
a
In the for¬
irregular.
were
commodity markets
showed strength and most
likewise
but
26% against 26%.
were
United States Steel closed
took place in
recovery
Others
wheat and
for the
reason
were
important
advances also
some
French group.
feature
The steel stocks
Speculative corporate bonds
appeared.
quiet and only modestly changed.
were
The
unchanged,
National
15% against 15%; Westinghouse Elec. &
122%
tional Distillers at
drifted lower in the
49%;
Schenley Distillers at 40% against 39%, and Na¬
United States Government securities
evident.
was
market
bond
against
27%
against 22%; United States Industrial Alcohol at
r
the listed
In
49%
against 26%; National
34% against 35%; Texas Gulf Sulphur
at
77%; Eastman Kodak at 170 against 170; Standard
they did not affect the general trend of the week
to any
at
against 35%; Continental Can at 76% against
at 36
however,
small,
were
Nickel
Products
Dairy
148; Na¬
Register at 22% against 23%; Inter¬
Cash
tional
unrelieved.
of stocks
week, closing prices yesterday were
E. I. du Pont de Nemours at 149 against
was
Thursday,
on
was
with Friday of
As compared
indecisive.
mixed, with impressive declines in the farm
factory gain in steel operations, reported the same
and
and
row
last
development outweighed a very satis¬
This
diminished
managed to advance in moderate
fashion, but price movements in the main were nar¬
The
implied threat of labor troubles caused heaviness in
steel, stocks, and most other industrials also were
bring about closed shops would be resisted.
soft.
irregularity characterized the mar¬
week, with trading volume on a
Some issues
scale.
by the steel industry that attempts to
nouncement.
Wednesday, 289,835 shares; on Thursday,
Dulness and
When dealings were resumed on Mon¬
consequence.
on
323,435 shares, and on Friday, 282,830 shares.
some
of them
require
a
Steel ingot production for the
was
estimated by the Amer-
ican Iron and Steel Institute at
74.0% of capacity
German trade and industrial reports remain
tinge.
against 70.2% last week and 32.8% at this time last
good.
for steel
in
attributed to rush orders
Little business was done on the London Stock
Exchange in the initial session of the week, but the
was
Electric power
ments.
*
anticipation of possible strike develop-
The sharp gain
year.
July 4, 1936
Chronicle
Financial
6
British
tone was cheerful in almost all sections.
production for the week to
reported by the Edison Electric Insti-
funds held to former levels, while industrial stocks
2,029,639,000 kilowatt hours against 2,005,-
243,000 kilowatt hours in the preceding week and
reflected keen demand, with airplane issues in the
van of the upswing.
Gold mining stocks improved
1,772,138,000 kilowatt hours in the corresponding
at first and gave way only a little on profit-taking,
week of last year.
The international group was stimulated by favor-
June 27
tute at
was
June 27 totaled
for the week to
gain of 22,923
a
of
96,776
As
713,639
able week-end reports from New York.
the
cars,
Railroads reports.
of American
Association
is
Car loadings of revenue freight
This
were
indicating the
of the commodity
course
mar<
yesterday at K>0%c. as against 93%c. the close on
July corn at Chicago closed
Friday of last week.
yesterday
against 66%c.
72%c.
at
the
close
on
July oats at Chicago closed
Friday of last week.
yesterday at 32%c. against 29%c. the close on Friday of last week.
The
closed
close
close
yesterday
Friday of last
on
closed
16.37c.
was
as
trading
in
New York
Domestic
copper
yesterday at 9%c., the same as on Friday of
'
per
pence
ounce
price of bar silver yesterday was
ounce
against 19%
as
pence
per
Friday of last week, and spot silver in
on
New
York
from
international issues were dull and uncertain. Although the monetary position was eased on Wednesday, no demand appeared for British funds, which
drifted slightly lower. A few of the leading industrial stocks were in demand, but others receded
moderately. The gold mining section retained its
against 16.00c. the
week.
previous weeks.
In London the
inquiry was noted for gold mining securities, while
The spot price for
Friday of last week.
on
In
the
transfers
as
yesterday at 44%c.,
of
matter
on
the
cable
foreign exchanges,
London closed yesterday at
6.63%c.
transfers
as
on
British funds re-
stocks also improved.
The demand for gold mining
issues was unabated, and Anglo-American trading
.favorites likewise attracted interest.
Movements
small in
were
a
quiet market yesterday.
Most
issues were well maintained, but a few suffered
under profit-taking.
V
Paris Bourse in the initial trading session of the
cable
These issues, sharply depressed by the long-
week.
$5.02 5/16
yesterday at
continued gold exports, bounded upward on relaxation of the selling pressure.
French bank, rail,
Friday of
utility and industrial stocks moved narrowly, while
Friday of last week,
Paris
on
Thursday.
on
Strength in French rentes was the feature of the
against $5.01% the close
and
unchanged
period
fleeted increased inquiry, while almost all industrial
Friday of last week.
closed
Some
good tone, and international issues of alpiost all
descriptions also were better.
Upward movements were general in a somewhat more active
cotton here
for
yesterday at 12.49c. as against 12.43c. the
rubber
19%
v
-
price
spot
Movements
Tuesday, with British funds neglected
gains appeared among industrial stocks, but aviation issues receded on realizing sales.
Renewed
the same week of 1935.
kets, the July option for wheat in Chicago closed
on
owing to the mid-year demand for money.
the previous week and
cars over
cars over
small
closed
against 6.62%c. the close
on
international
'
last week.
A
European Stock Markets
more
Bourse,
securities
moved
improvement
general
Tuesday,
largely
irregularly
occurred
because
the
lower.
the
on
month-end
FIRM conditionsall the leading European finan- Money was arranged the sharply market, against
prevailed this week on stock carryover only 4%% on at official reduced rates,
exchanges in
was
cial centers.
the
The financial
the mid-June figure of 7% and the rate of 9%% at
uncertainty caused by
change in the French Government and the "re-
flation"
of the Socialist Blum
measures
gains also*
the increased
confidence
by
a
its
quiet
But
way.
on
the Paris Bourse
extended.
cases
upswing developed in French rentes and equities,
international
Berlin
The threat
tions
of
also'as firm in
Boerse
most
implied in the French ruling for declara-
external
dull,
Rentes showed best results, while
Changes were unimportant in the
profit-taking.
sessions,
The
were
French equities held their ground despite sporadic
sharp-
a
International securities
the previous gains were maintained and in some
relatively calm in recent weeks, merely continued
on
recorded in French equities of all
The market was more hesitant on Wednesday, but
persistent
The London Stock Exchange,
upward movement.
were
descriptions.
diminished, for the time being/ and the markets
reflected
Rentes soared, and substantial
the end of May.
regime has
group.
Paris market.
holdings of gold and securities
After
an
uncertain opening
Thursday prices again tended to advance on the
on
Rentes reflected small additional
Rail issues improved
well,
by French citizens proved effective in halting the
gains at the close.
outflow of funds from Paris.
but French bank and industrial stocks were irregu-
drain of
gold,
a
small increase
the Bank of France.
tion of the discount rate
now
was
a
reduc-
Mid-year
surveys
of the
generally favorable, and the
cheerfulness aided the markets for securities.
prospects in Great Britain
were
expenditures.
The
France dwindled and gave
in
verse
a
was
dull session yesterday.
affected rentes,
...
The trend
somewhat ad-
Realizing sales
while French equities also declined,
The Berlin Boerse was quiet but firm as trading
was
resumed for the week last Monday.- A few
The
specialties advanced 1 to 2 points, while the great
considered particu-
bulk of issues showed only small fractional varia-
larly encouraging, partly because of the large
ments
international issues.
announced last Mon-
as
No movements of consequence were noted in
lar.
is reported by
improvement and
day to 3%% from 4%.
were
place of the steady
The statement of The Nether-
lands Bank also reflects
business outlook
In
strike
arma-
movement
French reports
a
in
rosier
tions.
No interest was taken in fixed-interest obli-
gations.
Business
was
of
small proportions
Tuesday, with the trend mildly uncertain.
on
Small
Volume
Financial
143
issues,
gains appeared in a number of prominent
but
cheerful.
There
which
appeared also in other groups. The
The quiet up^
firm spots
fixed-income section remained dull.
leading issues was resumed on
ward movement in
Gains
Thursday, despite continued lack of business.
fractional but
were
general, and the upswing was
mainly to the continued favorable busi¬
attributed
The session yesterday was
trend in the Reich.
ness
Leading issues
with gains the rule.
active,
more
advanced 1 to 2
Trade with Australia
an
against American mer¬
manner
chandise, that Commonwealth will be deprived of
benefits resulting from reductions of our own
any
import duties negotiated in the several reciprocal
treaties.
trade
made in
a
this effect
Announcement to
was
Washington, last Monday, in the form of
communication from President Roosevelt to Sec¬
di¬
retary of the Treasury Henry Morgenthau Jr.,
into default, while an
of Warsaw
obligations, guaranteed by the Polish Government,
also must be added to the list.
The Province of
City of Warsaw likewise have bond
Silesia and the
outstanding here, and these doubtless will
issues
suffer the
tective
same
The Foreign Bondholders
fate.
Pro¬
Council, Inc., requested on Thursday that
of such issues file with it their names, ad¬
holders
the amounts of their
and
holdings,
with
conferred
the
that
so
The Polish
be advised of developments.
may
commission
BECAUSE of licensing system, whichAustralia in
import the recent adoption by operates of
discriminatory
thus destined to go
Agricultural Mortgage Bank
of
issue
they
a
are
are
dresses
points.
obligations of Poland will be affected.
three Polish Government dollar loans
ternal bond
industrial issues improved, and
Heavy
that all ex¬
in Warsaw last Saturday
made known
the tone was
in evidence Wednesday, but
was
some
The usual summer dul-
few others declined.
a
ness
Chronicle
it
Council,
was
stated, and efforts to aid the bondholders are to
be made.
As fiscal
agents for Polish 7% stabilization bonds,
the Bankers Trust Co. and the Chase National Bank
made
public
from the
cated
Wednesday the declaration received
on
also
that
a
protest would be filed with the
Government.
Polish
-
special commission, and these banks indi¬
The
of
statement
mission referred to the situation
the
created in
com¬
conse¬
of the foreign exchange restrictions applied
quence
At the time the
recting that the lower duties shall cease to be ap¬
by the Warsaw regime last April.
plied to Australian products on and after Aug. 1.
foreign obligations were contracted, the statement
This is not
a
matter of great
few Australian
of
treaties
are
change.
are
represented
the list
on
which sizable duty reductions
on
But
been made.
have
further reciprocal trade
as
arranged, this aspect of the matter may
In any event, the incident is instructive,
and it will
in
products
imports
our
immediate moment, as
probably have salutary effects not only
Australia
but also in
other countries.
Hereto¬
fore, only the German Reich has been denied the
benefits of
our
lowered tariffs, and it is noteworthy
added, it
covered
balance.
able trade
balance
at
contemplated that service would be
was
by foreign exchange derived from a favor¬
But the
surplus of the trade
recently has been materially lowered, and
the
time
same
emigrants' remittances and the
capital movement to Poland have decreased, result¬
ing in
a
"In consequence," the commission
net loss.
said, "the reserves of the Bank of Poland dropped
down to
Polish
$70,000,000, which means $2 per capita of
This figure represents undoubt¬
population.
that three German Government officials arrived in
edly the minimum required for the purpose of up¬
Washington this week to discuss the trade problem.
holding the activity of the existing economic life
discrimination
Australian
The
against
American
developed late in May, when the import
commerce
and of
defending the
par
The commission
Poland."
value of the currency of
emphasized that the de¬
licensing system was applied with the general aim
cision of the Polish Government is
of
of the situation
home industries and the
encouraging
of
aim
diminishing imports
specific
countries with
from
not
of
budgetary
which the Australian trade balance is unfavorable.
was
operation of this system was found
President to
be
discriminatory, and the ruling
non-extension of
favored-nation
our
score
with
on
lowered rates under the most-
clause
Australia also is
same
by the
followed.
.
It
appears
added, "that conversations about the situation
herewith
created
Japan,
as
that
the Tokio regime retali¬
Australian
AT
THE
the
request of the Argentine Government,
tions and the
Poland to Default!
British and French
years
found it necessary
to default on dollar bonds out¬
standing in this country, but it appears that Poland
now
is about to be added to the number.
A
Polish Financial Commission informed fiscal
in
New
York
of
the
several
loans
that debt service in dollars would be
sums
already transferred
Such
pons
due.
most
of
when
they
ceive
sums
the- interest
are
are
paid
late
representatives, who had agreed
abandon the useless
week
the^next cou¬
these
ends
that
toward
last
dangerous
ereignty in the former African Kingdom.
delegates
the
It
Assembly moved
of all the member States.
sov¬
was
in¬
supplied by
There were,
however, some highly embarrassing moments, as on
the occasion
when
the
former
Empero^ Haile Se¬
probably will suffice to meet
lassie
requirements this year, but
arraigned Italy while condemning the League itself
pleaded the
cause
of Ethiopia and bitterly
for its half-hearted endeavors.
some
Also
apparent were
indications of revulsion among
small countries
Telegraph Agency confirmed
that
formerly placed
given the fiscal agents, and it was
Talk
was
and
-sanctions, while refusing to recognize Italian
exorably through the fog of rhetoric
exhausted the bondholders will re¬
The Polish
the information
to
agents
only blocked zlotys, to be deposited in the Bank
of Poland.
beforehand
special
suspended after
on
consider the problem of sanc¬
recognition of the Italian conquest of
As usual, the gathering was piloted by
Ethiopia.
THERE have been few foreign governments that
to the list of additions in the last two
convenient
a
Assembly of the League of Nations met
in Geneva, Tuesday, to
products.
at
The League of Nations
by placing "super special" import duties on
some
resumed
be
moment."
having serious difficulties on the
ated
difficulties encountered by the
"The Polish Government desires," it
government.
The
solely the result
existing in the Bank of Poland, and
great faith
heard late this week
of
in
the League.
resignations by
Financial
8
various small
the
countries, but most of the delegates
contented themselves with
the
Chronicle
aims of the
proposals for changes in
he
not
serve
useful purpose, he said.
any
maintained that the failure to make the rule of
prevail over the rule of force should not signify
to the effect that the United States should somehow
abandonment of the
be enticed into the
of France
A
League, after reorganization.
that
preliminary meeting of the League Council took
Italy refused,
Council
the
to
cided to
lem
clined
de¬
taken
end
body "academic"
police
the
of
Union
sanctions.
of
In
his
that three of the most
"Herald Tribune"
to
come
which
According to the program
cept Ethiopia."
almost
everything
nothing
posal
ex¬
thus
,
a
Coordination, which will
pass a
which
and
everywhere in
The
a
already
Assembly finally met
Van Zeeland
the session.
of
that
desregarded
are
Belgium
on
against
move
were
in that
session
of the
United
States in
a
League should be sought.
Tuesday, and Paul
French Labor Troubles
NOTWITHSTANDING madeenormous and wide¬
spread concessions the
to French workers
handful of Italian press representa¬
recently through the intervention of the Socialist
a
After the Italians were
Cabinet
headed
ejected, the former Emperor spoke at length, in his
troubles
still
native Amharic
incidents doubtless will
tives in the press
gallery.
tongue, on the trials of the Ethi¬
ties of
opian people and the dread effects of the poison gas
abandoning Ethiopia to Italy and re¬
League of
minded the Geneva
He
on
the
bowing
Italian
and
League not to
force
to
accepting
appeal
described aptly in
was
one press
workers
Tuesday
on
was
communication from Rome
As
case.
that she
on
was
munitions
ization" which she
the
a
that
a
took
ance
"sacred mission of civil¬
carry
sale
out according
on
principles of the League Covenant and of
oyer
factory
the
iikoperating
the French
cou\d
social laws unless
civilizing Powers."
discussion
which
followed,
more
implication
to hope for from the League.
was
admitted
The
the
that the Ethiopian people will be
left to do the best
they
can
for themselves,
to the New York "Times" said.
"The
a
British
must
Secretary Anthony Eden,
ure
tion
failure of the sanctions
policy.
were
started
Owners
closed.
of
a
But the workers
it.
Also indicative was
on
a
whole¬
the plea that the hotel
new-
they received government assist¬
course
of
a
debate in the Chamber of
was
of
at
now
1,500,000 workers
one
were
involved in
time, but he declared that the
has been reduced to
180,000.
10
program.
approved a measure providing
penalties^ for concealing capital
I,
meas¬
important armaments enterprises, this
The Chamber
In
A
introduced in the Chamber for nationaliza¬
being part of the Socialist Government
expressing the
point of view, remarked that the League
face the
promptly
not meet the conditions of the
that
strikes
number
report
League wishes
forget them and start anew," the dispatch added.
Foreign
9,000
Deputies, Roger Salengro, Minister of the Interior,
Wednesday, it was made manifest that Ethiopia has
nothing
In the
ance.
on
was
Riviera,
and tasks of
general
Some
the yards late last
discharge of employees last Sunday by hotels
keepers
a
over
plant and requested Treasury assist¬
other international deeds which set forth the duties
In
flags
they could not shoulder the wage and tax bur¬
dens and the
setting forth the Italian
"proposes to
red
plant at Amiens decided early this week
t
previous occasions, Italy proclaimed
undertaking
The
the difficul¬
strikes lately
of that port.
shipyards
raised
by Ministers of the Blum regime.
of the
devoted to a reading of
labor
week, and the customary negotiations for meeting
-
session
Blum,
large scale.
contribute to
the demands of the workers
The
dispatch
The remainder
"skilful but ineffective."
Leon
a
The most serious of the
commercial
the
conquest, and told the delegates that "God
history will remember your judgment."
on
reported occurred at St. Nazaire, in the navy and
create the fatal
by
reported
prices necessitated by the new "reflation"
program.
gathering of its promises of aid.
of
called
precedent
Premier
by
are
adjusting the national economy to the higher
costs and
He accused the
employed by the Italian invaders.
to
heard
thus
Some
chosen President of
was
Emperor Haile Selassie rose to address
catcalls from
to
gathering
the
nations, while others urged earnestly
collaboration
the
and
Italy,
delegates, but he was interrupted by booing and
the
as
weak
On Thursday a pro¬
rapidly to its appointed end.
of withdrawal
reformed
practical sense.
than admiration.
a
aroused
speech
Coordination meet immediately to lift the
small
from
inability to protect
made by a Swiss delegate that the Com-
on
threats
resolution termi¬
•
almost
mittee
began to
nating the sanctions against Italy which proved so
ineffective
the
was
ringing tones he declared
destruction, but the
more
was
sanctions
will be followed
session of the Committee
the Assembly meeting
immediately by
from
nation
point of the discussion,
on every
to have included almost
Africa,
powerful nations in the world
about to admit their
are
remarked, "were reported to have
agreement
seems
outlined,
on
"The delegates
dispatch to the New York
a
South
of
only one of the many speakers who espoused the
cause
Powers,"
He pro¬
Charles te Water, repre¬
League Covenant.
sentative
by Anthony Eden, Foreign Secretary of Great
Foreign Minister, Yvon Delbos.
curtail¬
any
of the League.
aggression and mutual assistance, as supplements
for the
The actual decisions to be
by the Assembly Avere discussed over the week¬
the two
opposition to
powers
Britain, and the French Premier, Leon Blum, and
of
in nature.
posed again the negotiation of regional pacts of non-
proceeded to discuss in vague terms
League itself.
that
Foreign Commissar, Maxim Litvinoff,
of the
ment
possible steps that might be taken for reform
the
M. Blum declared
League changes in¬
oppose any
sided with M. Blum in his
With the reported
meeting.
make
to
The Russian
distracting attention from the matter, the
Council then
of
held privately,
session,
postpone all debate on the Ethiopian prob¬
the Assembly
to
aim of
the
Council
The
such policy against Italy as was implied
that France would
delegates of the former Ethiopian regime were ad¬
mitted.
curiously idealistic, but he
as
clearly enough that France could not fur¬
by continued economic reprisals.
because
gatherings,
described
was
ther any
usual, to send delegates
as
Assembly
or,
Premier Leon Blum
League.
hardly mentioned sanctions in a speech
indicated
place late last week, but it accomplished precisely
nothing.
But
law
One recurrent suggestion was
League.
existing circumstances, continuance of sanctions
could
League covenant and drastic alterations in the
1936
July 4,
severe
holdings abroad,
/
Financial
143
Volume
and Finance Minister Vincent Auriol
Chamber that
a
9
Chronicle
informed the
small return flow of funds to France
in effect since June
from
shown in the table which
are
had set in.
at^Jiich time it
24,
DISCOUNT RATES OF
Danzig
City
ALTHOUGH the situation of the small Free
i\
it has been little regarded during recent
difficul¬
owing to the far more momentous
months
Effect
ties of the German
military occupation of the Rhine-
Italo-Ethiopian
land and the
war.
Last Saturday,
Date
Established
Austria
10 1935
July
German city made
emphatic demand for termination of the League
an
Holland
3V
June 30 1936
4
4
Aug. 28 1935
4H
3
Nov. 29 1935
3V
3X
Batavla
4
1 1935
4H
India
Belgium
Bulgaria
2
May 15 1935
2V
Ireland
3
June 30 1932
6
Aug.
7
Italy
4H
May
Canada
2H
Mar. 11
3.29
Apr.
6 1936 \3.65
Chile
4
Jan.
24 1935
4k
Java
4«
June
2 1935
3V
4
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
QH
Lithuania.
6
Jan.
2 1934
7
Colombia
.
.
July
15 1935
Japan
1935
3
Jan.
1 1936
Danzig....
5
Oct.
21 1935
Denmark
3H
Aug. 21 1935
vakia...
_
..
.
6H
May 28 1935
4H
6
Norway
3V
4
2H
Poland
5
May 23 1933
Oct. 25 1933
Dec.
2
June 30 1932
2^
Portugal...
Estonia
5
Sept. 25 1934
Dec.
4 1934
5V
Rumania
4
might have an outlet to the sea, and the
Poland
France
4
June 25
The Nazi state¬
Greece
action caused much
apprehension.
1920,
bitterly assailed Sean Lester, the League
ment
that
so
England
Germany.
High
asserted with great emphasis
control has become "superfluous."
5 H
4H
Dec.
7 1934
6
3V
May 15 1933
4
Spain
5
July
5
Sweden
2H
Dec.
1 1933
3
m
Switzerland
2V,
May
2 1935
2
5
Oct.
7
-
6
13 1934
South Africa
1936
Sept. 30 1932
13 1933
4
.
\
Morocco
Finland....
control which started in
5
18 1936
3*
5
of Nations
Rate
Hungary...
Czechoslo¬
however, the Nazis in the former
vious
4"
1 1935
Mar.
Dale
Established
Effect
Julys
Rate
3H
3V
Argentina..
Pre¬
Rale in
Country
vious
Julys
Danzig contains obvious dangers to Euro¬
of
pean peace,
follows:
FOREIGN CENTRAL BANKS
Pre¬
Rate in
Country
reduced
was
Present rates at the leading centers
43^%.
..
5K
10 1935
Foreign Money Rates
Commissioner, and
that
League
That the statement has more
was
than local significance
plain through a simultaneous demand in
made
publication of the German Foreign Office for
termination of League control.
It was taken for
the
granted that the entire incident is a German trial
sentiment re¬
return of Danzig to German sovereignty.
balloon, meant to test international
garding
a
Ever since the Saar area was
are
that the German Nazi
Government is most anxious
year,
similar efforts
Memel and
to
recover
Danzig
immediately.
It is held especially sig¬
British interest in
the indepen¬
nificant
that the
dence of
Danzig has been waning of late.
bills,
call
on
this week in
many ways.
Some of the incidents carry a clear
warning that other nations easily may become em¬
market rate remains at 4^% and in Switzer¬
open
land at
2%%.
.
Bank of
and Mongolia was reflected
developing strife unless the greatest
a
high of £222,£193,263,925 a
year ag(k /An expansion of £4,852,000 in note circu¬
lation tnorbvth^n counterbalanced the gain in gold
360, raising the total to another new
070,107. which compares with only
reserves
so
year
the
rose
£2,392,419 to
proportion was 32.81%.
securities
Government
lia¬
on
Loans on
£10,800,000
increased
which
rose
£2,984,-
which decreased £534,576.
discount rate did not change
from 2%.
figures with comparative figures
and
latter
The
£2,450,288.
other securities,
consists of discounts and advances
the
deposits
other
dropped to 26.27% from 28.60% a week ago;
bilities
last
deposits
Public
£58,000.
The proportion of reserves to
864 and securities
and apologetic reply on Tues¬
.
while
addition to bankers' accounts and
other accounts.
Em¬
bassy there against harsh treatment meted out by
Japanese soldiers in China to two American citi¬
Peiping made representations to the Japanese
off
Of the latter amount, £20,855,069 was
£23,277,488.
an
fell
£10,137,000
loans
A conciliatory
England Statement
THEfurther largefor theinweek ended July £4,794,statement gain gold holdings of 1 shows
diplomatic skill and patience are employed. Acting
on instructions from Washington, our Embassy in
zens.
months'
against %% on Friday of last week.
Money
in London on Friday was
At Paris the
as
decreased
THE tension occasioned in the Far East by the
Japanese aggression in Manchuria, China
broiled in the
were
Friday of last week and 11-16% for three
and
China and Japan
proper
on
returned to the Reich
have been in progress.
believed to be the territories
last
IN bills
LONDON open market discount rates for short
Friday
%%, as against %% 011
The
Below are
for the preceding
years:
BANK
In the Tsingtao
rioting occurred last Sunday, and the home of
day was held to close the incident.
OF ENGLAND'S
COMPARATIVE STATEMENT
a
British official was threatened by angry
Sailors
on
July 1
July 3
July 4
July 5
July 6
1936
1935
1934
1933
1932
£
area
£
£
£
£
Japanese.
American warships in the port were re¬
439,641,000
9,909,000
151,473,193
Other deposits
Bankers' accounts- 111,707,232
Other accounts
39,765,961
110,403,310
Govt, securities
26,545,852
Other securities.
Disct. & advances.
10,625,707
Securities
15,920,145
42,428,000
Reserve notes & coin
222,070,107
Coin and bullion
Circulation
Public deposits
called from shore leave.
The Russian Soviet Gov¬
angered last Monday by highly antag¬
remarks attributed to Japanese officials.
ernment was
onistic
in North China,
The
"smuggling" of Japanese merchandise into North
China through ports now in the control of Japanese
military forces continues unabated, despite protests.
Japanese military and naval forces
meanwhile,
are
And there is
the
ton
no
lessening of the antagonism between
Nanking Nationalist Government and the
Proportion of reserve
26.27%
32.81%
41.72%
45.57%
33.27%
2%
to liabilities
Bank rate
2%
2%
2%
2%
Bank of France Statement
THE weekly statement dated June in 14 weeks)
gain in gold holdings (the first 26 reveals a
of
46,157,505 francs, bringing the total pX-gold up
There is still held to be acute dan¬
to
53,998,767,878 francs.
of
a
civil
factions in
war
between the Nanking and Canton
China, even though it is evident enough
that such measures would
the
Can¬
401,370,971 385,793,384 378,772,475 366,678,881
16,174,923 20,947,199
9,629,330 26,650,379
148,491,176 132,376,639 142,214,646 115,163,831
110,512,977 94,879,607 92,343,876 80,922,753
37,978,199 37,497,032 49,870,770 34,241,078
98,196,044 82,827,071 75,726,471 67,626,570
26,037,530 27,880,457 28,528,856 41,238,065
13,487,830 17,062,165 16,352,031 14,991,091
12,549,700 10,818,292 12,1^5,925 26,246,974
51,892,954 66,357,316 72,182,357 45,286,137
193,263,925 192,150,700 190,954,832 136,965,018
regime which wants to join forces for a war
against Japan.
ger
being augmented constantly..
..
-
be much to the liking of
A
year ago
gold aggre¬
71,017,378,093 francs and two years ago
79,547,791,824 francs. The reserve ratio stands now
at 58.10%, compared with 73.94% last year and
gated
Credit balances abroad,
Japanese invaders.
79.12% the previous year.
Discount Rates of
bills bought
abroad, advances against securities, and
advances
Treasury bills register decreases,
Foreign Central Banks
THE Bank reduced itsNetherlands on Monday,
of The discount rate from 4% to
29,
June
33^%, effective on June 30.
The 4% rate had been
on
namely
francs, 3,000,000 francs, 54,000,000
francs, and 37,000,000 francs, respectively.
Notes
156,000,000
10
in
Financial
circulation
record
francs; bringing the total
Circulation
and the
a
increase
an
up
of
303,000,000
to 85,107,819,395 francs.
stood at 82,099,238,775 francs
year ago
before at 82,057,928,895 francs.
year
An
increase also appears in French commercial bills dis¬
counted of
364,000,000 francs.
Below
tabulation
BANK OF
FRANCE'S COMPARATIVE
years:
of
brokfers!^. Joan^^issued
monthly, disclosed yesterday that such borrowings
aggregated $988,543,241 at the end of June, an in¬
crease
during that month of $18,545,402 from the
May 31 total of $969,997,839.
1
New York Money
furnish
we
comparison of the various items for three
a
Exchange
July 4, 1936
100,000,000 francs and in creditor current
of
accounts
Chronicle
Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
STATEMENT
ruling quotation all through the week for both
Changes
for Week
Francs
Francs
Francs
loans
and
+ 100,000,000
bills discounted.,
a^
7.712,141,990 8,021,420,124 4,385,977,201
—3,000,000
1,277,188,419 1,203,156,367 1,141,800,551
—37,000,000 13,796,000,000
—54,000,000 3,440,412,956 3,277,389! 534 3*076,088,505
+303,000,000 85,107,819,395 82,099,238,775 82^057,928,895
+364,000,000 7,832,699,655 13,951,369,968 18,478,889,534
586,000,000
Adv.on Treas. bills
Adv. against secure.
Note circulation
Credit current accts.
d Tern. adv. to State
Proport'n of gold on
hand to sight liab.
a
Includes
bills
—.037%
purchased
In
58.10%
73.94%
b Includes
France,
bills
79.12%
discounted
Previously Included in French commercial bills discounted,
of Treasury on 10-billioon-franc credit opened by Bank.
c
renewals.
The
market
has been without movement this
tions
having been reported.
French commercial
b Bills bought abr'd
c
June 29 1934
+46,157,505 53,998,767,878 71,017,378,093 79,547,791,824
—156,000,000
21,637,085
7,416,451
15,337,935
Credit bals. abroad,
a
June 28 1935
Francs
Gold holdings
June 26 1936
abroad,
d Represented drafts
time
week,
no
new
money
transac¬
Rates continue nominal
1M% f°r aL maturities.
commercial paper
for
The market for prime
has been quite steady this week.
Paper has been available in good supply and the de¬
mand
has
choice
names
1% for
been, good.
names
Rates
%%
are
for extra
running from four to six months and
less known.
Bankers' Acceptances
Bank of
Germany Statement
THE statement for the last quarter670,000 marks,
gold and bullion of of June shows
an
increase in
bringing the total
to 71,766,000 marks.
up
Gold last
aggregated 85,613,000 marks and the previous
year
70,178,000 marks.
year
which stands
corded.
The ratio
before
year
now
2%.
at
a
-The
Bank's
ratio
reserve
1.70% is the lowest,'ever
year ago
An increase
was
re¬
2.30%, and the
in bills
appears
of
exchange and checks of 687,631,000 marks, in ad¬
of
vances
17,532,000
marks,
investments
an
of
114,000 marks and in other daily maturing obligations
of
221,286,000 marks.
THE demandthis week but there have been only
for prime bankers' acceptances has
good
been
of
high class bills.
tions
of the
is
34% f°r hills running from 1 to 90 days, %% for
120-day bills, and 1% for 121- to 180-day bills.
91- to
The Federal Reserve banks'
expansion of 444,000,000 marks, bringing the total
up
rates
stood at
registers
a
3,895,237,000 marks and two
3,776,654,000 marks.
a
Circulation
Reserve
years
ago
ago
at
in foreign currency
loss of 213,000 marks.
a
year
Below
we
comparison of the various items for three
unchanged
for acceptances
dealers
are
ceptances
as
are
furnish
SPOT
eligible bills
Changes
1936 June 29
1935 June 30
1934
Reichsmarks
Gold and bullion
Reichsmarks
+670,000
Of which depos. abroad
Reserve in foreign curr.
Bills of exch. and checks
—213,000
on
other Ger.bks.
Advances
+ 17,532,000
+ 114,000
Investments
Other assets
5,152,000
+687,631,000 4,696,846,000
Silver and other coin
Notes
71,766,000
24,551,000
No change
a201,852,000
1,532,000
56,287,000
530,430,000
0514,863,000
.
Liabilities—
Notes in circulation
Reichsmarks
Reichsmarks
85,613,000
70,178,000
22,109,000
17,916,000
4,003,000
6,606,000
3,931,642,000 3,462,124,000
127,350,000
175,123,000
4,514,000
4,608,000
89,482,000
170,887,000
660,998,000
685,205,000
648,900,000
600,195,000
+444,000,000 4,391,007,000 3,895,237,000 3,776,654,000
+221,286,000
980,296,000
818,996,000
623,095,000
15 ,380,000
0177,048,000
217,085,000
Other daily matur. obllg.
Other liabilities
Bid
*
to
note circul'n
Validity of notes
0.20%
on other
latest available.
1.70%
2.30%
banks expired March 31,1936.
a
.
New York
2.0%
H
5i«
Asked
H
an
is
a
smaller
The Treasury sold last Monday
similar
annual bank discount basis.
discount than
datings,
due to cessation
borrowings by
with
with little
the
means
business done.
This
were
Bankers' bill
quite unchanged,
Call loans
on
the
Ne;w
Stock
Exchange held to 1% for all transac¬
tions, whether renewals or new loans, while time
money was
six
months.
available at 1%% for all maturities to
The
H% bid
H% bid
Discount Rates of the Federal Reserve Banks
THERE have been
rediscount
no changes this week banks.
the Federal Reserve in the
rates of
The
for
following is the schedule of rates
the
various
classes
of
paper
now
in effect
the
at
different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Date
Boston
Previous
Rate
8 1934
2H
2 1934
New York
2
Philadelphia
17 1935
Cleveland
11 1935
Richmond
2M
2
9 1935
2«
19 1935
Chicago
St. Louis
2X
14 1935
Atlanta
2H
2H
2H
2H
2H
2H
3 1935
Minneapolis.
14 1935
Kansas City
Dallas
10 1935
San Francisco
16 1934
8 1935
Course of Sterling
probably
$50,000,000 of weekly
of such bills.
rates
H
previous issues of
improvement
of the extra
and commercial
pape^
York
on
Asked
H
Established
$50,000,000 discount bills, due in 273
days, and the average rate on awards was 0.191%,
on an
*,«
Bid
WITHIN THIRTY DAYS
Federal Reserve Bank
Money Market
issue of
computed
Asked
K
—30 Days
•
listless affair this
departments.
60 Days
Bid
Asked
Bid
Eligible member banks
Eligible non-member banks.
Figures of June 151
THE New York money market rates aunchanged
was dull and
week, with
in all
ac¬
—120 Days
Asked
»t«
>,«
Prime eligible bills
Propor'n of gold & for'n
curr.
market
150 Days-
Asked
H
l
FOR DELIVERY
Assets—
the
as
DELIVERY
180 Days—
Bid
Prime
market
far
follows:
as
Bid
June 30
so
they continue to fix their
90 Days-
for Week
Open
nominal in
The nominal rates for open
rates.
own
are
concerned,
holdings of acceptances
$3,077,000.
at
years:
REICHSBANK'S COMPARATIVE STATEMENT
Quota¬
months, %% bid and 5-16% asked.
bill-buying rate of the New York Reserve Bank
The
remain
marks.
unchanged.
are
Acceptance Council for bills
for five and six
an
4,391,007,000
Rates
American
shortage
up to and including 90 days are 3-16% bid and 34%
asked; for four months, 34% bid and 3-16% asked;
Notes in circulaiion show
to
a
limited number of transactions, due to the
comprehensive New York
Stock
Exchange
STERLINGin exchange the French and relatively
is firm franc,
steadier
of
gold,
terms
than has been the
ment
in
began
on
factor
the
case
or
for many weeks.
The improve¬
European gold bloc currencies which
Friday of last week has been
an important
giving steadiness to the exchange rates. The
two reductions made in the Bank of France rate last
week, which brought the rediscount rate from 6% to
Volume
Financial
143
4% and two reductions in the Dutch bank rate from
4%% to 3%%, had
the
entire
of the
tone
important effect in improving
an
foreign exchange list.
The
second reduction in the Netherlands Bank rate took
effect
It is believed in both London and
June 30.
on
Continental capitals that further
reductions will be
made in the rediscount rates of both the Dutch and
French banks in
the
British
which the
in
short time.
a
The improvement in
gold bloc units was also aided by official support,
played
although gold shipments from New York are not
6.69 cents before gold shipments from New York to
Paris
in
Aside from
$5.00% and $5.02% last week.
range
rate
The
com-
of between $5.01 and $5.02%
London check
mean
market gold price,
open
price paid for gold by the United States:
paris
mean London check rate on
Wednesday, July i
75.810
June 29.
Thursday,
July 2
75.703
Friday,
July 3
.75.728
.75.748
15*12?
i39s. Hd.
Wednesday, July i
i38s. 9Hd.
/
,'
Thursday,
Ttarsdlfyf' July
Tuesday,
Friday,
35.00
35.oo
2
July 3
Saturday's market was one of the most spectacular
witnessed in
half-day sessions
sterling sold
high
as
above
well
dollar
At the
Par is 6.63.
when
long time,
a
$5.03 and the French franc
as
6.64%.
reaching
parity,
time the Swiss franc and
same
Holland guilder went
well above
All the
par.
important factors affecting foreign exchange were due
operations in Europe, chiefly in London and Paris.
It is believed that
fund contributed
The
or
New
Europe are very much
of
However, it
entirely probable that
seems
possibly 2,000,000,000 French francs of the 11,000,000,000 expatriated since March
may
The
return.
efficacious
prove
smaller
the
to
as
investors with funds in London
French
New York, but
7
or
the great volume of funds which has been poured into
half
years
from Paris and other European centers is
measures
bank)
35.00
from either London
doubtless
states
Mondday!'june lei 11 IIIIII^II'.oo
June 30
away
take place until such tiine as the economic
and internal conditions
(federal
for gold by the united
reserve
to
can
Friday,ay' July sIIHiIms'. iid!
TiSS:
the
York
is tourist
now
hardly be expected that any wide
London and New York during the past two and a
open market gold price
London
Saturday, June 27
price paid
can
movement of funds
less
75.793
Tuesday, June 30
went
It
threats of penalties against gold hoarders will doubt-
-
.
.
most important
of which the
improved.
Saturday, June 27.
Monday,
for cable
range
°
Paris, the London
on
of between
a range
$5.01% and $5.03
following tables give the
and the
the Continent as a
on
strong at this time owing to favorable seasonal fac-
transfers has been between
The
particular movements in the foreign
for sterling
The
traffic.
range
any
exchange market originating
tors,
a
large volume of French capital as
a
from the covering measures of bear speculators.
result of the improvement in the franc, sterling is
bankers'sight, compared with
week ago.
franc
French
repatriation of
for
pared with
Undoubtedly the improvement
resulted not so much from
profitable.
are
the
this week has been between $5.01 7-16 and $5.02 15-16
a
The franc would have to go to
possible at this time.
Exchange Equalization Fund
important part.
an
11
Chronicle
activity of the British exchange
largely to the improvement.
'
progressive strengthening of the franc toward
the end of last week induced
repatriation of
a
some
so invested that only the most radical
could effect its liquidation and removal.
By far the greater part of this timid European
money is in London, but the British position is so
that
strong
repatriation of such funds
general
a
would have hardly
any
effect
and certainly could not
on
cause
the London market,
such
crisis
a
as
the
Bank of England experienced in September 1931.
The latest French estimates place French hoardings
at 60,000,000,000
francs, of which
consider-
very
a
able part is doubtless domiciled in London in various
forms.
While British home industries continue at
a
high
level and must necessarily increase in important lines
owing to the
trade
is
of national defense improve-
program
British foreign
public works extension,
ment and
showing
not
corresponding
a
increase,
The
French money
surplus for 1935 of probably £37,000,000, but thus
Paris.
moving to
be
reported to
unusual
domiciled in London and Brussels was
foreign
As
market
exchange
a
result
developed
an
far this
on
to reflect
After the first hour of trading, with
Saturday last.
British
of
estimated
capital from New York and at the same time some
Board
Trade
Britain's balance of payments
year
credit
a
appears
increase of about £27,500,000 in the
an
The defense
visible import surplus.
preparations
Paris
bidding for both francs and sterling, the entire
and the slow
list of
foreign currencies surged ahead so rapidly that
largely responsible for this adverse position.
traders
had
difficulty in keeping
market for
The
French francs
up
was
with the rates,
the bid side
on
practically throughout the week.
There
was
from New
a
was
significant development.
that
any
repatriation
cause
pressure on
ever,
it
appeared
regarded as
a
particularly
Until Saturday it
was
of capital to France
sterjing.
that
felt
would
On Saturday last, how-
Paris
was
moving
dollar
balances to Paris both
by direct purchases of francs
and
of London.
indirectly by
preted to
mean
way
that Paris
This
was
inter-
buying sterling in
was
in international trade
New York, to be sold for francs abroad.
The second
Japan
and
serious
encroachments
by
dominated
Great
Britain
The London
for
a
while
on
money
market
ruling rate of %%.
three- and four-months' bills
Thursday
which it holds under earmark at the Bank of France
£145,000.
and then
a
selling francs for sterling.
Thus the
repa-
are
and six-months' bills at %%.
£182,000,
converting into francs
the
important
exceptionally firm
as
on
on
bills to
against the long
However, toward the end of
part of the gold
was
was
the day the rate again declined to
on
control
also
ments which caused the call money rate
London market this week
understood that the
are
rise to 3% during part of the day,
day £176,000,
was
by
Tuesday owing to half-year require-
phase of the movement would be countered by the
It
made
markets formerly
many
adverse factors affecting the British re-export trade,
British
exchange control.
are
The
great development of export trade in manufactures by
German method of barter in
consistent French demand for sterling
York, which
recovery
Gold
was as
%%.
Two-,
quoted at 23-32%
on
offer in the
follows: On Satur-
Tuesday £739,000,
on
£341,000, and
Wednesday
on
Friday
On Tuesday the Bank of England bought
£1,601,265 in gold bars, and
on
Wednesday £500,258.
triation of funds into France is believed to be bring-
Aside from these recorded purchases of gold by the
French gold reserves,
Bank of England, and probably including them the
ing about additions to the
Bank is
known
increased its gold holding
have
to
A greater part of
acquired through the Equalization
during the week by, £4,794,360.
this
doubtless
was
Fund
would
and
gold bars,
single day's purchase since April 18.
total purchases since the beginning of
the
largest
Bank's
The
the year now
gold movement for
July 1, as reported by the Federal
the week ended
GOLD MOVEMENT AT NEW
YORK, JUNE 25-JULY 1,
I
INCLUSIVE
Exports
I
Imports
$3,819,000 from India
None
approximately $790,000 of gold was
which
for the
$14,300 came from Nicaragua
There
Guatemala.
/
are
were no
and $4,800 from
exports of the metal
gold held earmarked for foreign account
but
increased
$19,100.
during the week was quoted at
discount of
a
%% to
discount of %%.'■./
Referring to day-to-day rates sterling
exchange on
was
Bankers' sight was
easier.
the
transfers
On
bankers' sight
The range was $5.01 9-16
and $5.01%@$5.02%
Thursday sterling continued
and $5.02@$5.02% for cable
3-16 for
transfers.
steady, the range was
1-16@$5.02 5-16
for
bankers'- sight
and
3-16@$5.02 7-16 for cable transfers.
Closing
sterling
Friday
$5.02
quotations
on
approximately 29,661,000,000
been withdrawn partly into
hoarding at home but chiefly into investment in
bills finished at
demand and
Commercial sight
$5.0234? sixty-day bills at $5.0134?
cable
transfers.
for payment
grain bills at
and grain for payment closed
ninety-day bills at $5.00%, documents
(60 days) at $5.0134? and seven-day
Cotton
$5.01%.
$5.0234.
Exchange
Continental and Other Foreign
It is
THE French franc situation isimportanceifofonly
greatly,
temporarily, improved. The
the
franc in the
present market is indicated above
of sterling.
Bank of France
an
increase
in
as
crisis which
in the
The current statement of the
of the week ended June 26 shows
gold holdings
of 46,157,505 francs
(about $3,036,000), the first gain in 14
the
apparently
came
to
weeks. During
an
end
on
Fri¬
week the Bank lost approximately
11,000,000,000 francs (about $726,000,000) in gold.
Market observers confidently believe that the forth¬
day
of
have
gold
thought in important financial circles
last
coming statement of the
Bank will show an even
result of the
has taken
place from New York, London and Brussels occa-
greater increase in gold reserves as a
slight repatriation of French funds which
that it
be possible that the large issue of bonds of small
denomination which the new French Government
to offer may be
proposes
fully subscribed by the
citizenry.
To be of any
service to the franc the issue will have
large and be fully or almost fully taken by
nationals of small means, the real hoarders
to be very
French
of francs
in
in France itself many billions
gold coin.
Bank of France notes and
successful and no other adverse
developments
in. Europe in the immediate
expected that the Bank of
its gold holdings substantially by
occur
future, it may then be
France will increase
repatriation of large volumes of
in other countries.
If the
the
ciled
proves
as a
funds now domi¬
bond issue
new
moderately sub¬
certain to follow
demands by the Treasury on the
small in amount or only
scribed to,
serious inflation will be
result of heavy
satisfactory
encouraging, are
misleading.
Ninety-day francs continue at a wide
discount which indicates that the belief is general in
financial circles in France and all markets that
devaluation1 can not be avoided in one form or
At present the very
spot francs, while
other, perhaps through
German business is
and
serious inflation.
showing considerable activity
improvement, especially in the
factured
is due to
export of manu¬
A large part of the domestic activity
forced measures of labor and to the expan¬
goods.
sion of certain lines owing to
rearmament
program
the more or less secret
which has been followed for
Business figures of the Reich
Nevertheless, were the
trend really downward, gains could not be reported
for it is impossible to disguise economic disaster.
According to Berlin, raw steel produced in Germany
the
past few years.
can
not be
in
review
when
since
of
may
was
Friday were $5.02 3-16 for
for
$5.02 5-16
at
Dec.
current rates for
The range was $5.01 15-16@$5.02
steady.
be
The gold holdings of the Bank of France
2, 1932 were at the high of 83,359,000,000
On Wednesday
pound continued firm.
$5.02
before large scale return of funds can
Bank of France.
$5.0134@$5.0234-
for cable transfers.
An unparalleled
expected.
$5.01 7-16@$5.02 1-16;
@$5.02 5-16 for bankers' sight
On
improbable.
quite
Should this issue be
exceptionally firm.
Bankers'
sight was $5.02 1-16@$5.02 15-16 and cable trans¬
fers were $5.0234@$5.03.
On Monday exchange
continued firm.
The range was $5.0234@$5.02 13-16
for
bankers'
sight and $5 02%@$5.02 15-16 for
cable transfers.
On Tuesday the pound was less
active but the undertone was firm, though slightly
last
Saturday
cable
seems
improvement in internal conditions in France and in
the
entire
international political situation must
who have hidden away
Canadian exchange
a
funds which have gone to
past two and a half
London and New York in the
New York and London.
week ended on
Wednesday.
On Thursday $38,700 of gold was
received from Russia; there were no exports of the
metal, or change in gold held earmarked for foreign
account.
On Friday $19,100 of gold was received of
figures
large part of the French
francs
Australia.
policies of the French Government can be
effecting the repatriation of a
all successful in
on
$1,475,000
Note—We have been notified that
received at San Francisco from
above
That the
at
francs,
Gold Held Earmarked for Foreign Account
Decrease:
The
quoted above dollar parity of 6.63 cents.
precede
follows:
Reserve Bank of New York, was as
Net Change in
during the past week, when the
years
total £22,943,362.
At the Port of New York the
franc quotations
unit was frequently
by the highly satisfactory
sioned
be authoratatively revealed.
not
Friday the Bank bought £2,116,431 in
On
July 4, 1936
Financial \ Chronicle
12
wholly accepted.
May amounted to
with
1,568,000 tons, as compared
1,467,000 tons in April.
mills in
tons in the
The
Production by rolling
against 1,042,000
May was 1,084,000 tons,
preceding month.
convincing proof of advancement in
most
lies not in
permission of the German
authorities, but in the constant complaints on the
part of British manufacturers to their home auth¬
Germany's foreign trade in manufactures
any
figures published by
orities.
London advices from time to
time clearly
Germany's trade drive is arousing
Britain as the Reich's new policy,
the Schacht idea (of trade through barter of manu¬
factured goods for raw materials), is showing increas¬
ing returns and its continued success, it is held,
point out that
anxious attention in
Volume
depends
Financial
143
the capture of markets
upon
now
the almost
The
that
the
Dr.
Bankers'
foreign exchange market is becoming increas¬
uneasy
It is believed
about the mark situation.
devaluation
which
forces
opposed to
are
Schacht, anti-Naxi head of the Reichsbank,
may
transfers
at
free
transfers,
It is true that very little
mark.
of
on
3%%
to
rate
June 30.
Amsterdam finished on Friday
on
against 68.05; and commercial
68.20,
checks and at 32.76 for cable
for
32.75
at
Copenhagen
and 32.68.
32.67
against
Swiss francs
against 68.02.
sight bills at 68.17,
closed
gold
sight
rediscount
its
68.19, against 68.03-on Friday of last week; cable
at
yet succeed in compelling devaluation of the so-called
or
in
reduction
another
which became effective
exclusive field of British exporters.
ingly
13
Chronicle
Germany's international business is transacted in
checks finished at 22.42 and cable transfers at 22.43,
the free
against 22.39 and 22.40.
travel
mark, but if the free mark is devalued the
mark
and
would almost
other
marks
fiscal agents
recently announced to its
in New York that with the exception
of the payment on
funds
certain
have
due shortly, for
coupons
at 25.90 and cable
and
certainly depreciate further.
The Polish Government
which
of restricted
classes
already been transferred to the
Checks
25.89; while checks on Norway finished at 25.24
and cable transfers at
25.25, against 25.21 and 25.22.
Spanish pesetas closed at 13.73 for bankers' sight
bills and at
13.74 for cable transfers, against
payments
coupon
Among the
for
was
this
gold
action
the
reasons
serious
The following
impairment. of the
ing currencies
table shows the relation of the lead¬
still
gold to
on
dollar:
"
New Dollar
Parity
13.90
16.95
32.72
to 32.79
68.06
68.10
to 68.25
75.74, against 75.88
sight bills
on
on
on
•
Paris closed
last
7.88
Friday
on
Friday of last week.
In
the French center finished
Friday at 6.62%, against 6.62%
on
7.863^ to
8.91
32.67
40.20
...
on
Friday of
week; cable transfers at 6.63%, against 6.62%;
and commercial
sight bills at 6.60%, against 6.59%.
Antwerp belgas closed at 16.92 for bankers' sight bills
and at
for cable
16.93
transfers, against 16.89 and
Final quotations for Berlin marks
40.38
bankers'
Argentina registered
pesos
and
were
for cable
sight bills and 40.39 for cable
sight bills and at 7.88
transfers, against 7.86 and 7.87.
Austrian
schillings closed at 18.86 against 18.80; exchange
Czechoslovakia at
at
4.15%, against 4.15;
0.74%, against 0.75;
18.87; and
on
on
on
on
Bucharest
Poland at 18.96, against
Finland at 2.22, against 2.22.
for
For the first five months of 1936
an
of exports of 162,-
excess
($54,120,000 at the official rate of
Imports amounted to 458,400,000 pesos
1.9% lower in value than those of the
corresponding period in 1935.
Argentine paper pesos closed on Friday, official
quotations, at 33.47 for bankers' sight bills, against
33.44 on Friday of last week; cable transfers at 33%,
against 33%. The unofficial or free market close was
26.85@27.00, against 27.25@27.60. Brazilian milreis, official quotations, are 8% and 8% for cable
transfers, against 8% and 8.45.
The unofficial or
free market close was 5.75, against 5.70.
Chilean
exchange is nominally quoted at 5.19, against 5.19.
Peru is nominal at 25.05 against 25.00.
■
♦
V'
"
were
transfers, in comparison with 40.33 and 40.34. Italian
lire closed at 7.87 for bankers'
' v..
for sterling exchange
demand
Argentine account.
,•
16.89%.
for
,
Thursday's market owing to an excep¬
heavy
tionally
exchange).
6.643^
16.903^ to 16.93
5.26
The London check rate
New York
6.62% to
19.30
...
Switzerland (franc)
Holland (guilder)
i,:
However, Argentine pesos showed a temporary
weakness in
300,000
Range
6.63
_
States
This Week
Parity
3.92
Belgium (belga)
Italy (lira)
United
the
■
.
EXCHANGEsteady and firm American countries is
generally on the South in sympathy with ster¬
ling.
:
Old Dollar
France (franc)
at
given by Warsaw
of the Bank of Poland in recent months.
reserves
.
Basle, future
Polish bonds will be made in
on
blocked zlotys.
13.72
and 13.73.
4
Bank for International Settlements at
Sweden closed
on
transfers at 25.91, against 25.88
Greek
exchange closed at 0.94 for bankers' sight bills and at
EXCHANGE on the Far importance. These units
features of Eastern countries presents
new
no
steady and inclined to firmness in sympathy with
sterling.
The Bank of China recently opened an
office in New York, which will cooperate in regulating
are
the
of the
dollar in terms
Chinese
United
States
dollar, in accordance with plans recently formulated
Chinese
by
and
representatives
United
States
Treasury representatives.
Closing quotations for yen checks yesterday were
0.94% for cable transfers, against 0.93% and 0.94.
29.38, against 29.39 on Friday of last week. Hong¬
kong closed at 32%, against 32.42@32%; Shanghai
at 30.19@30 5-16, against 30%@30 5-16; Manila at
EXCHANGE on the countries improvement since
noticeable neutral during the
50.05, against. 49.95; Singapore at 59.05, against
59.00; Bombay at 37.93, against 37.90: and Calcutta
at 37.93, against 37.90.
war
has
shown
Friday of last week.
are
firm in
The Scandinavian currencies
sympathy with sterling.
The
Gold Bullion in
pressure
against the gold bloc currencies has subsided.
The
European Banks
bankihg position in both Switzerland and Holland
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
shows
of
improvement.
The
Swiss
franc
and
the
guilder have been ruling well above dollar parity.
However, both units are still at discounts varying
from day to day for both 30- and
90-day forward
account, indicating that the
believes
that
valuation of
prove
there
both
successful.
must
units
par
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the previous
four years:
market at large still
be
unless
some
the
Sentiment in
change
French
in the
policies
Amsterdam
Banks of-—
£
England
431,990,143
2,360,750
88,092,000
a42,575,000
49,069,000
105,656,000
49,318,000
23,980,000
6,553,000
6,604,000
Germany b.
Spain
Italy
largely in favor of devaluing the guilder, but replies
to a questionnair
recently circulated in Holland by
Netherlands
important Dutch weekly show that 61% of the
returns were against devaluation.
It will be recalled
Denmark..
an
that
the
Netherlands
Bank
reduced
its
rate
of
Nat. Belg'm
Switzerland
Sweden
Norway
Total week.
•
1934
1933
£
£
£
,
222,070,107
France
seems
1935
1936
193,263,925
568,139,024
3,176,950
90,781,000
63,046,000
52,255,000
103,127,000
44,914,000
19,711,000
7,394,000
6,602,000
192,150,700
636,382,334
2,183,300
90,528,000
72,108,000
68,928,000
76,152,000
61,209,000
15,234,000
7,397,000
6,577,000
190,954,832
649,941,934
7.372,500
90,379,000
72,332,000
63,874,000
76,391,000
64,199,000
12,016,000
7,397,000
6,569,000
1932
£
136,965,018
658,534,348
37,086,750
90,212,000
61,109,000
81,696,000
73,305,000
89,149,000
11,445,000
8,031,000
6,513,000
1,028,268,000 1,152,409,899 1,228,849,334 1,241,526,266 1,254,046,116
1,149,371,090 1,226,161,945 1,248,156,673 1,250,406,344
Prev. week. 1,023,104,730
rediscount
from
4%% to 4% on June 24.
On
Monday, June 29, the Netherlands Bank announced
a
Amount held Oct. 20,
1935; latest figure available,
b Gold holdings of the
abroad, the amount of which the present
IBank of Germany are exclusive of gold held
year Is
£1,227,550.
,
'
14
Financial
Chronicle
of the Social
The Battle at the Crossroads
tion
of
the
Wednesday at the conven¬
on
Advertising Federation
to the
of
Roosevelt
the
They
1919, and to
They
meaning is
vague,
are
tired
bigger than old
in 1866 and in
war
now
insurance is
getting tired
the full
of
"There are," he went
on
are
figure of seech."
a
to say,
the
"fair
rising
is
ebbing tide; the second,
an
broad
relationships,"
"means
who
he
continued,
until
radicalism
of any
distinction, authority and
kind in the community.
It accounted for the
1932.
Townsend
on
national
a
temporary popularity of
scale; of Sinclair in Cali¬
fornia; of Long in Louisiana. For
ple have been in
a
long time, peo¬
the mood to vote and to think
against things.
But if I
opinion, there is
a newer
am
any
judge of public
trend—a definitely rising
tide of moderation.",
Mr.
Moley's remarks
well have seemed star¬
may
of
"economic
civilization
modern
and of the
despotism and
wrapped it in
new
dynasties"
we
commission you
robes
of legal
the militant phrases "here in
waging
are
the
a new
in Mr. Roosevelt's speech
appears
acceptance, and
America
royalists" who out of
"carved
had
"privileged princes" who "created
sanction" which
of
aggres¬
parts of the Democratic platform, the
denunciation
such ends
any
price fixing and
equally comprehensive
an
great war," "I accept the
a
have tendered me" and "I
thrown
-
critics of the economy
to
all the market will
plus
either
am
en¬
If the platform and the speech
at their face
that
the
moderation" which Mr.
observed
is
to
value, they
seem
to
"definitely rising tide of
Moley perceives has not been
disposed to withstand it.
absorb, both at home and abroad,
agricultural
is to
Since, then, Mr. Roosevelt conceives of the
choice
cam¬
to accept the challenge,
save
public opinion is bound to
more
is
concern
itself
with the issues and the outlook.
ing, there
are
and
more
Broadly speak¬
two questions in which the country
deeply interested, and for which it will look for
in party
answers
declarations.
the future of New Deal
cratic
has
or
a
The first
policies under either
its benefit payments,
with
program,
continue, "commodity loans
are
assured of Federal aid to enable them to
fair
profit."
collective
bargaining
and
from "the interference of
mention
of
interference
tinues the surrender to
which
ers
policy.
or
any
evi¬
Roosevelt, if he is re-elected, will
greatly modify the fundamentals of his
On the contrary, there
dications
speech
plat¬
are
significant in¬
that, besides holding all the important
a
The labor plank, with its support of
by
organized labor,
no
con¬
organized labor and its lead¬
Administration
the
organization free
labor
employers," but with
has
from
made
the
first, while the denunciation of monopolies and the
promise to enforce "vigorously and fearlessly" the
anti-trust
laws
ring
industrial
hollow
and
Supreme Court interfered
elaborate device for
United States has
The
Deal.
Political
the
the country until the
were
the most open and
encouraging monopoly that the"
ever
a
recalled
which
known.
far
are
strong front to the whole New
expediency, stimulated by the hope
winning thrr support of independent Democrats
and
breaking the impact of
caused them to
they
tural
make
fighting.
possible third party,
The long and involved agricul¬
plank, for example,
quite
a
important concessions which
find it hard to defend if the Democrats
may
force the
as
appears
to offer the farm¬
much Federal bounty and regulation
Democrats
attitude toward
promise.
To the
oppose
the broad principles and
are
for
encourag¬
not by prodigal expenditure of public
recovery,
funds but
by removing government obstacles to le¬
gitimate industrial and business expansion,
ping
as
Administration's
industry and business, however, the
Republicans boldly
ing
it is
codes
Republicans, it must be admitted,
presenting
of
when
business
practices of free competition. They
Mr. Roosevelt's acceptance
abandon
sur¬
"adjust and balance production with demand at
the
b'
that Mr.
seasonable
farmers
Demo¬
a
It is difficult to discover in the Democratic
or
on
promised, and in sweeping terms the
ers
Republican Administration; the second
stitution.
dence
singled
are
concerns
particularly to do with the future of the Con¬
form
are
encouragement, but substantially all of the
from
paign in terms of battle, and the Republicans obvi¬
no
production of
consumers," and farm cooperatives
out for
by Mr. Roosevelt, or else, if it has, that he
ously have
a
A
supply sufficient to insure fair prices
a reserve
Administration fastened upon
indicate
is
curious declaration in favor of "the
speech concluded.
be taken
sop
of scarcity by
prise which in terms is to be encouraged.
that the
to
Federal aid for
with small incomes, is in some
persons
listed for the duration of the war" with which the
are
to be attained
are
only be through comprehensive govern¬
pluses"
tling to those who recalled the positive and
sive tone of
decreased spread be¬
a
and the price the producer
drance, in the-low-price field, to the private enter¬
ex¬
plains the immense reversal of public sentiment in
pays
to continue notwithstanding its effective hin¬
way
power
This tendency
but if
can
housing, for
recently in public office, but against
those vested with
price he
regulation of buying and selling.
public resentment against not only those
were
It is not easy to grasp
value, honest sales and
ment
"Expressed in terms of
pensions and unemployment
contemplated.
receives/"
The ebbing tide is what, in political
one.
life, is called radicalism."
high
a
The precise
import of the guarantee to the consumer of
at all it
a
people"
but evidently something much
age
tween the
"two clear tendencies in the contemporary
world:
first
of America to provide
capacity
living for all its citizens."
they plunged into the illusion of
escape
political reaction.
as
of
our
keep step with the ever in¬
trust," declared,
"brain
were weary
creasing
security for all
"shall
standard of
as
surprise of his hearers, that "people
of battle.
war
America,
benefits
the leading
Raymond Moley, formerly regarded
member
of
whose
Security Act" there will be erected "a
of economic
structure
Speaking at Boston
July 4, 1936
meddlesome
government
stop¬
interference,
and
abandoning attempts to bring about artificial price
levels and
unnatural
economic balances.
They
ap¬
ground that has been won, he proposes, if he is
peal to economic freedom against economic and
po¬
given the opportunity, to
litical
he has laid
There
is
as
use
the foundations which
stepping-stones to still larger things.
an
ominous
statement of the
ring, for example, to the
platform that "on the foundation
coercion, to the right of private' judgment
and initiative
against orders formulated at Wash¬
ington, and to the ability of intelligent and ablebodied
men
and
women
in
business
and
industry
Volume
walk
to
of
of Representatives. The outlook for Republican suc-
government
a
cess
fares
Both
consider
regarding the
but
change,
scope
of
The Republicans are
far apart.
are
regulation of hours, wages and
hopeful that the
working conditions, and particularly the work of
and
women
pared
it
as
stands, and they are pre-
now
consider
to
can-be achieved under the
children,
Constitution
him the office which he seeks,
other
found
necessary.
hand,
specify in
floods
"monopolistic and unfair business practices"
and
Federal
storms,
=========
The Problem of Subject
which inevitably
activities
overflow State boundaries"
and
the
on
drought, dust
addition
"transactions
and
Democrats,
The
State
their
Pathos and tragedy mingled with anger, chagrin
and a feeling of impending calamity on Tuesday
when the Emperor Haile Selassie, speaking before
the Assembly of the League of Nations, delivered a
proposed remedy in a tortuous and obscure
form of words
treatment," and
set
out
which, if it means anything, virtually
scathing attack upon Italy, rebuked the League for
its treatment of Ethiopia, and asked what answer
he should return to the people whose cause he
pleaded. In a sense the scene was a repetition of
the age-old story of a small nation, its independence
crushed out by a stronger Power and its identity
merged with that of the conqueror, asking for protection and a right to live, but never before in his-
abrogates all distinction beteen State and Federal
"If these problems," the platform declares,
power.
be
"cannot
the
effectively solved by legislation within
Constitution,
will
States
several
and
assure
to the
the
to
clarifying
such
seek
shall
we
as
amendment
legislatures of the
Congress of the United
States, each within its proper jurisdiction, the power
to
laws which
those
enact
State and Federal
the
tory had the scene been enacted under such extraordinary circumstances. The case of Ethiopia is not
merely that of a small and backward nation, ancient
indeed although little known to the world at
large, fighting an unsuccessful war against another nation which coveted it, and hoping that by
representation and entreaty its identity might in
some way be preserved. It was before an international assembly of which Ethiopia had been a member in full legal right, and which had espoused its
cause to the extent of branding its conqueror as
an aggressor and endeavoring by economic pressure to stop the war, that the Emperor pronounced
his phillipic and made his plea for the fulfillment
of obligations whose technical legal force no member of the League Assembly could possibly deny,
It is these special circumstances that give the
issue at Geneva its unique character and make apparent precedents seem inapplicable. Historically,
the question of subject peoples is old. From the
earliest recorded times there have been nations
which regarded themselves as superior and others
to which that status was denied. Whatever the
stage of civilization, civilization i itself has been a
legislatures, within their respective spheres, shall
find
to
regulate
This shining example
security."
economic
guard
adequately
order
protect public health and safety and safe-
commerce,
of
in
necessary
bewildering phraseology is appropriately blessed
with the
pronouncement that "thus we propose to
maintain the letter and
spirit of the Constitution."
Between the financial
promises of the two parties
there is not much to choose.
Both pledge a "sound
currency," the Republicans, at the insistence of Mr.
Landon, adopting as a test of soundness the convert-
ibility of
while
into gold when that can be done,
currency
Democrats mix
the
calling for
theory and obscurity by
"so stabilized
a currency
as
to prevent
the former wide fluctuations in value which
in turn
the
one
injured
producers, debtors and property owners on
hand and wage earners
and creditors on the
other," and which will also "permit full utilization
of the
both
country's resources." Both call for economy,
want
mean
future.
more,
to
reduce
the
balance
to
Neither party
the
national
budget at
debt, and both
some
time in the
found itself able to say much
and neither could have been expected to say
much less.
All this
reaction
'
matter of
to enforce the conclusion that the
serves
.below them.
world
industrial
from
Mr.
He is still
Roosevelt if
bent,
accomplishing
as
a
desires
earnestly
expanded,
and
he
is
will get
given
a
no
to
see
impetus
second term,
he has been bent all along, upon
revolution under which' the gov-
ernment, instead of being controlled by the people,
will itself control.
he
is
the
an
returned
to
There is
effort to
office, except
a
continuance of
get rid of whatever obstacles the Con-
stitution and the
The
Supreme Court place in his way.
country will have more radicalism, not less. The
only check to the New Deal that can be administered
is the election of
a
,
nothing to hope for, if ~
policies already begun, and, in all probability,
Republican President and House
and nations which
felt them-
Assuming that the world belonged to
civilization and not to barbarism, the territory of
peoples who were ranked as barbarous or semicivilized has been appropriated, an alien rule set
up, and the natural resources of the country ex-
viously set in, and which the American business
and
degrees,
selves high in the scale have looked down on those
against radicalism and the trend to moder-
ation and sensible economic courses which hare ob-
strengthened
Peoples
■
things which "call for
as
both
committed
chance of marshaling forces strong enough to give
amendment only if one is
an
is far from clear, for the party is
by its platform to compromises and concessions
which ydll plague it, and the Administration's political machine is well oiled; but if Mr. Landon,
when he enters the battle which Mr. Roosevelt invites, can convince the country that the conservative planks in his platform are the ones which
interest him most and that they are as solid in
fact as they seem to be in words, he has a fighting
it, prospectively, with the Constitu-
parties, it should be noted, are prepared
change they
15
Chronicle
V
How
to
aid
the
without
alone
crutch.
tion ?
Financial
143
ploited as the dominant nation thought best. The
British Empire is the greatest illustration of an
imperial dominion built up, in part by conquest
and in part by occupation and so-called "peaceful
penetration," not on the basis of any valid legal
claim to the territory, but because its subject peopies stood low in civilization's scale, natural re¬
sources seemed promising, and geographical extension imparted prestige. The French overseas possessions have the same foundation as the British,
and so had those of Germany before the World War.
16
\
Financial
'
'
f
•
-
Chronicle
question is not confined to peoples who, by
common
of the
consent, are assigned
primitive character of their culture.
ters in various ways
sembly
low place because
a
It
en-
State
July 4, me
,
f
'
.
The
in session and the Emperor of
was
demanding
was
'
an answer
a
vanished
to exceedingly
em-
barrassing questions.
into the relations of small and
The answers,
as
far
they have been given or
as
large States Miose cultural level is substantially
their probable nature indicated,
identical, and still
cultural lag on
complicate the situation still further. There
China is
stantial unanimity in deciding that sanctions against
either side is
State
with
more
where
more
a
less obvious.
or
an^ancient
culture both
complex
important, but to Japan the Chinese
respects
and
all
sanctions upon their trade. The only weapon against
mission to
a
dominate, and few Englishthe Chinese
Iraq, Iran, Hedjaz,
an
^aggressor which the League possesses, short of
call upon the member States to
a
forces,
was
independent States, but their size is
proved.
relatively insignificant and their cultural level, in
comparison with that of Europe, is commonly meas-
France,
ured
in
are
terms
through
of
higher
nation
every
a
and lower,
superiority, and
everything
been
taken
into
faces perils of domination or
Into
this
world
for the
others into
of rank
a
world
should
Here, in
sies
need to fear,
no
suf-
a
Setting at
side
one
meeting place,
international
to become
was
the
whole
concerned, equal protection
were
to be accorded to
was
ber
weight
all, aggression
aggression
of
the
upon
of
common
integrity of
and
no
accompaniment of war,
to
the
be
at-
were
merger
of States,
as
hostilities
had actually
"
.
been
made
clear
one
hide
quered and
The demonstrabefore
Assembly
involved
was
he
spoke,
what could
was
conflict be-
a
difficult to
Jby Haile Selassie that Ethiopia
of
Ethiopian
could
weeks
The issue
member of the
had been
remnant
League, that the Italian
aggression, and that there
Government
the
fact
which
he
was
quences
undoubtedly strengthened by the
was
demonstration
staged
journalists when
demonstration
as
the
by
a
group
Emperor began
of
greeted in Italy.
was
his
Aggravating
the incident was, however, it could not conceal
the predicament in which
the League was placed
and the unwillingness of the Assembly to
squarely.
It
"was
face it
hopeless to think of undoing the
significant that
a group
formally notified
the
It
was
of South American States
League that unless all the
provisions of the Covenant
own
that
on
hostile to the League and might withdraw.
were
to be enforced their
interest in the League would
On the
wane.
other hand, if Ethiopia could be removed from the
map as an
independent State by
a
stronger Power
which desired its territory, without any ability in
been
authority
or
resources,
happened,
and
with
quite clear.
a
admit
The Covenant may
that
conditions
hap-
conse-
a
crisis, and
have
changed,
be revised and the League enabled
to go on, but revision will
amount to little if the
facts of the Ethiopian situation are not recognized,
Italy
con-
It will not be pos-
Covenant which has broken down in
refusing to
still
for the prestige of the League, but the As-
course,
subject peoples and inferior
and that
disastrous
justed is, of
sible to go on very long proclaiming the sanctity of
There will still
was
without
end.
How the matter will eventually have to be ad-
was
Ethiopian State had practically ceased to exist,
had
outrageous
war
represented
that Ethiopia had
What many had affected to believe could not
pen
see
actually in Italian hands, that the
Ethiopian Government was only a fugitive
so-called
The opposition to yielding anything to Italy ex-
cept sanctions
pathetic eloquence of
aspects could be reconciled. No amount
of insistence
a
As for the
still existed, between Ethiopia and
the League, that matter was left up in the air.
an
of the
theory and fact, and it
how the two
the
matter of
nation could be obliter-
was
stop if
need
110
be done about it.
still
any
small State, whether in Europe or elsewhere, was
jeopardized and confidence in the League was at
to
or
The question before the
an
a
a mer-
Ethiopian Emperor to demonstrate how miser-
tween
relation, if
the League to prevent it, the independence of every
was
had
Italian attack would be continued.
an
Britain
frankly recognized, Italy would remain
member State
ably the grand design had failed.
tion
Great
something which the
begun.
There
between
agreement
expected to exert itself to the utmost
was
prevent,
been
number of Mediterranean countries to resist
a
not
was
by force because aggression, with its natural
League
that the
and
were
to
was
member that
every
voluntary
concern,
ment
unthinkable, but if the fact of conquest
organization
any
could not fail to be regarded
ated
the fact of conquest, and the shadow of war was al-
lowed to darken the proceedings by the announce-
was
recognized and guaranteed, for while the Covenant
ger
the
recognition of
Italian conquest without war, and a war
By implication, at least, the independence
side
a
of
removal
or
issue
tacked.
did not forbid
against the
upon one mem-
on
and territorial
marshaled
and
mem-
the group, and
thrown
the
clearly
of Great Britain
speech, and the reported approval with which the
discussed, international controver-
rights
as
futility
organization in which differences
adjusted and international policies worked out.
As far
the support
their armed
use
its
the other hand, the opinion of the
on
was
aside,
Italian
be, in important respects, ignored,
to be
With
laid
they undertook to bring all the
common
were
bers
thus
stigma of aggression from Italy
League of Nations in-
time-being the nations which had been de-
feated in the war,
affairs
it
extinguishment which
revolutionary change.
a
account,
complex of difference and
ferance the creators of the
jected
the tone of
on
the
powerful States have
more
runs
small State knows that, when
every
has
There
consciousness of difference
which, in large States, easily takes
larger and
number of small States
a
being particularly urgent because of the effect of
respects their equals.
Siam
Italy should be dropped,
in many
are
men, Frenchmen or Americans regard
in
and
sub-
was
inferior people whose destinies Japan
an
feels it has
as
large
a
destined to
seem
remain,
however, the problem of
races.
If the plans of
correctly reported, Italy is proposing a
liberal and enlightened administration of Ethiopia,
are
with the development of education, sanitation and
means
of communication,
a
share of the natives in
local administration, and exemption from military
service except for purposes of internal police as
some
of its features.
If any such plan is carried
out, it may be possible to postpone for
a
time
a
reconsideration of the mandate system under which
the former German colonies in Africa
are
still
held,
\
Volume
Financial
143
...
•
.
and
'
. .
in
obtains
to change, and readjust
which international cooperation can
on
whether, by clinging to theories which
ineffective, it will make the
carry on, or
have been shown to be
where
to
difficult
nations every¬
future with increased
present, and leave small
than it is at
a
international peace more
of
maintenance
situation akin to that which
Manchukuo.
The question before the
Far East,
basis
the
communication between Europe
the direct line of
on
powerle'ss
facts which it is
States. On the
other hand, any attempt to apply to the Ethiopian
problem the so-called Stimson doctrine of non-rec¬
ognition of territory acquired in violation of treaty
obligations would reproduce in northeastern Africa,
peoples for the benefit of civilized
and the
in accordance with
League is whether it will act
exploitation of backward
the
continue
thus
17
Chronicle
regard their own
anxiety.
Anti-Price Discrimination or "Chain Store" Bill as En¬
Clayton Act and Authorizes Federal Trade Commission
Text of Robinson-Patman
acted into Law—Amends
anti-price discrimination, or so-called
Patman
page
27,
law, which amends the Clayton Act,
The new7
the
revise
"and
same
particular commodities
v
the
for
such
the
to
person
any
in
thereunder.
"Wall Street Journal"
the
in
induce or
to
prohibited
price"
measure
engaged in commerce,
knowingly
commerce,
discrimination
a
reference
A
of
course
receive
The measure also
line of commerce."
"unlawful
it
to
as
where it finds that avail¬
...
unjustly discriminatory or promotive
.
.
of monopoly in any
makes
it finds necessary,
as
of June 20 said, in part:
Senator
Van
which
to the
Nuys
the
drafted
White
chain
House
Borah-Van- Nuys
the
The Borah-Van
which went
either the House or Senate drafts.
better than
was
of the conference committee
bill, said the bill
store
legislation now contains parts of both the original
The
and
Ind.), Chairman
(Dem.,
compromise
Robinson-Patman
measures.
that price discrimination should be made
Nuys proposal
with United
States attorneys and cases tried in district courts, was retained.
The anti-basing point provisions which would have branded1 price quota¬
tions from designated points rather
than "plus freight" ae unfair were
a
therefore permitting complaints to be filed
criminal offense,
left
follows:
The text of the bill as enacted into law
.
is
granted
so
of
a
tion
section
of
the
Act to
"An
pur¬
(U. S. C., title 15,
1914, as amended
15,
existing
supplement
and monopolies, and for other
enacted by the
it
Senate and House of Representatives of the
United
of America in Congress assembled, That section 2 of the Act entitled
States
restraints and
monopolies,
and for other purposes", approved October 15,
1914, as
amended (U. S. C., title 15, sec. 13), is amended to read as follows:
-^"Sec. 2.
(a) That it shall be unlawful for any person engaged in com¬
merce, in the course of such
commerce, either directly or indirectly, to
discriminate in price between different purchasers of commodities of like
Act
"An
to
existing
supplement
discrimination
in
are
commerce,
the District of Columbia
or
or any
States or any Territory thereof
place under
resale within the United
or
or
unlawful
against
laws
of the purchases involved in such
where such commodities are sold! for use,
grade and quality, where either
consumption,
insular possession or other
any
where the effect of such dis¬
competition or tend to create
a
monopoly in any line of commerce, or to injyre, destroy, or prevent
competition with any person who either grants or knowingly receives the
the
jurisdiction
crimination
benefit
States,
United
and
discrimination,
or
with
of
customers
of
either
them:
contained shall prevent differentials which
only due allowance for differences in the cost of manufacture, sale,
make
That
delivery
such
nothing herein
resulting
commodities
from
are
however, That the
and
the
be substantially to lessen
such
of
Provided,
or
of
may
differing methods
purchasers sold
the
such
to
Commission
Federal Trade
in which
Provided,
after due investigation
or
may,
quantities
delivered:
or
establish quantity limits,
and revise the same as it finds necessary,
as to particular
commodities
or
classes of
commodities, where it finds that available purchasers in
greater quantities are so few as to render differentials on account thereof
hearing
all
to
or
or
available
is
merce
interested
and
fix
parties,
based
discriminatory
differences
persons
in
quantities
engaged in selling goods,
selecting their
trade:
vent
promotive
monopoly
of
in
line
any
of
own
And
than
greater
wares,
or
merchandise in commerce from
further,
or
contained shall pre¬
to changing con¬
the marketability of the goods con¬
to
actual
That
nothing herein
price changes from time to time where
ditions
affecting
the
market
cerned,
such
but
not
as
for
limited
perishable goods, obsolescence of
process,
or
those so fixed
customers in bona fide transactions and not in restraint
provided
sales in
good
purchasers
faith
seasonal
in
or
response
imminent
deterioration
of
goods, distress sales under court
in discontinuance of business
in the
goods
hearing on a complaint under this
section, that there has been discrimination in price or services or facilities
"(b) Upon proof being made, at
the
burden
in
tion
this
shall
com¬
proportionally equal terms.
on
which
price
Sec.
prohibited by this section."
herein contained shall affect
is
rights of action
nothing
That
2.
pending, or orders of the Federal Trade Commission
or
pending on review, based on section 2 of said
of October 15, 1914, prior to the effective date of this amendatory
Provided, That where, prior to the effective date of this amendatory
and
rebutting
the
prima-facie
case
thus
made
by
be
upon
the
person
charged
with
effect
in
Commission
Trade
Federal
the
issued an order requiring any
has
and desist from a violation of section 2 of said Act of
15, 1914, and 6uch order is pending on review or is in effect,
as issued or as affirmed or modified
by a court of competent juris¬
to
cease
October
either
that such person
effective date of this amenda¬
or is
committing, using or carrying on, any act, practice or
violation of any of the provisions of said section 2 as amended
Commission shall have reason to believe
diction, and the
committed, used or carried on, since the
Act,
tory
method
in
by this
serve
such
reopen
such original proceeding and may issue
and
the original com¬
its complaint, supplementary to
person
Thereupon the same proceed¬
be had upon such supplementary complaint as provided in
of said Act of October 15, 1914.
If upon such hearing the
stating its charges in that respect.
shall
ings
it may
Act,
upon
plaint,
section
11
practice, or method
committed, used, or
Act, or is being
committed, used or carried on, in violation of said section 2 as amended
by this Act, it shall make a report in writing in which it shall state its
findings as to the facts and shall issue and serve upon such person its
order modifying or amending its original order to include any additional
carried
violations
said
law
of
of
Act
order.
If
aside
such
upon
shall
review as
modified
provided in said section 11 the court shall set
order, the original order shall not be
thereby, but it shall
and
the
been
of
be and remain
if
as
such
in force and effect as fully
proceedings had not
supplementary
taken.
It
3.
Sec.
the
extent
same
11 of
and enforcement of orders of
such modified or amended
to
amended
or
affected
to
apply
of section
provisions
the
review
things
all
act,
amendatory
this
of
1914, as to
in
any
complaint has been
date
Thereafter
found.
60
October 15,
Commission
the
that
opinion
the
effective
the
since
on
of
supplementary
said
in
charged
be
shall
Commission
sale,
shall
or
for
unlawful
be
of such commerce,
course
sell, which
contract to
person
any
engaged
in commerce, in
to be a party to, or assist in, any transaction
discriminates to his knowledge against
in that, any discount, rebate, allowance,
advertising service charge is granted to the purchaser over and above
competitors
of
purchaser,
the
any
discount, rebate, allowance, or
the
time
goods
of
of
such
transaction
like grade,
advertising service charge available at
competitors in respect of a sale of
said
to
quality, and quantity; to sell, or
contract to sell,
those exacted
goods in any part of the United States at prices lower than
the United States for the purpose of. destroy¬
ing competition, or eliminating a competitor in such part of the United
States; or, to sell, or contract to sell, goods at unreasonably low prices for
the purpose of destroying competition or eliminating a competitor.
Any person violating any of the provisions of this section shall, upon
conviction thereof, be fined not more than $5,000 or imprisoned not more
by said person elsewhere in
than
one
Sec.
year,
4.
or
both.
Nothing
in
returning to
part
of, the net earnings
in
proportion
to
their
Act
or
a
1936.
shall
prevent
producers51,
or
a
association
the whole, or any
cooperative
consumers
surplus resulting from its trading operations,
purchases
association.
Approved, June 19,
,
.
this
its members,
from
any
violation
section, and unless justification shall be affirmatively shown, the
showing justification
of
of
all other customers
to
terms
"(f) That it shall be unlawful for any person engaged in commerce, in
the course of such commerce, knowingly to induce or receive a discrimina¬
concerned.
furnished',
equal
proportionally
on
such products or commodities.
"(e) That it shall be unlawful for any person to discriminate in favor
of one purchaser against another purchaser or purchasers of a commodity
bought for resale, with or without processing, by contracting to furnish
or
furnishing, or by contributing to the furnishing of, any services or
facilities connected with the processing, handling, sale,
or offering for
sale
of such commodity so
purchased upon terms not accorded to all
com¬
and estab¬
And provided further, That nothing herein contained! shall prevent
on
lished:
of
or
and the foregoing shall then not be construed to permit differentials
;
furnished by or
facilities
or
the distribution of
peting in
or
unjustly
services
any
in connection with the processing, handling, sale,
offering for sale of any products or commodities manufactured, sold,
offered for sale by such person, unless such payment or consideration
has
13), and for other purposes.
sec.
for
consideration
in
or
person
entitled
Act
restraints
approved October
poses",
Be
2
engaged in commerce to
through such customer
Act,
ACT
AN
against unlawful
person
contract for the payment of anything of value to or for the benefit
customer of such person in the course of such commerce as compensa¬
or
pay
Act:
laws
paid.
or
"(d) That it shall be unlawful for any
Act
[H. R. 8442]
amend
competitor.
a
engaged in commerce, in
or to receive or accept,
anything of value as a commission, brokerage, or other compensation, or
any allowance or discount in lieu thereof, except for services rendered in
connection
with
the sale or purchase of goods, wares, or merchandise,
either to the other party to such transaction or to an agent, representative,
or
other intermediary therein where such intermediary is acting in fact
for or in behalf, or is subject to the direct or indirect control, of any
party to such transaction other than the person by whom such compensation
issued
To
furnished by
facilities
or
arising, or litigation
the compromise.
out of
discrimination:
"(c) That it shall be unlawful for any person
the course of such commerce, to pay or grant,
in greater quantities are so few as to render
able purchasers
differentials
Commission to fix quantity
Federal Trade
authorizes the
limits
Principal provisions
indicated in our issue of June
were
order terminating the
an
nothing
That
however,
services
the
columns
these
20, as earlier reported.
legislation
4269.
page
in
indicated
was
as
June
on
the
in
was
June 20,
4104, and the President signed the bill on June 19,
18,
June
of
Congress on
bill
the
on
authorized to issue
is
herein contained shall prevent a seller
rebutting the prima-facie case thus made by showing that his lower price
or
the furnishing of services or facilities to any purchaser or purchasers
was made in good
faith to meet an equally low price of a competitor, or
Provided,
"chain store"
concluded by
Action
not
Cotnmission
enacted during the closing
of Congress is the Robinson-
session
the recent
days of
bill.
Particular Commodities
Fix Quantity Limits as to
to
One of the important measures
or
sales
from,
to,
or
through
the
18
Financial
1
Chronicle
of
The Course of the Bond Market
has
issue
a
Aaa
rails
of
slightly reactionary.
into
new
than
territory,
fractionally in
a
Chicago
108
are
113%.
up
Burlington
&
Quincy 3%s,
%; Union Pacific 4s, 1947, lost %
Lower-grade railroad bonds, as
1949,
in the group
at
to close at
been in
which
fractionally, although some individual issues showed fairly
closed
72%
Pacific
ern
grain
1968,
4%s,
carriers
%
rose
showed
the
were up
to 90%.
effect
of
1%; Chicago & North Western 4s, 1987,
made
drought
133,
week devoid of
new
tric
2%
debenture bonds
company
Gas & Electric
been
not
of
condition
in
tangible
the
1944,
the
(Based
8
5 to 47.
developments but
market, wherein
MOODY'S BOND
U
Associated Gas & Elec¬
on
the
Explanation
rather
supply
in
little
Baa
3— 110.04
110.98
123.10
119.90
108.94
95.48
2— 109.91
110.98
123.10
119.90
108.94
95.33
1
RR.
P.
U.
106.07
109.49
points
been
92,
to
featured
not all
franc.
having
sharp
by
the
gain
was
higher, reflecting
Labor
unsettlement
bonds
government
on
of
been
here,
in
while
Scandinavian obligations have been
the rest
of
the
Moody's computed bond prices and
given in the following tables:
All
on
list
have
been
of
bond
yield
averages
120
YIELD
AVERAGESt
Individual Closing Prices>
120 Domestic
1936
Indus
118.04
has
have also
the
of sanctions.
Daily
Aa
4s, 1945,
speculative
the
significance.
120 Domestic
Aaa
but
3%s, 1950,
con v.
are
Corporate* by Croups
Corp.*
in
effect
no
(Based
by Ratings
Co.
provided by the Gould
8
lows, although
bonds
MOODY'S BOND
120 Domestic Corporate*
«*
jumped
market
and changes in
steady,
tic
Averages
had
PRICESt
120
Govt.
Bonds
July
improvement
Average Yields)
Domes¬
1936
Daily
French
for lifting
the
of this type
&
Italian issues continued to advance because of the
prospects
3% for the week; Standard
rose
4 points,
has again been
which
bond
week's
last
Belgium
6s, 1935, advanced 5% to 83%; Inter¬
con v.
national Hydro-Electric 6s,
has
up
Swift
of
Allis Chalmers
high at 93.
foreign
above
financing the outstanding feature
4%s, 1949, closed at 50%,
A generally
recoveries in Polish issues, which rose from 13 to 18 points
in the utility group was the activity and strength of certain
holding
action
at 105%.
decline of
a
1940,
new
retained.
a
the
to
off %
6s,
a
The
were
declined
at
Coupler
Issues of several
unfavorable
contrast
were
to 40.
In
amusements have
The
having been toward higher levels.
feature of the week
%; South¬
Chicago Milwaukee & St. Paul 4s, 1989, at 51%
news.
off
a
Baltimore & Ohio 4%s, 1960, declined % to
Illinois Central 4%s, 1966, at 73%
;
107%.
to close at
good tone among the obligations of packing companies has
whole, lost only
sharp declines.
%
1951, losing
given a slightly better account of themselves, most changes
High-grade railroad bonds, as a group, remain virtually
unchanged.
Steel securi¬
4%s, 1966, declin¬
ing % to 100%, and Youngstown Sheet & Tube con v. 3%s,
point for the week.
a
speculative issues.
conflicting price movements among the oils.
few 32nds
a
weakness among the
some
ties have sagged further, Wheeling Steel
weeks,
many
tendency toward firmness, gaining
a
with
upward also.
The metals 'have been almost dormant and there have been
United States Governments, which
more
high
there has been
The
pushed
have not fluctuated
revealed
been
3.52%.
has
group
low yield of
new
have
Higher grades and prime in¬
depleted.
High-grade industrials have shown little change, although
good showing this week, with moderate advances recorded.
Industrials and
been
issues tended
vestment
Among the lower grades of bonds, utilities have made
July 4, 1936
Corporate
120 Domestic
tt
Domes¬
by Ratings
tic
Averages
4.12
30
For-
Aaa
3-
July
Corporate by Groups
3.52
Aa
A
Baa
RR
3.67
4.23
5.04
4.39
P.
u
Indus
4.20
eigns
3.76
105.89
109.49
118.04
2-
109.90
4.12
3.52
110.98
123.10
3.67
119.90
4.23
108.94
5.05
4.40
95.33
4.20
—
106.07
109.31
118.04
1
June 30—
4.12
3.52
109.92
122.67
3.67
110.79
119.69
4.23
108.94
5.05
4.39
95.33
4.21
106.07
117.84
4.13
3.54
3.68
4.23
5.05
4.39
4.22
5.75
3.76
109.12
3.77
29-
109.89
110.79
122.46
119.69
—
June 30—
3.76
108.94
95.33
27-
109.88
3.55
3.68
110.79
122.46
119.48
108.94
95.48
4.22
106.07
3.77
108.94
117.84
27-
26-
-
t
8
109.88
3.55
122.46
4.13
110.79
119.48
3.69
4.23
108.75
5.04
4.39
95.63
4.23
106.25
108.94
3.77
117.84
26-
4.13
3.55
3.69
4.24
5.03
4.38
4.23
3.77
25-
105.89
109.12
117.84
'
29-
4.13
4.23
5.05
4.40
5 .77
109.83
110.98
122.67
119.69
109.12
95.48
106.25
108.94
118.04
24- 108.89
25-
4.12
110.98
3.54
3.68
122.46
4.22
119.48
5.04
108.94
4.38
95.78
4.23
106.42
3.76
108.94
117.84
24-
4.12
3.55
3.69
4.23
5.02
4.37
4.23
3.77
t
t
23- 109.97
110.98
122.46
119.48
108.94
95.78
106.42
108.94
117.84
23-
4.12
22-
109.97
3.55
3.69
110.98
122.46
4.23
119.27
5.02
108.94
4.37
95.93
4.23
106.60
117.63
22-
20- 109.96
4.12
3.55
3.70
110.98
122.46
4.23
119.27
5.01
108.94
95.93
4.36
4.23
106.60
3.78
108.94
117.63
20-
4.12
19-
3.55
109.93
3.70
110.79
4.23
122.46
119.27
5.01
4.36
108.94
4.23
95.63
3.78
106.60
108.75
117.63
18-
19-
4.13
109.95
3.55
3.70
110.79
122.24
4.23
119.27
5.03
108.94
4.36
4.24
95.93
3.78
106.60
108.94
117.63
18-
17-
4.13
110.00
3.56
3.70
110.79
122.24
4.23
5.01
119.27
108.75
4.36
95.93
4.23
106.42
108.75
117.63
17-
4.13
3.56
3.70
4.24
t
3.77
108.94
5.01
.
t
t
5.85
3.78
110.79
122.46
119.27
108.75
4.37
4.24
95.78
106.25
3.78
108.75
117.84
16-
15-
4.13
110.06
3.55
3.70
110.79
122.24
4.24
119.27
5.02
4.38
108.75
4.24
95.78
106.25
3.77
108.57
118.04
13-
15-
4.13
110.03
3.56
3.70
4.24
110.79
119.07
5.02
122.46
108.94
4.38
4.25
95.78
106.42
108.75
117.84
13-
12—
4.13
110.01
3.55
110.98
122.67
3.71
4.23
119.07
5.02
108.94
4.37
4.24
95.93
106.42
3.77
109.75
118.04
12„
4.12
3.54
3.71
4.23
6.01
4.37
4.24
3.76
4.13
3.55
3.70
4.23
5.02
4.38
4.24
3.76
16-
110.06
.
3.76
11-
109.99
110.79
122.46
119.27
108.94
95.78
106.25
108.75
118.04
10-
11—
110.03
110.79
122.46
119.27
108.94
95.63
106.25
108.75
118.04
10-
9- 110.05
3.55
110.61
3.70
122.46
4.23
118.86
5.03
4.38
108.75
4.24
95.63
106.07
108.57
117.84
9„
8- 109.99
4.14
3.55
110.42
122.24
3.72
4.24
5.03
118.86
4.39
108.57
4.25
95.33
105.89
3.77
108.57
117.63
8-
4.15
3.56
3.72
4.25
5.05
4.40
4.25
3.78
3.72
4.23
5.06
4.40
4.25
t
5.95
3.77
4.13
6-
109.95
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.84
6-
5-
4.14
109.99
3.56
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
5-
4—
4.15
109.97
3.55
3.73
110.42
4.24
5.06
122.24
118.86
4.41
108.75
95.18
4.26
105.89
108.39
117.63
4—
4.15
3.56
3.72
4.24
5.06
4.40
4.26
117.63
3„
4.14
3.56
3.72
4.23
5.05
4.39
4.25
3.76
3-
110.06
110.61
122.24
118.86
108.94
95.33
106.07
108.57
2-
110.02
110.61
122.46
118.86
108.75
95.33
105.89
108.57
117.63
1—
95.18
105.89
108.57
117.84
3.78
4.14
3.55
3.72
4.24
5.05
4.40
4.25
3.78
1—
4.14
3.55
3.72
4.23
5.06
4.40
4.25
3.77
May 29—
4.14
3.56
3.72
4.23
5.06
4.40
4.25
3.78
22-
4.16
3.57
3.73
4.24
5.08
4.42
4.25
3.79
5.92
117.22
15-
4.15
3.58
3.74
4.23
5.06
4.41
4.25
3.80
5.89
3.59
3.76
4.26
5.09
4.44
4.26
3.82
5.84
110.61
122.46
118.86
108.94
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
22- 110.20
110.23
122.03
118.66
108.75
94.88
105.54
108.57
117.43
15-
110.42
121.81
118.45
108.94
95.18
105.72
108.57
Weekly—
8— 109.70
109.86
121.60
118.04
108.38
94.73
105.20
108.39
116.82
8-
1—
4.18
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
109.69
6.06
3.78
.
2„
110.04
Weekly—
May 29— 110.01
109.98
3.77
1
5.91
1-.
4.21
3.60
3.80
109.68
121.38
4.28
5.14
117.22
4.48
108.21
4.28
94.88
3.86
5.96
104.85
108.21
116.42
17-
3.60
3.80
4.27
110.05
121.38
Apr. 24..
4.19
109.96
5.08
117.43
4.46
108.57
4.27
3.84
95.78
5.86
105.89
108.21
116.62
17„
9-
4.17
3.60
109.75
3.79
110.42
121.60
4.25
5.02
4.40
117.63
108.57
4.27
96.23
3.83
106.42
108.39
116.62
9„
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
5.85
Apr. 24.. 109.80
3„
109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
Mar.27—
3—
109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
109.51
5.83
•
Mar. 27„
4.17
3.61
3.79
110.23
121.38
4.24
117.84
5.03
4.39
4.28
108.94
95.48
3.84
106.07
108.39
116.62
20-
13-
4.16
109.11
3.60
110.05
3 77
120.75
4.23
5.04
4.39
117.63
108.75
4.26
95.63
3.83
106.07
108.03
116.22
6„
13-
4.17
109.46
3.63
3.78
4.24
110.98
121.17
5.03
4.39
118.04
109.49
4.28
3.85
97.62
5.94
108.57
108.39
116 22
6—
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
108.39
115.81
Feb. 29—
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
20-
Feb. 29-
108.98
110.61
120.54
117.84
108.94
97.16
107.67
21-
108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
15„
21—
4.13
108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115.81
115.61
15..
8„
1—
107.96
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
31..
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
Jan.
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
4.14,
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
8..
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
6.10
1—
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
115.41
24..
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
17—
108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
108.02
108.39
119.90
115.41
107.14
93.99
103.48
108 21
114 04
3..
107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
High 1936 110.28
110.98
123.10
119.90
109.49
98.09
108.57
109.49
118.04
Jan.
115.02
10.:
;
5,80
10-
6.15
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6 26
3Low
4.32
3 70
3 93
4 39
6 24
4 63
4.29
4.03
6.23
1936
4.12
3.52
4.20
107.77
107.14
3.67
119.07
4.20
4.87
4.20
114.43
106.07
3.76
91.96
5.75
101.64
107.85
112.31
High 1935 109.20
High 1936
4.33
3.71
3.94
106.96
119.69
114.43
4.39
5.28
4.65
4.29
105.72
91.67
4.05
101
31
6.31
107.67
112.11
Low
1935
4.34
99.20
116.82
3.68
3.94
108.57
4.41
5.30
4 67
98.73
4.30
77.88
90.69
94.14
4 06
106.78
High 1935
4 SO
3.82
4 26
4.83
5.40
6.37
6.13
4.35
103.65
119.48
110.42
103.65
85.74
97.47
105.72
108.39
July 3 '35
99.20
115.02
107.85
97.00
81.78
99.52
92.68
106.07
July 3 '34
Low
Low
1
1936
1935 105.66
Yr. Ago
1
July 3 *35 108.97
2 Yrs.Ago
2
July 3 '34 106.04
!?nt»*rS?«?h "i8™?
njJp
ttAvorivo
^291
Quench
week
nf
They merely
ure ?f the bond mttrket-
£,p
9o
+tAverage of 30 foreign bonds
l^ue8,
serve
Moody's
new
daily
index
168.7 last
4.53
5.74
4.91
4.41
4.26
5.79
4.94
6.06
4.78
5.23
4.39
a
7.50
more
comprehensive way the relative levels and the relative movement of
For Moody's index of bond price, by months back
to 1928, see the Issue of
Feb. 6, 1932,
page
907.
+ The Iatest ®?mplete list of bonds used in computing these indexes was published in the issue of May 18, 1935,
but adjusted to a comparable basis with previous averages of 40 foreign bonds, i Daily averages discontinued, except Friday
of
rose
sharply this
staple commodity
prices
Friday to 172.3 this Friday,
a
high for 1936.
The principal gains occurred in wheat,
corn, hogs and steel.
The prices of rubber, cotton and coffee were also
higher,
while there were declines in silk, cocoa, hides and wool.
4.15
4.29
coupon, maturing In 31 years) and do not purport to show either the average
to Illustrate in
Moody's Daily Commodity Index Advances Sharply
advanced from
3.69
3.91
.
The average price of basic commodities
week.
4.53
4.80
Yrs.Ago
iflvpityiia.verage yields ?a the ^aslfi of one "Ideal" bond (4^%
average movement of actual
price quotatloas.
578
6 97
_
Yr. Ago
The prices of silver, copper, lead and
changed.
The movement of the index
parisons, is
Fri.,
Sat.,
June
June
June
June
July
Thurs., July
Fri.,
July
Mon.,
Tues.,
Wed.,
as
26
27
29
30
sugar
remained
during the week, with
un¬
com¬
follows:
168.7
2 weeks ago, June 19
169.0
Month ago, June 3
Year ago, July 3
169.0
1
169.8
2
3
171.9
172.3
1935 High—Oct. 7 and 9
Low—Mar. 181934 High—July 3
Low—May 12
167.2
163.8
—
158.8
175.3
148.4
172.3
162.7
Volume
Financial
143
preceding week and 287,079 cars in the seven
1935. A comparative table follows:
the
TRADE—COMMERCIAL EPITOME
Friday Night, July 3, 1936.
OF
STATE
THE
upward
its
of 92.3, according to
high
This
index.
business
"Journal of Commerce" weekly
with a revised figure of
Weeks Ended—
corresponding period
and may prove very
is
unrest in
serious
the
Chicago. Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri Pacific RR
several
in
Norfolk & Western Ry
Pere Marquette Ry—
Railroad
areas.
car
Southern Pacific Lines
from latest reports
loadings and retail
materially.
of
strike at industrial centers would,
a
..
Pittsburgh & Lake Erie RR
between S. P.
Excludes cars interchanged
Orleans RR. Co.
in
to
volume
was
an
from 18 to
increase of
22,923
or
Compared with a year ago,
15.68%.
over
of
the
the
than
country.
the
the
of June,
the
greatest
crop
damage
widespread
during
July
of
westward
to
disastrous
the
toll placed at
Coal
wide property
estimated in the millions.
farm
City
the other
Texas,
area
Today it
was
hand,
with the death
was
fair and
warm
but
the
totaled
8,633
the
9,545
cars
the
16,073
cars
increase of 928 cars above the
an
loading
totaled
preceding week, 8,426
_
preceding week this
...
.
34,380 cars, an increase of 738 cars
above the same week in 1935, and
cars
above the same week in 1934.
preceding week,
to
50,485
increase of 531
an
cars,
cars
above
and
18,053 cars above the corresponding week in 1935,
above the corresponding week in 1934.
cars, a decrease of 180 cars below the
cars
Coke
loading amounted to 8,297
but
preceding ..week,
¬
above the same week in 1935.
an increase of 959 cars
11,686 cars,
to
2,604 cars above the same week in 1935,
below the same week in 1934.
In the
loading of live stock for the Week ended June 20
loading amounted
Pre
and
City, 72 to 94; Salt Lake City, 68 to 96; Seattle, 58 to 78;
cars,
products
above
cloudy weather,
,
3,604
of
districts alone,
Forest
_
week and
and 2,093 cars above the same week in 1935.
year
The forecast was for mostly
loading totaled
amounted
loading
preceding
decrease
a
Western
here, with temperatures rang¬
products
grain
stock
Live
In the New York
with probable occasional showers tonight
Saturday. Overnight at Boston it was 60 to 78 degrees;
Baltimore, 68 to 82; Pittsburgh, 66 to S3; Portland, Me.,
54 to 70; Chicago, 60 to 72: Cincinnati, 68 to 82; Cleveland,
62 to 84; Detroit, 58 to 88; Charleston, 74 to 96;
Mil
waukee, 58 to 72; Savannah, 76 to 98; Dallas, 74 to 86;
Kansas City, 64 to 92; Springfield, Mo., 66 to 86; Oklahoma
cars below
corresponding
103,993 cars, a decrease of 1,339
above the preceding week and 8,983 cars
cars
above
Hundreds of thousands of fertile
to 70 degrees.
1934.
preceding week this year and 6,594 cars
the
the weather has been generally cool and cloudy.
ing from 64
the
in
34,064 cars, an increase of
above the corresponding
week in 1935, but a decrease of 5,470 cars below the same week in 1934.
In the Western districts alone; grain and: grain products loading for the
week ended June 20 totaled 22,342 cars, an increase of 2,139 cars above
and crop damage that is
the hardest hit sector.
less than carload lot freight totaled 160,889
below the preceding week, but an increase of
corresponding week in 1935 and 655 cars above
week, but an increase of 16,348 cars above the
and 5,721 cars above the same week in 1934.
and
Grain
lay stripped of corn and cotton crops, and 23
have been recovered.
Gonzales, 60 miles south of
Antonio,
1934.
cars
loading amounted to
1,7956
acres
bodies
San
On
Mountains.
reported in
week
in 1935
week
These floods, devastating in their swift¬
23.
resulted in
ness,
Rocky
were
above
cars
same
the preceding
of the East Gulf States, wesbward and north¬
floods
in
revenue
decrease of 535
a
5,663
the
and
portions of Pennsylvania, Virginia, North Carolina and the
northern parts
reduction in coal loading one
1935, due principally to a
of merchandise
Loading
cars,
Vermont, New York, the western
nearly everywhere from
in reviewing the
freight for the week of June 20 was an increase of
3.904 cars, or 6/10 of 1% above the preceding week.
Miscellaneous freight loading totaled 286,922 cars, an increase of 1,774
cars
above the preceding week, 60,896 cars above the corresponding week
in 1935, and 42,921 cars above the corresponding week in 1934.
Loading of
At the present time there is urgent need for rain
August.
60,304
freight for the week ended June 20 totaled 690,716
of 123,667 cars, or 21.8% above the corre¬
corresponding week
the
above
but in both instances the drought was most severe
caused
and
67,882
following a heavy movement of fuel in the preceding weeks of that
year in anticipation Of a strike of bituminous coal miners.
The total for
the week of June 20, this year, was an increase of 67,394 cars, or 10.8%
the situation was not nearly so critical at the end
ports,
24,987
29,459
13,436
year ago
In the other cases, according to government re¬
year.
29, 1935
22,192
26,410
11,702
increase
an
was
sponding week in
The
in either 1930 or 1934 at this season
case
This
cars.
Serious
prevails
principal agricultural sections of the country.
was
June
20, 1936
20, reported as follows:
Loading of revenue
the previous week.
present urgent need for rain, however, is more
166,488
CONNECTIONS
of American Railroads,
The Association
week ended June
which represented
drought, for the third time in the last six years,
over
y
Wholesale
the gain was 96,776 cars, or
areas
many
4,951
5,345
x7,223
x7,721
8,289
71,174
St. Louis-San Francisco Ry
feature continues to be the pro¬
The outstanding
drought in
longed
3.3%
'4,275
43,133
26,500
30,361
14,313
Chicago Rock Island & Pac. Ry_.
Illinois Central System
20% larger than for the same week
cars,
June
whole was from
1935 week.
Car loadings were 713,639 cars,
in 1935.-
8,913
4,420
44,679
4,920
6,039
Weeks Ended—
27, 1936
June
overshadowing influences.
above the corresponding
18%
2,922
8,318
38,663
387,079 196,577 180,089
RECEIPTS FROM
Total
12
7,072
7,342
9,642
1,293
1,713
3,000
8,305
36,539
9,084
Co.-Pacific Lines and Texas & New
of course, be wide¬
for the Nation as a
sales volume
Retail
these
eliminate
to
4,359
13,462
8,544
5,772
6,384
8,012
1,406
1,820
2,421
7,220
33,955
7,286
4,138
38,731
3,973
5,859
x6,058
7,088
4,866
16,173
10,133
4,900
17,128
11,184
7,274
7,988
10,097
1,380
1,742
(Number of Cars)
quite a setback to trade and
However, much could happen in the
general.
future
near
1936
1936
The effects
spread, and very likely cause
business
29
1935
June 27 June 20 June
Not available.
y
TOTAL LOADINGS AND
sales
y
336,646 320,213
Total.
x
6,565
27,293
5,506
Wabash Ry..
length of time, it may
revise downward estimates of farm income
estimates also would have to be cut
Ry
New York Chicago & St. Louis
Pennsylvania RR
spell continue for any further great
be necessary to
.....
New York Central Lines
The other is
steel industry.
the
RR
Missouri-Kansas-Texas
It is believed that should the dry
quite serious.
appears
Chicago Burlington & Quincy RR.
18,412
26,731
20,610
12,486
16.207
15.208
2,042
2,076
4,391
12,449
35,147
4,382
19,403
59,586
4,948
5,334
22,831
4,836
21,136
30,178
22,515
15,012
20,716
20,289
2,332
2,310
4,545
14,892
40,033
5,044
19,517
61,773
6,063
24,482
30,853
23,513
15,419
20,764
20,931
1,981
2,394
4,617
16,164
39,802
5,093
20,782
62,327
6,086
7,012
28,920
Ry.
Chesapeake & Ohio Ry
to be not much over
drought in the farm areas, which
the
Atchison Topeka & Santa Fe
Baltimore & Ohio RR
50% of
important factors are developing now,
vital to future general business.
One
Two very
capacity.
1936
1936
in steel operations is expected,
fact, activity is expected
in
June 29
1935
June 27 June 20
attributed to the increased
steel production, larger electric output, gains in car load¬
ings and automotive activity.
Steel operations rose "to 74%
of capacity, which represents a new peak since 1930.
Elec¬
tric output scored a gain of 14.5% over last year's figures,
and is a new all-time high.
During the latter part of
July, however, a sharp drop
CONNECTIONS
Received from Connections
Weeks Ended—
Loaded on Own Lines
This further gain is
last year.
RECEIVED FROM
(Number of Cars)
compares
week and 71.6 for the
91.4 the previous
reaching a new
climb,
LOADED AND
FREIGHT
REVENUE
continued
days ended
June 29,
'
Business
19
Chronicle
■
an
2,694 cars above the same week in
increase of
1935,i/and 1,553 cars above the same week in 1934.
Lj
All districts reported increases in the number of cars loaded with revenue
freight,
compared
of
Loading
the corresponding weeks in 1935 and 1934.
freight in 1936 compared with the two previous
with
revenue
follow
years
-
Montreal, 60 to 74, and Winnipeg, 40 to 72.
Revenue
Freight
Car
Loadings
Continue
Higher in
Latest Week
2,353,111
3,135,118
2,418,985
2,544,843
3,351,801
695,845
686,812
690,716
"...
...
weeks in February
Four weeks in March
Four weeks in April
Loadings of revenue freight for the week ended June 27
1936, totaled 713,639 cars.
This is an increase of 22,923
cars, or 3.3%, from the preceding week, a gain of 96,776
cars, or 15.7%, over the total for the like week of 1935, and
an increase of 67,363 cars, or
10.4%, over the total loadings
for the corresponding week of 1934.
For the week ended
June 20 loadings were 21.8% above those for the like week
of 1935, and 10.8% over those for the corresponding week of
1934.
Loadings for the week ended June 13 showed a gain
of 5.3% when compared with 1935 and a rise of 11% when
comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
June 27, 1936, loaded a total of 336,646 cars of revenue
freight on their own lines, compared with 320,213 cars in
Five weeks in May
Week of June
6
Week of June
13
Week of June 20
J.
Total
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
629,712
652,111
567,049
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
616,768
618,881
623,322
15,877,231
Four weeks in January
Five
14,543,866
14,790,620
In the following table we undertake to
ings for
June
separate
1936.
20,
showed
last
1934
1935
1936
Showed
The
increases
when
most
were
compared
important
the
New
show also the load¬
for the week
systems
During this period
increases
year.
roads and
a
total of 111
with
of
York
the
these
same
roads
Central
ended
roads
week
which
Lines,
the
Pennsylvania System, the Baltimore & Ohio RR., the South¬
ern
System, the Atchison Topeka & Santa Fe System, and
the
Illinois Central System:.
.
20
Financial
Chronicle
July 4, me
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS) —WEEK ENDED JUNE 13
—
Total Revenue
Total Loads Received
Freight Loaded
Railroad
from Connections
1936
1935
1934
1936
1935
Croup B (Concluded)—
Georgia
457
574
559
.1,106
1,188
7,337
1,397
1,268
7,519
1,110
1,017
7,222
234
284
9,305
9,563
Gulf Mobile A Northern......
1,176
2,057
1,730
Illinois
16
24
22
65
47
Ann Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis A Loulsv
Central Indiana
-
1,099
759
1,518
419
309
378
1,500
15,490
14,969
1,252
924
762
16,654
15,973
10,264
4,579
9,255
812
19,771
20,444
System
Louisville A Nashville.....
Central Vermont
1,111
946
914
1,981
2,090
Macon Dublin A Savannah
Delaware A Hudson
4,610
5,139
5,051
6,572
8,086
8,518
6,468
7,185
6,138
Mississippi Central
9,195
388
216
193
146
109
2,040
Detroit Toledo A Ironton
2,538
2,199
161
182
180
1.806
1,378
8,373
2.807
6,927
Maine Central
1,561
8,912
2,703
2,749
1,180
2,585
14,273
7,056
1,743
1,144
7,336
1,840
Monongahela
3,567
255
228
2,218
2,392
1,443
32,266
9,396
1,819
4,165
4,704
5,180
3,652
Montour
1,671
25
62
35,849
36,539
10,786
1,779
9,084
5,375
32,148
386
294
288
13,441
12,849
4,962
4,570
12,392
3,925
Detroit A Toledo Shore Line..
Erie
Grand Trunk Western
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
;
b New York Central Lines...
40,033
10,141
1,671
N. Y. N. H. A Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
5,044
Pittsburgh & Lake Erie
6,535
6,063
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
...
9,689
1,555
4,540
6,055
5,146
976
4,951
203
151
248
35
40
385
326
322
234
190
806
1,147
1,732
887
658
570
655
966
5,249
3,718
4,640
3,685
4,860
8,210
1,051
7,536
3,887
3,446
2,601
129,846
133,768
148,508
138,427
)
Wabash
Wheeling A Lake Erie
Total
1,088
Nashville Chattanooga A St L.
Tennessee Central
728
3,728
364
342
105
126
1,433
142
106
328
243
1,518
2,301
1,649
2,575
1,538
2,268
1,270
2,085
313
269
480
477
54,807
43,326
44,796
27,518
25,114
95,067
78,838
82,364
57,440
52,203
419
1
Total.
6,758
1,847
1,452
6,911
146,654
Rutland
153
1.70&1
2,801
2,521
11,685
2,011
8,115
3,915
4,447
852
172
Mobile A Ohio
12,787
2,014
1935
380
Delaware Lackawanna A West
Detroit A Mackinao
1936
1,621
Georgia A Florida
Central
from Connections
1934
1935
1936
Eastern District—
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Grand total Southern District
Northwestern
District—
Belt Ry. of Chicago
807
868
855
2,125
1,951
20,280
15,115
18,311
2,017
2,212
9,642
2,859
8,592
2,416
Milw. St. P. A Pacific.
20,716
St. P. Minn. A Omaha
Duluth Mlssabe A Northern
Duluth South Shore A Atlantic.
15,215
3,182
9,160
1,121
5,225
17,613
3,174
9,118
1,444
7,342
3,578
12,828
524
319
5,910
5,040
3,680
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
3,975
1,661
Elgin Jollet A Eastern
7,426
Ft.
2,464
7,230
2,626
115
228
"
467
318
284
135
126
19,620
14,281
14,789
3,108
2,653
629
497
525
538
454
2,595
Dodge Des Moines A South*
Great Northern
Green Bay A Western...
1,775
1,348
4,423
6,409
Lake Superior A Ishpeming
Minneapolis A St. Louis
2,158
6,605
9,603
Minn. St. Paul A S. S. M
80
84
1,852
2,497
1,320
5,184
7,868
1,907
1,578
3,546
322
270
286
282
204
1,231
1,631
1,686
1,128
908
113,339
Northern Pacific
1,993
2,374
82,855
92,744
44,504
37,093
21,136
17,813
2,460
24,668
4,866
4,363
3,092
2,450
2,388
2,059
274
234
238
58
36
15,012
1,309
12,012
13,578
7,072
5.904
1,288
1,164
974
593
12,800
2,635
10,067
1,980
12,798
2,331
8,428
2,322
891
696
718
1,842
1,860
1,571
1,159
2,610
........
Spokane International
Spokane Portland A Seattle
Total
Allegheny District—
Akron Canton A Youngstown.
Baltimore & Ohio
565
454
416
708
552
30,178
5,765
23,543
3,878
29,110
4,315
16,173
2,497
13,819
1,548
115
277
232
5
10
1,062
491
7
12
5,760
5,826
1,039
5,483
9,822
10,496
858
600
483
51
68
Cumberland A Pennsylvania..
271
284
214
Ligonier Valley
Long Island
117
36
73
34
15
675
838
755
2,441
830
43,133
12,407
1,066
58,117
11,328
2,325
1,834
15,825
37,825
14,145
6,261
9,735
6,003
3,144
Bessemer A Lake Erie
Buffalo Creek & Gauley
Cambria A Indiana
...
Central RR. of New Jersey
Cornwall
....
Penn-Readlng Seashore Lines.
1,002
61,773
13,111
13,310
Pennsylvania System
Reading Co
Union
(Pittsburgh)
West Virginia Northern
Western Maryland..
54,976
35
977
44
30
62
1
0
2,957
Total.
3,000
3,275
5,685
5,142
137,563
Pocahontas
37
•
113,731
125,703
103,399
90,970
Central Western District—
Atch. Top. A Santa Fe System.
Alton
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland....
Chicago Rock Island A Pacifio.
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western.
Denver A Salt Lake
*
District—
273
978
1,854
861
786
1,790
1,787
2,049
1,311
968
Nevada Northern
918
1,051
North Western Pacific
917
914
778
346.
Peoria A Pekin Union
Southern Pacific (Pacifio)
262
47
147
101
69
18,911
4,724
3,862
6,685
....
21,264
Norfolk A Portsmouth Belt Line
Virginian...
21,020
17,294
836
Norfolk A Western
17,315
15,453
762
774
,
2,904
3,175
741
773
42,263
16,227
System
1,104
232
438
10,322
1,231
7,461
187
158
5
5
1,457
1,259
1,607
1,627
1,437
82,186
95,979
47,628
40,094
153
4,339
3,833
Western Pacific..
36,434
256
98,883
4,022
1,291
3,124
17,321
in U. P.
72
82
a
9,707
Utah
45,992
Total.
2
151
8,988
10,133
4,275
1,078
199
11,258
...
22,515
19,517
20
358
1,173
Fort Worth A Denver City
Illinois Terminal
St. Joseph A Grand Island..... Included
Toledo Peoria A Western
344
Union Pacific System
Chesapeake A Ohio
6.905
1,968
1,110
1,891
15,074
Total.
Southwestern DistrictAlton A Southern
197
Southern District—
143
Burlington-Rock Island.......
144
113
152
277
Croup A—
135
73
153
195
157
2,332
2,310
1,965
1,935
1,735
1,293
1,713
1,148
3,905
1,519
1,?74
International-Great Northern..
415
295
869
722
168
126
130
315
267
41
4-4.
40
82
70
2,139
1,319
1,097
9,100
1,010
Clinchfield
Charleston A Western Carolina.
Durham A Southern
Gainesville
3,671
1,020
8,750
1,129
420
Atlantic Coast Line
Fort Smith A Western........
Gulf Coast Lines
7,816
Midland
Norfolk Southern
1,910
2,830
...
398
325
324
779
735
Richmond Fred. A Potomac...
321
338
344
3,699
3,956
7,199
19,317
6,499
6,360
3,288
16,891
17,243
13,591
3,023
11,365
147
128
123
790
575
Piedmont A Northern
Seaboard Air Line
...
Southern System..
Winston-Salem Southbound
Kansas Oklahoma A Gulf..
Kansas City Southern
40,260
35,512
37,568
29,922
27,089
1,669
194
Louisiana Arkansas A Texas.*.
Litchfield A Madison.......
143
163
834
682
2,067
1,524
Louisiana A Arkansas
1,325
1,788
1,751
1.224
1,214
1,357
948
813
'
223
376
284
220
968
755
454
528
199
129
90
130
219
196
4,545
14,692
Missouri Pacific
204
225
428
Missouri-Kansas-Texas Lines..
150
253
Midland Valley...
Missouri A Arkansas
Natchez A Southern
Total.
2,940
324
3,862
4,754
3,000
2,248
11,608
14,100
8,305
7,183
66
......
Quanah Acme A Pacific
St. Louis-San Francisco.......
St. Louis Southwestern.......
43
36
146
22
16
156
83
194
83
91
8,041
6,182
4,029
2,417
7,029
2,076
4,778
4,198
19,853
3,444
1,994
2,108
3,883
16,037
2,787
,762
2,715
841
Terminal RR. Ass'n of St.Louis
Wichita Falls A Southern
8,135
1,996
5,772
4,030
1,721
291
211
206
108
98
2,666
Weatherford M. W. A N. W...
60
16
27
29
32
53,218
43,159
50,501
57,810
48,371
Croup B—
Alabama Tennessee A Northern
Atlanta Birmingham A Coast..
206
185
190
156
103
776
722
665
535
550
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
794
637
558
3,994
3,506
3,179
1,141
2,384
355
224
166
225
422
387
458
347
2,499
262
404
Texas A New Orleans.........
Texas A Pacific
2,493
Columbus A Greenville
Florida East Coast
CentrafRR1^11™8 f°r 1934 revl8e<1, * Previous figures,
Total
a Not available, b Includes figures for the Boston A Albany RR., the C. C. O. A St. Louis RR., and the Michigan
THE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
Slight Increase in "Annalist" Weekly Index of Whole¬
sale Commodity Prices
During Week Ended June 30
Monthly Average for June Also Higher
Higher prices for cattle, hogs and their products more than
declines in the grains, and The "Annalist"
Weekly
Index of Wholesale
Commodity Prices accordingly advanced
to 122.7 on June 30, from 122.5
(revised) June 23, the.
"Annalist" said,
adding: — -
offset
In addition to the
foregoing, advances
were
also made by
butter, cheese
apples, cotton, yarn and goods, finished steel and lubricating oil.
Besides the grains, lambs, lard,
eggs, tin and rubber were lower.
cocoa,
THE ANNALIST WEEKLY INDEX OF
WHOLESALE COMMODITY PRICES
—T
(1913=100)
June
Farm products
Food products
30,1936
4,283
June
23,1936
PRICES
(1913=100)
June 1936
May 1936
June 1935
112.9
111.5
116.4
Farm
products...
Food products
121.6
120.2
127.7
*105.7
104.7
106.1
170.9
170.7
Metals
110.6
110.6
110.1
Building materials...
111.8
111.8
111.5
97.1
97.3
Textile products.
Fuels
*
Chemicals
...
........
Miscellaneous
98.5
86.2
All commodities
on
83.2
120.4
123.2
72.1
old dollar basis.
86.0
121.4
;
All commodities
x
162.7
71.6
*
Preliminary,
x Based on exchange quotations for France,
Holland; Belgium Included prior to March 1935.
72.9
Switzerland and
July 2, 1935
Index of Wholesale Commodity Prices of United States
115.4'
116.1
122.4
122.6
127.7
Department
*107.0
X106.5
106.7
Ended June 27
170.8
170.8
162.7
Metals
111.2
Building materials
r
Tixtile products
Fuels
115.4-
110.4
111.8
111.5
97.1
97.1
98.3
Miscellaneous
86.6
86.2
83.2
122.7
X122.5
122.9
72.4
72.8
Sharp increases in
largely accounted for
108.9
111.8
Chemicals
72.2
All commodities
z
All commodities
on
old dollar basis.
Preliminary, x Revised,
z Based on exchange
quotations for France, Switzer¬
land and Holland; Belgium included prior to March
1935.
the
to
trend
"Annalist" had the
Reflecting
assistance
from
the
of the
of
wholesale
following to
moderate
recovery
in
drought, the monthly
120.4..
prices
during June
the
say:
recent
average
partly
for June
rose
with
to
Rose
0.9%
During
Week
prices of farm products and foods
increase of 0.9% in the Bureau of
commodity prices during
the week ending June 27, according to an announcement made
by Commissioner Lubin, which said:
an
The all-commodity index rose to 79.4% of the 1926 average, the highest
average
the
121.4
reached since the last week of April.
week is 1.3% above the
the
weeks,
Labor
Labor Statistics' index of wholesale
*
As
of
The composite index for the
corresponding week of last month and 0 6% above
corresponding week of last
year.
In addition to farm products and
;
foods, textile products, chemicals and
drugs, and miscellaneous commodities also advanced.
products
and
housefurnishing
goods
declined
Metals and metal
fractionally.
Hides
and
Volume
leather
Financial
143
and
fuel
products,
lighting
materials, and building^
materials
week.
Raw material prices advanced 2.3% during the week and are 3.7%
above the corresponding week of May.
Finished products rose 0.4% and^
remained unchanged at the
level of the preceding
semi-manufactured articles increased
0.1%.
commodities other than farm products
(non-agricultural) brought the index for this group up to the level of a
year ago.
Industrial commodities, represented by the large group of "all
commodities other than farm products and processed foods," advanced
only 0.1% during the week but the present level is 1.2% above the level of
The 0.4% rise for
a
the group of all
year ago.
announcement
An
which took place during the week
only four of the component groups,
while one declined and six remained unchanged.
The sharpest advance
was registered by the farm products index which rose to 73.4% from 71.6%;
it was still well below the highest point of the year, however, which was
reached last February.
Continued advances in the prices of all grains
resulting from the drought conditions of the Northwest, combined with
Although most of the price changes
increase during the
The largest
United States
following to say:
made available by the
week, 3.6%, was
registered by the farm
and livestock and poultry rose
2.5%.
Important individual farm products for which higher prices were
reported were cotton, apples, lemons, alfalfa hay, fresh milk at Chicago,
peanuts, seeds, dried beans, and potatoes.
Lower prices were reported for
eggs.
The current farm products index, 80 2, is 5.7% above the corres¬
ponding week of last month and 4% above the corresponding week of last
Grains advanced 9.3%
products group.
upward, increases occurred in
were
rising prices for cattle, hogs
in the
week but declines in such important items
resulted in a moderate decline in the group index.
A rise in the textile price index reflected higher quotations for cotton, cotton
fabrics and silk; the only item in this group to decline was sisal.
Higher
prices for hides, crude rubber and cattle feed resulted in the index repre¬
mainly higher during the
were
potatoes and beef
eggs,
commodities continuing
miscellaneous
of
prices
senting
prices
food
during the week.
advanced 1.6%
The general
by the fact that in the latest week,
there
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Compiled by the National Fertilizer
Association.
pulp
were
advanced 13% during the week..
Total Index
Ago
30, June 29,
1936
79.8
1935
1936
78.2
77.8
70.5
69.2
65.8
65.6
88.3
Fats and oils
86.9
83.6
91.2
70.0
73.3
66.4
Cotton
68.3
66.9
65.0
Grains
76.6
70.3
67.2
73.3
72.7
70.9
74.0
Livestock
and certain fertilizer materials caused
to rise 0.5%,
Prices of drugs and pharma¬
73.4
71.6
79.5
79.5
79.6
77.1
Farm products
22.3
and
Fuels
16.4
74.3
75.1
74.2
72.0
69.0
Textiles
68.2
67.7
66.7
67.7
Metals
82.5
82.8
81.6
6.7
82.5
80.7
80.1
94.4
94.4
94.4
94.6
65.2
65.1
65.6
64.4
.3
Building materials
Chemicals and drugs
Fertilizer materials
80.7
78.1
5.8
71.1
71.1
70.7
77.3
.3
Fertilizers
Farm machinery
92.6
92.6
92.6
92.0
.3
77.4
76.9
75.8
75.8
Miscellaneous commodities
10.3
together with higher prices
stilk, silk yarns, and raw jute resulted in the index for the textile
products group advancing to 69.5% of the 1926 average.
Knit goods
averaged lower.
Clothing and woolen and worsted goods remained
raw
_ *
7.7
remained firm.
in prices of cotton goods
A general increase
for
79.4
Foods
28.6
Crude rubber was
automobile tires and tubes and paper
27, June 20, May
1936
steady.
ceuticals and mixed fertilizers
Ago
June
Bears to the
Advancing prices of fats and oils
the chemicals and drugs group
Week
Group
Each Group
Year
Month
Week
Per Cent
Preced'y
Cottonseed oil
Average prices of
1926-1928=100
Latest
corresponding week of last year.
Cattle feed prices
while in the preceding week
49 advances and 11 declines.
were
vegetables increased 5%, cereal
1.5% higher.
The
included in the all-com¬
45 price series
11 declined,
modity index advanced and only
Fruits and
products 1.9%, dairy products 1.7%, and
meats 0.8%.
Higher prices were also reported for cocoa beans, coffee,
copra,
lard, peanut butter, pepper, edible tallow, and vegetable oils.
Prices of yellow corn meal, dried apricots and peaches, cured beef and lamb,
and mess pork were lower.
The present food index, 81.0, is 3.3% above the
corresponding week of May.
It is, however, 0.7% below the level of the
upward.
during the week were of minor significance.
upward movement of prices in the past two weeks is indicated
changes in the other groups
year.
Wholesale
responsible for the increase
and cotton, were
index; of the 21 series representing prices of farm products
12 advanced and only four declined.
Food prices
group
included in the index,
as
Department of Labor had the
21
Chronicle
1.3
unchanged.
»
The housefurnishing
goods group decreased 0.4%.
Both furniture and
All groups combined
100.0
furnishings shared in the decline.
castings, quicksilver, and pig zinc
the metals and metal products group.
Weakening prices for malleable iron
resulted in
fractional decrease for
a
Wholesale prices of agricultural implements,
vehicles, and plumbing and heating fixtures remained unchanged.
index for the hides and leather products remained at 94.4 although
Pig tin prices averaged higher.
motor
The
prices of
cow
products were steady.
other leather
The
prices
reported for lumber,
were
Higher prices
were
and structural steel were
preceding week.
The
weighted according to their relative importance
on
the average for the year
modities for the past
Store
the
activity
increase was about
of business days.
number
June
June
May
June
June
July
20
13
6
30
29
30
of
1
1936
1936
1936
1936
1936
1935
1934
1933
79.4
78.7
78.7
78.4
78.4
78.9
74.8
66.3
80.2
77.4
77.4
76.5
75.9
77.1
64.8
56.9
81.0
79.7
79.4
78.7
78.4
81.6
70.9
62.6
94.3
89.6
88.2
69.7
therefore, as measured
approximately 12% greater
drug
In April this year, the com¬
This index makes adjustment for the
6.7%.
chains
best showings
made the
Farm
products
......
Foods
for
May.
Sales
recorded new high marks, the former group reaching a
approximately 123.0 and the latter 120.3.
index figures of May sales for other groups were as follows;
groups
.
"The
108.0 vs. 106.5 in April
116.8 vs. 115.4 in April
93.9 vs. 94.4 in April
5-and-10-$l group
Apparel
All commodities
by th 'Chain
103.0 of the 1929-31 average
this year the index of trade
83.3
69.2
and
shoe
these
level
June
27
field,
month of 1935.-
the corresponding
parative
of
June
the
102.0.
was
in
"The
Commodity Groups
in
trade
"May, 1936, sales, based on the index, were
July 1, 1933:
(1926=100)
of
index, stood at approximately
month, taken as 100.
In April
Age'
than
main groups of com¬
five weeks and for June 29, 1935, June 30, 1934, and
activity.
level
"The
in the country's markets
1926 as 100.
table shows index numbers for the
The following
relative
of
for
.
.
Statistics includes 784 price series
Bureau of Labor
index of the
and is based
The sub-groups of
unchanged at the level of
reported for linseed oil and rosin.
brick and title, cement,
the
remained at 85.6% of the 1926 average.
turpentine, sand and gravel.
building materials group
Lower
and prices of shoes, steer
The subgroups of leather and
hides and sheepskins were higher
hides, calfskins, and goatskins were lower.
Continue Gains
extraordinary seasonal
gains, marking the fourth successive monthly rise this year,
reports the current review by "Chain Store Age."
"Consumer buying expanded heavily in all important channels of trade
except the grocery," that publication continues, "and although sales in
this latter group receded slightly, total sales reached. a new high point
May Chain Store Sales
Chain store trade in May enjoyed
94.4
94.6
94.6
69.5
69.4
69.3
69.1
71.8
76.4
76.4
76.6
76.7
76.8
74.8
73.3
64.3
Metals & metal products.
85.4
85.5
85.7
85.7
85.7
86.1
87.0
79.2
Building materials
85.6
85.6
85.8
85.7
85.7
84.9
87.8
75.8
indicate that business is keeping well up to May
running considerably ahead of a year ago."
"Early June reports
levels and that everywhere it is
75.9
79.5
,»
62.2
Fuel & lighting materials.
Grocery
73.5
Hides and leather products
94.4
Textile
products
...
Chemicals and drugs
78.0
77.6
77.3
77.3
77.4
Housefurnishing goods
82.6
82.9
82.9
82.9
82.9
81.8
83.2
70.1
69.6
69.3
69.0
69.1
68.0
70.1
62.1
Reserve Bank of New
York
73.2
Miscellaneous
9.6% in Chain Store Sales During May as
Compared with May, 1935, Reported by Federal
Increase of
Raw materials
......
77.0
78.8
76.9
76.3
76.0
X
X
X
Semi-manufact'd articles.
74.2
74.1
74.1
74.0
74.1
X
X
X
Finished products
80.8
80.5
80.4
80.4
80.5
X
X
X
79.3
79.0
78.9
78.8
79.0
79.3
76.9
68.5
78.8
78.7
78.8
78.7
78.8
77.9
78.5
70.1
All commodities other than
farm
products
farm
products and foods
reporting
of shopping
The
Makes Additional Liquidation
Distribution of $735,881
Credit
Corp.
The Railroad Credit Corp. on
June 30 made its 29th liqu-
participating carriers, amounting to
1% of the contributed funds.
Of this amount
$401,616 was paid in cash and $334,265 was credited on car¬
riers' indebtedness to the corporation.
The distribution
brought the total amount distributed to 51% of the fund or
$37,529,916. Of this total $17,918,732 was returned in cash
dating distribution to
and
days between this year and last, the percentage
since March, 1934.
The Bank also
the following to say:
had
$735,881,
reporting chain store systems were 9.6% higher than
and after allowing for differences in the number
of the
increase was the largest
Not computed.
Railroad
on
last year,
All commodities other than
x
-
chain store sales in the Second (NewYork) District, in its July 1 "Monthly Review," the New
York Federal Reserve Bank said that "in May total sales
In
or
the
and
and
variety
five-
and
ehoe
'
chains reported
ten-cent
chain
recorded the most favorable
in the daily rate of sales in two years.
candy chain store systems, however, made less
last year than in April.
practically no change in the total number of chain stores
comparison with a year previous
Sales
of
favorable
There
in
increase
as
the
and
grocery
comparisons
was
in
total
for
with
May,
operation between
sales per store
sales.
1935, and May,
1936, so that the percentage
of all chains combined was virtually the same
'
' < '
'
"
'
'
1
Percentage Change May 1936
Compared loith May, 1935
$19,611,184 in credits.
Type of Store
Number of
Stores
Average Cont nued to
Advance During Week Ended June 27 Reaching
Highest Level Since Last February, According to
Wholesale
Commodity
Price
the National Fertilizer Association
in farm product prices, the
weekly "wholesale commodity price index compiled by the
National Fertilizer Association continued to advance during
the week ended June 27, reaching the highest level since last
February.
The index last week was 77.4% of the 1926-1928
average of 100%, as compared with 76.9% in the preceding
week.
A month ago it registered 75.8% and a year ago the
same
per cent.
The announcement by the Association,
under date of June 29, continued:
Due largely to a sharp rise
in sales,
especially large gains
also
stores
—1.4
Grocery
Total
Sales per
Sales
Store
—0.9
—2.3
Ten Cent
+ 1.1
+ 9.6
+8.4
Shoe
—0.8
+ 25.9
+ 26.9
+0.4
+ 18.6
+ 18.2
+ 17.7
—8.9
+0.1
+ 9.6
Variety
Candy
Total
.
—22.6
+ 9.5
Department Store Sales in New York Federal Reserve
District During May 9% Above Yea# Ago—Larger
Sales also Noted in
Metropolitan Area of New York
During First Half of June
According
to
the
"total May sales of
Federal
Reserve
Bank of New York,
the reporting department stores in the
22
Financial
Second
and
(New York) District
9% higher than last
were
after making allowance for differences in
Chronicle
DATA
year,
the number
shopping days between this year and last, the increase
the daily rate of
sales was 13%, the largest since
March, 1934." Continuing, the Bank also had the following
to say in its "Monthly Review" of July 1:
reporting department stores in all localities recorded substantial
gains in sales over last year, and several localities, including New York
City, northern New Jersey, northern New York State, Hudson River
in
District,
and
daily
average
increase in sales
the
Buffalo,
favorable
Niagara
in
Falls
time,
years
registered
or
the
An
more.
largest
advances
exceptionally
large
and
comparison
in
almost
4...
Apr.
11...
Apr.
18...
Apr. 25...
May
9...
May 16...
May 23...
6...
June
13...
Central
New
York
substantially
this
State,
shown
district
separately
a
larger than
ago.
year
for
the
Sales
15.3% higher than last
were
RECENT
FOR
1931
1930
1929
1,399
1,410
1,431
1,465
1,481
1,470
1,647
1,641
1,708
1,663
1.697
1,428
1,455
1,429
1,437
1,436
1,425
1,381
1,435
1,442
1,441
1,457
1.644
1,637
1,654
1.645
1,436
1,468
1,483
1,494
1,461
1,542
1,650
1,655
1,576
1,655
1,665
1,675
1,578
1,598
1,656
1,688
MONTHS
1,715
1,733
1,725
1,698
1,676
1,689
1,717
1,723
1,660
1,657
1,707
1,698
1,704
1,602
1,594
1,621
1,610
1,635
1,607
(THOUSANDS
1,709
1,700
1,688
1.698
1.704
1.705
1,615
1,690
1.699
1,703
1,723
KWH.)
OF
the
of
DATA
1932
1.642
1,673
1,669
1,633
1.643
1,954,830 1,696,051 + 15.3
1,922,108 1,628,520 + 18.0
1,945,018 1,724,491 + 12.8
1.989.798 1,742,506 + 14.2
2.005,243 1,774,654 + 13.0
2,029,639 1,772,138 + 14.5
May 30...
June
1933
1,617
1,947,771 1,701,702 + 14.5
1,961,694 1,700,022 + 15.4
June 27...
also
of Kilowatt-Hours
1934
1.932.797 1,673.295 + 15.5
1.928.803 1,698,178 + 13.6
2...
Bridgeport stores showed considerably larger ad¬
immediately preceding months.
Sales
of stores
in
year,
In Millions
P. C.
1935
1,916,486 1,700,334 + 12.7
1,933,610 1,725,352 + 12.1
1,914,710 1,701.945 + 12.5
June 20...
a
and
the
were
year-to-year
Apr.
and
leading apparel stores in
a
District
two
sales in the
Rochester
than
vances
first
most
Capital
in
reported also by the Westchester and Stamford stores;
Southern New York State department stores
was
the daily rate of
made
the
sales
WEEKS
Ch'ge
1936
May
RECENT
Weekly Data for Previous Years
Week of-
in
The
FOR
(Jn Thousands of
Kilo waU-H ours)
or
Valley
July 4, 1936
Month
P. C.
of
year,
1935
1936
1934
Ch'ge
1933
1932
1931
larger increase than in April.
Department
slightly
were
The
in
of
rate
stocks
store
higher
of
than
collections
in
merchandise
last
the
for
year
Jan
hand,
on
-
the
department
second
stores
retail
at
valuation,
consecutive
month.
slightly lower than
was
7,762,513
7,048,495
7,500,566
7,382,224
8,664,110
8,025,886
Feb
March
8,375.493
_
April
8,336,990
May
May, 1935.
July
Percentage Change from
a
'
'
1
Net Sales
Locality
Nov
April 30
Collected in
,
Stock
+ 13.9
+ 11.7
+ 12.9
8,388,495
8,197,216
8,521,201
...
Dec
6,480,897
7,011,736
6,494,091
6,771,684
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
7,309.575
6,832,260
7,384,922
7,795,422
Oct
Outstanding
1
...
August-
Sept
Accounts
Year Ago
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,544,845
7,404,174
7,796,665
8,078,451
June
Per Cent, of
+ 11.6
7,160,756
7,538,337
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331.380
6,971,644
7,288,025
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
-
Hand
on
Feb.
..,,v
May
■
New York
to
M ay
Total
End of
May
Month
1935
1936
mately 92%
+8.2
+ 8.1
—0.1
50.5
+ 14.6
+ 10.8
+9.6
48.4
+ 7.6
—5.8
46.6
Syracuse..
50.4
+ 7.0
+ 10.7
—4.7
38.6
39.3
+ 11.1
+ 9.3
+ 5.9
43.7
41.8
+6.9
+ 6.7
+ 1.8
39.8
+ 7.8
—4.0
35.3
+ 1.7
+ 7.2
+ 2.8
Southern New York State
Central New York State
+ 11.2
Hudson Rlv. Valley District
+ 13.3
Capital District
—
+ 9.9
Sales
said
i
m
.
those
of
a
year
the
in
previous in
the
Federal
Reserve
Bank
"Monthly Review" of July 1.
+8.4
+ 0.7
47.3
46.9
+ 16.6
+ 12.0
46.8
45.2
principal
departments
are
compared with
in
men's
sales
in
York
New
Federal
of
New
York,
in
four to
five
large
Net Sales
Stock
on
+ 25.3
+ 0.4
Furniture
+ 19.3
+ 0.1
Luggage and other leather goods..,
+ 18.1
+ 4.3
Men's and boys' wear
+ 13.5
+ 13.1
+ 9.7
+8.6
sales and
although
the
a
again
yardage sales of silk goods
reported
decrease
not
was
were
1935,
and
the former
The
amount
of
continued
as
large
the
latter
concerns
merchandise
higher than
remained
+ 3.5
+ 3.3
registering the largest gain since
the largest advance
since
by
year,
The
the
drug,
while
hardware
stocks
of
rate
of
and
the
collections
Percentage Cha
May, 1936
was
0
Outstanding
April 30 Collected
May, 1935
in May
Commodity
Net
—0.1
+ 9.5
Musical instruments and radio
—11.0
—15.5
Stock End
+ 6.1
+ 2.6
area
stores
in
the
seasonal
of
metropolitan
expansion
June
a
area
year
over
total
of
sales
of
the
reporting
department
New
ago,
York were 9.1% higher than in
but showed somewhat less than the
May.
the two billion kilowatt hours mark since these
been compiled, and the past week's
figures have
figure for the second
a new all-time
high production
mark.
Total output for the latest week indicated a
gain
of 14.5% over the corresponding week of
1935, when output
totaled 1,772,138,000 kilowatt hours.
consecutive time established
Electric
output during the week ended June 20 totaled
2,005,243,000 kilowatt hours.
This was a gain of 13%
over the
1,774,654,000 kilowatt hours produced during the
ended
June
22,
1935.
The
Major Geographic
Regions
Week Ended
Institute's
Stationery
Middle
1936 June 20,
13.9
15.4
Atlantic
Industrial
Central
Southern
Rocky
Pacific
+ 17.3
+ 6.6
Paper
—0.2
States
Mountain
Coast
Total United States.
Week Ended
1936 June
13, 1936
14.5
38.0
47.3
46.4
59.6
49.6
—10.0
—6.4
Jewelry
+ 46.3
61.6
21.8
21.7
+ 85.4
Weighted average.
—0.8
56.2
55.4
*
Quantity figures reported by the National Federation of Textiles,
Included in weighted average for total wholesale trade.
of
Electricity for Public Use
9,085,450,000 Kwh. in May
Inc.,
not
Reached
The
Geological Survey of the United States Department
Interior, in its monthly electrical report disclosed)that
the production of electricity for public use in the United
States during the month of May totaled
9,085,450,000
kwh.
This is a gain of 13% when compared with the
8,020,897,000 kwh. produced in May 1935.
For the month
of April 1936, output totaled 8,897,812,000 kwh.
Of the May 1936, output a total of 3,926,660,000 kwh.
was produced
by water power and 5,158,790,000 kwh. by
fuels.
The Survey's statement follows:
of the
PRODUCTION OF ELECTRICITY FOR PUBLIC U8E IN UNITED STATES
(IN
Division
KILOWATT-HOTTRS)
Total by Water Power and Fuel
April
May
New England
Week Ended
June
6, 1936
12.7
10.7
9.3
11.1
8.1
21.0
17.9
20.3
16.3
16.3
29.4
58.6
-
Changes in Output
from Previous Year
statement
PREVIOUS YEAR
Week Ended
June 27,
England
West
43.9
+ 26.1
+ 13.4
Hardware. :*
March
PERCENTAGE INCREASE OVER
Central
64.4
38.2
+ 5.5
follows:
New
40.9
67.1
—10.8
Production
Weekly Electric Output Again Sets New High Figure
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 June 27, 1935, totaled
2,029,639,000 kilowatt hours.
This is the third time that
weekly electric output crossed
week
34.4
39.7
+ 18.6
-9.0
Diamonds
corresponding period
usual
35.7
+ 21.7
Shoes
New York:
the
1936
87.9
—20.4
Drugs
department stores in the metropolitan
1935
*
Rayon and silk goods.
following is also from the Bank's "Monthly Review"
of Month
94.0
+ 2.4
Men's clothing
Cotton goods
—8.7
Miscellaneous
Sales
Groceries.
+ 10.2
Woolen goods
of
and
higher in
Per Cent of Accounts
nge
Compared with
+ 16.1
half
jewelry
grocery
—2.1
+ 0.2
first
the
recording
held
last
lower.
+ 5.7
Silks and velvets
the
in
as
as
sales
May, 1935, than in May, 1936.
+ 5.7
Cotton goods.
Linens and handkerchiefs
During
not
1934.
+ 21.3
+ 6.6
+ 6.2
sales of
were
lower volume of
a
in
year ago
The cotton goods and jewelry firms, however, showed sales
year's level,
+ 3.8
Hosiery
on
declines
largest
but the increases reported
year,
concerns
+ 5.8
+8.3
Shoes
September,
May,
Shoe
ago,
last
the
+ 1.6
,
+8.4
...
Hardware
+4.7
+8.6
...
year
above
firms
+ 9.4
Home furnishings.
April.
previous month.
well
recorded
concerns
months, and sales of the grocery, drug, stationery
made the least favorable comparisons with
months.
in
diamond
+ 16.2
Toilet articles and drugs
Women's ready-to-wear accessories
a
Hand
Toys and sporting goods
Men's furnishings
as
than
Percentage Change Percentage Change
May 1936
May 31, 1936
Compared with
Compared with
May 1935
May 31, 1935
The
its
The Bank added:
clothing and diamond
number of
a
and paper concerns
substantially higher than last
the following table:
Books and stationery
Women's and misses' ready-to-wear
Silverware and jewelry..
in
1% Below Last Year
...
+ 9.0
stocks
Firms
(New York) District averaged approximately
1% lower than last year, the first decrease in over a year,"
+ 15.3
and
Industry and the weekly figures are
+ 14.2
All department stores.
sales
Wholesale
of
Reserve District Reported
The
May
power
"During May total sales of the reporting wholesale firms
..
+ 7.4
+ 33.0
Apparel stores
of the electric light and
about 70%.
in the Second
+ 15.1
:
___
May
+ 1.7
-
—
+ 10.3
...
Westchester and Stamford
Niagara Falls
on
36.6
+4.8
Northern New York State
based
40.6
+ 13.2
+ 7.2
Bridgeport
Elsewhere
85,564,124 80,009,501 77,442,112 86,063,969
47.7
Rochester
Northern New Jersey
.■
48.1
+ 6.3
Buffalo
93,420.266
Note—The monthly figures shown above are based on reports covering approxi¬
17.1
14,0
16.9
17.0
15.5
22.7
17.5
7.5
6.7
4.6
14.5
13.0
14.2
12.8
+6%
+ 13%
+ 15%
+ 1%
+7%
-12%
1bl5%
+2%
+23%
Hhl6%
H f-19%
+ 10%
+ 12%
-1
H4%
Hb23%
+24%
+ 15%
h 14%
18.9
10.5
Apr. '36. May '36.
14.9
16.6
27.7
568,385,000
589,446,000
587,954,000
Middle Atlantic
2,301,614,000 2,299,823,000 2,314,158,000
East North Central. 2,082,834,000 2,096,526,000
2,097,821,000
West North Central562,726,000
525,475,000
554,206,000
South Atlantic
1,172,519,000 1,155,267,000 1,091,524,000
East South Central.
372,622,000
357,774,000
390,007,000
West South Central.
409,334,000
419,861,000
445,685,000
Mountain
309,193,000
331,658,000
369,137,000
Pacific
1,124,916,000 1,121,982,000 1,234,958,000
Total for U. fl
8,904,143,000 8,897,812,000 9,085,450,000
+ 14%
1
+13%
The average daily production of electricity for public use in the United
States in May was 293,100,000 kilowatt-hours, 1.2% less than the
average
daily production in April, the normal change from April to May.
Volume
Financial
143
Bank Credit
the use of water power in May was 43%
The production of electricity by
total.
of the
23
Chronicle
after a slow increase in May and the
"... Excess reserves of member banks,
week ending June 17.
early part of June, declined by $900,000,000 in the
ELECTRICITY FOR PUBLIC USB
TOTAL MONTHLY PRODUCTION OF
The reduction in
due principally to an increase in the
was
excess reserves
deposits maintained at the reserve banks by the Treasury, which
Increase
Increase
Produced by
1936
1935
Water Power
1935
1936
1934
1935
1936
At that time the Treasury began to
service
Oner
1935
•
•
bonds to
11%
9%
15%
11%
6%
4%
42%
14%
6%
June
July
8,370,262,000
5%,
10%
August
8,573,457,000
11%
September..
8,208,267,000
8,844,416,000
8,692.799,000
9,138,638,000
14%
99.393,073.000
9.2%
February
—
March
8,904,143,000
April
May
8,897,812,000
9,085,450,000
October
November
.
.
December
Total
34%
4%
13%
46%
44%
43%
39%
14%
13%
36%
'
Indexes
Monthly
37%
32%
37%
13%
Bank loans also increased.
government securities.
issue of
new
and early June,
connection
in the week ending June 17 in
further sharp increase
a
with the
bonds and checks.
held by reporting member banks
had increased somewhat in May
in leading cities, which
showed
46%
45%
43%
increase in the demand for
an
was
United States Government obligations
39%
40%
44%
37%
8,349,152,000
7.494,160,000
8,011,213,000
7,817.284,000
8,020,897,000
7,872,648,000
9.245,639,000
8,599,026,000
January
and there
veterans
distribute checks and adjusted
in connection with the cashing of these
currency
Kilowatt Hrs.
Kilowatt Hrs.
received
instal¬
securities issued, as well as quarterly tax
new
ments.
Over
•
large payments for
of Federal
Board of Governors
System for May
of
Reserve
~
Federal Reserve System
The Board of Governors of the
issued
follows
as
industrial
June 26 its monthly indexes of
on
production, factory employment, &c.:
40%
BUSINESS INDEXES
Coal Stocks and
Consumption
utility plants on June 1,
The total stocks of coal held by electric power
This was an increase of only 0.8%
1936 amounted to 6,702,070 net tons.
when
hand on
June 1, 1935.
Stocks of bituminous coal on June 1, 1936 amounted to
5,645,216 net tons which was an increase of 0.6% over May 1, 1936; but
10.9% below the same figure for June 1, 1935. Anthracite stocks stood at
1,056,854 net tons on June 1, 1936, or an increase of 2.2% when compared
with the stocks on May 1, 1936 and a decrease of 16.2% when compared
when compared with total stocks of coal on
with June 1, 1935.
Seasonal
May
April
1936
1936
May
April
May
1936
May
1935
1936
1935
General Indexes—
100
85
pl05
103
87
Manufactures
plOO
99
84
pl05
105
87
Minerals-
pi 02
105
89
plOl
94
88
p46
47
Industrial production,
plOl
total
coal to have been
Electric power utilities reported consumption of all
April 1936, and an increase of 14.7% over
the total coal consumed in
Total
...
p33
—
All other
p56
53
32
21
p39
35
25
32
p69
67
27
'
30
p57
Residential-.-.
60
Factory payrolls (6)
2,805,636 net tons were bituminous coal and 153,003 net tons were anthra¬
Freight-car loadings
cite, both kinds showed increases over the previous month and over the
Department store sales, value
Production Indexes by Groups
used
amount
same
month
a
in
1935.
May
May
year ago.
sumption, there
utilities
was
which is calculated at the current rate of con¬
enough bituminous coal in the hands of the electric
last
to
days
62
and
anthracite
enough
214
for
days
requirements.
The
quantities given in the tables
generating
are
based on the operation of all power
per month, engaged in
10,000 kilowatt-hours or more
electricity
public
for
including
use,
stations,
central
commercial and municipal, electric railway plants, plants
railroads generating electricity for traction. Bureau of
both
operated by steam
Reclamation plants,
public works plants, and that part of the output of manufacturing plants
which is sold.
The outpqt of central
station, electric railway, and public
plants represents about 98% of the total of all types of plants.
works
The output as published by the Edison Electric Institute and the
World includes the output of central stations only.
from
of output
and fuel consumption
Electrical
Reports are received
The output of
plants representing over 95% of the total capacity.
those plants which do not submit reports is
on
77.9
estimated; therefore the figures
69
61
71
66
61
81
76
p88
85
76
105
reported in the accompanying tables are
as
100
66
114
111
72
plQO
100
102
plOO
103
101
84
90
78
82
85
78
Manufactures—Iron and steel
Textiles
Food products-
—
118
124
85
142
149
107
pi 10
il09
114
plOl
107
105
Automobiles
71
134
63
71
131
71
132
120
80
91
75
—
80
95
63
50
69
73
73
97
95
51
7Q
Silver
,
73
96
94
Zinc
Lead
65
150
pl53
53
60
71
"
p69
150
-----
Petroleum, crude
Iron ore shipments
136
p67
p69
pl51
Anthracite
65
160
87
147
69
84
p76
Minerals—Bituminous coal
70
140
160
152
145
Tobacco manufactures
178
55
178
74
Cement
Petroleum refining
62
loadings and department store sales based on dally
averages,
a Based on three-month moving averages of F. W. Dodge data centered
at second month.
6 Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board of Governors,
p Preliminary.
r Revised.
*
Indexes of production, car
100% basis.
a
[The Coal Division, Bureau of Mines, cooperates in the preparation of
FACTORY EMPLOYMENT AND
PAYROLLS—INDEXES BY GROUPS
(1923-1925=100)
INDUSTRIES*
AND
these reports.]
Payrolls
Employment
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Increase
Volume
in
Industrial
of
Seasonal
compared with 100% in April.
Pro¬
May
May
Apr.
May
May
Apr.
May
1936
1935
1936
1936
1935
1936
1936
1935
Total
85.7
84.9
r81.4
85.6
85.1
r81.2
79.2
77.9
6815
Iron and steel
80.0
77.9
71.5
81.0
79.1
72.4
76.9
73.9
r58.3
84.9
98.9
96.2
84.5
79.6
86.3
96.2
98.7
94.0
105.0
104.3
102.7
111.3
110.3
94.2
104.6
108.0
105.9
115.0
114.1
116.4
122.8
121.7
105.1
59.7
59.4
53.3
60.1
59.9
53.6
61.2
60.6
52.5
99.4
Machinery..
Transporta'n equip
Automobiles
...
RR. repair shops..
89.4
87.6
r83.3
89.0
88.7
r82.9
75.2
74.0
7-63.7
57.2
56.3
51.3
56.8
55.6
50.9
48.2
46.3
34.8
Stone, clay & glass
58.2
40.3
Textiles & prod'ts.
57.1
53.6
59.8
57.7
55.0
49.3
46.9
94.2
94.9
93.6
94.2
96.1
93.5
77.0
80.0
75.5
Fabrics
90.7
91.3
91.0
90.7
91.9
91.0
76.4
78.3
74.9
Wear, appar'l
98.1
99.1
95.6
97.9
101.7
95.3
73.7
78.7
87.0
Leather
102.9
reflecting larger output
Paper and printing
reduction in the output
Chem'ls
tivity in May
was
high level of April.
higher than at
At steel mills the rate of
This level has been maintained in June, reflecting
of steel
ac¬
other time since the spring of 1930.
any
in part
Declines in production
price increases.
manufactures;
at
woolen
mills,
were
however,
reported for
many
actively increased.
nondurable
Output of
86.4
86.7
65.9
69.9
72.3
94.1
7-95.8
92.7
87.7
7-87.3
56.8
56.7
55.4
56.6
46.8
42.6
43.8
56.2
99.6
99.0
97.1
99.0
98.6
96.5
91.9
91.1
84.8
111.3
107.6
109.3
110.1
110.7
108.0
102.9
101.3
94.8
refining
ref'g.
111.6
107.2
109.5
110.1
111.0
108.0
102.7
101.2
94.1
109.9
109.4
108.5
109.7
109.4
108.3
103.6
101.7
96.8
Rubber products..
81.8
82.1
7-81.1
82.9
82.1
r82.4
76.7
74.0
66.5
&
petrol.
products
Chem. group,
1.
except pet'm
accumulation
some
by fabricators in advance of the effective date of recently announced
83.9
96.3
57.0
Tobacco products.
2.
*
Petrol,
Indexes of factory
bituminous coal declined from April to May, while output of crude petroleum
piled by Bureau of Labor Statistics.
seasonal variation compiled by F. R.
A
'
Factory employment increased slightly between the middle of April and
the middle of
May, contrary to the usual seasonal tendency.
Increases
for
.
employment and payrolls without seasonal adjustment com¬
continued in large volume.
s
72.1
89.1
100.5 rl03.1
86.2
products.
Food products
of steel and
a
67.8
metals
duction of durable manufactures increased further,
lumber, partly offset in the total by
97.0
Lumber & prod'ts.
Nonferrous
2.
seasonally adjusted index of industrial production in May
of automobiles from the
Adjustment
Apr.
1936
Production and Employment
as
Adjustment Seasonal
May
1.
101% of the 1923-25 average,
Seasonal
Variation
of
Production
According to the Board of Governors of the Federal
Reserve System, the "volume of industrial production,
which had increased sharply in April, was maintained in
May, and there was an increase in distribution of com¬
modities to consumers." In noting this in its monthly sum¬
mary of general business and financial conditions in the
United States, based upon statistics for May and the first
three weeks of June, issued on June 26, the Board stated:
The Board's
Without
Without
Adjusted for
April Maintained in May
was
68.5
70
V 88
...
Leather and shoes
plants producing
7-81.2
85.1
and Industries—
In terms of days supply,
power
total consumed in
Of the
39
85.6
79.2
r81.4
84.9
85.7
Factory employment (&)
1936,
the
—
Construction contracts, value:(a)
2,958,639 net tons in the month of May 1936, which is an increase of 3.5%
over
Without
Adjustment
Adjusted for
Seasonal Variation
compared with the total stocks of coal on hand May 1, 1936; but a
decrease of 11.7%
1923-1925=100)*
(Index numbers of Board of Governors,
Index of factory employment adjusted for
Board of Governors.
Underlying figures are
payroll 'period ending nearest middle of month.
liminary, subject to revision.
r
May 1936 figures are pre¬
Revised.
were
reported at plants producing iron and steel products, machinery, and most
other durable
manufactures.
Changes in employment in industries pro¬
ducing nondurable manufactures
payrolls
were somewhat
were
largely of a seasonal nature.
larger in the middle of May than
Weekly
W.
Dodge
Corp., declined slightly from April to May.
Awards for
residential building continued to increase and in May, as in other months
this year, were
was
first
substantially larger than
beginning to increase from the
a year ago
when residential building
extreme low level of the depression.
Department store sales, which usually decline at this season, increased
April to May and there
mail order houses.
was
also
a
rise in sales at variety stores and
Freight-car loadings increased by slightly
more
than the
usual seasonal amount.
Commodity Prices
Wholesale prices of commodities, which
April to the
middle
and in the week
of May,
ending June 20
have
were
had declined from the middle of
advanced somewhat since that time
at 78.7 % of the 1926 average, according
to the index of the Bureau of Labor Statistics.
stock and livestock
and
finished
In recent weeks prices of live¬
products, grains and flour, and textile raw materials
products
have
advanced.
For
many
steel
increases have been announced to take effect early in the
Movement,
Week
Ended
June 20
The lumber industry during the week ended
at
June 20 stood
60% of the 1929 weekly average of production and 65%
of 1929 shipments.
tion exceeded
ceeded
For the tenth consecutive week produc¬
orders, and for the seventh week it ex¬
new
shipments.
Reported production during the week
6% fewer mills was 3% below revised pro¬
ended June 20 of
Distribution
from
Lumber
7
Total value of construction contracts awarded, according to figures of the
F.
of
Report
Factory
month earlier.
a
products
price
third quarter.
duction
below
figures of the preceding week ;< shipments were
and
orders
5%
according to
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of im¬
portant hardwood and softwood mills.
Reported new busi¬
ness
during the week ended June 20 was 5% below pro¬
new
duction:
shipments
business
of
below
the
3%
were
9%
previous
production;
61%
above
below output.
Reported new
ended June 13, was 10%
week,
shipments
in the week ended June 20
mills
above that week,
was
were
8% below.
Production
reporting softwood
shown by
corresponding week
of
last
year,
when
Financial
24
production in the West
Chronicle
Further crop regulations of the National
largely suspended by strikes ;
was
have
comes
During the week
hardwoods
Mills,
579
mills produced
544
254,603,000
shipments,
feet;
235,249,000
softwood
ended
June
Western
except
regions
above production
California
pine,
reported
70%
below
All
reported
mills,
totaled:
the
mills.
Shipments
feet,
9%
or
4%
78
feet,
as
week's
feet, and
a
feet and
Production
mills
give
Shipments
it
ago
and
was
20,
by
1936,
business
as
reported for the
as
Mill
236,565,000
was
Production
feet,
week
was
9,269,000
feet.
1935
and
orders
was
230,012,000
were,
respectively,
219,044,000'
received,
distribution amounted to 2,054,678 tons
1.975,499 tons in the January-May period of 1935,
an
as
contrasted with
increase of 79,179
Beet sugar distribution totaled 477,585 long tons
as
against
592,895 tons, a decrease of 115,310 tons, or approximately 19.4%.
1936
of
by
Sugar Consumption Requirements
Secretary of Agriculture Wallace—
Quotas Under Jones-Costigan Act Revised
.
The
Agricultural Adjustment Administration announced
June
19
an
increase of 203,062
tons
in
the 1936
sugar
quotas, as the result of a revision in the estimate of the
amount of sugar
required to meet the actual needs of
con¬
The revisions have been made under the authority
sumers.
the
of
Jones-Costigan Sugar Control and Allotment Act,
provides that the Secretary shall revise the estimate
sugiar consumption upward or downward during the year
accordance with changes in consumer requirements.
The
which
of
in
announcement of the AAA continued:
The
quota changes are set forth in General Sugar Quota Regulations,
Series 3, Revision 1, Supplement 1, signed June 18 by Secretary of Agri¬
culture, Henry A. "Wallace.
The following
table shows the amount of
sugar
available for consumers'
requirements in short tons, raw value, under the revised quotas:
Revised 1936 Quotas
Area—
U. S. Beet Sugar Producing
Louisiana and Florida
*
Area
*1,550,000
380,223
a
deficiency of 207,821 tons has been reallocated to other
Revised 1936 Quotas
Area—
Territory of Hawaii
1,036,090
882,084
Puerto Rico
1,098,738
5,796
2,039.349
28,228
Philippines
Virgin Islands
Cuba
Foreign countries other than Cuba
Of the revised 1936 quotas, the following amounts from each area may
United States
brought into the
as
direct-consumption sugar, in short
tons, raw value:
Quantity
448,657
Cuba
80,214
Philippines
Puerto Rico_
126,033
—
—
Territory of Hawaii.
The quotas for
29,616
the several foreign countries other than Cuba remain as
established in General Sugar Quota Regulations, Series, 3, Revision 1, the
additional 788 tons resulting from the present revision having
been placed
in the "unallotted reserve" for subsequent allocation to such countries.
in
Earlier revision of the 1936 sugar quotas was referred to
our issue of April 18, page 2600; the quotas for 1936, as
originally
announced
columns of Jan.
Brazil
18,
on
page
Dec.
28,
were
noted in
these
374.
30%, or 6,600,000 Bags of Current
Crop—Planters Expected to Receive About
30 Cents per Bag
to
Destroy
Coffee
Brazilian coffee planters will be compelled to give up to the
Coffee Department 30% of the cprrent coffee
National
about 6,600,000 bags based on latest crop estimates
New York Coffee & Sugar Exchange
by cablegram July 2.
This coffee
will be destroyed, the Exchange was informed and planters
will receive in payment, but five milreis per bag (about 30c.),
or about enough to cover freight and bagging.
The sacrifice
of 6,600,000 bags for destruction would reduce the amount
of the crop available for export to 15,400,000 bags against
exports for the season just ended of 15,973,000 bags, said an
announcement issued by the Exchange, which continued:
crop or
of 22,000,000 bags, the
was informed
officially
allowable for
the Texas side of the field.
was
The former allowable at
50,750 barrels.
In signing the new allowable, R. L. Maestri, Conservation
Commissioner, and Dr. J. A. Shaw, director of the Minerals
Division, said that "prospects were bright" that Louisiana
would produce $80,000,000 of oil this year.
Past protests;
by other oil-producing States about the high quota for the
Louisiana
side
The
on
of
the
field
Rodessa
have
met
with little
the part of the Louisiana control authorities.
Railroad
Conservation
Commission
Texas
of
will
Commission
hold
and
the
Louisiana
joint meeting—the
first—on July 16 to consider uniform proration in the
Rodessa field. At the present time, there are 15 wells on the
Texas side of the field.
The announcement of the planned
meeting was made a few days before the news of the increased
a
allowable for Louisiana
was announced, but no later state¬
by the Texas Railroad Commission
despite the change in conditions.
The Texas control group will also hold its monthly State¬
wide proration hearing on July 16, and it is indicated that
some action to cope with the higher allowable in the Louisiana
side of the Rodessa field will be taken then.
Nomipations
ment
has
been issued
from crude
purchasers of their intentions to buy crude during
August also will be submitted to the group at its mid-July
meeting.
The nominations for purchases are the major
factor in settling the Texas monthly allowable.
The recent
reduction of 56,000 barrels daily in the State's quota is being
rapidly absorbed by increased production of new wells.
Protesting against the action of the Oklahoma Corpora¬
tion Commission in approving recommendations of a group
of operators and the oil and gas conservation staff that the
July allowable for the State be set at 526,175 barrels, up
only 1,300 barrels from June, the British American Oil
Producing Co. has filed a petition with the Commission ask¬
ing a revision of the allowable to boost the daily quota to
the 569,800-barrel level suggested by the Bureau of Mines.
A hearing on the petition will be held July 14.
In the petition, the oil company argued that the Bureau
of Mines is best equiped to recommend the most accurate
and reasonable market demand, also contending that the
allowable order is illegal and
void
Wilcox
City field, where it has
many
the ground of discrimi¬
of the Oklahoma
new producing properties.
on
zone
The allowable in the Wilcox zone, it was argued,
raised from the current level of about
should be
107,000 barrels to
125,000 barrels daily. In support of its claim, the company
pointed out that the April potential was 577,000 barrels
daily and the allowable then 80,000 barrels higher than at
present, when the total potential of the zone is 1,744,000
barrels
,
Area—
new
quota for the Rodessa field to 55,000
nation against wells in the
Of which
areas.
be
the
daily for 150 wells, far above the allowable for the
on
Rodessa
cooperation
*
2,532,263 long tons, raw value, as compared with 2,568,394
tons during the corresponding period last year, a decrease
of 36,131 tons, or approximately 1.4% according to Lamborn & Co., which added:
Increased
barrels
wells
softwood mills
The
Oklahoma and Kansas in its wake.
Louisiana lifts
were
same
Louisiana of 8,000
barrels, lifting the State's quota to 224,900 barrels daily, Js
expected to bring a wave of protests from producers in Texas,
feet.
Distribution of sugar in the United States during the first
months of 1936, January to May, inclusive, totaled
Estimate
An increase in the July allowable for
8,877,000 feet,
five
tons, or 4.0%.
Rodessa
—Secretary Ickes Sees "Hot Oil" Shipments Pared
484
141,518,000 feet.
sugar
for
Products—Allowable
its
Lifted—Se^n i Endangering Crude Oil Price
Structure—Joint Texas-Louisiana Meeting July 16
Reports
143,224,000 feet; shipments
134,291,000
Same Period
Cane
and
Field
5% below the production of
new
446 identical
of
June
Sugar Distribution in United States Dropped 1.4%
During Period January to May as Compared with
on
Petroleum
reported for the same week were 214,833,000
hardwood
production
feet
or
11% below production.
or
year
207,990,000
ended
week
the
Identical
Last
disposable, thus
only due liberation
♦
regions
hemlock reported production above
225,771,000 feet,
below production.
8,254,000
for
below production.
from
Reports
quota and 30%
Movement of crop will start July 16 and cease
—Daily Average Crude Output Up
orders
softwood
same
compulsorily becomes D.N.C.
March 30, 1937.
during the week
and Northern
output.
3% impurities.
will allow 120 days for delivery proper
redwood
year's week.
Lumber
or
orders
Northern
and all but
shipments above,
last
Coffee Department
quota, failing which corresponding retained quota will be
feet;
but
Southern pine and Northern hemlock reported shipments below production.
All softwood regions but Southern pine and Northern pine reported orders
above those of corresponding week of 1935; all but Northern pine reported
hardwood:
pine;
Type 8 and one-third Escolha with maximum
The National
strict chronological order.
regions reported orders
20
delivered and that it
quality set by the Department, namely, two-
within the minimum
not inferior to
shipped 223,087,000 feet;
228,578,000 feet.
orders,
All
20,
combined;
feet.
production,
;
245,834,000 feet
booked
Revised figures for the preceding week were:
ended June
softwoods
andi
234,648,000
of
preferential treatment in the matter of chronological shipment, that
proof must be supplied that the 30% quota has been
reported:
of
Coffee Department state that
30% quota, even fine grade coffees which
all coffees shipped will bear the
shipments and orders were each 55% above shipments and
orders
of
last
year's
week.
The Association further
orders
July 4, 1936
<
daily.
Conditions in
the
East
Texas field,
where the Federal
Government found it necessary to install a Federal
Board under the authority granted in the Connally
Tender
Act to
control interstate movements of petroleum and its products,
are
better "than they have ever been," Secretary of the
Interior Ickes disclosed at his press conference in Washington
Thursday afternoon.
The Board having less work to do as
a result of the improved "hot oil" situation, he said, George
Van Fleet has been relieved
as a
member.
Completion of the negotiations between the Standard Oil
Co. of California and the Texas Corp. for marketing crude
produced on Standard of California's properties on Bahrein
Island, in the Persian Gulf, through the Texas Corp.'s
foreign subsidiaries was announced in a joint statement
signed by the heads of the two companies.
"After several months of negotiation, an agreement has
been reached between
the
Standard Oil Co.
of
California
and the Texas
Corp. through which the production of crude
oil of Standard of California, east of Suez, and the petroleum
products from the refinery which is now under construction
at Bahrein, will be marketed through the foreign distributing
facilities of subsidiaries of the Texas Corp.
The capacity
of the refinery at Bahrein, which is nearing completion, is to
be expanded, while additional marketing facilities will be
errected where necessary.
"To accomplish the purpose,
a new corporation,
the
California Texas Oil Co., Ltd., has been organized, each of
the parent, companies having equal representation on the
Volume
board
of
Financial
143
will be repre¬
Standard Oil Co.
The
directors.
sented by J. A. Moffett,
who will become chairman of the
board; R. H. Morrison as Vice-President, and Max Thornburg as Vice-President. The Texas Corp. will be represented
by H. M. Heerron, who will become President; J. V. Murray
as
director, and William Kunstadter as Secretary and
Treasurer."
Crude oil stocks held in the United States declined 200,000
barrels
during the week ended June 20, according to the
Bureau
Mines report
of
issued
The decline
June 30.
on
represented a drop of 310,000 barrels in stocks of domestic
crude, and an increase of 110,000 barrels in stocks of foreign
crude.
-
major oil-producing State to show
decline in production during the
other areas resulting in a net
final week of June, gains
gain for the Nation of
5,750 barrels, according to the American Petroleum Insti¬
tute.
The 2,969,150-barrel total compared with estimated
June demand of 2,838,300 barrels set by the Bureau of
Mines, and actual production in the like 1935 period of
a
in
2,689,850 barrels.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at
$2.45
1.25
1.42
Lima (Ohio Oil Co.)
Corning, Pa
Illinois
1.23
Western
Eldorado. Ark., 40
Rusk, Texas, 40 and
Smackover. Ark.. 24 and
REFINED
The daily average output for the week
ended June 29, 1935, totaled 2,689,850 barrels,
Further
details, as reported by the institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
daily
a
Petrolla, Canada
DISTURBED
STOCKS
TIONS
STILL
MARKET
126,857 barrels for the week ended June 20 and
the four weeks ended June 27.
AGAIN
AREAS
OFF
IN NEW
SHARPLY—REFINERY
Reports received from refining companies owning
daily potential refining
estimated
on a
Bureau of Mines basis, produced an
daily during the week.
PRODUCTION
AVERAGE CRUDE OIL
DAILY
.
(Figures in Barrels)
B. of
Devi-
;
Actual Production
Week Ended
1
of
Average
4 Weeks
Week
Ended
Ended
June 20
June 27
June 29
Int. CcU-.
June 27
dilations
1936
1936
1936
1935
555,300
146,000
546,350
149,200
554,100
145,650
521,200
147,500
65,250
59,000
25,300
180,950
53,700
440,100
86,250
254,600
64,900
59,000
25,500
61,750
58,850
25,350
179,300
86,100
254,600
179,350
53,750
438,400
85,550
251,500
58,700
59,250
25,450
153,900
466,900
64,450
186,250
1,165,150
1,163,550
1,154,500
1,064,900
76,350
146,400
75,450
145,650
76,500
145,900
22,650
118,550
175,700
222,750
221,100
222,400
141,200
31,800
37,000
37,800
13,000
4,700
68,300
29,650
110,100
36,850
36,900
16,950
5,200
73,100
29,550
110,550
30,400
36,100
16,800
4,600
73,000
29,700
109,600
33,000
36,850
17,050
4,700
73,000
30,950
107,700
42,950
38,400
10,100
4,050
52,900
2,302,800
2,397,950
2,381,200
2,380,550
2,161,850
535,500
571,200
582,200
579,300
528,000
2,838,300
2,969,150
2,963,400
2,959,850
2,689,850
(June)
552,500
153,100
Oklahoma.
Kansas
North Texas
competition which has dragged retail gasoline
sections of the metropolitan New York
area under the normal levels continued during the
past week,
although some hope was felt that the heavy consumption
customary over the July 4th holiday will-aid in restoring a
stable market.
Bulk gasoline is firm to strong, and higher
prices are seen likely should the abnormal areas be cleaned
up.
New York State gasoline taxes having dropped 1 cent
to 3 cents a gallon on July 1, all companies pared retail
prices an equivalent amount.
•
■
•
An early advance in the sub-normal gasoline areas in the
New England market is seen likely, according to wellposted trade circles.
Boston and several other marketing
areas in the New
England section have suffered from cutprice competition with the corresponding declines in retail
levels as majors adopted the competitive tactics necessary to
maintain gallonage totals, but a better undertone is apparent
in
95.9% of the potential
the industry as a
average of 670,000 barrels
production by companies owning
Panhandle Texas
The cut-rate
values
89.7% of the 3,889,000
capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 2,930,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 68,441,000 barrels of finished and
unfinished gasoline and 105,285,000 barrels of gas and fuel oil.
barrel
OPERA¬
PARED
AGAIN
ended June
.
receipts of California oil at
T.15
.95
1.43
1.10
INDICATED—GASO¬
SEEN
week ended
1
Atlantic and Gulf ports for the
June 27, compared with a daily average of 34,286 for the week
20 and 19,000 barrels daily for the four weeks ended June 27.
were no
SUFFERS
PRICE-WAR—EARLY ADVANCE
GASOLINE
ENGLAND
LINE
.75-.80
compared with a daily average of
161,393 barrels daily for
barrels,
185,286
of
average
barrels,
week ended June 27 totaled 1,297,000
United States ports for the
.97
1.42
Central Field, Mich
.
over—
1936, is estimated at
ended June 27,
weeks
four
2,959,850 barrels.
whole,
Darst Creek
PRODUCTS—LOCAL
FROM
the
Cracked gasoline
$1.10
1.15
over
Kentucky..
1.23 Sunburst, Mont.
Mld-Cont't., Okla., 40 and above.. 1.18 Huntington, Calif., 30 and over
Winkler, Texas
.85 Kettlemen Hills, 39 and over
-
Daily average production
oil-producing States during June.
for
by the various
charging capacity of all cracking units indicates that
Wells
(All gravities where A. P. I. degrees are not shown)
Bradford. Pa
of the Interior
calculated by the United States Department
to be the total of the restrictions imposed
There
the only
was
also above the 2,838,300 barrels
week's figure was
current
—
California
25
Chronicle
several
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
1,125,700
Total Texas.
North Louisiana..
Coastal Louisiana.
Total Louisiana
Arkansas
103,200
Eastern
Michigan
Wyoming
Montana
Colorado..-.
New Mexico.
•
Total east of California
.
California
55,000
439,150
«
50,000
in the market.
Total United States
Stocks of finished and unfinished
gasoline again suffered
dipping 773,000 barrels for the week
ended June 30 to
68,441,000 barrels, according to the
American Petroleum Institute.
The total was 5,430,000
barrels under the peak reached on April 4, last, but was
12,336,000 barrels above the total held on the corresponding
1935 date.
Production of cracked gasoline rose 10,000
barrels to a daily average of 670,000 barrels, the report
sharp reduction,
a
disclosed.
GASOLINE AND GAS AND FUEL OIL, WEEK
(Fieures in Thousands of Barrels of 42 Gallons
Daily Refinino
New York—
Chicago
Socony-Vacuum
.07
Colonial Beacon._$.07H
.07
Texas.---
.07 %.
Los
Richfield Oil (Calif.)
.07
Gulf
.07J4
Gulf
Warner-Qulnlan Co.
.07
Republic Oil
.07>I
Tulsa
Shel
New York
East-.--
New
Diesel 28-30 D
Fuel
92.1
6,072
453
384
84.8
292
76.0
160
48.5
104
65.0
4,003
1,112
2,254
330
135
182
562
85.4
5,294
202
2,059
224
Okla., Kans.,
Mo
Inland Texas
Texas Gulf..
680
658
96.8
Gulf
169
163
96.4
118
72.4
782
456
80
72
90.0
44
61.1
198
104
116
97
60
61.9
47
78.3
98
771
852
789
92.6
522
66.2
1,279
9,667
2~332
1,230
71,873
3,488
89.7
2,740
78.6
x
2,930
2,950
39,504
40,273
22,217
22,134
6,720 105,2856,817 104,728
$.0234 .02^
(Tulsa
I
Minneapolis..
.184
.23
.215
.175
As of June 30, 1935.
.195
month,
.16
The
St. Louis
.177
than
175
Los Angeles
.15
for
feet,
amounted
5,750 Barrels
that
the
crude oil production for the week ended
2,969,150 barrels.
This was a gain of
5,750 barrels from the output of the previous week.
The
to
ing,
uses
for
of
sales
gas
purposes,
gained
6.7%.
106,192,700,000
refrigeration,
Natural
month
of the preceding year.
same
of $35,475,300, or 12.3% more
revenues
of manufactured gas for the
Manufactured
heating
of $32,092,900 for the
1935.
increase
an
from the
utilities reported
April,
-
revenues
industry reported
gas
increase of 2.3%
an
natural gas
Total sales
inoludlng 2% city sales tax.
estimates
April
'
The manufactured
.19
up
z
announced:
Houston
Daily Average Crude Oil Production
z6,366 z!03674
z32,499 z20,642
2,724
utility revenues amounted
to $67,568,200 in April, 1936, as compared with $62,969,100
for the corresponding month of 1935, an increase of 7.3%,
it was announced on June 26 by Paul Ryan, Chief Statis¬
tician of the American Gas Association.
Mr. Ryan further
165
3,889
3,889
3,889
3,889
Manufactured and natural gas
San Francisco.
was
6,446 102,344
274
2,941
.90
1.05
Philadelphia..
Pittsburgh
1936,
20,792
1,425
Bureau of Mines basis currently estimated,
.20
average gross
36,471
3,033
Gas Revenues Gain in
$
Phlla., Bunker C
New Orleans..
Institute
190
June 1935
.16
Petroleum
409
401
June 20 '36
Denver
American
•
No. La.-Ark.
La.
Jacksonville
Chicago
3,382
1,863
7,752
2,024
74.0
409
Detroit
Buffalo
558
108
96.1
June 13' 36
—
.175
-
462
4,131
94.8
168
.123
279
828
146
444
.168
Camden
1,041
2,697
154
9,677
xEst.tot.U.S.
$.175
Cleveland
872
462
-.06U
New Orleans C
$1.15-1.25
Cincinnati
Oil
11,571
Appalachian
Ind.,111., Ky
.06
ex.
ports
Gasoline, Service Station. Tax Included
.192
87.3
534
612 100.0
Distil.
6,830
1,234
.05H--04H
.06
-.06^
.06
-MM
Orleans.
Ang.,
1.65
$.192
age
612
.
Gas Oil, F.O.B. Refinery or Terminal
daily
Nap'tha
At ReTerms,
Oper¬
ated fineries
<£c.
C,
(J.S. B.ofM.
California 27 plus D
N. Y. (Bayonne)
.Chicago,
27 plus
$.04-.04# I
32-36 G0..$.02>$-.02^
June 27,
and
East Coast-.
Fuel Oil, F.O.B. Refinery or Terminal
$1.05
P.
P.
Aver¬
Reporting
Total
Reported..
Estd.unrepd.
North Texas.$.03H-.03^ 1 New Orleans.$.03^- •.04
$.04^ • Los Angeles.. .04>$-.05
I Tulsa
.04^- .04^
N. Y. (Bayonne)
Bunker C___
The
Gas
in
C.
Daily
tial
Rate
,
(Bayonne)
Not
Unfin'd
-.06K
.07
*
Stocks
of
Poten¬
$.06
Kerosene, 41«43 Water White, Tank Car, F.O.B. Refinery
Boston
of Finished and
Unfinished Gasoline
to Stills
Finished
California--
Tide Water Oil Co..
Newark
Stocks
Crude Runs
Capacity
Each)
Rocky Mtn.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard Oil N. J..$.07
^Brooklyn
AND UNFINISHED
ENDED JUNE 27, 1936
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED
District
3,467,000 above the like 1935 date.
There were no major price changes.
xNew York—
include any estimate of any oil which
Note—The figures indicated above do not
might have been surreptitiously produced.
_
Another reduction in refinery operating rates was achieved
during the period, the report disclosed.
Reporting units
were running at
78.6% of capacity, off 0.4%, and comparing
with a record high of 80.8% reached a few weeks ago.
Daily average runs of crude oil to stills dipped 20,000 barrels
to a total of 2,930,000 barrels.
Refiners continue to build
up stocks of gas and fuel oil in expectation of a heavy winter
demand, last week seeing an increase of 557,000 barrels.
The gain lifted the total on June 27 to 105,285,000 barrels,
or
•
&c.,
gas
cubic feet,
an
for domestic
were
month
Natural
0.2%
sales
for
the
month
increase of 18.6%.
uses,
such
April,
above
however, gained 11.5%,
33,018,300,000 cubic
were
utility
as
cooking, water heat¬
1935.
Sales
for house
while industrial and commercial
19.4%.
gas
the month,
sales
for
domestic
purposes
while industrial sales gained
showed
22.5%.
an
increase
of 11.5%
Financial
26
Little
Change
There
Output
Coal
in
Chronicle
Latest Week
During
6,700,000 net tons, as against 6,732,000 tons in the
preceding week.
Production in the corresponding week of
1035 amounted to 4,772,000 tons.
1
Anthracite production in the week ended June 20 is esti¬
mated at 766,000 net tons.
Compared with the preceding
anthracite
of
amounted to
During
in
of
week
the
June
22
10,985,000 barrels, shipped 11,121,000
had in stock at the end of the
month 20,435,000 barrels.
Production and shipments : of
Portland cement in May, 1936, showed increases of 33.6 and
49.7%, respective^, as compared with May, 1935.
Port¬
land
cement
stocks
at mills
were
7.1% lower than a
May,
year
1,115,000 tons.
calendar
the
1936, produced
year ago.
to June 20, 1936,
year
In
total of
a
relation of production to
following statement of
the
total output of finished cement is compared
with the estimated capacity of 162 plants at the close of
capacity the
190,899,000 tons of bituminous coal and 25,708,000 net tons
of
Mines
barrels from the mills, and
Pro¬
last
Higher
Up 49.7%
monthly cement report of the United States Bureau
disclosed that the Portland cement industry in
The
of
mated at
duction
33.6%
Cement
Than Same Month in 1935—Shipments
production of*bituminous coal
during the week ended June 20.
The total output is esti¬
week, this shows a decrease of 72,000 tons, or 8.6%.
Portland
of
Production
May
little change in
was
July 4,
Pennsylvania anthracite were produced.
This compares
181,121,000 tons of soft coal and 27,035,000 tons of
coal produced
in the same period of 1935.
The
May, 1935, and of 160 plants at the close of May, 1936:
with
hard
OF PRODUCTION
RATIO
TO
CAPACITY
Bureau's statement follows:
May,
ESTIMATED UNITED
COKE
Week Ended
s
June 13,
June
20,
1936
April,
March,
1936
1936
1936
1936
36.1%
27.7%
48.9%
31.6%
39.2%
30.5%
23.4%
29.6%
16.4%
29.2%
The 12 months ended—
Calendar Year to Date
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MAY 1935 AND 1936
22,
1935
1936 d
c
February,
(IN NET TONS)
The month
June
May,
1935
STATES PRODUCTION OF COAL AND BEEHIVE
1936
1935
1929
e
e
[In Thousands of Barrelsl
Bitum. coal:
a
Tot. for per'd 6,700,000 6,732,000 4,772,000 190,899,000 181,121,000 246,294,000
795,000
1,312,000
1,245,000
:
838,000 1,115,000
185,800
139,700
766,000
Daily aver..
'
127,700
25,708,000
177,900
27,035,000
187,100
34,027,000
235,500
Beehive
638,600
4,315
450,800
3,046
3,183,200
21,508
1935
coke:
Tot. for per'd
22,600
Dally aver..
3,767
21,600
3,600
12,700
2,117
Eastern Pa., N. J.
into coke, local sales, and colliery fuel, b Includes
washery and dredge coal, local sales, colliery fuel, and coal shipped
c Subject to revision,
d Revised, e Adjusted
comparable the number of working days in the thrre years
TONS)
(The current estimates are based on railroad carloadings and river shipments and
are
of Month
1936
1935
1936
2,228
1,601
664
524
571
783
1,041
649
495
792
386
740
1,982
1,871
974
1,141
764
1,245
664
963
733
930
848
1,050
717
2,013
1,448
2,705
1,514
1,695
...
2,049
3,930
3,979
625
1,615
1,138
2,690
1,429
2,611
1,264
671
798
555
814
1,601
355
458
340
458
Colo., Mont., Utah, Wyo. & Ida.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES (IN THOUS.
NET
1935
2,821
1,558
2,810
269
348
170
331
476
392
California
661
1,263
738
1,149
1,330
1,309
Oregon and Washington
143
379
204
378
490
528
8,222
10,985
7,428
11,121
21,991
20,435
Sullivan County,
OF
Shipments
1936
--
New York and Maine
by truck from authorized operations,
to make
and Md
Ohio, Western Pa. and W. Va
Michigan
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo., Iowa, Minn. <k S. Dak.
W. Mo., Neb., Kan., Okla. & Ark
Includes lignite, coal made
a
Production
District
b
Tot. for per'd
.
Stocks at End
1,682,000
Daily aver.. 1,117,000 1,122,000
Penn. anth.
subject to revision on receipt of monthly tonnage reports from district and State
or of final annual returns from the operators.)
Toxfls
mm
688
636
sources
Total
>
•
Week Ended
June
State
Aver.
June 13
'
'
V
;
'
■
'
■
'
■
June 6
1936p
1936p
V
June 15 June 16 June 15
1935r
1934
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN
1935 AND 1936 (IN THOUSANDS OF
BARRELS)
,
1929
2
Alaska
1923 d
2
1
1
Production
s
196
225
187
324
19
30
11
59
70
Colorado
64
64
103
1
1
1
Month
387
20
Georgia and North Carolina
103
37
*
175
s
Illinois.
605
606
980
522
825
1,243
218
210
444
181
275
416
43
42
92
39
58
88
74
70
134
76
104
128
685
670
749
513
876
661
Kansas and Missouri
Kentucky—Eastern
101
97
163
97
191
183
Maryland
Michigan
26
23
46
18
55
47
1
1
Western
8
15
Montana
43
41
56
New Mexico
28
23
30
North and South Dakota
18
21
13
12
41
38
16
45
51
10
slO
sl4
.
332
310
578
331
445
888
1,865
rl,720
2,489
1,711
2,802
3,613
68
77
93
66
97
113
Ohio
Pennsylvania bituminous
Tennessee
13
Virginia
13
18
3,156
March
4,299
5,263
4,878
7,138
6,136
May
8,222
8,725
8,021
7,235
7,173
8,519
10,985
6,198
7,428
7,632
7,813
8,105
7,799
8,794
9,089
11,121
June
July
August
September
5,976
21,783
20,501
21,613
4,514
22,908
76,472
74,934
November.
December
21
Note—The statistics given above are compiled from reports for
55
89
240
the Bureau of Mines, from all manufacturing plants except one.
a Revised.
28
24
26
19
35
1,535
1,896
1,364
1,990
1,380
463
465
705
487
728
856
92
56
76
*
c
*
*
9,256
797
1,450
7,570
7,302
10,706
Grand total
86
1
r6,505
8
104
2
s
773
9,478
1,175
10,866
1,956
6,762
10,653
12,822
5,989
.
and on the B. & O. In Kanawha, Mason, and Clay 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 in "Other western States." * Less than 1,000 tons.
Exports
Under
International
Tin
Agreement
During May Above April—Export Quota Increased
5% to 90%
1
the
International
which
Tin
April, it is shown in
amounted
11,444 tons
of the International Tin Research and
York office
Development Council.
communique points out that the committee has
mended
to
the
to
exported in
communique issued June 25 by the
a
International Tin Committee through the New
signatory
that
governments
the
recom¬
exports
quotas be increased to 90%, from 85%, of standard tonnages
for the
quarter ended September.
International
The
25,
International
Tin
Tin
was
than
more
met
at
to
as
exports
are
as
300 tons higher than the
tin used in manufacture in
on
June 25
by the New York office of the Council, which
added:
the
totaled
ended April,
year
148,642
tons,
sumption' in
the
ended
1936,
April,
in the
preceding^
The
for
of
was
in
the
Belgium,
a
Paris
on
tin
in
United
principal
in
States
are
increased
April
May
2,401
542
2,771
1,018
1,991
5,065
980
810
812
the
committee
quotas
decided
be increased
July-September,
to
to
1936.
recommend
90%
of
to
the
standard
the
year
by
is
with
tabulated
the
17,731
previous
tons,
or
below
year.
36%.
the U. S. S. R., 39.9%; the
Czechoslovakia, 29.9%; India,
11.4%.
In the case of Germany
6.8%.
Year Ended
April
signatory
tonnages
49,220
21,391
10,131
8,649
5,503
28,725
148,642
139,500
+ 9,000
Total apparent consumption
Used in manufacture
Change in
"Used
only
consumers
in
stocks
manufacture"
approximate,
but
Percentage
or
Decrease
123,619
129,800
—6,000
the three
and
may
"change in
be taken
as
consumers'
stocks"
+ 36.0
+ 12.8
—6.9
+ 2.7"
+ 39.9
+ 9.8
+ 20.2
+ 7.5
figures
are
indicating general trends.'
Consuming Industries
governments
for
1935
66,951
24,131
9,431
8,880
7,700
31,549
Other countries
2,388
5,303
that
in
con¬
for
U. S. S. R...
771
months,
tin
tin
the
23.6%;
Sweden,
Germany
3,293
5,095
The
countries
comparison
recorded
Holland,
17.5%, and
decrease of
the
1936,
United Kingdom
Bolivia
Siam
of
over
Thursday,
Nigeria
Malaya
tons
increase
Export
2,573
consumption of
25,023
production
France
Netherland East Indies
apparent
of
147,099 tons compared with 119,596 tons
as
April,
Kingdom, 12.8%;
16.8%;
increase
World
year.
given
important increases
United
there
is
ended
year
Consumption
Other
previous
an
year.
consumption
the
1936, the world
showing
1936
follows:
Monthly Quota
from April 1, 1936
But
/
year.
United States
monthly statistics
March,
consumption
On the other hand, the quantity of
April, 1936, was 400 tons higher
than the March figure, and reached its highest level since
November, 1935, said an announcement issued in the matter
April of last
Communique
1936.
The
but
in
The communique follows:
Committee
Committee
Consumption of Tin Below
Above April, 1935
Research and Development Council,
the apparent world
consumption of tin in April, 1936, at 11,895 tons, was about
2,000 tons lower than the figure for the previous month,
In
Agreement
compares with
World
According to the June issue of the "Bulletin" published
by The Hague Statistical Office of the International Tin
'
Exports of tin during May by the five countries partici¬
in
April
5
Includes operations on the N. & W.; C. & O.: Virginian; K. & M.; B. C. & O.;
tons,
May, received by
44
1,561
838
11,657
21,126
a20,571
20,435
23,083
23,287
7,510
7,093
5,803
October
Total
22,686
22,971
22,415
239
6,732
3.
21,289
21,219
21,991
22
Total bituminous coal
2.
February
April
173
Pennsylvania anthracite
pating
1936
21,785
21,899
53
13
67
Other western States
1.
1935
3,889
229
Wyoming
June
1936
2,846
2,951
28
a——
Northern b__
The
1935
3,630
3,454
171
—
Washington
Virginia—Southern
West
Tin
1936
3,202
3,053
...
30
Utah...
13
January
186
Texas
a
15
30
.
1935
i
s
Indiana
Iowa
Stocks at End of
Month
Shipments
s
190
Arkansas and Oklahoma
Alabama
World
production of tinplate in
3,266,000 tons against
3,100,000
the year ended April,
tons
in
the
preceding
1936,
year.
is given
as
The output
Volume
of
Financial
143
tinplate in the United States for the month of April, 1936, at 170,000
shows
tons,
increase of
an
more
21%
than
compared with the previous
as
month.
period last
world
The
output
This
of
vehicles
motor
vehicles against
5,239,000
months.
represents
the
ended
year
vehicles
April,
the
in
1936,
previous
12
12,201
parentheses,
9,841 tons
tons
were:
(11,999); tin foil,
(10,253); ammunition, 6,916 tons
tons
(21,813); brass-making,
(6,374); batteries, 23,474 tons
1,226
(1,054); sundries, 15,809 tons (13,109); jobbers, 1,537 tons (1,993);
unclassified, which includes pigments, sheet and pipe, solder, babbitt, &c.,
23%.
increase of
an
in
4,246,000
Shipments, in the January-May period, according to
year.
industries, with comparable figures for last year in
Cable,
totaled
27
Chronicle
106,997 tons (101,859).
World Stocks
Zinc Continues at 4.85c.
visible
total
The
stocks
of
at the
tin
end!
of
May,
1936,
reported
are
compared with the
Btocks at the end of April.
The visible stocks now stand at 11.8% of the
current annual rate of consumption, this ratio having increased from 9.7%
17,461
as
the
at
A
beginning
held
the
by
statistics
April.
as
the
that in
year
and
consumption
apparent
of
the
the previous
in
these
stocks,
The statistics
year.
a
in
use
stocks
1936, invisible
ended April,
amounting to
4.85c.,
St. Louis, with the undertone steady.
ducers
of
zinc
Shows
Output
Zinc
Increase
the market
on
Following the release of the June statistics
2,500
(July) will show
Germany
Italy--
i
Rhodesia.
1
United
States deliveries of tin during June totaled
The
April,
March,
Feb.,
Jan.,
1936
1936
1936
1936
'
world's visible
supply, including the> Eastern and Arnhem carry¬
stood at 16,448 tons at the end of June, against 18,380 tons a month
previous.
Chinese tin, 99%, was nominally as follows:
36,228
41,917
39.875c.; June 27, 39.875c.; June 29, 40.000c.; June 30, 40.250c.; July 1,
15,180
12,601
16,237
39.925c.
18,200
18,550
5,547
2,380
2,406
17,608
5,100
11,574
2,312
18,359
5,154
1,926
1,988
1,870
2,016
778
806
753
806
12,339
—
83
12,
12,430
2,381
11,666
11,819
21,800
11,077
12,105
21,300
20,700
21,400
137,383
Partly estimated,
131,367
132,662
119,823
b Includes Norway,
Poland, Japan,
133,061
Indo-China,
Czecho-
lovakia, Yugoslavia, and Russia.
Call for Lead
Improves—Tin Declines Sharply
Production Quotas
Steel
on
Higher
stated
during the last week, which
brought out a better feeling in that division of the market
for nonferrous metals.
Copper was quiet here, and less
active than recently in Europe.
Zinc was featureless. Tin
prices weakened, following publication of the announcement
Committee
Tin
voted
to
increase
production 5% to the basis of 90% of standard tonnages.
Antimony and quicksilver were lower.
The trade was
deeply concerned about the labor situation in 'the steel
industry and the probable influence that trouble in that
sector might have on general business activity. The operating
rate of steel companies for the current week was increased to
74% of capacity. This compares with 70.2 a week ago and
32.8% a year ago.
Output in First Half Exceeded 15-Year Average
by Comfortable Margin
average six months' production in that period of only
18,890,000 tons. The "Age" further stated:
an
total
The
so-called
in
output
next
ingot
capacity.
for
The
loss
ie
since
increase
inclusive.
to
last
mills
Copper Quiet
Copper buying in the domestic market
week is
up
well, the
explained by the
days
their
second-quarter
structural
projects
was
inactive, sales totaling around
With consumption of
though not much is heard about higher prices.
Sales in the domestic trade
during June amounted to 16,520 tons, which compares with 16,303 tons in
Because of the very large tonnage sold in April, the record of the last
two months had
no
bearing
on
the situation.
Sales abroad last week were about half of the total volume
disposed of in the preceding seven days.
week's
amounted to 18,070 short tons during May, which
15,408 tons in April.
fabricated
compares
with
Exports during the first five months qf the current
totaled 79,002 tons, against 106,904 tons in the
To—
Belgium
April
—560
__
same
period last
The
France
year.
987
Sweden
China and Hongkong...
140
Italy*....
Netherlands.
-
3,412
1,497
2,938
3,923
684
964
305
28
3,592
3,033
258
805
Great Britain
1,474
—
Poland and Danzig
Japan
-
British India.
well
"234
531
Totals...
15,408
*
18,070
were
was
a
little smaller in volume than in the
same
period last year.
offset, however, by larger imports of copper ore and other copper-
bearing material.
Imports of refined
periods of 1935 and 1936, by
sources,
and
blister in the January-April
in metric tons,
were as
—Jan.-April—
—Jan.-April—
From—
1935
'
Belgium.
2,976
1,850
3,578
1,179
United Kingdom..
Yugoslavia
'
Sweden
Rhodesia
16,065
Belgian Congo
7,986
-
1935
United States
1936
5,973
1936
1,231
466
6,000
1,446
15,351
8,071
that
3,457
763
816
9,951
8,616
2,184
Canada
Chile
Elsewhere
steel
689
Totals
51,010
its
schedule
to
The
high
among
buyers
were
lead
over
the summer period.
week
advanced
machine
in
the
still
2,100 tons in the preceding week.
Out¬
the battery manufacturers, pigment makers,
a
The record for June
was
better than in the
Deliveries
American Smelting & Refining Co. a,nd.at 4.45c.,
St. Louis.
to 36,800
tone,
New projects reported
last
in
week's
Not
increases
automotive
only
orders
are
reported
are
quotas
1936
on
industry
list,
in
from
days
week
a
in
drder
a
nearly
the Detroit
have
been
of
source
instances.
some
models
is
area
It
is
stepped
up
Motor Co. has increased
build,,
to
industrial
current
activity
dealer
up
further
was
stocks
emphasized
rise in the "Iron Age" capital goods index, which
point to 79% of the 1925-27 average.
It is estimated that
order# in the first half were more than twice those placed
corresponding 1935 period,
but
moderately
deliveries
prompt
are
obtainable.
labor
its
situation
was
clarified
the
over
week-end
position through the American Iron
when the
industry
and Steel Institute.
will
It
attempt to compel its employees to join a union or pay tribute
right to work.
This is a clear indication that the Lewis unioniza¬
oppose any
for the
drive
number of
will
be
fight
a
to
the
finish.
companies that wage increases
It
was
also
intimated
will not be utilized
as
a
by
a
weapon
fight organization.
Third-quarter
tested
by
spot
prices
sheets
on
demand
since
and
hot-rolled
second-quarter
strip
books
steel
have
closed.
were
result, the "Iron Age" composite price of finished steel has been
50c.
a
74c.
a
net
ton
ton
next
to
gross
pound, and will be moved
a
week, when higher prices
effective,
ton.
Urgent
2.122c.
The
pig
iron
up
an
been
As
$
advanced
additional
bars, plates and shapes will
on
composite
is
unchanged
at
$18.84
a
.
demand for
occasioned by the high rate of open-hearth
steel output, has led to increased old material
prices and the "Iron Age"
composite scrap price has been raised 2lc. to $12.96 a gross ton.
Ad¬
vanced
prices
are
scrap,
reported
from
both Pittsburgh
and Chicago,
while the
strong.
"IRON AGE"
COMPOSITE PRICES
Finished Steel
June 30,1936, 2.122c. a Lb.
Based on steel
One week ago..
One month ago
2.097c.
bars, beams, tank plates•
wire, rails, black pipe, sheets and hot
2.097c.
rolled strips.
One year ago
2.124c.
85% of the United States output.
High
1936..
1935—
1934
was
Lot*
..2.130c.
Jan.
2.084c.
Mar. 10
.2.130o.
Oct.
2.124c.
Jan.
Apr. 24
Jan.
2
Apr.
18
..2.1990.
2.015c.
1932
8
Oct.
3
2.008c.
1.867c.
1.977c.
Oct.
4
1.926c.
Feb.
1931
2.037c.
Jan.
13
1.945c.
Deo. 29
...2.273c.
Jan.
7
2.018c.
Deo.
1929...—j
Shipments of refined lead to domestic consumers during the first five
increase of 6.2%, compared with the
These products represent
1930
Business
booked in the East by St. Joseph Lead Co. at a premium.
the
1933
Quotations held at 4.60c., New York, the contract settling basis of the
an
tons
by another
one
tool
steady market for
Producers look for
during June are estimated at 38,000 to 4Q.000 tons.
year show
of
THE
month of May, based on the movement of lead into consumption.
months of the
five
rate
appear¬
Demand during the last week was above the average in volume, the
and sheet-lead and pipe interests.
but
production
•Lead Fairly Active
standing
the
granted
47,638
shipment finally made its
be
course
lettings amount
30,500
of
sellers.
Philadelphia market is very
The long-delayed buying of lead for July
sales involving 5,700 tons, against
with
vitality
steel
become
follows:
taken in
were
of
The
before changing models.
to
Germany's imports of refined and blister copper in the first four months
of 1936
to
maintained,
evident
tion
50
Other countries
products
out for bids in the last half of June.
season
astonishment
stated
May
1,464
2,926
1,927
1.410
Germany
bids
but buyers will
structural
and
tons,
come
late
The
112
224
38,700
80,000 tons
The exports, in detail, for April and May were as foUows:
Denmark
for
last
Exports of refined copper from the United States, including metal refined
in bond,
<
,
flat-rolled
on
days in which to make final awards.
call
Prices showed little net change,
but the tendency was easier at times on the severe unsettlement in tin.
up
in the heavier lines.
because of heavy consumer purchases, and the Ford
Demand for copper in Europe was not up to the mark established in the
previous week.
make
Output for the week
books
which
on
71%%> " of
attempting to
are
activity has been
extremely large,
was
seems
year
that Independence Day
fact
producers
some
recent
ago,
identified
of
few
The
industry believes the outlook is favorable,
full
higher at
fractionally
compared with 16,140 tons in the preceding period.
The price continued at 9££c., Valley.
holding
"While the trend
1930.
and
closed
week
a
the
first half
average
the
forecast,
in
above the
far
was
exceeded
and
years
It
comfortable margin.
a
difficult
this
is
holiday,
first-half production
average
1930,
by heavier schedules early in the week.
mo6t
least
volume
30
of
to
naturally fall well -below the preceding six-day period.
As
at
months
production
official
the
will
six
be the best
to
Steel
an
85%
1926
the 1921-25 period by
the
certain
is
to
of
years
for the last five depression
average
over
amounted
boom
*
3,700 tons.
■'
.
.
The "Iron Age," in its issue of July 2, stated that the steel
industry enjoyed a relatively good half-year.
With daily
ingot output in June having been at practically as high a
rate as in May, total production of steel in the first six
4'Metal and Mineral Markets" in its issue of July 2
International
-
months was about 21,800,000 tons.
This was above firsthalf output in eight of the last 15 years, and compares with
that purchases of lead increased
the
,
5,410
12,460
-
World's total
ance.
June 25, 41,000c.; June 26,
42,483
14,372
22,200
——
Elsewhere b
This
7,795 tons, against
43,252
—
Anglo-Australian
year
London
market.
804
France
May.
increase in the
an
again unsettled the
which
tons,
18,299
5,034
13,007
2,427
—
Belgium and Netherlands a
copper
reduction
a
2,016
Other North American
that
bearish in¬
a
44,905
16,231
United States
a
pro¬
supply and very large United States deliveries could not re¬
supply of about
overs,
.
had
Even bullish news of
early in the week.
5,235 tons in May.
Bureau of Metal Statistics, in short tons: \
1936
Tri-State
curtail production in that district
to
rumored that the current month
was
visible
months, by primary metallurgical works, as reported by the
May
a
Total shipments of
Tin Declines
it
following table shows zinc production of the world
during the month of May, 1936, and the four preceding
Spain
Producers believe that
The action of the Tin Committee to raise production
store the confidence of traders.
The
American
intend
concentrate
of
fluence
World
in moderate volume,
during July and August to the extent of 50 %.
in the visible
May
were
The quotation continued at
than 3,000 tons.
more
slight increase in stocks of zinc occurred during June.
slight decrease being indicated: for the month
a
little
a
decrease
reversal
suggest a
•
•
Sales of Prime "Western zinc in the last week
Prime Western for June amounted to about 18,000 tons.
increased by about 9,000 tons, compared with
consumers
trend of
of
of
1,505 tons
year.
indicates
6,000 tons
increase of
an
of the
comparison
manufacture
of
showing
tons,
same
2
9
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Deo. 11
2.2170.
1927
July
17
..2.402c.
Jan.
2.212c.
Nov.
4
1
28
Financial
Chronicle
Pig Iron
June 30,
1936, $18.84
By
Based on average ol basic Iron at Valley
Gross Ton
a
One week ago
furnace and foundry Irons at Chicago,
$18.84
One month ago
18.84
Philadelphia,
One year ago
17.84
.Birmingham.
High
$18.84
Jan."
1936..
Buffalo,
and
Valley
and
Low
7
$18.84
1936
18.84
Nov.
5
17.83
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13.66
Jan.
Jan.
week
into
came
off
were
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Dec.
names
16
1930
-
1929
18.71
May
14
18.21
Dec. 17
1928
18.59
Nov. 27
17.04
July
1927
19.71
Jan.
4
17.54
Nov.
24
1
and
week ending
After
ducers
four
in
June 30,
1936, $12.96
Based
Gross Ton
a
12.92
One year ago
No.
on
1
heavy
melting
10.75
25
$12.67
June
Dec.
10
10.33
Apr.
12.25
9.50
6.75
Jan.
3
the orders
6.43
July
5
consumption.
11.33
Jan.
6
8.50
Feb.
18
11.25
29
L
17.58
Jan.
_v
16.50
16.25
Jan.
1929....
1928
1927...
i.
American
The
nounced that
and
Iron
1,000
were
the
cars
Railroad
100%
under¬
steel
since
best
the
awarded.
were
tin plate pro¬
of capacity,
activity.
Some mills
three to
are
hot-rolled plate and about
been
have
Steel
Dec. 29
Dec.
14.08
9
Dec.
13.08
July
2
11
13.08
Nov. 22
will
weeks
seven
drawn
heavily,
upon
became
more
June
011
29
an¬
telegraphic reports which it had received indi¬
cated that the
operating rate of steel companies having 98%
of the steel capacity of the industry will be 74.0% of ca¬
be
showed
into
July.
slight
a
second-quarter
on
well
extended
decline because
business,
One
deliveries
mills
many
against contracts
leading producer reported
75% of
placed during the first three weeks of June had been for current
Eastern
mills
noted
only
small
a
of
amount
buying
at
third-quarter prices.
With
3
Dec. 31
Institute
for sheets
books
8
.15.00
*
which
stocks,
their
12
Aug.
Jan.
1931
1930
closed
23
Sept. 25
8.50
-
9
Mar. 13
13.00
-
1933
1932
semi-finished
Although orders
Feb.
13.42
-
1934
cars,
second-quarter prices
Low
$14.75
—
1935..
4,720
apparent.
High
1936..-
99,695.
awards
of
cars
Assemblies
23,000.
Leading strip producers last week began decluining additional orders at.
as heavy backlogs piled up.
The need for rebuilding
steel,
quotations at Pittsburgh, Philadelphia
and Chicago.
$12.75
30,000
for
cold-rolled.
on
Steel Scrap
One week ago
One month ago
shipments of
on
for
placed
season
substantial increase.
a
week's
at- full
weeks
this
the previous week to
placing
Last
steel
manufacturers
several
for
specifications
for
seriously reduced
of
behind
arrears
the
consecutive
sign
no
weeks
placed
May 23, when 6,900 freight
seven
see
However,
material
of
35,000 tons,
over
locomotives.
six
28.
market
the
included
construction
Fordl
1,038 units from
Shape awards totaled
car
March
purchases
steel.
3
1933
7
additional
for
since
the 100,000
assemblies dropped below
automobile
week
completed
have
to
Chevrolet
last
May 14
1934
the first
for
thought
orders
margin,
narrow
a
mark
July 4, 1936
by-product
producers
instances
their
awards
first
of
orders,
rail
of
1930
200,000
in
their
large
business
tonnages
for
In
soon.
two
because
beehive
fully engaged.
was
first half
half
about
was
steel
33%:
the
of
survey
increase
have placed
by-product capacity
"Steel's"
up
marked
a
buyers
recently
own
the record of the
car
hard pressed to fill the demand for coke, beehive
ovens
anticipate
tons
almost
ahead
77%;
shows that
1936
was
of
ingot
in
equaled.
1935;
output,
most
shape
33%,
pacity for the week beginning June 29, calculated on the
basis of five working days because of Independence Day,
awards
and
were
auto
pro¬
duction, 9%.
compared with 70.2% one week ago, 68.2^-
products
Steel for freight
pared with 49,621 in April and 47,719 in May, 1935.
32.8%
and
points,
one
year
This represents
ago.
month ago,
one
increase of 3.8
an
5.4% from the estimate for the week of June 22.
or
May imports of
The
Weekly indicated rates of steel operations since June 3,1935,
index
scrap
iron
and
index
1935—
1935—
3
June
10
June
17
June
48.3%
48.9%
..38.3% Sept. 30.....50.8%
37.7% Oct.
7^.1.49.7%
32.8% Oct. 14
50.4%
35.3% Oct. 21
51.8%
24
July
1
July
8
July
15
July
22
July
..39.9% Oct. 28
5
42.2% Nov.
44.0% Nov. 11
29
Aug.
5
Aug.
12
Aug.
19
46.0%
48.1%
48.8%
47.9%
45.8%
49.7%
Aug. 26
Sept:
2
Sept.
9
2
Dec.
9
Dec.
16
Dec.
23
64.5%
13
67.9%
13
49.2%
49.4%
20
49.9%
Jan.
27
49.4%
Feb.
3
60.0%
Feb. 10.....52 0%
Feb. 17—...51.7%
Feb. 24
52.9%
Mar.
2. —..53.5%
Mar.
9.-...55.8%
Mar. 16
60.0%
Mar. 23
53.7%
Mar. 30- ——62.0%
52.6%
53.7%
55.4%
56.4%
55.7%
54.6%
49.5%
Nov. 25.
Dec.
6
Apr.
Apr.
20-—70.4%
71.2%
May
4
70.1%
May 11
69.1%
May
reaching1
orders
from
since
rate
desirous
customers
week of June set
May,
of
1
June
8
15
70.0%
22
1930,
escaping
under
the
a
Large
orders
of
structural
30
74.0%
the
steel
and
one-uoint
rush
the
increase
this
of
The
cushion
to
the
national
tapering-off
in
a
maintained
an
average
compared with 47.1%
year,
Week
the
with
of
ingot
were
operating
production
65%
The
with
further
Steel
is
in the
Federal
same
rate
This
the
period
Reserve
week
first
last
six
total
Reserve
bank credit amounted
increase of $1,000,000 for the week.
$77,000,000 in
gold stock and
with
Federal
were
and
a
two weeks
$2,473,000,000,
an
Treasury and national
increase of $12,000,000 in monetary
decrease of $345,000,000 in Treasury cash and deposits
a
estimated
an
Reserve
be
to
banks.
Member
bank
reserve
balances
approximately $2,670,000,000 in
the
in
excess
July 1
on
of legal re¬
quirements.
Changes for the week in the holdings of Government securities
banks
the
to
System Open Market Account and
in'this
ticipations
holdings
previously held in the separate investment
of
account
Government
among
the
securities
of
the reallocation
Federal
of in¬
of par¬
The
nearest
week
in
against
Since the
reserve
in
the
ratios of individual Federal Reserve banks do not reflect
several
Federal
Reserve
districts
because
most
of
the
earnings assets of the Federal Reserve banks consist of Government securities
bought in the
open
market at the direction of the
Federal Open Market
Committee, the individual ratios of the several Federal Reserve banks
eliminated
reserves
shown
to
in
from
the
weekly statement of condition.
The
ratio
are
of total
Federal Reserve note and deposit liabilities will continue to be
the
consolidated statement of assets and liabilities of all of the
Federal Reserve banks combined.
week and
comparison
a
points,
4
80%
to
to
last
Cin¬
58%;
unchanged.
ended
June
29
is
the
74%%
the
week
1933
U.
75%
weeks ago.
preceding:
S. Steel
Independents
75
%
35
+
2
%
-
40
40—8
—12
52
...
\vith
two
immediately
66% -f
38
45
before
week
credited
the percentage of production
previous years, together with the
of
from
in
are
of
71%
49
43+3
—13
60+2
1931
33%— 1%
34
1
33
—
2
1930..
64
—
2
69
2
60
—
2
94
—
1
97
2
91-
—
75
1
60
—
70—4
65
—
1929...
.......
72
%
67%— ZV,
—
1027,.
1
%
3
1932 not available.
and
in related
July 1, 1936,
amount of Reserve bank credit
items
during the week and the
outstanding
year ended
'i
follows:
were as
Increase
(+)
June 24,
1936
Decrease
or
(-)
Since
July 1, 1936
$
Bills discounted
Bills
U.
S„ Government securities-
Industrial
advances
$24,000 000
(not
July 3. 1935
$
4,000,000
3,000,000
bought
$
—2,000,000
—4,000,000
—2,000,000
—1,000,000
+3,000,000
+ 9,000,000
..2,430,000,000
including
commitm'ts—July
1)
30,000,000
Other Reserve bank credit.....
+ 2,000,000
5,000,000
Total Reserve bank credit
2,473,000,000
Monetary gold stock
-.10,612,000,000
,,
,
Treasury & National bank currency..2,498,000,000
Money in circulation
6,250,000,000
5,589,000,000
Member bank reserve balances.
+ 1,000,000
+ 12,000,000
—2,000,000
+77,000,000
+281,000,000
+5,000,001
+1,493,000,001
—6 000 001
+
631,000,000
+
689,000,000
Treasury cash and deposits with Fed¬
eral
Reserve
banks
Non-rr ember deposits and other Fed¬
eral Reserve accounts
Returns
.
of
Member
3,232,000,000 —345,000,000
512,000,000
—1,000,000
+230,000,000
—58.000,000
parison with the preceding week and with the corresponding
date last year, "will be found on pages 60 and 61.
Banks
in
New
York
City and
Chicago—Brokers' Loans
Pelow is the statement of the Board of Governors of the
Federal Reserve System for the New York
City membei
banks and also for the Chicago member
banks,
for
the
current
week, issued in advance of full statements of the
member banks, which latter will not be available
until the
coming Monday.
ASSETS AND
LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
The statement in full for the week ended July 1, in com¬
points
66%
independents
corresponding week
changes,
total
Reserve banks remain
practically unchanged.
conditions
2
accounts of these
Federal Reserve banks.
the
steel
Pittsburgh declined 1 point
were
dividual Federal Reserve banks resulted from the transfer of all Govern¬
ment securities
finished
v
66%%
the preceding
following table gives
the
at
Leading
ago.
75%%
with
Changes in the
This increase corresponds with increases
decrease of $2,000,000 in
offset in part by
currency,
for
1934...
Banks
in circulation and $281,000,000 in member bank
money
balances,
reserve
to
up
Birmingham,
84%.
Industry
year.
daily average volume of Federal Reserve bank credit
outstanding during the week ended July 1, as reported by the
Federal Reserve banks, was $2,473,000,000, a decrease of
$5,000,000 compared with the preceding week and of $2,000,000 compared with the corresponding week in 1935.
After
noting these facts, the Board of Governors of the Federal
Reserve System proceeds as follows:
July 1
to
stated:
estimated
1928.....
in
the
in
large accumula¬
July.
62.6%
were
47;
to
2%
1935.
construction
car
district
1%
last-minute
of
third-quarter
railroad
rise of
while
1936 record,
new
The
bank
S.
compared
decline because of the July 4 holiday.
have
Operations
of
U.
and
Producers will enter the third quarter with
specifications
operations will
months
for
factors in
major
71%%.
On
Youngstown
1936
among
tion
the
Penunsylvania,
New England, 3 to 80, and the others
Steel
..70.2%
June
a
$32.79,
to
"Journal"
June
June
prices.
to
66 ;
the
2c.
$52.20.
4 to 80, and Cleveland,
approximate
operations in the final
the highest
to
for
up
com¬
67.9%
68.2%
69.5%
May 25
June
June 29 stated:
on
Steelworks
in
eastern
cinnati,
was
tons,
gross
placed at 71%% of capacity, according to the "Wall Street
Journal" of July 2.
This is unchanged from the previous
week, and compares with 70%% two weeks ago.
The
18.....69.4%
"Steel" of Cleveland, in its summary of the iron and steel
markets,
week;
$12.47
at
59,391
slightly stronger, although the
third straight week.
"Steel's"
was
27
Apr.
Jan.
51.9%
50.9%
Nov. 18
46.7% Apr.
6
Jan.
at
last week
scrap
composite
1936—
30
1936—
Jan.
of
remained
steel
Operations
1935—
Dec.
39.5% Sept. 16.
39.0% Sept. 23
iron and steel products totaled
tone
remained
follow:
June
market
Chicago
July 1
June 24
July 1
June 24
1936
July 3
1936
1935
1936
1936
1935
$
$
$
$
Loans and investments- -total..
9,063
8,998
July 3
7,718
1,950
+929
+624
Volume
Financial
143
New York City
July 1
June 24
1936
1936
Assets—
Loans to brokers and
In New York
June 24
July 1
July 3
1935
1936
July 3
1936
1935
by discounting Government bonds which
openly under
1
933
955
886
71
75
66
59
732
145
Outside New York City
on
securities
to
others
55
31
143
162
Loans
(except banks)
765
765
Accepts, and com'l paper bought
136
139
149
13
14
19
133
133
125
15
15
16
real estate
on
Loans to banks
27
31
42
6
6
7
1,259
Other loans
1,196
1,173
289
289
245
4,036
811
1,014
1,022
3,245
4,007
Obligations fully guaranteed by
States
546
559
320
94
93
Reserve with F. R. Bank
1,138
980
307
300
252
2,004
Cash in vault
Balance
648
677
701
1,689
1,906
48
38
37
37
82
76
112
205
206
215
481
476
511
84
73
6,215
6,251
5,411
1,510
1,473
1,396
550
547
566
449
491
414
192
192
201
101
101
11
2,535
2,263
1,970
638
587
423
228
5
5
3
251
45
35
30
230
223
...
The
55
deposits
Domestic banks
Foreign banks.....
13,833,000,000 francs.
A result of this
Capital account
367
1,431
1,468
230
1,451
be
This item is destined to decrease
It then will be
change is that the ordinary item of bills discounted has
considerably decreased.
which it
However, in the removal of the
stands represents an increase
now
13,833,000,000
of 716,000,000 francs, compared
with the previous week.
As
was
foreseen, the
fell from
gold reserve lost another 610,000,000 francs and
58.79 to
58.47%.
ceased, and the next return
of the
The exodus of gold has, however,
bank probably will show
no
further
outgo of the metal.
With the issuance of the July 2 weekly statement of the
France it was pointed out in a wireless message
Bank of
....
363
will
the redemption of discounted bonds, but only as they
from Paris to the "Times" that
.........
Other liabilities
10,000,000,000
former
francs of special loanslit becomes clear that the figure of 7,424,000,000 at
Inter-bank deposits:
Borrowings.....
interest.
no
Meanwhile they have been credited to a special account in which
the ratio
deposits—adjusted
Time deposits
United States govt,
bear
transferred entirely to the item, "Loans to State."
521
398
banks..
Liabilities—
Demand
mature.
of loans
categories
they figure at
74
54
domestic
with
two
utilized solely for
80
1,157
government
Other securities...
Other assets—net
including loans already granted through
one
which the Treasury may draw according to its requirements.
on
until it disappears completely as all bonds are redeemed.
U. S. Govt, direct obligations..
United
items,
appear
"Temporary Loans to State," and will be
heading,
two
Such loans henceforth will
bond discounts, the other being the supplementary credit of
francs
These
Loans
new
into
subdivided
a
included without distinction,
were
in bills discounted, among bankers' bills.
$
dealers:
City.
29
It is weU known that the Bank had made disguised loans to the
Treasury
S
$
$
Chronicle
—Chlcago-
provisional advances without
interest to the State, which appear for the first time under
the Convention made two weeks ago, amounted to 536,-
468,000 francs.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week _.l—
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves
and cover ng 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 June 24:
and
on
June 24 shows
a
An additional appropriation of 1,300,000,000 lire
($102,440,000) for expenditure in the development of East Africa
was
authorized on June 27 by the Italian Government.
Associated Press advices from Rome said:
A decree in the Official
Ministry of Colonies for unspecified
Loans to
loans
of
banks,
and
brokers and dealers in
$345,000,000 in
on
securities to others
and
acceptances
"other loans"
in the
bought
paper
banks,
States
real
JTew York district, $10,000,000
Government
declined
and
direct
district
the
New
York
Issues
Holdings of "other securities" declined
district
and
$22,000,000
at
National
Dallas
district
and
$132,000,000 at all reporting member banks.
Time deposits increased $8,000,000 each in the Philadelphia and San Fran¬
cisco
all
$7,000,000 in the New York district,
districts,
reporting member banks.
Government deposits
district
and
$99,000,000
at
all
reporting
the
member
Suspension was made
the sinking
the principal assets and liabilities of the
reporting member banks, together with changes for the week
and. the year ended June 24, 1936, follows:
(+)
or
Decrease
(—)
Since
Assets4-**"*
June 17, 1936
In New York
$
—139,000,000
—55,00',000
—7,009,000
+113,000,000
+65,000,000
/
Loans
on
securities
City
to
2,094,000,000
Other loans.."
3,531,000,000
U. S. govt, direct obligations
9,474,000,000
—6,000,000
+ 5,000,000
—1,000,000
—11,000,000
— 37,000,000
+ 25,000,000
Other securities
1,302,000,000
3,348,000,000
—22,000,000
Reserve with Fed. Reserve banks.
Cashin vault
4,282,000,000
+ 345,000,000
403,000,000
+14,000,000
Due from domestic banks
2,235,000,000
+34,000,000
+ 210,000,000
+75,000,000
+183,000,000
14,563,000,000
5,059,000,000
846,000,000
+132,000,000
+38,000,000
—6,000,000
+1,586,000,000
+179,000,000
+122,000,000
5,447,000,000
457,000,000
+ 99,000,000
—23,000,000
—12,000,000
+ 694,000,000
+194,000,000
Accpts. and com'l paper bought..
Loans
on
real estate
1,149,000,000
Loans to banks
Obligations
United
65,000,000
fully
States
324,000,000
guaranteed
—17,000,000
—8,000,000
—47,000,000
+253,000,000
+1,504,000,000
by
government
...
+338,000,000
+ 317,000,000
Liabilities—
Demand
Time
deposits
Domestic banks...
Foreign banks
powers
to
govern
financial,
political
and
military matters
in the fall.
papers on
June 26 said:
"A
special delegation of the Polish
States
a
few
days
ago,
Government, which arrived in the
informed the fiscal agents
of the Polish
external loans that to the regret of the Polish Government in consequence
of generally
well-known restrictions in the foreign trade exercised by all
countries, including the creditor countries, the surplus of the trade balance
of Poland has been lowered to
an
insignificant figure.
In consequence, the
of the Bank of Poland dropped to $70,000,000.
"In these circumstances the Polish Government
was
compelled to declare
that:
"1.
For the time being payments due under the loan agreements shall
be made by means
of effective deposits in zlotys to the credit of the blocked
account of the fiscal agents
in the Bank; of Poland.
"2.
Transfers of service amounts
"3.
It desires that the conversations about the situation herewith created
be resumed at
In the
a
are
temporarily suspended.
convenient moment."
New York
"Times" of
July 1 it was stated that
the 8% bonds of the Polish Govern¬
ment and the 7% bonds of the Province of Silesia, and that
due on Oct. 15 on the 7% bonds of the Polish Government
will be paid as usual in dollars, it was made known June 26
interest due
on
July 1
on
at the office of the Polish
It
stated
was
that
under
Embassy.
The "Times" added:
the loan agreement interest
must be
and sinking-fund
Report Form of French Bank Lists State Debt in
to
Treasury to Appear Under New
Head-End of Gold Outgo Seen
York
"Times"
was
noted in
that
the
a
wireless message to
of the Bank of
return
France of June 19 showed, for the first time, changes in its
form as a result of the agreement of June 18 with the Blum
government
and approved by the Chamber of Deputies.
The advices to the "Times" continued:
Interest
on
the
The funds for most of these
already deposited with the Bank for International
Settle¬
ments, it was revealed.
—20,000,000
Full—Loans
From Paris June 28 it
ready forty-five days prior to the payment date.
government's 6% bonds was paid on June 1.
as
New
A commique said conservations will be
A statement in the matter made available by the Polish
payments are
Borrowings
the
in the Bank of Poland.
payments were made into a fund in installments and that the entire interest
deposits—adjusted
United States govt, deposits
Inter-bank deposits:
New
to
$70,000,000.
Telegraph, Agency, published in the New York
others
(except banks)
reserves to
Meanwhile, both Chambers of Parliament granted the President of the
+ 2,518,000,000
996,000,000
237,000,000
City
York
difficulties to Polish foreign trade, and led
of Polish foreign currency
Republic full
June 26,1935
22,520,000,000
Loans to brokers and dealers:
Outside New
grounds that trade and currency restrictions of
on
until Parliament meets again
reserves
§
$
Loans and Investments—total
that
opened with creditors.
United
A summary of
June 24,1936
on
Government payment of foreign loans now must occur through blocked
banks.
Deposits balances of foreign banks declined $23,000,000.
Increase
With B I S—Protests Against
Bankers' Trust Co. and Chase
Bank
other countries caused great
declined $6,000,000.
Chicago district, $21,000,000 in the New York district, $17,000,000 in the
City
By
and $38,000,000 at
Deposits balances of other domestic banks increased $23,000,000 in
Kansas
situation," 200,-
date, which said:
accounts
Demand-deposits-adjusted increased $60,000,000 in the New York dis¬
the
"colonial
indicated in United Press advices from Warsaw
wao
trict, $13,000,000 each in the Chicago and Kansas City districts, $12,000,000
in
the
Temporary suspension by Poland of payment of all foreign
debts and interest wa^ announced officially on June 26, it
all reporting
member banks.
Deposited
Suspension
$25,000,000 at all reporting
and
obligations, increased
$11,000,000 in the Cleveland district and
$9,000,000 in the Boston district.
$28,000,000 in
with
Government Temporarily Suspends Service on
Foreign Bonds—Payments To Be Credited Through
Deposits In Blocked Zlotys—July 1 Funds onA3
Holdings
increased $5,000,000,
$1,000,000, loans to banks declined $41,000,000, and
$52,000,000 in the New York
member
connection
Polish
York City declined $55,000,000.
(except banks) declined $6,000,000.
commercial
United
incurred in
expenses
lire.
New York declined $7,000,000, and
declined $11,000,000 in the
of
400,000,000 lire; Ministry
50,000,000 lire; Ministry of War,
for military administration of the colonies, 600,000,000 lire; Navy Ministry
for
balances with
reserve
Minneapolis district, and $37,000,000 at all reporting member banks.
Holdings
,
New
and dealers outside
estate loans declined
*
*
expenses,
of the Interior for the families of soldiers,
Federal Reserve banks.
loans to brokers
Gazette announced the following extraordinary
appropriations, effective July 1, for 1936-37:
$38,000,000 in time deposits, $99,000,000 in deposit balances standing to
credit of domestic
Appropria¬
Expenditures In Africa
decline for the week of $139,000,000 in total loans
investments, and increases of $132,000,000 in demand deposits-adjusted,
the
Government Authorizes Additional
tion Account of
000,000 lire; for the Air Ministry for colonial air administration, 50,000,000
The condition statement of weekly reporting member banks in 101 leading
cities
Italian
A protest against Poland's "contemplated action" insofar
it affects the Republic's 7 % Stabilization Bonds due
1947,
by the Bankers'
Company and the Chase National Bank of New York,
fiscal agents.under the Stabilization loan agreement, who
has been filed with the Polish Government
Trust
likewise
announce
Government
that
that
they
they
are
are "also advising the Polish
desirous of promptly entering
into discussions with the Government about the situation"
As to this protest the New York "Sun" of June 30 said:
With respect
to the Polish
of service amounts
are
Government's announcement that transfers
"temporarily suspended beginning with service in-
tallments due on coupon
payable April 15, 1937," the fiscal agents
stated
15 coupon have already
been paid into the account of the joint fiscal agents in the Bank Polski,
Warsaw, and that a'sum equivalent to $854,461 (at the former gold parity)
in gold has been transmitted to the Bank of International Settlements at
Basle for the account of the fiscal agents.
These funds will be available
that zloty
funds necessary to pay in full the October
for payment
the
of the October coupon and the banks have been advised by
that if needed additional funds for the purpose will be
Government
pecuniary profit of its members, and no
outstanding $38,813,000 and £1,-
The fiscal agents stated there are now
Poland 7% stabilization bonds.
Polish Government that
270,000 principal amount of Republic of
"are advised by the
also said that they
payment of. coupons of previous maturT
according to experience based upon
ities,
than 50% of the October 15,
more
China
of
Bank
Is
Aim
1936, coupons will ba presented
Warsaw."
for payment in
Opens
Promote
to
Agency
New York
in
City—
formally opened on July, 1 its New
40 Wall Street, marking the
first time that
leading Chinese bank has directly entered the American
financial field.
The New York Agency, which will be
a
managed jointly by C. H. Wang, American-educated
Shanghai banker, and H. D. R. Burgess, a former Assistant
Vice-President of the Irving Trust Co., New York, is
expected to play an important part in the trade and financial
relationships between the two countries.
In addition to
the usual commercial banking transactions, the agency will
aid in disseminating trade information and will make special
studies of products and markets for both American and
Chinese exporters and importers.
It also will furnish services
and information to tourists.
The appointment of Mr. Wang
and Mr. Burgess as joint managers of the agency was
referred to in our issue of April 11, page 2417.
In an interview on June 30 Mr. Wang pointed out that
China buys more goods from America than
nation, and in turn America is China's
He said:
from any other
best customer.
from America worth approximately
of China's entire imports.
The United
purchased from China goods worth approximately $41,059,000
A substantial increase
countries is anticipated
in trade betveen the two
government spon¬
of economic reconstruction and development.
Business
since material progress
program
there
have
is being made in China under a
been steadily improving.
Through the more than
...
New
200 branches of the Bank of China, its
available to American business men facilities
throughout
China.
Heretofore direct banking accommodations have
been confined chiefly to the so-called treaty ports.
York
.
".
If the situation should so develop
bondholders, the Council will so
advise those who inform it of their holdings.
The Council merely requests
owners of bonds to record with the Council their names and addresses, a
direct representation
to
becomes necessary.
require direct representation of the
description of their bonds and the amounts
informed
by the
interests.
There
is
held, so that holders may
be
developments which may affect their
charge for registering this information with the
Council
no
of
any
Council.
Holders
Bond
German
Three
of
Issues
Tendered
Exchange Offers
Office
Conversion
for
German
Foreign
Debts
an¬
July 2 exchange offers to holders of drawn or
bonds of three additional issues, namely, Ruhr
nounced
on
matured
fund mortgage bonds series A,
Cable Co. first mortgage 7%
sinking fund gold bonds, due 1945, and Free State of Anhalt
7% serial gold bonds, external loan of 1926. It was stated:
Chemical Corp. 6% sinking
due 1948, German Atlantic
To holders of Ruhr Chemical and German Atlantic
is offered
same
issue
Cable drawn bonds
exchange for a like principal amount of uncalled bonds
an
with
coupons
of the
of the
maturities as are attached to the
same
No interest will be paid on the drawn bonds
drawn bonds.
not surrendered
of these issues
Dillon, Read & Co. are agents for the
under this offer.
Ruhr Chemical issue, and Brown Brothers Harriman &
Co. for the German
Atlantic Cable bonds.
Holders of matured bonds of the Free State of Anhalt issue are
offered
an
exchange of their matured obligations for unmatured bonds of the same
issue, with interest coupons maturing on and after July 1, 1934,
or, payment
attached;
against surrender of such matured bonds, of the Reichsmark
equivalent of the principal thereof deposited by the debtor with the
version
Office, into an
Con¬
"Amortization Blocked Reichsmark Account" in
authorized to transact foreign
the name of the holder with a German bank
Bank of the Manhattan Co. is agent for the Free
exchange operations.
$772,000 of Norway 6% External Loan Sinking Fund
Gold
Bonds—Due
August
1,
1944—Drawn for
23.67% of China's aggregate exports.
conditions
.
deposit of bonds nor does it
China imported goods
year
States in turn
sored
for advances made.
undertake direct
representation of bondholders.
It believes that bondholders should retain
control and custody of their bonds and entire freedom of action unless
The Council does not take
State of Anhalt issue.
■
$52,653,000, comprising 18.92%
or
funds or property of the corporation
members by way of any dividend dis¬
compensation for services rendered, ex¬
penditures incurred, and as interest
The
York Agency at
otherwise, except as
or
Trade Between United States
and China
The Bank of China
Last
be paid or transferred to its
may
tribution
as
made available to the agents.
They
J^y 4- 1936
Financial Chronicle
30
Agency
will make
By bringing exporter
and importer together, the New York Agency
to facilitate increased sales of Chinese
of the Bank of China also expects
Redemption August 1
The National
City Bank of New York as fiscal agent is
notifying holders of Kingdom of Norway 20-year 6% ex¬
ternal loan sinking fund gold bonds, due Aug. 1, 1944, that
there have been selected by lot for redemption on Aug. 1,
1936, through operation of the sinking fund, at their principal
amount, $772,000 principal amount of these bonds. Bonds
so drawn should be presented for payment at the head office
of the bank, on the redemption date, after which interest
the bonds will
on
products in this country.
the Bank of China is a quasi-govern¬
mental institution, half of the capital shares being owned
cease
to accrue.
It is announced that
by the government and half by private interests.
the oldest and largest financial institution in China,
having
1,342,242,166 Chinese dollars, or
approximately $404,000,000 in American currency.
To it
aggregate
resources
of
the Chinese Government has
delegated the special functions
transactions and financing
The bank had its origin in the former
it was known as the Imperial Bank.
With the establishment of the Republic in 1912, it was
reorganized under the name of the Bank of China. Since
then it has been making steady progress and in 1928 it, was
specially chartered by the Chinese Government as an
International Exchange Bank.
Branches were accordingly
opened in London and Osaka in 1929 and 1931, respectively.
The New York Agency is the third opened abroad in recent
years, and a branch will shortly be opened in Singapore.
of
foreign exchange
handling
to Continue Payment Next
50% of Interest Service on State Loan of
Kingdom of Hungary 1924
Hungarian
It is
China's foreign trade.
Manchu regime when
Speyer & Co., as American fiscal agents for the State Loan
Kingdom of Hungary 1924, have been advised by the
League Loans Committee (London), on which the American
bondholders are represented, that the Hungarian Govern¬
ment has agreed to continue transferring to the trustees for
the loan in foreign exchange 50% of the interest service during
the next year.
In noting this, an announcement by the
firm July 1 said:
of the
Consequently, it
of
Foreign
Certain
Polish
Bondholders'
Bonds
Dollar
Bank of
Protective
Council to List
a
statement to holders of Dollar
Bonds of the Republic
Bank of Warsaw, the
Warsaw, the Foreign
Bondholders Protective Council, Inc., requests that they
record their names and addresses, and the amounts of their
holdings with the Council, at 90 Broad Street, New York
City, in order that the Council "may be able to keep in touch
with as many holders of Polish bonds as possible, and to
advise them of developments in the situation."
In its
statement, made public July 2, the Council says in part: of Poland,, viz, the Land Mortgage
Province of Silesia, and the City of
The Polish
as
1937 will be paid at 50%.
The Hungarian Gov¬
hitherto, to deposit in an account at the National
Hungary the balance of the full service of the loan in 2 % Pengo
Republic to Pay July 1 Quarterly Coupons
7% Gold Bonds
Holders
of
the
on
7% gold bonds of the Union of Soviet
Socialist Republics may present
Holdings with Latter
In
agreed,
Treasury Bills.
by
Asked
be anticipated that, in due course, coupons due
may
Feb. 1, 1937 and Aug. 1,
ernment has
Soviet
Holders
Government
Year of
Government has announced that with the exception
of the
their coupons covering the
regular quarterly interest due July 1 for payment at the
Chase National Bank of New York, official paying agent
in the United States.
Interest coupons are being redeemed
at the rate of $1.52 per 100 Gold Rouble Bonds, 41 cents
higher than the indicated value of the coupon when the bonds
were first sold on July 1, 1933, the increased value being due^
to subsequent reduction in the gold content of the United
States dollar, said an announcement issued in the matter,
which continued:
-
Cable advices received by the Soviet American Securities Corp. of New
York from
the
Bank for
Foreign Trade of the U.S.S.R. established the
payment on certain coupons shortly due, for
$1.52 rate in accordance with the provisions of the bond calling for payment
transferred abroad,
in American currency
which funds have already been
future coupon payments on Polish bonds will be made
The Financial Counselor of the Polish Embassy in the
in blocked zlotys.
United States and the members of the Delegation
which
came
to this country to
of foreign exchange
of the Republic of Poland,
explain the situation created in consequence
regulations put into effect in Poland on April 27th, have
discussed the matter with the Council.
While the Delegation is returning
Polish Embassy will keep
The
communicated with the Ministry of Finance in Warsaw, and
shortly to Poland, the Financial Counselor of the
In touch with the Council regarding all
Council has
service
on
its dollar bonds.
induce the Polish Govern¬
the request of the Secretary of State, the Secretary of the Treasury,
and the Chairman of the Federal
It is
a
Trade Commission of the United States.
non-profit corporation: it is not organized for, and may not under its
certificate of incorporation, engage in any business or
the value of the gold rouble at the rate of
for
Coincident with the
Foreign Trade of the U.S.S.R. offers to repurchase the 100 gold rouble
bonds
at
$86.60
as
long
as
the prevailing rate of exchange continues,
as
opposed to the price of $63.61 which prevailed on July 1, 1933 when the
bonds
were
originally offered.
Interest
on
r
Chinese Republic
Paid
...
Foreign Bondholders Protective Council, Inc. is a private organization,
set up at
on
establishment of the $1.52 redemption rate for interest coupons, the Bank
developments in the matter.
will continue to do everything it properly may to
ment to maintain
based
exchange prevailing when such payment became due.
undertaking for the
on
5% Bonds of 1925 to be
July 15
The Banca Commerciale Italiana agency in New York
reported July 1 that coupon No. 23 on the Chinese Republic
5% bonds of 1925 will be payable at its office on and after
July 15, at the rate of $1.25 per coupon.
Volume
Bonds of State
of Minas
Geraes
31
Chronicle
Financial
143
Begin Examination of Investment Trusts and
SEC to
(Brazil) Restored to
Following Reg¬
Companies
List of New York Stock Exchange
istration of Securities
Under Securities Exchange
The New York Stock Exchange announced on June 13
that the two issues of securities of the State of Minas Geraes,
United States of Brazil, which were removed from the list
of the Exchange at the close of business May 15, were re¬
stored to dealings on June 10 after an application filed with
the registration of
assumed control.
Exchange in accordance with a clause in the Securities
Exchange Act which required that securities of foreign gov¬
ernments, municipalities, or private issuers, traded on a na¬
tional securities exchange, be registered with the SEC prior
to May 15.
Other securities also delisted on May 15 were :f>\
referred to in our issue of May 16, page 3266. The securities
of the Department of Antioquia, Colombia, included among
those removed from the Exchange's list on May 15, have
since been restored, as noted in the "Chronicle" of May 23,
page 3432.
The two issues of the Stae of Minas Geraes which were
Interstate Equities Corp., New York City;
Among these companies are:
Chain
General
and
Detroit; Joint
Investors,
Paul Gourrich, Director
David Schenker is
counsel, and William R. Spratt is chief of section conducting the study.
The Commission also has initiated a series of private conferences with
supervision of Commissioner Robert E. Healy.
of
the
Research
is directing the study.
Division,
representatives of various investment trusts and investment
the management, type, to
Another questionnaire is being sent to
distributing
single
with
certificates
payment
or
will be available for distribution
shortly.
with
companies,
Replies were received to 137 fixed and semi-fixed trust questionnaires, of
which 36 were in the long form and 101 in the short form.
Twenty-six
replies have been received from companies with plans for partial payment,
$500,000, and 219 in the short form from smaller
endowment, thrift or insurance provisions.
Margin Accounts on New York Stock
Exchange Range from 29% to 39.5% of Total
During Three-Month Period—Results of Survey
Are Sent to Governors of Federal Reserve System
"Restricted"
be available in the sinking fund on or before Aug. 1, 1936,
it was announced June 30.
Tenders will be received until
Aug. 3, 1936, at the Corporate Trust De¬
The New York Stock Exchange on July 1 made public an
analysis sent to the Governors of the Federal Reserve System
based on a questionnaire covering customer's accounts as of
March 31, April 30 and May 29, 1936.
The information
obtained from the 420 member firms of the Exchange which
partment of the bank.
$265,566 Available in Sinking Fund for Purchase of
Argentine External 6% Bonds, Sanitary Works
1961
margin accounts, indicates that over the three-month
period the number of "restricted" accounts varied from 29%
of the total to 39.5%.
The ratio ranged from 40.6% to
carry
J. P.
Morgan & Co. and the National City Bank, as fiscal
agents for the Government of the Argentine Nation, an¬
nounced June 30 that upon receipt of sinking fund payments
from the Argentine Government, together with unexpended
moneys now in the sinking fund, they will have available a
total of $265,566 for the purchase of Argentine external
sinking fund 6% bonds, sanitary works loan due 1961.
Tenders of these bonds are invited at a flat price, below
par, until Aug. 1.
49.3% if "borderline" accounts were included,
which would become restricted if
chase
wer
Bonds
of
1925
to
be
Paid
tained
and
are
not
cash withdrawals
net
or
restricted
not main¬
additional
permitted.
discussed the results
in part as follows:
Exchange President Charles R. Gay, declining to make any comment
Current
on
the data, indicated that he had no present plans
for conferring with
Reserve Board officials.
Kidder, Peabody & Co. and First of Boston International
Corp., as fiscal agents for Province of Cordoba, Argentine
Republic, external 1734-year sinking fund bonds of 1925,
announce that the July 1 coupons on this issue will be paid
and after that
amount, upon
which
on
The "Wall Street Journal" of July 2
.
on
Reserve Board rulings classify as
the original 55% margin is
made.
commitments
(Argentina)
in
or those
additional normal pur¬
one
accounts those in which
of the survey
Funds at Dollar Face Amount
received 583 replies to its various ques¬
Replies were received to 420 management investment company
assets of over
Feb. 1, 1928, due Aug. 1, 1962, at a price below par, in an
amount sufficient to exhaust the sum of $184,692 which will
External
face amount
Copies of this
financial information,
guaranteed
provisions.
questionnaires, of which 201 were in the long form from companies
The Chase National Bank, New York, acting for the fiscal
Province of Cordoba
companies offering, selling and
and instalment
without optional annuity
questionnaire, which requires detailed historical and
53^% Gold Bonds, Issue of Feb. 1,
on
semi-fixed type,
with partial payment,
companies selling securities under plans
to
endowment, thrift or insurance provisions.
agents, is inviting tenders of Government of the Argentine
Nation external sinking fund 53^% gold bonds, issue of
Coupons
companies of
discuss their replies to the questionnaire sent them
Questionnaires also have been sent to trusts of fixed or
and
1928, of Argentina Invited to Exhaust $184,692 in
Sinking Fund
1
The study is under the
Various officials of the companies will testify.
The Commission, to date, has
July
sub¬
Detroit; Granger Trading Corp., New York City; and their parents,
tionnaires.
Loan due
Corp.,
Investors, Inc.,
Inc., New York City; Union
by the Commission some time ago.
dealings on June 10 are: 63^% secured external
sinking fund gold bonds of 1928, due March 1, 1958, and
secured external gold loan of 1929 series "A" due Sept. 1,
1959, 6Y%% bonds. Also restored to the list of the Stock
Exchange, on June 13, were the 7% closed first mortgage
30-year sinking fund gold bonds, due June 1, 1956, of the
Miag Mill Machinery Co., of Germany.
noon
Yosemite Holding
Boston;
Inc.,
Equities,
sidiaries', affiliates, and companies in which they were interested.
restored to
12 o'clock
period from their
Equity Corp., and will cover substantially only the
inception to the time when The Equity Corporation, or affiliated interests,
Stock
Tenders of External
its
of the predecessor companies
The initial examination will deal with some
of The
the securities under the
Securities Exchange Act of 1934 had become effective. The
securities of the State were removed from the list of the
SEC for
July 27
public examination of investment trusts and companies on
July 27, 1936, as part of the general inquiry into this field
as directed by Congress in the Public Utility Holding Com¬
pany Act of 1935, said an announcement issued by the
Commission on June 29, which added:
Act
the
on
The Securities and Exchange Commission will begin
date, in current funds at the dollar face
presentation at the New York office of Kidder,
Peabody & Co.
Percentage of Accounts High
However, the fact that the percentage of restricted accounts ranged so
high
considered in the financial community as bearing out the con¬
was
tention
power
that
the
present
requirements
margin
curtailing
were
buying
and restricting volume of securities markets.
The proportion of
market
as
a
restricted accounts increase
sharply in April, when the
whole declined, and fe 1 when the market recovered in May.
The ratio of borderline accounts fell and then rose.
The proportion of
debit balances in restricted accounts to debits in all margin accounts on
Funds Remitted by State of San Paulo (Brazil)
ment of 25% of July 1 Coupons on
8%
1925 and
for Pay¬
Loan of
the
6% Loan of 1928
Provisional
but both proportions increased
accounts
Government
of
the
United
States
of
Brazil, funds have been deposited with them sufficient to
pay on or after July 2, 25% of the face amount of the July 1,
1936 coupons of the above loans.
Acceptance of this pay¬
ment is optional, the agents said, but if accepted
by bond¬
holders it is to be in full payment of the respective coupons.
tered
Rule
Under
Holding
Utility Act—Permits Regis¬
Companies
to
Acquire
Larger
Amount of Securities of Subsidiaries
The Securities and Exchange Commission announced on
June 30 an amendment to its Rule 9C-3 under the Public
Utility Holding Company Act of 1935 regarding acquisitions
by registered holding companies and their sub¬
sidiaries.
The rule, as previously in effect, permitted such
companies to acquire securities of their majority-owned
subsidiaries without obtaining approval of the Commission,
if such acquisitions did not in any one year total more than
1 % of the consolidated assets of the
acquiring company and
its majority-owned subsidiaries and parents.
The amend¬
ment, which raises this limit to 234%> became effective On
of securities
„
June 29.
At the same time,
curities
This last shows that sales of
and decreases in total debits.
or
se¬
deposists of additional cash by owners of the old accounts more
than offset borrowings on new accounts.
The
margin
55%
accounts
are
not
to
which
must
be maintained under
become restricted
corresponds to
margin securities
amounting to
with
and higher of debit balance
value
250%
222%
stricted while those between 222%
a
Reserve rules if
market value of
of the debit balance.
Accounts
considered fully unre¬
are
and 250%
are
considered borderline.
Those below 222% of course are restricted.
Stating that following the publication, of the analysis
re¬
ports were current in Wall Street that the Governors of the
Federal Reserve System would ease its margin
of
SEC Amends
of restricted accounts,
and declined similarly.
however, both months were marked by increases in the number of margin
S^asfer & Co. and J. Henry Schroder Banking Corp., as
special agents for the State of San Paulo 25-year 8% loan
of 1925 and 40-year 6% loan of 1928, announced July 1
that, pursuant to the terms of Decree No. 23829 of the Chief
of
all three dates was much larger than the proportion
requirement
55%, the New York "Times" of July 3 added:
The Board will fix margins, it was said, was 50%, the ratio that brokers
sought when urging the Board to replace its former "threeprong" formula
with the present flat percentage of margins.
Although the Reserve authorities have given
in their
are in
among
naire
at the
It
instigation of the Board, that
12 of the largest brokerage firms
on
indication of any change
Commission, whose duty is to advise the Board,
favor of a reduction in requirements.
and not
no
regulations, it is understood in Wall Street that experts of the
Securities and Exchange
a
was on
the
daily and
a
its
own
initiative,
SEC recently started
semi-weekly question¬
the percentage pf customers' restricted accounts.
The data
on
the status of accounts at the end of March,
April and May
collected by the Exchange will be support d by the SEC as
justifying a
lowering of the margin rate, brokers believe.
that at the end of May about
The Exchange survey showed
45% of the customers' accounts and the
value of securities in them were in the restricted
Restricted accounts
accounts those
are
or
borderline classifications.
those having less than 55% margin and
having 55 to 60% margin.
borderline
Financial
32
Members of the Exchange pointed to the great
of "free"
under the
accounts
under the
those
old 30%
amounted
difference in the number
margin rule of the Exchange and
Reserve Board regulations.
of the 205,884 accounts of 420 member
At the end of May,
Under the
firms were restricted.
to
$393,480,132, while
31
Dec.
on
totaled
they
plus and partners' balances increased to $23,232,854 June
entirely.
30
$22,863,778 March 4 and $22,312,991 Dec. 31.
from
From Washington July 2
July 4,
$472,756,877.
The June 30 deposits are made up of $455,000,542 of demand and $21,140,801 of time deposits. Capital
of the two firms remained unchanged at $25,000,000; sur¬
65,812
Exchange's rule, only 2,303 accounts would have been "frozen" or wiped
out
Chronicle
advices to the "Times" said in
part:
Members
of
the
Board
of
withheld comment today as
Federal
of the
Governors
Reserve
Amendments
System
Regulations T and U by the Board
to
cation
tionnaries
Requirements
Lot Dealers
status of
It
was
the
Exchange sent
member firms to
determine the
/
margin accounts.
indicated that,
to
<
before the Board gave detailed study to the sum¬
Division of Security Loans, and a memorandum submitted.
Officials
of
the
Securities
no
formal
member of the Commission had any comment to make.
on New York Stock Ex¬
$988,543,241 June 30—Rep¬
resents
Increase of $18,545,402 Over May 29 and
$179,953,943 Over Year Ago
change
Reported
Loans
at
Following a decrease of $93,952,897 during May, outstand¬
ing brokers' loans on the New York Stock Exchange in¬
creased $18,545,402 during June to $988,543,241 at the end
of the month, which figure also represents a gain of $179,953,943 when compared with June 30, 1935.
The loans
outstanding on May 29 were $969,997,839, while a year ago
they amounted to $808,589,298.
The Exchange's report for June 30, issued yesterday
(July 3) shows that demand loans rose to $581,490,326 from
$559,186,924 May 29, while time loans dropped to $407,052,915 from $410,810,915.
On June 30, 1935 the demand"
loans were outstanding in amount of $474,390,298 and the
time loans in amount of $334,199,000.
The following is the report of the
the paper
of
collateral
on
$548,455,897
Washington bureau of the New York
had to do with
the
Advices from
existing regulations controlling the extension of credit on
exchange securities to the end of easing requirements on
odd-lot dealers, arbitrage transactions, transferring loans
between banks
and between borrowers and on special
correspondent brokers, continued in part:
it
was
explained, have no relation to the general
extent only represent a
banking systems and to that
,>3,034,429
„
895,000
$407,052,915
$988,543,241
1.
The amendments become effective on July
Combined total of time and demand borrowings
The scope of the above compilation is exactly the same as
furnish
a
actions in securities, if they are
Apr.
30
$276,107,000
31
294,013,000
341,667,000
334,982,000
329,082.000
299,899,000
831,529,447
Oct.
31
280,542,000
827.033.416
Nov. 30
273,373.000
831,115,348
Dec.
263.962.869
such member's transactions as an odd-lot
880.263.155
31
to which he is
dealer."
31
249,062.000
transferring
28
242,544,500
815,858.439
Mar. 30
220.124.500
773.123.266
Apr.
30
294,644,900
-
808,589,298
768.934,748
349,335.300
Aug. 31
372.553,800
772,031,468
Sept. 30
418,266,300
781.221,869
Oct.
31
456.612.100
792.421,569
Nov. 30
439.457.000
391,183,500
938,441.652
Under the change, bank loans,
with the new bank taking up
31
Jan.
31
Feb.
29
324,504,713
292,695,852
924,704,335
Mar. 31
243,792,915
Apr. 30
375,107,915
996,894,018
1,063,950,736
...
631,624.692
924.320,544
May 29
410.810.915
relating to net withdrawa
and
407,052,915
May 29
was
given in
our
Drexel
Co.
&
as
of
June
P.
Morgan &
30—Resources
Co. and
at
$641,-
073,954 Higher than Figures for Dec. 31 and March
^
An increase in total resources of J. P. Morgan & Co., New
York and Drexel & Co., Philadelphia, as of June 30, is shown
in the joint statement of condition of the two firms for that
date,
issued
July
2, which
$541,073,954, as
against $458,117,133 March 4, 1936 and $537,943,911 Dec. 31,
1935, the dates of the two previous statements. The earlier
reports, viz: March 4 and Dec. 31, were referred to, respec¬
tively, in our issues of March 21, page 1907, and Jan. 4,
page
In
lists assets
Amendment No. 8
hand
and
deposit in banks is shown at $100,564,333, compared with
$56,500,918 and $105,581,282, respectively, March 4 and Dec.
31.
Holdings of United States Government securities as of
on
June
30
March
4
holdings
were
money
securities
or
combination
with
were
and
reported at $324,631,496, against $279,059,715
$317,406,918 at tlie end of December, while
(June 30)
of State and municipal bonds and bills
shown to be $19,162,674, in comparison with $27,885,-
163 and $25,330,933 at the earlier dates.
Total deposits on June 30 of
$476,141,343
figures of the two previous dates.
not result in any
were
abovd tlie
any
other member,
a
2
thereof two
"(j)
regulation, the
withdrawal, in
made on the same day and
for additional margin in connection therewith, does
transactions
other
increase of the excess of the adjusted debit balance
new
of the
of the securities in the account."
V—Effective July 1, 1936.
Regulation U is hereby amended by adding
at the end
subsections reading as follows:
Any loan to
purpose
in
of
adding
broker, or dealer to withdraw
special account if such
Amendment No. 1 of Regulation
Section
1, 1936
provisions of Section 4 of this
any
account over the maximum loan value
a
member of
of financing his
or
a
national securities exchange for the
his customers' bona fide arbitrage transactions
securities;
pose
of financing
a
member of a national securities exchange for the pur¬
such
member's
transactions
as
an
odd-lot
dealer
in
securities with respect to which he is registered on such national securities
exchange as an odd-lot dealer."
Amendment No. 2 of
Subsection
as
%
Regulation U—Effective July 1, 1936
(e) of Section 3 of Regulation U is hereby amended to read
follows:
"(e)
A bank
may
permit the transfer
accept the transfer of a loan from another bank, or
of
a
loan
between borrowers, without following the
requirements of this regulation as to the making of a loan, provided the
loan is not increased and the collateral
such
On March 4 the deposits
of the account over
of Regulation T is hereby amended by
from such
together with demands
(k) Any loan to
on
do not result in any increase
paragraph reading as follows:
creditor may permit such
at
statement—for June 30—cash
withdrawal
of the
the maximum loan
The restriction is that the
of Re&plation T—Effective July
Subsection (b) of section 3
33.
the latest
or
The text of the amendments follows:
"Notwithstanding
of J.
...
correspondent broker
withdrawals of collateral which do not
value of the security.
at the end thereof a new
Current Joint Statement
Board's regulations.
the same day
on
transferred
give withdrawals and
the fourth change, is a liberalizing move
of the adjusted debit balance
excess
issue of June 6,
3769.
page
accordance with the strict
from special accounts of a
permitting substitutions
988,54^,241
The report for
s
increase the account's deficiency.
969.997,839
30
June
Before the
made before May 1,
credit requirements, it could
made before May 1, may be
The third amendment, involving
-
and the transactions
1936—
bank
the loan permitted to
substitutions without regard to the
846.113.137
Dec.
of the
date
permit withdrawals and substitutions only in
792,541,031
July 31
effective
the requirements on
and between borrowers.
banks
rules of the Federal Reserve Board.
804.565,448
320.871,000
334,199,000
May 31
odd-lot
Transfers Eased
bank transferred a security loan,
a
the
was
between
loan
a
amendment, if
824,958.161
Feb.
registered on such national securities exchange as an
...
Loan
which
Jan.
dealer in securities with respect
The second amendment and the third change eases
1935—
rules "any loan
of financing
exchange for the purpose
to a member of a national securities
874.207,876
Sept. 29
This frees from the bank margin
the second exemption.
923.055.826
July
arbitrage trans¬
...
Important to members of national securities exchanges, who are registered
odd-lot dealers in respect to the securities in which they are registered, is
1.016,386,689
1,082,240,126
31
Aug. 31
"bona fide."
k
$1,088,226,359
May
June 30
exemption
member of the exchange for
Odd-Lot Rule Important
in the loan
Total Loan
Time Loans
June 30
.
of financing either his own or his customers'
the purpose
$58,513,400
two-year compilation of the figures:
Demand Loans
.
which project four changes, include
The three amendments,
report issued by the Exchange a month ago.
we
.
or
Total face amount of "Government securities" pledged as Collateral
for the borrowings included in items (1) and (2) above
Below
lightening of
Indicated
from the margin requirements bank loans to a
1934—
question of
lowering margin requirements,
or
Further Study
private
from
others in the City of New York..
would be
:!
$406,157,915
*581,490,326
borrowings
looked forward to4as
indication of the return of
an
requirements.
____
bankers, brokers, foreign bank agencies
as
"Herald Tribune" noted that the amendments
and
Time
Net borrowings on collateral from New York
_
"street"
the
a matter which is under con¬
of the claim of exchanges that the
increase in the requirements to 55% has decreased trading volume.
Rather,
the alterations relate to particular perplexing problems within the brokerage
The detailed tabulation follows:
trust companies
that
the country
troversy in financial centers because
30, 1936, aggregated $988,543,241.
or
requirements
marginal
prosperity.
raising
contracted for and carried in New York, as of the close of business, June
banks
.
far from accomplishing the liberaliza¬
are
coming in advance of the elections to make a good market that
interpreted throughout
The changes,
New York Stock Exchange member total net borrowings on collateral,
(2).-Net
indicated, said:
These amendments, however,
tion
accounts of
Stock Exchange for
Demand
made
week ago (page 4264) reference was
to
Exchange and others interested the Washington account to
June 30:
(1)
a
Regulation U made by the Board of
Governors of the Federal Reserve System.
It has since been
announced that the Board's Regulation T was amended at
the same time, these amendments it is pointed out by the
Washington correspondent of the New York "Journal of
Commerce"
dealing
with
highly
technical
provisions.
Stating that the three amendments were adopted by the
Board of Governors following discussions with officials of
the New York Federal Reserve Bank, New York Stock
presentation of the summary had been made to that agency and that no
Outstanding Brokers'
issue of
our
amendments
to
""X
Commission said
Exchange
and
In
Chief of the
the summary would be reviewed by Carl E. Parry,
mary,
Margin
Governing
Transactions—Odd
Arbitrage
on
System—Modifi¬
Reserve
Provisions
Technical
of
prepared by the New York Stock Exchange of the data contained in queswhich
Federal
of
Governors
of
to their ieaction in regard to the summary
transfer,
collateral
as
a
the
for the loan is not changed; and, after
bank may permit such withdrawals and substitutions of
bank might
maker of the loan or had
have permitted if it had been the original
originally made $he loan to the
new
borrower."
cS*
Volume
Financial
143
Outlook for
Recovery Viewed by Guaranty Trust Co.
as
Dependent on Outcome-of Suits
Against TVA and Public Utilities Act—Holds Re¬
New
of
versal
York
of
Situation
policy at present
clearly to the detriment of business recovery
is working so
in the electric power industry, states the Guaranty Trust
of New York in "The Guaranty Survey," its monthly
as
of
business and
financial
in
conditions
the United
States and abroad, published June 29.
"A reversal of this
policy in several vital respects would release a constructive
force of
tremendous
prosperity,"
and
Tennessee
confronting the
interference
by the suit
recently
Valley
to restore
has
by 19
as
result of
a
been
more
enjoin
to
area
industry
once
instituted
brought
the
in
The
If
the
of
in
the
Authority
outlook
of
Holding
from
of
electric
whereas
total
depends
the
on
the
in
utilities
the
is
utility
the
and
demand
industry,
permission of the Open Market Committee nor to refrain from purchases or
sales ordered
stand
that
the
by
of
policy
by the
already
have much
to
more
ready to provide
may
that
expendi¬
financed
were
of
earnings,
four-fifths of the
about
earnings.
.
.
is only
.
part
one
in
appear
plants,
facilities
new
the future.
therefore,
The
is
to
the
the
under
Act, like the
threat
not
industry
of
industry
to
terms
face
and
as
the
a
whole.
as
Tennessee
government competition is the
of
the
Public
attack
serious
Utility Holding
in
the courts
some
problems
of
in
the
maintenance
whole.
a
of
financing
sound
a
The threat that
Company Act.
and
they
uncon¬
companies
future
expansion.
of
that
risk
be
for
the
has been
away
an
important factor in impairing the investment position of
utility securi¬
ties and, as long as it
continues, will interfere with the efforts of the
industry to raise new capital.
Under
conditions
for
like
construction
level
of
industry
1935.
these,
to
so
is
not
year
that
shows
the
industry's
increase
no
than
summarized
immediately
as
essential
follows in
Willkie, President of the Commonwealth
£he utility industry knew today that it could
capital
December, 1935,
&
Southern
Corp.:
reach a reasonable compromis
Wheeler-Rayburn bill
could be repealed and the sane regulation of the
industry established and the in¬
vasion and duplication of its systems
directly and indirectly by its own Government
could be removed, it could double its
capital expenditures tomorrow.
It could
begin a program which woud put thousands of men in this
country back to work
largely in the manufacture of durable goods and construction
work, where all
economists agree lies the necessity for
activity in order to produce the return of
economic prosperity."
Redistribution
Federal
the
of
Government
Reserve
allocated
Them
Securities
Held
by
System
Earnings Needs
Re¬
Banks—Governor
Basis of
on
of
into
the
made, all holdings of the first category"
Reserve banks
shown, these changes, it is pointed out
by the Board of Governors of the Federal Reserve System,
are
resulting from the transfer of all Government securities
previously held in the separate investment accounts of these
banks to the System
Open Market Account and the re¬
allocation of participations in this account
among the
Federal Reserve banks.
^
Government
It is added that the total holdings
securities
of
the
remain practically unchanged.
that those banks that had shown
Federal
no
Having
Reserve banks so as to provide
need for greater earnings should have a
a
In carrying out this redistribution, the amount
of Government securities
Bank of New York was reduced about
Reserve
$59,000,000, the Chicago Reserve bank's share
the Atlanta Reserve bank's share
was
To all the other banks were
allocated larger participations than formerly, the
their
holdings
Cleveland,
being:
Richmond,
$18,000,000;
$11,000,000;
$34,000,000;
Louis,
St.
$11,000,000;
City,
Kansas
approximate increases in
Philadelphia,
vl,000,000;
Boston,
cut about $32,000,000;
was
reduced $2,000,000, and the Dallas
Reserve bank's proportion, almost $1,500,000.
$7,000,000;
and San Francisco,
$6,000,000,
$13,000,000.
The
move
construed
was
the recent changes in
bankers
by
here
logical outgrowth of
a
as
Federal Reserve organization which have given to the
open-market
Open Market Committee complete control over Reserve Bank
operations.
action
felt that the change
was
the
on
reserves,
It
open-market
Reserve
of the
part
although, from
measures
a
did not presage necessarily any
bank
authorities to reduce member
mechanical standpoint, it might facilitate future
in dealing with reserves.
the
reserve
conditions in
ratios
of
Federal
Reserve
Federal
Reserve
Federal
Reserve
Districts
banks
Tendered
Offering
to
Of $154,933,000 received to the offering of $50,000,000, or
thereabouts of 273-day Treasury bills, dated July 1, 1936
and maturing March 31, 1937, Secretary of the Treasury
Morgenthau announced June 29 that $50,015,000 was
accepted, at an average rate of 0.191%.
The offering was
announced on June 25 by Secretary Morgenthau as noted, in
our issue of June 27,
page 4274, and the tenders were received
Except for
Standard Time, June 29.
In his
Secretary Morgenthau stated:
a
rate of about
a
rate of about 0.183% per annum, to
0.202%
per annum, on a
do
because
price of Treasury bills to be issued is 99.855 and the
is about
0.191%
per annum on a
of the sevesl
Federal
banks are eliminated from the weekly statement of condition.
not
most
Open
Reserve
The ratio of
total reserves to Federal Reserve note and deposit liabilities will continue
be shown in the consolidated statement of assets and liabilities of all
of the Federal Reserve banks combined.
This redistribution of
a
holdings of Government securities
special "System Account," and to reallocate
rate
Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills^—To Be Dated July 8, 1936
Announcement of
a new offering of 273-day Treasury bills
$50,000,000, or thereabouts, was made on
July 2 by Henry Morgenthau Jr., Secretary of the Treasury.
The bills, which will be sold on a discount basis to the highest
bidders, will be dated July 8, 1936, and will mature on
April 7, 1937.
On the maturity date the face amount of
the bills will be payable without interest.
An issue of similar
securities in amount of $50,025,000 will mature on July 8.
Tenders to the new offering will be received at thfc Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, July 6.
The bids, how¬
ever, will not be received at the Treasury Department, Wash¬
ington.
