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The Financial Situation
much that is heartening in
THERE is place in Washington duringthe events
taking
the past
week. It
scarcely needs current reports of the nature of
communications received by members of Congress
is the evidence furnished of a return to on such questions as are raised by the
utilities
greater sanity on the part of both the House and bill and probably also by the proposed
Banking Act
the Senate that is encouraging, rather than the of 1935, to feel quite certain that
they did not lend
substance of legislation adopted or apparently support to the pleas of the
Administration, as
scheduled for adoption, but the ground for greater usually has been the case in the past. The
attitude
hopefulness is no less solid for that fact. The of the members of Congress on
current questions
utility holding company measure, even in the form is convincing evidence on the point.
In view of
in which it passed the House, although a better this fact the business community
is warranted in
bill than it is in the Senate version, is still far from believing that for the time being at
least the fana constructive proposal. The Senate Committee tastic policies and promises of the
Administration
text of the proposed Banking Act of 1935, while have lost their magic potency with
large sections
a monument to the indefatigable energy and grim of the rank and file of the nation. Perhaps
it is
determination of the masnot too much to hope that
terly Senator Glass, is far
the people are definitely
Current Fallacies About Housing
from a perfect measure.
losing faith in panaceas,
"It is essential that all the people be adeIt would be an excellent
and are beginning to underquately housed. The Government is the only
thing, as doubtless both
agency equipped to handle it. This could be
stand that the way back to
done with Government credit and various deSenator Glass and the ineconomic well-being leads
grees of subsidy where low-income groups are
trepid "rebels" in the
concerned."
not along paths strewn
House would readily agree,
These sentences seem to summarize the
with the relics of wilful
conclusions of a conference recently held in
if no legislation of this
waste and childish "projPennsylvania under the guidance of the
character on either subject
Under-Secretary of Agriculture to consider
ects" for the restoration
what the conference was pleased to term the
were taken to the statute
of prosperity, but by high"resettlement and housing problems" of the
book at this session.
country.
ways paved with frugality,
The conclusions thus expressed rested,
But the fact remains
hard work and common
according to press accounts, upon acceptthat Senator Glass, single
ance of what are described as the findings of
sense. To the degree that
Government studies to the effect that more
handed in the Senate, and
any such inference as this
than one-third of the homes of the country
a group of Representatives
is warranted, there is cause
are "sub-standard."
in the House with minds
Here we have another current example of a
for the most positive sort
queer species of fallacious reasoning, quite
of their own, have sucreminiscent of that which, during and imof encouragement.
ceeded in definitely putting
mediately after the World War, produced the
startling "fact" that many more than half
an end, for the time being
Over-Confidence to Be
the people of the United States were subat least, to a situation in
Avoided
normal in native intelligence.
The trouble then was, and the trouble now
which Congress, acting as
Of course we must not
is, that the standard is set too high. Of
a rubber stamp for an
course we are all less intelligent than we
grow over-confident. The
should like to be, and most of our homes are
Executive Department
President has repeatedly
less than we should like to have them, as is
wholly under the influence
shown himself to be a rethe general economic status of the people.
of visionary and destructNo extended investigation is required to essourceful politician and an
tablish these self-evident truths.
ive groups in the populaagile antagonist. There is
The question, at least as to our economic
tion, gave its approval to
status, is how can we improve our condition.
no evidence that he is deThe answer to this query is simple. It is that
any and all sorts of basicveloping conservative leanwe can improve our lot, not by "Government
ally unwise and exceedingly
aid" or by "various degrees of subsidy" but
ings. Quite the contrary.
by hard work, thrift and continued effort
dangerous legislative proAs he becomes convinced
stimulated by private initiative to improve
posals with little thought
economic processes. We shall be able to have
that the soberer element
more of the good things of life in no other
of the consequences. It of
in the population are hopeway.
course remains to be seen
lessly alienated, he doubtwhat the ultimate fate of
less will tend more and
the utilities and bank measures will be. There is more to place himself at the head of the
malcontents,
much reason to fear that in the conference com- and may finally wind up
in about the position that
mittees to which both measures must be submitted, Senator Long has been ardently
trying to win for
the Administration forces will do all in their power himself. In such a
position he would be infinitely
to undo the good work that has been accomplished. more dangerous
than the Senator.
However, not only the temper of both houses of
Moreover, he has in his hands more money and
Congress as shown by their deeds of the past week authority than any
single man has ever had in
but also what appear to be reliable reports of the this country. With
or without the support of
political state of things in Washington seem to Congress he can inflict
incalculable harm upon the
make it doubtful if the Administration will be able business community
during the next year or two—
to accomplish very much in this way. At least without, of course, intending
to do so. We should
there is good ground for hoping that it will not.
be exceedingly unwise to underestimate the problems
These recent occurrences in Washington likewise before us. At the same
time, the developments of
carry other implications of importance. It is a the recent past, particula
rly of the past week, have
well-known fact that Congress, particularly the altered the situation in
some basic respects and in
House of Representatives, closely reflects the com- the right direction. At least
they have disposed of
posite sentiment of the country at large. One the myth so often pressed
into service in the past
Financial Chronicle
2
that the Administration was obliged to do foolish
things in order to prevent Congress from doing still
morefoolish things.
Concrete Results Limited
mits changes limited to an increase of 190 per cent of
existing requirements. This appears to dispose of
the threat of a virtual installation of the much discussed "hundred per cent plan" of dealing with the
reserves required of member banks. The all-powerful
"open market committee" is now to be composed of
the seven members (provided for in the measure) of
the Board of Governors and five representatives of
the reserve banks, a much more representative body
and one presumably less subject to complete domination by the White House. The drafts of the Senate measure so far available seem to us to leave the
point somewhat obscure, but apparently this committee will have less power than was proposed in the
House measure. The more orthodox doctrine of administering the central banking mechanism in the
interest of commerce and business and with regard
for the general credit situation of the country is adhered to rather than the "managed money" ideas of
the drafters of the House measure.
In other respects, too, the measure has been substantially improved. Instead of admitting any "good
asset" to rediscount at the reserve banks generally
and as a matter of course, the letting down of the
bars of eligibility is confined to those instances
where there is a lack of eligible paper, and then the
advances so permitted must carry a penalty rate of
interest. The provisions governing lending on real
estate by member banks are better than those of the
House draft. On the whole it is clear that Senator
Glass has been able to extract much of the poison
that was contained in the measure as it came to his
committee. It is to be hoped that in the political
situation which has now developed he will be able to
e Senate from making further concessions
the floor or in conference.
As to the actual legislative progress made during
the past week, we should be well advised to regard it
realistically. The measure that has been most in the
public mind is of course the public utility bill. This
measure in the form in which it passed the House is
still a bad bill. It probably differs less from the Senate measure than most observers who have not followed the course of events closely suppose. Sweeping
powers of regulation are still vested in Federal Government agencies which were created for other purposes, and at least one of which has no experience or
special knowledge of the utility industry. Wholesale
elimination of holding companies in the field is still
a distinct possibility, assuming of course that the
consent of the courts to the constitutionality of the
measure itself can be obtained. The courts are kept
open to the companies even in the Senate draft of
the bill. The chief difference seems to be that in the
one case the burden of proof that the holding company attacked serves some useful purpose would rest
upon the company, while in the other the Government must demonstrate to the court that the company serves no such purpose, assuming that there is
a resort to the courts as would probably be the case.
As to the duties imposed upon the Securities and Exchange Commission, the Senate would direct that
agency to destroy all utility holding companies (except certain exempted types) unless it found them
of service to the public, while the House directs it
to permit them to live unless it finds them without
serviceability. Obviously a great deal would depend
upon the Federal Power Commission, which is also
given extended duties in the matter, the Securities
and Exchange Commission, and of course the courts.
It so happens that the Securities and Exchange Commission, thanks largely to the efforts of its Chairman, Mr. Kennedy, has to date been inclined to act
with moderation and common sense. The Federal
Power Commission is still very largely untried. But
who can be certain of the personnel of these agencies
for any extended period in the future? After all, the
so-called "death sentence" for holding companies,
even under the Senate draft of the utilities bill,
would'not become effective for several years. The
importance of the action of the House in this matter
evidently is to be found more in the spirit it revealed
than in the accomplishments effected.
The results of the work of Senator_ Glass are
rather more substantial, but in this case also they
fall far short of perfection. Detailed study of the
provisions of the Senate draft of the proposed Banking Act of 1935 when they become fully available
will be necessary before the exact effects it would
have upon the situation can be determined. But certain important changes from the House draft are
obvious and in most instances are on the right side
of the ledger. The Secretary of the Treasury and
the Comptroller of the Currency are removed from
the Federal Reserve Board, or rather the Board of
Governors as the body would henceforth be called.
This is a change that has long been needed. The new
Board is given much more limited powers to alter
reserve requirements than were provided in the
House draft. The latter virtually placed the whole
matter in the hands of the Board; the former per-
July 6 1935
An Undesirable Measure
et frankness requires the plain statement that
we should regret to see the measure as it came from
the Senate Committee on Banking and Currency become the law of the land. There is absolutely no occasion for most of the changes that are thus proposed in our banking legislation. Why should the
open market committee be given even the relatively
limited powers granted it in the Senate Bill? If
there is need for changes in the amount of reserve
required of member banks, would it not be much
better to take time to make a careful survey of the
situation and then fix the ratio of required reserves
in the law itself? If there is large hazard in the existing situation with respect to excess reserves, is
not the logical method of remedying the situation
that of having the Reserve banks dispose of their
enormous holdings of Government obligations? It
seems to us extremely bad policy to reduce the limitations imposed under existing law upon member
banks in their lending on real estate. No other conclusion, it seems to us, can be reached in light of the
experience of the past decade with this type of loan.
Why should the members of the Board of Directors
of the Reserve banks be required to obtain the approval of the authorities in Washington for their
choice of the chief executive officers foi their own
institutions?
Underwriting Not a Banking Function
We think it wise to suggest that careful consideration be given to the proposal to permit member banks to enter the business of underwriting cor-
Volume 141
Financial Chronicle
porate securities even under the very real limitations
imposed by the Senate Committee. It is true that
the limitations imposed by the Senate Committee
would tend very powerfully to prevent a return of
most of the abuses that flourished during the days
prior to the passage of the Banking Act of 1933.
Underwriting banks could not engage in the business of distributing securities to their customers generally, and furthermore could not make use of the
market provided by other banks throughout the
country. They are likewise restricted in the amount
of underwriting risks that they may assume. These
and the other limitations placed upon their underwriting operations are all sensible and to be commended. The fact remains however that security underwriting is not the function of commercial banks.
They of course do underwriting at present, or the
equivalent of it, in the field of Government and municipal securities, and they carry very large portfolios of long-term securities. These practices are
often defended by reference to the large volume of
time deposits carried by the banks. But, as every
one knows, the volume of long-term investments carried by them greatly exceeds their volume of time
deposits. The fact in any case is that our banks, by
and large, are already far too greatly engaged in
investment banking. It would be much better if we
were giving serious consideration to plans or programs for reducing their activities in this field
rather than permitting and even encouraging them
to go farther into it, particularly when the extension
of these activities now proposed involves acceptance
of the large liabilities entailed under the Securit
ies
Act of 1933.
But, as already indicated, the most important development of the past week or two in the legislative
situation is the apparent trend of thought about all
such matters, and the implied direction of the public
mind at the moment. If only we as a people have now
reached the point from which we shall make steady
progress back to sanity in the management of our
national economic policies, it will be a relatively
easy matter to repeal or amend legislation now being
headed for the statute book in whatever way seems
indicated. In some instances, as in the case of the
public utility legislation, such amendment may even
be made before very great damage is done. For
some
little time past the leaders of the busines
s world
have been more disposed to take courage
ous positions in matters that have to do with current
legis
;
lation and governmental administration.
The effects of this renewed courage and of the increas
ingly
evident failure of the panaceas are now becomi
ng
quite observable. What is needed now is to keep
ourselves moving in this sane direction.
It is perhaps too much to hope that Congress will
proceed with a thorough investigation into the methods employed to bring pressure upon recalci
trant
members in the past few weeks, particularly perhaps in the Senate at the time that the utility holding company measure was being driven through under whip and spur. Such an investigation is unquestionably needed, but it should be full, impartial
and vigorous, and furthermore it ought to be conducted in full public view. If this were done much
would probably be accomplished that would aid in
the task of setting the rank and file of the people
aright as to what is taking place in Washington at
the present time. Any other sort of investigation
would be worse than none.
3
The Constitution and the AAA
VERY substantial number of enterprises subject to the so-called processing tax levied under the Agricultural Adjustment Act have now taken
definite court action to determine the constitutionality of the law under which they are required to pay
this tax. Temporary injunctions have been sought,
and in a number of instances obtained, preventing
any further attempts on the part of public officials
to collect the taxes in question pending determination of the facts and the law. The movement has
doubtless been stimulated, and the possibility of obtaining the injunctions has been created, by the fact
that Congress has under consideration at this time
an amendment to the Agricultural Adjustment Act
which, among other things, would make it impossible
for firms or individuals paying the taxes in question
to obtain a refund in case the law was at some later
date declared unconstitutional and the collections
under it held to be unwarranted. It is unfortunate
that action of this forthright character was not
taken long ago. As things now stand, it is highly
likely that past payments under the tax levies in
question cannot be recovered whether or not the
Government had any authority to collect them in the
first place.
A
Federal Reserve Bank Statement
IN THE current condition statement of the 12 Federal Reserve banks, combined, the procedure of
the Treasury with respect to the redemption of $600,000,000 2% consols and the retirement of National
bank notes secured by such obligations begins to
find its due reflection. Plans regarding this transaction were changed at the last minute, so as to
avoid an abrupt advance in excess reserves to unprecedented figures. Because the banks made early
provision for eliminating their liability on the currency, the Treasury decided to use funds already on
deposit to redeem the consols and then to deposit
gold certificates with the Federal Reserve banks as
the currency was retired from circulation. By this
method, of course, little more is achieved than a
delay in the increase of reserve deposits of member
banks and of excess reserves. Some of the National
bank notes secured by the consols already were in
the hands of the Treasury on July 1, when the consols were redeemable, and it is doubtless against
such notes that a deposit of close to $100,000,000
gold certificates was made in the week to July 3.
The deposit exceeded the actual increase in the
monetary gold stocks by $90,000,000. There was
evidently some lag in the redemption of consols previously repossessed by the banks concerned through
deposit of legal tender, and for the redemption of
which the Treasury prepared by calling in large
amounts from its war loan deposits with banks.
The Treasury deposit with the Federal Reserve
banks increased $101,385,000, while member bank •
deposits on reserve account fell $129,769,000. Subsequent statements doubtless will show less disparity, although it may be some time before the
whole matter is adjusted. In the meantime the
actual credit position will be more difficult than
ever to determine, although clarity clearly is required at this period more than ever before.
It is hardly necessary to remark that gold certificate holdings of the Federal Reserve System
moved to a new high record on the deposit of $99,730,000 of such instruments during the week covered
4
Financial Chronicle
by the condition statement. The aggregate on July 3
was $6,226,221,000 against the June 26 figure of
$6,126,491,000. Other cash dropped because of holiday requirements, and we find total reserves at
$6,465,277,000 against $6,388,688,000. Turning to
liabilities, it is noteworthy that Federal Reserve
notes in actual circulation increased by $101,962,000
to $3,299,860,000. This is not a startling increase by
itself, in view of the July 4 holiday withdrawals of
currency. Nor is the total of Federal Reserve notes
much higher than at this time last year, but it must
be remembered that silver notes and other forms of
currency have been put out in volume by the Treasury, and the credit summary reveals that money in
circulation is no less than $5,619,000,000, or $222,000,000 higher than a year ago. The total, moreover, is $854,000,000 higher than in July 1929. For
most of the increase since 1929, hoarding during the
early depression years doubtless is responsible, but
in recent months it would appear that use of currency actually is increasing, possibly because of
bank charges in some areas on checking accounts
and the large outpayments by the Federal Government for relief and other needs. Resuming the survey of the current bank statement we find member
bank deposits on reserve account at $4,899,723,000
on July 3 against $5,029,492,000 on June 26. But
Treasury deposits on general account were up to
$181,686,000 from $80,301,000. Together with other
adjustments, these changes reduced total deposits
to $5,393,593,000 from $5,415,393,000. The reserve
ratio reflected the changes in assets and liabilities
by an increase to 74.4% from 74.2%. Discounts by
the System increased to $8,371,000 on July 3 from
$7,137,000 on June 26, while industrial advances
were marked up to $27,904,000 from $27,518,000.
Open market bill holdings declined $3,000 to
$4,687,000, and United States Government security
holdings were up $532,000 to $2,430,759,000.
July 6 1935
for May this year amounted to $170,559,000 against
$170,567,000 for the preceding month this year, and
$154,647,000 for May 1934. The excess value of imports over exports was $5,102,000 compared with a
similar "adverse" trade balance of $6,217,000 for
April this year, and an export trade balance amounting to $5,554,000 for May, 1934. In no instance are
these figures on the trade balance high in comparison with the usual monthly report.
For the elevent months of the current fiscal year,
from July 1934 to May 1935, inclusive, the value of
merchandise exports was $1,951,987,000 against
$1,871,133,000 for the same period in the preceding
fiscal year, an increase of $80,854,000, equivalent to
only 4.3 per cent. During the same time, ending with
May 1935, merchandise imports amounted to $1,629,151,000 compared with $1,585,201,000 for the same
eleven months of the preceding fiscal year, the increase in imports being $143,930,000 or 9.2 per cent.
For the eleven months ending with May this year the
excess value of exports over imports was $322,836,000 against a similar export trade balance for the
eleven months of the preceding year of $285,932,000.
Exports of cotton in May were larger than those
for that month a year ago. The movement in May
this year was 317,887 bales against 294,129 bales in
May 1934. This was the first increase in the monthly
export movement of cotton since March 1934. The
value of cotton exports in May this year was $19,-366,493, compared with $21,796,639 for April and
$17,585,689 in May a year ago. Exports other than
cotton in May amounted to $146,091,000 against
$142,615,000 a year ago. The increase was only 2.4%.
Imports of gold in May continued heavy, amounting to $132,496,000, while there were no exports.
Gold imports for the eleven months of the current
fiscal year amounted to $901,565,000 and exports
$40,558,000, the excess of imports being $861,007,000.
Silver imports in May were $13,501,000 and exports
$2,885,000.
Corporate Dividend Declarations
Business Failures in June
TIONS on dividends by corporate entities the
HE record of business failures in the United
present week again were largely of a favorable
States for the first half of 1935 makes a very
a semi-annual
nature. Transamerica Corp. declared
the capital stock payable favorable showing as compared with previous recdividend of 15c. a share on
were less numerous this year
2c.
July 31 as compared with 12y in the three preced- ords. Insolvencies
were during the same period of last year,
ing quarters. Cerro de Pasco Copper Corp. declared than they
number at that time was greatly rea dividend of $1 a share, payable Aug. 1 as against although the
duced from the totals of some previous years. This
50c. a share previously. Pittsburgh Plate Glass Co.
with liabilities of $110,280,891.
declared a special dividend of $1 a share on common year's total as 6,271,
of 50c. was For the first half of 1934 the number was 6,577 and
payable Aug. 15; the regular quarterly
involved $151,795,760. For both
paid last July 1. Of an adverse nature was the ac- the indebtedness
Water Works & Electric Co. periods above mentioned the records were very much
tion of the American
similar time back to 1920. The
in deciding to omit the common dividend ordinarily below those for any
during these 15 years was reached in
payable in August; 20c.a share was paid May 15 last, high point
1932, when the number of business failures in the
while in previous quarters 25c. a share was paid.
first six months was 17,433, involving, in the aggreForeign Trade in May
gate, $537,284,288 of liabilities.
The record for June this year, which completed
States shows litHE foreign trade of the United
as time goes on. The report the report for the six months, was in some respects
tle improvement
that month numfor May, issued by the Department of 'Commerce at the best of the year. Failures for
Washington yesterday, was little changed from bered 961, and the liabilities involved amounted to
April. The value of merchandise imports was again $20,463,097. There were 1,027 similar defaults in
,
in excess of exports. Cotton exports in May were May for $15,669,627 of indebtedness while for
June 1934 the number was 1,033 and the amount
higher than those for the same month last year, for
fewer
the first time in many months, yet total exports were $23,868,293. Failures in June this year were
constitute a very than for any month since November last, and below
only $165,457,000. Cotton exports
liabilities
large part of all exports. These figures compare those for any June since 1920. As to the
, the value of all exports in April for the month just closed, the total was higher than
with $164,350,000
single large
and $160,201,000 for May 1934. Merchandise imports for any month in the past year. A
N
T
T
Volume 141
Financial Chronicle
receivership, which occurred in June, will explain
this increase. The actual default, which culminated
in the action by the court last month, occurred over
a year ago, or more. The concern was a guaranteed
mortgage company and the amount involved was
approximately $7,000,000. Omitting this single
receivership, liabilities in June would be less than
$13,500,000, the smallest amount for any month for
many years.
An analysis of the June failure statement shows
that, relatively, trading defaults make the least
satisfactory showing of the various groups. This
applies to the very large retail division, as well as
wholesale lines. For the retail and manufacturing
divisions the number of failures for June showed a
reduction. Liabilities, too, were considerably
smaller this year for both of the above classes.
Retail failures in June numbered 579, for $5,543,176
of indebtedness, against 604 a year ago for
$8,009,610. For the manufacturing class, the number last month was 228, owing $4,827,324, compared
with 279 last year for $9,581,352. These two large
classes report about 85% of all failures.
In wholesale lines there were 78 defaults against
55 a year ago, with liabilities of $1,304,031
and
$2,309,387, respectively, in June this year and
last.
The fourth division covering "other commer
cial
lines," mainly financial and agents and brokers
, was
the section in which the large failure noted
above
was included. The number of defaults in
these lines
in June this year was 76, with
liabilities of
$8,788,566. These figures compared with 95
for
$3,967,935 a year ago.
Separated by geographical sections, the reducti
on
in the number of failures in June this
year, as
shown by the total, compared with that month
in
1934, was in the New York area, in that of
Chicago,
in the Pacific Coast States, as well as in the
Cleveland, the Minneapolis and the Richmond
districts.
These separations are made by Federal Reserve
districts. Of the 12 Federal Reserve districts,
there
were six in which a reduction was shown in
the
number of failures in June this year compared
with
the corresponding month in 1934. The total
reduction in number was 110 for the six districts
above
named. For the other six Federal Reserve district
s,
an increase in the number was shown. The
total
increase for these six divisions was 38. The
rise
was quite evenly divided, and applied to New
England, the Philadelphia district, the Atlanta
, St.
Louis, Kansas City and Dallas districts.
5
Monday, with utility stocks in better demand than
other issues. But industrial stocks also showed more
gains than losses, while a few specialties moved up
sharply. Although the session on Tuesday was the
most active of the week, prices were irregular. Utility shares again moved forward, and modest gains
appeared in some of the railway equipment stocks,
food shares and metal issues, but other were inclined
toward slightly lower levels. Changes on Wednesday were hardly more than nominal and trading was
dull, since the holiday exodus of traders and investors already was in progress. But the tone was
firm, with steel issues in best demand. In yesterday's session the upswing in steel shares continued
and gains appeared also in a number of other industrial stocks. Utility issues held their previous gains
and in some instances made further progress. The
rail section was little changed, pending clarification
of the outlook for the carriers.
In the listed bond market conditions closely resembled those prevalent in the share market. United
States Government securities were marked a little
lower in the first two sessions, but improvement set
in thereafter and highest levels again were approached. Best rated corporate bonds reflected modest investment buying, but more attention was paid
the new and refunding issues, which at length are
appearing in some volume. Speculative bonds
showed decided irregularity, with utility holding
company issues sharply better, while most rail bonds
of this description drifted downward. Foreign dollar securities were quiet and steady. In the commodity markets a higher tendency appeared at first in
wheat, owing to spread of the rust blight in some
producing areas, but the gains were not fully maintained. Other grains followed much the same course,
while cotton, coffee, sugar, rubber, metals and other
commodities were irregular. The foreign exchange
markets reflected unchanged conditions. European
gold units were firm until yesterday, when small declines occurred. Sterling exchange was steady, while
other units held to former levels.
On the New York Stock Exchange 122 stocks
touched new high levels for the year and 17 stocks
touched new low levels. On the New York Curb
Exchange 84 stocks touched new high levels and 12
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged at
3
4%, the same as on Friday of last week.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 252,980
shares; on Monday they were 683,670 shares; on
The New York Stock Market
Tuesday, 1,198,890 shares; on Wednesday, 720,450
OLIDAY influences and political conside
ra- shares; Thursday was Independence Day and a holitions were the two dominant factors this week day; on Friday
they were 880,730 shares. On the
in the trading on the New York Stock Exchange. New
York Curb Exchange the sales last Saturday
With the exception of a brief period of activity on were 62,010
shares; on Monday, 102,975 shares; on
Tuesday the market was dull. Independence Day on Tuesday, 268,000
shares; on Wednesday, 216,810
Thursday naturally was observed by the closing of shares, and
on Friday, 166,080 shares.
all markets, and both the pre-holiday and the postThe stock market this week came under the holiholiday sessions were very quiet. The tone was cheer- day influence,
with the result that trading was a
ful in most sessions, however, partly because the fi- rather dull
affair. At yesterday's close prices in
nancial community took hope from the rebuff ad- quite a few instanc
es were higher than on Friday of
ministered to Administration forces in Washington the previous week. General
Electric closed yesteron the utility holding company bill. The House de- day at 261/ against
2
2578 on Friday of last week;
/
feated the "death clause" in that measure with em- Consolidated
Gas of N. Y. at 26% against 26. Cophasis, Monday, leading many observers to the as- lumbia
Gas & Elec. at 8 against 7%;Public Service
sumption that an equally realistic attitude may
be of N. J. at 38% against 37%; J. I. Case Threshing
taken on the taxation program and other adverse Machin
e at 57% against 56; International Haraspects of the New Deal. Prices slowly advanced on
vester at 461/ against 451 2; Sears, Roebuck & Co.
4
/
H
6
Financial Chronicle
at 44 against 42%; Montgomery Ward & Co. at
/
/
28% against 271 2; Woolworth at 61% against 6178;
4
1
/
Tel. & Tel. at 128 against 125 ,and AmerAmerican
4
1
/
ican Can at 141 against 137.
6
Allied Chemical & Dye closed yesterday at 151
against 153% on Friday of last week; E. I. du Pont
4
1
/
/
de Nemours at 10378 against 101 ; National Cash
Register A at 18 against 17%; International Nickel
14
%
at 27 against 273 ;National Dairy Products at 16/
/
;
4
1
/ Texas Gulf Sulphur at 341 8 against
against 16
/
33%; National Biscuit at 29% against 2978; Conti%;
/
nental Can at 8678 against 813 Eastman Kodak
at 150 against 145%;Standard Brands at 16 against
15%; Westinghouse Elec. & Mfg. at 56% against
52%; Columbian Carbon at 90% against 90; Loril/
4
1
/
lard at 21 against 211 8; United States Industrial
14
Alcohol at 43/ against 43; Canada Dry at 10%
against 10%; Schenley Distillers at 29% against
4..
/
29%,and National Distillers at 2678 against 263
The steel stocks advanced to higher levels. United
/
/
States Steel closed yesterday at 351 8 against 3378
on Friday of last week; Bethlehem Steel at 29
4
1
/
/
against 26%; Republic Steel at 141 8 against 13 ,
& Tube at 19% against 17%.
and Youngstown Sheet
In the motor group, Auburn Auto closed yesterday
at 24 against 24 on Friday of last week; General
/
Motors at 33% against 32%; Chrysler at 5078
4
1
/
,
/
against 481 2 and Hupp Motors at 1 against 1%.
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 18% against 18% on Friday of last
/
week; B.F. Goodrich at 818 against 8%,and United
at 12% against 12%. The railroad
States Rubber
shares are mostly lower for the week. Pennsylvania
RR.closed yesterday at 22% against 22% on Friday
of last week; Atchison Topeka & Santa Fe at 48%
/
against 47%; New York Central at 171 8 against
17%; Union Pacific at 103 against 104%; Southern
Pacific at 18 against 18%; Southern Railway at
/,
7% against 978 and Northern Pacific at 20 against
19%. Among the oil stocks, Standard Oil of N. J.
closed yesterday at 47% against 46% on Friday of
,
/
/
last week; Shell Union Oil at 101 8 against 1018 and
Atlantic Refining at 26% against 26%. In the
copper group, Anaconda Copper closed yesterday at
/
14% against 1378 on Friday of last week; Kennecott
/
Copper at 181 8 against 17; American Smelting &
/
Refining at 421 8 against 42%, and Phelps Dodge at
4
1
/
17 against 16 .
Trade and industrial indices reflect chiefly the
seasonal variations current at this time of year,
and it remains difficult to ascertain from such data
the probable long-term trend. Steel-making for the
week ending to-day was estimated by the American
Iron and Steel Institute at 32.8% of capacity
against 37.7% last week, 39.5% one month ago, and
23.0% one year ago. This represents a decrease of
4.9 points, or 13.0%,from the preceding week. This
reduction is apparently due in part to mill curtailment in connection with the July 4 holiday. Production of electrical energy for the week ended
June 29 was reported by the Edison Electric Institute at 1,772,138,000 kilowatt hours against 1,774,654,000 in the previous weekly period.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
4c.
3
/ the close on Friday
yesterday at 81c. against 84
of last week. July corn at Chicago closed yesterday
4c.
1
/ as against 82c. the close on Friday of
at 79
last week. July oats at Chicago closed yesterday
July 6 1935
at 33c. as against 37%c. the close on Friday of
•
last week.
in New York closed
The spot price for cotton here
yesterday at 12.20c., the same as on Friday of last
week. The spot price for rubber yesterday was
12.18c. as against 12.43c. the close on Friday of last
week. Domestic copper closed yesterday at 8c., unchanged from the close on Friday of last week.
In London the price of bar silver yesterday was
31 pence per ounce as against 31 pence per ounce
on Friday of last week, and spot silver in New York
2c.
closed yesterday at 69c. as against 69Y on Friday
In the matter of the foreign exchanges,
of last week.
cable transfers on London closed yesterday at $4.95
4
1
/
as against $4.94 the close on Friday of last week,
while cable transfers on Paris closed yesterday at
/
6.621 2c. as against 6.64c. the close on Friday of
last week.
European Stock Markets
TENDENCIES varied widely this week on stock
1 exchanges in the principal European financial
centers. Political and financial developments were
assayed differently at London,Paris and Berlin, and
each market followed a distinct course. There was
good investment demand for gilt-edged securities on
the London Stock exchange, but industrial issues
were subjected to a good deal of profit-taking. On
the Paris Bourse a quiet but steady stream of liquidation forced prices lower almost without interruption and a good deal of concern now exists regarding
the effect of the protracted decline. Premier Laval
admitted on Monday that the Government faces a
difficult task in effacing the accumulated deficit of
more than 11,000,000,000 francs, and his comments
proved extremely discouraging so far as the French
securities market is concerned. The Berlin Boerse
was fairly active at times, with prices higher in most
sessions, despite the heavy taxation necessary to
carry out the plans of the German Government. In
all centers much attention was paid the international outlook, which is considered precarious both
in a monetary and a political sense. Further currency devaluation moves are not anticipated until
the autumn, at the earliest, unless untoward events
make such measures imperative. Politically, the
prospects are not encouraging, owing to the strain
in Franco-British relations, the evident intention of
Premier Mussolini to wage war against Ethiopia,
and the unsettlement in Far Eastern affairs.
The London Stock Exchange was quiet and somewhat irregular in the initial session of the current
week. British funds reflected good investment buying, largely as a result of the half-yearly disbursement of interest and dividends. Industrial stocks
were uncertain, some groups advancing a little while
others declined as much. International securities
were firm, with the exception of Anglo-American
trading favorites, which weakened on reports from
New York. Conditions were not much changed on
Tuesday. British funds again advanced easily, but
various sections of the industrial list were subjected
to profit-taking and some of the declines were pronounced. Russian bonds were favorites in the international department on rumors that some payment
may be made on old Imperial obligations, while
Anglo-American stocks also showed gains. Trading
on Wednesday was quiet at London, with gilt-edged
securities still in best demand, while some inquiry
Volume 141
Financial Chronicle
for African and Australian gold mining issues also
was noted. Industrial issues remained irregular and
international securities receded. Business was restricted even more on Thursday, owing to the holiday at New York. British funds receded slightly,
but home rails were good. Gains and losses were
about equally divided in the industrial section, while
movements in the international issues were inconsequential. British funds were maintained yesterday, but industrial stocks and foreign issues were
uncertain.
The Paris Bourse viewed unfavorably, on Monday,
Premier Laval's disclosure of the immense budgetary
deficit that must be made up and his statement that
exceptionally energetic measures will be taken. A
rumor spread that one of the steps will consist of a
special levy on interest paid on Government loans.
Rentes fell sharply on such reports, while most
French bank, utility and industrial stocks also lost
ground. There was better demand, however, for international securities. Unsettlement again was pronounced at Paris on Tuesday, since there was no
denial of the rumors that Government bond interest
will •be taxed. Equities joined in the downward
movement of French rentes, but a capital flight was
reflected in steady demand for international issues.
Scarcely any business was done at Paris, Wednesday, but prices showed greater steadiness. Rentes
improved fractionally, while equally small gains appeared in some bank, utility and industrial shares.
International securities were heavy. The downward
trend of quotations was resumed Thursday, notwithstanding a reduction of its discount rate by the Bank
of France to 4% from 5%. Ordinarily a bank rate
reduction stimulates the market,but on this occasion
further sharp reductions in rentes were noted, while
other securities were irregular. The tone again was
soft yesterday, with rentes offered freely. Bank
stocks also receded, but industrial issues showed
resistance.
The Berlin Boerse was the most cheerful of all
European exchanges this week, with an upward
movement in progress from the start of trading on
Monday. Not much business was done in the initial
session of the week, but small gains were the rule.
A few speculative favorites improved as much as 2
to 4 points. The gains were extended in another
quiet
session on Tuesday. Specialties were in greatest demand, but small advances also were scored in heavy
industrial and mining stocks. Nor was there any
change in the situation on Wednesday, when most
issues again moved gently higher in modest trading.
No interest was taken in fixed-interest securities,
and in this respect also the situation resembled that
of earlier sessions. After an uncertain opening on
Thursday, due to profit-taking, prices steadied on
the Boerse and at the close only nominal changes
were noted. Gains and losses were about equally
numerous and equally small. Prices advanced generally yesterday, in a more active market. Steel
shares were in best demand.
Industrialists Urge Stabilization
MONG the resolutions adopted in the closing
session of the International Chamber of Commerce meeting in Paris, last Saturday, was one in
which the governments of the world once again were
called upon to stabilize their currencies in relation
to gold, so that progress can be made toward world
economic recovery. Similar efforts have been made
A
7
in the past without effect, and the industrialists and
trade leaders gathered at Paris paid more than passing attention to the problem of impressing upon their
governments the need for action. "There is a great
difference between passing resolutions in these delightful surroundings and following them up in a
practical and effective way," said Eliot Wadsworth,
head of the American delegation. Mr. Wadsworth
suggested that the national delegations in every case
should take aggressive action within their own countries toward the desirable end of currency stability.
Dr. Frederick F. van Vlissingen of Holland, who
was re-elected President of the Chamber for the next
two years, also called for positive action in the final
speech of the meeting. He reminded the Chamber
that all recent meetings have resulted in resolutions
calling for stabilization, reduction of trade barriers
and a sensible adjustment of international indebtedness. The time for action now has arrived, and Dr.
van Vlissingen proposed that the various national
groups "set in motion a veritable campaign for the
purpose of enlightening public opinion."
The resolution on stabilization was only one of a
number adopted at the end of the meeting in Paris,
which lasted all of last week, but it attained greatest
prominence because of the urgency of its subject
American delegates drafted the document, which
urged the principal governments concerned to "inaugurate immediately appropriate consultations for
the purpose of formulating and putting into effect
an agreement for such stabilization and to take the
speediest possible measures for adjusting their national economic policies to assure a safe functioning
of an international gold standard over a long period." The preamble to the resolution holds that uncertainty as to the monetary policies of the principal
trading nations and the instability of foreign exchange rates have led to a breakdown of international trade and must continue to lead to further dislocation. Monetary uncertainty and foreign exchange instability inevitably lead, the resolution
states, to such developments as the establishment of
compensatory tariffs and quotas designed to protect
local markets from invasion by countries with depreciated currencies; a cessation of international
long-term investments; flights of capital and increases in the volume of international short-term
debts; exchange controls and embargoes on the free
movement of capital, and hoarding of gold and foreign exchange. It was further argued that postponement of stabilization until the price level has first
been raised may lead to a deterioration of position,
since currency instability and depreciation may have
a deflationary effect. Far from hindering a rise in
prices, stabilization is one of the quickest methods
of permitting natural forces to bring about a general
recovery of the price level, it was stated. Permanent
monetary stability can be obtained only through reestablishment of the international gold standard, it
was maintained.
Although this resolution was adopted unanimously at Paris, there is little indication of any
change in the British view of the stabilization possibilities. In a London dispatch of last Saturday to
the New York "Times," which reflects the British
official viewpoint, it was conceded that the exchange
of views at Paris was helpful, but the discussions
were described as "academic and not a prelude to
any official move." Debt problems must •be adjusted, as well as exchange and tariff matters, before
S
Financial Chronicle
July 6 1935
ing his interviews at Paris last week, and the fruitless endeavor by Captain Eden to mediate between
Italy and Ethiopia also has its bearing on the matter. Italian authorities appear to feel little concern
about the British legalization of German naval rearmament, beyond the "trading" advantage which
it gives them in diplomatic discussions, but in Paris
a profound resentment is felt, and it may be some
time before the normal spirit of co-operation between
Great Britain and France is restored. British
statesmen continue this week to address themselves
to the difficult task of reassuring France on the mattetr. Any survey of the European situation indicates, of course, that they will succeed in this endeavor, since peace has been maintained only precariously of late and principally because Great
Britain and France never lost sight of the essential
need of co-operation. Already there is in France a
fear that the British naval pact with Germany may
be augmented by an aerial defense agreement between those nations, and if the threat should become
real there is no doubt that France would rapidly
realize the desirability of a general pact, rather than
bilateral agreements.
French Situation Still Confused
Soon after the return of Captain Eden from Paris
political dissension is on the increase and Rome, Prime Minister Stanley Baldwin deINTERNAL
in France, according to recent reports, and there clared publicly that the Anglo-German agreement
is already much apprehension regarding possible on navies implied no weakening of the ties between
disturbances on Bastille Day, when radical groups the former Allied nations of Europe. In an address
are to stage anti-Fascist demonstrations in Paris before a meeting of the Conservative party, last
and throughout the rest of the country. Extreme Saturday, Mr. Baldwin described the treaty and the
Right and Left groups are hurling charges and limitation of German naval armaments as "the first
counter-charges of plots to overthrow the Republic. real practical move in disarmament that has been
Within the powerful Radical Socialist party, frac- accomplished since the war." The treaty, he contional strife developed this week and for a time it tinued, implies "no deviation from that wholeappeared that Edouard Herriot might resign his hearted co-operation between this country, France
leadership of that dominant party. But the oppos- and Italy which recently was confirmed at Stresa."
ing wings of the party arranged a truce, Wednesday, Captain Eden took pains to reassure the French and
so that M. Herriot might continue to remain in the Italian Governments on this score, Mr. Baldwin
Laval Cabinet and aid the country toward a sound revealed. Far from prejudicing French and Italian
financial procedure. Premier Pierre Laval now has interests, the treaty with Germany may be accepted
been in office and possessed of virtually dictatorial as aiding them, he declared. "To those of us who
powers for nearly a month, but he still delays in remember the race in naval armaments before the
making known the program of economies by which war between this country and Germany, and who
the promised balance in the budget is to be attained. remember how the whole atmosphere was poisoned
A few minor elements in that program have been by this naval rivalry, the news that a permanent
made known, such as the plan to readjust the pen- fixed relationship between the British and German
sions of all World War veterans excepting those fleets at 100 to 35 has been established must come
actually wounded at the front. Early this week, as a great relief and a great gratification," the
however, it was stated that the main economy de- Prime Minister added. Satisfaction also was excrees would not be submitted to the Cabinet until pressed in this address over the German assurance
July 16, two days after the proposed Bastille Day that the Reich never again will resort to unrestricted
demonstrations. "This apparent yielding to politi- submarine warfare. "The Germans and ourselves
cal considerations is regarded by many here as a have entered into this compact, in my belief, with
dangerous method," a Paris report of Tuesday to equally honorable motives," said Mr. Baldwin,"and
the New York "Herald Tribune" said. The mone- I rejoice to think that they, as well as ourselves,
tary position undoubtedly has improved in recent are in favor of the complete abolition of the subweeks, however, and on Thursday the Bank of marine. Unfortunately there are nations that do
France was able to announce a reduction in its dis- not see eye to eye with that, but I am glad that we
shall not be the only country advocating complete
count rate to 4% from 5%.
abolition when the next naval conference is held."
European Armaments
Of great interest is the disclosure, in a London
IPLOMATIC relations among the principal dispatch of last Sunday to the New York "Times,"
European countries continue to reflect a good of the anxiety felt both in London and Paris regarddeal of strain, as a consequence of the naval treaty ing the recent tendencies in the diplomatic relations
signed last month by Great Britain and Germany. between the two countries. Serious misgivings have
Captain Anthony Eden, who holds the post of Min- been aroused by this rift in Downing Street, where
ister for League of Nations Affairs in the recon- international misunderstandings are accepted, as a
structed British Cabinet, admittedly was quite un- rule, with a philosophy that often has proved the
successful in placating the French authorities dur- best mental attitude in which to solve them, the dis-
any formal measures can be taken, the British maintain. Some informal discussions on monetary problems probably will take place s0011, however, as Sir
Frederick Leith-Ross, economic adviser to the British Treasury, is to visit Washington in the course of
a journey to China for the purpose of advising the
Nanking Government on monetary matters. In connection with the impending visit of the British expert, Secretary of State Cordell Hull remarked late
last week that there could not be too many exchanges
of ideas and information by leading authorities on
economics and finance. London reports of last
Saturday to the Associated Press state that the
Bank of England is endeavoring to halt the speculation in gold currencies. This effort is directed
specifically toward discouraging forward dealings
in gold, it is indicated. Of some interest, also is a
return to normal conditions in the Free State of
Danzig, where a bank holiday was declared a month
ago to prevent the flight of capital. Banks were
permitted to reopen as usual last Monday, while
foreign exchange restrictions were modified in important respects.
D
Volume 141
Financial Chronicle
patch remarks. "When the Quai d'Orsay learned
the naval pact had been actually signed, it was first
mystified, then suspicious, and, finally, very angry."
the report continued. "What angered it most was
that the signing had occurred on the very day the
French note requesting further deliberation was
received in Downing Street. Anthony Eden was
dispatched to Paris to explain, with instructions to
insist that whatever the superficial aspects of the
agreement might be, Great Britain still stood upon
the unity of principles set out in the London declarations of last February and confirmed later at
Stresa." It appears, according to the report, that
Captain Eden did not find the task an easy one,
while additional complications arose when he promised to furnish the French with a schedule of the
proposed German building. Owing to lack of coordination between British Government departments, it seems that the promise could not be fulfilled at the moment because the British had promised the Germans beforehand not to reveal the program until French naval experts came to London
with their own statement of intentions. It is doubtless this situation that now has called forth from
Berlin a declaration that the veil soon will be lifted
on the German rearmament schedule.
To these indications of diplomatic unrest have
been added numerous other signs of discontent and
of increasing activity in the armaments field.
Within Great Britain, the Cabinet has been subjected to criticism both because it was building too
much and because it was building too little. Winston Churchill declared in an address late last week,
in London,that a huge defense loan should be floate
d
in Great Britain td rebuild the British fleet. David
Lloyd George, leader of a Liberal faction, and former Prime Minister, stated, on the other hand, that
Great Britain's armaments activities are inviting
a recurrence of the situation prevalent before the
World War, when all nations were insisting upon
their desire for peace and all were preparing feverishly 'for war. On the present occasion, it seems,
most of the preparations are taking place in aerial
armaments. Great Britain, France, Germany, Italy
and Russia all are reported to have increased their
research and experiments with aircraft, and to have
enlarged their aerial building. Some light on
the
present situation also is cast by a recent visit
of
French military experts to Rome. Of more
direct
diplomatic significance is a visit paid to Berlin
,
Wednesday, by the Polish Foreign Minister, Colonel
Joseph Beck. Colonel Back was received warml
y
by the German authorities, and the visit was
portrayed as a manifestation of the friendly relati
ons
between Germany and Poland. It was disclosed
at
Belgrade, the same day, that Premier Milan Stoyadinovitch will visit France and probably England
as well at the end of this month for conversation
s on
problems of interest to Yugoslavia and the leadin
g
Powers.
British Mediation Rejected
ISCLOSURE was made in the House of Commons, Monday, of the extraordinary length
s
to which Great Britain was prepared to go in
order
to arrive at a peaceful settlement of the growi
ng
dispute between Italy and Ethiopia. Captai
n Anthony Eden, Minister for League of Nations
Affairs
in the new British Cabinet, conferred at length
with
Premier Benito Mussolini in Rome on this
matter
D
9
last week, but reports from the Italian and British
capitals agreed that Signor Mussolini was unimpressed by the British arguments and remained intent on waging war against the ancient Ethiopian
Empire. The full extent of the British endeavor
was not revealed, however, until an interpellation
took place on this matter in the British Parliament.
Captain Eden informed the House that Great Britain
had hoped to settle the matter and prevent warfare
by arranging for Ethiopian territorial concessions
to Italy. Such concessions, in turn, were to be
balanced by the cession of a strip of British Somaliland to Abyssinia, whereby the latter country would
acquire access to the sea. Premier Mussolini was
informed that the British Government was motivated in this matter solely by circumstances attendant upon British membership in the League of
Nations, and no concessions were requested in return save grazing rights for tribes in any territory
that might be ceded to Italy. "The suggestion, I
told Premier Mussolini, was not lightly made, for
only the gravity of the situation could justify a concession of British territory," Captain Eden said.
"I must regret that this suggestion did not commend
itself to Premier Mussolini, who was unable to
accept it as a basis for settlement of the dispute."
Protests were made by Members of Parliament
against the suggestion for giving away British territory without previous consultation with Parliament,
and Foreign Secretary Sir Samuel Hoare found it
necessary to assure the House that since Premier
Mussolini had rejected the proposal there was an
end of the matter.
Diplomatic and military circles in Rome were intensely disconcerted on Wednesday by reports that
Great Britain might take the lead in an economic
blockade of Italy, in the event that Ii Duce pursue
s
his plans for conquering Ethiopia and establishing
a protectorate over that country. These reports, not
yet confirmed, are said in a Rome dispatch to the
New York "Times" to have occasioned amazement
in Italian governmental circles. "There is increasing apprehension that Great Britain may act with
greater energy than had been expected," the dispatch adds. It was argued in Rome that if Great
Britain decides to take the initiative in proposing a
blockade of Italy, she will be courting failure, since
other nations are not likely to run the risk of becoming involved in a war in a quarrel that does not
concern them. This report calls to mind that there
have been suggestions in the past of a possible British closing of the Suez Canal in the event of warfare. Significant, in this connection, is the fact that
Premier Mussolini conferred at length, Wednesday,
with Italian naval heads in Rome. The Britis
h
Government is said to 'be still seeking a way to
enlist French support for diplomatic endeavors
in
behalf of peace. Both Italy and Ethiopia, meanwhile, are continuing their preparations for a war
that is now considered likely to develop in the
autumn, after the rains cease in Ethiopia. But
the
Government at Addis Ababa appears to be handicapped by curious delays in shipments of armaments to Ethiopia. Shipments already bought and
paid for were stopped in some instances at Europ
ean
ports, Emperor Haile Selassie maintains.
The
American Ministry at Addis Ababa receiv
ed on
Thursday a long statement from the
Abyssinian
Government in which it was charged that
Italy is
intent on a war of eonq nest. There were
rumors
10
on Wednesday of another and severe border conflict between Italian and Ethiopian forces, but they
have not so far been confirmed.
now has started will endeavor to adjust the conflict
on the basis of these three treaties.
Japan and Russia
question of a possible conflict between Japan
" Soviet Russia once again was raised
and
sharply this week by incursions of Japanese-Manchukuoan troops and warships into Siberian territory and a determined protest against such activities lodged at Tokio by the Soviet Foreign Office.
MOSCOW dispatches of last Saturday gave details of
three recent incursions of this nature. In two of
these instances, Japanese-Manchukuoan troops are
alleged to have penetrated several miles into Soviet
territory near Khabarovsk, an important Russian
base on the lower Amur River. The third incident
involved Japanese-Manchukuoan gunboats, which
are said to have entered the Poyarkoff branch of the
Amur River in Soviet territory, despite warnings
by Russian cutters that the waters are closed to
foreign ships. The Soviet border guards had been
instructed to avoid clashes, and no hostilities occurred for that reason, it is indicated. An energetic protest against such actions was lodged at
Tokio, Monday, by the Russian Ambassador to
Japan. If any further incidents of a like nature
occur, the responsibility for the consequences will
fall on the Japanese-Manchukuoan authorities, the
Russian note pointed out. In a Tientsin report of
last Saturday to the Associated Press, it was remarked that foreign military observers in the Northern Chinese city again are swinging to the view that
recent Japanese activities in China represent chiefly
preparations for war against Russia. "With the
Japanese army's protectorate over North China virtually established, the military sources pointed out,
Japan can count on non-interference on her left if
she has to push troops out into Mongolia to fight
Russia," the report adds. The same view seems to
prevail in Moscow, where Soviet officials now are
said to fear a joint attack by Japan and Germany,
with the possible help of Finland.
Discount Rates of Foreign Central Banks
HE Bank of France on July 4 reduced its discount rate from 5% to 4%. The 5% rate had
been in effect since June 20 1935, at which time it
was reduced from 6%. On Friday the Bank of The
Netherlands reduced its rate from 4% to 332%, the
4% rate had been in effect since June 27, at which
time it was lowered from 5%. The Batavian Bank
rate was also reduced on July 1 to 4% from 432%.
Present rates at the leading centers are shown in the
table which follows:
T
Chaco War Ends
INDEFINITE extension of the military truce between Paraguay and Bolivia was the first step
taken by the group of American neutral nations
when the Chaco peace conference opened formally
in Buenos Aires on Monday, and the Chaco war may
now be counted a thing of the past. The conflict
really ended when the truce was declared, on
June 14, just three years after the war over the
boundaries of the Gran Chaco started. More than
100,000 lives were lost in this futile war, and decades must pass before the loss in man power and the
untold damages to the economies of the two countries can be repaired. Simple exhaustion of the disputants made it possible for the American neutrals
to arrange the truce last month, although similar
efforts on numberless previous occasions had proved
fruitless. One reservation must be made in this
respect, as a short truce actually was arranged at
the Pan-American conference in Montevideo 18
months ago. On that occasion, however, the League
of Nations was entrusted with the task of extending the truce and formulating permanent peace
terms. The League failed miserably in the endeavor
and the war was resumed early last year. The good
offices of the American neutrals at length have been
employed once again to terminate the warfare, and
there is now every assurance that arms have been
laid down permanently by the two small South
American countries.
President Agustin P. Justo, of Argentina, presided over the initial meeting of the Chaco peace
conference, which was attended also by the Foreign
Ministers of Argentina, Bolivia, Chile, Paraguay,
Peru and Uruguay. The United States was represented by Ambassador Hugh S. Gibson, while the
Brazilian Ambassador to Argentina represented his
country. President Justo pointed out in a brief address that the desire for peace and the willingness
to co-operate promised an auspicious start for the
gathering. He assured the nations that the Argentine Government would do all in its power to improve the commerce of Paraguay and Bolivia by
means of reciprocal trade agreements. Foreign
Minister Carlos Saavedra Lamas, of Argentina, was
elected permanent President of the Conference, and
the attending diplomatists then proceeded to ratify
by acclamation the peace protocol signed June 12
by Foreign Ministers Tomas Manuel Elio of Bolivia
and Luis A. Riart of Paraguay. With equal promptness an agreement was reached to extend indefinitely
the truce which started on June 14, and to carry
out the security provisions then arranged tentatively. The two disputants thus are obliged to reduce their armies to a maximum strength of 5,000
effectives each and to reduce their armaments purchases to the minimum requirements for armies of
that strength. A neutral military mission, already
at the front, proceeded immediately to place these
arrangements in effect and demobilization started
formally on Wednesday, with concentration of the
opposing armies ordered at safe distances. In
Buenos Aires dispatches it was noted that Paraguay
and Bolivia had drawn up three treaties in the last
50 years for demarkation of the disputed frontiers,
but they were never ratified.• The conference that
July 6 1935
Financial Chronicle
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Rate in
Date
Effect
July 5 Established
Austria_.
Batavia ._ _
Belgium_ __
Bulgaria_
Canada__
Chlle
Colombia
Czechoslovakia
Danzig
.
Denmark_
England__ _
Estonia
Finland
France_ _ _.
Germany
Greece_.Unlla nrt
Pre°taus
Rate
4
4
2
7
234
4
4
Feb. 23 1935
July 1 1935
May 15 1935
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
44
44
24
8
—
44
5
34
6
24
2
5
4
4
4
7
:IV
Jan. 25 1933
May 3 1935
Nov.29 1933
June 20 1932
Sept.25 1934
Dec. 4 1934
July 4 1935
Sept.30 1932
Oct. 13 1933
July 5 1935
44
4
3
24
54
44
5
5
74
4
Country
Rate in
Date
Effect
July 5 Established
Hungary -India
Ireland__
Italy
Japan
Java
.
Jugoslavia
Lithuania...
Morocco
Norway__ _
Poland_
Portugal
Rumania
SouthAfrica
Spain
.
Sweden._ _
Switzerland
44
34
3
34
3.65
44
5
6
64
334
5
5
44
4
6
24
24
Oct. 17 1932
Feb. 16 1934
June 30 1932
Mar. 25 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
Feb. 21 1933
Oct. 22 1932
Dec. 1 1933
May 2 1935
Pre
Mous
Rate
5
4
34
4
3
34
64
7
44
4
6
54
6
5
6
3
2
Foreign Money Rates
N LONDON open market discounts for short bills
on Friday were 9-16@/% as against 13-16% on
Friday of last week, and %% for three-months'
Financial Chronicle
Volume 141
11
bills as against 13-16% on Friday of last week.
Money on call in London on Friday was %. At
Paris the open market rate was reduced on Friday
from 63.4% to 53j%. In Switzerland the rate
remains at 3%.
70,178,000 marks a year ago and 188,719,000 marks
two years ago. An increase also appears in reserve
in foreign currency of 2,000 marks, in bills of exchange and checks of 534,878,000 marks, in advances
of 54,206,000 marks, in investments of 90,000 marks,
in other daily maturing obligations of 64,694,000
Bank of England Statement
marks and other liabilities of 3,709,000 marks. The
HE statement of the Bank for the week ended reserve ratio is now 2.30%, compared with 2.0%
July 3 shows a loss of £58,532 in bullion and as last year and 7.5% the previous year. Notes in
this was attended by an expansion of £4,511,000 in circulation record an increase of 392,958,000 marks,
circulation, reserves fell off £4,570,000. Public bringing the total of the item up to 3,895,237,000
deposits decreased £6,534,000 and other deposits marks. Circulation a year ago stood at 3,776,654,rose £7,375,267. The latter consists of bankers' 000 marks and the previous year at 3,481,830,000
accounts, which rose £8,152,216 and other accounts, marks. Silver and other coin, notes on other German
which decreased £776,949. .The reserve ratio banks and other assets register decreases of 102,163,dropped again, to 32.81% from 35.89% a week ago; 000 marks, 9,358,000 marks and 17,166,000 marks
last year it was 41.72%. Loans on Government respectively. Below we show the figures with cornsecurities increased £2,010,000 and those on other parisions for three years:
securities, £3,446,649. Of the latter amount, £3,REICHSBANK'S COMPARATIVE STATEMENT
322,604 was an increase in discounts and advances
Changes
and £124,045, in securities. No change was made in
for Week
June 30 1935 June 30 1934 June 30 1933
Retchsmarks Retchssrtarks Retchssnarks
the 2% discount rate. Below we show the figures
Retchsniarks
Assets—
70,178.000 188.719,000
+872,000
85,613,000
Gold and bullion
19,645,000
22,074,000
17,916,000
No change
with comparisons for prior years:
Of which depos. abr'd
84.530.000
4,003,000
6,606,000
+2,000
Reserve in foreign curt._
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
July 3
1935
July 4
1934
July 5
1933
July 6
1932
July 8
1931
£
£
£
£
£
Circulation
401.371,000 385,793.384 378,772.475 366,678,881 359.257,662
Public deposits
9,628,000 26,650,379 16,174,923 20,947,199 15,734,020
Other deposits
148,491,176 132,376,639 142,214,646 115,163,831
Bankers'accounts_ 110.512,977 94,879.607 92,343,876 80,922,753 99,529,705
Other accounts_.. 37,978,199 37,497,032 49,870,770 34,241,078 64,543,324
34.986.381
Govt.securities
98.197,044 82,827,071 75,726,471 67,626,570 31,825,906
Other securities
26,037,530 27,830,457 28,528,856 41,238,065 34,939,855
Disct.& advances- 13,487,830 17,062,165 16,352,931 14,991,091 7,102,368
Securities
12,549,700 10,818,292 12,175.925 26,246,974 27.837.487
Reserve notes tit coin 51,893,000 66,357,316 72.182,357 45,286,137 66,553,284
Coin and bullion_ __ _ 193,263,925 192,150,700 190,954,832 136,965.018 165,810,946
Proportion of reserve
to liabilities
32.81°T
41.72%
45.57%
33.27%
57.73%
Bank rate
2%
2%
2t4%
2%
2%
Bank of France Statement
HE statement for the week ended June 28 shows
an increase in gold holdings of 247,256,438
francs. The Bank's gold holdings now total 71,017,378,093 francs, in comparison with 79,547,791,824
francs last year and 81,242;741,809 francs the previous year. An increase also appears in credit
balances abroad of 3,000,000 francs, in French commercial bills discounted of 908,000,000 francs, in bills
bought abroad of 28,000,000 francs and in advances
against securities of 8,000,000 francs. The proportion of gold on hand to sight liabilities is now 73.93%,
as against 79.12% last year and 77.80% the year
before. Notes in circulation record a large gain,
namely 1,397,000,000 francs, bringing the total of
notes outstanding up to 82,098,371,995 francs. Circulation a year ago was 82,057,928,895 francs and
the previous year 84,707,659,275 francs. A loss is
registered in creditor current accounts of 62,000,000
rancs. A comparison of the different items for three
'years appears below:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Bills of exh. and checks_
Silver and other coin__ _
Notes on 0th. Ger. bks_
Advances
Investments
Other assets
Liabilities—
Notes In circulation—
0th.daily mater.°WigOther liabilities
Propor. of gold & torn
curr, to note circula'n
Bank of Germany Statement
HE statement for the last quarter of June shows
a further gain in gold and bullion, the current
increase being 872,000 marks. The Bank's gold now
aggregates 85,613,000 marks, in comparison with
T
+392,958,000 3,895,237,000 3,776,654,000 3,481,830,000
+64,694,000 818.996.000 623,095.000 446.886.000
+3,709,000 217,085,000 152,380,000 210,850,000
—0.23%
2.30%
2.0%
7.5%
New York Money Market
RANSACTIONS were largely routine on the
New York money market this week, with dealings diminished because of the Independence Day
suspension, Thursday. The Treasury retired -last
Monday a large part of the $600,000,000 consols
called for redemption that day, but used available
balances rather than new gold certificates. The certificates will be deposited as national bank notes
outstanding against the consols are retired, and for
the time being the transaction represents little more
than a "wash," so far as the money market is concerned. The Treasury sold on Monday two further
series of discount bills. One series of $50,000,000,
due in 133 days, was awarded at an average discount
of 0.072%, computed on a bank discount basis, while
another series of $50,000,000, due in 273 days, went
at an average of 0.107% discount. No changes appeared in bankers' bill and commercial paper rates.
Call loans on the New York Stock Exchange held to
ye% for all transactions, while time loan rates also
were Y for all maturities up to six months. The
4%
comprehensive tabulation of brokers' loans prepared
by the New York Stock Exchange reflects a rise of
$16,048,267 during June, to an aggregate of $808,589,298 at the end of that month.
T
Changes
for Week
June 28 1935 June 29 1934 June 30 1933
Francs
Francs
Francs
Francs
Gold holdings
+247.256.438 71,017,378,093 79,547,791,824 81,242.741,809
Credit balls. abroad.
+3,000,000
6,725,310
15,337,935 2,584,759,060
Fren sh commercial
bills discounted.- +908,000,000 8.021,510,919 4,385,977,201
2.791,939,042
b Bills bought abr'd
+28,000.000 1,202,962,976 1,141,800.551 1,405,168,232
Adv. gainst secure+8,000,000 3.277,715,328 3.076,088,505
Noted lrculation___ +1,397,000.000 82,098,371.995 82,057,928,895 2.765,847,382
.
84,707.659,275
Credit current accts.
—62,000,000 13,951,287,547 18,478,889,534 19,714,965,183
Prop.) 'n of gold on
handl to sight Mb_
—0.79%
73.93%
79.12%
77 Rim
a Includes bills pu chased in France. h Includes bills discounted abroad.
+534,878.000 3,931,642,000 3,462,124,000 3,212,597,000
—102,163,000 127,350,000 175,123,000 212,883,000
4,608,000
3,315,000
—9,358,000
4,514,000
89,482,000 170,887,000 209,648,000
+54.206,000
+90,000 660,998,000 685,205,000 320,685.000
—17,166,000 648,900,000 600,195,000 530,340,000
New York Money Rates
D
EALING in detail with call loan rates on the
Stock Exchange from day to day, Yi of 1%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money shows no change this week, no business
having been reported. Rates are 4% on all maturi1
ties. The market for prime commercial paper has
been good during the present week. The demand
has been excellent and paper has been available in
moderate quantities. Rates are 4% for extra choice
3
names running from four to six months and 1% for
names less known.
Financial Chronicle
12
Bankers' Acceptances
HERE has been no change in the market for
prime bankers' acceptances this week. Bills
have been scarce and the demand has been very
light. Quotations of the American Acceptance
Council for bills up to and including 90 days are
3
3-16% bid and %% asked; for four months, 4%
bid and 3-16% asked; for five and six months,/%
bid and 5-16% asked. The bill buying rate of the
New York Reserve Bank is M% for bills running
from 1 to 90 days, 4% for 91- to 120-day bills,
3
and 1% for 121- to 180-day bills. The Federal
Reserve banks' holdings of acceptances decreased
from $4,690,000 to $4,687,000. Their holdings of
acceptances for foreign correspondents, which stood
at $2,000 on May 22, has been eliminated entirely
the past six weeks. Open market rates for acceptances are nominal in so far as the dealers are concerned
as they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
T
Prime eligible bills
SPOT DELIVERY
--120Days—
--180 Days— —150 Days
Asked
Bid
Bid
Asked
Asked
Bid
Its
34
in
54
Prime ellgible bills
—90 Days—
Asked
Bid
3,
34
—80 Days— —30 Days—
Asked
Bid
Bid
Asked
3,
34
34
'is
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
34% bid
bld
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
July 5
•
2
1.35
2
134
2
2
2
2
2
2
2
2
Date
Established
Previous
Rate
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
234
2
214
2
231
235
234
234
234
234
234
234
Course of Sterling Exchange
TERLING exchange continues exceptionally
steady and firm in terms of the dollar and
fluctuations are within comparatively narrow limits.
With respect to the French franc, as disclosed by
the London check rate on Paris, the pound is ruling
fractionally easier, largely because of the more
confident feeling entertained in European centers as
to the immediate prospects of the gold bloc currencies. The range for sterling this week has been
between $4.933/ and 84.9434 for bankers' sight
bills, compared with a range of between $4.93
and $4.95M last week. The range for cable transfers
has been between $4.9334 and $4.95 compared
4
with a range of between $4.933 and $4.95% a
week ago.
The following tables give the mean London check
rate on Paris from day to day,the London open
market gold price, and the price paid for gold by
the United States:
S
MEAN LONDON CHECK RATE ON PARIS
74.478
Wednesday, July 3
74.50
Saturday, June 29
74.78
Thursday, July 4
74.50
Monday, July 1
74.73
July 5
Friday,
74.399
Tuesday, July 2
LONDON OPEN MARKET GOLD PRICE
141s. 430.1 Wednesday, July 3_ __.141s. 6d.
Saturday, June 29
Thursday, July 4_ _ .140s. lid.
141s. 430.
Monday, July 1
July 5.„..141s. gd.
Friday,
141s. 7d.
Tuesday, July 2
July 6 1935
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
Wednesday, July 3
835.00
Saturday, June 29
Hol.
Thursday, July 4
35.00
Monday, July 1
835.00
July 5
Friday,
350.0
Tuesday, July 2
The foreign exchange market for the present at
least is working in more nearly normal channels
and with less disturbance than perhaps at any time
this year. There is a demand for the European
currencies, especially for sterling, which is largely
seasonal in character and influenced greatly by
tourist demand.
European bear traders against the Continental
gold currencies are inactive, due largely to the
realization since the end of May the banking authorities of London, New York, and Paris have been
working in close •co-operation to minimize the
fluctuations in the exchanges and to overpower
bear raids or any other movements likely to interfere
with the orderly processes of the foreign exchange
market. Recent steps taken by the Bank of France
to discontinue loans against gold and the united
front adopted by the London bankers to refrain
from and discourage speculation in gold have done
much to bring about more orderly trading. The
improved tone of the gold bloc currencies is shown
by the fact that French francs, guilders, and Swiss
francs ruled generally well above dollar parity for
spot throughout the week. However, the feeling
that sooner or later these currencies will weaken
and may yet be devalued is indicated in the persistence of a premium on forward sterling and dollars.
The annual report of the Federal Reserve Board,
just published, discloses to a large extent how far
the United States Treasury Department through the
Reserve banks has co-operated with European banking authorities to promote steadiness in the foreign
exchange market. The report reveals that the
Federal Reserve Bank of New York, in association
with the other Federal Reserve banks, made an
arrangement on Nov. 28 with the Bank for International Settlements at Basle, under which the
New York bank would consider the extension of
advances up to $50,000,000, secured by gold, to
gold bloc countries of Europe if international exchange emergencies should require such aid. The
proposal was approved by the Federal Reserve
Board and, it is understood, no time limitation was
placed on the offer. The Board's report said that
no use was made of this credit in 1934, however, and
so far as could be learned no extensions have since
been made.
The arrangement with the Bank for International
Settlements followed closely upon advances to Belgium by the Federal Reserve Bank of New York
early last November in an effort to prevent abandonment of the gold standard by that country and to
end disquieting exchange disturbances. The credits
extended to Belgium were for amounts up to $25,000,000 in the form of advances secured by gold.
"Advances made under this agreement were entirely
liquidated by the end of November, when shipment
of gold from Belgium to this country ceased. .
On Nov. 28 the Federal Reserve Board also approved
the extension of similar credits to the Bank for
International Settlements by the Federal Reserve
Bank of New York, in association with the other
Federal Reserve banks, for amounts up to $50,000,000 in the form of advances secured by gold.
No utilization of this credit was made during the
year."
Volume 141
Financial Chronicle
The co-operative attitude of the Federal Reserve
banks in this connection accorded with the policy
of the Treasury Department last January in bringing
its stabilization fund into action to manage the
dollar in terms of foreign exchange while the gold
clause decision was pending in the Supreme Court,
and, on May 30, in aiding France, by large advances secured by gold,to remain on the gold standard.
The importance of these disclosures in the foreign
exchange market is deemed to be the realization that
the American measures were taken with the full
cognizance of the British authorities and that, while
the operations of the British exchange control are
never revealed, such operations have been undertaken and will continue to be undertaken in full
co-operation under well formulated plans of the
world's principal banking authorities. The knowledge
that such a completely harmonious attitude is
adopted in authoritative quarters makes actual
transactions by the exchange control less necessary,
.
as it renders bear speculation in the foreign exchange market a hazardous venture.
The market continues to indulge in stabilization
rumors. Arguments pro and con fill dispatches
daily, but these discussions are largely academic.
On Tuesday Amsterdam dispatches reported that
the Dutch Government in a statement once more
rejected the idea of devaluation and would if possible
take the initiative in a movement for world currency stabilization.
On the subject of world currency stabilization,
H. D. Henderson, member of the British Economic
Advisory Council, contributed an opinion in Lloyds
Bank "Monthly Review" at the 'end of June. "The
absence of a fixed parity between sterling and gold
has been an essential condition of the recovery which
has taken place in Great Britain," he said. "It
has enabled our authorities to maintain, as they
could hardly have done otherwise, conditions of
cheap and abundant money without interruption
over a period of several years." Had sterling been
linked to gold there would have been frequent
changes in the bank rate during that period, he
held. Exchange movements recently were due to
large scale capital movements, which had occurred
in accordance with vagaries of foreign confidence.
"The risk is indeed so serious and so great, the
possible benefits are so contingent and remote, as
to render the policy of early stabilization a reckless
gamble from the standpoint of our national interests." Mr. Henderson placed the continuance
of internal recovery far above the need for stability
of exchange at appropriate ratios, while acknowledging that such stability is desirable. Whether intentionally or not, the Lloyds publication of the
British Economic Adviser's opinions closely coincided in time with the congress of the International
Chamber of Commerce held in Paris in June.
All British trade reports point to the continued
improvement in the condition of British trade and
to the steady flow of foreign funds to the London
market. The index of the "Financial News" of
London for 30 industrial shares, based on the average
for 1928 as 100, was 105.06 on June 27, compared
with 103.6 a week earlier, with 99.1 at the end of
May, 86.8 a year earlier, and a low record of 51.3
at the end of May 1932. The Midland Bank of
London, in its monthly review, reports new security
issues of £20,610,166 for June, the highest for 1935.
13
This compares with £12,048,450 in June 1934.
The total financing for the first half of 1935 was
£86,044,877, as compared with £69,022,446 in the
1934 period, and with the record high of L121,860,000 in 1930.
With the passing of the mid-year requirements
money rates in Lombard Street have softened on
all maturities. Last week two-, three-, four-, and
six-months' bills were quoted at 13-16%. Currently
two-months' bills are 9-16% to %%,three-months'
bills are %%, four-months' bills %% to 11-16%.
Six-months' bills rare fractionally firmer at 13-16%
to 4%.
7
All the gold available in the London open market
was taken this week for unknown destinations. On
Saturday last there was available and so taken
£387,000, on Monday £642,000, on Tuesday L514,000, on Wednesday £540,000, on Thursday £483,000,
and on Friday £281,000.
The gold movement at the Port of New York
for the week ended July 3, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JUNE 27
-JULY 3,INCLUSIVE
Imports
Exports
$2,830,000 from Canada
10,000 from Nicaragua
None
$2,840,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease $204,000
Note—Approximately $88,000 of gold was received from China at
San Francisco.
The above figures are for the week ended on
Wednesday. On Thursday, Independence Day, no
report was issued. On Friday there were no imports
or exports of the metal, or change in gold held earmarked for foreign account.
Canadian funds during the week in terms of the
dollar were quoted at a discount ranging between
5-16% and %%.
Referring to day-to-day rates, sterling exchange
on Saturday last was firn in dull trading. Bankers'
sight was $4.93%@$4.94%, and cable transfers
were $4.9438@ .94%. On Monday the pound
was steady in more active trading. The range was
$4.94@$4.94Y for bankers' sight and $4.941 @
t
4
$4.943 for cable transfers. On Tuesday the undertone of exchange was slightly easier. Bankers' sight
was $4.93%@$4.943 ; cable transfers, $4.94@
4
$4.943. On Wednesday the pound continued firm
though with an easier undertone. The range was
$4.931 2@$4.943 for bankers' sight and $4.93%@
/
4
$4.941 for cable transfers. On Thursday, July 4,
A
there was no market in New York. On Friday
Sterling was steady, the range was $4.94%®$4.943
4
for bankers' sight and $4.94%6$4.95 for cable
transfers. Closing quotations on Friday were $4.943
4
for demand and $4.95 for cable transfers. Commercial sight bills finished at $4.94, 60-day bills at
4,
$4.931 90-day bills at $4.923, documents for payment (60 days) at $4.931 ,and seven-day grain bills
4
at $4.941 . Cotton and grain for payment closed
A
at $4.941 .
/
Continental and Other Foreign Exchange
N JULY 4 the Bank of France reduced its rate
of rediscount to 4% from 5%. The French
franc continues to display the improved tone which
developed with the cessation of critical pressure at
the end of May. Throughout the week the franc
ruled a few points above dollar parity for spot. The
remarks in the above resume of sterling exchange
O
July 6 1935
Financial Chronicle
be considered a gold currency.
respecting Federal Reserve bank co-operation with stances can hardly
d that a period of currency
foreign central banks also have a bearing on the It is generally believe
ensue in Italy as a conseimmediate course of exchange in the gold bloc inflation must shortly
s involved in the enterprise
countries. Despite the improved tone of the franc, quence of the expense
there is still a large bear interest in this and other against Ethiopia.
The following table shows the relation of the
gold bloc units, as indicated by the premium on forleading European currencies still on gold to the
ward sterling and dollars.
Market operators are strongly of the opinion that United States dollar:
Range
Old Dollar New Dollar
This Week
the pressure against the franc which was so marked
Parity
Parity
6.61 to 6.64q
6.63
3.92
France (franc)
during April and May and which resulted in a serious Belgium (belga)
16.87 to 16.95
16.95
13.90
8.283( to 8.31
London, Brussels, Italy (Lira)
8.91
5.26
flight of capital from Paris to
32.71M to 32.87
32.67
19.30
by heavy withdrawals Switzerland (franc)
68.07 to 68.39
and New York, accompanied
68.06
40.20
Holland (guilder)
from the Bank of France, was due chiefly to uneasicheck rate on Paris closed on Friday
The London
ness on the part of the French citizenry as to the at 74.70, against 74.51 on Friday of last week. In
future of the franc, rather than to extraordinary New York, sight bills on the French center finished
foreign attacks upon the currency. The curbing of on Friday at 6.613/, against 6.63 and cable transfers
2
loans on gold by the Bank of France and the defeat at 6.623, against 6.64, and commercial sight bills
of the radical elements in Switzerland in the June 2 at 6.593/, against 6.61. Antwerp belgas finished at
2
plebiscite, together with a firmer tone in the Dutch 16.89 for bankers' sight bills and at 16.90 for cable
guilder, have helped to allay uneasiness in the minds transfers, against 16.94 and 16.96. Final quotations
of the French as to the safety of their currency. for Berlin marks were 40.32 for bankers' sight bills
However, there is still much unrest among French and 40.33 for cable transfers, in comparison with
investors and a feeling of dissatisfaction with the 40.49 and 40.50. Italian lire closed at 8.273/ for
lack of progress on the part of the Laval ministry bankers' sight bills and at 8.283/ for cable transfers,
in bringing about a change in the situation and against
.
2
8.293/ and 8.303/ Austrian schillings closed
outlook. In the last few weeks M. Laval's utterances at 18.96, against 19.02; exchange on Czechoslovakia
have not tended to reassure the markets.
4
at 4.183/2, against 4.20; on Bucharest at 1.001 ,
On Sunday Premier Laval in a banquet address against 1.013.i; on Poland at 18.96, against 19.00,
asserted that all classes of society must make sacri- and on Finland at 2.18%, against 2.183/. Greek
2
fices to permit balancing of the budget. The tone exchange closed at 0.943' for bankers' sight bills
of his speech was reported as grave and fraught and at 0.94% for cable transfers, against 0.943/
with warning. "It is estimated that we have a and $0.95.
deficit of eleven billion francs ($730,400,000," he
said. "In reality it is higher and it is increasing
N FRIDAY the Bank of The Netherlands redaily. The State knows the amount of its expenses.
duced its rate of rediscount from 4% to
more and more uncertain. 33/2%. Otherwise exchange on the countries neutral
But receipts are becoming
I shall retreat before nothing. If my measures make during the war presents no new features from last
me unpopular, let that be my reward."
week. The Scandinavian currencies move as usual
The German mark situation continues enigmatic. in harmony with sterling exchange, with which they
The so-called free or gold mark is quoted at a premium are allied. The Swiss franc and the Holland guilder
in all currencies, as the supply of such marks is are ruling well above dollar parity as the recent
strictly limited and their use is confined to a narrow uneasiness in Holland and Switzerland as to the
field by the severe restrictions of the control im- outcome of devaluation agitation has ceased for the
posed by Dr. Hjalmar Schacht, Min'ster of Economy. present at least. Gold is again flowing into both
Dr. Schacht's frequent remarks sturdily affirm that Holland and Switzerland.
Germany's mark is still stable at full value and he
Bankers' sight on Amsterdam finished on Friday
hes unwise, non-German currency juggling at 68.17, against 68.35 on Friday of last week; cable
reproac
in the world. Meanwhile, however, the six or seven transfers at 68.18, against 68.36, and commercial
varieties of blocked registered marks continue their sight bills at 68.15, against 68.33. Swiss francs
inexplicable functions in the German ecnomy and closed at 32.74 for checks and at 32.75 for cable
these marks are at a discount ranging from 30% transfers, against 32.84 and 32.85. Copenhagen
to 75%.
checks finished at 22.09 and cable transfers at 22.10,
ious opposition to the views against 22.05 and 22.06. Checks on Sweden closed
In perhaps unconsc
of the Reich's Minister of Economy, the Reichs- at 25.51 and cable transfers at 25.52, against 25.47
Kredit-Gesellschaft Bank a few days ago published and 25.48; while checks on Norway finished at 24.87
a long article in praise of depreciated and unstable and cable transfers at 24.88, against 24.82 and 24.83.
currencies, showing that in countries where money Spanish pesetas closed at 13.72 for bankers' sight bills
was depreciated or where the gold anchorage was and at 13.73 for cable transfers, against 13.75
removed, business was prospering, while in the gold and 13.76.
countries fears and depression persisted. There is
XCHANGE on the South American countries
undoubtedly a wide belief that the mark will be
continues to present mixed trends. The Bran financial authorities
devalued and that the Germa
an opportunity to revalue the mark zilian authorities are displaying anxiety owing to the
earnestly hope for
in terms of gold to a point where the German export tendency of the milreis toward weakness and wide
and the dollar
trade can secure a clear advantage over competitors fluctuations with respect to sterling
Brazilian markets. The exchange control
in the
in world markets.
Argentine
The Italian lira moves in a direction counter to regulations are again being enforced. The
the paper peso is firm, fluctuating only in harmony with
the upward trend of the franc, the guilder, and
last week,
Swiss unit. The lira under the prevailing circum- sterling exchange. As pointed out here
14
O
E
Financial Chronicle
Volume 141
15
the economic position of Argentina shows great
Gold Bullion in European Banks
improvement.
HE following table indicates the amount.of gold
Argentine paper pesos closed on Friday, official
bullion (converted into pounds sterling at par
quotations, at 32.95 for bankers' sight bills, against of exchange) in the principal
European banks as of
32.95 on Friday of last week; cable transfers at 33, July 4 1935, together
with comparions as of the
against 3338. The unofficial or free market close corresponding
dates in the previous four years:
was 265 8@26.65, against 26.45@26%. Brazilian
/
1935
1934
1933
1932
1931
milreis, official rates, are 8.20 for bankers' sight Banks of£
£
£
£
£
bills and 81 1 for cable transfers, against 8.20 and England_ _ _ 193,263,925 192,150,700 190,954,832 136,965,018 165,810,946
/
France a_ __
8%. The unofficial or free market close was 532; Germany b. 568,139,024 636,382,334 649,941,934 658,534,348 449,829,541
3,176,950
2,183,300
7,372,500
37,086,750
65,203,400
90,781,000
90,528,000
90,379.000
90,212,000
96,995,000
against 5M. Chilean exchange was nominally quoted Spain
Italy
63,046,000
72,108,000
72,332,000
61,109,000
57,519.000
52,255,000
63,974,000
41,451,000
on the new basis at 5.20, against 5.20. Peru is Netherlands 103,127,000 68,928,000 76,391.000 81,696,000 40,978,000
Nat,Belg'm
76,152.000
73,305,000
Switzerland
44,914,000
61,209,000
64.199,000
89,149,000
29,417,000
nominal at 23.71, against 23.71.
Sweden....
19,711,000
15,234,000
12.016,000
11,445.000
13,266.000
Denmark._
7,394,000
T
Norway
XCHANGE on the Far Eastern countries presents no new features of importance. The
Chinese situation continues greatly disturbed in
consequence of the high prices for world silver,
which are a constant threat to the Shanghai stocks,
despite the export restrictions on silver, the vigilance
displayed in overcoming smuggling of the metal,
and the active co-operation of the British authorities
in Hong Kong in protecting the Chinese silver
supplies.
Closing quotations for yen checks yesterday were'
29.10, against 29.09 on Friday of last week. Hong
Kong closed at 54 8@55 5-16, against 55 1-16@
55%; Shanghai at 39 8, against 39%@,39V Manila
1;
at 49.80, against 49.85; Singapore at 57.75,
against 573 ; Bombay at 37.42, against 37.35,
%
and Calcutta at 37.42, against 37.35.
E
Foreign Exchange Rates/
PURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
JUNE 29 1935 TO JULY 5 1935, INCLUSIVE
Country and Monetary
Usti
Noon Buying, Rate for Cable Transfers Os New York
Value Os United States Money
June 29 July 1 July 2 July 3 July 4 July 5
Europe$
8
8
S
$
$
Austria, schilling____ .189308* .189225* .189241" .189208*
.188758*
Belgium, belga
169273 .169200 .169219 .169146
.168703
Bulgaria, ley
.013075* .013225* .013275" .013225"
.013150*
Czechoslovakia, krone .041953 .041937 .041932 .041889
.041787
Denmark, krone
220666 .220620 .220525 .220483
.220710
England. pound sterrg 4.942166 4.942500 4.940666 4.938583
4.944285
Finland, markka
.021815 .021805 .021825 .021806
.021805
France, franc
.066366 .066332 .066370 .066345
.066144
Germany, reichsmark .404900 .404541 .404550 .404414
.403242
Greece, drachma
.009427 .009437 .009437 .009445
.009410
Holland. guilder
.683457 .683121 .683200 .682585
.680669
Hungary, pengo
.296950* .297200" .297200* .297200"
.296775*
Italy, lira
.082960 .082940 .082958 .082921
.082676
Norway, krone
.248300 .248291 .248175 .248120
.248383
Poland.zloty
.189860 .189820 .189860 .189820
.189280
Portugal. escudo
.044954 .045012 .045008 .044970
.045000
Rumania,len
.010020 .010020 .010060 .010040
.010020
Spain, peseta
.137464 .137426 .137507 .137475
.137050
Sweden,krona
.254766 .254800 .254750 .254629
.254833
Switzerland, franc
.328339 .328178 .328325 .328189
.327132
Yugoslavia, dlnar
.022960 .023000 .023010 .022980
.022880
AsiaHOLIChinaDAY
Chefoo (yuan) der .392916 .393333 .392916 .391666
.393750
Hankow(yuan)der .393333 .393750 .393333 .392083
.394166
Shanghaf(yuan) dol. .392708 .393541 .392343 .391406
.393333
Tientsin(yuan) dor .393333 .393750 .393333 .392083
.394166
Hongkong, dollar
.549375 .550625 .548750 .545000
.547500
India, rupee
.372475 .372385 .372225 .371975
.372550
Japan, yen
.290220 .290260 .240445 .290100
.290505
Singapore (S. S.) dol'r .573750 .575000 .573750 .576875
.573750
Australasia
Australia, pound
1.918125'3.918125o 3.916250 3.915625"
3,919375*
New Zealand. pound- 3.94l562'3.941875•3.939687'3.939062"
3.942812*
Africa
South Africa, pound -- 4.888250"4.891250*4.889750*4.887
750"
4.892000*
North America
Canada, dollar
.998567 .998020 .998125 .996406
.996676
Cuba, peso
.999200 .999200 .999200
.999200
Mexico, peso (silver). .277550 .277550 .277550 .999200
.277550
.277550
Newfoundland, dollar .996125 .995437 .995625 .993937
.994187
South America
Argentina, peso
.329000" .329025 .328950" .328825"
.329025*
Brazil, milreis
.083150* .083201 .083226" .083177"
.083078"
Chile. Peso
.051000* .051000 .051000" .051000"
.051000*
Uruguay, peso
.805500* .805500 .805750" .805600"
.803750*
Colombia. peso
.545000" .543500 .543500* .542800.
.537700*
* Nominal rates; firm rates not available.
6,602,000
7,397,000
6,577,000
7.397,000
6,569,000
8,031,000
6.513,000
9,551,000
8.132,000
Total week
.1.152,409,899 1,228,849,334 1,241,526,266 1,254,046,116
Prey. week_ 1,149,371,090 1,226,161,945 1,248.156,673 1.250,406,344
978,152,887
965,633,24
a These are the gold holdings og the Bank of France as reported in the new form
of statement. b Goal holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,103,700.
The Wagner Labor Disputes Bill
The National Labor Relations Act, more familiarly known as the Wagner Labor Disputes bill,
which has passed in Congress and received the approval of the President, is one of the most one-sided
measures that any Congress has ever adopted. Under the guise of preventing or adjusting labor disputes, it assumes that the existence of such disputes
is due wholly to the misconduct of employers, and
nowhere recognizes the possibility of misconduct on
the part of the organized labor whose interests it
seeks to protect. It is also a striking example of the
ingenious attempts which are being made to get
around the broad principles enunciated by the Supreme Court in the Schechter case by phraseology
which ostensibly limits its provisions to situations
arising in connection with inter-State commerce.
The substantive differences between the Act and the
former Wagner bill which it replaces are•few and
relatively unimportant, but the requirement of collective bargaining, which under the National Industrial Recovery Act appeared only as a condition
which the President was to impose in the formulation of business or industrial codes, is now made for
the first time a part of the law of the land and enforceable through the Federal courts.
The combination of partiality and ingenious
phraseology appears at the outset in the title of the
Act and in the elaborate Section 1 which states the
policy of the measure. The Act is defined as one "to
diminish the causes of labor disputes burdening.or
obstructing inter-State and foreign commerce." The
burdens or obstructions to be dealt with, which are
described as "occurring in the current of commerce,"
"impairing the efficiency, safety or operation of the
instrumentalities of commerce," "materially affecting, restraining or controlling the flow" of raw materials or goods "from or into the channels of commerce" or their price in commerce, or "causing diminution of employment and wages in such volume as
substantially to impair or disrupt" the commercial
market, are attributed solely to "the denial by employers of the right of employees to organize and the
refusal by employers to accept the procedure of collective bargaining," which denial and refusal "lead
to strikes and other forms of industrial strife or unrest." The flow of commerce is further burdened and
affected,it is declared, by "the inequality of bargaining power between employees who do not possess full
freedom of association or actual liberty of contract
and employers who are organized in the corporate
16
Financial Chronicle
July 6 1935
Finally, the Act is safeguarded against any construction that would "interfere with or impede or diminish in any way the right to strike."
There is small reason for expecting that the Wagner Act will materially check labor controversies. As
long as the American Federation of Labor insists
that its own type of union organization is the only
one to be tolerated, controversy over whether bargaining with employers is or is not "collective" will
go on as it has gone on ever since collective bargaining was written into Section 7-A of the Industrial
Recovery Act. The gross discrimination which permits a bare majority of the employees of a plant to
arrogate to itself the representation of the minority
also, and which makes no provision whatever for
only a plurality support for a particular union or
its spokesmen, will continue to be resented. The labor record of the past two years is strewn with instances of strikes stirred up by representatives of
unions which sought, by threats, coercion or violence,
to dominate the employees of a plant or an entire industry or break up company unions with which the
workers were satisfied, but the Wagner Act makes
legal the right to strike no matter what the circumstances, and says nothing of practices which interfere as effectively and disastrously with "the free
flow of commerce" as would anything that the employer could do.
The constitutionality of the measure seems patently open to question. It is more than doubtful if
Congress has power to interfere with business and
industry, in the far-reaching ways embodied in the
Wagner Act, by dressing up its interference as a
regulation of inter-State commerce and a prophylactic for economic depression. Class legislation in itself is not necessarily unconstitutional, since most
legislation discriminates, but the discrimination of
the Wagner Act is openly and flagrantly invidious,
the Act.
set up has charging employers with responsibility for labor
The enforcement machinery which is
is notorious that labor is often
no essential novelty. A National Labor Relations disputes when it
ble, penalizing them for refusal to
Board of three members, appointed by the President equally responsi
ely while completely exempting lafor five years and removable by him only for neglect bargain collectiv
obligation to observe the collective
of duty or malfeasance in office, replaces the former bor from any
which it makes, and ignoring the medBoard of the same name established by presidential agreements
ad- dling of Government which has repeatedly set both
order in June 1934, and has the usual powers of
the ears. It is doubtful if the courts would
ministration, investigation and initiation of prose- parties by
the prevention of uphold the right of a bare majority of workers to
cutions. Its principal function is
the wages, hours and working conditions of
"any unfair labor practice," as defined in the Act, dictate
minority who preferred other representation,
"affecting commerce." In defining unfair labor a large
the employer to accept without demur
practices the burden is again laid exclusively upon or compel
working agreement the representatives of
the employer. It is declared to be an unfair labor whatever
majority might choose to offer. It would cerpractice for an employer to interfere in any way such a
tainly be a strange view of public policy that rewith the exercise of the guaranteed right of colleccourt to outlaw a company union merely
tive bargaining, to "dominate or interfere with" any quired a
an employer had aided in organizing it and
labor organization or contribute financial or other because
it financially, if the employee members
support to it, or to discriminate against members of assisted
made no complaint about wages, hours or
a labor organization. He is expressly forbidden to re- themselves
conditions.
fuse to bargain collectively, but he may by agree- working
It may well be doubted, further, if the courts
ment establish a closed shop. The collective bargainsustain a statute which, under pretence of
ing unit may be, in the discretion of the Labor Re- would
insuring collective bargaining, virtually deprives an
lations Board, either an employer unit, a craft unit,
all control over wages, the chief factor
a plant unit, or any subdivision of either, but the employer of
es in costs of production, and estops him from makrepresentatives chosen by a majority of the employe
reasonable economies unless union reprein the unit is to represent all, with only the reserva- ing even
agree, notwithstanding his continuing
tion of the right of an individual or group "to pre- sentatives
the payment of Federal levies such as
sent grievances to their employer." The authority liability for
or corporation taxes or the pending imin the Board to prevent unfair practices is made ex- processing
the support of old age pensions and unclusive, and is not to be affected "by any other means positions for
employment insurance. A judicial ruling of that
of adjustment or prevention that has been or may be
too much the character of confiscaestablished by agreement, code, law or otherwise." kind would have
or other forms of ownership association," with the
result of aggravating "recurrent business depressions by depressing wage rates and the purchasing
power of wage earners in industry and by preventing the stabilization of competitive wage rates and
working conditions within and between industries."
Collective bargaining, one gathers, is to be established as the sovereign remedy not only for industrial strife or unrest (the latter a significantly comprehensive term), but also for the interference with
wages and working conditions which a business depression naturally produces.
Some of the definitions laid down in the Act are of
special interest. With the exception of Federal,
State or local employees, agricultural laborers, domestic servants, and persons subject to the Railway
Labor Act, the term "employee" is defined as including not only "any employee" but also specifically
"any individual whose work has ceased as a consequence of, or in connection with, any current labor
dispute or because of any unfair labor practice, and
who has not obtained any other regular and substantially equivalent employment." The crucial
phrase "affecting commerce" is defined as meaning
"in commerce,or burdening or obstructing commerce
or the free flow of commerce, or having led to or
tending to lead to a labor dispute burdening or obstructing commerce or the free flow of commerce,"
while the term "labor dispute" embraces "any controversy" concerning the conditions or tenure of employment or the association or representation of persons negotiating or otherwise dealing with such matters, "regardless of whether the disputants stand in
the proximate relation of employer or employee." A
dispute with a labor organization no member of
which is an employee of the employer involved becomes a "labor dispute" subject to the provisions of
Volume 141
Financial Chronicle
17
tion. It is difficult to see, too, wherein the Act, with
The main question at issue in this year's session
its marked discrimination in favor of labor, pre- was the approval of a 40
-hour week in place of the
serves to employers the constitutional guarantee of 48-hour week which the Treaty of Versailles pre"equal protection of the laws." There will assuredly scribed as one of the first objectives. On this quesbe no lack of suits based upon the contention that a tion the labor and employer groups split and the
labor dispute which has arisen neither burdens nor employer group divided, a number of the employer
obstructs inter-State commerce nor, in the language delegates holding out strongly against the proposal
of the bill, "tends" to do so, or that, if it does, the and even refusing for a time to take part in the delibinterference or tendency are due solely to the kind of erations of the committee in which the matter was
collective bargaining which the Act ordains.
discussed. The sharp difference of opinion which
The Wagner Act is a vicious measure. It is unjust developed, as far as can be gathered from press reto employers because it deprives them of rightful ports of the proceedings, appears to have been due to
control over vital factors in the conduct of their a fear, shared by members of both employer and labusinesses, and isolates them from their employees bor groups, that a reduction of hours might lead to
save on terms of complete submission to employee de- a reduction of wages, or,if the prevailing wage scales
mands. It is unjust to labor because, while it does were maintained, to Government action looking to
not specifically mention any form of organization, wage-fixing.
it exposes all labor to domination by the particular
As finally adopted on June 22 by a vote of 79 to 30,
labor organizations which have endorsed it and the resolution provided that "each member of the
forced it through Congress. Instead of furthering International Labor Organization which ratifies
industrial peace, it will actually encourage indus- this convention declares its approval of (a) the printrial war. It is one of the most effective obstacles ciple of a 40-hour week, applied in such manner that
to sound and rapid recovery that the present Con- the standard of living is not reduced in consequence,
gress has erected.
and (b) of taking or facilitating such measures as
may be judged appropriate to secure this end; and
Labor, Trade and Monetary Questions at it undertakes to apply this principle to classes of
employment in accordance with detailed provisions
Geneva and Paris
to be prescribed by such separate conventions as are
While armament questions and Italy's Ethiopian ratified by that member." An accompany
ing resolucampaign have been absorbing the attention of Euro- tion, adopted by only a majority
vote, invited the
pean Governments, the nineteenth conference of the several Governments to "take appropriat
e measures
International Labor Organization has been debat- to insure that any adjustment of wages
and salaries
ing labor matters at Geneva and the eighth biennial should be effected as far as possible by
means of dimeeting of the International Chamber of Commerce rect negotiations between employers'
and workers'
has been in session at Paris. The former, created organizations concerned," and after such
consultaunder provisions of the Treaty of Versailles, has a tion to take appropriate steps "to enable
either of
quasi-governmental character and a rather remote the parties concerned, if agreement
between them
relation to the League of Nations, while the latter cannot be reached, to submit the
dispute to bodies
has no governmental relations whatever. Both or- competent to deal with wage
questions, such bodies
ganizations, however, afford opportunity for the dis- being set up where they do not exist
for the purpose."
cussion of international economic interests, and the
In spite of this resolution, the adoption of a 40resolutions adopted are likely to afford significant hour week in principle appears to have
implied no
indications of the trend of opinion in labor and busi- general readiness to apply the principle
to particular
ness circles.
industries, and the votes on a number of supplemenThe International Labor Organization comprises tary convention showed
s
how widely the delegates
two bodies, a General International Labor Confer- were divided. A 42-hour convention
for the glass
ence, which meets annually, and an International bottle industry was
approved by a bare two-thirds
Labor Office, with headquarters at Geneva, whose majority only after recount,
a
while conventions for
functions are mainly statistical and administrative. a 40-hour week in
public works and building trades
The Conference, the members of which are the failed to receive
the necessary support. No dissent,
States that are members of the League and also, this on the other
hand, was registered in the final vote
year for the first time, the United States, is made up on recommendations looking
to lessened employment
of four delegates from each member State, two of of young people. The convention
s agreed to will, of
the delegates representing the Government, one la- course,. have no
force until ratified by the member
bor and one employers. The labor and employer del- Governments,
and the pronounced and varied opegates are designated by the Government in agree- position which two
of them evoked certainly does
ment with industrial and business organizations not invite
early action. Miss Grace Abbott, the chief
which are regarded as most representative of labor American Governmen
t delegate, was quoted as telland employers. A two-thirds vote is necessary for ing the press
that she was "well pleased, all things
the adoption of resolutions, but since the employer considered
," with the outcome of the Conference, but
and labor delegates vote individually, the way is with labor conditions
differing widely in different
open for the formation of a labor bloc and an em- countries
and trade competition rendered more
ployer bloc voting more or less solidly on opposite acute
than ever by depreciated currencies, the likesides of a question. The Government delegates are lihood of any general
reduction of working hours,
supposed to represent the policies of their Govern- especially with no
corresponding reduction of wages,
ments, but since they, like the employer and labor can hardly be regarded
as promising even if the 40delegates, may refrain from voting if they so choose, hour week is looked
to as the ultimate aim.
the aggregate of votes cast for or against a resoluThe most striking declarations of the Internation is not significant of the actual opinion of the tional Chamber of Commerce
related to world trade
Conference until it has been carefully analyzed.
barriers and stabilization. The President of the
18
July 6 1935
Financial Chronicle
Chamber, Dr. Frederick F. van Vlissingen, did not
mince words in describing the persistence of obstacles to world business recovery. "What we asked
for," he said in his opening address, referring to the
session at Vienna in 1933, "would have brought us
a more efficient international distribution of commodities,.. .stable currencies, steadier price levels
and a gradual restoration of that confidence without
which lasting economic welfare cannot be built up.
What we got was more trade barriers, greater monetary instability, increasing transfer difficulties and
a greater lack of confidence than ever before. .. .
If we compare the present economic situation of the
world with that of two years ago, we shall find that
it has become worse, and the most alarming fact of
all is that even to-day we can see no reliable sign of
improvement in the general situation. .. . There
can be no rebirth of the spirit of initiative among
business men as long as they come up against Government interference at every step they take,
whether buying, selling, producing, distributing,
•
(Continued on page 24)
7he New Capital Flotations in the United States During the Month of
June and for the Half Year Ended June 30
The record of new financing in this country during the
month of June shows a grand total of $511,909,748, comprising $63,745,748 of State and municipal issues, $129,164,000 corporate securities and $319,000,000 Farm Loan
and publicly-offered governmental agency issues. The
month's grand total compares with $472,428,568 put out in
May and with $507,456,831 floated in April and, in exceeding the latter month's total, establishes a new high monthly
record since April 1931, when no less than $591,410,493 was
reported. Refunding operations, as in other recent months,
predominated the new financing during June, and no less
than $453,826,588 out of the grand total of $511,909,748
comprised refunding operations, that is, represented issues
to take up or replace old outstanding securities, thus leaving the strictly new capital raised during the month at
only $58,083,160. For the benefit of the reader, we mention here that our compilations, as always, are very cornand include the stock, bond and note issues by
pi
corporations, by holding, investment and trading companies,
and by States and municipalities, foreign and domestic,
and also farm loan and publicly-offered governmental
agency issues.
Making further reference to the new corporate issues
announced during June, we note that public utility issues
accounted for $88,164,000, which compares with only $19,500,000 for that group in May. Industrial and miscellaneous
Issues totaled $28,500,000 in June as against $87,025,000
reported for them in May, while railroad financing in June
amounted to $12,500,000 as compared with $20,235,000
in May.
The total corporate securities of all kinds put out during
June was, as already stated, $129,164,000, all of which
constituted long-term issues. The portion of the month's
corporate flotations devoted to refunding operations was
$115,488,000, or nearly 90% of the total. In May the refunding portion was $81,566,666, or about 64% of the total.
In April it was $133,890,800, or over 85% of that month's
total. In March it was $112,220,000, or slightly over 93%
of the month's total. In February the refunding portion
was $23,291,000, or about 78% of the total, while in
January it was $2,459,000, or about 31% of that month's
total. In June (1934) the amount for refunding was $23,747,000, or about 71% of the total for that month. The
more important refunding issues sold during June of 1935
were the following: $30,000,000 Pacific Gas & Electric Co.
1st & ref. mtge. 4s G, 1964; $29,500,000 Commonwealth
Edison Co. 1st mtge. 3%s H, 1965, and $18,594,000 Consumers Power Co. 1st lien & unif. mtge. 3%s, series of 1935,
due 1965. The entire proceeds of the three issues mentioned
are to be used for refunding purposes.
There were several relatively large corporate issues sold
during June, namely: $30,000,000 Pacific Gas & Electric Co.
1st & ref. mtge. 4s G, 1964, priced at 104, to yield about
3.77%; $29,500,000 Commonwealth Edison Co. 1st mtge.
3%s H, 1965, sold at 98, to yield about 3.68%; $25,000,000
-year cony. deb. 4%s, 1945,
the American Rolling Mill Co. 10
offered at par; $18,594,000 Consumers Power Co. 1st lien &
unif. mtge. 3%s, series of 1935, due 1965, also sold at Par, and
$12,500,000 Toledo & Ohio Central Railway Co. ref. & imp.
mtge. 3%s A, 1960, offering of which was made at 99,
yielding about 3.80%.
No foreign securities of any description were floated in
this country during June, and it is also to be recorded that
no new fixed investment trust issues were offered during
the month.
One of the corporate offerings made in June contained a
provision for conversion into common stock. The offering
was that of $25,000,000 the American Rolling Mill Co.
/
-year cony. deb. 414s, 1945, the debentures carrying the
10
right of conversion into common stock on or before Nov. 1
1944 at the rate of $25 per share.
Included in the month's financing was an issue of $239,000,000 Federal Land banks 3% consolidated Federal Farm
Loan bonds, due July 1 1955, priced at 98%, to yield about
3.10%. This issue provided for the retirement on July 1
1935 of outstanding bonds called for payment on that date.
It was also announced during June that the Treasury Department, through the Federal Reserve banks, had sold
about $80,000,000 additional 1%Vo bonds, series F, of the
Home Owners' Loan Corporation, maturing June 15 1939.
The new bonds were sold at prices very near the market
for outstanding bonds. The financing completed the refunding of 4% bonds of the Home Owners' Loan Corporation previously called for redemption on July 1 1935.
-Year--Volume of Offerings Double
Results for the Half
That of 1934 and Largest Since First Half of 1931
When we examine the record of financing for the first
ely
half of 1935 we become impressed with the comparativ
small total of new financing done in that period, even though
the total shows an increase over the same period of 1934,
1933 and 1932. Including the month of June, with $511,909,748, the grand total of the new issues of every character
and description brought to market during the six months
runs only slightly in excess of two billion dollars, the exact
figure having been $2,019,531,825. In commenting on the
new financing done in the half-year of 1934, we referred
to the slight increase in the new flotations then disclosed
as compared with the corresponding six months' period of
the previous year. In reviewing the results for the first
half of 1933, we noted a great shrinkage as compared with
the same period of 1932, and we did the same thing in
commenting on the figures of 1932 as compared with 1931,
and in 1931 as compared with 1930. As against $2,019,531,825 of new issues brought out in the first six months of
1935, the corresponding figure for the half-year of 1934
was $1,019,530,920; that for 1933 was $516,518,604; that for
1932, $900,792,835; that for 1931, $2,992,851,637; that for
1930, $5,196,189,289, and that for 1929, $6,313,824,452. In
other words, as against a total of new financing of all
descriptions running in excess of $6,000,000,000 in 1929, the
corresponding amount in 1935 was only slightly in excess
of $2,000,000,000.
Of course, the corporate total suffered the greatest contraction, the amount under this head for 1935 having
dropped to only $569,484,800 (of which no less than $468,915,466 represented refunding operations, leaving only $100,569,334 of strictly new capital provided) against $5,563,083,697 for the first half of 1929 (of which $864,509,178 was
for refunding and no less than $4,698,574,619 represented
the provision of new capital). Municipal financing, however, also suffered great diminution since 1929, despite an
Increase shown this year. Including $63,745,748 of municipal financing done in June, the municipal awards during
the six months of 1935 reached $599,020,325, which compares with $519,570,535 in the first half of 1934, with only
$226;425,126 in the first half of 1933, $528,469,540 in the
first half of 1932, $851,188,436 in the first half of 1931,
$765,536,582 in the first half of 1930, and $670,383,755 in
the first half of 1929.
On further examination of the corporte issues we find
In the table below one of the most pronounced Characteristics of the change in new financing which has been in
progress since 1929. We refer to the almost complete displacement of new stock issues by bond and note issues.
For the purpose of showing the change which has occurred,
we furnish a tabular analysis in brief form, giving the
comparisons both for the domestic corporate issues separately and for the domestic and foreign issues combined:
DOMESTIC CORPORATE ISSUES
1933
1934
$171,455,100 $195,705,200
4,325,000
2,908,800
17,413,278
26,096,485
1932
5238,853,800
6,775,275
4,194,220
$217,443,478
$249,823,295
1935
Jan.]. to June 30Bonds and notes _ _ _ $536,909,000
26,496,800
Preferred stocks.._-_
6,079,000
Common stocks _
Total
Jan. 1 to June 30Bonds and notes
Preferred stocks
Common stocks
Total
$569,484,800
$200,460,385
1931
1930
1929
$1,612,890,150 $2,343,998,660 $1,683,588,300
126,948,667
307,097,946
888,097,906
926,162,101 2
122,707,384
,485,538,044
$1,862,546,201 $3,577,258,707 $5,057,224,250
DOMESTIC AND FOREIGN, INCLUDING CANADIAN
1933
1932
1934
1935
Jan. 1 to June 30-Bonds and notes__ $536,909,000 $172,655,100 $197,305,200 $238,853,800
6,775,275
4,325,000
2,908,800
26,496,800
Preferred stocks__
4,194,220
26,096,485
17,413,278
6,079,000
Common stocks___
$569,484,800 $201,660,385 $219,043,478 $249,823,295
Total
1929
1930
1931
Jan. 1 to June 30$1,780,690,150 $2,708,151,660 $2,029,748,300
Bonds and not
320,097,946 1,000,810,106
126,948,667
Preferred stocks
936,222,101 2,532,525,291
122,707,384
Common stocks
Total
$2.030,346,201 $3,964,471,707 $5,563,083,697
Volume 141
Financial Chronicle
The Part Played by Investment Trusts and Holding
Companies
Investment trusts and holding companies, which in 1929
were so prominent in emitting new securities and contributed so greatly to swell the total of the new issues in
that year, have now almost completely fallen out of the
picture, and this has been one of the factors in the great
falling off which has occurred during the last four years
in the total of new financing. In the first six months of
this and the three previous years there were no offerings
of this type of security, and their contribution to the total
during the first half of 1931 was only $2,800,000 against
$149,237,079 in the first half of 1930 and no less than $929,466,562 in the first half of 1929. In the following we compare the figures for each six-month period since 1926 and
also indicate what portion of the financing by these investment trusts and holding companies was in the shape of
bonds and notes and what portion consisted of stock issues:
FINANCING BY INVESTMENT TRUSTS. TRADING AND
COMPANIES
Short-Term
Long-Term
Stocks
Bonds cf. Notes Bonds & Notes
First half of 1935
First half of 1934
First half of 1933
First half of 1932
82,300,000
5500,000
First half of 1931
First half of 1930
72,987,079
1,000,000
875,250,000
836,466,562
First half of 1929
93,000,000
First half of 1928
400,000 204,712,018
81,400.000
47.573,228
1,000,000
51,500,000
First half of 1927
37,550,000
4.000,000
First half of 1926
9,500,000
HOLDING
Grand
Total
52,800.000
149,237,079
929,466,562
286,512,018
100,073,228
51,050,000
However, the investment trusts, as previously explained
In these columns, have not altogether disappeared. Recent
trust offerings, however, are not of the type that was
so prominent in 1928 and 1929. They do not consist of
large new capital issues offered for public subscription in
the way common prior to 1930 and in the way always done
by public utility, railroad, industrial and other corporations. The practice now is to gather blocks of securities of
one kind or another and to issue participating interests in
the same, split up into small units. These units are then
disposed of over the counter by distributing groups or
syndicates. Excepting two or three instances, however, no
information of the extent of these sales is forthcoming, and
being sales over the counter, it is impossible to make estimates regarding their amount. It is to be noted, however,
that new trusts of this type have also been falling off. We
have no offerings of this type to record for the current halfyear.
United States Financing—Its Magnitude
It remains for us to show the exact extent to which
United States financing has been conducted during the
period under review, namely, the first half of 1935.
Much of the financing formerly done in the ordinary
way through corporate undertakings and by States and
municipalities is now being done by the United States
through the Reconstruction Finance Corporation and other
Government agencies. As a result, new financing by the
United States now represents larger new debt creation than
all other sources of new capital issues combined, which is
of course a logical outcome of the extraordinary state of
things with which the country and the Government has been
obliged to deal.
It is important in our study that we distinguish between
financing which represents distinctly new capital and represents an increase, therefore, in the indebtedness of the
Government, and borrowing to provide for the taking up
and retiring of issues already outstanding, and which are
to be replaced by the new issues. This is particularly true
with reference to the placing of United States Government
securities. Treasury bills are all the time maturing, and
have to be replaced with other issues, while Treasury certificates of indebtedness are another form of short-term
borrowing which has to be renewed periodically without
adding to the volume of the outstanding public indebtedness. So long as the Government was showing huge budget
surpluses and the public indebtedness was, as a result,
being steadily and largely reduced, the matter was of little
consequence, but now that there is a budget deficit (as a
result both of the ordinary expenditures and Of the extraordinary outlays) of growing proportions (for aid and assistance of outside undertakings and to provide for industrial
recovery and to take care of large-scale idleness and unemployment), it is important to know the exact extent to
which the Government finds itself obliged to run into new
indebtedness.
United States Government issues appeared in the usual
order during the month of June. The month's financing
amounted to $1,251,236,400 and comprised four double
offerings of Treasury bills on a bank discount basis, an
offering of 3% Treasury bonds on a competitive bid basis,
and an exchange offering of 1%% Treasury notes. The
details in respect to these offerings are recorded further
below. In view of the magnitude and importance of United
States Government borrowings, we give below a summary
of all Treasury issues marketed during June and also those
sold during the five preceding months, furnishing full particulars of the various issues and presenting a complete
record in that respect for the first half of the current year.
New Treasury Financing During the Month of June 1935
Secretary of the Treasury Morgenthau on May 28 announced a new offering of two series of Treasury bills to
the aggregate amount of $100,000,000, or thereabouts. The
19
series was for $50,000,000, or thereabouts, each, one of
133-day maturity and the other running for 273 days. Both
series of Treasury bills, however, were dated June 5, the
-day bills maturing Oct. 16 and the 273-day bills falling
133
due March 4 1936, and hence form part of the Government's
financing for the month of June. Total subscriptions to
both series of Treasury bills amounted to $139,178,000, of
which $100,023,000 was accepted. For the 133-day bills
the total amount applied for was $67,548,000, of which
$50,013,000 was accepted, while subscriptions to the 273-day
bills totaled $71,630,000, of which $50,010,000 was accepted..
The average price for the 133-day bills was 99.961, equivalent to an average rate of 0.105% on a bank discount basis,
while the 273-day bills brought an average price of 99.87,
equivalent to an average rate of 0.149% on a bank discount
basis. This financing provided for the refunding of $75,139,000 of maturing issues, while $24,884,000 represented
an addition to the public debt.
Mr. Morgenthau on June 6 announced a combined offering of 133-day Treasury bills and 273-day Treasury bills
In the amount of $50,000,000, or thereabouts, respectively.
Both issues were dated June 12. The 133-day bills mature
Oct. 23, while the 273-day bills fall due March 11 1936.
Applications for the 133-day Treasury bills amounted to
$153,319,000, of which $50,009,000 was accepted. The average price for these bills was 99.965, the average rate on a
bank discount basis being 0.096%. For the 273
-day Treasury bills the amount applied for was $106,569,000, of which
$50,080,000 was accepted. The average price was 99.888,
the average rate on a discount basis being 0.148%. This
financing provided for the refunding of $75,079,000 of
maturing bills, while $25,010,000 represents an addition to
the public debt.
On June 9 Mr. Morgenthau announced an exchange offering of 1.16% Treasury notes of series B-1940 for about
7
$416,600,000 of 3% notes of series A-1935, which matured
June 15, and about $353,000,000 of 1%% notes of series
B-1935, maturing Aug. 1 1935. The amount of the new
offering was limited to the amount of maturing notes
tendered and accepted, and no cash subscriptions were
accepted. The new 1% Treasury notes were dated June 15
and will mature June 15 1940, and are not subject to call
for redemption prior to that date. The notes are exempt
both as to principal and interest from all taxation except
estate or inheritance taxes (including the gift tax). Total
subscriptions of $738,373,400 were tendered and allotted
for the new 1%% notes, series B-1940. Of the amount
tendered and allotted for the notes, $402,689,800 represented
the 3% notes due June 15 and $335,683,000 the 1%% notes
due Aug. 1. About $14,000,000 of the 3% notes and about
$18,000,000 of the 1%% notes were not exchanged, it was
stated. The offering was made at par.
Secretary of the Treasury Morgenthau on June 13 announced a new offering of $100,000,000, or thereabouts, of
two series of Treasury bills. Both series of the bills were
dated June 19 1935 and were offered in amount of $50,000,000, or thereabouts, each. One series is 133
-day bills,
maturing Oct. 30 1935, and the other 273-day bills, maturing
March 18 1936. Applications for the 133-day Treasury bills
totaled $139,654,000, of which $50,013,000 was accepted.
The average price for these bills was 99.969, the average
rate on a discount basis being 0.083%. For the 273-day
Treasury bills the amount applied for was $134,793,000, of
which $50,059,000 was accepted. The average price was
99.898, the average rate on a bank discount basis being
0.134%. This financing provided for the refunding of $75,300,000 of maturing bills, while $24,772,000 represents an
addition to the public debt.
Another new offering of two series of Treasury bills, to
the total amount of $100,000,000, or thereabouts, was announced on June 20 by Mr. Morgenthau. Both series were
dated June 26 and were offered in amount of $50,000,000,
or thereabouts, each. One series was for 133
-day bills,
maturing Nov. 6 1935, and the other was for 273-day bills,
maturing March 25 1936. Applications for the 133
-day
Treasury bills amounted to $137,543,000, of which $50,000,000 was accepted. The average price for these bills
was 99.974, the average rate on a bank discount basis being
0.070%. For the 273-day Treasury bills the amount applied
for was $135,365,000, of which $50,010,000 was accepted.
The average price was 99.907 and the average rate is about
0.123% a year on a bank discount basis. This financing
provided for the refunding of $75,300,000 of maturing bills,
while $24,710,000 represents an addition to the public debt.
An additional $100,000,000, or thereabouts, of 3% Treasury bonds of 1946-1948 was offered on June 23 by Secretary
of the Treasury Morgenthau. The bonds, as in the May
issue, were sold to the highest bidders, a development unique
in Treasury financin- since before the war. The bonds
were sold at not less than par and accrued interest from
June 15 to July 1 1935. The bonds were dated June 15 1934
and will mature June 15 1948, but are redeemable at
option of the United States at par and accrued interestthe'
on
and after June 15 1946. The 3% Treasury bonds itie
exempt both as to principal and interest from all taxation
except estate or inheritance taxes and the
Tenders for $461,341,000 face amount of bonds weresurtaxes.
received,
of which $112,669,000 was accepted. The average price
for
the bonds was 103 18/32, and a total premium of $4,005,378
was received. Based on the average price at which the
bonds were to be issued on July 1, the yield is about 2.62%
to the earliest call date, June 15 1946, and about 2.67%
to
maturity, June 15 1948. This financing represented an
addition to the public debt.
-day Treasury bills
A further combined offering of 133
-day Treasury bills, in the amount of $50,000,000,
and 273
or thereabouts, respectively, was announced on June 27 by
Mr. Morgenthau. Both series of Treasury bills, however,
-day bills maturing Nov. 13 and
were dated July 3, the 133
-day bills falling due April 1 1936, and hence form
the 273
part of the Government's financing for the month of July.
Total subscriptions to both series of Treasury bills amounted
to $246,571,000, of which $100,007,000 was accepted. For
-day bills the total amount applied for was $88,the 133
147,000, of which $50,007,000 was accepted, while subscriptions to the 273-day bills totaled $158,424,000, of which
$50,000,000 was accepted. The average price for the 133day bills was 99.973, equivalent to an average rate of 0.072%
-day bills were sold at an
on a bank discount basis. The 273
average price of 99.919, or about 0.107% on a bank discount
basis. This financing provided for the refunding of $75,150,000 of maturing issues, while $24,857,000 represented an addition to the public debt. The rates on these two bill issues
compare with 0.123% (273-day) and 0.070% (133-day) bills
-day) and 0.083% (133-day)
dated June 26; 0.134% (273
-day) and 0.096% (133bills dated June 19; 0.148% (273
day) bills dated June 12, and 0.149% (273-day) and 0.105%
(133-day) bills dated June 5.
In the following we show in tabular form the Treasury
financing done during the first six months of this year.
The results show that the Government disposed of $6,411,216,582, of which $5,887,570,600 went to take up existing
issues and $523,645,982 represented an addition to the public
debt. For June by itself, the disposals aggregated $1,251,236,400, of which $1,039,191,400 was for refunding, leaving
$212,045,000 as an addition to the public debt.
UNITED STATES TREASURY FINANCING DURING THE FIRST SIX
MONTHS OF 1935
Date
Offered
Amount
Applied for
2 182 days
9 182 days
16 182 days
23 182 days
30 182 days
Amount
Accepted
11
214,130,000
141,685.000
142,359,000
232,573,000
203,618,000
Due
Dated
Dee. 25 Jan.
Jan. 3 Jan.
Jan. 10 Jan.
Jan. 17 Jan.
Jan. 24 Jan.
$
75,150,000 Average
75.185,000 Average
75,079,000 Average
75,129,000 Average
75,106,000 Average
Yield
Price
99.949 *0.10%
99.942 *0.12%
99.926 *0.157
99.927 *0.157
99.931 *0.14%
375,649,000
Janus ry total
262,895,000
196,853.000
156,544,000
120,712,000
165.180.000
Jan. 31 Feb. 6 182 days
Feb. 5 Feb. 13 182 days
Feb. 14 Feb. 20 182 days
Feb. 25 Feb. 27 182 days
Feb. 25 Feb. 27 273 days
75,185.000 Average
75,112,000 Average
75,024,000 Average
50,054,000 Average
50,185,000 Average
99.939 *0.127
99.944 *0.117
99.941 *0.1177
99.946 *0.1087
99.874 *0.166%
325,560,000
Febru ary tots I
*2.90%
y38,012,982 y38.012.982
Mae. 1 Mar. 110 years
50,114,000 Average 99.949 *0.10%
152,020,000
182 days
Feb. 28 Mar.
50,072,000 Average 99.889 *0.147%
157,560,000
273 days
Feb. 28 Mar.
100
2.875%
Mar. 3 Mar. I 20-25 yrs. 1559,600,000 1559,600,000
100
1.625%
513,884,200 513,884,200
Mar. 3 Mar.1 5 years
50,052,000 Average 99.953 *0.094%
129,722,000
7 Mar. 1 182 days
Mar.
50,149,000 Average 99.893 *0.141%
120.615,000
Mar. 7 Mar. 1 273 days
50,125,000 Average 99.953 *0.094%
104.570,000
Mar.14 Mar.2 182 days
50.006,000 Average 99.889 *0.147%
67,406,000
Mar.14 Mar.2 273 days
50,079,000 Average 99.945 *0.109%
108,329,000
Mar.21 Mar.2 182 days
50,071.000 Average 99.864 *0.180%
117,186,000
Mar.21 Mar.2 273 days
2,51 ,165,182
March totalMar.28 Apr. 3 272 days
Apr. 4 Apr. 10 273 days
Apr. 12 Apr. 17 273 days
Apr. 18 Apr. 24 273 days
Apr. 21 Mar. 1520-25 yrs.
Apr. 21 Mar. 15 5 yrs.
119,428,000
109,147,000
124.413,000
115,059.000
744,000,000
864,000,000
50,018.000 Average 99.882
50,062,000 Average 99.867
50,020,000 Average 99.866
50,155,000 Average 99.872
100
744,000,000
100
864,000,000
*0.157%
*0.176%
*0.176%
*0.169%
*2.875%
1.625%
1,808,255,000
April total
Apr. 29 May 1 273 days
May 2 May 8 273 days
May 9 May 15 272 days
May ly May 22 133 days
May 17 May 22 273 days
May 23 May 29 133 days
May 23 May 29 273 days
May 26 6-15-34 14 yrs.
213,212.000
165,006,000
160,256,000
109,289,000
114,552,000
70,001,000
118,922,000
270,077.000
50,085,000 Average 99.884 *0.153%
50,091,000 Averaeg 99.885 *0.152%
50,255,000 Average 99.892 *0.143%
50,063,000 Average 99.967 *0.088%
50,020,000 Average 99.889 *0.146%
50,021,000 Average 99.965 *0.095%
50,037.000 Average 99.896 *0.137%
2.67-211
432
98.779.000 Average 103
449,351,000
May total
May
May
rune
rune
rune
rune
rune
rune
rune
rune
2 June 5 133 days
2 June 5 273 days
June 12 133 days
June 12 273 days
June 15 5 yrs.
1 June 19 133 days
1 June 19 273 days
2 June 26 133 days
2 June 26 273 days
2 6-15-34 14 yrs.
67,548,000
71,630,000
153,319,000
106,569.000
738,373,400
139,654,000
134,793.000
137,543,000
135,365,000
461,341,000
50,013,000 Average 99.961 *0.105%
50,010,000 Average 99.87 .0.149%
50.009,000 Average 99.965 *0.096%
50,080,000 Average 99.888 *0.148%
1.50%
100
738,373,400
50,013,000 Average 99.969 *0.083%
50,059,000 Average 99.898 *0.134%
50,000,000 Average 99.974 *0.070%
50,010,000 Average 99.907 *0.123%
112,669,000 Average 103.111n 12.62-12.67%
June total
1,251,236,400
Grand total_
6,411,216,582
Average rate on a bank discount basis.
y Amount based on purchase price
USE OF FUNDS
Dated
Jan.
Jan.
Jan.
Jan.
Jan.
2
9
16
23
30
Type of
Security
Total Amount
Accepted
Refunding
bills
NM
bills
bills
bills
Treasury
Treasury
Treasury
Treasury
Treasury
Total
bills
bills
bills
bills
bills
$75,150,000
75,185,000
75.079.000
75,129,000
75,106.000
875.150.000
75,185,000
75,079,000
75,129,000
75,106,000
$375,649,000
Treasury
Treasury
Treasury
Treasury
Treasury
Total
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Feb. 27
July 6 1935
Financial Chronicle
20
New
Indebtedness
$375,649,000
$75,185,000
$75,185,000
75,112.000
75.112,000
75.024,000
75,024,000
50.054,000 1 75.065,000
50,185.000 f
$325,560,000
$300,386,000
•
$25,174,000
$25,174,000
Type of
Security
Dated
Mar. I
Mar. 6
Mar. 6
Mar:15
Mar.15
Mar.18
Mar. 13
Mar.20
Mar.20
Mar.27
Mar.27
Total Amount
Accepted
$38,012,982
24,896.000
82.512,165,182 82,374,203,200
$137.961,982
Total
50,018.000
50,062,000
50,020,000
50,155.000
744,000,000
864,000,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2%% Treas. bonds
17 % Treas. notes
24.836,000
25,090,000
25,127,000
50,018.000
50,062,000
50,020,000
60.155.000
744,000,000
864,000,000
21,808,255,000 81.808,255,000
Total
50,085.000
50,091,000
50,255,000
50,063,000
50,020.000
50.021,000
50,037,000
98,779,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
134% Tress. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
1934_ 3% Treasury bonds
Total
Grand iotal.
2300,886,000
3148.465.000
50,013,006
50,010,000
50,009,000
50,080,000
738.373.400
50,013,000
50,059,000
50,000,000
60,010,000
112,669,000
Total
50,085,000
50,091,000
50,255,000
75,168,000
8449.351,000
Treasury bills
May 1
Treasury bills
May 8
Treasury bills
May 15
Treasury bills
May 22
Treasury bills
May 22
Treasury bills
May 29
Treasury bills
May 29
June 15 1934.. 3% Treas. bonds...
5
5
12
12
15
19
19
26
26
15
New
Indebtedness
Y$38,012,982
Savings bonds
50,114,000 1 75.290,000
Treasury bills
50,072,000 f
Treasury bills
21i% Treas. bonds 1,559,600,000 1.559,600,000
513,884,200
513,884,200
1 H % Treas. notes__
75,365,000
50,052,000
Treasury bills
50,149,000
Treasury bills
75,041,000
50,125,000
bills
Treasury
50,006,000
Treasury bills
75,023,000
50,079.000
Treasury bills
50,071,000
Treasury bills
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Mar. 15
Mar. 15
June
June
June
June
June
June
June
June
June
June
Refunding
75,139,000
24,884,000
75,079,000
25,010,000
738,373,400
75,300,000
24,772,000
75,287,000
24,915.000
24,771,000
98,779,000
75,300,000
24,710,000
112,669,000
81,251,236,400 81.039,191,400
2212,045,000
55 411 216 _Ma S5 887 570 ROO
2523.645.982
y Amount based on purchase price.
The Convertible Feature
to
One feature of the old method of financing continues to
be followed to some degree. We allude to the tendency by
make bond issues and preferred stocks more attractive
according to the purchaser rights to acquire common stock.
In the following we bring together the more conspicuous
issues floated during each month of the present year containing convertible features of one kind or another, or carrying subscription rights or warrants to subscribe for or
acquire new stock:
FIRST HALF OF 1935 CARRY
CONSPICUOUS ISSUES FLOATED IN THE SUBSCRIPTION RIGHTS OR
ING CONVERTIBLE FEATURES OR
WARRANTS
January
(convertible into common
37.000 ohs. San Jose Water Works 6% cum. pref. stock.
stock on a share-for-share basis).
February
6% cony. notes, 1945 (convertible
$691,000 Atlas Imperial Diesel Engine Co.rate of $25 per share until March 1
Into stock of the company at the
to
1939; at 833 1-3 thereafter to March 1 1942, and at $40 thereafter
March 11945).
March
Dec. 1 1942 (convertible into
31,760,000 Murray Corp. of America let mtge. 64s,
common stock at $10 to 815 a share until maturity).
April
pref. stock (convertible into com319,371,800 Commercial Credit Co. 554% cony.
par amount of
mon stock at rate of 1 share of common for each $55
stock).
preferred
cum. cony. prof. a ock (convertible into
5,000,000 Reynolds Metals Co. 534%
of
common stock at rate of 3shares of common for a.ch share pref.stock)
May
-yeas cony. deb. 48, 1947 (convertible
37,500,000 Union 011 Co. of California 12
Into capital stock until maturity at rates varying from $25 to $30 of
capital stock).
debentures for each share of
June-been mentioned above In
The single conspicuous issue during this month has already
our remarks on the financing done during June
The Foreign Issues Placed in the United States
Not a single issue was floated in the United States during
the first half of 1935 for foreign governments or for Canada,
Its Provinces and municipalities, nor were any foreign
issues floated here during the first half of 1934, but in
the first half of 1933 there was a loan of $60,000,000 sold
-months'
here by the Dominion of Canada in the form of 15
4% notes, due Oct. 1 1934. In the first six months of 1932
no financing was undertaken here for the account of foreign
governments or for Canada, its Provinces and municipalities.
In the first half of 1931 Canadian issues aggregated $50,422,000, constituting the whole of the foreign government
issues placed here during that period. At that figure they
compare with $426,006,000 of total foreign government issues
sold here during the first half of 1930, with only $78,362,000
for the first half of 1929, and with $530,314,000 for the first
six months of 1928; with $477,757,800 for the six months of
1927; $302,764,000 in the first half of 1926; $312,311,000
In the first half of 1925, and $353,407,562 in the first half
of 1924. The Canadian • Government loan of $60,000,000
sold here in the first half of 1933 was used entirely for
refunding purposes. There was no refunding in the first
half of 1932, as no foreign government issues were sold here
during that period. The refunding portion was no more
than $9,500,000 in 1931 against $12,658,000 in 1930, $8,000,000
in 1929, $100,538,413 in the first half of 1928, $58,469,000
In the first half of 1927, $60,873,000 in the first half of
1926, and $92,522,000 in the first half of 1925. No foreign
corporate issues were offered here in the first half of 1935.
Volume 141
Financial Chronicle
In the first half of 1934 foreign corporate financing totaled
only $1,200,000, all of which was for refunding. In the
first half of 1933 the foreign corporate financing was
$1,600,000, all of whidh comprised refunding. There were
no foreign corporate offerings in the first half of 1932. For
the first half of 1931 they footed up $167,800,000 against
$387,213,000 in the six months of 1930, $505,859,447 in the
six months of 1929, and $646,223,750 in the six months of
1928, only $315,168,625 in the six months of 1927, $313,694,040 in the first half of 1926, $254,695,000 in the first half
of 1925, and but $31,330,000 in the first half of 1924. Thus,
there were no flotations in the United SO tes on behalf of
fereign governments or corporations during the first half
of 1935. However,in the first half of 1934 the foreign issues
totaled $1,200,000 as against $61,600,000 for the same period
of 1933. There were no foreign offerings of any description
in the first six months of 1932. In the first six months of
1931 the aggregate of foreign flotations, government and
corporate, was $218,222,000, which compares with $813,219,000 in the first half of 1930, $584,221,447 in the six
months of 1929, and $1,176,537,750 in the first six months
of 1928. In the first half of 1927 the foreign flotations
aggregated $792,926,425, and this compares with $616,458,040
In 1926, $567,006,000 in 1925, $384,737,562 in 1924, and $193,646,279 in 1923. The following carries the half-yearly comparison back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING CANADA, ITS PROVINCES AND MUNICIPAL
ITIES)
New Capital
Refunding
Total
First half of 1935
First half of 1934
$1,200,000
$1,200,000
First half of 1933
61,600,000
61,600,000
First half of 1932
First half of 1931
$203,722,000
14,500,000
218,222,000
First half of 1930
758,561,000
54,658,000
813,219,000
First half of 1929
563,788,730
20,432,717
584,221,447
First half of 1928
935,088,837
241,448,913
1,176,537,750
First half of 1927
701,947,425
90,979,000
792,926,425
First half of 1926
524,707,740
91,750,300
616,458,040
First half of 1925
456,734,000
110,272,000
567,006,000
First half of 1924
230,087,562
154,650,000
384,737,562
First half of 1923
172,704,600
20,941,679
193,646,279
First half of 1922
507,576,650
119,500,000
627,076,650
First half of 1921
213,224,000
50,000,000
263,224,000
First half of 1920
214,860,000
8,498,000
223,358,000
First half of 1919
69,535,300
34,979.000
104,514,300
Large Domestic Corporate Issues During the Half
-Year
Domestic corporate offerings of exceptional size during
the first six months, in addition to those for June, already
mentioned, were as follows:
Januarp-$3,600,000 Dow Chemical Co. 2 % serial notes,
/
1
4
placed privately.
February
-$10,000,000 Laclede Gas Light Co. ref. & ext.
mtge. 5s, due April 1 1939, representing an extension of
maturity, and *8,000,000 Nypano RR. Co. prior lien mtge.
4y due 1950, also representing an extension of maturity.
4s,
Mardi.
-$45,000,000 Pacific Gas & Electric Co. 1st & ref.
mtge. 4s G, 1964, offered at par; $43,000,000 Swift & Co.
1st mtge. 3%s, 1950, also issued at par, and $16,000,00
0
Chicago Union Station Co. 1st mtge. 4s D, 1963, floated at
101, to yield 3.94%.
A4n'i/-$73,000,000 Southern California Edison Co., Ltd.,
ref. mtge. 3%s, 1960, priced at 98% flat; $19,371,800 Commercial Credit Co. 5%% cony. pref. stock, issued at $102
per share, to yield 5.39%; $12,000,000 the Monongah
ela Ry.
Co. 1st mtge. 4s A, 1960, sold at 101%, to yield over
3.90%,
and $9,000,000 Boston & Albany RR. Co. 1st
mtge. 4%s,
1943, priced at 96%, to yield 5.00%.
Map-$50,000,000 National Steel Corp. 1st (coll.)
mtge.
4s, 1965, priced at 100%, to yield 3.97%; $15,000,0
00 National
Distillers Products Corp. 10
-year deb. 4%s, 1945, offered at
par; $15,000,000 San Diego Consolidated
1st mtge. 4s, 1965, marketed at 101, to Gas & Electric Co.
yield 3.94%; $12,000,000 Atlantic Coast Line RR. Co. 10
-year
1945, at par, and two offerings of securities coll. trust 5s,
of the Union
Oil Co. of California, one in the form of
$7,500,000 12-year
cony. deb. 4s, 1947, at 100%, to yield
3.92%, and the other
comprising $6,000,000 deb. 1%s-3%s, due
1936-1940, offered
at par.
June
-The important domestic corporate
month have already been enumerated in our issues for this
remarks further
above in analyzing the financing done during
June.
The Chief Refunding Issues
The most conspicuous refunding issues floated
during the
six months ended June 30 comprised the following
000 Laclede Gas Light Co. ref. & extension mtge. : $10,000,5s, due April
1 1939, and $8,000,000 Nypano RR. Co. prior
lien
/
1950, both offered in February and representing mtge. 414s,
$45,000,000 Pacific Gas & Electric Co. 1st & ref. refunding;
mtge. 4s G,
1964; $43,000,000 Swift & Co. 1st mtge.
3%s, 1950,
$16,000,000 Chicago Union Station Co. 1st mtge. 4s D, and
1963,
all three issues having been offered in March
entirely for refunding; $73,000,000 Southern and used
California
Edison Co., Ltd., ref. mtge. 3%s, 1960, and $9,000,000
Boston
& Albany R.Co. Main Line 1st mtge. 4%s A,
1943, offered
in April, and entire proceeds of both issues used
as refunding; $50,000,000 National Steel Corp. 1st (coll.)
mtge. 4s,
1965, offered in May, of which $41,066,666 represent
ed refunding. There was also an offering of
$15,500,000 San
Diego Consolidated Gas & Electric Co. 1st mtge.
during May, all of which was used for refunding 4s, 1965,
There were four large refunding issues put out purposes.
in June,
mention of which has already been made in
our analysis
of that month's financing.
21
Farm Loan Issues
Offerings of Farm Loan securities during the first half
of 1935, including direct public borrowings by governmental
agencies functioning along similar lines, aggregated no less
than $850,593,700 as against $298,300,000 for the same
period of 1934, $10,900,000 for the same period of 1933, $122,500,000 for the first half of 1932, $60,600,000 for the first
six months of 1931, and $30,500,000 for the first half of 1930.
The current half-year's offerings comprised five separate
Issues of Federal Intermediate Credit banks short-term coll.
trust debentures, aggregating $124,000,000; two offerings of
Federal Land banks consol. bonds to the amount of $401,000,000; two issues of Home Owners' Loan Corporation
1%% bonds, series F, totaling $325,393,700, and a Joint
Stock Land Bank flotation to the amount of $200,000.
Issues not Representing New Financing
Offerings of this type during the first half of 1935
amounted to $20,034,435 as compared with $5,412,000 in the
first half of 1934, with $5,907,001) in the first half of 1933,
with $8,000,000 in the first six months of 1932, and $20,476,666 in the first half of 1931. These transactions do
not represent applications for capital by the companies
themselves, and are, therefore, excluded from our compilations of new financing. The following table sets forth a
six-months' comparison for the past five years:
January
February
March
April
May
June
1035
914,376,300
1934
1,585,000
700,000 94,212,000
2,144,135
1,229,000 1,200,000
1933
1932
$100,000
5,460,000 98,000,000
1931
$8,920,000
5,500.000
6,056,666
407,000
Total
920,034,435 55,412,000 95,907,000 88,000,000 920,476,666
REVISED GRAND TOTALS OF THE NEW FINANCING DONE DURING
THE SIX MONTHS ENDED JUNE 30
January
$141,531,419
May
9472,428,568
February
95,726,359
June
511,909.748
March
290,478,900
April
507,456,831
Total
32,019,531,826
Final Summary
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
Farm Loan issues
-for June and for the six months ended
with June:
summAny OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING
1935
MONTH OF JUNECorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies_
•Municipal-States, cities. &c
United States Possessions
Grand total
6 MONTHS ENDED JUNE 30CorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies
.Municipal-State, cities, .k.c
United States Possessions
New Capital
Refunding
Total
$
$
$
13,676,000
115.488,000
129,164,000
13,676,000
115,488,000
129,164,000
44,407,160
319,000,000
19,338,588
319,000.000
63,745,748
58,083,160
453,826,588
511,909,748
s
$
78,880,334
8,485,000
7,125,000
6,079,000
425,928,666
23,615,000
19,371,800
504,809,000
32,100,000
26,496.800
6.079,000
100,569,334
468,915,466
569,484.800
9,500,000
378,690,098
433,000
841,093,700
220,330,227
850,593,700
599,020,325
433,000
$
Grand total
489,192,432 1.530,339,393 2,019,5.31,825
o These figures do not Include
funds obtained by States and municipalities from
any agency of the Federal Government.
In the elaborate and comprehensive tables on the
ing pages we compare the foregoing figures for 1935 succeedwith the
corresponding figures for the four years preceding
affording a five-year comparison. We also furnish , thus
a detailed analysis for the five years of the corporate
offerings,
showing separately the amounts for all the
different classes
of corporations.
Following the full-page tables, we give
complete details
of the new capital flotations during
June, including every
issue of any kind brought out in that
as to the separate issues for each of month. Full details
of the half-year can be found in thethe preceding months
those months, these articles appearing monthly articles for
or the second Saturday of the month. usually on the first
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JUNE FOR FIVE YEARS
1931
1932
1933
1934
1935
MONTH OF JUNE
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Corporate-$
Domestic
83,630,000 103,974,000 187,604,000
13,871,000
9,806,500
4,064,500
44,963,000
41.963,000
3,000,000
4,000.000
4,000.000
13,676,000 115.488,000 129.164.000
Long-term bonds and notes
34,130,000
17,601.000
16,529,000
15,469.000
15,424,000
45,000
6.363.400
6,263.400
100.000
19,747,000
19,747,000
Short-term
2,700.000
2,700,000
1,075,000
1,075,000
Preferred stocks
3.183,790
3,183.790
7.976,989
70,000
7,906,989
9,420,000
9.420,000
Common stocks
Canadian-.
2,500.000
2,500,000
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign
22,800.000
22,800.000
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
29,340,000 131,342.790 121.575,000 252.917,790
25,230,500
4,109,500
60,378,389
48,296,400
12,081,989
33,167.000
23,747.000
9,420,000
13,676,000 115,488.000 129,164,000
Total corporate
8,500.000
7,500,000
1,000.000
60,000,000
60.000,000
Canadian Government
Other foreign government_
20,000,000
20.000,000
30,000.000
30.000,000
11,500,000 147.400.000 158,900,000
319.000.000 319,000,000
Farm loan and Govt. agencies
2.069,500 120.611,521
88.794,393 118.542,021
9,031.950
79,762,443
6,149.721 103,399,535
97.249,814
17.458,533 115.126.622
97.668,089
63.745,748
19,338.588
44.407,160
* Municipal, States, cities, &c- 295,000
295,000
150,000
150,000
None
None
None
United States Possessions____
64,262,450 148,134,393 251.179,811 151.144,500 402,324,311
83,871,943
109.481,803 114,446.121 223,927.924
58,083,160 453,826.588 511.909.748 118,588,089 188.605.533 307.193.622
Grand total
* These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
FIVE YEARS
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR
1931
1932
1933
1934
1935
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Rlunding
MONTH OF JUNE
Total
New Capital Refunding
Total
New Capital Refunding
3
$
$
$
Notes
$
Long-Term Bonds and
6,113,000
424,000
5,689,000
9,327,000
9.327,000
41,963,000
1
°..4
41,963,000
12,500,000
7,500,000
5,000,000
Railroads
98.316,000 103.550.000 201,866,000
4,464,000
429,500
4,03:1;506
3,000,000
3,000,000
4,000,000
4.000,000
88,164,000
87,664,000
500,000
Public utilities
25,000,000
17,324,000
7,676,000
Iron, steel, coal, copper, &c
143
Equipment manufacturers
Motors and accessories
500,000
500.000
3,500,000
3,000,000
500,000
Other industrial and manufacturin
Oil
3,425,000
3,425,000
80,000
50,000
30,000
Land, buildings, &c
Rubber
Shipping
1,000.000
Inv. trusts, trading, holding, &c
1.000.000
Miscellaneous
13,871,000 108,930,000 103,974.000 212,904,000
9,806,500
4,064,500
44,963,000
41,963,000
3.000,000
4,000.000
4,000,000
13,676.000 115,488,000 129.164,000
Total
10,000,000
Short-Term Bonds & Notes
10,000.000
19,747.000
19,747.000
Railroads
15,850.000
11,350,000
4,500,000
15,424,000
15,424,000
4,000.000
Public utilities
899,000
3,101,000
1,263,400
1,263.400
Iron, steel, coal, copper, &c
Cl
Equipment manufacturers
Motors and accessories
ro
5,100,000
5,000,000
100,000
4,000,000
Other industrial and manufacturin
4,000,000
280,000
Oil
280,000
45,000
45,000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, Sze_
Miscellaneous
34,130,000
16,529,000 17,601,000
15,469,000
15,424,000
45,000
6,363.400
6,263.400
100,000
19,747.000
19,747,000
Total
Stocks
2,700,000
2,700,000
Railroads
1.500.000
Public utilities
1,500.000
Iron, steel, coal, copper, &c
Equipment manufacturers
302,431
302,431
350,000
350.000
Motors and accessories
8,599,558
70,000
8,529,558
420,000
420,000
1,000,000
Other industrial and manufacturin g
1,000,000
150,000
150,000
108,000
Oil
108,000
Land, buildings, &c
Rubber
Shipping
225,790
225,790
Inv. trusts, trading, holding, &c__
9.000.000
9 000 000
Miscellaneous
5,883,790
5.883,790
9,051,989
70,000
8,981,989
9,420,000
9,420,000
Total
16,113,000
10,424,000
5,689.000
Total
9,327,000
9,327,000
41,963.000
41,963,000
19,747,000
19.747,000
12.500,000
7,500,000
5.000.000
Railroads
19,888,000 112,366,000 108,050,000 220,416,000
15,853,500
4,034,500
3,000,000
3,000,000
4,000,000
4,000,000
88,164,000
87.664,000
500,000
5,500,000
3,101,000
2,399,000
Public utilities
1,263,400
1,263.400
25,000,000
17,324,000
7,676,000
Iron, steel, coal, copper, &c
Equipment manufacturers
302,431
ch
302,431
850,000
850.000
Motors and accessories
13,699,558
5,070.000
8,629,558
420,000
420,000
3.500,000
3,000.000
5,000.000
500,000
5,000.000
Other industrial and manufacturing
150,000
150,000
3,813,000
3,813,00
Oil
125,000
50,000
75,000
Land, buildings, &c
tet
Rubber
Shipping
1,225,790
1,225,790
Inv. trusts, trading, holding, &c_
9,000.000
9,000,000
_
Miscellaneous
29.340,000 131.342.790 121.575,000 252.917.790
25,230,500
4,109,500
60,378,389
48,296.400
12,081.989
33,167.000
23.747.000
9,420.000
13,676,0001 115.488.000 129,164.000
Total corporate securities
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR SIX
MONTHS ENDED JUNE 30 FOR FIVE YEARS
1935
1934
1933
•
1932
6 MONTHS ENDED JUNE 30 New
Capital R.funding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital
Long-Term Bonds and Notes$
$
$
$
$
$
$
2
$
Railroads
$
$
$
$
26.880.000
58,200.000
85,080.000
47,109.100
52,500,000
99.609.100
12,000.000
76,765,500
88.765,500
9,327,000
Public utilities
9,327,000 247,815,300
9,278,000 243,373,000 252.651.000
10,430,800
23,652,200
34,083.000
10,721,000
32,518,000
43.239,000
131,817,300
19,016,500 150.833,800 462,492,000
Iron, steel, coal, copper, &c
16,609,334
61,390,666
78,000.000
Equipment manufacturers
102,939,800
Motors and accessories
11,970.000
5,500,000
2,441,000
7,941.000
Other industrial and manufacturing
19,720,000
52,580,000
72,300.000
2,308,000
2,308,000
1,725,000
1,725,000
Oil
66,167.000
7.500,000
7.500.000
Land. buildings. &c
2,000,000
893.000
893.000
900.000
900.000
2,500,000
50,000
Rubber
2,550,000
29,050.000
Shipping
Inv. trusts, trading, holding, &c
1,650,000
-,
_
Miscellaneous
444,000
444,000
200.000
200,000
12,286,000
Total
78,880,334 425,928,666 504,809,000
57,539,900
78,460,200 136,000,100
23,621,000 111,008,500 134.629.500
134.517.300
28.393,500 162,910,800 936,370.100
Short-Term Bonds & Notes
Railroads
20,947,000
20,947,000
6,216,000
6,216,000
7,375,000
1,000,000
Public utilities
8,375,000
24.970,000
10,000,000
10,000.000
12.000,000
12,000,000
16,500,000
23,295,200
39.795.200
2,850,000
58,249,000
Iron, steel, coal, copper, &c
61,099,000
72,387,600
5,605,400
5,605.400
100,000
Equipment manufacturers
100,000
899,000
Motors and accessories
6,000.000
-- ____
6.000,000
Other industrial and manufacturing
2,485,000
1,615,000
4.100,000
2,958,000
2,958.000
100,000
5,i000,040
5,100,000
011
21,385,000
6,000,000
6,000,000
500,000
500,000
Land, buildings, &c
9,649,000
4,101,000
Rubber
4,101,000
6,935,850
5,959,100
5,959.100
Shipping
.
Inv. trusts, trading, holding, &c
Miscellaneous
6.000.000
6,000,000
250,000
250.000
2,268.000
2:268:666
20,100,000
Total
8,485,000
23,615,000
32,100,000
12,750,000
23,905,000
16,600,000
36,655.000
46,075,700
62,675,700
16,594.000
59,349,000
75,943,000 156,326,350
Stocks
Railroads
Public utilities
1,785,250
1.785,250
2,147,778
2,147,778
4,912,175
1,897,320
6.809,495 181,563,511
Iron, steel, coal, copper, &c
5.000.000
5.000.000
588,750
588,750
Equipment manufacturers
1,500,000
Motors and accessories
- -- ---___ ---302,431
-302,431
Other industrial and manufacturing
•
1,418.750
1,418,750
18,891,535
18,891,535
18,968,069
170,000
19,138,069
491,250
491,250
Oil
13,606,250
5,000.000
5,000.000
150.000
150.000
Land, buildings, &c
3.052.500
Rubber
1,390,500
525,000
525,000
2,168,750
2,168,750
Shipping
Env. trusts, trading, holding, &c__ _
--- - -2,300,000
Miscellaneous
19,371.800
19,371,800
9,000,000
9.000,000
1,500.000
1,500.000
15,193,290
Total
13,204,000
19,371,800
32,575,800
29,005,285
29,005,285
19,420,500
2,317,778
21,738.278
9,072.175
1.897,320
10,969,495 218,606,051
Total
Railroads
26,880,000
58.200,000
85,080,000
47,109,100
73,447,000 120,556.100
12,000,000
82,981,500
94,981.500
7,375,000
10,327,000
17.702.000 272,785,300
Public utilities
11,063,250 253,373,000 264,436,250
22,430,800
23,652,200
46,083,000
27.221,000
57,960,978
85,181,978
79,162,820 218,742,295 716,443,011
139.579.475
1ron, steel. coal, copper, &c
21,609,334
61,390,666
83.000,000
588,750
588,750
5,605,400
5,605,400
100.000
100,000 105,338,800
Rquipment manufacturers
11,970,000
Vlotors and accessories
11,500.000
2.441,000
13,941,000
302.431302,431
Other industrial and manufacturing
23,623.750
54,195,000
77,818,750
18,891.535
5,266,000
24.157.535
19,068,069
6,195,606
-25,963.069
491,250
- 491,250 101.158,250
Oil
5,000,000
13,500,000
18,500.000
500,000
500,000
150,000
150,000
---14,701.500
Land, buildings, &c
893,000
893,000
900.000
900.000
6:661,000
50,000
6.651.000
37,376,350
Rubber
.
525,000
525,000
5.959.100
5,959,100
2,168,750
2.168.750
1hipping
1,650.000
nv. trusts, trading, holding, &c__ _
2.300.000
discellaneous_
25,815.800
25,815,800
9.250.000
9,250,000
3,968 000
3.968.000
47,579.290
Total coroorate securities
100.569.334 468.915.466 569.484.800
99.295.185 102.365.200 201.660.385
59.641.500 159.401.978 219.043.478
160.183.475
89,639.820 249,823,295 1.311.302.501
1931
Refunding
Total
$
$
146,319,700 394,135,00C
458,538,000 921,030,00C
6,062,500 109.002.30(
11,970,00(
1,500,000
1,220.000
67,667,00C
2,000,00C
30,270,00C
1,650,00C
i.694,000
14,980.004
616,334.200 1,552,704,30C
12,530,000
19,837,500
3,101,000
37,500,000
92,225,000
4,000,000
33,500,000
791,000
1,400,000
54.885,000
10,440,000
8,335,850
500.000
500.000
20,100.000
71,659,500 227.985,850
31,050,000
212,613.511
1.500,000
13,606,250
3.052,500
1,390,500
31,050.000
2.300,000
15.193,290
249,656,051
158,849,700 431.635,000
509,425,500 1,225,868,511
9,163,500 114,502,300
11,970,000
35,000,000
791,000
2,620,000
136,158,250
15,492,500
39,996.350
1,650,000
500.000
2.800,000
2.694,000
50.273.290
719.043.700 2.030.346.201
In aurnjoA
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING
FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS
6 MONTHS ENDED JUNE 3
1935
1934
1933
1932
1931
New Capital Refunding
CorporateTotal
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refundina
Total
Domestic
$
$
$
Long-term bonds and note
78,880,334 425,928,666 504,809,001
57,539.900
78,460,200 136.000,100
23,621,000 111.008.500 134,629,500
134,517.300
Short-term
28,393.500 162,910,800 773.570,100 616.334.200 1,389.904.300
8,485.000
23,615,000
32,100,001
12,750.000
22,705,000
35,455.000
16,600,000
44.475,700
61,075,700
16,594,000
Preferred stocks
59.349.000
75,943.000 156,326,350
7,125.000
66,659.500 222.985,850
19,371,800
26,496,80(
2.908,800
2,908,800
4,325.000
4,325,000
6.775,275
Common stocks
6,775.275
95.898,667
6,079.000
31.050.000 126,948,667
6,079.001
26,096,485
26,096,485
15.095.500
2,317,778
17,413,278
2,296,900
Canadian
1,897.320
4,194,220 122,707,384
122,707,384
Long-term bonds and notes_
Short-term
90,000,000
900)0.000
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
Short-term
72,800,000
72,800.000
1,200.000
1,200,000
1,600.000
1.600,000
Preferred stocks
5.000.000
5.000,000
Common stocks
Total corporate
100,569,334 468,915,466 569,484.804
99,295.185 102,365,200 201,660,385
59.641.500 159,401,978 219,043,478
160,183,475
Canadian Government
89.639,820 249,823,295 1,311,302,501 719,043,700 2.030.346.201
60.000.000
60,000,000
Other foreign government
40.922,000
9,500,000
50,422,000
Farm loan and Gov't agencies
9,500,000 841,093.700 850,593,70C
54.000.000 244.300.000 298.300,000
10.900,000
10.900,000
* Municipal, States, cities, &c.- 378,690,098 220.330,227 599,020,325
30.000,000
92.500,000 122,500,000
29,600,000
31,000,000
60,600,000
434.323.554
85,246.981 519,570,535
208,948,049
17,477,077 226.425,126
475,742,164
United States Possessions_
52,727,376 528,469,540 839.380.936
11,807,500 851,188.436
433,000
433,000
None
None
None
150.000
150,000
295,000
Grand total
295.000
489.192.432 1.530.339.393 2.019.531.825
587.618.739 431.912.814 1,019.530.920
279,639,549 236.879,055 516.518,604
665.925,639 234,867,196 900,792,835 2,221,500,437 771.351,200 2.992.851.637
* These figures do not include funds obtained by States and municipalities from any agency of the Federal
•
Government.
July 6 1935
Financial Chronicle
24
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1935
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS)
Price
To Yield
About
Railroads—
12,500,000 Refunding; add'ns & betterm'ts__
99
3.80
Public Utilities—
20,500,000 Refunding
98
I.ount
Purpose of Issue
1960. Offered by The First Boston
The Toledo & Ohio Central Ry. Co. Ref. & Imp. M.3s"A" Co.; Kidder, Peabody & Co., and
Corp.; Brown Harriman & Co., Inc.; Edward B. Smith &
Higginson Corp.
Lee
Harriman & Co., Inc.; Field,
Commonwealth Edison Co. let M.3Iis "11" 1965. Offered by Brown Lazard Freres .4 Co., Inc..
Inc.;
Glore & Co.; The First Boston Corp.; Halsey, Stuart & Co.,
Lee Higginson Corp., and Edward B. Smith & Co.
series of 1935, due 1965. Offered by Bonbright &
3.7o Consumers Power Co. 1st Lien & Unit. M. 355s,
Inc., and Coffin & Burr, Inc.
Co., Inc.; The First Boston Corp.; Brown Harriman & Co.. by Lazard Freres & Co.. Inc.; Brown
Offered
3.77 Pacific Gas & Electric Co. 1st & Ref. Al 4s"G" 1964. Smith & Co.; The First Boston Corp.; Dean,
Inc.; Blyth & Co., Inc.; Edward B.
Harriman & Co.,
and E. H. Rollins & Sons, Inc.
itter lit Co.; Bonbright & Co., Inc.; H. M. Byllesby & Co., Inc.,
Notes, due 1936-45. Placed privately.
355-5.00 Public Service Co. of Northern Illinois 35i %-5%
& Ripley, Inc.;
M. 555s, 1960. Offered by Herrick, Heinzeimann
6.50 Southern Utah Power Co. 1st
& Co., Inc.
Swart, Brent dr Co., Inc.; Bond & Goodwin, Inc., and Chandler
3.68
18,594,000 Refunding
100
30,000,000 Refunding
104
9,570,000 Refunding
500,000 General corporate Purposes
•
88,164,000
100
8755
before Nor. 1 1044
-Year Cony. Deb. 43.is 1945. (Conrertible on or
The American Rolling Mill Co. 10
W.E. Hutton & Co.; Edward B. Smith &
into Common stock at rate of $25 per share). Offered by
Kidder, Peabody & Co.; 1 ield,
Inc.;
Co.; The First Boston Corp.; Brown Harriman & Co.,
Glore & Co. and Lee Higginson Corp.
through company's bankers.
General Refractories Co. 1st M.4555, 1945. Placed privately
Placed privately
-Year 554% Notes 1945. Offered by Stein
10
5.63 The Read Drug & Chemical Co. of Baltimore City
99
Bros. & Boyce, Baltimore, Md.
Iron, Steel, Coat, Copper,&c
25,050,000 Refunding; new constr., wk. cap_ 100
Other Industrial & mfg.—
3,000,005 Refunding
500,000 Retire bank loans, constr., oblige
working capital, &c ____
3.500.000
Company and Issue, and by Whom Offered
4.25
.FARM LOAN AND GOVERNMENTAL AGENCY ISSUES
To Yield
About
Price
Issue and Purpose
Amount
239,000,000 Federal Land Banks 3% Consol. Federal
Farm Loan Bonds, due July 1 1955 (provide
funds for refunding purposes)
80,000.000 Home Owners' Loan Corp. 135°' Bonds,
series F, due June lb 1939 (refunding)
9855
Market
3:10
Offered by
the City of New York; Brown Harriman
Alex. Brown & Sons; The Chase National Beak of
York; Guaranty Trust Co. of New
it Co., Inc.; The National City Bank of New Corp. and Lee Iliggirsion Corp.
The First Boston
York; Edward B. Smith & Co.;
United States Treasury Department.
319,000,000
ISSUES NOT REPRESENTING NEW FINANCING
Par or No. (a) Amount
Invoiced Price
of Shares
To Y
About
•
1,229,000
1,229,000
Market
Company and Issue, and by Whom Offered
Offered by Distributors Group Inc., and StarkAmerican, British & Continental Corp. 5% Debentures, due 1953.
weather & Co., Inc.
them understand that currency instability is a dan-
Labor, Trade and Monetary Questions at ger, that no nation can live at the expense of others,
Geneva and Paris
that the property of all depends on that of each, that
(Concluded from page 18)
trying to collect their debts or trying to pay them."
Had British opposition been regarded, there
would have been no consideration of stabilization,
for the majority of the British delegation absolutely
refused at first to discuss the question. Thanks to
American insistence and the support of Professor
T. E. Gregory, the British economist, the objection
was modified to the extent of permitting the adoption by the Chamber, at its closing session on June
29, of a ringing resolution, drafted by the American
delegates and submitted by Eliot Wadsworth, declaring that "stabilization of foreign exchange rates
on the basis of gold is imperative for effective world
economic recovery," and urging "the principal Governments concerned" to "inaugurate immediately
appropriate consultations for the purpose of formulating and putting into effect an agreement for such
stabilization, and to take the speediest possible measures for adjusting their national economic policies
to assure a safe functioning of an international gold
standard over a long period." Dr. van VliAsingen,
who was accorded the unprecedented honor of reelection as President, capped the demand for stabilization and the removal of trade barriers by declaring, in his closing address, that "now we must act.
I count on you gentlemen and those on national
committees to make our wishes known to your respective Governments, and to set in motion a veritable campaign for the purpose of enlightening public opinion. Everybody has agreed on one point,
namely, that world trade is in a bad way and that
most of the measures taken have made matters
worse. Too large a percentage of the populations
does not know why. It is for you to make these elementary truths intelligible to the masses—to make
proper living standards are impossible without
world commerce, and that world commerce is based
on the principle that you must import if you wish
to export."
Unfortunately, there is too little reason for expecting that the call to action will produce early
fruit. The Paris meeting made clear, if further clarity were needed, that the great obstacle to early
stabilization in Europe is Great Britain, and that
in Great Britain stabilization is being deferred much
less because business does not want it than because
the Baldwin Government, with the prospect of a general election in mind, is treating the matter as a
political one. A London dispatch of June 29 to the
New York "Times" reported that the Paris discussions were regarded as "academic and not a prelude
to any official move," that "a provisional stabilization is regarded as impracticable unless there is
some disposition of debt problems and of exchange
and tariff matters," and that Great Britain, as the
leader of the sterling bloc, must think internationally in considering this problem." France, the next
country in importance, is not anxious to see stabilization hastened, and in the matter of trade barriers
seems indisposed to abandon its quota system and
other tariff restrictions, while no other European
country is able to act alone on either currency or
tariffs.
The International Chamber of Commerce did well,
however, to state its position clearly and strongly,
and its American members, at least, have a large
field open to them in combating the cheap money
and other vagarious currency notions that prevail
widely in this country. They have an equally large
field in attacking the Government interference with
business that has become our national bane. An Ad.
Volume 141
Financial Chronicle
ministration that is indifferent to enlightened public opinion needs to be taught that such opinion
counts.
The Course of the Bond Market
A firm undertone in the bond market has been in evidence
this week. New highs were recorded by many issues, particularly utilities, and rail bonds firmed up after last
week's decline. High grades and United States Governments remain close to the year's top prices. The market
appears to be in a favorable position for absorbing the refunding issues which are being announced from day to day.
Some large-scale financing by the United States Treasury
would appear to be necessary within a reasonably short
time.
Slightly higher prices have been general throughout the
bigher-grade railroad bond market. New York Central 3%s,
1997, closed at'97%, up % since a week ago; Pennsylvania
4%s, 1960, advanced % to 117%; Cleveland Union Terminal
1st 4%s, 1977, at 90% were up %. Lower grades
showed
erratic price changes. Baltimore & Ohio 41
hs, 1960, at 51%
were off 1% points; St. Paul 4%s, 1989 E, advanced 4%
points to 57; Nickel Plate 6s, 1935, closed at 62%, off 2%
points.
Action on the Public Utility Holding Company bill
in
the House of Representatives was given a favorable
interpretation in the utility bond market and holding
.company
debentures were strong. Among those showing
substantial
gains were Columbia Gas & Electric 5s, 1961,
which ad-
25
vanced 412 points for the week to close at 94; International
/
Hydro-Electric 6s, 1944, which closed at 42%, up 4; Associated Electric 41
As, 1953, which gained 6% to close at 49%;
Cities Service 5s, 1950, which at 58% were up 4%, and New
England Power Association 5Y 1954, which advanced 5 to
2s,
/.. The remainder of the utility market has been firm,
831
but the greatest interest by far has been displayed in the
holding company section. New financir- continued, with
the issuance of $9,765,000 Central Hudson Gas & Electric
/
31 3s, 1965, and $35,000,000 Southern California Edison 3%s,
1960. Additional registrations have been reported, indicating a continuation of new issues for some weeks to come.
Industrials have been firm in price this week, the few
exceptions including Philadelphia & Reading Coal & Iron (is,
1949, which lost % point to close at 37%, and General Cable
5Y
2s, 1947, which lost 1 point, closing at 87%. Strength
in the steel group included a 3%-point gain to 93% for
Otis Steel 6s, 1941. Certainteed Products 514s, 1948, at 75
recovered the previous week's loss, and cement issues have
been fractionally higher. New York Dock 5s, 1938, rose
31,4 points to 561 4, which is the best
,
price of the year.
Other new tops were the 99% level for Goodrich Os, 1945,
and the 98 price for United States Rubber 5s, 1947. Motion
picture issues gained fractionally, and there has been buying
of food and drug obligations at better prices.
Foreign issues have not moved far in either direction.
The better grade of European bonds remained firm, while
the others have been mixed. Italian issues lost ground,
going to new lows for the year.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES}
(Based on Average Yields)
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
98.23
95.93
94.58
105.89
94.14
94.58
742.5
e
.
es •
8
,
00w0.4-4-4
+.4.4.4.4.
......
107.49
107.85
107.85
107.85
107.67
107.67
a
103.65
103.65
103.82
103.82
103.99
02.64
C.
108.21
108.21
108.21
107.85
107.67
107.87
107.67
107.67
107.67
107.67
107.67
107.49
107.67
107.49
107.67
107.49
107.31
107.67
107.49
107.49
107.49
107.49
107.31
107.31
107.31
107.31
107.31
107.49
.
CCioio WWWWWWWWWWWWWWWWWWWWWWWCWCC
109.49 101.47 82.38 94.14
109.86 101.64 82.50 94.43
110.05 101.47 83.35 94.88
110.05 101.47 82.02 93.85
110.05 101.47 82.50 94.29
110.05 100.98 82.87 95.63
Stock E xchang e Closed
109.63 99.68 80.84 94.29
109.49 99.36 79.56 92.82
109.12 98.88 77.88 90.83
109.86 100.17 79.45 93.55
110.61 100.33 79.11 93.28
110.98 101.14 81.42 95.63
111.35 101.64 82.99 97.78
111.16 102.14 83.97 99.68
110.79 101.14 83.60 99.68
110.42 100.49 82.50 99.04
110.05 100.33 82.38 99.04
110.05 100.81 84.35 100.49
109.31 99.52 82.28 99.88
109.12 99.52 82.50 100.17
108.94 98.88 81.54 100.00
111.54 103.65 86.64 100.49
108.67 9833 77.55 90.69
108.75 99.04 83.72 100.49
93.11 81.78 66.38 85.61
105.72
105.54
105.37
105.20
105.20
105.03
105.03
105.03
105.20
105.03
104.68
104.51
104.33
104.33
104.33
104.16
104.33
103.99
103.99
103.99
103.99
103.99
103.99
103.82
103.82
103.65
103.48
103.65
400.000
97.47
97.47
97.62
97.31
97.47
97.16
97.94
98.25
98.57
98.25
97.94
97.47
97.62
97.62
97.47
97.16
96.70
95.93
95.93
95.33
94.58
94.43
94.29
94.29
94.29
94.14
93.99
93.85
o o corn && &
&&&&&
&&&& &
&&&&&&&&&
:4;.7a6gio9o4esaegg 6666e, non666666b.64.
0
.0.00..,
00 00...
119.07
119.07
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
85.74
85.61
85.61
85.23
85.23
84.85
85.74
85.99
86.64
86.12
85.87
85.23
85.48
85.23
85.35
85.10
84.72
84.10
83.97
83.48
82.87
82.74
82.50
82.38
82.50
82.26
81.90
81.90
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100.49
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101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
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103.65
103.65
103.65
103.32
103.48
103.15
103.32
103.15
103.15
102.98
102.81
102.64
102.64
102.47
102.30
102.14
101.97
101.64
101.81
101.64
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101.31
101.14
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103.65 119.48 110.42
103.65 119.48 110.23
103.32 119.27 110.05
103.32 119.27 110.05
103.15 119.27 110.05
103.48 119.27 110.05
103.48 119.27 110.23
103.82 119.27 110.23
103.48 119.27 110.05
103.32 119.27 110.05
102.98 119.07 109.86
103.15 119.07 109.86
102.98 119.27 109.86
103.15 119.07 110.05
102.81 118.86 109.86
102.64 118.86 109.68
102.30 118.86 109.68
103.30 118.66 109.68
102.14 118.66 109.68
101.81 118.66 109.68
101.81 118.66 109.68
101.64 118.66 109.68
101.47 118.45 109.68
101.64 118.45 109.68
101.47 118.25 109.68
101.31 118.25 109.68
101.47 118.45 109.68
120 Domestic
Corporate by Groups
.4-4.4•40)0
July 5.. 108.95
4_ Stock
3.... 108.97
2__ 108.88
1_ 108.93
June 29_ 108.96
28_ 108.99
27- 109.00
26- 108.90
25- 108.86
24.. 108.89
22... 108.84
21_ 108.80
20_ 108.76
19_ 108.86
18_ 108.86
17._ 108.81
15._ 108.83
14_ 108.81
13-- 108.74
12-- 108.73
11-- 108.69
10-- 108.73
8-- 108.65
7-- 108.61
6_ 108.63
5- 108.47
4_ 108.32
3_. 108.28
1.. 108.17
Weekly
May 31- 108.22
24-- 108.68
17-- 108.55
10-- 108.61
3-- 108.89
Apr. 26- 108.61
19-12.- 108.25
5.- 108.54
120 Domestic Corporate*
by Ratings
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120
1935
Govt. DomesDaily
Bonds
tic
AveraYe*
**
Corp.*
,
Moody's Daily Commodity Index Slightly Lower
for the Week
After fluctuating narrowly over most of the week
passed, Moody's Daily Index of Spot Commodity just
prices
closed on Friday at levels slightly under the preceding week,
mainly due to the severe break in grains at the weekend
.
The Index closed on Friday at 157.1 compared with
157.9
a week ago.
The week has been featured by the sharp break in grains
mentioned above, while rubber, hides and silver have
also
0
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107.49
107.81
107.14
22- 107.79
107.49
15- 107.94
108.03
8.. 107.85
108.57
1-- 108.22
108.39
Feb 23- 108.44
108.21
15_ 107.49
107.85
8-- 107.47
107.85
1- 107.10
107.31
Jan. 25- 107.33
107.49
18_. 108.79
106.78
11- 106.81
106.96
4. 105.76
106.96
High 1935 109.04
108.75
Lew 1986 106.00
106.78
High 1934 106.81
106.78
Low 1934 99.08
Yr. 4170 96.54
July 534 106.11 99.20 115.21 107.67 96.85 81.90
99.36 92.68 106.07
2 Yrs.Ago
July 5 '33 103.65 89.59 105.89 97.16 85.61 74.57
89.59 84.47 95.18
•These prices are corn nod from average yields on the
level or the average move cent of actual price quotations. basis of one "Ideal" bond (43(% coupon, maturing In 31 years) and do not
purport to show either
They merely serve to illustrate
yield averages, the latter being the truer picture of the
In a more comprehens we way the relative levels and the relative the average
movement of
'Actual average price of 8 long-term Treasury issues.bond market. For Moody's Index of bond prices by months back to 1928. see
t The latest complete list of
the Issue of Feb. 6 1932, page 907.
mum 1291.
bonds used
Averace nf 30 foreign bonds hut adlilsted tn. ccmrarable
hx•I• "ntt. T PV10114 ft V1,11In computing these indexes was published In the issue of May Is 1P55
,
A.. nt
inr•Amn honeis
mar.29-.. loam
been lower. Advances have been registered by top
steel, coffee, wool, lead, silk and cocoa. Copper, hogs,
cotton
and sugar remained unchanged.
The movement of the Index number during the week,
with
comparisons, is as follows:
Fri.
June 24
Sat., June 29
Mon., July 1
'rues., July 2
Wed., July 3
Thurs., July 4
Fri.,
July 6
.
157.9
Not compiled
158.3
158.2
158.8
Holiday
157.1
2 Weeks Ago, June 21
Month Ago, June 7
Year Ago.
July 6
1934 High
Aug. 29
Low
Jan. 2
1935 High
May 23
Low
Mar. 18
,
,
156.8
158 1
139.2
156.2
126.0
162.1
148.4
July 6 1935
Financial Chronicle
26
Indications of Business Activity
-COMMERCIAL EPITOME
THE STATE OF TRADE
Friday Night, July 5 1935.
A bright spot in the utility picture is the high level at
which the electric output is running. Last week's production dropped slightly under the previous week but gained
5% over the same week last year. Another encouraging
feature was the fact that steel operations, which fell off
sharply at the beginning of the week because of the July 4
holiday, became steadier later on. Two large plants increased their operations owing to larger orders. Then, too,
gasoline demand showed a more than seasonal increase
In May, the gain that month being 3%, according to the
Bureau of Mines. Retail sales continued to widen their
gains, helped by warm weather and special pre-holiday
promotions. Production of 300,000 cars and trucks in the
United States and Canada during July is predicted by executives of leading motor comnanies. Dealers' stocks of several
makes were reduced materially by increased sales during
the last 10 days of June. There was also a big demand for
used cars. Private engineering construction awards gained
48% in the half-year. Unfavorable factors were a rise in
commercial failures over the 1934 level, a decrease of 7.9%
In the production of raw silk in the season now closing, and
Indications of a decline in car loadings from the 1934 week.
Bituminous coal production, too, showed a drop of 20.2%
below the same week of 1934. Commodity prices, after
showing firmness early in the week, have latterly shown
downward tendencies. Wheat, after advancing sharply on
black rust reports and bullish crop estimates, declined more
sharply when Winnipeg tumbled to the minimum price permitted by the Canadian Government, and the weather became more favorable. Cotton was firmer at times on bullish crop estimates, but suffered severe declines with grain
late in the week. Generally, trading was quiet, with much
nervousness over the outcome of suits to test the constitutionality of the Agricultural Adjuustment Act. After a day
of oppressive heat Philadelphia had a violent rain and
electrical storm on the night of the 30th ult. Only a
sprinkling of rain was received in large sections of the city,
but the storm left a trail of flooded streets and cellars,
stalled automobiles and damaged homes in Logan, Germantown, Chestnut Hill, Oak Lane and northern suburbs. An
Associated Press dispatch from Martins Ferry on July 4
said that a terrific downpour, described by the sheriff there
as a seven-hour cloudburst, flooded all towns from Blaine
to Bridgeport, in Belmont County, and three children were
reported missing. Hundreds of hogs, cattle and chickens
were said to have been swept down Wheeling Creek as it
suddenly widened from a narrow stream to a raging torrent
a quarter mile wide. A second tornado in Western North
Dakota in 10 days killed four on the 2nd inst. and did
thousands of dollars of property damage. The Northwest
was relieved from its first wave of blistering heat on the
3rd inst. by a severe electrical and wind storm which caused
the deaths of three persons. New York City sweltered under
a blazing sun in a rainless week. To-day it was fair and
warm here, with temperatures ranging from 69 to 87 degrees.
The forecast was for fair and continued warm to-night and
Saturday, followed by local thundershowers Saturday afternoon or night. Overnight at Boston it was 68 to 82 degrees;
Baltimore, 72 to 84; Pittsburgh, 70 to 76; Portland, Me.,
70 to 84; Chicago, 72 to 86; Cincinnati, 70 to 88; Cleveland,
72 to 86; Detroit, 74 to 90; Charleston, 76 to 86; Milwaukee,
74 to 86; Dallas, 72 to 88; Savannah, 72 to 92; Kansas City,
76 to 96; Springfield, Mo., 72 to 88; Oklahoma City, 72 to 94;
Denver, 58 to 88; Salt Lake City, 52 to 64; Seattle, 52 to 62;
Montreal, 72 to 86, and Winnined. 66 to 72.
Increase Noted in "Annalist" Weekly Index of Wholesale Commodity Prices for Week of July 2
Higher farm and food products prices are reflected in a
rise of 1.1 points in the ".Annalist" Weekly Index of Wholesale Commodity Prices to 122.8 on Tuesday, July 2, from
121.7 (revised) for June 25. The "Annalist' further noted:
Among the farm products group wheat, cotton and steers recorded substantial gains. Higher food products prices primarily reflect an increase
in flour prices. Beef prices again turned downward. Metals declined as a
result of a sharp decrease in copper prices, while fuels advanced slightly,
a rise in anthracite coal offsetting lower crude petroleum prices.
The decline in wholesale prices, which was checked this week, had carried
the index from a high of 126.9 for April 23 to 121.7 for June 25, a loss of
5.2 points.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
-LiquiReport of Railroad Credit Corp. for June 30
dating Distribution of $735,885 Made at Close of
Month
The Railroad Credit Corp. has returned 33% of the fund
administered by it, according to report filed July 5 by the
corporation with the Interstate Commerce Commission.
Of the $24,284,209 total of liquidating distributions,$10,905,537 has been paid in cash and $13,378,672 credited on obligations due the corporation. The corporation announced:
E. G. Buckland, President, said that cash receipts in June amounted to
$439,893, of which $357,610 was in reduction of loans, $81,703 was interest,
and $580 was from miscellaneou sources.
made as of June 30,
The 18th distribution to participating carriers was
returning $735,885, or the equivalent of 1% of the net contributions to the
fund.
The following is the statement of the corporation as
of June 30:
CREDIT CORP.
THE RAILROAD
Carriers as of
Report to Interstate Commerce Commission and Participating
June 30 1935
Balance
Na Change
June 30 1935
During June 1935
Assets
$51,162,239.97
x8712,331.51
Investment in affiliated companies
239,500.00
Other investments
256,646.30
50,931.61
Cash
25.00
Petty cash fund
209,040.13
Special deposits (reserve for tax refunds)
30.301.81
x588.11
Miscellaneous accounts receivable
104,272.04
134,835.89
Interest receivable
57.175.20
1315.25
Unadjusted debits
58.182.22
8.849.47
Expense of administration
Total
18688,289.68
•
Liabilities-.
Non-negotiable debt to affiliated companies
Unadjusted credits
Income from securities and accounts (interest
accrued on loans, &c.)
Capital stock
$52,117,442.67
18735,319.87 *849,266,431.44
2,552,492.12
x531.96
47,562.15
x5688,289.68
Total
x Denotes decrease.
* Emergency revenues to June 30 1935
Less: Refunds for taxes
Distributions Nos. 1 to 18
Fund share assigned to RCC
297,319.11
1,200.00
$52,117,442.67
$75,422,410.62
$1,833,898.21
24,284,209.03
37,871.94
26,155,979.18
$49,266,431.44
Approved:
E. R. WOODSON, Comptroller.
Washington, D. C., July 1 1935. NO. 40.
Correct:
ARTHUR S. CHAPIN, Treasurer.
Loadings of Major Railroads Show Small Gain Over
Preceding Week
The first 18 major railroads to report for the week ended
June 29 1935 loaded a total of 287,962 cars of revenue freight
on their own lines, compared with 263,130 cars in the preceding week and 312,243 cars in the seven days ended
June 30 1934. .
During the same periods these roads received from connections a total of 161,154 cars of revenue freight in the week
ended June 29 1935, as against 159,869 cars for the week
ended June 22, and 164,869 cars in the seven days ended
June 30 1934. A comparative table follows:
RECEIVED FROM CONNECTIONS
REVENUE FREIGHT LOADED AND of Cars)
(Number
Loaded on Own Lines
Weeks Ended
Received from Connections
Weeks Ended
-
June 29 June 22 June 30 June 29 June 22 June 30
1934
1935
1935
1934
1935
1935
Atchison Topeka & Santa Fe Ry_
Baltimore & Ohio RR
Chesapeake & Ohio
Chicago Burlington & Quincy RR.
Chic. Milw. St. Paul & Pac. Ry..
9 Chicago & North Western Ry
Gulf Coast Lines
Internat. Great Northern RB..
-Texas RR
-Kansas
Missouri
Missouri Pacific RR
z New York Central Lines
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
18,714
26,731
20,610
12,486
16,207
13,743
2,042
2,076
4,391
12,449
37,193
4,382
19,403
59,586
4,948
5,334
22,831
4,836
17,813
23,543
17,315
12,012
15,215
12,961
1,965
1,935
3,862
11,608
33,900
4,165
15,453
54,976
5,180
4,488
22,099
4,640
25,654 4,419 4,383 4,433
28,211 13,462 13,819 13,861
22,663 8,544 8,988 10,026
14,834 5,772 5,904 6.354
18,664 6,384 7,230 6,743
15,809 8,094 8,592 8,683
1,188
1,728 1,406 1,148
2,827 1,820 1,669 1.813
5,004 2,421 2,248 3,013
14,676 7.220 7,183 8,318
38,810 34,537 32,649 34.827
4,383 7,286 8,115 8,041
17,800 4,138 4,022 4,375
59,848 38,731 37,825 37,128
5,090 3,973 4,447 4,047
6,091 5,859 4,131 4,884
24,804
5,347 7,088 7,536 7,135
287,962 263.130 312.243 161,154 159,869 164,869
and received
x Not reported. y Excluding ore. z Includes cars loaded at stations
& Albany, New York Central, Michigan Central,
from connections by the Boston
Big Four and Peoria & Eastern railroads as a unit. The interchange of traffic as
from
between these lines, which formerly was included in the report as cars received
connections, has been eliminated. Reports of past periods are revised to the same
basis in order to provide proper comparisons.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
Number of Cars)
Tote
Weeks Ended
July 2 1935
July 25 1935
July 3 1934
99.1
113.2
115.6
Farm products
112.7
126.4
127.7
Food products
110.2
x106.6
*106.7
Textile products
162.5
162.6
162.7
Fuels
110.3
110.1
108.9
Metals
113.9
111.5
111.5
materials
Building
98.9
98.5
98.5
Chemicals
88.6
83.1
83.2
M iscellaneous
113.6
x121.7
122.8
All commodities
67.4
x71,8
72.2
v All commodities on old dollar basis_
*preliminary. x Revised. y Based on exchange quotations for France. Switzerland and Holland: Belgium included prior to March 1935.
June 29 1935
Chicago Rock Isl. & Pacific Ry _
Illinois Central System
St. Louts-San Francisco Ry
Total
June 22 1935
June 30 1934
22,192
26,410
12,306
20,513
24,151
10,799
24,182
25,433
13.201
60,908
55,463
62,816
The Association of American Railroads in reviewing the
week ended June 22 reported as follows:
567.847
Loading of revenue freight for the week ended June 22 totaled
This was a decrease of 85,245 cars below the preceding week, 55,475
oars.
Volume 141
Financial Chronicle
cars below the corresponding week in 1934 and
41,780 cars below the
corresponding week in 1933
Miscellaneous freight loading for the week ended June 22 totaled
226,339
cars, a decrease of 10,790 cars below the preceding
week, 17,662 cars
below the corresponding week in 1934 and 7,662 cars below the
corresponding week In 1933.
Loading of merchandise less than carload lot freight totaled
156,571
cars, a decrease of 399 cars below the preceding
week. 3,663 cars below
the corresponding week in 1934 and 13,721 cars below
the name week in
1933.
Coal loading amounted to 87,722 cars, a decrease
of 69,523 cars below
the preceding week. 'This reduction for the week of June
22 was due to
the fact that in the preceding week as well as for some weeks prior to
that
time, coal loadings have been in excess of normal due
to the anticipated
strike of bituminous miners. 'The total for the week
of June 22 was also
a decrease of 10,550 cars below the corresponding week
in 1934 and 15.598
cars below the same week in 1933.
Grain aim grain products loading totaled 25.091 cars, a decrease
of
752 cars below the preceding week, 14,443 cars below the corresponding
week in 1934 and 13.348 ears below the same week in 1933. In the Western
districts alone, grain and grain products loading for the week ended June
22
totaled 15,759 cars, a decrease of 13,610 cars below the same week in 1934.
Live stock loading amounted to 9,084 cars, decreases of 1,262 cars
below the preceding week. 6,206 cars below the same week in 1934
and
6,465 cars below the same week in 1933. In the Western districts
alone,
loading of live stock for the week ended June 22 totaled 6,541 cars,
a
decrease of 5,495 cars below the same week in 1934.
Forest products loading totaled 25.946 cars, a decrease of 509 cars below
the preceding week but an increase of 1,111 cars above the same
week
In 1934. It was, however, a decrease of 2.154 cars below
the same week
in 1933.
27
Ore loading amounted to 31.373 cars, a decrease of 1,259 cars below
the preceding week and 3.039 cars below the corresponding week in 1934,
but an increase of 17,134 cars above the corresponding week in 1933.
Coke loading amounted to 5,721 cars, a decrease of 751 cars below
the preceding week and 1.023 cars below the same week in 1934. but an
increase of 34 cars above the same week in 1933.
All districts reported reductions in the number of cars loaded with
revenue freight for the week of June 22 compared with the corresponding
week in 1934. All districts, except the Northwestern, which showed
an increase, also reported reductions compared with the corresponding
week in 1933.
Loading of revenue freight in 1935 compared with the two previous
years follows:
Mb
2,183.081
2,314,475
3,067,612
2,340,460
2,446,365
579,656
616.768
618,881
623,322
1,924,208
1.970,566
2,354,521
2,025,564
2,143,194
512,974
569,157
592,759
709,627
14,588,021
Total
1954
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
565,342
630,836
653,092
567,847
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Week of June 1
Week of June 8
Week of June 15
Week of June 22
14.700.620
12,702 570
1955
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
June 22 1935. During this period a total of only 58 roads
showed increases when compared with the corresponding
week last year. The most important of these roads whicn
showed increases were the Erie RR. and the Reading Co.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
'
-WEEK ENDED JUNE 22
Total Revenue
Freight Loaded
Railroads
Total Loads Received
from Connections
1935
1934
1933
1935
1934
1,268
b
7,519
946
2,807
9,396
570
1,017
b
7,222
914
2,749
9,689
655
1,022
2,995
8,418
994
2,856
11,228
637
284
b
9,563
2,090
2,014
11,685
1,051
261
b
8,948
2.298
1,694
10,916
874
22,506
22,246
28,150
26,687
24,991
Group B
Delaware dr Hudson
5,139
Delaware Lackawanna & West
8,086
Erie
12,849
Lehigh & Hudson River
182
Lehigh & New England
1,806
Lehwth Valley
8.373
Montour
1,443
,
New York Central
c33.900
New York Ontario & Western_ .
1,819
Pittsburgh & Shawmut
151
Pittsburgh Shawmut & North_
326
5,051
8,518
12,392
180
1,378
6,927
1,671
c35,849
1,555
248
322
5,531
9,254
12,405
181
1.627
8.552
2,120
20,233
1,479
363
251
7,185
6,138
12,787
1,847
1,452
6,911
62
c32.639
2,011
40
190
6,252
5,776
13,389
1,649
974
6,686
79
c33,829
2,076
24
214
74,074
74,091
61,996
71,262
70,948
574
1,110
b
24
216
294
2,199
4,570
b
2,392
4,165
5,180
4,704
1,147
4,640
3,685
559
1,176
b
22
193
288
2,040
3,925
b
3.652
4,540
5,146
6,055
1,088
4,860
3,887
489
1,353
7,926
20
189
307
1,533
3,811
7,131
3,570
4,323
4,944
5.603
1,527
4,989
3,554
1,099
1,730
b
47
109
2,521
976
6,758
b
228
8,115
4,447
3,915
887
7,536
2,601
1,018
1,586
b
55
99
2,008
977
5,690
b
214
8,037
4,023
5,463
929
7,244
3,074
_
34,900
37,431
51,269
40.969
40,417
grand total Eastern District__ _
131,480
133,768
141,415
138,918
136,358
416
545
29,110
26,896
4,315
2,644
232
257
1,039a
5,483
5,897
483
624
214
208
73
71
755
1,027
1,066
1,265
58,117
59,511
11,328
12,501
9.735
8,383
62
48
3,275
2,790
552
13,819
1,548
10
12
10,496
68
35
15
2,325
1,834
37,825
14,145
3,144
Total Revenue
Freight Loaded
Railroads
Eastern District
Group A
Bangor & Aroostook
Beaton & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. Ii. dc Hartford
Rutland
Total
Total
Group C
Ann Arbor
Chicago Indianapolis & Louley
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit dr Toledo Shore Line_
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago dc St. Louis
- _
Pere Marquette
•
Pittsburgh & Lake Erie
Pittsburgh dr West Virginia .
-Wabash
Wheeling & Lake Erie
Total
Allegheny District
Akron Canton dr Youngstown_ _
454
Baltimore & Ohio
23,543
Bessemer & Lake Erie
3,878
Buffalo Creek dr Gauley
277
Cambria dr Indiana
491
Central RR.of New Jersey . 5,826
Cornwall
600
Cumberland & Pennsylvania_ _
284
Ligonier Valley
36
Long Island
838
Penn-Reading Seashore Lines 830
Pennsylvania System
54.976
Reading Co
12,407
Union (Pittsburgh)
6,261
West Virginia Northern
30
Western Maryland
. 3.000
Total
•
5.142
560
13,183
2,060
4
14
9,612
47
29
38
1,931
837
36.487
14,225
3,875
2
5,083
87,987
o
_
113,731
125,703
122,667
90,970
Pocahontas District
Chesapeake dr Ohio
Norfolk Sr Western
Norfolk dr Portsmouth Belt LI le
Virginian
.-
17,315
15,453
762
2,904
21,020
17,294
774
3,175
21,125
18,074
841
3,222
8,988
4,022
1,291
773
9.437
4,385
1,314
775
36,434
42,263
43,262
35,074
15,911
7,816
1,020
415
126
44
1,910
325
338
6,
16,891
128
8,750
1,129
295
130
40
2,830
324
344
6,0
17,243
123
8,056
1,107
419
153
34
2,089
558
4,641
1,374
722
267
70
1,097
735
4,022
1,439
738
391
85
869
683
Total
Southern District
Group A
Atlantic Coast LineClinchtleld
Charleston & Western Caron 1.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. dr Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound _
Total
6,
g21:02M
19,383
11,365
10,427
169
575
53C
Total Loads Received
from Conneatons
1935
Group B
Alabama Tennessee dr Northern
Atlanta Birmingham & Coast__
Atl.& W.P.
-W.RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile dc Ohio
Nashville Chattanooga & St. L
TennesseeCentral
Total
1934
1933
185
722
637
3,506
224
422
852
419
1,500
15,490
14,969
126
142
1,724
2,301
313
190
665
558
3,179
166
387
759
309
1,252
16,654
15,973
105
106
1,649
2,575
269
210
860
706
3,859
210
378
661
451
1,385
17,261
17,235
104
174
1,850
3,027
298
1935
103
550
841
2,666
262
1,433
728
762
9,255
9,255
3,728
364
243
1,245
2,085
477
1934
122
481
898
2,451
191
346
1,209
513
569
8,209
3,728
364
220
1.290
1,955
471
43.532
44,796
48,669
25,089
23,017
Grand total Southern District_
79,044
82,364
87,552
52,914
48,517
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago MIlw, St. P.& Pacific
Chicago St. P. Minn. & Omah
Duluth Missabe & Northern.Duluth South Shore & Atlantl
Elgin Joliet dc Eastern
Ft. Dodge Des Moines & Sent I
Great Northern
•
Green Bay & Western
Lake Superior dr Ishpeming---.
Minneapolis Sr St. Louis
Minn. St. Paul & 6.6. M......,.
Northern Pacific
Spokane International
Spokane Portland & Seattle
.
868
15,115
2,017
15,215
3,182
9,160
1,121
5,225
318
14,281
497
1.720
1,348
4,423
6,409
270
1,631
855
18,311
2,212
17,613
3,174
9.118
1,444
5,910
284
14,789
525
1.907
1,578
5,184
7,868
286
1.686
731
15,581
2,208
18,316
3,524
3,737
510
4,544
317
8,487
479
984
2,003
5,245
8,139
133
991
1,951
8,592
2,464
7.230
2,626
115
319
3,680
126
2,653
454
78
1,320
1,993
2,374
204
908
1,793
8,183
2,253
6,414
2,713
126
341
3,905
169
2,609
312
80
1,121
2,242
2,598
192
1,208
82,800
92,744
75,929
37.087
36,259
17,813
2,480
234
12,012
1,288
10,067
1,980
696
1,860
273
978
1,787
914
47
17,321
160
232
9,547
187
1,259
24,668
2,450
238
13,578
1,164
12,798
2,331
718
1,571
199
1,854
2,049
778
147
18,911
285
438
10,037
158
1,607
20,389
2,879
211
14,061
1,258
12,797
2,254
564
1,356
184
1,165
2,036
631
71
15,220
267
296
9,996
73
1,113
4,363
2,059
36
5,904
593
6,905
1,968
1,110
1,891
20
786
968
256
69
3,862
178
1,104
6,752
5
1,437
4,317
1,912
75
6,203
494
6.953
2,096
914
2,108
26
887
964
337
96
4,264
271
1,027
6,500
4
1,686
. 81,135
95,979
86,821
40,266
41,134
153
152
153
1,735
2,940
163
1,788
1,357
204
220
528
130
4,754
14,100
43
194
8,135
1,996
5,772
4,030
1.721
206
27
171
133
193
1,765
4,128
171
1,708
1,304
211
211
578
133
4,846
13,640
56
159
8,386
2,440
5,084
4,385
2,259
a
20
3,833
324
222
1.148
1,669
682
1,224
813
284
755
146
196
2,248
7,183
22
91
3,444
1,994
2,831
3,883
16,037
98
32
3,490
308
177
1,157
1,731
899
1,166
773
281
841
164
213
3,012
7.591
11
122
3,361
2,05
2,111
3,89'
16,761
91
51
Total
Central Western District Ateh. Top.& Banta Fe System.
Alton
•
Bingham dr Garfield
Chicago Burlington dr Quincy ,_
Chicago& Illinois Midland__ _
Chicago Rock Island & Pacific
.
Chicago dc Eastern Illinois.,
_
Colorado& Southern
Denver & Rio Grande Wester o
Denver & Salt Lake
Fort Worth & Denver City...IllinoisTerminal
•
North Western Pacific
•
Peoria dr Pekin Union
Southern Pacific (ParM)--_
St. Joseph dr Grand Island__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton dc Southern
Burlington-Rock Island
Fort Smith & Western.
Gulf Coast Lines
International-Great Northern ..
Kansas Oklahoma & Gulf
.Kansas City Southern
._
Louisiana & Arkansas
Louisiana Arkansas & Texas_ ..
Litchfield & Madison
Midland Valley
Missouri & North Arkansas..._
Missouri-Kansas-Texas Lines _
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louits-ean }reticule°
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis_
Weatherford M. W. & N. W _ _
Wichita Falls & Southern
143
113
137
1,96.5
1,935
143
1,325
1,214
150
225
454
90
3,862
11,608
36
83
6,182
2,076
4,778
3,762
2,715
211
16
35.512
37,568
38.883
27,825
25,500
Total
43,223
50,501
51,981
49,159
50.30
Note-Figures for 1934 revised. • Previous figures. a Not available.
b Included in New York Central figures. c Includes figures for the Boston &
C. C. C. & St. Louis RR., and the Michigan Central RR.
Albany RR., the
July 6 1935
Financial Chronicle
Jan. 5 Per Cent June 30 Per Cent
1935 of Change 1934 of Change
All commodities
78.9
77.9
+1.3
74.8
+5.5
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities
All commodities other than farm
nroduets and foods
77.1
81.6
89.6
69.7
74.8
86.1
84.9
79.5
81.8
68.0
75.6
78.5
86.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
+2.0
+3.9
+3.2
-0.4
+0.9
+0.6
+0.4
+0.5
-0.6
-4.1
64.8
70.9
88.2
71.8
73.3
87.0
87.8
75.8
83.2
70.1
+19.0
+15.1
+1.6
-2.9
+2.0
-1.0
77.9
78.0
-0.1
78.5
-n 8
+4.9
-1.7
-3.0
The most pronounced decline during the week was recorded for farm products, with a decrease of 1.2%. The principal factor contributing to this drop
was livestock and poultry, which was lower by 3.2%. Grains also were down
nearly 1%. The sub-group of "other farm products," including cotton,
eggs, apples, flaxseed, onions, potatoes and wool, on the contrary, were
slightly higher. Lower prices were reported for corn, oats, rye, wheat.
cows,steers, hogs,live poultry,lemons, oranges, timothy seed, dried beans,
and sweet potatoes. Despite the recent recession in farm products prices,
the index for the group as a whole-77.1-is 19% above a year ago and
35.5% above two years ago, when the indexes were 64.8 and 56.9, respec
Wholesale food prices receded 1.1%, because of decreases of 2.7% in
meats, 1.3% in butter, cheese and milk, and a minor decrease in other
foods, including copra, lard, oleo oil, raw sugar and vegetable oils. Additional food items for which lower prices were reported were hominy grits,
macaroni, corn meal, dried apricots and peaches, fresh beef in New York,
fresh pork and dressed poultry. Fruits and vegetables, on the other hand,
prices
were up by 0.3%, and cereal products were higher by 0.2%. Higher
were reported for oatmeal, flour, canned peas, mutton, ham and coffee.
-is 15% above a year ago and 30% above
The Index for the group-81.6
two years ago.
-79.5
-decreased 0.6%,
The index for the group of chemicals and drugs
due to lower prices for certain chemicals and fertilizer materials. The subgroups of drugs and pharmaceuticals and mixed fertilizer remained unchanged at the previous week's level.
Sharp declines in prices of cattle feed and crude rubber were responsible
automofor the decrease in miscellaneous commodities. The sub-groups of
bile tires and tubes, and paper and pulp and other miscellaneous commodities remained unchanged. The group as a whole dropped to 68% of the
1926 level, the lowest index shown for any of the 10 groups,
losA fractional decrease was recorded by the group of building materials,
fixdue to lower prices for lumber, paint materials, plumbing and heating
tures, and gravel. Brick and tile, cement and structural steel remained
unchanged.
Advancing prices of hides, skins and leather resulted in the index for
of
the group of hides and leather products increasing 0.3%. The sub-group
shoes was unchanged at its high point of the year, while other leather
products were unchanged at its low.
bar silver wer
In the group of metal and metal products lower prices for
more than counterbalanced by higher prices for malleable Iron castings and
of agricultural implements and motor vehicles were
Pig tin. Average prices
unchanged.
Fuel and lighting materials registered a fractional increase, because of
was slightly
higher prices for anthracite coal. Bituminous coal, however,
unchanged.
lower, and coke and petroleum products remained
Housefurnishing goods increased slightly because of higher prices for furnishings. Average prices of furniture were unchanged at the low point of
81.8% of the 1926
the year. The index for the group as a whole rose to
average.
unchanged at 69.7.
The index for the group of textile products remained
prices for woolen and
Lower prices for cotton goods were offset by higher
burlap, hemp and
worsted goods and other textile products, including
79.9
80.2
74.8
78.0
82.5
89.3
69.7
74.7
85.9
85.1
80.0
81.7
68.4
79.9 79.9
83.4 83.7
89.4 89.1
69.1 69.3
74.9 74.7
85.9 85.6
85.3 85.1
80.4 80.7
81.7 81.8
68.4 68.9
80.7
84.4
89.9
69.3
74.4
85.6
84.9
80.8
82.0
69.0
1XJJJCIO
pC40,4•442.000pP
77.5
77.8
710 770
.-eaapCobiaixia4)Co
79.8
-4
66.3
79.3
t‘•
June 29
1935
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities
All commod ties other than farm
July
1
1933
ai
Commodity Groups
78.9
All commodities
June June June June
30
1
8
15
1935 1935 1935 1934
ai•oi
Group index numbers for the week of June 29 1935, as compared with
Jan. 5 1935 and June 30 1934, and the per cent of change are shown in the
table below:
June June
22
29
1935 1935
,
,
00001 t-.4 4•0
From Mr. Lubin's announcement we also take the following:
Commodity Groups
CACMC4C0C404.0C4.
The recent decrease placed the "all commodity" index at 78.9% of the
1926 average. Although the "combined" Index has fallen 1.7% below the
high point for the year, the accumulated gain in the past six months has
been 1.3%.
The downward trend in prices was not general during the week, as increases were recorded for four of the 10 major commodity groups included
in the index. Farm products, foods, building materials, chemicals and
drugs, and miscellaneous commodities decreased. The group of textile
products remained unchanged.
The decline in the index was again largely due to falling prices of farm
products and foods. The important industrial group, that includes "all
commodities other than farm products and processed foods," remained
unchanged for the third consecutive week at 77.9.
Each of the commodity groups, with the exception of textile products,
housefurnishing goods and miscellaneous commodities has registered an
Increase during the first half of the year. Foods have increased nearly 4%;
hithut and leather products, 3%; farm products, 2%; fuel and lighting materials, approximately 1%;and metals and metal products, building materials and chemicals and drugs, less than 1%. The group of miscellaneous
commodities has decreased 4% during the first six months of the year,
and textile products and housefurnishing goods are lower by approximately
0.5%.
Compared with the corresponding week of last year, half of the 10 major
commodity groups are higher and half are below last year's level. Farm
products have registered the most pronounced advance, with an increase
of 19%; foods are next with an advance of lb%; chemicals and drugs, 5%;
fuel and lighting materials, 2%;and hides and leather products, 1.6%. The
groups showing lower levels than a year ago are: building materials, which
are lower by 3.3%; textile products and miscellaneous commodities, 3%;
housefurnishing goods, 1.7%, and metals products, 1%.
were unsisal. The sub-groups of clothing, knit goods and silk and rayon
changed.
784 price
The index of the Bureau of Labor Statistics is composed of country's
in the
series weighted according to their relative importance
markets and based on average prices of the year 1926 as 100. conunodigroups of
The following table shows index numbers for the main
and July 1 1933 :
ties for the past five weeks and for the weeks of June 30 1934
WHOLESALE PRICES FOR WEEKS ENDING
INDEX NUMBERS OF
1 1935, AND JUNE 30
JUNE 29, JUNE 22, JUNE 15, JUNE 8 AND JUNE
1934 AND JULY 1 1933. (1926=100.0)
CO 0,4CO 00.4Cb CO CO -4
1
co.-too.at&c.a.-7
a beoi..4:"-CoL•iiaao.
Wholesale Commodity Prices Lower During Week of
June 29, According to United States Department
of Labor
Wholesale commodity prices continued moderately downward during the last week of June. The composite index
declined 0.5%, according to an announcement made July 3
by Commissioner Lubin of the Bureau of Labor Statistics,
United States Department of Labor. In his statement
Mr. Lubin said:
4
4
28
000 KiloMay Output of Electricity Reaches 8,013,652,
watt Hours
t of
The Geological Survey of the United States Departmen
discloses that
the Interior, in its monthly electrical reportin the United
use
the production of electricity for public 8,013,652,000 kwh.
States during the month of April totaled
7,682,509,This is a gain of 4% when compared with the
of April
000 kwh. produced in May 1934. For the month
1935, output totaled 7,818,023,000 kwh.
kwh. was
Of the May 1935 output a total of 3,756,640,000 by fuels.
produced by water power and 4,257,012,000 kwh.
The Survey's statement follows:
FOR PUBLIC USE IN THE UNITED
PRODUCTION OF ELECTRICITYKILOWATT-HOURS)
STATES (IN
Changes in Output
from Previous Year
Total Si, Water Power and Fuels
May
April
March
Division
April
574,554,000 557,034,000 548,202,000
New England
Middle Atlantic_ __ 2,089,491,000 2,034,865.000 2.072,272.000
Central 1,860,168,000 1,822,062,000 1,824,526,006
East North
538,841,000
West North Central 533,857,000 521,606,000 941,601,000
993,490,000 935,463,000
South Atlantic
342,112,000 325,947,000 328,480,090
East South Central
West South Central 365,772,000 374,961,000 391.467,000
258,100,000 267,620,600 285,998,000
Mountain
993,669,000 978,465,000 1,082,265,000
Pacific
+5%
+3%
+6%
+21%
+4%
+9%
+9%
+12%
-6%
May
+3%
+3%
+3%
+14%
+7%
+4%
+5%
+10%
-2%
+4%
+5°4
Total Un.States 8,011,213,000 7,818.023,000 3,013,652,000
in the United
use
The average da ly production of electricity for public
the average daily
States in May was 258,500,000 kwh., a decrease from
the normal change.
production In April of about 1%.
production of electricity
The average daily as well as the monthly total
consecutive month
for public use by water power in May was for the second
.the total for the month. The
the largest in any month and was 47% of
was about 49% in
highest precentage (though not the highest amount)
May 1933.
FOR PUBLIC USE
TOTAL MONTHLY PRODUCTION OF ELECTRICITY
1935
January
February
March
April
May
'
June
July
August
September
October
November
December
Mud
1934
1935
Over
1934
Kilowatt Hrs, Kilowatt Hrs.
9%
8,349,152,000 7,631,497,000
8%
7,494,160,000 7,049,492.000
3%
3,011,213,000 7,716,891,000
6%
7,818,023,000 7,442,806,000
4",
8,013,652,000 7,682,509,000
7,471,875,000 ---7,604,926,000 ---7,709,611,000 ---7,205,757,000 ......
7,830,819,000 ---7,605,730,000 8,058.361,000 ---amin 97st non
Produced by
Water Power
1934
Over
1933
1935
10%
12%
18%
15%
10%
3%
39%
39%
33%
40%
40%
44%
46%
47%,
42%
.....
--36%
0%
x2%
6%
5%
8%
-.------------
2%
67%
-___
1934
34%
32%
33%
34%
39%
40%
37%.,
it Decrease.
Coal Stocks and Consumption
from 7,438,430
Stocks of coal at electric power utility plants increased
On June 1, stocks of
tons on May 1 to 7,594,212 tons on June 1, or 2.1%.
at 1,261,576 tons
bituminous coal stood at 6,332,636 tons and anthracite
over the first of the
which were increases of 2.1% and 2.3%, respectively,
preceding month.
plants in May was
Bituminous coal consumed at electric power utility
used in April. Anthracite
2,448,299 net tons, or 1.6% more than was
tons being 4% higher than in
consumption also rose in May, the 134,088
April.
on June 1 there was
At the rate of consumption prevailing in May,
and enough anthracite
enough bituminous coal on hand for 80 days'supply
for 292 days' requirements.
power
The quantities given in the tables are based on the operation of all
engaged in generating
plants producing 10,000 kwh. or more per month,
electricity for public use, including central stations, both commercial and
railroads
municipal, electric railway plants, plants operated by steam
public
generating electricity for traction, Bureau of Reclamation plants,
which is
works plants, and that part of the output of manufacturing plants
works
sold. The output of central stations, electric railway and public
output
plants represents about 98% of the total of all types of plants. The
Institute and the "ElectricalWorld"
as published by the Edison Electric
from
includes the output of central stations only. Reports are received
those
plants representing over 95% of the total capacity. The output of
figures of
plants which do not submit reports is estimated; therefore the
are
output and fuel consumption as reported in the accompanying tables
on a 100% basis.
of
(The Coal Division, Bureau of Mines, co-operates in the preparation
these reports.]
Financial Chronicle
Volume 141
29
Weekly Electric Output Gains 5.0%
Summary of Business Conditions in United States by
The Edison Electric Institute, in its weekly statement,
Federal Reserve Board -Industrial Production
discloses that the production of electricity by the electric
During May Declined for Fourth Consecutive
light and power industry of the United States for the week
Month
ended June 29 1935 totaled 1,772,138,000 kwh. Total
In its monthly summary of general business and financial
output for the latest week indicated a gain of 5.0% over the . conditions in the United States, based upon statistics for
corresponding week of 1934, when output totaled 1,688,211,- May and the first three weeks of June, the Federal Reserve
000 kwh.
Board notes that industrial production declined for the
Electric output during the week ended June 22 1935 totaled fourth consecutive month during May. The Board's sum1,774,654,000 kwh. This was a gain of 6.0% over the mary follows:
1,674,566,000 kwh. produced during the week ended June 23
Production and Employment
1934. The Institute's statement follows:
Volume of industrial production, as measured by the Board's seasonally
PERCENTAGE INCREASE OVER 1934
adjusted index, declined from 86% of the 1923-25 average in April to 85%
Major Geographic
Regions
Week Ended
Week Ended
Week Ended
June 29 1935 June 22 1935 June 15 1935
New England
Middle Atlantic
Central Industrial_ West Central
Southern States
Rocky Mountain
Pacific Coast
6.7
4.4
2.3
3.3
6.8
28.4
2.1
5.0
Total United States_
eerease.
5.7
6.7
3.3
4.5
6.9
28.7
3.2
6.0
Week Ended
June 8 1935
3.2
4.5
0.4
3.2
6.0
32.7
6.2
6.8
3,8
x0.3
x1.2
6.0
19.8
9.0
4.6
4.2
•
DATA FOR RECENT WEEKS
Week of-
1935
P. C.
Ch'ge
1934
Weekly Data for Presto:a Years
in Millions of Kilowatt-Hours
1933
Mar.30- 1.712.863,000 1,665,650,000
Apr. 6- 1,700,334.000 1,616,945,000
Apr. 13_ 1,725,352,000 1,642,187,000
Apr. 20_ _ 1,701,945,000 1,672,765,000
.
Apr. 27... 1,673,295,000 1,668,564,000
May 4... 1,698,178,000 1,632,766,000
May 11_ 1.701.702,000 1,643,433,000
May 18_ _ _ 1,700,022,000 1,649,770,000
May 25_ 1,696.051,000 1,654,903,000
June 1_ 1,628,520,000 1.575,828,000
June 8- 1.724,491,000 1,654,916,000
June 15- 1,742.506,000 1,665,358,000
June 22- 1,774,654,000 1,674,568,000
June 29.... ,772,138,000 1,688,211,000
July 6...
1.555.844.000
+2.8
+5.2
+5.1
+1.7
+0.3
+4.0
+3.5
+3.0
+2.5
+3.3
+4.2
+4.6
+6.0
+5.0
____
1932
1931
1.402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1,461
1,542
1.578
1,598
1,656
1.539
1,480
1,465
1,481
1,470
1,455
1,429
1,437
1,436
1,425
1,381
1,435
1,442
1,441
1,457
1.342
1.680 1.723
1.647 1.708
1,641 1,715
1,676 1,733
1,644 1,725
1,637 1,698
1,654 1,689
1,645 1.717
1,602 1,723
1,594 1,660
1,621 1,657
1,610 1,707
1,635 1,698
1,607 ,1 704
1.604 1.594
1930
1929
1,680
1,663
1,697
1.709
1,700
1.688
1,698
1,704
1.705
1.615
1.690
1,699
1,703
1,723
1.502
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
Of
1934
1935
Jan__ 7,762,513
Feb.... 7,048,495
March_ 7,500,566
April- 7,382,224
May...
June_
July....
Aug
Sept.
Oct..
Nov.
Dec-
P. C.
Ch'ge
1933
1932
1931
1930
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7.056,116
7.116,251
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
+8.9
+8.7
+4.2
+5.8
____
____
____
____
____
____
____
....
6,480,897
5,835,263
6.182,281
6,024,855
6.532,686
6,809,440
7,058,600
7,218,678
6,931.652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771,684
6,294,302
6,219,654
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435.782
6,678,915
7,370,687
7.184,514
7,180,210
7,070,729
7,286.576
7.166.086
7,099,421
7,331,380
6,971,644
7,288,025
8,021,749
7,066,788
7,580,335
7,416,191
7,494,807
7,239,697
7.363,730
7,391.196
7,337,106
7,718,787
7,270,112
7,546,601
i
Total
85.564.124 _
FM DOA AM 77 642 112 Rfl nen ORO RO 6/17 nee
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures
are
based on about 70%.
Decline Noted in Index of Wholesale Commodity Prices
of National Fertilizer Association for Week of
June 29
The weekly wholesale commodity price index of The National Fertilizer Association again declined in the week
ended June 29, making the fifth consecutive weekly decline.
The index last week was 77.2% of the 1926-1928 average,
compared with 77.5 in the preceding week, 78.0 a month
ago, and 71.9 a year ago. The Association on July 1 further
announced:
Seven of the 14 component groups of the index moved downward last
week and two advanced. The grains, feeds and livestock index fell to a
new low for the current year; the index for this group would have gone
still
lower except for the rally of grain prices in the latter part of the week.
Nine items in the group advanced and six declined last week. The largest
decline in the group indexes took place in the metals group, the result of
lower quotations for copper, zinc and silver. Lower prices for lard and
vegetable oils took the fats and oils index to a new low point for the year.
A decline in the price of superphosphate resulted in a fractional drop in
the
fertilizer materials index. The textiles index was higher, reflecting rising
quotations for cotton, wool, and silk: burlap fell offslightly during the week.
Prices of 27 commodities included in the index declined last week and 18
advanced; in the preceding week 36 commodities declined and 22 advanced;
in the second preceding week 27 declined and 19 advanced.
The index numbers and comparative weights for each of the 14 groups
included In the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group
Latest
Pre •
Week
June 29 ceding
1935
Week
Foods
81.5
Fuel
69.3
Grains, feeds and livestock.. 83.0
Textiles
67.7
Miscellaneous commodities
69.0
Automobiles
68.0
Building materials
78.1
Metals
81.6
House-furnishing goods
84.8
Fats and oils
65.6
Chemicals and drugs
94.6
Fertilizer materials
64.4
Mixed fertilizers
77.7
Agricultural implements
101.6
All groups combined
77.2
commonrry
Month
.4go
Year
Ago
81.6
69.7
83.3
67.5
69.1
88.0
78.1
82.7
84.8
67.4
94.4
64.8
77.7
101.6
82.1
69.4
87.0
66.1
69.8
87.3
78.7
83.0
84.9
68.3
94.4
65.3
76.3
101.6
69.8
69.3
60.3
69.8
69.9
90.8
81.2
83.8
86.2
51.6
93.2
66.9
76.9
98.8
77.5
78.0
71.0
in May. which was the fourth consecutive month of gradual decline from
the recent high level of 90 in January. At steel mills output declined somewhat in May and the first three weeks of June,asis usual at this season. In
the automobile industry, where output this spring has been at a level substantially higher than in other recent years. production showed a marked
decline in May, reflecting in part the effects of a strike. At cotton mills
there was little change in activity, while at woolen mills production increased
further, contrary to seasonal tendency. Production of shoes declined
seasonally. Output of coal which has fluctuated widely in recent months,
reflecting partly developments in the labor situation, showed a marked
increase during May and the early part of June. Factory employment and
payrolls declined between the middle of April and the middle of May.
Decreases in employment were reported for the automobile, radio, lumber,
clothing, cotton, silk and shoe industries, while at woolen mills employment increased and in many other lines little change was reported.
Value of construction contracts awarded, as reported by the F. W.
Dodge Corp., was about the same in May as in April. Residential work
continued in excess of a year ago, while the volume of contracts for public
Projects was smaller than in the corresponding month of 1934.
Department of Agriculture estimates based on June 1. reports indicate
that conditions for wheat, oats, barley, rye, hay and pastures were at the
10
-year average for 1923-32, in contrast with conditions a year ago, which
were unusually poor as a consequence of a prolonged drought. The winter
wheat crop this year is estimated to be somewhat larger than last year and,
with a considerable increase indicated for spring wheat, present conditions,
according to the Department of Agriculture, suggest a total crop of about
670,000.000 bushels as compared with 496,000,000 bushels last season and
-year average of 828,000.000 bushels. Domestic stocks of wheat have
a 10
been materially reduced this season.
Distribution
Total volume of freight-car loadings increased in May by about the usual
seasonal amount. Coal shipments showed a marked increase, while loading
of miscellaneous freight declined. Department store sales, as measured by
the Board's seasonally adjusted index, increased from 73% of the 1923-25
average in April to 76% in May,and were at approximately the same level
as a year ago.
Commodity Prices
The general level of wholesale prices, which was 80.3% of the 1926 average at the end of April and also in the week ending May 25, had declined
to 79.8% by the week ending June 15, according to the index of the Bureau
of Labor Statistics. Grain prices decreased considerably during May and
the first half of June. Cotton prices, after a sharp decline at the end of May
and a subsequent increase, also were lower in the middle of June than at
the beginning of May. Prices of commodities other than farm products
and foods as a group advanced slightly during this period.
Bank Credit
During the five weeks ending June 19. reserve balances of member banks
increased by $175,000,000 as a result of gold imports, offset in part by an
increase in Treasury cash, and deposits with the Reserve banks. Excess
reserves of member banks on June 12 were above $2.500,000.000 for the
first time, but declined somewhat in the following week.
At reporting member banks in leading cities there was an increase of
$540,000,000 in net demand deposits in the four weeks ending June 12,
due in part to gold imports. Time deposits declined by $150.000.000, of
which $70,000,000 represented a decline at New York City banks consequent upon a ruling of the New York Clearing House in May prohibiting
the payment of interest on new time deposits maturing in leas than six
months. Total loans and investments of reporting banks showed no important changes. Short-term open-market interest rates continued at low
levels in May and the first half of June.
Crop Report of Bank of Montreal-Less Rainfall in
Prairie Provinces Reported
In its weekly crop report, issued July 4, the Bank of
Montreal states that "rainfall over the Prairie Provinces has
been less general during the past week, and the lack of
moisture is causing some anxiety in southwestern Saskatchewan and southern Alberta. Otherwise crop conditions,
generally, are favorable," the bank said, adding:
Higher temperatures have promoted more rapid growth and in Manitoba
about 40% of the wheat is in shot blade. Grass hoppers are fairly numerous
in some districts, but there has been no serious damage from any source to
date. In Quebec crops generally have been improved by the warm weather
of the past 10-days and on the whole are in good condition. In Ontario
crops continue to show satisfactory growth and present prospects are for
heavy yields. In the Maritime Provinces crops on the whole promise well.
but warm,dry weather is needed to stimulate growth. In British Columbia
growing conditions generally are satisfactory on the mainland but are not so
favorable on Vancouver Island, owing to the lack of moisture in May.
Exports of Farm Products in April Below Year Ago,
According to Bureau of Agricultural Economics.
The volume of farm products exports in April was 41%
of pre-war, compared with 60% a year ago, according to
the Bureau of Agricultural Economics, United States Department of Agriculture. Excluding cotton, the exports in
April were 30% of pre-war, compared with 63% of pre-war
in April 1934. Under date of June 14 it was also stated:
April indices for various farm exports are: Grains and grain products,
16, compared with 51 in April last year; animal products, 20. compared
with 55; dairy products and eggs. 83, compared with 100; fruits,
160,
compared with 176; cotton fiber and linters, 49, compared with 58; wheat
and flour, 15, compared with 61; unmanufactured tobacco, 55, compared
30
Financial Chronicle
with 126; hams and bacon, 19, compared with 22; lard, 18, compared with
100. Reduced exports of lard are attriouted to short supplies in this
country and a weak foreign demand.
The Bureau reports exports of cotton (excluding linters) during the
10 months ended April 30 1935 were 4.410,000 bales, compared with
7.585.000 bales in the corresponding period of 1933-34. The index for
exports of unmanufactured tobacco was less than any preceding April
index since 1917.
Lumber Industry Gains in Shipments
and Current Sales
The week ended June 22 193§ witnessed a gain in lumber
shipments of 7.5% compared with the preceding week.
New business gained 7.6% and production remained about
the same. Shipments were 0.2% above output; new
business was 3% above. Total production gained 3% over
that of the corresponding week of 1934; shipments were
29% greater and new business was 41% heavier than during
the 1934 week. These comparisons are based upon telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of 912 leading hardwood and softwood mills. In the
week ended June 22 these produced 155,274,000 feet; shipped
155,597,000 feet; booked orders of 159,263,000 feet. Revised figures for the preceding week were: Mills, 937; production, 161,298,000 feet; shipments, 154,188,000 feet;
orders received, 09,043,000 feet.
Of reporting softwood regions, only West Coast, Southern Pine and
Southern Cypress reported orders above production during the week
ended June 22. Total softwood orders were 1% above production; hardwood orders 24% above hardwood output. Softwood shipments were
1% below production. All regions reported orders above those of corresponding week of 1934.
Unfilled orders on June 22, as reported by 1,170 mills, were 934,474,000
feet, and gross stocks 4,312,760,000 feet. Identical softwood mills reported unfilled orders on June 22 as the equivalent of 32 days' average
Production and stocks of 129 days' production, compared with 29 days'
and 156 days' on similar date of last year.
Forest products carloadings totaled 25,946 cars during the week ended
June 22 1935. This was 509 cars below those loaded during the preceding week; 1,111 cars above those of corresponding week of 1934, and
2,154 cars below similar week of 1933.
Lumber orders reported for the week ended June 22 1935 by 823 softwood
mills totaled 147,618,000 feet, or 1% above the production of the same
mills. Shipments as reported for the same week were 144,574,000 feet,
or 1% below production. Production was 145,846,000 feet.
Reports from 109 hardwood mills give new business as 11,645,000 feet,
or 24% above production. Shipments as reported for the same week
were 11,023,000 feet, or 17% above production. Production was 9.428,000
feet.
Unfilled Orders and Stocks
Reports from 1,170 mills on June 22 1935 give unfilled orders of 934,474.000 feet and gross stocks of 4,312,760,000 feet. The 716 identical
softwood mills report unfilled orders as 759,577,000 feet on June 22 1935,
or the equivalent of32 days'average production, compared with 673,862,000
feet, or the equivalent of 29 days' average production, on similar date
a year ago.
Identical Mill Reports
Last week's production of 720 identical softwood mills was 140,793,000
feet and a year ago it was 134,537,000 feet; shipments were respectively
141,393,000 feet and 111,360,000, and orders received 144,697.000 feet
and 105,036,000 feet. In the case of hardwoods, 109 identical mills reported production last week and a year ago 9,428,000 feet and 10,769.000
feet; shipments 11,023,000 feet and 6,836,000 feet, and orders 11,645,000
feet and 5,520,000 feet.
Bureau of Agricultural Economics Reports Farm
Real Estate Taxes Reduced in Many States
Farm real estate taxes decreased 5% between the 1933
and 1934 levies, according to the Bureau of Agricultural
Economics, United States Department of Agriculture.
The estimate is based on reports from 20 States. In 15
of the 20 States farm taxes decreased; in five they increased
by an average of slightly less than 2%, said an announcement issued June 24 by the Department of Agriculture,
which added:
The decreases are reported in Georgia, Illinois, Indiana,Iowa, Minnesota,
Montana, Nebraska, North Dakota, Ohio, Oregon, South Dakota, Texas,
Utah, Washington and Vermont. Increases are reported in Colorado.
Kansas, Missouri, New Hampshire and Virginia.
Bureau indices show a market decrease practically the country over
in farm real estate taxes levied since 1929, when the National average
was 241% of pre-war. The average levy for the year 1930 was 238%
of pre-war and for the following four years it was 218%. 189%, 160%
and 151%, in this chronological order.
Despite this decrease in average tax per acre, the Bureau points out
that the burden of farm taxes continued to increase until 1932, as measured
by their increasing ratio to farm real estate values. From 1932 to 1934,
however, these ratios decreased.
Farm Income During First Four Months of Year Above
Similar Period of 1a)34, Bureau of Agricultural
Economics Reports—May Income Above April
Increased farm receipts from livestock more than offset
smaller returns from crops in the first four months of this
year compared with 1934, according to the Bureau of
Agricultural Economics, United States Department of
Agriculture, which under date of June 13 reported:
Receipts from principal livestock products totaled $1,171,191,000,
compared with $890.098,000 a year ago. and from principal crops $486.969.000, compared with $608.220,000 last year. Government rental and benefit
payments added $220,837.000 in the first four months of this year, compared with 8104.011.000 a year ago.
Thirty-three States show a higher total income, including rental and
corbenefit payments, in the first third of this year compared with the
responding period in 1934, and 15 States (chiefly in the South)show reduced
July 6 1935
income. States for which less income is reported are Maine, North Dakota,
Nebraska, Virginia, North Carolina, South Carolina, Georgia, Florida,
Alabama, Mississippi, Arkansas, Louisiana, Montana, New Mexico and
Arizona.
Receipts in Maine in the first four months of 1935 were 44% less than
in the corresponding period last year. Total receipts in the East North
Central States were 45% more than a year ago. All other geographical
regions except the South Atlantic and South Central States registered
gains in the first four months of this year.
According to the Bureau, farmers' cash income from
sales of farm products and Government benefit payments
totaled $520,000,000 in May, compared with $506,000,000
in April and with $438,000,000 in May a year ago. Issued
under date of June 29, an announcement by the Department
of Agriculture continued:
The cumulative total January to May inclusive this year was $2,423.000,000, against $2,137,000.000 in the same five months of 1934. Of
the total this year, $2,167,000,000 was income from marketings and the
remainder from benefit payments. Marketings in the corresponding
period last year yielded a cash income of $2,017,000,000.
The cash income from sales of farm products in May was $484,000,000,
compared with $457,000,000 in April and $422,000,000 in May 1934.
The increase from April to May, it is stated, was less than usual. Rental
and benefit payments in May totaled 836.000,000, compared with $49,000,000 in April and $16,000,000 in May 1934.
There was a three-point decline in the general level of farm prices from
of
April to May this year, and less than the usual increase in marketings
many farm products. The decline in farm prices during May continued
in June, declining from 108 on May 15 to 104 on June 15.
Nevertheless, it is expected June income will exceed the $410,000,000
received in June last year. Rental and benefit payments in June will be
more than the $29.000.000 received in June 1934, it is stated.
Petroleum and Its Products—Texas Refiners Lose
Confiscation Suit—Opposition to Thomas Bill in
Congress Cited by Railroad Commission—Rio
Grande Valley Crude Prices Cut—California Production Slashed—Week's Crude Oil Output
Reduced
Following their unsuccessful suit against the Texas "hot
oil" confiscation law in a three-judge Federal Court in Houston early in the week, counsel for the 13 refiners and oil
brokers challenging the law indicated that the fight will
be carried to the United States Supreme Court.
The three-judge court refused to rule upon the constitutionality of the law, but upheld the validity of the proration
regulations issued by the Texas Railroad Commission.
Following the decision, counsel for the plaintiffs gave notice
of appeal.
The Court's decision pointed out that it would not pass
on the confiscation statute because the State had made no
attempt to seize the approximately 250,000 barrels of oil
owned by the plaintiffs who had filed the suits.
Following the news of the decision, Attorney-General
McCraw said that he would continue with the State's program of seizing approximately 3,700,000 barrels of alleged
"hot" oil in East Texas and selling it at public auction for
the benefit of the State's general revenue fund.
Attorney-General McCraw announced that approximately 800,000 barrels of crude oil seized in the East Texas
field by the State had been sold at Tyler during the past week
at an average price of 32 cents a barrel. Other sales are expected to be made at auction until about 3,700,000 barrels
are sold, he added.
Growing opposition to the Thomas oil bill in Congress
was reported by Ernest 0. Thompson, Chairman of the
Railroad Commission,in an announcement in Austin Monday
in which he also pointed out that Texas production was
200,000 barrels under the Federal quotas for both March and
April.
Reports from the East Texas branch office to Railroad
Commission headquarters indicated that "hot" oil still is
available to refineries in that area, with 6 of the 28 plants
in operation using the illegally produced crude.
A suit was filed by Attorney-General McCraw in District
Court in Austin late on June 29 against the Humble Oil
& Refining Co. and 114 other defendants, including eight
oil companies, seeking to recover for the State $2,500,000,
which is the value of oil produced from 156 acres in the
East Texas field. The suit also sought to establish the
State's title to the land, including 22 producing wells
thereon.
Unofficial reports'from Washington indicate that there is
little change of the Thomas measure being enacted in lit
present form, and that a movement toward arriving at some
substitute legislation is receiving increasing support.
Off-the-record comment in Administration circles was that
the Senate would not pass the measure while it still provided
for quotas-in-commerce and even stiffer opposition was indicated in the House.
Representative Disney, who conferred with President
Roosevelt last week about oil legislation, has either talked
or is scheduled to talk with Representative Rayburn,
Chairman of the House Interstate Commerce Committee,
through which oil legislation must clear, and Representative
Cole, Chairman of the Special Oil Committee of the House.
Under the substitute measure for which Mr. Disney is
reported seeking support, the Federal Government would
establish machinery to aid the producers in States without
regulation, like California and Michigan, to work out
voluntary proration agreements such as they had under the
defunct petroleum code. The Federal Government then
Volume 141
Financial Chronicle
would prevent shipments of crude produced in violation of
these agreements in inter-State commerce.
The second half of the 1935 year started out with a cut
of 5 cents a barrel in crude oil prices in the lower Rio Grande
Valley, posted by the Humble Oil dr Refining Co. a subsidiary of the Standard Oil Co. of New Jersey. ' reThe
duction was quickly met by the Texas Co. and by the
Magnolia Petroleum Co., subsidiary of Socony-Vacuum
Oil Co.
The new schedules provide for a price of 75 cents for
Mirando crude, 80 cents for Saxet and the same for Refugio
heavy. All of the crudes are reported to be heavy gravity.
The three fields affected by the price cut are small and the
reduction does not indicate any weakening in the general
crude oil price structure in the Southwest, oil men said.
The Railroad Commission has issued new production allowables for ten of the fields in the South Texas area affected by
Monday's reduction in crude oil prices reducing the aggregate to a total of 33.000 barrels daily. The reduction was
explained as due to the fact that the price cut indicated that
production was in excess of the market demand.
Oklahoma proration officials will continue their rigid
control of crude oil production by co-operating with the
Federal agencies which recommend market demand quotas
for the oil producing States, the Corporation Commission
pointed out in setting the July allowable at 517,400 barrels
daily, the same amount as recommended by the Federal
authorities.
A sharp slash in daily average production in California
in the final week of June pared the total for the country to
2,689,850 barrels, off 38,450 from the previous week,
reports to the American Petroleum Institute disclosed. The
American Petroleum Institute survey does not include "hot"
oil production.
The survey showed that a 53,000-barrel drop in the daily
average output in California for the week had cut the total
to 528,000 barrels from 581,000 in the previous week.
Private wire reports indicated that production on the last
day of June was approximately 525,000 barrels.
A gain of 4,200 barrels was shown in Oklahoma production
at 521,200 barrels, while Texas production rose 6,700 barrels
to 1,064,900 barrels.
Price changes follow:
July 1-The Humble Oil & Refining Co. posted a reduction
of 5 cents
a barrel in crude ohl prices in the lower Rio Grande Valley. Mirando crude
was cut to 75 cents by Standard of Jersey's subsidiary,
Saxet to 80 cents
and Borneo heavy to 80 cents. Texas Co. met the cut.
July 2
-The Magnolia Petroleum Co., a subsidiary of the SoconyVacuum Oil Co., met the cuts instituted by Humble Oil & Refining Co. in
the Rio Grande Valley.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P.2. degrees are not shown)
Bradford. Pa
Lima (Ohio 011 Co.)_._._....
Corning,Pa
Illinois
Western Kentucky
Mid-Cont., Okla.. 40 and above
Hutchinson, Tex.,40 and over
Spindietop, Tex., 40 and over
Winkler.Tex
$2.05
1.15
1.87
1.18
1.i3
1.08
.81
1.03
.75
Smackover, Ark., 24 and over
20.70
Eldorado. Ark.. 40
1.00
Rusk, Tex., 40 and over
1.00
Darst Creek
.87
Midland District. Mich
1.02
Sunburst, Mont
1.85
Santa Fe Springs, Calif..40and over 1.34
Huntington, Calif.. 26
1.10
Petrone. Canada
2-10
REFINED PRODUCTS
-MID
-WEST BULK MARKET EASES
SHARP GAINS IN GAS MANUFACTURE WORRIES TRADE
-MARKETING CONFERENCES CONTINUE
While bulk gasoline prices are holding unchanged in
Chicago at the levels ruling over the past two or three
weeks, the major companies are finding it necessary to
furnish more support to the market in absorbing offerings
than for some time, and there is a slightly easier undertone
to the price structure.
The easing of the price structure is due primarily to the
continued sharp gains in gasoline manufacture during the
past month which has pared the statistical gains over last
year recorded earlier in the year, coupled with the continued unfavorable weather conditions in many sections
of the Mid-West which is holding down consumption.
Current market prices in the Chicago tank-ear market
5
are at the 1935 peak of 5/s to 53 cents and within a mere
4
fraction of the top price for the past five years, last recorded in September 1933. The market is 1.25 cents a
gallon above the corresponding period a year ago and nearly
1 cent higher than the best price reached in the September
quarter in 1934.
Removal of restrictions on refining activities following
the end of the NRA petroleum code was a major factor in
the continued upward trend of runs to crude oil to stills
in recent weeks which reached its peak in the week of June 22,
when the total was the highest daily average in several
years. However, the fact that prices have reached their
present point, it is pointed out, has encouraged a number
of small refineries to reopen.
An analysis of the reports published by the American
Petroleum Institute covering the past three months discloses
that the industry has lost much of the gains marked up in
the inventory field earlier in the year. On March 31 all
stocks of gasoline and potential gasoline were 4,614,000
barrels lower than on the comparable date a year ago:
on June 29 they were only about 430,000 barrels under the
like 1934 date.
While stocks still hold under last year and consumption
is running at levels substantially above the 1934 totals,
with crude runs to stills for the past month and a half averag-
31
ing nearly 200,000 barrels daily above the like 1934 totals
and in the final week of June at about 130,000 barrels above
the peak production of last summer, it will take a continued
sharp expansion in demand to keep stocks down unless
refinery operations are curtailed.
May domestic demand for gasoline of 39,089,000 barrels
was 3 per cent higher than the record total established in the
like month a year ago. Export movements of gasoline also
showed a sharp rise, totaling 2,141,000 barrels, compared
with 1,467,000 in April and 1,907,000 in May a year ago.
The Bureau of Mines report also disclosed that stocks of
finished and unfinished gasoline dropped 2,910,000 barrels
during the month to 61,483,000 barrels, or approximately
5,000,000 barrels below the accepted working level. The
yield of gasoline from crude rose 0.6 per cent to 44.3 per cent
during the month due to increased cracking operations, the
highest since October, 1933.
Peak-level cracking operation for production of gasoline,
continued high runs of crude oil to refinery stills and lessened
withdrawals of finished gasoline from refinery and bulk
terminal storage were the features of the weekly report of
the American Petroleum Institute.
The report showed a net decline of 118,000 barrels in
gasoline storage at refineries and bulk terminals, against a
reduction of 1,428,000 barrels in the previous week. The
interior marked up a gain of 399,000 barrels to offset reductions of 476,000 barrels in California and 41,000 barrels on
the East and Gulf Coast combined.
Motor fuel stocks on June 29 totaled 50,007,000 barrels.
Stocks at refineries were off 417,000 barrels. but holdings
at bulk terminals rose 299,000. Daily average runs of crude
oil to stills dipped 5,000 barrels to 2,601,000 barrels, against
an increase of 65,000 barrels in the June 22 week.
The marketing practices rules conferences held in Washington during the final week of June were continued in New
York on July 1 when counsel heard the results of the earlier
meetings. C. E. Arnott • again presided at the meeting,
which was held to determine the wording of the rules of oil
marketing practices such as contained in the defunct oil code
and the Federal Trade Commission code of 1931. The
rules, however, have not been finally drafted and further
meetings are scheduled to be held.
The new rules which, it was understood, will incorporate
most of the marketing regulations of the former oil code and
several of the rules of the Federal Trade Commission code of
1931 will be submitted to the American Petroleum Institute
for its approval, then to the industry at large and finally
to the Federal Trade Commission.
There was little doing in the way of price changes in
gasoline during the week. Current quotations held in
practically all major consuming areas as dealers stocked up
in preparation for the Fourth of July holiday drain on stocks.
Trading in other refined products was routine.
There were no price changes posted during the week.
New York
(Bayonne)
N.Y.(Bayonne)
Bunker C
Diesel 28-30 D
41-43 Water White, Tank Car, F.O.B. Refinery
North Texas.0312-.033$ New Orleans_S.04 -.043$
.2
$0.05 I Los Angeles_ .0412-.05
.03;2-.04
Tulsa
Fuel 011, F.O.B. Refinery or Terminal
California 27 plus D
Phila., bunks C____21.15
51.151:25
$
00
19
1..851New Orleans C_
Gas Oil, F.O.B. Refinery or Terminal
Y.(Bayonne).
I
5.021(-.02)2
plus.---3.04 -.0412 I Chicago,Tulsa
32-38 G0_2.0212 0232 I
,
S. Gasoline, (Above 65 Octane), Tank Car Lots. F.O.B. Refinery
Standard 011N. J..-2.0634 New York
Chicago
s.0514-.0534
Socony-Vacuum--Colonial-Beacon -5.063( New Orleans- .0534-.0531
Tide Water 011 Co__ .0612
Texas
.0412-.041$
.06)4 Los Ang
Richfield 011 (Calif.) .06%
Gulf
0612 Gulf ports.... .0514
Warner-Quixdan Co_ .06H
Republic 011
063$ Tulsa........0532-.0522
Shell East'n Pet__ 063$
Gasoline, Service Station. Tax Included
:New York
Cincinnati
183
Minneapolis
5 185
2 176
sBrooklyn178
Cleveland
NewOrleans
18-.195
185
Newark
Denver
168
Philadelphia
17
.20
Camden
168 Detroit
Pittsburgh
.18
18
Boston
.135 Jacksonville
.165
.205 San Francisco
Buffalo
.17
Houston
St. Louis
.169
17
Chicago
.175 Los Angeles
.146
a Not including 2% city sales tax.
Crude Oil Production Drops 38,450 Barrels in Week
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
June 29 1935 was 2,689,850 barrels. This was a drop of
38,450 barrels from the output of the previous week, but
remained above the Federal rllowable figure of 2,651,000
barrels which became effective June 1. Daily average
production for the four weeks ended June 29 1935 is estimated
at 2,696,400 barrels. The daily average output for the
week ended June 30 1934 totaled 2,592,000 barrels. Further
details as reported by the Institute follows:
Imports of petroleum at principal United States ports (crude and refined
oils), for the week ended June 29, totaled 1.046,000 barrels, a daily average
of 149,428 barrels, compared with a daily average of 232,429 barrels for
the week ended June 22 and 158,428 barrels daily for the four weeks ended
June 29.
Reports of California oil at Atlantic and Gulf Coast ports (crude and
refined) for the week ended June 29 totaled 61,000 barrels, a daily average
of 8,714 barrels, compared with a daily average of 27,286 barrels for the
week ended June 22 and 25,571 barrels daily for the four weeks ended
June 29.
Reports received from refining companies owning 89.5% of the 3,806,000
barrels estimated daily potential refining capacity of the United States.
Indicate that 2,601,000 barrels of crude oil daily were run to the stills
July 6 1935
Financial Chronicle
32
operated by those companies and that they had in storage at refineries at
the end of the week,30,418,000 barrels offinished gasoline;6,098,000 barrels
of Unfinished gasoline and 101,818,000 barrels of gas and fuel oil. Gasoline
at bulk terminals, in transit and in pipe lines amounted to 19,589,000
barrels.
Cracked gasoline production by companies owning 92.5% of the potential
charging capacity of all cracking units, averaged 535,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
4 Weeks
Ended
June 29
1935
Week
Ended
June 30
1934
514,550
146.700
515,100
131,350
58,700
59,250
25,450
153,900
50,000
466,900
42,350
64,450
63,400
59,150
25,500
153,950
49,700
463,400
42,350
59,600
58,150
59,150
25,550
153,800
49,900
461,650
42,350
60,750
58,900
57,750
27,450
145,150
54,900
507,750
52,100
49,200
143,900
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
3outhweet Texas
Coastal Texas (not including Conroe)
517,000
148,350
141,150
Total Texas
140,300
118,850
1,059,300 1,061,900 1,058,200 1,051,600
1.072,050
22,650
118,550
22,800
115,850
22,850
115,100
25,250
67,550
132,300
141,200
138,650
137.950
92,800
30,700
103,700
36,800
30,950
107,700
42,950
30,850
103,700
43,450
30,900
105,200
42,750
31,550
104,750
31.850
38,400
10,100
4,050
39,650
10,350
4,050
38,150
10,250
4,000
37,000
8,750
3,000
52,000
52,550
54,050
52,400
48,750
55,000
512,700
52,900
528,000
53,050
581,000
52.950
561,400
48,800
515,000
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not Ind. Mich.).•
Michigan
36,700
11,300
4,000
Wyoming
Montana
Colorado
Total Rocky Mt. States
New Mexico
California
Total United State,_ ..... 2,651,000 2,689,850 2,728,300 2,690,400 2,502,000
-The figures indicated above do not Include any estimate of any oil which
Note
might have been surreptit ously Produoed.
CRUDE RUNS TO STILLS; FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED JUNE 29 1935
(Figures in thousands of barrels of 42 gallons each)
Repo, ins
Peters-
District
alli
1
481 78.6 16,039
113 77.4 2,215
374 88.2 9,100
790
318
766
260 11,084
771
145
55 4,672
5,237
1,171
5,127
1,188
268
917
8,745
646
270
1,886
253
40
106
1,023
545 4,387
1,325 1,920
295 10,145
3,804
__
380
90
.804
55
3,015 63,851
VIA
3,806
3,806
384
160
595
163
72
60
789
CoMO
Ot .N
Cl MOC.C, ,
Cl
-.000.0
.... WW.
0...V.
Totals week:
June 29 1935
June 22 1935
612
146
424
,
W.000A.C.
East Coast__
Appalachina.
Ind., III.,Ky.
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
.
La. Gulf_ __
No. La-Ark..
Rocky Mtn,
California__
8
Total P. C
;obob
CACo '.°01
Rats
Stocks
Stocks a Stocks
of
b Stocks
of
of
tinGas
of
Finand
Daily P. C. Liked finished Other
Fuel
Aver- Oper- Oaso- Gaso- Motor
Oil
Fuel
line
line
cited
age
Crude Runs
to Stills
Daily Refining
Capacity of Plants
292
109
527
115
56
49
485
76.0
64.1
88.6
70.6
77.8
81.7
61.5
3,405 89.5 2,601 76.4 c50,007 6,008 5,785 101,81E
3,405 89.5 2.606 76.5 d50,125 6,185 5,700 101,692
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unb ended natural gasoline at refineries and plants; also blended motor
fuel at plants c Includes 30,418,000 barrels at refineries and 19,580.000 barrels at
bulk terminals, in transit and pipe lines. d Includes 30,835,000 barrels at refineries
and 19,290,000 barrels at bulk terminals. In transit and plpe lines.
, Bituminous Coal Output Drops Sharply-Anthracite
Off 23%
The weekly coal report of the United States Bureau of
Mines stated that with the announcement, on June 15, that
the wage agreement between miners and operators had been
extended for a fortnight, production of bituminuos coal
suddenly declined,and in the week ended June 22is estimated
at 4,831,000 net tons. The decrease was largely a reaction
against the forced buying of the two weeks preceding, when
many railroads and industries had been purchasing for storage. Total stocks in the hands of commercial consumers on
June 15 were in the neighborhood of 38,500,000 tons, sufficient for 47 days supply.
Anthracite production in Pennsylvania during the week
ended June 22 is estimated at 1,117,000 net tons. This is a
decrease of 333,000 tons, or 23.0%, from the output in the
preceding week, and compares with 805,000 tons in the corresponding week of 1934.
During the calendar year to June 22 1935 a total of 182,616,000 net tons of bituminous coal and 27,183,000 net tons
of Pennsylvania anthracite were produced. This compares
with 174,710,000 tons of soft coal and 31,364,000 tons of
hard coal produced in the same peroid of 1934. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Calendar Year In Dale
Eeek Ended
June 22
1935 c
June 15
1935 d
June 23
1934
1035
1934 e
1929
Bitum. coal: a
Tot.for peed 4,831,000 0,220,000 6,055,000 182,616,000 174,710,000 248,200,000
Daily aver- - 805,000 1,537,000 1,009,000 1,247,000 1,191,000 1,684,000
Pa. anthra.: b
Tot.for per'd 1,117,000 1,450,000 805,000 27,183,000 31,364,000 34,160,000
234,800
215,600
186,800
Daily aver__ 186,200 241,700 134,200
Beehive coke:
576,100 3,199,800
453,200
12,200
17,800
12,700
Tot.for per'd
21,17
3,856
3,042
2,033
2,967
2,117
Daily aver..
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
County, wasbery and dredge coal, local sales, and colliery fuel. c Subject
Sullivan
June
1Veek Ended
AverJune 15 June 8 June 1 June 16 June 17 June 15 age
1935 p 1935 p 1935 p 1934 r 1933 r 1929 1923 f
Alaska
Alabama
Arkansas and Oklahoma_
Colorado
Georgia dz North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern_a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
W. Virginla-Southern-b
Northern-e
Wyoming
Other Western States-d
2
218
31
91
1
1,030
418
87
137
729
157
42
15
65
29
22
566
2.483
91
13
57
228
22
1,898
701
87
•
2
204
27
r79
1
1,040
349
68
110
678
168
35
8
59
28
21
529
2,376
91
13
r37
233
20
1,720
675
82
•
2
182
18
55
1
728
263
63
84
602
125
22
9
50
22
20
427
1,768
79
14
27
167
17
1,475
492
72
•
2
194
10
37
*
517
182
39
75
511
94
18
8
30
16
10
345
1,703
64
13
24
168
19
1,368
484
56
•
a
144
19
44
s
467
201
39
70
517
95
21
2
24
19
810
322
1,583
70
17
23
156
20
1,349
429
53
s3
Total bituminous
Penna. anthracite-e
9,220
1,450
8,653
1,387
6,784
1,240
5.987
776
5,706
827
Cl
521,200
147,.500
514,200
154,300
Oklahoma
Kansas
State
-.WOWNhWWWWQMON 1
.V0M WWW.00.-,WW ,
N.)0 Nt....001-..04WWW.NWO
dlerW
M
. ..WN
Actual Production
Federal
Agency Week End. Week End
June 22
Allowable June 29
1935
1935
June 1
to revision. d Revised. e Adjusted to make comparable the number of working
days in the three nets.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES (IN
THOUSANDS OF NET TONS)
[The current weekly estimates are based on railroad carloadings and river shipments and are subject to revi;lon on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
s
387
70
175
8
1,243
416
88
128
661
183
47
12
33
51
*14
888
3,613
113
21
89
240
44
1,380
856
104
55
9,478 10,886
1,175 1.956
10,670 10.040 8,024 6.763 6,533 10,653 12.822
Grand total
a Coal taken from under the Kentucky mts. through openings in Virginia is credited to Virginia In the current reports for 1935; and the 'sures are there ore not
directly comparable with former years. b Includes operations on the N & W.:
C. & 0.: Virginian: K. dc M.; B. C. & G.; and on the B. & 0. In Kanawha, Mason,
and Clay counties. c Rest of State, Including Panhandle District and Grant,
Mineral, and Tucker counties. d Includes Arizona, California, Idaho, Nevada,
and Oregon. e Includes Sullivan County, washery and dredge coal, local sales,
colliery fuel, and coal shipped by truck from established operations. Does not
Include an unknown amount of "boot-leg" production. f Average weekly rate for the
entire month. p Preliminary. r Revised. a Alaska, Georgia, North Carolina,
and South Dakota included with "other Western States." • Less than 1,000 tons
Consumption of Tin During First. Four Months of
Year Above Same Period of Previous Two Years,
According to International Tin Research & Development Council
According to the June issue of the Bulletin of the International Tin Research & Development Council issued by
The Hague Statistical Office, the consumption of tin in
manufacture during the first four months of this year totaled
46,400 tons,against 43,800 tons and 35,900 tons,respectively,
in the corresponding months of 1934 and 1933. This year
consumption shows an increase of 6% over last year and
the figures show that the increase is very largely due to the
expansion of the tin consuming industries in the United
States, it was stated in an announcement issued June 28
by the New York office of the Council, winch added.
During the year ended April 1935 the world used 132,600 tons of tin.
against 138,900 tons in the previous year. The fact that these figures
5
,
indicate a decrease of 4; % when world consumption is increasing is
explained by the exceptionally heavy imports of tin into the United States
during 1933.
From the new tables introduced in this month's Bulletin it may be seen
that the Argentine. which imported 63,361 tons of tinplate in 1934, against
47,701 tons in 1933. also consumed 975 tons of pure tin last year. South
Africa used 794 tons of tin in 1934 and imported 11,442 tons of tinplate.
Egypt and New Zealand used respectively 464 and 195 tons of tin in 1934.
All these countries used more tin than in the previous years.
The following table shows the consumption of the principal countries
for the year ended in April in tons:
Year Ended April
- Percentage
Increase or
1935
1934
Decrease
49,220
United States
21,391
United Kingdom
10,131
Germany
8,649
France
5,503
U. S. S. R
28,253
Other countries
123,147
Apparent world consumption
Approximate world consumption in manufacture 132,600
9,500
Approximate depletion of consumers' stocks_ _ _ _
58,352
20,563
10,686
9,916
4,892
25,349
129,758
138,900
9,100
-15.6
+4.0
-5.2
-12.8
+12.5
4- 11.5
-5.1,
-4.5
The tin consumption of the Saar is included with France up to Feb. 18
1935 and with Germany after that date.
Consumption in Recent Months
The world's apparent consumption of tin in April 1935 amounted to
11,343 tons, compared with 10,304 tons in April 1934. The apparent
consumption in the United States in April 1935 was 4,893 tons, against
4,049 tons in April 1934; in the United Kingdom 2.161 tons, against 1.111
tons, and in other countries 4,289 tons, against 5.144 tons.
In April 1935 the world production of tinplate amounted to 331.000
tons, compared with 285,000 tons in April last year. The world output
of automobiles in April 1935 was 595,000 vehicles, against 445,000 vehicles
in April 1934,
Tin Prices
The average price of tin for May 1935 was sterling £227.16.0. Expressing
this as an index on the basis 1913 equals 100 and comparing it with other
commodities on the same basis, gives the following results for May 1935:
May 1935
May 1935
119.6
Aluminum
113.0
Tin
119.1
Nickel
133.9
Tinplate
48.9
Copper
indices back to 1925 are given in the Bulletin
Complete tables of these
both for London and New York prices,
Volume 141
Financial Chronicle
Tin Stocks
At the end of May 1935 the world's
visible stocks of tin amounted to
18,187 tons, against 19,997 tons at the end
of April. A comparison of
the statistics of actual and apparent
consumption indicates that there
was a decrease in inviskble stocks of
approximately 1.000 tons during April.
World Zinc Production
The following table shows zinc production of
the world by
primary metallurgical works as reported
Bureau of Metal Statistics, in short tons: by the American
April
United States
Other North America
Belgium and Netherlands a
France
•
Germany
Italy
Rhodesia
Spain
Anglo-Australian
Elsewheie b
35,334
15,452
18,300
4,657
10,917
2,454
1,926
761
12,452
18,100
May
34,597
18,224
18,000
5,064
11,473
2,547
1,842
801
12,459
18,800
Total
120,353
123.807
a Partly estimated. b Includes Norway,
gether with estimates for Czechoslovakia, Poland, Japan, and Indo-China, toYugoslavia, and Russia, the quantities
of which are small.
Production ofzinc for the world during the first five
months of the current
year totaled 600,471 short tons,
against 526,815 tons in the same time in
1934.
Domestic Copper Steadies After Fall to 8c.
-Active
Call for Lead-Zinc Firm
"Metal and Mineral Markets" in its issue
of July 4
.
stated that at the very outset of the week the
of copper became established on the basis domestic price
with some of the leading producers quite of 8c., Valley,
their readiness to "meet all competition." outspoken about
This unquestionably served to steady the market at the lower level
and down
all rumors of uncontrolled production here
break in the international agreement. Sales and a possible
zinc,and tin were in good volume,conside of copper, lead,
ring the
of the decline in copper, and, as the week closed,magnitude
sentiment
was very much better than in recent weeks.
Demand for
lead was exceptionally brisk, sales for the
week
largest so far this year. The publication further being the
stated:
Copper Buying Improves
With many consumers of copper
in need of metal,signs were not lacking,
even early in the week, that
business would improve as soon as buyers
became satisfied that domestic
production would not get out of hand. The
drastic cut in the price was a shock
to many.
thought, most operators regarded the change However, on sober second
in the general complexion of
the market as a move in the right
direction. Sales for the week totaled
around 6,000 tons, which compares
with 4,500
2,600 tons two weeks ago. In other words, tons in the week previous and
demand has improved, and,
with the foreign price again rising,
sentiment was very much better than a
week ago. Producers, without
exception, appear anxious to do nothing to
disturb their production schedules
.
On June 27, fabricators revised
their quotations for copper products to
conform with 8c. copper.
Foreign copper was watched carefully
as an indicator of what was going
on in connection with the internati
onal agreement. The fact that the
market abroad showed signs of recoverin
g its composure was encouraging
to the trade. American executive
s now abroad have assured foreign producers that the ending of National
Recovery Administration should not
cause any uneasiness over the curtailme
nt plan. Since Monday (July 1) the
export quotation advanced
moderately on covering by shorts as well as
renewed consumer buying.
The 4c. excise tax on copper has
been extended for two years. Though
close to $2,000.000 has been collected
on copper imports since June 1932,
a survey by the United States
Tariff Commission reveals that a large part
of the dutiable imported
copper has been re-exported in more advanced
forms (including special shapes) with
benefit of drawback. Data available
for the period beginning with June
21 1932, and ended Dec. 31 1934,
indicate that more than half of
the computed revenue on all forms of
imported copper has already been refunded
as drawback, and it is entirely
possible that later exports of products
made from this copper will result in
further refunds.
Consumption of copper outside of the United
States continues to show
gains, according to the latest report
of the American Bureau of Metal
Statistics. The moving monthly averages
for all the world outside of the
United States are as follows, in short tons:
1934
1935
January
78.766
89,565 April
84,433
February
97,253
79,838
88,448 May
87,518 100,066
March
79.341
92.643 June
92,185
Brisk Trade in Lead
Sales of lead for the week ended July 3 totaled
12,000 tons, an excellent
week's business. Except for the fact that most
producers were undersold
for June, the activity, according to trade authoriti
es, would have resulted
in a higher market for the metal. Corroders,
sheet-lead and pipe manufacturers, and miscellaneous industries were buyers,
with the first-ramed
particlarly active. Reports from all sections of the
country indicate that
paint business has been very good.
St. Joseph Lead, as in recent weeks, has been moving
a fair tonnage of its
own brands at a premium of $1 to $42 per ton. Our
quotations for the last
week held at 4c.. New York, which was also the contract
settling basis of
the American Smelting & Refining Co., and 3.85c., St.
Louis.
Zinc Firm at 4.30c.
Prime Western zinc was in better demand, sales for the
calendar week
ended June 29 totaling around 3,000 tons. With the strike
situation in the
Tri-State district still menacing, sellers were not in a mood
to offer metal
freely, especially for forward shipment. Galvanizers reported
moderate
improvement in trade. Quotations for Prime Western held
on the basis of
4.30c., St. Louis, throughout the week, with the tone firm.
The ore
market in Joplin was firm but unchanged at $28 per ton for Prime.
Tin in Demand
Consumers bought a good tonnage of tin during the last
week, sales
amounting to about 1,000 tons. With the statistics pointing
to a tight
33
situation in the metal, and apparently no change in
the marketing policy
of the foreign group, buyers were forced to take on
material.
Deliveries of tin in the United States during June totaled
4,515 long tons,
against 3,950 tons in May,and 3,845 tons in June last year.
Total deliveries
(U. K., U. S., Continent, &c.) amounted to 7.962 tons during
June, against
7.661 tons a month previous, and 7,645 tons in June
1934. The world's
visible supply, including the Eastern carry-over, at the
end of June was
estimated by the Commodity Exchange at 15,117 tons, against
17.994 tons
at the end of May. and 18,894 tons a year ago. The
visible supply has been
Permitted to fall to tho lowest point since 1927.
Chinese tin,99% was quoted nominally as follows: June
27th, 50.75c.;
28th, 50.75c.; 29th. 50.75c.: July 1st, 50.75c.: 2d, 50.85c.:
3d, 50.95c.
Steel Payrolls Increased in May over April Despite
Decline in Operations, American Iron and Steel
Institute Reports
Payrolls of the steel industry in May were more than $600,000 greater than in April, despite a drop in operations of
nearly 4% between the two months, the American Iron and
Steel Institute announced June 28. It added:
Total payrolls in May were $46,493,536 compared with
$45,890,244 in
the preceding month. Operations of the industry averaged
43.53% of
capacity in May as against 45.28% in April. In May
1934, when operations were at 56.40%. the highest in 1934 and nearly
30% above May of this
year, the payrolls for the month was $51,895,931,
only 11.6% above May
1935.
Total employment in the steel industry was 421.470
in May 1935, a
decrease of only 34, of 1% from the total of 424,623 employee
s in April.
Employment in the peak month. May 1934. was 449,362.
Average hourly wage rate of the steel industry in May
was 65.5 cents
-a
slight decrease from the average rate of 65.9 cents per hour
paid in April.
but ahead of the average rate of 64.6 cents per hour
paid in May 1934.
The average number of hours worked per week by wage-earn
ing employees
In May 1935. was 33.9, compared with 34.2 in
the month preceding and
36.6 in May 1934.
Total number, all employees
Total payrolls, all employees
Hours per week per wage earner
Average earnings per hour, wage earners
Operating rate
May 1935
April 1935 May 1934
421,470
424,623
449,362
$46,493,536 545,890,241 551,895,931
33.9
34.2
36.6
65.5c.
65.4.
64.6c.
43.53%
45.28%
56.40%
Holiday Depresses Steel Rate-Average Ingot Rate for
Week May Fall Below 30%
The July 4 issue of the "Iron Age" stated that steel works
operations this week have declined sharply because of suspensions on Independence Day, the only holiday of the year
outside of Christmas on which there is 100% cessation of
production. Ingot output on the eve of the shutdown was
32% of capacity, and since some producers will resume on
a curtailed basis on Friday while others will remain idle until
next Monday, the average for the week may fall well below
30%. The 'Age" further stated:
A substantial rebound is looked for next week, although
the rate may not
reach the 38% level maintained in the last two weeks
of June. A low
operating rate in July is in line with seasonal expectations.
The summer
recession, however, will be less severe and of shorter duration
than in 1934,
according to prevailing views in the trade.
The automobile industry, in keeping with its plan to start
production of
new models in September, will doubtless resume the placing
of substantial
steel orders in August. Agricultural buying power, thanks
to ample precipitation, is the best in four years. Farm equipment plants
remain active
though in a between-season period, while tractor manufact
urers are still
falling behind in their efforts to catch up with back orders.
Unusually
large canning packs, together wth expanding demands for
filing station
oil cans and a brand new market for beer cans, point to a continuat
ion of
high operations among tin plate makers. The nascent revival of
residential
building, the growth of factory construction, the appearance of
Inquiries
from the oil industry for pipe lines and refineries, and finally
the increasing
diversification of miscellaneous orders for iron and steel are
also suggestive
that the basis is being laid for broad business improvement.
Scrap, always a sensitive barometer, likewise points to early trade
improvement. A Youngstown district mill has closed for upward
of 50.000
tons of steel-making scrap without developing further price weakness
, and
at Chicago a consumer purchase of heavy melting steel has resulted
in an
advance, raising the "Iron Age" scrap composite from $10.71
to $10.75 a
ton.
Furnace coke at Connellsville has fallen another 15c a ton to
$3.35, but
this change naturally followed the heavy accumulation of
fuel stocks in
anticipation of a coal strike that did not eventuate.
Base prices on pig iron and steel have thus far held without
a break.
Irregularities continue to be reported in the resale prices of distribut
ors and
In the interpretation of controversial points in the field of extras.
A number of sheet mills have discontinued quoting prices on stamped
blanks.
Steel pipe awards are featured by the placing of 7000 tons for the
Fort
Smith, Ark., waterworks. A 300-mile natural gas line,
requiring 22 to
24-in, steel pipe, is planned for construction from Indiana
to Detroit. A
refinery- Houston. Tex., will take 4000 tons of steel,
at
while another Southwestern project, still in a tentative stage, involves pipe
lines and a refinery
calling for 60,000 tons of steel.
New York rapid transit companies have placed orders
for 500 subway
cars and 100 street cars.
Structural steel awards, mostly in small tonnages, total
only 7,000 tons
as against 27,000 tons last week. New projects
of 9,000 tons compare
with 56,675 tons in the previous week. Structural
steel lettings in June
totaled 70.815 tons against 52.200 tons in May and 60,275
tons in April.
The Navy Department will take bids Aug. 7 on 13
vessels to be built in
private yards and shortly thereafter will take tenders
on steel for 11 ships
to be constructed in Government yards. Steel requirem
ents for the hulls
are estimated at 45.000 tons.
The "Iron Age" composite prices for pig iron and finished
steel are unchanged at $17.84 a ton and 2.124c. a lb. respectively.
Copper, after
holding for a little more than a year at 9c., Connecti
cut Valley, has broken
lc. a lb. to Sc.
THE "IRON AGE" COMPOSITE PRICES:
Finished Steel
July 2 1935, 2.134e. a lb.
(Based on steel bars, beams, tank
One week ago
Plates.
2.124e.1 wire, rails. black pipe, sheets and hot
One month ago
2.1240. rolled strips. These products
make
One year ago
2.199c.1 85% of the United States output.
.
July 6 1935
Financial Chronicle
34
High
2
2.1990. Apr. 24
2.0150. Oct. 3
1.9770. Oct. 4
2.0370. Jan. 13
2.2730. Jan. 7
2.3170. Apr. 2
2.286o. Dec. 11
1935
1934
1933
1932
1931
1930
1929
1928
1927
Low
2.1240. Jan. 8
2.0080. Jan. 2
1.8670. Apr. 18
1.9260. Feb. 2
1.9450. Dec. 29
2.0180. Dec. 9
2.2730. Oct. 29
2.2170. July 17
2.2120. Nov. 1
2 4020. Jan. 4
Pig Iron
July 2 1935, $17.84 a Gross Ton
Based on average of basic iron at Valley
One week ago
117.841 furnace and foundry Irons at Chicago.
17.841 Philadelphia, Buffalo. Valley and
17.901. Birmingham.
Low
High
$17.83 May 14
$17.90 Jan. 8
16.90 Jan. 27
17.90 May 1
13.56 Jan. 3
16.90 Dec. 5
13.56 Dec. 0
14.81 Jan. 5
14.79 Dec. 15
15.90 Jan. 6
15.90 Dec. 61
18.21 Jan. 7
18.21 Dec. 71
18.71 May 14
17.04 July 24
18.59 Nov. 27
17.54 Nov. 1
19.71 Jan. 4
One month ago
One year ago
1935
1934
1933
1932
1931
1930
1929_
1928_
1927
Steel Scrap
Based on No. 1 heavy melting sloe
July 2 1935, $10.75 a Gross Ton
quotations at Pittsburgh. Philadelphia
$10.71
One week ago
10.831and Chicago.
ago
One month
10.67
One year ago
Low
High
$10.33 Apr. 23
$12.33 Jan. 8
1935
9.50 Sept.25
13.00 Mar. 13
111.14
6.75 Jan. 3
12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 8
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
9929
13.08 July 2
16.50 Dec. 31
9128
13.08 Nov. 22
15.25 Jan. 11
1127
The American Iron and Steel Institute on July 1 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 32.8%
of the capacity for the current week, compared with 37.7%
last week, 39.5% one month ago, and 23.0% one year ago.
This represents a decrease of 4.9 points, or 13.0%,from the
estimate for the week of June 24. Weekly indicated rates
of steel operations since June 4 1934 follow:
1934June 4
June 11
June 18
June 25
July 2
July 9
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
1934
Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
July 16
July 23
July 30
Aug 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Elept.10
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
Oct. 29
Nov. 5
Nov.12
Nov.19
Nov.26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
1934
Dec. 31
1935
Jan 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
Aix. 1
1935
39.2% Apr. 8
Apr. 15
43.4% Apt. 22
47.6% Apr. 29
49.5% May 6
52.5% May' 13
52.8% May 20
50.8% May 27
49.1% June 3_ _ _ _
47.9% June 10
43.8%
44.0%
44.6%
43.1 et,
43.4%
42.8%
42.3'
39.5%
39.0%
48.2% June 17-- 38.3%
37.7%
47.1% June 24._
32.8%
46.8% July 1
46.1%
44.4%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on July 1 stated:
-way mark to-day with
Steel production for 1935 crosses the year's halt
a'record slightly below that of the comparable period in 1934.
Substantial gains in output in the earlier months this year have disappeared, yet sentiment in the markets now probably is stronger than at
any time in the past several years.
With steel works operations for June estimated, the average for six
months is about 46%, or one point below that last year. For every point
the industry makes an average of 2,200 gross tons of ingots. so that the
official figures when available this week will show a moderate loss.
Sixty-five per cent of last year's production fell in the first half, while
steel makers now are confident the next six months will bring out a much
heavier demand than that in the first six.
Miscellaneous requirements have held up better than expected, and
aided by rebounds at Chicago, Detroit, Youngstown and in New England
some of
the steel rate last week recovered'13 points to 37%. Apparently
July 4, which
this gain was in anticipation of widespread suspensions for
In numerous instances will extend over the entire week.
month or
The seasonal bottom in automobile assemblies is due late this
shipments
early August, and beginning about the middle of August steel
heavier basis. Chevrolet and Chrysler plan to be in
will be resumed on a
production on new models by Aug. 15. Assemblies last week totaled
89,000, down 1,500.
of
At the moment, construction work gives the most tangible promise
week
developing heavy tonnages. The industry had another fairly good
in the
in structural shape awards, at 22,600 tons. Public works projects
closing. The
Middle West requiring 45,000 tons are scheduled for early
built in private yards,
navy has issued specifications for 13 vessels to be
taking 24,275 tons of steel, to be awarded in August.
Next week the first specifications are expected to be issued on 65,000
Ohio
tons of steel for the 5,125 freight cars awarded by the Chesapeake &
RR. Canadian Pacific is inquiring for 1.200 freight cars, Canadian
National, 1,100. Wabash has purchased 5,000 tons of rails.
Tractor plants and some farm implement builders have not experienced
next
a seasonal recession, and the former are likely to be rushed for the
the
two months. Tin plate production apparently will be given a lift by
has
adoption of tin cans for marketing beer. A large brewing interest
placed a contract for cans requiring a heavy steel tonnage.
Reinforcing bar prices are under increasing pressure, but other steel
third quarter
prices are apparently firm. New steel contract forms for
are the same as those used heretofore, except referred to as standard extras.
Another influx of foreign pig iron is affecting Eastern markets.
June pig iron shipments in the Middle West were only 10% less than
those in May. Republic Steel Corp. has relighted one of its Buffalo
furnaces. Scrap consumers claim to be well supplied, while dealers will
not sacrifice to sell.
Detroit steel works operations last week advanced 24 points to 94%;
Chicago, 2 to 41; New England, 5 to 61; Youngstown, 1 to 42. Cleveland
was down 2 to 46. while others were unchanged.
"Steel's" iron and steel price composite is down 1 cent to $32.39; the
finished steel index remains $54, while the scrap composite is off 4 cents
to $10.34.
Steel ingot production for the week ended July 1 is placed
at 38% of capacity, according to Dow, Jones & Co., Inc.
This is unchanged from the previous week. Two weeks
ago the average was 39%.
U. S. Steel is estimated at 35%, the same as the week before, and compared with 35M % two weeks ago. Leading independents are credited
with 40%, unchanged from the preceding week, and against 41%% two
weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding weeks of previous years, together with the
changes, in points, from the week immediately preceding:
U. S. Sleet
Industry
Independents
__
40
50 -14
60 .4 2
35__
41 - 7
42 ± 2
Not available
34 - 2
69 - 2
97 - 2
75 - 1
70 - 4
...
38
45 -12
52 ± 2
1935
1934
1933
1932
1931
1930
1929
1928
1927
3334- 135
64 - 2
94 - 1
72 - 14
6735- 34
33
59
91
69
65
-2
-2
-1
- 35
-3
June Pig Iron Output Off 7.1%
Production of coke pig iron in June, according to the
"Iron Age" of July 4,totaled 1,552,514 gross tons, compared
with 1,727,095 tons in May. The daily rate in June, at
51,750 tons, decreased 7.1% from the May rate of 55,713
tons. Production for the first six months this year, at 9,799,000 tons, compares with 9,798,313 tons in the corresponding
period last year. The "Age" further said:
There were 91 furnaces in blast on July 1, making iron at the rate of49,180
tons a day, against 97 on June 1, making iron at the rate of 54,465 tons a
day. Eight furnaces were blown out or banked during the month and two
were put in operation. The Steel Corp. put one furnace in and took six off
blast; independent steel companies took two off blast and one merchant
furnace was blown in.
Among the furnaces blown out or banked are the following: One Monongahela, National Tube Co.; one South Chicago and one Gary, Illinois Steel
Co.; three Ensley, Tennessee Coal, Iron & RR. Co.; one Aliquippa, Jones &
Laughlin Steel Corp., and one Riverside furnace of the Wheeling Steel Corp.
Furnaces blown in included a Mingo furnace of the Carnegie Steel Co.
and the Anna furnace of the Struthers Iron & Steel Co.
IRON IN THE UNITED
DAILY AVERAGE PRODUCTION OF COKE PIG
-GROSS TONS
STATES BY MONTHS SINCE JAN. 1 1930
1930
First six months_
July
August
September
October
November
December
19 /mew
&vamps.
1933
1934
1935
31,3%
33,251
31,201
28,430
25.276
20,935
18,348
19,798
17,484
20,787
28,621
42,166
39,201
45,131
52,243
57,561
65,900
64,338
47,656
57,448
57,098
55,449
55,713
51,750
100,891
61,356
28,412
24,536
54.134
54,138
85,146
81,417
75,890
69,831
62,237
53,732
February
March
AprIl
May
June
1932
91,209
101,390
104,715
106,062
104,283
7,804
January
1931
55.299
60,950
65,556
67,317
64,325
54,621
47,201
41,308
38,964
37,848
36,782
31.625
18,461
17,115
19,753
20,800
21,042
17.615
57,821
59,142
50,742
43,754
36,174
38,131
39,510
34,012
29,935
30,679
31,898
33,149
RA n9A
An
2R IRR
RA 100
42 RA2
ARO
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
Pig Iron x
1934
1935
January
February
March
April
May
June
Half year
July
August
September
October
November
December
Ferromanganese y
1935
1934
1,477,336
1,608,552
1.770,028
1,663,475
1.727,095
1,552,514
1,215,226
1,263,673
1,619,534
1,726.851
2,042,896
1,930,133
10,048
12,228
17,762
18,302
17,541
12,961
11,703
10,818
17,605
15,418
10,001
10,097
9,799,000
0,798,313
88,902
75,642
1,224,826
1,054.382
898,043
951,062
956,940
1,027,622
10,188
8,733
7,100
9,830
8,134
4,563
15,911,188
124,190
Year
x These totals do not Include charcoal pig iron. The 1933 production of this
Iron was 32,941 gross tons. y Included In pig Iron figures.
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended July 3, as reported by the
Federal Reserve banks was $2,475,000,000, a decrease of
$2,000,000 compared with the preceding week and of $7,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
a
On July 3 total Reserve bank credit amounted to 32,463,000,000,
a
decrease of $4,000,000 for the week. This decrease corresponds with
bank reserve balances and an increase
decrease of $129,000,000 in member
of $10,000,000 in monetary gold stock, offset in part by increases of $121.and
000,000 in money in circulation and 311,000,000 in Treasury cash
Volume 141
Financial Chronicle
deposits with Federal Reserve banks and a decrease
of $4,000.000 in Treestury and national bank currency.
Relatively small changes were reported in holdings
of discounted and
purchased bills and industrial advances. Increases
of $23,000,000 in holdings of U. S. Treasury notes and $2,000,00
0 in U. S. Treasury Lilts were
partially offset by a decrease of $24,000,0 in United
00
States bonds.
Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal Reserve
banks in accordance with the provisions of Treasury regulation issued pursuant to sub-section (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. • Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended July 3, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 68 and 69.
July 3 1935
$
Bills discounted
8,000,000
Bills bought
5,000,000
U. B. Government securities
Industrial advances (not including2,431,000,000
21,000,000 commitments—July 3) 28,000,000
Other Reserve bank credit
4,000,000
Total Reserve bank credit
2,468,000,000
Monetary gold stock
9 119,000,00
Treasury and National bank currency2,504,009,000
0
Money In circulation
5,619,000,000
Member bank reserve balances
Treasury cash and deposits with Fed-4,900,000,000
eral Reserve banks
Non-member deposits and other Fed-3,002,000,000
eral Reserve accounts
570,000.000
Increase (+) or Decrease (—)
Since
June 26 1935
July 3 1934
+1,000,000
—21.000,000
+1,000,000
—1.000,000
—6,000,000
+28.000,000
—26,000,000
—4,000,000
—20,000,000
+10,000,000 +1,253,000,000
—4,000,000 +139,000,000
+121,000,000 +222,000,000
—129,000,000 +1,154,000,000
+11,000,000
—111,000,000
+1,000,000
+108,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board
for
the New York City member banks and also for the
Chicago
member banks for the current week, issued in advanc
e of
full statements of the member banks, which latter
will
be available until the coming Monday. The New not
York
City statement formerly included the brokers'
reporting member banks and showed not only theloans of
total of
these loans but also classified them so as
loaned for their "own account" and theto show the amount
amount loaned for
"account of out-of-town banks," as well as the
amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loam to broker
dealers in New York and outside New York, loans on and
curities to others, acceptances and commercial paper, seon real estate, and obligations fully guaranteed both loans
principal and interest by the United States Govern as to
This new style, however, now shows only the loans to ment.
brokers
and dealers for their own account in New York
of New York, it no longer being possible to get and outside
the amount
loaned to brokers and dealers `for account of out-ofbanks" or "for the account of others," these last two town
now being included in the loans on securities to others. items
The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including
the
amount loaned outside of New York City, stood at
000,000 on July 3 1935, an increase of $48,000,000. $952,CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN
NEW YORK CITY
New York
July 3 1935 June 26 1935 July 3 1934
Loans and investments—total
7 718,000,000.7,775,000,000 7,303,000,000
Loans on securities—total
1 700,000,000 1,655,000,000 1.749,000,000
To brokers and dealers:
In New York
886,000,000 844,000 000 841,000,000
Outside New York
68,000,000
60.000,000
55.000,000
To others
748,000,000 751,000,000 853.000,000
Accepts, and commercial paper bought._ 149,000,00
0 153.000.000
Loans on real estate
125,000,000 126,000,00011,i27,000.000
Other loans
1 199,000,000.1,207,000,000
U. S. Government direct obligations_ _ -.3,245,00
0,000 3,324.000,000 2,928,000,000
Obligations fully guaranteed by United
States Government
320,000,000 316,000.00011,099,000,000
Other securities
980,000,000 994,000,000J
Reserve with Federal Reserve banks-- 1,689.000,000 1,885,000,
000 1,234,000,000
Cash in vault
48.000,000
46,000,000
38,000.000
Net demand deposits
7,503,000,000 7,578,000,000 6,115.000,000
Time deposits
569,000,000 550,000,000 691.000,000
Government deposits
201,000,000 361,000,000 733.000.000
Due from banks
112,000,000 103,000,000
96.000,000
Due to banks
1 970,000.000 1.914,000,000 1,603,000,000
Borrowings from Federal Reserve Bank_
Chicago
Loans on investments total
1 624.000,000 1,589,000,000 1,442,000,000
Loans on securities—total
200,000,000 196,000,000 282,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000,000
31,000.000
168,000,000
Accepts. and commercial paper bought__ 19,000,000
Loans on real estate
16,000,000
Other loans
246,000,000
1.000,000
26,000,000
169,000,000
19.000,000
47,00(1,000
216,000.000
20,000,0001
16,000,000) 281,000,000
244.000.000J
35
July 3 1935 June 26 1935
July 3 1934
$
s
S
U.S. Government direct obligations__ _ _ 811,000,000 777,000,0
00 572,000,000
Obligations fully guaranteed by United
States Government
80,000,000
80,000,0001 307,000,000
Other securities
252,000.000 256,000,0001
Reserve with Federal Reserve Bank_ _ _ 648,000,000 703,000,00
0 448,000,000
Cash In vault
37,000.000
36,000,000
40,000,000
Net demand deposits
1,731,000.000 1,672,000,000 1,335,000,000
Time deposits
414,000,000 470,000,000 366,000,000
Government deposits
11,000,000
22.000,000
47.000,000
Due from banks
213,000,000 227,000,000 168,000.000
Due to banks
521.000,000 303,000,000 398,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve
themselves, and covering the same week, instead of banks
being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body
reporting member banks of the Federal Reserve System of
for
the week ended with the close of business June 26:
The Federal Reserve Board's condition statement of
weekly reporting
member banks in 91 leading cities
on June 26 shows Increases for the week of
$43,000,000 in total loans and investments, $70,000,0
00 in net demand
deposits and $22.000,000 in reserve balances with Federal
Reserve banks.
Loans on securities to brokers and dealers in New York
increased $46.000,000 at reporting member banks in the New York
district and $45,000 000 at all reporting member banks; loans to brokers and
dealers outside
New York declined 31,000,000; and loans on securities
to others declined
$3,000,000. Holdings of acceptances and commercial paper
bought in open
market declined $7,000,000 in the New York district
and $11,000,000 at all
reporting member banks; real estate loans showed little
change for the week;
and "other loans" declined $7,000,000 in the New
York district and $14,000.000 at all reporting member banks.
Holdings of United States Government direct
obligations increased
$18,000,000 in the Chicago district,$8,000,000 in the New
York district, and
$19.000,000 at all reporting member banks, and declined
37,000,000 in the
San Francisco district. Holdings of obligations fully
guaranteed by the
United States Government declined 114,000.000 In the
New York district
and $5,000,000 at all reporting member banks,
and increased $5,000,000
in the Philadelphia district and $4.000,000 in the
Kansas City district.
Holdings of other securities increased $10,000.000
in the New York district
and $12,000.000 at all reporting member banks.
Licensed member banks formerly includeo in the
condition statement of
member banks in 101 leading cities, but not now
included in the weekly
statement, had total loans and investments
of 11.298.000,000 and net
demand, time and Government deposits of $1,493,00
0,000 on June 26,
compared with 11,296,000,000 and $1.490,000,000,
respectively,on June 19.
A summary of the principal assets and liabilities
of the reporting member
banks, in 91 leading cities, that are now included
in the statement, together
with changes for the week and the year ended June
26 1935, follows:
int:14am (4-) or Decrease (—)
Since
June 26 1935 June 19 1935 June 27 1934
Loans and investments—total. _ _ _18,663,000,000
+43,000,000 +926,000,000
Loans and securities—total
3.061,000,000
+41,000,000
—468,000,000
To brokers and dealers:
In New York
Outside New York
To others
883,000,000
166,000,000
2,012,000,000
+45,000,000
—1,000,000
—3,000,000
—52,000,000
—14,000,000
—402,000,000
317,000,000
961,000,000
3,205,000,000
—11.000,0001
+1,000,000
—14,000,000)
Accepts, and com'l paper bought
Loans on real estate
Other loans
--2,000,000
U. S. Govt. direct obligations_ _ 7,407,000,000
+19,000,000 +742.000,000
Obligations fully guaranteed by the
United States Government
841,000,000
—5,000.0001 +654,000,000
Other securities
2,871,000,000
+12,000,000J
Reserve with Fed. Res. banks_ _ 3,875,000,000
+22,000,000 +974,000,000
Cash in vault
302,000,000
+12,000,000
+55,000,000
Net demand deposits
15,423,000,000 •+70,000,000 +2,919,000,000
Time deposits
4,427,000,000
—7,000,006
—74,000,000
Government deposits
674,000,000
—1,000,0011 —683,000,000
Due from banks
1,842,000,000
+43,000,000 +273,000,000
Due to banks
4,398,000,000
+14,000,000 +770,000,000
Borrowings from F. R. banks
—5,000,000
• June 19 figures revised. (San Francisco district.)
Annual Report of Federal Reserve Board—Gold
Shipments by New York Federal Reserve Bank
to
Belgium and Gold Advances Arranged in Behalf
of the Bank for International Settlements but
not
Availed Of
While more extended reference will be made another
to the annual report of the Federal Reserve Board week
(made
public July 4) covering the operations of
take occasion here to refer to what the the year 1934, we
Board
regarding credit agreements with foreign Centralhas to say
which information is supplied as to arrangements Banks, in
the extension of credits, secured by gold, to thelooking to.
International Settlements, which credits, however,Bank for
were not
utilized:
Credit Agreements With Foreign Central Banks
The aggregate participation of the Federal
Reserve banks in the two
credits extended, with the approval of the
Federal Reserve Board, to the
National Bank of Hungary in 1931 by
the Federal Reserve Bank of New
York,in association with the other Federal
Reserve banks and other foreign
central banks, was reduced during 1934
from 33,560,000 to $3,140,000.
These two credits, which took the form
of purchases of prime commercial
bills guaranteed by the National Bank of
Hungary, had been consolidated
36
Financial Chronicle
in 1933 in an agreement that provided for scheduled reductions over a period
of three years. The demand deposit of $10,000,000 placed by the Federal
Reserve banks, upon the approval of the Federal Reserve Board, with the
bank for International Settlements in 1931 for the purchase from time to
time of bills guaranteed by that bank, which had been reduced to $2,920,000
by the beginning of 1934, was further reduced to $530,000 during the year.
The total of the demand deposit and of bills purchased under the agreement
which had amounted to $4,220,000 at the beginning of the year, was reduced
to $2,530,000.
On Nov. 2, at the time gold was being shipped from Belgium to the
United States, the Federal Reserve Board approved the extension of credits
to the National Bank of Belgium by the Federal Reserve Bank of New
York, in association with the other Federal Reserve banks, for amounts up
to $25,000,000 in the form of advances secured by gold. Advances made
under this agreement were entirely liquidated by the end of November,
when the shipment of gold from Belgium to this country ceased. On
Nov. 28 the Federal Reserve Board also approved the extension of
similar credits to the bank for International Settlements by the Federal
Reserve Bank of New York, in association with the other Federal Reserve
banks, for amounts up to $50,000.000 in the form of advances secured by
gold. No utilization was made of this credit during the year.
From Washington adviees July 3 to the New York "Times"
we take the following:
The arrangement with the bank for International Settlements followed
closely advances to Belgium by the Federal Reserve Bank of New York
early in November in an effort to prevent abandonment of the gold standard
by that country, and to end disquieting exchange disturbances. . . .
The understanding is that the arrangement by which the Reserve Bank
of New York expressed readiness to consider applications for aid to the
extent of $50,000,000 was not in the form of a definite commitment, but
that the Bank was prepared to give sympathetic consideration to any
requests made.
The co-operative attitude of the Federal Reserve Banks in this connection fitted in with the policy of the Treasury last January in bringing
into action its huge stabilization fund to manage the dollar in terms of
foreign exchange while the gold clause decision was pending in the Supreme
Court, and, on May 30, in aiding France by large advances, secured by
gold, to remain on the gold standard.
—6—
Canadian-Gold Revaluation Bill Does Not Contemplate
Change in Value of Currency—Officials Deny
Rumors that Canadian Dollar Is to be Linked to
that of United States
A denial that the Canadian dollar is to be tied to United
States currency was voiced on June 23 by officials of the
Canadian Finance Department, in discussing a bill now
pending in the Canadian Parliament which would authorize
the Government immediatEly to revalue $91,000,000 of gold
held by the Bank of Canada as a reserve against the currency
and to use the proft as an exchange stabilization fund.
Officials explained that the purpose of the measure is to carry
out the bookkeeping transaction of devaluing the Bank of
Canada's gold assets, less the $15.,000,000 which has been
deposited by Canadian chartered banks as cover for foreign
dal3ilities on which they will be permitted to take the profit.
The gold content of the Canadian dollar as defined in the
Currency Act is not changed by the bill.
Official explanation of the measure was given as follows
in a dispatch from Ottawa June 23 to the New York "Times:"
"It provides a fund with which we may later stabilize our currency at
any figure we choose," officials explained. "Revaluing our gold does not
mean stabilization. As the value of gold in the market increases or decreases
so will the fund. We will value It at the highest price offered for gold
whether that happens to be in London or New York. As for stabilization
itself, we cannot do anything until the American dollar and the pound are
again tied together."
The revaluation fund will be under the direction of the Minister of Finenact), not of the Governor of the Bank of Canada.
The bill does not enlarge or restrict the Government's power to devalue
said in
the Canadian currency Itself. On this point Premier Bennett
Parliament:
to
"The bill does not contemplate any commitment being made in regard
system."
the future policy of this country with respect to its monetary
Replying to the contention that the Canadian dollar should be devalued
value in
below its present figure. Mr. Bennett pointed out that Its present
gold was only about 60 cents, and added:
regard to
"To undertake deliberately to depreciate our dollar, having
on the
our position with the United States on one hand and Great Britain
far. We have
other, is something this Government has declined to do so
Great Britain as interest on our
to pay about .C12,000,000 annually in
question
obligations, and to the United States a much greater sum. The
the disof tying up our dollar to the sterling group was brought up during
events have shown
cussions on the Empire agreements, but subsequent
to the country."
such action would have been disastrous
—6—_
Interest on National Defense Bonds Reduced by France
Under date of June 24 wireless advices June 24 to the
New York "Times" said:
reduce
The financial committee of the Caisse Autonome decided to-day to
the interest rate on national defense bonds from 43 % to 4.
Contain a decree to that effect, thus
'Co-morrow's Journal Official will
bringing France one more step nearer monetary normality. Last week
the Bank of France reduced the discount rate, while forward discounts
slowly.
against the franc and interest rates generally have been declining
The authorities still feel, however, that it is necessary to move with
, great caution.
Premier Pierre Laval has been holding daily conferences with financial
advisors and is expected to announce to-morrow further measures intendel
to reduce the budgetary deficit.
Italy Establishes Special License Tax of 3% on All
Imports
A special license tax of 3% of the value of all goods imported into Italy under license or permit was established by
a decree of May 13, published in the "Gazzetta Ufficiale,'
Rome, of June 17 1935, presumably effective immediately,
according to a cablegram received in the United States
July 6 1935
Department of Commerce from Charge d'Affaires Alexander
Kirk, Rome. The denree, the Commerce Department
announced June 20, states that the proceeds of this tax are
to be used in "regulating foreign trade." It is understood
that this tax will apply on all goods admitted for importation.
Revenue Surtax on Imports and Exports Continued by
China for Additional Year
A notification has been issued by the Chinese Customs
Administration that the revenue surtax of 5% of the duties
on imports and exports has been continued for another
year beginning July 1 1935, according to a cablegram
received in the United States Department of Commerce from
Commercial Attache Julean Arnold, Shanghai. The revenue
surtax was scheduled to expire on June 30 19354 it is pointed
out.
New Cuban Budget Provides $4,000,000 for Part
Amortization of External Debt
The Cuban budget for 1935-36, which was approved by the
Cabinet on June 28, provides for resumption of payments on
part of the Cuban foreign debt. The budget, which totals
$65,125,000,includes an item of $4,000,000for part amortization of the Speyer and Morgan loans, on which service was
suspended by a decree in April of last year. At that time it
was said that the moratorium would continue "until the
Government's income reaches $60,000,000 annually." It
exceeded that figure this year. The status of outstanding
Cuban bonds was described as follows in the New York
"Herald Tribune" of June 29:
The Mendieta Government suspended payments early in 1934 on $52,000,000 worth of bonds, held mostly by American investors, which were
floated through Speyer & Co. and J. P. Morgan & Co., both of New York,
between 1904 and 1927.
A huge public works indebtedness owed largely to the Chase National
Dank had been previously defaulted by President Ramon Gran San Martin,
who claimed it was "illegitimate" because contracted by the deposed
President Gerardo Machado without the consent of the people.
These public works obligations totaled $80,000,000, of which $40.000,000
was in bonds, $20,000,000 In Treasury certificates held by Cuban and
American contractors and some banks, and $20,000,000 more in an oftextended short term loan from three United States banks headed by Chase.
United States and Mexico Sign Claims Agreement—
Mexico Will Pay $5,448,020 at Annual Rate of
$600,000
A claims agreement between the United States and
Mexico was signed at Mexico City on June 28 by Josephus
Daniels, the American Ambassador, and Jose Angel Ceniceros, acting Minister of Foreign Affairs. This action ended
a year's negotiation between the two Governments. The
agreement provides that Mexico will pay the United States
a total of $5,448,020 at the rate of $600,000 annually. Further details of the pact were noted as follows in a Washington
dispatch of June 28 to the New York "Times":
An aggregate settlement of $5,448,020.14 to be paid by Mexico to the
United States in satisfaction of all claims of American nationals against
Mexico for damages arising out of the revolution from 1910 to 1020 has
been agreed upon by representatives of the two governments. The figure
represents a lumping together of all outstanding claims.
The State Department announced today that the money will be paid
in annual installments of $600,000 and distributed by this government to
our claimants. The settlement was reached on the basis of a percentage of
recoveries by six European powers, Great Britain, France,Italy, Germany,
Spain and Belgium, having claims of the same general character against
Mexico arising out of thd revolutionary period.
$250,353 to Be Made Available to Purchase Argentine
External 6% Gold Bonds, Issue of Feb. 1 1927,
Sanitary Works Loan, for Sinking Fund
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine National external sinking fund 6% gold
bonds,issue of Feb. 11927, Sanitary Works Loan, due Feb. 1
1961, that $250,353 will be available on or before Aug. 1
1935, for the purchase for the sinking fund of so many of
thes6 bonds as shall be tendered and accepted for purchase
at prices below par. An announcement in the matter July 1
continued:
Tenders should be made to the bankers, at a flat price, below par, before
3 p. m. Aug. 1. Should tenders so accepted be insufficient to exhaust
available moneys, additional purchases upon tender, below par, may be
made up to Oct. 30 1935. The notice from the bankers follows receipt
of word from the Argentine Ambassador that $219,750 will be paid into the
sinking fund on or before Aug. 1. The difference between that amount
and the $250,353 mentioned in the notice to bondholders represents unexpended money in the sinking fund.
20% of July 1 Coupons to Be Paid on 7% Sinking
Fund Gold Bonds, External Loan of 1926, of City
of Porto Alegre (Brazil)—New York Stock Exchange
Rules on Bonds
Ladenburg, Thalmann & Co., as special agent, are notifying holders of City of Porto Alegre (United States of Brazil)
-year 7%sinking fund gold bonds, external loan of 1925,
40
that funds have been deposited with them sufficient to make
a payment in lawful currency of the United States of America
of 20% of the face amount of coupons on these bonds due
July 1. An announcement in the matter stated: •
Acceptance of payment on the coupons—amounting to $7.50 for each
$37.50 coupon and $3.75 for each $18.75 coupon—is optional with holders.
Volume 141
Financial Chronicle
but, if accepted, must be accepted in full payment
of such coupons and
claims for interest represented thereby. Payment will
be made at the
offices of the special agents, who advise holders to retain coupons
maturing
Jan. 1 1932 to Jan. 1 1934 for future adjustment, although
no present provision has been made for them.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on July 2 of rulings on
the above bonds by the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
July 2 1935
Notice having been received that payment of $7.50 per $1,000 bond
will be made July 1 1935, on surrender of the coupon due from
City of
Porto Alegre, Guaranteed 40-year 7X% Sinking Fund Gold Bonds,
External
Loan of 1925, due 1966:
The Committee on Securities rules that transactions made on and after
July 3 1935, shall be settled by delivery ot bonds bearing only the
Jan. 1
1932 to Jan. 1 1934. inclusive (ex July 1 1934 to July 1 1935,
inclusive),
Jan. 1 1936 and subsequent coupons; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Funds Remitted for Payment of 22%% of July 1
Coupons on Three Loans of State of Paulo (Brazil)
-Rulings on Bonds of External Loans of 1921
and 1926 and External Dollar Loan of 1928 by New
York Stock Exchange
Speyer & Co., as special agent for the State of Sao Paulo
15-year 8% External Loan of 1921, and Speyer & Co.and
J. Henry Schroder Banking Corp., as special agents for the
State of Sao Paulo 25-year 8% External Loan of 1925 and
40-year 6% External Dollar Loan of 1928, announced July 2
that, pursuant to the terms of Decree No. 23829 of the Chief
of the Provisional Government of the United States of Brazil,
funds have been deposited with them sufficient to pay 223. %
of the face amount of the July 1 1935 coupons of the above
loans. Acceptance of such payment is optional with holders
of the above bonds and coupons, but, if accepted by them,
must be accepted in full payment of such coupons and of
the claims forinterest represented thereby, the announcement
of the special agents said, continuing:
Holders of July 1 1935 coupons will receive upon surrender of coupons
for cancelation, accompanied by appropriate letters of transmittal,
at the
offices of the above special agents, $9 per $40 coupon and $4.50 per
$20
coupon of the 8% loans of 1921 and 1925 and $6.75 per $30 coupon and
$3.375 per $15 coupon of the 6% loan of 1928.
Rulings on the bonds of the three external loans of Sao
Paulo by the New York Stock Exchange were issued as
following on July 2 by Ashbel Green, Secretary of the
Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
July 2 1935
Notice having been received that payment of $9 per $1.000 bond will be
made July 3 1935, on surrender of the coupon due July 11935, from State
of Sao Paulo 15-year 8% Sinking Fund Gold Bonds, External Loan of 1921,
due 1936.
The Committee on Securities rules that transactions made on and after
July 3 1935, shall be settled by delivery of bonds, hearing only the July
1
1932 to Jan. 1 1934, inclusive (ex July 1 1934 to July 1 1935, inclusive)
and Jan. 1 1936 coupons; and
That the bonds shall continue to be dealt in "flat."
July 2 1935
Notice having been received that payment of $9 per $1,000 bond will be
made July 3 1935, on surrender of the coupon due July 1 1935, from State
of Sao Paulo 25-year 8% Secured Sinking Fund Gold Bonds, External Loan
of 1925, due 1950.
The Committee on Securities rules that transactions made on and after
July 3 1935, shall be settled by delivery of bonds bearing only the July
1
1932 ($32 paid) to Jan. 1 1934, inclusive (ex July 1 1934 to July 11935.
inclusive), Jan. 1 1936 and subsequent coupons; and that the bond shall
continue to be dealt in "flat."
July 2 1935
Notice having been received that payment of $6.75 per $1,000 bond will
be made July 3 1935, on surrender of the coupon due July 1 1935, from
State of Sao Paulo 40-year 6% Sinking Fund Gold Bonds, External Dollar
Loan of 1928, due 1968.
The Committee on Securities rules that transactions made on and after
July 3 1935,shall be settled by delivery of bonds bearing only the Jan. 1
1932
to Jan. 1 1934, inclusive (ex July 1 1934 to July 1 1935. inclusive),
Jan. 1
1936 and subsequent coupons; and that the bonds shall continue to
be
dealt in "flat."
ASHBEL GREEN, Secretary.
Rulings by New York Stock Exchange on 6% Sinking
Fund Bonds, due 1953, of Saarbruecken (Germany)
The following announcement was issued by the New York
Stock Exchange on July 1 through its Secretary, Ashbel
Green: .
NEW YORK STOCK EXCHANGE
Committee on Securities
July 1193.5.
Notice having been received that the interest due July 11935, on City of
Saarbruecken (Saar Basin) 6% Sinking Fund Bonds, due 1953. is not being
paid.
The Committee on Securities rules that beginning July 1 1935 and until
further notice the said bonds shall be dealt in "flat" and to be a delivery
must carry the July 1 1935 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds on which interest Ardlnarily would be computed through July 1
1935
Interest shall be computed up to but not including July 1 1935.
ASHBEL GREEN, Secretary.
37
July 1 Interest Available on 7% Gold Bonds of Union
of Soviet Socialist Republics
Holders of the 7% gold bonds of the Union of Soviet
Socialist Republics may present 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 Bond, 41 cents
higher than the indicated value of the coupon when the
bonds were first offered on July 1 1933, the increased value
being due to subsequent reduction in the gold content of
the United States dollar. From an announcement issued
in the matter we also take the following:
Cable advices received by the Soviet American Securities Corp. of New
York from the State Bank of the U. S. S. R. established the $1.52 rate in
accordance with the provisions of the bond calling for payment in American
currency based on the value of the Gold Rouble at the rate of exchange
prevailing when such payment became due. Coincident with the establishment of the $1.52 rate for interest coupons at the prevailing rate of
exchange, the par value per 100 Gold Rouble Bond in American currency
at which the State Bank agrees to repurchase them on demand of the holder
is $87.07 based on the exchange rate as of June 29. This compares with
a price of $63.61 which prevailed on July 1 1933 when the bonds were
originally offered.
Interest to be Paid on 5% Bonds of 1925 of Chinese
Republic
The Bonen Commerciale Italiana Agency, New York,
announces that coupon number 21 of the 5% bonds of 1925
of the Chinese Republic will be payable at its office on and
after July 15 1935, at the rate of $1.25 each.
Filing of Registration Statements Under Securities
Act of 1933
The Securities and Exchange Commission announced July 1
the filing of 13 additional registration statements under the
Securities Act of 1933. The total involved is $73,942,515,
of which $64,179,015 represents new issues. Included in
this total is $40,000,000 of General Mortgage Bonds, 33 %
4
series, due July 1 1965, of the Cleveland Electric Illuminating
Co.(Docket 2-1498, Form A-2,included in Release No.409);
the filing of the statement for this company was noted in
our issue of June 29, page 4310.
The securities involved in the 13 statements announced
by the SEC on July 1 are grouped as follows:
No. of IssuesType of Issue
Commercial and Industrial
8
Investment trusts
3
Securities In reorganization
1
Voting trust certificates
1
Total
$59,079,015
5,100,000
358,500
9.405,000
The securities for which registration is pending follow:
Incorporated Investors Voting Trust (2-1486, Form F-1) of Boston, Mass.,
seeking to Issue voting trust certificates for 500,000 shares of capital stock
of Incorporated Investors. The market value per share is $18.81 or an
aggregate of $9,405,000. Wm. T. Gardiner of Gardiner, Me., is Chairman
of the Board of Incorporated Investors. Filed June 20 1935.
Incorporated Investors (2-1487, Form A-1) of Boston, Mass., seeking
to issue 500,000 shares of $5 par capital stock. These shares are to be
represented by voting trust certificates covered in registration statement
No. 2-1486. Form F-1, filed June 20 1935. The shares are an additional
block of a security for which a registration statement was filed with the
Federal Trade Commission on March 31 1934. (No.2-796.) Filed June 20
1935.
Equitable Ins estment Corp. of Massachusetts (2-1488, Form A-1)
,
of Boston, Mass., seeking to issue 250,000 shares of $5 par value common
stock, to be offered initially at $25 a share, and thereafter at the net asset
value, plus selling commission, if any. Arnold S. Potter, of Swampscott,
Mass., is President. Filed June 21 1935.
Bayonne Bolt Corp. (2-1489, Form A-1) of Bayonne, N. J., seeking
to register 80,000 shares of $1 par value common stock, of which 40.000
shares are now outstanding and 40,000 shares are to be presently offered
at $5 a share. A. D. Morris of New York is President of the company.
Filed June 22 1935.
Texas San Antonio Corp. (2-1490, Form E-1) of Dallas, Tex., seeking to
issue $358,500 offirst mortgage bonds, to be exchanged for bonds of Riverside Improvement Co. of Texas. Filed June 22 1935.
Metropolitan District New Homes Corp. (2-1491, Form C-1) of New
York City, an investment trust, seeking to issue $500.000 of redeemable
and non-redeemable trust certificates of Metropolitan District Home
Sites Funding Trust. Filed June 22 1935.
Allegheny Steel Co. (2-1492. Form A-2) of Brackenridge. Pa., seeking
to issue 60,000 shares of no par common stock held by Harry E. Sheldon,
President of the registrant, L. W. Hicks, Vice-President, the estate of
R. D. Campbell and Mrs. Harry E. Sheldon. The proposed maximum
offering price Is $30 a share; none of the proceeds of the sale are to be received by the company. Filed June 24 1935.
Allegheny Steel (2-1493. Form A-2) of Brackenridge. Pa.. seeking to issue
18,772 shares of no par common stock, to be offered from time to time at
market, in payment of additional compensation under contracts with
employees, and for such other purposes as the Board of Directors may determine. Filed June 24 1935.
Godchaux Sugars, Inc. (2-1494, Form A-1) of New Orleans, La., seeking
to issue 13,796 shares of no par class A stock. The proceeds will be used for
the payment in part of the accrued and unpaid dividends on the outstanding
preferred stock, which will amount to $20 a share as of July 1 1935. Charles
Godchaux of New Orleans, is chief executive of the issuer. Filed June 24
1935.
United Securities Co. of Missouri (2-1495, Form C-1) an investment
company of Kansas City, Mo.,seeking to issue $4,000.000 of United Fund
Accumulative Certificates. Filed June 24 1935.
United Securities Co. of Missouri (2-1496. Form C-1) an investment
company of Kansas City. Mo., seeking to issue $600,000 of United Fund
Income Certificates. Filed June 24 1935.
Esmeralda-Parral Mining Co. (2-1497, Form A-1) of Phliadelphia. Pa..
seeking to issue 225.000 shares of 81 par value common stock, to be offered
at $1.25 a share. William P. Fairinan of Philadelphia, is President.
Filed June 25 1935.
38
Financial Chronicle
In making available the above list the SEC said:
In no case does the act offiling with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements was given
in these columns of June 29, page 4310.
Commercial Investment Trust Co. Files Registration
Statement with SEC for $25,000,000 of Convertible
Preference Stock
A registration statement (No. 2-1521) covering 250,000
shares of convertible preference stock, $4.25 series of 1935
(without par value) of the Commercial Investment Trust
Co. was filed June 29 with the Securities and Exchange
Commission, on Form A-2 under the Securities Act of 1933.
The issue represents all new money, and amounts, on the
basis of the filing fee, to $25,000,000. An announcement
issued by the SEC on June 29 continued:
In addition, the registration statement covers 312,500 shares of common
stock, no par value, to be reserved for issuance upon conversion of the
preference stock and common stock scrip equivalent to 62.500 shares of
common stock, which amount is included in the 312,500 shares of common
being registered.
The corporation indicates that it will file data as to the price at which
the securities are to be offered to the public and as to the estimated net
proceeds at a later date. The prospectus, however, states:
"The corporation contemplates that the net proceeds will be used for
general corporate purposes, the allocation thereof being not now determinable. No portion of the consideration is to be credited to an account
other than capital."
The underwriters for the issue are listed as Dillon, Read & Co.,Lehman
Brothers, Lazard Freres & Co., Inc., and Kuhn, Loeb & Co., all of New
York City.
The new stock is convertible, currently, at the rate of one and one-fourth
share of common ;dock per share of stock of the 1935 series, without adjustment with respect to dividends, according to the prospectus which
states with respect to redemption provisions:
"Stock of the 1935 series Is not redeemable on or before July 1 1937.
corporation, in
After July 1 1937, it is redeemable, at the option of the shall prescribe)
while, or in part (in such manner as the board of directors
in lots of not lee than 10,000 shares each, or not less than 60 and not more
on or
than 90 days' prior notice at $115 per share, as the redemption,on or before
before
July 1 1940; thereafter, at $110 per share as the redemption, an amount
1945; and thereafter at $105 per share in each case plus
July 1
equal to accrued and unpaid dividends."
Henry Ittleson is Chairman of the board of directors and President of
the company, whose statutory offices are in Wilmington, Del. The consolidated balance sheet of the company, as of Dec. 31 1934, showed total
has
assets of $231,554,704.72. The prospectus states that the corporation1935
agreed to use its best efforts to procure the listing of the stock of the
series on the New York Stock Exchange.
Registration Statement Filed with SEC for Issue of
$70,000,000 of Duquesne Light Co. First Mortgage
3%% Bonds
A registration statement for $70,000,000 of Duquesne
Light Co., first mortgage 33 % bonds, due 1965, has been
registered with the Securities and Exchange Commission.
The bonds are to be issued for refunding purposes. In
filing the registration statement (No. 2-1507), June 28 on
Form A-2 under the Securities Act of 1933, the company
indicated that it will submit by amendment, at a later date,
ther terms of the underwriting committment, names of the
underwriters, the price to the public, and the estimate of the
net proceeds. From an announcement issued by the SEC
incident to the filing of the statement, we also take the following:
are to
All of the net proceeds, together with the funds of the company,
of first
be used to redeem in September 1935 the company's $65,000,000
mortgage 434% gold bonds, series A. due 1967, at 104, and its $5.000,000
In the case
offirst mortgage 434% gold bonds, series B, due 1950, at 110.
paid.
of both issues, accrued interest to the redemption date is to be
The prospectus for the company states that:
or varia"The underwriters do not intend to offer any other concessions
original public
tions in prices except as the offering price may vary after the various underreason of changes in market conditions. The may, however.
offering by
writers and the various members of the selling syndicate
concession)
offer concessions (not exceeding the original selling syndicate
several underto other members of the selling syndicate or to any of thethe selling synmembers of
writers, and the several underwriters and the
each
dicate may reallow. not to exceed 3 of 1% of the principal amount of
registreed
bond sold to any investment banks, who, on June 16 1935, was
who is
under the code of fair competition for bankers, as amended. sun
either (a) acting solely for the account of the customers, or (b) purchasing
business."
for ultimate redistribution to customers in the ordinary course of
In describing the issue the prospectus states:
"The bonds are to be dated June 1 1935, and are to mature June 1 1965.
and
Interest will accrue from June 1 1935, and will be payable on Dec. 1 first
The
June 1 of each year
be redeemable at the option of the
mortgage, 3ji% bonds, due 1965, will
company, In whole or in part, at any time, on 60 days' public notice at
10714 and interest through June 1 1940; thereafter at 105 and interest
through June 1 1941; the principal decreases 34 of 1% on June 2 1941, and
on each June 2, annually thereafter, including June 2 1960, on and after
which date redemption may be effected at 100 and interest."
The total consolidated assets of the company on Dec. 31 1934 were
$208,067,267.98. F. R. Phillips is President of the company, which has its
head office in Pittsburgh.
Filing by Public Service Co. of Northern Illinois of
Registration Statement for $16,000,000 of First
6% Bonds
,
Lien and Refunding 43
The Public Service Co. of Northern Illinois filed with the
Securities and Exchange Commission on June 28,for registration under the Securities Act of 1933, an issue of $16,000,000
of first lien and refunding 434% bonds, series I. The
initial filing does not reveal the purpose of the issue, the price
to the public, or the estimated proceeds. These items will
July 6 1935
be submitted by amendment at a later date. The statement
(No. 2-1508) shows that the following underwriting allotments are to be made:
Brown Harriman & Co. New York City
Field, Glore & Co., Chicago
Halsey, Stuart & Co., Chicago
Lazard Freres & Co., New York City
Lee, Higginson Corp., Chicago
Edward B. Smith & Co., New York City
$3,250,000
3.250,000
3,250,000
1,500,000
1,500,000
3,250.000
A description of the issue is given in the prospectus in
part, as follows:
July 11960.
"The bonds are to be dated July 1 1935 and are to matureof eacn year.
July
Interest will be payable on the first day of January and
The bonds will be redeemable at the option of the company, in whole or in
part, at any time, on 30 days' published notice at the following prices and
104;
accrued interest: On or after June 30 1940. at on orthereafter and on or
before June 30 1950,
before June 30 1935, at 103; and tnereaftei, and
at 102; tnereafter, and on or before June 30 1955, at 101; and thereafter
to maturity at 100.
"A sinking fund is provided for the benefit of Series I bonds, whereby
July 1,
the company covenants to deposit with the trustee, on or before amount
aggregate principal
beginning in 1941, a sum equal to 13i% of the this
and(or)
of such bonds theretofore authenticated for may purpose, cash provided
be deposited,
series I bonds (either canceled or uncanceled)
as to any canceled bonds deposited within any 12 months, ending July 1,
such bonds shall have been redeemed and canceled during such period.
The company has agreed to apply for the listing of the
series I bonds on the Chicago Stock Exchange and the Ney
York Curb Exchange, the SEC said June 28.
Registration Statement Filed by Pure Oil Co.of Chicago
with SEC for $32,000,000 of Sinking Fund Notes
The Pure Oil Co. of Chicago, Ill, filed on June 28 a registration statement (No. 2-1503) with the Securities and Exchange Commission under the Securities Act of 1933 for the
following securities:
-year 000% sinking fund notes, due July 1 1950 (carrying
$32,000,000 15
non-detachable common stock purchase warrants).
32,000 common stock purchase warrants.
960,000 shares of common stoke (no par value) to be reserved for issuance upon exercise of the above warrants.
As to the issue, the prospectus states that each note will
carry a non-detachable warrant, exercisable for the purchase
of 30 shares of common stock at prices to be announced
later, said an announcement issued June 28 by the SEC,
which added:
The interest rate on the bonds is not given but is to be supplied as an
amendment to the registration statement. The price of the bonds will also
be given in an amendment to the registration statement but will not exceed
100%. The maximum aggregate price of the common stock for the purposes
of registration is given as $24,000,000.
The statement gives the following terms of the issue:
"Interest payable Jan. 1 and July 1. Semi-annual sinking fund, com1, to and including Nov. 1
mencing in 1940, payable each Nov. 1 and May in notes, sufficient on each
1949, either in cash or, at the company's option,
for the purchase or redemption of $550,000 of notes.
such date to provide
in part by lot on any
Notes redeemable at company's option as a whole orand accrued interest.
par
interest payment date, upon 30 days' notice at on or before July 1 1940
of 5%, if redeemed
togetrer with a premium
of warrants,
(except as to notes redeemed with proceeds of exercise % if redeemed
which case the premium to be 234% for which period);
premium decreasing ;4% each
thereafter, and on or before July 1942;
two years thereafter, to and including July 1 1948; premium to be 34%
Jan. 1 anu July 1 1949, no premium thereafter."
The following are named as the principal underwriters of the issue:
Edward B. Smith & Co.. New York Fielu. Glore & Co., Chicago
Kidder, Peabody & Co., New York
The First Boston Corp., New York
Central Republic Co., Chicago
Halsey, Stuart St Co., Chicago
Lehman Brothers, New York
The amounts of the participations are to be supplied by amendment to
the registration statement. as are the commissions and discounts to be
allowed to the underwriters.
According to the registration statement the proceeds of the issue are to
be used as follows: $12,593,750 to redeem or pay off bank loans obtained
to redeem on or about Aug. 1 1935 the entire issue of 534% sinking fund
gold notes, due Aug. 1 1937;$15,187,500 to redeem on or about Sept. 1 1935
-year 535% sinking fund gold notes. due March 1
the entire issue of 10
1940; an unstated amount to increase working capital; the balance for general corporate purposes.
,B. G. Dawes of Columbus. Ohio, is Chairman of the board of the company, and Henry M. Dawes of Chicago is President.
Registration Statement Covering $8,500,000 Mortgage
4% Bonds Filed with SEC by Associated Telephone
Co., Ltd.
The Associated Telephone Co., Ltd., filed on July 2 1935
a registration statement (No. 1535) with the Securities and
Exchange Commission covering ,500,000 of first mortgage
4% bonds, Series13, due July 1 1965.
The underwriters for the issue and the amounts to be allotted to them are:
Bonbright & Co., Inc., New York City,$3,400,000.
Paine, Webber & Co., Boston, Mass., $2,550,000.
Mitchum, Tully & Co., Los Angeles, Calif., $1,700,000.
Myth & Co., Inc., Los Angeles, Calif., $850,000.
The company has not yet filed information as to the proposed offering
price or the estimated net proceeds. As to the application of the net proceeds, however, the prospectus states that they will be used together with
funds from the treasury to redeem the presently outstanding First Mortgage
5% Gold Bonds, Series A, of the company.
The bonds will be redeemable on thirty days' notice at premiums ranging
from 5% on or before July 11940. to one-half of 1% between July 1 1960
and July 11962.
C. F. Mason is President of the company, which has its principal executive
offices in Long Beach, California. The company had consolidated total
assets on April 30 1935 of $18,528,796.17.
Registration Statement Covering $9,000,000 16-year
4% Debentures Filed With SEC by Amrstrong
Cork Co.
A registration statement (No.2-1523) for 89,000,000 of
Armstrong Cork Co., 15-year 4% debentures, due July 1
1950, has been filed with the Securities and Exchange Com-
Volume 141
Financial Chronicle
mission. The company indicates that it will file data as to
the offering price to the public, the estimated net proceeds
and underwriting agreements. The underwriters are given as
Edward B.Smith & Co., Kidder,Peabody & Co. and Lazard
Freres & Co., Inc., The prospectus states that:
"The entire net proceeds derived from the sale
of
debentures,
together with cash out of the general funds of the companythe
, will be applied
to the redemption of the entire outstanding $12,752,0
00, the principal
amount of 10
-year convertible 5% gold debentures, due June 1 1940 of the
Company."
The prospectus states that a sinking fund to redeem on July
1 of each
year $300,000, the principal amount of the debentures,
on 60 days' notice
by publication, is being provided, and the redempti
on prices are to be
furnished later.
The prospectus also states that the company has agreed to make application for the listing of these debentures on the New York Stock
Exchange.
H. W. Prentis, Jr., is President of the company, which has
its principal
executive office in Manheim Township. Lancaster County, Pennsylv
ania.
The total consolidated assets of the company on Decembe
r 31 1934 were
$47,042,862.66.
Registration Statement Covering $75,000,000 Bonds
Filed With SEC by Consolidated Oil Corp.
Consolidated Oil Corp. has filed with the Securities and
Exchange Commission a registration statement (No. 2-1520)
for $75,000,000 of first (collateral) lien 15-year sinking fund
bonds, Series A, to be dated July 1 1935, to be due July 1
1950.
The company states that the interest rate on the issue,
the price to the public, names of the underwriters, the underwriting agreement, and the estimated net proceeds will be
submitted later as amendments to the statement. The
prospectus states that the company intends to apply the
proceeds as follows:
(a) $40,000,000 to the payment of the principal of the
$40,000,000
principal amount of unsecured promissory notes of the
company, the
proceeds of which unsecured promissory notes will have
been deposited
prior to the issue of the Series A bonds, being offered herein as a
portion of
the deposit required to be made with the trustee under the indenture
dated
March 15 1922, securing the old Series A and B bonds, to redeem
said old
Series A and B bonds at 101% of their prindpal amount,
plus accrued
interest to the redemption date, Aug. 12 1935.
(b) $9,269,517 to reimburse the company for the expenditure
from other
funds of the company of the balance (in excess of the proceeds
of said unsecured promissory notes) required to redeem as aforesaid
all of the outstanding old Series A and B bonds, Including those held in the
treasury and
in the insurance fund of the company.