The following is from Secretary Morgenthau's an¬
nouncement of July 2:
to the amount of
denominations
of
$1,000,
$10,000,
(maturity value).
No tender for
the basis of
on
100, with not
more
on
the
$1,000,000
/
•
less than
amount
and
$100,000, $500,000,
.
an
tender must be in multiples of $1,000.
$1,000 will be
Each
considered.
The price offered must be expressed
than three decimal places,
e. g.,
99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust
companies
securities.
vestment
deposit of 10%
the
tenders
and from responsible
Tenders
from
others
and recognized dealers in in¬
must
be
accompanied
are
accompanied
or
by
an
express
guaranty of payment
Immediately after the closing hour for receipt of tenders
the
ceptable prices will follow
Federal Reserve
banks
or
on
July 6, 1936,
branches thereof up
as soon as
possible
or
all tenders
or parts
thereafter,
probably on
Treasury expressly
reserves
submitting tenders will be advised of the acceptance
Payment at the
gain from the sale
all
or
rejection
other immediately avail¬
or
and interest, and any
other disposition thereof will also be exempt, from
taxation, except estate
and inheritance
taxes.
Treasury Decision 4550, ruling that Treasury bills
the gift tax.)
or
July 8, 1936.
The Treasury bills will be exempt, as to principal
to
the
final.
price offered for Treasury bills allotted must
be made at the Federal Reserve banks in cash
on
ac¬
the
of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be
Those
by an
closing hour will be opened and public announcement of the
thereof.
a
trust company.
all tenders received at the
to
by
of the face amount of Treasury bills applied for, unless
incorporated bank
able funds
\
within the Reserve System is referred to in the New York
"Times" of July 3, as designed to concentrate all such invest¬
ments in
The
average
bank discount basis,
right to reject any
at the direction of the Federal
ratios
99.847, equival¬
bank discount basis.
average
New
announce¬
bid of $15,000, the accepted bids ranged in price from
one
99.861, equivalent to
ent to
following morning. The Secretary of the
open market
thereof up to
at the Federal Reserve banks and the branches
2 p.m., Eastern
ment of June 29
securities bought in the
Market Committee, the individual
$50,000,000 of
July
1,
1936—
Rate of 0.191%
of
273-Day
Treasury
Bills
Dated
$50,015,000 Accepted at Average
banks
The Governors also state:
individual
the several
$154,933,000
of the earning assets of the Federal Reserve banks consist of Government
to
henceforth
and
System account
Government issues for its own account.
xhey (the bills) will be issued in bearer form only, and in amounts or
weekly
statement of condition of the Federal
Reserve banks for the week ended
July 2, changes in the
holdings of Government securities of the individual Federal
reflect
turned
pooled all the investments in Government securities, the Reserve authorities
above
uncertainties, but the companies them¬
other
was
surprising
this
with the Administration by which the death
sentence of the
Since
been
reallocated the participations of the various
do investors hesitate to place their funds
many
make
The situation
by Wendell L.
it
expenditures
Not only
subject to
reluctant
are
expenditures.
of
have
of plant
structure
swept
The
is essential
the financing
financial
may
This
be held
may
the operating utility
holding companies, by providing the diversification
high investment rating, have greatly facilitated
In
No Individual Holding
In the change that has just been
competition from
to
Holding Companies
But, if it is upheld,
expansion
of
confined
to
an
Participations in the System account, consisting of Government
bought in carrying out open-market operations to effect the
monetary policies of the System.
supply any additional
public
TVA, is under
stitutional.
likely
to
utility holding companies, which have played
in financing the expansion of the industry, may face destruc¬
vital part
selves
A
2.
.
development that contemplates
power
Hardly lees important than the threat
possibility
in
Securities held by a Reserve Bank for its own account, which had been
to time in conformity with the bank's needs for earning
Minneapolis,
changed.
be remembered,
must
for
Utility
have
1933
reinvestment
reinvested
the
on
undertaken
1923-30,
for example,
consist
but affects the outlook for the
area
budget
1.
bought from time
StSSGtS
well
operation of generating plants and transmission
of the country in competition with existing private
These companies are adequately supplying the present
generating
the low
by that committee.
Hitherto, Federal Reserve Bank holdings of Government securities have
been of two kinds:
largest surpluses should have their earning assets reduced.
Public
total construction
period,
as
Government securities without the
any
in
governmental
of
are
Washing¬
operations
open-market
various
and
Threat
are
policies
Bank
Reserve
larger share in the System's holdings and those banks that had shown the
as
measure
the
of
threaten
one-fourth
program
and
regulation
and
eigh-year
only
labor.
increase
industries,
small
no
course
and
these
Valley project, it
governmental
companies.
public
tion
further adjustment to the centralization in
Federal
various parts
demand
Valley
a
over
allocated to the Federal
Securities Act
industry
estimated to
reconstruction
in
in
the
in
for
the
and
marked
those
TVA
future
the
unless
and
automobile
Tennessee
vast
a
lines
a
industry
a
in
in
the
competition
and1 in
future
issues
investment
The
the
and
on
the
securiy
new
of
expansion
The
factor
demand
stimulated.
pending against
effect
in
experience
employment
would be
these Acts
effects
equipment
would
and
the
in
industry
power
important
an
and
is estimated that about three-fourths of the
tures
by
this
now
industry.
in
adverse
serious
It
for
Company Act,
the
an
electrical
products,
suits
government
had
the
industries
electric
the
in
constitute
turn,
goods
building trades,
outcome
toward
in
expenditures
industries
their
for
The
would,
durable
material
demand
capital
of
industry,
copper
building
as
it
occur,
revival
The
reflected
control
Reserve Bank will hold
resumption
a
move
of
banks is permitted to buy or sell
the
further operation.
should
this
in
In part the "Times"
provided for in the Banking Act of 1935, under which none of the Reserve
public attention
companies
Valley
Tennessee
participation
Reserve banks..
government com¬
to
utility
operating
the
requirements
securities
the "Survey," which adds:
says
The situation
petition
the struggle
magnitude in
earnings
also said:
Co.
review
of
33
account of individual
ton
few directions in which public
are
basis
Government
Growing Out of
Inteference Would Aid In Restoring Prosperity
There
Chronicle
No loss from the sale
or
other
(Attention is invited
are
not exempt from
disposition of the Treasury
34
Financial
bills shall be allowed
poses
of
as
any tax now or
deduction,
a
or
otherwise recognized, for the
hereafter imposed by the United States
Chronicle
or any
July 4, 1936
RECEIPTS OF
pur¬
GOLD
THE
BY
MINTS AND ASSAY OFFICES
of
Treasury Department
Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Philadelphia
New York
$55,271,700.00
299,293.90
59,510.32
San Francisco
Denver
.___
New Orleans
It
by the Treasury on June 29 that
$337,267.55 of gold coin and certificates was received by the
Federal Reserve banks and the Treasurer's office during the
week ended June 24, under the Order of Dec. 28, 1933,
requiring all gold to be returned to the Treasury. Since the
Order was issued and up to June 24 receipts have totaled
$143,352,598.46.
Of the amount received during the week
ended June 24, the Treasury revealed, $14,047.55 was gold
coin and $323,220 gold certificates.
The following is the
data made available June 29 by the Treasury:
GOLD
RECEIVED
AND
BY
THE
FEDERAL RESERVE
TREASURER'S
BANKS
OFFICE
(Under Secretary's Order of Dec. 28, 1933)
.
v
Gold Coin
Received by Federal Reserve banks:
Week ended June 24
Gold Certificates
$14,047.55
31,601,324.91
268,256.00
—
$108,999,650.00
$2,500.00
2,466,820.00
$268,256.00
Total to June 24
$320,720.00
108,678,930.00
$31,615,372.46
Received previously
$2,469,320.00
Received by Treasurer's Office:
Week ended June 24
Received previously
!
L_
Total to June 24
Note—Gold bars deposited with the New York Assay Office in the
$200,572.69 previously reported.
Previous reference
to
the
amount of
receipts of hoarded gold
was
issue of June 27, page 4265.
our
+
Silver Transferred to United States Under Nationaliza¬
tion Order During Week Ended June 26 Amounted
to
1,544.38 Fine Ounces
Announcement
June 29 of
was
made
the transfer of
the United States
Treasury said
by the Treasury Department
1,544.38 fine
ounces
of
on
silver to
9, 1934, nationalizing the metal.
that 112,967,728.94 fine
of the
ounces
metal have been transferred since the issuance of the Order
of
Aug. 9, which
given in
was
our
issue of Aug. 11, 1934,
858.
page
12,411.03
Total for week ended June 26, 1936
"4 7 l,53l" 85
$70,497.01
$55,630,911.45
$3,382,894.46
From the
Secretary of the Treasury Morgenthau Says Government Revenues and National Income Are Rising,
While Expenditures Are Decreasing—Reports Def¬
.,
icit of
Treasury's announcement of June 29 the follow¬
$4,400,000,000 for 1936 Fiscal Year
National
income and Federal revenues are steadily in¬
creasing, while Government expenditures, aside from pay¬
ment of the soldiers' bonus, are declining, Secretary of the
Treasury Morgenthau said in a radio address on July 1.
Mr. Morgenthau prepared his speech in the form of a report
from the head of a private corporation to his stockholders.
He stressed the importance of low interest rates as the result
of Government financing operations, and said that as a
result taxpayers are currently saved $260,000,000 annually.
The Secretary said that two factors operated to invalidate
Treasury estimates for the fiscal year ended June 30: pay¬
ment of the bonus, estimated at about $1,700,000,000, and
the Supreme Court decision against the constitutionality of
the Agricultural Adjustment Administration processing taxes.
Elimination of those levies, he said, meant a loss to the
Government of almost $500,000,000 during the 1936 fiscal
year.
Mr.
\,j
Morgenthau reported that actual Treasury receipts
during the year approximated $4,116,000,000, or $316,000,000 more than Treasury receipts during the preceding
fiscal year, despite the loss of $444,000,000 through the
elimination of processing taxes.
Revenue from other sources,
he pointed out, increased $760,000,000, a gain of 23%, "due
in large part to improvement in business and agricultural
conditions."
bonus
The net deficit, he said, was
amounted
it
but
during the week ended June 26, under the
Executive Order of Aug.
The
407.23
Seattle
announced
was
made in
$227,300.00
2,110,299.24
573,763.37
$19,105.58
20,957.63
18,022.77
■'
$337,268 of Hoarded Gold Received During Week Ended
June 24—$14,048 Coin and $323,220 Certificates
New Domestic
Secondary
Imports
its possessions.
$4,400,000,000,
the veterans
only $2,700,000,000 if
to
left out of consideration.
was
Figures quoted by Mr. Morgenthau in his address included
receipts of June 30, the final day of the fiscal year, based on
computations from preliminary reports. Under date of July 2
the Treasury Department announced its final figures for
the 1935-36 fiscal year, showing receipts of $4,115,956,615
against $3,800,467,202 a year ago. Total expenditures in
1935-36, including the bonus bond disbursements, were
$8,879,798,258, against $7,375,825,166 a year ago.
Secretary Morgenthau's address of July 1 follows:
1936, which
Last night the Treasury closed its books for the fiscal year
ing is taken:
includes the
Silver
Transferred to
United
States
Week Ended June 26, 1936—
operating during this period on
a
The Gov¬
1936.
financial program laid
down in the early months of 1935.
Fine Ounces
Philadelphia
1935 to June 30,
July 1,
months from
has been
ernment
(Under Executive Proclamation of Aug. 9, 1934)
12
The stockholders of
a
the
business enterprise are interested in having at
_
New York.
San Francisco
"l,138~38
I
__
406.00
Denver
close of each business
The Government of the United States
the year's operations.-
on
is your business.
Seattle
accounting made to them by the financial
an
It is customary to furnish them with facts and
officers of the company.
figures
New Orleans
year
You
are
its stockholders.
Tonight I am going to report to you on the finances of the Government
Total for week ended June
26,1936
l 544 38
Total receipts through June 26, 1936
In the
made
to
"Chronicle" of June 27, page 4265, reference
the
silver
transferred
for the year just ended and give
112,967*,728.94
___,
was
during the previous week
ended June 19.
The
who
man
is
what receipts he can
Newly-Mined
Silver
by Mints and Assay
Treasury Purchases Totaled 944,887.13 Fine Ounces During Week Ended June 26
During the week ended June 26
ounces
of silver
were
turned
a
total of 944,887.13 fine
by the Treasury Depart¬
ment to the various mints and
assay offices, it is learned from
a statement issued June
29 by the Treasury.
The silver
was
purchased by the : Treasury in accordance with the
newly-mined silver? annually.
was
The
Reference to the proclamation
1933, page 4441.
made in the "Chronicle" of Dec. 31,
Treasury's statement of June 29 follows:
(Under Executive Proclamation of Dec. 21, 1933)
_
Week Ended June 26,
and
as
Fine Ounces
,
Denver
410,-354.79
525,407.04
9,125.30
Total for week ended June 26, 1936..
Total receipts through June 26, 1936-
You and
if
our revenues
A total of
$59,084,302.92 of gold was received during the
by the various mints and assay offices,
the Treasury announced on June 29.
It said that $55,630,-
week ended June 26
911.45
of
this
amount
was
imported
$70,497.01
secondary and $3,382,894.46 new domestic.
The gold, the
Treasury made known, was received as follows by the various
mints and assay offices during the week ended June 26:
gold,
At that time, nearly two years
would total just under four billion dollars
to almost
On this basis we would have shown a net deficit
I cannot
our
may
always tell when we make our business plans what
have his calculations upset by a disastrous flood.
' His expenditures
be reduced.
The
business of the
the
changed the budget outlook.
down
revenues were cut
loss
as a
the
Treasury,
in
original terms
1936
was
of the
an
This
billion dollars.
a
Act. of Congress
veterans' adjusted service
cer¬
certificates which, under
due until 1945, the expenditure program for
were not
what the results
actual receipts
ended last
than
increased by
increased by $1,700,000,000.
us see
The
payment
1936, of nearly half
were
To provide for the payment of these
their
Let
First, the pros¬
result of the decision of the Supreme
Agricultural Adjustment Act was unconstitutional.
to
directing the immediate
tificates.
'
also is subject to unforeseen and ex¬
Government
when two events completely
a
reduce
flood area
His income may
be increased.
may
a
Scarcely had the present Congress met last January
traordinary events.
pective
for
.
,
The manufacturer whose plant is situated in
revenues.
were.
coming in to the
night aggregated
in
came
during
the
Treasury during the
$4,116,000,000.
1935,
fiscal year
other sources increased
$760,000,000,
Our revenues
cellaneous
come
internal
year
which
This is $316,000,000
a
But revenue
gain of 23%, due in large
agricultural conditions.
mainly from two sources—income taxes and
Of the
revenue.
more
notwithstanding the loss of
$444,000,000 through the elimination of processing taxes.
part to improvement in business and
Receipts by Mints and Assay Offices During Week
June 26—Imports Totaled $55,630,911
fiscal year which
unforeseen and extraordinary events may increase our expenses or
from
Ended
a
Thus, nearly two years
the year of almost four billion dollars.
944,887.13
receipts of newly-mined silver during the week ended
June 19 were noted in these columns of June 27, page 4265.
Gold
as
eight billion dollars.
88,941,*204.14
The
will be and
expenditures, excluding debt retirement, would amount
Second, prospective expenditures
amended
1936—
San Francisco.
our
Court that
Philadelphia
business enterprise
in the fall of 1934, estimates were prepared for the fiscal year which
it looked
ago,
meant
Receipts of Silver by the Mints and Ass(iy Offices
and expenditures for
six months later.
began last July, and which ended last night.
over
President's proclamation of Dec. 21, 1933, which authorized
the Department to absorb at least
24,421,410 fine ounces of
a
Government under the law has
But the
to estimate each fall its receipts
from
conduct of
He then plans the year's activities
reasonably expect.
the basis of these estimates.
on
ago,
of
Offices
the
estimates just before the new year begins what the expenses
will not begin until more than
Receipts
the results.
you
responsible for
mis¬
income taxes corporation and indi¬
vidual income taxes amounted to nearly $1,500,000,000 for the year that just
closed—an increase
in
over
We
Three
spent
and
a
during the
half billion
Approximately
excess
over
1935 of 30%.
The miscellaneous taxes brought
$2,000,000,000—an increase of 20%.
was
Customs receipts
rose
12%.
$8,500,000,000, excluding debt retirement.
year
for ordinary operation of the
$3,300,000,000
was
for
recovery
and
of expenditures over receipts was $4,400,000,000.
of consideration the payment to veterans
Government.
relief.
The
net
But leaving out
of $1,700,000,000, the excess of
Volume
expenditures
As
Financial
143
oyer
receipts for the fiscal year just ended is
nearly $600,000,000; interest on the public debt another $750,-
to veterans
Our country will need many other young men as
Is it
How
expenditures of $3,300,000,000
the recovery and relief
were
divided!?
addition
provided
we
of smaller
Aid to home owners
$500,000,000 for Civilian Conservation Corps camps.
important facts stand
Federal
took
more
On the
out.
On the other is
revenue.-
and nearly
of them of permanent value,
aside
$8,500,000,000 during the
We want you to know where the Treasury
got this money.
We had $1,800,000,000 cash in our General Fund at
the beginning of the year.
Our revenue receipts were just over $4,000,000,000.
The other $2,500,000,000 that we spent had to be borrowed.
As a matter of fact, we borrowed more than $5,000,000,000 net, but we
have $2,700,000,000 left in our cash balance to meet the expenditures of
coming months, including the redemption of the veterans' bonds.
The business man takes inventory at the end of his business year.
Let
us do likewise.
We have a gross public debt of $33,750,000,000.
What
As I have shown you, your government spent
which ended last night.
have
in
we
inventory
our
does the business man, include
ings,
our
We do not, as
offsets against this amount?
as
Our public build¬
additions to our plant.
other public works projects, and our land acquisitions are
treated
outright expenditures and, while they are truly assets of the Govern¬
as
ment, they are not included in
The first of
we
have
in
cash
our
cash
our
It is
asset.
will ultimately be used to retire
In addition
General
the
on
total
than
more
Stabilization Fund,
be available
to
outstanding development in connection with the
morning and every night can lift up their eyes to
"
Antaeus, who
time he touched his mother earth, arose with strength
every
and
Mother
.
There is merit for all of us in the ancient tale of the giant
renewed a
hundred fold.
together with its many sisters which are coming to
This park, therefore,
completion in every part of our land, is in the largest sense a
servation.
work of con¬
of them we are preserving the beauty and the
all
Through
mountains and the plains and the trees and the
wealth of the hills, and the
Through all of them we are maintaining useful work for our young
streams.
Through all of them we are enriching the character and the
of
happiness
people.
our
to
pass
nation.
succeeding
recreation and for the re-creation which
to our children a richer land—a stronger
on
shall find here.
Government's fi¬
of
rate
interest
years
nearly
List
reduced the
reduction
This
one-fourth.
The Government has led the way in
individual business
Government
of his
in
has
man
reducing his
business corporations registered
mission
more
debtedness.
than
interest charges and in
own
refunding the
of securities for
ordered that
The approximate
average
more
than $30,000,000,000 a year
in in¬
•
have
us
vital interest in the fiscal affairs of
a
our
»
Government.
We may derive real encouragement and satisfaction from these facts: Na¬
tional income is rising; as a result Federal revenue is increasing; Federal
expenditures
are
the decline, and the Nation's business is
on
continuing to
made
was
reciprocal trade agreements be with¬
because of discrimination against
Australia
drawn
from
United
reduction in the gross rate of interest
was 1K %, which would mean
charges.
All of
on
duties resulting from
the refunding of in¬
paid by these private business corporations
saving to these corporations of
Secretary of the Treas¬
public on June 29,
Aug. 1 the benefit of lower American tariff
which
Morgenthau,
ury
with the Securities and Exchange Com¬
$2,500,000,000
Agreements—Import Licensing System Held
President Roosevelt, in a letter to
his
During the 12 months ended June 30, 1936,
business.
own
Granted Benefits of
Discriminatory to American Goods
The
the footsteps of
in
Removed from
Reciprocal
Australia
Orders
Countries
of
Trade
an
means
reduction of interest charges.
able to follow
been
Roosevelt
President
is the fact that we have
annual saving of more than $260,000,000.
terest
who every
Nature.
souls.
they will lay hold of the perspective that comes to men
more
offset of $8,750,-
average
a
will be good for their bodies and good for their
time at least the days
Once
fire to cook by,
They will forget the
of the year, and for a short
West.
hand,
an
and recoverable loans—provide
nancing during the past three
debu
pitch their tents under the stars, with an open
with the smell of the woods and the wind in the trees.
Secretary Ickes in an address at the dedication exercises
expressed the hope that Federal money would be provided
for establishing national parks in the East comparable to the
000,000 to the $33,750,000,000 public debt.
An
people are starting out for
They will put up at roadside
rush and the strain of all the other long weeks
women
and women of
men
natural beauty.
the nation at this time of the year
across
their vacations in national and State parks.
we
These three items—cash on
$4,000,000,000.
which will give to
parkways
opportunity, the invigoration and the luxury of touring
generations of Americans for the
farmers, to railroads, to banks and insurance companies, to States and cities
—now
for
the
I, therefore; dedicate Shenandoah National Park to this and
obligations due us upon
These recoverable assets—loans to home owners,
North
need for
other part of the country there is a similar
every
areas
means
We seek
like amount of public debt.
a
which the Treasury will realize cash and which will ultimately
for debt retirement.
All
The
bank.
depoist in the
have certain assets representing
we
balance—the money
Fund
General
$2,700,000,000. The Government has another
the $2,000,000,000 Stabilization Fund, which
Fund balance yesterday was
important cash
is
and
skyline drive achieves from noW on, of
National Park will achieve.
men.
financial statement.
our
assets
drawer
almost
moderate
camps or
from the payment to veterans.
year
In
recreational
hand is an increase in
decrease in Federal expenditures
a
Caroline to the Big Smoky
and camping amid scenes of great
than $250,000,000.
one
exaggerated passion for
an
You who are here know of the great
greater usefulness which its extension, south through Virginia and
the
for work relief in the form
$1,250,000,000
about
public works, most
and other miscellaneous expenditures
Two
In
Direct relief required just under $500,000,000.
$800,000,000.
accused of
picture;
a
usefulness to humanity which this
We expended for large permanent public works under the emergency pro¬
gram
dream—will I perhaps be
a
planning if I paint for you
$900,000,000.
they come to manhood
for work like this—for other Shenandoahs.
000,000; agricultural aid $500,000,000, and the other ordinary operating
expenses of the Government
will, I am confident, lead them to busy and
useful lives in the years to come.
continuing payments
National defense took $750,000,000; annual
the work of these young men
as
$2,700,000,000.
accounted for $3,500,000,000
have seen, ordinary operating expenses
we
of which
35
Chronicle
States products
involved in the new Australian im¬
port licensing system.
Although this action is not expected
immediately to affect Australian-United States trade to any
great extent, its importance, it is observed, would increase
with the conclusion of additional trade agreements with
which export to the United States products
other countries
which
show steady improvement.
included
are
similar
Action
principal Australian shipments.
Australia was recently
among
against
that
to
against Germany by the Treasury, also at the direc¬
The latter's letter to Secretary
taken
tion of President Roosevelt.
President Roosevelt In Speech Dedicating
National
Park
in
Shenandoah
Creation of
Conserve Human and
Natural Resources—Represents Labor of Men of
CCC—Secretary Ickes Also Delivers Address
Park
as
Refers
Virginia
At Big Meadows, Va., President Roosevelt yesterday
(July 3) dedicated the new Shenandoah National Park, the
creation of which he said "is one part of our great program
of
husbandry—the joint husbandry of our human resources
and
natural resources."
Referring to the Park as "the
product of the labor of the men of the Civilian Conservation
our
Morgenthau read:
to
Part of Program to
Corps" he observed that "they have a right to be as proud
as if they had been engaged in private
employment."
The President described "the involuntary
idleness of thousands of young men" as having "ended three
years ago^when they came here to the camps on the Blue
Ridge.'' He added "our country will need many other young
men as they came to manhood for work like this—for other
Shenandoahs."
The President who left Washington early
yesterday morning for a weekend trip which will include a
cruise down the James River, delivered his address in the
afternoon.
Today (July 4) he is scheduled to speak at
Monticello.
His address yesterday follows:
application
of
the authority of the Act
under
12, 1934, you are hereby notified that I find as a
of American commerce by the Commonwealth of
1930, approved June
the
that
fact
shall
be
to
cease
or
treatment
applied
therefore direct that the proclaimed duties
I
discriminatory.
is
Australia
tion
the joint
husbandry of
part
every
of the
our
of
our great program
of husbandry—
human resources and Our natural resources.
of May 16, 1936, is hereby modified accordingly,
and you will please cause notice of such modification to be published in
an
early issue of the weekly Treasury Decisions.
My letter of direction
Very sincerely yours,
are
and State and
engaged in preserving and developing our heritage of natural resources; and
in this work they are equally conserving our priceless heritage of human
values
by giving to hundreds
making
an
of thousands
of
men
the opportunity for
our
Chief
hare
citizens, is
as
significant
they had worked for
proud of their labor here
imports of
with
skins
a
as
as
mill
Corps,
enjoyment
though instead of working for the Govern¬
or a
factory.
They have a right to be
if they had been engaged in private
as
employment.
nor
the
Waste of
our
That
people, waste of our land.
It
was
neither the will
affected
immediately
Whether
trade
was
the
ago
apparent."
will
a
sheep
burgundy,
hides
and
and
skins,
it
was
force, would be
1.
against the. prospects
operate
of
a
reciprocal
United States and Australia was not imme¬
Joseph A. Lyons, Prime Minister of Australia,^
spoke hopefully of the conclusion of such an
last
here
When
July
he
agreement.
rates
in
in
which,
policies
the Act."
that
on
authority of the Reciprocal Trade
in
his
American
opinion,
any
other
commerce
tend
to
country "because of its
because of
or
defeat
the
other acts
set
purposes
forth
•
discrimination
against
United
States
commerce
May 22, Prime Minister Lyons presented to Parliament
effective
became
import
under
reciprocal trade agreements to
discriminatory treatment of
or
was
Act, which says that he may suspend the application of tariff
Agreements
licensing
soon
as
as
tabled
developed
a
measure
providing for the creation
of
an
system.
ended three
years
Since then they
they have ended the idleness of the Shenandoah
busy and useful place in the years to come, just
American Goods Excluded
,
Under
when they came here to the camps on the Blue Ridge.
have not been idle and today
It will be
Aug.
on
action
compelling reason that led us to put our
The involuntary idleness of thousands of young men
include rabbit and
also occupying an
agreement between the
diately
was
the
New York
concentrates, sausage casings,
pearl shell and tin ingots.
covered in reciprocal trade agreements now in
being
said,
the
to
follows:
Immediately Affected
casings,
sausage
ores,
as
ROOSEVELT.
resources
idle people to the task of ending the waste of our land;
National Park.
skins,
Products
Certain
when,
tragedy of our age—the tragedy
destiny of our nation that this waste of human and material
should continue.
and
ores
and
hides
wool,
Australian
Tragedy of Waste
In by-gone years we have seen the terrible
of waste.
wool,
place;
order
United States from Australia
items in volume; burgundy,
the
largest
the
skins,
important
June 29
of
the
commented on
President Roosevelt's action
The product of the labor of the men of the Civilian Conservation
ment
dispatch
Washington
"Times"
honest living.
who have opened the Shenandoah National Park to the use and
of
A
D.
FRANKLIN
i
In
Federal authorities
country, local
entered for consump¬
Aug. 1, 1936.
Australia
of
products
to
withdrawn from warehouse for consumption on or after
of their labor here
The creation of this park is one part
letter, concerning
proclaimed in connection with the trade agree¬
to amend the Tariff Act
duties
of
concluded
ments
With reference to my letter addressed to you
1936, and in particular to Section 2 of that
May 16,
the
Secretary:
Mr.
My dear
on
license
with
is
this
list
a
required if they
which
The
system,
Australia has
collectors
licenses to
of
has been established of products for which
are
a
to be imported into Australia from
a
country
passive balance of trade.
Australian
import from
a
customs
the United
have
been
States all goods
instructed
on
to
refuse
this list, with the
"
Financial
36
exception
chassis
of
reserved,
unless
that
goods
the
countries
The
and
which
with
collectors
the
balance
the
of
customs
of
trade
is in
Australia's
in
fact,
under rules
are,
the
Ministry
of
Trade
tion
of
on
the prohibited list from the United
them
goods
for
and
treatment
special
is
documents setting forth
at greatly increased cost from
accompanied by
are
procurable except
not
are
which
for
typewriters,
applications
laid
for
licenses
refusing
Customs,
favor.
the
down
by
importa¬
States while granting
Chronicle
July 4, 1936
and $200,000 a year thereafter.
As stated, Congress
completed action on the measure on June 16 when the House
passed it that day in the same form in which it was approved
by the Senate on June 6.
The Congressional action on the
bill was referred to in these columns of June 20, page 4107,
and June 13, page 3949.
years
from other countries.
import
Control Bill Signed by
Expenditures During
Fiscal Year Ending June 30, 1937 to $50,000,000
Omnibus
$320,000,000
Completes Action on Congressional
Session Signed 880 and Vetoed 85.
Bills—At Late
Action
Congressional bills was completed by President
July 1, when, it is stated, he vetoed the last
four bills awaiting disposition by him.
At the session just
concluded, it was announced by the White House, 880 bills
were
approved by the President, while 85 were vetoed.
United Press advices from Washington July 1 said:
on
The vetoes increased to 221
the total number of measures disapproved
by the President during his term.
This record is exceeded only by President
Grover Cleveland, who vetoed hundreds of private claims bills during his
first
term.
The
were
White
House
not confirmed
announced
also
99
that
Presidential
appointments
by the Senate, being lost in the rush for adjournment.
They included 95 postmaster
one
President Roosevelt
on
Roosevelt
appointments,
one
State director of the National Emergency
United States marshal,
Council and
one
State WPA
Flood
Roosevelt—Limits
President
President Roosevelt
June 22
on
sum of $10,000,000 to be "appropriated and expended
equal amounts by the Departments of War and Agricul¬
ture for carrying out any examinations and surveys provided
for in this Act and other Acts of Congress."
A proviso in
the measure limits expenditures during the fiscal year ending
June 30,
1937 to $50,000,000.
Funds for expenditures
during the 1937 fiscal year are provided for in the First
Deficiency Appropriation Act, fiscal year 1936.
The com¬
pletion of the congressional action on the flood control bill
was noted in our issue of June 6, page 3776.
also the
in
+.
Administrator.
Lack
of
confirmation
Senate
automatically
the
makes
appointments
ineffective.
One
Requires Holders of Government Con¬
Wage and Hour Standards
Adhere to
tracts to
Announcement
was
made at the White House
on
June 30
of the
signing by President Roosevelt of the Walsh-Healey
Government contract bill, which provides conditions for the
purchase of supplies and the making of contracts, loans, or
grants by the United States.
Under the measure, those
entering into contracts to supply the Government with
goods and materials will be subjected to certain labor condi¬
tions, including maximum-hour and minimum-wagej pro¬
visions.
The following summary of the provisions of the
"hill is from
Associated Press account from Washing
an
June 30:
Proponents of the bill have said it will affect 75% of the nation's business.
new
law, all firms contracting to provide supplies for the Govern¬
ment in amounts
open market,
A
of $10,000 or
ordinarily on the
purchasable
not
more,
must agree to conform to these requirements:
maximum
working day of 8 hours and
a
work week of
maximum
40 hours.
Payments of
rates prevailing in the locality.
wage
Employment of
no
w
ork labor on
The
of
a
received final congressional
Walsh-Healey
David
I.
succession
mentioning it
bill
was
jammed
through
by
of small
by
legislative
a
Walsh, Democrat, of Massachusetts,
in
John N.
It
private bills, moved that his bill be brought up,
number,
and
asked
that
the
House
amendments
was
be
.
favor
I,
say
Garner.
contrary
a
No,"
minded,
"The ayes have it.
not until half
what had
trick.
in the midst
rose
concurred in.
"All
of the bill realized
by the House on June
19, the Washington correspondent of the New York "Journal
of Commerce" had the
following to say:
Healey-Walsh Government
by the leadership an hour earlier than usual.
consideration
for
adjournment
was
several
hours
at
a
night
taken all that remained
The bill had been under
session
was
last night
the vote
it
Signs
Base to
Army
Bill
on
Providing
Supply
Newark,
viously Vetoed Similar Measure
N.
and
when
for
Sale
J.—Had
of
Pre¬
'
A similar measure was vetoed by
May 26; this was noted in our issue of
May 30, page 3600.
The vetoed bill also provided for the
sale of the base at $2,000,000, the payment to be made at
the rate of $100,000 a year for 20 years.
Under the bill
signed by the President, the City of Newark will make pay¬
ments to the Secretary of War of $100,000 a
year for five
President
on
June 20.
on
as
c%c.,
That effective
Section
12
further amended by
period of
a
Federal
on
July
of
1,
1935,
the
Federal
the
first sentence
Farm
of
Loan Act,
as
Section 3 (a) of the Farm Credit Act
one
the
year
commencing July 1, 1935, and shall not exceed 4%
for all interest payable on instalment dates occurring within
a
commencing July 1, 1936," and inserting in lieu thereof
years
following: "occurring within
a
period of two
years
commencing July
1, 1935."
President Roosevelt Signs Ship Subsidy
Creates
United
States
Maritime
Bill—Measure
Commission-—
Calls for Cancelation by June 30,
1937 of
Existing Ocean
Mail Contracts to
Be Replaced
by Construction Subsidies
Also
The
signing
designed
through direct
completion of
by President Roosevelt of the Ship Subsidy
to expand the American merchant marine
subsidies, was announced on June 30.
The
Congressional action on the bill was noted
in these columns June 27, page 4269, in which it was noted
that the measure provides that existing ocean mail contracts
must be canceled by June 30, 1937, and replaced with con¬
struction subsidies.
Regarding the new legislation Asso¬
ciated Press accounts from Washington, June 20, said:
bill,
The
measure
would create
administer
to
a
the
amount of commerce handled
use
United States Maritime Commission of five
program,
which
is intended
increase
to
the
by American ships and to provide additional
in the event of war.
With the government paying up to 50% of the cost of ships, the operators
would
be
required, ordinarily, to put up
25%
of the
cost in
cash.
The
Government would lend the remaining 25% at 3H% interest, to be repaid
in 20 years.
The
to
'
Government,
reputable
„
however,
could
Subsidies
operators.
build
costs here
as
itself and
vessel
charter
an
it
investigation of the relative
and abroad.
of subsidized companies would be limited
to
$25,000
•
year.
well
a
also would be paid for operating the
vessels, the amount to be determined after
Salaries paid officials
which received final Congressional approval on June 16, has
been signed by President Roosevelt, it was announced at the
the
the 3lA% rate of interest
year
"Twelfth" of
period of two
passage.
The bill providing for the sale of the Army supply base at
Port Newark to the City of Newark, N. J., for
$2,000,000,
White House
one
enacted,
paragraph
Holders of
Roosevelt
the
new legislation continues the interest at 3lA%
July 1, 0937, at which time it will return to the contract
rate.
New Joans negotiated between now and June 30,
19J37rPPyvas explained, will bear the 3Yi% rate, but will be
:itten at 4%.
The House on May 4 had voted for a two-year extension
of the 33^% rate of interest on the Land hank loans; this was
noted in our issue of May 16, page 3272.
However, the
Senate in passing the bill on June 1 amended it, continuing
the rate for only one year; the House concurred in this
Senate amendment on June 16.
"The following is the text of
the measure as finally approved:
a
President
amending
tuted; the
contract bill by a mere
of its first orders of business after being called into session
as one
June 25 that
on
bill
the
until
vessels for
happened and burst into protests.
The House passed the
signed
It/s reported that approximately $2,000,000.000 of the loans| are outstanding.
Under the terms of
the Farm Credit Aci the interest rate of 33^% would have
applied only until July 1 of this yrear, and a 4% rate insti¬
members
The bill is passed."
minute later that the opponents
for
1937
Land bank loans.
Vice-President
mumbled
In reporting the passing of the bill
voice vote
continue for
per annum
approval shortly
before the adjournment of Congress, when the Senate con¬
curred on June 20 in amendments made by the House in
approving the bill the previous day (June 19).
The bill
had originally passed the Senate at the last session of Congress
on
Aug. 12, 1935, following which it was shelved by the
House Judiciary Committee on Aug. 20; this earlier Senate
and House action was referred to respectively in our issues
of Aug. 17, page 1025, and Aug. 24,
page 1212.
A reference
to the bill also appeared in these columns April 4, 1936,
page 2253.
Regarding the Senate action on the bill June
20, the Washington correspondent of the new York "Herald
Tribune," in advices from Washington, June 21, appearing
in the paper of that date, said:
Senator
had
Roosevelt
3
Loans
Bank
of 1935, is further amended by striking out the following: "occurring within
The bill also would abolish sweat-shop, convict or home
these contracts.
measure
Continuing
Land
announced at the White House
was
amended and
Outlaw wage "kick-backs" to contractors by workers.
Bill
Federal
Federal Farm Loan Act and the Farm Credit Act of 1935 to
Be
equal to that required under
least
State law.
This
It
Signs
on
Until June 30,
Year
President
child labor.
Provision for factory sanitation at
Rate
Interest
President Roosevelt Signs Walsh-Healey Contract Bill
—Measure
Roosevelt
President
♦
Under the
signed the omnibus flood
control bill, which authorizes an appropriation of $310,000,000 for hundreds of flood control projects in 40 States, and
the
ocean
mail
contracts
Government,
canceled under the
new
would be permitted to appeal
legislation,
to
the
Court
as
of
Claims from any award by the Maritime Commission.
All net profits in excess of 10
constructed
with
the
aid
of
a
% realized by the shipbuilder
government
on
a
vessel
subsidy would be subject
to
recapture by the Government from the shipbuilder.
All net profits in
excess
by the operating subsidy
and
the
private
of 10% earned by
are to
a
private
owner on
vessels aided
be shared equally beween the Government
owner.
According to Washington advices, June 22, to the New
of Commerce" upward of $100,000,000 will be
in the fiscal year beginning July 1 for the start
toward rebuilding the American merchant marine under the
new
policy set forth in the Copeland-Guffey-Gibson-Bland
Ship Subsidy bill just signed.
The June 22 advices from
which we quote added:
"Journal
available
Volume
Officials
of
operating
Financial
143
the
Merchant
Act, today
Fleet
Corporation,
which stands dissolved
agency,
ment of the
Government
the
President's
the
upon
ship
appoint¬
Chronicle
making
were
capitulation of the funds
a
hand and amounts
on
than 24% alcohol by volume is
more
"sherry,"
4.
*
$250,000 for Staff
As
soon
the Commission is set up under Title
as
II,
•
Sectipn 201 of the
approximately $250,000 provided by Congress for the Commerce
Department's Shipping Board Bureau in the next fiscal year will be avail¬
of office and at that time all money
in the construction loan account, the insurance fund and the "fighting ship"
fund
well
as
ments is
as
the
$26,500,000 appropriated for
automatically transferred to the Commission.
The construction loan fund
,
which amount
ential
mail contract pay¬
ocean
contains
now
approximately $85,000,000,
be used by the Commission to make construction differ¬
can
subsidy payments for absorption of the difference between the cost of
building
lieu of
vessel here and abroad
a
mail contracts which
ocean
1937, under the Act.
500,000
or
pay
are
operating differential subsidies in
terminated not later than June 30,
Other funds available include in addition to the $26,-
whatever is left of this mail pay fund when the Commission
or
assumed jursi diction over the
contracts, the Merchant Fleet Corporation's
$10,000,000 insurance fund and the $5,000,000 "fighting ship" fund.
In
round
for
figures
this
would
provide the
in the next fiscal year
use
Commission
should it deem such
with
a sum
$126,750,000
necessary to re¬
habilitate the-merchant marine.
gallon free of duty.
of
United States returning from abroad may bring in
All alcoholic beverages brought in by tourists in excess
wine gallon will be subject to the rates of duty and internal revenue
one
imposed by law.
The law also seeks to clarify internal revenue
of the
adopt
long
a
merchant
under
Section
range program
marine,
210
is
to
amended
form)
expected that
Government
building
charter
operations will be deferred until the ability of private interests to make such
replacements is
determined, thus minimizing necessity for expenditure of
anything approaching
the
$126,750,000 figure Presidential declaration of
policy is required to authorize the long
to
by the Senate
on
range program.
Ships Be American
.
A bill
amending the Merchant Marine Act, incorporating,
it is said, changes sponsored for several
years by the Inter¬
national Seamen's Union of America, has been
signed by
President Roosevelt. Its signing was made known on June 26.
An unofficial summary of the
newly enacted provisions was
given in advices June 26 from Washington to the New York
from
Seventy-five
which
we
of the
cent
per
quote:
exclusive of
licensed officers, must be citizens of the United
States, fishing and whaling
vessels
and
employ
as
yachts excepted.
many aliens
At
the
time American ships
present
they please, except (1) licensed officers,
as
signed
"inseparable" and combined with "one another so
a complete
system," the taxing Act as applied
to railroads is held by Justice
Bailey to be unconstitutional,
since it sought to collect revenue, not to provide for the
expenses of Government, "but solely for a purpose which
the United States Supreme Court has held not to be within
the domain of the Federal Government."
With reference to the decree of Justice Bailey on June 30,
the Washington correspondent of the New York "Journal
of
Commerce"
This bill
provided
a
(2)
far.
so
provides additional minimum standards,
as
an
eight-hour day
as
able
This bill
seamen.
follows:
1.
Ordinary
In
Firemen, oilers and
4.
sea
Other
as
sea
water tenders must have had at least six months'
coal passers or wipers.
members
service authorizing
of the
them to
crew
are
void in
Railroad
to
be
provided with certificates of
cer¬
tificates.
(Justice
unconstitutional.
today made it plain that he had not gone nearly
1936,
29,
Justice
on
powers
of the Government.
Carriers Void
Bailey declared that the tax law provisions
the carriers involved
as
were
pension plan could be made compulsory
no
through resort to the taxing
far
so
Aug.
concerned, and that the
were
Retirement Board, its members and agents be forever
taking
enjoined
steps to compel the carriers to assemble, compile or fur¬
any
nish any of the information and records
required by the
unless standing the expense thereof.
Discussing the
Retirement Act
his decision on
the validity of the railroad pension laws could not be construed to mean
that the Retirement Act itself was unconstitutional.
The Government
proceed
matter
collect
to
salaries,
from
from
the
the
bench,
said
he
employees
a
that
sum
amounting
years or had completed
40 years of employment.
arbitrary
as
clause of the Constitution.
the taxing
to constitute a violation of the due process
He considered that it
was
clearly the inten¬
tion of Congress to create, by the Railroad Retirement Act and the
provisions,
3H%
they reach the age of 60
The original decision of Justice Bailey was to the effect that
were so
to
contemplated by the law, and could use that money
as
to pay retirement pensions to the wrorkers when
provisions
in the capacities specified in such
serve
carriers
the final decree
of their
must have had at least six months' service at
deck boys.
3.
service at
Act of
Tax
can
Deck boys must be physically qualified.
2.
seamen
Revenue
He meant merely that
upon the
on
day's work when the
definitely establishes
standard of efficiency for
a
of the
may
in port.
The law
that date said:
Bailey) had determined that both the Railroad Retirement Act and that
provision
from
safe harbor.
on
From his decision of June 26, 1935, it had been thought that he
This bill places both of these
ratings in the three-watch system, thus giving
them the eight-hour day at sea.
The law provided that nine hours should constitute
While the ruling
to create
were
a
decree clarifying his findings.
a
said that the Retirement Act and the companion tax measure
subsidized ships where the required
percentage of citizens is only 66 2-3 %.
Coal passers and sailors were not included in the three-watch
system.
vessel was in
June 26 on the
on
Railroad Retirement Act of 1935, Justice Jennings Bailey
the District of Columbia Supreme Court on June 30
of
But his announcement
of every American ship,
crew
Roads
on
Following his decision handed down
However
Rules
Valid—Court
Act
were
President Roosevelt Signs Bill Establishing Eight-Hour
Day for Seamen—Bill Which Amends Merchant
Marine Act Also Requires That
75% of Crews on
"Times"
June 16.
Justice Bailey of District of Columbia Supreme Court
Clarifies
Decision
on
Railroad
Pension
Law—
as
United States
Following its submission
May 19, 1936.
on
to conference the Senate adopted the conference report on
June 5; the report was amended and adopted by the House
on June
15, and the amended conference report was agreed
and
study, perfect
for replacements and addition to the American
but it is
for all branches
>
Against Measure Imposing Tax
directed
s
References to the bill appeared in these columns May 23,
page 3438, and June 20, page 4104.
The measure originally
passed the House on Aug. 22, 1935, and the Senate (in
Retirement
Commission
liquor law
trade, including brewers, and makes doubly strong penalties against
of illegal alcoholic beverages.
sale
Long Range Program
The
word
be used.
may not
Residents of the
taxes
The Act becomes effective 30 days after three members
of the Commission have taken the oath
"sauterne,".
"port," &c., without violating the law, except that the
distilled spirits, wines and malt liquor aggregating not more than one wine
Act,
able for personnel.
distilled spirits and shall
as
fc fc
fc
Ik
Domestic vintners may use such brand names as "chablis,"
3.
"champagne"
legislation.
classified
be taxed accordingly,
United States Maritime Commission under terms of the new
to be added after the effective date of the
37
taxing
single system to replace the prior retirement law which, in
a
May, 1935, the United States Supreme Court invalidated.
Liquor Revenue Bill Making Federal Alcohol Adminis¬
tration an Independent Agency of Government
Signed by President Roosevelt
President Roosevelt on June 26 affixed bis signature to
tbe liquor revenue bill, under which the Federal Alcohol
Administration becomes an independent
agency of
the
Government.
It
had
previously been a division of the
Department.
Besides
its
provision
making
the agency an independent unit, the newly-enacted measure
revises and strengthens existing liquor revenue statutes
Treasury
and lowers
Views Are Recalled
"The
two
taken
together
so
to
create a
that created by the
Railroad
dovetail into
complete system substantially the
same
as
one
another
as
Retirement Act of 1934," he explained.
"If the intent of the two Acts taken
together," he added, "is to take the
property of one class for the benefit of another and the taxing Act was not
intended to provide for the expenses of government, but solely for a purpose
which
the
Supreme Court has held not to be within the domain of the
Federal Government it would seem to be immaterial whether funds raised
by the tax Act
matter of
wine
to be segregated in the Treasury; that would be a mere
are
bookkeeping and would not affect the rights of the taxpayers."
taxes by 50%.
It becomes immediately
effective, said the Washington advices June 26 to the New
payment
York
that purpose from the employees."*
"Journal
of
Commerce," which in part added:
.
Treasury Cites Losses
Until late
yesterday the Treasury Department retained
drafted
charts
for
the
the Government stands to lose
President's
year because of lowered wine taxes.
that
the
bill
should
go
when it reconvenes in
inspection,
appreciable
an
It
was
the
unsigned, enabling
bill while
the
showing him how
in liquor
sum
each
revenues
Treasury's private opinion
Congress to
pass
a
new
law
January.
1.
Establishment
a
agency
three-man
of
of the
board
the
Federal
Alcohol
Government,
which
consisting of Chairman,
Administration
agency
as
an
Vice-Chairman and
2.
or
less of alcohol by volume,
Wines containing
wine
gallon;
10 cents per
ceeding 24%,
is
not
more
wines containing
wine
as
than
more
by
revenue
tax
On
per
wine
General
the
on
all wines
containing
14% alcohol by volume, 5 cents
14%
and not
more
than 21%
than
per
21%,
and not
ex¬
Interstate
every
retirement
a
Commerce
Sparkling Wine Rates
or
1 H cents on each one-half pint
or
fraction thereof.
Act
June 26 Justice Bailey
on
the
Any wine containing
system
Act,
upon
for
and
for
carriers
provides that there
excess
employees
other
and
an
of carriers
purposes,"
income
tax
and
upon
subject
the
to
other
shall be levied
upon
their
em¬
the income of
of the compensation of such em¬
of $300 per month received by him, and that this
by the employer by deducting it from the compensation
employee.
further levies
A
as
sum¬
follows:
as
employee of these carriers 3 M %
pensation not in
other container of artificially carbonated wine,
tax
tax shall be collected
of champagne or sparkling wine, 2 H cents on each one-half pint or fraction
bottle
Commerce"
of
"
latter
ployees, not in
of
gallon.
"Journal
ployees."
For champagnes and sparkling wines: On each bottle or other container
on each
the
Aug. 29, 1935, the President approved two Acts of Congress, one
establish
The
gallon; wines containing more
20 cents
in
presenting his findings
"To
follows:
than
noted
that Justice
valid and constitutional exercise of Government power.
a
In
It
thereof;
further
was
"To levy an excise
A 50% reduction in the internal
and can collect contributions for
Bailey in entering his final decree in
the case brought by the Alton RR. Co. and others to enjoin
the Railroad Retirement Board from imposing a
3^% tax
upon the carriers, explained that the Railroad Retirement
Act, setting up methods of paying pensions to the employees,
inde¬
will be governed
Counsel.
24%
It
advices
marized the Acts under review
Briefly, the Act signed today proposes:
pendent
plan for railroad employees,
,
It replaces the old Federal Alcohol Control
Act, declared unconstitutional
by the Supreme Court in the Schechter-NRA decision.
officials
Today he held that "the Government has the right to work out a pension
excess
reference
then
an
to
excise
Justice
contained
appeared in
our
tax
upon
the carrier of 3>^%
of the com¬
of $300 per month paid by it to its employees.
in
June 26
Washington
The two Acts
Bailey's conclusions
press
accounts
June 27 issue,
page
from
4272.
on
38
Financial Chronicle
-
enacted following the decision of the United States
Supreme Court holding unconstitutional the 1934 Railroad
Retirement Act, that ruling having been referred to in our
issue of May 11, 1935, pages 3109-3116.
From Justice
Bailey's decision of June 26 we quote in part as follows:
were
|| I think that, from what has been said, it necessarily follows that the
two Acts
enacted
are
inseparable parts of
wise
required under the Act of 1934, and that to hold other¬
Supreme Court in
would, in the language of the
the Butler ca§e,
"shut our (my) eyes to what all others than we (I) can see and understand."
I^This being true it is clear that under the views of the Supreme Court
in the Alton
pension system so created is substantially the same
the Act of 1934,
to the same
The
the taxing Act transcends the powers of Congress.
case
that created by
as
and, apart from its unconstitutionality
Were it
It
it would hardly be
case,
to discuss any
necessary
service
and
with many of the
and
employees
general welfare
and
the
powers decrease,
the seniority
to
this would be to
the
years
an
contend that in view
defendants
the
increase in the average
speed in transportation the older men are not
being imposed upon them, and that
method of reducing
in force
superannuation.
;
so
the
of
of railway
increasing
well fitted for the duties
pension system is
a
-
age
a
reasonable
The plaintiffs themselves appa¬
rently were not quite certain as to what formula was to be used in appor¬
tioning the liability.
'
"While the question
is by
no means
free from doubt, I hold that it was
Clearing House whenever concerted action was taken during
financial crises for the common benefit of the members to apportion
the usage of the
liability
the basis of their respective capital funds at the time of
on
making of the agreement, and that this practice should be read into
contract as
present
court found that it
the
the
implied term thereof."
\
of a valid contract are present, the
an
.
.
binding
was not
the defendant banks
on
"In considering whether the contracts were
tion to determine is
whether or not the
authorized, the first ques¬
Clearing House Committee and
The committee and the
As to this, there is hardly room for doubt.
ants.
individually.
such, had the power to bind the present corporate defend¬
the Chairman, as
The
Chairman, by virtue of their office, did not have any such power.
constitution and the by-laws of the Clearing
House, which is a voluntary
None of the defendants, therefore,
association, granted no such power.
be held liable simply by reason of membership in the
can
It
association.
established public
policy to hold otherwise.
learned does not decrease with age so rapidly as does the
once
amount
would be subversive of sound banking and contrary to
—
-
On the other hand, however, it is no less true that the capacity to per¬
form duties
same
No such claim is made by the plaintiffs.
common
and their
system
carriers taken in connection with the recent depression,
been in recent
there has
the
largely due
that,
also;
to
old their physical
grow
men
as
powers
the liability
The effect of
subject the bank with the smallest capital resources to
of liability as the bank with the largest amount of capital.
While finding that all the elements
indispensable
one
defense; that
mental
"It would be most unreasonable to assume," he said, "that
questions.
unquestionably true that the carriers are engaged in the public
is
now
large
testimony in the effort to disprove certain conclusions reached
by the court in that
of those
a
continued
account
alleged to have been incurred was to be joint and several.
the
the defendants have introduced
fact that
for the
not
Tribune"
"Herald
The
themselves.",,
in part:
whole, subject
as a
objections in certain particulars as those pointed out by the
Supreme Court in that case.
amount of
According to the New York "Herald Tribune" Justice
Shientag found that the main debatable point whether or
a valid,
enforceable contract was entered into by the
member banks was "that nothing was said as to how the
Clearing House banks were to apportion the liability among
not
Tax Act
the other, that the taxes levied under the
without
one
contributions
are
whole, that Congress would not have
a
July 4, m6
"It would be unlawful for the member banks to confer upon
the governing
capacity to learn new duties; that experience and the added caution atten¬
body of the association, in advance, the broad general power to bind them
dant with it tend to promote safety as well as efficiency.
to
been offered to show that, since the adoption by
Testimony has also
the
Government of
compulsory system of pensions in the railway mail
a
service, the efficiency of the employees has been increased.
however, offered testimony to show
have,
speed of trains in recent
has been
How
The plaintiffs
the increase in
that, despite
and the increasing age of employees, there
ment is not apparent,
age
been reached
by improvements
but it cannot be said that the increase in the average
the railroads.
It may be that men
performed
looking toward
would be
a
more
willing to undertake the duties now
carriers
and
with
occupation
permanent
the
intention
of
they assured of
were
upon
the will of their employers.
But whether the findings of the
Not Members of
findings of fact based
Committee
upon
the record in that
case
are
facts of which
case or upon
that court took judicial knowledge, it would require evidence,
practically
neither were members
Clearing House Committee in office when the promises were alleged
of the
to have been made to the
"On no theory can they be held
Comptroller.
promises,"
liable for breach of warranty of authority in connection with those
"They became members of the Clearing House Committee
the court said.
There is nothing to show, however, that they had any
1932.
they knew of the corrspondence
knowledge of the commitments or that
Chairman of the Clearing
between Mr. McCain (Charles S. McCain, then
House Committee)
and the Comptroller until the meeting of Feb. 27, 1933."
suit had been in the courts since late in 1933.
The government's
the
Supreme Court in the Alton
of financial
banking crises."
or
permanent livelihood in their old age and not have to rely upon a pension
dependent
a
bank, even if such power were limited by its terms to occasions
in October,
employees of the
by the
making that employment
a
equip¬
of railway employees has resulted in any greater danger to the employees
to passengers upon
or
grant
into engage¬
guaranty of the deposits of another
As to the individual defendants, the court held that
of these results has
ould probably be
governing body of the Clearing House the pow er to enter
ments on their behalf
man-hour.
much either
in management or in system or through the use of safer devices or
w
unlawful, moreover, for the individual banks by general resolution to
to the
decrease in the number of injuries to its employees and to pas¬
a
per
sengers
years
It
guaranty of the deposits of another member.
a
bank failed to open
about
on
Depositors
$16,500,000.
up
to the present total repayments
of
According to the court's decision yesterday
76% of their deposits.
the revised estimated deficit
When
13, 1933, there was on deposit about
March
have had
was
$4,862,801.70.
conclusive in its nature, to justify a trial court in making findings that were
not
in
with those of the
consonance
Tax Act
Unconstitutional
No such situation exists in the
to many
as
I
to
as
case
as
Applied to Carriers
at bar.
the
validity of
hold
to
any
question
compulsory pension system based in part upon
a
that
individual views,
my
which disposes of
enforced contributions from the carriers, and
therefore
The evidence is conflicting
questions of fact and whatever might be
bound by the decision in that case,
am
In
Supreme Court.
the
Tax Act
is
I feel that I
unconstitutional
am
as
constrained
applied to the
issue of
April 25, page 2751, we reported that the
National City Bank had joined 10 other banks in the settle¬
ment of claims of depositors.
In the "Times" of June 30
it was stated that the
government's position is that the
decision does not affect the legality of the settlement already
made by the 11 other member banks of the Clearing House
which chose to pay $3,592,943 without fighting the suit.
our
The "Times" added:
carriers.
It is explained that
In
Washington dispatch June
a
"Times" it
was
30 to
the New
York
termining to what extent such pensions may be paid out
of the $47,000,000 appropriated by the Government.
The
dispatch also said:
In
his
decree
annuities
its
work
to
the
with
Bailey did not enjoin the Board from certifying
Justice
Treasury.
certain
The
decree
limitations.
The
allowed the
Board
the records of the carriers to obtain necessary
rights
be
be determined, but the
may
borne
The
stated that with the Railroad Retirement
Board certifying some pension payments to railway workers
to the Treasury on July 1, the way will be opened for de¬
expenses
is
Board to
continue
permitted to examine
information
on
which pension
for such examination are to
by the Board, and it is enjoined from compelling the roads to
the formal ratification of the guarantee, which the
court found necessary
nine
fedants
are
yesterday, has been supplied in these settlements.
banks and
defendant
Guaranty Trust Co., William C.
First National Bank,
Trust
two
the Chemical Bank & Trust
officers
who were alternative
de-
Co., Percy H. Johnston, President;
Potter, President; Bankers Trust Co.,
Bank of the Manhattan Co., Continental Bank &
Co., Fifth Avenue Bank, Title Guarantee & Trust Co., and Public
National Bank & Trust Co.
National
The 11 banks and six officers who settled without trial are: Chase
Bank, Charles 8. McCain, Chairman; Irving Trust Co., Harry E. Ward,
President; Central Hanover Bank,
merical National Bank,
George W.
Davison, President; Com-
Herbert P. Howell, President; National City Bank,
Gordon 8. Rentschler, President; New York Trust Co., Mortimer
Chairman;
ner,
N. Buck-
Trust Co.
Corn Exchange Bank; Bank of New York &
Manufacturers Trust Co.; Marine Midland Trust, and Lawyers. Trust
Co
furnish information.
Text of New Revenue Act of 1936—Bureau of Internal
Nine New York Clearing
House Banks Victors in Suit
Revenue Calls Attention to Reduction
by Government to Collect in Behalf of Depositors
of
National
Harriman
Bank
&
Trust
Co.
of
New
York
Bernard
Justice
L.
Shientag of the
June 29 handed down
New York State
Supreme Court on
a decision in which
he held that the Bankers Trust Co. and eight other banks
of the New York Clearing House Association were not liable
to the Federal Comptroller of the Currency for payment to
depositors in the closed Harriman National Bank & Trust
Co.
The nine banks had been sued by the Comptroller for
approximately $2,700,000 for their failure to comply with an
alleged agreement to contribute toward losses suffered by
depositors when the Harriman institution failed to reopen
after the 1933 bank holiday.
It was considered possible that
the Government might appeal the decision.
In the New York "Times" of June 30 it
was
stated that
Justice Shientag in a 12,000-word decision found the Govern¬
ment had proved its case at every point except one.
As to
this the
"Times" said:
"All the essentials of
the
informal
a
guarantee
bank open lest
valid contract
of $16,000,000
a
were
present," he found reviewing
Harriman deposits given to the
to keep the then
failure at that critical time affect the whole
one
element
that
defeated recovery for the
Justice Sientag decided, was the failure of the
the guarantee to
Harriman depositors,
bank presidents who negotiated
submit it to their boards of directors.
In Capital
Corporations
The full text of the
new
Revenue Act of 1936 is contained
^in Section Two accompanying this week's issue of the
"Chronicle"; the signing of the bill by President Roosevelt
June 22
noted in
June 27 issue, page 4267.
On
by the Bureau of Internal
Revenue to the provision in the new law under which the
capital stock tax on corporations is reduced from $1.40 for
each $1,000 of declared value to $1.
The Bureau's an¬
on
June
26
was
attention
was
our
called
nouncement says:
.
The Bureau of Internal Revenue calls attention to the fact that Section
401 of the
revenue
act
of 1936 reduces the rate of capital stock imposed
on
corporations by Section 105 of the revenue act of 1935 from $1.40 to
$1
for each full $1,000 of the declared value.
current taxable year
be fi ed
on or
In filing returns for the
ending June 30, 1936 (which returns
are
for the district in which the principal place of business of the
is
located), corporations are required to
value for their
may
required to
before July 31, 1936, with the Collector of Internal Revenue
make
an
corporation
original declaration of
capital stock and pay any tax due at the rate of $1 for each
Under the law
an
entirely
new
value
be declared for the capital stock of the 1936 return, regardless of any
declaration of value made for any previous year.
In
1936
view of the fact that prior to
on
the enactment of the
revenue
act of
June 22, 1936, the capital stock tax return forms had been printed
and forwarded to collectors of internal
banking structure.
The
on
full $1,000 of such declared value.
Government in 1932 by the Clearing House Committee
insolvent
Stock Tax
necessary, upon
revenue
for distribution, it became
receipt of information that the revenue bill had become
a
law, for the Bureau of Internal Revenue to telegraph collectors to change
the tax rate printed on the forms from $1.40 to $1, and, in the event the
Financial
Volume\143
ms
had
39
Chronicle
already
Tax Administration Act,
Commodity Exchanges Under New Act
[—Work Hampered as Result of Failure of
ss to Provide Funds—Hearings on Proposed
of
Twenty-first
gallon allowed by
for
supervision of the commodity exchanges of
under the new Commodity Exchange Act was
me 27, at which time an amendment to the rules
ons governing the administration of the Grain
was signed by Henry A. Wallace, Secretary of
setting up the Commodity Exchange Adminisicceed the Grain Futures Administration of the
Department of Agriculture.
The Jones Comlange bill, which was signed by President Roose15, amended the Grain Futures Act by changing
e designation to Commodity Exchange Act and
ag its scope to include, in addition to grain, the
mmodities; cotton, rice, mill feeds, butter, eggs
>tatoes.
The text of the Act was given in our
3 27, pages 4245-4248.
is
Wallace made known
on
June 27 that the Com-
Act was passed too late to enable Congress
appropriations for its enforcement and that it
sary for the present and until Congress meets in
proceed as far as possible on funds appropriated
he original Grain Futures Act.
The following
new
or use
alcoholic
In view Paragra
aggregating
beverages
one
Act should not be permitted entry into any I
therin in violation of its law."
The New York "Times" of June 28 commented
tions to Be Held in Five Cities
nt
delivery
approved June 22, 1936.
Amendment,
order
as
on
follows:
The last sentence referred to Section 2 of the Repeal
Amendment
v
prohibits the importation of liquor into any State or Territory where li
is
prohibited by law.
A customs official said
yesterday that the regulation was now a
and "not subject to attack."
After
repeal
the
customs
authorities issued
which the $100 merchandise exemption was not
traveleres resented paying the duty on
that the exemption
One
who
translated
Customs Court
was
departmental rulii
her
over
resentment
into
action
was
The
the payment of
battle
to
Mario
$3.35 in duty.
The court rule<
Later the Customs Department dropped its
invalid.
restrict
State liquor dealers
Miss
She carried her objections to the United S
and started the tedious process of refunding all duty
by
IS
all but one bottle and many
should legally include liquor, as any other merchar
Schwing of White Plains.
regulation
a
extended to liquor.
free
importations
has
paid under the
been waged since r<
and associations on the
grounds that they
hundreds of thousands yearly in revenue.
lange
Secretary of Agriculture Wallace Orders Purchase
Cattle in Drought Areas—Initial $5,000,000 Allot
.
for
Program—President Roosevelt Names Boarc
Co-ordinate
Federal
Activities
for
Relief—!
40
Financial
stricken
He declined to indicate how much money he thought
areas.
would
He indicated that he believed funds
stock which otherwise
develop unless rains
available for purchase of live¬
were
might die and for processing the meat for relief dis¬
done in 1934.
as was
He predicted that
„
*
situation
a
come
Secretary Wallace left
*
*
*
would
of 1934
serious than that
more
before July 20.
after the conference for the West to confer
soon
with Federal and State officials
sufferers from the drought.
*
on
methods of aiding the farmers and other
*
*
*
'
In 1934 Congress was in session when the
crisis will be forthcoming from
ment
drought situation became acute
Money for relief in the present
$500,000,000 for drought relief.
funds of the WPA, the AAA and the Resettle¬
as
when Congress voted us $500,000,000 to meet the
It is impossible at this time to say how much money we will
need to take
care
of the 1936 situation.
as
it is
to handle the cattle situation alone.
now we
will need at least $30,000,000
This money would be for the purchase
The program whereby the Government will purchase cattle
from the stricken areas was set into motion on July 2, when
the Department of Agriculture, acting upon telegraphic in¬
structions from
Secretary Wallace, announced
$5,000,000 as; a preliminary appropriation.
tary's telegram read:
allotment
The Secre¬
an
of
Believe AAA in co-operation with F8CC should move at once to develop
forced off the range because of extreme drought conditions in Northwest
Purchases should be arranged so as to effect largest measure
area.
to
producers without enhancing beef prices to
of relief
FSCO should
consumers.
dispose of meats salvaged by donation to State relief agencies.
made
Washington, July 2, to the New York
"Herald-Tribune" of July 3, it was stated:
The need for
a
limited cattle purchase program was expressed by Secretary
Wallace,
Secretary
who
appeared
placing 30,000
before
convention
a
of
the
a
purchase program if conditions as repre¬
He made it plain that the drought problem would be
the concern of three Federal
of
today
Association! estimated that possibly 1,000,000 head of
livestock would be involved in
sented continued.
agencies—WPA will be charged with the duty
persons on work relief
ings
families and
Agriculture by the cooperation of the Surplus Com¬
modity Corporation will purchase drought cattle.
under way.
the
debentures
then
desire to
extent of roundly
only
was
existing
at
lower
a
exemptions
said, will be several days getting
measure
banks
in
and
which, happily for the
the
depends,
depositors
Insurance
and any
be
Thousands of
the
in
banks
capital
The American
be
best
know
failed
and
the
in
distribution
proposals
of
to
frame
tions
this
but
revenue
is
institutions.
American
in
so
which showed
aimed
of
were
to
to
the
social
to
are
this
the
do
I
which
.
and
continue
subject
and
which
the
of
hearing
for
earnings,
think
we
the right
is
it
not
of
possible
only
causing
business
raise
to
disloca¬
grave
confidence
which
complete
towards
progress
proposed' taxation, briefs
of
of
the
capital
prudent
the
of
supplemented by
Many conferences
and:
in
outline
an
to
of
percentage
of their
preservation
all
of
previous
of
was
also held
and
laws and
entirely
an
con¬
brief submitted
a
the bill before the Finance Committee of the Senate.
on
had
banks
banks
language understandable
legislation
were
of
the integrity of their
and
drafter
were
pre¬
because
structure
management
people,
the accumulation
upon
These briefs
were
banking law and regulation
every
problems in connection with this legislation
we
maintain
it6' net
the
that
and not
earnings
There
be forced
banks
were
which did
make
loans, whose capital structure
and it is surprising how
either
a
earnings
deposits
accept
built up
and
referring to strictly
am
of them
many
taxed
distribute
preserved
I
be
must
to
not
had to be
To begin
many.
banking
correspond to the increase in their business.
institutions,
were
position
to
trust
of
the growth of America
aimed
our
conserve
urged
funds
depends
reserves.
laymen and
with,
public.
depreciation
usurps
not
is
retard
regulations showing that the proposed
Our
much to
so
change, without
philosophy
nature
a
trary philosophy.
at the
tremendous
undistributed
tax
Furthermore,
a
strengthen
custodians
surplus and
to
the
or
position that banking should
earnings by taxation
structure
we
approach to
our
the
are
banks
the
from the depression.
date
and
if
necessary
the
took the
legislation,
effect
to
economic
our
recovery
pared
of
type
also
Deposit
depression because they did not have
Association
included
force
Federal
the
for strong bank capital,
...
Bankers
to
believe
either
of
withstand
to
which the security
upon
with
tendency to tear down this strength
a
during the
place.
that
must build
we
interests
structure
which took
assets
all
we
the
in these proposals were
of the banks
structure
and
in existence
legislation which would have
not
sufficient
not
capital
Corporation
undistributed earn¬
on
have temporarily taxed
might
but the principles involved
rate,
destructive to
which
or
The tentative allotment of $5,000,000 has been made available
one
emergency
an
confidence
of
lack
in bank shares
invest
made to include banks in the tax
were
through taxation.
Extensive Program Not Needed
The purchase program here, Mr. Tapp
In this emergency
preferred
purchased
to the
banks
these
capital
by
additional
with
banks
projects; the Resettlement Admin¬
istration will provide rehabilitation for drought impoverished
the Department of
from
and
stock
necessary
capital structure
cultural leaders from the drought-stricken areas.
liability.
deposit
to
Corporation
banking business, is fast disappearing.
to
WaUace after conferring in Chicago and St. Paul with farmers and agri¬
Minnesota Bankers'
Finance
consequent loss of
In
In advices from
assets
self-management which has contributed
preliminary plans for purchase and processing of part of the cattle being
arrange to
of
stock or
billion
dollars, a sizable portion of which has since been repaid.
With continued
business recovery, I believe it will not be long before the present total
indebtedness to the RFC of roundly $870,000,000 will be materially reduced
and the ownership of the shares of these institutions be returned to the
individual
citizens
of the
communities
served
by the banks, which is
where the ownership belongs.
For it must be realized that this sale of
would
of cattle in the drought-stricken cattle-raising areas."
to rebuild their capital structure and estab¬
necessary
ratio
of
emergency.
fclt"If the situation continues
was
debentures
Proposals
it did in 1934,
it
Reconstruction
capital
Administration.
fcfc'T would say," Mr. Wallace asserted, "that the situation today looks as
bad
the
July 4, 1936
adequate
an
preferred
Various Agencies to Aid
and voted
bank holiday,
lish
be required.
tribution,
Chronicle
have in this
we
from the funds provided under Section 32 of the amendments to the Agri¬
country.
cultural Adjustment Act of August,
other things for the encouragement of the domestic consumption of farm
We had the problem of the hblding companies.
The Banking Act of 1933
provides that in order that depositors be protected, a bank holding company
products by diverting them from the normal channels of trade.
must
ment to this
This section provides among
1935.
An amend¬
section, approved February, 1936, authorized the purchase ot
The announcement of the AAA that the soil program for
regions has been modified in
an
endeavor to
bring about an increase in the production of food
and feed crops in the drought stricken areas, was made on
July 1. The following Washington advices of July 1, regard¬
ing the announcement, are from the New York "Journal of
Commerce" of July 2:
On farms where the production of food and feed crops is less than normal,
AAA explained, farmers
normal
may grow aU the food and
without affecting their benefit
feed
on
the farm up to
provided they comply
payments,
with other
requirements of the program.
"Reports from the South and Southeast," J. B. Hutson, Acting AAA
Administrator said, "indicate that there is a deficit in food and feed crops
Also,
felt
or
drought sections and that this is particularly true of hay and forage crops.
If rain falls, there is still time to
plant sorghums, cowpeas, sudan grass,
legumes, sweet potatoes and fall vegetables.
however, is necessary for the revision
been
accomplish real results.
to
•
The
announcement
emphasized,
suffering from excessive aridity
are
however,
farmers in
only
that
areas
announced
eligible for the modification
today.
that
We
right
Affecting Banking—Most
cerned
Revenue
Act
Congress
Problem Con¬
Difficult
Taxed
1936—Banks
of
15%
the
it
it
as
As
far
connection
with
legislation which had
the conduct of the banking business."
According
to
a
vital
effect upon
Fleming, "the most difficult problem
regarding legislation with which we were confronted during
the
past
developed in connection
year
with
the
proposed
Revenue Act of 1936."
In part,
Among
direct
and
the
provisions
earnings
conflict with
the
of
this bill
which,
if
program
eliminates
any
at
taxed
taxed
the capital structure
of
institutions which
some
of
were
people who
should
which
history
of
receive
be
would
small
are
small
able
to
be
able
not
estates
and
We
legacies
this
place
handle
to
has
legacies
corporate
a
common
association.
an
advice, guidance and help of
be
fiduciary
dissipated.
soon
dividends
on
should not be imposed on
be
holding
to
build
point
are
up
net income
Reserve
for
the
account
or
as
share
a
of
for
resume
which
It
will
our
net
are
they
therefore
that
position
income.
5144
of
Bank
the
securities
the Board
been
used
trust
of
the
to
assist
of
in
Revised
of
either
Governors
the
trust
common
common
income
banks
corporations,
maintain
Section
law
new
they hold bank stock subject
computing their taxes upon undis¬
have
fiduciaries
other
marketable
the so-called
net
while
income.
unit, but the participants
the
corporate
a
the
not
or
in
amounts
that the
so
by
readily
certifies
With respect to
to
and
undistributed
required
in
net
able
on
credit
a
against
their
were
concerned,
are
income,
levied
whether
upon
System
net
of
tax
reserves
placed in the law
own
we
the
allowed
are
15%
which
Federal
such assets.
of
from
25%, depending
assessment,
was
undistributed
rate
this
on
companies,
or
companies
graduated scale
excluded
Statutes
you
>.
insurance
on
flat
a
that
seen
banks
and
tax
the
at
fund
are
fund,
is not
taxed
a
the
of
provision
taxed
on
their
upon
thereby
in
of
acquisition
fund,
its
pro¬
providing
the
the
handling of small
Also, the rate of the capital stock tax was reduced
from- $1.40 per thousand to
$1.00 per thousand.
With respect to the tax
upon dividends, dividends on bank shares were treated
the same as divi¬
estates
and
dends
of
it
ever,
,
legacies.
other
will
treatment
in
Another
corporations,
be
that
seen
the
new
piece
of
examination,
analysis it was
that
bank
the
the
permitted
As
a
of
was
did not
of
the
the
able
normal
to
proposed,
to
appear
discovered
and
bond
under
matter
at
in
rate
secure
of
4%.
relatively
How¬
favorable
Exchange
as
S.
4023,
banks, -but after
provision
"person."
covering
This
banks
of
fact, the bill passed
which
1933,
dael
known
as
in
which,
a
more
"definitions"
bill would
Commission supervisory
departments of
Banking Act
known
affect
the
was_ included in the term
Securities
conduct
is
were
law.
Igislation
careful
a
which
we
revenue
first
upon
have
authority
those
exempt
over
securities
securities.
the Senate without the
Banking and
Currency Committee of that body realizing it affected
banks
fore, our attention and efforts had to be directed to the
sentatives,
one
to
which
banks,
undertaken by the
strengthen
case
was
applied
fiduciary
as
the
banks
licensed to
placed
would
a
have
tax
upon
been
in
government to Tebuild
of
this
reopen
country.
In
following the
This
where
bill
provided
ties.
Of
which
committed
general
the
the
course,
objectives
common
law
companion
bill
was
and
there¬
House of
Mr. Fleming continued:
the
undistributed
in
earnings
provision allowing
a
taxed
estates
that the normal tax
banks
as
not
given
-
Mr.
being
applies to banking:
opportunity
Speaking before the West Virginia Bankers Association,
at Hot Springs, W. Va., on June 27, Robert V. Fleming,
President of the American Bankers Association, stated that
"I believe you will be interested in what has happened in
the second session of the Seventy-fourth Congress which
has just adjourned, particularly as it affects the business
of banking," and added:
"While we had no major banking
legislation in the last session, some problems developed in
of its ownership
undistributed
on
on
portionate
Net Income
on
small
The
legacies
tributed
Legist
on
tax
therefore, I desire to give
of
to
Comments by President Fleming of A. B. A.
lative
Action
at
Recent
Session
of
A
and proper that
under
law.
and
felt
without
corporate
a
without
also
percentage
a
chain.
bank shares, in, view of the fact that it would be a
retarding
influence upon the programs for
liquidation of obligations held1 by the RFC
which were either in process of consummation or under
contemplation.
The bill has now passed
and,
12%
-
only
estates
its
purpose.
handled
existing
dividends
are
under consideration."
be
to
in
this
desirous of having included
were
with
under
these
banks
beneficiaries
business
Some rain,
"Modifications of the soil conservation program in other drought areas
are
we
was
are
it
the
defeated
funds
it
its earnings according to
of
have
trust
in
other grasses and
stock
would
commodities for donation to the FSCO.
east central and southern
build up
the
Repre¬
pending.
for
penalties for fraudulent transactions in securi¬
banker desired' to have
exempted any institution
fraudulent act, and while we were
not opposed to the
of this portion of the
bill, we did feel that not only
no
a
but
the
Banking
Acts
of
1933
and
1935
gave
ampl*
Volume
did
we
supervisory authorities to deal with
existing banking
to
power
and
Financial
143
desire
not
that
another
be
should
agency
such cases,
jurisdiction
given
banks.
over
Many conferences
House
with
as
held with
were
the
of
well
as
of
the
which
supervisory officials
other
and
Foreign Commerce
had charge of this
of govern¬
Interstate and
the
Representatives,
SEC
the.t
bill,
Chairman Landis voluntarily agreed to the elimination of banks from the
provisions of the bill, in which form it was finally passed.
Other proposals were made by the Office of the Comptroller of the
Currency, and favorably reported by the House of Representatives, before
we
had
an
opportunity to discuss their provisions.
In the main, the
objectives of these proposals were constructive, except for the fact that
the
Comptroller of' the Currency was left,
in our judgment, without
proper
elasticity to conduct his office, and in times of stress a great
hardship might be worked upon solvent institutions, which would be
restricted .from declaring dividends even though
after making charge-offs
out of surplus their capital structure was adequate to permit the payment
ment.
As
of
the
him
to
dend
of
the
debt
by
up
bad
We
with
supervisory
and
it
of
views,
debt
the pressure
the
at
addition
the
requiring
to
next
the
six
Further¬
dictates
profits.
of
considered
in
this
lows in
latitude
dividends
provision
of
"A
Walter
it
is
and
systematic
this
the
reached
was
which
and,
the
at
which
felt
we
held) with
of
was
provided
time,
same
materially
such
ates
A
and
be
re-presented
will constitute
a
and
constructive
First
of
Year
National
or
Bank
Says
Two,
Be
functions,
"This
on
which, however,
rise
seems
are
that the explosion will not take
are
to be more extended and last
summer or
upward trend
set
carrying
He
people
as
may
pressure on
the
The elements of the
Townsend
and
and
more
of practically all such
upon
deaf
Father
This, after all, has been the history
ears.
movements, though I am not ignorant of the fact
that any political administration may in spite of all this
ditions which will retard
or reverse
disaster to overtake
I
us.
am
upon each
the normal trend of the cycle
as
I
see
it, the immediate
danger lies in the possible cessation of the present upward movement,
quote Professor Hansen, of the University of Minnesota:
danger does not arise from surplus bank
Government spending;
reserves or
or
to
the current volume of
unemployment and social unrest."
J. R, McCarl
Urges End of New Deal Emergency Agencies
—Comptroller General, Retiring After 15 Years'
Service, Advocates Revision of Governmental Sys¬
tem
gency
agencies
"loosely and extravagantly set up"
was
advocated
on
June 30
on
as
June
29
by
emer¬
John
B.
Comptroller General of
the United States after serving 15 years in that post.
Elliott,
Associate
R. N.
Comptroller, became Acting Comptroller
and will continue in that
appoints
Mr. McCarl's
position until President Roosevelt
Mr. McCarl will aid the
successor.
Senate committee which is studying the organization of the
Federal Government with a view to reducing expenses.
He*
said that he might
also "take
some
if
many,
all,
not
tax-consuming
such
their
of
assigned
as
be
may,
consolidations
special
or
loosely and extrava¬
were
extreme,
economically
more
systematic and
a
proper
the existing
of
the
in
functions
the
to
he
would
and
in' vogue
there
of
for
McCarl
said
of
proper
organized
promptly
be
may
for temporarily
regular estab¬
-r—-r-
"
"to observe
two
public
over
three
or
first hand
at
the systems
of
the days
but
moneys,
much that should be of serious interest and concern
his
of
trip to Europe this year."
no
future
good rest.
a
Europe
least
at
control
legislative
so
take
to
visit
to
soon
that there will be
us
be
like
effectiveness
plans that
that
After
the
he
he would do
first thing
"might take
part
in
Norria
of
some
politics."
He
Is
Republican,
a
and
former
a
secretary
Senator
to
Nebraska.
He
expects to
""In
wl^at
matters
he
could
one
without
been
to
Asked
about
him
do
the
because
"That
is
has
office
a
Comptroller
as
belief
firm
With
in
it is
me
about
to write
his
interest
having
General
both
the
of
the
wisdom
United
rigid
years
adhered
adherence
of
his experiences and observa¬
to
been
the
rules
impossible
the
to
letter
forces of
of
law
was
All
and
extravagance and
I
Mr.
,
how
much
asked.
can
has
applied
office,
Comptroller General,
answer.
the
often
his
of
"honorable title."
saved the government?" he
to
the
have
you
that the
is
say
between
stood
wrongdoing," Mr.
its
rather
a
rough
personnel to
resistance
from
the
letter
various
Stating that
the road of the general accounting office
and that in its effort to hold the government and)
one,
of
the law,
passed
as
by
Congress, there
McCarl was required to relin¬
June 30, Associated Press advices from
on
Washington, June 27, added:
Appointed
authority
under
'
the first Comptroller
as
was
quarters.
by law Mr.
quish his office
ing,
the
McCarl
'
that in the beginning
said
He
the
and
replied.
was
in
relation
not just a belief—it is some¬
some
it and felt it to be an
agency
government and
years
of
question
a
problems
definitely
not
keen
a
appellation "watch-dog of the Treasury,"
of
15
has this
money
those
in
have
I
feel
so.
McCarl said he liked
the
will
religion."
a
asked
tions, and might
15
system.
our
I
system of government.
our
aid
location
permanent
naturally,
especially
and
serve
the
akin
more
had
what
"but,
fundamentals of
practicability of
to
in
or
added,
governmental,
"No
States
the practice of law.
resume
field
concluded,"
of
the
Budget
General
and
in
1921 by President Hard¬
Accounting
Act,
for
a
lS^year
term, he is not eligible for reappointment.
the
in
of
on
final
McCarl
public
depend
exacting
the
form
decides to
every
30
of
and
resist
upon
uses
that
of
the
there is
declared
a
farewell
in which he
that
"an
independent
obedience
the
to
other voice
Auditor
He
asserted
accounting
to the
employees
of
Congressional waste
effective
of the public moneys is
government."
message
attacked
system for accounting
utterly essential to the success
that
when
importunings for excessive spending,
the
no
Comptroller General.
expenditure.
wrote
Accounting Office,
funds
over
our
June
on
as
he not only keeps the government's books but also
the legality of
General
control
of
exception of the Supreme Court itself,
government as
Federal accounts,
Mr.
the
the
system
as
a
Congress
finally
"it must look to and
its
only
means
of
laws."
Raymond Moley Finds Nation Trending Toward Con¬
servatism—Tells Advertising Convention There Is
Rising Tide of Moderation—Merle Thorpe Decries
New
Deal Attacks
part in politics."
In
a
on
Business
The
people of the United States are experiencing a rising
tide of "moderation" as opposed to radicalism in their opinion
toward business, Raymond Moley, former adviser to Presi¬
dent Roosevelt, said on July 1 in an address before the
Advertising Federation of America in Boston.
The trend
toward conservatism^ he said, was evidenced in a poll of
the Middle West,
where three-fifths of the States and the
small towns voted
McCarl, who retired
agencies, with
—"J7
said
to all
"The immediate
but rather from the serious problems of continued
The abolition of
be assured not only
and cause
trying to discuss here the economic situation
In other words,
other.
better
in hopes that the next Congress
am
bring about con¬
and not the political one, though we all know that the two are inter-related
and react
that
are
just ahead promise
Consequently, the chances
Mr.
with
on,
operations
passes
longer.
would
related
for
make
respect
every
agencies
together
bring
May Study European Methods
every
Coughlin will decline in number and their demands for wild experiments
more
in
may
lishments."
becoming shorter, while
place; the dynamite and the fuse
but
and
up
eliminated
of all
produce larger returns and the
such
fall of
to be seriously
is
work
governmental
'emergency' agencies, which, due to their nature,
gantly
usual
Government for spending may be somewhat relaxed.
will fall
and
procedures
constituted that there
eliminations,
with the
an
the
operations,
legislative problem and I
a
so
With
has started
study to be
the reorganization
give the Senator and his associ¬
regular
the
of
conflicting
and
simplify
is
be
may
and
\
After all, all indications point to the fact that since the
saving"
can."
I
as
reorganization
duplicate
"During
policies or manipulations."
He said that although
"the
dynamitb of inflation" has been laid, it is possible that it
will never "explode" since we are apparently on an upwards
business cycle which, if continued, will result in greater
Federal revenues and less pressure for Federal spending.
In discussing the probabilities of inflation, Mr. Lichtenstein
government
many
"vast monetary
a
administration," he declared, adding:
thing
Inflation—
the
of
in
"if
that
and
committee,
assistance
proper
''eliminate
to the
will
it
Mr. Lichtenstein defined inflation as "a substantial and
considerable rise in the price level caused by fiscal or financial
by
in
the Byrd
I would wish to be available to
the
with
necessary
Bank of Chicago, said on June 29 in a speech before the
Michigan Bankers Association at Mackinac Island, Mich.
represented
interested"
"deeply
was
up
Congress,
United States is not experiencing inflation at the
present time, and although the groundwork for inflation has
been laid, it is unlikely to occur for at least a year or two,
Walter Lichtenstein, Vice-President of the First National
population
he
by
early adjournment of Congress,
an
Congress
Before
be removed since taxes may
asserted,
administration.
taken
Mr.
of law.
but I believe
Lichtenstein
temporary recessions
reorganization"
McCarl
Mr.
better
made
would
and
being able to work frankly
Discusses Possibilities of
business cycle
for
Hopes Next Congress Will Act
he
were
committees
the
statutory
^The
1932 the
sensible
and
result,
work
said
unallocated
that
Conferences
pro¬
in
or
as
and'May
Averted if Business Curve Continues Upward
said:
would
would
He
or
laws of the country.
Unlikely
Washington dispatch of June 29 to the New York
a
agencies
He
Chicago Banker
supremacy
government.
"Times":
the
matter
provision
a
and
understanding
session
politics" was
He added
must rest with Congress and a
of
form
properly administered independent agency such as the gen¬
eral accounting office.
The interview was reported as fol¬
that after thorough discussion and frank exchange
the
American
be
should
debts.
broadening
be
Comptroller
government
of
income
current
collaterally secured'
not
undivided
passed,
the banking
obligation
an
period
a
be
will
you
bad debt is
statutory bad
include
and demands for
has not
believe
added to undivided profits
against
the
I
management
to
of
payment
the bad
to
legislation
enacted
in
profits and
evidence of the value of
an
office with
the
to
improved
Due
divi¬
of the
payment of dividends.
prudent
obligations
with
to
satisfactory
a
for the
conference,
constructive way
Comptroller's
this
adequate
was
the
that government
times, although
interest for
recommended
that
officials of
again
was
regard
office
which
or
collectible need
concurred
be added
could
of
undivided
offset
an
so
and
after
us,
the
a
his
not allowed to be
as
proposal
collection
debts.
and in
of unhappy
statutory
a
from
which
are
law
existing
outline
available
sum
consideration
of
reserves
structure
the continuation
of
to principal
as
reserves
Comptroller's
agreed
capital
McCarl said that an ac¬
June 29, Mr.
on
counting office "absolutely and utterly free of
thorough reorganization of the regular
an
deducted
bank
every
of
process
the
recurrence
objectives
of
the
on
should have latitude permitting
warranted
a
existing law,
either
be
must
into
The
general
provision,
due
past
and
vision
where
cases
held
were
structure.
Under
in.
unallocated
taken
hearings
provision of the proposals originally offered by the Comptroller
arriving at the
set
,
the
in
bad
is
months
more,
in
Commission
the
convince
to
when
the institution
of
of capital
up
interested
in
and
the event there should be
Another
which
able
were
felt the Comptroller
discretion
use
building
was
We
condition
in
concurred
we
we
position,
our
dividends.
the
or
result,
a
soundness
interview,
press
essential to
Committee
bill,
41
Chronicle
voted "liberal."
"conservative" and
only those
Dr. Moley declared that it is the
on
relief
duty of
advertising profession to anticipate such a changing at¬
titude by informing public opinion that "modern business,
through efficient production, is bringing closer to the average
man not only the things he needs in his
daily life, but the
thing^s that make his life more pleasant."
Merle Thorpe, Editor of "Nation's Business," told the
convention on June 30 that business recovery can only be
attained by realizing that the "market place is mightier than
the floor of the Senate," and by casting aside such "fond
the
Financial
42
"political agencies can develop
wealth-producing enterprises that make for
continuous employment of men and women."
A Boston
dispatch of June 30 to the New York "Herald Tribune"
quoted from his address as follows:
delusions"
and
member group of the A.F.A., also criticized the increasing gov¬
a
it
dollar.
50 years ago it was but five cents of each income
action,
.
.
.
attack
"The
upon
industrial and commercial life was so compre¬
our
whole people.
hensive that it really amounted to an indictment of a
it
made
has
objective
"
depression, or whether it was in
to win the war against the
was
.
"real
Thorpe said, if the
wonder, Mr.
of them
some
.
leaders of business and industry
So intense has been the attack on the
that
them
industrial West
re-assigning the army, deposing its old leaders, and substituting for
political and academic generals who had never seen an
Point
Annapolis."
or
described Dr. Moley's
United Press Boston advices of July 1
speech
follows:
as
little in its quest for reform there was danger
public would become so tired of contentiousness and strife that
prophesy
what
some
by President Roosevelt on
(signed
19) is given elsewhere in these columns today.
Rights
Landon of Kansas and Colonel Frank
Governor Alf M.
on the
Republican ticket this fall
Republican platform is a promise of individual
freedom and States' rights, Ogden L. Mills, former Secretary
of the Treasury, said on June 30 in an address before the
Women's National Republican Club in New York City. The
Democratic platform, on the contrary, Mr. Mills asserted,
represents regimentation under a centralized autocracy. He
said that the political philosophy and principles of Governor
Landon are "untainted by the dogmas borrowed from the
crumbling civilization of Europe," and predicted that he
will be able to end waste of Federal funds and "preserve
our liberties without doing violence to our institutions."
Knox
elected
be
will
dragged on,
"As month after month of the hot summer of 1935
weariness began to
to refuse
crusading plane, just
a
it had many times in the
as
against those vested
with distinction, authority and power of any kind in the community."
A
tide of radicalism, he said, was responsible for popularity of Dr. Francis
E. Townsend on a national scale, of Upton Sinclair in California, and of
cautioned
He
that
Louisiana.
he
was
substantial
any
the "good old days" in politics
Mr.
that
excesses
drift
motion the leftward
into
set
.
.
cannot afford to let that moment pass.
To do so would be to permit old,
Discrimination Act
Wholesalers
Their Status
on
as
*
Dry Goods Institute has the following to say through its
Garrison, regarding the Anti-Price Dis¬
Director General, F.
crimination,
Chain Store Act, as it affects
or
the
to
wholesalers:
(which is
Discrimination bill
The Robineou-Patman Anti-Price
ment
amend¬
an
A
major
of wholesalers
concern
this law arises from the
in
it
differentials
nothing
in
wholesale price
Section
different
The Republicans
instead of hindrance
to legitimate business, removal of restrictions on production, abandonment
of policies that raise costs and prices and increase the cost of living, thus
reducing purchasing power; the withdrawal of Government competition,
may
any
person
of
discrimination,
such.
as
would
"injure, destroy
the
insurance
advocated by the
said the
stand by the present setup, the social security
On this issue, as on the relief issue, he
Democrats
were
content to
Act.
"The
vested
man
who loosed the flood gates of
all-consuming
this
interests
new
bureaucracy,
uncontrolled expenditure, who
who
built
up
these
immense
spending, even if he willed it—and he
the torrent that is sweeping the nation headlong
in I government
and rujq.
and will.
captain can
Kansas, and he's everything
monopoly in
competition with
knowingly receives the benefit of such
competition
injure,
to
Q
His name is Landon; he comes from
Roosevelt isn't."
grants
or
create a
or
destroy or prevent
which
differential
"tend
not
Roosevelt
Renomination—Latter's Acceptance Speech—Gov¬
wholesalers
is granted1 to
create'
to
monopoly";
a
Begin Campaign for Reelection ofPresident
and
Vice-President Garner Following
Democrats
nor
and not
would it
ernor
or
either
New York Again Agrees to Seek
Ends
Two-thirds Rule
knowingly receives the benefit of such discrimination or with customers
of
Lehman of
Relection—Democratic National Convention
prevent competition with any person who either grants
or
have characterized
and pointed out that this program was
states,
Democratic Party in 1932.
with customers of either of them
price
that
applauded the Republican pledge to leave unemployment
He
to
"A
between
non-political local agencies,
incompetence
Federal administration of relief."
'
to lessen
or
either
or
wholesale
retailers
or
and
waste
commodities "where the effect of such discrimina¬
of
commerce,
who
partisanship,
fusion,
New Deal for being satisfied to "continue the con¬
won't—can never arrest
with the granting
Republican platform for promising to return
responsibility for relief administration to
and he criticized the
to inflation, bankruptcy
be substantially
line
Mr. Mills commended the
the
belief
interfere
conceding what the President once
re-employment."
resisted, and further hampering private
receiving of
to,
or
solve the
evidenced by 10,000,000 unemployed, and to
promote business recovery, as evidenced by the fact that the United States,
the richest'amongst the nations, ranks twelfth in recovery as measured
by industrial production, remain discreetly silent, except to promise pre¬
careful reading of the Act leads us to the
addition
in
decisions
declares it to be unlawful to discriminate in price
2(a)
Dealers, embarrassed by their complete failure to
New
price
will
law
industry.
unemployment problem, as
inter¬
or
court
future
differentials
purchasers
any
A
the
platforms in detail:
specify the essential conditions: encouragement
go on to
created
pretations may be, but a
that
Roosevelt
said, "that the only solution of the unemployment
"Both recognize," he
wholesale
what
know
cannot
welcome them to our ranks.
we
country."
administrative
from,
distinguished
as
quantity discounts.
We
said, "that
problem is the absorption of the unemployed by
has been signed by the President and is now in
Clayton Act)
fact
appears to them that the law, which is purportedly designed to
prohibit unjust concessions to large chains and mail order houses, might
be
construed as prohibiting manufacturers from granting wholesale price
effect.
that
point to welcome
differences, they belong on our side in this struggle
vailing wages on relief projects, thus
Wholesale
bulletin issued under date of June 23, the
a
the challenge of the New Deal."
American adaptation of Fascism which Franklin
this
"The
Anti-Price
ancient foe, the Democratic Party—
and other sound economic policies outlined in the platform.
..."
Wholesale Dry Goods Institute Contends Wholesalers
Need Feel No Apprehension Regarding Effect of
In
at this time," he
us say
resist
Mr. Mills compared the two
a
.
.
Democratic
Democrats into the Republican Party.
In spite of our past
to
were
.
.
well-remembered yesterday.
But it was yesterday.
What I am trying to say is that in the
mysterious ebbing and flowing of the tides of public opinion the moment
has come, or nearly come, when the case of business is going to get a mighty
respectful and sympathetic hearing.
Those of you who speak for business
"And it is
he said.
blind forces to prevail.
our
departed from his prepared text at one
Mills
conservative
seeks to impose on our
here only yesterday,"
in
centralized govern¬
Welcomes Conservative Democrats
*
suggesting there
not
was
economics.
"The
said, "to
"We bid adieu," he
"Let
sentiment in this country for a return to
their faith
affirm
to
principles, and instead adopted a charter "of personal
ment."
Moley broadly defined "radicalism" as "resentment
the late Huey Long in
Dealers passed by an opportunity at their na¬
Philadelphia
in
I trust not forever—and turn to face
just passed."
in the year
that New
convention
tional
widespread
I believe that mood has become intensified and more
past.
a great
"Human nature began
the public," he said.
possess
to stay on
in part from Mr. Mill's address, as reported in
1:
We quote
the New York "Herald Tribune" of July
Mr. Mills said
it would rush into reaction.
to
cannot
the law.
—Praises Nomination of Governor Landon
he said, "I wrote a piece in which I pointed out that
"A year ago,"
unless Congress eased up a
that the
tion
into
because the
said.
or
Act
the
of
text
naturally,
We,
read
may
Platform of Individual Freedom and States'
deprived enterprisers of capital with
Baid,
he
decision
no
on
Ogden L. Mills Predicts Republican Victory, Based on
•
which to
experiment.
"Political capitalism," he held, "engages in nothing new.
It simply takes over what has already been pioneered."
"In the last three years, we have seen nothing but emphasis placed upon
the shortcomings of every part of our trade machinery," Mr. Thorpe
Such
The
June
status.
feel
their status as
provision that, would
law
new
cents from each
35
now
was
court
future
the
of
effects
unable to find in the law any
we are
that
that wholesalers need
opinion
our
and Federal, which he said had mounted to
consumer income dollar, whereas
ernmental intake, State, local
where
with
it is
the
regarding
wholesalers, for
interfere
July 4, 1936
above reasons,
the
apprehension
Advertising Asso¬
Thorpe, who spoke at a session of the Outdoor
Mr.
Fcr
the belief that
as
stimulate
ciation,
Chronicle
of
them,"
the obvious
for
reason
wholesalers
that
wholesalers
of
wholesale
a
and
prevent
merce
in
not
2(a)
a
on
but,
on
of
the
the
manufacturer
who
would
contrary,
granted
such
place
fairly competitive basis.
more
provides
further
that
"nothing
herein
contained
shall
merchandise in com¬
from selecting their own customers in bona fide transactions and
restraint of trade ;".
This provision clearly recognizes the right
engaged
persons
manufacturers
of
customers
differential,
price
respective customers
Section
are
retail
the
Section
facility
to
2(d)
sell exclusively
it
declares
furnished
selling goods,
in
in
to wholesalers, if they do desire.
be
to
handling
or
or
wares
unlawful
offering
to
for
pay
sale of
for
the
any
service
or
manufacturer's
retailers
products
The
from
in
and
making
an
or
Section 3
action
the
the
to
and
not making
ar
does not
the
same
enot "competing in
unlawful "for
discriminates
Here,
granting
retailers,
wholesalers.
allowance
to
retailers,
the distribution of such
to
his
any
person
knowledge
to be
a
against
party to any trans¬
the
competitors
of
again, the language of the bill does not specifically
of
Garner was formally
price
because
differentials to wholesalers which
retailers
are
not
the
are
"competitors"
not
of
inaugurated this week, following their
by acclamation at the Decocratic
nomination
National Con¬
Philadelphia.
Earlier convention proceedings
described in the "Chronicle" of a week ago, pages
vention
were
4274-75.
in
President Roosevelt was renominated early
in the
(at 12:42 a. m.), after a day of oratory
followed his nomination by John E. Mack of Pough-
morning of June 27
which
keepsie,
of
Garner
vote,
1
A.
above provision
wholesalers
makes it
purchaser."
granted
"competing in the distribution of such
commodities."
which
prohibit
not
prohibit a manufacturer
allowance to wholesalers for the service wholesalers render
retailers,
retailers and
products
are
commodities."
or
language of the
supplying
as
wholesalers
campaign for the reelection of President
and Vice-President John Nance
Franklin Delano Roosevelt
each
goods "unless such payment or consideration is available on proportionately
as
The Democratic
not com¬
are
competing with each other, and such com¬
petition is hot lessened byr the granting of a price differential to whole-,
saiers; nor would it lessen the competition between the retail customers
but
retailers
with
peting
a.
on
m.,
Y., and seconding speeches by delegates from
48 States and the territories.
Vice-President
was
similarly renominated without a dissenting
N.
the
June 27, and the convention adjourned at about
June 27, after reelecting Postmaster General James
Farley
as
Chairman of the
Democratic National Com¬
mittee.
Mr.
Roosevelt and
Mr. Garner were formally notified of
their renomination at ceremonies
on
Franklin Field, Phila¬
attended by more than 100,000 persons on the
evening of June 27.
The President's speech of acceptance
is given,_ elsewhere in this issue.
Mr. Garner, in a brief
address accepting the Vice-Presidential
nomination, said
that he is a "soldier," and that "my duty is to follow where
the commander leads."
He praised President Roosevelt
and his recovery program, and pledged adherence to the
delphia,
Volume
43
Chronicle
Financial
143
The
follows:
Mr.
My
and
I
I
to
for the Vice-Presidency, now tendered
satisfaction in this honor
be on the
The sense of personal
for the second time.
by the thought that I am again to
ticket with
Franklin Delano Roosevelt.
I shall stand with him in the months aheadt as I stood with
enhanced and heightened
is
this country
the voters of
March
sinc£
1933, the
4,
Constitution
the
witness
to
Franklin
In
commander-in-chief.
In this
and with the 6tars of heaven to bear
covenant, I renew the pledge of fealty I gave four years ago.
Delano Roosevelt the hopes of a nation have been reborn.
my
place to confidence.
Despondency and gloom have
Laughter again is heard in the land.
are now, as it were, midway in our course.
Great as are the things
have been accomplished to bring order out of chaos in which we
the country in March, 1933, much remains to be done.
for happiness.
made way
We
which
found
be
must
There
which fosters an economic order giving
ones through the sacrifices of the many.
system
favored
denominated as the Old
We mean
Deal?
by the Old
mean
we
conceptions
old
to
return
no
do
what
And
Deal.
a
political
special privilege to a few
of
commission
and
it
the wretchedness to which these sins of
of the Old Deal had plunged the
12
years
ushered in on a March day in 1933. But
the dawn of a new day was at hand.
The time for a change had come.
The country welcomed a new leader.
And I cheerfully bear witness here
and now to the loyal support of New Deal measures and principles accorded
in Congress by certain of our friends of the opposition.
With voice and
vote many brethren of Republican persuasion have shown how they could,
in
time of national peril, rise above partisanship and heed the call for
of
.stricken country.
ask for the support of all those who believe as we do
a
We still
i
it
government is to protect the many from the selfishness of
the means of livelihood and participation in
make life good and noble and worth the living.
That is our platform.
Upon that platform I stand and Dam proud' to
6tand with our leader—a leader who has never faltered in his course and
never
once
lost faith that in the sovereign will of the American people
few,
the
guarantee to.all
things
to
in
wisdom
true
rests
to
peace
and
was
seconding Mr. Roosevelt's renomi¬
Lehman of New
ovation lasting more than an hour
made by Governor Herbert H.
he
the convention.
address
to
rose
any
and
formal
.
was
impressive
as
and
employment insurance,
last
session
it
as
proceeded
he
Whereupon
government.
The
a
°
simple. He said
York leadership of the Republican party is weighty in the
would have much influence if that party is entrusted with
that tiie New
the
had signed
delegation
giving reasons therefor, did not
Whatever he has to say will be
run
theme
Governor's
councils
to
later.
somewhat
The
York
New
the
of
again, and
statement from the Governor.
him
asking
petition
bring
members
94
all
that
to
was
denounce the New York
principles of social security
witnessed by its attitude in Albany at the
as
the Legislature.
of
he
President
pictured
wealth,
humanitarian—valuing
true
the
as
only for the opportunity they afford for helpfulness
under-privileged. After a review of conditions in March, 1933, when
he said that leadership in every walk of life had abdicated, he reviewed
what the President had done to save the country—with especial stress on
and
position
to
power
the
the
situation—and
banking
nation
is
and
foundations—of
Roosevelt,
his
said
the
laid
Roosevelt
security,
social
the debt of the
State
he
Youth,
successor.
only foundations
the
sick,
needy
declared,
will
know
that Mr.
which it can build for the future.
on
the nominations and
Aside from
of
care
relief—had been set up in 1931 by Governor
and unemployment
old,
above all others,
that,
said
Roosevelt.
Mr.
to
the adoption of a plat¬
form, the most important action of the
Democratic conven¬
resolution abrogating the require¬
tion was the passage of a
the vote of two-thirds of the delegates would be
ment that
the future a
In
nomination.
for
simple majority
Republican conventions. The change
was opposed by Southern delegates, but with Administration
support it was easily adopted. The proposed supplanting of
the two-thirds rule by the majority rule was referred to in
our item
of a week ago on page 4275.
will be sufficient, as in
the
York, since he had previously announced (as indi¬
cated in our issue of May 23, page 3447) that he would not
New
of
this Fall and since it was believed
that his popularity might aid Mr. Roosevelt to carry New
York State.
After the convention Mr. Lehman conferred
with the President at the latter's home in Hyde Park, N. Y.,
and on June 30 he announced that he would run again for
Speech of President Roosevelt Accepting Renomination
as
President
on
Democratic
Ticket—Declares
Against "Royalists of Economic Order" and
This announcement and a
Roosevelt to the Governor
urging his reconsideration of his earlier decision are given
under another head in this issue. At the Philadelphia Con¬
governorship in November.
the
addressed
letter
vention
statement
27
June
on
President
by
to again
Governor
upon-the
calling
delegation
York
New
the
adopted a
become
a
the Governorship.
candidate for
the convention:
On
and
motion
of
the roll-call
of South Dakota the rules were suspended
Governor Berry
was
dispensed with, the nomination coming at 12:42 a. m.
Final, Noisy Celebration
had
been
chosen
and
the
like
the rest and
final
declared
demonstration
unknown
action
announcement from
platform
the
that
the President
"beating Cleveland"—loosed another
the all-day, all-night session.
It was just
by acclamation—thus
passed
was
still
motion
a
to
of
in
to
progress
recess
when the chairman heard, put and
until
nearly all the shouting,
10
o'clock
this
morning—an
parading, horn-tooting demon¬
strators.
gathering
Dealers
in
not
a
and
as
extolling
convention
West
few
a
the
conservatives joined
President.
Cleveland
at
in a national
long parade of New
Going a step beyond the Republican
ago, the
Philadelphia delegates cast
flow of harmonious oratory been equaled
Rarely has the
political
two
weeks
single vote against Mr. Roosevelt.
Virginia
kept Governor
Alf M.
a
A score of votes from Wisconsin
Landon from enjoying the same
distinction.
Much
tuous
more
exciting than the actual nomination was
chief
honor
overnor
Herbert H.
a
series of tumul¬
Lehman of New York, who
The effort was
for re¬
election. At the same time a great deal of it was spontaneous and sincere.
When Mr. Lehman was finally permitted to leave the platform he received
a telegram of thanks from the President at Washington.
Though beset with
part
Roosevelt
adopted
by this convention to which I heartily subscribe,
government in a modern civilization has cer¬
sets forth that
tain
obligations
inescapable
to
its citizens,
among
which
protection of the family and the home, the establishment
of a democracy of opportunity, and aid to those overtaken
are
In supplementing this declaration, the Presi¬
more than three years v»e have fought for
"For
dent said:
This convention in every word and deed has pledged
them.
that that
fight will go on."
detail elsewhere in this issue,
12:42 a. m. on June 27,
delivered his speech of acceptance at the Democratic Na¬
tional
Convention
at
Philadelphia
on
Saturday
night,
was
renominated by acclamation at
June
27, at 10
p. m.
He referred to Philadelphia as "fitting
which to reaffirm the faith of our fathers; to
pledge ourselves to restore to the people a wider freedom—
to give to 1936 as the founders gave to 1776—an American
way of life."
Stating that "it was to win freedom from the tyranny of
ground
on
political
autocracy
that the American Revolution was
fought," the President went on to say that "that victory
the business of governing into the hands of the average
gave
man,
who
won
his
order
"Since
own
that
the right with his neighbors to make and
destiny through his own government."
struggle,"
the
President continued,
"man's in¬
ventive
uprisings to
made the
June 27, renomination for the presidency of
Franklin Delano
declared that "the brave and clear platform
on
the United States on the Democratic ticket,
The President, who as we
Robinson's
Senator
ships"
Accepting,
by disaster."
from a Washington dispatch of June 27
•to the New York "Times," describing the renomination of
President Roosevelt and the speeches placing him before
We quote in part
Says
Fight for Freedom "Will Go On"—Expresses Faith
in Soundness of Democracy in "Midst of^Dictator-
again be a candidate
in
re-election.
in November that he stand for
success
endorsement
The enthusiasm
delegates was partially attributed to the desire to
"draft" Governor Lehman for another term as chief executive
of
to party
smashing
needed
allegiance
Roosevelt.
Delano
York, who received an
when
security,
In that faith I pledge anew my
trust.
principal speech
nation
to
way
.
Franklin
The
the
and
government
that faith I put my
In
admitting all the devices of showmanship, could really have
that the Democratic National Convention regards
of Governor Lehman, unique in a national
convention assembled to nominate a President, and buttressed by the news
The
that
happiness.
the day
the honors of
deluge of oratory his simple address waa like the rock
sees
clear above the rush of waters.
He was given an
a
essential
as
Governor
for
doubt in his mind
no
These
that the
function of
the
In
tourist
the
ovation which,
country when the New Deal was
help
night.
left
Delano Roosevelt.
Lehman to take
States," Franklin
remained
Republican leadership as an enemy of the very
degradation.
Our people have not forgotten
omission
the
which
mean
we
all
But
and
New
of
citizen
that
re-election
for
and that is why they strive to
York who is now "the son
said Judge Mack,
wall,
the
writing on
of
afflicted nation, to practice "the radical surgery" needed
He said the issue is whether the people will turn
to the "classes of privilege."
They see the hand¬
depression.
Government
the
said
simply an adaptation of the laws of the
country so that the greatest good will come to the greatest number—the
protection of the rights of that vast majority of our populace, men, women
and children—to whom the Old Deal meant want, hardship, despair and
Deal
New
the
By
E. Mack
John
in 1932, a demonstration of
proceedings. Whatever the
whom excused
of
some
an
the
cure
back
multitude
given
has
Despair
to
defeat
Roosevelt is my leader, my
this
before
proposed by
oratory of the day, there is no
in the
problems of
him before
in 1932—as I have stood, in sharing with him
obligations and duties and responsibilities which
imposes.
Franklin Delano
presence,
campaign issue in that State
it so.
formally
Democrats who will
many
and
reasons,
tion
accept the nomination
gladly
me
was
go along this year for a number of
themselves from prominent participa¬
doubt that the tumult expressed
the feeling of the overwhelming majority of the delegates.
Judge Mack's chief point was that Mr. Roosevelt's sudden and great
affliction in middle life had made him peculiarly fit to deal with the
feelings of
which
of the responsibility
not unmindful
am
make
Poughkeepsie, who rendered the same service
more
than
an
hour's duration interrupted the
trust.
that
with
goes
I
And
trust.
solemn
a
President's
the
of
conferred upon me.
reposed *n
1 accept
fellow countrymen have
my
can
name
the Democrats
if
what the chief
intimated
Albany,
at
be
When
laid down in
as
confidence which
This
as
my
war
not
am
be fervent and sincere. I am
duty is to follow where the commander leads. I accept
the platform.
insensible of the high honor which has been
rules of
the
welfare,
ship
will
shall be as few as they shall
words
soldier
a
bent and record in behalf of
and, by his scathing attack upon the Republican leader¬
President's
the
stressed'
Governor
social
friends:
Chairman,
Record
President's
Stresses
Mr. Garner's speech
Philadelphia.
at
adopted
platform
seconding speech
prearranged
importunities, he
to
convince
Mr.
declined to admit
10 o'clock last night.
at
Lehman
any
that he must stand
change in his intention to retire.
genius released new forces in our land which re¬
ordered the lives of our people.
The age of machinery, of
railroads,
of
steam
a
new
the
President,
"New
.
.
cizilization and with it
would remain free."
.
.
mass produc¬
combined to bring forward
and electricity,
tion, mass distribution
.
a
.
new
problem for those who
"Out of this modern civilization," said
"economic
royalists
carved
new
dynasties."
kingdoms," he added, "were built upon concentration
44
of
Financial
control
material
over
things."
The
President,
in
Chronicle
set
further utterances, said:
The royalists
business
the
was
nomic
slavery
could
of
the
protect
but
government,
citizen
could
government
the
nobody's business.
was
in
his
they have maintained that
citizen
in his
Today
the
stand
we
and-half
affair,
committed
If
the
to
the
proposition
is
citizen
average
that
equal
is
America.
their
away
this
Further
We
do
allegiance
of
to
of is that
American
seek
we
institutions
to
An
soundness
of
Hope—Renewed because
stands,
that
does
not
know
spirit
the
that
original
merely
sympathy and wisdom helps
well
so
of
alone
nomic
demoralization,"
a
old
wealth
to help
the
of
the
For
love
giver,
but
but
"a
for
war
the
war."
In full, the President's speech of
acceptance follows :
Senator Robinson,
meet at
occasion
attitude
Members
be
to
toward
dedicated
problems,
impose
For
a
the
sustained
on
determination
of
Nation.
which
party—not
a
whom
help
great
and
I
only
critical
many
confidence
will
as
hours
grateful.
am
with
an
profoundly
a
candidate for
have imposed
of
which
Americans
and
other parties,
unselfishly
and regardless
destroy abuses.
Above
and
recovery
Americans who
have borne disaster
of
in
party
all,
efforts
to
millions
of
our
I thank the
America
rescue
strength
we
rules of
In
friends,
that
raised
of
for
to
In
candor,
tides
our
new
forget
that
In
our
applied
together,
the
old
why
fought
we
fear.
And
our
foes—
land
own
the
that
you
ill-will
we
But
all
is
the
rush
of
the
the
with
darkly
in
civilization
which must be
political
and
itself
solved
economic
not
ourselves to restore to the people
founders
wider freedom—to give to
a
to 1776—an American
gave
1936
pledge
the
as
of life.
way
The very word
freedom, in itself and of necessity, suggests freedom from
restraining power.
In 1776 we sought freedom from the
tyranny
of a political
autocracy—from the eighteenth century royalists who held
special privileges from the crown.
It was
to perpetuate their
privilege
that they governed without the
consent of the governed; that
they denied
the right of free
assembly and free speech; that they restricted the
worship of (jQid; that they put the average man's
property and the average
some
man's
life
in
to
pawn
the
mercenaries
of
dynastic power—that they
mented the people.
And
that
of
it
so
to
was
the American
win
governing into the hands
his
from
was
of
the
fought.
the
tyranny of political
That victory
average
who
man,
gave
neighbors to make and order his
ment.
Political
Since
in
own destiny
through his own govern¬
wiped out at Philadelphia on July 4, 1776.
however, man's inventive genius released new forces
tyranny
has
struggle,
railroads, of steam and
production,
remain
and
with
it
of
a
these
new
The age of machinery,
the radio; mass
combined
problem
to
for
bring forward
those
who
a
out
dynasties.
material
of
this
New
things.
impressed
There
of
of
uses
and
economic
corporations,
agriculture,
fathers—the
royalists
concentration
upon
whole
of
of
banks
labor
structure
royal service.
place among this royalty for
and
system
worker
wealth,
the
built
or
aware
merchants
of
the
of
who
initiative
and
farmer.
their
sought
Even
obligation
to
profit.
capital—all
our
many
make
and
their
life
was
■
They
honest
to
securities,
modern
a
thousands of small
worthy
were
no
free
more
progressive-minded
generation,
could
of
use
the
than
men
of
know
never
just where they
It
new
fitted into this dynastic scheme, of
things.
natural, and perhaps human, that the
privileged princes of these
economic dynasties,
thirsting for power, readied out for control over
was
government
robes of
the
man
it in
sought to
people, their labor and
once
The
ditions
and
itself.
They created a new despotism and
wrapped
legal sanction.
In its service new mercenaries
more
hours
of
were
confronts
men
their
and
the
imposed by this
properties.
problem that
women
labor—these
their
worked,
had
new
the
passed
industrial
And
faced
wages
as
a
result
beyond the
control
dictatorship.
The
of
the
regiment
the average
ti|e Minute Man.
liey received, the
the
do
con¬
people
savings of the
small
control
was
had
group
mean¬
concen¬
over
other people's
labor—other
people's lives.
freeliberty
the
longer real;
no
The
citizen
it
could
collapse of
election
mandate
government,
but
business.
in
his
of
only
1929
1932
was
men
appeal
showed
up
the^ people's
is
to
they have
maintained
They granted
right
anything
committed
to
but
vote,
the
protect
that
the
they
that
denied
citizen
in
eco¬
government
that
his
the
right
the
to
to
proposition that
freedom
is
half-
no
If the
What
they really complain of is that
Our
this
the
kind'
allegiance
of
Constitution.
for
and
to
In
vain
as
seek to
to
take
requires
the
behind
the
hide
blindness
Now,
seek
we
institutions
they
their
for.
freedom,
American
In
power.
Constitution stand
they forget what the flag
always, they stand for democracy,
and against a dictatorship by
not
subjection;
overprivileged alike.
the
and
clear
subscribe,
to
Platform
platform
sets
forth
of Convention
adopted
that
by this convention,
government
inescapable obligations to
unless in
its
in
citizens,
I
civilization
which
among
which
to
modern
a
protec-
are
greater courage we will
fight for them.
than three years we have
fought for them.
This convention,
word and deed, has pledged that that fight will go on.
more
every
The
a
defeats
new
and
victories
understanding of
been
of
these
England
town
and of
most
us
as
people
a
Never since the
govern¬
so
home
Faith, Hope and Charity Not
We
do
not
them
in
to
ourselves.
meeting have the affairs of
widely discussed and so clearly appreciated.
It has been
to us that the only effective
guide for the safety of this
worldly of worlds is moral principle.
brought
use
have given
years
government
our
early days of the New
stout
modern
a
faith,
see
as
hope
supports
Faith—in the
Charity—in
literally
stands,
soundness
the
true
translated
that
does
seek
of
of
unattainable ideals,
as
Nation
a
not
democracy
know
we
spirit
from
the
fighting the
in the'midst
well'the
so
that
of
original,
merely
sympathy and wisdom
We
Unattainable Ideals
and charity
fight
for
but
we
freedom
civilization.
Hope—renewed because
share the
helps
to
men
old
wealth
help
dictatorships.
the
the
of
have made.
we
word.
love,
means
of
progress
grand
For
love
charity,
that
giver,
but
under¬
in
true
themselves.
not
merely to make government a mechanical implement, but
give it the vibrant personal character that is the embodiment of
human
to
charity.
We
are
of
recess
needed
books
of
place
We
The
of
as
tells
the sins
our
Better
the
There
In
in
the
the
in
faults
consistent
is
a
mysterious
given.
this
world
past,
have
of
lived
a
to carry
illusion of
not
I
a
deficit
a
every
are
not
in
the
build
great
a
and
you
We
us
try
but
cause.
belongs not to
of
temple out
to
alone.
me
in
the
It
is
make
mistakes, but the immortal
the sins of » the cold-blooded and
different
a
cycle
scales.
that
government
of
a
lives
in
government frozen
in
alone
It
is
great
a
a
war
war
and
human
spirit
a
in
the
of
ice
of
events.
in
and
the
To some generations
This generation of Americans
is expected.
^
"
other
fought
lands,
for
there
are
some
and
freedom,
seem
our
success
America
we
can
stir
are
the
precious
the commission
survival
form
you
enlisted for the duration of the
Governor
Lehman
Candidate
their
waging
against want and destitution and
of
of
democracy.
government
for
have
in
grown
of
have tendered
me.
I
ancient hope.
a
great
economic
We
for
world.
accept
to
They have sold1 their heritage of freedom
They have yielded their democracy.
living.
for
people who,
fight.
believe in my heart that
only
They begin to know that here in
save
seek to
this
cause
do
omissions
I
the
accumulate
we
destiny.
ours,
for
ization.
to
hands
weighs
of
Qf others much
on
is
frotn
proceeds.
occasional
too weary
It
lift
daily to profit from experience, to learn to
err—Presidents
rendezvous with
the
to
indifference.
own
times
afford
unemployed that they
servant .of
a
divine justice
warm-hearted
charity than the
a
afford
that
not
We seek
can
the
is
task
that
us
of
the
the
standard
Governments
Dante
cannot
of
fortitude.
by America.
better
fear
cannot
daily work to remember
carried
Nation
sobering thing to be
a
people.
its
this
dread
palace of privilege
hope and charity.
and
is
if
life the
world.
human
faith
do
the
the
It
indeed
poor
American
in
of
In
new
over
and
and
of
carved
control
the
power.
certain
For
has
this
no
men
American
new
industry
by
into
was
business
of
civilization
were
Through
machinery
undreamed
modern
kingdoms
only enough
won
happiness.
The
was.
that
nobody's
stand
brave
words
would
Royalists
A
this
as
government.
it
the citizen
of
rule
much is
Economic
the
people.
of
had
once
of the family and
the home, the establishment of a democracy of
opportunity, and aid to those overtaken by disaster.
But the resolute enemy within our
gates is ever ready to beat down our
free.
For
new
our
electricity; the telegraph and
distribution—all
mass
civilization
new
lives of
men.*'
according
decent
not
tion
was
land which recorded the
our
of
that
the business
the right with
won
of
America.
heartily
regi¬
autocracy
free
not
are
man
we
people's
longer
such
Subscribes
our
freedom
Revolution
which gives
other
pursuit
of
Under
was
tyranny;
The
we
This
the
what
could
their
mob
for which
is
of
flag and
freedom
Washington and Jefferson planned and fought.
Philadelphia is a good city in which to write American
history.
fitting ground on which to reaffirm the faith of our
fathers; to
men
living—a living
a
inequality.
no
tyranny
it.
affair.
overthrow
has
if
enterprise
average citizen is guaranteed equal opportunity in
polling place, he must have equal opportunity in the market place.
The economic royalists
complain that we seek to overthrow the institu¬
world.
gather
fulness of life greater
a
modern
problems
States
well
intolerance
enjoy indeed
new
United
and
Private
live.
we
and-half
ment
was
Indi¬
The field
the
the
us.
all of
against the most dangerous of
tell
of
difficulties,
to
preserve
That
won
most nations.
us
not
of
concern
energies
"Necessitous
almost complete
an
was
power
for
end
protect
and
fear.
with
suspicion,
places.
many
than
cannot,
of
years—will
the
was
our
fear.
have
we
conquered
I
Clouds
feared
we
recent
rallied
and together survived.
sense,
my
these
party task—it
together,
common
have
forget
mere
rose
days
But
are
not
a
those
today,
we
will
not
was
a
money,
life
us
business
Today
in
«
hands
own
people's
of
slavery
work
bravely and have dared to smile through
storm.
time,
economic
have
their loyalty I salute the
official life in every part of
distant
machine.
restricted.
more
of
economic
government
For
party, in and out of
I salute those
nomic
away
of
in
men
being ended.
royalists of the economic order have conceded that political freedom
It is
expression
their
were
monopoly.
by
great
a
the political equality
their
to
the
tions
the
sincere
by
privileged enterprise, not free enterprise.
said:
once
the
of
us
organized
and the
leader of
upon
task
my
our
participated
achieve
the
and
especially those in the Congress
so
many occasions put partisanship aside.
I thank the Governors
several
States, their Legislatures, their State and local officials
the
who
the future of
simple
responsibility.
grave
in
of
the Union.
of
the
the
as
one
sympathy,
me
members
who
the
America.
I come not only
high office, but as
still
to
and
more
limited
was
cogs
face
the
despotism
The
of the Democratic Convention, My Friends:
time of great moment to
a
the
eco¬
of
the
in
became
longer follow
no
could
survival
decreed
was
of
many
many
mandate
war"
a great
reaped the rewards which
gains
opportunity
was
It
of
other
too
the
true
against want and destitution and
war
to
In accepting the commission tendered him, he
concluded by saying:
"I am enlisted for the duration of the
affect
into
For
under¬
in
the,
but something to live for.
in
was
"waging
as
by,
too
property,
charity
that
which
in.
,
have made.
we
business
private.
Against
democracy."
an
live
trated
word.
investments
.
a
themselves.
The President described America
-^-"not
progress
love,
means
share the
men
the
grand
their
crushed
English judge
For
democracy in the midst of dictatorships.
we
Charity—In the true
literally translated from
We
to
we
in
tools
living
could
the
longer
no
of
Nation
was
standard
ingless
ideals, but
the
were
make
civilization.
Faith—In
free
too
old
the
the
fighting the fight for freedom
man,
money—these
peoples
Liberty requires opportunity to
\
in his speech the President said:
see
faith, hope and, charity as unattainable
business
small
to
take
requires
for
became
opportunity in
power.
stout supports of St Nation
as
modern
they really complain
Our
kind
soil
measure
the
initiative
open
half-
no
small
Throughout
on
not
them
use
What
power.
overthrow of
tilled the
The
vidual
polling place, he must have equal opportunity in the market place.
economic royalists complain that we seek to overthrow the institu¬
of
age—other
the
royalty used to dig itself
who
right.
The
tions
of
cities.
right to work
freedom
guaranteed
economic
capital
eco¬
granted that the government
vote, but they denied that the
protect the
July 4, 1936
the
old
for
Those
They
right to
do anything to
freedom
live.
and
aside
new
of the economic order have conceded that political
family,
average
his
are
fighting to
ourselves
join with
war.
demoral¬
and
you.
I
for
am
war.
New
York
Agrees
to
Become
Reelection
Following Move tc
Him—President Roosevelt's Letter to Mr
Lehman Urging
Reconsideration of His Earliei
"Draft"
Decision
to
Retire
Governor Herbert H. Lehman of
New York, who delivered
the principal speech
seconding the renomination of Presi-
■
Volume
Financial
143
Democratic National Convention, at
June 26 (to which further reference is
made elsewhere in these columns today),
announced on
June 30 that he would be a candidate for reelection, his
decision coming after a move to "draft" him^ for another
term, following his previously indicated intention to retire.
At the convention the New York delegation unanimously
adopted a statement calling upon the Governor to seek re¬
election.
Presented by Herbert Bayard Swope and seconded
by Representative Caroline O'Day, it said, in part:
The delegation from New York to the Democratic National Convention,
recognizing that the struggle for victory is one and the same in the
Nation
and
the
State,
unanimously adopts tire following statement as
bespeaking the sentiments of the Democracy of the State and of the
Roosevelt at the
dent
Phihladelphia,
The
is squarely centered upon
the coming election
in
issue
Franklin D.
popular rights.
There is no individual in all America, next to the President, who better
personified those principles than Herbert Lehman.
The four years of his
two t£rms as Governor have been rich in accomplishment.
His true sense
of social responsibility has risen above party lines.
.
.
.
Governor Lehman's reelection will be proof of the sound working of our
with him in the battle for
Roosevelt and those aligned
democratitc
processes.
desire
to
return
to
animate Herbert Lehman in his
private life, we, his fellow New Yorkers, proud of his
in his capacity, entreat him to disregard his personal
and secure
courage
Commonwealth, where
of duty—duty to his
call
and) hear the
inclination
may
reasons
remains to be done; duty to his Nation, which
be shown that New York is the leader in the support of the Adminis¬
work
must
beginning
his
of
honored itself by honoring him, and
finally duty to himself in that he owes it to his name not t» turn back
when he has fought to the very edge of final victory.
Governor Lehman, we have not failed you; do not, we ask, fail us.
duty to his party, which has
tration ;
Industry
American
made to organize a closed shop
The statement said that the
industry anticipates strikes and violence during the present
unionization drive, which is being led by John L. Lewis,
who is Chairman of the Committee for Industrial Organiza¬
tion, and to which reference was made in our issue of
June 13, page 3958.
The Amalgamated Association of Iron,
Steel and Tin Workers is also active in the unionization
campaign. The Institute's statement said that the industry
would take necessary steps "to protect its employees and
their families from intimidation, coercion and violence, and
to aid them in maintaining collective bargaining free from
its 500,000 employees.
among
interference from
Labor leaders
themselves
I
did
with
so
bilities
of
ment
the
of
my
of
final.
it
expres¬
friendship which have come to me from all
and
confidence
of
parts
personal considerations, however compelling, I feel that
I can no longer resist the pleas of my party, both in the State and in the
Nation, or of those with whom I have worked in closest association for
many years and with whom I have waged the fight for equal opportunity
social
and
nominate me again, and
for service, I shall proudly
accept the call and will, during the coming two years, devote myself
wholeheartedly to the interests of the people of the State.
the
A
campaign
State again call
me
on
30 that
June
his
the letter,
had
He made public
not to run again.
decision
reconsider
he
Governor Lehman, urging him to
long letter to
a
on
revealed
Roosevelt
President
written
which said:
For
Dear Herbert:
29, 1936.
makes
weeks, and particularly since the close of the
some
country, and especially their
May I repeat to you what I have
already told you—that I was deeply disappointed when you stated that
you would not again be a candidate for Governor;
though at the same
time, as you know, I fully appreciate the valid personal reasons which
impelled you to make the statement and sympathized with you in those
of
matters
some
relationship to the State of New York.
There
No
ship
Our
State
Government
is
still
and
was
is
among
making it possible
whose heart is not
in part
in
excellent laws
we
put
would be repealed1,
their
The
State
the
to
of
Nation,
the
would
York
would
Nation
be
thereby;
hurt
be
even
referred
have
have
to
social
splendid1 effect
a
richly-deserved
week
important
thereby—for that kind
hurt
of
an
shows
what
on
which
other
given to
was
States
think
of
you
your
The
you
will be
it
willing to reconsider your
statement that you would not run
Such reconsideration would make me very happy—more than that,
again.
would
With
make
my
millions
of
people
affectionate regards,
all
over
the United
/
J Very sincerely
(
States
very
Steel
Lehman's
announcement
would not seek reelection
page
344,7.
was
of
May
20
that
he
given in our issue of May 23,
issued
ever
by the leading steel
which repre¬
Steel Institute,
Iron and
American
The President of the Institute
of the steel industry.
Inland
Tube,
Steel
and
other
producers are
large
the board of directors of the institute.
between
the
issue
struggle
expected
shop
is
steel
companies and the Lewis forces over
by leaders of representative steel com¬
important political repercussions.
intimidating
coercing fellow workers to induce them to join the Amalga¬
or
charged, it
Such
the
collective
Government
Contract
men
withheld
result
Relations
in
efforts
possibility
recently
passed
the
dis¬
the
invoking
which
Congress,
labor
on
leaders
union
establishes
the
is
by
standards of
of
which
Act,
Another
the Administration's
right
of
the
provides
government contracts.
sympathies in the labor contro¬
from the Jones &
ground
that the
Relations
Labor
will be
probably
Workers
Tin
less than two weeks ago when Secretary of the Interior
Laughlin Co. a government steel contract
shown
were
Ickes
the
Labor
Act,
declared
versy
and
doubtless
would
Wagner
bargaining.
maintenance of certain
the
Steel
on
Steel
Iron,
Any employees detected
pointed out.
was
measures
invoke
of
of
Association
mated
Board
company
"unfair
of
had been
labor
the National
found guilty by
practices."
Indicating the attitude of the labor leaders, Washington
advices, June 29, to the "Times" said, in part:
Philip
L.
larity
Chairman
the
of
Steel Workers
to
of
labor
Labor's Nonpartisan
plank
the
in
platform,
they
said,
Steel
pledged
steel
industry,
"from
it
was
said,
intimidation,
any
and
maintaining collective bargaining, free from
Mr.
that
to
platform
George
the simi¬
with
the
Institute.
protection
the/ right
"of
representatives of its
source.''
announced
coercion
Committee;
Major
pointed
Party
organize and bargain collectively through
choosing without interference from
The
Organizing
League,
Republican
by the American Iron and
Republican
labor
the
of
Lewis, President of the United Mine Workers, and
language used
The
Chairman
Murray,
L.
Berry,
own
ROOSEYELT.
the
on
panies to have
of
FRANKLIN D.
its kind
of
first
the
&
Sheet
on
closed
29 commented
of June
Grace, President of the Bethlehem Steel Corp.
The United
Corp., Republic
Steel, Jones
& Laughlin, National Steel,
Eugene G.
employees
Governor
the
is
statement
represented
happy.
yours,
its ability to
the best of
to
resources
campaign as follows:
than 95%
the
its
use
"Times"
York
New
more
States
accompanying
any source.
through
is
its
with
industry will
companies
John
hope, therefore, that not only for the State but for the national good,
and all businesses de¬
of the country.
agitation for industrial
their families,
and
and
The
That magnificent
in Philadelphia last
fine and successful
of
employees and their families from intimidation, coercion and
to aid them in maintaining collective bargaining free from
its
unionization
wage
all the rest of the country.
tribute
the
of depression and huge
to receive the benefits of
the forward movement will
six years
beginning
now
interruption
employees
drive,
interference from
for
legislation such as fair
leadership.
I
steel
The
violence,
to
more
are
Any
such interruption.
threatens
protect
enforced by people who had their tongues
'
New
employees
operations.
announced
The
these great ideals, or is
laws, unemploy¬
ment
insurance, old age pensions, care of the destitute; but I should
include the equally wide range of legislation affecting public utilities and
conservation and, in general, the lives of the average citizen.
I am convinced that your return to Albany for another two years would
and
industry is recovering from
the
and
The
is limited and spreads.
example
I
or
industry
steel
the
is to overthrow those plans
announced campaign
so elected.
representatives
steel
strife,
the statute books during your four years as Governor
weakened,
of
employees
the
of
pendent upon the industry, and will endanger the welfare
outstanding effect all over the Nation.
cheeks.
industry.
in
of the
purposes
seriously injure the
-
in
of collective bargaining,
the principles
in
majority
participated
the
The
More than that, I fear that many of the
would fail.
on
believes
industry
overwhelming
the
of
and
the pioneers, and today the Federal
the right place in respect to
principles
American
fundamental
are
annual elections under their own representation
plans and elected their representatives for collective bargaining.
The
elections were conducted by the employees themselves by secret ballot.
One
controlled by those who are unsympathetic to objectives which
and I have,
you
steel
The
for all the States to join in this great
should be in the hands of any individual
These
depends on
Advancement
organization.
any
industry will steadfastly adhere.
is in effect throughout the
it
recently
I think, will be very critical ones, and what takes
State administration
If the next
in
effort.
and
merit
the
which
Youngstown
place in New York will have an
even
non-membership
The
work.
The next two years,
the steel industry has to join any organization to get
Employment in the industry does not depend upon member¬
job.
a
or
and
work.
for the right to
sents
unfulfilled.
remains
intimidation of the employees in the indus¬
employee in
hold
or
what I conceive to be the other side of the picture.
much
with the industry have taken
connected
organizations not
foment
individual
and with
frankly
writing
am
drive, the
and Steel
strikes.
objective of the campaign is the "closed shop," which prohibits the
employment of anyone not a union member.
The steel industry will
oppose any attempt to compel its employees to join a union
or to pay
deepest sincerity to tell
'
For many years you and I have worked for many kinds of social legisla¬
tion—much legislation of this type has been enacted', but at the same time
I
Nevertheless,
are
and
try,
reasons.
you
and
campaign.
many disturbing indications that the promoters of the cam¬
paign will employ coercion and
the
to
importance
grave
and
charge of the
increased
legislative session, I have been giving careful thought to
State
York
of the steel industry has been
the public may know the
employees
employees
the
that
steel industry in the face of the threatened
this statement through the American Iron
the
of
position
order
Institute.
losses,
June
New
the
in
unionize the
to
In
announced.
if my party in this State chooses to
people of the
a
up
statement read:
to
security.
Therefore,
if
drive
unionization
Committee for Industrial
$500,000 fund to finance the
steel industry.
The Institute's
The
statement.
has set
Organization
of
Regardless
labor
resorting to coercion, and that the
are
Institute's
the
tribute
I shall always be grateful for them.
the country.
that steel manufactur¬
June 29 charged
The
deeply touched and stirred by the many
have been
then I
Since
sions
considered
I
deliberation.
that I would not be a candidate for
May 20
on
source."
any
on
plank in the Republican platform recently adopted at Cleve¬
land contained language identical with a portion of that in
Persons
reelection.
an earnest desire to be
relieved1 of the cares and responsi¬
governorship, in order to return to private life and enjoy¬
family.
My decision was reached after long and careful
announced
I
issued
will vigor¬
Steel Institute, on June 28,
ously oppose efforts being
accept the call, follows:
he would
Steel
that the steel industry
statement announcing
industry
announcement of June 30, indicating that
The Governor's
to Fight
Iron and
The American Iron and
a
ers
...
valid
that
Admitting
Closed Shop—Statement by
Institute Says Manu¬
facturers Will Oppose Unionization Drive—Workers
Promised
Protection Against
"Coercion"—Labor
Leaders Pledge Continued Campaign
Steel
on
country:
45
Chronicle
that
it
would
violence and
protect
to aid'
interference from
them
its
in
any source."
Murray, in his reply, made public both here and in Pittsburgh, said
"it
becomes
apparent
Republican platform."
who^ dictated the so-called labor plank of the
/
46
Financial
"Just
Steel
Institute with
Major Berry
taken
to
G.
the
0.
P.
asserted that the steel
comment
into his
country
radio
a
statement
steel
that in
at
"confidence"
address.
and
length at
that
he
this
he
heartily
advised
by
in
the
Mr.
of
however,
the
would1 be conducted "with vigor."
believe
The
union
an
principle of collective bargaining.
Institute
"bargaining."
We
in the
and
differ
we
the
on
it takes
royalists
two
make
to
of steel
of
system
collective
the
one
committfee
created
fomenting strikes
first
to
it
use
bargaining.
their
of
this
is
worth
disorders,
creating
or
meeting, held in
it
as
announced
officially
the
1898
145
J.
representatives
high
indicates
the
active
cast
the
of
It
by
that
plants
on
in
come
keen, the
the
for
for each
each
the
The
In the
in
the
of
1936
the
for
while
in
elections
steel
elections held
than
of
day
such
to
year
in
the
ballots
ago,
where
the
nevertheless
men
operating
not
was
it
of
election
some
as
Press
provide
of
representatives
re-elected
were
by their
■
:
drive
does
not
prepared
Miss
for
Perkins
necessarily
assault
an
said
that
mean
chosen
Labor
of
Department,
observers
to
as
movement
that
the
on
she
strikes
Miss
Perkins
keep in touch with
demand
gathering
were
and
frame
that
an
the
traditionally
believed
and
the
her
is
with
answer
Mr.
to the
committee
order
Miss
>
done
of
to
said,
Lewis
withdraw
the
the
Miss
to
from
to
extend
to me,
seems
has
sent
out
plan the steel
its
for panic.
adequate
drive
6aid
American
"They
and
she
ments
&
Steel
that
it
there
the
necessarily
to
admonished,
I.
0.
organization
unionization
on
It is
when
threatened
avert
did
not
She
said
Institue
seemed
not
asked
industrial
organization.
There
to have
necessary
whether
warfare.
is
going
was
purpose
to
of
date."
-
that
what
she
declaring
her
had
strike
a
employers
read
against
be
to
the
have
the statement
the
"several
will
Roosevelt
visit
the
Governor-General
at
at
as
States of America will spend the day of
the guest of the Governor-General of Canada.
Further
"
Exchange to Hold Forum on Business
Charlottesville, Va., July 6 to 11
—President Gay Among Speakers Scheduled to
of
.
i-
In
Institute
unionization
steps ahead of
of
Public Affairs
of
University
Virginia
letter to members of the New York Stock
Exchange
made public June 28, Maurice L. Farrell, Chairman of the Committee on Public Relations, said
a
and their associates,
that at the invitation of the Institute of Public Affairs of
the
University of Virginia, the New York Stock Exchange
held at Charlottesville, Va.,
There will be six general
topics it was pointed out, each to be discussed by two promi¬
nent speakers.
The subjects include—business and taxation;,
the capital gains tax; the responsibility of corporate manage¬
ment to its stockholders, employees and the public; adequate
information for the investing public; sound money; and
credit control.
Among the speakers will be:
is sponsoring a round-table to be
from July 6 to 11, inclusive.
Winthrop W. Aldrich, Chairman of the Chase National Bank.
William O. Douglas, member of the Securities and Exchange Commission*
Kenneth C. Hogate, President, Dow, Jones & Co.
Dr. Leland Rex Robinson.
George V. McLaughlin, President, Brooklyn Trust Co.
Federal Reserve Bank of New York.
Ellsworth O. Alvord.
Godfrey N. Nelson, Secretary of The New York "Times".
Arthur A. Ballantine, member of the law firm of Root, Clark, Buckner
and Ballantine.
Colby Chester, Chairman of the Board, General Foods Corp.
to
be
the strike
correct assumption,
a
know
v '
.
what
July 1 it is said. Mr. Morgan left Massa¬
Long Island home in a private railway car
Dr. W. Randolph Burgess,
that
Iron
said
announced
announced
being
organize."
program."
not
will
Labor's renewed
insistence
existing labor
an
Attack of Neuritis—Definite
Improvement Reported
Suffers
July 31, according to an official announcement
that city yesterday (July 3) which said:
Address
'•
Perkins
protect their interests.
campaign,
is
it
organic ail¬
suspend these activities.
on
to
open
warfare
the big unionization
American Federation of
making plans to
was
Perkins
to
strike,"
a
movement
a
reason,
in
not
Department
"This
no
is
of means
and Finance in
on
organization
industrial
by industries rather than by crafts.
"This
men
,
by John L. Lewis's committee for industrial organization.
the Secretary was explaining her views, the leaders of
the C.
drive
strike,"
a
and
she
going
was
to
not
based
it is
said.
be.
I
"They
think
upon
it
develop¬
Orrin G. Wood, President, Investment
Bankers Association.
Matthew Woll, Vice-President, American Federation of
]Labor.
Charles H. Meyer.
Robert M. Hanes, President, Wachovia Bank & Trust Co. of Winston-
,
Salem, N. C.
Death of
Lasteyrie Former French Minister of
Finance—Technical Expert at Reparations Con¬
Charles R. Gay, President of the New
ferences
Our purpose in
Count
The death
on
June 28 of Court Charles de
Minister of Finance at the
wireless
June
advices
28,
to
which
the
age
New
Lasteyrie, former
of 59 years was reported in
York
"Times"
from
Paris
said:
conferences,
he took the Finance"portfolio in the Poincare Cabinet of 1922.
He
John
W.
Dodsworth,
Former
Editor
and
Dodsworth, managing editor of the New York
"Journal of Commerce" from 1893 to
1910' and President
and editor of that paper from 1910 to 1921, died at his home
in Englewood, N. J., on June 30 of pneumonia, following a
six months' illness.
He
was
79 years old.
From the "Journal of Commerce"
Mr.
Dodsworth
family of editors
was
the
sole
we
1
quote the following:
surviving member
and newspaper executives
a
calls for
a
prove
a.
program is
sound discussion of questions that are of vital interest
general business and financial community.
discussions will
9:30
:
taking part in the Institute of Public Affairs
solely to bring about
to the
York Stock Exchange.
Farrell stated
to
I
am
confident that the
be stimulating and interesting.
The program
discussion from the floor of the various topics, after the speakers
m. to
The round-table will be held daily from
1 p. m.
*
William
President of the New York "Journal of Commerce"
John W.
his letter, Mr.
was a
member of the Institute.
of
in
have delivered their addresses.
A French technical expert at the Spa and other reparations
Death
.
office at 1 Broad¬
New York Stock
representa¬
instituted
As
.
in 1921, Mr,
details will be announced later."
by employees
"V,:UV.
The
on
July 31 at Quebec
fellow-workers, the report
result.
forces
end
A-V-
Washington advices of July 2 added:
factories,
an
years to a point where most
"The President of the United
while the employee representation
the nomination of two candidates
for
number
the
forces
issued
representative,
"do anything foolish against the public interest and
them¬
selves," and that they should not "get nervous and panicky."
labor
Quebec
representatives appearing
nominate three candi¬
.
While
upon
an
President^Roosevelt to Visit Quebec July 31
was
Secretary of Labor Perkins said at a press conference
July 2 that steel manufacturers should be careful not
United
control came to
Six months ago, however, a complication of
Morgan
President
companies
showing that 1048 of the newly-elected spokesmen had served
tives during the preceding period.
\
shop steel
The Dodsworth
June 30, at which time it was stated that newspaper reports
a
according
representatives
as
,
of
Walter also became Treasurer
re¬
made
register their choice,
relection
for
candidates for
as
elections
1920.
publisher
Treasurer, and Walter A. Dods¬
was
.
were greatly exaggerated.
On July 1 Mr.
Morgan's son, Junius Spencer Morgan, was quoted as saying:
"My father was ordered, two weeks ago, to rest and is
rapidly improving, I believe he expects to make his usual
trip to Scotland later this summer, but I am not sure as to
his plans."
./
.V.
//■'
employees
employees
P.
on
each
approximately 85%
employees
some
'
half
managing editor
Mr. Dodsworth's friends said he sought to keep active in
(L. I.) home
indicates
industry
one
1934,
instances
many
presence
polling places
companies
position.
recent
great
a
the
the
position
other
More
at
spokesman
one
Institute.
of 4498
names
a
of his condition
employees
election
the
among
ballots.
in
to
the
to
Competition
plans
of
average
employees
in
such
the
reports
dates
the
were
at
point to
on
by
plan.
of
noteworthy that
quired
others, was shared by
of his interest in the "Journal of Commerce"
chusetts for his
employees voted in the elections.
is
schedules
to
90%
and when executive manage¬
many
continued improvement since his arrival at his Glen Cove
'
participation
of
interest
employee representation
were
an
companies.'
percentage
increasingly
of the Col gates and
J. P. Morgan who suffered an attack of neuritis while
visiting relatives in West Manchester, Mass., has shown
of
employees in
The
of
its
275,674 employees of the 30 companies were eligible to vote
elections, of whom 254,029 cast secret ballots at the polls. Election
in the
of the
"Journal
the
the city of Pittsburgh, Wednesday, June 17.
representation plans in 30 major steel plants,
1,898 representatives were chosen for collective bar¬
gaining. The statement added, in part:
of
of
During the "Dodsworth administration" of 1893-1921,
assistant
business affairs.
while
total
case
ments forced him to
employee
A
associate
an
day when business management and ownership
Although advanced in
way.
on July 1 that 92% of
employees
industry participated in recent elections under
steel
was
seek to retire,
The Institute announced
of
in the
After disposing
in
at
editor
Dodsworth entered the financial district and conducted
same
interest
no
became
and
in 1921 when ownership of the paper was acquired by William C. Reick.,
continue
the
a
and Secretary; Michael J. Dodsworth
word
person.
company
a means to
as
Back
own
the steel industry has
organize
of
the death of Michael in
in maintaining
who
during the Civil "War and Reconstruc¬
President
older newspapermen still refer to it, Alfred W. Dodsworth was
as
attitude that defended the 12-hour day in the steel
mills; that bitterly
opposed' workmen's compensation; that fought every piece of social legisla¬
tion introduced in Congress or in State Legislatures.
;
The
as
were
family of brothers.
bargain.
a
interested
are
dynasty, and through this Frankenstein
alleged
of
became
handed down from father to son,
was
ment,
Unfortunately,
interpretation
who
Control Ended in 1921
often
It believes that the bargain begins and ends in
dynamic personality
a
and
The Dodsworths
It
industry believes
periods,
"Coolidge*!
of William Dodsworth, founder of the old "Commer¬
■
the
From Mr. Murray's statement we quote the following:,
is stated by the American Iron and Steel Institute that the steel
s
son
Commerce" after Mr. Stone in 1893.
Murray's
Chairman
the
Bulletin,"
tion
public statement
a
was
famous editor, David Minton Stone,
Industrial Organization,
but said he would take the
concurred
been
had
He
era.
for
either through
during that momentous'period between the
second Cleveland Administration and the start of the so-called
though
cial
time,
July 4, 1936
of the "Journal of Commerce"
platform," he suggested.
institute statement read "as
shortly,
However,
said
drive that the campaign
Chronicle
statement of the American Iron and
bodily from the Republican platform."
Lewis, Chairman of the Committee
Mr.
declined
or
the wording of the
compare
which
of the
distinguished
managed
the affairs
Phillips, Under-Secretary of State, Chosen as
Ambassador to Italy—Will Succeed Breckinridge
Long, Who Resigned—New Italian Ambassador,
Fulvio Suvich, Receives Approval of United States
Following the resignation of Breckinridge Long as United
Italy, it was reported in Washington
press advices of June 30 that William Phillips, UnderSecretary of State, had been chosen as his successor. Mr.
Long resigned because of ill health. Italy recently changed
its Ambassador to the United
States, having appointed
Fulvio Suvich, former Under-Secretary for Foreign Affairs
at Rome, to succeed Augusto Russo, who was transferred to
States Ambassador to
Volume
Financial
143
Approval by the American Government of the
appointment of Mr. Suvich was announced by Secretary of
Moscow.
State Hull
regarding the appointment of Mr. Phillips
Ambassador to Italy is from a Washington account,
June 30, appearing in the New York "Times" of July 1:
The following
as
It
understood that the selection
is
personal
in the
conforms to Mr. Phillips'
mentioned for the Rome post
He had been prominently
desires.
Hoover Administration.
experienced diplomat in the service, having
entered it in 1903 as private secretary to Joseph H. Choate, Ambassador
to Great Britain.
He served as diplomatic secretary in Peking and London,
as chief of the Far Eastern division of the State Department in 1908, and as
Third Assistant Secretary of State on two occasions, in 1909 and 1914.
Mr.
From 1917 to
In
is the most
Phillips
1920 he
1920 he was Assistant Secretary
of State.
Netherlands, and from 1922
appointed Minister to the
was
he was
Minister
to Canada.
He resigned from that post for personal reasons in 1929.
A lifelong Republican, Mr. Phillips supported President Roosevelt in
1932 and was appointed Under-Secretary of State in 1933.
He is 58 years
to
1924 he
Under-Secretary of State.
was
Ambassador to Belgium and then became
old.
He
was
For the next three years
the first United States
graduated from Harvard in 1900.
of SEC—Senate Con¬
Reappointment of R. E.
J. M. Landis Re-elected Chairman
firms
Nomination
Healy
as
for
re-elected Chairman of the
Commission for his second term,
it was announced by the Commission on July 1.
He was
first elected Chairman on Sept. 23, 1935, following the
resignation of Joseph P. Kennedy.
Mr. Landis, who was
re-elected Chairman for a one-year term, became a member
of the Commission on its formation in June 1934, with the
Securities and Exchange
passage
of the Securities Exchange Act of 1934. Previously
a member of the Federal Trade Commission
he had been
when that agency administered the Securities Act of 1933.
Robert E. Healy, of Vermont, a member of the SEC since
with the Commission for an
Senate having confirmed his
nominationf or reappointment on June 18. Mr. Healy, whose
original term expired on June 5, was nominated for reappoint¬
ment by President Roosevelt on June 16 for the five-year
term ending June 5, 1941.
formation, will continue
additional five years, the
its
♦
Senate Confirms Nomination of C. C.
Davis
as
of Board of Governors of Federal Reserve
The nomination of Chester C. Davis as a
Member
System
member of the
Senate on June 16.
Mr. Davis, who was
formerly Administrator of the Agricultural Adjustment Ad¬
ministration, was nominated to the Reserve Board by Presi¬
dent Roosevelt on June 5.
As noted in our issue of June 13,
firmed by the
3959, H. R. Tolley has been appointed to succeed
Davis
as
Mr.
Administrator of the AAA.
♦
E.
Hall
B.
Nominated
Presidency of Investment
Nominees * Also
to
for
Bankers
Association—Other
Be Acted
Upon at Annual Convention to
in
Be Held,
the Association for the year
America to be President
1936-37, it was announced
through the Association's office in Chicago, June 30, by
Orrin G. Wood of Estabrook & Co., Boston, President of
the Association.
The Board of Governors also named the
the regular ticket to be
annual convention
of
25th
Association's
Dec. 2 to
voted
at
upon
at the
Ga.,
Augusta,
the offical selections of the
the convention, nom¬
election, Mr. Wood
The following is from his announcement:
Inasmuch
6, 1936.
as
Board have always been approved by
ination is considered tantamount to
pointed out.
Mr. Hall has been in the investment
business in Chicago since 1909 when
Bank.
He
became a Vice-President of the bank in 1929.
His continuous association
with that organization for 26 years, except for a period of service in the
Navy during the war, was terminated in November, 1935, upon the forma¬
tion of his present organization.
Harris, Hall & Co. was formed for the
purpose of continuing the corporate bond business
conducted by the
Harris Trust & Savings Bank prior to the enactment of the Banking Act of
he entered the bond
department of the Harris Trust & Savings
1933 which excluded commercial banks from that
field.
.
.
.
Brought
attracted his father in
111., later attending
School, Pottstown, Pa., and Yale University.
He was graduated
Mr. Hall was born in Ishpeming,
to
Chicago
as a
Mich., Sept. 13, 1886
boy when the larger financial center
1894, Mr. HaU received his early education in Evanston,
the HiU
from Yale in 1908.
...
Hall has been active in Association affairs for many
Mr.
on
several important committees, both of its
national
organization.
Legislation for tw
He
o years
Chairman of the
was
years/serving
Central States group and of the
Committee on State
Com¬
and is at present Chairman of the Finance
mittee.
He
became
a
member of the
Treasurer of the Association in
Board of Governors upon his
electiion as
1934 and has since been continued on
the
Board as a Governor.
the Board of Governors were
follows:
Other nominations made by
announced by
For
Executive
Mr. Wood
as
Vice-President:
Alden H.
Little, Chicago, to succeed
himself.
For Vice-Presidents:
Earle Bailie, J. & W. Seligman & Co.,
New York;
James J. Minot
Jr., Jackson & Curtis, Boston; Claude C. Rives Jr., Whitney National
Bank of New Orleans, New Orleans; Cloud Wampler, Lawrence Stern & Co.,
Rudolph J. Eichler, Bateman, Eichler & Co., Los Angeles;
Inc.,
Chicago.
Richardson & Co., Inc.,
Chicago.
Robert Stevenson III,
in 1937—Francis
E. Frothingham,
Howard Arthur, First National Bank at
Pittsburgh, Pittsburgh; Ben B. Ehrlichman, Drumheller Ehrlichman &
"White, Seattle; George S. Stevenson, Stevenson, Gregory & Co., Hartford;
Orrin G. Wood, Estabrook & Co., Boston, ex-officio member of next
Inc., Boston; J.
Coffin & Burr,
year's Board as retiring President.
For
Governor:
Two-year
term
expiring in
1938—Hearn W. Streat,
'
Bancamerica-Blair Corp., New
York.
Three-year
terms
For
Governors:
Morgan, Stanley & Co., Inc., New
expiring in 1939—Perry
E. Hall,
York; John S.,Linen, Chase
National
C. Josephs, Graham,
Parsons & Co., Philadelphia; E. F. Connely, First of Michigan Corp.,
Detroit; Claude W. Wilhide, Baker, Watts & Co., Baltimore; Colis Mitchum, Mitchum, Tully & Co., San Francisco; James M. Hutton Jr., W. E.
Hutton & Co., Cincinnati; John A. Prescott, Prescott, Wright, Snider Co.,
Kansas City; Harold E.'Wood, Harold E. Wood & Co., St. Paul.
Bank of the City of New
ABOUT
ITEMS
York, New York; Devereaux
TRUST
BANKS,
COMPANIES,
Arrangements were made June 29 for the transfer
York Stock Exchange membership at $125,000.
vious transaction was at $115,000, on June 25.
&c.
of a New
The pre¬
0
membership of Walter S. Thomson in the New York
Cotton Exchange was sold July 1 to William S. Dowdell, for
another, for $12,500, this price being $500 in advance of the
previous sale.
■
♦
James H. Perkins, Chairman
of the Board of the
National
City Bank, New York City, announced on June 30 that the
Directors, at a meeting that day, had voted to retire on or
before Aug. 1 the bank's $50,000,000 of preferred stock,
$49,093,000 of which is held by the Reconstruction Finance
Corp. As indicated further below the June 30 statement of
condition of the bank reveals that the $49,093,000 of pre¬
ferred stock held by the
RFC was retired on July 1, leaving
$907,000 to be retired on or before Aug. 1.
in a letter to the stockholders on June 30 said:
Mr. Perkins,
and high liquidity of the bank,
consideration the retirement of the
$50,000,000 of preferred stock which is principally held by the RFC.
With the approval of the Comptroller of the Currency the directors voted
at the regular meeting today to call this stock for retirement on Aug. 1,
improved asset position
In view of the
the Board of Directors has
had under
1936.
After giving
effect to this retirement
the bank will have
capital stock
$42,500,000 and undivided profits of approxi¬
mately $10,000,000, and the annual dividend requirements on the pre¬
ferred stock amounting currently to about $1,750,000 will be eliminated.
I wish to express my appreciation of the complete and helpful cooperation
$77,500,000, surplus of
which
has
entire relationship
with the RFC and its
from the New York
"Times" of July 1:
characterized our
Chairman, Jesse H. Jones.
The following is
Mr. Perkins gave in his letter compared
with a surplus of $30,000,000 reported by the bank in its statement of
March 4 last.
This gain of $12,000,000 in surplus will in part replace the
reduction in capital funds incident to the repayment of the preferred
stock.
On the basis of Mr. Perkins' figures the capital funds of the bank
after giving effect to the retirement of the preferred stock will amount to
$130,000,000, a reduction of more than $38,000,000 from the $168,444,550
of capital funds reported on March 4 last.
The figure
The
Investment Bankers Association of
remainder
Kelley,
Richardson,
One-year term expiring
Augusta, Ga., Dec. 2-6
Edward B. Hall, President of Harris, Hall & Co., Chicago,
has been nominated by the Board of Governors of the
of
T.
For Secretary:
of
Board of Governors of the Federal Reserve System was con¬
page
D.
Treasurer:
The
Member
Landis has been
James M.
For
Chicago, to succeed himself.
For Governors:
June 22.
on
47
Chronicle
at
for surplus which
City Bank issued its
National
which time it
preferred stock in January, 1934,
capital by $46,500,000 from
reduced its common stock
$124,000,000 to the present figure of $77,500,000 by reducing the
value of the shares from $20 to $12.50.
Preferred stockholders of
bank took up $907,000,
leaving $49,093,000 to be
par
the
purchased by the RFC.
0
The June 30 statement
of the National City
Bank, New
City, shows that resources of the bank on that date
totaled $1,969,852,055, which compares with $1,878,129,543
on March 4 and $1,880,679,850 Dec. 31.
Deposits on June 30
amounted to $1,730,019,147,
as
against $1,650,147,302
March 4 and $1,652,366,244 at the close of 1935.
According
to the statement, the bank on June 30 had cash on hand
and due from banks and bankers in amount of $482,847,279,
York
comparing with $484,647,497 and $527,491,424, respectively
March 4 and Dec. 31, held United States Government se¬
curities of $622,644,698,
against $498,767,781 and
$510,-
764,688, and also held State and municipal bonds of $101,487,261, which compares with $111,443,449 and $94,211,140.
Undivided profits of the bank at the half year were reported
at $10,805,481; undivided profits on March 4 totaled $10,944,550 and on Dec. 31 $10,644,279.
Capital remained
unchanged from March 4 while surplus increased to $42,-
capital of the bank on June 30
$50,000,000 of preferred and $77,500,000
of common stock.
A notation on the statement said that on
July 1 $49,093,000 of preferred stock held by the Reconstruc¬
tion Finance Corp. was retired, leaving $907,000 to be
500,000, from $30,000,000;
was
made up to
retired
on or
before Aug. 1.
0
Deposits of the City Bank Farmers Trust Co., New York,
affiliate of the National City Bank, totaled $82,218,413 on
June 30, according to the bank's statement of condition as
of that date.
Thus compares with deposits of $72,358,056
on March 4 and $87,526,709 on Dec. 31.
Undivided profits
at the latest date were $3,044,172, an increase over the
March 4 figure of $2,973,012 and the Dec. 31 total of $2,805,961, while capital and surplus remained unchanged at
$10,000,000 each. Cash on hand and due from banks June 30
amounted
to
$30,640,081,
compared with $30,790,789
March 4 and $36,275,953 at the end of December; holdings
of United States Government obligations totaled $32,896,840,
48
Financial
against $31,015,098
Total
resources
paring
with
and $39,771,668
June 30
dates.
banks
and
$111,390,184,
respectively,
The June 30 financial statement of Brown Brothers Harri& Co., N. Y. City, private bankers, shows increases in
man
A slight decline is shown in loans and advances which stand at
against $16,181,732 at the end of the first quarter.
pare
follows
as
with
March
the
31
figures:
$9,853,953; United States Government
market),
other
$13,375,963
against
$15,916,119
Other asset items
Cash,
call
loans
and
or
of
and stocks
market), $10,654,861 against $12,754,675; other
investments, $1,967,199 against $2,073,258; customers' liability on accept?
or
$13,149,582 against $14,343,982.
ances,
.
♦—
An increase in total
resources
to
$12,069,300 is shown in
the statement of condition of the Federation Bank
& Trust
Co., New York City, as of June 30, 1936*
This compares
$11,460,326 on March 4 of this year. Deposits increased
to
$10,092,276 compared with $9,561,148 on March 4.
Undivided profits totaled $161,080
against $141,064, with
capital and"„ surplus remaining unchanged at $1,550,000.
with
Other
items
listed in
the
statement
showed
the
following
comparisons with March 4, 1936: Cash, $3,682,110, against
$3,329,166; United States Government securities, $939,362,
against $235,978; New York State, county and city bonds,
$1,628,518, against $2,331,887.
1
'
Resources
the
Public National Bank,
New York,
$155,163,454, June 30, compared with $155,-
of
amounted to
776,001
on
♦—
The report
as
assets
Chemical Bank and Trust Co., New
of June 30 showed deposits of
$545,341,548 and
and due from
bahks was reported at
$180,505,075, against
$140,899,588, holdings of government obligations, direct and
fully guaranteed, at $156,571,488, against $147,722,820 and
loans and discounts of
$102,484,094, as compared with
$80,013,808.
Capital and surplus at $20,000,000 and $40,000,000, respectively, were unchanged from the previous
Undivided profits
quarter.
31
to
rose
from $11,689,549
on
March
$12,685,449.
U;V'1;
According to the June 30 statement of the Bankers Trust
Co., New York, deposits and resources reached new
highs
$989,963,995 and $1,123,818,961, compared
respectively
with $881,056,398 and
$1,003,235,318 on March 31, last.
of
bank reported
cash
on
hand
and
due
from
banks
of
$153,672,323, compared with $221,694,444, exchanges for
the clearing house of
$67,863,543 against $63,503,034, hold¬
of United States Government securities of
$581,412,681
against $411,622,537, demand loans of $69,694,758
against
ings
$74,326,657
of
resources
$329,306,310, which
and time
loans and bills discounted of
$153,081,419 against $126,158,168.
Capital and surplus were
unchanged at $25,000,000 and $50,000,000
respectively,
while undivided
profits amounted to $19,091,339 as com¬
pared with $18,391,431 on March 31.
of government securities amounted
against
$132,863,500
Deposits of the New York Trust Co., New York
City,
of June 30 amounted to
$384,272,093, while assets totaled
$361,178,093
and
$412,983,606
$437,659,473,
against
respectively, on March 31, last.
banks
Cash
on
hand and due from
$157,057,200, and loans, discounts and bankers acceptances,
$115,971,327, against $114,764,923.
Capital and surplus
were
unchanged at $12,500,000 and $20,000,000, respectively,
while undivided
profits rose to $2,744,439 from $2,348,223
March 31.
The General Motors
Corp., New York,
on
The
Cash
par,
vaults
in
$68,474,082.
mid-year statement of the United
York, shows total
$104,760,814 on March 4.
States
Trust
Co.,
of
$106,307,523 against
Deposits, June 30, amounted to
$74,114,046 compared with $72,965,509 on the earlier date.
The bank adjusted its capital structure by increasing sur¬
plus from $24,000,000 to $26,000,000, while undivided profits
amounted to $2,208,741 against $4,413,550 on March 4.
On
June 30 cash totaled $31,492,191 compared with *36,260,171.
Holdings of government securities amounted to $16,000,000
against $11,773,988.
The
of
statement
resources
condition
close
of business,
City of New
York revealed total assets of $630,094,113 and total deposits
of $524,502,1S6 as compared, with $619,022,432 and $514,551,986, respectively, on March 31 last.
The bank's capital
and surplus
remain unchanged at $10,000,000 and $80,June
the
at
as
30, of the First National
Bank
of
the
000,000, respectively, but undivided profits increased from
$7,536,258 on the earlier date to $10,750,568. The institution
held $251,464,480 of United States Government securities
on
June 30 against $209,432,738 at the end of the first
quarter.
-—•
In
its
statement
of
;.
condition
,
close
the
at
of
business,
New York,
showed deposits of $163,718,498 and total resources of $186,146,241 as compared, respectively, with $176,646,630 and
$200,058,672 on March 31 last.
The bank reported cash on
hand, due from banks and other cash items of $41,990,349
June
30, the Bank of New
York
& Trust Co.,
against $49,133,210; holdings of United States Government
discounts
$60,546,924 against $65,016,610, and loans and
$51,417,846 against $44,302,173.
Capital and
of
surplus of the institution
were unchanged at $6,000,000 and
respectively, and its undivided profits
were
against $1,941,408 three months ago.
$9,000,000,
$1,955,186
•
The New York Representative's Office of Barclays Bank,
Ltd.
(head office London), is advised that the Board of
Directors
in
half-year
ended
London
have
June
30
declared
of
out
interim
an
profits
dividend
for
the
at
the
rate
of 10% per annum on the A shares and of
14% per annum
on the
B and C shares, respectively, subject in each case
of the
tinuance
dividend
of
the
consistently for
British income
-which
rates
tax.
This is
have
been
a
con¬
declared
past.
many years
4
Fulton Trust Co., of New York City
reports net operating
income for the first six months of 1936 as $144,922 com¬
pared
of
with
$03,661
$94,873
net
operating
sale of securities
on
in
income
and
the first
net
six
profit
of
After deducting $100,000 for dividends
paid, the bank
transferred $44,922 to undivided profits,
months
1935.
raising that item
$825,993.
As of June 30, the bank reports deposits of
$19,231,290 compared with $22,023,308 on Dec. 31, 1935,
and
total
resources
of
$24,315,096 compared with $27,058,322.
Holdings of United States Government securities
to
increased
Time
to
loans
that
$8,(133,225
secured
carried at cost
are
from
$5,710,000
by
collateral
on
Dec. 31 last.
United States Government,
that all
market
or
par
other securities
at
totaled
the
year-end.
$1,637,572
com¬
The statement notes
State and municipal bonds
value, whichever is the lower, and
carried at the lower of cost
are
or
value.
The
was
resources
of
30, according
as
the
to
Irving Trust Co.,
the
institution's
New
statement
of
on
con¬
of that date, were
March
31,
$591,074,311.
while
$729,841,506 against $719,902,356
deposits totaled $599,678,433 against
The bank reported cash
on
hand and due from
condition
of
Manufacturers Trust Co.,
of June 30, 1936, shows deposits of $613,the highest in the history of the bank.
This
compares with $595,793,050 on
512,117 one year ago.
Resources,
March
too,
it
is
announced, being $721,544,494
three months
the
a
and $579,807,681
ago
fourth
successive
as
on
in
quarter
and
a
$477,high,
new
against $703,189,059
June 30, 1935.
This
which
high for deposits, said
new
31
at
are
the
bank
has
announcement
an
issued by the trust company, which continued:
Cash
and
increase
an
last
York,
of
as
311,274, which is
securities
~4
Total
statement
New York City,
established
iJune 25
granted authority by the New York State
Banking Depart¬
ment to open a branch office in
Madison, Wis., and another
in Huntington, W. Va.
on
June 30 totaled
on
New
is
dition
$150,278,750, at
date.
was
$71,366,877, against $48,521,516; other cash
$33,329,775, against $35,839,873; United States
Government securities,
$163,195,560, as compared with
June
to
earlier
♦
items,
on
the
on
and due from banks
pared with $1,514,717
as
compares
of
to the deduction
U::
The
Exchange Bank Trust Co., New York,
reports
with assets
$308,964,323 on March 27.
Total deposits amounted to
$296,935,162 as against $275,545,973 near the end of the
first quarter.
Surplus and undivided profits increased to
$16,662,907 from $16,109,900 three months earlier. Holdings
total
securities of
of the
of $635,115,036,
compared respectively with $509,708,029 and $602,796,091 on March 31, last. Cash on hand
I
The 'Corn
:■
.
March 31, while cash and due from banks totaled
$32,515,015, as against $27,390,667 on the earlier date.
Holdings of United States government obligations declined
to $34,641,344 from
$35,158,570, as did deposits to $135,630,897 from $137,099,995.
The bank's capital and surplus
were
unchanged at $5,775,000 and $6,225,000 respectively
and its undivided
profits amounted to $2,370,139, against
$2,053,062.
/
York,
■
com¬
acceptances
banks, $6,428,755 against $5,917,236; marketable bonds
(valued at lower of cost
against
securities,
March 31.
$15,467,919 against
securities (valued at lower of cost
$9,330,074;
$261,676,914
Government
March 4 and Dec. 31,
deposits, total assets and capital and surplus compared with
three months ago.
The figures in each case are the highest
since the firm began publishing its statements in 1934.
Total deposits of $52,157,918 on June 30
represented an
increase of 18% compared with $43,898,704 at the end of the
first quarter, and a gain.of 32% over
deposits of $39,375,597
a
year ago.
Total assets increased to $79,757,095 from
$72,780,499 on March 31. Capital and surplus of $11,609,786
compare with $11,409,427 three months ago.
Other items
were reported as follows:-
at
July 4, 1936
$242,898,041; United States
$209,877,920, compared with $216,808,252; call loans and acceptances, $41,925,105 against $52,823,180, and other loans and discounts of $128,827,440
against $90,969,907.
Both capital and surplus were un¬
changed at $50,000,000 and $55,000,000, respectively; undi¬
vided profits increased to $4,101,956 from $4,033,263
on
shown at $106,879,740, com¬
were
$96,541,089
the earlier
on
Chronicle
from
banks
$8,000,000
to
is
given
over
as
March
$257,426,8(31,
an
$129,183,071,
31.
United
increase
of
which
States
represents
Government
$14,000,000
over
the
quarter.
Capital
profits
the
due
of
amounts
is
remains
$823,375,
equal
to
unchanged
$14,007,251,
regular
and
brings
$1.19
a
an
special
the
net
share.
at
increase
dividends
operating
$32,935,000.
of
$1,142,156
for
the
Surplus
over
quarter,
and
March
which
earnings for the period
undivided
31.
Adding
amounted
to
to
$1,965,531,
Volume
It
announced this
was
it
that
Financial
143
will
by the Manufacturers Trust
week
three additional Bronx offices, located
at 701 Allerton Avenue, 5 West Burnside Avenue, and Pelliam
open
Parkway
Plains
White
at
locations formerly
Road,
Bank of the Manhattan Co., which will
July 31.
The announcement said:
occupied by
dis¬
1933, announced on June 23 that payment of a further 12%
to depositors would begin. immediately, bringing
dividend
between
arrangement
New
from
York
It
to
56
contemplated1
is
Co.
Trust
facturers
banks
two
remain with
personnel will
the present
the customers may be served
that
Manu¬
heretofore.
as
«
He
at
$11,536,419, the highest figure in the bank's history.
increased to $28,459,524 from $23,254,148
resources
year-end, establishing, it is stated, a new peak since
founding in May, 1929.
Surplus and undivided
the
bank's
profits increased $100,000 to $1,104,917.
Deposits also rose
to a new high of $24,806,262 from $20,223,463 of Dec. 31,
Cash and due from banks was reported at
1935.
ties, $3,854,945 compared with $6,487,589, and State, munici¬
pal and corporate securities, $5,840,918 against $4,063,087.
4
Co., of New York, at the close of business, June 30, showed
total
of
resources
Dec.
on
$75,655,034
1935.
31,
$74,594,727
$63,517,750 from
with
compared
Deposits increased to
Collateral loans
$61,916,380 at the year-end.
increased to
$6,506,402, and loans and discounts to
Cash and due from banks totaled
$25,367,221 compared with $24,721,137 at the year-end. The
capital account shows capital and surplus unchanged at
$7,000,000, with undivided profits up to $871,523 from
$791,210 on Dec. 31, 1935.
Reserves also wTere higher at
$1,644,536 compared with $1,538,136.
Holdings of United
States Government bonds totaled $7,641,343 compared with
$7,126,343, and New York State, County and City bonds,
$9,911,488 compared with $11,946,966.
$8,067,140
«
The statement
of The Chase
National Bank, New l7ork
City, for June 30, 1936 was made public July 2.
The
deposits of the bank on June 30, (including certified and
cashier's
checks)
were
$2,083,326,000,
compared with
$2,059,785,000 on March 4, 1936, and $1,760,129,000 on
June 29, 1935.
Total
vaults
The statement also showed:
amounted
resources
493,000
on
and
to
$2,356,357,000
and $2,027,704,000
March 4,
on
$602,890,000,
respective
deposit with the
compared
dates;
with
investments
a
compared
year
ago;
with
$2,341,-
cash in the bank's
Federal Reserve bank and other banks,
$793,126,000
in
United
$528,863,000
and
States
Government
Undivided
profits
of the bank
June 30,
on
1936
were
and
$22,657,000
compared with $17,626,000 on March 4, 1936 and $20,851,000
with
on
June 29,
of
June 17 in
$50,000,000
account from
reserves
retired
June 30 reflects changes in the
of the Board of
authorizing the retirement of the entire outstanding
of preferred stock
and
the increase
of the surplus
$50,000,000 to $100,270,000 by the release of $49,520,000 in
and $750,000 in the
prevferred stock retirement fund.
The bank
$46,222,16j of preferred stock by payment to the Reconstruction
Finance Corporation on June 17, and $83,500 held by individuals has been
paid
between June
17 and June 30.
The remainder of prefe.red stock
amounting to $3,694,340 has been called for retirement
not
National
of the
June 25,
Walter S.
The Boston "Her¬
&
Co., until
general
the
of the trust department
He was with Spencer
supervision
Vice-President.
Carroll,
.
.
.
with Spencer Trask and in 1922 joined the
he again went
war
of
the
joined
vestment
Insurance
Mutual
Liberty
Co.
|
Shawmut Bank in 1925 and he
the
department of the bank.
«
♦
In indicating that changes had occurred recently in the
personnel of the Weehawken Trust Co., Union City, N. J.,
the "Jersey Observer" of July 1 had the following to say:
Fred
Co.,
Berenbroick
A.
is
the
new
President
annual statement and
was
Secretary.
Vice-President
Mr. Berenbroick was formerly
February.
elected last
and
He succeeds the late
Henry J.
Gordon, whj died De¬
cember 30,1935.
Dr.
Justin
Clement
J.
was
advanced
to
the
as
of Aug.
of \he Board.
Guaranty Trust Co., of
New York, as of June 30, 1936, issued July 2, shows deposits
of $1,638,602,997, as compared with $1,488,284,607 at the
time of the last published statement, March 31, 1936, and
with $1,412,601,414 on June 30, 1935.
The company's total
resources
are
$1,972,869,120,
against $1,812,633,569 on
March 31, and $1,730,209,418 a year ago.
Capital and
surplus remain unchanged at $90,000,000 and $170,000,000,
respectfully, and undivided profits are $7,649,440 compare
with $7,317,042 on March 31, and with $7,067,129 on
June 30, 1935.
4
of condition
of the Brooklyn Trust Co.,
Brooklyn, N. Y., as of June 30, 1936, issued July 2, showed
total deposits of $118,935,287,
against $117,684,081 on
March 31 last, and $105,400,631 a year ago. The statement
showed surplus of $4,050,000 compared with $4,000,000
three months ago, while undivided profits of $1,325,635
were reported, comparing with $1,412,679 on March 31, and
reflecting the declaration of a semi-annual dividend of $164,000 during the month of June. Holdings of cash and United
Government
reflected
little change since
collateral showed increases,
demand collateral loans being reported at $9,667,444 against
$8,899,887 three months ago, and time collateral loans at
$6,800,639 against $4,486,679. Total resources on June 30,
1936, were reported at $135,064,015 aganist $133,304,933
States
on
securities
secured by
Loans
In its condition report as of June 30, the Fidelity-Phila¬
delphia Trust Co., Philadelphia, Pa., shows total resources
of $146,368,295, as compared with total assets of $150,808,376 on March 4, of which the following are the chief
items: Cash on hand and in banks, $29,461,493 (against
$37,097,721
on
ties and Home
March 4); United States Government securi¬
Owners' Loan bonds, $22,130,738 (against
$28,180,738); loans, $26,432,628 (against $27,306,618); and
State, county and municipal securities, $32,131,730 (against
$25,912,910). On the .debit side of the statement, deposits
are shown at $120,957,773 (as compared with $124,637,543
on March 4)
and undivided profits at $1,427,132 (against
$1,456,292). The trust company, which was organized in
1866, is capitalized at $6,700,000 and has a surplus fund of
$15,000,000. William P. Gest is Chairman of the Board and
Henry G. Brengle, President.
——4
its statement of condition
In
of June 30, the Philadel¬
as
total resources
$461,393,292, which compares with $^47,195,238 on March
Cash on hand and due from banks on June 30 amounted
phia National Bank, Philadelphia, Pa., shows
4.
$151,856,188, against $165,870,065 on March 4.
The in¬
holdings of United States government securities
advanced from $131,504,516 on the earlier date to $141,to
099,641
$87,442,114.
Capital stock remained un¬
changed at $14,000,000, but surplus and net profits dropped
from $22,237,597 on March 4 to $21,650,652.
On the other
hand, deposits increased from $397,142,913 on March 4 to
$412,490,344 on June 30. The Philadelphia National Bank
was organized in 1803.
Joseph TVayne Jr, is President.
to
4
&
of
Y.
Hellawell,. receiver of the First National Bank
Hempstead,
L.
I;,
closed
since the banking holiday
of
on
Lives
June
compared
Granting Annuities, Philadelphia, according to the
30
report of the institution, total
$229,064,439,
as
$228,317,209 on March 4, while total resources are
at $255,611,166 (as compared with $252,218,171 on
March 4), of which the principal items are:
Cash and due
from banks, $78,251,988* U. S. Government securities, $47,892,436; other loans upon collateral, $41,322,432; other in¬
vestments, $28,488,894, and commercial paper,. $22,052,661.
On the debit side of the statement, capital stock and sur¬
with
given
unchanged at
remain
plus
$8,400,000 and $12,000,000, re¬
spectively, but undivided profits have increased from $2,103,303 on March 4 to $2,262,002. C. S. W. Packard is Chairman
and C.
the Board
of
President.
S. Newhall,
4
At
recent
a
Bank
morton
meeting of the directors of the First National
Trust
&
was
Co.
of
Waynesburg,
elected Casliier
to
Pa.,
succeed
John
R.
Throck¬
Herbert Ailes,
who
A dispatch from Waynesburg, printed in "Money
& Commerce" of June 27, from which this is learned, states
resigned.
that Mr. Throckmorton
was an
employee of the old Citizens
National Bank for nine years, and has been Assistant Cash¬
ier
and
Note
Teller
in
the
First
National
Bank
&
Trust
Co. since its organization.
The
at
Citizens National
$200,006,
rency
on
was
June 20.
and
Bank
of
Bradford, Pa., capitalized
chartered by the Comptroller of
C. L.
the
Cur¬
Sterns Marshall is President of the in¬
Melvin, Cashier.
•
•——
from
June 30, and loans and discounts increased
oil
$70,701,157
stitution
March 31 and $123,719,680 a year ago.
Edwin
He
the' Guttenberg Bank and Trust Co.
1, if
The statement of condition of the
March 31.
while
Vice-Presidency,
Joseph G. Shannon, a director, is listed as Chairman
is also President of
Deposits of the Pennsylvania Co. for Insurances
statement
Trust
of the Weehawken
made by that institution in its semi¬
listing of directors and officers today (July 1).
He
according to announcements
presented for payment by holders before that date.
The
1917
He was in the naval air service from
war.
1919.
stitutions
capital structure of the bank occasioned by the action
issue
He
of
$19,558,000 and $18,263,000.
It is pointed out that the statement of
on
on
supervising their investments.
was active in the Shawmut
Corporation until its liquidation and since then has been head of the in¬
staff
as
Reserves for contingencies on June 30 were $12,413,000 as compared
Directors
directors
Mass.,
in part :
the
on
compared with $632,802,000 and $573,664,000; loans
$735,987,000,
Boston,
assume
once
A.
After the
securities,
discounts, $649,449,000, compared with $609,245,000 and $639,395,000.
1935.
Trask
from
$7,857,351 from $5,602,811.
at
F.
until
& Trust
Continental Bank
the
will
$6,434,615,
compared with $5,896,661; United States Government securi¬
Statement of condition of
of
ald" of June 26, added
under
the
Bank
the
of
meeting
a
Bucklin, President of the institution, announced that Horace
Schemerhorn had been elected Assistant Vice-President and
$5,135,832 in loans and discounts over Dec. 31, 1935, to a
Total
when it closed.
4
Following
30, showed an increase
total of
Nassau
Central
the
in
$5,051,3196
of
than $400,000 will be paid at the
Building, Hempstead.
The bank
involving more
payment,
offices
had assets
Assistant Trust Officer of the institution.
Sterling National Bank & Trust Co., New York City, in
its statement of condition as of June
of
12%
receiver's
Shawmut
59.
that
so
these
In
New York "Herald
noting this, Hempstead advices to the
Tribune" on the date named, added:
The
provides that the business
formerly handled by the Bank of the Manhattan Co. at these locations
will be transferred to Manufacturers Trust Co., which will thereby increase
its Bronx offices from seven to 10, and the number of offices in Greater
An
82%.
paid under the receivership to
the total dividends
continue them on
-
49
Chronicle
♦
■
The Cincinnati Bank & Trust Co., Cincinnati, Ohio, has
retired $100,000 of capital debentures held by the Recon-
Financial
50
Corporation, George A. Schulze, its Presi¬
struction Finance
dent, announced on June 30. The Cincinnati "Enquirer" of
July 1, from which this is learned, gave further details as
follows:
bank retired $100,000 of the debentures
in February, 1935.
The bank now
for contingency, $55,021.
000; undivided profits, $49,500; reserve
■■
♦
■
■■
compared with $1,132,526,080 on March 4,
of $1,366,548,641, as compared with
$1,255,663,050 on March 4, of which the principal items are:
212,914,790,
and
total
as
resources
in Federal Reserve Bank,
Cash in vault and
»
$80,994,422
Agencies, $492,485,466 (against $446,644,068)
and loans and discounts, $478,239,921 (against $154,824,331). The bank's capital at $50,000,000 remains unchanged,
but surplus account has increased to $33,500,000 from $32,500,000, while undivided profits account has decreased to
$18,595,130 from $20,809,103.
A new branch of the Bank of America has been opened in
Inglewood, Calif. L. E. Grill has been appointed Manager
and Fred J. Christensen named Assistant Manager.
This is
the 443rd branch in the bank's statewide system serving 273
California communities.
statement
condition
its
for business on
June 30,
the Cleveland
to
$92,621,894
to
June 30, and loans, discounts and advances,
on
dropped from $153,535,238 on the earlier date
$147,189,354
June 30, but United States Government
on
obligations (direct and fully guaranteed) rose from $54,761,690 March 4 to $70,853,517 on the later date.
The bank's
and capital stock remained unchanged
$15,000,000 and $13,800,000, respectively; surplus and
capital
notes
divided
profits rose to $3,226,575 from $3,189,314, and total
$302,226,529 on March 4 to $312,702,560.
Harris Creech is President of the institution.
deposits increased from
.4
Three Mishawaka,
Ind., banks, the First National Bank,
solidated at the close of business June 23 under the title of
The
National
First
Bank
of
Mishawaka.
The
new
organization is capitalized at $400,000, consisting of $200,000
preferred stock and $200,000 common stock, and surplus of
$100,000.
On the same date, the new bank was authorized
to maintain a branch at 101 East Mishawaka Ave., Mishawaka.
stock
of
the
institution,
amounting
moved
A check
First
the
shares
tion
of
in
The
for
$15,000,000
National
preferred
January,
addition to Mr.
the
of
to
announcement
that
the
been
had
a
counter today
bought
(July S), and
back the
to the Reconstruction
the
Currency
following
had
Chicago
across
block
last
Finance
of
Corpora¬
First
National
became
the
first
large
"pay off" the government agency.
the
the bank's
of
Brown,
tossed
issued
that
meant
expansion
share,
was
of
Bank
stock it
Nation
Comptroller
William L. Igoe and Arthur
are:
G. Giles, Vice-Presidents; Arthur
Treasurer, and
THE
We
Glennon
J.
GOLD
ENGLISH
J. Sanger, Secretary and
Schreiber, Assistant
AND
sale of
common
of
the
50,000
J.
F.
T.
capital
First
shares
O'Connor
and
retirement
National's
of
new
yesterday
of
the
President,
common
stock,
approved
preferred
Edward
at
$200
E.
a
completed.
Several
large banks have initiated steps to retire holdings of the RFC;.
Originally the First National sold1 $25,000,000 in preferred stock, but last
December $10,000,000 of this was retired.
June 17 1936:
GOLD
The
Bank of England
497,098
June
on
10
gold
reserve
compared
as
against notes amounted to
£207,281,973
with
Michigan "Investor" of June 27 that
Michigan Industrial Bank of Detroit, a unit of the
Group, which has been closed since
the banking holiday, is to be
reorganized. The reorganiza¬
tion plan was worked out by former
Governor, Alex. J.
Groesbeck, receiver of the Group, and A. W. Sempliner, an
attorney, with the co-operation of the stockholders and
depositors. Under the plan cash payments will be made in
full to depositors who had $2,000 or less in the
bank, while
the 51 depositors who had more than that amount will
receive interest-bearing debentures for the balance.
All de¬
positors have already received 80% in cash. The paper went
the
on
to say:
When
liability
the
A
large acquisition of gold by the Bank of England has been
the week under review, during
the total purchased was
day and this
was
was
$180,000.
closed
$939,451.
its
The
capital
20%
was
$350,000 and its total deposit
unpaid
balance
totals
approximately
The bank has been under the receivership of George Paul.
One of the provisions of the reorganization is that stock assessments will
be cancelled.
reimbursed.
Nine directors who already
have paid assessments will be
become
its
directors
under
the
plan.
directors will be fixed by Judge Marschner.
The price to
be charged the
The par value of the stock is
estimated at $350,000.
In addition to the usual
The
general
demand there
some
was
Franc persisted and large shipments of gold con
The weakness of the
about the gold export point.
dated June
The last return of the Bank of France, that
5, gave the gold holding as Frs. 55,521,400,000 which, com¬
pared with Frs. 65,945,600,000 held
suffered owing to the
424,200,000
on
March 6 last, shows the loss of gold
continuous drain during that period to be Frs. 10,-
£139,000,000).
(about
Quotations during the week:
Per Fine
Equivalent Value
of £ Sterling
l2s. 2.95d.
12s. 3.17d.
12s. 3.0Sd.
Ounce
June 11.
June 13
138s. 9d.
138s. 6Hd.
138s. 7^d.
June 15
138s. 9d.
June 16-
138s. 5d.
138s. 3d.
.
June 12
June
'
--*
17
12s. 2-95d.
12s. 3.30d.
12s. 3.48d.
138s. 6.67d.
The following were
12s. 3.16d.
'
the United Kingdom imports and exports of gold
registered from mid-day on June 8 to mid-day on June 15:
Exports
Imports—
British South Africa
£1,856,402
British India--
—
United States of America. £3,850,950
Netherlands
98,739
France147,817
Switzerland
26.290
Finland
22,342
13,862
Tanganyika Territory—
Kenya.
10,538
533,496
16,660
-
Australia-
New Zealand
---------
*
56,266
Germany
Other countries.
675
408,663
Netherlands.
164,429
4,363,557 "
475,997
2^9,221
11,902
Switzerland-
Venezuela
Other countries
£8,140,993
£4,146,813
Shipments of gold from Bombay last week amounted to about £741,000;
the SS. Chitral carries £690,000, part of which is consigned to London and
part
New
to
and
York,
SS.
the
President
van
Buren
carries
£51,000
consigned to New York.
The following are
the details of United
of gold for the month of May
Kingdom imports and exports
1936
British West Africa
British South Africa
Southern Rhodesia--
-
Imports
£236,897
9,906,621
390,355
-
—
Tanganyika Territory
Kenya
45,330
10,786
2,542.774
12,808
6,850
431,811
...
British India..
British Malaya
-----
Hongkong
Australia
New Zealand
Exports
-
-
£27,408
:
45,156
190,060
Canada
British West India Islands & British Guiana
Finland
22,066
67,325
54,173
161,327
3,807,680
429,583
462,635
Belgium
26A654
Belgian Congo
France...
107,393
5,867,346
____
Switzerland
656,350
291,859
202,100
486,045
Austria
60,327
131,594
—
Portugal.
-
United States of America
Venezuela
Peru
3,000
466
2,407,949
47,293
31,909
48,619
21,655
£21,780,378
Other countries
£7,700,826
-
OTTX7T!1„
SILVER
,
Quiet conditions have continued and there has been little movement in
prices
during
the
past
slackened, but offerings
no
There
moment
attract
The
week.
been
appears
selling in
following
no
rather
any
from
the
were
press
the
market.
features
new
dull,
the
and
present
although the tendency at the
level does not seem likely to
on
June 8 to mid-day
on
June 15:
Imports
___
New Zealand
Germany
Other countries
Exports
£12,800
1,014
3,077
11,750
3,042
l,97l
British India
Southern Rhodesia
NyasalandProtectorate
Fiji
Germany
France
Denmark.
Other countries
£33,654
Coin at face value.
\
has
the United Kingdom imports and exports of silver
Canada
x
Bazaars
volume.
registered from mid-day
Australia-
Indian
China account have been only moderate, sellers
on
inclination to
have
Demand
Michigan
"Investor" of June 27 reported that a
$50,000 payment to depositors of the former Peoples Wayne
County Bank of Ecorse, Mich., had begun, representing 10%
bought yester¬
disposed of at the
was
tinued to be made from Paris to New York, the cross rate remaining at
France
4——
was
the largest daily movement since April 21, 1933.
market about £1,170,000 of bar gold
parities.
The Guardian-Detroit Group will buy all of the stock of the
newly organized bank and then sell 10 share* each to 10 shareholders who
will
feature of
a
which, according to the daily announcements,
£3,361,485; of this, £1,409,795
special buying and prices included a larger premium over gold exchange
showing
bank
£208,-
previous
the
on
Wednesday.
Netherlands
former Guardian Detroit
MARKETS
SILVER
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Germany
We learn from the
Secretary.
reprint
1934.
transaction
bank in
April 20
Lanigan,
on
and larger
and Euclid Boulevards, to which it
last.
Officers of the institution, in
Delmar
at
to
$15,000,000,
sold to the Reconstruction Finance Corporation in January,
1934.
Associated Press advices from Chicago on July 3,
stating this, supplied the following details:
and was opened
July 8, 1911, at Easton and Taylor Avenues.
France
»
Yesterday, July 3, the First National Bank of Chicago,
Chicago, 111., bought back the last block of shares of pre¬
ferred
by
and associates,
company,
Average
the First Trust & Savings Bank, and the North Side Trust
& Savings Bank, all capitalized at $100,000, were con¬
the
organized
was
at
un¬
Louis, Mo.,
of its organization.
John R. Lanigan, the
The bank celebrated its silver anniversary in new
quarters
daily fixing.
of
as
Trust Co., Cleveland, Ohio, showed total resources of $348,412,330 as compared with $337,834,597 on March 4.
Cash
on hand and in banks decreased from $92,979,006 on March 4
less reserves,
institution
The
In the open
♦
In
■■
celebrated the twenty-fifth anniversary
(against $59,983,637); due from banks, $96,825,858 (against
$81,455,299); securities of the United States Government
and Federal
■
On June 26 the Easton-Taylor Trust Co. of St.
President of the
of
statement
of the total deposits of the former
total of 65%
a
-
condition of the Bank of
America National Trust & Savings Association (head office
San Francisco), as of June 30, shows total deposits of $1,condensed
The
This payoff makes
The
of $200,000; capital debentures, $100,000; surplus, $100,-
has capital stock
of the funds remaining in the bank at the time of the or¬
ganization of the Ecorse Savings Bank. The paper added:
debentures to $100,000 from the original amount
issued to the Reconstruction Finance Corporation in 1934.
of $300,000
July 4, 1936
bank, according to Clarence R. Mead, liquidator.
■
This reduces outstanding
Chronicle
£73,290
x.3,244
x3,244
xl,053
14 450
4^805
2^000
1,785
£103,871
Volume
Specialties were stronger and
registered by several of the market
leaders, including American Manufacturing Co., .234 points
to 2634; American Hard Rubber, 134 points to 38%, and
Vogt Manufacturing Co., 1 point to 23.
Public utilities
were quiet, though there were a number of substantial gains
scattered through the list, but most of these were in the
preferred section, including United Light & Power pref. A,
2% points to 57%; Toledo Edison pref. A, 3% points to
11234> and Commonwealth Edison, 1% points to 104%.
More active trading in the public utility group was ap¬
parent on Tuesday, due in a large measure to the steady rise
in electric power output during the past few weeks.
Pre¬
ferred stocks continued in demand and there was good im¬
Silver per Oz. Std.~
Cash
2 Mas.
June
—
—
15-
June
17
The
June
12
13
June
15
June
16
highest rate of exchange on New
June 11 to June 17 was $5,043^
rom
We
45
45
45
45
-
cents
cents
cents
cents
York recorded during the perio
and the lowest $5.0134.
purchase from Brokers and Investment
Firms
ticularly New Jersey Zinc and Wright Hargreaves.
Special¬
ties were strong in spots, but there was little activity in oil
stocks
The gains registered at the close of the market
included among others Ainsworth Manufacturing Co., 134
points to 5034; Dow Chemical, 3% points to 116; Pepperell
Manufacturing Co., 134 points to 70, and North American
Light & Power pref., 2% points to 50%.
The market showed little change on Wednesday, trading
foreign correspondents and clients.
MANUFACTURERS TRUST COMPANY
HEAD
FOREIGN DEPARTMENT:
OFFICE AND
55 BROAD
STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance
FOREIGN
industrial
RATES
Pursuant to the requirements of Section 522 of the Tarif
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
-T
RATES
EXCHANGE
FOREIGN
JUNE 27,
BY
FEDERAL
RESERVE
Cable Transfers in New York
Value in United States M oney
Unit
June 27
June 29
June 30
$
$
$
Europe—
July
1
$
July
2
$
July
3
t
Austria, schilling
.187900*
.188100*
.187966*
.188316*
.188183*
.188316*
Belgium, belga
Bulgaria, lev
.109100
.169061
.169011
.169146
.169180
.169142
.012875*
.012825*
.012835
.012825*
.012950*
.012950*
.041557
.041505
.041560
.041550
.041560
.041546
.224309
.224370
.224079
.223925
.224087
England, pound eterl'g 5.025000
.022150
Finland, markka.....
.027083
.020000
.018258
.020250
.022958
.022150
.022137
.022128
.022125
.022115
Czecjosio'kia,
Denmark,
koruna
krone
Germany,
Service pref.
.224145
.060275
.066327
.066307
.066291
.066298
.403215
.403371
.403330
.403592
.403630
.009400
.009365
.009393
.009387
.009387
.009409
.682050
.249650*
.681230
.681078
.681871
.681646
.681521
.294650*
.294650*
.294650*
.294900*
.295000*
.078683
.252475
.078650
.078650
.078650
.078650
.078650
.252550
.252220
.252090
.252191
.252325
188375*
.045550
.007266
.137457
259091
.327642
.022925
.188500*
.188525*
.189475*
.189175*
.045560
.045565
.045585
.045590
.045670
.007266
.007233
.007291
.007283
.007300
.137403
.137382
.137348
.137371
.137310
.299208
.299375
.299375
.299375
.323416
.378960
.293900
.588625
Greece, drachma
;
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania,leu...
Spain, peseta
Sweden, krona
Switzerland, franc
Yugoslavia, dinar
.189050*
.258786
.258666
.258808
.327446
.327475
.327466
.327367
.023025
.022950
.022956
.022962
.023025
.299416
.299208
.299208
.299208
.299583
.299375
.299375
.299375
.299375
.299583
.299375
.299375
.299375
.299375
.299583
.299375
.299375
.299375
.299375
.322562
.
.258908
.327325
.259154
Asia—
China—
Chefoo
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong,
dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.299208
.323416
.323416
.323416
.323416
.379100
.378717
.378595
.378780
.378840
.293940
.293760
.293575
.293535
.293557
.589187
.588375
.588062
.588375
.588625
Australasia—
3.997375*
.005187* 4.000000*3.996937*4.000000*4.001125*
Zealand, pound. 4.026375*
.036625* 4.030937 * 4.020862* 4.030937* 4.032125*
Australia, pound
New
BB 3 points to 6234; Singer
Manufacturing Co.
3 points to 55 and United
93.
The curb market was fairly firm on Friday though the
gains were small and without special significance.
Public
utilities continued to lead the upswing and there were a
number of small gains among the specialties.
The transfers
dipped to approximately 283,000 shares against 323,000 on
the preceding day.
Outstanding among the advances re¬
corded as the market closed were Alabama Power 7% pref.
234 points to 77%; Long Island Lighting pref. B 334 points
to 79; Pittsburgh & Lake Erie 234 points to 80% and St.
Regis Paper pref. 5 points to 74%.
As compared with
Friday of last week the range of prices was to slightly higher
levels, American Cyanamid B closing last night at 34 against
33% on Friday a week ago; Commonwealth Edison at 106%
against 104; Electric Bond & Share at 2334 against 20%;
Glen Alden Coal at 14% against 14; Humble Oil (New) at
63 against 62%; Niagara Hudson Power at 11% against 10%;
Pennroad Corp. at 4% against 4%; United Shoe Machinery
at 89 against 88 and Wright Hargreaves at 834 against 8.
3 points to 345; Thermoid Co. pref.
Gas & Electric pref. 4% points to
.066271
rcich8marb^^403507
France, franc...
of America sold up to
MeWilliams Dredging, 434 points to 88%; North
Light & Power pref., 434 points to 55; St. Regis
Paper pref., 2 points to 69; Vogt Manufacturing Co., 2
points to 25, and Utica Gas & Electric pref., 334 points to
9934.
Few major changes were apparent during the trading on
Thursday, and while the dealings in the utility group con¬
tinued fairly active, the transfers were below the volume that
characterized the movements during the earlier part of the
week.
In other sections of the list price movements showed
considerable irregularity but with a tendency toward higher
levels.
Among the active stocks closing on the side of the
advance were Bunker Hill-Sullivan 3% points to 81 %; Cities
UNDER TARIFF ACT OF 1922
Noon Buying Rate for
Co.
114;
1930, TO JULY 3, 1930, INCLUSIVE
Country and Monetary
Aluminum
American
passed:
CERTIFIED
BANKS TO TREASURY
stocks.
137% at its top for the day and New Jersey Zinc was up
134 points to 8034Other gains included such market
leaders as American Gas & Electric pref. (6), 2% points to
Act of
give below a record for the week just
,
utilities leading the
modest upward trend.
Specialties were in demand at higher
prices and there was renewed activity apparent among the
continuing quiet but firm with public
Corporation
EXCHANGE
mining and metal issues, par¬
provement noticeable in the
drafts, with securities attached, drawn
their
on
45 cents
45cents
10
ll.__»
June
19.854d.
19.833d.
Average
June
June
.
_19^d.
l97Ad.
19Vsd.
_»19 13-16d.
19Kd.
June 16
(Per Ounce .999 Fine)
19 13 16d.
19 15-16d.
19 15-16d.
19%d.
19 13-16d.
19^d.
19 13-16d.
June 12
June 13
top for the day.
substantial gains were
NEW YORK
IN
LONDON
-Bar
June
at its
143
Quotations during the week:
IN
51
Chronicle
Financial
143
Africa—
South Africa, pound.. 4.976458*4.972083* 4.969375* 4.967395* 4.969375*4.971250*
4.976458*
DAILY
TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
North America—
.997357
.999000
277750
.994812
.997359
.997213
.997414
.997539
.998372
.999000
.999000
.999000
.999000
.999000
.277875
.277625
.277625
.277625
.277625
.994960
.994656
.994812
.995031
.995875
.334900*
.335120*
.334700*
.334600*
.334680*
.334800*
Brazil, mllrels
.086075*
.086375*
.086200*
.086300*
.086300*
.086300*
Saturday
Chile,
.050900*
.050900*
.050950*
.050950*
.050950*
.050950*
Monday
.569000*
.569000*
.569000*
.509000*
.569000*
.569000*
Tuesday
796875*
.800000*
.800000*
.800000*
.800000*
.800000*
Wednesday
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland,
South
dollar
Argentina, peso
peso
Colombia, peso
Uruguay, peso..
Shares)
Nominal rates; firm rates not available.
Friday
CURB
attention
utilities
have
attracted
considerable' speculative
Exchange
however, was largely among
the
preferred stocks.
Industrial specialties have been
moderately firm and there have been occasional flashes of
interest in the mining and metal group.
Oil shares have
made little progress either way and alcohol stocks have
been quiet.
Trading was dull but stocks were fairly firm during the
abbreviated session on Saturday.
Public utilities which
had been moderately strong during the earlier dealings of
the week were generally neglected and Sunshine Mining
got down to a new low for the year.
One of the best per¬
formances was by Aluminum Co. of America, which moved
up 5 points to 135.
Oils were slow and specialties were not
particularly active except for a few of the speculative
favorites and the gains for the most part were in minor
fractions.
The transfers for the day were approximately
92,955 shares.
' •
Aluminum Co. of America was the outstanding feature
of the trading on
Monday
as
it spurted forward 8 points to
2,984,000
2,733,000
2,216,000
26,000
35,000
43,000
$1,001,000
2,031,000
2,831,000
2,294,000
3,045,000
$282,000 $13,600,000
$299,000
Jan. 1 to July 3
Week Ended July 3
1936
1935
1936
2,398,000
1935
75,796,369
24,912,895
1,421,860
1,059,680
$13,019,000
$25,683,000
$470,510,000
215,000
10,433,000
282,000
285,000
7,106,000
$605,657,000
8,811,000
6,162,000
$13,600,000
Stocks—No. of shares.
lating effect of the increased electric output during the week
Tlie improvement,
$65,000
69,000
58,000
29,000
$58,000
70,000
24,000
32,000
72,000
1,892,000
2,316,000
289,835
323,435
282,830
Total
Corporate
New York Curb
during the present week due largely to the stimu¬
of June 27.
Foreign
Government
$878,000
1,421,860 $13,019,000
EXCHANGE
Sales at
Public
92,955
185,140
—
Total
THE
Domestic
247,665
1
Thursday
*
Value)
Foreign
of
July 3 1936
America—
Bonds (Par
Stocks
INumber
Week Ended
$26,183,000
$488,049,000
$620,630,000
Bonds
Domestic
government—
Foreign corporate
1
Foreign
Total
'
299,000
-
Course of Bank
Bank clearings this
Clearings
week will again show an increase com¬
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
July 4), bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
4.5% above those for the corresponding week last year.
Our
preliminary total stands at $6,585,674,668, against $6,301,831,728 for the same week in 1935.
At this center there is
a
gain for the week ended Friday of 23.5%.
Our com¬
parative summary for the week follows:
pared with a year ago.
based upon
52
Financial
Chronicle
July 4, 1936
We also furnish
Clearings—Returns by Telegraph
Week Ending July 4
Philadelphia
$3,428,779,128
356 ,000,000
Chicago
1935
$4,235 741,598
346 ,574,313
New York
month of June:
+23.5
+50.0
+27.1
+19.5
+ 14.9
+22.5
+ 13.8
+74.7
+87.1
+47.3
+ 50.9
+ 19.8
Cent
231,058,062
Baltimore
69 ,736,800
New Orleans..
33 ,789,000
280,000,000
202,000,000
72,179,078
62,100,000
110,720,000
91,725,381
64,617,530
52,761,881
51,498,392
28,915,000
Other cities, 5 days
$5,927,103,918
658,570,750
$4,675,364,452
618,193,105
Total all cities, 5 days..
All cities, 1 day
$6,585,674,668
Ho.iday
$5,293,827,557
1,008,004,171
241 ,365,491
82 947,467
76 100,000
.
San Francisco.
125 984,000
Pittsburgh
160 ,222,743
Detroit-
120 ,907,612
Cleveland....
77 ,734,894
Twelve cities, 5 days.
Total all cities for week.
$6,585,674,668
Federal
Reserve
1st
Boston
New York.. 13
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
6 Months
1934
1933
$
"
14 cities
$
Philadelp'ia 12
"
970,771,078
%
+ 14.5
+ 15.3
+9.6
1,480,844,112
998.829,245 +29.6
939,299,981
1,038,552,264
14,872,422,693
16,231,014,303
1,355,599,534
1,126,888,762
776,165,130
+20.5
442,272,806
1,623,175,368
Cleveland..14
"
1,294,459,400
6th
Richmond
"
8
$
S
15,452,948,47?
1,111,324,820
17,820,912 737
3rd
961,907,308
6th
Atlanta
16
"
580,794,919
589,988,568
459,926,858 +28.3
431,399,420
334,070,596
7th
Chicago
26
"
2,156,293,377
1,673,748,664
+28.8
1,535,173,108
1,260,949,007
8th
St. Louis...
6
"
593,364,112
493,394,352
+20.3
452,833,141
403,237,394
9th
Minneapolisl3
"
470,533,465
397,412,976
+ 18.4
357,692,999
359,076,576
10th Kansas City 14
"
758,730,636
589,244,450
454,746,270
423,703,646
661,319,668 + 14.7
321,375,474 +35.0
307,363,508
243,220,411
1,085,816,543
953,153,790 + 13.9
804,563,442
702,389,917
28,509,187,591
24,345,872,735 + 17.1
23,049,672,390
23,274,962,833
.
11th Dallas
10
••
Fran..21
12th San
"
,
165 cities
Outside N. Y. City
Canada
the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
6 Months
Dec.
4th
+4.5
Complete and exact details for
Inc.or
1935
Dists.
2nd
Total
¥6,301,831,728
6 Months
1936
+24.4
_
Boston
Kansas City.
St. Louis
of the clearings for the
a summary
.
6 Months
+26.7
+6.5
-
today
Per
1936
345,662,203
11,183,753,992
9,343,831,452
+ 19.7
8,623,868,006
7,450,383,242
1,627,681,013
1,561,158,141
+4.3
1,318,848,858
1,429,625,812
32 cities
Our usual
482,148,061
monthly detailed statement of transactions
the New York Stock
Exchange is appended.
June and the six months of 1936 and 1935
on
The results for
given below:
are
of the week in all cases has to be estimated.
Month
In the elaborate detailed statement,
however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended June 27.
For that week there
was an increase of
1.6%, the aggregate
clearings for the whole country having amounted to
$5,570,524,548, against $5,485,018,179 in the same week
of
1935.
in
Outside
of
this
city
there
was
an
increase
Description
1936
Stock, number of shares.
1935
21,428,647
1935
1936
22,336,422
124,848,382
260,754,540
Bonds
Railroad & mtscell. bonds
State, foreign, &c., bonds
U. S. Government bonds.
of
13.6%, the bank clearings at this center having recorded
a
loss of 5.8%.
We group the cities according to the
Federal Reserve districts in which they are
located, and
Six Months
of June
Total bonds
The
$178,800,000 $191,875,000 $1,468,491,000 $1,059,901,000
194,387,000
26,657,000
29,300,000
173,884,000
420,664,000
115,088,000
42,175,000
145,992.000
$220,545,000 $263,350,000 $1,788,367,000 $1,674,952,000
volume
of
transactions
share
in
properties
the
on
from this it appears that in the New York Reserve
District
New York Stock Exchange for the six months of the years
including this city, the totals record a loss of 5.3% and in
the Philadelphia Reserve District of
2.5%, but in the Boston
1933 to 1936 is indicated in the
Reserve District the totals show
a
gain of 11.6%.
In the
Cleveland Reserve District the totals are
larger by 21.8%,
in the Richmond Reserve District by
11.3%, and in the
Atlanta Reserve District by
totals
show
Month of January
1934
1933
No. Shares
No. Shares
1935
No. Shares
No.
Shares
an
67,201,745
19,409.132
60,884.392
14,404,525
54,565.349
56.829.952
18,718,292
February
March
33.5%.
The Chicago Reserve
improvement of 21.0%, the St.
Louis Reserve Districts total of
13.3%, and the Minneapolis
Reserve District totals of
14.7%.
In the Kansas City Re¬
serve District the totals
register an increase of 8.0%, in the
Dallas Reserve District of
33.0%, and in the San Francisco
Reserve District of 12.3%.
In the following we furnish a
summary by Federal Reserve
Districts
following:
1936
51,016,548
15.850.057
29.900.904
20,096,557
179,102,685
49.663,714
141,296,205
58,129,049
39,609,538
20,613,670
21,428,647
22,408,575
30,439,671
29,845,282
25,335,680
16,800,155
52,896,596
104,213,954
125,619,530
...
First quarter
April..
May
...
June
-
Second
81,651,855
75,184,668
71,981,117
282,730,080
260,754,540
quarter
Six months
districts:
22,336,422
19,314,200
124,848,382
213,277,322
340,859,129
SUMMARY OF BANK CLEARINGS
The
Federal
June
27, 1936
Reserve
1st
Boston
2d
New
8d
Philadelp'ia
1936
1935
Dec.
1934
1933
$
$
%
$
York. 12
251,472,4^5
234,202,389
+ 11.6
200,658,818
MONTHLY
238,596,673
3,916,720,470
"
3,318,285,679
3,503,548,812
—5.3
9
**
3,098,305,270
352,181,770
361,104,114
—2.5
309,722,975
the clearings by months
206,938,160
Clearings Outside New York
175,242,372
97,772,582
CLEARINGS
Clearings, Total All
279,208,192
+21.8
+ 11.3
80,493,560
4th
Cleveland..
5
"
271,347,435
5th
222,822,739
Richmond
6
"
126,108,565
113,329,743
.
covers
S
Dists.
12 cities
following compilation
since Jan. 1, 1936 and 1935:
Inc.or
Week End.
Month
1936
6th
Atlanta
10
"
137,359,895
7th
102,910,197
Chicago
19
91,111,605
74,966,326
467,178,390
386,128,438
+33.5
+21.0
361,462,518
311,578,719
Feb...
125,118,556
110,447,436
+ 13.3
101,354,668
88,518,439
84,379,424
+ 14.7
76,161,182
108,624,624
93,072,282
%
87,018,304
+8.0
42,455,403 +33.0
203,046,687 + 12.3
1935
1936
,%
Jan...
"
1935
8th
St. Louis...
9th
4
••
Minneapolis 7
"
96,754,992
10th Kansas CitylO
Uth Dallas
6
"
130,277,539
12th San
"
"
Fran.. 12
Total
56,474,568
227,964,674
Ill cities
5,570,524,548
Outside N. Y. City
2,364,054,051
120,642,797
40,025,695
159,968,220
+ 1.6
5,485,018,179
2,081,888,805 + 13.6
4,859,763,316
5,537,676,697
1,859,867,341
268,087,271
80,455,962,753 72,743,300,189 + 10.6 30,615,096,578 26.653.510.285 + 14.9
1,715,150,051
—5.5
..
1st qu.
9,351,732,820 + 15.5
7,960,442,514 + 18.4
9,341,334,951 + 11.2
32,293,140
167,625,264
Mar
27,587,225,976 25,558,258,089
+ 7.9 10,800,390, 151
24,011,106,666 20.812.399,699 + 15.4
9,428,711, 540
28,857,630,111 26,372,642,401
+9.4 10,385,994, 887
363,435,521
Apr... 26,990,579.535 24,779,527.997
+8.9 10,787,158, 485
May.. 24,701.993,365 24,946,930,148 —1.0 10,249,080, 019
June.. 28,509,187,591 24,345,872,735 + 17.1 11,183,753, 992
9,314,327,817 + 15.8
+ 4.9
9,773,412,689
9.343,831,452 + 19.7
2d qu
32 cities
301,068,394
318,527,451
We also furnish today a
summary of the
of June.
For that month there is
month
an
increase for
body of clearing houses of 17.1%, the 1936 aggre¬
gate of clearings being $28,509,187,591 and the 1935 aggre¬
gate $24,345,872,735.
In the New York Reserve District
totals show
+8.3 32,219,992,496 28,431,571,958 + 13.3
16065§ 032,561 146815 631,069
+ 9.4 62,835,398,391 55,08^,082,243 + 14.1
mos.
clearings for the
the entire
the
80,201,760,491 74,072,330,880
6
Canada
The
of bank clearings at
course
leading cities of the country
for the month of June and since Jan. 1 in each of the last
four years is shown in the
subjoined statement:
BANK CLEARINGS AT
improvement of 15.3%, in the Boston
Reserve District of 14.5% and in the
Philadelphia Reserve
District of 9.6%.
The Cleveland Reserve District has to
its credit an expansion of 29.6%, the Richmond
Reserve
District of 20.5% and the Atlanta Reserve District of
Boston.
The
Philadelphia
LEADING CITIES IN JUNE
an
28.3%.
Chicago Reserve
totals by 28.8%, the
and the Minneapolis
Kansas City Reserve
District has managed to enlarge its
St. Louis Reserve District by 20.3%
Reserve District by 18.4%.
In the
District there is a gain of 14.7%, in
the Dallas Reserve District of
35.0% and in the San Fran¬
cisco Reserve District of 13.9%.
We append another table
showing the clearings by Federal
Reserve districts for the six months for four
years:
Jan. 1
June—
to
June 30-
(000,000s
1936
1935
1934
1933
1936
1935
1934
omitted)
$
$
$
$
$
$
$
14,426
15,825
97,823
91,731
982
888
7,452
6,276
5,091
8,270
1,901
New York
..17.325 15,002
Chicago
1,354
.
...
950
809
906
5,746
1,297
1,070
329
303
272
9,034
2,140
586
..
1,424
392
..
831
1,546
..
St. Louis
87,184
5,364
4,941
7,231
1,692
$
76,240
4,417
4,432
6,143
1,340
1,760
430
353
521
438
399
3,094
3,412
233
171
1,562
186
161
357
310
259
1,349
2,198
280
283
209
1,934
295
245
234
247
1,479
129
98
98
67
768
649
592
416
472
365
323
193
2,574
2,238
1,803
609
132
110
97
81
765
671
589
424
135
..
..
246
389
..
San Francisco
444
574
302
197
Pittsburgh
Baltimore
119
688
438
Cincinnati
Kansas
1,046
1933
City
..
Cleveland
Minneapolis
..
New Orleans
..
Detroit..
..
Louisville
..
Omaha
2,468
3,016
1,399
1,196
2,068
1,597
1,349
2,210
2,616
1,299
1,059
1,688
1,464
1,236
2,148
956
858
1,303
1,127
1,066
1st
Reserve
Boston
Dists.
14 cities
90
June
Providence
Inc.or
42
37
35
39
253
219
205
June
June
181
1936
Federal
109
June
1935
Milwaukee
87
69
64
Dec.
50
493
398
332
1934
261
1933
Buffalo
119
118
112
789
703
668
571
$
5,910,642,716
94,405,165,802
8,60/,733,211
2nd
NewYork._13
"
100,636,088,840
3rd
Philadelp'ia 12
"
9,433,006,943
4th
Cleveland.. 14
"
6,913,892,253
5th
Richmond .8
"
3,068,711,716
6th
Atlanta
16
"
3,426,980,927
7th
Chicago ...25
"
11,858,905,431
8th
St. Louis...
"
3,314,012,410
9th
5
Minneapolisl3
"
10th Kansas Cityl4
11th Dallas
10
"
4,262,856,997
••
2,380,555,261
12th San
Total
Fran..21
-
"
2,371,978,224
6,296,475,823
32 cities
St. Paul
%
+ 13.2
+6.6
+ 9.6
+20.6
+ 12.4
3,011,746,419 + 13.8
10,033,727,777 + 18.2
^,732,902,232
2,729,480,573
+ 12.6
+ 9.0
3,836,904,114 + 11.1
1,960,543,910 +21.4
5,467,597,988 + 15.2
2,943,082,164
2,176,104,163
165 cities 160,658,032,561
146,615,631,069
Outside N. Y. City
Canada
$
6,693,762,736
..
$
5,695,992,492
5,105,313,673
89,570,150,006
7,556,134,073
78,409,074,974
6,449,039,708
5,101,321,626
4,024,966,541
2,466,419,209
802
696
101
Memphis
Seattle
..
561
491
334
40
673
578
472
365
50
40
398
348
288
128
121
104
809
755
692
578
52
51
44
395
359
332
227
143
..
593
90
61
66
Richmond
65
100
147
..
84
125
71
Denver
Indianapolis
120
100
85
798
669
554
454
229
1,922,329,980
Salt Lake City...
63
51
45
39
346
301
253
2,634,989,360
206
1,869,466,536
Hartford
50
45
38
39
302
'267
220
194
8,441,599,401
6,007,297,078
2;016,623,959
..26,239 22.497 21,354 21,848
2,270
1,849
1,696
1,427
147,981
135,774
12,677
11,042
2,622,820,294
1,913,485,261
1,599,071,250
3,275,006,768
1,348,121,666
4,694,746,485
3,756,539,609
.....
2,462,377,126
1,796,977,174
Total
+9.4 135,769,642,149 114,970,222,099
62,835,398,391
55,085,082,243
+ 14.1
48,585,784,265
38,729,908,163
9,140,519,171
8,044,315,689
+13.6
7,531,481,482
6,478,437,358
Other cities
Total all.
Outside New
We
--
..28,509 24,346 23,050 23,275 160,658 146.816 13o,770 114,970
York. 11,184
9,344
8,624
7,450
62,835
55,085
48,586
38,730
now
add
for each city
years,
126,163 107.277
9,607
7,693
our detailed statement
showing the figures
separately for June and since Jan. 1 for two
and for the week ended June 27 for four
years:
Volume
CLEARINGS FOR
$
Reser
Holyoke
Lowell
—
New Bedford—
—
2,808,294
7,300,624
830,810,262
11,917,851
7,660.837
Fall River—
5,756,221
45.006,893
13,748,630
—
Worcester
49,766,590
Conn.—Hartford
17,120,539
New Haven
+0
+25.9
548,238
1,881,005
230,156,136
611,891
33 ,730,348
267 ,371,198
+ 12.9
+24.5
82 ,554,497
+21.4
8,69L005
8",794" 266
—1*2
505,899
457,635
+ 10.5
7,660,600
484,387
234,202,389
+ 11.6
200,658,818
8 710,993
8 021,141
418,218
16 902,882
.
15 ,752,493
78 371,964
68 ,161,368
301
"40l" 728
—3.1
+ 11.3
14 033,058
12 001,217
970,771,078
+ 14.5
6,693,762,736
5,910,642,716
+ 13.2
261,472,485
+3.2
+ 10.4
203 ,823,431
257 ,215,131
—20.8
13,173,680
30 ,134,125
25 789,181
+ 19.6
+33.6
+ 13.3
788 ,885,298
703 220,558
978,098
32,800,000
16 ,935,325
14 979,747
14 ,385,320
12 ,768,201
+ 16.8
+ 12.2
+ 13.1
+ 12.7
+ 15.5
+ 17.6
+ 19.9
+29.8
97,822 ,634,170
105, ,698,244
91,730 ,548,826
167 ,201,893
93 ,436,838
91, ,309,189
73 ,047,901
York
41,538,522
4,373,079
118,500,000
2,650.005
Buffalo..
Elmira..
......
Jamestown...
—
2,339,844
...
2,282,044
17,325,433,599 15,002,041,283
New York
33,762,373
Syracuse
Conn.—Stamford
28,719,961
20,238,224
17,015.183
Rochester
16,879,345
87,587,832
134,689,674
13,110,026
2,189,549
74,593,032
142,444,706
5,245.159
3,937,086
1,796,364
J.—Montclalr
Newark.
Northern N. J
Oranges
....
Total (13 cities)
17,820,912,737 15,452,948,477
Third Federal Rese
rve
1,670,216
2,404,743
Harrlsburg
9.217.988
1,257,677
7,550,301
Lancaster
5,134,387
4,335,435
1,849.823
2,727,177
1,546,000.000
5,080,182
1,581,722
2.060,079
1,357,854
Chester.
Norristown
Philadelphia.
Reading
94,405,165,802
+6.6
11, 427,797
9,491,196
+20.4
10 ,319,908
10 ,232,930
:487, 053,731
457 ,057,549
—5.4
850 ,593,534
837 ,832,606
+33.2
—18.0
+ 17.4
+44.0
.
~
all 350,800
b
8*2,300,000
Lebanon
21 ,834,441
+ 15.3 100,636,888,840
191, ,280,693
District— Philadelphia
Pa.—Altoona
Bethlehem
22 ,835,872
+6.6
+ 14.4
+ 13.1
+25.0
+0.9
+6.6
+ 1.5
+4.6
1,424,000,000
5,088,001
8,436,666
4.121,717
+ 8*6
+22.1
+ 18.4
+ 16.9
663,849
595,501
51 734,827
31, 307,556
9, 900,928
25,100,602
8,637,806
+32.4
+8.6
12 999,259
11,292,542
9,033, 775,000
8,270,000,000
—0.2
30 675,876
62, 652,856
30,702,121
53,518,598
+ 11:8
+ 16.7
+24.7
3,318,285,679 3,503,548,812
Fourth Federal Res
+ 15.1
+9.2
—0.1
+ 17.1
+ 16.5
—4.0
300,000,000
845,553
+ 5.3
947,169
893,549
+ 6.0
1,959.865
1,140,716
—0.7
1,234,600
2,073,000 +237.5
3,405,000
"2.5
309,722,975
352,181,770
6,903,112
197,498,207
280,333,346
+ 28.2
38 534,053
+ 0.3
+ 34.9
1,196 270,467
1,597 000,085
253 ,294,200
+ 12.7
39,206,800
2,137,319
834,740
48 639,267
1,348 ,534/61
1,933 778,639
278 728,300
+ 13.1
12 ,644.584
11 ,688,528
+ 43.4
5 ,968,877
5,589,433
8,742,854
467,435
431,101
+ 22.8
36 ,142,738
+32.2
63 ,742,176
District —Cleveland
1,197,317
6,865,238
11,561,610
Youngstown
Pa.—Beaver County..
794,894
472,805
Franklin
+ 70
1 398 638
11,667,000
146,546 086
4,950,562
6,912,098
303,123,376
1,356,124
104,841,035
Richmond!
C.—Charleston
Md.—Baltimore...
Frederick..
D. C.—Washington...
580,794,919
(8 cities)
Sixth Federal Reser ve
District
13,336,973
66,514,393
+20.6
608 390 +129.9
6,338,293
332,459
61,870,000
808,597,208
26,834,179
3,621,559
58,936,000
755,148,401
23,033,275
+ 75.0
+ 17.5
+ 5.0
2,480,000
+ 16.5
36,755,874
1,398,805,427
7,243,099
445,936,938
+ 11.6
9,930,000
12/,679,873
4,459,83"
6,164,941
246,053,679
1,356,186
85,895,159
482,148,061
+ 14.8
+ 11.0
+ 12.1
+ 23.2
—0.1
+22.1
+ 20.5
44,786,507
1,561,538,178
7,851,240
550,896,111
3,068,711,716
2,729,480,573
Mobile..
+ 25.3
+ 7.1
11,478,125
54,645,059
+ 12.4
156,600,000
+ 21
82,142.065
378,919,142
1,174,800,000
70
870,866
341 299,480
1,036 200,000
25 .492,514
3,545,075
+ 30.9
2,953,824
+29.6
20,196,422
14 045,890
18 471,930
50,619,877
4,010,715
+ 19.0
387,724,428
325 923,000
+22.3
Vicksburg
Total (16 cities)
Seventh Federal Re
271,347,435
222,822,739
+ 21.8
206,938,160
151,625 + 119.3
+ 11.8
27,828,145
17,126,492
31,532,068
26 ,660,125
58,633,956
4,896,312
+ 25.1
422,565,773
391 924,262
+ 22.9
33,576,411
28
699,809
128,605
1,044,825
—1.7
2,045,000
28,500,000
724,578
68,393+83
57~,"086+98
+ 19.8
51,949",019
21,854+61
20", 564+29
+ 6.3
14", 425+80
113,329,743
+ 11.3
97,772,582
32,021,880
1,026,942
+ 15.3
2,968,250
14+92,175
53,100.000
2,218,000
32,263,666
—0.7
2,397,293
13,407,166
+ 23.8
+ 5.9
2,088,881
10,066,093
+ 47.5
30,400,000
893,174
36,000,000
748,850
+ 19.3
"*700900
""637", 257
+9~8
487~210
13,682,000
12,223,000
+ 11.9
11,670,000
+ 7.8
18,030,351
12,941*943
1,223,590
13,67 9" 90 3
1+30,063
+3l" 8
+ 17.0
+ 8.3
931,268
+ 11.0
+ 13.4
+9.2
+ 21.9
+9.3
+ 19.0
+ 18.3
2,509,692
+ 10.3
18,907,758
18 433,083
22.957,000
22 469,000
+ 2.2
459,926,858
666,210
"
+2.6
+ 15.2
4,809,317
La.—New Orleans
95,871,544
126,108,565
3,369,000
5,205,108
898,543
415,625
97,979,931
Jackson
Meridian
+ 24.3
+ 12.4
589,988,568
Miss.—Hattiesburg
104,408,228
+ 8.4
+ 23.5
1,270,861
484,080
129,494,251
Montgomery
129,771,399
+ 0.1
Atlanta—
2,166,016
4,903,707
73,340,378
6,018,260
2,769,157
3,880,000
Tampa
b
b
+ 21.8
,688,888
4,682.839
Ala.—Birmingham
b
+ 25.4
5,732,902,232
31
2,835,388
3,828,961
60.220,003
211,600,000
Macon.
1,139,749
45 ,872,912
+ 3.0
+35
+32.1
Augusta
Fla.—Jacksonville
+ 14.2
District— Richmond
Columbia
Columbus
1,234,973
b
+ 4.8
6,913,892,253
+29.6
Ga.—Atlanta....
+ 28.1
+ 18.2
+ 24.2
Nashville
+ 18.9
+20.4
998,829,245
Tenn.—Knoxville
1,409,954
+8.2
6 ,003,150
1,294,459,400
Total
+ 11.6
+ 21.7
+ 27.6
2,468, ,440,947
31, ,656,756
38, ,823,108
Total (14 cities).....
Rese
b
b
39,921,775
62,215,992
7,789,100
,229,130
Ky.—Lexington
W. Va.—Wheeling....
Va.—Norfolk
b
+ 18.2
.811,938
+ 32.0
Federal
+ 10.0
361+04,114
948,986
45,084,934
63,855,304
8,239,300
7
+ 57.1
Fifth
+ 21.1
b
2
1,057.405
444,158,600
4,685,841
6,783,052
W. Va.—Huntington..
;■
53,282,228
77,688,254
9,195,600
3,093 ,793,591
+9.7
1,661,363
586,380,636
4,825,229
8,427,258
Greensburg
Pittsburgh
4 ,316,752
b
—6.5
—15 +
+9.6
Mansfield
330,072
+ 24.4
352,000,000
1,199,186
2,025,690
8.607,733,211
Lorain
3,098,305.270 3.916,720,470
2,133,416
9,433,006,943
,676,857
30 ,384,090
49 ,768,952
4 ,119,255
2, ,241,784
19,439 728
27,848, 582
338,000,000
1,017,880
+ 9.6
4
~
868,522
1,480,844.112
+ 28.9
281 255
+ 7.5
—5.3
939
+ 14.6
1,225,578
2,416,606
2,364
973+56
6,997,000
Hamilton
+ 43.7
1,115,201
+24.8
Columbus
783
3,006 407
+ 14.6
+ 19.8
Cleveland...
a320,789
020
+ 10.5
224,261
92,695,700
+25.0
,999,896
5,768
~
23,765,629
31,007,656
8,846,980
246,862,296
361,238,068
52,909,100
396 883
+8 +
—5.8
+ 11.6
—16.3
27, 686,041
37, 146,185
erve
709 146
321,366
268,850
115, 680,900
Cincinnati...
383.267
476,676
+78.8
Ohio—Canton
430 582
—10.7
1,623,175,368
Total (12 cities).
+ 30.3
29,800,000
509,330
547,927
"—7.6
5,313,998
,
27,930 754
392,063
15.428,300
J.—Trenton.
10,232 191
+ 10.1
17,714,787
31,817+97
6.483.989
5,020.213
Wllkes-Barre
York
+ 9.3
*350,000
27,583,800
10,315,212
—7.3
19,049,735
29,393,174
+22.3
+21.8
+22.0
Scranton
+ 22.1
6,137,542 + 114.6
+ 6.2
920,659
3,206,471,497 3,403,129,374
6,285,602
7,016,592
3,761,544
4,155,820
2,532,187
3,637,733
a*300,000
b
7.174,574
44,346.787
8, 019,718
"286+97
427,544
2,752,793
1,424,727
7,342,269
2,839,427
573,494
2,775,804
1,474,388
10,576,153
3,135,661
+ 19.3
+ 15.4
+ 16.9
District —'New
—7.1
+29.2
555,706
30 706,100
4,828,390
141,754,455
3,048,324
658,925
"310+62
3,089,301
1,800,323
9,804,746
3,426,512
218 998,300
42,863,155
1,379,732
175,000,000
568,854
851,598
9
36 644,100
erve
492,288
+ 27.5
+ 13.3
43 ,545,235
+7.2
+24.6
+ 1.5
+ 19.4
+33.1
+ 10.6
252 791,100
—
—37.4
100 ,201,348
—0.5
1,503,551
+ 19.6
+ 14.2
+29.1
Blnghamton
875,285
1,475,437
203,094,645
+ 12.9
+3.2
+ 6.2
+ 17.4
+7.3
+ 15.0
+29.1
1,111,324,820
Second Federal Res
S.
15, 166,990
42, 069,000
5,090 600,657
16, 798,414
15
1934
Dec.
%
42,203,100
2,615,368
Total (14cities)...
~
180,707
52 976,154
5,746 330,053
16 263,654
9 252,665
+4.2
+ 21.5
+ 14.3
2,775,633
1,419,652
2,778,229
1935
%
5,966,400
R. I.-Providence
N.
1936
36,952,600
2.026.238
N. H.—Manchester—
N.
Dec.
7,137,100
Waterbury
_
1935
%
2,923,314
8,867,831
949,835,448
2,763,081
1,612,088
1,769,420
2,818,833
Mass.—Boston
1936
Dec.
District— Boston—
ve
—
N. Y.—Albany
$
14,231,271
Portland
Springfield
1935
Inc. or
Inc. or
Inc. or
1936
Week Ended June 27
Six Months Ended June 30
Month of June
Me.—Bangor....
FOR WEEK ENDING JUNE 27
JUNE, SINCE JANUARY 1, AND
Clearings at—
First Federal
53
Financial Chronicle
143
serve
District
—7.6
30,055,841
32 559,387
—7.7
+ 41.4
7r703,678
3,319,042
6, 444,034
2 998,843
+ 19.5
+ 16.5
+ 10.7
84,360
95,403
—11.6
109,775
+ 32.2
767,631,662
649 254,196
+ 18.2
32,485,995
22,591,262
+ 43.8
21,750,225
+28.3
3,426,985,927
3,011,746,419
+ 13.8
137,359,895
102,910+97
+33.5
91 + 11,605
10,129,563
2,573,987,364
27,921,412
69,499,462
10,845,693
35,846,688
26.374,906
67,843.035
13,407,314
2,237,989,101
—24.4
313,460
113,420,312
697,266
96,517,954
—55.0
+ 17.5
565,321
81,644,828
20,227,559
50,050,327
9,555,551
29,789,828
18,928,220
52,842,385
+ 38.0
2~, 373+17
1,810,084
+ 31 +
1,433*804
1+54,345
1,002,859
1,021,203
640,911
+ 13.0
"829" 580
+ 54.5
711,149
14",965",000
14",080",000
+ 6.3
10,802",000
+ 36.0
1,245,373
4,798,774
673,835
4,928,134
+ 84.8
735,976
—2.6
3,415,819
+ 18.2
13,321*237
—Chicago—
1,679,429
471,928,001
4,525,125
11,678,800
1,748,681
5,716,663
4,697,714
2,277,807
365,246,942
2,993,806
8,484,935
1,501,643
4,902,745
3,127,116
—26.3
12,812,883
8,855,145
+44.7
70,904,000
6,215,628
21,212,181
60,893,000
+ 16.4
3,653,933
+ 70.1
397,557,000
30,290,276
347,845,000
22,279,292
+ 14.3
18,160,747
+ 16.8
117,862,125
102,122,750
+ 15.4
Wis.—Madison
3,994,903
+ 11.3
+27.4
87,030,991
22,527,260
493,370,265
17,677,725
Milwaukee..
3,589,397
69,485,737
1,684,160
4,097,902
398,240,386
9,527,594
22,147,733
+ 23.9
18,143,585
15,353,290
+ 15.3
1,021" 528
"948*805
190,383,409
+7.9
6,900,946
69,476,363
+ 18.1
7,275,442
3,429,434
7,756,127
+ 18.9
Mich.—Ann Arbor
Detroit
Flint
Grand
Rapids
Jackson
Lansing.
Ind.—Ft.
Wayne
Gary
Indianapolis
South
L_
Bend
Terre Haute
1,941,860
4,888,926
Oshkosh
Iowa—Cedar Rapids..
+ 29.2
+ 51.1
+ 37.6
+ 16.5
+ 16.6
+ 50.2
+ 25.3
+ 15.3
+ 19.3
Moines
36,115,232
30,750,582
+ 17.4
City.
15,210,280
11,786,277
+ 29.1
1,742,040
1,700,665
1,045,737,601
2,760,483
11,408,103
+ 29.4
4,504,265
4,403,633
+ 34.7
Springfield
2,112,620
2,334,934
1,353,503,162
3,712,495
20,438,436
6,066,413
5,824,020
+ 32.3
Total (24 cities)
2,156,293,377
1,673,748,664
+28.8
Des
Sioux
HI.—Aurora
Blooming ton
Chicago.
Decatur..
Peoria
Rockford
+ 21.3
+ 37.3
+ 34.5
+ 79.2
10,482,498
25,529,718
205,323,344
82,052,576
9,218,196
10,774,104
7,451,999,216
19,753,837
105,382,614
25,375,964
28,958,315
9,238,767
6,275,757,493
15,639,334
69,078,504
19,863,791
23,903,224
11,858,905,431
10,033,727,777
+ 15.0
+ 38.9
+ 13.5
+ 20.3
+ 39.3
+28.4
+ 10.0
"
2,460,804
7~.7
48*2*973
+ 5.4
+ 39.4
6,033,397
+
2,331,159
"428+54
+ 16.6
766,228
+ 18.7
335,756 +128.2
+ 23.6
234,690,058
+ 19.1
629,496
+ 70.5
2,405,987
+ 11.2
1+45,545
+ 21.3
888,364
234,886,246
524,678
1,898,784
529,344
+21.1
290,065,096
749,645
4,103,102
1,273,732
1,077,358
+ 18.2
467+78,390
386,128,438
+21.0
361,462,518
+26.3
+ 52.6
+27.8
887,569
54
Financial
Chronicle
July 4, 1936
CLEARINGS—(Concluded).
Month of June
Six Months Ended June 30
Week Ended June 27
Clearings atInc.
1936
1935
Mo.—St. Louis
-St.
109,664,841
52,351,615
333,761
+ 20.6
sJ.,895,000
493,394,352
District—
13,739.040
244,847,245
1,156,988
100,961,696
7.974,637
1936
$
%
III.—Jacksonville
352,138
2,476,000
Quincy
8
rve
Minn.—Duluth—
+ 30.7
2,139,520,435
765,101,164
395,280,011
1,482,800
12,628,000
1,901,395,481
670,802,765
358,748,026
1,300,892
10,835,000
+20.3
3,314,012,410
2,943,082,164
+ 22.3
58,302,084
1,349,256,881
5,931,380
561,213,281
44,016,161
20,025,000
3,489,330
13,441,385
29,714,298
11,547,782
14,379,935
6w,« 18,538
1,068,108
2,176,104.163
+ 26.2
+ 5.5
■■■■
81,400,000
29,385,525
13,887,031
+ 17.6
22,038,691
11,260,977
b
b
$
59,900,000
18,265,716
10,052,723
b
b
255,000
300,000
+ 13.3
101,354,668
88,518,439
+ 17.6
+ 18.8
2,159,105
51,324,195
62,904,937
22,161" 155
+ 4.8
18",20+245
1,564,890
+ 15.4
1,312,535
"62+076
'++8
125,118,556
110,447,436
3,034,963
64,312,932
+ 12.6
2,580,428
54,147,342
23,220,169
1,805,425
+ 54.4
2,371,978,224
2,814,627
2,975,198
528,604
2
313,087
115,090
69,357,554
802,143,149
55,166,753
53.236.781
74,869,009
11,762,495
2,198,450,353
74,707,766
211,608,903
15.724.782
673,072,568
16,967,059
55
971,445
696 330,110
34 861,677
59 098,023
65 145,271
9 824,118
2,067 857,966
2,674,340
30,468,718
Pueblo
370,916
+ 26.7
406,103
+33.4
9,448,926
+ 30.8
118,916,560 + 13.1
5,871,889 + 195.6
10,757,279 —19.8
10,683,154
+ 31.6
1,616,024
+ 16.9
+8.8
357,486,813
—0.8
12,506,188
28,140,000
+30.1
+ 13.0
2,371,000
100,488,911
+ 24.2
+48.3
2,255,905
2
*541,717
12,356,843
134,541,547
17,357,714
8,623,256
14,058,971
1,889,922
389,016,000
12,409,000
36,608,090
2,679,581
124,833,367
3,344,554
Total
758,730,636
661,319,668
+ 14.7
4,262,856,997
3,836,904,114
+-11.1
—6.0
38,034,217
20,549,266
908,956,457
81,157,682
—21.4
131,316,604
47,708,000
654,384,608
8,094,619
18,610,991
51,731,466
+ 5.5
a780,865
+ 45.4
1,960,543,910
+21.4
10 914,690
668, 583,589
195 960,000
+27.7
+ 19.3
+ 5.2
+32.5
+5.7
+24.4
+ 13.5
+ 14.8
+ 14.7
f
Minot
807,000
2,895,006
7,957,748
2,833,000
3,726,612
12.307,252
327,680
S. D.—Aberdeen
Sioux Falls
—
Mont.—Billings
Great Falls
Helena
Lewlstown
Total (13 cities)
470,533,465
Tenth Federal Rese
rve
District
Neb.—Fremont-'.
470,074
Hastings.-.
Lincoln
Omaha..-
City.—
Topeka
Wichita
Mo.—Joplin..
Kansas City
St. Joseph-
Okla.—Tulsa—
Colo.—Colorado Sprgs.
Denver
(Hetties)
Eleventh Federal R
Texas—Austin
Dallas
—
—
El Paso
Ft. Worth
Galveston
Houston..
Port Arthur
eserve
+ 20.5
+ 18.4
+ 11.5
+ 14.5
+ 33.6
3,551,000
694,953
2,655,124
5,466,251
2,272,790
2,623,474
11,257,508
Kansas
+ 16.1
+ 9.0
+ 45.6
+ 24.6
+ 42.0
+ 9.3
-—
Wichita Falls
La.—Shreveport
Total (10 cities).
Twelfth Federal Re
Wash.—Bellingham
Spokane
Yakima
—
Oregon—Eugene
7,047,000
108,604,989
1,298,874
2,936,800
7,953,033
+ 62.7
321,375,454
+35.0
Portland
District
118,436,793
Utah—Ogden
2,754,928
63,304,384
13,775,144
6,277,505
16,992,722
17,934,683
Salt I.ake City
.—
Calif.—Bakersfield.
6,098,852
2,957,613
146,695,004
13,379,779
24,403,510
-San
Franci
1,734,343
119,732,015
34,241,000
2,959,935
4,825,126
784,000
106,953,087
2,082,879
50,710,454
10,567,995
+ 33.2
+ 33.5
2",15+873
3",74+214
—4+8
2~, 35+264
2,706,644
+38.1
3,978,699
2,843,608
83,133,051
++I
72",49l",878
63", 06+257
2,642,027
68,345
b
,
1,490,654
2,595,637
—0.2
2,603,128
466,000
+25.2
362,461
499,705
+4+1
387,102
40+061
130,277,539
120,642,797
+8.0
108,624,624
93,072,282
"13+452
+ 21.6
+ 12.1
+41.9
+ 34.8
+ 25.8
+ 23.3
1,127,201
1,352.409
—16.7
890,542
851,875
32",31+056
+37.2
29,91+414
2+78+048
■+17.5
6,051,471
+ 18.4
1,697,000
5,900,356
1,177,315
+2.6
+414.1
+876,447
1,826,000
4,566,302
1,275,000
3,277,833
a630,354
1,712,267
+ 91.4
1,517,292
1,815,915
56,474,568
42,455,403
+ 33.0
40,025,695
32,293,140
31,498",599
27",50+339
+ 14.5
21,53+071
20",58+684
8,318,000
730,097
8,122,000
571,128
+2.4
7,174,000
4,599,000
+27.8
404,696
328,510
+ 19.3
+ 26.6
+ 14.9
+37.2
+ 19.6
+ 13.0
13
940,897
797 827,251
206 083,000
+21.6
+8.0
+24.0
19
564,495
27 192,362
4 773,000
663 ,125,192
-10.7
-32.3
15
24.8
14
,762,189
25 729,636
3
835,466
584 ,351,637
13 ,448,336
301 ,394,917
64 ,867,592
25 ,942,572
87 ,791,643
82 362,610
439,922
345 784,456
80 314,068
30.3
14,526,496
14,401,151
2,277,000
11,419,685
-17.0
24.5
103. 391,680
22.4
16 139,000
13 ,087,473
+21.8
+24.7
+25.5
+23.3
+27.3
88 274.744
69
+27.6
2,991,529
28,442,168
520,639,105
35.0
22, 794,759
198, 253,358
3,412 163,036
59, 567.745
,
+ 15.2
Grand total (165 cities). 28,509,187,591 24,345,872,735
+ 17.1 160,658,032,561 146,815,631,069
+9.4
Outside New York
+ 19.7
12.8
+ 10.3
7,935,868
4,422,700
-22.5
6,793,017
+35.2
953,153,790
+ 13.9
18
160
3,016
175,419
47, 643,986
6,296,475,823
9,343,831,452
b
b
23.3
46
33
62,835,398,391
CANADIAN CLEARINGS FOR JUNE,
55,085,082,243
7" 49 4
25",32+284
14,11+648
12","000" 000
4",37+804
2",83+049
8,71+455
125,016,355
2,044,211
7~4
20",40+643
1+45+274
+ 17.6
10",358+13
10",34+852
3",130" 649
+ 39.7
2",28+607
3",11+964
2",21+665
+27.8
1,90+747
2",29+327
+ 43~9
1,133,076
1,985,886
6,06+031
113,958,349
1,785,927
769,503
1,597,812
2,35+006
97,932,531
1,403,630
776,958
+ 24.3
227,964,674
203,046,687
+ 12.3
2 7,19
+
+23.8
31 589,842
109 437,611
11,183,753,992
+ 23.9
SCO
5,467,597,988
cities)
20,272.005
+ 19.8
61,041
54,683
1,713,270
24,622,098
+ 32.9
+ 39.9
44,32l" 063
677,768
Stockton
+ 23.7
75,142
86,610
1,911,699
25,426,095
"
36
Santa Barbara
87,018,304
725,276
577. 890,255
13, 795,905
27
San Francisco
76,161,182
583+11
+26.4
+23.8
+ 13.1
+27.0
+21.5
+29.9
Sacramento
+ 14.7
84,379,424
+
"
,169,457
034,875
120,769
347,396
921,583
,293,790
San Jose
2",03+046
96,754,992
87,371,772
2,591,467
+ 33.2
14,542,072
-
2",38+338
2,69+696
1,91+290
3,738,238
4,714,237
2,787,000
Pasadena
27+430
+ 15.5
++4
92,937
+ 9.0
1,085,816,543
Berkeley.
Long Beach
Modesto
"37+113
60+843
3",108" 157
4,037,299
32,093,443
574,397,495
9,719,894
5,453,980
9,187,385
_
"47+530
~
74 010,494
2,380,555,261
972,000
-
:"399" 651
~
620,610
163 663.417
13 613,742
29,894,382
23,350,533
1,087,187,389
96,834,225
154,316,701
56,475,000
828,345,362
9,297,576
19,636,577
75,217,516
serve
~652~736
16,110,530
1,345,680
Distrlc t—:Dallas—
5,735,377
3,939,281
195,903,182
16,268,037
27,349,152
10,001,000
146,402,060
1,633,694
3,620,797
12,941,066
2,379,458
143,253,051
38,707,000
3,600,436
5,209,871
.
Seattle.
+ 5.
+ 14.
3,869,151
City
423,793,646
Beaumont
Total (21
+ 14.1
11,813,250
+ 19.6
+ 18.4
9,134,279
4,743,000
Grand Forks
Riverside
67,800,000
373,000
212,270
112,558,089
St. Paul
N. D.—Fargo
-
+ 12.3
446,000
397,412,976
-
Ariz.—Phoenix
1933
S
72,500,000
25,761,186
b
67,921,093
1,478,520,963
6,760,933
593,466,281
50,498,116
23,550,000
4,046,475
14,337,843
39,975,366
14,206,398
17,657,286
59,622,571
1,414,899
Minneapolis
Rochester
Idaho—Boise.-_
1934
%
'
Total (5 cities).
Ninth Federal Rese
Kan.—Kansas
or
Dec.
1935
„
Minneapolis -
16,799,127
295,074,478
1,370,194
Inc.
or
Dec.
$
+ 19.2
593,364,112
Tenn.—Mem phis
1935
Louis
329,149,135
392,191,632
132,288,220
66,056,122
Ky.—Louisville—
1936
%
District
erve
Inc.
Dec.
$
Eighth Federal Res
or
+ 9.7
2",61+353
1,095,262
96,478,482
1,26+898
916,240
976,636
167,625,264
159,968,220
+ 14.5
+ 47.3
'•/
5,570.524,548 5,485,018,179
+ 1.6 4,859,763,361 5,537,676,697
+ 14.1 2,364,053,051 2,081,888,805
+ 13.6 1,859,867,341 +71+150,051
SINCE JA NUARY 1, AND FOR WEEK ENDING JUNE 25
Month of June
Six Months Ended June 30
Week Ended June 25
Clearings at—
Inc.
1936
1935
Dec.
Canada—
Toronto
564, 945,876
428, 982,616
250, 975,032
78, 571,113
108, 252,248
17, 929,968
10, 522,466
20, Q76.576
24, 497,673
Montreal
Winnipeg
u.
Vancouver
Ottawa..—
-
Quebec
Halifax
-
Hamilton
-
„
».
...
Calgary
St. John
8, 057,703
Victoria
7, 375.200
London
Edmonton..
13, 773,799
16, 893,241
Regina
14, 340.201
„
_
—
„
Brandon..
1, 377,473
Lethbridge
*1, 980,000
Saskatoon
6, 269,238
Moose Jaw
2, 438,103
3, 963,327
Brantford
Fort William
4, 362,110
2, 157,186
New Westminster..;
Medicine Hat
988,753
Petersborough
2, 842,087
2, 692,686
4, 646,929
Sherbrooke
Kitchener
Windsor
12, 243,889
*1, 700,000
3, 553,579
2, 455,023
2, 102,874
2, 381,935
4, 332,109
Prince Albert
Moncton
Kingston
.
Chatham.-.
Sarnia
Sudbury
Total (32cities).
*
Estimated.
1,627,681,013
a
or
%
+2.9
548,909,308
417,143,791
183,633,015
+2.8
+36.7
63,735,796
+23.3
168,181,392
17,775,039
10,065,177
17,012,104
22,'183,152
6,589,322
6,647,701
13,026,825
16,893,401
12,355,709
1,232,734
1,942,875
5,971,195
2,076,772
3,684,792
2,983,107
2,137,745
—35.6
985,469
2,567,442
2,590,411
.4,398,817
10,315,239
+0.9
+4.5
+ 18.0
+ 10.4
+22.3
+ 10.9
+5.7
—0.1
+ 16.1
+ 11.7
+ 1.9
+5.0
+ 17.4
+7.6
+46.2
+0.9
+0.3
+ 10.7
+3.9
+5.6
+ 18.7
2,927,242
3,439,331
2,352,249
1,737,542
2,356,963
3,306,484
—41.9
1,561,158,141
+4.3
Not included in totals.
+3.3
+4.4
+21.0
+ 1.1
+31.0
b No
Inc.
1936
1935
Inc.
or
Dec.
1935
1936
or
Dec.
1934
1933
%
3,197 ,671,807
2,517 078,983
1,321 605,190
450 .807,832
565 338,285
2,895,035,098
2,229,027,016
1,060,880,145
367,301,998
+ 10.5
-
+ 12.9
+24.6
+22.7
513,878,295
+ 10.0
102
312,726
93,212.811
56
389,293
114
893,800
+9.8
+4.1
+24.5
11
878,010
11
,895,524
21
,325,627
54,165,994
92,293,614
123,114,785
39,657,593
37,498,012
64,948,686
100,777,284
71,163,154
6,959,188
10,222,383
31,800,790
11,154,363
19,538,722
14,504,931
12,668,033
5,122,988
14,672,634
13,330,288
24,471,340
58,739,438
9,290,606
16,600,440
12,378,310
10,828,460
11,023,266
18,055,024
9,140,519,171
8,044,315,689
145 ,440,336
43 610,163
41 ,687,954
72 843,691
93 ,968,259
81 ,924,760
6 ,999,452
10 ,958,700
33 ,220,095
13 ,016,550
21 ,409,558
17 ,755,773
14 ,259,055
5
,675,989
,602,671
14 ,271,107
26 ,271,749
71 ,594,302
8 ,197,509
15
17 495,822
13 ,118,599
clearings available.
—
+ 18.1
+ 10.0
+ 11.2
+ 12.2
—6.8
+ 15.1
+0.6
+ 7.2
+4.5
+ 16.7
+9.6
+22.4
+ 12.6
+ 10.8
+6.3
+7.1
+7.4
+21.9
104,782,435
79,889,167
48,001,710
15,826,137
14,085,236
2,739,064
1,864,036
4,270,536
5,005,426
1,582,074
1,483,310
2,783,360
3,129,480
2,542,849
239,839
405,829
1,207,652
473,196
824,217
1,116,360
499,272
224,112
563,767
411,088
945,846
2,437,535
•-
113,631,859
93,574,189
37,368,675
14,579,498
20,745,994
3,332,754
1,880,654
3,824,157
5,099,400
1,473,550
1,452,393
2,356,530
3,541,488
2,631,282
277,114
411,972
1,296,695
449,863
755,186
925,522
477,275
197,437
577,047
542,080
972,136
+6.0
+9.7
+7.9
+ 18.1
1,097,374
2,303,538
368,840
1,098,948
543,479
380,011
541,650
916,235
+ 13.6
301,068,394
318,527,451
—11.8
+5.4
308,925
903,453
445,363
390,568
589,178
—7.8
—18.1
93,007,075
79,765,843
43,077,863
13,329,436
3,858,449
3,161,760
1,992,232
3,626,081
4,418,940
1,414,052
1,249,027
2,362,596
3,151,477
2,468,484
310,103
340,209
1,014,042
388,618
652,916
802,987
450,531
194,016
592,850
582,919
833,984
1,913,503
217,448
797,765
523,857
+ 2.8
425,121
+ 8.8
387,482
—14.6
+28.5
+ 8.6
101,646,162
107,140,774
98,880,169
+ 19.8
775,605
13,601,452
4,608,909
3,503,312
1,673,681
3,487,247
6,068,931
1,386,460
1,276,203
2,088,859
2,911,290
4,022,962
286,305
296,403
1,109,733
406,420
686,216
612,426
467,947
190,290
539,745
557,715
851,617
2,064,988
209,155
933,406
514,476
427,975
341,299
642,994
-5.5
268,087,271
363,435,521
—32.1
—17.8
—0.9
+ 11.7
—1.8
+ 7.4
+ 2.1
+ 18.1
—11.6
—3.4
—13.5
—1.5
—6.9
+ 5.2
+ 9.1
+ 20.6
+ 4.6
+ 13.5
—2.3
—24.2
—2.7
+ 5.8
—16.2
—17.8
Volume
Financial
143
ENGLISH
STATES
COMPLETE PUBLIC DEBT OF THE UNITED
on
that date, we
append
a summary
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
thereof,
Mar.
or
2,445,841,872
2,841,451,320
2,438,901,269
31,836,292
698,903,396
3,722,125
2.534,503
26,753,283
275,811,890
3,850,335
3,394,086
States
Deduct outstanding obligations:
...
Disbursing officers' checks
Discount secured on War Savings Certificates
on warrant
checks
736,996,316
+2104 455,004
on
the
same
31,
44^
44^
44^
44X
50.01
Treasury
S.
50.01
50.01
50.01
50.01
44X
50.01
77.57
77.57
77.57
77.57
77.57
Treasury
(newly mined)
3s of 1961
3s convertible bonds of 1946-1947
28,894,500
257,800,000
CHARTER
3Ks First Liberty Loan, 1932-1947
J.-D.
5,002,450
1932-1947....J.-D.
532,489,100
4^s First Liberty Loan, converted 1932-1947—J.-D.
3,492,150
4J^s First Liberty Loan, 2d conv., 1932-1947..J.-D.
cl,709,787,200
4^s Fourth Liberty Loan of 1933-1938..
A.-O.
758,955,800
758,955,800
434s Treasury bonds of 1947-1952
A.-O.
1,036,762,000
3s Treasury bonds of 1944-1954.
J.-D. 1,036,762,000
489,087,100
3^s Treasury bonds of 1946-1956
M.-S.
489,087,100
454,135,200
3%s Treasury bonds of 1943-1947
J.-D.
454,135,200
352,993,950
3^8 Treasury bonds of 1940-1943
J.-D.
352,993,950
544,914,050
3%s Treasury bonds of 1941-1943
M.-S.
544,914,050
818,646,000
3^8 Treasury bonds of 1946-1949
;
J.-D.
818,646,000
755,477,000
3s Treasury bonds of 1951-1955
M.-S.
755,476,000
834,474,100
334s Treasury bonds of 1941
F.-A.
834,474,100
434s-3Ms Treasury bonds of 1943-1945
A.-O. 1,400,570,500 1,400,570,500
3^8
2%s
294s
294s
Treasury
Treasury
Treasury
Treasury
bonds
bonds
bonds
bonds
of
of
of
of
.
1949-1952
1955-1960
1945-1947
1948-1951
U. S. Savings bonds, series A
U. S.
Savings bonds, series B
A.-O. 1,518,858,800
J.-D. 1,035,884,900
J.-D.
491,377,100
M.-S. 2,611,155,700
M.-S. 1,214,453,900
M.-S. 1,223,496,850
197,608,496
42,695,775
J.-J.
120,881,020
„
234s Postal Savings bonds
12,399,645,750
1,952,670,000
Treasury notes
Treasury bills
Aggregate of Interest-bearing debt
Bearing no interest.
...
-
Total debt
add Treasury deficit
1,458,977,150
—
.
LIABILITIES
OF
74,537,590
a31459020,648 28,824,407,074
+2104 455,004 +2129,091,675
THE
UNITED
-Amount
STATES
MAR. 31 1936
of Contingent Liability-
Principal
Detail—
Total
Interest
a
862,085,600.00
98,o28.600.00
9,698,463.00
236,487,100.00
22,325,000.00
1,478,044.37
34,882.82
871,784,063.00
98,161,347.07
237,965,144.37
22,359,882.82
88,034,100.00
195,019.98
88,229,119.98
100,122,000.00
120,980.75
100,242,980.75
*1,407,082,400.00 11,660,137.99
1,418,742,537.99
1944-64—
3% bonds of 1942-47—
1K% bonds of 1937
2% % bonds of 1942-47
134% bonds of 1939
of Mishawaka, Ind.
Location of branch: 101 East Mishawaka Ave., in the City of
Mishawaka, Ind. Certificate No. 1247A.
June 26—Security National Bank of Greensboro, N. C.
Location of branch: Northeast corner of South Main St. and
East Davis St. (322-324 South Main St.), in the City of Bur¬
lington, Alamance County, N. C. Certificate No. 1248A.
—
—
132,747.07
the admission as general partners,
since 1926.
—The First National Company
Ruth
has
4% bonds of 1933-51
1,
2H% bonds, series B, 1939-49.1
1H% bonds, series C, 1936
1 % % bonds, series D, 1937
2% bonds, series E, 1938.
134% bonds, series F, 1939
2bonds, series G, 1942-44.
114,482 900.00
260,794 350.00
49,736 000.00
49,843 ,000.00
49,532 ,100.00
325,254 ,750.00
145,276 ,375.00
173 ,046.21
bl73,046.21
14,001,311.72 1,128,484 ,211.72
1,266,137 ,162.70
5,342,812.70
49,829 ,255.00
93,255.00
49,952 ,032.07
109,032.07
49,655 ,930.25
123,830.25
326,846 ,327.44
1,591,577.44
146,134 ,148.55
857,773.55
*2,994,919,475.00 22,292,638.94 3,017,212,113.94
Reconstruction Finance Corp.:
16,000,000.00
86,373,000.00
149,211,666.67
iyi% notes, series K
organization.
with its
the New York Stock Exchange,
New York for the past ten
credit and investment service
and prior to that time was with the
Bank of New York for eight years.
departments of the Chase National
the opening
as
an
resident partner.
108,131.87
431,865.00
654,329.85
16,108,131.87
86,804,86 .00
149,865,996.52
251,584,666.67
1,194,326.72
Gray, Paul Forester, Umberto
—Hare's, Ltd., announce that Thomas
P. Brooks has been appointed
Mr. Brooks was a member of the class
of their Boston office.
1921 at Harvard.
He was associated with the Boston
"
Moseley & Co.
''
:
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Dividends
are
Per
Share
Company
4,688,733,645.32
Allied Chemical & Dye Corp., common
'
of the United States:
Amerada Corp.
»
"
Secretary of Agriculture——
-
Postal Savings System:
(quar.)
American Reserve Insurance
Other Obligations—
Federal Reserve notes (face amt.).
-
e3,748,892,356.01
After deducting amounts of
funds deposited with the Treasury to meet Interest payments,
b Interest to July 1,
1935, on $5,357,975 face amount of bonds and Interim receipts outstanding which
were called for redemption July 1,
1935.
c Does not include $4,175,000,000 face
amount of notes and accrued interest thereon, held by Treasury and reflected in the
public debt,
d Figures as of Jan. 31, 1936—figures as of March 31, 1936, not
available.
Offset by cash in designated depository banks and accrued interest
amounting to $248,227,928.35 which Is secured by the pledge of collateral as provided
in the Regulations of the Postal Savings System having a face value of $277,635,587.98; cash in possession of System amounting to $110,440,673.94, and Govern¬
ment securities with a face value of $869,396,750 held as investments, and other
assets,
e In
actual circulation, exclusive of $14,865,478.99 redemption fund
deposited In the Treasury and $255,622,425 of their own Federal Reserve notes
held by the Issuing banks.
The collateral security for Federal Reserve notes Issued
are
(1) $3,987,843,000 In gold certificates and credits with the Treasurer of the
United States payable In gold certificates, (2) United States Government securities
of a face value of $69,000,000, and (3) commercial paper of a face amount of
only bonds Issued and outstanding,
$6,155,000.
•.
Shares (St. Louis, Mo.)
(quar.)
a
Anheuser Bush, Inc.
(quarterly)
Quarterly
Apollo Steel Co. (quar.)
Arlington Mills
Associated Standard Oilstocks Shares, A_
Associated Teleohone Co., Ltd., $1X pref. (qu.)
Atchison Topeka & Santa Fe
Atlas Acceptance Corp. 5% pref. (quar.)
Atlas Powder Co., preferred (quar.)
Avondale Mills, A & B (quarterly)
Badger Paint & Hardware
Participating preferred (quar.)
Baldwin Rubber Co. (initial).
Barnsdall Oil (quarterly)
Beatty Bros., Ltd., 1st preferred (quar.)...
2nd preferred (semi-ann.)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)__
Beneficial Industrial Loan Corp. (quar.)
Preferred series A (quarterly)
Benjamin Electric Mfg. Co., 8% 1st pref
June 20
50c
Dec. 30 Dec.
50c
50c
American Steamship Co.
1,235,959,024.90
United States
Includes
—
1
1
20
20
1
31
1
15
1
15
50c
(quar.) —
1
(initial)
Can Co., common (quar.)
American Securities
Total, based upon credit of the
5c
Amerex Holding Corp.
American
1,208,220,521.30 27,738,503.60 dl235.959,024.90
10c
Extra
Holders
When
Payable of Record
July
Aug.
July
July
Aug.
July
Aug.
Aug.
Aug.
July
July
Sept.
$1
15c
(J. D.) Mfg. Co. (quarterly)
Administered Fund Second, (quarterly).
Adams
Total, based upon guarantees—
*
of
office of F. S. Mose-
and for the next four years was associate man¬
of Farr & Co., after which he returned to the Boston office of F. S-,
Alabama Fuel & Iron Co
Funds due depositors
L. Bava
Richardson.
c252,778,993.39
Tennessee Valley Authority
On Credit
International Building at
charge of Norbert A. Mc-
Associated with him will be Archie E. Rhine-
hart, John F. Power, James M.
and David W.
of the New York Stock Exchange,
uptown office in the
The new office will be in
Rockefeller Center.
Kenna
of
Name of
-
that William
Mr. Ruth was
of Trenton, N. J. announces
charge of their statistical department in
years,
ager
Home Owners' Loan Corporation:
2% notes, series H
associated
become
been active in the
management of investment funds.
formerly with Redmond.& Co., members of
in
after two years with the Vick
associated interests, where he has
formation of financial policies and the
C.
B. Smith
connected with the organization
ley & Co. from 1920 to 1928
Federal Housing Administration..
3% notes, series G
resident in Boston, of Donald
Mr. Smith returns to the firm
Co. and
Chemical
& Clark, investment counsel, announces
Mr. Wiese has been
and Robert G. Wiese.
manager
3% bonds, series A, 1944-52
NOTICES
CURRENT
—The firm of Scudder, Stevens
announce
$
3% bonds of 1944-49— —
AUTHORIZED
BRANCHES
June 23—The First National Bank
—Eastman, Dillon & Co., members
Guaranteed by the United. States:
Federal Farm Mortgage Corp.:
3 J4 % bonds of
close of business today.
101,943,340
$31,459,140,278.13, and the net amount of public debt redemption and receipts
In transit, Ac., was $119,630.25.
b No reduction Is made on account of obligations
of foreign governments or other Investments,
c Includes amount of outstanding
bonds called for redemption on April 15, 1934.
CONTINGENT
100,000
100,000
Mishawaka, Ind
Act of Nov. 7,
1918, as amended, under the charter and corporate title of
"The First National Bank of Mishawaka," Charter No. 5167,
with capital stock of $400,000
consisting of $200,000 par value
of preferred stock and $200,000 par value of common stock)
and surplus of $100,000.
The consolidation becomes effective
Consolidated today under the provisions of the
1936, on the basis of dally Treasury statements was
Total gross debt March 31,
-
100,000
North Side Trust & Savings Bank,
<>
9,566,519,000
2,078,753,000
b29354565,644 26,695,315,399
Net debt
a
824,507,900
491,377,100
199,723,885
—
Deduct Treasury surplus or
^
CONSOLIDATION
June 23—The First National Bank of Mishawaka, Ind
First Trust & Savings Bank, Mishawaka, Ind
1,518,858,800
30,591,237,491 28,042,868,270
668,059,272
707,001,214
Matured, Interest ceased
Amount
.
$200,000
Capital stock
Bradford, Pa
President, Sterns Marshall. Cashier, C. L. Melvin.
consists of $200,000, all common stock.
4s First Liberty Loan, converted
3s Treasury bonds of 1946-1948
ISSUED
,
June 20—Citizens National Bank of Bradford,
1,392,225,250
334s Treasury bonds of 1944-46
BANKS
following information regarding National banks is
from the office of the Comptroller'of the Currency, Treasury
Department:
+
I
The
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
159,600,000
49,800,000
Certificates of Indebtedness
1935
$
Q.-J.
Q.-F
Q.-F.
Q.-M.
Q.-J.
2s of 1918-1938
U7X
77.57
S.
NATIONAL
Mar. 31,
1936
$
Payable
2s of 1916-1936
117 X
(in cents) in the United
+2129,091,675
InlerestMar.
2s Consols of 1930
ounce
per
days has been:
Closed
eign)
U.
INTEREST-BEARING DEBT OUTSTANDING
Title of Loan—
10614
117M
WX
Bar N. Y. (for-
309,809,594
Total
Balance, deficit (—) or surplus (+)
85X
106X
•
85 7-16
106
117H
price of silver
U.
Settlement
'
85 %
,,106H
106 H
Holiday
—6,940,603
The
Matured Interest obligations
138s.lid,
139s.Id.
139s. Hd.
85 %
85H
Holiday
1960-90
-—24,673,078
July 3
19iMid.
British 4%—
Deduct—Excess or deficiency of receipts over
under disbursements on belated Items..
or
19 7-16d.
19Hd.
Holiday
W. L
$
$
Add
2H%
July 2
19 Xd.
British 3Vx%—
Afar. 31, 1935
31, 1936
2,866,124,398
Balance end of month by dally statements, &c
Consols,
Fri.,
July 1
19p&d.
,June 30
Gold, p. fineoz. 138s.9Hd. 138s.8Hd. 138s.8d.
OBLIGATIONS
TO PAY MATURING
Afon.,
June 29
Thurs.,
Wed.,
Tues.,
Sat.,
June 27
Silver, per oz d? 19 ll-16d.
making comparison with the same date in 1935:
CASH AVAILABLE
MARKET—PER CABLE
FINANCIAL
The daily closing
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Mar. 31,
1936, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
The statement of the
and net debt
55
Chronicle
$1
50c
14c
$1
12Hc
50c
9.529c
31Kc
$2
$IX
$1H
$i
50c
25c
12Mc
20c
$1X
$3^
$1
37 He
871?
July
July
July
July
15
June 30
June 30
July
10
July
July
July
July
July
15
15
24a
15
10
1 June 20
30 Sept. 20
20
1 June 25
15 July
3
Id
Sept.
July
Aug.
"My" 15
1 July 31
1 June 20
1 July 20
July
1
Aug.
1
June
15
July
1 June 25
July
1 June 25
July 20 July 15
Aug.
1 July 10
Aug.
1 July 15
July
2 June 30
Oct.
1 Sept.15
Oct.
1 Sept. 15
July 30 July 15
July 30 July 15
July
1 June 23
.
.
56
Financial
Per
Name of Company
Biltmore Hats, Ltd—
BremnePrNorris Realty Investment (s-a.)
Bruck Silk Mills
i
Burry Biscnit Corp. 6% pref. (initial)
6% preferred
Calgary Power, preferred (quar.)
Calif. Water Service, preferred (quar.)
Canadian Bronze Co., Ltd., common (quar.)__
Preferred (quarterly)
Canadian Equity Trust Shares
Canadian Dredge & Dock Co. (semi ann.)—;_
Carpel Corp. (quar.)
Cedar Rapids Manufacturing & Power (quar.)_
Central Arizona Light & Power $6 pref. (quar.)
$7 preferred (quar.)
Central Hudson Gas & Elec., vot. trust. ctfs___
6% preferred (quarterly)
Central Illinois Securities, preferred
Central Mississippi Valley Elec. Properties—
6% preferred (quar.)