(c) $13,212,980 to reimburse the company for the amount
required to
be expended by the company, exclusive of the amount of accrued
dividends
to be redeemed, at 110% of par, plus accrued dividends
to the redemption
date thereof, of all outstanding shares of preferred stock of the par value
of
$100 per share,8% cumulative, including those held in the Treasury
of the
Company.
(d) $7,000,000 for advances to Sinclair Prairie Oil Co., Sinclair Wyoming
Oil Co., Sinclair Prarie Oil Co. of Louisiana, Inc., Repollo Oil Co.,
Rio
Grande Oil Co. and Mexican Sinclair Petroleum Corp., or any of
such
wholly owned subsidiaries of the company, for the acquisiti in
on
the ordinary course of business of oil and gas leases, and the development of
such
oil and gas leases and _or oil and gas leases now owned by such
subsidiaries.
(e) The balance for proper corporate purposes.
In describing the bonds the prospectus states in part:
"Semi-annual sinking fund payable April 15 and Oct. 15, from
April 15
1936 to April 15 1950. inclusive, of an amount equal to 1% of the
aggregate
principal amount of Series A bonds theretofore issued, less the
amount of
Series A bonds theretofore retired, otherwise than through
the sinking fund,
payable on such sinking fund installment dates at
the company's option
either in cash or in Series A bonds.
"The Sereis A bonds will be subject to redemtion as a whole
at any time,
or in part from time to time,on not less than 60 days' published
notice, and
will also be subject to redemption through the operation
of the above
mentioned sinking fund on any interest payment date on not
less than 30
days' published notice, at the following respectiv percentag
e
es of the principal amount thereof, plus accrued interest: 105%,
If redeemed prior to July
1 1940; 104%%,if redeemed on or after July
1 1940 and prior to July 1
1941: 103% %,if redeemed on or after July 1 1941 and prior
to July 1 1942;
103%,if redeemed on or after July 1 1942 and prior to
July 1 1943; 102%%.
if redeemed on or after July 1 1943 and prior
to July 1 1944; 102%, if
redeemed on or after July 1 1944 and prior to
July 1 1945; 101 %, if
redeemed on or after July 1 1945 and prior to July
11946;101% if redeemed
on or after July 1 1946 and prior to July
11947; 100%%,if redeemed on or
after July 1 1947 and prior to July
11949; and at 100% if redeemed on or
after July 1 1949.
H. R. Gallagher is President of the company
, which has its executive
offices in New York City. The consolidated balance
sheet of the Corporation
as of Dec. 31 1934 shows total assets
of $334,018,716.71.
Registration Statement Covering $28,000,000 Bonds
Filed With SEC by B. F. Goodrich Co.
The B. F. Goodrich Co. on June 28 filed a registration
statement (No. 2-1517) with the Securities and Exchan
Commission for $28,000,000 of first mortgage bonds, 41 ge
Series A of 1960. The issue is to be dated. Aug. 1 1935,2%,
to be due Aug. 1 1960. The company states that the and
to the public and the estimate of net proceeds, and the price
allotments to underwriters will be furnished later.
The underwriters, however, are shown to be Goldman,
Sachs & Co., The First Boston Corp., Lehman Brothers and
Brown Harriman & Co.
As to the purpose of the issue, the company states that
the proceeds are
to be used approximately as follows:
(1) To redeem all of the outstanding first mortgage 25
-year 6 % gold
bonds of the company at 107%. or to reimburse the company for
amounts
expended in acquiring such bonds prior to the redemption date,
$18,356.000.
(2) To redeem all the outstanding funded indebtedness of the Hood
Rubber Co., Inc., consisting of its 15
-year, 7% sinking fund gold notes at
100% and 10
-year.5%% convertible gold notes, at 100%%.or to reimburs
e
the company for amounts expended in acquiring such notes prior
to the
redemption date, $3,122,000.
39
(3) To retire current notes payable of the company incurred
to finance
the ordinary conduct of its business, and or to be used
for other corporate
purposes.
In describing the issue, the prospectus states in part:
"Redeemable at any time in whole or in part on at least
30 days' notice
at 105% if redeemed prior to Aug. 11939, at
104%, on Aug. 11939. thereafter, and prior to Aug. 1 1944 at 103%,thereafter and
piror to Aug. 1 1949
at 102%, thereafter, and prior to Aug. 1, 1954 at
101%, thereafter, and
prior to Aug. 1 1959 at 100%%,thereafter, and prior
to maturity, together
in each case with accrued interest to the redemtpi
on date.
"A sinking fund providing for the retirement each
year, beginning 1936,
and ending 1959, a minium of 2% of the largest
amount of bonds of this
series at any time outstanding, and 3% if consolida
ted net earnings for the
preceding calendar year exceed $6,000,000."
J. D. Tew, Akron, Ohio, is President of the company
which has its
executive offices in New York City.
Wilson & Co. Files $20,000,000 Bond Issue With
SEC
Wilson & Co., third largest of the packing compani
according to a Chicago press dispatch on July 5, filed es,
the Securities and Exchange Commission in Washin with
registration statement covering $20,000,000 of first gton a
20-year Series A bonds, due July 15, 1955. The mortgage
bonds
bear an interest coupon not to exceed 4% per annum. will
The underwriters as shown in the registration papers
will be Field, Glore
& Co.and Edward B.Smith & Co., with other
underwriters to be designated
by subsequent amendment.
Credit Status with Regard to Margin Undetermined
for
Securities to Be Delisted July 16—Federal Reserv
e
Board Avoids Official Comment
The question of the "credit position" with regard to margin
rules of the Federal Reserve Board in connection with
a
group of securities on national exchanges which
listed on July 15 because of failure to apply for will be depermanent
registration has been actively discussed recently in financia
quarters, according to Washington advices of July 4 to l
New York "Herald Tribune.' Although the Federal the
Reserve Board has made no official commcnt on this
subject
it has indicated that the position of such delisted securiti ,
es
will be comparable to that of securities on the
New
Produce Exchange when that market discontinued York
its securities division.
The position of these issues was discussed as follows
in a
Washington dispatch of July 4 to the "Herald
Tribune":
Under Ruling 41 interpreting Regulation T, the
In connection with the Produce Exchange answered Federal Reserve Board
questions as to whether
the securities being carried for customers by brokers
subject to the regulation may continue to be carried and what loan
value the securities would
have under the regulation.
The board called attention to Section five
(C) of Regulation T. giving
the creditor permission to retain, until July
1 1937, as collateral for any
credit initially extended prior to Oct. 1
1934, or extended in conformity
with the regulation, any collateral whatsoev
er, including unregistered
non-exempt securities, provided that the
collateral
exempted securities shall not be the basis of any other than registered or
additional extension of
credit and shall be given no value in determing
the maximum loan value of
securities in the account.
This rule is believed applicable to issues of
the New York Stock Exchange, the New York Curb Exchange and
other markets, which will
cease to be traded on July 15. In other words,
the board will not require
liquidation, in that it will not force brokers or
customers to sell securities
which cease to be "registered."
The delisted securities, it is said, will fail in the
same category as securities which were unregistered at the time when
the
into effect. In other words, the issues in margin credit regulations went
accounts will not have to
be liquidated, but further extensions on the basis
of the securities will not
be permitted.
Delisting of the securities comes as a result of an
S. E. C. regulation that
only issues permanently registered may be traded
on national exchanges
after July 15. The original deadline was July
1, Out it was extended in
order to give the commission opportunity to prepare
a list showing present
Exchange securities, which can no longer be
traded on the markets. This
list will be made public in the near future.
SEC Exempts Several Exchanges from Registr
ation
Until October 1
The Securities and Exchange Commission has
temporary exemptions granted to ten securities extended the
exchanges on
Sept. 28 1934, until Oct. 1 1935 in order to afford
which to complete hearings on applications for time within
permit the filing of reports on such hearings,exemption, to
sideration of such reports by the Commission.and the conextension of the time, to July 1, was referredA previous
to
"Chronicle" of April 6, page 2278. An announcementin the
issued
by the SEC on June 28 said:
The Commission has ordered that the
temporary exemption from
registration as national securities exchanges
of the following exchanges be
extended until Oct. 1 1935. subject to the
terms and conditions contained
in Release No. 11, dated Sept. 28 1934, unless,
in the case of any such
exchange, the Commission shall otherwise
determine, after appropriate
notice and opportunity for hearing:
Colorado Springs Stock Exchange
Reno Stock Exchange
Honolulu Stock Exchange
Richmond Stock Exchange
Louisville Stock Exchange
San Francisco Mining Exchange
Manila Stock Exchange
Seattle Mining Exchange
Milwaukee Grain & Stock Exchange
Seattle Stock Exchange
Minneapolis-St. Paul Stock Exchange'
Wheeling Stock Exchange
The Commission also announced June 28 that
the
Curb Exchange Association and the Standard Stock Chicago
of Spokane, have been granted registration asExchange
national
securities exchanges, effective on Oct. 1 1935,
temporary exemption of such exchanges from and that the
registration as
national securities exchanges has been extended
1935, subject to the terms and conditions until Oct. 1
contained in
of
Release Number 11, above mentioned, unless, in the case e
either such exchange, the Commission shall otherwis
determine, after appropriate notice and opportunity for
hearing.
for
Joseph P. Kennedy Re-Elected Chairman of SEC
Additional Year
n of
Joseph P. Kennedy was re-elected on July 1 ChairmaThe
the Securities and Exchange Commission for one year.
s,
other members of the Commission are George C. Mathew
James M. Landis and Robert E. Healy.
William Green, of Tennessee, Appointed Regional
Administrator of SEC for South-eastern States
l
William Green,of Lebanon,Tenn.,was appointed Regiona
trator of the Securities and Exchange Commission on
Adminis
with
July 2 in charge of activities in the Southeastern States, as a
headquarters at Atlanta, Ga. Mr. Green has served the
senior attorney on the General Counsel's staff since year
creation of the SEC in July, 1934. For the previous the
he occupied a similar position in the Securities Division of
member
Federa Trade Commission. He has also served as aand city
of the Tennessee legislature and a municipal judge
attorney in Lebanon, Tenn.
ExOutstanding Brokers' Loans on New York Stock ase
change June 30 Reported at $808,589,298-Incre of $16,048,267 Over May 31-$83,902,925 of Govern
ment Securities Pledged as Collateral
York
During June outstanding brokers' loans on the New
June 30
Stock Exchange increased $16,048,267; the total on 9,298,
was reported by the Exchange on July 2 at $808,58 latter
which compares with $792,541,031 May 31. The
April 30
total represented a decrease of $12,024,417 from the
the
figure of $804,565,448. Compared with June 30 1934,
total for June 30 this year shows a drop of $273,650,828.
According to the June 30 statement, demand loans in30,
creased from $471,670,031, May 31 to $474,390,298 June
while time loans increased from $320,871,000 to $334,199,000
that
at the end of June. The report for June 30 showscolat$83,902,925 of Government securities were pledged asd with
eral for the borrowings during the month as compare
$71,071,675 in May. The report for June 30 follows:
s on collateral,
New York Stock Exchange member total net borrowing
of business June 30
contracted for and carried in New York, as of the close
1935, aggregated $808,589,298.
The detailed tabulation follows:
Time
Demand
(1) Net borrowings on collateral from New
$444,392,449 $331,749,000
York banks or trust companies
(2) Net borrowings on collateral from private
agencies or
bankers, brokers,foreign bank
2,450,000
29,997,849
others in the City of New York
$474.390,298 8334,199,000
$808,589,298.
Combined total of time and demand borrowings,
" pledged as collateral
Total face amount of "Government securities
and (2) above, $83,902,925.
for the borrowings included in items (1)
the same as in the loan
The scope of the above compilation is exactly
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures:
1933May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1934
Jan, 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 31
1935
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 30
Demand Loans
3398,148,452
582,691.556
679.514.938
634,158.695
624,450,531
514,827,033
544,317,539
597,953,524
Time Loans
8130,360,986
197,694,564
236,728,996
283,056,579
272,145,000
261,355,000
244,912,000
247.179,000
Total Loans
8528,509.438
780,386.120
916,243,934
917,215.274
896.595.531
776.182.033
789,229,539
845,132,524
626,590,507
656,626,227
714,279,548
812,119,359
722,373,686
740.573.126
588,073,826
545,125,876
531.630.447
546.491,416
557,742,348
616,300.286
276,484,000
281,384,000
267,074,400
276.107,000
294,013,000
341,667,000
334,982,000
329,082,000
299,899,000
280,542,000
273.373,000
263,962.869
903,074,507
938,010,227
981,353,948
1,088,226,359
1,016.386,689
1,082.240.126
923.055.826
874,207.876
831.529,447
827,033,416
831.115.348
880,263,155
249,062,000
242,544,500
220.124.500
294,644.900
320,871,000
334,199,000
824,958,161
815,858.439
773.123.266
804,565,448
792,541,031
808,589.298
575,896,161
573,313,939
552,998.766
509,920,548
471.670,031
474,390,298
-40-
tees
Changes in Personnel of Several Special Commit
of the New York Stock Exchange
June 27
The New York Stock Exchange announced on
ees
in the personnel of several of the special committ
changes
Exchange as follows:
of the
Special Committee on Customers' Men
Richmond.
W.W. Spaid has been elected a member In place of L. Martin
eight and John A. Cissel and
The Committee was increased from six to
Herbert G. Wellington were elected.
The members of the Committee are:
I Charles R.Gay.
E. H.H. Simmons. Chairman.
I W. W.
Spaid.
Arthur F. Broderick.
I Bertrand L.Taylor Jr.
John A. Cissel.
I Herbert G. Wellington.
Gayer G. Dominick.
Special Committee on Survey
Committee increased from five to six members.
were appointed to the
Benjamin H. Brinton and Richard Whitney
Committee, and Paul Adler retired.
July 6 1935
Financial Chronicle
40
The members of the Committee are:
I Arthur F. Broderick.
I E. 11. H.Simmons.
Richard Whitney.
Warren B.Nash,Chairman.
Oliver C. Billings, Vice-Chairman.
Benjamin H. Brinton.
Special Committee on Wages
to the
E. H. H. Simmons and Benjamin H. Brinton have been appointed
Committee, and Richard Whitney has retired.
The members of the Committee are:
Benjamin H.Brinton.
Oliver 0. Billings, Chairman.
E. H.H.Simmons.
Warren B. Nash, Vice-Chairman.
Bertrand L. Taylor Jr.
Frank Altschul.
Tallow Futures Trading Inaugurated on New York
Produce Exchange
Trading in tallow for future delivery was inaugurated on
the New York Produce Exchange on June 26. The opening
sale was made by James Eblen to Richard Frankfelderone September contract at 6.60. September sold on the
opening from 6.60 to 6.62, October at 6.58, December at
6.54 and 6.55 and January at 6.52 and 6.53.
Robert W. Capps, President of the New York Produce
Exchange, presiding at the opening, stated that the market
is intended to serve the same purposes and afford the same
hedging opportunities and facilities for inedible oils as cottonseed oil serves for edible. Edwin Stern,•Chairman of the
Tallow Committee, spoke briefly, saying:
will lend itself to the
The opening of the tallow market for future trading
of the Exchange, buyers,
fullest extent to the opportunity for all members
sellers and brokers, to trade.
M. D. Cahn Re-elected President of Chicago Stock
Clearing Corp.
the annual meeting of the Board of Directors of the
At
Chicago Stock Clearing Corp. held June 25, Morton D.
Cahn was re-elected President. All other officers and
directors were also re-elected as fololws:
Vice-President: Michael J. O'Brien.
Nelson.
Secretary and Treasurer: Martin E.
.
Assistant Treasurer: Robert T. Sundelius
Chairman; Paul
Executive Committee: Morton D. Cahn,
U. Davis and
Michael J. O'Brien.
Paul H. Davis, Robert J. Fischer,
Board of Directors: Morton D. Cahn,
Leeds Mitchell, Michael J. O'Brien.
Warren A. Lamson, Arthur F. Lindley,
and R. Arthur Wood.
Market Value of Stocks Listed on New York Stock
Exchange July 1, $36,227,069,618, Compared with
-Classification of Listed
$34,548,762,904 June 1
Stocks
As of July 1 1935 there were 1,184 stock issues aggregating
1,304,145,173 shares listed on the New York Stock Exchange
with a total market value of $36,227,069,618. This compares
with 1,189 stock issues aggregating 1,303,596,329 shares
listed on the Exchange June 1, with a total market value
issues aggregating
of $34,548,762,904, and with 1,182 stock value of
$33,548,1,301,900,490 shares with a total market
348,437 May 1. The Exchange, in making public the July 1
figures on July 3, said:
member total net borrowAs of July 1 1935, New York Stock Exchange
298. The ratio of these member
ings on collateral amounted to $808,589,
all listed stocks, on this date was,
total borrowings to the market value of
are not broken down to separate
therefore, 2.23%. Member borrowings
those on other collateral; thus these
those only on listed share collateral from
relationship between borrowings on all
ratios usually will exceed the true
listed shares and their market values.
Exchange member total net borrowAs of June 1 1935, New York Stock
031. The ratio of these member
ingd on collateral amounted to $792,540,
all listed stocks, on that date, was
total borrowings to the market value of
therefore 2.29%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
July 1 1935
.11arkel
Value
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing..
Foods
Rubber and tires
Farm machinery
Amusements
Laud and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel. Iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
COMML1211C1t10119 (cable, tel. ec radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad...
Foreign compinies (incl. Cuba & Can.)
All listed stecks
2,463,682,285
846,083,907
4,301,009,996
326,158,995
984,126,609
2,538,575,197
242,783,546
507,665,363
178,527,354
36,223,960
1,454,509,413
1.177,793,249
4,192,631,535
241,175,467
2,072,618,951
3,351,726,573
1,360,032.977
187,110,676
1,650,213,571
1,144,448,396
2,798.927,131
150,854,314
151,654,248
324,851,806
7,654,644
25,351,504
85,991,582
231,009,092
1,698,470,210
20,415,787
720,907,892
754,883,388
A ver.
Price
23.47
15.51
57.99
20.61
26.89
33.66
24.05
42.78
11.82
7.33
29.14
20.97
21.80
15.14
33.60
29.09
34.75
15.68
23.75
11.85
70.44
15.91
7.03
30.87
3.65
8.37
15.31
38.93
65.63
21.40
21.47
20.63
June 1 1935
Market
Value
2,248,003,837
813,884,475
4,099.492,294
308,240,472
921,981.324
2,401,127,834
230,040,978
463,489,849
169,571,589
37,102,427
1,338,272,939
1,181,488,314
4,143,826,286
239,162.531
1,962,908,195
3,167,490,500
1,294,542,921
172,846,146
1,539,766,056
1,054,540,015
2,688,017,263
148,953,579
147,244,863
304,427,516
7,509,662
26,126,804
83,428,937
230,752,206
1,641,862,836
19,870,237
694,393,981
768,396,038
Aver,
Price
$
14 48
.
.
21 83
55.35
19.51
25.20
31.84
22.79
39.06
11.14
7.50
26.84
21.03
21.57
15.08
32.03
27.49
33.07
14.49
22.16
10.92
72.45
15.71
6.82
28.92
3.58
8.63
14.86
38.89
63.44
20.83
20.68
20.98
36,227.069.618 27.78 34.548,762,904 28.50
Volume 141
Financial Chronicle
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Exchange:
Market
Value
1933—
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Deo. 1
1934—
Jan. 1
Feb. 1
Mar, 1
Apr. 1
May 1
June 1
336,348,747,926
32.762,207,992
36.669,889,331
32.729,938,196
30,117,833,982
32,542,456.452
33.094,751,244
37,364,990,391
36.657,646,692
36.699,914,685
36.432,143.818
33,816,513.632
Average
Price
1934—
828.29 July 1
25.57 Aug. 1
28.42 Sept. I
25.32 Oct. 1
23.30 Nov. 1
25.13 Dec. 1
1935—
25.59 Jan. 1
28.90 Feb. 1
28.34 Mar. 1
23.37 Apr. 1
28.13 May 1
26.13 June 1
July 1
Markel
Value
Average
Price
834,439,993,735
30.752.107,676
32,618,130,662
32,319,514.504
31,613.348,531
33,888,023,435
826.60
23.76
24.90
24.61
24.22
25 97
33,933,882.614
32,991,035.003
32.180,041,075
3t,936.100,491
33,548.348.437
34,548,762,904
36,227,069,618
25.99
25.29
24.70
23.73
25.77
26.50
27.78
Bank Calls Issued as of June 29—Comptroller of Currency, Federal Reserve Board and FDIC Ask for
Statements of Condition
Calls for reports of the condition of National and State
banks as of June 29 were issued on July 2 by the Comptroller
of the Currency, the Federal Reserve Board and the Federal
Deposit Insurance Corporation. The call by the FDIC
applied to all insured banks which are not members of the
Federai Reserve System. A dispatch from Washington
July 2 to the New York "Times" added the following details
of the bank calls:
The Comptroller of the Currency and the Federal Reserve Board make
separate reports on banking conditions, while the FDIC makes a composite
report of all of the more than 14.000 banks, national, State member and
State non-member, There are 7,800 non-member Federal Reserve Banks
in the FDIC.
In connection with the call, the FDIC announced that forms identical
with those upon which insured banks will report their condition were being
used by the supervisory authorities in 14 States for their mid-year call of
condition of State banks.
In recent weeks a conference of State banking authorities with the
Reserve Board, FDIC and Comptroller's office reached an agreement for
uniform reporting blanks. It was believed that the new system would
shortly be put into effect, with a great saving of time and labor to these
nstitutions.
Havana Agency of Federal Reserve Bank of Atlanta
Operating for Account of All 12 Federal Reserve
Banks
From the June "Bulletin" of the Federal Reserve Board we
take the following:
The 12 Federal Reserve banks have entered into an agreement with the
approval of the Federal Reserve Board which provides that, beginning
June 1 1935, the Havana agency of the Federal Reserve Bank of Atlanta
will be operated by that Bank for the account of all of the Federal Reserve
banks, under certain terms and conditions governing the determination and
distribution of profits and losses among the Federal Reserve banks. This
arrangement recognizes the fact that the Havana agency is operated in the
interest of commerce and business throughout the United States and not
primarily for the benefit of the Sixth Federal Reserve District.
Current Joint Statement of J. P, Morgan & Co. and
Drexel & Co.—Resources June 29 Above March 4
In the fifth joint statement of conditions of J. P. Morgan
& Co. of New York and Drexel & Co. of Philadelphia, its
affiliate, as of June 29, issued July 5, an increase in both
deposits and resources is shown as compared with the last
previous statement as of March 4 this year. The March 4
statement was given in the "Chronicle" of April 6, page 2278.
Holdings of United States Government securities increased
from $212,352,333 on March 4 to $255,543,402 on June 29,
and investments in State and municipal bonds and bills from
$24,610,831 to $32,449,768 at the latest date.
Capital, surplus and partners' balances advanced slightly,
from $55,163,730 on March 4 to $55,268,608 at the close of
June. The special reserve fund of $1,000,000 is unchanged
from the figure shown in the four preceding statements of
condition. Deposits of the Morgan firm and its affiliate
amounted to $360,480,312 June 29 and resources $430,366,320, compared, respectively, with $344,202,037 and
$414,702,421 at the beginning of March.
41
These observations are contained in an article analyzing
the influence of the Agricultural Adjustment Administration
upon American industry. In another article in the same
issue of "The Girard Letter" there is given an analysis of the
Banking Bill of 1935, which in its original form is credited
with discarding the principles on which the Federal Reserve
Act is based and substituting for them,"the mechanism and
philosophy appropriate to the very crude form of `managed
money' advocated by monetary and credit `experts'in Washington." The article concentrated its attack on Title II
of the proposed law, before it was amended by a Senate
Committee,and declares it would set up a central bank under
political domination, while the credit policies of the Federal
Reserve banks would be influenced by political considerations.
As to this, the article said, in part:
Nothing is left to the discretion of the officers or directors of
the Reserve
banks. They could be required to buy Government obligations
at any time,
any price, and in any amount the Board directed. Thus
the credit of the
Federal Reserve banks, which hold the central reserves of almost
the entire
commercial banking system of the country, could be exploited
without
limit to finance whatever deficit the Federal Government
chose to incur.
And the Reserve banks themselves would be helpless
to resist and unable
to protest, for the law specifically states that the Reserve
banks shall cooperate fully in every way in effecting the policies which the
Board shall
prescribe.
It is important to remember that this increased political
control over the
banking system would occur at a time when the Treasury
is dependent
largely upon Dank credit for its funds, when the Federal
deficit is the
greatest ever incurred, and when great pressure is being exerted
by special
groups to add to the already lavish Government expenditures
.
That the provisions proposed in Title II are not necessary
for a satisfactory administration ot credit policies is apparent.
The real purpose of
the legislation must then be to give the Administration
complete and autocratic control over the resources of the Federal Reserve System
and indirectly over all deposits in member banks (if a 100%
reserve plan were
effected). Thus provision would be made for the unhindered
and unlimited use of these funds for financing the Government in
the event that
continued borrowing and spending should impair the Government'
s credit
make it unable to sell its bonds. If such a change
Is to be made bank
depositors should be advised and permitted to voice their
dissent.
No National Banks Now in Conservatorship in United
States, J. F. T. O'Connor Says—Comptroller Tells
Michigan Bankers of Reorganization Steps Since
Holiday of 1933
Although 1,417 unlicensed national banks were placed in
conservatorship at the close of the banking holiday in March
1933, at the present time there is not a single national bank
in conservatorship in this country, J. F. T. O'Connor,
Comptroller of the Currency, told the Michigan Bankers
Association on June 26 at Lansing, Mich. Mr. O'Connor
reviewed the steps taken by the Federal Government during
and after the banking holiday, and said that of approximately
$2,000,000,000 frozen in the 1,417 unlicensed national banks
at the conclusion of the banking holiday, less than 5% now
remains unavailable to depositors. exclusive of "Spokane"
plan reorganizations. This, he said, was the major problem
confronting the Comptroller.
Discussing the question of approving the sale of preferred
stock by national banks, he said in part:
Preferred stock In the amount of $538,378.300 was sold by 2,215 national
banks, of which $62,036,970 was purchased by local parties, and the balance by the Reconstruction Finance Corporation. In addition to the
Preferred stock in national banks, the Reconstruction Finance Corpora tion purchased preferred stock, capital notes, and debentures in state
banks in the sum of 3499,215.386. Some of the very strongest banks in
the nation took advantage of this plan in order to make more funds available in their communities and to avoid the necessity of calling for payment
of obligations which were good but slow.
Another important problem before the Comptroller's office was the distribution of dividends to depositors in closed banks. Since March 16 1933,
the creditors of all insolvent national and District of Columbia state banks
have received through dividends and distributions, the aggregate sum of
$663,035,985. Creditors of the 1.500 insolvent banks under the Comptroller's jurisdiction which were still in process of liquidation on June 21
1935, have, however, received since the failures of such banks $1,045,202.977, out of a total deposit liability at closing of $1,860,318,444.
—In the concluding portion of his address, Mr. O'Connor
discussed the reorganization of banks in Michigan, with
particular reference to the First National Bank of Detroit
and the Guardian National Bank of Commerce. In these
two large closed institutions, he said, approximately 678,000
accounts have been paid in full.
Administration Seeking to Make "Temporary" Legislation Permanent, Bank Charges—Girard Trust
Co. Declares Against Title II of Banking Bill—Sees
Attempt to Place Control of Nation's Credit Struc- New Offering of $100,000,000 of Treasury Bills in
Two
ture Under Political Board
Series—To Be Dated July 10, 1935—$50,000,000 of
The Administration is seeking to make permanent many
133
-clay Bills and $50,000,000 of 273
-Day Bi-ls
laws which were.enacted as temporary expedients to meet an
Henry Morgenthau, Jr., Secretary of the Treasury, on
emergency, according to an article in "The Girard Letter" July 4 invited tenders to a
for June, published by the Girard Trust Co. of Philadelphia. two series, to the amount new offering of Treasury bills, in
of $100,000,000 or thereabout
"Governmental agencies once set up and operating can rarely the tenders to be received at the Federal Reserve banks, s,
or
be dismantled," the article declares, "and they not infre- the branches thereof, up to 2 p. m., Eastern
quently use the power given them to gain more and more Monday,July 8. Tenders to the bills will Standard Time,
power. Each extension of the Government's control over the Treasury Department, Washington. not be received at
economic life makes it more difficult to resume a normal
Both series of the bills, which will be dated
functioning of the economic system. Control of prices, out- be sold on a discount basis to the highestJuly 10 1935,will
put,costs, trade practices and of many other economic factors series will be issued in amount of $50,000.13 bidders. Each
makes the economic system inflexible and incapable of mak- one series will be 133-day bills, maturing 00 or thereabouts;
Nov. 20 1935, and
ing necessary adjustments to changing conditions. And the other 273
-day bils, maturing April
fear of Governmental competition and undue interference in amount of the bills of each series will 8 1936. The face
be payable on the
the control of business would make it difficult to secure new respective maturity dates. Secretary Morgenthau pointed
capital or expand operations."
out that "bidders will be required to specify the particular
42
Financial Chronicle
series for which each tender is made." An issue of Treasury
bills in amount of $75,185,000 will mature on July 10.
In his announcement of the offering of 'July 4 Secretary
Morgenthau said:
The bills will be issued in bearer form only, and in amounts or denominations of $1,000. $10,000, $100,000. $500.000. and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places,e.g..99.125. Fractions
must not be used.
renders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
tenders
of 10% of the face amount of Treasury bills applied for, unless the
ed
are accompanied by an express guranty of payment by an incorporat
bank or trust company.
8
Immediately after the closing hour for receipt of tenders on July 1935,
all tenders received at the Federal Reserve banks or branches thereof up to
and public announcement of the acceptable
the closing hour will be opened
probably on
prices for each series will follow as soon as possible thereafter,
reserves
the following morning. The Secretary of the Treasury expressly
tenders,and to allot less than
the right to reject any or all tenders or parts of
final.
the amount applied for, and his action in any such respect shall be
subject
Any tender which does not specifically refer to a particular series will be
acceptance or
to rejection. Those submitting tenders will be advised of the
allotted
rejection thereof. Payment at the price offered for Treasury bills
must be made at the Federal Reserve banks in cash or other immediately
available funds on July 10 1935.
and any
The Treasury bills will be exempt, as to principal and interest,
all
gain from the sale or other disposition thereof will also be exempt,from
invited to
taxation, except estate and inheritance taxes. (Attention is
the
Treasury Decision 4550. ruling that Treasury bills are not exempt from
Treasury bills
gift tax.) No loss from the sale or other disposition of the
otherwise recognized, for the purposes
shall be allowed as a deduction, or
its posof any tax now or hereafter imposed by the United States or any of
sessions.
$246,571,000 Tendered to Offering of $100,000,000 of Two
Series of Treasury Bills Dated July 3—$50,007,000
-Day Bills at Rate of 0.072% and
Accepted to 133
-Day Bills at Rate of 0.017%
$50,000,000 to 273
A total of $246,571,000 was tendered to the offering of
$100,000,000 or thereabouts of two series of Treasury bills,
dated July 3 1935, Henry Morgenthau,Jr.,Secretary of the
Treasury, announced July 1. He said that $100,007,000 of
this amount was accepted. The bids to the offering, which
was referred to in our issue of June 29, page 4312, were received at the Federal Reserve banks and the branches thereof
up to 2 p. m., Eastern Standard Time, July 1. Each series
uts
of the bills was offered in amountof $50,000,000or thereabothe
-day bills maturing Nov. 13 1935, and
One series was 133
other 273-day bills maturing April 1 1936.
From Secretary Morgenthau's announcement we take the
following details of the bids to the offering:
-Day Treasury Bills. Maturing Nov. 13 1935
133
s, the total
For this series, which was for $50,000,000, or thereabout
accepted.
amount applied for was $88,147.000. of which $50,007,000 was
ot a rate of about
The accepted bids ranged in price from 99.978, equivalent
of about 0.081% per
0.060% per annum, to 99.970, equivalent to a rate
bid for at the
annum, on a bank discount basis. Only part of the amount
average price of Treasury bills of this
latter price was accepted. The
0.072% per
series to be issued is 99.973 and the average rate is about
annum on a bank discount basis.
-Day Treasury Bills, Maturing April 1 1936
273
thereabouts, the total
For this series, which was for $50,000,000, or
0 was accepted.
amount applied for was $158,424.000. of whch $50,000,00 rate of about
equivalent to a
The accepted bids ranged in price from 99.926,
of about 0.109% per
a rate
0.098% per annum, to 99.917, equivalent to
amount bid for at the
annum, on a bank discount basis. Only part of the
The average price of Treasury bills of this series
latter price was accepted.
per annum on a
to be issued Is 99.919 and the average rate is about 0.017%
bank discount basis.
To Be
HOLC Authorizes New Issue of 23,4% Bonds— Home
Used in Obtaining Funds or In Exchange for
Mortgages
bonds,
A new series of 23(% Home Owners' Loan Corp. mortto be used in obtaining funds or in exchange for home The
gages, was authorized by the Corporation on July 3.
le
bonds, dated July 1 1935, due July 1 1944, and redeemab
States
on or after July 1 1942, are guaranteed by the United sale
Government Both as to principal and interest. No cash on
is contemplated at this time, it was stated in Washingt
advices, July 3, to the New York "Times" of July 4, which
added:
will be payable
Between the redeemable and maturity dates the bonds
.
on any interest date on two month's notice of redemption
only in the case
The new bonds will be issued in exchange for mortgates
-day
the recent 30
of applications filed subsequent to May 26 1935, during
applications. The refundperiod allowed by Congress for the filing of new
s filed prior to May 26 will continue
ing of mortgages based upon application
-year maturity.
of 15
to be effected through the issuance of 214% bonds
in denominations of
Coupon bonds of the new series will be available
and $100.000 and registered
$25, $50, $100. $500. $1.000. $5,000. $10,000
denominations.
bonds in $1,000. $5,000, $10.000 and $100.000
Rate
Federal Debt Highest in History but Interest ng to
Averages 2.70%, Lowest Since 1916, Accordi
C. J. Devine & Co., Inc.
GovernThe interest-bearing debt of the United States June but
ment approximated $27,845,000,000 at the end of
since 1916,
the average interest rate on that debt is the lowest
immediately before the entrance of this country into the
in
World War, C. J. Devine Jr Co., Inc., specialists Govern-
July 6 1935
ment securities, said in an analysis made public on June 23.
The company attributes the favorable showing on the part
of the Treasury Department in reducing interest charges,
despite a debt that has risen to the highest levels in history,
to the numerous refunding operations undertaken during the
past few years, all of which were consummated on the basis
of a lower interest rate. A statement issued on June 23
added the following details of the survey:
Based upon computations made ny C. J. Devine Sz Co., Inc., the total
interest-bearing debt outstanding as of June 30, 1935 will be approximately
of June 30
*27.845,000-000, which total compares with $26,480,487,920 as
1934. the close of the last fiscal year; $22,157 643.120 on June 30 1933.
inauguration of President Roosevelt; and with
immediately following the
$19.161,273,540 as of June 30 1932.
Based upon the same computations, the average annual rate of interest
on the present outstanding debt is 2.70%, which compares with 3.18%
as of June 30 1934; 3.35% as of June 30 1933; and with 4.34% as of June 30
of
1921, which was the high point of the post war years. The current rate
2.70% is the lowest since 1916. or prior to the United States entering the
2.38%, but at which time the total nawar, when the average rate was
tional debt amounted to only $971,562,590.
For the purposes of comparison, the firm presents figures showing the
total interest bearing debt, the computed annual interest charge and the
computed average rate of interest, as follows:
Computed Annual Computed Average
Interest Bearing
Rate of Interest
Interest Charoe
Debt
June 30—
2.70
5751,182,000
00
27,845,000,0
1935_a
3.18
842.301,000
26,480,487,920
1934
3.35
742,175,000
22,157,643,120
1933
3.51
671,604,000
19,161,273,540
1932
3.57
588,987,000
16,519.588,640
1931
4.34
1,029,917,000
23.737,352,080
1921
4.18
1,054,204,000
25,234.496,27
1919
3.12
63.625,000
2,712,549,477
1917
2.38
23,084,000
971,562.590
1916
a Computed on basis of June 1 1935 figures, estimated.
Treasury Allots $640,000,000 of Gold Profit for Payment
of 2% Panama Canal Bonds and Consols
Treasury officials revealed on July 2 that approximately
$640,000,000 of the Federal Government's profit on devalue,
tion of the dollar has been transferred to the working balance
for the purpose of retiring 2% Panama Canal bonds and consols. These bonds mature July 1 and Aug. 1, and have been
pledged by banks as security for national bank note issues.
Approximately $675,000,000 of the bonds are outstanding.
Their retirement will result in an automatic withdrawal of
all national bank notes from circulation. United Press
Washington advices of July 2, which reported the foregoing,
added:
in
deOf the total gold profits of more than $2,800.000.000 accrued the
,000 has been set
valuation of the dollar more than a year ago, $2,000,000
n fund.
aside for the exchange stabilizatio
tetirement of the consols and
Another $640,000,000 is set aside for the
loans to industry by the
the Panama Canal bonds; $139,000,000 for direct
for the Philippine currency fund and
Federal Reserve banks; 523,000.000
$8,000.000 for gold melting losses.
.
profit for many months
The Treasury has been drawing down its gold
disbursed through the
To date $20,931,000 of the profit already has been
Federal Reserve banks for direct loans to industry.
The retirement of $599,724,000 of consols incident to the
circulati
Treasury's program for the withdrawal from issued on of
against
about the same amount of national banknotes a
bonds was begun on July 1, it was noted in Washington
dispatch on that date to the New York "Times", which went
on to say:
by drawing on
Redemption of the bonds will be accomplished chiefly
accruing from devaluadeposits of the Treasury with banks, and profit
gradually to replace the
tion of the content of the dollar will be employed
from circulation.
national bank notes as the banknotes are retired
the gold profit will
In carrying out this program about $600,000,000 of
in the general fund. Of this about
be shifted to the working balance
issuing gold certificates to the
$100,000,000 will be employed at once bygeneral fund for a like amount
Federal Reserve Banks. to reimburse the
1 to retire national
expended from the fund between March 15 and July
banknotes which already have been withdrawn from circulation.
The remainder of the gold profit placed In the working balance will be
to the Federal
employed gradually to replace, by issuing gold certificates
in and retired
Reserve Banks, other national banknotes as they are turned
which probably will require a year or more.
from circulation, a process
had deposited
About $435.000,000 of the consols which national banks
for national banknotes
with the Treaurer of the United States as backing
redemption July 1 was issued, and
have been withdrawn since the call for
turned in for redemption,
money substituted as collateral. These bonds, as
deposits with banks, and as
will be paid off by drawing on the Treasury's
general fund will be depleted.
this is done the balance in the Treasury's
held by the United States
About $165.000,000 of the bonds are still
retired and replaced by lawful money,which will
Treasury. These will be
As the banks gradually turn
be listed as a charge against the public debt.
against these they will receive
in the national banknotes which were issued
will deposit with the Federal
Federal Reserve notes, and the Treasury
certificates.
Reserve banks an equal amount of gold
Details of the Government's plan to retire the 2% Consols
and the 2% Panama Canal Loan Bonds appeared in our
March 16 issue, page 1748.
Deficit for Year Ended June 30 Was $3,575,357,963—
Public Debt Reached All-Time Peak of $28,700,892,624—Receipts Exceeded President Roosevelt's
Budget Estimates
on
Secretary of the Treasury Morgenthau announcedyear
July 2 that the Federal Government finished the fiscal
ending June 30 with a deficit of $3,575,357,963. Although
War,
expenditures were at the highest rate since the Worldin the
deficit was smaller than the $3,989,496,035 figure that
the
preceding fiscal year, principally because of the fact
t,
revenues were $685,000,000 higher. President Roosevel
Volume 141
Financial Chronicle
in his budget message to Congress last January, had forecast
a deficit of $4,869,418,338 and had predicted a public debt
of $31,086,633,874 on June 30. Actually the public debt on
that date was $28,700,892,624 as contrasted with $27,053,141,414 at the end of the previous fiscal year, although it
was an all-time peak.
Treasury officials said that one of the most encouraging
signs in the latest fiscal statement was the increase in revenues
over estimates, with this trend including income taxes,
miscellaneous internal revenue receipts and customs receipts.
A Washington dispatch of July 2 to the New York "Herald
Tribune" analyzed the Treasury's report in detail as follows:
Receipts during the 1935 fiscal year, which closed Sunday, amounted to
$3.800.467,202. compared with $3,115,554,049 for the 1934 fiscal year.
Total expenditures were 37,375.825,165, against 37.105.050.084. Expenditures reached a new high since 1919 when about 319,000,000,000 was
spent.
President's Figures Too High
The actual figure for the financial operation of the government were far
different than those contained in the Presidential budget estimate for the
year. The President set the deficit at $4,869,418,338, while the actual
amount which the country went into the "red" wax $1,294,060,375 less.
Receipts were estimated at $3,711,650.688 while the actual receipts were
$88.817.513 above that figure. rhe President estimated expenditures at
$8,581,069,026. Giving concrete evidence of the inability of the agencies
to spend with New Deal speed, actual expenditures were $1,205,243,861
below that figure. Similarly, the public debt was estimated at $31,086,633.874, while the debt in reality is $2,385,741,250 below that total.
With the adjournment of Congress, the Treasury, it was announced, will
present a new "working budget," designed to show more accurately the
future expenditures and revenue. This budget, to be prepared on the
basis of tax measures passed and appropriations made, will revise previous
eatimates with a view of more accurate forecasts. Previous estimates of the
Presidential budget place the deficit for the 1936 fiscal year at $4,528.508.970 and the public debt at $34.238,823,656.
Net Balance 31,841,345.539
As of June 30 1935, the net balance
in the general fund of the Treasury
was $1,841,345.539, a $741.000,000
decrease from June 301934. The working balance stood at $1,001,142,950, having been increased about $90,000,000 through a transfer of funds from the gold increment to be used for
retiring 2% Panama Canal bonds and consols. In connection with the
redemption of these bonds and the retirement of the national bank notes,
for which they are collateral, it was said at the Treasury to-day that
the
July 1 statement, to be made public
to-morrow, will show a working balance
increase by about 3646,000,000 as a result of transfersfrom the gold "profit"
to the working funds.
Evidence of the gigantic refunding operations which have been undertaken by the Administration in its drive for lower interest rates is seen in
year-end figures of Mr. Morgenthau on the average rate of interest on the
outstanding debt. As of the end of the fiscal year 1935, the average rate
was 2,715%. This compares with an average
rate of 3.18% on June 30,
1934.
The public debt during the year gained about $1,648,000,000. but interest
payments did not increase correspondingly. Interest payments on the
public debt for 1935 totaled $821.000,000, compared with $757.000.000
for the fiscal year 1934.
All Kinds of Revenue Gain
Deductingfrom the 53.575.000,000 deficit expenditures of 3573,000.000 to
retire obligations to meet sinking fund and other requirements,
the 1935
deficit, exclusive of debt retirements, was $3,002,000,000. The total was
kept lower than the previous year by increases
in all major lines of revenue.
Income taxes, at $1,099.000.000, were up $281,000,000. Miscellaneous
internal revenue, at $1,657,000,000, increased $187,000,000. Customs
amounted to 3343,000,000, a gain of 330,000.000. Processing taxes on farm
products stood at $521,000,000, a rise of
3168,000.000, while miscellaneous
receipts from other sources. at $179.000.000,
were up 818,000.000.
Treasury Building New Vault at Fort Knox,
Ky., for
Transfer of Gold from Coast Cities
The Treasury is preparing to transfer some of the gold
held by the Government in New York and Philadelphia now
to a
new subterranean vault in the center of an army post 31
miles from Louisville, Ky. according to Associated Press
Washington advices of June 28. Officials said that the struc'
ture is being built in continuation of the policy of moving
large monetary reserves away from vulnerable coast cities to
more isolated inland areas. The Treasury instituted the
policy some months ago and has already shipped almost
three billion dollars worth of gold from San Francisco to
Denver.The new vault is being built at Fort Knox,Ky.
,where
it will be protected on one side by the Appalachian Mountains and on the other by the Rocky Mountains.
The Associated Press advices referred to above gave further
details of the plans as follows:
Interestingly, the Army's only completely mechanized cavalary unit is
stationed at Fort Knox. It is equipped with speedy armed scout cars
and
armored cars.
Treasury officials in charge of plans for the new buidling were asked
to
have them ready by Aug. 1.
Isolated From Highways
•
In preparation, Treasury surveyors already have journeyed to
Kentucky
to look over the ground. The site tentatively selected is not only in
the
middle of Fort Knox but is isolated from railroads and highways.
Plan drafters received few instructions except that the building
should
contain an area of 10,000 square feet and cost not more than 3450.000.
From a strategic standpoint, military experts asserted, the new vault
will be decidedly inaccessible. An invading army would have to fight its
way through the Appalachians—a terrific task. Airplanes piloted by men
new to the country would have trouble,for airline flyers who regularly cross
the mountains consider it a treacherous flight.
In addition, should an army be interested in reaching the gold and
succeed in forcing its way over the mountains, it would find itself opposed
by 1.300—the present complement—or more troops.
The Army is not assuming responsibility for protection of the gold.
Treasury guards will get that. The Army is simply turning the necessary
land over to the Treasury.
43
Gold
Receipts by Mints and Assay Offices—Imports
During Week of June 28 Totaled $10,278,376
The Treasury Department announced July 1 that a total
of $12,776,392.06 of gold was received by the mints and
assay offices during the week of June 28. Of this amount,
it was shown, $10,278,375.90 represented imports, $645,538.77 secondary, and $1,852,477.39 new domestic. The
following tabulation shows the amount of the gold received
during the week of June 28 by the various mints and assay
offices:
Week Ended June 28 1935—
Philadelphia
New York
San Francisco
•
Denver
New Orleans
Seattle
Secondary
.
Nen Domestic
5186.706.94
$2,821.67
127,500.00
309,700.00
848.064.87
73,459.66
7,548.00
499,023.00
195.52
52,073.32
374,872.33
16,050.85
Imports
815,560.75
9,963,200.00
281,701.20
17,913.95
Total for week ended June 28 1935310,273,375.90
8645,538.77 81.852,477.39
$458,959 of Hoarded Gold Received During Week of
June 26—$20,699 Coin and $438,260 Certificates
Figures issued by the Treasury Department on July 1
indicate that gold coin and certificates amounting to $458,959.30 was received during the week of June 26 by the Federal
Reserve banks and the Treasurer's office. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up
to June 26, amount to $126,273,972.47. The figures show
that of the amount received during the week ended June 26
$20,699.30 was gold coin and $438,260 gold certificates.
The total receipts are shown as follows:
Received by Federal Reserve Banks:
Week ended June 26
Received previously
Total to June 26 1935
Received by Treasurer's Office:
Week ended June 26
Received previously
Gold Certificates
Gold Coin
520,399.30
5433,560.00
30,508,107.17 92,875,200.00
530,528,506.47 593,308,760.00
5300.00
263,606.00
84,700.00
2.168,100.00
Total to June 26 1935
8263,906.00 $2,172,800.00
Note—Gold bars deposited with the New York Assay Office to the amount of
8200,572.69 previously reported.
Receipts of Newly
-Mined Silver by Mints and Assay
Offices from Treasury Purchases—Totaled 407,099.60 Fine Ounces During Week of June 28
According to figures issued July 1 by the Treasury Department, 407,099.60 fine ounces of silver were received
by the various United States mints during the week of June 28
from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 21 1933. The
proclamation, which was referred to in our issue of Dec. 23
1933, page 4441, authorized the Department to absorb at
least 24,421,000 fine ounces of newly-mined silver annually.
.
Since the proclamation was issued the receipts by the mints
totaled 38,505,000 fine ounces, it was indicated by the
have
figures issued July 1. Of the amount purchased during
the week of June 28, 307,457.03 fine ounces were received
at the Philadelphia Mint, 94,956.57 fine ounces at the San
Francisco Mint,and 4,686 fine ounces at the Mint at Denver.
The total receipts by the mints since the issuance of the
proclamation follow(we omit the fractional part of the ounce):
Week Ended— Ounces
1934—
Jan. 5
1,157
Jan. 12
547
Jan. 19
477
94,921
Jan. 28
Feb. 2
117,554
375,995
Feb. 9
Feb. 16
232,630
322,627
Feb. 23
Mar. 2
271,800
Mar. 9
126,604
Mar. 16
832.808
Mu.23
369,844
Mar.30
354,711
Apr. 6
569,274
Apr. 13
10,032
Apr. 20
753,938
Apr. 27
436.043
May 4
647,224
May 11
600,831
May 18
503,309
May 25
885,056
June 1
295,511
June 8
200,897
June 15
206,790
June 22
380,532
June 29
64,047
•Corrected figures.
Week Ended— Ounces
1934—
*1,218.247
July 6
230,491
July 13
115.217
July 20
292.719
July 27
118.307
Aug. 3
254,458
Aug. 10
849.757
Aug. 17
376.504
Aug. 24
11.574
Aug. 31
264,307
Sept. 7
353,004
Sept.14
103.041
Sept.21
1,054,287
Sept.28
620,638
Oct. 5
609,475
Oct. 12
712.206
Oct. 19
268.900
Oct. 26
828,342
Nov. 2
Nov. 9
359,428
1,025,955
Nov. 16
443.531
Nov.23
Nov.30
359.298
487.893
Dee. 7
Dec. 14
648,729
Dec. 21
797,208
Dec. 28
484.278
Week Ended—
1935—
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
mar. 8
Mar. 15
Mar.22
mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31
June 7- — _
June 14
June 21
June 28
Ounces
467.385
504,383
732,210
973.305
321,780
1,187.706
1.126,572
403,179
1.184,819
844,528
1.555.985
554.454
695.558
838.198
1,438.881
502,258
67.704
173.900
686.930
86.907
383.073
247.954
203,482
462.541
1.253,628
407,100
Silver Transferred to United States Under Nationalization Order
-16,360 Fine Ounces During Week of
June 28
During the week of July 1 a total of 16,360 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on July 1
showed that receipts since the order was issued and up to
June 28 totaled 112,911,988 fine ounces. The order of
Aug. 9 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of July 1 shows that the
silver was received at the various mints and assay offices
during the week of June 28 as follows:
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
..,
Total for week ended June 28 1935
Fine Ounces
703
14,783
188
59
435
192
16,360
Financial Chronicle
44
Following are the weekly receipts since the order of Aug. 9
was issued:
Week Ended— Pine Ozs.
1934—
33.465.091
Aug. 17
26.088,019
Aug. 24
12.301,731
Aug. 31
Sept. 7
4.144,157
Sept. 14
3,984,363
8.435,920
Sept.21
2,550.303
Sept.28
Oct. 5
2.474,809
Oct. 12
2,883,948
Oct. 19
1,044,127
Oct. 26
748.469
Nov. 2
7.157,273
Nov. 9
3.665,239
Nov. 16
336.191
Nov.23
261,870
Week Ended— Fine Oss.
1934
Nov.30
88,662
Dec. 7
292,358
444,308
Dec. 14
692,795
Dec. 21
Dec. 28
63.105
1935—
309,117
Jan. 4
535.734
Jan. 11
75.797
Jan. 18
62,077
Jan. 25
134.096
Feb. 1
33,806
Feb. 8
45.803
Feb. 15
152.331
Feb. 22
38,135
Mar. 1
57.ux5
Mar. 8
Week Ended— Fine Ozs
1935—
19,994
Mar. 15
54,822
Mar. 22
7.615
Mar. 29
5.183
Apr. 5
8,755
Apr. 12
68,771
Apr. 19
50.259
Apr. 26
7.941
May 3
5.311
May 10
11,480
May 17
100,197
May 24
5.252
May 31
9,988
June 7.-9.517
June 14
26,002
June 21
16,380
Jun" 28.- -
President Roosevelt Signs Wagner Labor Relations Bill,
Designed to Aid Organization and Bargaining of
Labor—Executive Terms Measure "Important Step
In Peaceful Labor Relations"
President Roosevelt yesterday (July 5) signed the Wagner
Labor Relations bill, guaranteeing labor the right to bargain
collectively and defining certain "unfair labor practices" in
connection with labor organization and bargaining. In a
statement issued after the bill had been signed, the President
said it "should serve as an important step toward the achievement of just and peaceful labor relations in industry," but
he added that its successful operation would require "a sense
of sober responsibility and of willing co-operation" on the
part of employers, labor and the general public. He also
warned that "it may eventually eliminate one major cause
of labor disputes, but it will not stop all labor disputes."
The new law will be administered by the quasi-judicial
Labor Relations Board, but the task of mediation and conciliation will continue with the Department of Labor. Industrialists who have opposed the passage of the measure
since it was introduced in Congress are expected to file early
test suits to elicit a Supreme Court ruling on its constitutionality.
The text of President Roosevelt's statement on signing the
bill follows:
This act defines, as a part of our substantiative law, the right of self
organization of employees in industry for the purpose of collective bargaining, and provides methods by which the government can safeguard that
legal right. It establishes a National Labor Relations Board to hear and determine cases in which it is charged that this legal right is abridged or
denied, and to hold fair elections to ascertain who are the chosen representatives of the employees.
A better relationship between labor and management is the high purpose
of this act. By assuring the employees the right of collective bargaining
it fosters the development of the employment contract on a sound and
equitable basis. By providing an orderly procedure for determing who
is entitled to represent the employees, it aims to remove one of the chief
causes of wasteful economic strife. By preventing practices which tend to
destroy the independence of labor, it seeks, for every worker within its
scope, that freedom of choice and action which is justly his.
The National Relations Board will be an independent quasi-judicial
body. It should be clearly understood that it will not act as meditator
or conciliator in labor disputes. The function of mediation remains, under
this act, the duty of the Secretary of Labor and of the Conciliation Service
of the Department of Labor. It is important that the judicial function
and the mediation function should not be confused. Compromise, the
essence of mediation, has no place in the interpretation and enforcement
of the law.
This act, defining rights, the enforcement of which is recognized by
the Congress to be necessary as both an act of common justice and economic
advance, must not be misinterpreted. It may eventually eliminate one
major cause of labor disputes, but it will not stop all labor disputes.
It does not cover all industry and labor, but is applicable only when
violation of the legal right of independent self-organization would burden
or obstruct inter-State commerce. Accepted by management, labor and
the public, with a sense of sober responsibility and of willing co-operation,
however, it should serve as an important step toward the achievement of
just and peaceful labor relations in industry.
Some of the principal features of the new law were outlined
as follows in United Press Washington advices of July 5:
In an effort to protect labor in organizing and bargaining collectively the
act defines the following "unfair labor practices" and sets up a threemember National Labor Relations Board charged with seeing that employers
do not indulge in them:_
Domination of or interference with the formation of unions.
Interference with employees in organizing and bargaining collectively.
Discrimination against workers for union membership, or discrimination
against an employee for filing charges against his employer.
Refusal to bargain collectively with employees' representatives.
Coercion of workers in organizing and bargaining.
The law provides that the privilege of presenting grievances to an employer shall be given to any individual employee or group of workers.
In event of alleged violations of the law the Board is empowered to
hold hearings, summon witnesses and subpoena records. If it finds an
employer has indulged in one of the forbidden practices the Board would
Issue a "cease and desist" order similar to those of the Federal l'rade Commission. If the order was ignored the Board would carry it to the courts
for enforcement.
Final Congressional action on this measure was noted in
the "Chronicle" of June 29, page 4320.
President Roosevelt Signs Joint Resolution Extending
Excise or So-called "Nuisance" Taxes for Two
Years
President Roosevelt on June 28 signed the joint resolution
extending for two years the excise, or so-called "nuisance",
taxes. The taxes, involving about $500,000,000 in levies
July 6 1935
and the three cent first-class postage, were scheduled to
expire on June 30.
Final Congressional action on the resolution was completed
on June 27 when both the Senate and House adopted a conference report on the measure, as noted in our issue of June
29, page 4317. The measure was sent to conference on June
26 to determine whether the extension should be for 1 year as
voted by the Senate on June 26 or for two years as voted by
the House on June 17. The action of the House on the
resolution was referred to in these columns of June 22, page
4161,in which item we also give the text of the joint resolution.
Text of Resolution Passed by Congress and Signed by
President Extending for One Year Emergency
Railroad Transportation Act
On June 14 President Roosevelt approved the joint resolution, passed by Congress, extending for one year, the Emergency Railroad Transportation Act, under which provision
is made for the appointment of the Railroad Co-Ordinator.
The following is the text of the resolution as passed by
Congress and signed by the President:
[S. J. Res. 1121
JOINT RESOLUTION
Extending the effective period of the Emergency Railroad fransportaOrin Act, 1933
Resolved by the Senate and House of Representatives of the United States
of America in Congress Assembled, That Title I of the Emergency Railroad
Transportation Act, 1933,shall continue in full force and effect until June 17
1936. but orders of the Co-ordinator or of the Commission made thereunder shall continue in effect until vacated by the Commission or set aside
by other lawful authority, but notwithstanding the provisions of section 10,
no such order shall operate to relieve any carrier from the effect of any
State law or of any order of a State commission enacted or made after this
title ceases to have effect.
Sec. 2. That it shall be the duty of each carrier to pay into the fund
provided for by section 14 of the Emergency Railroad Transportation Act,
road
1933. within twenty days after June 16 1935. 32 for every mile of
operated by it on December 31 1934, as reported to the Commission, and
assessit shall be the duty of the Secretary of the Treasury to collect such
ments.
Approved. June 14 1935.
The resolution, which was referred to in our issue of
June 15, page 3991, was passed by the Senate on June 10; in
accepting the Senate resolution on June 14 the House reversed the action of one of its major committees and restored a provision continuing an assessment of $2 a mile on
railroads for financing of the Co-ordinator's office. From
the advices June 14 from Washington to the New York
"Times" in which this was noted we quote further as follows:
The Interstate Commerce group had voted unanimously to continue the
Act and the Co-ordinator's office, but struck out a section authorizing
continuance of the assessment.
Responding to appeals from Representative Crosser of Ohio and other
railroad labor spokesmen, the House voted to support the committee action
to continue in force the labor protective clauses that prohibit the roads
from economizing by reduction of labor forces under those maintained
when the law was first passed.
The Act also provides against reduction in worker compensation prevailing on the effective date of the measure. With the House majority overwhelmingly favorable to continuation of Mr. Eastman's work and labor
protection, the only controversal point was whether the assessment of $2
a mile was to be continued.
Mr. Crosser in addition to demanding that the labor protection be retained, urged the assessment, declaring that attacks on it were but an indirect attack on continuation of the emergency law. He was joined by
Representatives Mead of New York and Witherow of Wisconsin in contending that to continue the law without providing required funds would
be folly.
Mr. Rayburn told the House that his committee's action had been based
largely upon the uncertainty concerning the legality of the assessment and
the lack of assurance that the carriers would continue to pay it. Representative Reece of Tennessee asserted that the railroads should not be called
upon to finance an operation to which they were opposed and by which
they were the least benefited.
Representative Millard of New York contended that the railroads were
the principal beneficiaries of the co-ordinator's work and that it was grossly
unfair to call upon already overburdened taxpayers to "contribute $000,000
a year to the railroads."
Co-ordinator Eastman had told the committee that proceeds from the
$2 a mile assessment amounted to $530.000 a year.
Mr. Crosser had reserved his time for the closing argument and his remarks brought applause.
The chorus of "noes" that greeted the question on the amendment was
decisive.
The House then approved substitution of the Senate bill to avoid a conference and the measure was passed without a dissenting voice.
—0,—
President Roosevelt Signs Naval Supply Bill—Senate
Passes Measure Increasing Number of Naval
Officers by 1,032
President Roosevelt on June 25 signed the $460,000,000
Naval Supply Bill, carrying a record peacetime appropriation for new naval construction. Among the uses of the
fund will be the construction of 24 new warships and the
purchase of 555 airplanes, of which 282 are for replacements
and 273 represent outright increases in naval air strength
in accordance with Navy's plant 'to have 2,000 plans by
1942. On the same day that the President signed this
measure, the Senate without a record vote passed a bill
providing for 1,032 more naval officers to serve on the added
ships. This bill has already passed the House of Representatives, but the Senate added several minor amendments.
Volume 141
Financial Chronicle
Associated Press Washington advices of June 25 summarized the provisions of the naval supply bill and of the bill to
increase the number of naval officers as fo lows:
The naval supply bill, one of the biggest peacetime appropriations for that
department in the history of the country, provided $100,000,000 for shipbuilding, including about $20,000,000 for beginning 24 new war vessels
and the balance to apply to ships already on the ways. .
Besides the increased sea power, the bill carried $52,000,000 for naval
aviation, of which enough is set aside to build 555 new aircraft of various
design, 282 as replacements and 273 additional craft.
Altogether, according to Navy Department figures, it now has 66 vessels
on the ways, about half of them financed by $275,000,000 public works
money made available in 1933 and 1934.
Passage of the bill authorizing more officers in the Navy was accompanied by little debate beyond a brief explanation. It has already passed
House, but minor Senate amendments will require additional House action.
A report on the measure said "the primary purpose is to build up the
line officer strength of the Navy to meet the essential demands of the treaty
navy now authorized and in the process of construction."
.
By increasing the allowable officer strength from 4% to 4%% of the
enlisted strength, the bill permitted the commissioned ranks of the Navy
to climb from 5,499 to 6.531. on the basis of 137,485 men in the ranks.
Navy officials said plans were ready for the 24 new vessels, the first
stage in the 72
-ship program designed to bring the fleet to treaty strength
by 1942. Department chiefs indicated they would advertise for bids shortly
after the appropriation becomes available on July 1.
With quotas filled on additional battleships and heavy cruisers until
expiration of the Washington treaty on Dec. 31 1936, the vessels authorzied
are:
One aircraft carrier, two light cruisers, 15 destroyers and six submarines.
The additional officers are to be provided by increasing the number of
midshipmen each Representative or Senator may have at the Naval
Academy from three to four.
•
Three Executive Orders Extend Life of Labor Relations
Boards—Bodies Had Expired on June 30
President Roosevelt announce, on July 1 that he had
signed Executive Orders extending the National Labor Relations Board, the National Steel Labor Relations Board
and the Textile Labor Relations Board. The first body was
continued until Aug. 1 and the other two were given indefinite extensions. All three technically ceased to operate
on midnight, June 30. The boards were created under the
'authority given the President by the old National Industrial
Recovery Act, which expired on June 16. Earlier separate
Executive Orders continued them until June 30, when it had
been anticipated that the Wagner Labor Disputes Bill would
have been signed, and a new permanent organization set
up to take over the work ,of the boards originally created
as emergency instruments.
Provisions of the three latest Executive Orders were noted
as follows in a Washinbton dispatch of July 1 to the New
York "Times":
Work on the Wagner Bill was concluded by the Congress last week,
when the Senate and House agreed on its detailed formula for establishing
a permanent, independent labor mediation organization.
Signing of the bill was postponed, however, so that Senator Wagner,
who had to leave Washington late last week, might be present at ceremonies
planned for the occasion. A press of other engagements on the President's
calendar also was a factor.
The NLRB will continue to act as a Government agency available alike
. to employers and labor for advice and conciliation work, while the steel and
textile boards, in conjunction with the conciliation service of the Department of Labor, Will continue the work of mediation in labor disputes arising
In the two industries.
The steel and textile boards also will proceed with work already started
In surveying problems affecting labor relations in those two industries.
It was understood on good authority that the new labor board legislation
would be put into effect with only the minimum disturbance to work now
being carried on by the temporary boards, since much of the personnel
now employed by the temporary boards is expected to be transferred to
the permanent organization to be established upon approval of the labor
disputes bill by the President.
President Roosevelt Says He Has Finished Legislative
Recommendations Unless Emergencies Arise—Administration Leaders Cool to Plan to Adjourn
Congress Until November
President Roosevelt has now completed his legislative
recommendations to Congress for this session, except for
possible emergency National Recovery Administration action, it was announced authoritatively at Washington on
June 28. The President made this announcement at his
press conference but added that he was not foreclosing the
possibility that changing conditions might force him to
recommend new legislative steps.
Following this statement by the President, three major
pieces of legislation were on the Congressional calendar this
week. One was the bill containing amendments designed to
strengthen the Agricultural Adjustment Act. A second was
the Guffey Coal Control Bill, while the third was the billexpanding the Tennessee Valley Authority. All these
measures had been comparatively neglected in recent weeks
in favor of other proposed legislation.
Senate Republicans on July 1 started a movement for
adjournment of Congress until Nov. 18, with a new session
at that time to be devoted primarily to consideration of the
President's wealth-sharing tax program. Senator McNary,
Republican leader, presented a resolution calling for such
adjournment in the name of himself and Senator Hastings.
Nevertheless Administration leaders appeared determined
to remain in session until the President's program had been
acted upon, including the tax measure. A Washington dispatch of July 1 to the New York "Times" commented upon
this situation as follows:
45
Senator McNary asked his Democratic colleagues "to give careful and
serious consideration" to his proposal. He explained that congress could
adjourn now and, by the terms of the resolution, make it definite that the
Tax Bill would be acted upon before the end of the year.
The measure provided that the proper committees of Congress continue
their studies of the tax plan during the recess so that a minimum of time
would be required to dispose of the matter when the session was resumed.
The resolution reads as follows:
Resolved, That when the Congress shall have completed its legislative
program, except the Revenue Bill, it shall adjourn until noon on Monday,
Nov. 18 1935;
Further Resolved, That between the day of adjournment and Nov. 181935.
the proper committees of the two houses are requested to study the financial
conditions of the Government as to income and expenses and make such
recommendations as they find necessary to balance the budget and begin
the reduction of the national debt:
Further Resolved, That when the Congress reconvenes on Nov. 18 1935.
such Revenue Bill as such committees may recommend shall be the first
order of business.
Leaders Stick to Plan
Administration leaders paid little attention to the Republican adjournment effort, proceeding with their own plan. They admittedly faced a
hard task,lasting at least four to six weeks longer. They proposed to clean
up the remaining New Deal bills as quickly as possible and then to work
in a more leisurely fashion on the tax bill.
Text of Resolution Extending Temporary Federal
Deposit Insurance Plan Until Aug. 31 1935
In our issue of June 29, page 4319, we referred to the
passage by Congress and the singing by President Roosevelt
on June 28 of a resolution extending from July 1 1935 to
Aug. 31 1935 the benefits of temporary insurance of bank
deposits up to $5,000 under the Federal Deposit Insurance
Corporation. The resolution, as signed, follows:
Resolved, That Section 12-B of the Federal Reserve Act, as amended,
is amended (1) by striking out "July 1 1935" wherever ft appears in subsections (e), (1) and (y), and inserting in lieu thereof "August 31 1935";
and (2) by striking out "June 30 1935" where it appears in the first sentence of the eighth paragraph of subsection (y), and inserting in lieu thereof
"August 31 1935"; and (3) by adding to subsection (y) the following additional paragraph, "The deposits in banks which are on June 30 1935
members of the fund or the fund for mutuals shall continue to be insured
during such extended period to Aug. 31 1935, without liability on the
part of such banks to further calls or assessment."
FTC Sends Senate Interim Report on Utility Inquiry—
Results of Investigation of Advantages of Holding
Companies Are Now Being Printed
The Federal Trade Commission on June 18 transmitted
to the Senate another interim report on its investigation of
electric power and gas utilities, allowing that hearings have
recently been held with regard to the operation of a number
of utility companies, and also stating that Chapter XI
of the Commission's report on the utility investigation,
dealing with the advantages and disadvantages of electric
and gas holding companies, is now being printed. The
Commission said that the advantages and disadvantages
are considered with regard to operating companies and
consumers and the public in relation to investments and
from the viewpoint of public control. The report summarized this chapter of the inquiry as follows:
The possible advantages and the disadvantages with respect to operating
companies and the consumer deal with the claims of efficiency through
combination of small plants, technical and financial management through
central organizations, the possibility of developing service and broadening
consumption, the effect of excessive construction and management fees,
write-ups, improperly capitalized items and inflation, inadequate provisions for depreciation and intercompany transactions.
The advantages and disadvantages of holding companies with regard
to investment consider diversity in character of operating companies, cost
of borrowing money, claimed economies ot large holding companies, pyramiding holding company structures, inflation of intercompany profits
on transfers of properties and securities, manipulation of stockmarket
prices and financial and other misrepresentations and deceptions practiced
by holding companies.
The advantages and disadvantages of holding companies in relation to
Public control deal with the onjectives of public regulation of utilities, the
attitude of State Regulatory authorities, problems of interstate commerce,
the circumvention of state laws by holding companies and Possible social
and political dangers of holding company development.
Rush D. Holt of West Virginia Seated by Senate—
Election Approved Although He Did Not Reach
Legal Age Until June
Rush D. Holt of West Virginia was seated by the Senate
on June 21 after that body, by a vote of 62 to 1,7, had
adopted a resolution holding that Mr. Holt was entitled
to his seat. The resolution was approved after two days
of debate upon the constitutional aspects of the eligibility
of Mr. Holt, who was chosen in last November's elections
to succeed Mr. Hatfield. Mr. Holt did not present his
credentials when the present session of Congress opened
on Jan. 3, but waited until June 10, when he reached the
age of 30 years, as the Constitution requires for a Senator.
During the debate on Mr. Holt's right to the seat opponents of the resolution contended that if Mr. Holt was
not eligible to take his seat at the time the present session
of Congress opened he was not eligible now. It was also
argued that because Mr. Holt was not 30 years of age at
the time of his election he had been illegally sent to the
Senate. The final vote to seat Mr. Holt followed party
lines, with only,four Democrats voting against him and
only five Republicans for him. The New York "Times"
of June 23 summarized the debate on the seating of Mr. Holt
as follows:
46
Financial Chronicle
No person, declares the Constitution. shall be a Senator who shall not
have attained to the age of 30 years. That was why Rush Dew Holt
of West Virginia, though elected to the Senate last November, has had
no place on the roll of that branch of Congress. Wednesday was his
30th tirthday. On Thursday he presented himself for the administration
of the oath of office and was challenged. On Friday the Senate voted
by a large majority to seat him.
One Senator contended that Mr. Holt was ineligible because he was
not 30 when elected. Another submitted that he should not be seated
because he was still under age when the Senate to which he had been
chosen was convened in January.
Those who held that Mr. Holt was entitled to his seat on coming of
constitutional age pointed out the precedents. Henry Clay was chosen
by the Legislature of Kentucky in 1806 to fill out the unexpired term
of Senator Adair, who had resigned, and though Mr. Clay would not be
of proper age until weeks after his term had expired, no objection was
registered.
Mr. Holt relied less on that case than on the case of John Y. Brown,
elected to the House of Representatives from Kentucky at the age of 24.
"No person shall be a Representative" under the Constitution before he
is 25. Mr. Brown did not offer himself for the oath until the second
session, when he was over 25, whereupon the House ruled that he could
begin to serve as Representative.
House Passes Utility Holding Company Bill with
"Death Sentence" Eliminated—Large Majority
Opposes President Roosevelt's Wishes—Measure
Goes to Conference
President Roosevelt's program for the elimination of
certain utility holding companies suffered major defeats this
week in the House of Representatives. On July 2 the House
by a vote of 323 to 81 passed a modified Wheeler-Rayburn
utility control bill, despite the President's opposition because
there had been deleted the provision for a mandatory "death
sentence" on unessential utility holding companies. The
passage of the bill by the vote indicated came after the
House had on the same day (July 2) rejected the Senate
measure, and by a vote of 258 to 147 substituted therefor the
bill of the House Inter-State Commerce Committee. The
measure as approved by the House grants broad discretionary
powers to the Securities and Exchange Commission to
simplify utility holding company structures into "integrated
public utility systems." After its passage by the House the
bill went into conference with the Senate, which previosuly
had approved a "death sentence" bill sponsored by the
President, and calling for compulsory dissolution of all
unessential utility holding companies beyond the first degree
by 1942.
The House passed the bill on July 2 after it had first defeated by a vote of 312 to 93 a Republican motion to recommit the bill to Committee. Representative Rayburn, Chairman of the House Inter-State Commerce Committee,
supported the House bill, although he warned that its passage
would throw the conference committees into a hopeless
deadlock and would "tie their hands."
As we indicate in another item in this issue, the passage
of the bill by the House was followed by unanimous approval
by the House Rules Committee into an investigation of alleged
"lobbying" activities on the part of the Administration and
utility companies. The Senate also plans a similar inquiry.
It is expected that on Monday (July 9) the Senate will
be asked to concur in the House action in striking out the
"death sentence" section of the bill.
Passage of the measure in the form reported to the House
was forecast on July 1 when, by a vote of 216 to 146, the
House rejected a motion by Representative Eicher of Iowa,
who has been the President's spokesman on the utility issue,
to amend the bill before the House by substitutmg for
Section 11 the "death sentence" provision of the measure
passed by the Senate. The more lenient House provision
would authorize but not require the SEC to direct the
simplification or dissolution of holding structures by 1940,
but would permit companies to continue indefinitely on a
SEC finding that such a policy was in the public interest.
Both Senate and House bills would require registration of
companies with the SEC by December 1939.
President Roosevelt in his press conference on June 28 said
that he was more eager than ever to see a bill enacted in the
form of that passed by the Senate. The President said that
Section 11 of the Senate bill was not a "death sentence"
section, as it had been described, but said that it was one
which would grant a reprieve to investors in holding company
securities who were themselves under a "death sentence" if
the bill was not enacted in its original form. The President
also charged that the holding company lobby had conducted
a oampaign of falsification. His further remarks were noted •
as follows in a Washington dispatch of June 28 to the New
York "Times:"
The bill was in effect an emancipation proclamation for stockholders,
he contended, who would have a chance to live instead of being sent to the
death house of proverty by having the profits on their investments absorbed
by such holding companies.
The administration bill, Mr. Roosevelt went on, would save such stockholders money by doing away with what he termed parasite companies and
thus leaving a larger sum to be distributed among stockholders as dividends.
The administration bill also has his support, Mr. Roosevelt said, because
it is designed to take away the political power, yielded in the past by
utilities over State Legislatures and even over Congress.
Lobby Called "Dangerous"
Mr. Roosevelt termed the utilities lobby the most dangerous ever created
by any organization in the United States. He said that the labor lobby was
a child compared with the utility lobby and the lobby of the American
Legion only a child in arms.
July 6 1935
He used the word falsification to describe statements made by the
utility lobby and said that such talk frightened the public but did not
deceive most persons any more.
Mr. Roosevelt contended if the original bill were enacted. it would restore
a large measure of control over local utilities to the persons buying their
output, removing from the field persons like the Insulls and those whom he
said control nine or 10 companies which operate in spread-eagle fashion in
New York City.
When asked if he would veto a bill such as that being considered in the
House, Mr. Roosevelt replied that he was speaking only of to-day, not of
what he might do in the future.
Another Washington dispatch to the "Times" on July 1
discussed the House action on that date as follows:
The vote was unrecorded, and all members will be required to go on
record on the same issue to-morrow. But so great was the margin against
the President that House leaders predicted that not even two possible
record votes and fear of administration reprisals would suffice to reverse
to-day's defeat.
With final rejection of the controversial "death sentence" by the House
thus plainly indicated, some doubt was expressed that the bill would be
enacted this session. Senator Wheeler threatened to kill the measure in
conference rather than see it passed in the form voted by the House. Phis
was discounted to some extent by Senator Clark, who indicated that a
move would be made in the Senate to concur in the House action before
giving the bill a chance to go to conference.
Senator Norris predicted meanwhile that unless the President has his
way, the power question will become the paramount issue of the coming
campaign.
President Roosevelt's only comment was an expression of hope that the
final vote to-morrow would see adoption by the House of the original
Senate bill. He sent this word to newspaper men at the White House
through Marvin H. McIntyre, assistant White House secretary.
His only conference on the holding company bill after the vote was taken
was with Representative Rankin, who indicated afterward that he still
held hope that the House to-morrow would reverse the sentiment exhibited
to-day.
"We lost the first skirmish, but I feel confident we will win our main
fight to-morrow," Mr. Rankin said. "It will be necessary to adopt the
House bill as an amendment or a substitute for the Senate bill and we will
get a roll-call on that vote.
"If the administration forces are successful, and I am confident that they
will be, in voting down that motion, then the next vote will be on passage
of the Senate bill as it came to the House. These will be votes by roll-call
and I feel confident we will win both of them."
Another Amendment Beaten
Another Eicher amendment was voted down, 163 to 101. It proposed to
substitute Section 13 of the Senate bill for the section in the House committee measure dealing with relations of operating companies to holding
units performing various service operations.
The Senate provision, more to the liking of administration supporters
but not specifically demanded by the President, would make mandatory the
performance of such services on a mutual non-profit basis. The House provision would permit a continuance of existing arrangements, but it charged
the SEC with seeing to it that service costs were fair and reasonable.
Aside from several perfecting amendments offered by the committee in
charge of the bill, the only alterations accepted were by Representatives
Monaghan of Montana and Woodrum of Virginia. The first would prohibit
electric utilities companies or their subsidiaries from contributing funds for
political campaigns or attempting to influence the selection of any Federal
officeholders.
The Woodrum amendment,first adopted by a standing division of 96 to
43 and then by tellers at 98 to 42, would prevent the Government from
applying regulatory aspects of the bill to operating companies where the
matter involved was already subject to State regulation.
Representative Lea of California argued that the amendment would
prevent compulsory uniform accounting practices by operating companies,
but to no avail. The matter is considered so important by the administration that a record vote on the amendment may be asked to-morrow.
Resolution. to Bar Gold Clause Suits Against Government Introduced in House—Measure Would Authorize Issuance of New Securities Without
Disputed Provision—Treasury Would Also Be
Permitted to Pay Holders in Cash
As was noted in our June 29 issue (page 4322), Representative Steagall, Chairman of the House Banking Committee,
on June 28 introduced on behalf of the Administration a
bill which would deny to holders of Government securities
the right to sue for damages resulting from devaluation of
the dollar and the abrogation of the gold clause in Government contracts, but authorizing the exchange or redemption
ot all such securities offered for payment by Sept. 1. This
measure followed President Roosevelt's message to Congress
on June 27 in which he urged the enactment of such a law,
as noted on page 4315 of our issue of a week ago. The resolution was prepared by Treasury and Justice Department
experts. It authorizes the Secretary of the Treasury to
exchange more than $10,000,000,000 in Government gold
clause securities outstanding for new securities similar in
every respect except for the elimination of the gold clause.
If the owners wish, the Treasury Department would be
permitted to pay off the obligations in cash. The following
is the full text of the resolution:
A joint resolution authorizing the exchange of certain securities, coins
and currencies of the United States; withdrawing the right to sue the United
States on its bonds and other similar obligations; limiting the use of certain
appropriations, and for other purposes.
Whereas, In order to maintain the uniform value of all coins and currencies of the United States, Public Resolution No. 10 of June 5 1933, dedared provisions known as gold clauses to be against public policy, prohibited their use in obligations thereafter incurred and provided that money
of the United States legal tender for obligations generally was legal tender
for all obligations with or without gold clauses;
Whereas, The unprocured security issues of the United States or domestic
issues offered to the people of the United States, payable only in the United
States and in the money of the United States, underlie our national monetary
system and credit structure, with the result that disparity in security issues
or in our coins and currencies would undermine that system and structure;
Volume 141
Financial Chronicle
Whereas, The United States has paid and will continue to pay to the
holders of all its securities their principal and interest, dollar for dollar, in
money of the United States; has maintained and will continue to maintain
the parity of all forms of such money; and has thus afforded and will continue to afford all security and strict equality of advantage to all holders of
its money and securities; and
Whereas, No holder of any of the money or securities of the United
States has suffered any damage because of the measures heretofore taken
to maintain such security and equality of advantage; and any speculative
holding or dealing in the money or securities of the United States to take
advantage of the Government's fixed policy to continue such certain and
uniform treatment is incompatible with the public interest; now, therefore,
be it
Resolved. That the owners of the gold-clause securities of the United
States be entitled to exchange them for new securities of the United States
of the same denominations and with the same terms and conditions but
without gold clauses; or, at the election of the owners, to receive immediate
payment of the stated dollar value amount thereof with interest to the date
of payment or to prior maturity.
The holders of the coins or currencies of the United States shall be entitled to exchange them dollar for dollar for other coins or currencies, legal
tender for public and private debts. The Secretary of the Treasury is
authorized and directed to make such exchange and payments upon presentation hereunder in the manner provided in regulations prescribed by
him.
The period within which the owners of gold-clause securities shall be
entitled hereunder to receive payment prior to maturity shall expire Sept.
1 1935, unless intended from time to time by the Secretary of the Treasury.
Section 2. Any consent which the United States may have given to the
assertion against it of any right, privilege or power whether by way
suit, counter-claim, set-off, recoupment, or other affirmative action
defense in its own name or in the name of any ofits officers, agents, agencies,
or instrumentalities in any proceeding of any nature whatsoever presently or
hereafter commenced, upon any bond, note, certificate of indebtedness.
Treasury bill, or other similar obligation for the repayment of money,
made, Issued, or guaranteed by the United States or upon any coin or
currency of the United States or upon any claim or demand arising out of
any surrender, requisition, seizure or acquisition of any such coin or currency, or of any gold or silver bill is withdrawn.
Section 3. No sums, whether heretofore or hereafter appropriated, or
authorized to be expended, shall be available for, or expended in, payment
upon securities, coins, or currencies of the United States except on an equal
and uniform dollar-for-dollar basis.
Section 4. As used in this resolution, the phrase "gold clause" means
a provision contained in or made with respect to an obligation payable in
money of the United States which purports to give the obligee a right to
require payment in gold, or in a particular kind of coin or currency of the
United States, or in an amount in money of the United States measured
thereby, declared to be against public policy by Public Resolution No.
10
of June 5 1933; and the phrase "securities of the United States" means the
domestic public debt obligations of the United States, including bonds,
notes, certificates of indebtedness, and Treasury bills.
47
The special committee would be appointed by vice-President Garner.
It would be "directed to make a full and complete investigation of the
lobbying activities in connection with the so-called holding company bill."
The House Rules Committee plans to open an inquiry next Monday
under authority of a resolution approved by the House yesterday.
Meanwhile, Senator Wheeler. Democrat, of Montana,an Administration
supporter in the utility fight in which President Roosevelt was twice defeated
In the House, proposed a compromise on the provision desired by the President to outlaw what he called unnecessary holding companies in seven years.
He suggested that two holding companies be permitted in each integrated
regional system of operating companies.
The Black resolution had the support of both Republicans and Democrats
In the committee.
Senator Hastings, Republican, of Delaware, who was absent, sent a
letter to Senator White. Republican, of Maine, saying that he had no
objections to such an inquiry, "provided it is brought about to include an
investigation as to what the Administration has done in an effort to put its
program aCTOSS...
A showdown is expected in the Senate next Monday when it will be asked
to concur in the House action striking out the death sentence clause in the
utilities bill. It approved that provision by a one-vote margin.
At his press conference to-day President Roosevelt would not discuss
directly his House defeat. He quoted part of a poem, and said that a
newspaper an's inquiry about whether works funds would be withdrawn
from P amaquoddy power project in Maine was foolish question Na. 1.
"
nate Committee Makes Broad Changes in Banking
Bill—Board of Governors with Five Rssetve
Bank Heads Would Act as Open Market Committee—Board Retails Control of Credit—Banks
Permitted to Engage in Underwriting with Certain
Restrictions
The Senate Banking Committee on July 1 received from a
subcommittee headed by Senator Glass the draft of a compromise of the banking bill of 1935, greatly revised from the
measure which has already passed the House. The bill was
unanimously reported to the Senate by the full committee
on July 2. Late this week it was reported in Washington
that the Administration would probably not oppose the
revise bill, since it was believed to contain most of the provisions desired by the President. It was also expected that
Senate debate on the measure would not be protracted.
Although the Senate bill still vests the control of credit in
the Federal Reserve Board, it now places the control of open
market operations in the hands of a committee composed of
seven members of the Federal Reserve Board and five
representatives of the 12 Federal Reserve banks. The bill
would increase from the present six to seven members the
numbers that might be appointed to the Reserve Board by
Senate -and House Plan Lobby Inquiry Incident to the President. All of these would be called "Governors."
Alleged Activities in Case of Utility Holding The Secretary of the Treasury and the Comptroller of the
Currency would be dropped as ex-officio members.
Company Bill
The Senate bill would grant the Federal Reserve Board
Passage of the public utility holding company bill by the
House on July 2 was followed by unanimous approval of an definite powers to control reserve requirements, but redisinvestigation by the House Rules Committee into lobbying count rates, as at present, would be set by the Federal
activities on the bill by both the Administration and the Reserve banks with review by the Board. One of the most
utility companies. The inquiry was ordered after Repre- important changes made by the Senate subcommittee is one
sentative Brewster of Maine charged that Thomas G. which would modify the underwriting provisions of the
Corcoran, counsel for the Reconstruction Finance Corpora- existing law, and would allow all financial institutions to
tion and co-author of the utility bill, had attempted to underwrite security 'issues within a fixed minimum and
"coerce" him into changing his vote on the "death sentence" maximum.
Many of the original proposals of Marriner S. Eccles,
provision. Mr. Brewster voted against retention of the
Governor of the Federal Reserve Board, have been radically
"death sentence."
On July 3 the Senate Inter-State Commerce Committee changed in the Senate bill, but Washington observers prevoted for a similar investigation of lobbying by a special dicted nevertheless that the measure would be acceptable to
Senatorial committee with an appropriation of $150,000. the Administration.
A dispatch from Washington, July 1 to the New York
The Inter-State Commerce Committee approved a resolution
by Senator Black to authorize the creation of a special com- "Times" summarized some of the principal provisions of the
mittee of five members to investigate lobbying activities in new bill as follows:
Under the new bill, the open market committee would be empowered to
connection with the bill.
The House debate on July 2 regarding the proposed formulate open market policies and these would be mandatory upon the
12 Reserve banks. The bill specifically says that no Federal Reserve Bank
investigation of lobbying activities was described as follows may engage in or
in a Washington dispatch of that date to the New York regulations of the refuse to engage in open-market operations except under
committee.
"Herald Tribune":
The "time, character and volume" of all purchases and sales by the
The inquiry was ordered in an excited turmoil on the House floor
as
Representative Ralph 0. Brewster, Republican, of Maine, who fought the
Insull power interests when he was Governor of his State, directly
charged
that Thomas G. Corcoran, RFC Counsel, co-author of the President's
utility bill and Administration "brain-truster," had attempted coercion.
Mr. Brewster, earnest and emphatic, rising to a point of high personal
privilege and appealing to the integrity and independence of the House,
accused Mr. Corcoran of telling him that if he failed to vote for the "death
sentence" the Administration would stop construction of the Passamaquoddy tide, harnessing power project in his district.
"Such a suggestion from such a source is repugnant to every instinct of
decency in legislation and proper regard for our constitutional oath of
office," Mr. Brewster declared.
This direct charge, backing up rumors of patronage pressure by
the
Administration and repeated oral intervention by the White House In behalf
of the "death sentence," stunned the House for a moment and then
evoked
an uproar. . .
Representative Edward C. Moran Jr., Democrat, of Maine, communicated with Mr. Corcoran and then told the House that the Administration lawyer had simply told Representative Brewster that desertion on
the
"death sentence" clause would show he was untrustworthy for continued
service as a legal adviser oil matters of law connected with the Passamaquoddy project.
Ickes Defends Corcoran
Downtown Harold L. Ickes, PWA Administrator, championed Mr. Corcoran and declared that the allocation already had been made for Passamaquoddy and "the plans are going forward."
Associated Press Washington advices of July 3 noted the
Senate proposal for an investigation of lobbying, together
with President Roosevelt's remarks on the House action
when questioned at his press conference, as follows:
committee "shall be governed with a view to accommodating commerce
and business and with regard to their bearing upon the general credit
situation of the country," the bill provides. All Government securities
under the bill must be bought in the open market.
Whereas Federal Reserve Board members now serve 12
-year terms at
$12,000 a year each, the bill would have the proposed seven "governors"
serve for 14 years each at $15,000 a year and make them ineligible for
reappointment. Elimination of the secretary and comptroller, explained as
Intended to prevent any "political influence" on the board, would come
90 days after the bill becomes law. The board would be required to be
bipartisan, with not more than four members from any one political party.
Titles Would Be Changed
Along with the change from Reserve Board members to "governors," the
present titles of governor and vice-governor would be changed to chairman
and vice-chairman, these to be chosen for,such offices by the President of
the United States, and to serve four years in such capacity. Some observers
commented that the bill would permit President Roosevelt thus to continue
Mr. Eccles as head of the board for four years.
By a vote of not less than five of its members the Reserve Board could
Increase reserve requirements against deposits of member banks to a
maximum of double the existing requirements "in order to prevent injurious
credit expansion or contraction." The minimum amount of reserves would
be the legal reserves when the Banking Bill was passed and the maximum
twice that amount.
Existing reserve requirements are 7%, 10%, and 13%, dependent upon
local classifications. Authority to change the reserves without limit was
sought in the House bill.
Although the rediscount privileges would remain as at present, the bill
contains a new provision whereby the Reserve banks "shall establish such
rates every 14 days, or oftener if deemed necessary by the board." The
"oftener." Senator Glass explained, was inserted so that In the "event of
an utterly improbable emergency" the situation could be handled.
48
Financial Chronicle
Underwriting of securities, so long prevented, could now be carried on
by all financial institutions under limitations from the Comptroller of the
Currency. The banks, however, could sell only on an exchange registered
under the Securities Exchange Act of 1934. Selling would be limited also
to direct and unconditional sales to dealers and brokers other than banks
and to sales at public auction under the Comptroller's regulations.
As written, the bill provides that no bank or banker under Federal or
State supervision should be subject to the liabilities of the Securities Act,
but this phasing was understood to have been stricken out to-night.
When asked this afternoon if J. P. Morgan & Co. and other private
banking houses could underwrite securities under the new bill, Senator
Glass replied:
"Well, why not? There's been an outcry all over the country that the
banks will not make loans. Now the Morgans can go back to underwriting,
but under these severe restrictions."
Recent publication in the New York "Times" concerning the underwriting clauses of the bill caused Senator Glass to explain what he regarded
as a misunderstanding of the situation. He made a formal statement on the
matter this afternoon to the full Banking Committee.
Statement on Underwriting
"Statements have appeared in the press recently giving the impression
law
that the subcommittee's adoption of an amendment to the present
dealing with the underwriting of securities by banks for the purpose o
opening up the capital market would place the underwriting situation wh
it was prior to the adoption of the Banking Act of 1933." Senator Glass
in the statement read to the Banking Committee.
"Such a statement is misleading and false.
"Prior to the Banking Act of 1933, underwriting was unrestricted. The
banks,
1933 act definitely prohibited the underwriting of securities by
except in limited classes in the case of member banks of the Federal Reserve
System, governments. municipals, &c.
and
"The present amendment allows underwriting under very definite
existed.
restricted limitations designed to eliminate the evils that formerly
issue
"1. Banks are limited in underwriting the obligations of any one
to 10% of their unimpaired capital and surplus.
it is
"2. No bank can underwrite more than 20% of any one issue unless
various
$100,000 or less, thus spreading any risk that may exist among
underwriters.
"3. Total commitments for underwriting shall not exceed 200% of unimpaired capital and surplus.
"4. Sales cannot be made to the customers of the banks.
"5. Sales cannot be made to other banks or correspondent banks.
"6. Sales must be made on an Exchange registered as a National
to
securities exchange under the Securities and Exchange Act of 1934 or
dealers or brokers who are registered with the Securities and Exchange
Commission.
"7. Such underwriting is further limited by such limitations and restrictions as may be prescribed by the Comptroller of the Currency."
The bill as unanimously reported by the Senate Banking
Committee on July 2 contained only minor amendments to
the draft prepared by the subcommittee. These were outlined as follows in a Washington dispatch of July 2 to the
"Times":
In reporting the bill, the Senate Committee made only three material
changes.
Through one of these, existing law would be changed so that the President
would not be required to obtain the recommendation of the Secretary of
the Treasury in appointing a Comptroller of the Currency.
The second amendment affected regional representation of the Federal
Reserve Banks on the Open Market Committee.
Adds Committee Stipulations
This Open Market Committee, as urged by'the Glass subcommittee,
would include 7 "governors" of the Federal Reserve Board and five representatives of the Reserve Banks. Through to-day's amendment, four
of these bank representatives would be chosen from these regions: 1, BostonNew York-Philadelphia; 2, Cleveland-Chicago- St. Louis; 3, MinneapolisKansas City-San Francisco; 4, Richmond-Atlanta-Dallas. The fifth
representative, to serve at large, would be elected by all of the twelve banks.
Alternates would be provided.
This third amendment provided that dividends on preferred stock of
national banks should not be more than 6% of the original purchase price
or liquidareceived by the banks, and that in case of retirement of the stock
the purchase
tion of the banks, the stockholders would receive not more than
price plus accumulated dividends.
In stating that some sentiment for elimination of the
underwriting features of the bill has sprung up the "Times"
in its account from Washington July 3 added in part:
The measure permits underwriting of securities by banks of deposit,but
the
although the subcommittee first agreed to exempt these banks from
harsh liabilities of the Securities Act, the exemption has now been stricken
out.
Now, it is said, although the banks are permitted to underwrite, they
will hardly do so in view of the impending penalties. . . .
It was evident to-day that the main efforts of administration leaders
backing the bill as originally passed by the House would be to obtain in
conference some changes over which they did not feel that there would be
sharp controversy.
While the fact that the Senate committee limited the authority of the
Reserve Board to increase the reserve requirements of member banks to
double the present requirements, a bitter fight to remove the restrictions is
not expected.
Under present conditions this would permit an increase in reserve requirements by 82,500,000,000. it is calculated, and the concession already won
is considered of the greatest importance.
Sponsors of the House bill object to the penalty of 1% placed on advances
which the Reserve Banks could make to member banks on time and demand
notes secured by other than what is now prescribed by the law as eligible
collateral, and an effort will be made to have this eliminated.
Efforts will also be made to have the broader powers in making loans on
real estate extended to State banks which are members of the Federal
Reserve Banks, as well as to national banks.
In general, the belief of those who oppose the changes found in the
Senate version is that the bill is workable in the form reported, and indications are that if a relatively few alterations are made now, there will be
no long drawn out contest.
There are indications of opposition on the part of the Federal Reserve
and the Comptroller of the Currency against national and other member
banks of deposit assuming the liabilities of Section 11 and 12 of the Securities
Act of 1933, under the section of the bill which would again permit such
banks to resume the underwriting of securities.
July 6 1935
underwriting
Whether this will result in the elimination of the so-called
section is one of the important questions now at issue.
From the "Times" of July 4 we take the following:
The Banking Bill
Act
Wall Street's interest in the underwriting features of the Banking
caused some
of 1935, as revised by the Senate Banking Subcommittee, has
overlooked. Bankers yesterday
of the other little surprises in the bill to be
as an
called attention to one passage of the measure which they described
provides
extraordinary "joker." This is Section 8 of Section 329, which
Federal
that no director, officer or employe of any member bank of the
officer or
Reserve shall be at the same time a private banker or a director,
this
employe of "more than one other bank." According to some bankers,
as banks
paragraph completely destroys the Clayton Anti-Trust Act so far
individual could, so
are concerned. It means, they say, that the same
Street banks.
fat as the law is concerned, be at one time the header two Wall
A s .':ment by Governor Eccles of the Federal Reserve
as well as comments by Senator Glass and RepreBoa
ye Steagall are referred to elsewhere in this issue
se
y.
t
of Wagner-Connery Labor Disputes Bill as
Enacted into Law
We are giving herewith the text of the Wagner-Connery
our issue
labor disputes bill, on which, as we indicated in was comof June 29 (page 4320)final Congressional action
pleted by Congress on June 27. President Roosevelt signed
the bill yesterday (July 5), as described elsewhere in this
issue of the "Chronicle."
The text of the new law follows:
Text
or Obstructing
An Act to Diminish the Causes of Labor Disputes Burdening Labor RelaInter-State and Foreign Commerce to Create a National
tions Board, and for Other Purposes.
s of the United States
Be it enacted by the Senate and House of R,epresentatire
of America in Congress AssemOled:
Findings and Policy
of employees to orSection 1. The denial by employers of the right
the procedure of collective
ganize and the refusal of employers to accept
industrial strife or unrest,
bargaining lead to strikes and other forms of
or obtsructing
which have the intent or the necessary effect of burdening
efficiency, safety, or operation of the
commerce by (a) impairing the
instrumentalities of commerce; (b) occurring in the current of commerce;
the flow of raw materials
(c) materially affecting, restraining, or controlling
into the channels of com•
or manufactured or processed goods from or
materials or goods in commerce, or (d) causing
merce, or the prices of such
substantially to
diminution of employment and wages in such volume as
from or into the channels
impair or disrupt the market for goods flowing
of commerce.
who do not
The inequality of bargaining power between employees
liberty of contract and empossess full freedom of association or actual
other forms of ownership
ployers who are organized in the corporate or
of commerce and
association substantially burdens and affects the flow
business depressions by depressing wage rates
tends to aggravate recurrent
industry and by preventing
and the purchasing power of wage-earners in
conditions within
the stabilization of competitive wage rates and working
and between industries.
the right of e oployees
Experience has proved that protection by law of
commerce from injury,
to organize and bargain collectively safeguards
of commerce by reimpairment or interruption and promotes the flow
strife and unrest, by enmoving certain recognized sources of industrial
of industrial
couraging practices fundamental to the friendly adjustment
or other working
disputes arising out of differences as to wages, hours
conditions and by restoring equality of bargaining power between employers
and employees.
It is hereby declared to be the policy of the United States to eliminate
free flow of commerce
the causes of certain substantial obstructions to the
have occurred
and to mitigate and eliminate these obstructions when they
of collective bargaining and
by encouraging the practice and procedure
by protecting the exercise by workers of full freedom of association, selforganization and designation of representatives of their own choosing, for
the purpose of negotiating the terms and conditions of their employment
or other mutual aid or protection.
Definitions
Sec. 2 When Used in This Act—
(1) The term "person" includes one or more individuals, partnerships,
associations, corporations, legal representatives, trustees. trustees in
bankruptcy or receivers.
(2) The term "employer" includes any person acting in the interest of
an employer, directly or indirectly, but shall not include the United States,
or any State or political subdivision thereof, or any person subject to the
Railway Labor Act, as amended from time to time, or any labor organization (other than when acting as employer), or any one acting in the capacity
of officer or agent of such labor organization.
(3) The term "employee" shall include any employee, and shall not
be limited to the employees of a particular employer, unless the Act
explicitly states otherwise, and shall include any individual whose work
has ceased as a consequence of, or in connection with, any current labor
dispute or because of any unfair labor practice, and who has not obtained
any other regular and substantially equivalent employment, but shall
not Include any individual employed as an agricultural laborer, or in the
domestic service of any family or person at his home, or any individual
employed by his parent or spouse.
(4) The term "representatives" includes any individual or labor organization.
(5) The ter.n "labor organization" means any organization of any kind,
or any agency or employee representation committee or plan, in which
employees participate and which exists for the purpose, in whole or in
part, of dealing with employers concerning grievances, labor disputes,
wages, rate of pay, hours of employment, or conditions of work.
(6) The term "commerce" means trade, traffic, commerce transportation, or communication among the several States, or between the District
of Columbia or any Territory'of the United States and any State or other
Territory, or between any foreign country and any State, Territory or the
District of Columbia, or within the District of Columbia or any Territory
or between points in the same State but through any other State or any
Territory or the District of Columbia or any foreign country.
(7) The term "affecting commerce" means in commerce, or burdening or
obstructing commerce or the free flow of commerce, or having led or tending to stead to a labor dispute burdening or obstructing commerce or the
free flow of commerce.
Volume
141
Financial Chronicle
(8) The term "unfair labor practice" means any unfair labor practice
listed in Section 8.
(9) The term "labor dispute" includes any controversy concerning terms.
tenure or conditions of employment, or concerning the association or
representation of persons in negotiating, fixing, maintaining, changing,
or seeking to arrange terms or conditions of employment, regardless of
whether the disputants stand in the proximate relation of employer and
employee.
(10) The term "National Labor Relations Board" means the National
Labor Relations Board created by Section 3 of this act.
(II) The term "old board" means the National Labor Relations Board
established by executive order numbered 6763 of the President on June 29
1934, pursuant to public resolution numbered 44, approved June 19 1934
(48 stat. 1183), and re-established and continued by executive order
numbered 7074 of the President of June 15 1935, pursuant to Title I of the
National Industrial Recovery Act (48 stat. 195) as amended and continued
by Senate Joint Resolution 133 approved June 14 1935.
National Labor Relations Board
Sec.3(a) There is hereby created a board, to be known as the "National
Labor Relations Board" (hereinafter referred to as "the board") which
shall be composed of three members, who shall be appointed by the President, by and with the advice and consent ot the Senate. One of the original
membdrs shall be appointed for a term of one year, one for a term of three
years,and one for a term offive years, but their successors shall be appointed
for terms of five years each, except that any individual chosen to fill a
vacancy shall be appointed only for the unexpired term of the member
whom he shall succeed. The President shall designate one member to serve
as chairman of the board. Any member of the board may be removed by
the President. upon notice and hearing,for neglect of duty or malfeasance in
office, but for no other cause.
(b) A vacancy in the board shall not impair the right of the remaining
members to exercise all the powers of the board, and two members of the
board shall, at all times, constitute a quorum. The board shall have an
official seal which shalt be judicially noticed.
The board shall at the nose of each fiscal year make a report in writing
to Congress and to the President stating in detail the cases it has heard, the
decisions it has rendered, the names, salaries and duties of all employees
and officers in the employ or under the supervision of the board and an
account of all moneys it has disbursed.
Sec. 4. (a) Each member of the board shall receive a salary of $10,000
a year, shall be eligible for reappointment, and shall not engage in any
other business, vocation or employment. The board shall appoint, without
regard for the provisions of the Civil Service Laws by subject to the Classification Act of 1923, as amended, an executive secretary, and such
attorneys, examiners and regional directors, and shall appoint such other
employees with regard to existing laws applicable to the employment and
compensation of officers and employees of the United States, as it may,
from time to time, find necessary for the proper performance of its duties
and as may be from time to time appropriated for by Congress.
The board may establish or utilize such regional, local or other agencies,
and utilize such voluntary and uncompensated services, as may from
time to time be needed. Attorneys appointed under this section may. at
the direction of the board, appear for and represent the board in any
case in court. Nothing in this Act shall be construed to authorize the
board to appoint individuals for the purpose of conciliation or mediation
(or for statistical work), where such service may be obtained from the
Departmenr of Labor.
(b) Upon the appointment of the three original members of the board
and the designation of its chairman, the old board shall cease to exist.
All employees of the old board shall be transferred to and become employees of the board with salaries under the Classification Act of
1923.
as amended without acquiring by such transfer a permanent or civil service
status. All records, papers, and property of the old board shall become
records, papers, and property of the board, and all unexpended funds and
appropriations for the use and maintenance of the old board shall become
funds and appropriations available to be expended by the board in the
exercise of the powers, authority, and duties conferred on it by this Act.
(C) All of the expenses of the board, including all necessary traveling
and subsistence expenses outside the District of Columbia incurred by
the members or employees of the board, under its orders, shall be allowed
and paid on the presentation of itemized vouchers therefor approved by
the board or by any individual it designates for that purpose.
Sec. 5. The principal office of the board shall be in the District of
Columbia, but it may meet and exercise any or all of its powers at any
other place. The board may by one or more of its members or by such
agents or agencies as it may designate, prosecute any inquiry necessary
to its functions in any part of the United States. A member who participates in such an inquiry shall not be disqualified from subsequently
participating in a decision of the board in the same case.
Sec. 6. (a) The board shall have authority from time to time to make,
amend and rescind such rules and regulations as may be necessary to
carry out the provisions of this Act. Such rules and regulations shall be
effective upon publication in the manner which the board shall prescribe.
Rights of Employees
Sec. 7. Employees shall have the right to self
-organization, to form,
join, or assist labor organizations, to bargain collectively through representatives of their own choosing, and to engage in concerted activities,
for the purpose of collective bargaining or other mutual aid or
protection.
Sec. S. It shall be an unfair labor practice for an employer
(1) To interfere with, restrain, or coerce employees in the exercise of
the rights guaranteed in Sec. 7.
(2) To dominate or interfere with the formation or administration of
any labor organization or contribute financial or other support to it; provided that, subject to rules and regulations made and published by the
board pursuant to Sec. 6 (a). an employer shall not be prohibited from
permitting employees to confer with him during working hours without
loss of time or pay.
(3) By discrimination in regard to hire or tenure of employment or any
term or condition of employment to encourage or discourage membership in
any labor organization; provided, that nothing in this act, or in the NIRA
(U. S. C., Supp. VII, Title 15, Secs. 701-712), as amended from time to
time, or in ally code or agreement approved or prescribed thereunder,
or
in any other statute of the United States, shall preclude an employer from
making an agreement with a labor organization (not established, maintained or assisted by any action defined in this act as an unfair labor
practice) to require as a condition of employment membership therein, if
such labor organization is the respreeentative of the employees as provided
in Section 9 (a). in the appropriate collective bargaining unit covered by
such agreement when made.
(4) To discharge or otherwise discriminate against an employee because
he has filed charges or given testimony under this act.
(5) To refuse to bargain collectively with the representatives of his
employees subject to tho provisions of Section 9 (a).
49
Representatives and Elections
Sec. 9 (a) Representatives designated or selected for the purposes of
collective bargaining by the majority of the employees in a unit appropriate
for such purposes shall be the exclusive representatives of all the employees
in such unit for the purposes of collective bargaining in respect to rates of
pay, wages, hours of employment, or other conditions of employment;
provided that any individual employee or a group of employees shall have
the right at any time to present grievances to their employer.
(bi The board shall decide in each case whether, in order to ensure to
employees the full benefit of their right to self-organization and to collective
bargaining, and otherwise to effectuate the policies of this act, the unit
appropriate for the purposes of collective bargaining shall be the employer
unit, plant unit, or any subdivision thereof.
(c) Whenever a question concerning commerce arises concerning the
representation of employees, the board may investigate such controversy
and certify to the parties, in writing, the name or names of the representatives that have been designated or selected. In any such investigation, the
board shall provide for an appropriate hearing upon due notice, either in
conjunction with a proceeding under Section 10 or otherwise, and may take
a secret ballot of employees,or utilize any other suitable method to ascertain
such representatives.
(d) Whenever an order of the board made pursuant to Section 10 (c)
is based in whole or in part upon facts certified following an investigation
pursuant to subsection (c) of this section, and there is a petition for the
enforcement or review of such order, such certification and the record of
such investigation shall be included in the transcript of the entire record
required to be filed under subsections 10 (e) or 10 (f), and thereupon the
decree of the court enforcing, modifying or setting aside in whole or in part
the order of the board shall be made and entered upon the pleadings, testimony and proceedings set forth in such transcript.
Prevention of Unfair Labor Practices
Soc. 10 (a) The board is empowered, as hereinafter provided, to prevent
any person from engaging in any unfair labor practice (listed in Section 8)
affecting commerce. This power shall be exclusive, and shall not be affected
by any other means of adjustment or prevention that has been or may be
established by agreement, code, law, or otherwise.
(b) Whenever it is charged that any person has engaged in or is engaging
in any such unfair labor practice, the board, or any agent or agency designated by the board for such purposes, shall have power to issue and cause
to be served upon such person a complaint stating the charges in that
respect, and containing a notice of hearing before the board or a member
thereof, or before a designated agent or agency, at a place therein fixed,
not less than five days after the serving of said complaint. Any such complaint may be amended by the member, agent or agency conducting the
hearing or the board in its discretion at any time prior to the issuance of an
order based thereon. The person so complained of shall have the right to
file an answer to the original or amended complaint, and to appear in person
or otherwise and give testimony at the place and time fixed in the complaint.
In the discretion of the member, agent or agency conducting the hearing or
the board, any other person may be allowed to intervene in the said proceeding and to present testimony. In any such proceeding the rules of
evidence prevailing in courts of law or equity shall not be controlling.
(c) The testimony taken by such member, agent or agency of the boardshall be reduced to writing and filed with the board. Thereafter, in its
discretion, the board upon notice may take further testimony or hear
argument. If upon all the testimony taken the board shall be of the opinion
that any person named in the complaint has engaged in or is engaging in any
such unfair labor practice. then the board shall state its findings of fact
and shall issue and cause to be served on such person an order requiring
such person to cease and desist from such unfair labor practice, and to take
such affirmative action, including reinstatement of employees with or
without back pay, as will effectuate the policies of this act. Such order
may further require such person to make reports from time to time showing
the extent to which it has complied with the order. If upon all the testimony taken the board shall be ot the opinion that no person named in the
complaint has engaged in or is engaging in any such unfair labor practice,
then the board shall state its findings of fact and shall issue an order
dismissing the said complaint.
(d) Until a transcript of the record in a case shall have been filed in a
court, as hereinafter provided, the board may at any time, upon reasonable
notice and in such manner as it shall deem proper, modify or set aside, in
whole or in part, any funiing or order made or issued by it.
(e) The board shall have the power to petition any circuit court of
appeals of the United States (including the Court of Appeals of the District
of Columbia), or if all the circuit courts of appeals to which application may
be made are in vacation, any district court of the United States (including
the Supreme Court of the District of Columbia) within any circuit or
district, respectively, wherein the unfair labor practice in question occurred
or wherein such person resides or transacts business, for the enforcement of
such order and for appropriate temporary relief or restraining order, and
shall certify and file in the court a transcript of the entire record in the
Proceeding, including the pleadings and testimony upon which order was
entered and the findings and order of the board.
Upon such filing, the court shall cause notice thereof to be served upon
such persons, and thereupon shall have jurisdiction of the proceeding and
of the question determined therein, and shall have power to grant such
temporary relief or restraining order as it deems just and proper, and to
make and enter upon the pleadings, testimony and proceedings set forth in
such transcript a decree enforcing, modifying, and enforcing as so modified,
or setting aside in whole or in part the order of the board. No objection that
has not been urged before the board, its member, agent or agency, shall be
considered by the court, unless the failure or neglect to urge such objection
shall be excused because of extraordinary circumstances. The findings of
the board as to the facts, if supported by evidence, shall be conclusive.
If either party shall apply to the court for leave to adduce additional
evidence and shall show to the satisfaction of the court that such additional
evidence is material and that there were reasonable grounds for the failure
to adduce such evidence in the hearing before the board, its member.
agent, or agency, the court may order such additional evidence to be
taken before the board, its member, agent. or agency, and be made a part
of the transcript.
The board may modify its findings as to the facts, or make new findings,
by reason of additional evidence so taken and filed, and it shall file such
modified or new findings, which, if supported by evidence, shall be conclusive, and shall file its recommendations, if any, for the modification or
setting aside of its original order.
The jurisdiction of the court shall be exclusive and its judgment and
decree shall be final, except that the same shall be subject to review by
the appropriate court of appeals if application was made to the district
court as hereinabove 'Provided, and by the Supreme Court of the United
States upon writ of certiorari or certification as provided in Secs. 239 and
240 of the Judicial Code as amended (U. S. C., Title 28, Secs. 346 and 347).
50
Financial Chronicle
(f) Any person aggrieved by a final order of the board granting or
denying in whole or in part the relief sought may obtain a review of such
order in any circuit court of appeals of the United States in the circuit
wherein the unfair labor practice in question was alleged to have been
engaged, or wherein such person resides or transacts business, or in the
a
Court of Appeals of the District of Columbia, by filing in such court
written petition praying that the order of the board be modified or set
aside.
A copy of such petition shall be forthwith served upon the board, and
thereupon the aggrived party shall file in the court a transcript of the entire
record of the proceeding, certified by the board, including the pleading
and testimony upon which the order complained of was entered and the
findings and order of the board.
Upon such filing the court shall proceed in the same manner as in the
case of an application by the board under subsection (e), and shall have the
same exclusive jurisdiction to grant to the board such temporary relief
or restraining order as it deems just and proper, and in like manner to make
and enter a decree enforcing, modifying, and enforcing as so modified.
or setting aside in whole or in part the order of the board; and the findings
of the board as to the facts, if supported by evidence, shall in like manner
be conclusive.
(g) The commencement of proceedings under subsection (e) or (f) of
this section shall not, unless specifically ordered by the court, operate
as a stay of the board's order.
(h) When granting appropriate temporary relief or a restraining order,
or making and entering a decree enforcing, modifying, and enforcing as
so modified or setting aside in whole or in part an order of the board, as
provided in this section, the jurisdiction of courts sitting in equity shall
not be limited by the Act entitled "An Act to Amend the judicial Code
and to Define and Limit the Jurisdiction of Courts Sitting in Equity, and
for Other Purposes," approved March 23 1932 (U. S. C., Supp. VII,
Title 29, Secs. 101-115).
(1) Petitions filed under this Act shall be heard expeditiously, and if
possible within ten days after they have been docketed.
July 6 1935
full force and
enforced, the provisions of such other Acts shall remain in
effect.
of such proSee. 15. If any provision of this Act, or the application
invalid, the remainder
vision to any person or circumstance, shall be held
or circumstances
of this Act, or the application of such provision to persons
affected thereby.
other than those as to which it is held invalid,shall not be
Relations Act."
Sec. 16. This Act may be cited as the "National Labor
J. Edward Jones in Petition Filed in U. S. Court Contends Securities Act Unconstitutional
J. Edward Jones, dealer in oil securities, filed a petition
on June 28 in the United States Circuit Court of Appeals in
New York City against the Securities Act of 1933, as amended by the Securities Exchange Act of 1934, which he contends
is unconstitutional. Mr. Jones recently caused the arrest
of a former employee of the Securities and Exchange Commission on charges growing out of the Commission proceedJune 29
ings against Mr. Jones. This was noted in ourchallenge
to
issue, page 4334, as was Mr. Jones' intention his suit, Mr.
the constitutionality of the Securities Act. In
Jones alleged that the Act violated the Fourth, Fifth, Ninth,
Tenth and Fourteenth Amendments to the Constitution,
and was a usurpation by the Federal Government of powers
delegated to the States. He also charged that the SEC
has exceeded its own authority by seeking to function as
a legislative body.
Details of the petition filed by Mr. Jones are given below,
as contained in the New York "Times" of June 29:
to review a ruling
The petition filed yesterday asked the Circuit Court
allow the
made in Washington last Thursday by the SEC refusing to
statement filed with the Commission
broker to withdraw a registration
on May .
to the petition, Francis
Soon after the statement was filed, according
Mr. Jones that
P. Brassor, Secretary of the Commission, telegraphed
"untrue statements as to material facts."
the registration contained
at a hearing
Mr. Jones was asked to appear with his books in Washington
on a stop order.
tecum, but his attorneys, Mr.
The broker ignored a subpoena duces
the ComFischbach, Henry 0. Glasser and J. N. Saye, appeared before
the registration statemission June 18 and asked permission to withdraw
ment.
according
William Green, the Acting Examiner, declined the request,
Jones then received another
to Mr. Jones, and the attorneys quit. Mr.
the Commission at a hearing
subpoena demanding his appearance before
last Thursday.
his attorneys did, armed with motions
Again he failed to appear, but
the withdrawal of the
to dismiss and quash the subpoenas and to permit
registration statement.
Basis of Attack Detailed
Jones,
In refusing him the privilege of withdrawing the registration, Mr.
rights." The
according to his petition, was deprived of his "substantial
constitutionality of the law was appended to the
motion attacking the
petition filed yesterday. It said in part:
by Title 2 of the
"The so-called Securities Act of 1933 as amended
the
Securities Exchange Act of 1934 is unconstitutional in that it violates
It is an
Fourth, Fifth, Ninth, Tenth and Fourteenth Amendments.
and is in
attempted delegation of legislative power to the Commission
violation of the Fourth, Fifth and Ninth Amendments.
of its powers has sought to legisThe Commission in the interpretation
the
late in the matter of rules promulgated by the Commission to have
been
effect of Acts of Congress, which could not be so without first having
introduced as a bill, which was passed by Congress and signed by the
Investigatory Powers
Sec. 11. For the purpose of all hearings and investigations, which.
in the opinion of the board, are necessary and proper for the exercise of
the powers vested in it by Sec. 9 and Sec. 10—
at all
(1) The board, or its duly authorized agents or agencies, shall
reasonable times have access to, for the purpose of examination, and the
being investigated or proceeded
right to copy any evidence of any person
against that relates to any matter under investigation or in question.
Any member of the board shall have power to issue subpoenas requiring
the attendance and testimony of witnesses and the production of any
evidence that relates to any matter under investigation or in question,
before the board, its member, agent or agency conducting the hearing or
investigation.
Any member of the board, or any agent or agency designated by the board
for such purposes, may administer oaths and affirmations, examine witnesses and receive evidence. Such attendance of witnesses and the production of such evidence may be required from any place in the United
States or any Territory or possession thereof, at any designated place of
hearing.
(2) In case of contumacy or refusal to obey a subpoena issued to any
person, any district court of the United States or the United States courts
of any Territory or possession, or the Supreme Court of the District of
Columbia, within the jurisdiction of which the inquiry is carried on or
within the jurisdiction of which said person guilty of contumacy or refusal
to obey is found or resides or transacts business, upon application by
the board shall have jurisdiction to issue to such person an order requiring
such person to appear before the board, its member, agent, or agency.
there to produce evidence if so ordered, or there to give testimony touching
the matter under investigation or in question; and any failure to obey such
order of the court may be punished by said court as a contempt thereof.
(3) No person shall be excused from attending and testifying or from
President.
producing books, records, correspondence, documents, or other evidence
"The National emergency caused by the depression did not bestow
in obedience to the subpoena of the board, on the ground that the testimony
him or subject him
on Congress the power to enact the Securities and Exchange Act."
or evidence required of him may tend to incriminate
The petition asserted that Mr. Jones did not engage in activities that
to a penalty or forfeiture; but no individual shall be prosecuted or subjected
matter,
affected Inter-State Commerce, "except incidentally and remotely."
to any penalty or forefeiture for or on account of any transaction,
or thing concerning which he is compelled, after having claimed his privilege
In its July 4 issue the "Times" stated that the SEC
-Incrimination, to testify or produce evidence, except that
against self
on July 3 filed an action of its own with Federal Judge
shall not be exempt from prosecution and
such individual so testifying
Henry W. Goddard asking that Mr. Jones be required to
punishment for perjury committed in so testifying.
board, its
conform with an order of the Commission demanding
(4) Complaints, orders and other process and papers of the
presentation of his books in Washington. The "Times'
members,agent, or agency, may be served either personally or by registered
office or
added that the Commission's action is based on the supmall or by telegraph or by leaving a copy thereof at the principal
position that this case could not be decided finally before
place of business of the person required to be served.
The verified return by the individual so serving the same setting forth
next October.
same, and the return post
the manner of such service shall be proof of the
or
office receipt or telegraph receipt therefor when registered and mailed
John M.Perry Files Amended Petition Against Gold
telegraphed as aforesaid shall be proof of service of the same.
or agency,
Policy—Seeks Additional Compensation on $10,000
Witnesses summoned before the board, its member, agent,
are paid witnesses in the
shall be paid the same fees and mileage that
Liberty Bond
and witnesses whose depositions are taken and
courts of the United States,
Another suit opposing the Administration's gold policy
the persons taking the same shall severally be entitled to the same fees as
was filed in the Court of Claims at Washington on July 3
are paid for like services in the courts of the United States.
(5) All process of any court to which application may be made under
by John M.Perry, a New York attorney who was one of the
judicial district wherein the defendant or
this Act may be served in the
litigants in the earlier gold cases before the United States
other person required to be served resides or may be found.
Supreme Court. Mr. Perry in a new and amended petition
(6) The several Departments and agencies of the Government, when
litigarts in the ear ier gold cases before the United States
directed by the President, shall furnish the board, upon its request, all
Supreme Court. Mr. Perry in a new and amended petition
records, papers, and information in their possession relating to any matter
seeks from the Government additional compensation on a
before the board.
Sec. 12. Any person who shall wilfully resist, prevent, impede, or in$10,000 Liberty Bond. In the new action Mr. Perry sought
terfere with any member of the board or any of its agents or agencies in
to overcome the disqualifications which the Supreme Court
Act shall be punished by a fine
the performance of duties pursuant to this
said existed in his first suit involving the same bonds which
more than $5.000 or by imprisonment for not more than one year.
of not
were called for redemption in "lawful currency." Mr.
or both.
Perry's first suit was the only one heard by the Supreme
Limitations
Court which involved Liberty Bonds. The Court, while it
Sec. 13. Nothing in this Act shall be construed so as to interfere with
upheld the Government's authority over the currency in
or impede or diminish in any way the right to strike.
otner eases before it, ruled that there was no authority to
Sec. 14. Wherever the application of the provisions of Sec. 7 (a) of
abrogate the gold clause in Government bonds. The Court
the NIRA (U.S. C., supp. VII), Title 15, sec. 707 (a), as amended from
added, however, that Mr. Perry would be obliged to show
time to time, or of Sec. 77 B, paragraphs (1) and (m) of the Act "An Act
that he had suffered actual damages and that the currency
to Amend an Act., Entitled 'An Act to Establish a Uniform System of
Bankruptcy, Throughout the United States,' Approved July 1. 1898, and
dollars which he received for his bond would buy less than
(48 stat. 922,
Acts Amendatory Thereof and Supplementary Thereto,"
the dollars with which he purchased it. In the new suit Mr.
(1) and (M), as amended from time to time, or of Public Resolution
pars.
Perry seeks to show that he suffered actual damage.
Numbered 44, approved June 19 1934 (48 stat. 1183) conflicts with the
The New York "Herald Tribune" of July 3 summarizes the
application of the provisions of this Act, this Act shall prevail: Provided,
amended petition as follows:
That in any situation where the provisions of this Act cannot be validly
Volume 141
Financial Chronicle
Mr. Perry, in his amended petition, claims that the failure of the Government to redeem his bond according to its tenor and its offer to pay him only
the face amount of the bond, in depreciated currency, consituted a breach
of contract for which he is entitled to damages.
He further claims that the damages your petitioner has suffered,
measured either in terms of gold or in terms of purchasing power, are the
sum of $20,000, which sum is now due and owing by the United States to
your petitioner, and no part of which has been paid," that he is the sole
owner of the bond and that there has been no assignment or transfer of this
claim on the Government.
Mr. Perry's bond having been called, he presented it for redemption and
demanded gold. Under the joint resolution of Congress of June 5 1933,
suspending gold payments, he was refused gold and offered the face value
of the bond in lawful currency. He brought suit in the Court of Claims,
which, being unable to decide the case, asked the Supreme Court to advise
it whether Mr. Perry was entitled to receive any legal tender currency in
excess of the face amount of the bond. The amended petition is filed at this
time in spite of the latter Court's subsequent decision and the recent action
by President Roosevekt in requesting Congress to outlaw suits against the
Government over its abrogation of the gold clause in Federal securities.
Mr. Perry claims that he relied, in purchasing his bond, upon the assurance of the Government that it would protect, by the gold clause, himself
and other purchasers from loss resulting from future depreciation of the
country's currency.
The act of March 9, 1933,in so far as it purports to authorize the President
to exercise certain powers conferred upon him therein, is void and of no
effect, the petition charges, as are certain portions of the gold reserve act
of 1934 for the same reasons.
The earlier decisions of the Supreme Court on the gold
clause were given in our issue of February 23, pages 12041215.
Banks Asked to Produce Records in Connection with
Tax Appeal Suit of Andrew J. Mellon
The Union Trust Company of Pittsburgh will explain in
court on July 9 why it refuses to produce certain records
which Government attorneys seeks in connection with their
claim of $3,089,000 from former Secretary of the Treasury
Andrew W. Mellon, as income taxes for the year 1931.
Federal Judge McVicar of Pittsburgh on June 27 ordered
the Union Trust Company on July 9 to answer the Government's allegations in connection with the records. A date
for arguments will be named later.
The Board of Tax Appeals temporarily adjourned hearings in Washington June 6 on the Government's claim of
$3,089,000 from Mr. Mellon. The most recent reference
to these hearings was contained in the "Chronicle" of April
13, page 2459.
The hearings were brought to a standstill on June 6, when
the Union Trust Company of Pittsburgh formally defaulted
a Board of Tax appeals subpoena which was issued June 1
and returnable June 5. Robert H. Jackson, Government
Counsel, on June 6 was informed that no representative
had appeared for the trust company with the records desired. He thereupon moved for a continuance and the tax
hearing was adjourned indefinitely.
Associated Press advices from Pittsburgh on June 27
described the hearing in Federal Court on that date as
follows:
Judge Nelson McVicar set July 9 as a date for the Union Trust to answer,
after which a date for arguments will be named. John G. Frazer, son of
the Chief Justice of Pennsylvania, represented the bank.
Mr. Jackson asked for more than twenty groups of documents. The
principal ones were minutes of the bank's executive committee for the
years 1930-31-32 and records of sales and purchases in 1931 by the nephew
and three close friends of Mr. Mellon, W. L. Mellon, Roy Hunt, George
W. Crawford and H. C. McEldowneY•
W. L. Mellon is President of Gulf Oil and Mr. Hunt is Chairman of
the Aluminum Company. Mr. Crawford was a director and Mr. McEldowney President of the Union Trust. Both are now dead.
Mr. Jackson on June 3 succeeded in persuading the Board
to subpoena the records of the Union Trust Company of
Pittsburgh for use as evidence in the suit against Mr. Mellon,
whose counsel predicted that there would,be vigorous opposition to introduction of the evidence sought by the
Government. The subpoena sought the production of 24
separate items dealing with the connections of A. W. and
R. B. Mellon with the bank, their transactions in Pittsburgh
Coal Company Company stock, shares of the Western Public Service Corporation, Westinghouse Electric, American
Locomotive, NPS Motors and American Cork.
Appraisers of the R. B. Mellon est,te, in an inventory
filed with the Register of Wills at Pittsburgh on May 29,
placed the value of the estate at $21,615,170.15. A dispatch of May 29 from Pittsburgh to the New York "Times"
added the following data:
By far the bulk of the estate consists of stocks, their value being put at
$21,235,091.
The largest individual item in the inventory was 100,000 shares of Aloxite
Corporation preferred stock, listed at $114.50 a share, or $11,450,000.
The holdings in Mellon companies consisted of 1,125 shares of Aluminum
Company of America common, 923% shares of Aluminum Company preferred, 1,989% shares Aluminum, Ltd., common, six shares of Gulf Oil
Corporation, 100 shares of Koppers Company common,.19 shares of Mellon
National Bank and 100 shares of Pittsburgh Coal common.
Among the assets is listed a claim against the Federal Government for
an alleged overpayment of income tax for 1920.
No estimate of taxes to be paid either to the Federal Government or the
State was made, since no schedule of liabilities has been listed. However,
it is believed that the estate will fall within the high rates of inheritance
tax brackets.
Mr. Mellon's statement April 30 said:
I have refrained, during the trial of this case, from any public comment,
secure in the feeling that the entire controversy had finally reached a ju-
51
dicial body that could be depended upon to render a decision based upon
truth rather than upon innuendo.
In spite of tactics pursued in high government circles, when this matter
was before the grand jury and when that grand jury refused to be intimidated and to return an indictment, I had assumed that the administrative
officers would be willing to try the case before this impartial tribunal as I
have been.
Any invasion of my personal rights as a citizen is of relative unimportance. But when the Secretary of the Treasury, a member of the President's Cabinet, descends to a public attempt to influence a matter now on
trial before a duly constituted court, that action is a crude effort to interfere with the administration of justice, and a continuation of the political
efforts of his administration in my case.
Expert witnesses for Mr. Mellon testified on May 14 that
when the former Secretary fixed the value of his stock in
the McClintic-Marshall Company at $353 a share as of
March 1 1913, the estimate was too low by $147 a share,
and the actual value was about $500 a share. Further testimony to this effect was given on May 15, as described below in an excerpt from a Washington dispatch of that date
to the New York "Times":
A five-hour attempt by government counsel to break down the Mellon
contention that $500 a share was a fair market value of the stock of the
McClintic-Marshall Company, as of March 1 1913, was a feature of today's session of the Mellon tax case before the Board of Tax Appeals.
John V. W. Reinders of New York, consulting engineer, who has fixed
the value as of March 1913, at about $15,000,000, which would warrant
Mr. Mellon's $500 a share estimate, was the only witness and government
lawyers found it impossible to ruffle him.
The goal of the cross-examination was to force an admission that the
McClintic-Marshall properties were not quite as valuable as set forth by
Mr. Reinders and other defense experts.
Mr. Reinders admitted that in fixing the value of the property he gave
consideration to the business ability of Messrs. McClintic and Marshall,
the Lehigh University students who, with Mellon help, started the company on a "shoestring" 35 years ago and made such a success of it that it
sold for $65,000,000 in 1930. The outstanding ability of the company
founders, Mr. Reinders insisted, was a major asset.
Senator Glass Believes Banking Bill Step Toward
Goal to Sever Federal Reserve Board from Political
Influences—Representative SteagEll Regards Underwriting Permission as Retreat from '33 Reforms
Reporting Senator Glass as expressing'the belief that a
step toward a long-sought goal—severance of the Federal
Reserve Board from all connection with things political has
been accomplished, advices July 3 to the New York "Times"
further indicated as follows what the Senator had to say
as to the bill as revised by the Senate Banking and Currency
Sub-committee:
He thought the Omnibus Banking Bill would accomplish that purpose,
and accomplish it effectively.
Meanwhile, Chairman Fletcher of the banking committee expressed
opposition to some features of the compromise bill, particularly its division
of credit control between the Federal Reserve Board and the Reserve
Banks. On the whole, however, he said it was a "fair compromise" and
he would make no fight to change it.
His attitude appeared to sum up the general administration position—
that the bill does not go quite as far as desired, but it is perhaps the best
that can be obtained at this time.
Mr. Glass based his belief that the bill severed the Board from politics
primarily upon a provision removing the Secretary of the Treasury and
the Comptroller of the Currency from ex-officio membership upon the
Board, places which they have held since the original Federal Reserve Act,
of which Senator Glass was a co-author, was enacted in 1913.
In addition to removal of the two politically appointed officials from
the Board, the freedom of that body is increased, he believes, by provisions
giving its members fourteen-year terms with reappointment banned.
Besides that, the Virginian successfully fought off a proposal that the head
of the Board be removable at the pleasure of the President.
Talking to newspaper men in the Senate lobby, Senator Fletcher said
if he had his way control of credit would be lodged solely in the Reserve
Board.
"Generally speaking," he said, "the bill doesn't go as far as it should
in extending the powers of the board."
According to Chairman Steagall of the House Banking
and Currency Committee, the omnibus banking bill will
encounter considerable opposition in the House. The House
Committee has been consistently more favorable to the
measure, as drafted by Marriner S. Eccles, governor of the
Federal Reserve Board, and his assistants than has the
Senate committee, said a "Times" account from Washington
July 4 which went on to say:
Some of the changes made by the Senate Committee, notably the renewed
permission for banks to underwrite security issues, impressed Mr. Steagall,
he indicated, as a distinct retreat from the banking plans which the administration has tried to put into effect under President Roosevelt.
"The time will come again when the banks will write the legislation
they want," he said to-day. "It looks as if they are doing business at the
same old stand. But they have a long way to go to get all they think
they are going to get."
Mr. Steagall said that the progress of the Banking Bill reminded him of
camp meetings held in Alabama. Everybody got religion, promised to be
good and then proceeded to backslide, he said. The banks "got religion"
in the Spring of 1933, but have backslid since then, he added.
He said that he had not read the Senate bill carefully and was not fully
familiar with all the changes from the draft he and his committee put
through the House after extended hearings. He declined to comment on
the statements of Governor Eccles concerning the Senate bill. Mr. Eccles
has approved various features of the Senate draft.
"Most of Title III is taken up with repeal or modification of banking
reform we enacted in 1933," the chairman said. "It looks as if we marched
up the hill and are going to turn around and march right down again."
It was indicated that the House would decline to accept the Senate
edition of the Banking Bill, and that the differences would be fought out
in conference committee, with Mr. Steagall fighting his cause against
Senator Glass, with his more conservative viewpoint and his conviction
52
Financial Chronicle
that the present Federal Reserve System is adequate to meet all strains if
properly administered.
Governor Eccles of Federal Reserve Board Looks for
"Reasonably Satisfactory" Banking Bill Through
Conference of House and Senate
In a statement issued July 3 Marriner S. Ecc:es, Governor
of the Federal Reserve Board declared that "as rewritten
and reported by the Senate Committee *on Banking and
Currency, Title II represents a significant and important
recognition of the fundamental principles and purposes of
the Banking Bill at proposed."
The bill, as is noted in another item in this issue, as
redrafted by a sub-committee, headed by Senator Glass, was
reported to the Senate by the full Committee on July 2.
Governor Eccles' statement follows:
Administra"Title II of the Banking bill of 1935 as recommended by the
existing, but
tion proposed to place responsibility for the exercise of three
from the pressures of
badly set up, monetary powers in one body removed
fundamental purpose
partisan, political or private banker influences. Its
in fostering
was to vest that body with full authority to use these powers
employment.
recovery and then in maintaining stability of business and
of years had demonstrated the
Furthermore, experience over a long period
removal of certain
need for various administrative improvements and for the
hampering restrictions.
on Banking and
"As rewritten and reported by the Senate Committee
of the
Currency, Title II represents a significant and important recognition
Therefundamental principles and purposes of the banking bill as proposed.
advance in the
fore, I believe that in its most vital respects it is a distinct
the exercise of
direction of centralized responsibility and authority for
monetary powers.
body composed
First, open market powers are concentrated in a central
with five Governors of the
of the entire Federal Reserve Board, together the various sections of the
banks who must be representative of
Reserve
initiate and enforce
country. Complete authority is given to this body to has no power either
the board
open market operations; whereas, at present power of veto.
enforce, and only the negative
to initiate or
requireSecond, the Board is given a broad authority to change reserve be used
only
nnents of member banks. Under existing law, this power can
by the President of an emergency every time a change
after the declaration
arrangement.
is necessary, for all practical purposes an unworkable
rates remains
Third, tbe power to determine and make effective discount
with the Hoard.
over the
It is evident that this represents a substantial improvement
and the open
existing situation. It would make it possible for the board
these powers
market committee to function in the national interest by using
of stability in our
so far as they may be'effective toward the achievement
inflationary and deeconomic system and the avoidance of disastrous
manageflationary cycles. This is a long step in the direction of intelligent
ment of our monetary system.
recognizes
Furthermore, the bill as reported by the Senate Committee
of existing
the need for broadening and liberalizing the ell Vanity provisions
meet present day conditions. Likewise,
law which are entirely unsuited to
are substantilly
the real estate loan provisions of the National Banking Aet
improved.
in the selection of the
In addition. the Board which now has no voice
approve or disgovernors of the Reserve banks is given the authority to
approve of their appointment.
as reported by
In less fundamental respects I believe that Title It.
upon in the interest
the Senate Committee, could and should be improved
As between the bill as
of practical administration and greater efficiency.
Committee, I have
enacted by the House and as proposed by the Senate
measure will be
every reason to believe that a reasonably satisfactory
worked out.
AdNational Association of Manufacturers Opposes Proministration's Graduated Corporation Tax
gram—Says It Is Neither Recovery Nor IncomeProducing Measure
The National Association of Manufacturers, in a statement issued June 30, described the Administration's proposal
s as
for a graduated tax upon the net income of corporation"an
"unsound from whatever aspect it is considered" and as
invested
attack upon millions of thrifty people who have
statement
their savings in our business corporations." The-producing
declared that the plan is inadequate as an income
measure, since it would raise less than $100,000,000 addithe
tional revenue annually, or an amount equal only to procontinuing Federal deficit for one or two weeks. The
gram was described as "a proposal designed to facilitate
redistribution of wealth" and as 'a reform measure and not
a tax measure." The statement added in part:
United States
There is a greater diffusion of ownership and wealth in the
taxes upon
than in any other country. It is now proposed to levy higher
of ownership. The
the corporation in which there is the greatest diffusion
number of small
result would unquestionably tend toward a decreased
concentration of
investors in large corporations and thus toward increased
of its own
wealth ownership, an objective contrary to the announced alms
sponsors.
great
Corporations are not simply large pools of wealth;they are owned by
in corporations
masses of individuals. The average individual investment
have every right to
is 32,700, with millions owning less. These investors
without
expect and demand that the Government shall treat them fairly and
discrimination.
graduAs representatives of industrial management we point out that a
since the
ated corporation income tax is unfair to millions of stockholders,
profit earned on
of
rate of tax suggested bears no relation to the percentage
investors in corporathe investment, and since it taxes the millions of small
incomes at a higher rate than either large or small investtions having large
ors in small corporations.
on efficiency.
A graduated corporation income tax is, moreover, a penalty
good
It says, in substance, that whenever a corporation makes a sufficiently
product to attract customers and earns a substantial profit, it shall be taxed
more than the corporation with less customer demand and smaller profits.
If a graduated corporation income tax had been in effect the past 35
would not have
years. the full results of scientific and business efficiency
refrigerabeen realized, and our automobiles, vacuum cleaners and electric
-day cost much more than their present prices.
tors would to
primarily a reform
The graduated corporation income tax proposed is
small inmeasure, would be inadequate as a revenue producer, penalizes
July 6 1935
vestors in successful companies and would increase living costs with resultant
of conlower living standards. It is an attack upon the welfare of millions
sumers and upon millions of thrifty people who have invested their savings
In our business corporations.
Reference to President Roosevelt's new tax program appeared in our June 29 issue, page 4317.
United States Rubber Co. Urges Stockholders to
Protest Against Administration's Proposed Tax on
Holding Companies
The United States Rubber Company, in a letter sent to
stockholders on June 28, urged them to protest to their
representatives in Congress against the Administration's
proposal to tax corporations which operate as holding
companies. The letter declared that the Government had
encouraged the corporation to operate as a holding company
for many years. Criticizing corporation tax proposals now
before Congress, the letter said that "taxing corporations
unsoundly is just like killing the goose that lays the golden
egg. Corporations in the United States support a very
large proportion of the entire population, and any legislation
which tends to weaken them is not only short-sighted but
suicidal." The letter suggested that stockholders communicate with members of Congress and take a definite
stand against the "share-the-wealth" idea, requesting them
"to vote against any and all bills which may be introduced
in Congress which have such redistribution for their object."
In part, the letter to stockholders read:
The management of your Company regrets that it is forced to address
you upon matters related in any way to politics but feels that it is its duty
to do so at this time because of some of the proposals of the Administration
which, if enacted into law, would have a disastrous effect upon the fortunes
of your Company.
Many of our stockholders are Democrats and voted for that Party at
the last election on a platform of sound money, economy in Government
and a balanced budget. None of our stockholders voted for a New Deal
which would change the American philosophy of Government from that of
Jefferson to one patterned upon the Socialistic ideas of Eugene Debs who
some years ago ran for President on a purely Socialistic ticket and was
snowed under by the voters. To-day, however, Socialistic legislation is
being forced through Congress which will deprive you of your rights as a
stockholder of this Company.
We are informed that it is un-American to allow large corporations to
exist and it is proposed to tax to destruction corporations which have the
form of holding companies. The proposed taxation directly affects your
Company which has been encouraged by the Government to operate as a
bolding company for many years, and was so incorporated 43 years ago.
Your Company is one of the large corporations which has been singled
out in the general classification as one which is un-American although It
employed last year 29,099 persons in the United States, and paid taxes of
$7,670,000.
Program Proposed by United States Chamber of Commerce Looking Toward Study of Policies to Promote
Recovery—Opposes Utility Holding, Wagner Labor
Disputes and Social Security Bills
Criticism of three of the Administration's hills now pending in Congress was voiced on June 15 by the United States
Chamber of Commerce, it was stated in Washington advices
that day to the New York "Herald Tribune," from which
we quite, in part, as follows:
Predicting early court action against the utility holding company bill,
the Chamber described it as "unnecessary and destructive legislation."
At the same time it assailed the Wagner labor relations bill as "a dangerous measure," and the social security bill as threatening "staggering costs."
The attacks on these major items of the Administration program were
made in the weekly "Washington Review" of the Chamber, which also set
forth a broad program of activity adapted by the board of directors at
its summer meeting. This program, charting a course of activity for the
Chamber for next year, was aimed at "he formulation and effectuation of
policies that will promote economic recovery and speed re-employment."
Although it covered a wide field of problems immediately facing the
nation, it was announced that, as new issues arise, the program would be
changed where changes might appear necessary.
The subject to which the Board proposed that the Chamber address itself
'were:
Flood control and navigation dams.
National Industrial Recovery Act.
Federal finance.
Durable goods industries.
Monetary policies.
Social security legislation.
State and local taxation and expenditures.
Work'rellef program.
Capital financing.
Agricultural policies
Merchants problems
Power utilities.
Comrt ercial treaty policy.
Transportation legislation.
Combating subversive activities.
Railroad consolidation.
Federal Reserve System and National Business men's organizations.
banking laws.
The Chamber's announcement coincided with preparations for a meeting
here Monday of representatives of the construction industry under the
auspices of the Construction League of the United States, to consider
means of consolidating gains under the National Recovery Administration
and promoting the integration of all the varied industries concerned with
construction into one major industry.
Among the subjects to be discussed will be the possible application of
voluntary codes to the construction industry, a plan which Harper Sibley,
President of the United States Chamber of Commerce, is on record as
regarding as unattractive in view of the Borah anti-trust law amendment
in the NRA extension Act. . . .
A summary of the program adopted by the Board included the following
explanations on the more controversial points:
National Industrial Recovery Act—The Board has authorized the appointment of a special committee of representative business men to make a
thorough study of the subject and to report to the Board.
Social Security Legislation—The Chamber will continue to advocate
that enactment of the major features of the pending social security legislation be postponed until there can be further examination by a Congressional committee.
Work Relief Program—The Chamber will urge that the Government,. in
its use of the four billion relief appropriation, should avoid disturbance of
existing employment in private yccupation.
Volume 141
Financial Chronicle
Agricultural Policies—Support will be given by the Chamber to policies
looking toward diversion of submarginal agricultural lands to users more
beneficial to the public interest.
Power Utilities—The Chamber has vigorously opposed the destruction of
the value of investments in the power utilities. It will continue to advocate proper development of State regulation of these utilities, and will
insist upon a clear definition of the field to which Federal regulation
should be limited.
Federal Reserve and Banking—Maintenance of fundamental principles of
the Federal Reserve System is a desire of the Chamber.
Federal Finance—Federal expenditures have reached unprecedented proportions. Since funds expended can be raised only through eventual taxation, the Chamber says, it is an obligation on the part of business to
give consideration to such questions as the handling of the national debt
and that of balancing the national budget.
Monetary Policies—The Chamber has stood firmly for sound monetary
policies. It proposed during the year to turn its attention to the situation
existing in international exchange, and to take a look also at the possibilities of improving the domestic currency system.
President Sibley of United States Chamber of Commerce
Asserts that Trade Associations with Help of
Federal Trade Commission Afford Medium Through
Which Business May Adopt Voluntary Agreements
to Take Place of Codes
American business was urged on June 14 to turn to the
Federal Trade Commission for codes of fair practice by
Harper Sibley, President of the United States Chamber of
Commerce, in a radio message broadcast from Washington,
on June 14. Indicating a new course of business action to
follow the abandonment of most of the National Recovery
Administration, Mr. Sibley advised that the Supreme Court
decision be used to point the way which business co-operators might travel. Associated Press accounts of Mr. Sibley's address said:
If Mr. Sibley's advice is generally followed there exists the possibility
of a widespread development of fair business practice agreements, Which
would cover much of what was in the NRA codes except labor provisions.
The Trade Commission itself has maintained silence regarding its plans,
and it was expected no action would be taken until it had conferred with
the President.
Mr. Sibley cited a statute enacted last year "almost without public
notice."
"This statute," he said, "for the first time gives authority to the Federal courts to hand down declaratory judgments, probably the nearest
approach to be had to effective 'opinions in advance' respecting anti-trust
laws which many business men so long have asked. This Federal statute
Is short and worth repeating. It reads:
"In eases of actual controversy the courts of the United States shall
have power upon petition . . . or other appropriate pleadings to
declare rights and other legal relations of any interested party petitioning
for such declaration . . . and such declaration shall have the force
and ef,ect of a final judgment or decree and be reviewable as such."
Mr. Sibley noted especially a Supreme Court decision which he said
gave "full authority to trade associations to interchange information
which would prevent a glut of markets, an end sought under NRA, although
attempted through arbitrary restriction of production."
Trade associations have long sought an interchange price and other information, but the status of such exchanges has always been legally controversial.
"It is obvious," Mr. Sibley said, "that trade associations which wish
to prevent their members, or outsiders, from engaging in unfair methods
may obtain the assistance of the Trade Commission."
Noting that there already are in effect some 100 trade practice agreements made under the Commission before NRA, Mr. Sibley declared that
"the trade practice conference, resting upon voluntary action of industry,
Is ready for use, whether or not there is extension of opportunity for
voluntary agreements under NRA.
R. S. Hecht Urges Business Men to Work for Currency
Stabilization—Tells International Chamber of
Commerce Delegates U. S. and Great Britain Have
Already Taken Steps Toward That Goal
The United States and Great Britain have already taken
preliminary steps toward currency stabilization, R. S. Hecht,
President of_ the American Bankers Association, told the
International Chamber of Commerce Congress in Paris on
June 28. Mr. Hecht warned that no Nation should take
any action which would impede progress toward the restoration of normal conditions in the world's currencies. Mr.
Hecht had planned to attend the meeting in person, but
since he was obliged to cancel his trip abroad copies of his
address were distributed to delegates.
In his address Mr. Hecht pointed out that the equalization
fund in Great Britain and the stabilization fund in the
United States have apparently been effectively used to prevent violent fluctuations between the principal currencies.
He added, in part:
if, as the next step, it were possible to reach a provisional stabilization
which would lima the range of fluctuation between the pound and the
dollar, it would probably not be long before progress could also be made
with respect to the franc and the other principal currencies.
It is altogether likely that Ii some of the business and financial leaders
or the most important commercial nations would sit down together to discuss unofficially ways and means of bringing about such practical,though
provisional stabilization of the exchanges, the resulting benefits to international trade would be surprising.
Moreover, once any tentative agreements between the countries in a key
position were worked out, it should not be difficult to induce a number of
other countries to join. Then,after such voluntary and unofficial stabilization had been tested out for a sufficient length of time, some oi the other
artificial impediments to trade could be gradually removed. This would
lead to a renewal of international confidence and ultimately to a formal
economic conference.
It will be much easier, however, to discuss the details of such a plan in a
meeting of the International Chamber of Commerce or in a committee
appointed by it than In an official conference. Here you are free to express
53
yourselves without the restraint which must necessarily exist at a formal
conference where questions of international etiquette and policies of state
must be considered.
Moreover, such official meetings, to which the delegates from each country come determined to get something for themselves, can never be as flexible as a conference of business men, and the function of official conferences
usually is to make definite and permanent a general position already
achieved in practice by the business interests.
Mr. Hecht also said:
The Johnson Act passed by Congress prohibits any financial transactions
with a foreign government in default on its obligations to the United States,
and Title 11 of the Securities Act makes private lending in foreign countries
next to impossible. Moreover, past experiences will necessarily affect the
willingness of private investors of all nations to btfy foreign securities and
therefore this strong stimulating factor of the past must be eliminated from
our immediate plans. Nevertheless, every effort should be made to bring
about the reopening of international capital markets as early as possible.
Albert C. Ritchie Warns of Breakdown in U. S. Form
of Government Unless Constitution is Followed— •
Former Maryland Governor Says New Deal Principles Lead to Bt.reaucracy and Regimentation—
Deplores Unbalanced Budget
A breakdown in the American form of Government unless
the United States continues to follow the principles laid
down in the Constitution was predicted June 29 by Albert
C. Ritchie, former Governor of Maryland, speaking at
Atlantic City before the fortieth annual convention of the
Maryland liar Association. Mr. Ritchie attacked as one
of the worst features of the New Deal the fact that no effort
is apparently made to balance the Federal budget. American self-government, he said "is being destroyed before our
eyes." Many persons at the present time, he warned,
would scrap the American system on the ground that it cannot meet the problems of this day, but he added that if the
free American spirit of pioneer days was surrendered to "the
new spirit a bureaucratic centralization and regimented
economy"it would mean the "defeat of the American theory
of Democracy."
Portions of the text of Mr. Ritchie's address are given
below:
At first the collection of Federal statutes which are called the New Deal
were declared to be emergency measures, experimental in nature. Many
of them contravened principles of the American Constitution which had
long been established both in peace and in war, but the emergency was
acute, and lawyers and laymen alike accepted these measures in the hope
that they would lead us out of the emergency and into normal times again.
with this hope that I accepted them for the emergency itself.
The experimental period is now about over, and we are face to face with
the fact that in all likelihood there will be an ultimate breakdown in our
form of government, unless from now on we meet our national problems
within and not without those American principles and American institutions
which are prescribed by the American Constitution and inherent in the
American Government.
The objectives of the National Administration are, I take it, the promotion and the maintenance of economic recovery on all fronts, and the
fulfillment by the Government of its modern-day social responsibilities to
the people. These are also the objectives you and I want to see attained,
and so, I am sure, do the overwhelming majority of the American people,
regardless altogether of political considerations.
The measures taken by the Federal Government to this end have been
necessarly controversial, and I dare to wonder that some of t ose in high
authority in Washington should sometimes denounce so readily and so
harshly the motives of those who venture to question any of the Government's methods for attaining and maintaining recovery. I am one of those
who feel that the time is here now when any one is entitled to disagree, if
only he is conscientious about it, with much that comes out of Washington
these days, and still be a good American; and in this presence I may add,
and still be a good lawyer.
The American lawyer knows that in this land of diversified customs and
diversified peoples, self-government is the constitutional rock on which our
national unity and our national stability depend. Yet through the prodigious expenditure of prodigious sums of money, and throLgh the conditions the Government imposes upon the States before they can receive
these funds, American self-government is being destroyed before our very
eyes, and if this course is persisted then in the end what will be left of selfgovernment in America will be measured by the forbearance of the Federal
Government to interfere.
The American lawyer knows that back of all American endeavor and
American achievement has always been the free spirit of the American
people. I do not mean freedom to exploit public resources or to plunder
private citizens. To the extent that these are ills in our body politic.
by all means eradicate them. although this need not lead us to s assing
"death sentences" upon corporate undertakings which would destroy the
good as well as the bad.
The kind of freedom I mean is the freedom to aspire, to achieve, to create
to rise. I mean that free spirit which is the real incentive for hard work
and constructive progress and daring, and which is just as essential now
in almost every field of modern activity as it was in the pioneer days when
we were winning our western empire.
This spirit ofindividual American freedom is being imperiled by a counter
spirit of beaureaucratic centralization and by a regimented and nationalized economy which is its antithesis and arch enemy. If we surrender the
old to the new spirit, then this will mean the defeat of the Am.rican theory
of democracy. It will mean that the American Government will e autocratic instead of free, and then where will you find your superman or your
piaster mind to guide it, and if you do find him, what will happen after he
Is gone?
The American lawyer knows that government,like the individual,is subject
to economic laws, and one of these is that it cannot, without disaster, live
beyond its means. Yet no effort is being made towards balancing the
national budget, but on the contrary the national deficit is mounting to
alarming proportions; new and strange tax policies are being proposed,
accompanied at first by suggestions that they be adopted without taking
time to see whither they will lead; new and strange movements and Isms
are the order of the day, and business men are afraid to .end or to borrow.
to stock up supplies, to build, to go ahead, because they cannot count on
what is going to happen next and do not know what the dollar will be worth
next week.
54
Financial Chronicle
Summer Business Recession May Not Be Severe, According to National City Bank of New York
Although industrial operations declined seasonally in June,
the change was small, and several factors lead to hopeful expectations for f9ll, with the belief that the summer recession
may be less severe than expected, the National City Bank of
New York said in its July "Monthly Letter," published on
July 1. Among the encouraging signs seen by the bank are
the continuation of stock market improvement after a decline
on the National Recovery Administration decision, and the
advance in the so-called second-grade bonds. One of the
most significant recent business trends, the bank states, is
the advance in residential building. The review continues,
in part:
The general business indexes for the month, and the car loadings figures
especially, will show the influence of the abnormal rise in bituminous coal
operations in the first half, in anticipation of the strike which was averted,
and the compensating drop in the second half. Steel operations, always a
good measure of activity in durable goods, have shown a satisfying resistance
to seasonal influences, the drop since the last week of May having been only
5 points.
Sales to consumers of electrical appliances, household equipment, and
farm implements have continued will above last year. The automobile
companies have had good sales except where bad weather has interfered,
and in several cases the original schedules for June production were raised
after early sales figures came in. It is possible that the June output may be
nearly equal to May, instead of showing the usual 10 or 15% decline. Of
course May production was reduced and in part pushed ahead to June by
the Chevrolet strike, and the current rate of output is 15 to 20% below
the seaon's peak reached at the end of April. However, the record of the
industry has been extremely encouraging. It made an early start, on the
season, and fears were expressed, first, that it was overloading its dealers,
and later that accumulations of used cars were becoming troublesome.
Nevertheless, cars have continued to sell, and estimates of the year's total
business are now substantially larger than those made at the beginning of
the year.
Another important quarter in which improvement has been substantial,
although activity is still low, is residential building. Residential contracts
awarded in 37 Eastern States during May, as reported by the F. W. Dodge
Corp., were 81% larger than in the same month last year. The total for
five months was 50% larger and the highest since 1931, and in the first half
of June a further increase over the May figures was shown. This increase
during the past two or three months has been almost sufficient to offset the
to
decrease in public works construction and to hold the building figures up
as
last year's level. If public works contracts increase again in the fall,
to be considerably larger than in 1934.
expected, the building total is likely
The encouraging feature of this rise is in the fact that it has consisted
almost entirely of privately financed new construction. It is a revival of
private enterprise, and therefore it is a mark of better quality in the building
figures, and indeed in the whole business situation. Also, the industries
are spending more on equipment, under the influence of their improved
sales and earnings,cheap money and the necessity of keeping costs and prices
down in order to be able to pay current wages and still sell their goods.
Machine tool orders during May were 60% above last year, and the highest
,
of ny month in 435 years.
Finds Ample Credit Facilities in United States to
Finance Industry—A. M. Creighton Reports to
Industrial Advisory Committee Chairmen After
Trip to Europe
Greater Government assistance is being rendered the small
business man in the United States than in any other country
in the world, and existing facilities are fully capable of meet,
ing the demand for credit to industry, Albert M. Creightonl
of Boston, Chairman of the Chairmen of the Industria
Advisory Committee of the Federal Reserve Banks, told
those Chairmen at a meeting on June 25 in Washington.
Mr. Creighton, who recently visited England, Germany,
credit
Poland, Austria and France, reported on European to the
facilities. The Committees later issued a statement
press in which they pointed out that more than a year ago
enacted
Section 13-B, providing for loans to industry, was Reserve
the
and $280,000,000 was' made available throughsection there
banks. One year after the enactment of this
totaling $260,had been received 6,571 loan applications approved 1,798
373,000, and the Advisory Committee had
had
loans for $100,751,000; the Federal Reserve banks
actually
approved 1,636 loans for $88,601,000; advancesnts were
made amounted to $31,447,000, while commitme
$20,404,000.
Mr. Creighton's report was summarized as follows in a
press release June 25:
abroad In which
Mr. Creighton presented a report on credit facilities
particularly in England,
he stated that "almost without exception, and
by business men
there have been numerous complaints since the depression
to secure loans from the
and Industrialists that it was not possible for them
ns had been estabbanks," but as various emergency loaning organizatio
and that a
lished, it was found that the claims were much exaggerated
start new businesses or
large percentage of the applicants really wanted to
credit risks. It was
were found on investigation to be unsatisfactory
industry were being
pointed out that, in England especially, credit needs of
generally sought
considered as part of a program of rationalization which
lines ofindustry.
elimination of inefficient units and rehabilitation of specific
in the United States for loans to
There is a much larger fund available
question, said Mr.
industry than in any other country, and there is no
Section 13-B have done
Creighton, "that the Federal Reserve banks under
anywhere in Europe;
far more for the small industrialists than has been done
giving quick, efficient,
under Section 13-13 the Federal Reserve banks are
with the wishes
sympathetic service and are aiding industry in accordance
of those who sponsored the passage of this Act."
Reconstruction
Mr. Creighton believes that the Reserve banks and the
for any sound
Finance Corporation under present legislation can provide
He therefore reaches the
and reasonable demand for credit to industry.
System under Section
conclusion that "the RFC and the Federal Reserve
no thought of supple13-B should be allowed to function as at present with
the making of sound loans to
menting this work with additional plans for
additional agencies, as
industry." In other words, the formation of such
already existing faciliIntermediate Credit Banks, would merely duplicate
July 6 1935
ties. The immediate need Is that "every prospective borrower in this
country should know about the existing facilities in connection with industrial loans and should understand how to take advantage of them."
Electilcal and Office Workers of Toledo Edison Co.
Granted 5% Wage Increase by Arbitrator
Electrical operating employees and office workers of
Toledo Edison Company were granted a 5% wage increase
on June 27 by Edward F. McGrady, First Assistant Secretary of Labor, who acted as the sole arbitrator in a wage
dispute between the company and its employees, and who
based his decision on a brief jointly submitted by both sides
to the controversy. His action affected approximately 700
workers and was an aftermath of a strike that for a brief
period threatened to tie up electrical service in Northern
Ohio. Details of the settlement were noted as follows in
United Press advices from Toledo of June 27:
McGrady's decision marked the first step in an arbitration agreement
terminating a strike which threatened to halt electric service to a tri-State
area with more than 500,000 population. A 20% wage increase was demanded. An arbitration committee will hear both sides of the controversy
and decide later on the other 15%.
Petroleum
of
McGrady announced that Geroge W. Stocking, member the
Labor Policy Board, had been appointed as the "public" member of the
Labor Frances Perkins.
arbitration board by Secretary of
The company and the Electrical Workers Union each will name another
member of the committee.
The termination of the strike was noted in our issue of
June 22, page 4170.
Strike of Pacific Northwestern Lumber Workers Broken
as Employers Grant Small Wage Increase
A strike of almost 4,000 workers in Western sawmills and
lumber camps was broken on July 1 when the Long-Bell
and Weyerhauser lumber mills at Longview, Wash., and
the Inman-Poulsen plant at Portland, Ore., opened their
doors to receive 3,500 returning employees. The ending of
the strike was supported by the right-wing element of the
Sawmill and Timber Workers' Union, and its termination
was expected to end a labor dispute which for nine weeks has
hampered lumber camp and sawmill operations in the Pacific
Northwest. The operators offered a slightly higher wage
scale, but did not comply with all the demands of the strikers.
A United Press dispatch of July 1 from Portland described
the ending of the strike as follows:
of
Left-wing groups In the union, an affiliate of the American Federation
resuming
e
Labor, may seek to prevent 3,200 more conservativ workers from
first to close last May.
operations at the Longview plants,
to
Gov, Clarence Martin of Washington ordered troops held in readiness
proceed to Longview should trouble develop. He already has sent 600
mills reopened a week ago
National Guardsmen to Tacoma, where 11
under military protection.
the support of Abe
To-day's openings at Longview and Portland had
Muir,
Muir and other leaders of the Sawmill and Timber Workers' Union.
l Brotherhood of Carpenters
Executive Vice-President of the Internationa
-cent wage
urged his followers to accept the 5
and Joiners, the parent union,
10
increase promised by the operators. The new scale, he said, would be
for similar work throughout
cents an hour higher than the general average
the Northwest.
American Labor Policy Outlined by Secretary Perkins—
Report of Labor Department for 1934 Fiscal Year
Lists Proposed Activities of Government in Labor
Relations
A labor policy is being developed in the United States,
Secretary of Labor Frances Perkins declared in her annual
report for the fiscal year ending June 30 1934, which was
not made public until June 23 of this year. Miss Perkins
said that this policy contemplates the establishment by the
Government of certain wage and hour standards for labor,
and that the Government should use its influence for the
peaceful settlement of labor controversies and thus relieve
labor of the necessity of resorting to strikes. She said that
the Government should encourage workers to organize.
"If labor's rights are defined by law and by Government,"
the report said, "then certain obligations will, of course, be
expected of wage earners, and it is for the public interest
that those obligations should be defined by labor itself and
that such discipline as is necessary should be self-imposed
and not imposed from without. This is the basis of all
professional codes of ethics in modern society."
In her recommendations, Miss Perkins said that the
Federal Workmen's Compensation Commission should be
transferred to the Department of Labor. She also advocated
increased co-operation between the Department of Labbr
and the Public Health Service in dealing with the problems
of industrial and occupational diseases, as well as greater
co-operation between Federal and State governments in
planning labor legislation.
In discussing an American labor policy, the Secretary
said in part:
institutions a labor policy is developHand in hand with the growth of our
rudimentary stage. It is, like all social
ing. It is in somewhat more than a
subject to such change and revision
institutions, a growing, living thing,
ss of the wage-earning and emas the economic and political consciousne
life, or a growing sense of justness make
ploying groups, the experiences of
possible.
this growing labor policy of the
Among the first items that one sees In
American Government are the following:
do everything in its power to establish
1. That the Government ought to
which competition should not
minimum basic standards for labor below
health, wages, or hours;
be permitted to force standards of
Volume 141
Financial Chronicle
2. That the Government ought to make such arrangements and use its
influence to bring about arrangements which will make possible peaceful
settlements of controversies and relieve labor of the necessity of resorting
to,strikes in order to secure equitable conditions and the right to be heard;
453. That the ideal government should be through legislation and through
co-operation between employers and workers to make every job the best
that the human mind can devise as to physical conditions, human relations
and wages;
4. That Government should encourage such organization and development of wage earners as will give status and stability to labor as a recognized
important group of citizens having a contribution to make to economic
and political thought and to the cultural life of the community;
5. That Government ought to arrange that labor play its part in the
study and development of any economic policies for the future of the
United States; and,
6. That the Government should encourage mutuality between labor and
employers in the improvement of production and in the development in
both groups of a philosophy of self-government in the public interest. If
labor's rights are defined by law and by Government,then certain obligations will, of course, be expected of wage earners, and it is for the public
interest that those obligations should be defined by labor itself and that
such discipline as is necessary should be self-Imposed and not imposed from
without. This is the basis of all professional codes of ethics in modern
society.
There are many signs at the present time, with the growth and recognition
of the importance and significance of the labor groups in our common
civilization, that as labor has gained status in the community it is also
imposing upon itself those rules of discipline and self-government so necessary for the maintenance of that status.
Interna4onal Labor Organization Conference Adopts
40
-Hour Week Pact for Five Leading Industries—
Fails to Pass Supplementary Conventions for Four
—Labor Groups Claim Victory in Geneva Action
The conference of the International Labor Organization
meeting at Geneva on June 22 adopted by a vote of 79 to 30
a convention approving the principle of the 40
-hour working
week and providing for separate conventions to implement
it in five industries—public works, iron and steel, building
and contracting coal mines and glass bottles. The conference met again on June 24 and at that time postponed until
1936 its decision on the conventions for the iron and steel
industry and in coal mines. On the following day (June 25)
the conference closed after adopting by one vote a convention to establish a 42
-hour week in the glass bottle
industry and by 106 to 0 a recommendation of remedies for
unemployment among the young. Conventions for a 40hour week in public works and building failed to obtain the
necessary two-thirds majority but were not placed on the
1936 agenda.
Adoption of the general 40
-hour week convention was
noted in part as follows in a Geneva dispatch of June 24, to
the New York "Times":
To-day's vote was almost as close as Thursday's preliminary one, the
convention getting only six more votes than the necessary two-thirds.
Again the four United States delegates voted solidly for it, and the other
important new member, Soviet Russia—which limited herself to one
delegate this time—joined the majority. Italy was the only other country
whose four votes all went foe the convention. The opposition was composed entirely of employer delegates, except for the government delegates
of the Netherlands and Switzerland.
23 Governments Approve It
Twenty-three governments voted for the convention, the others including
France, Belgium, the Irish Free State, Poland, Czechoslovakia and China.
Other governments joined Britain, the British dominions and Japan in
abstaining.
./(An analysis of the vote leaves no doubt that the influence of the United
States Government was a decisive factor and International Labor Organization officials and the workers' group are warm in their recognition of this
effect of the American entry. The victory was much more than they
expected after the defeats of weaker projects in the past two conferences.
'How little was expected is evident from the fact that when this conference
began the International Labor Organization proposed that it adopt only a
vague resolution favoring reduction of hours instead of to-day's binding
convention specifying 40 hours and safeguarding wages to some extent.
The International Labor Organization proposed this resolution because it
required only a majority.
ATMs plan, which American Government delegates, underestimating
their influence, agreed was better strategy, was upset by worker delegates
who proposed the convention. Not only the workers' group, but the
American delegation and International Labor Organization officials are
jubilant at the result now achieved.
Ratification of to-day's convention does not bind the governments to
ratify any of the conventions implementing it. Its backers attribute importance to it whether or not it is implemented this year,for two reasons:
First, because it provides a trunk from which branches can grow every
year and determines the International Labor Organization program for the
next few years.
Second, because it gives workers everywhere a strong talking point in
negotiating hours reduction in their own countries and industries.
The American delegation, including the employer delegate Henry S.
Dennison, favored it because since the United States has a 40
-hour week
or less already in many industries, its competitive and marketing positions
in the world will benefit from helping foreign workers not to cheapen themselves. The delegation received a congratulatory message from Secretary
of Labor Frances Perkins to-day on its success.
Strike of Bituminous Coal Miners Called Off—Union
Leaders Agree After Federal Intervention to Con• tinue Present Wage Contracts Until End of July—
Passage of Guffey Coal Bill Hastened
A threatened strike of 450,000 union workers in the soft
coal industry, which was ordered for midnight on June 30
by John L. Lewis, President of the United Mine Workers of
America, was called off by Mr. Lewis on June 29 within a
few hours after the order had been issued. The action in
calling off the strike was the result of Federal intervention,
whereby Secretary of Labor Perkins urged the conclusion of
55
a truce between operators and representatives of the miners.
The strike order had been sent to 6,000 bituminous locals
by Mr. Lewis after the Appalachian Joint Wage Conference
failed to reach an agreement on new wage and hour contracts
to replace those expiring at the hour set for the strike.
After Secretary Perkins intervened at the request of President Roosevelt, Mr. Lewis agreed to give the producers
another month to meet his demand for a 30
-hour week and
a 10% increase in pay.
It was reported in Washington on June 30 that Mr. Lewis
postponed the strike after he had been assured that Administration leaders would hasten passage of the Guffey Coal
Stabilization Bill. It was said that this measure would be
the next labor bill to be considered by Congress.
A dispatch to the New York "Times" from Washington
on June 30 discussed the background of the strike call as
follows:
tc, The wage conference between miners and operators broke down for two
reasons. Miners and operators could not reach an understanding on terms
of the proposed contract. The operators, it was said, were unable to get
together on their side and formulate an amicable adjustment of the wage
differentials between districts and between regions. Because of their
rivalries to retain advantageous differentials, observers said, some operators
could not agree on what program to stand for when they met the miners.
As a result sub-committees met day after day. The miners' section of
the sub-committee was informed by the operators that they were unable
to agree among themselves. Joint conferences were postponed time after
time, and finally, no progress having been made by the inter-operators
Parleys, the joint conferences broke down, and the matter was adjusted
only through the truce.
The postponement of the strike from June 16 to June 30,
as a result of intervention by President Roosevelt was noted
in our June 15 issue, page 3989.
Orrin G. Wood Nominated for President of Investment
Bankers Association for 1935-36—Entire Slate
Chosen to be Voted Upon at Convention in October
Orrin G. Wood of Est,abrook & Co., Boston, has been
nominated by the Board of Governors of the Investment
Bankers Association of America as President of the Association for the year 1935-1936, it was announced through the
Association's office in Chicago, Ill., July 1 by Ralph T.
Crane of Brown Harriman &
nc., New York, President
of the Association. The Board Governors also named the
Co.,Of
remainder of the regular ticket to be voted upon at the
Association's 24th annual convention at White Sulphur
Springs, W. Va., Oct. 26 to 30. Inasmuch as the official
selections of the Board have always been approved by the
convention, Mr. Crane said nomination is considered equivalent to election.
Other nominations for office on the Association's governing
board and executive staff, as determined by the Board of
Governors, are as follows:
For Executive Vice-President—Alden H. Little, Chicago.
For Vice-Presidents—Earle Bailie, J. & W. Seligman & 0o., New York;
Albert P. Everts, Paine, Webber & Co., Boston; George P. Hardgrove.
Ferris & Ilardgrove, Seattle; Daniel W. Myers, Hayden, Miller & Co.,
Cleveland.
For Treasurer—D. T. Richardson, Kelley, Richardson & Co., Inc.,
Chicago.
For Secretary—C. Longford Felske, Chicago.
For Governors—One-year term expiring in 1936—F. Seymour Barr,
BarriBrothers & Co., Inc., New York; Ralph T. Crane, Brown Harriman
& Co., New York,ex-officio member of next year's board as retiring President.
ForjGovernors—Three-Year term expiring ill 1938—George W. Bovenizer, Kuhn, Loeb & Co., New York; Allan M. Pope, First Boston Corp.,
New York; Sidney1J. Weinberg. Goldman, Sachs & Co., New York: Edward
B. Hall, Harris Trust & Savings Bank, Chicago; Francis F. Patton, A. G.
Becker & Co., Chicago; Charles S. Chasten. Edward B. Smith & Co.,
Philadelphia; Albert E. Van Court, William R. Staats Co., Los Angeles;
Louis J. Nicolaus, Stifel, Nicolaus & Co., Inc., St. Louis; Yelverton E.
Booker, Y. E. Booker & Co., Washington; Thomas W. Gregory Jr.,
Gregory Eddlernan Co., Houston; William M. Marshall, Spokane & Eastern
Trust Co., Spokane.
Appointment of Chairmen of Committees of New Jersey
Bankers Association
Leslie G. MoDouall, President of New Jersey Bankers
Association announced recently the appointment of Association committee chairmen for the ensuing year as follows:
Pension Plan—John L. Williamson, Vice-President of Trenton Banking Co.
kr. Trust and Savings Bank Investments—Charles K. Barton, counsel of
United States Trust Co., Paterson.
Bankers and New Jersey Building and Loan—Oscar H. Merz, VicePresident, Fidelity Union Trust Co., Newark.
Agriculture--Lindley S. Hurff, Cashier, Farmers National Bank,
Mullica Hill.
Clearing House Associations—C. Henry Rabb, Assistant Treasurer,
West Side Trust Co., Newark.
Co-operation with Board of Public Accountants—Roscoe K. Oook,
Assistant Cashier, First Mechanics National Bank, Trenton.
,
....Robert Morris Associates—Roy F. Duke. Assistant Vice-President,
Fidelity Union Trust Co., Newark.
Costs and Service Charges—Henry W. Whipple, President, Cranford
Trust Co., Cranford.
?"" Federal Legislation—Frank C. Ferguson, President, Hudson County
National Bank, Jersey City.
I • State Legislation—William J. Field, President, Commercial Trust Co..
Jersey City.
Federal Reserve Relations, Northern New Jersey—Ray E. Mayhem,
President, West Side Trust Co., Newark.
Federal Reserve Relations, Southern New Jersey—Carl S. Crispin,
Cashier, Swedesboro National Bank, Swedesboro.
56
Financial Chronicle
Membership—Charles S. Zabriskie, Vice-President, Citizens Trust Co.,
Paterson.
Publicity—L. A. Chambliss, Assistant Vice-President, Fidelity Union
Trust Co.. Newark.
Lawyers and Bankers Conference—H. Douglas Davis. Vice-President,
Plainfield Trust Co., Plainfield.
Protective Information—Percy B. Menagh, Secretary and Treasurer.
United States Trust Co., Newark.
Taxation—John Colt, President, Second National Bank & Trust Co..
Red Bank.
Trust Matters—H. Douglas Davis, Vice-President and Trust Officer.
Plainfield Trust Co., Plainfield.
Public Education—Robert W. Harden, Vice-President, Westfield Trust
Co., Westfield.
Marshall Field Resigns from Field, Clore & Co.—H. G.
Freeman, E. F. Hayes and J. F. Fennelly Admitted
to Partnership
Marshall Field is retiring from Field, Glore & Co., investment bankers, his resignation being effective to-day (July
6). Also effective to-day, three new partners are being
admitted to membership in the firm; announcement to this
effect was made on July 1. They are Halstead G.Freeman,
formerly President of Chase Securities Corp. and Chairman
of the executive committee of Chase Harris Forbes Corp.;
Edward F. Hayes, formerly Vice-President of•BancamericaBlair Corp. and before that a partner in Blair & Co., Inc.;
and John F. Fennelly, who has been associated with Field,
Glore & Co. for several years.
The other partners of Field, Glore & Co., who will continue with the firm, are Charles F. Glore, J. Russell Forgan,
Mau1sby Forrest and T. Weller Kimball. Messrs. Glore,
Forrest and Kimball are associated with the Chicago office
of the film and Mr. Forgan is with the New York office.
The firm, it was stated, will continue to do the same type
of underwriting and general investment banking business
through its New York and Chicago offices.
July 6 1935
of $39,375,597, an increase of 77% over the figure for deposits reported on June 30 1934, the date of the first public
disclosure of the firm's statement. The current statement
also reveals increases in total assets, deposits and surplus
as compared with the March 30 statement. In the three
months' period total assets increased from $57,240,344 to
$64,703,609. Deposits of $39,375,597 on June 29 compare
with $33,343,109 on March 30. Surplus rose from $8,550,786
to $8,675,455 in the same period. An announcement issued
incident to the issuance of the June 29 statement also said:
The June 29 statement shows $10,814,982 of cash and $9,759,191 of
United States Government securities as compared with $7,949,919 of cash
and $6,365,000 of Government securities on March 30. Other assets in
the current statement compare as follows with the figures for March 30:
Loans and advances, $11,350,931 against $6,209,496; marketable bonds
and stocks (valued at the lower of cost or market), $8,830,459 against
$9,270,449; short-term securities, $2,767,616 against $2,172,326; other
investments, $2,242,819 against $3,095,889; customers' liability on acceptances $11,620,893 against $10,841,996 ; call loans and acceptances of other
banks, $6,339,625 against $9,847,007; other assets, $173,969 against
$136,119.
On July 2 the Chase National Bank, New York, made
public its statement of condition for June 29. The deposits
of the bank on that date were $1,735,106,000 and certified
and cashier's checks, $25,023,000, the sum of which, $1,760,129,000, compares with $1,706,154,000 on March 4 1935 and
$1,533,446,000 on June 30 1934. Total resources of the
bank on June 29, it is stated, amounted to $2,027,704,000 as
compared with $1,979,297,000 on March 4 1935 and $1,810,600,000 a year ago; cash in the bank's vaults and on deposit
with the Federal Reserve Bank and other banks, $528,863,000 as compared with $531,986,000 and $412,911,000;
investments in United States Government securities, $573,664,000 as compared with $542,343,000 and $417,366,000;
securities maturing within two years, $86,017,000 as compared with $77,341,000 and $94,195,000; other bonds and
securities, including stock in the Federal Reserve bank,
$122,032,000 as compared with $127,244,000 and $132,857,000;
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. loans and discounts, $639,395,000 as compared with $615,071,000 and $621,566,000. On June 29 1935 the capital of
A Chicago Board of Trade membership changed hands the bank consisted of $50,000,000 preferred stock and $100,compared with the last previous
July 1 at $5,500, up $300
270,000 common stock and $50,000,000 surplus, unchanged
sale.
from March 4 and from June 30 1934. Undivided profits
1935 were $20,851,000 as compared with $14,New York Cotton Exc- hange membership of John L. on June 29March 4 1935, $18,839,000 on Dec. 31 1934, and
The
2d was sold June 30 to Marshal Greer, Jr.,for another, 816,000 on
Loeb
$16,521,000 on June 30 1934. Semi-annual preferred and
at $10,250, off $1,750 from the last previous transaction on common dividends amounting to $6,198,889.20 were paid to
22, when two seats changed hands at $12,000.
June
shareholders on Feb. 1 1935.
--•-Bank Farmers Tru- st Co., New York, affiliate of
The City
Deposits of the Manufacturers Trust Co., New York, as
the National City Bank, in tile June 29 statement shows
resources of the bank at $128,329,1o5 and deposits of shown by the bank's June 29 statement of condition, totaled
$105,140,479, as compared with $68,159,828 ad $45,- $477,512,118, which represents an increase of about $19,656,182, respective,y, at the erd of 1934. The bank holds 000,000 over the deposits shown on March 30. Resources
cash or hand ard due from banks and bankers of $22,814,835, are $579,807,682 as against $563,400,845 three months ago.
and United States Government Sfcurities in the amount of Cash is given at $63,780,516. Holdings of United States
Government securities amount to $222,593,872, which is the
$23,990,984. Undivided profits were put at $2,777,095.
highest in the history of the bank. Capital of $32,935,000
At a recent meeting of the Board of Directors of the and surplus and undivided profits of $10,297,483 remain
Corn Exchange Bank Trust Co., New York, John H. unchanged from the previous quarter.
McFadden Jr., of George H. McFadden & Bro., was elected
a director.
The June 30 statement of condition of the Guaranty Trust
3, shows deposits of $1,412,Manufacturers Co. of New York, issued July
John Kneisel, a Vice-Pres- ident of the
in the history
the company. Deposits
in Pelham 601,414, the largest on March 31 of
Trust Co. in New York City, died at his home
1935, and $1,203,475,411 a
were $1,268,883,103
years old. Mr. year ago. The company's total resources are $1,730
Manor, N. Y., on June 21. He was 56
209418,
Kneisel, when he was 15 years old, started with the State compared with $1,581,795,947 on March 31 1935, and $1,539,Bank & Trust Co., and at the time of its merger with the 221,443 a year ago. The statement shows capital and surManufacturers Trust Co., five years ago, he became Vice- plus of $90,000,000 and $170,000,000, respectively, and undiPresident of the latter organization.
vided profits of $7,067,129, giving total capital funds of
$267,067,129.
Secretary of the Guaranty Trust
John J. Kelly, Assistant
Co. of New York and associated with the bank's transfer
The Federation Bank & Trust Co., New York, in its stateand stock bookkeeping department for more than 17 years,
of condition as of June 29, shows an increase in total
died June 27 at the Rockaway Beach Hospital after a brief ment
as compared with $9,518,669 on March
illness from pneumonia complicating an abdominal opera- resources to $9,873,210 Dec. 31 1934.
on
tion. Mr. Kelly, who was born in New York City in 30 and $9,094,882 with $7,632,358 onDeposits increased to
February 1898, was employed for three years by the Bandt $8,069,260 compared year. UndividedMarch 30 and $7,275,as shown by
of last
Holding Co., real estate firm, before joining the Guaranty 595 at the end increased to $118,236 profits,
against $108,101 and
Trust Co. in 1917. He became head of the stock bookkeep- the statement,
it is stated, show the
respectively. Other items,
ing department in 1928 and was appointed an officer of $100,180,
following comparisons with the March 30 and year-end
the company in April 1929.
statements: Cash, $2,708,957, against $2,236,812 and $2,034,other Government guaranteed
Myers, Vice-President and Director, 683; U. S. Government and
Joseph Lawrence
Acceptance Corp., New York, died at his securities, $168,276, against $159,591 and $220,960; New
General Motors
State and City bonds, $2,477,540, against $2,082,530
summer home in Sharon, Conn., June 28, at the age of 61 York
Myers had been actively associated with the and $1,376,710. Maguire, President, expressed
years. Mr.
Jeremiah D.
satisfaction
General Motors Acceptance Corp. since its inception in 1919
continued progress of the bank as reflected in its
served as contact officer with the banks throughout with thestatement.
and
current
the country, his previous experience having been along
banking and investment lines. He was born June 9 1874.
A decrease in holdings of United States Government bonds
Following his graduation from Princeton in 1896 he entered
the investment banking field in New Jersey and New York. and a corresponding increase in New York City and State
Subsequently he joined the organization of Harris Winthrop bonds are revealed in the current statement of condition of
& Co., later becoming associated with H. L. Crawford & Co. the Continental Bank & Trust Co. of New York as compared
When the war broke out he did distinguished work with the with the end of last year. United States Government bonds
were held on June 29 to the extent of $7,020,937, as comDistribution Committee of the Liberty Loan organization
in the Second Federal Reserve District, going from that pared with $10,992,750 on Dec. 31, last. On the other hand,
it is announced, the bank reported holdings of New York
activity to General Motors.
City and State bonds amounting to $10,824,522, compared
The statement of Brown Br- others, Harriman & Co., New with $6,396.319 at the end of last year. Loans and discounts
York, private bankers, as of June 29 1935, shows deposits of $9,207,398 compared with $8,116.547. Undivided profits
Volume 141
Financial Chronicle
stood at $689,000, compared with $608,859 on Dec. 31. Reserves stood at $1,966,249 on June 29, against $1,467,973 on
Dec. 31.
The Fulton Trust Co., New York, reports net operating income for the first six months ended June 29, 1935, of $94,873 and net profit on sale of securities of $63,661, making a
total of $158,535, which, after deducting $120,000 for dividends paid on April 1 and July 1, left $38,535 transferred to
undivided profits, leaving that item as of June 29 at $730,997, compared with $692,462 on Dec. 31, last, and $676,457
on March 30, 1935. Deposits, an announcement in the matter
said, amounted to $18,304,599, compared with $17,217,085 on
Dec. 31 and $17,655,211 dn March 30. U. S. Government securities held on June 29 totaled $4,470,255, compared with
$5,446,910 on Dec. 31 and $4,962,675 on March 30. State and
municipal bonds held in the bank's portfolio amounted to
$6,995,066, compared with $5,272,574 on Dec. 31 and $6,613,545 on March 30, 1935.
The statement of condition of the Brooklyn Trust Co.,
Brooklyn, N. Y., as of June 29 showed total deposits of $105,400,631, which compares with $104,367,902 on March 30 1935,
$99,025,939 on Dec. 31 1934, and $98,279,276 a year ago. The
statement showed total resources of $123,719,680, against
$127,697,806 on March 30, $122,295,931 on Dec. 31 1934, and
$123,959,204 on June 30 1934. Total cash on hand and due
from other banks amounted to $32,759,768, comparing with
$29,052,776 on March 30, $23,766,195 on Dec. 31 1934, and
$23,047,905 a year ago. Holdings of United States Government securities were $18,731,595 against $19,596,383 on
March 30, $17,863,090 on Dec. 31 1934, and $17,276,471 a
year ago. Undivided profits of $1,276,686 were shown by
the current statement prminst $1,355,723 on March 30, the
decrease reflecting the declaration of the semi-annual dividend amounting to $164,000 for payment on July 1. Capital
and surplus were unchanged at $8,200,000 and $4,000,000 respectively.
Deposits of the National City Bank, according to the
statement of condition of June 29, totaled $1,397,066,125 as
compared with $1,394,604,308 on Dec. 31. Undivided
profits were reported at 811,898,089 compared with ,273,298 at the end of 1934. Cash on hand and due from banks
dropped to $342,477,965, while holdings of Government
securities increased to $471,433,920. Total resources on
June 29 were shown as $1,627,067,927. Capital and surp,us
remained unchanged from a year ago.
George H. Hale, Vice-President and Cashier of the City
National Bank of BinPhamton, N. Y., for the last eight years,
has been elected President of the institution to fill the vacancy caused by the recent death of Walter H. Morse, according to advices from that city on June 29 to the "Wall
Street Journal."
Following negotiations which had been under way for
weeks, two Albany, N. Y., savings banks, the City Savings
Bank and the Albany County Savirgs Bank, have merged
and opened for business on July 1 under the title of the City
and County Savings Bark. The consolidated institution
begins with a surplus of approximately $000,000; deposits
of $47,000,000 and total resources of $52,000,000. In noting
the proposed consolidation of the instututions in its June 30
issue, the "Knickerbocker Press stated that all officers and
employees of both banks were to be retained, though Charles
E. Byron, Treasurer of the Albany County Saving Bank,
has requested that he be retired as soon as possible. Mr..
Byron has been with the bank 46M years, it was said.
Several promotions, it was stated, were included in the new
set up of officers, as follows:
William L. Visscher, who was President of the Albany County
Savings
Bank, becomes Chairman of the Board of the new bank. Frank H. Williams,
President of City Savings Bank, becomes President of the merged banks.
Morgan B. Griswold and Louis F. Hartman will be Vice-Presidents. Frederick M.Lamb will be Treasurer. Leo A. Maguire, now Assistant Treasurer
of the City Savings Bank. will be Secretary; Joseph A. Ehrhardt, now
Assistant Treasurer of the same bank, Comptroller and George C. McCullough, Donald B. Reagan and Gustav A. Wickert, Assistant Treasurers.
We learn from the Cleyeland "Plain Dealer" of June 30,
that J. Arthur House, former Presider t of the Guardian
Trust Co. of Cleveland, is to carry to tne United States
Supreme Court his appeal from a six year sentence on
charges of misapplication offunds and false entries, according
to an announcement on June 29 by his counsel, William H.
Boyd. The paper continued:
The announcement followed the action yesterday (June 29) of the United
States Circuit Court of Appeals in Cincinnati denying House's petition
for a rehearing of its action confirming his conviction and sentence.
A petition for a writ of certiorari to permit House to carry his appeal to
the Supreme Court will be filed with that court, Boyd saki. House was
sentenced to six years' imprisonment and fined $10,400 by Federal Judge
Samuel H. West here last Oct. 6.
From the Chicago "Tribune" of June 29 it is learned that
authorization of repayments to depositors of four closed
Chicago suburban banks was announced by Edward J. Barrett, State Auditor of Illinois, on June 28. The institutions
are the Des Plaines State Bank, Maywood State Bank, Arlihgton Heights State Bank, and the Citizens' State Bank
of Glencoe. The paper supplied the following details, in
part:
57
The distributions aggregate $123,947 and are to be the final ones before
the current quarter ends to-morrow. Each of the four banks has made
previous returns. . . .
The largest of the four payments will be the 5% return of $51,700 by the
Des Plaines State Bank. It is the fifth "dividend" and brings total repayments up to 40%. Checks will be mailed to depositors to-day. Money
was obtained in ordinary liquidation of assets.
Maywood State Bank depositors will receive their third 5% return,
amounting to $46,781. Funds were acquired in ordinary liquidation and
checks were mailed last night.
Checks will be mailed to-day (June 29) for.a second repayment of 5%
at the Arlington Heights State Bank. The amount involved is $17,600
and money was obtained in ordinary liquidation.
Restitution of funds to depositors of the Citizens' State Bank of Glencoe
will total 25% with the payment of another 10% when checks are mailed
to-day, amounting to $7,866. Money was acquired through ordinary sale
of assets.
That William F. Kopf,a Vice-President of the Continental
Illinois Bank & Trust Co. of Chicago was to retire on July 1
after 42 years of active service with the institution and its
predecessor banks, was indicated in the Chicago "Tribune"
of June 28, which further said:
He first worked for the old American Trust & Savings Bank, which was
absorbed by the Continental & Commercial Trust & Savings Bank. He
Is 67 year old. Yesterday (June 27) James R. Leavell, President of the
bank, and Frank Taylor, head oi the trust department, presented him with
a gold watch, the gift of his associates.
According to the Chicago "Tribune" of June 29, the
directors of the Live Stock National Bank of Chicago on
June 28 approved a $250,000 increase in surplus, the second
in a year, according to David H. Reimers, President of the
institution. This brings the surplus up to $750,000. The
bank is capitalized at $1,000,000. Mr. Reimers was quoted
as saying: g
"The management regards it advisable under existing conditions to build
the surplus account to really sizable proportions as an added safeguard to
depositors," said Mr. Reimers. "Considering that a large portion of the
assets is invested in high grade, short term securities current earnings from
operations are regarded satisfactory."
That payment of an additional dividend of 18% to depositors of the defunct People's National Bank & Trust Co. of
Chicago had been authorized by the Comptroller of the
Currency and was to be distributed on July 5,was annourred
by W. W.
Pearson, the receiver of the inqitution on June 29,
we learn from the Chicago "Tribune" of June 30, which also
gave the following details:
The pyament amounts to $608,929 and will raise returns to 48%. Preferred and secured claims of $2,466,120 have been paid.
On Mar.31 the receivership had $225,000 in cash and its remaining assets
of $3,773,371 book value were estimated to yield $829,780 more before
liquidation is completed. This would indicate about another 10% for
depositors depending upon settlement reached on claims of $120,000 which
still are pending.
The Springfield Marine Bank, Springfield, Ill., announces
the death on June 22 of J. H.Holbrook,for the past 15 years
a Vice-President of the institution.
As a step to provide greater working capital, the National
Lumbermen's Bank of Muskegon, Mich., at a special meeting
on July 18, will submit a proposition to the stockholders
which has already been approved by the directors, it is
learned from the "Michigan Investor" of June 22, from
which we quote further, in part:
In a letter to stockholders, John G. Emery Jr., President, said the broad
objectives of the plan are in the provision of new capital and the
revaluation of certain assets upon a basis of the utmost conservatism.
The Reconstruction Finance Corporation, co-operating with the local
bank, already has agreed to purchase an entire new issue of $350,000 worth
of 31
/ cumulative preferred class A stock under new laws and govern2
%
mental policies of the Federal Government to assist members of the
Federal Reserve Bank and the Federal Deposit Insurance Corporation.
In addition to the issuance of $350,000 of class A stock to be sold to
the RFC, the bank directors also seek to increase the capital by the
issuance of $50,000 worth of 5% cumulative preferred class B stock to
be offered to stockholders of record June 23 to be subscribed on or before
June 29. Both the class A and class B stock will be exempt from double
liability.
"By the adoption of the plan, the bank will be greatly strengthened
and will have for a number of years a more satisfactory ratio of net worth
to its deposits," it was stated in the letter.
"In order that the capital structure of the bank will accurately represent its true condition on a most conservative basis, it is required that
provision be made for reducing or charging off sub-standard assets," it
was further stated. "This necessitates a reduction of its present capital
common stock from $300,000 to $150,000. The 3,000 old certificates of
$100 par value will be called in and replaced by 15,000 certificates of $10
par value. Your stock will have the same actual value as that you now
hold and your double liability will be reduced one-half." . . .
The last published report of the condition of the Lumbermen's bank,
Muskegon's oldest financial institution, showed time deposits of $2,858,375.14 as of March 30 1935, an increase of $450,002.63 over the
corresponding date a year before. Commercial deposits showed a still
greater
rise of $517,472.14 from $1,224,027.12 as of March 30 1934, to
$1,741,499.26 this year, making a combined increase of $967,474.77 to
a total
of $4,599,874.00 in deposits and a similar but slightly greater increase
in
resources of $993,850.50 to a total of $5,435,238.90, the highest
points in
several years.
John A. Rissell, Chairman of the depositors' committee of
the defunct First National Bank of Detroit, Detroit, Mich.,
stated on June 25 that six more months in which to claim
58
Financial Chronicle
and receive full payment on accounts of less than $300 each
had been granted to 200,000 depositors of the institution.
In noting the matter, the Detroit "Free Press" of June 27,
continuing, said, in part:
By agreement of depositors who set aside $6,101,000 of the $7,600,000
originally placed in trust to permit the $300 payoff, the deadline for clearing up small accounts boa been extended to Nov. 26.
The 200,000 accounts not yet presented for payment represent claims
totaling $661,000. Although the average account is only $2.80, many of
them are of the full $300 value.. . .
B. C. Schram, receiver for the First National, will continue to receive
proofs of bank claims and pay the receiver's share of the payment to
claimants.
Effective June 28, The Kingston State Bank, Kingston,
Mich., was admitted to membership in the Federal Reserve
System.
Announcement was made on June 26 by Fred L. Day, receiver of the Fidelity Bank & Trust Co. of Detroit, Mich.,
that transferable deposit certificates covering the balance
of savings and commercial claims against the institution
have been issued to the holders of allowed claims. In noting
this, the Detroit "Free Press" of June 27 went on to say:
July 6 1935
reflects a new all time high record for deposits and resources.
Resources stood at $227,000,000 compared with $203,000,000
at the end of June 1934. Deposits of $200,038,530 are 13%
above the total a year ago. Totaling cash, United States
Government and other bonds and offsetting the result of
$160,000,000against total deposits of $200,000,000,aliquidity
ratio of 80% is shown. This contrasts with approximately
74% in June 1934. The bank's bonds are listed at "not
exceeding market value".
---.--In its statement of condition as of June 29 1935, the
Crocker First National Bank of San Francisco, Calif.,
records total resources of $134,282,354. Of the aggregate of
$68,416,418 of United States bonds, State and municipal and
other bonds held by the bank, the statement shows that
only $4,165,000 is pledged to secure trust deposits and public
funds and to qualify for fiduciary powers. Also, of total
deposits of $118,321,432, only $3,323,794 represents deposits
which are required to be secured. Capital, surplus and
undivided profits amounted to $13,481,550, after payment
on July 1 of the semi annual dividend of $420,000, which is
at the rate of $14 per share per annum.
Directors of the Transamerica Corp. (head office San
Conservative estimated valuations of the remaining assets by the receiver
Francisco, Calif.) on July 3 increased annual dividend payand creditors' trustees have fixed a potential value on the savings certifi,
cates of 22.93% of the original claim, which with the total dividends of
ments to stockholders ))3 $1,178,000 by the declaration of a
30% heretofore paid, bring the minimum potential recovery to 52.93%.
regular dividend for the semi-annual period ended June 30,
33.58% of the original
Commercial certificates are estimated to be worth
at the annual rate of 30c. a share. The current dividend,
claim, which with the 30% already paid brings the total to 63.58%. . . . which amounts to a total of $3,540,000 on outstanding capicertificates provide a means of early realization for those who canThe
tal stock, will be paid July 31 to stock of record July 13.
not wait for what probably will be more substantial returns upon full
This brings total dividends disbursed by Transamerica Corp.
liquidation. They are available also for the purchase of property in the
and its predecessor to more than $119,000,000. San Franhands of the receiver and payment of obligations due the receiver upon satiscisco advices to the New York "Journal of Commerce" on
factory negotiations.
July 2, from •which the foregoing is learned, also stated:
The Fidelity has paid in full preferred trusts of $104,016 preferred savings of $54,050 and preferred commercial, $85,408. Total footings of all
John M. Grant, President, reported that, subject to audit, the consolidated
on $1,229,910
claims were $4,759,467, of which $502,877 has been paid
net profits of Transamerica Corp., consolidated companies and all controlled
the $1,675,908 in savings deposit claims
In the trust division; $502,859 on
subsidiaries for the first six months of 1935 were approximately $8,400,000,
and $503,310 on the $1,658,797 in commercial department deposits.
which, on an annual basis, is equal to 70c. a share on 23,603,220 shares
With the certificates, receiver Day intimates that a further dividend will
of outstanding stock.
soon be paid on claims. The amount is not specified.
This amount is substantially in excess of earnings for the comparable
period of 1934. For the entire 12 months' period of 1934 earnings amounted
In indicating that a dividend was being paid to depositors
of the defunct Bank of Saginaw, Mich., having claims of $10
or more, the "Michigan Investor" of June 29 had the following to say:
One of the largest pay-offs in banking readjustment of Michigan is that
for more than $3,000,000 from the closed Bank of Saginaw. The release
was begun immediately after approval was received from Washington in
connection with a loan from the Reconstruction Finance Corporation.
Nearly 17,000 depositors having balances of $10 or more will receive 45
per cent of their deposits, less whatever they already have received on their
accounts, which amounts to about 10% in most cases. Pay-off in full of
deposits under $10 was begun three weeks ago.
The full amount of the transaction totaled $4,400,000. In helping to
carry it out the Saginaw State Bank agreed to purchase $323,291 worth of
assets of the old bank at full face value and accrued interest to the date
of transfer. The pay-off definitely put an end to the hopes of a third bank
in Saginaw.
The Comptroller of the Currency on June 27 issued a
charter to the Commercial National Bank of Grand Island,
Grand Island, Neb. The institution, which represents a
conversion to the National system of the Commercial Bank,
Grand Island, is capitalized at $100,000. David Kaufman
heads the new organization, while Edward Huwaldt Is
Cashier.
Gurney P. Hood, State Commissioner of Banks for North
Carolina, announced on June 28 that two closed banks—the
Bank of Dallas and the Farmers & Merchants Bank of
Stanley—were making small dividend payments to their
depositors, we learn from the Raleigh "News and Observer"
of June 29, which added:
Checks mailed to the 585 depositors of the Bank of Dallas and the
Farmers' & Merchants' Bank of Stanley aggregated $4,430.24, Mr.
Hood said.
The 201 depositors of the Dallas bank are getting a total of $2,306.43, or
4.5% of their money, in the only dividend payment they will receive. The
bank closed in 1934 and has paid its preferred claimants $108.80 and its
secured claimants, $3,052.29.
The creditors of the Stanley bank are getting a total of $2,123.81, or
8.5% of their money, as their only payment. The bank, which closed in
1933, has paid its secured creditors $25,625.29.
—.—s—
W. S. Smith has been elected a Vice-President of the East
Atlanta Bank of Atlanta, Ga., according to an announcement made June 29 by E. F. Pincher, President of
the institution. Mr. Smith will fill the vacancy caused by
the death of C. C. Crabill, who had been connected with the
organization, East Atlanta Bank, since its organization in
1910. The Atlanta "Constitution" of June 30, from which
this is learned, continued, in part:
Mr. Smith is President of the Smith Brothers Grain Co., which operates
a chain of feed and grain stores in and around Atlanta. He is also VicePresident of the Southern Mining Co. of Augusta. . . .
The Florida Bank & Trust Co. of West Palm Beach, Fla.,
was placed in voluntary liquidation on June 15. The deposit
liability of the institution was assumed by the Central
Farmers Trust Co. of West Palm Beach.
The statement of condition as of June 29 of The Wells
Fargo Bank and Union Trust Co. of San Francisco, Calif.,
to 48c. a share.
The company's showing for the first half of this year reflects further
operating economies, with total expense of Transamerica and its consolidated subsidiaries reduced to $370,000. For the entire year of 1934 expense
totaled $980,000.
In announcing to-day change in the dividend policy of Transamerica, Mr.
Grant said: "In view of the improvement in the company's earnings and
the encouraging outlook for continued betterment in general business conditions, the Board felt justified in placing dividend disbursements on the
regular annual basis of 30c. a share. The last three dividends of the
corporation, which were paid at intervals of six months, amounted to 12%c.
a share in each instance."
The new rate calls for an annual dividend disbursement of $7,080,000.
A total of $5,902,000 was paid in 1934.
Purchase by the Bank of America National Trust &
Savings Association (head office San Francisco, Calif.) of
two northern California banks with total resources approximating $1,000,000 has been announced by L. M. Giannini,
President of the institution. The acquired banks are the
Russ-Williams Banking Co. of Ferndale, which will be
operated as the Ferndale branch of the Bank of America,
and the Fortuna State Bank, which will be consolidated
with the present Fortuna branch of the Bank of America.
The announcement went on to say, in part:
• Russ-Williams Banking Co. has total resources of about $750,000 and
deposits of approximately $600,000. All personnel will be retained by
Bank of America, it was announced.
Rollin S. Feenaty, formerly Cashier of the Russ-Williams bank, will be
Manager of Bank of America's Ferndale branch. R. A. Grinsell, Assistant
Cashier, will have the same office with the branch banking institution.
Frank G. Williams, President of the Russ-Williams organization, will be
Chairman of the Ferndale Advisory Board of Bank of America, and William
N. Russ, Chris P. Hansen, George Si. Brice and Mr. Feenaty, members
of the Russ-Williams board of directors, will be members of the Bank of
America Ferndale Advisory Board.
The Fortuna State Bank . . . has total resources of approximately
a quarter of a million dollars. William Dunn, Secretary of the Fortuna
Bank, will become a member of the staff of Bank of America's Fortuna
branch.
Bank of America National Trust and Savings Association,
head office San Francisco, Calif., in its statement of condition as of June 29 1935 shows total deposits of $993,651,000
and total resources of $1,113,896,000. Bank of America
(California), the associated State bank, is not included in
the published statement as heretofore. Over the period
of the past 12 months the National bank has increased 5130,947,000 in deposits. During the same period it has voluntarily returned $15,000,000 in Postal Savings deposits to the
United States Post Office Department, and has retired $45,500,000 in outstanding circulation. , From an announcement
issued in the matter we also take the following:
In line with the increase in deposits, each and due from banks increased
$34,187,000 and investments in United States Government bonds and other
securities gained $74,135,000; and surplus has been increased $2,500,000
by a transfer from undivided profits. Bank of America N. T. & S. A.
still leads all banks of the nation in the number of dollar value of
loans made under the National Housing Act, with 15,240 loans made in
thte total amount of $9,395,493.
During the first six months of this year, Bank of America N. T & S. A.
earned $8,033, 717. Of this amount, $2,500,000 was paid in dividends on
Volume 141
Financial Chronicle
capital stock, $3,406,291 was added to reserves and $2,127,426 to undivided profits. After the addition of this amount to undivided profits
and the transfer of the $2,500,000 to surplus, the undivided profits
account stood at $16,791,766. The amount reserved from current earnings made provision for depreciation, bond amortization, losses, contingencies, &c.
Since Jan. 1 1935 Balm of America N. T. & S. A. has opened five new
branches, including the new branches opened June 29 at Ferndale and an
May 6 on the grounds of the San Diego Exposition. This brings the
total branches of Bank of America N. T. & S. A. and its associated State
bank to 425 in 258 California communities.
Bank of America (California), the associated State bank, which now
operates 10 branches, as of June 29 had total deposits of $20,302,000 and
total resources of $23,216,000.
59
Cyanamid B at 223% against 21%;American Gas & Electric
at 303% against 28%, Carrier Corp. at 163% against 1634;
Commonwealth Edison at 83 against8034; Creole Petroleum
at 173 against 163 ;Distillers Seagrains Ltd. at 19% against
%
%
8
1934; Electric Bond & Share at 9% against 7%; Ford of
Canada A at 28 against 2734; GulftOil of Pennsylvania at 64
against 603%; Hiram Walker at 263% against 25; Humble Oil
%
(new) at 58 against 573%, International Petroleum at 353
5
against 34%;New Jersey Zinc at 63 against 62; and Wright
Hargreaves at 7% against 73
%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Stocks
On June 28 the Comptroller of the Currency authorized
the Bank of America National Trust & Savings Association
(head office San Francisco) to operate a branch in the
Town of Ferndale, Calif.
Advices on June 20 from Kelso, Ore., to the "Oregonian"
reported that another dividend for 7% was paid to depositors of the First National Bank of Kelso on that date by
P. J. Mourant, the receiver, making a total of 50%% in
dividends paid since the bank closed in 1931. The dispatch
went on to say:
This dividend distributed about $22,000. Previous dividends were 15%,
16% and 121%, and payments have totaled about $155,000.
/
2
THE CURB EXCHANGE
While die curb market was not especially active during
the present week, there was considerable improvement
apparent all along the line as a result of the Washington
developments on the holding company bill. Public utilities
were bought in good-sized blocks and industrial stocks were
in better demand, though the advances were not particularly
noteworthy at any time. Some profit-taking was apparent
from time to time, but this was quickly absorbed and made
little impression on the general list.
Trading was comparatively quiet on the New York Curb
Exchange during the two-hour session on Saturday. There
was considerable interest displayed in the alcohol stocks,
which recorded modest gains, but the improvement in the
general list was, as a rule, limited to small fractions. Outstanding among the shares showing gains at the end of the
session were such market favorites as Bunker Hill-Sullivan,
1 point to 39; Carrier Corp., 13% points to 1634; Gulf Oil
of Pennsylvania, 1 point to 643/2; Ruberoid, 1 point to 59,
and Ohio Oil pref., 1 point to 1043%.
The curb market moved moderately upward on Monday
under the guidance of the public utilLties and industrial
shares, and while the gains were generally maintained
until the final hour there were some recessions just before
the close due to profit-taking. The volume of trading
was small, the total turnover for the day being 103,000
shares. The best gains were scored by such active issues
as Celluloid pref., 3 points to 28; Dow Chemical, 13% points
to 103; Great Atlantic & Pacific Tea Co. Pref., 83% points to
135, Consolidated Gas of Baltimore, 1%; points to 783%, and
Iron Fireman, 13% points to 21. There were also a host ot
fractional advances.
Public utilities were the strong stocks on Tuesday, the
advances being due largely to the sweeping defeat of the
public utility holding company bill. The improvement
extended for a brief period to other parts of the list and
the volume of trading soon expanded for the day, reaching
approximately 268,000 shares. Prominent among the
stocks showing gains at the close were such active issues as
Alabama Power 6% pref., 23% points to 67; Bunker Hill.
Sullivan, 33% points to 42; CrPne pref., 3 points to 109;
National Power & Light pref., 23% points to 703%; Aluminum
Co. of America, 134 points to 543%; American Gas & Electric,
13 points to 293 , and Electric Bond & Share pref. (5),
%
%
3 points to 56.
Curb stocks were lower during the early trading on Wednesday, but in the final hour oil shares and public utilities displayed considerable activity and in a number of cases
recorded moderate gains. Short covering was apparent
toward the middle of the session and some of the market
leaders that had weakened during the morning moved
slowly' toward higher levels. Trading was comparatively
quiet due,in a measure, to the nearness of the Independence
Day holiday. The best gains of the day were recorded by
Aluminum Co. of America which opened at 54 and moved up
to 55, Cities Seviee pref. which went up to 175 and Consoli%
dated Gas Light & Power which jumped from 79% to 80%.
There were also numerous smaller gains.
The New York Curb Exchange, the stock market and all
commodity markets were closed on Thursday in observance of
Independence Day.
Price movements on the Curb Exchange again pointed
upward on Friday as the market resumed trading following
the Independence Day holiday. There were no especially
noteworthy features, but the day's transactions were in fair
volume though the turnover was below that of Wenesday.
Public utilities continued in demand and there was some
buying among the industrial stocks, but the oil shares and
mining and metal issues were quiet. As compared with last
week, prices made a moderate gain, Aided Mills closing last
night at 181 against 183% on Friday a week ago, American
%
Week Ended
July 5 1935
Bonds (Par Value)
.
(NUMbe
of
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Foreign
Foreign
Government Corporate
Domestic
62,010 $1,928,000
102,975 3,079,000
268,000 5,749,000
216,810 5,956,000
HOLI DAY
166,080 5,432,000
815,875 822,144,000
Total
$20,000
19,000
41,000
53,000
171,000
38,000
Wad saw Julg 5
Sales at
New York Curb
Exchange
1935
$301,000 $22,616,000
Jan. 1 to July 5
1934
1935
Stocks
-No. of shares_
769.174
815,875
Bonds
Domestic
$22,144,000 $15,062,000
171,000
Foreign government- 579,000
Foreign corporate
301,000
363,000
Total
Total
$59,000 $2,007,000
54,000 3,152,000
65,000 5,856,000
54,000 6,063,000
HOLT DAY
69,000 5,539,000
$22,616,000 $16,004,000
1934
25.728,770
38,293,270
$627.801,000
8,982,000
6,463,000
$568,653,000
20,961,000
17,378,000
$643,246,000
$606,992,000
ENGLISH FINANCIAL MARKET
-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
July 1
July 2
June 29
July 3
July 4
July 5
Silver, per on
3111d.
3111d.
31H,
(I.
31 3-16d. 31d.
31d.
Gold, p.fine oz.141s.414d. 1416.414d. 141s. 7d. 1418. 6d. 141s. 7d. 1418. 6d.
Consols,23% Holiday
8514
8614
8514
8614
8634
British 314%
War Loan_ _ _ Holiday 10614
10631
10614
10614
1083
4
British 4%
1960-90
Holiday 11811
iisyi
11814
11814
11815
The price of silver per oz. (in cents) in thelUnited States
on the same days has been:
Bar New York
(foreign)_
6911
IL S.Treasury_ 50.01
U. S. Treasury
(newly mined) 77.57
6934
50.01
6914
50.0z
6914
50.01
floilday
50.01
69
50.01
77.57
77.57
77.57
77.57
77.57
Course of Bank Clearings
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
July 6) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
24.8% above those for the corresponding week last year.
Our preliminary total stands at $6,199,639,786, against
$4,968,360,223 for the same week in 1934. At this center
there is a gain for the week ended Friday of 33.8%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph
Week Ending July 6
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83,428,779,128
231,058,062
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
28,195,000
82,562,109,286
180,084,127
249,000,000
157,000,000
62,324,421
56.100,000
91,677,000
73,359,324
53,182.091
47,630,121
50,370,065
15,952,000
+33.8
+28.3
+12.4
+28.7
+15.8
+10.7
+20.8
+25.0
+21.5
+10.8
+2.2
+76.7
Twelve cities, five days
Other cities, five days
$4,675,634,452
574,065,370
83,598,788,435
526,102,830
+29.9
+9.1
Total 411 cities, five days
All cities, one day
$5,249,699,822
949,939,964
$4,124,891,265
843,468,958
+27.3
+12.6
SR 100 MA 75/1
IA 0115
Ran 992
4-94 5
ns,tsi
All oltlaa Om. tad.*
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 29.
For that week there is an increase of 12.9%, the aggregate
of clearings for the whole country being $5,486,202,044
against $4,859,804,236 in the same week in 1934. Outside
of t hiscity there is an increase of 12.0%,the bank clearings
at this center having recorded a gain of 13.4%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals register
a gain of 13.1%, in the Boston Reserve District of 16.7%
and in the Philadelphia Reserve District of 16.6%. In the
Cleveland Reserve District there is an improvement of 7.7%,
in the Richmond Reserve District of 15.9% and in the
Atlanta Reserve District of 13.1%. In the Chicago Reserve
District the totals are larger by 6.8%, in the St. Louis
Reserve District by 9.6% and in the Minneapolis Reserve
District by 10.8%. In the Kansas City Reserve District
the increase is 29.1%, in the Dallas Reserve District 6.1%
and in the San Francisco Reserve District 21.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended June 29 1935
Inc.or
Dec.
1934
1935
1932
1933
s
$
%
s
$
Federal Reserve Mats.
9.
297,43 968
238,598,673
200.658.818 +18.7
234,202,389
let Boston....12 cities
3,504,548,812 3,098,306,270 +13.1 3,916,720,470 3,543,487,256
2nd New York_ _12 "
323,983.171
279,208,192
309,722.975 +16.6
361,104,114
3rd Philadelpla 9 "
204,367,137
175,242,372
208,938,160 +7.7
222,822,739
4th Cleveland__ 5 "
114,633,470
80,493,560
97,772.582 +15.9
113,329,743
5th Richmond _ 6 "
83,523,336
74,966,826
91,111,605 +13.1
103,022,940
5th Atlanta_ ___10 "
372,868,918
311,576.719
361,503,393 +6.8
386,199,909
.
7th Chicago _ _19 "
84,780,028
, 8,518,439
101,354,668 +9.0
110,447,436
5th St. LOU19___ 4 "
84,061,410
87,018,304
76,161,182 +10.8
84,379,424
9th Minneapolis 6 "
96,448,662
93,072.282
108,624,624 +29.1
120,642,797
10th Kansas Clty10 "
32,0 3,743
32,293,140
40,025,695 +6.1
42,455,403
5 "
11th Dallas
171,654,447
159,968,220
167,625,264 +21.1
203,046,338
12th San Fran 12 "
111 cities 5,488,202.044 4,859,804,236 +12.9 5,537,674,197 5,409,311,546
Total
2,099072,670 1,859,908,216 +12.0 1,715,147,551 1,981,335,350
Dutside N. Y. City
14.941.4
July 6 1935
Financial Chronicle
60
29 4lt14.4
2.517 /RI
9.28 878 728
VII 425 591
WA 557 171 .4-15.8
We also furnish to-day a summary of the clearings for the
month of June. For that month there is an increase for
the entire body of clearing houses of p.o%, the 1935 aggregate of clearings being $24,32b,277,050 ard the 1934 aggregate $23,049,672,390. In the New York Reserve District
the totals show an improvement of 3.9%, in the Boston
Reserve District of 3.4% and in the Philadelphia Reserve
District of 9.2%. In the Cleveland Reserve District there
is a gain of 2.9%.in the Richmond Reserve District of 9.0%
and in the Atlanta Reserve District of 5.4%. The Chicago
Reserve District has managed to enlarge its totals by 9.0%,
the St. Louis Reserve District by 8.9% and the Kansas City
Reserve District by 12.2%. In the Minneapolis Reserve
District there is a gain of 8.9%, in the Dallas Reserve District of 4.6% and in the San Francisco Reserve District
of 18.5%.
June
1934
June
1935
June
1932
June
1933
Inc or
Dec
S
$
%
$
S
Federal Reserve Dicta.
939,299,981 +3.4 1,038,552.264
43,381.567
9
970.960.816
Oat Boston. __14 cities
.13 " 15,453,869,135 14,872,422,693 +3.9 16,231,014.303 14,334,142,431
2nd New York.
1,480,844,112 1,355,599,534 +9.2 1,126,888,762 1,163,413,421
ird Philadelpla 12 "
846,182,730
775,155,130
961,907,308 +2.9
990,114,681
4th Cleveland__13 "
464,248,597
345,662,203
442,272,606 +9.0
482,148,061
5th Richmond.8 "
358,854,436
334,070,596
431,399,420 +5.4
454,534,453
...15 "
6th Atlanta.
1,674,107,884 1,535,173,108 +9.0 1,260,949,007 1,562,665,365
7th Chicago _ _ _25 "
386,581,050
403,237,394
452,833,141 +8.9
493,345,217
8th St. Louis__ 5 "
323,537,218
359,076.576
357,592,999 +8.9
389,437,386
8th Minneapolls12 "
533,193,532
454,746.270
.450 +12.2
587.744
661,320,404
10th Kansas City14 "
246,971,026
243,220.411
307,363,508 +4.6
321,375,464
10 "
11th Dallas
755,118,448
702,389,917
804,563,442 +18.5
953,219,447
12th San Fran 21 "
162 cities 24,325,277,050 23.049.872.390 +5.5 23,274.982,833 21,918,420,821
Total
0188
9,323,235,757 8,823,888,008 +8.1 7,450,383,242 8. .23,720
Outside N. Y. City
32 cities 1.559.913.188 1.318.848.858 +18.3 1.429.625.812 1.081.348.423
Canada
We append another table showing the clearings by Federal Reserve districts for the six months of each year back
to 1932:
6 Months
1935
6 Months
1934
6 Months
1932
150.01 6 Months
1935
Dec.
2
,
$
$
Federal Reserve Dists.
. .
165 Boston. _14 cities 5,910,632,454 5,695,992,492 +3.8
2nd New York__13 " 94,406,087,360 89,570,160,006 +5.4
8,607,733,211 7,556,134,073 +13.9
Bid Phlladelpla 12 "
5,683,325,389 5,101,321,626 +11.4
4th Cleveland_ _13 "
2,729,480,573 2,466,419,209 +10.7
5th Richmond. 8 "
2,978,999,735 2,634,989,360 +13.1
_ _ _15 "
6th A tlanta_
7th Chicago...25 " 10,034,725,900 8,441,599,401 +18.9
2,943,033,602 2,622,820,294 +12.2
8th St. Louis__ 5 "
2,132,085,774 1,913,485,261 +11.4
9th MInneapolt.912 .
3,836,937,972 3,275,006,768 +17.2
10th Kansas City14 "
1,960,544,030 1,798,977,174 +9.1
10 "
Ilth Dallas
5,467,564,645 4,694,746,485 +16.5
12th San Fran 21 "
5,105,313,673
78,409,074,974
6,449,039,708
4,024,966,541
1,922,329,980
1,869,466,536
6,007,297,078
2,016,623,959
1,599,071,250
2,462,377,126
1,348,121,665
3,756,539,609
s
6,624,177,738
88,821,929,145
7,646,359,259
5,434,508,796
2,850,135,788
2,458,155,328
9,746,958,563
2,446,775,389
1,844,133,206
3,270,716,354
1,619,134,056
4,916,851,661
162 cities 146,691,350,645 135,769,642,149 +8.0 114,970,222,099 137,679,835,277
Total
54,960,801,819 48,585,784,265 +13.1 38.729,908,163 61,557,573,287
Outside N. Y. City
29 ...14,4 9 nal 154 717 7 R71 /al 4147 -1-R 5 A 479 427 3511 11 911110 07n
I 5494A*
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
June and the six months of 1935 and 1934 are given below:
Si: Months
Month of June
Description
22,336,422
1934
1935
1934
1935
16,800,155
124,848,382
213,277,322
Stock, number of shares.
Bondi
$1,368.972,000
Ra hoed & rniscell. bonds $191,875,000 5156,089.000 $1,059,901,000
361,771,000
194,387,000
State,foreign, &c., bonds 29,300,000 46,213,500
328,418,700
420,664,000
42,175,000 64,754,100
U.S. Government bonds_
5267,056.600 31,674,952,000 $2,059,161.700
$263,350,000
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange for the six months of the years
1932 to 1935 is indicated in the following:
1934
No. Shares
1935
No. Shares
1933
No. Shares
1932
No. Shares
54,565,349
56,829.952
29,900,904
18,718,392
19,314,200
20,096.557
34,362,383
31,716,267
33,031,499
49,663,714 141,296,205
58,129,049
99,110,149
29,845.282 52,896,596
25.335,680 104,213,954
16,800,155 125,619,530
31,470,916
23,136,913
23,000,594
19,409,132
14,404.525
15,850,057
Month of January
February
March
First Quarter
22,408,575
30,439,671
22.336,422
April
May
June
124 848.082 213.277.322 340.859.129 176.718.572
R19 trinnth9
The following compilation covers the clearings by months
since Jan. 1 1935 and 1934:
MONTHLY CLEARINGS
Clearings Outside New York
Clearings. Total All
Month
1935
1934
1935
1934
%
S
3
%
5
$
+19.0
Jan... 25,538,411.841 21,395,409,595 +19.4 9.331,886.572 7,843.155,202 +13.4
7,941.880,939 7,006,078,545
Feb___ 20,793,838,124 20,505,980,543 +1.4 9,320,994,207 8,354,247,617 +11.6
Mar - - 26,352,301,657 23,512,614,673 +12.1
+14.6
1st qu_ 72.684.551,62265,414.004,811 + 11.1 26,594,761,718 23,203.481,363
+12.5
April__ 24,757,016,469 24,350,745,087 +1.7 9,291,816,289 8,262,130,385 +14.8
May.. 24,924,234,564 22,955,219,861 +8.6 9,750,717.105 8,496,304,511 +14.8
22.955,219,861 +8.6 9,750,988,045 8,496,304,511
May.. 24,924,505,504
+8.1
June__ 24.325.277.05023.049,672.300 +5.5 9,323,235,767 8,623,868,006
2d nu_ 1411691350 845 135769642.149 +8.0 54,960.801,819 48.585.784.265 +13.1
The course of bank clearings at 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 LEADING CITIES IN JUNE
Jan. 1 to June 29
Jun
1932
1933
1034
1935
1935 1934 1933 1932
(000,0005
$
$
$
$
S
$
S
S
omitted)
15,002 14,426 15,825 13,902 91,731 87,184 76,240 86,122
New York
6,213
990 6,275 5,364 4.417
888
982
1,046
Chicago
5,721
4,432
4,941
5,091
804
906
809
831
Boston
6,143 7,189
7,231
8,270
1,297 1,070 1,087
1,424
Philadelphia
1,658
1,340
1,692
1,901
267
272
303
329
St. Louis
2,223
1,780
2.210
343 2,468
353
430
444
Pittsburgh
2,685
2,148
2,616
3,016
408
399
438
521
San Francisco
956
1,497
1.299
1,399
242
171
233
246
Baltimore
1,104
858
1,059
1,196
175
161
186
197
Cincinnati
1,679
1,303
1,688
2,068
278
259
310
357
Kansas City
1,763
1,127
1,464
1,597
274
209
283
280
Cleveland
1,202
1,066
1,236
1,349
217
247
234
245
Minneapolis
592
720
416
649
104
67
98
98
New Orleans
1,819
609
1.803
2.238
300
193
323
365
Detroit
464
424
589
671
74
81
97
110
Louisville
595
438
688
696
92
90
109
119
Omaha
226
181
205
219
34
39
35
37
Provldersce
435
261
332
398
79
50
64
69
Milwaukee
571
695
668
110
703
112
118
119
Buffalo
396
334
491
561
68
65
84
101
St. Paul
492
365
472
578
81
40
90
100
Denver
332
229
288
348
52
40
50
61
Indiana
681
578
692
755
112
104
128' 121
Richmond
227
332
359
37
273
44
51
52
Memphis
454
554
669
99
607
85
100
120
Seattle
253
301
39
39
247
206
45
51
Salt Lake City __
220
267
35
218
194
39
38
45
Hartford
22,497 21.354 21,848 20,303 135,773 126.163 107,277 127,257
1,938 1,696 1,427 1,615 10,918 9,607 7,693 10,423
Total
Other cities
24,325 23,050 23,275 21,918 146,691 135,770 114,970 137,680
Total all
Outside New York- 9,323 8,624 7,450 8,017 54,961 48,586 38,730 51,558
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ended June 29 for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 29
.
1935
S
.
1934
$
First Federal Reser ye District-Boston
2,385,711
2,808,294
-Bangor
Me.
6,628,972
7,300,624
i Portland
809,178,631
831,000,000
-Boston
Maas.
2,593,901
2,775,633
1.Fa1l River
1,469,815
1,503,551
Holyoke
1,333,588
1,419,652
Lowell
2,416,259
2,778,229
New Bedford
12,509,154
11.917,851
Springfield
5,701,254
5,756,221
Worcester
37,959,046
45,006,893
-Hartford
Conn.
14,444,633
13,748,630
Haven
New
5,555,900
5,966,400
Waterbury
35,029.800
36,952,600
-Providence. _
R. 0.
2.093,317
2,028,238
-Manchester...
N. 11.
Total(14 cities)
970,960.816
939,299,981
Week Ended June 29
Six Months Ended June 30
Month of June
Clearings at-
Inc.or
Dec.
%
1935 •
s
1934
Inc.or
Dec.
1935
$
%
3
+17.7
+10.1
+2.7
+7.0
+2.3
+6.5
+15.0
-4.7
+1.0
+18.6
-4.8
+7.4
+5.5
-3.2
15,166,990
42,069,000
5,090,790,395
16,798,414
8,710,993
8,021,141
15,752,493
68,161,368
33,730,348
267,371,198
82,554,497
30,706,100
218,998,300
12,001.217
12,851,077 +18.0
42,550,072 -1.1
+3.0
4,940,904,091
15,738,639 +6.7
8.757,804 -0.5
+9.3
7,341,059
+5.9
14,881,537
68,690,624 -0.8
31,595,439 +6.8
220,230,625 +21.4
86,204,661 -4.2
29,660,000 +3.5
204,858,300 +6.9
11,728,564 +2.3
+3.4
5,910,832,454
5,695,992,492
+3.8
$
Inc. or
Dec.
1933
1932
%
111t
$
$
875,285
1,475,437
203,014.645
658,925
492,288 +77.8
1,379,732 +6.9
175,000,000 +16.1
568,854 +15.8
544,253
1,192,631
209,881,060
519,217
548,684
2,477,003
264,000,000
585,703
310,762
573.494
2,775,804
1,474,388
10,576,153
3,135,661
286,197 +8.6
427.544 +34.1
2,752.793 +0.8
1,424,727 +3.5
7,342,269 +44.0
2,839,427 +10.4
328.633
452,273
2,558,163
1,144,578
8,812.949
3,508,746
317,905
504,821
3,420,000
2,095.180
9,033,552
5,004,910
8,794,200
457,635
7,660,600 +14.8
484,387 +5.5
9,260,000
394,161
8,771,900
680,310
234,202,389
200,658,818 +16.7
238,596,673
297,439,968
•
Financial Chronicle
Volume 141
61
CLEAR1NGS-(Continuea)
Month of June
Six klonths Ended June 30
Clearings at
1935
1934
8
8
Second Federal Res erve District -New York
N. Y.
-Albany
41,229,831
41,538,522
Binghamton
3,730,825
5,293,737
Buffalo
118,046,825
118,500,000
Elmira
2,175,133
2,282,044
Jamestown
2,339,844
2,150,869
New York
15,002,041,283 14,425,804,384
Rochester
27,203,823
28,719,961
Syracuse
15,148,456
16,879,345
'Conn.
-Stamford
13,078,337
13,110,026
N. J.
-Montclair
1,747,364
2,189,549
Newark
88,947,093
74,593,032
Northern N. J
129,513,900
142,444,706
Oranges
3,645,853
3,937,086
Total (13 cltina)--
15,453,869,135 14,872,422,693
Third Federal Rese rye District Philadelphia
Pa.
-Altoona
1,624,647
1,670,216
Bethlehem
01,750,000
Chester
1,117,110
1,257,677
Harrisburg
7,550,301
6,803,540
Lancaster
3,674,469
4,335,435
Lebanon
1,352,079
1,581,722
Norristown
2,515,272
2,060,079
Philadelphia
1,424,000,000 1,297,000.000
Reading
4,254,028
5,088,001
Scranton
8,910,803
8,436,666
Wilkes-Barre
6,345,712
4,121,717
York
4,494,165
5,313,998
N.J.
-Trenton
17,507,700
15,428,300
Inc.or
Dec.
Week Ended June 29
Inc. or
1935
1934
Dec.
1935
1934
257,215,131
+0.7
230,439,440 +11.6
6,137,542
10,232,191
+41.9
26,709,839
22,097,989 +20.9
920,659
709,146
703,220,558
+0.4
667,829,105 +5.3
29,800,000
27,930,754
14,979,747
+4.9
13,286,830 +12.7
509,330
430.582
12,768,201
+8.8
11,609,296 +10.0
547,927
396,883
+4.0 91,730,548,826 87,183,857,884
+5.2 3,403,129,374 2,999,896,020
167,201,893
+5.6
159,154,593 +5.1
6,285,602
5,768,783
+11.4
93,436,838
86,753,335 +7.7
3,761,544
3,006,407
73,047,901
+0.2
69,465,101
+5.2
2,364.939
2,532,187
+25.3
10,232,930
9,466,934
392,063
+8.1
281,255
-16.1
457,058,449
437,954,729 +4.4
17,714,787
19,439,728
+10.0
837,832,606
656,940,160 +27.5
31,817,797
27,848.582
21,834,441
+8.0
21.294,610 +2.5
+3.9 94.406,087,360 89.570,150,006
+2.8
9,491,196
a46,872,597
7,174,574
44,346,787
25,100,602
8,637,806
11,292,542
8,270,000,000
30,702,121
53,518,598
23,765,629
31,007,656
92,695,700
8,809,677
+7.7
6,911,719
39,753,274
19,763,934
7,484,551
11,629,151
7,231,000,00C
26,760,503
54,572,675
36,156,730
25,939,759
87,352,100
+3.8
+11.6
+27.0
+15.4
-2.9
+14.4
+14.7
-1.9
-34.3
+19.5
+6.1
352,000,000
1,199,186
2,025,690
893,549
1,234,600
2,073,000
300,000,000
845,553
1,995.865
1,140,716
948,986
3,405,000
+9.2
8,607,733,211
7,556,134,073 +13.9
+29.8
+6.3
-0.9
+5.1
+17.6
+30.7
+13.7
38,534,054
1,196,270,467
1,597,000.085
253,294,300
11,688,528
4,676,857
30,699,847
29,655,201
1,059,344,722
1,464,493,525
214,553,100
9,853,206
3.292.044
28,336,065
-36.4
+6.5
+22.4
+3.3
+22.3
-9.5
4,119,225
2,241,784
6,003,150
2,468,440,947
31,563,007
38,823,108
3,649,067 +12.9
2,138,693 +4.8
4,434,584 +35.4
2,210,443,951 +11.7
30,403,536
+3.8
40,723,932 -4.7
961,907,308
+2.9
5,683,325,389
Fifth Federal Reser ve District- Richmond
W. Va.-Hunt'to_ _
629,007
608,390
Va.-Norfolk
9,491,000
9,930,000
Richmond
120,814,217
127,679,873
N.C.
-Raleigh
c
c
S. C.
-Charleston_ _ _ _
3,488,658
4,459,833
Columbia
6,940,320
6,164,941
Md.-Baltimore
233,118,610
246,053,679
Frederick
1,356,186
1,120,998
Hagerstown
b
b
D. C.
-Washington_
85,895,159
66,669,996
-3.3
+4.6
+5.7
c
+27.8
-11.2
+5.5
+21.0
b
+28.8
1,480,844,112 1,355,599,534
Fourth Federal Res erve District -Cleveland
Ohio-Akron
Canton
5,318,946
6,903,113
Cincinnati_
185,772,722
197,498,207
Cleveland_ _
282,944,917
280,333,346
Columbus
37,316,000
39,206,800
Hamilton
1,817,552
2,137,319
Lorain
638,887
834,740
Mansfield
4,939,945
5,617,722
Youngstown
Pa.
-Beaver County _ _
734,984
467,435
Franklin
404,629
431,101
Greensburg
863,964
1,057.405
Pittsburgh
429,827,166
444,158,600
ICy.-Lexington
3,830,456
4,685,841
W. Va.-Wheeling-7,497,140
6,783,052
Total (13 citlea)
990,114,681
1932
1933
9,505,289
-40.0
5,211,734
+29.8
911,786
831,753
32,167,491
27,327,613
+6.7
+18.3
1,364,832
608,391
+38.1
319,881
781,868
+13.4 3,822,526,646 3,427,976,196
+9.0
8,122,337
8,989,699
+59.1
3,375,122
4,772,188
+7.1
2,368,282
2,178,747
+38.0
1,274,215
603,696
-8.9
15,953,053
22,973,606
+14.3
29,661,497
30,401,804
+5.4 3.504,548,812 3,098,305,270 +13.1 3,916,620,470 3,543,487,256
+12.6
+11.0
+18.0
+17.0
-18.1
+17.0
+19.6
-5.3
-35.0
+18.2
-11.9
Total(12 cities)
Inc. or
Dec.
+29.9
+12.9
+9.0
+18.1
+18.6
+42.1
+8.2
383,267
a320,789
321,366
330,072 +16.1
292,628
224,261 -F473:5
343,847
354,234
a1,089,784
487,483
973,456
868,522 +12.1
719.543
1,096,474
+17.3
+41.8
+3.4
-21.7
+30.1
-39.1
264,000,000
943,381
1,260,698
1,547,230
1,048,865
9,052,000
309,000,000
2,646,662
2,466,111
2,128.795
1,262,412
4,541.000
361,104,114
309,722,975 +16.6
279,208,192
323,983,171
45,084,934
63,855,304
8,239,300
39,921.775 +12.9
62,215,992 +2.6
7,789,100 +5.8
36,061,684
46,315,009
7,094,500
43,607,813
66,158,338
7,245,700
1,234,973
1,139,749
+8.4
896,817
887,050
104,408,228
95,871,544
+8.9
84,874,362
86,568.236
5,101,321,626 +11.4
222,822,739
206,938,160
+7.7
175,242,372
204,367,137
3,621,559
58,936,000
755,148,401
3,443,003 +5.2
50,271,000 +17.2
691,828,277 +9.2
151,625
2,218,000
32,263,666
128,605 +17.9
2,045,000 +8.5
28,500,000 +13.2
100,220
2,510,000
23,885,885
412,067
3,340,186
28,588,772
23,033,275
36,755,874
1,398,805,427
7,243,099
21.178,786
+8.8
37,546,303 -2.1
1,299,275,878
+7.7
6,207,462 +16.7
1,044,825
57.086,898
724,578 +44.2
727,801
774,605
+9.9
40,789,651
62,079,315
51,949,019
445,936,938
356,668.500 +25.0
20,564,729
14,425,380 +42.6
12,480,003
19,438.525
442,272,806
+9.0
2,729,480,573
2,466,419,209 +10.7
113,329,743
97,772,582 +15.9
80,493,560
114,633,470
Sixth Federal Rese rye District- Atlanta
Tenn.-Hnoxville
11,478,125
10,650,633
Nashville
54,645,059
48,656,039
Ga.-Atlanta
146,100,000
156,600,000
Augusta
3,357,778
3,480,414
Columbus
2,166,016
2,005,591
Macon
2,953,824
2,444,311
Fla.
-Jacksonville_ _ _
50,619,877
45,048,655
Tampa
4,010,715
4,052,438
Ala.
-Birmingham _ _
58,633,956
59,241,018
Mobile
4,896,312
4,345,040
Montgomery
2,509,692
2,508,775
Miss.
-Hattiesburg _ _ _
3,369,000
3,395,000
Jackson
b
b
Meridian
898,543
1,024,714
Vicksburg
415,625
457,710
La.
-New Orleans -97,979,931
97,989,182
+7.8
+12.3
+7.2
-3.5
+8.0
+20.8
+12.4
-1.0
-1.0
+12.7
+0.1
-0.8
b
-12.3
-9.2
-0.1
70,870,866
341,299,480
1,036,200,000
25,305,217
14,045,890
18,471,930
325,923,000
26,660,125
391,924,262
28,699,809
18,433,083
22,469,000
56,432,637
286,155,186
937,100,000
24,984,628
12,196,963
15,557,426
269,801,149
27,133,435
342,084,970
25,438,523
14,947,477
21,282,000
+25.6
+19.3
+10.6
+1.3
+15.2
+18.7
+20.8
-1.7
+14.6
+12.8
+23.3
+5.6
2,397,293
13,407,166
36,000,000
748,850
2,088,881
10,066,093
30,400,000
666,210
+14.8
+33.2
+18.4
+12.4
3,004,278
8,211,317
25,600,000
637,876
2,127.321
9,506.349
26.700,000
555,752
s750,000
12,223,000
487,210 +53.9
11,670,000 +4.7
459,101
9,741,000
446,757
8,236,960
13,679,903
1,130,063
12,941,943 +5.7
931,268 +21.3
9,180,142
911,683
9,468,352
860,205
6,444,034
2,998,843
649,254,196
6,839,311
2,957,562
592,078,093
-5.8
+1.4
+9.7
95,403
22,591,262
109,775 -13.1
21,750,225 +3.9
131,123
17,089,306
143,426
25,478,214
+5.4
2,978,999,735
2,634,989,360 +131
103,022,940
91,111,605 +13.1
74,965.826
.336
83,523.
+45.3
+15.4
+13.2
+23.2
+17.9
+27.3
+8.6
+5.2
-2.3
+21.2
+2.9
+12.6
+40.8
+8.8
+18.7
+66.8
1,441,966 +33.7
11,848,453 +13.2
1,803,044,399 +24.1
28,381,367 -28.7
39,299,492 +27.4
7,617,983 +25.4
23,562,338 +26.4
15,555,480 +21.7
45,182,024 +16.5
288,350,000 +20.6
20,146,566 +10.6
94,266,358 +8.3
11,802,099 +49.8
331,609,909 +20.1
7.577,448 +25.7
9,212,212 +140.4
is
149,719,872 +27.2
71,471
697,266
96,517,954
40,875 +74.9
565,321 +23.3
81,644,828 +18.2
421,092
47,451,578
103.814
787,145
74,288.596
+11.0
1,928,150
13,407,314
2,237,989,101
20,227,559
50.060,327
9,555,551
29,789,828
18,928,220
52,617,358
347,845,000
22,279,292
102,122,750
17,677,725
398,240,386
9,527,594
22,147,733
is
190,383,409
+10.2
69,481,363
60.723,024 +14.4
+83.0
-7.2
+6.5
+9.8
+12.6
+42.6
+9.8
7,756.127
9,238,767
6,275,037,493
15,639,334
69,078,504
19,863,791
23,903,224
5,253,864
9,558,132
5,364,179,903
13,479,415
62,772,783
15,585,354
21,428,960
+47.6
-3.3
+17.0
+16.0
+10.0
+27.5
+11.5
+9.0 10,034,725,900
8,441,599,401
+18.9
Total(8 cities)
Total (15 cities)
482,148,061
454,534,453
431,399,420
Seventh Federal Re serve District -ChicatsoMich.
-Adrian
359,220
247,179
Ann Arbor
2,277,807
1.973,875
Detroit
365,246,942
322,587,829
Flint
2,993,806
2,430,911
Grand Rapids
8,484,935
7,193,744
Jackson
1,501,643
1,180,053
Lansing
4,902,745
4,514,748
Ind.
-Fort Wayne_ _ _
3,127,116
2,971,775
Gary
8,855,145
9,063,369
Indianapolis
60,893,000
50,242,000
South Bend
3,653,933
3,552,345
Terre Haute
18,160,747
16,132,088
Wis.-Madison
3,589,397
2,549,942
Milwaukee
69,485,737
63,858,286
Oshkosh
1,684,160
1,419,194
Iowa-Cedar Rapids_ _
4,007,902
2,456,241
Davenport
Des Moines
30,750,582
27,706,021
Iowa City
Sioux City
11,786,277
10,694,889
Waterloo
Ill.-Aurora
1,742.040
951,698
Bloomington
1,700,665
1,833,040
Chicago
1,045,737,601
981,802,829
Decatur
2,760,483
2,513,072
Peoria_
11,408,103
10,128,383
Rockford
4,504,265
3,157,743
Springfield
4,403,633
4,011,854
Total(25 cities)
1,674,107,884 1,535,173,108
EiO hth Federal Res erve District -St. Louis
Indiana-Evansville _
is
New Albany
Missouri-St. Louis _
329,100,000
302,766,668 +8.7
Hy.-Loulsville
105,664,841
97,360,816 +12.6
Owensboro
Paducah
is
-Memphis
52,351,615
Tenn.
50,998,938 +2.7
-Jacksonville
333,761
Ill.
169,710 +96.7
1,895.000
Quincy
1,537,000 +23.3
Total(5 cities)
493,345,217
452,833,141
+8.9
1,810,084
1,433,804 +26.2
820,551
2,431,370
1,021,203
640,911
829,580 +23.1
711,149 -9.9
583,635
424,306
1,547,500
1,263,001
14,080,000
673.835
4,928,134
10,802,000 +30.3
735,976 -8.4
3,415,819 +44.3
9,513,000
469,269
3,021,956
12,611,000
902,354
4,367.605
15,353,290
13,321,237 +15.3
11,405,835
17,567,077
948,805
482,973 +96.5
169,755
650,362
6,900,946
6,033,397 +14.4
5,075,510
6,130,711
2,460,804
2,331,159
+5.6
2,233,782
is
2,183,934
335,756
234,690,058
629,496
2,405,987
1,145,545
888,364
428,654
234,886,246
, 524,678
1,898,784
529,344
887,569
-21.7
-0.1
+20.0
+26.7
+116.4
+0.1
258,954
225,958,907
621,227
1,860,269
481,912
807,181
1,098,979
242,293,138
452,901
2,434,087
473,311
1,282,033
386,199,909
361,503,393
+6.8
311,576,719
372,868,918
•
is
is
is
1,691,869,788 +12.4
589,418,460 +13.8
72,500,000
25,761,186
67,800,000 +6.9
22,038,691 +16.9
59,900,000
18,265,716
57,400,000
17,326,451
358,748,026
1,300,892
10,835,573
331,549,877 +8.2
1,028,169 +26.5
8.954,000 +21.0
11,813,250
is
373,000
11,260.977
+4.9
10,052,723
255.000 +46.3
300,000
9,482,214
is
571,363
2,943,033,602
2,622,820,294 +12.2
110,447,436
101,354,668
88,518,439
84,780,028
1,901,346,346
670.802,765
is
is
+9.0
62
Financial Chronicle
July 6 1935
CLEARINGS
-(Concluded)
Month of June
Clearings at-
Six Months Ended June 30
\
1935
Inc. or
Dec.
1934
$
$
Ninth Federal Rese rye District- Minneapolis
Minn.
-Duluth
13,739,040
13,942,304
244,847,245
Minneapolis
234,429,394
Rochester
1,156,988
826,886
St. Paul
100,961,696
83,766,479
N. Dak.-Fargo
a7,974,637
25,752,001
Grand Forks
3,551,000
3,583,000
Minot
694,000
614,126
S. Dak.-Aberdeen
2,655,124
2,036,930
Sioux Falls
5,466,251
3,924,094
Mont -Billings.,,,
2,272,790
1,577,343
Great Falls
2,623,474
2,107,501
Helena
11,257,508
10,597,390
Lewistown
212,270
187,552
Total (12 citles)_ _ _
389,437,386
1935
%
$
Week Ended June 29
1934
Inc. or
Dec.
1935
1934
Inc. OT
Dec.
1933
$
%
$
$
%
$
'
1932
$
58,302.084
1,349,256,881
5,931,380
561,213,281
a43,339,090
20.025,000
3,487,102
13,441,385
29,714,298
11,547,782
14,379,935
63,718,538
1,068,108
55.539.418
1,236,197,112
4,430,538
491,336,875
a38,152,169
19,037,300
3,168,302
10,909,431
21,514,821
8,410,184
10,628,277
51,391,686
921,317
+5.0
+9.1
+33.9
+14.2
+13.6
+5.2
+10.1
+23.2
+38.1
+37.3
+35.3
+24.0
+15.9
2,580,428
54,147,342
2,159,105 +19.5
51,325,195 +5.5
3,869,151
62,904,937
1,800,639
58,588,787
22,161,155
1,564,890
18,204,245 +21.7
1,312,535 +19.2
16,110,530
1,345,680
14,299,597
6,506,693
+8.9
357,592,999
-1.5
+4.4
+39.9
+20.5
+38.6
-0.9
+13.0
+30.3
+39.3
+44.1
+24.5
+6.2
+13.2
2,132,085,774
1,913,485,261 +11.4
629,070
399,651 +57.4
473,530
591,534
605,843
376,113 +61.1
275,430
308,169
2,690,696
2,385,338 +12.8
2,039,046
1,965,991
84,379,424
76,161,182 +10.8
87,018,304
84,061,410
'
Tenth Federal Rese rye District- Kansas CityNeb.-1remont
370,915
362,952
Hastings
406,103
262,017
Lincoln
9,448,926
8,731,243
Omaha
118,916,560
108,829,363
Kan.
-Kansas City_5,872,888
6,676,247
Topeka
10,757,229
8,992,230
Wichita
10,683,154
14,119,847
Mo.-Joplin
1,417,808
1,616,000
309,819,943
Kansa.s CRY
357,486,813
St. Joseph
12,863,769
12,506,000
Okla.
22,913,946
-Tulsa
28,140,000
Colo.
-Colo. Springs
2,371,000
2,029,777
Denver
109,488,911
89,895,392
Pueblo
2,329,916
2,255,905
75,142
86,610
1,911,899
25,426,095
61,041 +23.1
54,683 +58.4
1,713,270 +11.6
24,622,098 +3.3
68,345
b
1,490,654
20,272,005
191,596
117,188
1,694,661
21,254,425
3,742,214
2,706,644
2,350,264 +59.2
3,978,699 -32.0
2,154,873
2,843,608
1,647,201
4,315,288
83,133,051
2,595,637
72,491,878 +14.7
2,603,128 -0.3
63,066,257
2,642,027
64,055,374
2,091,374
404,329
+2.2
+55.0
+8.2
+9.3
-12.0
+19.6
-24.3
+14.0
+15.4
-2.8
+22.8
+16.8
+11.8
-3.2
2,528,601
2,313,087
56,043,420
696,330,110
34,825,746
59,097,973
65,145,271
9,823,296
2,067,857,966
74,009,183
163,663,417
13,613,742
577,890,255
13,795,905
1,889,006
1,699,855
51,449,727
687,525,601
36,494,004
44,166,281
56,731,200
8,052,570
1,688,065,611
72,324,373
131,291,340
11,511,655
471,870,077
11,945,468
589,244,450 +12.2
3,836,937,973
3,275,006,768 +17.2
Eleventh Federal R eserve Distric t-Dallas
Texas
-Austin_ _ ___
3,463,848 +76.1
6,098,852
Beaumont
2,957,613
3,108,787 -4.9
Dallas
146,695,004
143,540,469 +2.2
El Paso
13,379,779
11,012,456 +21.5
Ft. Worth
+2.6
- 24,403,510
23,779,126
Galveston
8,621,000 -18.3
7,047,000
Houston
108,604,989
101,184,026
+7.3
Port Arthur
1,298,874
1,244,938 +4.3
Wichita Falls
2,936,800
3,042,640 -3.5
La.
-Shreveport
7,953,033
8,366,218 -4.9
38,034,217
20,549,266
908,956,457
81,157,682
131,316,724
47,708,000
654,384,608
8,094,619
18,610,991
51,731,466
19,770,826
17,066,405
832,683,937
65,725,452
125,907,447
51,605,000
610,901,988
6,994,493
15,809,064
50,512,562
+92.4
+20.4
+9.2
+23.5
+4.3
-7.6
+7.1
+15.7
+17.7
+2.4
+4.6
1,960,544,030
1,796,977,174
+9.1
Twelfth Federal Re serve District-San Franci scoWash.-Bellingham_
1,702,000 +5.8
*1,800,000
Seattle
119,732,015
100,196,421 +19.5
Spokane
34,241,000
32,546,923 +5.2
Yakima
2,959,935
2,180,969 +35.8
Idaho-Boise
4,825,126
3,441,048 +40.2
Ore.
659,000 +19.0
784,000
-Eugene
Portland
92,017,406 +16.2
106,953,087
Utah-Ogden
2,082,879
1,947,073 +7.0
Salt Lake City
50,710,454
45,163,919 +12.3
Ariz.
8,704,514 +21.4
-Phoenix
10,567,995
4,714,237
3,230,832 +45.9
Callf.-Bakersfield
14,982,835 -3.0
Berkeley
14,526,496
14,401,151
10,897,369 +32.2
Long Beach
1,809,189 +25.9
2,277,000
Modesto
10,282,431 +11.1
Pasadena
11,419,685
2,991,529
2,665,676 +12.2
Riverside
18,524,532 +53.5
28,442,168
Sacramento
San Francisco
520,639,105
437,939,740 +18.9
San Jose
7,935,868
6,744,550 +17.7
3,871,958 +14.2
Santa Barbara
4,422,700
5,055,057 +34.4
6,793,017
Stockton
10,980,347
668,583,589
195,861,000
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
13,087,473
69,169,457
18,034,875
160,120,769
3,016,347,396
46,921,583
27,293,790
36,677,768
9,810,000
554,401,029
162,718,214
11,109,763
19,368,323
3,306,000
513,560,062
11,562,803
253,362,052
50,958,369
19,312,149
118,717,454
68,477,296
11,027,295
67,543,752
16,664,915
92,812,861
2,616,297,414
40,163,821
24,457,885
29,115,028
+11.9
+20.6
+20.4
+32.9
+32.8
+16.0
+13.8
+16.3
+19.0
+27.3
+34.3
-26.1
+20.3
+18.7
+2.4
+8.2
+72.5
+15.3
+16.8
+11.6
+26.0
6,061,031
113,958,000
1,785,927
769,503
1,597,812
5,467,564,645
4,694,746,485 +16.5
203,046,338
Total(14 cities)
661,320,404
Total(10 cities)
321,375,454
Total (21 citles)
953,219,447
307,363,508
804,563,442 +18.5
+33.9
+36.1
+8.9
+1.3
-4.6
+33.8
+14.8
+22.0
+22.5
+2.3
+24.7
+18.3
+22.5
+15.5
466,000
362,461 +28.6
133,452
499,705
387,102 +29.1
401,601
677,226
120,642,797
108,624,624 +29.1
93,072,282
96,448,662
1,352,409
32,313,056
5,900,356
1,177,315
890,542 +51.5
29,915,414
+8.0
5,876,447 +0.4
1,826,000 -35.5
851,875
1,008,322
23,784,048
•
4,566,302
1,275,000
22,847,404
4,508,875
1,748,000
1,517,292 +12.8
1,815,915
1,951,142
+6.1
32,293,140
32,063,743
27,505,339
8,122,000
571,128
21,530,071 +27.8
7,174,000 +13.2
404,696 +41.1
20,581,684
4,599,000
328,510
22,490,194
5,789,000
462,430
1,712,267
42,455,403
40,025,695
25,326,284
20,403,643 +24.1
16,455,274
16,473,569
*12,000,000
10,358,113 +15.9
10,345,852
10,867,173
3,130,649
2,285,607 +37.0
3,114,964
2,918,572
2,218,665
1,909,747 +16.2
2,294,327
3,177,636
+157.8
+16.4
+27.2
-1.0
+45.9
2,615,353
96,478,482
1,261,898
916,240
976,636
4,144,770
101,752,074
1,550,232
1,101,336
927,461
167,625,264 +21.1
159,968,220
171,654,447
2,351,006
97,932,531
1,403,630
776,958
1,095,262
+8.0 5,486,202,0444,859,804,236 +12.9 5,537,674,197 5,409311,546
Grand total (162 cities) 24,325,277,050 23,049,672,390
+5.5 146,691,350,645 135,769,642,149
Outside New York__. 9,323,235,767 8,623,868,006
+8.1 54,960,801,819 48,585,784,265 +13.1 2,083,072,670 1,859,908,216 +12.0 1,715,147,551 1,981,335,350
CANADIAN CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 27.
1935
Inc. or
Dec.
1935
1934
Inc. or
Dec.
1935
1934
Inc. or
Dec.
1933
1932
$
%
441,101,409 +24.4
+7.1
389,582,744
239,264,911 -23.3
61,202,827 +4.1
18,658,611 +801.4
17,471,471
+1.7
+6.7
9,434,624
16,876,976
+0.8
20,549,016
+8.0
6,883,136 -4.3
6,099,714
+9.0
11,416,720 +14.1
15,819,704
+6.8
12,386,127 -0.2
1,337,263 -7.8
1,538,366 +26.3
4,960,169 +2.2
1;869,673 +11.1
3028,943 +7.5
3,220,150 -7.4
2,100,613 +1.8
842,792 +16.9
2,671,495 -3.9
2,644,317 -2.0
4,366,070 +0.7
+5.6
9,768,614
1,134,573 +158.0
3,012,800 +14.2
2,323,912 +1.2
1,759,365 +5.2
2,028,457 -6.3
3,093,296 +6.9
$
2,895,035,098
2,229,026,567
1,060,880,146
367,301,998
513,878,295
93,212,811
54,165,994
92,293,614
123,114,784
39,657,593
37,498,012
64,948,686
100,798,272
71,163,154
6,959,188
10,222,383
30,900,791
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
9,353,600
16,600,440
12,378,310
10,940,918
10,566,303
18,055,024
$
2,772,628,056
2,204,498,950
1,138,496,560
367,219,462
105,469,115
95,372,108
53,781,914
95,038,993
110,806,396
40,013,946
37,112,166
62,338,108
89,900,238
71,570,051
6,995,481
9,031,434
27,797,695
11,148,867
19,008,261
14,379,178
11,882,142
4,859,777
15,062,960
14,071,947
24,811,965
55,293,909
6,455,984
16,650,704
12,542,194
10.653,511
10,495,627
16,093,783
%
+4.4
+1.1
+6.8
+0.1
+387.2
-2.3
+0.7
-2.9
+11.1
-0.9
+1.0
+4.2
+12.1
-0.6
-0.5
+13.2
+11.2
+0.1
+2.8
+0.9
+6.6
+5.4
-2.6
-5.3
-1.4
+6.2
+44.9
-0.3
-1.3
+2.7
+0.7
+12.2
$
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
2,303,538
368,840
1,098,948
543,479
380,011
541,650
916,235
w
$
o
93,007,075 +22.2
79,765,843 +17.3
43,077,863 -13.3
13,329,436 +9.4
3,858,449 +437.7
3,181,760 +5.4
1,992,232 -5.6
3,626,081
+5.5
4,418,940 +15.4
1,414,052 +4.2
1,249,027 +16.3
2,362,596 -0.3
3,151,477 +12.4
2,468,484 +6.6
310,103 -10.6
340,209 +21.1
1,014,042 +27.9
388,618 +15.8
652,916 +15.7
802,987 +15.3
450,531 +5.9
194,016 +1.8
592,850 -2.7
582,919 -7.0
833,984 +16.6
1,913,503 +20.4
217,448 +69.6
797,765 +37.8
523,857 +3.7
425,121 -10.6
387,482 +39.8
775,605 +18.1
53
101,646,162
107,140,774
98,880,169
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
a
69,885,162
82,556,980
31,944,139
11,347,855
4,923,280
4,125,365
1,994,060
3,344,783
4,555,500
1,563,671
1,149,741
2,260,808
3,093,841
3,002,837
299,765
289,938
1,231,438
516,885
677,670
488,969
420,752
147,381
531,839
490,660
835,066
2,217,011
215,172
864,441
595,579
421,415
339,552
547,172
1,559,913,186 1,318,848,858 +18.3
8,043,154,717
7,531,481,482
+6.8
318,527,451
268,087,271 +18.8
363,435,521
236,878,725
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New1Westthinster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities)
1934
Week Ended June 27
Six Months Ended June 30
Month of June
Clearings at
-
$
548,909,308
417,143,342
183,633,015
63,735,796
168,181,392
17,775,039
10,065,177
17,012,104
22,183,151
6,589,322
6,647,701
13,026,825
16,893,401
12,355,709
1,232,734
1,942,875
5,071,196
2,076,772
3,684,792
2,983,107
2,137,745
985,469
2,567,442
2,590,411
4,398,817
10,315,239
2,927,241
3,439,331
2,352,249
*1,850,000
*1,900,000
3,306,484
•Estimated.
a Not included in totals. b No clearings available. c Clearing house not functioning at present.
THE ENGLISH GOLD AND SILVER MARKETS
-We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 19 19354
GOLD
TheBank of England gold reserve1against notes amounted to £192,663,934 on the 12th inst., showing no change as compared with the previous
Wednesday.
During the week the Bank announced the purchase of £52,401 in bar gold.
Infthe openfmarket about E2,500,000 of bar gold changed hands at the
daily fixing during the past week. Prices have shown only narrow movements and quieter kcondltions having prevailed, the 1premium over gold
exchange parities has been reduced to very small proportions.
Quotations during the week:
Per Fine
Ounce
Equivalent Value
of L Sterling
June 13
12s. 0.77d.
140s. 10d.
June 14
12s. 0.95d.
140s. 8d.
June 15
12s. 0.86d.
1405. 9d.
June 17
12s. 0.43d.
141s. 2d.
June 18
12s. 0.43d.
1415. 2d.
June 19
12s. 0.65d.
140s. 11,1441.
Average
12s. 0.68d.
140s. 11.08d.
The following were the United Kingdom imports and exports of ell
registered from mid-day on June 7 to mid-day on June 17:
Exports
Imports
British West Africa
British South Africa
Tanganyika TerritoryKenya
British India
British Malaya
Australia
New Zealand
Netherlands
Belgium
France
Switzerland
Portugal
Venezuela
Germany
Other countries
£149.227
2,725,288
12,737
14,714
1,027,586
30,917
195,330
13.699
63,971
46,506
3,899,419
508.893
403,165
21.903
2,844
18,461
Union of South Africa_ __
Germany
Netherlands
Belgium
France
Switzerland
Portugal
Italy-Yugoslavia
Other countries
£36,000
77,817
117,620
738,680
449,536
4,031
340,408
15,250
19,224
7.315
£1,805,881
£9,134,660
The SS. Ranchi which sailed from Bombay on the 15th Inst. carries gold
to the value of about £277,000 consigned to London.
SILVER
The tendency of the market has been easier, but, until to-day, prices
had shown smaller variations than of late.
Demand fromithe Indian Bazaars has been less in evidence, weak advices
from Bombay being followed bylconsiderable re-selling which was responsible
forlthe fall in prices of 1id. to-day.
There have lbeenlfurther[sales Ion China account, but speculators have
boughtfand America has,given occasional support, conditions on the whole.
- however, have'
Men rather'quiet.
The market Jstill appearsisomewhattundecided and for the present the
outlook would seem to (Ws xi el a C3 1:i I 1;L, t
» •:.
%. a r,
The following were the fUnited Kingdom imports and exports of silver
registered from mid-day oa Haas Tjta at11-117 oi fit) LT:
Exports
Imports
IC - deni &Dependencies. British India,
Hong Kong
Australia
Soviet Union
Belgium
France
Netherlands
Syria
Spain
Egypt
Iraq
Morocco
Japan
Other countries
£17,493
26,546
217,810
27,484
37,600
41,776
49,720
5,290
13,000
13,000
9.800
17,828
4,200
553.462
7.715
Bombay-via other ports. £14,670
Nyasaland
7,763
Sweden
2,400
"3,179
1
France
United States of America_
227,520
Turkey
47,670
Other countries
3,490
CASH AVAILABLE TO PAY MATURING OBLIGATIONS 'ill
Feb. 28 1935 Feb. 28 1934
Balance end of month by daily statements. 1kct
2,080,644,091 4,901,708,919
Add or Deduct-Excess or deficiency of receipts over a .
a 4
or under disbursements on belated Items
-7,983,175
21,432.921
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates__
Settlement on warrant checks
Balance, deficit(-)or surplus(+)
Interest Feb.28 1935
Payable
$
Title of LoanQ.
25 Consols of 1930
-J, 599,724,050
48,954.180
Q.
-F.
2s of 1916-1936
25,947,400
Q.
-F.
2s of 1918-1938
49.800,000
35 of 1961
Q -M.
28,894,500
Q -J
35 convertible bonds of 1948-1947
161,100,000
Certificates of indebtedness
.1 4). 1,392,226,250
314e First Liberty Loan, 1932-1947
5,002,450
-D.
-1947-___J.
48 First Liberty Loan. converted 1932
-D. 532,489,100
43O First Liberty Loan,converted 1932-1947 J.
3,492.150
-D.
-1947__J.
4%8 First Liberty Loan, 2d cony., 1932
A -0.d3 177,359,650
4Sf a Fourth Liberty Loan of 1933-1938
A.-0. 758,983,300
4)4s'Treasury bonds of 1947-1952
-D. 1,036,834,500
J.
35 Treasury bonds of 1944-1954
m.
-S. 489,087,100
314s Treasury bonds of 1946-1956
3-3), 4.54,135,200
8%5 Treasury bonds of 1943-1947
J.
-D. 352,993,950
349 Treasury bonds of 1940-1943
-S. 544,914,050
M.
3%s Treasury bonds of 1941-1943
.1.-D. 818,646,500
3%8 Treasury bonds of 1948-1949
-El. 755,478,850
M.
3s Treasury bonds of 1951-1955
-A. 834,474.100
F.
3%e Treasury bonds 01 1941
A -0. 1,400,570,500
41fs-3 sia Treasury bonds of 1943-1945
A -D. 1,518,858,800
8gs Treasury bonds of 1944-48
J D. 824,508,050
3a Treasury bonds of 1946-1948
J.
-D. 491,377.100
3%s Treasury bonds of 1949-1952
101,943,340
.14
2%5 Postal Savings bonds
9,582,443,400
Treasury notes
Treasury bills, aeries maturing
-Mar. 8
1935
Feb. 28 1934
$
599,724,050
48,954.180
25,947,400
49,800,000
28,894,500
2,278,349,500
1,392,226,350
5,002,450
532,489,450
3,492,150
5,387.393.700
758.983.300
1,038,834,500
489,087,100
454.135.200
352,993,950
544,915,050
819,096,500
755,483,350
834,474,100
1,400,553,900
78.030,240
6,471,704,400
075,290,000
075,365,000
075.041,000
075,023,000
075,038,000
075,360,000
075,248,000
075,102,000
075,015,000
075.075.000
c75,045,000
075,168,000
075,287.000
075,139,000
c75,079,000
075,020,000
075,300,000
075,150,000
075,185,000
075,079,000
075,129,000
075,106,000
075,185,000
075,112,000
075,024,000
050,054,000
050,185,000
Mar. 13
Mar. 20
Mar.27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31..
Aug 7
Aug. 14
Aug. 21
Aug. 28
Nov.27
1934
-Mar. 7
Mar.21
Mar.28
Apr. 4
Apr. 11
Apr. 18
Apr, 25
May 2
May 9
May 16
May 23
Aug. 8
Aug. 15
Aug. 29
0100,050,000
0100,263,000
0100,890.000
0100,990,000
0100.050,000
0125,340,000
0125,126,000
0150.320,000
0125,493,000
075,007,000
074,955,000
050,078,000
075,044,000
075,088,000
Aggregate of interest-bearing debt
Bearing no Interest
Matured,Interest ceased
27,969,042,470 25,707,259.320
505,190,873
299,885,794
52,028,405
47,915,400
Total debt
Deduct Treasury surplus or add Treasury deficit
Net debt
COMPLETE PUBLIC DEBT OF THE UNITED STATES
%The statement of the public debt and Treasury cash holdings of the United States, as officially issued as of Feb. 28
1935, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1934:
Total.
INTEEEST-BEARING DEBT OUTSTANDING
*28,526,261,748 26,055,060,514
+1,758,499.542 +4707,511,384
626,767,762,206 21,347,549,130
arotal gross debt Feb. 28 1935 on the basis of daily Treasury statements vras
428.525,994,303.20, and the net amount of public: debt redemptions and receipts
In transit, &a., was 4267,444.50. b No reduction is made on account of obligations
of foreign Governments or other investments. c maturity value. d Includes amount
of outstanding bonds called for redemption on April 15 1934.
£1,042,724
£306,692
Quotations during the week:
INILONDON
•
-Bar Save! Per Oz. Std.
IN' tisZEW1YORK I
Cash
2 M3S.
(Per Ounce .9D Fine)
June 13-32 13-16d. 3311-16d.
June 12
June 14---32 13-16d.
33 1-16d.
June la
June115 _321 (1.
.4
3330.
June114
June 17-32%cl.
3214d.
June115
June 18-- _32111-16d.
32115-16d. June117
June 19_ _ _32 3-16d.
3217-188.
June:18
Average_ - _32.667d.
32.917d.
The highest rate of exchange -on'New York recorded during
thelperiod
from1the 13th inst. to the 19th inst. was $4.95, and the low.est
.$4.92y.
• StocksIiniShanghal-oirithe7
- q5th inst. consisted of 279,0004000 dollars
and 44,600,000 ounces in bar silver, as compared with 278.000,000 dollars
and 447800,000 ounces in
silver on the 8th inst.
63
Financial Chronicle
Volume 141
2,072,660,916 4,880,335,998
25,814,433
280,208,073
3,864,350
4,274,518
26,263,469
140,854,042
4,044,075
314,161,374
172,824,614
1,883,028
+1,758,499,542 +4707,511,384
CONTINGENT LIABILITIES OF THE UNITED STATES, FEB. 28 1935
-Amount of Contingent Liability-.
DetailPrincipal
Interest a
Total
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
$
$
4
2% bonds of 1935
29,650,000.00
294,852.78
29,944,852.78
864,252.000.00 7,564,296.25 871,816,296.25
3% bonds of 1944-49
3;4% bonds of 1944-64
98,028,100.00 1,460,232.58
99.488,332.58
3'; bonds of 1942-47
85.830,000.00
321,862.50
86,151,862.50
1%% onds 01 1937
11,850,000.00
11,858,087.71
8.087.71
*1,039,410.100.00 9,647,311.82 1,099,057,411.82
Federal Housing Administration_
Home Owners' Loan Corp.:
4% bonds 011933-51
62,065,015.49
2,065,015.49
3% bonds, series A, 1944-52_ _1,115,108,500.00 11,503,357.75 1.126,611,857.75
234% bonds,series B,1939-49-- 875,837,200.00 3,491,872.55 879,329,072.55
1% %
bonds, series C, l93&.__
49,76,000.00
31,085.00
49,767,085.00
134% bonds, series D, 1937-- 49,843,000.00
36,343.85
49,879,343.85
2% bonds, series E. 1938
49,532,100.00
41,276.75
49,573,376.75
Reconstruction Finance Corp.:
% notes, series E
"% notes, series
.:% notes, series II
*2,140,056,800.00 17.168.951.39 2,157,225.751.39
149,621,666.67
16,000,000.00
85,090,000.00
250,711,666.67
702,892,99
66,298.34
277,365.19
1,046,556.52 0251,758.223.19
Total based upon guarantees
3.508,041,386.40
On Credit of the United States:
Secretary of Agriculture
Postal Savings System:
Funds due depositors
Tennessee Valley Authority
150,324,559.66
16,066,298.34
85,367,365.19
72,000,000.00
29,000.00
d72,029,000.00
1,200,846,371.40 24,998,723.06 01225,845,094.46
Total, based upon credit of the
United States
1,297,874,094.46
Other Obligations
Federal Reserve notes (face amt.).
13,138,015,435.00
* Includes only bonds issued and outstanding. a After deducting amounts of
funds deposited with the Treasury to meet interest payments. b Interest on
4324,856,950 face amount of bonds and Interim receipts outstanding. c Does not
include $3,560,000,000 face amount of notes and accrued interest thereon, held by
Treasury and reflected in the public debt. d Funds borrowed by Secretary of Agriculture pursuant to Sec. 4 of the Act of May 12 1933, upon cotton in his possession
or control, for which the warehouse receipts for such cotton have been pledged as
collateral. e Figures as of Jan. 31 1935-figur s as of Feb. 28 1935 not available.
Offset by cash in designated depository banks and accrued interest amounting to
4510,033,255.34, which Is secured by the pledge of collateral s provided In the
Regulations of the Postal Savings System having a face value of
4532,052,649.69:
July 6 1935
Financial Chronicle
64
Government
cash in possession of System amounting to $102,723,238.16, and other assets.
securities with a face value of $609,420,710 held as investments, and
redemption fund deposited In the
I In actual circulation, exclusive of $16,299,405
issuing
Treasury and $268,832,030 of their own Federal Reserve notes held by theamount
banks. Federal Reserve notes Issued are secured by gold certificates in the $203,of a face value of
of 33,287,473,000; United States Government securities
000,000. and commercial paper of a face amount of $3,955,000.
NATIONAL BANKS
information regarding National banks is
The following
from the office of the Comptroller of the Currency, Treasury
Department:
Amount
CHARTER ISSUED
June 27—The Commercial National Bank of Grand Island, Grand$100,000
Island, Nob
Capital stock consists of $100,000 common stock. President,
David Kaufmann; Cashier, Edward Huwaldt. Conversion of
Tile Commercial Bank, Grand Island. Neb.
BRANCHES AUTHORIZED
June 27—First National Bank in Reno, Nev.
of
Location of branch: 948 B St. (corner of 10th and B Sts.) in the City
Sparks, County of Washoe, Nev. Certificate No. 1175A.
Association, San
June 28—Bank of America National Trust & Savings
Francisco, Calif.
Location of branch: Town of Ferndale, Humboldt County, Calif.
Certificate No. 1176A.
CURRENT
NOTICES
—Steelman & Birkins,60 Broad St., New York,have prepared an analysis
of the Washington Gas & Electric Co.
—William Travers Jerome Jr. has become associated with Newman
Bros. & Worms.
•
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
When Holders
Per
Share Payable of Record
15c Aug. 1 July 15
Adams (J. D.) Mfg.(quar.)
lie July 20 June 29
Administered Fund,Inc
50c July 31 July 15
Amerada Corp. (quarterly)
134c July 15 July 10
American Bankstocks (quar.)
5134 Oct. 1 Sept. 19
American Can Co..7% pref.(quar.)
(k) Aug. 1 July 11
American Cities Power & Light Corp
2.10397 June 30
American Investment Trust Shares
$3% July 1 June 29
pref. (semi-ann.)
Athol Mfg. Co.,7%
$434 Sept. 2 Aug. 20
-a.)
Atlanta & Charlotte Air Line Ry.(s.
$1% July 1 June 15
Atlantic sugar Refining,7% pref.(quar.)
10c Aug. 15 Aug 1
-a.)
Co. (s.
Ba timore American Ins.
Bancroft (Jos.) & Sons Co. (no action)
Sc July 20 July 3
Bandini Petroleum (monthly)
3734c July 30 July 15
Beneficial Industrial Loan Corp.(quar.)
8734c July 30 July 15
Preferred series A (quar.)
SOc July 15 July 3
Blltmore Hats, Ltd
234c July 15 July 1
Bishop Oil Corp.(quar.)
.
ug 1
Atig 15 July 10
Bloomingdale Bros., pref. (quar.)
July 31
$
Boss Mfg. Co., common
% Aug. 1 July 20
Brown Shoe Co., pref.. quar.)
20c Sept. 1 Aug. 15
Campe Corp.common (quar.)
15c Aug. 1 July 19
Canadian Bronze Co. common (quar.)
July 19
Preferred (guar.)
;1 Jme 28 June 26
51
Aug 1
.
Co., Baltimore, Md
Canton
$I July 20 July 10
(quar.)
Carolina Clinchfield & Ohio Ry.
$134 July 20 July 10
Stamped certificates (guar.)
20c Aug. 1 June 29
Central Hudson Gas& Electric(quar.)
(guar.) h5134 June 28 June 14
Central Ohio Light & Power Co.$6 pref.
$134 Sept. 1 Aug. 20
Century Ribbon Mills, pref.(quar.)
Aug 1 July 15
Cerro de Pasco Copper Corp
$134 Sept. 2 Aug. 1
Chartered Investors,$5 pref.(guar.)
70c Aug. I July 13
Chase National Bank of the City of New York_ _
Aug. 1 July 13
Preferred
5334 July I June 30
Chipman Knitting Mills,7% pref.(s.-a.)
% % July 20 July 15
CO. common (quar.)
City Investing
134% July 15 July 10
Preferred (quar.)
Aug. I July 20
City Water of Chattanooga,6% pref.(quar.)_ _ $134 Aug. 1 July 20
25c
& Co.,Inc..com.(quar.)
Cluett,Peabody
$1 Aug. 1 July 15
Commonwealth Edison Co.(quar.)
,Wis.)6% pf.(qu.)_ _ _ $1% Tuly 1 June 15
Commonw'h Telep.(Mad.
90c Oct. 1 Sept. 14
Consolidated Gas & Electric Lt. of Bait
$134 Oct. 1 Sept.14
5% preferred (quarterly)
75c July 20 July 8
Products Refining (quar.)
Corn
$134 July 15 July 8
Preferred (quarterly)
June 30
1113
Curtiss-Wright Export Corp.6% pref.(quar.)_ _ $1% July 15 Sept. 14
Oct. 1
Preferred D (quarterly)
$134 Oct. 1 Sept. 14
Preferred E (quarterly)
$1% Aug. 1 July 20
Davenport Water Co.,6% pref.(quar.)
50c Aug. 1 July 20
Dayton Power & Light Co..6% pref.(coo.)
$3V July 2 June 30
-a.)
Dominion Fire Insurance Co.(s.
51.125 Oct. 1 Sept. 15
Eastern Gas & Fuel Assoc..4%% pref.(quar.)$1% Oct. 1 Sept. 15
6% preferred (quarterly)
25c Aug. 15 Aug. 1
Eaton Manufacturing Co. connnon (quar.)
12j4c Aug. 15 Aug. 1
Extra
lIe Sept.16 Aug. 31
Elgin National Watch
121, July 31 July 17
Employers Group Assoc
$1 4 June 29 June 26
7% pref.(quar.)
)
Emporia Telep.
1 Aug. 1 July 15
Eureka Pipe Line Co
$2 July 15 July 1
Felin (J. J) semi-annual)
$1% WY 15 July 1
Preferred (guar.)
$1 Aug. 1 July 16
General Cigar (guar.)
Aug. 23
Preferred (quar.)
Sept.c. 22 Nov. 22
Preferred (quar.)
114 Mar. 2 Feb. 20
Preferred (quar.)
$1% June 1 May 22
Preferred (quar.)
25c Aug. 1 July 15
General Stockyards
$1% Aug. 1 July 15
Cony. preferred (quar.)
75c Aug. 1 July 15
(quar.)
General Mills, Inc., common
50c July 1 June 26
Glove Grain Milling,8% 2d pref. (quar.)
10c June 25 June 10
Great American Indemnity Co., N.Y
10c Aug. 1 July 24
Great Lakes Engineering Works (quar.)
Sc Aug. 1 July 24
Extra
$134 July 1 June 25
pref. (quar.)
Gross (L. N.)7%
10c July 15 July 8
Hall (C. M.) Lamp
$2 July 20 July 10
Hannibal Bridge Co. (quar.)
31 July 15 July 5
Holland Land Co
$3 July 2 June 28
Holyoke Water Power (quar.)
h50c July 15 July 5
Home Dairy, Inc., series A
15c July 10 June 29
Honolulu Plantation (monthly)
50c Aug. 1 July 8
Humberstone Shoe (quar.)
10c July 15 June 29
Sugar Plantation (monthly)
Hutchinson
Illinois Commercial Telep. (Madison, Wis.)—
h75c July 1 June 15
$6 preferred
25c July 15 June 30
International Bronze Powders
3714c July 15 June 30
6% cumulative preferred (quar.)
h$1h Aug. 1 July 19
Interstate Dept. Store,7% preferred
$134 Aug. 1 July 19
7% preferred (auar.)
1$1Lt
Name of Company
Investors Trust, series A
Series B
Jones (J. Edw.) Royalty Trust—
Series A participating trust certificates
Series B participating trust certificates
Series C participating trust certificates
Series D participating certificates
Series E participating certificates
Series F participating certificates
Series G participating certificates
Series H participating certificates
Series I participating certificates
Series J participating certificates
Series K
8eri L participating certificates
Per
Share
When Holders
Payable of Record
25.142c June 30
25.333c June 30
$3.32 June 25 May 31
.827
.
E2
0 8 June 25 May 31
June 25 May 31
June 28 May 31
95c
$1.62 June 28 May 31
5
7c
$1.12 June 28 May 31
June 28 May 31
June 28 May 31
95c June 28 May 31
$8.70 June 28 May 31
92c June 28 May 31
$134 June 28 May 31
$1 June 29 June 25
Kehler Corp
$1 July 10 July 1
Keystone Watch Case Corp.common
$154 Aug. 1 July 20
Works Co.,6% pref. (quar.)
Kokomo Water
31 4 June 29 June 25
Kroehler Mfg. Co..7% pref. (quar.)
$1% June 29 June 25
Class A preferred (quarterly)
h50c July 15 July 5
Lelcourt Realty, preferred
Aug. 1 July 15
Leonard Custom Tailors
July 15 June 30
Lexington Telephone, 634% preferred (quar.)
1
5
$171 July 1 June 24
preferred (quar.)
Lorain Telephone Co.,6%
June 28 May 31
$
Maraudun No. I Trust, series A
$2.85 June 28 May 31
Series B
July 1 June 29
pre .(quar.)_ _
Marquette Cement Mfg. Co.,6%
June 6
Massachusetts Power & Light, preferred (guar-) 62%c July 15 July 12
Aug. 1
Melville Shoe
$1% Aug. 1 July 12
1st preferred (quar.)
754c Aug. 1 July 12
2nd preferred (quar.)
50c June 28
Michigan Seamless Tube
El Si July 11 JulY 1
Mill Creek & Mine Hill Navigation RR
2%c
Minnesota Mining & Mfg.(extra)
25c Aug. 1 July 20
Modine Mfg
$334 July 1 June 25
-a.)
Mollohan Mfg.Co.,7% pref.(s.
$134 Aug. 15 Aug. 1
Consol. Water.7% Pref.(auvr.)
Monmouth
$134 July 1 June 20
Moock Electric Supply Co., pref. (quar.)
$134 July 11 July 1
-a.)
Mt. Carbon & Port Carbon RR.(s.
25c Aug. 1 July 15
A (initial)
National Auto Fibres
1234c Aug. 1 July 15
A. extra
-a.)10c Aug. 15 Aug. 1
Ei tna
Natxoral Liberty Insurance Co.of Amer.(s.
Sc Aug. 15 Aug. 1
50c Aug. 1 July 20
New York Merchandise (quar.)
$2 June 29 June 29
New York Telephone Co.(quarterly)
25c Aug. 1 July 15
Nash Motors Co. common
North American Rayon Corp.—
75c July 1 June 27
par)(quar.)
Prior preferred MO
$134 July 1 June 27
7% preferred ($100 par)
750 July 15 Julyi 6
North Boston Lighting Properties (quar.)
75c July 15 July' 6
Preferred (quarterly)
$33.5 July 1 June'25
-a.)
Oakland Cotton Mills, pref. (s.
234c July 1 June;25
O'Sullivan Rubber (guar.)
25c Aug. 1 July ,20
Pan American Airways
$134 June 30 June 26
Peaslee Gaulbert Corp., 7% pref. )quar.)
45c Aug. 1 July 10
Philadelphia Electric Co.(quar.)
,4
u . 1 Jal y 10
$131 Aag 15 jiuly 25
Philip-Jones, preferred (quar.)
Pittsburgh Plate Glass (special)
h$1 July 15 July 10
Pulp & Paper A
Rainier
.
tily 5
ug
Aug. Jui y 16
$1
Rhode Island Pub. Serv. Co.cl. A (quar.)
5
10c Au . 1 u
50a Aag.11 Jaly 11
Preferred (quarterly)
Co.of N.Y.(quar.)
Exmo
Rich trand Insurance
Sc5c Aug. 1 July 11
Roos Bros., prelerred (quar.)
£75
Royal Dutch, ordinary shares
/7%
Sub-share
50c
St. Croix Paper Co. (quarterly)
25c
St. Louis Rocky Mountain & Pacific RR.Co_ _
Salt Creek Producers Assoc. (guar.)
5c
27
San Antonio Gold Mining
$13i
-a.)
Schuylkill Valley Navigation (s.
1
3104
Schuyler Trust Shares
Scott Paper Co.7% series A cum.pref. %quar.)_ _
$135
69' series B cum. pref.(guar.)
10e
South American Gold & Platinum Co
Co. common (quar.) 3754c
Southern California Edison
Southern Canada Power Co.common iquar.)3
h$I4
Square D Co. of Los Angeles, 8% pre
754c
Sterling Brewers
4.Sc
Super-Corp.of Amer.,trust shares A-A
4.8c
shares B-B
25c
Texas Corp
15c
Transamerica Corp., (semi-arm.)
1.2c
Bank Shares (reg.)
Trusteed American
lc
Series B registered
Trustee Standard Investment Shares—
Sc
Series C (semi-annual)
4.8c
Series D (semi-annual)
14.732
-an.)
Trustee Standard Oil Shares series A (s.
Tung-Sol Lamp,$3 pref.(quar.)
50c
Union Bag & Paper
United Light & It. Co. (Del.)
581-Sc
7% preferred (monthly)
53c
6.36% preferred (monthly)
69' preferred (monthly
581-Sc
7% preferred (monthly
53c
6.36% preferred (mont ly)
50c
6% preferred (monthly)
58 1-3c
7% preferred (monthly)
53
6.36% preferred (monthly)
50c
6% preferred (monthly)
75c
United MilkProducts Co.$3 pref.(quar.)
$134
United States& Foreign. 1st pref.(quar.)
h$lSj
United States Cold Storage,7% pref
4.94c
Universal Trust Shares
h$134
Van Deusen Harrington, 7% pref_
75c
Washington Oil
$13.4
West Jersey & Seashore RR.(s.-a.)
$134
7% _pref. (quar.)
West Penn Electric,
$134
6% preferred (quarterly)
30c
Westmoreland, Inc. (quar.)
$4
Wichita Union Stockyards. pref. (semi-ann.)_ _ _
July 9
July 9
Aug. 1 July 11
July 20 July 5a
July j15
A .
Aug.
r15
July 11 July 1
.
un
ug
Jai e 19
Aug. j y 28
Aug. 1 July 18
July 25 July 11
20
. 5
Aug.Aug 115 July 31
July
July 1 June 29
uly 10
Jai y 25 July 8
July 15
July 1 June 7a
July 31 July 13
July 5 June 29
July 1 June 30
Aug. I June 30
Aug. 1 June 30
Aug.c
July 15 June 30
1 ai 19
July
July 25 July 12
Aug. 1 July 15
Jaiy .15
Aug.Aug.ikug.
uly 5
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Oct. 1 Sept.16
Oct. 1 Sept. 16
Oct. 1 Sept. 16
July 1 June 28
Aug. 1 July 18
July 1 June 24
July 15
July 1 June 20
July 10 July 13
Jan. 1 Dec. 14
Aug. 15 July 15
Aug. 15 July 15
Oct. 1 Sept.14
July 15 July 10
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being give in the preceding table.
Per
When Holders
Share. Payable. ofRecord.
_—
JulyA.0g
Abraham AL Straus, Inc.,7% preferred (quar.)_ _ $11
1 June 15
10 jlll 21
Addressograph-Multigraph
Sc Aug. 1 July 15
Affiliated Products monthly)
75c July 15 June 29
Air Reduction Co., Inc. (quar.)
Si
15 June 29
Extra
u
Aug. 15 Jaly 13
1j
15
Alabama Great Southern RR.Co., preferred__ Aug.
Alabama Power Co..$5 pref.(guar.)
5c Aug. 1 July 10
Alaska Juneau Gold Mining (quarterly)
15c Aug. 1 July 10
Extra
1
Allied Chemical & Dye Corp.common (quar.)_ _ $121 Aug.. 5 July 11
July
July 10
n Oil & Gas (quarterly)
All-Pen
25c July 25 July 1
Alpha Portland Cement
10c Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(quar.)
50c Sept.30 Sept. 15
Aluminum Mtgs. (quar.)
50c Dec. 31 Dec. 15
Quarterly
$1g Sept.30 Sept. 15
7% preferred (quarterly)
$1
Dec. 31 Dec. 15
7% preferred (quarterly)
Aug. 15 July 25a
American Can Co.,common (quar.)
$1 Aug. 1 uly 11
Coal Co. of Allegheny County
American
25c Aug. 1 July 25
American Credit Indemnity Co.of N.Y.(qu.)
Name of Company.
Financial Chronicle
Volume 141
Per
Share
65
When Holders
Payable of Record
Per
When Holders
Name of Company
Share Payable of Record
American District Teleg.(N. J.) (quar.)
$1 July 15 June 15
Consolidated Gas Co. of N. Y., pref. (quar.)__
$1.% Aug. 1 June 28
Preferred (guar.)
31% July 15 June 15
Consolidated Mining & Smelting Co. of Canada
American Envelope,7% pref. A & B (quar.)--- $131 Aug. 1 July 25
Capital stock (s.
-a.)
r5% July 15 June 29
7% preferred A & B (quarterly)
81% Nov. 1 Oct. 25
Consolidated 011, preferred (quar.)
$2 Aug. 15 Aug. 1
American Factors, Ltd. (monthly)
10c July 10 June 29
Consolidated Royalty Oil (quar.)
Sc July 25 July 15
American Fork & Hoe, preferred (quar.)
$134 July 15 July 5
Consolidated Traction Co. corn.($100 par) (s
-a)
$2 July 15 July 3
American Hardware Corp.(quar.)
25c Oct. 1 Sept.15
Consumers Power CoQuarterly
25c Jan. 1 Dec. 14
$5 preferred (quarterly)
$134 Oct. 1 Sept.14
American Home Products Corp. (monthly)
200 Aug. 1 July 15a
6% preferred (quarterly)
8134 Oct. 1 Sept. 14
American Hosiery Co.(quarterly)
25c Sept. 2 Aug. 21
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept.14
American Ice Co.(Jersey City, N. J.)
7% preferred (quarterly)
51% Oct. 1 Sept.14
Preferred (quarterly)
$134 July 25 July 5
6% preferred (monthly)
50c Aug. 1 July 15
American Light & Traction Co.,comm.(quar.)_
30c Aug. 1 July 15a
6% preferred (monthly
50c Sept. 3 Aug. 15
Preferred (quarterly)
% Aug. 1 July 15a
6% preferred (monthly
50c Oct. 1 Sept. 15
American News, N. Y. Corp.(bi-mo.)
25c July 15 July 5
6.6% preferred (monthiy)
55c Aug. 1 July 15
American Paper Goods (quarterly)
50c Aug. 1
6.6% preferred (monthly)
55c Sept. 3 Aug. 15
Quarterly
50c Nov. 1
6.6% preferred (monthly)
55c Oct. 1 Sept. 15
7% preferred (quar.)
51
Sept.15
Continental Insurance Co. (semi-annual)
c60c July 10 June 29
7% preferred (quar.)
51% Dec. 15
Continental Oil (Delaware)
25c July 31 July 2
American Shipbuilding (quarterly)
50c Aug. 1 July 15
Continental Public Service A (semi-ann.)
e5% July 15 June 29
American Smelting & Refining 6% 2d pref
8$6 Sept. 2 Aug. 9
Copperweld Steel (guar.)
1234c Aug. 31 Aug. 15
7% 1st preferred (guar.)
51% Sept. 2 Aug. 9
Quarterly
1234c Nov. 30 Nov. 15
American Telephone & Telegraph (quar.)
5234 July 15 June 15
Crane Co. preferred
8$1. July 25 July 10
Androscoggin Electric Co.. 6% Preferred (quar.) El% Aug. 1 July 29
Creamery Package Mfg. (quar.)
'
30e July 10 July 1
Anglo-Amer. So. Africa. Ltd.,6% pref.(interim)
3% July 30 June 29
Credit Utility Banking Corp.class B (quar.)
1831c July 10 June 25
Anglo-Persian Oil, Am.dep. rec. ord.reg.(final)x w1212% Aug. 7 June 27
Cresson Consolidated Gold (guar.)
3c Aug. 15 July 31
Asbestos Mfg Co.,$1.40 cony. pref.(quar
35c Aug. 1
Extra
2c Aug. 15 July 31
$1.40 convertible preferred (guar.)
35c Nov. 1
Crowell Publishing Co., 7% pref. (s.
-a.)
% Aug. 1 July 24
$1.40 convertible preferred (gear.)
35c Feb. 1
Crum & Forster (quar.)
Sc July 15 July 5
Atchison Topeka & Santa Fe
$2 Sept. 3 July 31
Extra
bc July 15 July 5
Preferred (8.-a•)
8234 Aug. 1 June 28
8% preferred (guar.)
$2 Sept.30 Sept.20
Atlantic Ice & Coal
% preferred
h$234 July 7 June 20
Cudahy Packing (quarterly)
623'4c July 15 July b
Austin Nichols $5 prior A ()guar.)
50c Aug 1 July 15
Cumulative Trust Shares
7.7c July 15
Automatic Voting Machine Corp.(extra)
c25c Aug. 1 July 20
Curtis Manufacturing Co. (resumed)
25c Aug. 1 July 15
Automobile Finance Corp.,7% preferred (8.
-a.) 8734c July 15 June 29
Cypress Abbey Co
2c July 15 June 29
Bangor Hydro-Electric (quar.)
20c Aug 1 July 10
Darby Petroleum
25c July 15 June 29
Bayuk Cigars, preferred (quarterly)
;1 July 15 June 29
81
Dennison Mfg. Co., debenture stock
8$2 Aug. 1 July 20
Beatty Bros., Ltd., 1st pref.(guar.)
Aug. 1 July 15
$1
Denver Union Stockyards, preferred (quar.)
3131 Sept. 1 Aug. 20
Belding-Corticelli (quarterly)
$ Aug. 1 July 15
Detroit Edison Co. (quarterly)
51 July 15 July 1
Bell Telephone of Canada (quar.)
r$1% July 15 June 22
Detroit Hillsdale & Southwestern RR. 0T:10
$2 Jan. 6 Dec. 20
Bell Telephone Co.of Pa.,
% pref.(quar.)
$1% July 16 June 20
Detroit River Tunnel Co.(semi-ann.)
$4 July 15 July 8
Bird & Son. Inc. (quarterly)
25c July 10 June 25
Devonian Oil (quarterly)
15c July 20 July 1
Bon Amt. class A (quar.)
$1 July 31 July 15
Extra
10c July 20 July 1
Boston Insurance (guar.)
34 Oct. 1 Sept. 20
% preferred (quar.)
$144 July 15 June 20
Boston & Providence RR.(guar.)
$2.125 Oct. 1 Sept. 20
Distillers Co.. Ltd. (final)
2s. 6d.
Quarterly
82.125 Jan. 2 Dec. 20
Dome Mines, Ltd.(quarterly)
50c July 20 June 29
Boston RR. Holding Co.4% pref.(semi-ann.)$2 July 10 June 29
Extra
52 July 20 June 29
Bourjois, Inc.,82% preferred (guar.)
6831c Aug. 15 Aug. 1
Dominion Textile preferred (quar.)
4131 July 15 June,29
Bower Roller Bearing,(quar.)
25c July 25 July 1
Duft-Norton Manufacturing (quarterly)
15e July 15 JulY. 5
Brantford Cordage, Ltd., 1st preferred (quar.)_
r50c July 15 Juno 20
Extra
10c July 15 July'. 5
Bridgeport Hydraulic (quar.)
40c July 15 June 29
Duplan Silk Corp. (semi-ann.)
50c Aug. 15 Aug. 2
Brewing Corp. of Canada. preferred
(137 Ac July 15 June 29
Du Pont de Nemours (E. I.) & Co.
Bridgeport Machine 7% preferred
8$1 July 30 July 20
Debenture stock (quarterly)
8134 July 25 July 10
British Columbia Electric By.5% pref. (8.
-an.)_ 234% July 15
Duquesne Light ('.o., 1st 5% cum. pref. (quar.)_
81
July 15 June 15
British Columbia Power Corp.. A stock
rac July 15 Tune 29
Eastern Bond & Share, B (quarterly)
15c Aug. 1 June:28
British Columbia Telep.,6% pref.(quar.)
$134 Aug. 1 July 17
Class B (extra)
Sc Aug. 1 July,28
Brooklyn Bore Gas (quar.)
8134 July 10 June 29
Eastern Theatres, Ltd.. preferred (s.
$334 July 31 June 29
-a.)
Brooklyn-Manhattan Transit
750 July 15 July 1
East Penna. RR. Co.(semi-ann.)
8134 July 16 July 6
Preferred (guar.)
5134 July 15 July 1
Electric Bond & Share
$6 pref.(quar.)
8134 Aug. I July 5
Preferred (quar.)
81
Oct. 15 Oct. 1
$5 preferred (quarterly)
Co..
8131 Aug. 1 July 5
Preferred (quar.)
$134 1-15-36 Jan. 2
Electric Household Utilities (quar.)
25c July 25 July 10
Preferred (quar.)
$I% 4-15-36 Apr. I
Elizabeth & Trenton RR..(semi-ann.)-51 Oct. 1 Sept.20
Brooklyn Union Gas (quarterly)
$131 Oct. 1 Sept. 31
5% preferred (semi-annual)
1 A Oct. 1 Sept.20
Bruck Silk Mills (guar.)
30c July 15 June 15
El Paso Electric Co., Dela., 7% pref. A (quar.) 5134 July 15 July 1
Buffalo, Niagara & Eastern Power.$5 pref. (qu.) 5134 Aug. 1
July 15
$6 preferred B (guar.)
8134 July 15 July 1
Burdines, Inc., $2.80 preferred (quarterly)
70c July 10 June 29
_
El Paso Elec. Co.(Texas).6% pref. (quar.)_
$134 July 15 June 28
$2.80 preferred
h$2.30 July 10 Juno 29
Ely & Walker Dry Goods, first pref. (s.
-a.)_.... $334 July 15 July 3
Calliornia-Oregon Power Co. 7% preterred
8734c July 15 June 29
Second preferred (semi-annual)
13 July 15 July 3
6% preferred
75c July 15 June 29
Empire & Bay State Telep.,4% god.(quar.)
$1 Sept. 1 Aug. 22
6% preferred (ser. 1927)
75c July 15 June 29
4% guaranteed (quar.)
81 Dec. 1 Nov. 21
Canada & Dominion Sugar. Ltd.(quar.)
r3734c Sept. 1 Aug. 15
Eppens, Smith & Co., semi-annual
32 Aug. 1 July 27
Quarterly
r37Sic Dec. 1 Nov. lb
Erie & Pittsburgh RR. Co.7% gtd. (guar.)-8734c Sept. 10 Aug. 31
Canada Dry Ginger Ale
10c July 15 July 1
7% guaranteed (auar.)
8734c Dec. 10 Nov.30
Canada Northern Power Corp. corn. (guar.)
r30c July 25 June 29
Guaranteed bettecment (quar.)
800 Sept. 1 Aug. 31
7% cum. pref.(guar.)
134% July 15 June 29
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Canada Southern By.(s.
-a.)
81% Aug. 1 June 28
Evans Products
25c July 10 July I
Canadian Converters. Ltd.(guar.)
50c Aug. 15 July 31
Excess Insurance (quarterly)
25c July 15 June 29
Canadian Fairbanks Mores, preferred (guar.)
- $135 July 15 June 29
Fairbanks, Morse & Co., preferred
14334 July 15 July 1
Canadian Industries. A & B (quar.)
r$1 July 31 June 29
Farmers & Traders Life Ins.(guar.)
8234 Oct. 1 Sept.11
A & B (extra)
r750 July 31 June 29
Fibreboard Products, pref. (quar.)
$114 Aug. 1 July 16
7% preferred (quarterly)
r$1% July 15 June 29
Fidelity-Phoenix Fire lnsur. Co. of N. Y.
Canadian Light & Power (semi-annual)
50c July 15 June 30
Semi-annual
60c July 10 June 29
Carnation Co..7% preferred (quarterly)
81% Oct. 1Sept.20
Finance Co.of Amer. at Bait.,corn. A& B
1234c July 15 July 5
7% preferred (quarterly)
3134 Jan1'36
7% preferred
4331c July 15 July 5
57% preferred (
quarterly)
$134 Apr 1'36
7% preferred, class A
831c July 15 July 5
Carpel Corp. (quarterly)
40c July 15 July S
Finance Shares Corp. (semi-ann.)
234c July 15 June 30
Central Cold Storage
25c Aug. 15 Aug. 5
Firemen's Fund Insurance (quar.)
$1 July 15 July 5
Central Iludson Gas tic Electric Corp. (quar.)20c Aug. I June 29
Firestone Tire dr Rubber (quar)
10c July 20 July 5
Vdting trust certificates (quarterly)
20c Aug. 1 June 29
First Nat. Corp.(Port Oreg.) $.2 el. A
h25c July 15 June 25
Central Illinois Public Service. 6% preferred
51 July 15 June 20
First State Pawners Society (Chicago, Ill.) (qu.) 51% Sept.30 Sept. 20
$6 preferred
SI July 15 June 20
Fishman (M. II.). 7% series A & B pref. (guar.) 81% July 15 June 29
Central Kansas Power Co.,7% pref. (quar.)- 51% July 15 June 29
Florsheim Shoe Co.,class A (quar.)
6% preferred (quarterly)
25c Oct. 1 Sept.16
8134 July 15 June 29
Class B (quarterly)
Central Power. 7% preferred
1214c Oct. 1 Sept.15
8734c July 15 June 29
Food Machinery Corp. of N. Y
6% preferred
25c July 15 June 29
75c July 15 June 29
634% preferred (monthly)
50c July 15 July 10
Centrifugal Pipe Corp.(guar.)
10c Aug. 15 Aug. 5
634% preferred (monthly)
50c Aug. 15 Aug. 10
Quarterly
10c Nov. 15 Nov. 6
634% preferred (monthly)
Chain Store Investors Trust (initial)
50c Sept.15 Sept.10
20c July 15 June 15
Fort Wayne & Jackson RR..54% prof.(s.
Chapman's Ice Cream (L. A.)
52% Sept. 2 Aug. 20
-a.)
Sc July 15 June 25
(quar.)
Foundation Trust Shares. series A. bearer
Cherry-Burrell (quar.)
Sc July 15
250 Aug. 1 July 20
Freeport Texas,6% preferred (quarterly)
Preferred (quarterly)
$134 Aug. 1 July 15
31% Aug. 1 July 20
Froedtert Grain & Malt,cony. pref.(quar.)c30c Aug. 1 July 15
Chesapeake & Potomac Telep. Co. oi Bait. City:
Fyr-Fyter. class A (quar.)
d25c July 15 June 20
Cumulative preferred (quar.)
51% July 15 June 29
Gardner-Denver Co. common (qua'.)
Cincinnati Milling Machine Co., pref.
250 July 20 July 10
,10
81% July 15 July 1
Preterred (quar.)
Cincinnati Newport & Covington Lt. &0
81% Aug. 1 July 20
Trac- 5134 July 15 June 29
General Electric Co
$4% preferred (quarterly)
15c July 25 June 28
81.125 July 15 June 29
General Electric of Great Britain
Cincinnati Northern RR.(
xw10% July 27 June
semi-ann.)._
_
36 July 31 July 21
General Motors Corp.. $5 preferred (quar.)_... 1134 Aug. 1 July 26
Cincinnati Postal Terminal & Realty. 6%%
8
Georgia RR.& Banking (guar.)
preterred (quarterly)
8234 July lb July 1
3134 July 15 July 5
Gillette Safety Razor. $5 cony. pref. (quar.)_
Cincinnati Union Terminal, preferred (quar.)
8131 Aug. 1 July 1
81% Oct. 1 Sept. 20
Glen Alden Coal (quarterly)
Preferred (quar.)
25e July 20 July 6
5134 Jan. 1 Dec. 20
Extra
Cleveland Cincinnati Chicago & St. Louis RR.
25c July 20 July 6
13oderich Elevated & Transit Co.,7% pf.(gu.)- $1
Semi-annual
July 15 June 29
35 July 31 July 20
Gold Dust (quarterly)
5% preferred (guar.)
300 Aug. 1 July 10
$1.3.1 July 31 July 20
Golden Cycle (quarterly)
Cleveland Electric Illuminating. pref. (quar.)
40c
Sept. 1 Aug. 15
Extra
Cleveland & Pittsburgh By.7% guar.(guar.).. $135 Sept.
1$q1.6%0
8734c
1 Aug. 10
Gottfried Baking Co.,Inc .preferred (quar.).
7% guaranteed (guar.)
Oct. 1 Sept.20
8734c Dec. 1 Nov. 9
Grace(W. R.) & Co., pref.6% pref.(s.
Special guaranteed (guar.)
-a.)_-__
83 Dec. 30 Dec. 27
50c Sept. 1 Aug. 10
Preferred A (quarterly)
Special guaranteed (guar.)
$2 Dec. 30 Dec. 27
50c Dec. 1 Nov. 9
Preferred B (semi-annual)
Climax Molybdenum Co. (guar.)
84 Dec. 30 Dec. 27
Sc Sept.30 Sept.15
Grand Rapids Metalkraft Corp
Quarterly
Sc July 31 July 10
Sc
Great Lakes Power, $7 pref. (quar.)
Clinton Water Works Co..7% pref.(quar.)_-- - 51% Dec. 30 Dec. 15
$134 July 15 June 29
July 15 July /
Green (H. L.) Co. (quar.)
Coen Cos., Inc., class A
75c Aug. 1 July 15
200 July 15 June 15
Preferred (quarterly)
Coleman Lamp & Stove
$13.1 Aug. 1 July 15
50c July 15 June 29
Greenfield Gas Light, 6% preferred (quarterly)
Columbia Pictures Corp.. common
75c Aug. 1 July 15
f234% Aug. 2 June 12
Guarantee Co. of No. Amer.(Montreal)(qu.)
Common voting trust certificates(8.-a.)
5134 July 15 June 30
(semi-ann.)
Harbison-Walker Refractories Co., pref. (guar.) $134 July 20 July 8
Columbus By.. Power & Light 2nd pref.(quar.)_ 1234% Aug. 2 June 12
51% July 15 July 1
Hardesty (R.) Mfg.Co.,7% pref.(guar.)
Commercial Discount Co.(Los
$131 Sept. 1 Aug. 15
Angeles)
7% preferred (quarterly)
8% preferred (quarterly)
1134 Dec. 15une29
1 j v 5
No .
20c July 10 July 1
Harrisburg Gas, preferred (guar.)
7% preferred (quarterly)
5151 July 3
Aug.Jul
1
17%c July 10 July 1
Hartford & Connecticut Western RR.(s.-a.)__ _
Commonwealth Edison (guar.)
Aug. 20
31 Aug. 1 July 15
IIartford Electric Light (quarterly)
Commonwealth Investors (Calif.)
6831c Aug. 1 July 15
(guar.)
4c Aug. 1 July 13
Hartman Tobacco
Commonwealth Utilities Corp.
8$1 Aug. 1 July 15
Hat Corp. of Amer., 634% cumul. prof
6%% preferred C (quarterly)
h$1 Aug. 1 July 15
$134 Sept. 3 Aug. 15
% cumulative preferred (quar.)
Community State Corp., class A
5134 Aug. 1 July 15
734c July 15 June 25
Hawaiian Sugar Co.(quarterly)
Concord Gas, 7% preferred (reduced)
60c July 15 July 5
8734c Aug. 15 July 31
Hawaii Consol. By..7% pref. A (guar.)
Confederation Life Assoc.."Toronto"
20c Sept.15 Sept. 5
$1 Sept. 30 Sept. 25
(quar.)- 7% preferred A (quarterly)
Quarterly
20c Dec. 15 Dec. 5
51 Dec. 31 Dec. 25
Hecla Mining (quarterly)
Connecticut & Possumpic River RR.. pref.
10c Aug. 15 July 15
(s.
33 Aug. 1 July 1
-a.)
Hercules Powder, preferred (quar.)
Consolidated Chemical Industries pref. (guar.) 3734c
$131 Aug. 15 Aug. 2
Aug. 1 July 15
Hershey Chocolate (quarterly)
Consolidated Cigar,7% preferred (guar.)
750 Aug. 15 July 25
$1% Sept. 2 Aug. 15
Cony. preferred (qualterlY)
% prior preferred (gum terlY)
41 Aug. 15 July 25
51% Aug. 1 July 15
Holly Sugar. 7% cum. preferred
h$7 Aug. 1 July 15
Name of Company
9
July 6 1935
Financial Chronicle
66
Name of Company
Per
Share
When Holders
Payable of Record
10c July 26 July 19
Hibbard, Spencer. Bartlett & Co.(mo.)
30c July 26 July 19
Extra
10c Aug. 30 Aug. 23
Monthly
10c Sept.27 Sept. 20
Monthly
July 15 June 28
Hollinger Consol. Gold Mines
July 15 June 28
Extra
40c Aug. 1 July 12
Horn & Hardart of N.Y.(guar.)
$1% Sept. 3 Aug. 14
Preferred (quarterly)
July 15 June 290
Household Finance Corp. A & B (guar.)
Z July 15 June 29a
877
Preferred (guar.)
el% Aug. 1 July 17
Hussemann-Ligonier (guar.)
7%c Aug. 1 July 17
Preferred (quarterly)
33% Oct. 1 Sept. 30
Imperial Life Insurance(guar)
33% Jan. 2 Dec. 31
Quarterly
250 July 20 June 20
Incorporated Investors
$1 July 15 June 29
-a)
(s
Insurance Co. of North America
50c July 15 June 29
Extra
35e July 15 July 10
-a.).
Inter-Allied Investment Corp., cl. A (s.
10 June 22
International Business Machines Corp. (guar.). 51% July 10 Sept. 21
$1% Oct.
6
Quarterly
15c July 15 June 20
corn. (guar.)
International Harvester,
International Nickel Co. of Canada—
1%% Aug. 1 July 2
Preferred (quarterly)
25c Aug. 1 July 15
International Printing Ink (guar.)
$1% Aug. 1 July 15
Preferred (quarterly)
Aug. 1 July 20a
International Utilities Corp.$7 prior pret.(qu.)_ 87%c Aug. 1 July 20a
43%c
33% prior preferred (guar.)
50c Aug. 15 Aug. 1
Interstate Hosiery Mills (quar.)
50c Nov. 15 Nov. 1
Quarterly
$2 Oct. 1 Sept. 16
Intertype Corp.' first preferred
38c July 15 June 30
Investment Fund.6% pref. (guar.)
h 120 July 15 June 30
6% preferred
50c July 15 June 29
Investors Fund, Inc., C, (guar.)
25c Sept. 2 Aug. 10
Iron Fireman Mfg.(guar.)
25c Dec. 2 Nov. 9
Quarterly
75c July 15 July 1
Jewel Tea Co., Inc., common (guar.)
25c July 15 June 24
-Manville Corp
Johns
15c Sept.30 Sept.20
Kalamazoo Vegetable Parchment (guar.)
15c Dec. 30 Dec. 30
Quarterly
St. Louis & Chicago RR.
Kansas City
314 Aug. 1 July 17
6% preferred guaranteed (guar.)
20c July 27 July 10
Kaufmann Dept. Stores, Inc
51% July 15 June 25
6% pref. (guar.)
Kentucky Utilities Co..
$1% July 15 July 5
Keystone Steel & Wire, pref.(guar.)
$1% Sept.30
liroehler Mfg. Co.. 7% pref. (guar.)
Dec. 31
$1
7% preferred (quarterly)
Sept.30
Class A preferred (guar.)
1 A Dec. 31
Class A preferred (guar.)
81% Aug. I July 19
Kroger Grocery & Baking,7% pref.(quar.)
37%c Sept.30 Sept.20
Landers, Frary 3c Clark kquar.)
37 Ac Dec. 31 Dec. 20
Quarterly
Sept. 15 Sept. 5
$1
Landis Machine. 7% Preferred (quarterly)
Dec. 15 Dec. 5
$1
7% preferred '.quarterly)
Aug. 1 July 15
1
preferred (guar.)
Lane Bryant Inc. 7%
June 30
$2
Larus & Bros. Co. B
June 30
$
8% preferred (guar.)
75c July 13 Juno 29
(guar.)
Lawrence Gas & Electric Co.
31% Aug. 1 July 29
Lazarus (F. It 11.) Co., pref. (guar.)
30c July 10 June 29
Lee & Cady
25c Aug. 1 July 150
Lee Rubber & Tire Corn
50c July 15 July 8
Lerner Stores (quarterly)
31% Aug. 1 July 22
(quarterly)
Preferred
20e Sept. 1 Aug. 15
Link Belt
Oct. 1 Sept. 14
$1
Preferred (guar.)
Little Schuylkill Navigation RR. Coal Co.,
$1.10 July 15 June 14
Semi-annually
25c Aug. 1 July 17
Liquid Carbonic (quarterly)
Oct. 1 Oct. 1
Lock Joint Pipe. preterred (guar.)
2
12 Jan. 1 Jan. 1
Preferred (guar.)
50c Aug. 1 July 18
les Biscuit Co., common
Loose-Wi
81% Oct. 1 Sept. 18
1st preferred (guar.)
$2 Aug. 1 July 17
Lord & Taylor Co., 2nd preferred (quar.)
Gas & Electric. 6% pref. (guar.).- 314 Aug. 15 July 31
Los Angeles
Louisiana & Missouri River RR.
$3% Aug. 1 July 17
-a.)
7% guaranteed preferred (s.
$4 Aug. 15 Aug. 1
-a.)_....
Louisville Henderson & St. Louis By.(s.
82% Aug. 15 Aug. 1
Preferred (semi-ann.)
Oct. 1 Sept.20
Lunkenheimer Co..6%% preferred (quarterly)- 81% Jan. 1 Dec. 21
81%
6 A % preferred (quarterly)
50c July 15 June 29
MacAndrews & Forbes(guar.)
31.35 July 15 June 29
Preferred (quarterly)
c8.3 July 15 June 30
-a.)
MacFadden Publications, preferred (s.
50c July 15 June 29
Magma Copper Co
12Ac July 15 June 30
Magnin (I.) & Co. (guar.)
81% Aug. 15 Aug. 5
6% preferred (quarterly)
$1% Nov. 15 Nov. 5
6% preferred (quarterly)
$9 Aug. 1 July 15
Mahoning Coal RR.(guar.)
$ July 15 June 29
Massachusetts Lighting Cos.. 8% pref. (guar.)
July 15 June 29
6% preferred (guar.)
(qu.)_ 6214c July 15 June 29
Massachusetts Utilities Association, pref.
$3 Aug. 1 July 1
Massawippi Valley RR. (semi-ann.)
40c Sept. 3 Aug. 15
May Dept. Stores (guar.)
50c Aug. 1 July 15
McCall Corp. common (quar.)
43%c Sept. 1 Aug. 31
McClatchy Newspapers.7% pt. (qu.)
434C Dec. 1 Nov. 30
7% preferred (quarterly)41% July 15 June 29
McColl Frontenac 011, pref. (quar.)'
15c July 15 July 5
Meyer-Bianke Co., (guar.)
10c July 15 July 5
Extra
$25 July 31 July 20
Michigan Central RR.(semi-ann.)
Electric Co. (div. omitted).
Michigan Gas &
87%c Aug. 1 July 15
Michigan Public Service Co.,7% preferred
75c Aug. 1 July 15
6% preferred
81% July 31 July 20
pref. (guar.).
Milw. Elec. By. & Lt. Co.6%
sig Aug. 1 July 15
-a.)_
Mine Hill & Schuylkill Haven RR. Co.(s.
Missouri River-Sioux City Bridge Co.—
$1% July 15 June 29
(quar.)
Cumulative participating preferred
25c July 15 July 10
Mohawk Carpet Mills
$1 Aug. 1 July 15
Mohawk Iludson Power Corp. preferred (guar.)
lbc Aug. 1
Monogram Pictures Corp.(guar.)
lbc Nov. 1
Quarterly
lbc Feb. 1
Quarterly
r38c July 31 June 29
Montreal Light, Heat & Power consol. (quar.)
80c July 15 June 29
Telegraph (guar.)
Montreal
8251 July 15 July 5
Montreal Tramways (quarterly)
81% Oct. 1 Oct. 1
Moore Dry Goods(guar.)
81% Jan. 1 Jan. 1
Quarterly
Oct. I Sept.20
Morris 5& lec to $1 Stores.Inc.,7% pref.(qu.)_ 81% Sept. 1 Aug. 27
81
Morris Plan Insurance Society. (quar.)
$1 Dec. 1 Nov 26
Quarterly
50c Aug. 10 Aug. 1
Motor Products(quarterly
$2 July 15 June 29
Mountain States Telep. & Teleg. (guar.)
h25c July 10 July 5
Muskegon Motor Specialties class A
28 Sept. 19
Mutual Chemical Co. of Amer..6% pref. (au.)_ 81% Sept. 28 Dec. 19
Dec.
6% preferred (quarterly)
8c July 20 July 10
Mutual Telep. Co., Hawaii (monthly)
51% Aug. 1 July 19
National Bearing Metals Corp.7% pref.(qu.)_ _
40c July 15 June 14a
common (quarterly)_
National Biscuit
400 Oct. 15 Sept. 13
Co..
National Biscuit Co. (quar.)
$11 Aug. 31 Aug. 15
Preferred (guar.)
$ Aug. 1 July 19
National Carbon 8% preferred (guar.)
12%c July 15 June 29
National Cash Register (guar.)
SOc Aug. 1 July 15
(quarterly)
National Distillers
25c July 15 June 29
National Fuel Gas (guar.)
Aug. 1 July 19
$1
National Lead, class B preferred (quarterly)
Aug. 1 July 5
$1
pref.(quar.)
National I'ower & Light.$6
87%c Aug. 1
National Tel. & Tel.$3% 1st pref.(guar.)
87%c Aug. 1
preferred (guar.)
$3 2nd
20c July 15 June 29
Natoinas Co. (guar.)
c$1 Aug. 1 June 29
Nevada-California Electric preferred
July 10 June 29
$I
6% pref. (quar.)_ _
Newark Telephone (Ohio)
Aug. 1 July 16
Newberry(J. J. Real Estate,64% pref. A (qu.) $1
Aug. 1 July 16
$1
preferred B (guar.)
6%
1
Name of Company
Per
Share
When Holders
Payable of Record
12%c July 15 June 30
New Brunswick Telep. Co.(guar.)
50c Aug. 10 July 19
New Jersey Zinc (guar.)
500 Aug. 15 Aug. 2
Newmont Mining Corp
51% July 15 June 20
New York Telephone Co.. 63.5% pref. (quar.)
50c Aug. 15 July 31
1900 Corp. class A (quar.)
50c Nov. 15 Oct. 31
"A" (guar.)
$2 Sept. 19 Aug. 31
Norfolk & Western By.(guar.)
$1 Aug. 19 July 31
Adjustable preferred (guar.)