Century Electric Co. (resumed)
Cine. Newport & Covington Light & TractionQuarterly
Preferred (quarterly)
Colamba Sugar Estates (quarterly)
Consolidated Cigar Corp., 624% pref. (quar.)_,
7% preferred (quarterly)
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)
Continental Gin Co., Inc., 6% preferred
Corn Exchange Bank Trust (quar.)
Corn Products Refining Co. (quarterly)
Preferred (quarterly)
Crandall-McKenzie & Henderson, Inc
Creole Petroleum Corp
__
...
$1.24
50c
$1)4
$1,120
35c
_
$154
Extra
July
3c
Sept.
Oct..
Oct.
Aug.
Sept.
Oct.
July
15
31
31
1
July
2c
10c
$134
$134
International Cellucotton Products (qu.)
75c
25c
Extra
$1)4
50c
_
$1
$154
50c
Estra
50c
»
15c
$154
$134
;
25c
.
25c
$2
pat tic.
pref.
Latin American Bond Fund (temi-ann.)
2)4c
1334c
Extra
Leader Filling Station Corp.
b'/0 pref. (qu.)___
Lehigh & Wilkes-Barre Corp. (quarterly)
Lincoln Service (Wash., D. C.) (quar.)
Preferred (quarterly)
Lincoln Telep. & Teleg. (quar.)
6% preferred A (quarterly)
Lincoln Telep. Securities A (quar.)
$1
$134
25c
8734c
$ik
$154
,
6
6
15
15
15
15
July
July
1
Aug.
July 17
July 17
July 15a
1 June 20
15
1
1
1
July. 10a
July 15
July 15
June 26
it July
1
15 July
10
3
1
July
5
Aug.
8
Aug.
4
Aug.
4
Aug.
July 15
July 15
1 June 26
July 10 June 30
1 June 30
July
1 July 11
Aug.
1 July 11
Aug.
Sept. 1 Aug. 12
8 July
Aug.
8
5 June 30
July
1 July 15
Aug.
1 July 15
Aug.
1 June 26
July
1 June 26
July
Aug. 15 Aug. 10
1 July 15
Aug.
July 10 July
1
11 June 27
July
Aug.
July 20
Aug.
July 20
Aug.
July 20
...
$134
$134
$3)4
_
_
M. A. C. Plan, Inc. (Prov., R. I.) (quar.)
Manhattan Shirt (quarterly)
Manning Maxwell & Moore
Marathon Paper Mills, 6% pref. (quar.)
Massachusetts Power & Light Assoc.—
$2 preferred (quarterly)
Massachusetts Utilities Assoc. pref. (qu.)
McKales, Inc. (semi-ann.)
Merchants Refrigerating Co. of N. Y., 7% pref.
Missouri River-Sioux City Bridge Co., cumul.
participating preferred (quarterly)
Mohawk Carpet Mills, Inc. (quarterly)
Mohawk Hudson Power, $7 preferred
Montreal Light Heat & Power Co. (quar.)
Morrison Bond Co. (quarterly)
.7% preferred (quarterly)
National Automotive Fibres A (quar.)
__
Series
A
(extra)
New Bedford Gas & Edison Lighting
Nineteen Hundred, class A (quarterly)
North American Edison, preferred (quar.)
25c
15c
$1
$134
50c
June
July
July
Aug.
July
July
July
July
July
Aug.
Aug.
July
Aug.
July
July
July
Aug.
5c
oc
______
_
20c
_,
7oc
25c
50c
$1
50c
10c
5c
_.
Ritter Dental Mfg. Co., pref.(quw&.)
$154
Rockland Juight & Power (quar.).._§L
Securities Corp. General $6 pref. (quar.).
ioc
$134
$7 preferred (quar.)
Shaler Co.
(quar.)
Simms Petroleum
$134
(liquidating)
/i$3
20c
Sorg Paper Co. 6% preferred
Southern Canada Power Co., com. (quar.)
Spencer Chain Stores (initial)
Springfield City Water Co., pref. A & B (quar.).
—
Preferred (quarterly).
15c
$154
-
$134
$134
Squibb (E. R.) & Sons $6 1st pref. (quar.)
Standard Fire Insurance of N. J. (quar.).
State Street Investment (quar.)
Super Corp. of America trust shares series C
Trust shares series D_
75c
50c
14.4c
14.6c
/
Syracuse Lighting Co., Inc., 8% pref. (quar.)_.
634% preferred (quarterly).
6% preferred (quarterly)
Supervised Shares, Inc. (quar.)
Telephone Investment Corp
Tivoli Brewing Co
Transamerica Corp. (semi-ann.)
_
.
$2
$154
$134
13c
2734c
25c
20c
Extra
5c
Twin Bell Oil Syndicate (monthly)
Twin Coach Co
$2
10c
Union P. S. Co. 7% A & B pref. (quar.)
$154
$134
$6 preferred C& D (quar.)
United Biscuit Co. of Amer., com
40c
Preferred (quarterly)
$154
United Investment Shares,
ser.
z$1.10
z$1.834
A reg
Series C registered
United Investors Realty Corp., class A
United Gold Equities of Canada, std. shs
Walgreen Co. (quar.).
Warren Foundry & Pipe Corp
Washington Gas Light Co. (quar.)
Washington Oil Co
Wateroury Farrell Foundry & Machine
25c
Waukesha Motor Co., extra
Wehle Brewing, A & B
25c
50c
25c
90c
75c
5c
•
Western Pipe & Steel Co. of Calif, pref. v.s.-a.)__
Westland Oil Royalty Co. class A (monthly)
35c
Westmoreland, Inc. (quar.)
30c
10c
Weston (Geo.) Ltd., 5% pref. (quar.)
Wisconsin Telep., 7% pref. (quar.)
liM
Wheeling & Lake Erie Power & Light 7 % pref.
$154
Woolson Spice (quar.)
25c
6% preferred (quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly.
Monthly
$134
_
_
25c
_
25c
,
25c
Ymir Yankee Girl Gold Mines
York Rys. Co. 6% preferred (quar.)
Below
3c
6234c
26
of
Abraham & Straus, Inc., preferred (quarterly)__
Acampo
Winery
$124
(semi-ann.)
35c
10c
Addressograph-Multigraph Corp. (quar.)
15c
50c
June 30
Air Reduction
25c
June
11
30
June 30
h75c
2c
Co., Inc. (quar.)
Extra
50c
Alabama Great Southern RR., ordinary
Preferred
3yo
$124
Alabama Power Co., $5 pref. (quar.)
Alaska Juneau Gold Mining (quarterly).
15c
Extra
15c
July
31
All-Penn Oil & Gas Co., initial (quarterly)
40c
June
30
Alpha Portland Cement
Altorfer Bros., preferred
Aluminum Goods Mfg. Co. capital stock
Aluminum Industries (quarterly)
25c
50c
June 30
June 30
July
31
Aug.
1 July
Aug. 15 July
Aug. 15 July
July
1 June
Sept. 1 Aug.
July
1 June
July
1 June
17
31
31
19
10
30,
26
6234c
4oc
15 July
6
16 June 30
July
20 June 30
h$ 1
Aug.
$154
25c
July
July
Aug.
Aug.
1
June 30/
July
July
July
4354c
June
10
15
31
June 25
June 25
2oc
Aug.
Aug.
July
July
hU
$2
25c
121S
50c
25c
Ohio Wax Paper Co. (quarterly)
Oliver United Filters, Inc., series A
Paauhau Sugar Plantation Co. (monthly)
25c
50c
June
July
Aug.
Sept.
Aug.
July
July
Aug.
10c
Aug.
Pan American Airways
25c
Pacific Lighting Corp., common (quar.)..
Pacific Tin, special stock (quarterly)
60c
Aug.
Aug
Aug.
50c
10
10
June 30
July 31
Aug. 15
July 15
June 24
June 20
July
July
July
July
July
30
31
20
20
17
26 June 30
July 20
20 July
3
July 15
July 15
July 20
Aug.
July 11
Aug.
July 11
June 30
July
Aug.
July
15
Aug.
Aug.
July
J
July 20
July
July
17
17
July
June 2i
June 24
Aug.
July
July
July
Aug.
July
July
June 30
13
15 July 31
31 July
8
June 20
June 20
July
23 July
1
15
16
June 30
June 30
June 30
Aug.
Aug.
Aug.
July
Aug.
July
July
July
15
15
15
15
July 20
July 20
July 20
June 30
July 20
15 July
3
31 July 15
31 July 15
Aug.
July 31
July 15 July
3
July
June 20
July
June 20
Sept.
Aug.
5
Nov.
July
July
July
July
Aug.
Aug.
Aug.
July
July
Aug.
July
Oct.
15
15 June 30
15 June 30
June 24
15 July
July
July
July
10 July
3
15
15
15
3
June 24
July
15
June 22
15 June 30
Aug. 15 July 30
Oct.
1 Sept. 16
Aug.
1 July 20
July 31 July 20
Aug.
1 July 31
July
June 30 June 27
June 30
Fune 27
Aug.
Sept.
1 July
1 Aug.
Oct.
1 Sept.
Aug.
1
July 31 July
20
19
19
21
of Record
June 22
June 30
lt> June 27
26 June 30
26 June 30
Company
Affiliated Fund, Inc., common
Ainsworth Manufacturing Co. (special)
July
26 June 30
30 Sept. 10
15 June 23
Holders
Name
Aero Supply Mfg. Co., class A
June 22
July
July
July
July
Aug.
July
Aug.
Aug.
Aug.
24
June 25
20 June 30
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
June 24
June 30
June 30
July 15
20 July] 10
we
Aug. 10
July
July
Northwest Engineering (resumed)
Ohio Telephone Service 7% pref. (quar.)
20c
Adams Express Co
aept.
Louisiana & Missouri River RR—
,
-=;_
July 10
July 20
June 24 June
25c
15
July, 10
June 30
July
July
July
Sept.
July
Aluminum
50c
15c
_•
6% preferred (quarterly)
Los Angeles Gas & Electric Corp., 6% pref....
Guaranteed preferred (s.-a.)
Luzerne County Gas & Electric $7 1st pf. (qu.)
$6 1st preferred (quarterly)
Extra
,
15 June 30
8
Aug.
Sept. 1
Aug. 15
Aug. 15
I
Aug.
1
Aug.
Howey Gold Mines, Ltd
__
15
15
15
15
15
15
15
15
15 J
15
15
15
June 20
Preferred (quarterly)
Series B
Sept. 15
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
July
July
July
Aug.
Aug.
Aug.
July
July
July
Extra
(quarterly}
Oct.
Aug.
July
—
Lansing Co. (quarterly)
Larus & Bros. Co., Inc., 6%
June 30
June 30
July
July
July 20
Aug. 31
July 15
$1
(semi ann.)
Foreign Light & Power 1st pref. (quar.)
Foundation Trust Shares A
General Mills, Inc., common (quar.)
General Stockyards Corp. (quar.)
$6 preferred (quarterly)
Gordon Belyea, Ltd., 6% 1st pref
Gray Telephone Pay Station Co. (quar.)..
Great American Insurance Co. (quarterly)
Great Southern Life Insurance (quar.)
Greenwich Water & Gas System, 6% pref
Hamilton Watch, 6% preferred
Hawaiian Commercial & Sugar Co
Hercules Powder Co., preferred (quar.)
Holly Sugar Corp. (quarterly)
Preferred (quarterly)
Holyoke Water Power Co. (quar.)
Honolulu Plantation (monthly)
Hook Drugs (quarterly)
Horn & Hardart (New York) (quar.)..
_
3
10c
Eureka Pipe Line Co
Financial Shares Corp
Lane Cotton Mills
20
July
July
50c
__
Sept.
Aug. 15
July 15 June 30
Aug.
July
$134
1234c
__
June 26
July
15c
Employers Group Assoc. (Boston) (quar.).
Special preferred (quarterly)
15
June 30
Aug.
July 1
July
Aug.
Aug.
July 16
50c
(quar.)
__
23
1234%
Dominion Pounders & Steel 6% pref. (quar.)—
$134
Engineers puolic Service Co., $5 preferred
fc$4.40
$5)4 preferred
$6 preferred
h$4.80
Eaton Mfg. Co. (quarterly)
50c
Jantzen Knitting Mills, 7 % preferied
15
July
July
July
July
h$ I
Keystone Steel & Wire (quarterly)..
Keystone Watch Case Corp., common
Knott (A. J.) Tool & Mfg. Corp., 7% pf. (qu.)l
Kress (S. H.) (quarterly)
31
Aug.
July
July
Aug.
July
July
Aug.
Sept.
Aug.
Dayton Rubber Co. class A
Distillers Co., Ltd. (final)
Jeffrey Mfg. Co., 6% pref. (quar
July
Plymouth Cordage Co. (quarterly)
Plymoutn Cordage employees' stock (quar.)___
Plymouth Oil Co
Portland Gas Light Co., $6 preferred (quar.)
Quaker State Oil & Refining Corp. (quar.)
Railroad Employees Corp. A & B (quar.)
A & B (extra)
8 % preferred (quar.)
Raymond Concrete Pile Co. $3 preferred
Reybarn Co., Inc
Rhode Island Public Service, pref. (quar.)
Class A (quarterly)
Rich's Inc. (quar.)__
Richmond Insurance Co. of N. Y. (quar.)
11
25c
15c
$234
Pittsfieid Coal Gas (quar.)
Plume & At wood Manufacturing
June
1234c
7 5c
16
6
July
*75c
$154
20
Oct.
55c
50c
...
31
20
55c
50c
50c
4oc
Phillips-Jones Corp., preferred (quar.)
Piedmont <& Nortnern Ry. (quar.)
Pioneer Mill Co. (monthly)
Pittsburgh Cincinnati Chicago & St Louis
15
July
July
Oct.
50c
9.6c
6% pref. (quar.)
25
Aug.
Sept.
$L65
Cuneo Press, Inc. (quarterly)
Preferred (quarterly)
Keokuk Electric Co.,
25
Holders
Payable of Record
5c
20c
3734c
__
July
July
Oct.
Cumulative Trust Shares
__
Perm Traffic Co. (semi-annually)
Pepeeko Sugar Co. (montnly)
Perfection Petroleum, Ltd., $134 pref. (quar.)
Philadelphia Electric Co
6
When
Share
15
55c
lis
Name of Company
30
July
Aug.
Sept.
Sept.
Sept.
Sept.
July,
Aug,
Sept.
July
Aug.
Sept.
—
Hutchinson Sugar Plantation (mo.)
Illinois Northern Utilities, 6% pref. (qu.)
Per
June
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
—
July 4, 1936
Holders
Payable of Record
June
July
June
July
July
July
June
July
June
July
Aug.
July
Aug. 15 July
Aug.
July
Aug.
July
___
$7 jr. preferred (quarterly)
When
Share
Chronicle
$1
15 June 30
15 June 30
15 June 22
15 July 13
1 July 15
1 July 10
1 July
10
15 July
10
25 July
1
10 July
1
July 15 June 30
Sept. 30 Sept. 15
50c
tig
(quar.)
«
Corp. (bi-monthly)
American Paper Goods 7% pref. (quar.)
7% preferred (quar.)
American Rolling Mill (quar.)
6% preferred (quar.)
American Ship Building (quar.)
American Smelting & Refining
First preferred (quarterly)
Second preferred (quarterly)
American Telephone & Telegraph (quar.)
American Thermos Bottle
j
$124
$124
$124
25c
$124
$124
25c
Dec. 31
Sept. 20
Dec.
15
Sept. 30 Sept. 15
Dec.
31 Dec.
15
July 15 June 15
July 15 June 15
1 Aug. 25
Sept.
Dec.
Fuly
1 Nov. 25
15 June
5
July 15 July
3
1 July
Aug.
8
Oct.
1 Sept. 12
25c
Jan.
1 July
Aug.
July 25 July
1 July
Aug.
1 July
Aug.
Oct
1. Sept.
15
Dec. 31
15
50c
30c
3724c
$124
$124
40c
ii$
30c
$124
50c
50c
$124
i_
1
20c
News
$124
$224
25c
Copper Mining Co
25c
Anglo-American Corp. of South Africa, pref
3%
Anglo- Iranian Oil Co. Amer. dep.
l(h
ord.
15 June 30
15 June 30
10 June 30
10c
Preferred
rec.
15
Oct.
—
Anaconda
1 July
10 June 20
15 June 30
10 June 22
15c
Manufacturing, Inc. (quarterly)
Quarterly
„7% preferred (quarterly)
7% preferred (quarterly).
American District Teleg., New Jersey (quar.)
Preferred (quar.)
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)
American Fork & Hoe Co. (quarterly)
6% preferred (quarterly)
American Gas & Electric Co., preferred (quar.).
American Hardware Corp. (quar.)
Quarterly
American Home Products Corp—i
American Ice Co. (J. C., N. J.) preferred
American Light <Sfc Traction (quar.)
Preferred (quarterly)
American Mfg. Co. preferred (quar.)
American
Aug.
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
July
July
July
reg__ xw
July
Sept
Dec.
July
July
Aug.
Aug.
July
July
July
Aug.
July
July
Aug.
1 Dec.
Dec.
16 July
16 Sept.
16 Dec.
12
14a
6
15
15
1
5
5
15 June 15
1
15 July
1 July 15
31 Aug.
7
31 July
31 July
10
10
15 June 15
1
July
20 June
20
13
30 JuneJJO
7 June 11
Volume
Financial
143
Per
Name oj Company
Share
Arnold Constable & Co
Asbestos
12Hc
6
20
Nov.
2 Oct.
Feb.
1 Jan.
20
$2H
Preferred (quar
H._„_
Atchison Topeka & Santa Fe, pref. (s-a )
Atlantic Refining, 4% preferred (initial)
Aug.
Aug.
1 June 26
$1
Atlas Tack Corp
Baldwin Co
25c
Bangor Hydro-Electric
Bayuk Cigars, 1st preferred (quar.)
Belding-Heminway (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Penna., 6H% pref. (quar.)..
Bishop Oil Corp. (quar.)
20c
10c
Blaw-Knox Co
*¥&
r$l H
2Hc
10c
37 He
37 He
Blocb Bros. Tobacco (quar.)
Quarterly
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros., pref. (quar.)
Bon Ami, class A (quar.)
Bower Roller Bearing (quarterly)
S1H
S1H
—
$1H
25c
Bralorne Mines (quarterly)
Brazilian Traction, Light & Power
10c
r30c
Brewing Corp. (Canada) (quar.)
Bridgeport Hydraulic Co. (quar.)
British American Tobacco, ordinary (interim)
British Columbia Elec. Ky., 5% pref. (quar.)__
British Columbia Power, class A (quar.)
British Columbia Telep., 6% preferred (quar.),.
Broadway Dept. Stores, Inc., 7% 1st pref
Brooklyn Borough Gas (quar.)
Brooklyn-Manhattan Transit
Preferred (quar.)
Preferred (quar.
\)
37 He
40c
tclOd
>_
Preferred
(quar.).
Preferred
(quar
S1H
$1H
$1H
75c
$1H
S1H
_:$1 H
$1H
75c
Brooklyn Union Gas Co. (quarterly)
Buffalo Niagara & Eastern Power. 1st pf. (qu.)
Builders Exchange Bldg. Co. of (Bait.)
Bullock's, Inc.. 7% preferred
Burdine's, Inc., $2.80 pref. (quar.)
California Oregon Power Co., 6% preL
7% preferred
Canada Northern Power Corp., com. (quar.)
7% cum. preferred (quar.)_
Canada Southern Ry. (semi-annual)
Canadian Eagle
Oil
Canadian Fairbanks Morse preferred (quar.)
Canadian Industries. Ltd., class A&B (quar.).
Class A & B (extra)
Preferred (quarterly).
Canadian Light & Power (semi-ann.)
Carnation Co., 5% preferred (quarterly)
7% preferred (quarterly)..;
7% preferred (quarterly)
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Stamped certificates (quarterly)
Central Cold Storage
(guar.)
Central Kansas Power Co., 7% pref. (quar.)
6% preferred (quarterly)
Central Power Co. 7% preferred
6% preferred
Central Power & Light Co. (Mass.) 7% pref
6% preferred..
Central Republic Co., common
Centrifugal Pipe Corp. (quar.)
—
S1H
3%
70c
75c
87 He
30c
1H%
$1H
1 July
15 July
July
7 June
Aug.
1 July
July 15 June
July 31 July
July 15 June
July 15 June
July 15 July
July 30 July
Aug. 14 Aug.
July
*f'$l'H
$1
75c
*1H
50c
$1H
S1H
S1H
$1
$1H
25c
SI 5*
S1H
87 He
75c
6
1
30
31 Dec. 24
1
31
25
15
15
15
15
20
15
1
June 30
June
5
June
30
June 30
5
8 June
15
15 June 30
1 July
1 July
17
15 July
15 July
1
17
10 June 30
1
Oct.
15 Oct.
1
Jan.
15 Jan.
2
1
1
15
24
30
30
30
30
15
1 June 26
15
31
31
15
15
Oct.
June 30
June 30
June
30
June 30
June 26
Oct.
Sept. 19
Sept. 20
Jan.
Dec.
July
July
Aug.
July
July
July
July
Aug.
Aug.
July
Aug.
20
20
15
15
15
15
15
20
July 10
July 10
Aug.
5
June 30
June 30
June 30
June
30
July
July
15
15
15 June 30
15 Aug.
5
5
20
21
3
Cincinnati Union Terminal Co.—
Oct.
Jan.
Aug.
July
$5
S1H
87 He
87 He
25c
.
Columbia Gas & Electric
17 He
50c
...
(quar.)
Commonwealth Investment Co.
$1H
S1H
SI X
$1H
20c
17l!
4c
(quar.)
Concord Gas Co., 7% preferred
Confederation Life Association
/i87Hc
(quar.)
SI
SI
S3
...
Quarterly
Connecticut & Passumpsic Rivers RR
Consolidated Car Heating Co. (quarterly)
Consolidated Chemical Industries, class B
S1H
12Hc
1 July
25
7 June 29
July 31 July 21
July 31 July 21
Sept. 1 Aug. 10
Dec.
1 Nov. 10
Aug.
1 July 21
July 15 July
1
Sept. 28 Sept. 14
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
Sept.
15
15
15
1
10
10
Consolidated Oil Corp. (quarterly)
Consblidated Royalty Oil (quar.)
15c
5c
'
of America
--
$2
25c
60c
(semi-ann.)
Copperweld Steel (quar.)
Quarterly
S1H
30c
*
Extra
20c
...
Preferred (quar.)
Cudahy Packing Co., common
Cypress Abbey Co
Darby Petroleum
Dayton & Michigan RR. Co., 8% pref. (quar.).
Dennison Mfg. Co. debenture stock
Dentist's Supply Co. of New York (quar.)
Quarterly
7% preferred (quar.).
7% preferred (quar
*.).
Denver Union Stockyards, 5H% pref. (quar.)..
Detroit Edison Co. (quar.)
...
Extra
5c
$2
62Hc
2c
25c
$1
$2
50c
50c
SI H,
si M
Detroit Gasket &
Manufacturing Co. (quar.)..
Detroit Hillsdale & Southwestern RR
Detroit Hillsdale & South Western RR
Detroit River Tunnel Co.
(semi-ann.)
1
1
15
30
July
July
July
July
July
July
July
July
July
Sept.
1
1
15
14
31
1 June 26
June 30
July
July
July
July
15
15
3
25
June 30
July
6
Aug. 15
15
10 July
15 July
15 July
T
6
6
Sept.30 Sept. 21
July
July
July
July
Aug.
Sept.
June 15
Juiy 20
30 Sept. 19
Dec.
21
July
3
June 30
July
Dec.
3
11
Sept. 30
Dec.
31
50c
$1H
S1H
60C
12Hc
43Hc
8Mc
$1
r7Hc
h25c
$1H
25c
$1,125
r75c
Fortney Oil Co. (quarterly)
Free port Texas, preferred (quar.)
Froedtert Grain & Malting, partic. pref. (qu.)_
Fuller Brush Co. 7% pref. (quar.)
Fyr-Fyter Co., class A (quarterly)
Gardner-Denver Co., common (quarterly)
Common (extra)
Gardner Electric Light Co. (s.-a.)
General Baking Co., common
2Hc
SI H
30c
UK
25c
50c
50c
$4
15c
25c
General Electric of Gt. Britain, Ltd
Extra
10%
General Motors Corp., pref. (quar.)
Gillette Safety Razor Co.. $5 pref. (quar.)
Glen Alden Coal Co. (quarterly)
SI M
Globe Wernecke Co.,
5%
SI M
25c
pref. (quar.)
50c
Preferred (quarterly).:
Gold Dust Corp
...
Great Lakes Power Co. pref. A
Guarantee Co. of N. Amer.
Extra
10c
5c
(quar.)
$1 %
25c
~$1 %
$1 H
(quar.)
:
...
Harbison-Walker Refractories Co., pref.
(quar.)
(guar.)..
Hartford & Connecticut Western RR.—
2% preferred (semi-annual)
S2H
fiH
1 Nov. 14
75c
35c
Sept.
Sept.
1 Aug. 15
1
35c
Dec.
1
S1H
75c
$1
10c
30c
Extra
Monthly
Monthly
10c
.
Hinde-Dauch Paper, 6% preferred A
(quar.)
—
10c
S1H
Hollinger Consolidated Gold Mines
Extra
5c
5c
:
Holly Development Co. (quar.)
Home Dairy Co., Inc., class A_
Honolulu Plantation (monthly).
Horders, Inc. (quarterly)
Household Finance Corp., com. A&B (quar.).
Participating preference (quar.)
Howey Gold Mines
lc
—
50c
15c
15c
75c
87He
lc
Extra
lc
Hutchinson Sugar
Plantation (monthly)
Imperial Life Assurance of Canada (quar.)
10C
Insurance Co. of North America (s.-a.)
Business Machines Corp..
Quarterly
Z
International Harvester (quar.)
Milling Co., 5% pref. (quar.)
preferred (quar.)
(quarterly)
International Nickel Co..
International Printing Ink
Preferred (quarterly)
International Products Corp
International Utilities Corp., $7 prior pref
$3H prior preferred (series 1931)
Interstate Dept. Stores, 7% pref. (quar.)
Interstate Hosiery Mills (quar.)
Intertype Corp.. common
1st preferred (quar )
:
Investment Co. of Amer. (quar.)
Investment Fund, Ltd.. 6% conv. pref
7%
June 30
July
July
July
July
July
July
July
Sept.
Sept.
Oct.
Oct.
11
1
10
6
6
10
15
20
20
June 30
July
July
July
July
July
Sept.
June 20
June 26
July
3
July
3
Aug. 21
Dec.
Nov. 21
Oct.
Sept. 26
Aug. 31
Sept.
Dec.
Nov. 30
Sept.
Aug. 31
Dec.
Nov. 30
Oct.
Sept.
July
Sept.
Sept.
14
28
19
15
Dec.
15
Aug.
Dec.
Oct.
Sept. 10
July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Oct.
July
July
July
July
Aug.
July
July
July
Aug.
Aug.
July
Oct.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Aug.
July
July
July
July
July
Aug.
July
July
July
July
July
1
June 30
30
July 16
June
June 30
July
July
July
July
6
6
6
6
15
15 June 25
15 June 30
15
15
15
11
12
1
1
June
Tune
July
30
30
6
June 20
July
2
July 15
July 15
1 Sept. 25
15 June 30
20 July 10
20 July 10
15 June 30
1 July 18
22 June 26
24 June 24
24 June 24
1 July
6
1 July I
1
21 July
6
1 Sept. 20
1
Dec.
1 July
30 June
1 July
1 July
1 July
1 July
15 June
1 July
1 July
15 June
15 June
20 July
15 June
20
10
30
13
13
24
24
30
15
15
30
30
6
30
31 Aug. 20
1
1
1
15
15
31
31
28
July
July
July
July
July
July
July
Aug.
15
16
16
25
25
21
21
18
25 Sept. 15
1 July 15
14 June 29
14 June 29
15 June 30
15 July
5
10
1
Tune 30
July
20
15 Jime 30a
15 June 30a
14 June 29
14 June 29
5 June 30
(quarterly)
6H% preferred B
preferred A
Iowa Electric Light & Power Co., 7% pref. A
6H% preferred B
6% preferred C
Iron Fireman Mfg. (quar.)
Quarterly
Jacobs (F. S.) Co., common (quarterly)
__
......
$1
S1H
1
Sept. 30
Jan.
International
International
15
Sept. 15
Sept. 15
Oct.
Quarterly
$4
Dec.
SI
—
6H% cumul. pref
6H% cumulative preferred (quarterly).
Hershey Chocolate Corp. (quarterly)
Convertible preferred (quarterly)
Hibbard, Spencer, Bartlett & Co. (monthly)
June
July
July
July
Aug.
Aug.
Aug.
July
July
Jan.
$1H
(quar.)
June 22
Oct.
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
July
July
July
h$l
7% cumulative preferred (quarterly)
(quar.)
June 22
Oct.
15c
50c
Great Lakes Engineering Works
Extra
Green (H. L.) Co. Inc.
Preferred (quar.)
Aug.
50c
Goodman Manufacturing (quarterly)
Gotham Silk Hosiery Co., 7% cumul. pref
Investors Fund, series C
Series C (extra)
19
25c
25c
30
June 30
Aug.
1
Aug.
4
July 10
Aug.
3
July 10
Sept.
Ford Motor Co. of Canada, cl.A&B
General Electric.
June 30
June
July
Aug.
Aug.
July
SI H
SI H
S2H
Holders
June 20
July
July
July
July
Aug.
Aug.
July
Oct.
20c
Iowa Electric Co.,
5 Dec.
8
July 15 July
July 10 June 30
Sept.
1 Aug. 15
(semi-ann.)
Foote-Burt Co
Jan.
50c
Preferred
6c
When
Payable of Record
6Hc
68Hc
15 June 30
July 15
July 15
15
15
15
7
$2H
-
7i$ 1H
25
Dec. 31 Dec. 25
1
Aug.
1 July
15
15
21
15
15
10
31
31
25c
87 He
87 He
80c
80c
Hat Corp. of Amer.,
25c
Quarterly
-
$1
$1
Hartford Electric Light (quarterly)
Detroit Steel Products (resumed)
Doctor Pepper Co. (quar.)..
$1
S1H
%1H
S1H
S1H
15
Diamond Match
Quarterly
20c
(Dela.) pref. A (qu.)
Preferred B (quarterly)
El Paso Electric Co. (Texas) $6 pref. (quar.)—
Ely & Walker Dry Goods, 7% pref (s.-a.)
6% pref. (semi-ann.)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)
Emporium Capwell (semi-ann.)
Erie & Pittsburgh RR. Co. 7%
gtd. (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
European & North American Ry. (semi-ann.)
Famise Corp., common
Common class A (quarterly)
Fansteel Metallurgical Corp. $5 pref. (quar.)..
$5 preferred (auar.)
Farmers & Traders Life 1 nsurance (quar.)
Federal Mogul Corp
Federal Service Finance Corp. (quarterly)
7% preferred (quarterly)
Fibreboard Products, preferred (quarterly)
Fidelity-Phenix Fire Ins. Co. of New York
Finance Co. of Amer. at Bait., com. A&B
7% preferred.
7% preferred, class A
Fireman's Fund Insurance Co. (quarterly)
First All-Canadian Trustee Shares (1945) fund,
(quarterly)
First National Corp. of Portland, pref. A
Fishmajn (M. H.) Co. pref. A&B (quar.)...
Food Machinery Corp. (quar.)
Preferred (quar.)__.
$2
25c
$1 M
$1 H
25c
El Paso Electric Co.
$2
1
$2
$6 preferred (quar.)_
Electric Household Utilities
Electric Products
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
Sept.
1 Aug. 20
July 15 June 30
July 15 June 30
6
July 20 July
July
6 June 20
SI
25c
20
20
Nov. 30 Nov. 15
r50c
—
July
20c
S1H
...
Consolidated Traction Co. of N. J. (semi-ann.).
Cosmo« Imperial Mills (quarterly)
Creamery Package Co. (quarterly)
Crum & Foster (quar.)
—
East Penn RR., 6% guaranteed (semi-ann.)
Economy Grocery Stores
Edison Electric Illuminating Co. of Boston
Electric Bond & Share $5 pref. (quar.)
20
25c
20c
Consolidated Edison, $5 pref. (quar.)
Consolidated Mining & Smelting
Container Corp.
preferred (quarterly)
—
Eastern Theatres Ltd., 7% pref. (semi-ann.)
S1H
12Hc
2Hc
S1H
$1,125
S1H
$3H
$1H
July
July
July
July
Aug.
Aug.
Aug.
July
Aug.
July
July
Aug.
July
July
Aug.
37 He
(quarterly)
Continental Insurance Co.
Continental Oil
6%
Harrisburg Gas Co., 7% preferred
—
Class A
1 Sept. 19
1 Dec. 19
Corp.—
6% cumul. preferred series A (quar.)
5% cumul. preferred (quarterly).—
x.J—
5% conv. cumul. preference (quar.)
Columbus Ry. Power & Light 6H% pref. (qu.)
Commercial Discount, A pref. (quar.)
B preferred (quarterly)
Commonwealth Edison
:
'
July
July
July
July
July
Aug.
1 July
July 31 July
July 15 July
...
Extra
Duquesne Light Co., 5% preferred (quar.)
Dec.
Aug.
25c
50c
Eastern Gas & Fuel Association, 4H% pref
10
11
$1H
C
Duquesne Brewing Co. (quar.)
3
Aug.
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July
July
July
Apr. 15 Apr.
Oct.
Sept.
Aug.
July
July
9 June
Aug.
1
July 13 June
July 15 June
July 15 June
July 25 June
July 15 June
Dow Drug Co
Driver Harris Co
23
Sept. 30 Sept. 25
July
July
July
Dominion Textile Co., Ltd., preferred (quar.)..
Dow Chemical, preferred (quar.)
...
20
1
50c
$2
Du Pont de Nemours (E. I.). debenture (quar.).
Aug. 15 July 31
Oct.
1 Sept. 15
Aug.
1 July 20
5% preferred (quar.)...
5% preferred (quar.)—...
City Baking Co., 7% preferred (quarterly):—
City Investing Co. common
Cleveland Cinn. Chicago & St. Louis RR.—
Common (semi-ann.)
5% preferred (quar.)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)—
Registered guaranteed (quar.)..
Cluett, Peabody & Co., Inc., com. (quar.)...
Colonial Finance Corp. of R. I., 7% pref. (quar.)
Columbia Broadcasting A & B (quarterly)
$1H
Extra
10
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)
Cincinnati Northern RR. (semi-ann.)—
Cincinnati Postal Term. & Realty, 6H % pref
Diamond State Telephone. 6H% Pref. (quar.)__
Dome Mines, Ltd. (quarterly)
Duplan Silk Corp. (semi-annual)
Nov. 15 Nov. 11
Nov. 16 Nov.
Quarterly
Champion Paper & Fibre Co
6% preferred (quarterly)
Cincinnati Advertising Products (extra)
•
Share
30
9d
—
Per
Name of Company
20
35c
(quar.).
57
Holders
Payable of Record
July 15 J\ily
Aug.
1 July
35c
35c
Mfg. preferred (quar.).
Preferred
When
Chronicle
2
Dec. 31
July
July
Oct.
3
25c
July
July
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Sept.
$2
60c
40c
July
July
$1
$1
45c
$1 H
h$6
$Wo
S1H
50c
Oct.
50c
30c
July
July
July
M3Hc July
/i87Hc July
h81 He
July
h75c
July
25c
Sept.
M0 He
25c
Dec.
25c
July
15 June 30
10 June
20
10 Sept. 22
15 June 20
15 July
1 July
1
1
July
July
4
2
13
13
15 June 30
1
July 20a
July 20a
July 18
15 Aug
1
15 Sept.
b
1
1
1 Sept. 15
15 July
6
5 June 30
15 June 30
15 June 30
10 June 30
10 June 30
20 June 30
20 June 30
20 June 30
1 Aug.
6
Nov.
5
1
15 June 30
Financial
58
Per
Name
Share
of Company
12Hc
Jenkins Bros, (quarterly)
Founders
shares
50c
(quarterly)
SlH
7 % preferred (quarterly)
Jewel Tea Co., Inc. (quar.)
Special
——"r.
Joliet & Chicago RR. (quar.)
Johns-Manville Corp., common
Julian & Kokenge isemi-aun.)
Kalamazoo Vegetable Parchment Co. (quar.)..
Quarterly
,.
Kaufmann Dept. Stores (quar.)
Kellogg Switchboard Supplies (quar.)
Preferred (quarterly).
Kentucky Utilities, pref. (quar.)
^
—
Kroehler Mfg. Co., class A preferred (quar.)...
Class A preferred (guar.)
Kroger Grocery & Baking, 7% pref. (quar.) —
Landers, Frary & Clark (quarterly)
Quarterly
Landis Machine Co. (quar.)
Quarterly
Preferred (quarterly)
_
Preferred
SlH
50c
60c
—
(quarterly)
15c
15c
25c
10c
$1H
lift
SlH
SI H
37 He
37 He
2oc
-
25c
75c
50c
30c
15c
Preferred (quar.)
- — — —
_
Liquid Carbonic Corp. (quar.)
Little Miami RR., spec. gtd. (quar.)
.....
Special guaranteed (quarterly)
Original capital
Original capital.
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
. .
Loew's. Inc., S6H cum. preferred (quar.).
SlH
40c
50c
50c
$1.10
$1.10
$2
$2
$1H
20c
$1.63
50c
S1H
(quarterly)
Loose-Wiles Biscuit Co., common
5% preferred (quarterly)
Lord & Taylor Co. 2d pref. (quar.)
Louisville Gas & Electric Co. (Ky.)—
$2
1 H%
——
1H%
1 H%
25c
Ludium Steel Co____
SlH
S1H
(quar.)—
...
50c
—
Macfadden Publication*, preferred
SlH
$3
18 He
Magin & Co. (quarterly)
50c
Magma Copper Co.
Magnia (I.) & Co., $6 preferred (quar.)
$8 preferred (quar.)
$6H
Mahoning Coal RR. (quar.)
50c
Mahon (R. C.) & Co
new preferred 'quar.) —
21 He
Manufacturers Finance (Balto.) 7% pref
el00%
Maryland Fund, Inc
$2
Massachusetts Lighting Co., 8% pref. (quar,)._
$1H
6% preferred (quar.)..
i.
— —
S3
Massawippi Valley RR. (s.-a.)—
50c
May Department Stores (quar.)
$1 H
Maytag Co.. $6 1st preferred (quarterly)
50c
McCall Corp. common (quar.)
43 He
McClatchy Newspapers, 7% pref. (quar.)
43 He
7% preferred (quarterly)
—
McColl Frontenac Oil, preferred (quar.)
r$lH
SlH
McCrory Stores Corp., preferred (quar.).
McLellan Stores Co., 6% preferred (quar.)
$1H
$1
Melville Shoe Corp. (quar.)
2d preferred (quar.)
7Hc
$1.12H
4H% preferred (quar.)
Merchant Calculating Machine Co., 7% pref.
35c
(semi-annually)
50c
Mergenthaler Linotype
25c
Meyer-Blanke Co. (quar.).
SlH
Michigan Public Service Co., 6% preferred
7 % preferred ...
$1H
.j
—
25c
Midco Oil Corp. (quar.)_i.i....__.
$1 H
Mill Creek <fe Mine Hill Navigation RR_.
Milwaukee Electric Ry. & Light Co., 6% pf. (qu.)
$1H
Montana Power Co., $6 preferred (quar.)
$1H
20c
Montgomery Ward & Co.. Inc
r38c
Montreal Light, Heat & Power Consol. (quar.).
80c
Montreal Teleg. Co. (quar.)
Montreal Tramways Co. (quar.)
2H
Moore (Wm. R.) Dry Goods (quar.)
$1
$1H
Quarterly
25c
Morris (Philip) & Co., Ltd., Inc
SI
Morris Plan Insurance Society (quar.)
$1
Quarterly....
$2
Mountain States Telep. & Teleg. (quar.)
Mutual Chemical Co. of Amer,, 6% pref. (qu.).
SlH
6% preferred (quarterly
.v.—
Mutual System, Inc., common (quar.)
50c
8% cumulative preferred (quar.)...
8c
Mutual Telephone (Hawaii) (monthly)
25c
National Bearing Metals Corp
SlH
7% preferred (quarterly)
40c
National Biscuit Co. (quarterly)
;
c40c
Quarterly
Preferred (quarterly)
$1H
25c
National Bona & Share Corp
National Cash Register Co
12Hc
50c
National Distillers Products (quar.)
25c
National Fuel Gas Co.
National Lead, preferred B (quarterly)
SlH
$1
National Power & Light Co., $6 pref. (quar.)..
Nevada-California Electric, preferred (quar,)...
SlH
Newberry (J. J.) Realty Co., 6H% pref. A (qu.)
SlH
6% preferred B (quarterly)
New Brunswick Telep. Co. (quarterly)..
12Hc
50c
New Jersey Zinc (quar.)
50c
Extra
New York & Hanseatic Corp. (quar.)
$1
New York Merchandise Co
c20%
50c
Quarterly...
New York Telep. Co., 6H % pref. (quar.).
SlH
New York Transportation Co. (quar.)
50c
10c
Niagara Share Corp., B-.
Niles-Bement-Pond Co. (resumed)
50c
50c
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
50c
Norfolk & Western Ry. (quar.)
$2
SI
Adjustable preferred (quar.)___
Northern Central Rwy. (semi-ann.)
$2
Northern Indiana Pub. Serv., 7% pref—
87Hc
75c
6 % preferred (quar.).
68Hc
5H % preferred (quar,).
rthe
75c
Northern Ontario Power Co. (quarterly).
SlH
6% preferred (quarterly)
11 it
— —
—
— —
...
...
...
15 June 25
July
Oct.
Jan.
31 July
1
1
Aug. 15 Aug.
Oilstocks
Extra
7
Onomea Sugar Co
15 Dec.
Preferred (quar.)
...:
Pacific Finance Corp. of Calif. (Del.)—
Preferred A (quar.)
1 July 15
Aug.
July 15 June 30
1 July 15
Aug.
1 July 14
Aug.
7 June 25
July
July 10 June 30
July 15 July
6
1 July 21
Aug.
1 July 25
Aug.
Nov.
Aug.
Sept.
Sept.
Oct.
2 Oct.
1 July 20
1 Aug. 15
1 Aug. 15
1 Sept. 15
10 Nov. 25
Extra
Dec. 10 Nov. 25
Jan.
1 Oct.
2 Dec.
Aug. 15 July
Aug. 15 July
1 July
Aug.
1 July
Aug.
Oct.
1 Sept.
1 July
Aug.
31
30
15
15
17a
18a
17
—.—.———
.
Aug. 15 Aug.
4a
1 Sept. 21
Oct.
Jan.
2 Dec. 21
15 June 30
15 June 30
15 June
30
Aug. 15 Aug.
1
Nov. 1
Nov 15
Aug.
July
July
July
July
July
Aug.
Extra
1 July 15
15 June 30
15 June 30
20 July 15
15 June 30
1 July
1
1 Aug. 15
1 July 15
Sept.
Aug.
Aug.
Nov. 30 Nov. 30
17
17
17
Class
2
July 15
July 15
15 Aug.
1
9 June 29
15
1 July 10
15 June 12
31 June" 30
4
Oct.
Jan.
2 Jan.
2
1
Nov
26
.
Sept. 11
Aug. 14
June 30
19 July
31
15 June 30
14 June
30
14 June 30
14 June 30
25 June 30
25 June 30
50c
75c
—
1
15
15
15
1 July
1 July
1 July 15
15 June 30
15 June 30
15 June 30
2 Dec.
7 June
10
10
6 Sept. 10
5 Dec. in
1 June 26
I Aug. 20
Oct.
Sept.
Sept.
Sept.
July
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
1 July
July 15 June
July 15 July
Aug. 31 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
15
20
1
1
15
25,
25
Sept.
1
Dec.
Dec.4
I
July 16
Aug. 20
50c
Oct.
Sept. 17
Aug.
Aug.
July
July
July
July
July
Aug.
Aug.
July
Sept.
July
July
July
75c
8c
10c
SlH
25c
50c
Co., preferred-.
*
SlH
SlH
20c
Milling Co. (monthly)
San Diego Consol. Gas & Electric—
Preferred (quarterly)
—
SlH
San Francisco Remedial Loan Assoc, (quar.)
Quarterly
Saratoga & Schenectady RR. (s.-a.)
Schenley Distillers Corp. (initial)..
Schuylkill Valley Navigation & RR. (s.-a.)
Second Twin Bell Syndicate (monthly)
Security Storage (quarterly)
Sedalia Water Co., 7% 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., $8 pref. (quar.)
Signal Oil & Gas Co., class A & B (resumed)
6-20 .Tones Corp. (quarterly)..
—
Skelly Oil Co., 6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)..:
Quarterly
Smith (H.) Paper Mills, 6% pref. (quar.)
75c
—
——
— — ——
75c
S3
75c
SlH
20c
SlH
SlH
62 He
l\Z
87 He
$2
25c
SlH
M
SI
SlH
10c
South American Gold & Platinum Co—_
37 He
Southern Calif. Edison Co. (quar.)
preferred (quar.)
37
...—
Preferred series O
(quar.)
Southern California Gas, 6% pref. A (quar.)
6% preferred (quarterly)
Southern Canada Power Co., Ltd—
6% cumul. partic. preferred (quarterly)
Southern Counties Gas, 6% pref. (quar.)
Southern New England Telephone (quar.)
_
He
34 He
37Hc
37 He
1H%
SlH
SlH
10c
(quar.)
Spicer Mfg. Co., preferred (quar.)
Spiegel May Stern, preferred
Standard Cap & Seal Corp. (quar.)
Extra.
1 July
Aug.
Sept.
July
25c
(quar.)
Southland Royalty Co.
6 June 30
15 July
50c
50c
50c
60c
ftS5H
—
—
Orig
1
15c
...
.
San Carlos
June 30
1 July 15a
Aug.
July 15 June 30
Aug. 1 July 17
1 June 29
Aug.
1 June 30a
Aug.
1 July 16
Aug.
1 July 16
Aug.
July 15 June 30
Aug. 10 July 20
July 10 July
1
July 15 July 10
July 24 July
9
1 July
Aug.
9
July 15 June 20
July 15 June 29
July 15 June 22
July 15 July
9
Aug. 15 July 31
Aug.
July
July
July
July
July
July
3c
—
Preferred
30
10 July
3
10 July
3
20 July 10
15 June 26
15 June 26
4s
St. Croix Paper (quarterly)
St. Louis, Rocky Mt. & Pacific
1 July 20
Jdna 17
Nov. 14 Oct. 31
dept. 19 Aug. 31
SlH
River Raisin Paper (resumed)-.
;
Riverside Cement Co., $6 1st pref. (quar.)__
Root Petroleum (initial)
15 May 29
15 June 30
15
Oct. 15
Aug. 31
July 15
July 15
SlH
SlH
Rickel (H. W.) & Co. (s.-a.)
15 June 30
Sept. 2b Sept. 17
Dec. 28 Dec. 17
20 July 10
1 Aug. 20
July
60c
10c
Richman Bros. Co.
1
July
July
July
July
Sept.
Aug.
July
$2
3%
SlH
50c
—
Reliable Stores, first preferred—
Rex Hide, Inc. (quar.)
1
July 15 July
1 Aug. 27
Sept
Dec.
July
Extra
30
15 June
15 Aug.
60c
Rapid Electrotype (quarterly)
Quarterly
Reading Co. (quarterly)
1st preferred (quarterly)
2nd preferred (quarterly)
2nd preferred (quarterly)
Reliance Mfg. of 111. (quar.)
1
10
6
1 Nov. 20
July
July
July
8c
Rand Mines (interim)
1
July
Tuly
June 30
1
15 July
15 June 30
15 June 30
15 June 12
15 June 12
15 June 30
15 June 25
1 Mar. 31
15 June 30
30 Sept.
30 Sept.
30 Sept.
31 July
31 Aug.
30 Sept.
30 Sept.
1 July 15
1 July 15
r3c
SlH
B
June 20
Dec.
50c
50c
6% preferred (quarterly)
7% preferred (quarterly)
Puget Sound Power & Light, prior pref
Quaker Oats (quar.)
Preferred (quar.)
Quarterly Income Shares, Inc
Randall Co. class A (quar.)
10
15 July
1 Oct.
Sept.
$2
20
15
15
15
25
July
July
July
50c
Public Service of Northern Illinois (quar.)
15 June
Aug.
SlH
30
15 June 30
15 Aug.
1
31 July
Jan.
rlc
8% cumulative preferred (quar.).
7% preferred (quar.)...
6 % preferred (monthly).
6% preferred (monthly).
6% preferred (monthly).
$5 preferred (quar.).
1
15 July
Oct.
*
(semi-annual)
Procter & Gamble Co., 8% preferred (quar.)...
Properties (A. P. W.), Inc., class B
Prudential Investors, $6 preferred (quar.)
Public Service Corp. of N. J. (quarterly)
July 15
Aug. 31 Aug. 31
July
Aug.
July
Aug.
Aug.
Aug.
July
July
Aug.
July
July
July
July
Jan.
July
Premier Shares
15 June 30
July 15 June
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
—
_.
15 June 30
15 June 29
30
Aug. 15
1 July 20
Aug.
Sept. 1 Aug. 20
Sept. 1 Aug. 20
July 15 June 30
July 15 June 30
July 15 June 30
1 Sept. 25
Oct.
1
July 25 July
1 July 10
Aug.
Sept. 1 Aug. 12a
July 10 June 30
luly 10 June 30
Oct. 10 Sept 30
Jan. 10 Dec 31
1 Sept. 15
Oct.
Oct.
1 Sept. 10
'
-
June
1 Nov. 15
1 July 20
1 Aug. 15
15 Aug.
5
5
Nov. 16 Nov.
5
Feb. 15 Feb.
July 15 June 29
Peoples Telephone (quarterly)
Peterborough RR. Co. (semi-annually)
Philadelphia Co. common (quar.)
Philadelphia Electric $5preferred (quar.)
...
Philadelphia Suburban Water Co.. pref. (quar.).
Philadelphia & Trenton (quarterly)
Phoenix Finance Corp.. 8% pref. (au.)
Preferred (quarterly)
Preferred (quarterly)
Pittsburgh Bessemer & Lake Erie (semi-ann.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
—._
Pittsburgh & Lake Erie RR. (semi-ann.)
Pittsburgh Youngstown & Ashtabula Ry Oo.—
7%.preferred (quarterly)..
*
7 % preferred (quarterlv)
Plymouth Rubber Co., Inc., 7%j>ref. (quar.)—
Power Corp. of Canada Ltd., 6% cum. pref...
6% non-cum. par tic. preferred
Premier Gold Mining (quarterly)...
1
July 15 June 30
July 15 June 30
July 15 June 30
July
July
July
July
July
—
Package Machinery Co., 1st pref. (quar.)
(quar.)
Peninsular Telegraph Co., 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pennsylvania Illuminating Corp., class A (quar.)
Pennsylvania Power Co. , $6.60 pref. (monthly) .
S6.60 preferred (monthly)
SO preferred (quarterly)
Pennsylvania Salt Mfg. (quar.)
Parker Pen
Sept. 10 Aug. 25
Oct.
—
Pacific Lighting, $6 preferred (quar.)
Pacific Telephone & Telegraph, pref. (quar.)
27
1 Nov 21
June 26
June 30
July 10
July 20
July 20
Sept. 1
Aug.
Aug
Aug.
July
July
July
Aug.
Sept.
Aug.
—
Preferred O (quar.)
Preferred D (quar.)—
Pacific Gas <& Electric (quar.)
1 July 16
Aug.
Sept. 10 Aug. 25
Dec.
(monthly).
Otis Elevator (quar.)
Preferred (quarterly)
Paauhau Sugar Plantation Co. (monthly)
Pacific American Fisheries, Inc. (quar.)
5
1 July 10
1 Aug. 22
July
July
July
July
July
Aug*
July
July
July
July
July
July
July
Aug.
(semi-ann.)
Ltd.,
Aug.
Sept.
Dec.
Ohio Water Service Co. A..
30 Sept. .4
Dec. 31 Dec. 23
5
87 He
...
21
5
30c
30c
Extra
—
Dec.
28 July 10
31 June 20
31 June 20
5
$1
— -
6% preferred (quar.)
30 Sept. 20
31
2%
1H%
North Oklahoma Gas Co., 6% pref. (quar.)
6% preferred (quar.)
North West Bell Telephone Co.—
6H% preferred (quarterly)
Oanu Ry. <& Land Co. (monthly)
Oahu Sugar Co., Ltd. (monthly)
Ohio Brass Co., A & B (quarterly)
Preferred (quarterly)"
i
Dec,
25c
Quarterly....
MacAndrews & Forbes (quar.)
Preferred (quar.)
July
Nov. 16 Nov.
30c
Lincoln Printing Co., preferred (quar.)
Link Belt (quar.)
Lunkenheimer Co., preferred
Preferred (quar.)
15
Holders
When
Payable of Record
Dec.
SI'
—.
4% guaranteed (quarterly).
Northern Securities Co
Northern States Power Co. (Del.) 7% pref. (qu.)
1
Sept. 15 Sept.
1H%
7% cumulative preferred (quar.)
.6% cumulative preferred (quar.)..
5% cumulative preferred (quar.)
July
July
July
July
Sept.
15 July
Northern New York Utilities, pref. (quar.)
Nortnern RR Oo. of N. J., 4% gtd. iquar.)
15 July
1
6 June 25
15 June 23
25c
-
Per
Share
Name of Company
10 June 26
10 June 26
10 June 26
SlH
(quar.)
Lehigh Portland Cement Co. common
Lehman Corp. (quar.)
Special
Lerner stores Corp
6H% preferred (quar.)
Lincoln National Life Insurance (quar.)
July
July
July
July
July
July
July
July
Sept.
Dec.
July 4, 1936
Holders
Payable of Record
SlH
i—
Lane Bryant, Inc., 7% pref.
Lee & Cady Co
Lee Rubber & Tire Co
Lone Star Gas__
6 H% preferred
Si
50c
—
_
When
Chronicle
—
75c
SIH
—
—
60c
—
20c
Sept.
June
18
21
21
15
June 30
June 23
July
15
June 24
July
July
July
15
10
6
July
2
Dec.
July
July 15 June 30
Sept. 30 Sept. 15
Dec. 31 Dec.
July
July
July
July
July
July
Aug.
Oct.
Jan.
15
8
9
15
10
15
1
July
15
1
June 27
June 29
June 30
July
6
July
1
July 15
1 Sept. 19
2
Dec.
19
1 July 17
July 20 June 30
July 10 June 30
July
6 July
1
Aug.
1 July
1
Aug.
1 Aug.
1
Aug.
Nov.
1 Nov.
1
July 15 June 30
July
Aug.
July
July
July
July
29
15
15
15
15
15
July
July
July
July
July
Aug.
Aug.
Aug.
15
15
15
15
15
July 15
July 20
June 20
June 20
June
June
30
30
June 20
June 30
June 30
June
30
July
July
July
July
3
15
3
3
Volume
Financial
143
Standard
15
15
15
July 25
July 20
Aug. 15
July 15
Aug.
1
Aug.
1
_.
SIX
lc
Standard Silver Lead Mining
Standard Utilities, Inc.
Stanly Works, 5% preferred
He
31 He
(quar.)
50c
State Street Investment Corp.
(quar.)
Steel Co. of Canada (quarterly)
Preferred (quarterly)
Stetson (J. B.) 8% cumul. preferred
Stoney Brook RR Corp (semi-ann.)_
Suburban Electric Securities Co.. 1st pref. (qu.)_
Sunray Oil Corp., 6% preferred
Sunset McKee, Salesbook, class B (quar.)
Superheater Co. (quar.)
Tacony-Palmyra Bridge, 7H% pref. (quar.)
7X% preferred
Telautograph Corp. (quar.)
July
July
•July
July
7% pref. (quart)..
Coosa-Thatcher,
Standard Oil Co. (Onio) common
Preferred (quarterly)
43 He
43 He
15
1
7
7
1
July
July
15 July
S3
6 June 30
Aug.
1 July 15
July 15
July 15 June
July 15 July
Aug.
1
Sept.
1
Aug.
1 July 15
Aug.
1 July 11
\ug. 51 Tuly 31
Aug. 21 July 21
July 20 July 10
Aug.
1 July 15
8
July 15 July
July 15 Tune 30
July 15 June 30
July
6 June 30
July
25c
12 He
Sit
$1
15c
-
25c
Texas Pacific Coal Sc oil Co
90c
2c
Thatcher Mfg. Co (quar.)
Toburn Gold Mines, Ltd. (quar.)
Tom Moore Distillery (quar.)_
12Hc
3c.
Tonopah Mining Co. (resumed)
Mfg. Co. (quar.)
SI H
Towle
204c
Trust Endowment Shares, series A reg
Tuckett Tobacco Co. preferred (quar.)
Twin Bell Oil Syndicate (monthly)__
$1!i
208 S. La Salle Street Bldg. Corp. (Chicago)
Quarterly
50c
Quarterly
United Biscuit Co. of Araer., pref. (quar.)_
United Bond & Share (quarterly)
United Dyewood, preferred (quarterly)
Jan.
SiX
$11*
Aug.
10c
July
Oct.
Dec.
1
11
37 He
37 He
15 June 18
15 June 30
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Sept.
1 Aug. 15
.Sept.
1 Aug. 15
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
July 10 June 20
July 15 June 26
July
6 June 16
July
6 June 16
Aug.
1 July 24
July 20 June 30
Oct. 20 Sept. 30
37 He
Dec.
75c
United Gas & Electric Co. 5% pref. (s.-a.)
United Gas Improvement (quar.)..-
(quarterly)
25c
SI H
_
58 l-3c
54c
6.3% preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
6.3% preferred (monthly)
6% preferred (monthly)..
7% preferred (monthly)..:
6.3% preferred (monthly)
6% preferred (monthly)..
</!._,
United New Jersey RR. A: Canal (quar.)
United Securities, Ltd. (quar.)
United Shoe Machinery Corp., common
50c
58 l-3c
54c
50c
58 l-3c
54c
50c
$2 H
50c
62 He
37 He
SI X
Preferred
United States & Foreign Securities, 1st pref
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
(quar.)
7% preferred (quarterly)
21 Nov. 30
Preferred (quarterly)
MEMBER8 OF THE
Wailuku
Net Demand
Average
and
Bank of Manhattan Co..
20,000,000'
Manufacturers Trust Co.
127,500,000
20,000.000
90,000,000
32,935,000
Cent. Hanover Bk. & Tr.
21,000,000
62,597,400
788 936,000
Corn Exch. Bank Tr. Co.
15,000,000
10,000,000
Irving Trust Co
50,000,000
16,109,900
91,781,400
59,017,400
250
First National Bank
National City
Bank
Chemical Bk.&Tr. Co..
Guaranty Trust Co.....
Continental Bk. & Tr. Co
150,270,000
500,000
Fifth Avenue Bank
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
Bankers Trust Co
Title Guar. <fc Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Cora'l Nat. Bk.&Tr.Co.
Public N. B. & Tr. Co..
Total
*
529
852,000
5,646,000
34,117,000
158,538,000
10,806,000
37,899,000
86,159,000
12,920,000
22,184,000
3,543,000
422,000
1,771,000
42,687,000
44,229~000
473,000
.
743,339,100
612,480,000
As per official reports:
262,000
515 632,000
53 976,000
3,812,700
67,625,800 cl,811 870,000
45 ,839,000
3,435,200
d837 559,000
68,456,909'
15 428,000
5,249,700
82 505,000
8,067,800
315 806,000
22,242,300
73 ,767,000
7,907,000
79 097,000
8,176,200
4,000,000
Chase National Bank...
1
Oct.
20 Oct.
10
July
Oct.
Aug.
\ug.
July
July
July
Tuly
July
Aug.
Aug.
July
July
Aug.
Aug.
20 July
15
SI
50c
...
35c
Westinghouse Air Brake Corp
Westingnouse Electric & Mfg
Preferred (quarterly
>
Westland Oil Royalty Co., class A (monthly).
West New Brighton Bank (Staten Isl., N. Y.)__
West Penn Power, 6% pref. (quar.)
.
7% preferred (quar.)
Wilson & Co. (quarterly)
:
$6 preferred (quarterly)
Winstead Hosiery Co. (quarterly)
_
25c
#1
87 He
10c
S3
$1H
$15*
12Hc
SIX
$1 H
a
The following corrections have been
e
30
3
3
15
15
Transfer books not closed for this dividend.
c
30
15 June 30
1 Sept. 10
Aug. 15 July 28
SIX
Zellers, Ltd., 6% preferred
31
31
Oct.
15c
(quar.).
30
July
SIX
Wisconsin Gas & Electric Co., 6% pref. C.
30
30
Nov.
50c
-iiisr.
24
30
Nov.
SIX
-...
9
15
15
1
Aug.
Aug.
50c
Extra
Quarterly
Sept.
31 Aug.
1 July
6 June
15 June
15 June
1/ June
30 June
31 July
31 July
15 June
10 Tune
1 July
July
Sept.
Aug.
Aug.
July
$15*
Western Pipe 6c Steel. 7% pref. (s.-a.)
Payable in stock.
made:
,
,
h On account of accu¬
/ Payable in common stock,
q Payable in scrip,
f Payable in preferred stock.
mulated dividends,
of Allied Mills
Refining Co., stock div. of l-25s sh.
Products
k Corn
Inc., for each sh. of Corn Products Refining Co.
held.
Payable in Canadian funds, and in the case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend will be made,
r
a
Payable in U. S. funds,
u
Less tax.
x
y
w
Less depositary expenses.
A deduction has been made for expenses,
Per 100 shares.
z
of
York
The following shows the condition
New York at the close of
of the Federal Reserve
business July 1 1936,
the previous week and the corresponding
in comparison with
date last year:
9,685,466,000
3,008,000
25,216,000
1,231,000
43,373,000
1,
July
1936
June
1935
$
and due from
3,089,972,000 2,989,080,000 2,297,885,000
United States Treasury.*
1,281,000
70,202,000
Redemption fund—F. R. notes
Other cash t
Total reserves
24, 1936 July 3,
$
$
Assets—
'
1,479,000
74,096,000
1,107,000
63,697,000
3,161,455,000 3,064,655,000 2,362,689,000
..
Bills discounted:
Secured
by
U. 8. Govt, obligations,
fully guaranteed
discounted
1,059,000
1,569,000
2,121,000
1,482,000
3,912,000
Total bills discounted...
2,628,000
3,603,000
6,163,000
market..
1,095,000
7,327,000
direct and (or)
Other blllB
1,095,000
1,801,000
7,360,000
6,830,000
82,132,000
466,186,000
470,463,000
181,065,000
174,359,000
660,561,000
729,383,000
744,318,000
671,611,000
741,441,000
759,112,000
Industrial advances
United States Government
,
securities:
Bonds
Treasury notes
Treasury bills
534,222,000
2,251,000
85,803,000
406,144,000
168,614,000
Bills bought In open
Total U. S. Government
securities..
99,496,000
Other securities
,
as
follows:
a
$240,819,000; b $77,612,000;
Foreign loans on
C$79,992,000; d $30,756,000.
gold..
——
Total bills and securities
"Times"
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New
York Clearing House.
The
following are the figures for the week ended June 26:
/
Gold held abroad—
Due from foreign
*
banks
of other banks...
Federal Reserve notes
Uncollected items...
—
Bank premises.....
.....
All other assets
INSTITUTIONS NOT IN
OF BUSINESS FOR
1
Dec.
National, March 4, 1936; State, March 27, 1936; trust
companies, March 27, 1936.
Includes deposits in foreign branches
The New York
10
17
10
$15*
$15*
Western Grocers Ltd. (quarterly)
Preferred (quarterly)
Gold certificates on hand
$
138, 474,000
10,929,400
407, 119,000
25,431,700
40,797,000 <zi,435, 442,000
451 956,000
51,725,400
177,277,300 51,385, 058,000
466 888,000
12,788,600
6,000,000,
26
Dec.
Deposits,
Average
Members
Bank of N. Y. & Tr. Co.
8'
30c
Time
Deposits,
Profits
Surplus
Capital
26
1 Jan.
Aug.
1 July
luly 20 July
Wentworth Mfg. Co. (quar.)
West Coast Oil, preferred (quar.)..
Yale & Towne Mfg. Co.
26
1 Oct.
Sept. 10 Sept.
20c
Sugar Co. (monthly)
.
1 July
Feb.
$15*
'
Bank of
HOUSE
1936
CLEARING
YORK
NEW
Aug.
_
Waltham Watch Co.. prior preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
Extra
1 June 15
1 July 21
1 July 21
SI
Virginian Ry.. 6% preferred (quarterly)
Vulcan Detinning, preferred (quarterly)
Preferred (quar.)
New
Undivided
*
•
$1
24
3
3
Tuly
Nov.
SIX
SIX
SIX
SIX
-
1/
Condition of the Federal Reserve Bank
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JUNE 27,
Clearing House
75c
.
1 July
15 Juiy
Aug.
Aug.
Aug.
25c
SIX
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred (quar.)..
6% preferred (quar.)
Vapor Car Heating Co., preferred (quarterly)_._
City
The weekly statement issued by the New York
Clearing House is given in full below:
OF
rniv
Common (extra)
Weekly Return of the New York City
Clearing House
STATEMENT
July
United Verde Extension Mining Co. (quar.)
July
July
2H%
United Light & Ry. Co., 7% pref. (monthly)
Common
1 July 15
15 June 30
1 Sept. 11
Jan.
(quarterly)
United Fruit Co
Preferred
Aug.
$2
.
_
1 Sept. 19
4 Dec. 19
Oct.
50c
:
Preferred
& Mining
Universal Leaf Tobacco Co., Inc. (quar.)
June 30
July
75c
87L;C
1st preferred
United States Smelting Refining
June 30
Tune 20
Aug.
$2
$i|j»
United States & International Securities—
June 30
June 30
Payable of Record
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
59
Chronicle
THE CLEARING
THE WEEK
NATIONAL AND
STATE
HOUSE
ENDED
WITH THE
91,000
2,872,000
134,258,000
10,851,000
27,506,000
256,000
5,620.000
134,346,000
11,882,000
31,371,000
CLOSING
FRIDAY, JUNE 26.
BANKS—AVERAGE
91,000
5,597,000
192,671,000
10,851,000
31,289,000
1936
Total assets
.....
—
4,073,565,000 3,981,674,000 3,305,276,000
FIGURES
Liabilities—
Loans,
Other Cash,
Disc, and
Including
Investments
Manhattan—
$
Grace National
8terling National
Trade Bank of N. Y.
Bank
Notes
Res.
N.
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
%
$
:
.
S
717,475,000
813,658,000
833,841,000
R. notes in actual circulation
Deposits—Member bank reserve acc't— 2,342,709,000 2,235,578,000 2,018,012,000
74,617,000
499,278,000
402,778,000
U. S. Treasurer—General account..
9,294,000
21,254,000
19,748,000
Foreign bank....
F.
Dep.,
Y. and
$
26,118,800
21,242,000
5,045,272
612,000
4,015,000
1,461,000
217,257
1,101,749
131,291
92,000
933,000
657,000
4,952,000
3,968,900
1,704,300
TRUST COMPANIES—AVERAGE
192,623,000
...
Disc, and
Res. Dep.
Cash
N.
Y. and
Elsewhere
Invest.
S
$
$
Fulton
59,144,900
8,762,057
12,353,247
19,871,600
Lawyers
28,997,800
United States
72,312,796
*6,108,500
205,272
*1,490,896
*2,753,400
*7,631,100
11,378,038
18,462,706
3,331,000
27,685,000
2,310,895
8,566,665
Fmpirft
Federation
.........
Fiduciary
7,744,000
8,849,000
Banks and
Gross
Kings County
92,163,009
33,747,271
Trust Cos.
6,139,000
2,065,700
829,101
2,388,572
450,000
3,173,900
2,435,286
4io~666
.«
63,158,400
10,355,433
14,015,798
F.
total
of
R.
7,500,000
5,558,000
to deposit and
combined
make industrial ad
reserves
to
vances
©t
■
84.1%
82.2%
77.8%
9,394,000
note liabilities
Commitments
18,913,000
37,411,900
73,000,967
360,000 115,836,000
39,212,893
Includes amount with Federal Reserve as follows:
Empire, $4,647,800; Fidu¬
ciary, $1,169,968; Fulton, $2,546,100. Lawyers, $6,889,900.
6,578,000
Deposits
$
9,813,000
8,053,000
,
t "Other cash" does not Include Federal Reserve notes or a
bank's own Federal
Reserve bank notes.
*
over
for the gold taken
31, 1934, devalued from
These are certificates given by the United States Treasury
from the Reserve banks when the dollar was on Jan.
these certificates being worth less to the extent of the
difference, the difference itself having beenjapproprlated as profit by the Treasury
100
*
59,386,000
49,964,000
4,073,565,000 3,981,674,000 3,305,276,000
Total liabilities
Brooklyn—
Brooklyn
137,571,000
Dep. Other
Ratio
Manhattan—
50,920,000
50,825,000
7,744,000
8,849,000
6,360,000
5,416,000
All other liabilities
Loans
130,401,000
50,967,000
50,825,000
Capital paid in
Surplus (Section 7)
—
Surplus (Section 13b)
Reserve for contingencies
FIGURES
219,321,000
2,923,300,000 2,912,917,000 2,321,244,000
Total deposits.
Deferred availability items
Brooklyn—
People's National...
156,807,000
5,332,942
3,826,000
158,065,000
Other deposits
28,170,500
24,503,000
99,000
cents
to 59.06 cents,
nder the provisions of the Gold Reserve Act of 1934.
60
Financial
Chronicle
July 4, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
(
The
following is issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
whole in comparison with the figures for the
The second table shows the
resources
seven
Wednesday.
on
on
Thursday afternoon, July 2,
The first table presents the results
preceding weeks and with those of the corresponding
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
Reserve Agents and the Federal Reserve banks.
The comments of the Board
of Governors of the Federal Reserve System upon the
returns
for the latest week
COMBINED RESOURCES
V.;'V:
our
department of ''Current Events and Discussions."
AND LIABILITIES
•'■■'V
.
in
appear
July
1,
1936
June
ASSETS
OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 1
24, 1936 June 17, 1936
$
June 10, 1936 June
3,
$
1836
1936 May 27, 1936 May 20, 1936 May 13, 1936 July 3,
$
$
S
$
1935
$
Gold ctfs. on hand & due from U.S.Treas.x 8,106,541,000 7,958,042,000 7,938.539,000 7,939,040,000
7,840,037,000 7,824,035,000 7,769,336.000 7,729,834,000 6,226,221,000
Redemption fund (F. R. notes)
12,949,000
Other cash •
266,238,000
Total reserves...
Bills discounted:
Secured
12,518,000
276,269,000
13,261,000
295,572,000
13,261,000
290.695,000
13,062,000
12,532,000
310,451,000
316,329,000
12,451,000
324,928,000
22,881,000
216,175,000
8,385,728,000 8,243,250,000 8,227,326,000 8,247,873,000 8,143,993,000 8.147,548.000 8,088,197,000
8,067,213,000 6,465,277,000
J
U.
by
12,364,000
272,844,000
direct and (or)
S. Govt, obligations,
fully guaranteed
Other bills discounted
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
2,436,000
2,313,000
2,292,000
2,489,000
5,384,000
Total bills discounted..
4,221,000
6,189,000
6,539,000
5,403,000
5,851.000
4,828,000
4,749,000
4,781.000
8,371,000
3,077,000
29,936,000
3,076,000
30,058,000
3,076,000
30,064 000
3,076,000
30,166,000
4,299,000
30,462,000
4,544,000
30,487,000
4,677,000
29,963,000
27,904,000
I' '•
Bills bought In open market...
Industrial advances
U. S. Government securities—Bonds—
.....
,
_
Total U. S. Government securities.
Other securities
—...
Foreign loans on gold
2,987,000
4,687,000
315,673,000
315,678,000
315,697,000
265,686,000
265,680,000
265,691,000
265,699,000
292,743,000
265,693,000
1,484,218,000 1,494,199,000 1,494,219,000 1,541,224,000 1,536,227,000 1,545,908,000 1,647,839,000
1,547,849,000 1,533,137,000
620.337,000
620,337,000
620,357,000
623,337,000 1028,337,000
618,648,000
616,717,000
616,717,000
604,879,000
......
Treasury bills...
;
3,077,000
29,785,000
.
Treasury notes.
■
_
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
2,430,259,000 2,430,759,000
181,000
-----
181,000
181,000
181,000
181,000
181,000
181,000
181,000
;
Total bills and securities...—
2,467,492,000 2,469,617,000 2,470,107,000 2,468,971,000 2,469,518,000 2,470,025.000 2,470,208,000 2,469,861,000 2,471,721,000
Gold held abroad
-
>
~
"
"237*666
Federal Reserve notes of othtr banks
Uncollected Items
Bank premises
-
All other assets...
Total assets
""237*666
""238*666
238,000
237,666
""237*666
240,000
"~2~40~666
15,392,000
551,560,000
48,052,000
38,813,000
6*3*6,000
20,020,000
678,636,000
48,051,000
42,331,000
Due from foreign bank"
24.037,000
21,916,000
531,098,000
48,051,000
44,685,000
20,243,000
19,002,000
518,009,000
48,051,000
20,368,000
574,289.000
17,940,000
41,126.000
40,288,000
22,936,000
595,188.000
48,050,000
39,764,000
696,106,000
48,052,000
38,196,000
613,591,000
48,052,000
42,689,000
48,051,000
527,436,000
49,839,000
44,652,000
11,642,495,000 U,366,921,000 11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 U,241,641.000 11,243,252,000 9,577,501,000
-
-ft.
1
"
:• '■
LIABILITIES
F. R. notes In actual circulation
4,046,086,000 3,980,018,000 3,872,984,000 3,785,980,000 3,793,959,000 3,758,973,000 3,760,729,000 3,762,028,000 3,299,860,000
Deposits—Member banks' reserve account 5,589,134,000 5,307,954,000 4,893,667,000 5,833,391,000 5,713,315,000 5,747,228.000 5,694,009.000
5,611,072,000 4,899,723,000
U, S. Treasurer—General account
731,016,000
929,072,000 1,421,457,000
516,404,000
504.733,000
544,183,000
513,104.000
577.985.000
181,686,000
Foreign banks
55,192,000
56,258,000
60,378,000
61,675,000
53,607,000
85,482,000
54,493,000
84,226,000
25,700,000
Other deposits
201,277,000
221,584,000
195,677,000
243,947,000
295,406,000
267,384,000
271,122,000
286,484,000
266,517,000
Total
deposits
6,576,619,000 6,488,961,000 6,597,086,000 6,655,417,000 6,567.061,000 6,617,026,000 6,559,979,000 6,539,800,000 5,393,593,000
Deferred availability Items
673,759,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
130,947,000
145,501,000
26,513,000
34,117,000
8,953,000
s
Reserve for contingencies...
All other liabilities
Total liabilities
Ratio
of
total
4549,671,000
130,879,000
145,501,000
26,513,000
434,116,000
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
594,315,000
130,796,000
522,081,000
574,822,000
595,878,000
531,850,000
130.795.000
146,570,000
145,501,000
26,513,000
34,114,000
46,064.000
145,501,000
26,513,000
34,111,000
8,998,000
130,745,000
145,501,000
130,721,000
145,501,000
145,501,000
144,893,000
26,513,000
34,109,000
9,243,000
26,513,000
34,114,000
8,697,000
30,777,000
26,513,000
34,118,000
55,228,000
20,870,000
9,088,000
11.642,495,000 11,366,921,000 11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 11,241,641,000 a,243,252,000 9,577,501,000
to
reserves
deposits
F. R. note liabilities combined
and
78.9%
Commitments to make Industrial advances
Maturity Distribution of Bills and
78.7%
78.6 %
79.0%
78.6%
78.5%
78.4%
78.3%
23,870,000
;
24,452,000
24,679,000
24,798,000
24,878,000
25,095,000
25,297,000
26,014,000
$
$
$
$
$
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-00 days bills discounted...
2,500,000
650,000
52,000
660,000
359,000
61-90 days bills discounted
4,411,000
124,000
591,000
638,000
4,852,000
684,000
586,000
4,159,000
120,000
715,000
4,501,000
%
$
$
.'vr
74.4%
20,844,000
V;-
s
;/Y;
2,910.000
3.044,000
6,401,000
166,000
2,956,000
718,000
612,000
226,000
588,000
221,000
615,000
782,000
86,000
254,000
255,000
761,000
68,000
638,000
340,000
6,189,000
6,539,000
5,403,000
5,851,000
4,828.000
4,749,000
4,781,000
8,371,000
170,000
270,000
599,000
2,038,000
1,966,000
1,935,000
50,000
432,000
270,000
16,000
469,000
1,934,000
482,000
656,000
610,000
607,000
815,000
3,022,000
574,000
315,000
506,000
495,000
172,000
668,000
561,000
2,145,000
986,000
3,282,000
2,326,000
3,077,000
-.
355,000
3,077,000
3,076,000
3,076,000
3,076,000
4,299,000
4,544,000
4,677,000
4,687,000
1,482,000
1-15 days bills bought In open market.
10-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days bills bought In open market
362,000
2,028,000
Total bills discounted
425,000
270,000
763,000
16,000
.
703,000
303,000
4,221,000
Over 90 days bills discounted
77,000
340,000
1,631,000
272,000
663,000
599,000
1,671,000
228,000
1,491,000
1,513,000
403,000
1,526.000
1,600,000
1,652,000
241,000
573,000
27,023,000
224,000
629,000
675,000
27,408,000
255,000
681,000
30,166,000
30,462,000
47,000
Over 90 days bills bought in open market.
Total bills bought In open market-1-15 days Industrial advances
16-30 days industrial advances
31-60 days Industrial advances
61-90 days industrial advances
261,000
561,000
647,000
26,834,000
Total industrial advances
1-15 days U. S. Government securities..
16-30 days U. S. Government securities-31-60 days U. S. Government securities.
61-90 days U. S. Government securities..
.
26,771,000
26,858,000
29,936,000
30,058,000
30,064,000
28,225,000
Over 90 days Industrial advances
770,000
458,000
26,985,000
29,785,000
...
41,541,000
36,241,000
275.000
871,000
206,000
906,000
960,000
1,207,000
33,514,000
34,975,000
28,827,000
60,415,000
123,716,000
Over 90 days U. S. Government securities
2,189,045,000
Totkl U. 8. Government securities
•
620,000
360,000
593,000
634,000
'
,200,000
'227,000
27,324,000
521,000
760,000
20,775.000
25,479,000
30,487,000
29,963,000
27,904,000
749,000
791,000
48,541,000
44,307,000
20,400,000
20,080,000
24.000,000
46,050,000
41,541,000
33,514,000
67,263,000
71,497,000
20,080,000
44,853,000
53,559,000
57,286,000
98,298,000
107,780,000
68,489,000
67,882,000
115,847,000
82,679,000
114,972,000
123,242,000
66,661,000
54,415,000
133,070,000
138,728,000
135,762,000
52,393,000
2,193,821,000 2,181,236,000 2,175,206,000 2,190,228,000 2.137,726,000 2,135,367,000
2,134,570,000 2,204,784,000
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
2,430,259,000 2,430,759,000
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
"~
Over 90 days other securities
181,000
*1*8*1*606
""181*666
""181*666
~"~1~8~l666
""181*666
"""1*81*666
"*181*666
181,000
Total other securities
181,000
181,000
181,000
181,000
181.000
181,000
181,000
p. m-. m.m + ~
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
4,304,059,000 4,243,935,000 4,132,931,000 4,074,896,000 4,049,745,000 4,036.457,000 4,033,793,000
4,042,174,000 3,537,646,000
263,917,000
257,973,000
259,947,000
288,916,000
255,786,000
277,484,000
273,064,000
280.146,000
237,786,000
In actual circulation
4,046,086,000 3,980,018,000 3,872,984,000 3,785,980,000 3,793,959,000 3,758,973,000 3,760,729,000 3.762,028,000
3,299,860,000
Collateral Held by Aoent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. S. Treas.
By eligible paper
U. S. Government securities
Total
*
x
Jan.
of
collateral..
4,341,267,000 4,307,403,000 4,173,632,000 4,128,136,000 4.103.008.000 4,097,011,000 4,100,568,000
4,105.623,000 3,564,719,000
"Other cash" does
These
are
4,271,523,000 4,260,523,000 4,125,523,000 4,087,023,000 4,049,523,000 4,038,523,000 4,040,140.000
4.056.140.000 3,392,839,000
2,744,000
4,880,000
5,109,000
4,113,000
4,485,000
3,488,000
3,428,000
3,483,000
6,880,000
67,000,000
42,000,000
43,000,000
37,000,000
49,000.000
55,000,000
57,000,000
46.000,000
165,000,000
not
Include
Federal Reserve notes,
31,1934, these certificates being worth less
the
Gold
t Revised figure.
?
certificates given by the U. S.
Treasury for the gold taken over from the Reserve banks when the dollar
Reserv
Act of
1934,
was
devalued from 100 cents to 59.00 cents
on
to the extent of the difference, the difference itself having been
appropriated as profits by the Treasury under the provisions
Volume
Financial
143
Chronicle
61
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Phila.
RESOURCES
$
$
$
OF
2
Gold certificates
from U.
THE 12 FEDERAL
Cleveland Richmond
I
RESERVE BANKS
Atlanta
Chicago
%
1
*
St.
AT
CLOSE OF
BUSINESS
Louis Minneap. Kan. City
%
Dallas
San Fran.
$
%
%
%
JULY 1 1936
hand and due
on
8. Treasury
8,106,541,0 501,699,0 3,089,972,0 388,281,0 593,900,0 257,131,0 224,709,0 1,708,983,0 239,238,0 170,529,0 228,915,0 164,978,0 538,206,0
12,949,0
Redemption fund—F. R. notes..
1,281,0
2,114,0
1,119,0
686,0
618,0
1,705,0
920,0
231,0
825,0
1,000,0
417,0
2,033,0
Other cash *
266,238,0 27,452,0
70,202,0
37,349,0 24,317,0
15,348,0
9,957,0
32,101,0
13,875,0
5,791,0
6,732,0
11,135,0
11,979,0
•
Total
8,385,728,0 531,265,0 3,161,455,0 426,749,0 618,903,0 273,097,0 236,371,0 1,741,909,0 251,293,0 177,492,0 243,790,0 171,186,0 552,218,0
reserves
Bills discounted:
Sec. by U. S. Govt,
obligations,
direct & (or) fully guaranteed
2,006,0
520,0
2,215,0
76,0
1,059,0
1,569,0
280,0
Other bills discounted....
Total bills discounted
4,221,0
596,0
2,628,0
280,0
Bills bought in open market.
25,0
13,0
27,0
52,0
"21.0
6,0
"3~5~0
,~~86~6
349,0
38,0
79,0
21,0
31,0
35,0
86,0
399,0
28,0
86,0
1,009,0
86,0
1,644,0
1,678,0
12,155,0
27,600,0
25,0
3,077,0
224,0
1,095,0
316,0
293,0
120,0
29,785,0
2,869,0
7,327,0
5,160,0
1,735,0
3,617,0
108,0
732,0
315,673,0
1,494,218,0
21,006,0
620,337,0
41,278,0
85,802,0
27,431,0 30,629,0
406,145,0 129,844,0 144,977,0
168,614,0
53,905,0
60,189,0
16,628,0
78,707,0
32,676,0
Industrial advances
50,0
384,0
87,0
61,0
2,104,0
555,0
1,355,0
37,553,0
177,757,0
73,797,0
16,876,0
79,886,0
53,244,0
25,106,0
33,165,0
22,105,0
660,561,0 211,180,0 235.795,0 128,011,0
98,356,0
671,611,0 216,936,0 237,861,0 131,827,0
99,217,0
20,0
8,0
..
217,0
U. 8. Government securities:
Bonds
...
Treasury notes....
Treasury bills
99,429,0
Total U. 8. Govt, securities. 2,430,228,0 161,713,0
Other securities
Uncollected Items
;
...
Bank premises
All other resources
15,968,0
75,580,0
31,379,0
57,530,0 130,645,0
289,107,0 129,927,0
86,598,0 122,927,0
93,570,0 212,483,0
291,595,0 130,600,0
88,049,0 124,289,0
23,885,0
54,238,0
181,0
2,467,492,0 165,402,0
Due from foreign banks
Fed. Res. notes of other banks...
11,249,0
181,0
...
Total bills and securities
12,776,0
60,474,0
237,0
20,020,0
678,636,0
48,051,0
42,331,0
18,0
91,0
23,0
22,0
10,0
341,0
74,192,0
5,597,0
192,671,0
789,0
53,624,0
3,113,0
308,0
10,851,0
5,080,0
1,313,0
70,207,0
6,525,0
1,043,0
51,689,0
2,919,0
31,289,0
3,548,0
1,762,0
1,095,0
8,0
28,0
4,0
3,0
1,293,0
2,821,0
88,357,0
1,380,0
18,366,0
4,830,0
1,513,0
25,025,0
2,452,0
797,0
340,0
388,0
1,831,0
33,051,0
3,360,0
469,0
95,699,0 214,406,0
7,0
18,129,0
2,284,0
1,519,0
1,531,0
7,0
16,0
423,0
21,229,0
1,676,0
32,096,0
1,526,0
3,580,0
325,0
491,0
Total resources.............. 11642 495,0 774,639,0 4,073,565,0 706,749,0 936,593,0
461,680,0 358,821,0 2,130,337,0 411,227,0 287,209,0 406,797,0 290,395,0 804,483,0
LIABILITIES
F. R. notes In actual circulation. 4,046,086,0 366,905,0
833,841,0 303,232,0 389,266,0 187,895,0 180,431,0
922,777,0 175,282,0 122,756,0 151,996,0
87,794,0 323,911,0
Deposits:
Member bank reserve account. 5,589,134,0 271,160,0 2,342,709,0 286,182,0
410,830,0 178,282,0 117,511,0 1,034,798,0 162,561,0 104,726,0 183,006,0 138,433,0 358,936,0
U. 8. Treasurer—Gen'l acc't..
731,016,0 33,407,0
402,778,0
24,312,0
27,908,0
25,400,0 24,803,0
30,995,0
27,690,0
27,714,0
55,192,0
4,132,0
19,748,0
5,192,0
5,136,0
2,457,0
1,954,0
6,476,0
26,668,0
1,611,0
2,447,0
158,065,0
2,047,0
2,758,0
3,389,0
3,575,0
2,586,0
1,675,0
8,098,0
1,340,0
201,277,0
4,271,0
314,0
Forelgn bank
Other deposits
Total deposits
27,050,0
1,619,0
2,519,0
52,291,0
3,852,0
11,208,0
6,576,619,0 311,146,0 2,923,300,0 317,733,0 446,632,0 209,528,0 147,843,0 1,074,855,0 200,024,0 138,051,0 211,599,0 169,621,0 426,287 0
Deferred availability Items
673,759,0
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
130,947,0
9,369,0
145,501,0
9,902,0
26,513,0
2,874,0
1,413,0
37,0
Reserve for contingencies
All other liabilities....
34,117,0
8,953,0
Total liabilities
192,623,0
50,967,0
50,825,0
7,744,0
8,849,0
11642 495,0 774,639,0
52,676,0
5,416,0
72,993,0
188,0
69,253,0
49,550,0
17,296,0
12,283,0
12,635,0
4,235,0
13,406,0
14,371,0
2,519,0
127,0
4,231,0
1,007,0
4,709,0
5,186,0
3,448,0
3,000,0
3,111,0
318,0
1,279,0
85,0
89,418,0
12,057,0
21,350,0
1,391,0
7,573,0
25,853,0
17,204,0
3,767,0
4,655,0
546,0
2,977,0
3,149,0
894,0
916,0
5,616,0
754,0
206,0
33,507,0
3,955,0
22,031,0
3,806,0
31,355,0
10,187,0
3,783,0
9,645,0
1,252,0
1,121,0
1,456,0
3,613,0
1,142,0
846,0
1,328,0
613,0
139,0
780,0
1,849,0
128,0
1,003,0
4,073,565,0 706,749,0 936,593,0 461,680,0 358,821,0 2,130,337,0 411,227,0 287,209,0 406,797,0 290,395,0 804,483,0
Commitments to make industrial
advances
*
23,870,0
"Other cash"
does
not
2,773,0
9,394,0
include Federal Reserve
282,0
FEDERAL
Two
2,332,0
289,0
78,0
1,760,0
93,0
406,0
538,0
4,472,0
RESERVE NOTE
STATEMENT
Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Federal Reserve notes:
Cleveland Richmond
Atlanta
S
St.
Chicago
$
Louis Minneap
Kan. City
Dallas
San Fran
S
$
$
S
924,920,0 315,474,0 402,068,0 196,451,0 198,262,0
91,079,0
12,242,0
12,802,0
8,566,0
17,831,0
952,647,0 182,189,0 127,807,0 164,272,0
29,870,0
'6,907,0
5,051,0
12,276,0
95,863,0 362,294,0
8,069,0 38,383,0
4,046,086,0 366,905,0
833,841,0 303,232,0 389,266,0 187,895,0 180,431,0
922,777,0 175,282,0 122,756,0 151,996,0
87,794,0 323,911,0
4,271,523,0 396,000,0
2,744,0
596,0
67,000,0
930,706,0 301,000,0 402,500,0 192,000,0 170,685,0
1,382,0
105,0
38,0
21,0
79,0
15,000,0
5,000,0 30,000,0
956,000,0 169,632,0 125,000,0 165,000,0
31,0
35,0
80,0
13,000,0
4,000,0
96,000,0 367,000,0
349,0
28,0
4,341,267,0 396,596,0
In actual circulation
4,304,059,0 381,802,0
257,973,0
14,897,0
932,088,0 316,105,0 402,538,0 197,079,0 200,706,0
956,000,0 182,663,0 129,035,0 165,080,0
96,349,0 367,028,0
Collateral
held by Agent as se¬
curity for notes issued to bks.
certificates
Phila.
S
Issued to F.R. Bk. by F.R. Agt
Held by Fed'l Reserve Bank..
Gold
1,453,0
notes.
hand and
on
due from U. S. Treasury
Eligible paper
U. 8. Government securities..
Total collateral
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principa'
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 tnemselves.
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, 1935, covers reporting banks In 101 leading cities, as it did prior to the banking holiday in 1933, Instead of 91 cities, and has
so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to
others" and partly
The item "Demand deposits—adjusted" represents the total amount of demand
deposits standing to the credit of Individuals,
also been revised further
In "Other loans."
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
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 domestio banks.
The item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise specffled, less oash items reported as on hand or In
process
of collection which have been deducted from demand deposits.
i
gross
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
Federal Reserve District—
$
$
$
$
1,250
9,890
1,187
1,825
622
548
2,908
996
10
966
10
237
29
77
18
15
3
6
61
$
22,520
Cleveland Richmond
S
Atlanta
St.
Chicago
$
2
Louis Minneap
2
2
Kan. City
Dallas
2
615
376
6
2
> ork City
5
$
669
466
2,164
3
3
14
41
2
-...
3
-
(except
banks)
2,094
on
Other loans
U. 8. Govt, direct obligations.
Obligations fully
guar,
by U. 8. Govt.
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
,
149
52
204
61
31
45
146
22
6
6
6
30
9
8
24
2
22
84
248
64
184
23
23
68
42
6
17
22
368
3
31
2
5
1
1
10
7
3,531
9,474
1,302
3,348
Loans to banks.
909
43
65
real estate
154
324
1,149
Acceptances and com'l paper bought.
313
1,337
180
210
105
134
430
104
100
131
126
361
429
4,256
321
861
305
212
1,539
220
168
264
196
703
215
65
4
1
18
591
105
67
40
36
144
55
14
47
27
158
167
1,329
316
262
74
78
417
111
47
132
49
366
2,001
183
267
66
850
113
86
220
4,282
197
112
64
123
125
71
16
35
18
11
63
12
6
13
11
22
2,235
113
160
148
226
145
134
420
122
106
262
168
231
1,344
75
547
89
110
41
40
106
23
18
25
27
243
14,563
5,059
....
952
6,765
740
988
383
301
2,173
381
264
466
296
940
275
721
195
175
851
176
119
146
846
21
232
72
77
48
51
148
13
3
23
5,447
223
2,327
286
322
196
177
782
222
122
LIABILITIES
Demand
deposits—adjusted
deposits
United States Government
deposits.
Inter-bank deposits:
Domestic banks
Foreign banks
.
acoount
347
803
120
1,045
1
39
119
364
170
256
457
10
425
3
1
1
6
875
26
381
24
18
26
7
41
10
5
3
5
329
3,537
232
1,599
223
336
90
87
346
83
56
90
77
318
Borrowings.
Other liabilities
Capital
168
403
Balance with domestic banks
Other assets—net
Time
Dollars)
San Fran.
okers and dealers:
• ■
Outside New York City
Loans on securities to others
Loans
Phila.
Boston
ASSETS
In New
New York
Total
Loans and investments—total
Loans to
101 LEADING CITIES, BY DISTRICTS, ON JUNE 24 1936 (In Millions of
«•
1
10
-
T
July 4, 1936
62
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
of such sales In computing the range
United
Government
States
Stock
York
Below
furnish
we
a
day's range, unless they are the only transactions of the day. No account la taken
year.
Securities
on
the
daily record
of
Daily, Weekly and Yearly
the transactions in
Treasury certificates on
Number of
July 3 1936
32ds
Tuesday
770,240
27 June 29
July
2 July
117.23
117.24
117.25
17.26
117.21
117.22
17.24
289,000
1,060,000
6,633,000
7,663,000
8,281,000
9,433,000
437,000
1,414,000
1,350,000
$34,957,000
$6,208,000
$4,216,000
117.24
117.22
17.26
Exchange
4
516,000
9,361,000
$45,381,000
New York Stock
117.23
Jan. 1 to July 3
Week Ended July 3
1935
1936
1935
1930
15
14
14
[High
] Low.
107.26
107.28
107.27
107.28
08
107.26
107.27
107.27
107.26
07.28
(Oloso
107.26
107.28
107.27
107.27
08
Total sales in $1,000 units—
3
15
11
254
High
112,30
113
113
113.2
13.4
Low.
112.30
112.28
113
113.1
13.2
[Close
112.30
113
113
113.2
13.4
Total sales in $1,000 units...
2
Total sales in
3^8. 1943-45
$1,000 units...
-
4s, 1944-54
18
Low.
Bonds
9,447,000
177,088,000
193,683,000
Railroad and Industrial
34,957,000
47,314,000
1,489,082,000
1,056.262,000
$45,381,000
$62,834,000
$1,815,442,000
$1,670,376,000
Total
11.12
111.8
11.12
Stock and Bond Averages
3
2
108.11
108.12
08.14
108.11
08.11
Low.
Close
108.11
108.12
3
53
4
Below
the
08.14
Total sales in $1,000 units...
[High
104.8
104.10
104.9
104.12
104.8
104.10
104.7
104.7
104.8
04.10
104.8
104.10
104.9
104.9
104.12
22
105.9
105.7
105.10
105.9
105.10
105.9
105.7
105.9
105.7
105.10
[Close
105.9
105.7
105.10
105.9
105.10
05.13
3
J
11
8
16
5
10
108.14
108.14
108.13
Low.
108.13
108.12
108.12
108.12
Low.
108.27
Close
108.27
108.13
108.14
Total
10
First
Second
10
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
July
3.
158.11
48.05
57.38
106.39
111.64
86.51
106.21
28
2
33.41
26
102.69
08.31
July
2.
157.51
47.84
32.99
57.07
106.26
111.36
86.43
106.15
108.28
102.55
108.28
47.85
32.91
106.24
111.41
86.46
106.13
108.28
08.31
158.38
108.29
1.
57.24
108.29
July
108.28
June 30.
157.69
32.48
111.60
86.49
106.04
102.61
108.28
47.84
106.31
108.30
08.31
56.96
109
June 29.
158.01
47.90
32.38
57.02
106.24
111.44
86.61
106.15
102.61
3
1
June 27.
158.46
48.11
32.48
57.21
106.30
111.25
86.54
106.15
102.56
2
2
[High
105.30
106
106.1
106.1
06.5
105.30
105.31
105.30
106
105.30
106
106.1
106
1
Total sales in $1,000 units
15
4
06.5
14
15
[High
105.27
105.31
105.26
05.31
Low.
105.27
105.31
105.26
05.31
[Cllse
33*8, 1949-52
105.27
105.31
105.26
05.31
i
1
108.28
108.26
108.28
Low.
3J*s. 1941
108.28
108.26
108.26
108.26
108.28
5
101
1
Total sales in $1,000 units
[High
107.20
107.19
107.18
107.22
07.23
Low.
107 18
107.18
107.18
107.17
107.19
07.20
Close
107.20
107.19
107.19
107.18
107.22
07.23
33*8, 1944-46
3
Total sales in $1,000 units
107.20
31
2
6
7
Bid
July
July
July
July
8 1936
Low.
5 1936—
Aug.
Aug. 12 1936
102.3
102.4
102.3
102.5
02.9
102
102.1
102.1
102
102.3
02.4
Aug. 19 1936
102.1
102.2
102.2
102.3
02.8
Aug. 20 1936
12
29
23
77
13
76
[High
103.20
103.20
T03.24
103.23
103.22
03.25
3 Low
103.18
103.19
103.21
103.20
103.20
03.24
[Close
103.18
103.20
103.24
103.20
103.21
03.25
29
5
17
8
554
4
101.23
101.26
Total sales in $1,000 units
~
25*s. 1945-47
Total sales in $1,000 units
Sept,
2 1936
8ept. 23 1936
Sept. 30 1936
■
101.25
101.27
01.30
Oct.
Low.
101.22
101.22
101.24
101.24
101.24
01.27
Oct.
14 1930
101.22
101.26
101.24
101.25
101.27
01.30
Oct.
21 1936
Total sales in $1,000 units...
35
101.26
13
44
28
41
154
7 1936
oct.
28 1936-
101.2
101.4
101.4
101.3
101.5
01.8
Nov.
4 1936
-[Low.
[Close
100.31
101.2
101
101.1
101.3
01.5
Nov. 10 1936
101.2
101.4
101.2
101.2
101.4
01.8
Nov. 18 1936—
24
20
52
158
104.3
104.6
104.7
104.3
104.5
104.7
104.3
Total sales in $1,000 units..
104.5
1
I
2
2
102.24
102.27
102.26
102.28
103
03.3
25
65
102.29
102.23
102.23
102.26
102.24
102.26
2
7
8
103.15
103.17
103.14
103.18
03.23
Low.
103.15
103.16
103.14
103.16
103.15
103.16
103.14
103.18
18
3
Total sales in $1,000 units
a
102.5
102.9
102.10
02.12
2
10
102.3
10
5
Dec.
15 1939.
June
15 1941.
02.24
High
102.17
102.18
102.19
Low.
102.15
102:15
102.16
102.15
102.16
02.21
102.18
102.17
102.16
102.19
02.24
62
102.18
102.18
39
19
99
101.9
101.21
01.14
101.7
22
101.8
[High
101.8
101.10
101.6
101.7
101.8
101.10
101.9
[Close
Total sales in $1,000 units
I
101.8
21
101.10
101.10
101.11
101.8
101.10
0.20%
0.20%
one or
more
Int.
June
15 1940.
Sept. 15 1936.
Dec.
15 1940.
Asked
Maturity
1H%
101.5
101.7
Sept. 15 1938...
1 H%
100.20
100.22
Feb.
1 1938...
IX
IX
IX
IX
IX
IX
101.19
101.21
Dec.
15 1936...
101.4
101.6
June
15 1938
101.10
101.12
Feb.
15 1937...
100.30
101
Apr.
15 1937...
101.6
101.8
Mar. 15 1938...
101.27
101.29
Aug.
103.9
103.11
%
%
%
%
%
%
32ds of
Rate
•
2X%
2X%
2%%
2Vh%
3%
Bid
104.5
101.5
101.8
101.7
101.7
101.9
01.12
Close
101.10
101.10
101.7
101.8
101.10
33
34
38
15 1939.
2X%
33
39
67
18
•
103.26
101.31
104.25
104.27
102.1
102.3
102.14
102.16
104.20
104.2'2
1 1936...
100 4
35* %
103.30
only
Transactions in registered bonds
sales
of
coupon
were:
_
Deferred delivery
New stock,
r
Cash sale.
x
101.31 to 101.31
YORK STOCK PAGES
t Companies reported in receivership.
n
includes
NEW
Bid and asked prices; no sales on this day.
a
table
FOR
Ex-divldend.
V
Ex-rights.
»
I
104.7
103.24
Sept.15 1937...
01.14
8
June
Asked
101.29
3%
3%
3^* %
01.14
23
Total sales in $1,000 units
17 1937.
Mar. 31 1937
288
High
Low.
Treasury 2 J*s 1955-60
Mar.
Mar. 24 1937
Bid
Rate
FOOTNOTES
bonds.
1937
3 1937
01.14
22
101.10
101.6
above
Mar.
Mar. 10 1937
01.11
101.12
Mar. 15 1941.
Mar. 15 1940.
Note—The
Feb. 24
Int.
Maturity
Mar. 15 1939.
1939-49..] Low.
25*8, 1942-44
1937
02.12
102.5
102.3
Total sales in $1,000 units
Home Owners* Loan
3
Feb. 10 1937.j—...
Feb. 17 1937
point.
30
Low
[High
102.17
25*s. series B,
Feb.
1937
Indebtedness, &c.—Friday, July 3
02.12
102.5
Total sales in $1,000 units...
Home Owners' Loan
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
27 1937
03.23
38
102.10
1
102.3
Close
3s, series A, 1944-52
Jan.
03.20
[Close
•
Home Owners' Loan
20
Figures after decimal point represent
406
[High
Federal Farm Mortgage
.....
6 1936
13 1937
Jan.
Quotations for United States Treasury Certificates of
03
102.26
i-'
30 1936
Jan.
04.11
03.5
102.26
Federal Farm Mortgage
23 1936
Dec.
04.12
103
102.24
[Close
3s, 1942-47-
Deo.
Jan.
04.12
104.7
10
[High
] Low.
Total sales in $1,000 units
150
106
[High
| Low.
[Close
3s, 1944-49
9 1936
16 1930
0.15%
Total sales in $1,000 units...
Federal Farm Mortgage
.
Deo.
0.15%
0.15%
0.15%
Federal Farm Mortgage
3^8, 1944-64
Dec
Asked
0.15%
0.20%
0.20%
0.20%
0.20%
0 20%
0.20%
2 1936
Dec.
0.15%
0.15%
0.15%
(High
25*s, 1951-54
Bid
Nov. 25 1930
J 0.15%
0.15%
0.15%
0.15%
Sept. 9 1936—
Sept. 16 1936
[Close
[High
25*s, 1948-51
-
29 1936
102.2
Asked
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
15 1936—
22 1936
102.2
[High
2Kb, 1955-60
for discount at purchase.
08.29
1
are
08.29
108.28
quoted
08.29
Close
•
United States Treasury Bills—Friday, July 3
Bates
1
1
[High
Total sales in $1,000 units..
25*s, 1942-47
102.56
06
[Close
*
Toted
108.30
25
t-i Low.
3Hs. 1946-49
20
Utili¬
109
108.28
1
Total sales in $1,000 units
20
Rail¬
08.16
7
108.27
10
30
Indus¬
Date
08.15
108.13
[Close
[High
10
110
103.18
Bonds
Stocks
08.16
Total sales in $1,000 units
1941-43
5
108.13
[High
3,
of representative
05.9
1
1
$1,000 units
35*8. 1940-43
averages
the New York Stock Exchange
compiled by Dow, Jones & Co.*.
as
05.13
Low
i
n
on
3
sales in $1,000 units...
Total sales
daily closing
04.16
104.9
[High
Tota
are
stocks and bonds listed
04.16
Low.
Close
3s, 1951-55
3s, 1946-48
$149,272,000
2
108.9
35*8. 1943-47
$420,431,000
$4,216,000
6,208,000
$6,073,000
State and foreign
11.12
111.8
Total sales in $1,000 units—
124,593,622
263,813,600
5,497,578
5,017,915
Government-
11
Close
[High
Stocks—No. of shares.
13
111.8
.[High
SHs, 1946-50
1
$4,010,000
1,022,000
Sales at
117.23
40
[Close
$210,000
5,017,915
Total
3
117.23
|Low.
4Mb, 1947-52.
1
Sales
$610,000
1,151,000
1,243,000
1,122,000
1,020,180
—.
117.23
117.23
[High
Treasury
June 30 July
Bond
Bonds
5,983,000
6,643,000
6,959,000
6,989,000
966,230
1,072,650
Wednesday
Friday
Daily Record of U. S. Bond Prices June
Total
States
For'n Bonds
$3,190,000
5,193,000
822,265
United
State,
Miscell. Municipal <&
Bonds
366,350
Thursday
point.
and
Shares
Saturday
Monday
Quotations after decimal point represent one or more
a
Railroad
Stocks,
Week Ended
the New York Stock
Exchange.
of
Transactions at the New York Stock Exchange,
New
Exchange
Federal Farm Mortgage Corporation's
Home Owners' Loan,
bonds and
for the
104
Paine
Proctor &
Abbott,
consolidation of
Members
Stock "Exchange
New York
and other
Volume
HIGH
LOW
PRICES—PER
SALE
52U
June 30
$ per share
*47
523s
July
$ per share
*49
52
Thursday
July
2
1
$ per share
*49
51
112
$ per share
*50
5H2
112
112i2
6II4
1118.1 112
112
112
*62
63
1134
63
63
1H2
12
1H2
1134
1112
20U
1984
2714
1934
20
2014
20i2
1158
1178
*62i2
21158
20U
20 J4
*197s
60ig
6II4
30
220
11212 112i2
*60
Par
Abraham & Straus
No par
100
Preferred
25
Acme Steel Co
6Us
300
1178
1112
lis®
5,600
Adams
20i2
20U
20'4
2734
1,100
Adams
1,500
Address
2i2
1,100
Advance Rumely.
No par
Express
100
Preferred
*2614
*263s
27
27
-
*2l2
2l2
2i2
25g
2i2
27
2784
2i2
*2i4
27
2714
25g
*2i4
*27
27
*2i4
2i2
Millls
No par
10
Multlgr Corp
No pan
Affiliated Products Inc.No par
69
6812
438
4i8
4i8
*
95
"l334
*
358
194
~~3'~8
*
2318
*2212
24
*22
2414
2384
*22i2
*225s
33
*33
33
2978
*2934
*
105
295g
*
7934
79ig
47i4
*2278
24
3
45
3
3
*23
24l2
34i2
*2212
*2258
33l2
25
24
3312
*22l4
34l2
3014
2914
2912
27l2
233g
*227g
*3
3*8
5012
*4634
3538
34
"*734
8i4
21
21
4,700
6,100
Allied Mills Co Inc
No par
Allied Stores Corp
No par
6912
Am
American Bank Note
70
*69
70
70
70
487g
48
4812
13H2 13134
130i2 134
48
4734
13H2 13112
133
134l2
477g
164i4 1641.J
166
48i2
13U2 I33I9
13012 13234
1641® 165
3534
3412
695g
6912
3434
34
695g
69
44
913g
91l2
*
21
21
69
69
4634
92
*92ig
9734
34
*29
34
2614
2612
99i2
98i2
*37g
13
*1284
34
36
36
35i2
40
4034
4034
3
20
.31®
20i4
*3
*1884
3914
73s
39
161®
15U
163g
16i8
3334
34.3g
34
1914
2012
57S
512
584
20
57®
*35
403g
3
*3
20
*19l2
20
35
35
4078
4078
4H®
41
*3
19™8
20
2:1934
100
Preferred
1,500
14,700
Co
960
----100
6% 1st pref..
New.l
Sees..No par
21,500 Amer & For'n Power...No par
Preferred
No par
15,700
2d preferred...
8,600
No PaT
$6 preferred
7,700
No par
10
11,200 Amer Hawaiian S S Co
-1
3,300 Amer Hide & Leather
400
6% conv pref
oO
5,300 Amer Home Products..--— l
100 American Ice
No P?r
1,000
200
3412
700
Tiling
Amer Encaustic
Amer
6%
European
100
pref--
non-cum
1134
1178
11S4
1214
ll7®
12i8
ll7g
12i2
121®
6612
67
68
68
695®
69i2
705s
697g
70'8
1214
7012
13
6612
72
11,400
$6
563g
5634
57
59
5812
607g
60i4
62i4
61i8
62i2
62
63i2
16,000
$5
193s
1978
193g
20
19
1912
191®
197g
lSig
1934
19i8
1934
26,700
*25
1H4
*29is
1H4
.
2912
1058
10i2
105g
108®
1012
IOI4
10»8
103g
26
26
25H
2584
247g
75
74
73
75
747g
7478
233g
24U
25
24
24
11*4
29l2
1H4
IH4
117®
44
43
29i2
.2912
44
♦162l2 165
*16212
26
263s
263s
2584
*16234 165
2614
*106
20l2
*28
80l2
*146
81
150
7984
*147
8158
149
*140
143
*2734
*44
163
16478
7912
*147
"293«
123
28*8
*6212
29lg
*120
28
SOU
150
795g
♦148
10714 10714
♦Ills
113g
295g
*287g
*12784
*28&s
29ig
46"
163
*45
*_..
63l2
63l2
143
143
2934
291®
123
122
28'g
28's
*62
63i2
143
2918
*122
29lg
*12784
50"
125s
x46
46
163
163
163
10l8
143
914
143
*143
9l2
87g
146
785g
80
30
15,600
*62
64
107
29ig
122
123
27l2
64
64
91®
87S
5,700
79i2
12312
2712
27i2
53l2
54
500
3,300
122l2 122i2
190
150
27l2
27i2
900
53i2
3,300
13912 139i2
300
2314
200
167i2 1685g
10,900
9914
2,400
-99i2
100
101
8,000
148
500
148
145
146
*141
9
9
9
9
M111-—-25
No par
Co.-No par
Rolling
American
Safety Razor
American Seating
Amer
Amer
4,000
-*5
—iuu
Foundries..No par
American Snuff
Preferred
Preferred
No par
American Stores
Amer
Sugar
2314
233s
107
9
23
235g
*10218 10612
9
*67i4
*34
*478
9l8
68
78
538
66I4
*34
37g
37g
37g
*5
2278
104
23i4
22^8
104
105
*834
6634
37g
334
9
85g
85g
*8i2
87g
1,700
67
65i2
6534
6534
?8
34
6534
84
4,300
*34
*5ig
312
53g
100
35g
2,200
34
6
*84
514
7S
5i4
334
334
334
*5
334
*50
54
*50
52i2
50
50
*45
50
*46
*25
27
*25
27
25
25
*23
25
*24
34l4
3434
4134
185g
4112
1834
417g
19
3458
42
185g
*10012 10112
10lo
*9
100l2
*9
4II4
*4112 4214
*11834
*11884 120
108
108
*10714
45g
458
45g
*70's
*
7034
7014
108
*103
*54
56
52
11
11
10i2
3334
*41
5i2
37g
50
*46
25
*24
3414
3312
337g
3314
4H2
41
41
39
41
33ig
335g
41
4112
53i2
1034
*103
53U
*1034
For footnotes «ee page
62
108
5312
11
108
53i"2
1034
*
108
108
5312
"52~
1034
11
5212
11
53
xll
5334
11
2
4i2 Mar
6i2 Sept
1043g Mar
6'8 Apr
—loo
Am Sumatra Tobacco-No par
Amer Telep & Teleg
100
American
Tobacco..-,—
Common class
B
Founders Inc
Am Water Wks
1st
10
-.100
& Elec.No par
No par
preferred
No par
American Woolen
---100
Preferred
tAm Writing
Paper..-----1
No par
Preferred
Amer
-^5
-1Y('
Preferred
Am Type
--£o
Lead & Smelt.-.1
Zinc
74
17tg Jan 23
53g Jan 27
Mar 25
186
195
45g Jan 31
1,000
7,000
1,500
2,300
1,700
Deo
IS4 Mar
65g Apr
143g
Dec
Dec
33U
Deo
21
Jan
32
Deo
125
Mar
173
Sept
Feb 14
2
283g Mar 26
Apr
Dec
245g
Deo
3i8 Mar
/49
June
9
Nov
75U
2212
Oct
Oct
50i2 Apr 6
28i2Mar 11
5h Jan 24
12
Mar
377g
14
Mar
2234 Nov
53i4Iune 11
26
125i2Mar29
63i4 Feb 11
55i2 Apr 15
Feb
4
2i8 Mar
4i2
Deo
June
40
Dec
48i2 Jan
4U2 June
13i2 Jan
80
Deo
43
Jan
70
5784
Feb
473g Nov
Jan
168
Mar
31
Jan
41
Nov
20!2July
16U
89
Jan
Apr
3i2 Apr
934
Jan
6i2 Apr
2934 Jan
Jan
Jan
115
Nov
95i2Mar
6
66
Feb
96
June
34
3
30
Mar
34U Aug
23g Mar
9i4 Deo
3584 Nov
19i® Deo
9234 Deo
37® Deo
Jan
1334 Feb 13
325s Mar 6
99i2June 17
22i2 Mar
6i2 Feb
72
Aug
5 May 2
145g Feb 17
84 May
234 Apr
28'g June 29
■,
934 Mar 26
2
Mar
Feb 17
14
Mar
43
18i2 Apr
Apr
Apr
Jan 20
21
34i2July
3
3
46
37
2
3714
7
Jan 28
June 30
83® Mar
6
Jan 27
4D2 Mar
7
558 Jan 14
Jan 14
1714 Apr 23
9^8 Apr 30
24
23'g Apr 28
66
Apr 28
36i4 Feb 28
95i2 Feb 27
297g Jan 14
21
May
10
Apr
27
Apr
124
Apr
x35i2 Jan
7t2 Feb
43
9
28
30
2
3
20
Feb 20
365g Feb 20
1834 Apr 30
Jan
7
2412 July
3
157
893g Jan 21
18
Apr 30
133g Apr 11
15
Feb 13
357g Mar 20
165
34
Apr
Feb 19
116i2Mar
5
3314 Apr
8
20
11
28
22
28
19
108i2May
6
7
7312 Jan
48'4 Apr 30
Jan
6
20^8 Mar 21
149i2 Apr 30
87
Mar 13
88*2 Mar 13
136
Jan
2
9S8May 21
May 13
20
19i8 Apr 28
9234 Jan 3
734 Apr 28
5434 Apr 30
84 May 19
4*8 Apr 30
3i2July 3
Jan
2
97
8
2
May 13
5
Mar
27
9H2 Mar
143l2May
3358 Feb
13i2 Mar
li2 Mar
1018 Mar
83g Mar
10i2 Mar
134i2 Mar
1584 Mar
66
130t2 Nov
36U Nov
95g Nov
4912 Aug
4H2 Aug
251® Dec
159
Sept
323® Nov
9584 July
217®
Deo
Mar
26U
315g Apr
645®
Jan
Dec
20
121
Feb
144
1015g
Dec
117U Aug
63
Jan
125
Feb
May
76
June
143
July
12
Mar
88
Feb
113
Deo
Dec
Dec
43
Jan
3
6058 Mar
Mar
412 Mar
50 >8
124
Dec
2514 Nov
Feb
140i2 May
277g Nov
70i2
Feb 14
18i2 Jan
9878 Mar
102i2 Feb
6
72i2 Apr
160i2 NOV
10414 Nov
104
6
7434 Mar
107
Nov
141
Nov
263® Jan 28
178
150
Feb
Mar 17
12918
Jan
9
Mar
115gMay 25
35
Jan 10
38i2
Dec
734 Mar
3
Mar
73i2Mar
31
Mar
2234 Deo
9414 Nov
1034 Sept
6884 Nov
25® Deo
1134 Deo
578 Dec
49
Aug
8
2514 Apr
9
107i2June 11
lli2 Feb 1
7034 Feb 1
2
10
Feb
5
Jan 10
2
2
31
Apr 2
3934 Apr 16
71® Mar
48
Mar
47® Mar
35i2 Mar
58 Mar
214 Mar
Deo
Mar
30
Feb 15
1618 Apr
37
Deo
5
107® Sept
175®
111
Jan 30
9612 Oct
318 Mar
Jan
Apr
46
2684 Mar
15
Feb 17
50
Jan
122
7
36
Jan 13
117
IO514 Jan 3
45gJune 10
66U Jan 2
108
June
5
110i2 Jan 20
4714 Feb 24
625g Mar 23
9
75U Deo
3314 Nov
125® Deo
3214 Deo
32i2
Apr 30
7i2 Jan
2734 Nov
Mar
Jan 29
May 11
9
Mar
18i2 Mar
414 Apr
36
37
June
9
32
June 10
118
9
381® Nov
47® Jan
3734 Feb
113® Nov
125
14178 Jan 29
Nov
14U Oct
4i2 Mar
Jan
3
3
4
6
Oct
67® Nov
40
/29ig Apr
178 Oct
Jan
15234 Mar
129
Oct
72
9
57i2 Mar
Oct
x24
104
20i2 Apr 30
10734 Jan 4
26
May 29
3f
28
3
July
Aug
151®
6
63i2July
2?3g Jan
17
38i4 Aug
Feb
72
914 Dec
914 Aug
Aug
42
Apr
July
13iaMar 26
Dec
Mar
46
136i2 Jan
13338 Jan
37g Mar
33U
8I4
12
133
2
7
3
Jan
Deo
8
12
Jan
Deo
38
13
278June 11
65
Oct
May
25i2 Mar
25
5^4 July
337®
5834 Apr 16
June 12
130
1
9
8
30
2
30
2
30
30
Feb 21
Dec
7314 Feb 19
3
Jan
Armstrong Cork Co...No par
Arnold Constable Corp
5
Dec
14ig
10
15i2 Jan
100
33g
145g
Mar
15134
Apr 30
575g Apr 27
35
Preferred
"
84 Mar
238 Mar
2
166i2 Jan 14
30
Anchor Cap
5
Dec
Apr
42i2
Anaconda W &
No par
Jan
4
1495®
Jan 20
$6 conv pref
Nov
Deo
Sept
187
Jan
May 18
Armour of Illinois new
x20i®
Mar
28
pref
Apr
23g
74
21
24
$5 prior
Anaconda Copper
18
18
18
5
11
Oct
li2 June
173
110
Cable.-No par
No par
120
$6.50 conv preferred.No par
Andes Copper Mining
20
""706 Archer Daniels Mld'ld.No par
40
7% preferred
..100
1,800 Armour&Co(Del)pf 7% gtdlOO
100
26,100
1,400
Feb
Feb
Feb
Feb
Feb
30s4
29i2
29i2
4578
3914
13U
Apr
Sept
5078 Mar 28
—25
--25
Mining.-50
Preferred
s4
1
Mar 25
91
ISSUJune 22
44
100
25
34
*
800
50
19
1834
1834
*1834
1834
191®
1834
1834
100
100
10012 *100l2 10112
*9984 100
9984 10012
*9
10
*9
10
*9
*9
10i2
1012
1012
41
41
4H2
4138
4114
407g
*405g
407s
4078
120
120
120
*11834 12112 *11834 12112 *11834 12112
108
108
108
*10714 108
*10712 108
*10714 108
458
434
45g
45g
434
4*8
45g
45®
,458
70l2
71i2
70i2
70i2
7014
7038
70'4
i$h
7014
108
600
65ig
9
66ig
34
32,200
8^8
9
6778
h
578
34
*5i8
23U
243g
2284
237s
*10384 10412
103i2 104
237g
105
100
Refining
Preferred.
Preferred
107
8
Mar
9
100i2 Dec
3714 Nov
243g Dec
2038 Dec
83g Feb
133i2June 29
]OU
cum—100
Amer Steel
Jan
Oct
7434 Nov
1178 Dec
2
May
253g Jan
5634 Jan
preferred 6%
June
8
per share
52i2 Nov
116
Apr 28
40
Shipbuilding Co .No par
Smelting & Refg-No par
2d
29^
*22l2
Preferred
San'y.No par
J00
Preferred
53i2
27l2
Stand
Am Rad &
800
64U
29ig
No par
No par
preferred
preferred
300
*142
295s
13912 139l2 *139ig 13938
23
*2212
221o
22l2
16634 167l2
166l2 16678
99
9914
9912
98i4
10034 102lo
9834 10214
*143
430
1067g 10678
*142
~2?12
Preferred
Amer
"4" 6 00
*149i2 151
149l2 150
107
5434
28i8
56
56
55i2
5612
553®
139i2 *136
139'2 *136i4 13912
2314
2212 22l2
*22l8
2314
*2212
165
166l2
16234 165i4
1663s 16834
9634
97
97
97U
97l2
9634
98
98
98
99
9914
9884
144
80
149
*142
29i4
122
79
107i2 10712
5538
*934
115®
*12734
44"
*136
144
2312
11&8
24i2 25i2
"245g 25l2
26
26
253g
11034 *106
11034
*106
*10612 112
*106U 111
11034 *106
21
2334
2U2
215g
21
2II4
20l2
2034
2114
2112
21l2
29
29
287g
29i2
*28
2784
29
*28U
2812
*2734
29i2
IO6I4 107
*122
29
23ig
1134
American
800
110
*10614 107
63l2 6312
29*8
30
*127
43
2414
23
Amer Internat
3,800
26
75
2512
73i2
2334
II84
2534
7612
2.700
103g
26
*126
*126
44
10U
26
*75
Jan
28
Highest
11534 Feb 24
162t4May 29
American
8434
70i2 June 24
72
124
Corp ...No par
Locomotive.-No par
---1°°
5.900 Amer Mach & Fdy Co.No par
700 Amer Mach & Metals.-No Par
1,600 Amer Metal Co Ltd..-No par
6% conv preferred
100
"600 Amer News, N Y Corp.No par
49,400 Amer Power & Light.-No par
10io
26
Jan
4»4 Mar
2H2 Jan
77gJune 26
31®
1934
20
65
~
875sMay 11
29
July 3
411®
3ig
*3
3i8
July
--10
Am Comm'l Alcohol Corp. .20
American Crystal Sugar..-.10
53g
353.1
Apr 20
39
No par
(Alleg Co) .25
2014
5U
3412
50
Amer Colortype
363g
57g
6
Am Coal of N. J
17i®
32i2
2058
Jan
20
42i4
14i2
1
Apr 20
27sMay
25
100
—
3534 Feb 14
28
Feb 28
June 17
100
Fdy„--No par
June
June 17
Fdy.No par
Preferred...
51
137g Feb 21
100i2 Jan 10
11
5X% conv pref
American Car &
74% Feb 10
84
Am Brake Shoe &
American Can
Jan
7
100
8I4
30i2
3512
4114
3612
3934
38
3712
734
145g
21
.......
Apr
Jan 31
Jan
"""406
14
3084
2012
578
6
Agric Chem
-
712
634
69
11434 Jan 14
4
13
2312 Mar 12
share $
32
208
.
100
99
378
Jan
No par
26s4
9884
37g
157
per
110
103
Feb
Chain
77g
205g
27
205g
27i2 July
7% preferred
American Chicle
29
77g
2084
75s
2014
94
29
2034
71®
33i2
578
*923g
2034
1312
33l2
14i8
30i2
2,600
8
♦12U
14'g
1.600
49
*784
13i2
7»®
3015
600
68i2
2012
21
345
128
8
*12'8
333g
*122
128
*734
13i2
333g
1,800
4812
92
814
*12i4
7
48
*29
9H2
3414
68i2
69ig
46
128
*122
1,500
6,000
3414
3434
45
334
7U
166
12912 *124
34
~*77®
8U
34
34l2
477g
13H4 13184
132l2 133U
16584 16534
Apr 28
98
No par
(Del)-No par
10
50
Amerada Corp.
1.000
5,000
Preferred
27
75
51
10
12i4 Jan
12i2 Jan
34
397g
*69
1
Mar 25
2i2 Apr 28
1238 Jan
50
5034
27ig
9914
6
7% preferred
39
334
19
Amalgam Leather
39&S
70
July
Cem..No par
Co
1
Alpha Portland
900
300
5034
*69
3
1934May 13
600
1,400
13i4May 22
195
$
1
Feb
118
2
353g Jan 21
3
96
96
Jan
Mar 25
No par
5034
26l2
6
100
5% pref
Allls-Chalmers Mfg
50i2
2234
27g
96
8,600
39
97
9812
19
*44
800
47
5H4
34
14i8
*29i4
1912
2214
27g
46i2
79l2
4084
44
7
455g
*22
39
*122
21
*78iS
36,000
5114
45
913g
*94
IOI4
42
129
"*778
97
10
No par
51
45
*
200i4 202i2
2578
2534
214% prior conv pf..No par
413S
37g
76l2
25l2
Allegheny Steel Co
Alleg & West Ry 6% gtd._100
Allied Chemical & Dye.No par
100
Pref A without warr
51
9812
*75
2,500
300
No par
tAllegheny Corp
9834
28
2012
28i4
2178
334
*20'4
1014
255s
28l4
27g
46U
98
33g
2878
3
27
*3
1,300
50l2
378
3984
36lg
23
99
*36
25
3512
3
2238
31®
48
28is
30
24
36
80
378
3414
1414
2434
473g
983g
*2858
Pref A with $40 warr—100
46
273g
♦326s
*1312
Pref A with $30 warr.._100
200
78i2
4
7i8
6,300
25l2
78i4
99
7
"lb", 500
257g
241g
47l2
275s
13«4
3i4
24
20012 202
201
99
*125s
"3"
3514
28i4
28
26«4
*37g
3
2434
51i2
*122
913s
*91
♦
Co
No par
Albany & Susque RR Co.. 100
A P W Paper
42i2
133l2
13158 133
4612
Alaska Juneau Gold MIn___10
400
share
52i2Jmie 25
per
_
Co..100
Ala & VIcksburg RR
"V, 900
98i2
133
7018
35
per share
42
Mar31
2
1378
$
llU2Mar 18
59
Apr 28
93g Apr 30
2
1003g Jan "
177sJune 9
121
2218 Jan
xl>8 Jan114
73g Jan 2
58
Apr 28
91
*2314
*22l2
24i2
24i2
$
El Appliance.No par
2434
*4612
233g
Air Way
2334
"278
3
23?g
10l2
46 84
164'8 *16418 16478
130
11,000
194
194
2618
7814
49
70
478
Air Reduction Inc new.No par
3U
*3
3i4
978
4734
*48i2
*45
*
4,800
94
'1334
14
251.1
47U
49
*122
*3
1012
78
*48
355s
434
51®
25
48
70
355s
691.J
94
"l378
314
68
6884
247g
79ig
*69
*164
199
IOI4
78l4
7012
13134 13184
1316s 132l2
23ig
199l8 201
2458
2478
10i8
I038
10&8
*69
51
""278
t
14
194
23l2
43
99
*
"I7®
*4212
51
3
434
51®
94
"137s
14lg
358
*2318
3*®
24
24lg
*46J2
98i2
5H2
4134
98
K
194
2478
4734
3
f
203i2
7934
45
*3i4
47g
5ig
94
"l4~
68
68
68i2
105
47
*2212
•
3i2
24l2
103g
1012
47®
{
1414
202i"2
20138 203
243g
24ig
ioi4
47«
194
"3"
3lg
2318
3i2
68
69
95
"l4"
1378
*312
^
2:6838
Year 1935
Lowest
Highest
Lowest
Shares
52
Range for Previous
of 100-share Lots
EXCHANGE
Week
3
$ per share
*50
52
*60
112
11134 U134
64
July
On Basis
YORK STOCK
NEW
the
Friday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
Wednesday
Tuesday
June 29
$ per share
63
New York Stock Record—Continued—Page 2
Monday
June 27
NORFOLK, VA.
RICHMOND, VA.
INDIANAPOLIS
CLEVELAND
MONTREAL
CHICAGO
for
Saturday
Stocks, Bonds, Commodities
for institutions and individuals
LIVINGSTON & COMPANY
142
AND
in
and
leading exchanges
NEW YORK
orders executed
Commission
ABBOTT, PROCTOR & PAINE
73® Jan 25
Jan 28
84
125
15
Jan 28
Mar
4
Jan
Aug
97
Apr
314 Apr
55i2 May
85
Jan
255g July
4
Mar
109
125®
52
Dec
Aug
122U July
109
618
703®
110
Dec
Jan
Jan
Jan
503®
Dec
95®
Dec
New York Stock
64
HIGH
LOW
AND
SALE PRICES—PER
SHARE,
Record—Continued—Page 3
NOT PER CENT
July 4, 1936
Monday
June 27
June 29
$ per share
Tuesday
j
Wednesday
June 30
$ per share
July
8 per share
Thursday
1
July
8 per share
2 '
8 per share
Sales
STOCKS
Range Since Jan. 1
for
Saturday
NEW YORK STOCK
On Basis of 100-share Lots
the
EXCHANGE
Friday
July
3
Week
1278
*ioo*2 10334
*16
16*2
*105
107*2
*106
115
*3714
76*4
40
77*2
*10238 10314
24
2414
18
18
22
2218
28*2
29*4
H4I4 IMI4
*57i8
5734
12234 12234
14
14
29
29
534
534
32*4
32
1234
13
13i2
14
1434
I5i2
1512
I6I4
*100*2 10334 *iooi210334 *IOO*2 10334 *100*2 103
36i2
17ia
16*2
17
1634
1734
163g
17
*105
107i2 *104i2 107*2 107
106
10712 106
*110
115
*106
114i2 *106
11434 *106
11434
*3714
40
*3714
40
*3714
40
*37U
40
7512
7778
75i2
7634
7534
77
7638
78*2
102i8 103
10258 103
103i8 10318
10314 104
24
2334
2418
2358
24
23
2414
2414
1812 2058
19l2
20
1934 2178
20*4
2H4
22
*23
23*2
24l2
2438
24i2
2538 26
2838
2938
28*2
29
2818
28U
28l2
28*4
114
114
*11358 114
11378 114
*113*2 114s4
5714
57l2
*57*8
5778 *57*2
58
5712
57i2
*121
122
122
121
121
121
12278
121
14
14l2 *15*4
1514
1534
17
18*2
1878
28l2 29
2634
28
2714
2714
27*2
283s
*538
534
538
5l2
*514
534
*414
558
8 per share
Shares
32
32
5i8
538
518
3*8
*3*s
3*8
3
29i2
30
32
30
514
5
5*8
5
518
3
3*8
3
3
3
*29*2
3*8
3*8
3834
39
39
39
*37*2
18*4
*2534
40
18*2
*3734
183S
3*8
3*8
39*4
39*4
185S
18
26
2634
26
26
26
44
44
43
44
43
*117
118
5
*15l2
92
16*2
165g
*4312
*117l2 118
16
90
3*8
*17
*tio
TJL 1-6
9134
I
24
1
*90*4
1 A1«
11A1,
24*2
WI.1A1*-
l4l2 ^IXU^
2434
39
39*8
18*4
16*8
17*2
JLJLU*2
Par
110*2 11078
*37
*37
*37
*9334
14*4
*8358
26*2
94*4
14*4
39
94
94*4
14*4
14
*8334
27
26*2
*55
21*8
5538
51
5238
21*8
5512
5038
17*s
1738
17
21
11234
112 i
35
35*2
1534
3512
155g
1584
21* 2
2678
21*4
5512
52
112
80
*78
80
34
35
80
*78
*44*8
*8*s
4478
834
44*2
44*2
8*8
40*2
8*8
'
48
*465g
48
52
*51
52
9
9*4
1234
17*2
121
120
1234
*47*2
51*2
978
2434
25*4
25*4
26*4
26
26
212
*13*4
1638
16*4
10
43g
175s
*17*4
57
97g
2434
*24
253g
5*4
*5*8
*13*4
15*2
1638
1434
*1334
*50
5134
*50
23
75
76
7534
76
*.
3584
135g
5512
1278
39*2
1434
5184
99
*
*54
""71-4
140
1234
6,700
13,000
1,000
Bristol-Myers Co
Brooklyn & Queens Tr.No par
"4-766
1,200
48
51*2
=*47*2
5U2
51*2
*834
1634
16*4
121
120
11
165s
16*2
120
120
2*4
158
10
9
11
17*8
120
2434
934
243s
25
25
2534
25*4
25*2
97g
2434
5
9*2
57*2
1534
4*8
57
55
55
26*2
275g
30*2
3034
1*8
1
87g
36&8
13*4
5578
1234
3934
1334
5134
56
557g
125g
3934
1334
*50
99
175
*136
23
23
227g
23
2338
23*4
64*4
29*4
76
'
7*8
17734
140
*136
1*8
5
5
*133s
14*2
*15
1638
55
55
13*4
13*2
1,600
313g
700
1*4
13
*55*2
12*2
12*2
13
3934
3934
40
1378
137g
100
27*2
35*2
56*4
1,300
1,500
6,600
9
9*4
36*2
*87
88*2
88*2
103
*19*2
20*2
20
*52
68
*52
8834
103
2038
9*4
6,700
3578
13*2
9,200
1
-
-
58
-
1234
172
165*2 1695g
140
138
138
52
7234
74
60
61*8
*1*2
2
*1*2
2
*1*2
2
*1*2
2
*1*2
2
*3*2
35g
35g
35g
*312
37g
*3l2
378
*3*2
2
2*8
2*8
2*8
2
2
*17g
8%
75g
8
2*8
758
2*8
7*2
734
73g
7*2
7*4
5334
5
*4*2
47g
28
28
*20's
20S4
28
*27
3*2
3
8*4
16*2
1634
1638
11578
53
53
28
51*2
134
*434
4i2
2634
1658
51*2
20*2
20
412
28
4*2
For footnotes see page 62.
10,800
27*2
8*4
*20
3,200
7*2
28
358
2
2*8
28
3
5
378
28
134
5
5
27*8
20*4
L»4
15g
178
3*2
3*2
35g
3
278
3
8*4
157g
51*2
184
*434
434
20
'
5U2
2634
8*8
1578
52*4
178
2
*7
*27*2
*158
100
5,200
*134
*8
178
Preferred
7*2
10
8*8
5
100
8*4
10
—100
20
Common
Checker
No par
Cab
5
Chesapeake
Corp
No par
Chesapeake & Ohio
25
J Chic & East 111 Ry Co
100
6%
preferred
—.100
Chicago Great Western... 100
Preferred
300
134
134
700
JChic
338
35g
3,000
3
3
4,100
900
16
16
16
1,700
53
53*4
Milw St P & Pac.No par
Preferred
100
Chicago & North
Western. 100
Preferred
Chicago
100
Pneumat Tool-No par
Conv
53*4
1,200
2
1,400
JChic
434
434
4*2
2,900
47g
2634
*43g
2634
434
458
5*4
5*2
7%
6%
2634
*27*8
27*2
700
20*8
20*4
20*4
20*8
2038
2,300
preferred
No par
Rock Isl & Pacific.. 100
"
4,000
9
Mar 23
19
Mar 24
preferred
preferred
hicago
Yellow Cab
hickasha
Cotton Oil
100
100
No par
10
74
Jan 10
29
92i2 Jan
116
Jan
13*4 Mar
1
Apr
5*4 Apr
10
Mar
1*8 Mar
118s Mar
June 11
375s
Jan 13
178 Feb 10
16
Apr 13
Feb 19
4
97*2 June 10
101V JUly
32
Mar
30*2 Aug
*4 July
212 Mar
7*2 Mar
8*s Sept
50
Apr
85g Oct
30
June
48g Mar
32i2
82*4
Feb
Feb
2
85
Mar
934 Feb 19
7
Dec
4534
83*2
36*2
19i2
16*8
Mar
55
Nov
6
186
June 22
7
142
Apr 22
7834 Apr 15
32*4 Jan 6
3U2 Feb 19
71*4 Feb 18
35*4 Mar 13
57
934
107
Feb 21
Jan 17
Mar
7
58
Apr 14
19*4 Mar 24
8*4June
4
80i2 Feb
4
102*2 June
1
Mar 13
104*4 Mar
22*4
34
Apr
Jan
Apr
Nov
Feb
Mar
6*8 July
96*4 Mar
385g Jan
7
101
19*2May 14
22*4 Jan 2
358 Mar
23
Mar
*21
Apr 29
69i8 Apr 17
43g Mar
59
Jan
2
74i2 Feb
4
36
51
Jan
2
61 *8 July
3
37*8 Mar
1
Apr
78 June
5s Feb
I5g Feb
138May 19
278 Jan 4
1*4 Apr 28
6
2834
8*4
2i2 Mar
334 May
8*4 Mar
4
4
Ind & Loulsv pref.. 100
Chicago Mail Order Co
6
*734
5
28*4 Apr 27
31*8 Feb 4
33*4 Feb 13
Jan
6'4May 22
Mar
*4 Sept
6
Jan
100
fChio
178
5
par
7%
preferred
100
Champ Pap & Fib Co 6% pfl—
178
134
100
Certain-Teed Products.No par
2*8
*8
312
27g
*134
Preferred certificates
Cerro de Pasco Copper.No
378
10
8*2
2
1
100
3,700
*1*2
*3*2
*8
3
5
*is4
Carriers & General Corp
Case (J I) Co
2*466
16,200
Mar
3*4 Mar
23
5
91
Century Ribbon Mills .No par
52
14
5
2
87
100
600
Feb 14
June 17
1578May
114
Apr
53s Mar
358May
8
Central RR of New Jersey.100
20*4
Mar
4584 Jan
800
60
53
Jan 15
18*2 Feb 24
52i2 Apr 18
3,800
210
6558
43*2 Jan 11
24
737g
*53
Carolina Clinch & Ohio Ry.100
Stamped
100
6
24
60*4
,167g
10
Jan
1078 Jan 20
Apr 30
12'4May 8
23*8
57
384
278
*778
1
54
23
93
Mar
37
2338
595g
8*2
167g
25
No par
2134May 22
19
Apr 30
54
May 1
253s Jan 6
35
Apr 28
6f2 Apr 29
97i2May 2
4734 Jan 21
7234
3
100
Canadian Pacific
Celanese Corp of Am..No par
JCelotex Co
No par
5% preferred
100
Central Aguirre Assoc.No par
103*4 103*4
Jan
43
14
Canada Southern
May
56*2 Jan 31
40*4 Apr 2
16*2 Jan 2
5784 Mar 24
103s Apr 30
14
36*2 Mar
90
6
7,000
1,400
10
Jan
303g May
13s Apr
7
6
2234
670
6
Jan
2212
2378
Apr
Jan
15
30
30
58 Jan 2
235g
5984
35S
14*8 Apr 29
2234
73
35s
2
2358
7212
*8
8*4 Jan
23i8
593g
*27g
lli2 Jan 10
2034 Apr 28
25
Apr 27
2f2 Jan 2
5434 Jan 16
73
*158
1
83s Apr 30
No par
59*2
1*8
334
8
Jan 20
Caterpillar Tractor
59
158
Jan
3,300
725g
178
100
85
6
50*2 Mar 25
104
121
Mar
9*8 Jan
75*8
*8
23 *8
12*4 Mar
51i2 Mar
20 *8
13i2May
100
7478
*52
4
Apr
48*2 Mar 11
6
Preferred A
7,200
2
76*4
57
69
30
100
Calumet & Hecla Cons Cop_25
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
5
2,100
166
May 19
75*4
*52
8*2 Apr
24i2 Feb
No par
California Packing....No par
Callahan Zinc-Lead
1
7
*136
z50
4
7634
57
6
Byron Jackson Co
70
*20
*2 June
6478 Mar
2478 Mar 23
65g Mar 20
99
*90
33s Feb 14
1878 Feb 13
25*4 Feb 13
101
89
90
89*s
89*2
*102*4 103*4 *10212 103*4
1934
20
20
197g
197g
28*4 Jan
384 Mar
4
11*2 Jan 30
2
101
88
83*2 Mar
29
*97
103
Mar
258 Jan
99
*23
Dec
21
1612 Apr
,54*8 June
22
Apr
30*4 Apr
101
5934
*158
Jan 17
Jan
38
5
101
73
28
41
90
Jan 15
30*2 June 29
No par
5134
72*4
28
280
23,300
Bush Term Bldg gu pf ctfs.100
*50
59*8
*27*2
Jan 21
Apr 27
li2 Jan 9
l/12*8July 2
43U Apr 30
47i2June 30
45
Copper & Zinc
Byers Co (A M)__
Preferred
Butte
5134
59*4
8*4
4,600
100
Capital Adminis cl A
7134
8*4
*27*2
Burroughs Add Mach__No par
fBush Term
;__No par
200
59
10
No par
No par
*97
140
No par
...
Bullard Co
14*4
67g
2
158 July
*135s
71
*8
1st paid rights
Cannon Mills
7*8
100i2 Apr 13
June 30
2*4
700
7
June 27
39
76*8
88
*52
7% preferred
Rights
40
*50
6
Feb 28
80i8June 12
76*2
2358
103
1934
""SO
4
66
*64
65
*63
65
6434
65
67
68
*63*4
67*2
297g
29*4
29*2 2978
30
30
29*4
2934 30
30*8
30*8
*37
38
3778
36
*36*2
*36
*36
36*2
37
36*2
37
3634
»
8
8*4
*7*2
*7*2
77g
*7*2
8
7*2
7*2
8*8
*7*4
*7*4
*100
103
*100
103
*100*2 103
*100
103
*100
103
*100
103
52
53
5134
5134
53*4
5238
53
5234
52*2
527g
52*2
*52*4
93g
9
9*4
9
9*8
9*8
9*4
9*8
9*8
9*2
9*2
9*8
*102l2 103*4
100
No par
100
Debenture
1734
27*2
*3034
1*8
35*2
99
*9634
*9978 101
7*8
7*8
172*4 174
14
5
preferred
800
9*4
57
4,700
7%
3,000
1
127g
2
Preferred!
25*2
9*8
13*2
300
10
Budd (E G) Mfg
26
1
36
240
No par
Bulova Watch
93g
36
5,500
No par
Budd Wheel
27*2
31*8
Jan
99
26*2 Jan 29
63*8 Mar 7
33s July
109*2 109*2
378
113
4*4 Mar
8*8 Mar
6234 Mar
27,900
*17*2
3
1484 Mar
95g Mar
1658 June
103*4 Jan
28*4 Mar
6*8 Mar
395g July
Mar 23
500
4
June
20*4 Feb 19
215s Feb 11
14*4 Feb 14
2,400
15
78
Feb 28
13
4,900
1734
1434 Apr 28
18i4May 8
10934 Jan 24
19
120*4 Mar 26
48
Apr 6
878 Jan
934
4
3
8i8May 19
24
17*4
Jan
Bucyrua-Erje Co
2638
15
1534
4*8
173s
Apr 30
23
Bruns-Balke-Collender.No par
4,300
9*2
5
16*8 Apr 28
110
Jan
44i2May 11
24
15
Feb
Sept
Brown Shoe Co
26*4
2578
72
Brooklyn Union Gas...No par
934
5
215s Jan 20
June 10
300
2438
*13*2
11*8 Mar
96
7
2
26*2
25*2
15
Oct
Jan
Nov
33i2 Jan
40*4 Jan
9734 Feb
Preferred
25
•'
1738
*55*8
*273g
*30*2
120
2
33
Bklyn Manh Transit-.No par
86 preferred series A.No par
1134
2
14
100*2
4
*24
5
*13
5*4
16*2
IO7-3-4 "Jan
700
9
11*4
Feb
June
578 Mar
400
1138
1634
120
5
'
25*4
15
51*2
9*4
11*2
2
2*8
*47*2
Mar
4i2 Jan
3978
48
101*4 *10038 101*2
48*4
51*2
Mar
Mar
79
6
527g
48
Mar 11
1115sMay29
3878 July 1
32
Mar
5
64
1,300
477g
2
7*2
9*8
36*8
106*4
3*4
4
10
1,900
*51
19
28
16*4 Mar
100
Corp
12*4
51*2
5134
77
Borg-Warner
51
51*2
28
21
114*4 Jan 15
26
Feb
89*8May
255g Jan
47
48
July
1*2
7*2 Apr
5
15
123g
125g
76*2
(The)
5034
100*2
177*2 180
*130
Borden Co
JBotany Cons Mills class A.50
Bridgeport Brass Co...No par
*37
28
2
44
No par
No par
Class B
Boston & Maine
48*4 -.57*2
24
22
8
5
Bon Ami class A.
200
40*4
234 July
67g Feb
334 Apr
54i2 Feb
40*2May
24*4 Feb
34*4 Feb
49i2 Feb
Feb
June
1678 Apr 30
200
4778
734 Mar 18
13*8 Jan
5
2
3934
"7r8
100
100
634
*50
7*2
Preferred
*1*2
123S
100*2
No par
*6*2
*39l2
*1334
*
Blaw-Knox Co
4678
778
*55
1
5% preferred
20
7% preferred
100
Bigelow-Sanf Carp Inc.No par
2
101
Mar
35*2 May
8
634
*37
Mar
5*2 May
6334 Apr
(Del)-No par
*1*2
*36
40*2
48
477g
10178 1017S
4
15
10*8 Jan 15
46*2 Jan 24
4584 Apr 30
new
*6
8*4
126*4 Apr 18
30i8 Feb 14
54*4 Mar 5
3234 Apr
10684 Jan
Beth Steel
8*8
778
Feb 18
1178 Mar
15*g Mar
65s
5134
73
34
2
1/12*8
5034
June 12
2
50
5634
9*4
3512
13*4
5,000
Oct
115
57*4 Apr
4678
4i8
1778
78
| *1334
127g
23*8
233g
16,300
20*2
3134 Apr 15
243s Mar 5
8*8
1638
934
3934
23i8
3038
Mar
1
7
50
1638
78
*3884
14
57
7634
30
Mar
6
35i8 Apr
Jan
46*2
31
140
3038
3
3
Jan 18
48
28
76*2
30*8
90
19i2 Apr
July
27
48
455g
77g
3034
179*4 179*4
130
Apr
Mar
2984 Feb
3534 Mar
665g Mar
20
45
27*8
*130
39*8
658
8
27*8
9*4
3434
13*2
55l2
1258
39*2
5
Bohn Aluminum & Br
88
Feb 28
7*2 Mar
807g
48
Beneficial Indus Loan..No par
Best & Co.
.No par
2,200
45
39*8
6
384 Mar
Apr
70
83
par
Bloomlngdale Brothers.No par
"26
10
35
4758
31
;
3,800
5Us Feb 10
8658 Apr 13
10634june 11
3534 Feb 21
2284 July 3
2034 Mar 19
102
Apr 11
z20
Apr 8
1834May 26
2
45
*3034
1
600
1,400
Aviation
2
June 19
6
1634June 26
110 May 8
85
112
3
8
20
IO934 Apr
118
Jan
Briggs Manufacturing-No par
Briggs & Stratton
No par
*55*8
*267g
7*2
3,000
32
3
Jan
125g
3,1
100*2
17
32
30
18
5134
273g
*""11
"*738
39,300
3
30
50
Beldlng Heminway Co.No
Belgian Nat Rys part pref
Bendix
30
107
51
*2678
99
51
17
900
9
100
Preferred
48
*30*2
9*2
3434
3,800
2i2 July
29*2 Apr
3534 July
1578 Apr
21
Apr
4178 Jan
11214 Apr
1314 Jan
82*4 Jan
14i8 Jan
25
51*4
4*8
*173g
4
12"7O6
57
11134 11134
3378
1534
1,200
Creamery
*1*2
12*2
18
4
*4*8
2*4
2434
5
5*2
16
17*8
*
26*8
21*2
4938
12l2
1234
1234
12*4
1058
12*4
113s
1134
110*4 H0*4 *103
110
10934 *103
*103
109*2
934
1*53
1234
1334
88
938
25*4
9 I35s
Beech-Nut Packing Co
94
1334
*8334
25*4
213g
5634
45
1134
2434
1
800
94
14*8
8558
88
9*4
*24
9*2
Beech Creek RR Co
41
11&8
*24*4
34
100
*37*4
44*2
9*2
*2*4
5
No par
39
88
1134
2*4
100
1st preferred...........100
Beatrice
44
93g
120
preferred
11034 111
*39*8
1134
16*2
120
6 H % conv
1,900
2,200
41
12*8
17*8
2*4
958
57
24*8
86
83g
1134
1634
*110*4 111
*5
30
111
86
*36
40
*36*2
485g 49
48*4
z48*s
102
102*2 102*2 zl02
*47
*16
*44
634
47*2
44*4
778
.-No par
Bayuk Cigars Inc
150
*39
125g
4,*51
*14
20
2
1258
Barker Brothers
Blumenthal & Co pref
Boeing Airplane Co
7434
5034
100
20
76
51*2
50
Preferred
5,100
303g
50
Bangor & Aroostook
80
75
50
.100
21
30
1258
100
Preferred
20*4
76
52*2
200
1534
assented......
Baltimore & Ohio
*77*8
30*4
26*4
*15
30
,.
Pref
100
78
30
1258
600
117*2 118
Preferred—
20*2
30*2
121
3534
Assented
78
39
17
Apr 30
1,800
1,500
20*8
85*2
*834
12*4
Apr
3
234
36*4
Works._lVo par
20*2
44*4
44
*36
40*2
48*2 49
J0238 10238
3
Loco
1,900
*3212
5
Aviat Corp of Del (The) new. 3
17*4
5678
June 26
Baldwin
80
85l2
50*2
29i2June 30
17*8
17
1634
17*4
165g
112
112*4 112*4 *111
35
39
12*2
No par
Prior A
237s
51
44
50
538June 30
*11U12
49*2
50
39i2
*50
No par
17*2
26*2
*1*2
Austin Nichols
I1U12
2158
Jan 17
14
2334
2378
11034 1107g
213g
56*2
2
2658June
Barnsdall Oil Co..
2534
*6
..100 zll2"
J.lUi2
56*2
5078
Jan
No par
7,500
94
48
No par
163g
39
2
Atlas Tack Corp
Auburn Automobile
92
2134
4434
85*4
6*4
Preferred
16
26*4
2*2
1234
No par
91*4
21*2
*56
56*2
39*2
30*8
74*4
6*4
*1*2
1212
503g
Atlas Powder
1638
255g
2634
2138
44
678
100
ser A
91
14*8
855s
40
2
4% conv pref
25
16*4
17*4
94*4
*39
7478
Atlantic Refining
91
94
*8538
30*4
737g
100
Jan
10,700
43
21*4
85*4
Preferred
59
9O84 Jan 2
2158 Apr 24
11
Apr 22
13i2 Apr 24
2658June 4
11238May 22
17,300
42*2
14*8
*8334
17
*78
100
5i8
*41*2
-Hi-
June 16
3
278
2*2
36*4
43
20*2
2
5
140
100
21*2
7334
*6*4
*29i2
700
1,700
213g
30
534
32
8,000
21*2
44*4
8934
44
*5i2
18*4
14*4
51
35
600
2534
15*2
100
*113U H3i2
*5734
58U
*12H8 12412
3534
*15*2
Preferred
4,500
60
May 13
18
May 21
Atch Topeka & Santa Fe._100
22*8 Feb 27
108
36
2838
800
3
Jan 20
125s Apr 30
25
28i8
6,500
8*8 Jan
95
Feb 21
At G & W I SS Lines. _No par
18i2
% per share
June 19
1,600
28
$ per share
98
2,820
28
8 per share
103
27
*18
Lowest
100
2234
300
Highest
-.100
011
27
18
42l2
6% 1st preferred
7% 2d preferred
Atlantic Coast Line RR
2534
118
1
2,400
183g
118
100
2334
26*2
94*4
____
112*4 112*2
35l2
11,400
1,700
105
No par
.
2314
2138
2558
38
*37*4
937g
Zl4*8
*8334
17
77
*104
Corp
Preferred
Associated Dry Goods
Associated
26
2358 24
1107g 1107s
3834
3878
39
50*s
40
1584
1534
1534
155s
1534
15*2
15*2
15&8
20
20
*18*s
*18*8
20
*18*8 20
*18*8
*18*8
20
111*2 1H34 *11U2 11134 *111*2 11134 *111*2 11134 *111*2 11134
20
*111*2 112
*78
*14*8
U 17*4
*110
'*1858
*9334
*833g
263S
21*4
5578
....
400
115
*37U
76i4
Art loom
-
Tiiui2
*2334
24*2
11078 11078
39
*106
,
110*2 110*2
10
5,700
38*8
*117*2 118
155g
155g
93
93
*91*4
16*2
16*8
16*4
17*2
17*2 117*2
11 rv 1
258
5,800
*16&8
17
*10334 106
36*4
*3534
18*8
41
*117*2 118
16
*1558
9184
1678
17*2
163g
17*2
,
175g
_
2484
16
*155g
39
*38*2
18*8
*258
38*2
*3734
3
15*8
100i2 100i2
5*8
27g
25g
18*4
26*2
*43
3*4
32
1534
Year 1935
Loioest
.
1258
Range for Previous
Jan
2
May 12
253sMay 13
U2 Apr 30
2?s Apr 27
212 Apr 29
6S4May 1
3*4 Jan 13
6*4 Jan 15
25„ Feb 5
838June27
12
Jan 31
3138
Jan
1
Mar
Mar
6
19*8 June
278 Feb 11
*4 Mar
578 Feb 11
478 Feb 21
84 Mar
13g June
358 July
12i2 Apr 30
12*8 Feb 21
20*2 Jan 2
4034May
4
56
Feb
6
Apr 23
Apr 24
Apr 28
•3
Feb
8
84 July
Jan 11
l&s Mar
1*4 July
9*4 July
1*2
3*2
314
I934
20
Jan
2
June 12
8
77s
Jan 10
3l»4 Apr
1
30*4
6
Jan
45s Mar
20
25
Mar
Sept
Highest
New York Stock Record—Continued—Page 4
Volume 142
AND LOW
SALE PRICES—PER
NOT PER CENT
SHARE,
STOCKS
NEW YORK STOCK
EXCHANGE
JUT
Monday
June 27
June 29
June 30
$ per share
$ per share
$ per share
8%
8%
8%
28%
*28% 30%
107% 109%
17%
17%
*79
79%
6%
*30%
*75%
Wednesday
July
8
*6
31
30
*110
111%
17%
30%
*75%
111
*110
*28%
17%
79%
6%
79
6%
30
32
34%
3584
*86
17%,
79
79
6%
*79%
6
29%
*75%
*75%
Ill
33%
34%
*86
*110
33%
33%
31
5
30
31
30
30
26
25%
25%
24
23
23
104
*94%
46
4584
19%
104%
70
33%
19%
12%
*20%
26%
*21%
8
8
8%
26%
8
8%
*60
68%
68%
69
*80
81
79%
80%
79%
5%
17%
35%
*75
*79% 100
*5%
5%
17%
17%
5%
17
35%
34%
5
5
13%
*105%
*7%
*%
*2%
5
13%
%
%
2%
2%
%
2%
8
*15
18%
19%
14%
1%
*75%
76%
*18%
1534
18%' 18%
14%
*7
*18%
12%
21
15
21
*21%
8%
*75
5
16%
80%
ioo
7%
%
*2%
7%
*15
18%
14%
7%
%
2%
15%
18%
14%
1%
1%
1%
75%
75%
77
17%
76%
17%
76%
77%
18%
40%
75%
76%
17%
75%
18
40%
40%
40
2%
30%
2%
31%
29%
60%
79%
41%
2%
31%
31
2%
31%
30%
30%
30
30
*29
59
59
*59%
60
60
*40
2%
29%
400
110
18
40%
2%
30%
28
60
26
2%
30%
28%
61%
79%
0
5%
18
12%
%
2%
15
19
14%
1%
*75
75%
18%
*39%
2%
30
27%
62
5
5%
5%
5%
5%
5%
5%
5%
14%
14%
14%
14%
*32
14%
15%
14%
%
%
%
*32
%
*61
69
*58
65
*61
*41
47%
*41
*42
*8%
47%
54%
9%
78
79
54
*8%
54
54
9%
79%
30%
21%
40%
79%
30
54
5%
316
5%
15%
r*32
6
15
18%
*75
76%
40
18%
z30
28%
62
62%
76%
•
6%
15%
532
47%
*40
47%
58
58
*8%
72%
30%
75
8%
*%
*1%
*5%
*14
32
*13
1
*8g
1%
5%
*1%
5%
13%
14%
*114
115
*114
32
14%
115
*13
20
6
6
170
170
*
32%
*6%
35%
163%
32%
8
35%
13
13%
6
6
15%
67
"32%
*7
35%
*112
*112
72
6
169
*
.
13%
*5%
15%
20
14
*%
*1%
1
5
1%
5%
13%
*31%
14%
*%
*1%
32%
*13
1
146% 147% 147% 149
*129% 129% *129% 129%
*112% 113% 113% 113%
*13
*31%
5
1%
13%
13%
*114
148
*5
*13%
1%
5
14
115
149
151
*13%
*114
32%
*32%
33
16%
17
17
1
1%
I5
13%
115
149% 151%
12934 129%
*%
*1%
*5
*13%
*114
149
1%
5%
13%
115
152%
129% 129%
12934 129%
114
115
114
114
*114
115
*114
115
♦13
20
*13
20
*13
20
♦13
20
8
*7
8
35
36
*112
13%
6%
15%
73%
68
13
_
13%
*
51->
5%
5%
5%
5%
5%
170
170% 170
170% 170% 170
*
162%
159% 159%
162%
32%
32%
"32% 32% "32% 32%
8
8
8%
7%
8%
*7%
35%
36
35
35%
35%
35%
*112
115
115
113% 113% *112
13%
12%
13%
12%
13% 13%
6
6
6
6
6
6
15%
15%
15%
16%
74%
74
76
77
16%
77%
16%
79%
68%
67%
16%
77%
70%
15%
73%
67%
69%
71%
71
72%
6
6
102
June 30
13
102%May 19
39*2 Apr 30
107% Jan
8% Jan
3% Mar 16
24
112
Jan 15
July
1
May 20
42%May26
14
Jan
90% Jan
80*4 Jan
6
44
Jan
9
110
Jan
8
55
Jan
9
110!% Jan
9
Jan 10
14i4June 26
214 Apr 30
59% Apr 28
97
7
72% Nov
53% Apr
15% June
93
Jan
9
Mar
Mar
Feb
Feb
Jan
May
100
Preferred
19
May 19
.No par
8
100
...
Preferred
No par
Consol RR of Cuba pref
100
{Consolidated Textile
No par
Consol Coal Co (Del) v t c.25
5% preferred v t e
100
Container Corp of Amerlca.20
3
6 534 June
72%
73i2
4%
15%
27%
102
24
Jan 27
Feb 13
Apr 30
Apr 30
Apr 30
Jan
3
3% Apr 28
Ills Apr 30
101
Jan
6
678 Jan
2
5
3gMay
2
June 18
12%June 18
15%May 14
10% Jan 6
1% Jan 2
67% Jan 3
67i2May 7
17%June 30
2.50
35% Apr 30
2% Apr 30
28i8June 6
27% July 2
5514 Apr 30
*68% Jan 3
162
Jan 14
Continental Insurance
880
Corn Exch Bank Trust Co.20
10,900
Corn Products Refining....25
Preferred
100
200
No par
8,800 Coty Inc
No par
1,000 Cream of Wheat ctfs.
5,500 Crosley Radio Corp...No par
No par
8,000 Crown Cork & Seal
52.70 preferred
No par
10 Cr W'mette Pap 1st pf.No par
2,800
2,100 Crown Zellerbaoh
c.No par
v t
0
3,600 Crucible Steel of America.. 100
200
300
100
Preferred
Cuba Co (The)
No par
310 Cuba RR 6% pref.
100
4,500 Cuban-American Sugar
10
390
100
Preferred
300 Cudahy Packing.—.—50
2,100 Curtis Pub Co (The).
No par
Preferred
No par
2,000
84,600 Curtiss-Wright
—1
...
...........1
Class A&
Rights
Cushman's Sons 7%
10
1,600
8%
preferred.
pref..100
.No par
Cutler-Hammer Inc..-No par
Davega Stores Corp.—
5
No par
7,100 Deere & Co—
Preferred
.—20
1,100
2,300 Deisel-Wemmer-Gllb Corp. 10
100
4,700 Delaware A Hudson.
5,500 Delaware Lack A Western..50
100
100
Denv A Rio Gr West pref .100
Detroit Edison
.100
1,000
100
No par
200
Dominion Stores Ltd
No par
No par
23,200
Douglas Alrcr Co Ino
No par
Jan
Oct
56% Feb
110% Dec
97% July
16% Oct
•4 Mar
9
Feb
Jan 15
62
Mar
69
Nov
82
Feb
72%
3%
14%
15%
72%
1%
6%
100%
2%
Oct
May
May
80
Mar
7% Feb 13
20% Feb 13
38% Feb 17
108%JunelO
6% Feb 10
15% Mar 6
106% June 30
11% Feb
1% Jan 16
4% Apr 18
20% Apr 17
26% Mar 9
19% Mar 3
234 Feb 21
7784 Jan 11
87% Jan 13
24% Mar 5
46
Feb 11
4
Feb
38 Aug
1% Nov
Deo
23% Deo
11% Dee
17g Dec
22
4% Mar
% Apr
Jan
69
Jan
7
Jan
99% Nov
20% Dee
44% Dec
28% Mar
Mar 20
34
Jan
15% Mar
35
Jan 14
41% Mar
69«4 Deo
78% July
69
82% June 18
168% Apr 15
41
115
Feb 18
Mar
2% Feb
18% Feb
14% Mar
102
Mar
6
4
4
9
6
IO484 July
60
Oct
148%
4%
35%
11%
23%
43%
74%
3%
Oct
Mar
Jan
Sept
Mar
Jan
Mar
Mar
14
Mar
47% Apr
1
Jan
5
Jan
5% July
40% Jan
37
Dec
15
Mar
89% Mar
2
Mar
6% Mar
"73"
Mar
70% Jan 27
65
Jan 21
165
May
7% Deo
39% Mar
19% Deo
48% Nov
48
Nov
100
Deq
9% Deo
38
Deo
105% Deo
2% Deo
14
Deo
8% May
80% May
47% Jan
24% Nov
105% June
4% Dee
12% Deo
*95
Nov
June
75
Nov
Mar
47
Deo
984 Mar
89% Apr
6
6
6
June
7
2284 Mar
7% Apr 27
62
Jan
27
Jan
2
31
Feb
7
19
19% Apr
3634 Jan
14% Apr
4% Jan
128 May
28
20
30
4
26
Mar
6
18% Dec
23% Mar
52
Feb 20
23% Feb 20
9% Feb 7
153
10
Jan
11
Mar
10% Deo
58% Nov
28
Sept
24% Deo
43% Jan
19% Jan
Feb
5
Deo
Feb 17
65
Mar
130
Deo
3
2
Aug
6
Jan
Oct
19
Deo
Jan
21% Jan 31
58
33%May
2
Apr 8
40% Jan 25
38
8
42
1%
5%
35%/Aug
50%
Jan
41
6
26%
34%
Jan
Mar
Jan
18% Apr 30
1934june 25
41% Jan 2
734 Apr 28
50% Jan 6
34% Jan
2
33
Dec
41% May
38% Deo
61%June 4
11% Jan 23
75% Jan 30
34% Jan
6% May
17% Mar
44% Dee
12% Jan
29
37
32
Jan
Jan
6
114
Feb
Apr 30
Feb
6% non-voting deb
100 129
140 Duquesne Light 1st pref
100 xl 11% June
18
Mar
Durham Hosiery Mills pf.100
5
6% July
2,000 Eastern Rolling Mills—
Apr
1,400 Eastman Kodak (N J) .No par 156
20
Jan
6% cum preferred..
..100 158
28% Jaii
1,600 Eaton Mfg Co
-No par
534 Apr
1,300 Eitingon Schlld
No par
30>4 Apr
9,100 Elec Auto-Lite (The)—
5
50
Preferred
100 110% Jan
10
—3
15,800 Electric Boat.
Apr
2,100 Elec A Mus Ind Am shares.
5>4 Apr
70,900 Electric Power A Light .No par
6% Jan
57 preferred........No par
11,300
'3234 Jan
700
.......
I
Deo
16
133
No par
2% Nov
38% Feb 11
46
Apr 8
61
100
©referred.™
Deo
6
Du P de Nemours(E I)&Co.20
56
6% Deo
46%
6284
21
29% Jan
8
7
12
3
Jan 15
8% Mar 9
18% Jan 17
115% Jan 31
153
Apr 8
133% Apr
115% Feb 14
11
25
1
28
172
June 24
27
166
Mar 13
6
28
27
23
30
29
2
2
37
2
Jan 13
97S Feb 11
Apr 6
9% Jan 30
44% Feb 19
114
Nov
June 19
% June
% June
6,800
Jan
22% Feb
3484 Nov
105% Nov
12% Deo
101% Dec
8% Deo
1% Jan 15
No par
7%
Jan
Feb
Mar
Mar
Dec
Jan
%May 20
1% Jan 6
5
May 1
1334 June 29
Preferred
74
July
Mar 25
100
—100
Duplan Silk...
21% Nov
Mar 24
1,300
20
Oct
Jan
Nov
Oct
6% Mar
200
3
Deo
13% Mar
9,800
23%
11
Mar 26
1
105
71
18% Mar 26
Preferred
Oct
4584 Nov
5% Jan 10
Dunhill International
Deo
58
Mar
Convertible class B—No par
100
83
119% Aug
72
Aug
115% Jan
27
Dresser(SR)Mfg conv ANo par
300
Deo
29% Jan
5% Mar
100
Duluth S S A Atlantic
50
15% Oct
90% Dee
Mar
Jan 10
Dome Mines Ltd...
Mar
Deo
78
36%May 17
43% Jan 6
42
Dixie-Vortex Co
Dec
Mar
21
17% Deo
101% Nov
49% Deo
85
90
5% non-cum preferred—100
Devoe A Raynolds A...No par
No par
Dec
Mar
Jan
Deo
85
21% Mar 9
%June 16
June 12
Participating preferred...25
Distil COrp-Seagr's Ltd No par
Jan
5%
29
22% Deo
58% Sept
11% Nov
6
8
13
Diamond Match
Dec
Mar
May 28
60
50
Nov
Jan 15
4
200
7,500
4
107% Deo
7
44% Jan 14
24% Apr 13
3
9% Mar 11
10% Jan
%June
Dee
24
19
24
15
28
3
4
4
28
Apr 30
95% Apr 29
1% Jan 2
10% Apr 28
6% Jan 7
63% Jan 7
35%May 26
16% June 4
99% Mar 13
Deo
58% Deo
21
33% Jan 3
13% Jan 22
3734June
28%June
6334 Apr
47% Apr
105% July
10% Ma1"
Jan 27
May
49
Mar 27
7%May
Oct
52% Deo
14% Nov
6
15% Mar 16
43% Jan 7
45%June 4
102
Feb 17
7% Mar
Ry Co—100
900
5,200
35
82
1
July
12
Apr 29
Det A Mackinac
20
4
31
39%
26
26
21
17
87
Deo
6684 Mar .109
684 Jan
978 Nov
110
_
Aug
48% Dec
126
7
12% Feb 27
44% Jan
2534 Mar
20
Jan 10
July
32% June
June
64%June
July
82%May
116% June
114%June
24% Feb
5% Feb
89
Dec
101
May
6% Nov
27% Dec
Aug
6% Mar
117
100.
July
% Mar
Apr
z45% Jan 22
61% Jan"
21% Apr
Deo
24% May
20
5
Mar
Dee
Nov
93%
80
10«4
Jan
36% Feb
37% Mar
2H2 Jan
1918 Jan
9
26
110
93s Feb
49
May
June 17
67%June 5
20% Jan 6
106% Feb 28
51% Feb 3
26
10
Preferred..
Consolidated Cigar
For footnotes see page 62,
Jan 31
84
55% Jan 16
16
No par
1
129% 129%
¥%
67
*%
1%
115
6
5%
*168% 170
*
163%
162%
32%
"32% 32%
67%
*31%
15%
5%
115
6
72
1
149%
171
15%
72%
32%
15%
87 May 8
70% Feb 7
127% Feb 26
.100
Connecticut Ry A Ltg
Preferred....
30,100
*16 301,300
.
32%
15%
par
No par
Conde Nast Pub Ino
No par
16%
56
'
par
Consol Oil Corp
1,700
30%
28
Jan 15
-...1
6,600 Continental Motors..
5
7,200 Continental Oil of Del—
2,100 Continental Steel Corp .No par
2%
2%
*40
8%
par
par
4,200
1,000 Continental Bak CI A..No par
Class B__
No par
2,500
Preferred...
100
1,000
20
6,500 Continental Can Inc
2,900 Continental Diamond Fibre..5
76
76%
18%
55
76%
30%
22%
No par
Consol Ed Co of N Y__No par
55 preferred
.No par
Consol Laundries Corp
.5
250
1%
42
*8%
Conv preferred.
47,100
14%
54
73
v t o
Prior preferred
100
Prior pref ex-warrants. .100
1
Consol Film Indus
68
8%
Columbian Carbon
1,200
47,800
1,500
3,600
19
14%
1%
.
♦13
130
15
30%
30%
30%
29% 30
30%
30% 30%
22
21%
22%
22%
22%
22%
22%
22% 22% *22
40
40
40%
40%
39% 40%
40%
39% 40
39% 40
16
16
16%
16%
16%
16%
16%
16%
16% 16%
16%
16%
*5%
6%
*6%
6%
*6%
684
*5%
6%
*5%
6%
6%
6%
*141% 145
*143% 145
*141% 145
*141% 141% *140% 145
*140% 145
7%
7%
*384
7%
*3%
4%
7%
*3%
*3%
7%
*3%
*334
*12
14
13%
13%
13% *12
13% *12
13% *12
13% *12
54
55
53%
54%
*49% 50%
50% 50%
52%
54%
*50% 53%
35
35
*34% 35% *35
34%
34% 34%
3584
34% 34%
35%
*41
*41
42
42
41% 41% *40
41*4
41%
4184
41% *41
21
21
20%
21%
20% 20%
20% 21
20% 21
21% 22%
*
*16
19%
19%
19%
19%
*17%
19%
19%
*17%
19% *17%
55
55
ic55~ 56
55%
55%
67%
58
54%
543s 54%
55%
8%
*8%
8%
8%
8%
*8%
8%
8%
*8%
8%
8%
*8%
58
60
57%
58%
58%
62%
62%
61% 62%
57% 62%
56%
*31%
300
500
*61
77
...100
Apr 28
Dec
July
June
700
68
*8%
4% 1st preferred
4% 2d preferred
100
Feb 26
48
80
"27%
99
2,600
*61
76
Colorado A Southern..
par
100
82
124
Oct
June
%
42
9%
78%
Preferred
2
12
6684 Sept
3% Apr
12% May
106
2%
68
56
No par
{Colorado Fuel A Iron.No
Mar
Mar
40%
48%
3%
35%
7%
5%
16%
%2
Colonial Beacon Oil
46
31
31
1,900
-
16
,—No par
..100
Preferred
800
*61
67%
47%
54%
*8%
77%
%
~
Collins A Alkman
18
11034 Feb 14
Feb
7
680
5
79
79
x74%
8034
81
81%
79%
77%
*161
*160
165
*161
165
166
164
164
*160% 165
xl63% 163%
4
4
4
4%
4%
4%
4%
4%
4%
4%
4%
4%
*36% 36%
36% 36% *36% 36% *36% 36%
36% 36%
36% 36%
27
26
27%
27%
26%
26%
27%
26% 27%
27%
26% 27%
59
61
60
60
59%
60
603s
59% 61%
59%
59% 60%
45%
45% 45%
45% 45%
45%
45% 45%
45% 45%
45% 45%
'V
*100% 108% *100% 105% *103% 105% *105
105% 105%
*105%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
35
36
36
36
37
35%
34%
35%
37%
35% 36%
37%
*106
108
105
*105
102
*106
108
108
104% 104% *102
102
1%
*1%
1%
*1%
1%
1%
1%
1%
1%
1%
1%
*1%
11
13
11%
*11%
*11%
13
*11%
11%
11%
12%
11%
11%
10
10
10%
10%
9%
10%
10%
10% 10%
10%
10%
10%
93
*93
93
92
95
92%
92%
*92%
94
92%
*92% 94%
36%
*36%
36%
*36%
37%
36%
*36% 37%
.36% 36%
*36% 37%
17%
17%
17%
17%
17%
17%
17%
17% 17%
17%
17%
17%
104
104
104
104
103% 103%
103% 104% 104
104%
104% 104
-
No par
Feb 10
24
9
36
220
40
28%
62%
79%
Class A
90
107% Jan
33% July
13
14
19
6
$ per share
3% Mar
134
%
2%
30%
Coca-Cola Co (The)..-No par
Colgate-Palmolive-Peet No par
6% prelerred
.100
Jan 21
Jan
Jan
Jan
Jan 21
H484 July
19% Feb
86% Feb
7% Mar
46% Mar
97 May
$ per share
Jan
100
7%
40
Cluett Peabody A Co. .No par
Preferred
;.
....100
8512
15%
72%
484
2334
Mar 25
Jan
*2%
8
Clev Graph Bronze Co (The). 1
Cleveland A Pittsburgh
60
Congoleum-Nalrn Inc. .No par
100 Congress Cigar
No par
17%
37%
107% 107%
5%
5%
13
12%
%
2%
15%
19%
14%
1%
76%
77%
18%
C C C & St Louis pref
100
Clev El Ilium Co pref ..No par
35
Jan
16
200
*106
*7%
.No par
2,200
17%
13
Equipment
5
25
94
•
36
107% 107%
5%
5%
Clark
100
400
*75
36%
No par
Preferred...........
City Stores
:
$4.25conv pf ser of *35No
1,900
17,300 Commercial Solvents_.No
No
38,000 Commonw'lth A Sou
56 preferred series...No
3,200
8%
70
36%
.6
City Ice A Fuel
5 per share
1134 Jan 24
5 pet share
7
Jan
1,600 Col Pict Corp v t c
No par
300
52.75 conv pref
No par
35,200 Columbia Gas & Eleo__ ATo par
Preferred series A__
100
1,300
50
5% preferred..........100
10
16,300 Commercial Credit..
SH% preferred
.100
2,700
11,700 Comm'l Invest Trust..No par
81
100
,25
Highest
100
10
*80%
*75
Par
mNo par
*
Lowest
No par
20
600
26
*22%
8%
8%
*106
1%
2%
31%
29
*66
*5
106
106
%
2%
15%
18%
14%
41
30%
70
*17
1%
78
430
81
5%
75%
76%
77
19
1,800
80%
17%
35%
36%
107% 107%
5%
5%
13
12%
1%
75%
12,840
5
26%
69
69
69
*80%
13%
%
60
124% 124% 124% 125
35
*34%
35%
*34% 35
46
46%
*45%
46% *45%
20
19%
20%
19% 20
104% 103% 103%
104% *103
96
96
95%
*95% 96
64
64
64%
64%
64%
116
116%
117
116% 117
74%
75%
75%
75%
76%
117
*112% 114%
116% *114
114
114
114
113
114%
15
15
15%
14%
15%
3%
3%
3%
3%
3%
72%
72%
71%
71% 72%
7
7
*7
7%
7%
34
34
34
34%
34%
19
18%
18%
*18% 18%
13
14
13
13%
13%
8
5
7%
700
4,600
23
70
17%
2%
15%
18%
*14%
100
27
33%
106% 106%
8
2,700
12,900
4%
2684
*20
3%
35%
13
900
...
5%
26%
*23
116%
74%
116%
112%
14%
107% 107%
5%
*5%
13%
15
1%
5
13%
*105%
*7%
14%
14%
107
107
*106% 107%
5
17
26%
29%
23
64%
8%
34%
......
27
*95
80%
79%
*75
600
*86
-
*20
103%
69
*67%
80%
200
110% 110%
35
*33%
*23
19
21
*20%
1,700
*75%
23
46
95
*7%
33%
*18%
12%
30
26
34%
19%
103% 104
*68
400
*19
63%
14%
3%
6%
123% 123%
46
95
-
200
*23%
19
95
-
1,200
30
34%
-
17%
79%
*6%
.......
*33
*5
27«4
26
113
35%
5
5
27
19%
17%
79
52
51%
52% 52%
53%
*127% 128
*127% 128
128
99% 99%
98% 99%
100%
57%
*56%
67%
57%
*56%
13
13%
13
13%
13%
104
104% 104%
103% 104
45
45%
45%
45% 45%
110
110
110
*109% 110
26
25%
25%
25% 25%
5
123% 123% ♦121% 124%
33% 34%
34% 35
115% 115%
8
33%
27%
45%
Shares
Year 1935
Lots
Highest
Lowest
8
1,400 Chllds Co
10 Chile Copper Co
*28% 31%
112% 11434 123,000 Chrysler Corp..
*28% 31%
111% 112%
17%
17%
79% 79%
*5%
6%
30% 30%
*75%
*110
-
5
63% 64%
63%
115% 115% 116% 116%
74%
75%
74% 75%
116%
116% 116% *116
113
113
113
113%
15
1434
14% 15%
3%
3%
3%
3%
71
71
69%
70%
*7
7%
7%
7%
33% 33%
33% 33%
*18%
19% *18% 19%
12
12
12
12%
3%
-
*23
*25%
26%
26%
122% 122%
*34%
35%
*45% 4584
19%
19%
*10334 104
*94%
95
63%
63%
11434 115
74%
75%
14%
•
26%
*30
$ per share
On Basis of 100-share
Week
2
--
-
5%
27%
31%
26%
*23
113
8%
31%
113%
17%
79%
6%
30%
the
Friday
3
July
$ per share
8
8%
*86
•
5%
26%
31
Thursday
July
*86
*86
52% 52% *52% 54% *53%
52%
*126% 128
*126% 128
*126%
*126% 132
99
09
99
98% 98%
98% 98%
*57
*57
57
*57
57
57%
57%
13
13
13%
13%
13%
13%
13%
*103% 104% *103% 104% *103% 104% 104
45
44%
45%
46%
45% 46
45%
110
109% 109% 110
*109%
*109% 110
23
23
22% 22%
24%
22% 22%
52%
5%
26s4
1
$ per share
8%
*8%
*28% 31%
111% 114
8%
28%
109% 11284
*17% 17%
6%
*108% 111
*34%
Tuesday
Range for Previous
Range Since Jan. 1
Sales
fhr
HIGH
Saturday
65
Feb
6
17% Feb
4
7% Feb 21
1684 June 10
79% July 3
72% July 3
2
June
1284 May
103
Mar
58% Deo
Nov
17% Deo
1
Deo
1% Deo
8% Deo
19
Aug
116
Nov
86% Mar
126% Feb
146% Nov
132
Oct
104
Feb
115
Aug
12
Nov
27% Dec
384 Mar
110% Jan
172% Nov
141
164
Jan
16% Jan
3% Mar
19% June
107
Jan
3% Mar
5% Sept
1% Mar
3
Mar
2% Mar
8
Jan
July
30% Oct
8% Nov
38% Oct
113% Sept
14% Deo
8% Feb
7% Aug
34% Deo
313* Deo
New York Stock Record—Continued—Page 5
66
HIGH AND
SALE PRICES—PER
LOW
SHARE,
NOT PER
for
June 30
Friday
July
3
$ per share
S per share
$ per share
$ per share
Shares
June 27
June 29
$ per share
$ per share
*60
44%
34
2
67
11314 113*4
*14
15
*76
8134
*82
85
*89
9338
6
6
12%
*19*2
125s
20&8
13*2
*12*4
*70
...
44
4384 44*4
4334 44*4
*63
84
84
58
58
158
15g
2
I84
1S4
*60
67
*59
64
*60*8 67
H384 *113*2 11334
113*4 113*4 *113
1434
1434
1484 1478
1458 1458
82
82
82
84
82
82*2
87
86
88
87
88*2 89*2
95
95
933s 95
95*8
97
6
6
6
6
57s
578
13
13
1238
125s
1284
1234
44*8
*68
*1*2
20
20
13
13*2
19*4
*1258
*70
*70
7
14*4
2778
7*4
3
*234
3
12
12
*11*2
50
508s
*13*2
27*4
6%
*234
14
27l4
*13*2
27*4
7*4
*13*4
27*4
: 7
/
*234
11*2
12*2
50«4
50
Range Since Jan. 1
STOCK
4958
19*4
1238
19*4
13
....
7*8
284
11*4
4834
3
1U2
497s
13
1,900
Elec Storage Battery.-No par
100
t Elk Horn Coal Corp. No par
6% part preferred
50
43%June 25
% Jan 2
1% Jan 4
55*4 Jan
1% Feb
37g Feb
7
6
300
100
Endicott-Johnson Corp.
62
June 19
69
7
100 £ll2%June 17
1
7% Jan 3
No par
45% Jan 14
48
Jan 6
No par
114
62
62
11384 11384
1478
1478
86
*84
95
*90
584
12*2
19*2
12%
534
12%
1984
1234
584
12%
*1934
*1234
11*4
49*2
7*2
2%
11*4
48*8
278
11*4
48*2
Engineers Public Serv
Equlpable Office Bldg.No pat
1,600
94%
57g
12%
20
13
13*2
26
784
Erie
7%
*234
*11*4
4834
$5 conv preferred
$5H preferred
...
$6 preferred.
No par
100
-
600
Firt
900
Second
*70
13*4
2484
5% Prel
.60
1,100
87
94
160
..
3,200
1,100
1,300
1,100
80
....
preferred
preferred...
100
..100
..60
68
Jan 10
12
Jan
23*8 July 2
4% Jan 3
2%June 3
8*2 Apr 29
3484 Jan 7
5,500
200
3
Exchange Buffet Corp -No par
Fairbanks Co
110
12
4834
5
25
..100
Preferred
2,700
Fairbanks Morse & Co.No par
100
6% conv preferred..
100
Fajardo Sug Co of
0 Rico. 20
70
*40
42
*40
41
40
40
*38
41
100
Federal Min & Smelt Co... 100
*80
90
89
*85
90
*84
89
*84
90
*84
90
100
9*4
384
334
30*2
♦9
93*2
9*4
334
36s
30*8
*42
43
98s
9
3%
*3*2
30
4*8
30*2
3%
30*8
£42%
43*4
43
384
334
*24
*25*4
*11058
*28%
*105
47*2
*27
*6*2
*32
89
----
25*4
*lir
*11058
4
114
2878
678
2834 287g
105*8 105*8
47*4 47%
*27
287g
34
£32%
*32
4734
6*4
32*4
255g
255s
*111
114
29
29
10478 105
*27
&
34
4*8
31
42*2
47*2
*6*8
*32
*8%
*3%
9
384
4212
3038
43*2
25*4
29
29*8
105*8 105*8
48
.48
*27
2878
6*2
6*2
29*8
10538
*8*2
*3*2.
334
3034
9*4
384
48
287g
4
3I84
4134
*26%
*112
£28*2
105
4784
*27
6'
6%
33
34
9*4
384
*884
3%
4%
4
33
42
114"
32%
*41%
*26%
28%
105
48
28%
47%
*27
6*4
33
6%
*3384
*105
114
*105
1093g *105
1093s *10378 114
109*8 *105
28
26
27
255g 2684
25*2 2584
2684
25*2 26*4
26*8
*93
97
*93
97
97
9584 9584
*93*4
96
*95%
33
333s
33*4 33*4
33*4
3388 *33
3234 3284
33%
32%
*105
*58
64
64
*58
*58
27*4 28*s
283s 29
26*8
*121
*12134 124
*122*4 124
60
*60*4 61*2
60*4 60*4
*37
*37*4 40
*37*4 40
*5
,5
*434
5*8
5*4
13
13
13
*1284 14*4
*10
10
978
10*8
10*4
*100*2 106
*100*2 103
*100*2
48*2 48*2
48*4
48*2
48*4
24
24l4
23i2 2384
225g
1138
1138
1178
1178
11*2
*140
1495s 1495s 14984 *147
8
8
8
iv; 8
77g
10*2 10*2
105s
105g
105s
22
*20*8 24
22*4 .22*4
91
*88
88
*85*2 90
58
58
*57
57
59*4
*141
146*2 *141
146l2 *141
38*8 3838
3778
37*2
415s 42
4138 4178
41*8
*34
2*8
4984
2
*36
2
35*2
2*8
36*2
*35
35*2
*35
4984
2
35*2
*35
64
28*2
124
63
26%
Federal Motor Truck--No par
600
Federal Screw Works ..No par
4%
32%
42%
18,200
Federal Waiter Serv A.-No par
3,100
1,700
50
...
2~66O
28%
105%
2,700
"i~,I66
300
ib"2o6
63
2684
121
60
58
58
*58
38
38
39
5
5
5
5
1,000
13
13
13
13
*13
15
80
9'
6,100
48
49
934
10
*100*2 102
4834 49%
21
22*8
22*2
11*2
HBg
115g
1495g
149% *147
8
784
784
IOS4
1078 1158
22
23
24*2
11*4
147
9%
102
49
21
22*2
11%
147
7*2
11%
24%
784
1134
25*4
11*8
147
1
80
80
39*2
102
Foster-Wheeler
6,700
5,500
2,300
147
90
-
7*2
11%
7*2
12*4
1,100
5,800
25
27
93
93
92
93
90
90
57
57
*57*2
59
*57*2
58
400
145
37
*34
4934
*35
40
4934
40
*35
39%
41%
2%
40
*34
4984
*35
*36
*36
38
2%
42,700
10,300
6,300
41
100
Gamewell Co (The)
No par
Gen Amer Investors...No par
Preferred
..No par
Gen Amer Trans Corp
General Asphalt
100
7% preferred
l..No
General Electric
No par
Gen'l Gas & Elec A
No par
Conv pref series A...No par
*433s 44
43*2 4378
4334 44
*10478 105*8 *10478 105*8 *104% 105%
438
412
4*2
4*4
4*2
4*4
7
7
7*8
67g
7*8
7%
14
14*8
1438
143s
1384
14%
No par
No par
Corp...
General Mills
Glidden Co (The)..
64
122
97
2484
9378
1912
97*4
2434
94
85s
9
*94*2
2*8
1*2
96
3*2
1758
*27
33*4
*17*2
39*8
2*4
1*2
384
1758
28*2
3334
1784
393s
*
...
121
*
121
"19*2
20
"19*2
19%
97*2
24*2
98
25
98*s
2438
94*2
94*2
98%
2434
94*2
9%
9
*94*2
2*8
1*2
*3*2
*93.
884
9*4
96
*94l2
18
33%
17*2
387g
3334
1784
3912
7
13%
*
"4"
7
43%
435g
3,300
4
4*8
"moo
7%
7
7%
10,300
13%
13%
13%
19%
19%
13%
24%
93%
9*4
*94*2
20,300
98
98*2
98
98
24%
93%
2434
24%
24%
94
93
93
1,800
8,300
1,000
9*4
*94%
9*4
9
9
2,200
96
96
"
19%
98
24%
93%
9%
96
2%
2
1%
1%
3*2
175g
*27*4
18
30*4
*27
28
33%
3334
3334
3384
17%
3834
«
43%
~~4~%
121
19%
97*2
1%
*3%
*17%
17%
39%
17
17*4
38%
38%
36*4
158
28
4%
7%
1384
2
2
1*2
3%
28
4384
4384
4%
2*8
1%
3%
17%
2*4
*17%
96
43%
96
"19*4 "l~9%
2%
1%
7~900
20
General Motors
"36I"8
36*4
*35%
36"
"35% "3584
"35*8
1
No par
General Refractories
No par
*51*2
25*2
70
53*4
2
*26
*15
2
3584
*2
*27
2*4
*2
30
*27
16
16
16
*15%
4784
4784
46*2
46*2
*46
46*4
46*4
45
45*2
45
*112
116
*112
117
112
2%
*2
2*4
32
*26
32
15%
47
*15%
*45*2
4514
*43%
Gen Steel Castings pf_.No par
Gen Theatres
EquipCrpNo par
Gillette Safety Razor.-No par
Conv preferred.No par
...
Glmbel Brothers
Preferred
Goodyear Tire & Rubb.No par
Preferred
3*2
800
Grand Union Co tr ctfs
600
Conv pref series.
Granite City Steel..
33%
34%
"34%
35"
"moo
1634
17
38
16%
17
3,200
36*8
37%
112
*112
117
*32
3234
3234
3234
35
*34%
*8%
14%
35
35
35
9
1434
9
*83g
14*2
116
14*2
116
*10078 101
*1007g 101
*34
34*2
34*2 34*2
♦1255s
15*2 "1*5*2
15%
15*4
*1255g
*110
55s
112
558
110
110
55g
55s
101
101
34
34
126
126
15
15
*110
112
5%
For footnotes see page 62.
9
14%
*116*4 120
5%
57*4
*2
74*2
58%
2%
44%
3284
117
*66*2
«
60
26
47
*34*4
*8*2
*14*2
*5134
25*4
35%
145
43%
*32
*115
"35"
145
47
3234
*112
*33
34
16
117
34*4
34%
734
"35%
145
*5134
25%
*66*2
35%
60
25%
74%
58
*2
*2634
*15%
5%
112
5%
*110
5*2
114
5*2
*110
5%
50
10
3,700
'
20
15,700
2%
32
16
*45% 47
43*2 43l2
112% 112%
34% 34%
34%
"MOO
145
35
8
8
8%
8%
734
*145g 1484 *14%
1434
*14*2
1434
116% 116% *116*4 120
*116*4 120
101% 101% 101% 101% *101% 103%
33
3384 3334
3334
33%
33%
*126
*126
*125% 126
15
15
1434 "1484
14% 1484
112
100
:
17%
2734
38,100
114
5%
100
Graham-Paige Motors
1
Gr'by Con M S & P 2d stpd 100
Part paid rets
Grant (W T)
.1
No par
No par
...No par
No par
Gt Nor Iron Ore Prop .No par
Great Northern pref.
100
1....
Great Western Sugar. .No par
w
Preferred
100
300
1,800
20
400
160
300
200
30
130
900
10
x24% Jan 2
100% Feb 26
4)
Apr 30
25% Mar 21
Jan
4%
32
6
June 26
loouJune 16
24% Apr 30
9534 July 1
30 *8June 5
63
July
25
Feb
■
12*4 Mar
57g Mar
4*2 Feb
33
July
49*2 Feb 14
25% July 1
113% Apr 22
33% Feb 11
105*4 June 12
4884 June 23
29% June 10
1134 Mar 2
5
111% Apr 21
3884 Feb 17
47% Mar
127
Feb 17
38
Feb
Feb 871
Feb 4
Apr 14
July
3
77*2
1
35%
3 £135
75
47% Jan 17
31% Apr 30
53%
334 Jan 6
6%
ll%May 11
18*4
12*2
8%May 20
118%June
97
Jan
3
42*4 Apr 30
July
21
2
1034 Apr 28
141
Jan 23
17
Jan
2
70*2 Jan
53%May
2
5
Jan 21
140
1
Feb 20
Preferred
...
Jan 27
Feb 19
104% Apr 21
63
Feb
6
3434 Feb
6
14% Jan
Preferred
6
Preferred
8%
4%
45%
25
114
106%~Mar
13% May
84*2 Apr
44% Nov
63s
30"
111
30% Nov
17*4 Mar
125
Mar
Jan
6*4 Mar
76
6
46*2 Nov
127*2 Jan
20*2 Jan
30
Sept
*4
6
8
6
11
Mar1
19% Jan
3
50
Feb
6
39
6
47% Mar 21
5984 Mar 17
117% Jan 13
70% Jan 6
121%May 13
71
Apr 6
122% July 2
39% July 3
Mar
53?g Jan
6
Jan 27
118
2
3
3% Apr 28
32*2 Apr 28
Jan 10
106
2
Apr 28
26%May 25
33*4 Apr 30
32i2 Apr 30
17*4 July 3
13% June 25
£74' June 30
834 Mar
5
53% July
3
110
June 20
638 Feb
50
Feb
6
4
118% Mar 14
37g Jan 21
43
Feb 21
44% Apr 8
60*2 Feb 7
18% June 30
18% Jan 16
Jan 24
Oct
Nov
July
Aug
Aug
18
Oct
Feb
Nov
*4 July
145%
40%
37%
1%
15%
Feb
Feb
Dec
Nov
Dec
Dec
Sept
Deo
Nov
Oot
146
Aug
10% Nov
6»g Nov
18*2 Nov
7% Mar
50
*2
5%
13*4
10%
100*8
48%
22%
£13%
5*2 Mar
8434 Jan
32% Mar
H84 Mar
48
Deo
4
Mar
3
Nov
55
Mar
Mar
43% June 22
4% Feb 6
No
70
30% Apr
4
Feb 13
59%June 20
1457gJune 17
Deo
Deo
36*8 Nov
112% June
7
Dec
Jan
9% Mar
60% Mar
1984 Mar
15
Jan
934
2*4 Mar
20*4
Dec
Sept
July
25*2 Deo
102% Dec
58% Aug
30% Dec
Feb
19
Dec
Jan
3% Aug
25
Aug
16% Mar
28% Mar
16
Apr
19
95
1534
Jan
18
Aug
Apr
32
Oct
59%
Feb
61*4
72*2
Feb
Oct
116
26%
xl07%
Jan £120*2 Dec
Mar
59% Nov
Jan
120
Nov
Mar
10
21
3
Aug
17% Feb
93% Jan
1% Mar
15% Mar
109
80
109
6*4
Dec
Oct
4% Nov
Dec
41%
Jan
% Apr
Oct
3% Dec
39% Dec
33% Deo
1434 Mar
1634 Jan
14
Apr
12
Dec
42% Nov
51
Mar
Nov
19% Aug
6
13%June 15
70*2 Jan
2% Mar
93
634 Jan
Jan
6
94
18
7584 Deo
69
3934June 11
10434June 20
3% Jan 2
6% June 30
13% July
Feb 10
116
90
June 23
Jan 14
Jan 27
Feb 28
Feb 17
Jan 6
23% Feb
104% Jan
1% Apr
116
Feb 10
104
13% Jan 21
23% Apr 15
78
99
Jan
6
Jan
77
6
June 30
2
£l%Junel2
3% Apr 30
16
Apr 29
25
Apr 30
30*4 Jan 29
28% Jan 16
16
Jan
2
32*4 Jan 6
17g Apr 28
31
Jan
7
136
Jan
6
Jan
92
Jan
96
July
3
35
26
July
3
20% Feb 19
Feb 21
3
39
Mar
9
145%May 20
May 21
95
9
2
12
Mar
Mar 19
26%
119
Jan
Jan
21
Jan 20
16
Deo
35%
Deo
95
Feb
6% July
1
Feb
19
Feb
6
Apr
Mar
118
Mar
6
48
Mar
8
May
34
4
Feb
34% May
140
28% Dec
12
34%July 3
36*8 Jan 16
11% Apr 6
213S Feb 4
,
Apr
2558 Nov
4
June 22
104% Feb 17
4% Apr 30
Jan
2934 Jan
35% Nov
33% Nov
38*4 Sept
9% Mar
9% Mar
6
100
3
5
Mar
Mar
119
3
Deo
4% Oct
35g Nov
May
Mar
Oct
Mar
May 19
Jan
Jan 23
1934 Mar
Jan
85
Apr
Mar
55
Jan
10*2 Dec
June
48
6
30% Jan
Apr
Dec
Marie
9
120
20
1*4
5*4
2*4
I43g
18%
2234
44
82
Mar
2*2 Apr
4i 2 Feb 19
11*4 Mar 20
6% Jan 15
23% Jan 15
35*2 Apr 2
33% Mar 25
2
14
Deo
26%
Feb
4
Nov
14% Deo
1534 Mar
28% Mar
Jan
105
Deo
7*2 Mar
70
9
Apr 28
Jan 24
"22"
14% May
Oct
Jan
317g Apr 15
9934 Feb 17
12% Mar 11
50*2 Mar
June 10
434
40
22
Jan
Jan
Jan
Jan
49% Dec
111
June 25
65
'
Aug
8»4 Dec
Mar
55%
114%
7%
10*4
21%
109
..2
Deo
125
Mar
10
1
..100
Dec
"2!%
Feb
2
No par
100
**6M% preferred
Hayes Body Corp
7g
3
33
Hat Corp of America cl A
15
39*2 Dec
July
Jan
30
150
2
iilan
*
19
105
...100
Dec
115
14
25
Hanna (M A) Co $5 pf_ No par
Harbison-Walk Refrac.No par
115
1134 Jan 11
15% Feb 11
3334 Feb 10
4l7g Feb 17
25
7% preferred class A
Jan
MarlO
150
34% Apr 30
33% Feb 18
% Jan 2
No par
100
Hackensack Water
Hall Printing
Hamilton Watch Co
100
Mar
7gMay
39
Preferred
35g Deo
434 Mar
80*4 Jan 27
3*2 Feb 7
Gulf Mobile & Northern...100
4
17
Jan 23
26*2
9*4
30*2
283g
Gulf 8tates Steel
Nov
Feb 29
4834May 11
1»4 Jan 7
100
Deo
6
334 Mar
Greyhound Corp (The)
Guantanamo Sugar
900
1,900
4
97
65
5
No par
40*8
Apr
% Mar
5% Mar
Green Bay & West RR Co.100
Green (H L) Co Inc
1
Greene Cananea Copper.-.100
Preferred
"""166
Jan
8% Apr 28
j3%
300
110
21«4 Jan 21
87
Jan 2
17*4
*27%
2,900
May
2
Dec
May
No par
28
24,900
15
Jan
19*2
95
.No par
1st preferred
Gotham Silk Hose
H2
4484
35
100
2%
47
*34*4
No par
Prior preferred
100
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold Dust Corp v t c
No par
Gold & Stock Tel'ph Co—100
Goodrich Co (B F)
No par
1%
3%
17%
32
*32
No par
100
Preferred..
2*8
*2684
*15%
15%
100
13*2 Dec
8534 Nov
14% Aug
14
72
Jan 17
......
Mar
Mar
Mar
Feb
Mar
£85
105
■
Nov
7% Deo
Jan
Feb 17
Gen Realty & Utilities
$6 preferred
55
56*2 Nov
Aug
Apr
Apr
38
No par
Apr
Feb
Mar
40
General Printing Ink.-No par
$6 preferred.
No par
Gen Public Service
No par
Gen Railway Signal
Preferred
Apr 9
41% June 29
25
14*2
15%
4%
7%
8*2
684
69*2
10*2
54
18% Jan
534 Jan
*3%
17%
35*4
*136*4 145
*136% 145
*136*4 145
*5134 60
5184 5134
*5184 6C
25
25
255a
2584
25%
25*2 25%
70
*66*2 73
*66% 71
*66*2 70
56
57
5314
58
5384 56
5834
60
10
No par
28
3%
145
Corp
$5 preferred
155
Nov
48
Gen Outdoor Adv A ...No par
Common
No par
Rights
*136*4
No par
100
Preferred
*118*2 119*2
"
par
General Foods...
Mar 25
Apr 8
50
Mar
2
No par
100
Mar 4
Jan 8
Mar 19
Mar 25
Deo
8*4 Nov
Mar
Mar
534 Jan
..No par
Jan 15
15%
4078
8*4
584
18%
5378
134
14
92
3
-No par
7% cum preferred.
Feb 15
% Jan
1% Aug
Sept
101
Jan
2
Class A
June 30
7% Feb 21
17% Feb 21
2784 "Feb 21
,
66
June 25
7% July
General Cigar Inc
97
% Mar
88 Apr
5234 Jan
12534 Jan
1% Mar
69% Mar 30
7% Jan 9
3
Apr 28
2% Jan 2
20*2 Jan 9
38
Apr 30
20*4 Jan 27
84
40
..5
General Cable
89*2 June 30
Highest
1 per share i per share
39
Mar
6884 Nov
Nov
Aug
Apr
General Bronze
5
$7 pref class A
$8 pref class A
Gen Ital Edison Elec
*36
122% Jan 7
31% Feb 24
1884 Apr 30
No par
50
4934
6
10
7
General Baking
$8 preferred
64
900
6378
"635s
64% 64% *64% 64*2
64% 64%
130
118*2 118*2 118*2 119
119% 119% 119% 119%
II934 11984
65*2 6678
6734
663s
66*8 67*8
6584 67%
66% 68%
6784 69% 177,500
*121*2 12178 *121*2 12184 12U2 121*2 121% 121%
121%
1,500
12134 122% 121
34
34
37
38
38
39%
*34*4 3584
3534 37
36% 36%
2,800
8
*7
758
758
77g
8%
8% 11,100
7*4
738
734
734
784
53
53
53
*52
53
500
*52*8
53% 53%
*5238 52*2
52*2 52%
*107
10834 *107
108*2 *107
108%
108*2 *107
108% *107
108% *107
5
5
5
"""766
41,2
4*2
4*2
484
484
*4*2
5
*4%
*4*4
34
34
34
*34
300
33% 336a *33*4
*34*4
34%
34% 34*2
34%
*116*2
*116*2
*116*2
*116%
*116%
*116%
2*4 '2*4
238
2% "2*4
2% "2% "~1~866
2*4
*2*4 "2*2
2%
2%
30
30
200
*2934 32*2
29*2 29*2 *28
*27*2 30
*28% 30
/30
37
36
35
365s 365s *3678
1,500
35%
34% 35
36*8 36%
*37
38
39
38
*36
38
39
39
290
38
39
37*2 *36
18
400
18
18
17*4
18*2
17*4
18%
*17%
14
8,100
"14*8 "14*4 "l4" "i4*;
13%
14%
13%
14*4
13%
14*8
14%
76
76
£74
75
76
75
76
7534 76
75% 76
2,500
76%
13
13
13
1234
13*8
1284 13
12,100
1258
1278
12%
1234
12%
*92
92
92
*92
94
93
93
300
94
94*4 *92
9384
*92%
*6334
1
Fuller (G A) prior pref.No par
$6 2d pref—
No par
Gabriel Co (The) cl A.-No par
10
40%
No par
w w
Preferred
2,700
1,100
57
145
No par
Preferred
Fourth Nat Invest
100
49%
22*8
11*4
92
145
145% *141
1468g *141
38
38
37*2 387g
38%
4034
41%
417g
41*4 41%
2
2*8
2*8
2%
2*8
-No par
Corp new—10
4><j % conv pref.
100
20
37*4
5*8
984
10
*100*2 102
t Follansbee Bros
Food Machinery
50i F'kin Simon & Co Inc 7%pfl00
Free port Texas Co
10
60
10
100
_
10,600'
121
*5
4884
23*4
Preferred series A.
First National Stores—No par
Florsheim Shoe class A .No par
150
2,100
100
Firestone Tire & Rubber...10
1,600
48*4
28%
6%
34*2
109%
27%
97%
33%
37*4
103
Filene's (Wm) Sons Co.No par
6H% preferred ....
60
13
Federated Dept Stores-No par
50
Fidel Phen Fire Ins N Y
~
60
5*8
....100
Preferred
400
39
*36
*36
64
*58*2 64
27
25
26%
27*4
121
121*4 121*4 *120
*-_-••
1,700
9
3%
*112114
28%
105
8,100
May 29
June 30
(9
Erie & Pittsburgh
Eureka Vacuum Cleaner....5
Evans Products Co
6
15% Apr 17
19
11,600
*38
21
4
"""266
Federal Light & Trac—. ...15
Preferred.
No par
41%
21
Jan
Feb
84
5*4 Apr 7
11
Apr 30
16
Apr 20
11% Jan 3
13*4
149
*144
149
150*2 *144
14984 14934 *147
40
413g
40*4 41%
40*2 41
40*8 40*2
2I84
20*2 21*4
215g 22
22%
2I84 22%
94
94
*935g 94
93% 94
94*8 94%
152
4058
55
25%
7%
*14984 150*2
4078
41%
21*4 21*4
93l2
93i2 93*2
41*2 *40
41*2
*149
$ per share
34
80
23%
$ per share
Lowest
1%
82
*13*8
Par
highest
44%
85*2
27*8
7*2
234
Lowest
*1%
82
*70
13
26
Year 1935
EXCHANGE
44%
*6g
4384
19*4
1258
*70
14
27*2
7*4
44*4
*s8
84
1*2
1*2
*59% 64
11334 11384
1434
15*4
the
Range for Previous
On Basis of 100-share Lots
Week
Tuesday
*%
*1%
NEW YORK
•
Thursday
July
2
Monday
*44
QTHfTr q
Sales
CENT
Wednesday
July
1
Saturday
July 4, 1936
Mar
50
74*2
284
43%
11%
34*4
33 %
108
Deo
Dec
Nov
May
May
Deo
Deo
Nov
Deo
21%
Jan
3034 Deo
30
Jan
35
4
Mar
6% Apr
63
8
Deo
Oct
14% Nov
Jan
112
Dec
105% Mar 18
41% Apr 1
126
Apr 23
16% Mar 25
115,. Jan 9
100% Sept
105
Nov
5
1% Mar
9
Mar
16
Mar
303g Deo
9984
Jan
121
5*2
Feb
14% Deo
113% Deo
81
Feb
6'2
Deo
Oct
Volume
HIGH AND
LOW
SALE PRICES—PER SHARE,
Monday
June 27
June 29
June 30
$ per share
Wednesday
$ per share
Tuesday
*108
110% *108% 110%
*120
125
*118
125
160
*148
160
*148
1
July
*120
*148
.
*27
*107
129
28%
*27%
108% 108% *107% 109
125
*119% 125
*267g
28%
129
*129
28%
108
130
108
129
108% *106% 109%
*150
160
129
160
*148
131
131
*130
131
*3984
23%
*75
56%
*427% 450
40%
24%
75%
*3984
24
*74%
56%
*56
8%
48%
8%
48%
*3%
*2%
21%
*32%
3%
10%
16%
2%
22%
34%
3%
*9%
16%
2%
22%
*32%
*62
64
*63
*13
13%
40%
24%
7584
56%
87g
*13
*9
I684
*9
*28
*122
11
9%
5%
*13%
*7%
*6%
40
3%
10
3%
*26%
5%
14
8
6%
40%
3%
10%
3%
29
5%
14%
*7%
*6%
100
2,000
-
-
«.
46%
*57%
14%
15%
96%
20%
27
14%
15%
96%
20%
27
78%
103
*....
79
*28%
20
3834
20%
*24%
*378
*33%
23%
102%
5%
HoustonOIlofTexvtcnew25
49%
49%
49%
2,100
Howe Sound Co
*3%
*9%
99
27%
95
95
93%
9%
9%
*5%
14%
7%
6
14%
7%
6%
39%
3%
6
9
5%
1384
*7%
6
39
28%
126
94
8
97g
3%
*3%
9%
*3%
*26
79
*79
28
*90
22%
18%
20%
20
20%
96%
39%
20%
25%
434
34%
2384
102%
5%
28%
92%
22%
1834
20%
2078
27%
90%
90%
22%
23
19
19%
20
20%
*93
96%
*93
96%
*93
96%
3884
20%
*24%
*378
39%
21%
26%
4%
3834
2078
*24%
*37g
39%
34
*33
24
2334
103
103
5%
*5
32
1
23%
21%
25%
4%
33%
23%
102% 103
*5
6
89
38%
21%
*24%
*3%
*32%
6
25
*22
25
*22
35
35
35
3534
19%
*9%
19%
10%
19%
*9%
1934
9%
*32%
19%
*9%
14
14
14%
1878
97%
19
97%
*9%
14%
19%
1334
18%
10
2%
2%
10%
10%
xlOl
,
15
96
10%
101%
15%
10
48%
50%
58
57%
8%
8%
2834
2834
*106% 108
10784 108
*15834.162%
984
2%
101
*96
96
934
2%
10%
102
14%
5034
.
15
52
57
67%
8%
8%
2884 2834
10734 10784
107
108%
20
*19%
20
*29%
30%
30
38
38
38%
36%
35
35
9%
2%
10
102
25%
3534
1984
9%
14
18%
96%
984
2%
10
102%
15
14%
51%
52%
57
58%
8
8%
*27%
2884
*110
111
23
22% 22%
2284
*142% 145% *142% 146
37
36
37
37%
23
22%
22%
22%
77
*75
76% 76%
24
2384
233s
23%
3634
36% 36% *36
*128
*129%
33
•
3,200
Class B
2%
6,400
Class C
37%
48,600
International Salt
International Shoe
International Silver
49%
*15
16%
200
*57
59
*49
70
20,100
1334
15%
15%
96%
96%
96%
20
19%
20
400
Intertype Corp
26%
400
Island Creek Coal...—
26%
26%
—
*119
m
~80"
79
14%
16%
«.
12,600
700
79
33%
4284
11%
11%
4384
4384
*1%
23fi
437g
*1%
11%
437s
2%
lis4
1184
*11%
40
1,100
1,700
Kaufmann Dept Stores
27%
27%
1,400
Kayser (J) & Co
90%
*90%
92%
80
23
22%
*18%
22%
2.100
19%
1,000
13,100
19%
19S4
203s
*93
9,5
20
17,800
9,500
100
,
4%
100
25%
*22
39%
*34
13%
18%
18%
*18%
96
96
______
*9%
13%
9%
13%
1,200
96
9%
9%
2%
2%
900
19%
110
96
9»4
1,100
2%
2,500
10
9%
1434
14%
4,400
4,200
Lehman Corp (The)— No par
Lehn & Fink Prod Corp—5
*53%
5334
8,300
Lerner Stores Corp
59%
8
784
*28
28%
60
734
28%
10,800
4,300
600
200
109
For footnotes see page
62
478
43l2
111
434.
4312
600
434
*43
*110
23
14434 145
34% 36
23
2312
145
Preferred.
14»4 Jan
87
Feb
28% Jan
1784June
18% Jan
3%May
30
Apr
20% Apr
101«4July
4% Apr
2
28
7
4
7
11
......No par
—No par
104% Feb
No par
...
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
.6% preferred.....—-100
10
Lorillard (P) Co
100
100
142
13
Louis ville Gas & El A—No par
20
7% preferred
t Louisiana Oil pref.
160
970
37
74
7484
7334
7384
1.700
2314
36»4
23
23l2
4,800
Ludlum Steel
100
Louisville & Nashville
2234
3634
*128%
3634
1
6% preferred
100
32U
3234
4",200
42
42i2
3,50p
Macy (R H) Co Ino
No par
Madison Sq Gar v t 0—No par
33is
4214
10%
11
*10%
44
44
44
44
13
1
Mack Trucks Ino
42
2%
"
......
MacAndrews & Forbes——10
500
3678
*12818
*17g
*10%
1112
44
23s
13
500
1,700
100
10
28
1
29
No par
Magma Copper....—.—10
X Manati Sugar....—.—.100
Preferred...
—
100
9
2
3
3
21
28
23
2
13
2
Apr
3% Jan
40% Mar
107 May 19
21% Apr 28
4,600
145
28
Apr 29
32%June
43
Apr
....
Loft Inc
10
243s
33
12
700
11,800
2314
233g
Loew's Inc...
200
111
36
11
*10%
4
800
4234
1284
June
1,300
23U
*17g
*10%
18
34i2
2,300
5
75%May 27
116% June 29
13
Jan 2
19% Jan 2
17
Jan 27
27 May 13
80
Jan 7
20 May 20
3612
33%
23g
12184 Feb
343g
41%
*1%
Apr 29
58% Jan 18
88 May 7
113
36
10,100
Oct
131
Dec
104
Jan
111%June 25
15% July 2
36 May 13
6% Mar
112
Apr
Feb
8
19% Dec
1
544
338~
Mar
Feb
30% Mar
6% Mar
44% Feb 20
33
4
49
75%June 24
57% July 2
12% Jan 15
57% Feb 19
Jan
1% Mar
8
40
Mar
Mar
Mar
May
Mar
4%
2%
23%
60%
54% Feb 19
4
2
8
Maris
3% Feb 10
Jan
Jan
7
3
May
57% Jan
4
2
22% Apr 28
35 May 14
127% Jan
9
27% Jan 30
40% Apr 30
8% Jan 2
34% Jan 6
1% Jan 2
7% Jan 2
22% Deo
495"
Dec
42
July
31% Deo
73
Nov
7
Nov
15
Deo
5% Deo
36% Oct
121
Nov
Jan
130
July
108
Nov
884 Mar
Oct
2
1«4
9%
1%
4%
2%
25
14
4
11
Mar 23
129% Mar
7% Feb
Dec
46% Mar
2% Feb
4
Mar
26
14
Feb 21
3034
Tl" "Jan
5% Jan
1384 Dec
17% Oct
3% Jan
22% Deo
38% Deo
69% Dec
34 Apr
9% Mar
Apr
1384 Apr 13
7% Jan 18
11
185% April
4984 Mar 24
90%June 12
160
Apr 3
5% Jan 8
118
Jan
July
60% Deo
15
114% Feb 20
41
8184
234 Feb
6% Mar
6% Mar
6% Jan 23
17% Feb 6
18% Jan
8%June
6% Feb
41%June
5% Feb
1584 Mar
5% Mar
36% Deo
Jan
43
26
Oct
May
May
Mar
July
June
149%
Jan
22% Mar
34% Mar
135
Jan
8% Oct
7% Deo
23% Sept
4%
Jan
5
Jan
20% Deo
3
Jan
13% Deo
5
Jan
4284
Jan
190% Deo
36% Nov
65% Nov
154
Deo
1% Mar
1% June
22% Jan
123% July
1% Mar
38 July
% May
484 Aug
6% Oct
47% Dec
130% Nov
28% Dec
4284 Deo
5
Dec
3%
238
Dec
Deo
44
Mar 26
111
Feb 10
4% Mar
21% Jan
98% Jan
29% Feb 27
53% Feb 21
23% Jan 30
Dec
36% May
42% Mar
16
July
49% Nov
56% Dec
5% Mar
78
Oct
14
Dec
37% July
67
3
25
Jan 30
2984 Feb 19
34i2
49
4914
10712 10712
2i8
218
90
Feb
584 Mar
2284 Apr
37
No par
5
3
19
.. -
Feb
2
257b Jan
36 July
Link Belt Co..——No par
Mar
73% Apr
44% Feb 19
2
-
Liquid Carbonic.
119
Jan
Liggett & Myers Tobacco—25
Series B
.....25
Preferred.
!
100 xl60%June
—
71
122
Jan 13
15
Jan
2614July
82
Lima Locomot Works.-No par
32%
*10%
43%
Libbey Owens Ford Gl.No par
Libby McNeill & Libby No par
Life Savers Corp
5
June
19% Feb 17
16% July 3
96%June 25
Lily Tulip Cup Corp—No par
49%
21
51
20% Apr
37 May
107
Apr
23
Apr
200
107i2 10712
2
2%
1
56% Jan 8
148% Jan 23
234 Apr 30
4% Jan 2
43%May 8
125% Feb 6
384 Apr 30
2% Jan 6
1% Jan 9
1,50C
f
25
6
10
30
7
9
9
2
160
Apr 28
35% Jan 2
28%
34l2
11%
43%
1%
1,800
50Q
No par
June
162
Jan
109
2812
37
43
-50
Preferred
1,000
102% 103
10
100
No par
Lane Bryant
-No par
Lee Rubber & Tire—
—.5
Lehigh Portland Cement
25
4 % conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
141
Jan
11
_
80
-
90%May
6% Jan
5>8June
11% Apr
3'4 Jan
3
Jan
19% Jan
2% Jan
9% July
3 May
25 June
66 Mar 16
19% June 30
20% Apr 27
32 June 10
19% Apr 29
7% Jan 2
12%May 13
15% Apr 30
94% Apr 30
8% Jan 2
2% Apr 30
9% Apr 29
89 May 11
12
Jan 2
38%May 4
47% Jan 2
7 May 19
25 May 7
97 Mar 16
97'4 Mar 13
5% preferred..
Jan
142%
18% Feb 24
13% Apr 17
34% Apr 7
147
Feb 14
74% Feb 26
Lambert Co (The)
127
Jan 27
6
Jan
11
100
Co
Kroger Groc & Bak. . . -No par
Lacelde Gas Lt Co St Louis 100
Mar
163% Mar 24
3584 Jan 0
110
July
135
Apr 17
May 12
4% Jan 2
25%May 21
106 May 12
68
No par
Preferred
9%
35
33%
Kress (S H) &
13%
37%,
3278
4234
par
No par
Preferred
400
13,700
100
35
23lg
par
200
7,300
37%
*43
par
7% preferred
100
Kresge Dept Stores... No par
2034
35
*110
par
230
3884
291.
*10%
43%
1%
*11%
No
Keystone Steel & W Co No
Kimberly-Clark
No
Kinney Co
..No
Kresge (S S) Co.——10
20%
101%103
14%
1484
53
54%
58% 49%
478
No par
Kennecott Copper
30
20%
2812
*128lg
Kelvinator Corp:
6,500
102% 102%
5%
5%
6
*33%
20%
*9%
49*8
1
Class B
-
109
111
$12.50
6
Keith-Albee-Orpheum pf._100
Kelsey Hayes Wheel conv cl A1
Kendall Co pt pf ser A .No par
95
*22
*28
100
Preferred
900
22
1984
25%
*107
+110
pref.. 100
Kan City P & L pf ser B No par
Kansas City Southern
100
27%
30%
111
Jones & Laugh Steel
22
77
8
—No par
100
Preferred.
89
2%
No par
Jewel Tea Inc
Johns-Manvllle
110
1,650
1
1
22%
35
43
13
4,600
—100
No par
Preferred
50
*77%
108
2234
23ig
2234 23%
*143
145
14484 145
36«4
34%
34% 36
227g
22i2
22%
22%
74%
75%
75% 76%
23
23
23%
23l4
*35% 3684 *36% 3684
Preferred—
80
-
*75%
19%
10
No par
14%
19%
984
..No par
133
141
Highest
% per share S per share
120
Dec
85
Jan
1984 Mar 6
3% Feb 19
28% Feb 19
45
Feb 19
70
Feb 18
50 June 8
12% Apr 30
10% Apr 30
Int Printing Ink Corp..No par
Preferred
100
300
16%
3%June 10
8% Apr 27
13%May 4
1
Jan 2
18% Apr 30
30 June 5
100
100
260
26
57
49%
l08%June 30
117 May 14
156% Jan 27
25i2 Apr 30
84
Jan 23
128
J n30
71% July 2
113
Apr 29
30% Jan 2
108 June 13
9
Jan 2
19% Jan 13
108
Feb 17
414
July 3
397gJune 5
22July 2
65% Jan 14
5434June 4
683 Jan 7
4834 Jan 21
7% preferred.
100
Inter Telep & Teleg
No par
Interstate Dept Stores. No par
100
38
600
S per share
30
22
27
28
47% Jan 2
15
Apr 29
Preferred.
111
*25%
89
19%
No par
—No par
38
26
37%
33%
43
*10%
33%
3
77
*77%
*75%
100
111
38%
29%
111
Preferred
Inter Pap & Pow cl A. .No par
6%
2%
3434
110
30%
3784
*128%
*42%
*5
Int Nickel of Canada—No par
200
10,500
25
Int Mercantile Marine.No par
3
3%
2%
36%
34
*32%
23% 24
102% 10234
107% 109
108
49
49ig
48% 4884
48%
48% 4834
48ig
*106% 107% *106% 107% *106% 107% *106% 107%
2
2
2
2%
2%
2%
2%
2%
5
5
*5
5
5
5
5%
•
5
43
43
44
*43
43% 43%
43% 43%
311
4984
128
100
Int Hydro-El Sys cl A
5%
*107% 109%
109
109
109%
166
163
*163
163
*164% 167%
*164% 168
19%
19%
*19% 20%
19%
19%
*19% 20%
30
*110
49%
128
6
"
*22
38
5%
1,000
24,500
24
19%
978
14%
*35
3.30O
5%
34
33%
*19%
3%
5%
49%
129
Preferred..—
200
3
24
23%
10134 102
25%
163
15384 15334
3
*32%
34
*33
*159
154%
25%
*22
29
International Cement—No par
Internat Harvester....No par
25%
*384
1984
107
Int Business Machines-No par
25
3%
75
29
700
5,600
21%
4%
..100
11,300
21%
*24%
3%
No par
Prior preferred
84%
8234
21%
25
Internat Agricul
169% 169%
4734
47%
21»4
89
*187g
19%
*93
No par
No par
Interlake Iron
170%
47%
86%
21
23%
*5
*22%
19%
1
.No par
100
Intercont'l Rubber.
200
39
19%
107
600
3%
26
38%
75
*106% 108
Preferred
39
*77%
9
Certificates..
330
38%
1984
57%
220
38%
74
19%
90%
'
89
97%
10%
2%
*27
27%
92%
22%
I884
20%
22%
22
22
27%
27%
*90%
19
22
22
22
193g
5684
8%
*25
20
Internat Rysof Cent Am..100
6
*3%
33g
26
Ctfs Inc
t Interboro Rap Tr v t C..100
39%
200
74
15%
48%
90
734
734
9,800
*78
101
Insuranshares
3%
71
14%
Inspiration Cons Copper
10%
21%
48
5,100
2,100
1,100
9%
*79
...No par
9%
*5
Lowest
Highest
S per share
100
.....
6%
13%
*3%
*119
No par
No par
Ingersoll Rand....
8%
6
*3%
100
.10
Inland Steel...
33g
26
......100
RR Sec ctfs series A
6%
13%
103
22
Leased lines
Indian Refining
Industrial Rayon
2,100
92%
10%
80
...100
.No par
Preferred
39%
*77%
70%
19%
101
200
9%
22
*934
2%
3,100
*3%
118% 119
...
-
3884
171% 171%
169%
47%
47%
47% 47%
82
88%
8684
87%
154% 15412 *153
154% *153
3
2%
2%
3%
2%
*5
5%
5%
5%
5%
50
49%
49%
49%
49%
129
129
♦127
129% *127%
5%
5%
5%
5%
5%
3
3
3
3
3%
2%
2%
2%
2%
2%
34
3434
32%
33% 35%
*37%
*37%
*37% 3834
38%
110
110
110
109% 109%
2534 2584
*25% 26
*25%
49
49
*49
49% *49
*15
15
15
*15
16%
*57
57
59
57
57%
14
14
14%
13%
14%
15
15%
15%
15%
15%
96%
95% 95% *95% 96%
19%
*19%
19% *18%
19%
*26%
*26% 2634 *26% 2684
79
9134
92%
9%
6%
13%
784
---
3%
984
3%
877g
120
29
131
*135
39%
47
120
28
*126
2884
131
3834
75
*10
100
6
27
Preferred
HuJson Motor Car
40
11
6%
*13%
734
6%
89
18%
13
*9%
9
9%
6
22
97%
6334
*12%
92
14
Hudson & Manhattan....100
140
a83%
13
10%
*126
5
.
64%
*135
_
50
No par
4,300 Hupp Motor Car Corp.——10
100
12,400 Illinois Central.
1,300
6% pref series A.
100
*984
28%
10
27%
2
2%
par
.No par
Class A
100
12%
13%
*79
14%
16,200
16
16%
2
172
20%
200
11%
16%
*6384
172
57%
14%
1584
3%
*9%
9%
16
Class B
Household Fin partio pf
*3%
3%
64
10
*69
19%
*9%
49
64
26
22
92%
22%
*93
2,100
6,400
107
110
104
105
108%
103% 105
*
*
*
1223j
12234
12234
12284 12234
"78% 79
79%
"79% 80
78%
78%
"78%
*116% 119
*116% 119
*116% 119
116% 116% *116% 119
20
20
20
20
20
20%
20
*19%
20% 2O84
37
*36
37
37
3634
*35% 3634
*35% 37%
3684
28%
*90
57%
8%
*13
26
79"
79
106
105
122% 122%
79
79%
*116% 119
*20% 21%
*3578
38
'22
22
*22%
*18%
8%
838
64
28
27%
78%
10434
12278
79%
75%
57%
8%
*13
3884
3%
984
3%
—*119
*119
*7434
57%
34
3%
10%
3%
57%
14%
15%
*95%
*19%
59
75%
56%
2%
2184
*3%
*128% 129% *128% 129
5%
*484
5
5
278
2%
2%
2%
2%
2%
2%
2%
30% 31
31% 327g
*37% 39
*37% 38%
110
*10984 110
110
25
25
25% 25%
48% 48% *48% 49
*15
16%
16% *16
Houdallle-Herahey cl A No
8,800
21%
6%
173%
47
500
23%
22%
33%
8
88%
40%
*40
3334
95%
934
57g
14%
100
.100
23%
22%
126
..No par
7% pref
40%
21%
33%
*135
Holly Sugar Corp
30
5
22%
*7434
33
*135
Hollander & Sons (A)...
40
22
40
3%
*26
17,000
10,800
Holland Furnace......No par
$5 conv pref—
.No par
23%
75%
56%
884
4934
32%
40
10
160
40%
33
64%
13%
*9%
10%
27% 27%
125% 125%
.No par
$7 cum preferred.......100
Hershey Chocolate
No par
Conv preferred
No par
Homestake Mining....
2%
22%
2%
2134
33
Hercules Powder
50
500
31
3%
34
No par
700
414
449
10%
16%
2%
3%
9%
I684
28%
8%
49%
*431
3%
9%
16%
64%
13%
10%
40%
23%
*7484
55%
441
*9%
15%
2%
21%
*33g
172
172
47% 47i2
89
87% 88%
*153
154% *153
154%
3%
2%
2%
2%
*5
5%
5%
5%
49% 50%
49%
50%
*170
884
49
3%
..
95%
9%
75%
56%
49
126
96
9%
24
10%
17%
2%
2234
27%
*124
*135
40%
*3934
23%
*7484
56%
8%
50
*9%
28%
126
*135
*94%
884
49
441
*427% 450
Hercules Motors
1,000
71
<
450
25
....100
600
72%
71%
*72%
73
*72%
72%
71% 71%
*116% 118% *116% 118% *116% 1187g *116% 118% 116% 116% *115% 118%
36%
36%
37
36
3638
36'4
37%
3684 37
36% 36%
37
111
111
111
110% 110%
112
111% 112%
111%
*111% 112% 112
15%
13
13
13
15%
15%
15%
12% 12%
1284
1484
12%
36
36%
35%
35%
34% 36
36
3634
35% 36%
35% 36
111% 111%
111% 111% *111% 113
*111% 113
*111% 113
*111% 113
*430
25
Helme(GW)
Preferred
132%
*69%
71%
73
Hazel-Atlas Glass Co..
100
160
27%
27%
110
110
27%, 27%
108% 108%
of 100share Lots
Lowest
Par
100
*107% 109
♦107% 110
124
124
124%
160
On Basis
Week
Shares
*119
27% 27%
108% 108%
*129
July .3
$ per share
*148
EXCHANGE
$ per share
2
July
$ per share
NEW YORK STOCK
the
Friday
Thursday
Range for Previous
Year 1935
Range Since Jan. l
STOCKS
Sales
NOT PER CENT
ffiT
jur
Saturday
$ per share
67
New York Stock Record—Continued—Page 6
142
8% May
70% June
6% Mar
24% Oct
2
123
Feb 24
79
Feb 21
Jan
49
Mar
June 29
129
110
126% Feb 24
90% Feb 21
121
Apr 6
26
Apr 2
39%June 22
2284 June 24
33% Feb 25
91% June 1
28% Jan 2
24% Jan 2
25% Mar 20
93%June 10
41% Apr 14
38% Mar
117% Mar
50
Apr
115% Mar
3% Mar
6% Mar
7% Feb
1584 Jan
34
Mar
6
Jan
3% Mar
10% Aug
84
Mar
1384 Mar
22%June 22
29% Apr 24
73g Jan 8
43
Jan
8
25% Jan 2
110% Feb 10
6% Mar
3
"16"
»
2%
23
Mar
Oct
Mar
19% Mar
103% Apr
2
May
110
28
Deo
Jan
16% Sept
90
Aug
16
Nov
36
Jan
120% Apr
37
Aug
99% Nov
126% Deo
93
Nov
120% Deo
14% Deo
22
Deo
20% Nov
30
Oct
90%
Oct
31% Nov
28% Nov
18% Jan
96
July
30% Deo
"21"
6%
41
Nov
Deo
Dec
2784 Nov
113
Apr
6% Nov
Jan
80
Oct
56% Apr
22% May
80
Nov
8
33%
47%
2684
10%
16%
Jan 31
Jan 31
Feb 6
Apr 7
Mar 17
19% Mar
21% Oct
5
May
8% Mar
23
Mar 24
10% Mar
17%
Jan
Mar
11%
Jan
81% Apr 23
77% Jan 3
28
Jan
102% Apr
14% Mar
4
9
6
Feb
6
16% Feb
6
2
103
July
15% Apr 27
54% July 2
63% Mar 6
11% Jan 6
31% Jan 29
115
Jan 16
116% Jan 15
165
Feb 28
23% Feb
5
39% Feb 21
50% Feb 19
44% Apr 6
54% Jan 8
108% Jan 15
3% Feb 11
88g Mar 24
45
Jan 17
112% April
26% Jan 27
151
Jan 30
51%May 25
24% July 3
77% Apr 9
35
Feb 19
A2
Jan 21
42
12
5
Mar
1% Mar
5% May
67% Mar
10% Oct
21% Mar
6% Sept
21
Mar
94% Apr
9384 Apr
151% Jan
15% Oct
13%
17%
24%
31%
Mar
Mar
Mar
Feb
102
Feb
1
Mar
49% Oct
10% Nov
29% Nov
120
122
Aug
Aug
167% May
2884 Nov
27% Nov
43
Oct
37% Deo
55% Nov
108% Oct
2% Oct
4% Dec
41% July
Deo
Sept
37% Nov
Feb
130
May
49% Mar 4
14% Apr 18
30% Apr
7
7
9584 Nov
17% Jan
26
18% June
3% Feb
17% Feb
3% Aug
1534 Nov
46
6
1
Jan
64
Mar
16
July
Jan
9
14% Deo
1284 Mar
34
Apr
44
28%
1% Mar
33
Apr
Deo
10784 Nov 112
26% Nov
18% Mar
124
Apr zl49% Deo
15
Deo
4% June
23
Aug
10% Mar
i30%Mar
37
32% Aug
27% Deo
46
Aug
113
Feb
5%
18%
%
Jan
Jan
Feb
4
Jan
30>4 Dec
67% Nov
11% Dec
37>4 Dec
2% May
10
May
New York Stock
68
HIGH
AND
LOW
SALE
PRICES—PER
Record—Continued—Page 7
SHARE, NOT PER CENT
Sales
STOCKS
Range Since Jan. 1
Monday
Tuesday
June 27
June 29
June 30
$ per share
$ per share
$ per share
*7 |
9
*7
40
*37
*37
40
16
16
18
18
1678
18*4
358
16*2
*18
3B8
*9
9*8
*1*2
*5*2
23i2
2
27g
159
35
16*8
18*2
18
18
16*8
18*2
*18
3*2
3*2
9
9*8
9
2
1*2
*6*8
8*2
23*2
24*8
278
*2*4
278
4134
*40
8
*155
15*8
8*4
29*2
50
8*4
2958
159
*48*8
*109*2 HO
5312
1538
*4878
495g
50
31
14*2
1434
15*8
1434
93i2
9312
95*4
95*4
*9558
31
3078
17
17*2 *17
17*2
*43
44
43
4278
4334
101
101*4 10134 101
100*2
9
9*8
914
9*2
9*4
*44
4478
4478
4434
4434
14
1284
13*8
1338
13*2
*103
*102*2 105
*102*2 105
14
14
14
14*2
14*2
*105*4 1053s *105*4 1053g 105*4
*78
79
79
78*2
78*8
8
*8*8
838
8*8
*8*4
5678
*50*8
5678
*52*8
*5058
*36
*36
3734
3734 *36
49
49*2
4934
4934
49*2
9
*9*8
9*2
9*8
9*8
21
2H8 21*8
2112
21*8
*36
34
37*2
35*2
33*4
*120
122
120
120
119*2
*98*2 100
*99*2 100
*99*2
5312
15*2
4958
50
72*2
31
*96
17
*16*8
4314
10034
9l4
4434
137g
105
17*2
1358
105
*14
14l4
106
78
8*2
5478
49*2
9*8
2H4
35*4
120*2
100
72
13
*105
*36
100
100
Marlln-Rockwell
"4" 800
500
2,200
30
5,700
No par
Marshall Field & Co
No par
Martin-Parry Corp
No par
Mathleson Alkali Wks..JVo par
100
Preferred
May Department Stores—10
300
Maytag Co..
200
Preferred
20
Preferred
70
Prior preferred
No par
No par
ex-warrs—IVo par
1st pref called
McCall Corp
985g
17*2
43*4
97
87g
13
*105
~~~806
106
30
8
57*2
1,000
1,300
/
3734
220
McLellan Stores
1
100
Mead Corp
$6 pref series A—.
Melville Shoe
No par
No par
No par
Mengel Co (The)
1
100
7% preferred....
Merch & Mln Trans Co .No par
"
48*4
834
2~800
Mesta Machine Co...
2,300
Miami
21%
3434
6,300
7,100
Mid-Continent Petrol
34i2
118*2 118*2
*99*2 100
4858
834
2034
87g
2H2
3434
11734 118*2
*99*2 100
7134
230
5
Copper
5
10
Midland Steel Prod
8
71*2
7134
*70*4
*106*2 108*4 *106*2 108*4 *106*2 108*4 *106*2 108*4 *107
108*4 *107
108*4
9
9
9
87g
9*8
878
884
884
8*4
87g
8*4
85S
70
69
*68*2
68*2
*66*2
64
68*2
*6734
68*2
67*2
65*8
65*8
*12
58
%
**2
**2
*2
*2
**2
58
**2
58
*1*2
134
134
*1*2
*1*2
134
*1*2
I84
134
*1*2
1*2
1*2
3*2
*3
*3
*3*4
3*2
*3*4
314
314
3
3i2
3
3l2
*3i8
3*4
*3*s
*3*8
3*4
314
*3*8
3*4
*3*8
3*4
3*4
3*4
18
*1758
18
18
1758
1758
17*2
1778
1778
1778
1734
17*2
8*2
8*2
8*2
834
8*2
858
8*2
8*2
8*4
8*2
834
8*4
2558
2578
25
2534 26i4
25*8 i
534
2538
2458 255g
24i2 2478
*23g
234
*23g
258
2*2
2*2
234
*2*4
*2*4
25g
'258
*2i4
5
5
5*2
*434
5
5
5
5
5*8
5
5*8
5
*22
22
2284
22
22
22
22*2 22*2 *21 s4
2178
22ls 22ig
94
94
94
93*2
94*2
96
93*2
95
94*4
96*2
97*2
967g
4,800
"ri'666
No par
100
%cum 1st pref
800
4438
4438
*45*4
*66*4
47*8
*453g
6734
6734
1
1
1
3734
1934
38*4
1934
45
4334
68
*4538
47*8
67*4
47*8
44l2
67l4
1*8
3978
1
1
38
3938
19*2
1978
3834
1938
^
14*8
*1418
14*2
*14
77*2
14i8]
*77
77
77*8
26*4
77
77
26l4
27
50
50
*25
26*4
*4858 150
*10158
1734
50
*4858
18*4
-
-
-
1858
1734
39*8
38
387g
37*2
19*4
19*4
195g
19*4
6,700
19*4
1414
76*8
4978
*1023s
18
1438
77
14
14*8
*75*2
76*2
27
265S
4934
*102*8
18
17*2
49*4
49*8
Impl No par
Preferred
No par
7% preferred
4% leased line ctfs
100
100
...
Mission Corp
No par
Mo-Kan-Texas RR
No par
1638
1534
2112
1438
22
21
21*2
2I84
2134
1438
14*4
14*4
97g
*21*8
143g
97g
1438
978
35*8
*15914
111*2 *109
1258
27
27*4
3034
*30*4
26*2
2678
~
_
ft 142*2
12*2
27
2658
*30
3034
27
27*8
*165
-
142
-■
-
»
1078
1058
11*8
*1*8
1*2
*1*8
**2
84
34
65
4514
46
11478
8*4
64l2
2638
2634
6134
45
46
45
114
113
*3558
36*2
8*8
11
*3534
64
45
113*2
838
2738
934
1*2
34
62
45*4
113
83s
603g
4534
114
8*s
525g
*25
4834
Natomas Co
No par
38*4
3978
3,700
Neisner
No
*51
5234
*25
934
334
*3*2
35g
3*2
3*2
11*2
334
334
358
*338
10*2
103s
8*2
458
3*2
8*2
*4*8
33s
10*2
10*8
1038
59
*50
59
*50
59
*97
98
98
98
*97*4
98
106
106
*105
106
1*2
2517g
*138
250
1*2
250
*105*2 106
*13s
252
1*2
255
*50
97*2
106
*1%
*252
108*2 *108
108*2
28&S
28*8
27*4 277g
*56
56*2 *56
56*2
8
778
77fi
778
108*2 108*2 *108*2
293s
2834
2834
104
10334 10334
104
*99
*100*2
28
2834
52
52
234
*20
13
*46
*103*4 105
284
25
2778
*51
<,
29
52
*238
*20
278
23
10
*56
734
*99*4
2712
52
23s
*20
56*2
8
*56
75g
338
Newberry Co (J J)
5% preferred series A
t New Orl Tex & Mex
Newport Industries..;
N Y Air Brake
No par
New York Central
No par
270
10
1,700
1,400
43g
200
33g
10*8
10*4
103g
3*4
k
400
3,000
98
*97*2
98
*97*2 98
106*2 107
*138
1*2
710
261*2 261*2
1
484 Mar
Jan
47*2
Oct
11
Apr
14
Mar
19*2
27*2
145g
14*4
363s
158*8
Jan
30*2 Apr
6
17*2 Feb 19
1558Mar 9
3834 Jan 9
30
Feb 11
4i2 Mar
684 Feb
22*4
14U2
13*2
1278
Apr
Mar
255s June 11
33;*s Mar
2884
3778 Apr 14
313sMay26
2
2638June 30
6
1*2
260
106
*138
260
106*4
1*2
260
*10858
29*34
56*2
778
2958
56*4
734
*103
*1085g 110
30*4
56*4
77g
104*4
*100
2634
273g
52
52
27*
23
253s
*5184
2l2
*20
New York Dock
2934
56*2
303s
56*2
53,900
734
77g
11,200
400
400
22*8 Dec
113*4 Nov
108
Aug
Sept
Sept
1*2 Mar
23i8 May
458 Jan
3412 Nov
21
May
32*2 July
1734 Jan
2
2
3*2May 28
10*4May 16
*100
2584
265g
30~906
51*2
51*2
260
234
23
*20
1278
13
1234
1278
1234
13
13
13
47
46*2
4678
465s
47*8
45
46
42*4
4434
400
23
13*8
4284
119
1
Jan
6
Jan
2
100
90
Jan 10
: N Y N H & Hartford
100
3
Apr 24
Conv preferred
100
N Y Ontario & Western
N Y Railways pref
Preferred stamped.
100
No par
N Y Shlpbldg Corp part stk_.l
preferred
N Y Steam $6 pref
$7 1st preferred
100
No par
No par
pref
100
North American Co
Preferred
100
No par
50
North Amer Aviation
1
44*4
100
"5",200
Ohio Oil Co
No par
5,200
Oliver Farm
Eq new..No par
2
493s July
11634 July
3
9
Mar
li2 Nov
84 Nov
8384 Nov
2078 Aug
3
36
Mar
7738 Aug
3978 July
3
59*4 Jan
3
106
Apr 14
*8*4 Mar
7*2 Jan
21*4 June
43*2 Jan
1158
Jan
13*8
4is4
Dec
Oct
61*4
Deo
358 July
"111*2
Dec
June 22
43
40% Mar
1384 Feb
6
43g Mar
1078 Dec
46*8 July 2
42*4 Apr 13
35i2 Feb 21
70*2 July 2
6*2 Mar 4
17*4 Feb 17
18*2 Mar
12*4 Mar
36*2 Nov
139
June 27
2*4 Feb
98
6
4
6
Dec
Mar
19
Dec
978 Mar
39
Dec
2
Mar
4
Mar
6*4
167s
112
Mar
5
Mar
55s Feb
2934
*4 May
96
Nov
258
Oct
139
1*4
99
8*2
Dec
Dec
June
Dec
May
Jan
1558 Mar 13
73*2 Feb 5
51
Oct
98
June 29
69
June
107
Jan 31
9^2 July
79
May
102*8 Dec
2*2 Dec
93*2 Apr 23
H4 Apr 21
Jan
105
May
2
23*s Ap r
5234 Feb
51
2
May 25
6
22*sMay 4
12*2 Apr 30
24*8 Jan
5*2 Feb 24
558 Oct
258 Mar
*8 Mar
*4 May
6*8 Mar
278 Jan 14
261*2 July 3
108*2 Apr 21
3038 July 3
June
9
84 Aug
158
218
Dec
108
June
28
Nov
35*2 Mar
6
Jan
Mar
3
4*2 Mar
30
6
Jan 22
17*2 Jan 15
545sMay 5
Jan
Jan
Mar
Mar 24
Jan
87
Mar
2
57
334 Dec
2*8 Nov
16*8
Mar
57
3684 Feb 20
6*2 Nov
9
105i2 Apr 7
12*2 Feb 21
101
1658 Aug
99
1034 Mar 19
Jan
Jan
538 Feb 24
59
65s Jan
4*4 Jan 17
97*2 Apr
7
24*8 Jan
2
Pacifio
J an
75
9*2 Apr 27
57 May 21
83
Mar 17
98
Northwestern Telegraph
50
Norwalk Tire & Rub..No par
Preferred
50
*4 Mar
14i2 Feb 7
7*2 Feb 24
No Amer Edison pref. .No par
Northern
12 July
788 Apr 28
4*s Apr 29
2*2 Jan
7
a:25s Jan 17
210
Adjust 4%
143s Aug
Feb 11
1*2 Feb 11
3
13*4 Jan 24
36*2 Jan
tNY Investors Inc...No par
162i2 May
140*2 July
10*4June 18
3284 Apr 29
41
Apr 15
10412 Apr 7
10*4 Feb 4
9
Apr 30
32*2 Jan 8
100
50
jan
1178 Jan 17
No German Lloyd Amer shs—
North Central
..50
52
*23g
6
Dec
23i2 Deo
478 Mar
5
1478 Feb 17
3
July
2
100
;
N Y & Harlem
t Norfolk Southern
15
2Y14
212
8
100
Preferred series A
7%
60
104*s 104*8
.
74i8 Jan
100
N Y Chic & St Louis Co
Preferred
8
Dec
Dec
Nov
Mar
108
June
15*4 Marl 1
Jan
Mar
1IO6
78 Jan
213s Nov
30
4
2784 Jan
""666
106
59
1278
6
2
N Y Lacka & Western
"3,066
87g
13*4
For footnotes Bee pave 62
100
3,700
*50
*100
*234
100
2,900
59
10334 104
*20
No par
34,800
*50
52
234
10
par
3634
87g
438
3*4
4*4
Bros
45*2
334
834
25
100
100
_
59
28
23
8*2
*4*8
*3*4
Supply of Del
Preferred
500
_
150
*34
*138
30
3*2
312
*1058
11*2
11*2
11*2
11*2
*1034
113g
*130*2 138*2 *130*2 136
*130*2 136
*130*2 136
1*4
138
1*4
1*8
1*4
1*4
1*8
1*8
*
*
*
*
98
98
97*2
97*2
3*8
3*4
"31*8
3*8
"3*8. 3*4 "3*8
3*4
10*2
*108
52
*10512 112
30
*3*2
*3*4
2284 Mar
2178 Feb 19
112
57*4 Apr 29
1978 Jan 2
1,900
1,000
884
26*2 Dec
11234 Mar
Apr 28
25
Corp
11
3,000
438
13*4 Mar
5
108*2 Jan
June
Oct
8134 Nov
107*2 Jan
Jan
16*4
1584 NOV
Sept
3
10
1538 Dec
June 18
May
162*4 Jan 24
i2 Jan 10
38*4
.11
31
438
Jan
Apr 30
Apr 30
100
No par
69*2
*8*2
912 Aug
62
2784 July
4% pf_100
preferred
National Tea Co
69
858
2d
National
70*2
458
Nat Rys of Mex 1st
1,900
313g
*243
.»
5,000
1,000
68*2
*3*2
35g
«
8
8
8*4
31*4
10&8
-
1034
116
69*2
1058
-
National Steel
3034
*3*4
•
7,400
30*4
67*2
8*2
*43s
M
200
68*2
45g
1*2
National Pow & Lt
34
31
95g
14,500
11*4
62i4
60*2
48*8
493g
11634 11634
63
*105*2 108*8 *105*2 112
30
*1*8
**2
6734
85s
10
3I84 Dec
7*8 Mar
9*4 Aug
51*4 Mar 11
'
National Lead...
1*8 May
33*8 Dec
Jan
31
*8*4
*43g
No par
Apr
*4
1215s
31*4
6834
1*4
Nat Distil Prod
Nat Enam & Stamping. No par
Mar 27
Feb
65i2 May
150
31*4
68*2
33s
100
7% pref class B
100
t Nat Depart Stores...No par
Jan
Dec
66
Dec
Mar 17
32*8
693g
99
7 % pref class A
10
943s Nov
60
Mar
69*8
1*4
30
Nov
4078
168
934
45*2
36*4
3034
3*4:
21
Jan
4i2 Dec
2I84 Mar
417a Dec
143
46*8
37*4
*....1
21
4
51
Jan
153
Feb 25
4
28
3
23
Feb
Dec
63s Nov
July
55
July
16*4 Dec
1*2 Mar
IOS4 Mar
2
95g
45*4
36*g
1*4
Mar
1778 Mar
103
2*2 July
578 May
4
4i2 Dec
1784
May 29
84
4478May
Mar
958May 11
11
11*4
3634
3*8
3
1
1*4 Mar
103s Apr
1
Feb
Nov
68
84 Nov
No par
11
45
99
958 Feb 21
1*4 June
75s Nov
25s Dec
158
36
1*4
Apr 14
Mar
13784 Jan 21
45
3*8
May 19
102i8July
14
Apr 30
100
Oct
*8 Mar
100
367g
*
26 *s
784 Feb 11
Apr 30
No par
116*8
84 Apr
100
45*2
10*2
11*2
*130*2 138*2
31
13s Feb 10
234 Feb
6*4 Feb 10
6*2 Feb
Preferred A
36*4
11
76*s Mar 24
4
3H8 Apr 30
7% cum pref
Oct
684 Oct
20*2 Dec
2478 Sept
Jan ill
378 Mar
Preferred B
45
139
105
2678June 23
283s Apr 30
15*s Jan 2
llU Apr 30
No par
7,200
Apr 13
10978 Mar 16
1238 Mar 23
60
3738
11
6
178May 19
3534 Jan 7
Nat Cash Register
200
7
2
234 Mar 27
284 Jan 2
1634Jnue 10
Nat Dairy Prod
60*8 Mar
6034
33*2 Dec
42&8 Dec
Dec
10
..1
Biscuit
24*8 Jan
2*2 Mar
912 Mar
8*4 Mar
150
Jan
National Acme.
65*4 Nov
883 Nov
2084 Mar
22
Apr
8
6*2 Jan 6
57*4 Jan 17
30,600
2,800
12,300
12*4 Apr 13
23
Apr 6
47*2 Apr 6
131*2 Mar 30
Mar
Nov
No par
Nat Aviation Corp
100
6884 Mar 17
3784 Apr
5184June 13
97*2 Dec
Jan
3
85
1534 July
20*2May
12i2 Apr 30
9i2 Apr 30
National
3,000
-
41
Jan
43
7,500
3,300
Jan
Dec
Nov
No par
3,700
1484
58
106*4 June 19
21
Dec
85
No par
145g
97g
46
139
Apr
Dec
1538
11558 Dec
97*2 Dec
June 29
79
Nov
1084 Dec
75
Myers F & E Bros..
3434
40
97*2 June
May
Nashv Chatt & St Louis... 100
1984 Dec
45*8 Sept
9
Nash Motors Co
984
-
3
Feb 21
Mar
11
10
Oct
131
100
**2
958
7,700
230
45*2
3638
45
100
16
2134
367g
4314
36*4
*31*4
10,400
4934
9
6
1I714 Apr 30
215s Jan 9
44
7*4 Mar
3334 Nov
142
*1*8
*51*4
3H2 Jan
4058 Jan
584 Jan
70
100
Nov
35*2 June
90*2 Jan
578 May
165
84
*25
No par
5% preferred
Murray Corp of Amer
Nov
5784 Nov
Mar
142
1*2
8*8
May 13
110
28
165
*1*8
**2
44*2
30
1
Munsingwear
June
142
11*8
113
No par
Murphy Co (G C)
100
145s
10
105s Mar
No par
3438
145«
3434
1058
61*2
Inc
600
1534
2134
108-Apr
6?sMay 22
178 Feb 10
397g June 30
22i2 Mar 3
1784 Mar 4
1,200
*49
163g
2134
Jan 10
55U Jan 31
2
50
103
11
Mar 24
84 Jan
28
Oct
Jan
19
Mother Lode Coalltion.No par
Motor Products Corp..No par
Preferred
55
2
71
Class B
Jan
Jan
6
110
54
32*8
84*2
15*4 Mar 26
Apr 23
4
5
Jan
108
Jan
Motor Wheel.....
20
33
7
60*2 Jan
No par
3578 Mar
5*2 Jan
jan
Apr 29
50
Morrel (J) & Co..
Morris & Essex
Dec
156
38*2 Dec
8*2 Apr
85i2 Mar
4578 June 12
5984 Feb
800
18*4
Feb 17
103
14i4
49*8
H84 Feb 14
46
79
50
-
Jan 31
*2838 Apr
10
11
337# Nov
Jan
170
36*4
52*2
30
3,600
29,900
3,100
24
493s Jan 24
118*2 Jan
20*2 Jan
& Co Inc. No par
Deo
45*4 Dec
14*4 Nov
2384 Mar
136
142
3534
106
150
Mont Ward
Mar
June
*165
150
3534
*51
*958
27
*142
36*2
5234
*25
934
26*2
3034
11
106
958
12*2
11
53
_
102*8 102*8
18*4
1734
-
-
3
Jan 8
1538June 30
985s July
32*4
20
t Missouri Pacific
Conv preferred
Mohawk Carpet Mills
Monsanto Chem Co
27
4984
-
Jan
2
'
6*2 Jan
14i2 Jan
2*8May
378 Jan
100
77
*160*4
*160*4
22*4
22*4
2234
2238
26*4
26*2
26*2 2734
*11034 11112
111*2 111*2
11078 1107g *109
1107g
13
1234
1234
12*2
26*8
26*2
26*2
26*8
30*2
30*2
30*2 30*2
273g
27*2
27*2
27*4
11
30
*25
1115s
123s
*30*2
34l2
11
108*8
108*8 *106
"
34
8*2
26*2
*165
142
31,600
68*s
~
22*2
26
27
3034
*165
114
*51
12*2
**2
35*2
978
*30*2
11134 *110
34
11
53
12*8
26*2
1*2
65
26
35
111*2 111*2 *11034 11112
11*8
1*2
11
30
26*4
3538
1034
*1*8
8*4
*1034
.
26*8
*160
142
142
1078
65
978
34*2
*160*4
22*2
22*4
11158 *109
1238
lie
22*2
.
23
22234
26*2
125g
1438
1034
3534
1034
35*2
4338
47*8
Feb 28
100
100
Preferred series A
*137g
*75i2
265g
4978
—
June 16
Minn-Honeywell Regu.No par
6% pref series A
No par
Mullins Mfg Co class A-._7.50
16
*48
47*g
June 19
3s Jan
100
38*2
19*4
1758
*49*8
*48
26*2
26*4
*11034 111*2 *11034 11134
934
38*4
42%
*45*4
68*8
9
92
li2 Jan
800
1
1658
23*2
*25
1
4934
160
26*8
*106
1
16*2
145g
*23
53
1
1634
11
35*2
1*8
*1
4978
35*2
8*4
*1034
68
4878
6734
1
11
*114
*67
6784
16*2
3538
*165 J
4414
27
*10178
1734
42%
*45*4
22
*2U4
14l2
*109
1438
4378
165g
4978
16*2
160
*24*2
*10178
*48
*142
1934
43*4
*45*4
Feb 24
12*4May
88
Rights
44
29
t Minneapolis & St Louis.. 100
1,400
June 29
55
10
2384 Deo
378 Dec
Mar
20
May
110i2June
Minn St Paul & SS Marie. 100
30
54
2
100
200
Feb 28
May
100
4,700
2,900
10,800
36i2 Feb 19
2
z65
Minn Mollne Pow
4
Jan
Milw El Ry & Lt 6% pref. 100
71
684 Mar
5
103
Apr 30
6% conv pref
15
5
1
8
110*4 June 15
883
3784
lli2
973s
123s
97i2
8,100
Mar
Mar
3
978 Dec
1?8 Dec
2*2 Oct
384 Mar
Mar 18
Mar 5
50*2 Apr
McKesson & Robbing
13*4
Feb
Mar 18
Apr 6
160
Feb 13
30
6*4 Apr
88 June
45
4,200
5
I
Oct
Sept
19*2 Nov
66*8
Mar
Jan 14
21*2 Feb 28
July
.No par
10
Mar 19
13*2 Apr 30
Apr 28
96
pref
Apr
13*4 Mar
12
49
16
conv
29
684 Mar 17
May 5
11*8 Jan 22
6*2 Apr 28
2712 Apr 27
15378 Jan 17
43*4May 4
Highest
$ per share $ per share
3
Apr
12*4 Deo
1084
3*s
10*2
3084
4i2
5084
19*8
41
39B8 Mar 25
$3
Mar 17
23
3
McKeesport Tin Plate. No par
78*2
*36
3734
Jan
Mclntyre Porcupine Mines..5
105
56*2
7
McGraw-Hill Pub Co..No par
1,300
10*2 Jan 3
57*4 Jan 10
23*4 Feb 3
I884 Jan 10
2i2 Jan 6
100
9*8
8
June 30
7
32*2May 27
1414 Apr 30
17*2May 4
2U Jan 3
8*2 Apr 30
1*8 Jan 7
2,700
2,900
44
78*2
$ per share
Lowest
109
No par
No par
JMcCrory Stores Corp new..l
6% conv preferred
100
44
57
34
119
43
$ per share
100
Prior preferred....
2d preferred
400
8*4
21
35
119
"""l20
27g
1,400
*143g
834
21*2
3484
*70*2
Preferred
8*2
24
19,100
•
4834
21
1
1478
*103
48*2
Maracalbo Oil Explor.
96
78*2
'
25
43
106
55
*99*2 100
20
J Manhattan Ry 7% guar. 100
Mod 6% guar
100
31*2
*16*8
14
8*8
884
834
98
14
*77*2
49
4878
*40
105
3734
*36
3*2
9*8
2
*2l4
31*2
1434
*103
8*4
5478
54*2
3734
87g
44*8
7834
77S
Marine Midland Corp (Del).5
Market Street Ry_.
..100
98&g
17*2
43*4
9812
9*8
443g
13*4
96
13*4
4,700
31*8
15*4
43*8
9*8
Manhattan Shirt
24
43
*16*8
99*2
105*4 *105
7884
812
14*4
43
44
5,500
1,400
145g
14*4
14l2
8*4
8*4
*7*2
8*4
295g
2934
2958
2934
*153*4 160
*153*4 160
53
54
53*2
53*4
16
16
*153g
*153g
493g
493g
49l2 49*2
50
50
50
*48*8
IO984 10934
IO984 10934
9712
9
1938
9
Year 1935
Highest
No par
1,600
*1%
*6*8
27g
31*8
Mandel Bros
80
163g
18*4
3*4
25
*96*2
44
400
Par
3784
14l2
98
Lowest
Shares
9
*67g
9*8
*40
43
*103
14*2
*70
31*4
15*4
15
98
—-
72
53*4
*1538
*49S8
50
3114
1538
*16
73
159
109*2 109*2 *109*2 10984
3034
13*2
31
159
*48*8
50
110
14l2
*758
29*2
1538
16
4938
43
14*2
8*4
29*2
53
54
52*2
493s
*40
1478
8*4
2938
*155
159
*15*4
4134
14*2
Week
16
2
*138
*6*8
*23*2
*2*4
3
EXCHANGE
*35
3*2
9
9*8
1*2
8*2
52*2
*70
358
*3*2
2412
*1*2
7*2
*1758
3*2
*2*4
15*4
49*8
110
35
16*4
3*2
9*8
*778
2938
*48*8
7
37
16*8
*5*2
8*4
2938
51*4
15*4
49*8
7
37
1638
*23*2
15*8
4134
2914
7
40
*658
the
$ per share
7
1638
24*8
278
*778
July
$ per share
2
15*8
*155
$ per share
Friday
2
July
*1*2
*5*2
*2*4
*355g
1434
*40
1
July
24*8
8*2
24
*2i4
3*2
Thursday
*37
8*2
9
Wednesday
Range for Previous
On Basis of 100-s/uzrc Lots
NEW YORK STOCK
Saturday
July 4, 1936
3*4
86*2
13*8
3578
1*8
x20
Nov
Mar
Mar
Jan
July
Mar
9*4 Mar
16*4
Oct
55
73s
102
Dec
Dec
Nov
10*8 Nov
99
Aug
25*4 Dec
52*2 Dec
2*4 Jan
32i2 Jan
14*4 Dec
27*4
Dec
New York Stock Record—Continued—Page 8
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
69
Monday
Tuesday
June 27
June 29
June 30
$ per share
$ per share
*1814
*109
*1084
*2518
*134
1884
112
18%
*109
11
1034
25%
1378
53
79
13%
7614
53
53
53
*11518
29,6
14%
1414
5
*16
5
11
6l2
39
6II4
1714
151
*10%
25%
112
13%
77
*52
18%
*109
10%
2584
13%
78%
*135%
1234
78%
53
*52
29,6
14%
*4%
*9%
*5%
*38%
51%
16%
5
11
6
3878
51%
1634
*119
124
*120
124
*149
150
zl50
150
18%
112
10%
26
...
13%
78%
53
Friday
$ per share
18
18
112
10%
25%
*136
112
10%
26
...
12%
80
*52
63
1734
*109
*10%
26
...
3,000 Omnibus Corp(The) vtcNo par
200
Preferred A
.....100
1,100 Oppenheim Coll & Co..No par
26%
4,100 Otis Elevator
*136
*79%
*52
"7",700
13%
82
53
12%
600
160
"¥,400
15384 156
13%
4%
9%
6
6
6
No par
Preferred
Otis Steel.
100
...
......No par
Prior preferred
...100
Outlet Co
No par
Preferred
*115%
2%
Par
1034
18
112%
213,6
13%
4%
9%
10
Owens-Illinois
Glass
Co...25
Lowest
$ per share
$ per share
\ per share
Pacific Coast.
1st
90
140
4
Jan
2
116% Feb
8
Jan
2
3% July
25% Mar
107
17%May
14
136
2
Jan
123
53
7
Jan
5
10
preferred.,
No par
Jan
434 Apr
11% Apr
106
2
Jan
2
2
4
3
11
30
15
13% July
3%
9%
4%
3034
47%
Jan
Jan
Jan
Jan
125
92
Deo
55
Deo
Mar
13i2
10%
13i2
10%
*212
*53i2
7614
'64
8%
14
278
58
76i4
%«
8%
13%
10%
13
11
13
10%
13%
10%
*12%
10%
13%
10%
*1234
10%
*12
14
*12
14
2%
5784
*56
14
*2%
*5334
75%
278
58
56
75%
*73
*12
2%
*64
9
70%
9%
23%
3%
4234
*22
2312
*22
3i8
*42%
3%
42%
3%
42%
*24
24%
5l2
7U
24%
*314
10l2
2%
70%
85i2
3%
10%
2%
70%
85%
*3%
2%
70%
85%
3%
6
6
6
6
*33
35
34
34
5i2
7U
1012
2%
70i2
*85
*17
3214
*37i2
*113
41
*41g
*35l8
*81ifi
*71
*2112
*138s
1212
*3414
584
7%
23%
3%
42%
24%
578
7%
10"
*22
3
41%
*24%
5%
Mar
129
14
Aug
"17%
Mar
*2%
70
9%
*22
3%
*41%
24%
6
6%
7%
10%
7%
7%
10%
2%
70%
85%
*3%
10%
2%
70%
85%
3%
6
6
34%
34%
17
17
177b
1778
3178 327b
31%
31%
*38% 39
38% 39%
11612 *114% 116% *114% 116%
41
41
41
4034 4084
5
*4%
5
*4%
5
37
*35%
*84%
72%
37
35%
35%
87
22
22
13%
11%
1334
12%
13%
13%
10%
33
34%
33
57
74
9%
74%
*2%
70
85
3%
5%
*34
73
10%
24
*22
984 Feb
39% Apr
56% Feb
Mar
5% Deo
13% Mar
31% Deo
1
19
Mar
19
Jan
12
June
21
Nov
Jan
Jan
3
130
Feb
70
Jan
123
Deo
140
Jan
8
151
July
111%
Jan
142% Deo
24
10%
*2%
10%
10%
2%
2%
69
69
*68%
70
84%
85%
3%
3%
5%
5%
85%
*3%
5%
*33%
88%
3%
584
36
6%
7%
10%
2%
70%
8584
3%
6
35
6%
7%
35
39%
18%
32%
39%
19
87
*86
87
*72
74
*72
74%
*73
74%
22
*21
22
*21%
13%
22
*21%
13%
11%
22
33%
50%
34
13%
13%
10%
11%
11
33
33%
33%
50%
50%
*50%
92%
*91
92%
*91
7%
10%
*7
7%
*7
*6
734
42%
*6
778
10%
1%
9
83
87
*86
74
*7
*71
87
86
*91
42%
7%
10%
2%
31%
*50%
83
35
6%
7%
20%
21%
32%
31%
32%
39% 40%
39% 40
116% 116% *114% II684 *114% 11684
43
43
41% 43
41% 42
5
4%
4%
*4%
*4%
*4%
35
35
35% 35%
35% 35%
17%
31%
93
*884
*7184
42U
3
42%
24%
6%
73%
*21
10
134
1
286%
*884
87
9%
*71
83
43%
41%
42%
10
184
86%
*884
*71
41%
10
1%
8684
9%
83
4134
*6
7%
6'
*6
6i
13%
11%
33%
50%
92%
1%
82%
*834
87«4
9%
*91
*7
7%
10%
184
*10
*7134
41*
*6
83
41%
684
13%
1134
50%
93
7%
10
10
1%
83%
85%
*9%
*71«4
/
1%
9%
83
41%
4134
5%
5%
*7512
80
*75
80
*75
80
*75
80
*75%
80
*75%
12
*11%
12
11
11
*11
12
11%
11%
1%
1%
31
75
9%
1%
30%
*55%
1%
30%
1%
1%
3O84
*11%
1%
12
2
40
*38
31
32%
*55
75
*7%
38l2
*17784
8I4
40
"
8%
*61
8%
65
1%
*li4
14
14
7%
7i2
31
*55%
8
14%
1612
1,700
1,900
5,800
2,800
*23
24
*23
24
16
16
*15%
15%
15%
7
6%
6%
2%
8%
2
2
7%
2%
*6%
*184.
7%
3
13%
1%
17%
7%
77%
32%
2
7
6%
6%
*6
2%
2
2
*2
7%
7%
7%
7%
*7%
3
3
3
3
26
26
44%
45%
45
*118
*118
3
3
24%
25%
45
46
*7%
884
40
7%
*23
3
24
23
23
15%
6%
2%
15%
15%
6«4
7%
3
*6%
1%
734
2%
2
734
3
26
2584
*24%
25%
26
45
45%
45%
45%
44%
*118
118
118% *118
45
46
44% 45%
43% 44%
108
10984 10934
107% 10784 108
123
123
123
123
121% 121%
25%
45%
*120% 121% 121
*137
137% *137
121
118% 118%
43% 43%
107% 107%
*120% 12134
138
*137
138
<zl36
136
*138
139
139
139
?156
157
157
157
*157
164
157
157
*158
164
44%
107
..
44%
107
157
43% 44%
107% 107%
*156
*108% 113% *110
47
47
47%
18%
18%
18%
107
107% 106%
*96% 9684
96%
12% 12%
12%
11% 11%
11%
552732 552732 *552732
*104% 108
*104%
78% 78%
78%
5%
684
5%
*31% 32%
31%
39
*387„ 39%
*46% 49% *46%
*39% 41
*39%
113% *108% 113% *111%
46
47
47%
4584
I884
17%
18%
17%
IO684 10684 107
106%
96%
96% 96%
96%
12%
12%
12%
12%
11%
11%
II84
11%
56% *552732 56%
108
*104%
*104% 108
78%
77% 78%
77%
534
5%
5%
5%
32
31% 31% *31%
39% *38%
3984
*39%
49% *46%
49% *46%
41
*3984 40
*39%
*1134
12
*1134
12%
*1134
12
*80
85
*80
85
♦80
85
*80
*1%
*14%
18%
*88%
22%
2%
15%
*1%
*14%
18%
*2
2%
*14
15%
1878
8984
227s
18%
*89%
*22
*100
105
*2
*14%
18%
89
*22%
*100
5
1878
*82%
5%
19%
8584
*85
87
87
*1084
*28%
13
33
*1084
*28%
5%
*107
112
*24% 25
*106% 107%
53
63%
54%
54%
60
*59%
*11%
*29%
*3784
14
30«4
39
18%
*83
*108
24%
107
53
54
*59%
*11%
*28%
37%
2%
15%
19
89
22%
105
5%
19%
8584
*100
5
1884
90
22%
105
6%
18%
85%
87
*85
8684
13
*10%
11%
31% *28% 31%
112
109% 109%
24
24%
24%
107
*106% 107%
53
n25% 2684
54%
5334 54
60
60
60%
14
*1134 14
29
29% *27
37% *36% 37%
18%
*82%
For footnotes see page 62
5
Apr
14%May
8%
conv
preferred
100
1134
89
22%
*100
5
113
46
"17%
107
96%
1234
1134
45
17%
107
12%
11%
46
18%
10784
96%
13%
11%
*111% 113
4534
4534
17%
17%
10784 10784
96%
96%
13
12%
1134
11%
108
77%
5%
32
40
49%
40
10434 10484 *105% 108
77%
78%
78%
78%
684
5%
5%
584
31% 3134
31% .31%
39%
39%
3934
3934
*46% 48
*46%
48
40
*39%
*3934 40
II84
10%
10%
85'
80
80
2%
15%
18%
89
22%
105
6%
18%
83
*85
86
13
*10%
*28% 3084
109% 112
24
1%
*14%
2/18%
88%
*22%
*100
4%
1784
82%
84%
*10%
*28%
112
23%
1%
15%
18%
90
5
84
85
12%
31
112
23%
434
17%
84%
*83%
*10%
*28%
47b
I884
84%
84
12
500
100
114%
2384
2334
54"
54
54%
54
54%
*60
62
*59%
60
14
*12%
14
*59%
*12%
60
*1184
*27
29
*27
29
*27
37%
*36%
3784
*3684
38%
1% Jan
4
28
2
20
20
2
Mar 13
1,100
June 30
4
Mar
5
Jan
2
25% Apr 28
64% Jan 3
500
1,000
5,600
6
74
June 30
Jan 13
24
Mar 28
par
10
50
par
50
50
25% Jan
88
49% Apr
84
Feb 21
Jan
2
17
Jan 15
2
2% Feb
37% Jan
50
4
Pittsburgh Coal of Pa
7%June 8
35% Apr 28
100
100
Pitts Steel 7% cum pref
Pitts Term Coal Corp
176
Porto-Ric-Am Tob cl A.No par
Class B
No par
t Postal Tel & Cable 7% pf 100
t Pressed Steel Car...No par
100
Preferred
Procter & Gamble.
No par
5% pf (ser of Feb 1 '29).100
$5 preferred
No par
800
6% preferred
100
200
7% preferred.
.100
300
8% preferred
....100
Pub Ser El & Gas pf $5.No par
Pullman Inc..
Pure Oil
No par
No par
preferred...—100
900
6% preferred
100
10,900 Purity Bakeries
No par
47,200 Radio Corp of Amer
No par
8%
(The)
conv
Preferred..
100
Preferred B
6,000
6,400
1,500
700
$3-50 conv
60
No par
1st
pref-No par
t Radio-Kelth-Orph
No par
Raybestos Manhattan.No par
Reading
;
50
1st preferred
50
2d preferred
.50
...
Silk Hosiery
10
Preferred
........100
Real
No par
1st preferred
....100
"~7~406 Remington-Rand.
1
600
$6 preferred
25
Prior preferred
900
25
Rensselaer & Sar'ga RR Co 100
12"666
Reo Motor Car
5
26,000 Republic Steel Corp ...No par
700
6% conv preferred
—100
600
6% conv prior pref ser A.100
Revere Copper & Brass..
5
Class A
190
Preferred
10
100
No par
1,300 Reynolds Metals Co
200
5 H% conv pref
..100
1,400 Reynolds Spring
1
14,500 Reynolds (R J) Tob class B.10
120
14
400
Class A
10
Rhine Westphalia El & Pow.
RItter Dental Mfg
No par
Roan Antelope Copper Mines
Jan
Feb
61
Feb 21
12
Feb
5
5
181
3
2
l%May
4
3
June 20
21
3
Jan
85% Mar
2
58% Jan
7
21
2
Jan
1% Apr 24
11% Jan 6
20 May 18
12
2
4% Jan
2
1% Jan
,,
Jan
2
684 May 21
2% Apr 29
18
Apr 30
40%May 12
II784 Apr 7
39
Apr 29
103% Feb 21
113% Apr 3
128
Apr 4
146
Apr 14
June 25
1138 Jan 31
Jan
14
5
6
40% Feb
7% Apr 30
49
100
1
100
25
100
Preferred—
5
Jan 31
1
Preferred
Mar
2
9% Jan 10
1% Jan
30% July
Mills
Pub Ser Corp of N J—.No par
240
16% Mar 13
3% Jan 13
88%June 25
15% Feb 7
38% Jan
5% July
25
Flour
,
5
Jan 17
Jan
8
9% April
91% Apr 8
41% Apr
384 Feb
16% Apr
26% Mar
1934 Feb 19
984 Mar 4
3% Jan 11
12% Feb 6
538 Jan 16
36
Jan 16
49
Jan
2
122% Feb 26
4884 Jan 15
10934 July 3
123
3
July
3
157
June 13
7
114
36% Jan
16%June
2
48% June
24% Mar 20
13384 Apr 17
117% Mar 27
17% Jan 6
14% Jan 17
56% Mar 9
l08%June18
7984June 18
9% Feb 19
6
May 1
91%May 4
9%May 9
984May 12
103
54% Feb 3
83% Jan 2
68% Apr 28
5
Apr
Jan
2
28% Jan
35% Jan
6
39
Jan
7
38% Apr 14
48% Feb 24
47%June 17
37
Jan
4
41
9% Jan
2
I684 Jan 30
4
88
70
Jan
3
1% Apr 28
12%May 7
18%June 30
85% Jan 3
22%June 3
103 June 22
434 July 3
16% Apr 30
May
5
Feb 17
334 Jan 14
22
Feb 19
95
Jan 13
16% Feb 17
9
36
Jan 10
Apr 28
22%May 25
105
Apr 27
120
Jan 23
50
Apr 29
34
117
Feb
5
Jan 13
55% Apr 14
58% Feb 28
Jan
2
65% Feb 10
1034 Jan
19% Feb
3
2
35
32
3
39
Jan
Feb
Oct
1784 Mar
13% Jan
9
MarlO
June
7%1 Oct
Dec
1% Dec
20
Nov
80% Deo
12
Sept
10184 Sept
14% Sept
21% Nov
6
Apr
488 Deo
8% Dec
15
May
ia4 Nov
July
81
84'4 Sept
6% Aug
5% Aug
3084 Nov.
Dec
32%
39%
II684
43%
Mar
Aug
4
Nov
Apr
2% Feb
9% Mar
16% Mar
34% Nov
6484 Deo
13
54
Mar
13% Oct
7% Mar
Oct
1234 Mar
Feb
38%
1%
3%
I84
35%
5%
53%
Mar
July
July
Mar
Mar
Mar
Apr
1334 Mar
Dec
19% May
14
Deo
19% Dec
Deo
July
Nov
Nov
28%
45%
85%
488
10
Nov
4% Jan
*68% Deo
1434 Deo
85
Deo
40
Deo
Mar
10% Dec
50
July
2»4 July
% July
78% Nov
31
38
3
Apr
65% Aug
7
Mar
26% June
172
Feb
8
Nov
IS4 Dec
76%
Nov
Jan
12% Aug
4484 Aug
180
Aug
5% Mar
10
Deo
22% Mar
55
Oct
1
Mar
10%
1%
24%
6%
Apr
Apr
62
Nov
June
25
Nov
1
Mar
Mar
6% Mar
6% Mar
1% Mar
% Feb
4% June
2% Nov
16% Dec
3% Sept
*238 Aug
13
Deo
"1284
Nov
5% Nov
2% Nov
16% Jan
% May
4% Deo
6% May
26% Deo
42%
115
Jan
Jan
20% Mar
62%
73
Feb
5384 July
121
Nov
4684 Nov
104% Dec
Mar
117
85% Mar
132
100
Mar
148
Deo
Jan
113
July
29%
Oct
5% Mar
49% Mar
-65
June
3
Dec
Deo
52%
Jan
17
Deo
119% Deo
103—Deo-
4
Mar
17«4 Oct
1338 Dec
50
Mar
62%
884 Feb
35% Mar
1% Mar
16% Mar
29% Mar
36
Apr
33
Apr
3% Apr
20% Apr
1
Mar
Mar
99
60
Mar
30
108%
June
4
Feb 17
"l7%
8
4
27
Mar
7
Apr 20
90
18
Jan 14
10
24%June
Mar
2384 Jan 15
99«4 Apr 15
2484 Jan 23
114
Apr 15
8% Mar 25
2634 Feb 19
77
May
78%May
3
Deo
14
21
99
July
139
Jan
112
Oct
Feb
84 July
64% Feb
57% Apr
2% Mar
23
Feb 17
Mar 13
68
8
34 Apr
4%
8%
June 25
12
100
172
No
5
93
par
5
May
2% Mar
11
51
784 Apr 29
May 29
6
3
par
Feb
11
19% Mar 4
40% Apr 11
66 ' Mar 13
25
30
19,700
18
2
10%June 30
7
45% Jan 3
81% Jan 7
3% Jan 3
8% Jan 2
1% June 22
par
6,600
1,500
~9~666
Feb 19
Jan
12%June
Pittsburgh <fc West Va
100
100 Pittston Co (The)
No par
5
4,400 Plymouth Oil Co...
200 Pond Creek Pocahon..No par
No par
1,300 Poor & Co class B
2,500
88
16
80
500
11634June 9
49% Feb 17
7% Feb 19
37%June 19
Apr 27
9% Aug
56
2
Feb 21
Mar 27
par
6% preferred
2,400 Pittsburgh United...
400
21% July
39
43
100
20
170
10% Mar 24
48% Mar 24
56
5
20 Pitts Ft Wayne & Chic pf.100
3,400 Pittsb Screw & Bolt- .No par
470
Feb 21
Feb 19
30
100
Pierce Oil Corp pref
Pierce Petroleum
2,000 Plllsbury
""206
1
23
10
12
1
2
24
17
28% Apr 29
Pirelli Co of Italy Am shares..
5,000
Nov
3
88% July 3
6% Jan 28
3%June 23
4% Jan 2
2884 Jan 2
17
67
73
64% Mar 13
69
7
100
Preferred
""306
29
37%
4% Jan
6% June
10%May
Aug
28
Apr
5% Jan
47% Mar
26%June
10
Apr
11% Apr
17% Jan
2% Mar
June 22
Apr
8
No par
Preferred
Pet Milk
1,900 Petroleum Corp. of Am
14,400 Pfelffer Brewing Co...No
9,200 Phelps-Dodge Corp
300 Philadelphia Co 6% pref
$6 preferred
No
J Phila Rapid Tran Co
100
7% preferred
2,200 Phila & Read C & I_...No
14,100 Phillip Morris & Co Ltd
Phillips Jones Corp
No
7% preferred
9,800 Phillips Petroleum
No
200 Phoenix Hosiery
30
112
23
38
200 Reis (Robt) & Co.
90
3
6
8784 Feb
1284 Jan
17% Jan 13
4034May
684 July
3% Mar
10s4 Jan
% June
6% Mar
71% Dec
Feb
12
3
June
9
4% Apr 6
74% Apr 4
97% Feb 13
732June 12
7
8% Apr 20
2,200 People'sGL&C (Chic)___100
Peopria & Eastern
100
""566 Pere Marquette
100
Prior preferred...
400
100
2%
15%
*85
59
110
Preferred..
*1%
18%
138 Jan
18% Jan 3
67
Apr 28
'
128 June 25
7% Apr 20
..100
100
100
*106% 108
107% 107% *106% 108
25
*25
25%
2534
*25% 26
54
100
3,600 Penn G1 Sand Corp v t c No par
60
13,200 Pennsylvania
1,200 Peoples Drug Stores..Noo par
80
22%
*22% 2234
*100
105
105
18%
No par
Preferred series A
80
18%
Feb 19
3
No par
200 Penn Coal & Coke Corp
10
3,800 Penn-Dixie Cement...No par
200
*14
Feb 10
13
20% Jan
Parmelee Transporta'n_No par
11%
*10%
18
6% Jan 2
13%May 16
1
Parke Davis Ac Co.—.No par
Parker Rust Proof Co
2.50
100
18%
*82%
24
*111% 113
1
Park Utah C M
3,400 Peerless Motor Car
1,200 Penlck & Ford
9,600 Penney (J C)
300
lia4 Apr 30
Panhandle Prod & Ref .No par
Pathe Film Corp
..No par
3,000 Patino Mines & Enterpr No par
75
16
*1%
8%
66
40
*614
26%
45%
*55%
14
8
*2
26%
75
24
7%
76%
23
*55%
3I84
16
*1%
*1384
32
14
75
31
*23
8%
*62
32
23
75
30%
1%
8
*7%
*7%
8%
40
*38%
*38% 39%
181
181
*17734 183
*17734 183
*17784 183
834
8%
8%
8%
8%
8%
884
8%
61
62
66
63
66
62% 62%
66%
1%
1%
1%
*1%
*1%
1%
*1%
*1%
*1334
17%
16%
17% *1334
*1334 17% *1384
6
6%
6%
7
6%
7%
6%
*6%
80
7534 *75
75% 75%
7584 77
75%
*31
32
*31
*31
32
32
32%
32%
2
2%
*1%
2%
*1%
*1%
134
1s4
14
14%
14%
14%
14%
13% .13%
13%
80
*16
30%
*55%
*7%
40%
*17734 183
32
214
31%
40
*7614
*1%
1%
Trans
Park-Tllford Ino
"5~206
80
*1184
1%
1%
&
No par
1,300 Paraffine Co Inc
7,400
Rights.
1
24,900 Paramount Pictures Ino
First preferred
5,700
100
Second preferred
10,400
10
24
3
*42%
3%
86
72®4
88%
*22
24%
684
7%
51
10%
1%
87%
*834
24
73
9«4
24
*50%
11
72%
9%
10%
42
*91
I84
8784
9i2
74%
"884 "9%
3
93
1%
8714
80
42
51
*10i8
"""260
3%
51
*7
74%
2%
5734
Petr
Deo
3% Apr
100
6% preferred
Pan-Amer
Nov
3% Deo
10
Feb
118
600 Pao Western Oil Corp. .No par
No par
50,800 Packard Motor Car
14
42%
24%
*91
7%
*56
74%
8%
72%
9%
11%
33%
51
*7
*2%
2%
57
/ IO84
Nov
100
Pacific Telep & Teleg.
—
24%
18%
3284
74%
22i2
1384
1284
34l2
74
2%
5784
74%
~~8% "V%
39
87
2%
13
10%
*12
'128
6784
9%
68
9
68
9%
75
%28
8%
~~8% "8%
9l8
*66
1234
13
1034
14
*12
115% Mar
80
'
*12
July
17% Sept
1
984 Feb
17
Nov
11% Nov
26% Deo
38
Feb
264% Mar
2'3ie July
17% Mar 25
June 16
20s4 Dec
107
Jan
114% Mar
128
Highest
per share
4% Mar
2234 Jan
June
2084 Mar
95% Feb
12% July 2
72%May 14
47
75
Mar
3234 Feb
24% Apr 27
2'
510
2d preferred.
No par
5,100 Pacific Gas & Electric.
25
2,300 Pacific Ltg Corp
.No par
No par
1,100 Pacific Mills.
5
38%
Yeat 1935
Highest
100
23,600
Rights..
1,200 Pacific Amer Fisheries Ino
170
Range for Previous
Lowest
[Shares
5
4%
484
38%
39
39%
38% 38%
38% 39%
51
51
51%
5184
50% 51%
51% 51%
*17
18
16%
18%
*16%
16%
16«4
17%
*120
124
119
120
*120% 124
*120% 124
150
151
150
150
150
150
*147% 150
*5%
Range Since Jan. 1
On Basis of 100-share Lots
EXCHANGE
Week
3
$ per share
13%
80
July
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
July
2
*115%
*115%
*115%
150
149% 150
150% 150% 153
27,6
2%
2716
2%
27,6
2%
*12% 14
13%
13%
*13% 14%
5
5
*4%
5
*4%
434
*9%
11%
*9%
11
*9% 11%
—
151%
2%
13%
1
$ per share
1034
25%
*135
*115%
151
27,6
*95s
*512
3884
5H4
*109
14
7614
....
135s
*7614
151
share
18% 18%
18%
112
10%
25%
25l2
♦134U
July
$ per.
SHARE,
Wednesday
Sales
for
Saturday
69
Aug
21% Oct
98% June
2% Mar
9
Mar
28%, Mar
78% Oct
5% Apr
13
Apr
75
Apr
17% Apr
101
12%
43%
55%
11%
5%
21%
June
Mar
Mar
Jan
92
Deo
6
Oct
30% Dec
43% Jan
43% Nov
38ji Deo
11
Aug
72
Nov
3
Oct
18
Nov
2034 Deo
88
Nov
25% Nov
110
Mar
5% Deo
2084 Nov
97
Nov
95% Nov
16
Dec
37% Deo
115
Nov
32
Deo
113% Deo
3I84 Deo
58% Nov
Apr
67
Dec
Mar
Feb
13% Mar
20% Deo
33
Nov
Dee
_amra|
New York Stock Record—Continued—Page 9
70
HIGH
AND
*
SALE PRICES—PER
LOW
SHARE,
NOT PER
Sales
CENT
Tuesday
June 27
June 29
June 30
5 per share
$ per share
$ per share
$ per share
$ per share
*777a
81
*534
6
233s
2338
*777a
578
2318
80l2
578
*7778
2338
23U
*2
2's
2
2
*37„
*9'a
4i8
378
*5
378
10
*9
#2
334
*9
10
80i2
*777a
578
80i2
578
2
July
*5
7434 Apr 28
117&8 Feb 19
1
10i2 Feb 19
2934 Feb 28
358Mar 4
2
2
2
2
*378
*8l2
4
700
10
20
4
414
*378
9
9
*8i2
414
97g
578
2
100
238 Jan
2
100
100
778 Jan
2
18
Jan 24
No par
30
Mar 25
100
100
109
80
300
22
22
22
22
*18
*18
*18
*18
*18
2234
2234
3034
3034
305s
305a
31l4
3012
3034
305a
3034
3Ua
3034
3118
IIOI4 HOI4 *109i2 HOI2 *10912 H012 *10912 noi2 *10912 110i2 *10912 110l2
*112
*112
113
113
113
llDs
11012 11034 *111
*11U8 11212 111
12
115a
1158
1158
1158
1214
1158 1158 *1158
*1H2 1212
*1134
41
40
41
40
4D4
4014
4034
40i2 4078
4012
40l2 40l2
100
100
9978
*9934 1003a *100
10038
9978
*9984100
100/ 100
158
1%
158
158
158
158
112
*n2
H2
*U2
I84
lh
9
9
9io
*9
*9
11
9i2
*9i8
1012
1018
*87a
*978
61
60
61
61
6134
6134
6OI1
6134
60i8
6012 6012
60i2
1
1
1
1
1
1
78
7S
78
*78
*78
2
*2
*2
*2
*2
2
2
2
214
2i4
2i4
2i8
32
32
32
33
32
32
*32
33
*32
33
32i4
32U
5
*4
5
45g
*438
412
43g
438
*438
458
*438
*43s
par
11
75
10
6% preferred
7% preferred
Savage Arms Corp
No
6,900 Schenley Distillers Corp
500
5H% preferred
900
7358
7414
/43g
73i2
318
*338
3i2
338
*314
3i2
*3i8
6512
65i2
65i2
65i2
65l2
30
2438
2334
*65i2
23U
67
23&a
*6512
2338
67i2
24
2334
23
23
235g
14,200
1384
14
1414
1378
1378
1334
14
14
2358
1414
14
3,000
2134
22
225£
22
22 I2
22U
2212
2158
22
2U2
14l8
2U2
91
92
*9212
94
*92
3l4
94
*92
7
94
,
*90
94
7
7
7
54
5418
5412
5412
57
57
32
32
3H2
1634
3H2
*3U2
32
3134
3134
3U2
1734
17i2
1778
17l2
175a
*90
3H2
7
16l2
1658
11914 11914
11914 11914
117
17
17
718
7i8
*56
120
11912 120
1 A
A1.
1U
y*2
ni
712
*57
01«
y *4
120
200
4,900
738
60
500
31l2
190
17I2
*118i4 120
14,200
3U2
1714
:
-
2,800
01
938
»--•
01
30
2914
3014
29i2
29i2
2834
2934
29i8
2912
5
5
5
5i8
*478
514
478
478
514
24
24
25
2478
24l2 24l2
2412
2414
2334 2334
*120
122
122
12334 *120l2 12334 *12012 12314 *120l2 12034 *12012 12312
59
60
60
60
60
*551 a
60
5912
5912
*55i8
*5518
*555a
78
*74
*77
78
80
80
78i2
7812
*78i2 80
78i2
7912
43
40l4
4012 40l2
4H2
*40i2 42
*40i8
*4318 4618 *4312 46
23
23
23
2258
2314
2258
*2214
2314
2314
2314
2318
*22i8
13
13
13
13
1314
1318
13i8
1314
1314
13'a
1338
1314
114
114
114
114
*112
*112
*11214 115
*11214 115
«H114 114
10,400
*434
*24i4
3014
478
y'8
2978
484
2412
4,900
1,200
100
109
Oct
6
Jan
II314 June
114i2 June
1358 Dec
Feb 29
22
Mar
56U NOV
134 Apr
4i8 Nov
20i8 Jan
Jan 20
52
7
8
Apr
55
Jan
6
76
No par
1
1
1
M
rt
-
par
par
91
par
Art
King coalition Mines-o
Simmons Co
.....No par
Petroleum
...10
-25
Skelly Oil Co
1558 Jan
1118 Jan
2034 Jan
434
43i8
30U
1434
par
100
4
"A
A Y|
5958 Jan 21
234May 25
61UMay 13
par
...
1441
2
Apr 23
3034June 4
334 Jan 9
78 Jan
2
par
No par
a.
100
Preferred
14 June
li4
Dec
7
&8 Aug
3
Dec
4358Mar 12
2034 Mar
3678
478
Dec
7
Jan 17
7638June 24
20
320
4l4
27
27
*153
156
414
26i2
4
438
27
26i2
4
414
2638
2634
4
4l8
40,700
100
Solvay Am Invt Tr pref—100
1,000
_
9i8June 22
70
Nov
17
Deo
4
714 Mar
Mar
3
9
1278 Deo
2534 Nov
27
2
5
3
June 30
34
Jan
27l2
27U
19U Feb 20
120i8June
Apr
2
75
2
95
72
Jan 31
4
Mar
24
Mar
6
Jan
Jan
June 20
63i8 Mar
83a Feb
6i2
Jan 16
12i2May 20
16i2
Oct
58
22
5i2 Mar
434
6578
132
28i2 Jan
6
17
Feb
4
114
July
1
50
3414
Jan 15
40*4 June 30
5
534 Nov
314 Mar
40i2 Nov
Dec
295s
60
Jan
13
Mar
24
111
Dec
6812
30
Apr
4
2,100
So Porto Rico Sugar...No par
Preferred
100
150
Jan
7
25
25
Feb
20
29i8June 17
3878 Feb 19
2058 Feb 21
1234 Mar
3278 Feb 20
25i2
16i2
2158
Apr 27
26
20
Jan
Feb
152
Dec
1058 Mar
27
Nov
2838
28U
2878
28s4
29
6,300
3438
35
3414
35i8
33i2
34i8
3314
3378
33
34i8
3278
3334
23,700
Southern Pacific Co
100
16i8
28i4
16i2
1578
1612
16
1638
14,000
Southern
100
2
1234 Apr 27
29
28
29i2
28l4
2878
16,700
100
19
Jan
21
*4314
46
*42
Mobile & Ohio stk tr ctfs 100
34
Jan
3
49
7i2June 26
12
1134 Feb
6
5
6
42
Apr
934 Mar
6
6
12i8 Apr
2
59l2 Apr
3i8 Mar
314 June
283s May
Mar
78
16
1612
16l4
17
1614
16i2
28l2
*41i4
2914
29
30U
2838
293a
46
*7
8
65
65
*42
7i2
65
*10512 10678 *106
7
7l2
71s
*734
85g
82
*78
8
*78
46
*3014
3078
1958
22i2
20i8
2212
50
*734
8i8
82
1934
50
7
738
2314
*49 la
65
10678 *106
193a
31
*7
712
65
2314
*2984
*42
151?
70
1558
*123l2 125
69l2
153a
734
7
73a
8
*3014
19i2
22i2
778
307a
50
50
7014
1538
1534
*12334
10
10i8
712
80
778
10678
714
8
734
*80
80
*80
82
305a
3034
3084
46
M
20
W
M
80
120
5,900
800
82
20
3034
19i2
*30l4
1978
19U
19&a
19i8
19i2
2258
2314
2258
2212
22i2 22i2
50
*49i2
4978
49i2 49lo
Z491I
4912
70
70
70
69i2
69l2
6934 6934
1073a *106i4 1073a *106i2 10738 *106i2 1073a
2*
*2438
2434
*2434
241? 25
2534
15lo
1512
1514
153g
1514
15l2
1514
125
*124
12412 124l2 *1231? 125
125
3034
•»
300
*7l8
734
65
*63i4
10678 107
714
7i8
8
*734
7i2
6434
10678 *106
7
73a
L067a *106
*42
46
*63U
65
*63
82
*12312 125
10
*7
734
65
*78
6914
*106
10738 *10614 1073a *105i2
25
25
2434
2534
*2412
*6914
46
300
15,800
2,000
2212
170
2,000
Railway
Preferred
Spalding (A G) & Bros .No par
1st preferred
100
Spang Chalfant & Co Inc pflOO
Sparks Withington
No par
Spear & Co
1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
Conv preferred A
No par
Spiegel-May-Stern Co..No par
6M% preferred
100
•
10
1018
1018
10
IOI4
500
11,000
10
10
1,800
63i4June
10D2Mar 18
534 Apr 30
678 Jan
4
Jan
22
63
Mar
13
7734 Apr 13
99
Mar
12
IO684 June 22
2134 Apr 27
No par
1438 Apr 19
12078 Jan 10
1712
18i2
34
34
35
36
36
3714
4U2
4112
4234
43
4584
67,700
6,200
3912
40l4
41
4218
41
44l8
44
4878
4634
3838
38U
50i2
35,400
3i«
*3
3iS
3
3
3
3
3ig
900
Stand Investing Corp..No par
200
Standard Oil Export pref..100 xl0978June
3
3
109,5i6l09,5,6 *109z932lK)i8
373S
3438
37i2
3438
O.
«
«.
•-
A—
-
-
-
37i2
3734
3714
3734
8,700
Standard Oil of Calif
34
3412
3334
34i8
34
34i4
34i8
3412
34U
34I2
6,600
Standard Oil of Indiana....25
25
5918
*17
60l4
5878
27
25
25
5958
5734
5S12
*21
59
*263
*2558
2638
*26
26&s
70i2
2638
6912
2638
6934
6934
*69
69l2
69i2
3
234
234
284
234
278
278
10
*47
10
5014
*938
*47
*238
10
9lo
*47
18i2
18i2
1812
18l2
18 >8
1U2
1812
1858
185S
1134
1834
19i8
1858
19i4
1U2
*76
:
*118
78s4
I2OI4
30
*29
438
4l2
11
11
*275g
28
*778
2078
3012
21
834
30i2
1U2
*76
1138
77 U
*12014 122
120U 12014 *120i4 122
277a
30
*27;8
78
1784
1878
lis8
77i2
1178
77i2
9i2
50i4
18i8
1978
1158
78
5014
30
*27'a
30
438
4i2
438
438
4i4
43S
1034
1034
1012
10i2
10i8
27i2
10i8
2758
*8
834
27l2
*778
21i8
2078
30i2
30
*9i2
*47
300
20,400
*26i2
2634
200
70
2634
6934
3
70i8
1,600
3
1,500
*234
*47
300
978
*934
978
•r0l4
5OI4
u-
-
No par
10
Standard Oil of Kansas
Standard Oil of New Jersey.25
Starrett Co (The) L
S__No par
Sterling Products Inc
10
Sterling Securities cl A.No par
Preferred
No par
Convertible preferred
50
Stewart-War ner
5
1778
1838
1734
18i8
3,400
1938
2038
1934
2038
1158
35,300
Stone & Webster
27,900
J Studebaker Corp (The)
11
1134
78
78
*77
78
1,600
*12034 122
122
122
30
*28i4
4i8
1H8
*28j4
30
10
Ids
10
300
No par
No par
100
Oil
Preferred
4,200
Superheater Co (The).-No par
Superior Oil
1
10i8
1,100
Superior Steel
100
•
1,100
Sutherland Paper
21
21
2li8
21
213g
4,700
Swift & Co
30i2
3012
30i2
30i4
3038
"2,000
*134
2
*134
2
10i2
10l2
*8U
27l2
834
27l2
27
*778
8&S
27
27
834
*8U
300
10
Co
Sweets Co of Amer (The)...50
25
Swift Internat Ltd
No par
t Symington Co
..No par
134
ls4
134
*134
2
*134
2
IOI4
IOI4.
1034
1058
1078
1034
1078
7U
*7i8'
7'4
*7I8
714
7i8
7i8
7
7
7
658
612
658
*6i2
634
684
67g
1,900
3578
36i4
634
3578
714
634
1012
*7i8
6l2
1078
*7I8
*684
35i8
35&S
1034
9'4
3558
3538
36 38
3578
3638
3578
3612
31,800
35i2
1034
36
3534
36i8
36
36i8
6,800
Texas Gulf
1034
10i2
1078
10l2
1034
4,400
Texas Pacific Coal & Oil
*H2
10
35i2
36
3584
36i8
36i4
1034
1078
1034
11
3578
11
6,900
600
Texas
200
Thatcher
61
*61
914
9i2
4U2
34i4
4H2
3414
4n2
4112
35l2
*3412
*6078
6H2
*61
6U2
*61
6112
61
9i2
*6078
9U
6112
*8i2
9i2
8934
*9
984
*9
9U
*9
*75
8934
*76
*5i2
*25i2
2612
*9
578
934
*75
*938
9i2
6
6
*25l2
27l2
2734
512
28U
28U
1514
*25
15
55
77
9i2
700
Thermoid
6I2
*25i8
1512
100
..1
25
2,900
558
1,000
Thompson-Starrett Co.No par
1,500
55
50
55
*51
55
100
Third Avenue
105ia 105i8 *10478 105
cum
No par
No
pref
Tidewater Assoc Oil
par
No par
100
Preferred
Tide Water Oil
No par
Timken Detroit Axle
10
1718
17
1718
16i2
1678
163s
167g
12,200
6078
58i2
59
59
5938
59
5918
8,800
1378
14
137a
14
14
1414
1334
1438
1334
14
1934
1978
18'8
113a
19i2
1U2
18
183a
IDs
1838
1812
183a
1878
4,300
Transcont & West'n Air Inc..5
ID4
1H8
IDs
600
Transue & Williams St'l No par
8i2
834
9
884
834
8i2
104t2
10234 10284 *103
6
6
6i8
6i8
4,700
Trl-Continental Corp..No par
7l2
300
*1U2
878
103
1178
9
103
IDs
812
834
*10234 10478 *10234 10478
578
7
6
6
6i8
6i8
*7I8
8
*7i8
8
7i8
24i8
3378
24 I8
34i8
9
9
243g
24'a
24'a
2414
34i2
34
3434
34
343g
93g
70
*9
9i2
9
9i8
69i8
3
7458
69i4
314
69
7734
75
27a
69i8
314
77ig
12578 12578 *1257a 1263a *12578 1263a
3.,
7^2
3-J2
3ifi
116
i4
16
4378
4414
4334
4418
43i2 4358
For footnotes see page 62.
1
*68i2
3
7i8
69i4
33a
7784
*1H8
718
*7l8
30,800
200
2,000
718
2414
23i2
24
3334
3438
33i2
3358
'2,400
914
69i4
10i2
1014
73i2
1058
4,100
*24
3
74i2
314
76i4
7678
7778
1263s
12578 1257g *126
312
i4
i4
lg
44
44l2
4334
4414
.
278
76&8
126
r5i 2
1,600
390
7414
3
9,100
7834
38,300
Transamerica Corp
Truax
No par
preferred
No par
Traer Coal
No par
7134 Mar 19
8i8May
8
3334 Feb 10
Jan 28
4i8
1284 Jan
8
No par
Preferred
Jan
407a
Dec
23
333s
Dec
Mar
Oct
3534 Mar
32
Feb
523s
Deo
12i2 Mar
5834 Jan
32i2 Nov
68
Nov
U8 Mar
3i8 Mar
4
Dec
10
Deo
50
Dec
Dec
36
Mar
53i2 Jan 28
I6I2 Apr 30
2
9i8 Jan 6
24i2 Apr 16
658 Mar
187S
2U4 Apr
2i2 Mar
214 Apr
15i8 Dec
1034 Nov
14&s Jan
72
Jan
2
118
Jan
1458Mar
8
4
Mar 12
91
Jan
Apr
2
634 Mar 12
934 Apr 30
Jan 3
1458 Feb 19
5
2978 Apr 20
1778
25
Dec
9
Sept
15
2234
Dec
Jan
3
23
6^ Jan
4
95s Feb 14
Jan
6
20U Apr 28
25
2812 Apr 28
H8 Jan 3
3578 Jan 30
234 Feb 11
634May 14
1134 Feb 19
938 Jan 8
558 Apr 27
lOUMar 11
578 Jan
2
2878 Jan
6
Jan
6
33
6
9i4June 30
Jan
712
Jan
28
89
June
4
xll
158
Jan
Mar
Oct
314 Mar
Sept
32i2 Dec
Apr
Apr
6I4 Sept
14
II4
4
Mar
3i2
Dec
Dec
1234 Aug
33i2 Dec
U2 Nov
6U Dec
978 Jan
834 Dec
30i4
3634
143s Mar
Jan
8i2 Jan
14
Apr
914 Oct
12i2 May
28i2 Dec
13i8 May
May
514 Apr
4438
6
June 26
14U Mar
110
8
5
Feb 28
1258Mar
5
314
50
6H8 Jan
2i2 Mar
61
1258
100
10i2
Dec
Feb
Dec
Nov
Oct
Oct
Dec
8i2May23
314 Jan 2
2334June 5
8I4 Jan 3
24&s Jan 2
9i2 Feb 18
2
June
5
Jan
29i8 Feb 13
16
Mar
29
Nov
478 Jan 21
26
Apr 30
8i2Mar 23
3934 Feb 25
1434
Jan
1005s Jan
52
6
3
Jan 20
12i8 Jan 6
Apr 27
11
Apr 30
1478 Jan 2
1038May 19
7i8 Jan 3
56
93
478
Jan
6
Jan
6
12U Feb 14
321?Mar
19i8 Feb
106i2 Mar
6
4
3
5i8
Jan
1338 Mar
15a Mar
17
Apr
758 Mar
84
Jan
1734 Feb 19
2634 Mar
458 Mar
72i2 Feb 18
283s Mar
60
Mar 11
87g Nov
2634 Nov
5
Dec
28
Dec
1578
Dec
104i2 Nov
48
Dec
1318 Dec
72i2 Nov
1434 Feb 25
478 Mar
14
2758 Apr
16i2 Jan
4
714 Mar
I5I4 Nov
2
16
12
4
5i8 Mar
178 Mar
Feb
107i8 Mar 11
7
Feb 29
69
Apr
678 May
8I4 Nov
2478 Dec
33i2 Dec
125s Nov
41
2458
Mar
2
Jan 31
Oct
2i2 June
li8 June
Jan 13
5334 Mar
100
125l2 Apr 23
316June 24
38i2May 21
133
Jan 17
125
Dec
"16June 12
5234 Feb 19
29
May
Mar
6
Dec
8I4 Nov
97i8 Nov
Oct
13
1234
Dec
3i2 Mar
Aug
358
1078 Feb 18
2
323s Mar
85s Jan 20
Corp-No par
.
16i2 Mar
2834 Apr
7
3
15U Feb 29
99
Union Bag & Pap
305s
39i2 Apr
3834 Feb
745aJune 29
Rights..
Mar
4012 Mar 18
No par
Ulen & Co
100
Nov
12434May 15
Under Elliott Fisher Co No par
Preferred
77
121
60i2 Mar
115i2
2
Jan 11
27
83
Trans..No par
2i2 Nov
Apr
116
2734 Mar
834 May 20
6514 Jan 22
278June 30
Twin City Rap
Dec
914 Aug
May 18
48
7i8 Apr 30
Preferred
7,000
7
Jan
238May 21
22i2June 1
313s Apr 27
130
4434
65
10
Truscon Steel
'
4458
70
20th Cen Fox Film Corp No par
I32 199,600
1263s
1
Timken Roller Bearing.No par
6%
6
9
Jan 15
Thompson (J R)__
Thompson Prods Inc
§3.50
Mar 19
5H8 Jan
2434May
62
1
6,400
12i2
Jan
Apr
113a Aug
26i8 Dec
2878 Dec
20
834June 16
Third Nat Investors
1534
19*8
78 July
6
Feb
30
No par
Co
100
2
Mar 27
Jan
600
30
3234 Jan
25
Oct
130
Mar
6
111
44
200
558
353sJune 10
Nov
84
1051s Nov
434 Mar
11312 Jan 24
47&8 Feb 8
40is Feb 5
45
Preferred
29
8
3
Jan 17
334
2
914
,28i2
558
Feb 26
2
3378 Apr 27
59
Mar 25
17
24
7734
90
1
Co. 100
No par
60
1934
314
15l2
Ry
Mfg
1738
12
3
30
10
6178
14
6934
*25i8
15U
105
19i2
*1H2
9^8
3034
*51
*77
*9
12258 June
No par
Pacific
The Fair
28
558
105
55
400
*27
2714
1538
100
9
*878
25
No par
(The)
Sulphur
§3.60 conv pref
6H2
27i2
934
558
55
1378
2414
15i8
638
&
9
*9
2678
10514
1714
6D4
*34
1514
914
5i2
28
*51
1714
8
1518
31
5l2
*25i8
105
61
*718
1538
*26
512
*51
17
878
32
512
9i2
10518 105i8
6084
878
27i2
28
2834
5i2
*10234 10478
578
57S
6
27l2
28
277a
90
6
*9
914
*77
*26'a
10
584
55
27i2
90
9U
*534
914
*9
2914
*51
*5i2
*26
914
6i4
10
*558
*1045S IO684
9l4
*9
2834
15
.
9l2
9i2
5
5
Texas Pacific Land Trust
912
912
4312
*35
934
Texas Corp
3638
914
*4118
36
No par
Tennessee Corp
4234
978
44
*3414
8934
Class A
Telautograph Corp
42
10
*4118
36
9l2
200
*35
10
44
36
*75
5,200
37
10
44
10i8
1
414
30
4i8
438
Sun
30i2
2218
30i2
*303a
2
27
5878
58i4
207a
2758
834
21
2712
*21
27
58
70
10
prior pref
373S
25
5014
cum
37
26
*914
$6
3734
70
■*48
No par
3712
26
*234
Preferred
3758
6OI4
60
'
t Stand Gas & El Co...No par
37l2
27
*21
*3
18i8 Dec
15i2 Oct
48
12i2 Sept
Feb 24
50i2July
39,100
18
*3
Feb 24
2634 Apr 30
8I4
17
7i2
18
No par
734
1778
Oct
313s Apr 13
129
$7 cum prior pref....No par
8
16i8
3714
10
Feb
4378 Mar
IQI'4 July
H2 Mar
134 Mar
734
1638
Dec
36U May
2i2 Mar
7U
15l8
Dec
8i2
8i2 Mar
978 Feb 17
l8i2July 3
4534 July 3
738
15i2
Jan
Dec
8U
7U Mar
1334 Mar 17
10
7i8
1478
/
107
3314
Apr 27
1
678
15
Dec
3334 Dec
834 Nov
70i2 Nov
Nov
31
5i8 Apr 30
9i2 Jan 3
2434 Apr 28
Stand Coram Tobacco
10i8
684
1414
7
2378 Jan 29
24i2 Mar 20
5334 Mar 20
44
No par
5i2 July
7
July
15
July
June 26
3634 Jan 25
10
678
10914 Feb
1
1578 Apr 30
1338 Jan
2
Standard Brands
No par
Feb
80
Square D Co
Preferred
Feb 20
7338June 10
2934May
Oct
132
10
28
2312 Jan
Nov
Mar 26
160
156
28i4
Southern Calif Edison
Dec
Dec
7i2 Feb 29
3434 Mar 3
2778
156
Dec
1584 May
112
South Am Gold & Platinum..1
June
Jan
Dec
70i2 Nov
1058 Aug
Jan
Dec
Apr
Mar
15U
Dec
Nov
20i2
1834
20i2
116U
6512
4638 Nov
107i2
July
193s
4,200
4i8
2734
27U
8
Jan 25
14i2
32s4
634
3134
Mar
2858
153
*153
2
40
28l4
153
*153
5
Jan 16
Mar 30
April
Apr 17
Apr 17
110
4i8 Nov
2812
156
L56
7%
Smith
6978 Nov
2838
*153
♦153
4
418
100
preferred
100
(A O) Corp
No pa
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc.. 15
.
414
Sloss-Sheff Steel & Iron
Jan
Mar
31
Us May
Apr
57
Apr
Apr 30
IIOI2 Jan 2
Mar
Oct
75s Mar
458 Feb
97i8May 29
83s Feb 4
Jan
112
2?8
243sJune 25
73
32
Jan
4i2June
1912 Jan
Nov
7
1634 Apr
7
July
1934 Jan
91
134 Feb
4i2 Feb
~
1,300
10434 Mar
Mar 31
20i2 Feb
No par
Conv preferred
Jan
Jan
114i2Mar 11
163s Jan 13
113
4
Shell Union Oil
Simms
46
7&8June
(F G)
M
2312 Nov
Dec
5312 Jan
..No
Sharon Steel Corp
..No
$5 conv pref
No
Sharpe & Dohme
No
Conv preferred ser A.No
Sheaffer (W A) Pen Co-No
XZ 4
Mar
7
Preferred
V/\M
12
315s
7
Servel Inc
oiiver
14
414 Feb
Second Natl Investors
Q41
/,4UU
9'8
Apr
10134 Mar
Sears, Roebuck <fc Co..No par
Shattuck
Nov
6
..100
Seagrave Corp...
900
i
y*4
934
30
y*8
600
94
718
*57
60
120
120
G1
„
712
738
59
22,000
8
Jan
3
1234 Feb 11
22i2 Feb 6
3512 Jan 8
3838 Apr 30
1,200 Seaboard Oil Co of Del-No par
3i8
67
733a
2
84 June
Apr
2
1
97i2 Feb 1
ISsMay 26
2,000 t Seaboard Air Line....No par
400
Preferred
100
2384
1334
2184
314
*65i2
7418
33a
June
2584 Dec
10U Mar
4
638Mar
5
1
Preferred
340 Scott Paper Co
100
Jan
110i2June 30
Highest
$ per share $ per share
102
Dec
82
Nov
10
Dec
3
Apr
100
3,200 Schulte Retail Stores...
65i2
7378
t St Louis Southwestern
Preferred
7414
378
737a
1st preferred
2,800 Safeway Stores
'
745g
538June
H2 Jan
*18
74
$ per share
2238May 20
23i8
378
Lowest
Highest
$ per share
par
227g
2
Lowest
Par
Ruber'dCo(The)cap stkNo
534
2
Range for Previous
Year 1935
Lots
300 Rutland RR 7% prel
100
10
3,200 St Joseph Lead
1,100 X St Louis-San Francisco.. 100
80i2
*7778
On Basis of 100-share
O 1 UwJtx
Shares
231?
23
lUJtliV
Week
3
584
23
HTOPTr
VOT) T<T
EXCHANGE
23i8
578
2314
2i8
10
July
$ per share
80i2
*777g
the
Friday
Thursday
Range Since Jan. 1
STOCKS
TMTTW
lNJuYY
JUT
Monday
Wednesday
1
July
Saturday
July 4, 1936
18
Mar
73
Dec
5i8 Nov
87U Dec
133
50i2
Apr
Jan
..I.
u
.
.'I
"
«
mm.
Saturday
Monday
June 29
June 30
July
Siper share
S per share
89%
9034
90
91
8938
9034
2238
22%
22%
22l2
22
130
*126
128*2 12812
*97
98%
98*8
26
2534
2534
2338
22%
23%
17
21®4
17
17
20
99
98i2
*2434
20
23
16%
*20
24i4
7
7>s
45
45U
12U
2538
12i8
25%
*100
105
*4l2
5
3514
*33l2
78
785s
157g
16
*111% 112
*7i8
734
5%
6
*70i2
7734
*68i2
71
157i2 15712
1
li4
153s
15i2
4118
41
714
45
45%
12*8
12*S
2478
12*2
25
2514
16
1578
' 112
734
*7*8
47s
35
78*2
*34*8
78
6
*74
7784
*71*2
72
72%
101
*15
1*4
163g
*41
413s
113*2 113*2
78*4
78*4
Preferred
100
_..„,7Q0
18,600
5,400
200
1,700
24*4
24i2
800
7%
45
7*8
45
7*2
45*8
1234
25
45,600
3,600
101*4 1,01*4
4*2
4%
Car
Tank
No par
Biscuit.
105
412
4*2
*33%
78%
72*2
158*4 158*4
125g
243g
100
113
Jan 21
225g
Jan
34
79*4
*33*2
35
79*2
78*2
1578
16*8
*11134 112
*7
758
578
*534
578
16*8
1578
112
112
*7
7%
558
71*2
71*2
72
717s
77
*74
77
*74
"3~300
1*8
United Electric Coal..-No par
United Eng & Fdy
United Fruit
1
No par
United Gas Improve...No par
Preferred
No par
t United
100
1,100
158
159
159
99
*97
100*2
50
1
1
1
1%
25,000
15
*13*2
14
1378
14
39*2
41
40
41
40*4
4178
3*2
23g
*2*4
3
300
8,100
100
Universal Leaf Tob
No par
*
13
13
*2634
3i2
2734
1558
1558
*98
*16334
1312
34i2
*658
12
9878
16434
1334
35
7%
1218
*84
9i2
155s
85i2
9l2
*6*2
*11*8
9*2
12*2
13
*12
13
27
27*4
27*2
16*8
2684
27*2
*2684
27*2
800
155s
*155g
98
*92
100
13
13*2
12
84
U 8 Pipe & Foundry
...20
6*2
83
83
30
2878
293g
75*4
73
85*s
73*2
85*8
7334
8412
86
853s
73
73
73
28*2
6O84
127*2
73*2
86
84
*83
593s
125
18%
18%
3714
3718
*111
73
603s
884
878
3,100
29*2
2878
29*8
17,000
743g
73
73*2
79«4
83
7,300
7,200
*73
124
733g
58 *8
603g
125*8
73
73
583s
125
4334
*75
*34
5%
35i2
43*8
35*8
"¥%
35*8
"¥*4
5*8
36
*35*8
38%
44
>
*34*2
38
38*8
113
103,500
6,200
*75
5*8
35*2
35*2
"5*4
3558
38
3734
Prior
4384
U
1135s 11358
*43s
*1412
5%
*438
5%
1135s 1135g
578
*43s
19
*1412
*12412 1267g *124*2 126
*124i2
*71
11334 11334
*14*2
19
19
*438
*1412
57g
19
578
19
1st preferred
U 8 Steel Corp
*4I8
*13i2
34i4
12678
200
50
34*4
34*4
343s
34i2
3434
116*2 *115
116*2
H6I4 *115
67g
65g
6*2
6'8
678
285g
28*2 29
28*4
28i2
28i2
18
18
*1778
*1734
18U
*1734
19
*19
19*2
19*4
19*2
19i2
3*2
3*4
312
3i2
*314
3i2
74
Ids
*42
103s
4978
8*4
*18%
10*8
*42
21
2514
2514
*22i2
2312
♦6*2
7*4
103s
497b
*1*8
1%
34*4
35*2
*7938
8034
*101*2 102
3*8
73
978
*42
10*4
49%
*4
*18*8
25*4
20*2
*18*8
25*4
2538
26*2
23
22*8
223s
6%
6%
23
*6*2
26
23
7%
*1*4
34%
793g
♦101
98
121
34%
79%
102
108
98*2
122
113% 113%
9
9*4
9*8
9%
*15*2
*2%
1784
*14*2
2*4
2%
2%
6%
6%
6
6*4
8434
2:43*2
23
6%
63g
*80
~T%
18
86*4
4358
116
116% 11834
117*4
134% 135% *132% 134
78
.
m
»
«*«•
1%
*1*4
34%
33%
78%
8
*80
♦1*4
34
80
*79
102
*99
102
108
107
34
3358 34
*335g
117
116*2 116*2 *115
6*2
6*2
6*8
6*8
28
283g
28*2
28*2
18
18
18
*1734
19
183s
18*2
183g
*3*8
*73*2
97s
*45
Van Raalte Co
8*4
21
----
1%
34
80*2
102
10634 IO684
33g
75
3*8
71*2
103s
978
*45
3*8
72i2
10
2,600
300
1,300
2,100
900
21,600
10634 107
106% 107
27,600
400
90
90
200
1,500
80
*37*2
38*2
37*2
37%
*37*2
38%
*37*2
38*2
*37*2
33
37%
37*2
30
*19%
20
1934
20
21%
1,900
*70
85
*75
85
*76
80
*70
80
*70
80
*70
*100
105
*100
105
*100
105
*100
1Q5
*100
105
2134
22
22
89*2
*84
90
90
24%
23
23
90
90
90
*23*4
223g
22%
223g
23
14%
14*4
14
14%
*334
4
*17*4
4
7*4
73*4
4
4
22*2
22%
14%
14%
4
*334
22%
14%
22%
*14
21*2
90
21%
89%
*334
4
*17%
3%
3%
4
3%
4
738
7*2
7%
7%
7%
7*2
73%
73*2
53%
74
*73*2
74%
*18
19%
18
74
53*2
5334
53%
53%
26
26
26*4
26%
26%
63*4
63%
64
64
64
64
*63%
*53%
56
56
56*4
*53%
56
56
*77
79
*76*2
8734
*77
8734
*69
69*2
*69
70
69
69*2
*35*2
36
*35%
35%
175g
44
19%
18
3%
7%
19*4
4*8
73*2
53*4
26%
*126
89%
17%
132
44%
63%
17%
131
43*2
61%
18
131%
44%
35% 35%
17%
17%
131*4 131*4
4334
42%
53%
53%
26
26
65%
2134
*84
22%
*14
*334
52%
.—
...
500
.
pref
preferred
100
Pacific.
100
Preferred
Westlnghouse El & Mfg—.50
preferred
50
Instrum't.No par
Weston Elec
No par
A
9*4 Apr 30
44
Apr 29
*2June 18
45g Jan 2
145g
6778
278
10*4
2534
6*8June 9
May 26
36*4
Jan 14
34
Jan 14
6% non-cum pref erred.. 100
50
Jan
Wheeling Steel Corp.. No par
100
Preferred
White Rk Min Spr
50
Motor
ctf. .No
par
Mach.. .No
White Sewing
par
100
19%
3%
Conv preferred
1,300
Wilcox Oil A Gas
8,300
1,200
10,200
Wilson A Co Inc
$6
preferred
.No par
5
,
No par
,...100
Co. .....10
Worthington P A M.. ....100
1
85i2May 25
183g Feb
14
June 29
3*4 Apr 28
Apr 28
284 Jan
7
65gJune 19
70
June 20
4434 Apr 23
978 Feb
7
Feb 13
48*8 Mar
125
July
3
1
80
100
10914 Feb 19
17
6
58
Apr
51
Jan
Jan 23
17,400
.10
Yellow Truck A Coach Cl B.
17%
134
44*2
18*8
135
45
280
100
Preferred
4,000 Young Spring A Wire. .No par
.No par
26,000 Youngstown S A T
5H%
13,400
1,600
Zenith
preferred
Radio
100
Corp... I No" par
Zonite Products Corp
..1
4134
105
Jan
3
Jan
July
Jan
Jan
.11*8 Jan 28
578 Apr 28
Mar
Jan 15
Feb 10
1784
17%
132% 133%
44%
44%
61%
60%
1
Jan 14
79
33%
884
83*2
42*4
20*8 Mar 26
3% Apr
Nov
61
68
„
9*4
5
31% May
96
6
18
Mar
13
Mar
53*8
46 %
27% July
3
93fj Jan
4
2% June
Nov
Dec
8234 Apr
35*4 Nov
Apr
38*2 Apr
1*4 May
Deo
Nov
25% Nov
May
June 23
Deo
51% Nov
55
118*4June 25
Jan
Deo
65*4 June
1134 Mar
25% Mar
20
Apr
35% Mar
7334 Mar
1784 Apr
2% June
Nov
Nov
Nov
Deo
138
68
Deo
79
Jan
11
45
66
6
87
Apr 28
Wrigley (Wm) Jr (Del) No par
25
Yale A Towne Mfg Co
Dec
32*4
102%
19%
24%
434
20*8
3%
9%
12% Oct
1*4 Mar
Mar
5% Jan 13
24*2 Jan 10
5*4 Mar 30
May 15
700
1,000
50
678 Mar
Mar 11
36
9884 Nov
126
14*4 Mar
46i2 Jan
4
106
69
325g Mar
28*4 Mar
6
35*2
Jan
77% Nov
3534 Deo
Mar
35% Sept
Mar 23
69
18
Jan
66
36
20% Mar
Mar
37*8 Jan 10
4
69
Feb
18
Jan
3534
Dec
Jan
23g
25
47
69
Deo
1934
338
778
1
100
36
10*8
June 24
June
Preferred B
69
Dec
5i2 Mar
7ij Mar
1*8 July
•"
Nov
Dec
25% Nov
Mar 23
*35*2
11434
1634 Mar
28*2 Jan 10
75
625g Jan
Jan
38%
5638 Feb 5
35i2Mar 23
Wright Aeronautical.. .No par
Dec
95
Jan
Apr 30
280
1203s
29
Jan
56
87
Jan
3
39
23*8 Apr 30
83
92
Mar
33*8
100
82
99% Nov
36
104i2
Feb
Preferred A
79
Jan
Mar
Mar
220
8534
Nov
10
900
*80*4
*6834
Feb
3
55% Nov
84% Oct
91% Deo
90
25
700
Dec
784 Nov
90
145i2 Apr 18
3334 Jan 25
63%
53%
30*4
3978 Mar
12*8 Feb 21
2O84 Feb 24
63
52%
Sept
72
Mar 23
25
Woolworth (F W)
32
34
4
26
52%
20=8 Aug
25*8 Dec
Jan
65
53*2
44
3
16
53%
42%
4
21i2July
56
1734
17%
132*2 132%
7
Aug
Jan
7
Jan
17
1
Feb
Dec
778 Mar
30*2
Feb 20
8
6*8
Apr
87
6
Deo
2i2 Mar
110
22%June
Deo
1%
Mar
105i2June
94i2 Jan
123*2 Jan
Dec
52
4
2
95
Deo
103g
85
7
4
Dec
3
6
Jan
4
11
47
June 23
11*4 Feb
96
Apr 25
5*4 Jan 2
63s Nov
% Mar
28*2 Feb 19
29*4 Jan 2
9184 Jan
2
33*4 Dec
Apr
120
Feb
14% Mar
234 Jan 13
46*2 Jan 2
823g Feb 7
8*s Apr 27
15
Apr 30
Dec
Dec
Nov
Mar
5
Feb 19
Feb 8
Feb 29
Mar 31
Apr 11
l*4May 25
33%June 30
Feb 25
Dec
Nov
1*4 Feb
28*2 Jan
2*4 Mar
June 25
85
78
II734
3*4
534
43g
978
Feb 25
83
1934June 29
100
Dec
120*2 Oct
112i2 Deo
734 Nov
Jan
1*4
384 Jan 25
79
1578 Jan 7
21
Apr 30
19*2 Apr 28
114
20%June 25
4738 Jan
Westvaco Chlor Prod.-No par
1,100
*115
For footnotes see page 62
2*8 Apr 29
2
19
100
100
3%
Dec
37
34i2 Feb 21
116
14
63%
62
61%
62%
60*2
63%
61*4
118%
118% ♦114
118*2 *114
118% *114
118% *115
118*2 *115
26
27%
26*4
26
2534
25%
25%
2434
2534
25*g
25%
25*2
6
6
5%
5%
6
6
6
6*4
6
6
5%
5%
62
26*8 Apr 17
1778 Apr 17
107s Jan 4
6
Class
Dec
47s
26*4 June
Feb 28
11134 Jan
*334
*1734
734
Jan 16
10
100
14
75
118
3
May
4*g Mar
34%June 24
2
6%
1st
Jan
1
784 Mar
157s Feb 11
6
4
74%
52 *8
5
3
6
116*2 Jan
14%
74%
53*2
4i2 Feb
103g Mar
100
-lOOf
6% preferred
White
7%
137*2June 10
Apr 21
9812 Apr 23
122i2June 30
100
Preferred
700
3%
No par
Conv preferred
West Penn El class A..No par
4,700
7%
—1
Wesson Oil & Snowdrift No par
22%
4
No par
100
8J3g
19%
25*2
No par
22*4
7*2
*63
Warren Fdy & Pipe
22%
*17%
3%
*74
No par
Western
Jan
7212
5*2 Jan
Wheeling & L Erie Ry Co.. 100
80
105
24%
pref
Apr 30
30
72i2May
24
*100
85
Dec
63
212 Mar
17*2 June
115*4 Apr
3434 Jan 13
*23
*24
..No par
7
Westlngh'se Air Brake.No par
24
1984
X Warner Quinlan
4 *8 June 29
9*8 Jan
Western Union Telegraph. 100
134
20
No par
No par
Jan
5,600
*23
*134%
Apr
15,500
134
20
5
Warner Bros Pictures
preferred
930 Western Maryland
23*2
20
100
West Penn Power
Nov
Dec
2d
,190
*23
1934
No par
Wells Fargo & Co
23
19%
A...No par
B
Preferred
Preferred
23
19%
No par
Preferred
Webster Elsenlohr
24
134
Co
preferred...
100
Co
...No par
Walk (H) Good & W Ltd No par
6H%
'Walworth
Waukesha Motor Co..„ .....5
97
130
2
900
180
4
5
500
100
63
Nov
44%
63i2 Mar
109*4 Feb
1
Apr
184 Mar
6%
400
4
1333gMay 27
114i2May 15
Jan 23
6
7
22*4
80*2
June
4884 Mar 19
2% Jan
6%
*97% 105
75
33
114
May
70*2June 24
*21*2
*79*4
Feb
34
Nov
6%
34%
80%
91
5
May
6%
102
2
Feb
83
26
102
Mar
46
Nov
56% Nov
21«4 Jan
33
No par
No par
Warren Bros
114
6
Mar 24
2
12 Mar
1914 Apr
11*4 Apr
IH4 Feb
Jan 18
83g Mar 16
105
Jan
Feb
*25*4
34%
*79%
Mar
2
23g Jan 18
Feb 19
25*2
22*4
4,400
Feb
1
June 25
Deo
May 29
25*8
22*8
1%
3534
119ig
14984
6*2 Mar
7
109
48
124i2 Apr
7384 July
50% Nov
11914 Nov
14034 May
165
Aug
414 Aug
86
21
*1*4
27*2 Mar
735g Mar
4ig Jan
Jan
Jan
126
*18*8
35
6278
June
21
1%
9I84 Dec
Sept
11*2 Dec
17*4 Jan
24i2 Mar
6
32
Mar
9ig Mar
2
3,000
*80
3
9*2 Sept
16*4 Sept
73
Jan
15
100
Preferred B
Convertible
53
4
May
72
100
....
$3.85 conv pref
"2", 600
1*8 July
100
Ward Baking class
35*8 Mar
3*8 Mar
712 Mar
7
....100
Preferred A
Class
7
Apr 27
10*8 Nov
50% Nov
8
734
*1*4
3
3
4638 Jan 21
Dec
Feb
93g Feb
100
Detinning
X Wabash
X
2
Nov
5
Apr 15
8034 Apr 9
96*2 Jan 24
75*8 Apr 9
723g Apr 9
13284 Apr 11
14384 Jan 21
68*2 Jan
Nov
165
Jan
35
7984 July
131
Jan
Nov
87
143
Mar 12
13
7% Apr 30
163s Jan 2
15
96
4i2 Mar
5
14*4 Feb 21
69
Apr 2
978 Jan 27
183g Jan 28
85
8
Mar
30*2 Feb
734
*80
33*2June 11
6%.Ap r 30
105gJuly
2
3*2 Oct
203s Oct
393g Dec
58 June
July
Apr 27
8
734
*18*8
%
2
U5i2 Jan
Oct
73*2 Nov
14 May
4
100
100 zll4% Jan 16
5% preferred
Virginia Ry Co pref
Walgreen
40
*23
134
100
100
preferred
preferred
2,300
134% 13434
23
23*2
*96
No par
Chem
Waldorf System
98
9784
97*2
97%
122
*120*4 120% *120*4 .*
122*2 *122*2
114
114
♦113*4 113% *112*4 113*2 *112*4 113
8%
8%
834
834
8%
9*4
8%
♦8%
17*2
*15*2
17%
*15% 19% *15% 17% *15%
*2
*2
*2
2%
2
2
2%
2%
6
6
5%
6
534
5%
*6
6%
85
85
84
87%
8684
8534
85*2
84*2
42 %
43
43%
42%
43*2
42%
44%
43*2
122
123%
'121% 124%
117% 125
117% 118%
98
97*2
5
"(>"666
34
6
100 *110*4 Feb 17
40
Apr 30
34
4978
May
Jan
Mar
27*4 Feb 19
3878June 29
Inc
1,100
11,300
99
110*2 Feb 15
169*4 Feb 18
878 Jan
47
Jan
78
4i2 Mar
65*4 Mar
Feb 17
20
8
Jan
5
11
1978 Jan 23
393g Jan 2
4
71
Dec
7i2
133*4
Jan 23
5
Jan
Nov
11*4
'
Apr 29
24*4June 4
13
Apr 30
91
Jan
Feb rl59% Dec
73
Nov
29
Aug
2*8 Jan
78 Oct
193g Mar
93g Oct
225g Dec
1484 Mar
June 23
Apr 7
3*4 Mar 24
2284 Mar 23
4278June 19
1'ieMay 18
9
110
Mar
51
1
50
pref..-No par
Virginia Iron Coal & Coke. 100
100
72i2 July
17*2 Apr 29
2834 Jan 16
Va El & Pow $6
500
312 Apr
46
Apr
32*2June 13
Vlck Chemical Inc
Vuican
87i2 Mar
2% Jan
7% Mar 26
80
Feb
8
10
80*4May
Dec
I8I2 Nov
9*4 Mar
7
100
No par
4978
7s
3,
8*4
J 08
86*2
3*8
34
97
44
19
19
778
108
85*4
4978
18
78
97
44
28*4
8*g
1934
*107
*120*2 121
*113% 114
28*s
*1734
34
*80
*80
10*8
934
*42
658
73
75
75
6*2
7%
*1834
*25*4
7)
34
*8
75
74
74
34
34*4
136*2 116*2
Jan
Dec
Dec
9234 May
Oct
8
Am.No par
Preferred
"""366
60*2
115
2
Deo
Nov
7*2
3*4 July
167
Vadsco Sales
Va-Carollna
4*2
65
Feb 10
1278 Feb
7
6
4
160
2O84 Mar
834 June
6
2
2
Preferred
7% 1st pref
19
71
71
71*4
71*4
73
*71
71*4
*71
71*4
7212
*130*4 140
*130*4 140
*130*4 140
*130*4 140
*130*4 140
3
3
234
234
*2*2
*25g
2*2
234
*2*2
2*2
7
6%
65g
7*4
*658
*65g
634
6*2
684
6*2
678
*4
*4*8
4%
458
*4*8
4%
*4*8
45g
4*8
4*8
4%
14
14
14
135s
137s
13*2
*133g
13*4
13*2
HI4
*13*2
658
100
No par
Preferred
290
96
7
Jan
Vanadium Corp of
11334 114
*438
5%
3
116
...100
Preferred
6%
Mar
193g Jan
June 27
"¥660
73
*6i2
50
Vicks Shr & Pac Ry Co comlOO
*130i4 140
*2i2
100
50
Preferred
500
Nov
Mar
24*4
784
4534
133<
20*2
113
7
13i2 Apr
21*2 Jan
3t6May
3*8 Jan
5,700
Oct
Feb
160
16034 Feb
""eoo
17*2
1*2
Mar 23
100
3434
*125
No par
.No par
2
1
575g Apr 29
Utilities Pow & Light A.....1
"iM
*14*2
126
126
126
*125
*43g
*14l2
100
preferred v t c
U S Smelting Ref & Min
20
Jan
Aug
Nov
1
5
80*8June 22
6734May
1
Dec
78
738 Apr
6*8 Apr 30
5
Apr 30
20,700
1,400
5*8
3434
No par
8 Rubber
7%
113*2 11378 *113*4 11378
No par
v t c
v t c
U S Tobacco
~
5
100
U S Realty & Impt
113
*75
"
5*4
18
4334
par
20
preferred
Class A
33
17*2
*111
43*8
4334
...
5
1734
17*2
♦111
113
*43
*75
*75
*5*8
3784
*111
113
43*8
*75
~
*5i4
38
44
177g
7%
700
60
1255s
*30
33
*30
33
1734
Secur...No
100
3,300
10b U S Leather
142
*30
18*8
383g
1778
*111
113
*43
33
*30
18*4 183s
37*8 .38*8
♦111
113
*43
35
*30
35
*30
1405g *130
*130
142
U S & Foreign
2,900
843g
285g
7214
x84
No par
U S Gypsum
500
*131*8 1405g *131*8 141
167
166*2 166*2 *160
166*2
*165
166*2 *165
166*2 *165
16612 ♦165
5
45g
4%
45g
45g
458
47g
4*2
458
484
45s
412
1*4
1*8
1*4
1*4
1*4
1*4
1%
13s
1*4
13g
1%
13s
*130
142
*130
U S Freight
6,900 U S Hoffman Mach Corp...6
9*4
834
126*2
,73
60
127
84i2
834
29*8
100
U S Industrial Alcohol.No par
1034
74
62
35
6*2
293g
128*2
34*2
35
1034
8434
60*8
1384
7%
74
73
13%
1134
293g
128
34*2
No par
Preferred..:
160
13*2
*6*2
83
7234
13*4
164
164
164
164
13*2
345s
105s
884
1,300
~1~700
7
73U
7234
U 8 Distrib Corp
Preferred
100
Jan
26*2
35*2May
143g Apr 30
109
Dec
Nov
118
105
4i2 Jan 3
32*8 June 18
50
1
100
Preferred
98
99
12
29
6134
60i2
127i2 12734
*92
100
*6*2
v.
*83
9*8
884
98
100
*1134
7%
12
84
9i2
34*4
35*4
*6*2
155g
1558
*92
164
164
137g
35
123g
9734
1647g
*164
137g
35*g
7%
155s
155g
98
99
Jan 15
100
Preferred
300
15*2
84
84
13
99
997g
163*8 164
135s
34*2
13
*92
1558
98
9978
13
*2634
27
27
3*4
*2i4
*212
1234
25g
12i2
*92
98
*92
25s
*12
23g
Jan
Universal Pictures 1st pref.100
X Universal Pipe & Rad
9
15
66*2 Jan
20
Oct
16*2 Feb 4
26*4June 24
June
2
1034 Apr 27
93
153
390
14
Paperboard
United Stores class A..No par
Preferred class A
No par
110
158
99
99
5
10
100
Mar
Oct
20*4 May
2978 Apr 13
100
8,200
7
9*4 Feb 17
4784 Feb 17
Preferred
Mar
Jan
6
300
15,200
4*2
Jan
July
July
46
53g Apr 30
United Dyewood Corp
Dec
li2
90*2
26*2
303g
1334
111
40*4 Apr 29
United Drug Inc..
Mar
Jan 11
No par
1,400
11
97s Mar
6
6
..No par
Preferred
7534 Nov
24
Feb
Mar
82*4 June 23
117
Jan 18
68
United-Carr Fast Corp.No par
United Corp
5,900
400
2834 Mar
28i2 Jan
Jan
1434
82*2
79l2
20*4
31% Feb 7
323g Feb 18
21*4 Apr 4
2
No par
Preferred
United Carbon
44
June 10
100
16*2 Apr 27
24i4 Mar 18
No par
United
Jan
13
C...5
United Amer Bosch
7
2
Highest
$ per share $ per share
9278June 23
28i2 Feb 7
138*4 Mar 6
3
Jan
22% Jan 2
205g Apr 30
90*8
5
Rights
*25s
108*2 Jan
No par
Aircraft Corp
Un Air Lines Transp v t
520
1234
24i2
12*2
24*2
4134
41
Union
United
50
1,300
2434
*101
5%
1
28
7158 Jan
100
-
7634
99
25*2
22
Union Pacific
7*8
447g
72
158*4 158*4
*98
9912
1
1*4
15*4
15*4
158*4 158*4
1*8
534
99*8
2,200
1,600
$ per share
2078 Apr 30
25
Union Oil California
Lowest
Highest
$ per share
Union Carbide & Carb-No par
2,900
2434
79*4
*74
12734
10,300
100-share Lots
Lowest
Par
Shares
78
34*2
785s
28
22*8
78
434
*34
6
638
72
2734
125s
*412
2134
113*4 113*4
1534
16*8
1578
1534
*11158 112
*11158 112
*7
,
758
7*8
7*8
72*2
6
72*2
165g
*177g
I 25
478
1634
*177g
28
22
45*8
12*2
12*2
90
22
25*2
223g
17
25l2
2434
7*2
2434
25
100*4 100*4 *100*4 105
IOOI4 IOOI4
*478
5
*34
3514
78%
78*4
112
163s
*177g
277g
27*2
2778
*113*2 114*2 *113*4
78
78*2
79
*24*4
24*2
25
7
7
7*4
447g
4434
45*4
2484
7%
*99
101
*97
*23
25*4
2178
$ per share
91*2
22*4
128i2
99*8
26*4
225s
17*8
90*2
22*8
2238
128*2 12834
99*8
99*2
99*2
25*4
2238
165g
22
28
114%
785g
99*2
25*2
23
1658
22
16*2
*1738
89*4
22*8
128*2 129*2
9934
*25*8
22 *8
2/84
2778
*27%
28
*11312 114% *113*2 11412
79
79
7834
79
24i4
22
On Basis of
Week
3
July
$ per shaie
$ per shar e
90
90*4
2238
130
1
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
Thursday
July
2
Wednesday
Tuesday
June 27
128
SHARE, NOT PER CENT
SALE PRICES—PER
LOW
Sales
for
$ per share
71
New York Stock Record—Concluded—Page 10
Volume 142
HIGH AND
"
105
Dec
Nov
Deo
Deo
Dec
1434 Nov
784
Dec
r
Complete
Bond
Brotcerage Service
RICHARD WHITIMEY & CO.
Member*
New
York
Stock
Members
New
York
Curb
15 BROAD
Telephone BOwling-Green
Exchange
Exchange
NEW YORK
STREET,
9-4600
A. T. & T.
Teletype TWX,
New York Stock Exchange— Bond Record, Friday, Weekly and
1, 1909 the Exchange method of quoting bonds
72
On Jan.
changed and prices
was
are now
N.
Y. 1-1793
Yearly
July 4,1936
"and interest"—except for income and defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week in which they occur.
No account is taken of such sales in computing the range for the year,
v
Friday
I
BONDS
N.
Y.
STOCK
K
o
S.
Range or
Friday's
Price
kWeek Ended July 3
U.
Week's
Last
Sale
EXCHANGE
&
Low
Government
O
117.26 117.21
Oct
15 1947-1952 A
Oct
Dec
15 1943-1945 A O 108
15 1944-1954 J D 113.4
Mar
Treasury 4**s
Treasury 3**s
Treasury 4s
Treasury 3?*s
Treasury 3?4s
Bid
15 1946-1956
Friday
High
117.26
107.26
108
112.28
113.4
87
296
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
Mo.
BONDS
Since
Asked
Week's
Range
Week Ended July 3
Low
High
15.3
118.8
05.24108.11
38
11
113.10
09
111.19
S
111.12 111.8
111.12
5
D
108.14 108.9
108.14
60
06.17108.20
Sept 15 1951-1955 M S
June 15 1946-1948 J D
104.16 104.7
104.16
40
02.20104.30
105.13
155
02.29105.20
108.16
88
M
June 15 1943-1947 J
Treasury 3s
Treasury 3s
105.13
105.7
108.16 108.12
Cordoba (Prov) Argentina 7s.-1942 J
Costa Rica (Republic of)—
108.31 108.27
109
10
08
June 15 1946-1949 J
D
106.5
106.5
49
03.24106.13
Dec
15 1949-1952 J
D
105.31 105.26
105.31
4
03.19106.15
Aug 1 1941 F A 108.29 108.26
15 1944-1946 A O 107.23 107.17
102
15 1955-1960 M S 102.8
108
External loan 4*4s
108.29
08.5
Treasury 3**s
102.23
56
Treasury 2*4s
Treasury 2?*s
105.30
Sept 15 1945-1947 M S 103.25 103.18
Sept 15 1948-1951 M S 101.30 101.22
07.19109
109.9
109.12
05.12108
230
102.9
103.25
00
617
00.31103.26
102.12
101.30
315
01.7
100.31
101.8
510
00.25101.8
Mar 15 1944-1964 M S 104.12 104.3
102.23
May 15 1944-1949 M N 103.3
Treasury 2?*s
103.5
Treasury 2?*s
D
J
1951-1954
101.8
102.13
Federal Farm Mortgage Corp—
3**s
3s
3s
15 1942-1947 J
Jan
.»
J
103.23 103.14
103.23
02.20104.20
00.26103.14
9C
27
102.12
Mar
1 1942-1947 M S 102.12 102.3
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N 102.24 102.15 102.14 241
2^s series B__Aug
01.20104.1
00.15102.17
101.14
411
198
99.17101.29
A
O
1963 M N
19*4
J
"iok"
♦External
s
f 7s series B
1945 J
J
10*4
♦External
s
f 7s series C
1945 J
J
♦External
s
f 7s series D
1945 J
J
*16"
♦External
s
f 7s 1st series—1957 A
O
Sh
♦Antioquia (Dept) coll 7s A... 1945 J
♦External
sec s
f 7s 2d series. 1957 A
O
♦External
sec s
f 7s 3d series. 1957 A
O
External
100 *4
O
100?*
100*4
1957 M S
9H
934
1034
2234
1934
9934
1034
1034
1034
10
10
4
9
2
834
2
8?*
834
*834
17*4
17 *4
1
5
16
2
100
"5
101
9
10034
10034
101
101
30
10034
101
44
45
D
100*4
10034
101
79
1960IM N
1960IM S
.1961 F A
100 *4
10034
10034
20
100*4
10034
27
100
100
10034
10034
10034
23
100 *4
10034
10034
10034
101
Extl 6s pub wks May 1927..1961 M N
Public Works extl. 5*4s
1962 F A
External 6s series B
Extl
s
1958 J
f 6s of May 1926
External
s
f 6s (State Ry)
—
Extl 6s Sanitary Works
Australia 30-year 5s
1955 J
External 5s of 1927
1956 M N
J
1957 J
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6*4s
1945 F
1949 M
External 30-year s f 7s
Stabilization loan 7s
107
107**
10734
101
101
96 *4
10734
10734
10134
96
24
A
29
74
25
85
11
24
1
3
10734
10734
10834
109
74
D
11634
11734
31
—1956 M N
106 J4
10634
10034
107
23
10034
17
S
1955 J
J
1955 J
f 6s
s
107
9
10834
117*4
Belgium 25-yr extl 6 J4s
External
J
.1957 M S
External g 4*4s of 1928
Bergen (Norway) ext
1960
1950
♦External sinking fund 6s—.1958
♦Brazil (U S of) external 8s... 1941
♦External s f 6*4s of 1926...1957
♦External s f 6 Ms of 1927—.1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
1957
Sinking fund gold 5s
1958
20-year s f 6s
—1950
Budapest (City of)—
♦6s July 1 1935 coupon on...1962
Buenos Aires (City) 6*4s B-3..1955
s f 5s
♦Berlin (Germany) s f 6*4s
M S
2
2134
22
2334
23
3234
A
32
2334
3234
O
14
17
2634
101
9834
Extl re-adj 4*4-4*4s
8 f 4 *4-4 ?*s
3% external
s f $
bonds
32
110
10954
109
118*4
105*4 109*4
98*4 102*4
19
2854
19
27*4
27*4 35*4
30
22*4
21*4
101
95
100?*
2934
9834
*9734
69
1961
1961
Extl
97
95
98
f 4**-4*4s
10154
13
10054
10434
3034
9834
4
2
11
3
6534
6934
6534
6534
k"
29?*
30*4
101?* 104*4
1952 MN
f 6s_.Oo
ser
A Apr
A
♦External sinking fund 68—1962 M S
♦External sinking fund 6s...1963 M N
♦Chile Mtge Bank 6*4s
♦Sink fund 6?*S of 1926
1957
1961
ser
page 77.
S
O
64
1940 A O
64
♦Dresden (City) external 7s... 1945 MN
El Salvador 8s ctfs of dep.....1948
29*4
95
38*4
99?*
100**
64 J*
195*
20
20*4
99*4
97
81*4
23
34**
99** 103
99** 101
92
96*4
101**
37** 60*4
98*4 105*4
98
105*4
104** 106*4
100** 102*4
93**
99**
100
37
61*4
61**
21*4
24
69
48**
71**
67
64
64
68
41
70*4
68*4
30*4
22
*1334
17
108J4
11434
10134
10834
11334
9934
10134
1941
External 7s stamped
7s unstamped
1634
1
109
86
11434
41
78
♦5*4s of 1930 stamped
♦5*4s unstamped
"1434
"1434
♦(Cons Agric Loan) 6*4s
♦Greek Government
s
164*4
164*4
160*4
165
162*4
164*4
187
181**
190
21
167
190
182*4
18
170
182*4
26*4
25*4
33*4
29*4
141
21**
26
26
25
33*4
33**
27**
1958 J
D
33*4
36
7s part paid
♦Sink fund secured 6s
1968 FA
♦6s part paid
1968
1964
Haiti (Republic) s f 6s ser A...1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl. 7*4s '50
Helsingfors (City) ext 6*4s
1960
Hungarian Cons Municipal Loan—
♦7*4s unmatured coup on...1945
♦7s unmatured coupon on...1946
♦Hungarian Land M Inst 7 *4s. 1961
♦Sinking fund 7*4s ser B
1961
♦Hungary (Kingdom of) 7*4s_.1944
Irish Free State extl
s
f 5s
Italy (Kingdom of) extl 7s
External
sec s
f 7s ser B_:
♦78 with all unmat coup
♦Leipzig (Germany)
s
f 7s
s
f 6*4s
Norway 20-year extl 6s
20-year external 6s
F
19
27
34*4
1434
1434
1434
1434
1434
1434
1434
14
10
8
4
13?*
14
15*4
12*4
12*4
13*4
12
12
13*4
13*4
13*4
11*4
12*4
42
41
52
M
S
*2034
26
19*4
27?*
24
24 34
143
19
25*4
64
19
25*4
98*4
26*4
24*4
104*4 110
19*4
16**
*18*4
"27"
A
45
1951 J
D
S
45
45
112*4
"87"
97*4
82*4
73*4
86*4
97
112*4
87*4
97*4
17*4
16**
2
1
208
6
83
5
74
29
98
51
A
98
82**
73*4
96*4
M N
83
82**
83
38
32**
32*4
12
1957
1947
*23
40
*99
s f 4**s
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
I
Extl deb 5*4s.
Oslo (City) 30-year s f 6s
Siaksng fund 4*4s
53
Panama (Rep) extl 5*4s
♦Extl s f 5s ser A
J
5*6
5*4
25
♦7*4s July coupon off
Prague (Greater City) 7*4s
32*4
31*4
101
5**
7 J*
10*4
7*4
10J*
12*4
6**
7*4
12**
4
5
4*4
45*
4**
6**
5**
7*4
7**
7*4
9*4
9
9
5*4
10**
46
5*4
6*4
"2
74**
75J*
57
17**
"75k"
5**
17**
103**
103*4
103*4
3
103**
106**
106*4
12
101
102
22
102**
30
23
8
A
103*4
106
1943
1944
97
1952
1953 M
8
101*4
96*4
*102*4
23
S
1958 M N
79
73*4
1955 M N
AiO
1953 J
106
78**
73*4
101*4
97**
104
D
1963 M N
70*4
97
2
8
55
"23 k "~7
80**
23
74*4
101**
18
97*4
105**
73*4
11
9
60
77
15*4
14*4
1959 M S
19J*
19*4
100 J* 103*4
101
103?*
104 *4
105*4
100*4
99*4
96*4
107*4
108
104 J*
102*4
97**
102** 102?*
18*4 27
78*4 86?*
72*4 82 J*
101*4 104
97** 97*4
3
104
6
67
90*4
16
58
81
106
62
1947 M S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser..I960 J D
♦Nat Loan extl s f 6s 2d ser.1961
Porto Alegre (City of)—
♦8s June coupon off
7**
4
106*4
1958 M
Pernambuco (State of)—
♦7s Sept coupon off
External sink fund g 8s
98
6
*5**
6*4
♦Stamped—
Poland (Rep of) gold 6s
Stabilization loan s f 7s
83
51*4 77
91*4 100
78 c 89*4
5
J
J
1955
26
38
45**
112*4 115
60>*
87*4
83*4 100
23
102*4
9*4
*3*4
*6*4
*6*4
*5*4
102*^
32
13?*
93J*
30
1956
1965
1970
29
16
26
23*4
32**
25>*
iolk
1434
1434
1434
1434
1434
1434
1434
14
45*4
34*4
37**
31**
28**
17,
1963
28
10
27**
28*4
25*4
20
External sink fund 5s.
36
24
34
25
M N
New So Wales (State) extl 5s.. 1957 F
External s f 5s
Apr 1958
27**
15*4
15*4
15*4
15*4
15*4
39*4
25
24*4
S
32
13?*
4
"l3
29
29*4
*16*4
*16*4
*20*4
O
External sink fund 4*4s
3
25
29*4
20
J
J
Milan (City, Italy) extl6*48—1952 A
External
17
98*4
22*4
105*4
Minas Geraes (State)—
Sec extl 8 f 6*4s
37*4
70
27
104**
1947 M
♦{Small
45
7
6
13
22
M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
38
16
1
20
1960 M N
1965
10
27
22
♦7*4s June 1 1935 coup on -.1950 J
♦Medellln (Colombia) 6*4s
1954 J
94?* 101?*
37
18
149*4 183
151
172*4
Lower Austria (Province of)—
29
14
105*4 108**
101
104**
O
Japanese Govt 30-yr s f 6*43.-1954 F
Extl sinking fund 5*4s
Jugoslavia State Mtge Bank—
41
104
28
*16
Italian Public Utility extl 7s...1952 J
"2
128
6
26*4
J
84
1
39
34*4
O
1954
30
2
21**
"36"
36
98
O
Italian Cred Consortium 7s A..1937 M
124
3
33
28
"26 k
69?*
17*4
105*4 109
111*4 115
96*4
99*4
1
*34
f ser 7s-.1964 MN
♦
32k
2234
2234
101**
25*4
55
16?*
97**
101*4
1954
*4034
2334
2334
D
♦4s of 1904
13
*4
93
102
♦7s unstamped
1949
German Prov & Communal Bks
10134
12
1134
1965 J
1965
32
1434
1434
D
♦German Rep extl 7s stamped. 1949 AO
3234
*3434
"3234
1949 J
1949
83
13
17
1
107*4
German Govt International—
1945 Q
47**
1
107*4
179*4
1956 M S
♦Frankfort (City of) s f 6*4s
1953 M N
French Republic 7 *4s stamped.1941 J D
7*48 unstamped
24
95
95
1945 M S
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
D
J
64
65**
J
1967
99
J
J
39*4
69**
*19**
J
59*4
61*4
39*4
21
1962 MN
O
69
M
1940 A
5*4s of 1926
7
71
O
A
*37
♦{Treas 6s of '13 assent (large) *33 J
-9
1960 M S
1st
M S
71
1254
1234
1234
f 6s
66
99
98
Apr 15 1962
1932
{♦Stamped extd to Sept 1 1935.__
Dominican Rep Cust Ad 5*4s._1942
67*4
68*4
71*4
1234
1234
1234
1134
s
see
69
66
D
♦Guar
For footnotes
48
57*4
J
♦Chilean Cons Munlc 7s
1951
♦Cologne (City) Germany 6 *48-1950
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961
♦6s July 1 1935 coup on. Jan 1961
2
106
102**
58
13
1961 A
♦Chinese (Hukuang Ry) 5s
99
105*4
55*4
13
f 6s
5
101
14
D
s
99
106
16
J
♦Guar
5
357
99
High
17*4
17*4
92*4
88*4
70*4
Deutsche Bk Am part ctf 6s
32
J
♦Ry ref extl s f 6s
Jan 1961 J
♦Extl sinking fund 6s.-Sept 1961 M S
17
51
102
35
4734
A
♦Extl sinking fund 6s...Feb 1961 F
96*4
101**
1942
66
67
"26"
15 1960 A
15 1938
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s—-I960 A O
96
43**
99
7034
98
6834
4634
J
10-year 2 *4s_.
Aug 15 1945 F A
J
25-year 334s.
1961 J
♦Carlsbad (City) s f 8s
1954 J
♦Cent Agric Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s_.July 15 1960 J
s
101
4354
1952
External gold 5*4s
Sec extl
♦Sink fund 7s July coup off.. 1967 J
♦Farm Loan
96 **
101**
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
67
♦Sink fund 7 *4s May coup off 1968 M N
Canada (Dom of) 30-yr 4s.
i960 A O
♦Farm Loan 6s
22
♦Mexican Irrig assenting 4*4s_1943 MN
Bulgaria (Kingdom of)—
5s
13
101
71
23
6734
6834
4634
22
93
9834
6834
J
30
101
100
70
100
69
*80
1961
1977
1976
...1976
1975
1984 J
21
100*4
92*4
*80
s
10754
10754
14
1960
♦6*4s stamped...
104*4
9854
90*4
22*4
105*4
101*4
27
1960
Refunding
100*4
101
10054
10054
100*4
101
10034
IOO34
103J4
C-3
Extl sf 4*4-4?4s
9754101
97*4 101
97*4
97*4
97*4
9754
94*4
104*4
32
C-2
f 6*4s
97*4 101
22
ser
s
10
754
955410154
97*4 101
9754101
26
ser
♦External
10
2534
External
♦6s stamped
•
2534
2634
External s f 6s
f 6s
8
2534
"2534
♦Buenos Aires (Prov) extl 6s.-.1961
s
-29*4
41
^..1955
B
Denmark 20-year extl 6s
98
934
\
21
21J*
10054
754
1154
8
1154
8*4
1154
754
11**
10
754
2
10034
D
1959 J
f 6s series A
s
*1934
1934
9934
100
Antwerp (City) external 5s
1958 J D
Argentine Govt Pub Wks 6s—.I960 A O
External s f 6s of Oct 1925.. 1959 A
27
40
100
External sink fund 6*48
♦Sink fund 6s Feb coupon on. 1947 F
♦Sink fund 6s Apr coup on...1948 A
Argentine 6s of June 1925
27
1
101
Estonia (Republic of) 7s
Finland (Republic) ext 6s
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
Akershus (Dept) ext 5s
78
Low
99.16101.29
10114
94**
Jan. 1
17
1949
2d series sink fund 5*4s
100.17103.7
101.14 101.6
101.14 101.5
1 1939-1949
1942-1944
A 2 34 s series G
A
ser
94 X
No
"~3
1951
1944
♦Public wks 5*4s...June 30 1945
Czechoslovakia (Rep of) 8s
1951
Sinking fund 8s
"98 k"
19*4
20*4
19*4
19*4
98**
94*4
80**
Since
II
1949
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
External g 4*4s
15
513
104.12
2?*s
F
♦7s Nov 1 1936 coupon on
Range
Asked
High
*19*4
19*4
19*4
96*4
J
Sinking fund 5*4s...Jan 15 1953
Apr
Mar
Treasury 3 **8
S
&
Low
O
♦Sinking fund 7s of 1926—1946 M N
♦Sinking fund 7s of 1927.—1947 F A
Copenhagen (City) 5s
1952 J D
25-year gold 4*43
1953 M N
D
Treasury 3?4s
June 15 1940-1943
Treasury 3*4s~-Mar 15 1941-1943 M
Bid
Price
Foreign Govt. & Mun. (Concl.)
♦Colombia Mtge Bank 6*4s___1947 A
J
Treasury 3*48
Treasury 3*4s
ss
sa,
62
64
14**
14**
15*4
15*4
15*4
10
"ilk
12*4
13*4
11
12
75
11*4
11
11*4
53*4
62**
39
10
87
37
19
16**
16**
80*4
251
44
111**
53
331
1940
50
38
1947
60*4
45
1950
50
41**
1961
D
1966
J
17*4
1952 M N
99**
*19
1
10
17*4
40
96
21
16
22
17*4
99**
15
19?*
99?* 101*4
Range or
Friday's
Last
BONDS
N. Y. STOCK EXCHANGE
Sale
Week Ended July 3
Price
s
21M
112M
110M
111
*24%
O
1946
1953
24M
18
14
*17 M
19
81M
77 M
.111
27
J
5
14 %
15
5
26%
19 %
%
17
"l5 %
3
17
19
2
2A
26
Dj X'&Jir -
27
P L E & W Va
Sys ref 4s...1941 M N
1950 J
J
17%
23
Tol & CIn Dlv 1st ref 4s A... 1959 j
J
19%
Ref & gen 5s series D
Conv 4 %s
2000 M
S
i960 F
A
Ref & gen M 5s
1996 M
2
16M
15M
14%
29%
23%
21%
20%
90%
22%
16%
14
101
15%
14
25%
35
*25
~
sy
28
32
25%
32%
23%
29%
23%
29
33
75
33
51%
81%
25M
25M
1
24
24
24%
9
41
33 M
43
33%
33%
33 %
J
1952 M S
1961 A O
1957 M N
A
F
1960 M N
M N
D
1961 J
150
166
104%
104M
75
75
74 M
*66
~75%
75
75M
101M
50%
50
51
51
50
51
39%
80 %
91M
45 M
80 M
94%
71%
78
5
.
74
33%
106
..80%.
Coll trust 4s of 1907
Adriatic Elec Co. ext 7s..
S
M
D
1947 J
1943 J
_
O
A
72
100
100 %
79%
111
♦106M
72
72 M
89
404
92 M
95
87 %
90%
O
74 M
63 M
74 %
49 M
55 M
deb 4s 1945 MN
♦Alpine-Montan Steel 7s
1955
Am Beet Sugar 6s ext to Feb 1 1940
Am & Foreign Pow deb 5s
2030
100 M
110M
110%
25
101M
101M
23
133
133
136%
81
94 M
94 M
A
100 %
S
78M
77
79%
D
70 M
69%
70 M
deb 4% s. 1945 M
Am
Telep & Teleg coll tr 5S...1946 J
35-year s f deb 5s
1960 J
S
D
J
20-year sinking fund 5Ms—.1943 M N
Convertible debenture 4 Ms..1939 J
Debenture 5s
1965 F
Am Type Founders conv deb.. 1950 J
J
A
J
101
112M
113
105%
t*Am Writing Paper 1st
g
J
6S..1947 J
105
105 M
64
110
108 M
112M
162
108M
108%
67
112M
113
64
113M
113 %
114
150
112M
113
21
"il3_
112M
113%
75
111
109%
112
73
110
109%
110
36 M
{♦Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Bridge A Ter 5s...1964 M S
Armour A Co (111) 1st 4 Ms
1939 J D
ser
B
1955 F
(Del)
36%
Atch Top A S Fe—Gen g
4s
1995
105"
104%
31M
31M
69 %
104 M
97 %
A
48 issue of 1910
20
115%
85
115%
114M
*109 %
109 %
deb 4 Ms
D
D
J
D
*106%
*105 M
...1948 J
D
1965 J
111%
J
Rocky Mtn Div 1st 4s
107 M
113
J
Trans-Con Short L 1st 4s...1958 J
111
112M
112M
Cal-Ariz 1st A ref 4 Ms A
Atl Knox A Nor 1st g 5s...
1962 M
S
1946 J
D
111
110%
1944 J
J
J
106 M
111%
107%
113%
lst.30-year 5s series B
.1944
110%
48%
72
113
74%
6
103%
104%
8
100% 104%
105
105
105
5
103
105
105
1
103% 105
42
102% 108
103
92
108% 114%
84% 100%
54
114
114%
4
113% 116%
108%
108%
10
110%
112
103% 109%
109% 118
95%
83%
72%
84
D
*72%
O
98
73%
29i
74%
61%
90
80%
74
90
79
84%
8
68%
75
100% 101%
101% 101%
74%
120%
98% 100%
128%
9
119
1?
120%
129
125
121%
129%
*104.....
23%
22%
20%
3
24%
23%
25
24
3
24
24
2
23%
133
76
76%
72%
20%
169
19
20
9
19
18
23%
104%
29
43
73%
73%
75%
74%
1961 A
O
70%
70
F
A
A
O
"I9"
18%
18%
36
34
10
43
71%
S
1955 M N
♦Certificates of deposit
1st 7s. 1934
Stmp as to pay of $435 pt red
Brooklyn City RR 1st 5s
1941
30
102% 106%
109% 110
*110
M
33
1
103%
20%
104%
32%
OQ
"25"
1967 M S
ser JJ
88
84%
78
*101%
120%
1944
6%s..I""Il950
99% 105
21
J
♦Berlin Elec El &
Underg 6%s 1956
Beth Steel cons M
4%s ser D..1960
Boston <fc Maine 1st 5s A C
1st M 5s series II
77
96%
J
1955
93%
73
94
68
89%
31%
26%
26%
20
18%
17%
{♦{Bowman-Bilt Hotels
7
98%
103*32
*78%
23
99%
1941
gtd 5s
80
103^32 106
M N
1941 J
1945
F
J
91
A
1950 J
D
1957 M N
113%
F
121
128
104%
109%
110
106
109%
A
75
109
114%
128
105
69
91
120%
M N
1947 M N
1st lien <fc ref 5s series B.
Brown Shoe a f deb
3%s
100%
103% 108
104% 107%
1968
5s stamped
Bklyn Union El 1st g
Bklyn Un Gas 1st cons g 5s
1st lien «fc ref 6s series A
88
105132 108%
1949
1st
25
.....
103%
99%
1.1952
T sec 6s A
con
*15
1949
6s, series A
sec
106%
85
95%
115
119% 122
124% 128%
104
105
105%
108
110
105
106%
103
1940 J
1942 A
5s A
.1962 A
1969 A
1970 F
Oct
Guaranteed gold 5s
June 15 1955 J
Guar, gold 4%s
F
114%
Canadian Northern deb 6 %s
1946 J
Canadian Pac Ry 4% deb stk perpet J
Coll
111
trust
J
48%
84%
104% 113%
104%
.1938 J
D
D
guar g 4s
103%
Carriers & Gen Corp deb 5s w w 1950
Cart & Ad 1st gu g 4s.
1981 J
F
A
♦Ref & gen 5s series C
110% 113%
118
118%
103% 106%
111%
A
98%
6
105%
14%
115
127%
94%
104%
.115%
107%
104%
113%
23
118%
33
120%
120%
118%
33
116%
14
115%
13
128%
95%
105%
10
Telephene HAnover 2-7900
12
18
Io9% ""I
106
24
66
25
*10%
21
m<m
—
•
«
-
M
"49
13%
21
1959
"3
1
57%
97%
1987
New Yerk Curb Exchange
-
-
NEW YORK
Indianapolis and St. Louis
108% 114%
113% 118%
115
120%
115% 120%
112% 118%
110%
116%
110% 116%
122% 128%
87%
96
102% 105%
113% 116%
105% 108%
100% 105%
49%
54%
106% 108%
108% 110%
102% 108
90
27
36%
52
68
24
36%
12%
20
12
20
21
29
24
23
24%
24
28
■
63
A. T. * T. Teletype NY 1-911
9%
17%
111% 118%
*20
104
—
67
92% 101%
105% 107%
103% 105%
15
103%
1961
1987
68%
56
18
103%
4s
29
90
48%
*10
Cent 111 Elec & Gas 1st 5s....1951
gu
104%
84%
30%
20
"3
General 4s
19%
18%
80%
20
107%
{♦Cent New Engl 1st
65%
*
107%
Central N J gen g 5s
103
73
-
13%
12%
O
22
85
28%
107%
-
Private Wires to Chicago,
51
29
Cent Hud G & E 1st & ret 3%s.l965
Member*
—
229
105%
24
Vilas & Hickey
—
7
104%
54%
55
57%
4
97%
98%
43
*85
88%
BROKERS
-
45
115%
108%
Railroad, Public Utility and Industrial Bonds
New York Stock Exchange
3
21
*26%
*60%
♦Mid Ga & Atl Div pur m 5s.1947
♦Mobile Dlv 1st g 5s
1946
105% 111%
BOND
3
114
*81%
♦Chatt Div pur money g 4s.. 1951
♦Mac & Nor Div 1st g 5s
1946
114
105% 107%
110% 113%
M N
1
109%
105%
D
1948
{♦Central of Ga 1st g 5s...Nov 1945
♦Consol gold 5s__
1945
♦Ref & gen 5%s series B
1959
13
*107%
D
J
♦Cent Branch U P 1st g 4s
57%
59%
113%
117%
119%
119%
117%
115%
108% 111
_
~
56%
*48
J
M N
102% 107
109
95
105%
J
33%
104% 113%
128
D
4%s
Caro Clinch <fc O 1st 5s
103% 105%
98%
94%
105
106%
110% 115%
117%
115%
115%
1960 J
.1949 J
trust
{♦Car Cent 1st
103
96
118%
5s.-_.Dec 1 1954 J
Coll trust gold
34%
85%
113%
115%
108%
Collateral
99% 105
28
14%
1st & cons g 6s ser A..Dec 15 1952 J
49
32%
J
1946 M S
J
...1944 J
4%s
5s equip trust ctfs
32%
A
2
105%
A
D
66
98
J
J
79
20
59%
"56%
O
Guaranteed gold 4%s
1956
Guaranteed gold 4%s..Sept 1951 M S
109% 119%
69%
1957 J
July 1969 J
78
*17%
O
Canadian Nat guar 4%s
Guaranteed gold 5s
Guaranteed gold 5s
6
104
*75
O
cons gu
110%
20
J
ctfs
114
23%
26%
J
*103%
78%
O
1955
Bush Term BIdgs 5s gu tax ex.. 1960 A O
By-Prod Coke 1st 5%s A
1945 M N
Cal G <fc E Corp unf & ref
5s...1937 M N
112% 115
107% 117
108%
S
Cal Pack conv deb 5s
111% 117%
101% 106%
108% 134%
107% 110%
*103%
A
M
1952
♦Consol 5s
Canada Sou
97
1937
{♦Bush Terminal 1st 4s
79
112
J
1938
1981
Consol 4%s
"1957 M N
{{♦Burl C R & Nor 1st & coll 5s 1934 A O
♦Certificates of deposit
83%
112
1950
Bruns & West 1st gu g 4s
Buffalo Gen Elec 4%s ser B_.
Buff RochA Pitts gen
g 5s..
66
49 WALL STREET
75
93
96%
85
112
96%
103%
108%
6%s..l951
sinking fund 6%8
1959
4%s
85%
112%
95%
85%
112%
107%
114
1948
Big Sandy 1st 4s
BIng & Bing deb
106%
J
1951
1st g
105%
106%
For footnotes see page 77.
73
61
104% 106%
J
3%s
♦Camaguey Sugar 7s
112%
♦106
J
"28
33%
5/
30
S
Telep of Pa 5s series B
♦Debentures 6s
106% 109
109
105
*118
Atl A Charl A L 1st 4 Ms A
24
30
72%
104%
I..""II1951
66%
2
*106%
1960
97
90%
100% 104
15
214
1955 J
1905..
99% 101%
118% 143%
50
70
100%
90
1
103
60
108% 110%
82
33%
81
36%
124
34 M
97%
105%
105%
Ho"
36%
105
104%
1955 J
4s of 1909
48%
26
97
O
_
36%
104
105 M
Adjustment gold 4s........ 1995 Nov
Stamped 4s
1995 M N
Conv
69 M
103
J
1950 J
Armstrong Cork deb 4s
A
36 M
104%
97%
95%
,
78
10
♦
Certificates of deposit
Anaconda Cop MIn s f deb 4 Ms 1950 A"o
♦Anglo-Chilean Nitrate 7s
1946 M N
♦Ctfs of deposit
15
108%
112%
Amer Water Works A Electric-
1975 M N
18
48%
70%
104%
76
87%
25
M
100%
89%
99%
57%
81%
100% 105
Debenture gold 5s
73
101
301
Amer I G Chem conv 5 Ms
1949 M N
Am Internat Corp conv 5Ms.. 1949 J
J
Deb g 6s series A
10
S
F
79%
55
5
100
40%
29
-& ref 5s series C
1960
Belvidere Delaware cons
3%s..l943
♦Berlin City Elec Co deb
111
53
145
M
1953 J
f deb 5s
53
343
...
101
103% 107%
43
58 M
A
1950
95%
16
104
5slIII" 1950
102
109
86
94 %
90%
Allegh A West 1st gu 4s
1998 AO
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp deb 4Ms... 1950 A O
Conv g
"~5
A
D
1.1.. 1950
conv 5s
♦5s stamped
Conv 4s of
"II
52%
97
3
2
22
52
103%
1st 4s 1955
§J*Botany Cons Mills 6%s...l934
97
27
1949 J
♦Coll <fc
Conv gold
3
1944 F
Coll & conv 5s
40^
71
104
O
1946 A
142
107
*70
1948
Ms
$ Alleghany Corp coll tr 5s
yy%
79 M
ill
D
♦Albany Perfor Wrap Pap 6s.. 1948
♦6s with warr assented
Alb & Susq 1st guar 3
100%
D
1943 J
..
100
O
1952 A
Ala Gt Sou 1st cons A 5s
1st cons 4s ser B
100
52 M
56
99
1951 J
5s
.
BklyD Qu Co & Sub
48 %
87
97%
50%
103
ft?®84011 & N Y Air Line
51
COMPANIES
1st M s f 4s
Bell
15-year
52 M
86
"5l"
102%
„
Bklyn-Manh R
D
"87"
95% 100%
76
88%
1943 J
F
Bklyn Edison Inc gen 5s A
Gen mtge 5s series E
J
79%
103%
96%
84%
72%
84%
Battle Creek & Stur 1st
gu 3s.. 1989 J
Beech Creek 1st
gu g 4s
1936 J
2d guar g 5s
1936 J
Beech Creek ext 1st
A
51
89%
1
33 M
51%
53%
91M
40
82%
102
37%
37%
90
*73 M
76%
73%
100
51
51
83
73%
68%
75
101
"5l"
93%
100% 104%
D
..1995 J
1st
Con ref 4s
4s stamped
91
INDUSTRIAL
conv
Bangor & Aroostook
♦Deb
O
A
2
*93 M
A
Ms
1955
f 5%s._.._1971 J
105
*153%
A
♦{{Abltlbi Pow & Paper 1st 5s. 1953
Adams Express coll tr
1948
g 4s
Rolling Mill
ser
g
♦6s Nov coupon on...
1952 M N
Warsaw (City) external 7S....1958 F A
Am
5s assented
1940
Bait & Ohio 1st g 4s.
July 1948 AO
Refund & gen 5s series A
D
1995 J
l8t gold 5s
A O
Ref & gen 6s series C
88
M N
1946
1940
..
28%
*25
8
♦External s f 6s
1964
Venetian Prov Mtge Bank 7S..1952
Vienna (City of)—
s
{Baldwin Loco Works 1st 5s
Southwest Dlv 1st 3%-5s
17%
High
79%
39
103%
M N
25
30
Low
129
73
22%
17%
88M
Ajj
73
No
96%
47
July 1948
27
*20
J
21
15
20%
54%
81%
110
122%
126
Austin & N W 1st gu g 5s
Jani 1
17%
14%
112
25M
81M
25%
14
12
17%
D
J
16
16
15%
High
Since
§3
104%
1937
1939
1941
*21%
I-
Asked
"72"
1959
Atlantic Refining deb$5s
Auburn Auto conv deb 4%s
16
&
96%
96%
1948
Atl Gulf & W I SS col tr 5s
♦Uruguay (Republic) extl 8s.. 1946
American Ice
tr 5s
Atl <fc Dan 1st g 4s
2d 4s'_
19%
Styria (Province of)—
conv
195?
10-yr coll
38
21
7s Nov 1 1935 coupon on..1962
Silesia (Prov of) extl 7s
1958 J D
Sllesian Landowners Assn 68..1947 F A
Soissons (City of) extl 6s
1936 M N
Allls-Chalmers Mfg
May 1 1945 M N
J
1948 J
111
24%
14
„„
AND
109
15
M N
RAILROAD
109
10
26 M
17%
1962
Yokohama (City) extl 6s
7
28%
112%
16%
♦Exter .al 6s July coupon off-1968
♦Secured s f 7s
1940
♦Saxon State Mtge Inst 7s
1945
♦Sinking fund g 6%s
1946
Serbs Croats & Slovenes
(Kingdom)
♦8s Nov 1 1935
1 6s
18
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4 %s A
1964 J D
L & N coll gold 4s
MN
Oct
15%
J
{♦8s July coupon off
.1936
J
♦External 8s July coupon off .1950
♦External 7s Sept coupon offl956 M S
s
29%
Range
or
Friday'8
Bid
Low
High
18
17%
of)—
Tokyo City 5s loan of 1912
External s f 5 Ms guar
Trondhjem (City) 1st 5 Ms
Low
15 %
Sao Paulo (City of
Brazil)—
♦8s May coupon off
1952 M N
♦Extl 6%s May coupon off.. 1957 M N
San Paulo (State
«7s Feb coupon off
AO
"l9
17 %
1959
1953
coupon on..
Price
A
Rome (City) extl 6%s
;.1952 A O
Rotterdam (City) extl 6s
1964 M N
Roumania (Kingdom of Monopolies)
♦Saarbruecken (City) 6s
Sale
Week Ended July 3
O
1967 J
♦7s August coupon off
N. Y. STOCK EXCHANGE
Jan. 1
F
..1966 M N
♦78 May coupon off
♦78 June coupon off
BONDS
Since
eq cci
A
Rio Grande do Sul (State of)—
♦8s April coupon off
,
1946 A O
♦6s June coupon off
1968 J D
♦External
22%
Range
Last
Range
ll
24
A
♦6%s Aug coupon off
s
High
*20 %
1950 M S
Rio de Janeiro (City of)—
♦8s April coupon off
s f 5
Asked
21%
111%
f 7s. .1941 A
1947 F
25-year external 6a
♦Rhine-Main-Danube 7s A
Ta wan Elec Pow
&
Low
Foreign Govt. &Munic. (Concl.)
♦Prussia (Free State) extl 6%s.l951 M S
♦Externa! s f 6s
1952 A O
Queensland (State) extl
Bid
Week's
Friday
Week's
Friday
Sydney (City)
73
New York Bond Record—Continued—Page 2
Volume 142
105% 107%
99% 104
43% 77%
97
103%
87
93%
New York Bond Record-Continued- Page 3
74
July 4, 1936
Week's
Friday
BONDS
N.
Y.
Last
EXCHANGE
Bid
s f
O
A
5s series B guar...
O
108M
O
102M
A
>J
F
A
F
%AILROAl5'BONDS
J
A
Since
Ni
Jan. 1
Low
High
110
D
!J
Range
S
Asked
&
Low
A
1st
new rork Curb 6xchangt
1
or
Friday's
Price
f View York Stock exchange
[
Range
Sale
Week Ended July 3
'Bennett Bros. & Johnson
Members
STOCK
110%
26
107 %
109
62
102 %
102 %
202
High
105M 140%
100% 108%
95
102 %
*110
78M
105
103
72%
7
84
78%
65%
12
98 %
74
52
48 M
IVI N
l^ew York,
Y,
One Well Street
Private Wire
71%
71
73%
77
59 %
M JN
104M
104
99
104 %
104
104%
104%
88
A
Chicago, III,
105
54
13 J So. Le Selle St.
O
J
O
*110
F
Col & Tol 1st ext 4s.
J
A
cDlgby 4-5200
Connections
■> Randolph 7711'
fi. r. 1-761 -f 9ell System Teletype 4- Cgo. 343
A
104 %
105
F
A
O
*102
J
1
Week's
Friday
">
Last
«
N. Y. STOCK EXCHANGE
Range
Sale
W*/ *
IS
I
J/
VX
f—% Vt** —
—
Jan. 1
Friday's
J
J
1.
/
Since
§3
It
J
sa,
Bid
Price
&
1949 F
A
110
110
Through Short L 1st gu 4s. 1954 A
Guaranteed g 5s
...I960 F
O
108
108
A
101
Cent RR & Bkg of Ga coll 5s__1937 (VI N
Central Steel 1st g s f 8s
1941 M N
Certaln-teed Prod 5Ms A
1948 M S
Champion Pap & Fibre deb 4%sl950 M S
Chesap Corp conv 5s
1947 IVI N
D
10-year conv coll 5s
1944 J
Ches & Ohio 1st con g 5s_..-__1939 IVI N
General gold 4Mb
1992 M S
Ref & impt 4 Ms
—
80
*125M
91M
D
J
103
106
20 %
20 %
20 %
4
20
32
J
20%
20%
20%
9
19M
5
102
108
A
O
*20%
34%
166
89
101
J
J
21
82
7
67
88
>J
J
47 %
J
D
126M
121M 126 M
101M
2
101 %
103
108M
7
107
109 %
106 M
9
104
138M
135
139
149
115M 139
M N
104%
103 %
104M
120
121M
118M
122
245
110M 122
J
D
104)4
69
103
11034 11234
118M 126 M
J
D
1C1M
102
21
100M 103M
F
A
100M
103%
101%
99%
105%
IOOM
57
110M
11154
48
12434
125M
29
11034
111%
11034
9
90
50
107%
M N
11054 113M
1093132113M
10834 111
110
18
115M
11634
23
35
34 M
*40
105 %
22
J
105%
105%
2
104
S
102
102
1
"43"
102
46
55
J
57
56
57 M
15
49%
63 M
65
3
64M
64 M
4
49%
46%
21M
D
51%
*47 M
55M
"~16
55 %
11
57
19%
20%
249
3
9%
48M
40
42 M
40 M
15
36
54 M
39
54%
45
38
56
*39
44
41
57%
....1934 A
♦Conv g 4Ms.
i960
Ch St L & No O 5s...June 15 1951
Gold 3 Ms
June 15 1951
Memphis Div 1st g 4s
.1951
Chic T H & So East 1st 5s
1960
39
*
5
42
56
M
10
3%
*108%
115%
*108%
111%
110%
*35%
15-yrsf7Ms.
M
S
1965 A
32%
46 M
17
3134
43 M
26
15
20 M
29
1354
7
"15M
14M
19M
22 M
3
8
7
2034
11M
110M
15
105
111M
88%
"89M
"16
89 M
89M
5
78
7
16%
19M
17
17
9
9
110M
8%
110
61
71
50 M
35
-
-
15M
15M
112M H634
102M 105
105
7234
10834
12M
23M
16M
2134
104 M 104 M
1
20
18M
20 %
63
110%
5
109M
107
52 M
107
g
4s 4s prior.-1996
1st consol gen Hen
g 4s
Penn coll trust gold 4s
Conv 4s series A..
A
/..1953 A
O
1953 A
O
conv
1953 A
O
4s series D
85M
«*
-
106 %
85%
86
w
86
106 M
85%
m.
86
105M 107
105 M
_
1C5
84
85
10134 110
10034 107
1
107
104M
J
4
109M
*107
J
113
110
109 %
107
107
J
1996 J
1951 F
Series B
Gen
109 %
J
108
12834 131
114
♦112M
O
10334 111
107
107%
34
99 M
108
77%
1
3
10
74 M
89 M
88
70
86
77%
77%
117%
78 %
140
78
175
69
117M
10
117
94"
Genessee River 1st
J
1957 J
IVI N
H8M
N Y & Erie RR ext 1st
4s...1947
3d mtge 4 Ms
1938 ivi
*117%
*111
112M
y
*102
8934
75
74
88
1967 IVI M
1975 A O
107
10534
89 M
105M 106 M
*81M
84
74
334
10834 UO
113
11634
108 M 11034
108M 1U%
52
95 M
"83 M
23
10
Ref & impt 5s of 1927
Ref & impt 5s of 1930
Erie & Jersey 1st s f 6s
*90 M
"88%
D
13
108
*107
182
15M
38M
2034
2034
31M
7
18
*131
Erie & Pitts g gu
3Ms ser B...1940 J
Series C 3 Ms
1940 J
Erie RR 1st cons
J
18%
38
1334
68
*103
J
El Paso & S W 1st 5s
19M
13
20
20
O
J
17
17
30
35
105J4
J
80
16%
110
105M 108M
50
70
116M
1939 J
g 5S;
10%
33 M
23
111 M
--
20 %
70
34M
4
109M
66 M
107
1941 M N
16M
105
66
115?4
105
♦Ctfs of deposit.^
East Ry Minn Nor Div 1st 4s..
1948 A
Elgin Joilet & East 1st g 5s
3334
5
108M
115%
108
25%
33M
33
*25
J
16
1634
70%
104M 106 %
78%
90%
98
102M
105
106M
100M 105
10534 108M
69M
......
J
22
105
J
105
108
109
1955 J
f 6s
s
J
77%
77%
—
-
—
-
%
85%
119
116M 11934
....
104 M
103
108M
D
107
106 %
107
2
10554
105 M
10554
2
105 M 108M
11154
11
108
120
107
72
99
107
108
103
103M
1962 M S
105 H
11054
'
10
M
112
108
M 10554
10554 108
10534
105M
1962 M
S
*10554
107 M
1943 A
O
"m %
79M
80 %
"25
73
86 %
J
102 M
102M
102 M
36
100
M 103M
102"
101 %
IVTN
O
J
36
J
Q
106
36
3
103
58
F
J
107
104M
110M
59
104 M
104M
1
102M
103%
12
D
119
119
104%
101M
104 %
103
12
94 %
82
J
103
94%
98
98 M
J
O
O
J
98%
"4
98M
98%
5
10534
105 M
110
106%
110
*11234
*104M
*11254
1948 M N
1950 A
F
104 M
111M 119
103M 105 M
89
103
O
owner.
2-4s
cons
*11034
Fort St U D Co 1st
g
4Ms
owner
-
»•
•
59%
102M
102 %
1
98
103
100%
1
99
10134
102%
1
103
103)4
5
102 M
*80
103M
16
84
*56
60
M
97 M
68
103
10134 104
95
60%
60
59 %
103 %
8434
5234
21
57
5634
6634
8%
21
8
1134
8%
4
7
1034
8
11
414
1
4
3M
8%
8%
2
—~
M N
*8
M N
1941 J
Ft W & Den C 1st
g 5 Ms
1961
Framerican Ind Dev 20-yr 7
Ms 1942
{♦Francisco Sug 1st s f 7Ms...l942
Galv Hous&Hend 1st
J
9M
J
4%
3%
J
*104 %
D
105%
106
107
J
IVI JN
5Ms A.. 1938 A
Gas & El of Berg Co cons
g 5s. .1949 J
Gen Amer Investors deb 5s A..1952 F
82
81%
O
D
*84
3M
6M
6M
105
105
5
105
106 34
108
4
106
110M
82
4
„
35 %
83
7534
87%
90 M
*120
A
102M
102 M
J
J
105
105
J
J
D
34M
el04
6
10134 10434
105
9
101
3
29
34%
105 M
34 34
M 100 M
J
96
104 M
104
IVI N
34 M
34 M
5
J
J
102 %
102 M
6
102
104
J
J
85
81
85 %
77
76
98
O
24
23%
24 M
26
19
24
24%
32
19
30 M
30
12
2034
94 M 101 M
101 % 107M
108M 11134
111% 11134
a
♦Certificates of deposit
J
««
U730
J
Conv deb 6s
J
...1945 J
D
106
Goodyear Tire & Rub 1st 5s... 1957
113
Gotham Silk Hosiery deb 5s w wl946 ivi
♦{♦Gould Coupler 1st s f 6s_.__1940
Gouv & Oswegatchie 1st 5s
1942
Gr R & I ext 1st gu g 4Ms
*13M
*20%
J
O
J
"
i
113
10554 HI
J
A
J
*33
.
J
-----
-
42
1982
{ {♦Proof of claim filed by
♦Certificates of deposit
*
113
J
-
106
113
•
1
68
93
*106%
J
—
J
D
Fonda Johns & Glov
4Ms.*.^1952
111M 113
A
—
103M
103M
__;_.1974 M S
♦Certificates of deposit
:
95
78 %
105
106 M
*106 %
Gen 4 Ms ser A
1977 F
Gen & ref mtg 4 Ms ser B
1981 J
Cleve Short Line 1st gu 4 Ms.-.1961 A
96 %
104
*103M
♦100M
J
Cleve Elec Ilium 1st M 3 Ms.-.1965 J
1
*10534
.1940 M S
Cleve & Pgh gen gu 4 Ms ser B.1942 A
Series B 3 Ms guar
1942 A
Series A 4Ms guar
..1942 J
3
M 110M
107M 111
109M 113
104
104 %
«•
y
♦1st & ref 5s series A
(Amended) 1st
D
Cleve-Cliffs Iron 1st mtge 4Ms. 1950 M N
s f g 7s
1946 J
{♦Fla Cent & Penin 5s
1943 J
{♦Florida East Coast 1st 4Ms.. 1959 J
{{♦Proof of claim filed by
106 M
102M
100M
D
100M 102
109M
J
1954 J
101M 103
110
J
30-year deb 6s series B
Flat deb
106
1943 J
1977
s
68
68
y
1942 IVI
.1942 ivi
108
1957 IVI N
.1963
47
1942 ivi
f 5s stamped
1st lien 6s stamped
s
101 %
J
J
35
101 % 106
5s International series
1st lien
*100
J
J
108
Ernesto Breda 7s
1954 F A
Federal Light & Tr 1st
5s_.__.1942 ivi y
*106%
M N
-.1939
J
Cin Wabash & M Div 1st 4s. 1991 J
J
St L Div 1st coll tr g 4s
1990 M N
27
3M
25%
*
...
68
19M
103M
For footnotes see page 77.
26 M
26
J
19%
ink"
Series C 3 Ms guar
Series D 3Ms guar
32
75%
104 M
56
J
1940 J
16M
1956 M N
108
W W Val Div 1st g 4s
16
61
31M
O
East T Va & Ga Div 1st 5s
Ed El 111 Bklyn 1st
cons 4s^
Ed Elec (N Y) 1st cons
J
Spr & Col Dlv 1st g 48
17
A
25 M
J
Ref & impt 5s ser D
32 M
16%
J
16
1963
Ref & impt 4 Ms ser E
Cairo Div 1st gold 4s
Dul & Iron Range 1st 5s
1937
Dul Sou Shore & Atl
g 5s_
1937
Duquesne Light 1st M 3 Ms.--1965
♦{East Cuba Sug
77M
D
Cleve Cin Chi <fc St L gen 4s... 1993
General 5s serial B
..1993
Ref & impt 6s ser C
1941
31M
-
102
65M
"
1; 27
33 M
-
-
16%
-
*25
19M
20
-
31%
..1995
18%
213
»
107 %
Detroit Term & Tunnel
4Ms.. 1961 M N
Donner Steel 1st ref 7s
J
1942 J
19%
19%
13%
-
*106M
_
D
27
4s... 1952
1st guar 5s series C
1995 J
61M
75M
-
M
*35%
17
12 M
2
„
-
-
-
M
m
1995
43
12%
•.
-
107M
*.
O
25
J
Clearfield & Mah 1st gu 4s
A
♦2d 4s assented.
23
103
♦106M
..1965 A O
1995 J D
♦Second gold 4s
101%
105%
*100M
*105M
A
48
J
_
A
'62 F
1961 F
ser C
21
11944
C I St L & C 1st g 4s
Aug 2 1936
Cin Leb <fe Nor 1st con gu 4s.__ 1942
Cin Union Term 1st 4Ms A...2020
1st mtge 5s series B
2020
Detroit Edison gen & ref 5s
Gen & ref 4 Ms series D
45
D
A
84
80%
101
105M
J
19%
34 M
O
J
J
81%
81
]i°5M
O
"43 %
....1963
Chile Copper Co deb 5s
1947
{♦Choc Okla & Gulf cons 5s... 1952
Cin G & E 1st M 4s A
1968
Cin H & D 2d gold 4 Ms
...1937
11
J
43 %
Dec 1 1960 M
Childs Co deb 5s
106 %
*108M
J
J
1944 J
105 %
J
20 34
75
M N
J D
Chic Un St'n 1st gu 4
Ms A
1963
1st 5s series B
....1963
con
%
*30 M
1949 M N
1st ref 5 Ms series A
1st & ref 5Ms series C
25
6
106 %
S
69 %
34
4
A
{♦Des Plaines Val 1st gu 4 Ms..1947 IVI
49 M
17 M
2
102M
16
cons g 4s
1936 J
{♦Consol gold 4 Ms
.1936 J
{♦Den & R G West gen 5s.Aug
F
♦Assented (subj to
plan)..
♦Ref & Impt 5s ser
B.__Apr 1978 A
{♦Des M & Ft Dodge 4s ctfs
1935 J
r
234
102
J
Stamped
{♦Den & R G 1st
68
7M
102
f 5s...1951 IVI N
as to Penna tax
1951 IVI N
47 M
47 M
3754
7
—
s
58 M
37 M
7M
37M
J
J
Gen & ref M 4s ser F
♦Detroit & Mac 1st lien
g 4s
♦1st 4s assented
68
J
J
65 M
-
«r
IVI N
46 M
1987 M N
♦Certificates of deposit
{♦Secured 4 Ms series A.....1952 M S
♦Certificates of deposit..
1st mtg 334 s ser E
Chic & West Indiana
50%
O
J
43
72
J
A
111% 111%
53
1987 M N
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F
{♦Chic R I & P Ry gen 4s
1988 J
♦Certificates of deposit
1st mtge 4s series D
"~4
16 M
29
92 % 102M
25
101M
48M
46 M
28
1534
57
1987 M N
Guaranteed g 5s
Guaranteed 4s
49
29
53 M
Stpd 4s non-p Fed inc tax. 1987 M N
{♦Refunding gold 48
28%
28 M
53
19%
121
116
104 M 105M
26 M
39 %
"II
*110M
51 %
1987 M N
4% a series A
21M
43
D
IVI N
1st mortgage 4 Ms
Den Gas & El 1st & ref
14
420
D
J
10754 11354
10654 114
112
11734
23
44 %
101 %
103M
58)4
J
104 M 108%
108M 113
14
....
20
F___May 1 1989 J
5s
46
*40
J
106M
56 M
55%
""l9
5
J
*19
41
97
121
"36"
J
B__May 1 1989 J
gu
17
1947 J
J
103)4 106 M
57
J
1C
18%
1966 IVI N
43
102
D
110
82
99
1947 J
♦Gen 4 Ms series
C__May 1 1989 J
♦Gen 4 Ms series
E._May 1 1989 J
♦Gen 454 series
Inc
14
108
61
Ch G L & Coke 1st gu g 5s
♦Conv
25
20
.
.
5154
•
112
♦Certificates of deposit
Chicago & Erie 1st gold 5s....1982 M N
105
96
J
116%
108M 109%
113
17%
15%
120M
*104%
107%
103M 104M
IVI
il2M
112M
*96
-
J
*110
1971
♦4^s stamped
62
101%
11154
§ ♦Secured g 6 Ms
1936 M N
♦1st ref g 5s
May 1 2037 J D
♦1st & ref 4 Ms
stpd.May 1 2037 J ~
♦1st & ref 4^s ser
C.May 1 2037 J -
46
105M
112M
.
11
108
11134
♦Gen 4 M s etpd Fed inc tax.
♦Gen 5s stpd Fed inc tax
48
108%
HIM
♦General 4s
31M
106%
{{Chicago & East 111 1st 6s... 1934
{♦C & E 111 Ry (new Co) gen 5s. 1951 IVI N
,
20
IVI JN
11254
{♦Chic Milw St P & Pac 5s A..1975 F
♦Conv adj 5s.
Jan 1 2000 A „
{♦Chic & No West gen g 3MS--1987 M N
6
IVI N
108
1969 J
30 M
21
20%
46%
100
11134
Chic L S & East 1st 4 Ms
31
24
102M 106
51
♦Chic M & St P gen 4s ser A. .1989 J
♦Gen g 3Ms ser
22 %
30
106M 109M
13
s
1956 J
3
J
*112
1966 J
103M
J
1977
♦Refunding g 5s ser B
♦Refunding 4s series C
23
103
J
..1958
♦1st & gen 5s series A
♦1st & gen 6s series
B.May
Chic Ind & Sou 50-year 4s
2
106M
103
High
*115
J
1937 J
{♦Chicago Great West 1st 4s.. 1959 M S
{♦Chic Ind & Loulsv ref 6s
J
1947 J
22 %
106M
22%
106%
M 110M
J
1st & ref 4 Ms ser B
1st & ref 5s ser A
♦107M
110M m%
110% 112%
104% 104%
107% 110%
105% 108
"_5
1989
General 4s
-
_
*109
•
J
J
*109
1941 IVI
_
93
1989
Warm Spring V 1st g 5s
_
103
Low
*110
Chic & Alton RR ref g 3s
1949
Chic Burl & Q—111 Dlv 3 Ms.-.1949
Illinois Division 4s
1949
,
106
1946
2d consol gold 4s
49
110M
105 M
QQ
May 1940
Potts Creek Branch 1st 4s
R & A Dlv 1st con g 4s_
-
69
High
110 34
108
1995
Craig Valley 1st 5s
-
80 %
99% 105%
98% 105%
110M 112M
105M
'iio'%
1993
Ref & lmpt 4 Ms ser B
'
-
76
105 %
101
Low
Cent Pac 1st ref gu g 4s.:
Asked
>J
J
to
K
Week Ended July 3
-
*.
105
♦Consolidated Hydro-Elec Works
Range
or
9
112
*110M
110M
A
BONDS
85%
105
72%
IVI N
A
J
D
1941 J
J
19
29
3034
20
34 34
34 M
32
35
2
107%
108
3
105 M
105
105 M
51
107 M
104
105
104 %
105%
63
10334 106
92
98%
84%
-
—
-
108
y
F
35
30
99
12
93
82
30
98
56
35 M
108M
105M
100
93
*104
100
104 M
*108M
108
110
Volume
New York Bond Record—Continued—Page 4
142
BONDS
c
Week Ended July 3
Last
fc-3
N. Y. STOCK EXCHANGE
Price
1936 M S
_
100 H
I2
Friday's
Bid
&
100 *'
Since
Jan. 1
Asked
100*
Low
Grand Trunk Ry of Can g 6s.
Range
Range or
Sale
ts
Nft,
Low
High
90
1947 J
Gt Cons El Pow (Japan) 7s
lst&gensf 6*S—.1
D
A
"94"
93 M
94
6
J
82 M
82 M
82*
1
Great Northern gen 7s ser A
*95
J
1961
J
113*
113 *
-.1952
J
115
114*
113*
115*
__1973
J
109
109
1976
J
103
102 *
General 4*s series E
Gen mtge 4s ser G
1977
J
101M
101M
1946
J
115
Gen mtge 4s ser H
1946
J
104 M
1st & ref 4
s
General 4 *s series D
—
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s.
Gulf Mob & Nor 1st 5*s B
1st mtge 5s series C
Feb
1950 A
:
O
J
Stamped..
Gulf States Steel deb 5*s._ ...1942 J
_
Haekensack Water 1st 4s
94*
J
♦Hoe (R) & Co 1st mtge
{♦Housa tonic Ry
*
712
"~6
10
*,
93 *
101
122 *
122
"22
94*
68
15
103*
J
122*
*103
1937 J
J
*103
Houston Oil sink fund 5 Ms A__1940 IVI N
Hudson Coal 1st s f 5s ser A
1962 J D
102 M
Hudson Co Gas 1st g 5s
__1949 M N
Hud & Manhat 1st 5s ser A—-.1957 F A
♦Adjustment income 5s_Feb 1057 A O
122
Illinois Bell Telep 3 Ms ser B—1970 A
Illinois Central 1st gold 4s
.1951 J
1st gold 3 Ms
1951 J
Extended 1st gold 3Ms
1st gold 3s sterling
0
43*
102 M
42
102*
19
43*
53
122
122
78*
26*
79*
37
30*
64
47
106
106
1952 A
O
79*
"80*
19
1955 M N
84*
84*
85*
J
78*
78*
78*
76 M
*90
77
1955 M N
87*
89*
79*
81*
89
66
21
69*
86
77
19
68*
97
96*
15-year secured 6 Ms g
1936 J
40-year 4Mb
Aug 1 1966 F
Cairo Bridge gold 4s
...1950 J
18
90
100*
102*
"
73*
73
105*
Litchfield Div 1st gold
3s__,1951|J
Louisv Div & Term g 3 Ms
1953 J
"74*
"60
105*
5
91*
72*
89*
"89*
89*
Springfield Div 1st g 3MS---1951 J
100*
100*
100*
1
96*
96*
3
81
Western Lines 1st g 4s
1951 F
111 Cent and Chic St L & N O—
Joint 1st ref 5s series A
1963 J
82*
83*
68
77*
77
77*
34
107*
1940 A
"
102*
44
1956 J
'""8
102*
1
44
105%
1965 J
105
J
94*
105*
104*
105*
95*
94*
54
79
♦Certificates of deposit
1932 MS
7% notes
91*
93
6
49
49
50
29
*45
1932 AO
50
"94"
93
♦Certificates of deposit
99* 102*
21* 46*
103
106*
20-year
"56
93
96*
92*
96
52
92*
94
12
M952 J
A
1950 A
p m
26
81*
97
128
33*
53*
50*
53*
102
34
58*
64*
59*
56*
59*
22
40
O
105*
105*
5
O
*122*
132
133*
"l2
122*
124
O
103* 105*
89*
95*
87*
48
93*
65*
60*
90
A
lnt Agric
IVI N
98
deb 4s. .1945 MN
136
Corp 5s stamped 1942
Internat Cement
conv
{♦Int-Grt Nor 1st 6s
♦Adjustment 6s
ser
ser
93
96*
35
1952 J
A
O
lnt Telep & Teleg deb g 4
Conv deb 4 Ms
Ms—1952
J
1939 J
.1955 F
Debenture 5s
98
102*
115* 141*
34
47*
11
5
33*
3
33
14*
46*
34
45
33
33
3
41*
72*
47
J
232
36*
59
73*
10
65*
97*
113
90*
133
132
133
12
131
A
121*
121
122*
11
118
J
94*
84
111*
109*
103*
94*
111*
103
M N
93*
111*
108*
109*
3
107* 109*
1
103* 105*
IVI
S
IVI N
2003 A
O
J
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 48.1990 AO
♦Certificates of deposit
.
...
2013 J
1943 J
85*
83*
85*
68
75*
86*
86*
7
91*
*""5
80*
81*
50
92
8i*
J
85*
92*
123
85*
86
2
91
♦Miag Mill Mach 1st s f 7s
1956 J
Michigan Central Detroit & Bay
City Air Line 4s
1940 J
2*
8
93*
94*
35
106*"
{♦Iowa Central Ry 1st & ref 4s. 1951 M S
106*
2
47*
2
80
90
97
Milw El Ry & Lt 1st 5s B
81*
73*
86*
91*
91*
79
95
1*
4
8
107* 111*
107
109
46
103* 110*
"13
104* 107*
101* 104*
108*
*104
1979 J
95
112*
92*
103*
40
"41*
42*
41*
"54*
60*
54*
34*
41*
61*
56*
35*
96
89*
96*
89*
89*
*
108*
26
88*
5
111* 113*
86
96*
108* 113
1
26
88
23
44
5
22
44
28
58*
71*
22
54*
68
11
34*
91
83
81*
50*
100
"l2
74
96*
5
61
89*
36
98*
97*
99
102* 104*
9
36
D
106
81
3
100
*93*
101
103
88*
113*
95*
112*
92*
103*
95
103*
107* 109*
105
88*
113*
113*
96
83*
78*
36*
100
92
100
103
102
105
108*
108
110*
101*
102*
100
104*
108*
O
101*
104*
102*
100* 103
*11
12
13*
*1*
1*
23*
D
J
103*
J
18*
3*
29*
103*
102* 104*
*107
108*
104* 109*
104
104*
90
*90*
104*
1940 A
O
1961 J
D
"l04*
J
105*
§{♦Milw&Norlst ext4 *s(1880)1934
1st ext 4*s
1939
Con ext 4*s
1939
{♦Mil Spar & N W 1st gu 4s__il947
{♦Milw & State Line 1st 3*s._1941
102*
*108*
.1971 J
1st mtge 5s
52
105
102
102*
1951 M S
1952 IVI N
Ref & impt 4 *s series C
Mid of N J 1st ext 5s
99*
29
109*
108*
103*
109*
{{♦Met West Side El (Chic) 4s.l938 F A
♦Mex Internat 1st 4s asstd
1977 M S
88*
86*
97*
90
*96*
103*
108
M
A
95*
111* 113
103*
J
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
133*
122*
103
D
1959 IVI N
102
99* 103*
108*
Manila Elec RR & Lt s f 5s
1953 IVI S
Manila RR (South Lines) 4s,_.1939 IVI N
{♦Man G B & N W 1st 3*s___1941 J
Mfrs Tr Co ctfs of
partlc in
1
98
103
o
Jack Lans & Sug 3 *s
1st gold 3*s
1
97*
O
J
♦Lower Austria Hydro El 6*8.1944 F A
McKesson & Robbins deb 5*s.l950 IVI N
{{♦Manati Sugar 1st s f 7*s___ 1942 A O
98*
104*
102*
111
3
2003
Metrop Ed 1st 4*s ser D
1968
Metrop Wat Sew & D 5*s—— 1950
....
96
45*
74*
104* 106
104* 105*
101
103*
55
o
A I Namm & Son 1st 6s
3
101*
1st & ref
79*
,95*
A
A
9*
97*
1941 IVI N
_._1947 F
22
47
O
Internat Paper 5s ser A & B.--1947 J
Ref s f 6s series A
__1955 M
lnt Rys Cent Amer 1st 5s B___1972 IVI N
1st coll trust 6% g notes
1st lien & ref 6Ms
22
46
35
33
1956 J
1944 A
__1941 A
99
136
10*
1956 J
♦1st g 5s series C
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
34
97*
33
A.-July 1952 A
♦1st 58 series B
98
134*
86*
*105*...
"86
103*
1940 J
1st ext 4s
71
137
102*
2003
♦2d 4s
96*
70*
102*
101*
131
121* 126
108
96
104*
70*
103* 107
115
122*
103*
s
Unifield gold 4s
1st refund 5*s series A
1st & ref 58 series B_
97
87*
"96*
O
1951 F
4*s series C___
9
*109
D
_
___1951 IVI N
Interlake Iron 1st 5s B
133*
A
1944 A
5s
High
93
1949 IVI
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
Low
High
48*
1937 IVI N
Lorillard (P) Co deb 7s
Since
Jan. 1
47
1938 J D
.,1949 IVI s
deb 5s
Guar ref gold 4s
108
45*
93
♦Certificates of deposit
§ ♦10-year 6s
ser
Range
Asked
&
91*
92*
105
Bid
92
South Ry joint Monon 4s.;-—1952 J
J
Atl Knoxv & Cin Div 4s
1955 IVI N
88
67*
106* 108*
Price
48*
97
105
....
Inland Steel
conv
44
—1946 F
f deb 3*s
Unified gold 4s
100* 101
105
1965 J
3*s series D
1961 F
{ Interboro Rap Tran 1st 5s.__1966 J
5
107*
*104
-
s
Long Dock Co 3*8 ext to
Long Island gen gold 4s
91*
71*
1951 F
...
Loews Inc
90*
82
87
2003 IVI N
4s
Gold 5s
1941 A O
1st & ref 4s ser D
O
2003
Paducah & Mem Div 4s
A
1946
St Louis Div 2d gold 3s
1980 IVI 8
Mob & Montg 1st g 4*s.___1945 M S
75
5
83*
1963 J
Ind Bloom & West 1st ext 4s.-1940 A
Ind 111 & Iowa 1st g 4s__
J
.1950 J
{♦10-year
81
81
1951 J
5s
Lombard Elec 7s
85
1951 F
cons
5s
98*
1951 J
Friday's
Little Miami gen 4s series A...1962 M N
94
*98*
4*s
cons g
Leh Val Term Ry 1st gu g 5s__.1941 A
Lex & East 1st 50-yr 5s gu
1965 A
Liggett & Myers Tobacco 7s...1944 A
84*
64*
103* 105*
87
St Louis Div & Term g 3s
Gold 3Ms
{ ♦Ind & Louisville 1st gu 4s
Ind Union Ry gen 5s ser A
Gen & ref 5s series B
85*
cons
General
91*
*93*
Omaha Div 1st gold 3s
1st <fe ref 4 Ms series C
Illinois Steel deb 4 Ms
108
100
1953 M N
Refunding 5s
General
101* 103*
104
Range or
Low
J
1940
2003 IVI N
2003 IVI N
Lehigh Val (Pa)
105* 112
102* 102*
111*
Refunding 4s
_
39*
108
Collateral trust gold 4s
„
89*
NO,
Leh Val N Y 1st gu g 4 *s
48*
123
107*
*109*
*103*
8
Purchased lines 3 Ms
Collateral trust gold 4s
Week Ended July 3
Week's
Last
Sale
«ts
BONDS
N. Y. STOCK EXCHANGE
75*
104*
*103*
108
____1951 IVI
1952 J
38*
Friday
94*
77*
100* 103
119*
78*
29*
O
...
101
4
A
1951
14*
103* 105*
78 *
J
A. T. & T. Tele. N. Y. 1-1598
102
103* 105
103*
30 *
J
NEW YORK
St.
Telephone Whitehall 4-2900
70
107* 110*
37*
31*
116
124*
44*
89
64*
110
74
1937 J
81*
69
74
Houston Belt & Term 1st 5s
90
75*
86
59
H & T C 1st g 5s lnt guar
7*
Wall
63
106* 107*
ioi*
58
"74
Members New York Stock Exchange
96* 105
109* 119*
99* 105
60
75
*30
1937 M N
5s
cons g
104*
*107*
J
1999 J
1944 A O
4 *s
104
*76*
103 M
1949
g
102*
115*
227
114*
D. H. SlLBERBERG & Co.
103* 112*
96* 105
*76
1952
♦Harpen Mining 6s
Hocking Val 1st cons
134
9*
J
D
47
103*
100
O
102*
107* 113*
109*
640
DEALERS
91
107* 116
*107
1940 M N
Gulf & 8 I 1st ref & ter 5s Feb 1952 J
"25
BANKS AND
99
72
*55
Feb
1950 A
88*
81*
FOR
95
100
1936
series A
General 5>$8 series B
General 5s series C
IN BONDS
BROKERS
High
100* 103*
1944 F
-.1950 J
Grays Point Term 1st gu 5s
75
Week's
Friday
wa
86*
86*
104*
104*
105
106
I
t D
94
98* 106
67*
-
95
101* 104*
101* 106
90
J
88
"71*
95""
*77
IVI
*86""
83
60*
37
37
32
88
49*
79
s
J
71
70
1934 M N
5*
5
6
5
9
1949 IVI
S
3
3
3
1*
1962 Q
F
*2*
3*
2*
6
4
*66
*
James Frank & Clear 1st 4s.-.1959
Kan & M 1st gu g 4s
1990
94
47
{♦K C Ft S & M Ry ref g 4s. .1936
♦Certificates of deposit
"44*
K C Pow & Lt 1st mtge 4*8—1961
Kan City Sou 1st gold 3s
1950
Ref
&
Kansas
108*
105*
104*
♦Ctfs w
w w
♦Ctfs with
4s
1st
(Rudolph)
w
"85*
89*
Apr 1950
City Term
♦Karstadt
♦Ctfs
1960
4*s...l980
impt 5s
Kansas Gas & Electric
S
93*
M St P & SS M con g 4s int gu.1938
1st cons 5s
1938
1st cons 5s gu as to int
1938
41*
27
27*
2
27*
28*
J
90
92*
1941 M N
*92
43
67
108*
37
107
1st & ref 6s series A
1946
J
105*
17
1949
S
1978
109*
102* 106*
37*
39
1st Chicago Term s f 4s
33
38*
{♦Mo-Ill RR 1st 5s series A—— 1959 J
22
32
Mo Kan & Tex 1st gold 4s
1990
Mo-K-T RR pr lien 5s ser A—.1962
93*
103*
102*
91*
107
76
93
87*
85
99
59*
71*
27
75*
107
115
1978
75*
75*
76*
19
89
100
Prior lien 4*s series D
♦Cum adjust 5s ser A
49*
52*
60
58*
60
75
30*
62*
31*
*30*
31*
23
27*
36
26*
33*
102*
98
103*
102
{♦Mo Pac 1st & ref 5s
106*
ser
Jan 1967
A
1965
♦Certificates of deposit
32*
♦General 4s
1975
12
12*
13*
"89
105*
105* 106*
♦1st & ref 5s series F
1977
31
31*
31*
96
161
155
31*
31*
31*
106
103* 108*
31*
31*
31*
116*
112* 116*
*30*
31*
122*
119
S
36
37*
98*
99
♦Certificates of deposit-...
♦1st & ref 5s series G_
1978 M N
161
♦Certificates of deposit
104* 112
27*
68*
41
65*
1942
*66*
80*
64*
80*
65
87
67*
77
1
-
101*
1937
66
17
69*
65*
1942
Coll tr 6s series B
98* 102*
20
69*
67*
20
-
-
_
-
-
-
2
101* 104
100* 104*
104*
ser
1
30*
207
21
30*
102*
102*
34
98
104*
102*
11
98
104*
104*
102*
103*
102*
29
104*
103*
1941
29
99* 105*
104* 105*
1949 IVI N
1980 A
♦
1 st & ref 5s series I
♦Mo Pac 3d 7s ext at
—
1981
1st guar gold 5s
Montana Power 1st 5s A
Deb 5s series A
69*
68
Gen & ref s f 5s series D
93
93*
6
82*
96*
14*
12
f 4*s series C..1955
100
9
97
s
98
14
97* 104*
97
66*
f 5s series B
58
12
40
s
54*
25""
17*
103
Gen & ref
1
14*
"l7*
*10*
"
102*
72*
3
93*
97
1962
60
58
33*
82
106* 108*
6
98*
35*
27
21
64
59
27
24
*
108
63
98*
'I26
31*
94*
107*
A
59
31*
30*
*93
1943
F
56
32*
108
Montecatini Mln & Agric deb 7s '37
J
26*
110*
104*
103*
80*
101*
A
35*
32*
103
1937
97
A
12*
27*
31*
31*
31*
1937 J
57
16
A
7*
34
85*
3
1964 F
32*
"51
27
4
1938 J
1954 F
26*
10*
?1*
91*
2
1974 F
35*
91
97*
1st & ref s f 5s
27*
9*
105*
68*
1st & ref s f 5s
32
""7
97*
Gen & ref
33*
11*
68*
Gen & ref s f 5s series A
26*
11*
A
Montreal Tram 1st & ref 5s
35*
7
9*
MN
{♦Mobile & Ohio gen gold 4s
1938 M S
♦Montgomery Div 1st g 5s—1947 F A
♦Ref & impt 4 *s
1977 M S
♦Sec 5% notes.
1938 M S
Mohawk & Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s ser A'60 IVI N
Lehigh Val Coal 1st &ref sf5sl944 F
68*
F
;_.
4% July.. 1938
Mont Cent 1st gu 6s
16*
27
31*
9*
O
♦Certificates of deposit..
'
10*
80
*30*
♦Conv gold 5*sj»
♦1st & ref g 5s series H
122
99* 102*
♦Certificates of deposit.
91
70
{♦Kreuger & Toll cl A 5s ctfs. .1959 IVI
A
91*
82*
108*
For footnotes see page 77.
49*
71
108
Secured 6% gold notes
Leh Val Harbor Term gu 5s
36
83
J
1954
"l3
103* 103*
Coll tr 6s series A
83
39
116
69*
93*
38*
J
105*
37
30*
83
1962
100
1st & ref s f 5s
81*
40-year 4s series B
*99*
C
1954
Lehigh & New Eng RR 4s A.-.1965
Lehigh & N Y 1st gu g 4s__.-_1945 M S
39
13
96*
*119*
1954
23*
18*
104*
J
Lake 8h & Mich Sg.jg 3*s
1997
♦Lautaro Nitrate Co Ltd 6s__.1954
52
23
92
D
_
46*
42*
38
102
First and ref 6*s
__1954 J
Kinney (G R) & Co 7 * % notes 1936 J
Kresge Foundation coll tr 4s. 1945 J
Laclede Gas Light ref & ext 5s. 1939
Coll & ref 5 *s series C
1953
Coll & ret 5 Ms series D
1960
29
161
J
32*
4
29
93*
*106
A
_
"28*
45
103*
114*
*101
Kings County Elev 1st g 4s—.1949 F
Kings Co Lighting 1st 5s
1954 J
4*s
32
40
90*
113*
86*
92*
33
O
Cons sink fund
34*
32
40*
74*
111
42
1997 A
Lehigh C & Nav s f 4 *s A
33*
32
J
50
40
*103* *103*
O
105*
Lake Erie & West 1st g 5s
2d gold 5s
34
J
J
7
86*
50
1961 J
1937 A
Purchase money 6s
53*
111*
25-year 5*s...
1st ref 5*s series B
*113
1961 J
—_
57*
*34
1948 M S
J
1987 J
4*s unguarenteed
Kings County El L & P 5s
♦1st & refunding gold 4s
♦Ref & ext 50-yr 5s ser A
*31
Kentucky Central gold 4s
Kentucky & Ind Term 4*s—.1961 J
Stamped
1961 J
Plain.
37*
{♦Minn & St Louis 5s ctfs
*24
(par $925) —1943
1946 M
Keith (B F) Corp 1st 6s
Kendall Co 5*s
6
45*
40*
96*
106*
*40
1st 6s—.1943 M N
stmp (par $645).-1943
stmp (par $925)-.1943
warr
44
111*
85*
89*
108*
84*
102
1941
91*
110*
J
109*
104*
"I63"
95
102*
95
102*
102*
1955
.1955
1955
80
81
84
1
3
13
15*
96
105* 111
103* 105*
103
104*
100* 104*
87
83*
88
85*
80
83
July 4, 1936
New York Bond Record—Continued—Page 5
76
Week's
Friday
Last
BONDS
Bought
—
N.
BONDS
RAILROAD
Sold
Y.
e
..
Price
Week Ended July 3
Quoted
-
LOBDELL & CO.
48 Wall
Exchange
123 S. Broad St., Phila.
St., New York
HAnover 2-1720
„
A. T. & T.:
Week's
Friday
N.
Y.
Price
Bid
&
J
J
1955
M N
1955
5s—1947
Mut Un Tel gtd Gs ext at 5%-.1941
Namm (A I) & Son—See Mfrs Tr—
M N
Constr M 5s series A
Constr M 4%s series B
Mutual Fuel Gas 1st gu g
M N
IVI N
F
J
-1942 J
Nat Distillers Prod deb 4
W..1951
1945
1957
1957
%s
lien 4 %s
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on
♦4%s July 1914 coup off
(
104%
104%
92%
93%
72
98
45
97%
97%
87%
87%
116%
*109%
91
88%
52
116%
1
1957
1957
IVI
*104%
65%
65%
D
103%
N '165%
104%
IVI N
J
103%
J
♦Assent warr & rets No 4 on '57
"♦4s April 1914 coupon on.._ 1977 A
A
♦4s April 1914 coupon off
1977
♦Assent warr & rets No 5 on '77
104
25
94%
98%
84
92%
109% 116%
108% 110%
2
104
105%
203
103%
32
102
Norweg Hydro-El Nit 5%s...l957
Og & L Cham 1st
73%
warr
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent
warr
Nat Steel 1st coll
s
1965
f 4s
1954
{♦Naugatuck RR 1st g 4s
NO & NE 1st ref& impt
106%
IVI N
2%
2%
2%
3%
125%
IVI N
A
2%
6%
2%
3%
"2%
92%
4%
3%
6%
J
1956
1954
N Y Cent RR
conv
J
1945
68..
Consol 4s series A
J
1944
4%s
MN
4%s
ser
A
112
98%
97%
92%
*110%
111%
N Y Dock 1st gold 4s
Serial 5% notes
94
99%
88
60
1938
1st Hen & ref 3%s ser D
106%
102%
1965
Purchase money gold 4s
N Y Greenwood L gu g 5s
N Y & Harlem gold 3%s
5S..1948
1949
.1946
2000
N Y Lack & West 4s ser A
1973
4%s series B
1973
D
124%
F
A
114%
IVI N
97
107%
108%
60
IVI N
{♦N Y & N Eng (Bost Term) 4s 1939
{♦N YNH&Hn-c deb 4s.. ..1947
♦Non-conv debenture 3%s__1947
♦Non-conv debenture 3%s__1954
IVI
IVI
S
A
O
1955 J
♦Non-conv debenture 4s
J
♦Non-conv debenture 4s....1956 IVI N
J
J
♦Conv debenture 3%s
1956
J
♦Conv debenture 6s
1948 J
1940 A
♦Collateral trust 6s
O
♦Debenture 4s.
1957 IVI N
D
♦1st & ref 4%s ser of 1927. .1967 J
♦Harlem R & Pt Ches 1st 4s. 1954 IVI N
1955
42
-
Guar 3%s coll trust ser B
Guar 3%s trust ctfs C
Guar 3 %s trust ctfs D
Guar 4s
109
119
Penn Glass Sand 1st M 4
96%
89
100
Pa Ohio & Det 1st & ret 4 %s
170
74%
80%
95
20
94%
51
103%
5
169
101
89%
274
97%
103
107%
108%
61%
36
3
68
26
56
23
104%
25
106%
22
60
90
95%
102%
106%
90
98
101
70%
89%
88
98
105% 109
106% 108%
60
77%
52
97%
106%
98%
101% 102%
122% 125%
113% 116%
92% 100%
102
104%
94% 100%
108
103
103%
100% 102%
104% 105%
105% 105%
100% 100%
N Y O & W ref g 4s
General 4s
..June 1992
1955 J
{♦N Y Providence & Boston 4s. 1942
A
S
39
25%
16
26%
"5
29%
61
28%
41
36%
33
51%
17%
25
29%
56
93%
18
89
D
36
O
*103%
1993 A O
N Y Queens El Lt & Pow 3%s.l965 MN
{♦N Y Rys Corp inc 6s
.Jan 1965 Apr
45%
106%
44%
37%
22
"87%
N Y & Putnam 1st con gu 4s
♦Inc 6s
43%
"3
12
107
45%
j"~j
105
105%
Prior lien 6s assented
1965
N. Y. & Richm Gas 1st 6s A..1951 IVI N
107
107
108%
108%
106%
107
106
79
1965
Prior lien 6s series A
1947 IVI N
N Y Steam 6s series A
1st
1951 IVI N
1956 M N
mortgage 5s
1st mortgage
5s
N Y Susq & West 1st ref 5s
1937
1937
1940
1943
2d gold 43^8
General
gold
5s
Terminal 1st gold 5s
J
J
F
A
1946
6s
1946
{♦N Y Westch & B 1st ser 14 %s.'46
Niag Lock & O Pow 1st 5s A..1955
Niagara Share (Mo) deb 5%s__1950
Nord Ry ext sink fund 6%s
1950
§ {♦Norfolk South 1st & ref 5s. .1961
Rock 1st 6s
stamped
79%
*65
J
110%
26%
40%
A
F
O
series B
1996
1941
20
106
79%
10
A
107%
54
89%
45
79
83
46
72
100
102
110%
110%
29
57
110% 111%
80
82
14
14%
93
3
80
96
49
13
22%
106%
106%
'162%
102
102%
18
105% 108
96% 103%
132%
131
133
61
120
14
14%
9
16
14
12%
12%
60
121
60
"3
51
120
121
38
115
155
107
106%
107
10
106%
106%
56
106% 107%
103% 106%
1957
105%
103%
104
9
102% 105%
Aug 15 1963
F
103%
104
13
103% 106
105
105%
38
101% 107
105%
111% 114%
100% 102%
122
11
113
35
109
119%
31
115% 120%
104
109%
109%
109
109%
53
108%
109%
85
120
120
112
112%
86%
1940 A
Marquette 1st
86%
O
11%
April 1990 Apr
5%s...l974 F A
♦Income 4s
A 5s.
ser
_.
1st 48 series B
J
1980
IVI
104%
J
1956
1956
1st g 4 %s series C_.
Phila Bait & Wash 1st g 4s
96%
99%
112%
S
1943 MN
General 5s series B
...1974
General g 4%s series C
General 4%s series D
Phila Co sec 5s series A
F
.^...1971
Phila & Reading C & I ref 5s. .1973
Conv deb 6s
1949 IVI
(Italy)
B
4%s
conv
1952
7s
C 4%s guar
Series D 4s guar...
1945
Series E 3%s guar gold
Series F, 4s guar gold
Series H
cons
Series I cons
92
9
17
89
111
100
113
124
113
117%
17
110
115%
94
103%
106
105
109
J
39%
42%
89
S
19
19
21
31%
30%
31%
39
106%
O
85
111%
O
112%
112%
108
85
111%
112%
154
69
3
1
11
1
110%
110%
105%
*110%
*112%
*110%
*120%
120%
D
1964 IVI N
119
O
119
1977
J
Pitts Va <fc Char 1st 4s guar
1943
♦Pitts & W Va l'st 4%s ser A..1958
M N
108%
*109%
D
88%
103% 108%
37%
55
19
32%
34
25%
106% 109
70
85
111% 112%
111
114
111
*112%
D
110%
105%
113%
110%
105% 106%
110
1
111
111
109
112
108% 108%
115% 121%
118
120%
120%
120%
120%
115% 121%
116
121%
107
109
110
"89%
73
92%
.1958
O
88
88
88%
75
91%
1960
o
88
87%
88%
74
91%
1948
D
*109
113%
1962
1974
1st M 4%s series B
A
*119%
123
D
4%s series C
Pitts Y & Ash 1st 4s ser A
1st gen
76
108% 111%
98% 105
89
97%
114%
1975
1st M
111%
120
106% 112%
116%
1970
General mtge 5s series B
General 4%s series C
111%
"*3
3
1963
114
104%
117
14
A
4%s
99%
105%
105%
115%
120
105%
A
Series J cons guar 4%s
General M 5s series A
61
123%
106%
..I960
4s
32
45
105%
1957 M N
guar
97
99%
112%
106
A
1949
104%
2
104%
M N
..1953
6
105%
1940
1942 A O
1942 MN
guar
Series
9
2
110%
105%
J
A
10
105%
D
F
111%
5
118% 122%
113%
M N
1st & ref 4s
99
13
191
A
1967
4%s...l967
Phila Elec Co 1st & ref
117"
D
1981
110%
104%
96%
*122
A
J
1977
5s series B
1st gen 5s series C
1977
1953
A
101%
A
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser C..1960 M S
"72"
119% 119%
D
1st 4%s series D
Port Arthur Can & Dk 6s A
J
{♦Postal Teleg & Cable coll 5s. 1953
§ {♦Pressed Steel Car conv g 5s_1933
J
{♦Providence Sec guar deb 48.-1957
{♦Providence Term 1st 4s
IVI
1956
Pub Serv El & G 1st & ref 4s.. 1971
4%s
w w
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s & com stk
30
113%
"95"
100%
80%
108
87
28
90%
10
80
%
94\
10%
21]
79
92
13
93%
113
102%
115%
104%
94
95
69
1941
107
69
100
%x
10
102716 109%
192
110% 131%
9
102% 105%
91% 103
45
158
*100%
(65% pd)._.
{♦Debenture gold 6s
104!.
64%
22
•
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4%s series A
1997
Gen & ref 4 %s series B
1997
66!
30%
104%
J
J
102%
7
113
"76%
75%
*80%
102716
S
1950
1948
72
30
*10
o
1950
101%
102%
90%
"76"
J
J
70
*106%
IVI N
conv
101%
*100
J
6s..1942
Porto Rican Am Tob
4%s without warrants
Purity Bakeries s f deb 5s
S
A
111% 114%
4
100%
121%
103%
21%
63%
122
D
Nov 15 1969 M N
~~6
104
'112%
99
211
118%
A
90%
105
105%
103% 107%
108% 108%
106
107%
110% 113%
102
1965
Pure Oil Co s f
A
J
114%
1968
22%
IVI
For footnotes see page 77.
106%
...1961 F
No Am Edison deb 5s ser A
Deb 5s series C
108% 111
106
107%
8
*13%
4s
North Amer Co deb 5s
Deb 5%s
3
82
IVI N
O
104% 107
50%
31%
50%
31%
99% 105%
99% 105%
19
14%
A
1941
93%
106% 108%
81
O
IVI N
49%
103%
5
.
82
J
"I!
102
114%
112%
118%
1st 5s 1935 extended to 1950
♦Certificates of deposit
{{♦Norfolk & South 1st g 5s
4s
N & W Ry 1st cons g
Pocah C & C joint
21
82%
56%
"2
D
"80
*110%
114%
114%
112%
Series
101
101%
57
107%
107
121%
»
101%
IVI N
N YTelep 1st & gen s f 4%s.._ 1939 M N
N Y Trap
106"
A
F
108%
35%
103
1965
assented
40%
104%
102% 106%
101% 105%
107
96
J
Pitts C C & St L 4 %s A
16
1
72
5
37%
37%
35%
51
104
106%
6
1943
...1947 M
106
104%
20
A
Debenture g 4%s
..1970
General 4%s series D__
1981 A
Gen mtge 4%s series E.....1984 J
73%
102%
103%
96%
A
92%
60
101
104%
106%
104%
IVI N
28%
"76%
106%
105%
Pirelli Co
16
42
32%
72
49%
119% 122%
105%
Philippine Ry 1st s f 4s
1937
Pillsbury Flour Mills 20-yr 6s. .1943
93%
37
95
37%
29%
22
66%
105
38%
35%
15%
28%
40
1960
Peoria & Pekin Un 1st
61%
97%
151%
83
112
Consol sinking fund 4%s
General 4%s series A
cons 6s
59%
55
29
105%
108%
IVI N
Consol gold 4s
1948
4s sterl stpd dollar May 1.1948 IVI N
O
Gen mtge 3%sser C
1970
Refunding gold 5s
61%
174
91
O
37
24%
28%
29
17
D
A
25
36
40%
A
25
26
28%
40%
F
1981
Peop Gas L & C 1st
108
*103%
25%
26%
26%
120%
102
104%
102% 104
43%
D
Pennsylvania P & L 1st 4%s—1981 A O
IVI N
Pennsylvania RR cons g 4s
1943
Peoria & Eastern 1st cons 4s
75
106% 109%
105
28%
118%
D
73
104%
45%
General 5s series B
96%
86%
101% 104%
82
59%
105%
1941 M S
A.1977
74
43%
89%
104
102
*101%
%s.._1960
4%s series B
90
25%
24%
*25
"24%
1963
Penn-Dixle Cement 1st 6s A
93
5
105
58%
120%
108%
98% 103%
101
"6
"49
43%
S
1944 J
28-year 4s_.
43
110
131
74%
*44
2
33
*108
1952 IVI N
E trust ctfs
106
22
*23
25%
ser
112%
132
J
A
41
98
104
M S
42
100
102%
37
30
99
104
65%
*121%
*71%
IVI
27
102%
D
25
99% 101%
101
102
66
1942
170
O
*101%
100%
121
102%
40
1937
F
1941
1942 J
32%
106% 109%
S
♦Paulista Ry 1st ref s f 7s
109
29
J
36
3
102
109%
63%
O
24%
32%
33%
40
48
108%
1944 A
8
37%
55
102
64%
102%
12
102%
109%
1968
1953
Pat & Passaic G & E cons 5s.. 1949
36
102%
J
Penn Co gu 3%s coll tr A
"2
123%
105
S
93
39
121
119
A
99
33%
39%
118
10
Parmelee Trans deb 6s
74
111% 115
109
113%
27
{♦Park-Lexington 6 %s ctfs
105% 107%
76
88%
52
J
1955
Paris-Orleans RR ext 5%s
3
107%
100%
102%
J
Paramount Pictures deb 6s
102
Series G 4s guar
M
114
121
A
Paramount Broadway Corp—
♦1st M s f g 3s loan ctfs
119% 122%
J
D
F
99
124%
*107%
*99%
*25%
26%
S
102
106%
100%
D
J
1938
1938
89
*105%
O
112% 113%
111
113%
103%
111% 114%
113
103
114"'
A
1937 J
88%
115
*101
1941
A
*
102%
80%
124%
114%
98
104%
"60
99% 103
25%
39%
109% 109%
104% 106
120
52
102%
*104%
IVI N
5
104% 107
104% 107%
107% 109
167%
64
53%
106%
101%
*95
NYLE& W Coal & RR 5%S_1942 IVI N
J
NYLE&W Dock & Impt 5s. 1943 J
M S
N Y &
Long Branch gen 4s
O
.1961
A
Ref mtge 3%s series B
1966
Paducah & 111 1st s f g 4%s...l955 J
§ {♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
Pere
J
IVI N
105
36
108
103% 106
J
..1946
♦2d extended gold 5s
122
N Y & Erie—See Erie RR.
N Y Gas El Lt H & Pow g
113%
49
105%
97%
107%
108%
NY Edison 1st & ref 6%s A...1941
105%
*112%
112%
99
100%
103%
1953
1953
1951
112%
104%
98%
92%
105
iof
Oct 1 1938
1
IVI
93%
101%
94
4s_. ..1946
com g
87
92%
1978
3-year 6s_
30%
O
Pacific Tel & Tel 1st 5s
83%
77%
45%
122
125%
100
2
93%
1974
Ref 4%s series C
19
87
1937
NY Connect 1st gu 4%s A
1st guar 5s series B
122%
101%
1998
Refunding 5%s series A
125%
10
34
95%
1998
N Y Chic & St L 1st g 4s
14
"~7
2013
Lake Shore coll gold 3%s
Mich Cent coll gold 3%s
67%
105
1942
30%
*109%
A
Pac RR of Mo 1st ext g 4s
58
64%
86%
93%
2013
2013
N Y Cent & Hud River M 3 %s_ 1997
Ref & impt
120%
88%
96
1998
Ref & lmpt 4%s series A
Ref & impt 5s series C
Debenture 4s
64
122%
106%
37%
39%
1956
*lst 5%s series A
J
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas & El gen & ref 5s A. 1942 J
1st & ref 4s series G
-.1964 J
4%
4%
6%
2%
103% 107%
61%
77%
3%
107
86%
38%
*37%
1954
N & C Bdge gen guar
124%
112%
33
}5*N O Tex & Mex n-c inc 5S..1935
♦1st 4%s series D
"39
Oslo Gas & El Wks extl 5s... .-.1963
"6%
4%
64
88%
98%
♦1st 5s series B
102%
Otis Steel 1st mtge 6s ser A_. .1941
*103%
106%
"98%
♦1st 5s series C_
101%
..1937 A
..1943 F
Ore-Wash RR & Nav 4s
"5%
"66"
1953
__
M N
106"
..1947 F
Guar stpd cons 5s
4%
2%
80
1955
First & ref 5s series B
J
A
120%
*58
J
4
103%
99% 109
108
J
*120
New Orl Pub Serv 1st 5s ser A. 1952
New Orleans Term 1st gu 4s.
"14
Ore Short Line 1st cons g 5s.. ..1946 J
J
4 %s A. 1952
104%
104%
106%
108%
114
*2%
1983
New Orl Great Nor 5s A
107%
104"
112%
106%
D
107%
114
O
J
42
112%
120%
D
J
109%
112%
*2%
D
England RR guar 5s
♦Consol guar 4s-._-
112
100
114
*2%
J
1945
1945
New England Tel & Tel 5s A...1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s
1986
N J Pow & Light 1st 4%s
1960
♦New
107
41
107
"l04""
1st & ref 7s series B
3%
1948 J
Newark Consol Gas cons 5s
93
164
107
D
3
J
46
111%
107%
102
111%
104% 112%
85%
74%
147
J
3%
& rets No 4 on '51
61
80%
103%
107%
Ontario Transmission 1st 5s. ..1945 IVI N
*2%
O
4%
1951
A
1951
73
110
102%
111%
Ohio River RR gen g 5s
Ontario Power N F 1st g
105
69
64
80
.
104
69
69
109%
109%
M N
Ohio Indiana & West 5s..Apr 11938 Q
..1946 A
Ohio Public Service 7 %s A. .
Nat RR of Mex prior
♦Assert
.
69
*64
104%
105%
108%
*105%
..1948 J
High
121 %
120
112% 115
64
72%
64
Oregon RR & Nav
—
O
lien 4%s—
& rets No. 4 on_1926
4s..
gu g
No. Low
69
Ohio Connecting Ry 1st 4s.. ..1943 M S
..1965 MN
Ohio Edison 1st mtge 4s
92%
104%
101% 105%
103
1961
1964
Jan. 1
64
A
Northwestern Teleg 4%s ext--1944 J
90
67%
».__1941
B
ser
<3
*113%
A
Ref mtge 4%s ser B
Ref mtge 5s..i..
105%
90
103
"66%
1st & ref 6s
High
1941
A
ser
High
Since
05
*121
*2%
J
J
Friday's
&
Asked
*3
J
J
103%
Low
86
91
A
1937
1951
5s
4s stpd
Nat Acme 1st s f 6s
No
92%
A
Nash Flo & S 1st gu g
Nat Ry of Mex pr
D
.1978 F
Nash Chatt & St L 4s ser A
High
104%
1939
2000
Morris & Co 1st s f 4%s
Morris & Essex 1st gu 3 %s
Nassau Elec gu g
Jan. 1
Asked
Nor States Pow 5s
Low
Nat Dairy Prod deb 3%s w
Since
Friday's
Sale
EXCHANGE
STOCK
Week Ended July 3
Range
Range or
Last
BONDS
Kingaley 1030
„or
NY 1-735
Bid
Low
-.1974
Gen & ref 4%s series A
1974
{♦North Ohio 1st guar g 5s.-.1945
♦Ex Apr '33-Oct'33-Apr'34 cpns
♦Stmpd as to sale Oct 1933 &
♦April 1934 coupons
North Pacific prior Hen 4s
1997 Q
Gen Hen ry & Id g 3s Jan
2047 Q
Ref & lmpt 4 %s series A
2047 J
Ref & impt 6s series B
2047 J
Ref & impt 5s series C
2047 J
Ref & impt 5s series D
..2047 J
A
Nor Ry of Calif guar g 5s
1938
North Cent gen & ref 5s
Members New York Stock
Range
Range or
Sale
EXCHANGE
STOCK
63
158
82%
96% 100%
99%
106%
107%
106%i/108%
*107%
107%
105%
108
Volume
New York Bond Record—Concluded—Page 6
142
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Price
&
Low
Remington Rand deb 4 5*s w w.1956 M S
Rensselaer & Saratoga 6s gu
1941 IVI N
Republic Steel Corp 4 Ms ser A.1950 M S
Gen mtge 4Mb series B
1961 F A
Purcb money 1st M conv 5 Ms '54 M N
J
Revere Cop & Br 1st mtge 4?*s.1956 J
108 5*
s
Price
No.
37
96
Low
109M
97 M
263
io7~
126"
185
96
1005*
106
109 M
102 5* 105
27 5*
34
1085*
103 M
1035*
103M
20
305*
30 5*
1
22 M
*24
22 M
27
11
*23M
215*
28?*
24
34
.1955
{♦Rio Grande West 1st gold 4s .1939
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4^8
Since
No.
6
Low
High
1005* 103?*
33 M
'look"
24M
24 M
23M
335*
39M
37
355*
475*
965* 1015*
865*
107 M
1952 F
1945 IVI
S
Union Elec Lt & Pr (Mo) 5s... 1957 A
Un E L & P (111) 1st g 5Ms A.. 1954 J
O
{{♦Union Elev Ry (Chic) 5s... 1945 A
Union Oil of Calif 6s series A_. .1942 F
J*
*86 H
85
O
sec s
f 7s
105 M
120M 122
115
100
*99
A
♦Guar
1615*
119%
130
905*
995*
875*
845*
94 M
90
79
90
49
38
99 M
5
78 M
*105M
*120 M
♦Tyrol Hydro-Elec Pow 7Ms— 1955 IVI N
38 M
3
1005*
78 H
*117
33 M
36 H
775*
107
100 Yi
*109
23
36 X
19
106 %
78 M
1942 M S
ser C
Toronto Ham & Buff 1st g 4s-*. 1946 J D
Trenton G & El 1st g 5s
1949 IVI s
23
F
J
J
103 M
A
*
D
103M 1075*
35
525*
94 M
90
103 M
51
♦915*
J
80
O
*42 M
S
S
"80"
76 M
90
43 5*
37 M
54
*115M
.1962 IVI
Gen mtge 5s series E
!{*R I Chemical sf6s 4Ms..
Ruhr Ark & Louis 1st
High
103
103
103
Tol W V & Ohio 4s
24 5*
.1977 M
G&E4^8 series D
D
1953
1st 68 dollar series
D
Tol & Ohio Cent ref & imp 35*s 1960
Tol St L & W 1st 4s
1950 A O
25
.1949 A
coll trust 4s A
J
245*
38 M
1939 J
♦Rio Grande June 1st gu 5s
1937 J
Third Ave RR 1st g 5s.
J
Trl-Cont Corp 5s conv deb A_. 1953 J
Truax-Traer Coal conv 6Ms—- 1943 M N
IVI N
.1952 J
Richm Term Ry 1st gu 5s
♦Rima Steel 1st s f 7s
Jan. 1
Low
High
110
107
Range
Friday's
&
Asked
Bid
Tokyo Elec Light Co. Ltd—
106 M
O
Range or
Sale
Week Ended July 3
IVI N
1944
♦Certificates of deposit
Roch
107"
f 7s
{{♦Richfield Oil of Calif 6s
con &
N. Y. STOCK EXCHANGE
1125*
106 M
_
♦1st
109
54
♦Rhine-Ruhr Water series 6s
♦Cons M 6s of 1930 with warr '55 A
High
108 M
96 M
J
1946 J
J
1953 J
♦Rhine-Westphalia El Pr 7s___1950 M N
♦Direct mtge 6s.
±
1952 IVI N
♦Cons mtge 6s of 1928
1953 F A
♦Rheinelbe Union
Asked
*
1075*
BONDS
Since
Friday's
Bid
Last
Range
Jan. 1
Range or
Sale
Week Ended July 3
77
Week's
Friday
Week's
109
.1934
21
.1948
1125* 1125*
109"
22
4
23
.1949
32 M
.1941
315*
St Joe & Grand Island 1st 4s__ .1947
30 5*
315*
*110
St Jos Ry Lt Ht & Pr 1st 5s_. .1937 M N
J
.1996 J
St Lawr & Adlr 1st g 5s
2d gold 6s
.1996 A O
103M
103 M
107 M 109
13
22
32 M
*23 5*
"32M
315*
"5
1
111
103 X
90
Il4
35
27
43
42 M
275*
107M 110
105M
103
Uljigawa Elec Power
s
f 7s
98 M
1045* 107 M
105
104M
105 M
105 M
121M
1215*
116M
113M
108M
J
*
A
.1947 IVI N
12-year 4s conv deb
J
Union Pac RR 1st & Id gr4s._. .1947 J
1st lien & ref 4s
June 2008 IVI s
Gold 4 Ms.
1st lien & ref 5s
95
95
113M
108M
104?* 1065*
21
175*
21
27
119
122
1185*
27
111
123
1145*
122
109
29
"36
J
1967 J
liij*
112
D
103
102 M
1035*
67
United Biscuit of Am deb 5s.. 1950 A O
United Drug Co (Del) 5s.
1953 IVI s
108
107 M
108
23
101H
102
144
June 2008 IVI
1968 J
Gold 4s
U N J RR & Can gen 4s
102
s
*30M
g
1025* 108 M
109
118
1015* 1045*
1065* 1095*
98
1035*
111
*112M
J
4s... .1934 J
deb 3 Ms-- .1946 IVI N
{{♦United Rys St L 1st
1944 IVI
s
1115* 115
107 M 111M
112M
355*
25
31M
109 M
109
1095*
56
108
*75
106 M
106 M
1065*
51
103 M 107 M
85
U S Pipe & Fdy
78
87
U S Rubber 1st & ref 5s
A_. 1947 J
J
D
30
28
30
5
67 M
81
♦Un Steel Works Corp 6 Ms A_. .1951 J
♦Sec s f 6Ms series C_.
.1951 J
D
28
78
♦Sink fund deb 6Ms ser A... 1947 J
J
27 J*
28
28
71
28
D
"38M
40
23
29 M
35
83
92
{♦Universal Pipe & Rad deb 6s. .1936 J
*85
51M
Utah Lt & Trac 1st & ref 5s._. .1944 A
O
102M
101H
1035*
23
955* 1035*
86
Utah Power & Light 1st 5s
Utll Power & Light 5 Ms
.1944 F
A
104 J*
D
74
103 M
72
1045*
1947 J
.1959 F
A
69 M
Vanadium Corp of Am conv 5s. 1941 A
O
87 M
Vandalia
A
*108 M
855*
955*
1065* 108
1957 M N
*108 M
107M 107M
St Louis Iron Mt & Southern-
♦{Riv & G Div 1st
4s
g
.1933 IVI N
79 H
{♦St L Peor & N W 1st gu 5s__. 1948 J
St L Rocky Mt & P 5s stpd
1955 J
J
1950 J
J
{♦St L-Sao Fran
pr
lien 4s A
J
79M
78
38
38
78 M
775*
._
♦Certificates of deposit
39
*85
20 5*
♦Certificates of deposit
18M
♦Prior lien 5s series B
1950
*21
♦Certificates of deposit
59
5
75
85M
21M
185*
41
155*
26
1
14 M
235*
27 M.
17M
23M
"II
24 M
22 M
15
21
♦Con M4^s series A
*
♦Ctfs of deposit stamped
.1978 IVI
21
195*
28
18
51
145*
13 J*
90
185*
16M
89M
90 5*
59
76 M
91
61M
1
50
70 M
"5§"
61M
51M
395*
59
18M
16M
1989 MN
{♦St L SW 1st 4s bond ctfs
Nov 1989 J
♦2d g 4s inc bond ctfs
s
J
♦1st terminal & unifying 5s.-1952 J
♦Gen & ref g 5s ser A
1990 J
35M
*101M
1937 J
St Paul City Cable cons 5s
Guaranteed 6s
1937 J
St Paul <fe Duluth 1st
con g 4s._1968
{♦St Paul E Gr Trk 1st 4 MS-.1947
{♦St Paul & K C Sh L gu 4MS-1941
J
35
37
12
102
*101M
41M
28M
1005* 102 M
101M 1025*
D
*105
J
J
25
27
17M
31
F
A
165*
17M
165*
ser
Debenture 5s
Cons
s
cons g
4s series A—_. 1955 F
f 4s series B__.
{♦Vera Cruz & P 1st
{♦July
coupon
37
M
875*
D
off
♦Vertientes Sugar 7s ctfs
Virginia El & Pow 4s
70
975* 1045*
85
64
74 M
60
70
6
2M
*3
.1942 J
335*
42M
*2H
J
33
27
139
74 M
87 X
J
275*
2
70
4Ms.. 1934 J
33 M
2
68
J
gu
110
27
.1955 MN
A
ser
Va Iron Coal & Coke 1st g 5s.. 1949 IVI
Va <fe Southwest 1st gu 4s
2003 J
1958 A
6M
"II"
268
1025*
63
98 M 104?*
925*
11
96 M
84?*
675*
675*
1005* 1025*
72
82?*
115
103 J*
105
1015*
52
109
92 M
J
5
20M
1065* 109 M
61M
70
104
1055*
81
92M
1035* 105
1075*
*
O
S
145*
*1055*
*88 M
109
S
.1966 IVI
14 X
645*
27
St Paul Minn & Man 5s
1943 J
J
103 5*
Mont ext 1st gold 4s
1937 J
D
102 5*
tPaciflc ext gu 4s (large)
1940 J
1972 J
J
St Paul Un Dep 5s guar
53
205*
conv
105
105
J
103 5*
104
103M 1075*
102 M
103M
*106M
107M
102 M 1045*
1045* 107 M
117M 1245*
120
120
99M
1105*
100
89
111
108
1145*
1145*
1st
cons
5s
Virginian Ry 35*s series A
.1939 IVI N
1939 F A
{Wabash RR 1st gold 5s
♦2d gold 5s
1st lien g term 4s
Det & Chic Ext 1st 5s
105
102 %
*77
1954
89 M
.
77 M
Des Moines Div 1st g 4s
S A <fc Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 68—1952 J
Santa Fe Pres & Phen 1st 5s__1942 M S
1946 J
111
J
1946 A
Schulco Co guar 6Ms.*
100
b
O
35
*28
f 6Ms series B
30M
26
66
28
28
66
28
66
28
Stamped
*30 5*
Scioto V & N E 1st gu 4s
{{♦Seaboard Air Line 1st
g
1989 M N
4s.-1950 A O
119M
*13M
♦Certificates of deposit
13
O
13
Oct 1949 F
A
1959 A
O
♦Certificates of deposit
♦1st & cons 6s series A
1945 M S
♦Certificates of deposit
M
deb 4 Ms
A
A
♦{Siemens & Halske
1935 J
1951 M
♦Debenture
s
f 6Ms
Sierra <fe Sar Fran Power 5s
Silesian-Am Corp coll tr 7s
1952 J
*3M
115*
12M
3M
75*
4M
35*
65*
*83K
90
595*
425*
S
54 M
54 5*
"4
1949 F
A
110M
110M
1
615*
56
97
1643*
1045*
65
97
140
Gold 4 Ms
San Fran Term 1st 4s
13
O
So Pac of Cal 1st con gu g 5s. .1937 M N
So Pac Coast 1st gu g 4s
J
1937 J
So Pac RR 1st ref guar 4s
J
1955 J
1st 4s stamped
Southern Ry 1st cons g 5s
Devel & gen 4s series A
Devel & gen 6s
1994
94 H
90 5*
151
11*5*
56
Walker (Hiram) G&W deb 4>*sl945
Walworth Co 1st M 4s
1055*
"165"
106"
223
103
103M
"114
104
1045*
1955 A
"12
26
35 M
27M
"I
24 M
26
32?*
365*
31
1045*
"22
1035* 108?*
S
1st 40-year guar
s
IVI
74
X
7
70
84
83
2
71
935*
285*
94 M
62
86
925*
98M
31M
29
63
64 M
31
"58 M
58 M
62 M
39
285*
41M
415*
•
80
S
1941 IVI
S
*
*99M
"1085*
1085*
1085*
J
1105*
*1105*
1105*
110M
*124.5*
1245*
1939 J
f 5s
Westchester Ltg 5s stpd gtd.__1950 J
West Penn Power 1st 5s ser E.1963 IVI
D
1961 J
1952 A
J
O
1977 J
J
J
1st mtge
4s
ser H
Western Maryland 1st 4s
77
101 M
1945 F A
1945 F A
4s
Wash Water Power
73 M
83
O
1939 IVI
935*
O
1955 A
6s debentures
Warner Bros Pict deb 6s
1st & ref 5 Ms series A
765*
915*
1065* 118
ser
♦5s assented
A
S
1946
123"
108
100
1065*
1005*
106 M
102
102
1095*
69
69
83
4
117
94 M
1055*
109M
1105*
121M
101
119
40
....
123
108
1665*
122 5*
46?*
123
108
110
108 M
109M
112
1245*
965* 1015*
Western Union coll trust 5s
1938
1960 IVI
♦Westphalia Un El Power 6S--1953
2361
Registered
2361
Wheeling & L E Ry 4s ser D..1966
"995*
Wheeling Steel 4 Ms series A...1966
West Shore 1st 4s guar.
109
4
102
106
1045*
110M
110M
21
34
345*
15
33 5*
34 M
18
1055*
1055*
5
105
107
108"
107 M
108
30
103
108 M
S
1005*
1005*
106
106
1005* 1035*
103?* 1065*
1075*
235*
90 M
1005*
106 5*
1085*
13
1075*
58
104
J
J
24
J
J
90 M
J
J
M
S
19
32 M
44
42?*
109
2
91
29
85
96
2
81
92
22 M
104
*1075*
*1115*
112"
A
1005*
99 M
1005*
1940 M N
99 M
995*
995*
18M
195*
15
18M
18M
18M
195*
16
57
57
57 M
6
F
325*
24
85 M
85
1949 M S
RR 1st consol 4s...
1065*
106
34
1095*
i"j
Funding & real est g 4 Ms.--1950 IVI N
15-year 6 Ms
1936 F A
25-year gold 5s
1951 J D
30-year 5s
37
335*
1946
...
105M 1065*
*105 M
106
66 M
68
84M
82 M
84 M
88 M
86M
88 M
115
A
O
J
J
J
J
M
M
1964 J
~86M
S
♦Studebaker Corp conv deb 6s. 1945
Sunbury & Lewiston 1st 4s
1936
Swift & Co 1st M 3?*s
1950 IVI
108
J
'165"
105
♦14M
1055*
95M
53
685*
128
68 M
85
{♦Wickwire Spencer St't 1st 7s.l935
J
♦Ctf dep Chase Nat Bank
86M
"73
72M
"~5
108
57
20 5*
105 5*
715*
88 M
85
98 M
78
895*
975* 1025*
57 M
76 M
104 M 108
"l2
95
1055*
18"
99
1045* 106
106 M
19M
101
"41
♦Ctfs for col & ref
285*
81M 117
1005* 1005*
105
1075*
conv
95M
96 5*
19
161
33 M
107 M
107M 112M
99
1015*
90
101M
1944
103 5*
104" "25
99 5*
111M
117
Texarkana & Ft S gu 5 Ms A_. 1950
Texas Corp conv deb 5s
1944
Tex & N O con gold 5s
1943
Texas & Pac 1st gold 5s
2000
104 M
102'16
108 J*
104 M
102»32
*104M
1235*
1235*
1977
104
1979
1980
103M
1185*
108 M
104M
102Ji6
63
4
A
J
J
Winston-Salem S B 1st 4s
1960 J
J
{♦Wis Cent 50-yr 1st gen 4s...
1949 J
87 M 105
99 M 104 M
104
1045*
32
103 5*
104 M
109
60
"69"
O
375*
35
37 5*
*106
J
"37
185*
{♦Sup & Dul div & term 1st 4s *36 IVI N
{♦Certificates of deposit
185*
"6
15M
175*
10
15M
*105*
107
9
11M
12
9
30
*105*
J
Youngstown Sheet & Tube 5s. 1978 J
101M
HIM
17
♦Wor & Conn East 1st 4 Ms.-.1943 J
21
J
1st mtge s f 5s ser B
315*
99 M 102
100 M
*1095*
1015*
♦Certificates of deposit
Conv deb 3 Ms
67
1065* 1075*
1105*
255*
255*
155*
145*
21
1045* 106?*
—1970 A
O
1065*
106 5*
1067^
1..1951 F
A
107 M
106
1961 IVI N
98 J*
108 M
99 M
985*
10
104
757
106
452
107
*
111M
985*
995*
105
102132 105
69
D
31
45
102
37
"13
69
|
162
104
1938 J
Wilson & Co 1st M 4s series A. 1955 J
e
105M 111M
*108M
685*
S
94
7
104M
104
Tex Pac Mo Pac Ter 5 Ms A_. 1964 M
Third Ave Ry 1st ref 4s
1960 J
103
12
125
D
1235*
1105* 1115*
116
1185*
106
1942 J
18 M
18 M
74 M 1005*
120
1UM
'104"
J
7s A. 1935 MN
Wilk & East 1st gu g 5s
Will & S F 1st gold 5s
34
145*
*1245*
.1953
♦Adj.inc 5s tax-ex N Y—Jan 1960
265
*102
4Ms.. .1939
Gen & ref 5s series D
White Sew Mach deb 6s
1st mtge s f 4s ser C
Terr Cent 1st 6s A or B
1947
Tenn Coal Iron & RR
gen 5s.. 1951
Tenn Cop & Chem deb 6s B... 1944
Tenn Elec Pow 1st 6s ser A
1947
Gen & ref 5s series C
1075*
*18M
"96 M
S
85M
*102 M
72
S
D
92 M 104
*98
J
93
675*
A
Gen & ref 5s series B
102 M 106 M
925*
89M
112M
31
985*
985*
90 5*
114M
D
f g 4s
965*
77
118
O
1943 J
s
90
76 M
90 5*
O
1956 A
1956 A
series A—1945 J
Gen refund
56
87 M
97 M
90 H
89M
103"
Staten Island Ry 1st 4Mb
Term Assn of St L 1st
g
1st cons gold 5s
545*
110716 1125*
84
89M
87
95
945*
90 5*
H
975*
88 M
80 M
90 H
97
105 M 109
142
183
*26 M
27 M
♦Certificates of deposit—
S
4
"II
285*
27
27
O
O
105 M
94 H
93M
O
Wl
j"j
{♦Spokane Interaat 1st g 5s.—1955 J
Staley (A E) Mfg 1st M 4s
1946 F
{{♦Stevens Hotels 6s
.1980
A
{♦Western Pac 1st 5s
105 5*
285*
25
1978 A
1065* 108 M
3
27 M
*
West N Y & Pa 1st g 5s.—.1937 J
Gen gold 4s
1943 A
108
27 M
77
1955
Devel <fe gen 6 Ms
—1956
Mem Div 1st g 5s
1996
St Louis Div 1st g 4s
.1951
East Tenn reor lien g 5s
1938
Mobile & Ohio coll tr 4s.—1938
S'west Bell Tel 3 Ms ser B
♦Certificates of deposit
♦Ref & gen 5s series D
60
28
1035* 1065*
1005* 102 M
107 5*
J
1981 M N
36 M
32 M
A
1976 F
♦Certificates of deposit..
♦Ref & gen 4 Ms series C
137
*123"
J
1950 A
27
25
79M
30 M
♦Certificates of deposit
♦Ref & gen 5s series B
1145* 125
104 5*
A
O
D
95*
4
J
1st 4 Ms (Oregon Lines) A... 1977 IVI S
Gold 4 Ma
1968 IVI s
Gold 4 J^8
1969 IVI N
38
♦Deposit receipts
Warren RR 1st ref gu g 3 Ms.-2000 F A
Washington Cent 1st gold 4s._1948 Q IVI
81M
1936
5s
10 M
945*
97
J
cons gu g
265*
265*
♦Warner Bros Co deb 6s
1
Gen cons guar 50-year 5s
1963
South Bell Tel & Tel 1st s f 5s. 1941
Southern Colo Power 6s A
1947
So Pac coll 4s (Cent Pac coll). 1949
98 M
9
{♦Warner-Quinland Co deb 6S.1939
13
O
89
29M
115*
357
1951
8
29M
gen
13M
84
1950
975*
5Ms A.1975
{♦Wabash Ry ref &
24 M
97
Socony-Vacuum Oil 3Ms
685*
97 M
6M
7M
106
A
*655*
1941
135*
8M
14
96 M
84
1941
1941
21
85*
35*
55*
4M
7M
105 5*
s
21
1939
Omaha Div 1st g 3 Ms
Toledo & Chic Div g 4s
Wash Term 1st gu 3 Ms
D
Skelly Oil deb 4s
Sou & Nor Ala
7M
6M
13K
3M
1951 IVI N
1951 IVI
f 7s
5M
4M
O
Shell Union Oil deb 3Ms.
Shinyetsu El Pow 1st 6 Ms
s
3 5*
6
S
1935 F
♦Series B certificates
3M
4M
75*
7
{♦Atl & Birm 1st g 4s
1933
{♦Seaboard All Fla 6s A ctfs. .1935
conv
13M
13M
3M
6 5*
4H
O
{♦Refunding 4s
114M 1205*
13
205*
12 M
195*
16
15M
A
♦Ctfs. of deposit stamped
♦Adjustment 5s
50
H9M
*13
1950 A
{♦Gold 48 stamped
Sharon Steel
1115*
1085* 1145*
34
625*
*27 M
Stamped
Guar
100
*102 5*
*75
1941
117M 126 M
98
105M
97
1055*
97
1055*
105 M 1095*
"36
575*
715*
180
22 M
Cash sales transacted during the current week and not Included In the yearly
range;
Gen. Amer. Investors 5s 1952, July 1 at
r
1055*.
Cash sale only transaction during current week,
transaction
during current week,
n
Under-the-rule
current week.
a
Deferred delivery sale only
transaction during
sale only
{ 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.
selling flat.
No sales transacted during current week.
♦ Bonds
43
Deferred delivery sales transacted
in the yearly range;
z
No sales.
during the current week and not included
New York Curb Exchange-Weekly and Yearly Record
78
NOTICE—Cash and deferred delivery sales are disregarded In the
regular weekly range are shown In a
In the following
York Curb Exchange for
It is compiled entirely
of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
Saturday last (June 27,1936) and ending the present Friday (July 3, 1936).
daily reports
dealings occurred during the week covered:
which any
Last
Par
Week's Range
for
Sale
of Prices
High
Low
Range Since Jan. 1 1936
Shares
Low
41*4
104
104
100
100
40
May
40*4
10
99
June
113*4
Jan
Supply Mfg cl A...
3*4
800
2*4
"50k "50*4
"166
2*4
2*4
30C
51
49*4
176
77*4
73*4
51
77*4
180
69
66*4
69
200
1
10
Air Investors com
*
Ala
Power $7 pref
*
$0 preferred
♦
Allegheny Steel 7% pref 100
Allen Industries
"19k "20*4
"1,500
Alliance Investment
Aluminum Ind
July
82*4
Feb
58
Feb
76
Feb
June
115
Jan
19
Apr
Apr
Feb
67*4
23*4
2*4
Apr
♦
Apr
Bulova Watch $3*4 pref..*
I
Feb
Bunker Hill & Sullivan.
17
June
Feb
4,850
87
Jan
152
300
109
Jan
121*4
Feb
12*4
100
700
45
94
100
87
72
10c
1*4
7*4
1*4
"30
Jan
9*4
18
13*4
Mar
Apr
May
Mar
400
,
2*4
70
*i«
*
27
86*4
45
Amer Cynamld class A..10
10
n-v
45
45
Amer
conv preferred
4*4
,
Jan
77*4
Jan
Jan
Jan
9
2
36*4
91*4
400
Jan
Jan
Feb
48*4
35
35
35*4
1,125
31 *4
34
33*4
34*4
8,300
36*4
40*4
Feb
Mar
Feb
Amer
Foreign
Pow
*
American General Corp 10c
52 preferred
1
52.50 preferred
21*4
3*4
1,600
40*4
37*4
111*4 114
7,600
3*4
~40*4
113*4
400
l
Amer Hard Rubber com.50
Amer Laundry Mach
20
Mar
Feb
Feb
118
125*4 May
450
Jan
Jan
3*4 May
33*4
108
Apr
Jan
Feb
7
24*4
Feb
6
Feb
43*4
Feb
114
Feb
12
Feb
Jan
43*4
Mar
7% prior preferred.. 100
Celluloid Corp com
15
40
1,000
29
Apr
46
Jan
500
Jan
27*4
Mar
23*4
13,600
17*4
Jan
25
Mar
29*4
300
25*4
Feb
30*4
25*4
29
400
Jan
29
Jan
1*4
39*4
Feb
2*4
Jan
1*4
1*4
1*4
24
2*4
42
25
2*4
89*4
2*4
90
42*4
40*4
4
5
4
4*4
100
300
17,200
6*4
25*4
1
"1%
Arkansas Nat Gas com. ._*
Common class A.
*
Preferred
Associated
July
29
Feb
Feb
Feb
l
Class A
]
55 preferred
Option
...»
May
63*4
June
4*4
Feb
Jan
2*4
Jan
1,000
50
104*4
Jan
110
June
4
Feb
7*4 June
June
6 *4
3,90C
6,800
3*4
Jan
3*4
Jan
7*4
7*4
Mar
6*4
Mar
Preferred
9*4
7,000
7*4
Jan
9*4
Mar
86*4
86*4
86*4
9*4
9*4
3„
32
43
2*4
500
10*4
Jan
12*4
Feb
City Auto Stamping
""*
Claude Neon Lights IncIIl
Cleve Elec Ilium
com....*
2*4
500
20
10*4
9
2,100
12*4
6,400
Atlantic Coast Line Co..60
*
53 preference A
5
*
Automatic-Voting
Babcock A Wilcox Co
*
Baldwin Locomotive warr
Bell Tel of Canada.
52.60
com
Blue Ridge Corp com
7% 1st preferred
3*4
14*4
Feb
516
July
7*4
8*4
700
1*4
1*4
1,500
9*4
300
700
Cohn A
Jan
94
June
Feb
16*4
Feb
Jan
2*4 May
7*4 May
1*4 May
8*4
Apr
8
12*4
May
70
51
2*4
TO
200
4*4
100
11*4
50
*4
Apr
July
70
Apr
Bridgeport Machine
Preferred
*
"38"
18*4
16
5*4
Jan
Jan
Mar
Feb
Feb
Jrn
June
Jan
123
May
Columbia Gas A
Conv
~Dlstrib"I
Community P A L f 0 pref »
Community Water Serv..*
Como Mine.°_
__..Il
Compo Shoe Machinery
Connecticut Gas A
Feb
Jan
Cooper Bessemer
9*4
Jan
29*4
15*4
13*4
Jan
20*4
13
"15*4
13*4
1,400
14*4
15*4
3,300
97
""1*4 ""l*4~
"360
•
........
Mar
18
97
7% prior pf
Feb
Apr
25*4
25*4
100
2*4
4,500
2*4
10,200
3*4
Feb
31*4
Jan
46
41*4
47
1,425
31*4
Jan
54
Feb
28
28
25
20
Jan
44
Feb
21*4
23
100
17
May
30*4
Feb
4*4
17*4
100
x4*4
May
6*4
Feb
200
16*4
May
"23"
28*4
45
47
24
Jan
34*4
34*4
Jan
59
600
*4
Jan
30,700
5,900
4m
Jan
6*4
2,100
3*4
May
59*4
62 A
67
64*4
63
64*4
16*4
15*4
16*4
70
July
May
64*4
July
Jan
19*4
Apr
Jan
May
1*4
62*4
Feb
9*4 June
3*4
Feb
16*4
*4
41
Jan
Feb
6
Feb
3*4
Jan
""1*4 "ik
100
2*4
46*4
19,000
200
42
May
73
Jan
107*4
1,250
93
Jan
114
Feb
1*4
May
7
May
8*4
Apr
7*4
*4
46*4
107
*4
45*4
106
4
Apr
12
Mar
*4
July
4
Mar
16,700
106*4
l"03*4
106 k
""ll306
*16
5,400
"29*4
27*4
1*4
*4
1*4
29*4
1*4
716
4
3*4
*4
Jan
1*4
"*16
'
*4
•
100
650
Mar
45
97
Jan
112
*4
1*4
13
June
Jan
90
1*4 May
32
Apr
1*4
Jan
3*4
61,300
*4
11*4
May
1*4
Mar
Jan
Jan
10
Feb
May
49
Apr
15*4
June
23*4
Jan
k
June
6*4
Jan
92*4
Apr
May
Jan
116
Mar
57*4 May
6*1
105
Mar
Mar
30
90
90
2*4
2*4
90
Jan
1,200
2
May
3*4
Jan
Jan
101*4
June
54
200
"ilk
""306
100
4,600
*4
14*4
"14"
42*4
6*4
4*4
4*4
4*4
4*4
"68H
68*4
4*4
70*4
42*4
100
100
*4
May
Jan
Feb
2
10
Apr
Jan
19
Mar
Jan
6*4
9*4
34
49*4
Mar
Jan
9
Apr
4*4 June
8
Mar
6*4
4*4
200
1,100
June
8
Feb
Jan
77*4
Feb
1*4
Jan
4*4
Feu
6*4
2
2
Iloo
Preferred
Feb
88
90
1
com..
Jan
200
113
1
III*
$6 preferred A
Jan
*4
Apr
Mar
46*4
.._*
5
5*4
36
Jan
17
11*4 May
15
65
Feb
Courtauld's Ltd
Am dep rets ord
reg..£l
Cramp Shp A Engine ..100
Crane Co com
...25
Preferred
100
12*4
200
"36*4" "30*4 "3lk
M00
129*4 129*4
25*4
27*4
10*4
10*4
125
120*4
5,800
19*4
*4
5,500
12*4
12*4
Feb
8*4
Feb
Jan
53*4
Feb
7*4
26*4
16*4
20*4
Apr
9*4 June
29*4 Mar
Crocker Wheeler Elec
*
10*4
27*4
Croft Brewing Co
1
*4
Crowley M liner A Co
•
Creole Petroleum
5
Cent Petroleum..!
129*4
26*4
54
1,100
24
2,500
2*4
Feb
31*4
June
Jan
130
Mar
>4
1*4
Jan
34*4
Apr
9
5
2*4
Jan
June
Apr
*4
4*4
June
Feb
June
11
400
Feb
June
6*4
67
43
10*4
7*4
66
May
63
350
600
Apr
Mar
1*4
Jan
1,300
46*4
Mar
June
June
40
2,600
10
Jan
26
Jan
42*4
46
Jan
Apr
3
350
1
U16
,
200
4*4
65
63
46
47
*4
6
1
Jan
125
28*4
1*4
Jan
Jan
124*4
May
38
45
Jan
22
105
3
Mar
Feb
Apr
Jan
Jan
Copper Range Co
Cosden Oil
3*4
1*4
1*4
18*4
6*4
$3 preferred A..
Corroon A Reynolds—
Common
Mar
July
loo
*
com
Cord Corp
Feb
71
175
10
Jan
Feb
Feb
23
2*4
2*4
.
Crown
For footnotes see page 83
Royalty Oil..
Feb
Mar
42*4
21*4
2*4
29
3*4
300
100
Brit Amer Oil coup.....*
6*4
Apr
375
July
27
May
June
May
53
12*4
76
3*4
Jan
20*4
Jan
17)4
Apr
53*4
2*4
Apr
43*4 June
15*4
Apr
50
Jan
Apr
50
2,400
1,600
Jan
14*4
500
20*4
13
102
2*4
Continental Oil of Mex
1
Continental Securities...*
21*4
Jan
116
68
200
53*4
5*4
Feb
20*4
Jan
5*4
Cont G A E
13
21*4
Jan
55
53*4
Feb
Mar
16*4
5
30
1*4
Feb
May
May
100
July
9*4
107*4
June
23
Consol Retail
50
75
8toresIIIIl5
preferred
1100
5% preferred A
Consol Min A Smelt
Jan
99*4
84
18*4
13*4
*4
Jan
5C
2;700
Jan
5*4 June
May
116*4
103*4 103*4
109*4 109*4
40
3
500
50
Mar
May
9*4
50
2,300
20*4
5*4
16*4
5,400
2,400
18*4
18*4
5*4
46
Jan
10*4
3*4
91*4
Jan
Mar
Apr
46
10
16
4*4
25*4
Jan
3*4
89*6
June
500
Feb
12*4
15*4
40
16*4
90
Apr
3*4
Jan
16
Feb
Apr
7*4
15*4
Feb
4*4
17,400
12*4
»
Jan
300
Mar
98
"l
35V4
2,000
5
26*4 June
Jan
Consol Copper Mlnes.-IIs
Consol G E L P Bait com*
8%
Feb
Feb
10*4
1
Secur $3 pref
Consolidated Aircraft"!
Consol
4*4
21
2*4 May
18*4
Jan
Coke^-
100
3*4
1
22o
3*4
Jan
92
Warrants
Commonwealths
Jan
31
"*
Commonwealth Edison" 100
Commonwealth A Southern
14*4
45*4
100
400
*16
Columbia OH A Gas new
Columbia Pictures..
40
2*4
2*4
25
2*4
Elec—"
5% preferred.. 100
Mar
Mar
4,400
II»
38
Brlllo Mfg Co com
.
Mar
151
34
»
Class A
June
com
14*4
19*4
45
3*4
Class A
preferred
Jan
2*4
Rosenberger_.__i*
Colon Oil Corp com
*
Colt's Patent Fire Arms~25
3*4
11*4
13*4
...100
Brill Corp class B__
4*4
Feb
Jan
3*4 May
6
Brazilian Tr Lt A Pow...*
2*4
Jan
Feb
Mar
10*4
109*4
*
14*4
11*4
25
Bearing
65*4
2*4
51
121
4*4
11
103
142
11*4
July
.1*4
Jan
5,400
*4
2*4
4*4
11
42*4
51
Feb
Jan
55
June
Jan
100
100
Borne-Scymser Co
Registered.
Cockshutt Plow Co
Feb
51
375
Bourjols inc
7%
Feb
June
16*4
38*4
Botany Consol Mills com. *
Bower Roller
*4
*4
June
83
*4
Feb
11*4 May
8*4
22
Feb
46
"16"
Cleveland Tractor com
*
Cllnchfieid Coal Corp.IlOO
Club Alum Utensil Co
*
Apr
1*4
92
15*4 June
75
11*4
I*
46*4
3*4
3i# May
26*4
Jan
42*4
♦
Blumenthal (8) A Co....*
Bohack (H C) Co com
*
Jan
81
1
pref.l
1/
42*4
*
...»
Feb
81
*
»
conv pref
conv
2.200
6*4% pf.100
Black A Decker Mfg Co..*
Bliss (E W) A Co com
*
53 opt
3
100
Benson A Hedges com
Convertible pref.
2*4
42*4
Baumann (L) ACo7% pfdl 00
Bellanca Aircraft com
1
BIckfords Inc
2*4
Mach
Axton-Fisher Tobacco—
Class A common
.10
Bell Tel of Pa
54
400
9*4
2*4
7*4
1*4
1
Automatic
Products
12*4
52*4
54
Warrants
Atlas Plywood Corp
Austin Silver Mines
Jan
28
"l2*4
8*4
...»
1
300
94
94
10*4
Preferred
Cities Serv PAL
$7 pref
$6 Preferred.........!*
*4 June
44*4
400
61*4
Jan
Jan
Jan
17
2*4
6*4
Apr
'sz
June
2*4
64*4
12*4
5*4
Mar
16
11*4
"454
96
26,700
32
12*4
»
_
II
BB_.II
Jan
5 16
Jan
Mar
Apr
"III*
...
9*4
44*4
9*4
24*4
June
*4
4*4
400
6,600
Feb
Jan
June
25
10
2*4
13*4
Jan
•it
5*4
1H
17*4
12
1*4
1*4
Jan
May
7
.I~"io
Preferred B
3,100
19,700
May
*1«
*
5*4
4*4
Childs Co pref..
160
Chief Consol Mining Co..1
Cities Service com....
•
8*4
1*4
Feb
86
Chicago Flexible Shaft Co f
Chicago Rivet A Mach...*
9
1*4
Mar
200
•
Corporation.
Chesebrough Mfg
6*4
Assoc Laundries of Amer.*
V t c common
»
Atlas CorD common
100
Charts
2,100
516
Atlanta Gas Lleht pref. 100
Atlantic Coast Fisheries..*
100
warr
100
Conv pref op ser '29.100
Jan
1*4
2*4
12*4
Mar
2*4
16*4
2*4
Conv preferred
*4
warrants
Associates Investment Co *
Associated Rayon com
•
6% pref without
7% preferred
4
Assoc Gas A Elec—
Common
10*4
Jan
3
800
•
t
v
Centrifugal Pipe
7*4
12
Jan
Mar
1,200
»
Cent A South West Utll.l
Cent States Elec com,.. 1
2,100
£1
Feb
Apr
1*4
71
Jan
Elec Industries
Amer deooslt rets
7*4
*4
Apr
*4
7*4
65*4
Feb
June
Jan
40
6*4
1*4
16*4
71
4*4
83
Mar
Jan
7
40
99 *4
20
June
3*4
6
16*4
1*4
6*4
"166
76
Jan
26*4
26k
16*4
Apr
Jan
"25*4
75*4
2
Mar
63
85
14*4
26*4
75*4
82
4*4
107*4 June
Jan
5
16*4
32
13
July
Jan
100
oil""*
200
26*4
25*4
109*4 109*4
6*4
25*4
Jan
1
16
Cent Maine Pow
7% pf 100
Cent P A L
7% pref... 100
Cent Hud G A E
1*4
5*4
5*4
io
Arkansas P A L 57 pref..*
Art Metal Works com
6
1*4 May
21*4
Apr
1*4
Angostura
Aroturus Radio Tube
Jan
Jan
$7 dlv preferred
1st preferred
2,300
1,200
»
Wupperman—1
Apex Elec Mfe Co com..*
Appalachian El Pow pref. »
•i«
18
*
Anchor Post Fence
14
2,400
3,800
16
7% 1st partlo pref... 100
39*4
22*4
Amer Thread Co pref
10
Catalln Corp of Amer
J
Celanese Corp of America
Jan
28*4
1st preferred
Preferred
*
Jan
1
50
Jan
Mar
Jan
Jan
Apr
51*4
""650
*
Corporation
Castle (A M) A Co
Jan
21*4
Amer Pneumatic Service. •
Amer Potash A Chemical. *
Am Superpower Corp com*
$6 preferred
Carrier
7*4
22*4
1*4
103
200
1
1
2*4
38
_.»
8*4 * 9*4
9*4
24*4
30*4
19*4
June
39*4
23*4
*4
2*4
"81*4
pref.l*
150
29*4
.1
9
100
Mar
1*4
83*4
*
I
com
150
23 A
..100
100
«
Class B
Carnation Co
Carolina P A L $7
10,700
25
Amer Meter Co
100
•
33*4
25
Amer Maracatbo Co
Convertible class A
41
6% preferred
29
Mar
48
♦
25c
8*4
33*4
Amer L4Tr com
Amer Mfg Co com
Mar
10*4
16*4
1,400
"80 k "78"
1
38*4
33 A
9
31
9*4
*
Marconi
40
9
Apr
Jaii
Carman A Co—
Jan
19
non-voting
Jan
Feb
3*4
warr.
Preferred
Jan
9
110
Equities Co com.__l
Amer Gas A Elec com...*
29*4
Jan
B
Canadian
Capital City Products
Carlb Syndicate
115
20
34*4
6*4
40*4
25*4
9*4
40*4
24*4
Canadian Car A Fdy Ltd
Preferred
25
Canadian Indus Alcohol A*
Feb
44*4 Mar
6*4 May
21*4
Jan
27*4
Am dep rets A ord shs.£l
Am dep rets B ord shs £1
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Mar
2,800
100
Amer Fork A Hoe Co com*
28
Cables A Wireless Ltd—
Mar
Mar
6*4
Amer DIst Tel N J com..*
7%
100
106*4 106*4
25*4
*
75
6
6*4
1
t c
v
101
Cities Pow A Lt—
25
Cable Elec Prod
Jan
June
4*4
600
Burma Corp Am dep rets
Butler Brothers
10
Apr
Jan
400
♦
Jan
_
*
Class B
10
15*4
400
t
Warrants
65
71
.
30
Burco Inc com
25*4
12
7
53 preferred
55.60 prior pref
Class B
Buckeye Pipe Line
50
Buff Nlag A East Pr pref 25
$5 1st preferred
Jan
94
63
10c
■..
29*4
9
Jan
Capital—
Class A
30
29
*
preferred
$3 convertible pref
63
*
com
com
30
♦
A
June
2*4
129*4 143
115*4 116
250
9
8*4
100
Brown Forman Distillery. 1
Bruck Silk Mills Ltd
Class
Jan
29*4
2*4 May
28
___*
Brown Fence & Wire B
3*4
Jan
7*4 May
reg_.10s
6% pref
Feb
Mfg.
Common class B
Am
Feb
1*4 Mar
Brown Co
21
6% preferred
100
American Beverage com. 1
American Book Co:.
100
Class A
Mar
4*4
*
♦
Aluminum Ltd com...
American
Feb
30*4
Jan
25
100
Goods
32*4
15
com.
com
6% preference
Jan
Am dep rets ord
*4
Aluminum Co common
Aluminum
28
British Col Pow cl A
51
High
Low
25*4 June
Feb
85
Range Since Jan. 1 1936
Shares
Am dep rets ord reg__£!
Mar
Jan
High
Am dep rctsord bearer £\
Mar
Apr
*4 June
Low
British Celanese Ltd—
4*4
37*4
Price
Amer Tobacco—
15*4
15
pref
Allied Products cl A
Mar
June
British
62*4
May
2*4 June
Allied Internatl Invest
conv
24
JaD
44 *4
Apr
2*4
Alles A Fisher Inc com..
53
Par
114
"l9*4
com
Week
Mar
Warrants
50
for
of Prices
4*4
27
Conv preferred
Alabama Gt Southern
Week's Range
Sale
10*4 June
3*4
Class B
Agfa Ansco Corp com
Alnsworth Mfg Corp
Last
High
15
41*4
20
Acme Wire v t c com
Adams Mlllls 7% 1st pf
STOCKS
(Continued)
Week
Price
Sales
Friday,
Sales
Friday
STOCKS
Aero
No account is taken of such sales in computing the range for the year.
extensive list we furnish a complete record of the transactions on the New
the week beginning on
from the
week's range, unless they are the only transactions of the week, and when selling outside of the
footnote In the week In which they occur.
16
Jan
1
May
7
Jan
Feb
Feb
*4
2*4
Feb
Mar
Jan
Volume
Last
of Prices
15%
600
4%
4
Crown Drug Co com.
1,400
150
Jan
11%
July
4
'38% "39%
39%
'""760
22%
June
4%
22%
Preferred
Jan
Feb
37%
Mar
100
Mar
X
MOO
"13"
12
13%
1,300
26%
27%
300
67
67
"13"
13
67
Preferred
51
13%
20
22%
27%
19%
Mar
Mar
8%
Jan
1%
350
25%
Jan
Mar
100
16% June
19% July
17%
20
300
8%
8%
400
8%
Mar
May
5%
MOO
Mar
19
24%
11
19
25 %
£1
33 %
Doehler Die Casting
11
300
11
25%
25%
33%
300
23%
400
27% May
33
Jan
Mar
4% June
Dominion Steel ft Coal B 25
22
100
800
117
66%
10
100
66%
25%
100
~~2%—3~-~ —"466
100
74
74
..10
"T
18% June
21% June
10%
Apr
19
Apr
25
June
12%
Jan
26
June
35%
Mar
7%
Feb
25
Jan
8%
9%
9%
9%
*
5%
5%
6
69
71
58%
60%
16 preferred series B
17 preferred series A..
Easy Washing Mach "B"_»
Economy Grocery Stores. *
Edison Bros Stores com—*
Jan
60
Feb
80
Jan
Jan
Jan
%
1,800
15%
Mar
4
Jan
11%
Mar
Jan
85
Jan
Jan
83
Mar
7
Jan
33%
40
35
38
13
12%
13
1%
May
x85
Feb
42%
Jan
3%
23
Jan
43
500
24%
Jan
43%
2,100
6%
Jan
"48% "49% ""406
—.10
1*
5
Holophane Co com
*
Holt (Henry) ft Co cl A..*
Hormel (Geo A) ft Co—_*
26
Jan
Jan
14
June
Mar
23%
15%
107%
*
"63"
Imperial
Chem
140
24%
60
63%
2,400
5,400
Apr
Jan
79
Mar
Non-voting
74%
87
Mar
Class B
12
Mar
class
Jan
63%
July
2
Jan
8%
Mar
5,000
48%
52%
1,050
9%
21%
20%
13%
100
21
9%
20%
20%
*13%
700
5
May
9%
Feb
100
88
May
Jan
13%
Elec Shovel Coal f4 pref..*
10
Jan
29%
Feb
Electrographlc Corp com.l
Elgin Nat Watch Co...15
15
Jan
19%
Apr
Intl Metal Indus A
Feb
Internat
$6
conv
*
pref ww
Empire District El 6%. 100
Empire Gas ft Fuel Co—
100
100
100
100
6% preferred
6%% preferred
7% preferred
8% preferred
6%
8
6%
6%
95
95
95
35%
35
400
30%
Jan
37
55
49%
55
100
42
Jan
55
July
63 X
43
Jan
150
44
Jan
63%
63%
64 X
62%
63%
63%
64%
300
63 X
60%
61%
1,150
66 X
64
66%
450
2
2%
Class A
7%
16
%
44
Feb
57 prio
1
*
16%
"17%
3
Falrchlld Aviation
6%
1
.
*
Metallurgical
Fedders Mfg Co com
—*
Forro Enamel Corp com..*
Flat Amer dep rets
Fidelio Brewery
6%
6%
13%
Fanny Farmer Candy..—1
Fansteel
Feb
Interestate Hos Mills
Jan
Interstate Power $7
10%
Jan
7%
16%
Feb
900
17
Jan
Feb
200
28
100
23% June
31%
Jan
500
28%
Jan
40%
Mar
%
1,900
May
May
19
76
%
75
10
$0
Flintkote Co
5
100
preferred
5
54
52
58
33%
49%
33%
34%
49%
*
com
Florida P ft L $7 pref
*
48%
5%
Jan
1%
5%% preferred—
100
6% preferred
100
7% preferred
100
Jonas ft Naumburg...2.60
Feb
Apr
9
Feb
Feb
33
June
45
Apr
40%
3,100
350
Am dep rets ord
7%
Ford Motor of Can cl A..*
Class B
20%
7%
19%
22%
♦
7%
20%
22%
May
00
Feb
May
5,100
9%
28%
Feb
June
25
22%
June
32
Feb
Feb
Kingston
4%
30
Jan
30
16
Fort Worth Stk Yds Co..*
Conv preferred
General Alloys Co
18%
550
2%
2%
400
19%
18%
19%
200
18%
Jan
19
<
Jan
Mar
2%
Jan
4%
Feb
18%
12%
Jan
Jan
20%
June
18%
Jan
13
2%
»
Jan
49% May
Gen Electric Co Ltd—
Am dep rets ord reg_.£l
fTen Flreprooflng com
*
Gen Gas ft Elec—
$0 conv pref B
*
1
com
$6 conv pref class B
1%
1%
40
100
16
6% pflOO
Gen Pub Serv $6 pref
*
84%
74
com_20
$3 convertible pref
0% preferred A
$5 preferred
Gilbert (A C)
Jan
73%
74%
81%
Feb
1
Jan
"l6%
16%
T660
2%
18%
Mar
Glen Alden Coal
Globe
12%
Jan
49%
200
47
73
74%
200
68% June
95%
20
85
87%
200
Jan
Klrby
14%
3,500
2%
300
Leonard
Feb
Jan
2%
Godchaux Sugars class A
""566
OH
Lit Brothers com
Loblaw Groceterias cl
Apr
18%
Feb
Jan
3%
39%
18%
Mar
Class B
1
Lockheed Air Corp
Apr
*
A..*
*
1
Feb
Long
Feb
Common
18%
June
25%
Feb
7%
*
Lone Star Gas Corp
*16
4%
18%
*
19
100
8
Jan
V t o agreement extended
2H
Grand Rapids Varnish.—*
17%
2%
12%
18%
4
12%
21%
400
16%
May
2,300
2%
July
4
Jan
16
100
10
17% June
Gray Telep Pay Station.
preferred
32%
Jan
June
Apr
Jan
Apr
7
14%
Feb
Jan
Jan
3%
2,600
June
5%
Feb
Feb
Jan
July
39%
38%
May
7%
3%
1%
%
6%
3%
1%
!
400
3%
33%
36
3%
3,400
%
-
-
Jan
June
'i«
100
7%
2,500
64
Apr
Feb
Jan
Jan
2%
14%
2%
88
Jan
Feb
Feb
June
*i«
27%
20
Jan
%
Jan
Feb
June
316
6
100
26
Jan
June
570
30
9%
Apr
Jan
Feb
May
% May
%
700
"25% ~26~"
'"460
20%
300
1%
%
1%
700
%
May
%
900
%
Apr
%
.
82
Jan
33%
Mar
%
May
1%
Feb
Feb
%
26
20%
20
Jan
23%
May
31 %
Jan
26%
1%
%
Mar
86%
June
93
May
15
84%
85%
250
70%
91
89
91
110
70
Jan
99%
99% 100
70
86
May
3%
33%
3%
33%
1,500
,316
'S16
6%
900
2,500
"10% "16%
'"266
2%
2%
300
4%
3%
4%
4%
1,400
4%
6,700
2%
200
1%
30
Jan
Jan
Jan
%
1%
Mar
Jan
111%
5%
Jan
3%
7t6
18%
12
100
23
2,500
3%
57%
58%
M00
7%
3,800
7
7
Jan
%
May
Mar
0
Apr
Mar
Feb
107
12%
x25
Mar
June
5%
Jan
78
Mar
Jan
51
70
60
May
June
Mar
12%
200
Jan
Jan
11%
Apr
May
Mar
5% June
24
May
14
Mar
Apr
Jan
Mar
Mar
5%
May
10%
74%
"58%
6%
113
74
July
Jan
Feb
Apr
1%
Jan
96%
12
22
23
44
Jan
8
100
4%
Jan
1%
Feb
Feb
102% June
11%
3%
10% June
74
4%
Jan
1%
June
June
8%
78
Mar
May
15%
4%
Jan
Jan
25
Jan
11%
Jan
Feb
8
4,700
0%
Jan
%
,516
2,200
%
Jan
2
Apr
"Ii%
'"166
Feb
Jan
111
11%
15
Mar
4%
600
107%
4
7%
3
Mar
5%
Apr
18%
7%
"l6%
7%
7%
"16% "16%
1,200
3,200
Jan
20% June
17%
Apr
18%
6% May
*16 May
9%
Jan
10%
Jan
%
June
14%
Mar
5%
Feb
Feb
*
4
3%
800
3%
89
85%
89
170
72%
Jan
89
July
100
79
74%
6%
79
500
64
Jan
79
July
6%
100
0%
Apr
8%
Feb
"Hi
11%
12%
3,700
9%
Jan
15%
May
2%
200
Loudon Packing
•
Louisiana Land ft Explor. 1
4%
Apr
Louisiana L P ft L Co—
$6 preferred
Jan
94
•
2%
41
Lynch Corp common—.5
83
Jan
3%
100
Mangel Stores Corp...-.*
6\*t°7r pref w w
100
page
34
7%
30
Lucky Tiger Comb G M.10
footnotes see
Apr
Apr
Island Ltg—
Preferred class B
Grand National Films Inc 1
29
500
9
1%
Rights—
Jan
For
200
14%
22%
LernerStores 0% % pref 10°
Oil Development.—
Jan
S3 preferred
Gorham Mfg Co—
Feb
Feb
30
Lion
%
16%
Jan
84
July
%
2%
"l5%
20%
Apr
6%
Develop—2*
Gorham Inc class A com.*
•
Jan
Jan
May
10%
7%
Goldfield Consol Mines. 10
Class B
3%
9
300
7%
Feb
Feb
Jan
12,600
*
Feb
Jan
Jan
6%
69
14%
45
8%
0%
7%
11%
6%
24%
com
Jan
73
13%
Realty
102
90%
24
Lefcourt
Lehigh Coal ft Nav
Apr
Feb
2X
Jan
Jan
Rubber
Jan
Apr
Apr
14
Feb
3%
Ltd.l
*
..10
Knott Corp common
1
Koppers Gas ft Coke Co—
6% preferred
100
Kress (S. H.) ft Co pref.100
Kreuger Brewing
1
Lackawanna RR of NJ 101
Lake Shore Mines Ltd—1
Lakey Foundry ft Mach..0
Lane Bryant 7% pref..10
Langendorf United Bak—*
Class A
1
Kleinert
Mar
79%
5
xl4X
June
97
Klein (Emll)
93
52%
A pi
45
•
19
Jen
Preferred...—.
68%
*87%
2
Underwriters
Jan
85
*
_
July
85
Jan
*
com
S16
June
67
*
Preferred
Jan
Feb
May
71
95
"74""
100
Georgia Power $0 pref.iS.*
1i«
2%
49
80
49%
.*
General Tire 4 Rubber..25
Apr
250
.
16%
May
84%
82
Gen Rayon Co A stock..*
General Telephone
%
2,100
»
Warrants
Gen Outdoor Adv
.100
Products...—1
Petroleum
1
Klrkland Lake G M
15
Apr
June
88
5% preferred D
2% June
9%
20
92%
Jan
1%
Kingsbury Breweries
1
Kings County Lighting—
Feb
Jan
Feb
1
preferred A
__*
7% pref.100
Ken-Rad Tube & Lamp A*
7%
100
Jan
Feb
5%
64
V t c
19%
Froedtert Grain ft Malt—
Gen Investment
3%
Laughlln Steel. 100
Pub Service—
Common vtc
*
2.300
Ford Motor of France—
American dep rets
39%
300
Kansas G & E
reg__£l
Feb
Mar
20
1,100
30
Kansas City
Ford Motor Co Ltd—
Feb
June
Feb
6,400
Jones ft
70
46
575
10
Mar
36%
Jersey Central Pow ft Lt—
Feb
89
Apr
May
4%
2,300
63%
Jan
14%
36%
Warrants
June
21
Jan
May
1
Iron Cap Copper com
10
Iron Fireman Mfg v t c_10
Irving Air Chute
1
Italian Superpower A
*
117
112
100
1
Feb
9%
24%
36
Investors Royalty
35%
X
•
pref.*
Feb
23%
28
76
Feb
24%
35%
7%
Vitamin. —1
21
34%
13%
55
%
International
28
13%
Jan
Jan
35%
New warrants
Feb
First National Stores—
7% 1st preferred
preferred..;
Jan
1,700
Feb
Utility—
%
34%
1
;
7
6%
14%
13%
Jan
53%
Jan
100
6% preferred
Apr
400
Jan
40
Jan
Apr
Internatl Safety Razor B.*
1%
12
Fire Association fPhlia).10
Flak Rubber Corp
•
International Products
6% June
4%
Jan
13%
Jan
5
17 X
1
Falstaff Browing
Jan
Jan
14%
T.fiOO
100
preferred
Ex-cell-O Air ft Tool
*16
%
600
Feb
Feb
36%
38%
32
•
Class B
500
16
Jan
May
9%
7%
3%
Apr
Feb
Jan
X
Wallower Lead
2%
Feb
Apr
25
Varranta
Option warrants
Jan
0
2%
40%
30
13%
36
Registered
21%
3%
Jan
50
May
June
100
14
8%
Warrants
25% Juno
Jan
Mar
10%
7%
Feb
European Electric Corp—
Evans
9
*
07%
2
Feb
76%
1%
65%
15
28%
20%
200
72%
30
Jan
7,600
Jan
%
1%
Mining Corp—1
Internat'l
Apr
700
3%
14
Jan
Jan
110
100
70%
72
50
Pref $3.50 series
Jan
July
200
3,800
1
10(
Insurance Co of N
47
900
19
67
14
43%
39
2%
400
96
96
July
July
Feb
21
18%
Equip..5
__.10c
Equity Corp com
Eureka Pipe Line
V t c common
7% preferred
Feb
22%
36%
June
22%
10
International Petroleum..*
Empire Power Part Stk.
Emsco Derrick ft
98
Jan
37
Internat Hydro-Elec—
7%
1
1,000
7%
Amer.H
International Cigar Mach *
Internat Holding 4 Inv—•
Common
105,
Industrial Finance—
9%
Jan
Electric Shareholding—
14% May
29%
Apr
3%
Apr
Option warrants.
1,000
52%
3%
Apr
1,200
Feb
10
300
16
35%
*
*
A
8%
■
Jan
10
Mar
Indian Ter Ilium Oil—
9%
56
17%
52%
18%
63
Feb
48
Line
10
6% preflOO
7% preferred
101
Ind'polls P A L 0%% pfl(k
64%
Jan
June
Mar
107% 108%
Indiana Pipe
100
Feb
55
26
13%
Indiana Service
2,100
3
June
42
21%
7%
4
36%
Industries
£1
Imperial Oil (Can) coup..*
Registered
—*
Imperial Tob of Canada.5
Imperial Tobacco of Great
Britain and Ireland
£1
Feb
Jan
1,000
50%
600
7%
•
Jan
Apr
2,250
7%
3%
4
600
10%
.....
1
Jan
11%
51%
2,200
1
com
.
3%
10%
36%
10%
8
Class A
Feb
Mar
Jan
Mar
Feb
Jan
10%
63%
Elec Power Assoc
Elec P ft L 2d pref A
8%
72%
2%
6%
14%
17%
13% June
Amer denoslt rets
15%
76%
Jan
Apr
36%
33%
11
100
6% preferred
49% June
4% Mar
25% Mar
Z85
82
Apr
50
1
Common
Apr
3%
Jan
8%
Apr
23%
36%
*
2%
Jan
84%
9%
100
preferred
Jan
Jan
Jan
5%
0% June
*
Humble Oil ft Ref
Mar
1
400
15%
15%
Holllnger Consol G M
900
36
91
1,300
26
23% 156,400
20%
76%
15 preferred
*
June
15% June
23%
preferred
59%
41 %
Apr
Feb
98
68
Illuminating Shares cl A—*
1,150
Jan
2,200
14
12%
44%
Horn A Hardart
Mar
1%
72
500
13
12
43
Heyden Chemical
Hires (C E) Co cl A
Jan
Mar
Feb
31%
10%
3%
25
*
Mar
Jan
1,400
1
$6
25
Helena Rubensteln
Jan
128
300
1%
4%
12%
Feb
6
500
6%
14
-_*
Hecla Mining Co
130%
1%
4%
Co——1
110
"~i~% "2" "~i~66o
Elec Bond ft Share com..5
Elsler Electric Corp
Harvard Brewing
Jan
—-
2,600
81%
70
1
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvania Corp—*
Illinois P ft L $0 pref
*
Mar
38
3
Jan
Huylere of Delaware Inc—
124%
73%
7%
"2
3 H
June
79%
70
Jan
24
*49k
June
1%
7%
Am dep rets pref
8 sh
Hartford Electric Llght-25
Mar
Jan
~2"66O
38
*
*
6%
100
6%
39
Apr
Jan
1%
10%
Eastern Malleable Iron..25
Eastern 8tates Corp
700
1%
Page Ltd—
June
65%
300
70
59%
6%
76
...»
*
25
East Gas ft Fuel Assoc—
4 % % prior preferred. 100
6% preferred
100
Apr
81
79%
Penna—25
Hall Lamp Co
7%
Feb
124
24%
Gulf States Util $6 pref—*
$5.50 preferred
Mar
110%
%
Hazeltlne Corp...
1,200
"~8%
*
10
Common
Gulf Oil Corp of
25
150
1%
Hartman Tobacco Co—.*
1
Corp.l
Durham Hosiery class B._*
Eagle Plcher Lead
Jan
x94 %
10
25%
Draper Corp
Duval Texas Sulphur
6%
Mar
Apr
4%
High
28%
6%
—.1
106
114
117
Dow Chemical
Duke Power Co
*
Greenfield Tap ft Die
July
14%
51
Low
260
126
28%
Hud Bay Mln 4 Smelt
Douglas (W L) Shoe Co—.
Dubilier Condenser
July
70
1,100
19%
"l9 %
2
5
preferred
Apr
Mar
Range Since Jan. 1 1936
for
Week
Shares
114%
126
"28%
Guardian Investors
60
Feb
112
113
stock._
com
Grocery Sts Prod com ..25c
Apr
14%
Apr
Non-vot
7% 1st pref erred ....100
25
Gt Northern Paper
Apr
12
Low
Great Atl 4 Pac Tea—
Apr
10% June
Distillers Co Ltd—
7%
Mar
1%
16%
15
Driver Harris Co
42%
109
Jan
6,400
51
Diamond Shoe Corp com
7% preferred
Feb
Mar
3%
49
17%
-.20
1
Ainer deposit rets
11%
12
13%
10
3
3%
coml
Products
Feb
16% May
ord Reg £1
7% pref.100
Detroit Gray Iron Fdy
5
Derby Oil ft Ref Corp eom*
Distilled Liquors Corp
Feb
Handley
Am Dep Rec
Dennlson Mfg
6% pref ww..
Detroit Paper Prod
June
5%
*9
'"260
De Havlll Aircraft Ltd—
Detroit Gasket & Mfg
15%
of Prices
High
Sale
Price
Par
25
Week's Range
Last
STOCKS
{Continued)
High
Low
Shares
22%
15%
15%
A—*
--25c
25
Cuban Tobacco com vtc._*
Cuneo Press com
*
6%% preferred
100
Cusi Mexican Mining.-50c
Darby Petroleum com—•
Davenport Hosiery Mills. 5
Dayton Rubber Mfg com.*
Class A..
35
Crown Cork Internatl
High
Low
Price
Par
Range Since Jan. 1 1930
for
Week
Week's Ranoe
Sale
Sales
Friday
Sales
Friday
STOCKS
(iContinued)
Dictograph
79
New York Curb Exchange—Continued—Page 2
142
4%
50
48
41
4%
50
300
200
90
May
95
2%
34%
July
Jan
2%
Mar
55 %
Feb
Jan
4
42%
Apr
Apr
9%
60
Feb
New York Curb
80
STOCKS
Last
Sale
(Continued)
Price
Exchange—Continued—Page 3
Sales
Friday
Week's Range
of Prices
High
Low
for
Range Since Jan. 1 1936
STOCKS
Week
Low
24% Jan
Par
27% Feb
Oldetyme Distillers
Outboard Motors B
7%
15
*
6%
Maryland Casualty
Masonlte Corp common
Mass Utll Assoc v t c
*
~92%
9%
Jan
15
100
12
June
22%
Mar
6%
3%
89%
6%
3%
92%
200
5
3%
8%
5%
Jan
100
Apr
Apr
1,050
62%
1%
Jan
Jan
100%
Mar
4
Feb
"_5% ""5%
2,300
4% May
7%
Jan
1
Massey-Harrls common
May
15
M ayflower
May
*
Associates.
Hosiery
"5%
Jan
50
June
64
Apr
42
_
Feb
49
May
Mills—
9
Mead Johnson <fe Co
*
Merchants & Mfg cl A
1
13%
Apr
Jan
July
79%
5%
Feb
89%
105%
8%
82%
100
.
76
Jan
Apr
Apr
Mar
"'200
20%
Jan
35
99
50
89%
Feb
99% June
6%
7
2,400
5%
Apr
May
8%
99
6%
27
800
3%
40
"166
Mesabi Iron Co
Jan
Jan
Michigan Gas & Oil
Michigan Sugar Co
*
t o_„
8%
t c
Apr
1%
1%
Feb
Jan
3
Jan
6
Jan
Jan
2%
Feb
Penn Traffic Co
200
May
30%
225
22
1%
33%
91%
113% 114
26%
26%
98
88%
80
100
400
10%
1%
30%
Minn Pow 4 Lt 7% pf 100
Miss River Pow 0% pfd 100
Mock Judson Voehrlnger.*
Moh 4 Hud Pow 1st pref.*
2d preferred
*
Molybdenum Corp
1
97
67%
7
.
Montgomery Ward A
*
Montreal Lt Ht 4 Pow
*
*
t c
National BaklnR Co com.l
Natl Bellas Hess com
1
6%
3%
81
Jan
885
41%
Jan
7%
6,500
6%
July
1,350
3%
100
17
16%
151% 153%
30%
31%
200
Pa Gas & Elec class A
3% June
16%
700
4%
100
5%
5%
141%
500
5
Jan
100
138
Apr
31%
32%
14%
37%
1,300
23%
Apr
400
11%
Jan
"36"
500
35
"2%
7",000
140
31%
12%
36
7%
July
4%
Apr
2,100
1,400
2
400
1%
65
65
65
%
1%
Feb
Apr
60
Feb
May
37
Jan
June
6
Mar
Feb
20
Mar
112
Mar
17%
110
4%
4%
4%
5%
3%
45,300
Jan
May
June
17
17
200
17
8%
5%
-
Jan
Jan
Feb
69% June
22%
Apr
June
50
123
123
50
114%
Jan
130
Mar
44
Mar
New Haven Clock Co
"§7"
com
84
"4"
"4%
26%
27%
"16% "10%
%
%
7%
x5
May
20
June
15
Apr
14%
9%
9%
pref ser A
2%
1,100
3
78
81%
100
2%
"§3%
"82% "84"
1
Meter
Feb
Plough Inc
15%
Mar
Prosperity Co class B
Mar
89
May
June
1%
Apr
2%
Jan
Jan
6
Feb
87
June
2%
17%
Jan
Jan
30
Apr
Feb
9
Jan
Mar
Feb
103
Jan
115
12%
Jan
19
2%
69%
Jan
Apr
Jan
Jan
23% June
2%
38
Feb
16
118
.
119%
pfd_.l6o
128
92%
0%
10
Mar
96%
26
%
Jan
52
Jan
104
53% June
Apr
Jan
122
.
11%
36
12
2%
Apr
44%
2%
Jan
3%
Jan
700
3%
Jan
7%
Mar
7,100
8%
Feb
5%
6,550
36%
Apr
56
Feb
July
Feb
2%
2%
6
5%
6%
_i
4%
4%
*
53%
47%
4%
56
46%
22%
21%
51%
23
550
230
North American Match. _*
No Amer Utility Securities*
3
5%
76
*
73%
29%
15
15
15
6%
122"
31j:
"l6%
16%
20
19%
I
6%
87%
87%
Bank
v t
o.__50c
Oil Co..
*
*
*
._*
com
l
50
Nor Ind Pub Ser
6% pfd 100
7% preferred
..100
Northern N Y Utilities
10
100
6% preferred
ser
10
class A100
Northwest
Engineering..*
Novadel-Agene Corp
*
*
5%
$1.20
conv
pref
l
24%
5%
6
700
"28"
Ohio Edison $6 pref
100
Ohio Oil 6% pref......100
10
16%
20
275
100
35%
6%
8%
22%
page 83
Feb
%
Feb
23
6%
6%
%
Feb
19%
Feb
36
23%
7%
"16
16%
1,200
21
June
0%
July
8%
Mar
3,700
•i«
Jan
1%
Mar
1,500
20%
400
16%
15%
5%
1,400
12%
4%
Jan
5%
Jan
7
2%
2%
900
1%
Jan
3%
"l~% "1%
'""600
6%
May
3%
108%
3%
48
Feb
Seeman Bros Inc
28
28
26% May
101%
Jan
104%
Jan
35
Jan
Segal Lock A Hardware.
108
June
110
Feb
Jan
Feb
Scranton
Spring
Jan
1%
Apr
2%
Jan
July
6%
Mar
Apr
2
Jan
200
5,300
17%
15%
18%
%
%
100
3%
15%
15
4%
14%
»i«
300
Jan
105% May
4%
Feb
19%
Apr
82
4%
3%
74%
7%
63%
30
29%
7%
%
5
Jan
70
Apr
Mar
19
Mar
3%
1%
70
2,100
'u
3%
500
%
32
32
55%
60%
7
20
200
Jan
Jan
Apr
Jan
6%
4%
92
Apr
Mar
Feb
July
Apr
Feb
Jan
7n
5%
Feb
Jan
May
65
1,300
500
30
%
1%
39%
8
25,200
75%
7%
23
Jan
38%
100
85
%
Jan
26% June
'"%
Schulte Real Estate com..*
Scoville Manufacturing.25
Mar
Feb
Apr
Mar
3%
200
200
Safety Car Heat A LightlOO
8t Anthony Gold Mines
1
St Regis Paper com
...5
11
Apr
104%
3%
15,800
*
Feb
Mar
"2%
"I %
Apr
15%
26%
3%
Jan
27
Feb
1%
Jan
,6%
35%
29
21%
3
5%
700
50
Jan
Feb
80C
9
3
.*
Mar
13%
Apr
June
5%
38%
20
Jan
149
7%
3
Rustless Iron A Steel
Ryan Conaol Petrol
Securities
100
137%
Jan
200
Apr
13%
12
29%
Jan
Apr
Mar
18%
25
600
20%
11%
9
2%
17%
38
13%
June
Jan
5%
75
69%
Jan
11%
Jan
% May
%
Jan
200
17%
15%
112% 112%
5
Feb
17
25
67
4% June
21%
Jan
15
Feb
6%
Jan
100
*
800
"260
110
14%
100
*
5,500
109"
141
250
Russeks Fifth Ave
30%
24%
109"
98% June
34%
15%
6%
115
*
27%
24%
50
Feb
Jan
Royalite Oil
7% preferred..
100
Salt Creek Producers... 10
Schiff Co com
»
9%
Feb
Jan
%
8%
....20
Rossla International.....*
38
30
60
14
14%
6%
5
Jan
Jan
Apr
22
100
D..100
Roosevelt Field, Inc
Root Petroleum Co
Feb
103
Feb
Apr
27%
60%
1,875
30%
1
79
77%
Jan
Feb
Jan
1% June
*
25
87%
May
Apr
53
76% June
14%
"6%
10
Jan
Jan
%
May
105
Jan
Jan
%
14%
...._»
Apr
Apr
3%
3%
T,806
105
Mar
60%
130
%
*
*
55% May
6%
Jan
8%
Jan
7ia
Jan
98%
Jan
'"loo
Feb
Mar
100
31%
122
115
1,625
700
146% 146%
100
71
3i£
16
June
11%
102%
48
75%
31%
98%
"4% ~*4%
Nor Cent Texas OJ1 Co...6
Nor European Oil com
1
Feb
Feb
48
Royai Typewriter.
Nor Amer Lt 4 Pr—
11
Apr
Feb
Jan
103%
37%
14%
Rochester Gas A Elec Corp
Mar
900
36%
2%
1
50
100
51%
»
Richfield Oil pref
Richmond Rad com
Feb
5
200
30%
»«
1%
9%
Jan
Mar
May
Jan
Reybarn Co Ino
Feb
Noma Electric
400
2%
98
Reynolds Investing
Rice Stlx Dry Goods...
Feb
May
13%
9%
101
5%
Red
Feb
Jan
300
9%
101
*
Jan
7%
28%
5,200
"9%
$3 convertible preferred*
May
%
%
37
40
Apr
Reliable Stores
'i« May
May
%
36% June
Feb
18%
117%
Reed Roller Bit Co..
Reeves (Daniel) com
11%
37% May
19%
Jan
Ji6 May
% June
8%
Apr
9%
Apr
8% May
98%
Apr
400
16
%
Jan
Jan
Jan
Relter-Foster Oil
75%
1%
"2% "T%" "3^800
Jan
May
Jan
Jan
Apr
Jan
Apr
7%
23%
11%
30%
6%
92
Jan
11%
20%
2%
Jan
115
Raytheon Mfg
111*4 June
36
12
36
25
3%
Apr
20% June
100
Class B
Jan
Niagara Share—
»
500
14
July
preferred
Common
Feb
38
1
5
34
19%
June
3%
Raymond Concrete Pile—
Jan
Feb
Niles-BementrPond
Nipissing Mines
10,100
83
140
Apr
com
*
Rainbow Luminous Prod—
Class A
*
June
3%
Jan
105
50
800
5%
June
Feb
114
Ry A Light Secur
Feb
6%
25,800
2,000
20%
1
Jan
July
Apr
6% preferred
June
Jan
11%
66% May
98%
Jan
700
600
14%
111
Quebec Power Co_....__*
Mar
Jan
54%
280
7%
100
Pyle-National Co
.__5
Pyrene Manufacturing
10
Quaker Oats com
*
87% June
Feb
4%
May
10%
%
40
1 %
$6 preferred
Feb
6%
14%
116%
54%
11%
Apr
Jan
81%
$5 preferred
Niagara Hud Pow—
Class A opt warr
Class B opt warrants
36%
100
Jan
preferred
Pub Utll Secur $7 pref
Puget Sound P A L—
June
90%
150
10%
6% prior lien pref...100
7% prior lien pref
100
Feb
4%
23
4%
119%
Jan
7%
Feb
5
7%
Pub Service of Ok la—
Apr
100
18
18
*
5,400
Jan
6%
May
20
102% 103
Feb
Mar
.100
$6 preferred
*
Public Serv Nor Hi com..*
Common
60
Apr
Jan
May
Feb
June
3%
12%
33
♦
6% 1st preferred
Feb
4%
9
90
18%
*
__*
7% 1st preferred
100
Pub Serv of Indiana$7
pref*
Feb
Mar
2% June
June
Apr
July
Pub Serv of Colo—•
Feb
8%
8%
%
8%
14%
50
*
Prudential Investors
$0 preferred
113
40
Jan
7%
*
Providence Gas
Jan
15%
Jan
Jan
14
Feb
49%
4%
Mar
2%
Apr
8% June
19%
4%
*
Power Corp of Can com.
Pratt A Lambert Co
Jan
Corp—"
1
85
800
1 %
Potrero Sugar com
5
Powdrell A Alexander._._*
Jan
~~800
100
9%
50
9%
119% 121%
Pressed Metals of Amer..*
Producers Royalty
• 1
Propper McCallum Hos'y *
2%
26% June
111% 111%
40
35%
Jan
100
80
25
9
80%
Feb
Jan
49
300
7%
1,600
8%
8%
"Hi
Apr
Apr
49
3,900
8%
Pleasant Valley Wine Co.l
23
1%
»
N Y 4 Honduras RosariolO
N Y Pr 4 Lt 7 % pref
100
14%
2%
8%
Feb
Feb
300
Jan
50
2%
Feb
4% June
3%
200
June
4%
"16% "li% "looo
2%
9%
76%
8%
9%
3,700
90
40
57
6%
74%
3
90
1,100
6%
39
8%
5
1
500
3
90
Pittsburgh Forgings
1
Pittsburgh A Lake Erie. 50
Pittsburgh Plate Glass..25
2
«
38%
13%
Pitts Bessemer ALE RR50
Jan
'2"4o0
13%
11%
*
123
78%
6
Jan
Feb
Pltney-Bowes Postage
Jan
100
10%
10
Apr
%
%
400
2%
9%
14%
11
Piedmont A Nor Ry.._100
Pierce Governor com
*
June
110%
26
15
Mar
Apr
150
Jan
36
10% May
150
41
June
*
Feb
,
Apr
12
1,000
33%
Premier Gold Mining..
9% June
100
3
pref.. 100
conv
May
31%
16%
1% May
93% Mar
Jan
70%
18
Pines Winterfront Co
Pioneer Gold Mines Ltd
23
"166
7%
55
410
Jan
25
7% preferred
154% June
111%
14%
16%
87
116%
Prentice-Hall, Inc
100
26
♦
Feb
Jan
5%
3% June
Jan
%
Jan
•i«
12% May
"800
70
15
300
Apr
14% May
Jan
8%
10%
68
20
93%
Apr
Pie Bakeries Inc com.....*
74% May
700
*
56 preferred
$3
Mar
1% May
1
%
'"566
44
93
93%
Apr
112%
Common
1%
500
*
N Y Auction Co com...
N Y Merchandise
13%
60
'""756
87
123
*
Mar
300
*
Newmont Mining Corp. 10
*
com
2
'T)i
'
2.50
Phillips Packing Co
Phoenix Securities—
Jan
17% May
45% June
1% June
30
"16
1%
5
com.
25
28%
Feb
4
20
Apr
35
32
53
Apr
24
51
111%
107%
June
Mar
Bradford Oil
20
Mar
Jan
6
74
com
May
May
Jan
47
100
com
6%
7%
3%
4
Mar
13
"2"
Jan
Northern Pipe Line
Feb
Jan
11,300
Jan
June
103
Apr
Feb
1%
Jan
1%
42% May
......
19
New England T 4 T Co 100
New Jersey Zinc
25
New Mex 4 Ariz Land
1
Jan
70
June
8%
Mar
114% June
29% Apr
98
July
38%
11
Pennsy RR
66%
106%
Phlla Elec Co $5 pref
Phlla El Pow 8% pref
34
100
Common
89
Jan
30
Jan
40
54
Nelson (Herman) Corp...5
Neptune Meter class A...*
Nestle-Le Mur Co cl A
»
see
5%
•
Jan
4%
140
Nehl Corp com
._.*
Nelsner Bros 7% pref..100
For footnotes
5%
Apr
45%
""766
170
*
Feb
18%
National Transit
12.60
Nat Union Radio Corp
1
Nebel (Oscar) Co com
*
Nebraska Power 7% pf.100
preferred
5%
57
110%
Philadelphia Co
149
National Sugar Refining..*
Nat Tea Co 5%% Pf
10
$3
85
54%
51%
110
Perfect Circle Co
May
'"""25
Conv part preferred
»
National Steel Car Ltd...*
SO preferred
Mar
June
32% June
106% 106%
Pepperell Mfg Co.—..100
28
38%
*
common
24
Apr
June
June
7%
106%
Feb
30
52
*
com
Nat Mfg 4 Stores com
June
7%
1
National P 4 L 56 pref
*
National Refining com..25
Nat Rubber Mach
„_*
Nat Service common
1
Common
85
5% May
110 %
Apr
500
*
1
Ohio Power 6% pref
50
107%
Jan
Feb
May
May
*
Feb
Jan
5
_
55.50 preferred
Warrants
Ollstooas Ltd
"§3% "33%
-.*
28%
142
*
National Gypsum cl A
National Investors com.
Oklahoma Nat Gas
""400
29%
Jan
Mar
..*
13
60
Corp..*
National Candy Co com
National Fuel Gas
Jan
67%
59
100
Nachman-Sprinfilled Corp*
Jan
Jan
15%
38%
Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs_*
Mountain Producers
10
Ohio Brass Co cl B
6%
6%
Jan
May
Mar
Pa Pr & Lt $7 pref
$8 preferred
52
35
30%
Moody's Invest Service. _*
Moore Corp Ltd com
*
Mountain StsTel 4 Tel 100
Mueller Brass Co com
1
Jan
Jan
91%
26%
Monroe Loan Society cl A *
Montana-Dakota Utll. 10
N Y Transit
32%
104%
Pennsylvania Sugar Co. .20
"i«
1,000
%
29%
Mining Corp of Can
»
Minnesota Mining 4 Mfg *
N Y Steam Corp com..
N Y Telep 6%%
Jan
1
6%
Jan
com
50
100
Jan
June
Nor Sts Pow
200
"~6%
Pennroad Corp vtc
1
Penn Cent P & L $5 pref..*
Jan
19
7% 1st preferred
29
107
*
1%
41
Founders shares
May
3%
17%
Jan
in
*
6%
50
Nor
3,500
.*
400
100
Preferred A
Jan
Apr
77
*
2,400
3,800
41%
N Y Wat Serv 6%
32%
50
Penn Mex Fuel Co
Mar
9
3%
29%
20%
2.60
Plymouth
1%
6%
~w
Class B
Parker Pen Co.
3%
Jan
High
July
June
1
3%
6
Vs
_.*
Shipbuilding
11
2,400
29
1
Paramount Motor
Pa Water <fe Power Co
7% preferred
4%
106
106
10
Feb
Mar
41
N Y
Pan Amer Airways
Pan tepee Oil of Venez
1%
3%
~w
__*
com
200
20
Peninsular Telep com
Preferred
Apr
Corp—
Nat Bond 4 Share
5%
1%
900
31%
*
Feb
%
102
22
New Process
»
700
*
v
Low
3,000
4%
4%
32%
25
Apr
62
Jan
,
Mid vale Co...
New
6%% 1st pref.
Pacific Ltg $0 pref..
Pacific P & L 7% pref..100
Pacific Pub Serv
Pender D Grocery A
Class B
Jan
Mar
>2 conv pref
._*
Midland Steel Prod......*
Nev Calif Elec
Pacific Eastern Corp
1
Paoifio G & E 6% 1st pf.25
Patchogue
Middle States Petrol—
Nat Auto Fibre A
Range Since Jan. 1 1936
Penn Salt Mfg Co
10
v
6%
1%
15%
for
Week
Shares
5%
2%
•
Preferred
Nat Leather
1%
14%
00m.
2%
Class B
5%
Class A conv pref
Overseas Securities
Parker Rust-Proof
June
31%
10%
Jan
516
100%
*
Mexico-Ohio Oil
M ldland oil
High
Page-Hersey Tubes Ltd..*
Mar
7%
99
Participating preferred.*
Merrltt Chapman <fc Scott*
6%% A preferred
100
Metrop Edison 50 pref
Jan
8%
700
"30% ~30%
100
v
of Prices
Low
6
1
Pacific Tin spec stk
69
1,100
1,200
5%
5%
com..
7% preferred'
9%
82%
89%
101% 101%
Memphis Nat Gas com__5
Memphis P & L7% pref..*
Class A
Price
$1.30 1st preferred
54 pref ww
McCord Rad & Mfg B_.
McWlllJams Dredging
Mercantile Stores
Week's Range
Sale
High
Marconi Internat Marine—
Marlon Steam Shovel
Last
(Continued)
Shares
Mapes Conaol Mfg
American dep receipts. £1
Margay Oil Corp
July 4, 1936
Sales
Friday
75%
July
Jan
May
7i« Jan
50
30
125
42
Jan
100
2%
41%
1%
Apr
Jan
Apr
10
Feb
34%
1%
41%
Feb
Feb
Feb
Brook
Water Co. $6 pref
*
60%
4
Corp General..*
4
*
2%
Feb
112%
Jau
3
2%
6,400
100
60% July
5%
Feb
46 %
Jan
4%
4%
Mar
Selected Industries Inc—
Feb
2%
2%
Selberling Rubber com...*
Selby Shoe Co...
*
Jan
109%
500
10% June
15%
12%
800
26% June
29%
June
Common
|
July •
$5.50 prior stock
Allotment certificates
1
33
2%
2%
«
2
Jan
33
50
30%
Jan
3
600
2%
Jan
40
4%
Feb
Mar
Feb
89
25
*88"
89
100
81
Jan
92
June
88
90%
550
78
Jan
95
Mar
/
Volume
Sates
Friday
STOCKS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Par
Price
Range
Range Since Jan. 1 1936
for
Week
Shares
Amer dep rec
2%
£1
Sentry Safety Control
*
1,300
%
75*
Apr
Jan
85*
18%
2%
49%
10,900
4%
Feb
100
300
Shattuck Denn Mining
6
11%
7%
Shenandoah Corp com
1
$3 conv pref
25
6%
com..25
75*
~~2 %
49 %
2%
49m
100
138
1,100
112
112
20
165*
Sherwin-Williams of Can.*
Singer Mfg Co
..100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
500
132
132
preferred...100
cum
11
18%
Shawlnlgan Wat A Pow__*
Jan
115*
1
Seton Leather com
Apr
Members New York Stock
18**
4%
Feb
Jan
Members New York Curb
15*
June
Apr
47**
Jan
117
May
1105* Mar
345
50
10
June
331
Apr
235*
235*
100
25*
2%
2,300
2%
Mar
3**
Feb
Feb
27**
Mar
26
26%
26%
1,300
255*
Jan
Southern Colo Pow cl A.25
6
3%
6%
3,700
25*
May
May
1%
7%
38%
100
%
141
Southern N E Telep___100
25
38%
400
300
So'west Pa Pipe Llne_..60
%
16
*
9%
pref
*
Stahl-Meyer Inc com....*
31%
9%
716
10
Jan
Jan
Jan
60
41
3,400
800
32
5%
preferred
100
41
150
*
200
100
40
40
17%
11%
26%
11
17%
11**
263*
3%
40
100
*
Stuta Motor Car
♦
6
65*
l
12
*
24*6
Feb
Utah Apex Mining Co...6
Utah Pow <t Lt $7 pref...*
66**
Jan
41**
Feb
Utility Equities Corp j
Priority stock
Utility A Ind Corp
Apr
49**
Feb
Feb
June
Jan
Jan
105**
Jan
Apr
29
28
2
25*
is %
J*
1,600
100
0
12**
June
6%
10,100
June
Mar
650
Jan
6%
June
25H
Jan
Jan
2%
June
Western Tab A Sta
18
Feb
30
June
r}
32
Jan
4*6
22**
Apr
Feb
Feb
55*
7%
956
Feb
25*
Jan
5
Apr
14,300
2,200
27,200
1,500
r%2 June
12% July
Mar
6**
52
Jan
r'
32
June
24%
Jan
6%
Jan
76
June
Jan
6
Mar
Mar
4*6
102
Mar
5
Apr
51** JUne
8**
Mar
5356
June
300
355*
Jan
39 %
Jan
4,900
2%
Feb
4*6
Mar
5
4,700
656
May
3,500
45*
175*
45*
June
27%
Jan
32**
Mar
Mar
556
June
06
May
%
6%
6%
55
52
600
400
62
June
June
5*
3%
900
79
Feb
Feb
195*
42%
200
43
43
5%
33**
8
15*
35
8**
41**
43
101** 101**
2H
Apr
15*
July
Apr
18
May
27
100
200
6,200
■
3%
4
3
3
3%
preferred
100
West Va Coal A Coke
1015*
28%
9%
9%
135*
13**
13
29%
9%
13**
13**
Feb
7
May
10
500
Williams (R C) & Co
*
Williams Oll-O-Mat Ht..*
Wll-low Cafeterias Inc
1
Conv preferred
Wilson-Jones Co
12**
1H
Woodley
July
100** 1015*
375
100
May
104**
Mar
2**
1,300
~1~2% "12%
1%
"160
Petroleum
June
155*
May
40
Jar
Mar
8**
200
22,500
8%
7,**
85*
2
1%
2
2,000
..._*
115
2
warrants
United G A E 7% pref. 100
United Lt A Pow com A
*
Common class B
*
$6 conv 1st pref
•
8%
110** 115**
2
2%
8
63 %
65*
75*
55
31,000
4,800
6,500
100
93
93
"7 %
85*
2,900
7%
32,100
200
8
63%
14,800
150
»
18
19
•
50%
50%
25
Feb
1946
July
100
Mar
Feb
Aluminum Co
Jan
Aluminum Ltd deb 5s 1948
8
f deb 5s '52
id'5%
Amer Com'lty Pow 5*6s '53
107%
102
Apr
Am El Pow Corp deb 6s '67
Amer G A El deb 5S..2028
56
Feb
Am Pow A Lt deb 6s. .2016
965*
Feb
100**
23,000
90
Feb
100
89**
20,000
84
Mar
95
795*
May
100**
845* 146,000
44,000
107** 1075*
105
12,000
1055*
21**
Amer Radiator 4*6s._1947
46,000
99
885*
83**
tio**
Feb
Apr
10**
23
3l"666
23**
11**
13
Jeb
Feb
117
Feb
Associated Elec 4*6s__1953
63**
101** 102
645*
615*
June
Feb
Mar
Apr
22
Mar
10
Jan
Feb
1**
9%
Mar
42*6
25*
10**
9%
785*
70
80**
Conv deb 4**s C...1948
Conv deb 4*6s
1949
53
47
46**
495*
52**
49%
Debenture 5s
5s
...1950
1968
1968
1977
1950
Assoo T & T deb 5*6s A '55
Atlanta Gas Lt 4**s._ 1955
Jan
Jan
19
July
43
Jan
55
May
*6
June
May
25
89
88
89
40 j*
40%
40%
1,425
70
Jan
July
Mar
July
1938
1st M 6a series A
1955
1st M 5s series B
1957
5s
series
C
1960
Bethlehem Steel 6s
9%
Mar
63%
July
Bingham ton L H & P 5s '46
Birmingham Elec 4 **s 1968
Birmingham Gas 6s
1998
385*
1
»
5*
5*
1
For footnotes see page 83
"l6~
~16**
2", 500
16
103
103**
985*
99
88
88
885*
88**
85
84**
87**
84**
87**
116** 117
1195* 1205*
120**
1225* 1225*
136** 139
J106
1065*
117
165732
99
Gen A ref 5s
1966
915*
925*
84
91**
Buffalo Gen Eleo 5s..1939
86
105^32 IO5732
99
102**
107** 107**
tl04
Jan
103**
103** 103**
Feb
Canadian Pac Ry 6s..1942
Carolina Pr A Lt 5s
1956
1115*
1025*
111** 1115*
102
1025*
Jan
Jan
42
May
Cent Ariz Lt A Pr 5s 198u
112
Cedar Rapids M A P 6s '53
Jan
88** '88**
3*6 May
2*6
1*6
Feb
Feb
1*6
Jan
May
6*6
Mar
July
24**
Jan
4>*
16 %
June
5* May
100
.100
Jan
90
Apr
%
B
U S Finishing common.
103**
1959
Boston Consol Gas 5s. 1947
Jan
83
525*
Canada Northern Pr 5s '53
15*
65**
Feb
74,000
355*
285*
275*
Jan
80 **
July
Mar
54
July
Mar
54
17,000
358,000
57** 187,000
57
252,000
55
4,000
59
42,000
89
6s with warrants... 1938
Mar
10
102**
555* May
3,000
74,000
2,000
4,000
July
57**
July
Mar
57
July
30
Jan
29
Jan
55
33
Mar
59
July
76
Jan
91
June
78
Jan
305*
1005* May
Jar
905*
July
Mar
103** June
915*
4,000
1,000
19,000
54,000
775*
Apr
101
Apr
108
Mar
79
Apr
92
June
28,000
10,000
1,000
3,000
1005*
Mt»r
735*
Apr
75
Apr
93
Aer
1145*
Jan
117
Mar
116
Jan
121
1165*
Jan
1235* May
134
Jan
145
Mar
107
Apr
Bell Telep of Canada—
Jan
2%
Feb
87,000
Baldwin Locom Works—
Mar
29**
65*
8
88**
Plywood 5 *6 s.. 1943
68 stamped x w
Jan
100
"56**
6s stamped w W..1938
Jan
400
49
registered
Conv deb 5*4s
Assoc Rayon 5s
68 without warrants 1938
356
55*
2%
98
54
54
1938
Jan
5*
80**
Q
Apr
Mar
56,000
54
505*
Conv deb 5s
Conv deb 5 *6a
Jan
Jan
2%
108
Associated Gas A El Co—
Mar
81*4
Q
10
Mar
1015*
Apr
Profit-Sharing
United Shipyards com B..1
United Shoe Mach com..25
Jan
1075*
Arkansas Pr & Lt 5S..1966
Feb
Feb
257
105
May
Mar
June
Mar
ne
June
Apr
Feb
257
103
102
1045*
Debenture 6s
Broad River Pow 6s_ .1954
United N J RR & CanallOO
June
1055*
1075*
1135*
10**
656
Mar
103**
1,000
16*6
an
108 5*
Jan
3,000
Mar
556
Jan
Jan
1025*
40,000
145*
75*
Jan
92 5*
108
Apr
Apr
93
Feb
1055* June
10**
Feb
28**
Feb
115*6 116
Apr
115%
2*6
Feb
Mar
lie"
Mar
7%
135*
100
Apr
2024
Mar
7
105** May
Feb
1035*
Jan
35*
91**
108**
Feb
100** May
1085*
Jan
United Molasses Co—
Am dep rets ord reg__.£l
Feb
106
55*
485*
95*
Jan
Feb
4%
107
21*6
37**
Jan
95*
Jan
83%
4**
4
33% June
Apr
1967
Jan
Apr
Jan
Mar
1% June
75*
1025*
88%
30**
1256
1%
Mar
104
98%
Apr
12
11
5,000
100%
36**
400
Jan
27,000
1951
May
Jan
Jan
55*
104
1055* 106
8*6
7
1055* 106
106
June
83
Jan
104
Appalachian El Pr 58.1956
Appalachian Power 58.1941
11%
Feb
1942
Feb
400
Feb
BONDS—
Abbot's Dairy 6s
6*6
400
Apr
Alabama Power Co—
Jan
2,900
1
29
Wrlght-Hargreaves Ltd..*
Yukon Gold Co
15*
6
Feb
6%
305*
2,600
23**
85*
12**
3
100
105
400
June
200
104%
Jan
14
300
Amer Seating 6s stp ..1946
'
Feb
Apr
105* May
1**
Jan
Mar
10
7
5*6
Mar
5%
Apr
3%
1
5
25* June
32
Wool worth (F W) Ltd—
Amer deposit rets
5s
Atlas
8H
July
7** May
May
Jan
United Chemicals com...1
$3 cum A part pref
1
1
JaD
27
95*
3**
Mar
1%
78
705*
80
.1968
*16 June
2**
m
Apr
Jan
Mar
Wise Pr & Lt 7% pref.. 100
Wolverine Portl Cement 10
1st A ret 6s
25*s May
1 5*
155*
64
31**
Jan
113
($17 50 paid In)
50
United Aircraft Transport
Corp warrants
00
25
7
*
.*
1966
Union Traction Co (Pa)—
United Elastto Corp
United Gas Corp com
100
705*
1,300
1,800
145*
Feb
June
Feb
•
135*
10**
40
102
1%
.10
Warrants
Jan
75*
1st A ret 5s
100
7
12
15* June
19
Jan
105*
Feb
2%
Jan
2%
36** June
Jan
Jan
25
12
Jan
Jan
25
5*
1,200
1,300
6%
Mar
Jan
70
25*
*
1st A ret 58
Jan
10
*
Feb
4%
27
705*
1st A ret 58
Mar
Trunz Pork Stores
Union Gas of Canada
Feb
375*
*
Jan
107
21**
11**
*
Mar
June
150
53,000
107** 1075*
101 J* 102** 143,000
1,000
103** 103**
103
72,000
104**
105
11,000
105**
"""30
w
*
Jan
Feb
300
800
U2% 112%
%
%
1
1%
55*
7% May
95* May
Mar
4
Mar
Mar
Jan
5**
325*
Am dep rets for ord reg_
Trl-State T A T 6% pref 10
80c dlv pref
89**
81
70
June
Triplex Safety Glass Co-
Twin Coach Co
3
300
Am RoU Mill deb 5S..1948
Tung-Sol Lamp Works..
32**
35*
50
245*
556
60
103
3%
U 8 Foil Co class B
100
5,500
Feb
6% June
8
08 %
Trans Lux Plct Screen—
1
Jan
Jan
3
Feb
June
95*
Mar
2**
7%
1st A ref 4 **s
Corp
Jan
Jan
Feb
109
Jan
05
Am dep rets ord reg..£l
Am dep rets del reg__£l
Class
25
18
May
Jan
2**
6*<
Westvaco Chlorine Prod—
3%
38
1%
34
West Texas U'll $6 pref..*
Jan
250
73
3
Co
15*
100
Tobacco Prod Exports..
Tobacco Securities Trust
Preferred
,
1%
88**
1%
15*
10..*
15J*
6**
20,000
37%
Westmoreland
v
2,700
Tlshman Realty & Const. *
Tobacco Allied Stocks
Preferred
15*
5%
7% 1st preferred.... 100
200
2%
Jan
U S Dairy Prod class A
3
3
Westmoreland Coal Co...*
6
Preferred
26%
"i'%
3
Western Maryland Ry—
4%
Apr
Unltea
22% ' 27**
4,600
Western Grocery Co....20
100**
Products
Mining Co
1
Wayne Pump common... 1
Feb
7%
Milk
28,700
.....
June
1%
preferred
1%
*
7*6
Jan
$3
1%
23
41**
Apr
United
2,600
1%
88
Jan
29
**
Option
Jan
Manufacturing.....*
May
35*
25
45*
Pref non-voting
%
*
Western Air Express
1
Western Auto Supply A..*
Western Cartridge pref. 100
200
United
1%
4%
1,800
4%
1%
35*
55*
83
Walker
18,600
Unexcelled Mfg Co
Union American Inv'g
May
Feb
55*
75* % pref
73**
Apr
4%
Class A
Feb
May
50
18**
Jan
5%
Trl-Contlnental warrants
101
35*
77**
77
63
Mar
5%
Common
93- May
700
Feb
2,000
Ulen & Co
20
35*
35*
8
5%
Tublze ChatUlon
99** 100
Feb
Waitt A Bond class A....*
Class B
*
5%
Tonopah Mining of Nev__l
Jan
4
Jan
4%
112%
Jan
July
5*
26%
....
25*
66** June
%
25
4 %
7% preferred A
100
Tonopah Belmont Devel.l
Jan
46%
5?*
~7%
Todd Shipyards Corp
•
Toledo Edison 6% pref. 100
250
Jan
1,150
102
'55
Jan
4,200
2,200
26%
100
40
%
65**
32
5*
1
Thermold 7% pref
Apr
Mar
4%
4%
Texas P A L 7% pref.. 100
Texon Oil A Land Co....*
22%
5*
6%
Technicolor Inc common.*
*
100
10**
Taylor Distilling Co
Producing
Mar
245*
1
66**
23%
June
June
14 j*
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Jan
12**
45* May
l
1
22 5*
Wahl (The) Co common..*
Tastyeaat Inc class A
Mines
27
75*
Waco Aircraft Co
19
71
35*
Jan
Feb
June
600
Jan
5%
38
7,700
Feb
Feb
Talcott(J) Inc 5 5*% pf-50
com.
Mar
454
12**
5%
65*
5%
Va Pub Serv 7% pref.. 100
Vogt
35*
Jan
25* May
100
*
7% preferred
100
Venezuela Mex OH Co.. 10
Venezuelan Petrol.
1
Mar
May
4%
30
4
4}*
1
*
Conv preferred
*
Util Pow & Lt common.. 1
45*
5*
""166
23
*
1
100
Syracuse Ltg 6% pref.. 100
Taggart Corp common
*
Texas Gulf
Universal Products
Utlca Gas A Eleo 7% pf 100
Jan
5*
"9J* "9%
Feb
Apr
45*
15*
15*
Feb
Jan
3
200
600
1,100
18
1
com
Utah Radio Prod
215*
45*
24**
8
165*
32
Swiss Am Elec pref
8w1bs OH Corp.
10
Insurance
%
3%
Apr
Apr
12
6%
Rights
Sunshine Mining Co.*.10c
Swan Finch OH Corp
16
Universal
**
1516
3%
4?*
24**
716
%
356
May
37
19
Oil
Teck-Hughes
Universal Consol Oil
*
2 J*
6%
37
Machinery
Tampa Electric Co
Mar
t c
25*
Sun Investing common...*
Sunray
Mar
v
Jan
1,300
6
Stroock (8) A Co
Apr
Jan
13**
"65*
(Hugo) Corp
45*
2,200
*
St Inn ee
Jan
Feb
4%
46%
716
20
Stetson (J B) Co com
Jan
1
1*4
"4%
"4"
4
50
Sterling Brewers Inc
May
41 >*
United Verde Exten...50c
United Wall Paper
*
100
*
19
United Stores
65*
Feb
75*
Feb
18**
Feb
June
Feb
Mar
Feb
84
3
27%
7% preferred
100
U S Rubber Reclaiming..*
U S 8tores Corp com.....*
July
Jan
Jan
U 8 Radiator Corp com..*
Feb
235*
14 5*
36**
50
May
3%
June
Feb
Apr
July
27%
Jan
27
*
1**
17**
Y.IOO
70
10
4 J*
36**
2%
"i'% "2%
High
Low
15*
35*
355*
335*
35*
12**
Week
200
2
»
Jan
83
Price
•
1st pref with warr
U S Lines pref
U S Playing Card
Apr
11
*
1st preferred
2d preferred
Sullivan
Apr
July
U S Int'l Securities
July
69
preferred
Sterchl Broe Stores.
May
Par
5*
1,100
Steel Co of Can Ltd
65*%
Apr
10** June
97
265*
716
Stein (A) A Co common
5*
Jan
29
2,900
.....
46 %
Preferred
Standard Silver Lead...
12%
175*
1
Common class B
Shares
Feb
May
%
Feb
95* June
"466
12%
*
Standard PAL
**
**
600
Standard Dredging CoCommon
(Neb)
26
Standard Oil (Ohio) com 25
for
of Prices
Low
High
—25*
31%
""%
Standard Brewing Co...
Standard Cap A Seal com.5
Oil
149
6**
Jan
Week's Range
Sale
Universal Pictures
Am dep rets ord reg__£l
Standard
Range Since Jan. 1 1930
Last
Feb
65*
32**
1
Spanish A Gen Corp—
Am dep rets ord bear_£]
Stand Investing $5.50 pf.*
Standard Oil (Ky)
10
27
54
5
1%
7%
preferred
41**
285*
7%
25*
11**
40**
3** June
10
Southern Union Gas
Conv
Sales
Friday
STOCKS
Feb
Jan
15*
34**
300
365
Jan
19
28%
Square D class A
Apr
Jan
20**
NEW YORK
-
•
•
Exchange
Exchange
DIgby 4-7140
Apr
34 J*
28%
Spencer Chain Stores
BROADWAY
39
Apr
116
55*
283*
Southland Royalty Co
South Penn OH
55
145**
Jan
35*
5% original preferred.25
6% preferred B
25
55* % pref series C
25
Southern Pipe Line
Peter P. McDermott 8l Co.
Feb
Apr
(Concluded)
341
343
*
1
Mar
8%
23**
Smith (L C) A Corona
Typewriter v t c com
Sonotone Corp
Southern Calif Edison—
2**
15*
15
60
165*
Specialists in Curb Bonds
High
Low
Selfrldge Prov Stores—
Sherwin-Williams
81
New York Curb Exchange—Continued—Page 4
142
166"
112
1055* 106
1055*
Feb
43:660
895*
Jan
48,000
1,000
53,000
1,000
70
Jan
105*32
July
945*
875*
109
Mar
Feb
Feb
Jan
8954
Jan
1035* June
1055*
Apr
109
Apr
108
Feb
104 H
Apr
104
Jan
"9,666
1025*
Mar
41,000
68,000
1,000
21,000
1095*
Apr
1165*
Mar
985*
1115*
1055*
Jan
1025*
May
Jan
1135*
1075*
Mar
Jan
Feb
New York Curb Exchange—Continued—Page 5
82
Sales
Friday
Last
(Continued)
Week's Range
of Prices
Low
High
Friday
for
Sale
BONDS
Week
Pripe
Range Since Jan. 1 1936
Low
S
series
E
6s series O
1968
103 %
4%% series H
103% 103 % 123,000
101%
90,000
103%
101M
1981
1956
ser
6%s ex-warrants... 1954
Cent States P & L 6 %s '53
Chic Dlst Elec Gen 4 %s *70
.1961
Chic Jet Ry & Union Stock
Yards 8s
...1940
Chic Pneu Tools 5Mis. 1942
99%
93%
Jan
Jan
5.000
102%
111 Northern Utll 5a... 1957
111 Pow & L 1st 6s ser A '63
102 M 103
Apr
106
93 %
75 %
Cities Serv P & L 5 Ms 1952
6MB
1949
79 M
78%
79 M
78
67
86%
Apr
Jan
93
Jan
Indiana Service
97%
102
Jan
7s series F
66%
Jan
80
June
Feb
51
June
International Sec 6s.. 1947
Interstate Power 6s.. 1957
Jan
...