Sept. 3 Aug. 15
North American Edison Co. preferred (quar.).... 51% July 15
4.8c
Trust Shares (1955-56)
North American
5.9c July 15 June 29
1958
3314 Aug. 1 July 20
-a.)
North Carolina RR. Co., 7% gtd. (s.
$2 July 15 June 29
Northern Central RR. Co. (semi-ann.)
Northern Indiana Public Service
July 15 June 29
h87
7 preferred
h75c July 15 June 29
6 preferred
568%c July 15 June 29
5%% preferred
75e July 25 June 29
Northern Ontario Power Co.(quar.)
51% July 25 June 29
6% preferred (guar.)
$1 Sept. 1 Aug. 20
Northern RR. Co. of N J.4% gtd.(War.)
$1 Dec. 1 Nov. 21
4% guaranteed (guar.)
Northern States Power Co. (Del.)
1%% July 20 June 29
7% cum. preferred (quarterly)
1%% July 20 June 29
6% cum. preferred (quar.)
July 15 June 24
Northwestern Bell Telephone 6%% pref.(guar.) 81% July 15 June 15
Norton Brewing Co., common
40 July 15 June 15
Class B (initial)
15c July 20 July 10
Oahu ity. & Land Co.(monthly)
20c July 15 July 5
Oahu Sugar Co.(monthly)
25c July 25 June 29
Ohio Brass
$1% July 15 June 29
Preferred (guar.)
20c July 20 July 10
Onomea Sugar Co.(monthly)
15c July 15 June 24
Otis Elevator Co.,common (guar.)
31% July 15 June 24
Preferred (quarterly)
California—
Pacific Finance Corp. of
20c Aug. 1 July 15
Preferred A (guar.)
16%c Aug. 1 July 15
Preferred C (guar.)
17%c Aug. 1 July 15
Preferred D (quar.)
37%c July 15 June 29
Pacific Gas & Electric (quar.)
$14 July 15 June 29
Pacific Lighting, $6 pref. (quar.)
600 Aug. 15 July 20
Quarterly)
20c Aug. 1 July 15
Pacific Public Service, 1st preferred
$14 July 15 June 29
Co., preferred (quar.)
Pacific l'el. & Tel.
51% Aug. 1 July 20
Package Machinery.7%,1st pref.(guar.)
25c Aug. 1 July 20
Pan American Airways
551% Aug. 1 June 14
Penna-Glass Sand.$7 pref (quar.)
55c Aug. 1 July 20
Pennsylvania Power Co.. $6.60 pref. (mo.)___ _
55c Sept. 2 Aug. 20
$6.60 preferred (monthly)
Sept. 2 Aug. 20
31
$6 preferred (guar.)
75c July 15 June 29
Penna. Salt Mfg. (guar.)
$3 Aug. 1 July 25
-a.)
Valley RR.(s.
Pemigawasset
75c Aug. 15 Aug. 5
Penmans, Ltd. (quarterly)
Aug. 1 July 22
51
Preferred (quarterly)
20c Sept. 1 Aug. 15
Pepper (Dr.)(quarterly)
20c Dec. 1 Nov. 15
Quarterly
51% July 11 June 29
Perfection Petroleum Co., pref. (guar.)
161% Oct. 1 Sept. 25
Petersburg RR.(semi-annual)
51% Apr. 1 Mar. 25
Semi-annual
h25c July 28 June 14
& Trading, A
Petroleum
20c July 25 July 1
Philadelphia Co., common (guar.)
El% Aug. 1 July 10
Philadelphia Electric $5 pref. (guar.)
50c Oct. 1 Sept.'10 I
Power 8% cum. prin. (qu.)
Philadelphia Electric
324 July 10 June 30
Philadelphia & Trenton RR.(quar.)
524 Oct. 10 Sent.30
Quarterly
25c July 15 July 2
Philip Morris & Co.(quarterly)
5lic July 10 June 30
Phoenix Finance Corp..8% pref. (guar.)
50c Oct. 10 Sept.30
preferred (quarterly)
8%
500 Jan. 10 Dec. 31
8% preferred (quarterly)
75c July 10 June 29
Piedmont & Northern By. (guar.)
75c Oct. 1 Sept. 14
Pittsburgh Bessemer It Lake Erie (s-a)
By.(guar.).- 51% Oct. 1 Sept. 10
Pittsburgh Ft. Wayne & Chicago
51% Jan. 2 Dec. 10
Quarterly
81% Oct. 8 Sept. 10
7% preferred (quar.)
51% Jan. 7 Dec. 10
7% preferred (guar.)
Aug. 1 June 28
31
Pittsburgh & Lake Erie RR.(5.-a.)
Ashtabula RR.
Pittsburgh Youngstown It
El% Sept. 1 Aug. 20
7% Preferred (quar.)
51% Dec. 1 Nov. 20
7% preferred (guar.)
51% Sept. 15 Sept. 1
Pollock Paper It Box Co.. pref.(guar.)
51% Dec. 15 Dec. 1
Preferred (quarterly)
r1%%
ot Canada,6% cum. pret. (guar.). 11%7 July 15 June 29
Power Corp.
0 July 15 June 29
6% non-cumulative preferred (guar.)
r:ic July 15 June 14
Premier Gold Mining Co
7c July 15 Juno 29
Premier Shares (semi-ann.)
$2 July 15 June 25
Procter & Gamble,8% preferred (guar.)
51% July 15 June 29
Prudential Investors, Inc.. $6 pref. (quar.)
60c Sept.30 Sept. 3
J., com.(guar.)
Public Service Corp.of N.
$14 Sept. 30 Sept. 3
$5 preferred (guar.)
50c July 31 July 1
6% preferred (monthly)
500 Aug. 31 Aug. 1
6% preferred (monthly)
50c Sept.30 Sept. 3
6% preferred (monthly)
$1% Sept. 30 Sept. 3
7% preferred (guar.)
$2 Sept.30 Sept. 3
8% preferred (guar.)
31% Aug. 1 July 15
Public Service of Nor. Ill. 7% pref. (guar.)
31% Aug. 1 July 15
6% preferred (quar.)
31 July 15 July 1
Quaker Oats (guar.)
51% Aug. 31 Aug. 1
Preferred (quar.)
50c Aug. 8 July 11
Reading Co. (quarterly)
50c Sept. 12 Aug. 22
1st preferred (quarterly)
50c July 11 June 20
2nd preferred (quarterly)
50c Oct. 10 Sept. 19
2nd preferred (quarterly)
15c Aug. 1 July 20
"Illinois" (quarterly)
Reliance
25c July 15 June 29
Rubber
Rex HideMfg..
51% Oct. 1 Sept. 15
Rice-Stix Dry Goods, let It 2d pref. (guar.)._
Sc July 25 July 15
Rickel (H. W.) (semi-annual)
4c July 25 July 15
Extra
25c Aug. 1 July 15
Ryerson (Jos. T.) It Sons
St. Louis Rocky Mountain It Pacific RR. Co
$1% July 20 July 5
Preferred (guar.)
Oct. 21 Oct
Si
50
Preferred (quarterly)
20c July 15 July 2
Co.(monthly)
San Carlos Milling
% July 15 June 29
San Diego Cense!. Gas It Elec. Co. pref. (qu.)
75e Sept.30 Sept. 15
San Francisco Remedial Loan Assn. (quar.)
$3 July 15 July 1
Saratoga It Schenectady RR. (s.-a.)
20c July 15 Juno 29
Second Twin Boll Syndicate (monthly)
(Washington. D. C.) (quar.).... 51% July 10
Security Storage
51% July 15 July 1
Sedalia Water, preferred (quar.)
624c Aug. 1 July 15
Seeman Bros. Inc., common (guar.)
$1% Oct. 1 Sept. 20
(guar.)
Sorvel. Inc. 7% preferred
Si 4 Aug. 1 July 15
Shamokin Valley It Pottsville RR is.-a.)
87%e Aug. 1 July 18
Sharp 3c Dohmo ,cum. pref. class A (guar.)
6c July 10 June 20
Shattuck (Frank G.) (guar.)
37%c Aug. 15
14
Sioux City Stockyards Co.El% part pref(quar.) 37%c Nov. 15 Aug. 14
Nov.
preferred (guar.)
81% Participating
$1 Aug. 1 Aug. 1
Smith (S. Morgan) Co (quarterly)
81 Nov 1 Nov. 1
Quarterly
31% Aug. Is July 15
Solvay American Investm.nt,5%% Pref.(qu•)10c July 25 July 11
South American Gold It Platinum Co
Southern California Edison Co.. Ltd—
43%c July 15 June 20
Original preferred (guar.)
34%c July 15 June 20
Series C 5%% preferred (guar.)
6% preferred A (guar.) 374c July 15 June 29
Southern California Gas.
37%c July 15 June 29
6% preferred (guar.)
%% July 15
Southern Canada Power Co..6% cum. pf. (qu.). 1$14 July 15 June 20
June 29
pref. (guar.)
Southern Counties Gas,6%
$1% July 15 June 29
Southern New England Telep. (guar.)
Sc July 15 June 29
(quarterly).
Southland Royalty
81% July 15 July 1
South Pittsburgh Water 7% pref.(guar.)
81% July 15 July 1
6% preferred (guar.)
75c July 15 July 3
preferred (guar.)
Spicer Manufacturing,
July 15 July 29
Stamford Gas It Electric Co.(Conn.)(guar.).— $2% Aug. 1 July 3
60c
Cap It Seal Corp. (quar.)
Standard
Volume 141
Financial Chronicle
Name of Company
Standard Coosa-Thatcher Co..7% pref.(qua?.)..
Standard Oil Co. (Ohio)
-5% corn. pref. (qu.)Standard Wholesale Phosphate & Acid Works._
Stanley Works,6% preferred (quar.)
Steel Co. of Canada ((Plan)
Preferred (quar.)
Stetson (John B.)8% pref. (semi-annual)
Stony Brook RR. Corp. (semi-ann.)
Suburban Electric Security Co.it pref.(IWO
Superheater Co.(quarterly)
Supervised Shares, Inc.(quid.)
Sylvania Industrial Corp.(quar.)
Syracuse Lighting,8% preferred (guar.)
63% Preferred (guar.)
6% Preferred tquar.)
Tacony-Palmyra Bridge. 7)4% preferred
Telautograph Corp. (reduced)
Thatcher Mtg. Co. cony. pref.(guar.)
Tide Water Oil. 5% preferred (quar.)
Tobacco & Allied Stocks
Toronto Elevators, 7% cony. pref.
Towle Manufacturing Co.(quar.) (guar.)
Trust Endowment Shares series A (registered)
Tuckett Tobacco preferred tquar.)
Union Copper Land & Mining Co
United Biscuit Co. of Amer. ere/. (guar.)
United Bond & Share (guar.)
United Fruit Co
United Gas & Electric Co.5% pref.
United Gas Improvement (quar.) (semi-ann.)..
Preferred (guar.)
United Gold Equities of Canada (guar.)
United Gold Mines
United Investors Realty class A
United New Jersey RR.&
United Securities (guar.) Canal(guar.)
United Shirt Distributors, Inc. (quarterly)United States Petroleum (semi-annually)
United States Pipe & Fdy Co., common (quar.)..
Common (guar.)
Common (guar.)
1st preferred
1st preferred (quail
(guar.
let preferred (guar.)
United States Smelting Refining & Mining Co..
Common(quarterly)
Preferred (quarterly)
United Verde Extension (special)
Universal Leaf Tobacco Co.. Inc. (quar.)-Common (extra)
Upper Michigan Power & Lt. Co..6%
Pf.(gu.)6% preferred (quarterly)
6% preferred (quarterly)
Upson CO., 7% pref. (guar.)
Utica Clinton & Binghamton By.—
Debenture stock (semi-ann.)
Per
Share
When Holders
Payable of Record
SI
3
37%c
r43%n
r43)4c
h$1
$3
$1%
12%c
1.2c
25c
$2
El%
$1%
$1%
150
90c
111
$1
$1
$1%
7.8c
$1%
lOc
$1%
10c
75c
%
25c
51)4
2)6c
lc
7%c
$2%
50c
734c
lc
12%c
12%c
12%c
30c
30c
30c
July 15 July 15
July 15 June 29
July 15 June 29
Aug. 15 Aug. 3
Aug 1 July 6
Aug. 1 July 6
July 15 July 1
July 15 June 29
Aug. 1 July 15
July 15 July 5
July 15 June 29
Sept. 15 Sept. 5
July 15 June 20
July 15 June 20
July 15 June 20
Aug. 1 July 10
Aug. 1 July 15
Aug. 15 July 31
Aug. 15
July 10 July la
July 15 July 2
July 15 July 6
July 15 June 30
July 15 June 29
Sept. 1 Aug. 1
Aug. 1 July 15
July 15 June 27
July 15 June 20
July 15 June 29
Sept.30 Aug. 30
Se t.30 Aug. 30
July 15 July 5
July 15 June 30
July 10 June 15
July 10 June 2(1
July 15 June 22
July 10 June 25
Dec. 15 Dec. 5
July 20 June 29
Oct. 20 Sept.30
Jan. 20 Dec. 31
July 20 June 29
Oct. 20 Sept.30
Jan. 20 Dec. 31
July 15 July
July 15 July
Aug. 1 July
Aug. 1 July
Aug. 1 July
Aug. 10 July
Nov. 10 Oct.
Feb. 10 Jan.
July 15 July
5
5
3
17
17
31
31
31
6
$2% Dec. 26 Dec. 16
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 29 1935
Clearin0 Rouse
Members
• Capital
Surplus and
Undivided
Profits
Net Demand
Deposits.
Average
Time
Deposits.
Average
S
$
$
$
Bank of N Y & Trust Co_
6,000,000
10.469.000
122,142,000
5,428,000
Bank of Manhattan Co.
20,000,000
25,431,700
351,681,000
30,185.000
National City Bank__ 127,500,000 e41,262,700 a1,161,949,000 135,650,000
Chemical lik & Trust Co
48,608,700
200)0,000
381,838,000
17,384,000
Guaranty Trust Co
90,000,000 177,131,600 61,240,694,000
41,425,000
Manufacturers Trust Co
32,935,000
10,297,500
336,769.000
96,397,000
Cent Hanover Bk & Tr Co
21,000,000 61,517,600 662,959,000
21,217,000
Corn Excli Bank Tr Co..
15,000,000
16,350,200
200,814,000
20.971,000
First National Bank
10,000,000 e89,006,600
421,849,000
5,254,000
Irving Trust Co
50,000,000
57.726,000
466,474,000
1,138,000
Continental Bk & Tr Co_
3,649,000
4,000,000
31,705,000
2,244,000
Chase National Bank_
64,815,900 c1,536,765,000
150,270.000
55,152,000
Fifth Avenue Bank
3,469,200
500,000
44,561,000
Bankers Trust Co
62,871,100 d731,023,000
25,000,000
10,790,000
Title Guar SE Trust Co
10,000,000
7,988,500
14,808,000
300.000
Marine Midland Tr Co
5,000,000
7,537,900
62.559,000
3,145,000
New York Trust Co....
21,361,500
12,500,000
268,681,000
16,984,000
Comm') Nat Bk & Tr Co
7,000,000
7,758,600
59,363,000
1,599,000
Public Nat Bk & Tr Co
8,250,000
e5,229,300
58,731,000
38.191,000
Totals
614 OAR non 722 482 600 8.155.365.000 503.454.000
• As per official reports. National. March 4 1935; State, March
30 1935; trust
companies. March 30 1935. e As of March 30 1935
Including deposits in foreign branches as follows: a 5203,147,0003 572.676.000;
C $72,361,000, d 526.753,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended June 28:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JUNE 28
1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan—
$
Grace National
21,207,600
Trade Bank of N.Y.. 4,064,828
Brooklyn—
People's National__ _ 3.911 000
$
80,600
198.183
$
3,779,800
777,844
101.000
1.073.000
Gross
Deposits
$
$
2,100,200 23,529,500
84,289 4,122,590
368.000
4.975.000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
Gross
Deposits
Manhattan—
$
$
$
$
$
Empire
47,688,500 *5,237,500 8,441,200 2,627,800 52,062,800
Federation
7,182,278
650,143 1,774,648 8,124,478
149,365
Fiduciary
10,572,840 .870,840
720,516
62,541 10.212,643
Fulton
17,412,000 *3,120,800 1,177,400
983,500 18,021,500
Lawyers County
29,238,000 *5,903,000
749,600
33,012,000
United States
66,783,822 28,178,857 15,842,779
82,452,972
Brooklyn—
Brooklyn
80,537,000 2,607,000 29,006,000
57.000
250 000
Hines County
20 /9R 175
9 909 900
7001 591
103, ,,
0,12 411.411
,
* Includes amount with Federal Reserve as follows:
Empire, 24,131,700: Fiduciary, $622,864; Fulton, 52,921,000; Lawyers County, 85,215,800.
67
Per
Share
Name of Company
Vulcan Detinning.Preferred (dim.)
Preferred (guar.)
Wagner Electric
Warren Foundry & Pipe
Warren RR. (semi-annual)
Wayne Products & Brewing Co
Western Grocers Ltd. (quar.)
Preferred (quarterly)
Western Power Corp.75 cum.pref•(quar.
0
WestlandOil Royalty Co.class A (monthly
Westinghouse Air Brake Co. (guar.)
West Penn Power, 7% pref. (guar.)
6% preferred (guar.)
Wichita Union Stockyards. 8% pref. (s.
-a.)
Wichita Water 7% preferred (guar.)
Wilson & Co
$6 preferred (quar.)
Will & Baumer Candle Co.,Inc..corn
WInsted Hosiery (guar.)
Quarterly
Worcester Salt Co.(guar.)
69' preferred (quar.)
Wrigley(Wm.)Jr. Co.(mthly.)
Monthly
Monthly
Wisconsin Gas & Elec. Co.,6% pref. C (quar.)
Wisconsin Telep pret.(quar.)
Yale & Towne Mfg. Co
Zions Cooperative Mercantile 112s. (qua?.)
Quarterly
When Holders
Payable of Record
itt;
July 20 July 10
Oct. 19 Oct. 10
c 5c July 1 July 1
50c Aug. 1 July 15
Oct. 1 50ct. 5
July 15 July 1
50c July 15 June 20
51% July 15 June 20
$134 July 15 July 1
10c July 15 June 29
12%c July 31 June 29
$13‘ Aug. 1 July 5
$1)6 Aug. 1 July 5
$4 July 15 July 10
$1,' July 15 July 1
12%c Sept. 1 Aug. 15
$136 Aug. 1 July 15
10c Aug. 15 Aug. 1
$1% Aug. 1
$134 Nov. 1
$1)5 Aug. 15 Aug. i5
$1% Aug. 15 Aug. 5
25c Aug. 1 July 20 I
25c Sept. 2 Aug. 20 I
250 Oct. 1 Sept.20 I
S1)6 July 15 June 29
$1)4 July 31 June 20
15c Oct. 1 Sept. 10 I
50c July 15
50c Oct. 15
a Transfer books not closed for this dividend.
e The following corrections have been made:
Auto. Vot. Mach., holders of record July 20 previously reported July 29.
Nevada-Calif. Electric Corp., preferred, holders of record June 29 previously
reported as July 29.
Wagner Electric Corp., payable July 1, previously reported as July 20.
d Firr-Fyter class A. pays one share class A stock lor each lour shares
held in payment of all accumulated dividends.
e Payable In stock.
f Payable In common stock. g Payable in scrip. h On account of acM6
,
mutated dividends. j Payable In preferred stock.
k Amer. Cities Pow.& Lt. Corp. guar. div. of 1-32d of one share of class B
stock was declared upon each sh. of cony. class A stock, optional div. series.
Class A stockholders have the option of receiving 75c. in cash in lieu of the
div. in class B stock, providing written notice is received by the corporation
on or before July 22.
r Payable in Canadian funds. and In the case of non-residents of Canada
•deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. r A unit. ts Less depositary expenses.
Less tax u A deduction has been Made for expenses
Condition of the Federal Reserve Bank of
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 3 1935,
in comparison with the previous week and the corresponding
date last year:
July 3 1935 June 26 1935 July 3 1934
Assets—
told certificates on hand and due from
$
$
$
U. S. Treasury_x
2,297.885,000 2,377,085,000 1,529,420,000
tedemptlon fund—F. R. notes
1,107,000
1,107,000
1,601.000
ither cash.
63,697,000
71,146,000
53,948.000
Total reserves
2,362,689,000 2,449,338,000 1,584,969,000
tedemptIon fund—F. R. bank notes
1,890,000
fills discounted:
Secured by U. S. Govt. obligations
direct dt (or) fully guaranteed
3,912,000
1,305,000
2,735,000
Other bills discounted
2,251,000
2,480,000
10,942.000
Total bills discounted
6,163,000
3.785,000
13,677,000
tills bought in open market
ndustzial advances
I. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities_
1.801,000
6,830,000
1,797,000
6,718,000
2,054,000
99,496,000
470,463,000
174,359.000
106,394,000 166,173,000
484,125,000 387,464,000
173,799,000 226,618,000
744,318,000
744,318,000 780,255,000
3ther securities
Foreign loans on gold .
Total bills and securities
759,112,000
756,618,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
256,000
5,820,000
134,346,000
11,882,000
31,371,000
289,000
1,193.000
4,610,000
5,547,000
112,041,000 128,673,000
11,882,000
11,449,000
29,740,000
30,569,000
35,000
796,021,000
Total assets
3.305.276.0003.364,818.000 2,560,311,000
Liabitittes—
P. R. noted in actual circulation
717,475,000 679,998,000 663,573,000
P. R. bank notes in actual circulation net
35,163,000
Deposits—Member bank reserve seal__ 2,018,012.000 2,163,456,000 1,473,343,000
U. S. Treasurer—General account__
74,617,000
45,012,000
10,202,000
Foreign bank
9,294,000
7,969,000
1,331,000
Other deposits
219,321,000 228,334,000 142,173,000
Total deposits
Deferred availability items
Capital paid tel
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
MI other liabilities
2,321.244.0002,444.771.000 1,627,049,000
137,671,000 109,869,000 108,730,000
59,386,000
59,389,000
60,269,000
49,984,000
49,984,000
45,217,000
6,578,000
6.190,000
7,500.000
7,500,000
4,737,000
5,558,000
6.837,000
15,573,000
Total liabilities
3,305,276,000 3,364,518,000 2,560,311,000
Ratio of total reserves to deposit
F. R. note liabilities combined
77.8%
78.4%
69.2%
Contingent liability on bills Purchased
for foreign correspondents
453,000
Commitments to make Industrial advances
8.053.000
8.155.000
•"Other cash" does not Include Federal Reserve notes or a bank's own
Faders
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued
from 100
cents to 59.06 cents, these certificates being worth less to the
the difference: the difference Itself having been appropriated as profitextent ofTreasury
by the
under the provisions of the Gold Reserve Act of 1934.
July 6 1935
Financial Chronicle
68
Weekly Return of the Federal Reserve Board
July 5, showing the condition of the
The following is issued by the Federal Reserve Board on Friday afternoon,
for the System as a
close of business on Wednesday. The first table presents the results
twelve Reserve banks at the
preceding weeks and with those of the corresponding week last year.
whole in comparison with the figures for the seven
of the twelve banks. The Federal Reserve note
The second table shows the resources and liabilities separately for each
Agents
regarding transactions in Federal Reserve notes between the Reserve
statement (third table following) gives details
latest week appears in our departthe returns for the
and the Federal Reserve banks. The Reserve Board's comment upon
ment of "Current Events and Discussions."
JULY 3 1935
THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES AND LIABILITIES OF
May 29 1935 May 22 1935 May 15 1935 July 3 1934
July 3 1935 June 26 1935 June 19 1935 June 12 1935 June 5 1935
s
$
S
$
S
s
s
$
4,782,684,000
3
ASSETS
6,019,475,000 5.909,299,000 5,868,300,000 5,820,788,000 5,791,839,000
23,231,000
20,063,000
U.S.Treas.x 6,226,221,000 6,126.491,000 6,119,438,000
21,064,000
22,249.000
Gold Mts. on hand & due from
22,248,000
21,859,000
21,837,000
22,583,000
22,881,000
219.947,000 232,782,000 235,981,000 211,608,000
Redemption fund (F. R. notes)
216,175,000 239,614,000 234,018,000 233,432,000 222,982,000
Other cash •
6,110,496,000 6,074,634,000 6,047,883,000 5,019,523.000
6,465,277,000 6,388,688.000 6,375.363,000 6.274,766.000 6,154,529,000
Total reserves
4,187,000
Redemption fund-F. R. bank notes
Bills discounted:
4.579,000
3,531.000
3,388,000
4,914,000
Secured by U. S. Govt. obligations
4,690,000
4.434,000
3.681,000
3.591,000
24,409,000
5,384,000
3,124,000
3,370,000
3,372,000
direct and(or) fully guaranteed
3,393,000
3,300,000
3,200,000
3,546,000
2,987,000
Other bills discounted
28,988,000
6,655,000
6,758,000
8,286.000
8,083,000
7.734,000
6,881.000
7,137,000
8,371,000
Total bills discounted
5,317,000
4,705,000
4,700.000
4,700,000
4,700,000
4,706,000
4.723,000
4,690,000
4,687,000
28.546.000
26,895,000
26.977.000
Bills bought in ()Den market
27,022,000
27,282,000
27,386.000
27,518,000
27,904,000
Industrial advances
314.512,000 335,621.000 333,542,000 467,807,000
292,743,000 316,865,000 316,891,000 316,904,000 316,852,000 1,561,448.000 1.540,402,000 1,541,853,000 1.221,884,000
U.S. Government securities-Bonds
1,533,137,000 1,510.483,000 1,515,436,000 1,512,480,000 1,552,980,000 554.304,000 554,304,000 555.160.000 742,099,000
Treasury notes
604.879.000 602,879,000 597,914,000 600.879.000 560,374,000
Certificates and bills
2.430,327.000 2,430,355,000 2,431,790,000
2,430,227,000 2,430,241,000 2.430,263,000 2,430,206,000 2,430,264,000
Total U. S. Government securities.- 2,430,759,000
512,000
Other securities
Foreign loans on gold
Total bills and securities
2,471,721,000 2,469,572,000 2.469.231,000 2.469,985,000 2,470,011,000
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets
Total assets
LIABILITIES
F. R. notes In actual circulation
F. R. bank notes in actual circulation__
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-13)
Reserve for contingencies
All other liabilities
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-term Securities1-16 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills 1Lscounted
1-15 days bile bought in open market...
16-30 days bills bought in open market.31-80 days bills bought In open market...
61-90 days bills bought In open market
Over 90 days 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
Over 90 days industrial advances
Total Industrial advances
694,000
16,506,000
582,111.000
49.690.000
44.077.000
3,171.650,000 3,148,543,000 3,154.374,000 3,121,703,000
44,852,00(1
5.029.492,000 4,995,666,000 5,049,181,000 4,914,241,000 4,826,596,000
74,472,000
95,442,000
65.780,000
80,301,000 126,035,000
47,345,000
21,996,000
20,741,000
27,564,000
24.101.000
215.021,000
281,499.000 273,778,000 193,407,000 174,468,000
4,821.304,000 4,822,322,000 3.745,739,000
34,693,000 152,150,000
37,317,000
4,530,000
18,733,000
22,376,000
262,888,000 248.418,000 227,241,000
5,163.434,000 5,143,885,000 5,124,166,000 1,129,660,000
460,029,000
146,654,000
144,893,000
20.065.000
30,782.000
12,372,000
488,889,000
146,649,000
144,893,000
19.939,000
30,777,000
10,831,000
577,946,000 460,997,000
146,660.000 147,121,000
144,893,000 138,383,000
19,939,000
22,540,000
30,810.000
22,600,000
10,434.000
9.879,000 9,134,406,000 9,209,222,000 8,087,856,000
,
9,577,501,000 9 437,145,000 9,517.819,000 9.386.472,000 9,238,340,000 9.14
20,844,000
74.2%
20.579.000
73.8%
74.0%
20.008,000
20,404,000
73.4%
73.3%
73.3%
73.1%
69.2%
2,000
74.4%
16,000
1,450,000
19,688,000
19,425,000
18,640,000
18.515,000
6,401,000
255,000
638,000
871,000
206,000
5,070,000
412,000
110,000
1,294,000
251,000
5,180,000
158,000
290,000
1,059,000
194,000
6,419,000
192,000
303,000
592,000
228.000
5
6,675,000
197,000
317,000
644,000
250,000
$
6,176.000
821.000
398,000
649,000
242,000
3
5,107,000
851,000
245,000
318.000
237,000
3
5.008,000
168,000
938,000
319,000
222.000
S
20,630,000
2,003,000
1,550,000
4,544,000
261,000
6,881,000
7.734,000
8,083,000
8.286.000
6.753,000
28,988,000
7,137.000
8,655,000
8,371,000
1,998,000
838,000
671,000
1,199.000
1.121.000
1,648,000
1,197,000
734,000
959.000
1,997.000
1,390,000
354.000
502,000
583,000
544,000
3,071,000
282,000
420,000
1,009.000
2,994,000
520,000
2,675,000
767,000
1,355,000
5,317,000
s
$
$
s
906,000
495,000
960,000
2,326,000
870,000
607,000
714,000
2,499,000
1,777,000
857,000
762,000
1,327,000
4,687,000
. 4,690,000
4,723,000
4,706,000
4,700.000
4.700,000
4.700,000
4,705,000
1,256,000
224,000
320,000
349,000
24,873,000
1,251,000
180,000
334,000
318,000
24,894,000
1,407,000
107,000
339,000
236,000
24,806,000
1.243,000
304,000
356,000
252,000
24,391,000
27,022,000
26.977,000
26,895,000
26,546,000
1,207,000
200,000
227,000
791,000
25,479,000
1.203,000
183,000
305,000
525,000
25.302.000
1,387,000
141,000
266,000
557,000
25.035,000
1,317,000
163,000
299,000
460.000
25,043,000
27,904,000
27,518,000
27.386,000
27,282,000
40,257,000
40,903,000
41,103,000
63,810,000 115,365.000 137,442,000
66,160,000
46,050,000
41,103,000
1-15 days U. S. Government securities
63,810,000 148.435.000 147,351.000
86.160,000
45,550,000
51,055.000
44,853,000
221,534,000
16-30 days U. S. Government securities
94,617,004) 170,306,000 186,005,000 120.495,000 113,297.000 189,680,000
.637,000
83
82,679,000
days U. S. Government securities
82,679,000 179,894,000 190,874,000
31-80
72,484,000
57,190,000
52,033,000
52.393,000
1,937,781,000
61-90 days U. S. Government securities._
, 05,948.000 1,960,290.000 1.942,337,000 1,937,902,000
2,177,342,000 2,169,074,000 2 0
Over 90 days U.S. Government securities_ 2.204,784,000
2,430,264,000 2,430,327.000 2.430,355,000
2,430.759.000 2,430,227,000 2,430,241,000 2,430.263,000 2,430,206,000
Total U. S. Government securities
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
3,129,000
15,585,000
478,866,000
52,682,000
47,277,000
9,238.340,000 9.149.879.000 9.134,406,000 9,209,222,000 8,087,856,000
5,393,593,000 5,415,393,000 5,423,043,000 5.329,109,000 5,206,147,000
496,046,000
531,850,000 467.642,000 551,087,000 521,872,000
146,570,000 146,584,000 146,594,000 146,622,000 146,628,000
144,893,000 144,893,000 144,893,000 144.893,000 144,893,000
20,065,000
20.482,000
20.482,000
20,870,000
20.482,000
30,781,000
30,776.000
30,778,000
30.778.000
30,777,000
11,731.000
14,272,000
12.664,000
13.475,000
9,088,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
698.000
16,820,000
478,931,000
49.701,000
44,942,000
700,000
15,743,000
455.926,000
49.701,000
47,086,000
700,000
16,888,000
499,881,000
49,711,000
47,620,000
694,000
18,020,000
523,601.000
49.814,000
49,592,000
3,299,860,000 3,197.898,000 3,188,278,000 3.178,446,000 3,182,049,000
Total liabilities
Total bills bough In open market
678,000
17,312,000
563,315,000
49,822,000
42.098.000
9,577,501.000 9.437,145,000 9,517,819,000 9.386,472,000
Deposits-Member banks' reserve account 4,899,723,000
U. S. Treasurer-General accoun1._ -- 181,686,000
25,700,000
Foreign banks
286,484,000
Other deposits
Total deposits
711,000
16,853,000
468,964,000
49,826,000
42,531,000
636,000
17,940,000
527,436,000
49,839,000
44,652,000
2,470.227.000 2,468,680,000 2,468,261,000 2,466,607,000
33,225,000
16,999,000
100,259,000
102,222,000
489,394,000
742,099,000
477,000
35,000
512,000
Total municipal warrants
3.429,322,000 3,425,006,000 3,420,316,000 3,376,193,000
Federal Reserve Notes
3.537.646,000 3,478,268,000 3,465,678,000 3,459,394,000 3,451,338,000
Issued to F. R. Bank by F. It. Agent---- 237,786,000 280,370,000 277,400,000 230,948,000 269,289,000 257.672,000 276,463,000 265,942,000 254,490,000
by Federal Reserve Bank
Held
3,171,650,000 3,143,543,000 3,154,374,000 3,121,703,000
3,299,860,000 3,197,898,000 3,188,278,000 3.178,446,000 3,182.049,000
In actual circulation
Collateral Held by Agent as Security for
3,288,479,000 3,093,656,000
Notes Issued to Bank
3,234,139.000 3.299,639,000 3,288,479,000 3,271,979,000 3,282,979,000
18,071,000
5,212,000
5,091,000
6,741,000
Gold Ws.on hand & due from U.S. Treas_ 3,392,839,000 3,277,639,000
6,524,000
6,212,000
5,371,000
5,618.000
6,880.000
305,000,000
By eligible Paper
225,000,000 225,500.000 236,900,000 224,500.000 226,500,000
165,000,000 233,000,000 225,100,000
S. Government securities
U.
3.515,620,000 3,512.691,000 3,520,070.000 3,416,727,000
3.561 719.000 3516257.000 3.514.610.000 3.521.851.000 3.520.503.000
pm., entlsaftral
a Revised figures.
cash" does not include Federal Reserve notes.
dollar was devalued from 100 cents to 59.06 cents
the gold taken over from the Reserve banks when the appropriated as Ptofit by the Treasury under the
s These are certificates given by the U. S. Treasury for
to the extent of the difference. the difference itself having been
on Jan. 31 1034, these certificates being worth lase
Provisions of the Gold Reserve Act of 1934.
• owes
Volume 141
Financial Chronicle
69
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 3 1935
Two Ciphers (00) Omitted
Federal Reserve Bonk of-
Total
Boston New York
Phila. Cleveland Richmond Atlanta
Chicago
St. Loau ifinneap. Kos. Car Dallas Bin FM.
RESOURCES
$
$
$
$
$
$
$
$
$
3
$
$
$
ad certificates on hand and due
from U. B. Treasury
6,226,221,0 434.793,0 2,297,885,0 295,957,0 124,504,0 195,414,0 153,620,0 1,409,553,0 199,110,0 137,703,0 204,102,0 106,334,0 367,246.0
1demption fund-P.R. notes22,881,0 3,797,0
1,107,0 1,872,0 1,808,0 2,252,0 3,564,0
2,007,0 1,170,0
527,0
696,0
310,0 3.771.0
bar cub•
63,697,0 28,552,0 8,147,0 8,978,0 9,312,0
216,175,0 17,858,0
24,728,0 10,613,0 13,174,0 11,058,0 7.524,0 12,534.0
Total reserves
6,465,277,0 456,448,0 2,362,689,0 326,381,0 434,459,0 206,644,0 166,496,0 1,436,288,0 210,893,0 151,404,0 215,856,0 114,168,0 383,551,0
Us discounted
See. by U. S. Govt. obligations
direct &(or) Drily guaranteed
3,912,0
230,0
5.384,0
624,0
180.0
171,0
11,0
4,0
53,0
49,0
150,0
Other bills discounted
2,251,0
2,987,0
155.0
83,0
30,0
35,0
27,0
21,0
81,0
259,0
45,0
Total bills discounted
8,371,0
779,0
6,163,0
313,0
210,0
206,0
38,0
4,0
74,0
308,0
81,0
195,0
III bought in open market..
dustrlal advances
, S. Government securities:
Bonds
Treasury notes
Certificates and bills
4,687,0
27,904,0
345,0
2,282,0
1,801,0
6,830,0
475,0
3,633,0
445,0
1,557,0
174,0
4,448,0
169,0
1,078,0
292,743,0 17,420,0
1,533,137.0 100,152,0
604,879,0 40,106,0
99,496,0 20,160,0 23,227,0 12,435,0 10,048,0
470,463,0 112,574,0 139,097,0 74,463,0 60,123,0
174,359,0 44,336.0 55,701,0 29,818,0 24,068,0
Total U.S. Govt.securities_ 2,430,759,0 157,678,0
557,0
1,925,0
• 80,0
482,0
64,0
2,034,0
127,0
1,142,0
122,0
1,827,0
328,0
666,0
34,341.0 11,474,0 14,310,0 12,048,0 16,549,0 21,235,0
228,688,0 69,211,0 43,928,0 68,047,0 39,220,0 127,171,0
97,660,0 27,515,0 17,386,0 27,249.0 15,706,0 50,925,0
744,318,0 177,120,0 218,025,0 116,716,0 94,239,0
360,689,0 108,200,0 75,624,0 107,344,0 71.475,0 199,331.0
2,471,721,0 161,084,0
Total bills and securities
759.112,0 181,541,0 220,237,0 121,544,0 95,524,0
363,171,0 108,766,0 77,796.0 108,694,0 73,732,0 200.520,0
636,0
48,0
358,0
17,940,0
527,436,0 57,836,0
49,839,0 3,168,0
44,652,0
556,0
256,0
65,0
60,0
23,0
23,0
5,620,0
413,0 1,288,0 1,413,0
808,0
134,346,0 45,778,0 48,853,0 46,248,0 15,719,0
11,882,0 4,635,0 6,629.0 3,028,0 2,328,0
31,371,0 4,391,0 2.310,0 1,215,0 1,655,0
3,0
77,0
17,0
3,0
17,0
44,0
2,342,0 1,286,0 1,236,0
814,0
231,0 2,131,0
67,745,0 22,084,0 15,745,0 29,808,0 18,121,0 25,153,0
4,958,0 2,628,0 1,580,0 3,449,0 1,685,0 3,869,0
702,0
246,0
517,0
328,0
864,0
497,0
se from foreign banks- ....
Id. Res. notes of other banks
ricolleeted items
Ink premises
1 other resources
Total resources
9,577,501,0 679,498,0 3,305,276,0 563,204,0 713,836,0 380,115,0 282,553,0 1.875.283,0345,906,0 248,281,0 358,960,0 208,818,0 615,765,0
LIABILITIES
R. notes In actual circulation- 3,299,860,0 284,444,0
•
717,475,0 242,295,0 319,456.0 152,835,0 128,620,0
posits:
Member bank reserve account_ 4,899,723,0 304,993,0 2,018,012,0 225,419,0 298,997,0 154,867,0 110,669,0
U. S. Treasurer-Gen. acot_ 181,686,0 2,403,0
74.617,0 5,425,0 8,636,0 5,323,0 9,379,0
Foreign bank
9,294,0 2,570,0 2,467,0
25,700,0 1,869,0
961,0
935,0
Other deposits
286,484,0 4,011,0 219,321,0 10,837,0 4,280.0 6,672,0 4,074,0
Total deposits
803,822,0 141,457,0 102,348,0 123,018,0 53,639,0 230,451,0
920,243,0 156.842,0 112,111,0 187,207.0 119,540,0 290,823,0
30,729,0 4,571,0 2,468,0 8,132,0 2,895,0 27,108,0
3,012,0
779,0
623,0
698,0
675,0 1,817,0
2,293,0 9,455,0 6,605,0
971,0 1,541,0 16.424,0
5.393,593,0 313,276,0 2,321,244,0 244,251,0 314,380,0 167,823,0 125,057,0
956,277,0 171,647,0 121,807,0 197,008,0 124,651,0 336,172,0
137,571,0 42,898,0 48,278,0 44,737,0 15,370,0
59,386,0 15,126,0 13,112,0 5,031,0 4,445,0
49,964.0 13,470,0 14,371,0 5,186,0 5,540,0
6,578,0 2,098,0 1,007,0 2,918,0
754.0
7.500,0 2,996,0 3,000,0 1,416,0 2,602,0
5,558,0
70,0
232,0
169,0
165,0
72,547,0 22,384,0 15,236,0 29,564,0 20,231,0 25,825,0
12,784,0 3,993,0 3,127,0 4,036,0 4,019,0 10,757,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
1,391.0
547,0 1,003,0
775,0
939,0
695,0
5,325.0
891,0 1,171,0
826,0 1,363,0 2,039,0
1,787,0
332,0
169,0
126,0
199,0
181,0
Marred availability Items
ipital paid In
irplus (Section 7).
irplus (Section 13-b)
Nerve for contingencies
1 other liabilities
531,850,0 57,209,0
146,570,0 10,754,0
144.893,0 9,902,0
20,870,0 2,165,0
30.777,0 1,648,0
100,0
9,088,0
Total liabilities
9,577,501,0 679,498,0 3,305,276,0 563,204,0 713,836,0 380,115,0 282,553,0 1,875.283,0 345.906,0 248,281,0 358,966,0 208,818,0 615,705,0
1110 01 total res to dep.& F.R.
note liabilities combined
sntingent liability on bills purchased for torn correspondents
smmIttments to make industrial
advances
74.4
76.4
77.8
67.1
68.5
64.4
65.6
81.8
67.4
67.5
67.4
64.0
67.7
20,844,0
2,879,0
8,053,0
836,0
1,493,0
1,728,0
671,0
514,0
1,787,0
151,0
243,0
448,0
2,041,0
*"Other Cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
Elt. Louis Militias;. Remelts Dallas
&arras.
Federal Reserve notes:
$
$
Issued to F.R.Bk.by F.R.Agt. 3,537,646,0 298.062,0
Held by Fell Reserve Bank-- 237,786,0 13,618,0
S
$
S
$
$
805,711.0 253,498,0 331,421,0 161,532.0 143.866,0
88,236,0 11,203,0 11,965,0 8,697,0 15,248,0
8
$
$
$
$
$
834,121,0 145,728,0 107.261,0 129.288,0 60,296,0 266.862,0
30,299,0 4,271,0 4,913,0 6,270.0 6,657,0 36,411.0
In actual circulation
3,299,860,0 284,444,0
Collateral held by Agent as serarity for notes Issued to bits:
Gold certificates on hand and
due from U. S. Treasury- 3 392,839.0301,017,0
Eligible paper
' 6,880,0
779,0
U. S. Government securities- 165,000,0
717,475,0 242,295,0 319,456,0 152,835,0 128,620,0
803,822,0 141,457,0 102,348,0 123,018,0 53,639,0 230,451,0
808,706,0 224,000,0302.715,0 137,000,0 112,685.0
4,689,0
313,0
210,0
206,0
38,0
30,000,0 30,000,0 25.000,0 33,000,0
837.546,0 138,632,0 103,000,0 130,000,0 60,675,0 236,263,G
4,0
74,0
79,0
308,0
180,0
8,000,0 5,000,0 2,000,0
32,000,0
813,395.0 254,313,0 332,925,0 162,206,0 145,723.0
837,548,0 146,636,0 108,074,0 132,079,0 60,983,0 268,443,
Total collateral
3,564,719,0 302,396,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained.
These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the
figures for
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.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY
DISTRICTS. ON JUNE 26 1935
(In Millions of Dollars)
Federal Reserve DistrictLoans and Investments
-total
Total
Bostoa
New York
Ana.
Cleoeland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
8anFras.
18,663
1,173
8,626
1,094
1,227
351
345
2,011
540
347
592
421
1,936
3,061
192
1,837
186
104
49
46
230
59
33
46
41
178
883
168
2,012
7
30
155
859
62
916
15
11
160
6
158
1
48
3
43
1
28
201
5
54
2
31
1
3
42
1
40
14
161
Acceptanem. and comml naper bought
I owls on real estate
Other loans
317
901
3,205
33
89
272
155
243
1,341
25
71
177
3
73
149
7
16
77
3
12
123
30
31
316
9
37
103
6
101
20
13
113
2
25
109
19
345
324
U.S. Government direct obligationsOblies, fully guar. by U. S. Govt--Other securities
7,407
841
2,871
385
15
182
3,521
354
1,175
288
73
274
619
31
188
123
24
55
92
20
49
1.006
92
306
204
39
89
139
17
45
238
43
119
163
39
42
629
94
347
Reserve with Federal Reserve banks
Cash In vault
3,875
302
230
90
1,955
59
167
13
154
22
60
12
31
7
749
47
106
9
77
5
116
12
68
9
162
17
15,423
4,427
674
1,003
310
47
8,045
955
381
837
276
42
771
461
30
242
139
7
210
133
20
1,963
619
30
424
168
14
285
122
2
533
156
15
323
123
28
787
965
58
1,842
4,398
102
211
199
1,982
162
262
130
197
96
102
so
86
303
616
100
185
103
118
223
294
136
130
208
215
Loans on securitiee-total
To brokers and dealers:
In New York
Outside New York
To omen
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
8
July 6 1935
Financial Chronicle
70
5
United States Treasury Bills-Friday, July
purchase.
Rates quoted are for discount at
jfinanrial
Ore
jai gliv
TInnittert
aranide
PUBLISHED WEEKLY
ce
Terms of Subscription-Payable in Advan 6 Mos'
12 Mos.
Including Postage-$9.00
$15.00
Territories
9.75
United States, U. S. Possessions and
16.50
on of Canada
In Domini
10.75
Mexico and Cuba--18.50
South and Central America, Spain. (except Spain). Asia.
11.50
Great Britain, Continental Europe
20.00
Australia and Africa
The following publications are also issued:
MONTHLY PUBLICATIONS
0011PI
BANK AND QUOTATION RZCORD
PUBLIC UTILITY-(semi-annually)
MONTHLY EARNINGS RECORD
INDUSTRIAL-(fOW a year)
RAILWAY &
STATE AND MUNICIPAL-(SSEGIAI111.)
and
and Quotation Record. the State
dium
The subscription price of the Bank
Railway and Industrial Compen
Municipal Compendium and the of the Public Utility Compendium Is
Is $10.00 per year each. The price Monthly Earnings Record is $6.00
the
$7.50 per year and the price of
per year. Foreign postage extra.
Terms of Advertising
45 cents
line
On request
Transient display matter per agate
Contract and Card rates
Western Representative.
H. Gray.
CHICacio Osmcz-In charge of Fred. Street, Telephone State 0613.
208 South La Salle
Drapers' Gardens, London. B.C.
LONDON Ommt-Edwards & Smith. 1
Publishers,
WILLIAM B. DANA COMPANY, York.
New
William Street, Corner Spruce.
ities on the New
United States Government Secur
furnish a daily record
York Stock Exchange-Below we Home Owners' Loan,
of the transactions in Liberty Loan, s bonds and Treasury
Federal Farm Mortgage Corporation'
Exchange:
certificates on the New York Stock
one or more 32nds
Quotations after decimal point represent
a point.
of
ne 29 July 1 July 2 July 3 July 4
Daily Record of U. S. Bond PricesJu
101.25 101.24
{High 101.26 101.28 101.24 101.24
Fourth Liberty Loan
Low. 101.26 101.25
6Si% bonds of 1933-38_(Close 101.26 101.27 101.25 101.24
(Fourth 43(e)
5
25
27
4
_ Total sales in $1,000
--- 116.30 117.1
illigh
units- 118.30
Treasury
-- -- 116.28 117.1
Low.. 116.30
IlMs 1947-52
-__. 116.28 117.1
Close 116.30
5
7
I
Total sales in $1,000 units__ 112.2 102. - 112
112
__{High
Low_ 112.2 111.30 111.31 111.29 111.29
ia. 1944-54
111.31 112
Close 112.2 102
160
3
5
2
Total sales in $1,000 units_ 106.24 106.20 106.18 108.22
{High
106.17 106.18
Low_ 106.21 108.19
6Xii-331s. 1943-45
Close 106.24 108.2D 106.18 106.18
23
3
21
33
Total sales in $1,000 ungs___ 110.13 110.10
____ 110.14
righ
-___ 110.13
Low_ 110.13 110.10
834.. 1946-58
-- 110.14
Close 110.13 110.10
479
-_-_
1
1
Total sales in $1,000 untie__ 107.19 107.19 107.16 107.20
{High
107.16 107.20
Low 107.19 107.18
334s. 1943-47
Close 107.19 107.19 107.16 107.20
1
1
14
10
_
Total sales in 61,000
103.30
illtith
units_- 103.28 103.28 103.28 103.26
Low_ 103.28 103.26 103.24
8s, 1951-55
Clime 103.28 103.28 103.27 103.30
134
19
83
4
Total sates in 51.000 units__ 103.25 103.25 103.24 103.25
rLoib
103.24 103.20 103.23
w_ 103.24
Si, 1946-48
Close 103.25 103.24 103.24 103.24
39
114
14
85
Total sales in $1,000 units....
(Blab 108.18 108.17 108.13 108.17
Low_ 108.16 108.17 108.13 108.15
3,6s, 1940-43
Close 108.18 108.17 108.13 108.17
8
1
6
6
Total sates in $1,000 units_ _ _ 108.19 108.19 108.20 108.22
{High
108.18 108.16 108.18
Low_ 108.19
HO!.!
11i4s, 1941-43
Close 108.19 108.19 108.20 108.18 DAY
3
3
7
Total sales in $1,000 units_ __ 105.1I 105.4 104.31 105.3
rLoah
w 105.1 105.3 104.31 105
334., 1948-49
Close 105.1 105.3 104.31 105.2
16
1
54
2
Total sales in $1,000 units__ 104.30 104.29 104.26 104.26
High
{
104.26 104.22 104.26
Low_ 104.30
$34s, 1949-62
Clone 104.30 104.26 104.25 104.26
1
86
108
1
Total sales in 61,000 units_ __
1 High 108.20 108.19 108.18 108.19
Low_ 108.18 108.19 108.17 108.19
1130. 1941
Close 108.20 108.19 108.17 108.19
6
13
5
3
Total sales In $1,000 teats_ _
106.13
illigh 106.15 106.14 106.11 108.11
106.12 106.8
Low_ 108.14
83(s, 1944-48
Close 105.14 106.12 106.9 106.12
16
32
5
14
Total sales in $1,000 units_ _ _
(High 101.21 101.20 101.19 101.21
{Low_ 101.20 101.18 101.17 101.19
234s. 1955-60
(Close 101.20 101.19 101.19 101.19
72
223
582
26
Total sales in $1,000 units_ _
e 1 Higis 103.26 103.24 103.20 103.24
Were'Farm Mortgag
103.22 103.20 103.20
I 1.ow_ 103.26
She, 1944-64
(Close 103.26 103.24 103.20 103.24
4
10
2
1
Total sales In 81,000 units...
102.5
High 102.7 102.4 102.4 102.4
recteral Farm Mortgage
Low_ 102.7 102.3 102.2 102.4
88, 1944-49
Close 102.7 102.4 102.3
7
84
100
1
_
Total sales in $1,000
111igh
Mortgage units_- 102.11 102.9 102.8 102.9
ederal Farm
102.8
102.9 102.8
Low_ 102.10
3s. 1942-47
Close 102.11 102.9 102.8 102.97
14
10
3
Total sales in $1,000 units..__
101.2 101.4
ederal Farm Mortitage (High 101.5 101.5 101.2 101.2
Low_ 101.5 101.3
2,48. 1942-47
Close 101.6 101.5 101.2 101.4
7
2
56
1
Total salesin $1,000 units._
102.4
102.3 102
{High 102.3
ome Owners' Loan
101.30 102
102
Low_ 102.2
38, series A, 1952
102.4
Close 102.3 102.2 102
119
74
27
4
Total sales in $1.000 webs__
High 100.20 100.20 100.18 100.23
ome is-oors Loan
Low_ 100.18 100.15 100.14 100.16
B, 1949
234e. series
Close 100.19 100.17 100.18 100.22
199
106
114
23
Total sales in 31.000 units__
July 6
101.23
101.23
101.23
10
117.2
117
117
5
.
112 I
111.29
111.29
5
106.22
1^6.19
106.19
8
--....
---.
-107 H1
107.20
107.20
2
103.30
103.28
103.28
41
103.26
103.24
103.26
53
108.16
108.16
108.16
2
-__-
-1
105
105.1
105.1
3
104.27
104.25
104.25
25
108.21
108.19
108.21
18
106.14
106.12
106.12
61
101.23
101.21
101.22
440
103.28
103.26
103.28
28
102.94
102.71
102.0'
3
102A1
102.11
102.11
27
101.5
101.5
101.5
7
102 6
102.3
102.3
120
100.24
100.22
100.22
48
sales of coupon
Note-The above table includes onlywere:
in registered bonds
bonds. Transactions
101.21 to 101.21
24th 43I5, 1933-38
3 Treasury 434s, 1952
1 Treasury 43.(e-33(s. 1943-45
10 Treasury 3348, 1944-46
116.26(0 116.26
106.15 to 106.15
106.11 to 106.11
July 10 1935
July 17 1935
July 24 1935
July 31 1935
Aug. 7 1935
Aug. 14 1935
Aug. 21 1935
Aug.28 1933
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Nov. 27 1935
Dee. 4 1935
Dec. 11 1935
Dee. IR IGAR
Asked
Bid
Asked
Bid
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
__ _ _ II snot
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.207
0.20%.
0.20%
0.20%
0.20%
0.20%
Dec. 24 1935
Dec. 31 1935
Jan. 8 1938
Jan. 15 1938
Jan. 22 1936
Jan. 29 1938
Feb. 51936
Feb. 11 1936
Feb. 19 1936
Feb. 261936
Mar. 4 1936
Mar.11 1936
Mar. 18 1936
Mar.25 1936
Apr. 1 1936
_
icates of
Quotations for United States Treasury Certif
-Friday, July 5
Indebtedness, &c.
32ds of
Figures after decimal point represent one or more
a point.
hu.
as.
Maturity
June 15 1936___
June 15 1940___
Sept.15 1938-Aug. 1 1935_-_
Mar. 15 1940._
June 15 1939Sept.15 1938._
Dee. 15 1935._
Feb. 1 1938_
Bid
Rate
134%
14%
134%
134%
134%
2347
*
234%
234%
254%
101.4
100.25
101.25
100.2
101.15
103.19
105.4
101.21
105.11
Maturity
Rate
Dee. 15 1936_ __
Apr. 15 1936_
June 15 1938._
Feb. 15 1937_ __
Apr. 15 1937..
Mar. 15 1938...
Aug. 1 1936_
Sept.15 1937.._
234%
234%
234%
3%
3%
3%
334%
33i%
Asked
101.6
100.27
101.27
____
101.17
103.21
105.6
101.23
105.13
Asked
Bid
103.31
102.17
106.3
104.20
105
106.10
103.18
106.7
104.1
102.19
106.5
104.22
105.2
106.12
103.20
106.9
t-For review
The Week on the New York Stock Marke
market, see editorial pages.
of New York Stock
YORK STOCK EXCHANGE.
TRANSACTIONS AT THE NEW
DAILY. WEEKLY AND YEARLY
Week &ruled
July 5 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
State,
Railroad
Stocks,
Number of and Miscall. Municipal A
PoreignBonds
Bonds
Shares
$704,000
252,980 $3,639,000
1,284,000
7,098,000
683,670
1,431.000
8.782,000
1,198,890
1,149,000
7,612,000
720,450
HOLI DAY
1,420,000
0
7,847,00
880,730
3.736.720 $34.978.000
$5,988,000
Week Ended July 5
Sates at
York Stock
Exchange
New
1935
-No. of sharesStocks
Bonds
Government
State and foreign
Railroad dr Industrial.-
1934
United
Stales
Bonds
Total
Bond
Sales
$233,000 $4,576,000
9,628,000
1,246,000
827,000 11,040,000
1,312,000 10,073,000
HOLI DAY
913,000 10,180,000
$4.531.000 845.497.000
Jan. 1 to July 5
1935
1934 .
3,736,720
3,044,250
.128,332,122
213,141,022
$4,531,000
5.988,000
34,978,000
$9,471,900
9,378,500
31,936,000
$424,962,000
199,671,000
1,091,240,000
$327,397,200
361,007,000
1,365,826,000
$45,497,000 $50,786,400 $1,715,873,000 $2,054,230,200
Total
June 28 was Incorrectly reported.
*Correction. The volume of trad ng for Friday of 755,630. This difference of
The figures should have been 757,410 shares instead
shares has been added to the total.
1,780
CURRENT
NOTICES
the New York Stock Exchange,
-Burton Cluett & Dana, members of
iiiidertigrmanZgement of William Y.
have opened a Philadelphia offic73nahaw Jr.
I17
Stock Exchange, announce that
-Clifford & Co., members New York
as a general partner.
Koger Lasley has been admitted to their firm
York, have prepared an
Chas. E. Quincey & Co., 24 Broad St., New
tender method of distributing government bonds.
arialysis of the
s a discussion of the
-The Current Review of Estabrook & Co. contain
the investor.
Administration's Tax Program in the light of
rs
George S. Armstrong & Co.. Inc.. industrial enginee and financial
city.
consultants, have moved to 52 Wall St., this
-Homer & Co., Inc., 40 Exchange Place, New York, has prepared a
special circular on high-grade railroad bonds.
Bristol & Willett, 115 Broadway. New York, are distributing the July
."
ssue of their "Over-the-Counter Review
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
COmDaidee reported In receivership.
a Deferred delivery.
New stock.
r Cash sale.
s Es-dividend.
y Ex-rights.
1 1934.
w Adjusted for 25% stock dividend paid Oct.
par. share for share.
Listed July 12 1934: par value 108. replaced
listed June 27 1934; replaced 500 lire par value.
w Par value 550 lire
for share.
Listed Aug. 24 1933; replaced no par stock share 3 new shares exchanged to,
to give effect to
III Listed May 24 1934; low adjusted
1 old no par share.
payable Nov. 30 1934.
"Adjusted for 66 2-3% stock dividend
dividend paid April 30 1934.
IS Adjusted for 100% stock
paid Dec. 31 1934.
"Adjusted for 100% stock dividend
500 lire par value.
w Par value 400 lire; listed Sept. 20 1934; replaced for
share
• Listed April 4 1934; replaced no par stock 1 1934, share.
June
w Adjusted for 25% stock dividend paid
which low prices since July 1 1933 war'
The National Securities Exchanges on
tables), are as follows.
made (designated by supedor figures In
1, Pittsburgh stock
IS Cincinnati Stock
New York Stock
U Richmond Stock
"Cleveland Stock
New York Curb
14 Colorado Springs Stock l• St. Louis Stock
New York Produce
is Salt Lake City Stock
Stock
New York Real Estate Is Denver Stock
1, San Francisco Stock
Detroit
Baltimore Stock
SS San Francisco Curb
IS Los Angeles Stock
Boston Stock
U San Francisco Mining
IS Los Angeles Curb
Buffalo Stock
"Seattle Stook
-St. Paul
15 Minneapolis
California Stock
"
Spokane Stook
"New Oriean 'Stock
Chicago Stook
It Washington(D.C.)sloe*
Chicago Board of Trade SI Philadelphia Stock
Chicago Curb
V olu.me 141
71
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE
-Cosh and deterred delivery sales are disregarded In the day's range. unless
they are the only transactions of the day.
ea es In computing the range for the year.
No account is taken of such
July 1
1933 CO Rang,for
June30 Year 1934
Tuesday
Wednesday Thursday
Friday
1935
July 2
July 3
July 4
July 5
Lowest
Highest
Mea
Low Lose
S Der share
per share $ per share
per share $ per share $ per share Shares
Par 3 per share
$ per share 3 peril
*3412 3512 *3412 36
Per shard
*3412 36
*3412 36
*3412 36
Abraham &Straus
No par
32 Apr 3 37125lay 113
113 11312 113 113 *112 11312 *112
30
35
43
11312
11312 11312
Preferred_
20
100 110 Jan 10 114 Apr 6
*5314 54
89
89
III
5314 5312 54
54
54% 54%
54% 55
900 Acme Steel Co
25 51 June 25 55 June 5
21
6% 612
63
614 612
8 612
614 618 4,950 edema Express
6
614
No par
414 Mar 15
*89
414
714 Jan 2
91
6
117
,
*89
91
*89
91
*89
91
•89
91
Preferred
IGO 843 Jan 2 90 May 29
.
3114 313
65
70% x85
4 3114 3112 31% 31% 3112 3112
•313 32
4
500 Adams Millis
No par 2S June 6 33% Jan 2
1118 1118 *11
1412
16
34%
1112 *11
11% •11
113
8
•
1118 11%
200 Addreaa Multlgr Corp
10
8 Jan 12 117
8May 17
85
6
8 87
63
4 113
8
8
8% 87
s
9
9
9 12
918
9
914 4,400 Advance Rumely
41j Mar 18
No par
'73
312
9 4 Jule 5
4 818 *73
,
318
7%
4
77
8 •73
4 77
8 *73
4 77
8
*73
4 77
8
Affiliated Products Inc _No par
83 Feb 11
64 Jan 15
1413 142
8
4
4%
4%
140% 14112 1415 1415 14118 14112
9%
8
8
14212 14512 2,300 Air Reduction Inc
No par 10482 Mar 18 14512July 5
8018
*7
2
91% 113
7
1,
8
*7
8
8
7,
118
*3
4
11s
*73 1
100 Alt Way Elec Appliance No par
2
4
14 Apr 3
17 Jan 7
8
163 17
.1
1%
17
33
8
17
16% 17
1612 165
8
1612 17
4,200 Alaska Juneau Gold Min
10 15% Mar 13 x2018 Jan 9
15%
16% 23%
_
Albany & Susquehanna
100 186 Apr 10 187 Apr 25 170
-;iT2 -14 -;i12 - 13- .
196
205
112 134 *112 13
4
4
'113 13
4
A P W Paper Co
7
8
7
8
No par
112June 24
112
312 Jan 8
7,
7,
2%
7%
78
1
78
7
1
7
8
8 1,400 :Allegheny Corp
No par
178 Jan 7
% NI ar 30
*414 4% *414 5
3
4
114
54
4
414 *312 4
4
4
400
Pret A with $30 wart
25* Mar 21
100
2%
7 Jan 4
4% 1618
312 414 *3 4 4 4 *314 414
*312 414 •
*314
,
,
414
Prat A with $40 wart
*314 4
100
2 Mar 27
2
612 Jan 2
4
143
2
314
3,
4 *3,
,
4 4 4 *314 4
*314 3'2
100
Prof A without wart
13 Mar 28
4
hOi
100
*9
6118 Jan 5
10
37
4
14%
•
9
10
8
*77
*812 978
8 9% *818 95
25,% prior cony pret__No par
65* Apr
123
4May 14
•28
65
8
30% *28
....„
30
*28
29
*2812 30
2912 3014 1,400 Allegheny Steel Co
3012June 19
No par 21 Jan 1
*153 154
1314
2318
15
1523 15312 15114 15314 151 152
4
154 156
3,600 Allied Chemical & Dye_ No pa 125 Mar 18 156 July 5 1071
125 125 •12412 126 •12412 127 •125 127
2 116% 16084
125 125
300 Preferred
100 123 Apr 20 12712 Feb 27 117
4% 43
12218 130
4
4% 478
41, 45g
412 4%
4% 7,600 Allied Stores Corp
42
No par
318 Mar 1
614 Jan 13
57
318
57
312
814
577 583
8
8 587 59
8
8
587 59
.587 59
8
2,100
5% pref
100 x49 June 1
59 July 2
18
2514 6312
2234 231g 227 2314 23
8
233
s 2212 23
2238 2312 13,100 Aills-Chalmere Mfg
12 Mar 13 2312July 5
No pa
*163 173 *163 171
4
10%
8
8
8 233
103
4
, 1718 171g •17
1714
1714 1714
200 Alpha Portland Cement_ No pa
14 Mar 13 2014 Jan 6
*214
1112
27
8 *214 23
1112 2012
4 •214 278 *214 27
27,
8
*214
Amalgam Leather Co
218 Mar 14
1
*24
21,
73
21,
1112MaY 17
4
28
*245 28
8
•2412 28
*2412 29
O24% 29
7% preferred
26 June 25 33 Apr 22
50
65 65
2114
45
25
65
66
65
64,22 6512 2,700 Amerada Corp
431 44
6512 64
65
No pa
481, Jan 11 70
47
27
47
14MaY 17
39
46
8
553
46
4512 46
4412 451
1,600 Amer Agri() Chem (Del) No pa
4112June 1
27
573 Feb 16
4
20
27% 2712 2814 2718 2818 2718 271
2514 48
273 2818 12,500 American Bank Note
4
1312 Jan 12 2814 July 1
I
•60
6134 613 62
11%
11% 2514
4
6112 63,
633
4
62
62
4 63
250
Preferred
50 43 Jan 11 6414May 10
*29
3012 *2912 29% 29% 303
3412
40
5012
4 3014 3012
3112 311,, 1,100 Am Brake Shoe & FdyNo Pa
21 Mar 29 827
•12512 126
8June 22
191, 38
1253 1253 •1253 126
1912
4
4
4
126 126
126 126
130
Preferred
100 119 Jan 8 126 June 26
13712 13712 13712 138
88
96
122
13818 140
13812 139
13914 14114 6,700 American Can
2 110 Jan 15 144 June 22
'157 160 *158 160
80
4
9014 1143
159 159% *156 160
157 157
'012 10
800
Preferred
100 151% Jan 4 168 May 3 120
*1614 17
1261, 1621,
16723 17
1634 17% 1714 1712
Stock
1714 173
4 6,300 American Car & FdY
No pa
10 Mar 13 20% Jan 9
•3812 40
10
337
8
12
393 3934 3912 42% 4114 42
4
42
4234 5,200
Preferred
3
10
2512 Mar 13 45 Jan 9
•912 10
2512
32
5612
.912 10 Exchange
10
10
*913 10
100 American Chain
No pa
8 Jan 30 1312 Apr 24
•67
4
68
412
1214
•67
78 .
67
78
*67
78
72
72
100
7% preferred
100 88 Jan II 8518 Apr 26
"8814 90
14
19
40
*893 89% 893 8938 90
8
8
9018 Closed
*9012 91
300 American Chicle
No par 66 Feb 8 96 June 8
"30
35
4312
4614 70%
*30
35
*30
35
*30
35
*30
35
Am Coal of N J (Allegheny Co)25 30 Mar 26 32 June 28
*318 312 *312 312 *31, 312 *318 312 Indepen20
22
351,
*318 312
Amer Colortype Co
23 Mar 14
8
10
33
"243 253
8May 17
4
2
8 2412 2514 24% 243
218
61,
8
4 245 2514
2414 257
15% 1518 2,400 Am Oomm'l Alcohol 0orp__20 2212 Mar 18
1514 1514
3314 Jan 3
2034
147 15 4
20 4 621,
,
8
1434 15
dence
,
15
15
2,900 American Crystal Sugar
10
612 Feb 5
120 12014 120 121 •121 123
4June 11
173
612
, 131,
61
122 122
•122 123
170
7% preferred
100 6752 Jan 2 12712June 14
.7, • 1
61, 7274
32
•7
8
7
7
8
8
1
7,
7
8
7
7
8
8 1,100 Amer Encaustic Tiling_No par
Day
34May 24
3 Jan 3
Pa
6
*5
614 *412 5
538
538 •612 618
*5
614
100 Amer European Seee____No par
23 Apr
512May 13
4
234
4%
e
4
10
414
414 43
414 412
4
412 45
8 8,500 Amer & Fore Power
No par 2
Mar 13
•25
5% Jan 3
3
2618 25
, 133
2
26
4
2512 263
8 2512 263
8
26
263
8 3,500
Preferred
No vat
14 Mar 15 2918June 24
•73
4 812 *8
812
113
113
4
4 30
8
814
812 812
8
812
500
2nd preferred
No pa
3% Mar 14
93
*1912 2014 20
8June 24
6% 171,
37
8
2014
1914 2012 1912
20
2014 1,700
$R preferred
No par 12 Mar 30 22 June 24
"1018 107 '1018 107 •101g 103 *1018 191
8
1014
11
25
8
8
10
107
8
1012
400 Amer Hawallan S S Oo
10
8 Apr 18 13 Jan 10
*45
8 512 *45
814
8 512
1012 22%
412 45
8 *438 51
200 Amer Hide & Leather-No par
214 Mar 13
•2214 23
612May 22
214
*2214 23
31
, 1012
2214 2214 *21% 23
*214 5)4
'4
200
Preferred
100 17 Mar 13 273
4May 22
17
33
17% 4214
3312 3318 3312 3312 3312 333 34
4
3312 3312 1,200 Amer Home Products
I z 2914 Apr 12 34 June 24
*312 33
34%
4
312 312 •312 3521
253
4 36%
.
312 32
2
312 35
8
400 American Ice
No par
31 Jan 2
32
,
4% Jan 17
32
3
32
3
10
32
32
32
x31
31
'303 31%
8
800
6% non-cum pref
100 2878 Jan 2 37% Feb 16
'67
e
7
253
4
253
4 4514
63
4 67
8 *672 7
6% 67
80 Amer Internet Corp
7 4 714
,
41 Mar 18
No par
*214 3
712May I('
41,
*214 3
1
•A748
4% 11
*214 3
*214 3
I Am L France & Foamitepref100
13 Mar 13
4
1312 1312 '1312 14
314 10
134
6 Jan 18
1358 14
13*
137g 1418
1,400 American Locomotive
_No par
9 Mar 13 203 Jan 9
*4712 4912 *47
4
9
1412 38%
4812 48
4812 48
48
4812 49
800
Preferred
100 32 Mar 19 5612 Jan 9
22
2214 22
32
3512 7414
2212 2212 23
227 227
8
2278 231
3,400 Amer Mach & Flu Co_ __No par
1812 NI ar 13 24 June 21
12
83
8 83
4
12% 23%
812 83
8
814 81
83
s 8321
• 818 83
8 1,700 Amer Mach & Metals____No par
414 Apr 4
934 Apr 26
3
*8
85/
3 *8
812 *810 812 *8 Ir 83
314 101.4
8
8
8
300
Voting trust etre
31, Apr 26
No par
412 Apr 4
*1814 1912 *1814 1918 *1814 1014 *1814 191
3
412 10
1818 19
300 Amer Metal Cm Ltd
No par
"105 10712 10612 10612 10714 1073 10712 1071
1312 Mar 15 2132May 20
127
, 273
12%
3
4
*103 11212
600
6% cony preferred
100 72 Jan 2 1097
"267 285 *2758 285 •275s 285s *273 285
8
8June 24
8
6:1
63
91
8
8,
*2738 28%
8
Amer New,,. N Y Corp_ No par
35
8 37
8
203
33
21
4
8 4
343
4
418 43
418 438
8
414 412 19,800 Amer Power & Light____No par 124 Jan 3 3018May 7
2214 2212 23
112 Mar 13
412July 5
3
1 12
2312 2418 25
121.4
243 2512
4
2514 25% 9,800
$6 preferred
No pat
1018 Mar 13 277
8May 11
108
113
8 2 8
97
193 2012 1934 21
4
21
22
2114 217
8
212718 11,200
54
35 preferred
No par
14% 143
83 Mar 13 2334June 5
8
8118
4 1412 14% 143 15
912 281
/
4
4
14% 14%
211%
14 4
29,000 Am Rad & Stand San'y- No par
*147 151 •143 150 *143 150 •143 150
1012 Mar 13 1818 Jan 7
934
10
173
2
150 150
50
Prefer red
1918 1914 187 1914
100 13412 Mar 1 151 June 5 10712 11112 1377
8
1914 18% 1914
,
19
1934 2012 13,800 American Rolling Mill
•82
25 1534 Mar 13 24 Jan 7
831
12%
131, 2814
84 84 *134 138
*8218 84
8314 83 4
,
200 American Safety Razor __No par 68 Mar 14 84 July 1
814 81
33%
8
8
36
818 814 *8
•153
4
818 812 1,200 American Seating
8 18
*225 231 *2258 233
v I a ___No par
8
412 Mar 12
838May
2
4 2314 233
2%
73
2
*14272 1482 118
4
24118 22782
3 14 3
8 223 22%
110 Amer Shipbuilding Co___No par 20 Mar 14 2614 Jan 10
4218 421
4112 42
15
7
17% 30
41
4218 40% 4112
10,400 Amer Smelting & Itel.g___No par 315* Apr 3 4718May 17
"135 1377 *135 137 *134 138
2812
3014 51 14
137 137
100
Preferred
*11414 1157 11512 11512 *11412 1154 *11412 1154
100 121 Feb 4 144 May 8
71
100
125
•11414 1141 2
100
2nd preferred 6% cum
74
74
100 103 Feb 14 117 May 6
57
74
74
,
*72
7114 1091
741
7312 743
4
75
75
000 American Snuff
*138 140
25 63 Jan 16 76 June 26
43
140 140 *143 150 '138 -- -4 71
483
*138
_
10
Preferred
16
100 125 Fob 20 140 June 27 106
16
16
16
1534 16 fp• 157 16
,
106
8
1271
16
1638 3,100 Amer Steel Foundries___No par
9112 9112 9112 9112 9112 0112 *9112 93
12 Mar 14 1814 Jan 9
1018
1018 2612
*9112 93
40
Preferred
*3612 37
100 88 Feb 4 943
4June 5
363 363
8
52
4 361g 3614 36 1361
59% 92
2,000 American Store,
*5812 59
No par 3312 Apr 4 43 Jan 9 21 3318
59
59
37
5812 5912 59 159
443
4
36 4 3612
583 59
700 Amer Sugar Refining
1373 1373 •13712 138 *134 138
4
100 5513 Mar 30 7012 Feb 16
4
4512
46
73
138 1 138
•1373 1383
4
4
200
Preferred
21
100 12612 Jan 3 14012May 6 102
2114 203 21
4
2012 2012 2012 1207
10312 12913
21
2114
1,800 Am Sumatra Tobacco _ __No par
12414 124% 12414 12512 126 1263 12612 1273
181 Jan 29 243 Jan 3
,
8
11
13% 24
8
12712 12812 12,900 Amer Telep & Teleg..
4
*89
100 987 Mar 18 13014June 12
8912 8912 894 9012 91
4
mot, 12514
1187
a
91 el 911
92
93
3.800 American Tobacco
*9118 9114 91 14 913
25 7211 Apr 3 93 July 5
4 923 93 1 9218 921
"
2
6514 8512
933 93 4 5,500
6312
4
3
Common elms 0
13814 13814 •137 1387 *1377 138 •137 1347
25 743 Mar 21 943
4
4July 5
647
, 67
89
• 3712 1387
8
100
Preferred
*2% 4
12918 Jan 18 14014June 11 105
1
*2% 4
*278 4
*3
4
10714 1303
4
*27
8 4
:Am Type Founders
No par
212 Mar 18
63 Jan 18
4
3
2%
13
"1258 14
*1212 1334
125 125 *1212 13
8
8
. 8 1378
123
10
Preferred
1278 1278 1212 133
9 Mar 15 193 Jan 18
8
4
7
1012 137
107 a 113
8
1114 11% 71,700 Am Water Wks & Elec___No 100
734 283e
4
'6914 7012 70
par
718 Mar 13 21478 Jan 10
70
718
12% 27%
72
7414 7012 i270,
07012 72
2
1,000
lot preferred
No par 48 Mar 19 7414 July 2
7
7
*7
•714
714
712
714 714 17 •714
48
54
80
400 American Woolen
4312 433
No par
4% Mar 13
4 4312 44
93
8May 21
4%
4212 4318 4214 42 2
1718
7
4318 4312 1.000
,
Preferred
100 3512 Mar 18 5112May 21
361,
"8
7
8
*3
2
7
3
36
38
•5
8
833
*3 - 7
4
8
8
Ltm
*3
314 *3
1
38 Mar 29
1% Jan 18
314 *3
314 .278 V 3 4
414
*P8 37,8
se
,
4
*37
Preferred
No par
214Mar 15
4
*37
214
6% Jan 18
4
*312 • 4
2% 1712
33
4 33
4
20() Amer Zinc Lead & Smell_ 100
*341r 40
3 Mar 13
.36
:3314 43,
538May 23
40
: 4 10 4
6 z 641
5
:
*36
40 • , 40
36 2
3
1
304
9
Preferred
14
1414
25 31 Mar 20 46 May 23
137 1418
36% 6018
14
143
31
8 14
14%
28,200 Auaconda Copper Mining.....,5O
*18
21
8 afar 13 1818May 23
*18
1912 *1712 20
8
•173 20
8
14114 1814
8 2 458
10
17%
100 Anaconda Wire & Cable.._No par 1618 Apr 1 25
1312 1312 *13
May 17
1312 1314 1314
1318 1314
7%
914
18%
600 Anchor Cap
No par
104 10412 0104 106
1212May 15 17% Jan 4
1318 34%
104 104 *10312 10414
1212
10312 1031
70
$8 50 cony preferred_ _No par 101 May 15 109 Apr 26
*512 612 *512 612 .512 6,2 •5I2 r 61,
80
106
84
Andes Copper Mining
41
10
318 Mar 21
413
8 4012 41
4Nlay 25
73
4012 41
41
318
41
4% 10%
4114 421
3,900 Archer Daniels MidI'd __ _No par 36 Jan 16 423
*121
____ *122
4May II
21%
•122
*122
_- •122
2614 3918
7% preferred
100 11814 Jan 4 1217
1035* 1035* 10312 10312 103 103 •10314 104
8June 27 106
10
117
10314 1031
400 Armour & Co (Del) pref
7
100 97 Apr 3 10614 Feb 23
334 3
33
4 372
64
314 33
3% 4
33
4 3%
4
7614 103%
8.500 Armour of [Mots new
6012 6012 61
314 Apr 3
5
618 Jan 3
61
6112 613
62
31.2
34
4 62
,
63
63
4
631
1,000
$6 con• pref
Vo par 5512May 1
*95 102
095 105% *95 10518 *95 102
703 Jan 10
8
4614 7114
4614
.95 102
Preferred
100 86 Jan 2 10612 Feb 4
3114
54
85
IIIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
June 29
Monday
July 1
For footnotes see page 70
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Sec. Jan. 1
On Basis of 100
-share Lots
New York Stock Record-Continued-Page 2
72
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
June 29
Monday
July 1
Tuesday
July 2
IVednesday
July 3
Thursday
July 4
$ per share $ per share $ per share $ per share $ per share
4 47
43
4 44
8
4 43
43
8 *43
4
4 47
*43
4 713 *53
4 713
4 718 *53
4 *53
4 63
*53
__ *73 - _ *72 .. _ *72 _ .
*73
6
4 -18
94
9
94 - -13
94
-,
9 8 -9 83
9478 *94
9478
9412 9313 9412 "92
•92
60 '56
*54
60
60
60
*5512 60
8
8
•3812 497 *3812 497 *3812 4012 *3812 40,2
4
8 473 49
4714 474
8
4734 484 477 487
4
*863 88
874 8712 88
88
88
88
8 2113 215
8
2112 227
2212 23
*2212 23
"612 7
*612 7
*612 7
*612 7
*718 8
*718 8
*718 8
*718 8
8 2618 2638
265
8 26
2618 2618 2614 265
3814 39
4
*383 40
4
*383 40
*3914 40
8_ 11142 1115 111 111
8
11212 11212.1115
8
-8
8
.111 1115 *III 111 58 *111 1115 111 1113
6
6
6
634
'6
*5
'54 6
4 224 233
8
4
8 2314 2414 225 233
4
233 243
612
8
612 *6
,
6 2 63
612 *6
*6
8 413 413
8
4 405 403
3
4
*4018 413 *4012 413
4
318
3
314
3
318 314
318
3
278 *3
278
8 *273 314
33
___- ---214 24
214
25* 214
214
8
214 23
1112 *10
*11
12
*11
4
113
*1114 12
4
*1118 1112 1112 1113 103 1158 1012 11
8 1212 13
4
123 135
*1312 14
*1312 14
106 106
106 106
105 105
*M5 106
4434
4412 4412 4414 4414 *44
*4412 45
*11114 116 *11114 11412 *1114 11412 *11114 11412
414 414
8 *418 414 *418 414
*418 43
3714 3914
37
8 35
347
*33
34
34
814 812
84 812
84 812
8 812
83
46
46
8
463 47
47
*46
47
47
3
*110 113 *111 113 "111 113 109 4 11018
3
1518 153
1612 1513 1534
*1618 1612 16
8
*105___ *105 110 *105 105 *105 1083
88
90
88
89 '88
*88
88
88 8
8
8
1112 1112 113 1138 1112 1112 113 113
*8514 89
*8514 89
*8512 89
•8513 89
8
145 15
4
143 1514
4
143 15
4
143 15
8
4 177 1818 134 185*
8
4 175 173
1758 173
404 4014 4012
40
8
397 40
40
40
3
8 263 2712
2612 273
4
8 263 27
8
265 267
70
7012 71
4
713
70
70
71
71
19
19
8 1914 20
8
197 197
4
4
183 183
4 104 1012 1014 1012 1014 1012
104 103
*1712 197
8 1712 18
*1712 2014 *1712 20
*110 11012 11012 11012 11012 11012 *11012 111
*5212 54
53
53
*53 • 58
58
.53
4714
718 712
714 74
714 74
424 4314
4
463 4712 4114 47
8
475 48
9778 9778
98
*97
97
07
0612 07
4
2513
4
243 254 243 2518 29
4
243 25
8
404
4
4
393 4018 393 4014 397 4012 40
414 44 *414 5
414
4 54
4 43
*33
*12 1
Stock
*12 1
*12 1
1
*12
8 1018 103
4
8
97 103
8
97 10
978
978
4
4 3412 3514 343 3514 ExchanPe
8 3312 343
3318 335
4013 4013
4
4
*383 3914 3812 3812 393 40
Closed
32
4 32
8
4 313 313
4 3112 313
8
315 313
14 *13
8
15
8
4
8 17
13
112
112
112
4
4
4
193 *1712 193 *1713 193 Indepen8
"175
20
20
4
3912 393
40
8 3918 3918 39
3914 393
dence
99
4 9712 9712 *97
4
4
*983 993 *9712 993
4 64 64
4 6314 643
*6312 643
*6312 65
Day
4
593
5912 5912 5912 *59
*5818 5912 .59
12314 12314 12314 12312 12312 12312 124 124
8 418
3 34
33
8 44 *35
*358 418 *35
8
8 65
65
8
612 65
4
8 *612 63
613 63
12
12
12
12
12
1212 12
' *12
8214 8214 *8212 84
*8214 84
*8214 85
8 473
45
8
412 45
8 44
45
8
8 47
47
8
4
8 323 347
4 3112 325
3214 333
8
335 34
8
414 43
4
438 43
412 458
412 412
8 414
8 414 *37
8 414 *37
4 *37
* 8 4,
8 1312 i34
4 1312 137
1312 1312 1312 133
34
*12
4
3
"2
3
7
12
"
4 1
*3
4
3
8
*3
4
3
53
8
5
8
5
4
3
34
--__ ---- ---- ---- ---- ---- ---- -- 8 4
35
*314 378
314 34
353
4
8
167 1718 163 17
8
167 17
17
17
114 114
114
114
112
112 *114
*114
*53
4 85*
4 8
'53
6
6
4 6
*53
8
1212 1212 *117 14
1212 14
*1153 13
4 *112 134
13
4 *112
8 13
4 *15
13
*158
12
8
*3
12
8
*3
8
3
8
3
12
8
*3
4
8 143 1578
8
4 145 145
1414 143
*1412 15
50
*45
*4112 50
*4412 50
51
*41
4 3312 331 2
333
4
333 .33
334 3312 33
12
13
12
3*
4
12
4
3
8
5
319
3
3
318
34
3
318
*3
1958 203
8 203 2112
3
8 1912 2014
8
193 193
1018
1018 1014 1018 10 8 1014 1014 10
53
53 .52
*52
*5112 53
*5112 53
10
8 1018 iO3
s 10
1018 104 1014 103
4
4
4 3312 3312 333 333
,
*33 2 335s 3353 333
*8
834
8 9
87
4
83
*8
9
*8
414 4012 40 2
,
8
8
407 407 *40
41
'40
__ '8614 -9-- *87
4_ *8614
.861
91 160
2 •
2
2
4 9
92
*91 - - - *893 --4 56
,
56 8
8
5512 5512 563 5712 5614 573
10112 10112
101 102
4
4
1013 1013 *10112 103
4812 4812
4 4812 4914 484 49
4812. 483
8 243 2453
8
8
4 243 253
8
4
253 2614 247 253
4 37
4 418 *33
3
418 *33
4
8 358 *33
8
312 37
8
8 37
37
4
4
8
4 37
33
4
283 3012
3112 3012 31
8 31
3034 313
4
8
8
265 2658 265 2658 2612 263 *2614 27
44
4
443 .41
4434 *41
541
45
*41
,
*04 714 *6 4 7
"64 7
7
*614
*102 115 .102 __-_ "102 105 '102 115
4 573 585
8
5713 583
3
4 5714 58
5712 573
*412 5
*412 434
4 *418 5
43
•4
30
30
2912 2912 3012 31
30
29
4 64
4 618 *43
4 618 *43
4 618 *43
*43
424 42
4214
4 42
*4112 4214 4112 413
4
8 4312 4414 433 4418
437
4314 43
43
114
*34
*34
1',
114
*34
1
1
112
*34
4 112
*3
112
4
*3
112
*1
4
3
*53
4
3
*53
4
3
53
4
3
4
3
*234 3
4 3
23
8
4 27
*23
4 3
"23
2
4
*1
23
*1
2
.1
2
*1
4 1912 19 2
,
8
*1912 194 1912 195 •1914 193
s
7
7
1
*78
8 1
7
8
7
4
8
112 112
112 112
112
8
,
13
112
138
112 153
8 112
13
8 14
13
14 112
414 414
34 418
8
3 35
33
4
4 33
33
64 712
8
9 67
67
8
8 67
67
64 64
12
4
*334 3414 3414 3412 3418 3458 344 373
4
1
*4
1
1
118
*4
8 2
8 "17
17
8
17
8
17
8
17
3 218
•17
4 *112 134
13
4 *113
13
4 .14
13
14
10
1012 59
1012 '8
1013 *8
*8
For footnotes see page 70.
Friday
July 5
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Settee wan. 1
On Basis of 100-share Lots
July 6 1935
JUly 1
1933 to Range for
June 30 Year 1934
--1935
Low Low
High
Highest
Lowest
-$ per share $ p5755 $ Per share
Par $ per share
S per share Shares
8
63 Jan 3
8
27
.
84
4 Mar 6
5
600 Arnold Constable Core
8
8 47
47
4
318
7 June 19
10 3
,
3
3 4 Mar 15
No par
Artloom Corp
4 74
553
4 7013
633
4
633
100 70 Apr 25 7018 Jan 22
Preferred
_ __ ___ ___
*72
714 184
74
712 Mar 13 1353 Jan 8
I
700 Associated Dry Goode
9
8
*87
44
90
46
8
100 807 Apr 3 95 Jan 24
6% lst preferred
200
8
947
*94
36
36
844
100 48 Mar 12 70 Jan 18
7% 2d preferred
100
*5618 60
26
2912 4012
4
25 293 Feb 21 38 June 5
Associated Oil
*3812 4012
4514 734
4
353
8
4
___1 )0 353 Mar 28 655 Jan 7
4853 12,600 atch Topeka & Santa Fe_.
48
5314
70,8 90
8
100 665 Mar 28 91 June 26
Preferred
894 1.000
89
2412 5414
1912
100 1912 Apr 3 3714 Jan 4
Atlantic Coast Line RR
4 5,500
2118 213
3
16
6
7 Jan 7
3 Mar 6
20 At 0 & W I SS Linea____No par
4
634 83
6
8 24
77
913 Jan 19
6 Mar 5
100
Preferred
*718 8
2118
2112 3514
8
26 213 Mar 12 28 May 16
Refining
2614 2612 5.500 Atlantic
18
354 6512
4
No par 323 Apr 3 4412May 16
*3812 394 1,000 Atlas Powder
83
75
107
4
100 1063 Jan 2 11212June 20
Preferred
140
*11018 11213
111 Apr 30 111 Apr 30 111
Prat called
*141 11153
113 16C14
4
3
7 4 Jan 8
4 Mar 13
No par
*6
613
200 Atlas Tack Coro
15
4
16,2 574
No par 15 Afar 18 293 Jan 7
7,400 Auburn Automobile
4
233 24
4
64 1658
512May 6 14 Jan 2
No par
1,500 Austin Nichols
714
7
3114 65
8
3512Alay 7 83 Jan 21 275
No pa
Prior A
40
*4012 4312
3
4
3114 103
653 Jan 3
3 Mar IT
318 8,200 Aviation Corp of Del (The)____6
3
314July 5
8July 1
27
3
New_
300
314
3
412 ii
2
1,
84 Jan 9
1 12 Feb 26
No pr
214 24 2,500 Baldwin Loco VVorks
713
1614 643
4
4
712 Apr 3 283 Jan 21
100
Preferred
12
*10
712
4 3412
123
712 Mar 13 15 Feb 18
100
4
103 1113 6,600 Baltimore & Ohio ______
375*
4
94
16
94 Afar 13 177 Jan 7
100
Preferred
4 1,300
4
123 123
8
864 1027
86
4
100 1003 Feb 21 109 May 4
210 Bamberger (L) & Co pref
109 109
2914
8June 21
3512 464
50 3818 Mar 12 447
600 Bangor & Aroostook
4412 4412
9518 115
9112
100 1064 Mar 18 115 May 8
Preferred
•11114 11412
214
214
04
s
53 Jan 22
314 Feb 25
No par
700 Barker Brothers
8
44 43
14
164 38,2
100 32 June 21 41 July 5
440
615% cony preferred
4012 41
8May 16
Us
8 10
57
8
57 Mar 6 105
5
812 84 3,400 Barnsdall Corp
8June 18
23
23
4
453
No par 3712 Mar 14 503
4 1,000 Bayuk Cigars Inc
4
*453 463
80
89
10912
4
100 1073 Jan 11 115 May 16
1s6 preferred
90
4
11012 1123
4
83
1014 1934
25 1412 July 5 19 Mar 1
1412 1412 1,200 Beatrice Creamery
100
65
55
100 10013 Jan 5 10818June 18
Preferred
*109 1085*
754
68
54
20 72 Feb 2 90 June 13
300 Beech-Nut Packing Co
s9
89
7
3 15,4
87
1118 Mar 18 1313 Feb 23
Belding Hemingway Co__No par
700
8
3
113 113
9512 127
4
833
85 Apr 26 11712Mar 7
Belgian Nat 11Y8 part prat
•8514 89
8
4 237
03
4
93
8
5 117 Mar 13 1712 Jan 2
8
147 1514 8,300 Bend's Aviation
8July 5 2 12
1218 1918
1514 Mar 13 193
8
185 1938 12.200 Beneficial Indus Loan____No par
21
40
26
No par 34 Jan 30 4012June 19
3
403 4012 2,100 Best & Co
2418 4912
8
215
8
No par 215 Mar 18 3438 Jan 8
33,800 Bethlehem Steel Corp
3
273 29
8
443
8 82
547
100 554 Mar 18 7784 Jan 9
7% preferred
2,600
75
74
4
143
194 40
1484 Mar 19 2614 Jan 23
450 Bigelow-Sant Carpet Inc__ No par
8
1812 187
0
6
1614
8
958 Mar 14 137 Jan 8
No par
3,600 Blaw-Knox Co
1012 11
10
26
17
3June If) 234 Jan 21
163
No par
40 Bloomingdale Brothers
*1712 2014
65
109
88
100 10314 Jan 22 112 June 19
Preferred
60
*11012 112
28
28
4
66,
100 2814 Mar 13 58 May 16
40 Blumenthal & Co prof
*5212 53
634 1114
618
618 Mar 18 10 Jan 2
5
8 818 4,600 Boeing Airplane Co
75
4
333
8
4412 684
6 4114July 2 597 Jan 8
7,500 Bohn Aluminum & Br
4318 44
68
94
76
No par 90 Jan 31 99 June 13
70 Bon Anil class A
8
977 9773
18
194 2814
15 21 Mar 29 2584 Jan 7
2514 6,200 Borden Co (The)
25
8July 5
1112
*
1618 313
10 2814 Jan 15 413
8 8,600 Borg-Warner Corp
4012 413
4
33
712 Jan 4
514 191
,
3
3 4 Mar 27
100
100 Boston & Maine
*44 5
2
4
3
4
112 Jan 9
12June 6
*12 I
:Botany Cone Mills class A--50
812
8May 21
812 Apr 30 113
No par
10,400 Bridgeport Brass Co
8
105 11
64
12
/84
No p., 2112 Feb 7 3514 July 2
3514 40.200 Briggs Manufacturing
35
2712
14
1012
No par 2313 Jan 17 42 June 22
3 1,000 Briggs & Stratton
40 403
25
26
3712
8May 25 3614 Jan 10
5 303
324 3212 1,900 Bristol-Myers Co
8
13
33
312 Jan 5
84
8
8
13 Apr 18
par
900 Brooklyn & Queens Tr___No
*158 2
14
8
3114 5814
No par 1418Nfay 2 317 Jan 3
Preferrtd
100
4
2173
. 4 193
4
253
2814 444
No par 3612 Mar 15 4413 Feb 19
1,600 Bklyn Manh Transit
8
3914 395
8218 97
6914
No par 90 Jan 4 9947'laY 25
38 preferred series A
400
*9712 0914
43
46
8012
No par 43 Mar 18 65 June 28
6414 6414 1,000 Brooklyn Union Gas
41
61
45
No par 53 Mar 11 6014May 14
Brown Shoe Co
100
4
593
"59
11814 12514
100 12314June 26 12514 Apr 11 117
Preferred
110
125 125
8
107
4
8
312
67 Jan 9
338July 5
600 Bruns-Balke-Collender___No par
34 353
818May 23
312
34
4
9
414 Mar 14
10
800 Bucyrus-Erie Co
4 7
*63
1412
6
0
818 NIar 15 15 May 23
5
Preferred
4 1,700
123
12
47
75
60
4
100 823 Mar 22 89 May 27
7% preferred
30
85
84
74
3
3
614 Jan 2
314 Mar 15
No par
3 6.000 Budd (E 0) Mfg
4 47
43
44
16
16
23 Mar 14 347 July3
100
7% preferred
8 2,300
347
34
2
518June 19
212 Mar 21
No par
414 43
8 5,700 Budd Wheel
2
24
24
474 Jan 16
5
6%
No Par
334MaY 13
Bulova Watch
3 414
*37
37
44
8 1612
57
814 Mar 13 15 Jan 2
No par
8
l37 1412 3,200 Bullard Co
8
153
1
4
23 Jan 25
1 June 11
4
3
No par
*12
Burns Bros class A
412
33
112 Jan 23
8June 17
5*
3
No par
Class A vte
1
312
1
138 Feb 7
14 Mar 20
No par
Class B
210
4
-3*53
24
4
4
58 Feb 20
18June 19
No par
Claus B etre
3
1512
4
973 Jan 23
3 Mar 16
100
7% preferred
330
314 34
16
1012 3194
1012
1714 4,200 Burroughs Add Mach____No par 1314 Mar 14 1738Nlay 21
17
34
318 Jan
34
4
3
1 Apr 8
No par
700 !Buell Term
•1
15*
2
912
234
54 Apr 3 1012 Jan 22
100
Debenture
210
4
4 53
53
big 21
418
130 Bush Term B1 gu prof etfs___100 10 Mar 28 2212 Jan 21
8
•117 14
1 18
112
4
23 Apr 26
314
118 Mar 12
6
4
13
*112
Copper & Zinc
Butte
45*
1 18
4
13 Jan 3
8June 3
4
3
No par
100 :Butterick Co
12
*33
8
113
4 323
133
4
3
113 Mar 14 204 Jan 7
No par
8 3,400 Byers Co(AM)
1578 163
32
40
674
100 32 Mar 14 60 Jan 5
Preferred
110
52
49
4213 Feb 18
1658
4 4145*
183
33 July 1
No par
1,800 California Packing
3314 3314
2
,
1 18 Jan 3
4
13
38July 2
13
1
8
3 13.300 Callahan Zino-Lead
12
65
4
23
418 Jan 7
212
212 Mar 13
1,400 Calumet & Heela Cone Cop___25
318
3
6
0
1578
712 Mar 13 2214July 5
3
213 2214 32,200 Campbell W & C Fdy____No pa
4
83
1211 2912
8
4
83 Mar 27 165 Jan 7
5
900 Canada Dry Ginger Ale
1012 1012
44
4812 5612
100 50 Apr 0 53 Feb 4
Canada Southern
53
*52
938
8 1814
4
107
8
93 Mar 18 133 Jan 9
25
8,300 Canadian Pacific
8
97 10
2812 38,4
2214
No par 30 Juno I 36 Jan 10
700 Cannon Mills
8
8
337 337
0l July 5
44
8 104
53
8
43 Mar 21
1
834 914 1,400 Capital Adminls el A
26
263
4 39
10 3212 Feb 25 4112June 25
Preferred A
220
4114
40
60
85
74
.._ Carolina Clinch & Ohio Ry__100 8214 Feb 27 87 May 17
.
__ ___ _
*87
70
70
9312
100 85 Mar 20 92 May 4
Stud
150
"91 foo
35
35
4
864
100 453 Mar 18 63 Feb 18
9,100 Case (J I) Co
5612 58
8
567
3 93
557
100 8312 April 102 July 2
Preferred certificates
230
•100 103
15
8May 17
23
4
383
No par 3612 Jan 16 497
4914 4.100 Caterpillar Tractor
49
8
1718 444
1718
No par 1912 Apr 26 353 Jan 7
8
4
243 257 10,300 Celanese Corp of Am
8
57
118
Ds
8May 21
47
8
17 Apr 3
Vo par
700 ICelotex Corp
4
4 33
33
4May 21
4
I
43
4
14 Mar 8
No pa
Certificates
*312 334 1.600
24
612 223
8
100 114 Mar 20 3334,June 13
Preferred
420
.30
*24
183
4
4 624
183
2214 Feb 13 29 May 8
800 Central Aguirre Aseo____No pa
27
27
34
92
53
Central RR of New Jersey___100 34 Mar 18 5518 Jan 4
4
443
.41
8
123 Jan 16
512
8
512 123
614June 27
Century Ribbon Mills___No pa
*614 7
82
75
11012
100 964 Mar 14 1094 Jan 2
Preferred
__---.
•102 115
25
304 4412
4
233
4
,
5714 53 8 16,300 Cerro de Pasco CoPper__No par 3853 Jan 15 833 Apr
8
65 Jan 7
258
4
73
358 Mar 13
34
Certain-Teed Products___No par
*412 5
1712 :16
104
100 23 Mar 12 3314 Jan 23
7% preferred
340
30
30
412 1612
8
43
8
63 Jan 7
8
43 Mar 27
5
Checker Cab
4 65*
*43
2912
8
24
,
487
No par 36 Mar 12 447 Jan 4
4,100 Chesapeake Corp
4114 42
8
3912 485
374
25 3718 Mar 12 45313 Jan 7
4
433 445* 8,900 Chesapeake & Ohio
7
1 Is
1
1 Apr 26 . 218 Jan 12
100
14
100 :Chic & East III Ry Co
1
4
*3
8
14
24 Jan 8
4June 3
8
7
100
11
*54
0% Preferred
24 Jan 7
53
,
52
112
8
5 Feb 28
4 1,000 Chicago Great Western
3
100
8
*5
311 114
8
15
412 Jan 4
8
15 Feb 2S
100
Preferred
200
8
4 27
*23
7
14
1
2 Apr 13
1 Mar 30
/Chic Ind & Loulav oref__-_100
23
•1
4 19
83
84
5 1518 Mar 13 2114.May 23
600 Cbleago Mall Order Co
1914 1912
813
2
14
3 Jan 3
14 Mar 29
3,000 Chic Milw SIP & Pac____No par
1
78
24
34 1314
44 Jan 4
4
3 Mar 29
100
Preferred
8 112 2,700
13
54 Jan 7 . 13,
8June 28
312 15
13
100
6,400 Chicago & North Western
l's
112
54 28
34
8
105 Jan 8
358Ju1y 1
100
Preferred
1.500
44 41
8
97
34
8 May 24
8
35
8
45 Mar 14
3,600 Chicago Pneumat Tool-No par
712 77
1414
4
1414 283
No par 20 Mar 13 4012 July 5
Cony preferred
3773 40'2 5,000
0.4
14
1
253 Jan 9
4July 3
500 IC12128.20 Rock Isl & Pacific__100
7
4
8
95
24
158
418 Jan 9
8
15 Mar 30
100
7% preferred
200
•173 2
8
2
113
4 Jan 10
112 Mar 13
100
6% preferred
100
•112 14
9 + s16
918
10 Feb 20 1118 Jan 3
No par
Chicago Yellow Cab
10
*9
Volume 141
New York Stock Record-Continued-Page 3
73
July 1
IIICH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
STOCKS
Range Sines Jan. I
1933 to Range for
for
NEW YORK STOCK
On Basis of 100
-share Lots JIM'30 Year 1034
Saturday
Monday
Tuesday
Wednesday Thursday I
Friday
the
EXCHANGE
June 29
1935 ----July 1
July 2
July 3
July 4
July 5
week
Lowest
Highest
Low• Lose
High
$ per share $ per share $ per share S Per share $ per share
----$ per share Shares
Par $ per share
3 per share $ per sh $ per share
2612 2612 *2618 27
*2618 27
*2612 267
8
*2612 267
8
100 Chickasha Cotton 011
10 2512 Mar 12 293 Feb 18
4
15
*47
8 518 *43
1914 303
4
a
4
5
5
43
4 43
*43
4 618
4
400 Childs Cc
No par
312 Mar 15
712 Jan 7
*1512 16
312
33
*1512 16
4
115
*1512 16
8
*1512 16
*1512 18
Chlle Copper Co
35
9 Feb 23 21 May 22
9
4838 487
8 485 493
1014
8
8 4814 4914 48
175
8
4914 51
487
8
83,600 Chrysler Corp
5 31 Mar 12 51 July 5
2614
2012 2012 20
2914 60 0
20% 2018 2012 20
2014
2018 2114 5,100 City Ice & Fuel
No par 20 Jan 14 243
4May 20
1412
943 9512 9512 96
1714 2411
8
/
4
9412 9412 94 9414
933 9312
8
350
Preferred
100 87 Jan 10 100 May 3
13328
*4
412
67 9212
4
4
*4
412 *4
43
8
418 418
200 City Stores new
5
Eh Apr 30
5 Apr 16
314
.133 1414 1418 1418 133 14
4
12
21
4
133 133
4
1312 1312
800 Clark Eauipment
Aln par
1214May 15 15 Jan 18
612
*2812 2912 29
83
, 2134
29
273 273
4
4 2758 28
28
2818
600 Cleve Graphite Bronze Co(The) 1 275
8July 3 303
8June IS
2914
*8012 8312 *81
8312 *8114 8312 *81
*81
8312
8312
Cleveland & Pittsburgh
80 80 Mar 26 83 Apr 9
*48
60
7012 70
*48
_ _ *48
*48
_
*48-. _.
Speelgrt 4% betterment stk 50 48 June 25 48 June 25
31
•2614 29
33
45
*2614 29
- *2614 -- 4 *281 2912
83
2
,
*2614 2814
Cluett Peabody & Uo____No par 24 Mar 22 2812 Jan 7
22
*125 126 *12512 126
247
2 95
12512 12512 *125 126
*125 126
10
Preferred
100 11212 Jan 7 126 May 20
90
95
*215 218 *215 2173 *215 218
115
4
215 216
*2163 219
4
200 Coca-Cola Co (The)
No par 1617 Jan 2 222 June 6
2
85
*54
9514 161 12
55
5412 5412 5434 543 *5414 55
4
55
55
300
Class A
No par 1338 Apr 20 573 Mar 8
8
4512
5018 57
*426
_ *426
.*426
_ *426
. _ _ ___ Coca Cola Internet Corp_No par
200
165 -- 314
8 162* 163 I718 167 --314
4
1718
*426--1658 17
1652 17
5,200 Colgate-Pain3olive-Peet__ No par
15I8June 1
1814 Jan 7
9
942 1818
*10335 104 *103% 104
10312 104
10312 10312
400
•10335 104
6% preferred
100 101 Jan 3 10512 Mar 15
66
183 1914
681 1921
4
,
,
1812 187
8 1814 1914 177 1814
1814 1812 6,200 C0111158 ec Aikman
9 Mar 13 1935June 26
No par
9
10
9814 9812 98
281 2
99
99
9914 983 9914
4
99 100
710
Preferred
100 69 4 Mar 13 100 July 5
3
693
4
74
94
*612 73
4 *612 73
4 *612 73
4 *612 73
4
Colonial Beacon 011
*612 73
4
No par
133 Jan 10
4
712 Feb 15
5
114
5
9
13
8 *114
13
8 *114
138
114
*138
112 1,000 :Colorado Fuel & Iron
112
No par
512 Jan 21
31
lz Mar 13
97
*9
iz
,912 912
8,
4
93 1014
4
101 11
1014 11
590
Preferred
100
5 Mar 14 2812 Jan 21
5
1012 32
•14
18
*143 163 .1412 163 *1412 17
8
4
4
*1412 18
Colorado & Southern
100 103 Feb 28 1952 Jan 8
4
103
4
13
165
8 402*
13
*13
1512 •14
1512 *14
15
14
14
70
4% lot preferred
100
7 Feb 26 1612June 17
7
13
*1012 143 *10
4
3314
1434 *912 1434 *93 1435
4953 143
8
4% 2d preferred
4
100
65 Mar 9 13 Jan 8
8
Ps
*8712 90
11
30
8912 90
8914 9012 90
91
903 9112 2,700 Columbian Carbon v I c __No par 67 Jan 15 93 June 12
4
45
58
6714 68
7714
6818 693
4 683 693
4 68, 70
4
697 743
4 8,900 Columb Pict Corp vs a__ _No par 3414 Jan 16 743
8
41uly 4
1718
21 12 4108
714 713
718 712
78 8
5
735 S's
8
8 14 57,600 Columbia Gas et Elec____No pat
33 Mar 13
8
814July 5
33
8
635 1914
*6712 693
4 68
68
70
71
70% 72
73
73
1,100
Preferred series A
100 3512 Mar 13 73 July 5
3512
63
62
63
65
783
4
65
69 69
67 67
*66
70
50
6% preferred
100 31 Mar 15 69 July 3
31
41
4714 473
71
11 4714 4712 4712 478 4714 47(3
475 4818 6,600 Commercial Credit
8
10 3912 Jan 2 4812May 27
1114
185
8 4014
'293 30'4
4
--- - ---- ______
7% lot preferred
25 29 Jan 5 3212May 14
22
2312 3018
---- ---- ---- --__ ____ ____ _--- ---Class A
50 5212 Jan 7 593
4May 13
32
38
'294 30I4
53
---- ---- ______
Preferred B
26 2912 Jan 3 33 Jan 25
_
.
_
23
_
24
*110 11014
301s
_ _ __ _
64% first preferred
4June 13 11814MaY 13
100 1093
85
9112 110
112 112
iii- 113
-12 IiiT2 114
-14 iii 114
Iiiis 113 8 1,600
-7514% preferred_
112 June 27 11414July 2 112
Clan A stock receipts
573
8May 2 60 May 22
573
3
__ ____
Pref B stock receipts
32 May 2 3212June 5
32
663 6612 653 6612 65 6534 65
8
8
-64T2 Wd- _ 3;560 co.. Inve.t Trum,
65%
No par 6614 Feb 7 6814June 24 . 2214
3
3535 ell
1125 1123 .112 11312 11234 11234 *11214 11312
8
8
*112 1131 4
200
Cony preferred
No par 111 Mar 13 11512 Jan 29
8412
tit
114
1912 20
1914 193
4 19h 1912 193 20
8
195 2018 16,400 Commercial Solventa
8
8
No par 175 Mar 13 237 Jan 7
2
153
4
13
1534 863
8 112
4
13
8
112
112 DS
112 13 65,900 Commonwlth & Sou
135
112
4
No par
4
3 Mar 6
4July 5
13
1
3
4
33
4
4612 463
4 46
4838 4814 51
4635 47
5012 5212 8,800
96 preferred series
No vat 2918 Jan 4 5212July 5
17%
21% 52%
*53
4 9,0
*52
93
8 *53
4 914 *53
Conde Nast Pub.; Ine___No par:
4 914
*53
4 914
57 Mar 18 10 May 17
8
5
5
1388
*3512 36
35
353 *35
8
3514
35
36
353 357
8 1,100 Congoleum-Nairn Ine____No par
4
27 Mar 15 3133
4June 14
1612
*113 127
22
4
353
8
8 1212 1234 123 123
4
4 123 123
1234 123
4
4
4
700 Congress Cigar
9 Feb 7 1478May 16
No par
714
714 14,
2
*3612 38
36,2 3612 *3612 37
3712 3712
*37
3712
20 Connecticut By & Lighttng__100 233 Mar 1
4
42 Jan 4
233
4
32
*4914 5012 4914 51
61
*4914 _
*4914
•
20
4914 - -Preferred
100 41
Apr 2 51 July 1
41
55
58
*712 8
712 712
*712 _- _712 I 7734
i8
600 Consolidated Cigar
71
-712
7 Mar 14
No par
1012 Jan 9
514
514
*67
71
133
2
*67
71
*67
*67
71
71
68
68
10
Preferred
100 62 Mar 28 74 Jan 24
3014
31
75
75
75
*74
7512 75
7512 75
*7514 78
140
7512
Prior preferred
100 71 Apr 2 82 Feb 28
4514
4514 747
2
*73 - - *7314 ---- .7414
'4
*7414 - *7414 . . _ __
Prior peel ex-warrants_ 100 73 Mar 28 80 Mar 6
4514
418 1
49
70
14
414 43
8
4
418 *4
4
4 14 _- - Consol Film Indus
-3,100
-4-1,3
1
335-May 31
712 Jan 16
15
161g 163
8
8 157 1578 157 157
15
8
8
614
8
1512 1512
157 16
8
1,600
Preferred
No par
1414May 31
2218 Feb 15
73
4
25% 2612 253 2635 2618 2714 2614 2634
103
2 203
8
4
Stock
265 27
8
49,400 Consolidated Gas Co
No par
1572 Feb 20 2714 July 2
157
2
9914 9914 993 9912 9914 99
1812 473
8
99
99
983 99
4
1,700
2
Preferred
No par 7218 Feb 23 9912June 23 VI
*17
z71
8 2
95
*17
8 2
2
2
*2
218 2,300 Consol Laundries Corp
2
218 Exchange
No par
112Mar 12
214 Jan 18
112
112
814 83
43
8
8
814 83
8
818 83
8
818 83 16,800 Consol 011 Corp
8
8
8'4
No par
612 Mar 13 101251ay 17
612
*1097 1103 1103 111 *1103 112. .11034
8
714 1414
4
4
4
Closed
•11034 11218
_
400
8% preferred
100 10812 Feb 5 112 Jan 28 103
108
11212
4,
4 44
,
414 414 *4
412
414 _-414
400 Consol RR of Cuba prof
*33
4
4 4,
100
212 Jan 25
5 May 14
12
t.
12
218
53
Vs
5
3
63
4
53
12
5 Indepen8
*13
5
8 2,000 Consolidated Textile
No par
12 Mar 12
12
118 Jan 5
10
10 - *934 10
4
212
97
97
934 978
10
1,000 Container Corp class A
1014
20
834.1une 5 1335 Jan 10
3
31. *3
312
414
3
11 18
1 33
314
4
3
3
318 312 1,100
dence
Class B
No par
27
8June 10
512 Jan 9
2
635 63
23
8
4
602
98 6h
7
612 67
8 *618 612
1.500 Continental Bak class A
*618 614
No par
412 Mar 13
714June 13
412
514
1438
7
8
7
8
7
8
7
8
h
h
*34
h
3
4
7
3 1,300
Day
Class B
No par
5 Arir 1
8
118June 13
5
8
7
2
Vs
59
60
60
60
5914 5914 59
59
59
600
Preferred
59
100 4614 Jan 28 GO June 29
4414
82
4414 64
82h 8212 84
847 8618 8514 853
86
87
4
7,100 Continental Can Ina
20 623 Jan 15 87 July 5
4
37
10
563
4 6412
1018 10
10
1014 1014 1018 103s
1014 103
8 1.200 Cont! Diamond Fibre
.
5
7 Jan 15 103
4May 23
6
6
1114
3612 365
8 3612 367
8 37
37
363 37,
4
363 367
4
8 2,800 Continental Ineurance
4
2.50 287 Mar 13 3712June 25
4.78
8
1
20
233
7
8
8 3614
7
8
7
8
7
8
7
8
1
78
1
700 Continental Motors
No par
34
3 Jan 2
4
13 Jan 8
4
21
2118 12078 2138 2114 2135 21h 213
53
'Vs
2135 217 17.000 Continental 01101 Del
4
8
5 1518 Mar 14 23 May 23
1214
473 43
1634 223
4
4
48
4814 4814 4914 493 51',
4
5112 53
2,460 Corn Exchange Bank Trust Co 20 41.34 Mar 11 53 July 5
4012
4012 51
743 7518 7412 7518' 7514 757
4
8 753 7612
276
7614 6,100 Corn Products Relining
25 62 Feb 6 763
4June 22
5512
*157 163
5512 8412
158 158
160 160 *150 162
•150 162
300
Preferred
100 149 Jan 2 165 May 23 133
*45
8 43
15012
135
4 *412 47
8 *412 47
8
412 458
412 53
3
600 Coty Inc
No par
418 Mar 13
67 Jan 3
2
3 14
352
WI
3813 38'2 3812 3812 3812 383
4 383 333
383 387
4
4
8 1,100 Cream of Wheat elf,
4
No par 357 Jan 15 397g Mar 4
8
23
*14
28
15
3614
14
14
1378 1378 14
14
14
14
500 Crosley Radio Corp
No par 1212 Jan 15 163
4May 14
7
*3012 3112 3112 313
8
1712
32
32
32
32
3212 3234
1,390 Crown Cork & Seal
No par 2312 Mar 14 337
8May 16
183
4
*47
183
4 8614
473 *47
8
473 *47
8
4738 473 473
8
8
*4714 4712
100
$2.70 preferred
No par 4312 Jan 4 473 Apr 29
4
32
3512 4414
761S 7618 *7435 86
*7418 86
*77
36
*77
36
20 Crown W'mette Pap let pf,Vo par 7412 Mar 13 86 Jan 11 37 40
*312 33
4 *31, 37.
47
84
312 312 *312 331
312 312
900 Crown Zellerback v I e
312 Mar 18
No par
20
53 Jan 10
2
314
2014 *191i 2018 1912 2014 183 20
352
Os
4
2012 2118 2,900 Crucible Steel of Amerloa____100 14 Mar 15 2614 Jan 7
14
17
383
8
5912 5912 *58
61
61
61
*603 6313
3 633
4
63
4
300
Preferred
100 4712 Apr 12 68 Jan 2
30
1
44
1
71
13
8
13
8
114
114 .1
1
I's
1
400 Cuba Co (The)
No par
1 Jan 28
15 Feb 19
8
*65
8 814 *65
7
3
318
N
8 814
*635 814
635 635
•
635 8 4
40 Cuba RR 6% prof
,
100
5 Jan 5 10 May 15
67
3
8 67
8
314 10,
2
63
4 7
63
4 63
618 612
4
*614 612 2,800 Cuban-American Sued
10
53 Jan 2
8
79
812May 13
212
79
312
97
2
7812 79
76
76
71
76
70
7012
470
Preferred
100 4012 Jan 3 803
42
451ay 13
1412
42
2012 65
42
42
42
423 z415 4218
2
8
*4114 42
1.000 Cudahy Packing
50 40 May 3 4712 Jan 2
3513
37
525
8
*1813 19, *183 19
4
8
19
19
1812 1810
•1835 19
300 Curti! Pub Co (The)
No pa
15 Mar 15 2278 Jan 8
1033 1033 1033 1033 104 104
4
1312
4
1312 293
2
4
4
101 1011104 104
4
5,4100
Preferred
No par 8912 Mar 14 10514June 13
213 2h
3812
218 214
4312 953
4
2
2h
2
2
2'8
212 8,500 Curtiss-WrIght
1
2 Mar 12
3 Jan 2
2
2 18
7
514
7'8
7,
4 73
8
7
714
7
7
718 7 8 6,400
3
Class A
*84 11014 *84 11014 •84 11014
1
614 Mar 15 101 Jan 2
,
33
4
614
12'4
*84 110,
•84 11014
4
Cushman's Sons 7% pref _ _100 73 Mar 23 8312June 12
.62
75 .62
73
7514 91
75 .62
75
*62
75
75
*62
8% preferred
No par 61 June 8 27014May 17
2078 207
61
8 2014 2014 2012 203
6412 90
20h 20h
2034 21
1,300 Cutler-Hammer Inc
No par 16 Mar 13 22 Slay 14
912
*8
II
7
21'2
*6
67
8
63
.s 63
4 63
63
7
4
7
900 Davega Stores Corp
273 2814 2814 2838 2712 285
4
5
6 June 7
814 Feb 14
512
814
6
8 271 4 273
2778 28
4
4,100 Deere & Co
No par
243 243
2234 Mar 18 31 Feb 18
4
4 243 243 *2412 2424 24513 245s
1018
4
4
1018 3418
2412 25
1,100
Preferred
293 293 *30
4
20 19 Jan 15 26 May 8
4
1014
1914
1014
303
4 2912 293
4 29
2978 30
2912
1,600 Delaware & Hudson
•1412 143
100 2312 Mar 26 4312 Jan 7
8 143 15
2312
8
35
1418 151
7312
133 1414
4
1414 .1413 5,100 Delaware Lack & Western ___5
*17
8 212 *2
11 Mar 13 1918 Jan 7
11
218 *2
14
3334
*135 214
2h
*178 214
Deny de RIO Or West pref ____100
*93
112 Feb 27
94
*9212 9312 9312 9313 92
43 Jan 8
4
112
33
4 1314
9214
91
92
900 Detrolt Edison
100 65 Mar 13 9412Tune 28
*112 512 *112 512 •112 51
55
6312 84
913 512
*112 512
Detroit & Mackinac Ry C0I00
*33 10
23
4May 1
8
6 Jan 17
*5
712 *5
23
4
71
*5
5
712
7
*5
712
5% non-cum preferred__ _100
*38
44
6 June 28 1212May 1
38
38
112
38
10
38
837
1814
38
*36
3812
200 Devoe & Reynolds A__ No par 36 Mar 22 503 Jan
*11614 12012 *118 12012 *118 12012 *118 120,2
8
20
2
29
5535
*118 12012
tot preferred
.32
10(1 11412 Mar 8 11912June 26
3212 3214 3214 3212 3212 3212
8912
go
117
33
33
1,500 Diamond Match
*3812 3912 3812 3812 3812 3812 3812 3212
No par 2612 Jan 2 33 July 5
21
3812
2812
21
3812 3812
900
Participating preferred
25 343 Jan 7 4112Slay 3
3812 3914 3812 3812 383 39
8
4
275
8
3812 3918
2814 3412
3835 39
3,000 Dome Mines Ltd
par 3418 Jan 15 4312May 17
No
63
4 67
a *63
25
4 7
.63
4 718 *63
32
4614
4 71s
7
7
1.000 Dominion Stores Ltd __ No pa
2518 257
63
4May 29 125 Jan 28
2514 257
8
8 25
03
253
4
4 2412 247
23
11
8
2412 25h 7,900 Douglas Aircraft Co Ins No par 1712
Mar 12 273
4May 17
1118
1414 2812
2012 2012 *1914 2012 *1914 20
*191i 2035
197g 197
8
300 Dresser(OR) Mfg cony A NO WU 1312 Mar 15 23 May 23
73
3 712 *714 8
814
8
*714 8
20
*712 78t
*713 812
200
Convertible class 11_No par
63 Mar 18
8
95
8May 24
*14
338
3
8
5
*14
117
2
3
8
*14
3
8
*14
'3
*I4
Duluth SS dr Atlantic
,
8
100
ioune 13
3 Jan 9
8
la
14
*3
2
12
14
*14
5
8
12
*14
158
12
500
1_
*14
Preferred
100
•214 212 *214 3
',June 21
12 Feb 13,4
.238 3
12
218
*214 212
*214
212
Dunhill International
1
*14
2 June 6
1514
518 Jan 18
1612 *14
2
15 .14
3
15
1134
*14
1612
Duplan Silk
No par
1234May 21
*10312 114 *108 114 *108 114 .108 114
1732 Jan 3
123
4
13
23
*108 114
Preferred
100 103 Mar
1007 1013 10114 10212 10214 1033 102 103
8
,
92
92
8
110
10312 1037 10,800 DuPont deNemours(E.I.)&Co.20 865 Mar 20 10515May 22
8
8
18 10438Juue 24 51 597
*1287 131
8
12918 12918 *1283 129
8 100
4
12914 12914
10 2
17
1283 1287
4
400
6% non-voting deb
100 1267 Feb 8 131 Apr 22, 10414 115
8
11178 112
112 112 *11214
__ .112 _.__
12812
.112
____
60 Duquesne Light 1st prof
100 104 Feb 18 113 June 12
•10
*10 .
85
•12 _ __ *12 ... .._
107
90
*12
____ _ _ _ ___ Durham Hosiery Mills pret100 1712May 16 23
*412 5
Mar 5
47
8 lig *412 13
21
5
5
30
518
514 53
4 3,11:0 Eastern Rolling Mille
_5
334 Mar 13
1463 1463 146 147/2 1463 14712 146 146,
8 Jan 71
4
4
312
4
418 123
4
14614 150
4
5,100 Eastman Kodak (N J)_No par 11012 Jan 16 150 July ../
•157 158 *157 158
6512
158 158 .15714 158
11612
79
157 15714
40
6% cum preferred
100 141 Jan 4 16112June 25 120
2114 2112 2114 213
213 22
8
120
147
2135 22
2134 22
13,200 Eaton Site Co
No par
165 Jan 15 22 July 2
8
10
*33
4 412 *33
4 412 *33
4 412 *4
1212 2212
412
*4
412
Eltingon Schild
No par
314 Mar 27
73 Jan 4'
4
2218 223
8
8 213 2238 217 227
314
6
1914
8
8 223 2312
233 238 36,400 Bloc Auto-Lite (The)
8
5 1938June 1
29 Jan 31
*110 111 *110 11014 110 110
8
115
15
31s.
11012 11012
*10434 11012
20
Preferred
100 107 Jan 23 112 Apr 26
5
5
75
5
5
5
5
11012
80
47
8 5
5
5 14 3,000 Electric Boat
3
37 Mar 15
8
618 Jan 7
*53
4 6
3
3
71.
57
8 57
8
53
8
4 .57
53
4 53
*55
8 57e
4
1,500 Elec & Mus Ind Am shares
534July 2
83 Feb 18 33 512
8
31..
I
3
3
9',
45,
3,
8
314 358 15.200 Electric Power & Light --No
335
335
3'4
312
par
118 Mar 15
3 8July 5
5
147 1512 143 153
8
4
1 18
214
4 1514 1635 1535 163
9
8
1534 1614 14,600
Preferred
No par
3 Mar 13 165oJune 22
3
1212 1212 13
1212
65
213
1414
13
4
1112 111p
14
1135 7.100
16 preferred
Vo par
212 Mar 13 1414 July 2
212
6
19
Nor footnotes see page 70
New York Stock.Record-Continued-Page 4
74
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
June 29
Monday
July 1
Tuesday
July 2
Wednesday
July 3
Thursday
Juty 4
Friday
July 5
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 6 1935
Rano Macs Jan. 1
Oa Baste of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
June 30 Year 1934
1935 ----Low Low
Mob
$ per share $ per sh 3 per share
Par $ per share
:0 per share $ per share $ per share $ per share $ per share $ per share Shares
34
337
. 8
No par 39 Mar 21 4912 Jan 7
4314 433
8 1,000 Elea Storage Battery
4
4
4312 423 4318 4318 4314 423 43
*13
18
Ps
8
3
8
7 Jan 10
14 Mar 29
12
8
*3
Horn Coal Corp___ _No par
:Elk
*3
2
12
12
8
3
.
'2
8
.3
8
.3
53
4
33
1
14 Jan 10
8
5 Apr 1
50
8% part preferred
200
58
58
12
*12 78 .12 58 . 6458
s
7
s
*,,
63
45
45
4
50 523 Jan 16 6514June 14
1,100 Endicott-Johnson Corp
64
*63
03
64
64
65 65
65
115
128
120
4
100 1253 Jan 10 132 Apr 23 112
Preferred
20
•12814 130
130 130
.128 131 *128 131 *12814 131
118
4
83
2
358June 19
14 Mar 16
300 Engineers Public Serv____No par
*212 314
3
3
4 314
*23
8 3
*25
*318 314
1018
1018 2312
No par 14 Mar 19 3412July 5
$5 cony preferred
3412 1,400
32
3112 3114 32
3014 3014 3018 3018 31
11
2412
11
No par 144 Feb 7 3512July 5
3512 2,000
*544 preferred
33
3113 3212
32
3012 3013 31
*2912 31
12
2512
13
No par 1512 Mar 19 3612July 5
$6 preferred
4
323 3612 1,300
3312
*33
33
3114 *2912 31 14 32
*30
5
3May 17
1018
5
57
6 Jan 7
No par
54 45
518 45
45
518
5
5
5
5
800 Equitable Office Bldg
93
74
3 244
74 Mar 20 14 Jan 4
100
812 812 1,400 ErIe
8 58 •818 9
8
8 *812 878
812 85
812
4 28,
143
4
812 Mar 26 1714 Jan 4
100
First preferred
•1114 1112 1,000
8
4
113 *1114 113
11
12
12 .11
12
23
9
13 Jan 7
4
83
8
63 Mar 12
100
Second preferred
200
8
85
*7
8
8 85
4 *67
8 73
75
8
4 87
8 *73
4 85
*73
68
50
50
50 894 Feb 18 70 Feb 2
Erie de Pittsburgh
*63 - - ___
-_
. *63
*63_ *63 . __ *63
64
4
/
141
7
5 1012 Mar 19 1253 Feb 19
300 Eureka Vacuum Clean
-112
1112 1 11 8
8 1-138 113 --112 .11 -- 5
1
*11 II% •11
3
2734
9
5 15 May 7 2314 Feb 21
2014 3,000 Evans Products Co
20
8
195 20
8
153 20
.1914 1934 193 20
4
2
3
1012
5 Jan 18
2 Apr 30
4 1,100 Exchange Buffet Corp___No par
4 23
23
4
4 23
23
8 *23
4 27
4 278
8 *23
4 27
.23
1
53
8
23
214 Jan 19
33 Mar 26
25
Fairbanks Co
112
.1
112
112 *1
134 .1
112 "I
'I
312
33
3
9 8 Jan 18
4 12,2
4 Mar 19
100
Preferred
6
*5
100
514 514 •54 6
184
4 *54 512
7
514 53
•
8
47
8
4 4,400 Falrbanke Morse de Co___No par 17 Jan 11 253 Apr 22
2012 203
8
203
20
2012 21
2112 2012 29
21
25
30
2
77,
100 72 Jan 17 113 July 2
Preferred
23
8 ,4 80
1124 1127
112 11278
113 113
105 109
110 110
4
11 14
4
8
53 Mar 15 134June 5
15
300 Federal Light & Tree
*1214 13
*1212 123
4
*1214 1212 *1214 1213 1238 13
33
344 62
No par 48 Jan 8 76 May 22
Preferred
4
*753 80
4
*753 80
4
*753 80
3
4 80 .75 4 80
*753
52
40
107
100 Federal Min & Smelt Co_-__100 40 Apr 3 72 Apr 26
59
59
65
*55
65
*56
65
*57
65
*57
50
148
62
100 54 Apr 1 95 May 2.4
Preferred
83
•75
83
*75
83
*75
90
*75
90
*75
4
83
2
27
8
4
67 Apr 22 • 23
4
33 Mar 23
600 Federal Motor Truck____No par
4
4 53
53
4
4 *54 53
5513 53
8
. *512 55
512 51
1
412 Jan 7
5%
2
214June 10
Federal Screw Works_ ___No par
238
*2
8
23
8 *2
23
8 *2
23
238 *2
*2
4
I
PI Jan 7
4
78 Feb 25
114
114 1,000 Federal Water Serv A____No par
118
118
114
118
118
118 14
118
31
20
1818
Federated Dept StoresNo par 164 Mar 29 2053 Jan 7
8
*167 173
4
1712
1758 *16
.11
18
8 354
234
8
2014
*1612 175 *15
2.300 Fidel Phen Fire Ins N Y..__2.50 2812 Mar 14 37 June 25
36
36
4
363
36
4
3632 3612 3
5% 3612 353 36
30
23
16
Apr 9 234 Jan 8
16
Filene's(Win) Sons Co___No par
19
*18
19
*18
19
*18
19
*18
19
*18
108
87
100 10614 Mar 8 114 July 3 x85
70
644% Preferred
113 114
112 114
112 112
*III 114 *111 114
4
134
25,
13
10 134May 2 1812 Jan 7
8
143 1112 2,100 Firestone Tire dt Rubber
8
4
8 143 154 1412 1434 x143 1438
8
153 153
6718
7118 92 34
100 8412 Apr 8 95 June 25
Preferred series A
4 1,300
4
913 943
4
4 943 913
4
4
4 943 943
.144 94.4 9412 943
454
8914
53
3
,544
5312 2,900 First National Storee____Ne par 45 4May 6 5714June 22
53
,51
5412 55
4
543 85
55
55
26
15
23 May 9
1253
22
300 Florshelin Shoe eland A_No par 19 Feb 21
22
22
3 22
8
*2112 233 *2112 234 •2112 233
2
17314
2
832•Jan 7
214 Mar 6
No par
8
:Follansbee Bros.
*234 27
8 *23
8 24
4 *212 24 .213 27
*212 23
.
104
1013 21%
No par 2014 Jan 16 4212June 24
4238 1,000 Food Machinery Corp
42
8 4112 4112 4112 42
8
4112 405 405
.40
818 22
812
94 Mar 15 174 Jan 2
No par
8
143 1514 3,400 Foster-Wheeler
14
14
14
8 14
8
1314 1312 135 135
4414
80
56
No par 6033 Mar 15 83 July 5
410
Preferred
7514 83
75
*72
*7112 75
*7118 75
75
*71
614 174
24
8June 7 1013 Jan 7
23
*318 312 1,300 Foundation Co
No par
31 4
313 311
33*
318 314
34 314
165
8
28 Juno 24
174 2712
4
1 193 Mar 21
2712 274 1,800 Fourth Nat Invest w w
4
263 2718 274 2738
2612 *2634 27
2614
8May 27
814
84 1712
8
85 Mar 15 183
No par
1412 1412 3,800 Fox Film class A
8
8
1412 144 193 1412 143 1412 143 1412
8
63
20
20
FkIn Simon & Co 1,0 7% pf--100 3014 Apr 2 48 May 7
*3514 4478
8
447 *354 414
.3314 433 *3314 45 .35
4
174
2112 5038
174 Mar 18 2812May 23
10
2512 2638 4,100 Freeport Texas Co
2514 2512 2512
4 2434 2434 25
4
243 243
100 11212June 27 1204 Jan 22 11212 11313 1804
Preferred
_ ______
*112
___
_ *112
__ 41112
.113
*113
1212
14
2
33,
20
Fuller (0 Al prior pret___No par 15 Mar 13 26 May 21
*1638 -*1614 20
0
*1618 2 0
8 2
*175 -8 20
.175 8
195
5
434
434 Mar 13 12 Jan 24
No par
$6 2d pref
*63
60
4 73,
8
8 67
67
7
7
8
73
253
14
4 74 *7
*63
8
7
24 Jan 3
78May 21
1
8
•7
No par
200 Gabriel Co (The) el A
1
8
*7
118
*4
1
1
118
*1
7
20
8
94 Apr 22
7 Mar 30
No par
40 Garnewell Co (The)
712
*7
714
7 12
7
57
*714 8
7
7
512
833May 23
552 114
513 Mar 13
No par
818 838 2,600 Gen Amer Investors
8
8
4 74
73
4
4 73
73
4
8 73
75
6412
87
73
4
NO par 843 Jan 10 100 June 24
Preferred
*9512 9878 1,000
99
*9512
*9513 98
8
8
985 985 *9512 98
254
4
1
/
43
30
5 3253 Mar 12 3878June 21
4 1,500 Gen Amer Trans Corp
8
385 383
8
3812 3812 383 3812
38
4
373 3778 38
19139fay 25
1134
12
234
4
10 113 Mar 15
18
1812 6,500 General Asphalt
4 173 177
183
4
8
4 18
1818 183
8
183 19
612
94 Feb 19
6', 141
4
3
73 Mar 29
5
3,800 General Baking
9
9
8 9
87
84 9
9
9
4 9
83
100
1084
No par 115 Jan 10 133 July 2 100
$8 preferred
60
Stock
.128 130
130 130
4
4
1303 1303 131 133
*128 131
5
714May 23
1018
5
54 Mar 4
5
,
6 4 612 1,700 General Brolly,
64 64
614 63
8
64 638 *614 63
2
4May 17
43
613
214
2 Mar 20
No par
500 General Cable
312 312
8
8 p33, 33 Exchange
33
8 334 5314
33
314 312
.
4
414 12
4 Mar 28 10 May 17
No par
200
7
Class A
*6
7
*6
612 63
4
*612 64 *612 63
14
144 33
100 19 Mar 14 4612May 16
34
1% cum preferred
*30
200
Closed
34
*30
32 32
31
*30
"3012 32
244
5934
27
No par 50 Mar 25 6314 Jan 8
8
597 60
800 General Cigar Inc,
8
8
4 593 597
8
.5918 5934 594 5912 .593 593
97
97
2
127,
100 12713 Jan 2 143 May 21
7% preferred
70
Indepert- *138 142
13913 141
138 138
*138 140 *138 140
1872 2514
No par 2012 Jan 16 271sJune 24 • 16
8
254 265 49,300 General Electric
8 2512 26
4
8 253 263
8
8
255 254 255 257
11
11
4
123
10 11 Jan 2 114 Jan 3
Special
_ ___
_
____
dence
28
28
384
No par 3214 Mar 15 3712June 15
37 --- _3714 11,200 General Foods
31- -5I 1714
-5;
-.iiiT2 16 -56Ts Id3; -54; 4
4
1
/ Jan 14
1
Is
le Feb 25
No par
1,800 Goal Gas & Elea A
8
3
8
3
DaY
'2
8
53
'2
32‘
2
,
8
.3
8
3
4
514
64 19
10 Mar 15 15 Apr 8
No par
Cony pre series A
*1212 144
100
12 3
12
13
*12
13
*11
13
*11
21
4
83
11
NO par 11 Mar 5 164 Apr 6
57 prat class •
20
*1212 15
*1212 15
15
11 .12
11
15
*11
712
22
13
3
No par 15 4 Jan 15 18 Apr 6
•1212 16
$8 pref Mass A
16
*1212
16
*12
16
*11
16
.11
624
50
554 Apr 20 6154 Feb 5 2454
Elea Corp
8
Gen Ital Edison
*____ 575
8
573 •---- 5734 •---- 571/4
8•
*____ 575
61
51
644
8
No par 597 Feb 6 70 June 11
6912 694 1,400 General Mills
8 6934 694
8
6912 6913 6914 6912 *695 697
118
4
100 116 Jan 3 1183 Apr 23 10012 103
Preferred
*11714 11712
*11714 118 *11714 118 *11714 11734 *11714 11712
223
. 3
2458 42
10 2653 Mar 13 344 Jan 3
4
334 333 60,500 General Motors Corp
4
8 323 3318 324 3318 3212 3318
8
325 327
84
4
893 109
No par 210712 Jan 4 11712May 7
4 2,100
$5 preferred
4
11133 1133
4
1143 11518
8
8
8
1147 1147 1143 11458 1144 115
814
834 21
10 Mar 20 1312May 10
No par
300 Gen Outdoor Adv A
1318 1318
134 1318 1318 1318 *1318 1314 *134 134
314
4 Mar 21
314
653
34 Jan 9
No par
Common
312 312
100
*312 34
531
*312 4
*334 4
1012
1012 2512
4
No par 173 Feb 5 3058June 27
304
30
980 General Printing Ink
30
8
8
4
293 ?012 297 3018 295 304 30
6114
7312 98
No par 9312 Jan 22 108 May 21
$6 preferred
130
105 10512
4
*105 1053 10512 10513 10518 10518 105 1054
212liay 23
1 18
2
1
/
54
118 Mar 13
No par
*214 23
8 1,900 Gen Public Service
8
23
212 *2
238
218
218
8
•218 23
8
155
2313 353A
No par 1553 Mar 13 30 Jan 7
3,600 Gen Railway Signal
294 30
8
8 2914 297
8 2912 297
297
28
4
*273 28
80
1/0
100 80 Jan 2 10012June 29
1014
Preferred
10
*9913 1071
_ *9912 10712
355
10012 10012 *994 - _ *9912
24
2 May
4
3
1
4
3 Apr 2
1
112 1,000 Gen Realty & Utilities
112
8
1-58 •112 15
8
15
1 13
138
112
112
10
8May 24
261*
10
4
143 Mar 20 253
No par
22
*20
$8 preferred
1,000
4
223 2234
22
*20
22
*20
22
*21
812
1018 23%
4
183 Jan 30 214July 5
No par
8 4.100 General Refractories
4
203 213
1912 194 194 194 2012 2012 2012
1913
714
10
20
No par
MI Jan 15 2118July 5
Voting trust certifs
2014 2118 14,100
2035
1914 2014 20
8
187 1914 1918 1912
14
173
14 Apr 13 32 Jan 22
8 4812
22
21
340 Gen Steel Castings pref No par
20
20
20
20
*1912 20
8
187 20
8May 11 3 734
813 144
No par 12 Mar 14 165
8 7,100 Gillette Safety Ftasor
1514 153
1518 15
151s
8
1518 1514 147 1518 15
4512
72
47
No par 7134 Jan 4 8712May 8
Cony preferred
4
•8614 863
500
8612
86
8
8
85 85 12 8512 854 855 855
218
4
37 Jan 4
252
218 Mar 13
64
No par
400 Gimbel Brothers
8
8 25
25
8
.25 Y. 3
8 3
*25
8 3
*25
8 3
*25
7
1312
164 30
100 18 Mar 27 27 8May 13
Preferred
200
2512 '
*24
8 25 *25I
4
4
*233 2538 .233 253
25
25
12
8
NO par 233 Feb 7 32 June 15
1553 281
4
8 8,300 Glidden Co (The)
283
28
4
10718
3018 3018 2934 3014 1/2918 293 .2814'2914
8June 10
83
8
805
100 1047 Jan 2 1093
8
Prior preferred
70
*108 1085
8
8
8
4
4
109 109 *1073 1083 *1084 1085 1075 10814
14 Apr 26
44 Jan 25
14
34
912
:Gobel (Adolf)
8 2
417
.13
4 4 2
.134 2
.134 2
4 2
*13
1438May 2 18 Jan 7
23
No par
16
3
143
1718 3,600 Gold Dust Corp vie
17
4
163 1718
8
167 1714
17
17
17
17
964
No par 11112May 3 120 June 29
964 120
$11 cone preferred
100
_ •116
_ _ •116
120 120 *116 122 *117
74 Mar 13 1178 Jan 7
713
8
18
No par
84 1,900 Goodrich Co(B Fl
818 's
818 I
814
84 _-4
818
814 84
2812
100 40 Mar 16 5413 Jan 8
64 624
Preferred
200
4312 4414
8
433
4312 *43
4312 •42
.4214 4412 *41
8
4
153
1534 Mar 13 287 Jan 7
1813 414
4
1838 183 10,200 Goodyear Tire & Rubb-No par
1818 1834 1818 1838
4
4 1813 183
1812 183
No par 70 Apr 11 92 Jan 10 9 534
64
8814
let preferred
300
77
*76
77e
77
76
76
78
7812 *77
*76
2It
24 Apr 4
54 Jan 3
No par
34 II%
418 44 4,300 Gotham Silk Hose
44 412
4 412
33
4
4 *34 33
20
4
/
*31 33
100 20 Apr 3 50 Jan 3
3812 71,2
Preferred
100
3212 3212
3212 3212 3212
31
33
*27
39
*27
1
114June 25
314 Jan 3
412
14
14
112 1,000 Graharn-Paige Motors
8
13
112 112
3 112
13
8 112
112 *13
8
*13
4
4
83 Apr 25
4
514 Mar 19
134
900 Granby Cons M Sin & Pr_- __100
4
8 73
75
73* 758
74 73,
8
753 75
8 74
*73
214 liar 15
5 Jan 7
1
24
4
4
83
100 Grand Union Co Sr etre
8
33
*3
3
38
313 *3
•3
8 338
33
*34 312
4
1433
30
No par 1438May 20 293 Jan 3
23
Cony pref series
100
*1712 1912
1912 1714 1714 *1714 1912 *1714 1912
.17
184
No par 1818 Mar 29 2514May 17
21
31,3
900 Granite City Steel
2212 2314
2212 2212 224
4
4
0193 2212 *193 2212 .21
25
No par 28 Mar 26 3512May 16
28
4053
1,200 Grant (W T)
34
34
3414
8
*335 3438 34
:3:312 3312 3314 34
84 154
94 Mar 19 124 Jan 7
4
73
No par
1114 1112 1,700 GI Nor Iron Ore Prop
1114 1 1138
1118 1114
4
I1 18 114 1034 103
0
953
95 Mar 12 217 July2
100
1214 3212
8
2118 2138 35,200 Great Northern pref
8
4
203 2112 2058 2178 205 2118
2058 21
3May 8
25
Ma Jan 15 323
25
354
*2938 2934 1,700 Great Western Sugar____No par
8 2912 2912 2912 2934
2912 2912 2914 293
09
102
100 119 Jan 2 140 May 4
11812
Preferred
260
*13018 133
132 _133
132 132
8
8
.1295 132 *1295 132
21
Green Bay 6: Western RR Co_100 21 Apr 12 25 June 8
40
*23
40
*23
40
*23
40
40 •23
*23
18
100 34 Feb 6 55 May 16
59
18
fireene Cananea Cooper
75
*51
75
•51
75
*51
75
*51
75
*51
5 4758July 5 5012July 1 9 5
8
475 4914 8,200 Greyhound;Corp (The).
--4834
4
__ ____ 493 5012 4812 5018 48
23
1 Feb 1
4May 13
3.2
No par
4
1
/
4
3
8 1,300 Guantanamo Sugar
*112 17
112 112
8
112 15
8
15
8
15
178
8
*15
714
714 31
100 19 Feb 16 4314May 14
Preferred
8
*2718 317
*2718 314
*2718 32
*2718 33
*2718 33
4
8 Jan 6
1614
5
4 Mar 7
100
& Northern
100 Gulf Mobile
*412 6
*412 578
6
*5
558 558 *513 6
6
6 Apr 3 16 June 29
100
12
354
Preferred
600
*1412 1512
4
153
8
*145 1613 *14
16
16
16
14
12
154 42
12 Mar 29 24 Jan 8
No par
200 Gulf States Steel
164 174
8
8
8
8
8
8
*135 163 •135 163 •135 164 *135 1612
2514
83
47
100 48 Mar 29 68 May 23
Preferred
*5614 65
*5614 65
*5614 65
*5712 65
65
*5614
8
197
20 2 264
,
25 2114 Jan 16 29 June 22
28
28
400 Hackensack Water
28
2812 28
4
4
4
*273 2812 273 273 •28
28
31
27
25 30 Jan 18 34 June 29
34
7% preferred class A
20
533
*33
34
533
*3312 34
34
34
34
34
34
318 Mar 13
04 Jan 13
814
No par
____ _ - ___ ___ Hahn Dept Stores
____ ____ ___ ____ ____
_ __ __ __ ____
712 Jan 2 • 314
34
4 Mar 19
4
10
93
500 Hall Printing
12
1
.4
412
414 414 *4
8 438
43
8 41
-*43
353 114
034.1une 21
8
35
612 Apr 30
No par
Hamilton Watch Co
*94 912
912 *918 91, *918 912
*9
91
*9
63
25
20
100 63 Jan 4 81 June 24
95
Preferred
*82
95
95 - *82
*82
95
95 .82
*82
77
84
4
1013
240 Hanna (M A) Co $7 pt___No par 101 Jan 2 108 June 3
1064 107
4
1063 107
107 107
10612 10612 10612 107
4
241
13
12
18 Mar 15 2178July 5
8 4.500 Harbison-Walk Refrac___No par
2112 217
8
207 2114 2114 2112
4
8 203 21
8
203 207
100 9938 Jan 7 112 June 11
100
87
82
Preferred
10
*10712 _ -109 109
112 112 *109 . _ •109 112
753
112
112
4May 28
93
512 Feb 8
200 Hat Corp of America el A____1
;
74 77
8
8
812
12 *8
4
84 *73 1
*8
4 82
193
144
100 81 Feb 6 105 June 25
854% preferred
*104 105
105
18
*104 105 *104 10550 .104 105 *104
112
4
*12
I May 15
le Apr 27
8
5
200 Havana Electric Ry CO __No par
2
44.
12
12 .
58
12
8
5
4.12
84
3
212
612May 25
212 Apr 17
100
Preferred
60
414 414
*414 818 *414 818
2414 84
,
4 4 41 1
For footnotes see Daze 70
New York Stock Record-continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
June 29
Monday
July 1
Tuesday
July 2
Wednesday
July 3
Thursday
July 4
$ per share $ per share $ per share $ per share $ per share
Vs
17
8
2
2
2
218
2
2
*10518 106 *105 106
105 105 *1044 10512
/
1
0130 1393 0130 13934 1393 1393 •132 141
4
4
4
*15114 160 *15112 160 *15112 160
160 160
2212 2212 82212 23
2212 2212 22
22 12
08212 8312 *82
8312 83
84,
4 823 823
4
12212 12212 12212 12318 12318 12318 *12314 125 4
*731 77
/
4
*74
/
1
4
7712 *78
7712 .76
7712
*11012 1127 11214 1121 1127 112% 112 112
o
/
4
8
01 93
/
4
8
938
912 95
8
97
8
94
3
94
/
1
71
8
75
8
75
8
75
8 *712
71
8
738 75g
*401 410 *401 410 .402 410 *403 410
37
3714
3714 3714
373 3712 38
8
38 2
,
*1412 15
143 151g
4
143g 1514
1512
15
*62
6318 "6212 6318 6212 62 8 *6112 633
,
4
014
147 *14
8
147
8
14
14
14
14
*23
8 212 *23
8
212
28
3
23
8 *24
212
4912 497
8 49
49
4812 4914
4814 483
8
*27
8
3
3
3
3
3
27
8
3
*712 8
712 712
712
712 87
812
7
/ 77
1
4
8
77
8 8
73
4 81
/
4
73
4
73
4
114
138
138
112
114
13
5
114
13
8
1334 14
1378 1414
1318 143
5 127 13%
8
*19
21
*20
21
*1812 21
*19
21
53
53
523 523 *5214 54
4
4
*5214 54
*7
8
*7
812 *7
813
7
7
*218
25
8 *218
23
*214
8
21
*238
212
*2718 2712 27
2714
27
2714
263 27
4
903 903
4
4 9012 9012 91
91
9012 90 2
,
__ •128
*128
*128
--643 6518 653 -- 7- 66
4
*128-8 8 8
6
- - 4 853 - ,
0
63
4 67 4
*27
8
3
*27
8
3 •
3
3
3
3
* 14
6
65
8
6'4
6'2
612 612 *Ws
612
*12
127
8 123 123
4
124 1212
1215 12 8
,
31 .3
/
4
318
*3
31 *3
/
4
318
*212 3
*212 3
*212
3
*212 3
912 912
11
11
.103 12
4
11
1114
2
2
2
2
2
2
21a
*2
*43
8 5
.4 ' *43
/
1
4
8
43
5
4 4
/
1
4
31
/ 31 *31
4
/
4
314
33
8
314
3
313
*313 33
4
*31
33
32
32
31
31
17512 177
178 180 .
177 179
1764 179
/
1
538 *514
538
53
4
514 512
514
53
3
*291 293
/
4
4 2938 2958 2914 297
8 2852 2912
4434 451 4414 4534 45
/
4
/
4
4512 447 451
8
*143 145 *143 145 *143 145
144 144
*2
21g
134
13
4
218
214
218
21s
*218
22
,
2,
8
218
214
214
*21s 212
2712 273
4 265 2712 263 27
8
4
2631 27
*125 127 .125 127 .12434
12612 1254 12514
/
1
•114
13
4
*138
13
4
*114
18
4
•13
0
17
5
*5
8
3
4
*5
5
3
4
03
4
7
5
5
8
58
/
1
4
/
1
4
,
2
,
2
5
8
5
/1
5
3
5
8
14
714
7
7
718
738
712 *7
714
2518 251 2512 26
/
4
26
2638 263 263
4
4
105 10512 1043 105
4
105 10512 105 10512
*34
35
35
35
3512 3512 *34
35
•4512 45
/ 454 457
1
4
/
1
8 457g 454 45
/
1
/ 45
1
4
/
1
4
*1712 18
*1612 1712 1712 1712 1712 18
.
68
097 *68
8
697
8 68
68
68
68
1014 1038
101 103
/
4
8
9
/ 1012
1
4
97 1014
s
10
10
10
1014
10
1018
10
872
*7o38 77 *7078 10
77
73
73
77
98
83
4 *93 10
4
10
10
938
938
*263 2712
4
271 2714 *27
/
4
2712
27
*11312 11612 *116 11612 .11512 11612 27
.115 11612
*5 4 50
73
*573 593
4
4 58
5958 .58
593
4
*5112 52
52
5234 52
/ 5314
1
4
5214 523
4
*121 125 *121 12412 *122
12412 *122 12412
*13112 175 .13314 175 *13314 175
*13314 175
*581 584 *5812 583
/
4
/
1
4
583 583
583 60
4
*1173
4- _ •1173 _ _ al173 1173 a1173
4
4
4
4 - r.51 -,
/ i
4
*614 6
514
514
*53a 512
•91 101 *812 1012 *9
/
4
/
4
1014 .83 10,
8
8
•113 111
8
/ 111 113
4
/
4
8
1175 12
117 117
8
8
•183 194 *183 19
4
/
1
4
19
19
183 19
4
*55
99
*55
99
*55
99
*55
99
114
114
114
114
114
114
11
/ 1,4
4
1918 191
/ 1918 1914
4
183 1912
4
1014 183.1
1714 173
8
171 18
/
4
177 183
8
4
1712 177
8
*15
1514
15
17
1512 17
1512 1614
13
/ 1414
1
4
133 14
4
133 14
4
1312 133
4
a9212 9212 9312 9312 *9312 95
3 95
•92
17
173
8
17
1714
1714 173
4
173 177
8
8
15
15
.1412 153 9412 153 .1412 153
4
4
53
/ 418 •35
1
4
8 418
*358
418
*35
8
418
*2812 29
283 284 28
4
/
1
/ 28
1
4
/ 29
1
4
2918
23
/ 237
1
4
8 237 24
8
24
2414
24
241 1
109 10912 *109 110
/
1
4
1093 110 *109 111
4
*214
34
/
1
21z
212 *212
34 *212 31 1
/
1
*58
70
.60
70
70
*60
•6()
70
557
60
*57
60
*57
60
CO
80
27
/ 273
1
4
4
28
2812 284 2812 281 1 28 2
/
1
,
*1412 15
*1412 15
1512 1512
15
15
*25
27
*25
30
*25
30
•2o
30
2612 2718
2614 263
8 2618 2612 26
2614
*5
/ 6
1
4
8
/
1
4
53
4 54
*514
5
/ .*514
1
4
61/4
•107 118 *103 11
8
4
103 103
103 103
4
4
4
•1312 1418
141g 1418 "133 1414 .14
4
14 4
*1003 10114 1004, 101 *10014 10114 810012 101,
4
•714
73
4
714
74
7
7 18
71
/ 714
4
13
4
134
*158
13
138
158
2
2
" 73
4
*712 73
*712 73
4
4
752 752
3 8014 80
879
80
8018 807
8052 81
8
151 1512
/
4
1412 147
8
14
14
1412
14%
2934 3014
2912 3018 293 3012 29
4
2938
"2218 227
8 2218 2214
22
2212 2212 2212
010912 112 *10912 112 *10912 112 *112 114
10912 10912 10912 11012 111 112
112 113
*157 1594 *157 159 *150 1597 *150
/
1
/
1
4
8
159
/
1
4
*1738 18
177 18
8
18
18
.17
/ 17
1
4
/
1
4
*17
/ 20
1
4
1912 1934
1912 1912
19
19
*2614 2714 *2614 2714 *2512 2612
2612 26,
2
3114 3112 31
31
3012 315
8 3012 3012
4132 413
2 4114 4132 4132 4172 41
4132
108 108 *1064 108 *10618 108 *106%
1071
/
4
11
/
4
11
/
4
118
118
138
I3
8
112
112
•114
134
813
8
11 .112
/
4
11
/
4
11 11
/
4
/
4
.3912 40
3914 3914 *39
40
*3812 39 4
,
•1223 12512 12614 12612 12412 12412 *12212
4
12412
2078 2118 205 207
8
8 2034 2118
2118
21
137 137 *137 139
139 13912 13912 13912
12
12
12
5
8
12
12
12
12
61 83
/
4
4
68
4 6
/
1
4
612 63
4
65
8 65
3
1832 183
2
1838 1812
1812 1914
1812 19
*41
43
*41
43
41
41
41
41
17
1714
17
1738
163 1714
4
1718 17%
*107 113 *107 113 *110 111
11012 11012
*4212 43% 427 427 04314 437
8
8 435 433
4
.125 12812 *1203 12812 1204 12812 .125 12812
8
. /
1
_-_- ---- --- ____ ____ ____ ....._ ____
For footnotes see page 70
Friday
July 5
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
75
Ranee Since Jan. 1
On Baste of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
June30 Year 1934
1935
High
Lora Low
3 per share Shares
Par 3 per share
$ per share
Spar eh
.2
218
1,500 Hayes Body Corn
2
11 Mar 18
/
4
312 Jan 2
11
/
4
10512 106
300 Hazel-Atlas Glass Co
25 85 Jan 2 111 June 12
65
•132 141
100 Helms (0 W)
25 127 Jan 5 141 June 4
94
•154 160
Preferred
100
100 14212 Jan 10 162 June 19 120
22
223
4 2,500 Hercules Motors
No par
11 Jan 8 2512June 18
514
8314 8314
500 Hercules Powder
No par 71 Mar 12 8514June 14
40
12312 12314
390
$7 cum preferred
100 122 Feb 9 128 May 3 10418
7712 79
300 Hershey Chocolate
No par
7314 Apr 4 813 Jan 19
44
4
1137 1137
8
8
400
Cony preferred
No par 104 Jan 25 11412 Apr 16
80
9
/ 1012 11,000 Holland Furnace
1
4
4
1012July 5
No par
53 Mar 15
4
3
400 Hollander A Sons (A)
5
63 Mar 29
74
8
73
4
11 Jan 2
518
•401 410
Homestake MInIng
100 338 Feb 5 412 May la 200
1,800 Houdaille-Hershey ol A __No par 307 Mar 14 4014 Am' 17 • 7
3814 383
8
8
155 157 26,100
8
8
Class B .