113
June
113%
113%
Jan
1,000
74,000
113
Mar
107%
110%
110%
105%
Jan
108
May
106
19,000
103%
Jan
106%
104 %
37,000
75,000
102%
Apr
105
Jan
77
Feb
Mar
Jan
124
Without
95
Iowa Pow A Lt 4%s..l958
Iowa Pub Serv 5s
1957
Italian Superpower 6s. 1963
Jan
7s
92 M
101%
Jan
124
June
5,000
106
Mar
110
Feb
94%
$32%
3,000
88
29%
Jan
~~7~66o
96
Jan
101%
June
85%
Jan
93%
June
101%
June
104
Jan
Mar
104
Apr
90%
92% 243,000
101% 101%
4,000
102% 102%
11,000
$98
107%
95
34%
100%
106 %
108
99%
99%
107%
108%
Jan
102
4,000
88%
"e'ooo
106%
70
Jan
102%
83%
June
Apr
107% June
Apr
110
Jan
106
Mar
108
May
10,000
102%
11*665
107%
99%
107 M
106M 107%
20,000
5s 1st series B
1950
Detroit Internat Bridge—
106M
105 M 106%
45,000
6%
7%
37,000
6%
6%
18,000
1%
U
1%
Mar
106
102 M 102%
Aug 1 1952
Certificates of deposit.
Aug 1 1952
Certificates of deposit
48
1,000
103% 104%
$107%
Deb 7s
Mar
100%
3,000
106 M 106 M
6Ms
Jan
Jan
104 M
1%
9,000
105%
102%
%
~~2~66o
102% 102%
88
89% 433,000
Elmira Wat Lt & RR 6s '56
El Paso Elec 5s A
I960
El Paso Natural Gas—
107
4,000
107%
103% 103%
3,000
May
May
105%
109
Feb
Jan
Apr
Jan
103%
107%
Mar
Jan
106%
July
4%
Jan
4% May
%
Jan
1%
Dixie Gulf Gas
6Ma.. 1937
Elec Power & Light 5s.2030
101%
74
99%
102%
Apr
11
Feb
10%
Feb
3
Jan
2%
Jan
5s series B
6%s series D
1955
5s series I
May
91
Jan
104%
109%
May
May
65
Jan
63
Jan
83
June
108%
101 %
Apr
107
Feb
111%
Feb
Feb
75%
Feb
74
Feb
96%
106%
Jan
26,000
104%
Jan
30,000
7%
69%
$71 %
4%
Jan
17
Feb
Feb
4,000
70
75
m
m
m.
mm
mi
13,000
71%
75
8,000
107% 107%
98%
99% 43,000
77%
79% 135,000
69%
70% 31,000
50
Jan
76
Mar
54
Feb
75
Mar
63%
Feb
76
Mar
107
Jan
109%
Feb
98%
74%
Apr
103
Feb
Apr
88
Feb
67%
Apr
79%
Jan
Apr
92
Feb
90%
65,000
81%
84%
87,000
78
Apr
99%
2,066
104% 105%
104% 104%
105% 105%
8,0,00
3,000
104% 104%
67%
70%
$69
85
21,000
13,000
58
5,000
87%
Jan
June
102%
Apr
101
Feb
99
Apr
104% June
104% May
104%
Apr
Jan
101%
°
44
Jan
106%
Jan
106
Jan
106%
105%
Feb
75
Mar
June
'
65
63%
51,000
51%
52
107% 107%
3,000
3,000
May
90
Feb
Jan
71
June
47% May
Jan
106%
61
Jan
108
Jan
39%
103%
Feb
92%
June
107%
June
McCord Rad A Mfg 6s 1943
105
Feb
131
July
July
Midland Valley 5s
1943
Mllw Gas Light 4%s..l967
Mississippi Pow 5s... 1955
June
Miss Pow A Lt 58
Minn P A L
4%s
1978
5s
105%
Jan
108
3,000
34
Fairbanks Morse 5s..1942
Farmers Nat Mtge 7s. 1963
101%
34
Jan
1,000
34
75%
33%
101%
May
14,000
101% 101%
$27%
—-
Federal Sugar Ref 6s. .1933
Federal Water Serv
5Ms'54
$1%
91
2
July
28% June
1%
Apr
75%
Jan
91%
87,000
100%
102% 103%
4,000
28,000
99%
102%
103
Finland Residential
Mtge
Banks 6s-5s stmpd.1961
11,000
103
June
91
87%
105%
39%
June
Jan
104%
Apr
28%
June
5%
Feb
91%
July
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5%s '55
Missouri Pub Serv 5s. 1947
Montana Dakota Utilities
5%s
Firestone Cot Mills 5s 1948
Firestone Tire & Rub 5s '42
First Bohemian Glass 7s '57
Fla Power Corp
5Ma. 1979
Florida Power & Lt 5s 1954
102%
103%
$93%.
103%
95%
lo'ooo
103% 103%
129,000
95%
96
100
90%
Feb
101
Apr
105%
106%
95%
Feb
Jan
Jan
105%
Mar
Apr
May
Feb
Jan
2030
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 4%s.l981
6s series A
Realty 6s "48
Nevada-Calif Elec 5s. 1956
July
98
6,000
23,000
6,000
104%
23,000
1,000
7,000
31.000
3,000
13,000
82%
106~
102%
58
"1,000
100
6,000
104%
107
101% 102%
105
2105%
Feb
Jan
103%
102%
Apr
103% May
Feb
108%
Jan
102%
Feb
104%
107%
Apr
Mar
103%
Jan
106%
Mar
76%
Jan
106% May
107%
Feb
83% Mar
June
58
June
94%
Jan
71%
Feb
12,000
103%
Feb
Jan
103
Jan
93%
106%
102%
«
«
46,000
23,000
91%
78
102%
May
51,000
98%
Jan
19,000
May
105
Jan
3,000
17,000
55,000
107-
Feb
94
'
28%
108%
72%
97
105%
102%
71%
97%
104% 105%
101% 103%
-93%
94
31,000
4,000
3,000
22,000
42,000
28%
86,000
107% 108%
22,00.0
27
125
125
tl07% 108
94%
96%
3,000
Mar
Mar
'
June
57%
Jan
106
93%
Jan
102% May
97
Apr
85%
Apr
18
Jan
107% June
117%
Jan
105%
May
1~3~5~666
86%
Jan
119
30,000
109%
Jan
70%
96
118
72
32,000
64%
118
97
98
53,000
88%
97%
95%
97%
69,000
92 %
Jan
Mar
Conv deb 5s
1948
"n"
70
71
16,000
4,000
83%
Jan
Conv deb 5a
i960
70%
69%
71
94,000
May
64% May
64%
Apr
94%
95%
33,000
82
Jan
Pow Assn 5s. 1948
97%
96%
97%
53,000
85
Jan
96
98
11,000
96
1954
99%
99
99%
56,000
88%
Jan
$98
100
July
May
97% June
96% June
102% Mar
102% Mar
90% July
1942
87
85%
87%
79
79%
9,000
16,000
103% 103%
3,000
"95%
General Bronze 6s
1940
General Pub Serv 6b. .1953
GflnJPub Utll 6 Ms A. 1956
90%
General Rayon 6s A.. 1948
Gen Vending Corp 68.1937
88%
}64
"23%
Certificates of deposits..
Gen Wat Wks & El 5s. 1943
90
Georgia Power ref 5s__1967
Georgia Pow & Lt 5S..1978
24r
90
9,000
99% 102% 361,000
3,000
86%
87%
(Adolf) 4Ms...l941
181%
I63"
Hackensack Water 5s. 1938
5s series A
1977
Hall Print 6s 8tmp.i_1947
Hamburg Elec 7s
1935
"92%
Hamburg El Underground
& St Ry 5Ms
1938
Apr
20—June
27
Apr
86
May
95%
Mar
79
94
126~66o
90
Jan
102%
108
56
59%
69%
70%
104% 105
104% 105%
6,000
•44
7,000
53.000
103
103%
tl09% 110%
106 M 106%
91%
t25
N Y A W estch'r Ltg 4s 2004
Debenture 5s
.1954
"102%
1106% 107%
102% 103%
Niagara Falls Pow 6s. 1950
'l05%
June
Apr
92%
Jan
5,000
"I'ooo
Mar
Feb
60
Mar
Feb
Feb
5%s series A.'
1956
Nor Cont Utll 5%s.__1948
95%
107%
106%
Feb
No Indiana GAE 6s. 1952
106%
103%
Mar
56%
Jan
June
Jan
110
105%
June
Jan
107%
Jan
72
Jan
93%
Feb
May
43%
Jan
21%
32
June
32%
104%
Jan
107
Feb
$24
27
1936
102
102
102
1,000
102
107
106
107
4,000
103%
tlOO
101
July
97%
May
Jan
101%
Jan
Mar
Houston Light <fc Power—
1953
105%
105% 105%
103% 103%
5,000
104%
Mar
3,000
103
Mar
108% Mar
107% Mar
105%
105% 105%
10,000
104
Mar
106
111% 111%
107
107%
June
114
Jan
8,000
Apr
108
Jan
.
1950
1951
83
1,000
111%
106%
Jan
Apr
105% June
95%
96%
leb
Jan
107% May
109% June
108% May
73
June
101% May
106
104
95%
28%
Feb
June
June
July
112
May
125
June
109
96%
119
79%
79%
79%
99%
102%
Feb
July
July
Feb
Feb
Feb
Mar
Mar
88% June
69
Jan
81
Jan
97
May
104
Feb
Mar
107
June
28,000
105
Apr
31,000
102%
Jan
Mar
"~6~ 000
105%
101%
110%
107%
103%
108%
Mar
105%
Feb
111 %
Apr
112%
Mar
3,000
ii'ooo
Apr
Jan
Jan
105% June
108%
6,000
105%
109
Jan
86%
3,000
84%
90
Feb
94
96%
97
Mar
59
82,000
25,000
1,000
Jan
57%
106%
Apr
Mar
108
May
Mar
Jan
No Amer Lt A Pow—
75
tlll% 112%
105% 105%
107
107%
74%
Jan
Feb
Mar
86
.1959
Nippon El Pow 6%b._1953
25
25,000
5s series A
1962
Mar
104%
104%
102%
Apr
Jan
Mar
1st 5%s
82%
108%
19,000
107
107%
106% 107
103% 103%
Jan
July
New York Penn A Ohio—
Ext 4%s stamped..1950
103%
90%
90
79%
106%
Apr
64
-
N Y PAL Corp 1st 4%8 '67
85
106
5s stamped
Income 6s series A..1949
N Y Central Elec 5%s *50
N Y State E A G 4%s.l980
Mar
17~66O
Debenture 5%s
New Orl Pub Serv—
July
38%
103
New Eng
Feb
93
"i",66o
64
Feb
102%
May
Houston Gulf Gas 6S..1943
6Ms with warrants. 1943
Apr
~
64
Gulf States Utll 6s__.1956
4Mb series B
'.1961
May
27
101%
101
104%
65
88
88%
+105%
Guardian Investors 5s. 1948
Gulf Oil of Pa 5s__
.1947
Jan
Jan
June
29
23
4s__Il965
Grand Trunk West 4s. 1950
8,000
'89%
t
Gt Nor Pow 5s
stmp__1950
Grocery Store Prod 6s 1945
Guantanamo & West 6s *58
79
22%
30
24
23-
100%
1953
3I'ooo
14^666
.
66
22%
24
98
90%
Jan
Mar
101
75,000
107% 107%
June
24,000
108
107%
24
62
101% Mar
104% Mar
107% May
42,000
108
June
105%
96%
95
96
mw.
90%
106%
112% June
104% June
Jan
102%
83%
89%
89
97%
Jan
104%
Apr
104% June
Feb
106% 106%
""90%
107% June
102%
Apr
Apr
97%
96
Apr
105
97%
Deb gold 6s June 15 1941
Deb 6s series B....1941
Mar
103%
102%
24
33
100
107
Neisner Bros
New Amsterdam Gas 5s '48
N E Gas A El Assn 5s. 1947
Apr
104
106% 106%
$99% 100%
90%
91
106
106%
-
2022
Feb
98
& Gas—
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
Deb 5s series B
Feb
104
1944
Nassau A Suffolk Ltg 5s "45
95%
58
1957
Nat Pow A Lt 6s A...2026
100
July
90
103
$24
"loo"
1955
Mississippi Rlv Fuel 6s *44
105% 105%
97%
101
77,000
14,000
110% 111%
82%
Middle States Pet 6%s *45
121%
Jan
5,000
Mar
June
Feb
119%
103%
6,000
11,000
103% 103%
...
Memphis P A L 5s A.. 1948
Metropolitan Ed 4s E.1971
June
106% 107%
106%
Jan
90
103
McCallum Hosiery 6%3 '41
Mar
Jan
69
1967
111%
7s without warrants 1941
Jan
92
European Elec Corp Ltd—
6 Ms
1965
European Mtge Inv 7s C'67
106
Jan
36 000
101%
97
103%
104
106%
105% 105%
Jan
18,000
103%
101%
96%
103%
103%
105%
106% 107
Jan
89%
65%
97'
105%
40%
89
mmtm.
106%
102
60
Apr
Apr
103%
103%
115%
100%
44,000
97%
Louisiana Pow A Lt 5s 1957
Louisville GAE 4%s C *61
101% 101%
65 %
5,000
106% 107%
m
Manitoba Power 5%s.l951
Mansfield Min A Sweet—
101%
89 M
1953
96%
106%
Jan
Jan
Feb
6,000
106%
119%
102% 102%
Lone Star Gas 5S.....1942
Long Island Ltg 6s... 1945
Jan
16,000
71,000
97%
105%
Mar
Jan
Empire Dlst El 5s
1952
Empire Oil & Ref 5Ms 1942
Ercole Marelli Elec
Mfg—
......
Sink fund deb 5%s_1950
Lehigh Pow Secur 6s_.2026
106%
25,000
27,000
22,000
8,000
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
105%
98%
80%
For footnotes see page
111%
63,000
103%
20,000
Ref & lmpr 5s
107
8,000
12,000
119
Kimberly-Clark 5s
1943
Koppers G A C deb 5s 1947
61,000
Hydraulic Pow 5s
Feb
104% 105
1969
121%
1981
Feb
97
106
1948
6%s series F
116
1978
Jan
104
Jan
104%
......
1st mtge 5s ser H..1961
126% 131
1st 4Mb series D
102
Jan
86%
Kentucky Utilities Co—
121
1st 5s series A
Jan
106
194<
4%s series C
1961
Kansas Gas A Elec 6s.2022
Kansas Power 5S.....1947
131
1938
1st 4Mb series E
70%
"59"
51%
6M with warrants.. 1943
Hood Rubber 7s
104%
....
Deb 6 Ms
Oohel
-
Jamaica J7at Sup 5%s *55
102k"
Glen Alden Coal
96
100
96% June
Jacksonville Gas 5s... 1942
98
1952
......
"I65""
1942
120
Derby Gas & Elec 5s__1946
Det City Gas 6s ser A. 1947
Gesfurel 6s
Mar
83%
Isarco Hydro Elec 7s. 1952
4,000
Delaware El Pow 5Mb 1959
Denver Gas & Elec 5s. 1949
Gary Electric
100%
Jan
100% 100%
14,000
100
Cuban Telephone 7Ms 1941
Cuban Tobacco 5s
1944
Lighting 5s
Jan
86
4100%
..1961
Stamped
Cumberld Co P & L 4Ms'56
Dallas Pow & Lt 6s A. 1949
Erie
95
Jersey Central Pow A Lt—
1940
6 Ms series A
June
89
90
warrants
Iowa-Neb LAP 5s...1957
112% May
109
69%
1947
w w
107M 107M
Aug 1 1940
6s series C
5s series A
Jan
Jan
77%
4%s series F
1958
Invest Co of Amer—-—
111%
109
"99"
...1956
Isotta Fraschlni
Conv deb 6 Ms w w.1943
Consol Pub 7%s stmp.1939
Cont'l Gas & El 5s
1958
Crucible Steel 5s
5s series D
127%
Consol Gas El Lt & P (Bait)
Crane Co 5s
June
103%
101%
Interstate Public Service—
May
106% Mar
106
May
Mar
~~74%
.1952
111M 111M
123M 124
1st ref s t 4s
1981
Consol Gas Utll Co—
1st & coll 6s ser A..1943
69%
..1957
Debenture 6s
Feb
63%
8,000
Feb
106
3,000
105% 106
7
7
...1952
5s series B._
__
105%
International Salt 5s.. 1951
Jan
6s seriesD
..1962
Consol Gas (Bait City)—
6s
1939
Gen mtge4M»
1954
111
70%
1955
7a series E..
4,000
2,000
109
International Power Sec—
102%
June
HI
110%
1956
Jan
Jan
106
Jan
-■
106% 106%
Ill
Pow 6s '48
80
Mar
1.000
Feb
9<% June
7,000
70%
Jan
110%
125M 125 M
107 M 107 M
107% 108
Feb
81%
109
Jan
18,000
70%
87%
65%
4,000
1951
ft.
68
34
74M
ft.
69
May
112
71M
«•
ft.
85%
105
111%
110%
110%
106%
105M
104
-
70%
Mar
1st M 68 series B
74
Jan
82%
82
9,000
103
91%
91%
$107% 108%
96%
96%
85%
Intercontlnents
Apr
104%
+»
......
1950
86%
110%
167"
102
91%
1963
5s
1st Hen A ref 5s
85%
9,000
Ms series C
80
96%
98%
Jan
1st M 5s series A...1953
106
19,000
100% 101%
103
1957
Jan
112
4
5s
69%
112
3Ms aeries H
1965
Com'wealth Subsld 5 Ms '48
Community Pr & Lt 5s '57
Connecticut Light & Power
Mar
99% 100% 106,000
94%
95% 21,000
101%
Indianapolis Gas 5s A. 1952
Ind'polls P L 58 ser A._ '57
54
111
Jan
107
99
95
Indiana Hydro-Elec 5s '68
Indiana A Mich Elec 6s '55
69%
,
$50
1st 4Mb series C
1956
1st 4Mb series D
1957
1st M 4s series F...1981
58
3,000
52,000
Indiana Gen Serv 5s_.1948
June
Commerz & Prlvat 5 Ms '37
Commonwealth Edison—
1954
12,000
102% 103%
100%
High
Jan
56%
4,000
73,000
1951
6%s series C
11,000
79M 102,000
79% 88,000
74%
72%
74
107% 108
103%
..1953
5s series C
104
104M 105
7s series A
6%s series B
«.
Low
8,000
72%
'
Apr
Apr
102 M
Line 6s
May
104%
101%
104 M
Cities Service Gas 5Ms '42
Cities
Service
Gas
Pipe
62%
•
-
Range Since Jan. 1 1936
$
96%
97%
106% 106%
105% 106
S f deb 5%a ..May 1957
65
-
High
105%
Indiana Electric Corp—
6s series A
1947
111%
1943
83 M
1950
Jan
Apr
Jan
23,000
1,000
6,000
84
84 M
20,000
82%
83% 476,000
102
102 M
59,000
1966
82%
109%
96%
«•
"97
61
7,000
74%
93%
1947
1st A ref 5%s ser B.1954
1st A ref 58 ser C
1956
25,000
96
75
Apr
May
88% June
111
74
Illinois Central RR 6s
48,000
Low
74%
1949
Idaho Power 6s
96
110
1955
68 series B
Jan
Jan
90
102 M
1927
Conv deb 5s
Price
94
99%
111
Cincinnati St Ry 5%s A '52
Cities Service 5s
100%
22,000
90
18,000
91
92% 123,000
71
70 M
68%
150,000
70 M
72% 142,000
72 M
71
73 M
73 M
69,000
105% 106
8,000
107
$106
D..1957
6s series B
Week
41,000
103 %
M
89
Cent States Eleo 6s...1948
Chic Rys 5s ctfs
99
99 M
Cent Pow & Lt 1st 6s. 1956
6s series B
100 M
103
99 M 100
103% 104
Cent Maine Pr 4%s E 1957
Cent Ohio Lt A Pr 6s. 1960
Cent Power 5s
for
of Prices
(Continued)
High
Week's Range
Sale
Hygrade Food 6s A... 1949
1st & ref 4%s uer F. 1976
Sales
.
Last
BONDS
Central 111 Pub Service—
6s
July 4, 1936
Mar
59
106% 106%
90%
63
64%
Jan
Jan
Volume
Last
Week's Range
for
Sale
trice
104 Vi 105 Vi
105 Vi 1064
1966
..1969
6s series D
...1970
1940
1034
103 Vi
103Vi
No States Pow 5 4S—
104
104
104
N'western Elec 6s....1945
104
103 Vi
104
44s serlesE
1945
Ohio Edison 1st 5s
1960
Ohio Power 1st 5s B..1952
D 1956
58 series
D
...
102
101 Vi
102 Vi
ioovi
105 Vi
105 Vi
1953
1961
E
Okla Gas & Elec 5s... 1950
series
6s
22,000
5.00O
15,000
Standard Telep 54s.. 1943
June
June
Jan
104
103 Vi
Feb
104 Vi
Mar
lOOJi
Mar
104 Vi
Feb
JaD
68 Vi
Apr
68 Vi
Apr
15,000
103 Vi
Jan
109 Vi
June
Tennessee Flee Pow 5s 1956
26,000
105Vi
Mar
105 Vi
6,000
105Vi
12,000
{106Vi 107
103 Vi 1C4
102 Vi 102 Vi
26^000
20,000
99
1,000
Tenn Public Service 5s 1970
70
Apr
107
Mar
Texas Elec Service 5s. 1960
104
108Vi June
112
Vi 100
106 Vi
Jan
107,
Apr
1941
Pacific Ltg & Pow
A. 1948
5S..1942
Pacific Pow A Ltg 5S..1955
Palmer Corp 6s.
1977
1979
5a...
119 Vi
120 Vi
99 Vi
994
86
88 Vi
{103
Thermold
Feb
Tide Water Power
105
Feb
Tletz
Jan
Toledo Edison 59
93 Vi
Apr
Jan
100
Jan
105Vi
Apr
107
Jan
104
104 Vi
{105
100
Vi 100 Vi
1950
106
Deb 5 4s series B..
.
1959
107 Vi
Pennsylvania Power 6s *50
Mar
Union Amer Inv 5s A.1948
Mar
Jan
116 Vi
May
5s series A
1954
Mar
Feb
5s series B
1967
449
Jan
105
Mar
United Elec N J 4s
107 Vi
Apr
United El Serv 7s
97 Vi
Jan
101 Vi
Feb
6s series
1954
D
101 Vi
Mar
106Vi June
4 4s
lo.OOO
98 Vi
series
B
...1981
6s series
C
114*4
Jan
Feb
108Vi
June
1939
Portland Gas A Coke 6s *40
Potomac Edison 5s...1956
106
">i
104
1st A ref 5s series C.1950
1st A ref 4 Vis ser
Quebec Power 5s
D.1950
1968
Queens Boro G A E 4Vis *58
6 Vis series A
1959
series
Jan
106 V*
Mar
106 Vi
106 Vi
13,000
10,000
105
Mar
104
May
108
96 Vi
Jan
105
20 Vi
May
103 Vi
24 Vi
Feb
June
65
27 Vi
106
83 Vi
107
108 Vi
Apr
254 June
Jan
264
6,000
90
9x4
60,000
76
Jan
92
June
80
~Jan
96
June
88
Jan
324
Jan
334
1064
May
June
-
1st ref 58
548 A.1946
B
llOVi
1004
14,000
1044 1044
1064 1074
4,000
104 4
June
19,000
1054
Mar
Ward
1937
1044
Feb
Wash Gas Light 5s._.1958
1074
Mar
Wash Ry A Elect 4s.. 1951
Wash W ater Power 5s. 1960
Baking 6s
Mar
99 Vi
b.OOO
974
Jan
100 Vi
Jan
West Penn Traction
22Vi
1324
June
Feb
{8^Vi
{34 Vi
West Penn Elec 5s
2030
'60
5s
Jan
104
111 Vi
Jan
Feb
107
101 Ji
Jan
104 Vi
Apr
8,000
102
Jan
104 Vi
Mar
26,000
102
Jan
104 Vi
Jan
85
1958
1035
105Vi 105 Vi
102 Vi 102 Vi
5,000
103 Ji
Apr
105Vi
Feb
Yadkin Rlv Pow 5s...1941
102 )i
8,000
100
Apr
York Rys Co 5s
93 Vi
121,000
Jan
103 Vi
96 Vi
Apr
92 Vi
89
89 Vi
18,000
Jan
93 Vi
Feb
7,000
944
74,000
59 4
34,000
1054 1054
16,000
94 4
59 u
i064
"lb'cOO
1034 1034
1034 1034
1054 1054
106 4
16,000
1064
JaD
107
Jan
1074
Feb
Mar
107
884
334
1074
May
Jan
99
1034
104
June
Jan
1104 June
Jan
Jan
June
95
66
Apr
105
Mar
106Vi
Mar
107
{1074
"
Jan
27
Feb
107 Vi
June
106
Jan
107
1014
Jan
105
Feb
101
Jan
Feb
1054
Jan
1044
1074
Mar
1074
JaD
Apr
1044
Jan
Feb
Jan
37,000
105
16,000
1104
Wise Pow A Lt 5s E..1956
5s series F_.
7,000
102 4
110
Wise Pub Serv 6s A...1952
894
103 Vi 104
103 Vi 104
Jan
102 4
Newspaper Un 6s '44
54s'5*
Wheeling Elec Co 5s..1941
Wise Minn Lt A Pow 5s'44
106
no
West
Feb
June
4,000
102 4
West United G A E
108 Vi
Jan
1064 1064
106
1064
West Texas Utll 6s A. 1957
11,000
Mar
244
June
110 Vi UlVi
97 4
94
24
Jan
May
Jan
24
91 Vi
32
Mar
9,000
17
Feb
Apr
lOlVi
25,000
Jan
June
Jan
96/4
99 Vi
145 Vi
26,000
914
Jan
Jan
1004
100
95
Jan
1,000
104
90
90 Vi
3,000
100
964
66 Vi
2o Vi
107 4
Jan
May
914
5,000
l4t Vi
Apr
1004
954
914
834
1950
7,000
Vi
1054
964
1946
ser
6s
98
23
June
105
{x00
Waldorf-Astoria Corp—
7s with warrants
1954
Mar
3,000
July
101
July
1064 May
{1074 1094
100
{98
Vamma Water Pow 5 4s'57
Va Public Serv
103 Vi
104 Vi
994 101
1054 1054
101
Utlca Gas A Elec 5s D.1956
*64
141 Vi
104
93
Vi
89 Vi
86 Vi
83 Vi
84
85 Vi
Jan
89 4
8,000
103
Apr
106 Vi
13,000
104
Vi June
106 4
Jan
2,000
103
Jan
106 Vi
104
Juue
"33)00
25
106 Vi
107
78 Vi
984 May
6,000
25
May
33
Feb
20-year
22Vi
2,000
~
Feb
June
27
Feb
Mar
June
mavs
12 Vi
7,000
104 Vi
23,000
101 Vi
Jan
105
124
Jan
127Vi
"vi
"23)00
25 Vi
4,000
108
20
20
5,000
Jan
214
1934-1946
19 4
17
Jan
214
J&n
20 4
20 4
204
5,000
1947
1,000
20
May
264
Feb
71
714
20,000
554
Jan
72 4
73 4
16,000
574
Jan
20-year 7s
104 Vi
18 Vi
108 Vi
25
194
June
Jan
Mar
May
June
110
Jan
June
33
Jan
18 Vi
18
103
102
5,000
"lLOOd
18
June
30Vi
16 Vi
Mar
30
7s
Baden 7s
Buenos
lOlVi
Ma"
104
Feb
Jan
67 Vi
1,000
61
Ap?
100 Vi
7,000
98
Apr
103
Feb
107 Vi
107Vi
6,000
106Vi
Ma>
108
Feb
100 Vi
Jan
105 Vi
Mar
72Vi
F"eb
(Province)
...1952
748 stamped
1947
Cauca Valley 7s
30
1952
6s series A
Danish
284
1951
5s
External 648
103 Vi
103 Vi 103 Vi
103 Vi 103
1,000
100 Vi
Jan
105 4
Mar
Hanover (City) 7a
4,000
100 Vi
Jan
1054
Mar
58
Jan
97
Apr
101
Feb
70
Mar
Mar
1004
108Vi
June
Mar
106
June
Jan
106
July
103 Vi
101
105
105Vi
47,000
100 Vi
Jan
108 Vi
4,000
106 Vi
Mar
106
106 Vi
8,000
105 Vi
103
Apr
107
Feb
104 Vi
103 Vi
"107K
103 Vi
3,000
96 Vi
103 Vi
8'western Nat Gas 68.194 5
104 Vi
So'west Pow A Lt 6s .2022
101 Ji
Vi 108
2,000
73
"losji
107
74
12,000
106?^ May
56 Vi
Jan
103 Vi 103 Vi
97
96 Vi
22,000
101
103 Vi 103 Vi
104 Vi 1044
4,000
92 Vi
99
2,000
14,000
92 Vi
91
100 Vi
104 Vi
101 Vi
5,000
Jan
Jan
105Vi July
10)/Vi Ju ne
Jan
June
108
Jan
82 Vi
104
Feb
99
Jan
Feb
Jan
103Vi
July
Jan
104 4
June
Jan
1014
June
May
105 4
*
11,000
100
78
83 Vi
74,000
69
Jan
83 4
Feb
76 Vi
81 Vi
110,000
67 Vi
May
814
July
77
83 Vi
108,000
69
May
84-,
1014
June
Jan
984
July
63
63
1,000
63
214
22
{194
9
-
73
21
~
Apr
7*666
22
25
"7", 000
94
284
Feb
284
Feb
21
May
324
Jan
May
May
264
124
Feb
9
Jan
Jan
Jan
174
1951
14
13
5,000
94
Jan
14
Mar
95
95
95
2,000
714
Feb
95
85
824
854
36,000
63
Feb
854
July
July
194
194
194
5,000
18
Jan
20'
Apr
194
1951
4s 8tamped
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 6s... 1931
Mtge Bk of Denmark 5s *72
7s
1958
Rio de Janeiro 6 4s..1959
Russian
July
184 May
18Vi May
194
14,000
134
1958
(State)
Jan
Jan
894
20
11,000
13
13
9,000
96 4
97
204
204
154
154
Mtge Bk of Bogota 7s_1947
Parana
34
954
2,000
64s--'58
Medellin 7s series E..1951
Mendoza 74s..
28,000
48,000
108 Vi
106 Vi
Lima (City) Peru
May
Feb
Mar
16,000
{204
1939
Mar an ho 7s
25
11
334
I
Hanover (Prov) 6 48. .1949
8,000
1,000
30
24Vi May
214
'47j
8.000
11,000
724 June
734 June
984
63
1947
Secured 6s
1,000
284
74 May
1004
1952
German Cons Munlc 7s
2,000
984
1953
Danzig Port A Waterways
9
100 4
1955
54a
103 Vi 104
59,000
Jan
1948
9
Cent Bk of German State A
103 Vi
106Vi
184
...1951
Aires
7s stamped
Mar
100
67 Vi
105 Vi
106
1024
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
95
105 Vi
12 Vi
{17
107
1,000
7,000
107
1034 1034
FOREIGN GOVERNMENT
Prov Banks 6s B
103
107
Jan
Jan
74
12 Vi
'ioo'vi
1034
Mar
105 Vi
{....
104 H
"107""
Feb
Feb
106 Vi
105 Vi
105 Vi 105 Vu
102
26
1937
9,000
9,000
Feb
106
84
105 Vi
Assoc Tel 5s.'61
1944
99
S'western Lt A Pr 5s. .1957
Standard Investg SVisL 939
May
Feb
448
86
Sou Counties Gas 4Vis.'68
1951
254
254
Mar
103
104 Vi 105
106
105
Certificates of deposit.
1,000
Feb
June
72
924
13,000
106
Debenture 6s.Dec 11966
1164
Jan
49,000
June
105
Debenture 6s
Jan
454
7i
Feb
75 Vi
Ref M
1935
D~uU0
10,000
1x44 1154
May
1034
Jan
Debenture 3Vis
Convertible 6s
1074
1064
41 Vi
Rou Calif Edison Ltd—
Certificates of deposit.
1074
Apr
105 4
15,000
69
Stand Gas A Elec 6s.. 1935
Mar
1044
1134
Jan
70 Vi
69
Vi 100
S'west Pub Serv 6s...1945
105
July
1937
68
S'western
Feb
1,000
"
June
1952
99
Southern Nat Gas 6s. 1944
110
1064
10/
1044
904
58 Series E
106
1951
Jan
Jan
Apr
1034
Valvollne Oil 7s
99 Vi
Sou Indiana Ry 4s
102
3,000
1054
Jan
106 Vi
Sou Indiana G A E 5 Vis '57
Mar
13,000
io±%
108 Vi
Pow 58-1957
Vis 1961
100
54,000
894
1939
Mar
Southeast PAL 6s...2025
Sou Calif Gas Co 4
5,000
Feb
1034
......
1940
9<H
Sheridan Wyo Coal 6s. 1947
1945
3Vis May 1 1960
Ref M 3Kb B July 11960
1st A ref mtge 4s... 1960
844
1044
1024 103 4
94
64 % serial notes
105 Vi
Jan
1st 4 Vis series D...1970
Sou Carolina
June
76 4
264
914
64% serial notes
1,000
106 Vi
1935
1968
874
40
2o4
Utah Pow A Lt 6s A..2022
l07Vi 107 Vi
Mar
Estate—
B
Jan
73,000
May
Apr
6,000
6s with warrants...1935
4 Vis
Mar
June
Mar
26 Vi
Shawlnlgan W A P 44s'67
108
90
94 Vi
108 Vi
194P
Apr
1064
113
113Vi
1955
Inc 6s
Mar
Jan
112Vi
Pub Wks 6s...1935
Servel
Feb
34
Jan
Jan
{1284
Int'l Sec 5s...l948
Mar
1014
754
June
San Joaquin L A P 6s B '52
Second
100
104 4
109 Vi
86 Vi
108
St. Louis Gas A Coke 6s *47
Beattle Lighting 5s...1949
Jan
June
15,000
lllVi June
108
Vis...1958
Scrlpp (E W) Co 5Vis.l943
June
984
24
29,000
21,000
2,000
Mar
Safe Harbor Water 4 Vis '79
6s ex warrants
91
68
70
..1973
89 Vi
6,000
25V*
flchulte Reai
June
894
1952
6s series A
112Vh
25
Saxon
Jan
1104
1114 1114
6s series A—
Mar
87 Vi
Sauda Falls 5s
1064
Jan
95
Feb
86
San Antonio P S 6s B..'58
3,000
25,000
Apr
Jan
Mar
Rochester Cent Pow 5s 1953
1953
JaD
40
1044
Jan
152i
{100
Ruhr Gas Corp 6 Vis..
Mar
Mar
105
814
106 Vi
Reliance Managemt 6s 1954
Ruhr Housing 6
29
Feb
June
1004
100
1054
44 series D
Puget Sound P A L 5 Vis '49
Jan
Feb
>
90
744
104
92
1014
994
98
5,000
Jan
17,0uO
-.1966
1978
E.......1980
1st A ref 44s ser F.1981
4Vis series I
I960
Pub Serv Subsld 548-1949
5,006
3o,o00
Jan
98,000
Jan
30,000
Electric 6fi._1954
4 Vis series
334
JaD
414
1054 1054
944
924
Jan
Pub Serv of Nor Illinois
6s series C
774 May
31,000
10/,000
1054
6
107
Pub Serv of NJ 6% pet ctfs
1956
89
10,000
70
Feb
1959
Apr
86 Vi
107
106 Vi
B '59
1st A ref 5s
54s
1154
Un Lt A Rys (Del) 549 '52
United Lt A Rys (Me)
103 Vi
{104Vi 105
73 Vi
73Vi
75
Power Securities 6s...1949
Prussian
25,000
82
JaD
JaD
1094
40,000
6,000
{21 Vi
1961
4 4s series F
1074
1104
954
103 Vi
70 4
Potrero Sug 7s stmp._1947
Power Corp (Can) 4 4 s
7,000
Apr
June
954
105 Vi 106 Vi
107 Vi
Elec 6s.. 1953
Poor A Co. 6s
Apr
1054
,4974
79,000
llVi
88 Vi
Piedmont A Nor 5s...1954
Pittsburgh Steel 6s... 1948
6 4a.,,..-.....
64,000
96
95
110
Pittsburgh Coal 6s...1949
Jan
June
1124
Pomeranian
104 Vi
112Vi
1114
13
Phlla Rapid Transit 6s 1962
Pledm't Hydro-El 64s *60
June
106 V*
105Vi
Phlla Electric Co 5s..1966
Phil Sub CoG AE 14s '67
Feb
108 Vi
2,000
Phlla Elec Pow
548..1972
107Vi
Feb
Jan
17,000
13 Va
111 Vi HlVi
1979
Jan
106 Vi
June
ex-w
104,5i&104lSi6
954
1957
Peoples Lt A Pr 5s
104
5,000
U S Rubber Co—
Peoples Gas L A Coke—
4s
Mar
104 54
107 Vi
10/
1962
series B
4,000
108
1{i054
United Lt A Pow 69...1975
112Vi li2Vi
Penn Water Pow 5s...1940
JaD
105
| 107
United Industrial 64s 1941
1st s f 6s
1945
8,000
i07
1956
2^666
Apr
1,000
Mar
1064
1064
{1074
......
1949
104V6
"4",odd
604
Apr
40
42 4
lOlVi 10x4
1957
94Vi
100
106
Jan
104
Union Elec Lt A Power—
80
Apr
45
5,000
914
10x4
121 Vi
65
24,000
101
414
102 Vi
105
108 Vi
106
Feb
50
32
{.
x074
1064 1074 28"666
8 6% 2Ot>,O00
834
814
1944
May
-r
108 Vi
Penn Pub Serv 6s C..1947
stamped
104
105 Vi
106
10 34 {103 Vi 103 Vi
3d
Jan
98
Penn Ohio Edison—
6s series A xw
49
13,000
July
July
105
334
lOi
1962
Apr
28^000
72
{1094 1104
......
5s-.197$
749-1946
Apr
119 Vi
lOlVi
10o>fc
Icovi
Co 6s
(Leonard)
114
82*666
Jan
1054 1054
iUoVi
......
Twin City Rap Tr 549 *52
Ulen Co—
94 Vi
1,000
103 Vi
104
sd5d-1937
Jan
107
9,000
22,000
464
103 4 104
......
.2022
107 Vi
86
8,000
101
tll5>i 1164
"88 ">i
1971
Penn Electric 4s F
6s
68
120
1945
Texas Power A Lt 5s..1956
Mar
103Vi
102
106 Vi
1938
Penn Cent L4P4M8
Feb
May
June
106
6,000
15,000
59
80
0i %
82
Ternl Hydro Elec 6 49 1953
105
81
65
Jan
Mar
103 Vi
May
1074 107%
924
914
..
107 Vi
107
Pacific Gas A El Co—
ser
1957
Apr
34,000
90
89
90
B
5s series B
Texas Gas Utll 6s
100
10a
1954
105Vi
105
104""
_
1970
June
109
1947
1st 6s series
lBt443
Syracuse Ltg 54s
103
105 Vi
High
624
81
72
53
48
105
104 Vi
107 4
50
stamped
Jan
109
Low
531,000
734
624
55
7-4%
Jan
104 Vi
Pacific Coast Power 5s 1940
Pacific Invest 5s
1936
7-4% stamped..... 1946
Super Power of 111 4 4s '68
98 Vi
104
Range Since Jan. 1 1936
$
Stinnes (Hugo) Corp—
50 Vi
109
Okla Power A Water 5s '48
Oswego Falls 6s
72
June
105 Vi
43,000
105 *~
1940
A
Low
80 4
1084 108 4
1954
54s series
Price
106
Co—
8ervlce
C
102 Vi
98
for
Week
of Prices
High
Sale
(Concluded)
Jan
Jan
102 Vi
51
167 Vi
Ogden Gas 5s
Public
BONDS
2,000
68 V4
Certificates of deposit
N'western Pub Serv 5s 1957
6s series
Week's Range
Last
1936
High
Low
15,000
{67
N'western Power 6s A. 1960
1st A ref. 4 4s ser
I
Standard Pow A Lt 6s. 1957
Northern Indiana P b—
Ohio
Range Since Jan. 1
Week
{.Continued.)
of Prices
Low
High
Salts
Friday
Sales
Friday
BONDS
5s series C
83
New York Curb Exchange—Concluded—Page 6
142
Govt 648
"97"
"is k
54a certificates
78 Stamped
10,000
924
15,000
104
Jan
Jan
4,000
12 4
22
Apr
144
984
234
Jan
Mar
May
174
24
Apr
Jan
Jan
May
24
Jan
June
24
May
24
Jan
14
2
23,000
1
14
14
14
14
23,000
29,000
1
14
14
3,000
1
58
Feb
71
49
June
60
{444
1945
Santa Fe 7s
Jan
1%
1919
54s
Mar
12
2
1919
1921
1921
64a certificates
17Vi
55
4
Jan
Jan
Ma
49
~2~6o6
12
12
20,000
114
Jan
124 May
12
124
5,000
114
Jan
124
49
1945
Apr
Feb
10434
Feb
46,000
66
May
814
82
154,000
64
May
82
80 Vi
219,000
63 Vi
May
80Vi
July
Jan
102>*
Jan
July
74 Vi
12
1961
7s
July
75
1949
Santiago 7s
Feb
77Vi
{100
81 Vi
100 Vi
97
*
No par value,
the
rule
range,
sales
x
not
a
Deferred delivery sales not Included In year's range,
n
year's range,
r Cash sales not included in
included In
{ Fridays' bid and asked price.
»Deferred delivery
in weekly or
year's
No sales were transacted during current week.
webk and not included
sales transacted during the current
yearly range-
Minn. Power A Light
Abbreviations
Used
5s 1955, July 2 at 106.
Above—"cod,"
"cons," consolidated
"m," mortgage: "n-v," non-voting stock
w," with warrants :xw.,
certificates of deposit:
"cum," cumulative: "conv," convertible;
"v t
Under
Ex-dlvldend
0," voting trust certificates; "w 1," when Issued; "w
without warrants
'
!
84
Chronicle
Financial
Other Stock
July 4, 1936
Exchanges
Sales
Friday
Last
New York Real Estate Securities
Closing bid and asked quotations, Friday,
Stocks (Concluded)
July 3
Par
Week's Range
for
Sale
Exchange
of Prices
Low
High
Price
Suburban El Secure com—*
Unlisted Bonds
Unlisted Stocks
Ask
Bid
30
Bid
City A Suburban Homes..
Ask
Lincoln Bldg Corp v t 0
39 Bway Ino units
Oliver Cromwell ctfs
84*
61-vBway Bldg 64*s_—1950
4%
44*
7
Tudor City—
4th Unit Ino units
Texla Oil Corp
2%
1
9
524*
98%
22
22
Utah Apex Mining
Utah Metal & Tunnel
Mar
Mar
75
Jan
94*
83
Jan
904*
39
Jan
42
%
30
"16
Jan
1,290
4*
91
44
90o
Jan
JaD
16
Feb
Jan
104*
Apr
Mar
29.4*
Jan
4
67c
70c
134*
180
7%
84*
225
22%
*
Mar
284*
235
134*
224*
25
21
7%
Feb
54*
104
1,249
%
*
..*
Warren (S D) Co
Baltimore Stock
on
24* June
Jan
904*
214* June
84*
40
%
65
34* May
Jan
1%
884*
40 4*
88
404*
1
Warren Bros Co
118
22
84*
*894*
5
Waldorf System Inc
Orders Executed
400
97
5
High
Low
184
24*
2%
•
Union Twist Drill..
United Gas Corp
—1
United Shoe Mach Corp. 25
Preferred
.25
7
9th Unit Inc units
104*
54*
Shares
3
24*
Tornngton Co
Dorset ctfs of deposit
Range Since Jan. 1 1936
Week
Feb
Feb
24*
Jan
*
Feb
Bonds—
Exchange
Eastern Mass St Ry—
Established 1853
6. S. Co I vert St.
York
New
Baltimore
and
$3,000
70
10,450
1,000
70
Jan
85
July
90
90
July
*90
July
Oklahoma National Gas '51
984*
984*
1948
4%s
1948
Series B 5sJJ
84
2,000
Jan
784* June
984* June
984* June
NEW YORK
Louisville, Ky.
Hagerstown, Md,
Members
78
85
90
Series A
39 Broadway
'
BALTIMORE, MD.
77
80
tK City Mem &, Birm 4s '34
STEIN BROS. &) BOYCE
York, Pa.
Stock
Exchanges
CHICAGO
Chicago Board of Trade and Commodity Exchange, Inc.
SECURITIES
Listed and Unlisted
Baltimore Stock
June 27 to July 3, both
Sales
Friday
Week's Range
Sale
Arundel
Par
Corp
*
17%
Bait Trans t Co com v t c_»
1st preferred v t
5%
-
_
*
preferred
90%
114
100
Eastern Sugar Assoc com.l
Preferred.
Low
High
16K
Apr
110
%
Jan
218
44*
20
20
28 4*
Jan
Feb
7%
110
20
June
30
150
27
May
36
Feb
137
84
Jan
92
July
116
Feb
18
July
93
1134*
Feb
174*
174*
18
1,632
11
Jan
28
29 4*
465
17
Jan
40
88
Jan
394*
Apr
50
94*
12
June
Mar
20
974*
98%
404*
40%
135
114*
114*
12
371
Guilford Realty pref
55
55
55
5
50
Feb
61
154*
16
245
15
Jan
204*
%
1
*
pref
100
t
*
1
1st preferred
25
8
2d preferred
25
14*
com v
Mar Tex Oil
Monon W Penn
Seaboard Com ml
com
A. 10
U S Fid A Guar
Feb
26
25
2
44
c
12
114*
984*
93
-
-
«
134*
JaD
234*
Feb
27
14* June
40
Apr
9H
Apr
Mar
June
Jan
34*
55
Feb
16%
Jan
95
Jan
100
Feb
87
Jan
93
May
8?*
Feb
10
Apr
13K
Apr
17%
Feb
34
Jan
364*
Apr
8
144*
134*
Jan
Feb
3
94*
1,529
94*
36
—
31
2
93
«.
Jan
2
22
984*
92
_
Mar
24*
374*
5
44
2
Western National Bank.20
May
2
5
Northern Central Ry_..50
Penna Water & Pow com.*
May
4*
1%
26
Jan
114*
74*
129
105
Feb
14*
600
37
_
100
New Amsterdam Cas
178
Feb
14*
364*
P87% pf25
Preferred
4*
24*
1%
.2
Merch A Miners Transp..*
35
8
7%
1
Mt Ver-Woodb Mills cmlOO
36
25
Week's Range
for
Sale
Par
Stocks-
of Prices
Low
High
Week
Price
130
Abbott Laboratories com.
Range Since Jan. 1 1936
Adams (J D) Mfg com
*
Advance Alum Castings. .5
130
154*
130
16
7
74*
Shares
70
100
Low
974*
15
450
High
Jan
131% June
June
184*
Mar
Jan
5%
84*
Mar
Allied Produots Corp—
.10
Common
"334*
Asbestos Mfg Co com
1
""2%
Associates Invest Co
com.
♦
44%
Automatic Products
com.
5
14
14 4*
214*
144*
25
Class "A"
Amer Pub Serv Go pref. 100
Armour & Co common...5
215*
300
21
Jan
324*
44*
24*
34
230
20
" May
44*
650
34*
3,050
43
44 4*
600
44* June
24* June
Jan
274*
94*
94*
12 4*
264*
1,400
4,450
4,300
124*
2,450
94*
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
12%
104*
254*
124*
Bliss A Laughlln Ino cap.5
Borg Warner Corp com. 10
"254*
64*
244*
Bastian-Blesslng Co
Bendix Aviation
com. »
♦
com
100
preferred
Class A__
■
Baltimore City—
4s Paving loan
1951
Bait Transit Co 4s flat 1975
A 5s flat
1975
274*
1154* 1154*
26 4*
274*
30
B 5s
1975
Read Drug & Chem 5 4*r'45
June 27 to
$1,000
23,500
314*
1,150
Feb
1134*
15%
Jan
17
Jan
124*
26
75%
73 4*
108
108
7
550
610
254*
700
76
800
1084*
50
100
11H June
7%
Feb
154*
254*
Feb
Feb
34
July
Jan
7%
64*
Jan
47
June
11
Feb
64*
Jan
1244 May
214*
Jan
32
Jan
134*
I»
Jan
224*
Apr
June
7
Mar
304*
Mar
Jan
834*
Mar
Feb
1114*
Mar
Apr
304*
344*
184*
Mar
Apr
64
1074*
1154*
28
334*
99
1,000
84
Jan
101
3,000
100
Apr
31
50
26J*
Jan
*
124*
13
150
124*
July
June
Bucyrus-Monighan cl A__*
32 4*
32 4*
20
32 4*
Apr
100
Apr
1014* June
Sale
Stocks-
Par
Price
of Prices
Low
High
for
Range Since Jan. 1 1936
Week
Shares
6% non-cumul pref
1st preferred
2
50
Boston A Albany
Boston Elevated
100
168%
3
28
20
50
100
20
237
163% 168%
128
—100
1,744
132
67
66%
274
165
High
Prior preferred
100
18%
5
18%
20
236
July
May
184*
44*
54*
25
Apr
Jan
Apr
178
Feb
Jan
143
Feb
May
70
Feb
July
41
Feb
144*
Feb
17
Jan
4%
5%
593
7%
7%
50
6>* May
Class C 1st pref stpd 100
Class D 1st pref stpd. 100
5%
6
20
5
June
15
Feb
June
13%
May
204*
155*
Feb
Boston Personal Prop Tr_*
Boston & Providence.-100
_
Calumet & Hecla
9%
138
8%
25
6%
8%
6%
1
1
-100
60
58
100
69
>.
East Boston Co
*
195
140
25
Copper Range.
70
9%
14
35
132
July
100
100
1st preferred
Adjustment
2%
49%
100
Eastern SSLines
2nd preferred
com..
6%
*
14%
...100
Edison Elec Ilium
166"
»
22%
39%
Employers Group.
161 % 166%
""2%
Mass Utilities
v
Mergenthaler
Linotype..*
t c
—
100
123"
"3%
New Eng Tel & Tel
Old Colony RR
Old Dominion Co
;25
Pacific Mills Co
*
Pennsylvania RR
17
12%
18 4*
page
%
87.
2
150
14* May
34*
1034* 1064*
66
554*
950
964*'
800
49
Jan
May
1104*
66
Apr
Jan
Jan
July
Consumers Co—
7%
14%
Apr
Jan
Feb
IX
110
<
33
Jan
350
3
Feb
8%
Jan
3,180
75
766
20
50
155%
20
60
Jan
Jan
169
Mar
Apr
Feb
100
Jan
*
Cord Corp cap stock
6
Crane Co common
....25
25
95
100
5
358
IS
73
2H
20 4*
Jan
15
94*
570
18K
154*
19
450
41
*
41
50
94*
Jan
184* May
384* May
July
Mar
16
June
21
June
414*
June
20
Mar
30
Jan
Elec Household Utll cap.5
Elgin Nat Watch Co
15
Fitz Simons & Son (D & D)
14
14%
2,150
13
June
344*
354*
350
Jan
18H
374*
Feb
1%
10
19%
2%
1%
2%.
July
Feb
Jan
Jan
Jan
Feb
Apr
Feb
Mar
3%
Feb
Jan
51
Feb
Mar
130
Mar
May
87
Jan
Common
*
Gardner Denver Co 00m..*
General Candy Corp A
5
Gen Household Utll com.*
Godchaux Sugars Ino—
Class A
•
Class B
174*
"354*
74*
♦
5%
Feb
704*
Mar
1%
Jan
18
19
53
19
14?*
54
144*
14%
200
7%
1,850
33%
450
7
450
30
324*
324*
16
164*
Goldblatt Bros Inc com..*
Great Lakes D & D com. *
284*
28 4*
285*
'"84*
264*
84*
114*
27
Hall Printing Co com...10
Heileman Brew Co G cap.l
Heller (W E) pref w w
25
*
26 4*
12
184*
22»*
18%
50
23%
650
11
950
.
June
Horders Inc
com
12
Hormel & Co
Apr
(Geo) com A*
Houdallle-Hersney cl B._*
17%
Jan
Illinois Brick
39
Feb
Co
25
HI North Utll Co oref—100
Interstate Power—
1
130
70c
Jan
1H
Feb
400
1%
Jan
2
Jan
Jan
14
July
$7 preferred..
Feb
2144
Apr
Tron i- Ireman Mfv
11
14H
Jan
4J*
JaD
20
144*
Jan
194*
100
Apr
68 c
1,175
104*
600
164*
May
3,523
3,400
74*
154*
23
18
Jan
Mar
134*
27 4*
Apr
210
26o
56c
Mar
8
1,200
11
14% May
28%
Apr
June
1314*
174*
Jan
Apr
314*
Jan
245*
Jan
Jan
Jan
Apr
Apr
120
164*
8
38%
U7%
com *
24
10
124*
7
Apr
2,100
1,800
26 4*
~124*
.*
Class A
314*
129
47
24
35
Jan
com
44*
Eddy Paper Corp (The)..*
Jan
9%
Dixie-Vortex Co
304*
129
29
Ecoq Cunnghm Drug
1% May
26% May
40
Dayton Rubber Mfg com.*
Cumul class A pref..35
Decker (Alf) & Cohn com 10
Dexter Co (The) com....6
44*
304*
129
274*
44*
Apr
5%
312
....100
28 4*
Feb
July
July
Feb
Continental Steel—
27%
318
40c
4*
41
5%
13%
105
July
June
36% May
1
Apr
5*
4*
.....5
2
14
204*
15*
Feb
Feb
44*
50
13%
see
66
314*
74*
Apr
26c
20 %
toucuoies
1064*
Mar
Mar
166
Stone & Webster
♦
Commonwealth Edison. 100
Compressed Ind Gases cap*
24*
3%
62%
379
Qulncy Mining
25
Reece Folding Machine. 10
Shawm ut Assn tr ctfs
*
2
Club Aluminum Uten Co.*
Jan
6,250
84
3%
17
105
19 K
45*
Jan
123%
32%
Jan
200
44*
14*
44*
Jan
Feb
Apr
Jan
3
17
44*
344*
Jan
60
28
121
31%
50
<
July
100
75c
100
28
June
24*
27 4*
860
75c
25
20
Jan
Feb
,
450
205
23
160
31
Mar
2%
23
May
Feb
83
26c
100
274*
150
29
48
Jan
9
80
105
62
25
Jan
26
3
105
2%
28%
Chicago Riv & Mach cap.*
Chicago Towel conv pref *
Apr
June
18
334*
414*
47%
75
50
43 4*
Feb
47
New River Co pref
100
N Y N H & Hartford—100
North Butte
*
2%
284*
50
Feb
14%
1%
11
28 4*
Chi & Nor West Ry com 100
500
14*
64
1%
150
18
475*
Apr
Mar
64*
74*
160
8%
48
18
46 4*
Arp
12 4*
1,081
10%
47
47
"474*
4
Jan
8
"l0%
2,400
Jan
2
100
44*
June
30
Co..25
44*
Feb
May
4*
1%
(Bstn)_25
50
2%
28%
com
544*
6 4*
480
50c
224*
Jan
50
10
40c
Jan
Jan
404*
10
60
*
50c
"44*
*
Chic Yellow Cab Inc cap.*
Cities Service Co com
*
8
35
51
485*
2,500
*
Theatres
•
Chicago Elec Mfg A
Chicago Flex Shaft com..6
Chicago Mall Order com.5
50
130
125*
50
484*
51
34*
Preferred
1
124*
*
•
com
8
Class B
Helvetia Oil Co
Isle Royal Copper
Feb
3
8%
7
Feb
Feb
8
Gilchrist Co..
13%
34*
68 %
40
144
50
57
Jan
Common
20
8
Preferred
Preferred
6%
14%
Apr
Central States Pr & Lt—
Common
2%
6%
IK
231
71
12
3,100
7%,eumul pref
245
Hathaway Bakeries cl A..*
204* May
24*
Feb
6% prior pref A—..100
1%
144*
49
410
Jan
Apr
22%
39%
*
260
34
664*
*
57
94*
1%
1M
Gillette Safety Razor
66 4*
2%
*
850
Jan
22%
39%
*
24*
654*
324*
1
Prior Hen preferred
Preferred
614*
Apr
Georgian Inc (The) A pf.20
General Capital
59
July
Apr
140
54
*
614*
14
14 4*
60
49
Feb
384*
20
1564*
385
1
2%
July
66
74*
2,700
14
Jan
6%
68
Jan
Eastern Mass St Ry—
Common
Mar
50 4*
17
7,500
50 4*
14
June
236
East Gas <fc Fuel Assn—
6% cum pref
4%% Prior pref
104*
Jan
94*
46
14
5%
64*
%
9%
f
8%
124*
Jan
94*
494*
Cherry Burrell Corp com.*
Chicago Corp common...*
Boston A Maine—
Class A 1st pref stpd 100
Class B 1st pref stpd.100
Mar
May
...10
84*
Mar
33
Castle & Co (A M) com. 10
Central Cold Storage com2Q
Preferred
2
194*
1494*
1174*
65
Butler Brothers
Chain Belt Co
Low
Amer Pneumatic Serv Co—
Amer Tel & Tel
com
Common
Sales
Week's Range
31
27
Bruce Co (E L)
July
July 3, both inclusive, compiled from official sales lists
Last
294*
*
Class B
294*
June
Exchange
Friday
*
Cent 111 Pub Serv pref...*
Central S W—
99
100
Boston Stock
*t>r
Last
Brown Fence <fc Wire—
Bonds-
Maine Central
Sales
Friday
7%
■
Loews
both inclusive, compiled from official sales lists
Jan
Jan
June 27 to July 3,
July
294*
105J*
Finance Co of Amer cl A..*
Mfrs Finance
Chicago Stock Exchange
Apr
1134* 114
Fid A Guar Fire Corp... 10
Houston Oi!
10 So. La Salle St., CHICAGO
Jan
Feb
'
91
90
24*
22 H
5
294*
1
Fidelity & Deposit
Shares
513
284*
-
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
24*
34*
4%
-
_
Range Since Jan. 1 1936
184*
2
26
Consol G E L & Pow
High
17%
2
*
c
Preferred
Members;
New York Stock Exchange
Week
Low
Price
Black & Decker com.....*
Vml H.Davis
-
for
of Prices
Last
Stocks—•
Exchange
inclusive, compiled from official sales lists
$6 preferred
234*
11
108"
*
*
v
t. e
.
108
27 44
Jan
164*
Jan
23
39
Jan
54
July
114*
Jan
16
May
9
May
3
Jan
Jan
550
224*
84*
Jan
394*
184*
950
22 V*
Jan
29 4*
700
264* June
Apr
Mar
Apr
June
33%.
Apr
8%
450
6
Jan
114*
Apr
12%
750
84*
Jan
134*
Apr
27
150
254*
Mar
12
200
11
1084*
164*
185*
23
21
23
25 4*
254*
25%
70
110
29
Jan
13 4*
Feb
22
Jan
164*
Apr
May
22 K
May
32%
Mar
May
Feb
12 4*
109J4
Jan
8
100„
Jan
164* June
244*
Mar
50
20
Jan
304*
Feb
300
24
May
31
Feb
Volume
Financial
143
Last
of Prices
Low
High
Price
Par
Jarvls (W B) Co cap
Week's Range
Sale
.1
21%
"42%
1
40 %
Katz Drug Co com
32
100
31% June
40
Apr
42%
400
41
June
70
Mar
39 %
40)4
350
32
Feb
42
May
7X
700
80
Preferred (new)
Jan
120
June
100
80)^ July
80
July
600
10
Apr
14
Jan
Feb
43
May
90
Crystal Tissue
*
6
*
1X
Preferred
com
Cumulative preferred--"
Llbby—10
.20
180
850
90
28%
Feb
33
May
4%
80
3%
Jan
7
Feb
2214
100
21
Apr
Jan
114
114
10
TVs
8X
2,550
7
May
Jan
Manischewltz
11
12%
1,650
7
Jan
12% June
45%
45
70
Jan
47%
June
45%
4
-100
Apr
6%
Jan
19%
4
35%
4
100
7%
Jan
6%
July
32
32
32
18
28
Jan
33% June
43%
43
43
100
40
Feb
45
Jan
23%
19%
24%
19%
60
23
Jan
28
Feb
126
5
5
108
4
Jan
27% } Jan
6% Mar
22
22
90
18
Jan
25
8
2
Jan
107
7
Feb
4%
10%
Feb
July
13
June
3%
Jan
36%
11%
Mar
15
6%
11%
6%
400
46%
150
34%
32%
34%
35
130
33
Apr
43
Kroger
32%
33
600
27
Jan
33
Mar
50
50
10
60
June
61
Apr
"22%
*
Leonard
*
National Pumps
P&G
40
McQuay-Norrls Mfg com."
1%
15%
6%
7
370
1%
14%
14%
Marshall Field common--"
Mer & Mfrs Seed A com.l
7
.
1% May
*
Jan
19
U S
Playing
Apr
8
25%
May
34
Jan
Jan
28
July
Jan
660
Middle West Corp cap.— 5
8X
3%
814
3X
9
1,250
10,900
Stock purchase warrants
Midland United Co-
3X
3%
3X
2,050
X
X
2%
%
2%
390
110
1
2%
2X
2%
60
1
6
6
80
18
2%
7
♦
4214
614
43
Apr
May
7%
6X
6X
Jan
%
3%
-
Mar
5
Jan
10
49
May
450
17
Jan
500
11
30
28
38%
1%
Jan
1214
14)4
31
5214
53 X
500
National Leather com.—10
1%
IX
IX
550
Noblltt-8parks Ind com..*
28%
Jan
15%
Apr
33
May
65
Feb
Jan
250
13
32%
Jan
50
%
Jan
250
July
26
Apr
2%
15%
Jan
1%
for
of Prices
Week
6
810
3%
Jan
7X
8X
2,400
June
Jan
26%
Jan
24
July
July
7%
14
24%
23 X
24%
900
24
24
210
7%
100
50
21 %
47
Prior lien pref
51
180
25
Apr
51
21
21
50
19
Apr
27%
.10
.
IX
IX
100
Penn Gas & Elec "A" com*
17%
17X
17X
550
Pines Wlnterfront com
6
214
2X
3
750
Potter Co (The) com
•
3X
450
Prima Co com
♦
3X
3%
3)4
3X
3X
3X
800
SIX
59 X
Peabody Coal Co B com__»
Process Corp com
J*
Public Service of Nor 111—
Common
•
Apr
Jan
60
110
110
Cleveland Ry
100
Feb
Mar
3%
Jan
Cliffs Corp vtc
Dow Chemical pref
Jan
5%
Apr
Faultless Rubber
Jan
6
Mar
4%
June
Fostorla
July
Feb
Pressed
Steel
8
May
(B F)
100
18
Feb
19% June
25
36
Jan
50
19%
*
Jan
June
Raytheon Mfg—
Sangamo Electric Co
6%
6%
60c
t c
2%
Jan
7%
June
150
1%
Jan
3%
Feb
15X
700
11
May
16%
June
Monarch Mach Tool..
55
55)4
350
35
Jan
55%
June
Murray
"73K
73X
73X
100
65%
Feb
74%
June
25
25
70
15%
Jan
28%
Apr
National Refining
Preferred
7
270
2%
Slvyer Steel Cstgs com...*
19%
Mar
23
Jan
17%
50
17%
July
26
Mar
238
34%
Jan
55
Apr
17%
17%
118
10
21%
22%
75
4%
4%
4%
271
3%
10
100
16
35
5
41
16
4%
Brick.*
25
20%
26
Jan
86%
4%
1%
10
55
Jan
87
*
"~4%
1%
4% June
12
July
82 X
170
61
Feb
82%
July
1900 Corp class A
*
"30%
30%
30%
50
89X
89 X
60
79%
Jan
91
Mar
Ohio Brass B
*
28%
28%
29
199
*
*
13
13
15
21
21
61%
453
2%
4%
Convertible preferred. _•
15
Swift International
Swift & Co
25
Utah Radio Product com."
12% June
18%
Feb
30 X
1,450
28%
Apr
35%
Jan
21X
2,500
20%
Apr
25
Jan
9X
9)4
2X
100
8%
2%
Jan
12%
Feb
Mar
4%
Feb
12X
13X
"2%
2%
IX
1,450
3X
4%
2,350
%
2%
May
4%
19X
20 X
80
15%
Jan
*
"lx
..
300
2
5%
24
1%
*
Patterson-Sargent
4%
100
4
Apr
1,350
30
Apr
10
142
Jan
153%
June
16
Apr
22%
Mar
13%
June
Jan
8%
Jan
Jan
27%
July
W Uliams-Oll-O-M a tic com"
12%
12%
400
Wisconsin Bankshares com"
5%
5X
5X
1,000
27 X
13,130
25
27 X
5%
11
125
25
~
Jan
1
June
4%
Feb
1%
June
4%
Feb
30
Feb
30%
27
Apr
35
Jan
Jan
15
Mar
19% May
27
Jan
Jan
68
Feb
9%
56%
Richman
*
58%
58%
Seiberling Rubber
110
2
Jan
16
16
16
89
14
May
19%
Vlchek Tool
*
11%
11
12
204
9
May
12
*
18%
18%
18%
112
17
Jan
Jan
4%
S M A Corp
*
1
Weinberger Drug Inc
2%
Jan
10
200
12 X
6%
35
245
1,683
2
18%
Feb
Feb
Mar
June
Jan
34 X
*
1
June
Jan
4%
Ward (Montg) class A
com
cl A
4%
Feb
Mar
8%
Feb
151X 151X
18
18X
•
*
May
33 X
34
Walgreen Co common..
Zenith Radio Corp com
Apr
30
1
Wahl Co com
7
20 X
•
Viking Pump Co com
Mar
30 %
Utll & Ind Corp.
Convertible pref
800
3%
21%
25
com
100
4%
May
20
Apr
June
•
Feb
Mar
Parker Corp
Common
Mar
7
5
7
Standard Dredge—
17%
18%
105
cum
Mar
May
4% May
16%
Feb
Nestle LeMur
Feb
15
10
Apr
89 %
12%
822
80
100
preferred..
June
1,815
86%
50
Feb
8
19%
99
National Tile
May
5%
21%
8%
8
100
National Tool
S'west Lt & Pow pref
♦
St Louis Natl Stkyds cap *
17%
26
Mar
19%
8%
25
no
3X
Jan
19% June
21
*
Mfg
102X 103X
South Colo Pow A com. 25
Southern Gas <fe Elec—
Wieboldt Stores Inc
Ohio
June
48%
9%
Pav
Jan
10%
48
Medusa Portland Cement *
Metropolitan
Mar
21%
*
"l6"
•
Sears Roebuck & Co com."
700
7
15
17%
Kelley Isl Lim & Tras..."
2%
16
2X
50
20%
Leland Electric
6% preferred y to
6
Reliance Mfg Co com..10
19%
Jan
35%
48
_*
Lamson & Sessions
8
50
*
Grelf Bros Cooperage A..*
Halle Bros...
,
5
Jaeger Machine
148%
Feb
123
50
140
Jan
Apr
8
*
*
June
110
Jan
Interlake Steamship
142
200
10
Harbauer
115
Feb
112
20
Mar
530
July
24%
12%
Mar
220
69%
17
12%
115
123
Jan
July
1,070
12%
123
147
June
59%
18
*
Jan
115
70
249
69%
May
Jan
147
Jan
28
49
123
Mar
61%
60
112%
100
107%
28%
103
•
Jan
102
215
110%
28%
10
61%
Jan
"28%
50
May
Jan
15%
54
26% June
106% June
Feb
19%
Feb
71%
110% July
*
.....
60
60 X
90
70
112
100
118X
60%
75
215
Mar
IT
17%
Foote-Burt
101
11%
66%
"69%
*
Ctfs of deposit
Apr
62
High
Low
70
100
114
..."
Thompson (J R)
17%
59
117
Preferred
7%
17
114
60
v
101
17
60
3%
Apr
250
60
101
22%
49%
Shares
26%
*
2%
2%
1,400
25 X
.100
Jan
1% May
High
Cleve-CliffS Iron pref
*
Cleve Elec 111 $4.50 pref..*
Prior preferred
City Ice <fc Fuel
2%
50
Low
"
,
Mar
IX
17
Price
100
Common
Common
Apex Electric Mfg
Goodrich
62
Par
.100
Common
6% preferred
7% preferred
Quaker Oata Co—
Stocks-
June
Jan
100
Parker Pen Co com
Range Since Jan. 1 1936
Week's Range
Sale
5X
•
Sales
Friday
Last
Northwest Utll—
7% preferred
July 3, both inclusive, compiled from official sales lists
Feb
♦
Northwest Eng Co com
to
Feb
Feb
35
7%
15%
Northwest Bancorp com
Cleveland Stock Exchange
June 27
June
45
*
North Amer Car com
A. T. & T. GLEV. 565 & 566
Jan
28 X
28
Union Trust Building, Cleveland
Telephone GHerry 5050
Mar
200
42
X
X
Feb
Mar
Jan
52
25%
X
13
13
42
*
1
Jan
35%
6%
GILLIStrjWOODeo
Feb
10%
51
31
com
55
6% June
2114
52%
Natl Union Radio com
11%
Jan
3%
38%
21
Natl Gypsum cl A com..6
National Standard
June
5% May
Jan
9
Jan
4%
27
Jan
Feb
21
Jan
51
Natl Pressure Cooker com 2
7
July
Members Cleveland Stock Exchange
Jan
Jan
21%
Nachman Sprlngfllled com*
Natl Battery Co pref
*
70
Apr
Mar
June
Mar
51
*
Preferred
Muskegon Mot Spec cl A."
125
June
June
5%
48%
120%
Feb
%
20
Modlne Mfg com
7%
28%
5%
16
Feb
Feb
Mar
3%
150
Monroe Chemical Co com *
Miller & Hart Inc conv pf.»
326
3%
40%
117%
5%
40
Ohio Listed and Unlisted Securities
Midland Utll—
100
10
4% June
Feb
10%
50
28
prior lien
9
20
19%
7%
28%
5%
Western Bank.
68
118
118
19%
7%
Jan
Feb
May
Jan
30
7%
Card
45
45
100
__*
6
4%
29
Feb
Mar
5%
29
♦
5% preferred
Randall A
30
5%
45%
19%
July
Jan
11%
27%
Conv prefeiTed A
Feb
800
27%
Common
3%
Feb
4,100
Metrolpol Ind Co allot ctfs
MlckeJberry's Food ProdCommon
1
Prior preferred
8%
54%
3
40
5%
*
45
5%
5%
»
25
50
13
13
*
Moores Coney A
Nash
2%
10%
2%
9%
2.50
Apr
McGraw Electric com-—6
Manhatt-Dearborn com.
June
*
40%
,
25
*
6%
Jan
Mar
*
40%
34
June
Gibson Art
5
McCord Rad A; Mfg A—»
11%
Feb
114
Julian & Kokenge
Lynch Corp com
*
Mar
15
25
8
Hobard A
Loudon Packing Co com--"
Lion Oil Ref Co com
3
19%
115
Jan
17% Jjan
105% Mar
19% July
Jan
Mar
Meteor
S3 % preferred
*
Lindsay Lt & Chem com. 10
July
98
July
6% June
Feb
11%
Feb
3%
Lincoln Printing Co—
12%
108%
3
155
25
*
Magnavox
7X
—*
10
Lukenheimer
100
1%
30
June
81
June
7
25
Formica Insulation
2
1%
Jan
1% May
6
100
Preferred
84
76
5
.*
Early & Daniel
39 X
34%
Jan
73
7%
108% 108%
10
9%
7
-.100
Eagle-Picher Lead
1X
1%
2914
4%
2214
70
44
6
Dow Drug
High
Low
90
81
8214
84
LawbeckCorp6%cum pflOO
Common
75
10
%
Week
Shares
High
..♦
3914
Ky Utll Jr cum pref—.50
Low
Range Since Jan. 1 1936
for
of Prices
Price
Par
Coca Cola A
10 %
6% preferred
..100
Kingsbury Brew cap
1
La Salle Ext Univ com
5
Llbby McNeil
Feb
10%
Apr
4%
54
90
117 X 120
80
80
IOC
Ken-Rad T & Lamp com A*
Leath & Co
Mar
41
Kellogg Switchboard comlO
Preferred
24
714
_•
Stove com
Feb
18%
4,000
Stocks {.Concluded)
High
Low
Week's Range
Sale
Shares
21%
Last
Range Since Jan. 1 1936
for
Week
31%
Jefferson Electric Co com.*
Kalamazoo
19
Sales
Friday
Sales
Friday
Stocks (Concluded!)
85
Chronicle
Jan
June
Watling, Lerchen Sl Hayes
Members
New York Stock
New York Curb Associate
Exchange
Chicago Stock Exchange
Detroit Stock Exchange
Buhl
DETROIT
Building
Telephone, Randolph 5530
BALLINGER & CO.
Cincinnati Stock Bichange
Members
UNION TRUST
Detroit Stock
BLDG., CINCINNATI
June 27
to
Specialists in Ohio Listed and Unlisted
Last
Sale
Corporation
Par
Stocks-
Auto City Brew com....
Baldwin Rubber com
Cincinnati Stock Exchange
Last
Sale
Par
Low
Price
of Prices
Low
High
Range Since Jan. 1 1936
for
10
1
"24
20%
Consolidated Paper com. 10
19%
3%
Det & Cleve Nav com—10
Creek
Detroit-Mich Stove com__l
High
Low
1
1
140%
100
Detroit Edison com
Detroit Gray Iron com—5
Week
Shares
2
16
Detroit Cripple
Sales
Week's Range
2
13%
5
10
5
Detroit Paper Prod com__l
Aluminum Industries.
Amer Laundry
Mach
Burger Brewing
Champ Coated
2st preferred
Churngold
Cln Gas & Elec pref
Cincinnati Street Ry
Cincinnati Telephone
__
_
*
20
*
100
100
*
100
50
50
Cln Union Stock Yard—♦
Kor
footnotes see
Range
of Prices
Capital City Prod com—*
July 3, both inclusive, compiled from official sales lists
Friday
.1
50c
Burry Biscuit
Stocks—
Price
Week's
High
Range Since Jan. 1 1936
for
Week
Shares
Low
High
A. T. & T. Tel. Cln. 291
Cherry 6711
June 27 to
Sales
Friday
Stocks and Bonds
Wire System—First Boston
Exchange
July 3, both inclusive, compiled from official sales lists
page
11%
22%
5%
11%
22X
5
20
103"
14
103
12%
ux
22%
5
20%
480
29
106
25
23%
87
60
14
106%
77Vs
88% 90
7
202
340
103
90
106%
5
25
95
77
9%
19%
3%
19%
102
12%
100%
5%
8%
30%
17%
66%
6%
Jan
13%
Mar
Detroit Steel Prod com—*
Jan
27
Mar
Federal Mogul com
Jan
June
6%
25
General Motors com
Goebel Brewing com
1
Jan
17%
Feb
Hall Lamp com
Jan
106%
June
Jan
105
8%
Jan
174
85
Jan
92
Mar
127
20
Mar
25
June
Hoskins Mfg com
Houdaille-Hershey
B
Kingston Products.
*
.1
9%
June
13
200
15%
430
19
1,035
13,491
2%
1
Apr
June
Apr
Jan
June
44
128
Jan
505
9
Jan
100
355
2%
7%
565
23
900
Jan
Jan
Mar
Jan
56
100
23%
16%
4%
280
23
May
657
14
Apr
6
*
*
Hudson Motor Car com..*
Jan
9%
54%
6%
2%
5%
44%
2%
.1
Graham-Paige com
Apr
Mar
735
1,890
1%
56
10
Feb
5
8%
30%
17%
68%
7%
2%
3,312
23
._*
Apr
2%
10%
24%
16%
19%
3%
1%
140%
13%
16%
16%
4H
6
2,411
7,870
467
300
3,197
Jan
Jan
June
Jan
Feb
4% May
3%
14
24%
24%
23%
4%
4
Feb
Apr
July
Jan
Jan
Feb
Apr
152% Feb
13% July
7%
Apr
10% Apr
31% June
18%
Apr
70%
Apr
10%
Feb
4%
Feb
8% Mar
56
July
31% Mar
19% Mar
5% June
86
Financial
Last
Kresge (S S) Co
Par
Week's
Sale
(Concluded)
oj Prices
Low
High
Price
10
com
16
20
His
Jan
6
700
5
Jan
710
10%
4%
5%
4%
4
19%
3%
10%
42%
10%
5%
5%
4%
26
26
3%
17%
3%
17%
9%
8%
*
i
.1
10
%
Packard Motor Car com..*
Parke-Davis com
42
__5
._*
..*
Pfeiffer Brewing com
lleo Motor com
*
__5
Rlckel (H W) com
4%
...2
-
«•
-
River Raisin Paper com..*
Scotten-Dillon com
10
Standard Tube B
com
Timken-Det Axle
com.
Tivoli
Brewing
1
"Th
9
*
com
Universal Cooler A
B
""m
1
10
com.
United Shirt Dist
«
4%
8%
7%
3%
1%
%
*
3%
1%
%
25 %
_
Warner Aircraft
com
1
Wolverine Brew
com
1
Wolverine Tube
com
*
Young (L A) Sp & Wire..*
205
418
3%
543
625
44%
41% May
10% June
Jan
4%
5% June
4% July
160
25
1,421
430
3%
12%
9,490
5%
7%
6%
2%
294
750
2,265
1,844
1'
210
Mar
120
121%
8%
14%
1%
270
Plymouth Oil Co.5
May
Feb
Renner Co
1
San Foy Mining Co
1
Shamrock Oil <fc Gas
1%
*
2c
T"
1%
Jan
98%
Jan
7% May
12%
Jan
525
40
1
1,160
3c
2,462
20
20
50
Feb
34
35%
Mar
United States Glass Co. .25
2
2
Mar
Victor Brewing Co
80c
80c
Jan
Apr
June
2
4c
Jan
5%
Jan
Mar
3%
Apr
11%
16%
Jan
June
26
Jan
22% May
1%
Jan
40
Mar
20
934
150
2%
Feb
700
60c
Jan
90c
Jan
625
*34%
Jan
97
47%
124%
Mar
352
103
105%
110
101
Jan
106%
113
Westinhouse Elec & Mfg 50
85c
44
42%
116% 124%
_.__1
Westinghouse Air Brake.
3%
Feb
Apr
Apr
140
Jan
2c
9,000
4
Standard Steel Spring. ___*
United Engine & Foundry-
Feb
Jan
113
108%
3%
Feb
113
Feb
4
_
*
Jan
July
Unlisted—
Lone Stare Gas 6% preflOO
6% % preferred.
100
Pennroad Corp vtc
4%
*
10
185
4%
Mar
May
5%
Jan
Feb
June
3
Jan
Mar
Jan
44%
50c
7%
2%
5%
July
Pittsburgh Plate Glass..25
Pittsbrgh Screw & Bolt... *
1%
25%
54%
ST.
Mar
Jan
15
4%
100
8%
13%
1%
High
Low
280
4%
295
Feb
Jan
LOUIS MARKETS
July
16
550
4%
Shares
3
4% June
17% Feb
11% Apr
12% Mar
9% Apr
Jan
High
2
Preferred
29
Jan
l'ifi
800
Mountain Fuel Supply Co.
Nat'l Fireproofing com
*
7
Jan
Low
Feb
18%
8%
7%
Jan
Price
Feb
50
July
380
for
Week
3
4% June
Jan
3,111
Par
of Prices
2
Apr
12%
<
Stocks (Concluded)
Week's Range
100
Feb
21%
Jan
294
3%»
1%
%
25%
44%
4
June
6%
Mar
1%
6%
3% June
Jan
15%
.
Feb
8%
6%
Apr
3,163
8
24
.
550
i%
3%
19%
3%
10%
Hone
640
18
6
Micromatic
High
1,435
1,555
5%
18
Mid-West Abrasive com50c
Motor Wheel com
Low
25
Michigan Sugar com
..
Shares
325
Range Since Jan. 1 1936
Last
Sale
20%
Apr
5% June
Jan
3%
*
Mich Steel Tube corn..2.50
Preferred
Range Since Jan. 1 1936
Week
23%
7%
5%
7
Sales
Friday
for
Range
23%
Lakey Fdry <fc Mach com.l
McAleer Mfg com
July 4, 1936
Sales
Friday
Stocks
Chronicle
July
Apr
I. M. SIMON &CO.
*
Business Established 1874
Enquiries Invited
Established 1874
on
DeHaven fit Townsend
MEMBER8
New York Stock
Exchange
New
St.
Members
Exchange
Chicago
New York Stock Exchange
NEW
1415 Walnut Street
a
Louis
Stock
Curb
York
(Associate)
Board
315 North Fourth St., St.
Philadelphia Stock Exchange
PHILADELPHIA
all
Mid-Western and Southern Securities
of
Trade
Louis, Mo.
Telephone Central 3350
YORK
30 Broad Street
St. Louis Stock Exchange
June 27 to
Philadelphia Stock Exchange
June 27 to
July 3, both inclusive, compiled from official sales lists
Friday
July 3, both inclusive, compiled from official sales lists
Friday
Last
Sale
Par
Stocks—
Price
Week's Range
of Prices
Low
for
Range Since Jan. 1 1936
Stocks-
Par
__*
American Tel & Tel
100
27%
168%
*
2%
Baldwin Locomotive
Bankers Securities pref
_
.50
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
Preferred
*
100
.
Budd Wheel Co.
*
Chrysler Corp..
.5
Curtis Pub Co com
I*
Shares
General Asphalt
44%
21%
,...10
10
General Motors.
*
Glmbel Bros com.
Horn & Hard (N Y)
com.*
100
Preferred
Lehigh Coal & Navigation*
7%
Mitten Bank Sec Corp. .25
...25
Preferred
Natl Power & Light
^*
Pennroad Corp vtc
11%
4%
32%
..*
Pennsylvania RR
.
.50
Phila Elec of Pa $5 pref.
*
Phila Elec Pow pref.
25
Phila Rapid Transit
50
..
Scott Paper
7
17%
61%
Low
A S Aloe Co
High
1
Union Traction
..50
5
United Corp com
._.*
7%
86
Jan
30
"17
*
16
*
*
West Jersey & Seash RR 50
36
177%
6%
27
125%
676
260
2,304
43%
21%
10
Mar
Mar
755
38
114
Jan
Jan
30
Apr
June
24% Apr
55%
Jan
34% Mar
70% Apr
13% June
36% July
July
6%
Feb
Apr
Mar
14%
June
54
Jan
Feb
15%
112%
June
Apr
380
105%
6%
%
m
603
9%
Feb
3%
28%
Jan
14%
5%
Apr
39
117
116
7
7,408
1,533
Jan
Week
Price
Low
High
20
110
Range Since Jan. 1 1936
Shares
Low
82
222
5
60
81
Dr
61%
61%
_
High
Pepper com
*
Chicago & So Airlines pf 10
Ely & Walker D Gds com25
2d preferredFalstaff Brew com...
100
8
,,
7%
International Shoe com... *
49%
65
8
June
17
June
July
"16%
McQuay-Norris
com
*
52
4%
Jan
13
302
Jan
Feb
7%
14% June
13%
6%
9%
Jan
15
13%
13%
23
23%
90
5
4
Jan
7%
7%
45
4
Jan
9
17%
11
15%
Apr
18
48%
49%
207
53%
80
Jan
14%
10%
10%
111
47%
8%
6%
Jan
13%
20
20
50
19
52
265
52
52
Mo Ptld Cement com...25
12
11%
12%
932
Feb
29
28%
29
385
.Feb
Natl Bearing Metals com.*
National Candy com
*
13%
13%
13%
320
kay
National Oats
June
Mar
July
61
30
Mar
Feb
15
May
20
19%
50
13%
Jan
8<%
8%
35
7%
June
20c
20c
200
15c
Apr
3%
125%
Stix, Baer & Fuller com..*
3%
125
10
4
230
180
125%
10
May
Title Insurance Corp com25
Wagner Electric com
15
19
19
Mar
32%
32%
32%
Mar
Amer Invest
30
30
30
'16
%
3%
5%
40%
1941
42%
t United Railways 4s.1934
30%
Apr
30
30
14%
108%
Apr
Apr
100
1
Jan
8% pref
25
25
315
52
55
10% June
June
19
Apr
25
29
$4 000
22
30%
20 000
28%
27
June
Feb
34%
June
42%
Jan
July
4% June
127% Mar
Jan
Mar
28%
June
20c June
Mar
1%
9%
■
10%
Fell
123
18
Feb
Jan
19%
20
Apr
13%
June
25
*
55
Feb
12
25
St Louis Pub Serv com...*
55
Feb
Mar
Jan
Rice-Stix D Gds com.....*
75
181
9%
Apr
Mar
June
9%
S'western Bell Tel pref. 100
June
6
7%
Feb
Scruggs-V-B D G 1st pf 100
Scullin Steel pref..
*
July
530
35% Mar
12% Mar
16% Mar
19% May
7%
Apr
30%
Apr
Jan
100
7
90%
38%
65
61% June
9%
Apr
Jan
19%
97
Jan
4,552
Feb
75
Jan
25
30%
25
950
44% 45
15%
16%
111% 112%
25
13%
*
Mar
Jan
June
17%
8
Apr
Feb
81
6
20
Feb
77
Jan
13%
*
com
Feb
Jan
57
270
f
Apr
Mar
48%
8
57
230
64%
18
71%
29%
1,475
28%
100
800
1
30
Jan
Apr
13
Huttig S & D com
*
Hydraulic Pr Brick pref 100
Hyde Park Brew
Laclede-Christy Clay Prod*
Feb
97
6%
Hussmann-Ligonier com..*
Key Boiler Equip com
27%
May
'
13%
50
18
97
1
Preferred
1
July
30
;
180
5
7%
27
3
130
60
_
25
Jan
21
:
78
_
com
Jan
10
*
.
Landis Machine
Apr
78%
33%
%
Burkart Mfgcom
21
Coca-Cola Bottling com.-l
Jan
Jan
2J\
Jan
8%
Jan
10%
4% July
16% May
61%
52
Mar
33
108
21
51%
8%
112
129
29
21
*
11%
30
505
29
*
B
Brown Shoe com
Jan
350
143
May
21
25
com
Jan
476
60%
7
26% May
149%
Apr
2%
Apr
Jan
21%
Jan
119%
Jan
9%
Jan
85%
Apr
8%
1,172
17
9%
12%
4%
%
%
*4%
Preferred...
5
426
34%
7%
10%
12%
5
17%
Tonopah-Belmont Devel.l
_
223
33%
36%
107% 108
7%
7%
2%
2%
3%
3%
10%
11%
4%
4%
31%
32%
112% 113%
32
United Gas Improv com.
443
13
Tacony-Palmyra Bridge..*
.i
145
17%
44%
24%
68%
34
*
Preferred
350
77%
1
*
Tonopah Mining
455
114
17%
43%
21%
65%
7%
9%
Reo Motor Car Co.
Sun Oil Co
462
28%
168%
2%
3%
26%
26%
120% 123
10%
12%
110% 110%
9%
10%
'34%
7% preferred.
__50
Phi ladel phia Traction... 50
Salt Dome Oil Corp
27%
13
Electric Stor Battery.. 100
for
of Prices
Week
High
165
108
Week's Range
Sale
American Invest A
American Stores
Sales
Last
Sales
Jan
30
July
Jan
42%
July
Jan
35 %
34
Apr
Jan
1% Feb
8%
Apr
9%
Feb
47% May
19%
Feb
113% June
1
64
June
65
10
Jan
20
Mar
23
July
27
May
Jan
111
4sc-d
4,000
J an
June
$5,000
3,000
7,000
Bonds—
t Scullin Steel 6s
July
LOS ANGELES SECURITIES
Bonds—
Elec & Peoples tr ctfs 4s '45
Peoples Pass tr ctfs 4s. 1943
Phila Elec Pow Co
5%s '72
110% 111
110%
Listed and Unlisted
Dobbs-Crowe-Wagenseller & Durst
Member Los Angeles Stock Exchange
H.
S. EDWARDS fit CO.
M«mhpp»i
LOS ANGELES
New York Curb Exchange (Associate)
BANK
Tel
Spring St.,
! Pittsburgh Stock Exchange
I
UNION
626 So.
BLDG.,
Court-6800
120
PITTSBURGH, PA.
Los
A. T. & T. Tel. Pitb-391
BROADWAY,
June 27
to
NEW YORK
Angeles Stock Exchange
July 3, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks-
Sales
Stocks-
Par
Week's Range
for
Sale
of Pr ices
Price
Low
High
Range Since Jan. 1 1936
6
6
10
9
Arkansas Nat Gas com...*
Preferred
80
Low
High
100
Armstrong Cork Co com..*
9%
770
27%
July
3%
7%
47%
Jan
4
7%
7%
1,400
101%
80
1,000
10c
50
31%
Dept St
pref
100
California Bank
...25
Jan
38%
7%
9%
62%
20%
4%
Citizens Nat'l T & S Bk.20
Neon
Elec
Prod.*
101
101
11c
11c
52%
52%
4
26%
4
26%
4
26%
16%
16%
800
3%
14%
Mar
19%
Feb
19
18%
19
200
14%
Mar
Feb
Exeter Oil Co A
Mar
Jan
General Motors
3%
3%
4
Jan
Gladding McBean & Co.*
16%
16%
16%
Hancock
*
20%
20
20%
Feb
Holly Development Co..l
70 c
75c
Duquesne Brewing com..5
10
May
7%
1%
33%
10%
7%
1%
34%
281
Electric Products
1
1%
Harb-Walker Ref com—*
Preferred.
.
Lone Star Gas Co
_.*
_.5
12
3
Apr
320
1%
Feb
8% June
Jan
1%
41% Apr
10%
40
31
Jan
126
10
126
June
102%
Koppers Gas&Coke preflOO
Mesta Machine Co
Jan
153
126
100
105
210
97
Jan
10%
48%
87
10%
49%
.
'
3,711
10
436
41
„
Jan
Jan
126
106%
14%
Apr
16%
Emsco Der & Equip Co..5
Apr
Apr
Pittsburgh Brew
5%
Jan
Apr
20
Fort
Mar
June
Apr
July
21%
*
July
500
Jan
—
Feb
52%
4%
32%
16%
15%
1,000
Jan
6
30c
Jan
12%
16%
7%
June
Jan
June
Jan
26%
Jan
Apr
13%
14
25
Apr
1
Jan
12%
241
2,700
Apr
98
Feb
5
8%
104%
13
611
*
3
14%
2%
3%
Jan
5% May
3%
12%
18
Devonian Oil
101
100
High
Jan
13
4%
19%
Columbia Gas & Elec
2%
15%
Feb
100
1%
3%
Consolidated Oil Corp...*
Consolidated Steel com..*
Preferred
....*
Mar
18
Carnegie Metals Co
1
Clark (D L) Candy Co...*
135
100
11c
52%
10
_*
Low
4
400
1%
62%
15%
2%
4%
19%
Blaw-Knox Co
Range Since Jan. 1 1936
Shares
7%
Chapman's Ice Cream...*
Shares
30
27%
High
4
Co.._l
Bolsa Chica Oil A-____.10
Buckeye Union Oil pf vtc.l
Week
*
Low
1%
Claude
Allegheny Steel com
Price
1%
Bway
Last
Week
Bandini Petroleum
inclusive, compiled from official sales lists
Friday
for
of Prices
Assoc Gas & Elec A.__._l
Pittsburgh Stock Exchange
June 27 to July 3, both
Par
Week's Range
Sale
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Oil A
Jan
Feb
1
Corp
com
Jade Oil Co
57 %c
52 %c
60c
4,100
20c
Feb
10
68%
66%
68%
400
Jan
70%
Apr
100
54%
11%
Jan
18%
Jan
19%
24%
Mar
1,500
300
44c
Jan
1.50
70c
Apr
Apr
Apr
10c
12c
12c
12c
2,000
9c
Jan
16c
Feb
Kinner Airpl & Mot Corp 1
Lincoln Petroleum Corp.l
48c
40c
50c
5,300
46c
July
95c
Feb
11c
10c
He
5,500
8c
Feb
29c
Feb
7%
7%
114% 115
1,200
11%..
Jan
Lockheed Aircraft
Corp__l
7%
Feb
Mar
Los Angeles Investment .10
3%
5%
Mensaco Mfg Co
4%
4%
51% June
700
Apr
Apr
20%
67 %c
Los Ang G & E 6% pref 100
Los Angeles Industries...2
June
,
12
11%
1
115
4%
4
225
6% May
111
Mar
200
2%
5%
600
5
Jan
4%
700
2%
Jan
4%
Jan
Jan
116%
4% June
Jan
6%
6% Mar
Volume
Financial
143
'V'
'
Sales
Friday
Last
Week's Range
of Prices
Week
Low
Price
Range Since Jan. 1 1936
Shares
Par
Merchants Petroleum
1
33c
33c
33c
*
134
134
134
15c
15c
15c
1,000
200
•
Alloys Inc A
Nordon Corp
Oceanic Oil Co..
Pacific
Finance
1
Corp
10
10
Jan
17c
39c
134 June
4
28c
Apr
200
50c
Jan
23
2,300
1834
Jan
21
2034
21
4,100
75c
85c
A[r
634
634
634
500
1834
534
Mar
Service—1
Jan
2234 May
Feb
734
734
734
734
2,700
234
Jan
834 June
Pacific
Public
preferred ann.
6%
75c
75c
75c
145
50
c
Feb
60c
May
234
234
234
100
134
Jan
334
30
11434
Mar
7
100
109 34
45
1,200
50 34
1534
Jan
19
1134
Jan
30 34
May
2534
Jan
2834
Jan
122
122
109 34
10934 10954
Secur Co units of Ben Int *
46
46
46
Security 1st Natl Bk
20
Shell Union Oil Corp...*
Signal Oil & Gas A com..*
55 34
53 34
5534
1734
1734
28
28
28 34
300
So Calif Edison Co.....25
2834
2734
2834
2634
2834
2,000
2834
1,000
2734
Mar
2634
400
6%
preferred
25
2834
5 34% pref erred
25
So Counties Gas 6% pf 100
Southern Pacific Co...100
2634
107
Taylor Milling Corp
Transamerica
*
*
Corp
Union Bank & Tr Co...50
Union Oil of Calif..
25
Universal Cons Oil Co..10
Van
de
Kamps Bakeries.*
Wellington Oil Co
1
Yellow & Checker Cab. .50
122
.
200
1734
July
May
109 34
5434
Apr
Jan
60
Feb
10634
34
3434
400
24
17 34
1734
100
1334
1354
1434
18,300
1434 May
11
Apr
22 34
25
1334
1.15
2834
Mar
3,000
734
Jan
2734
Jan
Feb
25
June
834
1,100
434
Jan
934
Apr
4434
25
4434
July
4434
July
Imperial Development-25c
Tom
Gold
Reed
Zenda
Gold
Mines. .1
Mining
1
1334
100
50c
14,300
22c
Jan
1.20
1334
46c
2,100
1.00
Feb
46c V
Feb
2334
815
2434
Apr
Feb
2334
Jan
1834
80
119
70
125
Jan
130
152
139 34
Jan
lc
lc
1,454
lc
June
534
534
20
434
Jan
149 34 150
May
Apr
s
14c June
Feb
734
1734
18
115
17 34
Jan
24
Feb
8134
84 J4
155
Jan
9134
Apr
3634
36 34
36 34
118
8034
3434
Jan
41
Feb
31
*
Petroleum
31
31
190
29
May
35
Feb
Safeway Stores
S
3034
June
100
30
113
Mar
10
104
834 June
July
40
11034 11034
Jan
5
5
5
1634
1734
120
100
June
Feb
100
234
May
8
Feb
2,180
1734
1534
Apr
19
Feb
Jan
120
July
120
120
Feb
38
120 34
112
20
115
2834
28
28 34
560
5
56 34
56 34
5634
320
42
Jan
58 34
Apr
100
3334
3334
33 34
293
2334
Jan
38 34
Feb
Signal Oil Gas.
B..
30 34
734
12034 121
3034
_*
Preferred
2,543
11034
pr pref...100
6% prior pref.
100
Schlesinger & S (B F) pflOO
com
7J4
121
*
JL&P7%
Shell Union Oil
734
734
1
_*
23 34
Apr
3034 May
3
Spring Valley Water Co__*
Standard Oil Co of Calif.
.
Thomas-Allec Corp A
*
.
-
960
2
May
334
134
134
600
134
May
234
834
834
140
634
Jan
37 34
433
34
3534 June
234
Jan
Feb
47 34
June
14 34
Jan
20
Jan
Mar
9
Feb
234
10534
1334
22 34
234
1534
1534
90
10534 10534
234
1534
100
_*
6% preferred
Transmerica Corp
37
3734
*
Tide Water Assd Oil com.*
3
8 34
.
2 34
134
*
218
101
Jan
10634
Mar
538
11
Apr
1434
2834
Feb
1434
1334
434
Feb
19
1734
Jan
Union Oil Co of Calif
25
22 34
1,210
21
Apr
63c
July
1334
B
Republic
Feb
150
Mining Stocks—
Blk Mamm Cons Mng.lOc
Cardinal Gold Mining... 1
734
84
Fulp & Paper A__*
So Pac Golden Gate A
Apr
12
Rainier
Feb
'
Alaska Juneau Gold MnglO
Jan
534
100
1434
Jan
120
100
Jan
434
18
6%..
Sound view Pulp Co
Southern Pacific Co
2034
8
4434
10434
604
121
150
*
Feb
5
634
lc
6% pref
Ry Equip & Rlty com
5%
Feb
1,800
25
25
8
High
Mar
56 J4
107 34
634
121
Paraffine rights
1934
2434
22
4434
Jan
2234
22
24 34
25
147
Mar
2834 May
27
Apr
109
Apr
Feb
3834
Jan
17 34
147
Low
50
676
Jan
34
147
51
106 34 106 34
2334
100
100
com..
Range Since Jan. 1 1936
Shares
High
51
106 34
6 34
.._.*
Pacific Tel & Tel
Low
51
Ser(non-vot)com*
(Non-voting) pref
*
Mar
Jan
26
1
107
107
122
Week
Lighting Corp com*
6% pref
Feb
10
San Joaq L&P 7 % pr pf 100
6% prior preferred.. 100
for
of Prices
Price
Par
Pac Pub
Feb
23
Republic Petroleum Co..l
Samson Corp B com
*
Pacific Indemnity Co
Pacific
Feb
Jan
2234
70c
June
15c
23
70c
Stocks (Concluded)
High
Week's Range
Sale
Low
190
5
Mills
Last
—i—
(Concluded)
High
Sales
Friday
for
Sale
Stocks
87
Chronicle
I
Feb
Union Sugar Co com
25
19
18 34
19 34
1,005
10
Jan
1934 June
25
29 34
29 34
29 34
50
23
Jan
31
24 34
1,839
1.40
Jan
1.15
3 34c
3c
334c
50,700
lc
Jan
4c
Jan
Universal Consol Oil
35c
35c
35c
300
33c
Mar
44c
Feb
Wells Fargo Bk & U Tr.100
10c
10c
10c
400
6c
Jan
15c
Jan
"Western Pipe & Steel Co .10
Yellow Checker Cab A..50
7% preferred
10
22 34
24 34
22
300
3134
33
739
45
44
45
859
300
Jan
734
290
10
3134
300
2734 June
327
Apr
Jan
2634
23 34
Feb
Mar
Apr
34 34
Apr
4534 June
Jan
Unl sted—
American Tel & Tel...100
Commonwealth & Southern
Cord Corp
5
Curtiss-Wright Corp
Goodrich (B F) Co
1
16834
334
434
150
16834
117
334
334
200
234
Apr
4 34
434
100
434
July
6
300
165
6
534
534
Feb
17734
May
334 June
734
Mar
7
Apr
STRASSBURGER & CO.
Apr
19 34
19 34
1934
100
1834
Apr
20 34
Apr
N Y Central RR
36 34
36 34
3634
100
3334
May
4134
Apr
Packard Motor Car Co...
10 34
10 54
10 34
200
7
13
Feb
Radio
11 34
1134
1134
700
934
1434
Jan
7 34
3,000
7 34
June
United
Corp of America...
Corp
(Del)
7
734
U S Steel Corp
Warner Bros Pictures...5
59
6
200
58 34
10
934
May
May
59
59
934
Jan
200
934
71
MONTGOMERY
SAN
Feb
STREET
FRANCISCO
(Since
Apr
1434
May
Apr
133
1880)
Members: New York Stock Exchange—San
Francisco Stock
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
Member »
New
Dean Witters Co.
Municipal and
PRIVATE
Corporation Bondt
LEASED
York
Stock
Exchange
San Francisco StockExchange
San Francisco CurbExchange
Chicago
Chicago
WIRES
Board
Stock
New York
Oakland
Portland
Beverly Hllla
Honolulu
Sacramento
Stockton
York Curb Ex.
New
Los Angelas
York
New York
Seattle
Cotton
Honolulu
Fresno
Stock
Last
Week's Range
Sale
of Prices
Par
Stocks—
Exchange
Alaska United Gold..
Amer Toll
Sales
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1 1936
Atlas Corp
10
13 54
Low
Anglo Cal Nat Bk of S F.20
21
Assoc Insur Fund Inc.-.IO
325
High
4
Atlas Imp Diesel Eng A..5
5
B
Bank of Calif N A
100
Byron Jackson Co
*
Calamba Sugar 7% pref. 20
*
Calaveras Cement com
1334 May
1,081
17
354
2034
575
2354
164
22 54
302
189
1
Bishop Oil
754
5
..10
"7%
85
Jan
406
25
339
3034 June
Calif Water Service preflOO
104
30
99 54
Jan
Cat Cos G & E 6% IstpflOO
1003?
June
140
i
700
104
35
*
30
729
*
109
390
*
8 54
*
96
100
*
95
10
5
100
38
Eldorado Oil Works
_*
165
-
Apr
Gen Paint
Corp A
*
com
B common
123
6854
37>*
General Electric
Feb
zGeneral Metals.
Jan
Gr West El-Chem pref. .20
Hawaiian Sugar..
20
100
200
254
Feb
zHolly Development
109
Feb
Honokaa Sugar Co
.20
20c
Apr
Feb
5.00
1.30
14
3.15
155
Jan
1.00
12,183
1,300
May
5.00 May
2.95
1254 May
19
Jan
7034
McBryde Sugar
Apr
39
Jan
Apr
1234 June
754
634
4234
534
2634
754
im
July
18
Apr
June
Apr
Mountain City Copper.....
Natl Distillers
1134
Jan
18
Feb
Olaa Sugar
2334
3034
Apr
Pacific
Apr
Pac Coast Aggregater
54
Feb
Pacific East Corp
3134
Feb
Pacific Finance
North Amer Aviation
Jan
June
Mar
2734 June
Apr
934
111
Mar
2
July
245
16
Jan
11
1134
11634
334
June
.
South Calif Edison
1034
6834
June
13
Jan
Jan
86
Mar
Feb
"17 k"
3534
25
534% Pref
25
25
6% pref
% pref.
..
2834
100
Standard Brands
Superior Port Cement A.
B...
Texas Cons Oil
1.60
—
U S Steel
14
760
June
1934
Mar
10
32
50
28
Jan
3334
Feb
Oliver United Filters A___*
24
596
23
June
3234
1434
Jan
Western Air Express
17
1654
120
1234
.5
14
1354
375
1334 June
Jan
17
Jan
3.00
1,635
434
492
3%
Apr
13
19%
Feb
22
Jan
44c
2.75 June
3.25
100
3.10
125
6K
Jan
3
Apr
1454
Jan
Jan
1354
Mar
3
31
210
10
12
100
9
1734
3534
2734
2634
2834
1734
3734
31
17
Mai-
160
31
May
874
24J4
25%
27%
42
1534
3834
1234
150
1.60
1.85
401
1.60
July
1.85
June
%
19
29
Feb
27
Mar
15% June
22
37
44
35
10% May
37
Mar
July
Jan
3754 June
Feb
2854
6254
1654
20
Feb
July
100
100
165
Apr
1254
654
3154
3134
1134
885
Feb
5.00 May
3134
1134
2634
2834
Mar
3.20 June
654
2254
Apr
1034
Feb
854 June
14
Jan
June
June
Apr
July
Feb
Mar
Jan
1254 June
July
5934
151
48%
Jan
7054
Apr
3.90
4.00
960
3.10
Jan
4.50
Apr
150
1154
1454
954
Apr
934
734
10% May
954 May
1
1034
934
734
zVictor Equipment.....
zPreferred..
100
25
5
Jan
Feb
Feb
Mar
Mar
11
Jan
1034
Warner Bros Pictures—
Jan
15
100
21c
-
5
North Amer Oil Cons...10
Occidental
634 June
June
Jan
July
5934
Shasta Water.
770
8
Jan
4.10
26%
7%
1334
3834
1234
Schumacher Wall Brd pref.
S P Gold Gt 6
5
-
100
42
1134
Riverside Cement A
Jan
500
834
1134
434
Feb
Jan
2454
654 Mar
4554 June
654 Apr
2654 July
1054 Mar
12
Radio Corp Del
Apr
445
30c
834
1134
3
1
June
Feb
250
3.25
100
Park Utah Mines
Jan
636
534
2634
734
Jan
1034
-
Packard Motors
Jan
4434
22
Pac Portland Cement
Jan
100
2.75
"1%
June
10 34
82
Clay Product
Pennsylvania RR
80
Jan
—20
Jan
No Amer Inv
18
.
634
28c
Montgomery Ward
_
24
Feb
100
Jan
234 May
Jan
2534
2534 June
634 June
634 May
65 34
14
1.25
14
Apr
Natomas
3854
2,159
31
Feb
1734
3934
25
32 54
3134
1,339
2934
Jan
3234
Apr
25
28^
28
26
Jan
29 V4
May
Jan
Apr
Mar
35c
1.30
14
13c
1634
534
3334
3334
232
1.55
Mar
4.90
1
2154
6%
36%
Apr
3854
1.60
1054
10c
Idaho Maryland
10
Mar
25
Jan
24
2034
nrcf
4.50
Marine Bancorporation
May
4734
6% 1st pref..
60
1,000
Jan
com
Feb
9
4,760
Jan
Pacific G & E
Mar
12c
13
Paauhau Sugar
Pacific Amer Fish
Jan
50c
31c
32
1,282
1.60
820
Apr
Apr
3834
415
634
40 54
50
78c
11c
3334
_*
15
95c
71c
28c
400
B
Apr
3834
Jan
80
Apr
2654
2254
4354
11c
Apr
1,539
72 54
40
Jan
Apr
30c
1,248
Insur Co
Apr
17
21
1
11
10
_
"75c
Mar
330
1
3554
Company
*
6% pref. .100
5%% pref
100
1
Jan
Mar
365
M J & M & M Oil
1654
1754
Marchant Cal Mch com.10
Natl Automotive
^Fibres..*
38
~9%
25%
Jan
Lincoln Petroleum
27
45
50
Jan
9
4134
Hobbs Battery A
Feb
85
2
17
95c
10634
3134
507
115 54
Magnavox Co Ltd
4%
200
Kennecott
Jan
1434
1934 May-
*
Los Ang G & E pref
877
Feb
80
135
634
2334
3834
2234
2234
4134
4734 Mar
434 May
4834 June
8
1,211
2234
3834
2234
2134
4134
ll2
27
*
Mar
534
6
2334
Feb
15
com
5
Feb
20
Magnin (I) & Co
1
Elec Bond & Share
Feb
95c
Jan
754
87
June
July
May
9
72
49c
2134
2234
634
1
69
2,675
45
I*
77
51c
26
com.
77
Feb
Mar
49c
35
Libby McNeill & L
7%
1%
15%
1
25
Lockheed Aircraft
11% May
zKinner Air & Motor
1,064
290
50
Apr
Feb
May
26
1,555
205
21
2934
32
Jan
162
75c
Feb
45
32
Jan
65c
434
1234
75
1
3.90
*
l
_
Jan
Jan
Honolulu Oil Corp Ltd
*
_
1.60
Jan
Home F & M Ins Co..._10
*
*
Jan
Jan
1,600
2034
B
3
"<•
75c
434
_
Crown Will 2nd pref
Curtiss Wright Corp
zOccidental Pete.
Leslie-Calif Salt Co
17
3.15
5434
3334
507
Letourneau
Jan
5
3.00
40
2,348
3154
1154
234
16
17
3.05
373
*
1.40 May
1
,200
.
Feb
Preferred.....
1554
25
1.00
75c
Hale Bros Stores Inc.....*
Preferred
1,200
Jan
438
Langendorf Utd Bak A..
1.20
22c
834
Hutch Sugar Plant
Island Pine Ltd com
1.15
2,970
*
5
Jan
4.50
45c
534
Hawaiian Pineapple..
Mar
17
Apr
40c
1434
834
*
85
May
2.00
42c
325
Hancock Oil Co
Jan
12
515
1
848
Golden State Co Ltd
52
1,035
3.50
Italo Petroleum
1134
_
112
16
1
-i 054
....
1.15
82
*
*
_
Apr
Internatl Tel & Tel
*
Gladding-McBean.
July
zlnternational Cinema
97
230
725
44
July
754
Jan
3234 June
334 June
*
4.10
Mar
240
10
Feb
5% May
May
210
com
Jan
2.50
100
Jan
Mar
1034
1,100
Galland Merc Laundry
654
500
734
Jan
9734 May
834 Mar
4734 Mar
3034
Feb
354
General Motors
2,795
4.10
734
4 54
245
Jan
July
98
3354
10
July
85
75c June
20
Apr
Fireman's Fund lnsur...25
Foster & Kleiser com
12
534
734
1234
534
734
1454
12%
754
954
Jan
1234
.
3734
June
Mar
17
45
105
Jan
1554
1054
Apr
Food Mach Corp com... 10
Equip..5
134
39c
303
225
Apr
2454
im
100%
Emsco Derrick &
Mar
20,830
17
334
3234
2334
1434
646
S3 preferred
Jan
7
Feb
1154 June
Feb
17754
91
90
D1 Giorgio Fruit com
Apr
2834 June
2234
Feb
Jan
Apr
734
9134
280
Pref B
Jan
2934 June
2,234
Pref A
1
Consolidated Oil
31
Crown-Willamette pref
Crown Zellerbach v t c
Chanslor & Lyons
Cities Service
C laude Neon Lights
Ca'ifornia Packing Corp. .*
Cons Chem Indus A
Jan
—
May
Calif Cotton Mills com. 100
10
zCardinal Gold
June
Jan
9
150
2.60
Feb
Feb
75c
15
89
1234
167
24c
80
10
zB
27
554
1%
26%
California Copper
34
•
190
1534
213
43
High
Feb
1234
Bunker Hill-Sull
Jan
5c
4.10
3
Jan
July
22
1,150
22
Apr
Low
1,000
12
.
18734 June
35
27 54
Jan
17%
2134
534
66c
1634
zCal Art Tile A
Alaska-Juneau Gold
7c
12
73c
1
BoLsa Chica A
Shares
165
5
Bancamerica-Blalr
Week
Price
Shares
12
Bridge
Aviation Corp
Last
1234
-
100
Anglo Natl Corp
Argonaut Mining
Exchange
July 3, both inclusive, compiled from official sales lists
Friday
Range Since Jan. 1 1936
for
Week
High
6c
5
Amer Tel & Tel
June 27 to
Low
Price
Inc.
Amer Pow & Lite
San Francisco Stock
Sales
Friday
(Asso.)
Exchange.
Exchange
July 3, both inclusive, compiled from official sales lists
Exchange
Coffee t Sugar Ex.
Commodity
Tacoma
June 27 to
Exchange
New
San Francisco
San Francisco Curb
Trade
of
Apr
*
No par value,
r
Cash sale—Not included in range for year.
c Cash
sale,
x
Ex-dlvldend
»
Ex-rlghts.
t Company in bankruptcy, receivership or reorganization.
z
Listed
t
in default.
»■;
July 1936
4,
Financial Chronicle
Canadian Markets
LISTED
Provincial and
Bid
Province ot Alberta—
AND
UNLISTED
Toronto Stock
Municipal Issues
Province of Ontario—
Ask
Bid
Ask
Exchange
Sales
Friday i
6s
Jan
1 1948
69
71
5%s
.Jan
3 1937
102% 103 %
Last
Week's Range
for
4%s
Oct
1 1956
67
70
5s
Oct
1 1942
112
113
Sale
of Prices
Week
6s
Sept
15 1943
117
118
Prov of British Columbia—
6s
12 1949
90
93
5s
May
1 1959
86
89
4s
...June
1 1962
107
108
15 1965
Oct
Province of Manitoba—
99
102
105
6s
Dec
2 1959
103% 105%
Prov of New Brunswick—
Apr
114
Carnation Co pref
Cockshutt Plow
113
114
1 1958
108% 109%
1 1961
112% 113%
May
Prov of Saskatchewan—
112% 113%
101%
Consolidated Bakeries
Feb
12%
100
113
2 1950
4%s
16 1960
15 1961
Apr
4 Ha
Jan
4s
101
June 15 1954
25
Mar
4%s
June 16 1936
Canadian Pacific
4%s
Province of Quebec—
4%s
6s
4%s
Price
Par
Low
High
Range Since Jan. 1 1936
Low
Shares
High
120% 121%
1 1953
July
4 Ha
Stocks (Concluded0
4 Ha
Sept
15 1952
6s
Mar
1 1960
110% 111%
%
390
6%
May
287
15%
Smelters..25
Consolidated
102%
7%
17%
54
54
55%
703
61
Apr
May
202% 203
20%
22%
56
55%
134
189
365
22%
1,885
100
202%
*
Consumers Gas
22%
Cosmos Imperial
92
95
Crow's Nest Coal
Nov
15 1946
94
97
Oct
1 1951
88
90
Distillers-Seagrams
•
Dominion Steel & Coal B 25
,..100
Dominion Coal pref
Dominion Stores
f
"15%
4%
16
25
Eastern Steel Prod
4%
16
593
1,080
Jan
17%
Jan
Apr
56
18%
Apr
34%
4% May
14
May
May
8
115
86
Feb
5
10
Mar
13% May
Jan
May
3
June
23%
24
Apr
20
Jan
23
Feb
Feb
3
50
15
125
31
8%
1%
20
10%
12%
18
May
20
20
17
13%
14
1,490
13%
*
20
20%
2,735
20
Goodyear Tire
*
68
69%
35
64%
Jan
50
57%
57%
57%
33
63%
Mar
*
6%
6%
6%
52%
5%
May
Gypsum..
Harding Carpets
14 Wall St.
&
New York
52%
Hamilton Un Theat preflOO
13
»
Hlnde & Dauch
Co
3%
*
12%
4
13
Imperial Tobacco
6
14
13%
14
Internati Nickel
Inc.
*
49%
49%
50%
5
225
Canadian Pacific By—
4s perpetual debentures.
6s
Sept 15 1942
111
4 Ha
Deo
16 1944
100
6s
July
1 1944
94%
95%
105
108
6s
Dec
1 1954
107 H
4Ha
111%
101%
July
1 1960
104% 105 %
Ask
4 Ha
4%s
115% 115%
118
118%
4 Ha
Feb
1 1956
115% 116%
4 Ha
Ask
Canadian Northern Ry—
Sept
1 1951
June 15 1955
July
1 1957
1 1969
1 1969
118
„_Oct
120
Feb
1 1970
120
4s
118%
120%
6s
1 1946
127
127%
108
109
Grand Trunk Pacific Ry—
113% 114
July
5s
July
6Ha
..Jan
1 1962
99% 100%
1 1936
100% 101%
120%
5s
3s
1 1962
Jan
Grand Trunk Ry—
6a
Sept
Jan
14%
Feb
40o
Jan
2.25
Feb
7%
7%
50
6%
Jan
9
Jan
69
69
81
21
1,566
18%
18%
1,197
31
31
100
Maple Leaf Milling
3%
3
3%
145
5%
5
5%
2,260
M cColl-Frontenac
*
160
Abltibl
*
6% preferred
*
High
*
Beauharnois Power
*
Bell Telephone
Blue Ribbon
Blue Ribbon 6 H%
7
11
Apr
13%
Jan
14
June
14%
June
2%
427
2
313
4
50
26 %
*
Preferred..
,30
9% June
1%
141
3%
June
15
3%
Jan
Jan
13%
2%
;.
39
Jan
*
5%
5%
160
5
June
Orange Crush
*
30
30
50
25
Feb
40
Feb
Orange Crush 1st pref-.100
21
21
20
6
Jan
22
June
88%
90
41
79
Jan
95
Feb
5%
5%
5%
1,675
3%
Jan
13%
13%
430
11%
Jan
6%
18%
Apr
13%
28
26%
28
373
19
Jan
29%
Apr
30
30
30
29
Apr
31
Jan
112
112
15
100
Jan
113
May
73
75
72% June
80
Feb
*
*
100
100
72%
8
'26 H
13
26 %
227
25% June
5,151
9%
Jan
26%
15%
June
13%
2H
16H
435
2%
June
4%
Feb
Apr
18%
%
16%
25
13
Feb
24% c
1.00
3H
380
19
4
35%
134
22c 24Hc
825
35
53
40
53
H
4%
40
40
*
6
100
73%
69
40 H
4%
41
6%
74
83
83
6%
6H
210
46
250
33
20c June
51
37 H
4%
June
Jan
30
May
44
Jan
60
6
Jan
8
Feb
58
Jan
75
Feb
20
5
205
80
6%
May
93
Feb
June
15
Feb
12%
Jan
67
Feb
Canadian Bakeries pref 100
41
42
20
41
July
85
4
33% June
10
8% May
9% June
Feb
12%
Feb
4%
Jan
34%
11%
2%
2,848
2%
29%
18%
14%
100
2%
May
2,898
26%
17%
13%
Mar
102
28
*
18
18
•
14%
14%
99% 100
100
341
700
42
*
2%
2%
100
»
...
Apr
19
Apr
May
*
2%
28%
100
90
12%
12%
3%
3%
35
9
Jan
98
Apr
2%
Feb
Jan
17%
Mar
Jan
4%
Mar
2% May
3%
June
Banks—
100
152%
58%
57%
152% 153%
100
200
200
57%
50
Dominion.
...
72
51%
Jan
68% June
100
282
.......100
171
Jan
170
190
Jan
222%
44
198
May
221
Feb
190
192
39
182%
Apr
213
Feb
282
"l96"~
100
149
75
202% 206
....100
102
202
285
22
271
Jan
300
Feb
Feb
Feb
Loan
and
170
173
143
164
Jan
182
Feb
100
225
225
26
225
Jan
235
Mar
.100
148
148
100
Royal
72
74
72
*
Toronto..
11
11
10
Trust—
Canada Permanent
Huron & Erie
20% preferred...
Jan
160
Feb
June
90
Mar
June
14%
137%
*
Toronto Stock
June 27 to July 3,
Jan
4H
7
6%
7
15%
15%
26
26
*
49
48
.*
7
7
192
88%
25
230
25
May
Jan
June
2,162
k
26
Apr
Feb
July
50
June
37%
Jan
3,340
6%
June
5%
5% June
123
Feb
17%
350
70
8
May
26
7%
6
55
8%
July
49 %
103
5%
100
Feb
May
H
130
Last
Sale
Price
Par
Bruck Silk
*
Canada Bud
*
Canada
Malting
*
Canada Vinegars
*
Sales
Week's Range
of Prices
High
Low
9%
for
Range Since Jan. 1 1936
Week
Shares
Low
High
June
9
9
32
32%
388
6% Mar
30% May
19%
21
215
19%
1%
1%
*
21
Jan
5%
5%
80
5
June
3%
3%
25
2
Jan
•
38%
39%
495
32
Jan
40
8
35
June
39
...
25
155
May
1% June
.-----
25
—
*
25
75
40
*
Consolidated Press
Dominion Bridge.
495
9
.....
Canadian Wire Box A—
Aircraft...
20
9%
9%
32
......
.1
Canadian Marconi
DeHaviland
Jan
12%
Feb
Dom Foundries & Steel.
Dom Tar & Chemical...
......
♦
Hamilton Bridge
5%
—
_...»
*
*
Imperial Oil
Int Metal Indust
*
International Petroleum.
*
21
11
Jan
June
♦No par value.
5%
105
4
JaD
100
56
Jan
4
May
7
25
35
Feb
Jan
27%
Feb
2%
26% June
9
Jan
7
Mar
40%
50
7%
80
6%
Feb
Feb
Feb
June
Jan
10
10
25
Mar
12
Mar
30
10
29%
Mar
35
Feb
20%
21%
7,124
20%
Jan
......
/ Flat price.
6%
7%
735
35%
36%
5,209
40
7%
36
*
-
5%
80
16% Mar
10% June
30
*
Honey Dew pref
H umbers tone Shoe
Feb
130
5%
SO
Montreal Power
June
Exchange—Curb Section
Friday
Stocks—
~
both inclusive, compiled from official sales lists
Feb
9
6
Mar
379
95
4H
June
Feb
11
99 H 100
53
47%
6
10
6
Feb
Feb
Apr
Canada Wire & Cable B__*
Canadian Oil preferred .100
23
*
Mar
2
50c
Cndn Industrial Alcohol B»
40
•
com
Jan
Canadian Ind Alcohol A
30
Apr
June
120
June
Canadian Dredge
40
Mar
37%
*
Apr
115
Jan
25
27
Mar
3% June
Preferred
35
120
31%
24c
Canadian Car
40
Apr
,
120
May
35 %
Canadian Wall Paper B..*
67%
60%
50
JaD
30
v
7
Jan
6%
Toronto Mortgage
.27
55
Mar
100
10
Jan
49%
June
73
30 H
32%
5%
Canadian Canners 1st pref.
Conv preferred
*
Jan
57
114
33
30H
28% May
*
29
231
58%
July
30
Canadian Canners
8%
64%
9
58%
58%
33
'64%
64
36
*
*
25
July
29 H
*6%
72%
Feb
115
29H
*
Feb
210
*
Canada Steamships of _10U
7H
Jan
Brit Col Power A
Canada Packers
Feb
June
1
Pantepeo Oil.......
Jan
50
45
...»
Page-Hersey
Power Corp.
Apr
preferred
1.00
Apr
1.40
Preferred
Apr
109
27%
B
Mar
100
25o
196
Jan
Canada Cement
Mar
230
175
115
Mar
*
165
Jan
146
210
85o
Bread
Jan
27%
51
100
115
16%
Canada
Mar
210
6,834
"46k"
Mar
39
50
2,645
50
Jan
5
Jan
100
1.05
26
105
Jan
Ontatio Loan & Deb
26%
Preferred
JaD
3
National Trust
25
Burt (F N)
97
Feb
25
Burry Biscuit
Jan
Feb
17%
Apr
♦
3H
Jan
Mar
5
*
B
40
150
British American Oil..
Building Products A
29% May
Jan
12%
JaD
Jan
Brewers <fc Distillers
1.00
7%
Apr
30 H
30
5%
Jan
Feb
45
149
Preferred new
Feb
39
2,329
7
4
Brewing Corp of Can
2%
12%
J an
14%
148
Brantford Cord 1st pref.25
Brazilian
Jan
10%
_■
*
pref .50
Jan
6%
25
100
com.-—.
1.25
10
9%
7
10 %
2
Apr
May
2
4%
44%
Montreal
14%
Bathurst Power & Paper A*
Beatty Brothers
500
285
June
2.25
44%
Imperial
1.80
29
31
Jan
*
Commerce
9H
9
29
Feb
1.00
Natl Brewers
Preferred
Week
1.80
__100
100
18
*
com
Nova Scotia
Alta Pac Grain pref
Barcelona
June
200
rZimmerknit
Low
June
19
60 c
Walker (Hiram) com
Range Since Jan. 1 1936
Shares
Mar
21
18%
17%
60c
Canada
High
69
JaD
Mar
65
98
192
165
230
Mar
30
3%
39
230
Westons (Geo) com
Sales
Low
3%
38
100
Union Gas
July 3, both inclusive, compiled from official sales lists
Price
102% 104
""39"
100
United Steel
Toronto Stock Exchange
Par
852
B
Winnipeg Electric
Stocks-
15%
A
New preferred...
of Prices
15
Tip Top Tailors
WA. 3401-8
for
386
103
100
100
34
15%
*
32%
Standard Steel pref
*
St. Lawrence Paper Mills..
Members Toronto Stock Exchange
Week's Range
33
100
Preferred
Preferred
Canadian Commodity Exchange, Inc.
'»
New York Curb (Associate)
Sale
35
*
com
Steel of Canada
STOCK BROKERS
Last
5
1.10
100
Mas8ey-Harrls
Standard Chemical
Duncanson, White & Co.
Friday
1.10
*
Simpsons Ltd pref
to
Feb
100
Russell Motors pref
June 27
Apr
650
Pressed Metals
King Street West, Toronto.
Feb
14%
9%
Riverside Silk A
15
15%
64
National Grocers
Bid
Canadian National Ry—
May
1.15
20%
Mulrheads
Bid
12%
9%
18%
Moore Corp com
Bonds
Feb
1.10
69
Monarch Knit pref
Dominion Government Guaranteed
May
4
Apr
21
Preferred
115% 116%
Jan
53
Jan
May
*
Preferred
104 H
8%
Mar
2%
50
13%
*
Loews Theatres (M)
Canadian Pacific Ry—
4 Ha
Sept
1 1946
Feb
43%
3%
•
B
Ask
Mar
645
Laura Secord
Bid
69
♦
Kelvinator
Ask
Feb
Mar
7,323
Loblaw Groc A
Bid
16%
28%
72%
*
B
Railway Bonds
June
Jan
June
*
com
Internatl Utilities A
Private wire* to Toronto and Montreal
523
425
Feb
June
June
14
20
101
8
Ford A
Gundy
Feb
Mar
555
8%
20%
69%
Preferred
JaD
8
17%
11%
13
*
—*
-
Fanny Farmer
June
100
8%
8%
Famous Players
Feb
22%
30
2%
23%
20
B
Bonds
Feb
Mar
20
*
English Electric A..
—
8%
18%
57% May
Apr
205%
13
Economic Investment.-.50
Wood,
4%
35
Feb
15%
102% June
100
100
*
Easy Washing com
20%
15%
8%
*
East Steel Prod pref—.100
Canadian
June
101
7
17
15 1943
••Hi.-.,"
JaD
7
June
116
155
10%
17
4%s
Province of Nova Scotia—
7,091
*
6s
112
101
13
_*
5%s
111
12%
40
30%
31%
10
217
4
33%
24%
Apr
Jan
7%
Apr
Jan
39%
Apr
35
June
50
Feb
30%
June
34%
Feb
Volume
Financial
143
89
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Torpnto Stock Exchange—Curb Section
Sales
Friday
Par
Price
High
1.55
3.50
3.50
75
4%
100
*
Standard Paving
"mi
*
Shawlnlgan
2 %
1%
Mar
Week
Price
*
Royallte Oil
High
May
Feb
39%
2.33
2.40
Mar
3.45
Jan
72c
73c
8,665
4,700
2.15
73c
56c
Jan
85c
June
...1
1.02
1.02
1.08
17,599
1.00
Jan
1.40
Apr
75c
Apr
1.75 June
43c June
56 %c June
Mar
San Antonio
Feb
Sheep Creek
4%
414
11114 112
90
4
Apr
14%
6%
Jan
Sherritt-Gordon
10
111%
Jan
Shawkey Gold Mines.
*
246
18%
June
117%
23%
Apr
19%
Mar
Sladen-Malartlc Gold.
*
2%
125
1.15
Jan
3.00
Mar
Siscoe Gold..
2
Low
27
2.35
4.00
June
3.15
280
29
29
29
Shares
50c
Jan
7
18%
Range Since Jan. 1 1936
for
of Prices
Low
High
80 c
80c
85c
16,600
54c
51c
54c
17,700
3.85
3.56
3.85
21,800
5%c
2.87
Jan
4.05 June
15%
5
11
Jan
22
Feb
Soutn Tlblemont
5%c
5%c
Mar
35 %
45
30
Jan
38
Feb
Southwestern Pet Co_.
*
20c
15c
20c
22,900
2,000
3%o
35%
8c
Jan
20c June
35
*35 %
*
*
*
Supertest Pete com
Tamblyns (G)
Jan
Par
Week's Range
15%
Standard Paving pref. .100
Supertest Pete ord
(Concluded)
10
9
9
Rogera-Majest c_—.... *
Stocks
Hgih
1
200
*
prtf
Low
Shares
1.55
Ontario Silknit
R Simpson
Low
5
Oil pref
Star
Week
6
North Star Oil
North
of Prices
Sales
Last
Sale
for
Sale
Stocks (Concluded)
Week's Range
Exchange—Mining Section
Friday
Range Since Jan. 1 1936
Last
35
20
32
Jan
36
Apr
Stadacona-Ro uy n
•
44c
42c
45c
"49,750
18%o
Jan
49c
Feb
8%o
June
37
37
70
32
Jan
40
Mar
St
26c
31c
99,800
18c
Jan
38 %c
112
112
5
110
June
114
Mar
Anthony Gold
Sudbury Basin
30 %c
100
4.00
3.95
4.10
3,007
3.00
Jan
4.95
Feb
*
2
2
20
Jan
5
Feb
Sudbury Contact
15c
19c
62,450
60
Jan
20c
June
114
115
20
110
May
119
Feb
Sullivan Consolidated. ...1
17 %c
1.37
1.30
1.38
22,150
83c
Mar
1.41
May
23
23
100
20
Apr
29
Feb
Sylvanlte Gold
—1
2.90
2.70
2.91
27,650
2.25
Mar
2.91
July
102
1.00
Tashota Goldfields
Preferred
—1
40c
40c
45c
13,600
280
Jan
680
May
5.70
5.55
5.70
7,680
4.30
Mar
*
2.05
2.05
2.10
5,180
1.65 June
2.50
Apr
...1
1.40
1.36
1.41
1,535
1.20
Jan
1.63
June
35c
40c
8,400
200
Jan
Tbayers
*
Toronto Elevators
United Fuel pref
115
100
Waterloo Mfg A__
1.30
*
1.30
1%
June
2%
Mar
Teck-Hughes Gold
Toronto Stock
Texas-Canadian
Exchange—Mining Section
27 to July 3, both inclusive,
June
,
Toburn Gold
compiled from official sales lists
Towagamac
Exploration. 1
Ventures
Last
Week's
Sale
Stocks—"
Range
Low
High
*
11c
-1
4%c
4%c
5%c
AJax Oil & Gas-,Alexandria Gold
1
56c
50c
50c
1
3%c
3c
3%c
Algoma Mining
*
*
*
8%c
Acme Gas & Oil
Afton Gold
-
Anglo Huronian
Argosy Gold Mines
Arntfleld
11%C ll%c
"Uo
1%C
3%c
Jan
Jan
4%c May
12%c May
4.10
Jan
6.55 June
1.42
1.48
2,000
1.00
Apr
650
Apr
85c
13c
17c
5c
5%c
8c
5c
15c
...1
57 %c
*
1.40
4,475
57,700
70c
40c June
25c
6%c
Feb
8%c
5%c
ll%c
Feb
6%c
28,000
3%c
Mar
10c
16,000
14c
June
40c
Jan
56c
60c
20,120
28c
Mar
1.30
1.44
14,250
Jan
65c June
1.84
1.20 June
Feb
60c
56c
67c
21,751
55C
May
76c
Jan
18c
17c
19c
13c
Apr
23c
Jan
*
7.70
7.85
8.00
16,400
1,470
Bralorne Mines
...
Buf falo-Ankerite—»
7.70
1
Buffalo Canadian
6 55
9c
Jan
5,002
3.80
*
8.60 June
Jan
5,150
7.90
Jan
14%c 16%c
50c
BRXGold Mines
25%c
Mar
7%c
7%c
10c
99,550
2c
Jan
13c May
11c
12%c
2,600
6c
Jan
18o
1.40
*
1.38
1.31
Calmont Oils
1
16
14
Canadian-M alartlc
•
1.10
1.10
1.12
Cariboo Gold
1
1.65
1.65
1.65
Calgary & Edmonton
15
6,450
10,700
11,345
2,125
73c
Mar
1.15
Jan
5
18
Jan
1
1.40
1.40
1.45
3.85
3.99
2.41
1.10
1.36
8,450
90c
7c
Feb
1.80 June
Mar
1.26
Feb
June
1.40
Jan
3.97
9,000
9,190
1.24
.1
Chemical Research
1.69
Jan
'4.25 June
1.60
Jan
Feb
Clericy Consolidated
•
8c
41,950
3c
Jan
Conlagas
5
3.40
3.40
3.40
100
2.80
Jan
4.25 June
Conlaurum
*
2.10
2.00
2.10
6,652
1.80
Jan
2.75
Apr
1.65
1.58
1.67
1.22 May
2.18
May
8%c
58%
42
5c
5c
3,000
4%C
Jan
Eastern Malartic Gold M. 1
54c
53c
56c
4,600
53c
1
99c
14c
Jan
1
55%
4%C
3,765
2,070
Chibaugamau Gold
Dome Mines
Dom
1
Explorers
Eldorado
...
Falconbrldge
Federal-Klrkland
Franklin Gold......
7%c
1.05
10,270
8.50
6%c
8c
4%c
1
99c
8.15
*
1
4%c
1,881
41,200
26,900
God's Lake
*
1.18
1
1
"38c
50c
35c
32c
10c
Mar
10c
Mar
1.45
10c June
23 %c
Jan
-
Jan
Jan
26.
26c
28*
9,545'
17c
May
400 June
10*
3,000
5%c
Jan
13%c May
75o
Jan
1.20
May
2c
Jan
10% c
June
26%c
J
1.01
1.05
1.11
A
8.
7 %c
8%i
2.44
2.35
2.51
29,650
15,100
55,890
37c
Jan
3.20 May
12 %c
12c
14*
39,100
7c
Jan
25c
30i
7,400
2,160
13c
Jan
18 %c May
31c June
5
15%(
15%c 15%*
Mar
17%
Jan
11c
Jan
81c
May
65 %c
29c
Mar
93c
May
Jan
70c
June
30c
Jan
1.27 June
41o May
940 May
13%
I
39%*
39c
44<
.....1
78c
78c
83*
41,900
26,175
...1
59c
58c
61*
18,390
l
1.0C
1.00
l.lt
60c
55c
64t
12,141
45,935
Lake Shore Mines
58c
59c
2,474
51%
Lamaque-Contact
Lava Cap Gold
1
35%t
35c
37c
Jan
37c
June
1.15
1.20
425,398
11,600
6c
1.17
1.03
Apr
1.38
May
Lebel Oro
1
23c
22c
26c
67,198
12c
Jap
Mar
4c
June
Feb
J M Consolidated
Kirk Hudson Bay
Klrkland-Lake
1
'
Lee Gold Mines
Jan
60
•
4%c
23,900
2%c
Mar
29% o
6%o
6.30
1
Little Long Lac
6.30
6.60
3,895
6.06
Mar
7.76
4.50
.
Stocks—
Par
4c
Aldermac Mines.....
*
Brett Trethewey
Week's Range
for
of Prices
Week
Price
22c
2c
Jan
Cobalt Contact
1
2c
2c
2%c
16,500
il%c
3%c
l%c
Jan
11,800
62c
10,095
Dalhousle Oil
*
,
1
Grozelie Kirk
58c
6
1.00
3c
1
4%c
3%c
4%c 138,100
Malrobic Mines
Mandy Mines
*
26c
25c
29c
Night Hawk
1
5
3%c
3%c
3%c
Nordon Corp...
23c
Pawnee-Kirkland
1
Mar
2.12 June
3.50 June
5.05 May
6%c
5%c
55c
Feb
65c
Apr
2%c May
15c
Feb
42c
Jan
McVltue-Granam
l
25c
23c
McWatters Gold
♦
1.58
1.53
1.63
23,850
1.19
Apr
1.78 June
Mentor
5
1.50
1.50
1.50
300
50c
Feb
1.50 June
•
Moneta-Porcupine
]
.1
Zc
02c
56c
5
63c
67,862
3%c
2%c
4c
20,000
21c
Jan
13c
Jan
24c
1.11
Apr
1.50
Jan
7%o
Jan
1.00
Mar
6%C
Jan
54o
June
2o
Feb
330 May
80o
Feb
Jan
4%C May
2.45
2.45
2.45
300
58%
58%
58%
1,917
44%
Jan
Northern Canada Mining *
O'Brien Gold
1
50c
48c
55c
Jan
2.25
2.64
6,700
68,920
28 %o
2.56
340
Jan
Olga Oil & Gas New
♦
9%e
9c
10c
8e
May
65c
69c
40c
Mar
85c
June
*
4.45
4.40
4.55
20,800
19,256
9,380
3.50
Mar
5.20
June
Paymaster Consolidated..]
98c
91 %c
1.01
82,650
50% c
Jan
1.25 May
]
1.30
1.28
1.33
8,400
1.12
Jan
1.74
Peterson-Cobalt
]
2%c
2%c
2%c
6,000
2%0
Jan
4%o
Feb
Pickle Crow...
1
6.20
6.00
6.30
10,060
3.95
Mai
6.95
Apr
Pioneer Gold
l
8.50
8.35
9.00
6,095
8.15 June
Premier Gold
]
2.42
2.41
2.49
5,675
1.80
Pamour-Poreupine
66c
Perron Gold
2.35 June
3.05
Jan
59%
June
63c May
2.90
May
15o May
Feb
12.00
Jan
Jan
2.53
June
3.25
Jan
Prospectors Airways
Preston (new)..
*
2.-25
2.25
2.25
1,200
2.10
May
•
2.02
1.90
2.10 127,950
21c
Mar
2.10
July
Quebec Gold
l
72c June
1.40
May
Read-Authler
72c
73c
3,600
2.25
2.52
2.67
10,041
1.44
Jan
Reno Gold
1
1.20
1.17
1.20
Mar
1.35
May
*
1.64
1.60
1.65
6,700
34,500
1.00
Read Lake-Gold Shore
60c
Jan
1.65
June
Roche-Long Lac
]
1
24c
i
23c 24 %c
33,700
4,000
22c 27 %c 135,750
7c
8%c
31,200
75c
75c
1
9%c
9c
10c
1.220
36,850
—1
10c
9c
11c
May
1
Porcupine Crown
Ritchie Gold
6%c
5c
6%c
4c
4%c
Robb Montbray
Sudbury Mines
—.1
Jan
12c
Jan
34c May
Jan
6%o May
1
18c
1
7%c
Feb
14c
Mar
26c
4%c
Jan
18o May
70
Jan
31%c
Feb
2%c
Jan
75c June
Apr
11c June
1.20
Feb
15c
Mar
4c
Jan
lc
Jan
32,300
,4c
Apr
9c
Feb
60,200
3%c
Jan
7%c
Mar
17 %c 18 %c 107,400
2c
Jan
23c May
4c
Jan
9c May
4c
Temiskaming
Wood-Kirkland
7c
l%c
l%c
43,900
1
Pend Oreille
6%c
7%c
14,200
13% o May
Montreal Stock
Exchange
July 3, both inclusive, compiled from official sales lists
Sales
Week's Range
Of A # tuvo
PVLCPA
\yj
5%c
Mar
2.75 June
280
Low
High
for
Range Since Jan. 1 1936
Week
Shares
Low
High
19
21
Agnew-Surnass Shoe pref.*
104
104
10
100
Alberta Pac Grain A....*
4
4
75
3
28
28
50
27
Jan
38%
Jan
15
15
5
14
Jan
23
Feb
9%
14%
10%
563
9%
July
15
Jan
14%
1,636
10%
Mar
17%
Feb
Acme Glove Works Ltd.
100
Preferred
28
Amal Elec Corp pref. -.50
'"9%
Associated Breweries
Bathurst Power & Paper A*
Bawlf (N) Grain
Preferred
100
14%
2
100
Bell Telephone
*
2
25
76
2
35
25
21
June
Jan
107
Mar
May
6
14% June
1% May
Jan
4% June
50
25
June
38
Jan
"147%
147
149%
389
141
Mar
150
Feb
Brazilian Tr, Lt & Pr
13%
13
13%
5,018
British Col Power
30
29%
30%
1,280
Corp A.
-
9%
28
15%
Jan
32%
Feb
5%
Feb
4
4%
131
3% May
9
•
8%
9%
320
8%
35%
300
35
35
Feb
Jan
4
B
Bruck Silk Mills
July
33
Jan
6
16
Jan
37%
Jan
6%
May
6%
6%
545
May
8
Feb
100
73%
69
74
1,432
58
Jan
74
Feb
Can North Power Corp...*
24%
24
25
503
22%
Jan
Steamship...—*
1.60
1.25
Apr
25%
3%
15%
Feb
Canada Cement
...
Preferred
Canada
37
*
10%
37
38
5%
Jan
Feb
25
9
Jan
12%
31
Jan
41
Apr
5% June
5%
Apr
7
Mar
6%
15%
16
585
29
30
2,375
6%
6% June
45
100
"*29%
875
13
8
May
17%
25% May
31%
Jan
Feb
Feb
100
Feb
Converters..100
120%
210
112
May
21%
645
18
Feb
21%
25
120
120
20
Preferred 7%—
Rights
Canadian
80
5%
-.25
Celanese
100
6%
""6%
Canadian Car <fc Foundry
Preferred
1.60
10%
Canada Wire & Cable cl B*
Canadian
1.60
6%
100
Preferred
25
5
23%
Jan
30
Jan
128
Jan
July
Canadian Cottons..—100
51
51
51
55
48
Jan
51
June
100
100
100
100
11
97
May
105
Mar
29
29
25
23%
Jan
34
Mar
Preferred
Candn Foreign Inveetm't.*
"32"
31%
34%
408
Candn Industrial Alcohol.*
7
6%
7%
2,226
*
6
5%
12%
Candn
Hydro-Elec pref 100
Class
Canadian Pacific Ry
25
*
Con Mining & Smelt new
12%
25
6%
53%
Crown Cork & Seal Co—*
15%
Dominion Coal pref
Eleetrolux Corp
2,231
51
May
15%
115
15
Mar
385
18%
1,000
1,245
35
136%
16
150
150
—*
*
5
General Steel Wares
*
5
4%
62
155
1,233
40%
Feb
Api
17%
Feb
Jan
4% May
60
Jan
155
June
8
Feb
July
79
Jan
4% May
7
Feb
1.75
75
1% May
3%
Feb
345
24
20
100
10%
13
14
165
13
25
3
19%
3%
3%
3%
5%
5%
155
6%
6%
215
5%
39
39
39
10
15%
15%
16
720
value.
Jan
14%
435
Bollinger Gold Mines. ...6
No par
Feb
5%
Gypsum, Lime & Alabast.*
Hamilton Bridge pref.-lOo
*
17
32
6%
*
67% May
34%
19%
13
Feb
Apr
23%
*
*
4%
60
1.75
i
English Electric A
Charles
55
15
15
Foundation Co of Can
Gurd,
Feb
53%
38%
60%
Eastern Dairies
Jan
16%
9%
6% May
16
"4%
Paper
Feb
11%
995
39
*
Dryden
Jan
12%
Apr
3,274
*
Dominion Steel A Coal B 25
Textile
48
June
12%
7%
6%
100
Dominion Glass pref—100
Dominion
625
6%
5% June
10%
Jan
22%
39%
Dist Corp Seagrams..
Dominion Bridge
6
26
20%
B
Cockshutt Plow
Noranda
Omega Gold
4%c
8c
Jan
Mar
1.22
4.25
25c
17c
4%c
*
1
49%
40
2.00
_2 0c
15c
9,325
26,300
8,600
15c
Oil Selections
Parkhill
781
1.80
25c
210 June
18c 329,075
43%
4.90 June
3.50
1,200
4,000
11,300
26,900
Feb
31o May
1,251
13,300
16c
Building Products A
4.00
16c
28%c
Jan
24c
19%c 23 %c
17 %c
9
Mar
"i.97
65c
Jan
Jan
23%c
19%c
Canadian Bronze
1.35
Feb
Feb
23 %c
Canadian Canners conv pf*
15c
78o
1.43
1
May
50c
July
Jan
*
May
1.30
13c May
53c
9%c May
3%c Mar
Apr
*
26c
52c
38c June
24c June
4
Kirkland Townslte
Hudson Bay
25c
1.30
Jan
Jan
72% c
22%c
14% c
Jan
Minto Gold
1,100
2,031
1.07
Jan
65c
6
1.05
Jan
37,325
51,276
65c
1,625
7c 102,100
25c
12,600
50c
6
__*
Home Oil
3.12
43
Jan
11,900
5%c
*
High
7c
88,500
5%c
5
Low
21 %c 22 %c 157,800
7c
12,700
Nlpissing
Range Since Jan. 1 1936
Shares
53c
9,095
52,700
Newbec Mines
High
8%c
21c
Morrls-Kirkland
Low
6c
22c
....
Jan
39c
2Qc
Mining Corp
Feb
71c
7%c
19%c
Merland
9.00
Mar
7c
2.1c
Exploration
Mar
38c
8%c
20c
i
7.55
52 %c
4,36
l
22,710
9,300
1
1
McKinley Mines
100 June
1
1
McMillan Gold
Jan
1
;
•
6
3o
Centra* Manitoba..
Macassa Mines
..1
8,250
Churchill Mining
Maple Leaf Mines
McLeod-CockshuttJ....
6%o June
Sale
Manitoba & Eastern
McKenzle Red Lake
Feb
Jan
Last
4.35
Mclntyre Porcupine
Apr
3c
Feb
.1
Homestead Oil
Feb
1.37
20% 0
Sales
Friday
56c May
6c
9%c
Howey Gold
2,50
Jan
Exchange—Mining Curb Section
Price
32c
20c May
*
Jan
1.00
both inclusive, compiled from official sales lists
Sale
Jan
High wood Sarcee
Ho linger Consolidated
June 27 to July 3,
Last
3%o
Marker Gold
50c
Friday
13,650<
Hard Rock
8.45
47c
Jan
19*
Halcrow-8 way ze
8.00
49c
Feb
16c
Gunnar Gold
8.40
♦
48c June
17%.
Grandoro
7 %c
•
Toronto Stock
June 27 to
16%*
Granada Gold
7c
Feb
1
Graham-Bousquet
4%c
...1
Ymir Yankee Girl
Feb
-.1
Good fish Mining
3%c
1,60
9%c June
Mar
lie
76c
5,700
26,350
1.38
9.60
Jan
Jan
14%c
35*
July
Mar
2,000
37,800
16%c 18%*
Feb
3c
60,405
38c
-
7c
60c June
<%C
10c
35c
May
61% June
86c June
6.90
1.24
1.05
Golconda Lead
Goldale
Gold Belt
4c
19,010
1.60 June
Jan
95%c
_..*
Castle Trethewey
Central-Patricia
10%c
56,800
28,500
Lake Maron
8.00 May
11 %c
Bunker Hill
1,755
11c
44c May
June
14c 16 %c
1
........1
Big Missouri
Bobjo Mines
Wiltsey-Coghlan
Wrlght-Harg reaves
Feb
Jan
2%c
1.07
10c
5.85 June
Feb
6%c May
21,100
39,950
1.95
1.03
—
*
1.60 May
97c
Jan
5%c
.
Feb
533
82%c
1
_
c
1.90
1.94
—
88c May
9c
5c
1
Beattle Gold Mines
18%
5.50
iI'h'c
——*
Bear Exploration
High
9%c June
4c Maj
*
Wayside Consolidated .50c
White Eagle
8c
8c
Bagainac Rouyn
Base Metals
7,100
Low
5.50
1
Barry-H olllnger
Shares
11,460
6,245
74,700
15,000
1
1
Ashley Gold.Astorla-Rouyn
Range Since Jan. 1 1936
Week
of Prices
Price
for
*
Waite-Amulet
Sales
Friday
Feb
Jan
28%
Feb
Jan
24
Feb
18%
Apr
Mar
June
6%
Jan
5% June
8%
8%
Mar
June
25%
Feb
39%
June
13.60
Mar
17%
Jan
Jan
Financial
90
July 4, 1936
Chronicle
Canadian Markets—Listed and Unlisted
Montreal Stock
(Concluded)
Week's Range
of Prices
Low
High
Week
Price
Par
Low
Shares
680
11%
11
11*
90
90
91 *
13*
13*
14
2,157
£1
7%
*
49*
7%
49*
7%
50*
6,380
3*
35
100
Preferred.
Imoerlal Tobacco of Can.5
13,6
Stocks (Concluded)
High
9%
June
88
Apr
13% Mar
Par
of Prices
Low
Price
1 19361
Range Since Jan.
for
Week's Range
Sale
for
Sale
Stocks
Last
Range Since Jan. 1 1936
Last
Howard Smltn Paper----*
Sales
Friday
Sales
Friday
Market
Curb
Montreal
Exchange
Week
June
30
185
31
High
Low
Shares
High
37
Ian
Bulolo Gold Dredging
6
Mar
CartleivMalartlc Gold
?
11c
30%
6*c
11c
88,800
2o
Jan
15c
May
Mar
14*
Consol Chib Gold Fields.-1
1.60
2.60
1.65
1,260
1.10
Apr
2.30
Mar
55*
55*
Mar
119
14*
3
International Power pf.100
Lake of the
90
20 *
.100
Woods
3
92
*
International Power
M cColl-Frontenac
OH
.
.
Montreal Cottons
Preferred
Dome Mines
*
55*
10
61
June
54
Feb
East Malartic
1
55c
55c
58c
4,500
54c
July
60c
June
6
Feb
FalconbridgeNlckelMlnes *
8.50
8.40
8.55
435
6.90
Jan
9.50
Mar
Francoeur Gold
•
15c
12c
16c
32,600
12c
June
44o
Feb
Goldale Mines
1
35c
36c
800
Apr
1
58c
73o
May
J-M Consol Gold
1
59c
Jan
70c
June
Jan
60c
May
Apr
7%
Feb
392
67
Jan
92
July
20*
535
16 %
Jan
22
40
123
5%
5
876
1,070
Jan
4% June
10%
May
143
June
Jan
7*
17*
Feb
Lake Shore Mines
1
15%
15
26
Jan
35
J an
Lamaque Contact Gold M*
35c
34 *c
37c
60,900
6c
Jan
37c
June
5
86
Jan
100
Feb
O'Brien Gold Mines Ltd.-l
2.60
2.27
2.65
29,990
35c
Jan
2.90
May
30%
31%
4,817
30
May
34
Jan
Pamour-Porcup M Ltd.—*
4.50
4.40
4.50
400
3.75
Jan
5.10 June
27c
18c
June
"30 *
26
26
Apr
28
56%
56%
35
55%
Jan
Parkhill Gold
93
27
85
Apr
Apr
60
92%
103
Jan
Perron Gold
*
.25
44*
■
85
39%
43
Feb
58
21
34
Jan
58
June
60
165
56
Jan
60
Feb
59
2,072
225
40
59%
216
95
53
95
148
107
95%
106
—15
19%
16%
11
52
53
70
16*
JaD
44%
199%
Jan
59* June
240
5
48
Southern Can Power
Slsooe Gold
1
3.85
3.58
3.83
9,236
2.88
Mar
4.00
June
Sladen
1
54c
53c
55c
6,500
42*0
June
I
1.37
1.30
1.39
10,260
830
Mar
1.37
May
5.60
5.70
1,530
4.30
Mar
5 85
June
24c
May
42c
May
Man
Sullivan Consol..
i
40c
1,000
53c
60c
59,610
*
1.90
1.96
3,925
10c
11c
3,000
9*c June
8~40
8.30
8.45
1,325
7.55
6*c
118
Jan
Jan
125
Apr
Feb
5
10
4%
May
6*
Feb
15
10
12%
Feb
15*
June
99
97
Jan
130
2%
13%
4,460
33%
1,255
1,407
2%
19
19%
:16%
115
1.50 May
8
Jan
Mar
104
2*
Feb
19
13*
June
Jat
20*
34*
Wayside Con G M Ltd.50c
*
Wrlght-Hargreaves
40c
Mar
23*
May
June
,
15,100
4c
June
10* c
Jan
80c
100
55c
Mar
91c
Jan
Howey Gold Mines Ltd—1
127*
63c
600
93c
May
4.60
1,725
3.18
Jan
4.90
June
2.35
200
2.20
Mar
3.40
Jan
Sherritt-Gordon Mines
1
1.04
1.00
1.06
2,025
1.00
Jan
1.40
Apr
Stadaoonna-Rouyn Mines *
44c
42 *c 44 *c
22,650
18*0
Jan
49 *c
300
2.38
Mar
1.80
1,400
1.30
9*
105
June
13
Feb
5
Jan
12*
Feb
Mar
1.40
Jan
12
Jan
14
Mar
64
65
114
2
5c
4.40
Jan
9H
June
2.35
June
2
Feb
4.20
4*c
5C
1.42
Mar
59 *c
10
61
1
Mar
2.43
2.35
11
58%
1
Duparquet Mining
Jan
98c
1,100
4.45
5
>4
57
Jan
49*
Jan
Apr
67*
60*
1
2.90
Abitlbl Pow A Paper Co..*
Cum 6% pref
100
1.75
9*
2.90
1.70
9*
Sylvanlte Gold
2.90
43* c May
Jan
9%
85
2
25
20
48
50
50
30
3
1,235
55
70
22
Jan
10*
150
50
9%
2%
20
2%
Apr
155
Mar
Jan
...
May
Apr
-
Feb
10*
3%
Apr
Feb
32
Jan
Feb
52
Jan
2%
50
4*
67*
May
June
Abltibi ctf of dep 6 % pf 100
Brew A Distillers of Van
—
Brewing Corp of Can
Too
95c
2%
*
-
8
8
2*
625
1.00
80c
Jan
69
58%
51 *
133
Jan
58* June
Jan
4*
18*
Feb
Mar
78
May
86*
Feb
57
Apr
61*
Feb
Apr
35
Jan
6
*
85
85
15
59
59
25
32
32
95
Can Power & P Invest pf.*
6
6
300
30*
4*
3*
3%
3%
139
19
Jan
140
Feb
Commerce.-.-.--
100
153
152% 154
118
148
191
191
192
44
184
214
Feb
Dom Oilcloth & Linoleum *
100
285
285
286
10
271
Jan
300
Feb
Donnaconna Paper A
171 % 173
127
164
Jan
181
Feb
139
100
-
Nova Scotia.
2
Jan
3*
June
50
33
Mar
35*
Apr
Jan
9*
Jan
Feb
Feb
100
Royal
7*
5*
6
*
General Steel Wares pf 100
20*
374
20
June
50
50
20
45
June
65
Jan
69
50
69
25
68*
72*
Feb
15
60
15
June
May
Municipa
Montreal
Industrial Bends
Week's Range
Last
Sale
of Prices
High
Price
Par
Low
tr..*
Beauharnols Power Corp.*
32*
Brit Amer Oil Co Ltd
25
Asbestos Corp voting
Feb
27*
29
»
28
29
■
3*
29
29
!
111
Week
553
17*
Ja
2*
26*
519
1.95
June
3*
1,110
16*
Jaii
27*
1.50
20*
95
1.50
15
14*
8
55
14*
8
107*
20
1.00
35
May
33* June
13
1.11
27*
Jan
Feb
4.00
Feb
SECURITIES
Municipal
•
65
Bid
Jan
25
Feb
Abltibi P A Pap ctfs 5s '53
4
June
Alberta Pao Grain 6s_. 1946
June
15
May
Asbestos Corp of Can 5s
fi 8*
99*
*
Dominion Eng Works
_*
50
33
Bta
48*
Jan
36
Feb
8
Apr
12
Jan
Brit Amer Oil 5s
103
4*
Feb
Feb
Brit Col Power 5 *8- -1960
106*
Massey-Harrls Co 5s—1947
Mar
7*
80
Feb
1960
105*
McColl Frontenac Oil 6s '49
105
JaD
19*
Feb
106* 108
Minn A Ont Paper 6s. 1945
38
83
Montreal Island Pr 5 *s *67
Montreal LH 4P ($50
12
-1.50
26*
July
4.00
Mar
6*s
8*
8*
95
Dom Tar A Chemical Ltd •
5*
5%
130
80
80%
45
50
12*
12*
703
9
1.06
865
70c
Jai.
1.46
40
,6*
Apr
10*
Feb
21%
3%
36*
4,431
20*
Jan
24*
150
2*
Apr
6
1,566
33*
106
95
96
32
33
Bell Tel Co of Can 5s. 1955
1945
-
-
-
116* 117
Feb
7%
'42
BeauharnoisLH&P 5 *s "73
12*
12*
*
12*
12
1.00
...*
480
8
Jan
19
Feb
58---...:. .Mar
1
Brit Columbia Tel 5s-I960
Burns A Co 5
*8-3 *s. 1948
98*
f75
109
75*
*
mm
78
80
82*
83*
51
90*
52
91*
105*
38*
86
1939
50*
Montreal Tramway 5s 1941
99*
Ask
Lake 8t John Pr A Pap Go
Feb
1 1942
6*s
Feb
1 1947
MaoLaren-Que Pr 5*s *61
Manitoba Power 5*s.I951
Maple Leaf Milling—
2*8 to '38—5*8 to *49
•
*
Utility Bonds
Ask
Beauharnols Pr Corp 5s '73
City Gas & Elec Corp
10
—100
Corporation
New York • HAnover 2-6363
Tele. NY 1-208
•
Industrial and Public
Mar
June
20
33
•
New York, Montreal and Toronto
Mar
Feb
2*
1.50
»
Mar
39 *
Apr
11*
12*
Voting trust ctfs
40
Jan
July
May
Jan
Feb
May
21
1.50
Home Oil Co Ltd
Apr
6*
Bell System
30
4
12*
Cum pref
26*
Mar
Apr
55
4
30 Broad Street
Jan
41
*
High
Low
33
526
•
Fraser Cos Ltd
22
40
104*
84*
Royal Securities Corporation
M
Shares
30
Dominion Stores Ltd
350
250
May
May
June
/ Flat Price.
Private wire connection between
9
8%
20*
Cndn Vlckers cum pref.100
Preferred A
2*
'1,000
.
15
Range Since Jan. 1 1936
for
109* 111
8%
»
100
100
Catelli Products, B
2%
25
*
Cum preferred-
32
2%
•
Cndn Int Invest Trust
Jan
61
4
Government
Sales
Friday
Brit Col Packers (new)
96*
50
CANADIAN
Montreal Curb Market
July 3, both inclusive, compiled from official sales lists
Canada Vinegars Ltd
30
118
Feb
330 Bay St., Tarsnti
Sparks St, Ottawa
Can Nor P Corp Ltd pf
125
84*
3*
*
•No par value.
33*
102*
84*
100
Preferred
Royallte OI! Ltd
Stocks—
33
100
Price Bros Co Ltd
Feb
102
33
*
Nova Scotia L & Pow
Public Utility and
1883
255 St. James St.,
30
100
McColl-Frontenae Oil pf 100
INCORPORATED
ESTABLISHED
15
Massey-Harrls pref
2*
20*
20%
Int Paints (Can) pf (new)
Canadian Government
4*
7*
28*
Goodyear T A Rubber.__*
i
528
60
7
*
Ford Motor of Can A
HANSON BROS
34
34
*
B
Feb
Apr
5,341
Feb
100
Apr
May
170
Montreal
Canadlenne
Feb
Jan
Calgary Ppwer pref
100
Can & Dominion Sugar
*
Consolidated Paper Ltd..*
2 60
100
.
16
Preferred
May
30
2%
16
Mar
Banks—
57
.Tune
2.90 July
Unlisted Stocks—
20
53
Apr
2o
6,750
59 *c
286
58
12o
7,900
1.11
4.00
80c
Central Patricia Gold
4.00
7*c
1.07
3.85
—•
Arno Mines..
Cndn Malartlo Gold...-.1
1
10
60
Feb
Unlisted Mines—
Canada Malting Co Ltd..*
Canada
Feb
1
12
55
Feb
2lo
8.90
Macassa Mines Ltd
64
*
100
2 50
San Antonio Gd M Ltd—1
11*
*
Winnipeg Electric
Mar
73*c June
Kirkland Lake Gold
10
13
Woods Mfgpref
Jan
Jan
20
114
10
June 27 to
1.60
Jan
June
16
20
11
56
37*c May
June
105
115
150
Western Grocers Ltd
57c June
Feb
12%
*
*
June
1.96
18
32%
*
2.78
~~60c
18*
11
Wabasso Cotton
May
Jan
1
1
Jan
150
Viau Biscuit-
1.40
1.43
1
Jan
100
Twin City...
June
4,025
Teck-Hughes Gold
11*
Tuckett Tobacco pref__100
pref
70c
2.65
Thompson-Cad
11*
*
25
Preferred
4,250
2.47
Towagmac Explor Co
14*
16
*
Steel Co of Canada
72c
"2~. 55
Jan
57
Apr
70c
1
Jan
Mar
Feb
Feb
Read-Authler Mine
Quebec Gold Mining Corpl
Mar
175
2*
*
(H) & Sons.
6.95
21
380
13%
100
Preferred
31*
1.75
Mar
95
13%
33
19
Jan
3.95
110
16%
2,390
Sherwln Williams of Can.*
1.12
1,400
Feb
98%
99
82,400
2,400
6.25
22c
Feb
15
5
lOu
8t Lawrence Corp
*
A preferred
50
8t Lawrence Paper pref.100
Shawinlgan W A Power..»
1.33
6.00
23c
June
88
101%
15
Rolland Paper pre!
1.30
6.20
1
5.65
13%
25
1.31
1
Mar
16
Knitting
Preferred.
Bros
Mar
1
Gold
Venture® Ltd
125
125
100
"l3%
Tooke
June
40*
*
Simon
45
59
Power Corp oi Canada—*
Regent
Jan
58
106
Power
39
40
-100
100
Preferred.
1,735
45
59*
*
Quebec
44 %
58
Ogllvie Flour Mills
—*
Ottawa L H & Power..100
Penmans
Mar
40*
*
*
—
10
Pickle-Crow
Niagara Wire Weaving—•
Preferred.
Jan
93
26
Ottawa Traction
52
32
92*
—
28*o
130
14*
~56%
Noranda Mines
9,100
59
93
40
Preferred.
600
61c
58c
48o June
32
Montreal Tramways—100
Preferred
58*
60c
58c
58
22 *c
23c
15
H A Pr Cons
Montreal Loan & Mtge.25
National Breweries
Ian
32
*
100
100
Montreal L;
Montreal Telegraph
43
Feb
143
140
5%
»
7
43 %
3
92
19*
Preferred..,..—
Massey-HarrlB.
125
Apr
July
Greene-Stabell Mines
Preferred..
Int Nickel of Canada
102*
New Brunswick Pr 5s. 1937
51
105
par
value) 3s
Imperial OH Ltd
Int Paints (Can) Ltd A
21*
20*
3%
3*
36%
35*
*
Int Petroleum Co Ltd
Inter Utilities class A
Inter Util Corp class
"
*
*
B
1.25
1.10
11
•
Melehers Dlst Ltd A
9
.......
-.1
10
99
•
-
Walkerville Brewery
-
5
1.75
76
97*
June
Apr
May
Mar
45
6
July
137
98
Jan
50c
100
50c
200
1.50
50c
Jan
Apr
20
20
Apr
2
25
2*
335
2
July
18
18*
89
24*
Ltd.*
Walker-Good A Worts pf.*
9
10
1.50
18*
25
91*
90*
103* 104
Nova 8cotla L A P 5s. 1958
107*
101*
Ottawa Lt Ht <fe Pr 58.1957
100* 101*
Feb
Canadian Vlckers Co 6s '47
Jan
Cedar Rapids M A P 6s '53
101
Consol Pap Corp 5 *s. 196 L
93*
92*
112* 112*
48*
f4 7*
Ottawa Traction 6 *s_ 1955
Ottawa Valley Pow 5*s '70
Mar
May
16
1.50
105
Canadian
Can North Power 5s..1953
Feb
2.60
6
*
Cana Canners Ltd 6s .1950
14*
Jai>
100
50c
United Distillers of Can__*
100
•»
Apr
39*
Jan
6
-
106
Jan
2
99*
Canada Cement Co 5 *s '47
50c
98
100
Ltd pref. 100
Thrift Stores Ltd
225
109
Jan
4
6*
98*
Reliance Grain Co Ltd—*
United Securities
825
2
*
of Can cum.pref. 100
Montreal Island Power
Power
11
,
6*
Mitchell & Co Ltd (Robt) *
Sou Can P Co
5
9
1.25
Apr
Calgary Power Co 5s.-I960
Canada Bread 6s
1941
Can Lt A Pow Co 5s.. 1949
7
Hydro-Electric Sec Corp.*
17*
Jan
13*
8
2*
101
Inter
Feb
Dominion Canners 68.1940
Jan
Dominion Coal 6s
6*s.l945
92*
Feb
Dominion Tar 6s
1949
3.00
95c May
25
3*
Afton Mines
Mining
Beau rort Gold—
Base Metals
Big
Missouri Mines
1
*
1
1
15c
35c
15c
35c
15c
1,000
19
Feb
Feb
37c
2,000
10,177
57c
70o
11,550
-
-
-
-
-
-
-
Donnaconna Paper
5*s '48
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
97*
84*
unstpd—1950
118
1950
1956
97
85*
112
Gatineau Power 5s
Certificates of deposit.
...
—
Power
Corp of Can 4 *s '59
5s
Deo
Price Bros A Co 6s
93
104* 105*
92* 93*
stamped
Northwestern Pow 68.1960
1 1957
67*
77*
98'
124*
124*
Quebec Power 5s
106*
1968
Smith H Pa Mills 5*s '53
Southern Can Pow 5s_1955
mmm
79
101*
99
106
1943
Certificates of deposit
Provincial Pap Ltd 5 *s *47
Saguenay Power 4*8.1966
Shawinlgan W A P 4 *s '67
Simpsons Ltd 6s
1949
102*
67*
125*
125*
102
106*
99* 100*
103* 104
105* 106
106* 106*
8*
Steel of Canada Ltd 6a '40
102* 103*
United Grain Grow 53.1948
105
May
Gt Lakes Pap Co 1st 6s '50
Jan
Int Pr & Pap of Nfld 5s '68
/53 *
103*
9
113*
General Steelwares 6s. 1952
Apr
July
37c
Jan
30c
Jan
47c
55c
Apr
75c
15c
-
97*
81c
5*c June
-
Mar
6s
5 *c
-
104*
Dom Gas A Elec
10
Eraser Co 6s
5*c
110
1940
100* June
Mines—
mmm
Pap 6s '49
-
•
106*
"
54
105*
United Secure Ltd 5*8 '52
83*
84*
Winnipeg Elec 6s.Oct 2 *54
84
84*
Volume
143
Financial
Quotations
Now York
Bid
106 94 107
a3 94s Nov
1 1954
106 94
a394s Mar
1 1960
10594 10694
105 94 10694
104
104 94
City Bonds
New York Trust
Bid
115
115 94
115
11594
a4s
Nov
a 4a
May 1 1959
11194 11294
a4s
May 1 1977
11194 112
Oct
1 1980
11294 11294
04948 July
04148 Sept
04148 Mar
1 1960
115
11594
o494s Dec 15 1971
1 1962
115
11594
04148 Mar
1 1964
115
11594
04 94s Dec
1 1979
a6s
Jan 25 1937..-
a394s Jan 15 1976
o3 Ha
a 4a
July 1 1975
May 1 1957
10794 108
11194 11294
11194 112 94
a4s
1 1958..
Apr 15 1972
June
l 1974
11594 116
Feb 15 1976
Jan
116
-
1 1977
1 1981...
Mar
May 1 A Nov 1 1957
11794 118
Mar
1 1963
June
1 1965
11794 11894
11894 119
1 1967
11894 11994
12094
12194 122 94
11994
103
Par
Banca Comm Italians. 100
Bk of New York A Tr__100
Bankers
11694
11694 11694
11694 11694
11794 11794
Nov 15 1978
10394
Bid
Bank of Sicllly
Bronx County.
2.90
Highway Imp 4 94s Sept *63
Canal Imp 4 94« Jan 1964..
13394
13394
Can A Imp High 414s '65..
—
131
-
-
-
—
Bid
Bid
__
ft
Oen A
1975.
106 54
ser
314« '65
2 10
314s "76
10214 10214
Bayonne Bridge 4s series C
1938-53
JAJ 3
10514 10614
306
311
12
Irving
Kings County
Lawyers
10
794
894
122
125
..10
1694
1720
51
48
Manufacturers
46
New
80
Title Guarantee A Tr. —20
York
1494
18
1994
Underwriters
Corn Exch Bk A Tr
61?*
62 «
United States
126
105*
9M
1694
Continental Bank A Tr.10
»■
48
123
61
75
...25
1594
100 1680
59
50
20
Bid
Par
Trust
126
Barge C T 4s Jan
.100
65
75
100 1905
1955
Ask
Par
First
100
215
m
-
•
'
National.
Bid
A:k
100
268
273
Harris Trust A Savings .100
Northern Trust Co
100
390
415
795
835
11594
11634
Trust
...33 1-3
4s
B
ser
4V4s
Hartford Insurance Stocks
Ask
\
1936-50.. JAD b
B 1939-53 .MAN
8er
15794 16194
126
42 to '46
Bid
10414 10414
ser
Guaranty
Central Hanover
20
Chemical Bank A Trust. 10
As*
4s Mar A Sept 1958 to '67
Canal Imp 4a JAJ *60 to '67
10614
ref 2f1
63 94
6194
124
George Washington Bridge
Gen A ref 3d
225
Continental Illinois Bank A
Ask
•
24
215
American National Bank A
414 8 April 1940 to 1949
Highway Improvement—
Barge C T 414s Jan 1 1945.
Gen A ret 4s Mar 1
23
Fulton
119
Port of New York Authority Bonds
Port of New York—
Ask
Empire
7
Colonial Trust
Bid
115
504
100
Clinton Trust
Par
105
499
20
Brooklyn
Ask
Chicago Bank Stocks
Ask
World War Bonus—
5s Jan A Mar 1946 to '71 b
Bid
io
New York State Bonds
Canal A Highway—
Companies
Ask
a4948 April 1 1966
o4948
a494s
04948
a4948
04948
04948
o4948
o494a
04948
107
91
Over-the-Counter Securities—Friday July 3
on
Ask
a39*s July 1 1975
<13948 May 1 1954
Chronicle
BOUGHT
SOLD
—
—
.25
QUOTED
11294 11394
Inland Terminal 494s ser D
1936-60
MAS
108
Holland Tunnel 414 s ser E
1936-60
.....MAS
PUTNAM & CO.
11294 11354
10994
Members New
CENTRAL
6
Tel.
York Stock
Exchange
ROW
5-0151
HARTFORD
A. T. T.
Teletype
—
Hartford 35
United States Insular Bonds
Philippine
Government—
Bid
4s 1946
Ask
Bid
Ask
100
10194
Honolulu 5s
3.50
4148 Oct
1959
105
107
U S Panama 3s June 11961
11734 1189*
4 94s July
1952
Govt of Puerto Rico—
5s
Aprl
1955
6s
Feb
1952
10594 106 94
10194 103 94
108 94 110
1941..
113
U 8 conversion 38 1946
614s Aug
Hawaii 414s Oct 1956
114
11334
109
111
11214 11314
11214 11314
Conversion 3s 1947
11494 11694
Par
112
414s July 1958
5s July 1948
Bid
1955 opt
1956 opt
1945.....JAJ
Bid
10094
4s
10094
4148 1957
10094
10214
4148 1957 opt 1937
MAN
4148 1958 opt 1938..MAN
Ask
1946
3a 1956 opt 1946....MAN
3148 1955 opt 1945..MAN
4s
1946 opt 1944
48 1957 opt 1937
JAJ
32
34
Importers A Exporters—5
8194
84
Ins Co of North Amer__10
7094
7294
2594
2694
Knickerbocker
13)4
1594
Aetna Life
.25
Agricultural
MANl
Lincoln Fire
13
Maryland Casualty
Mass Bonding A Ins..
1294
51
54
American Re-Insurance .10
73 94
7694
53
57
American Reserve
28
29 94
Merch Fire Assur com.2 94
Merch A Mfrs Fire New'k 5
4994
5194
35
37
294
.25
.
Shippers...
7H
9494
894
99
Bid
Atlanta
5s...
Atlantlo
58...
100
99
Maryland-Virginia 5s
5a...
Chicago
/12
13
100
101
Dallas 58
Denver 6s
79
100
Louisville 5s
100 94
100
Mississippi-Tennessee
_
New Brunswick Fire
10
34 94
36 94
30
New Hampshire Fire
10
4594
47 94
44
47 94
1994
22
10
255*
2794
43
45
New Jersey
New York Fire
2594
2794
Northern
394
494
43
5
45
45
7594
99
First of
6s
99
89
91
Pacific Coast of Portland 5s
101
90
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
100
88
First Texas of Houston 6s.
First Trust of
Chicago 5a..
Fletcher 5s
...
Fremont 5s
Pac Coast of San Fran 5s
90
93
98
100
Pennsylvania
10194
Phoerix
100
104 94
101
Greensboro
100
6s
Illinois Midwest 6s
Illinois of Montlcello 5s...
98
100
94
Joint Stock
«.
-
96
34
100
101
70
ns
100
Rochester
21
Rossla
98
9994
Virginian
Land
5s
Bank
15
25
10
5
24
26
St Paul Fire A Marine..25
5
39
41
Seaboard Fire A Marine..5
1194
1394
21394 21794
14
1194
5
1494
1694
43 94
4694
Security
66
70 94
Southern Fire..
..5
28 94
30
Springfield Fire A Mar..25
Great Amer Indemnity ..1
10
Halifax Fire
11
Stuyvesant
5
6
7
22 94
2494
Sun Life Assurance
100
440
470
20
30
Travelers
100
563
573
2d preferred
.15
Great American
8
10
Fire
Hanover Fire
Seaboard Surety
10
New Haven
26
28
10
36
3794
10
25
27
138
94 14194
10
3694
3894
U 8 Fidelity A Guar Co..2
1394
10
1494.,
26 94
28
U S Fire
73 94
76 94
U S Guarantee
...10
50 94
54
5294
.10
72 94
7594
Westchester
2.50
3494
3694
Home
35
37
Harmonta
4
Fire
57
Atlantlo
100
30
40
North
Dallas
100
63
67
Denver
100
1
4
Des
100
65
75
Bid
Par
V
...100
All series
9894
Ask
5
9
18
22
12
18
Potomac
18
22
San Antonio
52
55
Carolina
First Carollnas
100
2
6
Virginia
Fremont
100
2
5
Virginia-Carolina
...
5
1953
7794
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
79
53
Bid
mmm
'
mmm
57
44
44
1934-43
fh 4
Debentures
Bid
Ask
2-6s
-mmm
77
1953
7794
m mm
■
'
mmm
43
45
43
45
43
45
Potomac Maryland Deben¬
ture Corp 2-6s
Nat Bondholders part otfs
Potomao
/32
/3l
mmm
Nat Bondholders part ctfs
/31
Nat Cons Bd Corp 2-58 '53
Nat Deben Corp 2-68.1953
43
Realty
1953
67
Atlantic
Debenture Corp 2-6s '53
43
45
1953
43
45
Union Mtge Co 594sA 6s'37
Universal Mtg Co 6s '34-'39
mmm
/54
Realty
(Mtge Security series)..
Ask
1953
Potomac Deb Corp 2-6s *63
Potomac Franklin Deb Co
m m mm
Ask
5194
(all
Potomac Cons Deb Corp—
2-6s
1953
79
1953
(Mtge Guarantee series).
Bank
1954
Corp
46
Nat Bondholders part ctfs
Federal Intermediate Credit
Bond
46
77
(Central Funding series)
50
Series B 2-5s
Potomac
Mortgage Bond Co of Md
Inc 2-58
Nat Union Mtge Corp—
Series A 2~6s
1954
Issues) 2-5s
Cont'l Inv Bd Corp 2-5s '53
Cont'l InvDebCorp 2-6s '53
Home Mtge Co 594s A
6s
94
94
35
..
2-5s
Associated Mtge Cos Ino—
Debenture 2-6s_._.1953
Bid
Ask
Allied Mtge Cos Ino—
101
Stocks
Pennsylvania
Ask
Surety Guaranteed Mortgage Bonds and Debentures
99
97
Lincoln
Bid
American
10
Glens Falls Fire
101
5s
Virginia-Carolina 5s
Bid
Moines
2494
32
1194
33 94
19 >4
30
100
...
23
29
10
73
5s
58
Par
Atlanta
42
9994 10094
—
Antonio
Union of Detroit 5s
100
2194
40
124
109
Tennessee
100
Iowa of Sioux City 5s
Kentucky of Lexington...
La Fayette 6s
100
Southern Minnesota 5s
82
76 94
6
3194
Hartford Fire
/31
San
Southwest
79
89
1994
Accident
...
9994 10094
St Louis 5s
ro
100
100 94
i
100
108
Potomac 5s
88
Greenbrier 6s
__
5s
5s
85
Preferred
Hartford Steam Boiler. .10
99
100
First of New Orleans 5s...
120
10
1
Georgia Home
11694 121
25
5
Alliance
Hamilton
/45
6s..
Wayne
9894
100
98
Montgomery 5s...
First of Fort
National_25
Pacific Fire.
Providence-Washington .10
Republic (Dallas)
10
Globe A Republic
ici T
9794
Ohio-Pennsylvania 5s
2.50
r:
10094 10594
26
2494
Phoenix
49
96 >4 100
Philadelphia 10
River
Northwestern
9 94
794
10
North
20
__2
12.50
1294
Globe A Rutgers Fire.. .15
North Carolina 5s
81
10 94
128
23
.
100
New York 5s
Oregon-Washington 5s
First Carollnas
101
100
5s.
11
General
99
994
122
2
28 94
Fire Assn of
Ask
1194
1994
74
21
Excess..
98
994
1794
71
20
New Amsterdam Cas
Franklin Fire
Bid
Lincoln 58
2
National Union Fire
294
Eagle Fire
Employers Re-Insurance 10
Bonds
101
5s.
National Liberty
3
..5
Fire
Carolina
Federal
Bank
10
4
294
640
Connecticut Gen Life.. .10
Teletype CGO. 437
..10
3
.10
Camden
City of New York
Ask
9994 100 94
Burlington 6s.
California
Land
National Casualty
National Fire
Continental Casualty.. -.5
State 0540
1
630
Firemen's of Newark.. „5
Joint Stock
..5
1(M)
Fidelity A Dep of Md.. .20
St., Chicago
8
1694
.
Boston
120 So. La Salle
5
594
2694
6
33
Baltimore Amer
tfuc,
25)4
14 X
10414
MUNICIPAL BOND DEALERS
494
10
10
10
Bought—Sold—Quoted
10
30
25
MUNICIPAL BONDS
Security
5
American Surety
JOINT STOCK LAND BANK BONDS & STOCKS
Fire
Homestead Fire
.10
American of Newark
Automobile
1021,6 10214
1031,6 10314
10694 10614
Home
2 94
American Home...
10914
10514 10594
1937...JAJ
opt
Ask
5594
104
J&J
Bid
100 94
6394
Bankers A
3s
Par
96 94
10
Aetna Fire
1007,6
1007,6
1007,6
102»,6
10994
MAN
Companies
Ask
Aetna Casualty A Surety 10
American Equitable
Ask
1958 opt 1938
Bid
American Alliance
Federal Land Bank Bonds
3s
Insurance
3.00
34
deb
Bond A
Mortgage
2-6s
/54
76 94
45
•
F I C 194s. ..July
F I C 1948. ..Aug
F I C 194s_ ..Sept
F I C 194s. ..Oct
15 1936 b .30%
15 1936 b .30%
F I C 1949- ..Nov
F I C
1948. ..Dec
FI C 194s. ..Jan
15 1936 6
FIC 1948. ..Feb
15 1936 b .30%
15 1936 ft .35%
16 1936 b
15 1937 6
15 1937 ft
F I C 1 948- ..Mar
New
Par
York
Bid
Bank of Manhattan Co. 10
2894
Bank
50
58
National..50
50
....13.55
44
City (National)
-
12)4
38
Merchants
40
179
185
100
950
Flrat National of N Y..100 1955
Flatbush National
Klngsboro
100
60
Bank
Telephone and Telegraph Stocks
Par
Bid
Ask
Par
—
Ask
24
28
127
118
147
149
N'west Bell Tel pf 6 94 % 100
Pac A Atl Telegraph
25
116
Bell Telep of Canada.. 100
Bell Telep of Pa pref
100
Bid
New York Mutual Tel. 100
125
19
21
Peninsular Telephone oom*
195-4
1894
11094 112 94
121
123
Cincin A Sub Bell Telep.50
Cuban Telep 7% pref..100
88
90
46
51
Emp A Bay State Tel.. 100
Franklin Telegraph
100
63
98
Preferred A
Rocb Telep $6.50 1st
So A Atl Telegraph
100
80
90
20
2494
1594
1794
10
1094
12
Peoples National
50
52
Gen Tel Allied Corp 56 pf.
Int Ocean Telegraph... 100
Public National
25
4294
4494
Lincoln Tel A Telegraph..*
Mtn States Tel A Tel.. 100
113
New England Tel A Tel 100
1219* 1239*
Exchange
980
Sterling Nat Bank A Tr.25
3494
1995
Trade
20
Bank
Ask
11794 121
National Safety Bank.12 94
Penn
Bid
Am Dist Teleg (N J) com.*
Preferred
100
1294
36
27
National...100
mm
National Bronx Bank...50
-
46
Commercial National.. 100
-
—
Stocks
Par
30
B®nk of Yorktown_.66 2-3
Fifth Avenue
15 1937 ft
Ask
Bensonhurst
Chase
15 193* ft
FIC 194s. ..Apr
.40%
.40%
.50%
.65%
.55%
.55%
For lootnotes
see
page
94.
43
101
140
-
-
-
999*
100
pf.100
25
Sou New Engl Telep...100
S'western Bell Tel pref. 100
104
Wisconsin Telep 7% pf.100
20
24
149 94 15194
12494 12594
Trl States Tel A Tel—
143
112
Preferred
10
1054
116
119*
Financial
92
July 4, 1936
Chronicle
Quotations on Over-the-Counter Securities—Friday July 3—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3oscpb CUalkcr $ Sons
Members T{ew York Stoek
DUNNE&CO.
Exchange
Members New York Security Dealers Ass'n.
Dealers in
120 Broadway
Tel. REctor
JOhn 4-1360
York
20 Pine Street, New
guaranteed
NEW YORK
2-6600
stocks
nee1855^,
Bought
'
Dividend
•
•
Sold
—
Bid
Ear in Dollars
Members Tiew Yor\Security
6.00
91
94
Albany A Susquehanna (Delaware & Hudson)..
100
Allegheny A Western (Buff Roch A Pitts).........100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)—
100
10.60
183
187
6.00
101
8.76
131
134
8.60
138
144
3.00
64
97
99
6.00
99
101
6.00
96
99
3.60
87
89
2.00
49
61
& CO.
Dealers Association
57
4.00
Request
104
...100
Canada Southern (New York Central)
.....100
Carolina Clinchfleld A Ohio (L A N-A C L) 4%
100
Common 6% stamped
100
Chicago Cleve Clno A St Louis pref (N Y Central).-100
Cleveland A Pittsburgh (Pennsylvania)
60
Betterman stock
60
Delaware (Pennsylvania)
......
26
Fort Wayne & Jackson pref (N Y Central)—.——100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
—100
Morris A Essex (Del Lack A Western)
....60
New York Lackawanna A Western (D L A W)-._. 100
Northern Central (Pennsylvania).—.
60
Old Colony (N Y N H A Hartford)
100
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
60
on
SLOANE
E.
JOHN
Asked
..100
Alabama A Vlcksburg (Illinois
Central)
2.00
(New Haven).
Boston A Providence
45
2.00
41 Broad St., New
York
HAnover 2-2455
•
Bell System Teletype NY 1-62*
•
89%
3734
Bid
Akron Canton A Youngstown
6s.
.
47%
6.60
86
89
10.00
189
194
4.00
75
78
60.00
950
1100
3.876
6734
6934
6.00
95
98
4.00
99
102
22
25
V.60
65
69
1.60
38
Bonds
Railroad
40
1945
-
Asked
70
72
72
74
534s, 1945..—
—
-
-
92
Augusta Union Station 1st 4s. 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 434s, April 1 1943
Boston A Maine 3s, 1950......
80
76
80
170
Georgia Southern A Florida 1st 5s, 1945
180
183
10534
Goshen A Decker town 1st
(Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
....100
Second preferred.
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vloksburg Shreveport A Pacific (Illinois Central)—100
Preferred
100
Warren RR of N J (Del Lack A Western)
60
West Jersey A Sea Shore (Pennsylvania)
60
6.90
103
106
Hoboken Ferry 1st 6s,
6.00
147
152
3.00
73
76
3.00
147
152
10.00
254
258
6.00
86
89
6.00
100
5.00
76
"80
6.00
80
83
3.60
51
55
3.00
67
69
Terminal 1st 5s,
1965———
86
87)4
10134
102%
103
104
43
/-103
—
—
Minneapolis St Paul A Sault Ste Marie 2d 4s. 1949..
...
Montgomery A Erie 1st 5s, 1956
—
New York Central secured 3 Mb, 1946—
.....
New York A Hoboken Ferry general 5s, 1946..........—
52
93
65
95
Private
Wires to
97 34
9634
76
80
71
Island-Frisco Terminal
434s. 1957........
93
90
....
73
90
—
...
9134
St Clair Madison A St Louis 1st 4s, 1951
92 J*
Shreveport Bridge A Terminal 1st 5s, 1955—.—........
(Somerset Ry 1st ref 4s, 1955...
......
87
66
62
93
9034
1st 4s, 1951......
434s. 1957
Toronto Hamilton A Buffalo 4%b, 1966......
......
Union Pacific debenture 3 34 s, 1971
....
Washington County Ry 1st 334a. 1954....
Southern Illinois A Missouri Bridge
111
Toledo Terminal RR
Stroud & Company Inc.
75
7334
Rook
Quotations—Appraisal* Upon Requaat
61%
102
Maryland A Pennsylvania 1st 4s. 1951
Meridian Terminal 1st 4s, 1955
Portland RR 1st 3348. 1951
Consolidated 5s, 1945
EQUIPMENT TRUST CERTIFICATES
10634
96 34
9534
6034
...
534s, 1978—....
—
1946
—
Kanawha A West Virginia 1st 5s, 1955..
.....
Kansas Oklahoma A Gulf 1st 5s, 1978
......
Little Rock A Hot Springs Western 1st 4s. 1939
Macon
6734
99 H
99
334s, series D, 1971
Cleveland Terminal A Valley 1st 4s, 1995..
165
100 34
/65
Cincinnati Union Terminal
7.00
"84
99%
Chateaugay Ore A Iron, 1st ref 4s, 1942
..........
Chesapeake A Ohio 334s, series D. 1996
Choctaw A Memphis, 1st 5s, 1952
.......
Cincinnati Indianapolis A Western 1st 5s, 1965............
7.00
95
102
—
3.00
Rensselaer A Saratoga
83
85
—.
.......
Buffalo Creek 1st ref 6s, 1961—.
4
82
80
60
—
66
63
—
100
Preferred
105
10434
—
Prior lien 4s,
1942
Prior lien 4%b, 1944
Convertible 5s, 1940-45
100
—
(Pennsylvania)—100
Preferred
Pittsburgh Fort Wayne A Chicago
'
Quoted
—
Earnings and Special Studies
(Guarantor In Parenthesis)
'•
BONDS
RAILROAD
Guaranteed Railroad Stocks
97
98
98 H
6834
9834
68%
Philadelphia, Pa.
New York
ROESER & PENDLETON, INC.
Railroad
Bid
61.75
1.00
Baltimore A Ohio
63.00
63.00
2.00
63.75
2.50
63.75
2.50
63.50
2.00
63.00
2.00
63.00
2.00
6s
4%b
(Jg
3Hs Dec
"l" 1936-1944"
64.35
534s
-
New Orl Tex A Mex
4%a..
New York Central 434s—
5s
4>^s_
6s
Canadian Paclflo
Ac¬
63.00
62.00
1.25
61.50
1.00
4.00
63.00
2.00
2.00
2.00
64.50
64.50
61.00
0.50
5s
62.60
2.00
1.00
65.00
4.00
1.25
1.00
Alabama Power $7 pref—♦
Arkansas Pr A Lt $7 pref.*
1.00
Assoc Gas A El orlg
62.85
2.00
4s series E due
62.00
3.75
62.00
634a
4%B
68
2%s series G
non-call Deo 1 1936-50
62.75
2.00
Chicago
Rl'&~Pao 4%b"
4.00
66.75
6.00
Pere Marquette
63.00
2.00
66.75
4J4s
5s«
6.00
Reading Co
62.75
2%
2%
65
65
6s
70
70
434 s
434s
62.75
5s
3.76
65 00
534 s
3 75
63.00
5^8
Erie RR
3.75
d.oU
6s
62.00
1.00
4%a
63.00
2.50
5S
63.00
61.76
68
—
St Louis Southwestern 5s.
BangorHydro-El 7 % pf 100
118
121
Birmingham Elec $7 pref. *
Buff Nlag & E pr pref...25
70
7134
24%
94%
2534
Newark Consol Gas...100
96 34
New Eng G A E
86%
88
Cent Maine Pow 6% pf
4.00
1.75
62.65
1.75
63.25
2.50
2.50
5s
63.00
1.75
1.00
534s
63.00
1.75
434s
6%
$7
preferred
Mo Pub Serv $7
13
mm
62.75
2.00
Rocking Valley 5s
61.75
1.00
434s—
62.75
2.00
Illinois Central 434s_—__
6s
62.85
2%
5s
62.50
1.50
62.25
1.50
61.60
0.75
62.00
1.00
61.60
0.75
61.75
534s
1.00
Internat Great Nor 4j4s.
64 75
4.00
Long Island 434s
63.00
2.00
62.50
1.75
61.75
1.00
61.75
1 00
6s
Loulsv A Nashv 434s
6s
Maine Central 5s
63.75
2.50
4.00
65.00
4HS
2.50
63.75
65.00
534s
Minn St P A S S M 4s...
4.00
Texas Pacific
Union Paclflo
4s
—.
4%a
99
m m
42
105
6834
5s
Wabash Ry
5s
10534 106 34
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf__100
100
102
Foreign Lt A Pow units..*
62.50
2.00
Hudson
62.50
2.00
Idaho Power $6 pref
65.00
Western Paclflo 5s
_
194
-
_
122
102
Gas A Elec of Bergen..100
Hamilton Gas Co v t c
4 00
65.00
4.00
7%
County Gas...100
preferred
*
..100
*
preferred—..
preferred
Paclflo Pow
*
100
7% pref... 100
& Lt 7% pf 100
Penn Pow A Lt $7
-
95
102)4
-
58
194
100
434s—.
5s
7%
-
55 ~"
$7
Okla G A E
'
100
6s
100
98
112 34
10034
63^8
Western Maryland
Gas
11034 112
100
Derby Gas A Elec $7 pref. *
Essex-Hudson
7% cum preferred-..100
N Y & Queens E L P pf 100
109
Nor States Pr $7 pref. .100
100
1.00
102
_
Continental Gas A EI-
100
5134
102 34 104
Ohio Edison $6 pref
1.00
99
434s
pf..*
10534 10634
10534 106 34
Dallas Pr A Lt 7% pref. 100
Dayton Pr& Lt 6% pf.100
mm
5034
N Y Pow A Lt $6 cum pf.*
11034
61.75
Virginian Ry 434s
43
_*
New Jersey Pr A Lt $6 pf .*
$7 prior lien pref
«
7234
New Orl Pub Serv $7
10834
preferred
-
27 34
72
70
48
preferred
•
26 34
78
107
preferred
11134
122
534% pf-*
72
109
7%
35
69
preferred B...100
6.60%
33
75
Consol Traction (N J). 100
Consumers Pow $5 pref..*
6%
7% pf—100
534
41
100
Cent Pr A Lt 7% pref.. 100
Columbus Ry Pr A Lt—
1st $6 preferred A...100
$6.50
434
3834
preferred
100
Nassau A Suff Ltg pf__100
Nebraska Pow
17
15
pref... 100
Mountain States Pr com.*
100
preferred..
61.75
5s
115
7%
■
Great Northern 4%b
6s
114
N E Pow Assn 6% pf__100
New Eng Pub Serv Co—
Carolina Pr A Lt $7 pref..*
90
62.65
4%a
5s
Southern Ry
115
90
4.00
Miss Rlv Pow 6% pref. 100
ns a
12 34
*
Cent Ark Pub Ser pref.100
65.00
74
80
$7 preferred
6
mm
Ask
70
76
Mississippi Power $6 pref..
12
90
65.00
5^8—
Southern Pacific
87 34
pref..*
85
4^8—
65 00
65 00
6s
7934
80)4
preferred
*
preferred..........*
Atlantic City El $6 pref..*
85-
-
Denver A R G West 4%b.
7714
$7
85
St Louis-San Fran 4s.;
Bid
Par
Ask
Bid
$6.50
Jan & July 1936-49
65.00
Chic Milw A St Paul
Public Utility Stocks
Par
62.00
434s
Pennsylvania RR 434s
,
3.75
62.00
5s
Northern Paclflo
5s.
Chicago A Nor West 4%a
INC.
HA™1?2ni282 52 William Street, N.Y.
2.00
63.00
6s
N Y N H A Hartf 4%a
2.00
cent RR New Jer 4%a..
Chesapeake A Ohio 534s-
2.50
64.75
63.00
N Y Chic A St L 4%a
Canadian National
64.00
robinson, miller & co.
2.50
63.00
434s
5s
3.00
64.00
Missouri Paclflo
2.00
Boston A Maine
Analysis upon Request
Ask
Bid
Ask
Atlantic Coast Line 4%b.
4% a
(a producing oil company)
Equipment Bonds
<•
—
91
88
10834 109 34
11334 115
11234 11334
109
103 34
111
109 34
11234
102
84 34
pref
*
Philadelphia Co $5 pref..*
110
Pub Serv of Colo
107
7% pf 100
86
110 34
8434
8734
110
Queens Borough G & E—
34
%
•
-
10834 110
111
11234
6%
preferred..
88 34
100
Rochester G A E 7% B 100
91
107
6% preferred C
100
Sioux City G A E $7 pf_100
Sou Calif Edison pref B.25
105
m
10534
94 34
96 34
28
2834
Pari
I
Bid
Bond A Mortgage Guar_20
Empire Title A Guar.
1
_.
100'
For footnotes see page 94.
|
34
11
%
1
Par
Ask
—
Bid
28
South Jersey Gas A El. 100
194
2334
2434
Tenn Eleo Pow
99
66 34
65 34
73 34
74J4
10834 110 34
111
11234
Kan Gas A El
Ask
20
34
1
Lawyers Title A Guar. .100
34
134
Lawyers Mortgage
26 34
Jer Cent P & L
Realty, Surety and Mortgage Companies
50 34
pref.*
Jamaica Water Sup pref .50
...
Illinois Pr A Lt 1st pref..*
Interstate Natural Gas..*
Interstate Power $7
534s.
7% pf__100
7% pf--.100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
7%
preferred
-.100
Los Ang G A E 6% pf.. 100
Memphis Pr A Lt $7 pref. *
Mississippi P A L $6 pf...*
5134
7%
54
101
11234 11334
97
99
78
7934
8834
90 34
114 34 11534
86
84
83
84
6% pref 100
preferred
100
Texas Pow & Lt
7% pf.100
Toledo Edison 7 % pf A 100
United G <fc E (Conn) 7% pf
United G A E (N J) pf.100
9134
Virginia
Ry
_
6534
6634
9834 10034
119
117
100
Western Power $7 pref. 100
93 34
69
Utah Pow & Lt $7 pref
*
Utlca Gas A El 7% pf__100
'
-
-
-
-
•
Volume
Securities—Friday July 3—Continued
Quotations on Over-the-Counter
Specialists in —
Securities of the
Associated Gas & Electric
S. A. O'BRIEN
93
Chronicle
Financial
143
Water Works Securities
System
Complete Statistical Information—Inquiries
& CO.
Swart.Brent&Co.
Members New York Curb Exchange
150 BROADWAY, NEW
75 FEDERAL ST., BOSTON
Hancock 8920
YORK
COrtlandt 7-1868
NCORPORATED
•
40
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Direct Private
Public
PLACE, NEW YORK
Teletype: New York 1-1078
EXCHANGE
Tel.: HAnover 2-0510
Utility Bonds
OFFERINGS
5%s.l948
101
Aria Edison 1st 5s——
1st 6s series A
1st 6s '37
1st 4%s '65
Kan Pow A Lt
93 H
Keystone Telep
63
65
69 H
70 H
50
Assoc Gas A Elec Corp—-
39
106
106%
38%
39
39 H
Income deb 4s
1978
41%
42 H
1978
45
47
Newport N A Ham 58.1944
New Eng G A E 5s... 1962
4%s
76 H
1973
Conv deb 4s
—
1st A gen 4%s.
105% 106%
97%
98%
106% 107%
..I960
71
«.
—
79
New York Cent Elec 5s '52
1973
83 H
84 H
Conv deb
1973
90 H
Niagara Falls Power—
1st A ref mtge 3%s.l966
—
Water Bonds
104% 105
Sink fund Income 4s 1983
49 %
Northern N Y Utll 5s. 1955
102%
Sink fund lnc 4%s_-1983
52%
4%s._1973
514b.
'•
;
-
.
^
—
^
97%
56 %
Sink fund lnc 5%S—1983
to
.
102
Participating 8s
1940
Bellows Falls Hy El 6s 1958
Pacific Gas A El
.
102
102%
Bklyn Man Trans 4Mb '66
100 H 100%
a* —
.
105% 105%
3%s H *61
Penn Telep Corp 1st 4s '65
104% 106%
106% 107
Peoples L A P 5 %s ...1941
/71
Public Serv of Colo 6s. 1961
Cent Ark Pub Serv 5s 1948
97
98
Pub Serv of Okla 4s A. 1966
Central CAE
76 H
80
77 %
Pub Utll Cons 5%s—1948
1946
79
77%
81
109% 109%
Sioux City Gas A El 6s *47
105
106
105
105%
103 %
105%
103%
Sou Calif Gas 1st 4S..1965
Sou Cities Utll 5s A.. 1958
...
'
58%
59%
106 H 106%
105 % 105 H
Debenture 3%s
1956
Consol E A G 5-6s A.
Edison El HI (Bos)
_
85
87
Utlca Gas A El Co 58.1957
125
127
103%
Virginia Power 5s
1942
106%
97%
62
61
1962
106% 107%
Western Pub Serv 5%s '60
/40
3%s '65
Federal Pub Serv 1st 6s '47
Federated
Tel Bond A Share 5s. .1958
103 H
1961
Consol Edison NY 3%s'46
104%
WashA Suburban 5 Hs 1941
Conn River Pr 3 Mb A
S'western Gas A El 48.1960
104 H
Columbus Ry P A L 4s '65
West Penn Pr 3 %s ser I '66
.
78 H
Utll 6%s—1957
103
Middlesex Wat Co 5%s' 57
105% 106%
103% 104%
Monmouth Consol W 5s '56
100% 101%
Atlantlo County Wat 5s '58
103%
Monongahela Valley Water
5%s
1950
103%
Alton Water Co 5s
1956
—
•
80%
Green Mountain Pow 5s '48
102% 103%
Iowa Sou Utll
100
101%
Western Mass Co 3%s 1946
Wisconsin G A El 3%s6
103% 104%
100
102
Morgantown Water 5s 1965
Muncle Water Works 5s *65
102%
1957
5s series B_
1954
102
103%
New Jersey
102
...1954
105
6 Hs series A
102% 103%
88
86%
106% 107
102% 103%
102% 103%
101% 101%
950
101% 103%
96
98
96
98
98
101
103% 105%
Newport Water Co 5s .1953
Ohio Cities Water 5%s '53
88
1951
102
Ohio Valley Water 5s. 1954
108
1951
City of New Castle Water
103
105
Ohio Water Service 5s. 1958
98
100
91
93
1941
102
103%
City W (Chat) 5s B—.1954
101
Chester Wat Serv
5s
4%s '58
_
(Wash)
5 Ha series A
5s
1st 58 series C
•
-
-
Ore-Wash Wat Serv 5s 1957
1957
106%
105
Clinton W Wks Co 5s. 1939
101
106
5 Hs series A
1947
106
99
1946
84
86
100
1948
99% 101%
1st consol 58
1948
100% 102%
1948
103%
-
5s
109
97
99
-
Pittsburgh Sub Wat 5s *68
102
Plalnfleld Union Wat 5s '61
108
Richmond W W Co 58.1957
105
106
95
4 Hs
1958
93
95
Roanoke W W 5s
1950
97
99
Roch A L Ont Wat 5s. 1938
100
106
St JosephWater 4ssel9A66
Scranton Gas A Water Co
104%
106%
1942
103% 105
1942
104
1960
104%
D
4%s
..
Ssserels A
.1952
5s series B.
1952
Hackensack Wat Co 5s '77
A CO.
150
2360
Sou Pittsburgh Wat 5s *55
102%
5s series A
1962
-
1960
Terre Haute Water 5s B '66
-
6s series A
104%
1949
102%
Texarkana Wat 1st 5s_1958
Union Water Serv 5%s *51
102
Water Serv Cos Ino 5s. 1942
94
West Virginia Water 5s '51
102
w
1960
105%
toto
1st lien A ref 5s
1970
105%
to
-
1st lien A ref 6 Ha--1953
103% 104%
1st Hen A re'5 Ha.. 1954
103
Real Estate Bonds and Title Co. Mortgage Certificates
/43%
45%
Majestic Apts 1st 6s..1948
Broadmoor (The) 1st 6s '41
/50
29%
54
30%
31%
42%
1951
96
99
1U50
98
96
100
Westmoreland Water 5s '52
108
102% 104%
Wichita Water Co 5s B. '56
102%
102
Jamaica Water Sup 6 %s '55
Joplln W W Co 5s
1957
106
^
to
Ask
104% 105%-
5s series C
1960
104%
Kokomo W W Co 5s__1958
104%
6s series A
1949
103
•
-
1952
103
--
92%
95%
95
97
69%
71%
30%
-
to
Metropolitan Corp (Can)—
/39%
Interstate Water 6s A. 1940
99
1950
1st mtge 5s
1st mtge 5%s
101
98
—
103
Western N Y Water Co—
30%
Metropolitan Chain Prop—
31%
1958
-
•
/28%
Bid
Ask
Jan 1 1941
5s
-
•
103%
5s series B
■to
Indianapolis W W Securs—
—
•
to
102%
105
1st lien A ref 6s
Bell System Tel.
N Y 1-588
_
■
103
101% 103%
.
•
104%
102
Indianapolis Water 4 Hs '40
Broadway, N.Y.
Bid
1960
5s series B
102%
-
80%
78%
Illinois Water Serv 5s A '52
INCORPORATED
BArclay 7
100
98
102
5s
AMOTT, BAKER
101% 103%
100% 102%
105% 107
108
1954
to-
—
102%
100
1977
68
1967
-
102% 104%
Sedalla Water Co 5%s '47
South Bay Cons Wat 5s '50
98
Huntington Water 5s B '54
5 Hs series B
1958
Scranton Spring Brook
Water Serv 5s.—1961
1st A ref 5s A
Greenwich Water A Gas—
our compre¬
104%
93
1958
6s series
inquiries for copies of
-
107
Pinellas Water Co 5 %s '59
.
—
6s series B
hensive statistical reports on real estate issues.
101
1950
Phlla Suburb Wat 4S..1965
Connellsvllle Water 5s. 1939
6s series A
We invite
_-
Peoria Water Works Co—
1st consol 4s
«.
83%
6s series A
102% 104
Prior Hen
•
103
81%
1946
Penna State Water 5%s '52
1st A ref 5s
Community Water Service
6 He series B
91
Penna Water Co 5s...1940
-
-
E St L A Interurb Water—
Real Estate Securities
95
92%
Davenport Water Co 5s '61
i;
104
1951
5%s
1st mtge 5s
5%s—1950
....
104%
New York Wat Serv 5s '51
101% 103%
Consol Water of Utlca—
1961
Water 5s.
New Rochelle Wat 6s B '51
-
-
Butler Water Co 5s...1957
Calif Water Service 4s 1961
Commonwealth Wat (N J)
58 series C
1957
99%
Wisconsin Pub Ser
1st mtge 4s__
99% 101%
5s series C
Birmingham Water Works
Citizens Water Co
San Diego Cons GAE 4s *65
1953
Power 5s
105
94 %
93 H
C«nt Maine Pr 4« ser G '60
Colorado
73
106% 107 %
Cent 111 Light 3%s_—1966
Cent Ind Pow 1st 6s A 1947
105%
Long Island Wat 5 %s,1955
Alabama Water Serv 5s '57
...
105% 106%
105% 105%
105%
Pub Serv of N H 3 %s C '60
'
•
104%
Pennsylvania Elec 5s. 1962
102 H
110
104
Blackstone V G A E 4s '65
6%8—1946
Ask
Bid
A sk
Bid
.
70
Parr Shoals PoweY 5s. 1952
103
Brooklyn Edison 3 % s. 1966
1st Hen coll tr 6s
-
68
Old Dom Pow 5s May 15'51
...
105
Ashtabula Wat Wks 5s *68
.
54%
Sink fund Income 5s 1983
Tel. 2-3761
PORTLAND, MAINE
QQ 1 /
78
Conv deb 5s
Conv deb
CO.
Est. 1854
Mtn States Pow 1st 6s 1938
Income deb
Income
(Maine)
H. M. PAYSON
Monongahela W P Pub Ser
3%s—1978
deb 3%s
1978
Income deb
Consumers Water Co.
107% 107%
Inc.
Water Works & Electric Co.,
American
107%
106
Bonds of Subsidiaries
First Mortgage
52
6%s_1955
Long Island Ltg 5s. —1955
Los Angeles G A E 4s. 1970
Metrop Edison 4s ser G '65
6ei%ftl
4%s '5$
Assoc Gas A El Co
Kansas Elec Pow
86
91H
Ark Missouri Pow 1st 6s '53
Associated Electric
102 H
84 H
1948
1946
WANTED
Ask
53
51.
104% 105
109
109%
101
102%
Kan City Pub Serv 3s. 1951
72
70
Amer Wat Wks & El 6s '75
Bid
Ask
Bid
Amer States P S
Invited
Metropol Playhouses Ino—
Alden 1st 6s
B'way Barclay 1st 6s. 1941
Certificates of deposit..
68
1948
1947
6s
B'way A 41st Street—
1st leasehold 6%8—1944
S f deb 5s
Bfoadway Motors Bldg—
6s stamped
1948
Chanln Bldg lnc 4s
1945
/61%
65%
1945
64%
Munson Bldg 1st 6%8.1939
68
102
Lexington Wat Co 5 Ha '40
N Y Athletic C ub—
/28
Cheeebrough Bldg 1st 6s *48
70
72
1st mtge 2s stmp A reg'55
35%
91
93
1st A gen 6s
34%
BURR & COMPANY INC.
36%
Chrysler Bldg 1st 6s._ 1948
Court A Remsen St Off Bid
W'msport Water 5s
37
Apr 28 1940
1st 6s
Dorset (The)
1946
N Y Eve Journal 6 %s. 1937
/51%
_
-
-
1st A ref 6 %s
/6 H
81
50 Bway Bldg 1st 3s lnc '46
50%
.
1st 6s
51%
44
1949
502 Park Ave 1st 6s.. 1941
-
.
1st 6s
.
.
1947
/26%
70
1958
-.1939
28%
69%
1948
Fox Theatre A Off Bldg—
—
.Oct 1
1941
9%
1946
—
/48
50
Rea ty ext 1st
62%
93
54%
60 Park PI (Newark) 6s '37
51%
1950
Keith-Albee Bldg (New
53%
616 Madison Av 1st 6%s'38
61 Bway Bldg 1st 5%s 1950
1936
83
General
86
Lefcourt Manhattan Bldg
65
„
/52
90%
London Terrace Apts 6s '40
/'44%
1st 6Hs (L T)
1942
1936
73%
73%
37
7s
21
1945
22%
24%
55
46
97%
64%
'39
/28%
Par
Lerner Stores pref
...
3%
4
Bid
100
100
116
Ask
109
Melville Shoe—
4 H %
preferred
120
14
15
Miller (I) Sons com
*
5
8
38%
41%
6%
6H% preferred
Murphy(G C) $5 pf
Neisner Bros pref
100
34
37
100
102
100
108 H
4%
100
33
37
100
102
145
114"
106
Edison Bros Stores pref 100
7%
preferred
*
102
100
-
Fish man (M H) Stores.
Preferred
18%
•
7%
Stores
105
preferred
.
.
108
*
8
100
88
Bid
Reeves (Daniel) pref—.100
Rose 6-1G-25C Stores
5
105
Schlff Co preferred
17
100
L) 7% pref.. 100
+
Katz Drug preferred
.
Par
/14
1939
1st fee A leasehold
1
♦
(H C) common..*
Kobacker
55%
/48
1958
Walbrldge Bldg (Buffalo)—
1st 6 %s
Oct 19 1938
Westing house Bldg—
91%
...
Green (H
/21%
Ask
8
90
100
103 H
United Cigar 8ta 6 % pf. 100
21H
24
21
23%
6% pref ctfs
U 9 Stores preferred
100
96
2
5
...
16
/58%
1st 5%s
—
21
Bid
*
100
$2.50 conv pref
Sugar Stocks
50
Trinity Bldgs Corp—
--
68
Ludwlg Bauman—
(Bklyn)
/20
/20
2 Park Ave Bldg 1st 4s 1941
65%
Loew's Theatre Realt Corp
Dt 6s
1947
1st 6s
/35
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
_
Lewis Morris Apt Bldg—
Lincoln Bldg lnc 5H8.1963
51
Bohack
Textile Bldg 1st 6s
1st 4-5s extended to 1948
1937
1945
May 15 1948
/52%
Hotel St George 4s
B G Foods lnc com
Blckfords lnc
/49%
Sherry Netherland Hotel—
1st 5%s
preferred
Diamond Shoe pref
5%s.l945
6s
62%
60
91
Lexington 1st 6s '43
1943
Income.
Par
Borland Shoe Stores...
7%
50
Savoy Plaza Corp—
60%
1st 6H8.--.Apr 15
51
Roxy Theatre—
1st fee A l'hold 6 %s. 1940
72
Hearst Brisbane Prop 6s '42
Rochelle) 1st 6s
49
Co
10%
69
Chain Store Stocks
9
Realty Assoo Sec Corp—
-
-
Harrlman Bldg 1st 6s. 1951
Hotel
32%
69
5%s double stpd... 1961
-
/42%
1944
1949
Graybar Bldg 5s
/6%
89
5s
1st 6%s stamped
1st 6%s__
/28%
65%
Prudence
72
1400 Broadway Bldg—
Fuller Bldg deb 6s
5 Ha unstamped
Store Securities
(The)—
..Nov 15 1939
165 Bway Bldg lst5%s *51
/48%
42 Bway 1st 6s
...July 7 1939
103 E 57tb St 1st 6s__1941
29%
Film Center Bldg 1st 6s *43
v
Boston
.V
1 Park Ave 6s__Nov 6 1939
52d A Madison Off Bldg-
40 Wall St Corp 6s
Chain
53
19th A Walnut Sts (Phila)
.
Oliver Cromwell
unstamped
N
36
5%s scries Q
'
500 Fifth Avenue—
6s.
/34%
/51%
/38
5%s series F-l
8%
83
-
45
•
77
..
6%s
/43
5%s series C-2
1947
NEW YORK
-
57 William St.
5%s series BK
East Ambassador Hotels—
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
Chicago
100%
N Y Title A Mtge Co—
_
/31
1st 6s...1941
Cache La Poudre Co
Eastern Sugar Assoc
Preferred
Haytlan Corp Amer
20
Ask
21%
22%
1
17
18
1
28%
*
%
/73
For footnotes see page 94.
30
1%
Par
Savannah Sugar Ref
7%
preferred
Bid
*
114
Ask
117
100
West Indies Sugar Corp..1
2%
118"
3H
Financial
94
July 4, 1936
Chronicle
Quotations on Over-the-counter Securities—Friday July 3—Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW &, FOLEY
30
per
Petroleum Conversion Corporation
Correspondent
Kneeland 8C Co.—Western Trading
share
Incorporated
BOwling Green 9-1420
Street, New York
63 Wall
Members New York Curb Exchange
Telephone HAnover 2-9030
Currently selling at about $3
GROUP,
DISTRIBUTORS
NEW YORK
STREET
BROAD
Company Securities
Investing Companies
(Common)
,
Additional information on request
Bid
Ask
17.76
1.88
2.06
24%
26%
Amerex Holding Corp.
LANCASTER & NORVIN GREENE INC.
10
41
*
7% preferred
1.13
1.03
Investors Fund of Amer...
Invest Co of Amer com
Ask
Bid
Par
116.69
Affiliated Fund Ino com..
41
42 %
MMMM
104.11
102.5
A. T. & T. Teletype
Shares—1
1.14
1.24
Investors Fund C
Amer & Continental Corp.
BROAD
30
11%
12%
Investment Tr of N Y._.*
6%
-M.M
1.03
1.15
26.14
3%
5%
4%
6%
Keystone Cust Fd Inc B-3.
Major Shares Corp
»
23.81
2%
-M-M
Amer Business
N. Y.
ST.,
Hanover 2-0077
NY-1-1786
.40
.65
3%
4%
A—1
British Type Invest
Mutual Invest Trust
20.42
26.44
28.05
1.53
1.67
4.50
Nation Wide Securities..1
4.40
.51
Voting trust certificates.
1.84
'
'
MM.
-
31.35
33.53
N Y Bank Trust Shares...
1
18%
10%
No Amer Bond Trust ctfs.
Canadian Inv Fund Ltd.l
4.20
4.60
No Amer Tr Shares 1953..
Broad St Invest Co Inc
ISSUED
WHEN
Mass Investors Trust..
.31
4.53
SECURITIES
REORGANIZATION
18.88
1
.1
Maryland Fund Ino com..
SECURITIES
Fund
Bullock
RIGHTS
Ltd
39
42
.
1.99
3%
-
74
2.59
MM
MMMM
3.37
Series 1955.
.
78%
4%
6%
Series 1956
28.59
Series 1958
-
3.33
26.59
3.36
MM M M
MMMM
'
M. S. Wien & Co.
Commercial Nat'l
BROAD
Teletype N Y 1-1397
Los
AnUeles,
30%
41
MMMM
Class A
*
13%
14
MM"
MM
Class B
•
2%
3%
2.63
'■MM
MM
1.07
.MM
—
Plymouth Fund Ino A. 10c
Quarterly Ino Shares..25c
.96
1.66
1.83
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management
12.83
13.33
4.65
4.95
Selected Amer Shares Ino.
1.64
Selected American Shares.
3.66
MMMM
Selected Cumulative Shs..
9.54
MMMM
Selected Income Shares...
Selected Industries conv pf
17%
Series
Cal.
3.30
mod
AA
10
0%
3.30
Series ACC mod
100
8% preferred
Common B shares
10
7% preferred
100
--MM
31
28 %
36%
38%
110
Cumulative Trust Shares.*
2.43
Sylvania Industrial Corp.
Diversified Trustee Shs B.
MM
5.82
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B.
10%
{commodity
-
MMMM
2.70
3.81
MMMM
3.55
3.95
MMMM
Standard
7.75
State Street Inv
25c
1.73
1.87
Super Corp of Am Tr Shs A
30.25
32.62
1
30%
Fidelity Fund Ino
*
*
11.70
pref
B
*
9.75
COMPREHENSIVE SERVICE
5.10
25.02
Fundamental Tr Shares A.
in the
B
Over-the-Counter
Market
......
6.02
-MM-
2.56
MMMM
MMMM
7.20
--MM
14.96
13.76
2.93
2.86
D_._-_.
Trustee Standard Oil Shs A
....
6.83
6.05
6.34
6.97
Group Securities—
Agricultural shares
2.0S
2.25
1.54
1.67
Building shares
1.87
2.03
United Gold Equities (Can)
Chemical
1.58
1.72
Food shares
1.15
1.26
Investing shares
1.42
1.54
B
Automobile
1920
Members^ New York Security Dealers Association
115 Broadway, N. Y.
Tel. BArclay 7-0700
Bell System Teletype NY 1-1493
1.17
Trusteed Amer Bank Shs B
1.05
Trusteed Industry Shares.
1 38
1.53
Trusteed N Y Bank Shares
1.59
1.81
■
Established
MMMM
7.20
D
Supervised Shares
General Investors Trust..
Bristol & Willett
MMMM
4 07
2.56
Trustee Standard Invest C
6.63
5.50
3.87
C
'mmmm
4.80
22.82
1.19
....
BB
MMMM,
Fundamental Investors Inc
4.25
* 104.13
Corp
B
29.40
cv
Utilities Ino
AA
42%
27.30
Equity Corp
BOwling Green 9-3585
Teletype N. Y. 1-1666
19
1.10
4.85
Foundation Trust Shares A
A
*
MMMM
21.27
4.00
Equit Inv Corp (Mass)..5
Exchange, Inc.
Broadway, New York
*
Spencer Trask Fund
7.00
Fixed Trust Shares A
61
%
1.79
4.97
Standard Am Trust Shares
4.55
Dividend Shares
%
20.42
D
Dealers Association
De
^JNew York Security
*
C
C. E. UNTERBERG & CO.
Members
Pacific Southern Inv pref.*
114
Climax Molybdenum Co.
.
66
2.72
Crum & Forster Ins com 10
.,
'—mm
62
Accumulative series
ST., N. Y.
2-8780
HAnover
Securities...100
Northern
2.63
Corporate Trust Shares
the New York Security Dealers Assn.
25
1%
Series AA
Continental Shares pref
Established 1919
Members of
1
CorD_r.
shares
shares
"
1
2.76
3.07
U S El Lt A Pr Shares A..
10%
20%
3.04
3.14
1.18
1.26
Standard Shares
B
Bid
Par
v t O.¬
American
Book..
12%
31%
70
100
73
25
28%
-
Preferred
22
83
American Republics com.*
Andlan National Corp
4%
47%
14%
40%
53
54%
1st preferred
100
Canadian Celanese com..*
2
28
30
100
118
122
Columbia
$1 cum
Baking
Crowell Pub Co
$7
10%
3%
*
com
33
100
*
*
Nat Paper & Type com
'
100
78
83"
Pharmacal
..5
38%
40%
20
22
Norwich
Leather...
*
Pathe Film 7% pref
Petroleum Conversion com
12%
Publication Corp com
26
54%
55%
55%
53%
*
100
*
25
Singer Manufacturing.. 100
52
Sparta Foundry common..
Standard Cap & Seal.....5
52
55
Standard Screw
Preferred
100
Preferred
Douglas Shoe preferred. 100
Corp
*
12
15
69
*
1%
1%
Foundation Co—
| Foreign shares
*
4%
5%
American
__*
6
*
5
*
29
Gen Fireproofing $7 pf.100
Golden Cycle Corp
10
7
102
Graton <fc Knight com
*
Preferred...
50
4%
6%
32
53H
5%
43
46
Great Northern Paper..25
28
40%
20%
Jacobs (F
15%
17%
com
L) Co
1%
1%
24
.55
Investors. _*
23.16
8%
51%
6%
Pomeroy Ino com
7%
112
95
97
Am
41
-
Chicago Stock Yds 5s. 1961
Cudahy Pack conv 4s. 1950
3^8
1955
Deep Rock Oil 7s
1937
Fairbanks Morse deb 4s'56
-
3%
4%
32%
25%
1^8
lHs
«t
1938
Aug
15 1938
41
142
Journal
17
19
07%
68
100 %
Penn-Mary Steel 5s... 1937
70
100
%
100.30
101.1
17
fl5
Scoville
Mfg 5^8
1945
Standard Oil (N J) 3s. 1961
Std Tex Prod 1st 6%a as '42
Struth Wells Titus
6^8 '43
deb 3^s_.1951
99 %
Wltherbee
6V£s.l937
76
80
88
86
106 %
107%
08%
08%
12
flO
81
MM
100 %
100 %
Woodward Iron 5s
'44
f 12
15
1952
Stierman
99
102%
102
/64
66
6s
99^ 101
0%
27%
37%
1946
101% 101%
1961
or oomm
101.2
1
June
Nat Radiator 5s
Texas Corp
Merchants »**trlg 6s-.1937
102.18 102.21
1939 100.31
f35%
N Y Shipbuilding 5s..1946
05%
lHs
102% 103 %
103% 104%
Laughlln Steel—
4 Vis.
36%
30
Sept 11939
Haytlan Corp 8s
Jones
344
135
»»
101
Federal Farm Mtge Corp—
31%
341
1953
100.3 100.6
15 1936
15 1937 101.15 101.19
2s
Wire Fabrics 7s. .1942
Aug
Aug
1%B
Reynolds Investing 6s 1948
3%
Ask
Bid
Home Owners' Loan Corp
110
*
*
Trico Products Corp
*
pf.10
Unexcelled Mfg Co
10
Un Piece Dye Wks pf_.100
U S Finishing pref
.100
d
No
value,
par
Coupon.
a
Interchangeable, ft Basis
/ Flat price.
«
i When Issued,
x
price,
e Registered
Ex-dlvldend.
y
coupon
(serial).
Now selling on New
York Curb Exchange.
8%
43%
105
2%
0%
45%
115
t Now listed on New York Stock Exchange.
t Quotations
per 100 gold
-
rouble bond equivalent to 77.4234 grams of pure gold.
3%
6
8
3%
4%
$3 conv preferred
*
Welch Grape Juice pref. 100
West Va
Pulp & Pap com *
_
Preferred
100
White (S S) Dental Mfg.20
White Rock Min Spring—
$7
1st preferred
44
100
47
CURRENT
-
—Yarnall
-
—
15%
16%
102% 104%
13%
14%
100
Co.,
NOTICES
members of the New York and Philadelphia
Exchanges, and associate members of the New York Curb,
Robert
F.
Holden, heretofore
a
general partner in the firm..
35
Building, Pittsburgh,
The officers of the corporation are:
200
Worcester Salt
100
55
60
112
Young (J S) Co com...100
7% preferred.
100
120
118
C-
common.
126
that
limited partner, has been admitted as a
33%
Wllcox-Glbbs
Stock
announce
—Batty-Daly Corp. announce the opening of offices at 459 Union Trust
100
.50
&
100
preferred
7%
50%
Corp..
Boston Corp
Schoellkopf, Hutton &
Ask
104%
American Tobacco 4s_1951
31%
2%
10%
2d 8% preferred
3%
Miscellaneous Bonds
25
1%
17%
100
Bancamerica-Blalr
24.90
WJR The Goodwill Station
1
Lord & Taylor com
Fund
Investm't Banking Corps
First
.40
Huron Holding Corp
Incorporated
1.44
1.32
22
100
Klldun Mining Corp
Lawrence Portl Cement 100
1st 6%
1.36
...
Warren Northam—
--
38
100
Great Lakes S3 Co
15%
109
8%
Tublze Chatlllon cum
shares...
1.43
1st
26%
Taylor Wharton Iron &
Steel com
—*
Flour Mills of America
Galr (Robert) Co com
Preferred
100
Taylor Milling Corp
06
19.66
River Bridge 7s
Sylvania Indus Corp.....*
45
51 %
Draper
17.92
Tobacco shares
101H
50
Wellington
Bear Mountain-Hudson
Stromberg-Carlson Tel Mfg
120
41
23%
103
Remington Arms com
Scovlll Mfg
49
-
2%
38
$7 1st preferred
-M
105
*
108
Doehler Die Casting pref.*
1.20
Guardian Inv Trust com.*
-mm-
13%
Ohio Match Cowl.
100
Dixon (Jos) Crucible...100
2%
1.10
Bid
Yeast
Dictaphone Corp
*
1%
American Meter 6s...1946
5%
87
Dentists' Supply Co of N Y
preferred..
Un N Y Tr Shs se rF
—
'
21
preferred
60
51%
1.35
52
100
5%
45%
54%
101 %
49
100%
3%
New Haven Clock pf.._100
North Amer Match Corp.*
Ohio
24
pref
1.24
shares
Voting trust ctfs
116
56
Columbia Broadcasting A *
Class B
*
3%
Preferred...
3%
31
43%
10%
com
0
50
114
Casket
Northwestern
Carrier Corp 7% pref._100
Climax Molybdenum
*
Ask
8
56%
2%
1
Preferred
Beneficial Indus Loan pf_*
Bowman-Biltmore Hotels
*
Bid
100
preferred
National
3%
Art Metal Construction. 10
Preferred
*
Preferred
30
74
6%
Un N Y Bank Trust C 3—
Mock Judson <fc Voehringer
24
27
100
Mfg.
-
29
*
100
Amer Maize Products
Preferred
Merck & Co Inc com
104
8% cumul preferred
American Hardware
Macfadden Publica com..*
Maytag warrants
American Hard Rubber—
American
Par
As*
11%
28%
___*
Arch
1.61
shares
RR Equipment shares..
Steel shares
industrial Stocks
American
1.39
1.48
Petroleum
Amer Air Lines Ino
1.28
Mining shares.1
Merchandise
-
Pa., to conduct an investment securities business.
Arthur Batty; Alfred J. Daly; Frank
E. Markell; Frank S. Loeb.
— M
...
—Henry Kemp and Mortimer L. Van de Water announce the formation
of Henry
Kemp & Co. with offices at 111 Broadway, to deal in corporate
securities, specializing in reorganization, real estate, title, mortgage certifi¬
tSoviet Government Bonds
1
Bid
Ask
Union of Soviet Soc Repub
7% gold rouble
194311
cate and oil trust issues.
Bid
Union of Soviet Soc Repub
87.50
91.23
10% gold rouble...19421 87.501
Ask
-—J.
B.
Hanauer &
Co., 786 Broad St., New York, is distributing the
July 1 issue of the "New Jersey Municipal Bond Market," containing statis¬
tical data
on
approximately 200 New Jersey municipalities and counties.
Volume
Financial
143
By Crockett & Co., Boston:
Over-the-Counter SecuritiesFriday July 3—Concluded
Quotations
95
Chronicle
on
Shares
9
$ per Share
Stocks
46%
4 Sanford Mills
25
Farr
100
Alpaca (Co.,
Nashua
^ManufacturingACo. common,
Bid
Ast
f21
33
/24
/25
22%
16
/16%
17%
oliv
/8%
8%
Kobolyt 6 Ms
1943
Land M Bk Warsaw 8s '41
7s.
f5%
6
Leipzig O'land Pr 6 Ms '46
Coupons
Leipzig Trade Fair 7s.1953
Luneberg Power Light &
6
/5%
7
10
/21M
Water
23%
/69
69%
Meridionale Elec7s—1957
/71
Bremen
7s
(Germany)
Hungarian
/29
5
/10%
13%
13%
1
I
Industrial
Shares
1962
7 Ms
Hungary
m
56 M
June 29
June 30
July 1
July 2
July 3
Francs
Francs
Francs
Francs
Francs
Francs
Bank of France
5,800
781
310
1945
to
Panama 5%
/19M
22 M
/21
/5 2
23
Banque de l'Unlon Parlsienne..
6,100
6,000
795
800
316
6,100
809
320
315
6,700
199
195
197
198
197
19,700
19,700
19,700
19,700
19,400
720
773
758
755
990
Canadian Pacific
56
Canal de Suez cap
Cie Distr. d'Electrlcitle
A5M
16%
Cie General©
1,040
I",626
Protestant
16
16
15
many) 7s
1946
Prov Bk Westphalia 6s '33
/21
Cie Generale Transatlantlque...
Citroen B
15
52
24
1,040
16
1,050
55
341
360
359
350
S2 7
40 M
/37
16 M
/15M
24 M
/22M
23 M
/21M
154M 157M
785
120
777
Prov Bk
778
120
780
51
Comptoir Nationale d'Escompte
Coty S A..
Church
1968
(Ger¬
/21
/21M
24
Westphalia 6s '36
Eleo 7 % '36
1933
Rom Cath Church 6 Ms *46
R C Church Welfare 7s '46
23%
Royal Dutch 4s
/23%
/23%
/40
24%
24
24%
/30
/22
1945
Saarbruecken M Bk 6s '47
140
/40
140
66
5
/25
26
B
/23
26
7%
Catharlna
Santa
137
/64
24
/20
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip.
26
i
8%
/38
39"
/10
12
M
(Brazil)
1947
-
Santa Fe 7s stamped.. 1942
20
58%
mn
12%
(Brazil) 6s .1943
/14M
/24
15M
Saxon Pub Works 7s__1945
-.1946
/23
25
Saxon State Mtge 6s__1947
/2 4
26
6Ms
/45
.
/35
/24%
-
25%
/20-50
.
1956
Serbian 5s
---
37 M
38 M
/44-5i>
Serbian coupons
8
/7%
-
26
1940
7s
9%
Silesia Electric 6%siII194 6
19%
Stettin Pub Utll 7a...1946
.
/12
12%
-
/14%
15
Toho Electric 7s_.—1955
90 M
97
Tolima 7s
....1947
/10M
Stlnnes 7s
9
1
93
7
107% 108%
116% 117%
45
/42
9
.
3
94
unstamped. 1936
7s unstamped
.1946
City 7s
..1951
Tucuman Prov 7s
1950
Tucuman
1,340
1,090
373
544
1,120
386
565
1,320
1,140
1,340
1,140
400
400
570
568
494
520
508
514
830
670
718
371
20
1,168
820
820
687
700
713
738
Eaux Lyonnalae cap
11M
95
...
L'Alr Liquide
790
659
686
Closed
Lyon(PLM)
Nord Ry
6%
361
-
Pathe Capital
Pechiney
15
1,080
69.50
69.30
69.60
2,760
1,160
Rentes 5%, 1920
/
Royal Dutch
Cie
"26
1,159
71.10
70.90
71.10
71.00
70.60
*70.40
70.50
70.30
76.10
76.25
75.80
75.00
75.10
75.00
93.10
92.75
2,750
1,135
2,740
1,289
1,000
2,750
41
40
871
41
34
34
36
36
Societe Lyonnaise
"-1,100
1,130
1,188
1,150
"
Societe Generale Fonciere
513
517
517
518
71
70
71
70
356
377
382
389
44
Union d'Eelectricitie
Wagon-Li ts
...
45
44
44
Ex-dividend.
26
/20
70.80
93.40
39
40
820
"359
21
,
915
74.00
72.80
91.60
1,320
1,120
379
1,135
70.75
70.90
71.00
75.80
74.75
93.10
2,730
1,168
870
Rentes, Perpetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%%, 1932 A
Rentes 4%%, 1932 B
*
/24
23
1947
...
Energie Eiectrlqu© du Nord....
Energle Electrique du Littoral..
Tubize Artificial Silk, pref
92
/95M
/99M
Wurtemberg 7s to.... 1945
24
/20
438
1,320
110
167
437
Soclete Marseillaise
/60
United Steamship 6s..1937
Vesten Elec Ry 7s
9
7
23 M
24
/21M
/23
/65
Unterelbe Electric 6s. 1953
...
171
445
Soclete Francaise Ford
/9%
-
171
430
Schneider &
/65
/18M
-
163
Credit Commercial de France.__
Credit Lyonnaise
Saint Go bain C & C
Slem <fe Halske deb 6S.2930 /275
B
120
120
Courriere8
Orleans Ry
/19
/57 M
/ 75
Scrip
Sao Paulo
d'Electrlcitle
Kuhlmann
Santander (Colom) 78.1948
see
BOURSE
PARIS
scrip
Porto Alegre 7%
2
For footnotes
$0.20
-
-
Banque de Paris et Des Pays Bas
Rhine Westph
7
6%
$ per Share
Slocks
95 M
54
Rio de Janeiro 6%
3
6%.
3%
12
-
June 27
/93
1947
4s
11%
5
Haiti
-
9%
Corp
f27
North German Lloyd 6s '47
Salvador
Young
Cook
THE
1948
7%
25%
3
German
$10
Quotations of representative stocks as received by cable
each day of the past week:
National Hungarian & Ind
f~
1
Co
par
$10
By A. J. Wright & Co., Buffalo:
/83
/22M
/21
1
Dawes
par
/80
/11%
5
German scrip..
German called bonds
Co.,
45%
48
5
German
& Trust Co.,
55
24 M
5
1946-1947
(A & B)
>
7 %8
Ninth fBank
30
27
»
vestment
32
350
52
$20
Panama 6M%
3
6%s.
70 M
Trust
Share
33
104%
50 M
/24
67
>
5s
per
Bank, par $10—
Bank, par $20
First National Bank of Philadelphia, par $100
23
7s stamped.
Cundlnamarca
* $
111
National
National
Philadelphia
26
C C & D 7-.—1948-1949
49
45 flat
Stocks
Central-Penn
25 Corn Exchange National Bank & Trust Co., par
10 Pennsylvania Mutual Life Insurance Co., par $10
23
Oberpfals Eleo 7% —1946
Oldenburg-Free State 7%
/26
/64
/47
/44 %
/53
1
5
26
69
...
11%
Per Cent
1948-...".
26 M
Nat Central Savings Bk of
14%
14%
67
12
/26
/23
Mtge
7s assented
33
-87c.
By Barnes & Lofland, Philadelphia:
30
m
Natl Bank
5
50%
8
18%-18%
par
par
$1,000 Amoskeag Mfg. Co. 6s, due Jan^l,
Shares
70
Municipal Gas <k Eleo Corp
Recklinghausen 7s. .1947
Nassau Landbank 6 Ms '38
11%
/2
$7 prior lien preferred..
$100
$25
47 Chapman Valve Manufacturing Co., par $25
10 Massachusetts Utilities Assts. preferred, ex-div., par $50
75 United (Founders Corp., par $1
5 Rockland^Light^A Power Co., par $10
—...
(Corp.,
Brockton^Gas Light Co.,
25~~
fi 2
/23M
/69M
/48%
fo 3
U3
31
41%
Inc.
Bonds—
38M
Munlc Bk Hessen 7s to '45
—
28
/24
/47
48%
) /108
111
/11%
11%
r/10M 11%
1
/10
10%
Chile, Government—
6s assented
1945
Munich 7s to
I
m
6%s
1952
7s
22
Bi
Coal Ind Corp—
Brown
1959
Montevideo 6s
23
/21
/18
6s 1910
British
1948
7%
Mannheim <fe Palat 78.1941
10%
^Association,
Middlesex .Products
18
27
/22M
/60
f* 7
Mills
28 North Eastern Public Service Co.
/44-55
/15
8s.
7s.
Eastern ^Racing
6
24%
ungarian Discount & Ex¬
26
/18M
f 22
change Bank 7s
1936 /2 7
Hungarian defaulted coups /20-40
Hungarian Ital Bk 7 %s *32 /26
Ilseder Steel 6s
1948 /25
37 M
Jugoslavia 5s
1956
101
Palatinate
Bavarian
Ask
/35
Hungarian Cent Mut 7s '37
.
21%
21%
17%
100
1939
Housing <fe Real Imp 7s '46
Hansa S3 6s stamped.
24
/31
/19%
/19M
/16
Collyer|Insulated<WirelCo
10
Antioquia
$10
par
3%
Nashawena
50
Foreign Unlisted Dollar Bonds
11
3
$50
par
10
Bid
$5% lot
Wauregan-Quinnebaugh Mills preferred; 1 common
97%
101
,/23%
25%
page 94.
THE
BERLINISTOCK EXCHANGE
Closing prices of representative stocks as received by cable
each day of the past week:
June
June
June
July
July
27
AUCTION
29
30
1
2
3
35
36
37
July
SALES
.
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
Deutsche Bank und Dlsoonto-Gesellschaft..
July
1,
1935;
registered
$500 lot
,
260
Bolivian
1945.
$2,500 lot
156
94
95
119
120
121
122
122
93
92
93
93
95
97
126
128
129
130
130
121
121
122
122
122
93
93
94
96
97
168*
X
169
170
170
169
140
140
139
141
142
141
(6%).
Hamburg Elekt
Hapag.
168
139
Gesfuerel
142
142
143
145
145
15
15
15
15
15
15
102
103
103
103
104
104
16
17
16
16
16
194
$
Mining Corp. (Del.), par $10; $2,000 Bolivian
Mining Corp. 3M% ctfs. of indebtedness.
Due Dec. 31,
Dec. 31, 1936 and subsequent coupons attached
194
195
196
197
197
240
Share
per
240
240
240
241
241
.184
5
*
(Del.), no par; $2,000 face amount Rogue
by payments to $1,820).
River Gold Co. 6% ctfs. of indebtedness (reduced
Due July 1, 1935.
Registered
-
184
183
183
183
183
205
Bearer form.
18.2104 Rogue River Gold Co.
121
156
92
93
International
International
120
154
92
126
By Adrian H. Muller & Son, Jersey City, N. J.:
Stocks
118
153
16
2,000 Hamilton Bank Note Engraving & Printing Co. (N. Y.), par $5
Shares
117
92
122
Bolivian International Mining Corp. (Del.), par $10; $2,000
International Mining Corp. 3%% ctfs. of indebtedness, due Dec.
bearer form; Dec. 31, 1936, & subsequent coupons attached
260
Bolivian
31, 1945,
$500 lot
18.2104 Rogue River Gold Co. (Del.), no par; $2,000 face amount Rogue River
Gold Co. 6% ctfs. of indebtedness (reduced by payments to $1,820), due
117
153
118
Wednesday
117
92
v
35
153
The following securities were sold at auction on
of the current week;
36
36
Allgemelne Elektrizitaets-Gesellschaft.
205
206
207
207
206
Ex-dlvidend.
5
CURRENT
NOTICES
By R. L. Day & Co., Boston:
Shares
Stocks
4 First National
6
$ per
Bank, Boston,
rights State Street Trust Co.,
par
10 Home National Bank, Brockton, par
2 Beverly Trust Co., Beverly, par $100
5
Ludlow
Share
$12M
45
4
Boston...
51%
$100
Manufacturing Associates...
86
124
.
33 B. B. & R. Knight Corp. preferred v. t. c
5 Knitted Padding Co., par $100
30 Warnsutta Mills, par 5100.
1 Norwich & Worcester RR. preferred, par
3 Saratoga & Schenectady RR., par $100
35 Troy & Greenbush RR. Assn., par $50
20 Pneumatic Scale Co.
common,
Subscription
par
10%
12%
10%
$100
-
$10
warrants of
1927-1937 for 10 International Utilities
class B; 6 Cities Service Refining preferred, par $100, and 3 Cities
Refining
common,
par
$100
87%
118
60
3
Corp.
lot
42 Willys-Overland Co. com., par $5;
par
5 A. L. Sayles & Sons Co. pref. temp, ctf.,
$50; 5 A. L. Sayles & Sons Co. com. temp, ctf., par $25; 10 Jessup &
Moore Paper Co.
1st pref., par $100; 5 Ansbacher-Siegle Corp. common;
Corp. pref.; 30 Androscoggin & Kennebec Ry. (ctf. benef.
interest) 2d pref., par $100
$31 lot
6 Metropolitan Associates preferred, par $100; 20 Connecticut Mills com. A,
par $10; 20 Associated Textile Co.; 15 F. H. Roberts Co. 7% pref. div. No. 6
paid in liquidation, par $100; 10 Porter Fibre Bottle Co., par $10; 17 Massa¬
chusetts Consol. Rys. pref.; 10 Hemingway Chambers Trust pref
$10 lot
5 Ansbacher-Siegle
-
office in Peoria, III., with Laird C.
& Co., in
Parkhurst, formerly of Lamson Brothers
This is the third branch office opened by Wayne Hummer
charge.
& Co. this year, the others being at Springfield, 111., and Sheboygan, Wis.
—Chas. E. Quincey & Co. are
distributing their current interest table for
United States Treasury issues accrued during the month
each different
$1,000
bond
or
note,
together with
Home Owners' Loan Corporation and Federal Farm
an
of July 1936 on
interest table for
Mortgagelbonds.
—E.J. Coulen & Co., members New York Stock Exchange, 50 Broadway,
New York, have issued their monthly digest, including a partial
statistical
description of important stocks listed on the New York Stock and Curb
Service
$9
—Wayne Hummer & Co., Chicago, announces the opening of a branch
Exchanges,
as
well
as an
analytical study of the petroleum industry.
^
—The
current
review of Estabrook &
Co.,
40 Wall
St.,
N.
reproduces a list of 88 common stocks giving comparative earnings,
and
Y.""City,
dividend
quotation figures, together with current dividend rates and approxi¬
mate market prices
and yields.
—Jenks, Gwynne & Co., 65 Broadway, New York, have issued a detailed
comparative tabulation of
common
stocks listed
on
the New York Stock
Exchange which have paid dividends continuously over the past five years.
96
Financial
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
The
UNDER
ACT
and Exchange
^
Commission
July
on
1
^announced the filing of 27 additional registration statements
(Nos. 2264-2290, inclusive) under the Securities Act.
The
total involved is $114,117,055.40, of which
$111,836,226.38
new
issues.
The securities involved
are
grouped
No. of Issues
Type
23
Commercial and Industrial.
2
as
follows:
Total
$111,836,226.38
1,704,159.02
576,670.00
_
Securities in reorganization
2
Certificates of deposit.
The total includes the
following issues, for which releases
have been published:
West
Virginia Water Service Co.—$5,600,000 of 1st mtge. bonds,
series, due 1961.
(See details in V. 142, p. 4200.)
(Docket No.
2-2264, Form A-2, included in Release No. 854.)
'
4%
Sioux City Gas & Electric Co.—$9,000,000 of 1st
mtge. bonds, 4%
series, due 1966. and $1,500,000 of series A serial debentures, due serially
from July 1, 1937 to July 1, 1946.
(See details in V. 142, p. 4354.)
(Docket No. 2 2273rForm A-2, included in Release No. 856.)
Remington Rand, Inc.—345,208& shares of $1 par value common
(See details on a subsequent page.)
(Docket No. 2-2287, Form
A-2, included in Release No. 862.)
Commercial Investment Trust Corp.—$35,000,000 of debentures.
(See details on a subsequent page.)
(Docket No. 2-2290, Form A-2,
included in Release No. 863.)
stock.
.
Other securities included in the total
Imco
has
are
as
follows:
Participating Co., Ltd. (2-2265, Form E-l) of London, Eng.,
filed
registration statement covering 675,000 participating cer¬
tificates and scrip equivalent to 675,000
participating certificates.
The
certificates are to be offered in exchange for the
participating preference
stock of International Match Corp. on the basis of one certificate for
each two shares of preference stock.
The scrip will be issued for odd
shares.
Filed June 18, 1936.
a
Youngstown Steel Door Company (2-2266, Form A-2) of Cleveland,
O.,
has
filed
registration statement
a
covering 88,000
shares
(no
par)
common
stock, of which 40,000 shares are to be offered by the company
and 48,000 shares are to be offered by stockholders.
The net proceeds to
the company from the sale of 40,000 shares,
together with treasury funds,
be applied to the retirement on or before Oct. 1,
1936, at 105% and
divs., of 7.100 shares of the company's preferred stock.
John P. McWilliams, of Cleveland, is President.
Filed June 18, 1936.
are to
Hotel
Plaza, Inc.
(2-2267, Form A-l) of Corpus Christi, Texas, has
a
registration statement covering $349,400 of first mortgage 5%
sinking fund bonds.
The bonds are not to be sold in the open market but
will be given as part payment for property to be
acquired.
Mrs. Clara
Driscoll Sevier, of Corpus Christs, is President.
Filed June 18, 1936.
filed
Hedley Chief Mines, Ltd. (2-2268, Form A-l) of Vancouver, British
Columbia, has f led a registration statement covering 200,000 shares of
50 cent (Canadian) par value common capital stock, to be offered at 15
cents
share.
a
Washington,
The stock is under option to D. J. Quam, of Bellingham,
it is stated.
The proceeds are to be used for the development
of the company's property.
Filed June 18, 1936.
United
States
Arthur B. Palmer, of Vancouver, is President
Hoffman
Machinery Corp. (2-2269, Form A-2) of
N. Y. City, has filed a registration statement
covering 30,000 shares ($50
par) 5>3% cumulative convertible preferred stock, 215,203 rights to pur¬
chase 1-7 of a share of preferred stock, 90,000 shares ($5
par) common
stock, ana scrip certificates for fractional shares of common stock.
The
preferred stock is to be offered to common stockholders of the corporation
in the ratio of
one share for each seven shares held.
Transferable subscrip¬
tion certificates will be issued to the common stockholders and will
expire
20
days after issuance.
The
served for conversion of the
preferred if converted
after and
July 4,
on or
common
preferred
stock
on
being registered is to be re¬
the basis of three shares for one of
1938, 2 y% shares for one there¬
before June 30,
including June 30, 1941, and two shares for
one
thereafter.
The
net
proceeds from the sale of the stock are to be added to the general funds
the company and will be used to
discharge indebtedness.
Albert C.
Bruce, of N. Y. City, is President.
Filed June 18, 1936.
of
Camaguey Sugar Co. Bondholders' Protective
Committee
(2,2270,
1936
Witter & Co., of San Francisco, is the principal underwriter, and E. F*
Euphrat, of San Francisco, is President.
Filed June 20, 1936.
Gilbert Klinck Brewery Corp.
Securities
represents
Chronicle
(2-2277, Form A-l) of Buffalo, N. Y.,
capital (.
has filed a registration statement covering 700,000 shares $1 par)
stock, of which 400,000 shares are to be offered publicly at $1.35
a
share.
The remaining 300,000 are presently outstanding, it is stated,
having been
issued for properties.
The proceeds from the sale of 400,000 shares are
be used for improvements to the company's properties.
Dingwall &
Inc., of N. Y. City, is the underwriter and Gilbert W. Klinck, of
Buffalo, is President.
Filed June 20, 1936.
to
Co.,
Seversky Aircraft Corp. (2-2278, Form A-l) of Farmingdale, Long Is¬
land, N. Y., has filed a registration statement covering 840.000 shares ($1
par) common stock, of which 200,000 shares are to be initially offered to the
public at $3.75 a sxare.
The balance of the stock is to be offered at the
market.
J. A. Sisto & Co., of N. Y. City, the principal underwriter, has
an option to
purchase 200,000 shares at $3 a share and a further option to
purchase the following shares at the price given: 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.
The underwriter will receive an additional 20,000 shares as compensation
for their efforts in connection with the marketing of the shares, it is stated.
The remaining 280,000 shares are presently outstanding.
The proceeds
from the sale of the stock are to be used as follows: $200,000 for the
purchase
of labor and time-saving deviecs, $100,000 to
complete designs now being
developed, and to construct demonstrator airplanes. $20,000 for expenses
of demonstrating the company's models in South America and
China, and
the balance for working capital.
Alexander P. de Seversky, of Northport,
Long Island, is President.
Filed June 20, 1936.
American Bantam Car Co. (2-2279, Form A-l) of Butler, Pa., has filed
registration statement covering 100,000 shares ($10 par) convertible prefer¬
ence stock, and 600,000 shares (no par) common stock, of which 300,000
shares are reserved for conversion of the preference stock on the basis of
three shares of common for one share of preference.
The remaining 300,000
shares of common stock were issued to R. S. Evans, Martin Tow and W. A.
Ward Jr., in exchange for plant, equipment and fixtures subject to mort¬
gage and tax liens, the sum of $500 in cash and certain rights acquired by
agreement to purchase mortgage and satisfy tax liens.
Only 90,000 shares
of the preference stock are to be offered publicly, the remaining 10,000
shares to be held in the treasury, it is stated.
The preference stock is to be
offered at par.
The proceeds from the sale of the stock are to be applied
to the payment of the mortgage, repayment of funds advanced, material and
labor, engineering develpoments, advertising, accounts receivable, inven¬
tories and working capital.
Dingwall & Co., Inc., and Tooker & Co., both
of N. Y. City, are the principal underwriters.
R. S. Evans, of Atlanta,
Ga., is President.
Filed June 20, 1936.
Mining & Development Corp. (2-2280, Form A-l) of Wilmington, Del.,
has filed
mon
are
a
registration statement covering 3,250,000 shares of ($1 par)
com¬
stock to be offered at par.
The proceeds from the sale of the stock
be used to acquire properties, to develop and operate properties
to
owned and to be
acquired, and to finance operations of subsidiaries.
President.
Filed June 20, 1936.
David
F. Goodnow, of N. Y. City, is
Durbar Gold Mines, Ltd. (2-2281, Form A-l), of Toronto,. Can., has
filed a registration statement covering 1,000,000 shares ($1 par) common
stock to be offered at par.
The proceeds from the sale of the stock are to
be applied to the development of property, mining operations and working
capital.
T. M. Mungovan of Toronto is President.
Filed June 20, 1936.
Kable
Brothers Co. (2-2282, Form A-2) of Mount Morris, 111., has
registration statement covering 12,419 shares ($10 par) common
stock, all of which is presently outstanding.
According to the registration
statement, all the stock being registered was sold in February, 1936, and
the company now intends, after the effective date of this registration state¬
ment, to submit a copy of the prospectus to each of the purchasers and
to offer to rescind the sale.
Any shares which may be so reacquired will
be offered by the company at $10 a share.
The proceeds from the sale
of these shares are to be added to working capital.
H. G. Kable, of Mount
Morris, is President.
Filed June 22, 1936.
filed
a
Forest Lawn Co.
(2-2283, Form A-2) of Glendale, Calif., has filed
a
registration statement covering $300,000 of 30-year convertible 3% de¬
bentures, dated June 1, 1936, to be offered at par and int.
According
to the registration statement, the debenture holders may convert or exchange
their debentures
as full or part payment for "any grave, space, lot, plot,
outdoor statuary, outdoor sarcophagus, &c., or in payment for any space
or accommodation in the mausoleum, or for crematory, mortuary, or other
service."
The proceeds from the sale of the debentures are to be applied
the redemption of the
to
company's 1st closed mtge. 15-year 6% sinking
Hubert Eaton, of Los Angeles, is President.
fund bonds, due June 1, 1949.
Filed June 22, 1936.
Form D-l) of N. Y. City, has filed a registration statement
covering the
issuance of certificates of deposit for $1,319,000 of first
mortgage sinking
filed
fund
cumul.
7% gold bonds, due Oct. 15,1942, of Camaguey Sugar Co., of Havana,
Cuba.
Filed June 18, 1936.
Empire Properties Corp. (2-2271, Form E-l) of Newark, N. J., has
filed
registration statement covering $3,087,477.07 of collateral trust
bonds, due Jan. 1, 1945.
The bonds are to be issued in exchange for the
following bond certificates: Arline Court Inc., first mortgage 6% gold bond
certificates; Chatelaine Construction Co., Inc., first mortgage 6% gold
bond certificates; B & C Neiberg Realty Co., Inc., first
mortgage 6% gold
bond certificates; Glen war Realty Corp. first
mortgage 6% gold bond cer¬
tificates; Mayfair Manor Corp. first mortgage 6% gold bond certificates;
Carco Realty Co., Inc., first mortgage
6% gold bond certificates; Shermave Realty Co., Inc., first
mortgage 6% gold bond certificates; Symel
Realty Co., Inc., first mortgage 6% gold bond certificates, and Vestor
Holding Corp. first mortgage 6% gold bond certificates.
The basis of
exchange is as follows: for each $1,000 principal amount of outstanding
bond certificates, the holders will receive $1,000
principal amount of the
hew bonds and cash payment of a sum
equivalent to interest at the rate
specified in the bond certificates up to and including Dec. 31, 1934.
Pro¬
portionate distributions are to be made in cases of bond certificates of less
a
than $1,000 denomination.
Regal Textile Co.,
filed
registration
a
Filed June 18, 1936.
Inc. (2-2272, Form A-l) of Barnesville, Ga., has
covering $75,000 of 6% convertible first
statement
mortgage bonds, due July 1, 1942, and 5,000 shares of no par value class B
common stock.
The proceeds from the sale of the bonds are to be used
for working capital.
E. J. Wiley Co., of New York City, is the under¬
writer, and D. C. Collier, of Barnesville, is President.
Filed June 19,1936.
Ace
Re-Insurance
Co.
(2-2274, Form A-l) of Elizabeth, N. J., has
a registration statement
covering 20,000 shares ($25 par) common
stock, of which 12,000 shares are to be sold to the underwriter, Associated
American Underwriters Corp., of Dover,
Del., at $37.50 a share, and the
filed
remaining 8,000 shares
also to be sold to the same company at $256.25
public offering, it is stated.
The proceeds from
investment purposes, organization
expenses, equipment and working capital.
Janet J. McCarthy, of New
York City, is President.
Filed June 19, 1936.
a
share.
Motors
has
filed
are
There will be
the sale of the stock
no
are
to be used for
Securities
Co., Inc. (2-2275, Form A-l) of Shreveport, La.,
registration statement covering $1,000,000 of collateral trust
offered at par less the current money market rate.
The pro¬
a
notes to be
ceeds from
the
sale of the
Filed June 19, 1936.
Pacific Can Co.
are to be used to purchase automobile
George D. Wray, of Shreveport, is Presi¬
notes
time sales paper, it is stated.
dent.
fi(2-2276, Form A-2) of San Francisco, Calif., has filed
registration statement covering 195,000 shares (no par) common stock,
of which 55,000 shares are to be offered publicly and 140,000 shares are to
be issued in exchange for and as a reclassification of 6,910 shares of the
a
company's
20.260492
outstanding $100 par value common stock at the ratio of
shares for each share outstanding. The proceeds from the sale
are to be used for the redemption of the 7 % preferred stock of
of the stock
the
company, to
discharge indebtedness, and for working capital.
Dean
Kingsport Press,
Inc.
(2-2284,
Form A-2) of Kingsport, Tenn., has
registration statement covering 5,500 shares ($100 par) 5% prior
preferred stock, 5,500 shares ($100 par) 6% cumul. preferred
stock and 11,000 shares (no par) common stock, all of which is owned
by J. J. Little & Co., Inc., N. Y. City.
All of the stock being registered
is to be offered to the preferred stockholders of J. J. Little & Co., Inc.,
as follows: One unit composed of one-half share of 5% prior preferred stock
and one-half share of 6% preferred stock, and one share of common stock
for each share of preferred stock surrendered and the payment of $25.
The preferred stockholders who do not exercise the option to pay $25 will
receive one-half share of 6% cumul. preferred stock.
Any 5% preferred
stock and common stock not taken are to be offered publicly.
The proceeds
from the sale of the stock are to be applied towrard the liquidation of J. J.
Little & Co., Inc.
Kingsport Press, Inc., wall not receive any of the
proceeds.
E. W. Palmer, of Kingsport, is President.
Filed June 23, 1936..
Amercan Investment Co. of 111. (2-2285, Form A-2) of Springfield,
111., has filed a registration statement covering 59,333 shares (no par)
common stock of which 26,000 shares are reserved for conversion of the
company's $2 cumul. convertible preference stock on a share for share
basis.
The remaining 33,333 shares are to be offered to holders of the
preference stock for a period of 28 days beginning Aug. 3, 1936, at $21.50
a share.
Any shares not purchased by the stockholders will be offered
publicly by the underwriters, Francis Bro. & Co.; Paul Brown & Co.,.
and McCluney & Co., all of St. Louis, Mo.
The public offering price
will be at the market but at not less than $21.50 or more than $24.50 a
share, it is stated.
The proceeds from the sale of the stock will be used
a
for
the general corporate purposes of the company and
Donald L. Barnes is President.
Filed June 23, 1936.
New
filed
its subsidiaries,
Yor\k Stocks, Inc. (2-2286, Form A-l) of Jersey City, N. J., has
registration statement covering 2,000,000 shares of ($1 par) special
in 21 series, as follows:
Agricultural Industry Series;
Distillery Industry Series, Automobile Industry Series, Aviation
Industry Series; Bank Stock Series, Building Supply Industry Series,
Business Equipment Industry Series, Chemical Industry Series, Electrical
Equipment Industry Series, Food Industry Series, Government Bonds
Series, Insurance Stock Series, Machinery Industry Series, Merchandising
Series, Metals Series, Oil Industry Series, Public Utility Industry Series,
Railroad Series, Railroad Equipment Industry Series, Steel Industry Series,
and Tobacco Industry Series.
The stock is to be offered at the net asset
value at the time of sale plus the underwriters distribution charge.
The
proceeds from the sale of the stock of each series are to be invested in
corporate securities of corporations engaged in or responsive or sensitive to
conditions in the industry or business indicated in the designation of such
series, or in obligations of the United States of America.
The underlying
assets of the government bond series may be invested only in obligations of
the United States of America.
Hugh W. Long & Co., Inc., of Jersey City,
is the principal underwriter.
Hugh W. Long, of New York City, is Presi¬
dent.
Filed June 23, 1936.
a
stock to be issued
Alcohol and
Vertientes
Sugar Co. Committee for holders of first mortgage sinking
fund 7% gold bonds, due Dec. 1, 1942 (2-2288, Form D-l) of N. Y. City,
has filed a registration statement covering the issuance of certificates of
deposit for
$2,481,500 principal amount
of Vertientes Sugar Co.'s first
Volume
Financial
143
sinking fund 7%
mortgage
gold
bonds, due Dec.
Filed June
1942.
1,
97
Chronicle
23,1936.
Specialists in
Indiana
Asphalt Paving Co., Ltd. (2-2289, Form A-2) of Indianapolis,
Ind., has filed a registration statement covering $150,000 of 20-year 5%
convertible sinking fund debentures, due June 1,1956. The debentures are
convertible into common stock on the basis of one share for each $100 of
principal amount, it is stated.
The proceeds from the sale of the deben¬
tures are to be applied to the payment of short term bank loans and other
present indebtedness, amounting to about $76,000, and to working capital.
Morrish & Hockett, Inc., of Indianapolis, is the principal underwriter.
Claud I. Brillhart, of Indianapolis, is President.
Filed June 24, 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:
Prospectuses
Corp. (File 3-3-679), No address.
Offering 3,760
$25 par value at par.
Harold K. Acker, 7542
14th St., Washington, D. C., is President.
No underwriter is named.
common
stock
No underwriter is named.
Reserve Oil & Gas Co. (File
3-3-681), Financial Center Bldg., 405
Montgomery St., San Francisco, Calif.
Offering 20,000 shares of common
stock of $1 par value at $4 per share.
Jasper W. Tully, 405 Montgomery
St., San Francisco, Calif., is President.
No underwriter is named.
Crown Gold Mines, Inc. (File 3-3-682), 51 Atlantic Ave., Long
Kings
Beach, Calif.
Offering 10,000 shares 7% cum. pref. stock of $10 par value
at par.
O. G.Avery, 608 Heartwell Bldg., Long Beach, Calif., is President.
No underwriter is named.
Mining Corp. (File 3-3-47), 49 Wall St., New York,N. Y.:
Offering 25,000 shares common stock of $1 par value at $3 per sharer R. A.
O'Neill, 49 Wall St., New York, N. Y., is President.
No underwriter is
named.
The
following registration statements also were filed with
SEC, details regarding which will be found on subsequent
pages under the companies mentioned:
the
Bangor Hydro Electric Co. (No. 2-2292, Form A-2). covering $7,108,"
Filed June 26, 1936.
000 1st mtge. bonds, 3%,% series 1966.
Narragansett Electric Co. (No. 2-2294, Form A-2), covering $34,000,000 1st mtge. bonds, series A, 3)^s 1966.
Filed June 26, 1936.
In
In
making available the above list the Commission said:
no case
does the act of filing with the
or
The last
in
our
Commission give to any security
merits of
or indicate that the Commission has passed on the
that the registration statement itself is correct.
approval
the issue
previous list of registration statements was given
4326.
issue of June 27, page
Ace Re-Insurance
Co.—Registers with SEC—
See list given on first page of this department.
after
RR.—Earnings.—
1934
$423,846
1933
$401,240
289
80,744
45,226
109,503
73,193
2,002,860
227,626
28,890
2,015,487
415,853
278,505
1936
$540,820
137,746
1935
$429,940
53,417
71,377
2,510,771
593,508
303,263
Gross from railway
Net from railway,
rents.,
,
From Jan. 1—
1,625,440
239,372
23,949
.
—V. 142, p. 4010.
Alaska-Juneau Gold Mining
Co.—15-Cent Extra Div.—
The directors have declared an extra dividend of 15 cents per share, in
addition to the usual quarterly dividend of like amount, on
the
4010.
of
$224,217 and in addition, other current liabilities exceeded the
Dec. 31,1935, in the sum of $47,825.60.
'
Basis
of Exchange
1936 between the company
(of which the company is a subsidiary), it
is provided that, when the plan is declared operative:
(1) The name of Albuquerque Natural Gas Co. will be changed to New
Pursuant to
agreement dated March 1,
an
Gas Co.
and Southern Union
Mexico Natural Gas Co.
Southern Union Gas Co. will surrender the securities of Albuquerque
Dec. 31. 1935,
(2)
Natural Gas Co. named below, which were outstanding as of
following amounts:
$1,956,000 of first mortgage 6% notes; $600,000
of 10-year 7% gold notes; $224,216.98 of open account indebtedness due
on demand; 5,186 shares ($518,600 par value) of 7% cumulative preferred
stock; and 16,000 shares or common stock of no par value; (All accumulated
in the
on the old 7 % cumulative preferred stock being waived and such
exchanged for 10 shares of common stock for each share of old
preferred now held);
-In exchange for:
r
dividends
fund con¬
$1,650,000 of first mortgage series A 15-year 5% sinking
(a)
vertible bonds;
(b) 2,000 shares of new 6% cumulative convertible preferred stock; and
(c) 163,860 shares of new common stock of no par value;
And further:
Southern Union Gas Co. will purchase for cash from the
company at par, within 30 days of the consummation of the plan, $100,000
of first mortgage series A 15-year 5% sinking fund convertible bonds, and
sufficient additional new 6% cumulative convertible preferred stock to give
the company current assets equal to 110% of its current liabilities as of the
first day of the month in which the plan shall be declared operative and
shall receive H share of new common stock for each share of new 6%
cumulative convertible preferred stock so purchased;
And further:
Southern Union Gas Co., the owner of $86,000 10-year
convertible 6H% gold debentures and $5,590 of scrip of Albuquerque
Natural Gas Co., will join with other debenture holders in the exchange of
the debentures and scrip on the basis as provided for in pagragraph (4) below.
(3) The remaining holders of the old 7% cumulative preferred stock of
the company will receive 10 shares of the new common stock of the com¬
pany for each share of old preferred stock now held and the remaining
holders of old common stock of Albuquerque Natural Gas Co. will receive
one share of new common stock for each share of common now held; and
Exchange of Debentures
-
The company will issue to the holders of its 10-year convertible 6H %
gold debentures due May 15, 1940, in exchange for their debentures and
certificates of deposit therefor its new 6 % cumulative convertible preferred
stock (par $50) and new common stock (no par) as follows:
For each $1,000 10-year convertible
% gold debenture ($500 in
proportion) deposited pursuant to the plan, the holder thereof will receive
(4)
■
(a) $1,000 par value
foiTGd stock* and
■
(20 shares) of new 6% cumulative
convertible pre-
(b) Ten shares of new common stock of no par value;
(c) And in addition, cash in a sum equal to the face value of all 6M %
interest bearing scrip certificates deposited with the debentures pursuant
plan and
(d) Cash equal to interest accrued on the debentures and scrip to the
date of original issuance of
the new preferred stock, and not theretofore paid.
Southern Union Gas Co., which is now the guarantor of the debentures,
will be relieved of that guaranty, which constitutes a contingent liability
of that company, to the extent that debentures are exchanged for new
preferred and common stock pursuant to the plan.
date which the company shall designate as the
Capitalization Upon Completion of Plan
which will be outstanding upon the consummation
assuming the participation of all holders of securities of the
The only securities
of the
plan,
and assuming that $60,000 par value will be the amount of new
preferred stock necessary to be purchased by Southern Union Gas Co. to
provide the ratio of current assets to current liabilities contemplated by
the plan, will be as follows:
company
Albuquerque Natural Gas Co.—Reorganization Plan.-—
Under date of Feb.
1, 1936 the company notified all debenture holders
proposed plan of simplification and strengthening of its financial
promulgated the plan.
The time
for deposit of the debentures with the First National Bank of Chicago
has been extended to July 5.
The plan provides in effect for a restatement of the entire capital struc¬
ture of the company to the end that a stronger financial position may
respecting
a
structure.
result.
sum
RECTOR 2-7815
current assets of the company as at
common
$10, both payable Aug. 1 to holders of record July 10.
Similar
were made in
each of the 11 preceding quarters —V. 142,
par
distributions
p.
TEL.
net
NEW YORK
BROADWAY,
to the terms of this
Gross from railway...,.
Net ft-om railway
Net after rents,
stock,
120
in oxch&n^©*
Alabama Great Southern
May—
Net
/New York Stock Exchange
York Curb Exchange
,
I™ember8| New
.
Offering 500 shares of
■capital stock of no-par value at $200 per share.
Haymon Krupp, 516
Caples Bldg., El Paso, Texas, is President.
No underwriter is named.
Krupp Group No. 1 Oil Corp. (File 3-3-684).
its
,,
stock being
Bol Inca
.
McDonnell & Co.
of
Bering Straits Tin Mines, Inc. (File 3-3-680).
No address.
Offering
to brokers and security dealers 70,000 shares common stock of $1 par value
at par.
A. T. Petersen, Room 311, American Bank Bldg., Seattle, Wash.,
is President.
Scrip
were
Consumers Carbonic
shares
All Rights and
The company has formally
Pursuant thereto the holders of all securities of the company are
to receive new securities, that is, owners of all the presently outstanding
first mortgage 6% notes, all the 10-year 7% gold notes, and a majority of
the preferred and common stock have agreed to accept, when the plan shall
be declared operative, new securities, on the basis provided.
With respect
to the debentures, the plan provides for the exchange of the presently
outstanding 10-year convertible 6H% gold debentures for new 6% cumula¬
tive convertible preferred stock and common stock of the company and the
payment in cash of all interest accruing from and after Nov. 15, 1935 to
the date of
original issue of the
heretofore issued
as
new
preferred stock, and of scrip certificates
partial interest payments.
1st mtge. series A 15-yr. 5% sink, fund convertible bonds—$1,750,000
6% cumulative convertible preferred stock, 20,690 shs
1,034,500
227,815 shs.
Common stock of no par value
Pro Forma
\
Operating and Profit and Loss Statement (New Mexico
Gas Company)
Natural
[After giving effect to (a) the situation, had the proposed security struc¬
during the year 1935, and based upon income and expenses
Natural Gas Co.; (b) elimination of interest expense on
miscellaneous notes and accounts payable and interest earned on notes and
accounts receivable.]
ture been in effect
of Albuquerque
Operating income Operating revenues
Operating expenses Gas purchases, $63,951; general & adminis¬
trative expenses, $40,990; maintenance & repairs, $6,433;
rents
$462,259
(business property), $2,516; commissions & fees, $6,033;
operating expenses, $46,985; taxes (other than income
taxes), $24,966; total operating expenses
other
191,878
The following
(in substance) is taken from a prospectus dated April 27:
properties of the company were constructed during 1930 and the
company commenced business during that year.