612Mar 13 15o July5
No par
212
*6112 6318
200 Household Finance part pf___50 49 Jan 2 63 June 6
43
•13
133
4
200 Houston 011 of Tex tern elfs-100
/
4
91 Mar 15 17 Jan 2
/
1
4
91
/
4
23
238
300
Voting trust <Wm new
11
3 Jan 4
/
1
4
11 Mar 13
/
4
25
/
4
483 4834
4
1,900 Howe Sound Co 20
5 43 Jan 15 58 Apr 26
3
3
500 Hudson & Manhattan
2 Feb 27
/
1
4
100
512 Jan 21
23
4
•7
814
200
Preferred
812 Mar 14
1312 Jan 21
100
612
7
/ 8
1
4
4,700 Hudson Motor Car
1234 Jan 7 11 6
No par
64 Mar 26
114
13
8 4,100 Hupp Motor Car Corp
34 Apr 5
378 Jan 7
10
3
4
123 1314
4
9,000 Illinois Central
912 Mar 14
1714 Jan 7
100
912
*1912 21
6% prof eerie!! A
100 15 Apr 11
15
233 Jan 4
4
52
52
100
Lease,1 lines
5712 Jan 10
40
100 40 Mar 21
*612 8
20
RR Sec Ws aeries A...-1000
414
414 Mar 30 10 Jan 4
•214
Indian Refining
212
23
4May 10
218 Mar 16
10
2%
2718 28
5,600 Industrial Rayon
.
2312May 8 33 Jan 7
1314
No par
90
90
1,100 Ingersoll Rand
45
No par 6012 Mar 13 95 June 1.7
•128
___ - Preferred
100 109 Jan 7 127 May 9 105
67 7012 _6.000 Inland Steel
26
4014 NI ar 22 7012July 5
No pa
*27
8
3
200 Inspiration Cone Copper
211
418Nlay 17
211 Feb 27
20
612 612
800 Insuranshares Cam Inc
4June 19
2
63
4 Mar 1
1
1212 1212 1,100 IInterboro RapIdTran•I e_100
512
1618 Feb 19
83 NI ar 15
4
Certificates
5
NI pa
,
3
3
Internal Rys of Cent Amer100
2145.1ay 27
2
8
43 Jan 25
*212 3
Certificates
5 Jan 3
No par
214 Apr 26
214
11
11
150
Preferred
1812 Jan 10
914Nfay 21
100
61
/
4
.2
214
800 Intercont'l Rubber
112
lisNfay 1
No pa
3 Jan 7
438 4
78
700 Interlake Iron
414 Mar 7
7 Jan 7
4
No par
3
3
1,200 Internal AgrIcul
2 Mar 14
/
1
4
5 Jan 2
No pa
III
30
30
300
Prtor preferred
4
100 26 June 1 423 Jan 25
10
•179 18312 1,100 Int Business Nfachines___No par 1491 Jan 15 18412N1ay 16 1253
/
1
4
4
/
4
513 2,400 Internal Carriers Ltd
. 535
'
1
1
338 Mar 12
64 Jan 8
/
1
3
/
1
4
2914 30'2 3,700 International Cernenl___-No par 227 Mar 15 33 Jan 7
8
183
2
4515 4614 8,500 Internet Harvester
4604June 24
3418 Mar 18
2314
No par
146 146
Preferred
200
100 136 Jan 2 152 May 9 110
214
214
1,700 lot Hydro-El Sys el A
2 Jan 9
/
1
4
1 14 Mar 15
25
DA
*2
200 lot Mercantile Marine-No par
318 Feb 20
11 une 20
/
4J
238
11
/
4
263 27
4
55,700 Int Nickel of Canada____No par 2214 Jan 15 293
8May 17
.
1415
*12114 126
2June 18 13012 Mar 14 101
Preferred
100
100 1241
.
Internal Paper 7% prat
100
81
,
*112
Inter Pap & Pow al A____No par
3 Jan 8
1 18 Mar 15
13
1,
8
*52
7
3
2Mar 13
100
13 Jan 7
Class 13
8
No par
/
1
4
38May 7
5
8
11 Jan 19
1,000
Class C
5
3
No par
/
4
38
71
Stock
412 Mar 13 12 Jan 7
1.500
Preferred
100
714
44
/
1
2614 2?'o
3,600 Int Printing Ink Corp___No par 211 Jan 15 2718 July 5
/
4
9
Exchange 1053 1053
4
4July 5
Preferred
370
100 9812 Jan 2 1053
65
•34
36
200 International SallNo par
May 14
3614
29 Jan 21
20
Closed
45
/ 457
1
4
900 International Shoe
/
1
38
No par 424 Mar 19 47 May 16
1812 1813
500 International Silver
100 17 Mar 19 28 Jan 4
17
lndepeo- *66
70
10
7% preferred
75 Jan 3
100 6012 Mar 21
40
10
101 21,600 Inter Telep A Teleg
4June 22
5 Mar 13 103
/
1
4
5
/
1
4
No par
*914 10
dence
600 Interstate Dept Stores_No par
878Nfay 8 12 Jan 7
/
1
4
23
4
*707 77
8
200
Preferred
7012June 27 847 Jan 7
100
2
1614
Day
300 Intertype Corp
*914 10
1114Junc 18
84 Mar 53
No par
43
4
2713
.27
200 Island Creek Coal
25 June 3 36 Jan 8
1
203
4
•115 11612
Preferred
1 110 Jan 22 12012 Apr 9
85
5812 58's
400 Jewel Tea Inc
26
No par 49 Mar 13 60 June 24
524 54
/
1
7.100 Johns-Nlanyllle
381 Mar 13 5732 Jan 7
/
4
361/
No par
*122 12412
Preferred
87
100 11712Mar 15 125 Jan 4
•13314 175
Joliet & Chia RR Co 7% gtd_100 130 Feb 19 130 Feb 19 11$
60
623
8
730 Jones & Laugh Steel pref_100 50 Apr 4 73 Jan 23
45
*11734 _ _
400 Kansas City P & L prier BNo pa 11514 Mar 20 118 Apr 15
977
8
100 Kansas City Southern
•514 - 12
6
32 Mar 13
83 Jan 7
4
100
3
/
1
4
.855 914
Preferred
4June 18
83
8
64 Mar 12 103
/
1
100
12
12
514
1,200 Kaufmann Dept Stcres 112_50
1218Nlay 17
712 Feb 6
*19
1914
400 Kayser (J) & Co
12
6 153 Jan 17 201
/
4May 23
4
*55
99
Keith-Albee-Orpheum pref100 34 Mar 7 5512May 28
15
•115
114
8,600 IKelly-Springfleld.TIre
5
3 Apr 4
8
238 Jan 17
3
s
•isis is% 4,500 6% preferred
1912July 2
No par
6 Apr 4
5
1712 1838 16,500 Kelsey Hayes Wheel conv.cIA__ I
6 Jan 25
19 June 18
212
16
16 14 10,000
Class B
1
314 Mar 1
17 July I
112
13
/ 133
1
4
4 5,700 KelvInator Corp
4June 1
No par
123
1814 Jan 9 • 67
2
•923 95
4
70 Kendall Co pl pf see A
No par 84 Mar 21 93 Jan 29
55
177 1814 14,400 Kennecott Copper
8
No par
13 Mar 13 2114May 23
/
1
4
13
/
1
4
•I4
104
100 Kimberly-Clark
No par
10 Star 5 l81 July 5
03
8
*3
/ 418
1
4.
Kinney Co
No par
3 Mar 19
5 8 Jan 3
3
214
29
2918
100
No par
23 Mar 29 38 Jan 23
Preferred
12
2418 2414
7,200 Kresge (88) Co
4
10 193 Mar 13 241
/
4Nfay 24
1014
*109 111
80
100 10312 Apr 26 113 Apr 9
7% preferred
994
.212 314
100 Kresge Dept Stores
No par
2 May 21
4 Jan 17
2
*co 70
Preferred
100 42 Jan 11
65 Mar 9
12
•59
(10
ioo Kress IS 11) & CO
No par
5618 Apr 5 6912 Jan 7
273
4
2838 2812 5,500 Kroger Groo & Bak
No par
29 June 24
2214May 10
19
*1412 1612
30 Laclede Gas Lt Co St LOuls _ll(tl
12 Mar 22 21 Jan 12
12
•25
30
100
5% Preferred
1914 Mar 27 31
Jan 24
1914
2512 25
/ 4,100 Lambert Co (The)
1
4
No par
24 Apr 5 2812 Jan 8
191
/
4
4514
638
100 Lane Bryant
No par
5 May 13
9 Jan 3
418
103 11
500 Lee Rubber & Tire
5
812 Mar 14
127 Jan 7
8
518
14
1414
POO Lehigh Portland Cement
50
10 Mar 14
/
1
4
9
17 Jan 7
/
1
4
*10014 101
50
7% preferred
100 893 Jan 3 102 June 21
4
73
7
718
2,100 Lehigh Valley RR
5 Mar 13
5(
5
1112 Jan 7
•1%
175
600 Lehigh Valley Coal
No par
112 Mar 13
112
2 Jan 4
/
1
4
•712 7
/
1
4
300
Preferred
512May 1
50
1212 Jan 23
4
81
8312 2,200 Lehman Corp (The)
No pa
8712 Mar 28 8312July 5
583
4
144 1455 4,500 Lehn A Fink Prod Co
6 14 July 2
171 Jan 25
/
4
1112
293 303
8
5 6,000 Libby Owenniford Glass__ No par
2112 Mar 30 32 Jan 2
/
1
4
21
2218 2218
500 Life Savers Corp
5 21 Mar 14 2412 Ayr 22
1538
11312 114
600 Liggett & Myers Tobaeoo____25 9414 Apr 5 114 July 5
7112
11311 115
4,500
Series B
28 93 Apr 4 115 July 5
/
1
4
734
/
1
159 159
100
Preferred
/
100 1511 Jan 30 167 May 4 123
4
18
18
700 Lily TIllp Cup Corp____No par
1612June 8 1912 Apr 25
1414
193 20
8
800 Lima Locomot Works____No par
1312 Nf ar 14
241 Jan 5
/
4
1312
2612 2712
400 Link Belt Co
No par
1712 Mar 13 2S12June 19
1112
31
311
/ 1,900 Liquid Carbonic
4
No par
2412 Mar 13 323
8June 17
161
/
4
4112 42
6,900 Loew1 Incorporated
/
4
No par
3114 Feb 7 421011,10 12
1912
*10618 108
100
Preferred
No par 102 Feb 1 1081s Apr 5
68
13
3
112 2,500 Loft Incorporated
No par
1 Mar 15
11 Jan 2
/
4
1
•13
8
11
/
4
100 Long Bell Lumber A
No par
11 Mar 12
/
4
2 Feb 14
/
1
4
1
3914 3914
400 Loose-W1lee Blecult
25 33 Apr 25 4114June 26
33
*12212 12412
60
7% lel preferred
100 12412July 2 130 Apr 16 116
21
213
8 5,400 Lorillard (1') Co
10 1812 Mar 26
22 June 11
14%
140 140
120
7% preferred
100 124 Apr 5 140 May 22
9812
12
12 1.500 :Louisiana Or
No par
12May 29
17 Jan 7
2
12
*612 7
330
Preferred
100
412June 19
412
1412 Jan 8
19
1915 3,200 Louisville Gas & El A___No par
1032 Mar 18
1914July 2
10 8
3
.41
4112
300 Louisville & Nashville
100 34 Mar 29 4712 Jan 7
34
1714 184 5.300 Ludlum Steel
/
1
I
12 Mar 26
/
1
4
1814 Jan 8
712
•110 113
200
Cony preferred
No par
9014 Jan 4 11012July 3
50
4314 4314
500 MacAndrewe 4 Forbes
10 40 Jan 24 46 Feb 19
21
•125 12812
6% preferred
100 113 Feb 8 130 Slay 13
871
8
_--- ___.
Mackay Coe preferred
100
2018
$ Per share
11
/
4
61
/
4
74
Ws
101
145
12312 153
514
121
/
4
59
815
8
111
1251
/
4
4812 733
4
83
10518
44
,
104
5
/ 13
1
4
310 143018
II
34
2
/
1
4
87
8
43
54
12 2 293
,
4
212
Vs
3512 5714
4
121
/
4
9
26 4
,
612 2414
17
s
714
134 $81
/
1
/
4
21
51)
48114 (111
71 2414
/
4
232
41
/
4
1938
32,4
4912 738
105
1161
/
4
3414 56
67
23
8
8
218
43
8
511
1712
613
1212
2
7
/
1
4
212
0
74 223
/
1
4
312
638
4
111
/
4
2
11,
8
15
3714
131
164
412
1218
1838
371
/
4
2314 467
2
110
137
24
/
1
91
/
4
2
6
21
29,4
1151 130
/
4
10
25
2
612
7
2
312
/
1
4
254
81 247
/
4
,
9
2512
66
101,
21
32
38
50%
19
453
4
59
8412
712
1734
311
161
/
4
211 81,2
/
4
58
5
II/
2434 36
90
1191
,
33
5712
39
663,
101
121
135
140
45
77
1177 1 1412
s
64
/ 1934
1
1014
2712
6
101
/
4
4412
8
137
20
37,2
1
4,
,
5
20
3
II)
2
/
1
4
71
/
4
113
8
214
6518 94
16
3318
97
8
1814
3
7,
4
131 41
/
4
134 221
/
1
/
4
101 2114
2
/
1
4
7,
,
55
19
36
65,2
234 3355
6312
20
60
27
2214 311
/
4
5
1414
7
14,2
11
20
7352 90
912
21,
4
212
6
5
1638
644 78
1113 234
2212 43%
24
1718
73
110
7412 11138
129
15212
16
2612
1514
36,4
1112
I/O,
1618
354
/
1
2
37
207
72
105
112
3
1
3
3314 244%
119% 12
812
22%
15%
103 2130
3
4
3
/
1
4
71
/ 23.2
4
12
21
6238
3734
81
/
4
19,2
97
60
30
42,4
95
111 14
33
2018
New York Stock Record-Continued-Page 6
76
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Sattaday
June 29
Monday
July 1
Tuesday
July 2
Wednesday
July 3
Thursday
July 4
Friday
July 5
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 6 1935
Raise Neu Jars. 1
-share Lots
Os Basis of 100
Lowest
Highest
'idyl
1933 to Range for
June 30 Ysar 1934
1935
High
Low Low
5 per share $ per ah
Par i per share
$ Per share Shares
1858
8June 1 2818 Jan 8
No par 185
1918 195
8 4,500 Mack Trucks Inc
3012
No par 3012 Apr 1 4414 Jan 2
(R H) Co Ins
411 413
/
4
2.600 Macy
212
712 Apr 26
54 Jan 2
-No par
700 Madison Sq Gard v t o_.
*67
8 7
1214
8
10 185 Jan 16 36 May 22
1,800 Magma Copper
335
33
2 Jan 4
14June 12
14
par
"
/
1
4
58
100 Mallinson (EI R)& Co-No
d
8
5 June 11 197 Jan 23
100
7% preferred
80
*514 512
214May 14
7
8
h Feb 6
100
lh
:Manse Sugar
*1
1
4 Jan 7 10 May 24
*818 712
100
Preferred
3
5 8 Jan 19
7
,3 Apr 29
No par
Mandel Bros
4
*3
14
37
:Manhattan Fty 7% inar___100 29 Apr 23 3612 Feb 20
*30
10 4
3
100 1314 Mar 16 22 Feb 1
Mod 5% guar
173 1314 1,200
4
10
25 10 Mar 28 1412May 22
500 Manhattan Shirt
1212 123
4
1
3 May 23
1
1 Feb 23
------Maracaibo 011 Explor
*13
4 2
Os
6 4June 26
3
412 Mar 23
6
532 532 2,100 Marancha Corp
5
8 Jan 24
53
514 Apr 1
8
6N 65 25,200 Marine Midland Corp(Del)_1
11 Jan 8
8
8June 14
100
3
4
54
1
310 Market Street By
3
5 Jan 8
2 8 Jan 2
5
100
4N
140
Preferred
*31
4June 27
3
3e4 Mar 1 103
100
970
Prior preferred
10
10
2 Jan 8
14
4
1 Mar 15
100
2nd preferred
200
4
*3
4 13
12
*29
2912
800 Marlin-Rockwell
Nova? 20 Mar 13 3012June 22
8
68
4
634 Mar 14 111 Jan 3
No par
fik 812 1,700 Marshall Field & Co
2 14
918 Jan 7
4 June 27
*412 618
No par
Martin-Parry Corp
2312
2334 Mar 14 32 Jan 8
30
31
4,800 Mathieson Alkali Works_No par
100 138 Jan 2 150 Apr 1 10512
Preferred
*14114 148
4May 28
23
7
10 35 8 Mar 29 443
4212 4212 2,100 May Department Stores
8 8May 31
7
314
513 Jan 30
No par
600 Maytag Co
8
*73
8 77
834
14 4
No par 83 Jan 15 4658July 3
Preferred
600
*43
6
8
20
•___ 4212
Preferred ex-warrants-No par 3212 Jan 7 4412June 10
27
No par 8412 Jan 4 103 June 17
110
Prior preferred
*10018 102
22
No par 28 Mar 14 3512June 17
3314 3312 1,000 McCall Corp
2
4
714 Apr 3 13 Jan 3
81: 834 9,300 :McCrory Stores clanA-No par
IN
61 Apr 3 1218 Jan 3
Class B
No par
8
8
2,100
312
100 5714 Feb 5 76 May 4
500
76
76
Cony preferred
87 A pr 23
8
4
714 Mar 26
McGraw-Hill Pub Co___No par
*714 8
8
283
8
8
4 2,700 McIntyre Porcupine Minas......5 365 Jan 15 455 Mar 4
4012 403
6714
900 McKeesport Tin Plate-No 70r 9012 Jan 16 11612June 14
11413 11412
8 8 Jan 2
7
312
5
57
8May 22
614 614 1,700 McKesson & Robbins
912
50 82 May 24 45 Mar 4
35
35
700
Cony pret merles A
5
3
4
812 Apr 1 15 8 Jan 3
No par
12
123
2 3,300 McLellan Stores
6
100 8512 Mar 13 9412June 4
95
120
6% cony pre ear A
*94
1712
5414 5412 1,300 Melville Shoe
Nova' 51 Jan 2 5412Ju1y 5
3
5 8 Jan 22
5
3 Mar 12
1
300 Mengel Co (The)
314 314
20 4
3
100 2068 Mar 20 384 Jan 23
*2614 28
7% Preferred
20
10 March & Min Tramp Co_No par 22 Apr 12 2714June 1 • 22
*2414 30
5
Jan 15 32 Mar 5 22 8 4
8
5 241
8 1,300 Mesta Machine Co
. 3012 307
18
--,, - _- ----- Metro-Goldwyn Plot pret.--27 27 Mar 9 2814 Jan 3
43
8May 17
212
24 Mar 13
24 .
5
299 Miami Coteer
3h
*3
34
,
1
*314 33
3
3N 318 *3
3*
3
9N
912 Mar 15 1378May 23
10
115 117
8
3,200 MId-Continent Petrol
4
4
4
4 113 1214 113 1211 113 12
111 113
4
64
814 Mar 12 1658July 1
No par
157 1614 12,700 Midland Steel Pr•cl
8
157 165
8
8 1514 1612 1511 153
15
/ 16
1
4
44
100 6018 Mar 6 102 June 25
250
8% cum let pret
10112 102
1003 10112 10012 10112 1001210112
4
10012 101
20
/
1
4
4
/
1
200 Minn-Honeywell ROVI--No par 68 Jan 15 99 July 2
*913 984
99
*913 981
4
9812 9812 99
*918 100
100 105 Jan 9 211114Juns 19 2 68
6% pret series A
*10812 1098
20
8
*10812 109s *109 1097 10812 109 *10812 1097
524 Jan 2
2
14
/
1
37 Mar 15
414 438
414 414
414 438 3,200 Minn Molina Pow Impl -No pat
8
414 43
414 453
16
No par 31 Mar 14 5514June 17
54
1,600
53
Preferred
4 52
53
52
5212 523
52'2
53
*52
18
3 Jan 7
8
/ Mar 4
1
4
IMinneapolie & Elt Louis___ 100
3
8
3
9
*14
3
8
*24
*14
3
2
*14
*24
2
8
h
214June 17
3 Apr 24
4
2
214
200 Minn St Paul & SS Marie__ 100
Stock
*17
8 2
*17
8 2
8 *114 2
*134 25
3
1
3 4June 21
1 Mar 6
100
100
4
7% preferred
*3
312 31
*318 35
8 *318 312 . *318 312
3 Jan 14
11
/
4
IN Mar 29
100
4% leased line one
110
*214 2 8
7
8
8
2 2 23
3
2
214 214 *214 27
253 23 Exchantte
1038
8May 16
8
No par 103 Apr 9 167
900 Mission Corp
1214 1214
8
123 1238 125 1258 1212 1212 1214 1213
8
/
1
4
25
8
258 Mar 13
6 Jan 7
No par
28
258 25
8 1,300 Mo-Kan-Texas RR
25
8 2 8 Closed
5
2
/
1
4
*27
8 314 *27
2 318
7
52
7
5 8May 7 1412 Jan 7
100
Preferred series A
614 612 1,800
7
7 12
63
4 7
712 712
712 712
3 Jan 4
118
118June 28
100
*1
118
100 :Missouri Pacific
/
4
153 Indepon8
118 11 *1
13
8 *1
*1
13
118
4 Jan 7
1': Mat 30
100
Cony preferred
13
4 13
4
600
8 *13
4 2
13
4 17
/
4
17
8 11
*14 2
/
1
8June 17
10
/
1
4
20 10 4 Mar 13 165
3
1,000 Mohawk Carpet Mills
*143 15
4
8
dence
1514 1514 1514 1514 147 15
*1512 16
24
10 55 Feb 29 7712June 12 "
72 7212 1,600 Monsanto Chem Co
4
8
8 7212 7234 *713 723
7212 7212 7212 727
1514
8
Day
2818 2812 21,900 Mont Ward & Co Ino___.N0 par 215 Mar 12 3012 Jan 7
2712 2814 2714 28
4
275 27
8
/ 273 28
1
4
347
2
8
No par 567 Apr 9 68 Feb 25
Morro! (J) & Co
*607 6218
8
8
8
8
*607 6253 *607 6218 *607 6218 *607 621
8
555
8
50 6112 Apr 18 6512May 24
631
*62
MOIT1/1 & Essex
63'2
6314 *62
6312 *62
64 4 *62
3
*62
14
118May 1
14 Apr 4
3
4 1,100 Mother Lode Coalition-NO par
3
4
3
8
3
8
5
8
3
8
1*
3
4
5
8
513
1514
8
-No par 1718 Mar 18 287 Apr 22
2714 277
1,900 Motor Products Corp.
4
4
2724
2714 2714 *263 2714 263 2739 27
5
7 Mar 12 115 Jan 7
/
1
4
8
84
918 93
8 4,000 Motor Wheel
912
918
9
93* 938
9
918 918
38
7
7 Mar 13 1212 Jan 22
No par
1012 1017 1,700 Mullins Mtg CO
1034 11
103
4 1012 11
*
*94 105 *10
10
7
No par 35 a Jan 11 7814July 2
75
77
710
Cony preferred
76
7814 76
3
743 74 4 74
4
7312 74
10
No par 11 Apr 3 1818May 21
1512 1517
200 Munaingwear me
3
3
*1512 1612 15 4 15 4 *1512 1614
4
*1512 153
4July 5
38
5
5
10
4 8 Mar 13 103
1034 54,800 Murray Corp of Amer
10
97 1018
8
,
93 10 2
8
914 912
8
918 93
1312
No par 30 Jan 12 3912May 17
34
300 Myers F & E Bros
34
*33
344 34
/
1
3414 34
3414 *34
*34
11
12 Apr 27 1912 Jan 7
No pa
1318 133
8 7,900 Nash Motors Co
1318 1312 1318 1314
8
8
131 1312 133 133
/
4
14
2114
Nashville Chats & St Louie -_100 14 Mar 14 2712 Jan 8
*18
2114 *18
2114
2114 1518
21I *18
*18
712June 18
3
412 Mar 13
1
900 National Acme
63
4 68
612 612
63
8 612
8
613 622
653 63
68 Feb 26
514
8 8 Apr '25
5
18 714
200 National Aviation Corp-No par
3
*718 7 8
7
/
1
4
7
712 *7
*7
723 *7
224
/
1
10 2214 Apr 1 3114June 17
287 29$8 12,100 National Bison%
8
285 29
30
8
8 29
297 30
8
291* 297
100 14118 Mar 7 151 May 3 12912
100
7% eum met
*14612 14312
14812 *14612 14812 14812 14812
*14612 14812 *14612
12
8
No par 1312 Mar 14 183 Jan 3
18
183 16,000 Nat Cash Register
8
4
8
8 175 1818 173 18
1712 177
8 1712 177
1114
8
No par 127 Mar 21 1718 Feb 9
1618 1658 12.900 Nat Dairy Prod
8
8 1624 1612
1614 163
8 1618 1612 163 165
113Mar 7
45 Jan 17
6
12
134 2,800 :Nat Department880reil NO par
13
4
13
8 13
Ps 13
4
13
15g
11 158
/
4
3
100 17 Apr 2 345 Feb 16
2114 22
620
Preferred
2212 2212 2214 2212 2212 2312 2114 22
16
No par 2318May 2 2914 Jan 3
265 267 18,500 Nati Distil Prod
8
8
265 267
8
8
8
4 2612 27
2618 2634 263 263
10
No par 21 May 31 32 June 21
3012 3118 1,400 Nat Enam & Stamping
31 • 301 10 2
31
: ,
31
31
31
31
875
8
100 145 Jan 18 17514May 22
*170 1723
4
300 National Lead
4
4
4
4
*170 172
/ 1723 1723 170 1723 *167 1723
1
4
16212May 23 122
100 150 Jan 18
200
Preferred A
016018 165
162 162 *16018 165
162 162
*16112 172
99
/
1
4
8
100 1215 Jan 213 13812June 19
130
Preferred B
138 138
138 138 *138 13812
138 138
*13718 138
4
/
1
4
9 8Ju1y 5
7
4 s Mar 15
7
No par
7
9
/ 9 8 30,500 National Pow & Li
1
4
4
939 93
4
913 93
9
/
1
4
9
918
9
452 1
38 Apr 10
1 Jan 10
IN
*2
2 1
Nat Rye of Mem let 4% pf___100
*53 7
*58
1
*12 1
/
1
4
/ Jan 2
1
4
100
34 Mar 10
2d preferred
*14
3
8
3
8
3a
*14
*14
3
8
*14
2
8
*14
gMay 24
33
8
25 403 Mar 13 507
481
49
8014 5,900 National Steel Corp
8 4814 4812 48
4814 4814 4814 485
9
25
9 Mar 13 19 May 28
16% 1618 2,100 National Supply of Del
8
4 153 1614
8 165 163
4
163
*1512 153
4 16
33
100 36 Mar 20 76 May 27
Preferred
160
67
66
67
67
67
*64
68
66
*6312 65
8
2814
No par 2814 Mar 13 113 Jan 4
800 National Tea Co
*1014 105
8
s
3
1014 1014 1038 103 103
•1012 10
/ 10
1
4
3
712 Jan 15 12 June 11 51 3 8
No par
1012 103
4 1,200 Natomas Co
*10 8 11
3
103 11
4
11
11
*1034 11
4
8
No par 2114June 6 2811 Feb 14
300 Neisnor Bros
2458 2434
241x 2412 2412 *24
243
4
*24
2412 '24
15
457
513
4
100 Newberry Co (J J) .____No par 4312 Jan 2 631294ay 16
4 5112 5112 051
5134
*5112 523 *5112 518
8
80
100 109 Jan 25 117 May 7
7% preferred
*11212 11512
*11212 11512 *11212 1151 *11212 11512 *11212 11512
4
7 June 19
4 Apr 11
:New Orleans Texas Os Mei_ _100
*35
8 8
*3 8 8
5
*358 8
*35
8 8
*358 8
438
1
43 Mar 12
8
8 Jan 3
400 Newport Industries
5 8 57
7
8
6
6
6
6
6
6
618
'6
1112
No par 1812 Mar 12 2814 Jan 4
26
2614 1,800 N Y Air Brake
26
2512 25 4 25
3
2512 2512 2514 251
1214
4
No par 1214 Mar 12 213 Jan 7
163 1714 12,300 New York Central
4
4 1653 17
8 165 173
8
8 1718 175
1714 173
6
*734 8
6 Mar 12 13 Jan 4
100
N Y Chic dc St Louie Co
4 8
*73
*73
4 8
8
*73
8
*73
100
9 8 Mar 12 25 Jan 7
,
97
8
Preferred series A
300
147 1.1h
8
1512 1512 *1414 15
1513 1512 *1512 16
2
2 Mar 14 318 Jan 22
100
*158 32
New York Dock
4
8 334
8 3 4 '15
3
8 3 4 •15
3
*158 3 4 *15
3
4
8 Jan 11
4 Mar 29
*512 10
100
300
Preferred
612
712 712
914
6
914 *6
*6
50 112 Mar 11 139 J11110 12 101
•128 13312 ...._ .__ N Y & Harlem
*128 135 *128 13112 *128 13112 *128 13112
50 1144 Mar 14 11414 Mar 14 112
Preferred
•12212 160
•12212 160 *12212 160 *12212 160 .12212 160
No oar
14
NMay 31
5s Jan 3
500 IN Y Investors Ina
2
8
*14
*14
39
53
*14
3
8
3
23 • *14
/
1
4
:
7812
N Y Lackawanna & Weetern_100 99 May 22 99 May 22
*___ _ 99
99
99 0....
99 0....
•__
99 *__
2
/
1
4
100
27 Feb 26
8
812 Jan 4
8 3,700 NY N 11 & Hartford
3
/ 37
1
4
ii8 4
ii4 414
418 418
:118 418
8
6
6 Feb 26 143 Jan 7
100
Con" preferred
714 712 2,700
3
63
4 73
4
714 7 8
8
8
818 8
/
1
4
6 Jan 19
25
5
8
2 8 Mar 15
314 314
100
100 NY 0Mao & Western
*3
/ 312 *311 312 *314 313 *314 353
1
4
is
18 Mar 29
1 Jan 9
No par
100 N 'V Railways pret_ .
12
*2
8
*3
8
12
218
53
*2
8
8
as
*3
as
14
low 2_
14May 22
stamped
Preferred
--_-,„,
*14 *14 ,
*14 ,:*1 ....
/
4
*3
8
_-_84
61s Mar 14 184 Jan 7
94
93
4 -1 1,000 N Y ShIpbldg Corp part etk-- __I
*93
.2 4 4
2
103
10 2
97 16
8
1014 - 8 •10 -- 3
6912
100 70 Apr 18 87 Jan 7
*7412 7612
50
7% preferred
*7412 7612 *7412 7612 7612 7612 *7412 7612
69
Nova' 69 June 5 86 June 24
190 NY Steam $0 met
813 8518
4
4
82
8212 *813 821z
*8214 83 *8212 83
.28 97 Jan 22
79
130
95
$7 let preferred
Nova
, 79 May
95
95
95
95
95
95
94
*94
93
26
No par 304 Jan 15 43 May 22
363 3714 2,000 Noranda Mines Ltd
4
4
8
4 367 3712 363 373
8
373 *3614 373
4
37
78
14 Jan 17
100
78 Mar 25
:Norfolk Southern
1578
1
*78
1
*78
1
*78
1
*78
1
100 153 Mar 18 17714July 5 138
500 Norfolk & W2stern
17613 17714
180 *1751 l77r2
/
4
180 *17512
17622 17612 "175
77
Jan 10 108 June 18
100 99
100
Adios ,4% pre
10512 107
- *107 ____
-- *107-- *10713
*10614
8Ju1y 2
9
9 Mar 18 187
No par
4
18N 183 65,500 North American Co
181
12171712 175
8 1713 18
1818 -- 8 18
81
50 3512 Mar 15 5012July 5
2,800
Preferred
5012
50
8
4912 463 495
49
8 485* 49
493 493
8
4 Jan 23
2
2 Mar 13
1
212 25
8 2,600 North Amer Aviation
5
5
212 2 8
212 2 8
8
212 25
25
8
21
89
, 57 Jan 3 92 June 24
600 No Amer Edison pret---No pa
907
8
*88
907
90
/ 9112 *88
1
4
893 90
4
•88N 91
71
•
50 8612 Mar 29 95 May 21
Central
___ Northern
*945 __
8
8
*9413 _ _ _•.. *945 ___
*94 ___ *94
S per share $ per share 8 per share $ per share $ per share
183 20
4
20
20
19
20
20
191
/
4
41
413 42
4
4
4218 42N 413 42
4113
65
8 63
4
8
67
8 67
'714 8
*67
8 7
311 3212 3214 3212
/
4
31
31
*3014 31
*17
58
*13
1/4
*12
13
12
12
512 514
514 512
/
1
/
1
4
512 5
/ *54 5
1
4
*114 138 *1
lh '1
lh
13
8 *1
34 712 *618 712 *612 712
1
4
*614 712 /
4
*3
4
*3
*3
4
*3
4
37
*30
37
*30
37
*30
*29
37
4
174 173 *1714 177
4
8 1714 1714 *1738 173
*1112 1212 01112 1212 *1112 1212 *1112 1212
8 214 *13
4 2
*112 2
*13
4 23
8 *15
553 53
2
4
53
4 53
4
55
8 53
8
53
4 53
5 g 57
7
8
53
4 57
8
57
8 6
6
'8 6'2
*53
7
8
2
4
24
3
4
7
8
7
8
*3
4
4
4
4
414
4
*4
*312 sh
1012 10
10
912 912 10
93 10
4
112 III *118
4 *112 2
*114 13
13
4
2
29
29
2914 293
4 283 29
*2918 30
858 85
8
812 812
818 812
818 814
*414 7
*414 7
•414 618 *414 6,2
8
30
3014 3014 3038 297 3038
293 30
4
/
4
*1404 148 *14014 148 *1411 148 *14114 148
/
1
42 42 '42
4
8 413 42
4212
405 413
8
2 472
8 722
714 72
712 712 *714 712
463
2
46
46
*46
467
8 46
46
46
e____ 42 •_ _ _ 4213 421 4212
101 101
10018 101
*993 10112 9912 100
4
3312 3312
*3312 3514 3312 3312 33 33
914 03
2
94 914
/
1
85
8 914
713 83
4
812 83
4
73
8 814
8
8 8 87
7
• 9
9
7518 7512
•7014 7518 7518 7512 *7014 751
*714 8
*714 8
*714 8
8
*7
4012 4034 41
8 4012 41
4112 4012 413
114 11412
11414 11414 11412 11412 11412 115
614 614
64 614
8
614 618
614 63
3512 351 *313 3614
36
4
8 36
355 365
8
113 113
113 117
4
8 1112 12
2
4
*117 12
8
3
4
4
*933 9412 *933 9412 933 9384 93 4 94
4
5414
5312 5312 5414 5414 54
53
53
314 314 0318 32
/
1
4
8 338 *312 3
33
2614 2614 *261 284 2612 2612 2612 28
25 25
*187 25
8
*2414 30
•183 30
4
8
8
8 307 3118 30
8 307 307
3012
*305 307
8
For footnote see Page 70,
$ per share
22
41.4
3514 62,
8
23
8
7
1512 223 4
,
414
113
75
8 333
7
2
33
4
lh
914
812
3
20
41
10 4 293
3
3
1012 20 8
3
2
7
/
1
4
32
53
2
4
/
1
4
51
9
23
3
12
2
814
3
1214
1
44
17
32
816 12 s
3
4
124
2312 403
4
110
136
30
453
4
41
/
4
82
4
10
36
9
3224
49
9212
24
32
118 1212
114 123
8
514 6338
4
1012
3812 50,
2
851
/
4
79
4
/
1
4
914
1178 421
1
174
ell 9212
25
42
322 II
24
52
2512 334
22028 25 4
2
21
2814
22
7
64
9N 14 4
5
614 2174
64
8514
65
811
87
107
17
8
67
s
1512 41
153
14
.4
31
s
els
114
112
712
Vs -- ;
147
12
343
8
112
6
218
93
4
1212 2238
39
615
8
20
3552
37
6314
58
71
5
8
lag
4
1514 40
65
8 1512
54 155
8
1218 46
13
2614
37, 115
8
14
33
125
8 8214
1914 46
878
318
514 1314
/
4
257
8 401
131
14812
12
23
/
1
4
111
183
4
I
3
/
1
4
5
2813
16
311
/
4
1612 32
/
1
4
135
170
122
14618
10012 12112
6
/ 151s
1
4
3
4
23
8
1
Is
344 684
10
2118
3312 60
9
183
4
714 1038
612 3014
81
497
4
100
112
6
25
514 13
1112 2834
183
8 4514
9
261
/
4
16
43,
4
25
8
814
5
20
108
139
112
120
3
8
83
6
101
/
4
412
5
8
114
96
2418
375
8
115
8
13
4
;
94 227
72
893
4
934
/
1
73
90
1097
2
30'
457
8
rig
425
161
187
82
10012
1014 2518
45
34
2a
5
81
/
4
474 744
9214
81
Volume 141
New York Stock Record-Continued-Page 7
77
Juiy 1
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
STOCKS
Range Since /an. 1
1933 to Range for
for I
NEW YORK STOCK
Os Basis of 100-shars Lots June30 Year 1934
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the I
EXCHANGE
1936
June 29
July 1
July 2
July 3
July 4
July 5
Week
Lowest
Highest
Low Low
High
$ per share $ per share $ per share $ per share $ per share $ per share
Shares
par $ per share
$ per than
$ Perth $ per share
1912 1934 194 204 19
203
8 187 1912
1912 20
8
12,3008 Northern Pacific
100 134 Mar 28 214 Jan 7
/
1
141: 361*
13%
*37
40
*37
3912 *37
3912 *38
3712 3712
3912
k
60 357 Jan 18 40 May 28
201 Northwestern Telegraph
38
33
*114
43
111
114
114 .118
112 *118 112
•118 13
8
lOOt Norwalk Tire & Rubber -_No par
114 Apr 8
214 Jan 4
114
*2514 26
158
412
*2514 213
2514 2514 *20
2514
*20
2514
101 Preferred
50 s20 Mar 20 3212 Jan 3
20
29
1112 1184 1112 1158 1112 117
4014
8 1112 113
1138 117
8 4.4001 Ohio 011 Co
4
914 Mar 18 1418May 17
No par
84
/
1
81 157
/
4
,
11 118
/
4
114
114
118 114
14
1
14 118 3,6001 Oliver Farm Equip
1
No par
1 May 31
45 Jan 2
8
1
2
7
*18
1714 *1512 1612 183 1638 *15 4 1612
8
3
163 1612
8
3001 Preferred A
4May 31 26 Jan 2
No par 133
/
1
4
9
9
274
/
1
*3
4 37
8
34 4
7
*378 4
37
38 4
2 37
2
Omnibus Corp(The)vse No par
9001
8May 29
35
512 Feb 16
3
/
1
4
34
64
*68
84
*72
84
*72
95
3
12
95
*72
95
Preferred A
I
100 75 Jan 18 77 Feb 20
70
70
95
*53
8 8
*53
8 6
*55
8 8
*54 6
6
6
1001 Oppenhelm Coil & Co.
---No par
4
43 Apr 3
7 s Feb 19
7
4
/
1
4
1718 1714 167 1714 1714 1714 1718 1714
54 144
/
1
8
1714 1778 5,9001 Otis Elevator
No par 114 Apr 4 2052May 20
114
124 19%
*124 125
124 124
124 124 *124 124 4
3
12434 125
Preferred
100 106 Jan 7 125 July. 5
92
92
108
53
4 53
4
512 53
4
5
/ 5
1
4
/
1
4
614 9,2001 OM Steel
6
5
/ 6
1
4
No par
414 Mar 14
7 Jan 21
/
1
4
3
3
/
1
4
*37
8
397
8 40 40
405 403
8
4 41
41
4178 44
1,2001 Prior preferred
100 223 Jan 16 48 Jan 21
4
712
9
25
46
47
*4714 49
*47
*47
48
48
48 48
180j Outlet Co
..No par 38 Mar 12 48 July 5
28
30
*115
47
.._ *115
__
_ _ •115
*115
-___ --Preferred
100 114% Mar 23 11412 Mar 23
97
97
*98 19
11412
90 IWO *115- -12 993 100
10612 10012 1.6001 Owens-Illinois Glass CO
9912 100
4
25 80 Mar 12 104 June 11
60
60
94
*2
214 *1
24 *1
218 •1 i ,, 238
*1
214
10
I Pacific Coast
1 Mar 26
21: Jan 7
1
lls
6%
*512 6
*418 67
8 *512 64 *512 II 53
12 67
4
Jlstpreferred
*5
8
No par
8 4 Jan 2
4
8 Mar 30
3%
358 111
212 212 *2
/
4
27
8 *218 24 *2 , 1 27
*2
2
/
1
4
8
40
2d preferred
No par
1 Mar 27
4 Jan 7
1
3
84
24
2414 24
2438 2434 2512 2434 25
2478 2514 9,600 Pacific Gas & Electric
25 1318 Mar 8 2534June 24
12%
12% 2312
35
35
35
3534 37
3514 3512 3012 3514 3512
7,900 Pacific Ltg Corp
No par
19 Mar 18 37 July 5
19
2024 57
*1212 13
1212 13
*1218 1212 1212 1212
*124 1212
400 Pacific Mills
No par 12 June 19 21 Jan 2
12
19
34
*10114 10312 102 102
103 10312 10514 106
*10612 109
130 Pacific Telep & Teleg
100 70 Jan 2 106 July 3 87681,
13214 13214 1324 1324 *12812 1343 132 132
69
854
4
*12812 13312
6% preferred
40
100 11112 Jan 14 13412June 20
9914 103
116
*712 8
14 734
*73
4 78
*74 72
7
73
4
4 73
4 *7
100 Pao Western 011Corp____No par
95
7 Jan 24
9% Apr 16 3 5
512
4
418
41
4
418
4
4
418 16,300 Packard Motor Car
No par
312 Mar 13
5 8 Jan 7 0 258
7
*1114 12 .1114 12
2
/
1
4
6%
*1114 111 *1114 113
1114 1114
200 Pan-Amer Petr & Trans
8
*11% 12
6 10 4 Jan 9 12 June 14
3
814
101
4 12
/ *103 12
1
4
2
5
*103 121 *10 8 12
2
11
11
100 Park-T11ford Inc
*7
11 May 20 173 Jan 11
8 1
1
4
11
17
3512
7
8
7
*3
4 1
*7
8 1
100 Parmelee Transporta'n---No par
*3
4 1
4
1% Feb 18
3 Apr 18
4
Is
2
*12 1
*5,3
3
3
4
4
3
*5
4
8
3
300 Panhandle Prod & Ret___No par
3
4
34
12June 20
13 Jan 7
8
*838 113
12
/
1
4
212
4 *83 1112 *83 1113 1178 117
8
8
12
8
1214
50
8% cony preferred
100
612 Mar 12 12'4 July5
612
7
21 11
418 43
8
414 412
418 438
4
4
414 24,000 :Paramount Publix etfs
44
10
458June 22
214 Mar 27
14
11
/
4
414 412
57
1
414 414
414 438
418 414
414 4
/ 3,500 Park Utah C M
1
4
213
24 Mar 21
6 Apr 26
1
67
4
2
5
8
5
8
53
3
4
5
8
3
8
"8
900 Pathe Exchange _ __ __No pa
3
4
*5
3
4
8
tz mar 8
%
*914 912
lls Jan 2
12
414
914 914
9
9
838 858
83
4 9
400
Preferred class A
_No pa
814May 2 174 Jan 2
1
, 243
43
1
101
14
1414 14
4
141
133 14
4
133 13%
4
*131: 14
3,500 Patin° Mines & Enterpt __No par
*7
2 I
814 Feb 28 15 May 23
84
7
2
7
94 2112
,
1
*7
2 1
7
200 Peerless Motor Car
*3
78
4
g8
3
7
8May 22
11 Jan 4
/
4
7
8
1
.783 80
4
4
/
1
4
*7914 7912 7912 7912 80
18
*79
80
80
300 Penick & Ford
No par 6412 Feb 5 803 July3
44%
7414 74 4 74
645
8 67
3
75
75
7414 75'2 7412 75
7512 5,200 Penney (J 0)
NO par 5714 Apr 3 7612June 18
351s
51% 7414
10312 10312 10312 10312 10312 10312 10312
10312 10312 1,300
10312
Preferred
8June 19 110 Mar I 103
100 21033
10512 1084
312 312 •3
/ 4
1
4
3
358
/ 31:
1
4
358 a *312 4
300 Penn Coal & Coke Corp
214 Mar 13
10
41 Apr 20
:
133
14
*312 37
514
*333 37
*312 3 4 •3
o
3
/ 33
1
4
I 333 i 333
200 Penn-DI:1a Cement
No par
3 Mar 9
512 Jan 7
23
4
27
2
73
4
*2114 24
23
23 *21
*21 V 24 1
24
*22
2412
100
Preferred merle' A
Mar 11 2712May 28
100 18
10
1214 32
2238 22% 22
/ 23
1
4
22% 2318 2278' 23
2234 2318 8,700 Pennsy:vania
,
50 1714 Mar 12 251 Jan 7
1714
2012 371
*32
2
3312 *323 34
4
32 4 327 *32
3
34
8
*32
3312
200 Peoples Drug Stoma
NO par 30 Feb 5 3933 Apr 1 . Ma
9
1938 66
113 113 *11314 11412 *11312 11612 11412 11412
•11314 11612
Preferred
20
100 1103 Jan 9 1183 Mar 28
4
4
80
86
*318 32% 3212 333
11214
4
8 323 33
4
32% 327
3
33
3312 2,200 People's 0 1. & 0(0h10).--100 173 Mar 7 347
.11
4
8June 24
173
4
1914 43
/
1
4
3
•112 3
.112 3
*112 3
*112 3
Peoria es Eastern
100
218 Feb 26
3 Jan 7
2
*1184 15
2
8
*1112 15
1113 111 *1013 14
*1012 14
100 Pere Marquette___.
914 Mar 13 19 Jan 31
100
914
12
*21
38
287 *21
s
25
*21
*2114 25
25
*21
25
Prior preferred
100 1612 Mar 13 32 Jan 9
14%
18
*18
22
51%
*18
21
18
*18 .s 22
18
22
•17
100
Preferred
100 13 Mar 15 2412 Jan 11
12
/
1
134 43
*15
187
8 153 153 *1518 171 *1518 1712
8
8
*15 8 1718
3
100 Pet Milk
No par
1414May 15 19% Feb 4
914
914 177
s
93
4 93
4
9
/ 93
1
4
4
93
4 934
958
958 1,800 Petroleum Corp of Am
9
/ 91/4
1
4
75 Mar 14 113
5
8
8May 23
7%
814 1414
1618 1614 16
163 1718 4,500 Phelps
1614 1614 167o 1612 1612
4
-Dodge Corn
4
25 123 Mar 15 20 8May 17
3
38
1138
18
/ 187
1
4
3814 3812 3812 384 39
s
401 41% 1,400 Philadelphia CO 6% prat
:
/ 4012 , Stock
1
4
'2 39
50 23 Feb 27 4118July 5
2112
24
/ 37
1
4
8514 6514 *6312 70
*633 65
4
*68
*6514 6758
674
/
1
100
$6 preferred
No par 3812 Mar 5 8514June 29
384
.2
49
212 *2
64
/
1
4
212
2
2
*13
*13
4 24
4 214 Exchange
10 :Philadelphia Rap Tran Co___50
,
2 Mar 12
4 Jan 8 3, 112
a33
3
6
4 31
/
4
14
33
4 33
4 *33
*33
4 458
4 41
*33
30
4 4
7% preferred
4June 24
33
50
6 Jan 12
3
2
44 16
2
2
2
218 21
2 ,i 2
Closed
14 2
2,200 Phila & Read 0 & I
47 Jan 9
No par
11 Mar 21
/
4
13
4
50
1114
50
63
4
350
5012 50
5114 2,700 Phillip Morris & Co Ltd
51
51
50
5012
10 3514 Mar 12 5312June 15
101a
*83
11% 4833 I
4 9
*83
4 9
*83
4 83
.7
9
*63
4
4 83 1ndepenPhillips Jones Corp
513 Mar 22 11 Jan 4
.No par
53
*57% 65 •5718 65
7
21
*5718 65 •574 65
*5718 65
7% preferred
100 53 Apr 1 68 Jan 16
/
1
4
48
2114 2112 2114 215
MI
7471
8 2118 211
2138 2158 8,300 Philips Petroleum
21
deuce
2112
No par 13314Mar 12 23 May 17
11
*5
13% 403
6
4
438 438 *412 51
*414 6
_ 100 Phoenix Hosiery
*414 512
3 Mar 21
5
6 Jan 3
3
*52
413 1312
58
*511: 55
511: 511 *51% 55
Day
*5118 55
Preferred
10
100 5112July 2 68 May 25
44
60
64
14
14
14
14
14
14
14
38
*14 / 3
8 2,000 Pierce oil Corn
26
14 Apr 27
% Jan 8
14
8
4
11
/
4
*312 44 *312 414 *31. 4% •31
418
Preferred
Ng
*312 4
34 Mar 21
611 AM 15
/
4
312
Mo 1084
*3
4
*3
7
4
8
3
4
7
8
41
3
4
400 Pierce Petroleum
3
1
34
3
4
.No oar
%Mar 14
Ds Jan 8
*34
%
2
35
%
3433 343 *34,
8
34
3 *3414 3412
3412 3412
200 Millbury Flour Mills
No par
31 Apr 8 35 May 10
18
181k 3434
*--- 8212 *___ _ 8218 *____ 821 •___ _ 8218
•- 8218
Pirelli Coot Italy Amer shares__
72 Apr 17 7612 Jan 25
72
7014 87
*7
3
*7
712
7
7
7
.
-5i
8
7
300 Pittsburgh Coal of Pa
100
7 Mar 14 1012 Feb 4
7% 38%
7
*2812 3212 4.2812 3212 *284 321 *2812 3112
*2812 31
Preferred
100 29 May 31 42 Feb 4
26
*17312 _ _ *17312 1793 *17312 1793 *17312
26
42%
4
•17312 1793
Pitts Ft W & Chic pre:
1793
4
4
100 172 Feb 14 178 May 20 14114 14112 169
614 18
5
61 83
/
4
818 6i
•614 638
618 614 2,300 Pittsburgh(knew & Bolt- No pat
513 Mar 13
9 Jan 11
411
*2252 241: *22
412 1133
241: *22
241
2412 25
25
25
150 Pitts Steel 7% turn pref
*34
100 22% Mar 13 35 Jan 21
154
1514 43
11:
*3
*3
4 118
4 1%
*1 11
/
4
Pitts Term Coal Corp
*3
4 118
100
1 Mar 21
1%
313
21s Jan 12
*1014 11
1
*1018 11
*1018 11
*1018 11
.1018 11
6% preferred
100 1014 Apr 4 15 Feb 25
•114
6%
811 1918
15
*114
133 *114
111
138
/
4
138
158 13
4
300 Pittsburgh United
26
114M ar 20
212 Jan 21
11
1%
5
*28
3
033 *2814 30
2913 2913 32
*27
3212 33's
310
Preferred
100 2412 Apr 4 3712 Jan 7
k
8
24%
25 s 597
*9
912
9
9
9
9
*8
9
9
9
70 Pittsburgh & West Virginia -.100
aJune 4 107
67
3June 19
6%
10
.150 - _ *150 .
27
*150 _
*150 •150 ___ -- Pltte Young & A alit Ry7% DUO°
1
113
133
•118 -.
144
17
- •118 - - •118 -8
17
17g
*118 18
7100 Pittston Co (The)
1 Mar 21
NO pal
21 Jan 4
1
1%
6
9
9
8% 9
94 914
87
8 9
878 9
2,700 Plymouth 011 Co
812 Mar 15 1158May 17
6
6%
712 712 *71
714 16
/
1
4
: 712
718 71
74 712 1,000 Poor & Co class B
*714 712
No oal
618 Mar 15 114 Jan 9
/
1
*3
6
3
14 s
6
7
/ *3
1
4
33
4 *3
333 *3
3
3
312
200 Porto Rio-Am Ton Cl A-N,
yet
13 Mar 19
8
8May 10
45
13
8
2%
614
*3
4
7
8
*3
4 1
33
7
8
*3
4 1
34
3
4
200
Class il
14 Feb 28
No par
11: Jan 8
/
1
4
1
51 514
/
4
3
/
1
4
5% 514
5
5% 514 1,700 5.o*tal Tel & Cable 7% pre _100
533
5
518
3
4 11June 13 16% Jan 7
433
10% 298
•Ils
11 *114
/
4
112
11 18
/
4
133 I%
178 2
4,400 5 'reseed Steel Car
No par
58May 14
34 Jan 21
5
8_
114
5
/
1
4
•107 113
s
4 1238 1212 134 147
8 134 1412 •
14
1414 5,400
Preferred
100
al2May 14 17 Jan 21
5
/
1
4
5 8 22
3
4
858 49 4 494 497
3
4934 494 50
8 49
50
5014 9.400 Procter & Gamble
No par 4238 Jan 12 507
,3June 14
*1183 11912 11912 11912 120 120 *119 .
334
334 648
4
20
120 120
170
5% pref (sec of Feb 1'29)--100 115 Jan 2 s1203
4May 23 "101
3758 383
8 3712 383
10212 117
8 3814 3914 3814 3858
3838 39
12,300 Pub tier Corp of NJ
8
No par 203 Mar 5 393
4June 21
9814 9612 96
204
25
45
96
9612 063
4 97
9712
9 / 983
81
4
4 1,900
$5 preferred
No pan 6238 Feb 20 983
105 105
4July 5
597
67
a
84
10512 10512 1057 10613 107 107
8
1073 109
4
1,000
6% Preferred
100 73 Mar 14 109 July 5
117 117
73
78
971
4
1173 1173 118 11884 120 120
4
4
123 123
700
7% preferred
:
100 851 Mar 18 123 July 5
•13112 136 .131 138
84
88
106
136 136 •135
*135 145
100
loo loo mar 14 136 July 2
8% preferred
•11133 11214 *11112 11212 *11112 1121 *11112 142
99
105
11912
11212
*11112 11212
Pub tier El & Gas pf 1113-No par 99 Jan 5 112 Apr 24
393 40
4
83 a
7
874 10412
/
1
3934 404 4014 4033 39
/
1
/ 4 14
1 0
4
3914 40
3,500 Pullman Inc
No par 34 Apr 30 52 4 Jan 9
84
7
3514 598
914
7
8
9
83
4 9
.9
958
8 4 9% 8,600 Pure 011 (The)
3
No par
57a Mar 21 1018June 19
903 9112 89
4
5s
7
04 lava
9012 8712 89
883 8912
4
8734 893
4 1,290
8% oonv preferred
Inn 493s'Afar 18 9112June 29
8712 6712 6812 697
49
49
140
8 683 69'2 694 8912
4
*69
70
1,000
6% preferred _
100 85 June 25 697
s
127 124 124 1318 12 8 13
8J1113' 1
33%
3312 63
5
123 127
8
8
13
13
1,600 PurIM Bakeries
No par
844 Feb 1 14 June 15
814 83
8
57
8 814
S's
8
/ 19
1
4
6
/
1
4
63
s
8
614
614 6 103,800 Radio Corp of Amer
/
1
4
•5514 5512 5512 5512 5518 5513 554 5514
No par
4June 26
4 Mar 13
63
4
4%
914
5514 5512 1,500
Preferred
545 5514 543 56
8
50 50 Mar 18 6212 Jan 25
22
8
23
14 564
55
59's 57
5818
574 583 27,500
8
Preferred B
No par 3514 Mar 12 5910 July 2
2
2
133
24 218
2
15
2
46
21
2
218
2
214 3,500 :Radio-Keith-0mb
No par
1814 1814 1812 1812 184 187
114 Mar 13
25 Jan 2
8
114
14
414
183 1838
8
*184 184
600 Raybeetos Mlitiliattan...-No par 154 Mar 13 21 Jan 2
334 3312 *32
3312 32
1118
14% 23
3212 3112 3112
*31
3214 1,000 Reading
50 29% Mar 28 4318 Jan 7
*41
424 *41
427 .41
294
8
3518 561
427 *41
4278
/
4
*41
4218
1s8 preferred
*34
50 38 Apr 8 42 June 25
3612 38
36
28
36
334 414
361 .38
37
.36
37
300
2c1 preferred
54 518 *5
50 33 Apr 17 373
4May 14
5
/
1
4
27
53
2918
8 53*
Ms
514 514
*5
53
4
400 Real Silk Hosiery
10
3% Apr 4
612 Jan 81
31s
5
14
*35
38
*35
39
*35
39
35
3712
3414 3414
30
Preferred
•1
100 20% Apr 2 39 Jan 7
114 .1
14
1
11
20%
•1
35
114
60,4
•1
114
200 Reis (Robs) & Co
No par
I Mar 28
*1014 13
*1014 13
2% Jan 7
*1014 13
1
Ds
6
*1014 13
*1014 13
lot preferred
100
8 Mar 12 15 Jan 7
94 914
6
/
1
4
6
/ 3838
1
4
83
4 91
, 83
4 O'e
83
4 83
9
4
9
4,900 Remington-Rand
1
7 June 1 111 Jan 7
*83
*8314 84
84
/
4
83
,
6
/
1
4
83'2 83 83
a
188
33 8412
800
1st preferred
100 713 Jan 15 93 May 9
*8114 83 4 83
4
3
83
*81
2434
823 *81
Ma 71
82
82
824
30
2d preferred..
100 70 Jan 9 893
*100 104
4May
*95 104
*95 104
24
*95 117
30
70
*95 117
Reuss & Saratoga RR Co__100 9812June 10 110 Mar 10
3
3
3
3
9812 114
3
1
3
3
3
126
3
3
1,900 Reo Motor Car
13% 1314 1318 133
214 Mar 13
5
414May 9
8 127 13's 124 13 8
2
8
2
5
512
13 8 1414 17,700 Republic Steel Coro
5
No par
9 Mar 15 151k Jan 7
.474 48
/
1
4714 483
8 47
9
1
1012 25 g
47'i 4734 4918
493 507
8
8 6,600 6% cony preferred
100 285 Mar 18 507
0
8July 5
* 63 4814 *474 48
47
4 4
19
47
334 674
4812 4812
4912 5012
600
6% pref offs of den
28 Mar 15 5012July 5
*6
7 s *53
3
4 7
*53
28
4 61
3912 4214
*53
4 64
,
Revere Copper & Brass,
*15, 1612 *1512 184 *1512 16
1
5
512 Apr 3
81434ay 16
54
*1512 16
8
1412
1512 1512
100
Class A
10 13 Apr 17 1912May 16
*77
*77
81
84 •__ _ _ 85
13
84
84
1114 281
:
10
Preferred
100 75
2218 2214 22
22
2158 221
35
22 22
46
90
1,500 Reynolds Metals Co ,.,__No WV 1712 Apr 9 92 May 16
Apr 29 2412 Jan 10 41 9 11
10712 10712 10734 1073 108 108
4
4
108 108
154 27 4
*1026-3;s 106243:4
3
-2:8 1 288 1
600
554% bum'Prof
100 101 June 10 1083
4July 5 101
*20
2012 20
2014 20
20
193 2012
4
*20
2014 1,100 Reynolds Spring
1 1214 Mar 20 2318May 241 41 6%
507 507
8
8 51
513
4 514 52
5112 52
6
12 -1-4
513 5218 13,000 Reynolds(R J) rob clam B.-4
597 59% 559
431sar
431i7far 26 5218July 5
80
*59
80
393
4
59
59
39 4 53
3
/
1
4
59
59
70
Class A
10 5514 Apr 22 61 Jan 8
•____ 1712 *1212 1712 *12
55
/
1
4
57
171 *12
627
5
•12
1712
1712
Rhine Westphalia Elea Power._
13 June 6 13 June 6
*10
10
10
1212
1012 *97 101
1212 23
*94 1012
8
10
10
200 Ritter Dental Mfg-. --No par
5 Mar 26 127
/
1
4
8June 14
*264 2714 2612 2812 27
51s
27
2714 2714
5
/ 134
1
4
*2612 2738
300 Roan Antelope CopperMines__
.21% Feb 25 30 6May 17
3
20
207
1 33%
For footnotes see Page 70
I
y
New York Stock Record-Continued-Page 8
78
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
June 29
Monday
July 1
Tuesday
July 2
Wednesday
July 3
Thursday
July 4
Friday
July 5
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 6 1935
Range Sine. Jan. 1
Oa Basis of 100-share Lola
Lowest
Highest
Jun, 1
1933 to Range for
June:30 Year 1934
1935 ----, Lose
Lot
High
$ per share $ per 89 $ per share
Par $ per share
$ per share $ per share $ per share $ per share Shares
2 3914
283
4
283
2912 Mar 12 43 June 14
300 Royal Dutch Co (N Y !Marce)__
4174 417
4
2
417 41; 4178 417
8
,
4
3
15
512 Jan 3
3 Apr 18
100
100 Rutland RR 7% pref
4
33
*314
*314
384
314
,
34
1014
1514 27;
4May 23
10 1014 Mar 13 213
4 2,700 St Joseph Lead
2
177 183
1712 18
1738 173
4
458
118
4
7
2 Jan 8
4June 6
3
-San Franelseo____100
Loins
200 WI
1
4
*2
4
*3
kl
1
4
1
1318
112
212 Jan 8
1 Apr 3
100
8
13
181 preferred
*128
138
•118
100
114
*1
6
20
8
14 Jan 12
6 Apr 15
100
10 St Louis Southwestern
1214
•I1
11
11
*11
1214
27
12
13
8May 13
100 12 Mar 4 217
Preferred
20
*14
20
*14
*14
20
57
38N
4
353
4June 13 46 Jan 2
No par 363
5,000 Safeway Stores
4
383 3918
8
3914 3812 387
39
80
4
843 108
4
100 1043 Mar 11 11314June 29
8% preferred
190
112
11012 111
011012
11114 11114
9013
6813 11313
100 10612 Feb 7 11412June 19
7% preferred
80
11312 114 *11312 1133
11312 11312
4
412
54 124
3
9 4 Apr 2
6 Jail 15
No par
014
914 4,500 Savage Arms Corp
838
9
914
912
1718
174 387
3
6 22 Mar 12 3014June 28
Schooley Distillers Corn
8
2912 297 14,700
2958 3018 2914 293
4
8
3
4
13
4 Jan 2
4
13 Apr 4
1
Schulte Retail Stores
21.
*214
4
23
3214
4
23
*214
15
4
303
8
8 Apr 4 2014 Jan 18
100
Preferred
30
*1114 1214
*1112 1214
1114 1112
3714
AI
6038
55 Jan 2 69 June 11
No par
20 Scott Paper Co
*6612 6814
66
66
*6612 6814
14
73 Jan 4
3
's
14June 29
No par
3,300 :Seaboard Air Line
14
14
.8
3
8
3
la
8
3
318
1
N
112 Jan 5
N Mar 14
100
Preferred
100
1
4
*3
4
1
3
4
4
*3
3
19
4 3839
203
4
203 Mar 12 3578May 9
3012 3012 2,500 Seaboard 011 CO of Del ___No par
8
3012 3014 303
30
212
213
8
55
44 Jan 26
313May 9
Vo par
Seagraye Corp
,
*314 3 2
.
31
312 *314
*314
30
31
4
51,
31 NIar 12 44 July 5
11.300 Sears. Roebuck & Co-No par
4
423 44
8 413 423
4
4214 427
4
112
414
14
2 Jaz 7
1 18Slay 6
1
Second Nat Investors
*112
13
4
4
13
8
*13
*112
4
13
8
4 '13
13
4
13
*138
52
2 June 22
30
32
40 Apr 3
1
Preferred
310
5114 5114
5114 52
4
513 52
8
507 5112 5112 52
312
ass ii
8
75 Mar 13 1013May 22
1
4 4,500 Serval Ina
93
8
95
4
93
8
95
4
5 93
95
8
97
4
93
4
93
4
93
6
914 Apr 22
4 134
63
714 Mar 14
No par
712 712 1,900 Shattuck (F 0)
71, 712
•712 734
738
758
712 712
4
54 1314
1418 Jan 21
9 Mar 14
No par
8 3,600 Sharon Steel Hoop
8
113 117
8
105 11,
4
4
4
103 104 *1014 103
'1014 103
4
4
77
4
3N
518 Jan 3
314 Mar 12
No par
1,000 Sharpe & Dohme
5
38
313
34 31 2
4
3
312
4 "
*313 33
4
33
4
33
30
3814 49
44 June 20 4814 Apr 5
Cony preferred ser A _ No par
043
4714
44
*4214 4714
*42
4
*42
0413 44
44
2
19
19
2612
1
160 Shell Transport & Trading__£2 203 Jan 2 3514July
'35__.
4
343 3434
*3514 3512 3514 3514
•3514 3512
512
1112May 23
6
11 12
513 Mar 19
No par
- 8 7,200 Shell Union 011
1018 103
10
4
93 1018
104
8
97 1014
*74513
1014 1014
89
57
100 634 Mar 21 97 May 23
Cony preferred
500
92; 9318
92
4
92
913 913
4
4
*893 92
4
*893 92
8
1212
8
838 Feb 15 193 Apr 26 33 514
5,300 Silver King Coalition Mlnett___6
8
137 14
8
8 137 1418
4 143
133
8
1414 1413 137 1414
818 244
6
1014 Jan 2
6 Mar 15
No par
8 3,800 Simmons Co
93
91g
8
93
8
93
9
918
9
939
918
9
71
714
4
183 Jan 9
17;
10 x514 July 5
514 2,800 Simms Petroleum
x514
1538 155
1538 1538
8
1514 1538
1518 1514
3May 23
6
113
6
114
els Jan 15
35
4
103
300 Skelly Oil Co
•10
10
10
1012
*10
10
10
1012
*10
42
614 6813
100 60 Jan 22 9114:May 23
Preferred
400
8812 8812
8918 *8812 89
8912 *8912 8912 89
'89
12
15
2712
13 Mar 20 2378May 10
100
2213
Sloss-Sheff Steel & Iron
*19
2212
2212 *19
2212 *19
2212 *19
*19
1812 42
15
100 24 Mar 12 3514 Apr 20
7% preferred
35
260
33
33
33
3314
33
3314 3314
34
34
4
313
l93
64
154 Apr 3 20 Feb 15
__No par
4
*173 1838 2,200 Snider Packing Corp_
8
183
8
177 1812 1818 1812 18
4
4
173 173
4May 24
11
153
1212
19;
123 13
36,600 &loony Vacuum OH CoInc____15 11 Mar 11
8
123 13
125 127
8
4
123 1318
7
12 8 13
76
8July 2
86
1084
100 10712 Jan 15 1117
100 Solvay Am Invl Tr prof
8
011112 1117
8
8
8
8
2
*11112 1117 *11112 1117 1117 1117 '11112 1117
3May 24
20
20
3
393
20 Jan 30 283
No oar
800 So Porto Rico Sugar
*2434 25
25
2512 25
25
25
25
2514 2514
137
115
100 132 Feb 4 150 July 5 112
40
Preferred
150 150
148 148
"148 152 *148 152 *148 152
5
101s
1013 2218
1033 Mar 13 20 3June 11
25
15.100 Southern Calif Edison
8
195 20
8
8
194 197
4 1912 203
1939 193
194 1914
3
518May 29
s
512 103
3 May 6
7i2
8
*52
Southern Dalrlee class A--No par
51
9,2
4 733 054
" 4 713 *514 712 *5
314
113
114
2 June 10
114 Mar 11
No par
Claes B
412
•1 i
012 412
412 *1; 412
*1.34
*158 412
1234
141, 333,
1978June 10
4
100 123 Mar 18
8
177 1814 18,700 Southern Pacific Co
8 1712 177
8
175 185
8
1838
8 18
183
18
734
1112 3012
1612 Jan 4
8
75 Mar 11
100
8
712 75 37,000 Southern Railway
8
75
714
8
93
6
8
95 10
8
87
4
03
10
14
4114
100 10 Mar 13 2053 Jan 4
Preivrred
19,400
912 10
914 10
8 • 1214
8
1214 125
8
*1218 125
25
31 12 473
Moblle A Ohio stk tr otts _100 22 July 5 3314 Jan 12
22
100
22
28
"22
*2314 28
*2314 28
*231.4 28
5
13
734May 24
5
5 Mitt' 14
100 Spalding (A 0)& Bros-No par
6
6
4
*53
633
7
4
713 *53
712 *6
4
053
4 74
30,
304
100 42 Apr 2 63 May 16
let preferred
30
5612 5612
*5613 61
*5612 61
*5514 61
*5512 60
7
153n
7
Ina__ No pa
Spann Chalfant &Co
------- -.-- ---- ---_-- ---20
66
80
100 5913 Apr 3 91 June 15
Preferred
89
.8512 - - 89
*80
*8513 89
g- *8512 89
.
ifILT2 27
3
8
3
5 4 Jan 2
3
27
318 Mar 13
No pa
414
418
2,400 Sparks Witbington
438
418
414
418
414
41 1
414
414
7 Jan 22
112
2
7;
314June 25
No par
8
37
Spear & Co
8
*33
8
7
8 3 8 •34 37
*33
8
7
39
3
" 4 3 8 *Vs 37
6413
3013
100 65 Mar 23 74 Jan 7
Preferred
75
•67
Stock
75
*67
75
.67
75
*67
75
*137
124
4 3318
153
32 Apr 3 3614May 11
14
600 Spencer Kellogg & Sons __No par
8
8
353 353
8
3512 3512 353 353
8 353 3512 *35
35
8
5
3May 24
38
714 Nf ar 14
105
55
3 114
1
7,500 Sperry Corp (The) vi.
8
4 97
93
8 92 Exchange
95
8
4 97
93
3
8 97
95
94
4
93
6
4
13
123 Apr 22
6
812 Mar 14
No par
700 Spicer Mfg Co
114 114
8 1118 1139
1118 113
1112 *1118 1138
•11
18
4June 24
4 4114
213
3314 Feb 14 443
No par
Cony preferred A
60
Closed
'42
431
4313
34313 4312 43
4312 44
44
*43
714
19
4
763
3
437 Mar 27 79; Jan 17
No par
8,900 Splegel-May-Stern Co
4
643 65
4
8 633 6414
6214 6212 6512 6314 657
62
100 102 July 1 10312July 1 2 45
400
0!..6% preferred
lndepen- •10112 10312
8
2
102 10312 *1027 1033 *10112 103
ii,, .1,04
1353
191s Jan 3
2
133 Apr 30
No par
4
153 16
16,200 Standard Brands
4
1512 153
8
1512 157
4
1512 153
8
8
153 155
12114 127
No par 12258Juile 4 130 Apr 9 120
Preferred
60
4
dance
1263 1263
4
127 127
125 126
•12413 125 "12412 125
8
213
3
474 Jan 21
212 Mar 15
No pa
314
300 Stand Comm Tobaeco
*3
318
314 _ 318
0318
314
314
34 34
112
4
43 Jan 3
3; 17
112 Mar 15
POF
No
44 6,900 Standard Gaa & El Co
418
Day
418
44 ..4.
339 37
4
8
3
*312 3 4
4
1.0
43
17
4
5114 Jan 10
IN Mar 15
No pa
Preferred
8 2,900
4 47
43
47
4
43
518
458
478
478
412 4;
4;
33
10
4
123 Jan 3
4
43 Mar 15
No par
$6 cum prlor prat
900
1112 11;
1112 111
1114 12
2
117
*1033 1139 *11
6
1114 3813
16 Jan 7
6 Mar 15
No par
$7 cum prior pref
2,500
134 14
1314 13'z
134 141 1
1318 1318
13
13
N
112 Jan 7
Ps
N
1 June 15
No par
1,100 Stand Investing Corp
114
1
1
8
*7
114
*1
114
*1
114
01
9613 114
9412
200 Standard Oil Export pref..___100 111 Jan 3 116 MO 6
*11212 1127
4
112; 11212 *11212 113
4
*11212 1137 *11212 113
2612
42;
2614
s
387 Slay 24
4
273 Mar 15
No par
8 7,200 Standard 01)01 Calif
341
3412 347
34
8
3412 335 35
33; 3418 34
234 2714
23
2714May 9
29 23 Mar 15
2512! 2558 9,900 Standard 011 of Indiana
8 2512 2558 2514 2Shz
25; 2512 25; 253
19
26
41
10 2612 Apr 30 32 Feb 18
*25
Standard 011 of Kansas
4
263
263
4
263 *25
4
263 *25
4
263 *25
*25
3313
394
5018
353 Mar 18 6012May 23
4714 477 20,700 Standard 011 of New Jersey__ _25
8
8
8
8
465 4634 467 4818 4712 4812 471g 475
6
8July 5
6
8
163
1212 Mar 14 173
17 i '1733 2,000 Starrett Co (The) L S____No par
4
1612 163
4
4 163
163
4
4
163 163
91512
4
•163 17
4714
4
453
10 5834 Jan 16 67 Apr 25
3,600 Sterling Products Inc
4
623 163
8
6212 633
4
8 623 6314
638
6313 6312 63
1
3
IN Jan 18
14
114 Mar 19
100 Sterling Securities.! A___No par
112
"118
118
118
112
112 *Ds
*118
7
112
5118
3
253
518 Jan 3
34 Mar 28
No pa
Preferred
200
,
4 42
'33
,
*34 4 2 "34 412
3
4 34
3
4 412
*33
284
30
3818
60 36 Mar 5 41 May 24
Convertible preferred
*3812 4013
4012 *3812 4012
4012 '38
8
*3812 405 *38
413
413
10
653 Mar 6 12 July 5
5
21,600 Stewart-Warner
1112 ,,12
1114 11 12
4
103 1114
4
133,
8
107
a
37
ION
213
4
107 11
612July 2
212 Mar 14
NO par
61,1. 612 16,100 Stone & Webster
612
618
618 612
8 618
55
4
3 Mar 11
4 53
5
24
214 Apr 17
(The) new__1
8 7,500 :Studebaker Corp
212 25
258
213
8
212 25
8
213 25
8
222 25
2June 13
42
744
Si',
No par 6013 Mar 20 751
700 Sun Oil
'6812 7112
7112 7112 7112 7113
71
71
71
70
96
100
118
100 11512 Jan 10 121 Mar 23
Preferred
270
119 12119
1183 1183
4
4
4
1183 119 '116 119 *116 119
1112 2514
2
4
100 Superheater Co (The)____No par 411 Apr 4 2114June 19 all
183 183
3,1832 19
4
4
.183 1912 *183 19
314
114
4
*183 19
114
3 Apr 17
4
13 Jan 2
1
1,900 Superior Oil
214
218 218
218
218
218
218
as, 163,
218
218
44
913 Jan 7
5 Star 18
100
) 2,300 Superior Steel
8
77
241 83
712
8
73
714
714
713
*7
1
/
84
778
318
*718
318
514 Jan 3
314 Mar 8
50
8
437 ,1 4
Sweets Cool Amer (The)
4
8
*37
4
8
"37
3 4
*37
8 4
*37
4July 1 6 11
153
25 1538July 2
- 4 7,600 Swift & Co
15121 153
1512 154
4
1538 153
14
4
1512 153
__ ___
3
7 Jan 4
14 Apr 15
No par
24
la
•38 , 1.
:Symington Co
12
"8
12
8
*3
22
8
*3
114
2' Jan 4
4
8
*3
113
1N Apr 29
8
53
No par
Clam A
131
*112
4
13
*112
4
13
93 Jan 9
4 •112
13
*112
4
13
/is
*112
7
1514
7 June 19
5
712 1,300 Telautograpb Corp
'718
8
73
714
718
7
712
7
713
8
73
513 Jan 26
34
_.
4 Mar 15
313
5
4
63
418 1,200 Tennessee Corn
418
418 *4
418
438
4,8
0418
414
*418
4May 17
1613
1853 285
1613 Mar 13 233
25
3
8
197 2018 13,900 Texas Corp (The)
8
197 20
197a 2014
2014
20
7
108 20
2234
30
4314
4
284 Apr 4 363 Feb 10
No par
8 5,600 Texas Gulf Sulphur
8
335 343
4
333 337
8
4
8 333 341.g
3312 3414
912
218
3339 337
2June 25
212
53
314 Jan 2
10
54 9,800 Texan Pacific Coal & 011
518
514
5
518
518
5
7
48
5
478
6
12
4
63
812 Jan 15 1212May 14
1
4 6,200 Texan Pacific Land Trust
4
103 103
5
10 3 DA
8
107 1114
1114
11
"1078 1118
431,
1312
1312
100 14 Apr 12 25' Jan 10
Texas & Pacific Ry Co
•1712 194
4
193 *1712 198 *1712 1934 *1712 194
*17
8
3
18
193 Fob 15
8
1318May 8
No par
1813 . 1812 1,300 Thatcher Mfg
4
177 18
18
18
1814
18
18N
*17
3853
39
5218
50 May 4 5512 Apr 22
No par
,
$3.60 eon) pref
*54121 56
8
*533 5512 "5412 56
"5314 56
'5314 56
4
4
714 Feb 14
1213
514 Apr 10
No par
The Fair
618
8
"55
4 618
*53
8 618
*55
5
'5 8 64
50
45
`539 6
83
100 614 Jan 7 85 June 24
Preferred
*82 1 87
87
*82
87
90 '82
*82
90
313
'82
213
512May 24
WII
1
212Mar 7
800 Thermoid Co
44
414
8
43
8 438
438 43
414
414
8
8 43
43
2
5 Jan 5
,
84
2 June 28
4
100
300 Third Avenue
214
*218
*2
214
239
218
8
24 23
8
23
*2
13
1312 2212
16 Mar 15 2214June 12
1
700 Third Nat Investors
8
217 22
8
217
"21
21
21
8
41
47,
2013 207
4;
2014 21
612May 17
518 Jan 7
25
Thornpeon (J R)
3
'5 4 612
4 612
*53
612
613 0534
*534
4 612
•53
10
10
7
2
133 Mar 13 17 4 Jan 2
,
20 4
1,500 Thompson Products Inc__ No par
1412 f 15
8
1478 147
15
15
15
15
15
15
312 Jan 7
512
3
1;
15 Mar 15
4
13
900 Thompson-Starrett Co__ _No par
,
218 3 21g
1 218
214
213
2
218
218
238
'218
17
2412
17 Apr 23 2012May 4
17
No par
400
$3.50 eum prat
1812
•15
1812 *15
1812
1812 *15
1812 *15
•15
12 May 23 7 VII
753 Mar Iii
8
4
/
141
No par
8
103 1012 5,700 Tidewater Assoc 011
1014 1014
8 1014 1012
1014 103
6412 87
1014 1012
100 84 Jan 8 10212June 4 37 43;
Preferred
000
984 i 99
98
98
98
4 9812 9812 98
4
983 983
18
24
40
4
263 Mar 20 40 June 24
No par
10 Tide Water 011
35
35
37
*35
*3514 37
37
.35
40
•35
62
10012
80
100 100 Feb 15 1063,June 18
Preferred
700
010618 10614
4
10618 10618 10618 1064 10618 10618 '10618 106,
3
714 Jan 3
4;Mar 15
812
7
34
10
2,500 Timken Detroit Axle
6
6
6
6
8
57
54
8
57
4
53
21
41
24
5; 53
8
Timken Roller BearIng___No par 283 Mar 15 42 July 3
23,300
4112 42
4
403 42
3914 4038 4012 41
4
84
fps
301.1 393
7 May 24
3
433
47 Mar 12
No par
22,200 Transamerica Corp
7
4
63
8
8 67
65
8
612 63
612
6;
_ _
614 6;
714
8
105 Apr 24
74 Mar 29
600 Transcon & Western Air Inc__ 6
9
9 I
9
9
918
91g
938
*94 912 *918
414
10 May 23
-412 - 111 2
513 Mar 14
81'1._ No par
gh
052
1,400 Transue & Williams
9
9
914
918 918
3 914
87
94
3
17
414May 27
3
4
63
3
17 Mar 13
44 5,100 TM-Continental Corp„-No par
4 A
418
4
418
4
4
378
3; 374
51
6014 78
No par 69 Apr 4 8218June 27
6% preferred
.82 11 85
4
85
081
85
*81
85
8
'807 85 '80
4
4212
253
33
36 Feb 7 4212 Jan 7
No par
4113912 1,500 Trio° Products Corp
383
38
38
38
38
38
38
38
38
7
68May 10
112
Ds
512
412 Jan 15
No par
800 Truax Traer Coal
4
43
432
*413 5
412 412
439 4;
4 4;
43
34
6 Jan 8
8
33
94
34 Mar 13
10
438 ill 412 1,000 Truseon Steel
414
418
418 418
44
413 *418
*4
5 Feb 19
212June 5
,
1 3
4
3
84
Twin City Rapid Trans._ No par
"278''3
3
8
*27
3
4
*23
3
8
8 *25
33
*314
41.
39
6
2734 Feb 18
100 18 Mar 18
Preferred
40
205812058
,
213 *2012 2114 2012 2012
*20
21
*20
•
i
4
214 Jan 4
118June 10
No par
100 Ulan & Co
*132 w 112
4
4
13
*1; 13
4 *I;
112 *I; 13
112
8
587
2212
36
4
No par 533 Star 29 6914June 21
700 Under Elliott Fisher Co
*6812 1 69
684 683
4
6812 6812
68
68
68
*66
95
102
3
1287
100 127 Jan 18 133 Apr 5
Preferred
,12912
*126121
*12612 12912 *12612 12912 *12612 12912 *12612_12912
29
3914 6074
29 May 28 5011 Jan 22
8 4,900 Union Bag & Pap Corp-No par
32 1, 325
31121 3214
314 3112 ' 3178
31
3013 304
3573
504
44 Jan 15 61 July 5 "31
17,100 Union Carblde A Carb_ _-No par
8
627 64
6278
6158
4 6214 63
3
6114 613 623
1112
114
61
204
4
143 Feb 6 2018May 23
25
3 7,000 Union 011 California
8
175 177
1712 1173
4
8
175 18
8
175 18
8
8
177 177
$ per share
4
8
*407 417
384
*314
4
8
*173 173
3
7
4
23
118
118
1214
*11
20
*14
4
8'2 383
3
11314 11314
*11312 114
376 8 2
8
295 30
212
•24
1114 1114
66
66
14
8
3
3
1
*3
3014 3014
2
3,
*314
8
425
42
5 per share
*4138 4112
4
32
*314
4
17N 173
s
7
s
7
138
*118
1214
*11
20
*14
394
39
113 113
11312 11312
*818
812
8
295 2978
4
23
"214
*1112 1214
06514 66
8
3
8
3
1
4
03
3018 3013
,
32
*314
8
4218 425
For footnotes see page 70
Volume 141
New York Stock Record-Concluded-Page 9
79
.....,
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
STOCKS
Ranee Since Jan. 1
1933 to Range for
NEW YORK STOCK
Pr
On Basta of 100
Saturday
Monday
-share Lots Jane30 Year 1934
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE
June 29
July 1
July 2
1935
July 3
July 4
July 5
Week
Lowest
Highest
Low Low
Hloa
$ per share $ per share $ per share $ per share $
per share $ per share Shares
*10312 1041E 10414 10412 10212 10414 101 102
Par $ Per share
8 per share liver eh $ Per *Dare
103 103
2,300 Union Punks
883 90
4
100 821:Mar 28 11112 Jan 10
8978 90
82
90
12
90
90
13374
90
0012
9014 2,400 Preferred
90
*237 2414 *24
8
100 7912 Mar 14 9012July 3 62 2
2414 24
7
24
71% 89
2314 2314
2314 2314
800 Union Tank Car
No vas 2072 Mar 13 261
1312 133
4 13
52 1412 14
4May 24
18 4
3
155s 2534
1412 134 144
1418 143 18,600 United Aircraft Corp
8
5
97 Mar 13 154 Jan 7
2
512 512
812
513 55
8
81s 154
512 514
54 53g
51. 55
8 2,900 United Air Lines Transp•t 0_6
412 Mar 13
67 Jan 31
8
93* *9
"
9
34
93
4 *9
0 4 *8
3
3
/
1
4
64
94
3
*8
91
.
United American Bosch_ _No par
245 2458 243 243
8
11 Apr 24
7 Mar 29
4
7
4 243 2434 245 2421
8
8
17
8
*2412 243- 1,000 United Biscuit
4
*11512 120 *11512
No par 2014May 16 264 Jan 9
19
*11612
2114 2914
_ *11512
*11512
_
Preferred
100 113 Jan 18 1174 Jan 2 10414 107
584 584 58% 19
5914 19
120
-14 587 -f0
8 (
6014 _--- 2,200 United Carbon
607
8
No par 46 Jan 28 6C7 July 5
8
33* 378
33* 378
2014
4
414
4
414
35
*
503
44 414 65,300 United Corp
363 377
No par
4
14 Feb 27
414June 24
s 363 383* 38
112
4
24
87
2
3912 3
8
3814 383 16,500
39
4
Preferred
8 9 87
7
4
No par 203 Mar 13 39125une 24
8
87
8 9
20 4
5
87
8 878
214 3774
87
2 9
878
878 2,200 United Drug Inn
*8
4June 14 134 Jan 7
5
83
83
4 *8
83
4 *8
64
884
83
914 1814
4 *8
*8
83
4
United Dyewood Corp
*7814 81
10
44 Mar 13 113
4May 16
81
81
24
3
*783 85
4
3% 107
*81
8
82
*81
82
50
Preferred
100 65 Mar 21 9012May 23
*3
% 38
34 33
7
60
693
4 7534
4
33*
33*
33* 3
312 35
%
8 1,700 United Electric Coal
8614 86% 86
8June 13
No par
33
74 Jan 9
3
863
8814 8714 88
4 87
3
12
714
883* 89
2,800 United Fruit
No par 715 Feb 6 923
8
8 1412 151
143* 145
4May 14
4912
1514 157
59
8 1514 153*
77
153* 157 54,500 United Gas Improve
*103 103 8 103% 10358 105 105
No par
914 Mar 18 157
7
8July 2
914
1112 204
10412 10412
1043 10412 1,100
8
Preferred
34 3 2
No par 8712 Mar 15 105 July 2 824
5
352 35
8
86
312 312 *3
*3
824
312
312
300 :United Paperboard
2
_ _100
2
218 Jan 28
35
8June 29
*2
218
1
1%
2
2
2
2
33*
*13
4 2
400 United Piece Dye Wks_ No par
1I4June 3
57 Jan 7
2
114
4
13 4
133 14
5
4
*1312 133
4 1312 1312 1312 1312
1312 1312
220
64% preferred
5
5
100 10 June 3 334 Jan 24
478 5
10
4% 5
30
68
47
4% 434
48 2,100 United Store, clams A__No par
*56
64
312 Apr 4
74 Jan 3
*56
64
24
*56
214
84
64
5918 5918
60
60
300
Preferred class A
No par 46 Apr 3 654 Jan 19
6422 6412 6412 65
46
6412 6412 644 6412
54
76
*64 4 6512
3
700 Universal Leaf Tobacco No par 51 Mar 15 653
a147 147
4Juno 24
14712 148
37
4014 63
1453 14812 14812 14812
4
,
*147 150
90
Preferred
*30
100 13314 Feb 9 150 May 6 10814 11212 140
3412 *30
3412 30
30
*30
35
*29
39
10 Universal Pictures lot pfd
•118 14 *14 14
100 30 July 2 403 Mar 15
4
15
11
167
8 464
118
118 114
118
118
500 Universal Pipe & Rad
*1212 1312 1212 1212 12
1
118July 2
212 Jan 18
7
2
1212 12
7
8
3
12
.
123* 123*
70
Preferred
•185 19
8
100 12 Feb 6 193 Mar 6
19
414
2
1918 185 19
414 24
8
184 19
1918 193* 2,800 US Pipe & Foundry
21
21
4
20 143 Mar 14 22 Jan 7
*21
12
2112 21
154 33
21
*21
218
207 21
8
800
let preferred
*3
4 14
No par 1914 Jan 7 2112June 25
1
134
1
1612 191
*3
4 14
/
4
13
0
13*
4
*34
100 1:1 B Distrib Corp
No par
*54 714 3
58June 24
21* Jan 3
5% 8
451
4
8
112
*518 8
4
*5% 8
Preferred
100
6 Apr 9 10 Jan 9
4
4
14
United States Express
;Thia -11- ;54 If" ;Hi 114 ;Hie 16100
4 Jan 2
4 Jan 4
14
114
s
14
200 U B Freight
*73
4 8
No par 11 Mar 14 173
4June 12
*77
11
84
11
2712
7 4 74
3
78 77
8
8
1,700 U 13 & Foreign Secur
*82
84
412 Mar 12
No par
9 May 17
*82
84
412
6
*83
84
*83
84
154
.83
84
Preferred
56% 5618 5614 57
No par 6514 Mar 26 84 Jan 22
60
634 78
574 574 5714 574
5612 574 1,600 US Gypeum
*150 155
20 4012 M sr 12 5912June 24
165 155 z155 155 *150 15512
344
/
1
3414 5114
155 155
60
*55
8 612
100 143 Jan 11 15712June 11 110
5
4 512 *512 63* *512 68
115
146
*55
8 6
100 U B Hoff Macb Corp
4212 4212 42
6
5 Feb
73*May 24
42
4214 4212 4214 433*
34
4% 104
4314 4314 2,800 U 13 Industrial Ala:Mal-Ns par 3518 Mar 6
*612 7
13 4614May 24
*612 7
32
32
*612 7
*612 7
644
*612 67
8
U S Leather v t a
117 117 31112 12
No par
858May 22
318 Mar 15
8
51
318
1112 114
111 1112
/
4
117,
12
1212
600
Class A v t 43
*62
No par
65
712 Mar 16 143
*62
4May 21
7
65
7
*62
65
*62
193
4
65
*62
65
Prior preferred v 1 e
100 53 Jan 22 66 May 20
45
45
80
4
4
*4
414
4
41
3% 3%
312 321 5,600 U 13 Realty & Imps
1212 1212 1212 1234 1218 1234 12
No par
3 Mar 13
7 Jan 7
3
4
1214
12% 123* 3,500 U 8 Rubber
1214
No par
32
3214 317 32
94 Mar 13 1714 Jan 3
918
11
3112 3238 3112 3112
24
31
3218 2,500
lat preferred
108 109
100 2412 Mar 14 423* Jan 7
10812 10912 108% 110 210612 107
174
Ws 6114
107 1084 2,700 U S Smelting Ref & Min
*7014 71
50 95 Apr 5 12412 Apr 25
703 71
4
5314
9658 141
*71
72
*7034 7138
707 70%
300
Preferred
3314 333
a
4 333* 33
60 627 Jan 3 7314May 10
7
5112
3314 3418 3314 34
544 654
3378 354 48,400 U 8 Steel Corp
8714 88
100 2712 Mar 18 4018 Jan 8
88
8814 873 881
27%
29% 524
4
8712 88
88
903* 5,400
Preferred
*131 132 *131 132
100 7352 Mar 18 94 Jan 23
6714
132 132
6714 9912
13214 13214
*132 136
200 U 13 Tobacco
*159
No par 11912 Jan 4 1403
_ *159
4May 16
_ *159___ *159
81114
99
140
15914 15914
-10
Preferred
*484 WO *484 --- *4812 100 1493 Feb 11 15914July 5 124%
6
0
126
150
60
*4812 -6
0
*4812 60
Utah Copper
2% 23
10 40 Mar 22 5114 May6
4
3
40
3
484 67
27
23
4 314
2% 27
28 9,400 Utilities Pow & Li A
"8
1
I Mar 15
8June 22 31 7
3
4
33
"8
8
3
4
112
54
"8
%
3
"3
3
4
400 Vadeco Sales
No par
*23
25
12 Mar 15
*23
14 Jan 2
4
4
25
17
*23
25
*23
25
%
Stock
*23
25
Preferred
13% 137
100
1914 April 2418June 19
133* 1334 134 1314 13
1914
194 2212
/
1
138 1414 5,200 Vanadium Corp of Am_No par 1114 Apr
1312
*19
2018 *19
11 215 Jan 7
4
20
20
1114
16
2012 2038 2012 Exchange
315
4
4
203 203
4 1,200 Van Raalte Co Inn
*100 104 *100 104 *100 104
6 111 Feb 7 2114Juue 14
/
4
334
MI 124
*100 104
*100 104
4.36
7% tat pref
3714 363 37
100 91 Feb 20 105 June 11
4
5414 25414 98
*365 371
3612 3612 Closed
8
*3612 3714
300 Vick Chemical Inc
3
3
6 34 May 28 384June 24
3
2318
3
27
242
8 3
8 363
'23
4
'
1
234
278 1,400 Virginia-Carolina Chem ...No par
278
22
22
2 Mar 18
12
22% 23
4 8 Jan 3
5
17
8
214 23
17
2
5%
21
Indepen- • 1934 20
21
3,800
6% preferred
*104 108
100 1712June 1 274 Feb 1
105 105 *104 110 *104 110
10
10
26
*104 110
100
7% preferred
*99 101 *10014 1003 101 1011
100 85 Jan 4 13012May 6
5714
4
59 4 84
3
/ 1014 103
4
dence
10112 102
310 Virginia El & Pow 66 pt __No par 724 Jan 4 103 July
*252 3
*25
8 3
3
*2 8 3
60
5
65
*25
80
8 3
*23* 3
Virginia Iron Coal & Coke.._1002 June 22
*15
26
*15
4 Mar 5
25
2
*15
25
388
*15
9
25
Day
*15
25
5% pref
100 15 Feb 19 154 Feb 28
15
1612 27
*74
80
*74
80 .74
7812 *74
77
75
75
10 Vulcan Detinning
*1153 - .*11532 _ .*11538
2
1001 6312 Mar 29 83 May 10
36
52
_
82
i
*11514 -- 10
Preferred
*112 18 *14 -- 8 *118 _-- 11538 11538
5
100 10914 Feb 5 1155
2July 3
15
95
95
158 •118 1%
112
I
*118
158
:Wabash
*2
214
100
1 Apr 1
2
2 Jan 8
12
2
1
178
178 .19
14
21
47 1
4
•134 212
200
Preferred A
*114
17
100
8 *14 212 *114 212 *14 21
154 Mar 1
34 Jan 4
4
13
282
852 11
21.
*114
Preferred B
100
1 May 22
55
8 57
2 Jan 19
8
8 *55
8 6
1
*552 6
14
618
*53
4 6
53
4 554 1,300 Waldorf System
2712 28
No par
71 Jan 10 S 3 8
418 Mar 15
277 277
8 277 28
7
4
87 1
2
28
28
2814 2812 2,300 Walgreen Co
*116 1187 *116 1184 *116
No par 263
2
4June 8 31 Jan 3 5 1512
11812 *11612 um
224 20%
*116 11712
64% preferred
218 24
100 114 Jan 7 120 Apr 24 3 80
218 24
2% 214
8412 1165
214 214
8
214 2% 1,200 Waiwortb Co
No par
*6
14 Feb 28
74 *5
3 2 Jan 7
7
7
114
*6
712 *6
214
71
652 )
313
712
Ward Baking class A--No par
*114
112
5 Mar 14
14
814May 20
114 *114
5
11
14 *114
8
12
*114
112
100
Clans B_
*3714 38
No par
114 Feb 28
17, May 20
37
114
374 *3714 38
14
24 1
38
38
*3712 2814
400
Preferred
3% 37
100 2812 Jan 12 4034May 22
3% 4
24
3% 4
24
36
,
38 4
37
8 4
5,400 Warner Bros Pictures
*237 243
4 25
5
214 Mar 15
44 Jan 2
254 24% 2512 24
214
234
24
5
84
244 2412
210
$3.85 eons pref
No oar 144 Mar 13 2814June 6
3
4
2
1
*3
4
12
7
8
*3
15
4
7
8
317
4
"4
7
"4
7
8
200 Warner Quinlan
412 44
No par
44 44
152 Jan 2
3* Mar 15
44 47
52
414 41
1
37
8
478 47
1,500 Warren Bros
*8
No par
1312 *9
212Mar 15
1312 *10
612 Jan 7
24
314 1352
*1014 1312
2218 2218 223* 2258 2212 1312 *1014 131
Convertible prof
No par
7 2 Mar 20 1614May 17
7
72
7
2212 2238 225,
8
28%
2212 2314 1,100 Warren Fdy & Pipe
*412 514 *414 5
No par 21 Mar 27 28 Jan 8
3
*4 8 5
1312
3
184 31
*4
5
44 43
2
200 Webster Eisenlohr
*80
- *80 . _ *80 _ _ '
No par
4 Mar 14
6 Jan 2
3
3
180 - 7
*80
__ --•14 --Preferred
114
100 85 Apr 29 90 Feb 18
128 114
60
114 114
65
13 I%
8
90
1
*13 _8
112
240 Wells Fargo & Co
3714 3714 37% 373 • 37
1
1 Jan 5
14.7u1Y 3
34
377
214
5
4
8 37% 3 7
78
7,500 Wesson Oil& Snowdrift _No par 304 Jan 15 39 Feb 18
378 38
*783 79% 797 797
4
.
k 797 80
15
15 4 3554
5
80
80
805 85
8
500
Cony preferred
No par 72 Jan 29 80 June 24
49
*64
52
12 745 I
653
4 641 6418 66
4
68
6712 673
4
6712 68
470 West Penn Elea claw A-No par 34 Mar 6 69 June 24
74
/ 75
1
4
75
7612 777 783
34
6412 70
4 778 79
7912 793
980
68
Preferred
68
663 67
100 397 Mar 6 793
8
4
4July 5
69
39%
70
51% 80
68
69
69
69
480
119 119
6% preferred
1183 1194 *119 120 z118 118
100 36 Mar 14 70 July 2
4
38
63
x6812 1
*118 119
60 West Penn Power pref
•11134
11212 11212 11218
100 10412 Jan 17 11912July I
68':
8912 11021
*112
___
210
*13 ---- *1114 18 *114 11214 z112 112
6% preferred
17
8
100 95 Jan 2 1135
8May 22
783
4
17
8 *13
784 105
11 14
*114 1*
West Dairy Prod ol 4----No par
511
as
1I8June 8
*3
2
214 Jan 8
2
14
*4
14
12
64
*12
*
4 _12
12
7% 7% •71,
100
Clue B v I a
3 77
2
No
714 718
r
8May 1
3
7 Jan 8
4
714
4
hi
/14
24 ,
7% 712
600 Western Maryland
*1012 125 *104 13
4
100
54 Mar 15
74 174
512
*1012
9 2 Jan 7
7
*1012 12
*14 112 *114 134 *14 13 i *1012 12 8
28 preferred
712 Mar 30 13 June 18
100
A
•14 13
74
04 22
338
13*
200 Western Pacifies
*24 27
100
2 *22
14msy 3
4 27
8 *23
34 Jan 7
4 28
114
7
25
2
23
84 1
4 23
2.18 2 4
4
3
300
34
Preferred
344 337 35
--------100
2
23 Feb 26
2
7 8 Jan 7
344 3514 337 3412
7
238
65
8 1712
2
345 3714 24,900 Western Union Telegraph.
24
24
234 24
-100 204 Mar 14 374 July 5
2324 2412 244
205
2
224 667
2412 24 4 6.700 Westingh'oe Air Brake
2
3
5212 527
2 523 544 5334 5434 5314 2414
..No par
4
18 Mar 27 27 Jan 9 15 15 4
5
5414 5612 57,700 Westinghouse El
543,
Ma 88
•10812 109
109 109
& Mfg
50 325 Mar 18 5612July 5
2
109 109
27 8
7
109 109
274 474
110 112
330
1st preferred
•11
113
4 113 1134 *1114 12
50 90 Feb 5 112 July 5
4
77
*DI: 12
,
82
*1112 12
95
100 Weston Elea Instruml___No par
*32
34
*32
34
10 Mar 18 1378 Jan 2
*32
34
*32
5
34
0
*32
1512
34
*1918 197
Class A
8 19% 19% 1914 1914 *194 198
No par
Jan
15
194 195
Ws 294
/
1
700 Westvaco Chlorine Prod No par 29 Mar 4 34 May 14
*24
2712 *22
2712 *20
164
2712
13 2312 Jan 8
2712 *20
1214
147
2 274
*20
2712
Wheeling & Lake Erie 112 C0_100 18 Jan 3 25
*29. 35
*24
35
*24
May
35
*24
18
35
2412 29
*24
35
*15
6% non-rum preferred___100 25 Mar 14 30 May 14
1612 *16
1612 *16
20
1612 16
21
24
17
163
36
4
1834 1,700 Wheeling Steel Corp
*63
654 644 6412 *63
No par 1414 Mar 28 2014 Jan 21
65% 654 6518
1112
1112 29
66
69
900
Preferred
*10% 103
4 1014 1012 104 1014 10
100 464 Jan 12 7018May 20
34
34
57
1014 1014 3,000 White Motor
104
50
67 Mar 15 185 Jan 3
2
17
2
64
17
15
284
*1612 173
8 17
17
*163 17
4
163 163
4
4
300 WhiteRk Min Syr Ott ____No par 1312 Mar
134
134 *112 17
112 112 *14 178
2
2412 Jan 9
1312
2114 314
•158
17
200 White Sewing Macbine...-No par
4 2 9
•75
*74 9
14 Mar 1
*8
14
Da
24 Jan 22
34
814 *73* 812
812 83
200
4
*134
Cony preferred
17
13
No per
4 13
6 Jan 1
4 *18
94 J.2124
4
17
3134 1%
5
1114
313
4 17
8
100 Wilcox Oil & Gas
6
1 Marl
252 Jan 8
1
2
534
---- ---- .
Wilcox-Rich Corp class A_No par 84 Feb
ii- --84 -- 2 --ii2 - b1.2
2
0113512May 27
227
2
2712 344
538 53 13,000 Wilson & Co Inc
4
No par
3 2 Apr
7
9
48
4
318
7 • Jan 2
-6612 - 2 -6914 Wili ;Zio- 7
ase A
611No par 254 Feb
i6315 Jan 9
2
1114
124 324
iiiis 1,66 $e peel
615 617
8
604 62
100 58 Apr
75 Feb 2a
604 61
58
60 4 5118
3
60% 613* 14,600 Woolworth (F Vi) Co
*1512 1612 *154 1612 *154 1614 *1612
10 51 Jan 1
6514June 18
1814
35
- -1
41
; - 14
1652 164
5/
300 Worthington P & W
*40
41
41
100 113 Marl
41
4
2112 Jan 7
*38
40
113
4
1312 3174
3934 40
3
94 4
70
04
Preferred A
*32
35
*32
100 2512 Mar 1
35
447 Jan 23
*32
2
35
*32
2512
35
314 53
*313 33 _
*4414 4812 *454 4712
Preferred B
100 20 Apr
3312May 21
*444 474 *444 50
20
2352 42
*4414 50
Wright Aeronautical
*783 80
4
No par 3512 Marl
7
3783 80
4
53 Apr 24
12
80
80
167
8 75
*80
*8018 8214
8214
200 Wrigley (Wm) Jr (Del) No par 733 Marl
*22
2314 *22
4
23
823 Apr 26
4
217 21% *21
8
475
4
22
6412 76
215 22
8
400 Yale & Towne Mfg Co
*2 4 27
8
2% 27
25 173 Apr
4
8
24 Feb I
2 4 28
3
113
8
23
4 24
14
3
2212
2 4 2 4 2,300 Yellow Truck & Coach 01 B.-10
3
3
39
39
258June
3712 3712 *373 39
4 Jan 7
/
1
4
4
25
8
374 3712
25
4
74
373 373
4
110
Preferred
2712 27% 2714 274 2718 274
100
42 Feb 19
25
28
4712
27
2714 274 1,400 Young Spring & Wire__ No par 31I2May
274
1712 175
8 175 173
8
18 Marl
4 1712 177
29 June 21
1018
8 1714 183*
13
1878 195 13,000 Youngstown Sheet & T-No
22%
*44
47
*4512 47
par
13 Marl
2172 Jan 8
*4514 4678 47
123*
12% 335
55
55
57
700
51 preferred
1
.24 212 *214 212
100 3812 Apr 11
67 July 5 "30
212 24
2% 2
3
84
5914
212 212
500 Zenith Radio Corp
3
3
No Dar
114May 8
3
3
212 Jan 8
3
34
112
3
3
14
43
4
3
3
3.400 Unite Products Corp
1
2 8June 7
5
47 Jan 10
2
252
Vs
754
For footnotes see page 70.
-ia- -1-6-24 ---
-aiii- ii,, ,
-69s
80
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
July 6 1935
and defaulted bonds.
changed and prices are now "and interest"-exusyt for income
On Jan. 1 1909 the Exchange method of quoting bonds was
and when selling outside of the
weeks range, unless they are the only transactions of the week,
-Cash and deferred delivery sales are disregarded in the occur. No account is taken of such sales In computing the range for the year.
NOTICE
they
regular weekly range are shown In a footnote In the week in which
• July 1
Week's
1s4 1
Range
Wed.
I" Range or ' 4_ 1933 to
BONDS
1
Range
1933 to
b 2,
1
Range or
Since
s,1
LIH_ June30
Friday's
BONDS
u8
STOCK EXCHANGE
N. Y.
Mu
4 June30
Jan. 1
Friday's
i
41r. SW & Asked (SO 1935
Y. STOCK EXCHANGE
N.
,
Week Ended Jul} 5
Jan. 1
.•a. 814 & Asked m.6 1935
Week Ended July 5
Hioh
High No. Low Low
Lots
Foreign Govt. A Munic.(Cos.)
High
80
Elie. No. Low Low
Low
70
354
7914 12
00000mint.
U. S. 0
Cordoba(Priv) Argentina 78 ____1942 J J 79
Fourth Liberty Loan '
Costa Rica (Republic of)
71 100.30 101.23 104.18
30% 3514
1712
2
3114
1933-1938 A 0 101.23 101.28
4th 414%
1951 MN 31
•75 Nov 1 1932 coupon on
18 104.10 113.8 117 2
3
1712 25 4
21 ---1947-1952 A 0 116.28 117.2
1812 20
Treasury 448
1951 ____
•73 May 1 1938 coupon 00
97.28 102.28 10825
944 100
684
2
8
8
Treasury 44-33js__Oct 15 1943-1945 A 0 106.17 106.24 176 101.18 108.24 112 2 Cuba(Republic) 58 of 1904
1944 M S (1983 a983
88
90 95
834
2
1944-1954 3 0 111.29 112.2
1949 F A 79314 r9314
Treasury 48
External 58 of 1914 ser A
110.14
99.28 107
91
84
8
617
5
9011
1948-1956 M 8 110.10 110.14 481
1949 F A 89
Treasury 334e
External loan 4143
28
98.5 103.38 107.28
9314
77
61
6
z92
1943-1947J D 107.16 107.20
Treasury 334i
Sinking fund liSle ----Jan 15 1953 3 J .92
93.12 100.20 104.10
234 42
19%
46
D 3314 35
Sept 15 1951-1955 01 S 103.24 103.30 281
Treasury 38
*Public wks 5345 --June 30 1945 3
97.28 100.20 104.10
8
4
83 143
5
84
20
13
1218
Dec 15 1946-19483 13 103.20 103.26 305
Treasury 38
1959 MN
104.15 108.19 •Cundinamarca 6349
98.12
23
4
9512 10512
771
Treasury 348____ June 15 1940-1943J D 108.13 io&1s
1951 A 0 10512 10512 28
104.14 108.22 Cxechoslovakia(Rep of) 81
98.8
14
954 105
1
77
105
1941-1943 M 13 108.16 108.22
105
1952 A 0
Treasury 334s__ Mar 15
Sinking fund iis ser B
5428 101.28 105.11
78
982 105
79%
69
104
1942 J J 103
Treasury 348____ June 15 1946-1949J D 104.31 105.4
20-year ext1 EN
93 101
75
8 86
1949-1952 3 0 104.22 104.30 221 101.5 101.15 106.8 Denmark gold 5348
1955 F A 9812 987
Treasury 345
External
97.27 104.18 108.21
45
8
8212 963
61
101
1 1941 F A 108.17 105.21
Aug
4 904
1962 A 0 893
Treasury 3348
External g 44s__Apr 15
99.24 102.24 106.18
128
:
1944-1946 ,-_-, 106.8 106.1
1932
Treasury 3348
Bk Am part ct1 68
101.25 Deutsche
6514 70
484
___
*6312 65
1955-1960 51 15 101.17 101.23 1,343 100.14 100.15 104
234,
Treasury
*Stamped extd to Sept 1 1934
101.14
98
45
6114 7113
40
6612 10
_ -1964 M 13 103.20 103.2
NI 5 66
Fed Farm Mtge Corp
4.27 99.16 102.12 Dominican Rep Cast Ad 530_1942 A 0 *60
9
195
64
55
36
6212 -__
346_-Nov 161944-1949 M 5 102.2 102.9
1940
351
let eer 548 05 1926
7 64
61 103.23 100.20 102.15
54
36
2
60
0 60
15 1942-1947 3 J 102.8 102.11
Jan
1940 A
38
2d series sink fund 5%5
100.24 101.5
73
439*
33
27
___
*3112 40
Mar 1 1942-1947 M 13 01.2 101.
251
100. 101.18 *Dresden (City) external 78-1945 MN
-----94.28
1
1951 3 . Home Owners Mtge Corp 4s
94.28 99.18 102.14
654 8512
36
1952 M N 101.30 102.64
- ---1948 J .1 *48
35 series A
9226 98.20 103.24 'El Salvador (Republic) 80 A
62
38
35
405
-- s 14
1949 F A 100.14 100.24 490
3 .11 38
24e
*Certificates of deposit
844 96
4813
4
95
.1 95
City-See sole below.
State &
19673
Estonia (Republic of) 76
10313 108
70
9
107
1945 M S 10612
Finland (Republic) ext tia
3
704 10118 104 4
20
Foreign Gold & Municipals
1956 M 5 10312 104
External sink fund am
2118 3514
20
12
24
24
1953 M N
Agricultural Mtge Bank (Colombia)-...
334 *Frankfort (City of) 5f °He
21
4
183
3
1654 190
2314 2412
7 126
*Sink fund 65 Feb. coupon on 1947I' A
19413 D 1764 17712
French Republic extl 73411
1912 32
3
15 6
3
8 2258
1
1 127 a 16912 190
1948 A 0 225
19493 D 17912 17912
*Sink fund (is April coup on
External 78 of 1924
64
90us 96%
9514 9512 12
1963 M N
Akershus (Dept) ext 55
4
712 113 *German Government Interns6
73
16
2414 3712
918 10
23
1945 3 3
2512 143
1965 3 D 25
•AntloquIa (Dept) coil 711 A
tional 35-yr 54e of 1930
1118
6114
79*
99* 77
914
479*
34
3113
1945 3 1
3712 17
'Externals f 7e see B
1949 A 0 37
79* 95 *German Republic extl 75
8
712
4 15
93
94
1945.7 .1
*External s f 79 ser C
714 105 *German Prov dr Communal Bks
8
1k
714
6
2
99*
914
483
3
38
23
1958 J D 399* 4012 33
*External 8 1 78 ser D.__ _____1945 3 0
Aerie Loan) 6348
(Cone
4
914
63 1014
918
61a
8
1957 A
*External s f 78 let ser
Graz (Municipality of)
Vs 10
64
4
94
9
813
1957 A 0
86 10
49
I
979*
*External sec s f 7s 26 ser
1954 M N 970
4 97
•Eis unmatured coupons on
63
612
11
9
9
1957 A 0
4
1937 F A 1133 11478 38 10758 1104 11612
*External see s f 75 36ser
Or Brit & Ire (II K of) 5345
88 126
749*
1
7
8
95 $ 1085 119
3
1958 3 0 9814 983
Antwerp (City) external 50
199098 N a107 a117
54% fund loan £ opt 1960
901 979*
44
334 3912
1900 A 0 97% 9732 10
*363
8_--.. 22
Argentine Govt Pub Wks 65
7
8
977 *Greek Government s t ser 7s__....1964 MN 3012 1114 18
90
44
60
97
254 83
4
165
1959 .1 0 97
1968 F A
Argentine 65 of June 1925
03 f secured 68
974
90
8
445
4 9712 24
1959 A 0 963
En]ii f 65 of Oct 1926
9014 979*
44
9112
82
07
2
1957 M 13 9612 9758 72
External s f Ibi serial A
1952 A 0 9018 91
9018 9712 Haiti (Republic) a 1 66 ser A
4414
8 9711 55
8612
24
1
1958 3 13 967
2018
4 2434
External 66 series B
1946 A 0 243
9712 *Hamburg (State) 65
90
4412
9712 27
31
16
15
1960 M N 967
28 --__
Extls f 66 of May 1926
979* *Heidelberg (German) eat!7345-1950 J J •194 103
90
444
9738 30
6614 10114 1034
2
1960 M 5 9612
1980 A 0 103
External s 1 66 (State fly)
ext 614e
979* Heleingfore (City)
90
4412
9678 975k 22
1961 F A
6s Sanitary Works
Eat!
98
Hungarian Cons Municipal Loan
90
46
22
98
2912 38
25
*3212 35 --_Extl (is pub wks May 1927 -1961 M N 960
•This unmatured coupons on_1945 .1 J *3212 343 ---844 9312
414
9315 42
304 374
269*
1962 F A 93
4
Public Works Intl 5346
1946 J J
*711 unmatured coupon on
98 10412
779*
133
294 35
2913
1955 3 3 1028, 103
MN *3012 36 ____
-year 5s
Australia 30
98 1041k *Hungarian Land M Inst 7346-196 1
78
29
3212 35
1967 M 0 10212 103
299*
External 59 of 1927
1961 M N *3012 35 ---*Sinking fund 734e ser B
9218 974
7
73 8
1956 M N 969* 97% 63
External g 434. of 1928
9612 Hungary (Kingdom of)
81
9612 171 4213
5
349* 4918
1957 3 3 96
3112
A 4114 4114
5 76
Austrian (Oovt) 6
•745 February coupon rm.-1944 F
1081z 11512
92
116 ---1960 MN *115
Irish Free State(MI.161
37
30
71 264
79
309*
7514 9412
1045 F A 300
1
1951 3 D 7514 82 229
eisawaria (Free State) 6141
934 1089* Italy (Kingdom of) MI 75
99
90
1
1949 M 5 1069* 10814 57I 8813
892*
90
Belgium 25-yr exti 63411
934 10712 Italian Cred Consortium 75 A --'37 M 8 90
8618
76
7412 89
1955 3 3 10412 1054 13
External a f 65
194798 8 7412 7612 16
7e ser B
External aec s 1
4 10118 119
923
18
634
634 85
1955 3 0 11312 115
7114 33
J 66
30-year et 78
External
1952.9
97 1104 Italian Public Utility extl 78
91
56
90 100
77
97
1956 M N 10734 109
Stabilization loan 73
1954 F A 994 990
Japaneee Govt 30-yr a 1614a
957 100
2
ay.
4
1949 A 0 *100
671k
774 893
4 71
893
Bergen (Norway) 56
1965 IN N 89
Extl sinking fund 534.
9912
93
624
9912 14
1900 M 0 99
sinking fund 58
External
Jugoslavia State Mortgage Bank
25% 38
22
2
27
43
25
1950 A 0 27
23
4 377 ---*Berlin (Germany) a f 6345
1957 A 0 *303
•78 with all unmet coup_
3812
2212
2013
5
1958 3 D 2812 25 8 17
*External sinking fund 60
4
113 18
k
447
1
119*
8 139*
86
299*
1945 A 0 133
40 ---1947 F A *37
*Bogota(City) extl.0 851
8% 912 *Leipzig (Germany) s f 713
51
912 49
8
1947 M N
*Itolivia (Republic of) ext188
Lower Austria (Province of)
8
4
4
8 29
77
4
63
1958 J 1
97 106
50
9812 ---*External secured 7s
on_1950 .7 D *87
•73.ds June 1 1935 coupon
814
4
4
814 39
69*
4
63
4
1969 M S
914
9
69* 1014
'External sinking fund 7e
19543 D
*Medellin (Colombia) 13346
3
81e
6 --__
5
1943 MN *44
5 8978 *Mexican IrrIg Aastng 4318
25
21%
8 19
267
4
1941 3 D 26
8
77 ---,
(II 5 of)external 831
J •--,..
*Brazil
2012 11112 *Mexico (UEI) extl 55 of 1899 6-1945 Q
199*
4 39
5
1957 A 0 20 4 213
1f4
7 -- 347
3
74
7
'External•f 63.4s 01 1926
1945 -.-*Assenting 58 of 1899
4
3
20 4 313
1918
31
4
4 213
84 11
518
1957 A 0 203
5 ___..
*4
'Externals f 6 345 131 1927
*Assenting 58 large
2114 314
41
189*
19523 D 2112 22
•78 (Central Re)
*Assenting 58 small
3358 414
29
4012 17
1935 M 5 39
3
3
54 5 4
413
64 ---*Bremen (State of) e11178
1954 --- *--.,
•45 of 1904
14
8 97
871
68
60
95
8
1957 M S 94
5
3
5 ---4
Brisbane (City) O 1 65
1954 ---- *4
*Assenting 48 of 1904
8558 979*
684
11
4 95
1988 F A 933
4
418 7
Sinking fund gold 58
----------------*Assenting 46 of 1910 large
97 10214
9
76
102
8 7
35
1960 3 D 10118
54
20-year ti f 66
*Assenting 4601 1910small---4
4 73
73
4
53
12
Budapest (City on-1933 .1 ----7 ____
..1Treaa 6s of'13 assent (large)
3218 3914
1
29%
4
1962 J D 03618 a3618
4
83
612
J J ------------02
Nis July 1 1935 coupon OD
*Oman
4014
9414
84
2
68 8
1955 3 3 9414 9414
664 8512
5
Buenos Aires(City)61458-2
_
(City. Daly) Intl 13;46 -1952 A 0 6612 714 116
919* Milan
82
--------30
1969 A 0 *91
06 eer C-2
External 6 f
Minas Geraes (State of, Braz11)92
82
3614
1
92
1418 199*
1900 A 0 92
1418
External 6 f 6. ser C-3
1958 M E1 *144 1434 --_
'634* Sept coupon off
6618 771
2914
5
7514 76
7
1414
144 1912
1412
1959 M 5 149*
*Buenos Aires (Prov) extl 68-1961 M 5 63
•64s Sept coupon off
51% 65
25%
6
643 245
1961 M 5
.
1 66 stamped
78
67
274
-_- ____
42
31
5
2714
1961 F A
19623 D 3212 3212
*External 6 f 634.
6514 *Montevideo (City of) 75
52
25%
147
634 65
25
1981 F A *723134 3612
1959 MN *2818 31 ____
'034. stamped
*External 506, aeries A
963 1024
73%
14
4
Bulgaria(Kingdom 00144 1858 New So Wales(State) est!58 -1957 F A 10014 101
1414
17 ____
3 *16
5
734
963 10212
4
*Sinking fund 7s July coup off1.967 1 N *155
Apr 1958 A 0 10018 101
External a f 5e
1312 19
1312
8 171 ____
8
88
1067
10313 10714
1943 F A 106
*Sink Lund 7348 May coup off 1968 M
Norway 20
-year extl 65
8712 1034 107
1944 F A 10614 10612 10
-year external Os
20
85
89* 14
18
4 124
3 113
8318 10014 1044
10338 50
1952 A 0 102
•Caldas Dept of (Colombia)734s..1946 .S 0 1074 1084 70
30-year external 60
864 1544 1084
1980 A
787
8
8
993 103
1965 3 D 1003 10112 69
Canada(DoM'n of) 30-yr 45
-year s f 534
40
,
8
994 11014 1145
39
1952 M N 11332 1137
76
21
9813 1023
4
190398 13 1009* 101
58
External sink fund 55
1021a 10313
984
5
1936 F A 1024 10214 23
8012
98 1014
19703 D 1009* 1009*
4345
58
Municipal Bank cat]3 t
5012 624
5012
54
1954 3 3 *
22
2
8
4
224 353
1952 F A 239* 23
*Carlsbad (CRY).1 8e
89* 134 •Nuremburg (City) extl 68
89*
7
1012 1214
64
7714 90
1953 M S 8918 894 30
*Cauca Val (Dept) Colom 7348_1948 A 0 39
584 Oriental Devel guar 6.
36
2912
40
39
195(3 M 5
594
30
745 859*
8
(Gee) 79
1958 M N 8312 84
*Cent Agri() Bank
Exti deb 514a
47
28
26
8
309*
73
99 10214
July 16 1960 3 1 30
1955 M N 10014 10114 14
*Farm Loan .066
4634 Oslo (City) 30-year I 1 6e
28
269*
Oct 15 1960 A 0 3018 304 12
'Farm Loan a f 136
554
35
271s
12
3 89
3
10212 1.074
_Apr 15 1938 A 0 384 39
1953 3 D 105% 105 4
*Farm Loan 65 ser A _
Panama (Rao) extl 5401
17
12
7
22
14
MN
59
40
139*
1942
247
13
8
59
1963 M N 58
*Chile (Rep)-Ext1 e 070
11Extls 1 ser A
1012 1514
5
1312 84
1960 A 0 123
27
23
364 54
54
53
*External oinking fund 66
*Stamped
104 1513
1318
1312 36
13
Feb 1961 F A
sEn Billion bled 98
1012 1512 Pernambuco (State of)618
9
134
13
818
10
1318 15%
Jan 1981 3 J
1947 M 5 1312 14
*Ft, ref ext a 1 65;
*7's Sept coupon off
1012 1513
618
1312 19
1812
12
7
16
Sept 1961 M 5 13
1959 M 5 1612 18
•Ext /finking fund 651
8
3
10 4 153 *Peru (Rep of) external 78
64
72 15%
1962 M 8 12% 1312 32
5
1514 347
*External sinking fund 68
*Nat Loan extl e(68 let eer _1960 J D 14
10% 154
6
4 1312 13
123
15% 256
44
1963 51 N
712 159*
*External sinking fund fis
Loan extl e f 6s2d ser__ _1961 A 0 14
'Nat
75
104 1411
4
56
71
4 26
19573 D 124 124
813
804
1940 A 0 80
*Chile Mtge Bk 6345
97
4
143 Poland (Rep of) gold 65
11
997 12612
s 134 63
1961 3 13 •127
1947 A 0 1134 11412 21
*Sink fund (Ms 01 1926
Stebliisation loan a f 75
1414
11
74
1212 10
797 9512
1
63 8
55
1961 A 0 1214
1950 3 J 9214 95
*Guar 6 1 68
External sink fund g 88
3
10 4 1414
74
8 1212 16
1962 IN N 123
*Guar ii f (is
Porto Alegre (City of)
9% 12
5
119* 28
1613 22
1
1613
19
196060 5 104
1961 3 D 19
*Chilean Cons Munlo 78
•88 June coupon off
47
40
22
1
42
144 22
1951 J D 42
1418
221 ---By)56.
1966 J J *15
'Chinese(Hukuang
+734. July coupon off
8
99' 1025
75
8
4
4
51 fi 1003 1003
774
___ --__
99 10313
1952 MN
Christiania (Oslo) 20-yr.168_ _1954
Prague (Greater city) 7348
36
27
22
5
27
248 37
2413
4 255
243
*Cologne (City) Germany 630_1950 511* 5 27
•Prusgla (Free state) extl 630_1951 Id 5 *102- 8 16
2414 064
234
...i962 A 0 2514 259* 24
Colombia (Republic of)*External s f Eta
2218 3613
18
4 16
263
•518 Apr 1 1935 coupon on_Oct 1961 A 0 2614 27
224 37
204
27
106% 1104
94
5
8
A 0 10914 1097
July 1 1935 ooupon on_Jan 15613 3 26
*65
244 Queensland (State) esti 61 7e ....--1941
18
14
22 --__
1947 A 0 *19
2
832* 10318 109
1947 F A 1075, 10814
*Colombia Mtge Bank 64s
-year external 66
25
1815 2412
12
4
204
1946 M N 20
$54
37% 434
5
1950 M 5 384 3814
*Sinking fund 78 00 1926
2512 *Rhine-Main-Danube 78 A
18
14%
2 44
1947 F A *19
fund 75 00 1927
*Sinking
949* Rio de Janeiro (City OD
86
604
3
1952 3 D 9078 9212 24
134
8
1512
195
15
1946 A 0 154
Copenhagen (City) 56
otis April coupon off
914
8114
5513
8612 31
1953 MN 85
1318 184
6
13
144
149*
1983 F A
-year g 434a
25
*6 tie Aug coupon oft.
4
443 52
13
2
1957 F A 5018 51
*Cordoba (City) extl if 76
5 Rio Grande do Sul (State of)4
383 47
7 -_3
45 4
4512
1614 231s
1957 - _
1614
1946 A 0 1613 1612 10
•78 stamped
•133 April coupon off
8
52
50
8
297
1314 22
3
1937 M N *55
1314
144
1968 .1 D 14
*External sink fund 76
MD June coupon off
,
*49-----------461 5118
1412 21
1937 1412
1966 MN •1538 16 --__
•78 stamped
vie May coupon off
133 2112
4
133
22 --__
1967 3 D *15
coupon off
ne June
6812 8714
704
98
A 0 6812 74
1952
Rome (CRY) esti 048
securities being almas entirely over the counter.
For footnotes see page 85.
rarely on the New York Stock Exchange. dealings in such
NOTE-Sales of State and City securities occur very securitiaL will be found on a subsequent page under the general head of "Over-the-Counter Securities"
and asked quotations, however, by active dealers In these
r1
13,
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 5
New York Bond Record-Continued-Page 2
Wset%
July 1
II
r,',1
Range or/2_ 1933 to
5_
Frtday's
, June 30
I1.
1
g
3.jo., BM db ASkeg ea*2 1935
Foreign Govt.&Munk.
Low
gig! No.
(Cosa.)
Rotterdam (City) eat' th!
1964 MN 113
114
2
Roumania(Kingdom of Monopolles)•711 August coupon off
1959 F A 33
341 36
/
4
Elaarbruecken (City) 8/1
1953 J J 50
50
2
Sao Paulo (City of, Brazil)1
.88 May coupon off
1952 M N *15
18
*External 642 May coupon off 1957 MN
15
15
2
San Paulo (State of).85 July coupon oft
1938 3 J
26
26
3
*External 88 July coupon off_ 1950 1 J 17
173
3
4
*External 72 Sept coupon off _ _1956 M S 1512 168 12
.
*External 6s July coupon off
1968 J 1 153
4 1614 22
*Secured of 72
1940 A 0 7412 77
182
Range
Since
Jan. 1
BONDS
N. T. STOCK EXCHANGE
Week Ended July 5
81
. Wears
Jlag 1
g
. Range or ' 1933 to
1_
Friday's
ii, 12
Li7 June 30
.,
...11- BO ok Asked 010 1935
Low Low
928* 112
High
Low
High No
Low
139% At!& Dan let g 42
1948. .1 29
35
7
68
29
26 48
1948 1 71 26
2712 14
2412
1959 J J 4078 43
2038
29
3612 Ati Gulf & W I SS colt tr 52
5
3514
50
50
78
Atlantic Refining deb 52
1937 1 1 10712 107% 28 101
1949 A 0 45. 45
AU & Yad let guar 4!
37
1
1512
1512 193 Austin & N W let gu g Se
8
1941 3 71 96
96
4
75
15%
1412 1938
:Baldwin Loco Works let 58
1940 MN WO% 101
12
9514
1518
25
30
Balt & Ohio let g 42---JulY -1948 A 0 103
10412 76
8214
1212
17
233
Refund & gen be eeriee A
4
1995 1 D 67
6834 46
54
127
1412 21
2
let gold 52
__1948 A 0 10818 109
July
948*
56
1034
14
21
Ref & gen (Se series C
1995 1 0 764 7812 50
59
81
P.L E & W Va Sys ref 42
7412 9114
1941 M N 987
8 995
48
78%
Southwest DI,let 334-Se
1950 7 i 965
8 9714 69
7414
.Santa Fe (Pro* Are Rep) 70
1942 M S 575
58
2
17
8314
52
j9593 3 86% 88
Tol & Cln Div let ret 42A
26
61
*Stamped
54
55
14
38
4912 81
Ref & gen 5e series D
2000 M S 6612 67% 41
5212
*Saxon Pub Wke (Germany) 75_1945 F A *335
8 35 --__
30
30
4284
Cony 414.1
1980 F A 5014 5312 240
3812
*Gen ref guar 13342
1951 MN 3112 3182
28%
1
3014 40
Ref & gen M 52 eer F
1998 M S 6612 68
5212
72
*Saxon State Mtge lest 7e
1945.7 D 40
40
2
40
40
55
j9433 J
Bangor & Aroostook lets,
_ ____
9412
*Sinking fund g 810
1948.7 0 *39
383
4
383 5212
4
Con ref 4.2
1951 J J *11439--105% 106
10
741*
Serbs Croats & Slovenes (Kingdom)42stamped
1951 -_--2 1073 108% 20 13112
4
'88 Nov 1 1935 coupon on
4 3014 21 ____
1962 ---- 283
27
36
Batavian Petr guar deb 434s__.._1942 i 7 112
112
6
942
•72 Nov 1 1935 coupon on
1962
- 283
8 295
8 10 ___.
2212 36
Battle Crk & Star let gu 32
1989 1 D 6712 6712
60
5
mews(Pro, of) exti 72
j9553 13
743
4 28
73
--42
6512 743
4
•Sileelan Landowners Men 88
5
1947 F A 4612 46'2
2514
6114 Beech Creek let gu g 4e
43
19361 J *10158 102 ____
88
Soissone (City of) ext1 86
1938 MN *183
117
159 17512
170
26 guar g 50
1936J J *10014 102 ____
89%
Styria (Province of)Beech Creek ext let g 354e
1951 A 0 *98__ ____
88
•72 Feb coupon off
1946 F A *89
96
47
14
86
9612 Bell Telep of Pa Se series B
1948 3 1 11812 11912 25 103
Sydney (City) e f 534e
1955 F A 975
99
8
75
9512 10211
let & ref 52 aeries C
1960 A 0 12412 125
9 103
/
1
4
Belvidere Delaware cons 33.4s...._1943 1 J *10338
Taiwan Elec Pow e t 51.0
1971 1 1 86
8612 29
58
7412 87% Beneficial Indus Loan deb (se
1948 M S 1107 ifi
8
3 ii
Tokyo City Se loan of 1912
1952 M S 74
74
2
531
4
8812 76
*Berlin City Elm Co deb 634!
1951 J D *293
8 31 ___
27%
External a f 53.4$ guar
1961 A 0 83
84
15
59
7432 86
1959 F A 2834 29
*Deb sinking fund 834o
2514
5
*Tolima (Dept of) en'75
1947 M N *105
8 1214 _
812
858 1214
1955 A 0 27
*Debentures 62
27
241
3
%
Trondblem (City) let blie
1957 MN. 977
832
2 9814 33
4
91
99
*Berlin Blew El& tinders 8lie_ 1956 A 0 a34
a34
271
1
Upper Austria (Province 07)Beth Steel let & ref Se guar A
I942 M N 1073 10812 33
4
9412
•713 unmatured coupon on
1945 3 D *
10812 ---511
95 110
4
30
-year p m & Rept a t 58
1936J J 1041e 10414 30
94
*Esti 6 lie unmatured coupe
1957 1 D 1011* 10112
2
4112
82 10138
*Uruguay (Republic) extl 8e1946 F A *397
8 40 --_33
3612 473 Rig Sandy let 42
2
1944 1 D *1091
__ ____
90
*External e I 62
22
1980 MN 3812 39
2612
3414 4112 Bing A Bing deb 63.48
8-1950 M 8 *3318 48 ____
25
*External e f 68
1964 M N 3812 387
8 26
2638
3412 41
Batton & Maine let be A C
1967 M 5 7518 7612 80
59
/
1
4
Venetian Pro, Mtge Bank 7e
1952 A 0 7212 7212
2
73
7212 83
let M 52 eerie(' II
1955 M N 76
7618 21
6012
Vienna (City of)let g 434e eer 31
1961 A 0 70
7114 32
56
4, May coupon on
62
5238
1952 MN 90
90
6
8472 96
Boston & NY Air Line let 4e
1955 F A 26
31.
19
28
Warsaw (City) external 78
7214
7212
4
41
1958 F A
63
731 lf•Botany Cone Mille 634$
4
1934 A 0 *718 10 -___
53
4
Yokohama (City) extl 62
1961 3 D 888 89
7
83
8014 90
*Certificates of depoelt
A 0
614
61
/
4
8
2
II•Bowman-Bilt Hotels 1st 7e___1934
Stmp as to pay of 5435 pt red
M S *54
12
-- --RAILROAD AND INDUSTRIAL
Brooklyn City RR lot 5*1941 1 -I 9118 6114
6812
8
COMPANIES.
Bklyn Edison Inc gen Se A
1949 3 J 10814 10812
3 103
•liAbitibt Pow & Paper let 5e1953 3 D 2612 2714
29
8
153
26
4112
Gen mtge 52 Berke E
1952 3 J 1081 10912 11 10212
8
Abraham & Straw! deb 534e
1943 A 0 1043 1045
8
8
8
87
103 10512 Bklyn-Manb R T see 6/1 A
1968 3 J 106% 107
153
88%
Adams Express coil tr g 4e
1948 M 81 933
27
4 94
81
85
9412
15
-year sec 6s,series A
1949J 13 105
10512 39
98
Adriatic Elea Co ext 72
1952 A 0 a75% 07812 17
8118
81% 10014 Bklyn Qu Co R Sub con lad be
1941 MN 8812 6812 __
Ala Gt Sou let cons A be
5238
1943.7 0 1074 1073
8012 107 10814
5
4
let 52 stamped
1941 1 3 *711
__ ____
573
4
let cone 42 eer B
1943.7 D 10278 10314 64
74
100 1034 Skin Union El let g be
1950 F A 109 8-110
29
7212
*Albany Perfor Wrap Pap 62
1948 A 0 45
38
3
4512
842 Bklyn Un Gas let cones Si
38
1945 M N 1197 120
8
10 10312
Alb ft SUM let guar Eilie
1948 A 0 101
83
10112 15
9911 103
let lien & ref 62 series A
1947 MN 127
12714
3 1051
/
4
IAlleghany Corp coil tr be
1944 F A
7012 7234 28
472
4
6412 7512
Cony deb g 53.4e
1936 ..1 .1 ------------ 158
Coil & onv
19493 D 5912 61
411.
72
5212 6814
Debenture gold be
1950 3 D *1514 106 _ _
. .93
*Coll & con* 52
1950 A 0 18
18
3
13
13
let lien & ref 52 series 13_
26
1957 MN 109% 1098
1 10012
511 stamped
8
9
1950
12
13
8
1382
Allow A Wen let gu 4e
1998 A 0 92
92
82
24
8412 92
Brune & West let gu g 42
1938 11 1 •103
10314
88%
Alice Val gee guar *4*
10812 10812
1
1942 M 8
93
10512 10812 Buff Gen El 43.4e series B
1981 F A 110
110
1
Allied Stores Corp deb 434s
9812
1950 A 0 9412 95
86
923* 95
Butt Roth & PIRA gen g Se
1937 M S *10414 1043 ____
4
Ante-Chalmers Mfg deb be
91
1937 MN 1018 10l'2 49
8312 100 101%
Consol 434e
1957 MN 607
* 62
70
50
*Alpine-Montan Steel 72
__1955 ---- *86
93 --------87
973 II•Burl C R & Nor let & co1152-1934 A 0 20
4
20
3
1712
*Certificates of depoodtr *1612 2012 ____
Am Beet Sugar 132 ext to Feb 1 1940 F A *10212 10312 ____
14
80
98 103 !Mush Terminal let 42 _____ _1952 AM 8712 8712
2
Am & Foreign Pow deb Se
39
2030 M 8 6914 705 231
32
8
49
72
*Como!58
1955 J 3 421
44
39
1012
American Ices f deb be
1953 J D 8712 8712
2
82
8812 Bush Term Bldge Se gu tax ex -1980 A 0 63
70
65
Amer 10 Chem cony 5145
2
31
1949 MN 11014 111
58
7812 10412 Ill
By-Prod Coke let 534$ A
1945 MN 82% 823
2
2
54
Am Internet Corp cony 534_ 949 J J
,
85
935* 94 2 30
8512 96
Am Rolling Mill cony Si
1938 M N 10212 1025s 19
87
10212 112
Cal GI & E Corp unf & ref ba
1937 M N 10882 109
7 1023
Am Sm & R let 30-yr 5s aer A
2
1947 A 0 10118 1013
92
4 85
101 1057 Cal Pack con, deb 56
2
1940 1 J 10438 104% 13
Am Telep & Teleg cony 4e
85
1936 M 8 *1021
. ____ 100% 10238 104
Cal Petroleum eon, deb a f 52_1939 F A 10114 10114
30
4
92
-year coil tr be
1946.7 D 108 2- 4 46 10112 10712 11014
1083
.Cony deb e f g 53.4e
1938 MN 10114 10114
7
35
9412
-year of deb 52
1960 J .7 11212 11312 56 1003
4 11112 11312 *Camaguey Sugar 72 Ws
1942
1114
113
8
20
8
11
/
4
-year sinking fund 534s
1943 MN 112
113
91 103
111% 1137 Canada Sou cone gu Se A
2
A0
1962 -- 111
111
1
79
Convertible debenture 454s-1939 J 1 1073 10814 100 105
4
1068* 109
Canadian Nat guar 4348
1954 M $ 1023 10318 42
4
0
Debenture Se
911
1965 F A 11212 11318 77 100
111 1137
30
8
-year gold guar 434e
1957 1 .1 1093 11012 30
4
t•Am Type Founders (Ss 202.......1940 ---- 37
911
/
4
762
37
20
31
42
Guaranteed g 5e
July 1969.7 J 114
Amer Water Works & Electric,1143* 17
961
4
Guaranteed g 52
Oct 1989 A 0 11612 11718
Deb g (ts series A
4
9812
1975 MN 8639 90
132
58
63% 90
Guaranteed g 56
1970 F A 11612 1167
10
4
8
983
4
-year Se cony colt trust
1944 M S 100
102
363
80
80 102
Guar gold 4l!e
June 15 19663 13 1143s 1143
I•Am Writing Paper let g 82
943
1
8
4
1947 J .1 25
2 11
253
18
193 2614
4
Guar g 4 Hs
1956 F A 1113 11214 14
4
*Certificates of deposit
915*
25
25
2012
10
2011 25
Guar a 4 34e
Sent 1951 M S 11114 1117
8 18
*Anglo-Chilean Nitrate 7s
915*
MN
1945
1112 133
8 96
3
/
1
4
7 1 1318 Canadian North deb guar 72
1
1940 1 D 10518 1053
men Arbor let g 428 41 1021*
---1995 Q 3 6112 62
13
27
5012 6314
Deb guar Ellie
1946 .1 J 1233 1231
8
13 10512
Ark & Mem Bridge & Ter 58
1964 M 8 92
92
1
7812
87% 9512 Canadian Pac Ry 4% deb etock
Armour & Co (Ill) 1st 43.4$
883
8 883 142
4
523
4
19393 D 1033 105
4
81
75
102 105
Coll tr 454e
1946 M S 103
Armour do Co. of Del 53.45
1033
4 39
66
1943.8 .7 10512 10534 94
74
103 1063
4
5e equip tr ctfe
1944 3 .1 1113 11218 20
Armstrong Cork cony deb 5e_-1940 1 D 10338
4
941
2
85
10314 10434
1035* 63
Coll US 5e
Dec 1 19543 D 10512 10814 61
Atch Top & S Fe
73
/
1
4
-Gen g 42
1995 A 0 1095* 111
87
8414 10672 11112
Collateral trust 434e
19603 J 101
Adjustment gold 42
10112 173
6414
1995 Nov 10414 10412
3
75
101 10812 1*Car Cent let guar g 42
1949 .1 J *41
Stamped 48
50 ____
19
1995 M N 10412 105
25
7510 101% 10618 Caro Clinch &0 let 56
1938 J D •1085 109 ____
Cony gold 42 of 1909
8
9581
19553 D*103 4 _
3
___ _
75 10012 104
let & cooing Os eer A _ __Dec 15 1952 J 13 *1095 11112
Cony 4s of 1905
8
8914
1965.7 D *103
164-12
7414 100 10514 Cart & Ad let gu g 42
7
1981 .1 D *68
C06 7846 issue of 1910
,
75
_
68
1960 3 D 102
10212
78
6
100 10312 *Cent BrancbtY P let g 4e
1948 J D *30
Cony deb 43.4e
3412 ____
2414
19483 D 108
10812 32
881
10412 110
Cent Diet Tel let 30-yr Se
19431 D 107% 1083
Rocky Mtn Div 15( 4*
4 12 10338
1965.7 7 1033 10418 11
4
79
10014 105
•Central of Ga let g 58----Nov 1945 F A 44
Trans
-Con Short L 1st 42
44
1
39
1958 J J 11012 1103*
89
6
10712 110%
'Conedl gold Se
Cal-Arts let & ref 43.4$ A
1946 MN
1912 2012 25
13
1962 M 8 11012 1105* 43
8714 108% 11212
*Ref & gen 53.4$ series B
All Knox & Nor lots 52
1959 A 0 10
1012 12
61
1946 3 D *1125*
4
993
4 110 113
*Ref & gen be series C
Atl & Cheri A L let 43.4$ A
1959 A 0 1012 10% 21
7
19443 J 1033 10514 14
4
887
2 1027 106
2
*Chem Div pur money g 4e
let 30
1951 J D *____
-year 52 series B
2012 ___
1944.7 J 1055 1063
1712
8
4 14
86
105 1103
*Mac & Nor Div lets Se
2
Atlanta Gas L 1st re
1948 J J *1512
19
1947 .1 D *1055* 1057 ___8
95
___
*Mid Oa & Atl DI, pur m 5E1_1947 3 J *__ __
Atl Coast Lane let cone 42 July _ 1952 M S ------------7182
2523 __._
15
____93 10312
*Mobile Div let g Se
General unified 414.1 A
1946 1 J * __ __
19843 13 9612 98
25 ____
20
6112
713 9212 Cent Hudson GI & E be
4
L & N coil gold 42----Oct
Jan 1957 M 9 10512 10512
_1952 MN 79
6 100%
79
49
57
8812 8212 Cent fil Elea & Gee let 5e
10 yr coil tr Is
1951 F A
94
9512 161
May 1 1945 M N 74
--43
7512 74
93
93 100
Cent New Engl let gu 42
1961 1 J 57
59
15
50
95
953
4 56
For footnotes see page 85
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New yerk Steck Exchange - Member,
- New York Curb Exchange
49 WALL STREET
-
-
-
NEW YORK
Private Wires ,,Chscaoo. Indianapolis and Si. Louis
Range
Since
Jan. 1
Lew
High
29
4214
2412 3412
3514 47
10712 10814
3834 5712
90
96
9514 105
9512 10412
54
7712
101 10912
6314 864
/
1
9314 100
86
9912
753 88
4
52% 76
3812 60%
5212 7812
110 11314
10014 106
103 1083
4
103 11412
64
88
100
100
95
11314
1163
4
10212
10112
95
11912
125
10714 fri
2712 44
2514 3912
2512 39%
34
4138
10512 1151a
1031* 104%
1025
3412
5912
6012
5912
26
54
3
8
108%
45
79
7938
74
5
402
1212
11
434 434
84
92
106% 11012
106 110
1048* 1074
104 10512
66
70
85
7739
10052 110
1143 120
4
1185* 12714
10312 166
14
10810 Ill
10138 10314
1081 11152
4
104 107
5112 70%
1712 24
20i,
14
76
8712
3714 51
5312 883*
77% 8712
107 2 109
7
10312 1055*
10114 103
10114 1037
2
2% 15
10614 1115*
2
1025* 1043
10812 11338
1123 118
4
115 1208*
1151a 1197
2
113 1172
4
109 1157
2
1093 1145*
4
105 1075*
119 125
8112 89
991.4 10414
10925 112%
10114 10614
9512 10112
40
45
106 109
10712 11082
71
78
2712 39
10714 1095*
39
47
13
26
7
14
614 1412
17t2 19
19
19
15
15
20
25
10518 1104
/
1
71% 9512
50
671
4
1
New York Bond Record-Continued-Page 3
82
July 6 1935
July 1
1Week's
!sty
Range
Week's
4_ 1933 to
Range or
,..tl%
BONDS
Range
1933 to
1
Since
Range or
Ili June30
Friday's
LE
STOCK EXCHANGE
N T
802/9
"2., June30
Jon. 1
Fridays
t 1935
Q.
, Bid & Asked co e
N
Week Ended July b
Jan. 1
33 1935
....4- Bid & Asked
High
High No. Low Low
Low
High
Low Low
HUN No.
2
8
1047 1067
Low
99
8 40
8
1945 F A 1053 1057
4
1
/ Como! Gas(NY)deb 5348
101 108
90
8
99 1085
88
19873 J 10214 10312 63
Central of N J gen g be
1951 1 D 10714 10814 76
Debenture 434e
s
987
91
78
4
/
93
4
1023 106
4 32
1987 3 3 *9114 911 _
General 4e
1957 J J 10512 1053
Debenture Ed
1
97 8 10314
4
1
/
65
19
19
3514
3
1949 F A 10212 10314 110
7
s 22 8
1954 1 J 227
Cent Pee let ref gu g 48
Consol Ry non-con• deb 4e
4
1
/
97 101
8312
3
4
323
20
4
1
/ 10012
20
2
1954 A 0 100
Through Short L let gu 4e
1956 3 3 2212 2212
Debenture 45
4
6914 878
55
4411
4
/
1960 F A 8518 8714 151
1952 A 0 *2253 24 ---Guaranteed g be
Debenture 4e
4
1
/
65
52
49
22
22
70 ---22
1937 M N *62
8 29 -,,,
1956 3 J *223
Cent RIt & Bkg of Ga coil 58
Debenture 40
4
1
/
114. 118
4412
4 100
29
7
10
4
107
1941 M N 1181 118 8
301/4 33
Central Steel let it s f 811
3
6313 .734 •Cons Coal of MS let & ref 56.-1950 1 0 3112 3312 29
92
70
10
8 76
44
29
1948 M 8 743
---Certain-teed Prod 15348 A
8
*Certificated of deposit
10314 1043
103
98
103 1053
2
1936 1 3 *10234 10314 _
s
105
J D 105
Charleston & Barb 1st 7s
10614 Consumers Gas of Chic gu fle ..„1938 MN 10614 10612 21
102
94
10418 69
98
4
/
1051 1093
4
1947 M N 103
1952
Cbesap Corp cony fie
C
68
4
1
/ 10712 81 10113 10113 10712 Consumers Power let la
9912 104
11
1944 3 D 107
8
1027 103
coil be
1
-year cony
10
1948 . D
8
4
1
/
110 1131 Container Corp let 68
6 104
8 47
8
8
955
8
83
4918
1939 M N 1123 1127
1943 .1 D 8914 905
(Mee & Ohio let con ir be
-year deb 50 with war
15
9114 11418 12018
11713 20
4
1
/
4
69
93 100
96
1992 M a 117
1954 F A 96
General gold 434e
8312 108 11138 Copenhagen Telep .58 Feb lb
4
1
/ 20
9612 10414 107
1993 A 0 11034 111
5
4
Ref & Imps 430
1947J D 1058 106
10814 11112 Crown cork Seal i r fie
84
3
78
4
1011 105
104
1996 J 3 11078 11113 70
1951 1 J 104
Ref & Impt 434e ser B
Paper Os
Crown Willamette
105 106
--------96
2
'107
66
9714 102
101
1940 I I 3
1940 M F 101
Craig Valley let 5. May
7
4
1
/
102 102 8 Crown Zellerbach dab be w w
lb
1
/
37
5411
19461 J ------------86
8 484 24
Potta Creek Branch 1,t4.
1942 3 D 423
4
1
/ Cuba Nor Ry let 634e
4
/
441
9012 10514 112
2
29
20
111
13/4
1989 3 1 111
1952 3 .1 4058 41
it & A 131v let eon g 4e
Cuba RR 1e85. g
10514 108
87
131s
17
8
28
4614
1989 3 1 •1073
4 42
D 413
2d coneol gold 4e
19363
--------lot ref 7341 series A
99
1
15
4
233 44
1941 M 8 *108
4112
1936 J D 4113
Warm Spring V 1.1064
let lien & ref Si Der B
8 102
8
10614 1071
4
/
1937 .1 J 10614 1063
1
834 60 4 Comb T & T let & gen be
1
3314
1949 A 0 4384 4514 27
Chic & Alton RR ref a 81
10112 10614
84
67
10532 10818 85
7438 947
8
1949 3 3
14 N 7812 7934 140
Chic Burl & Q-III Div 8341
8 Del & Hudson let 5 ref de
92
4
1
/ 106 1097
8
93
4
--100 1043
8
1949 1 J 1083 1095 117
193
59 A 0 *1003 101
Iillools Division 4s
56
8414 10512 11012
32
8913
8912 102 4
1
1958 M 8 10714 108
3
General 4e
937 M N 94 4 9411 11
Gold 5345
2
10414 1098
77
30
933
4 10612 107
10714
1977 F A 106
let & ref 4 He ser B
1971 J 1 *10718 __--_
8
14
8419 107 1145 Del Power & Light 1.1 434.
8 20
2
88
102 105
105
1971 F A 11012 1115
1969 J J 105
let & ref be eer A
let de ref 434e
7514
73
63
10412 1065
8
1934 A 0 *7618
8
1969 1 J *1057 --------93
1:Chicago & East III let 65
let mortgage 434e
4
3
5 8 111
Ms
4 1114 30
96
___ ---. 1951 51 N 103
1936 F A
I•C & E III Ry (nevi co) gen fie
D RR & Bridge let g 4e
4
1
/ 11
5
4
1
/
5
4
8 1012
97
85
6
- -710214 106 s
10612 10638
MN *103*Certificates of depoelt
,
Den Gm & El L let & ref of Si.-19.51
8212 11112 117
117 ---3
8312 103 1074
1
/
1982 MN 0116
8
' Chicago & Erie lot gold bd
1951 M N 1085 107
Stamped as to Penne tax
97
8
1033 10618
7
23
23
25
1937 1 J 10518 10618
8
8914
1938 J J 293 .30
Cb 0 1. & Coke lot go g 58
3
4
181 85 8 •Den & R 1:3 let cone g 45
3
18 4
64
26
25
25
8
35 __-_
395
1959 M S 24
*28
40
1936 3 J
t•Chicago Great West let
4
1
/ 34
20
4
1
/ 12
*Consist gold 4He
6
1
/
204
1
/
64
25 ---*24
1014 13
1969---914
A
'4. ,tamped
4
/
211 *Den & R CI West gen 6e _ __Aug 1952 A _
lb
16
514 11
1
614
4
3
9
1947 J 3 15 4 153
9
818
**Chic Ind & Locla ref 65
•Aniented (sub) to
8
153 22
153
8
1158
1112 21
1947 3 J *1658 19 -1711 79
*Refunding g Ss eel B
AM 1978 ;5 0 16
*Rat & impt be ea B plan)1618 21
4
1
/
15
26 --234 3
4
1
/
2
5
3
1947 J J *13
3
*Refunding 4seeries C
1
814 **Dee M & Ft Dodge 48 etfe---1935. 1
5
5
1
5
5
72
1966 M N
72
4
1
/
68 eerlee A
*6318_-_-- ---, 88
*let & gen
1947 M 0
4
1
/
4
418 834 Des Plaines Val let gu4 He
3
513
514
96
17
3
105 4 109 4
3
4
•18t & gen 68 series B_May _ _1966 3 3
1049 A 0 1063 1
8
867 9212 Detroit Edison bs ser A
8
70
92
21
1064 110
1
/
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1968 3 J 9214 9282
-year 48
ChM Ind & Sou 50
1965 3 D 109
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10814 11012
3 93
.
1962 F A 11014 11014
3
Gen & ref be eerlee C
10618 1113
4
/
99
____
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8518 10612 113
19
1969.1
1961 F A 11214 11234
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s
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4
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34
3418
5312 105
1989 J J 50
8
11018 11
8 1081 11114
905
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1952 A 0 110
Gen & ref be serled E
55
38
35
5
45
30
26
20
1989 1 J 45
8
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1993 d D '25 9 36 ---4
1
/
62 •Det & Mae let lien g 4e
36
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1995 -._
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Gen 44e meet E_ _May 1 __1989 J J 53
0 15
1995 z
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4
4
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3818
23
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1057 11112
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1961 MN 11012 111
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/
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95 28
Detroit River Tunnel 434e
8
5
98
1414 800
4
113
102 104
1
87
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1975 F A
Chin MIlw St P & Pao 64 A
1942 3 .1 103
1
212 7 8 Donner Steel lst ref 75
4
1
/
2
4
1
4 / 375
4
107 108
Jan 1 -.2000 A 0
*Con* ad] be
1941 11 1 010714 --------102
4
1
/ Dul Missabe & Nor gen be
3014 48
3014
14
10818 11 102
107 1084
1087 MN 3818 3934 24
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63
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4
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9914 10418 110
1987 MN *4412 48 ---Stpd 4e non-p Fed Inc tat
1987 A 0 10412 10512 42
7
57 8 Duquesne Light let 434e A
36
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1957 M 8 110 4 112
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1
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1987 M N 5114 53
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47
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1734 18
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8 28
5512 565
1 10114 1025
1936 M N
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1458 28
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10812 10814
let & ref 43.0 etpd_May 1 _ _2037 3 D 1712 18
1939 .11 .1
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4
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,---„ 107
let & ref 4He eel C_May 1 -2087 J D 1712
1995J J
2218 Ed Elee(N Y) let tom g 68
9
9
912 1118 214
1949 MN
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8 38
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3618 40
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1953 A 0 *375s 39
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8624 78
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7
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4
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0 127
--------90
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1934 14
1940 .1 J *105
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16
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1012 18
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8 1313 28
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let consol gen lien g 4e
1018 16
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99
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F A 810512
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1961
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412 10
4
1
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6
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54
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4 747
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4
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62
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June 15 1961 1 D 8812 89
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1967 IN N 6438 6534 84
84
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75
59
8713 --__
1951 J D *79
4
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6512 172
52
7418
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1972 A 0 64
8
8
Ref & impt be of 1930
257 725
1
/
254
48
1980 J D 6914 71
0
9014 11412 11714
118 ---Chic T If & BO East let be
1366 3 3 117
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7
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7 100
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let guar 6He series C
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7
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1942 M
let lien 8 1 be stamped
6184 68
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8
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__ _ ____
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80
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1977.3 J 69
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76
Ref & Insist 434e eer E
& Bend let 534s A _1938 A 0•
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1939 1 J 10514 10514
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1943 F A 10414 1044
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8714 93
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__-- 1035
8 11512 117
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Gas & El of Berg Co cone g 6s.._1949 J D *117
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5614 75
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85
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9518 9518 Gen Amer Investors deb 58 A--1952 F A 1013
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1947 1 J 07
4
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1942 A 0 0104
33
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Berke B 3345 guar
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set deb 6540
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7
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1950 A F *10414
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19421 J 78
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91
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9114 (Monad Midland let 3e
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9212 993
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194.53 D 98
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661s 804
2612
1943 F A 8312 8412 13
115
8
8324 10312 108
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1957 MN 1041 105
let be
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1934 F A 24
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1936 3 0 09112 9438 ____
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1
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58
101 101
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19423 D •____ 101 ...-- 101
8
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9114 10412 10812
May
Columbia CI & E deb 5e- - 1952 51 N 9014 9438 130
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3
683 94
60 4
1
32
4
/
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Apr 15 1952 A 0 8912 94
10412 21 1011 10414 1081
Debenture bri
1940 A 0 104
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94
68
68
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4
Jan 16 1961 J 1 8913 94
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1936 M S 105 4 1058
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10214 11012
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1948 A 0 *109
90 90
90
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4
1
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8634 96
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1944 F A *804
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9814 718
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4
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1949 F A 11178 112
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J J 10414 10478 89
1961
lot & ref 43*e eerie, A
100 101
92
1943 A 0 *10212
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64
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1952 .1 J 9812 100
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4
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1977 1 J 8713 89
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4114
80
30
4
1966 3 J *3018 353
of Upper WrIertemberg 78
BONDS
Y. STOCK EXCHANGE
Week Ended July b
7,-,_
ii
;al
1
1
7e
90
.. .
- __
ee
For tootnore• , page 85
New York Bond Record-Continued-Page 4
Volume 141
83
Wool 3r",
:•
July 1
Week's
BONDS
N. 1'. STOCK EXCHANGE
Week Ended July 5
t
Range or ; 1333 le
11 t;
Friday's
..3 June 30
8
,
`. Bid de Asked 436 1935
32
_
Range
Since
Jan. 1
N
BONDS
Y STOCK EXCHANGE
Week Ended July 5
July 1
‘. , Bongo Or
t
4
1933 in
ts•
Friday's
=t
.
n..n3 June30
Bid dt Asked aTA 1935
.o.
Range
Since
Jan. 1
Elio) No. Low Low
LON
High
• Low
Hials No
Low Low
Hie
*Green Bay & West deb 018 A
Feb .3914 --------26
3818 3818 Lox & East lot 50-yr 56 gu
1965 A 0 *115
- .--8914 1134 117
*Debentures ctfs B
Feb
612
34 83 Liggett & Myers Tobacco 78
63
4
8
5
3
1944 A 0 13212 133
_-22 117
130 134
Greenbrier Ry let gu 4,
1940 M N*1044
- ---, 8814
-- -- 1951 F A 12134 12212 19 103
58
8
1157 12212
Gulf Mob & Nor let 5348B
1950 A 0 843
8 -65
5358 70
60
9
- Little Miami gen 48 series A
1962 M N *1063
--- ---,
811
: 104 104
let mtge 58 aeries C
27
4912
1930 A 0 6012 62
50
66
Loewe Inc deb s f 13/1
1941 A 0 1037 104
48
15
78
10314 106
Gulf & S I let ref & ter 58 ____ Feb1952 J J .00
--------55
8814 6614 Lombard Elea neer A
1952.7 D 61
6412 12
6118
61
8012
Stamped
J .7 *5014 --------4912
4912 50
Long Dock consol g fte
8
1935 A 0 1022 1024
1
974 1017 10374
8
Gulf Stated Steel deb 5He__ __1942 J D
9512 96
25
50
90
9734 Long Island gen gold 4s
8
8
1938.7 D 1057 1057
1
9814 1047 1057
4,
e
Hackensack Water let 48
1952.7 J *1071
__ --_9512 10512 108
Unified gold 4a
--------8714 102 105
1949 M S •102
*Hansa SS Lines 6* with warr
4-1939 A 0 *4018 44 -- 31
3818 463
8
1937 M N 103
20-year p m deb 50
103
1
9218 1021s 1034
*Bar000 Mining 88
1949 J J 35
311
3
344
3412 4912
1034 13
Guar ref gold 48
1949 M 8 103
85 4 10112 1044
3
Havana Elec consol g 58
1952 F A *36
35 ---.
28
23
39
Lorillard (P) Co deb 78
1944 A 0 1294 130
7 110
12514 1303
8
*Deb 5348 series of 1926
58
1951 M S *512
83 ---:
914
4
4
4
1951 F A 11714 11714
5
981* 11218 11712
Hocking Val lot cone g 434*
1999.7 J 11612 11714
8
91
1121 11712 Louisiana & Ark 1st 58 ser A
8
J 707
8 724 71
1969.7
3812
58
7314
29.11oe(R)& Co let 8348 eer A-1934 A 0 *294 344 ---20
314 42
Louisville Gam & El(Ky) 58
1952 MN 11112 1123
4
86
6
10714 1123
4
*Holland-Amer Line 62 (flat)
--------1213
1947 M N •14
13
15
Lou),& Jeff Bdge Co gu g 4s -_1945 M S 10614 10614
4
754 102 10614
Housatonic Ry cone g 5s
3
70
70
85
1937 MN 82
95
Louisville & Nashville 58
_ _ ---- 100
1937 M N
10714 1073
4
H & T C lot g 5s Int guar
1937 .1 .1 10612 1064
2
9028 1043 1063
8
4
Unified gold 48
10714 108
1940 J J *1071231
884 10418 108
Houston Belt & Term let 5,s
1937 I J 11.0512 r10512
1
89
let refund 534s seried A
101 10312
10612
4
81
2003 A 0 106
1033 1074
4
Houston 011aink fund 5328 A
1940 MN 94
97
50
131
85
97
let & ref 53 series B
4
2003 A 0 1043 10514 68
807
8 1033 107
4
Hudson Coal let 8 I 58 ser A
1962 .1 D 39 4 403
3
4 70
35
35
447
s
let & ref 4348 seriee C
74
2003 A 0 10218 10212 53
9812 104
Hudson Co Gas lot g 58
1949 MN 11834 1183
4
1 1012
8 1133 1183
4
4
981
: 10614 109
Gold 58
1941 A 0 *1053 10812 --4
Hud & Manhat let 50 ear A
122
30
4 86
1957 F A 843
9038
631*
Paducah & Mem Div 48
1916 F A •____ 105 _--82
102 1047
8
*Adjustment income 54 __Feb 1957 A 0 32
33
(.2
25-4
25 4 397
3
St Louis Div 2d gold 3,
8
8112 11
541:
1980 M S 81
744 8312
Mob & Monte let g 434*
___ ____
S
1945 M
92
1082 1094
8
iiiinols Bell Telephone 15e
10918 11012
1958 1 D
3 1034 10714 11114
South Ry joint Mono,, 4e
29
84
33
564
1952.7 J *1101277
86
iiiinols Central let gold 48
1951 J J •104
106 ---83
103 10612
AU Knox* & Cin Div 48
1
80
1955 M N 10612 10612
105 108
let gold 3Hs
1951 .7 .7 •10112 --------7611
99 10118 *Lower Austria Hydro El 6148
984 ---1944 F A *87
444
88
99
Extended let gold 3301
1951 A 0 *10112 --------78
9918 102
let gold 3s eterling
1951 M 8 .751
- - ---,
88
__ 42McCrory Stores deb 5}4s
1941
Collateral trust gold 48
2- -5s
74
1952 A 0 7412 67 8312
4
57
Proof of claim filed by owner_
____-72
95 4 100
3
4612
owner
814 100
Refunding 48
3618
4 25
674 363 McKesson & Robbins deb 5348-1950
1955 MN 7714 783
8
9712 9812 128
63
933 9912
4
Purchased lines 3318
7118 ---1952.7 J *____
58
70
37•Manati Sugar let 8 f 7He--1942 A 0 274 272
71
8
1
9
11
35
Collateral trust gold 48
1953 MN 6612 67
8
5912 754
523
4
*Certificates of
_ •25
30 --74
814 34
Refunding Se
8
7014
1935 MN •8818 897 ---,
747 944
8
If*Eltmpd Oct 1931 coupon- 1942 13 depoeit-- 0 *25
---- -- - 612
1318 32
15
-year eecured 1334s g
4 9/78 19
1935.7 .1 963
82
90 101
_ ____
*Certificates of deposit
4
12
2112
40-year 432e
Aug 11966 F A 523
4212
4 544 124
4212 6318
17•Flat stamped modified__ _1942 --. 2512 2512
4
9'g 3012
Cairo Bridge gold 4s
6
1950.7 D 10114 10212
704
984 10219
0300080es of deposit. 2418 25
4
712
71235
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1951 J .1 8218 8218
2
733
s
85
81
t•Manhat Ry (NY)cons g 48 _1990 AM 5458 553
8 20
35
50
6018
Louisa Dl,&Term g 3348
1953 J 1 90
913 . 7
4
8512
8928 923
*Certificated of depoelt
4
31
6
51
35
47
57
,--Omaha Div let gold 36
1951 F A *65 . 72½ ---,
67
60
.2d 40
77
1
39
39
27
374 45
2013.7 D
St Louie DIY & Term g 38
1951 J .1 76
76
3
61
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76
74
9512 __.82
1953 M S *92
90
98
0016 3748
1951 .1 1 *8112 524 ---80
6212
8714 Manila RR (South Lines) 48
1939 M N •702
8 75 ____
493
4
68
724
Springfield Div let g 334e
1951 J .1
-- ---87
____ ____
lat ext 48
1
51
1959 MN 6812 6812
6812 70
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80
86
1
75
1951 F A *944854 8614 Man GB & NW let 3343
111Cent and Chic St L & N 0Mfrs Tr Co etre of earth: In
Joint let ref 58 swim A
8 80
1963.7 D 854 683
523
8
524 7838
A I Namm & Son let 58
4
1943 J D 8812 883
7
50
7114 581
4
let & ref 41fa series C
10
493
1983 J D 6312 05
4
493 733 Marion Steam Shovel a (68
4
4
1947 A 0 6312 64
41
4
55
70
Illinois Steel deb 4 Hs
8 24 10114 1013 10812 Market St Ry 7saer A_npril
1940 A 0 10612 1073
20
50
1940 Q J 8218 85
63
85
*Reeder Steel Corp mtge Se
31
13
374 434 Mead Corp let 138 with wart.
1948 F A 3914 40
a943
3
1945 M N a91
5
791, 93
47
Ind Bloom & Weet 1st est 48
4
1940 A 0 104
104
4
8912 101 104
Merldtonale Elm let 7e A
1957 A 0 71
27114
4
98
71
7114
Ind III & Iowa let g 4s
1950.7 J •9714 -------72
9514 974 Metz Ed let & ref 5ti ser C
4
19
77
1953.3 .1 1063 10/
10218 107
Ind Nat Gas & 011 ref 55
MN *04
1936
103 ---94
102 10314
let g 4348 eerled D
4
9578 1074
1968 M 8 1063 10714 23
67
24 11.0 & Louisville let ffU
,
1956 J .7 •728 1014 ---,
48
74 16
73
8
Metrop Wet Sew AD 534e
4 6312 45
1950 A 0 673
74
96 1014
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1905 J
108
106
1
104 10814 II•Met West Side El(Chic)04
96
9
1938 F A •12I4 16 ____
94 171*
Oen & ref 58 series B
1965 J J *10614 --------9814 106 10618 *Max Internet let 4easstd
1977 M S -- --- ---Inland Steel let 434 ear A
178 -sz- _,1978 A 0 10612 107
47
79
103h 107
1956 p D .2§
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3612 __
83
36
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let M s f 01s ear B
22
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1981 F A 10512 106
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4
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tInterboro Rap Tran let 58
561:
8114 934
4 894 186
883
1988 J
City Air Line 48
103
•
9314 10012 10414
1940.7 J 103
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8712
87
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89
92 ---1951 M 1 •83
874
884 904
11,10
-year Oa
17
55
1932 1 0 54
194
65
50
let gold 33411
1952 M N 1034 10414 15
8412 1004 1044
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1
51
--- 51
2014
484 62
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4 11
1979.7 J 9612 1183
70
934 9912
WO-year cony 7% notes
1932 M S 89
Mid of NJ let ext 5s
9018 70
95
84
5712
75 ____
813
1940 A 0 *71
8
683 50
8
*Certificates of deposit- 8818 89
29
5712
944 Midvale St &0 coil tr 8 f de
82
1936 M 8 10272 1027
8 27
90
1022 10312
8
Interlake Iron 1st 5a B
757a 20
1951 iiii 75
50
Mllw El Ry & Lt let Si B
82
72
4
31
1981 J D 993 100
57
774 1004
Int Agri.: Corp let & coil tr 5alet mtge 58
3
1971 J J 99 4 10012 39
56
7512 1004
Stamped extended to 1942
MN 99
52
9118 993 *IMilw&Nor lit ext 434e (1880).1934 J D •____
994 11
4
93 ____
8214
Int Cement cony deb 5ri
1948 M N 104
10414 3
3
74
lot ext 434s
974 10414
1939 ____ 63
5
65
58
58
70
7•10-00 Nor let 68 par A
24
1952 1 .1 3112 32
25
2512 41
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70 ____
5612
1939 ___ *63
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4
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758 2o
478
63
s
47 1114 Mil Spar & NW let gu 48
8
49
39
341
1947 M 8 40
: 3412 53
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1956.7 J 30
10
30
23
3814 Milw & State Line let 3Hs
23
8
1
1941 J J 6438 643
601
: 643 8438
8
•Ist 2 58 seriee C
19561 J 30
30
23
6
23
374 t*Minn & St Louis 54 Ms
4
8 -___
8
1934 MN *45
5
84
Internet Hydro El deb 68
1944 A 0 38
262
43
284
2814 5814
12
*10 & refunding gold 4e
: 24
1
1949 M 8
*4
118 ---Int Mere Marine8 f 68
1941 A 0 53
1962 Q F
37
5712 50
4828 61
*Ref & ext 50-yr 58 ser A
*12
114 ......
14
14 112
Internet Paper 5a ser A & B
1947.7 J 74
76
774
4
58
58
17
7:
*Certificates of deposit.Q F
*4
112 ____
7
s 1 18
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3114
44
352 534 M St P & SAM con g 48 I nt gU
:
1955W. S 454 461
115
37
263
4
193 J .1 35
263 37
4
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1972 M N 73
734
3
4518
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let cons 56
74
7
197
1938.7 J
8
197 2312
8
let colt trust 6% g nOtee
2513 2812
1941 MN 8214 8214
1
4918
744 8214
let cone 58 gu as to Int
31
1935.7 J 4034 4218 29
31
let lien & ref 834*
42'8
75
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1947 F A
5
4312
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: 3
16
1946.7 1 2312 231
1812 2312
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1952 J J 6713 69'2 174
37
50
70 4
3
25
-year 530
15
1949 M 113 2034 2178 14
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174 217
8
814 195
79
42
1939 J J
584 8212
let ref 5348 mice B
8012 21
514
.1 79
19783
8712 804
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1955 F A
7314 75
350
554 751
40
: let Chicago Term a f 48
--- ---85
1941 MN
Investors Equity deb 58 A
1021
1947 J D 102
4
8018
99 104
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2
95
95
75
1949.7 .1 *8092 8 91
7
Deb 58 oar B with warr
1948 A 0 10214 1025
8
4
82
99 1034
Without warrants
1943 A 0 102
1024
5
82
99 1031a 7•Mo-Ill RR let 158 series A
1952 J .1 234 2414
5
12
18
t•lowa Central let 58 00
30
1938 .1 D
614
614
8
32
2
wic Mo Kan & Tex let gold 43
414
78
79
87
67
1990 J D 7678
*1st & ref g 48
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4
3
4
112____
1951 M EI
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34 14 Mo-K-T RR pr lien 5e ser A
45
40
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1982.3 3 4312 45
73
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1959.3 D 8114 813
4 40
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s
74
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-year 40 series B
4
40
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42
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1962 J .1
33
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424
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5
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1978 1
/
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363 64
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1938.7 JI 101
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121:
l4'z 17
1212 3612
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1990 A 0 *10218 103 -- - 70
97 102
2•Mo Pao let & ref 58 ser A_ __ _1905 F A
49
8 28
20
207
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20
30
1938 A 0 364 3(33
10
293
4
293 Cl
4
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2
26
28
19
19
-- *Certificate.' of deposit
2714
A 0 3478 35
6
28
28
*General 4,
394
52
63
9
814
K C Pow 3c Lt 1st mtge 431s____1981 F A
1975 M 8
7
54 11 14
1134 11314 20
96
11014 114
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1977 M 8 2612 27'x 140
1913
Kan City Sou let gold 3,
1912 30
1950 A 0 75
38
76
514
69 2 784
,
*Certificates of deposit_
2
254 25'z
181
: 1812 2714
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Apr ____1950 J J 644 071 124
53
53
7412
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193
30
4
2614 271
1978
193 293
Kansas City Tern:1st 48
4
4
1960 J J 10714 10111 54
8411 1053 109
8
*Certificates of depoadt2514 25'4
2
187
8
Kansas Gas & Electric 4348
187 27
8
1980 J D 1034 104
19
703
4 10014 105
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412
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1949 - T
37
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33
4
33
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1943 M N 42
42
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7
1912
1980 A 0 2612 2V4
1912 ao
acertMcated of depoidt
42
42
7
13
26
42
*Certificates of deposit
*2514
033 stamped
-- ---194
192 2512
8
1943 --- *25
35 -------2514 32
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274 23
2612 -191/
Keith (B F) Corp let 88
1981 F A
1912 301,
1946 M S 8014 8114
16
44
5713 82
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2512 28
4
187
8
187 27
2•Kelly-Springfield Tire Se
8
1942 A 0 767
8 7814 49
293
4
4414 7814 •Mo Pao 3d 78 ext at 4% July -1938 MN •-(3s stamped
80 ___.
092
8
70
80
1942 ---- 774 75
__
7718 73
Mob & BIrm prior lien g de
--------85
Kendall Co 534e
1945.7 J •83
85
85
1948 M S 1024 103
20 (38
610112 1034
.1 : *70
Small
85 ____
78
Kentucky Central gold 48
73
804
1987 J J •10514 110 ---80
1044 1062
8
let M gold 48
45 __353
Kentucky & Ind Term 434e
1945.7 J *41
8
354 434
1981 J .7 *85
90 ---313
73
77
91
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•
44
1
Stamped
.1 J 44
44
44
447
8
1961 J J *10012 --------80
95
9912 t•Mobile & Ohio gen gold 4e
Plain
8818 ____
1938 M 5 *____
30
1981 . .7 *1011
___ -- -93
99
99
*Montgomery Div let ff 5s
Kings County El I. & PS,
•912 13 ____
10
1947 F A
10 - -12
1937 A 0 10811 103i2 15 103
216
10814 1083
4
*Ref & Imp' 4348
----Purchase money 621
02
3
1977 M S *5 8
43
4
43
4 9
1997 A 0 149
149
3 118
14512 149
'Sec 5% notes
Kings County Elev let g 48
1938 M 5 *512
7 -.-5
5
912
1949 F A 1003 10212 28
4
88
94 103
Kluge Co Lighting let 58
1954.7 J *11312 1137 ---- 1003
8
4 110 114
Mob & Mal let gu gold 48
First and ref 630
8214
1991 M 5 52
7
70
79
1954 .7 .1 •1211
8512
-- -.-- 10512 118 122
Mont Cent let gu ea
Kinney(OR)& Co 734% notnotes
1937.7 J 102
10214 19
87
10018 10211
1936 J D •1037 105
8-8
774 1004 105
let guar gold 5a
I•Kreuger & Toll0 A Sc eta__ 1959 61 8 3512 374 ---1937.7 J 10012 101
12
7914
973 101 18
8
1/4
104
2614 374 Montana Power let 58 A
Lackawanna Steel 1058 A
1943.7 J 10134 10718 -.4
77
1950 M 8 1063 1067
934 10718
4,
6
8
9413 1051* 1094
Deb 5/4 series A
Laclede Gas Lt ref & ext 56
1982.3 D 94
97
67
5012
67
97
1939 A 0 1004 101
18
90
9714 10138 MontecatInl Min & AgrloCoil & ref 5348 series C
1953 F A
6714 7014 89
463
4
594 7012
Deb g 7s
1937.3 .1 *814 90 - _ _
Coll & ref 534e series D
8718
8718 94
1960 F A 6714 69
23
40
50
70
Montreal Tram let & ref be
8
Lake Erie & West let g 5
1941 .7 J 10014 101
7
88
9614 101
1937.3 J 1022 1023
8
4 10
77
10114 1034
Gen & ref a I 5a eerie. A___--1955 A 0 793
8 793
8
24 gold 58
1
70 8
3
77
794
1941 J J
95
95
10
51
85
95
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1955 A 0 .73-Lake Sh & Mich So a 33411
723
4
1997 .1 D 1013 1013
4
4
9
79
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4
Gen & rote 143-4,series C
-7
6
1955 A 0 711
3
533
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4
733 76
4
1954 J J 10
1211 440
44
7
124
Gen & ref s f 58 series D
Lehign C & Na, 8 f 434s A
1955 A 0 *75
--- ---703
4
74
767
8
1954 J J 105
10512 13
774 10178 10512 Morris & Co let e f 43.4a
1939 I 1 10412 105
Cons sink fund 43-4e ger C
33
82
101 1054
1954 1 .1 *10518 106 ---50
102 108
Morris & Essex 184 gU 334s
8
2000 1 D 9412 953 131
70
Lehigh & N Y let gu g 48
914 9512
1945 M S 67
67
3
5212
64
7314
Cotistr M 58 ser A
953
4 0718 81
1955 M N
77
Lehigh Val Coal let & ref et fai
94 102
1944 F A *854 9514 ____
64
8718 974
Conatr M 4348 series B
1955 MN 8728 884 34
852 9618
85 3
3
8
let & ref e f Sc
1954 F A 5914 60
4
33
55
30
Murray Body 1st mtg 510
114
1942.7 D 111
44
98
98 114
let & ref a f 571
1964 F A 544 55
16
314
51
72
Mutual Fuel Gas let gu g 5s
1947 M N 10914 10914
6
95
1033 1,
4 0
let & ref 8 f 58
1974 F A 53
55
12
32
52
734 Mut Un Tel 0.41138 ext at 5%
8
1941 M N 1063 10635
1
893
8 102 1083
Secured 6% gold notes
8
1938 J .7 9112 9112
1
73
9114 961a Namm (A I) & Son-See Mfrs Tr-Leh Val Harbor Term go Se
1954 F A 99
99 12
9
79
975* 104
Nash Chatt & Ss L 4s Ber A
3912 8911
1978 F A
5
78
8814 97
Leh Val NY let gu a 43.0
1940.7 J 91)
92
6
757
8
82
99
Nash Flo & S let gu g da
1937 F A *104
105 - 91
10218 10514
Lehigh Val(Pa) cons g 4!
2003 M N 36
3912 104
304
3014 50 8 Nassau Elec gu g 4s stpd
3
5814 5912 16
1951 1 J
504
5014 5912
General cons 434e
2003 M N
3812 394 15
33
33
5414 Nat Acme let e f 68
1942 J D *99
361: 987
654
8
General cone 58
2003 MN 4/12 48
12
391
: 3912 60
Nat Dairy Prod deb 5H5
1948 F A 104
104
- 14 140
747
8 10212 105
Let, V Term Ry let itu g 5e
1941 A 0 *1073
4 ---- -__
894 10512 10712 Nat Distillers Prod deb 431:
1945 NI X 99 4 100
3
152
___
9914 1001
/
2
For footnotes see page 85
..
July 6 1935
New York Bond Record-Continued-Page 5
84
-.
July 1
Weed's
..
1933 to
BONDS:Iv
.s Swum ot 4 June30 Range
Since
VI
Friday's
n ....0.
N. Y. STOCK EXCHANGE
Jan. 1
.7,,S; Bid & Asked cs4 1935
Week Ended My 5
High
Low Low
gab NO
Low
MO
Low Low
Hial No
' Low
8
7714 101 10512
1961 1 2 1047 10512 93
Ore-Wash RR & Nay 4s
1957 J .1
10012 10
6512
94 10012
100
Mex pr lien 4445
*Nat By of
1963 51 5
Oslo Gas & El Wks ext1 5.
114 5
112
314 ____
*2
4
9314 87
693 91
20
*Assent cash war rot No 4 on_
1941 M 8 89
Steel let mtge es ser A
0
-a05Otis
li/ii ,-7
25
45
41
36
*Guar 45 Apr '14 coupon
1946 1 D 41
11
Ca Pacific Coast Co let g 55
2
28 ____
*2
-*Asent
9812 106 109
4 38
rut No 5 on is5ii. _ _
106% 1063
cash war
Pacific Gas & Et gen & ref 68 A -1942 J 2 *101
99 10114
80
8
1017 ---,
1938 F A
•Nat RR Mee or lien 440
Mo let ext it 44
3
eh Pac RR of
2
4 _ -*212
_
84
1
_
93
97
9914
*Assent cash war rot No 4
1938 J J 97
02d extended gold 55
- (5
8
8
cin foil A 1937 J 2 1063 10612 21 10314 1063 10712
*let cons& 411
434 Pacific Tel & Tel let 55
2
234
3
8
25
2%
.
4 10414 10914 11312
8
*Assent cash war rct No 4 on____
1952 51 N 10912 1095
Ref mtge 55 series A
10518 108
85
A0
1956 -- 10518 10514 36
93
10518 10512
Nat Steel let coil 56
J J *10512 106 --_4
10238 1037 Paducab & Ills let eta 449---1955 1 D 4014 42
19652 D 10314 10312 219
9
2518
3312 4311
lot coil mtge at 43It•Pan-Am pet Co (Cal)cony 65..1940 ___
65
60
25
1954 M N 013114 --------60
3314 4312
4012 4118 15
Naugatuck RR let g 45
8
*Certificates of deposit
1011* 1132* 1185
8
4
1948.1 D •1185
423 6012
2715
4
*60% 643 ---Newark Con5o1 Gas cons to
81
t•Paramount-B'way let 5445----1951 2 2 60
78
6858
747
42
2712
61
2
1945 J .1 *____
61
____
New England RR guar 5e
*Certificates of deposit
70
60
80
7
6612
1945 J 1 64
55
60
55
Consol guar 45
---------------1951
544s assented
30 10438 1151* 123
1952 2 D 12214 123
New Eng Tel & Tel 5e A
1947
4
99% 1122 1213 Paramount Fam Lasky 6s
5
4
1318
1961 MN 12114 1213
9514 40
583 9718
4
94
let g 434s aeries B
1I•Proot of claim Tiled by owner_ __
8812 8812
8212
_- _--59
15
9718
26
1986 F A *99
1 D 9414 95
NJ Junction RR guar let 48
•Certilicatee of depoeit
94 105
6812
46
105
1980 A 0 104
1950 F A
NJ Pow & Light let 4445
8
483 6312 Paramount Pub Corp 5345
4838
6
5912 99
97
25
1278
1983 J J 59% 5912
New On Great Nor 55 A
---- 96
II•Proof of claim filed by owner___
53
50
50
52 ____
45
5854 9858
14
1952 J 2 *_ ___
8 97
___ 957
NO & NE let ref&impt 414/1 A
*Certificates of deporrit
6512 79
38
79
113
8
01968 AI EI' ___ 1363 ---- 10414 133 163
Ntu Oil Pub Fiery let 55 A-- _1952 A 0 74
Paris-Orleans RR ext 534e
65% 79
38
115
19552 13 7413 79
8
1712 26
8 28 ------- *263
87
80
8
5844
t•Park-LexIngton 034e cgs__ 1953
8314
1953 y y 83
33
2
23
14
z28
New Orleans Term let gu 4.
1944 A 0 28
153 2512 Parmelee Trans deb 05
1214
3
25
116 118
--------102
1935 A 0 25
17
S *187
t•N 0 Tex & Me:n-o Inc 5s
2
1949
50
1814 307 Pat & Passaic0& E cons
14
4
8,
453
94
2
1954 A 0 2712 28% 22
87
5e series B
•Ist
•Paulista Ry let rote I 7e
19% 30
1414
6
4
1958 F A 2712 273
•Ist 55 series C
8
187 3034
1418
2812 30
8
102 1025
1950 F A 28
1937 M 5 *10318 --------94
*let 4449 series D
Penn Co gu 344s ooll Sr A
31
20
1412
4 30
4 283
81% 100 10212
1954 A 0 273
*1st 5449 series A
1941 F A *10214 ____ ---Guar 344s coil trust ser B
10212 10712
92
2
4
4
983 10112
1945 J J 10712 10712
N & C lodge gen guar 440
1942 J D *10214 --------838
Guar 344e trust etre C
8 1008 10218
1007
8
98 103
8112
8 ____ ---1936 A 0 *1007 10114 NYB&MBletcong5e
1944 J D *1007
Guar 3445 trust °Us D
4
983 11211
9814
4
1944 MN 1083 10938 124
99% 103
841s
...f.,
NY Cent RR cony 6s
1952 M N *10234
Guar 48 ser E trust etre
7
7312 87 8
64
86% 76
1042 1074
1998 F A 85
069 82
Como!48 aeries A
1963 M N 10614 1,_.4 3
44.45
Secured gold
4314 65
4314
6312 140
15
55
2013 A 0 62
7112 0
014
4 89
1
Ref & impt 4345 series A
5 S 883
1941
4612 7114 Penn-Dixie Cement lot 65 A
4612
4
693 280
78
103 106
5
2013 A 0 68
106
106
A
Ref & Inuit Se eerie. C
737
98% Pa Ohio & Del let &ret 4445 A 1977 J 0 *1057
92
4 10411 10618
1997 J J 96% 97% 121
, 1018
8-- --.1
1981
NY Cent & Bud Illy M 3445
4445 merles B
97%
88
87
18
96
98% 106
108
75%
1942 J J 95
1981 A 0 10512 106
Debenture 45
65 Pennsylvania P & L 188 4445
43
8312 178
43
1
98% 107 110
8
2013 - _ 62
1943 M N 10938 1095
Ref & impt 4445 ser A
7838 8914 Pennsylvania RR cons g 45
64
4 14
873
87
10
9412 108 11412
113
1998
1948 MN 112
Lake Shore coil gold 3148
8
Consol gold 45
887
79
85
86% 28
1998 F A 86
1
96% 108 11312
113
113
Micb Cent coil gold 344s
45 starl stud dollar May / __ 1948 M N 117
3
100 8 10212
77
4 23
9812 11412 11938
11778 21
1937 A 0 10112 1013
N Y Chic & St L let g 45
1980 F A
Consol sinking fund 444s
77
57
43%
8 1045. 1087
803
1974 A 0 64% 674 50
8
8 83
2
1965 1 D 1083 1087
Refunding 5445 eerier, A
General 444e series A
66
47
4
363
38
87% 109 115%
1978 M S 5514 5714 171
1157
1968 J D 115
Ref 4445 series C
General tai serial B
4358 71%
41%
59
65
10314 106
4 53 101
1935 A 0 62
1938 F A 10314 1033
3-Yr 6% gold notes
Secured 644e
8
9212 1063 10814
16
81
105 108
1953 F A 10712 108
NY Connect let KU 4345 A
1964 MN 10714 10712 15
. Secured gold 5e
8
1073 1005
99
66
8
1953 F A 010712
903 9714
1970 A 0 96% 97's 147
let guar 55 aeries B
8
411j
59% 713
Debenture g 4445
4 713* 50
75% 1003 1087
8 75
8
1951 F A 673
1067
1981 A 0 106
N Y Dock 1st gold 4s
General 434a series 13
4212 5618
30
5618 16
9112
997 10612
1938 A 0 53
8
J 1057 10612 80
Serla15% notes
1984 2
Gen mtge 434e ser E
8
8
4 10 100
1941 A 0 1117 11212 15 10818 1117 11418
11038 11614
NY Edison let & ref 6345 A
1943 A 0 11514 1153
10938 Peop Gas L & C let cons Be
5 10212 10512
4
4
1944 A 0 10712 1073
8
983 107
107 I
80
1st lien & ref 55 series B
1947 M $ 106
Refunding gold 55
4 107 11014
6012 733
50
4
1961 A 0 10714 10818 .37 1023
4
67 I
1940 A 0 65
let Hen & ref 55 merles C
Peoria & Eastern 1st cone 45
4
912
4
53* --__
N Y & Erie-See Erie RR.
April ____1990 APT •---- 10814 ---*Income 45
8
4 25 10418 116% 124
1
1948 J D 1233 1233
8312 102 105
N Y Gas El Lt H & Pow a 55
F A .106
1974
8
8
95
1073 1145 Peoria & Pekin Un let 540
1949 F A 11314 11438 15
51
91
83
75
4 88
J 863
Purchase money gold 4s
8214 9012 Pere Marquette let ger A 65 ____1956 J 1
el
3
4812
1946 M N 8812 8812
15
69
8114
,
78 2 79
N Y Greenwood L gu g 5s
1956 J
1st 45 series B
98 10214
8314
-- 2000 M N
68
46
8238
8 38
1980 AI 5 7913 805
N 'V & Harlem gold 3445
lst g 434e senior C
98 1027
100
10138 43
9238
1973 MN *101N Y Lack & Wort 46 ger A
--------892, 106 10838
8 108 1113
7
987
1972 M N *106
111
4
434e eerie!! B
1943 MN 111
Phila Bait & Wash 1st g 45
99
94
7512
100 ____
1942 MN *95
9512 113 11914
5
NY L E & W Coal & RR 514e
8
1974 F A 1175 11812
General 55 eerier B
87
105 107
8
87
1
108% 1127
*
1977 1 .1 1115 11138
N Y L E & W Dock &'met 5e _1943 2 2 •105% 107 ____
g 434s series C
General
3
95% 10112 10418
36 1003
4 107 III
1941 M 5 10418 10418
4
1981 1 D 1103 111
N Y & Long Branch gen 45
General 4445 seriee 13
8
7912 995
6114
1967 2 D 9712 995 316
39
Phil* Co sec 5e settee A
28
28
32
17
10614 110
7 100
1947 M 8 31
1967 MN 10918 10914
NYNH&Hn-cdeb4s
& ref 434e
361* Phila Elec Co let
27
27
1
8938 10414 1084
1947 M S 3014 3014
Non-cony debenture 34412
A 1064 10712 17
1971 F
1st & ref 45
2418 37
241
4
1954 A 0 *2514 29
523 75
48%
8 22
4 603
Non-cony debenture 3445
1973 2 2 593
26
26
40
Phila de Reading C & 1 ref be
3114 31
76
3012
1955 J J 30
39
3012 53%
Non-cony debenture 45
1949 81 e 361
317
Cony deb fie
8
265 3912
29
1956 M N 30
2638
s
4
2014
4 27
2214 277
J J 253
Non-cony debenture 45
1937
2414 3658 Philippine By let e t 45
2414
8414 1011* 104
42
1958 .1 J 2812 3014 16
Cony debenture 340
1939 1 D 1028 103
52
Phillips Petrol deb Ws
30
30
124
40
1948 .1 2 36
10214 106 10914
8
Cony debenture 65
65_1943 A 0 *10728 1077 --Pillsbury Flour M1115 90-yr
40% 63
401
8 99
495
4
98 10412
98
1940 A 0 49
4
983
Collateral trust 85
1952 M N 98
30% Pirelli Co (Italy) cony 7s
16
16
197
2114 45
1 100
1957 M N
8
108% 11214
Debenture 45
1940 A 0 1115 1115.
Pitts C C & St L 4345 A
2712 45
65
2712
99
10818 112
1967 2 D 323* 35
8
let & ref 434e ser of 1927
A 0 *1117 11314 ____
1942
Series B 4445 guar
9514
87
82
8 12
4 935
923
1954 MN
____ ____ 100% 109 109
Harlem R & Pt Chas let 4s
1942 MN *109
Sallee r; 444e guar
61
40
40
8 70
4
4 1073 10954
073
June 1992 M 5 4412 477
NYO&Wrefg45
1945 54 N *11012 ____ ___&Mee D 45 guar
32% 49
3212
1955 .1 D 35
364 34
F •*10112 --------8938
General 45
1949
Series E 344e guar gold
__
8118
- __-9612
__ ---1953 1 D 01093
NY Providence ak Boston 45 __1942 A 0
Series F 45 guar gold
14
87
75
6614 ____-2
8310 8312
98
1993 A 0 *993*--4-8
10538 10913
1957 MN *1095 110 ____
NY & Putnam let con gu as
Series G 45 guar
12
8
4
4
4
4
1965 Apr 1012 103
/
961 107 110
4
1
/
•N Y Rye Corp ine 85-__Jan
1960 F A *1094 1103 _-.._
Series H cons guar 4s
2
4
/
111 11,
8
113
1438.
99
1965 - - *
113% 117
11712 ---•Inc 6s assented
1983 F A *117
Berke Icons 4345
9212
58
8
91
705*
_ ____
96% 1135 117
8
1965J 2 90
Prior lien 65 series A
1964 MN
Series icon. guar 444s
96
10514 110
2
109
1951 MN 109
884 1113 118,
8
5
114
11412
4
N Y & Rlchm Gas let 65 A
1970 1 D *11512--General MS.series A
3
15* 2 4
114
4
23 ____
8
*23
5
8514 11138 11614
8
t•N Y State Rye 4440 A ctte-_ _1962 __-_
1976 A 0 11414 1145
eer B
11
2%
Gen mtge 5s
13
3
- *214
75
104 1073
1962
2
4
8
4
•6445 series B certificates
1977 3 J 1073 1073
Gen 4445 miles C
108 111%
98
3
M N
1947 --- 1087 10914 39
97
110 114
N Y Steam 65 series A
1940 A 0 *113
4
90
104% 1073 Pitts Sh & L E let g 5s
7
3
4 110 4 113%
1951 MN 10614 107
8 ____ ____ 1103
let mortgage 55
1943.8 J 01125
1st consol gold 55
8
9112 1041* 1075
7
1956 MN 10618 1063*
94
10714 10714
_ ____
1943 M N •1061
let mortgage 55
Pitts Va & Char let 4a guar
83
46
9
4014
4
543
54
19372 J
53
53
68
4-N Y Susq & West let ref 65
1958 J D *6112 6512 ____
4112 52 'Pitt.& W Ya let 4415 ser A
4112
4814 ____
1
515 6112
5134
1937 F A *40
1959 A 0 6112 6112
2d gold 4448
let M 434s eerie. B
4
373 5112
4
313
48
68
47
47
1940 F A •46
6
1960 A 0 6112 62
General gold 5s
let M 4345 series C
9712 100
4
100
7238
MN 99
4 109 1093
1943
923
4
Terminal 1st gold 55
1948 J D *10912 ____ ___
1113* 36 10214 109 11138 Pitta Y & Ash 152 45 ser A
1939 MN 111
11612 11612
NY Telep let &gen a 1 434e
1982 F A •116% --------97
let gen Se series B
85
58
45%
22
1946 J D 8218 83
N V Trap Rock let 85
85
85
___
2
14 85%
85
1916 ____ 85
4
/
77
611
1
4
4 823
823
6s stamped
1953 F A
Port Arthur Can & Dk fle A
1712 32
17%
2318 66
82
75
68
1953 F A *8118 84 -___
N 1 Weetch & B let eer 1 414. _1946.2 2 21
1st mtge 65 series B
3712
6014 73,2
1960 M 5 6814 7312 288
Port Gen Elm let 444s sec C
10412 108
6
90
98 105%
5
75
1955 A 0 10612 10612
104
Niag Lock &0Pow let 55 A
1935 1 1 104
Portland Gen Elm 1st 55
62% 90
48
8
1950 M N 8814 8912 24
1045 107
8 --4
____ 10512 1053
Niagara Share(Mo) deb 544.
Assented
78
83
38
9
7714
521
17
2814
4
42
563
•Norddeutache Lloyd 20-yr e 465_1947 MN z7714 503
42
5212 Porto Moan Am Tob cony 81___1942 1 .1 51
8
387
8
4
4
25% 5214
2518
1947 MN 493
3114 168
1953 J .1 30
New 4-6%
I•Pastal Teleg & Cable coil 65_
7 105% 139 171
3814 55
1950 A 0 14118 14212
38%
23
49
2 45
Nord RI ext sink fund 834e
191* It•Pressed Steel Car cony a 55___1933 2 N *16
12
5
8 40
157
15
20
20
35
25 ____
1957 M
It•Nortolk South 1st & ref As__ _1961 F A
1214 18% Providence See guar deb Ls
4
15
*14
8838 9112
81%
____
1956 M 8 ____
*Certificates of deposit
Providence Term let 4s
8
357 50
1414
9
50
1941 M N 49
9818 10538 10912
8
---- 59
53roluezrei1 & South let a 5a
Pub Buy El & GI let & ref 4445_1967 J D 10712 1077
11012 117
9114
11512 17
1996 0 A 114
10511 109 4
97
3
1073
8
,
N et WRY let cons g 45
1970 F A 107
let dc ref 434e
108 10814
96
10814 116
8814 1043 108%
4 31
1941 J D 108
Pocah C& C joint 45
1971 A 0 10718 1073
let dc ref 4.5
8
8114 1003
8118
99
10038 73
87
10012 102,
4
1981 F A
10118 15
North Amer Co deb 5a
1937 F A 101
993g Pure 011 e f 534% notes
56
7438
1957 M 8 988 9918 16
32
82
8
9938 1025
8
1940 M 5 1017 102
No Am Edison deb 55 ser A
S f 544% notes
' 7812 10112
58
44
4
9512 80
828i 9512
7814
Aug 15 1963 F A 993 101
Deb 544s ser B
1948 1 2 91
7112 9818 Purity Bakeries 5 I deb 55
64
23
4 9818
Nov 15 1969 M N 973
Deb 55 ser C
118 120
98
125 ____
197481 13 *120
North Cent gen & ref 55 A
i•Radio-Keith-Orpheum pt pd ctis
110 111
88
_ ____
2
45% 54
35
197481 8
54
54
Gen & ref 444s ',efts A
for deb 6s & com etk (66% pd)__ . 3912 40
45
40
35
3
.4118
4118
2812 41
15
6
1945 A 0 *112['North Ohio let guar g 5s
1941 3 0
ti•Debenture gold 65
45
45
4
353
9612 10012
73
*41% 43% ___4 70
9812 993
•Ex Apr'33-0cY33-Apr'34 ctins-___
Reading Co Jersey Cent coil 45_1951 A 0
79
105 108%
44
1067
1997 2 J 106
*Strand as to sale Oct 1933. &
Gen & ref 434e series A
45
42
8
343
45
*40
7914 105 10818
1997 1 .1 *10614 1067 ____
•Apr 1934 coupons
k
Gen & ref 4445 series B
104% 10914
747
8
4
99 104
83
4 63
1033
1947 51 S 10814 1083
Nor Ohio Tram & Lt (le A
Rem Rand deb 5445 with wars 1947 M N 103
101% 107
76
99% 10212
9912
102% ____
1997 Q 2 10538 10614 91
_
North Pacific odor lien 49
4947 11 N •101
warrants
.
5455 without
7012 76%
50%
_ ___
767 114
g 35 Jan ...„2047 Q F 76
MN
1941
Gen lien ry &Id
7412 8912 Rensselaer & Saratoga 68 CU
60
8 38
4 887
815 ioiaT. 1- 12
i 01
9047 J 1 873
1940 A o ii58r8 113113
Ref & limit 4445 series A
Repub I & S 10-30-yr 555 f
8812 1025
8812
250
102
943 10312
4 13
4
1023
6112
2047 J J 101
Ref & impt (la seder B
1953 2 J 102
Ref & gen 5445 series A
981a
82
64
18
3
2
76
10714 1084
20473 .1 95 8 96
1948 NI 5 10814 10814
Ref & impt 65 series C
Revere Cop & Bran Os ser A
96
82
61
4 67
4 953
4
343 43
2012
9
2047 2 .1 943
37
1946 2 .1 36
Ref & impt 5s series D
Union of 75
105 10814 •ftheinelbe
3 100
2614 39%
25
1
1938 A 0 10814 10814
Ms 2818
Nor Ily of Calif guar g 55
1953 1 .1
14
103 107 •Rhine-Ruhr Water series 6s
89
3914 44
3614
3
1941 A 0 10614 10714 41
4 4014
393
Nor Mateo Pow 25-yr 55 A
1950 M N
10514 10812 •11.121ne-WeatPhalla El PI 7e
93
7
37
345
1941 A 0 10712 10712
4312
4
1952 M N *378 373 ____
let & ref 5-yr 65 eer B
*Direct mtge 65
101 10118
. ____ 100
361 43
35
3
3718 37%
4445 ext____1944 1 J
F A
1953
Northwestern Teleg
*Cons mtge 65 of 1928
9838
88
685*
1
4 984 12
43%
37
2973
3212
3
1957 MN *10158--37%
Norweg Hydro-El Nit 5345
*Coin M Soot 1930 with wart 1955 A 0 37
5014
30
30
2
8
343
25
1948 J J 335* 335*
20
4 3312 38
323
1944 81 N
Og & L(Aram let KU fr 48
4
4 1053 10612 It•Richtield 011 of Calif 6e
1053
8
4
2412 343
1943 M 5 *1063
1912
48
4 34
323
111 N
Ohio Connecting By 109 4..
*Certificates of deposit
4
10914 1123
89
2
1946 A 0 11212 11212
Ohio Public Service 744e A
8
1075 112
78
19
46
32
32
1947 F A 1107g 112
1948 *1 N *3614 40 ____
1st & ref 7s eerier B
Rion & Meek let g 4.
101 12 104
90
10438 10718
99
_ ____
1936 1 D •102
1952 1 J
Ohio River RR 1st g fe
10118 104% Richm Term By let cu 55
87
1
8
60
48
45
1937 A 0 10138 1015
61 ____
*48
1955 F A *106General gold 56
*Rims Steel let a t 7s
0 18
13
10
1944 F A 01712 20
8512 95
10
70
95
1939 .1 0 95
(*Old Ben Coal let 65
109 11312 Rio Grande June let KU 58
99
4
1
1
11212
12
1943 F A 112
312 ____
Ontario Power N F 151 5.
t•Rio Grande Sou 1st gold 45-1940 .1 1 *1
9412 110 11712
1
1
1
1945 M N •11218 114 ____
_ ..
Ontario Transmission let 55
*Guar ts (Jan 1922 coupon) _.l9403 J 01
8314 105 109
5
6612 82 8
1083* 12
1946 2 D 108
66
82% 11
1939 J J 8112 Oregon RR & Nay coma 45
1141g 1184 •Rio Grande West 1st gold 4s
6 100
2412 4712
117
2412
19462 J 117
5
3314
1949 A 0 33
Ore Short line let cone g 55
*1st con & coil trust 4e A
995* 11518 11912
1
118
19462 1 118
55
Guar strni cons
BONDS
N. Y STOCK EXCHANGE
Week Ended July 5
r.
:'-'1,
2..r.
!lay 1
Week's
Q... 1933 lo
Ranee or
gg. June30
Friday's
:o'.! Bid & Acta e201 1935
Range
Sines
Jae 1
z
e-A
For footnotes see page 83.
Volume 141
New York Bond Record-Concluded-Page 6
BONDS
N Y. STOCK EXCHANGE
Week Ended July 5
Weeks'
Ranee or
Friday's
o. Bid & Asked
Juni
1933 IT
June 30
1935
Low
High No
Low
Boob G&E gen M 544e eer C___1948 11 S 108
5
108
96
Gen mtge 4I4e eerie' D
1977 M S*108% _86
Gen mtge 5e aeries E
10812 1085
3
8912
II•R 1 Ark & Louts 1st 434e
P91: M 11 10
11
i
9
11
7%
Royal Dutch 4s with warp
1945 A 0 *11618 120
90%
*Ruhr Chemical s 1 6s
1948 A 0 *3718 43
3412
Rut-Canada 1st gu g 48
1949 J J 30
33
12
30
Rutland RR 1st con 434e
1941 J J *33
37
31%
St Joe & Grand Iald lat iis
1947 .1 J *10614 107
88
14
St Jos Ry Lt Ht & Pr let 54
1937 M N 1033 104
4
16
70
St Lawr & Adr let g ea
1996 3 J *871
8 91
641
4
2d gold fle
1996 A 0
70
St Louis Iron Mt & Southern
4
4111v &CI Div let g 4s
1933 M N 67 4 681
3
72
4318
*Certificates of deposit
52
St L Peor & N W 1st gu 5.------19483 J *6314 - -4114 23
37
37
St L Rocky Mt & P 5e stP1
19653 J 7112 73
87
PSC L-San Fran or lien 4a •
1950 J J
1212 1312 39
934
*Certificates of deposit
1012 113
8 10
812
*Prior lien 58 eeriee B..... _ _1950 3 i
11% 13
22
934
*Certificate/ of deposit
13
0
4
•Con M 444s series A. __ . _1978 M S *1114
1112 12
8
734
•Ctts of deposit stamped
--- 10
712
10 4 55
3
Bt LB W let 4ati bond Ws __ . 1989 MN
83% 84
16
81
251 4s ine bonfi ctfs
No. 19893 J
6212
4112
let terminal & unifying 5s. __ 1952 J J *58
57
60
58
85%
Gen & ref g 5s ser A
19903 .1 4712 50
51
27
Si Paul City Cable cons Se
1937 3 .1 92
92
1
45
Guaranteed lia
1937.3 3 *93
95
45%
St P & Duluth let con g 4e
19683 D *10212
84
St Paul E Or Trk let 444e
1947
J
55
45
t•St Paul & K C Sh L igu 4340_1941 3 A
F
14
1412
2
1118
St Paul Minn & Man 5
1943 J J 10812 1087
2 11
9218
Mont ext 1st gold 4a
1937 J D 10312 10312
4
88
tPacifia eat gu 4s (large)
1940 J J 10112 10112 11
85
St Paul Un Dep fie guar
19723 J 117
1173
4 12
98
13 A & Ar Pass let gu g eis
1943 3 3 86
8714 68
53
Ban Anionio Pubi Fiery let 138
1952 J J
16
1091
70
Santa Fe Pres & Pheu lat 59-__ _1942 M S 108
95
Hehulco Co guar ISHe
19463 J ;38
.34
Stamped
36
36
1
264
Guar a I °He eerie' B
1946 A 0 *37
42 ---29
Stamped
40
40
1
28
tictoto V & N E let gu 4e
1989 MN
90
I t•Seaboard Air Llne let It 48---1950 A 0 *11312 115
*1312 16 ---64
1
*Certificates of deposit
*1312 26
1014
:I•Gold 4e stamped
1980 A 0 *12
14
10
*Carina of deposit stamped
A 0 *1312 14
101
4
*Adjustment 5s
Oct 1949 F A *212
23
4
218
Iy•Refunding 4a
1959 A 0
41's
47
2
4
14
'Certificates of deposit
*432
54
3
412
I•let & cons (is series A
1945 M II
6
63
2 28
412
*Certificates of deposit
43
2
2
5
312
ti•Atl & Birm let g 45
1933M S 1014 10 4 10
,
812
2•Seaboard All Fla 6e A ctts__
_1935 AO
3%
4
9
214
*Series 11 certificates
1935 P A *312
412
2
14
Sharon Steel Hoop is 1 534s
1948 FA 6912 9012 38
85
Shell Pipe Line s r deb Se
1952 MN 10312 104
25
86
Shell Union Oil, 1 deb 5a
1947 MN 103
1035
8 21
78%
Shinyetau El Pow let 634e
1952 3D 8612 87% 15
58
*Unmans & Hatske a t 7s
' *6812
3
1935
39
*Debenture a f 6Hs
'1951 MS *41% 4312
88
Sierra & San Fran Power 5s
1949 FA 1113 111%
5
4
8634
ofileala Eleo Corp e 1 634e
1946 FA 27 4 273
3
1
25%
4
Silesian-Am Corp coil IT 75
/ 8818
1
4
1941 P A 88
8
aa
Sinclair Cons 0117e ser A
1987 MS 10112 1015
8 12 100%
1st lien 844e series B
1938 J D 10112 1013
2 36
98%
Skelly 011 deb 5348
MS
4 16
80
South dr Nor Ala cons gu g 5s_ 1939 FA 10232 1023
1936
*10414 ---99
Gee cane guar 50-year 5s
1963 AO •1137 116
2
89
South Bell Tel & Tel let a f 56_1941 1 J
107% 10814 35 10312
Southern Colo Power 6e A
1947 3 3 983
8 993
4 36
60 4
1
Ho Pae 0011 4*(Cent Pac coil)
1949 J D 7914 8114 129
48
let 434*(Oregon Lines) A
8418 8512 72
1977 111
55
old 434*
/
1
1968 le 33 744 76
440
44
Gold 434e
7414 76
124
43
Gold 434s
4 7512 446
V
1 733
42
San Fran Term let 48
1954) A 0 104
27
105
804
So Pao of Cal 1st con gu a
1937 M N •10712
100
So Pao Coaat 1st gu g 4a fle
*99
96
So Pao RR 1st ref guar 4a
1S:751
3
973
4 9812 186
601
8
Southern Ry 1st cone 2154
29943 J 83
171
90
74
Devi & gen 45 series A
36% 4212 460
37
Devl & gen es
47
56
WEI
84
4612
Devi & gen 634e
1986 A 0 47% 564 98
48%
Mem Div let g 511
1
80
1996 3 3 80
60
St Louts Div 1s1 g 4s
74
76
42
6314
East Tenn reorg lien g 55
1
99
1 38 1
99
31
73
Mobile de Ohio coil tr 45
1938 M S 3714 42
15
40
S'west Bell Tel let & ref 5s
1085
1954 F A 108
8 16 104
j•Spokane Internet 1st g Se
7
1955 3 3 *614
6
Stand 011 of NY deb 434*
1033 104
2
55
96
Staten Island Ry let 434s
s____ 103
954
It•Stevens Hotels lis series A __ _Ili I P
.11 18.
12 1812
12
*Studebaker Corp cony deb 6e___1945 J J 4112 43
39
39
Sunbury & Lewiston let 4e
1936 3 3 *10214
98%
Swift & Co 1st M33e
2
1950 M S 1033 10312 62
Syracuse Ltg Co let g be
120
1961.3 D *118
103
Tenn Cent let 65 A or B
1947 A 0 6012 62
6
4314
Tenn Coal Iron & RR gen
5e
12112
1951 3 J 121
3 101%
Tenn Copp & Chem deb 65 B
1944 M 9 *99
8
1007
60
Tenn Elea Pow let 64 ser A
104
50
102
5412
Term Assn 01St List g 4348
11112 11112
1
Ng
99
let cone gold 55
1 3 F l 11418 11418
1195 t,. A
i
1
98
Gen refund a f g 4e
34
10518 106
71
Texarkana et Ft S gu 544e A
4 9412 36
933
6414
Texas Corp cony deb 56
1944 A0 104
10414 50
9312
Tex & N 000n gold 55
94
1943
93
7
64
Pao let gold 5a
11712 11712
2
20003
82
•2d income Se
Dec 1 2000 Mar
Gen & ref 56 series B
}
3512 164 42
1977A 0 -3Gen & ref 15s smiled C
1979 A 0 8932 9014 25
53
/
1
4
Gen & ref 58 series D
90
2 20
903
54
Tex Pao-Mo Pao Ter 5He A
9
67
6838 10014
Third Aye By let ref 48
1960 33 52
40
as
*Ad)Inc fie tax-ex N Y_Jan _ _ _1960 *0 2012 54
2112 65
18%
Third Ave RR let g 5s
1937 JJ 101
10112
5
8514
l'oho Eleo Power let 'fis A
1955 MS 95
95
8
7014
Tokyo Elea Light Co Ltd-1st 65 dollar series
1953 3D 8912 813
5712
4 56
Tol & Ohio Cent let gu 5*
1935
J *10012 ---85
Western Div let g 5s
1935 AO
91
Tol St L & W lit 4e
9413 io
1950 AO -13511.4
60
Tol W V & Ohio 4s ser 0
1942 MS *my%
103
Toronto ham & Buff let g 4e
1946 3D *100
10212
82
Trenton 0 & El lst g 5e
•11612
1949 MS
101%
Truax-Traer Coal cony 644e
1943 MN *8614 88
35
Trumbull Steel let a t ea
4940 MN 1013 10214
2
5 6712
*Tyrol Hydro-Eleo Pow 734a__ _1955
N 86
86
454
*Guar sec s 1 70
85
1952 F A 85
1
43%
Ufigawa Else Power a 3 71
1945 MS 94
94 4
3
5
694
BC
:
2 8
i
ii
I.
Tex.&
3A
ILT1.4 1
1:
Range
Singe
Jas. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 5
Low
High
1063 109
4
108 108
107 108%
75 1312
8
10512 13612
85
38
30
4014
313 61
4
103 107
98 104
884 90
8014 85
8412
54
37
60
93
4
811
94
3
9%
7
/
1
4
74
71
69
561e
7414
174
1
15%
18
164
1413
13%
85
Week's
Jens 1
tie
Range or
1933 to
153
lertddy's
t Bid et Asked 13 June 30
goQ
1935
Union Else Lt & Pr(Mo) 135
1957 A 0
tin EL & P HID let g 540 A
J
1954
t•fUnion Elev Ry (Chic) fie
1945 A 0
Union Oil 30-yr Gs A
may 1942 F A
Union Pao RR let & Id gr 4a -1947 J .1
let Lien & ref 44
June 2008 M 5
Gold 434e
1967 J J
let lien & ref 5a
June 2008 M 8
Gold 4a
1968 J D
United Biscuit of Am deb 51 _--1950 A 0
United Drug Co (Del) te
1953 MS
U N 3 RR & Can gen 44
S
1944
M•Untred Rye St L let g45
1934
.• 1
U S Rubber let & ref:weer A -1947 J J
United 58 Co 15
N
-year 611
1937
ZOO
1063
4
10512
*164
119
11158
10714
10514
11412
1023
2
107
9012
11212
27
943
4
393
4
Ebb No.
18
107
17
106
119
- 12 10
47
112
107% 28
1053
8 57
14.,48
1
10311 28
1073
4 36
98
92
11212
.5
28
328
98
1
993
4
'Un Steel Works Corp 6345 A--1951 J D 36
36
1
*Sec. e f 644e series C
2 10
1951 3D 35% 353
*Sink fund deb 6345 ear A
1947 J 3 23412 3412
6
Un Steel Works(Burbach)7e --- 1951 A 0 *13732
*Universal Pipe & Bad deb fIe -A936 J D 21
26
4
•Unterelbe Power & Light 66-_1953 * 0 35
36
1
Utah Lt & Trac let & ref 5a
1944 AO 87% 90
26
Utah Power & Light let 5a
8 903 114
1944 FA 883
4
UtIca Mei L & P lat a f g 5a
1950 J 3 *116
Utica Gas & Elm ref & ext 58 -1957 .1 J 12212 12211
CHI Power & Light 534a
1947• D 471* 5112 199
Debenture 5e
1959 FA 44% 4712 240
64
85
4938 84
8518 63
27
5312
784 96
Vanadium Corp of Am cony 5e __1941 AO 78
7812 11
79
9512 Vandalla cons g 4s series A
2
1955 F A *1053
10112 10214
Cons a 1 45 series B
MN
58
1957 3 J *10 5
•IIVera Crus & P 1st 811 43411
*224
1934
114 17%
J J *214
•IJuly coupon off
10412 1093 •Vertientes Sugar 7e NM
8
1217 37
12
1942
101 10312 Va Elm & Power 5s series B
108
108
3
1954
99% 102
let Sr ref NI 53 ser A'
10712 39
1955 A 0 107
113 11814
Secured cony 534*
R4 J
4
1944 J s 11112 11214
Va Iron Coal & Coke 1st g 5e
5583
2
1949
744 8814 Virginia Midland gen fte
161 2 15
- -31936
10014 10912 Va de Southwest let gu 53
M 3 1883
98
2003 3 N .
1013 112%
let cons fia
70" 15
1958 AO 66
34
37
Virginia Ry lat Se series A
1962 MN 11111 112
71
29
36
lot mtge 434e aeries B
1962 M N *104% 1045
8
324 3214
/
1
28
40 :Wabash RR let gold 5e
1939 IN N 9484 9512 74
1094 115
•2d gold Set
1939 F A
73
73
5
11
18
let lien g term 4e
1954 3 3 *5812 64
1512 17
Dot dr Chic Ext lot Se
1941 J 3 *100
10
20
Dee Moines Div 1st g 48
7
65 --17
1939.3 J 62
10% 20
Omaha Div 1st g 344e
1941 A 0 581
4 593
4 13
2
12 31a
Toledo & Chic Div g 411
1941 M S *8314
414 9
PWabash Ry ref & gen 544e A - 1975 M 8 173
1812 19
4
412 8
*Certificates of deposit
412 11%
*Ref & gen 55 series B
4
21
1976 FA *- 171
34 10
*Certificates ot deposit
84 171
, *Ref Jr gen 4448 series C
13
1978 *0 1712
*Certificates of deposit
2
14 412
•Ref & gen 5e series D
;
4 O 1758
3
37
1980. 214 4
/
1
4
*Certificates of deposit
80
92
•Walworth deb 644s with warr__1935 *0 47
2
10314 1054
/
1
*Without warrants
A 0 *44
10214 103%
*let sinking fund 135 ser A
1945 A 0 0312
25
7612 88
58
76
Warner Bros Plat deb 13e
85
1939 MS 64
143
41% 503 Warner-Quinlan Co deb 65
4
31
1939 MS 29
19
1034 112
Warren Bros Co deb 6e
6
1941 MS 4614 48
25% 3912 Warren RR let ref gu g 334e__20
P A 80
1
80
00
4518 60
Waahington Cent 1st gold 4a __ _A948 QM 9314 9314
2
10112 104
Wash Term let gu 330
1945 FA *10612 _
10112 105
1st 40
-year guar 45
1945 FA .107
98% 1034 Wash Water Power e f 5e
1939 3 3 •11012
_
1037 104% Westchester Ltg 5s stpd gtd
8
4
1950 J O 1203 12112
4
112 11612 West Penn Power Der
•S 107
A 54
10712
1946
2
1st 55 series E
11912 7
1963 MS 119
107 110
1st see 5s series G
10812 10834 16
1956 J
82
99%
1st mtge 4a eer H
1961 J J 10812 10812
1
6014 8334
734 85% Western Electric deb 58
1944 A 0 106
10618 65
5612 7612 Western Maryland 1st 4a
A 0 C614 967 145
5
5512 76
1st & ref 554e series A
1977 J J 1023 10314 58
2
56
7512 West N 7& Pa let g 58
1937 J J 21053 1053
2
4
4
9912 106
Gen gold 48
1943 A 0 106
1074 19
10714 1073 *Western Pao 1st 5a ser
4
1946 IN S 323
A
4 34
20
•5e Assented
33
33 8 23
7
7
(4
9812 Western Union coil trust
1918 .3 .1 10312 10412 28
1 85a
8112 103
/
1
4
Funding & real est g 4)48
9314 9514 80
363 6212
4
15
-year 63.4*
193 1W N 1013 102
886 F A
8
4
19
4612 81
25
-year gold 58
1951 J D 9518 963
4 90
473 86
8
3
1960 M 13 923
4 9612 292
9212 *Westphalia Un El
79
Power 6e.......19533 J 37
37
7272 88
West Shore 1st 4s PIM
22
99 103
Registered
2361 3 I 81114 8318
2 81 11
3
7 2 78 2
7
3714 67
107 111
Wheel & L E ref 444s ser A
1966 M S 0103 a103
1
6
9
12
Refunding 5s series B
1966 M S •1035 104
8
102 10412
R R 1st consol 4*
1949 M S 108
10812 18
Wheeling Steel Corp 1st 514e -1948 J J 1033 104
4
9
13
1812
let & ref 434s aeries B___.....
1953 A 0 99
82
39
48
White Sew Mach 135 with MUT ....1836J J *9018 100
_
_
Without warrants
J 94
1
-. 94.
1033* 17) -1
-;
3
Partio e f deb 5*
1940 M N 8012 81
2
116 119% 2•Wiakerire Spencer
St'l 1st 7e _1984835
*CU dep Chase Nat Bank
4
8% 1012
844 83
/
1
•Ctle for col &
9
85
8
9%
113 12112 Wilk & East 1st ref cony fie A __1935 MN
gu g 55
19423 D 4412 4412
3
9112 102
90 104
Will & S F let gold be
1938 J D 104
10412
7
1084 112
Wilson & Co 1st
1941 A 0 1084 1083
4 25
1094 11418 Winston-Salem Se f l'is A
B let 48
1960 J J *10718
_
1014 106
t•Wis Cent 50-yr let gen 45
1949 J J
10
--13. 28
8312 9404
1 8
(
•Certificatee of depoedt
*715
8
1025 104%
8
*Sup & Dui div & term 151 4e 1936 M N *6
8
83
94
*Certificates of deposit
73
*4
118 120
Wor & Conn East 1st 414s
1943 J
577
2
YOUTWP/01.0 Sheet & 'Tube 6s_1978 3 .1
J 9418 9714 131
931,
79
1s1 mtge a f 5e sec B_
1970 a 0 945
8 9712 90
7912 9312
794 984
8912 10014
Range
Since
Jan. 1
Low Low
Htea
94% 105 1093
8
9914 1044 1064
13
1014
23
105
11612 120
94
107% 11311
804 10414 108%
103 10612
81
113 120
99
7658
994 10312
106
106 1073
4
87
53
9312
2
974 1073 11212
15 4
3
25 4 303
3
4
Ise
9012 98
8518
98
993
4
26
27
23
98%
13
33
5012
55 4
3
109
100
20%
18
69
99
85
1%
3
3
1011
/
4
86
107
so
91
75%
55
89
844
57%
as
60
70
45
38
56
1214
11
12
1012
113
4
11
113
4
1012
1212
1211
181a
34
43
33% 424
324 41
120 135
21
31%
85
413
8
65
90
69% 90 4
3
116 11612
117 12212
2414 5112
2014 4712
66
9414
1132r4 1021*
2
412
4
4
33 1612
4
1054 108
10614 10772
1104 114
5612 60
1003 1027
4
2
94 100
66
84
11018 113
103 106
14
8912
57%
534
9812
53
4512
77
1214
13
12
1012
113
4
13%
113
4
/012
83
38
3618
9612
75
56
101
65
6214
83%
19%
1712
1914
18
194
17%
19 4
3
17
47
4312
66
24
24
30
78
79
88
94
981
/
4
10314
10014
101%
101
9014
4812 663
4
24
40
32% 53
80
80
91
94
103% 106
106% 106%
105 110
11514 12112
1064 11112
11414 120
10714 11112
10512 10912
944
/
1
614
68
100
78
23
1044 107
8712 97
96 10314
105 4 107
3
102 1083
4
25
37
25
38%
10112 10412
82
95
/
1
4
100 1024
8212 963
4
80
9612
8514 4312
7412 884
7014 823
8
674
92
71%
72
27
136
81
65
/
1
4
83
70
60
4315
45
4212
102% 10412
10314 104
/
1
4
102 109
10014 105
90 100
65
94
94
66
82
64
614
3%
88
8% 12
7
18
36
48
86
95 4
3
10212 1043
4
10814 110%
1045 10812
8
7% 131a
74 104
41
74
3
412 7
/
1
4
sa
7%
718
412
412
66
831
4
8314
"Aiii Ws:
8912 9914
5012 58%
r Cash sales not Included In year's range. a Deferred delivery
sale not included in
1858 2612
year's range. /1 Under-the-rule sale not included In year's
10014 103
range. 3 NegotlabilitY
sah 95 impaired by maturity. f Accrued Interest payable at exchange rate of 34.8665.
72
10018
10012
81
103
9614
11.214
70
100
81
80 4
3
87
85%
101
101
9412
103
101
117%
94
103
96
9012
984
t 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. •Bonds selling flat.
z Deferred delivery sales in which no account Ls taken in
computing the range, are
given below:
Cuba 5348 1953. July Sat 9234.
Norwegian
Gen. El.(Germany) 7s 1945, July 2 at 50. Parmelee Hydro El. 5448, July 2 at 9734
Trans. 6a, J1113/ 5 at 28H •
Merldionale is 1957, July at 7144.
Un. Steel Wks.634* 1947, July Sat 3434.
Norddeutsche 5* 1947, July Sat 77.
West N. Y.& Penn. 5s, July 1 at 10545.
New York Curb Exchange-Weekly and Yearly Record
86
July 6 1935
of the week, and when selling outside o
the weeks range, unless they are the only transactions
NOTICE-Cash and deterred delivery sales are disregarded in
range for the year.
occur. No account Is taken of such sales in computing the
regular weekly range are shown In a footnote ,n the week In which they
the
transactions on the New York Curb Exchange for
In the following extensive list we furnish a complete record of the
present Friday (July 5 1935). It is compiled entirely
the week beginning on Saturday last (June 29 1935) and ending the
or bond, in
itself, and is intended to include every security, whether stock
from the daily reports of the Curb Exchange
which any dealings occurred during the week covered:
STOCKS
Week's Range
of Prices
Aar 1
Sales 1933 to
for
June30
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of prices
July 1
Sales 1933 to
for June30
1935
Week
Range Since
Jan. 1 1935
High
Low
High Shares Low
par Low
834 Jan
Apr
334
100
Brown Co 6% pret
514 June
934 Jan
531
Brown Norman Distillei7 _1
26
3034 Jan 3934 June
so
Buckeye Pipe Line
July
1454 Jan 23
2,100 1434
23
Butt Niag & East Pr met 26 22
6934 Jan 10034 July
1,000 66
• 97 100%
$6 let preferred
Jan
100 1634 244 Mar 28
27
Bulova Watch $334 prof • 27
Mar 4934 Apr
30
750 26
Bunker Hill & Sullivan__10 3834 4334
14 June
Si Feb
fi
300
. 14 154
Burco Inc eom
I%
100
1% Mar
24 Apr
234 234
Burma Corn Am dee rcts__
734 Jan
June
6
600
254
6
10
634
Butler Brothers
Jan
1
516 June
Si
200
Si
'Is
•
Cable Else Prod v t o
& Wireless Lin
Cables
14 June
4 Mar
201
200
134
13.4
Am deo rots A ord she _ El
216 June
316 May
136
700
Si
Si
Am dep rots B ord shs il
5 June
334 Mar
334
100
5
5
Amer dep rots prefabs 11
Apr
Feb23
22 1534 20
Calamba Sugar Estate_ _20
11
734 Jan
May
1514
200
814 834
Canadian Indus Alcohol A•
May
10
6% Jan
454
•
13 non-voting
27-4 June
134 Mar
134
234 3,700
2
1
Canadian Marconi
1034 July 1034 July
200" Si
• 104 1034
Canal Construct Co
434 May
154 Mar
134
1,500
234 27-4
360
Carib Syuaicate
Carman dr Co634 Jan
834 May
6
Convertible class A.__'
June
19
Jan
17
200 1334
• 1834 19
Carnation Co corn
Pet
33
5454 Jan 60
Carolina P & L $7 Pre-'
May
Feb 66
57
27
$6 proterred_
13.4 Jan
14 Apr
434 1334 Mar
1,100
1934 Fat
.• 1534 1634
Si Jan Carrier Corporation
% Jan
83,4 May
434 Apr
316
1,700
734 8
I
Jan Cattalo Corp of Amer_
1634 May 20
Apr Celanese Corp of Am;r1ca
Mar 145
138
Fet
May 110
90
50 81
7% ist patio prof ___100100 100
Feb
115
Jan
Fat
110
9734 Mar 105
75
7% prior preferred___100
Jar
16
Apr
8
64
200
934
9
16
July Celluloid Corp corn
Mar 44
Jar
29
25 1634 25
6
May 3
28
• 28
17 div preferred
July
33-4
Fat
Ii Mar
694 May 80
40
•
Is preferred
2
034 Apr 2034 Feb
1454 July
8
8% Ma
900
1434
Mar 2234 June Cent Hod GI & E v I e- • 14
15
125 11
2034 Jan38.34 May
36
Mar CentP & L 7% pref. __ioo 34
Jan 80
76
34 Jam
'1.1 Mar
'is
Apr 11334 Apr Cent & South West-13til__
111
54 May
34 Mar
4
. % 4,900
si
154 Feb
234 May Cent States Eleo corn._ I
234 M113
1
1
Mar
6,a Mar
4 Jan
6% prat without ware 100
Mar
2
2
125
734 Juni
7
7
100
7% preferred
2534 June
1334 Jan
Juno
6
134 Mar
134
100
CODY preferred
June
1334 Jac 24
Si Mar
334 Juni
Si
Cony prof op see'29..100
Jan
3
114 Mar
43-4 June
616 Fel
814
200
•
434 434
034 July Centrifugal Pipe
1654 Feb 3
1234 Ma, 1634 JulY
9
1434 1634 1.000
6034 Feb 10734 June Charts Corporation new 1
• 6
2434 Apr 2434 Api
Cherry-Burrell Corp
•
Fel
Mar 157
115
50 106
35 131 131
May Chesebrough Mfg
4
434 Apr 12
Si Jai
Si Jan
Si
Amer Hard Rubber com_50
334 June Chicago Nipple Mfg A _ _50
234 Jan
2
900
16
Mai
12% Jan
eSS
336 314
1
500
1534
Amer Investors corn
4 Mar Chicago Rivet & Mach_ • 15
Jul
4 Apr
46
Apr 30
200
514 16
216
716
590
option, warrants
160 253.4 283.4
May Childs Co pest
1254 Mar 16
350 1034
1
Al)
Si Jan
36
500
Amer Laundry Marth___20 15% 15%
Si
Si
Mal
734 Mar 1234 July Chief Consol Mining Co...1
734
2
Si Mar
25 1134 1254 9,300
31.400" Si
134 2
Amer L & Tr corn
•
100 16
1734 Feb 2434 July Cities Service ems
634 Mar 2434 ma]
634
26 2434 2434
• 1554 1936 2,000
5% preferred
Preferred
334
34 Apr 8 Feb
Si Mar
Si
234 Ma:
Amer Mfg Co corn
•
Preferred fl
"in May
% Mar
Ma:
4
Mar 22
300
6
4
sos
1
6
30
Maracaibo Co
16
Amer
• 14
Preferred BB
Jan
14
Mar
8
514
734
i
734 Mar 2634 Mn:
• 123/ 1334 1,475
Amer Meter Co
134 June Cities Serv P & L $7 pref...
Mai
631 Mar 23
Si Mar
fi
13.4 15,000
6%
13-4
150
• 16
17
Am Superpower Corp com•
$6 preferred
Feb 624 July
44
600 44
335 Jan
• 6034 6234
634 Al)
3
let preferred
•
July City Auto Stamping
Ap
4
734 Mar 19
4
734
Apr
1,700
3
• 1634 19
Preferred
City & Suburban Homes 10
434 May
Jan
8
4
200
's
5 Mar
44 434
4 Ma.
Ns
200
4
Amer Thread Co prat _ - _ _6
4
Claude Neon Lights Inc__ i
2134 2334 Jan 3554 Ap
1,100
Amsterdam Trading
164 May Cleve glee Mum oors___. 3234 33
1134 Jan
1134
54 Jan 184 Ap
134
500
•
American shares
Si May Cleveland Tractor com_• 1434 15
34 Mar
1%
134 May
Si
2 Jun
300
Si
Si
Anchor Poet Fence__ _ _ •
Clinchneld Coal corn_ __100
Ni Jai
'is May
%
A ngio-Persian 011 Co LtdMay Club Alum Utensil Co__ _•
1534
1434 May
9
Ma
7
534 Mar
54
Am dep rots ord reg-LI
•
May
654 May Cohn A Rosenberger
4
200' 254
14 Ma
34 Jun
54 54
4
Wupper Corp_ I
1,500
Si
Angostura
si
.
74 May Colon 011 Corp oom
44 Apr
s 34
Jail 2934 Ma
25
300 15
Apex Elec Mfg Co com _ •
June Colt's Patent Fire Arms_25 2634 2834
Jan 100
150 5734 71
9734
Appalachian El Pow pref..• 97
•le Mar 9-16 Jan Columbia Gas & EleoSi
32
Mar 73
Jul
500
2,325 32
7ts
4
73
Arcturus Radio Tube---1
100 64
Conv 5% pref
154 May
% Mar
Si
800
Si Jun
13i
Si Mar
1
Si
Si 2,200
Arkansas Nat Gas oom.
Si
1% May Columbia Oil & Gas vte _ _•
.
Bus 1
% Feb
%
1,400
Jan 624 ala
1934 38
Common class A
•
43.4 May ColumbiaPIcturee
400
134
234 Mar
10
334 334
2.300' 3034 473'l Jan 8434 Jun
Preferred
June Commonwealth Ediaon_100 8034 84
2534 4134 Jan 64
Arkansas PAL $7 pref..'
Jan Commonwealth & Southern
3,900 13
1634 Mar 24
Si Jan
Si
Ns Ja
12.800
com____• 2234 24
Armstrong Cork
316
14
Warrants
534 June
3% Mar
1254 Jun
134
534 Jan
8
534 534 2,300
300
1234
Art Metal Works corn_ _ _6
Community P & L $6 prom• 12
Jun
1
Si May
34
500
Associated Else Industries
14
34
834 June Community Water Elerv-•
534 Feb
134 Mar
4
300
234 At
174
834 84
214 234 5,400
1
Amer deposit reta--41
Como Mines
1234 Apr 1834 Ma
8
100
A6600 Gas & ElseJan Cornea Shoe Machtnery_l 1574 1574
Si
Si Apr
X
600
7
14
June 10% Jul
Si
6
1
Common
8% 10% 21,500
"is May Consolidated Aircraft_ _ I
Si Mar
, a
ii j
4
Ilia 2.800•
Si
'la Jan
1
'is
Clam A
234 June Consol Auto Merchandi-•
1% Feb
1%
% Jr
in
'
Si Jan
•
$5 preferred
•
13.50 preferred
132 June
1122 June
620
44 Jut
'es
Jan
1
warrants
354 331 4,400
Option
. .
2% Jan Consol Copper Mines _6
114 Mar
1
Jan 8134 Jul
2,800 4554 5234 *
A moolseed Rayon own_ •
Apr 2434 June Cense'G E LAP Bait corn • 7814 813.4
22
13
Ma
115
13434 Feb 182
ASSOC 'relep 21.50 prof_ •
216 May Congo] Min & Smelt Ltd _25
3i Jan
%
100
June
2
334 Fe
li
116
316
Assoc 'Felon Util com._ --•
5
104 Jan Consol Retail Stores
43-4 June
2
Jur
43.4 43-4 1,100
20 1254 3434 Jan 51
46
Atlantic Coast Fisheries_ _•
8% preferred w w._100 46
Jan
mar 30
18
18
34 Mc
Si Mar
Si
Atlantic Coast Line Co__50
734 Mar 1034 May Continental 01100 Alex..._ I
734
I
2
Feb
Ma
934 7,800
9
1
•
300
134 134
10
Atlas Corp common
Apr 5234 June Consol Royalty 011
47
85
Jul
Mar 74
36
75 29
•
$3 preference A
Cont0& E 7% prior tat 100 69 • 74
354 May
134
500
134 Mar
34 Ma
24 23-4
Si Mar
Si
Warrants
61.4 Jan Continental Oil of Mex.. _1
334 Mar
214
300
2
2
Apr
3.4 Jo
3% 3%
•
Atlas Plywood Corp
034 July Continental Securities_ •
Jan
5
154
334 Apr
534 Jo
234
83-4 934 2,500
200
-Voting Maeb_•
4
Automatic
4
Cooper Bessemer corn._ _.•
164 Jan 27
12
Jut
Axton-Fisher Tobacco•
83 pret A
Feb
4374 433-4 May 00
Jo
4
3
314 Feb
200
10
3
3
•
Class A common
Copper Range Co
234 Mar
454 Jo
6
334 1,000' 2
33.4
Mar 4931 June Cord Corp
175 1834 28
47
47
Babcock & Wilcox Co....'
Corroon & Reynolds
1
34 Ju
34 2,700
Baldwin Locomotive Works
3
1
Ili Mar
Common
334 Jan
34 Feb
34
200
22
Mar 3634 Ju
100 10
Si
• 3634 364
Si
Warrants
66 preferred A
May 254 Jan
15
10 11
25
Si June
li Jo
Si
4 1,300
Baumann(L)&Co7%pfd100 25
4
1
134 Apr5.4 June Cosden 011 eons
1,000
15.4
I
2
Mar
M
47-4 5
1
100
13.4 134
100
penance Aircraft v I e.....1
Preferred
Jan
May 132
10434 123
100
Bell Tel of Canada
214 June Courtaulds Lid
Feb
134
134
1 134 Mar 1434 Jul
8
•
B012000& Hedeee oom_
Am dee rine ord res-S1
June
Mar
634
5
400
134
57-4 634
•
Cony wet
May Cramp(Wm)& Sons Ship
14
814 Feb
434
100
34 Mar
4 Ai
11
34
Blcktords Inc coin__ .__• 11
& Eng Bldg Corp_ ..._100
May
3334 Apr 36
23
Mar 15
Mt
7
5
800
•
32.50 cony prof
26 13% 1374
734 May Crane Co corn
1
33.1 Mar
15.4
Feb 113
Jul
500
87
50' 32
5% 6
W)& Co com____•
Bilas(E
100 109 109
Preferred
Jan
2
Mar
1
1
800
Mar 183-4 Jul
134 14
534 10
Blue Ridge Corp com_ _ _ _1
5 1654 1734 3.800
May Creole Petroleum
46
1,000 283-4 35% Mar
Mar
4
334
• 4134 44
77-4 Mi
$3 opt cony pre
636 734 1,500
954 May Croaker Wheeler Elm_ _ _ •
5
234 Jan
14 ii
Si May
34
•
13.4 4,700
Si
Blumenthal (3) & Co
1
Jan Croft Brewing Co
11
5 June
7
'• 2%
234 Feb
•
434 Mi
Bohack(H C)Co(tom_
Feb Crowley Milner & Co._...*
Feb65
85
40
14 J1
Si
Si Feb
1,100
100
7% let prof
l316
14
Si Jan Crown Cent Petroleum_11
34 May
Si
1514
711 Mar 1034 M/
400
Botany Consol Mills com_•
934 10
43i Feb Crown Cork Internatl A__*
3 Jun
s
J1
3
134
13i July
•
200
,
Bour1ole Inc
1% 134
vie.*
634 July Cuban Tobacco oom
Ma
6
6
100
M
16% 30
Feb 34
6% 614
Borne Scrymser Co.... 25
•
Mar 24% June Cane° Prase corn
16
Feb 10434 Ju
693-4 87
Bower Roller Bearin___.6 2334 243.4 3,900" 651
100
654% preferred
Jan
8% Mar 1014
8
200
234 J1
834 8%
134 Mar
'i
BrasililanTr Lt & Pow___•
4,200
134 2
Ni
93,4 May Cusi Mexican Mining_50c
334 Jan
•
Bridgeport Machine
May
1
% Mar
14
300
%
434
Si
51%
431 Mar
•
634 Msy
200
Brill Co poises B
534
Darby Petroleum com___13
154 May
Jan
1
4
100
an
J,
I
1
8 June 16
8
•
Class A
May Davenport Hosiery Nuns.*
7
654 Apr
100
534
•
63,4 64
Bello Mfg Co com
27% Feb De llavilland Aircraft Co
Jan
221i 25
Isk; A pr
Jan
13
4
Class A
reg El
Am Dep Bets ord
mg June
1434 Mar
200 12%
*
5 15% 15%
5734 5734 May 5734 M ay
Brit Amer Oil coup
June Dennison Mfg 7% pref_100
June 16
16
144
May
4
May
4
•
1%
Registered
Detroit Gray Iron Fdy___5
M ay
2
4 Apr
4
British Amer TobaccoApr 3134 Jan Derby OH Jr Ref Corp corn'
Fel)
Feb20
2434 27
20
20
Am dap rots ord beareril
•
Pi eterred
264 Apr 2734 Apr
A pr
15
244
1034 Jan
95-4
Am dee rcts ord reg_ _Li
•
Diamond Shoe Corp
JSO
7
3
May
200
Celanese Ltd13-4
3
British
3
2
June Dictograph Prodticts
4
Mar
2
2
100 113-4
1134 MSr 164 A Pr
AM dep rcts ord reg lOs
2434 Mar 2514 mar Distilled Liquors Corp_ 5 1134 1154
2411
•
rsn) Pomp,. el A
IS
High Shares joie
Par Low
6%
100
15
Acme Wire v t o corn_ _20 15
Adams Millie 7% 1st Of1006634
5
•
Aero Supply Mfg el A _
Si
100
•
174 I%
Class B
3
Agfa Anson Corp oom- ...1
5
2534 1,700
Ainsworth Mfg Corp____10 27
91.
•
Air Investors corn
9
•
Cony pref
Si
Si 2,100
Si
Warrants
30
A labamaGt Southern- _ -50 3134 3234
250 26
• 7534 76
Ala Power $7 peel
200 25
67
• 67
$6 preferred
100 21 116
Si
Si
Algoma Consol 7% prat_ _5
534
Allied Mills Inc __ __ . . • 1834 1934 6.900
2,300 82
• 524 56
Aluminum Co common__
450 54
100 8534 86
6% preference
8
Aluminum Goode Mfg- •
17
•
Aluminum Ltd corn
234
C warrants
5
D warrants
100 37
100 6534 6534
6% preferred
1
200
174 174
American Beverage corn. _ 1
41
Alnaldetin Book Co_ -100
34
Amer Brit &Dont Corp. •
Amer CapitalI
•
Class A corn
•
11
it
100
. 'us
Common class B
934
•
$3 preferred
120
American Cigar Co..-- RV
110
100
Preferred
Am Cities Pow & Li1,050 2854
44
26 39
Clam A
Ii
334 6,100
3
1
Class B
1234
Amer Cynamid class A-10
834
10 2134 2234 12,700
Class B n-y
7334
Amer Dist Tel NJ oom_ •
98
7% Cony preferred. _100
I
Amer Equities Co corn...!
21
400
is
216
Amer Founders Corp.__ I
834
100
60 2434 2434
7%[meteorite B
3
125
24
5% 1s1 pret ser D....60 23
500
134
2
234
Amer & foreign Pow warr_
Amer Gas & Elea corn...• 2714 3034 19.400 1634
150 5734
r 10434 10534
Preferred
For footnotes see page 91.
Iftga
Loss
1534 May
834 Jan
June
Feb 1(0
103
534 June 11 % Mar
Mar
4
% June
5%A, June
334 Jan
1834 Feb 2934 July
134 Jan
34 Mar
1634 May
1254 Mar
Si Jan
lis Feb
Jan
Apr 40
30
June
4134 Jan 76
July
Jan 67
37
.4 Feb
4 Feb
1934 May
1234 Jan
Mar 6134 May
32
694 Mar 9034 May
934 Feb 114 May
May
Mar 33
17
Apr
7
234 Jan
614 Mar
Apr
5
6034 Apr 65% June
14 July
14 Feb
Jan 6934 May
57
h Feb
Si Apr
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
• Par Low
High
Distillers Co Ltd
Amer deposit rcti _. El 2334 2331
Distillers Corp Seagrams-• 1933 20%
Doehler Die Clasting......• 17
17
Dominion Steel &Coal 1325
Dominion Tar & Chemical.
Dow Chemical
• 101% 1034
Draper Corp
•
Driver Harris Co
10 15
15%
7% preferred
100 98
98
DublHer Condenser Corp.!
%
Duke Power Co
10 55
55
Durham Ilos cl B com_
Duval Texan Sulphur__._
831 9
Eagle Ploher Lead Co
20
533 531
East Gas & Fuel Assoc
Common
•
3% 4
134% prior preferred_100 64
64%
6% preferred
100 4331 48
East States Pow corn B.. •
$6 preferred series B___•
7% 8
$7 preferred series A
8
831
EMS washing
,
Mach "B"
Edison Bros Stores com__' 31% 32
Eisler Electric Cor
•
Elec Bond & Share corn __
734 10%
$5 preferred
• 52% 5734
$6 preferred
• 59
67
Elea Power Assoc com_ _1
43(
Class A
1
434
234
Elea P & L 2d pref A
• 10
10%
Option warrants
X
Electric Shareholding
Common
1
34‘ 5
$6 cony pref w w
• 69% 73%
Electrographic oro corn. 1
834 834
Empire District El 6% _100
Empire Gas & Fuel 006% Preferred
100 22% 22%
64% pret
100
7% preferred
100 23% 25
8% preferred
100 30
30
Empire l'ower Part Stk_.•
17
Emsco Derrick & Equip_ _5 15% 1234
1234
Equity Corp com
10c
1%
134
Eureka Pipe Line
50
European Electric Corp
Claw A
it
7% 8%
Option warrants
716
716
Evans Wallower Lead_
•
7% preferred
10(
Ex-cell-0 Air & Tool
851 9%
Fairchild Aviation
7% 834
Fajardo Sugar Co
10(
Falstaff Brewing
4
4%
Fanny Farmer Cancly„ 1
9
931
Fancied] Products Co
•
34 4
Fedders Mfg Co dam A_ •
Federal Bake Shops Co_
Ferro Enamel Corp corn..•
1634 18%
Fiat, Amer dep recta
2534 25%
Mello Brewery
1
716
714
Fire Association (Phila.) 10
6534 6534
First National Stores
7% let preferred____100 113 113%
Fisk Rubber Corp
634 6%
$6 preferred
100 67
67
Flintokote Co CIA
• 1834 18%
Florida P & L $7 pref___.• 26% 29
Ford Motor Co Ltd
Am dep rota ord reg..£1
8% 8%
Ford Motor of Can al A • 27
28
Class B
• 30% 3031
Ford Motor of France
American dep tell .100
Foremost 1)alry Prod corn*
34
'16
Preferred
Foundation Co Men ehro•
Froedtert Grain & Malt
Cony preferred
10 15% 1514
,
1
Garlock Packing com__-• 26%
2734
General Alloys Co
•
'16 1
Gen Electric Co Ltd
Am dep tell ord reg_fl
14
14
Gen Fireproofing com
431 433
•
Gen Gas & ElecSO cony prat B
12
12
Gen Investment
34
7
4
$8 cone pref class B_ •
Warrants
Lien Pub fiery $6 pref.-. 424 46
Gen Rayon Co A stook_ •
General Tire & Rubber__25 41
41
6% preferred A
93
100 93
Georgia Power $6 pret___• 793.4 82
$5 preferred
• 66% 67
Gilbert (A C) com
•
Preferred
•
Glen Alden Coal
1834 1934
Globe Underwriters Ine 2
9% 9%
Godchaux Sugars class A.• 26
26
Class B
9
•
9
Goldfield Consol Mines_10
34
'16
Gold Seal Electrical
54
1
91
Gorham Inc clam A com_•
$3 Preferred
• 144 14%
Gorham Mfg 0 0
V I c agreement extended
14
144
Grand Rapids Varnish...'
733 713
Gray Telep Pay Station-. 15
15
Great All & Pao TeaNon-vol com stock....' 1274 1294
7% let preferred____111141 12634 135
tit Northern Paper
25
Greenfield Tap dr Die- •
Greyhound Corp
5 48% 4931
Grocery Stores Prod•t 025
Guardian Investors
1
Gulf 011 Corp of Penna...25 63
654
Hall Lamp Co
• z4
Hamilton Gas corn•t e 1
Handley Page Ltd
Am dep rcts pret---8
64
Happiness Candy
•
Hartford Electric Light_25 69
Hartman Tobacco Co....'
1
Harvard Brewlng Co
1
3
Hazeltine Cori)
•
83.4
Heels Mining Co
25 1034
Helena Rubenstein
•
Hayden Chemical
10 4913
Hires(C E)Co Cl A
Hollinger Congo'0
144
Holly Sugar Corp eom__..• 65
Preferred
100
Holophane Co corn
•
For footnotes see page 91.
z4
634
6934
1
331
83,1
11
4934
14%
674
July I
Sales 1033 to
for
June30
iVeek
1935
Shares
Low
100
25,600
500
174
84
3
24
354
1,600 u 36%
54
200
934
40 48
200
34
75 33
Range Since
Jan. 1 1935
Low
High
2
34
Mar 234 June
May 204 July
Mar 17% June
Feb
513 Feb
7
Jan
Mar
Mar 10311 July
May 60
Jan
Apr 19
Feb
Ma
July
98
Feb
14 Apr
Jan 56
May
Jun
34 Feb
Jun
1233 Feb
Ma
731 May
300' 231
125 • 53
38
34
100
4
150
5
214
300
6
500
33
105.00
313
3.800 25
5,600 264
4,000
24
5,500
24
225
24
600
/3
215
58
38
%
4
5
3
2414
4
34
34
374
24
213
24
35
Ma
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Ma
Ma
Feb
Ma
5
6433
504
34
834
9
44
3434
134
1013
5734
67
431
411
1013
131
Jan
July
Jan
June
June
June
June
June
Slay
July
July
July
June
June
July
Jan
1,400
300
1200,
2,400
375
100
%
34
1
1233
54 Ma
40
Jan
6
Jan
14
Jan
.5.33
734
834
33
June
July
July
June
50
•xi
8
8
8%
4
234
1
30
7%
8
8
8%
9
12
14
3331
35
36
37
40
17
1234
154
38
May
May
May
May
July
July
May
Feb
50 16
50 II
200
100 16
4,400
1,800
500
554
13
2
3,30C 'a 24
900
254
59
700
24
300 11 2%
200
134
u 4
100
33
1,400
74
100 15%
200
34
25. 31
1
Mar
Mar
Mar
Mar
Apr
June
Jan
May
694 Jan
54 Feb
31 Apr
5
May
6
Fe
9 June
11,, June
3.4 May
7
May
934 June
7%
71
24
713
154
931
%
1034
21%
756
57
931
May
Jan 105
5
Jo
9%
Mar
5%
Mar
Mar 16%
July
Feb 19%
25.33
Jan
34
July
Jan 65%
Apr
May
Apr
June
May
June
July
May
June
Jan
July
20 110
112
1,200
534
6
100 3534 67
600
33( 1131
200
834 1013
Jan 115
June 114
88
Jun
2454
Ma
32
Ma
Apr
Jan
Jan
May
June
3,100
3,800
2
454
834
1433
400
231
34
500
400
200
734 Ma
2331 Jun
2534 Jun
931
324
3754
Jan
Jan
Jan
Jan
Mar
June
June
434 May
34 Mar
134 Mar
633 Jan
14%
1133
1431 Apr
20
Mar
ft Apr
1554 Feb
284 June
134 Feb
100
200
914
a
114 Mar
433 June
14% June
6
May
50
300
533
50
351
33
7,
134
14
11
Ns
15
ttg
24
54
41
89
52
50
131
244
134
7
1634
7
31
718
1%
1434
15
%
17
14
46
1%
714
99
83
67
334
244
24
9%
28
11%
11
1
34
1954
300
200
50
10%
434
8
1231 Ma
513 Ma
834 Mar
34
40
50
50
700
20
2,500
300
100
100
1,200
200
333
20
4
42
5814
35
ao
22
10
533
24
Si
416
434
Feb
Ma
Jan
Jan
Ma
Mar
July
Apr
Jan
Apr
May
Afar
May
Jan
Apr
Jan
Jan
Apr
May
June
200 '3
14
.
100
134
'16
4814
4
233
24
4
351 Mar
sts
May
33,4
54
5054
X
2%
7
6
94
100 14
37
18
234
2,700
8% 1411
150 7 8% 30
'34
100
14
2
75
300
1,100
300
2,900
Apr
June
Jan
Jan
July
Feb
Jan
Mar
June
July
June
Mar
Jan
June
May
May
Apr
Feb
May
May
18
Jan
834 May
16
Slay
150 11$
121
Mar 139
210 120
12235 Jan z135
20
May 28
194
34
433 Mar
6
400• 8
2034 Jan 514
34
31 Feb
51
34 Mar
14
614
1,200 43
5031 Mar 7454
it
31
Mar
633
Jan
4
Jan 694
Apr
154
June
311
June
9
Feb 1251
Jan
131
Jan 52%
May 25
May 20%
Jan
70
Feb 100
Jan
34
Week's Range
of Prices
Sales
for
Week
Par Low
High
Holt (Henry) & Co cl A_ •
Horn (A C) Co cam
•
let preferred
50
Horn & Hardart
• 24
244
7% Preferred
100 100 10634
Hod Bay Mln & Smelt...* 144 15
Humble 011 & Ref
• 57
584
Huylers of Delaware Inc
Common
1
7% pre stamped_ _ _100
Hydro Electric Securities.
313 34
Hygrade Food Prod
134
a
Hygrade Sylvania Corp..
3334 36
Illinois P & L 56 Drer
304
• 27
8% preferred
100 2734 30
Illuminating Shares cl A •
Imperial Chem Industries
Amer deposit rots_ __El
Imperial 011 (Can) coul)-• 1913 20
Registered
•
Imperial Tob of Canada_5 13% 1331
Imperical Tobacco of Great
Britain and Ireland...El 3434 3434
Indiana Pipe Line
10
554 553
Ind'polis P L6%% p1100 8713 8734
Indian Ter Illum 011
Non-voting class A•
Class B
•
Industrial Finance
V t common
1
7% Preferred
100
Insurance Co of N Amer_10 6634 68
International Cigar Mach • 30
30
Internatl Gold & Inv Co_ •
Internal Hydro-EleoPref $3.50 series
ao
8
731
Internal Mining Corp___1 12% 1234
Warrants
434 434
International Petroleum.
• 3454 3533
Registered
International Products...'
Internatl Safety Razor B.
Internat'l Utility
Class A
•
24 231
Class B
1
54
34
•
$7 prior prat
Warrants
Interstate Equities
Common
$3 cony preferred_ -50
Interstate Has Mills
2331 24%
Interstate Power $7 pref-: 1451 16%
Investors Royalty com_ _25
Iron Cap Copper Co corn 10
Iron Fireman /if fg v t c__1(' 2034 21
Irving Mr Chute
1
1114 1134
Italian Superpower A...
3.4
31
Warrants
Jersey Central P & L514% preferred
100 66
67
6% preferred
100 66
66
7% Preferred
100 77
80
Jonas & Naumburg
2.50
Jones & Laughlin Eiteel.100 19% 2133
Kerr Lake Mines
4
X
%
Kingsbury Brewerlea.......1
1
1
Kirby Petroleum
1
234
234
Kirkland Lake 0 M Ltd_l
Klein(Emil)
• 194 2031
Kleinert Rubber
634 634
10
Knott Corp corn
1
211 214
Roister Brandes Ltd_ -El
Koppers Gas & CokeCoPreferred
8%
100 9434 9433
Kress (5 H) 2nd Met_100
Kreuger Brewing
1
1014 11
Lackawanna RR of N J 100
Lake Shore Mines Ltd
1
5034 5234
Lakey Foundry & Mach /
Lane Bryant 7% prat 100
Lefoourt Realty corn
Preferred
• z1934 z1913
C
Lehigh Coal & Nay
634 734
Leonard Oil Develop_ -25
7
4
34
Lerner Stores common
• 57 z58
8% met with warr_100
Libby McNeil & Libby__19
651 714
Liberty Baking 7% p14_100
Lion Oil Development.--•
5
5
Loblaw Groceterlas cl A --• 1934 19%
Lone Star Gas Corp
54 54
•
Long Island Ltg•
Common
34 34
7 Preferred
100 74
%
79
Pref class B
100 6331 67
Loudon Packing Co
23
264
Louisiana Land & Explor_l
734 8
Lucky Tiger Combinatn_10
Lynch Corp com
5 38
39
MangelStoresCorp
•
634% pref w w
100
Mapes Consol Mfg
• 26
26
Marconi Internal Marine
American depreeelpta_El
84 831
Margay 011 Corp
•
Marton Steam Shovel....'
234 234
Maryland Casualty
1
2
2
Mass UM Assoc vie
1
Massey-Harris corn
•
Mavis Bottling class A___1
34
31
Mayflower associates- •
May Hosiery $4 pref
•
McColl Frontenac Oil__ •
McCord Red & Mfg B__•
5% 534
McWilliams Dredging....' 3414 344
•
Mead Johnson & Co
Memphis Nat Gas oom_8
253 24
MemphisP &L $7 pref._ •
Mercantile Stores oom_ • 1011 104
7% preferred
50
Merritt Chapman & Scott•
151 24
634% A preferred_ -100
Mesabi Iron Co
•
Metal Textile pref
•
Metropolitan Edison
56 preferred
• 92
92
Mexico-Ohio 011
•
Michigan Gas & 011
•
213 234
Michigan sugar Co
•
1
1%
Preferred
10
7
7.31
Middle States Petrol
•
Class A•I a
•
Class B•t e
Middle West Util eorn___•
16
16
$6 cony pref ser A w w. •
Certificates of dep. •
Midland Royalty Corn-52 cony ore_ _
•
Shares
STOCKS
(Continued)
21
134
104
54
44
804
55
13
91
11
37
34
8
3,4
Jan
July
Jan
Jan
June
Apr
Jan
May
Jan
June
June
Jan
July
Jan
May
Feb
Apr
May
June
May
Jan
June
Feb
Mar
87
July 1
1933 to
Junc30
1935
75
60
4,400
3,600
Range Since
Jan. 1 1935
Low
Low
High
3
54 Feb
7
Mar
14 Apr
24 May
14
14
30
Mar 30
Mar
Feb 25
1534 20
May
8334 10214 Jan 108
May
1611 May
734 1115 Jan
Jan 64
1 22% 44
May
100
500
150
1,300
200
'16
2033
24
1%
17
10
10
344
54
2034
24
133
28
1331
14
3413
Ma
Apr
Mar
Jun
Jan
Jan
Jan
Jan
1
264
431
334
38
3034
30
4031
7,800
0
1034
1133
954
833
15%
15%
12
Mar
Mar
Mar
Apr
953 Jan
224 Slay
2234 May
1331 June
2334
31% Mar
353 Mar
55
Jan
3531 Jan
6
Juno
8713 July
153 Jan
114 Feb
431 Apr
411 Apr
3,100
300
100
25
48
114
1,200
100
1
344
18%
51
Jan
Jan
Jan
Jan
Mar
July
May
Apr
54
1
52
29
1
Apr
May
Ma
May
Jun
114
44
884
334
1
Feb
Feb
June
Feb
June
Jan
Jan
Jan
May
May
Jan
Feb
400
500
200
6,300
351
734
24
154
23
1
354
12
413
28
2954
2%
14
Mar
June
June
Mar
Feb
Jan
Feb
94
1534
654
3954
3294
334
154
200
700
131
31
35
Ire
114
31
35
Irs
Jan
Jan
Apr
Mar
231 June
5ar Apr
Apr
35
31 Jan
54
154
13
7
1
34
34
254
34
34
34
20
22
8
1
34
1453
334
13
IN
Mar
Jan
June
Jan
Jun
June
Apr
Jan
Mar
Jan
11r• Feb
2434 Feb
2734 Jan
19
May
24 May
11 May
July
21
124 June
111 Jan
31 Apr
42
60
6014
Si
1534
43
60
604
X
18
33
1
134
'Ng
15
631
134
54
Feb
May
Apr
Apr
Mar
Jan
Apr
Ma
Mar
Jan
Mar
Jan
Jan
67
66
80
14
30%
um
254
3
"is
22
754
231
716
July
July
July
Apr
Jan
May
Jan
May
Jan
May
Apr
May
May
3
15
431
72
11%
435
7514
48
34
87
134
18
534
31
40
91%
634
1
34
1731
415
Mar 98
Apr
124
Mar 124
Feb 78
Jan 58
Mar
14
Jan 80
Mar
234
Jan
2034
Slar
734
Apr51
Jan x58
Feb 10514
June
833
June
1
Mar
651
Feb 1934
Mar
6.31
Apr
Jan
June
May
Mar
Jan
Jan
May
May
Apr
May
July
June
Apr
June
Apr
July
Jan
2
800
240 38
525 32
50• 104
134
3,700
2
800• 15
1
12
100 25%
2
48
37
2054
454
334
26%
533
50
2551
Mar
Jan
Jan
Apr
Jan
Apr
Ma
Jun
Ma
June
34
79
87
2651
94
34
39%
10
61
33%
May
July
July
July
May
Apr
Mav
Jan
Jan
Jan
633
4
8
4
114
134
1
34
A
41
4034
1234
334
2134
55
15,4
754
104
70
51
8
116
34
June
Feb
Mar
Jan
Feb
Mar
Feb
Jan
Feb
Apr
Apr
Jan
AP
Mar
June
July
Jan
Jan
Mar
May
Mar
834 Jan
84 June
34 May
24 June
14 May
554 Jan
31 Jan
50
May
44
Mar
1531 Jan
711 Jan
364 May
6513 June
3
May
7514 June
134 Jan
734 Jan
234 July
13
June
It Jan
•
34
Mar
300
110
350
900
200
100
10
110
375
100
300
900
1
14
34
9%
400
100
100
1
ars
25 3354
10
454
59%
1,500• 32%
3.4
25
1
100
7
500
54
2,100
'16
700 1034
40
3,500
24
200
200
25
3,500
100
200
300
9
100
1
1
3
3831
22
12
100
1%
150• 1233
444
300
14
45
100
831
60
1,300
33
5.4
34
25
4634
74
400
1,100 6 3i
400
234
Jan
80
74 Jan
2
Mar
54 Mar
3
Feb
34
34
lig
34
3,000
3.4
8
Mar
Mar
Jan
Aln
Apr
Jun
96
1
351
14
8
May
Jan
May
June
June
233 May
rn May
N. Jan
1
Apr
33 Jan
10
Jan
New York Curb Exchange-Continued-Page 3
88
STOCKS
(Conlinued)
Week's Range
of Prices
Jute
Sales 1933 to
for June30
Week
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
High
Low
Per Low
High Shares Low
July
Mar 15
5
434
1,000
15
• 14
Midland Steel Prod
Jan 4034 Apr
75 1834 35
• 36% 37
Midvale Co
1% Apr
Mar
300
1%
1%
Milling Corp of Canada_ _•
Jan 1854 May
75 of 7% 12
Minnesota Mining & Mfg_• 15% 16
% Feb
% July
100
34
Miss River Fuel rights
44
44
May
82
Feb 100
65
Miss River Pow 6% pfd 100
Jan
14
1034 Mar
(334
Mock Judson Voehringer-•
700 30% 3034 Mar 7134 July
Mob & Hud Pow let prat! 66% 7144
July
Mar 31
9
450
9
2844 31
2d preferred
754 Jan 1234 Apr
1,400 9 2%
10% 10%
Molybdenum Corp vi
127
Jaa 14434 May
160 58
• 138% 140
Montgomery Ward A
100 26% 2634 May 3134 Jan
Montreal Lt Ht & Pow_.• 29% 29%
Jan 2934 June
75 1831 23
Moody's Invest Service_ _• 27
28%
July
Jan 31
200
634 20
Moore Drop Forging A • 3044 31 .
June
Jan 137
125
10 90
Moore Ltd prat A _ ---100 137 137
Mtge Bk of Columbia
434 Apr
334 Feb
153
American Shares
% Feb
33 Feb
1
Mountain & Gulf 011
514 May
334
434 Jan
300
4% 5%
Mountain Producers____10
loam Mar 117 July
50 100
Mountain Ste Tel &Te1100 117 117 d
May
Jan 102
3154 72
•
murphy(0 Cs Co
Apr
Apr 118
112
105
100
8% preferred
254 Jan
134 May
134
134 2,500
144
s
Nail Belles Hess corn
500 2834 2934 Feb 3554 June
Has Bond & Share Cor0--5 34% 35
- t; d
National Container Corp
1834 June 2234 May
100 10
21
Common
• 20
Mar
30
July 35
50 29
30
• 30
$2 cony pref
Nat Dairy Products
•
May
Feb109
so 103
100
7% pref class A
1,000 1154 1154 mar 1834 May
• 17% 17%
National Fuel Gas
400 35
154 Jan
44 June
"as
National investors oom 1
41
Jan
Mar 66
55
50
CO
1 60
$5.50 preferred
91. Jan
34 Feb
34
Warrants
133 Jan
Si Mar
400
•
Si
1
1
Nat Leather corn
July
4634 Feb 73
2,000 82
73
68
National P & L $6 pref___
931 Mar
534 Jan
300 • 2
844 6%
•
Nat Rubber Mach
% Apr
% Jan
1
Nat Service common
3iet 34 6.600
Si Jan
Si Apr
100
"16 "16
Cony part preferred
15 May
1634 Apr
National Steel Car Ltd_ •
Feb
300 25% 2534 June 36
• 2944 30%
Nat Sugar Refining
9
Apr
934 May
9
Nat Tea Co 544% Pf
10
934 June
1331 Feb
300
13%
8% 8%
National Transit_ _12.50
% Feb
4( May
. 34
Nat Union Radio com-1
2% Mar
6
May
300
4
%
4
Nehl Corp corn
July
July 50
50
100 31
50
50
let pref
Feb 100
June
2034 90
Neiener Bros 7% pre1_101;
431 AprJan
2
Nelson(Herman)Corp_ _5
Jan
3%
9
634 May
Neptune Meter class A---•
534 June
533
534 June
Nev Calif Elec corn__ _100
Feb
2
234 Jan
6 244 244 4,600 134 49
New Bradford 011
400 4734
Apr 66
63
June
26 62
New Jersey Zinc
I
May
400
234 Jan
1% 1%
New Men & Aria Land_1
34% Mar 5334 May
1,000 34
Newmont Mining Corp_10 47% 4944
May
Jan 18
12
1034
•
New Process corn
154 Feb144 June
%
N Y Auction Co corn
June
2554 Jan 32
15
•
Y Merchandise
N
Feb 6934 Apr
350 1731 33
NY & H013(1117118 Rosario10 53% 54%
July
50 59
6134 Jan 93
93
N Y Pr & Lt 7% pre__ _100 92
53% 5334 Jan 7834 May
•
$6 preferred
N Y Shipbuilding Corp
100
434
434 Mar 13% Jan
sg 841
1
Founders shares
12
May 1634 May
200 12
13)4
• 13
NY Steam Corp oom
Mar
11334 May 121
350 113
N Y Telep 634% prat _100 117% 117%
Apr
334 June
3
3
5
N Y Transit
20
4634 Feb 6234 June
NY Wat Baty 6% pfd_100
Niagara Hud Pow
733 July
234
231 Mar
d
733 27,800
15
Common
116 June
800
34 Jan
31
X
316
Class A opt warr
133 June
5,500
34
34 Mar
1
1
Claim B opt warrants
Niagara Share
5% July
2% Ma
Clam B common
5 5% 534 1,500 2% 834 Ma 23% June
800
734
2234
• 22
Niles-Bement-Pond
3
Apr
400 6 1%
234 Janr
234 234
S
Nipleeing Mines
May
2
300
% Jan
1%
1%
1
Noma Electric
4431 May
50 8034 35
Ma
Northam Warren pref • 4133 42
Nor Amer Lt& Pr
34
134 May
200 s
% Mar
144
134
Common
1
July
1,300
3
34 Mar 18
16
• 14
36 preferred
18 , 24% Jan 40 June
North American Match_ *
4
July
33
3,600
54 Jan
1% 4
No Amer Utility Securities*
334 May
200
Jan
2
3
134
3
Nor Cent Texas 011 Co_b
us May
100
34
%
lis Jan
Nor European 011 com1
May
82
21
Feb 54
Nor Ind Pub Ser 8% pfd100
20% 3834 Mar 58% June
7% preferred
100
Northern N Y Utilities
92%
60 4534 45% Jan 92% July
7% let preferred_ _ 100 90
May
7
Jan
4%
10
Northern Pipe Line
Mar 1444 May
300
834
Nor Ste Pow corn class A100 13% 13%
100
8
5% Jan 13% May
1044 10%
Northwest Engineering-.
22% Jan
Novadel-Agene Corp.-• 2144 21% 1,000 1434 18% May
104
26%
Ohio Brass Co ol B com_. 25
Ohio Edison 36 pref
•
Ohio 011 6% Prel
100 104% 105
01110 Power 6% pref_100 104% 106
011etooke Ltd cons
1
1
Outboard Motors B oom_•
ag
6
Class A cony pref
3
3
Overseas Securities
•
2% 2%
Pacific Eastern Corp
I
Pacific, & E6% let pref25 27% 27%
534% 1st pref
25
• 101 101
Pacific Ltg 26 pref
Pacific Pub Serv non-vot_•
• 1334 1333
let preferred
30
30
Pacific Tin spec elk
Pan Amer Airways- --10
154 2
Pantepeo On of Venes ___•
334 334
Paramount Motor
I
.1 4344 44%
Parke, Davis & Co
Parker Pen Co
10
Parker Rust
-Proof oom__• 58% 594(
Pander I) Grocery A
•
Class It
•
Peninsular Telep cern_ •
Preferred
100
Penn Mel Fuel Co
2
254
1
Pennroad Corp vie
Pa Gee & Elea class A....* 12% 12%
Pa Pr & Lt $7 pre!
•
•
id preferred
Penn Salt Mfg Co
50
Pa Water & Power Co- ___• 7
0
7054
Pepperell Mfg Co
100 6744 67%
Perfect Circle Co
Pet Milk Co 7% pref---100
334 834
Philadelphia Co own
•
Phoenix Securities
-234 234
I
Common
42
23 oonv pref ser A10 42
•
834 834
Pie Bakeries Inc corn
•
Pierce Governor corn
234 254
Pines Winterfront Co_ _ _ _5
934 934
Pioneer Gold Mines Ltd_ _I
pitney-Bowas Postage
•
834 634
Meter
1
Pittsburgh Footings
Pittsburgh & Lake Er1e_50 5634 513%
For footnotes see page 91
375 1310
4534
500 ID%
70 80
634
100
200 16
34
300
200
800 18%
1834
100 ▪ 0343)i
7 64
500" 134
125 10
31%
34
4,900
33(
100
1,200 1934
*4
850 1 39%
*
2433
7
14
88%
5,500
100
!ti
500
20
400
7454
7234
4234
41%
52%
21
9034
4
900
100
100
54
16%
334
9
yi
100•
834
500
700
80
234
2
51
32
3M
17
55
34
7
534
7934
7%
134
9%
80%
77
7633
5334
5244
81
113
4
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Apr
Mar
Jan
Jan
Feb
May
Feb
Jan
Jun
Mar
Mar
Jan
Jun
Jan
Feb
Feb
Ma
Apr
Mar
Mar
Apr
Jan
Jan
Apr
Jan
Apr
Fe
May
Ma.
27
89
10734
106
11%
1
834
3
333
27%
25%
102
133
13%
32%
44%
234
4%
44%
17
64%
3734
7
833
82
11
234
13
101
77
94
72
8934
40
120
844
June
June
May
July
May
Jan
May
June
May
June
June
June
June
June
June
Feb
Jan
Feb
July
June
Jan
June
Feb
June
May
Jan
May
Apr
June
Jan
June
May
Jan
Apr
Feb
July
154
2
734
83(
2
34
8%
Fe
Fe
Apr
Jan
Jan
Mar
2%
4444
11
444
244
1244
June
June
Mar
Apr
June
May
19
70
89
85%
9%
%
4
134
2
20%
18%
71
1
734
25
38
134
Mar
6
2% Jan
Feb
51
7 June
4% Jan
Jan
60
July 6 1935
July 1
Week's Range Sales 1933 to
for June30
of Prices
1935
Week
Range Sines
Jan. 1 1935
High
Low
High Shares Low
Par Low
July
2,307 3034 4634 Apr 69
Pittsburgh Plate Olass_25 8734 69
2333 Apr 25% Feb
10
Pond Creek Pocahontas •
2% June
34 Jan
800
5
Potrero Sugar com
214 234
May
41
7% Jan 12
•
Powdrell & Alexander_
6% May
9% Feb
25
1314
8
8
Power Corp of Can com-a
Jan
100 15% 2434 May 30
Pratt & Lambert Co......-• 2434 2454
231 Apr
1% Jan
54
133 131 1,700
Premier Gold Mining-.1
934 June 1333 Jan
944
Pressed Metals of Amer_ •
Si Jan
*is Jan
51
113 2,400
1
Producers Royalty
33
Properties Realisaffon200 1234 1434 Apr 15% May
Voting trust ctfe-33 1-3e 1433 1554
4% Mar
8% June
4%
Prudential Investors
734 734 2,500
•
Jan 44% July
83
50 59
• 9434 9434
$6 preferred
8
Jan 1934 June
Pub Sexy of Indian 27 met•
Apr
5
7
Jan
5
•
26 preferred
50 s 944 1734 Feb 38% July
Publlo fiery Nor III oom--• 3334 3854
Feb 35% June
16
9
Common
68
7834 Apr 101% July
100 38
100 101 10144
6% preferred
Jan 83
Feb
77
38
100
7% preferred
Okla
Public Service
May 81
May
81
81
100
7% pr L pref
Puget Sound P & LMa
13
33% June
7%
825
• 3034 3234
$5 preferred
GM Ma
1734 May
5
550
26 preferred
• 1334 1554
June
70
8314 3433 Ma
Pure 011 Co 8% pref _100
1%
233 Jan
May
5
300
Pyrene Manufacturinx--10
334 334
Jan 134
May
127
20 *106
• 13334 13334
Quaker Oats coin
111
13234 Feb 145% June
6% preferred
100
m Mar
34Apr
34
Railroad Shared Corp- •
1234 July
654 Ma
6%
250
fly & Light Scour com---• 1234 1234
% Jan
Si Jan
34
1
fly & Util Invest A
Rainbow Luminous Prod
5, Feb
8
'16 Jun
X
Class A
•
'pi Jun
I,.
34 Mar
•
Class B
Raymond Concrete Pile
Jan
434 Jan
434
5
•
Common
Jan
17
Apr 25
17
$3 convertible preferred•
9
54
1% May
Si Feb
Raytheon Mfg v 0. -500
Fen
34 Feb
1
33
Bed Bank 011 Co
•
: Feb
44
4%
734 Jan
•
Reeves(D)Qom
Apr
33 May
Reiter-Foster 011
•
. Mar
833 Jan
133
100
Reliable Stores Corp
534 534
134 Jan
34 Mar
Reliance Internet-al A 10:
144 May
33 Feb
54
Reliance Management._ •
2
Apr
3 June
134
1,100
Raybarn Co Inc
10
3 3
1% Jan
33 Apr
14
Reynolds Investing
3
u 6%
9% Apr 1234 Jan
Rice Stir Dry Goods
•
Jan
% Mar
1
3't
200
Richfield 011 pref
--25
Richmond Radiator Co
34 Mar
2
May
34
•
Common
133 Feb
9% May
133
•
7% cony preferred
85
Apr 85
Apr
65
Rochest 0 &E 6% D pf 100
Mar
8
9% Jan
a
Rogers-Majestic class
2% May
134 Apr
100
5
Roosevelt Field. Inc
1% 1%
1
Fe
2% May
51
Root Refining Co
1 .......... ......
3.34 Apr 10% May
334
100
Prior pref
10
8% 854
% Fe
71- May
34
100
Ross% International
•
716
716
28% 28% May 26% May
Royalite 011 Co
•
Mar
834 15% May 20
400
Royal Typewriter
1833
18
6133 July
375 25
Ruberold Co
59
6134
2g 3% Apr 5% Feb
Russets Fifth Ave
134 May
% Mar
Ryan Como!Petrol_
100
_ •
%
%
8034 Mar 7634 Apr
25 35
Safety Car Heat & Light100 70
70
3"
Ile Apr
Si Jan
St Anthony Gold Mines_l
'16 1,200
'16
% May
% May
34
St Lawrence Corp cons_ •
Mar
1
2
June
1
St Regis Paper corn
3,300
10
144 1%
1734 Mar 28% June
50 1734
7% preferred
100 28
28%
31 Jan
1
Jan
le
Salt Creek Consol 011--1
534 Mar
734 May
5
7
Salt Creek Producers-10
654 734 1,200
% Jan
1
Jan
34
Savoy Oil
2534 Mar 3334 Jan
13
Schiff Co corn
44 June
g Jan
34
Schulte Real Estate com. •
19% Mar 23% Jan
125 17
Scoville ManufacturIng_25 2144 2144
Si Mar
34 Feb
34
Seaboard Utilities Shares _1
'4 Mar
May
2
%
100 34
Securities Corp General..'
2
2
4334 Mar 50
May
•
Seeman Bros Inc
Si Mar
Si Jan
Si
Segal Lock & Hardware_ •
13 1
1% Apr
234 Jan
Selberling Rubber cons_ •
Jan 34
Apr
1554 28
Selby Shoe Co
•
Selected Industries Inc,
Si Mar
134 Jan
33
500
Common
1
"as 1
Mar 88
48
July
700 38
115.50 prior stook
68
25 64
450 37% 4634 Mar 8834 July
Allotment certificates--- 6344 6645
Selfridge Prov Stores
134 2% Mar 234 Jan
Amer dep ree
31 June
31 Jan
100
Sentry Safety Control_ -•
44
54
334 Mar
May
334
7
•
300
Beton Leather ooze
444 4%
1% Jan
134
2% Mar
Shattuck Dann Mining_ _ _5
2% 233 1,000
% Jan
Shawinigan Wet & Power..• 15% 16
400 1434 1454 May 19
Apr 2334 Jan
734 20
Sheatter Pen corn
154 Jan
Si Apr
%
Shenandoah Corp cam _1
12% Mar 19% May
300 12
$3 cony pref
25 1644 17%
Jan 10044 June
1,600 17 3234 84
Sherwin-Williams corn_ _25 10034 loom
50 15 91)34 1063( June 113% Mar
5% preferred A A ____100 107 107
235
Mar 270
July
10 119
Singer Mfg Co
100 270 270
Singer Mfg Co Ltd
2% Feb x334 Apr
2
Amer dep reo ord reg.£1
1233 Jan
1233 Jan
12%
Smith (113 Paper Mills
•
Jan 72
May
900 15% 29
Smith (A 0)Corp oom___• 58
59%
Smith (L C) & Corona
6
Feb
3%
9
3( June
Typewriter v t cam_ •
Apr
1
1
2r, Jan
500
Sonotone Corp
1 • 1% 144
13x
3% Apr
433 Jan
So Amer Gold & Plat
3% 4% 2,800
1
Sou Calif Edition
26
38% July
7 26
May
25
5% original preferred_25 38% 38%
18% 20% Jan 28 June
7% pref genes A
25
173( Jan 25% July
Preferred B
25 24% 25% 2,200 104
1,200 7 14% 15% Jan 2334 June
25 22% 23%
554% pref series C
104
Jan 10
100
Apr
8
South'n N E Telef._ _100
34
1
July
Jan
2
100•
2
2
Southn Colo Pow 431
54 Apr
I
May
•
Southern Corp coin
1
%
% Jan
34 Jan
Southern Natural Gas_
*
333 Jan
4% Apr
200
444 4%
10
Southern Pipe Line
g
Si Jun
1
Apr
Southern Union Gas corn_*
454 Jan
434
6% May
Southland Royalty Co __A
2833 May
300 1534 21% Ma
25 24% 25
South Penn 011
3434 4534 Fe
5234 Feb
So west Pa Pipe Line_ -50
.
Spanish & Gen Corp
34 Jun
34 June
Si
Am dep rcts ord bear_ £1
Its Apr
% Apr
Am dep rcts ord reg
Spiegel May Stern
80
45
Mar 103% June
100
834% preferred
May 20
July
800 16 70. 17
fkluare D Mass B com----1 1954 20
29
May 3334 June
550 ir 3
• 3233 3333
Class A pref
1%
1% Apr
3% Feb
Stahl-Meyer corn
33 June
34
% Jan
Standard Brewing CO.._ •
2934 Mar 34 June
25 23
34
Standard Cap & Seal com.5 34
50 10% 1033 Apr 2034 May
Stand Investing $15.50 pf-• 1754 1754
May 21% Feb
10 2144 2144 3,900 13% 17
Standard 011(Ky)
754
734 Mar 12
May
300
25
Standard Oil(Web)
934 10
300 11% 11% Mar 1934 May
1644
Standard Oil (Ohio) corn 25 16
Feb 9944 May
125 76% 91
95
100 95
5% preferred
244 May
1
Mar
•
Standard P & L cora
I% May
54
34 Apr
•
Common class II
9
9
May
Mar 13
50
12
12
•
Preferred
III
Is,. June
34 Aar
4,500
11
Standard Silver Lead
Apr
I
Ns Feb
1,100
1
Starrett Corporation
3% Apr
% Mar
400
1% 1%
10
11% preferred
44
41
Volume 141
STOCKS
(Continued)
New York Curb Exchange-Continued-Page 4
July 1
Week's Range Sales 1933 to
of Prices
for June30
Week
1935
Range Since
Jan. 1 1935
STOCKS
(Concluded)
Week's Range
of Prices
89
July 1
Sales 1933 to
for June30
Weak 1936
Range Sacs
Jan. 1 1935
Low
High Shares Low
Lots
High
Pox Low
High Shares Low
Lao
•
Steel Co of Can Ltd
High
32
4235 Mar 4734 May
Woolworth(F W)Ltd
•
Stein (A)& Co corn
5
935 Mar 14
June
Amer deposit rots-...55 2734 2835
300 1754 24
Mar 2854 June
634% Preferred
8n
100
103
Jan 107
Feb Wright
-Hargreaves Ltd..*
735 8
8,700
7% June 10
554
Sterling Brewers
Mar
- 1
33 Mar
5
33.4
4
Apr Tilton Gold Co
5
134 134 7,200
h Mar
Stetson (J B) Co corn_ •
131 June
734 1035 June 1534 Mar
Stinnes (Hugo)Corp
6
1
134 May
BONDS
2
Jan
Stroock (£3)& Co
4
,
765 765
100
435
631 Jan
734 July Abbott', Dairy 65.-1942 104 104
1,000 8634 102
elms' Motnr ruw.
Jan 10434 Mar
•
1
134 5,300
1
July
134
331 len Alabama Power ...oSullivan Machinery__ • 11
300
113.4
She
10
Mar 1434 Jan
tos ref 53
1946 1023.4 103
40.000 63
8834 Jan 10361 May
Sun Investing corn
•
234
234 Mar
435 June
let & ret be
1961 9835 9935 70,000 5434 8354 Jan 905-4 July
$3 oonv preferred
•
34
Mar 414 Feb
40
let & ref 54
1966 98
99
7,000 65
8331 Jan 99
Sunray 011
June
1
I%
1% 5,000
34
34 Apr
165 Jan
let & ref be
1968 92% 95
20,000 4735 73
Jan 95
July
Sunshine Mining C0-10
°
0 2231 23% 10,100 9 2.10 1034 Jan 25
June
let & ref 41511
1967 8651 8874 110,000 44% 6635 Jan 8874 July
SwenFInch 011 Corp_ - 25
23.( Mar
134
3
Feb Aluminum Cost deb 5a 62 10635 10755 37,000 92% 10534 Jan 10765 June
Swift & Co
25 1534 1534
700 11
1434 Mar 19% Jan Aluminum I.td deb Sri 19411 10134 10234 26,000 59
971
5 Jan 10235 June
Swift Internacional____.15 3234 3335 6,400' 1954 31
Jan 3834 Apr Amer ComIty Pow 5 he 63
Swiss Am Elect pref
1% Julie
134
335 Apr
_100
3234 4534 Jan 5854 Feb Amer & Continental 5a1943 100% 10034
2,000
93
8
Swiss 011 Corp
Jan 102
Apr
1
235 264
300
1
2
Feb
33.4 Mar Am El Pow Coro nen us '57 14
1631 142,000
734
Syracuse Ltg 6% Pref 100 96
734 Mar
1631 July
97
20 89
89
Apr 97
July Amer (1 & El deb 5e..202a 10554 105% 145,000 54
8934 Jan 10574 June
Am Gas & Pow deb es 1939 3434 3634 4,000 13% 18
Taggart Corp corn
Jan 3735 June
•
200
34
34
14 Jun
1
1% Jan
Certificates of deposit__ 3535 3654
Tampa Electric Co oom_ _• 3035
5,000 3231 2328: ae 3 35 June
7
5
ny
3
900 21t 2254 Mar 31
31
July
Secured deb Me_ _ _ _ 1953 31
3334 16,000 12.4
1734 Jan 3454 .Ttine
Tastyeast Inc clams
J un
•
500
34
31 Mar
34
34 Jan
Certificates of deposit- 31
24,000 2831
Technicolor Inc eons
May
3
3
• 1534 21
29,700
734 1134 Jan 27
June Am Pow & Lt deb es_ Juin 84% 8835 304,000 38,4 5034 Jan
Took-Hughes Mlnee
i
435 434
400
335
83 Mar
4
434 Mar Amer Radiator 460-1947 104 104% 21,000 9754 10334 Jan 8834 July
Texas Gulf Producing__ _•
106
Feb
335
2,300
33.4
3
3
July
454 May AM Roll MIII deb 5e-1948 9834 9835 58,000 62
9434 Apr 100
Texas P & L 7% pret_100 93
Jan
50 75
76
Feb 93
93
July Amer Seating cony 68_1936 9734 9935 123,000 41
74
Taxon Oil & Land Co__ .•
Jan 9935 July
1,500
6
Mar
44
534 6
614 Jan Appalachian El Pr 54_1956 105% 1054 35,000 64
Thermoid 7% prof
101
Jan 10634 May
100 29
2235 May 35
50 20
2934
May Appalachian Power 58_1941
99
Tobacco Allied Stocks_
10535 Feb 109
Mar
8715 60
•
Mar 07
May
Deb6s
2024 10935 10935
Tobacco Prod Exports_ __•
2,000 58
8434 Jan 111
June
234 2% 2,800
35
134 Feb
234 Jan Artemis! Pr & Lt 5e_1956 95
9634 127,000 50
7331 Jan
Tobacco Securities 'Trust
634
Associated Eleo 4%5 1953 4234 4954 22,000 2035 2934 Feb 4934 July
Am dep rets ord reg_.£1
July
1935 19%
100 1834 194 Apr 24
Jan Aseowated Gas & El CuAm dep rota dal reg_.£1
5
53(
100
5
5
July
7
Jan
Cony deb 53511----• 1938 26
29% 16,000 12
Todd Shipyards Corp__. 2634 2734
1434 Mar 36
June
200 18
2334 Jan 33
Apr
Cony deb 4356 0-1945 24
2534 21,000
13
9%
Feb2661 June
Toledo Edison 6% pref 100
51
68
Jan 95
May
Registered
24
24
24
7% preferred A
1,000
July 24
July
5835 83
100
Jan 100
May
v deb 434e
luta 2135 2635 315,000
Tonopah Belmont DeveLl
931 11
Mar 2635 July
%
34 Apr
% Apr
Cony deb 5s
1950 2331 29 193,000 11
Tonopah Mining of Nev_.1
1235 Mar 29
July
35
34 Feb
134 Apr
Deb 53
196e 23% 281 324,000 1135 12
4
Trans Air Transport
Mar 28% July
I
144
2% Jan
3
Jan
onv deb 5344
1977 2554 2935 78,000 11
1435 Mar 30
Stamped
June
1
300
35
34 June
34
35
Amoco Rayon as
34 Jan
1950 66% 67% 5.000 3854 60
Trans Lux Plot Screen
Apr 7534 Feb
Aimee Telephone Ltd 65'65
Common
763( 99
Jan 105 June
1i1
2% 2%
200
2
Apr
34 Feb Assoc T & 1 deb 5355 A '66 71
74% 73,000 84
I'd-Continental warranta
6734 Jan 7534 Feb
35
34 Mar
134 May Assoc Telep till 5342_1944 20
23 175,000
Triplex Safety Glass Co
1434 Jan 23
July
Certificates of deDoelt- 20
8
Am dep rota for ord reg__
23% 128,000
1434 Jan 2334 July
1735 Feb
1134 1665 Fe
64
1933 37
40
Tri-State Tel&Tel6% pt 10
10,000 13% 20
Jan 40
July
is 7% 1035 Jun
10% Apr
Ctfa of deposit
3635 39% 7,000 13% 20
Tubize Chatillon Corp....l
Jan 3974 July
4
4
300
3
Apr
3
635 Jan Atlas Plywood 5346_ .1948 7935 79% 9,000 47
Claes A
78
Mar 86
Jan
935 1134 May 18
200
1 1234 12%
Jan Baldwin Loco W Os w w '38 41% 42
Tung-Sol Lamp Works_ _ _*
5,000 32% 3234 Apr 81
Jan
434 4%
100
2%
3% Apr
5% May
65 without warr____1938 39
$3 cony prof
4034 20,000 3034 303e Apr 68
• 35
Jan
400 12
35
29
Jan 37
Apr Bell Temp of Canada
Unexcelled Mfg Co
10
2% Mar
2
2% May
let M (miseries 4_1956 113% 114
Onion American Inv's_ .•
11,000 98
10935 Mar 11534 Apr
16
19% Mar 23
Jan
lst M 65 series 13.....1967 11634
Un El Lt &Pow 6% pfd 100
11114 Feb 11835 Apr
117% 13,000 97
10335 10335 June 103% June
6e&ieso
1960 118 118%
Union Gam of Can
6,000 9734 11234 Jan 119
Feb
4
•
8
MAY
535 Jan Bethlehem Steel 66-.1998 13634
Un 011 of Calif rights
45,000 102
12634 Jan 138
138
July
June
3.4
34 June Binghamton L H & Pie'46
Union Tobacco corn.- _.
7635
400
•
34
34
35 Jan
h Jan Birmingham Elea 454,1968 88% 90% 51,000 45% 10254 Jan 10631 June
Union Traction Co
6935 Jan 9135 June
zi 33.4
4 June
50
5
Apr Birmingham Gas 66-1959 7234 73% 5,000 38% 56
United Aircraft Transport
Jan 78
May
Boston Congo' Gas 55_1947 107% 107% 11,000 10254 106
Warrants
May 109
Jan
3% Mar
a
6
Jan Broad River Pow 56_1954 85
United Carr Faatener___• 1834 18%
8634 8,000 29
70
Jan 88
Mar
500
14;a Jan 1935 May
5%
Buff Gen Else Si -1989 10734 1074 5,000 10235 10634
United Chemicals corn...'
Jan 1093-4 Jan
200
634 634
234
635 June
2% Mar
Gen & ref fie
1956 10634 1073
105
$3CUM& part prat
Apr 110
4 6.000 102
200 13
21% Apr 3435 July
May
• 3434 34%
niter core warrants
13, 13,
100
% Mar
34
"se June Canada Northern Pr 15s '55 10134 102% 15,000 71
Tinned Dry Docks corn -•
97
Apr 10234 July
lie Apr
7ie Jan CE111111111113 Pac RI 6e__1942 10935 I I I 34 43,000 98
United Founders
105
Mar 11235 Jan
1
34
6( Mar
35 3,200
35 Jan Capital Adminla 56_1953 100 10034 6,000 65
United 0 & E 7% pret-100
54
46
Jan 74
June Carolina Pr & Lt 5e_1956 9734 9834 93,000 46% 8865 Jan 10135 May
United Gas Corp own_ _1
13.4 234 12,300
14 Mar
2% May eed•r heel& M & P 55 53 11135 11165 10,000 94% 8331 Jan 10035 May
Prat non-voting
1104 Jan 11274 May
• 6434 68% 2,800 15
35
Mar 6934 June Cent Aria Lt & Pow be 196 10335
Option warrants
10434 23.00
7235 89
Jan 10454 July
2,800
%
% Mar
34
%
65 Jan Cent German Power 661934
United it & Pow coax A__•
33% 39
Mar 4435 June
% Mar
1
134 4,900
135 June Cent III Light 6s____1943
si
Common class
99
106
Apr 10931 Mar
134 134
200
1
Fe
165 June Central Ill Pub Service
S6 eons 1st Prof
•
835 935 7,800
334 Mar
334
9% July
66 series E
1956 9734
United Milk Products._'
79,000 50
7834 Jan 9 31 June
B• 4
25
4
3
3
Jan
435 May
let 6 ref 435e ser F-1967 8954 9954 105,000 4554 67
43 preferred
9134
Jan 9135 July
•
29
so
Jan 3635 Apr
64sense0
1968 9531 9734 72,000 49
United Molasses Co
75
Jan 9734 May
44% scrim H
1981 8831
Am dep re% ord ref __Li
46
6735
400
454 4%
asi Jan 53‘ Jan Cent Maine Pow be D_1955 103 9031 17.600 80 101 Jan 9031 July
234
United Profit
10334 6,000
-Sharing.....'
Jan 10535 Apr
1% 134
100
35 Mar
134 Apr
34
434e fortes E
1957 10035 10134 62,000 72
Preferred
9534 Jan 10254 May
6
10
731 Feb
731 Apr Cent Onlo Lt & Pow
United Shoe Mach eom_25 8035
31,000 5534 72
Jan 97
1,2006 47
July
70
8234
Jan 8134 May Cent Power 15a see D 561950 9355 97
1957 8235 84
Preferred
82,000 37% 59
59,i ja
J
26 39
84 % is4a y
81
July
1901 80% 36
4034
Jan 403.4 July Cent Pow & Lt let 66_195
U S Dairy Prod CI II
6 78
8135 136,000 3735
•
400" 34
34
'Is
34 July
t,e Feb Cent States Eleo 56
U H Flee Pow with warr 1
1944 3934 4534 187,000 25
20
Mar 4535 July
500
3*
34
534.ex-wary •
35 Jan
316
61 Jan
1954 40
Warrants
4535 398,000 25% 2535 Mar 4534 July
13
,
iu Jan
%z Jan Cent Mateo P & L 53%.63 65
S Finishing coin
6954 116.000 29
4835 Jan 6931 July
100
31 Mar
2
Si
Jan Chic Dust Elea(len 634670 105
61 Foil Co claw B
1053 42,000 02
6
9231 Jan 105% July
1,600
• 1234 13
l
5% 10% Mar 13% Jan Chic Jot By & Union
U B Int'? Securities
Efilt
•
154 14 1,000
34
35 Mar
1% June
Yards 55
let prof with warr
1940 10935 10934 30,000 90
10534 Jan 11035 May
56
57
300 39% 4135 Apr 5935 May Chic Pneu Toola
U S Lines pret
535e-1942 100% 10135 18,000 5165 8754 Jan 10135 June
•
100
34
'14
%
3/ Apr
31 Feb Chic Rya 66 ette
1927 7635 78
11 S Flaring Card
18,000 43
6534 Jan 80
June
in 14% 30% Ma
10
3834 May Cincinnati St By 5345 A '52 7934
1161Radlator Corp com.. •
82
11,000 40%
58
Feb 82
July
134
1/ June
4
3
Feb
66 series B
195' 84
7% preferred
85
s
17,000 47
6634 Feb 85
July
160
12
Apr 17
Jan Cities service 56
U 8 Rubber Reclaiming1966 5135 5735 38,000 28%
3054 Mar
734 July
•
/4 Feb
35
M Feb
Registered
United Stores v t
51
51
1,000
51
58
July
X
35 Ma
34
135 Jan
X 1,100
Cony deb 55
Un Verde Extenelon_60
1950
294 Fe
32
ar
July
e x234 334 3,300
2)*
234 Apr
435 June CMOs Service Gas 5%5'42 5231 5854 1322000 2834
United Wall Paper
•
6335 Jan 8934 July
14 13(
200
1
134 Mar
2% Jan Claim Service Gas Plpe 8634 8931 120,000 43%
Universal Pictures com_ _1
1
4 /June
535 June
Line 66
Utah Apex Mining Co
1943 '9835 9934 67,000 55
4
400
31 Mar
%
15( Jan Cities Sera P & L 5355 1952 4535 51 334,00
Utah Pow & Lt $7 Diet_ _.• 27%
26
*1
0 2634 8 35 Feb 59 M July
91
425 134 16
2935
Jan 31
May
6345
Utica(las & Elee 7% Pt.100 95
19119 46
5154 112,000 2736
2735 Feb 5134 July
95
10 77
84
Apr 95
July Cleve Elea III let 56_1939 103 1
Minty Equities Corp....*
103
0334 20,000 103
May 106
234 234 1,200
Mar
14 Mar
231 June
Si series A
Priority stook
1934 106 10654 9,000 101% 10514 May 111
• 6035 61
30 431( Jan 62 June
100
Feb
58 series B
Utility & Intl Corp
.1961 109 109
•
109
31,000 102
June 114
Jan
31 May
54
34 Jan Commerz & Prima 5348'37 4034
Cons preferred
4034 4,000 33
•
37
Apr 47
I
Feb
Mar
1% Apr Commonwealth Edison
0th Pow & Lt corn
1
34
134 4,900
34 Feb
151 June
let M Seoul% A__1953 112 1123.4 23,000
7% preferred
8854 10934 Jan 112% July
100 1034 124
• 84 Mar 14% June
800
let M 56 eerie, B___1954 11234 113
15,000 86
109
Jan 113
June
let 634e series 0_1956 109% 110
Venezuela Meg 011 Co_ _10
29,000 80
10534 Jan 11014 Apr
134
1% Mar
May
let 435a series D__1957 10934 110
Venezuelan Petroleum- _.5
793(
13( 134 5,100
Apr
ice Jan
1% May
let 434e series E___1960 10235 10235 5,000 804 10431 Jan 110
Vogt Manufacturing
7,00
102
254
•
8
May 106% Apr
Jan 12
May
1st M 46 series F___1981 103% 10435 153,00
Waco Aircraft Co
•
0 6931 944 Jan 10434 May
434 435
200
334
334 Mar
53 Jan
4
53-4seerieso
Waite & Bond el A
1962 10535 10534 45,000 92% 10534 Jun 109
•
100
9% 9%
434 Feb
Jan
3M
934 May Com wealin Subeld 5355'48 10035 10135
Class B
•
107,000 as
85
Jan 10134 July
34
h Mar
1% May Community Pr & Lt 5s 1957 6534
Walgreen Co warrants
7031 77,000 33% 5134 Mar 7031 July
34
34 Jun
16( Feb Connecticut Light & Power
Walker Mining Co
1
1
200
1
h Jan
1% May
76 series A
1951
Walker(Hlram)-GooderWm 17%
112
1194 Jan 12235 June
.
173i
6356 series B
& Worte Ltd
1954
104
• 2534 2634 6,100 20)4 234 Apr 8
10835 June 112
Jan
254 Feb
434a series C
Cumul preferred
1966 109 109
1,000 9834 1081, Jan 109% May
200 12% 1634 Jan 18)4 Mar
Watson Ii W) Co
le aeries D
1962
18,000 102
•
106
May 109% Jan
;s
116 July
3( Jan Conn River Pow 5e A 1952 10734 108
W soden Cooper
106 10631 25,000 87% 10334 Jan 106% June
1,
lie
1
lie June
300
3( Mar Consol Gaa (Ball)) City/
Western Air Express
2
41
2
500
Jan
34 Feb
66
Western Auto BUDD 7 A 1 48
1939
103
111 . Jan 113
48
--•
50
100 17
May
June 604 Mar
Gen mtge 4341
Western Cartridge pref_10
1956 12034 12031 5,000 994 11434 Jan 120% July
6234 98
Jan 101
Apr Consul Gas El Lt &P(Balt,
Western Maryland Ry 0
435s series 0
7% lst preferred
1969
101% 105% May 11% Feb
_100
aa
4634 Mar 63
May
465e series H
Western Power 7% Dreg 100
1970
96% 107
85
74% Ma
Apr 111
Ayr
8335 May
let ref 5 t 46
Western Tab & Stitt v t 0 • 14
1981 11134 112
17,000 88% 10554 Jan 112
14
64 12
100
July
Feb 143( June Consul Gas X7til CuWestmoreland Coal Co_
Si 4)4
7 Jun
7% June
lst & coil ils sec A-1943 68
Westvaco Chlorine Prod •
70
37,000
51
Jan 72% May
Cony deb 6541w w -1943 13% 14% 6,000 aa
7% preferred
4%
4% Jan 2235 May
99
BO
Jan 105 June Consolidated Publishers
West Va Coal & Coke__100
__•
33.4 334 1,700
3 Jun
34
5
Are
Williams(It C)&Co
7340 stamped
1939
70
•
87
10
June
Mar 97
10
Jun
1734 Jan Consumers Pow 5356-1
wilima 011-0-Matio Heat_•
956 108 10834 38,000 88
1073(
• 234
3
Apr
4
Apr
Wit-low Cafeterias Inc_ _1
let & ref 65
1936 10234 102% 44,000 1004 10234 Jan 10934 Mar
44
34 Mar
Jan
Jun 104
,515 Feb Conti Gas & El 56
Cony preferred
195)s 69
7535 505,000 aa
•
2%
42
2% June
Jan 7534 July
6
Jan Coagrove-MoehanWilson-Jones Co
•
9
18
Jan 2735 May
Wolverine Port Cement_10
Coal Corp 6356
1945 1235 12% 14,000
8
34 134
Jan 1734 Mar
335 June
3% June Crane Co 66 ___Aug 1 1940 10335
Woodley Petroleum.
10331 20,000 aast 102
1
434 434
500
Jan
335 Jan
2
6
May Crucible Steel 5s _
1940 100% 101% 34,000 60% 95% Apr 10334 July
For fDGnRo. see page 91.
10134 July
New York Curb Exchange-Continued-Page 5
90
BONDS
(Con(tuned)
Week's Range
of Prices
July 1
Sales 1933 to
for
June30
Week
1935
Range Since
Jan. 1 1935
BONDS
(Continued)
1Veek's Range
of Prices
July 6 1935
July 1
Sale.s 193310
for June30
1935
Week
Range Since
Jan. 1 1935
High
Low
Low
High
Low
High
Low
Low
High
Low
Mar
9835 10535 Apr 108
6155 Mar 854 June Jamaica WM BUD 5348'65
7,000 ao
Cuban Telephone 734e 1941 8135 83
May 4835 Jan Jersey Central Pow & Light
40
38
1014 Jan 10a% July
Cuban Tobacco 58.. _1944
1947 1014 10531 18,000 77
series 11
5s
July
Cudahy Pack deb 634s 1937 10335 104% 9,000 93% 10335 Mar 10455 Feb
1981 1034 1044 74,000 704 934 Jan 1044 July
435s series C
10355 Mar 10755
1946 10131 1014 2,000 102
!f58
8,000 10235 1084 Jan 107% July
9555 Jan 10434 May Jones & Laughlin 511 So '39 10635 107% 27,000 8135 90
Jan 111% July
Cumberld Co P& L 4358'58 103% 1034 7,000 65
69_2022 111 111%
Kansas Gas & Elea
77,5 Jan 9755 July
Dallas Pow & Lt to A.1949 108 1034 8,000 1004 10634 Apr 11034 Mat Kansas Power Sc.1947 9631 97% 59,000 55
lot% Feb 107 Mar
94
Jan 107% Mar
1952
58 series C
80% 105
Mar Kansas Pow & Lt Os A'55
15,000 99% 1054 Apr 109
Jan 1064 July
100
Dayton Pow & Lt 56_1941 1074 108
1957 10655 10651 3,000 70
5e series B
July
8635 Jan 103
45,000 65
Delaware El Pow 5350_'59 10135 103
1,000 9234 10535 Jan 10835 July Kentucky Iltilitles
824 Jan 9154 July
Denver Gas & Elea 50_1949 10835 1084
mtge 59 ser H._1981 884 9154 52,000 48
July
Jan 9631
73
July
Jan 105
9631 31,000 6631 83
26,000 55
Derby Gas & Elec 5e__1946 95
1948 1013-1105
831s merles D
Jan 10415 Feb
99
69
July
Jan 98
Del City Gas Be ser A_1947 102% 10331 33,000 76
26,000 50
1955 9354 98
634s merles F
Feb
July
1950 9635 974 74,000 87% 914 Jan 99
156 lot series B
C9,000 4534 624 Jan 92
92
1969 88
I
5s serlea
Jan 103% Mar
Detroit Internal Bridge
103% 5,000 8234 102
1943 103%
3
Jan
755 Apr Kimberly-Clark 5s
235
335 334 2,000
101% Feb 104% June
Aug. 1 1952
8359
Apr Koppers G & C deb 53 1947 103% 103,1 12.000 72
7
Jan
2
134
103
Feb 10535 June
Certificates of deposit.
7,000 76
Sink fund deb 53.44_1950 1014 105
2% Apr
35 Jan
31
Aug 1 1952
Deb 7n
1945
134 Apr Kresge(0 8) Co 5s
31 Mar
100% Jan 10351 Feb
3-1
Certificatea of depoeit _
1,000 85
103 103
Certificates of deposit
May
1014 Jan 10334
37,000 76
5655 Apr 74
June
,
13.000 ao
Dixie Gulf Gas 6359_1937 10231 103
Jan 1084 Mar Laclede Gas Light 5401935 7135 72 101,000 54
105
914 Jan 108
June
1967 10735 10735 3,000 85
Duke Power 4340
June 164 Jan Lehigh Pow Secur t3s _ _20215 10135 10635 23,000 5434 75
10
2,000 10
12
Jan 99
July
Eastern Util Invent 58_1954 12
99
Lexington Iltilltles58.1952 98
3334 Feb 6354 July
98% Jan 104
Apr
Elec Power & Light59_2030 5835 63% 575,000 22
103% 103% 39,000 57
8555 Jan 10055 June Libby MaN & Libby 5s '42
Jan 10435 May
1,000 8235 101
Elmira Wat,Li &RR 5s'58 100 10031 3,000 55
1942 1014 10131
8935 Jan 1034 June Lone Star Gas 5s
9535 Jan 10554 July
El Paso Elec Ea A....1950 10231 10235 2,000 64
Os_ ..1945 104% 105% 10,000 65
Long Island Ltg
10554 Feb 10855 Myr
100
El Paso Nat Gas 6348_1943
June Los Angeles GA E 5s 1939
Jan 104
1,000 6634 91
al023591024
8735 1034 Jan 10755 Feb
With warrants
1981
58
904 Jan 10034 June
Jan 110
1,000 25
Feb
1938 100 100
1,000 999' 108
Deb ft 34(5
1942 109 109
Co
July
Jan 92
67
29,000 46
107
Jan 1094 Feb
1952 8935 92
94
Empire Diet El 5e
1947
5 He series
Jan 6934 May
54
52,000 41
10455 Jan 10734 May
69
1,000 94
Empire Oil & Ref 5350 1942 66
1943 106 106
5355 series F
106
Jan 110
Feb
Ercole Sitwell% Elea Mfg
1949 106% 10734 26,000 94
Jon
53.10 series I
1,000 5835 5835 June 69
June
59
1953 59
68,000 6134 8834 Jan 103
634e A cc-wart
Jan 10631 July Louisiana Pow & Lt Ss 1957 101% 102% 2,000 90
100
Mar 103
100
June
1967 10631 1064 3,000 78
Erie Lighting Ess
1937 103 103
G & E 6s
Louisville
Jan 108% Apr
104
79
European Elea Corp Ltd
1961
4148 merles C
Jan 98
Apr
5,000 694 85
94
July 6635 FOD
1965 94
49,000 2234 50
834e x-wart
53
3435 Apr 5535 Jan Manitoba PONVOT 5349_1951 50
1,000 24
42
8534 Mar 96
June
European Mtge Inv 7s Cli7 42
95% 87,000 70
1955 95
964 Jan 10335 Apr Mass Gas deb .5e
8755 Mar 1024 Jan
Fairbanks Morse 5e1942 1023-5 10331 58,000 58
9935 30.000 80
1946 99
24 May
5341
155 Feb
135
Federal Sugar Ref 6s 1933
6151 July McCord Radiator & Mfg
,
3135 Jan
67
May 82
Jan
,
1,000 33
Federal Water Sem 55054 5734 6135 80,000 15
79
Cs with warrants.. 1943 79
9035 Jan 1044 Juno
70
Finland Residential Mtge
Apr Memphie P & L 5s A 1948 10371 10431 27,000
9835 Ma 100
89
994 16,000 86
Jan 10255 May
Bankel3s-5eStamped1981 99
Mar Metropolitan Ed 4s E_1971 10134 10135 20,000 83
102% Jun 10615
10055 Jan 10635 June
Firestone Cot Mills 50.18 10235 1034 20,000 85
1962 10634 10675 13,000 73
58 series Ir
Apr 10555 Mar
103
66
May
Jan 84
46
Firestone Tire dr Rub 5s'42 103% 103% 17,000 89
Jan 9451 July Middle States Pet 83fs '411 80% 8135 6,000
76
94% 64,000 48
Fla Power Corp 543_1979 93
July Middle West Utilities
5
88 271,000 444 684 Jan 88
Jan 104 May
3%
2,000
Florida Power & It be 1959 85
9
9
5
58 etre of depos11_1932
4% Jan 1035 May
8635 125,000 13331 8331 Jan 815 July
335
14,000
Gary Elea & Gas 5e ext 244 80
84 9
1933
Se Otte of dep
794 Apr 9934 Jan
435 Jan 1055 May
335
10,000
Gatineau I'ower let 5e 1916 8731 88% 48,000 7135 60
9
9
1934
59 Ws of dap
Apr 9931 Jan
4,000 60
1034 May
4% Jan
335
14,000
Deb gold Co June 15 1941 724 73
9
9
1935
5s efts of depoelt
624 Jan 7751 July
724 4,000 5934 5935 Apr 98% Jan
1941 72
Deb &series B
774 32,000 63
1943 75
Jan Midland Valley 59
94
Ma
81.4
5,000 55
107
Fob 108% Jan
General Bronse Co.. _1940 8834 91
10851 51,000 90
July Milw Gas Light 435s_1967 10735
93
Ma
74
5,000 54
9435 Jan 105
July
21,000 67
oeneral Pub dery 5s 1953 0135 93
5134 Jan 7254 July Minneap Gas Li 4359_1950 10435 105
7931 Jan 95% July
Gen Pub Util 635e A_19136 674 724 99,000 2335 56
1978 9431 9531 92,000 54
Minn P & L 4.54e
Jan 674 July
May
674 5,000 36
General Rayon Bs A_.1948 67
9951 30,000 5835 88% Jan 10(1
1955 9851
69
Ma 164.35 May
145
54,000 90
624 Jan 88% July
Gen Refractories Os w w '38 156 6162
1955 854 88% 97,000 3531 72
Ma 102% Feb Mississippi Pow 5s
100
17,000 86
July
102 102
Jan 89
Without warrante
1957 87% 89 107,000 40
Jan
1035 June Miss Pow & Lt 5s
4
2
Gen Vending 6s ex war '37
11
June MISsiesinP1 River Fuel
Jan
4
2
2,000
94
10
Mar 10152 July
9
1,000 89
Certificates of deposit__.