Adverse economic condi¬
tions not only affected adversely the revenues of the company but at the
The
same
time
rendered
practically impossible
any
normal financing of the
company's needs.
The earnings of properties have not been sufficient to cover interest
charges in full after deducting depreciation even though the trend of earn¬
ings for the period has been definitely upward.
The fixed interest charges
on the funded debt of the company as now constituted amounted to $220,839
for the year 1935.
Curtent liabilities, exclusive of amounts due affiliated
companies, as at Dec. 31,1935, exceeded current assets by $47,826 and the
accumulated deficit as at Dec. 31, 1935, was $571,857.
The company was organized May 12, 1930 in Delaware.
Company has
been engaged continuously since May, 1930, in the purchase, transmission,
distribution and sale of natural gas within the State of New Mexico, pur¬
chasing the natural gas at points in or adjacent to two areas in northern
New Mexico known as the Kutz Canyon and Ute Dome Gas Fields, and
serving domestic, commercial and industrial users directly in Santa Fe,
Farmington, and Bernalillo, New Mexico and through a city gate contract
with Albuquerque Gas & Electric Co.
(which is not affiliated with the
company), like users in the city of Albuquerque.
.
,
Authorized
$2,000,000
10-year convertible 6 lA % gold debentures*,
10-year 7% gold notes
6H% interest bearing scrip certificates*,,,
7% cumulative preferred stock ($100 par).,
Com. stock, no par (stated value $50 per sh.)
*
1,000,000
600,000
56,836
600,000
11,250 shs.
20,000 shs.
Non-operating deductions
Net income before interest
Interest expense
-
87,500
—
Net income available for
Dividend requirements on 6
% cumulative convertible preferred
62.070
stock
addition
$23,744
Balance available for divs. on com. stock & surplus..
$80,586 represents charges to depreciation as recorded
ended Dec. 31, 1935.
For the
1936 and subsequent years the policy of the company will be to make
appropriations for property retirement reserves and the amount estimated
for 1936 appropriation based on the experience of the properties and their
present condition is estimated at $48,000.
(
xThe amount of
on
the books of the company for the year
year
Pro Forma Balance Sheet
as
at Dec.
31, 1935
[New Mexico Natural Gas Co.]
Liabilities—
Gas rights
-
Intangibles—Franchises
Organization expense
intangible capital
579,984
1,050
Investments
Current
405,261
84,223
14,284
284,954
assets
Miscellaneous deposits
1,635
6% cum. conv. pref. stock
Common (227,815 shs.)
1st mtge. series A 5s
Contractual obligations
Notes payable—Trade
Accounts
payable—Trade
Notes payable—Banks
Accr'd tax. (oth. than
Payrolls
income)
accrued
Interest
6H % interest bearing scrip certificates were issued in payment of
one-half of the debenture coupons due May 15 and Nov. 15, 1934 and
May 15 and Nov. 15, 1935, over 95% of which coupons were surrendered.
With respect to such coupons not surrendered the debentures are in technical
default.. The scrip certificates are not guaranteed by Southern Union
In
$85,814
dividends
The
Gas Co.
x80,586
Depreciation or property retirement reserve
Misc.
53,806
10,247 shs.
20,000shs.
$253,899
On new first mortgage 5% sinking fund con¬
vertible bonds—'Series A,_
Property, plant & equlpment.$3,157,524
Outstanding
$1,956,000
874,500
$270,382
16,482
...
Assets—
Capitalization of Company as at Dec. 31, 1935
First mortgage 6% notes
Net operating profit
accrued
Other current liabilities
Consumers
deposits
Retirement reserve
$1,034,500
1,139,075
1,750,000
35,449
51,156
36,703
31,667
70,814
3,268
19,136
17,075
19,346
320,727
,.
to
the
above
securities
outstanding, the
company
was
in¬
debted to affiliated companies on open account as at Dec. 31, 1935, in the
Total
-V.
142,
$4,528,915
P.
4326.
Total.
.
.
.
_
.
$4,528,915
Financial
98
Chronicle
American
Alton RR.—Earnings.—
<
XfntJ—
1QQ K
$1,085,373
$5,311,346
766,734
4,977,661
970,451
def44,664
4,986,069
1,236,311
def298,422
$1,234,407
208,342
def38,077
From Jan. 1—
Gross from railway
Net from railway
Net after rents—V. 142, p. 3661.
Amerex
1<m
$1,104,474
216,356
4,477
def24,554
-
1Q34.
$1,105,535
def34,330
def261,793
$6,198,282
1,238,121
Gross from railway
Net from railway
Net after rents—
319,864
158,846
f ;
York
a
Corp.—Common Dividend
dividend of 40 cents per share on the
stock, payable July 16 to holders of record July 6.
This compares
dividends of 30 cents paid on May 16 and on March 16 last, and
with
dividends of 25 cents per share distributed each two months previously.
—V. 142, p. 2814.
American Potash & Chemical
Corp.—Resumes Dividend
The company paid a dividend of $1 per share on
the
common
stock, no
par value, on July 1 to holders of record June 30.
This was the first pay¬
ment made on the common stock since June 30, 1931, when a regular quar¬
terly dividend of 25 cents per share was distributed.—V. 141, p. 265.
a dividend of 50 cents per share on the
value, of the capital stock of the corporation,
payable on Aug. 1, 1936, to holders of record July 15.
This dividend is
payable only with respect to full shares.
A letter to the stockholders and scrip certificate holders of Amerex,
issued in connection with the dividend announcement, says:
"Some stockholders have not yet exchanged their unit certificates for
separate certificates for shares of the Chase National Bank and separate
on
New
News
directors have declared
common
254,525
Holding Corp.—Initial Dividend—•
The directors
The
July 4, 1936
i
June 26 declared
740,000 shares, $10
American Power & Light Co. (& Subs.)—Earnings-
par
certificates for shares of this corporation.
All such stockholders, in order
to expedite the receipt by them of the dividend on their shares of this cor¬
poration, are urged to effect such exchange before July 15,1936, the record
date for the payment of the dividend.
This may be done by sending in the
unit certificates to the transfer department
of the Chase National Bank,
11 Broad St., N. Y. City, with the request that such certificates be ex¬
changed for the separate stock certificates to which the holders are entitled.
"Holders of scrip certificates representing fractional rights to receive full
shares are reminded that no dividend is payable on such scrip certificates,
but under the provisions of such certificates the holders have the right,
upon surrender of their scrip certificates, properly endorsed, aggregating
one or more full shares, to receive in exchange therefor a stock certificate
for a corresponding number of full shares of the capital stock of the cor¬
poration upon which such dividends will be payable.
Scrip certificates
aggregating one or more full shares should be sent to the transfer department
or the Chase National Bank, 11 Broad St., N. Y. City, to be exchanged for
stock certificates.
There is an active market in these scrip certificates and
if any holder desires to dispose of his fractional shares or desires to acquire
an additional fraction to make a full share, the Secretary of the corporation^
upon request, will be glad to supply information as to where such sales or
purchases may be effected."—V. 142, p. 4011.
Period End. May 31—
Subsidiaries
1936—3 Mos.~1935
:
1936—12 Mos.—1935
Operating revenues
$22,017,943 $20,136,316 $85,675,498 $78,603,711
Oper. exp., incl. taxes— 11,187,477
10,331,168
43,952,612
40,571,150
Net rev. from opera'n-$10,830,466
Othejr income (net)—
46,979
$9,805,148 $41,722,886 $38,032,561
98,842
254,048
408,212
Gross corp. income—$10,877,445
Interest to public and
$9,903,990 $41,976,934 $38,440,773
4,102,178
Cr806
16,126,580
Cr6,177
16,502,913
Int. charged to construcn
3,978,475
Crl.OOl
Prop, retirement & deple¬
tion res. approp'ns—-
1,674,123
1,400,597
6,351,090
5,710,718
$4,402,021 $19,505,441
$16,226,693
other deductions
Balance$5,225,848
Pref. divs. to public (full
Dr449
div. requirements ap¬
plicable to respective
periods whether earn'd
or unearned).
1,792,695
—
74
ity interests—-----
1,792,362
7,170,445
7,166,687
$2,609,659 $12,334,996
Balance-$3,43
Portion applic. to minor¬
$9,060,006
30,213
87,703
77,311
$2,579,446 $12,247,293
$8,982,695
$2,579,446 $12,247,293
9,518
20,195
$8,982,695
45,832
$2,588,964 $12,267,488
67,586
327,057
$9,028,527
Net
equity of Amer.
Pr. & Lt. Co. in inc/
American Air Lines, Inc.—Gets RFC Loan—-
of
subsidiaries—/- $3,415,579
The Reconstruction Finance Corporation has announced that a loan has
been made to the company of $1,236,000, which represents 60% of the
Amer. Pr. <fe Lt. Cq<—
Net equity of Amer/ Pr.
purchase price of eight Douglas 14r-passenger sleeper planes, 12 Douglas
21-passenger ships and 12 spare Wright cyclone engines. The loan will be
certificates similar to those used for railroad
equipment purchases. These certificates will mature monthly over a period
of four years.
!
;
& Lt. Co. In incpme of
subs, (asshowuabove) $3,415,579
Other income. jL.
4,873
secured by equipment trust
American Bantam Car Co.—Registers with SEC—
Total income
announced by C. G. Preis, Chief Engineer. The cost of the proposed plant
will be, it is said, between $1,000,000 and $1,500,000. The tin plate for man¬
ufacturing the cans will be shipped from the Pittsburgh area, Mr, Preis said,
using water transportation all the way.
Construction will be started about
Oct, 15.
The plant is to be placed in operation early next year, and will
give employment to approximately 300.-V. 142, p. 3330.
Called—
This company, formerly the American Beet Sugar
redemption
on
Co., has called for
Aug. 1 all of its outstanding 10-year 6% convertible sinking
fund debentures, originally due Feb. 1, 1935, and heretofore extended to
Feb. 1, 1940.
At the time of the extension, 20% of the original principal
amount of each debenture was
paid off, and the payment on Aug.
1 will
consist of the remaining 80% of the principal amount, plus accrued,interest.
Payment will be made at the corporate trust department of Bankers Trust
debentures,
amounting to $1,240,000. Company will refinance through the issuance of
notes ranging in due dates over a period of four or five years at interest
materially less than that of the outstanding debentures which will be called
for redemption Aug. 1.—V. 142, p. 3836.
(& Subs.)—Earnings—
[Subsidiary companies consolidated—Inter-company items eliminated]
Operating
Operating
revenue
expenses
Operating income
1936—Month—1935
1936—12 Afos.—1935
$5,445,440
$5,099,879 $66,544,965 $62,862,751
3,587,634
3,342,560
42,428,111
39,716,404
$1,857,805
65,680
Other incomeTotal income
—
Deductions.
Balance:.
$1,757,319 $24,116,853 $23,146,346
$1,923,485
1,352,335
$1,813,300 $24,833,781 $23,860,561
1,347,069
16,172,819' 16,184,650
55,981
$571,150
-
716,928
$8,600,962
$466,231
714,214
$7,675,900
[American Gas & Electric Co.]
Total income—
$1,025,173
54,691
391,378
Expense--Deductions
Balance---—V. 142, p. 3876.
$911,421 $14,086,374 $13,053,168
34,835
530,448
460,755
391,378
4,696,539
4,696,539
$485,207
$579,103
$8,859,386
2,933,157
3,096,719
sol'd earned surplus, $2,605,344
$1,752,633
$9,007,274
$5,718,549
paid or not paid) on securities held by the public.
The "portion applicable
to minority interests" is the calculated portion of the balance of income
available for minority holdings by the public of common stock of subsidiaries.
The "net
$7,895,872
equity of American Power & Light Co. in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities
held,
plus the proportion of earnings which accrued to common stocks held by
American Power & Light Company, less losses where income accounts of
individual subsidiaries have resulted in deficits for the respective periods
—V. 142, p. 3836.
American Rolling Mill Co.—Acquires 100% Ownership of
Coke & Iron Co.—See latter company.—V. 142,
Hamilton
3662.
p.
,
American Safety Razor Corp.—To
The company has announced plans for refinancing its 6%
Period End. May 31—
768,745
Notation—AH intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods (whether
Co., New York.
American Gas & Electric Co.
213,259
726,149
Balance carried to con-
Factory—
An option has been taken to purchase a one-acre site at Houston, Tex.,
for a new plant of American Can Co. of Louisiana, a subsidiary, has been
American Crystal Sugar Co.—Debentures
$3,420,452
88,959
deductions
See list given on first page of this department.
American Can Co.—Plans New Houston
—
Expenses, incl. taxes—
Interest tonpublic & other
Split Stock 3 for 1—
Directors have decided to split the company's stock three-for-one.
implement this action,
12
to
vote
on
a
To
special meeting of stockholders will be held August
the recommendation of board to
increase the
authorized
capital stock to 600,000 shares, par $18.50, from present 250,000
no par
shares.
Stockholders also will vote on a proposal to cancel 25,200 shares of stock
now held in the company's treasury,
thereby reducing the outstanding
capital stock to 174,800 shares from 200,000 shares.—V
142,
p.
3496.
American Utilities Co.—Reorganization Approved—
On June 18 Judge Nields, sitting in the District Court of Delaware at
Wilmington, Del., handed down an opinion approving the plan of reor¬
ganization for the company, a subsidiary of Associated Gas & Electric
Corp. serving principally electricity to numerous small communities in
Louisiana and the Southwest.
Judge Nields, in his opinion approving the plan, stated that he believed
of American Utilities Co. were
receiving under the plan a better security than that which they were
surrendering.
Following this approval, Judge Nields confirmed the plan in an order
entered on June 25.—V. 141, p. 2428.,
the plan to be fair and that the bondholders
American Water Works & Electric
Co., Inc.—Weekly
Output—
Output of electric energy for the week ended June 27th totaled 45,660,000
kilowatt hours, an increase of
25.1% over the output of 36,440,600 kilo¬
watt hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
American Investment Co. of
Illinois—Registers with SEC
See list given on first page of this department.—V. 142, p. 2813.
years
follows:
Week Ended— 1936
June
6
44,155,000
45,115,000
June 20
45,601,000
June 27_ —.45,660,000
—V. 142, p. 4328.
June 13
American Light & Traction Co.
(& Subs.)—Earnings—
12 Months Ended May 31—
Gross operating earnings of subs, (after eliminating
inter-company transfers)
$7,981,971
410,949
Amortization of bond discount & expense
Dividends on preferred stocks—
earns,
attributable to min.com. stk--
Equity of Am.L. &T. Co. in earns, of subs
Income of Am. L. & T. Co. (excl. of income
ceived from subs.)-
..
Balance.
—
$3,401,624
Holding company interest deductions
838,563
$4,240,188
288,435
$4,921,690
106,236
-
-
1,044,969
$5,166,191
244,501
.
Expenses of Am.L. &T, Co
3,449,511
161,550
637,500
x8,681
re¬
-
Total income-
$7,658,868
3,463,575
162,219
637,500
8,404
$4,121,222
Total income of subs
$7,289,631
x369,237
$8,392,920
-
Interest, amortization & preferred divs. of subsInterest on bonds, notes, &c
Proportion of
1 935
$37,670,292 $34,692,965
20,026,916
18,564,909
2,734,475
2,325,206
2,290,457
1,985,807
4,636,471
4,527,411
-
General operating expenses-Maintenance
Provision for retirement of general plant-General taxes & estimated Federal income taxes
Net earnings from operations of subs
Non-operating income of subs---------
1936
$3,951,753
73,077
American
Balance transferred to consolidated surplus
on
Earnings per share of common stockreversal of Detroit City
.
x Adjusted
to reflect
—V. 142, p. 3836.
$3,878,675
804,486
$4,010,968
preferred stock-
Balance---—-
$4,815,454
804,486
$3,074,189
$1.45
-
Gas
Co.
$1.11
rate reserve
35,261,000
36,440,000
1934
1933
35,014,000
34,334,000
34,742,000
34,467,000
1932
33,480,000
34 638 000
35,408,000
36,295,000
25,768,000
26 230,000
25,942,000
26.174,000
Zinc, Lead & Smelting Co,—Dropped from
List—
The Boston Stock Exchange had dropped from the list the common stock
par, and the cumulative stock,,$25 par.—V. 142. p. 3662.
no
Anglo-Chilean Nitrate Corp.—New Debentures Ready—
Marking the final step in the company's readjustment plan, Medley G B
Whelpley, President, announced on June 29 that the new sinking fund
income debentures, due Jan. 1, 1967, issuable under the readjustment plan
in exchange for the corporation's 20-year 7% sinking fund debenture bonds
are
ready for distribution.
.
According to Mr. Whelpley, the initial payment of interest on the new
debentures out of earnings of the company for the fiscal year ended June
30, 1935, has been made to Commercial National Bank & Trust Co. of New
York, trustee for the new debentures, and checks representing this interest
payment, which amounts to $24.99 per $1,000 principal amount of new
debentures, will be delivered simultaneously with the distribution of the
new
debentures.
The new debentures will be delivered upon surrender of the old debenture
bonds, or certificates of deposit therefor, to Bankers Trust Co.. New York
agent of the corporation.—V. 142, p. 2655.
Angostura-Wupperman Corp.—Earnings—
3 Months Ended March 31—
Net
Dividends
1935
38,100,000
36,711,000
1936
profit after charges, but before Federal taxes.
Earnings per share on 200,000 shares capital stock
(par $1)
x After Federal taxes.—V. 142, p. 4167.
_
■-
$20,959
Nil
1935
x$30,382
$0.15
Anheuser-Busch, Inc .—Dividends-—
Of the dividend of $2 a share recently declared on the common stock,
$1 was paid June 30 to holders of record June 20, while 50 cents wi.l be
Volume
99
Financial Chronicle
143
payable Sept. 30 to holders of record Sept. 20 and 50 cents Dec. 30 to holders
.o. record Dec. 20.
Thelast previous cash dividend was $1 paid Oct. 22,1935.
Dating of the distributions of the dividend results from the adoption of
a new policy of
paying dividends henceforth on a quarterly basis.
In a
letter to shareholders O. Bennett, Treasurer, stated that until otherwise
ordered the rate of 50 cents a share per quarter is established.—V. 141,
P. 4158.
SEC Permits Withdrawal
of 66 Applications—
and Exchange Commission has permitted withdrawal
of 66 applications for exemption from the Public Utility
Holding Company Act of 1935 made on behalf of its subsidiary companies.
The Commission states it understands the company asked for the with¬
drawals because of its belief that the actions were not now warranted in
The
by the
Securities
company
no parent of any of the companies is a registered holding
because of expense of so many hearings.
view of the fact
Ann Arbor RR.—Interest—
company and
The interest due July 1, 1936, on the 1st mtge. gold
was
4% bonds, due 1995,
Associated General Utilities Co.—Earnings—
paid on that date.—Y. 142, p. 4329.
Arkansas Power & Light
1936—Month—1935
$552,042
$524,521
335,280
268,621
.
Net
Bent
1935
$52,955
$176,747
7,065
4,135
$45,890
38,079
$172,612
128,624
$7,811
Expenses and taxes
lElectric Power & Light Corp. Subsidiary!
Period End. May 31—
Operating revenues
Oper. expenses & taxes..
-----
—-------
$43,987
Calendar Years—
Interest on investments
Co.—Earnings—
19,16—12 Mos.—1935
$7,341,933
$7,305,060
4,076,352
3,958,950
Balance.Deductions from Income.
Net income.
revs.
from
from oper..
leased
$216,762
$255,900
$3,265,581
$3,346,110
11,414
615
Gross corp. income...
$228,791
157,202
Int. & other deductions.
$258,966
157,093
5,977
14,461
88,000
12,987
2,452
614
$3,366,548
1,891,890
$3,366,568
1,879,464
Invest, (at cost)—
y$71,589
y$101,873
Property retirement reserve appropriations.
x Dividends
applicable to preferred stocks for
period, whether paid or unpaid..
-
$1,487,104
592,800
949,265
18,387
Interest, receivable
$1,474,658
591,600
19,246
1935
Common stock
y
1934
$50,000
x
$50,000
Shares subscribed
& fully paid, but
.
.
not Issued......
3,592
Income bonds, due
debt
949,269.
$54,961
21,083
11,749
$457,793
34,217
42,310
8,761
$567,544
Accts. receivable.Cash
Liabilities—
1934
1935
Assets—
Unamortized
Balance-......-
$66,211
disc. & expense.
Nov. 1,
1956.
Subscrip.to Income
bonds, due Nov.
1, 1956, prlnclp.
450,370
__
amount.
Deficit......
........
amount
v
,
35,920
2,946
14,676
1,318
...
Accounts payable.
Interest accrued
Taxes accrued.—
Arlington Mills—Dividend Halved—
Corporate surplus.
the
common stock, no par value, payable July 15 to holders of record July 3.
This compares with $1 paid on April 15 and Jan. 15, last, this latter being
the first payment made since July 16, 1934, when 50 cents per share was
distributed.
On April 16 and Jan. 15, 1934, dividends of $1 per share
were paid.
From July 1,1926, to and including July 1, 1927, the company
made quarterly payments of $1.50 per share.—V. 142, p. 2144.
a
452,350
2,910
SubsCrlp.to income
debs., due Nov.
1, 1956, prlnclp.
Before property retirement reserve appropriations and dividends.
x Dividends
accumulated and unpaid to May 31, 1936, amounted to
$1,344,792.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on April 1, 1936.
Dividends on these stocks are cumulative.—V. 142, p. 4167.
y
The directors have declared
_
Balance Sheet Dec. 31
'
prop-
erty (net)..
Other income (net)
1934_
.
6,715
4,523
133
57,032
48,606
$618,764
$562,328
1
dividend of 50 cents per share on
Total-
$618,764
$562,328
Total----.—
Represented by 4,463 shares, no par, in 1935 and 4,524 shares, no par
y These are the 388 3-10 shares called for by warrants to b
attached to income bonds and income debentures fully paid but not issued:
$2,910 principal amount income bonds, 29 1-10 shares, no stated value*,
$35,920 principal amount income debentures, 359 2-10 shares, $3,592
x
in
1934.
stated value.
Armour & Co.
(111.)—Time Further Extended—
The company has notified the New York Stock Exchange that the time
for the privilege of exchanging shares of 7% preferred stock for shares of
1932
preferred stock and common stock under the
terms of the plan of recapitalization has been extended from July 10, 1936,
to Aug. 10, 1936.—V. 142, p. 4013.
$6 cumulative
convertible
Statement of
Income—
[Based on annual interest income on securities owned, and annual interest
requirements on bonds and debentures of the company outstanding, as of
May 31, 1936.]
Annual income—Interest on investments
$99,759
General expenses, $6,752; taxes, $8,209—
14,960
.....
Associated Gas & Electric Co.
(& Subs.)—Earnings—
Expenses of Properties Irrespective of
Consolidated Statement
of Earnings and
Dates of Acquisition
12 Mos. End
May 31—
Gas
1936
1935
.$87,430,506 $83,346,368
13.303,966
12,410,813
5,063,955
4,814,998
1,434,020
1,343,082
1,245,915
1 238,054
1,156,043
1,290.196
A
...
Transportation
Heating
1
Water...
Ice
......
Increase
Annual interest requirements on outstanding income bonds and
debentures:
*
-
*
%
Amount
5
7
5
7
1
xlO
$4,084,138
893,153
248,957
90,938
7,861
x!34,153
operating rev.$109,634,405 $104,443,511
maint., &c-. 56,216,080
52,109,516
11,088,237
10,377,885
$5,190,894
4,106,564
710,352
Net operating revenue
$42,330,088 $41,956,110
Prov. for retire, (renewals &
$373,978
9,090,341
x403,165
$777,143
*
Taxes
8,687,176
replacements).....
Operating income
x
Decrease.
Sinking
Planned for
conducting an ex¬
of rural electrification.
New York State Electric & Gas
Corp. plans to build about 1,000 miles of rural lines, which will bring service
to at«least 4,000 new rural customers.
Companies of the Associated
System in New York State now serve 135,417 rural customers, of whom
23,046 are farmers.
Three plant extensions costing a total of $1,850,000 are being planned
for other companies in the Associated System.
The E. M. Gilbert Engineer¬
ing Corp., engineering unit for the Associated System, is engaged in the
design of the facilities.
A new 7,500-kilOwatt turbo-generator, with con¬
denser and auxiliaries, will be built for the Rochester Gas & Electric Corp.
at Rochester, as an addition to the present 50,000-kilowatt station.
This
extension will cost about; $1,000,000.
A 5,000-kilowatt turbo-generator
will be built for the Keystone Public Service Co., at Oil City, Pa., to cost
$350,000.
The Oil City System is interconnected by transmission lines
with two Associated units, the Pennsylvania Electric Co. at Johnstown,
Pa., and the Erie Lighting Co. at Erie, Pa., forming a transmission system
tensive program
across
.
.
.
the entire western section of the State.
Other construction at Alexandria, Va., for the
.
Virginia Public Service Co.
comprises the installation of one 5,000-kiiowatt turbo-generator and new
boiler, to be housed In a new building.
Cost will be about $500,000.
The
plant at Alexandria supplies electric service for the eastern end of a large
territory reaching across Virginia, and is interconnected with a number of
steam and hydro-electric plants in the upper James and Shenandoah Valleys.
System Total $12,100,000—Necessary extensions and improvements cost
companies in the Associated System $12,100,000 last year.
Of this,
$2,800,000 was spent by the operating companies in Pennsylvania and in
the Southern States which became a part of the Associated System in 1935.
Expenditures over the past five years have been as follows, including ex¬
penditures for the new properties for all years:
$19,900,000
5.900,000
5,800,000
1934
1935
$7,200,000
12,100,000
New plant extensions will help meet the increasing demand upon generat¬
ing facilities of the System, and interconnections will help Associated com¬
panies to maintain service without interruption during floods and severe
storms.
Electric output for the System as a whole has exceeded all previous
records month by month since March, 1935, when the output crossed the
level set in 1930.
Judge Mack Held Unbiased in Hearing Company's Case—
Judge Robert P. Patterson in U. S. District Court on June 30 dis¬
missed a charge that Federal Judge Julian W. Mack had shown prejudice
while presiding in reorganization proceedings of the company under Section
77-B of the Bankruptcy Act.
Judge Patterson ruled that an affidavit of prejudice filed against Judge
Mack was "insufficient on its face" and that the facts were "frivolous"
and "there is
no
trace of bias or
prejudice,4' He dismissed a charge that an
allegedly defamatory article appeared in a periodical of a non-profit corpo¬
of which Judge Mack is Vice-President.
He said the article ap¬
peared without the Judge's approval while he was abroad and added:
*'
Under the circumstances it is absord to say that the article reflects bias
or prejudice on his part against the debtor."—V. 142, p. 4329.
ration
$4,393
11,288
63,240
23,861
29,433
42,726
60,932
8,000
889,300
900,640
350,100
2,195
225,937
287,805
123,147
24,465
2,880
322,371
346,746
149,668
34,694
4H% income debens., due 1978—_
8% bonds, due 1940
Employees Securities Co.:
34,350
-
Utilities
Income notes, due 1981
19.587
18,749
$2,424,050
a
,26,040
$758,192
$981,152
Bid prices June 17, 1936.
and
rural customers.
.
6,246
Note—A total of $638,940 Associated General Utilities Co. income bonds
debentures due 1956 were outstanding at May 31, 1936.—V. 141.
System—
New construction is being planned by companies in the Associated Gas &
Electric System to increase generating plant capacity and extend lines to
New York companies of the Associated System are
aMarket Value
$2,222
debentures,
3% % income debens. , due 1978—
4% income debens., due 1978—
Lines
Cost
$7,000
16,300
129,080
income
Associated Gas & Electric Corp.:
3 Yt % income debens., due 1978
put increased 10.1% above the corresponding period of last year.
Because
output has been consistently running weD ahead of 1935, Associated
engineers have been making plans to increase the System's generating
capacity to insure current for all contingencies.
which extends
fund
due 1983———
of 76,520,136 units (kwh.), which is an increase of 8.3%
For the four weeks to date, out¬
New
-
Associated Gas & Electric Co.:
Fixed interest debentures
For the week ended June 20, Associated Gas & Electric System reports
and
Amount
4M% bonds, due 1953
5% bonds, due 1961
above the comparable week of last year.
Extensions
declared by the
Principal
Weekly Output Up 8.3%—
Plant
as
Associated Electric Cp.:
"•
net electric output
$33,683
only payable out of available net income,
Schedule of Investments May 31, 1936
2
exp.,
31,947
19,168
-
...
.....
Interest is
Description—•
x4
$33,642,912 $32,865,769
Regular at 5%, cumulative
Extra at 3%. non-cumulative
Balance
1
Operating
,
board of directors.
5
8
7
Total gross
$84,799
...
,
————
Electric
Balance
p.
3371.
Associated Telephone Co., Ltd.—Initial Pref. Div.—
■
The directors have declared an initial quarterly dividend of
31H cents
$1.25 cumulative preferred stock, no par value, payable
Aug. 1 to holders of record July 15.—V. 142, p, 4329.
per share on the
Period End. May 30—
Net prof,
after taxes,
deprec., int. & amort.
—V. 142, p. 2815.
1936—Month—1935
$45,638
'
$50,796
Atchison Topeka & Santa Fe Ry.
1936—5 Mos.-—1935
$210,354
$218,372
System—Earnings—
[Incl. Atchison Topeka & Santa Fe Ry—Gulf Colorado & Santa Fe Ry.—
Panhandle & Santa Fe Ry.]
Period End. May 31—
1936—Month—1935
1936—5 Mos.—1935
Railway oper: revenues_$ll,411,442 $10,701,383 $56,199*817 $50,810 435
Railway oper. expenses. 10,499,241
7,287,033
49,041/756
42,511,113
Railway tax accruals—
1 142,821
Cr91,133
866,015
6,521
Net ry. oper income.def$139,486
Average miles operated.
13,234
$2,541,812
Other debits-
——.
13,308
5.287,220
Cr76,690
4,313 955
257 067
$1,947,531 -$3,728,298
13,234
,3,310
Operating expenses for May, 1935 include a credit of $1,845 070, reversing
charges in previous nine months made under the Railroad Retirement
Act, 1934.
Railway tax accruals for month and period ended May 31, 1936 include
$275,786 and $931,001 respectively, representing accruals under companion
Act to Railroad Retirement Act, i935 find alsounder Social Security Acts,
Federal and State.
Dividend of
$2 Declared—
The directors have declared A dividend of $2 per share on the common
stock, par $100, payable Sept. 10 to holders of record July 31.
A similar
payment was made on Sept. 3, 1935, and on Sept. 1, 1934.
Prior to this
latter date no dividends were paid since June 1, 1932 when $1 per share
was disbursed.—V. 142. p. 4167.
Aviation Corp.
(& Subs.)—Earnings—
3 Mos. Ended March 31—
1936
1935
Net loss after expenses, loss on surplus property,
liquidation and depreciation
$112,308
x$ 181,975
x Before deduction of loss applicable to minority interest in
subsidiaries.
—V. 142, p. 4168.
Atlanta Birmingham & Coast
Gross from railway
Net from railway......
Net after rents
...
1935
1934
$252,451
8,689
defl6,568
$218,509
5,828
defl.7,962
$219,037
def20,912
def43.080
$217,045
def8,229
def31,582
1,370,747
Net from railway....
Net after rents—...
From Jan 1—
—V. 142, p. 3837.
RR.—Earnings.-—
1936
May—
Gross from railway
1,219,583
59,902
def84,673
1,211,269
17,370
defll7,294
1,037,331
def 14,658
def146,921
129,604
def24,250
,
1933
Financial
100
certificates aggregating 1,000 shares or multiples thereof may
same "with all unmatured coupons appertaining thereto for the
Atlanta & West Point RR.—Earnings.—
May—
'
_
.
_.
610,326
48,587
def30,208
598,018
44,144
def46,436
489,322
def24,085
defl24,448
1935
Eart of the deposited written noticeby the trustee. and upon payment of all
upon three days' property held to the trustee Any such surrender shall
e
or other taxes in connection therewith and a fee of $10 for each
1,000 shares so surrendered.—V. 135 p. 1333.
;
...
transfer
(
....
Net after rents.......
Beauharnois
Atlantic Coast Line
May—
.
RR.—Earnings.—
1935
$3,460,528
600,370
def67,912
1934
$3,511,042
824,221
234,335
1933
$3,640,997
1,170,947
505,164
20,158,014
5,336,784
2,119,313
19,027,702
4,738,073
1,678,074
20,030,455
6,403,802
3,359,990
18,694,962
6,235,298
2,987,325
—V. 142, p. 3663.
Dividend—
~
The company paid a dividend of $1 per share on the coimmon A and B
stock, par $5, on July 1 to holders of record June 15.
This compares with
20 cents paid in each of the three preceding quarters and 25 cents per share
distributed each three months from April 1, 1934, to and including July 1,
1935.1
The April 1, 1934, dividend was the initial distribution on the
common shares.*—Y. 141, p. 2429.
■
Baldwin Locomotive Works.—Reorganization Plan Pro¬
tested—
A protest against the reorganization plan of the company was filed in
U. S. District Court at Philadelphia on June 27 by 555 preferred stock¬
holders through L.
A. Stebbins, Chicago attorney, for the "Independent
Advisory Committee for Preservation of Rights of Baldwin Preferred
Stockholders."
The opposition is aimed solely at that part of the plan which proposes
200,000 shares of 7% cumulative preferred, secure
waivers of accumulated unpaid dividends of about $7,000,000, and raise
common to the level of preferred in so far as future dividends are con¬
cerned.
-
the
includes 52 holders of 1,022 shares who gave their
assents to the
plan, but who now want to withdraw them. The holdings of
the protestors amount to 13,273 shares of a par of $1,327,320, representing
about 6.7% of the outstanding 200,000 shares, which have a par of $20,000,000.-—V. 142, p. 4014.
:
Baldwin Rubber Co.—Initial Dividend
New Stock—
on
The directors have declared an initial dividend of 12 H cents per share
the new common stock, par $1, payable July 20 to holders of record
July 15.—V. 142, p. 617.
v
on
,;,'v
Bangor & Aroostook RR.—Earnings—1
Period End. May 31—
1936—Month—1935
$503,108
$566,829
327,874
254,056
51,078
63,901
Gross oper, revenues
Operating expenses
Tax accruals—
Operating income—
$124,156
.
10,813
....
Gross income—
Deductions...
8,140
$134,969
60,123
Other income-
$257,012
61,944
$940,849
def34,333
$1,334,245
def49,564
$906,516
304,136
$1,284,681
331,575
'
Aug. 20.—V. 142, p. 3332.
Beauharnois Light, Heat & Power
.
income..
—
$74,846
-—
$195,068
will
.
p.
4014.
1933
$125,431
43,628
def4,495
1935
$143,428
53,463
8,490
1934
$177,343
68,650
19,751
1,050,118
376,318
754,432
214,432
815,635
247,762
589,941
169,722
105,303
defl3,223
4,235
def58,272
1936
$197,090
44,675
def8,717
__
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
..
—V. 142. p. 3839.
Bell
■..*
Telephone Co. of Pennsylvania.—New Director—
Charles
W.
has
Hazard
resigned
as
"William H. Lamb",
director.
general Hazard'sof the company, was elected to fill thei vacancy created
y Mr. counsel
resignation.
William
A.
chief accountant, was elected
the monthly meeting of directors.
Petersen,
of the company at
General Auditor
Year to Date
Earnings for May and
V
Period End. May 31—
1936—Month—1935
1936—5 Mos.—1935
Operating revenues..
$5,531,349
$5,181,558 $27,028,490 $25,408,534
Uncollectible oper, rev..
12,426
23,115
63,830
97,838
Operating expenses
3,678,798
3,680,462
18,197,064
17,967,792
Operating taxes.:
442,091
302,501
1,969,258
1,500,583
__
Net oper. income....
—V. 142, p. 3664.
$1,175,480
$1,398,034
$6,798,338
$5,842,321
Bering Straits Tin Mines, Inc.-—Registers with SEC—
See list given on first page of this department.
Berkey & Gay Furniture Co.—Listing—
The New York Curb Exchange has approved the listing of 879,858 out¬
standing shares of common stock, $1 par, and 525,000 outstanding com¬
mon stock purchase warrants.
The Exchange will also list 620,142 addi¬
tional shares of common stock, $1 par, upon notice of issuance.—Y. i42, p.
3497.
.
May—
RR.—Earnings.—
$1,396,803
735,873
599,629
1935
$1,015,632
525,586
516,450
$909,275
292,518
291,099
$533,885
220,145
242,915
3,911,617
936,710
905,811
3,056,578
494,610
502,033
2,651,573
15,211
39,369
j 1,363,067
1936
Gross from railway.
Bangor Hydro-Electric Co.—Files with SEC■—To Issue
$7,108,000 1st Mtge. 3%s—.
Ry.—Earnings.-—
Beaumont Sour Lake & Western
May—
Gross from railway
Net from railway
$953,106
$602,380
Including maintenance and depreciation.—V. 142,
of 1st mtge. sinking
Light, Heat & Power
shortly offer Montreal Power's 3^4 % 1st mtge. and
collateral trust sinking fund bonds due 1973, and dated as of Jan. 1, 1936,
on par for par basis.
■„
The offer is contingent upon holders of 80% principal amount of the
Beauharnois bonds,
outstanding, exclusive of Montreal Power's own
holdings, accepting the proposal.
Another condition is that holders of the
Beauharnois bonds
must
adopt extraordinary resolutions sanctioning
changes in the trust deed so as to make the exchange possible.—V. 142,
P. 1629.
V':
Consolidated
Bessemer <& Lake Erie
*
Co,—Bond Exchange
The protective bondholders' committee for holders
fund bonds 5% series A has announced that Montreal
1936—5 Mos.—1935
$3,117,294
$3,440,317
1,861,683
1,796,898
.
314,762
309,174
$248,872
:'V.' '
further adjourned, this time to
to cancel the present
The protesting group
Ltd.—Meeting Again Ad¬
' V. .-"'
Corp.,
The postponed meeting of holders of the 5% collateral trust sinking fund
bonds due 1973. scheduled for June 25, to consider policies following can¬
cellation of contracts by the Hydro-Electric Commission of Ontario, was
1936
$3,551,433
726,003
67,312
Avondale Mills—Pays Larger
Power
journed-—
3663, 3837.
Gross from railway
Net from railway—.
Net after rents...,
From Jan. 1—
Gross from railway
Net from railway—
Net after rents.......
Net
surrender the
proportionate
.
Gross from railway
Net from rail way..
—V. 142, p.
13,332
696,615
83,909
defl9,440
,
_
1933
$116,172
13,281
def7,531
$122,113
2,825
Gross from railway—*...
Net from railway.
Net after rents.
From Jan. I—
1934
$111,524
def6,509
def24,149
1936
$139,426
17,597
def8.260
•
July 4,1936
Chronicle
Net from railway.—
Net after rents
From Jan 1—
Gross from railway
The company on June 26 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2292, Form A-2) under the Securi¬
Net from railway
Net after rents...
ties Act of 1933 covering $7,108,000 of first mortgage bonds, 3
due 1966.
1934
1933
—V. 142. p. 3664.
H% series,
According to the registration statement, the net proceeds from the sale
of the bonds, together with treasury funds, will be applied to the .redemp¬
refunding gold bonds, as follows:
Birmingham
tion of the company's first lien &
$3,037,000 of 5% series, due 1955, to be redeemed
105 and accrued interest;
2,026,000 of 43^ % series, due 1960, to be redeemed Dec. 1, 1936, at
105 and interest; and
1,786,000 of 4% series, due 1954, to be redeemed Dec. 1, 1936, at 103
and interest.
Period End. May 31—
Net
$133,196
$1,420,669
86
579
$1,357,775
1,062
$133,201
49,835
Gross corp. income—
$99,172
5
_
Int. & other deductions.
redemption.
1936—12 Mos.—1935
$6,250,367
$6,039,560
4,829,698
4,681,785
$99,258
50,024
$1,421,248
599,294
$1,358,837
606,962
y$49,234
$821,954
$751,875
are
days' notice, at 110% and int. if red. on or before July 1, 1942; at 107 H %
and int. if red. thereafter and incl, July 1, 1948; and thereafter during each
of the 14 12-months periods beginning July 2, 1948, at H % less for each
12-months period. The bonds will be redeemed at par and int. after July 1,
1962, and prior to maturity. (
Edward B. Smith & Co. of New York City and E. W. Clark & Co. of
Philadelphia are the principal underwriters.
The price to the public, the names of other underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.—V. 142, p. 4330.
Barcelona
Traction, Light & Power Co., Ltd.
—
Earnings
[Spanish Currency]
Period End. May 31—
Gross earns, from oper..
Operating expenses—..
Net earnings
—V. 142, p. 3156, 3839.
1936—Montfi—1935
9,687,014
9,589,614
3,645,080
3,646,414
1936—5 Mos.—1935
52,903,856
52,066,586
19,147,076
19,102,440
6,041,934
33,756,780
5,943,200
directors
have declared
applicable to preferred
period whether paid or unpaid..
480,000
480,000
429,215
429,244
$87,261
$157,369
stocks for
—.......
Deficit.-..—
„
Before property retirement reserve appropriations and dividends,
Dividends accumulated and unpaid to May 31, 1936, amounted to
$286,116.
Latest dividends, amounting to $1.75 a share- on $7 preferred
stock and $1.50 a share on $6 preferred tsock, were paid on April 1, 1936.
Dividends on these stocks are cumulative.-—Y. 142, p. 4331.
y
z
Bol-Inca Mining
Corp.—Registers with SEC
Booth Fisheries
Corp.—Stated Value of Stock Reduced—
During the fiscal year ended April 25 the company reduced the stated
value of the class A common stock from $25 per share to $5 per share.
Balance at April 27,1935
dividend of 20
a
cents
per
(& Subs.)—Earnings—
—*—:—3 Months—
—
12 Mos.
1936
1935
1936
..$13,083,512 $13,912,340 $56,288,238
Costs exp., int., ordinary taxes, &c._ 12,722,691
13,873,716
54,058,229
Depreciation.....
255,045
259,002
1,050,896
—
Federal taxes....
$1,179,113
144,530
None
........
$1,153,237
common stock, issued and
outstanding, from $25 to $5 per share
Discount on second-preferred stock purchased for redemption.
Write-off of accrued taxes on property sold during year & which
were applicable to periods prior to date of organization—_
Proceeds of bonds of predecessor co. received in exchange for the
issuance of capital stock under the terms of the reorganization
plan and agreement.
.
_
_
_
Total....
Transfer to reserve for revaluation (see below)
Reserve
...
:
_
170,406
com.
-
Nil
Nil
$1.19
—V. 142, p. 4168.
Basic Shares
814
Total.
$775,127
499,828
...
....
$1,274,955
_
Adjustment of book values of certain properties to the amounts
realized from their sale during the year
i
Provision for depreciation on idle properties after Dec. 7, 1935...
the agreement of trust dated Dec. 1, 1931, entered into between Basic
Shares Corp., as depositor, and Empire Trust Co., as trustee, terminated
June 20, 1936.
The cause of the termination was the resignation of
Empire Trust Co., as trustee, and the failure of any successor trustee to
At any time to and incl. Sept. 21, 1936, the holder
...
935,440
4,616
$334,899
Note—Under authority of the board of directors, the premium of $49,312
on
49,312
for Revaluation of Idle Properties for Year Ended April 25, 1936
Balance at April 27,1935
Transfer from paid-in surplus account....
Balance at April 25,1936
Corp.—Termination of Trust—
The holders of the Basic Insurance Shares, series "C," are notified that
qualify.
388
$870,262
—
-
stock (par $25)--.-...
20,171
499,828
on first preferred stock redeemedCapital stock issued to stockholders of predecessor company.
—
■'
$1,420,217
—
Premium
Balance at April 25, 1936
1,335,494
64,164
$1,323,643
$90,644 loss$207,270
Total income
$105,776 loss$220,378
33,021
26,260
$138,797 lqss$194,118
48,153
13,152
—
Other income
—...
Reduction in stated value of class A
Period Ended May 31—
Net profit
Earns, per sh. on 377,719 shs.
y $83.366
Dividends
Paid-in Surplus Account Year Ended April 25, 1936
Beatrice Creamery Co.
Profit
z
32,964,146
share on the
common stock, par $5, payable Aug. 1 to holders of record July 10.
This
compares with a regular quarterly dividend of 15 cents and an extra
dividend of 5 cents per share paid on May 1 and Feb. 1 last and on Nov. 1,
1935, this latter being the initial payment on this issue. This item appeared
in last week's "Chronicle" under the name of Barnsdall Corp., the old
name.—V. 142, p. 4330, 3332.
Net sales....
Balance
Property retirement reserve appropriations
See list given on first page of this department.
Barnsdall Oil Co.—20-Cent Dividend—
The
from ©per.
revs,
Other income—
■
redeemable at the option of the company as a whole at any
time and in part on any interest date on or after Jan. 1, 1937, after 30
The bonds
1936—Montfi—1936
$533,437
$498,155
400,241
398,983
Operating revenues
Oper. exps. and taxes...
A total of $7,155,730 will be required to pay the principal and premium on
the bonds to be redeemed, and $157,230 will be required for interest accrued
to the dates of
Electric Co.—Earnings—
[National Power & Light Co. Subsidiary]
Sept. 1, 1936, at
on
def210,944
def220,928
or
holders^f
paid
first preferred stock redeemed
charged to paid-in surplus, and
the amount of $543,719 was transferred during the year from paid-in surplus
to the reserve for revaluation of idle properties: thereafter the management
approved a retransfer to paid-in surplus of $43,891, the amount by which
the revaluation reserve exceeded the then net book value of idle properties.
Book Values of idle properties disposed of during the year in excess of the
on
was
Volume
143
Financial
amounts realized therefrom have been
of the management.
charged to the
reserve
by authority
The income account and balance sheet for the fiscal year ended
April 25,
were
given in V. 142,
4331.
p.
Corp.—Opens New Unit—
The company formally opened its new $20,000,000 continuous sheet-strip
mill at Lackawanna, N. Y., on June 30, with Charles M. Schwab, Chair¬
Eugene G. Grace, President, and other corporation officials hosts
of approximately 100 persons.
The new mill, with a capacity of approximately 600,000 tons per year,
increases the finishing facilities of the corporation to about 8,500,000 tons
annually.
Mill consists of 11 main buildings and five smaller structures,
with 22 acres of floor space.
It has complete facilities for hot rolling and
cold rolling and processing of coiled strip and sheets.
It is the largest
single enterprise undertaken by Behtlehem in recent years.—V. 142, p. 4330.
man,
to a party
Boston Consolidated Gas
(In Cubic Feel)—
Co.—Output—
1936
January
February
1935
1,287,421,000
1,256,310,000
April
May
—V. 142,
p.
made with
,171,444,000
,126.368,000
988.598.000
985,750,000
879,667,000
1936
1935
$2,172,906
$2,149,000
964
360
$2,173,870
1,485,209
139,713
103,363
234,569
313.132
8,068
$2,149,360
1,458,397
126,329
103,363
234,076
319,740
7,678
$110,186
Total receipts
$100,224
Rent for leased roads
Subway, tunnel and rapid transit line rentals
bonds and notes
items
—Excess of cost of service
over
receipts
—V. 142, P. 3665.
Boston & Maine
1936—Month—1935
$3,800,875
$3,761,962
836,572
1,030,983
327,274
682,093
80,661
75,293
Operating revenues
Net operating revenuesNet ry. oper. income—_
Other income
The directors
Gross income
$407,936
634,644
Deductions
1936—5 Mos.—1935
$18,317,317 $18,151,863
2,383,762
4,208,959
10,154
2,362,197
459,528
442,502
$757,386
634,674
def$226,708
$469,682
3,168,482
$2,804,699
3,138,108
Boston Personal
Property Trust-
12 Mos. End. June 15—
1936
Income rec'd during year
a
dividend of 10 cents per share on the
payable July 15 to holders of record July 6.
paid each three months from July 15, 1935,
to April 15, 1936, inclusive and 25 cents
per share paid quarterly previously.
In audition, an extra dividend of 5 cents per share was
paid on April 15
and Jan. 15. 1935.—V. 14., p. 4161.
The directors have approved a plan for liquidation of the $16 a share
the convertible
arrearage on the 7% preferred stock and elimination of
preference issue.
The plan, which will be submitted to
their approval at a
meeting on
stockholders for
July 30, provides that $5 in cash and one
share of common stock be
given to holders of each preferred share in lieu
of the $16 a share accruals, and that holders of the convertible
preference
shares be offered IK shares of common stock for each share now
held.
The entire capital stock structure would be
reclassified, but the 7%
common holders would receive new securities of the same
type they now hold.
"Under this new plan the common stockholders will receive somewhat
larger dividends upon moderate earnings than would be possible under the
preferred and
existing capitalization, and upon larger distributions the convertible
preference stockholders will receive greater returns than under the present
structure," G. A. Morrison, Vice-President, states.—V. 142, p. 4016.
May—
Gross from
Earnings—
1935
paid
1933
166.950
16,847
166,950
$191,552
12,477
13,367
187.819
$1,904
loss$10,998
loss$22,lll
def30,872
324,535
def54,398
defl33,537
1934
1933
$77,533
15.425
def30,599
$55,351
defl8,345
def32,682
338,309
def63,743
defl39,897
313,066
def34,363
def102,598
327,184
def636
From Jan. 1—
Gross from
railway
railway
Net after rents
315
def76,250
—V. 142, p. 3840.
Bush Terminal Co.—Directors Elected—
$185,597
12,798
was approved by a majority vote of shareholders at the
company's annual meeting June 23. The vote was in face of opposition by
an advisory committee which
claimed to represent debenture and common
stockholders. Opposition to election of seven directors by debenture stock¬
holders collapsed when R. Randolph Hicks,
attorney for the advisory com¬
mittee, conceded he did not have sufficient votes to contest the election
and withdrew from the
Profit for year
$71,409
def 15,963
of the company,
1934
$194,902
13,129
12,919
$13,272
Taxes
1935
19361
$58,523
def 16,661
railway
Net from railway
Net after rents
A slate of 11 directors, four elected
by common stockholders and seven
by holders of the debenture stock, proposed by Irving T. Bush, President
$204,023
14.771
9,029
166,950
& int__
exps.
declared
stock, no par value,
This compares with 30 cents
$122,712df$2,698,800 def$333,409
-V. 142, p. 3665.
Dividends
have
common
Net from
Gomm'ns,
a plan which
River Power Co. was
providing funds for the Columbia maturity.
Since
that could not be completed by the maturity date of the Columbia
bonds,
it was decided to return to the original
plan which involves waiting for the
approval of the State and Federal regulatory bodies.
The company on June 3 filed a registration statement with the Secruities
and Exchange Commission covering $10,000,000 1st mtge. bonds que
1966
(later reduced by amendment to $6,000,000).
(For further details, see
Y. 142, p. 3840.)—V. 142, p. 4015.
Burlington & Rock Island RR.—Earnings.-
RR.—Earnings—
Period End. May 31—
Net income-
The subsequent change to
view to
a
Bruck Silk Mills, Ltd.—10-Cent Dividend—
,172,408,000
Ry.—Earnings-
Operating expenses
Federal, State and municipal tax accurals
Misclllaneous
to be undertaken at one time.
was
involved only the refunding of the issues of Broad
Bucyrus-Erie Co.—Plan to Eliminate Dividend Accruals1'—
Boston Elevated
on
Originally plans for the refinancing were based on this purchase and the
refunding of the entire debt of the Broad River and the Lexington companies
4331.
Month of May—
Receipts from direct operation of the road
Interest on deposits, income from securities, &c__
Interest
Gas & Electric Co.
In ivew of
this, company officials decided to await action by the Federal Power
Commission and the Soutp Carolina P. S. Commission on the application
made by the company to purchase the property and franchises of
Lexington
mi
1,346,975.000
1,153.085.000
1,152,477.000
1.039,210.000
1,009,712,000
897,530,000
1,112,924.000
-----1,047,968.000
989,842,000
890,864.000
June
101
that date of the 5% bonds of Columbia Ry.,
Water Power Co.
Bethlehem Steel
March
Chronicle
meeting.
Mr. Bush, who presided, announced the management controlled 144,837
the 224,861 outstanding shares of common stock and
31,400 of the
68,900 shares of debenture stock, the latter having voting power in view of
accumulated dividends. The opposition, according to Mr. Bush, claimed to
control 8,000 shares of debenture stock and up to 50,000 shares of common.
of
Balance Sheet June 15, 1936
Assets—
Liabilities—
Real estate securities
$426,278
Public utility securities
Railroad
1,013,049
433,452
securities
Industrial
securities
1
»
Capital and surplus
,
$4,221,070
Accrued dividend expense and
taxes
49,343
1,893,907
Insurance company securities.
245,082
Miscellaneous securities
188,275
Sundry securities
1
Cash
70,366
Total
-V.
p.
Official Referee Van Siclen Resigns—
Total
$4,270,413
2818.
Sales
1935
1934
1933
1932
Sales & admin, expenses-
$6,465,082
5,190,087
809,536
$5,803,908
4,522,869
824,822
$4,271,977
3,166,947
770,948
$3,763,307
2,821,646
795,892
Net operatingincomeOther income
$465,459
58,045
$456,218
41,066
$334,082
6,773
$145,769
Net profit
Depreciation
$523,504
131,626
52,001
$497,284
121,750
59,000
$340,856
$145,769
143,199
$339,877
220.650
$316,534
175,835
$173,888
72,627
$119,227
$1.92
$140,699
$1.79
$101,261 def$101,444
$1.00
$0.01
(net)
Cost of sales—
Judge Robert A. Inch in U. S. Court, Brooklyn, has accepted the resig¬
nation of Referee James C. Van Siclen as a reorganization trustee of the
company.
Mr. Van Siclen resigned because of a recent statute making it
unlawful after July 1 for an official referee to hold any other position. C.
Walter Randall continues
(E. J.) Brach & Sons, Chicago—Earnings—
Years End. Dec. 31—
See
Dividends
pai$
Earned per share on com.
104,014
Balance Sheet Dec. 31
Assets—
y
1935
Property
Cash
Cash
902,464
1,441
29,002
212,803
590,3 1 6
29,643
.$4,275,811
$4,141,933
Receivables
-
Deferred charges..
surplus
$4,007,642 $3,706,520
Accounts payablefor conting..
75,516
64,489
138,163
Res.
95,012
197,930
142,471
29,002
163,347
1'Wn*'
$4,275,811
Net after rents
From Jan. 1—
July 23.
The offering price to stockholders is $10.50.
Any of the shares
not taken by stockholders will be offered publicly at the then
prevailing
market price.
Underwriters and the percentage of unsubscribed stock to be under¬
written by each are: G. M.-P. Murphy & Co., 40%; Stone & Webster and
Blodgett, Inc., and R. F. Griggs Co., 22K% each; Hincks Bros. & Co.,
Inc., 12%, and McEldowney, Wolfe & Co., Inc., 3%.—V. 142, p. 4332.
Net from railway
British Columbia Power Corp.,
Ltd.—Earnings—
1936—Month—1935
1936—11 Mos .—1935
$1,137,952
$1,079,208 $12,767,870 $11,963,525
660,848
634,492
7,019,305
6,398,660
$444,716
$5,748,565
$5,564,865
Bronze
July 2.
from;
ncome
July 1, 1936. funds
375,428
Co.,
were
499,572
165,302
Ltd.—Initial Dividend
on
New
an
Ltd.—Earnings—
1935
$4,702,821
907,834
_
Oper—
Investments
refinancing be¬
otherwise provided to meet .the maturity on
1934
$4,725,244
745,592
Realization assets
>
Directors' fees
Reserve for income tax__
Other
Net
expenses
$5,610,655
10,000
798,365
$4,299,140
325,500
4,077,966
dividends
Common dividends
$5,470,836
1932
$2,066,561
706,339
Drl,238
$3,430,475
$2,771,662
325,500
4,045,458
$3,430,475
325,500
2,932,873
$2,771,662
325,500
2,513,891
$292,828
$172,102
def$67,729
10,000
797.051
$4,663,786'
def $104,326
Surplus
1933
$2,779,784
696,060
Dr45,370
503,150
-----
income
Preferred
Consolidated Balance Sheet Dec. 31
1935
$
Assets—
Accts. receivable._
Inventories
Mtge. & accr. int.
Mktable.
securs__
Trustee stocks
1934
Liabilities—
Accounts payable-
17,545
13,493
6,798,254
Dividends
7,286,130
1,473,156
4,107,757
4,065,947
53,437,085 52,328,067
824,450
1934
$
1,256,228
Dominion and Pro¬
vincial
Deferred
taxes
credits
Reserves.
Preferred stock
x
817,884
847,716
755,618
14,278
15,290,296 14,079,369
761,036
__
58,040
4,650,000
4,650,000
12,550,731
14,874,698 14,874,698
Common stock__13,011,262
Capital surplus
Earned surplus
Total
$
2,790,809
2,107,673
4,876,723
1,575,926
257,963
228,934
goodwill.30,700,164 29,870,307
-
1935
$
2,311,444
2,275,585
5,007,341
Deferred debits—
x
As unforeseen delays made it impossible to complete the
fore
441,969
119,317
388,377
Co.—Defers Proposed Financing—
The company, whose principal office is at Columbia, S. C., has decided
defer until a later date its plans to refinance its funded debt, it was
announced
457,147
141,027
404,159
have declared
Calendar Years—
Investments
Broad River Power
1933
$84,676
13,651
45,371
Preferred Stock—
Plants &
-Y. 142, p. 3840.
to
$73,443
5,639
53,601
3666.
Canadian
Cash.
$477,104
—
Total income
Bridgeport Brass Co.—Rights, &c.—
earnings
1934
$87,007
22,502
69,504
t
$4,141,933
The company in an amendment filed with the Securities and
Exchange
Commission states that its 81,288 shares of common stock will be offered to
stockholders at the close of business July 3 in the ratio of one share for
each eight shares held.
The warrants to subscribe to the stock expire
Period End. May 31—
2495.
499,023
16,846
279,885
-
Canadian Industries,
Total—
Represented by 176,500 no-par shares in 1935 and 176,600 in 1934.
After allowance for depreciation of $1,684,421 in 1935 and $1,588,398
in 1934.—V. 142, p. 775.
Operating expenses
1935
1936
—V. 142, P.
p.
RR.—Earnings.—
initial quarterly dividend, of $1.25 per
share on the new 5% cumulative preferred stock, par $100, payable Aug. 1
to holders of record July 20.—V. 142, p. 3667.
y
Gross earnings
1935
$2,033,366
978,127
$80,666
def64,648
defl,589
May—
Net from railway
The directors
x
Net
first page of this department.—V. 142,
Cambria & Indiana
Net after rents.
731,997
18,969
Real est. not used.
Total
1934
33,630
to
brokers
Inventories
1935
Capital stock and
Federal taxes, &c.
1,341,379
secur.
advance
x
4332.
Camaguey Sugar Co.—Registers with SEC—
Gross from railway
Liabilities—
1934
$1,688,881 $1,445,297
40,377
38,249
776,849
344,096
Other assets...
Marketable
before depreciation
4169.
,
Gross from railway
Balance
1936
$2,194,957
1,094,878
—
—
See list given on
$2,570
p.
Co.—Earnings—
May 31—
Gross revenue
—V. 142, p.
Net income
company.—V, 142,
tandard Oil Co. of California below.
California Water Service
Net earnings
135,968
31,000
sole trustee of the
as
California-Texas Oil Co., Ltd.—Organized—
12 Months Ended
Federal taxes
retiring directors, and added A. P.
Timmerman and E. M. Ellsworth to the board to fill vacancies.
$4,270,413
142,
Six retiring directors were reelected
by the debenture stockholders with
A. G. Negley added to the board to fill vacancy.
Common stockholders reelected two
—
Total
3,149,420
3,299,425
53,437,085 52,328,067
Represented by 615,974 no-par class A shares and 63,687 shares no1935 and 615,974 no-par shares class A and 58,269
stock in 1934.—V. 142, p. 4170.
par class B stock in
shares no-par class B
-
102
Financial
Canadian National Lines
May—
Gross from
in
New
Chronicle
1936
$93,788
def51,694
def97,911
1935
$77,239
def37,607
def77,620
$72,663
def29,834
def76,074
$75,291
def27,822
def75,061
541,285
defl22,166
def329,480
"438,153
defl30,947
def334,682
430,888
def95,189
def329,888
393,378
defl00,200
def347,963
railway
Net from railway
Net after rents
1934
1933
12 Months Ended May 31—
Net
revenue-
-
-
$654,527
$933,551
-
-
Gross from railway
$2,465,598
IQ^fi
Gross
1934
1933
$165,636
$185,621
48,330
27,742
71,681
52,238
^
after rents.
—V. 142, p. 3667.
884,181
266,283
175,59 1
909,720
,L
*
803,814
"
287,182
338,348
234,532
192,416
Chesapeake & Ohio Ry.-—Plans to Refund $29,500,000
$2,663,221
Bonds—
The company has applied to the Interstate Commerce Commission for
lQt*;
$3,432,702
earnings....
921,580
290,722
187,364
Net
Earnings of System for Third Week of June
—V. 142, p. 4170.
Ry.—Earnings.—
1935
$159,640
31,393
13,089
^
Net from railway
1936—Month—1935
1936—5 Mos.—1935
$15,400,121 $14,045,380 $70,721,663 $66,419,540
14,466,570
13,390,853
68,256,065
63,756,319
-
1934
$1,386,116
1936
$186,518
63,663
41,890
Not after rents..
From Jan. 1—
Rys.—Earnings—
31—^
Operating revenues.
Operating expenses
1935
$1,246,068
Charleston & Western Carolina
May—
Gross from railway
Net from railway
[All-inclusive System]
i
Period End. May
1936
$1,367,294
•
amortiz., sub. pref. divs., &c
—V. 142, p. 4017.
—V. 142, P. 3841.
Canadian National
Co.—Earnings—
Net income after deprec., taxes, int.,
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents
July 4, 1936
Central Maine Power
England.—Earnings.
Trtrrpn
$3,366,787
v/>
authority to issue and sell $29,500,000 of ref. & impt. 3 ft % bonds, series E
to refund $24,784,000 of ref. & impt. 4Ms, series A, due Oct. 1, 1993, now
public, and $4,716,000 ref. & impt. 4Ms. series C, now
$65,915
in the hands of the
...
in the treasury.
Canadian Northern Power
Period End. May 31—
Gross earnings.
Operating expenses
Net
earnings.
142, p. 3841.
—V.
$227,430
$232,090
It is proposed to call the series A 4 Ms for redemption Oct. 1,1936, at 110.
Corp., Ltd.—Earnings—
1936—Month—1935
$373,807
$364,663
141,717
137,233
The proceeds from sale of new bonds will be applied to payment of bonds
of this issue and $1,000,000 of Chesapeake & Ohio Northern Ry. 1st 5s,
to be called Oct. 1, at 105 and to pay $553,000 of Virginia Airline
Ry.
1936—5 Mos.—1935
$1,871,939
$1,794,169
705,148
672,142
$1,166,791
1st mtge. 5s to be called Nov. 1 at 110.
The new issue would be dated Aug. 1,
$1,122,027
The
interest
savings
by refunding
1936, and mature Aug. 1, 1996.
operations, it is estimated, would
142, p. 4333.
aggregate $19,055,465 over the 60-year period.-—V.
Canadian Pacific
Period End.
Ry.—Earnings—
Chicago Burlington & Quincy RR.—Earnings.—
May—
1936—Month—1935
1936—5 Mos.—1935
$11,222,507
$9,913,938 $51,086,736 $46,338,752
9,772,218
8,770,024
45,471,285
41,680,546
May 31—
Gross earnings
Working expenses
1936
$7,059,751
928,347
defl44,050
Gross from railway
Net from railway
Net after rents
Net profits
$1,143,913
$1,450,289
$5,615,450
—V.-142, P. 4332.
■
Canadian Pacific Lines in
.'"'..-o
Net from railway
Net after rents
Maine.—Earnings.—
1935
$139,892
defl4,981
def38,764
$154,114
4,958
def21,552
1934
Gross from railway
984,354
169,323
30,330
1,117,015
273,862
122,117
839,661
201,263
55,115
—V. 142, p. 3841.
Canadian Pacific Lines in
1936
May—
Net after rents
From Jan. 1—
1935
$94,005
def21,294
def57,873
Gross from railway
Net from railway
....
Vermont.—Earnings.—
1934
$88,436
defl9,409
def36,264
Gross from railway
406,280
defl85,944
def312,779
393,623
defl03,596
def212,205
413,229
def78,894
defl90,003
$71,332
defl4,136'
def35,854
316,376
defl07,222
def220,117
Carib Syndicate,
Ltd.—Meeting Again Postponed—
The special meeting of stockholders called for the purpose of acting on
an increase in capital and which had been originally scheduled for June 12,
but which was postponed until June 26 beacuse of lack of a quorum, again
has been
adjourned until July 10.—V. 142, p. 4170.
Chicago & Eastern Illinois Ry.—Director—
Operating revenues.
Oper. exps. & taxes
Rent for leased prop.(net)
;Vf
being sought by interested parties.
Mr. Steere served as Chairman
Board from August, 1931, to May 9, 1936, when he resigned to
a director of Kansas City Southern.
now
of the
become
1937562
carriers were not related and his only interest was to speed the re¬
organization of the Chicago & Eastern Ullinois.
He asserted shareholders
had asked him to act at a meeting held on June 3.
two
Earnings for May and
Light Co.—Earnings—
$4,746,146
30,763
$400,849
196,849
$381,869
196,846
$5,012,353
2,358,37 5
$4,776,909
y$185,023
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid—
$2,653,978
960,000
$2,412,353
960,000
1,255,237
1,255,237
$438,741
$197,116
Gross corp. income
Balance.
y$204,000
2,364,556
y Before property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to May 31, 1936, amounted to
$679,368, after giving effect to dividends of $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, declared for payment on
June
1,1936.
Dividends
on
these stocks are cumulative.—V. 142, p. 4017.
Central Arizona Light & Power Co.—Earnings—
Net
1936—Month—1935
$257,572
$225,947
176,828
165,981
from oper
Other income (net/,
1936-—12 Mos.-—1935
$3,162,574
$2,786,562
2,172,040
1,956,990
$80,744
13,821
$59,966
22,588
$990,534
212,296
$829,572
273,401
$94,565
31,759
$82,554
31,743
$1,202,830
381,649
$1,102,973
382,402
y$50,811
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid-
$821,181
226,684
$720,571
338,423
rev.
Gross corp. income.__
Int. & other deductions.
Balance.
__....
~y$62,806
108,054
108,054
$486,443
Balance
$274,094
Before property retirement reserve appropriations and dividends,
Regular dividends on $7 and $6 preferred stocks were paid on May 1,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 142, p. 2821.
y
z
1936.
Central of Georgia
May—
Gross from railway
Net from railway
Net after rents
Ry.—Earnings.—
1
155,385
30,644
1935
$1,180,146
127,828
25,924
1934
$1,041,871
56,581
def57,282
1933
$1,066,565
189,116
96,159
6,338,842
864,806
254,897
5,932,488
720,032
167,830
5,656,134
838,7 1 6
245,112
4,693,207
543,404
def40,617
1936
$1,232,727
From Jan. 1—
Gross from railway
Net from
railway
Net after rents.
—V. 142, p. 3667.
Central Illinois Securities Corp.—15-Cent
The
directors
have declared
dividena
of
15 cents
Pref. Div.—
share on the
$1.50 preferred stock, no par value, on account of accumulations, payable
Aug. 1 to holders of recora July 20.
A like amount was paid each of the
14 preceding quarters, prior to which regular quarterly payments of 37 M
cents per share were made.
After the Aug. 1 distribution accumulations
will amount to $3.37M Per share.—V. 142, p. 2310.
a
per
Century Electric Co.—Resumes Dividends—
have declared a dividend of 50 cents per share on the
stock, payable July 15 to holders of record June 30.
This will
payment made since Oct. 1, 1931, when a like distribution
made.—V. 141, p. 429.
The
directors
common
be
the first
was
5,169,848
977,177
18,808
4,530,661
614,104
del412,467
Chicago Great Western Ry.—Seeks $150,000 RFC Loan—
4%.
The money would be used to purchase 100 all-steel flat cars.
Repayment of principal would be at the rate of $8,000 semi-annually from
1, 1937, to July 1, 1945, with a final payment of $6,000 on Jan. 1,
Jan.
1946.
.
•
Earnings for May and Year to Date
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after
1936
1935
1934
1933
$1,517,271
465,792
205,870
$1,297,949
332,030
116,061
$1,244,577
334,892
98,446
$1,274,600
424,919
175,889
6,788,209
1,309,855
69,673
5,996,515
1,048,481
def57,466
5,925,574
1,378,419
205,381
5,217,431
975,200
def258,010
Chicago & Illinois Midland Ry.—Earnings.-—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1936
$253,722
76,415
68,154
1,401,325
445,118
'
375,438
1935
'
1934
1933
$253,883
81,546
76,979
$206,534
49,696
49,191
$229,591
81,536
80,506
1,384,093
418,088
376,405
1,151,312
295,295
273,998
1,147,997
366 879
340,701
Chicago & North Western Ry.—Reorganization Plan—
[American Power & Light Co. Subsidiary]
Period End. May 31—
Operating revenues
Oper. expenses & taxes.
5,499,055
1,139,636
237,364
1933
loan
May—
1
$916,979
163,783
def31j456
1934
—V. 142, p. 3668.
May—
$4,979,872
32,481
Int. & other deductions.
$990,407
152,265
def23,590
6,412,838
1,448,617
358,021
Net from railway
Net after rents.
$1,041,209
149,791
def27,268
at
1936—Month—1935
1936—12 Mos.—1935
$851,168
$801,025 $10,184,321
$9,798,622
434,394
403,894
4,998,791'
4,850,258
17,077
17,078
205,658
202,218
$380,053
1,816
Balance
$1,195,907
240,165
21,977
Gross from railway
Net from railway
Net after rents
1935
The company has asked the Interstate Commerce Commission to approve
of $150,000 from the Reconstruction Finance Corporation to be
secured by an issue of equipment trust certificates, series C, bearing interest
$399,697
1,152
Balance...-...-
Other income (net)
Year to Date
1936
'
7[National Power & Light Co. Subsidiary]
Period End. May 31—
27,299,440
6,598,902
1,817,032
Kenneth D. Steere has applied to the Interstate Commerce Commission
a
Carolina Power &
30,859,475
7,825,891
3.516,140
for permission to return to duties as a director of the road for the sole purpose
of securing a final agreement on a plan of reorganization for the company
From Jan. 1—
Gross from railway
—V. 142, p. 3841.
\
30,562,509
5,557,472
1,390,687
7,934,313
2,957,966
May—
Net from railway
Net after rents.
$6,398,348
1,932,358
996,436
Mr. Steere now is Chairman of the Executive committee and ViceChairman of the directors of the Kansas City Southern Ry.
He said the
*
1933
$95,420
defl0,132
def32,406
1933
969,131
111,836
—V. 142, p. 4170.
1933
$111,922
def2,863
def29,511
1—
Net from railway
Net after rents
1934
$6,143,820
„
Gross from railway36,475,214
■'
1,131,830
176,402
23,642
Net after rents
Fwm Jan 1—'
$4,658,206
1936
$160,136
def6,266
def33,881
May—
Gross from railway
Net from railway
From Jan.
'
1935
$6,102,268
1,059,439
240,394
A plan of reorganization as adopted
by the board of direc¬
tors June 10, 1936, was filed with the U. S. District
Court,
Chicago, June 26, pursuant to Section 77 of the Bankruptcy
Act.
The proposed effective date of the plan is Jan.
1, 1937.
An introduction to the plan states that legislation,
some of which was
enacted at the last session of Congress and some threatened
in the present
Congress, has greatly increased the difficulties of preparing a plan of
reorganization.
Among the laws enacted may be mentioned the following:
(1) The Railroad Retirement Act and the companion law for defraying
the cost of the same.
The added expense to the debtor because of this
law
will be more than $1,700,000 per annum.
(2) The unemployment insurance section of the so-called Social Security
,
Act.
When the law becomes fully operative it will mean an
additional tax
paid by the debtor of about $1,400,000 per annum.
The Guffey-Snyder Coal Act.
By its terms the price of coal to the
debtor was substantially increased by an amount estimated
at from $250 000
to $400,000.
This law was held unconstitutional.
A new bill failed of
passage, but Senator Guffey has announced that he will
again introduce
to be
(3)
same
the
bill at the opening of the next session.
Of pending legislation adverse to railroads
may be mentioned
Six-Hour Day bill, (6) the Train Length bill, (c) the Full
Crew bill
Dismissal Wage bill, (e) the Train Dispatchers' bill and
(a)
the
(d) the
(f) the President's
earnings of corporations undistributed by dividends.
Earnings Record—During the years 1931 to 1935, inclusive, the income
of the debtor available for fixed
charges, was as follows:
tax bill on
...$7,559,991
2,853,400
7,984,825
1934
1935
$7 099 319
II..
5 351
188
o.oox.mo
The
foregoing represent the earnings of the company exclusive of interest
accruals from its
subsidiary, the Chicago St. Paul Minneapolis & Omaha
Ry.
Had
the Railroad Retirement
Act, the Social Security Act and the GuffeySnyder Coal Act been operative during the years in
question, the income
available for fixed charges would have been
entirely wiped out as to one
year and substantially reduced as to all.
'
On the other
year
hand, the income available for fixed charges for the
period 1925-1929, inclusive, was as follows:
B
five-
6
$23,209,876
1928..
$25 436 723
24,826,653
1929
29,211 123
22,921,884
'
In view of the legislation above
enumerated, which has been enacted into
law, and that which is pend'pg, it has seemed wise to devise a
plan of re¬
organization with a minimum of fixed charges;
accordingly, this plan con--
Volume
Financial
143
templates the payment of but slightly over four and two-thirds million
dollars of fixed charges, which the company could have paid during the
depression period of 1931 to 1935, inclusive.
Objectives of Plan
(1) That the security holders be paid as much interest as present
prospective economic conditions justify;
(2) That the par value of the several mortgage issues be recognized
and
and
continued;
That the total charges, fixed and contingent,
(3)
be reduced to conform
of the debtor to pay;
That a sinking fund be created to be used in retiring the debtor's
mortgage indebtedness provided for under a proposed new mortgage; and
(5) That adequate provision be made for meeting the cost of necessary
more
nearly to present-day rates and the ability
(4)
and
additions
betterments.
Corporate Organization—It is proposed to retain the
organization.
Proposed New Stock of Corporation
present corporate
a
stock to be author¬
ized by amendment to the charter shall consist of 3,742,531 shares (no par),
of which not in excess of 1,140,616 shares shall be presently issued.
Preferred Slock—It is proposed to amend the charter so as to authorize
the issuance of (1) a prior preferred stock and (2) a preferred stock, the
dividend rate upon each of which shall be 4% per annum.
The amount
of the prior preferred stock shall be $23,644,100 and the preferred stock shall
be $11,197,500.
Dividends shall be paid in full on the prior preferred before
any dividends will be paid upon the preferred.
Dividends shall not be
cumulative upon either issue, but shall be paid thereon out of earnings of
the company for any year before dividends are paid upon the common stock.
Each issue shall be preferred as to assets in any liquidation of the company,
the prior preferred having priority over the preferred.
Common Stock—It is proposed that the new common
Proposed New Mortgage
It is proposed to cancel and discharge all of the debtor's present mort¬
gages except the Escanaba Iron Mountain & Western RR. mortgage, and
issue a new mortgage covering all of the property of Chicago & North West¬
ern Ry. used for transportation purposes except the property of the Esca¬
naba Iron Mountain & Western RR.
It will be an open-end mortgage to secure the payment of bonds to be
issued in series.
immediately under the new mortgage, in connec¬
will be as follows:——^—
Interest Rate
Maturity Date
Amount
3M% (fixed)
Jan. 1, 1962
$50,000,000
3M% (fixed;
Jan. 1, 1987
70,000,000
3%
(contingent)
Jan. 1,2037
170,000,000
The bonds to be issued
103
Chronicle
obligation of the company, but will not be secured by a lien
The maturity date will be Jan. 1, 2037.
The interest
Interest upon these debentures at the
rate of 3% per annum shall be paid on April 1 of each year only if the same
shall be arned during the preceding calendar year, and contingent interest
upon secured bonds must be paid from the earnings of the company before
any interest is paid upon the debentures.
The debentures shall be issued
in denom. of $100, $250, $500 and $1,000.
Depreciation on Bridges and Buildings—It is proposed to set up a depre¬
ciation account on bridges and buildings which will amount to about
$2,500,000 per annum.
"
,
Additions and Betterments—It is anticipated that the depreciation account
on both equipment and bridges and buildings will amount to at least $7,500,000 per annum; after paying the equipment trust certificates, the balance
may be used for additions and betterments.
It is believed that this sum
will meet all ordinary requirements.
If unanticipated changes in the art
of railroad transportation should require additional sums not available from
earnings, it will be necessary to raise the same by the issuance of additional
will be
on
a
direct
any property.
thereon shall
119943735628
be non-cumulative.
,
securities.
Treatment of
Outstanding Securities
Equipment Trust Certificates—It is proposed to pay equipment trust
certificates, both as to principal and interest, in full as they mature.
The
annual maturities and interest accruals on all equipment trust certificates
which will be outstanding on Jan. 1, 1937, are as follows:
Maturities
Interest
..
Total
.
.
$592,010.00
457,330.00
339,200.00
260,820.00
1940-
$3,454,010.00
3,319,330.00
2,127,200.00
1,944,820.00
185,040.00
125,505.00
68,895.00
34,492.50
3,307.50
585.00
$2,862,000.00
2,862,000.00
1,788,000.00
1,684,000.00
1,323,000.00
1,323,000.00
836,000.00
693,000.00
108,000.00
13,000.00
1,508,040.00
1,448,505.00
904,895.00
727,492.50
111,307.50
13,585.00
Public Works Admin¬
by all of the outstanding stock
It is proposed
Public Works Administration—The company owes
istration $1,360,000.
This loan is secured
and bonds of the Escanaba Iron Mountain
to pay
& Western RR.
this indebtedness as it matures.
Corporation—It is estimated that this company will owe
The R. O. C. has as collateral
tion with the reorganization,
~Railroad Credit
Series
R. O. C. about $1,000,000 on
.
A
B
C
It is proposed to have
J,000,000 of series
but $50,000,000 will be presently issued.
The total amount of bonds proposed to be
A bonds authorized,
of such bond.
19432
Contingent Interest—In determining the amount
secured income bonds, there shall be
deducted from the item "income available for fixed charges," as now de¬
fined by the Interstate Commerce Commission classification of income
account, all fixed interest on debt and rent for leased road; also $1,000,000
per annum to be carried to sinking fund A.
In determining the amount of interest earned on debentures, there shall
be deducted from the item "income available for fixed charges," as now
defined by the ICC classification of income accounts, all fixed interest on
debt and rent for leased road, also $1,000,000 per annum for sinking fund,
also all interest on non-cumulative secured income bonds.
•
Coupons—All non-cumulative income bearer bonds shall have affixed
thereto coupons plainly stating that such coupon is not secured by mortgage
and that it is payable only in the event that interest on it and all similar
bonds shall be earned during the preceding calendar year, and that the
coupon and all coupons of prior dates, not paid, must be surrendered in
order to collect the interest earned in any calendar year.
Denominations—Bonds issued under the mortgage in series A shall be
in denom. of $1,000, and in series B and O shall be issued in denom. of
$100, $250, $500 and $1,000.
Sinking Funds—It is proposed to create two sinking funds, which, for
convenience, will be denominated as "sinking fund A" and "sinking fund B."
Sinking Fund A—It is proposed to establish a non-cumulative sinking
fund of $1,000,000 per anhum (if earned) to be deducted from income qach
year, after the payment of fixed interest charges, until the same amounts
to $5,000,000.
On April 1 of each year this fund of $1,000,000. or so much
thereof as is earned, will be set aside in a separate fund to be invested in
municipal, State or Federal bonds, and all accretions accruing shall be
added thereto, and said fund, designated as sinking fund A, shall be used
only for the purpose of paying fixed interest in the event that in any year
the fixed interest is not earned; provided, however, that said fund may be
used to retire any series of said bonds to be issued under the proposed mort¬
gage when any of said series may become due and payable, and provided,
further, that if any portion of said $5,000,000 fund be used for paying fixed
interest at any time, the deficiency in said fund thus created shall be re¬
placed
Sinking Fund B—Nothing shall be paid into sinking fund B until the full
amount of $5,000,000 has been paid into sinking fund A, and if there shall
be less than $5,000,000 in sinking fund A at the end of any year, then <mly
Condition as to Payment of
.
.
and $1,000,000 shall be paid into
sinking fund B.
•
,
$5,000,000 is in sinking fund A, then payment
shall be made to sinking fund B as follows: After the payment of contingent
interest upon secured bonds and before the payment of interest upon deben¬
tures or dividends on stock, there shall be paid from earnings into said
sinking fund B, to be used for the purpose of retiring bonds, the sum of
$1,000,000 per annum.
In the retirement of such bonds the corporation
may purchase the same upon the open market, or otherwise, at the best
prices available, not exceeding the call prices thereof.
At least 85% of
the amount carried to such sinking fund shall be used within the 12 month
period following the assignment of the same.
Callable—Upon 60 days' published notice, any issue of bonds, or any part
of any issue, may be called on any interest date at $102 and int. as to those
bonds having a fixed interest rate, and at $102 upon the non-cumulative
When tbe full amount of
income bonds.
Convertible—Non-cumulative secured income
bonds may be converted,
option of the holder, into common stock at any time upon 30 days'
notice, the holder of such bonds to receive at the rate of 10 shares of no par
common stock for each $1,000 bond.
at the
Warrants to Purchase Stock—Each owner
of the present preferred stock of
one share of new no par com¬
preferred stock surrendered.
stock shall be given a warrant to
debtor shall be given a warrant to purchase
mon stock for each two shares of sucn present
Each
owner
of the present common
purchase one share of new no par common stock
such present stock surrendered.
The prices at which the warrants shall entitle the
new no par common stock are as follows:
$10.00
10.00
12.50
15.00
During 1937During 1938
During 1939
During 1940
During
During
During
During
Income Debentures
for each two shares of
bearer to purchase such
1944—-
-
—
-
$20.00
35.00
50.00
75.00
Unsecured Non-cumulative Income Debentures—It is proposed to authorize
the issuance of $80,000,000 of 3% income debentures.
These debentures
due
& ret. mtge. 4Mb, series D,
2037:
450,000 Chicago St. Paul Minn.
& Omaha Ry. 1st mtge. 5s, series A,
due 2000;
550,000 Chicago St. Paul Minn. & Omaha Ry.. 1st mtge. 5s, series B,
due 1983;
250,000 Chicago & N. W. Ry. 1st & ref. mtge. 5s, series E, due 2037;
915,031.13 pledge of debtor's distributive share in the fund created by
the Marshaling and Distributing Plan of 1931;
issued in connection with the
of interest earned on non-cumulative
Jan. 1, 1937.
following securities:
$5,771,000 Chicago & North Western Ry. 1st
although
reorganization is $284,691,133.
Issuance of Additional Bonds—Additional series of bonds may be issued
in such amounts, at such interest rates, with such maturity dates, and with
such other rights attaching to such bonds as may be determined from time
to time, the proceeds of which may be used to purchase or construct addi¬
tional railroads or terminals, or interests therein, trackage rights, and for
any other purpose incidental to the business of the corporation, and to
reimburse the treasury of the corporation for the cost of additions and bet¬
terments to ways and structures and to the extent of 80% of the cost of
new equipment.
„
,
Interest Payments—The interest will be paid on series A and B bonds on
Jan. 1 and July 1.
Series C bonds will be secured by the proposed new mort¬
gage as to principal only, but not as to interest.
These bonds will be noncumulative income bonds.
If interest be earned the same will be paid for
the preceding calendar year on April 1 of each year.
If but a part of the
interest is earned, such part shall be distributed among all of the outstand¬
ing non-cumulative secured income bonds.
Such distribution shall be
based upon the proportion of earnings available for interest to the total
interest accruing for the year.
For example, if the total interest on income
bonds for the year were $5,000,000, and the total earnings available for
paying such interest were $2,500,000, then the amount to be paid to the
holder of each bond would be 50% of the interest provided for by the terms
the difference between such deficiency
to this loan the
"
163,001.45 pledge of distributive share of Chicago St. Paul Minn. & Om.
Ry. in the fund created by the Marshaling and Distributing
Plan of 1931.
$8,099,032.58 par of total collateral.
second lien upon the securities pledged with RFC.
The R. C. C. also has a
It is proposed to pay this loan in full by
series A bonds for a like amount of the face
or
the amount which may
issuing $1,000,000 of the new
value of the company's notes,
be due as of the effective date of the plan.
Eighteen Banks—The company owes $5,000,000 to
each are as follows:
The several
18 banks.
banks and the amount owed
Pittsburgh
$250,000
Bank, New York...
500,000
Union Trust Co.,
Chase Nat.
125,000
100,000
United States Trust Co., N. Y_
Bank of New York & Trust Co.
New York
50,000
New York Trust Co., N. Y
125,000
National City Bank, New York 1,500,000
Chemical Bk. & Tr. Co., N. Y.
250,000
First National Bank,
To
Chicago..
.
100,000
Bank
$500,000
Chicago
Bank
& Trust
Co.,
50,000
Minneapolis
500,000
Co., New York
with
& Trust Co.,
First Nat.
Central Hanover Bank & Trust
Northern Trust Co.,
Continental-Illinois Nat.
Harris Trust & Savs. Bk.,
First Nat.
Chic.
Bank, Boston
50,000
500,000
Wells Fargo Bank & Union Tr.
50,000
Co., San Francisco
Northwestern Nat.
Bk., Mplis.
Bk., Milw.
First Wisconsin Nat.
50,000
50,000
250,000
Kuhn, Loeb & Co
secure the payment of this indebtedness, the company has deposited
Kuhn, Loeb & Co., acting as trustee for all of the banks, the following
COllEtGrEil'
"
$2,085,000 Union Pacific RR. preferred stock;
4,190,000 Chicago & North Western Ry. gen. mtge. 4Mb, 1987;
8,228,000 Chicago & N. W. Ry. 1st & ref. mtge. 4Mb, series C,
2,044,000 Chicago & N. W. Ry. 1st & ref. mtge. 4Mb, series D,
I,646,000 Chicago & N. W. 1st & ref. mtge. 5s, series E, 2037.
$18,193,000 par value total
2037;
2037;
collateral.
this indebtedness with new series A bonds, par for
Interest from the time the debtor filed its petition under Section 77
will be computed at 3M% per annum.
Some payments have been made
on interest by virtue of dividends declared upon the Union Pacific RR.'s
preferred stock and turned over to these banks.
The balance will be paid
in 3% debentures.
On the day prior to debtor's filing its petition [June 28, 1935] under the
It is proposed to pay
par.
alances deposited
grovisions of Sectionin these banks made arbitrary which did from and the
77, four banks. The banks deductions this debtor's
amounts so
follows:
Trust Co., Chicago
arbitrarily deducted are as
$505,138.89
50,026.48
5,142.56
5,167.14
Proceedings have now been instituted to recover the amount deducted
by the Continental-Illinois National Bank & Trust Co., and like proceed¬
ings will be instituted against the other banks named.
This plan is based
upon the assumption that the amounts deducted will be recovered even¬
Continental Illinois National Bank &
National Bank, Milwaukee
Northwestern National Bank & Trust Co., Minneapolis
First National Bank & Trust Co., Minneapolis
:
First Wisconsin
tually.
Reconstruction Finance
$42,250,133.
$1,976,000
8,228,000
II,274,000
13,174,000
15,000,000
143,000
45,186,000
176,000
2,085,000
64,000
100,000
1,520,000
945,800
Corporation—At this time the debtor owes RFC
This indebtedness is
secured by the following collateral:
Chicago & N. W. Ry. gen. mtge. bonds, 4Mb.
Chicago & N. W. Ry. 1st & ref. bonds, series C, 4Mb.
Chicago & N. W. Ry. 1st &'ref. bonds, series D, 4Mb.
Chicago & N. W. Ry. 1st & ref. bonds, series E, 5s.
Chicago & N. W. Ry. 1st & ref. bonds, 6s.
Chicago & N. W. Ry. equip, trust ctfs., series Y, 4Mb.
Chicago St. Paul Minn. & Om. Ry. 1st mtge. bonds, ser. A, 5s.
Ch. St. P. M. & Om. Ry. equip, trust ctfs., series I, 4Mb.
Union Pacific RR. preferred stock.
New York Central RR. consol. bonds (1998), 4s.
N. Y. C. & H. R. RR. ref. & imp. bonds (2013), 4Mb.
Indiana Harbor Belt RR. stock.
Sioux City Bridge Co. stock.
2,000,000 Superior Coal Co.
stock.
total collateral.
It is proposed to pay RFC the principal due on debtor's indebtedness by
exchanging its series A bonds, par value of bonds for face amount of notes.
Some interest has been paid RFC since the filing of the petition under
Section 77, by virtue of dividends on collateral paid to it and the maturing
of some of the equipment trust certificates held by it.
It is proposed to
figure the interest at the rate of 3 M % per annum from the date that debtor
filed its petition under Section 77, and, after making allowance for such
payments on interest heretofore paid in cash, to pay the remainder of such
interest on said 3 M % basis to RFC in 3 % debentures.
Iowa Minnesota & Northwestern Ry. Bonds—On Jan. 1, 1935, there were
outstanding $3,900,000 of these bonds.
These were divisional bonds on a
part of the lines of the Chicago & North Western Ry.
The maturity date
of these bonds was Jan. 1, 1935.
A refinancing plan of these bonds was
approved by the ICC, under which plan the debtor paid 50% of par in
cash and the other 50% in gen. mtge. 4M% bonds, par for par.
The cash
for the refinancing was loaned debtor by RFC.
All of the holders of these
bonds, with the exception of $40,000, have accepted the plan of refinancing.
The debtor has on hand in a special fund $20,000 cash and $20,000 gen.
mtge. 4M% bonds with which to refinance the remaining bonds now out¬
$101,871,800 par
value
standing..
This plan contemplates the exchange of these outstanding bonds in ac¬
cordance with the plan of refinancing and issuing to the holders thereof
Financial
104
$20,000 gen. mtge. bonds.
These bonds will be treated the same as other
general mortgage bonds.
15-Year 6 V* % Secured Bonds—At the present time there are outstanding
$14,775,000 6Ut % secured bonds which matured on March 1, 1936.
To
secure the payment of these bonds there are hypothecated with the trustee
$17,730,000 gen. mtge. 5% bonds.
It is proposed to exchange for the
%
bonds the corporation's new bonds on the basis of 1 l-5th of such new bonds
for each 6J^% bond.
In other words, the holders of these bonds will be
treated the same as though they had foreclosed their security and held
1 1-5 gen. mtge. 5% bond
for each of the present 6H % bonds.
Determination of Relative Value of
Different Outstanding Securities
conditions.
«
After determining to use weighted market value as a yardstick in allo¬
cating new securities to be exchanged for present mortgage bonds, debtor
then decided upon the maximum amount of fixed interest which it could
safely agree to pay.
During the five-year period 1931 to 1935, both inclu¬
sive, its average income available for fixed charges was $6,169,744.
Tak¬
ing into consideration the Railroad Retirement Act tax, the Social Security
Act tax, and threatened legislation, it seemed unwise to agree to pay fixed
charges in excess of $4,700,000 per annum.
As the interest on the securities
included in Groups I and II (see below) consumed more than 2 1-3 million,
the interest possible to be allocated to the mortgage bonds was but about
2 1-3 million.
,
■
,
,
,,
..
value of each issue of bonds 4*> the market value
found and then applied to the 2 1-3 million
available for interest payments.
The ratios found in each instance, applied
to the 2 1-3 million of available interest, apportions to each bond issue shown
the amount of interest allocated to it on the basis of market values of the
securities.
The results found in each instance were then capitalized at
The ratio of the market
of the total issue of bonds was
the amount of "fixed" interest bonds on a
3H% basis.
The difference between the "fixed" interest bonds and the
bonds now outstanding gives the amount of bonds on a "contingent"
3 >6%
in order to determine
basis.
It
then decided to give the holder
was
3 H % fixed
of each bond
now
outstanding a
interest bearing bond for the amount determined by
applying
3% non-cumulative income bond for the balance of the
of his bond.
General Mortgage Bonds; Sioux City & Pacific RR. Bonds; Milwaukee tfe
State Line Ry. Bonds; Manitowoc Green Bay & Northwestern Ry. Bonds;
Milwaukee Sparta & North Western Ry. Bonds; Des Plaines Valley Ry. bonds;
St. Louis Peoria & North Western Ry. Bonds; St. Paul Eastern Grand Trunk
said ratio and a
par
Ry. Bonds; First & Refunding Bonds—It is proposed to give to each present
bondholder a3)4% fixed interest bond, series B, and also an income bond,
series C.
In other words, the present holder of a bond will receive new
mortgage bonds equal to the par of his present bond.
In addition, it is proposed to give the holder of each
$1,000 bond now
outstanding one share of 4% prior preferred stock.
This is in payment of
interest which may be accrued to the effective date of the plan, whatever
that may be.
It is also proposed to give
of no par common stock.
the present holder of each $1,000 bond one share
4M% Convertible Bonds, Due in 1949—It is proposed to pay the holders
20-year 4% % convertible bonds, due in 1949, for such bonds by exchang¬
ing its new 3% debentures, par for par.
Preferred Stock—It is proposed to exchange one share of new preferred
stock and one share of new no par common stock for each two shares of
present preferred stock; also to issue for each two shares of preferred stock
surrendered a warrant to purchase one share of new no par common stock
within eight years from the effective date of the plan, at prices set forth
of
above.
proposed to exchange one share of the new no par
stock for each two shares of the common stock now outstanding;
Common Slock—It is
common
also to issue for each two shares
of common stock surrendered a warrant
share of new no par common stock witain eight years from the
effective date of the plan, at prices set forth above.
Sioux City Bridge Co.—The company is indebted to Sioux City Bridge Co.
in the sum of $518,961 and accrued interest, for money loaned.
It is pro¬
posed to pay this by issuing 3% debentures in the amount of $518,000 for
an equal credit upon the indebtedness, the difference to be paid in cash.
General Creditors—It is proposed to pay general creditors in 3% deben
tures.
It is estimated that this will not require in excess of $5,000,000.
Working Fund—It is not proposed to borrow any new money to put this
to
buy
one
Slan into effect. It is the companythere willthe some money accumulated
the earnings of
hoped that during be year 1936. Other funds
•om
which may be necessary as a
of treasury assets.
119933487780.
40
working fund can be obtained from the sale
years
Series O bonds
.
$284,691,133
299,413,133
79,453,000
outstanding
Total secured obligations
3%
debentures-
Common stock
11,197,500
(no par)
1,140,616 shs.
..i
Assuming a value of $100 per share for the no par common stock, then
the capitalization will be $284,691,133 in bonds (exclusive of equipment
trust certificates and PWA notes), $79,453,000 in debentures, and $148,903,200 in stock, or a total capitalization of $513,047,333, as compared
with a par value of stocks, bonds and notes now outstanding (exclusive of
equipment trust certificates and PWA notes) of $535,624,133.
It is also to be compared with a physical valuation of carrier property
as of Dec. 31, 1935, of $662,239,726.
(This figure excludes all non-carrier
property, Escanaba Iron Mountain & Western RR. and all securities held
by the company.)
The fixed interest securities outstanding immediately after reorganization
will be
as
follows:.
—
$13,362,000
1,360,000
48,250,133
Public Works Administration serial notes.
Series A bonds
12,711,205
i
193408
—
,
1946
12,499,550
sinking fund B after the year 1941, pay 3% upon the debentures, and 4%
on the prior preferred stock,
it will be necessary to have the following
.$14,091,139
13,949,659
13,824,729
13,739,549
13,656,969
-
This
--$129,639,133
is
to
be compared with
debentures and stock,
as
non-cumulative income bonds,
follows:
Series C bonds
3%
share)
of securities with fixed interest charges to
those without is
preferred stock
Preferred
stock—
No par common stock
(assuming
a
value of $100
per
$398,130,200
-
The ratio
24.56% to 75.44%.
Voting Rights—Each share of prior preferred
and of common stock shall be entitled to
one
stock, of preferred stock
vote at all meetings of stock¬
holders.
Income
Required to Pay Returns
on
sinking fund B after the year 1941, and pay 3% upon the debentures, 4%
on the prior preferred stock and 4% on the preferred stock, it will be necesincome available for fixed charges in the years
1937 to 1946:
.$14,539,039
14,397,559
14,272,629
14,187,449
14,104,869
—
_
1939.
.......
In order to pay
1941,
both inclusive)
for sinking fund A, and 3%
(for the
on
$14,038,534
13.975,124
13,933,921
13,895,936
13,893,214
1942.
1943
1944..
1945
1946.
fixed charges, allow $1,000,000 per annum (for the years
1937 to 1941, both inclusive) for sinking fund A, pay 3% on the non-cumu¬
lative income bonds, series C, allow $1,000,000 per annum for sinking fund B
after the year
1941, pay 3% upon the debentures, 4% on the prior preferred
stock, 4% on the preferred stock and $3 per share on the no par common
stock, it will be necessary to have the following income available for fixed
charges:
$17,960,887
17,819,407
17,694,477
17,609,297
17,526,717
1937-
,
1939-
$17,460,382
17,396,972
17.355,769
17,317,784
17,315,062
1942
1943
1944
1945
1946...
Note—The foregoing computations are based upon the theory
additional Securities will be issued during the 10-year period 1937 to
the
years
non-
that no
1946.
TABLE OF EXCHANGE OF NEW FOR OLD SECURITIES
*Fixed
*3%
*Out-
Int.
Income
*3%
Deb.
standing
Bonds
Bonds
Bonds
Existing
Securities
Group I—
$
$
$
Preferred
Common
Stock
Prior
Prefened
Will
—
Shares
Receive—
$
$
——
$
Equip trctfs—
4^-5%
PWA
13,362\
1,360/
RFC 4s.
42,250 a42,250
4% notes
Group II—
Will remain undisturbed.
Each $1,000
100%
Bank loans 5s_
5,000
a5,000
Each
$1,000
RCC l^s
100%
1,200
1,200
Each $1,000
100%
Group III—
Gen mtge 3>£s
Each $1,000
31,316
b7,873
25%
Gen mtge 4s._
30,554
b8,607
5,791
28%
bl,753
Each $1,000
Gen mtge 4)^s
Each $1,000
•
Gen mtge 4^8
Each
23,663
30%
b7,527
$1,000
32%
Gen mtge 5s j. 40,695 bl3,454
Each $1,000
33%
15-yr
sec
6)^8.
14,775
b5,860
Each $1,000
Sioux C & Pac
23,443
3,131,600
1 sh.
3,055,400
1 sh.
579,100
1 sh.
2,366,300
1 sh.
4,069,500
1 sh.
1,773,000
75%
21,947
72%
4,038
70%1
16,136
68%
27,241
67%
11,870
31,316
1 sh.
30,554
1 sh.
5,791
1 sh.
23,663
1 sh.
40,695
1 sh.
17,730
33%
67%
1 1-5 shs.
1-5 shs.
bl,293
2,707
68%
400,000
1 sh.
4,000
32%
2,500
b873
1,627
66%
250,000
1 sh.
2,500
3,750
bl,167
375,000
1 sh.
3,750
31%
2,583
69%
1,120
b333
29%
787
71%
112,000
1 sh.
1,120
15,000
b4,240
1,500,000
1 sh.
15,000
28%
10,760
72%
2,500
b800
32%
1,700
68%
250,000
1 sh.
2,500
10,000
b3,087
31%
15,250
b3,347
22%
26,119
1,000,000
1 sh.
1,525,000
1 sh.
3,237,200
10,000
$1,000
1st &ref4Hs 32,572
Each $1,000
6,913
69%
11,903
78%
32,572
80%
1 sh.
1 sh.
RR 1st
3^s
4,000
Each $1,000
1 sh.
Milw & State L
lst3Hs-Each $1,000
34%
1 sh.
M GB&N W
33^8—
1st
......
1 sh.
m ~
43^s..
Each $1,000
1 sh.
Mil Sp & N W
1st 4s
Each $1,000
PI
43^s__
1 sh.
Valley
1st
Each $1,000
......
1 sh.
St L P & N W
1st 5s
Each $1,000
lst&ref 5s
Each
b6,453
20%
1 sh.
15,250
1 sh.
Group IV—
20-yrconv4^8 72,335
72,335
......
Each $1,000
100%
Sioux C Br Co
518
518
Each $1,000
Gen'l creditors
100%
(est.)
5,000
5,000
i
Each $1,000
pay
100%
def'd
Int to RFC.
1,500
1,500
100%
Each $1,000
..
.
To pay def int
100
to 18 bks_
100
100%
Group V—
Preferred stock
Each 2 shs_
22,395
ell,197,500
1 sh.
_
;
Each 2shs_.
clll,975
1 sh.
c792,200
i sh.
*
Last three figures omitted.
a
Series A
warrants to
33^s.
b Series B 3)^8.
c In addition, holders of old stocks will receive
purchase new stock (see above).
May—
Gross from railway
Date
1934
1933
$6,400,399
$6,323,590
939,083
253,326
404,388
$6,154,535
997,989
173,424
33,439,113
...
28,857,922
4,264,797
667,701
def344,186
1—
Net after rents
—V. 142, p.
to
1935
$7,385,261
323,975
def404,715
m
Net from railway
Net after rents
From Jan.
1936
,
Gross from railway
Net from railway
Different Securities
In order to pay fixed charges, allow $1,000,000
per annum
....
say to have the following
Earnings for May and Year
Total
937 to
-
Commonstk__ 158,440
.$169,774,000
79,453,000
23,644,100
11,197,500
114,061,600
...
debentures.
Prior
series C,
$13,590,634
13,527,224
13,486,021
13,448,036
13,445.314
.
In order to pay fixed charges, allow $1,000,000 per annum (for the years
1937 to 1941, both inclusive) for sinking fund A, pay 3% on the non-cumu¬
lative secured income bonds, series C, allow $1,000,000 per annum for
Each $1,000
Total
1942
1943
1944.
19-15
1946.
—
1941
66,667,000
Series B bonds
$12,644,870
12,581,460
12,540,257
12,502,272
income available for fixed charges for the yeasr 1937 to 1946:
To
^
Equipment trust certificates.
1942
1943
1944
1945
fixed charges, allow $1,000,000 per annum (for the years
1937 to 1941, both inclusive; for sinking fund A, pay 3% on the non-cumu¬
lative secured income bonds, series C, allow $1,000,000 per annum for
23,644,100
Prior preferred stock.
Preferred stock—
13,003,895
12,878,965
12,793,785
$13,145,375
—--
In order to pay
Des
bonds
Total
1937 to 1946:
St Paul & Gr T
1,360,000
48,250,133
66,667,000
169,774,000
—
(for the years
on the nonsinking
will be
have the following income available for fixed charges for the
1939
—$13,362,000
Works Administration.
9,197,870
9,156.667
9,118,682
9,115,960
-
fixed charges, allow $1,000,000 per annum
both inclusive) for sinking fund A, pay 3%
1941,
Each $1,000
Outstanding Securities Immediately Following Reorganization
Series A bonds
1943
1944
1945
1946
In order to pay
1st
Series B bonds.
$9,261,280
1942
10,620,305
10,495,375
10,410,195
10,327,615
1937 to
,
Equipment trust certificates
Public
119934708
will be necessary to have the following
1937 to 1946:
$10,761,785
-
necessary to
allocate earnings
the lines upon which the 10 different mortgages on debtor's
property are first liens.
Thus far these studies have not resulted in the
development of any formula for determining the relative values of the dif¬
ferent securities; at least nothing which the management feels justified in
tendering without a further test as to its accuracy.
Because of the failure to develop dependable relative values of securities
in our studies of income and expenses on the several lines covered by first
mortgage liens, it was decided to take the weighted average sales of the
several mortgage bonds over a five-year period (1931 to 1935, both inclu¬
sive), as determined by the Wisconsin Tax Commission, as a basis for the
allocation of new securities.
Approximately 25% of this company's lines
are located in the State of Wisconsin.
For many years the Tax Commission
of that State has used the weighted average market value of.this company's
stocks and bonds as a factor in determining its system value for assessment
purposes.
The market value of these securities was the estimate of the
investing public in their relative values.
The weighted five-year average
Exhaustive studies have been made in an attempt to
abnormal
cumulative income bonds, series C, it
income available for fixed charges for the years
cumulative income bonds, series C, allow $1,000,000 per annum for
fund B after the year 1941, and pay 3% upon the debentures, it
and expenses to
eliminates
119933417980
July 4, 1936
Chronicle
4170.
2,329,208
def1,729,390
29,457,818
25,603,624
4,507,183
.
2,595,466
839,061 defl,629.519
Volume
Financial
143
105
Chronicle
General Balance Sheet Dec.
Ry.—Earnings.—
Chicago Indianapolis & Louisville
Net from
railway
def50,975
Net after rents
1933
$608,290
124,090
3,540
1934
$629,032
120,189
def25,070
1935
$650,960
209,465
86,314
1936
$768,617
103,758
May—
Gross from railway
From Jan. 1—•
4,144,661
803,685
railway
r
2,724,832
383,561
3,029,814
472,706
3,172,015
29,810
92,942
Gross from railway
Net from
def60,303
Net after rents
def226,415
def221,812
1935
Inventories
Cash
304,768
Cash
Chicago Mail Order Co.—To Increase Directorate—
of stockholders has been called for July 16 for the
of changing the articles of incproration so as to increase the au¬
thorized number of directors from 11 to
At an adjourned special meeting to
•
consider the election of two
new
12.
be held July 22 stockholders
directors.—V. 142, p. 3668.
Chicago Milwaukee St. Paul & Pacific
1935
1936
May—•
$8,425,613
904,845
Gross from railway
Net from railway
def310,265
after rents
Net
41,078,300
7,542,441
1,806,389
Gross from railway
Net from railway
Net
after rents
33,894,867
7,306,523
34,315,246
6,816,785
2,130,071
2,362,251
1936
$319,114
49,402
def 21,050
May—
railway
Net after rents
Ry.
railway.
1933
$282,662
$287,140
62,749
defl 1,714
1,475,434
1,379,785
329,233
def86,702
44,580
Net after rents
defl 17,738
269,434
88,570
defl7,708
1,311,302
343,054
defl42,438
1936—5 Mos —1935
$29,999,960 $26,138,865
27,835,817
23,617,802
Equipment rents
236,419
Joint facility rents—96,824
238,969
86,476
1,190", 490
465,716
1,935,000
8,758
1,277,919
478,260
$465,665
$399,855
$1,879,563
x
Ry. oper. deficit_
Railroad
Re¬
$121,968
174,038
included in appropriate revenues, account new
Earnings for May and Year to
May—
—
Net after rents.
—V.
142,
p.
Gross
25,054,926
3,487,315
73,949
1933
$5,175,728
1,355,315
634,284
23,162,948
3,849,088
122,612
4171.
1936
railway.— $1,407,236
1934
Gross from railway..—
Net from railway—...
Net after rents
def33,284
357,709
209,578
6,791,631
558,270
def449,781
5,576,278
567,152
defl87,489
5,755,055
939,893
214,283
5.026,579
583,605
defl32,384
May—
1933
$1,395,189
Net from railway.
576,206
379,931
$1,084,865
352,103
239,253
$1,127,604
470,689
347,881
$1,061,522
472,837
351,174
6,560,927
2,505,176
1,853,394
5,267,491
1,701,154
1,199,419
5,335,678
2,128,734
1,544,777
From Jan. 1—
Gross from railway
„•
Net from railway
Net after rents—
Cleveland Ry.
Co.—Earnings—
Colonial Beacon Oil
See Standard Oil Co. (N.
Colorado
- .
1932
1933
$14,146,348 $13,965,942 $12,514,151 $12,855,881
3,560,151
3,320,720
3,512,465
3,428,998
Cr76.267
Cr92,733
Crl28,837
Crl72,050
Interest and taxes
3,403,734
3,452,163
3,448,646
3,398,481
Sinking fund deductions
213,339
210,880
189,645
195,419
earnings
Net earnings
Other income.
$3,010
$19,344 def$249,590
Balance.
$7,147
1935
1935
$
Liabilities—
1934
S
1934
$
$
32 245,900 32,245,900
equipm't. 35,056,408 35,578,279 Capital stock
5 ,000,000
4,800,000
Miscell Invest
225,688 Bonds
434,786
Audited vouchers. 1 ,524,335
1,018,377
Cleveland Tr. Co.,
Accrued liabilities.
3,437
4,252
trustee
579,650
111,454
87,625
Cash
472,208 Ticket floats
700,566
379,886
425,415
7,578 Other unadj. cred.
Special deposits
7,534
Bills receivable
42,790 Maint. renewal &
34,809
28,191
deprec. reserve.
Accts. receivable._
634,282
556,779
Deferred billing
5,972 Oper. and general
7,206
56,610
expense reserve.
Materials &suppl_
566,321
410,641
Road <fc
859
433
251,260
5,075
5,022
8,860
907,720
679,225
120,775
290,577
Int. and rents rec.
riders.
Interest fund.....
—
Misc. curr. llabils.
5,352
2,637,072
442,628
46,632
Net from railway
Net after rents
1,978,213
180,107
defl58,967
194,377
defl66,031
def 12,454
def55,262
1,818,769
132,033
def222,254
—V. 142, p. 4171.
Columbus Delaware & Marion
Electric Co.—Exemption
Commission has issued an order exempting the
of the Public Utility Holding Company
it to register under said Act because of its
owning, controlling or holding with power to vote, 10% or more of the out¬
standing voting securities of the Mt. Gilead Water, Light, Heat & Power
Co. and Morrow Public Service Co.—V. 139, p. 1397.
The Securities Exchange
from all those provisions
Act of 1935 which would require
Net after rents
Ry.—Earnings.—
1933
1934
1935
1936
$90,472
9,389
$71,289
def3,642
def 3,734
4,669
def4,986
def4,444
429,050
25,683
3,381
343,750
def20,289
....
$63,636
15,201
16,607
$62,965
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
—V. 142, p.
*
def23,965
262,316
349,261
13,002
2,047
def 2,285
defl,033
3669.
Consolidated Coppermines
Corp.- -Earnings—
1932
1933
1934
1935
Calendar Years—
7,685,620
$395,128
ldss$l,010
$51,466
1.498
3,411
$471,721
29,975
1,019
$395,128
360,729
loss$l,010
$51,466
$502,715
37,827
$20
29,351
42,594
~3~1~84
"9~528
14",779
—
Silver produced
(ozs.) —
Copper revenue.
Gold revenue
Silver revenue
Total oper. revenue.-
Inventory value.
incl. develop¬
Mining,
ment
charge
132,265
—
porate expenses
Milling and smelting—
Interest
Transportation,
68",918
44,114
$6,612
34,560
$27,948
26,689
loss$20,203
26,694
$1,259
Total income
loss$46,897
$5,907 prof$257418
6,399
1,937
$39,889
—-
Depreciation.
Other
'
&c
Loss from oper
Miscell. income (net)
19,686
$259,355
100,134
133,544
$492
26,704
charges...
Net inc. without chgs.
depletion-
loss$26,212_
•
•
$25,677
Balance Sheet Dec. 31
5,178
Total
39,767,179 39,168,595
Corp.—Earnings—
1935
1934
1933
Net oper. loss after taxes,
$67,754 prof$20,921
5,859,232
Investments
2,260
Current assets
1,061,655
Deferred accounts
101,311
Total
Called—
Morgan & Co., as sinking fund trustee, is notifying holders of
first mortgage 5H% sinking fund gold bonds, series A, and first mortgage
5% sinking fund gold bonds, series B, that $66,900 principal amount of
series A bonds and $129,600 principal amount of series B bonds have been
drawn by lot for redemption on Oct. 1, 1936, at the redemption price of
105%.
The bonds so drawn will be redeemed and paid on and after Oct. 1, 1936
at the office of J. P. Morgan & Co., after which date interest on these
bonds will cease.—V. 142
p. 2663.
$243,221
7,162,992
14,187,451
1934
7,183,793
5,738,884
2,260
555,317
106,458
13,586,714
$
S
Liabilities—
$
S
n /*/*"*
1935
1934
1935
A
Prop. & equip...
Def'd developm't.
x
P.
Calendar Years—
2,166,227
$366,923
$431,815
def4,659
def75,814
"
From Jan. 1-—
Gross from railway
474,176
22,871
Returnable deps—
bond int.,
depreciation and depletion
...
1933
1934
1935
$442,626
64,259
def 5,011
7,940
Net after rents
for
474,176
22,639
Cleveland Union Terminals Co.—Bonds
Clinchfield Coal
-Earnings.—
Colorado & Southern Ry.1936
$549,034
Net from railway
94,283
May—
and interest (dis¬
544,466
797,253
2,747
39,767,179 39,168,595
-V. 142, p. 620.
Corporation Assumed
Federal District Court, Denver on June 22
the organization to its
Gross from railway
Add'lU. S. taxes
puted)
Total....
J.
Iron Co.—New
&
Legal, litigation & cor¬
Comparative Balance Sheet Dec. 31
-
Fuel
Co.—Exchange Offer—
J.) below.—V. 142, p. 3163.
reorganizers on July 1.
Arthur Roeder, who has been trustee, will be
President of the reorganized corporation, the Colorado Fuel & Iron Corp.,
on that date.—V. 142, p. 2991.
at
^
1934
1935
Calendar Years—
Assets—
St. Louis—Extra Dividend—
dividend of 50 cents per share in
dividend of like amount on the common
stock, par $1, both payable July 20 to holders of record July 10. An extra
dividend of $1 was paid on Jan. 20, last and on Jan. 20,1935.—V. 142,p.296
The directors have declared an extra
addition to the regular quarterly
Copper produced (lbs.)_
Gold
produced
(ozs.)
~V. 142, p. 3843.
car
below.—V. 142, p. 2663.
Coca-Cola Bottling Co.,
4,371,168
1,527,533
1,126,801
Net after rents
Adv. to
Coastland Oil Corp.—Merger—
Net from railway
Ry.—Earns.
1934
1935
Gross from railway
Other unadj. debits
1,846,341
817,162
593,748
Gross from railway..
Electric Co. below.—V. 142, p. 3502.
1936
Oper. exp. reserve
869,355
790,236
1,068,085
Columbus & Greenville
Cincinnati New Orleans & Texas Pacific
M. D. & L. reserve
....
May—
Co.—Merger—
Cincinnati Gas & Electric
accounts.
1,112,339
2,445,961
1,155,832
1,092,494
—V. 142, p. 3669.
—V. 142, p. 3668.
Bond discount
2,554,973
2,189,288
company
$1,291,754
$1,124,868
106,393
—
Prepaid
156,632
$378,703
171,337
126.257
164,255
from Holding Company Act—
$1,153,038
126,338
defl4,155
Net after rents.
From Jan. 1—
Gross
$430,091
1933
205,553
2,444
Net from railway.
See Union Gas &
1933
1934
1935
155,989
Net after rents
Omaha Ry.—Earns.
1935
~
from
1934
$5,129,862
517,598
defl57,571
24,654,782
2,183,072
28,333,827
1,774,135
Chicago St. Paul Minneapolis &
May—
Date
1935
$4,911,268
240,526
def382,838
1936
$5,769,078
330,594
def414,614
defl,924,142 defl,092,180
Gross from railway
Net from railway
1,786,355
.18,912,480 19,289,549
1—
Gross from railway.
Net from railway
1—
Net after rents.
2,312
1,733,181
$374,299
110,864
95,690
Net after rents
From Jan.
6,650
278,515
2,763
credit
def.
Other
..18,912,480 19,289,549
Total
depreciation.—V. 142, p. 1090.
After
Judge J. Foster Symes of
classification.
Gross from railway
Net from railway.—*
282,013
2,468
ordered the trustee for the company to turn over
insurance
b Effective Jan. 1, 1936
From Jan.
258,070
264,577
Clinchfield RR.—Earnings.
1936
$453,982
167,643
& accruals of Fed .em¬
effective Jan. 1, '36-
IOC
real
payments
Conirol July 1—
$378,442
35,450
tirement Act accr'ls
def.
on
Reserves
Gross from railway
Net from railway
$1,178,882
2,387,500
'
""433
Rent coll. in adv..
See Salt Dome Oil Corp.
~
ployment
Int.
estate
...
Total
Ry. System—Earnings
1936— Month—1935
Period End. May 31—
$5,217,667
Railway oper. revenue. . $6,088,192
4,905,175
Railway oper. expenses.
5,708,196
385,000
a Railway tax accruals..
512,418
1,902
b Uncollect, railway rev.
'
15,697
unex¬
12,180
16,833
3,487
taxes
items
.
lncl.
4,018
Accrued
Profit and loss—.
3843.
Chicago Rock Island & Pacific
a
200,694
52,431
Other deferred deb.
31,034,284
6,453,977
1,086,554
1934
1935
$304,498
70,064
defl7,017
1,666,133
390,009
Gross from railway
Net
398,821
64,040
404
un¬
redeemed
Federal taxes
pired portion
items
orders,
641
259
of
tax-free bonds..
Mdse.
Sundry accts. rec.
prems.,
813
wages.
Inc. tax on coup,
239,413
due for coal
$7,564,422
2,501.415
1,454,881
■Earning s-
From Jan. 1—
—V. 142, p.
6,650
2,237
1,047
94,547
17,258
15,568
Individuals & cos.
May—
Net from railway
Net from
trustee
bond Int.
Appalachian Coals,
Inc., due for coal
Clinchf. Fuel Co.,
3843.
Chicago Rock Island & Gulf
Gross from
with
1,822,800
267,000
125,845
and payrolls
168,576
400,344
Unclaimed
Bills receivable
Ins.
1933
1934
$6,978,185
1,452,362
489,590
$7,209,896
2,398,047
1,501,010
will
Earnings.
RR.
From Jan. 1—
—V. 142, p.
funds
Preferred stock... 1,729,700
339,571
1,587,300 Def'd real est. pay
17,840 Audited
vouchers
17,052
174,329
Sinking
to pay
A special meeting
1934
1934
I
1935
$
$
Liabilities—
$
16,000,726 Common stock... 15,000,000 15,000,000
1,521,200
stock...
Treasury
—V. 142, p. 3668.
purpose
$
Assets—
Prop, and plant. 15,823,057
Investments
339,571
x
31
Capital stock
7,949,375
18,750
7,123,175
44,351
Reserves
Surplus
253,125
41,355
6,174,974
Current liabilities.
6,169,059
14,187,451 13,586,714
Total
x After
deducting $1,183,844 in 1935 ($1,157,155 in 1934) reserve for
depreciation.—V. 142, p. 3338.
Commercial Credit Co., Bait. (&
Subs.)—Earnings—
31—
1936
Consolidated gross purchases of receivables
$322,632,315
Consolidated net income after all charges and
Five Months Ended May
3,982,593
2,057,884
1,014,052
$2.03
and provision
Earnings per share
Consolidated net income for the
After payment
2,666,811
3,535,588
Federal and other taxes
Surplus after preferred dividends
for minority interests.
Shares common stock outstanding
$9 ,115,915.
1935
$224,337,967
1,167,026
—
$3.03
12 months ended May 31, 1936, was
of preferred dividends, and providing for
106
Financial
minority interests, there remained $8,014,876
to
the
1,167,026
Consolidated
or
shares.
common
Chronicle
$6.86 per share applicable
July 4, 1936
treasury funds), the proceeds of which unsecured
promissory notes
applied by the company on Aug. 12, 1935 to the
payment of the
gross
purchases for the 12 months ended May 31,
1936,
$624,293,650 and for the month of May, 1936, were
$80,155,091,
being the largest of any month in the history of the
company.—V. 142, p.
4ooo
Ai/uvi
stated.
The balance of the net proceeds will be loand
by the corporation to sub¬
an equivalent amount of their borrow¬
ings from banks and in the commercial paper market.
The debentures will not be issued in serial form and will
have no con¬
version or voting rights, it is stated.
There are no amortization or
sinking
fund provisions.
The redemption and retirement provisions are
to be
furnished by amendment to the registration statement.
&
Power
Co.
Period End. May 31—
1936—5
124,843
Total oper. revenue..$14,364,541
$13,170,288 $32,159,460 $29,543,884
exp.
Operating income
$3,988,227
Non-operating income..
142,538
9,219,651 x23,231,657
$3,950,636
20,863,716
141,544
$8,927,803
342,483
$8,680,168
264,824
1,135,388
$4,092,181
1,248.176
$9,270,286
2,830,709
$8,944,992
2,930,516
Netincome......... $2,995,377
464,714
1,751,095
$2,844,004
483,457
1,751,095
$6,439,576
4,202,629
$6,014,476
1,159,785
4,202,624
$609,452
$1,110,925
$652,066
Gross
income.$4,130,765
Fixed charges
Preferred dividends
Common dividends
Balance
Earns,
per
$779,567
share
on com.
stock
x
Taxes for 1936
p.
are
Consolidated
Recent Developments—In November, 1934, Sinclair
Refining Co., a wholly
1,126,021
owned
subsidiary, acquired 50% of the capital stock of Sherwood Brothers,
Inc. (Md.), engaged in the distribution of petroleum
products in the States
of Maryland and Delaware and in the District of
Columbia, for $1,045,000.
In May, 1935, Sinclair Refining Co. completed the
purchase of all of
the capital stock of Richfield Oil
Corp. of New Yorx, together with the
claims of Richfield Oil Co. of Calif, and the receiver
thereof, as of June
;
30,
1934, against Richfield Oil Corp. of New York, for $4,408,800.
Under an
option agreement between Sinclair Refining Co. and Cities Service
Co.,
$2.17
$2.02
$4.55
$4.16
estimated; the amount may prove insufficient.—V.
3846.
the
Gold
Fields
of
South
Africa,
subscription rights
large shareholding in West Witwatersrand
are held in
foreign countries, it would have been imperative to
the time for application over a
long period; to ensure the success
of the issue, therefore, an
underwriting agreement would have been neces¬
sary, which would have involved considerable
expense.
The board has decided, therefore, to
accept an application for the entire
number of 248,690 shares at a price which is
regarded as favorable to the
company, such shares to rank in all respects with the
existing shares, and
the directors feel sure that; shareholders will
agree that, in view of all the
circumstances, they have acted in the best interests of the
company.—
V. 139, p. 2991.
Consolidated Oil Corp.—$50,000,000 Debentures
Offered
—Public offering of $50,000,000 15-year conv.
sinking
debentures, dated June 1, 1936, and due June 1, 1951,
by a banking group headed by Kuhn,
Loeb & Co. and including The First Boston
Corp.; Brown
Harriman & Co., Inc.; Kidder,
Peabody & Co.; J. & W.
Seligman & Co.; White, Weld & Co.; Blyth & Co., Inc.;
Lee Higginson Corp., and associates.
The debentures were
priced at 98% and int., at which price they will yield over
3.67% if held to maturity. ' A prospectus dated June 30
affords the following:
fund
was
made June 30
Dated June 1,1936; due June 1,1951.
Principal and int. (J. & D.) payable
in N. Y. City. Pennsylvania
personal property taxes, or capital stock tax,
up to five mills for each dollar of assessed value, reimbursable
to Penna.
residents.
Chase National Bank of the City of New
York, trustee.
Semi¬
annual sinking fund payments from
April 1, 1937, to Oct. 1, 1950, incl.,
sufficient to retire semi-annually $750,000 of debentures at
sinking fund
redemption price of principal amount plus int. plus a premium of
23^%
if red. prior to June 1,
1941; 2% (less cumulative reductions of M % effective
June 1, 1942, and each June 1
thereafter) if redeemed on or after June 1,
1941, and prior to June 1, 1948; 34% if redeemed on or after June
1, 1948,
and prior to June 1, 1950; and thereafter
without premium. Payments may
be made in cash, or in debentures at
sinking fund redemption
price on next
company's option.
Redeemable other than
through sinking fund, at company's option, in whole at any time, or in
part by lot on interest dates, on not less than 45
days' published notice, at
principal amount plus int. plus a premium of 5% if redeemed prior to June
1,
1941; 4% (less cumulative reductions of ^% effective June 1, 1942, and
each June 1 thereafter) if redeemed on or after
June 1, 1941, and prior to
June 1, 1948; 34 % if redeemed on or after June
1, 1948, and prior to June 1,
1950, and thereafter without premium.
succeeding interest date, at
Listing—Debentures
authorized
for
listing
on
the
New
York
Stock
Exchange.
Application of Proceeds—The estimated
estimated
net
proceeds,
after
deducting
expenses, to be received by the company will be
$47,486,800,
exclusive of accrued interest.
Company intends to apply such net proceeds
as follows:
(a)
fore
in
k
extend
$40,000,000, to the payment of the principal of the $40,000,000 of
promissory notes (accrued int. thereon to be provided from
unsecured
mutually en¬
are
company and
Cities Service Co., the company caused Rio Grande Oil Co.
(Tex.) (thereto¬
a wholly-owned subsidiary), to issue a number of
shares of its capital
stock, equal to the number thereof held by the company, to Cities Service
this
company must avail itself to the utmost of the valuable
which will accrue through its
of which
option, so long as the parties thereto
Corp. of New York and its subsidiaries consist primarily of marketing
facilities for the distribution of petroleum products in the North Atlantic
States.
Among the other assets of said corporation was, and is, the remain¬
ing 50% of the stock of Sherwood Brothers, Inc.
On April 1, 1936, pursuant to an agreement between the
satisfactory developments which have taken place
the property of West Witwatersrand
Areas, Ltd., and of the intention
of that company to proceed with the flotation of
subsidiary companies to
bring those areas to the producing stage, directors have decided that
on
Areas, Ltd.
an
under the company's interpretation of said
agreement, to one-half of the
cost of all of said stock and of said claims.
The assets of Richfield Oil
Bradshaw, Secretary, has sent the following letter, dated June
18,
to the stockholders:
In view of the
very
It will be apparent to shareholders that
this, together with the commitmentsin respect to Vogelstruisbult Gold
Mining Areas, Ltd.; Venterspost
Gold Mining Co., Ltd., and Vlakfontein Gold
Mining Co., Ltd., to mention
only our South African interests, will entail the provision of a
very large
sum of
money, and although the liquid resources of the
company are con¬
siderable, the directors feel that che moment is opportune to
strengthen
these by the issue of the 248,690 reserve
shares, bringing the issued ordinary
capital of the company up to 3,500,000 shares of £1 each.
Mad it been practicable, the board would have issued
these shares as
rights to existing shareholders, but the number of shares being
relatively
small, the right to shareholders could only have an appreciable value if
the issue were made at a very low
price, which the board does not consider
to be in the best interests of the
company.
It must also be borne in mind
that, in view of the very large number of bearer shares in
existence, most
latter has
deavoring to work out a reorganization of Richfield Oil Co. of Calif., to
purchase from Sinclair Refining Co. 50% of said stock at a price equal,
Ltd.—
To Increase Stock—
,J.
vlic
lubricating oils, fuel oil, paraffin
Mas.—1935
xl0,376.313
AU1
(5) The refining of crude petroleum into gasoline,
naphtha, kerosene,
wax, greases, coke and other
petroleum
products, and the manufacture of soap and insecticides.
(6) The distribution of products so refined and manufactured, at whole¬
sale or retail, in all the States of the United
States, and in Mexico, Cuba,
Belgium and Germany.
Various petroleum products are also sold for
export to France,
England, Italy, Spain, the Scandinavian countries,
Switzerland, Japan, Australia, New Zealand, and certain other countries
in Europe, South America, Asia and Africa.
Gasoline is sold by Sinclair Refining Co., the principal
refining and
marketing subsidiary of the company, under the trade names, among others,
of Sinclair
H-C, Sinclair Ethyl and Sinclair U. S. Motor Specifications.
Motor oils are sold by this subsidiary and others under the
trade names,
among others, of Sinclair Pennsylvania and Sinclair Opaline, and
greases
for automobile use are sold under the trade name
Sinclair Opaline.
In
addition, Sinclair Refining Co. sells lubricants which are used for general
industrial purposes and for marine, railroad,
mining and power plant
equipment.
of
1936—12 Mos.—1935
$8,535,448 $22,028,621 $19,693,545
9,050,270
8,852,820
762,227
—673,280
112,774
318,340
324,238
Oper. exp., retire,
& taxes......
QUUoillial IDS
(3) The transportation of crude oil by pipe lines,
principally from oil
fields in the States of Kansas, Oklahoma and Texas
to and (or) through the
States of Texas, Oklahoma, Kansas,
Missouri, Iowa, Illinois and Indiana.
(4) The transportation of crude petroleum and refined products
by tank
ships, principally between Gulf ports and Atlantic Coast ports in the
United States.
Rev. from gas sales
4,255,511
4,112,870
Rev. from steam sales_^— -459,223——409,193
Mis. oper. revenue
vU
company
Baltimore—Earnings—
Rev.fromelec.sales.,$9,524,882
ruciuo
engaged primarily in the production and sale of crude oil also
incidentally
produce and sell natural gas in connection therewith.
Dillon, Read & Co., Lehman Brothers, Lazard Freres & Co., Inc., and
Kuhn, Loeb & Co., all of New York City, are the principal
underwriters.
The price to the public, the names of other
underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.—V. 142, p. 4334.
Light
wo
ments and miscellaneous sources.
sidiaries, to be used by them in lieu of
Electric
vv
Treating the activities of the subsidiaries of the company as a whole,
the general character of the business done
by such subsidiaries is:
(1) The production, purchase and sale of crude oil and
casinghead gaso¬
line, principally in the States of Texas. Oklahoma,
Kansas, Louisiana,
New Mexico, Wyoming and California, and in
Mexico.
(2) The production, transportation and sale, of natural
gas, principally
in the States of Texas and
Wyoming.
The subsidiaries of the
subsidiaries,
Gas,
au» anvuo
to refining, marketing and transportation
facilities, all in the
ordinary course of business; and ror other corporate purposes.
ft
Organization and Business—Company was organized on
Sept. 23, 1919 in
New York, for a period of 50 years, with the
name Sinclair Consolidated
Oil Corp., which name was
changed on March 31, 1932 to Consolidated
Oil Corp.
Although authorized by its charter to engage in all branches of the petro¬
leum business as an
operating company, the company is exclusively a hold¬
ing company, engaged in the business of holding stocks and
obligations of
subsidiary and other companies and of financing its subsidiaries, and
derives its income from dividends paid
by subsidiary and other companies
in which it owns
stock, from interest on obligations, and from other invest¬
$18,461,000 principal amount of 5H % convertible debentures of the
corporation
to be redeemed in
August, 1936, at 110% and accrued interest.
The in¬
terest will be paid from other funds of
the company.
The corporation may,
between the date of receipt of the net
proceed and the redemption date of
the 5H% debentures, loan some or all of
the $20,307,100 to
Consolidated
1VW
provements
According to the registration statement, $20,307,100 of the net proceeds
from the sale of the debentures will be
applied to the redemption of
is
uaiaiULD)
acquisition of oil and gas leases, for the development of such oil and
gas
leases and of oil and gas leases
already owned, and for additions and im¬
The corporation on June 24 filed with the
Securities and Exchange Com¬
mission a registration statement
(No. 2-2290, Form A-2) under the Secur¬
ities Act of 1933
covering $35,000,000 of debentures.
The interest rate
and the date of
maturity are to be supplied by amendment to the registra¬
tion statement.
142,
V*-'/
•
Commercial Investment Trust
Corp.—Files with SEC—•
To Issue $35,000,000 Debentures—
it
were
redemption
were
consideration of the transfer to
Rio
Grande of certain undeveloped oil
by Cities Service
American Petroleum Co.
[Such
acreage in the State of California and of all securities held
in
Richfield
securities
bonds
Oil
Co.
of Calif,
and
Pan
consisted
series
outstanding
a
of (a) $6,383,000 1st mtge, and collateral trust gold
A, 6% convertible, of Richfield, of whicn there are now
total of $24,981,000; (b) $1,503,000 of 1st mtge. 15-year
convertible 6% sinking fund gold bonds of Pan American, of which there
are now
outstanding a total of $10,441,400; (c) 202,071 shares of the pre¬
ferred stock of Richfield, out of a total of 399,000 shares
outstanding; and
(d) 1,235,840 shares of the common stock of Richfield, out of a total of
2,061,257 shares outstanding.]
The two companies last named are now in
equity receivership and their reorganization is under consideration by in¬
terested parties, including Rio Grande, and through it, the
company and
Cities Service.
Consideration is being given to the formulation of a plan
under which, among other things, the company would underwrite ana
(or)
purchase
from
a
substantial amount of the securities of
such
a
reorganization.
a new
company
resulting
"
Pursuant to the above mentioned agreement covering the issue of addi¬
tional stock of Rio Grande as aforesaid, the company canceled
indebtedness
to it of Rio Grande in the amount of $2,710,741.
Immediately prior to
the consummation of said agreement, the company's
equity in Rio Grande
shown by. the books of the latter, and the company's investment in
Rio Grande (exclusive of short-term notuh of Rio Grande held
by the com¬
as
pany in the aggregate principal amount of $550,000 and of open account
indebtedness of Rio Grande to the company in the amount of
$68,482,
none of which indebtedness was canceled) amounted to
$5,829,662.
The
securities and other properties transferred to Rio Grande were
entered
on its books at
$6,000,000, which does not, however, purport to represent
the market or immediate sale value thereof.
Upon consummation of the
aforesaid
agreement, the company's equity as of April 1, 1936, in Rio
as shown by the books of the latter, amounted to
$5,914,831.
As of April 1, 1936, Rio Grande entered into an agreement with
Sinclair
Grande,
Refining Co. providing for the management by Sinclair Refining Co. of the
manufacturing facilities of Rio Grande.
Properties—Company does not itself own any principal plant or other
important unit.
The following tabulation shows acreage held at Dec. 31,
1935, and daily
average net production in the United States (under proration
restrictions)
of crude oil during the year 1935, by subsidiaries of the
company:
Daily
.
Pro-
Unde-
States in Which
ducing
Acreage is Located Acreage
Sinclair Prairie Oil CoTexas, Okla.,Kan. 139,203
Sinclair
Prairie
Oil
Aver.
veloped
Acreage
1,391,949
Co.
of La., Inc
Louisiana
Net
Production
(Barrels)
63,825
32
608
116
15,529
74,799
1,924
3,875
972
12,656
3,502
155,736
1,481,936
71,318
Sinclair Wyoming Oil Co.
(and subsidiary)
Exchange Oil Co
Wyo.,N.Mex
Montana
-
Rio Grande Oil Co. and
(subsidiary)
California
Total
Summary of Funded Debt and Capitalization Giving Effect to Financing and
Reduction of Capital Stock
[Adjusted to give effect (1) to the issue and sale of the debentures and
the payment of $40,000,000 unsecured promissory notes and
on
May 25,
Authorized
15-year
conv.
334% sinking fund deben-
tires, due June 1, 1951Preferred stock (no par)
a
Common stock (no par)
a
(2) reduction
1936 of the capital stock.]
2,000,000 authorized
.
Outstanding
$50,000,000
$50,000,000
1,000,000 shs.
56,698.7 shs.
20,000,000 shs. 13,971,386.6 shs.
but unissued shares of
common
stock
without
par value will be reserved for issue solely upon conversion of the debentures.
The stated capital of such shares, when issued in conversion, will be
$5 per
share, plus such amounts as, from time to time, by resolutions of the board
of directors, may be transferred to capital.
Volume
Financial
143
Chronicle
107
Consolidated Statement of Earnings for Calendar Years
1935
1934
$
$
Gross operating income
187,770,101
Income before deprec., depl., amor¬
tization, int. and provision for Fed¬
Rails (Preferred)
Missouri Kansas Texas 7% pref. A.
New York New Haven & Hartford.
168,425,582 140,550,166
x
eral income taxes
32,816,341
809,560
Provision for Federal income taxes—.
21,999,639
706,995
Others (29 companies)_
Rails (Common)
21,300,090
interest, deprecia¬
tion, depletion and amortization- 32,006,780
Interest
2,412,570
Deprec., depletion and amortization. 18,287,305
Net income.
21,292,644
3,107,766
17,631,595
553,281
128,389
11,306,904
.
the debentures (before sinking fund
Name—
Hemphill, Noyes & Co., N.Y.
Janney & Co., Phila
Paine, Webber & Co., N. Y._
Lawrence Stern & Co., Inc.,
Lazard
Chas. D. Barney & Co.,
H. M. Byllesby & Co.,
Freres
&
Co.,
500,000
Co.,
500,000
400,000
400,000
Los
Angeles
400,000
Bankamerica
1,250,000
Co., San Fran.
350,000
350,000
N.Y.
Inc.,
N. Y
Speyer & Co., N. Y
1,250,000
Field, Glore & Co., N. Y
Haydea, Stone & Co., N. Y_.
Cassatt & Co., Inc., N. Y
1,000,000 E. W, Clark & Co., Phila
1,000,000 Estabrook & Co., N. Y
750,000 Hayden, Miller & Co., Cleve¬
land
750,000
F. S. Moseley & Co., N. Y._
750,000 Carl H. Pforzhelmer & Co.,
W. E. Hutton & Co., N. Y-_
Ladenburg, Thalmann & Co.,
N. Y
E.
H.
Rollins
Sons
&
N. Y
N.
Inc.,
750,000
-
A.G. Becker &
Co.,Inc., N.Y.
Hallgarten & Co., N. Y
500,000
350,000
350,000
350,000
350,000
350,000
Y
350,000
Stone & Webster and Blodget,
500,000
350,000
350,000
250,000
Inc., N. Y
G. H. Walker & Co., St. Louis
Kalman & Co., St. Paul
—V. 142, p. 4335.
Consumers
See list
given
Carbonic
Consumers Co.,
The
Federal
Corp.—Registers with SEC—
first page of this department.
on
Court
Bonds
Sheet
Industrials (13 companies)
Investment trusts (2 companies)
Foreign governments (20)
U. S. Government (4 issues)
Municipals (9 issues)
150,000
2,043,000
1,025,000
960,000
Total
—V.
-
142,
2824.
p.
$9,803,297
801,187
873,838
cos
Dairy Corp. of Canada, Ltd.—Interest Plan Approved—
to
$12,011,279 $10,604,485
Interest, amortization & pref. divs. of subs.—
Interest on bonds, notes, &c
Amortization of bond discount & pref. stock exp
Dividends on preferred stocks
Proportion of earnings, attributable to minority
stock
3,976,251
300,133
1,070,220
15,833
Calendar Years—
Depreciation of building & fixtures._
Net profit
40,325
Total income
$6,827,368
156,263
$5,289,623
155,935
$6,671,104
2,600,000
164,172
$3,906,932
1,320,053
$2,369,516
1,320,053
$2,586,879
——
on
prior preference stock—...
Balance.
-
Earnings per share
142, p. 3846.
_
$1,049,463
$4.89
$12.06
-
....
—V.
Continental Gin
The
Co., Inc.—Accumulated Dividend—
directors have declared
a
dividend of $1.50 per share
on
account
-of accumulations
on the 6% cumulative preferred stock, par $100, payable
to holders of record June 11.
Accumulations after the current
payment will amount to $1.50 per share, the Jan. 1, 1936, payment having
been omitted.
The company on Dec. 24, 1935, paid up all arrearages up
July
1
to and
including Oct. 1,1935.
Creole Petroleum
The
See also V. 141, p. 4163.—V. 142,
p. 1463.
Corp.—25-Cent Dividend—•
have declared a dividend of 25 cents per share on the
payable July 15 to holders of record July 3.
An initial
dividend of 20 cents was paid on Dec. 31, 1935.—V. 142, p. 4018.
stock,
Cuneo Press, Inc.—Dividend Increased—
receivable
750,723
659,938
Liabilities—
accounts
directors
stock,
have declared
no par
Central
Petroleum
Corp.- -Annual Report—See
131.
Preferred
c
a
Co.—ToDistribute Mills Stock—
special dividend of l-25th
of
a
share of
Allied Mills, Inc., stock on each share of Corn Products common, payable
Aug. 20 to holders of record July 6.
The regular quarterly dividend of 75 cents on the common was also
declared, payable July 20 to holders of record July 6.
The company has sent telegrams to all its competitors advising them
that
it
will
refund
to
its
customers
processing
taxes
charged
on
goods
shipped after July 1, 1935.
Reports Railroad Holdings to SEC—The company in an amendment to
report filed with the Securities and Exchange Commission has dis¬
closed its holdings in eight railroad common and preferred stocks, and
also the fact that on Dec. 31, 1934, it held 5,000 shares of Allied Chemical
.&• Dye 7% preferred stock.
The report for Dec. 31, 1934. is as follows:
its
...
Common stock..
1934
$125,601
119,992
579,000
692,500
498,775
978,950
1,096,260
8.801
26,872
12~ 321
Stocks and bonds,
buildings
and fixtures
1,386,536
1,365,320
b Automobiles and
trucks
10,000
Total
..$3,070,430
After allowance for
8,150
$2,994,8181
doubtful
Total
T$3,070,430 $2,994,818
items of $32,000.
b After depreciation,
Represented by 39,902 no par shares.—V. 141, p. 1271.
Dayton Rubber Mfg. Co.—Accumulated Dividend■—
The
directors have declare 1 a dividend of $1 per share on account of
on the $2 cumulative class A stock, no par value,
payable
Aug. 1 to holders of record July 15.
Accumulations after the current
payment will amount to $2 per share.—V. 142, p. 3165.
accumulations
Dejay Stores, Inc.—Files Registration Statement—
The company, operating through wholly-owned subsidiaries a chain of
40 retail stores selling merchandise on the instalment payment plan, has
filed a registration statement with the Securities and Exchange Commission
covering 150,000 shares of common stock of which a maximum of 42,139
shares will be offered to the public within 45 days after the effective date of
the registration statement.
The underwriters named in the registration
statement are Bond & Goodwin, Inc., Hiltz & Co., Inc., and Fenner &
Beane Corp.
Part of the proceeds from
be used by the company for
the sale of the maximum of 42,139 shares is to
the redemption of its class A stock.
The pro¬
13,500 shares of the maximum of 42,139 shares will
be used for working capital.
The company plans to call all of its class A stock for redemption after the
effective date of the registration statement.
There were 16,467 shares of
class A stock outstanding on June 12, 1936.
ceeds from the sale of
The class A stock is convertible into
holders
or
on
4174.
common stock at the option of the
before the fifth day preceding the redemption date.—V. 142,
.
Delaware Lackawanna & Western
1936
May—
Gross from railway
Net from railway
RR.—Earnings.—
1935
1934
1933
$4,127,309
864,400
503,676
$4,055,226
910,931
575.265
$4,135,868
1,030,210
636,891
$3,480,784
699,598
254,485
20,324,538
3,907,822
2.162,088
18,979,815
3,713,084
2,018,601
19,337.381
4,271,937
2,402,737
16,544,384
2,396,288
194,803
From Jan. 1—
Gross from railway...
Net from
railway
Net after rents.
—V. 142, p. 3672.
&
Rio
Grande
Western
RR.—Trustees
Ask
Authority to Issue Certificates—
The
Corn Products Refining
The directors have declared
162,548
546,930
632,600
498,775
746
Denver
Crown
page
$133,317
Bonds
695,438
609,527
2.800
7,649
33,167
Prepaid items
Land,
1935
payable...
Surplus
Net after rents
a dividend of 50 cents per
share on the
value, payable Aug. 1 to holders of record July 20.
This compares with 30 cents per share paid each three months from Feb. 1,
1933, to and including May 1, 1936, and 62% cents per share each quarter
from May 1, 1930, to Nov. 1, 1932, inclusive.
In addition an extra
dividend of 30 cents was paid on Jan. 15 last.—V. 142, p. 2496.
The
common
$0.86
•
Accrued accounts.
Inventories.
P.
directors
-capital
$3.32
Accts.
$244,372
Marketable secur.
$5,1&,688
2,600,000
164,172
%
49.438
$34,225
$4.97
1934
$242,886
Notes and accts.
a
(excl. of income
Expenses of Cont. Gas & Elec. Corp
47,760
on
1935
Cash
$5,249,298
42,926
$180,155
$132,395
Balance Sheet Dec. 31
Assets—
a
subsidiaries)
$83,663
$2J9,319
4.3,414
39,902 shares
stock (no par)
;
common
1933
$221,260
67,589
34,127
35,881
$195,905
-
Balance, surplus
Earnings per share
1934
$329,946
79,882
32,486
37,423
$399,902
95,977
31,075
33,531
Preferred dividends
c
$6,784,442
*
Balance transferred to consolidated surplus
June 18
on
(& Subs.)—Earnings—
1935
■
Bond interest.
8,580
Equity of Cont. Gas & Elec. Corp. in earnings
Dividends
held
an
Gross profit
Income and other taxes-_
b
3,868,968
272,928
1,069,106
,
Amortization of debenture discount & expense.
was
extraordinary resolution authorizing the payment of
a period of 2% years.
By unanimous vote the shareholders and debenture holders empowered
the corporation to pay the debenture interest in shares on the basis of one
class A share for each $3 of interest for the period from Jan.
1, 1936, until
June 30, 1938.
All holders of debentures should forward their coupons on or about
July 1 to the London & Western Trusts Co., Ltd., at 320 Bay St., Toronto,
Canada, and they will receive in return from the trust company one class A
share for each $3 represented by the coupons due on that date.—V. 140,
P. 797.
pass
debenture interest in shares for
Other assets
Total income of subsidiary cos
——
$24,269,441 $14,358,038
A meeting of shareholders and holders of debentures
in order
Corp. (& Subs.)- -Earnings
Net earnings from operations of subsidiary cos_-$ll,137,440
Balance..-—
Holding company deductions—
Interest on 5% debentures, due 1958
$335,670
1,095,616
815,590
980,352
98,000
1,301,969
1,072,531
895,224
r
Notes and contract
received from
Dec. 31. '34
$423,436
2,163,609
891,396
1,455,951
152,750
1,438,449
1,061,556
955,307
..
1935
1936
operating earnings of subsidiaries (after
eliminating inter-company transfers)
$33,848,204 $31,436,228
General operating expenses
13,430,761
12,491,798
Maintenance
1,588,046
1,522,572
Provision for retirement
4,251,099
4,216,619
General taxes and estimated Fed. income taxes
3,440,856
3,401,939
Inc. of Cont. Gas & Elec. Corp.
Balance
$501,000
2,665,800
1,017,000
1,517 500
Other rails (18 companies)
Public utilities (9 companies)
12 Months Ended May 31—
of subsidiary companies
64,500
$7,763,084
Face
Louisiana & Arkansas 1st 5s, 1969..
Gross
common
82,704
$15,726,986
3,000
Total stocks
at
Non-operating income of subsidiary
302,788
6,125
Common (1 company)
1
Daniels & Fisher Stores Co.
and stockholders
Continental Gas & Electric
492,053*
19,028
Investment Trusts.
Preferred (5 companies)
Chicago—Reorganization—
Chicago has authorized the company to notify
of tne proposed plan of reorganization which
has been filed with the court, and ask for consents to the plan not later than
Aug. 1.
By the terms of the plan two-thirds of the bondholders and a majority of
the stockholders must assent to the program before it can be declared
operative.
Objectors to the reorganization have until the hearing Aug. 11 to make
their opposition known and file same with the court.—V. 141, p. 3687.
creditors
615,000
1,865,015
1,574.025
Common (2 companies)
Bank
500,000
Spencer Trask & Co., N. Y_.
Graham, Parsons & Co., N.Y.
G.M.-P. Murphy & Co.,N.Y.
Inc.,
N. Y
$500,000
500,000
N. Y
Staats
563,335
2,119,888
1,867,591
6,486
3,413
•
Amount
Kuhn, Loeb & Co., N. Y
$12,250,000
First Boston Corp., N. Y__.
6,000,000
Brown Harriman & Co., Inc.,
N. Y
3,250,000
Kidder, Peabody & Co., N.Y.
2,300,000
J.&W. Seligman&Co.,N.Y.
2,250,000
White, Weld & Co
2,000,000
Blyth & Co., Inc., N. Y
2,000,000
Lee Higginson Corp., N. Y__
1,500,000
Bancamerica-Blalr Corp.,N.Y. 1,250,000
Goldman, Sachs & Co., N. Y.
1,250,000
R.
5,000
21,295
.
.
95% % plus interest to the date of delivery and payment:
William
816,819
197,875
121,800
Other preferreds (15 companies)
Common (9 companies)
a
Amount
377,762
Allied Chemical 7 % pref
re¬
Underwriters—The several underwriters named below have been severally
Name—
1,238,348
—
Industrials.
agreed to purchase from the company, subject to certain conditions, the
respective amounts of the debentures which are set opposite their names
at
17,050
3,200
Public Utilities:
-
on
161,250
82,800
103,125
156.250
118,800
377,562
772,825
5,000
10,000
6,600
3,500
26,100
...
Preferred (13 companies)
Common (3 companies)
charges amounted to $1,254,347 for 1933: $1,630,817 for 1934 and $2,164,194
charges
tirements) will be $1,750,000.
609,490
323,265
400,212
537,435
807,084
632,582
2,225,807
7,200
...
After deduction of charges against income for canceled leases and dry
hole costs and cost of well abandonments for the three periods.
Such
The annual interest
$106,000
63,125
379,200
3,000
Southern Pacific
Union Pacific
Others (11 companies)
x
for 1935.
Dec. 31, '34
$647,667
546,037
2,236,695
Northern Pacific
Southern Ry
21,300,090
3,593,162
17,578,538
Market
Sheet
8,000
5,000
26,400
.
Atchison Topeka & Santa Fe
Canadian Pacific
before
Income
Balance
1934
Shares
1933
$
trustees
have petitioned
the U.
S.
District Court
at
Denver for
'he final
Permission to issue $1,650,000 of 16.
hearing will be held July trustee's certificates of indebtedness,
The
new
April 30,
certificates would be payable $1,000,000 on Dec. 31 and $650,000
Interest would not exceed 4%.—V. 142, p. 4174.
1937.
Denver & Salt Lake Ry.May—
Gross from
railway
Net from railway
Net after rents
...
-Earnings.—
1936
$149,465
def26,084
def3,846
$128,290
28,328
61,106
$78,680
11,085
def 1,724
$122,422
50,994
52,126
1,100,123
292,183
376,581
670,678
246,413
388,147
469,344
139,752
81.672
531,435
173,000
140,839
1935
1934
1933
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
—Y. 142, p.
3848.
Financial
108
on
dividend of 25 cents per
20 to holders of record July 6.—
the common stock, payable July
Mackinac Ry.—Earnings.-
Detroit &
$62,015
10,494
4,350
238,199
11,005
def7,140
220,806
3,707
2,903
From Jan 1—
$57,069
7,062
21,267
232,681
25,510
32,284
def 2,860
Net after rents
defl0,940
„
1—
Gross from Jan
$56,376
8,172
39,865
$51,300
Net from railway
Net after rents
defll,281
207,769
def788
Gross from railway
Gross from railway
Net after rents..
$191,335
1,502,847
869,352
472,186
1,581,227
890,529
487,912
1,797,675
1,045,736
564,552
-
Net from railway
$199,086
81,318
34,970
$234,534
116,576
56,349
157,593
74,928
Net after rents
From Jan 1—
228,392
,
— —
Gross profit from operations —;
General and administrative expenses
profit from operations
Other income credits
Net
1934
206,028
$1,257,078
182,763
$1,074,315
$1,084,539
25,457
—
$960,813
113,501
1,184,001
$2,144,814
269,078
280,806
$1,109,996
36.472
—. _
331,468
Depletion and depreciation
Undeveloped leasehold carrying charges,
holds surrendered and dry holes, &c
lease¬
111,775
...
$1,470,611
1,930,830
Balance Sheet Dec. 31
136,807
16,188
7,925
$349,700
206,680
125,139
25,210
7,925
gasol'e
plants & equip.. 4,341,313
Accounts
1934
1935
Liabilities—
1934
1935
$360,627
192,750
payable.
$282,345
$120,575
26,498
3,218,000
2,089,166
4,416,820
Materials at cost..
Inv. in other cos..
Deferred credits..
Common stock
Surplus
....
26,517
3,218,050
1,957,762
351,976
1,224
397,408
1,221
depletion and depreciation reserves
After
Balance Sheet Feb.
-.
Marketable securitiesReceivables
—
Inventories
....
Investments
Other assets
Fixed assets
Intangible assets.....
Deferred charges....
Total
-
—V. 142, p.
$366,563
66,292
607,085
3,487,575
720,805
ID,077
1,148,014
1
$300,000
Notes to banks
Accounts
payable
Deposits received on orders
Accrued pay roll
577,446
138,000
82,288
Accrued taxes
20,049
188,701
32,260
Federal taxes
Reserves
Total
...:$6,683,961
.$6,683,961
Gross from
....
railway
$2,399,583
1,658,843
1,214,313
$1,872,506
1,310,472
1,172,674
2,261,258
121,411
def497,615
Net from railway
Net after rents
—V. 142, p.
1935
2,874,285
railway
railway
Eastern Mfg.
1933
$712,843
286,626
248,613
$1,298,439 620,197
510,873
969,961
def887,254
def949,372
1,676,603
def80,054 df1,002,455
def383,985 dfl ,321,635
Atlantic Ry.—Earnings.
1933
1934
1935
$134,287
1936
$309,629
150,434
129,069
91,536
83,329
Gross from railway
995,048
222,683
135,092
830,339
125,082
50,081
Net from railway
Net after rents.
o
$195,227
45,135
12,308
33,191
def 5,152
811,357
76,361
def30,211
$212,063
& Pacific Ry.
1936, the kilowatt-hour system input of
companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows;
the operating
-
$86,062
8,451
def5,285
$51,024
def22,648
def 9,549
def 6,280
580,408
115,399
def7,832
Net after rents
1933
1934
$67,576
$100,335
7,454
defl5,616
railway
Net from railway
411,890
23,912
def40,387
363,663
def 11,591
9,471
Elec.Pow.& Light Corp
Natl.Pow. & Light Co..
Du Pont
See
(E. I.)
def 1,204
See list given on
266,217
defl21,462
def43,139
4014.
Ltd.—Registers with SEC—
stock, no
Nemours & Co.—Wins Tax Case—
Judge William Bondy has dismissed two actions directed at
the company for the collection of internal revenue taxes totaling with
interest $7,522,820.
George W. Whiteside and Abraham Benedict, special
attornevs general, consented to such action.
The suits were begun in 1934 by Martin Conboy, then United States
Attorney.
The Government alleged that in 1928 and 1929 the R. & H.
Chemical Corp. sold large quantities of lacquer thinner for the unlawful
recovery of distilled spirits therein for diversion to beverage purposes.
The alleged conspiracy was not in effect on April 3, 1930, when the
.
Pont interests
on
par,
upon
purchased all assets and property of
against this company, according to
its.assumption of R. & H. Chemical Corp.
quisition.
-
-
32.4
1.4
of
com~
notice of issuance.—V. 142, p. 3848.
Electric Power & Light Corp.
Period End. May 31—-
Operating revenues.
Oper. exp., incl. taxes.
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
$21,997,138 $18,391,430 $84,524,926 $75,707,048
11,451,646
10,400,358 45,057,088 41,686,230
_
oper—$10,545,492
Other income (net).
Dr24,370
$7,991,072 $39,467,838 $34,020,818
28,087
Dr65,510
98,208
Gross corporate inc. .$10,521,122
$8,019,159 $39,402,328 $34,119,026
rev.
from
Int.
to public
deductions
other
&
-
$3,874,964
Int. charged to construeProp, retire. & depletion
reserve appropriations
Cr5,808
2,649,833
$4,002,133
n vj/ia
the chemical cor-
the complaint, was based
liabilities through the ac¬
$3,891,242 $15,627,515 $15,611,347
Crl4,750
Cr34,484
0 48,351
9,392,031
8.637,962
$2,089,266 $14,417,266
$9,918,068
2,053,401
Pref. divs. to public (full
div. require, applic. to
per. whether
or unearned)
applic. to min.
int. (based upon hold¬
ings by the public of
respect,
7.923,006
7,923,564
182,409
_
1,980,892
30,705
124,338
152,836.
$77,669
$6,369,922
$1,841,668
$1,838,973
_
1,980,751
$1,838,973
earned
$77,669
1,367
$6,369,922
3,003
$1,841,668.
7,575
$79,036
66,359
397,243
$6,372,925
215,315
1,588,974
$1,849,243
373,459
1,588,974
Portion
stks. of subs,
common
at
end of each
of the
Net equity of Elec.
Pow. & Lt. Corp.
in
1
*
income of subs
Elec. Pow.
& Lt. Corp.
Net equity of Elec. Pow.
& Lt.
>
Corp. in income
(as
shownL
subs,
1,057
Other income.
54,001
397,243
Int. & other deductions.
i
Bal. carried to consol.
$1,388,786 loss$384,566
$4,568,636 loss$113,190
transactions have been eliminated from the
earned surplus
Note—All
Federal
^Th^claim
%
21.6
Inc.—To Be Added to List—
Edison Brothers Stores,
Exp., including taxes
first page of this department.
(E. I.) du Pont de
—Tttcrccisc
-
Amount
20.201,000
12,555,000
985,000
The New York Curb Exchange will list 18,498 additional shares
mon
$1,840,030
Cellophane Co., Inc.—Dissolved—
du Pont de Nemours Co. below.—V. 141, p
Durbar Gold Mines,
du
51,234,000
72,879,000
93,717,000
38,679,000
71,894,000
—V. 142, p. 4338.
of
railway
Net from railway.
Net after rents
—V. 142, p. 3673.
Gross from
1935
1936
Oper. Subsidiaries of—
respective periods J.¬
Earnings.—
1935
*1936
May—
Gross from
Inc.—Weekly Input—
For the week ended June 25,
635,578
def27,910
defl52,254
3848.
Duluth Winnipeg
12 Mos.
5 Mos.
Month
paid and after dpreciation
$4,640 loss$17,401
$1,299
A year ago the company reported for the six months ended June 30 a
net income after depreciation and interest of $59,491.—V. 142, p. 4338.
Kq 1
Duluth South Shore &
their files.—V. 142, p. 4338.
Co.—Earnings—
Period Ended May 31, 1936—
4019.
May
~
Gross from railway
Net from railway
Net after rents
—V. 142, p.
a
Net
1934
1936
Gross from
Net from
on a
result, newspaper files will shrink to 2% of their present bulk,
the cans for storing measuring 3% by 3 % by 1 % inches.
Each of the cans
will hold about 850 pages of newspapers on 100 feet of film.
The film is of
As
Subsidiaries—
Duluth Missabe & Northern Ry.—Earnings.—
.Net after rents
From Jan. 1—
the film
2,360,912
4337.
May-
35-millimeter film and filing that film.
The machine will project
small screen where it easly may be read.
paper on
Capital stock (467,403 shs.)__ 2,984,303
176,546 Surplus
-
—-■
made two years ago to preserve neswpaper files compactly and safely.
The process calls merely for the photographing or each page of a daily
Amer.Pow. & Light Co. 113,918,000
29, 1936
Liabilities—
Assets—
Cash.
Co.—Offers Improved Film-File—
Ebasco Services,
Co., Inc.—Rights—
in an amendment filed with the Securities and Exchange
Commission, states that its
93,480 shares of capital stock will be offered
to stockholders of record at the close of business July 13 in the ratio of one
share for each five shares held at $45 per share.
Rights to subscribe to
the stock expire Aug. 3.
Any of the shares not taken by stockholders are
to be offered to the public by underwriters.
The company,
/
Eastman Kodak
Net inc. afterbond int. accr. but not
Distillers Co., Ltd. (England)—Final Dividend—
The directors have declared final common dividend of 12^% less tax,
making total of 20% for the year, same as the year before —V. 142, p. 950.
Douglas Aircraft
to
The company next month will begin delivery of a projection machine
which may convert libraries of newspaper files into film collections in tin
cans.
In production now, the device is an improved model of an instrument
$5,454,239 $5,484,675
of $3,345,181 in 1935 and
142, p. 297.
$3,022,368 in 1934.—V.
Annual interest on funded debt and dividend requirements on
minority
outstanding after giving effect to the recent financing
$3,001,627.
Such interest and dividend requirements were
covered 3.32 times by the above net income before reserves and 2.19 times
by the above net income after reserves.
Note—Above figures do not yet reflect the benefits of the recently com¬
pleted $75,000,000 financing program nor do they give effect to any savings
from the recent changes in the capital structure of the company and its
subsidiaries which resulted in the elimination of 14 subsidiaries.
All figures
are subject to the annual audit by certified public accountants.—V. 142,
p. 4337.
——
■
■
;
'
■
x
amount
from newspapers anxious to preserve
Total
$5,454,239 $5,484,675
Total
1,108,431
2,009,659
100,653
...
reported to be less inflammable than newsprint and its
length of life is unknown, for none has been worn out yet.
The projector shows only a quarter of a page at a time; the reader may
shift to any portion of the page at any time; type is easier to read becasue
it is enlarged about 40%.
Recent floods in Pennsylvania have brought orders to Eastman Kodak
Undevel. leases at
cost
stock
prior preferred & preferred stock dividends
the safety type,
Oil prop.,
Def'd debit items.
4 y2 % prior preference stock
State taxes on
124,319
$630,281
321,803
v
Net income
receivable..
receivable..
$2,949,431
on
Dividends on 6% preferred
stock interests now
$1,210,107
125,568
_
—
Gross income
Cash
& minority interests
Balance
Dividends
Operating expenses
x
Interest (actual) amortization
$9,979,376
3,421,602
$6,557,774
x3,608,343
Balance
526,456
1935
$1,416,136
Gross sales
Assets—•
Fed. inc. taxes & before prov. for deprec.,
depl. & retire. & int., amortiz. of debt disc. & exp. of recently
liquidated subs. & surplus adjustments
:
Depreciation, depletion & retirement reserve
3672.
Years Ended Dec. 31—
x
Net income after
1,043,814
88,808
36,23a
Devonian Oil Co.—Earnings—
Dividends
Associates—Earnings-
Earnings for 12 Months Ended May 31, 1936
1933
1934
$49,786
$47,223
$24,886
$24,643
earnings.
Eastern Gas & Fuel
Net from railway
Accts.
Net
—V. 142, p. 4337.
RR.— -Earnings.1935
1936
$297,257
May—
Notes
East Kootenay Power Co., Ltd.—Earnings—
1936—2 Mos .^-1935
31—
1936-Month- 1935
$35,865
$70,890
$72,820
$35,910
23,034
10,979
23,667
Operating expenses
11,267
Period End. May
Gross earnings..
3672.
Detroit & Toledo Shore Line
Income charges
Cellophane
1933
1934
1935
1936
May—
Gross from railway
Net from railway
—V. 142, P.
that it is dissolving its subsidiary company,,
Cellophane Co., Inc., which will henceforth be operated as
division of the parent company.
This action comes as
the direct result of the new tax bill and may perhaps be preliminary to
dissolution of all du Pont's remaining subsidiaries.—V. 142, p. 3506.
The company announced
the du Pont
the
V. 142, p. 4018.
—V. 142, p.
Dissolves Subsidiary—
Mfg. Co.—Initial Common Dividend—
Detroit Gasket &
The directors have declared an initial quarterly
share
July 4, 1936
Chronicle
above
intercompany
statement.
Interest
and
preferred
dividend
deductions
of sub¬
requirements for the respective periods only (whether
paid or not paid) on securities held by the public.
"The portion applicable
to minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stock of sub¬
sidiaries have so resulted.
The "net equity of Elec. Pow. & Lt. Corp. in
income of subisidairies" includes interest and preferred dividends paid or
sidiaries represent full
proportion of earnings which accrued ta
& Lt. Corp., less losses where income
have resulted in deficits for the re¬
spective periods.
The statement for each period is entirely independent
of the statement for any other period.—V. 142, p. 4019.
earned
on
common
accounts
securities held, plus the
stocks held by Elec. Pow.
of individual subsidiaries
Empire Properties Corp.—Registers with SEC—
See list
given on first page of this department.
Volume
Financial
143
Elgin Joliet & Eastern Ry.—Earnings.—
1936
$1,538,319
461,698
287,411
Net after rents.
1935
$1,107,739
382,612
308,296
1934
$1,109,102
322,088
186,360
1933
$822,176
242,995
100.777
7,450,099
2,318,384
1,601,504
May
Gross from railway
Net from railway
5,863,467
1,808,074
1,278,201
4,655,462
1,113,134
489,799
3,161,545
478,256
defl97,759
From Jan 1—
Gross from railway
Net from railway
Net after rents.
—V. 142, p. 3848.
Employers' Group Associates—Extra Dividend■—
The directors have declared
an
of 10 cents per share in
extra dividend
a quarterly dividend of 15 cents per share on the capital stock,
value, both payable July 31 to holders of record July 17.
A similar
extra was paid on Anril 30 and Jan. 31, last.
The regular quarterly divi¬
dend was increased from 12H cents to 15 cents per share on Jan. 31, last.
addition to
no
par
An extra dividend of
12^
cents was paid on Oct.
31,1935.—V. 142, p. 2497.
Engineers Public Service Co.—Declares Pref. Divs.—
of cumulative
stock of the company,
payable Aug. 1 to holders of record July 15, to be divided pro rata (in
accordance with the charter) between the different series of preferred stock
The directors on
July 2 declared a dividend on account
dividends accrued and in arrears on the preferred
outstanding as follows:
$4 per share on the $5 dividend convertible preferred stock.
$4.40 per share on the $5.50 cumulative dividend preferred stock
$4.80 per share on the $6 cumulative dividend preferred stock.
dividend, the cumulative dividends accrued
the dividend normally payable July 1, 1936, will
$11 per share on the $5 dividend convertible preferred stock,
$12.10 per share on the $5.50 cumulative dividend preferred stock, and
$13.20 per share on the $6 cumulative dividend preferred stock.
The above payments will be the first made since July 1, 1933.
to
1936—12 Mos.—1935
1936—Month—1935
Period End. May 31-
230,649
479,567
1,632,157 $46,170,869 $44,363,260
1,512,242
19,018,495
18,276,712
220,522
2,646,570
2,564,475
441,754
5,009,216
5,434,600
sources.
$1,589,458
58,878
$1,457,638 $19,496,587 $18,087,472
52,227
659,869
626,794
Interest & amortization.
$1,648,336
665,132
$1,509,865 $20,156,456 $18,714,266
690,013
8,274,676
8,362,365
Gross earnings
$3,882,102
1,582,427
OperationMaintenance
Taxes
Balance
--
Inc. from other
be up to 25 cents per share
may, in accordance with the charter provisions,
if earned, and declared by the directors."
Semi-annval
Report—L. P. Ware, President, in his letter
to stockholders states:
after provision for Federal and
$16,863.
This s more than 22% greater
period ended May 31, 1935, and 50 % greater than
for the same period in 1934.
The full preference dividend for the entire
year on the 50,000 shares of common stock, class A, was earned 1 1-3 times
during the f rst six months, thus leaving a surplus, over and above the full
year's preference dividend require:nents, available for dividends on the
common stock, with six months of potential profits still to come.
On Jan. 1, 1936, and on April 1, 1936, quarterly dividends of 6M cents
per share were paid on the common stock, class A.
A third quarterly
dividend of 6)4 cents per share was paid July 1.
A fourth quarterly divi¬
dend of 6M cents per share has been declared payable Oct. 1, to holders of
common stock, class A, of record Sept. 19,1936.
Charter provisions relating to the stocks provide that now the holders
Net income for the six months' period,
State income taxes, amounted to
than for the six months'
of the
common
stock
entitled to receive, during the balance of this year,
are
non-cumulative dividends, as declared, up to
per
the rate of 25 cents per share
annum.
the common stock, an initial dividend for this year, of
6 cents per share, has been declared payable Aug. 1 to holders of record
July 28.
Company has agreed to make application to list its common stock on the
Accordingly,
on
New York Curb Exchange.
After the payment of this
and in arrears, including
amount
109
Chronicle
We are gratified to report that, during the last quarter, the effect of the
opening of new franchise units in the past, started to be reflected in increased
sales and earnings for company; the month of May, for instance, showing an
increase in sales of more than 42% and an increase in net profits, after
provision for taxes, of more than 42 & % over the same month last year.
Earnings for the 6 Months Ended May
31, 1936
Gross profit—from sales
Selling, administrative & general expense
Other deductions (net)
$60,582
39,990
210
3,518
Provision for Federal & State income taxes
$16,863
26,710
2,065
Net profit for period—
Earned surplus—Dec. 1,1935— - — - —
Refund of Federal income tax—prior year.
$45,638
6,249
25,000
Total
Balance
Balance
$819,851
$983,203
Appropriations for retirement reserve
Dividends on preferred stocks, declared
Cum. pref. divs. earned but not declared
Amount applicable to minority interests—
..
-
$11,881,780 $10,351,901
4,928,609
5,119,749
2,232,418
2.385,740
718,224
1,309,831
11,305
"
9,591
Bal. applic. to E. P. 8. Co. before allowing for
unearned cum. pref. divs. of certain sub. cos.
Cum. pref. divs. of certain sub.
cos. not
earned..
1934
1933
$1,566,657
1,080.243
$1,483,877
989,588
$409,839
2,084
$486,414
2,555
$494,289
6,597
$411,923
241,003
41,177
$488,969
243,335
$494,618
245,905
19,910
13,480
Cr37
4,241
13,480
on
funded debt..
Interest
on
unfunded debt
Amortization of debt discount & exp.
Interest charged to construction
13,480
Crl,520
Net income
on
preference stock
Dividends
on
common
$117,783
6.093
329
$230,991
2,677
346,605
998,060
stock
Balance, deficit.
1,691
$787,471
$85,212
$118,291
Balance Sheet Dec. 31
1935
1934
1935
e
T
Investments
10,973,514
948
25,043
bond Int. (contra)
$
Preference stock.,
15,680
2,100,000
Sundry
mtge.
48,837
Note A acct.
42,711
36,854
Accts. receivable..
130.920
132.757
Mat'ls & supplies.
64,717
64,448
Def'd debit items.
423,939
437,193
48,560
480
740,225
11,340
Machry. & equip
(at cost)
-
(book
10,365
1,709
1,705
25,000
19,357
13,311
$192,763
of sales
Dev.
25,000
$202,816
value)
ter¬
.
Prepaid expense.-
payable
After
doubtful
Int. accrued
Misc. accruals
Total...
of
$590.
After deducting
z After allow¬
a Represented
by 50,000 no par shares with a stated value of $2 per share.
b Repre¬
sented by 125,000 no par shares with a stated value of 50 cents per share.
—V. 142, p. 4339.
allowance
for
accounts
y
payments on account of $7,046 in 1936 and $6,097 in 1935.
ance for depreciation of $6,298 in 1936 and $5,725 in 1935.
Farr Alpaca
Co.- -Earnings•Years Ended-
Apr. 30 '36 May 31 '35 May 31 '34 May 31 '33
Loss from oper. & reduc.
in mkt. price of inven.
$655,780
198,160
$61,201
444,987
$822,213
$853,940
$506,188
$1,016,787
$822,213
2,627,831
$853,940
3,693,059
$506,188
4,185,101
$1,516,787
301,888
Depreciation
$81,334
184,826
199,680
$528,697
488,090
mdse. in
of
excess
90,402
res.
Adj. of curr. int. to reflect
90,984
Taxes accrued
|
%
Total...-
-
29,350
717
Divs. declared....
.
Red. in vai. of old-style
1,412
49,900
(contra)
Accts.
y734,530
$202,816
2,466
Taxes
pay,
26,710
—
1,011
718
11 Mos.
to parent co
work¬
5,794
14,389
$192,763
Earned surplus
1,011
Period—
Matured bond int.
sinking fund.
ing funds)
Notes receivable..
b62,500
5,794
Patterns & designs
8.
4,860,500
100,000
62,500
&
50-year
f. bonds,
due Apr. 1, 1967 4,814,500
Depos. with trustee
100,000
»■
bank.
invest.
3,579
Common class A
stock
accounts
2,100,000
5%
1,412
a
Paid-in surplus...
6,195
616
5,397
Reserve for Federal
b Common stock.
4,060
employees
Cash
on
deposit
15,680
Common stock..
x
1st
Depos. for matured
1934
$
Liabilities—
Plant, prop., &c_.10,988,721
13,111
17,100
73",630
lower sll. vals. and to
adj. books to lower mfg.
69,956
69,292
1 ,2.665
5,267
34,745
30,430
Res, for invent, fluct'ns.
1,797,967
Reduction of surplus.
Previous surplus
costs
Consumers' service
—
265,972
-----
Balance, loss
& line deposits..
500,000
Res. & misc. unad¬
1,911,763
justed credits...
Contrib. for extens.
4,209
Corporate surplus.
Total
11,726,026
Represented by
Y. 142, p. 3674.
x
Fafnir
11,695,032
66,020
no-par
1,786,525
189,524
11,726,026 11,695,032
Total
shares,
2,337
1,786,524
102,743
(non-refundable)
Capital surplus
y
Accounts payable only.—
Bearing Co.—Pays Larger Dividend—
The company paid a dividend of $1.50 per share on the common stock,
par $25, on June 30 to holders of record June 24.
This compares with $1
paid
on
April 31, last, and
each three months.
on
Sept. 30,
on
142,
due
—V.
of the outstanding ($5,438,500) 15-year 5% s. f.
Feb. 1, 1942, have been called for redemption on
142,
p.
on
of
inventories
May 31 1934 in excess
of
reserve
Transfer
to
_
188,788
—
reserve
for
inventory valuation._
Transfer from cap. stock
due to red. in par val.
Misc. credits pertaining
to previous years
gold debentures,
4175.
Fairchild Aviation Corp.
■■
1
(& Subs.)—Earnings—
5,400,000
Crl4,146
$2,627,831
$3,693,058
$4,185,101
Comparative Balance Sheet
Apr. 30'36 May 31 '35
551,065
516,726
676,354
2,904,409
716,681
3,818,653
6,261,901
51,289
6,349,251
76,553
Cashi.
Accts. & notes rec.
less
x
y
reserve
Inventories
Apr. 30'36 May 31 '35
Liabilities—
$
$
Assets—
Aug. 1 at 101H
Payment will be made at the First N ational Bank of Chicago.
Drl50,000
$1,655,618
Surplus bal. May 31-
Dec. 31, 1935, and 75 cents paid previously
an extra dividend of $1 per share was paid
2317.
Fairbanks, Morse & Co.—Bonds Called—
22,500
outstand'g May 31 ' 34
p.
All
•and interest.
Res. for accts. and notes
Loss
In addition
1935.—V.
$3,615
711
income tax
Notes receivable—
x
(incl.
28,546
$3,972
&
wages
commissions
Notes receiv
ritories (cost)
$212,280
196,902
Dividends
for
30,651
Accrued
Inventories..
z
Gross income.
Interest
Cash
12,138
receivable
May 31,'36 Nov. 30,'35
payable
—trade
$95,161
Notes & accounts
restricted
Other income.
A pp/»f o
Accounts
$69,023
officers
$1,563,648
1,153,809
and taxes
Liabilities—
May 31.'36 Nov. 30,'35
on
deposit
Accts. receivable—
1935
revenues
expenses
Assefs—
Cash on hand &
officers
Calendar Years—•
$14,388
Comparative Balance Sheet
y
Lighting Co.—Earnings—
Operating
Operating
Earned surplus—May 31,1936
x
$2,461,343
1,470,245
$3,056,866
: 714,069
—V. 142, p. 3850.
Erie
Common stock—class A dividends
Common stock dividends
Land, buildings,
Accounts
payable
and accruals—
189,401
Capital stock (par
$50).
7,000,000
Capital surplus.
1,600,000
Earned surplus
1,655,618
__
mach'y & equip.
Insur. unexpired--
250,035
7,000,000
1,600,000
2,627,831
Earnings for 3 Months Ended March 31, 1936
Net loss after int., taxes, deprec. & other deductions
$29,938
Company's proportion of the loss for three months ended March 31,
1936, of Fairchild Aircraft, Ltd., a 50% owned company not included in
the above, amounted to $6,714.—V. 142, p. 4176.
Famise
Reichart, De Witt & Co., as underwriters of this issue, in a letter sent us
July 1, state: "We feel that this caption does not fairly present the case.
The 20-cent- dividend paid Feb. 1 was declared on Dec. 9, 1935, out of
surplus as of Nov. 30, 1935, whereas the 6-cent dividend just declared is the
initial dividend for this year, the entire preferential dividend of 25 cents on
the class A stock having been more than earned in the first six months of
the company's fiscal year, and either paid in quarterly dividends or declared
and set aside for payment.
Therefore, in addition to this 6 cents dividend,
the holders of the common stock have the probability of further dividends
from surplus and the earnings for the remaining full six months of the year.
"Accordingly, the initial 6 cents dividend for 1936 just declared is in no
reduction of dividend, as the total dividends declared during 1936
10,445,020
11,477,867|
Total
10,445,020 11,477,867
$150,000 in 1936 and $299,393 in 1935.
y After
depreciation and obsolescence of $7,203,343 in 1936 and $7.163,459 in 1935.—V. 142. p. 4339.
x
After
reserve
of
for
Financial Shares
Corp .—Common Dividend—Earnings—
In our issue of June 27, page 4339 we have an item regarding the recently
declared dividend of 6 cents per share on common stock of this company.
We captioned this item as follows:
"Common Dividend Reduced."
sense a
Total
reserve
Corp.—Larger Dividend—
The directors have declared a semi-annual dividend of 3 cents per share
the common stock, par $1, payable July 15 to holders of record June 30.
This compares with 2J^ cents paid on Jan. 15 last, and July 15, 1935 and
on
2 cents paid on Jan.
19, 1935
-
140,p. 4398.
Florida East Coast Ryv
May—
1936
Gross from railway
Net from railway
Net
after rents
Earnings
—
1935
1934
1933
$781,269
253,707
111,224
$765,166
256,229
112.723
$690,358
193,328
60,009
$639,577
191,682
62,410
4,815,022
1,795,660
1,154,504
4,641,217
1,453,586
795,834
4,689,762
1,912.793
1,254,600
4,143,220
1,692,067
1,058,863
From Jan 1—
Gross from
railway
Net from railway
Net
after rents..!.-
—V. 142, p. 3675.
Financial
110
Florida Power & Light
Co.—Earnings—
[American Power & Light Oo. Subsidiary]
Period End. May 31—
Operating revenues..
Oper. exps. and taxes-Net
from oper...
Other income (net)
$428,689
9,282
$445,900
10,132
$5,093,426
396,082
Gross corp. income
Int. & other deductions.
$437,971
$456,032
$5,415,047
351,595
340,087
$5,489,508
4,173,898
Balance.—
y$l 15,945
$1,315,610
1,153,008
1,153,008
$237,398
$274,682
x
.
litigation for which
a reserve
100%
100%
100%
.
to May 31, 1936, amounted to
Latest regular quarterly dividends paid Jan. 3, 1933.
Divi¬
dends on preferred stocks are cumulative.
Note—Income account includes full revenues without consideration
rate reduction in
--100%
Standard Tank Car Corp. (W. Va.)
Standard Transit Co. (Del.)
General American Tank Car Corp. of Louisiana (La.)
General American Tank Storage & Terminal Co., Inc. (La.)
Dividends accumulated and unpaid
$3,939,444.
100%
—100%
Good Hope Realty Co. (La0--_
Deficit
100%
.100%
100%
100%
_
General American Tank Car Corp. of California (Calif.)
Federal Tank Line, Inc. (Del.)
Union Refrigerator Transit Co. of Wisconsin (Wis.)
400,000
y$86,376
100%
— _
Suaker City Tank Line, Inc. (W. Va.)
ailway Equipment Securities Co. (111.)
$1,278,326
400,000
v
---100%
-
Liquids Despatch Line, Inc. (Del.)
Pennsylvania Car Co, (Del.)
4,136,721
Property retirement reserve appropriations-.-—
x Dividends
applicable to preferred stocks for
period, whether paid or unpaid
—
General American Tank Car Corp. of Washington (Wash.)-------100%
General American Transportation System, Inc. (Del.)-__—
-100%
$5,075,189
339,858
rev.
—----.--100%
-100%
100%
100%
Va.)
General American Refrigerator Express (W. Va.)
General American Tank Car Corp. of New Jersey (N, J.)
General American Tank Car Corp. of Texas (Texas)
General American Tank Car Corp. of Kansas (Del.)
1936—Month—1935
1936—12 Mos.—1935
$962,171
$913,480 $11,805,441 $11,096,763
533,482
467,580
6,712,015
6,021,574
.
July 4, 1936
General American Tank Car Corp. (W.
General American Car Co. (111.)
-100%
100%
---100%
Pennsylvania-Conley Tank Car Co. (Pa.)
Pennsylvania Tank Line (N. J.)
100%
Pennsylvania Tank Line, Inc. (Del.)--.-100%
General American Precooling Corp, (pel.)
87%
*General American-Pfaudler Corp. (Del.)
50%
*General American Tank Storage & Terminal Co., Inc. (Del.)---- 40%
— -
— -
of
has been provided by appro-
Snations 1936, ana of $813,994 for the $862,024 for the 12 months1935.—
ended
lay 31, from surplus in amount of 12 months ended May 31,
*
V. 142, p. 4340.
The accounts of these companies are not consolidated in the consoli¬
dated financial statements.
Forest Lawn Co .—Registers
with SEC—
See list given on first page of this department.—V. 140, p.
Fort Smith & Western
May—
^
3547-
Ry.—Earnings.—
1936
$47,328
def4,107
defl2,310
Net after rents
From Jan 1—
Gross from railway
Net from railway
Net after rents
1935
$40,424
defl0,001
defl6,562
1934
$48,681
def2,653
def9,248
1933
$50,972
3,680
def3,674
305,281
41,788
Gross from railway
Net from railway
258,663
216
def33,760
263,506
9,100
def21,294
254,318
8,212
def20,850
def551
—V. 142, p. 3851.
Fort Worth & Denver City
May—
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Ry.—Earnings.—
1936
$403,342
49,998
defll,659
Gross from railway
Net from railway
—
Net after rents
1935
$386,340
57,053
9,849
1934
$431,470
144,025
89,848
1933
$409,665
141,055
90,083
2,245,277
598,372
1,932,933
323,625
51,548
2,086,724
688,626
400,127
1,887,538
561,196
309,767
288,480
—V. 142, p. 3851.
Fort Worth & Rio Grande
May—
Gross from railway._—
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 3851.
.
Ry.—Earnings.—
1936
$33,020
defl5,956
def28,981
1935
$34,196
def6,984
defl6,743
1934
$33,846
defl6,436
def25,563
1933
$37,626
def22,287
def33,788
187,592
def?2,647
defl31,010
157,682
def83,481
defl27,622
167,957
def86,355
defl30,798
163,842
defll8,577
defl73,599
•
1935
The subsidiaries
of the corporation are engaged in the manufacture,
purchase and sale of all kinds of railway freight cars, including tank cars,
box cars, freight refrigerator cars, express refrigerator cars, gondola cars,
coal cars, flat cars, automobile cars, live stock cars and a wide variety of
specialized cars.
Cars are built for and sold to railroads and shippers and
are
also built for some of the subsidiaries of the corporation.
Funded Debt and Capitalization—As of Dec. 31, 1935, the corporation
had no funded debt, but its consolidated subsidiaries had outstanding funded
and other long-term debt aggregating $35,185,697, of which the corporation
guaranteed the payment of principal and interest or dividends on $23,860,000.
As of the same date the corporation had outstanding in hands of the
public 838,003 shares of common stock ($5 par) out of an authorized amount
of 1,500,000 shares.
——
—
—-———
—
On Feb. 21,1936, the corporation issued 10,000 shares of its common stock
in part payment for property acquired.
Between April 7 and May 1, 1936,
169,600 shares of common stock were issued and sold pursuant to an offering
to stockholders, realizing net cash proceeds of $7,157,699.
As of June 30, 1936, after debt retirements and maturities from Jan. 1,
1936, to that date but giving effect to the issuance and sale of the serial
notes offered by this prospectus and the retirement of subsidiary debt,
the funded and other long-term debt and capitalization of the corporation
and its consolidated subsidiaries would be as follows:
Outstanding
Funded and other long-term debt of consolidated subsidiary cos.
(guaranteed by General American Transportation Corp.):
4% equipment trust ctfs. due serially 1936 to 1945 (not red.)
(secured by rolling stock carried on the books at Dec. 31,
1935, at a depreciated amount,of $10,891,207)$7,850,000
5% unsecured notes due Feb. 1,1941 (not redeemable)-—-5,340,000
Purchase contracts of subsidiaries
178,505
3% serial notes (this issue)
—19,250,000
Common stock ($5 par)
—1,017,603 shs.
— —
— -
Earnings Statement (Corporation and Consolidated Subs.) for Calendar Years
Gabriel
Co.—Special Meeting—-
The company will hold on July 27 a special meeting of stockholders to
reconsider actions taken on May 18, stockholders of record July 3 being
entitled to vote. The earlier meeting authorized an increase in class A stock
from 198,000 to 300,000 shares, a reduction of par value from $5 to $1 a
share, and the granting of options to employees and to Shields & Co. to buy
2,200 and 20,000 shares, respectively, of the company's class A stock.-—
V. 142i p. 3851.
1931
1932
1933
1934
1935
-
The class B stock covered the shares to be reserved for conversion of the
preferred
on a
share-for-share basiis.—V. 142, p. 3343.
Gardner-Denver
Co.—Registers Pref. with SEC—
A registration statement has been filed with the Securities and Exchange
Commission at Washington, D. C., covering 15,228 1-3 shares of $3 cumul.
conv. pref. stock ($20 par) and 25,138 shares of common stock (no par).
It is expected that public offering will be made of the preferred stock
after the effective date of the registration, and that the issue will be under¬
written by A. G. Becker & Co.
The common stock registered is to be
reserved for issue against conversion of the preferred stock and exercise
of warrants.
The company manufactures rock drills, air compressors, pumps, engines
and other tools and machinery used extensively ]n the mining, quarrying,
petroleum,
road building and other industries.
of the company
previously outstanding
was
The 7% cumul. pref. stock
recently, by authorization of
the shareholders, changed into the $3 conv. pref. in the ratio of 1 2-3 share
of the $3 stock for each share of the 7 % pref.
Consolidated earnings of the company for the year ended Dec. 31,1935,
reported at $717,403, equivalent to $17.93 a share on the 40,000 shares
of $3 conv. pref. stock to be outstanding.
It is expected that application will be made to list the conv. pref. stock
on the Chicago Stock Exchange.
The common is already listed on the
Chicago Exchange.—V. 142, p. 4340.
were
Offered—Public offering of an issue of $19,250,000 3% serial
July 1 by Kuhn, Loeb & Co. at prices to
yield from 1% to 3.25%.
Issuance and sale of the notes
represents the first direct borrowing by the corporation itself
and the first public sale of unsecured obligations by any of
the company in the General American group.
A prospectus
dated July 1 affords the following:
To be dated July
1,1936, and to be due in instalments of $1,750,000 each
July 1,1937 and on Jan. 1 and July 1 in each of the years 1938 to 1942,
Interest payable J. & J.
Coupon notes in denom. of $1,000,
$5,000, $10,000, $50,000 and $100,000.
Registerable as to principal only.
Principal and interest payable in such coin or currency of the United States
of America as at the time of payment is legal tender for public and private
debts.
Manufacturers' Trust Co., trustee.
Notes maturing prior to
on
,
1, 1941. not redeemable.
Notes maturing on or after Jan. 1, 1941,
redeemable at the option of the corporation, in whole or in part, on any in¬
terest date on 30 days' notice at the principal amount thereof and interest,
plus a premium equal to H of 1% for each six months between the redemp¬
tion date and the date Of maturity of the notes to be redeemed.
Application of Proceeds—Net proceeds, after deducting estimated ex¬
penses, to be received by the corporation from the sale of the serial notes,
are estimated to be $19,226,898.97.
$18,959,395 of such net proceeds wili
be advanced by the corporation directly or indirectly to its subsidiaries
to be used to pay or redeem outstanding obligations of such subsidiaries
maturing by their terms after June 30, 1936, or to reimburse the treasuries
of such subsidiaries for expenditures made by them for such purposes.
History and Business—Corporation was incorp. in New York on July 5,
1916, under name of General American Tank Car Corp.
Name changed to
present title April 12, 1933.
The corporation is primarily a holding company and does no general
business except that it owns a small plant in Buffalo, N. Y., which is not
in operation.
The subsidiaries of the corporation and the respective percentages of
voting power held are:
Jan.
10,502,016
8,211,519
8,194,941
$1,591,862
2,347,086
2,338,919
1,901,889
1,535,727
1,648,627
4,008,986
3,990,171
4,501,750
8,197,527
8,514,305
Inc. Before Minority Int.
Before Federal
After Federal
Inc. Tax
—
1932
1933
1934
Net Inc. After
All Deduc'ns
$6,518,181
Minority
Inc. Tax
Interest
$123,905
318,999
249,457
204,104
111,986
59 360
$6,642,086
4,330,267
1,888,419
2,178,662
2,496,627
$7,222,978
4,522,820
1,888,419
2,284,065
21671 ;627
2,363,927
2,268 284
4,011,267
1,638,962
1,974,558
2,384,641
2,208,924
Maximum annual interest on the serial notes offered, by this prospectus
will amount to $577,500.
Maximum annual interest and amortization of
debt discount expense on the portion of the debt of consolidated subsidiaries
existing at Dec. 31, 1935, not being refunded by the issue of the serial notes,
will total $533,439.
Underwriters—The names of the several underwriters and the respective
amounts underwritten
(representing equal amounts of each maturity)
are
as
follows:
Kuhn, Loeb & Co., N. Y
$7,029,000
Chas. D. Barney & Co., N.Y. 2,002,000
Brown Harriman & Co., Inc.,
N. Y
1,496,000
A. G. Becker & Co., Inc., N.Y. 1,001,000
Blyth & Co., Inc., N. Y
748,000
Field, Glore & Co., N. Y——
748,000
First Boston Corp., N. Y
.
748,000
Goldman, Sachs & Co., N. Y748,000
-
—
N.
;
748,000
495,000
495,000
Y-
Central Republic Corp., ChioE.H.Rollins & Sons,Inc., N.Y.
*
1935
$4,673,555 Accounts payable
Cash.
Inventories
Funded
Inv. in & accts. with subs, not
consolidated
-
Investments
Fixed assets
goodwill-.
assets
Total
$2,560,047
840,713
4,312,395
28,703,000
2,163,302
5,235,390 Accrued liabilities
1,357,870 Debt maturing in 1936
Notes & accts. receivable
Deferred
748,000
748,000
748,000
Liabilities—
,
Patents and
$748,000
Kidder, Peabody & Co., N. Y.
Lee Higginson Corp., N. Y—
J. & W. Seligman & Co., N.Y.
Edw. B. Smith & Co., N. Y—
Lawrence Stern & Co., Inc.,
Consolidated Balance Sheet Dec. 31,
A no/if<>
notes was made
inclusive.
Amortization
Depreciation
$3,296,277
3,632,109
3,984,180
—Net
Other assets
Genteral American Transportation Corp.-—Serial Notes
Nit Income
$12,111,118
-
1930
Gannett Co., Inc.—Registers Jor Preferred Stock—
The company as filed a registration statement with the Securities and
Exchange Commission under the securities Act of 1933, covering 6,985
shares of $6 cumulative convertible preferred stock and a like number of
shares of class B common stock.
There is to be no public offering of the
stock, the company having sold the shares to employees last year.
The
proceeds were used to redeem $2,068,000 of 6% debentures.
Interest and
Gross Sales &
Oper. Revenues
-—$36,651,002
29,185,011
17,958,042
19,728,294
26,501,677
27,342,081
1930
—
.$96,309,562
...
debt
514,212 Other long-term debt
3,286,125 Deferred income
531,778 General reserves
80,031,929 Common stock (par $5)
1 Capital surplus...
078,698 Earned surplus
Total
146,354
2,247,344
4,190,015
30,887,790
14,257,703
-
$96,309,562
—V. 142, p. 4179.
General Electric Co.,
1935
£1,184,483
103,930
259,293
4,525
298,813
4,585
43,772
194,245
Depreciation
Directors'
remuneration
Pension fund
Transf. to taxation
Ltd. (England)-
1936
£1,485,153
Years End. Mar. 31—
Gross profit
Debenture interest
res--
Net profit-.dividends
40,601
142,576
-Earningsmi
1933
£971,481
163,673
233,590
4,355
35,377
£1,012,740
171,927
233*291
4,355
32,014
Ordinary dividends
Bonus on ordinary shares
Reserves
Surplus
—V. 142, p. 4179.
General Motors
£943,738
193,725
291,024
145,512
100,000
£633,558
195,300
295,795
£534,486
252,000
180.291
£571,152
252,000
180,291
98~883
100",oo5
137",755
£213,477
Preferred
£43,580
£2,195
£1,111
Corp.—Pontiac Retail Sales—
Retail sales of Pontiac cars for the 10 days ended June 20 totaled 7,219,
compared with 6,920 for the second 10 days of May and 4,872 for the
second 10-day period of June, 1935.
Retail sales for the first 20 days of June totaled 13,320 cars, compared
with 12,973 in May and 9,184 in the corresponding period of last year.—
V. 142, p. 4340.
General Paint
6 Months Ended
Corp.—Earnings—
May 30—
Net income after all charges
Earns, per sh. on 169,413 shs. class B
—V. 142, p. 4340.
stock......
1936
$161,472
$0.48
1935
$114,218
$0.20
Volume
Financial
143
General Public Utilities,
Period End. May 31—
Gross oper. revenues
Operating
expenses
The transfer agent for
Inc. (& Subs.)—Earnings—
1936—Month—1935
$385,375
$364,833
256,230
238,272
3,004,151
The registrar
New York.
City Bank Farmers Trust Co.,
for the capital stock is
2,858,773
$129,145
6,311
$126,560
$1,702,003
41,436
Theatres
$129,034
$1,743,440
$1,707,542
22,787
Inc.—Plan
Equipment,
$1,684,755
2,474
$135,456
.
the capital stock is Chase National Bank, New
York.
1936—12 Mos.—1935
$4,706,155 $4,543,528
General
Net oper. income
Non-operating income.
111
Chronicle
Approved
by Court—
Delaware has approved the reorganization plan
ready for delivery on
the office of the depositary for the committee, City Bank
Farmers Trust Co.
Arthur W. Loasby, chairman of the reorganization
The Chancery Court of
Exp. & taxes of G. P. U.,
Inc. (excl. oper. divs.)"
Charges of sub. cos
*.
Int.
on
Div.
June
4,302
34,456
72,431
G.
P.
3,252
3,242
$21,023
$13,557
30,086
463,774
875,461
61,942
420,421
871,258
3,012
36,395
72,826
funded debt
on
U., Inc.,
Bal. avail, for
29,
at
committee has announced.
Mr. Loasby said holders of about 92% of the entire debt of the old com¬
including more than $24,500,000 of the $27,993,000 of debentures
outstanding, were participating in the plan.
He also said that voting-trust
certificates for about 81% of the preferred slock and about 70% of the
common stock had been deposited under the plan.
Mr. Loasby explained that only holders of obligations or securities of the
old company who deposit their claims or securities under the plan receive
pany,
$5 pref. stock
38,910/
38,910
common
stock and surplus..
—V. 142. p. 3852.
and the securities distributable under the plan were
$299,310
$350,907
.
the benefits thereof.
General Theatres Equipment
Corp.—Listing of Stock—
754,105 1-3
pursuant to
The New York Stock Exchange has authorized the listing of
shares of capital stock (no par) upon official notice of issuance
The
been authorized for issuance.
.
outstanding a 5% promissory note in the face amount
1936, due Dec. 3, 1936, executed and delivered
subject to the terms and provi¬
of June 3, 1936, between Chase
National Bank, New York, and the corporation.
Said loan agreement
provides, among other things, that the corporation shall have the right,
In the event the holder of the note shall not at the time have the immediate
right of acceleration thereof, to renew the principal of the note for successive
periods of six months each, but in no event to a date subsequent to June 3,
1941, and that the principal amount of the note is convertible in whole or
in part at any time at the option of the holder into an equal principal
amount of five-year 5% con v. debs, issuable under a certain trust indenture
dated as of June 1, 1936, between the corporation and Commercial Na¬
tional Bank & Trust Co., New York, trustee.
The plan of reorganization was promulgated on or about Nov. 29, 1935,
by the consolidated protective committee for 10-year 6% conv. gold debs,
due April 1. 1940, of General Theatres Equipment, Inc.
The fairness of
the plan, the terms and conditions of the issuance, exchange and surrender
of securities thereunder and under the deposit agreement have been ap¬
proved by the Court of Chancery of the State of Delaware which has also
approved all action taken by the reorganization committee constituted
and acting under the plan and agreement in connection with the carrying
out and consummation thereof and the acquisition by the corporation of the
assets of the old company, both pledged and unpledged.
The reorganization committee constituted under the plan and agreemet
has, with the approval of said court, declared the plan consummated and
notified depositors thereunder that the new securities distributable under
the plan will be available for delivery on and after June 29, 1936.
The corporation has
Allocation of Securities
Exchange on June 2 suspended from dealings
10-year 6% convertible gold debentures, due
Equipment Corp.—V. 142, p. 3509.
General Water Gas & Electric Co.
expenses or
1936
$3,534,337
1,368,592
12 Mos. End. May 31—
Total operating revenues
Operation
(Shares)
164,275
279,930
7,000
$16,835,201
j
28,687,839
obligations.
956,458
Preferred stock (v. t. c.) 938,090 sh.
Commonstock (v. t. c.)l,893,946 sh.
Secured notes
Debentures
...
Unsecured
_
$1,764,851
a
Interest
on
Amortiz.
$380,050
of subsidiaries'
debt
&
discount and expense.
Int.
15-year 5% first lien & coll. trust bonds,
on
series A
Prov. for Federal inc. tax (estimated)
_
__
Exp. incurred in defense against plan submitted
to City of San Jose by Water Properties, Ltd
.
$3 pref. stk. (average number of shs. outstand).
Common stock
Division of the Supreme Court of
solidated Water Co. of Utica, N.
now
the State of New York, adverse to Con¬
Y.f a subsidiary, are upheld on appeal
pending.
Consolidated Balance Sheet May 31, 1936
Liabilities—
Asses—
Fixed
x$23,439,131
capital
Misc. investments at cost.49,252
Special deposits
-
Cash In banks and on hand--
Market,
sees,
at book values.
Accts. & notes rec., less res..
Unbilled revenue,
estimated-
Inventories
Accts. rec.,
494,038
539,634
283,379
431,408
111,857
176,658
3,352
18,649
1,002,356
non-current
$16,659,400
103,296
Accrued interest and taxes..
216,130
Prov. for Fed. inc. tax (est.).
73,335
Acer. div8. on pref. stocks of
subsidiaries
3,528
Accrued divs. on $3 pref. stk.
38,042
Subs.'
or
Prepaid expenses
.
48,881
110,292
340,000
for contingencies,
int.
preferred stock and all (except 4 21-60 shares out of 9,241 8-60
shares issued and outstanding) of the common stock of National Theatre
Supply Co.: and all (except 190 shares out of 25,000 shares issued and
outstanding) of the preferred stock and all (except 2% shares out of 10,000
shares issued and outstanding) of the common stock of International
Projector Corp.
_
$26,549,718 |
Total
x
After reserve for
for 5 Months Ended May 31, 1936
sented by
Gen. & admin, exp.
...
In'common
Period End. May'61—
Railway oper. revenue..
Net rev. from ry. oper'ns
27,465 142,957 165,199
85,245
20,216
88,741
13,967
10,153
3,104
16,060
3,434
15,611
Total income
Other deductions
...
...
_. ...
145,211 283,060
9,367
46,108
191,319 292,427
23,302
65,009
a
Net income
a
710
27,684
92
deficit
Non-operating income.Gross
126,310 269,125
applicable to int.
$432,179
37,124
6,625
$417,668
7,552
19,348
6,261
$4,333
1,086
$30,498
4,755
$13,086
5,307
$13,623
$5,419
$35,254
$18,394
13,820
1,126
$30,400
•
Jan. 1 to June 21
1936
1935
$492,578
$487,969
Earnings.—
Georgia RR.
1935
1936
May—
..
....
$283,940
33,058
38,880
$251,487
1,421,633
Gross from railway
Net from railway. ___.
1,273,647
180,249
209,279
27,578
36,791
206,465
222,512
1934
1933
$241,005
12,108
15,467
$264,830
63,186
65,305
1,325,662
194,905
1,229,796
197.915
187,592
192,727
177
803
28,165
52,094
loss187
743
2,077
53
10
-«
defl97
(A) National Theatre Supply Co.
(B) International Projector Corp.
(C) Hall & Connolly, Inc. (D) Strong Electric Corp.
(E) J. E. McAuley
Mfg. Co.
(F) Ashcraft Automatic Arc Co.
The Theatre Equipment Contracts Corp. for the five months ended
May 31,
1936, shows: Income: interest, discount, insurance, $42,008;
general and administrative expense, $15,006; other charges, $160; net in¬
come, before provision for Federal taxes, $26,842.
The annual meeting of the stockholders is to be held on the fourth Tues¬
day in April, at the principal office of the corporation in New York.
The board of directors consists of the following persons: Robert L. Clarkson, Chester W. Cuthell, Edward C. Delafield, Ralph N. Harder, New York,
Daniel O. Hastings, Wilmington, Del.; Earle G. Hines, Arthur W. Loasby,
Hermann G. Place and Seton Porter, New York.
The permanent officers are: Pres., Earle G. Hines; Vice-Pres., Walter E.
Green; Treas., M. V. Carroll; Sec., R. B. LaRue..
def62
—V. 142, p. 3853.
481
52,040
Repre¬
$82,521
def2,314
5,745
1,411
$21,450
Gross earnings
—Y. 142, p. 4340.
Net after rents
loss187
26,088
y
1936—5 Mos.—1935
1936—Month—1935
$79,119
def6,961
•Third Week of June—
1935
1936
57
50,694
1,400
60
$26,549,718
Total
$12,694
deficit.
Deductions
69
Before provision for Federal taxes.
...
2,995,327
349,410
928
Net ry. oper.
Gross from railway
Net from railway,
$
12,339
217,615
Georgia & Florida RR.—Earningsf
Net after rents.
From Jan. 1—
F
surplus...
Georgia Southern & Florida Ry.
Profit from oper
Other income
stock
76,372 no par shares.—V. 142, p. 2667.
—
E
ft
...
1,314,950
depreciation and depletion of $4,655,132.
•
_
241,831
Ac..
publicly
$1)
Paid In and capital surplus..
Period—
all of the
_
6,733
Consumers' and other dep
Common stock (par
Deficit
Selling expense.
matured
$3 cumulative preferred stock y3,818,605
Ashcraft Automatic Arc Co.
900,915
520,635
66,724
359,389
30,496
66,075
debt
funded
called for redemption—
Other current liabilities
169,567
78,902^
Hall & Connolly, Inc.
J. M. Wall Machine Co., Inc.
...2,790,907
,
Pref. stocks of subs.,
held
75,758
Theatre Equipment Contracts Corp.
x
—
payable
and surplus of subsidiaries.
J. E. McAuley Mfg. Co.
Cost of sales
1
debt
Funded
Accounts
Min.
stock of
Net sales
0.33
operating revenues are stated after deducting $120,000 in
respect of estimated annual reduction which will result in tne event that
rate case decSions of the Public Service Commission and the Appellate
1,166^1
D
$3.49
0.66
Note—The
28,748 %
48,987 H
that may be so issued.
Properties—The corporation is a holding company and does not own di¬
rectly any plants or properties aind does not hold any leases.
Subsidiaries—The corporation acquired in connection with the consumma¬
tion of the plan and agreement and now holds all of the outstanding capital
O
$4.78
.
Warrants
does not give effect to the issuance of
shares of capital stock of the corporation upon the exercise of subscription
warrants and fractional subscription warrants or to the issuance of the abovementioned five-year 5% conv. debs, upon conversion of the corporation's
outstanding 5% promissory note referred to above, or to the reservation of
shares of such capital stock for issuance upon conversion of any such debs,
B
17,256
Net profit
Earned per share:
Res.
Warrants
Note—The foregoing tabulation
A
$410,336
preferred stock
—•
Provision for amortization of preferred charges
Dividends on subsidiaries' preferred stocks.
of capital stock of Twentieth Centuryb For indicated number of shares of capital stock of the cor¬
Income Statement
290,213
59,108
unfunded debt
bSubscript'n
poration.
Strong Electric Corp.
37,485
28,850
43,340
289,517
69,504
earnings.
Provision for depreciation and depletion
Interest on subsidiaries' funded debt
For indicated number of units
Fox Film Corp.
366,508
468,417
94,736
36,554
29,268
81,958
....
,
Res. for rate red. in litigation
aOption
*
451,205
$1,816,253
346,399
522,963
8,635
Net operating earnings
Other income-..
93.809
-
$1,667,596
148,657
__
Earned
Total....
158,714
294,147
152,645
income tax)
——Securities to Be Delivered
Amount
316,785
...
Taxes (other than Federal
net
1935
$3,490,262
1,369,803
$1,696,313
68,538
Maintenance-
Total
and operating
properties sold from May 31, 1934 to date of sale.
The net
properties sold are included in "other income"
from
results
Deferred charges
Distributable Under Plan and Agreement
Qf Old Co. to Be Adjusted— Capital Stk.
Securities
(& Subs.)—Earnings
Revised to give effect to the elimination of gross revenues
of $2,000,000, dated June 3,
pursuant to the plan and pursuant to and
sions of a certain loan agreement dated as
for
See also General Theatres
Inc., dated Aug. 31, 1935, as follows:
451,205 shares of capital stock, or such part thereof as may be required,
to be issued from time to time to holders of 10-year 6% convertible gold
debentures, due April 1, 1940, of General Theatres Equipment, Inc. (Del.),
to holders of seemed obligations of the old company and to holders of un¬
secured obligations of the old company, as provided in the plan.
169,567 shares of capital stock, or such part thereof as may be required
to be issued from time to time to holders of subscription warrants and of
fractional subscription warrants of the corporation to be issued and out¬
standing as provided in the plan, upon the exercise of such warrants as
provided in the plan.
133,333 1-3 shares of capital, or such part thereof as may be required,
to be issued from time to time to holders of five-year 5% convertible de¬
bentures of the corporation which may be issued and outstanding as provided
in the plan, upon the conversion of such debentures as provided in the plan.
The corporation was organized in Delaware to acquire, pursuant to the
plan, all or substantially all of the assets of the old company, whether or
not pledged, and to hold, utilize and deal with the assets thus acquired.
The certificate of incorporation was filed in the office of the Secretary of
State of the State of Delaware on May 20, 1936.
The authorized capital stock of the corporation consists of 800,000 shares
of capital stock (no par) and of one class, of which 754,105 1-3 shares have
Stock
of deposit
April 1, 1940.
of reorganization of General Theatres Equipment,
the plan and agreement
York
New
certificates
$178,512
13,784
1936
railway
Net from railway
Net after rents
1935
$171,943
9,395
defl 1,471
May—
Gross from
defl0,196
Earnings1934
1933
$169,163
15,942
3,360
$148,855
13,713
defl5,131
832.916
118,103
81,729
691,868
134,793
27,487
From Jan 1—
974,035
138,482
Net after rents
—V. 142, p.
764,086
59,767
31,712
Gross from railway
Net from railway
def2,856
3676.
Gilbert Klinck Brewery Corp.—Registers
See list given on first page of this department.
Grand Trunk Western RR.
-Earnings.—
1936
May—
Gross from railway.
Net from railway—
_
Net
with SEC-
...
after rents
1935
1934
1933
$2,278,442
716,280
540,786
$1,700,810
344,016
199,961
$1,529,209
233,204
40,854
$1,322,830
10,187,503
2,664,011
1,833,016
8,451,782
1,688,849
920,637
7,836,843
5,899,919
387,454
def549,201
117,426
def27,632
From Jan 1—
Gross from railway.
Net from railway
Net after rents...
—V. 142, p. 3676.
_
...
...
.
...
1,567,725
566,961
Financial
112
Chronicle
to
$28,000,000 4>£%
1st mtge. bonds
11,467
New
common
York
Be Added to List—
City,
stock, $1 par,
1936
1935
1934
1933
$7,691,509
3,056,531
2,200,179
$6,432,366
2,544,098
1,939,840
$5,877,036
1,551,178
942,178
$4,782,182
1,672,880
1,001,883
28,584,239
7,147,459
4,238,262
25,782,878
7,328,951
3,948,626
23,298.128
5,420,388
2,073,584
19,233,041
3,425.914
defl44,986
Net after rents
Sundry
$129,708
22,759
2,087
Net from railway
Net after rents
$117,261
25,633
14,592
$83,928
defl0,640
defl5,544
$89,820
639,261
149,676
71,543
Gross from railway
1934
589,897
128,396
82,373
446,514
23,102
def9,969
3,589,042
297,948
415,892
8,730
Net after rents
-V. 141, p.
Gulf & Ship
9,600
Island RR.— Earning s.-
Greenwich Water & Gas System—Accumulated Div.—
Net from
the 6%
Gross from railway
Net from
of the old radio company
Through this purchase the trade name "Majestic" will return to the market
on that brand of items in the radio, refrigerator and household utility lines
approximately
[Formerly Grocery Store Products, Inc.]
Net
$10,873
profit after depreciation, taxes & other charges
142, p. 4341.
Gruen Watch Co.-
-Earnings1935
1936
Years Ended March 31—
$4,745 loss$277,282
Net profit after all charges.
Condensed Balance Sheit March 31, 1936
Liabilities—
Assets—
Cash in banks & cash funds...
$106,337
net of reserve
Acct. receivable—subsidiary..
Inventory—mdse. & materials
Movements & parts in transit.
Notes
(customers),
rec.
619,036
1,833
501,699
25,868
2,186
&
other), net of reserve
rec. (sub.), net of reserve
Acct.
Investments in subsidiary cos.
Investment in other cos
Plant & property investment.
Deferred charges
x
After
reserve
44,606
727,500
(par $100).
debentures
363,750
500,000
Dr9,675
115,204
551,901
(par $1)
1,395
Class C pref. stock (par $25)..
Treasury stock
Common stock ($1 par)
288,274
112,713 Deficiency account
*330,898
9,281
1
112,458
2,858,567
1933
$460,959
153,088
155,394
$472,880
142,423
60,664
2,313,560
2,227,478
993,326
L^.
Net from railway—■£•
.
J.
Net after rents
698,908
668,540
558,139
325,049
252,356
181,587
—V. 142, p. 3677.
Hale Bros.
Stores, Inc.-—Earnings—
r
for inc. taxes, deprec
and proper reserves..
418,772
186,891
193,711
58,158
$1.86
$0.83
$0.86
$0.26
Balance Sheet Dec. 31,
Cash
$448,821
municipal
611,249
1,773
1,642,761
2,960,143
bonds
Notes receivable
Accounts receivable
Inventories
Accrued interest receivable
3,236
policies
Insurance deposits
Notes receivable & stock-pur¬
chase
contracts
Due from affil. co.—net
Investments
payable
Due to officers
Salaries, wages, commis'ns, &c.
Calif. State sales tax payable..
Federal
income
and
capital
$200,000
637,700
14,735
133,152
136,647
76,700
payable
affiliated companies
stock taxes
Due to
Cash surrender value of life in¬
surance
72,684
3,311
76,864 Deferred credits
23,957 Reserve for workmen's com¬
25,000
pensation insurance
103,544 Capital stock
...
*5,284,780
717,507
299,483 Earned surplus.
381,957
536,172
.
...
Fixtures & equip, (deprec. val.)
Improvements to leased prop¬
erty (unamortized portion).
Deferred charges
Halle Bros. Co.
(& Subs.)
1936
$757,542
171,756
$7,302,218
1935
1934
1933
$610,388 loss$179,254
174,836
245,477
123,014
169,328
31,000
54,000
Net profit
Pref. divs. (6^%).....
$378,102
115,239
168,360
$465,469
122,378
89,792
$281,537 loss$594,059
129,900
140,857
11,224
11,224
$94,504
$253,299
$140,413 def$886,140
$1.17
$1.54
Common dividends
Prov.
to
reduce
to approx.
153,684
$31,245
loss$81,998
28,370
79,323
36,928
81,492
31,948
92,128
77,028,
excess
45,818
profits.
Prov. for & reduction of
ag'st
merchandise inventory
& inventory write-offs
reserve
N et loss
—
Cr26,326
Cr20,320
50,000
34,769
prof$254,719
$38,257
$137,176
$240,844
invest.
140,000
market val.
Earns, per sh. on 224,480
shs. common stock...
$0.67
Nil
Nil
Liabilities—
Assets—
$136,049
Cash.'
Notes & accts. receiv. less dis¬
164,935
orders
-580
Liability
receiv.
311,321
Inventories
under
special
retail
19,065
salaries, wages,
com¬
missions, interest
Other assets
Fixed assets
25,863
6,615 Accrued Fed. income taxes
27,942 2-yr. 5% debenture notes due
Feb. 1, 1938
365,696
«fec
&
$44,680
4,052
...
clock sale contract
Accrued
Unexpired insur., commission
& travel advances, postage,
Patents
payable for merchandise
&c
expense,
doubtful accounts
Accrued royalties & int.
Accts.
Advance deposits on unshipped
counted notes & reserve for
45,818
46,863
1
....
7,392
4,258
$1,071,655
Total
175,000
Reserve for future service costs
patent application:
less amortization..
and other contingencies..
Common stock
20,175
466,630
159,512
110,858
($5 par)
Paid-in surplus
Earned surplus
Total
$1,071,655
Cooley Co.—Increases Dividend—
paid a dividend of $2.25 per share on the common stock,
$25 on July 1 to holders of record June 24.
This compares with $1.50
paid on April 1 and Jan. 1, last, and $1.12M per share each three months
previously.
In addition an extra dividend of $1.50 was paid on Sept. 30,
1935.—V. 141, p. 4167.
The company
par
Hawaiian Commercial
&SugarCo., Ltd.—Div. Increased
The directors have declared a
dividend of $1.25 per share on the capital
stock, par $25, payable Aug. 15 to holders of record Aug. 4. This compares
with 75 cents per share paid each three months previously.
In addition
!
Nil
paid on Nov. 15 and Aug. 15, 1935, and on
141, p. 2117.
extra dividends of 50 cents were
Dec. 5 and Sept. 5, 1933.—Y.
Balance, surplus
Nil
$2.44
Consolidated Balance Sheet March 31, 1936
Hart &
-Earnings-
Prov. for Federal taxes.
Int., bond disct., &c
10,264
$49,117
—V. 141, p. 277.
$841,401
172,599
135,333
68,000
Prov. for depreciation..
loss$92,262
19,564
discount
allowed, &c
&
$11,681
15,567
Deb. notes discount & expense
1
$7,302,218
Total
Represented by 225,000 no-par shares.—V. 140, p. 3897.
Years End. Jan. 31—
paid
$33,550
10,588
Mtge. bond extension expense
'Total
Profit
Interest
$148,223
240,490
$425,406
.
Total
Goodwill.
137,453
74,801
Goodwill and trade-marks
x
-
$170,434
158,753
^shs. com. stk. (par $5)
Notes payable
Accounts
U. S. Treas. bonds & notes &
1933
$150,166
116,616
84,753
Operating profit
Sundry income & prior
period items
come
1935
1936
Earns, per sh. on 93,326
1935
Liabilities—
Assets—
.
1934
$737,113
311,707
_
Sell., adm. & gen. exps_
valuation
Earns, per sh. on 225,000
8hs. com. stk. (no par)
/
$435,993
Gross profit on sales_
5
allow.
after
earns,
paid.—V. 142, p. 3510.
Hammond Clock Co.—Earnings—
Prov. for depr. & amort.
Provision for Federal in-
1935
1934
1933
1932
$14,997,602 $13,902,188 $13,196,798 $14,204,985
Calendar Years—
Sales.
Net
(
a dividend of $3.50 per share on account
cumulative preferred stock, par $100, payable
Sept. 1 to holders of record Aug. 8.
Dividends of $2.50 per share were
paid on June 1 and Feb. 29 last, and a dividend of $2 per share was paid
on Dec.
14, 1935, this latter being the first distribution made on the pre¬
ferred stock since Dec. 1, 1931, when a regular quarterly dividend of $1.50
1,945,884
68,674
From Jan. 1—
Gross from railway—
Hamilton Watch Co.—$3.50 Dividend—
Years. End. Mar. 31—
468,357
—
June 29 by
American
and
financier
The directors have declared
x
1934
1935
announced
were
Cincinnati
of accumulations on the 6%
$2,008,975
$516,814
230,296
$4,000,000
Hutton,
The blast furnaces, with a reduction capacity of 20,000 gross tons of
pig iron, and 45 coke ovens, are connected with the American Rolling Mills
open hearth department by a nine-mile railroad, over which molten iron is
transported. Unification of the two was designed, steel men said, to effect
economies in the purchasing companys' operations,
[it is stated that the private refinancing in New York by W. E. Hutton
& Co., consisted of $2,000,000 Hamilton Coke & Iron Co. 5-year serial
SJi% notes and $2,000,000 3H% sinking fund mortgage notes payable
over the five years 1941-46.
Vvith proceeds from sale, Hamilton Coke &
Iron Co
will call present outstanding bonds and preferred stocks owned
by Armco and Koppers, and with treasury funds thus obtained .Armco will
buy the Koppers 50% common &tock ownership in Hamilton Coke & Iron
Co.]
140, p. 3897.
RR.—Earnings.—
1936
$606,074
225,444
Gross from railway
453,343
74,573
def77,088
Rolling Mills director.
Mr. Hutton, arranging to refinance $4,000,000 in notes
Hamilton company through W. E. Hutton & Co.,
said that the plant now is owned jointly by American
Rolling Mills and the Koppers Co. of Pittsburgh, a Mellon
interest.
Mr. Hutton said that the necessary refinancing
was on a 10-year basis at an average of 3^%.
per share was
Gulf Mobile & Northern
May—
727,500
Class B conv. non-voting pref.
$2,008,975
Total
for depreciation of $145,210.—V.
Net from railway
Net after rents
6,820
;
expenses
9.400
Pat'ts, watch models & goodw.
Total.....
ceivable ledger
re¬
Class A pref. stock
Accrued
stock
Notes & accts.
$32,547
52,622
(trade)
(subsidiaries)_.
balances—accounts
Credit
Registered
ma¬
turity after Mar. 31, 1937..
rec. (personal
Accts. payable
Accts. payable
Notes & accts. rec. (customers)
527,540
100,895
def30,377
of the
Earnings for 3 Months Ended March 31, 1936
—V.
M.
James
which
Grocery Store Products Co.—Earnings—
541,289
68,744
def46,735
Hamilton Coke & Iron Co.—Armco Acquires Second
Half Interest—Hutton Finances $4,000,000 Deal to Effect
Economies—Negotiations for acquisition by the American
Rolling Mills Co. of its second 50% interest in the Hamilton
Coke & Iron Co. blast furnaces near Hamilton, Ohio, for
Grigsby-Grunow Co.—Sale—
were
prominent when Grigsby-Grunow was at its height.
The
Grigsby-Grunow plant at Chicago was sold June 17 to the Zenith Radio
Co. for $410,000.—V. 142, p. 4180.
$91,892
18.071
defl0,653
$107,099
13,086
—Y. 142, p. 3677.
The Triangle Electric Co. of Chicago on June 19 bought the good-will
trade marks and patent rights of the company for an undisclosed sum from
Walter E. Shott and Harris, Karp, Goldsmith & Co. of Cincinnati.
The
latter last April paid $350,000 for the equipment
and has been disposing of it by auction.
railway
Net after rents
1933
defl0,535
627,215
114,963
def8,350
railway.
Net after rents
From Jan 1—•
of $1.50 per share on account of
cumulative preferred stock, par $100, payable
Aug. 15 to holders of record Aug. 5.
A like payment was made on July 1,
last and compares with 75 cents paid in each of the four preceding quarters
and regular quarterly dividends of $1.50 per share previously.
Accumulations after the current payment will amount to $3 per share
—V. 142, p. 3677.
The directors have declared a dividend
1934
$93,458
15,785
defl 1,397
1935
1936
$119,232
22,766
def2,471
May—
Gross from railway
on
$9,739,153 $9,934,710
599.
43,662
—V. 142, p. 3854.
accumulations
Total
$9,739,153 $9,934,710
Total
Net from railway
132,005
leased
to
3,056
From Jan 1—
Gross from railway
1,122,400
Capital surplus.^ 10,703
Profit & loss surpl. 2,922,713
24,118
properties, &c__ 3,440,938
Deferred assets
260,187
.
Leaseholds
1935
100,000
1,830,400
1,122,400
11,405
2,828,209
Common stock
128,036
106,458
202,535
used, &c__
Impts.
1933
1936
3,004,500
leaseholds
&
Land
& Western RR.- —Earnings.—
Green Bay
148,000
232,846
2,710,200
100,000
1,752,400
serial 6s
Res. for conting..
60,285
57,592
..
Investments
May—
163,000
285,020
1st mtge. leasehold
2,439,848
1,679,867
170,876
127,556
98,021
202,535
134,360
not
—Y. 142, p. 4180.
within
% pref. stock..
Claims agst. closed
banks & ins. dep
Land
Indebted¬
due
&c
481,515
_.
re-
celvables....
From Jan. 1—
Gross from railway
Net from railway
Net after rents—
other
$656,950
Accrued taxes,Int.,
418,603
Accts. receivable.. 2,568,668
Inventory
1,817,814
Value of life lnsur
190,451
Great Northern Ry.—Earnings.—
May—
ness
one year
U.S. Govt., munic.
&c., securities
Gross from railway
Net from railway
Bonded
50,518
and
county
sch'l board scrip
Exchange will list 600,000 additional shares of
upon notice of issuance.—V. 142, p. 4180.
Curb
32,949
61,078
tax stamps
Grand National Films, Inc.—To
1935
$672,716
expenses, &c...
sales
State
1936
$562,827 Unpaid purchases,
$325,762
Ohio
Liabilities—
1935
1936
Assets—
Cash
July 17.—V. 142, p. 4340.
The
1936
4,
Condensed Consolidated Balance Sheet Jan. 31
(B. F.) Goodrich Co.—Delays Offering—
The company has filed an amendment with the Securities and Exchange
Commission delaying offering date of
July
Hedley Chief Mines, Ltd.—Registers with
See list
given on first page of this department.
SEC—
Volume
Financial
143
Balance Sheet Dec. 31, 1935
Holeproof Hosiery Co.—Preferred Dividend Halved—•
The
have
directors
declared
a
dividend
of 50
cents
per
share on the
6 2-3% cumulative preferred stock, par $60, payable July 10 to holders
of record July 1.
An initial dividend of $1 per share was paid on April 10
last.—V. 142, p. 1818.
Holly Sugar Corp.—Common Dividend Doubled—
The directors
June 29 declared
on
a
dividend of 50 cents per share on
stock, payable Aug. 1 to holders of record July
dividend of 25 cents was paid on May 1, last.—V. 142, p.
common
Horn & Hardart Co.
15.
An initial
4022.
the regular
to
common
stock,
par
no
dividend of 20 cents per share in
quarterly dividend of 40 cents per share on the
value, both payable Aug. 1 to holders of record
July 11.—V. 142, p. 4342.
1936—Month—1935
$798,566
$705,560
386,259
338,940
Operating revenues
Oper. exps. & taxes
1936—12 Mos.~ 1935
$9,120,937 $8,449,504
4,205,788
4,025,995
776
$366,620
1,010
$4,423,509
14,966
$413,083
115,662
rev.
Gross corp. income
3
$367,630
115,519
$4,929,581
1,392,577
$4,438,475
1,389,669
$3,537,004
1,186,639
$3,048,806
733,063
y$252,lll
Property restirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
y$297,421
Balance
315,078
Howey Gold Mines, Ltd.—Extra Dividend—
dividend of one cent per share in
(or a total of two cents per share)
on the capital stock,
par $1, both payable July 14 to holders of record
June 29.
Previous distributions were as follows: 2 cents on Dec. 14, 1935;
3 cents on May 1, 1935; 4 cents on Dec. 1, 1934; and 3 cents per share paid
on July 12 and Feb. 20, 1934, this latter being the initial payment on the
issue.—V. 141, p. 278.
The directors have declared an extra
dividend of like amount
Hudson Motor Car
quarter
Tracy,
charge of sales.
This is an increase of 33.3% over ship¬
quarter of 1936 and 34.5% over shipments in the second
The company's gains are considerably greater than have
quarter of 1935.
been shown by the industry as a whole.
"Retail deliveries in the United States
26,154
2,855
43,614
Working funds
Accounts receivable
Materials & supplies
118,569
Accrued
Mr. Tracy, "indicate that Hudson's gains are being accelerated.
Retail
deliveries for the first three weeks of June exceeded 7,600 cars which was
Introduction of
Hudson's
field.
for the current quarter are at a six-year
140,186
3,645
11,812
interest—-
Accrued dlvs. on pref. stock—
3,861
6,066
Service billed in advance
Miscell. current liabilities
1,309,106
4,265
Reserves
Contributions for extensions-.
Earned surplus
After
267,246
$7,710,618
for uncollectible accounts of $1, 720.
reserve
no par
—
Total
$7,710,618
_
Represented by
y
shares.—V. 142. p. 2998.
peak."—V.
1933
1934
1935
1936
$488,894
176,825
123,731
$397,353
123,719
87,449
$413,030
131,696
94,823
$384,725
124,867
73,321
2,434,758
891,597
629,488
2,070,941
636,277
430.253
2,016,649
1,766,244
493,338
237,625
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
603,126
372,438
—V. 142, p. 3678.
Indiana
$380,000
94,035
$380,000
86,404
$380,000
62,380
$380,000
6,589
$285,965
expenses
$293,596
$317,620
$373,411
on
funded debt
779
interest
$373,442
150,000
17,788
22,035
19,690
—
Total surplus
dividends
$140,617
76,319
$183,619
65,077
Prl5,591
$252,200
73,169
$216,936
79,255
$233,105
146,286
10,500
$205,425
Previous surplus
Miscell. credits (net)
$122,723
137,681
Dr8,204
$278,594
73,168
Net income
22,035
$123,290
179,031
Pri 3,727
Amortiz. of disc. & exp.
Preferred
$317,634
150,000
4,983
22,035
$293,596
148,838
$286,002
142,242
Total income
31
14
37
Other income
General
1932
1933
1934
1935
Rent of leased property-
Int.
-Earnings-
Hydro-Electric Power Co.
Calendar Years—
$179,031
$137,681
$76,319
Common dividends
Balance Sheet Dec. 31,
1934
1935
Liabilities—
1934
1935
Assets—
Plant, prop..rights,
franchises, &c._$8,115,405 $8,115,148
7% cum. pref. stk
($100 par)
$2,089,800 $2,089,800
Capital stock disc.
Common stk. ($100
187,515
and expense
during May and June," said
greater than for the corresponding weeks in seven years.
a new line of commercial cars has resulted in a gain in that
„
payable
Accounts
134,252
Surplus, Dec. 31
Co.—Shipments—•
Factory shipments of Hudson and Terraplane cars in the second
of 1936 will total approximately 38,300, according to William R.
ments in the first
Cash
Net income
Before property retirement reserve appropriations and dividends,
z Regular dividends on 7 %
and $6 preferred stocks were paid on May 1,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 142, p. 3511.
Vice-President in
Prepaid accts. & defd. charges.
Deferred liabilities
315,078
$2,000,665
y
a
Accrued taxes
Operating
$2,035,287
Balance
addition to
213,069
Illinois Terminal Co.—Earnings.—
$4,915,149
14,432
$412,307
from oper...
Other income
Net
Debt discount & exp. in process
of amortization
May—
[National Power & Light Co. Subsidiary]
Period End. May 31—
Common stock
Funded debt
x
Lighting & Power Co.—Earnings—
Houston
y
321,782
4,626
63,000
first page of this department.
$1,449,000
1,890,000
2,565,500
2,582
57,347
$6 cum. pref. stock
Depreciation fund
Special deposits
Total
Inc.—Registers with SEC—
Hotel Plaza,
See list given on
Liabilities—
Assets—
Telephone plant, equip., &c..$6,842,956
Miscellaneous investments
2,739
x
(N. Y.)—Extra Dividend—
The directors have declared an extra
addition
113
Chronicle
Special deposits—
Unamortized
187,516
1,059
3,500,000
458,817
disc. & expense-
2,927,000
12
A
HArlAQ
due May
514,144
1,064
63
Accounts payable-
282
67,087
Cash
1, 1958 2,797,000
5% gold
hrtfiHa
Other assets
3,500,000
par)
1st mtge.
debt
43,160
affil.
Due
cos.
on
Reserves
1936
1935
1934
1933
$7,799,017
1,662,641
725,104
$6,778,453
1,031,590
347,937
$6,568,048
1,402,576
801,530
$6,352,103
1,922,819
1,311,372
Net from railway.
Net after rents
39,152,405
8,492,722
4,503,293
34,402,300
7,023,087
4,258,849
32,101.961
8,452,988
5,358,610
28,490,117
7,369,674
4,339,474
Fiom Jan. 1—
Gross from railway
Net from railway
._
!
4342.
Net after rents
—V. 142, p.
Illinois Commercial
iq^{»
$1,721,525
280,000
1,011,157
280.000
1,058,177
$468,627
1, 396
Net operating income
Other income (net)
1QQ4.
$1,806,805
Operating revenues
Provision for depreciation
Operating expenses and taxes
_
Net earnings
--
$430,368
$470,024
$431,309
287,500
15,550
941
General interest
-
17,287
17,878
3,497
Cr2,561
—
Amortization of debt discount & expense
Miscellaneous deductions
Interest charged to construction
179,031
$8,819,889 $8,862,512
Total
$8,819,889 $8,862,512
Total
-V. 142, p. 3678.
Indiana Service
Corp.—Earnings
1935
1934
1933
1932
$3,145,077
2,143,876
$2,954,221
2,077.288
$3,244,846
2.505,536
Calendar Years—•
State, local & misc. Fed¬
eral taxes
242,980
245,356
248,659
233,839
Net operating income.
Other income—_—
$794,294
16,641
$755,845
12,377
$628,275
loss3,857
$505,471
$810,935
$768,222
$624,418
810", 935
—819",196
828,737
$505,471
182,934
670,899
Total income
Deductions from income
Int., amortiz. & exps...
287,500
Interest on funded debt.
205,425
taxes
$3,093,733
2,056,459
Telephone Co. —Earnings—
Calendar Years—
169,428
24,392
22,958
118,913
Surplus
Illinois Central RR.—Earnings—May—
405
open account
1,000
Due from affil. co.
Gross from railway
802
23,308
34,061
201
•
Accounts recelv
Accrued interest
Accrued
export shipments
142, p. 4342.
17,879
3,544
CV1.428
loss$50,973 loss$204,319 loss$348,362
32,641
Net income
Preferred
dividends
Common dividends
def$50,973 def$204,319 def$381.003
Balance to surplus—
Balance Sheet Dec. 31
Dividends
on
$108,265
63,901
$146,421
Net income
64,014
pref. stock
1935
Telephone
equip.,
Misc.
$
plant,
&c
13, 302,570 13,447,782
6,423
4,531
investments
Special deposits.
Debt
6,425
1,871
374,672
356,793
—
...
Working funds
$
$6 cum. pref. stock 2,025,420
x
4,849,480
5,750,000
Common stock..
Funded debt
Defd. liabilities...
...
2,024,223
4,849,480
5,750,000
1,389
250,837
Accrued interest..
53,738
126,425
Serv. billed in adv.
24~950
26,994
124,519
Receivables
payable.
116,705
Accrued taxes
Misc. curr. liabs..
Reserves
Contribs. for exten
Surplus
97,076
104,920
14,625
4,302
888,936
14,325
351,464
53,912
95,833
148,875
Liabilities—
Liabilities—
franchises, &c_.23,159,899 23,050,154
stock disc't,
85,186
x
73,514
Funded
debt
Invest. & advances
57,504
Special deposits—
Def.
charges and
67,239
533,327
883,128
89,096
58,793
Deferred
prepaid accts
liabilities
Demand notes and
accr.
int. thereon
197,742
193,347
246,525
revenue.
65,393
204,455
66,798
Mat'Is & supplies.
242,883
256,277
Note
payable
affiliated
x
14,415,635
14,510,360
Total
Imco
~16~861
Accounts payable
.
294,505
474,607
205,062
207,896
43,976
57,835
due in 1936
Equip,
ctfs.
trust
due in
14,415,635 14,510,360
1936
Reserves
Indiana
Indiana Associated
x
of this department.
Telephone Corp.—Earnings—
1935
$1,072,360
175,000
562,220
$367,561
6,580
Other income (net)
150,000
578,022
Net operating income
$360,139
4,559
172,449
$364,698
173,355
224
446
8,072
2,383
Crl,149
8,072
1,704
$374,141
earnings
Interest on funded debt.
General interest
1934
$1,120,583
Calendar Years—
Operating revenues
Provision for depreciation
Operating expenses and taxes
__
Amortization of debt discount & expense.
Miscellaneous deductions from income..
Interest charged to construction
Netincome
Dividends on pref. stock....
Dividends on common stock
...
$192,162
74,322
37,800
24,966,602 24,871,6551
Total
Asphalt Paving Co., Ltd.—Registers with SEC—
See list given on first page
Net
Deficit
first page of this department.—V. 142, p. 4180.
Cr714
214,457
Accrued interest
Public impt. assess.
1,034,454
14,122
270,373
Participating Co., Ltd.—Registers with SEC—
2,811,626
22,424
171,760
Accrued taxes..
Represented by 121,237 no par shares.—V. 142, p. 3856.
See list given on
3,128,024
to
co
16,000
Misc. current liab.
Total
1,662,200
7,380,000
12,736,500
225,680
167,998
12 570,500
pay. to parent co.
bond int., &c...
Notes & accts. rec.
1,370,600
1 662,200
Common stock.. 7 380,000
par)
306,991
Cash & workingfds.
1, 370,600
($100 par)
6% cum. pref. stk.
($100
commiss. & exp.
Unbilled
1934
$
$
7% cum. pref. stk.
Cash on deposit for
248,528
66,557
Gen.Tel.Corp
32,759
322,988
27,216
516,858
51,773
U. S. Govt. sees..
Matls. & supplies.
to
Accounts
$
Pref.
Demand note pay.
in process of
amortization
exp.
Prepaid accts. and
deferred charges
Cash
1934
$
Liabilities—
Duetoaffil.cos.__
&
discount
1935
1934
$
-
1935
1934
$
Plant, prop.,rights,
Balance Sheet Dec. 31
Ass<?Xs—
1935
Assets—
Total
5,232
9,586
714,512
568,971
2 ,790,548
2,843,951
24,966,602 24,871,655
Represented by 738,000 no-par shares.-—Y. 140, p. 4069.
International Cement Corp.—New Director—
The company has notified the New York Stock Exchange that at a meet¬
ing of the board of directors held June 24, E. V. Daveler was elected a
director, succeeding W. F. Carey, resigned.—V. 142, p. 2998.
International Great Northern RR.
1936
May—•
Gross from railway
..
Net from railway
Net after rents
..
1935
$996,847
157,791
def 11,661
$991,028
332,120
4,823,288
727,551
def14,476
4,768,005
215,147
—Earnings.—
1934
1933
$1,084,234
321,767
161,694
$1,418,608
533,779
297,010
5,251,820
1,484.529
659,653
5,190,359
1,557,210
714,620
From Jan. 1—
Gross from railway—
Net from railway
Net after rents
..
947,358
310,036
—V. 142, p. 3856.
Institutional Securities, Ltd.—5,000,000 Shares Offered
new trust of the mutual fund type was introduced July 1
—A
$181,836
71,377
34,650
with the
public offering of 5,000,000 shares of Institutional
Securities, Ltd., of which Hare's, Ltd., is principal under-
Financial
114
writer.
will
Chronicle
Interborough Rapid Transit Co.—Payment
Distribution of the 5,000,000 shares being
be
offered
of dealers throughout the
Offering price will be based on the actual asset
made through
country.
a
group
value.
According to the prospectus, the fund will have two classes of shares.
Bank Group Shares to provide a medium for the investment of funds in
approved list of New York City bank stocks, and Insurance Group
Shares to provide a means of investing funds in an approved list of insurance
stocks.
The prospectus states that Institutional Securities, Ltd. has an
authorized capital stock of 50,000,000 shares.
Supervisory investment service for the new trust will be furnished by
Hares Research & Management, Ltd., which is engaged in the business of
conducting research in investments and is specializing in the field of bank
and insurance stocks. Its personnel includes those formerly in this capacity
with Hare's, Ltd. and Bank & Insurance Shares, Ltd.
Bank stocks eligible for the portfolio of bank group shares are Bank of the
Manhattan Co.; Bank of New York & Trust Co.; Bankers Trust Co.;
Central Hanover Bank & Trust Co.; Chase National Bank; Chemical Bank
& Trust Co.; Corn Exchange Bank Trust Co.; First National Bank, New
York; Guaranty Trust Co.; Irving Trust Co.; Manufacturers Trust Co.;
National City Bank; New York Trust Co.; Public National Bank & Trust
Co., and United States Trust Co.
Insurance companies whose stocks are eligible for the portfolio of insur¬
ance
group
shares are listed in the prospectus as Aetna Insurance
Co.; Agricultural Insurance Co.; American Surety Co., New York; Boston
Insurance Co.; Continental Insurance Co.; Fidelity & Deposit Co. of Md.;
Fidelity-Phenix Fire Insurance Co. of New York; Fire Association of
Philadelphia; Franklin Fire Insurance Co. of Philadelphia; Great American
Insurance Co.; Hanover Fire Insurance Co., New York; Hartford Fire
Insurance Co.; Home Insurance Co.; Insurance Co. of North America;
National Fire Insurance Co. of Hartford; New Hampshire Fire Insurance
Co.; North River Insurance Co.; Phoenix Insurance Co.; Providence
Washington Insurance Co.; St. Paul Fire & Marine Insurance Co.; SecurHy
Insurance Co. of New Haven; Springfield Fire & Marine Insurance Co.,
an
and United States Fire Insurance Co.
fmOfficers and Directors of Institutional Securities, Ltd. are Emlen S. Hare,
Pres. and Dir.; Frederick ,L Chapman, Vice-Pres. & Dir.; Edgar A. Van
Deusen, Vice-Pres. & Dir.; J. Harry Thoerner, Sec. & Treas.; and William
L. Bainton, Dir.—V. 142, p. 2998.
International Power Co.,
Trust Co.,
as
1, 1932 coupon, and $1.47 per $35 coupon upon the
1, 1932.
After
$35 coupon will
and appurtenant Sept.
amount to
$958.03.
Co., as trustee, will allocate the distribution upon
The Bankers Trust
its records
follows:
as
Principal of
$1,000 Note $35 Coupon
Balance due July 1, 1936
7% from Jan. 1, 1936)
Eighth Distribution—$43.50
able to post-due interest
Applicable to principal
1932
$967.64
$33.89
$1,001.53
32.72
9.31
1.15
33.87
9.63
applic¬
Total distribution
(as
$1.47
$43.50
$925.61
x
$32.42
$958.03
of
;
—
York Transit
New
.32
$42.03
distribution
due
after
July 1, 1936)
Bal.
Total
(incl. int. at
&
Unification Memo Extended—
The memorandum of understanding between representatives of N. Y.
City and security holders of the Interborough Rapid Transit Co. and the
Manhattan Ry., which was to expire July 2, has been extended Until Oct. 30
The memorandum was signed Nov. 1, 1935, and has already been extended
several times.—V. 142, p. 4343.
.
.
International Rys. of Central
Period End. May 31—
America—Earnings—*
1936—Month—1935
$497,050
245,878
241,000
$536,930
Gross revenues
Oper. exp. and taxes—
1936—5 Mos.—1935
$2,617,600
$2,260,638
1,218,920
1,160,677
to fixed
Income
applic.
charges
$291,052
$256,050
$1,398,680
$1,099,961
—V. 142, p. 3856.
^International Shoe Co.—Earnings—
sales
Costs, expenses, &c
1933
on Notes—
trustee for the 10-year secured convertible 7%
outstanding and unpaid coupons maturing prior to Sept.
this distribution, the balance due on each $1,000 note and
Net
Earnings for Calendar Years (Company Only)
1934
Bankers
notes, which became due Sept. 1, 1932, is notifying holders that it has been
authorized by Court order to distribute funds received as interest on bonds
pledged as security for the notes. Payments will be made on July 1 on
account of the amount due on the notes at the rate of $43.50 per $1,000 note
6 Mos. End. May 31—
Ltd.—Earnings—
1935
July 4, 1936
Depreciation
1936
1935
1934
1933
$37,390,464 $36,891,197 $37,784,504 $27,422,525
32,547,061
32,061,631
31,427,989
23,224,963
837,273
830,195
815,469
835,258
Divs. and int. from con¬
trolled
cos.
$973,773
339,479
$1,043,753
291,707
318,271
$916,011
laneous income
Misc. exp. and int. paid_
Interest on debentures--
124,301
437,593
$883,271
359,543
359,097
353,142
Writ, off disc,
12,606
onsecurs,
32,954
50,000
50,555
$231,152
$114,631
$231,152
$114,631
Shares
Earnings for Calendar Years (Company and Subsidiary Companies)
1935
1934
Gross earnings of con¬
trolled companies
$5,024,558
Directors' fees
1932
$4,541,910
2,239,127
6,575
$4,377,583
2,127,381
$4,418,039
2,420,609
common
492,253
97,218
90,000
773,(L5
605,000
29,647
in hands of public
Res.for contingencies-_
renew.
Min. int. in sur. for year
Amort of bond discount
27,263
499,870
509,964
99,040
100,031
100,452
549,087
22,215
..
455,?09
37,000
3,104
.
24,308
20,017
Power Co., Ltd
Misc. earns, of Int. Pow.
$1,107,689
$1,052,634
$1,078,999
$891,101
Co., Ltd
Exps. and int. paid—Dr
113,067
174,650
116,530
324,661
124,296
339,479
121,305
359,543
$1,046,106
437,593
$844,503
318,271
$863,816
353,142
4652,863
359,097
$608,513
1,428,556
$526,233
1,404,839
$510,675
994,165
Dr50,000
$293,766
881,315
Dr30,916
Dr50,000
Dr50,000
DrlOO.OOO
and expenses
—
Net inc. avail, to Int.
Total income
Interest
on
debentures--
'
2>r259,176
Writ, off disc, on securs_
Commission on pref. shs.
-
wrttenoff.
108,340
135,000
reserve acct
on net cur.
Res. for exch.
assets in foreign curr.
Divs. on 1st prer. stock-
240,000
$994,165
1
Balance Sheet Dec. 31,1935
Assets—
Liabilities—
(at cost)$9,237,939
Bonds, debentures and other
cos.
of
subsidiary
-
Cash
on
Bank loans
Accounts
$1,079,795
38,597
(secured)
payable----
Bills payable
Interest accr. on debentures-
129,749
358,387
debentures
105,000
Secured debentures, 6% series
1955-
8,000,000
-
6% cum. conv. second pref.
stock
Common
Earned
$20,836,6031
•
2,000,000
1,622,750
940,460
stock
surplus
Total
§20,836,603
Consolidated Balance Sheet Dec. 31
1935
Assets—
$
Cash
net
assets
565,114
(less
reserves)
Materials & suppl.
Res. for exchange
1,260,259
605,525
1,426,116
616,134
Liabilities—
$
$
Cr271,518
deposit
Maryland
Interest accrued..
411,635
13,366
164,666
17,500
258,100
companies
Reserves
2,165,857
5,814,403
cum. red. 1st
pref. stock ($100
711,578
714,038
stk.
2,212,306
5,013,526
Common stock--
Consol. earn. surp.
Total
82,417,806 81,456,183
After
depreciation,
shares
common
$
at
cost,
82,417,806 81,456,183
Total
b Consists of 10,100 in 1936
c Represented
by 3,350,000
(11,700
no-par
in 1935)
shares.—
V. 142, p. 788.
International Utilities
Corp.—Preferred Dividends—-
Directors have declared a dividend of $1.50 per share on the $7 cum.
prior pref. stock (no par value) and a dividend of 75 cents per share on
the $3.50 cum. prior pref., series 1931 (no par value), both dividends
being payable Aug. 1 to holders of record July 20.
Similar payments were
made on May 1 and Feb. 1 last.
These dividends compare with payments
of $1.25 per share on the $7 prior pref. and 62H cents per share on the $3.50
prior pref. made on Nov. 1, 1935.. Dividends of 87 H cents per share on the
$7 prior pref. and 43% cents per share on the $3.50 prior pref. were paid on
Aug. 1, 1935, and in each of the six quarters preceding Aug. 1.
Prior to
then regular quarterly dividends were distributed.—V. 142, p. 4022.
Superpower Corp. (& Subs.)—Earnings^—
Period Ended March 31, 1936—>
Income-^Dividenda & interest
3 Mos.
Loss
on
Total-
no par shares.—V.
2,000,000
1,622,760
1,797,069
2,000,000
1,622,750
1,428,5)56
38,415,272 38,018,152
142,
p.
$2,764
2,504
3,493
157,560
sales of securities
on
$210,000 debentures acquired & retired._
3856.
48,052
128,648
373
16,636
633.432
1,360,944
Cr80,283
Net loss for the period.
Note—»Dividends received
"" $166,322
$907,068
before Nov. 1, 1935 aggregating 13,749,472
lire, amounting to $1,199,457 valued at the rates of exchange in New York
on the dates of receipt in Italy, have been included in the above amount
of $1,200,736 and have been converted into United States currency.
Divi¬
dends received after Oct. 31, 1935, aggregating 2,387,279 lire, amounting
to $193,110 based on the rates of exchange in New York on the dates or
receipt in Italy, have not been included in the above amount of $1,200,736
as action on applications for the necessary permits required under Italian
exchange restrictions for conversion of lire into United States currency is
still pending.
The dividends aggregating 2,387,279 lire appear as lire
dividends received and not converted on the March 31, 1936, consolidated
balance sheet.
Consolidated Balance Sheet
Mar. 31 *36 Dec. 31 '35
Assets-*-
$
b Investments
U.S. currency
Foreign currency
Interest accrued..
......
Mar. 31 '36 Dec. 31 '35
Liabilities—
$
29,285,324 29,222,827
1,095,587
1,462,822
235,415
c302,772
780
$
$
35-yr. 6% debs...10,504,000
a Capital &
siirp-.15,917,726
on
pref. stock.. 3,725,160
157,560
13,200
Deb. coupons—_
Lire divs. received
& not converted
Total
30,616,327 30,989,2021
■
10,504,000
16,267,131
Res. for divs. accr.
Int. on deb. bonds
Total
payable...
193,110
104,588
982
3,538,902
315,120
8,160
193,110
131,796
d30,982
30,616,327 30,989,202
Represented by 124,172 shares of $6 cum. pref. stock, 970,015 shares
common stock, 150,000 shares class B common stock, all of no
par
(There are outstanding option warrants, series of 1929, to purchase
59,985 shares of the common stock, class A, as such stock may be con¬
stituted at the time of purchase at any time up to and incl. Jan. 1, 1938,
at a price of $20 a share, on which last named date the rights to purchase
Represented by such option warrants, series of 1929 expire.)
b These
securities had a market value of $27,118,281 in 1936 ($25,264,892 in 1935).
c Divs. received in 1935 in lire and now on deposit in Italy
pending author¬
ization for conversion into dollars $193,110, and other lire balance on
deposit in Italy, restricted as to export, $109,662.
d Includes accrued
expenses.—V. 142* p. 1472.
a
class A
8,000,000
12 Mos.
$1,200,736
Expenses
Taxes, incl. prov. for U. S. inc. & cap. stock taxes
idInterest pai
Loss on foreign exchange.
Interest paid & accrued on debentures
value.
($100
each)
x
Represented by 115,610
1935
$
.....
Accts.
'
each)..
8,000,000
6% cum. conv. 2nd
pref.
38,415,272 38,018,152
1936
'
7%
and expenses on
bonds and debs.
SI
Taxes
Minority interest in
capital stock and
surplus of sub.
226,878
May
Liabilities—
17,500
225,937
disc,
$
$0.84
company's
c Common stock..50,250,000
Land, bldg., mar
50,250,000
ch'y, equip., &c.21,530,714 22,834,620 Accounts payable. 1,518,485
1,589,075
Cash
12,163,421
8,709,275 Officers & employ.
balance &depos.
U. S. Govt, secur. 4,243,476
226,389
5,687,340
175,486
Accts. receivable—13,360,072 14,212,897 Res. for ino. taxes. 1,670,000
1,730,000
Inventories
569,546
.28,760,826 25,111,628 Insurance reserve.
479,076
Empl. notes rec—
468,482
612,424 Earned surplus
28,183,386 27,232,546
b Co.'s own stock.
267,776
338,018
Deferred charges__
307,384
283,623
Inv. in other cos.. 1,315,657
3,666,358
__
440,570
13,692
166,993
Div. pay. by subs.
Co. Jan. 2
Cr237,610
__
Total
1934
-
sumers' deposits,
incl. int. thereon
Guarantee
Unamortized
$
debt—14,506,473 14,738,473
Bank loans (secur.) 1,520,857
2,051,590
Accounts payable243,783
299,105
Bills payable50,000
100,000
Employees' & con¬
Unclaimed divs
Casualty Co.
against
indemity bond
Prepaid and other
deferred charges
Sheet
3.350,000
on
»
1935
Funded
current
in foreign
currencies
with
1935
$
369,721
Accounts rec.
on
1934
35,221,760 34,741,388
Capital assets
$1.45
1935) dividends
a
Prof,
2,000,000
3,000,000
2,000,000
-
6H% debentures, due 1957-.
6% debentures, due 1957
7% cum. redeemable 1st pref.
stock-
Total
50,000
-
companies (at cost)
11,084,959
Shares of other public utility
company (at cost)
25,567
Discount
3,350,000
$1.06
Balance
Italian
Surplus, Dec. 31
$1,797,069
$1,428,556
$1,404,839
After deducting miscellaneous interest (net) of $18,707.
Indebtedness
3,338,300
3,335",571
$1,524,783 def$503,861
-
x
Shares of sub.
$230,770
Exclusive of $11,200 in 1936 ($12,664 in
own stock.
a
Surplus for year
Previous surplus
Adjustments—
Deposit
x3,337\335
stock
outstanding (no par)Earnings per share..---
Assets—
x445,064
Divs. on pref. and com.
stocks of control, cos.
x
Surplus
1936
fund, debt, &c.,
of controlled cos. in
hands of public——
&
510,225
$3,114,673
288,789
3.329,745
dividends
Preferred
on
Res. for deprec
Other reserves
$3,624,898
857,317
$4,860,354
x
2,450,257
6,750
Oper. exp., maint. & tax
1933
$5,717,671
629,530
$3,568,105
$1.04
Common dividends
$400,821
$4,197,635
3,339,900
—
$3,362,304
262,594
$150,257
income.
$400,821
;
$303,768
240,000
$63,768
Balance
on 7% 1st pref. stk.
Surplus for year
Divs.
Net
$5,541,045
176,626
x3,338,800
Total income
37,742
$3,999,371
198,264
$3,489,057
—
Other income
Federal taxes—
Exchange on divs. receiv.
in foreign currency
Int.
$4,006,130
86,561
$4,092,690
603,634
Operating profit
and miscel¬
Volume
Financial
143
approved the listing of 280,750 out¬
standing shares of common stock, $1 par, and will list 28,075 additional
shares of common stock, $1 par, upon notice of issuance.—V. 142, p. 4343.
Jamaica Public Service,
Ltd. (& Subs.)—Earnings—
Oper. expenses & taxes._
Interest & amortization-
$237 364
$249,169
$18,736
$16,744
Balance
—V. 142, p.
1936—12 Mos.—1935
$872,537
$841,355
519,433
498,605
103,934
105,384
1936—Month—1935
869,062
$69,897
43,684
42,535
8,633
8,626
3857.
Jantzen
Knitting Mills Co. (Ore.)—To
Call Pref. Stock—
called for redemption on Sept. 1 the entire issue of 7%
preferred stock at $105 and accrued dividends. There is $898,000
par value outstanding.'
'
The company plans to issue and sell $750,000 par value of new 5%
$100 par preferred. The funds plus cash on hand will be used to retire old
7 ^/o prcfGrrod
The company has
$100
par
and in
Sept.
the regular
addition
quarterly dividend of $1.75 a share,
payable
1."
Inasmuch
as
of the new preferred to
it is suggested that old
for the new issue make
there will not be sufficient amount
exchange share-for-share with the old preferred,
preferred holders wishing to exchange their stock
Jewel Tea
1936
1935
1934
22
Mar. 21_
April 18
May 16.
June 13
—V. 142, p.
$1,395,225
1,450,684
1,439,369
1,436,962
1,422,600
1,417.014
$1,214,762
1,276,473
1,335.685
1,276,651
-1,265.773
1,265,347
$1,095,551
1,061,842
1,052,312
1,073,939
1.034,522
1,071,758
4023.
Co.—Registers with SEC—
Kable Brothers
See list- given on
Operating expenses
charges
Interest
Amortiz. of disc. & prem
Depreciation
,
Fed. & State income tax-
$278,214
Balance
*
$3,791,414
$240,879
,
—V.
$3,333,552
Public Service Co.—Voting Trust Extended
The holders of voting trust certificates for stock of the company are
notified that the registered holders of voting trust certificates representing
more than 81% of all deposited shares have consented to a revision of the
voting trust agreement and its extension to July 1, 1941.
Revised voting trust certificates are now in course of preparation,
will
be ready for delivery on July 15, 1936, and will be exchanged for existing
certificates, free of charge, on or after that date.—V. 142, p. 4182.
Taxes
$2,110,635
1,156,730
274,109
277,581
238,758
$682,929
5,418
$676,324
15,948
$658,326
15,576
$828,755
21,288
$688,347
305,6255,343
$692,272
6.940
$673,902
320,000
5,705
x$850,043
320,000
6,154
47,740
47,737
47,715
95
331
-
Operating income
Non-operating income.
_
Gross income
Interest
on
$2,174,636
1,136,438
209,443
$2,006,821 f
1,109,738
$2,169,102
1,212,063
Operating revenues
Operating expenses
funded debt.
Miscell. int. deductions.
320,000
Amortization of debt dis¬
count
45,512
and, expense
Interest charged to con¬
struction—Cr
x$476,506
140,546
37,954
236,250
$300,555
140,268
I
38,661
Common dividends
26,250
105,000
x Subject to the adequacy of the provision for depreciation.
Net inc. for the year.
$331,866
178.729T
_
$317,591
140,121
38,692
Balance Sheet Dec. 31
/
Plant & property-
9,848,186
Cash,——_____
158,242
Workliig funds
1,625
U. 8. Treas. ctfs..
350,000
Notes&accts. rec.
177,080
Mat'ls & supplies-
cum.
stock644,900
1,625
1,245,172
499,905 x Common stock
5,000,000
147,995 Funded debt..
140,793
41,155 Def'd liabilities—
87,050
11,317 Accounts payable.
13,885
82,407 MIsc. current liabil
Taxes accrued
60,960
-
..
9,859
54,219
Special deposits
Sinking fund and
other deposits--
dividend of $1 per share on account of®
stock (par $16.66 2-3), payable July 10 to
holders of record July 1.
Similar payments were made on Deer-20r-J-uly 10
and Jan. 15,1935, and on July 16, 1934.
This latter dividend was the first
paid on the issue since Feb. 1, 1931, when a semi-annual dividend of 75
cents per share was paid on the old $25 par stock.-—V. 141, p. 3539.
Kings Crown Gold Mines,
Pref.
count & expense
stock
Reserves
Surplus...
x
10,792,753 11,328,3321
644,900
1,245,172
5,500,000
130,251
87,706
9.499
$7,190,178
$8,850,208
1,411,793
362,456
2,570,798
218,347
$8,636,673
2,078,007
164,457
2,759,881
80.978
$7,524,446
1,321,598
119,452
2,513,228
275.386
94.940
138,897
146,075
151",326
312,193
Gross income
1,743,409
Deprec. and depletion._
(est.)
295,863
2,432,523
226,711
83,305
132,964
Federal taxes
on
funded debt.
Other interest
paid
bond interest.
Amort.of debt disc.&cap
Taxes
Loss
on
through sinking fund on sale of securities
$209,667
•
ings, &c
Taxes & other
5,726
— .
expenses
34,591
non-oper. property
Cash discounts allowed.
Net
Miscell.
ajdustments
Balance...
Common dividends
4,54,883
$3,347,438
11,519,815
$2,457,432
11,830,428
$2,127,869
12,246,457
68,334
x687,404
71,761
as
18,172
$2,665,189
989,197
Consolidated Balance Sheet Dec. 31
1935
1934
acct_.
63,937,013
63.290,340
of sub.
of
excess
Its
book value..Investments
...
4,647,426
86,189,649
3,386,338
4,647,426
86,730,911
3,472,898
cash
126,940
135,609
520,784
debt
....
1934
_
$
$
20,000,000
43,364,172
interest
in subs
Consumers' dep.
Curr. liabilitiesRes.
and
1935
20,000,000
Common stock 43,364,172
Funded
Minor,
in
co.
...
Preferred stock.
x
Cost of com. stk.
.....
...
Liabilities—
$
Property
for
and
44,169,000
46,645,011
9,500,996
684,546
10,220,319
10,930,571
9,367,145
688,467
deprec.
depletion 23,297,280
credits
374,126
21,826,501
Deferred
307,791
5,345,197
receivable
6,541,073
Other reserves..
6,405,836
6,582,938
205.000
411,937
Capital surplus-
7,467,463
11,860,516
7,406.021
U. S. Gov. secure
Earned surplus.
Cash surr. value
11,235,586
40,250
Advs. on timber
67,339
10,249,401
9,109,510
constr.
427,949
426,050
211,613
companies
390,393
Sink, funds with
*
trustees, &c._
x
-.
'
47,346
6,083
449,675
2,053,368
936,104
2,215,618
&
notes
Total
$1,677,022
600,000
520,784
807,091
$1.15
Restoring to earned surplus the amount arising
Jan. 1, 1933 of tne controlling interest in the outstand¬
ing capital stock of the Koppers Coal Co. to an allied company, Kopper
Coal & Transportation Co., in exchange for certain securities of that com¬
pany, being the cost to Koppers Gas & Coke Co. of the capital stock of
Koppers Coal Co. in excess of the book value at date of acquisition which
was charged to surplus in prior years; total excess cost,
$2,641,987; less
portion thereof charged to capital surplus, $1,954,583.
988.167
$1,676,130
600,000
_
807,091
$1.56
807,091
$2.66
follows:
the transfer as at
on
665,659
$11,235,587 $11,519,815 $11,830,428
807,091
$0.43
standing tno par)
Earnings per share
Arrived at
1,755,450
1,500,000
Earned surp. Dec. 31-$11,860,516
Shares com. stock out-
Deferred charges
13,055
$2,665,327
82.359
380,880
Surplus charges
accts. not curr
603
y$123,543
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
*
215,4.55
$13,060,516 $14,935,587 $14,975,264 $14,446,087
1,200,000
1,200,000
1,200,000
1.200,000
J
1,000,000
500,000
750,000
Total surplus...
Preferred drvidendSi.
$2,647,017
$205,902
' y$127,995
128,918
451,783
278,442
Previous surplus
69,495
65,420
479,770
$1,546,487
31,235,587
income
week in process
Due from affil-.
887
79,421
Amort, of patents, draw¬
contracts
$210,554
82,559
Other income
Gross corp. income
Interest and other deduc.
$205,299
60,152
13,757
(net)
Unbilled
$2,652,272
59,378
Loss
Notes and accts.
1936—12 Mos.—1935
$5,519,372
$5,273,920
2,867,100
2,626,903
608,056
bonas retir'd
on o\i n
Petty
897,807
597,542
$5,041,864
3,594,809
3,474.569
44,684
64,390
J
195,384
$4,049,876
Sundry
Net revs, from oper.
Not Available
3,218,305
working funds
44,682
47,454
936,389
570,967
(American Power & Light Co. Subsidary]
Operating revenues
Oper. exp. and taxes...
,
"
30,967,581
$5,631,903
Cash
Co.—Earnings—-
1936—Month—1935
$453,831
$430,295
244,164
224,996
1932
profit from opers. $4,640,535
Divs., int. & miscell. inc.
2,549,643
Net
Inventories
Period End. May 31—
I
I
oper.$11,059,071 $10,588,130.
3,237,334
2,673,5631
expense
2,985,817
2,282,664 I
21,330
Represented by 52,500 shares (no par).—V. 142, p. 2831.
Kansas Gas & Electric
V
;
$41,555,712]
of
operations, excl. of depreciation & depletion 33,961,592
Assets
10,792,753 11,328,332
Total
,
1933
1934
Cost of sales and exps.
life Ins. policies
Total
"
Subs.)—Earnings—
Koppers Gas & Coke Co. (&
Calendar Years—
1935
Net sales & oper. rev...$45,020,664
2,000,600
divs.
payable
227,793
250,000 Interest accrued-_
138,694
Due from affil. cos.
Inc.—Registers with SEC—
of this department.
Kingsport Press, Inc.—Registers with SEC-—
See list given on first page of this department.—Y. 141, p. 2281.
84,451
Fed. income taxes.
11,122
Unamort. debt dis¬
•
.
have declared a
directors
$
pref. stk. 2,000,500
junior
pref.
9,818,966 7%
247,168 6%
44,225
Prepayments
$
1934
$
1934
1935
Liabilities—
1935
Assets—
„
$1,275,218
Corp.—$1 Dividend—
Keystone Watch Case
The
x
7% pref,stock dividends!
6% pref. stock dividends/
—
accumulations on the common
deductions
Min. int. .n earns, of subs
1932
1933
1934
1935
#
'
Miscell.
(The) Kansas Electric Power Co.—Earnings—
Calendar Years—
1935
$913,527
1936
all charges
142, p. 4182.
Prov. for uncoil. accts__
142, p. 3857.
Including maintenance, general and property tax.—V.
Kansas City
dividend of 50 cents per share on the
Months Ended May 31—
11
Net profit after
Interest
*
m
Co.—50-cent Div. on New Stock—
The directors on July 2 declared a
larger amount of no-par common stock now outstanding payable Aug. 1
to holders of record July 15.
The common stock was recently split up
and four new shares were issued for each old share held.
A dividend of $1 per share was paid on the old stock on April 15 last,
and compares with 50 cents paid on Jan. 15 last, and on Oct. 15, 1935;
$1 on Aug. 4, 1935, and 50 cents per share paid on June 1, May 1, and
March 11, 1935, and on Oct. 10. Aug. 25, July 24, and Jupe 15. 1934,
this latter being the first payment made since Oct. 15, 1930, when 25
cents per share was distributed.
Gen. admin,
Light Co.—Earnings—
1936—Month—1935
1936—12 Mos—1935
$1,329,190 ^1,260,302 $16,125,506 $15,095,727
659,938
628,022
7,743.073
7,062,248
133.779
147,873
1,615,604
1.767.302
9^,115
10,967
109,308
131,609
184,292
184,998
2,213,925
2.210,005
63.850
47.561
652,179
591.009
May 31—
Gross earnings
3175.
Keystone Steel & Wire
Gross profit from
Selling expense
first page of this department.
Kansas City Power &
Period End.
V. 142, p.
1933
$1,470,582
1,522,355
1,534,026
1,497,019
1.499,772
1,502,338
25
•
initial dividend of 10. cents per share
payable July 15 to holders of record June 30.—
have declared an
directors
the series -K2 shares
See list given on first page
Co., Inc.—Sales
Four Weeks Ended—
Feb.
The
on
filed in order received."
application to the company as "applications will be
141, p. 3074.
—V.
Jan.
Dividends—
said: "Holders of the old 7% preferred will be given privi¬
The company
lege of exchanging their stock for the new 5% preferred share-for-share
within limits of the new issue and be paid $5 in cash for ecah share exchanged
Funds, Inc.—Initial Series K-2
Custodian
Keystone
(F. L.) Jacobs Co.—Listing—
The New York Curb Exchange has
Period End. May 31—
Gross earnings.
115
Chronicle
—
..177,344,256 178,354,204
Total
177,344,256 178,354,204
Represented by 807,091 no par shares at stated values.—V. 142, p. 3348.
(S. H.) Kress & Co.—Doubles Common Div.—Extra Div.—
The
directors
addition
to
an
on
a dividend of 50 cents per share in
dividend of 50 cents on the old common stock, no
June 30 declared
extra
value, both payable Aug. 1 to holders of record July 20.
The common
stock is being split oh a 2-for-l basis.
The company stated that if the certificates effecting the 2-for-l split-up
of the common stock shall have been filed on or before Aug. 1, each of the
dividends declared on the above common stock shall be payable upon the
new common stock in the amount of 25 cents a share.
par
Balance
$.555,346
_
$556,238
y Before
property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 pref. stocks were paid on April 1, 1936.
After the payment of these aividenas there were no accumulated unpaid
dividends at that date.—V. 142, p. 2999.
z
Kansas Oklahoma & Gulf
on
1936
1935
1934
1933
$193,592
96,523
$155,862
51,847
71.631
43,927
$149,662
60,859
29,978
$149,800
72,105
37,214
979,559
501,417
314,772
782,781
338,850
199,151
785,434
389,565
239,534
668,393
301,373
154,084
May—
Gross from railway
Net from railway
Net after rents
Ry.—Earnings.-
From Jan 1-—
Gross from railway
Net from railway
Net after rents.
—V. 142, p. 3680.
Previously regular quarterly dividends of 25 cents per share were paid
the old common stock from Feb. 1, 1927 to May 1, 1936.
Extra divi¬
dends
of 50
cents
payable in special 6%
preferred stock,
par
$10, were
paid each May and November from 1931 to May 1, 1936 inclusive, in
August and November of 1930 and in November of 1929, 1928 and 1927.
In addition an extra cash dividend of $1 was paid on Dec. 10, 1935 and an
extra cash dividend o f50 cents was paid on Dec. 20, 1934.—V. 142, p.4023
Kreuger & Toll Co.—Plan Operative—
The plan of readjustment for Kreuger & Toll 5% secured sinking fund
gold debentures, proposed by the protective committee of which Grayson
Financial
116
Chronicle
M.-P. Murphy Is Chairman,
jointly with the committee of which Bainbridge Colby is Chairman, has been declared operative by both committees,
Mr. Murphy announced June 30.
The debentures deposited under the plan, including those reported by the
various European forwarding agents, aggregate nearly $44,000,000 principal
amount, or in excess of 92% of the entire outstanding amount of debentures,
according to Mr. Murphy's announcement, which continues:
"This almost unprecedented result is extremely gratifying to the com¬
mittee.
The debentures are in bearer form and were widely scattered
throughout the world.
At the time of the formation of the protective com¬
mittees four years ago, recovery upon the secured debentures seemed to be
limited to whatever might be received from the collateral specifically
pledged.
At the present time, however, there are prospects of substantial
additional recoveries through the bankrupt estates.
The virtual unanimity
with which the plan has been approved is doubtless attributable to an appre¬
ciation on the part of debenture holders of the work of the protective com¬
mittees during this four-year period and also to general recognition of the
soundness of the plan of readjustment.
These two considerations led to
the plan being recommended by the protective organizations existing for
Kreguer & Toll securities in all the European countries where important
amounts of secured
debentures were held, and it is largely due to their
efforts and cooperation that so large a percentage of debentures has been
deposited."—V*. 142, p. 4183.
1936
April 18-_
May 16
June 13-
-
1935
1933
$16,633,230 $17,182,877 $15,401,157 $14,628,143
17,534,229
17,609,448
16,692,181
14,844,670
17,939,108
18,072,214
17,389,973
15,231,342
18,300,976
18,545,165
17,354,758
15,314,935
18,562,984
18,801,918
17,135,060
15,952,289
18,303,943
18,032,395
17,483,570
16,026,489
June 13
1936
24 Weeks Ended—
June
1935
15
1935
1934
1933
$398,524
149,867
$365,090
124,410
83,784
$384,425
143,657
76,881
2,280,750
1,822,758
579,449
371,538
1,753,592
1,640,229
605,182
362,577
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
107,535
848,912
540,880
590,164
394,596
—V. 142, p. 4024.
Louisiana Arkansas & Texas Ry.1935
1936
•Earning s1933
1934
May—
^112,069
26,983
5,644
Net after rents
$72,032
21,139
7,493
$72,376
13,021
def3,347
$69,223
15,587
1,660
497,392
119,240
Gross from railway
Net from railway._.—
368,004
60,645
def8,864
391,556
90,631
5,194
295,595
21,533
def42,678
From Jan 1—
Gross from railway
Net from railway
Net after rents
22,467
—V. 142, p, 3858.
Louisiana Power &
Period End. May 31—
1934
-Earnings.—
$489,213
188,037
119,172
Gross from railway
Net from railway
Kroger Grocery & Baking Co.—Sales—
4 Weeks Ended—
Jan. 25
-1
Feb. 22-.-Mar. 21------
July 4, 1936
Louisiana & Arkansas Ry.May—
1936
Operating revenues.
Oper. exps. & taxes.
Rent for leased prop, (net)
_
$151,219
748
$2,417,225
27,579
$2,122,227
21,466
$205,690
76,878
$151,967
76,727
$2,444,804
921.614
$2,143,693
931,034
y$128,812
y$75,240
$1,523,190
470,000
$1,212,659
420,000
—
_
1936—12 Mos.—1935
$6,406,152
$5,606,140
3,987,700
3,487,592
1,227
Cr3,679
$204,617
1,073
Balance
Other income (net)
Light Co.—Earnings—
1936—Month—1935
$543,659
$443,102
338,626
291,135
416
748
Gross corp. income
Interest & other deduc'ns
1934
Net profit after deprec., Fed. tax., &c
$984,840 x$2,353,947
$2,285,520
1,821,989
1,813,092
1,798,633
Earnings per common share
$0.54
$1.30
$1.27
x Includes $402,764 non-recurring profit.
Current assets as of June 13, 1936, including $12,033,442 cash and U. S.
Government securities, amounted to $33,677,216 and current liabilities
were $7,224,604 comparing with cash and U. S. Government securities of
$10,987,641, current assets of $33,033,852 and current liabilities of $6,870,594 on June 15, 1935.
Inventories totaled $19,332,333 against $18,970,660.
Number of shs. of com. stk. outstand'g
Balance
—
Property retirement reserve appropriations
z Dividends
applicable to preferred stock
period, whether paid or unpaid
...
for
356,532
356,527
$696,658
$436,132
...
—.
—y. 142, p. 3681.
Balance—----y
z
—
---^--
-
—
Before property retirement reserve appropriations and dividends,
Regular dividend on $6 pref. stock was paid on May 1, 1936.
After
the payment of this dividend, there were no accumulated unpaid
dividends
at that date.
Lake Superior &
$5,527,154
3,698,747
3,362,434
1936
$346,287
233,881
187,129
Net after rents
From Jan 1—
Gross from railway
Net from railway
Net after rents—
1935
$190,373
110,681
93,295
1934
$181,103
100,602
84,631
1933
$56,297
2,093
7,003
498,709
67,603
def46,016
-
5,161.177
$2,164,720
Rent for leased property (net)..
1.702
Cr7,264
$2,159,475
$2,171,985
375,015
defl,405
def78,531
308,770
def25,618
defl03,229
144,139
defl01,941
defl50,471
—V. 142, p. 3858.
Years—
Operating revenues
Operating expenses (including taxes)
Ishpeming RR.—Earnings.—
May—
Gross from railway
Net from railway
1934
$5,859,924
Net revenues from operation.
Krupp Group No. 1 Oil Corp.—Registers with SEC—
See list given on first page of this department.
1935
Calendar
Balance
25,269
28.037
...
$2,184,745
.—
875,000
$2,200,022
875,000
57,703
420,000
Other income (net)
Gross Corporate income.
Interest on mortgage bonds
46,116
Other interest & deductions
Property retirement reserve appropriations.
Lehigh & Hudson River Ry.—Earnings.—
May—
1936
$143,983
47,149
20,476
Gross from railway
Net from railway
Net after rents-...
From Jan. 1—
Gross from railway
Net from railway
1935
$127,763
38,941,
15,292
Balance carried to earned surplus
1934
$128,455
38,339
16,474
1933
$121,138
43,249
18,456
Preferred dividends
—
dividends
Common
187,453
62,127
Net after rents.
—V. 142, p. 3681.
632,918
207,810
85,936
638,618
193,504
78,390
561,910
168,801
53,907
Lehigh & New England RR.—-Earnings.—
May—
1936
$413,327
157,823
102,709
Gross from
railway
Net from railway......
Net after rents
1935
$295,134
129,945
131,975
1934
$306,326
83,415
72,732
1933
$229,278
52,308
47,613
Gross from railway
...
Net from railway
Net after rents
1,689,985
469,721
353,632
1,557,319
1,383,533
359,847
365,983
453,643
387,862
1,130,821
204,384
210,303
240,000
Balance Sheet, Dec. 31, 1935
Liabilities—
Capital stock (no par)...
.$15,000,000
Plant, prop., franchises, Ac..$33,731,349
Investments
00,074
Cash in bankB (on demand)._
795,940
Cash in banks (time deposits)
700,000
U. S. Govt, securities
249,800
Notes & loans receivable
100,537
Accounts receivable710,033
Misc. current liabilities...
1,819
Materials and supplies
Consignments (contra)....
1,377
Prepayments
Mis cell, cm rent assets
—
Long-term debt
Consigned materials (contra)
Total.
payable
Contracts payable
Customers'
Accrued
deposits
accounts
599,100
471
Deferred credits to income.
Reserves
1,819,275
208,507
1,020,805
.
Capital surplus
Earned
1,377
021,787
—$37,412,398
17,000,300
204,055
8,871
221,091
.
Accounts
70,071
Deferred charges
—V. 142, p. 3681.
x
322,490
10,852
37,480
Miscellaneous assets..,
From Jan. 1—
$847,318
$843,629
536,532
-
—
Assets—
648,178
420,000
I
surplus
.
Total
.—$37,412,398
Represented by: $6 pref., cum. (entitled upon liquidation to $100 a
share); authorized, 200,000 shares; issued, 60,000 shares; second pref. ($6),
cum. (entitled upon liquidation to $100 a share); authorized, 50,000 shares;
issued and outstanding, 30,000 shares; common: authorized, 1,500,000
shares: issued and outstanding. 1,200,000 shares.—V. 142, p. 3176.
x
Lehigh Valley RR.—Earnings.—
May—
1936
$3,929,485
1,065,634
705,615
Gross from railway
Net from railway
Net after rents
From Jan. 1—
1935
$3,619,553
972,209
641,158
1934
$3,697,624
913,760
556,490
1933
$2,901,828
453,433
78,780
19,500,161
17,150,676
4,094,956
2,481,487
17,808,956
4,878,222
3,129,175
14,230,649
2,201,023
336,423
Louisville & Nashville
Gross from railway.u...
Net from railway
Net after rents
4,593,419
2,711,368
—V. 142, p. 4344.
RR.—Earnings.—
May—
1936
1935
1934
1933
Gross from
$7,203,276
2,008,724
1,488,891
$6,151,259
1,405,752
1,035,338
$5,987,422
$5,467,199
1,428,302
35,440,312
8,769,568
6,606,687
30,270,304
6,698,506
5,071,846
29,928,635
7,922,494
6,282,443
railway.
Net from railway.
.
....
Net after rents
1,420,847
1,023,452
945,131
From Jan. 1—
Lehman Corp .—New
Vice-President—
; - ^
••
•"•••'
-
The company has advised the New York Stock Exchange that at a
meeting of the board of directors on June 24 E. J. Bermingham was elected
Vice-President and a director of the corporation.—V. 142, p. 4344.
Gross from railway.
Net from railway.
Net after rents
—V. 142, p. 4345.
McCrory Stores Corp.—Initial Dividend
Lima Locomotive Works—Order—
The company has received an order from the Southern Pacific RR. for
five streamlined oil-burning passenger-train engines.
This makes a total of 15 engines booked by the company this year.
The company built only nine engines during 1935.—V. 142, p. 2833.
•
,
'hU,'
'
Link Belt Co.—15-Cent Extra Dividend—
The directors
common
to
the
stock,
no par
Lockheed Aircraft
The New
The
share
York
Exchange has removed the rights from unlisted
trading privileges.—V. 142, p. 4344.
the
have
new
declared
an
$6 cumulative
Bond
Balance Sheet
on
at the
as
Opening of Business May 5, 1936
Liabilities—
Accts.
hand, In banks A in
transit-
a$4,O82,7O0
warehouses & in
transit, less res. for deprec.
& obsolescence
ket
& funds in defaulted & re¬
May—
bond dlsc't unamortiz. Ac.
From Jan. 1—
Gross from railway...__
Net from railway......
Net after rents..
—V. 142, p. 4183.
1936
1935
1934
1933
$2,167,432
666,426
223,743
$2,052,095
508,235
$2,037,868
81,483
158,172
$1,954,866
673,660
300,311
9,811,159
1,993,314
258,780
9,389,871
1,616,764
def79,281
9,568,267
2,189,869
568,371
9,259,514
2,692,092
1,146.569
30,799
fees,
adminis. exps., def. maint.
A contingencies
Mtge. A purch. money obligs.
—maturs. to Oct. 1,1958._
15-yr. 5% s. f. debs., due
April 30,1951; to be retired
in accordance with
1,065,078
840,224
sinking
fund plan provisions
4,552,000
Res. for contingencies
300,000
Conv 6% acc.ptd stk.(par $100)5,000,000
Com. stock (par $1).
990,253
...
6,948,923
Capital
Prepd. insur., store supplies,
Total
552,694
28,608
eqpt. & utensils, improves,
to leased prop. A construct,
Long Island RR.—Earnings.—
Gross from railway
89,004
Miscell. notes & accts. receiv.
in process, less reserves....
—current
Res. for trustee A legal
5,529
Marketable securs.,
Long Island Lighting Co .—Stay Denied—
Net from railway.
Net after rents..
4,819,901
stricted banks, less reserves
Real est. owned, furn. & fixts.
371,178
60,000
Mtgs. pay. & mtge. instalm'ts
Miscell. accts. receivable, less
at mar¬
quotation
Dec.
31,
1935, less reserve
$1,458,058
....
tauranto,
reserve
.
payable—merchandise
A expense-
Accrued expenses
Reserve for flood loss.
Est. merch. inv. at stores, res-
Supreme Court Justice Gilbert V. Schenck denied a motion of the company
for a stay pending a review of an order of the Public Service Commission
reducing the company's electricity rates approximately $600,000 annually.
New Preferred
Offering Reported Under Way—
Assets—
Cash
Loft, Inc.—Grants Option—
The'company has notified the New York Stock Exchange that an
option has been granted to Phoenix Securities Corp. for the purchase at
any time or from time to time, prior to, but not after, 5 p. m., June 9, 1939,
of all or any part of 300,000 shares of the authorized but unissued
capital
stock of the company (subject to adjustment) at the following prices:
$3 per share (subject to adjustment) for shares taken down during the year
ending June 9. 1937;
$4 per share (subject to adjustment) for shares taken down during the year
ending June 9, 1938; and
$5 per share (subject to adjustment) for shares taken down during the
year ending June 9, 1939.-—V. 142, p. 4344.
on
initial quarterly dividend of $1.50 per
no par value, payable
preferred stock,
Goldman, Sachs & Co.; Bancamerica-Blair Corp., and Hedden & Co.,
Inc., it is stated are expected to offer this month $5,500,000 15-year 5%
debs.
The bonds will be callable at 105 for 12 years and thereafter at par.
Corp.—Removed from Unlisted Trading
Curb
directors
on
Aug. 1 to holders of record July 20,
The last previous payment made on the
old preferred stock of this company which recently emerged from receiver¬
ship was the dividend paid on Nov. 1, 1932.
have declared
an extra dividend of 15 cents per share in
regular quarterly dividend of 30 cents per share on the
value, both payable Sept. 1 to holders of record Aug.
15.
A special dividend of 50 cents per share was paid on Dec. 1, 1935.
—V. 142, p. 3000.
—~
addition
_
24,725,526
5,069,568
3,134,656
599,026
$16,573,7601
surplus
1,458,128
Earned surplus from Jan.
1936
Total
1,
448,038
$16,673,760
Funds withheld by Irving Trust Co., trustee of McCrory Stores Corp.
subsidiary corporations, for claims amounting to $4,546,572, any excess
actual payments in settlement of blaims will be turned over to
McCrory Stores Corp.—V. 142, p. 3177.
a
and
of
.
same over
McWilliams
Dredging Co.—To Vote
on
Stock Dividend—
The directors have ordered a special meeting of the stockholders on July 31
for the purpose of approving or disapproving an amendment to the articles
of
incorporation whereby stockholders would be given
a
100% stock divi-
Volume
Financial
143
dend through an increase
shares from 100,000.
in the authorized (no par) capital stock to 200,000
present 96,350 shares of capital stock outstanding.
Upon
approval of the increase in the stated capital, the directors contemplate
the declaration of the 100% stock dividend.
The sum of $468,250 will be
transferred from surplus to capital account upon approval of the amend¬
ment.—V. 142, p. 3001.
There
at
are
McKesson & Robbins,
February
March
April
May
—V. 142, p.
Michigan Gas and Electric Co.
1st & ref. A 6 Sept.
TRADING
1933
7,650,743
7,742,201
7,539,051
8,545,505
Eastman, Dillon 8 Co.
MEMBERS
STOCK EXCHANGE
NEW YORK
Net earnings after taxes,
$32,479
<>227,563
$0.14
$76,896
$70,486
222,722
$0.31
$158,190
218.800
$0.72
depreciation, &c
com. stk. outstand'g
Earnings per share
—V. 142, p. 790.
Shs.
224,522
$0.34
•
.
Manning, Maxwell & Moore, Inc.-—Dividend Doubled—
The company paid a dividend of $1 per share on the common stock, on
July 1 to holders of record June 30. This compares with 50 cents paid on
April 1, and Jan. 2, last, this latter being the first distribution made on
this issue since Oct. 2, 1930 when a dividend of 50 cents was also paid.—
V. 142, p. 131.
Margay Oil Corp.—Listing Approved—
Exchange has
Curb
York
1647.
29,501
15,737
$84,169
21,142
11,146
$108,245
44,313
32,555
588,469
266,976
187,082
—V. 142, p.
487,459
189,889
113,526
500,900
188,494
120,429
525,397
216,353
137,092
3683.
!_■
Minneapolis Brewing Co.—Earnings1936
per
1
142, p.
—V.
1935
$90,498
5 Months Ended May 31—
Net income after all charges
Earnings
$27,749
$0.06
$0.18
share on 500,000 capital shares
3350.
Net from
...
Net after rents
$2,647,945
$2,411,198
341
341
26,710
9,402
$223,754
64,449
$204,069
64,797
$2,674,655
776,430
$2,420,600
804,869
y$159,305
y$139,272
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid
$1,898,225
681,653
$1,615,731
674,344
394,876
394,876
$821,696
$546,511
1935
$575,022
def2,617
def53,676
1934
$550,860
def33,817
def91,146
$662,823
116,235
60,892
3,351,114
461,418
^ 40,469
railway
2,786,605
48,048
defl76,800
2,873,687
161,760
defl22,433
2,769,604
70,012
def230,573
_
From Jan. 1—
Gross from railway
$203,728
1933
1936
$738,345
161,607
77,121
Gross from railway
1936—12 Mos.—1935
$7,381,755
$6,581,309
4,733,810
4,170,111
$223,413
Net rev. from oper
Other income (net)
$82,589
29,985
20,595
From Jan 1—
May—
[National Power & Light Co. Subsidiary]
Operating revenues
Oper. expenses and taxes
1933
1934
1935
1936
$99,337
Minneapolis & St. Louis RR.—Earnings.—
Memphis Power & Light Co.—Earnings:—
1936—Month—1935
$596,703
$549,163
373,290
345,435
Valley RR.—Earnings.
Gross from railway
The directors have declared a dividend of 21 cents per share, payable
July 20 to holders of record June 30.
This payment compares with 22
cents paid on April 30, last; 27 cents paid on Jan. 20, last; 20 cents on
Oct. 21; 19 cents on July 20; 21 cents on April 20, 1935; 24 cents paid on
Dec. 31, 1934; 19 cents per share paid on Sept. 29 and June 30, 1934; 21
cents per share paid on March 31, 1934. and Dec. 30, 1933; 19 cents per
share on Sept. 30 and June 30, 1933, and 20 cents per share on March 31,
1933—V. 142, P. 2834.
Period End. May 31—
Midland
May—
Gross from railway
Net from railway
Net from railway.
Net after rents
Investors Trust—21 -Cent Dividend—
Massachusetts
stock, par $100.
Both dividends are payable on account of accumulations,
on Aug. 1 to holders of record July 15.
Like distributions were made on
May 1, last.
Dividends pf $1.31M and $1.12lA per share, respectively,
were paid on Feb.
1, last, and on Nov. 1, 1935, while in each of the six
preceding quarters dividends of 87}4 and 75 cents per share, respectively,
were paid.
Prior to then regular quarterly dividends of $1.75 per share,
on the 7% preferred stock, and $1.50 per share on the 6% pref. stock were
distributed.—V. 142, p. 3514.
Net after rents.
the listing of 150,000
approved
outstanding shares of common stock, no par.—V. 142, p.
New York
N. Y. 1-752
A. T. & T. Teletype
1933
1934
1935
1936
Street
Broad
Co.—Earnings—
End. May 31—
New
DEPARTMENT
3858.
Manhattan Shirt
The
1956
$8,598,303
15
6 Mos.
1943
1st & ref. B 5 Dec.
Inc.—Net Sales—
1936
1935
1934
$11,605,621 $10,532,634 $11,549,832
li;475,413
10,071,120
9,753,342
12,701,173
10,917,744
11,585,545
12.193,691
10,973,631
9,928,061
11,313,419
10,599,499
9,975,412
Month
January
117
Chronicle
Net from railway.
Net after rents
—V. 142, p. 4026.
Gross corp. income.
...
Int. & other deducts
Minneapolis St. Paul & Sault Ste. Marie Ry, —Earns.
1936
1935
1934
1933
$2,337,725
642,404
342,052
$1,969,312
599,175
348,006
$2,039,119
443,953
149,763
$1,892,499
409,654
126,339
9,775,405
1,321,513
def45,335
8.334,862
570,829
def589,832
8,675,998
1,080,746
def249,749
7,661,627
350,891
def946,519
May—
Balance
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Balance
.
_
y Before
property retirement reserve appropriations and dividends,
Regular divs. on $7 and $6 pref. stocks were paid on April 1 1936. After
payment of these divs. there were no accumulated unpaid divs. at
that date.—V. 142 p. 3178.
Net from railway
Net after rents
z
the
Merchants Refrigerating Co.—Accumulated
Dividend—
The directors have declared a dividend of $1 per share on account of
on the $7 cumulative preferred stock, no par value, payable
Aug. 1.
A like payment was made on May 1 and Feb. 1, last, Nov. 1 and
Aug. 1, 1935, prior to which regular quarterly dividends of $1.75 per share
accumulations
Accruals after the payment of the current
share.—V.
per
Mexican
The
142,
dividend will amount to $3.75
2165.
P-
*
Period End. May 31—
earns, from oper__
1936—5 Mos.—1935
1936—Month—1935
$659,766
$649,138
464.601
461,381
Gross
Oper. exps. & deprec
$3,350,145
2,292,405
$3,152,232
2,246,665
$187,757
$1,057,740
$905,567
,165
earnings
p. 4346.
Michigan Associated Telephone Co.
Years—
Operating
"
revenues
»
_
.
1934
1935
...
Operating expenses and taxes
-Earnings-
■
Provision for depreciation
$883,114
180,000
490,482
$969,590
180,000
532,631
.
=
*
Net operating income
Other income (net)
1
on
$256,958
1,188
.-
Net earnings
Interest
..
funded debt
.
General interest
„
Amortization of debt discount and^expense
Miscellaneous deductions from income
Interest charged to construction
;
Net income
$212,632
1,895
$258,146
125,000
1,267
9,155
1,728
Crl.813
$214,527
125,000
j37
$2,873,951
2,777
$243,741
143,569
$3,284,045
1,718,839
$2,876,728
1,728,581
Balance.
y$160,961
y$100,172
Property retirement reserve appropriations.
z Dividends
applicable to preferred stock for
period, whether paid or unpaid
$1,565,206
$1,148,147
405,000
343,750
990,633
990,552
rev.
Int. & other deductions.
Balance..
$303,946
142,985
"
Miscellaneous
investments--
.
Special deposits
781
mtge.
5%
231,163
Accounts
bonds,
1, 1961.
2,500,000
37,753
31,550
payable
22,235 Accruedinterest..--;
468,361 Accrued taxes..20,842 Partial accr. for pref. divs.—
Cash..
.
Notes & accts. receivable.-
14,335
184,362
Materials & supplies
150,143
14,751
Service billed in advance
Misc.
5,810
2,380
1,052,268
4,866
339,917
current liabilities
Reserves
Contributions for extensions
Surplus
$7,332,74l|
Total
A-fter
Total..
$7,332,741
for uncollectible notes and accounts of
reserve
$4,001.—V. 142,
Michigan Bell Telephone Co.—Ordered to Cut Rates—
Reductions in telephone rates totaling $1,500,000 yearly have been or¬
dered by the Michigan Public Utilities Commission.
It was estimated
of the 550,000 telephone subscribers in the State would be af¬
65%
the
same
time
the
Commission
ordered
the
company
not
to
pay
$200,000
annually to American Telephone & Telegraph Co.,
instead of the $439,000 a year it has been paying under a license contract
for long-distance equipment.
George M. Welch, President of the company, stated: "I do not think
present business justifies a reduction.
As a matter of fact, our brief filed
in the case indicated that there should be an increase in the rates."—V. 142,
tnan
$56,264
16,113
6,016
$50,299
def7,120
9,758
879
defl3,780
352,643
82,925
272,456
275,387
36,919
8,730
218,455
def6,701
def37,181
1—
_
_
—V. 142, P.
32,225
866
48,733
3860
Missouri & Arkansas Ry.-—Earnings.
1935
May—
1936
Gross from railway
Net from railway
Net. after rents
1934
1933
13,874
$88,926
20,712
11,244
$75,598
19,018
5,802
119,771
34,771
21,333
411,915
69,084
12,851
312,604
17,822
def34,706
$90,419
23,194
11,181
$78,679
22,461
410,326
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
86,754
31,574
142, p. 3860.
Mississippi Power Co.—Earnings1935
$2,636,418
34,260
22,389
earnings'
27,423
10,417
Transportation
Non-operating revenues
Total gross earnings
$2,773,989
1,359,643
Operation
168,586
Provision for retirement reserve
85,000
General taxes
State
1934
$2,736,149
Calendar Years—
Gross
331,758
9,000
income tax
Net earnings
on funded debt
—
Interest
Interest
on
unfunded debt
Amortization of debt discount. & expense
4347.
1933
$56,769
Maintenance
fected by the order.
1934
$72,818
20,005
,13,611
Electric
3179.
more
1935
1936
May—
Net after rents
gold
,
-
railway. 1Net from railway...--.
series A, due April
Debt discount & expense in
progress of amortization.Prepaid accts.&def. charges.
Working funds
1st
.
Mississippi Central RR.— Earning s-
From Jan
$6,386,915 6% cum. pref .stock ($100 par) $1,474,900
3,744 Common stock ($100 par)...
1,718,400
$169,573 def$186,155
y Before property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to May 31, 1936, amounted to
$970,553.
Latest dividends, amounting to $1.75 a share on 7% pref.
stock, $1.50 a share on 6% pref. stock, and $1.50 a share on $6 pref. stock,
were paid on April
1, 1936.
Dividends on these stocks are cumulative.
^-V. 142, p. 4347.
'■
$79,885
Liabilities—
Telephone plant,, equip., &c_
p.
48
$3,283,213
$243,693
—.--1-.---—
Gross from railway
Balance Sheet Dec. 31, 1935
At
$303,891
55
from oper...
Net from railway
Net from rents.
$9,015
Assets—
that
1936—12 Mos.—1935
$5,846,861
$5,386,542
2,563,648
2,512,591
832
Net
Gross from
x
company
Light Co.—Earnings—
Other income
9,155
1,537
Crl,086
$122,809
Preferred dividends
p.
the
142,
Calendar
x
authorized
[American Power & Light Co. Subsidiary]
Gross corp. income
Net
has
Period End. May til—
1936—Month—1935
Operating revenues
$521,283
$466,152
Oper. exps. and taxes.217,392
222,459
Light & Power Co., Ltd.- -Earnings—
[Canadian Currency]
-V.
Commission
Commerce
Interstate
(1) to extend from Aug. 1, 1936. to Feb. 1, 1£38, the maturity date of not
exceeding $5,000,000 of secured notes; the notes during this period to
bear interest at the rate of 5% per annum, payable semi-annually, and
(2) to continue the pledge of not exceeding $6,250,000 of 1st ref. mtge.
bonds, series B, as collateral security for the notes.—V. 142, p. 4184
Minnesota Power &
distributed.
were
Extension—
Interest charged to construction
$2,693,067
1,291,857
182.064
73,200
355.065
$820,002
393,197
45,729
13,456
Cr4,769
$790,880
452,372
41,891
16,642
Cr2,988
$372,389
253,092
$282,962
Michigan Public Service Co .—Preferred Dividends—The
cum.
directors
have
pref. stock,
par
declared
$100,
dividends of $1.75 per share
and $1.50 per share on the 6%
on
the
cum.
7%
pref.
Net income
Preferred dividends
_•
-
Financial
118
Balance Sheet Dec. 31, 1935
Jbsscts
$6 cum. pref. stock
$1,927,161
$7 cum. pref. stock.
1,595,931
b Common stock
4,500,000
Funded debt
10,829,700
Consum. security & ext. dep.
198,716
Intangib.)$20,242,441
Inv. in munic. & other secure.
(at cost)
Special deposits
Debt disc.
89,886
119,571
& exp.
in process
of amortization
a
Accounts
Due
264,628
Def'd chgs. & prepaid accts__
Cash.
Southern
156,599
receivable
Due from affiliated cos
_
51,749
divs. pay.
175,327
22,651
604,916
40,371
254,881
836,009
Miscell. current liabilities
Reserves
Contributions for extensions
.
Capital surplus
a
Y.
After
142,.
$21,893,846
.•
reserve
p.
.....
Earned surplus
Total..
...
|
Total
...$21,893,846
b Represented by 450,000
of $54,862.
Motherlode
no par
Development Corp.—Withdrawal of Regis¬
tration—
253,215
int. & pref.
Acer.
representing the unpaid balance of $3,805,000 of such notes. The balance
of the proceeds, if any, would be used for additions to plant facilities, and
for the purchase of lead tobacco or retained as working capital.
The com¬
pany does not expect to enter into any underwriting agreement in connection
521,100
82,116
Accrued taxes
2,967
157,799
sufficient number of shares were sold ap¬
proximately $3,200,000 of the net proceeds would be used to pay notes
of the company held by the Guaranty Trust Co.: National City Bank,
New York, and the Commercial National Bank & Trust Co., New York,
with the issue of the stock.—V. 142, p. 3860.
Corp.—Demand
Accounts payable
Due to affiliated cos
3,849
Interest receivable
&
notes)
749,230
Materials & supplies
Commonwealth
to
106,874
July 4, 1936
The statement says that if a
Liabilities—
*'
Fixed capital (incl.
Chronicle
Securities
The
Exchange Commission has consented to
and
drawal of the registration statement of the company.—V. 142, p.
Motors Securities
See list
Co., Inc.—Registers with SEC—
given on first page of this department.
Mueller Brass Co.—New President—
Fred L.
Riggin has been elected President, succeeding O. B. Mueller.
Vice-President.—V. 142, p. 1128.
Mr. Riggin was formerly Executive
shares.—
962.
:
See list given on first page of this department.-—V. 138, p. 3953.
Steamship Line (& Subs.)—Earnings—
Munson
■
[Exclusive of Subsidiaries Not Consolidated]
Mining & Development Corp.—Registers with SEC—-
Earnings for Period from June 30, 1935 to March 31, 1936
■
Operating revenues, steamships_
Operating and administrative and
_
Mississippi Power & Light Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. May 31—
1936—Month—1935
$415,069
$367,928
284,169
273,873
-
Operating revenues
Oper. exps. and taxes
Net revs, from oper..
Rent fr. leased prop.(net;
)
Other income (net)
1936—12 Mos.—1935
$5,313,570
$4,918,144
3,582,634
3,404,259
$130,900
$1,730,936
645
598
Dr239
93
Gross corp. income—
$94,055
999
4,340
$131,638
74,008
Int. & other deductions-
$95,652
r
72,681;
$1,513,885
7,200
15,011
$1,735,037, $1,536,096
887,831
888,261
Balance
y$57,630
y$22,971
Property retirement reserve appropriations
z Dividends
applicable to preferred stock for
period, whether paid or unpaid
$647,835
350,000
$847,206
387,500
403,608
Profit
Profit
w
Before property retirement
Missouri Illinois
Total income
1936
$373,551
—
2,463
Cr38,805
Balance carried to surplus account.,
.
V ^
^\ V
Cash.
x
$100,254
26,847
9,667
Net after rents
1934
$86,656
1933
$87,450
27,429
12,353
13,629
4,976
From Jan. 1—
Gross from railway
Net from railway.
417,715
85,226
12,015
Net after rents
.....
Receivables...
Stores & supplies
424,996
95,556
32,106
383,132
301,780
31,589
def36,766
98,487
42,411
93,388
97,507
441,788
287,214
239,502
158,871
76,603
515,125
297,560
Spec. dep. (at cost)
& misc. invest's,
Inv. in & amounts
owing from subs.
& affiliated cos.
4,962,281
4,949,050
10,863,268 12,266,014
557,750
557,750
charges..
218,755
241,202
Property
Goodwill, &c
y
Deferred
Mar.31 '36
Liabilities—
506,788
Prepaid insurance.
$60,601
9,046
def3,913
'■■■■ 'f.-'yf
June 13 '34
$
Dr264
$409,628
—
Consolidated Balance Sheet
:-
Assets—
&c. (less reserve)
1935
$361,601
—11,949
—
_of subsidiaries for the period June 13, 1934 to June 30, 1935..
Minority stockholders' int. in profits and losses before deprecia¬
tion of subs, for the period June 30,1935 to March 31, 1936.-
RR.—Earnings.-
May—
Gross from railway
Net from railway
$390,786
Dr29,185
Interest charges on notes for insurance premiums, &c
Minority stockholders' int. in profits and losses before deprec.
403,608
reserve
4,280,687
~
miscellaneous operations
Net operating profit
Non-operating income
$56,098 def$105,773
appropriations and dividends,
z Dividends
accumulated and unpaid to May 31, 1936, amounted to
$655,863.
Latest dividend, amounting to $1.50 a share on $6 preferred
stock, was paid on May 1, 1936.
Dividends on this stock are cumulative.
—V. 142, p. 3179.
y
$4,671,473
—
general expenses, steamships.
—
on
Mar.31 '36
Balance
the with¬
3180.
Notes, drafts &
/
ac-
June 13 '34
S
$
:
counts
payable,
accrued int., &c.,
applic.
subseq.
to June 13, 1934
278,364
Applic. to June
13, 1934
2,826,034
Res.
for
personal
inj'y claims, car¬
go
claims,
com-
pensa'n ins., &c.
240,593
229,276
385,926
Excess of
over
3,520,031
329,473
revs, over
expenses on
voyages not com¬
pleted
Fund,
—V. 142, p. 3860.
debt,
incl.
past due maturi¬
ties & maturities
v.-," Missouri Pacific RR.—Rarnings.—
1936
i935
1934
$6,765,031
1,257,580
311,320
$5,855,130
1,581,363
893,152
$6,333,307
1,544,108
799,937
$5,845,330
1,417,632
676,908
34,282,900
7,230,828
2,732,244
28,907,368
4,904,731
1,484,897
29,905,223
6,959,442
3,272,721
24,975,575
4,740,004
1,315,882
Net after rents
From Jan. 1—
Gross from railway
Net from railway
due within 1 year
1933
May—
Gross from railway
Net from railway
not
Other
May—
1936
railway
stk.
$744,203
116,951
14,236
railway
4,062,835
719,445
212,869
.
3,353,118
262,645
defl97,601
directors have declared
a
dividend of $1
$779,403
205,824
87,741
3,680,578
590,361
54,787
3,076,918
486,529
def27,676
Preferred Dividend—
per
share
on
account of
the $7 cum. pref. stock
no par value
payable Aug. 1
to holders of record July 15.
A similar payment was made on May 1 and
Feb. 1 last, and on Nov. 1, Aug. 1, May 1 and Feb. 1, 1935, prior to which
on
regular quarterly dividends of $1.75 per share were paid.
Accruals after the payment of the Aug. 1 dividend will amount to $5.25
per share.—V. 142, p. 3179.
■;
y,
Monongahela Ry.-rEarnings.—
May—
1936
$387,884
242,520
138,181
1935
1934
1933
$339,650
209,986
104,82 4
$335,291
198,604
98,677
$287,000
188,555
98,272
-1,973,624
1,210,127
680,748
1,648,204
989,314
485,323
1,724,854
1,039,328
545,438
1,253,169
743,791
345,384
Gross from
railway
railway
Net
>
after rents..
From Jan. 1-—
Gross from railway
Net from railway
Net after rents
of
surp.
consolid'd
968,698
1,007,254
1,104,500
2,451,000
1,308,125
2,451.000
18,173 789
19,156.634
1933
1934
$771,908
134,669
21,532
—V. 142, p. 4347.
Mohawk-Hudson Power Corp.—$1
cap.
herein.........
Total..
x
y
Net from railway
Net after rents
&
in
Earned deficit
From Jan. 1—■
Net from
625,361
nt.
Pref. stk., 6% cum
Com. stk., no par.
1935
-
$861,359
160,915
50,050
.
Net from railway.
Net after rents.
The
695,436
subs,
Mobile & Ohio RR.—Earnings.—
accumulations
737,074
reserves
ers'
Net after rents
Gross from
9,777,084
759,321
cos.
Minor'y stockhold¬
—V. 142, p. 4185.
Gross from
9,772,039
consolidated
Owing to'subs.
—Y. 142, P. 3684.
After
After
in
19,156,634
...18,173,789
Total
1,104,500
624,421
for bad debts of $128,760 in 1936 and $152,550 in 1934.
for depreciation as provided by the companies of $5,588,988
reserve
reserve
1936 and $6,123,364 in 1934.—V. 142, p. 4347.
Narragansett Electric Co.—Files with
$34,000,000 lsi Mtge. 3%s—
SEC—To Issue
The company on June 26 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2294, Form A-2) under the Securi¬
ties Act of 1933, covering $34,000,000 of first mortgage bonds, series A,
3)4%, due July 1, 1966.
The net proceeds from the sale of the bonds, together with other funds,
will be used to pay off bank loans of $34,000,000, which were incurred to
redeem the following issues, and to reimburse the company for a fee of
$170,000, paid on May 29, 1936, for the execution of the agreement estab¬
lishing the bank credit:
^
$26,504,500 of first mortgage gold bonds, series A, 30-year, 5%, due Jan. 1,
1957, called for redemption on July 1, 1936, at 102%;
3,691,000 first mortgage gold bonds, series B, 5%, due Jan. 1, 1957,
called for redemption on July 1, 1936, at 102%; and
2,960,000 first mortgage bonds, series C, 5%, due June 1,1958, called for
redemption Dec. 1, 1936, at 105%. The mortgage securing the
bonds was discharged June 25, 1936.
The bonds are redeemable at the option of the company as a whole at any
or in part on any interest payment date after 30 days' notice at 107
%
time
and
int., if red. on or before July 1, 1941, and thereafter the premium shall
by Hi of 1% a year until July 1, 1947, after which the premium
by M of 1% a year until July 1, 1964. No premium will
be paid if the bonds are redeemed after July 1, 1964.
The bonds are callable for sinking fund purposes on any int. day but not
before Jan, 1, 1939, on 30 days' notice, plus a premium of 4% on that day,
the premium thereafter decreasing Y of 1% to and incl. Jan. 1, 1947;
thereafter by Y of 1% to and incl. Jan. 1, 1962; thereafter, to maturity
at face value, in all cases with accrued interest.
The price to the public, the names of the underwriters and the under¬
writing discounts or commissions are to be furnished by amendment to
the registration statement.
The company also filed an application (32-24) under the Public Utility
Holding Company Act of 1935 for exemption from the requirement of filing
be reduced
Montana Dakota Utilities
Co.—Application Withdrawn
The Securities and Exchange Commission has issued an order consent¬
ing to the withdrawal of company's application covering $12,500,000 of
4H % first mortgage sinking fund bonds and $2,450,000 of serial debentures.
The registration statement was filed by the company May 5.
Withdrawal
of the statement
.
was
made at the request
9f the registrant.—Y. 142,
p.
,3179.
Montana Power Co. (& Subs.)—Earnings—
[American Power & Light Co. Subsidiary]
Period End. May 31—
Operating revenues
Oper. exp. & taxes...._
Net
1936—Month—1935
1936—12 Mos.—1935
$1,044,711
$944,771 $11,782,490
$9,903,562
470,174
,458.207
5,847,097
4,904,044
from oper..
Other income (net)
rev.
Gross corp. income
Int. & other deductions.
$574,537
1,908
$486,564
11,322
$5,935,393
29,617
$4,999,518
127,719
$576,445
207,493
$497,886
207,693
$5,965,010
2,491,016
$5,127,237
2,529,417
y$368.952
y$290,193
$3,473,994
Property retirement reserve appropriations
703,338
z Dividends
applicable
to
preferred stock for
period, whether paid or unpaid
956,377
$2,597,820
476,744
$1,814,279
$1,165,663
y Before
property retirement reserve appropriations and dividends,
Regular dividend on $6 pref. stock was paid on May 1, 1936. After the
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 142, p. 4347.
z
(Philip) Morris & Co., Ltd. —Files Stock Issue—
The company has filed a
registration statement under the Securities Act
covering 103,866 shares ($10 par) common stock to be offered,
through transferable warrants, to stockholders of record of July 28 to
1933
$50
a
share in the ratio of
warrants
on
are
one
new
exercisable only in
Aug. 17
,
declaration in connection with the issue and sale of the above bonds.
Opportunity for hearing of this matter will be given July 13.—V. 142,
3861.
share for each four shares held.
amounts
;
The
calling for full shares and will
-
""""
Louis Ry.—Earnings.—
1936
1935
1934
1933
$1,095,151
97,028
49,237
$1,046,859
94,207
30,349
$1,093,295
159,331
95,867
$1,130,511
247,906
198,737
5,550,459
637,696
342,921
5,229,559
519,171
189,736
5,643,101
1,006,456
667,209
4,997,416
748,504
502,585
May
Gross from railway.
Net from railway
_
.
Net after rents
*
From Jan. 1—
Gross from railway
955,413
Balance
expire
a
p.
Nashville Chattanooga & St.
Balance
of
will be decreased
Net from railway
Net after rents
—V.
142,
p.
3684.
National Automotive
Fibres, Inc.—Extra Dividend—
The directors nave declared an extra dividend of \2)4 cents per share in
addition to the regular quarterly dividend of 37 K cents per share on the
class A stock, no par value, both payable Aug. 1 to holders of record
July 10.
Similar extra dividends were paid on Feb. 1 last and on Nov. 1 and Aug.
1,
1935.
The regular quarterly dividend was increased from 25 cents to
37y cents with the May 1 last payment.—V. 142, p. 3351.
National Aviation
Corp.—Subscription Offer—
Directors have voted to offer stockholders 19.095 shares of Pan American
Airways Corp. stock held in
this
company's
portfolio
and
thus reduce
Volume
Financial
143
Consolidated Balance Sheet Dec. 31
National's holdings from 68,586 to 49,491 shares.
The offer will be made
tofstockholders of record July 9, giving them rights to subscribe on or
before Aug. 3 at $50 a share for the 19,095 shares.
Stockholders will have the right to subscribe for one share of Pan Ameri¬
1935
fcThe
folio
Pan American shares now in its port¬
The Pan American shares now in
substantial unrealized
National.—V. 142, p. 2508.
a
■
their
'
'
cost to
average
•
.
.
•
'
.
•
,
'
.
.
National Rubber Machinery
f~*"V'
'
.
"
"
,
'
'
.'
•
.
adv.
Co.—Earnings—
''
'
■
•
The New York Curb
standing shares
of
$19,566
•
appointed registrar for
7,222.662
37,978,625
28.255,663
88
30,263
112
103,528
447,546
58,425
285,686
483,453
1,795,600
191,447
900.581
income
1,568.221
Kilometers operated
11,289:017
2,196,528
H,287.417
5,627,468
11,289.017
11,287.417
oper. revenues.
oper.
9,646,541
8,296,825
expenses.
Tax accruals & uncoliec.
revenues
Other income
Deductions
Net oper.
—V.
142,
p.
9,013.715
Four Weeks Ended—
Feb. 1
Feb. 29
.
——
April 25
May 23.
June 20-
1933
1934
1936
1935
$5,135,421
4,662,014
4,733,906
4,582,700
4,349,416
4,628,100
$4,387,876
4,929,167
4,898,378
4,816,420
4,885,980
5,037,572
$4,928,125
4,650,848
5,062,463
5,022.922
4,843,404
4,743,075
$4,344,288
4,735,402
4,747,235
4,608,491
4.659,679
4,796,725
p.
1,221
3861.
in the previous month
Nebraska Power
a
operation, compared
year previous.-—V. 142,
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. May 31—
1936—Month—1935
$548,422
$543,236
308,852
290,136
Operating revenues
Oper. exp. & taxes
Net
from oper
1936—12 Mos.—1935
$6,943,678
$6,588,487
3,694,053
3,432,031
$239,570
50,349
$253,100
45,244
$3,249,625
$289,919
86,397
$298,344
86,364
$3,513,597
Balance..
y$203,522
y$211,980
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$3,156,456
274,675
$2,475,386
rev.
Other income (net)
Gross corp. income
Int. & other deductions.
263,972
1,038,211
$3,431,131
1,039,181
$2,391,950
512,500
450,000
499,100
Surplus
,736,822
584,971
55,126,787 55,269,930
I
Before property retirement reserve appropriations and dividends,
z Regular
dividends on 7% and 6% pref. stocks were paid on March 2,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on June 1, 1936.— V. 142, p. 3006.
May—
Ry.—Earnings.—$53,642
27,345
21,881
railway.
Net after rents
1934
1933
$32,637
8,936
6,086
$25,996
4,303
1,427
servation proceeding undertaken under Article XI of the State Insurance
Law enacted in 1932.
Motion to confirm the report, according to the
will be heard in Supreme Cohrt
July 8.
in
New Jersey on
May 28, 1932, with the New Jersey Commissioner of
Banking and Insurance as the primary liquidator a contract was entered
into allowing the New York Department to collect and conserve all assets
in New York State and to investigate and determine allowances on all
claims made by New York residents.
' This cooperative supervision is in
line with the policy long urged
by the New York Department to promote
equable distributions of assets of insolvent
States of the Union.
Pro¬
made in legislation passed
at Albany recently, but this legislation can have no effect until other State
legislatures act favorably also.
In this conservation proceeding 4,117 claims were filed by New York
residents asking total awards of $14,805,608.
Practically all of these
claims have been adjudicated or compromised, including many legal actions
that were pending against the company at the time it became insolvent.
Of these claims the New York Department has recommended for allow¬
ance $693,320.
Secured and preferred claims have been paid out of assets
collected in the State to the amount of $167,752.
After court approval
the balance of the claims will be certified to the New Jersey liquiaitor for
payment in so far as is possible out of the general assets of the company.,
The primary liquidation in New Jersey is well advanced but a date for
dividend distribution to claimants has not yet been announced.
The company was licensed to do business in practically all the States of
the Union.
Beginning as a plate glass insurer it branched out and was
doing at the time of its liquidation an extensive surety business throughout
the Nation.—V. 135, p. 3534.
in
liquidation
and
insurance corporations doing business in many
vision for similar cooperation nationally was
129,491
19,619
7,358
98,448
def21,840
def37,102
77,047
—V. 142, p. 3862.
New Bedford Gas & Edison
The directors have declared
a
Light Co.—$1 Dividend—
New Mexico Natural Gas Co.—New,Name to Be
...
New Orleans Public Service
Net
revs,
Balance
(& Subs.)—Earnings
1933
1932
$4,782,608
2,239,916
$5,060,612
2,321,334
Operating profits
Non-oper. earns, (net)..
$2,356,373
99,431
$2,542,693
65,746
$2,455,805
1,485,243
611,812
102,925
$2,608,439
1,576,970
596,444
106,453
$2,817,718
1,561,977
741,278
108,139
y
z
y$173,784
Interest..
Depreciation^
Disc. & exp. on sec.
additions
$2,836,306
1,422,836
620,130
sold.
101,133
...
and
Before
property
retirement
accumulated
179,731
133.407
193,373
196,071
Surplus avail, for red.
of bds., divs., &c__
on pref. stock
$871,938
733,667
$389,230
734,661
$521,945
422,585
Net after rents
171
128
141
130
on
Balance
$138,100 def$345,559
>,219 def$174,999
Total income
Interest
Depreciation
Disct.& exp.on sees, sold
Profit arising
from re¬
$305,284
1,102
$246,242
7,705
$2,982,122
54,636
$253,947
120,276
52,909
8,547
$3,036,759
1,383,058
614,419
98,856
$2,352,154
1,456.427
52,998
8,039
631,275
102,524
miscell.
146,139
def309
railway.
Net from railway.
Net after rents
Surp .avail .for redemp.
of bonds, divs., &c_
reserve
to
unpaid
appropriations
May
31,
and
1936,
544,586
$229,623
$169,949
dividends,
amounted
to
1936
$176,406
1934
1935
1933
70,248
55,208
$137,756
75,950
82,410
$193,488
84,008
94,842
$110,808
23,263
40,789
987,593
350,971
278,863
752,375
254,676
294,783
843,891
314,529
367,413
583,271
107,404
185,071
—Y. 142, P.
3,106
121,826
24,113
26,794
>,108
$1,062,451
$256,958
1933
142 ,029,465 125.427,003 126,110,769 105,846,562
32,909,277
26,300,167
29,330,739
33 ,236,179
14,037,967
8,108,547
15 ,448,569
12,493,615
Chicago & St. Louis RR.—Equipment Trusts
Commerce Commission has approved the issuance and
$1,410,000 of 3% equipment trust certificates, the issue to be sold
riot less than 100.659 and divs.—V. 142, p. 4349.
The
Interstate
sale of
at
New York Connecting
RR.-
-Earnings.
1936
Net from railway.
1935
1934
1933
$248,385
174,212
102,367
$218,059
167,675
97,366
$234,526
185,460
110,133
$235,352
194,069
1,190,316
922,212
1,153,177
898,618
557,805
1,202,155
968,353
605,377
1,174,190
962,685
589,418
122,509
From Jan 1—
Net from railway
$130,705
1934
4029.
New York
Net after rents.
2,186
—
1935
$28 ,154,613 $24,996,254 $25,636,965 $23,253,326
7,080,043
7,074,218
5,907,669
6 ,906,667
3,239.727
3,293,124
3 ,280,984
2,439,953
From Jan 1—
Gross from railway
Net from railway—.—
Net after rents
Gross from railway
—V. 142, p. 4029.
and
1936
Gross from
May—■
additions
and deductions
544,586
New York Central RR.—Earnings
Gross from railway.
tirement of bonds and
debentures
—
May—
$2,227,411
124,742
$306,387
112,148
Operating profits
Non-oper. earnings (net)
$2,438,963
2,124,000
2,124,000
—V. 142, p. 4348.
Earnings for Month and 12 Months Ended May 31
1936—Month—1935
1936—12 Mos.—1935
Gross oper. earnings
$530,450
$445,546
$5,639,337
$4,982/289
Oper.& gen. exps.& taxes
225,165
199,304
2,657.214
2,754,878
Other
Net from railway—
Net after rents
subs,
:
$2,498,637
y$172,777
From Jan. 1—
$602,395
777,264
not held
$5,341,433
2.9Q2.470
New Orleans Texas & Mexico Ry.— ■EarmngsGross from railway..:—
Net from railway.
Gross from railway..—
deductions (neu credit)
Divs.
$5,345,317
2,846,680
$1,792,596.
Latest dividend, amounting to 873^ cents a share on $7
pref. stock was paid April 1, 1933. Dividends on this stock are cumulative.
—V. 142, P. 4348.
May—
Total income^-.
$413,575
240,798-
•
$5,317,952
23,481
:--
Dividends
$2,739,278
78,440
$2,749,856
86,450
$404,235
230,451
Gross corp. income
i
Int. and other deductions
$5,307,288
38,029
Deficit..
1934
1935
(net)
period, whether paid or unpaid
$5,209,151
2,852,777
stock
Inc.—Earnings—
Property retirement reserve appropriations
z Dividends
applicable to preferred stock for
operating earnings $5,312,970
Oper. & gen.exps.& taxes
2,563,114
Gross
on
682,839
7,664
def219,049
$409,702
3,873
$402,840
1,395
from oper..
Other income
this department.—V. 142, p. 4349. «
Nevada-California Electric Corp.
Divs.
931,423
Period End. May 31—
1936—Month—1935
1936—12 Mos.—1935
Operating re venues
$1,296,505
$1,243,701 $16,054,295 $15,100,724
Oper. exps., & taxes
893,665
832,999
10,747,007
9,782,772
Stocks*, Inc.—Registers with SEC—
Calendar Years—
Miscell.
224,418
33,262
—V. 142, P. 3685.
Adopted
Albuquerque Natural Gas Co. above.
See list given on first page of
•
487
907,263
197,696
28.548
1933
$164,695
21,927
def29,053
From Jan 1—
Gross from railway.
Net from railwray
dividend of $1 per share on the common
stock, par $25, payable July 15 to holders of record June 30.
Previously
regular quarterly dividends of 75 cents per share were paid.—V. 142, p. 4029.
New York
1934
$190,984
50,381
13,402
[Electric Power & Light Corp. Subsidiary]
232.431
102,098
after rents
—See
1935
$178,419
36,411
1,050,986
301,460
81,191
__
Net after rents
'
RR.—Earnings.—-
1936
$208,670
66,427
23,342
May—
Gross from railway
Net from railway
From Jan. 1—
Gross from railway
Net from railway...
Net
by
Superintendent of Insurance Louis H. Pink on June 25 filed in the New
$20,190
def3,038
def5,944
149,507
25,919
11,987
*
companies
York County Clerk's office his second and final report in the conservation
of this company.
The report winds up the first insurance company con¬
Net after rents.
1935
1936
Gross from railway
55,126,787 55,269,930
Total
New Jersey Fidelity & Plate Glass Insurance Co. of
Newark, N. J.—
$1,380,689
y
Net from
106,489
148,286
2,157,553
162.117
152,504
3,092,139
1,936,717
400,000
__
New Orleans & Northeastern
Nevada Northern
dam¬
^98,761
$1,526,286
Balance
&
Misc. oper. reservs
amortized
economy
and 1,225
conting.,
&c
The proceedings mark also a forward step in the handling of interstate
insurance liquidations.
When the company was taken over for liquidation
The company on June 20 last had 1,219 stores in
with
for
injuries
ages,
a Based
upon
the acquisition of stocks of subsidiary
Nevada-Californis Electric Corp.—V. 142, p. 4029.
on
Tea Co.—Sales-
Mar. 28
Res.
notice being mailed to interested parties,
4028.
National
135,633
debits
def,
Total
1936—4 Mos —1935
1936—Month—1935
amortized
being
40,752,230
33,782,352
Railway
Railway
ing
Oth.
Mexico—Earnings-
10.209.065
1,947,515
&
prems. pd. in bd.
redemptions, be¬
$0.54
stock, $4 par value each.—V. 138, p. 159.
April 30—
2,127,055
153,167
__
Prepaid ins., taxes,
expenses, &c
$91,173
[Mexican Currency]
Period End.
,892,272
,012,098
assets
Dlscts. & exps. on
funded debt and
Earnings for Three Months Ended March 31, 1936
National Rys. of
8,000
trustees
inventories
Exchange has approved the listing of 169,128 outrstock, $4 oar.—V. 138, P. 159.
common
2,343
Drl 115464 Drl117022
Bds. & debentures.26,790,700 28,407,500
Current liabilities.
833,100
897,585
Def. credit items.-e
104,337
110,342
Suspended credits
to property
270,756
270,756
Res. for deprecia'n 5,797,473
5,386,755
for construc'n of
Current
common
Net profit after charges and Federal taxes
-sr.
Earnings per share on 169,128 shares capital stock (par $4)—
200,000 shares of
with
stock of
on
corporation
721,335
with trustees
Fds.
Approved—
The Guaranty Trust Co. of New York has been
538,156
17,374
17,374
stock
Disct.
&C-.
add'l property
■
Prems. rec. on pfd.
3,371,981
contr.
for red. of bonds
'
■'
,371,681
to
COS.,
Fds.
debts & other deducts.
National Oil Products Co .—Listing
to
assets
Earnings for 3 Months Ended March 31, 1936
Net loss after taxes, depr., prov. for bad
—V. 142. p. 3352.
addition
$
10,480,600 10,483,300
Common stock
8,468,300
8,468,300
Sub. cos. com. stk.
3,201
2,360
Inv. in & constr'n
'
:
■
Net
1934
$
Liabilities—
Preferred stock
<fcc_44 ,020,247 44,436,721
equipment,
average cost to National of the
is approximately $42 a share.
over
.'
$
Permanent prop.
National's portfolio show at current market values a
profit
1935
1934
$
Assets—
for each 25 shares of National held.
can
119
Chronicle
Net after rents.
—V. 142, P.
3685.
578,644
120
Financial
New York Telephone Co.—Rate Cut
Ordered—
for reductions
in such
items
as
The
costs.
residence
service
order
in
saving of $60,000
zones
The company, a
subsidiary of Ridder Brothers,
v
bonds, due
area
$760,000
782,000
425,000
_
New York City boundary overlap.
20,000
Temporary suspension of residence service____
Toll rates (short haul)
Extension stations, residence
215,000
1,360,000
260,000
Season service minimum cnarge
75,000
area
receipts
Associated
publisher of The Duluth
"Herald."
Victor F. Ridder is chairman of the board, Vice-President
the registrant; Joseph E. Ridder, first Vice-President,
85 000
_60,000
and central office district
75,000
Total
$4,152,000
The company on June 26 issued the following statement:
The decision just announced ordering reductions in the rates for several
classes of telephone services has been made before the company has had an
opportunity to present to the Commission the whole of its proof upon the
several factors involved in the determination of fair and reasonable rates.
At the public hearing held on June 18 when the Commission indicated its
intention
to make such an order, counsel for the company advised the
Commission that in his opinion no valid or lawful order could be made in
present state of the record before it.
However, the company has not
the
yet seen copies of the Commission's opinion and order and until it has
had time carefully to examine and consider them it will be unable to decide
upon the action it properly should take.—V. 142, P. 4186.
as
Woman, Inc.—V. T. C. Ready—
Brown Young & Co., Inc. announced that the escrow agreement with this
company has been discharged by deposit therein of the proceeds from the
sale to tne public of 150,000 shares. Holders of Tne New Ycrk W
oman,
Inc.
non-negotiable receipts for voting trust certificates may obtain voting trust
certificates upon surrender of the receipts to The Commercial National
Bank & Trust Co. of New York.—V. 142, p. 3863.
Niagara Falls Power Co.—Bonds Called—
All ot the outstanding 1st and consolidation
mtge. series A 5% gold
bonds have been called lor redemption on Jan. 1, 1937 at 105 and interest.
All of the outstanding 1st and consolidation
mtge. series Aa 6% gold
bonds have been c .lied for redemption on Sept. 1, next at 105 and interest.
Payment on both the aoove issues will be made at the Marine Midland
Trust Co. of N. Y., 120 Broadway, N. Y. City or at the Marine Trus. Co
Buffalo, Buffalo, N. Y.
The Public Service Commission of New York has authorized the
company
to issue $32,493,000 1st & ref.
mtge. bonds,
3j^%, series of 1936.
offering in V. 142,
»
.
..
.
and director oi
Treasurer and
director, and Leo E. Owens, President and director.
,,
Of the additional proceeds from the issue,
approximately $2,397,000 would
be used for the retirement on Sept. 1 of 6%
15-year sinking fund debenture
bonds due on Sept. 1, 1942; $71,910 for interest on the bonds and $71,91 U
premium to be paid upon their retirement.
The uses to which further
proceeds will be put, the price of the issue to the public, underwriters and
underwriting discounts
or
commission will be filed later.
Northwestern Pacific
■
May—
RR.—Earnings.—
'
1934
1936
1935
$277,264
Gross from railway
Net from railway
Net after rents
$264,828
2,214
defl,195
$259,108
26,560
def234
1,146,198
def96,811
defl99,664
1,143,736
17,571
defll3,190
16,627
3,073
1J3
$220,249
def4,260
def30,380y
From Jan. 1—
^
918,174
defl68,144
def327,444
^
Gross from railway.'
Net from railway..,
1,331,584
37,955
def51,289
Net after rents
—V. 142, p. 3864.
boundary changes, combining of small up-State local service
jack and plug regulations, supplementary equipment
items, &c
of
to Pur¬
Dulutm
plant, equip¬
Herald CO.,
35,000
areas,
New York
to purchase certain assets, including
Press membership
and good will of the
ment,
hand-set
(Reduction)
service
Miscellaneous items—Base rate
debenture
for
'
Semi-public service—waiver of rental charge when
exceed $25 a month
Aduea cnarges on tie lines.
Two-party residence service Manhattan Zones 1 and 2
under tne
July 1, 1948.
"News-Tribtme*,"' and
_
Service connection charges.
Extended
on
Of the net proceeds it is estimated that $1,500,000 will be used
chase the capital stock of the News Tribune Co.,
publisher of The
/
...v
Hand-set charges
Bonds with SEC—
Inc., has filed "with the
Securities and Exchange Commission a registration statement
Securities Act of 1933 covering $4,200,000 of
4K% sinking fund
The following summary of the proposed total saving of $4,152,000 was
made public by the commission:
'
Revenue Effect
,
paid.—V. 140, p. 3904.
Northwest Publications, Inc.—Files
contemplates the establishment of two-party
1 and 2 in Manhattan at an established rate
a year.
have declared a dividend of 25 cents per share on the •
stock, payable Aug. 1 to holders of record July 15.
This will
be the first distribution made since Feb.
1, 1932, when a dividend of 25
common
cents was also
charges, service connection charges, temporary suspension, of residence
seMgKe, extension stations in residences, semi-public telephone charges and
similar
Engineering Co.—To Resume Dividends
The directors
-
4,
July
Northwest
Statewide reductions in certain rates, tolls and charges of the company
designed to save subscribers .*4,152,000 annually were ordered on June 26
by tne N. Y. Public Service Commission.
The order, made on recommendation of Commissioner Neal Brewster,
who has been conducting public hearings since May, 1934, does not affect
the basic monthly station rates in New York City or elsewhere in the State
of New York.
It does, however, provide for extended service areas in
Westchester and Nassau Counties by adding to the number of stations which
may be called at existing rates from any given station.
This change is
expected to save subscribers $425,000 a year,
The order also provides for overlapping zones across the New York City
lines in "Westchester and Long island, thus eliminating toll charges esti¬
mated at $20,000 annually.
The largest single item of saving in the new rate schedules is $1,360,000
to be effected by a zoning change which will reduce intrastate toll calls for
distances up to 40 miles.
The commission's order calls
Chronicle
'
See
p. 4349.
North
Western
Refrigerator
Line
Co.—Equipment
Offered—Offering of a new issue of $1,470,000 4%
equipment trust certificates, series I, was made June 30 by
Freeman & Co.,"New York, at prices to yield.from 1.50%
to 4.25%, according to maturity.
The certificates, to be
dated July 15, 1936, will mature semi-annually in amounts
of $105,000 from Jan. 15, 1937, to July 15, 1943, inclusive.
Trusts
To be unconditionally guaranteed by endorsement both as to
principal
dividends
and
by North Western Refrigerator Line Co.
To be issued
Philadelphia Plan.
Guaranty Trust Co. of New York, trustee.
Certificates in denom. of $1,000 each to be dated July 15, 1936.
Dividends
payable (J. & J.) at rate of 4% per annum.
Certificates and dividend
warrants payable to bearer with option to register as to
principal only.
Redeemable as a whole at the option of the company by payment of 102
and dividend.
Company agrees to reimburse to the holders of these
certificates the Penn'a State Tax (not to exceed 5 mills annually) and the
normal Federal income tax not to exceed 2% per annum.
•
This issue of certificates is to be secured by deposit of title with the trustee
to
the following standard railroad equipment: 1,000 steel underframe
refrigerator cars (80,000 lbs. capacity each).
The American Appraisal Co.
has certified that the fair value of these cars to a going operating company
for continued use in the service of the North Western Refrigerator Line
under the
Co. or similar service, is $2,186,312.
Company was incorp. in Delaware on Nov. 13, 1925.
Company was
organized primarily to furnish and is engaged in furnishing superior refriger¬
ator cars to protect the perishable shipments originating on the Chicago
& North Western Ry. System.
Company also supplies refrigerator cars for
business originating on various other railroads.
The earnings are derived front, car hire paid by all railroads using the
cars.
In some instances shippers pay an additional rental for use of cars
for special purposes.
The company owns and operates in excess of 3,000 standard steel underframe dairy type refrigerator cars, subject to the various equipment trusts,
which are engaged in handling perishable freight and are located on various
railroads throughout the country.The company occupies a plant without rental at Baraboo, Wis., which is
not owned in fee but where it maintains and repairs these refrigerator cars.
This plant is also equipped for building cars.
Company has an agreement
to purchase this plant from J. Kibben Ingalls, the President fo the company
for $10,000 at-such time as Mr. Ingalls's vendors can deliver clear title tothe property.
v
r
,
North American Car Corp .—Files
for Bond Issue—
The corporation has filed under the Securities Act of 1933 for an issue of
$2,500,000 4J^%
equipment-trust certificates due from 1936 to 1946.
Of the proceeds $540,000 will be used to convert
300 live-poultry cars into
refrigerator cars, $575,450 to retire $570,000 of outstanding certificates,
$430,000 to retire other obligations for the purchase of cars and $450,000
to repay
loans from the Continental Illinois National Bank & Trust Co.
of
Chicago. Theremainder, or more than 10%, will become working capital.
Price to the public and underwriters' commissions will be
supplied later.
—V. 142, p. 4186.
V
North American Match
The
New
York
Curb
Corp.—Dealings Suspended—
Exchange has suspended dealings
pany's capital stock.—V.
142,
p.
in
the
May—
Net after rents.
$378,114
50,446
defl,278
1934
$373,967
*71,601
14,110
$382,889
62,487
6,245
1,703,614
239,865
29,140
From Jan. 1—
Gross from railway
Net from railway
1935
$346,044
48,009
1,470
railway.;
$488,000
390,000
525,000
350,000
7,800
1,470,000
250,000
-
Purpose of Issue—The estimated net proceeds to be received by the
com¬
pany from the sale of these certificates after deducting estimated.expenses,
will be $1,415,900 exclusive of interest
The net proceeds will be applied to:
To call and pay equipment trust certificates series A at 101 as of Dec. 1,
1936
Gross from
Equipment trust 5s series E, due serially to 1940
to 1942
Equipment trust 5s series G, due serially to 1939
Equipment Trust 5s series H, due serially to 1943
Equipment trust 5s series H-2 (2d lien), due serially to 1936
Equipment trust 4% certificates series I, due serially to 1943
Common stock (10,000 shares no par)__
Equipment trust 5s series F, due serially
com¬
4186.
Norfolk Southern RR.—Earnings.—
Net from railway._____
Net after rents.
Capitalization
[After giving effect as of July 15, 1936 to the proposed sale of $1,470,000
equipment trust certificates and application of the proceeds in part to the
reduction in liabilities.]
'
1,844,274
306,355
49,638
1,843,533
386,703
119,488
1,587,244
28,524
def227,341
—V. 142, P. 3863.
1933
1936, $151,500; to pay equipment trust certificates series A maturing
Dec. 1, 1936, $50,000; to call and pay equipment trust certificates series D
Yi as of Oct. 15, 1936, $446,600; to pay equipment trust certificates
at 101
D maturing Oct. 15, 1936, $110,000; to pay notes of the company
held by American Car & Foundry Co., $349,023; working capital, $308,777.
series
Equipment trust certificates series D maturing April 15, 1936 in the
amount of $110,000 and series A maturing June 1, 1936 in the amount of
$50,000 have been paid.
After these payments there remained a total of
$200,000 series A and $550,000 series D equipment trust certificates out¬
standing.
Balance Sheet March 31,1936
.
Northern Alabama
May—
1936
Gross from railway
Net from
Ry.—Earnings.—
$54,602
16,508
5,222
1934
$45,599
21,247
railway.
Net after rents____-
'
1935
-333
$45,963
15,343r
1,918
From Jan 1—
Assets—
1933
$47,326
19,140
19
Cash....
Accounts
receivable
...
Inventory
Investments
Gross from railway
$299,055
129,620
49,275
Net from railway.
Net after rents
—V. 142, P. 3686.
$237,165
$234,612
83,808
18,522
81,179
1,319
,
$206,408
73,287
def23,234
Fixed assets
(net)
$12,625
204,296
49,436
208,542
4,391,861
108,366
Deferred charges
Notes payable-
$164,121
Accounts payable
88,034
Accrued liabilities.
Other
107,226
liabilities
current
_____
Long-term debt
Reserves
____
Earned surplus
behalf of the corporation, funds of which will be used
working capital and expansion of the organization's business,
will be done shortly by Paul H. Davis &
Co., it was announced July 2.
A registration certificate
covering 20,000 shares of $1.50 cumul, conv.
no par pref. stock has been filed
with the Securities and Exchange Com¬
on
Total.
$4.975,128
-V. 142, p. 4187.-
Total
720.200
2,286,000
241,557
____
Capital stock
.
Northern Illinois Finance Corp.—Files with SEC—
Financing
Liabilities—
_
250,000
1,117,989
$4,975.128
_
.
for additional
mission.
The cumul. pref. stock is convertible into common stock
at
various prices, until Aug. 1, 1941.
The corporation's business consists of
financing of automobile purchases
from dealers by means of secured
notes, also various other types of financing
including purchases of electric appliances and equipment cattle purchase
contracts and miscellaneous ^collateral notes.
The company's principal
office is at DeKalb, 111., and it also has offices in
Aurora, Rockford and
Peoria, 111., and Davenport, Iowa.
Total volume of purchases last year was
Ohio Associated
Period End. May 31—
Operating
Uncoil, oper. rev
$9,366,717
Northern Pacific
May—
1936
1935
1934
1933
$3,974,685
255,102
68,113
$3,918,585
438,010
274,959
$4,004,842
19,055,812
893,437
18,471,323
15,744,811
2,490,068
def421,678
1,592,700 def1,761,973
From Jan. 1—
railway
Net from railway.
_____
Net after rents.
—V. 142, p. 3686.
21,248,522
1,911.263
909 835
198,891
•
285,444
rev._
Operating expenses
Operating taxes____
566,501
$17,661
,816
$79,372
Telephone Co.—Earnings—
revenues
Uncollectible oper.
Ry.—Earnings.—
31,409
3,307
$21,254
1936—5 Mos.—1935
$281,797
$258,478
1,418
2,918
163,638
156,692
21,925
20,495
596
3686.
Period End. May 31-—
Operating
459,550
215,013
p.
Ohio Bell
against $6,039,982
$4,646,091
Gross from railway
Net from railway
Net after rents.
Gross from
as
4349.
142,
1936—Month—1935
$57,968
$52,974
32,103
4,385
Net operating income.
—V.
Telephone Co.—Earnings—
226
Operating expenses
Operating taxes
,
in 1934.—V. 142, p.
revenues
Net oper. income
1936—Month—1935
1936—5 Mos.'—1935
$3,270,649
$3,026,682 $15,918,655 $14,635,510
5,759
8,565
33,324
43,443
1,945,208
1,863,206
9,577,862
9,156,237
451,770
377,844
2,265,773
1,859,231
$867,912
$777,067
$4,041,696
$3,576,599
—V. 142, p. 3864.
Oklahoma Natural Gas Co.—Admitted to List—
The Boston
value
p.
Stock Exchange has admitted to the list $20,000,000 face
bonds, series A, 4M7o, due May 1, 1951.—V. 142,
1st mortgage
4350.
•
(J
'
Volume
Financial
143
Oklahoma
Pennsylvania Ohio & Detroit RR.—Abandonment—
City-Ada-Atoka Ry.—Earnings.—
The
1933
$25,222
1936
$50,987
22,525
12,994
Net after rents
1935
$36,892
11,852
3,294
1934
$29,143
11,255
1,900
def5,301
230,213
120,364
81,938
May—
Gross from railway
Net from railway
183,062
67,488
22,904
141,357
49,597
182
Net
after rents,__
def2,876
7,009
137,763
$138,757
116,357
31, 1936 shows current assets of $283,580, com¬
Net sales
Net profit after all
Earnings
—V. 142, p.
_
charges
— -share on 272,000 shares common stock
per
after
_
rents
...
...
Net after rents
-V. 142, P.
...
1936—12 Mos.—1935
$721,840
$723,835
418,777
415,772
90,707
81,412
$11,488
$13,632
$212,356
$226,651
2,024
2,557
34,666
$13,512
Int. on funded debt
3,950
Other interest...—
75
$16,189
5,208
$247,022
50,823
1,840
$269,869
62,500
781
7,814
4,039
-
Divs.
accrued
548
3,849
65
6,694
8,573
94,297
$1,970,834
307,674
99,922
$1,994,406
538,831
281,273
79,992
$2,271,558
652,344
315,089
$1,100,806
272,251
394,060
$1,034,969
279,673
386,035
$1,094,310
277,757
353,938
$1,219,184
277,920
351,900
$369,261
1,506,517
$462,616
4,416,880
$589,364
1,821,223
$2,004,680
104,676
200,000
$1,875,778
104,676
200,000
$1,924,496
$2,410,588
102,134
849,574
Dr627,068
~Dr918
Cr400
C73".66O
$1,072,935
Maintenance expense
Taxes
Int. and other deduc'ns.
Provision for deprec'n..
$1,570,184
$1,506,517
$1,461,880
Balance for income
Previous surplus
Total surplus
Preferred stock divs
Common stock divs....
$2,343
$96,213
closed
$91,857
4,000
2,000
19,100
33,400
528,268
Fed'l income taxes incl.
in operating expenses.
*
Includes taxes but not depreciation.—V. 142, p. 3865.
13,775
Power
Telephone plant, equip., &c.$ll,769,234
Miscell. investments (at cost)
(Minn.)—$3,000,000 Bonds
Offered—A new issue of $3,000,000 1st mtge. bonds, 4%
series of 1961, was offered June 30 at 100 and interest by
Wells-Dickey Co., Kalman & Co., and Justus F. Lowe Co.
the present offering mature in 1961.
Proceeds will be used to retire the entire outstanding funded
company consisting of $1,080,500 5)4%
and $224,500 4% Series G bonds.
debt of the
Series D; $2,481,500 5% Series E
April 1, 1941 at a premium of
3 %, this premium declining at stipulated intervals thereafter until redemp¬
tion will
first 4s
interest a£ter April 1, 1959, to
maturity.
4350.
Paauhau
Plantations
Sugar
Co.,
Ltd.,
Hawaii—
2,525
payable
Accrued
interest
Accrued
taxes
125,044
Notes & accts. receivable..
Materials and supplies
Miscell. current liabilities—
69,177
...
Surplus
a
P.
$12,656,8511
After
reserve
52,000
67,568
24,893
30,931
Service billed in advance
Reserves
Total
5,200,000
liabilities
Accounts
471,556
14,275
89,021
Working funds
—.—...
1,892,220
1,072,935
$12,656,851
Total
for uncollectible notes and accounts of $21,189.—Y. 1411
2901.
■
.
Pere Marquette
redeemable through
be at par and accrued
—V. 142, p.
Extra
are
bds., 4% ser., 1965.
Deferred
of an original issue of $3,600,000, according to the
The bonds are part
new
1st mtge.
Cash
a
6% cum. pref. stock ($100 par)$l,744,600
Common stock ($50 par)
2,500,000
140,092
25,664
of amortization
Prepaid accts. & def'd charges
prospectus, all to be presently outstanding.
The $600,000 balance is in
the form of 3% secured notes, maturing 1941, while the first 4s comprising
The
21,965
Debt discount and expense in
Co.
1935
Liabilities
Assets-
process
Tail
Otter
84,940
104,604
300,000
banks
Balance Sheet Dec. 31,
Balance
5,244,300
27,258
6,621
Prov. for loss on cash in
102,878
$2,245
stock
1933
$1,987,784
$434,495
1,570,184
expense
pref.
on
1934
$1,963,233
7,601
$2,051,001
527,831
355,113
67,250
Total gross earnings..
Operation
43,218
Amortiz. deductions
1932
1935
—j
loss272,209
Nil
$1.47
1936—Month—1935
$56,965
$5T,835
36,837
34,489
8,640
6,714
Other deductions
526,821
defl79,224
def411,566
$2,049,520
1,481
.
Gross income..
def74,778
4188.
Orange & Rockland Electric Co.—Earnings—
Operating income
def206,499
Calendar Years—
'
Other income
defl89,564
$102,796
2,049,817
defl09,859
_
Operating revenue
Non-operating revenue.
1935
$2,305,931
1936
$4,650,150
401,989
3865.
Period End. May 31—
Operating revenues
Operating expenses
Depreciation
1933
def33,280
1,868,303
1,957,"81
def410,690
def220,551
def844,457def1,067,512def1,013,346
...
Pennsylvania Telephone Corp.—Earnings-
Co.—Earnings—
''
Earnings.—
1934
$385,821
def36,736
.
Gross from railway.
Net from railway
pared with current liabilities of $70,724.—V. 141, p. 4021.
Oliver Farm Equipment
certificate
a
From Jan 1—•
Net income from operations after deprec. but before income tax_
Balance after deducting estimated Federal & State income tax. _
Z Months Ended March Zl—
19 issued
1935
$388,927
def53,135
1936
$475,155
39,734
defl27,6S4
May—
Gross from railway.
Net from railway
Net
Co.—Earnings—
Earnings for 10 Months Ended, May 31, 1936
Balance sheet at May
Commerce Conmiission on June
Pennsylvania Reading Seashore Lines.
50,254
—V. 142, p. 3686.
Old Joe Distilling
Interstate
permitting the company and the Pennsylvania RR., lessee, to abandon
that part of the Walhonding branch extending from Warsaw Junction to
Brink Haven, approximately 19.5 miles, all in Coshocton and Knox coun¬
ties, Ohio.—V. 139, p. 1561.
'
From Jan. 1—
Gross from railway
Net from railway
121
Chronicle
Ry.—Equipment Trust Certificates—
The Interstate Commerce Commission on June 26 authorized the com¬
obligation and liability ijn respect of not exceeding $1,220,000
2)4 % equipment-trust certificates to be issued by the New York Trust Co.,
as trustee, and sold at not less than 102.03 and divs. in connection with the
procurement of certain equipment,—/V. 142, p. 4351.
pany to assume
Philadelphia Electric Power Co.—Bonds Called--
Dividend—
The directors have declared an extra dividend of 15 cents per share on
A total of $170,000 1st mtge.
the
stock, payable July 6 to holders of record June 30.
An extra divi¬
dend of 75 cents was paid on Dec. 5, 1935.
The regular monthly dividend
of 10 cents per share which had been previously declared will also be paid
common
».
gold bonds, 5*4% series, due 1972, have been
Paymnet will be made at
trustee, Philadelphia, Pa.
called for payment on Aug. 1 at 106 and interest.
the Fiaelity-Philaaelphia Trust Co., successor
135.
—V. 142, p.
July 6 to holders of record June 30.—V. 141, p. 3547.
on
Pacific Can
See list
Co.—Registers with SEC—
rectors—
given on first page of this department.
Five of the 11 directors of the company resigned on June 30 and the places
were taken by trustees named by Federal Judge George A.
of four of them
Earnings for Stated Periods
\
3 Mos. End.
Mar. 31 '36
Net income after all expenses.
Pie Bakeries,
loss$17,224
Calendar
1935
-
$300,181
Years
1934
$227,042
Inc.—Earnings—
1936
24 Weeks Ended June 13—
Pacific & Idaho Northern
Welsh.
The resigning members, all appointees of the defunct voting trust created
by Judge Harry S. McDevitt of Common Pleas Court in 1931, are Herbert
J. Tily, Walter Lemar Talbot,
Colonel Louis J. Kolb.
George V. MacKinnon, John Gribbel and
The rest of the board elected, to serve until the next
Net income after charges and prov. for Fed. inc. tax
—V. 142, p. 1828.
Made Di¬
Rapid Transit Co.—Trustees
Philadelphia
1935
$172,564
$92,341
Ry.—Sale—
annual stockholders'
meeting, were Albert M. Greenfield, David E. Kaufman, James J. Con¬
nolly and Edward W. Wells.
The directors have had no authority since
March 18 over company operations, which are in the trustees' hands,
but the directorate, nevertheless, will pass upon any plan of reorganization
of the company.—V. 142, p. 3866.
Herman Welker, special master,
at
will sell the entire property on July 13
Weiser, Idaho, at the upset price of $60,000.-—V. 125, p. 2385.
Phillips-Jones Corp.—$1.75 Preferred Dividend—U
A dividend of $1.75 per share has been declared on the
Pacific RR.
(of Mo.) —Bondholders' Meeting—
Trust Co., as successor trustee under the first mortgage, has
a meeting of bondholders to be held at its office on July 7.
The pur¬
of the meeting, according to the notice, is to discuss certain problems
affecting the bondholders raised in the Missouri Pacific RR. reorganization
proceedings under Section 77 of the Bankruptcy Act.
Bankers
called
pose
amount to
Pacific Truck Service Co.—Initial Dividend—
See Loft, Inc.,
initial dividend of 10 cents per share on the common
stock, on July 1 to holders of record June 30.—V. 140, p. 2873.
Rent for leased property
1,890
1,641
Pittsburgh & Lake Erie RR.—Earnings.—
1936
_
22,160
1934
1933
$1,340,261
291,494
345,496
$1,488,635
364,854
414,926
$1,125,366
209,696
221,166
7,721,102
...
Net after rents..
22,548
1935
$1,824,036
493,303
506,836
6,321,395
1,141,109
6,367,359
1,125,850
1,391,289
May—
Net from railway
Period End. May 31—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$2,976,995
$2,825,394 $35,514,180 $34,314,880
Oper. exps. and taxes...
1,642,268
1.551,713
19,412,985
17,960,114
Corp.—Gets Loft Option—
above.—V. 142, p. 4351.
Gross from railway.
[Lehigh Power Securities Corp. Subsidiary]
t
$3.50 per share.—V. 142, p. 2680.
Phoenix Securities
The company paid an
Pennsylvania Power & Light Co.—Earnings—
....
7% cum. pref.
stock, par $100, payable Aug. 1 to holders of record July 20. A like amount
was paid on this issue in each of the 11 preceding quarters, while on March
14, 1933, a payment of $3.50 per share was made.
Accumulations on the pref. stock, following the Aug. 1 payment, will
From Jan.
1—
Gross from railway
Net from railway..
Net after rents—;
__
1,440,489
1,686,217
1,376,273
4,617,514
427,246
570.472,
—V. 142, p. 4034.
Balance...
Other income (net)...._
$1,332,837
18,232
$1,272,040 $16,078,647 $16,332,606
28,961
286,193
405,101
$1,351,069
$1,301,001 $16,364,840 $16,737,707
526,435
6,259,203
6,274,825
Pittsburgh & Shawmut RR.—Earnings.—
1936
$30,044
def9,911
May—
Gross corp. income._.
Int. & other deductions.
520,583
Balance.
y$830,486
y$774,566 $10,105,637 $10,462,882
Property retirement reserve appropriations
1,854,000
1,875,000
x Dividends
applicable to preferred stocks for
period, whether paid or unpaid3,846,545
3,846,534
Gross from railway
Net from railway
Net after rents..
def4,075
defl,416
15,521
235,355
def8,774
290,507
27,352
320,216
58,702
Net after rents
def2,979
36,363
80,223
From
$4,405,092
Pittsburgh & West Virginia Ry.
"
"
From Jan.
[Excl. L. I. RR. and B. & E. RR.]
1936—Month—1935
1936-5 Mos—1935
Railway oper. revenues_$35,460,727 $29,962,861 $169,333,937 $147,438,484
Railway oper. expenses. 24,575,987
21,690,032 124,368,013 107,229,272
Railway tax accruals
2,434,100
2,319,002
10,149,900
9,669,994
Unemployment insur'ce.
155,025
788,932
Railroad Retirem't Act.
538,300
1,604,957
,16,331
Uncollect, ry. revenues.
683,301
192,961
Equipment rents
facility rents
Joint
Net oper. income
—V. 142, p. 4350.
$6,881,053
I
.
465,961
117,599
44,579
3,052,414
1,027,576
2,701,444
712,889
$5,353,936 $28,342,145 $27,080,306
.
$225,152
90,681
96,035
1,189,426
1,206,539
380,815
403,382
380,856
430,033
895,195
241,207
221,831
1—
Gross from railway
Net from railway
Period End. May 31—
1933
$262,719
75,860
89,334
122,456
Net after rents.
Pennsylvania RR. Regional System—Earnings—
—
1934
$235,579
97,578
91,907
116,015
--
Earnings
1935
1936
$327,772
May—
Gross from railway
Net from railway
""
233,248
8,758
7,640
3682-
$4,741,348
y
1933
$48,368
7,845
6,804
1—
Jan.
—V. 142, p.
...
Before property retirement reserve appropriations and dividends.
x
Regular dividends on all classes of preferred stock were paid on April 1,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 142, p. 4350.
1934
$61,692
|12,526
Gross from railway
Net from railway..-
.....
Balance.....
1935
$43,314
def3,147
1,495,887
514,077
Net after rents.
564,222
-
—V. 142, p. 3866.
Plough, Inc.—Co-Transfer Agent—
The City
Bank Farmers Trust Co. has been appointed co-transfer agent
for 500,000 shares of common stock.—V. 142, p. 3866.
Plymouth Oil Co. (& Subs.)—Earnings—
5 Months Ended May 31—
Net profit after all charges and taxes
Earns, per sh. on 1,050,000 shs. com. stk. (par $5).
—V. 142, p. 3520.
\
1936
$634,735
$0.61
*
1935
$251,690
$0.24
122
Financial
Chronicle
July 4, 1936
Potomac Electric Power Co.—Bonds Called—-
Consolidated Balance Sheet
All of the outstanding general & refunding mtge. gold bonds, series B,
6%, due April 1, 1953, have been called for redemption on Oct. 1 at 105
and interest.
Payment will be made at the City Bank Farmers Trust Co.,
New York City.—V. 142, p. 4351.
-
Mar. 31, *36
Assets—
1,894,407
3,535,999
127,767
Fixed assets (net). 8,640,440
Pats. & tr.-mks__
7,543
Deferred
charges.
178,536
Other assets
766,562
2,050,922
3,180,240
249,102
8,382,966
7,636
An independent protective committee has been formed for holders of
notes of McOallum Hosiery Co. due 1941, following the filing of a
petition for reorganization under Section 77B of the Bankruptcy Act by
the company, which assumed payment of these notes when it succeeded to
the business of the former company in 1930.
The committee, formed at the request of holders of a substantial number
of the outstanding notes, is comprised of Edward Groth,
Vice-President,
Commercial Trust Co. of New
a
letter to
noteholders, the committee points out that it is wholly
independent of the company and its stockholders and is not inviting
or accepting deposits of the 6M%
notes at this time.
Noteholders are
requested to authorize the committee to act on their behalf in the re¬
organization proceedings without assuming responsibility for any expense
incurred by the committee or its counsel.
The committee points out that
no definite plan of reorganization, the
has manifested its intention of proposing a plan which would
subordinate the rights of the noteholders to a first mortgage.
The committee states that it is investigating the situation to determine
the best procedure for protecting the interests of the noteholders and re¬
quests noteholders to send their proxies to the secretary of the committee.
Proxies authorize the committee to act for noteholders in the proceedings
but do no bind noteholders to accept or approve of any plan of reorganiza¬
tion.—V. 142,p. 4189.
&
Gas
Exchange Commission covering $26,000,000 3M%
due 1966.
1st & ref. mtge. bonds
'.v.;
Quaker
State
Oil
Refining Corp.—Common Stock
Offered—Pubic offering of 85,000 shares of common stock
(par $10) was made July 1 by A. G. Becker & Co. at $16
per share.
The stock comprised in the offering includes
25,000 shares, to be ssued by the corporation, proceeds from
the sale of which
are to be used in part
payment for the cost
plant improvement, and 60,000 shares which are being
supplied by present shareholders.
a
Listing—Corporation has agreed to make application in due course for
the listing of the shares on the New York Stock
Exchange and for their
registration under the Securities Exchange Act of 1934.
Chase National
Bank, New York, transfer agent.
dated July 1 affords the following:
History and, Business—Corporation
incorp.
was
in
The corporation
acquired in exchange for shares of its capital stock
substantially all of the capital stocks of 14 companies.
This exchange
carried out on July 1, 1931.
or
Appaline Oil Co. (W. Va.)
Carteret Oil & Refining Co. (Del.)
Emlenton Refining Co. (Pa.)
Enterprise Oil Co., Inc. (N. Y.)
Gallagher Brothers, Inc. (Pa.)
Independent Refining Co. (Pa.)
Iron City Oil Corp. (Pa.)
Capitalization
Int. & disct.
Other
of
Mar. 31, '36
sales, less returns
& allowances
$5,909,119
Cost of goods sold & exps
5,710,672
Balance
$198,446
Other income
17,475
Total income.
31, 1936
authorized
are
and
unissued
shares
Fed.
&
17,402.636
1936—4 Mos.-—1935
$48,119,117 $44,478,781
29,193,376
27,009,204
1,150,297
515,884
542,161
11,215
582,071
10,778
(pay¬
■
$5,373,369 $17,222,068 $16,360,844
.....
Rapid Transit
N. Y, City—Hearing Set-r-
in
Sept. 10 has been chosen by the Transit Commission as the date for the
first public hearing on the proposed plan of rapid transit unification.
The
Commission announced the date June 26 after a
meeting.
In a Statement
it said tnat it had decided upon the delay so that interested
public can
all the provisions of
their views to
Years
1935
"devote the intervening time to an intensive study of
the plan and be prepared on the hearing date to present
the Commission."—V. 142, p. 4352.
Raymond Concrete Pile Co.—Preferred Dividend—
Tho directors have declared
a dividend of 75 cents
per share on account of
on the $3 cum. conv. preferred
stock, no par value, payable
Aug. 1 to holders of record July 20. The last previous payment was the
regular quarterly dividend of 75 cents paid on Feb. 1, 1935.— -V. 141, P.
1944.
Regal Textile Co., Inc.—Registers with SEC—
See list
End.
Dec.
Rand,
31-
—
1933
$24,673,869 $24,527,696 $21,811,852
23,630,873
23,876,892
20,680,326
Act of 1933
118,249
covering 345,208H
to
shares
($1 par)
Exchange Com¬
A-2) under the .securities
stock and scrip
common
certificates for fractional shares of
The new stock is to
common stock.
be offered to common stockholders of the
company
stock subscription rights designated as series A, B, C and D,
which will entitle them to purchase at $27.50 a
sbare, one share of new
stock for each four shares held at any time after
Sept. 1, 1936, to and in¬
cluding March 1, 1939.
Under the terms of the series A subscription
rights to be issued on July 1, 1936, to stockholders of record June 10.
1936, tne holders may exercise 1-10th of such right on or before Oct. 1,
1936.
The series B entitles the holder to exercise an additional Mth of
right on or before Oct. 1, 1937; the series C entitles the holder to
exercise an additional
on or before Oct.
1, 1938, and the series D
will entitle the holder to exercise the remaining 4-10ths of such
right on
or before March 1, 1939.
The series B, C and D rights are to be made
available after the issuance and exercise of the series A
rights and must
be exercised in consecutive series as stated above.
The rights are trans¬
such
'•
According to the registration statement,
^
"the estimated
net
proceeds
of $9,408,227 will be applied to the purchase or redemption of
outstanding
or proposed preferred stock of the
corporation, if any.
In the absence of
such preferred stocks, the proceeds will be used to retire
outstanding
funded debt."—V. 142, p. 4353.
Reserve Oil & Gas
See list
given
on
first
Co.—Registers with SEC—
page
of this department.
\
f
Reybarn Co., Inc.—Initial Dividend—
The directors have declared
the
an initial dividend of 25 cents
per share on
stock, payable July 20 to holders of record July 3.—V. 129,
common
2872.
p.
Richman Bros. Co.—To
Stockholders, at
to
Offer Employees Stock—
special meeting held July 14, will be asked to authorize
50,000 no-par shares which will be offered
employees and officers of company and its subsidiaries at $30 per share.
the issuance of
a
an
additional
No additional shares will have to be authorized
as there are at
present but
595,849 shares outstanding out of an authorization of 1,000,000.
This makes the fifth such offering.
In January, 1920; January, 1923;
December, 1925, and May, 1929, employees were offered stock.
Directors,
even those also officers, will not be included in the
offering.—V. 141, p. 124.
Richmond
Fredericksburg & Potomac RR.—Earnings.
May—
From Jan.
1935
$607,435
116,805
49,017
$567,548
130,086
3,290,919
692,033
232,882
Net after rents
2,985,523
656,650
298,071
2,873,217
675,331
289,974
1934
1933
$551,831
140,970
65,821
51,873"
1—
Gross from railway
Net from railway.;
Net
/
1936
$648,122
151,921
53,761
Gross from railway
Net from railway
after rents..
2,775,090
732,377
314,593
Richmond Insurance Co. of N. Y.—Extra Dividends—
The directors have declared an extra dividend of 5
cents per share in
addition to the regular quarterly distribution of 10 cents per share on the
stock, par $5, both payable Aug. 1 to holders of record July 11.
were made on May 1 and Feb. 1, last; Nov. 1, Aug.
1,
May 1 and Feb. 1, 1935, and compare with an extra of 25 cents per share
paid on Aug. 1, 1934, and extras of 2^ cents per share distributed on
May 1 and Feb. 1, 1934.—V. 142, p. 2338.
common
Like payments
was
elected
on
$1,131,526
102,227
$1,177,475
49,070
$769,053
12,838
$1,233,754
64,402
213,837
125,709
180,000
June 26 President of the
company,
Roebling Jr.
It is the first time that
has been headed by any one other than a member of the
family.
Mr. Anderson has been Vice-President, Treasurer and General
Manager for several years.
Joseph M. Roebling succeeds Mr. Anderson as Vice-President.
A. C.
Cooley was reelected Secretary and also was made Treasurer.
Ferdinand
W. Roebling 3d was elected a director to succeed his father.—V.
123, p. 724.
company
Root Petroleum Co.—Initial Common Dividend—
The directors have declared
an
stock, payable Aug.
common
initial dividend of
25 cents per share on
1 to holders of record July 10.—V.142.
2683.
Rutland
May—
RR.—Earnings-
,j
from railway
Net from railway
~
"
Net after rents
__
__
1936
$295,195
39,451
24,631
1935
$273,602
1934
1933
def9,869
$283,329
31,717
13,586
$304,298
48,794
39,041
1,289,984
def?, 865
def89,890
1,355,753
1,303,768
68,596
defl4,601
88,299
42,908
9,094
1—
Gross from railway
Net from railway
Net after rents
State
SEC—Rights
through
From Jan.
$650,804
:
with
The company on June 24 filed with the Securities and
mission a registration statement (No. 2-2287, Form
Gross
$1,042,995
134,479
Inc.—Files
Stockholders■—
p.
1934
Qiven on first page of this department.
Remington
the
44,500
tor
taxes
7,209,130
128,189
145,786
5,619
rail & toher
carriers—Expr. priv¬
ileges)
$5,965,231
-V. 142, p. 3867.
of
included in this offering.
$215,921
7,669
Income deductions
Prov.
fund. dt.
ments to
the
Sterling Oil Co. (Pa.)
as at March
25,000 shares of the
which 25,000 shares
■
.17,153,302
(John A.) Roebling Sons Co.—New President—
Quaker State Oil Refining Co. (Pa.)
Quaker State Oil Refining Co. (Calif.)
3 Mos. End.
'
^
on
William A. Anderson
Earnings for Stated Periods (Corp. & Subs.)
Gross
Total.
7,558,654
383,906
132,742
1,795
to succeed the late Ferdinand W.
Authorized
Outstanding
$10)
1,000,000 shs.
902,305 shs.
Subsequent to March 31,1936, the directors of the corporation authorized
the corporation,
984,302
deductions
Rail transp. rev.
Ivory Oil Co. (III.)
Berry Sons' Co. Inc. (Pa.)
James B. Berry's Sons Co. (111.)
Ohio Valley Refining Co. (W. Va.)
stock (par
the issuance
9,023,050
5,709,514
1,194,562
17,402,636
Operating expenses
Express taxes....
James B.
Capitalization
iunon
$10)
9,023,050
Capital surplus.5,709,514
surplus.995,635
Earned
Railway Express Agency, Inc.—Earnings-
to
marketing their own production, several of the
corporation's subsidiaries deal generally in petroleum products.
The corporation is both an operating and holding company.
It was
organized in 1931 to acquire in exchange for shares of its capital stock all,
or substantially
all of the capital stock of a group of companies which
had been engaged for varying periods in the business of
refining petroleum
and dealing in petroleum products.
■
The corporation owns and operates plants and facilities for the
refining,
manufacture and distribution of petroleum
products.
Certain of its
subsidiaries, namely, James B. Berry Sons' Co.,. Inc., and Ohio Valley
Refining Co., similarly own such plants and facilities and are engaged
in such manufacturing and distribution activities.
Other subsidiaries,
namely, Quaker State Oil Refining Co. (and its subsidiary), Sterling
Oil Co. of Pa. and Quaker State Oil
Refining Co. of Calif, are primarily
distributors of and dealers in petroleum products,
including products sold
under trade names above mentioned.
Distribution of "Quaker State"
products is made in the Dominion of Canada by Quaker State Oil Re¬
fining Co., Ltd., a subsidiary of Quaker State Oil Refining Co.
James H. Barry Sons' Co. Inc.,
have five subsidiaries (excluding two
German subsidiaries sold under an agreement not
fully consummated as
at March 31, 1936): Berry
Storage Corp. and New England Terminal Co.,
which own and operate plants and facilities for the
storage of large quan¬
tities of various refined products of
petroleum; North Atlantic Trading
Co., which owns and operates a power barge "Seaboard" for the trans¬
portation, for hire, of various products of petroleum in coast wide trade;
James B. Berry Sons' Co., N. V., formed under the laws of The
Netherlands
and located at The Hague in The Netherlands, which is
engaged in buying
and selling lubricating oils in Europe, and
Pennsylvania Motor Lubricants,
Ltd., formed under the laws of England, which is inactive at the present
time.
Co
880,047
595,463
(par
ferable.
Delaware June 23,
1931.
The general character of the business of the corporation and its
subsidiaries, as a group, is the purchase, storage and refining of petroleum,
and the manufacture, compounding and distribution of refined and semirefined petroleum products.
These products include
"Quaker State"
motor oils and lubricants;
"Sterling" gasoline, motor oils and greases;
"Penn Seal" motor oils, and other motor oils, lubricants and
greases, as
well as kerosene, fuel oils, marine oils and other products derived from
petroleum, some of which are likewise distributed under registered trade
was
■
accumulations
According to the statement, $25,000,000 of the bonds will be sold pri¬
vately for investment at 100 as of July 15.
The remaining $1,000,000 bonds
will be held by company in its treasury until some date subsequent to the
effective date of the registration, when public offering may be made.
Proceeds from sale of bonds sold privately, together with funds from the
company's treasury, will be used to redeem on July 15, at 102, $26,000,000
4% 1st & ref. mtge. bonds.
The bonds are redeemable at 105 to and incl. July 1, 1942; thereafter to
July 1, 1948, at 104; thereafter to July 1, 1954, at 103; thereafter to July 1,
1960, at 102; thereafter to July 1, 1964, at 101, and thereafter to maturity
at 100—V. 142,- p. 3689.,'
,
;
^
Ar\;v V-.:/■;
all
■
679,356
565,286
stock
Period End. April 30—
1936—Month—1935
Revenues and income.. .$14,042,328 $12,862,093
The company has filed a registration statement with the Securities and
addition
'36 Dec. 31, '35
$
organizatinos
Electric
Co.—$26,000,000 Bond
Issue for Refunding Placed Privately—
In
trade
Accrued liabilities.
Com.
129,994
17,153,302
and the
Public Service
names.
$
180,461
V. 142, p. 4189.
company
A prospectus
receiv.
Total
while the company has submitted
of
accts.
Inventories..
.
Dividend pay ableAccounts payable,
Notes, tr. accepts.
Jesey: Robert N. Crow, Secretary, Law¬
Industrial Corp., and Luigi Criscuolo, Financial Consultant.
George
Weiss, 270 Madison Ave., New York, is secretary, and Hale & Dorr,
Boston, and Spiro & Felstiner, New York, counsel to the committee.
rence
In
'
Investments
Protective Committee—
Mar. 31,
Liabilities—
$
2,417,475
&
Propper-McCallum Hosiery Co., Inc.—Noteholders Form
Dec. 31, '35
$
2,002,049
Cash
1,337,542
6,864
def54,524
—V. 142, p. 4036.
Safety Car Heating & Lighting Co.
-New
Secretary, &c.
Charles W. Walton, Secretary and Treasurer of the company, has
retired,
Herbert K. Williams, Assistant to the President, has been named
and
Net
inccme.
Dividends paid
________
$163,752
360,922
$914,566
631,614
$630,505
721,844
$989,351
270,692
Secretary; William Stewart, Assistant Treasurer and Assistant Secretary,
142, p. 4353.
has been appointed Treasurer.—V.
Volume
Financial
143
St. Louis Brownsville & Mexico
r~Mav—
Ry.—Earnings.—
1936
$435,432s
68,394
6,435
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents-
_
2,307,560
813,621
524,826
1934
$473,267
145,594
79,718
$443,930
164,506
84,675
2,332,735
880,774
517,923
1935
$435,583
160,169
115,940
2,654,881
818,864
440,377
Gross from railway
Net from railway
2,041,711
763,793
394,347
,
1933_
—V. 142, p. 3867.
123
Chronicle
"The merged company will have an interest in 30 producing wells in the
Government Wells and Loma Novia pools, in Duval County, and the
O'Hern pool in Webb County, Texas, and gross revenues of approximately
$120,000 a year from its prorated production."
Salt Dome stock is now listed on the Philadelphia Stock Exchange and
Texla on the Boston Stock Exchange, while Coastland is traded in on the
over-the-counter market in New
Liabilities—
Cash
$723,115 Accounts payable
49,861 Accrued salaries and
Accounts receivable
St. Louis-San Francisco Ry.
System—Earnings—
York.
Pro Forma Consolidated Balance Sheet as at May 31,1936
Assets—
1936—Month—1935
1936—5 Mos.—1935
Operating revenue..— $3,896,352
$3,341,994 $18,763,904 $16,075,300
Operating expenses
3,330,268
2,909,311
16,314,759
15,020,45.5
Period End. May 31—
$105,553
61
wages—
1,130
25,000
of merger, &c__
931 Contingent accounts payable5,591
Deposits refundable
Fixed assets (net)
555,569
.
1,052,692 Capital stock (par$l)-_.
Patents & patent rights (net).
1,343,770
64,560 Paid-in surplus
Other assets & def'd charges..
129,408
8,785 Operating deficit
Contingent leasehold costs...
5,591
Inventories
879
Accrued taxes.
Due from employees
850
Est. expenses
—
Net ry. oper. income.
a$188,082
19,987
$124,868
29,833
a$900,680 def$349,819
103,373
147,570
$208,069
5,494
Other income
$154,701
8,899
$1,004,054 def$202,249
33,895
31,419
Total income
Deductions.
Bal. avail, for int., &c.
4
$202,575
$970,158 def$233,668
$145,803
After charges of $91,192 for May, 1936, and $304,230 for period
Jan. 1 to May 31, 1936, for accruals for Federal Railroad Retirement Act
of 1935 and Federal and State unemployment Acts.
Note—Maintenance of way and structures for May, 1935, included
a
$138,781 levee district assessments for a prior period and $175,703 repairing
damages.
Other expenses for May, 1935, included credit of $572,388
for reversal of accruals under Railroad Retirement Act of 1934 from Aug. 1,
1934 to March 31, 1935.
The period Jan. 1 to May 31, 1935, included
creditof $363,123 covering reversal of accruals Aug. 1,1934 to Dec. 31,1934.
flood
Earnings of
1936
Gross from railway
$3,725,598
Net from railway......
586,007
Net after rents
261,626
From Jan. 1—
Gross from rail way.
Net from railway..
17,972,633
2,625,885
1,331,995
Netafterrents
Purchase of Past Due
1935
on
1933
$3,194,000
435,333
167,957
$3,393,916
778,297
420,062
15,423,814
1,242,633
21,511
16,350,957
2,950,080
1,389,574
14,911,412
2,332,161
447,764
Equipment Trusts—
said date.
Equipment trust certificates, series BB, which matured Feb. 15, 1935,
together with interest coupons which matured Feb. 15, 1935 from all out¬
standing series BB certificates.
Purchases will be made upon tender of above certificates and (or) coupons,
on and after July 1,
1936, at the office of C. W. Michel, eastern repre¬
sentative of the trustees. Room 1952, 120 Broadway, New York City.
Granted Extension in Filing Reorganization Plan—
-
A further period of six months has been allowed the company within
to file a plan of reorganization, according to an order entered by
which
Federal Judge George H. Moore.
—V.
ware, and Schulco, Inc., following the filing on June 3 of voluntary proceed¬
ings for the reorganization under Section 77-B of the Federal Bankruptcy
Act.
"The debtor corporation failed to pay rents due on June 1, 1936," the
letter to landlords says.
"It is reported that they will endeavor to dis¬
affirm and reject various leases and to seek substantial reductions of rent.
Ralph H. Hass, of 271 Madison Ave., is Secretary for the committee,
counsel.
and Marshall, Bratter & Seligman are
Management Continued by Court—
1935
1934
From Jan. 1—
Gross from rail way.
Net from railway......
Netafterrents
$36,031
1933
$87,599
—1,296
—28.019
$66,149
—23,079
—52,227
$86,157
480
—31,939
460,644
—88,466
—273,558
370,086
—83,086
—220,810
381,013
—53,778
—203,378
381,009
—47.841
—199,612
1933
$98,251 loss$169,823
1934
1935
Profit from operations.
$107,124
—6,151
—44,861
Netafterrents
Co.—Earnings—
Years Ended Dec. 31—
Ry. of Texas.—Earnings.—
1936
Gross from railway
Net from railway
r~;r
With only one group of preferred stockholders opposing such action,
Judge John O. Knox in U. S. District Court decided not to appoint a trustee
for the Schulte Retail Stores Corp., D. A. Schulte, Inc., of Del., and D. A.
Schulte, Inc., of New York, but to continue the present management in
charge of the business.
In answer to the request of counsel for the McRoberts preferred stock¬
holders' committee for an examination of David A. Schulte before con¬
tinuing the management, Judge Knox said that if examination dislcosed
any reason for not continuing the present arrangement, it would be changed.
Continuation of the present management was approved by committees
and individuals representing landlords, merchandise creditors, common
stockholders and other preferred stockholders, and by Harvey Gibson,
President of the Manufacturers Trust Co., as a bank creditor.
Lawrence B. Cummings was suggested as trustee for Schulco Co., Inc.,
to handle the real estate business which directly affects the Schulte Retail
Stores Corp.
Judge Knox said that Mr. Cummings must indicate what he
would be willing to work for before his appointment would be considered.
At reorganization hearing of Huyler's of Delaware, temporary permission
was granted to the present management to remain in possession.
Counsel for various stockholder groups agreed it would be beneficial for
the company to let the management stay, but asked that an interested party
be appointed to the board of directors in view of the fact that Huyler's
had been recently implicated in fraud proceedings in New Jersey.
No
date was set for the next hearing.
"The slightest deviation of the present management from what is fair
and equitable to creditors and stockholders and I will put them out,"
Judge Knox stated.—V. 142, p. 4191.
Scullin Steel
St. Louis-San Francisco
—V. 142, p. 3868.
A Schulte landlords' protective committee has been formed, composed
of George J. Wise, Chairman; Edward J. Crawford and Cornelius Teninga,
at the request of those who have substantial leases with the corporation,
D. A. Schulte, Inc., of New York and Delaware, Huylers, Inc., of Dela¬
The extension expires Dec. 31 next.
142, p. 4036.
May—
Corp.—Landlords Organize—
the need for prompt and united action on the part
mutual protection."
1934
$3,365,414
575,535
256,684
O. W. Michel, eastern representative of the trustees on June 26 issued the
following notice:
J. M. Kurn and John G. Lonsdale, trustees have heretofore made offers to
purchase at uot more than the face value thereof all past due equipment
trust obligations of the company matured through Dec. 31, 1934.
The trustees will be prepared, on and after July 1, 1936, to purchase at
not more than the face value thereof (without interest subsequent to their
respective maturities), the following additional past due equipment trust
obligations of St. Louis-San Francisco Ry. :
Equipment 6% gold notes, series 71A to 71E, inclusive (final instalment),
which matured Jan. 15, 1935, together with the final interest coupon which
matured
$1,907,266
Total
$1,907,267
Schulte Retail Stores
Experience of landlords in other large chain-store bankruptcies has proven
of all landlords for their
Company Only
May—
Total
absorbed plant burden
142,671
93,857
40,433
18,000
12,115
2,927
36,123
14" 987
$37,444
47*108
$31,730
7,859
$327,482
prof $9,663
Interest
$23,871
281,055
$327,324
282,001
notes
payable
delinquent taxes, &c_.
Miscellaneous charges
on
Penalties
on
Gross loss...
Income credits.
157
'
St. Louis Southwestern
Ry.—Court Limits Debt—
l^t mtge. & deb. bondsmatured unpaid interest
1st mtge. & deb. bonds.
Provision for depreciation
Interest
The application of the trustee for authority to spend $1,933,203 for
equipment betterments and maintenance, filed in Federal Court on M ay 19,
has been granted in part and deniedin part by Judge C. B. Davis at St. Louis.
The Court approved expenditures totaling $1,133,203, but denied, with¬
out prejudice to renew the request, authority to purchase five locomotives
at cost of $575,000 and five air-cOnditioned coaches at cost of $225,000.
The Bankers Trust Co. of New York, as trustee under the second mortgage
bonds, had opposed cash expenditures for new equipment, particularly
those for locomotives and automobile cars, suggesting that improvements
not immediately needed might be financed through equipment trust certifi¬
cates
This, it was said, would conserve cash to pay $400,000 bond interest.
The court, however,! turned down the suggestion of the trust company
and directed the trustee not to pay the interest.
The purchase of $370,489 for new steel rail was approved, together with
purchase of automobile cars, and other betterments and maintenance.
.
Shreveport Bridge & Terminal Co. Interest—
on
$382,743
Note—Provision
amount of
1936
RR.—Earnings.—
1935
$73,986
30
—24,094
;
Gross from rail way
Netafterrents
'
1934
.
$82,602
17,908
--4,771
~~—
578,950
212,556
61,679
Net from railway
387,782
42,022
—78,388
520,891
185,735
62,375
1933
$62,742
14,396
—9,003
—-
313,456
55,800
—73,347
—V. 142, p. 3868.
Salt Dome Oil
Corp .—Merger Announced—
A merger of the Salt Dome Oil
Corp., Texla Oil Corp. and Coastland
Oil Corp. has been agreed
upon by the directors of the three companies,
it was announced June 28 by Karl F. Hasselmann, President of Salt Dome.
Letters advising stockholders of the proposed merger and a notice of a
special meeting of stockholders to be held at Wilmington, Del., on July 24
have been mailed.
Stockholders of record as of July 3 will be entitled to
vote at the meeting.
•
'
The agreement of the directors, Mr. Hasselmann said, provides for the
merger of the two other companies into Salt Dome, which will have a
$1,000,000 authorized stock ($1 par). The 446,000 outstanding shares of
Salt Dome stock will remain outstanding, and shareholders of the Texla
Oil Corp. will be issued one share of Salt Dome for each 6H shares of Texla,
and shareholders of Coastland, one share of Salt Dome for each 10 shares of
Coastland. Upon completion of the merger, there will be 555,569 shares of
stock outstanding.
"If the shareholders approve of this merger," Mr. Hasselmann said, "it
will result in a substantial company, with a strong cash position and-suffi¬
cient production to cover its normal operating overhead. Among its hold¬
ings, the merged company will have an interest in approximately 75,000
acres in the Galveston Bay area, the most prolific region of the Gulf Coast
of Texas and Louisiana.
"The Salt Dome Oil Corp. has an arrangement with the California Co.,
subsidiary of the Standard Oil Co. of Calif., which holds a half interest in
67,000 acres, of the above acreage. This provides funds regarded as ample
to cover the expense of making seismograph surveys of this acreage, which
now are under way, and to drill an initial test wpll on each of these lease
blocks, when warranted by geophysical information.
was
made in
the
Balance Sheet Dec. 31, 1935
Assets—
Cash
on
Liabilities—
hand and in bank....
Accounts
$84,524
199,872
138,384
receivable
Inventories...*.
Other assets....
6,011
Land, buildings & equipment.x7,003,067
Deferred charges
54,994
Notes pay., matured Dec.
1934
x
24,
j
Accounts payable
Accrued
Int.
bonds
on
and
matured,
unpaid interest coupons
1st mtge. 15-year 6% sinking
fund gold bonds, due Oct.
1. 1941
Debenture
6)4%
bonds,
due
Oct. 1, 1941
Total......
$7,486,8531
$300,000
44,334
194,533
accounts
1,066,003
3,062,500
M
1,497,000
Capital stock
Surplus.
$104,624
37,925
11,684
Netafterrents
From Jan. 1—
$609,325
$304,926
depreciation of plant property
$52,610 in 1934 and $64,111 in 1933.
subject to further orders of the Court.
San Antonio Uvalde & Gulf
May—
—
for
Federal Judge C. B. Davis has authorized trustee of St. Louis South¬
Ry. to pay semi-annual interest of $11,250 on the outstanding
first mortgage bonds of the Shreveport Bridge & Terminal Co., due
Aug. 1,
1936.
The trustee also has been instructed to continue these interest
Gross from railway
Net from railway.
47,349
64,002
coupons on
western
payments as they become due,
—V. 142, p. 4353.
281,055
on
Interest
y650,000
672,483
Total
$7,486,853
reserve for depreciation of $1,087,882.
y Represented by 100
participating cumulative preference stock (preferred only as to
dividends of $3 per share annually) and 30,000 shares common stock, both
no par value.—V. 140, p. 4081.
r
'."^77""
x
After
shares
*
'
-
Seaboard Air Line
"
'
'
•
Ry.—July 1, 1932, Interest—
The Safe Deposit & Trust Co. of Baltimore, as depository for the under¬
lying bondholders of the Seaboard Air Line Ry., has notified holders of
certificates of deposit that payment of six months' interest will be made
on or before July 7 on the deposited bonds to registered owners as of the
close of business on July 1, 1936.
Payment will be made under the exchange and refunding plan of 1935
on the following issues:
Seaboard & Roanoke first extended 5s, Raleigh & Gaston first 5s, Caro¬
lina Central first consolidated 4s, and Florida Central & Peninsula first
consolidated 5s.
This will make the second interest payment on these bonds under the
1935 plan, which provided for the distribution of one-half annual interest
for the five-year period, 1935 to 1939, inclusive.
The first payment was
1
apply to the oldest unpaid coupon,
1, 1932.
The trust company made
known that funds to meet this payment soon would be received from the
made
on
Aug. 12 last
year.
The distribution now to be made will
representing interest due
on
July
receivers.
Edwin G.
Baetjer of Baltimore is chairman of the Seaboard's under¬
lying bondholders' committee.
Earnings for Mag and Year to Date
May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents....
—V. 142, p. 3868.
1936
1935
1934
1933
$3,097,296
$2,959,632
524,265
187,595
$3,047,367
514,627
171,030
603,339
259,460
$2,752,183
546,743
251,928
16,535,685
2,991,196
1,126,499
15,553,290
3,554,301
1,731,175
16,320,187
3,871*750
1,860,612
14,414,925
3,130,234
1,351,568
124
Financial
Chronicle
pref. stock had been converted into 4,085 shares of common stock,
c Ex¬
cluding 42 shares held in the treasury,
d 30,000 shares reserved for issu¬
ance under Employees' bonus plan agreement, and 150,000 shares reserved
for issuance upon conversion of the preferred stock.
Upon the sale of the debentures now offered and the application of the
proceeds thereof, the debentures will constitute the sole funded debt of the
corporation and subsidiaries, except for real estate mortgages aggregating
$4,295 on non-manufacturing properties of one subsidiary, and the bank
loans described above will have been paid.
.
Segal Lock & Hardware Co., Inc. (& Subs.)—Earnings.
Calendar Years—
1935
1934
$65,244
61,718
$51,145
60,780
prof$3,526
$9,635
$65,127
$347,401
8,978
sur$3,526
Net earnings
$9,635
$65,127
x$356,379
--
Depreciation
Moving expense.
Net loss
Preferred
1933
1932
$5,687 loss$248,911
60,998
98,490
9,815
dividends..
Balance deficit
Sales and Net Income
a
Before deducting surplus credits of
$241,013 composed of the following
Non-recurring profit, $199,076; refund of tax for prior period
$27,533, and sundry net adjustments of $14,404.
x
Condensed Consolidated Balance Sheet Dec. 31, 1935
Assets—
$55,016
Inventories at cost
b Property, &c
Other pay., incl. accr. items.
569,736
less
or
Notes payable
121,992
Notes & accts. receivable..
Notes
1,713,283
400
Investments
than one year)
1st ($28,000) &
Insurance,
advertising, sup¬
plies, unamortized cost of
razors, &c
RFC
pay.
mortgages
(due
2d
Conv. debs.
Contracts
stock
Segal
37,500
Hardware
Co.,
common
Lock
Ino.
&
(bal.
due)
and
Net Income
$696,184
601,712
223,158
loss214,483
loss856,777
$837,037
811,786
324,343
loss3,060
loss620,177
b Available for depreciation, amor¬
and
taxes,
c After
depreciation
Federal income taxes.
s
of Financing■—The estimated proceeds from the sale of the
after deducting compensation to the underwriters and esti¬
mated expenses in connection with the issue and sale, paid or to be paid
by the corporation, will amount to $1,637,827 and will be applied as follows:
Approximately $1,000,000 to pay a bank loan incurred by the corporation
in connection with the redemption on May 1, 1936, of its first mortgage
6% sinking fund gold bonds; the sum of approximately $600,000 to pay
bankfloans incurred more than one year ago by the corporation and owing
to Syracuse Trust Co., First Trust & Deposit Co., Syracuse, N. Y., and
Chase National Bank, New York; $30,300 for retirement of funded debt
of a subsidiary, Miller-Bryant-Pierce Co.; and the balance for general cor¬
Purpose
74,100
in
pay.
income
but before interest
Consolidated
c
Income
*
debentures,
6H% bonds due
of
Federal
and
interest
amortization
payable
April 1, 1940
Includes service sales and rentals,
a
tization,
($9,500)
within one year..
87,049
,
mos.
Year end, Dec. 31, 1932
$10,000
184,695
later
240,000
not
mos.
end. June 30, 1934
Year end. Dec. 31, 1933
6
Liabilities—
Cash
Sales
$6,848,877
8,306,394
3,722,843
5,456,111
4,647,101
end. Feb. 29, 1936
Year end. June 30, 1935
8
b Consolidated
Consolidated
Period—
items:
a
July 4t 1936
63.5S6
Other Liabilities not payable
within one year
21,786
7% cum. pref. (par $50) out¬
standing 10,238 shares*
511,900
\
porate purposes.
Underwriting—The name of each principal underwriter and the respective
debentures serially underwritten by them are as follows:
York
;
$1,000,000
450,000
Hemphill, Noyes & Co., New York
300,000
Common stock
715,484
amounts of
Capital surplus
Operating deficit
809,932
121,503
F. S. Moseley & Co., New
Riter & Co., New York
c
—
Total
a
$2,547,479
After
reserve
for
doubtful
Total
accounts
depreciation and amortization of
no-par shares.—V. 142, p. 3362.
$2,547,479
Balance Sheet
of $55,932.
b After reserve for
$726,330.—c Represented by 715,484
on
first
page
Simms Petroleum
The directors
of this department.
liquidating dividend of $1.25 per share
on the common stock, par $10, payable July 20 to holders of record
July 13.
A liquidating dividend of $1 was paid on Jan. 27, last, one of $1.25 on Oct.
18, 1935, and one of $10 per share on July 5, 1935.—V. 142, p. 3869.
a
Sloss-Sheffield Steel & Iron Co.-
Patents & patent
time
being there will be no court action initiated to obtain the information,
was announced on June 30 in a circular sent out
by George S. Kemp and
John Stewart Bryan of Richmond.—V. 142, p. 3869.
it
(L.
C.) Smith & Corona Typewriters, Inc.—Deben¬
Offered—An issue of $1,750,0000 of 10-year serial
debentures was offered June 30 through an underwriting
group comprising F. S. Moseley & Co.; Riter & Co., and
Hemphill, Noyes & Co.
The debentures, carrying interest
rates of 2 to 4}/£%, were priced to yield from
1.50% to 4.50%,
according to maturity.
A prospectus dated June 30 affords
the following:
tures
Coupon deben¬
principal only. Interest payable
Jan. 1 and July 1.
Penna. personal property tax not exceeding 5 mills,
Maryland securities tax not exceeding
mills, Conn, personal property
tax not exceeding 4 mills or Mass. income tax not
exceeding 6% per annum
of interest, refundable upon proper application.
Red. at option of corpora¬
tion in whole or in part, in inverse order of their maturity, on any int. date
upon at least 30 days' prior notice at principal amount thereof and int.,
and plus a prem. of Yn of 1 % of such principal amount for each full 12 months
period from and incl. date fixed for redemption to maturity but in no event
shall the premium exceed 3% of the principal.
Trustee. Chase National
Bank of New York.
Coupon
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
History and Business■—Company
Bate
Price
2%
2%
3%
3 y2%
3X%
4%
4%<
4M%
4 y2%
4 y2>
was
100.49%
99.51%
100.00%
100.93%
100.00%
100.00%
99.10%
99.66%
100.74%
100
Yield
incorp. in New York on Oct. 30,
Bros. Typewriter Co. of Syracuse,
1924, under the name of L. C. Smith &
N. Y.
It succeeded a corporation of the same name, which was organized
in 1903 for the development, manufacture and sale of standard office
type¬
writers.
In 1926, it expanded its business by
acquiring, and later merging,
the Corona Typewriter Co., Inc., which had been engaged in the manu¬
facture and sale of portable typewriters since 1909; and in connection with
this acquisition the present corporate name was adopted.
During 1928 the
corporation acquired all of the capital stock of Miller-Bryant-Pierce Co.,
which had produced
carbon paper and typewriter ribbons, beginning in
1896. The L. C. Smith Standard and Silent typewriters are manufactured
_
Earned surplus
Socony-Vacuum Oil Co., Inc.—Gasoline Price Reduced-—
a reduction of one cent a gallon in the New York State gasoline
taking effect on July 1, the company, announced that the price of its
gasoline will be reduced an equivalent amount throughout the State on
With
The
are
also the agents and distributors for the Standard and
machines.
L.
C.
The
Silent, a recently developed model of the Standard
machine, has given the corporation an entry into a new field, about 20%
of the L. C. Smith machines sold in 1935
having been of the silent type.
Capitalization
as
of Feb. 29, 1936
Authorized
1st mtge.
6%
_
s.
f. gold bonds, due Nov. 1,
'39l$2,500,000
1st mtge. 7% gold bonds of Miller-BryantPierce Co., due serially Apr. 1, '36, '37 & '38
$6 preferred stock (no par)
Common stock (no par)
was
largely
40,000
b30,000 shs.
d350,000 shs. cl61,359 shs.
result of a State-wide
a
Solvay American Investment Corp.- —Earnings—
Year End. Mar. 31—
Interest received—-
1936
—
1934
1933
$3,089,509
$3,040,404
277,002
880,689
1935
$3,136,829
5,045
1,127,132
3,043
212
790
743,622
1,011,901
$2,909,982
750,000
Royalty
Loss
on
realization of in¬
vestments
$3,141,874
Total income
Int.
$3,130,175
$2,623,100
506,206
154,180
15,809
156,619
26,781
19,549
198,767
26,687
154,165
9,718
$2,927,226
9,633,104
$1,891,440
5,674,378
2,485,313
$1,779,906
5,197,126
secured gold notes
on
Disct.
on notes
216,193
payable-
General, &c., expenses—
Taxes
paid and refund.Interest paid—
Loss on realiz'n of invest.
Net income
770,826
$2,201,059
2,328,619
.
Proportion of spec, cash
reserve fund applic. to
gold notes redeemed.
600,000
900,000
•
15,373
Miscellaneous credits—
Total surplus
Preferred dividends
$4,529,678 $13,160,330 $10,951,130
806,694,
819,827
1,318,027
dividends—_
Conunon
$6,992,405
1,318,027
900,000
Approp. for invest. res..
Premium paid on pref.
stock purchased & re¬
10,000,000
-
38,450
11,884
Balance, March 31
$2,784,534
Earns, per sh. on 300,000
com. stock (no par)__
$4.65
-
.
$2,328,619
tired during the year.
_
_______
—.
$9,633,103
$5,674,378
$1.91
$1.54
•
$7.02
Balance Sheet March 31, 1936
A
i
—
64,898,765
150,000
46,143
i
Advances
Accts. rec. & accruals.
in
bank— ref.
-
payable & accruals...
$911,932
5H% cum. pref. stock (par
$100)
14,378,800
Common stock
x49,475,880
-
Earned surplus.
stock
sinking fund
2,784,533
.
225,022
Total
x
~
$2,231,213'.Accts.
Cash..
Investments..
Cash
T An hi 74Ji
$67,551,145
Represented by 300,000
Total
—
shares.—V. 142,
no-par
—
p.
.
.$67,551,145
472.
South American Gold & Platinum Co.—10-Cent Div.—
directors have declared a dividend of 10 cents per share on the
capital stock, par $1, payable July 29 to holders of record July 15.
Similar
The
distributions
1935,
on
were made on March 30 last, Nov. 27. July 25 and April 30,
Dec. 31, Sept. 25 and May 29, 1934, and on Dec. 12, 1933.
Years Ended Dec.
31—
x
1935
on
metals
Other income
Total income.
Income taxes, exchange adjustments,
&c
Depreciation & amortization
Depletion
Minority interest
1934
$1,202,074
17,237
$1,055,097
129,311
194,443
205,984
117,296
71,880
—
$2,049,165
$1,049,374
5,723
;
Cost of metals sold, &c
$1,698,720
649,346
$1,219,311
145,614
$336,183
528,000
Proceeds from sale of metals
Expenses
150,000
30,000 shs.
Certificates representing 2,475 shares of the old
preferred stock
have not been surrendered for exchange.
The $6 pref. stock is convertible
into common stock on the basis of five shares of common stock for
one
share of preferred stock, to and incl. Jan. 1, 1938, and thereafter on
the
basis of four shares of common stock for one share of pref. stock, to and
incl
Jan. 1, 1941.
Since Feb. 29, 1936, and up to June 11, 1936, 817 shares of
cent reduction in the tax
Operating profit
Outstanding
$600,000
a969,700
a Subsequent to Feb.
29, 1936, the corporation obtained a bank loan of
$1,000,000, from the proceeds of which it retired these bonds on May 1
1936, at 101
and int.
b By amendment of the certificate of incorpora¬
tion, filed Dec. 10, 1935, the 7% cumulative preferred stock then outstand¬
ing, consisting of 22,000 shares (par $100), was changed into a new $6
preferred stock (cumulative from Oct. 1, 1935) consisting of 30,000 shares
(no par), on the basis of 1 4-llths shares of new stock for one share of such
old stock.
one
Dividends received.----
Smith
Bank loans
date.
that
protest by New York motorists to the State Legislature at its last session.
It lowers the State gasoline tax from four cents to three cents a gallon.
In addition there is a Federal tax of one cent a gallon.—V. 142, p. 3188.
at Groton, N. Y., and
Aurora,.111.; some manufactur¬
ing and assembling of the L. C. Smith and Corona typewriters is done in
Canada and to a lesser extent in England.
The L. C. Smith Standard and Silent machines are sold
through 39
branch offices and sub-branches in 27 States and the District of Columbia
and three foreign countries, and through 345
agents and distributors. The
Corona Portable machines are marketed
through approximately 2,500
dealers in this country and abroad.
In some few instances the Portable
$12,354,551
—
tax
Syracuse, N. Y.; the Corona Portable machines
Silent
Total
—V. 142, p. 3869.
the carbon paper and typewriter ribbons at
machine dealers
1,936,308
3,242,998
247,013
1,002,709
.
1.50%
2.25%
3.00%
3.25%
3.50%
4.00%
4.15%
4.30%
4.40%
4.50%
1,574,497
2,200,000
Common stock (no par)
.$12,354,551
Balance, March 31
Profit on securities red.
Offering Prices, Coupon Bates and Serial Maturities
-
pref. stock (no par)..
cum.
Capital surplus
Surplus from revaluation—_
Dated July 1, 1936; to mature serially July 1, 1937-1946.
tures in $1,000 denom., registerable as to
$175,000
175,000
175,000
175,000
175,000
175,000
175,000
175,000
175,000
175,000
$6
■Stockholders to Audit
Stockholders of the company have been permitted by the management to
an independent audit made of certain
company records and for the
100
Other liabilities.
17,288
—
Total.
Amount
Reserves
260,148
—
Other assets
have
at
applications
Deferred charges.
Records—
Principal
Other current liabilities
Long term debt..
3,228,594
Fixed assets (net).
Co.-—Liquidating Dividend-—
have declared
Accrued liabilities
4,941,808
1,433,378
Investments
$600,000
171,301
357,101
16,534
1,005,990
Accounts payable.:
241
Current assets
v
~
Notes payable
$383,214
670,829
1,419,050
Inventories
Seversky Aircraft Corp.—Registers with SEC—
29, 1936
—Liabilities5
Assets-
Cash
Notes and accts. receivable..
See list given
at Feb.
as
$503,738
$191,817
$24,262
$0.28
Net profit
Dividends
Deficit
-----
Earns, per sh. on 1,760,000 shs. cap. stk.
x
(par $1)
$0.19
-847,091
158,584
205,496
115,827
90,052
528,000
After adjustment of inventories.
Earnings f or 3 Months Ended March 31, 1936
Net
profit
after depreciation,
depletion,
U.
income taxes, minority interest, &c__
Earns, per sh. on 1,760,000 shs. cap. stock
S.
&
(par $1)
Colombian
;
$153,096
$0.68
Volume
Financial
143
Assets—
$1,300,755
_
Inv.
In
U.
S.
Gov.
incl. accr. Int., at cost
Notes & accts. receivable
Accts.
receivable
162,741
x30,862
of
wages
18,808
unclaimed wages
7,937
Sundry accounts payaDle
19.313
Funds on dep. for employees
Reserves for contingencies. .
419,289
market)
materials
against stated
mining properties
<fc
incl. accr. int
271,491
expenses
Res.
Min.
Sundry Investments..
Mining prop., rts., claims, &c
Dredges, hydro-elec.
plant,
bldgs., equip., &c...
zl,844,553
17,693
value of
254,328
stock &
cos.—book,
Albuquerque Natural Gas Co.
Kingfisher County Gas Co.
Consumers Natural Gas Co.
Pecos Valley Gas Co.
Wink Gas Co.
Cities Water Co. of Texas.
Southern Union Utilities Co.
Gas Co. of New Mexico.
Lovington Gas, Water & Sewer Co.
Southern Union Production Co.
Union Finance & Sales
Company operates
1,760,000
6,945
1,959,942
Capital stock (par $1)
Consolidated capital surplus.
Consolidated earned surplus.
no
properties directly.
Capitalization<of Southern Union Gas Co. as at Dec. 31, 1935
Authorized
A and B_ $5,000,000
564,000
1st & ref. 5J^% bonds, series II (income)
564.000
2,000,000
10-year coll. trust 6°/< sinking fund gold bonds.
Outstanding
$165,500
459,500
459,500
1,029,700
500,000
2,000
1st mtge. coll. 6>£% s. f. gold bonds ser.
1st & ref. 5H% Donds, series I-
Two-year 6% gold notes..
Contract of guaranty on 10-year com
6 K % gold
debs, of Albuquerque Natural Gas Co.
Cumulative preference stock: Class A (par $25)...
7% cumulative (par $25) —
.....
$1.75 dividend series cumulative (par $25).^-..-.
Common stock (stated value $5).
—
Iota!
$5,075,872
After
$5,075,872
Total..
$17,095.
y After
reserves
of $38,826.
z After
depreciation and amortization reserved and for write-off of $1,929,924.—
V. 142, p. 1303.
,
x
of
reserve
Sorg Paper Co.—Accumulated Dividends—
.
874,500
29,722 shs.
40.000 ■i 5,360 sbs.
3,593 shs.
4,000
500,000 247,877 shs.
1,000,000
60,000
■
—
...
A dividend of $3 per share was paid on account of accumulations on the
6% cumulative preferred stock, par $100, on June 25 to holders of record
June 24.
This compares with $3 paid on March 25, last and on Dec, 21,
1935; $1.60 paid on Oct. 26. 1935, $1.50 paid on Dec. 20, 1934. 50 cents
per share paid on Aug. 1, May 1, 1934 and on Dec. 1. 1933.
These were
the only payments made since the regular quarterly dividend of $1.50 per
share was paid on April 1, 1932.—V. 142, p. 2340.
Corp.
Southern Union Gas Co. (Texas).
618,969
value
103,548
& other assets
M & M Pipe Line Co.
Pecos Valley Production Co.
276,748
cap.
sub.
of
surp.
yl36,777
9,866
789,522
_.
in
int.
are:
Arkansas Western Gas Co.
&
1,709
supplies (at cost)
Prospecting, other advs., &c.,
Def. chgs.
&
Accrued
Inventory of bullion (at cost
Inventory
salaries
4,753
(empl.);
Depos. with Colombian Gov't
which is less than
$135,183
Accrued taxes
Accr.
securs,
Delaware, has been
Its principal subsidiaries
engaged in business continuously since that date.
Liabilities—
.
Cash
125
Chronicle
Southern Union Gas Co., organized Jan. 17,1029, in
Consolidated Balance Sheet Dec. 31, 1935
As at Dec. 31,
collateral
year
1935, there were in addition to the above amount of 10bonds, $495,000 pledged to creditors of Southern
were also outstanding, scrip certificates pertaining
trust
Union Gas Co.
There
to certain of the above bonds.
Profit and Loss Statement Year Ended Dec. 31, 1935
$375,782
2,176
Interest earned..
Miscellaneous income
Southern Canada Power Co., Ltd.Period End. May 31—
Gross earnings
-Earnings—
1936—8 MM.—1935
$1,437,257
$1,430,849
587,122
570,442
1936—Month—1935
$178,906
73,113
$105,793
Operating expenses
Net earnings
-V. 142, p. 4191.
$171,757
69,018
$102,739
Southern Kraft Corp.—Bonds
$860,407
$850,135
giration Pulpcalled for redemption on 15-year all of the outstanding $292,700
astrop has & Paper Co. 1st mtge. Aug. 1 6H % sinking fund bonds, due
1940, at a price of 102 and accrued interest.
Payment will be made at the
Continental Illinois National Bank & Trust Co. of Chicago.
This company, as successor to Bastrop Pulp & Paper Co., operates the
Bastrop mill at Bastrop, La., which it acquired from International Paper
Co. in
1930.—V.
142,
total expenses
Southern Indiana Gas & Electric
Calendar Years—
Balance Sheet
as
at Dec.
_
_
_
_
Organization
$9,988,383
79,526
expense
Fixed assets
100,066
•661,640
114,659
Current assets
Deferred charges
Other assets
2,832
1935
377,051
...
Heating and water.
Non-operating revenues.....
!_
81,221
16,420
...
..
Total gross earnings
Operation
;
_
_
Provision for retirement
General taxes...
$2,929,031
981,161
199,614
$3,160,399
1,137,460
___
_
203,672
■„
277,700
399,063
81,903
277,700
$1,060,600
302,500
$982,739
302,500
5,919
25,664
02,082
reserve
Federal income taxes
....
402,927
84.890
Total..........;.
*
on
funded debt
Interest
on
unfunded debt.
...
5,312
Amortization of debt discount and expense, &c
Interest charged to construction.
Net income
25,664
016,103
$743,227
$542,477
140,000
—
Preferred dividends
Common dividends
_
...
-
Balance Sheet Dec. 31,
Assets—
$650,738
$542,349
Fixed capital (incl. intang.) .$20,284 558
Invests, in secur. of various
companies
(at cost)
17,203
Debt discount and expense In
process of amortization
Deferred charges & prepaid
6.6% cum.pref.stk. ($100 par)
7% cum. pref. stk. ($100 par)
b Common stock....
524,123
mtge.
5M% gold bonds,
due April 1, 1957
accounts.
39 ,839
Consumers' deposits,
Accounts payable
&c..__
Cash
215 ,200
U. S. Govt, securities
376 ,000
a Accounts receivable
Materials and supplies
508 ,808
Divids. payable on pref. stk.
164 ,853
Accrued
Accrued taxes
Misc.
int.
funded debt
on
current liabilities.....
Reserves..
.....
Contributions for extensions
Premium on pref. stock
Acquired surplus
Earned
$5,610,700
670,300
2,308,500
4,000,000
.$10,947,10?
surplus
.
.
Southwestern Associated Telephone Co.
a
After
—V.
142,
....$22,130,5871
reserve
p.
of $42,450.
Total
$919,476
180,411
535,075
177,648
501,576
$282,417
2,519
$240,251
1,580
$284,937
162,500
1,748
12,622
$241,832
162,500
3,859
12,621
Provision for depreciation.
expenses
no
par
shares.
970.
and taxes
—
Net operating income
Other income (net)_ J
_
—
_____
_
Net earnings
on funded debt
Interest
General interest....
■
...
_
—
_.
Amortization of debt discount and expense
Interest charges to construction
CT58
Cr67
8,903
2,393
Net income.
10,753
2,784
$96,828
Southern Pacific
Co.—Earnings.—
1936
1935
Liabilities—
Telep. plant, equipment, &c..$7,376,878
Miscellaneous investments
25,342
3,220
Special deposits.
Debt disct.
and expense
in
process of amortization
Prepaid accts. & def'd charges
Due from connecting company
$6 cum.
x
preferred stock
Gross from railway
Net from railway
1933
Net after rents.........
$9,947,382
3,122,251
1,902,714
$8,081,444
2,083,728
46,510.633
10,825,066
4,710,369
42,290,360
34,205,750
5,152,245
-1,031,268
54,379.040
12,489,448
5,321,618
10,045,131
4,251,623
760,165
—V. 142, p. 4191.
Minority int. in
&
common stock
surplus Of sub.
U. S. Govt, securities
Accrued taxes
3,890
Notes & accounts receivable..
83,748
218,235
Materials & supplies...
A, due April 1, 1961..
1935
1934
$396,332
—72,069
—71,683
1933
$479,172
$395,550
3,392
—7,462
—63,049
—63,838
2,253,629
—85,358
—124,627
1*976,625
1,787,623
—254,133
—258,230
—320,159
—321,958
1936
Gross from railway
Net from railway
N et after rents
.
1935
1934
$7,464,175
2,047,382
1,308,584
$6,420,384
1,289,605
700,032
56,465,505
1.498,713
850,686
56,544,085
1,932,853
37,564,783
10,166,722
6,511,650
32,972,895
7,687,013
4,590,534
33,734,739
29,962,921
7,720,876
4,537,683
$383,550
—40,402
—41,321
Accounts payable
Accrued interest.
40/625
51,011
Service billed in advance.---.
Reserves..
Southern Ry.
-Earnings-
Gross from railway.
_
..
Net from railway...,
Net after rents
From Jan. 1—
Gross from railway...
Net from railway
Net after rents..
-
-
-
-
-
-Third Week
1936
Period—
Gross
earnings
—V. 142, p. 4354.
—
$2,284,549
of June—
1935
.$8,548,8671
Total
9,388,358
6,100,208
—Jan.
1936
Total.
Represented by 42,000 no par shares.—V.
Period End. May 31—
Operating revenues
Uncollectible oper. rev..
Operating expenses
Rent
for
of
lease
.$8,548,867
142,
p.
4191.
Telephone Co.—-Earning
1936—Month—1935
$6,615,308
30,498
4,266,904
1936—5 Mos.—1935
$6,207,210 $32,618,564 $30,452,567
26,860
153,833
137,812
4,080,621
20,952,812
19,718,0^2
oper.
3,909
697,000
6,902
687,000
19,692
3,569,000
34,854
3,475,000
$1,616,997
$1,405,827
$7,923,227
$7,086,819
property
Operating taxes.
Spencer Chain Stores, Inc.—Initial Common Dividend-—
Directors
on
July 1 declared an initial quarterly dividend of 15 cents per
payable July 31 to holders of record July 8.
share on the common stock,
Net income after taxes
$126,656
Earnings per share on 250,000 common shares.x$0.51
x Approximate.
Sales for Month of June—
1936
Sales
$333,312
_____
Class A Stock Called for
1,310,353
1 to June 21-
1935
$2,062,420 $56,606,974 $49,132,481
Southern Union Gas Co.—To
13,185
825,235
505,433
Earnings for 6 Months Ended May 29, 1936
1,555,509
—387,375
—395,641
—V. 142, p. 3870.
May—
3,250,000
4,330
43,433
-V. 142, p. 3870.
Lines.—Earnings.
1936
Gross from railway
Net from railway.
Net afterrents
From Jan. 1—
174,534
co
1st mtge. 5% gold bonds, series
Deferred liabilities...
Net operating income-
Southern Pacific SS.
May—
$1,395,080
2,246,000
Common stock
318,691
9,828
11,711
Cash (incl. ctf. of deposit)467,310
Working funds .A.
30,012
Southwestern Bell
1934
$10,455,367
2,734,209
1,148,265
1,412,015
Net after rents
From Jan: 1—
$49, 38
1935
Consolidated Balance Sheet Dec. 31,
x
May—
1934
$997,903
revenues
.........$22,130,587
b Represented by 400,000
Gross from railway
$11,614,331
Net from railway......
2,792,653
as
(& Subs.)—
1935
Calendar Years—
Operating
Surplus
Total
pledged
sundry indebtedness.
Long-term debt held in treasury,
totaling $527,000 par value is pledged as collateral to secure sundry in¬
debtedness.—V. 141, p. 768.
secure
Assets—
5,500,000
156,995
115,033
417,340
145,205
75,625
8,963
2,076,181
84,864
32,890
96,906
831,083
67
644,599
4,428,709
75,325
14,369
.....
Total
Miscellaneous deductions from income
6% cum.pref stock ($100 par)
1st
$10,947,107
Minority common stockholders' int. in net income
of subsidiary company
1935
Liabilities—
3,568,576
...
Investments totaling $9,665,549—balance sheet value—are
collateral to
Operating
Net earnings...
Interest
134,000
89,825
1,239,385
9,200
stated val
Cap. stk. allotment ctfs
*
Long-t'm debt (less in treas)
Contingent accounts payable.
Com. stk. (no par) $5
Retirement reserve
_
Maintenance
8% cum. pref. stock.
7% cum. pref. stock.
$1.75 div. series pref. stock..
Capital surplus
Earned sin-plus
1934
$1,921,589
541,711
365,552
79,320
20,858
$743,050
Class A
Current liabilities
$2,045,034
640,673
Transportation
31, 1935
Liabilities—
Assets
Investments
Gross Earnings—
Gas.
115,153
$47,812
Co.—Earnings-
Electric
-
-
;
4191.
p.
—■ -
-
Profit and loss—surplus.
Called—
readjustment of the debt structure of this corpora¬
$14,500,000 bond issue was recently registered, the cor-
a
—
...
Capital loss, $54,775; general and administrative expense, $20,778; taxes (other than income), $2,987; bad debts, $1,653;
debt discount and expense, $21,764; depreciation, $3,194:
As the first step in the
tion, for which
$377,958
214,993
Total income
Interest expense
The
company
common
has called
of its class
4354.
1936
A
stock,
leaving only
p.
-Earnings1935
1934
1933
$585,939
167,090
Operating profit
Other income, net
..
.
Depreciation
Idle plant expense
$387,872
169,394
$301,632
166,626
$147,960
146,161
$418,849
32,769
$218,478
1-1,507
$135,006
2,215
$1,799
7,663
$451,618
136,013
8,825
$229,985
86,427
8,612
$137,221
134,517
$9,462
156,416
$306,780
Expenses
Total income—
Exchange Securities, &c.—
i42,
Spicer Mfg. Corp. (& Subs.)
3 Mos. End. Mar. 31—
1935
$266,521
Redemption—
$121,000
stock outstanding.—rV.
Profit from operation
$75,804
x$0.30
$134,946
$2,704
The company, guarantor
of the 10-year conv. 6H % gold debs, of Al¬
buquerque National Gas Go. (called for deposit, see above), will surrender
certain securities of Albuquerque which it owns and will also be relieved of
its guaranty to the extent that debentures are exchanged.
Net profit (before Fed.
taxes)
—V. 142, p.
3527.
loss$146,954
126
Financial
Chronicle
Spokane International Ry. —Earnings.—
May—
1936
Gross from railway.
Net from railway
1935
$61,960
1934
1933
12,318
3,785
$45,668
8,442
2,563
$46,807
4,525
def2,386
$36,229
def4,522
defl0,768
266,420
50,164
10,408
191,064
def4,857
def31,848
187,556
def4,690
def35,450
150,544
def51,668
def84,570
Net after rents..
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 3870.
Action which indicated reorganization of the
Hugo Stinnes Corp. and
Hugo Stinnes Industries, Inc., was begun in Federal Court at Baltimore
June 19, when petitions were filed under Section 77-B of the
Bankruptcy
Act.
Judge William C. Coleman of the U. S. District Court signed an
Act.
Judge William O. Coleman of the U. S. District Court at a hearing
June 30 announced that he would continue, at least
temporarily, the
present officers in the management.
He appointed Wethered Woodward
of Baltimore special master to act
1936
1935
$644,651
322,468
203,675
2,850,491
831,841
236,306
Net from railway. .!
Net after rents
—V. 142, p. 3870.
—
1934
$620,039
228419
123,544
From Jan. 1—
Gross from railway
5,696,732
877,686
396,545
1933
$472,340
v
219,680
f
133,682
$404,794
178,568
90,987
2,121,351
922,304
520,416
1,522,244
417,186
2,392
plan of reorganization.
John S. Inskip, President of the company has
indicated that he will bid for the plants at Long Ilsand City and
Springfield,
Mass.—V. 141, p. 2291.
(E. R.) Squibb & Sons—Earnings
1935
$657,585
$542,069
467,268
$0.75
share
$1,124,456
450,949
$1.77
—
-Mobilities—
r——r—
Accounts
$963,938
Accounts
and
notes
receiv.,
$59,949
due
from
officers and employees
x2,741,942
Collateral
loans
to
Squibb
Accruals—Corns.,
and foreign sales agencies..
.
State,
county
warrants
&
and
14,346
1,146,898
Gold bullion held by foreign
subsidiaries
Land,
and
buildings,
48,493
z7,621,607
of
\
127,411
4,428,218
4193.
The directors have declared
of 25
cents
share on the
This will be the
per
1935
1934
$151,709
1933
1932
'
59,907
12,654
$82,429
51,929
2,629
loss$31,332 loss$102,071
48,372
52,342
Net profit
Earns, per sh. on 84,790
shs. com. stk. (no par)
$79,149
$27,872
,704 loss$154,413
$0.93
$0.33
Assets—
Cash
on
Nil
Nil
Liabilities—
hand and in banks...
Bills, acc'ts & accrued int.
$106,953
106,252
197,422
rec.
Inventories
Investments—Mun. bonds and
real est. mtge. receivable
Land.
;
74,776
706,554
'
5,875
51,424
x406,922
x
payable
$3,696
Accruals (payrolls, taxes, &c.)
Deferred credits
stock
Treasury
stock
28,613
498
Paid-in
surplus
y431,250
£>r7,300
316,185
Earned
surplus
106,090
1
Total
no
Accounts
Common
Deferred charges (prepaid exp.)
y2,824,404
......
Balance Sheet Dec. 31,1935
machinery,
equipment
dividend
Patents
common
;
a
stock, payable July 15 to holders of record July 6.
first distrubition made since Oct. 15, 1930 when a dividend of 25 cents was
also paid.
Bidgs., mach'y and equipment
78,361
at cost
Deferred charges
452,371
137,113
342,313
262,771
419,308
Other investments, at cost...
Treasury stock, 741
shares
pref. and 10 shares
royalties,
Capital stock
Surplus from redemption
preferred stock
Earned surplus
long-
cos
411,205
Foreign bank loan
36,613
term obligations receiv
Investments in affii.
Elliott for several years a member of the Executive Staff
Jane 26 elected Vice-President, according to an announcement by
Hoffman, President.
Mr. Elliott's duties will include those of
assistant to the president, a position he has held since 1930.—V. 142,
$486,221
Reserve for exchange variances
Miscellaneous reserves
municipal
other
the 10-year convertible 6%
on
that date.
Provision for deprec
Federal income taxes.__
taxes and miscellaneous
Due from affiliated companies
on
G.
Calendar Years—
Net profit before deprec
—
(incl. factors'
Federal income taxes
1,145,095
2,949,065
Inventories
'
paid
Sundstrand Machine Tool Co.—Dividends Resumed— ^
450,949
$2.00
guarantee deposits)
Due to affiliated companies..
incl.
plan shareholders
pay.
1, 1936 (1K%),
was
on
Paul
$1,236,457
Consolidated Balance Sheet, Dec. 31, 1935
Cash
Oct. 1.—V. 142, p. 4192,
Kenneth B.
was
193^2
450,949
$0.49
on
New Vice-President—
common
(no par)
—.
The interest due July
debentures, due 1945,
p.
1933
1934
hearing
the principal of their notes which is due
pay
Springfield (Mass.) Mfg. Corp.—Sale Set—
Calendar Years—
Net profit after deprec.,
Federal taxes, &c
Shs. com. stock outst'g
a
Studebaker Corp.—Interest—
The sale of the assets of the
company (formerly the Rolls Royce Co. of
America) has been set for Aug. 1 by Federal Judge Goddard, who ordered
liquidation of the company's affairs because creditors could not agree on a
Assets—
liaison officer between the manage¬
corporations and the Court and set Sept. 28 as a tentative
on the reorganization plan.
The petitions stated that the two companies were incorporated in Mary¬
land 10 years ago, that both are
holding corporations and that their assets
consist of properties and securities mainly in foreign countries.
The ma¬
jority of the holdings of the Stinnes corporation are in Germany.
The petitions pointed out that for the past five
years, due to the stringent
regulations and control of the export of currency by Germany, the corpora¬
tions have not
fyeen able to transfer funds since 1933 to meet the full interest
on their notes.
It is understood that the companies will not be able to
date for
Spokane Portland & Seattle Ry.—Earnings
May—
per
as
ment of the two
Gross from railway
Net from railway!
Net after rents...
Earnings
July 4, 1936
(Hugo) Stinnes Corp.—Petitions Filed—
4,180
$879,033|
Total
$879,033
After
par
reserve for depreciation of $338,673.
y Represented by 86,250
shares, including treasury stock.—V. 142, p. 1835.
Goodwill, patents, and trade¬
marks
x
Sunshine Mining Co.—New
1,216,420
Total
..$14,317,726
After
reserves
|
Total..
$14,317,726
of $148,781 for doubtful accounts,
y
After
reserve
for
depreciation of $2,228,497.
z Represented by cumulative
$6 first pref.
without par value, redeemable at $107.50 per share; authorized, 100,000
shares; issued—less 11,082 shares purchased for sinking fund—52,806 1-6
shares,
and
common
stock
certificates); authorized,
142. p. 3013.
without
1,000,000
par
value
(including voting trust
issued, 467,278 shares.—V.
shares;
Standard Gas & Electric
Co,—■Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended June
27, 1936, totaled
96,429,625 kwh., an increase of 16.5% compared with the corresponding
week last year.—V.
142, p. 4354.
In
J.
Breen
elected
June
26, President of
succeeding the late F. W. Roebling Jr.—V. 142, p. 970.^
was
Standard Oil Co. of
on
this
company
petroleum products from the refinery now being built on the Island of
Bahrein in the Persian Gulf, according to a joint announcement made on
June 26 by K. R. Kingsbury, President of
Standard, and Captain T.
Rieber, Chairman of the Texas Corp.
The California-Texas Oil Co., Ltd., has been
organized to accomplish
the purpose, each company to have
equal representation on its board of
directors, the joint statement read.
J. A. Moffett, Vice-President of
Standard of California, will be a director and Chairman of the new
company.
The other directors
representing the California company will be R. H.
Morrison and Max Thornburg, both of whom also will be Vice-Presidents.
The Texas Corp. will be represented by H. M.
Herron, who will become
President; by J. V. Murray, director, and by William Kunstadter, Secretary
and Treasurer.
"After several months of negotiation," the joint statement read, "an
agreement has been reached between Standard Oil Co. of California and the
Texas Corp., through which the production of crude oil of the Standard Oil
Co. of California east of Suez, and the
petroleum products from the refinery
which is now under construction at
Bahrein, will be marketed
through the
foreign distributing facilities of subsidiaries of the Texas Corp.
The
capacity of the refinery at Bahrein, which is nearing completion, is to be
expanded, while additional marketing facilities will be erected where
Accessary."—V. 142, p. 3693.
Exchange Stock for Colonial
capital stock.
vided such registration statement shall become effective on
before
or
Pro¬
Aug.
Operating
Net rev. from oper
Other income
considered prior
to
the issuance
Staten Island Rapid Transit Ry.
May—
1936
$132,606
1935
$123,232
1934
5,473
Net from railway
Net after rents
def41,208
670,941
def2,805
Gross from railway
195
def31,382
Net after rents.
From Jan. 1—
611,669
defl4,964
def236,845
722,241
126,526
def39,271
defl85,038
—V. 142, p. 3694.
1933
$141,810
30,140
687,303
146,551
defl3,268
969
New
York
$178,776
48,000
$185,007
47,417
35,000.
35,000
$95,776
$102,590
y Before
property retirement reserve appropriations and. dividends,
Regular div. on 7% pref. stock was paid on April 1, 1936. After the pay¬
were no accumulated unpaid divs. at that date.—V.
142, p. 3190.
z
ment of this div. there
Supertest Petroleum Corp., Ltd.—Earnings—
Years End. Dec. 31—
Net
1935
•"
$352,260
*
Balance, surplus
♦
Company reports that "dividends
1935, but amount not stated.
Assets—
$274,048
294,218
_
261,619
205,109
132,946
7,955
13,315
.
Life insurance...
1
.
.
3,635,960
25,000
$185,919
$288,243
were
regularly maintained" during
31
Dec.
1935
Accounts payable
Acrued charges
Reserves
-
Class B stock
$395,511
165,948
Mortgage payable.
Class A stock
1934
$637,448
.
125,855
x
Common stock
65,922
y
Ordinary stocks.
------
$4,949,347 $4,588,160
no par
1932
$434,000
145,757
30,280
1,350,932
208,300
200,000
25,000
878,815
1,452,624
189,950
207,223
1,090,873
287,800
200,000
25,000
878,815
1
Contracts, &c_._
x
8,130
11,515
3,867,646
79,683
106,910
134,413
.
Investments
1933
$330,420
144,501
Liabilities—
$312,259
Accts. receivable.
Total
1934
1935
Cash
1934
$339,354
142,146
$197,208
earnings
Dividends paid
shares,
y
Surplus
Total
...
__
1,312,988
$4,949,347 $4,588,160
85,000 no par shares.—V. 142,
p.
4355.
Directors have declared a quarterly distribution of 13 cents per share,
payable July 15 to holders of record June 30.
This distribution, the first to be made on the reclassified shares, com¬
pares with the equivalent of 12.8 cents for the previous quarter and is 35.4%
greater than the payment for the same period a year ago.—V. 142, p. 3014.
Teck-Hughes Gold Mines, Ltd.—Earnings—
Period End. May 31—
income after taxes
1936—3 Mos.—1935
1936—9 Mos.—1935
Net
Sterling, Inc.—Listing—
The
531
$283,253
98,246
Supervised Shares, Inc.—13-Cent Dividend—
■Earnings$136,665
19,940
defl2,003
$282,722
$279,023
100,247
$17,360
8,471
...
Invest, in subs
Gross from railway
Net from railway
$21,096
8,522
...
Mtges. receivable
or
prospectus.
It is planned to keep the offer open until Oct. 15.
Standard Oil Co. (N. J.) owns a large
majority of the Colonial Beacon
stock which it acquired some years ago in a similar offer.
There are ap¬
proximately 60,000 shares of the smaller company's stock in the hands of
the public.—V. 142, p. 4354.
$278,297
726
Balance
OiljCo.
will be made
$17,360
Balance.
y$12,574
y$8,889
Property retirement reserve appropriations
z Divs.
applic. to pref. stock for period, whether
paid or unpaid
Real estate...
No exchange
$21,096
1936—12 Mos.—1935
$954,231
$906,916
675,934
624,194
»/
Gross corp. income...
Int. & other deducts
Beacon Oil Co., on the basis of one share of the
capital stock of Standard
Oil Co. (N. J.) for each 2M shares of the common stock of Colonial Beacon
the
1936—Month—1935
$77,335
$66,071
56,239
48,711
revenues
Inventory
Prepaid, &c
L
improving
(American Power & Light Co. Subsidiary)
Period End. May 31—
1,%1936, company proposes to make an offer to all stockholders of record
of Colonial Beacon Oil Co., to
exchange shares of capital stock ($25 par) of
Standard Oil Co. (N. J.) for shares of the common stock
(no par) of Colonial
on
Superior Water, Light & Power Co.—Earnings—
^
Balance Sheet
The company on June 30 filed with the Securities and
Exchange Com¬
mission a registration statement covering shares of its
of
stockholders, Mr. Hardy declares that work
Emphasizing the fact that these conditions have no bearing on the longterm outlook, Mr. Hardy expresses the belief that production will improve
substantially once the mine is in position to take out the average grade ore.
Developments on bottom levels are gratifying, the President says, as are
diamond drill indications from even greater depths.—V. 142, p. 971.
Calif.—Marketing Contract—
The company has entered into agreement with the Texas
Corp. for market¬
Standard's crude oil produced east of the Suez Canal and the
■To
letter to
Oper. expenses, &c. taxes
ing the
Standard Oil Co. (N. J.)Beacon Oil Co. Stock—
a
the mine may force the company during the second half of this year to
mine ore of less than average grade, thus
keeping output of silver down.
Current difficulties should be overcome by the second quarter of 1937,
Mr. Hardy said.
Standard Fire Insurance Co. of N. J.—New President—
Frank
Official—
The resignation of Frank Eichelberger, Vice-President in charge of
operations and succession to that position by Roy D. Leisk, has been offi¬
cially announced by R. M. Hardy, President.
Curb
Exchange has approved the listing of 400,000
outstanding shares of common stock, $1 par, and will list 160,000 additional
shares of common stock, $1 par, upon notice of issuance.—V.
142, p. 4192.
and
charges
Earns, per share on 4,807,144
shs.
capital
stock (par $1)
—V. 142, p. 3872.
$617,251
$485,376
$1,832,095
$1,662,579
$0.13
).10
$0.38
$0.34
Volume
Financial
143
Tennessee Central Ry.
Earnings
.
Net after rents
p»From Jan. 1—
Gross from railway
Net from railway
48,072
31,811
$143,171
24,391
8,526
895,942
230,987
149,757
896,099
253,178
156,792
$267,369
195,493
$239,442
170,873
2,296,261
1,938,406
$71,876
$68,569
$805,476
8,208
589
8,158
726
98,577
7,097
$812,045
94,781
14,666
$77,453
32.660
$911,150
392,968
Other income (net)
$80,673
32,718
Gross corp. income
Int. & other deducts
$1,939,060
415,458
Gross income
Deductions
$267,998
235,280
$222,911
228,826
$2,381,861
2,517,014
$2,354,518
2,511,388
Net
-V.
income
def$5,915 def$135,153 def$156,870
$32,718
,,
142, p. 3695.
Toledo Peoria & Western RR.—Earnings.-
$97,456
1933
1934
1935
1936
May—
$198,696
68,265
36.144
Net from railway
Net after rents
$134,468
12,860
—2,361
$137,629
25,892
7,861
$152,831
41,925
23,451
937,370
285,443
145,357
Gross from railway
From Jan. 1—
Gross from railway
property
8,973,197
1,072,006
$1,962,291
419,569
Net from railway
Net after rents
retirement reserve appropriations and dividends,
z No divs. have been paid since Aug.
1, 1934, when 75 cents a share was
paid on the $6 preferred stock. Divs. accumulated and unpaid on this stock
to May 31, 1936, amounted to $657,240.
Divs. on the $6 pref. stock are
cumulative.—V. 142, p. 4355.
Before
9,193,624
1,215,241
$185,298
i37,613
297,618
$127,724
-
848,187
113,822
854,440
114,61*.
39,724
$529,286
329,124
unpaid
Deficit
y
$1,197,325
$2^8,274
$518,182
348,288
y$44,793
Property retirement reserve appropriations
z Divs. applic. to pref. stock for period, whether
y$47,955
-
1936—11 Mos.—1935
$1,147,306 $12,371,156 $11,984,264
1936—Month—1935
-
Operating income..
Non-oper. income
297,618
Balance.
System—Earnings—
IRailway and Bus Operations]
Period End. May 31
$921,492
392,206
_
_
1936—12 Mos.—1935
$3,101,737
$1,750,451
1936—Month—1935
from oper.
Rent from leased prop..
rev.
or
Third Avenue Ry.
Taxes
(National Power & Light Co. Subsidiary)
paid
an.
_
Period End. May 31—
Operating revenues..;—
Oper. expenses, &. taxes,
tot
Net
5referred stock, no par value. The last previous payment was made on
2, last.—V. 139, p. 1720.
Operating revenues.
Operating expenses..
Tennessee Public Service Co.—Earnings—
1
of $1.75 per
761,372
168,242
77,100
—V. 142, p. 3695.
•
of the semi-annual dividend
share ordinarily due at this time on the $3.50 cumulative first
The directors have decided to defer payment
1933
1934
$162,357
36,398
18,462
$175,817
967,732
249,520
151,116
Net after rents
Thayers, Ltd.—Preferred Dividend Deferred—
—
1935
1936
$175,525
36,410
14,377
May—
Gross from railway
Net from rail way
127
Chronicle
tfW
670,680
126,341
40,541
660,680
108,375
30,562
595,791
129,630
61,691
—V. 142, p. 3872.
Tonopah Mining Co. of Nev.—To Resume Common Divs.
the com¬
The directors have declared a dividend of 3 cents per share on
mon
stock, payable Aug. 1 to holders of record July 15. This dividend,
will be paid out of current earnings, will be the first distribution
which
Transamerica
Corp.—Regular Div. Increased—Extra Div.
The directors on July 1 declared a semi-annual dividend of 20 cents per
share in addition to an extra dividend of 5 cents per share on the capital
value, both payable July 31 to holders of record July 15.
15 cents paid on Jan. 31, 1125, and on July 31, 1935;
each six months from Jan. 31, 1934, to Jan. 31, 1935,
inclusive, and 10 cents per share paid on July 25, 193i. In addition an
extra dividend of 10 cents was paid on Jan. 31, last.
The current dividends will total $5,795,000, and will bring total divi¬
dend disbursements of Transamerica Corp. and its predecessor to more than
$131,000,000.
Commenting upon the recent dividend action of the directors, John M.
Grant, President, said: "The increase in the regular dividend of Trans¬
america stock is in line with the management policy of maintaining the
stock on a regular dividend basis.
Special dividends, over and above the
regular dividend payments, are declared from time to time as conditions
stock,
no
warrant.
"While it is the policy of the management to declared special dividends
in ratio to increased earnings of the corporation, we feel that it is sound and
conservative practice to increase the regular dividend rate only at such
time as the increased rate can be maintained permanently."—V. 142, p.2343.
Texas
Marketing Agreement—
Texas Electric Service
Co.—Earnings—
1935
1934
$6,763,316
3,537,907
$6,505,873
3,212,981
$3,225,410
72,714
$3,292,892
76,428
$3,152,695
1,348
$3,216,463
14,896
$3,154,043
1,686,500
$3,231,359
1,686,500
39,667
Cr 129
Calendar Years—
Operating revenues
Operating expenses (including taxes)—
revenues
from operation
Rent for leased property
Balance
Other income (net)
j.
-
Gross corporate income
Interest on mortgage bonds
Other interest and deductions...
26,136
Interest charged to construction
Balance
Property retirement
reserve
$1,441,407
350,000
The prospectus
and supplemental data supplied by the bankers state
1931, and operates or has
that the company has been producing oil since
interests in, approximately 300 acres of developed oil lands and
500 acres of prospective oil lands, mostly in the State of Texas.
in about
On these
oil lands they have 8 producing wells and are drilling another.
The company has no funded debt or preferred stock outstanding
and the
of this financing will be used for additional working
capital.
l«,
The tangible assets behind each share of common, after giving effect to
this financing, wiU be about $30 per share and at the rate of present earnings,
it is estimated that at the end of the current year, earnings will amount
entire net proceeds
to
$2 per share.
,i
Earnings for Stated Periods
4 Mos. End.
Years Ended Dec. 31
Apr. 30 '36
$118,729
Gross income
Expenses.
Depreciation & depletion
5,988
1933
$62,146
53,013
15,007
1934
$248,054
191,182
15,043
1935
$431,402
382,059
15,497
86,646
$26,094
$33,845
$41,828
loss$5,974
Capitalization—Corporation is authorized to issue 5O.O0O shares
of
capital stock (par $10).
30,000 shares are now issued and outstanding.
Out of these 30,000 shares approximately 20,000 shares were issued in 1931
at the time the company was organized for the purpose of combining the
business of four small oil companies, and the balance, or about 10,000 shares
were subsequently
sold for cash.
In 1935, the Starks Dome property
was acquired and paid for partly with 2,281 shares of accumulated treasury
stock at $10 per share."
Present Offering—Corporation is now offering 8,000 shares of its author¬
ized common stock for sale to the public under this prospectus.
This stock
is offered as a speculation.—V. 145, p.3363.
income
Tri-State
Telephone & Telegraph Co.—Earnings—
1936—5 Mos.—1935 ^
1936—Month—1935
Period End.
May 31—
Operati ng revenues
Operating expenses
Operating taxes
1
$437,766
2,624
333,513
19,528
$2,304,374
5,737
1,703,453
161,189
$2,138,279
7,801
1,649,071
105,338
$82,101
$479,454
1,168
352,969
29,834
Uncollectible oper. rev..
$433,995
$376,069
$1,505,321
$1,091,407
375,678
600,000
appropriations
Offered—MacBride, Miller
Co.—Stock
Oil
Co., Inc., New York, are acting as wholesale distributors
for an offering of 8,000 shares of capital stock (par $10) at
$12.50 per share.
Net
See Standard Oil Co. of California, above.—V. 142, p. 4355.
cents per
&
Corp.—Listing of Debentures—
The New York Stock Exchange has authorized the listing of $60,000,000
3K% debentures, due June 15, 1951 upon official notice of issuance and
distribution.
See offering in V, 142, p. 4355.
Net
was
Trans-State
par
This compares with
12cents per share
1929, when a semi-annual dividend of
paid.—V. 142, p. 4357.
made since Oct. 31,
share
$1,205,321
300,000
Net operating income.
$95,483
—Y. 142, p. 3696.
Balance carried to earned surplus
Preferred dividend
Common dividend
Unexcelled Mfg. Co.,
~
Liabilities—
Assets—
Cash in banks (on
Notes
demand)821,143
receivable
8,619
....
Accounts receivable
Materials and supplies......
Prepayments
Miscellaneous current assets.
Miscellaneous assets
Consigned materials (contra).
Contingent assets (contra)
Deterred charges..
667,861
507,190
23,199
18,567
1,169,728
7,480
109,333
9,789
Capital stock (no par)
Long-term debt
$36,455,000
33,730,000
x
Accounts
1935
payable
Dividends declared..
153,611
243,919
Customers' deposits
482,906
Accrued accounts
736,203
Misc. current liabilities
99
Acer. int. on long-term debt-
Consignments (contra)
Contingent liabilities (contra)
Reserves
Surplus Jan. 1
adjust, prior years—net debit...
Additional reserve for bad debts
Miscell
*
*
U. S. Treas. bds.
*
$79,155,680
x Represented
by $6 pref., cum. (entitled upon liquidation to $100 a
share); authorized, 200,000 shares; issued and outstanding, 65,000 shares.
Common, authorized, issued and outstanding, 6,000,000 shares.—V. 142,
P. 4355.
Texas Mexican
Net after rents
From Jan. 1■—
....
1936
$160,351
80,701
66,089
Gross from railway
Net from railway
588,683
198,324
Net after rents
138,536
1935
1934
1933
$130,248
52,744
40,257
$94,682
32,777
18,146
$68,456
9,471
575,126
210,693
152,764
391,504
115,382
68,347
275,924
def6,588
def44,814
987
May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
$2,902,768
$2,784,338
562,922
226,869
514,486
94,695
$2,651,383
636,355
260,610
16,037,415
3,452,658
1,289,737
13,875,052
2,605,014
908,575
12,812,049
1,952,488
defl99,084
11,266,036
1,311,264
def765,489
dividend of 25 cents per share on the com¬
record July 11. This will
since Dec. 31, 1929, when a
regular quarterly stock dividend of 2M% was distributed.
^'The action of directors in authorizing this distribution," Pres. J. R.
Penn states, "should not be interpreted as establishing a dividend basis
for the company's stock. Future dividend policy will depend upon the earn¬
ings and operating position of the company."—V. 142, p. 2846.
stock, par $10, payable Aug. 1 to holders of
be the first dividend paid by the company
;
187
51,598
4,296
Other bonds
21,635
325,426
Acc'ts receivable..
(at lower
of cost of mkt.)_
7,409
1,507,660
12,000
1,507,660
15,000
Res. for conting's.
6,000
Accts.
4,557
500
pay.,sundry
9,062
16,067
315,710
Invent's
1
476,358
10,001
677,855
81,064
6,988
8,000
taxes accrued
78,667
7,597
sales taxes & inc.
Capital stock.
670,069
8,000
546,841
Surplus
x
6l"818
40,920
Z>r9,660
Dr9,660
$1,792,028
Treasury stock...
L'd, bldgs., mar
chin'y & equip..
Non-oper. real est.
at depr. bk. val.
25,499
Capital stk. taxes,
1,706,213
assets—
unexpired ins...
Tr. mks. & pats.—
Pains
at
Fireworks
cost...
$1,792,028 $1,706,2131
Total
Deposited with the N. Y. State Dept. of Labor for compensation guar¬
antee.
x After reserve for depreciation of $440,462 in 1935 and $435,885
in 1934.—V. 141, p. 1951.
Union Gas & Electric
Co.—Merger—
The Federal Power Commission has approved the merger of Union Gas
& Electric Co. with Cincinnati Gas & Electric Co., both of which are subsubsidiaries of Columbia Gas & Electric Corp.
By the terms of the proposal
Texas Pacific Coal & Oil Co.—Dividends Resumed—
a
57,335
*
1933
$3,224,946
558,970
90,978
The directors have declared
M
Notes receivable..
Total
■Earnings.—
—V. 142, p. 3872.
mon
Bldg. & loan dep..
Deferred
—V. 142, p. 3872.
Texas & New Orleans RR.
$50,000
payable
Other investments
Ry.—Earnings.
May—
$160,000
10,176
pay.—bank
Accts. pay., mdse.
Letters
of
credit
Int. on sec. held
by N.Y. State—
Gross from railway
Net from railway
Notes
Res. for bad debts.
N. Y. City bonds
579,335
1934
$76,271
20,420
18,596
1934
1935
Liabilities—
1935
$79,537
20,420
18,596
Assets—
Cash...
1,199,814
Total
6,084
14,980
40,920
Consolidated Balance Sheet Dec. 31
843,250
7,480
109,333
4,614,728
52,724
30,040
6,871
7,500
6,575
"2,676
charges of non-oper. real estate
Payments of income taxes—1934 income
Dividends paid
Surplus Dec. 31, 1935
Capital surplus
$79,155,6801
$1,027,899
Net carrying
Earned surplus
Total
1934
$1,043,403
4,715
61,818
r
1,873
Net sales (excluding inter-company sales)
Net profit from operations
/.
Balance Sheet, Dec. 31, 1935
Plant, property, franch., &c.$75,812,768
Inc. (& Subs.)—Earnings—
Calendar Years—
all
outstanding capital stock
of Union
Gas & Electric will be canceled and all its property transferred to Cincinnati
Gas & Electric, without any consideration being paid or any additional
securities of Cincinnati Gas &
Electric being issued.
ated by Union Gas & Electric are owned by
The facilities oper¬
Cincinnati Gas & Electric and
operated under lease.—V. 142, p. 2689.
United Gas
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system (kwh.)
—V. 142, p. 4357.
June 27 '36
June 20 '36
June 29 '35
82,329,699
.
81,727,263
72,356,494
•
128
Financial
United
Chronicle
May 1 last.
Light & Power Co. (& Subs.)- —Earnings—
12 Months Ended May 31—
Gross oper. earns, of sub. & controlled
1936
cos.
July 4, 1936
A dividend of 50 cents per share was paid on Feb. 1 lastland
Nov. 1 and Sept. 10 1935, this latter being the first dividend paid since
Nov. 1, 1930, when a regular quarterly dividend of $1.25 per share was dis¬
tributed
on
1935
(after
.
eliminatinginter-co. transfers)
General operating expenses
Maintenance
Provision for retirement
$81,547,942 $74,983,401
j
38,134.749
4,816,809
7,797,012
9,129,924
-
3
__
General taxes & estimated Federal income taxes..
Net
from oper. of sub. & controlled cos—$21,669,446
earns,
Non-oper. income of sub. & controlled
Total income of sub. & controlled
cos
....
common
Equity of the United Lt. & Pr. Co. in
a dividend of $2 per share on the sfy cum.
$100, payable on account of accumulations, on Oct. 1
Sept. 15.
A like payment was made on July 1 last and
compares with $1 paid on April 1 last; $3 paid on-Dec. 30, 1935: $1 paid
on Oct. 1 and April 1, 1935; $2 per share paid on Dec.
28, Oct. 1, July 1
and April 1, 1934; $3 per share on Jan. 8, 1934: $2 per share on Oct. 1 and
July 1, 1933: $1 per share on April 1, 1933; $2 per share on Dec. 28, Oct. 1
and July 1, 1932, and $1 per share on April 1, 1932.—
The dividends have been accumulating on this stock since Jan. 1, 1925.
Dividends prior to Jan. 1, 1925., were waived by the pref. stockholders.—
V. 142, p,3699.
$3,627,148
(exclusive of
income received from subsidiaries)
15,921
9,635
3,249,118
248,561
$3,636,784
$6,000,556
Holding company deductions—Int on funded debt
2,318,073
Amortization of bond discount & expense
202,163
$3,365,950
2,320,099
241,776
Total income
Expenses of the United Light & Power Oo._.
270,833
Balance
Balance transferred to consolidated surplus
x Adjusted
to reflect reversal of Detroit
—V. 142, p. 3873.
Utah-Idaho Sugar
on
1936
1935
(after eliminating inter-company transfers).....$72,003,234 $66,565,520
General operating expenses
33,468,082
31,069,016
Maintenance
4,322,912
3,848,061
Provision for retirement
6,675,523
6,326,718
General taxes & estimated Federal income taxes—
8,093 ,017
7,850,262
__
Net
earns,
Total income
Total income of sub. & controlled
$19,443,698 $17,471,461
2,019,577
xl,537,555
cos
cos
cos.
$21,463,276 $19,009,017
Interest, amortization & preferred dividends
subsidiary and controlled companies:
Interest
of
bonds, notes, &c
Amortization of bond discount & pref. stk. exp
on
Proportion of
10,037,088
599,319
3,027,007
1,856,074
_
pref. stocks
earns., attributable to min. com. stk.
Equity of United L. & Rys. Co. in
and controlled
Net profit.
earns,
Surplus
_
_
.
-
10,084,986
625,856
3,028,121
...
Assets—
574,669
$1,087,268
.U—-
Customers' and growers' aacts.
and notes, &c—less reserves
Inventories
...
Other assets
Unamortized
bond
987,144
5,778,291
533,939
14,646,349
and expense...
42,988
1,375,000
42,988
$4,924,579
$2,266,434
94,252
100,567
275,002
346,212
619,232
Balance
Detroit
275,002
346,212
619,432
$3,684,132
$1,025,787
Gas Co. rate reserve.
City
—V.
211 265
&c
expenses,
Contingent
beet £ purchase
settlements
Prov.
for
728,093
Federal
and
State
255 ,800
Accrued gen. taxes, int., &c.
Long-term debt
159 ,042
2,999 000
48 ,979
358 ,932
pref. stk: (par $100)
Class A pref. stock
66 ,440
cum.
Common stock (par $5)
Earned surplus (restricted in
the amount of $8,585 on
account
of
common
x4,251 ,340
11,856 ,415
stock
purchased)
Total——. ;
to
—-
.
....
1,517,503
Total...
.$23,227,8121
——
..$23,227,812
Represented by 425,134 no par shares.
Note—In this consolidated balance sheet, adjustments have been made
give effect to the following transactions consummated after Feb. 29,1936:
(1) The exchange of $2,248,000 in
-
$775, 000
supplies,
Reserves for conting., &c
x
Balance transferred to consolidated surplus.....
Prior preferred stock dividends:
7 % prior pref.—1st series
6.36 % prior pref.—series of 1925
•
secured..
for
Other liabilities
$3,684,423
1,375,000
pay.
income taxes
7,548
company deductions:
Interest on 5)4 % debentures, due 1952
Amortization of debenture discount & expense
V,
acceptances,
Accounts
discount
Prepaid insurance, taxes, &c.
Holding
of
Bank
$3,861,317
176,894
$6,342,567
reversal
$1,029,965
29, 1936
Liabilities—
Cash——
$3,853,768
$6,518,455
175,887
_
Expenses of United L. & Rys. Co
Adjusted to reflect
142, p. 3873.
$1,129,419
...
....
Pro Forma Consolidated Balance Sheet Feb.
xl ,416,284
$5,943,786
Total income
x
$1,029,965
86,496
.
of sub.
cos
6% prior pref.—series of 1928---
$1,809,213
601,907
177.342
,215,914
.
——
:
7%
Income of United L. & Rys. Co. (excl. of income
received from subs.)
—
-
Dividends paid
Land, plants and equipment.
on
Dividend
;
$1,831,606
334,589
281,104
.
other operations
etp. and
_
from oper. of sub. & controlled
Non-oper. income of sub. & controlled
Feb. 29,'36. Feb. 28,'35.
sugar$1,576,656
$1,716,274
—,
254,949
92,939
Provision for Federal and State income taxes.
Light & Rys. Co. (& Subs.)—Earnings—
12 Months Ended May 31—
Gross operating earnings of sub. & controlled cos
Co.—Earnings—
Other income.;
Interest,
United
par
Years Ended—■
Profit
$3,480,320
$804,075
Gas Co. rate reserve.
City
stock,
to holders of record
xl,413,046
$6,233,196
—...
stock,
Upressit Metal Cap Corp.—Accumulated Dividend—
of
earns,
cos
Income of the United Lt. & Pr. Go
common
The directors have declared
pref.
1,852,881
sub. & controlled
stock, of which 8,460 will be issued, and 850,000 shares of
of which 454,727 shares will be issued.—V. 142, p. 3698.
11,438,151
668,807
4,258,714
to minority
stock
Radiator Co.—Reorganization—
Judge Robert T. Patterson of the U. S. District Court on June 26Japproved the plan of reorganization of the Universal Pipe & Radiator Co.
and the Central Foundry Co.
The plan provides for the issuance of $1,000,000 new bonds, $653,200 general mortgage bonds, 9,000 shares of preferred
xl, 589,197
11,401,335
642,308
4,257,976
Amort, of bond discount & preferred stock exp__
Dividends on preferred stocks
attributable
8,408,831
cos.:
_
share—V. 142, p. 3016.
per
Universal Pipe &
$24,387,699 $21,405,868
cos
Int., amort. & pref. divs. of sub. & controlled
Interest on bonds, notes, &c
Proportion of earnings,
,
$25.75
$19,816,671
2,718,252
;
Accumulations after the payment of the Aug. 1 dividend will amount to
35,200,706
4,299,428
7,257,764
new,
5% sinking fund bonds; $1,748,000
for old, 6% series bonds, and $500,000 for a real estate mortgage note due
Sept. 15, 1937; (2) sales, to March 23, of $751,000 in new bonds for cash,
and (3) retirement of $656,500 in old bonds for cash.
(b) The bank acceptances were issued under an agreement dated Nov. 1,
1935 whereby a credit not to exceed $4,000,000 was granted for financing
the 1935 campaign, and the company pledged as security refined sugar in
its warehouses having an inventory value at Feb. 29, 1936 of
$3,393,832.
The pledge agreement provides that deposits with accepting banifcs shall be
subject to offset at any time the banks deem themselves insecure.
At
Feb. 29, 1936, such balances totaled $197,549.—V. 142, p. 2006.
.
United States
Hoffman
Machinery Corp.—New Stock
Utah Ry.
Issue Voted—
The stockholders at
a special meeting held June
30, approved the creation
30,000 shares of 5$4%
cumulative preferred stock
($50 par) and
90,000 shares of common stock to be reserved for conversion of the preferred
of
stock.
'
.
The stockholders
also
approved the offering of the
new
entering into
an
underwriting agreement for the unsubscribed for shares.
Files with SEC—To Issue New
May—
Gross from
474,124
140,205
75,903
387,882
97,081
17,604
1936
United States Radiator Corp.
Years End. Jan. 31—
Gross profit
1936
$71,471
x204,548
261,819
Interest
charges.
Deprec. & amortization.
Year end. inv. price adj.
1935
$1,508,188
118,529
Net income after taxes, deprec., &c., deductions..
—V. 142, p. 4358.
.Net from railway
Net after rents
1934
on
424,246
Co.—Registers with SEC—
May—
0123,025
1936
1935
1934
665,976
$1,261,191
676,035
562,143
$1,126,323
566,557
480,080
7,019,226
3,807,514
3,375,176
6,243,881
3,283,797
2,716,704
5,935,749
3,112,930
5 181,420
2 ,472,462
2,700,872
2 112,577
703,185
_____
4041,
_r-
posit accts. with closed
Wabash
251,629
loss
y$394,896
$464,481
deducting other, income of $5,523.
amounting
to
$888,055
y
$1,543,898
Before special
$132,618.
charges
'
Condensed Consolidated Balance Sheet Jan. 31, 1936
Assets—
Cash
on
hand,
Liabilities—
on deposit and
in transit
Notes
payable
,
$225,506
Acc'ts payable, payrolls, &c.
Accrued expenses
x438,561
Inventories
1,258,496
Other assets
;
179,811
Property, plant & equipment.y3,290,097
Good-will, patents, &c
41,650
Debenture discount & expense
22,162
Prepaid taxes, unexpired insur¬
10-yr. 5% sink, fund debs...
Reserve for contingencies.
7% cum. pref. stock
Customers' notes &
accounts receivable
ance
premiums, &c
Common
stock
Profit and loss deficit..
$390,530
133,168
39,723
2,331,000
30,000
4,209,600
z211,672
1,842,117
47,289
Total
$5,503,5761
Total
.$5,503,576
x After allowance for
doubtful, &c., of $17,000.
y After allowance for
depreciation and obsolescence, $3,254,128.
z Represented by 211,672 no
par shares.—V. 140, p. 3061.
United
States
&
International
Securities
Corp.—
First Preferred Dividend—
The directors have declared a dividend of 75 cents
per share on account
of accumulations on the $5 cumulative first
preferred
payable Aug. 1 to holders of record July 24.
stock, no par value,
A like payment was made on
1933
5970,538
447,595
378,949
1—
Gross from railway
—V. 142, p.
de¬
142, p. 2521.
$1,331,661
Gross from railway
Net from railway..
Nee after rents
Net from railway.
Net after rents
1
banks.
1935
$66,932 loss$139,954
$2,520,117 against current lia¬
Virginian Ry.—Earnings-
From Jan.
purch. of deb.
(net)
Prov. for est. loss
Vertientes Sugar
1933
$3,088 loss$273,051 loss$703,004
x202,899
121,243
129,630
264,670
272,364
287,017
92,793
178,650
72,053
1936
Current assets as of May 3l, last, were
bilities of $727,760.—Y. 141, p. 3241.
(& Subs.)—Earnings—
1935
473,109
Valspar Corp. (& Subs.)—Earnings—
See list given on first page of this department.—V.
on
After
246,350
30,990
def56,927
—V. 142, p. 3874.
$1,252,214
50,833
and bad debt losses
x
def23,967
6 Mos. Ended May 31—
Net sales
1933
$55,357
8,355
def6,261
Net profit after depreciation, interest and provision
for Federal and Dominion income taxes——....
■;
Earnings for Four Months Ended April 30.
Net
1934
$26,595
def 10,341
From Jan. 1—
Preferred—Rights to Stock-
See list given on first page of this (department.
notes
1935
$41,959
def6,946
defl5,563
$43,528
Gross from railway
holders—
Disc,
1936
def3,793
def3,398
railway
Net from railway
Net after rents.
■
preferred stock
to the present stockholders on the basis of one share of preferred at $50
a share for each seven common shares
held, and also approved the company
Earnings.—
:
Ry.—Deposit Agreement Extended—
,
The protective committee for the ref. & gen. rntge. bonds, series A
5)^%, due March 1, 1975, series B 5%, due Aug. 1, 1976, series C 43-6%,
due April 1, 1978, and series D 5%, due April 1, 19$0, is
notifying holders
of certificates of
deposit of the committee issued under deposit agreement
dated July 25, 1933, that the duration of the deposit agreement has been
extended to July 31, 1938.
Depositors have the right to withdraw from the deposit agreement and
receive their bonds up to Aug. 8, 1936, upon the payment of $5.25 in
respect of each $1,000 principal amount of bonds to be withdrawn.
The
committee has fixed this sum as the fair proportion of its
expenses, liabilities
and other like items accruing to the withdrawal date.
John W. Stedman, Vice-Prds., Prudential Insurance Co. of
America,
chairman of the committee, which includes George W. Bovenizer, of
Kuhn, Loeb & Co.; James II. Brewster, Vice-Pres. & Treas., Aetna Life
Insurance Co.; Harry C. Hagerty, Treas., Metropolitan Life Insurance
Co., and R. G. Page, Vice-Pres., Bankers Trust Co.
Chase National Bank
New York and Mississippi Valley Trust Co., St. Louis, are
depositaries;
A. Goodwin Cooke, of 31 Nassau St., New York, is Secretary, and
Root,
Clark, Buckner & Ballantine are counsel.
is
Interest
on
Bonds Authorized—
Federal Judge C. B. Davis has authorized the receivers to
pay the semi¬
annual interest due
July 1, 1936, on the following obligations:
Detroit & Chicago extension 1st mtge. 5% bonds, $48,225 int.; Des
Moines division 1st mtge. 4% bonds, $32,000 int.; 1st lien terminal
4% gold
bonds, $71,100, and debenture bonds 6% series B, $5,970, or a total interest
payment of $157,295.—V. 142, p. 4359.
Walworth
Co.—Dropped from List—-
The Boston Stock Exchange has dropped the common stock, no
par, from
the list.—V. 142, p. 3366.
•
Volume
Financial
143
129
Chronicle
Balance Sheet Dec. 31, 1935
Warren Brothers Co.—Interest—
convertible 6% sinking fund deben¬
tures, due 1941, was paid on July 1, 1936, with interest thereon at 6%:
The Committee on Securities of the New York Stock Exchange rules that
the debentures be quoted ex-interest $31.50 per $1,000 debenture on July 1,
1936; that the debentures shall continue to be dealt in "flat" and to be a
delivery in settlement of transactions made beginning July 1, 1936, must
The interest due Sept. 1, 1935, on the
1,
the March
carry
The
Committee
1936,
on
and subsequent coupons.
also that said deposit receipts be
Securities ruled
quoted ex-interest $31.50 per $1,000 receipt on July 1, 1936; that deposit
receipts delivered in settlement of contracts made June 29 and 30, 1936,
must be accompanied by due bills for the above payment; and that all due
bills must be redeemed on July 2, 1936.—V. 142, p. 4359.
7% cum. pref. stock (par $100)
Debt discount & exp. in process
of amortization
Judge Murray Hulbert in Federal District Court on July 1 appointed
the reorganization proceedings of the company under Sec¬
tion 77-B of the Bankruptcy Act.
The two trustees appointed are Alex¬
ander Weinstein and Frank R. Galgano, both of New York.
two trustees in
of Cities Service
was withdawn.
Judge Hulbert confirmed the report of Special Master Jeremiah T. Mahoney,
which advised the appointment of trustees and characterizes
the Cities
Service Co. proposal as not a plan of reorganization but a plan of purchase.
Under the Cities Service plan the company reserved the right to withdraw
its proposal if trustees were appointed by the Court.
No other plan has been submitted as yet.
The Court intimated the pos¬
sibility that there might be other oil companies operating on the Eastern
seaboard which might be interested in formulating a plan of reorganization,
$719,600
1,716,381
1,353,000
41,787
Demand notes & accrued int.
Other assets......
b Common stock
...
Cash (incl.. working funds)
Customers'
connection
Jan.
with
795
Matured int. on funded debt--
52,309
Accrued int. on funded debt..
21,000
receivable
revenues.
Materials and supplies
Accrued
taxes
Reserves
27,033
Deficit
With the appointment of the trustees, the proposed plan
to take over the assets of the bankrupt
company
V.
$4,650,388
After
a
Co.
141,
Western
Maryland Ry.—Earnings—
1936—5 Mos.—1935
1936—Month—1935
$1,277,828
$1,193,828
390,867
329,763
298,039
288,210
4,418
8,045
$6,162,471
1,831,229
1,666,777
35,369
$296,255
265,186
$1,820,368
1,319,471
$1,702,146
1,329,137
$38,388
Other income
$6,591,487
2,199,621
1,794,087
26,281
$302,457
264,069
revenues
Net oper. revenue
Net ry. oper. income
Quinlan's service station outlets.
Judge Hulbert adjourned the proceedings until Aug.
..$4,650,388
2912.
Period End. May 31—
Operating
—-
Total
b Represented by 78,600 no par shares.—
of $6,939.
reserve
p.
200,000
44,219
2,659
156,000
7,295
37,375
525,531
230,193
payable—
Due affil. cos. on open account
1, 1936.
Total
76,733
rate litiga¬
tion terminated during 1935
Accounts
Delphos Gas Co. bonds due
Accounts
deposits
payable to parent company.
Est. refunds to consumers in
Deposit for payment of int. on
Unbilled
debt
Funded
85,187
15,980
2,547
95,553
Prepaid accts. & def. charges
a
Warner-Quinlan Co.—Trustees Appointed—
Liabilities—
Assets—
Plant, property, rights, fran¬
chises, &c
$4,051,094
Pref. stock disc't & expense.__
92,509
Special deposits
206,380
$31,069
$500,897
$373,009
in view of Warner
creditor
various
p.
submit
may
groups
a
5, at which time the
plan of reorganization.—V. 142,
Gross income.
Fixed charges.
_
4199.
Net income
Washington Oil Co.—75-Cent Common Dividend—
declared a dividend of 75 cents per share on the
common stock, par $25, payable July 10 to holders of record July 3.
This
compares with 50 cents paid on April 15 and Jan. 10 last, and on Oct. 15,
1935; 75 cents paid each three months from Jan. 10, 1935, to and including
July 10, 1935; $1 paid on Oct. 10, 1934; $2 on July 10, 1934; $1.50 on April
10, 1934, and $1.25 per share on Jan. 10, 1934.
Quarterly distributions of
The
25 cents per share were made on
1933.—V. 142, p. 2524.
Dec. 20, 1932, and March 20 and June 30,
of 5 cents per share on the
An
15.
stock, par $5, payable Aug. 3, to holders of record July
dividend of 10 cents per share was paid on Jan. 1, 1936.
common
issued the following statement: "Stockholders have just
the regular dividend
share) due July 1, 1936, will be paid Aug. 3, 1936, to stock¬
holders of record July 15.
This postponement is expected to result in sav¬
ings to stockholders and accordingly an extra dividend of 5 cents per share
on the $5 par common stock will also be paid at that time.
The provisions
of the recently-enacted Federal corporation income tax law affecting cor¬
poration earnings is given as the reason for the change in the dividend date
from July 1 to Aug. 3.—V. 142, p. 3533.
The
Period—
1936
Gross earnings (est.)...
r
Western Pacific
per
Co., Inc. (& Subs.)—Earns.—
Wesson Oil & Snowdrift
9 Mos. End. May
sales..,
31—
Cost of sales....
...
Depreciation
1936
1935
1934
1933
$47,163,757 $45,904,675 $25,872,035 $20,616,301
44,055,930
42,164,478
23,919,099
19,573,117
x594,679
515,036
511,746
520,792
$2,513,148
130,507
Total income
Interest
$3,225,161
265,782
$1,441,190
146,030
$522,392
125,465
$2,643,655
21,947
Operating profit
Other income
$3,490,943
91,800
542,972
$1,587,220
21,772
266,748
$647,857
$1,298,700
886,965
222,115
$532,821
892,346
300,000
482,655
Federal taxes.:
878,121
$373,967
$1,091,085
585,414
585,414
$2.14
$3.36
Common dividends—__
Surplus
Shs. com.stk. (no par)..
Earnings
share
per
23,086
91,950
the next three years.
Earnings
Gross from
railway
Net from railway
Net after rents
From Jan.
Nil
1.71
Consolidated Balance Sheet May 31
S
y
x
Real est., plant,
9, 732,599
9,669,629
147,564
depreciation
174,955
affiliated
Inv.
in
conv.
Cash
cos
co.'s
banks
Cash..
5
Inventories ......20,
& bills, rec. 2,
Accts.
Adv. to oil mills,&c
Miscell. invest'ts.
1
Loans & advances.
Cash value life ins.
expenses..
Total
Pref. divs.
cos
pay..l
2,265",731
148,805
148,805
4,688,661
957,819
367,204 23,668,528
633,911
3,399,944
300,406
445,500
382,305
292,004
718,901
032,235
254,966
296,828
313,376
141,121
41,726,901
Reserve
for
588",362
769,279
4,500,000
1,524,674
insur¬
759,753
765,382
200,000
Capital surplus...
886,868
422,288
3,200,000
5,886,868
5,134,926
& conting's
Earned surplus
...
Western
Net from railway
Net after rents
From Jan.
1935
41,726,901 44,197,465
Represented by 300,000 shares $4 convertible pref. stock and 600,000
no par common stock,
y After reserve for depreciation of $9,783,199
in 1936 and $9,190,517 in 1935 —V. 142, p. 3699.
Corp.—Hearing Postponed—
541,786
def25,875
def43,870
619,155
30,767
def 1,884
Net after rents
Subs.)—Earnings—
deprec.,
depl.,
Westinghouse Electric & Mfg. Co.—Acquisition—
Motors Co. of Lima, Ohio, to this company for
was authorized on June 30 by Judge George P. Hahn in Federal
Westinghouse will use the plant to make electric motors.—V. 142,
The sale of the Relay
$100,000
4360.
Westmoreland, Inc.—Earnings—
Calendar
$1,311,911
$5,559,248
$4,452,990
expenses.
State and local taxes..
Deprec. & depletion
b Extraordinary
income.
$189,842
73,695
$263,615
23,497
21,104
$264,155
21,761
15,047
177,918
$272,002
23,108
20,601
$96,700
Miscellaneous
$189,930
72,613
1,071
$250,376
23,276
20,484
.109,916
Profit sale ot bonds, &c.
$78,533
79,596
$49,429
79,121
$49,248
63,435
$158,129
$128,550
$112,683
200,000
$0.39
200.000
200,000
$0.24
$0.24
140.481
"
------
$96,700
Total income
Dividends
Period End. Mar. 31—
Net
income
after
1936-S
Subs.)—Earnings-.—
stock
191,020
$0.50
Department offsets taxable
by the Treasury
Balance Sheet Dec. 31, 1935
Liabilities—
time)
Marketable securities
Accrued
$6,849,551
$6,290,358
—V. 142, p. 2851.
West Ohio
Gas
Accrued taxes
(demand and
interest
' $213,447
1,001,628
Operation
Maintenance
Provision for deprec'n..
Taxes
earnings
General
on
1935
1933
1934
1932
$572,891
366,570
25,854
71,670
39,242
$582,237
354,193
29,335
65,347
49,146
$594,750
346,488
22,541
65,347
52,690
$679,860
3 78,343
22,108
65,347
45,918
funded debt.
$69,555
81,180
5,003
$84,215
81,180
4,987
$107,684
81,180
6,464
$168,143
81,180
10,252
interest
4,503
4,503
4,503
4,503
$21,131
$6,455
Amortization of debt dis¬
count and expense
Net
loss
Preferred
'
57,306
2,693
.
Depletion
4,740
securities
Capital stock, common.
15,800
Capital sruplus
509
Miscellaneous current assets.
Treasury stock
68,933
z2,000,000
4,743,604
Drl29,725
x3,440,156
Coal and surface lands, West
-
2,078,090
yl,640
3,960
miscellaneous assets—...
$6,759,973'
Total
$6,759,973
$593,148.
y After reserve for deprecia¬
tion of $984.
z Represented by 200,000 no par shares including treasury
stock.—V. 141, p. 612.
x
After reserve for depletion of
Wheeling & Lake Erie RR.—$1.75 Preferred Dividend—
The directors on June 30 declared
dividends
ft
-
prof$15,536 prof$72,207
8,395
50,311
$21,131
$6,455
sur$7,l4l
sur$21,896
further payment of $1.75 on the 7%
31,
in¬
cident to the exchange of the shares for the new 4% issue.
The dividend
declaration clears up the entire accumulation on the prior lien issue for the
Stockholders
organized and the stock brought out in 1916.
Approve Plan—Also Gets ICC Sanction—
The stockholders on June 29 approved a
recapitalization program pro¬
posed by Jesse Jones, Chairman of the RFC.
The action was taken in the
incorporation.
Directors immedi¬
form of an amendment to the articles of
ately approved the necessary technical procedure.
The Interstate Com- sv
merce Commission on June 30 also approved the plan.
/
The
plan calls for the exchange of the prior-lien cumulative stock for new
cumulative, non convertible and non-callable shares with the
rate reduced from 7% to 4%.
prior-lien
Deficit
a
prior lien stock, par $100, payable Aug. 1 to holders of record July
and also authorized $7.50 premium on the stock as of Aug. 1 to be paid
cum.
first time since the road was
Net
reserved
against
minimum royalty advanced
$17,162
.
Co.—Earnings—
Calendar Years—
Total gross earnings
Interest
Dividends payable Jan. 2, '36
Other current liabilities
receivable,
Total
$1,651,324
income.
realized appreciation.
taxes,
interest, amortization,
depreciation, &c
$1,826,146
allowable
b Income from
Company pays no Federal income taxes, because depletion
Prepaid expenses, deferred &
1936—12 Mos.—1935
Mos.—1935
179,045
229,224
common
Virginia
Power Co..(&
618
from
(paid
capital surplus)
Dwelling, West Virginia
West Penn
$189,853
77,791
4,358
$189,600
52,199
8,576
_
sylvania
int.,
1932
1933
1934
1935
Years—
Interest and dividends.
Coal and surface lands, Penn¬
$1,545,679
def408
Telegraph Co., Inc.—New Comptroller—
Royalty receivable—
1936—12 Mos.—1935
Net
sub. pref. divs., &c...
—Y. 142, p. 2851.
509,935
defl0,501
def26,646
Chester McKay, Assistant Comptroller, has been appointed Comptroller,
succeeding E. Y. Gallagher, who will continue as Vice President in charge of
various general matters.—V. 142, p. 4042.
marketable
1936—SMos.—1935
555,654
def 6,427
def 21,237
—V. 142, p. 3874.
Cash on deposit
The court hearing scheduled for June 26 was adjourned to July 9 to pro¬
vide additional time for interested parties to negotiate a compromise plan
of reorganization.—V. 142, p. 4041.
Electric Co. (&
$110,470
3,923
,
Assets—
West Penn
1933
$102,906
def10,938
def11,622
def7,176
1—
Gross from railway
Net from railway
a
x
Period End. March 31—
income after taxes,
1934
$113,108
def4,489
def4,868
1936
$124,466
5,737
railway
shares
Westchester Service
3,466,827
134,547
def273,651
498,840
Ry. of Alabama.- —Earnings.
May■—
Gross from
Shares
Total
4,251,446
774,158
343,339
199,549
—V. 142, p. 3875.
(no par)
Earnings per share
44,197,4651
$900,589
138,655
37,323
4,420,390
Net income
Paid-in surplus...
ance
111,065
def119,526
a
Res. for Fed'l tax.
$968,942
4,992,681
Total income
Bank loans
held for employ's
Prepaid
301,775
301,775
stk.
common
payable.
affil.
Com. divs. pay --/
in
liquidation
Co.'s
202,375
202,375
pref. stock
in
Accounts
Due
own
,
1933
1-—
Royalties and rentals—
515,131
599,147
240,000
1 840,085
93,938
588,362
Other reserves
Inv. in & advs. to
-
1934
217,860
def510,344
Capital stock...20 571,786 20,571,786
expenses.
Date
$1,017,099
260,344
149,423
def149,599
Net after rents
S
Res. for idle plant
equip., &c., less
to
1935
S
Liabilities—
Year
1935
railway.'
P.
1936
1935
S
and
Gross from railway
Net from
Court.
1936
Assets—
for May
1936
$1,162,505
33,368
May—
$189,620 def$659,525
579,879
584,169
amortization.
Includes
x
Plan Delayed—
amount of new
Western Union
$2,856,171
886,965
878,121
$2,139,053
886,965
Net profit
Preferred dividends
on
Corporation on the physical condition of the property and the
capital needed for rehabilitation and new equipment during
Finance
company
Net
RR,—Hearings
Further hearings on a plan of reorganization for the road have been ad¬
journed until Aug. 25 at the request of interested parties.
The delay was
been informed that by recent action of the directors
(15 cents
$7,039,113
$7,441,982
$292,214
$279,941
—V. 142, p. 4359.
Jan. 1 to June 21
1936
1935
June
1935
granted parties of an exhaustive report prepared to permit consideration
by the Interstate Commerce Commission by the Reconstruction
y the
Waukesha Motor Co.—Extra Dividend—
The directors have declared an extra dividend
extra
-Third Week oj
have
directors
interest
130
Financial
The plan also provides that the 102,140 shares of 6% non-cumulative
preferred be reduced to 5H% and made cumulative from Aug. 1, conver¬
tible into common share for share, and callable at any time at par and
accrued dividends.
(See also V. 142, p. 3700, 2691).
$1,400,000 Equipment Trusts Awarded—Company awarded
June 30 $1,400,000 of 214% equipment trust certificates,
due in 1 to 10 years, to the Union Trust Co. of
Pittsburgh.
on
The bid
101.09.
was
It
was
said the bankers would not
The company has applied to the Interstate Commerce Commission for
authority to issue the $1,400,000 2H% equipment trust certificates, pro¬
ceeds of which would be used to finance the purchase in part of 1,000 60-ton
self-clearing steel hopper cars, estimated to cost $1,925,000.
The certifi¬
cates would be dated July 1, 1936, and mature
serially from
July 1, 1937,
July 1, 1946.
Earnings for Mag and Year
May—
to
1934
$1,215,902
303,101
154,505
$1,126,861
338,862
246,835
$1,069,120
244,516
144,556
$894,783
285,090
187,186
5,713,268
1,357,858
861,794
Gross from railway
Net from railway
Net after rents
5,299,589
1,116,532
677,698
4,902,494
1,330,470
812,228
3,482,538
809,445
327,142
.
Inventories at cost
Investments
1933
—V. 142, p. 4360.
1935
Years Ended Dec. Zl—
Gross profit on sales
1935
1934
1933
42,081
53,426
notes and accts.
less
255,013
deprec'n
8,320
$2,541,224
$1,875,156
2,380,233
2,299,409
2,000,371
2,237,498
Profit from operations
Other income
$418,206
98,967
$488,896
111,963
$540,852 loss$362,343
191,631
187,324
Gross profitInterest paid
$517,174
2,330
213,218
$600,860
9,169
230,441
$732,483 loss$175,019
55,816
86,493
238,946
255,287
26,596
59,304
7,401
66,167
$215,725
2,596,468
239,439
$287,680
2,501,672
192,885
$2,572,753
$2,596,468
-
Depreciation
Foreign exchange losses
(net)
Prov. for Fed'l taxes—
Profit for the year
Previous surplus
Dividends paid
Goodwill written
62,360
$375,361 loss$516,799
2,185,500
2,762.619
59,189
29,272
19,619
off
Adj. of prior years' Fed'l
income taxes
11,427
Balance, Dec. 31
$2,501,672
$2,185,500
Consolidated Balance Sheet Dec. 31, 1935
Asstfs—
Liabilities—
Cash
Accts. payable & accrd. charges
Reserve for Federal Taxes
$815,120
Cash in Brazil, restricted
TJ. S. Govt, bonds
61,648
100,156
Accounts & notes receivable._x2,774,411
Inventories
2,752,747
Due from officers & employees25,082
Mlscell. accounts receivable-28,461
Other assets
457,988
Land, bldgs., leaseholds ma¬
chinery and equipment
y2,043,846
Patents and trade-marks
Deferred debits
After
118,384
6,000,000
2,572,753
Capital stock ($20 par)
Surplus
Wisconsin Central
Total
Net railway revenues. —
Net after rents
Int.
funded debt
—V.
142,
136,576
Total
$3,945,074 $3,922,571
Ry.—Earnings-
$11,492
1936—5 Mos.—1935
$4,586,522
1,109,901
Cr307,929
316,712
757,626
$35,414
$3,901,346
737,950
81,663
167,627
786,471
Dr$766,410Dr$l,035,762
3701.
p
Wyoming Valley Collieries Co.—Bonds Offered-—Public
was made June 28 of $500,000 1st mtge. leasehold
10-year 5% sinking fund bonds by Howard L. Levitt & Co.,
offering
Philadelphia, at 95 and interest.
The bonds are dated April 1, 1936. and are due Apri. 1, 1946.
Proceeds
from the sale of the bonds will be used in part for the retirement of first
mortgage sinking fund gold notes, retirement of Federal Reserve bank
loans, additions to plant and to meet notes payable and other sundry items.
The mortgage indenture and deed of trust securing the bonds creates
a first mortgage lien for the benefit of the bondholders in all the
right,
title and interest of the company in leasehold properties and contract of
sale, and all property used in the operation of the properties.
The bonds may be redeemed through operation of the sinking fund and
in whole or in part by lot at the election of the company on any interest
date prior to maturity, after at least 30 days' prior published notice.
The
redemption price ranges from 105 on or before April 1, 1938, to par after
April 1, 1945.
The sinking fund provides for payment to the trustee of
8 cents on each ton of coal mined and shipped, in no event to total less than
$30,000 per annum.
Company operates about 1,084 acres of anthracite mineral rights in five
contiguous tracts of land located in Luzerne County, Pa.
The property is
mine let to the company under a lease from the Lehigh Valley Coal
Co.,
which
lease
also
demises
parcels contiguous to
August. 1932.
Yazoo &
to
the
the surface of two additional
The company was organized in
company
five tracts.
the
Mississippi Valley RR.-
May—
Earnings.—
1936
$1,238,154
434,914
206,039
rents
$989,359
219,093
31,734
$965,434
280,958
93,797
$981,408
5,573,785
1,520,090
444,544
from
Net after
4,558,150
846,223
def90,478
4,552,671
1,153,573
4,289,787
1,226,415
140.142
94.013
1935
1934
1933
380,161
167,072
From Jan. 1—
Gross from railway
Net from railway..
I
Wichita Falls & Southern
*
on
railway
Net from railway
Total
$9,149,849
-
for doubtful accounts of
$215,095.
4253.
After
y
reserve
Net after rents
—V. 142, p. 3702.
for
Yellow & Checker Cab
RR.—Earnings.—
1936
Gross from railway
31,
1932,
dividends..
1936—Month—1935
$1,103,555
$939,119
401,600
383,442
Cr229,488
Cr231,024
84,180
34,695
133,815
160,914
revenues
Gross
depreciation of $3,483,471.—V. 140, p.
May—
$396,699
62,012
ex¬
90,384
--$9,149,849
reserve
against foreign
change fluctuations
less
$3,922,5711
-$3,945,074
Period End. May 31—
1
—
Total
x
Reserve
207,191
Earned surp. since
x After reserve for depreciation of
$1,582,444 in 1936 and $1,483,571 in
1935.
y After reserve for loss on disposal of $652,460 in 1936 and $695,949
in 1935.—V. 142, p. 4201.
Net income
$2,788,305
478,285
3,000,000
Dr5,718
478,285
..
262,822
52,607
9,188
34,303
Patents, less amort.
49,502
61,639
3,000,000
Treasury stock
Capital surplus
1,180,143
Deferred charges..
Fed¬
Capital stock
Aug.
(excl. idle plant) 1,214,582
yldle plant (Kan¬
sas
City, Mo.),
$263,925
$197,957
eral income tax.
577,350
1,089,753
22,003
1935
1936
payable
accruals
Provision for
519,410
Plant and equip.
1932
$2,798,439
Selling, adminis. & de¬
velopment expenses..
and
$675,275
1,101,553
19,003
Other income—net Dr..
(S. S.) White Dental Mfg. Co. (& Subs.)—Earnings-
Liabilities—
Accounts
$750,805
Officers and em pi.
Total
''
1935
Net from railway
1936
Accts. & notes rec.,
less reserve
Date
1936
Net after rents
From Jan. 1—
Gross from railway
Comparative Balance Sheet May 31
Assets—
x
►
July 4, 1936
Cash in banks and
on hand
re-
offer the certificates to the public.
to
Chronicle
1935
Co.—Pays Preferred Dividend—
The company paid a dividend of $1 per share on account of accumulations
the 8% cumulative class A stock, par $50, on July 1 to holders of record
June 20.
This was the first payment made since April 1, 1930 when a
on
1934
1933
$40,095
8,274
2,712
Gross from railway
Net from railway
Net after rents
-
$48,697
13,329
7,899
$46,521
12,469
6,758
$45,906
12,138
5,258
regular monthly dividend of 33 1-3 cents per share was distributed.
Arrearages now amount to $24 per share.—V. 142, p. 3876.
197,682
33,123
7,554
Net from railway
Net after rents
From Jan. 1—
199,621
31,310
6,902
225,140
54,562
23,902
209,556
The directors have declared a dividend of three cents per share on the
capital stock, no par value, payable Aug. 1.
A dividend of two cents per
share was paid on Feb. 1 last.—V. 142, p. 140.
-V. 142, p. 3874.
46,740
16,221
Youngstown Steel Door Co.—Registers with SEC—
Williamsport Wire Rope Co.—Earnings—
See list given on first page
Earnings for the Year Ended Dec. 31, 1935
Profit from operations
Res. for freight charges not required
Refund on royalty for core marker
Ymir Yankee Girl Gold Mines, Ltd.—3-cent Dividend—
of this department.
Four Months Ended April 30—
$317,425
22,684
A 4,711
-
1936
Yukon
Gold Co.
1935
1934
$1,265,630
$1,209,813
498,165
>
$344,820
6,900
Operating revenue
Operating costs
$337,920
Net profit
$273,793
(& Subs.)—Earnings—
Calendar Years—
Total profitRes. for Federal & State taxes
1935
$399,184
Net income after all charges incl. prov. for taxes..
Operating income
Non-operating income
.
557,515.,.
$708,115
13,273
$711,648
19,052
$721,388
$730,699
176,823
68,245
48,200
Earnings for Five Months Ended May 31
1936
Net sales
Operating income
-----
Balance
Net profit for
1935
$952,616
189,742
196,247
$706,729
107,162
114,820
Total income
Non-operating
-
128,968
expense
Depreciation
Depletion
67,241
53,242
i
—
Net income
May amounted to $49,303.
$471,937
17,820
$437,431
12,890
$454,117
183,488
$424,541
608,029
Minority interest in income of subsidiaries
Balance Sheet Dec
Assets—
Cash
31 1935
Net income for year applic. to Yukon GoldCo.-
Liabilities—
Inventory
Other convertible assets _;
Permanent assets
Capital and consol. deficit
$591,871
209,091
1,055,504
66,118
—
Accounts receivable
T
Accounts
2,887,051
payable to banks
Accounts payable.
Bonded Indebtedness
Prepaid expenses
13,631
Deferred charges
70,676
Goodwill, trade-marks, patents,
drawings and patterns.--.. 3,325,683
payable
$70,453
4,396
Reserve for Fed'l & State taxes
Prior
to
receivership,
7% prior pref.
cum.
6,900
notes
.,541,742
779,516
1,221,000
preferred-
Common stock
993,000
1,200,000
"
o
Cash
$1,056,026
State of New York bonds—at
cost
(quoted value $211,806)
Accounts receivable
Tin
729,110
ore at
prices since realized
Material and supplies at cost-Deferred charges
p.
$8,219,530
Total—
$8,219,530
3701.
Wilson-Jones
Cost of sales and expenses
Construction and equipment at
cost less depreciationMining properties (leaseholds)
less depletion
1936
$3,264,151.
2,820,914
Accounts
216,541
7,264
Notes
55,617
177,959
23,470
Unpaid
$0.12
1'
—
payable
$35,419
accrued
49,160
payable to Pacific Tin
Corp., due Feb. 1, 1936
interest
•
accruals
on
(payable to Pacific Tin
Corp.)
2,905,032
80,780
Minority Interest in subsidiaries
at book values
182,991
.17,500,000
Capital stock outstanding
1,322,819
1935
275,000
notes
Consolidated deficit, after de¬
pletion and deprec. charges
$2,932,779
2,557,931
and write-off
on
revaluation
of properties
Distributed
Net profit from operations
Other income
—
Reserve for repairs
939,314
at cost to consolidated group
Co.—Earnings—
Nine Months Ended May 31—
Net sales
$0.13
Provision for taxes
—
-
$270,630 def$183,488
Liabilities—
.
Profit and loss
Total
of Dec. 31
Consolidated Balance Sheet, Dec. 31, 1935
._i
A
Surplus prior to receivership._ 2,673,410
—V. 142
as
Capital and consol. surplus, Dec. 31
Earns, per share on 3,500,000 shs. capital stock
(par $5)—
Accrued
to
7,371,260
stockholders
$443,236
30,192
$374,847
28,559
$473,429
81,304
52,000
$403,407
70,158
44,788
Cr36,776
Dividends paid
$340,125
139,606
272,540
$325,236
defl8,485
170,175
Earned surplus since Aug. 31,1932__.
Capital surplus
$207,191
478,285
$136,576
478,285
—Announcement is made of the formation of a new partnership under
the name of Keane, Rawls & Co., to succeed to the business of Keane &
Co., which has been dissolved# The new firm will have offices at 120
Broadway, New York, and 645 Griswold St., Detroit.
Keane & Co.,.
organized in 1933, was an outgrowth of the former firm of Keane, Higbie
& Co., and the new firm will continue the activities of its predecessors in
$685,476
$614,861
senior partners,
Total income
Other deductions
Provision for Federal income tax
Recov. of cash in closed bank,
Total
previously written off
Net income
Earned surplus, Sept. 1
(Sept. 1909 to June 1918)— 9,858,110
.$3,799,014
Total
$3,799,014
-V. 142, p. 3534.
CURRENT
NOTICE
New York and Detroit
Total capital surplus and earned surplus
financing.
Jerome E. J. Keane and Huston Rawls,
will be resident in New York.
»
,
Volume
Financial
143
Crown Central Petroleum
Calendar Years—
1934
Interest
Abandoned lease.
$1,106,057
60,526
195,498
200,997
40,000
Charge-off of Intangibles
Federal income taxes
Loss
Amortization
4,600
$360,431
67,384
152,752
162,773
36,923
36,923
36,923
36,923
19,900
Net prof it
$73,451
1,790,234
$419,360
2,003,686
$107,623
2,435,287
$383,818
2,056,910
1,471,840
Oil& R. Co. absorbed
75
of
Deductions
$2,542,985
$2,441,096
fr^m surplus
owner
of the
acquired from him in 1929
was
Exchange firm of Alexander Eiseman & Co.
In his
new
connection, Mr. Wheeler will devote his attention principally to invest¬
banking, marking
further extension of the firm's activities in that
a
$3,475,525
1,471,840
$2,435,287
$2,003,686"
Cash.
Other assets.
mfg. proc.
$180,416
309,226
1,377.464
112,090
461,539
Real est., leases,
pipe lines, stor'ge
Notes payable-
$150,000
272,020
$315,000
342,919
85,525
27,964
Accounts payable.
Acer, taxes, royal¬
92,849
4,600
120,110
122,871
143,500
ties, Int., &c
Fed. ino. tax (est.)
Indebted.
Bonded
Res. for conting..
equity
leases,
122,871
Long-term debt
tank
5% non-cum. vot¬
cars, refln. bigs.,
and equipment-
ing pref. stock..
4,902,273
4,730,854
y
39,586
Ac
76,100
4,128,600
76,100
Common stock— 4,128,600
Surplus..
expenses,
royalties,
well
as
certain smaller municipalities and
as
leading counties
throughout the country, the Philippine Islands, Hawaii, Puerto Rico and
all the States.
/
has been reappointed a member of the special Committee on Trust and Sav¬
mittee has been asked to make
1934
1935
Liabilities—
1934
$555,335
179,799
1,212,150
112,965
424.616
i
rec
Inventories
Statements,"
ings Bank Investment of the New Jersey Bankers Association.
Condensed Balance Sheet Dec. 31
1935
eighth edition of Its semi-annual "Comparative Debt
—Henry A. Weiler, Trust Officer of the National Bank of New Jersey,
$2,056,910
$2,392,224
Assets—
—Webster, Kennedy & Co., Inc., 40 Wall St., New York, has prepared
population,
$2,435,287
486,075
48,872
Surplus Dec. 31
Prepaid
which
which includes comparable debt information on all cities of over 30,000
12,241
Total surplus
on
retired capitalist, and the former
by the Borg Warner Corp.. has been admitted as a general partner in the
New York Stock
the
368
restored to surplus
systems,
a
Wheeler Schebler Carburetor Co.
140,000
Federal
inc. tax allowance 1934
Accruals of prior years
Patent
partner.
a
field.
conversion of com.stk.
Adjustment
x
was
arising from
surp.
Oust, accts.
From 1921 to
member of the New York Cotton Exchange and was asso¬
was a
—Douglas F. Wheeler,
ment
Minority interest in Util.
Cap.
From
ciated with the firm of George H. McFadden & Brother, of which firm his
father
Extraneous
Previous surplus
Surplus from appraisal of
capital assets..
Mr. Gwathmey is a member of the New
York Stock Exchange and will be the floor member of the firm.
1928 he
of
of cost
Co., members of the New York Stock Exchange and the
general partner in their firm.
a
change and partner of the firm of Norton & Gwathmey.
33,3381
242,102f
patented mfg. processes
charges
131
1932 to 1935 Mr. Gwathmey was a member of the New York Stock Ex¬
27,964
4,328
39,925
248,083
assets sold.
on cap.
Depletion
Depreciation
&
New York Cotton Exchange, announce toat Gaines Gwathmey has become
1932
1933
$458,515
33,929
$822,380
16,656
64,685
year
—Elder
Corp.—Earnings—
1935
Operating profit for
Chronicle
2,056.910
2,392,224
60,450
.$7,255,304 $7,403,459
Total
com¬
legality of investments for savings banks and trust companies for the State
Association.
—Manufacturers Trust Co., 55 Broad St., New York, has published
a
book dealing with the Revenue Act of 1936, which contains the text of the
new
Federal tax law, together with an explanation of its more important
features and tables showing the application of the new rates.
of the old law
The provisions
dealing with estate and gift taxes have also been included.
—Granberry & Co., members of the New York Stock Exchange, an¬
nounce
that Walter Morrow is
office.
For the
three
last
S. B. Ohapin & Co.
Total——$7,255,304 $7,403,459
The
study of the present laws governing the
a
associated with them in their New York
Morrow has been associated with
For the five preceding years, he
Mott, and prior to that
After depreciation and depletion of $3,856,154 in 1935 and $3,677,767
in 1934.
y Represented by 4,128,600 $1 par shares.—V. 141, p. 1092.
now
years Mr.
was
was
with Carlton &
with Dillon, Read & Co. for ten
years.
x
—Lapham, Fahy & Co., Stock Exchange members, announced
in the firm's
to
name
H. W. Parsons, Jr., as a general partner.
CURRENT
—In
NOTICES
discussion of "Inventories and the
a
Future
'
tional City Bank from 1924 to
J.
of Business,"
L.
change
a
Davis & Bianchi, and the admission of
Lapham,
Mr. Parsons
was
with the Na¬
1929, with Bamberger Brothers from 1929 to
1932, and with Benjamin, Hill & Co. from 1932 to 1935.
—Thomas H.
Gammack, who resigned as Executive Assistant
Amberg, economist of Ladenburg, Thalmann & Co., 25 Broad St., N. Y.
City, points out that the inventory situation is of transcending importance
Chairman of the Securities and Exchange Commission in May, has rejoined
since otherwise greater consumption might be shortlived.
Gammack & Co., New York Stock Exchange members, as a general partner.
of four
charts, taken directly
shown that
of
indirectly from Government sources, it is
below the high
33%
are
described
With prices slightly higher, the inventory position
"peculiarly sound.
as
If consumption continues,
is in-
or
increased, replenishment must take place, which spells "increased activity
the
over
months
few
next
minerals and
duties
Manufactured goods, with durable goods to
should
well
ensue
of its
have
own
added
further revival could
In fact,
opportunity.
the
with
—G. M.-P.
nounce
from the firm about
Murphy & Co., members New York Stock Exchange, an¬
of the
Herbert
field
H.
day
Blizzard of Herbert
committee
at
Trading
on
Blizzard
the outing of the
&
Co.,
Investment
tion at Los Angeles.
was
quite active.
Pontiac
won a
Edward D. Jones & Co. of St. Louis
the Ohiselers
the golf tournament with
the Stock Exchange
Hartley, Rogers & Co., Inc.,
a
car
—Jackson & Curtis, members of the New York Stock
the admission to general partnership
The winner of the first race
Major.
was
In 1924 he
France and Italy.
a
was
as an
was
Puts & Calls,
riding him.
Second
the bond department of
squadron commander of the British Royal
1926.
Mr. Bradley was born in East Haven,
July 15, 1894, and attended Yale University, which he left as a
sophomore in 1914 to join the British Army.
120 Broadway, N. Y. City,
Chapter, American Institute of Banking, announces the
native of Kingman, Kan.
University, as Educational Supervisor.
Received his Ph. B. degree from Wooster
College and his Ph. D. from the University of Chicago.
during the
war as a
& Co., members
career.
full-time assistant to the Educational Supervisor.
Dartmouth College, Class of
affairs.
a
graduate of
formerly associated with Harriman & Keech.
2nd,
—The New
a
of Curtis Lowell and Julian deLodzia.
Mr. Lowell, formerly Manager of
the foreign departments of Evans, Stillman
has been in the
& Co. and Goodbody & Co.,
foreign department of Rhoades & Co. for the past four
years,
devoting his time almost exclusively to the development of the commission
business with Europe.
Mr. deLodzia was formerly manager of the New
York agency of Banque
Chrissoveloni of Paris and Bucharest and was
subsequently connected with various New York Stock Exchange firms.
—Clark, Dodge & Co.
member of their firm.
announce
that T. Jerrold Bryce has become
Mr. Bryce began his
Trust & Savings Bank, Chicago, in
banking
a
career with the Harris
1914, where he remained until 1921,
except for two years' service in the U. S. Navy during the World War.
He subsequently became sales
manager
former Illinois Trust & Savings Bank
of the bond department of the
and continued in that
group
through
the successive mergers which resulted in the formation of the Continental
Illinois National Bank & Trust Co. and its investment affiliate, the Con-
:
New
York
with Standard Statistics Co., has joined
firm of Arrowsmith & Co. to take charge of
their investment research service.
—W. E. Hutton & Co., members New York Stock Exchange, announce
that R. Cushing Hamlenhas
become associated with them in the investment
department of their Boston office.
—Sherwood & Merrifield, Inc.,
specialists in municipal bonds, 40 Wall
St., New York City, have issued a list
of New York State Municipalities
yielding from 3.75% to 1.10%.
—Harrison & Co., members
of the Philadelphia Stock Exchange,
been admitted to the firm
announce
as a
general'
partner.
—Bond & Goodwin, Inc., of
and Floyd D.
Illinois, announce that Harry O. Oronwall
Cerf, Jr., have joined the sales organization of the Chicago
office.
T
*
—Homer & Co.,
distribution its
.
Inc., 40 Exchange Place, New York, has prepared for
fortnightly circular on the high-grade railroad bond market.
Inc., announces that Lawrence Ralph Berger is
associated with the company in its Philadelphia sales organization.
—Eli T. Watson & Co.,
now
the association with them of Murray
—Hammons & Co., Inc., announces
McConnel and Sanford S. Clark and their election as Vice-Presidents.
Talcott, Inc. has been appointed factor for Defiance Textile
Mills, Pleasantville, N. J., manufacturers of
—William T. Priestley, for many years
upholstery fabrics.
with H. Hentz & Co., is
now asso¬
ciated with Abraham & Co. in charge of their cotton department.
—Josephthal & Co.
have opened branch offices at Wentworth Hall,
Jackson, N. H., and at the Balsams, Dixville Notch, N. H.
—Distributors Group,
Inc., 63 Wall St., New York, has prepared
an
analysis on Oudahy Packing Co. 7% preferred stock.
—Bristol
& Willett,
115 Broadway, N. Y. City,
July issue of their "Over-the-Counter
are
distributing the
Review."
—Herrick, Berg & Co. announce that Walter R. Herrick has changed
from
a
general to a special partner in their firm.
/
—Adams & Peck, 63 Wall St., N. Y. City, have issued a memorandum
on
Virginian Railway common stock.
—Rittenberg & Mayer announce that Irving J. Lann has been admitted
to general
partnership in their firm.
—Blyth & Co., Inc., announce the opening of a .Kansas City office in
charge of Chester P.
Illinois Co.
t
the
of James G. Tremaine.
the New York Stock Exchange
—James
an¬
foreign department under the joint management
of
office in the Gideon Putnam Hotel, Saratoga Springs,
—Kenneth F. Dietz, formerly
233 Broadway, as its new quarters.
York Stock Exchange firm of William E. Lauer & Co
the formation of
^Ice-President
formerly
Albany, N. Y., has become associated with Riter
of the New York Stock Exchange.
under the management
28, and has been actively engaged in Chapter
During August New York Chapter will occupy the fourth floor
of the Woolworth Building,
nounces
He is
stopk,
—Gude, Winmill & Co., members of the New York Stock Exchange,
Served in France
First Lieutenant, and has had a varied business
distributing
common
branch office in the Murray Hill Hotel under the management
State National Bank,
G. A. Prosser, formerly of the Chase National Bank, has joined the Chapter
inental
a
—Schuyler Merritt
appointment of Dr. Ralph S. Alexander, Assistant Professor of Marketing
in the School of Business of Columbia
are
guaranteed by the Pennsylvania RR. and the
that Charles 0. Harrison, 3d, has
—New York
as
are
Seashore RR. 6%
Jersey &
Brothers, members New York Stock Exchange, announce the
—Cohu
He resides in Qreenwich,
Conn.
a
which
of Francis H. O'Hara,
Dwight Morrow and at the latter's suggestion Mr. Bradley joined the
He is
on
opening of
sent abroad by the Morrow Air Service In¬
observer of airplane development in England,
His subsequent report attracted the attention of the
Bankers Trust Co. on Jan. 2,
on
announce
Reading Co.
has become associated with Brown Harriman &
Mr. Bradley
vestigation Committee
Conn.,
describing West
dividends
outing was
Air Force during the World War and later joined the U. S. Army Air Service
late
circular
a
low gross
jockey.
a
Exchange,
.
have opened a branch
the Bankers Trust Co.,
as
general partner,
of William B. Slater, resident partner
Chicago office.
by Bid & Asked, with John K. Ruckdeschal of Stroud & Co.
—Eric T. Bradley, for the past 10 years with
Co., Inc.
a
of their Providence office, and Reuben Thorson, resident partner of their
trip to the National Traders Conven¬
An unusual event in the security dealers
Horse Derby.
a
J. Earle May of
and R. Emmett Byrne of
with Henry B. Warner of E. H. Rollins & Sons, Inc.,
race was won
as
H.
Association of Philadelphia at the Philmont Country Club. Mark
Stuart of Marqusee, Stuart & Co., won
of 72.
as
Mr. Maxwell has been manager of the firm's London
office since April 1929.
momentum."
—According to
Traders
the
a.year ago to assume his
that Gerald O. Maxwell has been admitted
—Joseph Walker & Sons,
Chairman
to
SEC.
resident in London.
least, if not the next year, in agriculture,
at
materials.
raw
the fore, should be augmented; and the railroads, utilities and other services
as
Mr. Gammack had resigned
1932, and that consumption continues to increase while inventories have
been slowly receding.
is
or
manufactured inventories
and
raw
By the display
Dudlely.
Financial
132
Chronicle
July 4,
1936
i
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
GOODS—WOOL—ETC.
PETROLEUM—RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Friday Night, July 3, 1936
Coffee—On
the 29th
futures closed
ult.
1 point
up
for
Santos contracts, with transactions of 5,500 bags.
Old Rio
contracts closed 2 points higher to unchanged, with sales
New Rio contracts closed unchanged, with
Rio de Janeiro futures were 25 to 100
freight offers from Brazil were about
unchanged, with Santos Bourbon 4s at from 8.30 to 8.60c.
Nothing further was heard from Brazil regarding final
official action on the regulations affecting the next crop,
which will start to move July 1.
Havre closed 34? to 1%
franc lower.
On the 30th ult. futures closed 2 to 3 points
down for Santos contracts, with sales of 13,750 bags.
Rio
(old contracts) closed 5 to 7 points lower, with transactions
of 7,500 bags.
The new Rio contract closed 7 to 8 points
lower, with sales of 2,000 bags.
Rio de Janeiro futures were
25 to 100 reis higher.
Cost and freight offers held about
the same.
The latest reports from Brazil were that the
publication of crop regulations will be delayed until July 1;
and further reports have it that movement of the new crop
will not be allowed to start until July 16.
This latter
of 10,500
bags.
sales of 1,500 bags.
reis lower.
Cost and
regulation, if true, was interpreted in the trade to indicate
that old crop coffees were in good supply, and so were to
be allowed to move for 15 days before the new crop began
to share the daily allowable receipts.
Havre futures were
% to 2 francs lower.
On the 1st inst. futures closed 3 to 8
points lower for Santos contracts, with transactions of
25,000 bags.
Old Rio contracts closed 9 to 12 points lower
with sales of 13,000 bags.
New Rio contracts closed 10
points lower, with sales of 500 bags.
Cost and freight offers
from Brazil were unchanged and light in volume because
of the holiday.
Havre futures closed % to % franc lower.
On the local Exchange there were 11 Santos notices issued,
which circulated most of the session, and kept trading active.
Old Rio months all touched new seasonal lows, and Santos
lows for the year.
contracts were at
On the 2d inst. futures closed 21 to 23 points higher for
Santos contracts, with sales of 43,750 bags.
Old Rio con¬
tracts closed 16 to 20
points higher, with sales of 18,750 bags.
18 to 2u points higher at the close,
with transactions of 2,000 bags.
Eight Santos notices were
promptly stopped. Cost and freight offers from Brazil were
10 to 25 points higher, while local spot prices were M to V&"
higher, and Rio de Janeiro futures were up 225 to 325 reis.
The chief factor in the sharp rise of coffee at this session of
New Rio contracts
the local
market
were
he
was
official
news
that Brazil would
require planters to give up 30% of the present crop for
destruction, whereas traders had been figuring on a 25%
requirement.
Today futures closed 17 to 21 points up for
Santos contracts, with sales of 213 contracts.
Old Rio con¬
tracts closed 6 to 8 points up, with sales of 33 contracts.
Rio (new) contracts closed 6 to 8 points up, with sales of 10
The further
pronounced strength was attributed
to better realization of the rigid control by the Brazilian
Government of the new Brazilian crop, the regulations being
construed as decidedly bullish.
Rio de Janeiro futures were
75 to. 100 reis higher, while spot No. 7 coffees were up 200
reis.
The open market exchange rate was 30 reis better at
17.250.
Havre futures were 2 to 2% francs higher.
contracts.
Rio coffee prices closed as follows:
July
September
Santos coffee
prices closed
4.66
as
-.4.80
follows:
8.811 September
May
July
8.87
j
8.391
8.58
8.72
December
closed 3 points lower to
1
point higher.
Trading was comparatively light with
prices confined to within limited range.
The spot market
continued
steady.
Manufacturers and the Wall Street
element were not so conspicuous in either spot or futures
markets.
New York warehouse stocks decreased 3,537 bags.
Volume of
trading on the Cocoa Exchange was 141 lots, or
1,889 tons.
Local closing:
July, 6.03; Sept., 6.10; Oct.,
6.13; Dec., 6.21; Jan., 6.23; Mar., 6.31; May, 6.37.
On
the 30th ult. futures closed 8 to 9 points lower.
This decline
attributed largely to profit taking.
Activity on the
de Janeiro reporting unconfirmed
damage to the Brazilian crop because of heavy
rains, and the opinion was also given that the crop would
be late.
Local closing: July 5.99; Sept. 6.02; Dec. 6.12;
Jan.
6.14; Mar. 6.23; May 6.29.
On the 2d inst. futures closed 12 to 9 points up.
This rise
"was due to news that the Brazilian
crop has been damaged
by too much rainfall. Recent arrivals at the port of Ilheos
are said to be 25% mouldy.
New York warehouse stocks
declined 2,717 bags.
Transactions on the local Exchange
totaled 430 lots, or 5,762 tons.
Closing: Sept., 6.13; Oct.,
6.16; Dec., 6.23; Jan., 6.25; Mar., 6.32; May, 6.38.
Today
futures closed unchanged to 1 point up.
Trading was'quiet.
It was a typical pre-holidav market.
Warehouse stocks had
a
sharp decrease of 5,233 bags. They now total only 726,000
bags, being the lowest in 3 years. Local closing: Sept., 6.13;
Oct., 6.17; Dec., 6.23; Jan., 6.25; Mar., 6.33; May, 6.39.
of great
Sales
were
the
of
manufacturing element has been noticeably
absent in the markets recently.
Most transactions today
were credited to commission houses.
Offerings from primary
markets
to
were scarce.
decline,
showing
Transactions
lots,
on
New York warehouse stocks continued
a
decrease for the
day of 505 bags.
the local exchange at this session were 217
2,908 tons.
Closing:
Sept., 6.02; Oct., 6.05; Dec.,
6.12; Jan., 6.14; Mar., 6.23; May, 6-29.
On the 1st inst.
futures closed unchanged to 4 points higher.
The spot
market was steady.
Trading was comparatively light today,
totaling 155 lots or 2,077 ions.
New York warehouse stocks
or
showed
an
increase for the first time in two months.
344 contracts.
Sugar—On the 29th ulto. futures closed unchanged to
3 points higher, with sales of 250 tons.
In the market for
there was nothing offered below 3.80 or 2.90c. for
Cubas without duty.
At the inside price July arrival Puerto
Ricos were offered, while Cubas for July were at 2.90c.
Prices ranged as high as 3.90c., the asking price on
raws
August
Refined withdrawals continued fair.
London futures closed % to Id. lower, while raws were
offered at 4s. 4%d., a new low, but 6s. above the all
time low made Nov. 15, 1934.
British refined was reduced
IMd. per cwt.
On the 30th ulto. futures closed unchanged
to 3 points lower. *Sales were
4,950 tons.
Sixteen of the
shipment Philippines.
17 "duty free" notices issued were
immediately stopped,
according to reports—only one notice circulating.
In the
market for raws offers were unchanged at 3.80c. for
nearby
sugars and higher for more distant shipments, Cubas at
2.90 cents without duty.
A sale of 1,000 tons of Philippines
was reported, due
July 26, and went to an operator at 3.75c.
Refiners were displaying no
anxiety regarding the purchase
of further raws, but were believed
willing to pay 3.75c. for
second half August shipment.
Most other refiners followed
American's example and announced an allowance of 10c.,
per 100 pounds in lieu of special discounts, terms, &c., which
are
barred under the
now
London
measure.
The
terms
the
of
Robinson-Patman
closed
unchanged to %d. lower, while
reported sold at 4s. 4%d.
On the 1st inst. futures
closed 1 point lower to 2
points higher.
Sales were 2,800
tons.
There were no further notices issued against the
July contract.
In the market for raws offered were firm,
though refiners still show no real interest.
Puerto Rican
raws were
interests
were
reported cancelling freight arrangements for
July in order to avoid having sugars arrive at a time when
refiners would be unable to handle them.
Ricos and a small
A parcel of Puerto
quantity of Philippines due July 16, were
offered at
3.80c., while other sugars wrere held at from 3.85c.
Refined withdrawals continued
good.
The AAA announced
deliveries of all sugars in the United States for the first five
months as 2,798,688 short
as
f.
tons, or 41% of the total quotas
London closed % to %d. lower, while
revised June 19.
raws
o.
were
quiet and offers at 4s. 4%d.,
or
about
b. Cuba.
the 2d
.82 %c.
inst.
futures closed 2 points off for the
July
delivery, while the rest of the list was 1 to 2 points higher.
Trading was generally quiet.
In the raw market one lot of
Philippines due mid-July was offered at 3.72c., and might
have been obtamed
3.80c.
and
a
3.75c.
were
few
points cheaper, while other nearby
shipmerit sugars were held at
Forward
No real interest is displayed on the part
Refined sugars are reported as still
moving in
volume.
London futures ended unchanged to %d.
up.
of refiners.
good
lower, while raws were offered at 4s 3%d., or about 81c.,.
f.o.b. Cuba, compared with the all time low for
sugar in
London, 3s. 10%d. made on November 15, 1931.
Today
futures closed 2
points down to 3 points up.
The feature of
the tracing was the issuance and circulation
of
fifty-two
transferable July notices.
n
This resulted in driving the spot
2.74c., off 4 points, while other positions
unchanged to 4 points higher, with December at 2.80c.
onth
were
was
part
up
re¬
cable from Rio
a
news
sugars
_
Cocoa—On the 29th ult. prices
ceived
On
4.34 ; December
4.471 March
March
gain amounted to 3,149 bags which brought the total
to 734,855 bags.
After the close the Cocoa Exchange
down
to
Lack
of interest on the
part of refiners was believed to have
brought out the notices and also weakened the tone of
nearby sugars. Offers of duty frees and Cubas were around
for July delivery at
3.75c., but refinders were not even
m
aking counter bids.
Forward shipment sugars continued
firm
at
3.80c., and
higher.
Cuba.
Raws
Prices
were
up.
London futures
held
at
were as
_
SeDtember
a
% to
cent f.o.b.
(January
2.47
May
2.51
2.48
2.81J
Lard—On
higher.
were
0.83% of
follows:
2.76
March_
about
the 27th
This firmness
ult.
was
futures closed 10 to 15 points
attributed largely to the strength
Volume
Financial
143
in
grains, which in turn were influenced by the bullish weather
Closing hog prices at * Chicago were nominally
steady with a top price nominally quoted at $10.75.
Some
of the sales reported ranged from $9.70 to $10.65.
Total
receipts for the Western run were 14,800, against 12,800 for
the same day last year,
n^here were nb clearances of lard
reported from the Port of New York, and the foreign demand
continues slow.
Liverpool lard futures closed unchanged
on
the spot, 3d. higher on July and September and 6d.
higher on the distant October.
On the 29th ult. futures
closed 2 to 12 points higher.
Selling was rather liberal at
times but appeared to be pretty well absorbed by the trade.
Hog prices at Chicago closed about 10c. higher.
Total
receipts at the principal Western markets were 72,300,
against 54,700 for the same day a year ago.
The top price
reports.
Liverpool lard futures closed firm
from the
light and
totaled only 448 lbs. for Malta.
No improvement in foreign
demand was reported.
On the 30th ult. futures closed 7 to
10 points down.
Trading was fairly active but without any
outstanding feature.
Receipts of hogs at the Western
markets were liberal but in spite of this fact prices were firm
and 10c. higher.
The official top price for hogs at Chicago
was $10.95, but there was a small lot sold at $11, according
to advices received.
Most of the sales reported ranged from
$9.65 to $10.90.
Total receipts for the Western run were
67,500/against 46,600 for the same day a year ago.
Export
clearances of lard from the Port of New York, as reported
at
Chicago
was
$10.85.
9d. higher.
Export shipments of lard
Port of New York over the week end were very
at
6d.
to
Tuesday, were light and totaled 29,900 lbs. for Glasgow and
Antwerp.
Liverpool futures closed unchanged to 3d. lower
with trading quiet throughout the session.
On the 1st inst.
futures closed 5 to 10 points up.
The pronounced strength
in the grain markets appeared to more than offset other
developments of a decidedly bearish character.. The trade
in general was looking for an increase of about 4,000,000 lbs.
in Chicago lard stocks for the last half of June, whereas, an
increase of 7,110,758 lbs., or 3,000,000 lbs. beyond expecta¬
tions, was announced.
Total stocks now are 53,409,065
lbs., against 40,089,401 lbs. on July 1, 1935.
This latter
report was issued after the close of the market.
Hog prices
at Chicago declined 10c. owing to the continued liberal
receipts.
The total for the Western run was 57,100, against
32,500 for the same day a year ago.
The top price for the
day was $10.95, and most of the saleg reported ranged from
$9.55 to $9.80.
Liverpool was easy with prices 6d. lower.
Export shipments of lard from the Port of New York con¬
tinue to run light with clearances as reported Wednesday
totaling 26,600 lbs. for Liverpool and Southampton.
On the 2d inst. futures closed 12 to 7 points higher.
This
strength was reported due largely to the pronounced strength
in the grain markets.
Hog prices at the principal western
markets were fairly steady and at Chicago values at the
close were unchanged to 10c. higher.
Western receipts were
moderately heavy and totaled 51,100, with no comparison,
that day a year ago being a holiday.
The demand for hogs
continued moderately active.
The top price for the day was
$10.95, and the bulk of sales reported, ranged from $9.50 to
$10.85. Export clearances of lard so far this week have been
light, and shipments as reported Thursday totaled 46,875
pounds for Antwerp.
Liverpool closed unchanged to 3d.
lower.
Today futures closed 2 to 7 points down.
The
heaviness of this commodity was attributed to the weakness
displayed in the grain markets and prospects of heavier hog
receipts.
,
DAILY CLOSING PRICES.OP LARD
Sat.
July
September
October
10.60
10.72
10.75
December
10.05
Mon.
FUTURES
Tues.
10.75
10.52
10.65
10.77
10.10
10.67
10.10
10.62
IN
Wed.
CHICAGO
Thurs.
Fri.
December.
_
July
August
September
October
November
by the Exchange increased by 50 tons to a total of
the close of business Tuesday.
and Singapore closed quiet with the former ad¬
18,300 tons in storage at
London
vancing l-16d. to 3-16d., while the latter remained un¬
changed
Local closing: July, 16.14; Aug., 16.18; Sept.,
16.23; Oct., 16.27; Nov., 16.31; Dec., 16.36; Feb. (1937),
16.48; April, 16.58.
On the 1st inst. futures closed 1 to 4
points up.
Transactions totaled 420 tons.
During the
day 380 tons were tendered for delivery against July con¬
tracts ^London closed steady.
In the domestic marketoutside prices remained on a spot basis of 1634c. for standard
sheets.
Offerings from the Far East were limited, after
nearly all available rubber had been sold on the rise during
the previous day.
Local closing: July, 16.15; Sept., 16.25;
Dec., 16.40; Mar. (1937), 16.50.
On the 2d inst. futures closed 4 to 10 points up with
sales of 1,320 tons.
During the day 20 tons were tendered
for delivery against July contracts.
London and Singapore
closed firm and steady respectively, with prices at London
slightly higher.
Outside prices reached a new high for the
current move in the domestic market and were quoted at
the close at a spot basis of 16.51—16c. for standard sheets,
some dealers even asking 16%c.
Local closing: July, 16.25;
Aug., 16.30; Sept., 16.35; Oct., 16.39; Nov., 16.43; Dec.,
16.47.
Today futures closed 8 to 13 points up.
Prices
reached new high ground for the season under active and
steady buying.
Tenders of 480 tons for delivery on July
*
contracts
were
made,.
Sales totaled 347 contracts.
London
closed
unchanged but Singapore closed l-32d. to l-16d.
higher.
Local closing: July, 16.33; Sept., 16.48; Oct., 16.50;
Dec., 16.57; Mar., 16.68; May, 16.77.
Hides—On the 29th ulto. futures closed
14 to 20 points
Offerings were rather heavy most of the day.
Trans¬
actions totaled 3,000,000 pounds.
The stocks of certificated
hides in warehouses licensed by the Exchange, remained
unchanged at 863,880 hides.
Closing: Sept., 11.20; Dec.,
11.52; Mar. (1937), 11.85; June, 12.17.
On the 30th ulto.
futures closed 13 to 18 points down.
Transactions totaled
3,240,000 pounds.
Nothing of interest developed in the
domestic spot hide market.
Stocks of certificated hides in
warehouses licensed by the Exchange remained unchanged
at 863,880 hides.
Local closing: Sept., 11.07; Dec., 11.38;
Mar. (1937), 11.70; June, 11.99.
On the 1st inst. futures
closed 10 to 14 points lower.
Transactions totaled 4,360,000 \
pounds.
No confirmed sales were reported in the domestic
spot market.
Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 863,880
hides.
Local closing: Sept., 10.93; Dec., 11.25; Mar. (1937),
11.56; June, 11.89.
On the 2d inst. futures closed 5 points up to 2 points
down.
10.82
10.85
down.
10.27
10.20
interest
including switches, 132 contracts.
Prices c. osed as follows:
9.31@9.30
9.30 @9.35
9.30@
9.69@
licensed
10.20
Cottonseed Oil sales
June
^
10.67
$5.50 to $6.55.
January
the 29th ult.
points higher.
10.87
reported that Linseed Oil business was done
during the week at less than 9.1c. per pound. Quotations:
China Wood, tanks, forward 18.6c. to 18.7c.; Drums, spot,
19 %c.
Cocoanut: Manila, tanks, April-June, 4^c.; Coast,
4c.
Corn, crude, tanks, West mills, 8 ^c. Olive, Denatured,
spot, Spanish, 74 to 75c.; Shipment forward, 73c. bid.
Soy
Bean: Tanks, mills 7 to 7J^c.; C. L. drums, 8.1c.; L. C. L.,
8.5c.
Edible, 76 degrees, 10c. Lard, prime, 11 %c.; Extra
strained winter, 11c.
Cod, crude, Newfoundland, nominal;
Norwegian Yellow, 33c. Turpentine, 39c. to 443^c. Rosins,
8^c.
futures closed unchanged to
Sales totaled 1,200 tons.
Prices in the
outside market were about unchanged on a
spot basis of
16^80. for standard sheets, with factories taking only small
amounts.
This was first notice day for July contracts,
and notices for 3,620 tons were tendered for delivery.
Lon¬
don and Singapore closed dull, with London prices slightly
lower.
Local closing: July, 16.01; Aug., 16.05; Sept., 16.10;
Oct., 16.14; Nov., 16.18; Dec., 16.23; Mar. (1937), 16.34.
On the 30th ult. futures closed 13 to 14 points higher.
During the session 190 tons were tendered for delivery
against July contracts.
Transactions for the day totaled
2,340 tons.
Certificated stocks of rubber in warehouses
Rubber—On
5
10.85
was
S. E.
in the article entitled "Petroleum and Its Products."
10.70
Pork—Mess, $30.00 per barrel; family, $29.50; nominal,
barrel; fat backs, $20.50 to $25.00 per barrrel.
Beef:
quiet. Mess, nominal; packer, nominal; family, $14 to $15
per barrel, nominal; extra India mess, nominal.
Cut Meats:
Hams, picnics, loose, c.a.f.: 4 to 6 lbs., 16c.; 6 to 8 lbs.,
14%c.; 8 to 10 lbs., 14c.
Skinned, loose, c.a.f.: 14 to 16
lbs., 22%c.; 18 to 20 lbs., 21 %c.; 22 to 24<lbs., 19%c.;
Bellies, clear, f.o.b., New York: 6 to 8 lbs., 21 %c.; 8 to 10
lbs., 21btc.; 10 to 12 lbs., 20%'c. Bellies, clear, dry salted,
Boxed, N. Y.: 14 to 18 lbs., 14^c.; 18 to 20 lbs., 14^c.;
20 to 25 lbs., 14 ^s'c.; 25 to 30 lbs., 14 3^c. Butter, creamery,
firsts to higher than extra and premium marks: 29c. to 31h£c.
Cheese, State, Whole Milk, Held 1935, fancy, 22 to 22%c.
Eggs, Mixed Color, Checks to Special Packs, 18c. to 23c.
Crude
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 "
10.57
10.72
10.77
per
Oils—It
133
Chronicle
9.60@
9.60@
9.45 @9.48
9.45@
totaled 3,000,000 lbs.
Nothing of
developed in the domestic spot hide maiket during
the day, prices remaining unchanged.
Stocks of certificated
hides in warehouses licensed by the Exchange decreased by
Transactions
861 hides to
total of 863,019 hides.
Local closing: Sept.,
Mar.,
11.57; June,
11.87.
Today
futures closed 15 to 17 points down.
Liquidation of raw
hides futures continued and forced prices down at one time
17 to 37 points.
It was announced in Washington that the
Government was prepared to spend $5,000,000 for drought
cattle.
Sales on the local Exchange totaled 58 contracts.
Closing: Sept., 10.79; Dec., 11.15; Mar., 11.40.
10.95;
*
Dec.,
Ocean
a
11.30;
Freights—Demand fqr freight was generally slow.
only to grain but coal freight was
The dullness extended not
even
duller.
Charters included:
Grain booked—20 to 25 loads, New York-Mediter¬
at 14c., and about two to Havre-Dunkirk
at
11c.;
13
loads
Scandanavia at 12c. and 14c., and a couple to the Mediterranean at 14c.
ranean
Scrap iron—prompt Atlantic range 2 ports to 1 United Kingdom, 12s. 6d.
Trip—West
Indies, 75c.
Grain—10,
St.
Lawrence
first half July to
Medterranean, 2s. 4>£c. basis.
Coal—Bituminous
production increased last week almost
200,000 tons to 6,900,000.
For many products and grades
prices are low.
On the whole, bituminous consumption is
slowly gaining. There was a fair June demand for coal, but
improvement in that month was from the country.
A
general 10c. advance on smokeless prepared went into effect
July 1st. A local scarcity of coke is reported.
Copper—The report on June domestic sales was quite
remarkable in that the volume amounted to 16,520 tons for
June as against 16,203 tons for the month of May, the figures
being almost identical.
volume
Notwithstanding the fact that the
of business for the past two mohths has been ap-
Financial
134
proximately half the normal amount, trade sentiment is far
pessiminstic, and traders generally look upon this
relative dullness as only a natural consequence of the unprecedentedly large sales during April.
The foreign price
showed no marked change, with most exporters calling the
price 9Hc. per pound, but with as high as 9.17Hc. per pound
reported paid.
It is understood that some of the brass
makers are watching the progress of the price discrimination
bill, which has passed Congress and is waiting for Presidential
signature.
from
Tin—The feature of the week was the announcement of
the world's visible supply
of tin, which decreased 1,707 tons
during June to 14,260 tons. These figures were pretty close
to the predictions in the trade of a drop of 2,000 tons.
The
tin market reacted adversely to the June statistics, prices
declining %c. to He. a pound, with interest in the metal
extremely light.
The market also disregarded the very
favorable American tin deliveries of 7,795 tons, as announced
the preceding day—these deliveries being the largest since
August 1933. However, a factor that is pointed out as of
considerable
importance
and should encourage bullish
sentiment in the tin industry—is the exceptional showing of
the tin plate industry which has been operating at ap¬
proximately 100% of capacity for some time past, with in¬
dications of a continued high pace for some time to come.
This should naturally have a wholesome effect on the tin
situation.
American arrivals during the first half of July
promise to be light, another reason for optimism.
in the market for
a car lot
of tin.
Ford
was
Tin afloat to the United
States is 7,580 tons.
Tin arrivals so far this month have
been 35 tons, all at Atlantic ports.
Commodity Exchange
warehouse stocks are unchanged at 330 tons.
is estimated
Lead—It
sumers
are
that 30% of lead needs of con¬
Ever since the middle of
under contract.
now
last week lead
purchases have been quite brisk. Some pro¬
equivalent of their day's production more
than once during the past week.
It is stated thai, most
producers would now sell for August shipment, but there
does not seem to be a demand for that position as yet.
August, however, is one of the dullest months of the year in
industry, and it is assumed that lead consumers will take
their time about covering their requirements for that month.
Prices have held fairly firm, and sales for the week, it is
expected, will approximate 8,000 tons.
ducers sold the
Zinc—During the past several days extreme dullness pre¬
this metal.
However, the price
vailed in the market for
shows
no
and is holding at 4.85c. per pound,
trade is not
the domestic markets, almost the same condi¬
tendency to
confined to
sag,
This dull, featureless state of
East St. Louis.
tions prevailing abroad.
No appreciable change from pre¬
vailing conditions are expected during the summer months,
unless some unseen development takes place.
Zinc, prompt
through October is quoted: Prime Western at 5.22He. per
pound, New York; East St. Louis, 4.85c. per pound. Brass
special, New York, 5.32H®- per pound; East St. Louis,
4.95c. per pound.
to the surprise of many, steel operations
upward climb, showing quite a gain over
the previous week, the estimated figure being 74% against
70.2% for the preceding week. This figure of 74% repre¬
sents a new peak since 1930.
This also compares with
32.8% of capacity during the corresponding period last
year.
There is one great overshadowing influence, the
possibility of grave labor disturbances, which could tre¬
mendously unsettle not only the steel industry but many
other lines of industry connected directly and indirectly
with steel.
This impending trouble is very likely playing
a considerable part in stepping up operations in order that
the great bulk of orders might be covered before "hostilities"
begin.
The effects of such a great strike would be so
widespread that it would seem quite obvious that everything
Steel—Much
continued their
will be done
both
on
sides to head off this serious threat
the
prosperity of the country.
Steel operations are
expected to fall off rather substantially during the current
month.
However, many believe that the pace will not dip
below 50% of capacity.
Most steel makers report having
sold some steel for third-quarter delivery at the new prices.
There, seems to be no question but that the new thirdquarter prices will hold, according to close observers.
Bids
have been opened on 13,000 tons of cast iron pipe for Los
Angeles, the three low bidders having been the United
States Pipe & Foundry Co. and the American and National
companies,
fhe steel scrap markets continue strong.
Production of tin plate during June is estimated at 5,500,000
base boxes, which is an all-time monthly record, it is be¬
lieved. Present tin plate production is a shade under 100%.
to
Pig Iron—Attention was called to the fact that another
of the year has passed in pig iron without any
appreciable or noteworthy change, either in price or sales
volume, the last quarter being virtually a repetition of the
same features of the first quarter.
The exceptionally large
deliveries in December have been pointed to as responsible
in no little measure for the subsequent drop in volume the
quarter
June was perhaps the most active month
from standpoint of sales.
From present indications it is
expected the second half of the year in iron will be much
like the first half.
From the West come rumors of higher
prices for iron for the fourth quarter.
What effect such an
past half year.
advance
would
have
on
third
quarter
business would be
Chronicle
July 4, 1936
rather hard to
predict in view of the dull routine that has
prevailed so long in spite of the record breaking activity in
other lines, especially steel.
Wool—It is now reported that dealers have attained their
objective of securing the major part of the 1936 clip, and
heavy buying of Western wool has now passed its peak,
with dealers seemingly less anxious in their purchases.
Irregularity in wool price is less noticeable as general accord
is reached by wool sellers as to the staple basic value on new
clip wool.
The top seems set at 90c., with lc. or 2c. above
this price for the best grade fines of staple length, while
the ungraded choice territory touches the ceiling at 88c.
The situation
concerns
as
the
material is made
raw
more
clear
by the following quotations on the several classifications
in use by the Wool Council in reporting their sales on fine
wool:
Class 1, 89c.; class 2, 87c.; class 3, 85c,; class 4,
83c.; class 5, 81c.
No doubt prevails in the trade that
mills will absorb the entire clip of 189,000,000 lbs., com¬
puted on a scoured basis.
Hesitation on the part of buyers
at the moment is ascribed to a desire to learn how prices
will open on the new crop at the London auctions later in the
month.
It is reported, however, that a fair amount of the
clip has already been sold into trade channels.
Silk—On the 29th ult. futures closed 4 to 6 points down.
Trading was quite active, with transactions of 1,750 bales.
The price of crack double extra in the New York spot market
declined
Certificated stocks of
lc. to $1.66.
raw
silks in
warehouses licensed by the Exchange increased by 10 bales
to a total of 540 bales in storage at the close of business
Friday.
The Yokohama Bourse closed 11 to 21 points
down, while the price of Grade D in the outside market
advanced 15 yen to 717H yen a bale.
Yen exchange re¬
mained unchanged at 29HLocal closing: July, 1.59;
Aug., 1.55; Sept., 1.54; Oct., 1.53; Nov., 1.52H; Dec.,
1.52AOn the 30th ult. futures closed 2 points higher
to
A point lower.
Transactions totaled 480 bales, as
against 1,750 bales for the preceding day.
The price of
crack double extra in the New York spot market declined
He. to $1.65 HThe Yokohama Bourse cjlosed 2 points
down to 3 points up, while the price of Grade D in the outside
market declined 2H yeu to 715 yen a bale.
Yen exchange
remained unchanged at 29HLocal closing: July, 1.61;
Aug., 1.55; Sept., 1.54; Nov., 1.53; Dec., 1.52 H; Jan.
(1937), 1.52H; Feb., 1.52.
On the 1st inst. futures closed
1 to 2 points down.
Transactions totaled 950 bales.
The
price of crack double extra in the New York spot marker
remained unchanged at $1.65HCertificated stocks of
raw silk in warehouses licensed by the Exchange increased
by 20 bales to a total of 560 bales in storage at the close of
business Tuesday.
The Yokohama Bourse closed 3 points
down to 2 points up, while the price of Grade D in the out¬
side market remained unchanged at 715 yen a bale.
Yen
exchange remained unchanged at 29 HLocal closing:
July, 1.59H; Sept., 1.52H;'Oct., 1.52; Nov., 1.51 H; Dec.,
1.51H; Jan. (1937), 1.51; Feb., 1.51.
On the 2d inst. futures closed unchanged to 2c. lower,
with the exception of Sept. delivery, which was Hc- higher.
Spot declined 2He. to $1.63.
Sales totaled 2,220 bales.
Certified stocks of raw silk in warehouses licensed by the
Exchange decreased by 50 bales to a total of 510 bales in
storage at the close of business.
The Yokohama Bourse
closed at 16 to 25 points decline, while the price of Grade D
in the outside market declined 15 yen to 700 yen a bale.
Yen exchange remained unchanged at 29 HLocal closing:
July, 1.58H; Aug., 1.53H; Sept., 1.53; Oct., 1.51; Nov.,
1.51; Dec., 1.50HToday futures closed s He. to 3He. up
The market opened unchanged to 2c. higher, with the ex¬
ception of the July and September deliveries, which were
lc. lower.
As the session progressed prices became firmer.
The price of crack double extra silk in the New York spot
market was unchanged at $1.63.
The Yokohama Bourse
closed 4 to 12 points higher.
The price of Grade D silk
in the outside market advanced 2H yen to 702 H yen a bale.
Local closing: July, 1.59; Aug., 1.57; Sept., 1.54H; Nov.,
1.51H; Dec., 1.51 H; Jan., 1.50H; Feb., 1.49H.
Sales
were
54 contracts.
COTTON
*
Friday Night, July 3, 1936.
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
21,952 bales, against 21,698 bales last week and 39,972 bales
the previous week, making the total receipts since Aug. 1„
1935, 6,685,631 bales, against 4,004,266 bales for the same
period of 1934-35, showing an increase since Aug. 1, 1935,
of 2,681,365 bales.
The Movement of the
Receipts at—
804
Christi..
New Orleans
644
-
—
-
-
2,010
3,635
—'
182
*.
Pensacola, &c
_
—
Savannah
—
1,130
----
_
*
—
—
—
—
—
—
—
Total
410
—
9
2,511
1,216
1,374
156
221
9,923
1,157
1,130
72
782
—
144
186
........
*.
«•
—
—
152
168
—
—
—
—
531
—
2
713
Baltimore
2,726
5,191
-
—
—
.
5,174
1,822
214
----
2,021
152
168
533
-
167
48
2,006
4,602
60
__
•»
Norfolk
Totals this week.
-
418
—
152
165
63
—
—
Fri.
95
265
..
180
W
Charleston
Wilmington
-
1,688
Mobile
Lake Charles
-
Thurs.
71
601
60
—
Wed.
75
952
171
Houston
Corpus
Tues.
Mon.
Sat.
Galveston
429
297
1,010
5,018
21,952
Volume
Financial
143
following table shows the week's total receipts, the
Aug. 1 1935 and stocks tonight, compared with
The
total since
last year:
.
135
Chronicle
Speculation
in
cotton
for
future
delivery
was
very
active, with price trend in the main upward.
There were
a
number of marked setbacks, due principally to profit-
taking by the Wall Street element, but these reactions ap¬
Stock
1934-35
1935-36
peared to strengthen the technical position.
Prices during
the week touched new highs for this movement.
Underly¬
Receipts to
This
July 3
This
Since Aug
Week
Since Aug
1 1935
Week
1 1934
Texas City
Houston
l",157
Pensacola
1,130
"782
Savannah
132",757
96,034
6,508
2,237
162,526
54,279
79.990
6,883
115,761
28,036
12,580
13,668
28,554
19,307
392,369
166,337
3,693
314,589
Jacksonville
ing conditions still appear to favor the upward trend.
245.038
3,226
371,142
34,851
530
9,923 1,794,062
Mobile.
1935
396,385
1,872
251,025
28,821
28,139
305,082
"340
271,984
.38,052
60
Corpus Christi—
Beaumont
'New Orleans
Gulfport
1936
907,129
62,891
2*365 1,078,379
84
275.022
4,693
4",012 1.038,506
518
2,006 1,560,486
44,483
4,602 1,726,403
Galveston
5
194
768
336,795
152
214",348
'628
Lake Charles
168
Wilmington
533
"326
Norfolk
429
56,028
23,815
45,820
Charleston
145.023
57,220
18,913
53,474
177
N'port News, (fee-
2,967
77,096
8,189
16,963
18,116
"
"2",325
New York
6,872
471
185
1,425
1,556
Boston
27,166
33,162
1,010
Baltimore
Philadelphia
Totals
9,188 4,004,266 1,365,688 1,207,120
21,952 6,685,631
In order that comparison may
be made with other years,
give below the totals at leading ports for six seasons:
we
1935-36
Receipts at—
1930-31
1931-32
1932-33
1933-34
1934-35
~
~
2,547
5,930
3,501
4,064
18,561
4,468
1.322
"""268
Galveston
2,006
518
11,143
9,562
Houston
New
4,602
9,923
2,365
4,012
340
18,080
23,815
3.479
Savannah
1.157
782
9,263
16,710
5,025
3,109
Orleans.
Mobile
194
Brusnwick
4,152
2,572
908
1,514
"
""152
"7",981
""'892
326
230
901
154
52
429
Wilmington.
""'628
533
Charleston
177
1,164
1,776
36
357
_
Norfolk
"l",859
N'port News.
"
~
All others....
"2", 368
"""628
"l",696
8,747
1,437
""'782
Tot. this week
21,952
9,188
50,199
80,277
34,435
13,152
Since
^ug. 1
.
6.685.631 4,004,266 7,292,430 8,561,714 9,633,902 8,448,306
The exports for the
week ending this evening reach a total
70,930 bales, of which 38,128 were to Great Britain,
7,591 to France, 3,838 to Germany, 5,958 to Italy, 4,885
to Japan,, 300 to China, and 10,230 to other destinations.
In the corresponding week last year total exports were
70,829 bales.
For the season to date aggregate exports
have been 5,891,962 bales, against 4,653,999 bales in the
same period of the previous season.
Below are the exports
of
for the week:
*
Exported to—
Week Ended
July 3, 1936
Exports from—
Ger-
Great
Britain France
Galveston
4,677
4,864
18,016
1,996
New Orleans-—Mobile-
Pensacola, &c
Savannah
*14
Charleston
149
Total
3,901
3,946
1,583
16,586
13,133
27,753
2,692
800
5*478
7,669
1,738
1,130
300
10,230
70,930
17,431
13,049
13,560
70,829
83,214
1,928
1,148
151
679
696
229
6
241
6,628
1,738
...
Other
China
Japan
1,389
1,876
1,997
2,443
1,148
2,099
209
Houston
Italy
many
1,130
Gulfport
38,128
Total
1935.
Total
1934—
—
7,591
3,838
5,958
4,885
9,915
15,524
Total—
7,594
9,608
8,732
13,104
7,067
17,559
20,900
From
Exported to—
Aug. 1, 1935, to
3, 1936
Exports from—
Galveston
Britain
France
Italy
many
Corpus Christi.
444,352
211,339
965
745
916
7,833
319,348 287,894
5,455
9,388
128,000 31,849
336
150
200
161,535 121,439
7,477
3,931
52,251 24,678
1,171
3*444
39,123
40,998
5,497
31,845
4,051
L500
1,086
14,654
2,622
2~897
4,627
226,916
3,062
36,423
City
Beaumont
New Orleans..
Lake Charles..
Mobile
Jacksonville.-.
2,192
84,141
Pensacola, &c.
Savannah
2*247
118,329
Charleston
151,867
3,850
3,752
3,875
2,721
5,387
Wilmington.
Norfolk
Gulfport
New York
Boston
1,803
50
1,441
458,537
71,178
2,109
Other
3,750
13,352
28,400
42,665
305,351
3,413
3,659 148,638
11,928 187,252
6,694 190,406
300
9,701
1,185
22,480
390
15,443
1,872
15,258
10,530
16,919
50
16"024
10,500
8,506
1,700
"457
Philadelphia...
"213
"96
"77
Los Angeles.-.
33,509
5,452
14,910
35,478
3,506
457
7*250
552
314
8,188
284,395
70,779
315
Francisco.
6,318
2,733
194,180
58,773
315
Seattle
Total
Total
Total
13.156 254,723 1347,532
14,907 320,428 1561,479
1,078 48,2971 290,789
2,769
6,838
1,246
10,681
8,984 226,866 1352,983
792
210
Baltimore
San
China
Japan
88,659
211,560 118,375
31,682 20,188
182,808 152,495
288,512 149,160
62,948 55,418
250
Houston
Texas
Ger¬
Great
July
—
1410,192 708,441
856,089393,599,1532,461
41,875 949,305 5891,962
1934-35.
768,341388,818 422,849.481,596 1561,041108,4741922,8804653,999
Total 1933-34. 1266,807 732,269 1382,040 658.6551804.722 347,972i02874l!7221,206
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
July 3 at—
Ger¬
Great
Britain
Galveston
Other
Coast¬
many
Foreign
wise
2,000
5,300
Orleans.
_
600
652
Houston
New
France
303
507
3,072
622
5,157
5,200
3,660
3,145
1,000
84
Stock
Total
14,100
5,206
11,996
"257
"235
""22
Norfolk
Other
382,285
245,819
293,086
162,526
Savannah
Charleston
Mobile
ports
Total
1936-_
Total
1935--
877
Total 1934-.
10.980
9,046
1,525
1,773
1,925
7,664
3,107
9,710
12,240
25,058
49,432
closed 4 to 6 points higher.
Trad¬
limited and without special fea ure.
The July
option, however, continued to show marked firmness, which
would seem to reflect a rather tight spot situation.
The
very
hardly get much comfort out of the
High temperatures were reported in the
eastern belt, this giving no little concern to the trade.
The
daily and week-end forecasts pointed to no relief in Texas
except for possible showers on the West Gulf coast.
Liver¬
pool was quiet with the close 1 to 2 points lower.
Average
price of middling based on the ten designated spot markets
was 12.38c.
Average for the week from June 20 to June 26
was
12.26c., against 11.91c. in the preceding week and
12.02c. in the same week last year.
On the 29th ult. prices
closed 6 to 11 points lower.
As a result of the Commodity
Credit Corporation's week-end action of permitting further
release of 12c. loan cotton, prices broke sharply at the beginn'ng of this session, the extreme decline registering almost
a dollar a bale.
Subsequently prices rallied on shorts cover¬
ing and outside demand, but the recovery was not sufficient
to wipe out the early losses.
July sold off to 12.20c., off
19 points shortly after the initial call, but recovered and
closed at 12.29c., off 10 points.
On further consideration
of this action on the part of the CCC, traders began to
regard it as not so bearish after all, and, as a matter of fact,
looked upon it as a constructive development in the long
run.
The feeling was reported quite general that the volume
of hedging would not increase as a result of any releases,
because it was felt that this cotton would be immediately
bearishly inclined
9,770
459
Brunswick
On the 27th ult. prices
ing
1,084
912
1,803
28,036
95,777
28,554
98,046
31,559 1,334,129
31,727 1,175,393
73,850 2,412,456
can
weather reports.
absorbed by the demand from mills, and from present indica¬
tions of consumptive demand, this feeling would seem to be
justified.
Liverpool cables were 16 to 18 points lower than
due, and this played its part in the early depression of prices.
However, as in the domestic market, there was quite a
recovery, and prices closed with but 6 to 7 points net loss.
Average price of middling based on the 10 designated spot
markets Monday was 12.28c., compared with 12.38c. Satur¬
day.
On the 30th ult. prices closed 6 to 10 points lower.
Trading was exceptionally active with the outstanding
feature heavy Wall Street selling, principally of the October
option.
Reports were current that about 40,000 bales were
liquidated, mostly October.
There was also some selling of
December and March from this particular source.
It was
presumed to be largely profit taking.
The offerings were
absorbed on the way down by trade interests.
In the early
trading the market showed considerable firmness and ad¬
vanced 10 to 13 points, but this bulge evidently was taken
advantage by Wall Street operators to take down profits.
On the whole, the market acted very well in the face of this
heavy pressure referred to, which developed late in the
afternoon.
It is still believed this liquidation has greatly
helped the technical position of the market.
Average price
of middling at the ten designated spot markets was 12.19c.,
compared with 12.28c. Monday.
On the 1st inst. futures
closed 17 to 20 points higher.
The sharp recovery in the
market to-day reflected its strong technical position following
the heavy liquidation the previous day.
The distant posi¬
tions showed the most pronounced advances, the March and
May delivery showing a maximum gain of $1 per-bale.
May touched 11.79c. near the close, a new high- for the
current movement.
The market appeared to ignore all
bearish influences.
There were reports of moderately heavy
rains in Texas and some of the drought stricken areas; yet
notwithstanding this, and the fact that heavy selling was
again in evidence from the Wall Street element, the market's
strength was most impressive.
Wall Street selling was
centered in the October delivery and also December , and it
was estimated that 20,000 bales were sold by these interests.
This made a total of 60,000 bales sold by these operators
the past two days.
The market, however, appeared most
responsive to demand as it developed.
There were evidences
of new buying for Southern mills.
There were two private
crop estimates published, which in some quarters were
regarded as quite bullish.
One report estimated the new
crop at 11,217,000 bales.
The other report gave an estimate
of 11,411,000 bales."
Average price of middling based on
the ten designated spot markets was 12.36c., compared
with 12.19c. Tuesday.
On the 2nd inst. prices closed unchanged to 2 points
higher.
Trading was exceptionally active, with prices get¬
ting a good start on a rather aggressive demand.
The mar¬
ket held firm throughout the morning session, with prices
showing a maximum gain of 9 to 14 points.
Mills were
conspicuous on the buying side.
On this bulge, however,
profit-taking developed, and this selling increased in vol¬
ume as prices receded.
Under this pressure the market lost
virtually all its early gains.
Towards the close the market
steadied as a result of short covering.
The feature of the
day was the selling of about 20,000 bales of October by
pool brokers in the New York and New Orleans markets.
In the local market this selling was in evidence at the
very start on bids of 11.75c. for October, but later some
sold at 11.80c.
At the Southern market, sales were made
136
Financial
bids of
on
11.70c.
10,000 bales
peared
A
taken
report was
of
11.75c.
sold in
were
be
to
and
It
each
made.
yesterday
to
an
The lint
from
came
South
It
that
effect
operators.
that
Brazil, and
a
sale
mill
American
was
said to
was
sold under the Amer¬
was
price.
Average price of middling, based on the 10
designated spot markets, Thursday, was 12.34c., compared
with 12.36c. Wednesday.
V ;
Today prices closed 2 points down on the July option,
and 1 to 5 points up on the rest of the list.
Futures opened
6 to 9 points lower on rains in sections of the
belt and
lower Liverpool cables.
A moderate amount of
local
liquidation
in
was
evidence.
foreign and
prominent trader
One
pally October and December.
On the whole, however, tradLiverpool connections sold around 4,000 bales, princiing was relatively slow.
Trade interests, New Orleans and
with
wire houses
purchasers
were
on
the decline, while
East, the South and local traders
selling side.
at
the
Far
identified with the
were
Another private estimate
30,848,000, and indicated
placed the acreage
crop of 11,558,000 bales.
a
The official quotation for middling
upland cotton in the
New York market each day for the
past week has been:
June 27 to
July 3—
Sat.
12.49
Middling upland
1.60
New York
The
Mon.
Tues.
12-39
12-33
1936
each of the past
...12.49c.
1935
Fri.
12-51
12.49
1928
32
have been
years
22.35c.
1920 ....-39.75c.
York
on
follows:
as
1912 .....11.95c.
1911
14.70c.
1932
...
1931
...
1930
1919
34.35c.
1926
18.25c.
1918
1925
1924
15.35c.
23.80c.
29.75c.
1917
30.70c.
25.65c.
1910
...10.40c.
...
1927 -__.-17.15c
...12.30c,
...
1933
1909
12.60c.
1916 .....12.95c.
1915
9.60c.
1914
13.25c.
1908
1929
5.95c.
...
...10.35c.
1923 ....-27.25c.
23.75c.
1921
12.00c.
..13.60c.
18.35c.
...
...
1922
...
at
Futures
.
Closed
Aug. 1
Futures—The
255
Stock at Liverpool
...bales.
Stock at Manchester...
Total Great Britain
Stock at Bremen.
Stock at Havre.....
Stock at Rotterdam,...
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks......
Tuesday
June 29
June 30
12.39-12.40 12.29
.
.
and
255
32,100
closing
as
Aug.—
Range
_.
Closing
12.34?!
_
Range..
Closing
12.12?!
.
840,000
1,819,000
75,000
133,000
159,000
Egypt, Brazil,&c,,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India.
Stock in U. S. ports....
Stock in U. S. interior towns
U. S. exports today
—
prices
at
Thursday
Friday
July 2
July 3
—
12.41
_
Range
-
Closing
-
11.71ft
.
12.35ft
12.36ra
A
~
Liverpool stock
Manchester stock
Bremen stock
12.09ft
12.09ft
11.98ft
Havre stock...
Other Continental stock.
U. S. exports today..
_
{1937)
Range
11.68
_
Feb.—
Range
._
Closing
11.69ft
_
Range
_
11.69ft
11.69ft
Havre stock.
Other Continental stock
Indian afloat for Europe...
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India.
Total East India, &c._
Closing
_
April—
Range
..
Closing
11.72?i
.
11.71ft
11.72?i
June—
Range..
Closing
n
_
Nominal.
•
the
Interior
200
11.76ft
'
week
ending
each option:
Sept. 30 1935 11.38
Oct.
8 1935
Jan.
9 1936 12.50
June 26 1936
10.39
Jan.
9 1936 11.55
Nov. 25 1935
Sept.
3 1935 12.10
Oct.
3 1935
2
Jan.
10.12
Dec.
1936.. 11.49
Jan,
1937.. 11.48 June 30 11.82
Feb.
Mar.
-
July
9 1936 11.80 July
2
9.76 Jan.
2 1936
3 1936 10.35
May
22 1936
9 1936 11.83
July
3 1936
1937..
June 30 11.83 July
July
2
25 1936 11.82
July
3 1936
Mar. 1937.. 11.49
June 30 11.84 July
2
10.20"
Mar. 27 1936 11.84
Apr. 1937..
May 1937..
July
2 1936
June 29
2
10.4*8
June
11.57
11.8*9"
July
9.94
Feb.
1 1936
11.89"
as
afloat
are
this
week's
July
2 1936
up
as
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
Week
400
35,101
21,611
5
119j
133
10,936
8,997
257
55,478
54,698
24,052
44,327
109,803
27,501
1,901
68,168
8,258
123,431
27,704
665
891
36,949
384
7,026
47,250
29,182
195
9
31,826
19,363
163,853
31,264
115,253
34,468
24,336
66,136
306,288
186,728
46,989
54,700
15,448
71,436
127,196
41,612
179,047
58,172
5,049
8,795
31,564
37,807
235,768
4
347
"364
Pine Bluff
Walnut Ridge
Ga., Albany...
Athens
10
1,887
1,167
300
43
Rome
La., Shreveport
1,023
102
441
Natchez
Vicksburg
16,279
"28
1,013
104
1,547
1
50
9,836
44,893
13,855
34,262
11,734
"43
25
9,176 114,896
516
3,760 103,986
1,347
400
33,480
300
929
35,002
143
375
21,759
165
15,650
2,315
2,826
21,429
485
9,493
8,345
1,582
2,763
1,879
175
""■13
469
,1,982
642
96
16
86,803
17,109
80,236
24,873
4,633
14,435
78,815
103,250
30,200
14,528
19,258
57,720
134,683
23,543
137,649
25,277
5,136
2,671
2,357
3,933
22,331
28,418
203,208
9,523
307
2,400
87
4,612
387,577
1,943
3,343
88,184
42,677
26
433
_
431
578
174
5
28,085
108
16,070
36,010
275
4921
20
1
393
152
5
46
3,902
5,392
17,386
35,804
77,922
17,386
12,490
19,117
24,400
41,779
14,297
25,231
11,093
3,686
425
23,590
46,409
619 92,916
400 11,661
481
14,613
250 20,973
20,969
"956 25,988
1,381 11,865
1,127 31,739
100 11,152
1
4,201
19
4,323
340 12,032
632
2,357
2,112
82
S.C., Greenville
Tenn., Mem phis
Texas, Abilene.
1,568
166,506
9,698 2,034,531
4
"~23
49
Paris
124
54,782
18,553
12,216
241,095
1,252
130,911
6,1661,415,443
24,006
21,215
606
3,696
22,898 429,270
1,249
600
193
2,991
441
4,106
146
58,315
34,820
10,533
3,646
Robstown...
4
San Antonio.
16
5,910
4
124
~"ii
243
Waco..
Total. 56 towns
*
23,016 5,203,910
44
50
4,389
15
35,894
437
"i
2,658
._
15;266
47,765
6,748
16,791
26,950
57,555
5,988
10,779
1,335
29i
6,fc48
Texarkana
996
63,4741384154
2,190 40,950
16,263 328,098
8,054
2,378
134
194
24,918
80,132
10
132 106,512
12
13,306 3,509,793
"27
701
3,425
14,352
13
8,449
33,2481181353
Includes the combined totals of 15 towns In Oklahoma
The
above
totals
show
that
the
interior
stocks
have
decreased
The Visible Supply of Cotton
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks
well
Season
350
Newport
Dallas
2 10.21
9.80
t
Stocks
ments
Week
6
Brenham
Since Beginning of Option
3 10.42
Nov. 1936-.
1935
14
15 towns *..
Sept. 1936.. 11.95 July
3 12.10 July
1936-. 11.48 June 30 11.80 July
5,
-
July 1936.. 12.18 June 30 .12.49 July
Aug. 1936.
.
the
Ship¬
82,886
Oklahoma—
v
10.58
3
July
85,724
Greenwood..
11.81ft
v"'■
for
July
Week
Receipts
21
Ark., Blythville
Forest City..
Mo., St. Louls.
N,C.,Gr'nsboro
York
is,
2
Yazoo City..
_
364,000
881,000
15
Jackson
Range
272,000
1,088,000
Movement to
1936
Stocks
59,115
15,567
Eufaula
Columbus
11.75ft
Rangefor Week
149,000
715,000
68,000
movement—that
Ship¬
Season
■
June 1936.
the
July 3,
Receipts
Austin
Option Jot—
Towns
Movement to
Towns
Miss.Clarksdale
on
88,000
101,000
detail below:
Macon
Range of future prices at New
July 3 1936 and since trading began
128,000
75,000
159,000
90,000
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
Columbus
11.75ft
Range.. 11.69-11.74 11.57-11.68 11.58-11.78 11.58-11.79 11.77-11.89
11.70-11.88
11.74 —
Closing
11.68
11.58
11.78-11.78 11.78 —
11.83
.
182.000
97,000 bales.
figures for 1936 show a decrease from last
184,009 bales, a gain of 580,505 bales over 1935, a
decrease of 1,840,407 bales from 1934, and a decrease of
2,778,620 bales from 1933.
Augusta
11.55ft
320,000
44,000
above
Atlanta
11.65ft
May—
538,000
53,000
Total visible supply
......5,422,885 4,842,380 7.263,292 8,201,505
Middling uplands, Liverpool
7.18d.
6.94d.
6.66d.
6.40d.
Middling uplands, New York..,:.
12.49c.
12.20c.
12.15c.
10.30c.
Egypt, good Sakel, Liverpool
9.98d.
8.34d.
8.28d.
9.31d.
Broach, fine, Liverpool
5.87d.
6.06d.
5.11d.
5.50d.
Peruvian Tanguis, g'd fair, L'pool
7.88d.
C.P.Oomra No. 1 staple, s'fine.Liv
5.90d.
Little Rock..
11.51ft
380,000
41,000
60,000
18,000
75,000
1,844,000 1,710,000 2,313,000 1,866,000
..3,578,885 3,132,380 4,950,292 6,335,505
Total American..
Jones boro
11.71ft
11.65-11.70 11.53-11.63 11.49-11.72 11.54-11.72 11.72-11.84
11.66-11.83
11.70 —
11.62
11.52-11.53 11.72
11.74-11.75 11.79
_
...
Hope..
11.61ft
March—
366,000
55,000
63,000
34,000
79,000
107,000
169,000
157,000
814,000
...
Manchester stock
Bremen stock
Helena
11.64H.70 11.53-11.60 11.48-11.71 11.53-11.70 11.69-11.82
11.62-11.79
—
11.51
11.70
11.71 —
11.72
.
.
Closing
3,578,885 3.132,380 4,950,292 6,335,505
East Indian, Brazil, &c.—
Liverpool stock..
Montgomery.
Range-- 11.63-11.70 11.52-11.61 11.49-11.72 11.51-11.70 11.69-11.83
11.62-11.80
11.69 —
Closing
11.59
11.51-11.52 11.69-11.70 11.70
11.73-11.74
Jan.
256,000
194,000
343,000
365,000
39,000
31,000
45,000
64,000
140,000
126,000
116,000
76,000
107,000
98,000
712,000
855,000
152,000
214,000
133 000
345,000
1,365,688 1,207,120 2,486,306 3,366,797
.1,384,154 1,181.353 1,222,383 1,310,456
19,043
4,907
8,603
29,252
American afloat for Etirope
U. S. ports stock
U. S. interior stock...
Selma..'
11.51ft
■;
bales.
12.34ft
11.95-12.10
11.91ft
11.60ft
Dec.—
182,000
149,000
715,000
1,365,688 1,207,120
1,384,154 1,181,353
19,043
4,907
5,422,885 4,842,380 7,263,292 8,201,505
above, totals of American and other descriptions are as follows:
Of the
''
"
12.39-12.40
Range.. 11.67-11.73 11.54-11.63 11.48-11.73 11.51-11.70 11.67-11.80
11.60-11.78
11.72 •
Closing
11.61
11.51
11,69-11.70 11.69-11.70 11.70-11.71
Nov.—
169,000
157,000
814,000
923,000
1,716.000
88,000
345,000
101,000
272.000
364,000
1,088,000
881,000
2,486,306 3,366,797
1,222,383 1,310,456
8,603
29,252
Total visible supply-...-
Ala., Birmlng'm
12.01ft
Oct.—
21,000
10,000
453,000
ments
12.18ft
69,000
61,000
9,000
8,000
793 000
515,000
212,000
20,000
85 000
91,000
23,000
48 000
1,099,000
90,000
214,000
Week
12.24ft
Sept.—
72,000
108,000
93,565
follows:
July 1
12.40
979,000
463,000
207,000
539,000
_.
The
Wednesday
12.23
685,000
Total European stocks.
1,255,000
India cotton afloat for Europe—
107,000
American cotton afloat for Europe
152,000
July (1936)
Range.. 12.38-12.43 12.20-12.30 12.18-12.42 12.24-12.40 12.40-12.49
12.32-12.46
Closing
1933
881,000
98,000
646,000
186,000
94,000
22,000
716,000
203,000
150,000
11,000
73,000
79,000
11,000
12,000
94,000
1934
574,000
72,000
622,000
At
lowest
1935
week of
255
highest,
1936
Continental imports for past week have been
_
61,465
Monday
June 27
Total
255
New York for the past week have been
Saturday
Contr 'ct
Spot
Steady, 6 pts. adv_. Steady
;
Quiet, 10 pts. dec_-w Steady
Quiet, 6pts. dec
Barely steady.
Steady, 17 pts. adv. Very steady
Steady, 1 pt. adv... Steady
Quiet, 2 pts. dec.... Barely steady.
Total week.
Since
SALES
Market
Closed
_
_____
New York
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
11.40c.
1907
13.50c.
1906 .....10.80c.
12.45c, 1905 --_-.10.80c.
1913
Market and Sales
July 4, 1936
July 3—
Total American
New
at
...12.45c.
1934
■
Thurs.
12.50
Quotations for 32 Years
'quotations for middling upland
July 3 for
Wed.
Chronicle
about
offerings ap¬
Orleans
the
to
been 1 1/32-inch staple.
ican
The
New
bales of Brazilian cotton
800
have
market.
by mills and
current
estimated
was
during the week 49,458 bales and are to-night
202,801 bales more than at the same period last year.
The
receipts at all the towns have been 9,710 bales more than
the
same
week last year.
?
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
for the week and since
showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
Volume
Financial
143
-1934-35
1935-36
Week
Aug. 1
h
2,357
h
600
h
h
200
h
"48
h
4,010
3,000
h
3,009
4,240
h
Condition
Planted
State
Yield
Crop
h
Via Mounds, &c
Via Rock Island.
h
Via Louisville
Virginia points.
Per Cent
Aug. 1
Week
5,136
1,520
Via St. Louis.
Via
Since
Since
July 3—
Shipped—
137
Chronicle
57
74
244
30
North Carolina..
995
71
208
435
South Carolina..
1,451
2,280
68
199
604
182
868
Virginia
h
Georgia
68
77
138
28
335
80
280
200
Tennessee
817
75
206
352
2,432
2,432
1,366
12,228
2,767
2/438
69
177
880
78
203
1,190
78
207
590
78
144
3,680
76
153
885
78
195
994
New Mexico
h
97
Missouri
Via other routes, &c
113
90
351
Arizona
200
90
360
150
California..
275
92
414
238
25
80
200
10
74.9
174.7
Florida
13,866
h
10,254
h
1,010
h
h
9
212
h
234
h
Louisiana
.10,818
h
9,283
h
Texas
Alabama
Deduct
Shipments—
Overland to N. Y., Boston, &c_interior towns
Between
Mississippi
Oklahoma
Leaving total net overland *—
Arkansas
H
750
h
1,804
h
9,504
h
.12,062
12,062
Total to be deducted—
"^Including movement by rail to Canada,
h We withhold the totals
Aug. 1 so as to allow proper adjustment at end of crop year.
since
-1934-35-
-1935-36
over
Came into sight
Total in sight
h
89,938
*19,942
h
cotton
h
much of the eastern belt and while this is
h
as
h
the
in
h
69,996
h
27,828
h
H We withhold the totals since
h
Temperatures
crop.
h
23.886
weevil
the
the
are
Rain
Markets—
Austin.-.
Abilene.
cotton at
Brenham
Brownsville
Dallas
2 days
0.38
3 days
3.84
dry
1 day
0.10
5 days
5.14
-----
.
El Paso.
Closing Quotations for Middling Cotton on—
Henrietta-...---.
Kerrville.
Saturday Monday
12.25
12.49
12.58
12.23
12.40
12.55
12.41
12.46
12.36
12.54
12.30
12.20
12.35
12.32
12.21
12.11
12.82
12.71
12.61
12.50
12.40
12.35
12.14
12.04
12.15
12.05
12.55
12.39
12.55
12.29
Savannah
12.57
Norfolk
12.40
Montgomery..
Augusta
Memphis:
Houston.
12.24
12.54
12.56
12.40
San Antonio
12.30
12.30
Taylor
12.79
12.95
12.50
12.24
12.35
12.35
12.24
12.24
.
Paris
12.35
_
Palestine
12.30
12.79
<•
12.30
_
_
_
_
.
12.11
12.01
*2.19
12.19
12.20
11.81
11.71
11.89
11.88
11.89
Pine Bluff
2
2
2
Louisiana—Alexandria
Amite
'
1
New Orleans
leading contracts in the New Orleans cotton market for
Shreveport.
3
2
2
-
-
Mississippi^—Meridian
have been as follows:
Vicksburg
1
Alabama—Mobile
Saturday
Monday
Tuesday
June 27
June 29
Wednesday
June 30
July I
Birmingham
Montgomery
Friday
Thursday
July 2
.
July 3
_
_—_
12.24
12.30
Miami
123861241a 123861242a 12.41
..
11.46-11.47 11.65
11.56
11.66
11.65
11.67
Atlanta
November
11.63
11.56
11.46
11.65
Jan.(1937) 11.63
February
11.56
11.46.«
11.66
11.59
11.46
December.
11.65
April
May
Bid.
116961170a 11.65
11.66
11.71
115261153a 11.73
—
New
York
Steady.
Quiet.
Steady.
Barely stdy
Steady.
Quiet.
Steady.
Top
Closes Saturdays—
Exchange
change decided June 20 to close the exchange
on.
Top Ex¬
0.06 in.
0.22 in.
1 day
—
2 days
2 days
Newbern
2 days
_.3days
1 day
2 days
Two New Members of New York
.Weldon..
Wilmington
Tennessee—Memphis
Chattanooga
all Satur¬
days during July and August of this year.
a
2 days
Charlotte
Steady
Steady
The Board of Governors of the New York Wool
At
0.04 in.
—
Raleigh.
Wool
in.
1 day
North Carolina—Ashville—2 days
Steady.
Steady.
Steady.
..
in.
in.
in.
dry
dry
Conway-
11.77
Tone—
Spot
Options
m.
dry
South C arolina—Charleston .2 days
0.25 in.
Greenwood..
dry
Columbia
1 day
0.72 in.
11.74
11.73
-
—
-
Macon
11.69
_
March.... 11.65
in.
in.
in.
in.
in.
in.
in.
0.02 in.
3.19 in.
0.08 in.
Augusta..
11.64-11.65 11.70
Bid.
in.
in.
0.86 in.
0.02 in.
-
Tampa
Georgia—Savannah
September
October
in.
in.
1 day
6 days
-1 day
_ —
-
Pensacola
August
in.
in.
—3 days
1 day
Florida—Jacksonville
July (1936) 12.32
0.01
0.04
2.43
0.58
days
2.82
days
4.62
days
2.73
dry
day
0.04
days
1.88
days
0.34
days
1.56
day
0.04
1 day
Little Rock
11.92
11.71
11.89
11.89
11.88
11.81
the past week
in.
in.
4.25 in.
_
Weatherford..--.
11.92
for
in.
in.
4.06 in.
2.12 in.
5.26 in.
Oklahoma—Oklahoma City.l day
A rkansas—Eldorado
2 days
Fort Smith
2 days
12.22
Market—The closing quotations
in.
4 days
Dallas
New Orleans Contract
in.
-3 days
3 days
5 days
-
Little Rock
Fort Worth...
0.35
1.28
9.76
1.80
3 days
lday
___4days
..1 day
Lampasas..
Longview
Luling
Nacogdoches
12.25
12.55
12.25
12.70
.....
Friday
Wed'day Thursday
Tuesday
in.
0.91 in.
—5 days
Corpus Christi
Week Ended
Mobile
2 days
2 days-
Nashville
0.92 in.
0.40 in.
0.91 in.
2.20
1.52
0.68
3.26
0.94
2.78
in.
in.
in.
in.
in.
in.
87
high
high 100
high 94
high 100
high
90
high 94
88
high
96
high
94
high
high 100
high 102
high 90
high
94
high 102
high
98
high 92
high 94
96
high
94
high
94
high
high 100
high
98
high 103
high 102
high 100
high 100
high
96
high 101
high 94
high
high 98
94
high
96
high
high 100
high 100
high
96
high
90
high
90
high
94
high 100
high 102
high 104
high 102
high 99
high 103
high 104
high 102
high 98
high 100
high 105
high 102
high 104
high
98
high
97
high 102
high 100
Cotton Exchange—
meeting of the Board of Managers held July 2, Bernard
mean
mean
83
low 72
mean
low 66
mean
83
83
low 70
mean
80
low 74
mean
84
low 70
mean
72
mean
low 64
mean
low 66
mean
68
66
mean
79
84
79
84
85
75
78
86
84
80
82
81
81
low
68
68
mean
low 66
mean
low
low
mean
low 62
mean
low 70
mean
low 70
mean
68
70
mean
low
low
low
mean
mean
80
low 68
mean
66
7l
mean
low 68
mean
76
low
mean
84
82
87
85
85
low 70
mean
85
low 70
mean
62
mean
low 76
mean
68
mean
mean
83
82
85
84
83
83
84
85
84
80
80
75
82
83
85
84
83
low 66
mean
83
low 66
mean
85
72
mean
68
low 57
mean
80
low 64
mean
81
66
66
mean
83
mean
low
low
low
low
low
low 68
mean
mean
low 72
mean
low 72
mean
low 70
mean
low 68
mean
64
mean
low
low 70
mean
low 60
mean
low
low
low
low
low
low
low
70
66
68
64
64
mean
mean
mean
mean
low 64
mean
83
83
low 63
mean
84
low
low 62
mean
80
low 70
mean
low 68
m^an
63
85
low 68
-mean
84
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
July 3, 1936
July 5, 1935
Feet
Feet
*
■
New Orleans.
Louis
Dreyfus & Cie., Paris, France,
membership
Wilson
also
a
Louis
in
does
a
were
elected to
the New York Cotton Exchange.,
Mr.
commodity commission business, and is
member of the New York Coffee &
Dreyfus & Cie.
are
Sugar Exchange.
grain and cotton merchants.
E. J. Schwabach & Co. Estimate of 1936 Cotton
—E. J. Schwabach & Co. on
to cotton at
area
estimated
a
July 1 estimated the
season.
A month
ago
the
16% increase in the acreage.
operation of farmers in the soil conservation
given
as
the
area
30,681,000 acres, an increase of 10%
planted last
reason
stands from first
Crop
planted
zero
of gauge-
1.5
17.2
Memphis
Above
zero
of
.Above
zero
of gauge-
5.6
9.7
4.7
4.1
29.8
16.0
Nashville
over
—
Dallas
Increased
program
co¬
for the lower figure, along with irregular
plantings.
Although our reports make such allowances as are necessary by studies
of dry years, this year there are chances Of error on the low side because
of conditions which we have found to be true in many sections: (1) Farmers
planted cotton rows closer.
(2) Larger amounts of fertilizers have
used on smaller spaces.
(3) Cultivation is much more intensive.
Nevertheless, the prospects are not now for a bumper crop, and there are
yet many things to be desired before a larger crop indication is likely."
have
been
Acreage planted this season, July 1 condition, indicated
yield per acre and indicated crop in bales, 000 omitted, as
24.2
44.7
Cotton
Exchange Weekly Crop Report—The
Exchange each week publishes a compre¬
hensive report covering cotton crop conditions in Texas,
Cotton
Oklahoma and Arkansas.
The current week's report,dated
June 29, is as follows:
the
was
gauge-
Above zero of gaugeAbove zero of gauge-
Shreveport
Vicksburg..
TEXAS
West Texas
same concern
is estimated at 11,217,000 bales, compared with
10,638,000 bales produced last year. July 1 condition was
placed at 74.9% of normal, against a 10-year average of 76%.
The yield per acre was estimated at 174.7 pounds.
A dry
condition is reported general. The report in part follows:
Above
Dallas
The crop
estimated follow:
80
low 72
low 66
The
Louden Wilson of New York City and Pierre Louis-Dreyfus
of
in
—Thermometer
Rainfall
1.99
3 days
0.36
--2 days
3 days
4.92
dry
4 days
4.96
2 days
0.14
—"
Del Rio..
....
high
highly favorable
Rains in the western belt were most welcome
Texas—Galveston—
principal cotton markets for each day
,
Galveston.
New Orleans..
abnormally
except in spots where they were too heavy.
*
quotations for middling
closing
of the week:
July 3
remain
it is not making for good growth of
deterrent,
plant.
Aug. 1 so as to allow for
Quotations for Middling Cotton at Other
Southern and other
belt, July will bring deterioriation to the
eastern
Amarillo
Below
us
graph this evening indicate that unless rain soon falls generally
h
h
adjustment at the end of the crop yar
proper
by tele¬
h
73,298
during week
July 3— ------
Decrease.
11,217
»
.
*
750
80,000
h
113,756
*40,458
mill
Southern
of
Telegraph—Reports to
Weither Reports by
9,188
h
h
takings
consumption to June 1
Excess
30,681
Aug. 1
h
h
21,952
1,804
90,000
Interior stocks in excess
Week
Aug. 1
Week
United States
Since
Since
and Spinners'
Takings
Receipts at ports to July 3_ —
Net overland to July 3
---•
Southern consumption to July 3-.
In Sight
Others
83
Abilene (Taylor Co.)-—The weather has not been so hot
the Dast week Temperatures have ranged between 90 degrees and 100 degrees
Cotton is
doing nicely and making a good tap root, and blooms are creneral
Feed is needing rain but cotton will not suffer for two or three
weeks
The
dry hot weather is keeping the insects down and good rains after middle of-
still
July will assure a good crop.
Big Spring (Howard Co.)—Another week of excessively high
temperatures
emphasized the lack of moisture in increasingly large areas in our
has
vicinity and while some of the
to die in spots
week
or
and unless
a
crop has made excellent progress, it has begun
good general rain is received within the next
10 days serious damage is bound to
occur.
Floydada (Floyd Co.)
We are still needing a general rain in this
territory
badly.
In some sections the cotton came up to good stands and died
If
the hot dry weather continues, without rain this
week, cotton will continue
to die.
In
some
Shamrock
sections the cotton is
holding up fine.
(Wheeler Co.)—-It has been dry and
extremely hot this week.
with average maximum daily temperature 96
degrees and average minimum
70 degrees.
Territory needs general rain.
Web worms and grasshoppers
have done much damage past 10
days.
Considerable crop which was
destroyed by worms and hoppers has been replanted this week, which is
mighty late for cotton planting.
Conditions are very unfavorable
Stamford (Jones Co.)-—The weather is very dry and hot.
Rain is badly
needed, however, the plant is growing and looks
healthy.
Sweetwater (Nolan Co.)—Cotton crop is
holding up very well in spite of
this hot weather.
A few places are
needing.rain, however, the entire
territory would welcome a general rain.
138
Financial
Chronicle
July 4,' 1936
North Texas
Clarksville
(Red River Co.)—Weather favorable to cotton this week.
growing nicely ana fruiting well with lots of blooms.
Fields are
clean.
A good rain would be beneficial.
No insect
complaints.
Dallas (Dallas Co.)—Excessive hot weather has slowed growth of the
plant, but has kept insect damage to a minimum.
Crops clean, about twothirds squaring, some blooming.
Need general rain to develop sufficient
Plants
are
well cultivated and
stalk to make average crop.
Garland (Dallas Co.)—Crop
in this section is
progressing
fields
nicely.
All
are clean and the plant is growing and
fruiting well. No insects are
reported as yet.
A rain would be beneficial.
Greenville (Hunt Co.)—Conditions continue favorable, and outlook is
very bright for cotton at present.
Weather hot and dry with cool nights.
Plants growing nicely.
All fields clean with uniform stand.
Some farmers
would prefer a rain for cotton,
cause.
but all admit it is not suffering from
any
_
Honey Grove (Fannin Co.)—Weather hot and dry.
Cotton making fine
progress.
Plant 15 to 20 inches tall and fruiting well.
We will be needing
rain in a short time.
No report of insects so far.
Fields now all in good
stage of cultivation.
Paris (Lamar Co.)—Cotton
still growing and fruiting, full of blooms,
Thin land is suffering from lack of moisture, but
heavy lana
plenty.
Fields are clean and well cultivated, weather has been
cooler since Tuesday.
Crops are looking good, no insects.
Sulphur Springs (Hopkins Co.)—Cotton in this territory beginning to
need rain.
Soil now very dry.
Extreme hot weather first of week has
stopped insect complaints.
imTerrell (Kaufman Co.)—Crop is standing the hot dry weather surprisingly
well.
The old cotton does not seem to be hurt at all yet, but the
young
cotton is showing signs of suffering some.
However, it is not damaged
some
still
frood threegrowinglate. Crop in all the southwestern part of the State
fast.
east and
weeks
at
Also, Report for Comanche and Cotton Counties—The writer was in parts of
Comanche and Cotton Counties the past week and the cotton looks
good.
Their crop looks to be at least two weeks earlier than Tillman
County, and
insects as yet reported.
good rains the past week.
no
Noticed
few
some
blooms.
They also had
Hugo (Choctaw Co.)—Satisfactory progress past week.
Moisture to date
is ample, but
good general rain would be welcome.
Had one rain this week,
but there was not enough.
Squares and blooms are plentiful.
No insects,
and fields in good shape.
Mangum (Greer Co.)—About 10% of acreage has been destroyed due to
young cotton dying on account of the drought and the grasshoppers.
the
The condition at present isn't good.
Waurika
(Jefferson Co.)—Weather conditions past week mostly clear
although nights have been very cool for this season of the year and
a whole has been favorable.
Crop continues to make excellent
progress, cultivation is good, very little, grass or weeds in fields.
No
insects reported as yet.
Stands are good and plants healthy looking and
from 12 to 14 inches high.
Fields are starting to show effects of tie extreme
heat and a good heavy shower would prove very beneficial.
Increase in
acreage between 15% and 20%.
and hot
taken
as
bolls.
ARKANSAS
has
Ashdown (Little River Co.)—No rain this week, getting very
dry and plant
making slow growth but squaring and blooming fairly well.
Temperature
not as high as previous week.
Blytheville (Mississippi Co.)—Weather past two week mostly favorable.
Light scattered showers fell over most of territory last week but a good
heavy rain would be oeneficial.
No top soil moisture and sub-soil moisture
at
about 6
or
7 inches.
Plant has excellent tap root of 6 inches
or
more,
and will not be for a week or two.
Some farmers would like to have a
good
rain now, while some of the hot weather farmers do not want it
yet.
The
old cotton is full of squares, and is looking fine.
There are some
fruiting
boll weevils, however, no damage has been done and this condition is not
Jonesboro (Craighead Co.)—Weather has been
extremely hot.
There
has not been enough rain to be beneficial.
Crop still has excellent chance of
signs of
serious.
Wills Point (Van Zandt Co.)—Weather continues hot and dry.
Cotton is
up remarkably well.
A good part of our crop is late and the plant
small, and rain is needed for this cotton to make an average stalk.
holding
is
Prospects would be very good if
rain within the next two weeks
we
our
could get a three inch rain, but without
will be cut short again.
crop
Central Teixas
Cameron
\
(Milam
Co.)—-Another week of hot dry weather, which was
favorable.
About 90% chopped.
A good rain on all replanted cotton would
oe beneficial, however, we do not want too much.
Cleburne (Johnson Co.)—Weather past week was dry and hot, cotton
making good progress.
Fields are clean and cultivation is good.
The
moisture is ample at this time.
Crop is probably three weeks late in this
area.
Small damage from insects reported.
Ennis (Ellis Co.)—The cotton crop this section is looking
exceedingly
well, except that the stalk is a little small, but is full of squares with quite a
few blooms and a few small bolls in the early cotton.
The fields are all
cleaned and in good cultivation with no insects to speak of so far, but a
good rain the coming week would help.
The crop is about 10 days to two
W00ks
Glen Rose (Somervell Co.)—Crops
chopped to
a
about
as
same
needing rain badly.
stand and growing fine.
last year.
Cotton about 50%
Some weevil and fleas.
Acreage
Lagrange (Fayette Co.)—Weather past week was hot and dry, just what
needed, as cotton did not start fruiting until this week due to the
insects.
Crop will be about three weeks late.
Will have about a
has
satisfactorily,
blooms
with
some
color
good,
bolls.
No
among producers there will be a
big
cultivation perfect and about 50%
complaint of insects.
General feeling
crop.
«
making normal yield provided a little rain comes along when needed.
Marianna (Lee Co.)—Light rains here last Monday helped
some, but have
had no soaking rain here for almost two months, and while old cotton is
still holding up fairly well, young cotton, corn and
hay crops are suffering.
We need a soaking rain.
Stands are good, fields are clean, labor plentiful,
no insects.^ Oldest cotton about knee high and
beginning to bloom.
Pine Bluff
(Jefferson Co.)—The drought continues, the temperature is
much lower, 63 degrees at night and 75 degrees to 90
degrees during the
day.
A few local showers have fallen in this territory and cotton looks
well where the showers have fallen, but the
majority of the cotton crop is
standing still.
We need a general rain.
/
Searcy (White Co.)—Weather dry and hot, ideal for growing cotton.
Good rain over practically all my territory this week.
Fields are clean
and plant is healthy.
Plenty of squares and some blooms reported, which
is a week to 10 days early for this section.
No insects reported.
.
Receipts from the
Plantations—The
following table
indicates the actual movement each week
froir^ 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.
we
10%
increase in acreage.
Mexia (Limestone
Week
1936
27..
3..
1936
Receipts from Plantations
1934
1936
1935
1934
48,797
24,491
64,579 1,944,895 1,535.485 1.662,788
22,525
39
39,702
35,770
35,607
25,927
Nil
Nil
4,617
34,922
34,771
21,261
22..
20,044
39,157
40,509
45,482
15,791
21,595
21,061
18,627
75,2351,779,076
46,544 1,732,379
51,676 1,693,071
34,486 1,651,649
29..
52,470
21,846
47,072
18,907
10—
17—
25,529
15,829
6,763
25,687
32,699
Nil
Nil
39.301
15.333
Nil
38,413
Nil
Nil
May
1—
8-
15—
1,396,198
1,370,838
1,345,933
1,328,412
33,148 1.594,234 1,301,899
1,467,685
1,436,369
Nil
1,404,254
1,378,269
1,201
Nil
36,803
15,228
19,561
4,060
1,106
8,501
1,351,401
Nil
Nil
6,280
7,151
Nil
Nil
Nil
Nil
Nil
Nil
6,431
25,524
Nil
June
5„
12..
32,597
14,317
19—
39,972
13,466
34,989 1,554,313 1,269,564 1,312,579
34,833 1,517,933 1,244,820 1,284,177
47,623 1,465,362 1,218,931 1,262,078
26—
21,698
8,706
59,0541,424,612 1,201,295 1,236,729
Nil
Nil
33,705
21,952
9,188
50,1991,384,154 1,181,353 1,222,383
Nil
Nil
35,853
July
3..
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,998,758
bales;
in 1934-35 were 4,140,563 bales and in 1933-34 were
7,227,683
bales.
(2) That, although the receipts at the outports the
past week were 21,952 bales, the actual movement from
plantations was nil bales, stock at interior towns having
increased 40,458 bales during the week, *
cotton some.
.....
-
Timpson (Shelby Co.)—Excessive heat of
leaves
insects have been reported.
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
South Texas
Corpus Christi (Nueces Co.)—Past week has been iaeal
Towns
1935
68.2551,902,472 1,492,794 1,620,120
70.948 1,871,482 1,474,028 1,581,871
74,294 1,833,913 1,451,845 1,546,878
79,174 1,814,475 1,423,178 1,506,117
24..
Hot winds doing some damage.
About 75% of crop is
squaring and 20% blooming.
Fields are very clean, in general.
San
Augustine (San Augustine Co.)—San Augustine County's crop
progressing fairly well.
About 30 days since we have had a rain and the
plant is rather small for this time of year.
If we can get a rain within next
county will make above the average crop.
"•
--- -past two weeks and drought
opening for some good business for the weather man.
However,
cotton is doing exceptionally well.
Tyler (Smith Co.)—Cotton crop badly in need of rain.
Growth has
stopped in some sections due to extreme heat, but no great amount of
damage will be done in the event we get rain next week.
To date no
Stocks at Interior
1934
Apr.
Soil still too dry..
two weeks this
1935
Mar.
East Texas
Longview (Gregg Co.)—Scattered showers past week helped
Receipts at Ports
Ended
s
Co.)—Cotton in this section is looking fine.
All has
been chopped and plowed.
Quite a lot of the older cotton is blooming, and
very few insects can be found.
Conditions bid fair to make a better than
average crop.
More acreage has been planted than last season, but about
35% of the cotton is young, or late planting.
laylor {Williamson Ho.)—Our crop continues to do all that would be
possible.
Plants have good color.
Fruiting nicely and holding it all.
Very little insect damage so far.
Looks very promising.
Temple (Bell Co.)—Past week was favorable for cotton, except for one
day of excessive heat and hot winds.
Good rain would be beneficial for
young cotton, and wnile not suffering at this time, I believe would help
all cotton.
Late cotton came up poorly, and lots of farmers signea reduction
contracts after getting in grass caused by too much rain about a month
ago.
I believe Bell County has an increased acreage of about
10% to 12%.
Cotton is small and on an average about 15 days late, but we have fewer
insects than a year ago, and cotton is squaring well.
We had good shower
over 10% of the county this week.
Waxahachie (Ellis Co.)—Weather has been not and dry for a week,
some days and nights have been
extremely hot, all of which is considered
favorable to the crop and excellent progress has been made.
95% of the
cotton is chopped and the fields have been cleaned out
satisfactorily.
Squaring is general on the older cotton and some blooms are seen. ' The
stand is fair and the plants are healthy.
No insects have been reported as
yet.
It is still our idea that the acreage has been increasea about 20% over
that of last season.
We need a good general rain next week.
and cotton made
from which statistics
amounts
or
gone
out
of
...
much
good progress.
Fields are clean and cotton fruiting well.
A few
light scattered showers during past week until this morning (27th) when
this section was visited by heavy winds and rain.
In the opinion of the
writer, if it quits now, and
fit has at present, then this rain will prove
beneficial, as rain was needed.
Many farmers have poisoned for weevil,
which will have to be done
over
since the rain.
Seguin (Guadalupe Co.)—Crop made fair progress past week, some cotton
fruiting fairly well now. Farmers busy poisoning for weevil.~ Fleas seem"
to have let up.
be
3:00 p. m., June 27th, started raining.
If it continues, will
detrimental.
OKLAHOMA
Anadarko (Caddo Co.)—There was a light rain over a
portion of the terri¬
tory the first of the week followed by cool days and nights, which was
beneficial.
Some destructive hail, but was confined to small area.
Grass¬
hoppers
are
getting serious in some localities.
Most of damage so far has
If hot dry weather continues for some time they will
been to feed crops.
fo to cotton for green all cotton chopped crop plowed. Prospects are very
"ields
clean with
feed. The cotton and as a whole is above normal,
are
encouraging at present.
We need a general rain.
Chickasha (Gray Co.)—Past seven days
extremely warm, however, nights
considered cool for this season of year.
Light showers of rain over part of
our immediate
territory. Not enough territory covered to be of any great
amount of nelp to spring crops.
Gardens ana feed crop wilting badly
under intense heat.
Cotton in our territory
apparently growing and
fruiting nicely.
I am advised by local cotton men our cotton will hold up
week or 10 days yet without moisture.
No insects reported.
I consider
condition of this territory still very promising.
Very little or no grass.
Chopping and cultivation ahead of an average year.
Elk City (Beckham Co.)—The early planting, or about
50% of our cotton
looks good.
The ot.ier half which was planted late does not look so promis¬
ing due to dry hot weather the last 10 days. A good rain would be beneficial
to all crops.
Cultivation is good, no insects except a few grasshoppers in
pastures.
These have done no damage so far to row crops.
Frederick
(Tillman Co.)—Weather conditions past week have been
very
favorable.
Precipitation in the greater part of the county ranged from
.40 inch to
one
and
a
half inches.
,
1935-36
1934-35
Week
Visible supply June 26
Visible supply since Aug. 1
American in sight to July 3
Season
5,606,954
h
Total supply
Week
Season
4,998,489
h
69,996
18,000
16,000
h
h
h
__
73", 298
Bombay receipts to July 2—Other India shipm'ts to July 2
Alexandria receipts to July 1.
Other supply to July 1
h
h
h
52,000
18,000
h
h
To~66o
~
7~66o
h
h
h
5,760,252
h
5,109,485
h
h
4,842,380
h
337,367
199,367
138,000
...
...
h
5,422,885
*
Deduct
Visible supply July 3_
h
267,105
191,105
76,000
h
h
h
Total takings to July 3
Of which American
Of which other
h
h
*
Embraces receipts in Europe from Brazil, Smyrna, West
Indies,
h We withhold the totals since
Aug. 1 so as to allow
proper
at end of crop year,
&c.
adjustments
b Estimated.
India Cotton Movement from All Ports—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
of India cotton at
for three years,
have been
as
follows:
1935-36
July 2
Receipts—
Hail storm in the northwestern
part of
county knocked out about 1,000 acres, all of which has been replanted.
All fields are in a very good state of cultivation and the
plant is looking
Cotton Takings,
Week and Season
Week
Bombay
1934-35
Aug. 1
52,000 2,931,000
1933-34
Since
Since
Week
Aug. 1
18,000 2,469,000
Since
Week
Aug. 1
43,000 2,325,000
Volume
143
Financial
Chronicle
139
Bales
For the Week
NEW
Since August 1
Exports
From—
Great
Conti¬
Jap'n&
Britain
k'
nent
China
Total
40,000
18,000
60,000
43,000
112,000
23,000!
64,000
Great
Conti¬
Britain
nent
&\
Japan
China
Total
Bombay—
1935-36-
3,COO
1934-35-
5,000
1933-34-
2,000
388,000 1,295,000 1,795,000
329,000 1,262,000 1,655,000
322,000
972,000 1,359,000
62,000
65,000
4,000
4,000
364,000
266,000
265,000
591,000
1,000
18,000
16,000
476,000
330,000
979,000 1,295,000 2,750,000
892,000 1,262,000 2,484,000
937,000
972,000 2,239,000
Other India1935-36-
5,000
1934-35-
15,000
13,000
1933-34-
955,000
829,000
880,000
563,000
615,000
>
Total all—
1935-36—
5,000
15,000
16,000
6,000
40,000
6,000
1934-35-
60,000
1933-34-
18,000
6l,00o'
39,000
66,000
330,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
34,000 bales. Exports from all India ports record an increase
of 22,000 bales during the week, and since
Aug. 1 show an
increase of 266,000 bales.
Alexandria
Receipts and Shipments—We now re¬
ceive 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:
ORLEANS—To
Liverpool—June 27—Darkaian, 2,642
July 1—Lachramza, 11,298
To Antwerp—June 29—Louisiana, 200---.
To Manchester—June 27—Darkaian, 3,576
To Havre—June
29—Louisiana,
1,930—.July
1—Nemaha,
2,072; Liberator, 500
To Venice—June 29—Marie, 1,250
To Dunkirk—June 29— Louisiana,
1,476
To Trieste—June 29—Marie, 747
To Ghent—July 1—Nemaha, 250
To Japan—June 29—Hoegh Merchant, 679
j—
To Rotterdam—July 1—Nemaha, 50
To Gdynia—June 25—Ragnhildsholm, 300
To Gothenburg—June 25—Ragnhildsholm,
783
CHARLESTON—To Liverpool—June 30—Schoharie, 384
To Manchester—June 30— Schoharie, 1,354
PENSACOLA, &c.—To Liverpool—June 29-—Hastings, 12
To Manchester—June 29—Hastings, 197
To Havre—June 29—Kenowis, 14
To Bremen—June 29—Gateway City, 6
—a—
GULPPORT—To Japan—June 23—Eglantine, 1,130
13,940
200
3,576
4,502
1,250
1,476
747
250
679
50
300
783
384
1,354
12
197
-
14
6
—
1,130
Total....
70,930
Cotton
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
York, as
follows, quotations being in cents
High
Density
Liverpool
Stand¬
ard
pound:
per
Stand¬
High
High
ard
Density
Stand-
Density
ard
.30c,
.45c.
Trieste
.50c.
.65c,
Piraeus
.85c.
1.00
Manchester.30c.
.45c.
Flume
.30c.
.45c.
Salonica
.85c.
1.00
1934-35
*
*
Copenhag'n.42o.
.57c.
Shanghai
*
*
Naples
.40c.
.55c.
.45c.
.60c.
Bombay
.55C
.46c.
.61c.
Leghorn
Gothenb'g
,40c.
Oslo
.42c
.570
,42c.
.57c.
Antwerp
.30c.
Havre
•Rate is open.
Receipts (cantars)—
This week
Nil
Nil
6,000
8,207,101
Since Aug. 1
7,355,963
8,426,160
This
Exports (Bales)—
To
.65c.
Japan
.45c.
Genoa
1933-34
.50o.
.42c.
Stockholm
1935-36
Barcelona
,27c.
Rotterdam .30c,
Alexandria, Egypt,
July 1
.45c.
*
Since
Week
Aug.
This
Since
Week
1
Aug.
This
Week
1
To Manchester
7~66O
To Continent & India
To America
Bremen
.30c.
.45c.
Hamburg
.32c.
.47c.
Only small lots
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
June 12
1
Total exports
198,604
156,970
653,403
36,524
129,238
148,452
707,779
38,070
253,640
6",660 184,140
8,000 646,324
70,055
12,000 1023539
14,000 1154159
12",666
Of which American
Total imports
Of which American.-,
Amount afloat
Of which American
7,000 1045501
Egyptian bales weigh about 750 lbs.
July 1 were
and the foreign shipments 7,000 bales.
statement
shows
that the receipts for the week ended
June 19
June 26
59,000
618,000
259,000
74,000
36,000
182,000
70,000
Forwarded
58,000
606,000
256,000
44,000
20,000
52,000
605,000
247,000
July 3
65,000
622,000
256,000
69.000
64.000
19,000
192,000
52,000
194,000
66,000
30,000
189,000
62,000
The tone of
Note.—A cantar is 99 lbs.
nil cantars
.65c.
Since
Aug.
Venice
.50c.
z
Total stocks
Liverpool
This
x
*
the Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
as
follows:
Manchester
Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is firm.
Demand for home trade is
improving.
We
give prices today below and leave those for previous weeks
of this and last year for
comparison:
Spot
Saturday
1935
d.
8A Lbs. Shirt¬
Cotton
Middl'g
32s Cop
ings, Common
Middl'g
to Finest
XJpl'ds
Twist
to Finest
Upl'ds
d.
s.
s.
d.
27
9H@11^
9
d.
2
@94
6.44
s.
d.
s.
d.
d.
9J*@llMi
9
0
@92
6.36
9
0
3
9K#11X
9
1
@93
6.50
9X
UH
9
1
17
VX&UH
9K@11 H
9
24
business
business
Good
business
Moderate
demand.
doing.
doing.
demand.
doing.
demand
7.21d.
Market,
7.16d.
Steady,
advance.
7.18d.
Steady,
decline.
Steady,
Stdy. 2 to 3
4 pts. 7 to 9 pts. 8 to Nil pts:
pts. ad¬
pts. 4 to 6
pts. 3 to
decline.
advance.
stdy.
7.28d.
vance
ijtdy.,
Quiet but
Very stdy.,
Very
Quiet,
Stdy. 5 to
1 to 3 pts. steady, 5 to 9 to 10 pts. 6 to 9 pts. 10 to 13 pts 7
pts. de¬
decline.
7 pts. dec.
advance.
decline.
advance.
cline
P. M.
Prices of futures at
@93
0
@92
@92
1
@93
6.58
9
0
@92
6.63
@93
6.62
10H@11H
9
0
@92
6.78
July 3
@93
Liverpool for each day
are
given below:
to
.1
9X@UH
9
9AGUH
9}*@11 *
9^011 X
9
1
@93
9
6.46
9
1
@93
6.56
9
1
@93
9^@11H
9
1
@93
mmiH
97A@11X
9
6.65
0
9
10H@11H
9
1
6.46
Sat.
June 27
Mon.
Tues.
Wed.
Thurs.
FrI.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
29
June—
ioH@im
9
9 0
@92
6.88
July (1936)
6.67
6.60
6.60
6.66
6.70
6.66
6.64
6.78
6.77
6.73
6.72
9
0
@92
6.90
October
6.29
6.22
6.22
6.27
6.32
6.27
6.24
6.38
6.37
6.32
6.32
6.57
10H@H H
IOH@IIH
9
0
@92
7.01
December.
6.18
6.64
10
9
0
@92
6.92
January (1937)-.
6.18
6.11
6.11
6.16
6.21
6.15
6.12
6.26
6.25
6.19
6.19
March
22
6.17
6.10
6.10
6.15
6.20
6.15
6.12
6.25
6.24
6.18
6.18
6.83
May
6.16
6.09
6.10
6.15
6.19
6.14
6.11
6.24
6.23
6.16
6.17
@UH
0
@92
6.81
«
5
12
19
1
Very
7.19d.
Steady,
decline.
9«@11
10
@11H
10
@11 x
8
1
3 to 4
■
6 57
1
15
<N O
7.13d.
Quiet,
opened
May—
.
Friday
A fair
6.35
April—
10
Thursday
Moderate
4
d.
Mar.—
Wednesday
12:15
Market
Cotton
ings, Common
A lair
P. M.
Futures.
8H Lbs. Shirt¬
32i Cop
Twist
Tuesday
A fair
Mid.Upl'ds
1936
Monday
Market,
@92
6.68
1
@93
6.82
1
@93
@93
@97
7.18
9 1
1
1
New Contract
d.
d.
d.
d.
d.
6.12
97A@UA
97A@nyt
8
8 6
@90
6.76
July
6.13
6.06
7.00
9J4@11H
8
@90
6.79
October
5.91
5.86
7.18
97A@nX
8 6
@90
6.85
@90
*.
-
-
d.
d.
-
6.13
-
d.
-
d.
6.25
d.
6.19
December
8
6.22
d.
6,94
6
6
@90
_
_
_
6.16
_
-
5.95
--
-
_
6.08
5.87
6.19
...
6.13
5.97
5.90
July—
3
10H@ll H
9
4
10
@lix
6
BREADSTUFFS
Shipping News—Shipments in detail:
.
„
GALVESTON—To
Bremen—-June
*--~-
30—Schwanheim,
June 27—City of Joliet, 292
To Hamburg—June 30—Schwanheim,
Joliet, 200
To Venice—June 29—Syros, 288
Bales
1,882
2,174
-
69
June 27—City of
269
288
To Trieste-*June 29—Syros, 1,101
To Barcelona—June 29—Syros, 509
1,101
To Japan—June
To China—June
1,928
509
30—Eglantine, 1,928
30—Eglantine, 149
To Ghent—June 27—Louisiane, 40;
Nemaha, 62; Burgerdijk,
430
To Havre—June 27—Louisiane, 1,604;
Nemaha, 190
To Rotterdam—June 27—Burgerdijk, 668
To Dunkirk—June 27—Louisiane, 305
668
200
2,254
2,423
Queen, 2,423
340
26—Ivar, 100--'-_
To Gothenburg—June 25—Toronto, 525—June
26—Ivar, 181
HOUSTON'—To Liverpool—June 30—Western Queen, 2,408
To Manchester—June 30—Western Queen,
2,456
To Genoa—June 30—Syros, 206
To Trieste—June 30—SyroS, 323
To Venice—June 30—Syros, 80
To Barcelona—June 30—Syros, 641—.June 26—Mar
Caribe,
1,743
—
To Bremen—June 26—Schwanheim,
453; City of Joliet, 364
To
Hamburg—June 26—Schwanheim, 331
27—Eglantine, 1,148
Venice—July 2—Maria, 1,016
Manila—June 27—Eglantine, 50
Trieste—July 2—Maria, 251
China—June 27—Eglantine, 151
Antwerp—June 25—Bergerdijk, 21—
To Japan—June
To
To
To
To
To
To Ghent—June
25—Bergerdijk,
To Rotterdam—June
946
706
2,408
2,456
206
323
80
2,384
817
331
1,148
1,016
50
251
151
21
20
25—Burgerdijk, 816
To Lisbon—June
26—City of Joliet, 241To Oporto—June
26—City of Joliet, 102.
To Leixoes—June 26—City of Joliet, 217
Passages—June 26—City of Joliet, 95
MOBILE'—To Liverpool—June
11—Magician, 945
To Manchester—June
11—Magician, 1,051
20
816
241
102
217
—
95
,
945
1,051
To Genoa—June 26—Nicolo
Odero, 696.
SAVANNAH—To Gdynia—July 1—Toronto, 800
To Liverpool—June
26—Sundance, 1,704—June
harie, 556
j__
To Hamburg—June
26—Sundance, 241
To Manchester—June
27—Schoharie, 4,368
532
1,794
305
•_
To Porto Colombia—June 29—Ruth Lykes, 200
To Liverpool—June 26—Western
Queen, 2,254
To Manchester—June 26—Western
To Copenhagen—June 25—Toronto, 340
To Gdynia—June 25—Toronto, 846—June
149
696
800
27—Scho¬
2,260
wheat markets, flour prices were conservatively raised 15c.
Sales demand
more.
trade
in
cereal
was
not
particularly active,
products was not
scale flour business is
reported
as
unusually
brisk.
and
the
Large
quiet.
Wheat—On the 27th ulto. prices closed M to %c. lower.
The bullish weather and crop reports appeared to be more
than offset as an influence by the heavy marketings of new
winter wheat and
hedging pressure.
The day's best wheat
prices were scored at the start when buying was influenced
by strong Winnipeg and Minneapolis markets.
The under¬
lying influence appeared to be the failure of overnight rains
to prove heavy enough to relieve droughty conditions.
The
failure of the Kansas City winter wheat market to respond to
these bullish reports acted as a wet
market.
Later Kansas City broke
blanket
a
on the Chicago
full cent, which re¬
sulted in increased offering in the
Chicago pit. New mar¬
increasing sharply.
Better than
1-600 cars were received by leading Southwestern terminals,
against approximately 400 cars a week ago.
On the 29th
ulto. prices closed
% to l%c. higher.
The factor held
largely-responsible for the firmness of wheat during this
session was the general expectation that the month-end crop
estimates to be published Friday, will be more bullish than
had been anticipated.
An improved milling demand for
wheat was reported, but receipts were large and prices for
spots were easier.
Weather reports showed no appreciable
change in the way of relief for the drought stricken areas.
The wheat crop in Canada, however, continues to progress
favorably.
On the 30th ulto. prices closed 1 to l%c. down.
Although weather and crop reports especially in the spring
ketings of the spot grain
wheat
area
241
4,368
Friday Night July 3- 1936
the' pronounced
strength
in
>
Flour—Notwithstanding
appear
are
in the Northwest
to be
more
continue bullish—these reports
than offset by the ever-present .threat
Financial
140
supplies of wheat and the promising
The weakness in Winnipeg
had a decidedly bearish influence on the Chicago market
and appeared to discourage whatever support was getting
under way.
Severe losses from drought in the Northwest
are now being definitely reported.
The disappointing world
demand for wheat is causing Dominion prices to sag this
heaviness of Canadian markets in turn depressing domestic
markets.
Within a short time now the Chicago market
will be receiving new crop wheat from the surrounding coun¬
try, and this is a factor playing its part in the attitude of
traders.
Mill demand for spot wheat has subsided, and
prices eased a bit.
On the 1st inst. prices closed 3 to 3^c.
higher.
The chief factor in the sharp upswing of prices at
this session was the disturbing report from the Canadian
West, stating that rapid deterioration has set in as a result
of inadequate moisture in substantial areas of the grain
belt.
Added to these reports were news items indicating
that the forthcoming private and official estimates on the
domestic spring wheat crop will soon show sharp reductions
for June.
All this had a highly stimulating effect on prices
in the Chicago pit.
There was active buying of wheat,
credited to JEastern interests and other outside operators.
The Minneapolis market closed 3% to 3%c. higher, with
Kansas City up 3 24 to 3 34c.
This was in the face of a con¬
tinued heavy movement of new winter wheat to terminals
of the Canadian surplus
Canadian
outlook for
Southwest.
in the
On
crops.
the
inst.
2nd
prices closed-5c. higher, the full limit
permitted for one day.
Drought damage was the chief fac¬
tor in this soaring of prices.
This was the first return of
dollar
last
since
wheat
since May, 1935,
Not
April.
has
September wheat sold above that price, while De¬
cember broke through for the first time since August, .1934.
July
or
Cash
advanced
prices
first of
The
the
bushels against the June forecast of 232,000,000
bushels, and winter wheat at 521,000,000 bushels, a total
000,000
bushels.
Official estimates will be issued
July 10, and in the case of spring wheat, the initial pro¬
of
653,000,000
estimate
duction
will be given.
Respond¬
ing to late jumps of nearly 5c. a bushel in Winnipeg quota¬
tions, Chicago wheat prices rallied more than 3%c. today
from preceding setbacks.
However, the improvement failed
to hold.
The Canadian wheat fields are now feeling the
effects of drought, and the situation there is becoming in¬
creasingly serious.
Anxiety was also manifested concern¬
ing Canadian forecasts pointing to hot weather perils.
55,993,000 bushels.
Open
interest in wheat was
DAILY
CLOSING
PRICES
No. 2 red.
DAILY
CLOSING
"
i
-
PRICES
OF
WHEAT
Sat.
,
-
High and
102%
September
December
97%
May
98%
CLOSING
NEW
116%
Tues.
94%
94%
96%
95%
95%
97
98%
PRICES
OF WHEAT
—
—
.81%
-—
82%
82%
FUTURES
Mon.
IN
Wed.
Tues.
82
are
Fri.
100%
102
103%
100%
101%
102%
81
83%
Holiday
81%
84
84%
87%
86%
87%
%c.. lower
serious and traders
are
becoming
more
Corn needs rain badly in some sections, especial¬
as
trading
was
in
corn
the general
and
special feature to the trading in corn out¬
Open interest
no
moderate amount of profit-taking.
a
22,673,000 Bushels.
was
continuous
1
CLOSING PRICES OF CORN
DAILY
Mon.
Sat.
No. 2 yellow
82%
—
NEW YORK
IN
Tues.
82%
Wed.
82%
Thurs.
Fri.
88%
88%
84%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
July
September
65%
65%
66%
66%
66
65%
68%
67%
December
61%
63%
62%
63%
Season's High and
September
84%
December
65
May--
68%
72%
71%
72
71%
67%
66%
When Made
1
Season's Low and When Made
Jan.
5, 19351 September
67%
Mar. 25, 1935
June
6, 19351 December
60%
June
1, 1935
July 29, 1935IMay_
56
Aug. 13, 1935
Oats—On the 27th ult. prices closed 34c. to
There was nothing in this market worthy of
34c- lower.
comment.
Trading very quiet with prices easier.
On the 29th ult.
prices closed 34c. up.
There was no special feature to this
market, trading being very quiet.
On the 30th ult. prices
closed 34c. to 134c. lower.
The decline in this grain was
largely a sympathetic movement with the other depressed
grains.
On the 1st inst. prices closed 134c. to 134c. up.
This firmness was due almost entirely to the strength of
the other grain markets.
On the 2nd inst. prices closed 2% to 2%c. higher.
It was
only natural this grain should be affected by the soaring
prices of wheat and corn.
Today prices closed at 34 to %c.
heaviness
The
decline.
in
this
grain
attributed
was
to
profit-taking on the recent bulge.
CLOSING
DAILY
PRICES
OF
Sat.
No. 2 white
DAILY
PRICES
CLOSING
July
September
30%
30%
32%
—
-
Season's High and When Made
May—
DAILY
Jan.
44%
35%
37
December
NEW
43%
YORK
Wed.
Thurs.
47%
44%
Fri.
46%
30%
31%
32%
29%
30%
32%
30%
32%
33%
33%
35
36%
32%
34%
35%
Season's Low and When Made
31%
June 13, 1935
33%
June 13, 1935
29%
Aug. 17, 1935
I
7, 19351 September
4, 19351 December
1, 1935 IMay
June
Aug.
CLOSING PRICES
OF OATS
31%
—
—
Tues.
31%
31%
31
-
FUTURES
Mon.
Sat.
—
October.
IN
Tues.
44%
OF OATS FUTURES IN CHICAGO
Sat. Mon.
Tues,
Wed. Thurs. Fri.
-
—
September
July.
OATS
Mon.
43%
31%
30%
WINNIPEG
IN
Wed.
Thurs.
Holiday
34S%
33%
Fri.
33
32%
Rye—On the 27th ult. prices closed 34c. to %c. up.
The
firmness of this grain was attributed to the bullish weather
On the 29th ult. prices closed 134c. to
Increased spot demand and bullish weather and
crop news were the chief causes given for this pronounced
strength in rye.
On the 30th ult. prices closed lc. to 134c.
lower.
Subsidence of demand for spot rye and the heaviness
of wheat and corn caused prices for rye futures to sag.
On
the 1st inst. prices closed 234c. to 2%e. higher.
This
grain advanced in sympathy with wheat and a firmer
spot demand.
l/4c.
On
up.
2nd inst.
the
prices closed 3%
to 434c. higher.
This
The
Fri.
j^c. to J^c.
more
was
side of
Thurs.
the real hot weather will set in soon.
Parts of Illinois
and Indiana did receive a little moisture, but not enough to
be called really beneficial.
Receipts continue large and the
shipping demand showed signs of ebbing.
On the 29th ult.
prices closed ^c. to lj^gc. up.
The strength in this grain
was ascribed largely to the rather unfavorable growing condi¬
tion for the new crop as well as the small proportion of high
-quality corn included in the day's arrivals from the country.
There are as yet no serious complaints from the corn growing
regions but many areas are in real need of moisture, especially
in view of the coming hot weather period of July.
On the
30th ult. prices closed 3^c. to 134c. down.
This grain dis¬
played a strong tone in the early trading, principally on the
good demand in evidence for spot corn.
However, the edge
was taken right off this bulge on news of heavy to-arrive
bookings which, together with a rather unexpected tender
on July and reports of much needed rain having occurred
over the corn belt, caused prices to sag off considerably in
the later trading.
On the 1st inst. prices closed 234c. to
134c. higher.
Rains occurred in the Ohio Valley and over
territories west and southwest of that section, but this
reported precipitation appeared to have little effect marketwise, the price trend during the latter part of the session
being decidedly upward in sympathy with the other grains,
especially wheat.
Shipping demand for cash corn was
active and sales by local shippers at Chicago totaled 200,000
bushels.
A sharp let-up in country offerings was reported.
On the 2nd inst. prices closed 3% to 4c. higher.
This was
the highest general level since last August, and cash prices
were the best since
November, 1935.
The. feature of the
ly
There
grain almost went the limit in following the rise of wheat.
The weather and crop reports on1 this grain
close.
becoming
50,000 bushels ' were made to go in public storage, pre¬
delivery purposes on July contracts.
Today
prices closed l%c. down to %c. up.
This grain responded
more
or
less to the irregularity of the wheat markets.
of
sumably for
WINNIPEG
80%
82%
82%
Corn—On the 27th ult. prices closed
to
but the distant deliveries showed advances of
concerned.
Thurs.
,
December
the
CHICAGO
IN
Wed.
92%
93%
Season's Low and When Made
When Made
78%
July
6, 1935
Apr. 16, 1934 September
81
July 31, 1935 December
July
6, 1935
88%
Aug. 19, 1935
Aug.
1, 1935 May
October
at
again was extremely active, sales totaling 215,000 bushels,
while only 45,000 bushels were purchased to arrive.
Sales
and crop reports.
YORK
Wed. Thurs. Fri.
119% 124% 124%
FUTURES
Mon.
Sal.
July
IN
Tues.
93%
93%
-----
December
DAILY
WHEAT
95%
July
September
Season's
OF
Sat. Mon.
116% 118
..
.
The shipping demand
be called beneficial.
hardly
December
lower to 34 c. higher.
Today prices closed lc.
Precipitation over the belt was light and
mission houses.
could
estimated spring wheat production at 132,-
It
Thursday.
the highest levels since March.
to
July private crop estimates was released
July 4, 1936
Chronicle
buying
by
com¬
same
Tbday
influences
prices
exceeded the
closed
affecting wheat are affecting rye.
1% to 134c. down.
These declines
declines in the other
uted largely to the
unfavorable
!3IDAILY CLOSING PRICES OF RYE
Sat.
July
September
—
i
——
December
—
were
attrib¬
and weather reports.
FIXTURES
Mon.
63%
63%
64%
—
grains, and
crop
Tues.
64%
64%
65%
63%
63%
64%
CHICAGO
IN
Wed.
65%
65%
66%
Thurs.
69%
69%
70%
~
Fri.
68%
68
69%
Season's High and When Made
September
76
53%
52%
December
May
DAILY
Jan.
June
Aug.
I
Season's Low and When Made
5, 19351 September
45
June 13, 1935
3, 19351 December
48%
June 13, 1935
1, 1935|May
46%
Aug. 19. 1935
CLOSING PRICES
OF RYE FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
July--October
DAILY
______
CLOSING
48%
49%
_
PRICES
OF
Sat.
July—
September.
DAILY
48%
50
BARLEY
Mon.
45
44%
—
_____________
CLOSING PRICES
__
OF
__
Closing quotations
Tues.
44%
46%
IN
Wed.
46%
47
51%
52%
53
53%
CHICAGO
Thurs.
50%
52
Fri.
53
53
FUTURES IN WINNIPEG
Mon. Tues. ' Wed. Thurs. Fri:
38%
38%
__
October
Holi-.
day
BARLEY
Sat.
July——
48%
49%
FUTURES
were as
39
.38%
38%
37%
Holiday
41%
40%
42%
follows:
GRAIN
Wheat, New
York-
Oats
No. 2 red. c.i.f., domestic
124%
Manitoba No. 1. f.o.b N.Y. 94%
Com, New York—
No. 2yellow, all rail...
New
York-
No
2 white
46%
Rye, No. 2. f.o.b. Doud N. Y— 75%
Barley, New York—
47% lbs malting
64%
Chicago, cash
55-94
—
—
88%
FLOUR
Spring pats.,high prote d
Spring patents
Clears, first spring
Soft winter straight!--.
Hard winter stra gh »...
-.
Hard winter pat«nt*
Hard winter clear
.
.
..
.
..
6.65@7.05l Ryeflo «r nntents
$4.65® 5 00
6.30@6.65'Seminola, b > ,Nos. 1-3. 8 65®
5,25® 5.751 Oats, good
2.60
4 65@4.951 Corn flour
2.20
5.30@5.65 Barley goods—
Coarse
2 85
5.30@5.50
Fancy pearl ,Nos.2.4~&7 4.00@4.75
4.65@4.85
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Volume
Financial
143
Chronicle
141
The world's
Receipts at—
Flour
Wheat
Corn
„
Oats
Rye
Barley
bbls.Wnlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs. bushA8lbs.
Chicago
193,000
118,000
368, 000
29,000
555, 000
171,000
188,000
452,000
87, 000
35,000
16, 000
41,000
15,000
70, 000
8,000
8, 000
10,000
20,000
4"666
Milwaukee...
Toledo
Detroit
Indianapolis..
30,000
St. Louis
573,000
58, 000
110, 000
34,000
7,000
Kansas City..
Omaha
19,000
2,267,000
168,000
466,000
405,000
88,000
2,259,000
21,000
2,327,000
North AmerJ
391,000
318,000
345,000
Same wk.1935
Same wk.1934
Since Aug. 11935
......
~47~666
"l" 000
3,000
1,000
1,543,000
128, 000
17,000
7,000
7,506,000
2,884,000
1,670,000
887,000
332,000
327,000
2,531,000
1,324,000
809,000
1,293,000
8,601,000
"
Total
India
955,000
I
II
mi-iiii.
..I
—
'
1
'
the week ended Saturday, June 27 1936, follow:
Flour
...
Oats
Rye
York
144,000
Philadelphia
47,000
1,000
70,000
3,000
11,000
.
New Orleans *
712,000
28,000
.
Baltimore
4,000
5,000
20,000
27,000
18,000
17,000
15"666
Galveston
Montreal
25,000
96,000
2,000
3,000
37,000
32,000
Boston
.
¥o"666
Since
July 2
1934
al26~666
2,000
Bushels
Argentine
World
corn
476,000
41,710.000
42,186,000
4,941,000 335,100,000 289,638,000
reshipped.
Wheat
Surplus Smallest in Nine Years—The
wheat surplus as of July 1 in
principal exporting countries—
Argentina, Australia,
Canada and United States—as well
the total world carryover, will be the smallest in nine
years,
according to an estimate made on July 1 by the Bureau of
Agricultural Economics, which also reported that the United
States carryover will be about 125,000,000
as
July 1, 1928—eight
years.
bushels, or the
The report con¬
follows:
The surplus in principal exporting countries is estimated at .about
388,000,000 bushels as of July 1, compared with 532,000,000 bushels a
year
ago, 741,000,000 in 1934, and 789,000,000 bushels—an all-time
peak—
in the summer of 1933.
The total world carryover
eTooo
is estimated at 635,000,000 bushels as of
a year ago, and 1,109,000,000 bushels
The United States carryover of 125,000,000 bushels com¬
pares with 152,000,000 bushels in 1935, with 286,000,000 bushels in
1934,
and with 393,000,000 bushels—an all-time
peak—on July 1, 1933.
July 1, against 856,000,000 bushels
Total wk.1936
245,000
3,111,000
151,000
157,000
102,000
165,000
Since Jan.1'36
7,437,000
53,736,000
2,146,000
3,059,000
2,326,000
2,103,000
Week 1935.
268,000
800,000
188,000
Since Jan. 1'35
6,194,000
21,308,000
541,000
6,718,000
301,000
3,618,000
193,000
1,585,000
8,629,000
♦
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading,
a Includes 52,000 bushels U. S. barley.
on
The exports from the several seaboard ports for the week
ended
Bushels
smallest since
7,000
,
All
49,516,000
7,376,000 453,352,000 515,409,000
tinued
1~8~666
13,000
_
William..
Bushels
Bushels
1,000
1,401,000
Halifax
1
1935
6,000
2,000
917,000
Sorel
Ft.
*
Barley
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.5Qlbs. bushA8lbs.
New
I
Bushels
424,000| 38,921,000
Total
as
Corn
Wheat
j
I
I
receipts of flour and grain at the seaboard ports for
Receipts at—
July
966,000
Australia
17,554,000 319,477,000 189,694.000129,226,000 25,236.000 92,724,000
/.
1936
Since
4,803,000 190,777,000 160,657,000,
*157,000
592,000
40,000
48,000, 36,594,000
7,931,000
162,000 11,056,000 17,377,000
1,301,000 77,294,000185,331,000 4,146,000 281,742,000 230,035,000
584,000 109,246,000 111,646,000
216,000,
520,000
328,000
Black Sea
Argentina...
Oth. countr's
Total wk.1936
June 26
1934
1
1935
Week
July 2
July
1936
Bushels
4,253,000
...
Since
61,000
15,247,000
City...
Buffalo
36, 000
Corn
Since
June 26
26, ,000
Sioux
Week
3o"666
127, 000
57,000
Joseph...
...
Wheat
Exports
80, 000
Peoria
St.
are
following:
46,000
15,000
20,000
404,000
459,000
Wichita
shown in the
3,000
259,000
131,000
furnished by
2,000
7,000
237,000
"
corn, as
July 2 1934,
159,000
46,000
21,000
—
626,000
566,000
147,000
104,000
Duluth
2,129,000
691,000
Minneapolis..
shipment of wheat and
Broomhall to the New York Produce Exchange, for the week
ended June 26, and since July 1 1935 and
Saturday, June 27 1936,
shown in the annexed
are
statement:
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
two years ago.
The world wheat crop outside of Russia
and
China is estimated at about
2% larger than last year's outturn of 3,511,000,000 bushels. The estimate
for this year is based upon average yields in the Southern
Hemisphere and
the current crop situation in other countries.
On the basis of crop conditions to date, production in the
Northern
Hemisphere is expected to be about the same as a year ago, with a moderate
increase in North America, a small decrease in Europe
excluding Russia, a
small decrease in Africa, and a moderate increase in
Asia, excluding Russia
and China.
Average yields in Argentina and Australia would result in about a 23 %
in production in the Southern Hemisphere countries over
the
extremely small outturn of last year. Reports of crop conditions in Soviet
Russia, in general, are favorable except that the eastern spring wheat
region is very dry. In China, the crop is estimated to be about 10%
larger
increase
►
New
York.
al06,000
—
Albany
66,740
New
85"666
"Tooo
Orleans
than last year.
1,000
1,000
Galveston
Montreal
917,000
1.401,000
Sorel
25,000
18,000
60,000
*126~66O
~7~66O
Halifax
Ft.
9,000
157*666
112,000
Norfolk...
William
by the Crop Reporting Board
61~666
...
It is pointed out, however, that the estimate of world
production would
be reduced by continued high temperatures and drought in the
spring wheat
belt of the United States and a rainy summer in
Europe following a wet
spring. The extent of crop damage in the United States will be reported
on
July 10.
The reduction in the world supply of wheat—the decrease in the
world
offsetting the prospective increase in world production
—would tend to raise world wheat prices in 1936-37, in the bureau's
carryover more than
Total week 1936..
Same week
♦
2,597,000
1,475,000
1935
157,000
101,740
18,000
69,000
211,000
90,507
Includes 52,000 bushels U. 8. Barley,
134,000
43.000
121,000
a Argentina.
The destination of these exports
July 1 1935 is
as
for the week and since
below:
Wheat
Week
Since
Week
Since
Week
Since
June 27
July 1
June 27
July 1
June 27
July 1
1936
1935
1936
1935
1936
1935
Barrels
July 1 to—
Barrels
Bushels
Bushels
Bushels
Bushels
26,070
2,481,315
Continent
17,410
603,098
So. & Cent. Amer.
17,000
34,000
.
West Indies
1,917,000
668,000
11,000
58,581,000
48,474,000
470,000
651,000
3,000
899,000
Brit. No. Am. Col.
1,000
12,000
5,000
7*260
192,605
4,653,018
3,687,431
2,597,000 107,972,000
Total 1935
90,507
1,475,000
157,000
637,000
70,906,000
28,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Juue 27, were as follows:
GRAIN STOCKS
Wheat
Corn
Bushels
United States—
Bushels
Boston..
1,000
Oats
Bushels
Rye
Barley
Bushels
Bushels
6,000
21T666
136,000
40,000
96,000
41,000
119,000
28,000
7,000
2,000
30,000
6,000
19,000
93,000
2,000
N ew Orleans
5,000
87,000
29,000
1,000
1,000
Galveston..
250,000
817,000
491,000
210,000
83,000
"2*666
i¥66o
207,000
387,000
621,000
45,000
470,000
667,000
24,000
229,000
1,625,000
3,573,000
"¥,666
"moo
123,000
300,000
32,000
1,000
159,000
471,000
20,000
107,000
71,000
104,000
1,870,000
5,062"66O
1,508,000
443,000
74,000
877,000
135,000
1,170,000
4,504,000
1,352,000
"
afloat
Philadelphia
....
Baltimore
Fort Worth
Wichita
Hutchinson
162,000
3,339,000
Omaha
Sioux
839,000
City..
40,000
St. Louis..
408,000
Indianapolis
163,000
Peoria
,
Chicago
On
Lakes
-
Milwaukee
MinneapolisDuluth
i
Detroit.
Buffalo
afloat
On
3,659,000
64,000
619,000
5,195,000
2,609,000
90,000
2,580,000
130,000
Canal
Total June
"¥,66o
6,000
„
'
32,000
370,000
St. Joseph
Kansas City
101,000
388,000
28,000 11,033,000
266,000
6,663,000
5,000
8,000
966,000
1,343,000
469,000
56,000
27, 1936... 21,949,000
177,000
...
23~666
2,069,000
1,874,000
7,000
811,000
121,000
~28~666
7,301,000 31,004,000
30,000
557,000
6,636,000
9,570,000
Note—Bonded
grain not included above* Wheat, New York, 445,000 bushels;
afloat, 349,000; Boston, 41,000; Buffalo, 7,275,000; Buffalo afloat,
337,000; Duluth, 399,000; Erie, 1,488,000; Albany, 4,494,000; on Lakes, 462,000;
Canal, 713,000; total, 16,003,000 bushels, against 6,652,0000 bushels in 1935.
New
York
Wheat
Canadian—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Montreal
7,724,000
Ft. William & Pt. Arthur 33,232,000
666,000
187,000
895,000
798,000
1,558,000
1,233,000
Other Canadian & other
water points
34,780,000
1,375,000
295,000
441,000
27, 1936... 75,736,000
Summary—
2,839,000
2,040,000
2,569,000
21,949,000
75,736,000
7,301,000 31,004,000
2,839,000
6,636,000
2,040,000
9,570,000
2,569,000
97,685,000
7,301.000 33,843,000
8,676,000 12,139,000
Canadian
weather for the week ended June 24, follows:
The first half of the week had rather frequent showers and was
decidedly
the Atlantic area.
Also, near the close of the period there were
fairly widespread rains in the lower Lake region and the Northeastern
States, but otherwise the week was mostly dry.
High temperatures
persisted in the Midwest and Northwest and later the heat wave extended
cool in
southeastward
to the south Atlantic area, where some
record-breaking
were experienced.
Over a wide belt extending from
Georgia, parts of South Carolina and Alabama northwestward to Mon¬
tana, maximum temperatures during the week reported from first-order
stations ranged from 100 degrees to 108 degrees, the latter
being recorded
at Huron, S. Dak., and Concordia and Dodge
City, Kan.
The highest
reported was 114 degrees at Phoenix, Ariz., on June 25.
The weekly mean temperatures were below normal in the Atlantic
area,
with a decidedly cool week in the Northeast.
However, in the interior
and Northwest, temperatures were abnormally high, the
weekly averages
ranging from 4 degrees or 5 degrees above normal in the lower Ohio Valley
to as much as 15 degrees above in some northwestern localities.
Heavy rains occurred in much of southern Texas and parts of Florida,
with
moderate
to substantial falls
in many Atlantic localities.
Also,
showers occurred in the lower Lake region, but elsewhere,
locally, there was an almost entire absence of rainfall, with
most interior and northwestern sections
reporting a practically rainless
week.
Large areas had no rain at all, not even a trace.
Serious drought, for the third time in the last six
years, prevails over
the principal agricultural sections of the
country.
The present urgent
need for rain, however, is more widespread than was the case in either
1930 or 1934 at this season of the year.
In the other cases the situation
was not nearly so critical at the end of
June, but in both instances the
drought was most severe and caused the greatest crop damage during
July and August.
At the present time there is urgent need for rain
nearly everywhere
from Vermont, New York, the western portions of
Pennsylvania, Vir¬
ginia, North Carolina, and the northern parts of the east Gulf States,
westward and northwestward to the Rocky Mountains.
There are a few
local areas, principally in the lower Lake
region, southwestern Texas,
and portions of the Mississippi Valley, that are not
badly suffering as
yet, but, in general, nearly all of the principal agricultural sections of
the country are in urgent need of rain.
While temperatures have been lower, as a general rule,
up to this time,
rainfall in May and June was decidedly less than in
1934, as indicated by
the following summary, in which the first
figures give the percentage
of normal for May and June in 1934, and the
second, the corresponding
values for the same months in 1936, as indicated from
preliminary reports,
subject to some slight revisions when full reports are in*. North
Dakota,
1934, 59%—1936, 32%*, South Dakota, 62 and 49; Montana, 78 and
52;
Minnesota, 69 and 60; Missouri, 49 and 37; Arkansas, 68 and 40; Kentucky
76 and 26; Tennessee, 96 and 23; Ohio, 57 and 44;
Indiana, 61 and 46;
Illinois, 49 and 43.
In Nebraska and Iowa, rainfall for May and June
good
except
was
very
somewhat
greater
than
for
the
same
months
in
1934.
June
was
especially dry this
year, the driest areas ranging from only 7% of normal
Louisiana to 15 or 20% in Tennessee,
Kentucky and Missouri, and
about one-third of normal In the northern Ohio
Valley States.
Pasture lands,
hay, oats, spring wheat and truck crops have been the
hardest hit.
Very little pasture is now available between the
in
Rocky and
Mountains, with the stock-water situation serious in many
localities.
Livestock shipments are becomg
heavy because
there is no pasture or water.
On the other hand, conditions in the far
West, especially in the Pacific Northwest and California, are
decidedly
favorable, with grain crops good to excellent, and pastures fine.
Also
along the Atlantic seaboard recent rains have been timely and helpful,
but this condition is confined to a rather narrow
strip extending from
New England to Georgia and Florida.
Appalachian
Small
'
Total June 27,1936—
summary
northwestern
Total June
American
as high relative to Liverpool as
during the past
United States crops were small."
Report for the Week Ended June 24—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
some
47,000
New York
when
June temperatures
254*666
101,740
Total 1936
293,000
336,000
157*666
7,000
Other countries
The
seasons
general
and Since
Kingdom
three
Weather
Corn
i
Exports for Week
United
expected to remain about
1
Flour
.*
opinion.
As for the United States, it is stated that with
prospective supplies only
about enough for domestic consumption and
carryover, prices "might be
favorable
Grains—Winter wheat harvest is making good progress under
weather conditions; it has advanced
northward to southern
Financial
142
Pennsylvania, southern
Ohio, central Illinois and southern Iowa.
Con¬
of the belt.
winter wheat
in northern districts, with recent heat and drought especially harmful
in some northwestern sections of the belt where many small grain fields
are being pastured or mowed.
In the Pacific Northwest conditions con¬
tinue favorable and small grain crops are good to excellent, while mostly
favorable reports come from the Atlantic area.
Spring wheat has suffered further serious damage, due largely to ab¬
normally high temperatures during the past week.
In North Dakota
the crop deteriorated, except locally, with conditions fair to very good in
a
few localities, but poor elsewhere.
In most of Minnesota the spring
wheat has held fairly well, but excessive damage was reported from South
Dakota, Avhere small grains are beyind help except in a limited south¬
eastern area.
In Montana grain crops are mostly good west of the Divide,
but largely a failure on dry lands in the eastern and central portions.
Oats have been further seriously damaged.
They have headed short, in
many places too short to cut, with some fields reported dying in the western
Ohio Valley.
Flax is fair in extreme eastern North Dakota, but poor
siderable threshing has been done in the southern portion
The continued dry weather has been unfavorable for filling
Chronicle
the Midwest and rain practically
everywhere, except that conditions are rather favorable in extreme eastern
Some irreparable damage has resulted, principally in southern
districts.
parts of the belt, and more or less deterioration is reported, but the bulk
of the crop is not, as yet, permanently harmed.
One of the most critical
areas at the present time is the Ohio Valley, especially the eastern half,
where some late fields will be abandoned.
In general, the crop is well
cultivated, however, and has rooted deeply.
In Illinois corn is still mostly
good in about one-fourth of Missouri, with conditions
of the State.
In Iowa progress of the early crop continues fair, but hot winds in the
south and west have caused much rolling; progress of late corn is poor.
Considerable permanent damage has been done in Oklahoma and in southcentral and southeastern Kansas, with moderate damage in Nebraska.
The corn crop is entering a critical stage over much of the belt, and good
gain is urgent to prevent serious ana widespread damage.
Cotton—In the cotton belt the temperatures averaged near normal,
except that it was decidedly cool in the northeast, until near the close of
the week.
Substantial to heavy rains occurred in southwestern Texas,
and showers in the east; otherwise, there was little or no precipitation.
In general, cotton in the parts of Texas not receiving rain is withstanding
the drought very well, but moisture is urgently needed in all sections,
except the southwest where there was more or less storm damage; plants
are squaring and blooming well to the north, except in the extreme north¬
west.
In Oklahoma progress was only fair, and the general condition fair
to good, but the crop now needs rain; bolls are showing locally.
In the
Mississippi Valley States conditions vary considerably; growth is mostly
satisfactory in the lowlands, but because of continued dryness progress
is poor to only fair in many places.
Rain is needed in Tennessee and
Alabama, but in Georgia conditions have generally improved, especially
in the northern half, though there are many poor stands there; in south
In the Carolinas much of the week
Georgia stands are more uniform.
was too cool for good growth, but higher temperatures prevailed the latter
part; cotton continues late, and some intended acreage is being planted
fair,
while it
is
less favorable in other parts
to other crops.
furnished the following
resume
of
Apples growing nicely.
North Carolina—Raleigh: Progress
of cotton fair to good; part very late,
just up in west; not half chopped there.
Considerable improvement
tobacco, truck, peanuts, sweet potatoes, and pastures in east and
central, but advance good only locally in mountain regions where some
deterioration account insufficient rain.
Threshing wheat; turning out
better than expected.
South Carolina—Columbia: Cool, with general rains first of week, but
heat of last 2 days, highest of record for June some places, retarded crop
progress and growth, and rain now needed generally.
Too cold for cotton
first of week; replanted being chopped and cultivated in north, with early
beginning to bloom; blooming and boiling fair progress in south; crop late,
with some cotton acreage planted to other crops account lateness and
generally poor condition.
Georgia—Atlanta: Week began cool; hot at close; light rains general;
moderate rains few places where much needed.
Considerable improve¬
ment in north, especially of corn, but serious drought continues in some
central and northern counties.
Corn silking few places in north where
best, but other places just coming up; earing general in south.
Condition
of cotton generally improved, especially in north where some 20 inches
high with squares, and some not over 2 inches with poor stands; more uni¬
form in south with bloom, and weather favorable for checking weevil.
Favorab'e for curing tobacco.
Pecans, peanuts, and sugar cane fair to
in corn,
good.
Peaches fine quality; slightly undersized.
\Florida—Jacksonville: Light rains.
Progress of cotton fair; condition
fairly good; chopping made fairly good progress.
Corn good; maturing.
Rice good.
Tobacco fair to good; harvest and curing in progress.
Peppers,
eggplants, and watermelons being shipped, but season about over.
Citrus
excellent; cultivating, fertilizing, and spraying.
Some aphid and white fly.
Alabama—Montgomery: Practically dry week; temperatures normal,
except high at Close.
Progress of cotton mostly only fair and rain needed
in all sections; condition continues poor in extreme northwest, northeast,
and middle-eastern counties, except some improvement in extreme north¬
poor to fair in southeast; mostly
and middle west and fair to fairly good
east;
fair.
good to very good in southwest
elsewhere.
Corn mostly poor to
General rain needed.
Mississippi—Vicksburg:
Progress of cotton rather poor to fair with
favorable for checking weevil;
mostly dry weather and daytime warmth
shedding indicated; bloom prevalent with early planted
showing occasional small bolls.
Progress of corn generally deteriorated,
except progress of late-planted in lowlands poor.
Progress of gardens,
pastures, and truck generally poor.
Rain urgently needed generally.
Louisiana—New Orleans: Lack of rain becoming serious.
Truck gen¬
about
normal
erally poor; failure many areas.
Pastures mostly dead.
Cane fair to good.
Rice generally fair to good; irrigation water becoming insufficient, but
where adequate, crop made excellent progress.
Advance of cotton poor
to fair; condition generally fair and locally good, holding well; cultivation
and stands good; bolls developing.
Progress of corn poor or deteriorated;
condition generally poor; much early corn a failure.
Most sections with¬
out rain since end of May.
Texas—Houston: About normal temperatures; heavy to excessive rains
on middle Gulf coast and in some southwest counties, but elsewhere mostly
light and widely scattered, with more badly needed.
Truck deteriorated
rapidly in most sections and generally too far advanced to be aided by
future rain.
Ranges drying rapidly, but cattle continue good. Winter
wheat harvest practically completed, except extreme northwest where well
under way, with favorable conditions.
Corn firing badly most localities,
but some would still be revived by rain; much damage to corn by recent
storm in middle coast region.
Cotton in general withstanding drought
very well; squaring and blooming, except in extreme northwest, but rain
urgently needed, except in storm path where torrential rains fell over week¬
end.
Cotton damaged only slightly by storm in Nueces County, but
damaged severely in San Patricio County.
Oklahoma—Oklahoma City: Very unfavorable week account continued
heat, drought, and hot winds.
Grasshoppers damaged crops in many
localities.
Grain harvest practically completed, except in northwest,
with threshing general; yields light.
Progress of cotton mostly fair; condi¬
tion fair to good; squaring in south and east with some bloom; fields well
cultivated.
Progress of corn poor with much deteriorated; many fields
firing.
Broom corn suffering; some grasshopper damage in northwest.
Gardens, truck,
and pastures deteriorating rapidly.
Second cutting
alfalfa; yields light.
Entire State needs rain badly; drought serious in
extreme southwest and much of east.
Arkansas—Little Rock: Progress and condition of cotton good to ex¬
cellent in nearly ail lowlands and some portions of highlands; poor to fair
in north-central counties and most highlands south of Arkansas River
due to heat and dry weather; squares and bloom plentiful most portions;
growth stopped in some localities in southern highlands where many squares
but no bloom.
Progress and condition of early corn still very good in
some portions of lowlands; elsewhere rather poor to poor: late porn poor to
very good. Meadows, pastures, and truck badly damaged in most portions.
3, 1936.
tions in
rains
some
of the drought-stricken areas where
beneficial
outlook, sales volume of department
stores ran well ahead of last year.
For the month of June,
sales for the country as a whole were estimated to exceed
those of the corresponding period of 1935 by about 12%,
or
the same ratio of gain registered during the previous
month.
A noticeable improvement was shown in the men's
furnishings department, partly due, it was asserted, to more
liberal spending of soldiers' bonus money.
It was believed
that this spending would extend over a longer period than
expected, inasmuch as so far only about one-third of the
improved the
crop
veterans bonds has been cashed.
Trading in the wholesale dry goods markets continued at
active pace.
The improvement in weather conditions
an
with its stimulating effect on retail business in summer goods,
as well as on mid-summer clearance sales, brought in a heavy
volume of fill-in orders for
Al¬
this class of merchandise.
though real buying of fall goods
was
not anticipated to start
until after the National
holiday, the outlook was considered
promising, judging from the number of out-of-town
buyers registered in the wholesale markets.
Rising prices in
very
continuance of the brisk
a
retail business stimulated commitments
on
the part of whole¬
Business in silk goods was quiet, with only a
ate interest shown in black chiffons, sheers, cires as
salers.
Virginia—Richmond: Temperatures slightly subnormal; scattered rains
in east, none in west.
Eastern crops and pastures continue improvement;
drought situation serious in west.
Wheat harvest finished; some threshing
begun.
Oats ripening; cutting started.
Corn improving and early planted
growing nicely.
Cotton advancing slowly; some aphid infestation in
Nansemond County.
Peanuts poor to fair.
Tobacco showing rapid
some
New York, Friday Night, July
Retail trade during the past week continued to make a
favorable showing.
Stimulated by better weather condi¬
most divisions and the outlook for
The Weather Bureau
conditions in the different States:
improvement.
more
THE DRY GOODS TRADE
elsewhere in that State.
Corn—Corn needs cooler weather in
July 4, 1936
serious.
Hay outlook very poor;
much lespedeza dying.
Potatoes and truck deteriorated.
Water supply
diminishing.
Some selling of livestock.
Winter wheat threshing con¬
tinued; yields fairly good; quality good.
Corn deteriorated; curling badly;
condition mostly fair, but considerable poor.
Progress of cotton poor;
condition fair to good in west, rather poor in central and east.
Tobacco
acreage small; condition mostly poor.
Kentucky—Louisville: Drought increasing distress of crops with hot
weather and very low humidity.
Condition of corn poor on thin lands to
fair on best where still holding well, but beginning to curl; only best bottom
lands completely resisting; progress none to poor; earliest in west begin¬
ning to tassel low without shoots.
Pastures nearly gone.
Tobacco no
growth; dying slowly; plants exhausted by frequent resettings.
Wheat
threshing advancing rapidly.
Young clover mostly dead.
Lespedeza re¬
sisting fairly well; some dying.
Alfalfa holding best, but growth nearly
stationary.
Gardens very poor.
Drought
Tennessee—Nashville:
moder¬
well as
lacquered satins.
Trading in greige goods was very
spotty, with most converters awaiting more definite seasonal
trends before placing any sizeable orders on fall goods.
Business in rayon yarns continued very active.
With most
producers being sold up through August, the opening of their
books for September, at unchanged prices, brought in a
heavy volume of orders.
In some counts, deliveries were
rather difficult to obtain.
Total shipments for the month
of June were estimated to exceed those for April and May.
Leading in demand for viscoe yarns were 100, 150 and 200
denier, while in the acetate field 120-denier numbers were
most popular. in
Domestic Cotton Goods—Trading in print cloths was
quiet during most of the period under review.
Towards the
end of the week, however, activity increased perceptibly, and
prices stiffened, chiefly under the influence of the steady
advance in the raw cotton market and ensuing predictions
that further increases in cloth prices may be anticipated.
A few second-hand lots were offered last week and quickly
absorbed
by buyers.
While the demand was mostly for
a fair amount of inquiries extended over the
next three months, although mills showed little inclination
to book business so far ahead.
Sheetings and osnaburgs
moved in good volume.
Trading in fine goods was only
moderately active, as most buyers appeared to be well covered
into September.
Prices showed a firming trend, although
in some instances resistance to the higher demands was en¬
countered.
Combed broadcloths and combed lawns were in
spot delivery,
Closing prices in print cloths were as follows:
7^c., 39-inch 72-76s, 7% to 7}{c., 39-inch
68-72s, 6^c., 383^-inch 64-60s, 5%c., 383^-inch 60-48s, 5c.
good demand.
39-inch
80s,
Goods—Trading in men's wear fabrics registered
with a number of mills
shutting down for either inventory or repairing purposes.
However, with the amount of unfilled orders still estimated
to equal three months' production and with orders for spring
suitings and army requirements coming in at a fair rate,
an early revival in
mill activities is confidently expected.
Reports from retail centers made a less favorable showing,
with the spending of bonus money so far failing to come
up to expectations.
Business in women's wear continued
to increase.
Sports woolens and fancy fleeces were leading
in demand, with prices showing an advancing trend.
Gar¬
ment manufacturers are expecting initial buying by retailers
of their new fall line next week, although the current fur tax
Woolen
a
further moderate seasonal decline,
discussions
tinued
may
some
cause
delay.
Retail business
con¬
good.
Foreign Dry Goods—Trading in linens
contracted further
price uncertainties hampered the placing of fall orders by
are hoping for further price concessions.
Retail sales, however, continued to make a good showing
as
manufacturers who
as
favorable
sumer
weather
interest
mained dull.
in
conditions
linen
apparel.
Prices showed
a
served
to
stimulate
weaker trend
as
bag
Domestically
heavies at 5.30c.
re¬
manu¬
purchases to moderate spot and afloat
lightweights were quoted at 3.90c.,
facturers limited their
lots.
con¬
Business in burlaps
'
Volume
Financial
143
State and
Chronicle
143
City Department
MUNICIPAL
Specialists in
BONDS
Dealer Markets
Illinois & M issouri
Bonds
WM. J.
MERICKA & CO.
INCORPORATED
Union Trust Bids.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIREGT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
County and Municipal Refunding Act to include bonds
maturing in 1935.
Governor
of
News Items
Illinois—Legislature Adjourns Fourth Extra Session—We
part as follows from a Springfield dispatch of recent
ate, reporting on the close of the fourth special session of the
State Legislature:
The fourth special session of the Illinois General Assembly, which pro¬
duced the permanent registration bill, adjourned sine die today, but the
special session, called for relief
recessed to Aug. 4.
was
If the
more serious, the members will return on that date to give
consideration to other proposals to produce revenue to meet the unemploy¬
situation becomes
ment
situation.
But little
was
accomplished
on
the closing day.
The House devoted the
factional discussion.
greater part of its time to political and
Cuts Out Enacting Clauses
However, the House went into action later and struck the enacting clauses
out of the so-called Billman plan for producing revenue.
The bills created
102 districts of the State, with power to extend taxes and issue bonds for
relief purposes.
The plan was urged by the Governor.
The Senate struck from its calendar the Ward bills providing for State¬
wide permanent registration, while the House declined to adopt a resolution
providing for the appointment of a commission to make a study of a proposed
section of the constitution.
The proposed
amendment Cannot be submitted to the voters until 1938, unless it is pro¬
amendment
vided for in
to
a
the
revenue
subsequent special session call.
The Illinois Educational Commission adopted the report of
its subcom¬
mittee. calling for another special session to provide for a State board of
education, unsalaried and non-partisan.
The report then was handed to
Governor Horner by Senator Harry C.
Stuttle, Litchfield, Democrat,
Chairman of the Commission.
So far. Governor Horner has made no
comment on another special session.
It is understood that when it is called,
he probably will limit the call to the one subject.
Governor Vetoes New Funds for Relief—Governor Horner's
of the Adamowski bill to use one-half instead of the
veto
present one-third of sales tax revenue for relief was announced
recently at Springfield, upsetting the hopes of Chicago and
down-State local governmental officials that they would
receive sufficient funds to enable them to carry on after the
relief burden was placed on them, effective as of July 1.
Maryland—Secretary of State Resigns—Governor Harry W.
on June 30 the resignation of his Secretary
of State, Thomas L. Dawson, of Rockvdle» according to an
Associated Press dispatch from Baltimore.
The Governor
is reported as saying that he had appointed, E. Ray Jones,
Oakland attorney, to succeed Mr. Dawson.
He is also said
Nice announced
swear
Mr. Jones into office
on
July 2 at Annapolis.
Governor Nice said Mr.
Dawson's
State."
Bankruptcy Act
Rehearing Asked of
Supreme Court—-The Cameron County
Water Improvement District No. 1, Texas, recently filed a
Municipal
States
petition with the U. S. Supreme Court asking reconsideration
of the Court's decision which held the 1934 Municipal Bank¬
ruptcy Act unconsitutional, according to Washington advices.
The Court condemned the law in
a
five to four decision
on
the
ground that it invaded the rights of States.
The District
now
contends the high Court was in error because the
District was not a political subdivison of the State but was
in fact a corporation with certain powers such as had been
given railroad corporations to condemn land and take other
unusual
The
Steps in the public interest.
petition cannot be acted
upon
until the Court returns
in October.
New Jersey—State Ends Fiscal Year with Cash Balance of
$14,822,314.74—A dispatch from Trenton to the New York
"Herald Tribune" of July 1 had the following to say regarding
the State's present cash position:
New Jersey closed its fiscal year today
with
a
cash balance of $14^822,-
314.74 in the general State fund, which is $10,503,915.94 in excess of the
cash balance at the close of last year.
The existence of the balance is due
entirely to the receipt of about $16,000,000 in inheritance taxes from the
estate of the late Dr. John Dorrance, which was paid during the month
after prolonged
litigation.
State Comptroller Frank J. Murray, in reporting the condition of the
treasury to Governor Hoffman, said it is not possible to determine the exact
amount of the current surplus, "since this fact is contingent upon reports
from departments as to the revenues accrued and expenses incurred during
the month of June, which reports will not be due in this office untU July 31,
1936."
Mr. Murray said that on or about that time it will be possible to give a
preliminary statement as to the amounts lapsed in the various appropria¬
tion accounts, together with additional information concerning the con¬
dition of the general State fund.
Refunding Act Extended—We are informed that Governor
has signed a legislative measure extending the
Hoffman
would have clamped on municipal finances was greatly softened.
The bill was introduced by Senator Durand of Monmouth and backed
by the State League of Municipalities.
It is intended to put all municipal¬
on a pay-as-you-go basis by 1943.—Some analists believe the measure
not be this stringent.
The Governor issued a statement announcing the singing.
He said he
realized it could not correct all the evils of municipal financing.
It will,
he said, place a very heavy burden on some municipaUties, increasing tax
rates in certain places by as much as 25% next year.
This was seen by
Governor Hoffman as another reason why the tax base should be broadened,
a plea he frequently has made.
ities
Was so amended that it may
New York
State—Uniform Public Sale Law for Municipal
following is the text of
a letter issued on June 22, by Morris S.
Tremaiue, State
Comptroller/which is of interest to all dealers and investors
in bonds of municipalities in the State:
Bonds Enacted at 1936 Session—The
From September,
1931 to January, 1934,
we
witnessed
a
most violent
and destructive deflation of municipal credit.
Those trying months are
now all but forgotten in the highest bond market ever known, with nearly
every
municipaUty in the State able to borrow large amounts at unusually
During the low point when, for example, one of our Wealthiest counties
had difficulty in borrowing $1,000,000 at 6% on tax anticipations note, and
long New York City bonds were selling to yield 5% or more, many things
were done by this office, through the Bureau of Municipal Accounts, and
by me in legislation sponsored personally, to support municipal credit
and to prevent, if possible, its complete destruction.
I recall these achievements with satisfaction and relief because they had
much to do with bringing about the present status.
Many municipalities
were saved from possible default or serious embarrassment through plans
prepared by bur able examiners.
In at least forty cases municipalities
were assisted by the State through purchases of new issues in an unwilling
market.
Proper legislation led to a standard notice of sale and report of
essential facts; to debt equalization; to broadening the types of securities
eligible to secure State deposits; and to control or the creation of special
districts, all of which helped restore municipal credit, and all of which will
help maintain it.
During the past session of the Legislature, I again sponsored important
legislation dealing with municipal credit in this State.
Five bills were
introduced, and all, I am happy to say, have met with executuve approval.
From the Second Class Cities Law, the Town Law, the Village Law, and
the Education Law were removed those sections dealing with the issuance
and sale of bonds, so that henceforth one method of sale and award will
prevail for all types of municipalities under the General Municipal Law.
Included in the amendments to the statutes is Chapter 583 of the Laws
of 1936 (effective July 1, 1936), which amends Section 9 of the General
Municipal Law.
The statute now prescribes that all municipal bond sales,
falo and Rochester, shall be adverexcept in the cities of New York, Buffa"
tised and sold in the manner therein prescribed which is summarized as
follows:
1.
Advertising—Bonds shall be sold at public sale not less than five
nor
than 30 days after notice of sale has been published at least once in
the official paper, or if there be no official paper, then in a newspaper
more
"private practice has
become sufficiently pressing so as to necessitate his abandon¬
ment of official duties incident to the office of Secretary of
United
municipal
Governor Hoffman today signed the municipal budget bill, Senate 48,
which passed the Legislature after some of the supervision it originally
low rates.
Report is Adopted
to have announced he would
Signs City Budget Bill—The following is the text
Trenton dispatch to the Newark "Evening News" of
budget bill:
uote in
second
a
June 25, reporting on the final approval of the
published in the county or in a financial newspaper published in N. Y. City.
2. Notice of Sale^-Notice of sale shall contain such data and information
as shall be prescribed by the State Comptroller
(Under authority of Chap¬
ter 234 of the Laws of 1935,1 had drafted a statement of minimum require¬
ments for notices of sale, official copies of which are filed in the Department
of Audit and Control and in the Department of State, and which remain
unchanged.)
3. Time of Sale—Bonds shall be advertised to be sold and sold on week¬
days only, Saturday and holidays excluded, between the hours of 10 a.m.
and 4 p. m., Eastern Standard Time.
4. Method of Award—(a) Where a single issue of bonds is offered one
rate of interest shall be bid, not higher than the maximum rate prescribed in
the notice of sale, and the bonds awarded to the bidder offering the lowest
rate
of interest irrespective of premium.
Where two or more bidders
offer the same lowest rate, the award shall be made to the bidder offering
the highest premium.
(b) Where two or more issues are offered, the municipality shall deter¬
.
so advertise in its notice of sale whether one rate of interest shall
be bid for all of the bonds offered, or a different rate for each of the several
If the former, the award shall then be made as in (a) above; if the
mine and
issues.
latter, the award shall be made to the bidder whose bid figures the lowest
net interest cost to the municipality.
I call your attention to these changes in the method of sale and award
of bonds for it is important that the new law be clearly understood by all
public officials, bankers, underwriters of municipal bonds, and approving
attorneys in this State.
If there is any point on which you wish further information, I will welcome
your inquiries, as I wish to avoid any misundertsanding after July 1 whicn
might lead to the illegal issue of bonds.
Pennsylvania—Old Age Pension Bill Signed—The State's
old age pension bill was enacted into law on June 26, when
Governor George H. Earle signed the measure, designed to
for the aged oyer 70, according to a United Press dis¬
patch from Philadelphia on that date.
The measure was
passed at the recent special session of the Legislature.
care
Governor
Signs Debt Bills—An Associated Press dispatch
from Harrisburg on June 25 reported as follows
signed by Governor Earle which affect
bonds by municipalities in the State:
the
on measures
issuance of
Governor Earle's office announced to-day that he had signed four
bills, including two companion measures to permit refunding of the State's
bonded debt at lower interest rates.
He also signed a bill validating municipal bond issues that held technical
flaws, and a resolution authorizing the transfer of $2,000,000 from special
funds for relief expenses.
The resolution, passed yesterday, took $1,000,000 from the motor license
an equal amount from the liquid fuels tax fund.
Half of tb0
fund and
0
144
Financial
,
money would be applied for relief
half to the first part of July.
Chronicle
July 4, 1936
for the remainder of June and^the other
Texas—Court Decision May Adversely Affect Municipal
Borrowing Powers—The following article, which should prove
of interest
to
dealers and investors in
bonds of
the above
State, is taken from the "Wall Street Journal" of June 27:
A decision which,
if upheld by the Texas Supreme Court, may affect future
of municipalities in that State, has been handed down by
Texas.
Although very few bond men are acquainted with the opinion, the decision
provides in effect that the first issue of bonds carries a prior lien on limited
tax revenues and the service charges of the first issue must be met in full
before any revenues can be applied on later bond issues.
The case, which will be appealed to the Texas Supreme Court, is that of
Bankers' Life Insurance Co. vs. Breckenridge Independent School District.
The Court held that where a district had outstanding several bond issues,
all payable out of a tax not exceeding 50 cents on each $100 valuation, the
various bond issues are charges on proceeds of the tax levy in the order in
which they were issued.
By constitutional amendment, Texas limits the tax rate of first class cities
to $2.50 a $100, and second class cities to $1.50 a $100.
Counties can issue
bonds for road purposes free from a tax limitation, but the remainder of
the county issues come under limitation.
In addition, some county road
bonds are issued subject to the limitation, due to less complicated procedure
in so issuing bonds.
Obviously, the court opinion, if upheld, might curtail or make impossible
further issues of new bonds by many of the political subdivisions of the State.
Dallas, for instance, has about 35 bond issues; Houston has 55 or more;
borrowing
power
the Court of Civil Appeals of Eastland,
San
Antonio
numerous
about
25.
Other
cities
and
counties
have
ARKANSAS
comparatively
are general obligations and are issued to retire an equal
bonds which are optional on July 1, 1936.
The district,
which includes the city of Fort Smith, was organized nearly 70 years ago
and has never failed to meet principal and interest payments promptly,
and the same is true of the county, the city of Fort Smith and the special
These bonds
issues.
municipal bonds which might be ruled anywhere from 26th to 56tb lien
on the municipality's debt levy.
Some Texas municipal dealers, familiar with the probable consequences
of a Supreme Court decision upholding the lower court decision, are likely
to ask some of the larger Texas municipalities to intervene in the
case, and
district within the school district.
The latest financial state¬
district shows an assessed valuation of $17,341,000 and
assessment
ment of the school
the total bonded debt amounts to
?oint out to the Court the effect such a decision might have on their future
orrowing power.
We
were
$938,500..
later informed that the bonds
are
divided
as
follows:
$106,000 3^% refunding bonds. Due on July 1 as follows: $9,000, 1937;
$5,000, 1938; $9,000, 1939; $10,000, 1940 to 1944, and $11,000.
United States—WPA Administrator Disburses
$350,000,000 Relief Funds—A United Press dispatch from Washington
on June 30 reported in part as follows on the
inauguration
of the new Federal relief program by the allotment of large
1945
1947.
to
192,000 3H% refunding bonds. Due on July 1
to 1951, and $20,000, 1953 to 1959.
Dated July 1, 1936. Interest payable J. & J.
amounts of funds to various States in the Union:
MANILA SCHOOL DISTRICT
as
follows: $13,000, 1948
(P. O. Manila), Ark. —BONDS NOT
TO BE OFFERED—In connection with the report given in these columns
last March, that the State Board of Education had approved the refunding
of $30,000 5% school bonds at 4% and 4J^%, it is now stated that the
Harry L. Hopkins, Works Progress Administrator, to-day sent $350,000,000 to various sections of the country to make jobs for 3,000,000 under
the 1936-1937 relief program.
Kansas, home State of Gov. Alf M. Landon, Republican Presidential
nominee, received $4,389,875 compared to a State-by-State average of
about $7,000,000.
"The allotment to Kansas had nothing to do with Governor Landon
or politics," a WPA official explained.
"The money was allocated on the
basis of need for jobs—not because of Democrats or Republicans."
The Administration's new drive against the depression does not start
until midnight tonight, the beginning of the new fiscal year, but the de¬
mand for work could not wait, it was explained.
So. Mr. Hopkins distributed funds to every State, passing out more than
one-fourth of the $1,425,000,000 appripriated by Congress.
The money will not become actually available to the WPA until to¬
morrow,
but the United States Treasury was prepared for immediate
financing of the program.
;
Pennsylvania received the largest amount, almost $37,000,000.
New
York City was next with $36,000,000.
The amounts tapered down to
$353 500 for N6vs»(i3i
■f
'
of 5%
amount
It is evident that investors would be hesitant to buy further issues of these
new
bonds will not be sold in the open market.
ST.
FRANCIS
LEVEE
DISTRICT
(P.
O.
Piggott),
Ark.—BOND
CALL—It is stated by W. M. Smith, President of the Board of Directors,
that in accordance with the acts of the General Assembly, authorizing their
issuance, the district is calling for payment on Jan. 1, 1937, on which date
interest shall cease, the following 6% bonds:
Nos. 201 to 250, of series B bonds.
Dated Oct. 1, 1903.
Due in 1943,
optional in 1933.
■
151 to 250, of series C bonds.
Dated April 1, 1905.
Due in 1945,
optional in 1935.
The principal and accrued interest to date called will be paid upon pre¬
sentation at the National Bank of Commerce of Memphis, or the Central
Hanover Bank & Trust Co. in New York City, provided said bonds are
presented for payment on or after Jan. 1, 1937.
These bonds may be pre¬
sented prior to the date of call.
Nos.
*
Western drought States came in for aid, the New Deal's first definite
action to tide cropless farmers over the summer.
North and.Soutn Dakota divided $3,000,000.
Another $1,300,000 went
to Montana1%$2,500,000 to Nebraska.
More will be allotted droughtstricken sections as need becomes fully determined.
CALIFORNIA MUNICIPALS
$15,000 Los Angeles Dept. of Water and Power
WPA estimated the
new $350,000,000 would last until early fall in most
Then, Hopkins will pass out more of his $1,425,000,000, seeking
1, next year.
The new money made a total of $3,446,000,000 actually available for
work-relief during the next 12 months.
The amount comprised $1,100,000,000 unspent in the old $4,000,000,000 program and other Federal
appropriations.
Electric Plant Revenue__4s due 12-1-65
States.
@ 3.60%
to make it last until July
ffBooike,§ille{ie & (Fo.
Ill
west
LOS ANGELES
7th st,
teletype
la
566
member los angeles stock exchange
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
California Municipals
Francis, Bro. & Co.
ESTABLISHED
1877
DONNELLAN
Investment Securities
ST.
LOUIS
111 Sutter St.
%
& CO.
TULSA
■
San Francisco, Calif.
Telephone Exbrook 7067
Bond Proposals
and Negotiations
Teletype-S F 396
l
CALIFORNIA
SANTA CRUZ COUNTY (P. O. Santa Cruz), Calif.—BOND OFFER¬
ALABAMA
ALABAMA, State of—REPORT ON MISSISSIPPI RIVER TOLL
BRIDGE BONDS—The following is the text of a Montgomery, Ala., news
dispatch to the "Wall Street Journal" of June 30:
"Attorneys of holders
of bonds of State Bridge Corp., State agency
created to construct and operate 15 toll bridges, have 15 days to file a
motion in Alabama Supreme Court on its decision sustaining validity of a
program by which $3,780,000 bonds would be refinanced and tolls lifted.
Court is scheduled to adjourn June 30 for summer recess to Oct. 1, and a
special session may be asked for action on motion filed in behalf of bond¬
holders."
.
ING—The County Supervisors will receive bids until July 23 for the pur¬
chase of $19,500 bonds being issued by Roache School District.
TRINITY
(P.
Junction City School District.
O.
Weaverville),
Calif.—BOND
OFFER¬
Certified check for 2%, required.
Rocky Mountain Municipals
'
ANNISTON, Ala.—BOND SALE—The $36,000 issue of public improve¬
ment refunding bonds offered for sale on June 25—V. 142, p. 4215—was
awarded to Steiner Bros, of Birmingham, as 5s, paying a premium of
$610, equal to 101.69, a basis of about 4.81%.
Dated July 1, 1936.
Due from July 1, 1940, to 1955.
'
V
COUNTY
ING—Leonard M. Morris, Clerk of the Board of County Supervisors, will
receive bids until 11 a. m. July 10 for the purchase of $4,000 5% bonds of
ARIZONA—COLORADO—IDAHO—MONTANA"
•.
NEW
MADISON
SCHOOL
OFFERING—The
DISTRICT
Board
NO.
38
(P.
MIAMI, Ariz.—WARRANTS CALLED—The Town Treasurer is said to
following warrants and
Street fund warrants, to and incl. No. 12,189, dated May 15, 1933.
General fund warrants, to and incl. No. i5,392, dated Feb. 15, 1935.
Sinking fund warrants, to and incl. No. 14,194, dated July 5, 1934.
All bonds and bond coupons, not exchanged for warrants, which were due
Jan. 1, 1934, and warrant No. 14,701, dated Oct. 5, 1934.
Interest
on
above warrants and bonds on date called.
ARKANSAS
SPECIAL SCHOOL DISTRICT (P. O. Fort Smith),
Ark.—BONDS OFFERED FOR INVESTMENT—H. C. Speer & Sons Co.,
Chicago, offered on June 29 a new issue of $298,000 3M % and 3 *A % school
refunding bonds.
The bonds, priced to yield 1.50% to 3.75%, according to
maturity, are dated July 1, 1936, and the 3H% bonds mature serially,
July 1, 1937 toJ1947, incl., with the 3% % bonds maturing serially, July 1,
1948, to 1959, inclusive.
,
FORT SMITH
—
Teletype: Dnvr 15
O. Phoenix), Ariz.—
of
have called for payment on June 12 at his office the
bonds:
on
WYOMING
DENVER
Telephone: Keystone 2395
Supervisors of Maricopa County will
receive bids until 10 a. m. July 13 for the purchase of $12,000 4% funding
bonds issued by Madison School District No. 38.
Denom. $1,000.
Due
$4,000 on June 15 in 1937, 1938 and 1939.
ceases
—
DONALD F. BROWN & COMPANY
ARIZONA
BOND
MEXICO
COLORADO
GRAND COUNTY (P. O. Hot Sulphur
Springs), Colo.—WARRANT
CALL—Charles W. Bloom, County Treasurer, is said to be
calling for
payment on or after July 20, on which date interest shall cease, the following
warrants:
Ordinary county revenue, all warrants registered
on or
Poor fund, all outstanding registered warrants.
before June 1,1936.
DEER TRAIL, Colo.—BOND EXCHANGE—It is stated
by Ernest W.
Stone, Town Clerk, that the $34,000 series A 3% semi-ann. refunding
bonds, and the $27,500 series B 3% semi-ann. refunding bonds authorized
in May, as noted here—V. 142, p. 3894—have been
exchanged with the
original holders.
Dated May 1, 1936.
Prin. and int. (M. & N.) payable
at the office of the County Treasurer's.
DURANGO, Colo.—BOND OFFERING—Sealed bids
will
be received
until 7:30 P. m. on July 20 by J. S. Barnholt, City
Clerk, for the purchase
$6,240 issue of 5% Paving District No. 1 bonds.
Interest payable
F. & A.
Dated Aug. 1, 1936.
Due in 10 years, or sooner, as the law pro¬
vides. A certified check for 10% of the amount bid is required.
of a
OVID, Colo.—BONDS AUTHORIZED—An ordinance has been passed
authorizing the issuance of $79,000 refunding bonds.
Volume
RIO
143
Financial
GRANDE
COUNTY
(P.
O.
Del
Norte),
Chronicle
145
Colo.— WARRANT
GEORGIA
CALL—The County Treasurer is said to have funds
on hand to pay:
Road fund warrants registered during the year 1934, up to and including
No. 3115, registered on Dec. 8, 1934.
warrant
Del Norte Irrigation District, all warrants registered prior to June 12,
Interest ceases on the above warrants July 12, 1936.
School District No. 19, special fund, warrant No. 234, registered on
1936.
March 6, 1934, interest to cease July 2, 1936.
SEIBERT, Colo.—BONDS SOLD—It is reported by Henry Fingado,
Town Clerk, that $15,000 4M% refunding bonds have been purchased
through Gray B. Gray of Denver. Denom. $1,000. Dated June 1, 1936.
Principal and interest (J. & D.) payable in Seibert.
WASHINGTON
COUNTY SCHOOL
DISTRICT
NO.
3
(P. O.
Akron), Colo.—BOND CALL—The County Treasurer is said to be calling
for payment at his office, as of July 1, various school bonds of the district.
Bonds will also be payable at the office of Oswald P. Ben well, of Denver.
FULTON
COUNTY
(P. O. Atlanta), Ga.—TEMPORARY LOAN
NEGOTIATED—The following report is taken from an Atlanta dispatch
to the "Wall Street Journal" of June 29'
"Fulton County's annual operating loan from Atlanta banks, totaling
$2,050,000, has been negotiated at 1M%. lowest rate in county history.
The banks also agreed to honor salary warrants at 3%, compared with 4%
in the past. The
county's gross indebtedness, as of June 11, was $2,102,052,
while the net debt was
$1,886,597, the Treasurer reports. Warrants drawn
in 1935 and not yet paid
through the treasury accounts total $1,418,896,
while the 1936 warrants
bring the total of interest-bearing warrants out¬
standing to $1,730,052.
The total in the county treasury, including the
unexpended casual deficiency balance, is $215,454."
GLASCOCK
COUNTY
(P.
O.
Gibson),
Ga .—BOND ELECTION—
It is reported that an election will be called for July 11 to vote on the issu¬
of $8,000 in 4% county jail bonds.
Denom. $500. Due from Jan. 1,
1938 to 1953.
f
ance
CONNECTICUT
OFFERINGS
CONNECTICUT
(State of)—ISSUE OF $14,000,000 BONDS SUG¬
receipt of $2,000,000 bonds for redemption at the
office of John S. Addis, State Treasurer, on July 1, there was only about
$1,000,000 more to be paid before the State will be free of all bonded debt.
The balance of the original issues aggregating $14,500,000 had been retired
previously.
In discussing the matter, Mr. Addis suggested that a new
issue of $14,000,000 bonds would be the proper way in which to fund the
deficit of approximately that amount in the State's general fund.
The
new bonds, he said, could be sold at
2M% interest or less.
Should the
financing be undertaken, the Treasurer stated that he would like to see
a sinking fund
arrangement placed in operation, similar to that which per¬
mitted the early redemption of the bonds previously outstanding.
GESTED—With
EAST
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone Wasatch 3221
Bell Teletype:
SL K-37
HARTFORD,
Conn.—BONDS AUTHORIZED—1The
Town
Council on June 23 passed an ordinance authorizing the issuance of $125,000
office building, fire station and high school addition construction bonds.
IDAHO
IDAHO COUNTY SCHOOL DISTRICT NO. 39 (P. O. Greencreek),
.
DERBY,
Conn.—BOND SALE—The $50,000 2M% highway, sewer
public improvement bonds offered on June 29—V. 142, p. 4216—were
on a bid of 103.066, a basis of about
2.16%. Coffin & Burr of Boston were second high, bidding 102.667. Dated
May 1, 1936. Due $3,000 yearly on May 1 from 1938 to J.953, and $2,000
on May 1,
1954.
OFFERING—Sealed
bids
will
be
received
until
2
p.
m.
102.447
102.28
102.26
the amount bid is required.
awarded to Rutter & Co. of New York
Other bids
Idaho—BOND
July 11 by A. J. Wassmuth, District Clerk, for the purchase of a $9,000
of building bonds.
Dated July 1, 1936.
Payable in 20 years after
date, on the amortization plan, interest payable Jan. and July 1, the first
and second coupons calling for the payment of semi-annual interest, and
each coupon of the residue calling for payment of an instalment of the
principal in an amount equal to the result obtained by dividing the principal
of the bonds by the number of remaining coupons attached to the bond
plus the semi-annual interest, and said bonds shall be in the form pre¬
scribed by the State Board of Education.
A certified check for 5% of
and
were
as
follows:
Bidder—
Rale Bid
R. F. Griggs Co___
Bancamerica-Blair Corp
Putnam & Co
Halsey, Stuart & Co., Inc
R. L. Day & Co....
101.285
-_.100.57
-
STRATFORD,
Conn.—BOND SALE—The $120,000 coupon public
welfare bonds offered on July 1—V. 142, p. 4057—were awarded to Halsey,
Stuart & Co., Inc., of New York as 2Ms, at a price of 100.457, a basis of
about 2.09%.
Dated July 1, 1936, and due $8,000 on July 1 from 1937 to
1951
WANTED
the
on
issue
IDAHO COUNTY UNION INDEPENDENT HIGHWAY DISTRICT
(P. O. Grangeville), Idaho—BOND SALE DETAILS—We are now in¬
that the $33,000 refunding bonds sold to Paine, Rice & Co. of
Spokane, as 2Ms and 3s, for a premium of $15.00, equal to 100.04, as noted
here recently—V. 142, r. 4217'—are dated July 1, 1936.
Coupon bonds
formed
in the denomination of $1,000 each.
$13,000
20,000
incl.
DELAWARE
LAUREL, Del.—ADDITIONAL BOND ISSUE DETAILS—The $20,000 4% town hall and fire house bonds purchased recently by Laird, Bissell
& Meeds of Wilmington at a price of 104, as previously noted in these
mature in 20 years, optional in 1940.
Dated
Coupon bonds of $1,000 each, interest payable J. & J.
columns,
July
1,
1936.
as
as
These bonds mature
as
follows:
2Ms, due on Aug. 1: $3,000, 1938 to 1940, and $4,000 in 1941.
3s, due on Aug. 1: $4,000 from 1942 to 1946, incl.
IDAHO FALLS, Ida.—BONDS CALLED—It is reported that Nos.
125 to 149, of 4M% municipal electric light bonds were called for payment
July 1, on which date interest ceased.
on
MALAD CITY, Idaho—BOND SALE—The two issues of special im¬
provement bonds aggregating $8,600, offered for sale on June 12—V. 142,
& 3895—was purchased by the First National City Clerk. The bonds par.
other bid
received, according to the Bank of Malad City at
are
o
was
divided
as
follows: $3,400 District No. 1 and $5,200 District No. 2 bonds.
Due and payable before Oct.
city,
on
1,
1940, redeemable at the pleasure of the
30 days' notice,
UNION INDEPENDENT HIGHWAY DISTRICT (P. O. Grangeville), Idaho—BOND SALE—The district has sold $33,000 3% coupon
refunding bonds to Murphey, Favre & Co. of Spokane at a premium of
$25, equal to 100.075.
Due serially from 1938 to 1946.
ILLINOIS
ILLINOIS, State of—COSTS AND SERVICES OF LOCAL GOVERN¬
IN SELECTED COUNTIES—The latest study by the Bureau
MENT
of Business Research, University of Illinois, published as Bulletin No. 52,
presents a comparative analysis of the costs and services of local govern¬
ment in three
pairs of Illinois counties.
Each pair consisted of
one
county
with
township organization and one county with the commission system.
The three pairs of counties—Logan and Morgan, Brown and Scott, and
Gallatin and Johnson—were chosen because of their similarity in geographi¬
cal
location, area, density of
and amount of taxes levied.
population, assessed valuation of property,
Another purpose of the study, besides the comparative analysis of the
two prevailing types of local government, was to examine the adequacy
of each to provide public services under present conditions in an efficient
and economical manner. It seemed desirable to make such a general critical
analysis because the main outlines of the two systems have many features
in common.
Moreover, the legal basis of both systems is the Constitution
of 1870, which was designed to meet public needs under social and economic
conditions quite different from those which prevail to-day.
Illinois has 17,336 political units, or more than any other
tax-levying jurisdictions overlap in area and
merous
administration of the
FLORIDA
COUNTY
BROWARD
SUITS
(P.
Fort
O.
FILED AGAINST LOCAL
Lauderdale),
Fla.—DAMAGE
UNITS— Seven preliminary
suits for
damages totaling $2,700,000 against Broward County political sub-divisions
have been filed
in Federal Court in Miami by a bondholders' committee
attorney
Julian E. Ross.
Defendants are Fort Lauderdale,
Hollywood, Broward County school districts and special road and bridge
districts.
Judge Holland allowed 30 days for filing of additional defense
proceedings in other suits.
through
FLORIDA
SHIP
CANAL
NAVIGATION
DISTRICT
(P.
O.
this
year.
the Board this year to make a small levy on account of the canal bonds
which have already been sold.'
communication
cautioned
the
Commissioners not
to
make
their
tax
levy until they had been advised as to the amount of the canal levy.
no judicial decision in the matter, bond attorneys'
opinions have been to the effect that the bonds voted last year in six of the
seven counoies lying in the basin area of the proposed canal will be paid from
taxes for which homesteads will be just as liable as other property.
During
the campaign for ratification of the $1,500,000 bond issue proponents said
"While there has been
homesteads would not be liable for1 the bonds.
"The counties in
and Citrus.
Johns
the district
are:
Duval, Clay, Putnam, Marion, Levy
bounded on the west by the St.
was not in¬
St. Johns County, which is
River at
The civil township is not a vigorous governmental unit, and has not
a
significant measure of local self-government.
A township
enjoys only such powers as are delegated by the State. It is based on an
arbitrary land-survey area, and is usually not a natural social and economic
unit.
The importance of the township has been diminished by the rise of
cities and villages and by the transfer of part of various local functions to
the county and to the State.
As a form of representative government it is
weak.
Although township officials are elective, they can generally conduct
the affairs of their office with little restraint, because of the indifference
of
the
For
voters.
the
point where the canal will use that stream,
cluded in the taxing district."
a
JACKSONVILLE, Fla.-—BOND SALE—The $500,000 issue of coupon
refunding bonds, issue of 1936, offered for sale on July 1—V. 142, p. 3037
awarded to Wheelock & Cummins, Inc., of Des Moines, Iowa, as
3s, paying a premium of $3,710, equal to 100.742, a basis of about 2.94%.
Dated July 15, 1936.
Due on July 15 as follows:
$200,000, 1950, and
$300,000 in 1951.
The second highest bid was submitted by Blyth & Co.,
Inc., of New York, and the Robinson-Humphrey Co. of Atlanta, jointly,
offering a premium of $350 for the first $275,000 at 3M %, the remaining
$225,000 as 2% % bonds, which would give a basis of about 3.01%.
•—was
and
so
forth.
By adding all the costs of the comparable services, it was found that
township counties spent $22,222 more for these items than did the
commission counties.
in
no
water
as
excess
amounted to 47 cents for each individual
The differences represent, for the most part,
(expenses of township organization for which
rendered that are not provided under the commis¬
overhead
system.
Although the comparison favored the commission form of government,
considerable evidence supported the belief that local government could
operate mOre efficiently and more economically if some or all of the rural
functions in either type of local government were transferred to the county.
A logical corollary of this change, of Course, would be the consolidation of
existing small counties. The problem might" be satisfactorily solved by the
enactment of legislation
authorizing improved optional forms of local
government. In this way the citizens of a county could select a form of
local government that seemed best adapted to their needs.
JACKSONVILLE,
111.—CIRCUIT COURT
UPHOLDS
ELECTRIC
PLANT ORDINANCE—In a unanimous decision, three Circuit Judges,
sitting en-banc on June 23 upheld the ordinance under which it is proposed
to construct a municipal light and power plant.
The decision also upheld
the State statute under which the ordinance was drafted.
The decision denied plaintiffs an injunction and dismissed the cause of
want of equity.
O. N. Foreman, special counsel for the city,
action for
motion to enter
was
$330,000
March 31,
or
essential services are
sion
a
on
This
the township counties.
additional costs
This
the
and commission
the
con¬
with
Court
of township
per diem and mileage of supervisors
commissioners, and the like. The other class included costs of items of
non-comparable nature, such as county jails, court houses, pauper relief,
revenue certificates
validated in the
noted here at that time, it is stated by
A. E. Fuller, Director of Finance, that the certificates will not be offered
at public sale but will be sold through a Federal agency.
MIAMI, Fla -PUBLIC OFFERING NOT CONTEMPLATED— In
Circuit
of comparing the costs
county officials and their assistants,
a
filed
nection
purpose
government, their expenditures were divided into two groups.
One class
included the costs of items of a comparable nature, such as salaries of
and
"The Board of County Commissioners was advised yesterday by officials
of the Florida Ship Canal Navigation District that 'it will be necessary for
"The
State.
Nu¬
engaged in the
services.
afforded
Jack¬
sonville), Fla.—BOND PAYMENT LEVY TO BE MADE—'The Jackson¬
ville "Times-Union" of June 24 carried the following report:
"Duval County property owners will have to pay cross-State ship canal
bond taxes
are
Coordination is lacking among units
on the same level and between the various functions of subordinate political
units and those of State and National Government.
same
a decree establishing the legality of the ordinance.
granted by the Court without contest from opposing counsel.
must be given the approval of the Illinois Supreme Court before
the city can obtain the grant offered by the Federal Government for 45%
of the cost of the project.
The case probably will get a hearing at the next
The
case
146
Financial
sitting of the Supreme Court,
for
an
Chronicle
Under the ordinance the improvement call
expenditure of $420,000.
INDEPENDENT
SCHOOL
DISTRICT, Iowa—BOND
SALE DETAILS—The $45,000 refunding bonds awarded on June 22 to the
Carleton D. Beh Co. of Des Moines as 2 Ms at a price of
101.055, are coupon
bonds in the denom. of $1,000 each and are dated
Aug. 1, 1936.
Interest
will be payable
semi-annually on May 1 and Nov. 1.
Due
MERCER TOWNSHIP (P. O.
Aledo), 111.—BOND ELECTION—At an
to be held on June 30 a
proposition to issue $50,000 highway
improvement bonds will be submitted to the voters.
election
serially.
CLINTON COUNTY (P. O. Clinton), Iowa—BONDS AUTHORIZED
PLEASANT
TOWNSHIP (P. O. Ipava), 111.—BOND SALE—Of an
issue of $30,000 road bonds sold by the
township recently, $21,000 were
taken as 3 Ms by the
White-Phillips Co. of Davenport and $9,000 as 4s by
local investors.
—The Board of County Supervisors has passed a resolution
authorizing the
issuance of $50,000 refunding bonds,
DUBUQUE COUNTY (P. O. Dubuque), Iowa—WARRANT SALE—
by the White-
A $75,000 issue of poor fund warrants was
purchased recently
ROODHOUSE, 111.—BOND OFFERING—¥. L. Thompson, City Clerk,
will receive sealed bids until 7:30
p. m. on July 6 for the purchase of $3,500
street
oiling bonds.
WILLIAMSON
Denom. $500.
Phillips Co. of Davenport at 3%.
GERMAN TOWNSHIP SCHOOL DISTRICT
(P. O. Algona), Iowa
•—BOND SALE—The $25,000 school building bonds offered on June 29
—V. 142, p. 4217—were awarded to Vieth, Duncan,
Worley & Wood of
(
COUNTY
(P. O. Marion), 111.—BOND SALE—An
issue of $170,000 funding bonds has been sold to
Seipp, Princell & Co. of
Chicago.
Davenport at 2M% interest.
The Titonka Savings Bank of Titonka
high bidder, offering a $330 premium for 3s.
.
HAMBURG,
bonds
BRAZIL SCHOOL CITY, Ind.—BOND SALE—The
$55,700 funding
on June
15—V. 142, p. 4058—were awarded to the
City
Securities Co. of Indianapolis as 3 Ms at a premium of
$116, equal to 100.208.
bonds offered
GREENCASTLE, Ind.—BOND OFFERING—Jessie
M. Hankins, Clerk-
Treasurer of the city, will receive sealed bids until 2
p. m. on July 17 for
3% street and park improvement bonds.
Dated
July 1, 1936.
Denom. $500.
Due $1,000 Jan. 1, 1938 and $500 July
1, 1938: $500, Jan. 1 and July 1 from 1939 to 1945 incl., and $500, Jan.
1,
1946.
A certified check for $100, payable to the order of the
was
Hamburg
to the
Iowa—BOND SALE-—A
offered
as
HAMMOND
coupon
SCHOOL
CITY,
Ind.—BOND
SALE— The
issue
of
awarded to A. S. Huyck & Co.,
HARBISON SCHOOL TOWNSHIP (P. O.
Haysville), Ind.—BOND
OFFERING—Christ Harder, Township Trustee, will receive bids until
2p.m. July 18 for the purchase of $8,500 4% coupon school building bonds.
Denom. $500,
Dated July 1, 1936.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the office of the Township Trustee.
Due
$500 each six months from July 1, 1938, to July 1, 1946, incl.
INDIANAPOLIS
SCHOOL
DISTRICT,
Ind.—WARRANT SALE—
The $200,000
time warrants offered on June 30—V. 142, p. 4377—were
Jackson-Ewert, Inc., of Indianapolis, at par on a .75% interest
basis.
The Indianapolis Bond & Share Corp. of
Indianapolis offered to
take the paper on a 1 % interest basis and
pay a premium of $53.
Due
Dec. 1. 1936.
awarded to
JONESBORO SCHOOL TOWN
(P. O. Jonesboro), Ind.—BOND
OFFERING—The Board of School Trustees will receive bids until 2
p. m.
July 15 for the purchase of $5,500 school funding bonds.
MARION
COUNTY
(P.
O. Indianapolis), Ind.—OTHER BIDS—
The $178,520 refunding bonds awarded
recently to Collett & Co., Inc., of
Indianapolis as lMs, at par plus a premium of $1,097.46, equal to 100.70,
a basis of about 1.29%, were also bid for as follows:
Bidder—
Int.
Fletcher Trust Co., Union Trust Co. of Indianapolis
and Phelps, Fenn & Co
Harris Trust & Savings Bank,
Chicago..Jackson-Ewert, Inc
Halsey, Stuart & Co., Inc
Indianapolis Bond & Share Corp..
City Securities Corp., Indianapolis, and
good & Mayer, Cincinnati
Rate
Premium
1M%
1M %
1M%
1 M %
1M%
!
$911.50
321.00
237.50
168.00
139.00
;
i
Season-
.
1M %
_,
108.00
MICHIGAN CITY SCHOOL CITY, Ind.—WARRANT OFFERING
—The Board of Education will receive bids until
July 6 for the purchase
of $5,500 tax anticipation warrants.
MONTGOMERY SCHOOL TOWNSHIP
(P. O. Paris Crossing),
Ind.—BOND OFFERING—As already reported in these columns—V.
142,
6 odd, Township Trustee, will receive bids until 2sale m. July 10 forEldo
4377—the township will offer $4,000 bonds for p. on July 10.
the
purchase at not less than par of $4,000 4M % debt funding bonds. Denom.
$200.
Dated July 1, 1936.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the First National Bank of North Vernon.
Due
$200 each six months from Jan. 1, 1937 to July 1, 1946, inclusive.
MUNCIE,
Ind.—WARRANT OFFERING—The
receive bids until 10
RICHLAND
BOND
a.m.
City Controller will
July 8 for the purchase of $80,000 time warrants.
SCHOOL
TOWNSHIP
(P.
O.
Bloomfield), Ind.—
Trustee and Advisory Board will receive bids
18 for the purchase of 6,000 school building bonds.
1
OFFERING—The
until 4 p.m. July
RICHLAND TOWNSHIP SCHOOL TOWNSHIP
(P. O. Elletsville),
Ind.—BOND OFFERING—Charles
D. Freeman,
Trustee, will receive
sealed bids until 10 a. m. on July 15, for the purchase of
$4,900 3% school
bonds.
Dated July 15, 1936.
Due July 15 as follows:
$500 from 1937
to
1945, incl. and $400 in 1946.
One bond for $400, others $500 each.
(This report of the offering supersedes that given in a previous issue.)
RUSHVILLE SCHOOL CITY,
VINCENNES SCHOOL
a.m.
July 6 for the purchase
CITY, Ind.—BOND OFFERING—The Board
m. July 20 for the purchase of
of Trustees will receive bids until 7:30
p.
$5,000 Issue of fire equipment
awarded to the Iowa State Bank of
.
at an election to be held on
HARRISON
July 9.
COUNTY
(P.
O.
Logan),
lovr&—MATURITY—It
is
stated by the County Auditor that the $25,000
refunding bonds purchased
by the White-Phillips Co. of Davenport, as 2Ms at par, as noted here re¬
cently—Y. 142, p. 4377—are due from 1938 to 1940.
IDA
COUNTY
election held
on
(P.
O.
Ida
Grove),
Iowa'—BONDS VOTED—At the
June 24—V. 142, p. 4218—the voters approved the issuance
primary road refunding bonds, the count being 2,077 to
336, according to report.
:
,
—
IOWA, State of—WARRANT CALL—Leo J. We'gman, State Treasurer,
is reported to be
calling for payment
standing sinking fund warrants.
IOWA
on
July 1
a
total of $3,500,000 of out¬
CITY, Iowa—BOND OFFERING—At 9
Clerk will offer for sale
issue
an
a.
m.
of $8,374.94 special
July 7 the City
paving
assessment
bonds.
IOWA State of—TREASURYBALANCE SHOWS LARGE INCREASE
IN YEAR—Iowa will have State Treasury balance of about
$4,000,000 at
close of fiscal year June 30, to run the State in the second half of the biennial
period, State Comptroller Murtagh estimated recently.
Most State funds
and accounts will show balances and none will be overdrawn, he said.
Estimated balance compares with one of $750,000 July 1, 1935.
Revenues were enhanced last year because of contributions of
$1,500,000
quarterly sales and income taxes when no State property levy was made.
This year, the $1,500,000 allocation from sales and income taxes ceased on
Jan. 1, and 3.1 mill State tax levy will be substituted.
This is expected
to raise $4,500,000 semi-annually.
State Liquor Commission has been
paying into the treasury about $100,000 monthly in profits.
Mr Murtagh figures that State income is sufficient to meet all
appropria¬
tions for the biennium voted by the last Legislature,
amounting to $29,693,475.
Estimated receipts for period of the biennium, or from July 1, 1935,
to June 30,1937, is $30,476,630, or $783,155 more than the amount
approp¬
riated.
JACKSON
COUNTY
(P.
O.
Maquoketa),
Iowa—BONDS AUTH¬
ORIZED—A resolution is said to have been approved by the
County Board
of Supervisors
to care
providing for the issuance of $50,000 in refunding bonds,
for outstanding warrants against the county poor fund.
LEON INDEPENDENT SCHOOL DISTRICT (P. O.
Leon), Iowa—
BOND OFFERING—It is stated by the District Secretary that he will re¬
ceive bids until 10:30 a. m. on July 14 for the purchase of a
$12,000 issue of
school bonds.
Interest rate is not to exceed 4%, payable F. & A.
Dated
Aug. 1, 1936. Due on Aug. 1 as follows: $1,000, 1937 to 1946 and $2,000
1947. These bonds were approved by the voters at an election held on
in
June 11.
MONTICELLO,
called
an
Iowa—BOND
election for July
ELECTION—The
City Council has
15 to vote on the question of issuing $20,000
swimming pool bonds.
NEW
power
MARKET, Iowa—BOND SALE—The $55,000 issue of light and
plant bonds offered for sale
on
June 18—V. 142, p. 3896—was pur¬
chased by
Fairbanks, Morse & Co. of Chicago as 5s, less
$1,717.53, equal to 96.877, according to the Town Clerk.
a
discount of
OTTO INDEPENDENT SCHOOL DISTRICT, Iowa—BOND ELEC¬
TION—The Board of School Directors has ordered that a special election
be held
school
on July 21 for the
building bonds.
purpose
of voting on the question of issuing $25,000
PALO ALTO
COUNTY (P. O. Emmetsburg), Iowa—BOND ELEC¬
TION CONTEMPLATED—We are informed by the County Treasurer that
petitions are now being circulated to call an election, in order to have the
voters pass on the proposed issuance of $500,000 in
primary road bonds.
PELLA
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BONDS
VOTED—At
a recent election the citizens voted 338 to 276 in favor of the
issuance of $30,000 school building bonds.
ROCKWELL CITY,
Iowa—BONDS VOTED—At the election held
on
June 24—V. 142, p. 3896—the voters approved the issuance of the
$175,000
in light and power plant bonds, according to report.
It is said that these
bonds will be revenue bonds, not payable as a general city obligation.
Ind.—BOND OFFERING—The Board
of School Trustees will receive bids until 10
of $9,500 bonds.
was
premium of $11.00, equal to 100.22, according
a
HARDY CONSOLIDATED INDEPENDENT SCHOOL
DISTRICT,
Iowa—BOND ELECTION—The Board of Directors has ordered that a
proposal to issue $20,000 school building bonds be submitted to the voters
school building bonds offered
on July 1—V. 142, p. 4058—
Inc. of Chicago as 4Ms, at par plus
a
premium of $5,274, equal to 108.11.
Dated July 1, 1936.
Denom.
$1,000.
Due serially from 1944 to 1949 incl.
Interest payable J. & J.
Public reoffering is being made by the bankers at
prices to yield from
3.05% to 3.30%, according to maturity.
was
June 25 and
City Clerk.
of the $960,000 in
$65,000
on
2Ms, paying
HAMPTON SCHOOL DISTRICT (P. O.
Hampton), Iowa—BOND
ELECTION—An election is reported to be scheduled for July
21, in order
to vote on the issuance of $120,000 in school
improvement bonds.
the purchase of $9,000
city, must
accompany each proposal.
The approving opinion of Matson, Ross,
McCord <fc Clifford of Indianapolis will be furnished the successful
bidder.
No conditional bids will be considered.
was
next
INDIANA
BATESVJLLE, Ind.—BONDS SOLD—The $6,000 4% water works
bonds offered in January were sold to the First National Bank of Batesville
at par plus a premium of $20, equal to 100.33.
Due in three years, optional
every three months.
July 4, 1936
CARROLL
SAC
COUNTY
(P.
O. Sac City),
Iowa—BOND ELECTION—At an
to issue $1,100,000 primary road
election called for July 8 a proposition
bonds will be submitted to the voters.
SCOTT
COUNTY
$50,000 issue of
(P.
O.
coupon county
Davenport),
Iowa—BOND SALE—The
funding bonds offered for sale
on July L—
Vieth,
Duncan, Worley & Wood, both of Davenport, as lMs, paying a premium
of $85, equal to 100.17, a basis of about 1.69%.
Denom. $1,000.
Due
from Nov. 1, 1937 to 1940. Interest payable June and Nov. 1.
$12,500 school bonds.
V. 142, p. 4377—was awarded jointly to the White-Phillips Co. and
Iowa Municipals
%
Polk-Peterson Corporation
Des Moines
Building
invalid.
DES MOINES
Waterloo
Ottumwa
Davenport
Iowa City
•
Cedar Rapids
A.
T.
&
T.
Sioux City
Sioux Falls, S. D.
Teletype: DESM 31
IOWA
by
a
an election held on May 29 a
propo¬
$75,000 electric light plant remodeling bonds was approved
vote of 200 to 45.
AUDUBON
COUNTY
(P.
O.
Audubon), Iowa—BOND ELECTION
NOT CONTEMPLATED—In connection with reports that have been cur¬
rent recently to the effect that an election would be held in the
near future
to vote on the proposed issuance of $960,000 in
primary road bonds, we are
informed by F. A. Johnson, County
Treasurer, that no such election is
contemplated.
BUFFALO
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Aurora),
Iowa—BONDS NOT SOLD—The $3,000 school bonds offered on
July 1
1—V. 142, p. 4377—were not sold as no bids were received.
BONDS REOFFERED—Bids will be received until
July 15 by John
Hearn, Secretary of the Board of Education, for the purchase of the above
bonds.
Dated July 1, 1936.
Due $500 from June 1, 1938 to 1943 incl.
Purchaser to furnish blank bonds and legal opinion.
A certified check for
$75, payable to the Secretary, must accompany the bid.
KANSAS
AXTELL, Kan.—BOND SALE DETAILS—It is reported by William
Berry, City Clerk, that the $11,000 2M% semi ann. sewer construction
bonds purchased by the State School Fund Commission, as noted here
recently—V. 142, p. 4377—were sold at par and mature in 1946.
ALTA, Iowa—BONDS VOTED—At
sition to issue
SIOUX CITY, Iowa—BOND ELECTION CANCELED—It is
reported
by Edward Moore, City Clerk, that the election which was scheduled for
July 1, to vote on the proposed issuance of $750,000 in municipal auditorium
and convention hall bonds, as noted in these columns recently—V.
142,
p. 421&—was canceled, as the issuance of these bonds would have been
GIRARD SCHOOL DISTRICT, Kan.—BONDS VOTED—A proposal
$15,000 school building and gymnasium bonds was approved by
to issue
the voters at
a
recent election.
KANSAS CITY, Kan.—BOND SALE DETAILS—We
are
informed by
Howard Payne, City Clerk, that the $38,338 grade crossing bonds
pur¬
chased by the Board of Public Utilities of the city, for the Water and
Light
Department Sinking Fund, for
a
premium of $326.81, equal to
100.85,
noted in these columns recently—V. 142, p. 4218—were sold as 2s.
Coupon
bonds dated June 1, 1936. Denom. $1,000, one for $338. Due
serially from
June 1, 1937 to 1946 incl. Interest payable J. & D.
LEAVENWORTH COUNTY (P. O. Leavenworth), Kan.—BONDS
SOLD—An issue of $9,000 county road fund bonds was sold
recently to
Stern Bros. & Co. of Kansas City at a price of 100.156.
The bonds bear
interest at
2%.
Denom. $1,000.
Due yearly.
ROSEVILLE SCHOOL DISTRICT (P. O. Roseville), Kan.—BOND
ELECTION—An election is said to be scheduled for July 11 in order to vote
on the issuance of $45,000 in school construction bonds.
Volume
143
Financial
SEDGWICK COUNTY (P. O. Wichita), Kan.—BONDS OFFERED TO
PUBLIC—The Ranson-Davidson Co. of Wichita is offering for investment
at
prices to yield from 0.40% to 2.10%, a $40,000 block of 2M% public
Denom. $1,000.
Dated June 1, 1936.
Due $4,000
Chronicle
147
bonds to the Southern Maryland National Bank of LaPlata at a price of
101.
Dated July 1, 1936.
Denom. $500.
Due in 30 years; callable after
10 years.
Interest payable J. & J.
work relief bonds.
from June 1, 1937 to 1946, incl.
Prin. and semi-ann. int. payable at the
office of the State Treasurer in Topeka.
Legal opinion by Long, Depew
& Stanley
We Are
of Wichita.
MAINE—NEW
KENTUCKY
J
Incorporated
200
Devonshire
Securities Corporation
York
Issues
E. H. Rollins & Sons
EQUITABLE
New
Specialists in
HAMPSHIRE-VERMONT
Municipal
Municipal Bonds
Birmingham
:
St.,
Boston,
Mass..:
Nashville
Chattanooga
'
Knowllfe
MAINE
Memphis
BANGOR, Me.—BOND SALE—The $38,000 2H%
bonds offered
KENTUCKY
COVINGTON, Ky.—BOND SALE DETAILS—In
sale of the
connection with the
$395,000 funding bonds to Magnus & Co. of Cincinnati,
ported here recently—V. 142,
were
sold
as
Sons of Boston at a price of 102.362, a basis of about 2.24%.
July 1, 1936 and due $2,000 on July 1 from 1937 to 1955, incl.
Dated
MASSACHUSETTS
p.
4s for
BEVERLY, Mass.—NOTE SALE—The Beverly National Bank
basis of about
a
coupon refunding
June 29—V. 142, p. 4378—were awarded to E. H. Rollins &
as re¬
4378—it is now stated by the City Auditor
a premium of
$2,258.50, equal to 100.571,
3.95%.
Due as follows: $5,000, 1937 to 1946; $10,000,
1947 to 1951; $15,000, 1952 to 1956; $20,000, 1957 to 1962, and
$25,000,
1963 to 1966.
that the bonds
on
Immediate Firm Bids
on
the
July 1,
was
successful bidder for the $100,000 tax anticipation notes offered on
taking the obligations
.23% discount basis.
The Merchants National
Bank of Boston was the next best bidder, offering to loan the money on a
.24% discount basis.
Notes are dated July 1, 1936, and will mature
Dec. 18, 1936.
on a
FALL
RIVER, Mass.—BOND SALE—Brown Harriman & Co.1^ Inc.,
issue
$675,000 relief bonds as 2%b.
Dated July 1, 1936, and due July 1 as
follows: $68,000 from 1937 to 1941, incl., and $67,000 from 1942 to 1946,
LOUISIANA MUNICIPALS
and the First Boston Corp., jointly .purchased privately on June 26 an
of
inclusive.
FITCHBURG, Mass.—BOND SALE— The $150,000
able
to
as
FITCHBURG,
LOUISIANA
ASCENSION PARISH SCHOOL DISTRICT NO. 1 (P. O. DonaldsonLa.—BOND SALE—The $40,000 issue of school bonds offered
on June
12—V. 142, p. 4059—was purchased by the Ernest M.
ville),
Loeb Co.,
Inc., of New Orleans, as 5s paying a premium of $600, equal
101.50, according to report.
Dated June 1, 1936.
Due serially from
1951.
June 1, 1939, to
FARMERVILLE,
La.—BONDS
AUTHORIZED—The
issuance
of
$25,000 in sewer system bonds is reported to have been approved recently
Due in 30 years.
by the Town Council.
IBERVILLE PARISH SCHOOL DISTRICT (P. O. Plaquemine),
La.—BOND OFFERING—Sealed bids will be received until 2:30
p.
m.
on
July 28 by Louis J. Wilbert, President of the School Board, for the purchase
of three issues of bonds, aggregating $180,000, as follows:
$80,000 School District No. 1 bonds.
Denom. $1,000.
A certified check
for $4,000, payable to the President of the School
Board, must
accompany the
bid.
75,000 School District No. 4 bonds.
Denom. $1,000.
A certified check
for $3,750, payable to the President of the School
Board, must
accompany the
Mass.—BOND
OFFERING—John B. Fellows, City
bids until 11 a. m. (Daylight saving Time)
$150,000 coupon, registerable as to principal
Dated July 1, 1936.
Denom. $1,000.
Due
to 1946, incl.
Bidder to name one rate of
interest on the issue, expressed in a multiple of M of 1%.
Principal and
interest (J. & J.) payable at the First National Bank of Boston.
The bonds
will be valid general obligations of the city exempt from taxation in Mass¬
achusetts, and all taxable property in the city will be subject to the levy
of unlimited ad valorem taxes to pay both principal and interest.
They
will be engraved under the supervision of and authenticated as to their
genuineness by The First National Bank of Boston.
This bank will further
certify that the legality of this issue has been approved by Storey, Thorndike, Palmer & Dodge, of Boston, a copy of whose opinion Will accompany
the bonds when delivered, without charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
in the proper issuance of the bonds will be filed with The First National
Bank of Boston, where they may be inspected.
Treasurer, will receive sealed
July 3 for the purchase of
only, municipal relief bonds.
$15,000 on July 1 from 1937
on
for sale
.
bid.
25,000 School District No. 3 bonds.
Denom. $500.
A certified check for
$1,250, payable to the President of the School Board, must ac¬
company the bid.
Interest rate is.not to exceed 6%.
Dated Aug. 1, 1936.
Due from Aug.
1, 1937 to 1956, incl.
These are the bonds approved by the voters at the
election held on June 16, as noted here — V. 142, p. 4378.
The approving
opinion of Chapman & Cutler of Chicago will be furnished.
LAKE
ARTHUR, La.—BONDS OFFERED TO INVESTORS—The
Ernest M. Loeb Co., Inc., of New Orleans, is offering to investors at 104
plus accrued interest an issue of $35,000 6% sewerage revenue bonds.
Denom. $500.
Dated May 1, 1936.
Prin. and semi-ann. int. (May 1
and Nov. 1) payable at the Bank of Terrebonne & Trust
Co., Houma.
Due May 1 as follows: $500, 1939, 1940 and 1941; $1,000, 1942 to
Financial Statement June 1,1936
Assessed valuation, 1935, including motor vehicle excise
Total bonded debt, not including this issue
Water debt (included in above)
Net debt
,
Tax Collections
as
of June 1, 1936
1935 levy, $1,675,511.19; uncollected to date, $224,797.20; 86.5%,
colloctod 4
No uncollected taxes prior to the levy of 1935.
Tax titles held June 1, 1936, $37,367.28.
(Funded under Chapter 49,
Tax rate, 1935, $32.80; 1936, $34.00.
$25,600.)
FR AM
Mass.—BOND SALE—The $40,000 coupon sewer
June 30—V. 142, p. 4378—were awarded to Coffin & Burr
for 2Mb, a basis of about 2.23%.
Tyler,
INGHAM,
bonds offered
of Boston
Buttrick
on
&
on
a
bid of 100.21
Co.
of
Boston
bid
100.799
for
2Ms.
LECOMPTE, La.—BOND SALE DETAILS—It is reported by W. H.
Jones Jr., Town Clerk, that the $8,000 town bonds purchased
by the
First National Bank of Boston
Omega Realty Co. of Alexandria at par, as noted here—V. 142, p. 4378—
dated April 1, 1936, and mature on April 1 as follows:
$500, 1937 to
1940, and $1,500, 1941 to 1944, all inclusive.
LEESVILLE, La.—BOND OFFERING—Sealed bids will be received
by J. M. King, Mayor, until noon on July 14 for the purchase of a $20,000
of 6% semi-ann. Sewerage District No. 1 bonds.
Denom. $100.
Dated Aug. 1, 1936.
Due from 1937 to 1946, incl.
Bids will be opened at
the office of J. R. Ferguson, Town Clerk.
No bid will be received for the
depository.
A certified check for 5% of the amount of the bid, payable to
the Town, is required.
(This report supplements the offering notice given here recently—V.142,
p. 4378.)
issue
SCHOOL
DISTRICTS
(P.
O.
Natchi¬
toches),
La.—BOND OFFERING—Sealed bids will be received until
11 a. m. on July 14 by E. A. Lee, District Secretary, for the purchase of two
issues of 5% school bonds, aggregating $45,000, divided as follows:
$30,000 School District No. 1 bonds.
Due in 12 years.
,' > 15,000 School District No. 5 bonds.
Due in 10 years.
These bonds
and 12.
must
were approved by the voters at elections held on
May 4
A certified check for 2H%, payable to the Parish School
Board,
accompany
the bid.
Dated July
1,
1936.
1937 to 1956. incl.
Due $2,000 on July 1 from
are
$51,639,779.00
2,779,800.00
434,200.00
2,345,600.00
^Population 1930 census, 40,692; 1935 census, 41,640.
1946;
$1,500, 1947 to 1951; $2,000, 1952 to 1955; $2,500 in 1956 and 1957; $3,000,
1958 and 1959. and $2,000, 1960.
NATCHITOCHES PARISH
register-
awarded to Tyler, Buttrick & Co. of Boston on
a basis of about
1.73%.
The Garris Trust &
TELEPHONE RAYMOND 1189
New Orleans
to
coupon,
principal only,
municipal relief bonds offered on July 3 were
a bid of 100.099 for lMs.
Savings Bank of Boston
bid 100.787 for 2s.
Dated July 1, 1936.
Due $15,000 on July 1 from
1937 to 1946, inclusive.
■
•
INCORPORATED
A. T. T. TEL. N. O. 180
Other bids were as follows:
•
,
Int. Rate
2 M%
Bidder—
R. L. Day & Co
Newton, Abbe & Co—Whiting, Weeks & Knowles
Lee Higginson Corp
Hornblower & Weeks
i,
-
HAMPDEN COUNTY (P. O. Springfield),
2M%
2M%
2%%
2M %
2%%
Rate Bid
100.406
*09-33
101.013
100.521
100.432
100.29
Mass.—LOAN OFFERING
Murphy, County Treasurer, will receive sealed bids until noon
(Daylight Saving Time) on July 8 for the purchase at discount of $300,000
tax anticipation notes.
Dated July 8, 1936.
Denoms. $25,000, $10,000
and $5,000.
Payable Nov. 6, 1936.
Said 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 in¬
spected.
They will be delivered on or about Thursday, July 9, 1936, at
the First National Bank of Boston, 17 Court Street Office, Boston, Mass
—John J.
for Boston funds.
t
LEXINGTON, Mass .—NOTE OFFERING— Sealed bids will be received
by the Town Treasurer until 7.30 p. m. on July 7 for the purchase at dis¬
count of $100,000 tax anticipation notes, dated July 8,
1936, and due
Jan. 29, 1937.
MASSACHUSETTS (State of)—NOTE OFFERING—Charles F. Hurley,
sealed bids until noon (Eastern Daylight Saving
Time) on July 6 for the purchase of $4,000,000 notes, dated July 10, 1936,
and maturing July 8, 1937.
They will be issued under the provisions of
Chapter 49, Acts of 1933, as amended, creating an Emergency Finance
Board.
Interest on the notes will be payable at maturity and figured on
exact number of days on a 360-day year basis.
Principal and interest
State Treasurer, will receive
RAPIDES PARISH SCHOOL DISTRICTS (P. O.
Alexandria), La.—
BOND OFFERING— Sealed bids will be received until July 24,
by H. M.
Wells, Secretary of the Parish School Board, for the purchase of three
issues of bonds, aggregating $27,000, divided as follows:
$8,000 Glenmora
School District No. 27; $9,000 Rigolette School District No.
11, and
$10,000
Big Island School District No. 50.
voters at an election held on May 12,
These bonds
were
approved by the
as reported here.
WEST BATON ROUGE PARISH SCHOOL DISTRICT NO. 3
(P. O.
Port Allen), La.—BOND SALE—The $135,000 issue of
coupon school
bonds offered for sale on June 24—V. 142, p. 4218—was awarded to a
group
composed of Lachlan M. Vass & Co., Levy & Rooney & Co., Inc., both of
New Orleans, and Leonard J. Daniels & Co. of Shreveport, paying a pre¬
mium of $337.50, equal to 100.25, on the bonds divided as follows: $79,000
3s, the remaining $56,000
1937 to 1951.
as
as
4s.
Dated
July
15,
1936.
Due from
MARYLAND
HOWARD COUNTY (P. O. Ellicott City), Md.—TAX RATE HIGHER
—The tax rate for the fiscal year which started June 1, 1936, has been fixed
at $1.15 per $100 of assessed valuation, an increase of 15 cents over last
year's rate.
The county's indebtedness to the State Roads Commission
has been
wiped out, and of the $74,600 allotted this year for debt service,
approximately $15,000 is expected to be recovered from State road funds.
LAPLATA, Md.-—BOND SALE—Eugene Mudd, Town Clerk-Treasurer,
nforms
us
or
the
sale
on
June
15
of $10,000
payable in Boston or New York, at option of purchaser.
Delivery will
be made in Boston.
VERMILION PARISH SCHOOL DISTRICT NO. 1 (P. O.
Abbeville),
La.'—BOND SALE POSTPONED—It is reported by the Superintendent or
Schools that the sale of the $20,000 5% Sixth Ward School District No. 1
bonds, previously scheduled for July 2, as noted here—V. 142, p. 4378—
has been postponed to July 16.
Dated July 15, 1936.
Due serially in
19 years.
4% coupon water system
NORTH
ADAMS, Mass.—BOND SALE—The $50,000 coupon Hood
damage bonds offered on July 3 were awarded to Faxon, Gade & Co. of
Boston on a bid of 100.244 for 1 Ms, a basis of about 1.17%.
Arthur Ferry
& Co. of Boston were second high with a bid of 100.149 for 1 Ms.
Dated
July 1,1936.
Due $10,000 yearly on July 1 from 1937 to 1941, inclusive.
PALMER, Mass.—NOTE SALE—The New England Trust Co. of Boston
was awarded on June 30 an issue of $100,000 notes at 0.33%
discount.
Due Dec. 11, 1936.
Other bids were as follows:
Discount
Bidder—
Merchants National Bank of Boston
Second National Bank of Boston
Whiting, Weeks & Knowles
Faxon, Gade & Co
0.38%
-0.393%
0.40%
0.46%
QUINCY, Mass.—NOTE SALE—The issue of $300,000 notes offered on
June 30 was awarded to the Merchants National Bank of Boston at 0.49%
discount.
Dated July 1, 1936 and due $100,000 Nov. 25, 1936 and $200,-
000 March 26, 1937.
Other bids were as follows:
.
Bidder—
National Shawmut Bank
Discount
0.51%
Whiting, Weeks & Knowles
0.51%
First National Bank of Boston
0.52%
Bank of Manhattan Co_
0.53%
Faxon, Gade & Co
0.54%
148
Financial
SPRINGFIELD, Mass.—NOTE OFFERING—George
W. Rice, City
Treasurer, will receive sealed bids until 11a. m. (Daylight Saving Time)
on July 7 for the
purchase of $300,000 revenue notes, due Feb. 11, 1937.
They will be discounted July 9, 1936, and will be issued in eight pieces,
four of which will be for $25,000 each and an equal amount in units of
$50,000.
Payable in either New York or Boston and approved as to
legality by Storey, Thorndike, Palmer & Dodge of Boston, whose opinion
will be furnished the purchaser.
Proposals by letter, telephone or telegram
will be accepted and discount will be figured for 217
days on the 360 day
m
basis.
Chronicle
LOAN—
The City Council approved a proposal to apply to the State Loan Board for
fiermission to borrow $120,000 to carry it was necessary to the summer tax
the city over until borrow $67,000
evy is available
Oct. 1.
Last
on
year
short-term notes
more on
Northwestern
|
WINTHROP,
July 4, 1936
WYANDOTTE, Mich.—APPROVES TAX ANTICIPATION
Mass.—NOTE ISSUE DETAILS—The
$14,000
Winthrop Trust Co. at a price of 100.92 are
dated June 15, 1936, and mature as follows: $3,000 from 1937 to
1940,
ncl., and $2,000 in 1941.
Minnesota, North and
notes sold on June 22 to the
Municipals
South Dakota, Montana,
Oregon, Washington
WELLS-DICKEY COMPANY
We
MICHIGAN MUNICIPALS
MINNESOTA
Cray, McFawn 6k Company
«■
BATTLE LAKE, Minn.—BOND ELECTION—A proposal to issue
$280,000 3% waterworks construction bonds will be submitted to a vote
of the electors at a special election scheduled for July 14.
DETROIT
MINNEAPOLIS,
Minn.—BOND
OFFERING—Bids
will
received
be
until 10 a. m. July 20 by Geo. M. Link, Secretary of the Board of Estimate
and Taxation, for the purchase at not less than par of the $876,000 coupon,
A. T. T. Tel. DET347
Telephone CHerry 6828
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
Buy for Our Own Account
fully registerable bonds which are described as follows:
MICHIGAN
FLINT,
$500,000 public relief bonds.
Due $50,000 yearly
on
Aug.
DEFICIT REDUCED— Setting a 1936-37
tax rate of $29.11 per $1,000 of assessed valuation, the City Commission
cut the anticipated deficit in the operating budget to $364,225, according
to report.
The Commission, it is said, transferred $107,819 from the
street lighting fund to debt service, reducing the deficiency to
$579,930.
and|the deficit levy further reducing it to $314,225.
The tax rate for city debt service is 8.116, and for school debt service
5.994.
GRAND RAPIDS,
Mich.—INCREASE IN TAX RATE—The new
city and Board of Education tax rate for 1936-37 will be $19.66 per $1,000
assessed valuation, as against $19.03 for the last fiscal year.
The
rate for debt service is broken up as follows:
City bonds and interest,
$3.18 as against $4.12: school bonds and interest, $3.48 as against $3.41.
of
JONESVILLE, Mich.—BOND ELECTION—The taxpayers will vote
at a special election being held on July 6 on the question of issuing $10,000
village hall construction bonds.
LANSING, Mich.—BONDED DEBT—The bonded debt of the city,
including obligations of the Board of Water and Electric Light Com¬
missioners, was cut from $6,904,300 on May 1, 1930, to $3,366,000 on
May 1, 1936, according to a recent announcement.
Of the bonds out¬
standing at present, $541,500 are owned by the Water and Electric De¬
partment and the City Park Department.
376,000 permanent improvement work relief bonds.
Due Aug. 1
follows: $37,000, 1937 to 1940, and $38,000, 1941 to 1946.
Mich.—UTILITY
PLANT PROFITS USED TO RE¬
DUCE DEBT—Profits from the municipal light and water plant will be
used to retire $20,000 in city bonds, or one-third of its financial budget of
$59,850 adopted for the ensuing year at the. Council meeting.
An offer
of the Electric Light and Water Board to retire the bonds which come due
the year was accepted by the City Council and a reduction in light rates
averaging 10% also was ordered.
MARYSVILLE
SCHOOL
DISTRICT,
Bidders
of U%, but not to exceed 6%.
are
the expense of issuing the bonds.
Certified check for 2% of amount of
bonds bid- for, payable to O. A. Bloomquist, City Treasurer, required.
Approving opinion of Thomson, Wood & Hoffman of New York will be
supplied by the city.
^
RAMSEY COUNTY (P. O. St. Paul) Minn.—FINANCIAL STATE¬
MENT—We quote briefly as follows from a detailed financial report issued
in connection with the offering scheduled for July 6, of the $200,000 not to
exceed 6% semi-ann. public welfare, series G bonds, noted in these columns
recently—V. 142, p. 4220:
Property Valuation
Prev. Year 1934
Curr. Year 1935
Actual or full valuation
$497,432,171.00
$499,726,383.00
Assessed or taxable valuation
236,278,311.00
254,461,320.00
legally 20%, 25%, 33 1-3% and 40%
Population, 1930 census, 286,721.
defaulted on debt obligations? No.
valuation is
Assessed
valuation.
Act 88 of the Public Acts of 1909.
The district has
an
Bonded Debt (as of June 1,
any
1936)
4379.
There
only
was
one
bidder,
Filer Carpenter &
Roose of
Detroit, who offered a premium of $10.15 for 4% bonds.
The Board of
Education is considering selling the bonds to the U.S. Government.
OAKLAND COUNTY
(P. O. Pontiac), Mich.—PROTECTIVE COM¬
ANNOUNCES
INTEREST
DISBURSEMENT—The
Bond¬
holders' Protective Committee for Oakland County, composed of Chairman
S. E. Johanigman, Chicago; B. T. Batsch, Toledo, and J. A. Nordman,
St. Louis, with O.
E. Huyette, Secretary, 1859 National Bank Building
Detroit, announced under date of June 25 as follows:
To the holders of highway improvement bonds issued by the Board of
County Road Commissioners of Oakland County, Mich. (Road Assess¬
ment Districts No. 11, through 157, inclusive).
On or about July 15, a distribution of interest will be made to the holders
of certificates of deposit representing the above described bonds of record
at the depositaries for the committee as of July 3, as follows:
As regards bonds of Road Assessment Districts No. 93 and 148—Int.
will be paid in cash at the original coupon rate to and incl. May 1, 1935.
As regards bonds of all other road assessment districts—Int. will be
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—Int. will be paid in cash at the rate of
3% per annum for the period 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.
Records of the depositaries will be closed to transfer of certificates of
deposit on July 2 and will remain closed until after distribution is made of
as
outlined
Serial
2,577,000.00
Serial
Purpose—Public welfare, $200,000.00.
-
Legal debt limit of this municipality ?
Overlapping debt, none.
10 %.
Condition of Sinking Funds, all bonds are serial.
Principal and Interest Requirements for Next Four Years
Interest
1939
1938
1937
1936
$934,000
$691,000
480,237
Principal
493,542
$958,000
453,655
$1,000,000
411,990
RENVILLE, Minn .—CERTIFICATE SALE—The $30,000 issue of 3%
Paving Improvement District No. 1 certificates of indebtedness offered for
sale on June 26—V. 142, p. 4220—was purchased by the Wells-Dickey
Co. of Minneapolis at par.
Due serially in 10 years, according to the
City Clerk.
It is stated that no other bid was received.
ST.
PAUL, Minn.—BOND SALE—The $100,OuO issue of coupon public
bonds offered for sale on July 1—V. 142, p. 4379—was awarded
welfare
Halsey, Stuart & Co., Inc., of Chicago, and the E. C. Williams Co. of
St. Paul as 2.10s, paying a price of 100.07, a basis of about 2.08%./ Dated
July 1,1936.
Due from July 1, 1937, to 1946 inclusive.
to
MISSISSIPPI
COLUMBUS, Miss—BOND SALE DETAILS—It is now reported by
the City Secretary that the $15,000 street, water works, and power bonds
sold
above.
A plan for refunding all of the above described bonds is contained in a
circular dated March 6, 1936.
To participate in the above distribution,
bonds must be placed on deposit for collection of interest and for exchange
for refunding bonds at one of the depositaries named above.
Approximately 93% of bonds eligible for refunding are now on deposit.
A decree was entered by the Hon. E. J. Moinet of the United States
Court on June 22, 1936, in the case of the Committee vs. the
County of Oakland et al.
The bill of complaint in this case was filed on
Jan. 3, 1933.
This decree establishes the validity of the bonds now out¬
standing.
Copy of circular and letters of transmittal may be obtained from the
Secretary of the committee or from the depositaries, the latter being the
Guaranty Trust Co., New York, Toledo Trust Co., Toledo, and Detroit
Trust Co., Detroit.
District
REYNOLDS TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Howard
City), Mich.—BOND OFFERING—B. E. Meir, Secretary of the Board of
Education, will receive sealed bids until 8 P. m. on July 7 for the purchase of
to
3^s at
in
the
Union
Planters
National
Bank
&
Trust Co.
of Memphis as
price of 100.52, as noted here recently—V. 142, p. 4379—are
and mature on May 1 as follows:
$2,000,
1943, and $1,000 in 1944, giving a basis of about 3.12%.
a
the denomination of $500,
1937 to
MITTEE
interest
Sinking Funds
$9,913,000.00
listed below)__
Bonds authorized, but not issued:
kind.
NORTHVILLE & NOVI FRACTIONAL SCHOOL DISTRICT NO.
2 (P. O. Northville), Mich.—BONDS NOT SOLD—No award was made of
the issue of $27,000 not to exceed 4% school bonds offered on June 29—V.
p.
General (all purposes not
Relief—
assessed valuation of
$12,250,235 and at the present time is free of indebtedness of
142,
of actual
Has this municipality ever
Mich.—BOND
OFFERING—
C. Kuhlenkamp, Secretary of the Board of Education, will receive sealed
bids until 7 p. m. (Eastern Standard Time) on July 13 for the purchase of
$70,000 4% coupon school building bonds. Dated Aug. 1, 1936. Denom.
$1,000.
Due $14,000 on Aug. 1 from 1938 to 1942 incl.
Principal and
interest (F. & A.) payable at the National City Bank, New York.
A
certified check for $500, payable to the order of the District Treasurer,
must accompany each proposal.
Successful bidder will be required to
furnish at his own expense printed bonds and attached interest coupons,
the copy to be furnished by the district.
Prospective bidders will be per¬
mitted to examine a certified copy of the proceedings authorizing the
issue and will be required to pay the cost of attorneys fees with respect to
the approval of the issue as to legality. Payment and delivery of the bonds
to be made at a bank in Port Huron to be designated by the Board of
Education.
The bonds will be exempt from taxation in Michigan under
as
to name rate of interest, in a multiple
The purchaser will be required to pay
the Board of Estimate & Taxation $1.25 per $1,000 bond to apply against
Dated Aug. 1, 1936.
Outstanding
MARSHALL,
1 from 1937
to 1946.
Mich.—BUDGET
MISSISSIPPI,
State
of—TAX
PROPOSALS SPONSORED BY MU¬
NICIPAL GROUPS—State Supervisors Association and Municipal Officers
Association are jointly sponsoring a move to allot 50% of sales tax revenue
to local units of government as a means of meeting bond payments.
Resolu¬
tion adopted by the two groups asserts that while the State collects 19s
special taxes, local units are dependent almost wholly upon ad valorem
property taxation.
Associations also petitioned Governor Hugh L. White to hold the State
ad valorem levy to four mills.
YAZOO-MISSISSIPPI LEVEE DISTRICT (P. O. Clarksdale), Miss.
—BONDS CALLED—The Board of Levee Commissioners is said to have
July 1, Nos. 1 to 30, and 35 to 120, aggregating
$116,000, of 4% Fifth series bonds,
Dated July 1, 1902.
Due on July 1,
1952.
Payable at the First National Bank of Chicago
called for payment at par, on
MISSOURI
CAPE GIRARDEAU SCHOOL
DISTRICT (P. O. Cape Girardeau)
Mo.—BONDS VOTED—At the election held on June 23—V. 142, p. 4220—
$85,000 in school building bonds
of 1,298 to 285. according to the Secretary of the Board of
the voters approved the issuance of the
by a count
Education.
CLAYTON,
Mo.—BONDS SOLD—The $30,000 issue of public park
bonds that
was approved by the voters recently, as noted here—V. 142, p.
4379—has been purchased by the Harris Trust & Savings Bank, of Chicago,
as
2 y±s, paying a price of 101.30, according to report.
DUNKLIN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
(P. O. Kennett), Mo.—BOND SALE DETAILS—In connection with the
$5,000 5% semi-annual school bonds to the St. Louis Trust Co.
Louis, as noted in these columns recently—V, 142, p. 4220—it is
stated that these bonds were sold at par and mature $1,000 from April 1,
1947 to 1951, inclusive.
sale of the
of St.
WEBSTER GROVES, Mo.—BOND ELECTION—We are informed by
George E. Waite, City Clerk, that an election will be held on July 21, in
on the proposed issuance of $175,000 in bonds for parks and
playgrounds.
order to vote
$17,000 4% school bonds
Dated June 30, 1936. Due as follows: $500 from
1938 to 1943 incl. and $1,000 from 1944 to 1957 incl.
Interest payable
MONTANA
J. &. D.
(An issue of $20,000 3% bonds
was
offered without
success on
May 1).
ROYAL OAK, Mich.—REFUNDING PLAN EFFECTIVE—The bond¬
holders' protective committee recently reported to the City Commission
that the plan for refunding $6,000,000 in bonds has been declared operative,
89% of the holders having agreed to the plan.
exchange agent.
The Detroit Trust Co. is
BIG
SCHOOL DISTRICT NO. 2 (P. O. Pryor)
Mont.-—BONDS SOLD—We are now informed by the Clerk of the Board
HORN
COUNTY
of Education that the $8,500 school building bonds offered for sale without
success on June 1, as noted here—V. 142, p. 3898—have
been purchased
by the Commissioner of State Lands,
on the amortization plan, in 20 years.
5s at par.
These bonds
No other bid was received.
as
are
due
the
SAULTE
STE.
MARIE,
additior bonds offered
on
Mich.—BOND SALE—The
Truettner & Thisted, Inc. of Detroit
serially in 10 annual installments.
$15,000
library
June 15—V. 142, p. 4060—were awarded to Hood,
as
2Ms.
Dated July 15. 1936 and due
GALLATIN COUNTY HIGH SCHOOL DISTRICT (P. O. Bozeman),
STATEMENT—The following information is fur¬
Mont —FINANCIAL
nished in
connection.with the offering scheduled fpr July 22 of the $249,000
4%. semi-annual high school building bonds, notice
issue of not to exceed
of which appeared in these columns recently—V. 142, p. 4380:-
Volume
Financial
143
149
Chronicle
Bonded Indebtedness of Gallatin County as of June 26, 1936
$35,000 road bonds due $10,000 Jan. 1, 1937; $10,000 Jan. 1, 1938; $15,000
Jan. 1, 1939.
50,000 refunding bonds due $10,000 annually.
50,000 refunding bonds due $10,000 annually.
170,000 (estimated bonds new court house now under construction,
H. L. Aller & Company
due
New Jersey
$9,250 annually).
Collection of Taxes in Gallatin County
Total amount 1934 tax levy
Amount this levy collected to June 1, 1936
-
Total amount 1935 tax levy
Amount this levy collected to June 1, 1936
Taxes become delinquent on Nov. 30 and
-j%.
-
May 15.
$720,196.37
676,903.70
756,463.83
701.909.62
There is no law
extending time of payment.
Gallatin
for 2-7333
m
A.T.&T,
N. Y. 1-528
New York
100 Broadway
...
County High School District
Latest assessed valuation (full cash), 1935
Balance in all funds, June 25, 1936
Taxable valuation
m^mpipal Bonds
Telephoi
municipal bonds
$20,509,958.00
481,437.52
-
<5
and General Market Issues
New Jersey
of full cash value.
County can
operate on cash basis with 90% collection of taxes.
All school districts in
the Gallatin County High School District operating on cash basis.
Gallatin
County operating on cash basis.
Approximately 73 miles of railroad in¬
cluded within the boundaries of Gallatin County High School District.
approximately 32%
B. J. Van Ingen
& Co. Inc.
NEBRASKA
ADAMS, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$12,000 3H% water refunding bonds have been sold.
Denom. $1,000
Dated May 15, 1936.
Due $1,000 from 1937 to 1948 incl. Prin. and int.
(M. & N.) payable in Beatrice.
BEAVER CITY, Neb.—BOND SALE—It is stated by U. D. Smith,
City Clerk, that the $23,000 3J^% semi-ann. refunding bonds authorized
by the City Council in May—V. 142, p. 3552—were purchased by the
Pathfinder
Life
Insurance Co.
of Grand Island.
$243,000 of the total of $2,950,000 refunding bonds being issued by
city in connection with its debt refinancing program.
the
BONDS AUTHOR¬
adopted on June 23,
1934 of New Jersey ,
as amended, authorized the issuance of $415,000 refunding bonds of said
town, dated July 1, 1936, maturing in annual instalments or series on July 1
in each year as follows: $50,000 of bonds in the year 1938; $35,000 of bonds
in the year 1939; $50,000 of bonds in each of the years 1940 to 1945, incl.,
and $30,000 of bonds in the year 1946, for the purpose of funding or refund¬
ing the following outstanding obligations of said town, viz.:
WEST NEW YORK, N. J. —$415,000 REFUNDING
IZED—The Board of Commissioners has, by ordinance
LINCOLN,
Neb.—BOND
SALE—The
$60,000
special
assessment
refunding bonds offered on June 29—V. 142, p. 3899—were awarded to
Burns, Potter & Co. and Ware Hall & Co., both of Omaha, as 2s, at a
premium of $508, equal to 100.846, a basis of about 1.84%. The Continental
National Bank of Lincoln offered a premium of $13, providing the first
four maturities bore 1%% interest and the last six 2%.
Dated July 1,
1936. Due one-tenth yearly beginning July 1, 1937.
PENDER,
passed
an
Neb.—BONDS
AUTHORIZED—The
Village
Council
has
ordinance authorizing the issuance of $30,000 refunding bonds.
PLATTSMOUTH, Neb.—BOND SALE—The City Council
June 22
sold $23,000 4% 20-year optional refunding bonds to H. A. Schneider of
Plattsmouth at a premium of $75, equal to 100.326.
on
WALTH1LL SCHOOL DISTRICT (P. O. Walthill), Neb.—BOND
SALE—It is stated by the Secretary of the Board of Education that $10,000
school bonds have been purchased by the First National Bank of Walthill
2)^s.
as
NEVADA
TONOPAH, Nev.—BOND ELECTION—A special election is to be held
on
July 14 at which
a
proposition to issue $30,000
sewer
bonds will be sub¬
mitted to the voters.
NEW
MANCHESTER,
HAMPSHIRE
Financial Statement, June 22, 1936
Assessed valuation for 1936
Total bonded debt, not including present loan
Water bonds, included in total debt
190,000.00
No sinking funds.
Population, 76,834 (1930). 1935 levy, $3,061,540.00;
June 1, 1936, $213,514.00.
1934 levy, $2,823,931.00; uncol¬
uncollected
lected June 1,1936, $8,961.00.
NASHUA, N. H.—NOTE SALE—An issue of $50,000 notes, payable
May 28, 1937, was sold on June 30 to Mansfield & Co. of Hartford on a
.47% discount basis.
Whiting,*, Weeks & Knowles of Boston bid *55%
discount.
as
follows:
-
Bidder—•
Discount
Merchants National Bank of Boston
0.57%
0.63%
0.65%
0.65%
Nashua Trust Co
Faxon, Gade & Co
Second National Bank of Boston.,
Hobbs), N. M.—BOND SALE
(not $72,000) 4%
Public Works Administration,
at par, as noted here recently—V. 142, p. 4381—it is reported by the
attorney for the district that the bonds mature $6,000 from April 1, 1938,
NEW
JERSEY
BONDHOLDERS—According to a
the city is endeavoring to put its finances in a condi¬
tion that will make it possible to pay all bondholders 100 cents on the dol¬
lar with interest and is desirous of obtaining the names of all bondholders,
together with a detailed description of their holdings, in order that they may
be acquainted with such plans as may be offered.
N. J .—BOND FINANCING—In connection with
of the disposal by the city of $150,000 4% funding bonds at
learn that $67,000 were given in exchange to the holders of 5%
temporary improvement bonds due July 1, 1936, and the balance of $83,000
(P.
O.
DETAILS—In connection with the sale of the $60,000
1947
incl.
.
2 (P. O. Lovington),
for sale
the State of New Mexico
at par, according to the County Treasurer.
Dated June 1, 1936.
Due
from June 1, 1937 to 1940.
No other bid was received.
COUNTY
LEA
SCHOOL
DISTRICT
NO.
N. Mex.—BOND SALE—The $4,100 issue of school bonds offered
June 29—V".
on
142. p. 4221—was purchased by
Portales),
County
sale on June
27—V. 142, p. 4062—was awarded to the State of New Mexico as 3 Hs, pay¬
ing a premium of $50, e.iual to 100.10, a basis of about 3.49%.
Dated
July 1, 1936.
Due from July 1, 1939 to 1956.
The second highest bid
was an offer of par on 3^s and 3%s, submitted to E. F. Hutton & Co. of
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 1 (P. O.
N. Mex.—BOND SALE—We are now informed by Homer Barnett,
Treasurer, that the $50,000 coupon school bonds offered for
El Paso.
ROOSEVELT
COUNTY SCHOOL
DISTRICT
NO.
10
O.
(P.
Por¬
N. M.—BOND SALE—The $9,500 issue of school bonds offered
June 30—V. 142, p. 4062—was awarded to the Clovis National
Bank of Clovis as 4Ks, paying a premium of $25, equal to 100.26, a basis
of about 4.22%.
Dated June 30, 1936.
Due $500 from Jan. 1, 1939 to
1957, inclusive.
|
'
tales),
recent announcement,
COLLI NGSWOOD,
SCHOOL DISTRICT
semi-ann. school construction bonds to the
for sale
ASBURY PARK, N. J.—NOTICE TO
MEXICO
NEW
HOBBS
to
$85,038,060.00
3,488,000.00
-
were
$150,000 Improvement bonds, dated Oct. 1, 1926, payable $25,000 of bonds
on Oct. 1 in each of the years 1937 to 1942, incl.
60,000 Improvement bonds, dated July 1,1924, payable $15,000 of bonds
on July 1 in each of the years 1937 to 1940, incl.
58,000 Improvement bonds, of 1930, dated Oct. 1, 1930, payable $10,000
of bonds on Oct. 1 in each of the years 1937 to 1941, incl., and
$8,000 of bonds on Oct. 1, 1942.
25,000 Playground bonds of 1931, dated April 1, 1931, payable $5,000 of
bonds on April 1 in each of the years 1937 to 1941, incl.
30,000 School bonds, dated July 1, 1925, payable $15,000 of bonds on
July 1 in each of the years 1937 and 1938.
45,000 School bonds, dated July 1, 1924, payable $11,000 of bonds on
July 1 in each of the years 1937 to 1940, incl., and one $1,000 bond
numbered 83, originally payable on July 1, 1934.
24,000 School bonds, dated May 1, 1921, payable $10,000 of bonds
numbered 333 to 342, incl., on May 1, 1940 and $14,000 of bonds
numbered 371 to 384, incl., on May 1, 1942.
N.
H.—BOND SALE—The issue of $120,000 3%
coupon municipal improvement and equipment bonds offered on July 2
was awarded to Ballou, Adams & Whittemore,
Inc., of Boston, at a price
of 101.599, a basis of about 2.82%.
Dated July 1, 1936, and due $6,000
on July 1 from 1937 to 1956 incl.
Halsey, Stuart & Co., Inc., of Boston,
second high bidder, offered to pay 100.689.
Other bids
pursuant to the provisions of Chapter 233 of the Laws of
on
SAN JUAN COUNTY INDEPENDENT SCHOOL
DISTRICT NO. 22
N. M.—BOND SALE—The $8,000 issue of school bonds
June 30—V. 142, p. 4062—was purchased by the State
of New Mexico as 4s at par, according to the County Treasurer.
Dated
June 15, 1936;
Due $1,000 from June 15, 1939 to 1946 incl.
No other
(P. O. Aztec),
offered for sale
bid
was
on
received, it is said.
.
,
.
the report
par,
we
sold
to
Offerings—
investors.
The new bonds are dated June 1,
1936.
Denom.
Registerable as to principal and (or) interest.
Due serially on
July 1 from 1937 to 1956 incl.
Interest payable J. & J.
$1,000.
DELAWARE RIVER JOINT COMMISSION
(P. O. Camden),
N. J.
County—Citv—Town—Sch ool Distric t
—BOND SALE—B. J. Van Ingen & Co., Inc., of New York have purchased
a new issue of $2,500,000 4
Yi% bonds, the proceeds of which will be used to
Gordon Graves & Co.
construct a toll bridge across the Delaware River between Easton and
Phillipsburg. The bonds will mature in 25 years and provide for redemption
prior to maturity.
EAST
ORANGE,
N.
J.—$840,000
AUTHORIZED—The
City Council has authorized issuance of $840,000 in notes to finance the
proposed junior high school at North Clinton St. and Renshaw Ave.
City
Treasurer Clapp was authorized to issue them as needed.
The interest'
rate is not to exceed 2 %.
ROCKAWAY TOWNSHIP (P. O. Rockaway), N. J.—BOND SALE
—The $60,000 coupon or registered improvement bonds of 1936 offered on
June 25—V. 142. p. 3899—were awarded to H. L. Allen & Co. and Ewing
& Co., both of New York,
jointly, as 3%s, at par plus a premium of $108,
basis of about 3.70%.
Dated June 1, 1936, and due
follows; $8,000 from 1937 to 1941 incl. and $10,000 in 1942
equal to 100.18,
1
June
and
as
a
1943.
SECAUCUS, N. J.—BOND SALE—An issue of $50,000 4H%
bonds
at a
was
sold
on
June 23
to
the First National Bank of North
school
Bergen
price of 100.50.
VENTNOR
Freeman &
CITY, N. J .—BOND EXCHANGE PROGRESS—M. M.
Co. of Philadelphia reported recently the exchange of all but
MEMBERS NEW
1
NOTES
Wanted
New York State Municipals
WALL ST.,
YORK
STOCK
EXCHANGE
N. Y.
NEW
Whitehall 4-5770
YORK
BEEKMANTOWN AND MOOERS CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Altona), N. Y.—BOND SALE—The $118,000
coupon, fully registerable, school building bonds offered on May 19 were
ALTONA,
B. Gibbons & Co. of New York, who are now offering
.75% to 3.60%, according
Denom. $1,000.
Dated Dec. 1, 1935.
Principal and semi¬
annual interest (June 1 and Dec. 1) payable at the Chase National Bank,
in New York.
Due yearly on Dec. 1 as follows: $2,000, 1936 to 1940; $3,000,
1941 to 1948; $4,000, 1949 to 1953; $5,000, 1954 to 1958; $6,000, 1959 to
1963; $7,000, 1964; and $2,000, 1965.
The bonds are legal investments
for trust funds in New York State, and constitute, in the opinion of counsel,
valid and legally binding obligations of the district, and all the taxable
property within the district is subject to the levy of ad valorem taxes to pay
principal and interest on these bonds, without limit as to rate or amount.
awarded
to
Geo.
the bonds to investors at prices to yield from
to
maturity.
Financial
150
Financial Statement (Officially
'
Reported)
Valuation, as determined by State Tax Commission
Assessed valuation, 1935-1936
son
$824,026
253,983
118,000
Total bonded debt, this issue
Chronicle
Population (official estimate), 2,400.
Above financial statement does not include the debt of other political
subdivisions
having power to levy taxes within the district.
Taxes—Under Section 435, Education Law, Clinton County is required to
provide the district with any balance needed to accomplish 100% tax collec¬
tion each year.
For the latest available year (1934), the county was re¬
quired to re-levy only $9,312.77 for uncollected school taxes in the entire
county.
State Aid—In addition to the annual State aid for the support of schools,
this district will receive from the State of New York, under the building
quota of the Education Law, 25% of the money required to pay principal
and interest on bonds issued for the erection, enlargement or remodeling
of a school building.
Anticipated State aid, 1935-1936 year: $24,752, or 75% of $33,053 budget.
Overlapping Debt—The combined county, city ,town, village and district
bonded debt in Clinton County is less than $39 per capita. This is next to
the lowest in New York State; the average for the 62 counties in the State„
being $235 per capita (N. Y. State Tax Report, 1934). This district covers
a portion of each of three towns, none of which have bonds outstanding.
There are no incorporated villages in the district. After giving effect to the
issuance of these bonds and including its proportion of county bonded debt,
this district will show a per capita bonded debt figure of less than $55.
July 4, 1936
Wilmerding & Co., all of New York and Dougherty, Corkran
Philadelphia, on a bid of $100,215 for 2Ms, a basis of about 2.73%:
& Curtis,
& Co. of
$1,500,000 refunding bonds.
Due July 15 as follows: $200,000 from 1946
to 1952, incl., and $100,000 in 1953.
1,000,000 emergency relief bonds.
Due July 15 as follows: $100,000 from
1938 to 1945, incl., and $200,000 in 1946.
500,000 county road bonds.
Due $100,000 on July 15 from 1947 to
1951, incl.
All of the bonds will be dated July 15, 1936.
Denom. $1,000.
Principal
and interest (J. & J.) payable at the County Treasurer's office.
TAX SUIT AGAINST LONG BEACH—-The Appellate
WINS
-
Financial Statistics—June 22,
of New York
on
a
2.76%.
The Riverhead Savings Bank, second high bidder, offered a $15
premium for 2.90s.
Dated March 1, 1936.
Due $1,000 on March 1 from
6,663,374.50
$44,461,625.50
Resulting net bonded debt
franchises
of real estate, including special
Gross
Gross
debt.
_
________
_
CORTLANDT (P. O. Peekskill), N. Y —BOND OFFERING—3.
Town Clerk,
will receive sealed bids until
1:30
p.
m.
Allen
follows: $1,000 from 1941 to 1951 incl. and $500 from 1952 to 1954
Bidder to name one rate of interest on all of the bonds, expressed in a
incl.
mul¬
Principal and interest (J. & D.) payable at the
National City Bank, New York City.
Although payable primarily from
taxes levied on property within Extension No. 1, the bonds are, neverthe¬
less, general obligations of the town, and all of its taxable property is subject
486,993.25
and school tax notes
this issue of emergency
bonds to retire relief notes.
levy of unlimited ad valorem taxes in the event that the special assess¬
ments are insufficient to pay the principal and interest on the issue. A certi¬
fied check for $250, payable to the order of the town, is required.
The
approving opinion of Clay, Dillon & Yandewater of New York will be fur¬
1
bidder.
Y.—BONDS SOLD—The
N.
$130,000
deficiency
bonds
which failed to sell when offered on June 1—V. 142, p. 4222—have been
taken by Walter, Woody & Heimerdinger of Cincinnati.
The issue will be
place at a price of
par
for 5s.
Dated May 1, 1936.
Due $26,000 yearly
funds in
May 1 from 1937 to 1941; optional on May 1 each year, as excess
the sinking fund may permit.
"
on
FALCONER, N. Y —BOND OFFERING—An offering is being made
by the village of $56,000 not to exceed 5% interest coupon or registered
bonds.
Sealed bids will be received by Lottie Dunham, Village
Clerk, until noon (Daylight Saving Time) on July 15.
The bonds will
be dated July 15, 1936.
Denom. $1,000.
Due July 15 as follows: $5,000
from 1938 to 1940 incl.; $6,000 in 1941 and $7,000 from 1942 to 1946 incl.
Bidder to name one rate of interest on all of the bonds, expressed in a
multiples of M or 1-10 of 1%.
Principal and interest (J. & J. 15)
payable at the First National Bank of Falconer, with New York exchange.
The bonds are direct general obligations of the village, payable from un¬
limited taxes.
A certified check for $1,120, payable to the order of the
village, must accompany each proposal.
The approving opinion of Clay,
Dillon & Vandewater of New York will be furnished the successful bidder.
sewer
HEMPSTEAD
AND
NORTH
CENTRAL
HIGH
HEMPSTEAD
SCHOOL DISTRICT NO. 2 (P. O. Floral Park), N. Y.—BOND SALE—
offered on June 29—V. 142,
p. 4381—were awarded to Rutter & Co. of New York as 2.80s at a price of
100.18, a basis of about 2.78%.
Dated June 1, 1936, and due Dec. 1 as
follows: $2,000 from 1937 to 1940, incl., and $3,000 from 1941 to 1960, incl.
The $68,000 coupon or registered school bonds
LACKAWANNA, N. Y.—NOTE SALE—The American Bank of Lacka¬
wanna
recently purchased
an
issue of $75,000 4% notes at a price of par.
Due Aug. 19. 1936.
LONG BEACH, N. Y.—ORDERED TO CURE TAX DEFAULT TO
COUNTY—The Appellate Division of the State Supreme Court on July 2
a ruling of the lower court,
ordering the payment by the city of
sustained
$433,760 in taxes owed to the county for 1926 and from 1929 to 1934.
The
Court, moreover, modified the lower Court decision by striking out the
provision that payment be made by the city at the rate of 10% annually.
NASSAU
COUNTY
(P. O. Mineola), N. Y.—BOND SALE—The
$3,000,000 coupon or registered bonds described below, which were offered
on July 2—V. 142, p. 4381—were awarded to a syndicate headed by Halsey,
Stuart & Co., Inc. of New York, and including Goldman, Sachs & Co.,
Stranahan, Harris & Co., Inc., B. J. Van Ingen & Co., Inc., Burr & Co.,
Inc., Morse Bros. & Co., Inc., Schlater, Noyes & Gardner, Inc., Jack¬
1,500,000.00
7,708,367.75
Net funded and unfunded debt
__
.$49,482,632.25
Unfunded debt (as of June 22,1936):
Tax anticipation obligations (due July-December, 1936)Tax delinquent obligations (due sinking fund on demand)
Emergency relief notes (due June-December, 1936)
Total
unfunded
debt
.
$3,700,000.00
400,000.00
1,966.000.00
.
.
$6,066,000.00
Sinking funds (as of June 22, 1936):
Cash
:
Bonds of this
.
$4,021,374.50
300,000.00
400,000.00
2,027,379.00
municipality__
Other obligations of this municipality—Tax
All other sinking fund assets (taxes)
Total
loans
.
$6,748,773.50
________
Tax Collection
Report {State, County and Tovm Taxes)
Fiscal Year Beginning Jan. 1—
1933
1935
1934
Total ad valorem or general property
.$20,430,043 $17,484,230 $12,334,548
Uncollected
at
of
end
tax
or
fiscal
5,104,977
latest
available
1,407,262
1,793.164
2,863,897
date—
June 20,1936
Uncollected at Approximately
date last year.
*
2,918,304
3,989,075
1,108;068
year
Uncollected
a
1,986,727
same
*
Rolls not returned by tax receivers.
Tax Collection Report (School Taxes)
Fiscal Year Beginning July 1—
Total school tax
levy
Uncollected at end of tax or fiscal year
i.
Uncollected latest available date—June 20, 1936-Uncollected at approximately same date last year._
*
Not yet ended.
1934-1935
$7,087,362
1,794,394
927,281
1,835,583
1935-1936
$7,402,664
*
1,731,670
(P. O. Newfane), N. Y.—BOND SALE—The $4,135.90
registered highway bonds offered on June 29—V. 142, p. 4381—
NEWFANE
AND WAVERLY CENTRAL SCHOOL DISTRICT
(P. O. St. Regis Falls), N. Y.—BOND OFFERING— Harry B.
Nelson, Clerk of the Board of Education, will receive sealed bids until
3 p. m. (Daylight Saving Time) on July 15 for the purchase of $23,650
not to exceed 4% interest coupon or registered school bonds.
Dated July 1,
1936. One bond for $1,150, others $1,000 and $500 each.
Due July 1, as
follows: $1,150, 1937; $1,000, 1938 and 1939; $1,500, frotn 1940 to 1946
incl., and $1,000 from 1947 to 1956 incl. Bidder to name one rate of interest
on the issue, expressed in a multiple of l-10th of 1 %.
Principal and interest
(J. & J.) payable at the Chase National Bank, New York. The bonds are
general obligations of the Board of Education, payable from unlimited
taxes.
A certified check for 10% of the issue, payable to the order of the
Board of Education, must accompany each bid. The approving opinion of
Thomson, Wood & Hoffman of New York will be furnished the successful
DICKINSON
DUNKIRK,
1,000,000.00
Total deductions
nished the successful bidder.
NO.
relief
Proceeds of this issue of refunding bonds to
be held for payment of outstanding bonds.
tiple of M or 1-10 of 1%.
to the
6,066,000.00
__$75,191,000.00
$4,721,374.50
Proceeds of
(Eastern
Standard Time) on July 7 for the purchase of $12,500 not to exceed 5%
interest coupon or registered Roe Park Water District Extension No. 1
bonds.
Dated June 1, 1936.
Denoms. $1,000 and $500.
Due June 1 as
Supreme Court tax.
$51,125,000.00
_
tax
Mead,
armory,
Deductions—Sinking funds (except water)
Cash on hand and held for payment of bonds
Better Than
COLONIE, N. Y —REJECT WATER BOND ISSUE—At a special elec¬
rejected the proposal
11,639,474.00
*11.85
—
police district tax,
Debt Statement
BUFFALO,
tion held recently the voters, by a count of 106 to 91,
to issue $45,000 water supply system bonds.
budget
M
Includes county
Total funded debt (as of June 22, 1936)
Total unfunded debt
The city will have a minimum debt margin of $5,614,968.37 when the
Before
"Buffalo's financial condition is much tetter than it was a year ago,"
it was stated.
"A year ago, the debt margin was $5,299,533."
On May 31, the report shows, the debt margin was $779,587, out of which
the Common Council has authorized a $500,000 bond issue for welfare
expenditures, leaving a balance to date of $279,587.
The report further
shows the city is retiring $5,335,399 in bonds annually.
It is estimated that approximately $2,000,000 will be required for welfare
and relief during the coming fiscal year.
Whether a bond issue for that
amount will be authorized by the Council in July has not been determined.
6,862,129.00
500,000.00
4,277,345.00
".
Tax rate per
*
N. Y.—INCREASE IN DEBT MARGIN EXPECTED—
fiscal
year of 1936-1937 begins July 1.
This amount, Comptroller William A.
Eckert announced recently, may be increased by $300,000 or $400,000 if
the Federal Government, as is expected, cancels outstanding bonds in that
amount against the Fillmore-Lovejoy sanitary sewer project.
_—_—833,555,904.00
-
budget
Debt service
1937 to 1945.
BUFFALO SEWER AUTHORITY, N. Y.—SELLS $1,000,000 BONDS
—Sage, Rutty & Steele of Rochester purchased in the latter part of June
a block of $1,000,000 sewer bonds as 3 Ms, at a price of par.
Due in about
18 years. The bonds are part of an original authorization of $15,000,000,
of which $3,358,000 were sold earlier to the Public Works Administration
as 4s, at par.
According to Chairman Daniel H. McCarriagher, the Author¬
ity will complete the comprehensive program of intercepting sewers and
storm-water relief drains, for which it was created, at cost well within the
total of $15,000,000 originally estimated. The total, moreover, will include
the grant of $6,750,000 furnished by the Federal Government, leaving the
actual cost to the Authority considerably less than the figure of $15,000,000
which the unit is empowered to expend from the proceeds of sale of bonds.
"
*$51,125,000.00
Cash basis reserve
Roura Co.
1936
Total bonded debt (*including this issue)
Less—Deductible items applicable to bonds
ment bonds
142, p. 4222—were awarded to P. B.
bid of 100.175 for 2.80s, a basis of about
Division
Court sustained on July 2 a tax award of $433,760
City of Long Beachj, The sum repre¬
and the years from 1929 to 1934, accord¬
ing to report.
The Appellate Court, it is said, modified the lower court
decision of Justice Thomas J. Cuff, striking out instructions for payment
of the debt at the rate of 10% a year.
of the State Supreme
Operating
July 1—V.
the bankers
priced to yield
in favor of the county against the
sents taxes owed by the city for 1926
Taxable assessed valuation
on
,
BONDS PUBLICLY OFFERED—The new issue offering by
appears as an advertisement on page III.
The bonds are
from 1.25 to 2.75%, according to maturity.
BRIDGEHAMPTON
FIRE DISTRICT
(P.
O.
Bridgehampton),
N. Y.—BOND SALE—The $9,000 coupon or registered apparatus and equip¬
offered
,
,
coupon or
awarded to Fred Krull of Niagara Falls on a bid of 100.10
basis of about 3.58%.
Roosevelt & Weigold of New York bid
were
a
for 3.60s,
100.28 for
Dated July 1, 1936. Due March 1 as foUows: $1,135.90 in 1940,
and $1,000 in 1941, 1942 and 1943.
3.90s.
NEW YORK, N. Y.—NOTES REFINANCED AT LOWER INTEREST
RATE—City Comptroller Frank J. Taylor announced at a special meeting
of the Board of Estimate on July 1 that he had succeeded in refinancing,
at a reduction of 33 1-3% in the interest rate, $28,150,000 of tax anticipa¬
tion revenue notes issued during the second half of 1934 and the full year
of 1935.
The new notes, the Comptroller stated, were issued at 2% in¬
terest, as against that of 3% contained in the original obligations.
At
the same time, Mr. Taylor stated that he was redeeming on July 1, $5,035,000 revenue notes which were issued in anticipation of the collection of
taxes for the first half of 1934The payment, he declared, resulted in
the complete redemption of the original series of $51,156,000 more than one
year ahead of time, as the obligations were not scheduled to mature until
July 1, 1937.
The advance payment, made possible by the continued
improvement in tax collections, was characterized by the Comptroller as
"only another straw which happily shows that the wind of credit is still
blowing steadily" in the direction of the city.
The $28,150,000 of notes which were refinanced at the reduced interest
rate of 2 % will be redeemed in varying amounts at three month intervals
from Oct. 1, 1936 to Jan. 1, 1938.
In addition to the foregoing information, Mr. Taylor advised the Board
of Estimate that he had effected the sale of $29,000,000 of 2% revenue
notes in anticipation of tax collections for the first half of 1936.
These
also will be redeemed at three month intervals from Oct. 1, 1936 to July 1,
1938.
NEW YORK CITY—PWA TO FINANCE 73 WORKS PROJECTS—
Comptroller Frank J. Taylor announced on June 29 that the United States
Government through the Federal Emergency Administration of Public
Works, better known as the PWA, has entered into agreements with the
city to finance 73 projects, including public improvements for hospitals
and nurses' hopaes, schools, incinerators, water supply system, subways,
ferryboats, the elevator system in the Municipal Building, Manhattan,
docks, and other works, the total cost of which was estimated to approxi¬
mate $104,399,881.
Of this total the PWA was to lend the city $57,162,000 on the latter's
serial bonds running from five years to 30 years, bearing interest at 4%
per annum. The PWA was also to furnish outright grants or cash for these
projects amounting to $32,058,962. The city itself would thus be required
to issue and sell $15,178,919 to other than the PWA.
The Government has already taken $29,140,000 of the city's 4% serial
bonds, and there is $2,210,000 in requisition which the PWA will honor
after July 1, making the total amount of bonds which will have been taken
by the PWA $31,350,000 of the $57,162,000—the sum total of the estimated
cost of the 73 projects which were agreed to by the PWA and the city.
It
is therefore to be noted that $25,812,000 of the bonds are still to be issued,
and these the Government is desirous of being relieved of the obligation to
take.
All of the grant moneys contained in the original agreements, according
to Comptroller Taylor, are to be furnished by the Government, while the
city itself would have to sell the $25,812,000 to other than the PWA, and
at such interest rates less than 4% as it could obtain.
"On the assumption that the city's credit would enable the issue of these
bonds at interest rates not exceeding 3M% per annum," said Mr, Taylor,
"there would be
a
saving in interest costs of upwards of $1,716,000 as com-
Volume
Financial
143
151
Chronicle
a 4% coupon.
Assuming that, being serial bonds, the city could
on an average interest rate of 3 U. %, the saving as compared with
4% bond during the entire period which the bonds would run, would
approximate $2,575,000."
•
.
All of the projects are under way, quite a number of them practically in
process of completion.
Financing to the end of this year will necessitate
approximately from $14,000,000 to $15,000,000 of cash requirements.
On the city agreeing to release the Government from its commitment to
purchase these still remaining $25,812,000 of bonds, the Administrator
will sign the appropriate certificates for the sale of such bonds by the city
to a purchaser other than the Government.
pared -with
sell such
a
Southern Municipal Bonds
McALISTER, SMITH & PATE, Inc.
$7 BROAD
NEW YORK
STREET
Telephone WHltehall 4-6765
NEW YORK
STATE—ISSUE OF $75,000,000 NOTES— State Comp¬
troller Tremaine on June 29 borrowed $75,000,000 on short-term notes for
■
■
CHARLESTON, S. C.
GREENVILLE. S. C.
the State,
awarding the notes on an allotment basis. The notes were issued
.40% interest. In the open market banks and dealers were bidding for
on a
.35% interest basis on the day the loan was made. This
issue of notes is dated July 1, 1936, and will mature May 11, 1937.
at
the notes
Allotments
were
made
on
the following
basis:
'
$2,100,000 Each
Chase National Bank.
Harris Trust &
"«
National City Bank.
Bank of the Manhattan Company.
Savings Bank,
Chicago.
G. M-P. Murphy & Co.
Oct.
Phelps, Fenn & Co.
$500,000 Each
Bankers Trust Co.
First National Bank.
Guaranty Trust Co.
Dominick & Dominlck
M. & T. Trust Co., Buffalo.
Marine Trust Co., Buffalo.
Eastman, Dillon & Co.
Emanuel & Co.
J. P. Morgan & Co.
Barr Brothers & Co.
Bancamerlca-Blair Corp.
Brown Harriman & Co.
Stone & Webster and Blodget,
Lehman Brothers.
First Trust Co., Albany.
Trust Company of North America.
Inc.
'
$300,000 Each
Adams, McEntee & Co.
A. C. Allyn & Co.
Edward B. Smith & Co.
Burr & Co., Inc.
$1,000,000 Each
Bank of New York & Trust Co.
Chemical Bank & Trust Co.
James H. Causey & Co., Inc.
C. F. Chi Ids & Co.
City Bank Farmers Trust Co.
Darby & Co.
Continental Bank & Trust Co.
Dick & Merle-Smith.
Empire Trust Co.
Equitable Securities Corp.
-
National Commercial Bank & Trust Co.,
OXFORD, N. C.—BONDS AUTHORIZED—'The Board of Town Com¬
authorizing the issuance of
$36,000 floating debt funding bonds.
Ernst & Co.
ROBERSONVILLE,
State National Bank, Albany.
Public National Bank & Trust Co.
Field, Glore & Co.
J. Henry Schroeder Trust Co.
Henry Green & Co., Inc.
Hallgarten & Co.
as
Hannahs, Ballin & Lee
Heidelbach, Ickelheimer <fe Co.
Goldman, Sachs & Co.
Halsey, Stuart & Co.
Ladenburg, Thalmann & Co.
Lazard Freres & Co.
Morse Brothers & Co.
Brooklyn Trust Co.
as of May 1.
Dated May 1, 1936.
Prin. and int.
payable in New York City in legal tender.
Bonds are regisprincipal alone and as to principal and interest.
Interest
rate is not to exceed 6%, stated in multiples of H of 1%.
No bid may
name more than two rates for any issue, and each bid must specify the
amount of bonds of each rate.
The approving opinion of Masslich &
Mitchell of New York will be furnished the purchaser.
A certified check
for $1,000, payable unconditionally to the order of the State Treasurer,
must accompany the bid.
(M. & N.)
Paine, Webber & Co.
Federation Bank & Trust Co.
Fifth Avenue Bank of New York.
RIter & Co.
lerable
Robinson, Miller & Co.
Roosevelt & Weigold, Inc.
Fulton Trust Co.
L. F. Rothschild & Co.
Irving Trust Co.
King County Trust Co.
Lawyers County Trust Co.
Liberty Bank, Buffalo.
Rutter & Co.
J. & W. Seligman &
Co.
Spencer Trask & Co.
South Shore Trust Co., Rockvllle Centre.
United States Trust Co.
follows-
All bonds mature
F. S. Moseley & Co.
$600,000 Each
Van Alstyne
C.—BOND OFFERING—Sealed bids will be
$8,000 water and sewer bonds (consolidation of $5,000 water bonds and
$3,000 sanitary sewer bonds), maturing annually, $500 from 1937
to 1952, incl.
Denom. $500.
42,000 street improvement bonds, maturing annually, $2,000, 1937 to
1951, and $3,000, 1952 to 1955, all incl.
Denom. $1,000.
Hemphill, Noyes & Co.
Kidder, Peabody & Co.
Lee Higginson Corp.
Speyer & Co.
N.
received until 11 a. m. (Eastern Standard Time) on July 7 by W. E. Easterling, Secretary of the Local Government Commission, at his office in Ra¬
leigh, for the purchase of two issues of bonds aggregating $50,000, divided
Gertler & Co.
Blyth & Co.
First Boston Corp.
PAY¬
missioners has recently adopted an ordinance
Estabrook & Co.
Albany.
CAROLINA, State of—REPORT ON JULY 1 BOND
State stands ready to pay $6,136,044 on July 1 to retire
$2,600,000 maturing securities and meet interest due on the remainder of
its bonded indebtedness, State Treasurer Charles M. Johnson has an¬
nounced.
The debt will be reduced from $166,914,000 to $164,314,000.
Securities to be retired are $1,100,000 in building and funding bonds and
$1,500,000 of highway issues.
Mr. Johnson said he was going forward, as far as possible, with refunding
a portion of the State debt under an Act passed by the 1935 General As¬
sembly.
"I plan to ask the 1937 Legislature to broaden the provisions of
the Act so that increased refinancing can be carried out," he said.
MENT—The
William E. Lauer & Co.
R. W. Pressprlch & Co.
Salomon Brothers & Hutzler.
10, 1936.
NORTH
George B. Gibbons & Co.
r
CAROLINA
MORGANTON, N. C.—MATURITY—In connection with the sale of
the $13,000 notes to the First National Bank of Morganton, at 3%, noted
in these columns, recently—V. 142, p. 4382—it is reported by the Town
Clerk that they mature on Oct. 25, 1936.
Sterling National Bank & Trust Co.
Cassatt & Co., Inc.
Central Hanover Bank & Trust Co.
NORTH
KINSTON, N. C.—NOTE SALE DETAILS—It is now reported by the
City Clerk that the $20,000 tax anticipation notes purchased by the Branch
Banking & Trust Co. of Wilson, at 2%, plus a premium of $1, as noted
here in May—V. 142, p. 3555—are dated June 10, 1936, and mature on
as
to
Noel & Co.
White, Weld & Co.
NORTH
First of Michigan Corp.
OWEGO, N. Y.—BOND SALE—The $22,500 4%
DAKOTA
BISMARCK, N. D.—BOND SALE DETAILS—The $95,000 refunding
bonds de¬
scribed below, which were offered on June 29—were awarded to the First
National Bank of Owego and the Owego National Bank at 104.75, a basis
of about 3.32%:
3 Hs at a premium
$13,500 series A bonds
$1,500 on Sept.
9,000 series B bonds
incurred by the
Interest.
coupon
issued to fund certificates of indebtedness.
Due
1 from 1937 to 1945, inclusive.
issued to provide for payment of
Due $1,000
village.
on
PELHAM
Denom. $500.
Principal and interest
office.
The City National Bank of
second high, with 104.70.
was
MANOR,
N.
Y.—BOND SALE—The
$45,000
coupon
or
registered local improvement bonds offered on June 26—V. 142, p. 4222—
were awarded to Adams, McEntee & Co. of New York as 2 J£s at a premium
of $711, equal to 101.58, a basir* of about 2.58%.
Rutter & Co. of New
York bid second high, offering a premium of $571.50 for 3% bonds. Dated
June 25, 1936.
Due $2,500 on June 25 from 1938 to 1955 incl.
Co. of Schenectady,
loan was in addition
interest, which was obtained on June 5
to that
FARGO SCHOOL DISTRICT NO. 104, N. Dak.—BOND
Continued increase in tax collections
has reduced the amount of loan requirements from the original estimate of
SOMERSET
,
.
O. Barker), N. Y —BOND SALE—The $7,788.99
coupon or registered highway bonds offered on June 29—V. 142, p. 4382—
were awarded to Fred Krull of Niagara Falls on a bid of 100.10 for 3.60s,
a basis of about
3.57%.
Roosevelt & Weigold of New York bid 100.28
for 3.90s.
Dated July 1, 1936.
Due March 1 as follows: $3,788.99 in
1939 and $4,000 in 1940.
*
(P.
TALATINE BRIDGE, N. Y.—BOND SALE— D. Z. M. Risk, Village
Clerk, informs us of the award on June 29 of $30,000 3.70% coupon water
supply system bonds to the Manufacturers & Traders Trust Co. of Buffalo
at
a
price of 100.523.
Dated July
1, 1936.
Denom. $1,000.
Due
serially from 1941 to 1970 incl.
Interest payable J. & J.
UTICA, N. Y.—CERTIFICATE ISSUE OFFERING—'Thomas J. Nel¬
City Comptroller, will receive sealed bids until noon (Daylight Saving
Time) on July 8 for the purchase of $1,000,000 tax anticipation certificates
son,
of indebtedness.
Dated,July 10, 1936.
Denom. $50,000.
Due Dec. 10,
1936.
Interest (rate to be named in the bid) will be payable at maturity.
Obligations payable at the Chemical Bank & Trust Co., N. Y, City.
Le¬
gality to be approved by Clay, Dillon & Vandewater of N. Y. City.
WEST HEMPSTEAD FIRE DISTRICT (P. O.
Hempstead), N. Y.—
BOND SALE—The $8,000 4% apparatus and equipment bonds offered on
were awarded to the West Hempstead National Bank of Hemp¬
stead at a price of 100.125, a basis of about 3.92%. Dated July 1,1936, and
June 25
due July 1 as follows: $3,000 in 1937
high bid of 100.11
was
and 1938 and $2,000 in 1939.
Second
submitted by Sherwood & Merrifield, Inc., of New
York.
YORKTOWN (P. O. Yorktown Heights), N. Y.—BOND SALE—The
coupon or registered bonds described below, which were offered
June 29—V. 142, p. 4223—were awarded to Rutter & Co. of New York
as 3.20s at a premium of
$188.37, equal to 100.44, a basis of about 3.12%:
$42,813.28
on
$38,013.28 tax equalization bonds.
each.
Due June 15
as
One bond for $1,013.28, others $1,000
follows: $3,000 from 1937 to 1948, incl.,
and $2,013.28 in 1949.
4,800.00 highway improvement bonds.
One bond for $800, others
$1,000 each.
Due June 15 as follows: $800 in 1937 and $1,000
from 1938 to 1941, inclusive.
Each issue is dated June 15, 1936.
Name—
Other bidders were:
Int. Rate
Adams, McEntee & Co., New York
Geo. B. Gibbons & Co., New York
A. O. Allyn & Co., New York
NORTH
HERTFORD,
OFFERIN
until 2 p. m. July 15 for
of $4,500 general obligation school building bonds.
Denom.
Certified check for 2% reauired.
$500.
GOLDEN GLEN SCHOOL DISTRICT, N. Dak.—BOND OFFERING
O. Olson, Clerk of the Board of School Directors, will receive bids
—A.
2 p. m. July 15 at the office of the County Auditor of LaMoure
county in LaMoure, for the purchase at not less than par of $22,000 general
obligation school bonds, to bear interest at no more than 5%.
Interest
payable semi-annually.
Due serially from 1938 to 1956. Certified check
for 2% of amount of bid required.
until
LARIMORE SCHOOL DISTRICT, N. Dak.—BOND SALE—An issue
of $54,000 4% school building
Fuller & Co. of Minneapolis.
of $300,000, also at 1%
from the Mohawk National Bank.
.
any
the purchase
SCHENECTADY, N. Y.—TEMPORARY LOAN—The city has bor¬
rowed $75,000 at 1% interest from the Citizens Trust
in anticipation of third quarter tax collections.
This
$500,000.
on
—Allen Johnson, District Clerk, will receive bids
Each issue is dated Sept. 1,1936.
payable at the Village Treasurer's
Binghamton
notice
lawful expenses
Sept. 1 from 1937 to 1945,
inclusive.
of Minneapolis as
of $510, equal to 100.536, are coupon in form, in denom.
dated Aug. 1, 1936.
Interest payable Feb. 1
from 1937 to 1948; subject to call on 30 days'
interest payment date at a premium equal to one year's
bonds awarded on June 22 to the Allison-Williams Co,
of $1,000 each and will be
and Aug. 1.
Due serially
N.
3.20%
3.40%
3.20%-
Price Bid
100.22
100.32
100.32
CAROLINA
AUTHORIZED—The Town Commis¬
ordinance authorizing the issuance of $15,000
refunding bonds.
McHENRY COUNTY (P. O. Towner), N. Dak.—BONDS AUTHOR¬
have authorized an issue of $29,500
bonds.
IZED—The County Commissioners
flood irrigation
,
the following real estate
bonds:
$135,000 5%% series A bonds.
Dated July 1,1921.
Due on July 1,1941.
321,000 5H % series A bonds.
Dated July 1,1921.
Due on July 1, 1946.
808,000 5H % series A bonds.
Dated July 1, 1921.
Due on July 1,1948.
440,000 6% series B bonds.
Dated Jan. 1, 1922.
Due on Jan. 1, 1942.
490,000 6% series B bonds.
Dated July 1, 1921.
Due on Jan. 1, 1947.
700,000 6% series B bonds.
Dated Jan. 1, 1922.
Due on Jan. 1, 1949.
162,000 53^% seriesC bonds.
DatedNov. 1,1922.
Dueon Jan. 1,1945.
561,000 5H% series C bonds.
Dated Nov. 1,1922.
Dueon Jan. 1,1948.
The above bonds comprise all of the outstanding bonds of series
A, B
and C.
connection with the above report we quote in part as follows from an
article that appeared in the "Wall Street Journal' of July 2:
"Formal announcement Wednesday that the North Dakota Industrial
Commission was calling for payment on July 1, 1937, $3,617,000 real estate
bonds came as a distinct shock to investment dealers in the financial district
who were offering the bonds at a substantial premium on the theory that the
bonds are not callable.
One firm which was offering $100,000 6s of 1949 at
In
yield of 3.60% or a price of about 123, immediately withdrew the bonds.
"In reply to a wire to North Dakota officials, Charles A. Verret, Assistant
Attorney General, informed the "Wall Street Journal" that the redemption
call was issued in accordance with State laws and asserted that the statute
authorizing the bond issue provides for optional redemption call 'at any
time after five years from the date of the issue.'
Authority is given the State
under Chapter 154, 1919 laws, according to the State official, who asserted
that the statutory provision cited is a part of the bond obligation as if printed
a
in the bond indenture.
The
official call stipulated that the bonds,
series A,
B and C,
which
paid
includes all the series A, B and O real estate issues outstanding would be
off at par
and accrued interest, July 1, 1937.
Not in Bond Indenture
had been offering the bonds on the theory that they
carefully went over the bond indentures without finding
a call clause.
They concluded that only the law under which the bonds
were issued could change the situation.
It was this law which the Attorney
General's office asserted gave the needed authority.
"Investment dealers who hold the bonds immediately sent representatives
to the
West to investigate.
Further to complicate matters yesterday
morning, before word of the basis for the action had been reached, it was
reported that the firm of municipal bond attorneys which had passed on
the legality of the issue, was no longer in business.
The Chicago office of
the "Wall Street Journal" was unable to locate the firm."
"Bond dealers, who
were
not callable,
C —BONDS
.
NORTH DAKOTA, State of—BONDS CALLED—It is announced by
John H. Wishek, Secretary of the State Industrial Commission, that the
Commission has called for payment at par and accrued interest, on July 1,
sioners recently passed an
street improvement
bonds has been sold recently to Charles A.
a
OAKES, N. Dak.—BONDS VOTED—On June 24 the voters approved
proposal to issue $10,000 swimming pool bonds.
The vote was 344 to 181.
152
Financial
Chronicle
July 4, 1936
after date, except that the last instalment shall amount to $2,100.
of bid, required.
years
Certified check for 2% of amount
OHIO
PONTOTOC COUNTY UNION GRADED SCHOOL DISTRICT NO.
MUNICIPALS
2 (P. O. Fittstowri), Okla.—BOND SALE—The $17,000 issue of school
building bonds offered for sale on June 29—V. 142, p. 4383—was awarded
Edgar Honnold of Oklahoma City, as 5^s.
Due $5,000 in 1^41 and
1942, and $7,000 in 1943.
to O.
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
AKRON
STILLWATER, Okla.—BOND ELECTION—It is said that an election
will be held on July 15, in order to vote on the issuance of municipal library
bonds, to be used in connection with a Public Works Administration
project to cost $200,000.
BUILDING, CLEVELAND
COLUMBUS
CINCINNATI
SPRINGFIELD
Okla .—PRICE PAID—Tt is now reported that
STILLWATER,
CANTON, Ohio—BOND OFFERING— Robert E. Beck, City Auditor,
1 p.m. (Eastern Standard Time) on July 10
purchase of $7,414.64 4% final judgment bonds.
Dated July 1,
will receive sealed bids until
for the
1936.
One bond for $1,414.64, others $1,000 each.
Due Jan. 1 as follows:
$1,414.64 in 1938 and $2,000 from 1939 to 1941 incl.
Principal and interest
(J. & J.) payable at the City Treasurer's office.
Bids may be made on
other than 4% bonds, provided the new rate is expressed in a multiple
of \i of 1%.
A certified check for 5% of the amount bid for must accom¬
pany each proposal.
CHESTER TOWNSHIP SCHOOL DISTRICT (P. O.
Clarksville),
Ohio—BONDS VOTED—On June 18 the voters of the district gave their
approval to
a
the
$80,000 electric light plant extension bonds purchased by the Stillwater
National Bank, as noted in these columns recently—V. 142, p. 4383—were
sold as ly^s, at par. Due from 1940 to 1942.
OHIO
TULSA, Okla—BOND ELECTION NOT SCHEDULED—It is stated by
Milton W. Davis, City Auditor, that nothing definite has been done toward
resubmitting to the voters the $600,000 in sewage disposal plant and
incinerator bonds defeated by the voters at the election held last October.
He reports that if another election is called, it will not be held before the
fall, in all probability.
•
VICI, Okla.—BOND OFFERING—Sealed bids will be received until 8
m. on July 9 by Lonzo L. Hink, Town Clerk, for the purchase of an
$11,000 issue of sanitary sewer bonds.
Interest rate is not to exceed 6%,,
payable semi-annually.
Due $1,000 from 1939 to 1949 inclusive.
These
bonds were approved by the voters at an election held on June 24.
p.
proposal to issue $24,000 gymnasium and auditorium bonds.
SCHOOL
WAURIKA
COLUMBUS CITY SCHOOL DISTRICT, Ohio—BOND OFFERING—
W. V. Drake, Clerk-Treasurer, of the Board of Education, will receive bids
until nooh July 21 for the purchase at not less than par of $308,000
3%
recent election
registerable, refunding bonds.
Denom. $1,000.
Dated Aug. 1,
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at
Due Aug. 1 as follows- $21,000, 1937
to 1944, and $20,000, 1945 to 1951.
Cert, check for 1% of amount of
bonds offered, payable to the Board of Education, required.
Bonds to
be delivered to buyer at Columbus within 15 days after award.
Bids must
be made on blank forms supplied by the Clerk-Treasurer.
Okla.—BONDS VOTED—At a
approval to a proposal to issue $35,000
DISTRICT,
the voters gave their
school building
The vote was 163 "for" to 34 "against."
bonds.
coupon,
1936.
the office of the Clerk-Treasurer.
Oregon Municipals
DELAWARE, Ohio—BOND SALE DEFERRED—Because of the absence
of two members of the Board of Control, no action was taken on the bids
submitted for the $3,500 5% fire department bonds offered for sale on June
25.
Dated June 1, 1936, and due $.500 on June 1 from 1937 to 1943, incl.
ENGLEWOOD,
CAMP & CO., INC.
Porter
Ohio—BOND SALE—The $9,000 4% coupon water
no bids were received on May 16—V. 142,
p. 3556—
Building,
Portland, Oregon
works bonds for which
sold later privately to the Farmers' State Bank of Englewood.
were
Dec. 1,
Dated
SPRINGS,
Ohio—BOND SALE—The $3,675 coupon sewer
bonds offered on June 27—V. 142, p. 4065—were awarded to the Commer¬
cial Bank Co. of Green Springs as 5s, at par plus a premium of $143.06,
equal to 103.89, a basis of about 3.94%. Dated April 1, 1936, and due Oct. 1
as
as
follows: $675 in 1937 and $500 from 1938 to 1943 incl.
follows:
Bidder—
Other bids
"
Bliss, Bowman & Co-
$19.00
6.25
GREEN TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Laings),
Ohio—BOND SALE—The $7,000 coupon school building bonds offered on
June 26—V. 142, p. 4065:—were awarded to the Citizens' National Bank of
Woodsfield on a bid of par for 3s.
Dated May 15, 1936.
April 1 and Oct. 1 in each of the years from 1937 to 1950.
Due $250
on
GROVE CITY, Ohio—BOND OFFERING—E. L. Grant, Village Clerk,
will receive bids until 1p.m. July 18 for the purchase at not less than par
$25,000
4%
sanitary sewers and sewage disposal works con¬
struction bonds.
Denom. $1,000.
Dated April 1, 1936.
Interest payable
April 1 and Oct. 1.
Due $1,000 yearly on April 1 from 1938 to 1962, incl.
Certified check for $300, payable to the village, required.
MAUMEE, Ohio—PLANS. REFUNDING ISSUE—'The village is pre¬
paring plans for the second refunding of $60,000 natural gas bonds, originally
MECHANICSBURG, Ohio—BOND SALE—An issue of $57,000 water
purchase
system
Cincinnati.
divided
as
follows:
*
Dated Sept. 1, 1936.
Due $3,000 from Sept. 1.
A certified check for $540
the bid.
21,000 series B bonds.
Dated Aug. 1,1936.
Due on Aug. 1 as follows:
$2,000, 1938 to 1943, and $3,000, 1944 to 1946.
Interest payable
F. & A. A certified check for $420 must accompany the bid.
Denom. $1,000.
Prin. and int. payable at the County Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of
Portland, will be furnished.
1938 to 1946 incl.
Int. payable M. & S.
must accompany
COQUILLE,
which
were
Ore.—BOND SALE—The $74,500 4%
offered
on
refunding bonds
June 27—V. 142, p. 4383—were awarded to E. M.
Adams & Co. of Portland as follows:
coupon
issued 50 years ago, according to report. The bonds were refunded for the
first time in 1907 and are now scheduled to mature on Jan. 1, 1937.
works
(P. O. Coquille) Ore—BOND OFFERINGS-Sealed
bids will be received until 10 a. m. on July 6, by L. W. Oddy, County Clerk,
for the purchase of two issues of refunding bonds aggregating $48,000,
were
Premium
4%%
5^%
>
COUNTY
COOS
$27,000 series A bonds.
Int. Rate
Saunders, Stiver & Co
of
OREGON
1935, and due $225 each Sept. 1 from 1937 to 1976, incl.
GREEN
bonds
was
sold
recently
to
Magnus
Co.
&
of
$50,000 refunding water bonds at 100.371, a basis of about 3.93%. Denom.
$1,000.
Due on July 1 as follows:
$4,000, 1937 to 1940; $5,000,
1941 and 1942, and $6,000, 1943 to 1946.
24,500 refunding bonds at 100.275, a basis of about 3.95%. Denom. $500.
Due on July 1 as follows: $2,000, 1937, ai}d $2,500, 1938 to 1946.
Blyth & Co. of Portland, were second high bidders, offering 100.25 for
both issues.
RIVER COUNTY SCHOOL DISTRICT (P. O. Hood River),
HOOD
Ore.—BOND ELECTION—An election will be held on July 2 at which a
proposal to issue $37,900 school building bonds will be voted upon.
WEST
NEWCOMERSTOWN, Ohio—BOND SALE—An issue of $8,000 5%
fire truck purchase bonds has been sold to Bliss, Bowman & Co. of Toledo
at par.
NORWOOD,
purchased
an
Ohio—BOND SALE—The Sinking Fund
issue of $3,500 4% incinerator repair bonds.
1936.
Trustees have
Dated June 1,
Prin.
Denom. $700.
Due $700 on aec. 1 from 1937 to 1941 incl.
and int. (J. & D.) payable at the First National Bank of Norwood.
OHIO, State of—BOND VALIDATION MEASURE PASSED BY
BY LEGISLATURE—The State Senate is sain to have passed House Bill
No. 679, to validate bonds issued for participation in Federal aid projects,
adopting
signs the
an emergency
clause making it effective
as soon as the Governor
measure.
It is also reported
from
tax
65% to
a
that Senate Bill Not 459. to reduce the vote requirement
majority for certain bond issues, was referred to a special
committee after it
was
introduced.
LINN,
Ore—BOND SALE—The $69,888 refunding bonds
July 1—V. 142, p. 4224—were awarded to Blyth & Co., Inc.,
at a price of 100.125,
provided that bonds maturing
from 1937 to 1939 bear interest at 3H%« and maturities from 1940 to
1946 bear 4% interest.
Dated July 1, 1936.
Due on July 1 as follows:
$7,000, 1937 to 1945, and $6,888 in 1946; optional after July 1, 1939.
Baker, Fordyce & Co. of Portland offered a price of 100.013. stipulating
a 3 % % rate on 1937 to 1942 maturities and 4 % on the balance of the issue.
offered
of
San
on
Francisco
YAMHILL COUNTY SCHOOL DISTRICT NO. 3 (P. O. Dundee),
Ore.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
July 9 by E. E. Leslie, District Clerk, for the purchase of an $8,000 issue of
4% coupon gymnasium building bonds.
Denom. $800.
Dated July 1,
1936.
Due $800 from July 1, 1937 to 1946, incl.
Prin. and int. (J. & J.)
payable in lawful money at the County Treasurer's office or at the fiscal
agency of the State in New York.
These bonds were authorized at the
election held on May 16.
A certified check for $400, payable to the Clerk,
must accompany the bid..
SABINA, Ohio—BOND OFFERING—Russell L. Allen, Village Clerk,
noon July 17 for the purchase at not less than par of
$26,000 6% light, heat and power plant extension bonds.
Denom. $1,000.
will receive bids until
Dated July 1, 1936.
Prin. and semi-ann. int. (Mar. 1 and Sept. 1) payable
Village Treasurer's office.
Due $1,000 on Mar. 1 and $1,000 on
Sept. 1 in each of the years from 1937 to 1949, incl.
Certified check for
5% of amount of bonds bid for required.
at the
WELLSVILLE, Ohio—BONDS AUTHORIZED—An ordinance was
passed by the City Council recently authorizing the issuance of $29,290
refunding bonds.
OKLAHOMA
ADDINGTON
SCHOOL
DISTRICT, Okla.—BOND SALE DETAILS
—The $10,000 school building bonds sold as 3s on June 23—V. 142, p. 4382
—were taken by the County
Treasurer of Jefferson County.
Bonds are
in form, in denomination of $1,000.
Due $1,000 yearly from 1939 to 1948,
coupon
July.
ARNETT
SCHOOL
DISTRICT,
Interest payable annually in
Okla.—BOND SALE DETAILS—
The $8,000 school bonds awarded on June 23 to the First National Bank &
Trust Co. of Oklahoma City, were taken on a bid of par, plus $3.25 premium,
equal to 100.04, the first maturing $6,000 bonds to bear interest at 4% and
the balance 2%.
Bonds are coupon in form, in denomination of $1,000
each. Dated July 1,1936. Interest payable Jan. 1 and July 1. Due $1,000
yearly on July 1 from 1941 to 1948, incl.
ELK
were
CITY, Okla.—BONDS SOLD—The $7,227 funding bonds that
approved by the Attorney General on June 10, as noted previously
in these columns—V.
142,
p.
4225—are said to have been sold
at par.
FRIENDSHIP
CONSOLIDATED
SCHOOL
DISTRICT
NO.
5
Route 5), Okla.—BOND OFFERING—J. L. Wiginton,
District Clerk, will receive bids until 2 p. m.
July 6 for the purchase of
$9,000 school building bonds which will bear interest at rate named in the
successful
bid.
Due $1,000
yearly, oeginning three years from date.
Certified check for 2% of amount of bia required.
(P.
O.
Altus,
PENNSYLVANIA
BELLEFONTE
SCHOOL
BOND SALE—The $24,000 school bonds offered on June 30—V.
142, p.
4224—were awarded to Mrs. C. E. Durgee of Oklahoma City.
The first
DISTRICT, Pa
AWARDED—
& Sons of Philadelphia and Singer, Deane &
Scribner, Inc. of Pittsburgh, jointly, to purchase an issue of $136,000 bonds
as 2%s, at a price of 101.395 has been accepted by the District.
Tenders
maturing $6,000 bonds are to bear interest at 434 %, the next $9,000 2 K%,
and the las&$9,000 3H %
Due in 19 years.
—V.
NEW
CORDELL
SCHOOL
DISTRICT
(P.
O.
Cordell),
Okla.—
.
OKLAHOMA
COUNTY
homa
SCHOOL
DISTRICT
NO.
37
(P.
O. Okla¬
Markwell,
City Rt. No. 1), Okla.—BOND OFFERING—V. H.
District Clerk, will receive bids until 8p.m. July 3 for the purchase at not
par of $22,500 school building bonds which are to bear interest
at rate named in the successful bid.
Due $1,200 yearly beginning three
less than
Tho
bid
of E.
H.
Rollins
for the loan were received on June 26 and the award
temporarily postponed
142, p. 4383.
The bonds are dated Aug. 15, 1936, and mature Aug.
follows: $1,000 in 1939 and $5,000 from 1940 to 1966, incl.
Public
reoffering is being mhde by the bankers from a 2% basis for the 1939 ma¬
turity to a price of 102 for the 1966 bonds.
15
as
CLARION,
Pa .—BONDS AUTHORIZED—The Borough
Council
has
voted to authorize the issuance of $15,000 library heating system bonds.
Volume
Financial
143
DuBOIS, Pa.—BONDS AUTHORIZED—'The City Council has
ordinance authorizing the issuance of $17,500 bonds.
adopted
an
-ssemat
Pa.—BOND
OFFERING—Secre¬
tary of the School Board Prank G. Scott will receive
bids until July 7 for
•
SCHOOL
DUNMORE
DISTRICT,
$200,000 high school building bonds.
the purchase of
_
1WELKLAND SCHOOL DISTRICT, Pa .—NOTE SALE—The $12,000
4% school notes offered on July 1—V. 142, p. 4383—were awarded to the
Pattison National Bank of Elkland at a price of 103, a basis of about
3.36%.
Dated Jan. 1, 1936, and due July 1 as follows:
$2,000, 1939 to
1941 incl.; $4,000 in 1942, and $2,000 in 1943.
GEORGES
The
O. Fairchance), Pa .—BOND SALE—
funding bonds offered on June 13—V. 142, p.
TOWNSHIP
$56,000 4%
coupon
3724—were awarded to E.
(P.
H. Rollins & Sons of Pittsburgh at a premium
of $1,120, equal to
100.20.
Denom. $1,000.
payable June and December.
Due serially.
Dated June 1, 1936.
Int.
LANSFORD, Pa.—BOND SALE—The issue of $86,000 3% refunding
on June 30 was awarded to Leach Bros., Inc. of Philadelphia
a price of 100.18, a basis of about 2.98%.
Dated July 1, 1936. Denom.
$1,000. Due July 1 as follows: $3,000, 1937 to 1941 incl.; $4,000, 1942 to
1948 incl.; $5,000, 1949 to 1953 incl.; $6,000 from 1954 to 1956 incl.
The
bonds may be registered as to principal only.
bonds offered
at
^.
DISTRICT, Pa.—BOND SALE—'The $170OT
2%% school addition bonds offered on June 30—V. 142, p. 4066—were
awarded to W. H. Newbold's Son & Co. of Philadelphia at 101.187, a
basis of about 2.66%.
S. K. Cunningham & Co. of Pittsburgh were second
high with a bid of 100.84.
Dated June 1, 1936.
Due June 1 as follows:
$5,000, 1937 to 1951; $6,000, 1952 to 1961: $7,000, 1962 to 1966.
SCHOOL
LATROBE
SCHOOL
LEBANON
DISTRICT,
153
Chronicle
DISTRICT. S. Dak.—BONDS VOTED—At
of the district approved a proposition
SCHOOL
EDGEMONT
an
election held recently the voters
to issue
$26,000 school building bonds.
LEAD, S.
Dak.—BOND ELECTION—A special election
will be held
July 11 at which a proposed bond issue of $40,000 to finance construction
of a city hall, police and fire station will be submitted to the voters.
PIERRE, S. Dak.—BONDS NOT SOLD—It is stated by N. W. May,
Auditor, that the $39,600 3% semi-ann. warrant funding bonds
for sale on June 2, as noted here—Y. 142, p. 3558—were not
City
scheduled
awarded and the issue has been canceled.
SOUTH
SHORE
INDEPENDENT SCHOOL DISTRICT NO.
38
(P. O. South Shore), S. Dak.—BOND SALE— The $18,000 issue of 4%
refunding bonds offered for sale on June 26—7V. 142, p. 4225—
was purchased by the Northwestern Municipal Association, Inc., of Minne¬
apolis, at par. Due $1,000 from July 1, 1938 to 1955: subject to redemption
on any interest payment date.
No other bid was received, according to the
coupon
Clerk of the School Board.
WATERTOWN,
$25,500
sewer,
OFFERING—B.
Dak.—BOND
S.
Treasurer, announces that
the following 4% bonds:
on
and after July 13 the
Stover, City
construction bonds.
and force main
lift station
sewerage
H.
city will offer for sale
»
Denom. $1,000, except one for $500.
Due on Aug. 1 as follows:
$1,000, 1937 to 1950; $1,500, 1951; and $2,000, 1952 to 1956.
7,700 service sewer construction bonds.
Denom. $500, except one for
$200. Due Aug. 1 as follows: $500, 1937 to 1950; and $700, 1951.
Dated Aug. 1,1936. Principal and semi-annual interest (Feb. 1 and Aug. 1)
payable at the City Treasurer's office. Sale will not be made at less than par.
VOTED—At an
of $700,000 bonds
Pa .—BONDS
election held recently the voters approved the issuance
for construction of a new senior high school building.
TENNESSEE
MEADVILLE SCHOOL DISTRICT, Pa.—BOND
OFFERING—Robert
July 13, for
the purchase of $120,000 2%% coupon bonds.
Denom. $1,000.
Dated
July 1, 1936.
Interest payable semi-annually.
Due $5,000 yearly on
July 1 from 1937 to 1960, incl.
Certified check for $2,000, required.
X. Brown, District Secretary, will receive bids until 11 a. m.
Municipal Bonds
EQUITABLE)
O. Smithfield
NICHOLSON TOWNSHIP SCHOOL DISTRICT (P.
Securities Corporation
R. D. No. 3), Pa.'—BONDS NOT SOLD—The $10,000 3% revenue defi¬
ciency bonds offered on June 22—V. 142, p. 4224—were not sold.
Dated
Aug. 1, 1936.
Due $1,000 yearly on Aug. 1 from 1937 to 1946, incl.
New
Nashville
York
PENNSYLVANIA, State of—BOND ISSUE APPROVED BY HOUSE
Representatives is reported to have approved a resolution
proposing a $42,000,000 bond issue, to be used for repairs and additions to
Memphis
Knoxvllle
Chattanooga
Birmingham
—The House of
TENNESSEE
State institutions.
SCHOOL
PITCAIRN
Public School
Retirement
SALE—The
Pa.—BOND
DISTRICT,
Board recently purchased
State
$10,000 funding and
$7,000 refunding bonds.
RIDLEY
TOWNSHIP
(P.
Folsom), Pa.—BOND OFFERING—
Township Commissioners, will
O.
Gordon L. Garling, Secretary of the Board of
receive bids until July 17 for the
purchase of $42,000 23^% coupon sewer
bonds.
Denom. $1,000.
Dated March, 1936.
Principal and semi-annual
interest (March and September) payable at the office of Chester Cambridge
in Chester.
Certified check for 10% of bid required.
Tenn.—BOND ELECTION CONTEMPLATED—It
is
reported that an election will be called to have the voters pass on the
proposed issuance of $204,000 in power distribution bonds.
COLUMBIA,
GALLATIN, Tenn.—BONDS VOTED—At the election held on June 22
142, p. 4225—the voters are said to have approved the issuance of
bonds by a wide margin.
—V.
the $45,000 in factory construction
LEWISBURG,
amount.
SCRANTON SCHOOL
high
coupon
school
awarded to Brown
2%s,
DISTRICT, Pa.—BOND SALE—The $600,000
bonds offered on June 29—V. 142, p.
4225—were
Harriman & Co. of New York on a bid of 101.789 for
basis of about 2.58%. Dated May 1, 1936.
Other bidders were:
a
Due $30,000 on May 1
Premium
Int. Rate
i
sewer
E. H. Rollins & Sons, New York.
2%%
$9,390
2%%
4,662
Halsey, Stuart & Co., New York
3%
10,304
Public re-offering was made by the bankers at prices to yield from 0.60%
to about 2.62%, according to maturity.
The bonds, in the opinion of the
bankers, are legal investments for savings banks and tnist funds in New
York and Pennsylvania.
The bonds, issued for junior high school construc¬
tion purposes, will be, in the opinion of counsel, direct and general obliga¬
tions of the City of Scranton School District payable both as to principal
and interest from ad valorem taxes which may be levied against all of the
taxable property therein within the taxing limitations placed by law upon
school districts of this class within the Commonwealth of Pennsylvania.
Stroud & Co., Philadelphia
MEMPHIS,
Tenn .—BOND
RECEIVES FURTHER AP¬
approved on June 22 by the City
It is understood that the project will be
lines.
Light and Power Commission.
Tenn.—BOND SALE— The $20,000 issue of 3U% coupon
public improvement bonds offered for sale on July 1-—V. 142, p.
Trust Co. of Paris, at a
price of 101.50, a basis of about 3.52% . Dated March 1, 1936. Due $1,000
from March 1, 1937 to 1956; optional on March 1,1946.
PARIS,
4225—was awarded to the Commercial Bond &
SAVANNAH, Tenn.—BONDS SOLD TO PWA—We are now informed
Harbert, Town Recorder, that $42,000 4% semi-ann. water works
have been purchased at par by the Public Works Administration.
Due on May 1 as follows:
$500, 1937 and 1938; $1,000. 1939 to 1943;3
$2,000, 1944 to 1947; $2,500, 1948 to 1957, and $3,000 in 1958.
(This report corrects the notice of sale which appeared in these columns
in May—V. 142, p. 3393.)
• :
-
by L. f
.
bonds
,
TEXAS BONDS
p.
POTTSGROVE
TOWNSHIP
(P.
O.
Pa.—BOND
Stowe),
*
•••
'
•
These were dated Dec. 1, 1935, and due Dec. 1
$2,000 from 1936 to 1964, incl., and $3,000 in 1965.
exceed 4s last December.
RICO
PUERTO
PUERTO
RICO, Government of—BOND SALE—'The $1,000,000 issue
of coupon semi-ann. insular and municipal road construction
A-B,
loan
of
1936,
offered
for
sale
on
June
30—V.
142,
bonds, series
p.
4385—was
awarded to the Chase National Bank of New York, as lHs, paying a price
of 100.08, a basis of about 1.45%.
Dated July 1, 1936.
Due $500,000
series A, on
July 1, 1937, and $500,00 series B, on July 1, 1938.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL
SOUTHERN STATE AND MUNICIPALS
KIRCHOFER
&
ARNOLD
INCORPORATED
RALEIGH, N. O.
A. T. T. TELETYPE RLGH
80
CAROLINA
SOUTH
COLUMBIA, S. C.—BONDS AUTHORIZED—The City Council is said
to have authorized recently the sale of $692,000 in street paving bonds,
in order to comply with a Public Works Administration regulation giving
preference to applications for direct grants only.,x-"
ROCK HILL,
S. C.—BOND SALE—The $15,000 4% semi-ann. sewer
on July 1—V. 142, p. 4385—were awarded to Frost,
according to the City Clerk.
Dated July 1,
bonds offered for sale
Read
1936.
&
Co.
of Charleston,
Due from 1941 to 1947.
BENNETT COUNTY HIGH
DAKOTA
SCHOOL DISTRICT
Dak.—BONDS TO BE SOLD—We
TEXAS
DELTA
COUNTY
(P. O. Martin),
HALLETTSVILLE, Texas—BOND OFFERING—J. G. Traxler, Mayor,
7:30 p. m. July 1 for the purchase of $35,000 4%
bonds. Denom. $500. Dated July 15, 1936. Bonds are
subject to call after 10 years. Certified check for 5% of amoimt of bid,
payable to the Mayor, required.
will receive bids until
HOUSTON, Texas—BOND ELECTION—It is reported that an eection
on Aug. 22 in order to pass on the proposed issuance of $2,-
will be held
000,000 in paving bonds.
KERMIT
SCHOOL
building bonds.
COUNTY SCHOOL
DISTRICT
NO.
16
(P. O.
Port
Neches), Texas—BOND OFFERING—Sealed bids will be received until
July 13, by the Secretary of the Board of Education, for the purchase of a
$40,000 issue of school bonds.
cent
be
Tex.—BOND REFINANCING
with
electric light plant
by the District
noted here—V. 124, p. 4385—will
Cooper),
refunding of $484,000 road bonds, series A
and B.
Refunding bonds in the amount of $44,000, issued to refund 1932
and 1935 maturities of series A and B bonds will not be refunded.
It is
proposed to issue $484,000 in 5% refunding bonds, to be dated June 1,1936,
interest payable semi-annually on June and Dec. 1.
Thus the only con¬
templated change is the setting up of maturities from the present schedule
of 1936-50 to 1937-54, with principal payments so arranged that the total
principal and interest will be approximately equal throughout the life of
the bonds.
The plan has the approval of the State board of county and
district road indebtedness.
The Capitol National Bank, Austin, is acting
as depository for the bonds, $187,000 of which already have been committed
to the refunding
sold locally.
now
O.
H. C. Burt & Co., Dallas, for the
approved by the
as
are
(P.
PLAN ADOPTED—The county is said to have entered into a contract
informed
16,
Houston, Texas
ALVIN, Texas—BOND OFFERING—We are informed by E. C. Kimmons, Mayor, that sealed bids will be received at the office of the City
Secretary until 7:30 p. m. on July 8 for the purchase of a $60,000 issue of
water works bonds.
Each bid shall state the minimum interest rate which
the bonds shall bear and the premium, if any, which the bidder proposes
to pay, over and above par and accrued interest.
Denom. $1,000.
Dated
June 15, 1936.
Due on June 15 as follows:
$1,000, 1939 to 1944; $2,000,
1945 to 1956, and $3,000, 1957 to 1966, all incl.
Prin. and int. (J. & D. 15)
payable at the Guaranty Trust Co. in New York.
Bonds to be sold subject
to the approval of the Attorney General
and registration by the State
Comptroller.
No bid will be accepted, at less than par and accrued interest
to date of delivery.
The ordinance authorizing the issuance of the bonds
will not be passed until after the bonds have been sold and the interest
rate determined.
Delivery will be made f.o.b. any bank in Houston,
Austin, or Alvin, Texas, at the buyer's option.
A certified or cashier's
check for $500, payable to the City Treasurer, must accompany the bid.
Clerk that the $35,000 not to exceed 5% high school bonds
voters on June
Quoted
Incorporated
JEFFERSON
SOUTH
—
'
WICON1SCO TOWNSHIP SCHOOL DISTRICT (P. O. Wiconisco),
Pa.—BOND SALE—E. H.. Rollins & Sons of Philadelphia have purchased
an issue of $61,000 school bonds.
A similar amount was offered at not to
follows:
Sold
Sterling Building
delphia as 2%s, at par plus a premium of $152, equal to 100.80, a basis of
about 2.67%.
Due as follows:
$5,000 in 1941, 1946 and 1951 and $4,000
1956.
—
H. C. BURT & COMPANY
.
.
WEST
Bouifhi
SALE—The issue of $19,000 coupon operating revenue bonds offered on
June 29—V. 142, p. 4066-—was awarded to E. H. Rollins & Sons of Phila¬
S.
ISSUANCE
columns recently—V. 142, p. 3903—was
TOWNSHIP
(P.
O.
Springfield),
Pa .'—BOND
$177,000 coupon refunding bonds offered on June 30—V.
4066—were awarded to Mackey, Dunn & Co., Inc. of New York
and George E. Snyder & Co. of Philadelphia, jointly, as 2>£s, at a price of
100.281, a basis of about 2.485%.
Dated Aug. 1, 1936 and due Aug. 1
as follows:
$5,000, 1937 to 1941, incl.; $10,000 from 1942 to 1955, incl.
and $12,000 in 1956.
as
been
hooked up on the TVA transmission
SPRINGFIELD
in
has
PROVAL—The action of the City Commission in authorizing the issuance
of the $3,000,000 in electric power distribution system bonds, noted in these
SALE—The
142,
election
semi-ann.
from 1937 to 1956, incl.
Name—
ELECTION—An
Tenn.—BOND
on July 7 at which a proposition to issue $30,000 street
improvement bonds will be submitted to the voters.
ordered to be held
and
SCOTTDALE, Pa —BOND EXCHANGE—Howard Frank. Borough
Manager, informs us that $100,000 refunding bonds were accepted by the
Trustees of a State fund in exchange for an original issue of the same
election the
voters
DISTRICT,
approved
a
Texas—BONDS VOTED—At a re¬
proposition to issue $100,000 school
f'
154
Financial
LITTLEFIELD, Texas—bond refunding program accepted
The bondholders are said to have accepted the city's refunding proposition
covering its approximate $300,000 outstanding in tax-supported bonds.
The interest rate will be reduced from 6% to a rate graduated from 4%
to 5%.
Refunding bonds will mature serially from 1939-1966 with maturi¬
ties so arranged as to provide an approximate even debt service charge over
the life of the bonds.
Of the $1.60 tax rate, $1.25 will be apportioned to
debt service.
McLENNAN COUNTY (P. O. Waco), Texas—BOOT election
contemplated—It is reported that an election will be held shortly
in order to vote on the issuance of $200,000 in county jail bonds.
F ODESSA
SCHOOL
DISTRICT
(P.
O.
Odessa),
Chronicle
POLK
of Schools,
until July 13 for the purchase of an $85,000 issue of coupon
Interest rate is not to exceed 4)4 %. Denom. $1,000. Dated
Feb. 15, 1936. Due on Feb. 15 as follows: $6,000, 1937 to 1950, and $1,000
in 1951; callable after Feb. 15, 1941. Principal and interest payable at any
bank or trust company satisfactory to the purchaser.
Interest payable
annually on Feb. 15.
school bonds.
F OLIVIA, Texas—BOOTS authorzied—The City Council at a recent
meeting passed an ordinance authorizing the issuance of $60,000 water
works bonds.
PARIS, Texas—bond election—An election will be held
on July 28
$100,000 in street, abbatoir
UTAH
SALT LAKE CITY, Utah—note sale'—The City Commissioners are
said to have authorized the sale of $650,000 in tax anticipation notes to the
First National Bank, and the Walker Bank & Trust Co., both of Salt Lake
Balsam
Lake)
Wis.—BOOT sale—The
J,000 issue of 3% semi-ann. highway improvement bonds offered for
on June 30—V.
142, p. 4226—was awarded to the Harris Trust &
Savings Bank, of Chicago, paying a premium of $2,527, equal to 104.35, a
basis of about 1.52%. Due on May 1 as follows: $50,000, 1939 and $8,000
in 1940.
RACINE, Wis.—bond offering—It is stated'by Frank J. Becker,
City Clerk, that he will sell at public auction on July 15, at 2 p. m. (Central
Standard Time), the following not to exceed 3 % semi-ann. bonds aggre¬
gating $89,000:
$35,000 park improvement bonds.
incl.
Due $5,000 from June 15, 1937 to 1943
•
54,000 bridge construction bonds.
Due
1937 to 1946, and $4,000 in 1947.
on
June 15 "as follows:
*
$5,000,
"
Denom. $1,000. Dated June 15,1936. Successful bidder to furnish printed
bonds. No bid shall be received for less than par and accrued interest, plus
furnishing of bonds.
The approving opinion of Chapman & Cutler of
Chicago, will be furnished. A certified check for 2% of the par value of the
bonds, payable to the City Treasurer, is required.
STANLEY,
adopted
Wis.—bonds authorized—the City Council has
ordinance authorizing the issuance of $36,000 school building
an
bonds.
In order to vote on the proposed issuance of
and sewer bonds, according to report.
O.
(P.
sale
Texas—bond
offering—Sealed bids will be received by Murry H. Fly, Superintendent
July 4, 1936
COUNTY
*
OF' ELM WOOD,
VILLAGE
ELM
AND
WESTON,
JOINT
TOWNS OF SPRING LAKE,
SCHOOL DISTRICT NO. 6,
ROCK
Wis.—
bond sale—The $30,890 issue of school bonds offered for sale on June 30
—V. 142, p. 4226—was purchased by the Farmers Securities Co. of Chicago,
as 3s, paying a premium of $45.00, equal to 100.14, a basis of about 2.97%.
Due from April 1, 1937 to 1951. bonds maturing after April 1, 1946, to be
redeemable at the option of the district, at par and accrued interest on and
after April 1, 1946.
City.
It is reported that the notes will bear interest at 1H %, and were
sold to finance general city expenses.
This loan is in addition to a shortterm loan of $1,100,000 obtained by the city on Dec. 10,1935.
Canadian Municipals
'
Information and Markets
$19,000.00
RADFORD, Va., Impt. 5%% bonds
due
BRAWLEY, CATHERS & CO.
July 1952-54 at 3.85% & int.
28
KING ST.
ELGIN $438
WEST, TORONTO
F. W. CRAIGIE & COMPANY
t
Richmond, Va.
Phone
3-9137
BELLEVILLE, Ont.—BOND OFFERING—H. B. Stock, Treasurer, will
receive sealed bids' until 2 p. m. on July 6 for the purchase of $22,900 4%
bonds due from 1937 to 1946, incl., and $1,651 4)4% bonds due on May 1
from 1937 to 1955, incl.
VIRGINIA
NORFOLK,
CANADA
A. T. T. Tel. Rich. Va. 83
Va.—BOOT
issuance
authorized —The
City
Council is said to have adopted a recommendation of the City Manager
that the city issue $220,000 in street improvement bonds as its part of a
Federal work relief program.
("•RICHMOND,
Va.—BOOT offering—Sealed bids will be received
until 5 p. m. (Eastern Standard Time) on July 16, by W. G. Carpenter,
Chairman of the Committee on Finance, in Room 312, City Hall, for the
purchase of a $375,000 issue of 2)4% coupon general improvement bonds.
Denom. $1,000.
Dated July 1, 1936.
Due $25,000 from July 1, 1939 to
1953, incl. Prin. and int. (J. & J.) payable at the bffice of the City Comp¬
troller or (at the option of the holder), unless the bonds be registered, at the
Bankers Trust Company or other fiscal agent of the city, in New York
City.
Bonds can be registered as to principal only, or as to both principal
and interest.
The successful bidders will be furnished with the approving
opinion of Reed, Hoyt & Washburn of New York City. The bonds will be
prepared under the supervision of the Bankers Trust Co. of New York,
which will certify as to the genuineness of the signatures of the city officials
and the official seal.
Bids should be addressed to Landon B. Edwards,
City Comptroller, Room 103, City Hall, and must be accompanied by a
certified check for 1)4 % of the face amount of the bonds bid for.
These
bonds are stated to be general obligations of the city as a whole.
SMYTH COUNTY (P. O. Marion), Va .—bond election con¬
templated—An election will be held sometime in August in order to
have the voters pass on the issuance of $120,000 in school bonds, according
to report.
BRANDON, Man.—ASKS FOR SUSPENSION OF FINANCES—Feel¬
ing that it is unable to maintain necessary services and also pay its debenture
interest, the city has aksed the Provincial Government to appoint an admin¬
istrator.
A minority of the Council was opposed to this and favored the
appointment of afeupervisor.
The appointment of an administrator will
take control of civic affairs entirely out of the hands of the Council.
CALGARY, Aha.—BANK LOAN AVERTS DEFA ULT—Possibility of
default was sweptVway on June 26 and Calgary faced a new financial year
clear of difficulties.
A new line of credit, totaling $596,000, including
$410,000 to meet month end bond interest payments at the contracted rate
of 5% was arranged for with the Bank of Montreal.
Agreement with the
bank was made and approved at a special council meeting.
It was also
agreed the bank will increase the city's carryover to $450,000 if necessary.
Failure to reach! agreement with the bank would have meant default of
interest payments'June 30.
A token payment of 3% was made June 15,
and
bondholders will receive another 2% at the end of the month.
rates will ibe higher, however.
The 50-mill rate, originally set
were reduced, has been increased to 56 mills, and
$82,000 will be appropriated from surplus utility earnings.
A mandamus order, granted a Calgary bondholder, compelled the city
Tax
when bond interest rates
to increase the tax
rate to
meet
all its
obligations, including contracted
interest rates.
Under the agreement with the bank, the city must make every administra¬
tion economy possible and assure levies sufficient to meet its legal obligations.
CANADA
(Dominion
of)—$25,000,000 treasury bills sold—
An issue of $25,000,000 Treasury bills, maturing in three months, was sold
recently at an average cost to the Dominion of .798%, a new low rate for
this type of financing.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
Ferris & Hardffrove
SPOKANE
Teletype—SPO 176
SEATTLE
PORTLAND
Teletype—SEAT191 Teletype—PTLD ORE 160
WASHINGTON
Wash.—bonds voted—We
are informed by H. Arends,
City Clerk, that at the election held on June 20—V. 142, p. 4068—the voters
approved the issuance of the $1,300,000 in water revenue bonds by a count
of 3,002 "for" to 172 "against." Interest rate is not to exceed
6%, and the
interest rate expected on the bids is about 4%.
These bonds will mature
probably from 1947 to 1956 incl. It is not known at present when bids will
be received for the sale of these bonds.
GRAYS HARBOR COUNTY (P. O. Montesano). Wash.—bond
offering—It is stated by Stephen Trask, -County Treasurer, that he
will receive sealed bids until July 18 for the purchase of a
$5,000 issue of
5% semi-ann. Oakville Union High School District bonds. Dated Aug. 18,
1936.
Wash.—bonds sold—It is reported by the City Clerk
been purchased recently by the
that $4,000 lighting system bonds have
City Sinking Fund.
LAVAL DES RAPIDES, Que.—OUTSTANDING DEBT TO BE PAID
—Outstanding bonds of the Town of Laval des Rapides and unpaid interest
coupons up until July 1,1936, will be purchased at par, the Quebec "Official
Gazette" announced June 22.
Payment will be made on presentation at
the Banque Ganadienne Nationale. Cartiersville.
Interest will not be paid
on the bonds after July 1, even where the date of maturity is subsequent.
MONTREAL, Que.—SEEKS CUT IN INTEREST CHARGES—A vol¬
untary cut in interest rates on the debt of the City of Montreal and the
municipalities finder the control of the Montreal Metropolitan
Commission is being strongly urged following the dissolution of the Quebec
House, which failed to take action on the City of Montreal bill which pro¬
vided for a forced readjustment of interest charges.
The matter has come
up in the Montreal City Council and before members of the Metropolitan
Commission.
The latter has decided to undertake an intensive study of
conversion schemes put through throughout the world, notably in Great
Britain and Australia, with a view to finding a way out for the solvent
municipalities to convert their costly debts.
The Metropolitan Commission recently succeeded in effecting successful
voluntary conversions of the debt of the three bankrupt towns of Montreal
North, Pointe aux Trembles and St. Michel de Laval under its jurisdiction;
$1,113,000 of their debt bearing interest at about 6% was converted;
$850,000 of the bonds were exchanged for $850,000 of Metropolitan Com¬
mission 10-year bonds bearing interest at 4% and $263,000 were exchanged
outright for an equal amount in cash, which the Commission borrowed
solvent
fromlts bankers at the usual rates of interest.
The idea back of the present agitation
for converting the debt of the City
Metropolitan Commission on a lower basis is to have a
ready to put before the new Legislature which will meet
early in October, following the Provincial elections this fall.
of Montreal and the
concrete proposal
NEPEAN
STEVENS COUNTY SCHOOL DISTRICT NO. 80 (P. O. Colville),
Wa»h*—price paid—-It is stated by the County Treasurer that the
$8,500 school bonds purchased by the State of Washington, as noted here
recently—V. 142, p. 4226—-were sold as 4s at par.
WEST VIRGINIA
KENOVA, W. Va .—bonds voted—By
residents or Kenova
recently approved
a
vote of 602 to 102 the
proposal to issue $29,000 flood
a
protection bonds.
TOWNSHIP, Ont.—SEEKS MANAGEMENT OF AFFAIRS
BY PROVINCIAL BODY—The township may be
placed under the
super¬
vision of the Ontario Department of Municipal Affairs as a result of
decision of the Township Council to apply to the Ontario Government
the
for
assistance.
The situation is being studied by the Municipal Department.
The tax rate and financial situation in the township has been a matter of
concern for some time.
According to a statement issued by the Reeve, the
steadily increasing burdens of debt has reached a point beyond the ability
of the taxpayers to bear.
At the end of 1935 the township's debenture
debt was $974,836.
PETERBORO
COUNTY, Ont.—BOND SALE—J. L. Graham & Co.
$70,000 2^% bonds at a price of 99.07.
paid for county bonds.
of Toronto recently purchased
This is said to be the best price ever
WISCONSIN
ROCKCLIFFE
LA CROSSE, Wis.—BONDS authorized—A resolution
authorizing
the issuance of $350,000 sewage disposal plant bonds has been
passed by
the City Council.
|P LODI, Wis.-—bonds voted—The voters of the village on May 26
gave their approval to a proposal to issue $45,000 sewerage system con¬
struction
bonds.
C MILWAUKEE
COUNTY
(P.
O.
Milwaukee),
Wis.—proposed
bond offering—The issuance of $2,500,000 in relief bonds is said to
have been recommended to the County Board by Frank
Bittner, County
stating that the county
Auditor, on July 2.
The Auditor is reported as
relief budget for 1936 was overdrawn $639,000 and would be overdrawn
about $2,000,000 by Sept. 1.
The bond issue is proposed to take care of
this deficit, we understand.
PARK,
Ont.—BOOT
SALE—An
4 H% bonds has been sold to John Graham
of 103.07.
t
issue of $20,000
& Co. of Ottawa at a price
ST. LAMBERT, Que.—STUDY OF AFFAIRS PLANNED—A complete
enquiry into finances of the city will be conducted by the Quebec Municipal
Commission;before any action is taken on the Council resolution petitioning
the Commission to declare the municipality a bankrupt town.
It is reported
the Commission has hope that the recent financial reorganization plan con¬
sented to by both the bondholders and the Council
enactment of a special bill by the Quebec Legislature
all its
problems.
and needing formal
to enforce, "mil solve
,
ST. PIERRE-AUX-LIENS, Jacques County, Que.—BOOT OFFER¬
ING—Sealed bids will be received by the School Commissioners until July 15
the purchase or $20,000 4% funding bonds.
Dated June 1, 1936.
for
Due
serially on June 1 from 1937 to 1965 inclusive.
@FedFRASER