Co with warranta _ _ _1944 10135 10135
5831 Jan 7735 July
Mar 101
July
7735 72,000 3835
16,000 854 94
Gen Wat Wks & El 50_1993 74
'4034 101
Without warrants _
July
8135 Jan 100
9535 106% Jan 1084 May
Georgia Power ref 5s__1967 98% 100 292,000 5451 58% Jan 78
June Miss River Pow let 50 1951
17,000 40
July
3,000 7035 10135 Jan 107
Georgia Pow & Lt 5s._1978 75% 78
56% Jae Mlegouri Pow & Lt 5358'55 10433-1107
3135 May
414 Mar 58
Feb
47,000 33
Gesturei ris x-warrants 1953 3435 35% 20,000 30
Missouri Pub Say 58_1947 5355 56
Jan 10555 Feb
103
Gillette Safety Razor 5s '46 10331 10335 12,000 93
Mar Monongahela West Penn8451 Jan 92
74,000 53
86
Jan 102% July
58
Glen Alden Coal 40_1965 87,6 8831
Pub Sem,54 ser B.1953 100% 1024 58,000 4735 5735 Jan 79 June
Gobel (Adolf) 8340_1935
Apr 9355 Feb Mont-Dakota Pow 535e '4
70
8231 8235 5,000 69
with warrants
Jun 1054 Jan Montreal L H & P Con
2,000 9834 103
11,000 9431 1044 Mar 10754 Jan
Grand Trunk Ry 835e 1936 103 103
I951 10655 107
lot & ref 58 set A
9235 Jan
80% Ma
11,000 83
56.000 93% 105% Mar 10855 Apr
Grand Trunk West 48_1960 91% 92
1070 10635 107
July
86
re series B
8455 Jun
10,000
2
86
86
Jan
June
5
2
Registered
255 255 1,000
Fe 10754 July Munson S S 6%s ww_ _1937
(It Nor Pow bs stinp_ _1950 107% 107% 1,000 10235 10235 Jan 1094 Apr
Pow 5s 1946 10831 10835 7,000 93% 107
36,000 9135 10254 Apr 10635 Feb
Great Western
1755 Jan 524 May Narraganeett Elea 59 A '57 101% ma%
20,000 10
91
Apr 10554 Feb
1,000 9331 103
Guantanamo & Weal Cs '58 38
1957 105 105
Ce seriee B
3955 July
25
Ma
10035 Jan 10451 May
3935 8,000 24
2,000 98
Guardian Investors 5.9_1948 37
Apr 10734 Jan Nassau & Suffolk Lig 5el '45 103 103
105
22,000 97
714 Jan 98
July
61
1947 10634 107
75,000
Gulf()Hof Pa 53
98
2028 97
May Nat Pow & Lt Co A
9435 Jan 105
6131 Jan 8635 June
Gulf States Util 50_1958 103% 104,1 37,000 62
2030 8435 8635 35,000 42
Deb Sc merles B
May
8734 Jan 101
9
22,000 55
33.5 Mar
May
1961 1004 101
96,000
35-4
4.350 settee II
9
8
9834 108% Jan 1104 June Nat Pub Serv 58 ars_ _1978
1074 Jan 111
May
30,000 83
Hackensack Water 5s_1939
Apr 10894 Feb Nebraska Power 448_1981 10934 110
105
98
1014 Jan 11435 July
1977
&series A
2022 114 11435 3,000 7031 90
6sseries A
7754 Apr
Jun
67
25,000 67
Jan 102
July
7,000 35
Print iis atmp____1947 674 69
Hall
51
Feb Neisner Bros Realty (30 '48 wog 102
37 Jun
37
67
July
64
Apr 82
hamburg Flec 7s_ _ _ _1935
Nevada-Calif Elea 59.1958 764 82 141,000 85
1004 Jan 1004 Mae
Hamburg El Undergrouno
414 Feb New Amsterdam Ga 54.'48
Ma
31
4735 Mar 70
July
84
1938 314 314 3,000 28
& St Sty 535s
Jan 100 June N E Gas & El MOD 58_1947 634 70 113,000 334 48
84
32,000 55
71
July
Ma
26,000
Hood Rubber 534s-1938 100 10135
June
1948 6335 71
Cony deb 5a
87
Jan 100
81,000 85
Ma
693.5 July
1936 1004 103
7s
64
69% 150,000 33% 47
1951
June
Cony deb Sc
93
Jan 1(13
40
194,000 484 5414 Mar 7855 July
Houston Gulf Gas 86_1943 10131 10234 24,000
Mar 9935 June New Eng Pow Amen 58_1948 71% 7835 119,000 50
76
13,000 2931
57% Mar 81
July
835s with warrants_1943 98% 99
Debenture 535s
1954 7835 84
4755 Jan 88
May
Houston Light & Power
6735 49,000 3234
Mar New On Pub Sart. 448'35 62
2,000 9135 1044 Apr 107
58
May 67
July
1963 106 106
28,000 58
67
let 58 Her A
Certificates of deposit. 63
10255 Feb 105% Mar
79
304 Jan 55
July
1978
15,000 25
lot 435s ser D
1949 4931 55
fie series A
Jan 10634 Mar
104
55
77
Jan 9735 June
1981 105 105% 10,000 80
let 435e ser E
6,000 1014 100% July 10751 Apr N Y Central Elea 54n '50
90
55
June
Jan 91
Hudson Bay M & 568.1935 10035 10035
11355 May N Y & Foreign Inv 5%s'48
1004 11154 Jan
18,000 1034 103% Mar 1074 May
1950
Hydraulic POW 5s
10535 Mar 107% June NY Penn &Ohio 431s 1950 10735 107% 50,000 73
100
89% Jan 10551 June
1951
itct&imprls
Apr 64% Jan NY P&L Corp lot 44s 67 10531 10531 70,000 584 85
59% 3,000 4031 47
Jan 1024 July
II ygrade Food 6s A _ _ _1949 58
Aar N Y State0& E 430_198( 101% 102%
63
May
53
42
9934 Jan 108% June
77
1949
B
Bactrian
1st 5349
1982
May
10555 Jan 109
8,000 86
99.4 Jan 106
May
7,000 81
1947 108 108
Idaho Power be
Star 8031 Jan NY & Westch'r Lie 44 2004 10334 104
CO
5,000 60
10431 Jan 112
96
Apr
Illtnols Central RR 60 1937 6831 69
1954
Debenture fei
Jan 1074 May
1064 June 110
Mar
8,000 104
5/1_1957 10635 106% 10,000 8235 1024 Jan 98
ill Northern
July Niagara Falls Pow 65_1950 107 108
7555
120,000 48
111 Pow & L let (38 err A '53 9634 98
1959 10855 10835 3,000 994 1054 Apr 1094 Feb
Se series A
9331 July
6955 Jan
82% Feb 90
63
June
1st & ref 5358 ser B_I954 9175 9331 38,000 48
6654 Jan 89% July NIPPon El Pow 8358_1953
10035 Jan 10231 June
81
1958 88% 8936 106.000 4231
let & ref Sc ser C
Jan 83% July No Amer S.0.9 Pow 55_1936
57
July
78,000 2535 444 Mar 67
f deb 535,.May 1957 8131 8335 55,000 32
540 series A
1956 62% 67
204
Indiana Electric Corn
1948 3135 3635 18,000 1835 994 Mar 3675 July
May Nor Coot Ut11549
Jan 85
8435 10,000 6431 64
Jan 10655 July
3,000 71
1947 83
as eerlee A
Jan 88% July No Indiana G & E 88_1952 1064 10655
68
1953 844 8835 16,000 58
634s settee B
7635 Slay Northern Indiana P 13Jan
60
7631 61,000 45
Jan 1004 July
1951 73
58 neriee C
1986 100 100% 36,000 514 77
58 series C
1074 Jan 1074 Mar
93
4
July
75,000 524 76, Jan 101
Indiana (len Serf 59_1948
1969 100% 101
50seriea D
88
June
624 Jan
8535 5,000 44
Indiana Hydro-Elea 5e '58 85
1970 0131 9535 58,000 4934 7134 Jan 954 July
4 358 merles E
May
Jan 106
99
1,000 70
1014 Jan 107
Apr
10631 1064 3,000 69
Indiana & MIN) Elea 5e '55 1054 105%
88% 1074 Jan 1114 July No Ohio PA L 5350_1951 10735 10731 2,000 85
100
Jan 1074 June
1957 1114 1114 3,000
Sc...
July Nor Ohlo Trao & Lt Sc '58
54,000 2331 3831 Jan 60
904 Jan 105
CO
July
62,000 71
1950 57
104% 105
Indiana Service 50
353.1 Jan 5835 July No States Pr ref 4353_1961 10235 10335 7,000 69
88
5835 14,000 22
Jan 1034 July
let lien & ref be ._ l963 57
535% notes
1940
Jan 10035 June
80
743i Jan 9455 May
16,000 54
93
Indianapolis Ga. 5.9 A_1952 9935 100% 59,000 68
July N'weetern Elect 99---1931 92
9734 Jan 105
44,000 73
90 June 944 July
39,000 90
P & I. 5riser A'S? 104% 105
ind'oolle
Certificates of deposit_ _ _ 91% 94%
28
Jan 3834 Feb
013.4
intercontinents Power
435 Mar N'western Power C'A _1980 3234 3235 1,000
14 Mar
134
84 28
Jan 37
Feb
1948
89 series A ex-w
Certificate, of depoalt _
Jan 9555 Juno
4734 72
nternational Power See
N'weatern Pub Seri 5s 1967 944 9435 26,000 734 96
Mar 77% Jan
65
2.000 85
73
Jan 1034 Apr
1955 73
1530 series C
194o 101% 103% 19,000
Ogden Gas 55
6,000 7235 7234 Mar 8531 Feb
75
9731
1957 75
7s series F
1980 1054 106,1 31,000 834 10455 Jan 10655 June
Mar 804 Feb Ohio Edison let 5s
60
88
Apr 108% Jan
1952 674 8735 1,000 CO
79 series F
Apr Ohio Power let 5e B..1952 105% 105,1 2,000 834 10455 Apr 10835 May
8331 1044 Apr 108
international Bali 59..1951
1959 104% 10551 16,000
let & ref 44s ser D
6835 Jan 87% July
International Sec 58_1947 83% 91735 41,000 43
Apr 9954 May Ohio Publio Service Co13,000 53% 89
Mar
13,000 704 10534 Jan 109
Interstate Ire & Cii 430'98 97,5 9731
1963 1084 109
ils series C
Jan 7934 June
57
June
7,000 60% 9955 Jan 105
Interstate Power 53_1957 773.5 793.4 163,000 37
1954 104% 105
5s serial) D
Jan 60% July
10055 Jai 107
May
1952 5835 60% 80,000 2635 38
Debenture 6s
1961 106 106% 3,000 83
15349 series E
July
Jan 105
23,000 6835 99
Interstate Public Service1050 10135 105
Jan 7434 May Okla Gas & Elea 59
52
904 Jan 101
June
19111 71% 7435 98,000 41
5liserlee D
1940 10231 10235 27,000 63
Cs 'inlet! A
July
474 Jan 69
64,000 42
48
July
Jan 81
28.000 40
1958 65% 69
4359 serlee F
Okla Power & Water 6s '48 7554 81
,
8435 7,000 453i 654 Jan 844 3tar
Invest Cool Amer
1941 84
June Oswego Falls Co
Jan 100
92
6,000 87
99% Jan 10555 July
1,000 80
1947 100 100
68 series A w w
91
Jan 10055 July Pacific Coast Power 681940 10535 10515
10034 11,000 67
9935
without warrants
Pacific) Gas & El CoJan 103% May
88
28,000 56
11134 Jan 1184 July
lowa-Neb I. & P Ss_ _1957 102% 103
1941 11774 1184 33,000 101
lat ()fineries B
Jan 10335 May
86
1054 Jan 10834 Jan
1961 102% 102% 8,000 66
5,000 91
bo eerie/3B
1955 1063-4107
Sc series D
Jan 1054 Apr
100
10,000 72
Jan 1075% June
Iowa Pow & Lt 4356_1958 105 105
1957 106% 1074 33,000 8234 101
lat & ref 448 E
Jan 99,55 June
19,000 82% 10055 Jan 10755 June
Iowa Pub Serv 5s__ . 1957 98% 9935 46,000 574 824 July 8335 Apr
1990 10635 107
let & ref 434s F
60%
3,000 64
87
May
Mar cg
10,000 69
mare° Hydro Elea 7e.1052 6055 63
June Pae invest .58 ser A _ _ _1948 944 95
95
Jan
Apr
87% 3,000 733i 83
102
110
Jan 117
1sotta Franshini 7s_ 1942 85
Pacific Ltg & Pow 5s 1942
57% Jan 86% July
86% 130,000 35
Italian Superpower of Del
614 Mar 66% Feb Pacific Pow & Ltg 50..1955 7834 1034 3,000, 85
49
82,000
56
102
Jan 10455 June
Deb fls without war.1963 53
1938 103%
June Palmer Coro 85
Jan 5851
36
32
9235 Jan 10055 J1131,
Jacksonville Gas64_1943
1936 984 98% 2,0001 62
June Park At Tilfnrd Os
May 57
48
50
524 4,000 48
______
Stumped
page .11.
For footnotes see
1••••.
Volume 141
BONDS
(Continued)
New York Curb Exchange-Concluded-Page 6
Week's Range
of Prices
Sala
for
Week
July 1
1933 to
June30
1935
Range Since
Jan. 1 1935
BONDS
(Concluded)
Week's Range
of Prices
91
Sales
for
Week
July 1
1933 to
June30
1935
Range Since
Jan. 1 1935
Low
High
S
Low
Low
High
Par Low
Penn Cent L & P 4555 1977 9834 9951 65,000 67
High
S
Low
Low
High
84% Jan
9951 July Thermold Co 65 s1p:1_193i
79
804
Se
67
1979
Jan
8331 May
933
5 Jan 10551 June Tide Water Power 51_1979 9434 964 14,000 65
Penn Electric 48 F
72,000 49
76% Jan
1971
9331 97 124,000 5154
964 July
7431 Jan
97
July Tletz (Leonard) 734s_1946 364 364
Penn Ohio Edison2,000 25
32
Feb 404 Feb
Toledo Edison 55
1962 10651 107
tie series A zw
43,000 79
1054 Jan 1074 Feb
1950 95 100
16,000 394 664 Jan 100
July
Twin City Ray Tr 5355'52 5511 5631 141,000 19
Deb 545 series B_ _1950 9455 96
4531 Jan
5831 Mae
68,000
6131 Jan
96
July
Penn-Ohio P & L 54s 1954 1004 1064 15,000 35
74
1034 Jan 10674 Mar Ulen Co debts
1944
5511 57
Penn Power 68
8,000 33
424 Apr 57
1958 1054 106
June
4,000 924 105
Apr 108% Feb
Certificates of deposit_ _ _
5551 56
Penn Pub Serv 6s C 1947 107
5,000
55
June 50
103
June
4,000 8654 100
Jan 108
July
Union Amer lily 50 A.1948
be aeries II
944 Jan 10051 June
78
1954 1034 1034 1,000 60
95
Jan 10434 June
Union Elec Lt & Power
Penn Telephone be C.1960
103% Jan 10635 June
be seriee A
Penn Water Pow 5,,._ ,1944) 113 1134 33.000 86
1954
106
99
Apr 1084 Feb
1104 Jan 114
103
Apr
6e series B
1967 1004 10151 13,000 924 104
Cie series B
1968 100% 1064 12,000 89
Apr 1084
10531 May 10831 Jan
4155
1957 10731 1074 5,000 90% 1054 Mar 107% Feb
Peoples Gas L & CokeMar
United Elec NJ 45__1949 1144 1144
ds series B
5,000 984 1084 Jan 115
1981
87
89
63,000 5634 72
June
Jan
89
July
United El Seri 76 x-w_1958 554 5554 19,000 5555
,
fie series C
6535 June
1957 101(4102(4 110,000 684 89
75
Jan
Jan 1024 June
United Industrial 641 1941
Peoples Lt & Pr 56
35
33
1979
Jan
424 Feb
311
4
45,000
14
134 Mar
4
July
1st s f 6s
Phila Electric Co &LAM) 111% 1124 12,000
1945 424 424
2,000 334
3934 Jan
43
Feb
1044 1114 May 114% Mar
Phila Flee Pow 534s_1972 109% 1104
16,000 100
1074 Apr 1104 June United Lt & Pow 65-197
Ftilla Rapid Transit(is 1962 84
5 4634 5555 36.4,000 26
28
Jan
5514 July
84%
5,000 444 754 Jan 854 May
64s
Phil Sub Co G & E 445'57 103 103
1974 5055 5534 105,000 25%
29
Afar 5554 July
3,000 98
107
Api 109
Mar
645
Apr 1 1959 94
Phila Suburban Wat 5s '55 1034 1034 2,000
9515 21,000 50
78
Jan 96
kyr
9534 1034 June 1064 Mar
Un Li & Rye (Del) 53.4s'52 684 714 153,000 31
Pledm't Hydro-El 04e '60 50
39/4 Mar
7151 June
5355 24,000 6035
60
July
754 Jan
United Lt & Rye(Me)
Piedmont & Nor 5e
1964 10034 103
25,000 69
9351 Jan 103
July
(is series A
Pittsburgh Coal 6e
33,000 5135
1962 100 102
8255 Jan 102
1944,
July
10531 Jan 10831 Feb
89
665eries A
1973 474 5511 55,000 25
Pittsburgh Steel (in
30
Feb 554 July
1948 934 944 29,000 79
89
Apr
9855 Jan
U S Rubber 85
1936 1024 10231
Pomeranian Elec 6s 1953
5,000 8954 101% Apr 103
Feb
25
25
June
35
Feb
64% aerial notes_ I938 10154101(4 16,000 65
Poor & Co 65
1004 Jan 102
1939 1024 10234
6,000 80
98% Apr 10335 May
Feb
83-4% serial notes 1937 1014 10134
Portland Gas & Coke be '40 764 78
5,000 80
9951 Jun 102
Mar
65,000 6735 674 Feb 8254 May
635% serial notes
1938 101% 102
Potomac Edison 6e
4,000 60
98% Jan 102
1956 1054 106
14,000 72
Feb
9951 Jan 1064 Apr
614% serial notee
431e series F
1939 102 10251 13,000 69
1961 105% 10534
98
Jan 102(4 July
5,000 65
9335 Jan 106
June
64% serial notes_1940 1024 102(4
Potomac Elea Pow 56_1936
8,000 60
984 Jan 1024 June
10431 June 105% Jan
101
Utah Pow & Lt 66 A..,.2012 80
l'otrero Sugar 7s
81
18,000 45
55
Jan
1947
81
May
13
34
Jan 66
May
44s
Stamped
1944 85
8711 22,000 5231 63
Jan 874 July
45
47
15,000 41
41
June 49
May
Utica Gas 4, Elec 5s D_195t 107 107
PowerCorp(Can) 434e B'bf
2,000 92
101
May 103
844 8451
Mar
1,000 53
78% Mar 884 Jan
59 Series E
l'ower Corp of NY 515s'47
1952
91
10435 Jan 10534 June
57,000 50
9954 100
76
Jan 10034 May
Power Securities 68_A949 9451 95
5,000 4135
76
Feb
96
June
Valvolive 011 1.9
Prussian Electric 65..1954
1937 97
97
1,000 75
9051 Mar 974 June
29
Apr 42
33
Feb
Vamma Water Pow 6546'57
Pub tiers of N 11 44s B '57 104 10551
,
75
954 Jan 1034 June
5,000 8234 104
Jan 106% May
Va PublIcServ 54e A_I948 97
Pub Sem of NJ 6% pet etre 1254
,
9354 65,000 62
73
Jan 984 July
130
15,000 102
118
Jan 132
June
1st ref be ser B
Pub Serv of Nor Minnie1950 91% 95
28,000 45
6834 Jan
95
July
6e
let & ref 56
1948 844 88
23,000 46
1956 1074 103
5654 Jan 88
July
14,000 62
9034 Jan 108
June
Waldorf-Astoria Corp
be series C
1966 1044 1054 15,000 684 89
Jan 10534 July
7s with warrante
454e series D
1954
44
5
Mar
1978 102 10234
104 June
7,000 534 81
Jan 10234 July
Ward Baking 6e
A 45 series E
1937
924 10431 Feb 10811 June
1980 102
5,000 524 8034 Jan 103% July
Wash Gas Light 58_1958 10534 106
let & ref 4346 Fier F_1981 102 10334
54,000 76
1004 Jan 106
May
1024 104.000 6231 80
Jan 1024 July
Wash Ity & Elect 4s- _1951 10555 1054 4,000" 83
550 series II
99
Jan 1054 May
1952 105g 1004 51,000 6934 9834 Jan 107
May
Wean Water Power 65_196P 105 1054
Pub Serv of Oklahoma8,000 75
964 Jan 106
June
West Penn Elec 5s____2031
9151 93
be merles C
44,000 6854
634 Jan
1961 1034 104
9311 June
8,000 604 944 Jan 104
July
15e series D
1957 10335
9351 Ja
1034 July
West Penn Traction 59260 9931 100
Pub Seri Subsid 630_1945 95 1034 36,000 55
,
23,000 60
84
Jan 100
June
95% 17,000 4031
7051 Jan
9755 Apr
West Texas um se A_Igs; 78
Puget Sound P& I. 53513'49
804 138,000 41
63
Jan 824 May
78% 84 241,00
55% Jan
37%
84
July
West Newspaper Un 6s '44
3354 3435 12,000 23
let & ref be series C_1950 744 81
2635 June 594 Feb
118,000 3635
534 Jan
81
July
vi est United G & p, 5 48'55 10151 105
let & ref 4 45 eer D.1950 714 774
47,000 64
914 Jan 1054 May
212,000 334 50% Jan
774 July
Wheeling Elea Co 53_1941
100
10831 Mar 108
May
Wise Elec Pow be A _ _1954
Quebec Power 55
97
1968 1054 1054 3,000 85
1044 Feb 10654 Mar
101
Apr 1054 July
Wise-Minn Lt & Pow 55'44 105 10551 15,000 61
Queens Boro CI& E 44e'68
94
Jae 10511 July
Jan 10655 Mar
103
88
Wise Pow & Lt be E__1958 974 9551 21,000 62
5348 eerie. A
76% Jan
99
1952 984 984 20,000 8155
June
Jan 100
86
May
Is series F
Reliance Managemt 581954
9755 9551 22,000 51
1958
75
Jan 984 June
Wise Pub Berv 6s A
With warrants.
1952 10535 10551 11,000 7834 0655 Jan 10551 July
J80
1,000 554 82
91
91
91
May
Yadkin Riv Pow 5s
Republic Gael%
1941 1054 1054
9,000 133%
954 Jae 10531 June
1945 59% 593-4
1,000 14
404 Mar 60
June
York Rye Co be
1937 10235 1034 55,000 70
Certificate/4ot deposIt
9451 Jan 10334 May
5751 5934 33,000 13%
3951 Mar
5931 July
Rochester Cent Pow 591953
42% 48
6,000 224 314 Mar 48
July
Rochester Ry & Lt 58_1954 113
113
1,000 100
11234 Jan 11351 Slur
FOREIGN GOVERNMENT
Ruhr Gas Corp 6355_1953 38
39
36
3,000 2831
Mar 4351 k eb
It uhr [lousing 6 4s _1958
AND MUNICIPALITIES
June 3431 Feb
26
23
Safe Harbor water 44e '79
1083.4 1094 25,000 91
10534 Slay 1094 June
Agricultural Mtge Bt (Col)
At Louis Gas & Coke 68'47
331
34 July
6
954 1134 43,000
June
11
20
-year 74
San Antonio I'S 5s 13_ _'551
1934-1546 2531 2531
1,000
1811
2151 June 38
10151 10355 71,000 61
Jun
9231 Jan 10335 July
With coupon
San Diego G & E 555s D '60
26
5pm
314 Jan
9814 1054 May 10831 Jun
20
-year 7e
San Joaquim I.& P 5919 '52
1947 24
24
4,000 194
2155 June 3551 Jan
1074 Jan 126
88
June
Baden 75
58 series D
1951
25
8,000 21
2534
2414 June
1957 103% 104
34
Jan
6,000 754 95
Jan 105
Mar
Buenos Aires (Province)
Sauda Falls be
1955 1084 10851
8.000 101
10834 Feb III
Jan
713 stamped
Saxon Pub Wke6s
1952 6555 654 1,000 254 54
Apr 66
1937
June
Jan
36
4251 Feb
38
1947 674 6851 17,000
734s stamped
Schulte Real Estate274 59
Jan
70
June
Cauca Valley 7s
Os with warrants_ l935
1943
7n
731 Mar
11
7
Jan
11
Jan
30
Apr Cent Bk of German State &
fis ex -warrants
1935
435
10(4 Feb
20
Apr
Prov Slants 6s B_,1951
Harley(E W)Co 530_1943
30
39
May
5534 Jan
10151 10235 11,000 684
Jan 1024 July
96
(33 seriee A
Seattle Lighting 55_ __1949
1952
22
36
Apr 49
4251 45
69,000 17
Feb
28% Jan
45
July
Serve' Inc be
1948
105N
3,000 61
101
Jan 10634 June Danish 54e
Shawinigan W & P 446'67 10034
1956 9435 9455 15,000 684
9254 May 984 Jan
9635 974 56,000 6315
90
Apr 984 Feb
se
4145 series 13
1953
1968 964 97
Apr 9351 Jan
86
61
90
7,000 63
Apr 994 Feb
Danzig Port .5 Waterways
let 5e merles°
1970 10234 10355 14,000 73
98
Apr 10331 Jan
External 635e
1952
1st 4 Sieseriee D___ _197o
364 62
June 72
Feb
914 Apr
963-4 9754 35,000 634
9874 Feb German Cons Muni° 7e '47 2634 27
Sheffield Steel 51-4s
30.000 2454
1948
2435 May
3534 Feb
7734 10555 Jan 10834 Mar
Secured 6s
1947 264 27
Sheridan Wyo Coal Be 1947
8,000 2134
2431 May
37
4,000 38
Feb
5334 0434
47
Jan
5435 July
Hanover (City) 7s
Sou Carolina Pow 68_1957 94
4939 354 354 4,000 23
3015 Jan
9451 10,000 41
39
Feb
9451 July
Jan
73
Hanover(Prov)630_1949 2435 2435
Southeast P & L 6s___2025
,
1,000 2335
2315 Slay
34
Feb
Lima (City) Peru 6158_258
Without warrants
435
651 Mar
9655 9931 262,000 374 6431 Jan
1034 June
9911 July
Sou Calif Edison 6s___1951
Certificates of deposit
335
54 Mar
10
June
105
92
June 10834 Feb
6e
1939
105
100
June 10855 Feb
RefundIng be June 11954 10054
Maranho 7e
1958
1234
154 Apr
1731 Jan
107
28,000 905i 10535 Jan 108
Feb
is coupon off
Refunding lis Sep 1952
1958
1351 June
154 Jan
sou Celli Gas Co 448_1961 105% 10534 128,000 9214 10554 Jan loot Feb
Medellin 7s ser F
1951
11
11
1,000
014
10554 10651
915 June
13
Feb
7,000 784
9751 Jan 10651 June Mendoza 74s
let ref be
1951
1957 1044 1044 17,000 8535 102
264 6234 Jan 63
Slay
Jan 10651 Feb
5345 series B
4e stamped
1051
49
49
1,000 2334
1952 103 103
4434 Jan 554 Apr
9,000 92
103 .June 10555 Feb
Sou Calif Gm Corp be 1937
Mtge Bk of Bogota 7,1947
834 1014 Jan 10234 Mar
Flou Countlee Gas 435e-'68
Issue of May 1927
21
21
1,000
1351
10335 104
1751 Mar
24
7,000 7534
Jan
964 Jan 104
July
Sou Indiana 0.5 E 534e '57
Issue of Oct 1927
107
1331
18% Apr 2431 Jan
10755 10,000 9854 10655 May 110
Jan
Mtge Bk of Chile
[30u Indiana By 4s__ _ _195i
_1931
13
4,000
5655 594 35,000 25
74 114 A p
1315 Jan
25
Mar 614 June sftgeBk of Denmark 65'72 13
Sou Natural Oas tie ___1944
6e.88
88
10,000 624 8331 Slav
94
Jan
Unetamped
94
9551 99,000 53
81
Feb 954 July
Stamped
Parana (State) 75____1958 13
9451 94%
14
7,000
1,000 66
124 Jan
6
801-4 Feb 9
144 Fes
4% July
li'western Aseoe Tel 56 '61
Coupon off
1115 12
85
1,000 40
85
9,000
1135 June 144 Feb
634 Jan
85
June Ttlo de Janeiro 834e-1959 14
Southwest Gh E be A _1957
14
502'4 1034 99,000 60
1,000 1135
124 June
1511 Jan
93
Jan 10351 July
be merles 13
Coupon off
1957 10254 1034 30,000
124 13
11,000
114 June
14
924 Jan 1034 July
Apr
S'weetern Lt & Pr 66_1957 9335 9551 55,000 80
Russian Govt 64e___1919
14
135
7,000
151
131 June
451 Jan
45
7134 Jan
9551 July
Ii*western Nat Gas 6e_1945 804 8335
84e certifleatee____1919
134
155 10,000
111
135 June
60
Jan
8335 July
451 Jan
54e
SoWent Pow h IA 5s_2022 8455 8655 6,000 25
1921
28,000 37
154
155 June
5
49
Jan
Jan
8635 July
Sweet Pub dery rie_ _1945 994 1004
53.4e certificates ____1921
14
14 4,000
17,000 55
14
14 Mar
44 Jan
77
Jan
1004July Santa Fe 75
Staley Mfg 6e
1942 10331 104
1945 5331 5331
14,000 83
1,000 13
46
Jan
10351 June 106
be% Apr
Mar
Stand Gas & Elec 6e1936
7s Stamped
1945 45
46
70,000 37%
5034 55
3,000
3751 Feb 68
44
June 534 June
Jan Santiago 75
Cony (Se
1935 5155 55
1949
93,000 3755
54
3735 Feb 68
94 Mar 114 Mar
Jan
Debenture tle
78
1951
44
48
1981
104 104
107,000 30
1,000
54
10
stf, 11
32
Feb 48
Feb
July
Debenture tin_ Dee 1 1960 434 47
104,000 2855
31
Slam
4714 June
Standard Invests 54e 1939 93
• No par value. a Deferred delivery sales not included
93
5,00C 64
8234 Jan
05
in year's range. n Under
Slay the
Seen warrants
1937 94
95
rule sales not Included In year's range. r Cash sales
8,000 6415
85
Jan
954 June
not Included in year's
Stand Pow & L16s
1957 4251 4754
2531 Mar
4751 July ange. z Ex-dividend.
Standard Telep 548_1943 3451 36 260,000 2531
e Cash sales not Included in weekly or yearly range
10,000 16
2351 Jan
41
are given below.
May
Stinnee (lingo) CorpGen. Refactories Os ww. 1938, July Sat 165.
Deb 7s ex-warr
1936
z Price adjusted for split-up.
+
304 434 Apr:
56
Feb
7-4% stamped. __1936
43
48
Price adlusted for stock dividend.
33,000 305, 344 May
51
Feb
Deb 75 ex-warr_ __1946
45
46
4.000 29
36
May
53
Feb
7-4% @tam ped_ _1946 38
Abbreviation* Used Abore--cod," certificates of deposit;
4055 11,000 25
2955 May
"cons," consolidated;
4351 Feb "cum." cumulati
Super Power of 111 43-4s'68 103 10334 25,000 59
ve; "cony," convertible; "m," mortgage;"n-v." non-votI
88
Jan 1034 June "v
ng stock.
1st 4145
to," voting trust certificates; "w 1," when issued;
1970 103
10351 16,000 56
8555 Jan 1033-4 June
"w w," with warrants, •': w,"
66
without warrants.
1961 10531 10535
2,000 70
1004 Jan 1063X' 515y
Swift& Co let mu f 58_1944
The National Securities Exchanges on which low prices
1014 1024 June 107
Jan
since July 1 1933 were
5% nom]
1940 1014 10174
made (designated by superior figures in tables),
2,000 943-4 1014 June 10451 Jan
are as follows:
Syracuse Ltg 555s
1954 10751 10751
5,000 10335 106
New York Stock
June 1084 Feb
"Cincinnati Stock
u Pittsburgh Stock
6.s series 11
1957 10951 10931
3.000 97
10655 Apr 1094 July
New York Curb
Ix Cleveland Stock
"Richmond Stock
New York Produce
"Colorado Springs Stock "St. Louis Stock
Tennessee Flee Pow 55195e 954 99
75.000 48
814 Jan
New York Real Estate , Denver Stock
99
July
t
Tenn l'ublic Service be 1970 824 85
.
Salt Lake City Stock
17,000 40
754 Feb 83
Baltimore Stock
July
+5 Detroit Stock
Tern! Hydro Flee 8 451953 56
"
San Francisco Stock
GO
23,000 5555 5551 June 754 Feb
Boston Stock
+? Los Angeles Stock
Texas Elec Service 54_1960 9855 9954 163,000 60
"
San Francisco Curb
854 Jan
Buffalo Stock
9954 May
"Los Angeles Curb
Talus Gas 13t11 65_ _ _ _1945
xx San Francisco Mining
2055 2054
1,000 12
1354 Jan
California Stock
23
Slay
"Minneapolis-St. Paul
Texas Power & Lt 55_195e 103% 10434 101,000 65
"Seattle Stock
94% Jan 104% July
Chicago Stock
zx New Orleans Stock
"Spokane Stock
Ss
1937 10554 1004
8,000 87
10351 Jan 10615 June I 1 Chicago Board of Trade x+ Philadelphia Stock
31 WaSbillg
65
2(22 1014 103
tOTI(3 C.)Stock
834 Jan 107
15.000 51
Jill, I+ Chicago Curb
July 6 1935
Financial Chronicle
92
Other Stock Exchanges
July 1
Week's Range Sales 19331e
June30
for
of Prices
1935
Week
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, July 5
A it
Unlisted Bonds (Concluded)
Bid
1941
Alden 65
Allerton NY Corp 5%s 1947
2812
912
Mortgage Bond (N Y) 54911
1939
(Ser 6)
68
Brierfield Apt Bldg ctfs_
Carnegie Plaza Apts
1937
Bldg 6s
1941
Dorset Cs cBs
1612 20
1912
2312
10
12
6th Ave & 28th Bid 6455 '45
5th Ave & 29th St Corp 6s'48
2312
51
Park Place Dodge Corn—
With v t c
79 Madison Ave Bldg 5.3 '48
2124-34 B w ay Bldgs air;_ _.
2450 Bway Apt Hotel Bldg—
Certificates of deposit
Ask
Bid
Unlisted Bonds
7112
Sly
Unlisted Stocks—
Cit. & suburban Home,
12
1415
31
High
Low
High Shares Lola
Stocks (Concluded) Par Low
July
Feb 115
110
7 85
Island Creek Coal Co pref 1 115 115
800 Jan
50a Mar
30c
20
25 700 700
Isle Royal Copper
8% Apr
6
June
24
8
7
7
Libby McNeil & Libby_ _10
6% Mar
4
53i Jan
40
6
6
Loew's Boston Theatres_25
Mar
114 Jan 20
8
10
18
100 18
Preferred
1% June
1
Feb
1
210
1% 1%
Utilltiee Assoc yte_•
Mass
380 20% 24% May 324 Jan
Mergenthaler Linotype..-' 2531 27
June
8834 Mar 110
336 75
New Eng Tel & Tel _100 105 107
May
5
4% June
134
9
5
5
New River Co corn_ __ _100
July
Jan
77
56 24% 55
77
100 74
Preferred
834 Jan
2% Feb
2%
165
3% 4
NY N llaven&IlarstorrI100
30e Feb
200 Apr
20c
1,060
2Ic 230
North Butte MM Co_ .250
June
15 5634 5634 Apr 72
68
100 68
old Colony RR
550 June
250 Feb
100 25c
25 450 450
Old Dominion Co
50 22% 23%
Pennsylvania RR
• 2034 2134
P C Pocahontas Co
94
Providence & Wor By _ _ 100 94
1544
Reece Button Hole Mach10 15
94
9
Shawmut Assn IF Otte_ _ •
5% 6%
•
Stone & Webster
25 15% 1531
Swift & Co
85
• 85
Torrington Co
Union Twist Drill Co.._ _ _5 15% 16
4
1
.
_•
216
United Founders corn
2
2
United Gas Corp com_ _ _ _1
25 8031 82%
U Shoe Mach Corp
100 38% 40%
Preferred
34
Ills
5
Utah Apex SfinIng
134
134
Utah Metal & Tunnel__ 1
3
2
Veriniela Mex Oil Corp 10
5% 5%
•
Waldorf System Rio
4% 434
Warren Bros Co
Exchange
Orders Executed on Baltimore Stock
STEIN BROS.So BOYCE
39 Broadway
Established 1853
6.S. Calvert St.
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville, Ky.
Hagerstown, Md.
Louisville Stock Exchanges
Members New York,Baltimore and
Exchange,Inc.
Chicago Board of Trade and Commodity
•
Baltimore Stock Exchange
official sales lists
June 29 to July 5, both inclusive compiled from
July i
Range Since
;Week's Range Jules 1933 to
Jan. 1 1935
June30
for
of Prices
1935
Week
High Sharer Low
Par Low
Stocks—
• 1931 20% 1,222 1134
Arundel Corp
434
2,497
* 1134 14
Black & Decker corn
834
286
32%
25 31
Preferred
1 111
Ches & Pot Tel of Bit of 100 11439 1143-1
278 453-4
80
Consol Gas E L & Pow _ _. 76
251 104
6% preferred ser D100 11339 11431
92 91
1C0 113% 11335
5% Preferred
90
100
%
39
Davison Chemical Co.*
rm
200
434
com _I
434
E Porto Rican Sugar
214 1534
84
20 82
Fidelity & Deposit
8
90
3434
Fidel & Guar tire Corp_10 33
4
655
834 934
100
Houston Oil pref
2
4
45
1
%
34
Mfrs Finance con) v t25
534
438
7
6
25
1st preferred
39
66
1
1
25
20 preferred
1
706
2
131
Maryland Casualty Co1
1
676
134 1%
1
Jr cony pre ser B
14 182
Mercantile Trust Co_ _ _50 21234 21231
10 21
26
26
Merch & Miners Transp_.
125 1239
2134
Monon W Pa P S 7% pf _25 20
8
70
10%
92
30
New Amsterdam Casualty5
Penna Water & Pow corn_*
U S Fidelity & Guar _ _ _ _2
West Md Dairy Corp pref*
Western Natl Bank_20
834
70%
11
9234
31
High
Low
1534 Mar 22 June
July
731 Jan 14
233-4 Jan 3234 June
Mar
Apr 120
111
July
Jan 80
63
11131 May 11534 June
my, Jan 11334 July
Mar
1
% June
Jan
49-4 Apr
3
July
4139 Feb 84
223i Jan 3431 July
5
4
534
39
1
134
210
21
1539
534
4134
234
65
24
385
105
1,904
112
60
Bonds—
Baltimore City
$300
1958 111% 111%
48 conduit
200
1958 11134 111%
9s water loan
200
sewer impt '80 107 107
339s new
United fly & El
1st 6s ctfs (flat) _ _ _ _1949 11% 1231 5,000
39 13,000
39
Income 4s (flat) _ _1949
34 10,000
34
Income 45 (ctfs) _._1949
1949 1231 1231 2,000
let 4s (flat)
1034 1231 24,000
._1949
1st 45 ctfs (flat)
1,000
534 531
Wash B & Annan 5s flat '41
1 nnn
nIc
Elz
.nc.
..... — ._ _.._
Feb 10%
Jan
134
9
May
June
134
2%
Jan
231
Mar
Jan 213
Mar 28
Jan 2131
Mar
Jan
Jan
Feb
Mar
6
53
534
80
28
73-4
39
39
7
7
194
11,
May
Apr
Jan
Jan
June
June
Apr
May
July
934 June
713-1 June
11% Jan
03 June
Jan
32
Mar 111% June
Mar 11134 June
Jan 107 June
108
93
9434 108
101
80
1031
34
34
1194
10%
231
Mar
Apr
July
June
Mar
Jan
1 5.6
Tan
20
131
139
20
19
531
Feb
Jar
Fet
Fel
Jar
July
SW Jim,
Boston Stock Exchange
compiled from official sales lists
June 29 to July 5, both inclusive,
.1111.1
Week's Range
of Prices
i
High Shares Low
Par Low
Stocks—
180' 4
93,4 10
•
American Cont Corp
%
300
2
2
Amer Pneumatic Serv Co25
230
23-4
439
4
50
non-cum pref
6%
45 10
16
50 16
let preferred
100 12434 12831 2.118 1 98%
Amer Tel & TeL
2
455
234 231
•
A moskeag NIB( Co
10 60
95
Bigelow-San( Carp pref 100 95
117 88
100 11031 112
Boston & Albany
135 55
66
100 65
Boston Elevated
Boston & Maine—
613 1231
100 1839 20
Prior preferred
334
200
834 8%
Class A 1st pref anal _100
54
22
834 834
Class B lot pref st pd.100
434
75
734 9
pref stpd.100
Class C 1st
634
40
10%
Class D 1st pref stpd_100 10
839
100
13
Boston Per Prop Trust_ _ _• 13
15
331
100
64 631
Brown & Co6%cum pfd
25
Calumet & Hecla
Chief,. Jet fly Sr U S Y6% cum preferred__ _100
25
Cooper Range
•
East Boston Co
East Gas & Fuel Assn—
•
Common
100
6% cum prof
prior preferred 100
4344
East Mass St fly adj _ _ _100
Eastern S S Lines com___.
Eastern S S Lines lot pref _.
106
Edison Elea Ilium
•
Employers Group
•
General Cap Corp
Georgian Inc CIA pref.. _ _20
•
Co
Gilchrist
•
Gillette Safety Baler_
Hygrade Sylvania (T C).•
•
Preferred
n
For footnotes see page
234
239
25
231
High
Low
Apr 101i May
7
July
2
g Mar
531 Jan
2 June
12% Jan 19% Jan
98% Mar 13031 June
434 Jan
Apr
2
July
May 95
82
Mar 120% Jan
88
May
58% Apr 66
Mar
Apr
Apr
June
Mar
Jan
Feb
20
8'A
10
9
11
1331
8)1
July
July
June
July
June
June
Jan
2% Mar
434
Jan
12%
3%
4
434
6
934
5%
106
85
3
3
1
34
11739 117%
339
3
234 234
25
200
1,865
334 334
4739
43
63% 66
76c 760
539 6
100 100
144 15039
1534 1539
31%
31
60c 600
339 3%
14% 1534
33% 35
10594 106
2
350
637 3734
324 53
121 76e
140
43-4
10 95
1,037 9734
6%
55
15 18
%
15
40
21-4
741
388
560° 17
95 7439
,
. ,,..
95
Range Since
Jan. 1 1933
Sales 1933 to
June30
for
1935
Week
Jan 1174 July
Jan
4
Feb
2% Jan
Feb
43-4
Mar
2
3731 Apr 50
5434 Mar 66
131
760 July
7
434 Apr
Jan 102
95
9731 Feb 1504
17
1131 Jan
2431 Mar 3134
11-4
60 July
434
Apr
3
1631
12X Mar
37
2634 Jan
Jan 108
95
924
13, Afar
Range Since
Jan. 1 1935
Jan
Jan
July
Jan
Jan
Apr
July
May
June
Apr
Jan
May
Mar
May
inn
Bonds-Atnoskeag Mfg Co 68_1948
East Mass St fly—
1948
Series B 54
266 17%
50 10
5 84
160
5%
42
622
234
215 11
15 35
8
20
3-1
109
1,4
30 2
1,023 47
237 30%
145 62%c
60c
1,670
1
35
319
30
2%
106
5034 50y, $1,000
65
65
1.000
1744
20%
84
1314
8
2%
14%
69
12%
3(
1%
70
4
351
"is
1%
1
434
2%
51
32%
34
Mar
July
Slay
Mar
Feb
Mar
Stay
Jan
Jan
Mar
June
Jan
Jan
June
June
Jan
Mar
Mar
25%
27
94
15%
941
34
19%
86
17%
Si
2.54
84
404
134
2%
3
794
641
Jan
Jan
July
July
May
July
Jan
June
Slay
May
May
May
July
Jan
Jan
June
Jan
Jan
Mar
704
Jan
50
5234
Jan
6634 Feb
CHICAGO SECURITIES
Listed and Unlisted
Paul. FLDavis &ea
Members,
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb lischaene
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
compiled from official sales lists
June '9 to July 5, both inclusive
July i
Flange Since
Week's Range Sales 1933 to
Jan. 1 1935
June30
for
of Prices
1935
Week
Par Low
Stocks—
Abbott Laboratories Com_• 96
Adams (J DI Mfg cotn__• 1836
231
Advanced Alum Castings_5
Allied Products Coro el A _• 1939
A Itorfer Bros Co cony pref* 21
Amer Pub fiery Co prat _100 20%
334
Armour & Co common_b
1%
Asbestos Mfg Co com _ _ _ _1
Associates Invest Co corn_ a 134
8
Automatic Products nom_6
Balaban & Katz pref _ _ _100
Bastian-Blessing Co corn.*
Bendlx Aviation coca_ ___•
Benzin:dr Brewing Co_ _ __I
Blnks Mfg Co cony cl A....*
Borg-Warner Corp corn_ 10
100
7% preferred
Called
Brown Fence Sr Wire cl A.*
•
Class B
ii,
Butler Brothers
Castle & Co(A M)com _ _10
Cent Ili Pub 8erv prof___'
Central 8 W —
1
Common
•
Prior lien pref
•
Preferred
Cent States Pow & Lt pfd_•
Chicago City Sr Con fly—
Participating preferred_•
•
Chicago Corp common
•
Preferred
Chic Flexible Shaft oom_ _5
Chic & N W RY corn__ _100
Chic Rivet Sr Mach cap_ _*
Cities Serviee Co corn_ __.•
Club Alum Uten corn_ _ _ _a
Coleman 1.1, Sr Stove corn..'
Commonwealth Edison 100
Continental Steel—
•
Common
b
Cord Corp eap stock
25
Crane Co common
100
Preferred
5
Curtis Mfg Co corn
High Shares Low
40 343-s
973.4
5
40
18%
I%
250
29-4
534
300
20
936
100
21
3
520
27
250' 33-4
334
139
100
139
150 4334
137
244
834 1,050
99
99
2% 3%
1434 1539
1
3% 33
4
2
2
399-4 419,4
11034 11034
108 108
2131 2134
12
123-4
6
634
29
29
4134 48
34
39
3034 3534
734 11
64 631
High
Low
June
60
Jan 103
Star 224 May
12
234 June
134 Mar
Jan 20
May
12
Jan 21
July
18
July
734 Jan 27
641 Jan
331 APT
139 Mar
21-4 Jan
Jan 142
June
79
9% May
Jan
5
Feb 99
July
43-4
Mar 17%
Jan
43-4
Jan
234
Jan 4194
Slay 113
June 108
2134
Jan
Jan
1234
714
June
Jan 3334
Jan 48
Mar
Jan
Jan
Apr
Apr
July
Mar
July
July
July
Jan
Apr
July
/4 Jan
1234 Jan
33-4 Star
194 Jan
4
1(
,
3515
11
64
Feb
July
July
June
24
234
37
2334
5%
,
15 1 4
23-1
%
22
85
June
Jan
May
July
Jar
May
May
Jan
June
June
8739
60 20
234
231
700
12
9%
1,800
241
2
150
134
134
100
5,500 1144 2834
108
20 87
10734
90
14%
400 r 1634
4
100 r 534
639
1,100' 234
50 10
1734
1,051' 1031
1339
2,100 2
540
980
10
312
2
2
11%
2
234
37
2394
134
1531
2
54
20
8439
1
100
1
2,050
900 2031
7
350
139
900
150 2 434
%
3,750
34
100
20
53-4
950 3034
1
1
29
1341
134
13
41
31
1794
67
834 894
3
33-4
1334 1331
107 110
9
9
5
200
2
1,500
5
450
40 32
54924 494
934 Jan
Feb
6
434 Jar
2
Mar
(
143,4 11111
7
Mar
Jan 11194 June
83
June
594 Jan
914
2
239
3634
22
134
1494
1)1
si,
20
8039
434 414
Dayton Rubber Mfg corn_•
1434
35 14
Cumul el A pref
63i 64
Co (The) corn__ _ _5
Dexter
Eddy Paper Corp(The)_ _• 1639 17
Elm! Household ULU cap..5 IV% 14
Elgin Natl Watch Co_ 15 2234 2234
8
8
_5
Gen Candy Corp Cl A
331
3
Gen Household UM oorn _•
9
9
Godchaux Sugar Inc cl B..*
tIoldblatt Bros Ino oom _• 2034 21
Great Lakes D & D oom__• 2134 22
50
Greyhound Corp corn. _ _ _5 50
43-4 434
Hall Printing Co corn_ _ _10
634 63-4
Ilelleman Brew Co G cap.1
Ilormel & Co(Geo)com_• 1734 1731
froudaille-Hereney CI B_• 1439 16
6
6
Illinois Brick Co cap_ _ _ _25
100 8939 9114
III North Util pref
17
Interstate Pow $7 pref _• 17
19
• le
se .-....,......,,
550
300
20
400
200
100
50
1,600
50
1,000
950
50
150
55C
50
9,950
100
120
702
10
234
894
331
434
6
635
3
2%
394
83-4
12%
5
394
63-6
16
234
334
4234
7
A
Mar
Apr
Jan
Jan
June
Mar
Apr
May
Apr
Jan
234 Slay
834 May
434 Jan
1314 Jan
12
Apr
141-4 Feb
54 Jan
24 June
634 Jan
173-4 Jan
Mar
17
193
Jai
4
May
69,4 July
1734 June
644 Mar
531 Slur
Jan
60
839 Jan
A
li`oh
431 June
1431 Jun(
734 May
1934 Fel
1731 Jar
Man
25
Mal
9
74 Jar
1134 Mal
2134 Jun(
2394 Jum
504 Jum
734 Jar
79-4 Jun(
193-4 Mai
Jul}
16
731 Jan
9134 Jul3
Jul3
17
19
Jul,
Volume 141
Financial Chronicle
Week's Range
Of Prices
July 1
Sales 1933 to
for June30
Week
1935
Range Since
Jan. 1 1935
Week's Range
of Prices
Stocks (Concluded) Par Low
High Shares Low
Low
High
Iron Fireman Mfg v e._ • 20
2134
1,050
334
1334 Feb 21% July
Jefferson Electric Co com_* 25
26
150
18% Jan 26% May
9
Kalamaloo Stove-Common
• 2834 3134
860 07
1534 Jan 31% July
Katz Drug Co com
1 38
3934
350 19
33
Mar 4055 May
Ken-Rad T & Lamp corn A•
500
434 5
1%
3
Jan
6% Feb
Ky Util Jr cum pref
50 27
35
730
5
6
Jan 35
July
Keystone St!& Wire com • 29
30
1,300
22
Mar 30
July
7%
Preferred
100 101
10234
50 65
85
Jan 10234 June
Leath & Co—
Common
34
250
%
1% Feb
35
% July
Libby McNeil & Libby _ lb
634 734 4,000 a 251
5
Mar
85s Apr
Lincoln Prtg Co—
Common
•
134 134
550
1
Vs
2
Jan
Mar
Loudon Packing coin_ _ _ •
410 10%
233-4 2634
19
Jan 26% July
Lynch Corp corn
5 38
1,000 15
3934
26
Mar
3934 Jan
McGraw Electric corn _ _5 183i, 18%
900
13% Jan 1034 June
334
51eQuay-Norris 51fg com_* 56
56
20 24 39
51
Mar 56
Juno
slcWilliama Dredging Co
.• 3434 34%
100 12%
225( Jan 36% May
Marshall Field common-.•
350
831 834
6%
634 Mar 11% Jan
Mer & Mfrs See cl A com.1
334 3%
300
134 Jan
4
34
June
Middle West Utilities—
Common
*
A
In
% 2,400
34 Jan
34 Jan
Midland Utility
.
7% prior lien
100
ti
50
%
55 Apr
3-4
ti Jan
Miller & Hart Inc cony pf_•
2
2
40
1%
1% June
4% Jan
Monroe Chemical—
Common
•
714 755
100
2
6% Jan
954 Feb
l'referred
* 4634 4634
10 201/ 4254 Jan 4734 Apr
Muskegon Mot Spec Cl A_• 1434 15
100
5
1434 July 20
Jan
National Battery Co pref_* 2234
2334
150 19
22
Jan 24% Jan
Natl Gypsum CIA com_ _5
300
1334 1334
6
Mar
1334 June
National Leather com_ __ 10
1
1
50
al Mar
134 Jan
Vs
Nall Repub Invest Trust—
Corn cony preferred_ _ _•
I% 1%
400
1% Feb
3 Slay
Noblitt•Sparks Ind corn • 18
1,150 10
1834
1334 Feb 1834 June
National Standard com •
150 17
26% Mar 31
June
North Arner Lt & P corn_ _1 3034 31
134 134
750
54 Apr
134 May
3.4
Northern Paper 511118 com* 10
10
20
10
July
10
July
Northweat BanoorD com_.
•
454 5
1,000
234
834 Jan
534 Jan
Northwest Eng Co com * 11
11
50
3
5% Jan
1314 May
No'west 1411 pr lien pref100 16
18
20
2
3
18
Ma
July
7% preferred
100
334 4
240
1
154 Jai
4
July
Parker l'en (The) corn_ 10 1834
20
250
4
11
20
Jan
July
Penn Gall & Elea A atm_ _• 1
234
500
6
8
Ma
13
May
Peoples G L & Coke cap100 3234 13
3234
50 1951 21% Apr 3234 July
Perfect Circle (The) Co__• 35
35
50 21
31
3931 Apr
Fe
Pines W1nterfront corn__ _5
234 234
850
N Jan
2% June
Vs
Potter Co(The)corn
•
134
134
50
131
134 Jim
23.4 Jan
Prima Co corn
•
234 234
50
134
434 Apr
234 Jan
Public Service of Nor III —
Common
• 373-4 39
1,150
1534 1Jfin 39% June
934
Common
60 3754 3734
200
16% Jan 39% June
6% preferred
100 100 103
200 28
6134 Jan 103
July
7% preferred
lOri 107 10734
20 38
73% Jan 108
June
Quaker Oats Co—
Common
• 132% 134%
380 106
128
Jan 134% July
Preferred
100 144% 144%
10 111
133
Feb 146
May
Rath Packing corn
2834
150 20
28
May 30
Jan
Reliance Int CorpA com100 28
10 2
13.4
134
1% Feb
134 Jan
34
Reliance Mfg Co com_10 12
1354
50
9% Feb 1354 July
9
Ryerson & Sons Inc com_ _• 29
30
20
11
20
Jan 33% Feb
St Louis Nat Stkyds cap.
.• 71
71
1
32
69
Jan 75
Feb
Sangamo Elec Co com _ _ * 1534
20
1734
4
8
Jan
1734 June
Preferred
ioo 107 10834
6
40
95
Jan 10854 July
Sears, Roebuck corn
• 4234 4234
5
33
30
Mar 42% June
Signode Steel Strap Pref _30
10
6% 11% Jan 26
May
Sivyer Steel Castings come 2254 2255
12
10
5
Mar 12
334
July
Sou Colo Pow Co A com_25 12
2
2
20
1
Mar
Vs
2
June
S'west Gas & El 7% p1100 92
60 3934 54% Jan 9354 July
9334
Standard Dredge—
Common
1
13.4
134
300
14
34 Mar
2% Jan
Convertible preferred_.
555
450
134
33-4 Mar
634 Apr
Sutherland Paper Co com10 1354 534
300
10
1354
5%
Jan
18
Jan
Swift International
15 323.'* 33% 2,100 19% 31% Jan 36
Feb
Swift dr Co
25 1534 1534 3,700 11
1434 May
19% Jan
Utah Radio Product cona_*
%
1
400
34 Mar
134
134 Mar
Util & Ind Corp corn
•
200
5.4 Mar
%
Vs
34
)4 Jan
Convertible pref
•
134 135
200
% Mar
134 Jan
Viking Pump Co corn_ _ •
1034 1055
20
17
A
635 Jan zI2
May
vortex Cup Co—
Common
• 1734 1734
600
5%
15
-Jan 18% May
Class A3434 34%
• 34%
100 24
31
Jan 35% June
Wahl Co(The) corn
1% 1%
200
1
Apr
93e Jan
Walgreen Co common_
• 2734 2834
1,300 1554
2634 June 31
Jan
Ward (Mont) & Co clA..* 139 140
190 56
127
Jan 1433.1 Slay
Waukesha Motor Co com • 85
87
470 21
30
Jan 92
June
Wleboldt Stores Inc corn_ _• 17
200
954
11
17
Feb 17% June
WisconalnItankshares corn•
2
200
234
2 June
1%
834 Feb
Zenith Radio Corp corn._•
234
1,150
1%
1% Apr 23.4 Juno
mo Bonds—
Chic fly corn ridge 5s A
'27 27
51,000 12
27
1834 Jan 27
July
BALLINGER kit. CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First Boston Corporation
Cincinnati Stock Exchange
June 29 to July 5, both inclusive, compile
d from official sales lists
July i
Week's Range Sales 1933 to
Range Since
of Prices
June30
for
Jan. 1 1935
Week
1935
Stocks —
Par Low
High Shares Low
Low
High
ner Laundry Machlne_20
1534 16
1234 Mar 16
137 a 1034
May
ner Products pref
*
9
10
8
1
1
May
93-4 Apr
trthage Mills pref __100 83
83
10 51
55
Jan 82
June
tampion Coated
100 105 125
125 85
85
May 105
June
aurngold
•
5
534
256
1
254 Jan
7
Apr
ncinnati Ball Crank pref'
2
2
107
134 Mar
134
23-4 Jan
ncinnati Gas & Elec_100 98
236 62
9934
7234 Jan 9934 June
,ncinnati Street Ry__50
3
334
416
234
234 Apr ' 334 Apr
Incinnati Telephone_ __50 87
88
211 6034 6234 Jan 8834 June
sea Cola A
• 38
3851
20
534 25
Jan 3834 June
rosley Radio
• 1334 1434
73 I 7
13
Mar 1634 May
ow Drug
•
10
2
534 5%
534 June
9
Jar
orphl.,MohneTnod
on
St, kl,
Inn
fliX
326 Mr,
Rd/ Mal,
For footnotes see parte orr.
93
Stocks (Concluded) Par Low
Formica Insulation
• 12%
Gibson Art
• 24
Goldsmith
734
Hobart class A
• 35
Julian & Kokenge
20
Kahn 1st preferred__ __100 78%
Kroger
• 28
Lunkenheimer
• 11
ManIschewitz
Moores A
Na-54 Co
Procter & Gamble
8% preferred
Randall A
Rapid
Richardson
U S Playing Card
U S Printing
Preferred
Sales
for
Week
July 1
1933 to
June30
1935
High Shares
12%
77
24%
30
32
734
35%
136
20
60
78%
10
2834
20 I
11
20
11
11%
3
3
25 15% 1534
• 49% 50%
100 219 219
19%
• 19
• 42% 44
•
934 934
10 37
37%
•
4% 4%
50 22% 2254
Low
8
734
2234
1
50
19
8
Range Since
Jan. 1 1935
Low
934 Mar
16% Jan
754 Feb
27
Feb
10
Feb
Apr
65
23% May
8
Apr
High
14% May
25% May
8% May
35% July
20
July
7831 June
29
June
12
May
105
754 Feb
5
11%
45
2
Mar
3
7-4
10 10
10
Jan
16
81 1 33% 43% Jan 5034
10 101
191% Jan 219
174
934 1754 Jan 20
236 12
27% June 43%
100
6
6% Feb
2
88 14% 29% Jan 39
99
2
3
Jan
7%
8
4%
10
Jan 25
July
May
Apr
June
July
May
May
May
May
May
June
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
June 29 to July 5, both inclusive, compiled from official sales lists
July 1
1Peck's Range Sales 1933 to
Range Since
COT
of Prices
June30
Jan. 1 1935
Week
1935
Stocks—
Par Low
High Share
,
Aetna Rubber
1% 2
150
Allen Industries Inc..— _. 18
305
1854
Apex Electric Mfg
•
50
534 534
City Ice & Fuel
• 20% 21
517
Preferred
100 95% 94%
20
Cleve-Cliffs Iron pref___' 17
10
17
Cleve Elec 1116% Prel— WO 114% 114%
40
Cleveland Quarries
•
5% 5%
100
Cleveland Ry
100 59
59
35
Certificates of den_ _100 59
60
76
Cleveland Un Stockyards _• 10% 10513
65
Corrigan, NleKinney vot_ 1 12% 1255
37
Dow Chemical
• 102% 10255
Faultless Rubber
• 33% 33%
Federal Knitting Mills_ _ _* 43
43
Harbauer
*
1854 19
Interlake Steamship
• 24
24
Jaeger Machine
•
8% 10
Kelley Isl Lim & Tres _ _ _• 13% 14%
Lamson & Sessions
3
•
4
McKee(A G) class B
* 12% 1255
,
Medusa Portland Cement • 16% 17
Murray Ohio Mfg
* 14% 15
National Refining
25
5
National Tile
•
2
National Tool
50
ti
Nestle LeNlur cum class A*
2%
Nineteen Hood Corp A _ _* 28
Ohio Brass B
• 24%
6% cum preferred.. .100 105
Patterson-Sargent
• 24
Richman Bros
• 53
Robbins &Myers v IC pref'
2%
Seiberling Rubber
*
1%
Sherwin-Williams
25 100
S SI A Corp
1 14
Truscon Steel 7% pref _100 38
Vichek Tool
*
4%
Weinberger Drug Inc. _.-• 14
Youngstown S & T
Cum 534% preferred _100 50
Low
Low
High
1
2
% June
Mar
2
834 Jan
1934 May
4
Jan
33'
734 May
14% 2034 Jan 24% May
63% 90
Mar 100
Slay
15
15
Mar 20
Jan
9934 110% Jan 11434 Apr
534
534 May
Jan
6
35% 5334 Apr GO
Jan
34% 50
Apr 61
June
Feb
735 10
11
Jan
Mar 1534 Jan
8
8
10 a 36%
11 21
50 29%
110
454
125 20
630 it 1
100
634
400
23-4
40
5
125 16
155
2%
85
30
40
18
20%
4%
11
2%
9
12
3
Mar 10234 July
Jan • 34 June
Mar 46% Jan
June 23
Jan
Mar 28% Jan
10
Jan
July
Jan
15 Slay
May
4
Jan
Jan 12% June
Jan 17
June
Ma
15
July
2%
28
25
105
24
53%
3
50
1,069
50
100
205
275
15
20
203
60
2%
1
3-4
1
21
10
48
1034
38
2
2%
1
34
254
23%
19
96
19
46
2%
Mar
754
Ma
3
Jun
%
Jun
554
Jan 28%
Jan 28
Ma 105
Apr 25
May 55
May
3%
Apr
Apr
June
Jan
June
Apr
July
June
June
Jan
1%
100
14
38
4%
13%
180
10
55
33
50
58
154
32%
8%
25
1
7
1
June
3
85
Jan 100
9
Jan
14
Apr 44
25
Feb
2
4
1234 Jan 1554
Jan
June
June
Feb
May
Feb
30
40
5
25.:
50
2
Star
56
Jan
WATLING,LERCHEN & HAYES
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone - Randolph 5530
Detroit Stock Exchange
June 29 to July 5, both inclusive, compiled from official
sales lists
July 1
Week's Range Sales 1933 to
Range Since
of Prices
for
June30
Jan. 1 1935
Week
1935
Stocks—
Par Low
Auto City Brew com
"
1%
Baldwin Rubber A
* 1594
'Bower Roller Bear com_ _5 233-4
.
Briggs Mfg com
* 3354
Capital City Prod com
* 13
Chrysler Corp corn
5 49
High Shares Low
1,587
13.4
134
1834 2,049
254
243.4 2,150
6%
3434
1,6251 63-4
13
100
4
49
734' 2634
Low
1 % Mar
674 Mar
16
Mar
25
Feb
4
Feb
31
Mar
High
2
Jan
1834 July
25% July
3434 . July
13
July
4934 June
Detroit Edison com__100
Detroit Gray Iron corn _ _.5
Detroit Mich Stove com_ _1
Detroit Paper Prod corn_ _•
Eureka Vacuum
*
Federal Mogul com
*
Federal Motor Truck com •
92
92
43-4 57-4
lats
1
1334 14
1134 11%
43-4
43.4
534
57-4
55
2
%
354
634
3
23-4
65
31%
54
934
1054
3%
33-4
Mar
Apr
Mar
Jan
Mar
Mar
Mar
92
57-4
1
143.4
123.4
554
634
General Motors com __ _10
.
Goebel Brew corn
*
Graham-Paige Mot com _1
Hall Lamp corn
•
Hiram Walker—G & W....*
Home Dairy class A
•
3294 333-4
1,742 al 223-4
455
454 14,573
3%
154
870
134
134
434
4)/s
841
3
2554 26
375 a 2034
13
13
50 11
2694
334
13-4
354
24
1154
Mar
June
June
June
May
Apr
3434 Jar
434 Juni
334 Jar
Jar
6
3034 Jar
Juno
13
149
1,862
2,200
580
320
250
465
July
Mar
Apr
May
Feb
Jar
Apr
July 6 1935
Financial Chronicle
94
July i
Week's Range Sales 1933 to
for June30
of Prices
1935
Week
Stocks (Concluded) Par Low
534
Hoover Steel Ball com._10
Houdaille-Hershey A.._ --5 38
Houdaille-Hershey B._ - -* 1434
734
•
Hudson Motor Car
10 2334
Kresge (S 9) COM
Mahon(R C) cony pret._. 1734
154
*
McAleer Mfg corn
1
10
Mich Sugar corn
934
Motor Wheel cora
•
934
*
Murray Corp corn
455
•
Midwest Abrasive
Nati Auto Fibres v t c.._ _I 21
Low
334 Feb
3654 May
655 Mar
655 Mar
Mar
20
634 Mar
134 June
55 Apr
755 Mar
Mar
5
355 July
Feb
14
High Shares Low
1
100
534
114 1 7
38
234
153j 4,137
54
410'
8
2334 ' 572' 1034
4
222
18
lA
100
114
35
875
1
934 1.112' 634
1034 8840' 355
355
355 4,873
275 27 3
21
4
•
434
Packard Motors corn
" 4355 4434
Parke-Davis & Co
59
Parker-Rust-Proof com-* 58
* 1034 1034
Pfeiffer Brew corn
335 354
2
Rickel(H W)
33.4
3
*
River Raisin Paper
10 2534 2534
Scotten-Dillon corn
• 1934 20
Square D B
* 1354 14
Sutherland Paper
554 534
Timken-Detroit corn_ _ _10
1
13.4 255
Tivoli Brew corn
10
434 434
Truscon Steel corn
255 234
United Shirt Dist com---•
43.4 434
*
Universal Cooler A
1
1
•
B
10
• 10
Universal Prod corn
A
55
I
Warner Air Corp
255 255
Whitman & Barnes com 255
155
154
1
Wolv Brewing corn
ovte 97IZ
•
CI J.. Winn
Vs...nee l• A %
High
6 June
July
38
1554 July
1234 Jan
2454 June
July
18
Jan
4
154 May
1155 Jan
1034 July
434 July
Suns
21
2%
1934
36
734
234
1
1755
70
1334
3
134
354
54
154
55
434
A
154
334
33
55
734
234
234
2034
MA
10ret
1
,
104
Jan
Jan
May
Feb
Jan
Jan
734 Jan
1354 July
434 Mar
134 May
334 Mar
255 July
33.4 Feb
Apr
1
Feb
9
.34 July
234 Jan
134 may
134
Mar
124
High
Low
July
534 Mar 15
10% Mar 2054 June
Jan 2854 June
20%
1735 Jan 2554 July
16% Jan 2354 June
23% Jan 2755 July
Jan 10254 duly
80
1354 Mar 19% June
1755 Jan 1854 Apr
28% Mar 3854 May
635 6%
Transamerica Corp
Union Bank & Trust Co-50 100 100
Union Oil of California_25 17% 18
3c
3c
U S Oil& Royalties Co_25c
6% 755
Universal Cons Oil Co_ _ _10
1 70e 750
Wellington 011 Co
4%
9,500
16 71
1,400 1 1135
2,000 155c
1,600 27 1.20
7,200 5oe
7 May
414 Mar
July
Feb 100
80
Jan 2034 May
15
40 June
30 Jan
8% May
Jan
2
550 May 97540 Jan
Mining-.
Blk Mammoth Cons M_10c
Calumet Mines Co._ .10c
Imperial Development_25c
Tom Reed Gold Mines_ _1
Zenda Gold Mining Co_ _ _I
70 835c
40 6%c
1550 1550
350
35e
6e
60
70
8,000
4,000 555c
2,000 154c
25c
1,700
60
4,000
Jan
7c June 170
4c July 13550 Jan
40 Jan
134c May
51c Jan
350 July
220 Jan
(ic May
Unlisted
American Tel de TeL _100 125 128%
26% 28
Bethlehem Steel
154
•
1%
Cities Service
10 3354 33%
General Motors
4
4
Packard Motor Car Co__*
655
6
ca
Radio Corp of Amer] _ _ _•
ide Water Assoc Oil._ _* 1034 10%
454 454
Warner Bros Pictures_ _ _5
335 1 9855
500 1 2134
100
600 222254
234
200
1,000 1 4
100 26 734
1 254
9954
23%
34
27
354
4%
855
%
22
Jar
254 Mai
154 Mel
2751 Juni
official sales lists
June 29 to July 5, both inclusive, compiled from
July 1
Range Since
Week's Range Sales 1933 to
Jan, 1 1935
June30
for
of Prices
1935
Week
DeHaven Ft Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
1415
NEW YORK
30 Broad St.
Walnut Strain
Philadelphia Stock Exchange
June 29 to
from official sales lists
July 5, both inclusive, compled
554 6
3055 3054
19
19
6734 6855
655
6
3,522
154'
229
157'
288 1
454
834
15
3034
454
Low
Mar
17
93-4 Mar
154 Jan
334 Mar
1034 Jan
554 Jan
I% June
1654 Mar
Mar
73
455 Mar
2455 Jan
Mar
15
4734 Apr
534 Mar
1 . 134 134
Renner Co
156
134
Shamrock 011 & Gas_ _.*
Steel Spring _ _.* 1134 1155
Standard
United Engine & Fdry_.* 3854 39
• 1855 20
New
21
* 21
Vanadium Alloy Steel
1
1
1
Victor Brewing Co
154 154
*
Waverly 011 class A
454 5
Western Pub Serv v t 0--*
Westinghouse Air Brake_ _* 2355 2435
Westingh Elec & Mfg-__50 5154 5434
100
300
90
395
2,161
14
200'
100
1,331
581
525'
1
750
8
15
1854
1555
55
155
314
1534
2734
134
75c
9
2734
18%
18
85e
I
334
1855
3254
Par Low
StocksArmstrong Cork Co corn.* 2255
* 1054
Blaw-Knox Co
234
1
Carnegie Metals Co
*
734
Columbia Gas & Elec
10 1354
Devonian 011
8
Duquesne Brew'class A- _5
154
Fort Pittsburgh Brewing_l
Harb-Walker Refrac com• 2054
Koppers Gas & Coke pf 100
Week's Range Sales 1933 to
June30
for
of Prices
1935
Week
Range Sirwe
Jan. 1 1935
High
Low
High ,Shares Low
Apr 4234 Jan
638 3335 33
3635
Apr
222 10934 11434 Apr 120
11734
534 Jan
3
334 Mar
470
434
Mar 3434 July
23
54 1 16
3454
535 May
255 Mar
507' 2
454
148 3334 4054 May 5355 July
5354
May
Feb 25
652 1534 21
24
5154 May 68 June
209 2 3434
68
67
734 may
May
554
535
280
634 634
555 Mar 11% Jan
80' 5
7
7%
144 Jan
55 Mar
35
254
14
134
255 Jan
155 Mar
255 2,1182 134
1
913' 1734 1734 Mar 2534 Jan
2255 2355
Mar 95 June
165 2 4234 70
95
94
74 90
10334 Jan 11355 June
11334 11315
2935 3124 May 3434 June
215
3335 3455
1934 Feb 2534 May
70 30
2235 2254
634 Jan
334 Mar
192' 3
355 4
May
20 1734 1834 Apr 24
22
22
916 May
'is Feb
'is
80
3
34
lie
155 Apr
h Feb
6
5
2
2,300
A
"is
634 Jan
335 Mar
354
100
435 456
July
934 Feb 16
11,410' 954
1434 16
8754 Feb 10414 June
8234
214 1
10334 10474
634 Feb 1034 June
655
53
1034 1054
956 Feb
655 Jan
100
434
754 734
For Low
Stocks• 3634
American Stores
Tel Co of Pa pref _ _100 116
Bell
454
•
Budd (E G) Mfg Co
100 33
Preferred
•
434
Budd Wheel Co
Electric Storage Battery100 43
Horn & Hard(N Y)corn_.• 24
Irouraare Co of NA----10
Lehigh Coal & Nav Co_ _ _•
50
Lehigh Valley
2.
Mitten Bk Sec pref
•
Pennroad Corp v t c
50
Pennsylvania RR
50
Penna Salt Mfg
Phila Elm of Pa S5 pref .•
25
Phila Elec Pow pref
•
Phlia Insulated Wire
Phila Rap Transit 7% pt 50
Tacony-Palmyra Bridge._•
Tonopah-Belmont Devel 1
1
Tonopah Mining
50
Union Traction
•
Utd Gas Imp corn
•
Preferred
•
Westmoreland Inc
•
Westmoreland Coal
•
Mar 130 June
Mar 32% Jan
256 May
Mar
Jan
Mar 34
5% Jan
Mar
Apr
6% June
Apr 1155 May
455 Jan
Mar
Pittsburgh Stock Exchange
Established 1874
PHILADELPHIA
1
Range Since
Jan. 1 1935
High Shares Low
Stocks-(Concluded) Par Low
1,900
134
15
Signal Oil & Gas A com__* 14
Sou Calif Edison Co---25 195( 2044 6,800 1055
400 18%
25 27% 2855
7% preferred
2554 2,000 2 15%
25 25
6% Preferred
25 2354 23% 1,100 14%
535% preferred
500 2055
25 2754 2734
6% preferred
100 75
So Cos Gas 6% Pre--100 10235 10235
400 1 12%
18%
Southern Pacific Co---100 18
93 70e
• 1935 1954
Square D Co B corn
700 2634
* 3354 3455
Standard Oil of Calif,
534 Jan
44% July
6334 Jan
1134 June
354 Apr
33.4 May
2651 Alm
July
20
July
14
734 Jan
234 May
Jar
6
334 Jar
5 Jun(
154 Jar
Fat
11
1,16021
890 0
210 0
2,500
3,150
2,160
191
950
420
703
3,877
126
275
120
300
210
1,000
100
1,000
July 1
Week's Range Sates 193310
June30
for
of Prices
1935
Week
Range Since
Jan. 1 1935
Bon dsJan
May 21
12
12
Elec & Peoples tr ctfs 4s '45 1334 1334 $2,000 10444 11055 May 11334 Feb
2,600
Phil& El(Pa) 1st 5s...1966 11155 112
Jan 1103.4 June
108
1.000 2 100
1072 110 110
X1,4a
'Philo 5.1"Pnar
•
Lone Star Gas Co
5
Mesta Machine Co
Pittsburgh Brew pref___.•
Pittsburgh Plate Glass_ _25
Pittsburgh Screw & Bolt*
Unlisted
Lone Star Gas6% pret_100
•
Penroad Corp v t c
94
High Share, Low
575 2 13
24
6
197
1054
90c
255 2,920
1,516 1 355
8
8
260
14
454
1,180
8
135
200
154
351 12
21
9424
93
91
254 255
175
54
41 64
492 134
High
July
24
1354 Jan
354 Mar
July
8
1454 June
854 Apr
2% Jan
June
21
Jan
95
655 Jan
3154 Mar
2555 Apr
6835 July
834 Jan
Feb
Jan
Feb
Jan
July
Jan
Mar
Mar
Jan
Mar
Mar
Mar
69
154 Apr
155
155
1434
40
20
2134
155
555
535
2655
5454
Apr
Juno
Jan
Apr
July
June
Jan
May
MaY
Jan
July
93 May
235 JI111.3
ST. LOUIS MARKETS
I.
M.SIMON & CO.
Business established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louts Stock Exchange
•
315 North Fourth St., St. Louis, Mo.
Telephone Central 3350
Los Angeles Stock Exchange
led from official sales
June 29 to July 5, both inclusive, comp
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
June30
for
of Prices
1935
Week
Par Low
Stocks1
334
Bandini Petroleum
854
5
Barnsdalle Corp
3
10
Boisa Chic& 011A
Brdwy Dept St let pref 100 76
150
Buckeye Un 011 pre v t 0_1
Central Investment_ _100
5 51
Chrysler Corp
Citizens Natl Tr & S Bk_20 2154
Claude Neon Elec Prod-• 1034
135
•
Consolidated Steel
9
•
Preferred
7
•
Gilmore Oil Co
83.4
Cladding McBean Jo Co_ _12
* 2154
Hancock Oil A corn
Milner Airpl & Mot Corp 1 420
High Shares Low
2
200
334
100
53.4
834
154
• 100
3
44 42
80
3,200 15e
180
1
20
13
200' 2654
51
500 18
2234
754
500
1055
400 900
I%
455
500
934
7
100
7
400
434
954
6
900
2155
1,700' 100
46c
200
1,500
Lincoln Petroleum Corp_ -1 350 38e
335 334 15,000 90e
Lockheed Aircraft Corp_ _I
900 50c
1.05 1.20
2
Los Ang Indust Inc
249 7354
100 106 106
6V preferred
144
300
555
5
Los A.ng Investment Co_10
196 50c
234 254
•
Alloys Inc A
Mills
500 350
Co100 410 4Ic
Mortgage Guarantee
255
100
534 555
Pacific Clay Products. _ _ _*
634
1,000
Pacific Finance Corp_ _ _10 1635 17
300' 1254
Pacific Gas & Elec Co__.25 2354 25
500 2 1834
25 2735 2754
6% 1st preferred
600' 19
37
Pacific Lighting Corp___* 35
10 2,66A
* 10034 10034
Preferred
200 2 5
755 755
*
Pacific Western 011
134
400
254 254
Republic Petroleum Co_10
1,000 25e
1 23e 230
Rice Ranch 011•Co
1,800 25
Nall Bk __20 4034 42Ise
Security-First
12
e
.. *0 11 0.2
- ur.- - ___.95,
For footnotes .ee page
lists
High
Low
Apr
4
354 Jan
534 Mar 1034 May
455 Mar
234 Jan
July
Jan 80
60
15c June 57350 Feb
July
654 Mar 13
July
3151 Mar 51
1954 Apr 2455 Feb
1034 Jan 1154 Mar
234 May
1.10 Feb
May
454 Mar 10
Mar
July 10
7
454 Mar 10 June
Jan 2255 May
954
Jan 87550 Feb
38e
350
1.10
600
81
5
234
35c
254
955
1355
2034
2035
72
754
134
23c
33
14IA
Apr 80c Feb
334 July
Jan
1.20 May
Feb
Jan 107 June
Jan
734 Apr
555 Feb
July
Apr
Jan 60c
555 June
Jan
Jan
1754 May
Feb 2554 June
Feb 2754 July
July
Mar 37
Jan 102 June
914 May
Jan
334 Mar
May
Jan
July 45c
Apr 42 June
Mar 2214 JIMA
St. Louis Stock Exchange
from official sales lists
June 29 to July 5, both inclusive, compiled
JUly i
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
June30
for
Of prices
1935
Week
Low
High
Par Low High Shares Low
Stocks-121
Jan 126 June
13 117
100 12235 12254
Brown Shoe pref
Mar 6034 May
53
85' 41
• 5935 60
Common
6
Jan
19 June
1
200
17
• 15
Burkart Mfg corn
Jan 45
25
May
8
65
44
Coca-Cola Bottling com 1 44
9
July
534 Mar
125
454
8.54 9
5
Curtis Mfg corn
234
554 Apr
234 Jan
150
4
4
1
Falstaff Brew corn
2
2
Hussmann-Ligonier com.•
International Shoe com • 4534 48
56
• 56
corn
McQuay-Norris
12
• 12
National Candy com
9
9
Rice-Stix Dry Goods corn •
Securities Investors com • 3354 3435
So'western Bell Tel pref 100 12144 123
17
,0 10
1.......... i71....In ...vs
2
1
4254
38
39
53
1054 11
9
634
10
130 1554 28
46 11535 119
1244
91,0
400
15
200
50
45
2
June
Mar 47
Apr 56
June 1634
July
123.4
Jan 3436
May 12354
17
Jan
June
May
July
Feb
Jan
July
June
5.o..
San Francisco Curb Exchange
sales lists
June 29 to July 5, both inclusive, comp led from official
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for June30
of Prices
Week 1935
High Shares Low
Par Low
Stockslc
300
4c
4c
5
Alaska-Mexican
10e
100
50c 50c
25
Alaska Treadwell
474 1 9834
100 124 128 %
Amer Tel & Tet
37,• 47e 6.200 20e
1
A rnarloan 'Toll clrirloa
High
Low
10o Apr
40 July
No June
20e Apr
Mar 12954 June
99
47c July
21c Mar
Volume 141
Financial Chronicle
July 1
Week's Range Sales 1933 to
of Prices
for
June30
Week
1935
Range Sitica
Jan. 1 1935
Week's Range
of Prices
Stocks (Concluded) Par Low
High Shares Low
Anglo Natl Corp
• 1054 1034
I21.
3
Ark Nall Gas A
1.00 1.00
*
500 2
%
Argonaut Mining
5 1654 17
400
1.75
Aviation Corp
•
354
3
50' 3
Low
754 Jan
1
June
10
Jan
334 Apr
High
1034 May
154 May
1754 June
554 Jan
Cal Ore Pw 6% pref___100
6% 1927
100
Cal Pac'Frading pref
•
Cities Service
*
Crown Will 1st pref..- ....•
Dominguez 011
*
Elec Bond &Share
5
Emseo Derrick
5
34
25,34
3.60
75c
68
2214
9
7
48
45
3.60
254
87
29
934
124e
48
48
3.50
1g
75
2734
9
1234
48
48
3.50
174
79
2734
954
I234
General Motors
10 3244 33
Gr Wes El-Chem pret__100 10254 10354
Hawaiian Sugar
20 41
4134
llolland Land
*
534 554
Idaho-Maryland
Halo Petroleum
Preferred
Kielber Motors
Libby-McNeil dc L
1
1
1
10
10
3.40 3.50
160 160
85c 900
60
60
7
7
25 22
5 20
40 3.00
978
75c
120 40
300 17
2,025° 334
200'? 255
1,500 2.50
100
Sc
200
470
100
8c
100 z 254
8,702
5
32
1,500
50
400
100
15
Pac Amer Fisheries
Pao Eastern Corp
Pineapple Holding
Radio Corp
1434
14
234 234
1634 17
64i 634
2,010
40
605
25
1954
2334
2454
2834
2154
2034
2334
28
2834
21.34
7
5
54
7
5
54
South Cal Edison
• 554% pret
6% Prat
7% prof
Sou Pac G G prof
Universal Cons 011
Vim. Co
Waialua AgricUltur
25
25
25
25
100
10
•
20
July
June
June
May
Jun
May
July
June
475 22 22% 2654 Mar 34 June
125 84
100
Jan 10434 June
100 28
31
Jan 413-4 July
534 July
108
4.56
554 July
Lockheed Aircraft
1
3.25 3.95
McBryde Sugar
5
6
6
Natl Auto Fibres pref....* 12514 12554
North Am Co
• 183.4 18.34
Oahu Sugar
20 265 2834
5
Occidental Petroleum____1
260 27c
Olaa Sugar Co
7
20
7
Onomea Sugar
20 40
40
5
1
20
•
Apr
Mar
June
Mar
Mar
Feb
July
Jan
3.00
130
660
80
634
Jan
Jan
Jan
May
June
1.30
1.30
4.25
4.25
101
46
1834
15
2044
200
23c
4.55 4.75
30
3234
5
134
5
4
954
174
11
4
3.95
28c
1.20
7c
854
May
I,eb
Jan
June
Apr
Mar
3.95 July
Jan
634 May
Apr 12654 June
July
1834 July
Jan 31
May
Apt
830 Mar
Jan
7
July
Jan 4154 May
Jan
Ma
Jan
Mar
1434
3%
1914
654
June
May
May
June
3,191 1 1054
200 i 1434
,
638 z 1534
20 1834
50 1434
1034 Mar
1634 Jan
1734 Jan
2054 Jan
17
Jan
2034
2334
25
2734
23
July
June
June
June
May
1.20
3
29
2.00 Jan
5
July
3634 Jan
834 May
5
July
58
May
240
50
30
Members
New York Stock Exchange
SanFranciscoStock Exchange
San Pratacisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Es. (Asso.)
New York Cotton Exchange
NewYork Coffee de Sugar Ex.
Commodity Exchange, Inc.
Honolulu Stock Exchange
DEAN WITTER&CO.
Municipal and Corporation Bonds
PRIVALTD LIA511D %VIRZI!
San Francisco
Los Angeles
Oakland Sacramento Fresno New York
Portland Honolulu Tacoma Seattle Stockton
San Francisco Stock Exchange
June 29 to July 5, both inclusive, compiled from official sales lists
•
July 1
Week s Range Sales 193310
Range Since
of Prices
June30
for
Jan. 1 1935
Week
1935
StocksPar Low
Anglo Cal Nat Bk of F_20 14
ABSOC lnsur Fund Inc.
.10
2%
Atlas Imp Diesel Eng A__•
954
Bank of Calif N A
100 157
Byron Jackson Co
• 1254
High Shares Low
Low
High
71.4
1434
558
12
Jan 1334 May
354 1,696
154 Jan
74
.
334 May
10
293
15,4
954 July 1154 June
160
120 120% 113
Jan 165
May
12% 1,074
3%
734 Jan 1334 May
Calamba Sugar corn---20
7% preferred
20
California Copper
10
Calif Cotton Mills com_100
California Packing Corp_ _*
Calif Water Service pref100
2154
215
,
1
34
12.34
33
9444
22
2134
Ji
14
3354
9454
Co litWest Sts Life Ins Cap5
Caterpillar Tractor
•
Clorox Chemical Co
•
Cat Cos G de E6% 1st pt100
Cons Chem Indus A
*
Crown Zellerbach v t a •
Preferred A
•
Preferred 13
•
7
48
34
99
3154
314
55
56
7
4834
.4
100
3134
354
56
5655
Eldorado Oil Works
•
Emporium Capwell Corp.*
Enlace Derrick
5
Fireman's Fund Insur___25
Food Mach Corp coin....
Galland Mere Laundry._ _
Gen Paint Corp B corn_ _ _
Golden State Co Ltd
2454
10
1254
86
41
49
234
554
Hawaiian C & 8 Ltd25
Home 1 & M Ins Co____10
0
Honolulu Plantation___ _20
Hunt Bros Acorn
•
Hutchinson Sugar Plant _15
Island Pine Co Ltd corn 20
5644
4054
2954
754
1954
754
384
250
718
205
1,364
50
17
59
19
2134
M
1054
33
70
Jan
Apr
Feb
Jan
July
Jan
28
725 1
215
66
175
1,147
279
115
1534
1854
5654
2154
334
27
26
7
3654
2954
77
27%
354
50%
50%
July
117-4 Jan
Jan 4954 Mily
Jan 3454 July
Jan 100
July
Jan 3134 June
Apr
5% Jan
Mar
7034 Jan
Mar 70
Jan
25
1054
1244
8754
425e
49
254
53e
850
1,015
2,061
129
111
10
100
587
13
5
1254
44
1034
3114
M
4
18
5%
12%
7134
2054
39
1%
454
Jan
Jan
July
Jan
Jan
Jan
Ma
Mar
2654
105-;
1244
8754
425e
50
3'4
874
May
July
July
July
July
June
May
June
5054
4054
30
744
1934
754
10
40
2454
1794
35e
7
34
4354
3154
26
754
7
3
Jan
Jan
Jan
May
Jan
Jan
80
4054
3254
10
19%
10
Apr
June
June
Jan
July
May
240
554
17
75
38 iz 3.4
22
6
2
66
11
1
5i
7 I
12 I 3
54
8154
34
854
93
2
1
454
Mar
814 Jan
Jan 10654 June
Jan
1% May
Jan 11
July
Feb 101
June
Jan
654 June
July
1% July
Mar 1054 June
13
734
3154
26
954
2134
1214
2
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Apr
2154
1134
44
391.4
15
26
24
444
July
May
Feb
July
June
July
July
June
41.4
1334
2034
18
2034
71
Jan 1154
Feb 25%
Jan 2754
Jan 2554
Mar 3634
Jan 162
June
Jucy
June
June
July
June
Langendorf Utd Bak A.__•
7
7
L A Gas & Elec pref ___100 10534 10656
Magnavox Co Ltd
1
254
1
II) Magnin & Co com __• 11
11
preferred
100 101 101
Marchant Cal Mch com_ 10
544 544
Market St Ry corn
1
154
100
Prior preferred
1054
100 10
1534
1756
434
4,160
155
200
100
Natl Automotive Fibres...*
Natomas Company
•
IsTo Amer Inv 6% pret..100
554% pret
100
No Amer 011 Cons
10
Occidental Ins Co
10
Oliver Utd Filters A
•
•
2014
1044
4O.
39M
1434
25
22
334
2154
11
4054
3954
15
26
24
3%
2,225
52
842
1,076
344
14
1454
644
13
5
1%
Paauhau Sugar
15
Pacific G & E corn
25
6% 1st pret
25
25
5,-% pref
Pac Lighting Corp com_ __•
6% prof
•
10%
2434
2614
24%
3654
9954
11
2554
,
275
25%
3
034
101
745
6,564 1
3.421 2
2,404
1,883 1
384
4
1254
185e
1654
19
6634
2.742
1,715
135
73
5
23
2144
%
1454
42%
95
95
Feb
Apr
May
Mar
Feb
June
July I
Sales 1933 to
for June30
Week
1935
Range Since
Jan. 1 1935
Stocks (Concluded) Per Low
High Shares Low
Low
High
Fac Pub Ser(non-vot)com •
11
4 134
1,267
54 Feb
19-4 Apr
(Non-voting) pre/
• 1234 1354
1,023
1%
714 Feb 1454 June
Pacific Tel 87 Tel corn __100 10214 107
179 6854 7034 Jan 107
July
6%preferred
100 131 1321‘
40 1 9954 111
Jan 1341 June
4
Paraffin° Co's corn
• 301( 40
694 21
36
Mar 4254 Jan
By Equip dc RIty lat prof • 18
19
120
5
10
19
Jan
June
Series 1
• 15
15
30
2
534 Mar 15% May
Series 2_ _
• 15 1554
235
554 Feb 1554 July
155
Cony prof
• 354 35,4
30
4
Apr
55
234 Mar
Rom; Bros corn
1534 1634
235
5
Jan 16% July
Preferred
100 101 101
35 61
Feb 101
85
July
SJL&P 7% pr pref
100 110 110
20 6754 8814 Jan 111
June
6% prior prof
100 10. 101
5 65
77
Jan 104 June
Schlesinger & SO3 F)cone..•
100
41
34
44 May
34 Jan
54
Shell Union 011com
10
899
1054
554
554 Mar 115,4 May
Preferred
100 90
9244
35 4514 64% Mar 9554 May
Sierra Pat Elec
pret100 8744 87%
25 41
6254 Jan 8754 June
Southern Pacific Co_
100 18.1.4 1854
482 1254
Mar 19% June
13
So Pac Golden Gate A_ ___•
1% 1%
125
1% Mar
154 Jan
54
Spring Valley Water Co_-•
5% 5%
123
4
514 Jan
6
Feb
Standard 011 Co of
3314 3454
1,313 2654 28
Mar 3
836 May
Tide Water Mad 011 corn • 1054 103e
1,070
754
754 Mar 12
May
6% preferred
100 9814 9814
285 43% 83% Feb 162M June
Transamerica Corp
.
•
65e 6% 34,654
4%
434 Mar
7
May
Union 01lCo of Calif.
25 1754 18
1,093 1 1134 1474 Feb 2054 May
Union Sugar Co com__ _25 11% 11%
218
4
5
Jan 1644 May
Western Pipe & Steel do 10 17% 18
760
754 10% Jan
19
Apr
Yellow Checker Cab A_50 1054 105e
2.34
50
6
Feb 1034 July
•No par value. e Cash sale. x Ex-dividend. p Ex-lights. s Listed. tIn default
g Price adjusted to 100% stock dividend paid Deo.291984(Kalamaieo
Stove Co.)
r New stock. X Low price not including cash or odd-lot sales.
The National Securities Exchanges on which low prices since July 1
1933 were
made (designated by superior figures in tables), are ad follows:
New York Stook
0 Cincinnati Stock
Pittsburgh Stook
New York Curb
Z' Richmond Stock
IS Cleveland Stock
New York Produce
IS Colorado Springs Stock 14 Bt. Louis Stock
New York Real Estate IS Denver Stook
Salt Lake City Stock
Baltimore Stook
IS Detroit Stock
21 San Francisco Stock
Boston Stook
17 Los Angeles Stock
22 San Francisco Curb
Buffalo Stook
IS Los Angeles Curb
San Francisco Mining
California stook
19 Minneapons-St. Paul
U Seattle Stock
Chicago Stock
•• New Orleans Stock
SO Spokane Stock
•Chicago Board of Trade" Philadelphia Stock
II Washington(D.C.)Stock
I Chicago Curb
CURRENT
NOTICE.S
-A summary by Swart, Brent & Co.. Inc., 25 Broad
St.. New York, of
earnings of 60 privately owned water works companies in
the United States,
having funded debt in excess of 81,000,000 outstanding in the
hands of the
public, shows that gross earnings increased 2.45% in 1934
compared with
1933. This increase was almost sufficient to bring gross
revenues back to
their 1932 level.
Net earnings did not reflect this increase due to sharply
increased operating expenses and taxes, but the decline was only 93%
according to the
survey.
Due to a slight reduction in fixed charges, the average
fixed charge
coverage remained unchanged at 1.78. This coverage
is calculated after
depreciation and,in those companies which have a holding company
set-up,
after Federal income taxes.
-Field, Glore & Co.,announce that three new partners will
be admitted
to membership in their firm to-day, when Marshall Field III will
retire.
The new partners are Halstead G. Freeman, former President
of Chase
Securities corporation and Chairman of the executive committee
of Chase
Harris Forbes corporation; Edward F. Hayes, former Vice-Presiden
t of
Bancamerica-Blair Corporation, and John F. Fennelly, who has
been
associated with Field, Giore & Co.for several years.
No changes will be made in the company's business of underwriting
and
general investment banking. Present partners are: Charles F.
Glore,
Maulsby Forrest and T. Weller Kimball, all in the Chicago
office, and
J. Russell Forgan in the New York office.
-Ralph B. Johnson, C. Redington Barrett, William Barclay
Harding,
G. Willing Pepper and Frederick W. Morris III, have been admitted
as
general partners in the firm of Chas. D. Barney & Co., in which firm
Jay
Cooke has become a special partner. Mr. Johnson become associated
with
the organization in 1920, having been prior to that time with Abbott
Johnson & Co. Mr. Barrett and Mr. Harding came to the
Barney firm
early in 1929; Mr.Pepper in February 1932, and Mr. Morris,two
years ago
last month,from Janney & Co., Philadelphia.
-F.P. Lang & Co., 40 Wall St., New York, have issued a handbook
for
dealers including under one cover three sections devoted respectively
to
New York City, Port of New York Authority and Federal Land
Bank bonds.
The purpose of the brochure is to provide investment houses
with a ready
means of identifying all of the outstanding bonds included
in the three
groups, together with all of the various issue provisions. The
work is not
designed particularly for investors
-it is rather a helpful service to investment houses.
-Cassatt & Co., Inc., announce that Donald Durant has
been elected a
vice-president and director and will be resident in their New
York office.
Mr. Durant was born in New York and educated at Collegiate
School
and Columbia University. In 1908 he entered the employ
of Lee, Higginson & Co. and since 1922 has been a general partner of
that firm.
During the war, Mr. Durant served as major of infantry
and in 1923-24
was President of the Bond Club of New York.
-On or about July 15 1935 Robert M. Markwell & Co.
of Chicago are
moving to new and larger quarters in the Field Building,
135 South La Salle
St. At the same time they will change their firm name to
Mathews Dahlin
& Co. in order to more closely identify the firm name with
the ownership
and management which has prevailed for some time. The
officers,directors,
banking connections, ownership, &c., remain unchanged.
-IVIannheimer-Caldwell, Inc., St. Paul, announce the
removal of their
offices to the ground floor of the First National Bank
Bldg., where they
will occupy larger quarters.
Financial Chronicle
96
July 6 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
1 1948
Jan
Se
Oct 11956
430
Prov of British Columbia
Feb 15 1938
43(1
July 12 1949
5e
1 1953
Oct
434e
Province of Manitoba
Aug 1 1941
4141
June 15 1954
5a
Dec 21959
56
Prov of New Brunswick
June 15 1936
4(I
Apr 151960
4,2s
Apr 15 1981
4545
-Province of Nova Soot's
Sept 16 1952
4348
Mar 11960
roi
BId Ask Province of Ontario
Jan 3 1937
/534s
9912 10012
Oct 1 1942
5e
9414 95
Sept 15 1943
135
May 1 1959
S.
100% 1013
2
June 1 1962
4e
1001s 101
Jan 15 1965
434e
9412 9512
Province of Quebec
Mar •2 1950
434.
10314 10414
Feb 1 1958
gs
107 108
May 1 1981
4341
108 10912
Province of Saskatchewan
May 1 1936
43(a
10314 104
June 15 1943
5e
107 10812
Nov 15 1948
534e
108 10912
Oos 1 1951
434.
107 10812
11412 116
Ask
Bid
10614 1063
4
11112 11212
11614 11714
11512 1161
:
:
10412 1051
109 110
11212 1131
:
109 110
11214 11314
:
10034 1011
:
1011 102
10214 103%
9514 96
LAIDLAW & CO.
Members New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
Montreal Stock Exchange
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
High Shares
Stocks (Concluded) Par Price Low
Canadian
Bonds
Wood,
Gundy
14 Wall St.
& Co., Inc.
New York
112 112
Dominion Glass
100 112
435 4%
Dom Steel & Coal B _ ... _25
434
67
63
Dominion Textile
• 67
34 335
34
•
Dryden Paper
1
1
1
Enamel & Heating Prod •
1254 1254
Foundation Cool Can__ •
•
General Steel Wares
Gypsum Lime & Alabas •
Goodyear new prat
Hamilton Bridge pref_ _100
Hollinger Gold Mines_ _5
•
Howard Smith Paper_
100
Preferred
Imperial Tobacco of Can_5
Int Hydro-Elec Sys A_ _25
•
Int Nickel of Canada__...
•
International Power
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Bid Ask
8
751g 763
Jamaica P B Ltd pref__100
4
Lake of the Woods
•
Massey-Harris
23
120
McColl-Frontenac 011-*
55
153
Mont L H dr Pow Cons •
7412 Montreal Tramways- _ _100
73
6112 National Breweries
51
•
30
25
Preferred
,
1011
National Steel Car Corp_.•
at; Niag Wire Weaving pref__•
8012
10412 10512
10314 10412 Ogilvie Flour Mills
•
103 104
100
Preferred
Ontario Steel Products_ __*
49
14812
Ottawa L H & Power_ _100
4
8
1083 1083
100
Preferred
1063 107
4
100
Ottawa Traction
3
105 4 10814 Power Corp of Canada--•
100 10012 Quebec Power
•
85
13112 33
Rolland Paper pret____100
13012 3212 St Lawrence Corp
•
10112 103
50
A preferred
10414
St Lawrence Paper prat 100
93
91
Shawinigan Wat di Pow__*
9112 9212 Sheramn-Williams of Can *
83 85
100
Preferred
4
87 89
Simon(H)& Sons
91
89
Southern Can Power_ _ _ _*
88
8712 Steel Co of Canada
*
101 10212
25
Preferred
106 10512
9714 Tuckett Tobacco pret._100
97
102 103
•
Wabasso Cotton
1033
4
•
Winnipeg Electric
1111:
100
Preferred
90
100
Woods Mfg pref
7912 8012
10512 10612
Banks
98
50
Canada
53
55
100
Canadienne
100
Commerce
100
Montreal
100
Nova Scotia
100
Royal
both inclusive, compiled from official sales lists
June 29 to July 5,
Abltibl P & Pap otfe 55 1953
Alberta Pacific Grain 6.1946
Asbestos Corp of Can 5211942
Beauharnois L H & P 5348'73
Beauharnoia Power 6a__1959
Bell Tel Co of Can 58_1955
British-Amer 011 Co 51_1945
Brit Col Power 530_1960
March 1 1960
Se
British Columbia Tel 51 1980
Burns & Co 53511-33411-194
8
Calgary Power Co 54-1960
1941
Canada Bread 11s
Canada Cement Co 5341 '47
Canadian Canners Ltd 6e'60
Canadian Con Rubb 80-1946
Canadian CoPPer Ref 613 45
'
Canadian-Inter Paper 68 '49
2
,
Can North Power 5 _1953
Can LI & Pow Co 5e___1949
Canadian Vickers Co 6a 1947
Cedar Rapids M & P 5s 1953
Coneol Pap Corp 5351_1961
Dominion Canners 6(1_1940
1940
Dominion Coal 58
Dom Gas & Elea 634e1945
1949
Dominion Tar 68
Donnaconna Paper 53412 '48
Duke Price Power 6s_ _1968
East Kootenay Power 71 '42
1949
Eastern Dairies fts
Eaton (T) Realty 5(1_1949
Pam Play Can Corp 612_1948
1950
Fraser Co 81
Gatineau Power 58_ _ _1958
General Steelwares 6s 1952
Great Lakes Pap Co 1st 6550
Hamilton By-Prod 7s 1943
Smith H Pa Mills 5341-1953
Bid
Ask
12612 2712 lot Pow & Pap of Mid 511'68
88 Lake St John Pr & Pap Co
96
Feb 1 1942
834s
9912 101
Feb 1 1947
8346
8512
54
89% i0 MacLaren-Que Pow 5341 '81
4
1133 11414 Manitoba Power 534s_1951
10612 10612 Maple Leaf Milling 53461949
100 10112 Maritime Tel & Tel 621_1941
97
:
981 Massey-Harris Co 53_1947
10514 106 McColl Frontenao 011881949
749
51 Montreal Coke & MS351'47
99 Montreal Island Pow 5348'57
98
104 105 Montreal L H & P (850
1939
par value) 38
10312 10412
Oct 1 1951
58
105
Mar 1 1970
5e
1011
Montreal Pub Berv 50_1942
1051
if Montreal Tramways 5..1941
66
4
1013 102 New Brunswick Pow 611937
983 99 Northweetern Pow O. _ _1960
Certificates of deposit__
7112
70
1111 11214 Nova Scotia L & P 55_1958
14 Ottawa Lt Ht & Pr 58._1957
)13
109 110 Ottawa Traction 5345_ _1955
Ottawa Valley Power 545'70
104
4
773 Power Corp of Can 434$ 1959
77
Dec 1 1957
6s
99
98
1943
3812 Price Bros & Co tis
37
Certificates of deposit__
1041 10431
Provincial Paper Ltd 5348'47
83
1968
87 Quebec Power 5a
86
1011 1021 Shawinigan Wat& P4348'67
:
1949
Simpeons Ltd as
1011
Southern Can Pow 58_1955
149
Steel of Canada Ltd 68_1940
873
92
4
933 United Grain Grow 5a....1948
3512 United Beelines Ltd 535.'52
/35
101 10214 West Kootenay Power 54 '58
1031 10412 Winnipeg Elea Co 50_1935
Oct 21964
GS
611;
Montreal Stock Exchange
Stocks-
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
High
Low
High Shares
Par Price Low
335
52
90
13%
2635
7
335
124
30
97
354
40
14
3%
435
52
204
14.10
954
90
1354
1.75
2634
1.75
334
5
524
2035
14.50
934
904
1354
1.76
2735
1.75
120 120
734
7
354 334
12% 13
29% 3031
97
97
34% 354
3935 40
144
14
514
50
Range Since Jan. 1 1935
Low
10 110
335
1,171
166 63
34
115
50
1
65 11
.4 Jan
3% June
215
51
45
434 July
74 Jan
325 5154 June 52 June
5 2035 July 32
Jan
161 14.10 July 20.20 Mar
8% Apr 13
50
Feb
80 83 May 9034 Feb
7.120 12
Mar 1335 Jan
36
1.75 July
1.75 July
2,109 22% July 2935 May
1
65
Apr
6
Jan
10 115
7
170
34
15
998 1294
3,825 2654
42 80
1,238 31
70 38
270 14
10
45%
160 160
140 140
8
6
6
78
78
105 105
2034 2035
84 935
954
144 15
15
84
84
1.00 1.05
5
5
935 934
154 164
16
124 1235 1234
107 107
12
12
11
1131
4854 4934
45
45
Jan 120
June 1334
Mar
54
June 154
Apr 32
Jan 99
Jan 364
Mar 40
Mar 184
Feb 52
Apr
Jan
Jan
Jan
Jan
May
June
June
Jan
June
Mal
Mar
Feb
June
Apr
Feb
Apr
May
190
152
634
85
105
22
1104
174
Jan
Feb
Apr
Feb
June
Feb
Feb
Jan
May 92
May
1.90
June
84
June 1634
Apr 20
Apr 17
Jan 110
Jan 14
May 144
Mar 4934
Feb 4554
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
June
June
50 140
8 130
6
25
5 78
10 100
10 14
7
483
150 14
15 83
1.00
275
3
10
10
9
1,771 15
260 1135
10 100
20
94
935
60
311 424
84 41%
160
84
1.05
140
1.10
60
61
145
270
151
High
May 120
Jan
Jan
6
Apr
June 8235 Jan
54 Jan
July
Jan
1
Jan
Apr 134 June
140 140
1834 1835
1.00 1.10
64 64
60
60
10 1334 Jan 1414 June
75 1735 Jan 27
Feb
1.00 May
240
24 Jan
Apr 10
4
100
Feb
Apr 70
85 60
Jan
62
61
128 12835
14435 14634
181 183
270 271
15134
151
132
15
69
61
120
93
55
125
1434
172
270
148
Jan
Jan
Mar
June
Jan
June
66
132
1694
204
304
17354
May
Mar
Feb
Tan
Jan
Jan
HANSON 13110S Canadian Government
Municipal
INCOUPOrtATED
•
Agnew-Surpass Shoe
Assoc Breweries
Bathurst Pow & Paper A_•
1234
174 17%
1234 124
535 5%
25
180
610
735 Jan
104 Mar
435 Mar
Jan
9
13% Jan
64 Jan
20
20
Balwf Nor Grain pref_ 100
12735 128
100 128
Bell Telephone
•
84 9
1335
Brazilian T L dr P
234
23
Brit Col Power Corp A * 23
24 235
• 164 16
Bruck Silk Mills
1635
•
30%
30
Building Products A
15 25
175 11R
831
1,662
1,216 234
24
16
345 14%
225 264
May 40
Apr 135
Apr 104
Apr 3053
5
Apr
Jan 17%
Apr 31
Jan
Jan
Jan
Jan
Jan
Jan
June
64
54
194
64
29%
7%
144
244
118
Ion
6
81
344 51
150 174
534
105
55 26
540
634
160 1234
455 184
85 100
830 18
84
Mar
Apr 644
Mar 20
104
July
May 304
84
Mar
Mar 17
Apr 244
Jan 118
May 20%
Jan
Jan
Mar
Jan
Jan
Jan
Jan
June
June
Jan
50
50
Canadian Cottons
100
96
100 96
100
Preferred
21 . 22
,
Can Foreign Investment." 21
5934 594
50
Can Gen Elect pref
41
43
Can Hydro-Elect prat _100 43
84 835
835
Canadian Indust Alcohol_•
7
74
7
Class B
94
934 104
Canadian Pacific Ry____25
•
74
7
Cockshutt Plow
734
157 162
Con Mining & Smelting_25 159
294
• 294 29
Dominion 'Bridge
132 137
Dominion Coal prat_ _.._100 137
17
17
17
30 49
158 95
175 21
70 59
180 37
7
1,115
190
6
94
2,649
112
6
504 126
334 2434
342 11635
60 17
June 66
Jan 105
June 30
May 634
Apr 8234
Jan Ion
935
Jan
Mar 13%
Mar
834
Mar 184%
Mar 3334
Jan 140
June 1754
Feb
Mar
Feb
Jan
Jan
May
May
Jan
Jan
May
Jan
Feb
May
6
6
•
Canada Cement
100 52% 5235
Preferred
Can North Power Corp__' 19% 1935
535
635
Can Steamship pref _100
2934
Canadian Bronze
7
•
614
Cam Car & Foundry
14
25
Preferred
• 23% 2335
Canadian Celanese
117
100 118
Preferred 7
19%
1934
Rights
ESTABLISHED 1883
255 St. James St., Montreal
330 Bay St., Tsrsits
56 Sparks St, Ottawa
Public Utility and
Industrial Bonds
Montreal Curb Market
June 29 to July 5, both inclusive, compiled from official sales lists
Stocks-
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
Low
High
High Shares
Par Price Low
Asbestos Corp vot trusts--•
•
Brit Col Packers
100
Preferred
Bathurst Pow & Paper B_•
BeldIng-Correcelli Ltd_ 100
Brit Amer Oil Ltd
12%
1.20
1594
•
Canada Vinegars Ltd_
Cndn Dredge & Dock_• 2335
Cndn Vickers corn pref 100
•
Cndn Wineries Ltd
Caren, Mac Prod pref A30
7
Champlain Oil Prods pf__•
Dist Corp Seagrams Ltd_.• 20
•
Dominion Stores Ltd
4
Dom Tar & Chemfcal____•
100 5434
Cum preferred
•No par value. IFlat price.
124
75e
15
1.25
96
154
12%
75c
1535
1.30
96
15%
213
150
135
30
5
618
6
50c
15
1.00
85
144
Mar
Feb
June
Apr
Jan
Mar
134
1.75
18
2.00
9834
1635
June
Jan
Jan
Jan
June
May
274
2354
7
454
15
7
19%
7
35'
494
274
23%
735
44
15
7
2034
7
4
55
75
50
34
20
30
53
2,510
60
375
450
26
194
635
434
9
7
1335
7
34
44
Jan
Mar
Jan
July
Jan
Jan
May
May
June
Jan
284
25
16
6
17
74
204
124
754
72
May
Jan
Jan
Feb
June
Feb
July
Jan
Feb
Feb
Volume 141
Financial Chronicle
97
Canadian Markets-Listed and Unlisted
Montreal Curb Market
CANADIAN SECURITIES
GOVERNMENT. MUNICIPAL. CORPORATION and RAILROADS
Falconbridge Nickel M.. •
3.70 3.80
J M Cons
1 17%e 1631c 17340
Lake Shore Mines
1 52 50 52.00 52.50
Label Oro Mines Ltd
1 4340 4140 434c
Noranda Mines Ltd
• 37.00 36.75 37.45
73c
2.29
60c
930
2.57
72c
4.15
190 200
730 73c
2.25 2.3
600 63c
93c 990
2.50 2.63
670 720
4.10 4.15
•
1
1
1.65
231c 231
1.65 1.67
1.85 1.85
San Antonio G Mines_ __1
Sherritt-Gordon Mines. I
Stadacona Rouyn Mines_*
Sylvanite G Mines
1
654
26c
3 90 3.90
540 560
22e 26c
2.06 2.08
Unliste d
Abitibi P & P eum pfil%100
Brewers & Dist of Van
•
Brewing Corp of Can
*
Preferred
•
Canada Malting Co
*
Cense'Bakeries of Can_ •
Consol Paper Corp
•
Donnaconna Paper B__*
Ford Motor of Canada A_*
Gen Steel Wares pref....100
4
19
3331
14%
1.00
27%
43
b2
.-wop
.-.
190
700
2.10
934c
600
2.50
38c
3.67
Apr
Jan
Feb
Jan
Feb
June 56340 July
Feb
75c May
Jan 38.15 May
Jan
610 June
Jan
60 Mar
Mar
1.32 Apr
Jan
4.10
Feb
200
Jan 57.75
Feb
90
Jan 42.75
July
May
May
Jan
Jan
Jan
Jan
Jan
320
830
2.96
800
990
3.28
750
4.55
Apr
Mar
Mar
Mar
May
Feb
June
Mar
June
June
Mar
Mar
Mar
40 Mar
1.75 June
2.90 Apr
3.30
454
140
2.00
May
5.00 Mar
Mar
940 May
Jan 31140 Mar
June
2.65 Mar
3%
500
3
15%
33%
1434
1.00
1.00
27%
43
1431
9631
16
24.20
7
9
1.50
4.25
33
June
July
Apr
Apr
29
11%
800
1.00
2331
37
Apr
Jan
June
Apr
June
Jan
934
950
4%
22%
3331
1631
234
1.10
3234
55
i 1431 July
15
5 9334 Apr 100
) 1534 June 34
5 18.25 Jan 27.00
1
Maritime Tel & Tel pret_10
1434
McColl Frontenac pref.100 95% 95%
Price Bros Co Ltd pret.100
16
Royallte 011 Co Ltd
* 24.00 23.50
Jan
Mar
Feb
Mar
May
1.340 Jan
1.15 Feb
1.15 Feb
4
4
50c 60c
3% 3%
19
1931
3234
1474
800
1.013
26%
4014
480
300
33.75
200
2c
61310
3.25
11310
49.00
330
31.00
......
10*
Unlisted M inesArno Mines Ltd
Central Patricia G M
Eldorado G Mines
3
Apr
7% Feb
9834 May 107
Feb
May 100
80
Jan
_I
o.wcolo
oo,oto
1
_1
1
1
I
1
1
1
Pt•
00 W
00000
i0b
.
Mining
Afton Mines
1
56340 56350
Big Missouri Minas
1
56c
560 59340
Buiolo Gold Dredging_ _5 35.25 35.00 35.50
Brazil Gold ds Diamond_ _1
52c
454 55c
Cartier-Malartic G M_ _ _ _1 234c 234c 314c
Castle-Trethewey M
1
1.00 1.00
Parkhill G M Ltd
Perron Gold
Pickle-Crow
Quebec Gold Min
Read-Authier Mine
Stscoe Goid Mines
Sullivan Cons
Teck-Hughes G M
.sw
.
-
3
3%
9934 101
85
87
431
5%
1.00
3.00
23%
-...
3
9931
5
631
1.25
3.35
26
w
o.....1-,
"o'opwo
2
Public UtilityBeauharnols Power Corp_•
C No Pow Corp Ltd pref100
So Can P Co Ltd pref. _100
.
3.25
25%
5
6%
1.25
3.00
25
.- .-.
P ....
"o..
-..w
Regent Knitting Mills.__'
Rogers Majestic Corp.___0
Thrift Stores Ltd
•
Walkerville Brew Ltd.- --•
Walker Good & Worts __ __•
. .
WW 0
WWgW00
000
00
WW0.
0000
Friday
sates
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
Low
High
Fraser Companies Ltd.. •
2% 2%
2% July
Jan
5
Voting trust
•
2% 2%
Mar
2
Jan
4
Freiman J)cum pf 8%100
(A
55
55
54 June 61
Apr
Home Oil Co Ltd
•
50c 50c
50c July
750 Jan
Imperial OilLtd
• 10%
1914 20
1531 Mar 2231 May
Int Paints (Can) Ltd A.._°
2%
2% 2%
2 June
431 Feb
Int Petroleum Co Ltd- • 3531 3431 3531
2831 Mar 3931 May
Matchers Dist Ltd A
9%
•
9% 9%
7
Mar 1131 May
B
*
2% 231
231 Apr
4
Jan
Page-Hersey Tubes Ltd.._• 83
83
85
78
Jan 87 June
Jan
Jan
Jon
May
May
May
Jan
May
Jan
Feb
Apr
Mar
Jan
May
Toronto Stock Exchange
June 29 to July 5, both inclusive, compiled from official
sales lists
Stocks-
Friday
Saks
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
Par Price Low
High Shares
Low
High
Alberta Pacific Grain A_ •
Preferred
100
Amer Cyanamid B
10
Barcelona com
•
British American 011. •
Beatty Bros com
*
Preferred
100
Beauharnois Power com_ •
4
18
21%
11
15%
92%
4%
18
21%
11
15%
6% Iasi
92% 94
3
3%
Bell Telephone
100 128
127% 128%
Brant Cordage let pret_25
28% 28%
Brazilian corn
•
8% 9
Brewers & Distill com.--• 60
60
60
B C Power A
• 23% 23% 23%
Building Products A
*
3031 30%
Burt(F N)corn
25 32
32
32%
Canada Bread com
•
2%
2% 2%
let preferred
100
76% 79
B preferred
100
28
28
Canada Cement corn--•
6%
6
6%
Preferred
• 53
53
53%
Canada Packers com
54% 54%
•
Preferred
100 114
114 115
Can Steamships pref_100
6
6
634
75
35
100
1
1,813
15
40
99
4
17
16%
11
14%
8%
85
2%
June
Apr
Jan
June
Apr
May
Mar
Apr
9%
29
21%
11
16%
15
94
7
Jan
Jan
July
June
May
Jan
June
Feb
252 118% Apr 135% Feb
10 27% Jan 30
Mar
3,195
8% Apr log Jan
1,100 50
Jan 95
Jan
Apr 30
87 23
Jan
15 26% Apr 31
May
25 28)4 Apr 34)1 Jan
200
2
90 63
20 17
40
5%
114 51
55 50
26 110
50
6
June
5%
Apr 80
Apr 30
Mar
8%
Apr 64%
May 56
Jan 114
Jun
1131
Jan
Jan
June
Jan
Jan
Jan
July
Jan
Canadian Bakeries prof 100
17
17
Canadian Canners corn...'
3% 3%
lot preferred
100 79
79
80
Convertible prat
531
•
5
531
Canadian Car com
•
634
6% 7%
Preferred
25
14% 14%
Canadian Dredge corn.__' 23% 23% 23%
Canadian Gen Eleo com-50 159% 159 159%
Preferred
50 59% 59
60
Canadian Indus Alcohol A*
8% • 8% 8%
B
•
7% 7%
Canadian 011 corn
•
13% 1331
10 15
Apr 20
Mar
25
3% Jun
631 Jan
57 80 Jun
94
Jan
250
5 Jun
9% Jan
120
5% Jun
8% Jan
95 12
Mar 17
Jan
55 19% May 24% Jan
10 154% Mar 160
May
47 5834 May 64% Jan
2,170
731 Jan 10M May
10
6% June
9% Jan
10 11
May 15
Jan
Canadian Pacific Ry___25
9%
9% 10%
Canadian Wineries
•
434 4%
Cockshutt Plow corn
•
734
734 7%
Conduits Co
48
48
Consolidated Bakeries_• 14%
14% 14%
Consolidated Smelters_ 45 159
157 162
Consumers Gas
100 188% 188 189
Cosmos Imperial Mills_ _• 18% 18% ism
Preferred
100
106% 106%
1,454
9% Mar 13%
25
4% June
6
415
6% Mar
8%
4 48
July 61
153 11% Jan
17
335 125% Mar 183%
86 184
May 193
220 14% Apr 1914
5 102% Jan 108
Jan
Mar
Jan
Mar
May
May
Mar
June
May
ERNST & COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
One South William Street
New York
PRIVATE WIRES MONTREAL.TORONTO AND CHICAGO
Toronto Stock Exchange
Friday
bates
Last Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
Dominion Coal prof
Dominion Steel & Coal 1325
•
Dominion Stores
Fanny Farmer com
•
Ford ot Canada A
•
4%
6%
9%
27%
Goodyear Tire pref __ _100
Gr West Saddlery corn
•
Gypsum Lime & Alabast•
Harding Carpets
•
Hamilton Cottons prat __30
Ham Unit Theatres pt 100
Hinde & Dauch
•
Imperial Tobacco
5
Internat Milling 1st p1.100
International Nickel com_*
52
1
4%
234
25
50
1031
1034
13%
1331
11031
27
26%
133 133
4% 4%
634 7
9
9%
2631 2731
5231
434
•
7
Keivinator corn
Lake of Woods com
•
Laura Secord Candy com • 6034
Loblaw Groceterias A-. 1931
B
• 1731
Maple Leaf Milling cam.*
Preferred
100
1
5231
1
531
234
25
50
11
1334
110%
2734
7
7%
7
7
60
6014
19
19%
1731 18
50c 60c
1
1
Massey-Harris com
•
331 4
334
Moore Corp coin
• 23
2234 23
A
100
13754 13734
B
100 165
165 165
Mukheads Cafeterias com*
50c 50c
National Grocers
4%
434
Preferred
128
128
Page-Hersey Tubes corn_ -• 8334 83
Photo Engravers & Elec..•
2231
Porto Rico prat '
100
82
Riverside Silk Mills A-_• 29
29
Russell Motors pret-100
95
Simpson's Ltd pret-100
Standard Chemical corn.-'
Steel of Canada corn
•
Preferred
25
Tip Top Tailors prat.._ _100
Twin City Rapid com___•
Union Gas Co com
*
United Steel Corp
•
Walkers(Hiram) corn.- __*
Preferred
•
Western Can Flour corn_ •
Weston Ltd (Geo) prat 100
Winnipeg Electric corn..-•
Preferred
100
6934
4931
4%
26%
18
3134
1.15
67
654
49
4534
95
254
5
128
85
2231
82
2931
95
Range Since Jan. 1 1935
Low
High
1 123
270
331
319
641
2,965
731
2334
Apr 139% Feb
Apr
Jan
6
July 1234 Jan
Mar
934 May
Jan 3234 Jan
2,496 5131
20
700
640
434
500
234
35 24
4 50
110 10
126 12
100 110
5,850 2231
Jan 5231
May
1
July
7%
Jan
334
June 3031
Jan 60
Apr 12
Apr 1331
May 114
Feb 2934
Jan
Jan
Jan
Mar
Feb
May
Jan
Jan
May
May
300
295
45
1,256
550
105
8
May
834
June 1234
Jan 63
Jan 19%
Feb1831
June 1.30
July
5
Feb
Jan
Jan
June
Mar
Jan
Mar
415
3% Mar
5%
410 17
Jan 2334
11 11834 Jan 143
15 135
Jan 166
20
25c Apr 1.10
Jan
June
June
June
Jan
July
634
June 130
Apr 88
Mar 2434
May 91
Jan 30
Jan 95
Feb
June
June
May
Jan
May
July
62
4
42
41
90
2
June
May
Mar
Apr
Jan
Mar
90
634
4934
4631
9834
434
Jan
July
July
July
Feb
Feb
4
211
23
hi%
2%
27
900
434
May
July
May
Jan
Apr
June
May
May
554
5
33
1834
6
4631
411
934
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Jan
6%
7
613
1731
17
500
1
50
434
2 125
95 20
25 21
4 70
51 27
10 70
70
654
4934
4631
95
234
60
20
331
80
5
25
4% 434
231 234
2554 2634
1731 18
3
3
3131 3134
1.00 1.15
6% 7
65
220
1,683
1,348
100
400
153
85
Banks
Canada
Commerce
Dominion
50 6134 6134 62
100
144 14754
100 168
168 168
103 55
Feb 8634 May
58 14354 June 16934 Jan
May 201% Feb
8 162
Imperial
Montreal
Nova Scotia
Royal
100 179
100 182
100
100 151%
9
43
11
101
Loan & Trust
Canada Permanent___,_100 130
Real Estate Loan
100
17854 179
182 183
268 269
15034 15131
130
40
133
40
17854
173
268
148
81 130
5 40
July
June
July
June
20831 Mar
203
Jan
305
Jan
173
Jan
July 150
July 58
Feb
Jan
Toronto Stock Exchange-Curb Section
June 29 to July 5, both inc tuive, compiled from official sales lists
Stocks-
Friday
Sales
Last Week's Range for
Range Sink /an. 1 1935
Sale
of Prices
Week
Par Price Low
Low
High Shares
High
Bissell Co(T E)corn
Brewing Corp com
Preferred
Canada Bud Brew corn •
Canada Malting corn.. _ _
Canada Vinegars cora__•
Can Wirebound Boxes A_•
3%
19
6%
33%
28
Distilles-Seagrams
•
Dominion Bridge
•
Dom Tar & Chemical corn"
Preferred
100
Goodyear Tire com
•
Honey Dew corn
•
Humberstone Shoe corn *
20
29%
4
5334
Imperial 011 Ltd
Internatl Petroleum
•
McColl-Frontenac 011 com•
Preferred
100
Montreal L H & P Cons'
20
3534
12%
96
30
National Steel Car Corp. •
North Star Oil prof
5
Ogilvie Flour
Ontario Silknit corn
•
Preferred
100
Power Corp of Can corn..'
35
4
3%
18%
534
32)1
27%
17%
19%
29
334
49%
143
35
29%
19%
3434
1231
95%
29%
4
334
19%
6%
33%
28
17%
35
2,332
655
1,810
665
30
5
3%
2%
15%
5%
29
25
15
20% 10,555 1331
29%
412 24%
4
175
3%
54
234 42
145
20 125
35
100 15
29%
30 28
20
35%
12%
96%
30%
14% 14%
3.30 3.30
140 140
11
11
92
92
8%
6% 8%
3.30
Rogers-Majestic
•
6% 6%
Robert Simpson pref. _100 106
106 106
Shawinigan Wat & Power.
• 1631
16% 1614
•No par value.
6,738
4,295
390
84
214
15%
28%
12%
94)4
27
20 14
100
1.50
2 140
20
8
10 75
14
614
June
Apr
Mar
July
Apr
Jan
Apr
4
4%
22%
8%
33%
29
17%
July
May
May
May
July
May
June
Apr 20%
Mar 34
June
731
Jan 70
Apr 165
Mar 60
Jan 32
July
Jan
Mar
Mar
May
Jan
Feb
Feb 2231
Mar 3934
June 15%
Apr 10031
May 32
May
May
Jan
Mar
Jan
Mar 18% Jan
Jan
400 Feb
July 175
Jan
Jan
1314 June
Jan 92 June
June 10% Jan
37
514 Mar
9
4 103
Apr 108
14
14% May 20
Jan
June
Jan
July 6 1935
Financial Chronicle
98
Canadian Markets-Listed and Unlisted
Complete Brokerage Service
Toronto Stock Exchange-Curb Section
Sales
Friday
Last Week's Range for
Week
Sale
of Prices
High Shares
Stocks (Concluded) Par Price Low
10
Standard Paving coin. •
Supertest Petroleum ord.... 2634 2632
112
Tambiyns Ltd (G)pret.100 112
1731
United Fuel Invest prat 100 17)2
33.2
.
•
33 1
Walkerville Brew
10
2654
112
17)2
334
Range Since Jan. 1 1935
High
Low
5 10
86 2131
3 110
145 1534
70
232
June 15
Feb 2834
Jan 114
May 29
434
June
Jan
June
June
June
Jan
Stocks--
•
Acme Gas & 011
•
Afton Mines Ltd
1
Ajax Oil& Gas
Algold Mines Ltd
Alexandria Gold Mines.
Algoma Min &Fin
•
Anglo-Huronlon
1
Astoria Rouyn
6E0
1)2c
40
Range Since Jan. 1 1935
High
180 19e 10,400
540 650 51,300
500 55c 5,600
460 48c 1,500
1340 134c 4,000
4c 4)4c 2,00
149
4.10 4.10
4c 17,800
4e
180 June
380 May
500 June
40c Apr
lo May
2)20 Jan
3.75 Mar
2)20 Jan
260
65e
1.09
570
2X o
8X o
4.50
8o
Mar
Ju.y
Mar
Apr
Jan
Mar
May
Mar
4c
1
Bagamac Rouyn
3c
1
Barry-Hollinger
60c
•
Base Metals Mining
1 5332c
Bear Explor dr R
• 1.40
Beattie Cold Mines '
1 55)2c
Big Missouri(new)
1 19)20
Bobio Mines
1
Bradt= Mines
• 4.75
Bralorne Mines
50c
BR X Gold Mines
1
2.70
Buffalo Ankerite
•
Buffalo Canadian
•
7c
Bunker Hill Eaten
4c
30
60c
520
1.40
550
190
1.80
4.75
7)2c
2.70
1520
6)20
432c 5,200
3)2c 4,506
62c 1,900
560 116,400
700
1.45
59e 8,550
21c 8,200
190
1.80
4.95 1,080
100 5,900
2.80 1,700
132c 1,500
7)20 14,000
40 June
2310 May
39c Feb
14o Feb
1.28 June
31c Feb
190 June
1.50 Mar
4.45 June
7.320 July
2.50 Apr
1)40 June
40 Jan
140
co
940
690
2.16
750
38o
2.95
12.50
24c
3.50
3.14.3
7)(c
Jan
Jan
Apr
May
Jan
May
Jan
Jan
Jan
Apr
Mar
Jan
June
Olc
•
1 1 .03
1.66
1
• 1.22
• 18)20
•
40
5
• 1.35
610
1.01
1.65
1.21
180
40
2.60
1.35
62c 9,850
1.06 9,300
1.69 17,660
1.25 1,950
19c 19,100
432c 6,800
120
2.60
775
1.60
540
560
1.12
1.10
• 8c
20
2.25
1.35
Feb
Jan
Jan
June
Jan
Jan
Jan
July
730
1.34
1.77
2.35
270
80
3.60
2.60
Feb
Apr
June
Jan
Mar
Apr
Feb
Jan
Cndn Malartic Gold
Castle-Trethewey
Central Patricia
Chemical Research
Chlbougamau Pros
Clericy Consol(new)
Coniagas Mines
Conlaurum Mines
Dome Mines
Eldorado
Falconbridge
Federal Kirkland
God's Lake
Gold Belt
Goldfield Cons
Graham-Bousquet
Granada Gold
Granboro Mines
Greene Stabell
Gunnar Gold
922 35.00 Jan 43.50 May
• 39.00 38.50 39.00
2.93 Apr
1.82
1
1.81 1.88 14,690 1.02 Jan
4.07 Apr
3.2o Jan
*
3.75 3.83 5,111
3.75
20 Jan 414o Feb
2c 1,000
1
2o
2.24 Jan
1.24 Mar
1.59
•
1.57 1.62 6,999
420 Jan
250 May
27e
270 27c 1,000
500
190 Jan
120 Jan
500
1
150 15c
70 Mar
4e
4c 5.200 2)20 June
4c
1
40c May
180 July
180
1
18o 200 6,300
120 Jan
60 May
500
634C 6)40
•
45o Jan
170 May
1 23)2e
22e 2332e 2,000
970 May
480 Feb
1
650 68c 10,880
68c
2o June 8)20 Jan
20
2c
2c 3,000
1
Halcrow Swayze
10e Jan
40 June
4)4c 4)2c 5,500
Harker Gold
14.85 1,646 14.25 May 20.25 Mar
14.25 14.25
Hollinger Cons
130 Mar
80 May
8c 3,000
Sc
1
Sc
Homestead 011
1.10 Jan
740 July
740 80c 5,050
74c
1
Howey Gold
200 Mar
110 Feb
.
J M Cons Gold Mines._ -I 17)40 163.40 17)(0 13,200
Kirkland Hudson Bay _...I
1
Kirkland Lake Gold
1
Lake Shore Mines
Lamaque Contact Gold. 1
1
Lee Gold Mines
•
Little Long Lac
Macassa Mines
Man S, East Mines
Maple Leaf Mines
1
McKenzie Red Lake
1
McMillan Gold
1
MoVittle-Graham
•
Gold
MoWatters
•
Mining Corp
1
Moffatt-Hall Mines
1
Moneta Porcupine
Morris Kirkland G M__
300 Jan
220 Feb
600
250 250
25e
650 Mar
34c 3330 34c 12,400 33340 July
52.25 52.50 1,070 48.75 Jan 58.00 Mar
80 Jan
30 June
3c 4,500
30
80 Apr
4%0 4Xo 431c 6,700 2%0 Jan
7.25 Feb
4.90 4.80 5.10 2,225 4.80 July
1.60
Sc
1.14
170
130
1.24
1.50
1310
68c
1.60
430
3J4c
1.14
160
130
1.14
1.25
1340
9320
660
1.67 5,035
534e 3,200
334c 6,200
1.18 4.600
17c 5,200
14e 9,900
1.27 19,266
1.50 7,955
132c 6,500
100 2,000
670 6,060
Newbec Mines
NIpissing
Noranda
Nor Can Mining
O'Brien Gold M
Olga Oil & Gas
1)40 1340
2.20 2.25
2.20
37.05 37.00 37.25
190 19c
•
380 380
40 4120
• 43ic
Paymaster
Peterson Cobalt
Petrol Oil & Gas(new).
Pickle-Crow
Pioneer Gold
Premier Gold
Prospectors Airways
1 28)(C
1 4)(C
*
2.23
1
1.60
1
• 1.41
•
5
280
4%0
60e
2.18
9.90
1.60
1.40
2.75 Jan
1.52 June
120 Jan
30 Feb
3)20 July 13)40 Jan
1.45 Jan
1.06 Mar
150 Jan 4031c Jan
400 Jan
100 June
2.15 Mar
450 Jan
1.50 July
900 Mar
40 Mar
lo June
160 Jan
9)20 July
720 June
470 Apr
40 Apr
3.000 1340 Feb
2.95 Apr
500 2.11 Mar
1,272 31.00 Jan 43.00 May
310 Jan
190 July
500
750 Mar
500 30340 May
30 Feb 6310 May
6,500
30c 47,200
4%c 11,500
600 1,193
2.35 21,985
185
9.90
1.66 8,474
1.41 1,100
160 Feb
1340 Feb
450 Feb
2.10 May
9.00 Jan
1.45 Jan
1.25 Jan
550
93o 98c 11,950
1
Read-Authier
270
320
320 32)4c 9,850
.
Red Lake Gold Share _ ...•
1.21
1
1.37 1.40 2,920
1.37
Reno Gold
554c 5)20 6)2c 7,000 4%0
1
Roche Long Lac
984 18.00
• 24.00 23.00 24.00
Royalite 011
San Antonio
Sheep Creek
SherrItt-Gordon
Siscoe Gold
So Amer Gold & P1
South TIblemont
3.65
1
850
50c
1 56340
2.55
1
1
Stadacona Rouyn Mines..' 263.40
15c
1
St Anthony Gold
• 1.35
BasinSudbry
60
1
Sudbury Contact
1
730
Sullivan Cons
2.17
1
Sylvanite Gold
Tasheta Gold Fields
Teck-Hughes Gold
Toburn G M Ltd
Vacuum Gas & Oil
Ventures
Wayside Cons
White Eagle
WIltsey-Coughlan
-Hargreaves
Wright
Yammer Yankee0 M
June
Apr
May
Mar
May
Apr
Mar
980 June
Jan
410 Apr
May
1.67 Mar
Jan
Feb 10310 Mar
Mar 27.00 May
May
Jan
Mar
Feb
Apr
July
5.20
1.25
1.00
3.28
4.60
15c
Mar
Apr
May
Mar
Jan
Mar
22o 26340 79,750 13%0 Jan
150 June
150 170 8,950
1.33 1.35 3,390 1.25 Jan
50 June
60 3,100
38c Jan
67o 73c 20,152
2.06 2.17 5,460 2.01 May
320
390
1.62
lle
750
2.70
Mar
Jan
Mar
Mar
Mar
Mar
3.65
850
530
2.53
3.90
5)0
3.85 5,775
880 6,100
59c 10,746
2.60 16,030
3.90
300
6%0 7,000
400 470 9,500
400
4.20 4.'40 4.20 6,543
1.08 1.12 1,085
1.08
1
c 3,500
•
310
340
* 82)(c 82340 830 6,308
110 120 11,C00
11c
50c
• 23.40 2340 234c 8,000
Sc 4,500
30
1
• 7.85 7.85 8.00 2,950
•
330 34c 19.000
1
•
32c
9)20
650
2.96
12.25
2.05
3.05
3.10
550
450
2.49
3.30
5320
m
b„..jThe Toronto Stock Exchange
"'ICanadian Commodity Exchange, Inc.
Tel. BOwling Gr.9-5934
TORONTO:347 Bay Street
June 29 to July 5, both inclusive, compiled from official sales lists
Low
C. A. GENTLES & CO.
42 BROADWAY, N.Y.
Toronto Stock Exchange-Mining Section
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
High Shares
Par Price Low
CANADIAN SECURITIES
SILVER FUTURES
400 July 6)20 Apr
4.65 Mar
3.70 Jan
1.45 Jan
1.08 July
1340 Mar
c Feb
Mar
80c May
4
00
12 7 Mar
70 Jan
Jan 10310 Jan
2310
Jan
30 July
a
7
7.85 June 9.90 Mar
850 Mar
330 June
Toronto Stock Exchange-Mining Curb Section
June 29 to July 5, both inclusive, compiled from official sales lists
,
JU V4
r may
Range Since Jan, 1 1935
Last Week's Range for
Week
of Prices
Sale
Low
High Shares
High
Par Price Low
StocksJune
June
June
Ju.y
Jan
Feb
110
Sc
3X o
7340
50
80
Apr
Jan
Jan
Feb
Jan
Apr
Mar
220 M
500
011230 250
Dalhousie
1)20 1%c 6,000 1)2o Mar
:
Gilbec Gold Mines
500 Apr
300
520 55c
•
Home Oil
425 11.50 Jan
14.50 14.70
•
Hudson Bay Mining
30 Jan
3o 3340 10,600
Sc
•
Lake Maron
40 432c 17,900 3320 June
4c
1
Label Oro
38.2
3320
900
16.00
70
9320
May
Mar
May
may
Apr
Mar
Aldermac Mines
Brownlee Miles
Can Kirkland
Central Manitoba
Churchill Mining
Cobalt Contact
•
1
1
1
1
1
Sc
lc
Mc
3e
Sc
lc
Mc
30
35.20
2340
Mandy Mines
Night Hawk Pen
Nordon Corp
011 Selections
Parkhill Gold
Pawnee Kirkland
Pend Oreille
Porcupine Crown
•
1
5
•
1
1
1
1
Co
734c
70
7c
40
4340
200 193-20
2340 23-20
530
4340
Ritchie Gold
Robb Montbray
Sudbury Minas
Wood Kirkland M 0
1
1
1
1
23-2c
Sc
4c
1310
2320
5o
40
Sc
1310
1310
332c
3320
2310
1,000
7,500
1,000
2,000
1,000
9,000
4340
lo
10
Sc
30
1340
800
130 Apr
• 60
340 May
1)(e 2.500
7340 10,000 332o Mar
432e 13,000 3340 Jan
200 11,500 19320 Jan
lo Feb
30 4,000
450 Mar
570 1,445
30 Jan
5310 7.050
130 2,000
2920 8,500
5310 9,000
4340 11,000
10
20
30
3340
Apr
Apr
Jan
Feb
10c May
434o Jan
93.40 June
70 May
32o Feb
43-20 Apr
84o May
60 Mar
2340
4320
7340
7340
Feb
Feb
May
Apr
Railway Bonds
But AM
Canadian Pacific fly
Canadian Pacific Ry1 1946
Sept
4
48 perpetual debentures. 8812 89
Dec 1 1954
58
4
1093 11012
Sept 15 1942
68
July 1 1960
4
Dee 15 1944 9614 9714
4548
4
July 1 1944 1113 11212
5e
Bid
AM
103 10312
10512 106
101 10112
Dominion Government Guaranteed Bonds
Canadian National fly
Sept 1 1951
Sept 15 1954
4348
June 15 1955
4)(8
1 1956
Feb
432s
July 1 1957
43-48
July 1 1989
58
1 1969
Oct
58
1 1970
Feb
as
No par value.
•
Ask
Bid
Canadian Northern 13.7Dec 1 1940
78
11114 1113
4
July 1 1946
63Is
4
1023 10318
1133 11414 Grand Trunk Pactflo 10.4
Jan
1 1962
4s
1111 112
Jan
1 1962
38
1091 110
8
s
1137 1143 Grand Trunk Railway
Sept 1 1936
611
1161 117
119441
Oct
78
1161 117
CURRENT
Bid
Ask
105 1053
2
12314 124
1063 1073
4
4
99 100
1055 106
10414 105
NOTICE
-Hartley Rogers & Co.,Inc.(of Illinois) has been organized, with offices
at 105 South La Salle St., Chicago. Officers of the firm include Hartley
Rogers, President; Vories Fisher, Vice-President and General Manager;
Richard H. Goodman, Vice-President; J. E. May, Treasurer, and V. M.
Gowen, Secretary.
The firm is on the wire system of The First Boston Corporation and has
installed an A. T.& T. Teletype, Chicago 760.
Holsapple, Harvey & Co., members of the New York Stock Exchange,
announced that Herbert H. Klein, who has been with the firm since its
organization in 1931. has been admitted as a general partner. Previous to
this, Mr. Klein was with Harris, Forbes & Co.for eight years.
Harriman & Keech are opening summer offices at Bar Harbor. Me.,
located at Lilac Cottage, Newport Driveway in charge of John J. Kearns.
Likewise at Oak Bluffs (Martha's Vineyard), Mass., at Seaview and Narragansett Avenues,in charge of John F. Cronin.
Brown, Schlessman, Owen & Co. of Denver have opened a
Colorado Springs Branch in the Exchange National Bank Bldg. Robert W.
Morris formerly of the Whitney National Bank of New Orleans has been
appointed resident Manager.
-J.W.Brady has formed J. W.Brady & Co. to transact an investment
business from offices at 411 North Seventh St., St. Louis. Mr. Brady
was formerly vice-president and manager of the trading department of
Festus J. Wade Jr. & Co. '
-Noel, Berman & Langley, members of the New York Stock Exchange,
announce that Thomas L. Perkins has been admitted to the firm as a
general partner and that Henry Steele Roberts has retired from general
partnership.
A
- bond trading department for dealers has been opened in the Boston
office of Lapham, Fahy & Co., 21 Congress St., under the management of
J. Roger Bradgon, formerly with Chandler Hovey & Co.
-Jenks, Gwynne & Co.. 65 Broadway, New York, are distributing a
folder containing the dates of crop reports to be issued in 1935-1936 by
American and Canadian Government agencies.
-a Reflection of Current Yields on Real
-"To-day's Opportunities
Estate Securities," is the subject of a booklet prepared by Seligman, Lubetkin & Co., Inc., 50 Broadway, New York.
-Moss, Lawson & Co., 53 Adelaide St., East Toronto, are distributing
copies of their weekly quotation sheet covering Canadian bank, industrial,
public utility and mining stocks.
Financial Chronicle
Volume 141
99
Over-the-Counter
SECURITIES
Bank Stocks
ilOIT,NSE &iftc.)STElt
Established 1914
74 Trinity Pl., N. Y.
Whitehall 4-3700
Members New York Security Dealers Association
• Open-end telephone wises to Boston, Newark and Philad,elphia. • Prirate wires to principal cities in United Stales and Canada. .
Quotations on Over-the-Counter Securities—Friday July 5
New York City Bonds
03448 May I 1954
03445 Nov 1 1954
a3%s Mar 1 1960
ab, May 1 1957
848 Nov 1 1958
a4s May 1 1959
a4e May 1 1977_
045 Oct 1 1980
xa4%a Mar 1 1960 opt 1935_
a4348 Sept 1 1960
a434s Mar 11062
attie Mar 1 1964
84 44 April 1 1966
a4tds April 15 1972
Ask
BM
4
1003 10114
10034 101 1 1
1003 1007
8
8
1045 10518
8
1045 10518
8
1045 105,
8
8
10412 105
10412 105
r.625 %
1075 10818
8
1073 10838
8
1075 10818
8
1073 10818
8
108 1083
4
a414e June 1 1974
attie Feb 15 1976
424%e Jan 1 1977
a4 tie Nov 15 1978
a4tis March 1 1981
a4 As May 1 & Nov 1 1957._
a4%S Mar 1 1963
a4 ;is June 1 1965
a434s July 1 1967
a43.4, Dec. 15 1971
0434e Dec 1 1979
Me Jan 25 1936
alle Jan 25 1937
Bid All
108 1083
4
1083 109 4
4
,
10334 10914
1073 10914
4
109 10912
1093 11014
4
11014 1107
8
110,2 111
1103 11112
4
111 4 11212
,
112 1123
4
10234 103
106, 10612
4
Canal & Highway
53 Jan & Mar 1946 to 1971
Bid
Ask
World War Bonus
4348 April 1940 to 1949__
Highway Improvement
414 Mar & Sept 1958 to '67
Canal Imp 452 & J '60 to 67
Barge C T 45 Jan 1942 to'46
Barge CT 414s Jan 1 1945._
r2.95
Highway Imp 4%s soot '63. 131
Canal Imp 412e Jan 1961_
131
Can & Imp High 414a 1965_ 128
Ask
r2.25
1233
4
1233
4
11312
116
Port of New York Authority Bonds
Port of New York
(len de ref 4s Mar 1 1975_
Arthur Kill Bridges 4%s
enrich A 1935-46
M&S
Geo. Washington Bridge
45 series B 1936-50
J&D
415e ser B 1939-53 M&N
BId
-458
10334 101
107
103
111
104
112
Bid
Ask
10014 101
103 104
103 104
100 102
105 107
108 110
125 129
MUNDS, WINSLOW & POTTER
Wall
40
Street, New York
Whitehall 4-550111
Members New York, Chicago and other Stock and Commodity Exchanges
Honolulu 55
U 8 Panama 3s June 1 1951_
2s 1936 called Aug 11935.
21 1938 called Aug 1 1935_
Govt of Puerto Rico
43.4s July 1958
55 July 1948
Par Bid
Ask
Bank of Manhattan CO..10 2414 2534
Bank of Yorktown__ 66 2-3 32
38
Bensanhuret NatIonal__100 30
Chase
13.55 2812 30
City (National)
12%
2714 2834
commercial National Bank
& Trust
100 146 152
Fifth Avenue
100 975 1025
First National of N Y 100 1630 1670
Flatbush National
35
100 25
Par
Kingsboro Nat Bank____100
National Bronx Bank_._50
Nat Safety Bank & Tr-1255
Penn Exchange
10
Peoples National
100
Public National Bank &
Trust
25
Sterling Nat Bank & Tr__25
Trade Bank
1212
Yorkville (Nat Bank of).100
Bid
Ask
55
15
icr
7
,2 9
612 8
51
3012
195
8
11
30
3212
203
8
13
40
New York Trust Companies
884 Ask
Bayonne Bridge 41 series C
1938-53
J&J 3 103 104
Inland Terminal 4145 set D
M&S 10314 10412
1936-60
Holland Tunnel 4W,s series E
M&S 111 112
1935-80
United States Insular Bonds
Philippine Government
48 1946 _
4 lie Oct 1979
4%s July 1952
ba April 1955
5s Feb 1952
514a Aug 1941
Hawaii 443002 1956
Bouyht , Sold and Quoted
New York Bank Stocks
New York State Bonds
Bid
Bank and Insurance Stocks
Rid Ask
122 1125
113 117
100.3 100.5
100.3 100.5
Par Aid
lanes Comm Italians ___100 140
lank of New York & Tr_100 392
tankers
10 65
lank of Stony
20 10
irons County
7
4
Irooklyn
100 91
.455
150
400
67
12
514
96
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Par Bid As
10 1614 17 14
100 200 210
100 283 289
10
133 14
4
100 1645 161 5
25 3812 41 12
3,
;antral Hanover
20 112 115
Manufacturers
20 2512
1hemical Bank & Trnal__10 42
44
New York
25 103
:11Inton Trust
50 40
50 Title Guarantee & Trust _ _20
614
:lolonlal Trust
25
97 117
8
8
3ontinental Bk AT,
10 1314 1434, Underwriters
100 50
3orn Koch Bk & Tr
20 5212 531,d United State,
100 1670
21
101
3 14
6(
1720
Wespecialue in
112 1115
111 114
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
Federal Land Bank Bonds
3s 1955 optional 1945
334s '55 optional'45.-M&N
as min optional 1944 ___kk.1
45 1957 optional 1937_M&N
45 1958 optional 1938_1111&N
434s 1950 opt 1936____J&J
LAND
Ask
Big
,
997 1001 &Me
8
1017 10218
0
108 10814 4445
10414 10412 434s
104 4 105 434s
,
103 4 103 2
,
,
1957 opt 1937____J&J
1957 opt 1937__M&N
1958 opt 1938__Isl&N
1942 opt 1935___M&N
1956 opt 1936____J&J
BANK
104,
4
1043
8
10638
1017
8
1023
8
Ask
1043
8
1043t
1067
8
102'16
10258
BONDS
MUNICIPAL BOND BROKERS-COUNSELORS
120 So. LaSalle St., Chicago
State 0540
Joint Stock Land Bank Bonds
LaFayette Se
Louisville Is
Maryland-Virginia ba
Mississippi-Tennessee be
New York 58
North Carolina bs
Ohlo-Pennsylvania be
Oregon-Washington ba
Pacific Coast of Portland 55
Pacific Coast of Los Ang 58
Pacific Coast of Salt Lake 68
Pacific Coast of San Ftan.fe
Pennsylvania Is
Phoenix 69
Potomac 5e
St. Louis be
San Antonio Is
Southwest be
Southern Minnesota be
Tennessee be
Union of Detroit 5e
VIrginia-Carolina Sti
Virginian 55
Bid Alt
96
100
100
9934 16634
9914
97
98
9612 9812
9612 9812
99,
4
100
100
100
99 16610512 10612
9914 100
/52
54
100
90
f4812 EO"
9934 10034
9612 6712
9912 98
-
Chicago Bank Stocks
Par Bid
Ark
American National Bank &
First National
Trust
100
Harris Trust & Savings
Continental III Bank &
Northern Trust Co
Trust
331, 5414 5614
For footnotes see page 101.
& CO.
Bid
Vow0evivy, d- te.
o
454
Bta
Atlanta 55
9914 10038
A t!antic 5s
100 110
Burlington be
100 101
California ba
100
Chicago 5a
12814 2914
Dallas Is
100 101
Denver be
0214 9314
Des Moines 5a
100 101
First Carolinas ba
0734 9834
First of Fort Wayne 55
1100
First of Montgomery bs____
92
91
First Of New Orleans bs____
963 9734
4
First Term of Houston 5a__
98
99
First Trust of Chicago be___
97
96
Fletcher bs
100
Fremont 5s
94
96
Greenbrier ba
100
Greensboro 55
99 1(ki
Illinois Midwest Ss
92
90
Illinois of :Monticello
97
95
Iowa of Sioux City be
98
Lexington be
100
Lincoln be
98
97
E.. SLOANE
Members New TorkSecurity Dealers Association
41 Broad St., New York
HAnover 2-2455
Railroad Bonds
Bought — Sold — Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
,giariptdait
JOHN
Pa?l
100
100
1001
814
125
210
455
Ask
133
4i6-
Akron1945
Canton & Youngstown 5555. 1946
Se,
Augusta Union Station I's 45. 11153
Birmingham Terminal 15t 4s, 1957
Boston & Albany 181 4 Lis, April 1 1943
Boston & Maine 3s, 1950
Prior lien 4e, 1942
Prior lien 44e. 1944
Convertible be, 1940-45
Buffalo Creek tat ref bs, 1961
Chateaugay Ore & Iron 1st ref te 1942
Chicago Union Station 1st mtge 4.s. 1963
Choctaw & Memphis 1st ba. 1952
Cincinnati Indianapolis & Western 1st be. 1965
Cleveland Terminal & Valley 1st 48. 1995
Georgia Southern & Florida 1st 65, 1945
Goshen & Deckertown 1st 53.4s, 1978
Hoboken Ferry 1st ba, 1946
Kanawha & West Virginia 1st 5e, 1955
Kansas Oklahoma & Gulf lot Si, 1978
Lehigh & New England gen & mtge 45. 1965
Little Rock & Hot Springs Western 1st 4s, 1939
Macon Terminal let Is, 1965
Maine Central 65, 1935
Maryland & Pennsylvania let 48. 1951
Meridian Terminal let 4.5. 1955
Minneapolis! St. Paul & Sault Ste. Marie 2d As, 1949
:Monongahela fly Co lot mtge 4a. May 1 1960
Montgomery & Erie let 55, 1956
New York & Hoboken Ferry gen Is, 1946
Portland RR 1st 3%s, 1951
Consolidated 5e, 1945
Rock Island-Frisco Termlna 4%s, 1957
St. Claff Madison & St. Louis lot 48, 1951
Shreveport Bridge & Terminal 1st be. 1955
Somerset fly let ref 48. 1955
Southern Illinois & Missouri Bridge tat 44. 1951
Toledo & 01110 Central fly 3 1s, June 1 1960
,
Toledo Terminal RR 4%e, 1957
Toronto Hamilton & Buffalo 43-4s. 1966
Washington County fly 1st 3!-4s, 1954
.146
f46
85
93
9
612
56
68
7612
80
99
83
109,
4
f50
8112
8812
48
99
8612
94
101
104
45
100
81
56
75
52
105
90
7412
66
83
69
82
SO
56
78
987
s
1061 2
84
59
Ask
49
49
89
97
66
85
1694
661i
52
765;
.1
102
10412
50
106
76
6712
85
74
gf
.
99
87
61
Realty, Surety and Mortgage Companies
Ask
Par Bid l Ask
Bond & Mortgage Guar_ P
-211 '9°141
2 'Lawyers Mortgage
201
1
1 12
Empire Title & Guar__ _1001
6 I 13 I Lawyers Title & Guar_ _100
112 217
July 6 1935
Financial Chronicle
100
Quotations on Over-the-Counter Securities-Friday July 5-Continued
OVER-THE-COUNTER SECURITIES
Guaranteed Railroad Stocks
-SOLD-QUOTED
BOUGHT
RYAN & McMANUS
Joseph Walker Sons
Members New York Curb Exchange
,
Mont.,' Neu York Stork Errbooge
120 Broadway
NEW YORK
Dealers in
GUARAMEED
STOCKS
„SinceU355
Digby 4-2290
A. T. & T. Teletype N. Y. 1-1152
Private Pare Connections to Principal Cities
Tel. RE ctor
2-6600
Public Utility Bonds
Guaranteed Railroad Stocks
(Guarantor In Parenthesis.)
Dividend
Par la Dollars.
6.00
100
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware & Hudson)_100 10.50
6.00
100
Allegheny & Western (Buff Hoch & Pitts)
2.00
60
Beech Creek (New York Central)
8.75
100
(New York Central)
Boston & Albany
8.50
100
Boston & Providence (New Haven)
3.00
100
Canada Southern (New York Central)
4.00
Caro ClInchneld & Ohio(L & N A CL)4% ___ _100
5.00
100
Common 5% stamped
5.00
Chic Cleve Cinc & St Louts pref(N Y Cent) ...A00
3.50
50
Cleveland & Pittsburgh (Pennsylvania)
2.00
50
Betterman stock
2.00
25
(Pennsylvania)
Delaware
5.50
Fort Wayne & Jackson pref(N Y Central)____100
100 10.00
Georgia RR & Banking(L & N. A C I.)
4.00
Lackawanna RR of NJ(Del Lack & Western)_100
100 50.00
Michigan Central(New York Central)
3.875
50
Morris & Ester (Del Lack & Western)
5.00
New York Lackawanna & Western(DL & W)_100
4.00
50
Northern Central (Pennsylvania)
7.00
100
Old Colony (N Y N H & Hartford)
4.50
60
Cowes° & Syracuse (Del Lack & Western)_
1.50
50
Pittsburgh Bess & Lake Erie(U S Steel)
3.00
50
Preferred
7.00
Pittsburgh Fort Wayne & Chicago (Penn)____100
7.00
100
Preferred
6.90
Rensselaer & Saratoga (Delaware & Hudson)_100
6.00
100
St Louis Bridge let mei (Terminal RR)
3.00
100
2nd preferred
3.00
100
Tunnel RR St Louis (Terminal RR)
100 10.00
United New Jersey RR & Canal (Penne)
6.00
Utica Chenango & Susquebanna(D L AC W)_100
5.00
100
Valley (Delaware Lackawanna & Weetern)
5.00
100
Vicksburg Shreveport & Pacific (Ill Cent)
5.00
100
Preferred
3.50
50
Warren RR of NI(Del I.ack & Western)
50
3.00
W eel Jersey & Sea Shore (Penn)
Asked
Bid
80
180
93
34
113
146
54
91
94
85
83
50
45
75
1s
80
76
175
8))
32
111
141
52
88
92
82
82
48
42
71
162
77
800
62
95
94
67
69
3534
72
160
177
'Co
141
71
141
251
84
97
61
65
49
0234
65
97
06
76
73
,
37!i
76
165
180
103
ZLF,
Si)
102
70
53
65
,
45 2
6512
95
8
86
-11;9 2
1053
s
A. T. T. Teletype--NY1-951
Tel. Cortiandt 7-6952
mmm
Wabash By 433.
544
5346
6a
western Maryland 434e.
Ee
Western Pacific 5a
534s
OCaCa
I,CC4
Texas Pacific le
434a
be
Union Pacific 4345
be
Virginian By 434e
58
,
ou 00000.0600c.c.0
St Louis-San Fran 4e
434s
56
St Louts Southwestern 5a_
534e
Southern Pacific 434a
ba
Southern By Vie
ba
535e
8.00
3.00
3.00
3.25
3.25
6.50
0.50
2.00
1.50
1.50
3.00
2.75
2.76
, ,
0 00 0000
be
NY N H & Hartford 434a.
58
Northern Pacific 4.34e____
Pennsylvania RR 434e____
68
Pere Marquette 434.
Reading Co 434.
5a
6.25
0.25
0.25
65
65
65
3.75
3.75
2.75
2.75
3.75
3.75
3.75
00000
New Orl Tex & Mer 434e....
New York Central 434s___
be
NY Chic & St L 434.____
Alt
3.50
3.50
3.40
1.50
1.50
2.00
2.00
000
Missouri Pacific 434.
be
5344
mm..mcomm
0
00. 0
0 .4 .04.
..
0,044
0
0 00
QOp 0
as
Louise & Mashy 43421
Ee
635a
Maine Central 55
53.88
Minn SIP ASS M es__
1134e
,
NciMmo00000OviciriMNNO480—;c0NOinN.eipio
534e
Erie RR 535.
Oa
4135a
ba
Great Northern 434e
be
Hocking Valley 58
Illinois Central 434s
55
634a
6546
7a
Internet Great Nor 434a...
Long Island 4346
Bid
Alt
,
C,00•0,, o0O ,000
Is
Denver & R0 Weed 434a__
be
4412
6412
89
15
105
103
10612
85
63
88
8
1047
58
New York City
35 Nassau St.
Railroad Equipment Bonds
Canadian Pacific 4348
Cent RR New Jer 434e___
Chesapeake & Ohio 5345__
634s
414s
55
Chicago & Nor West 434e_
Ee
Chic Milw & St Paul 434e.,
55
Chicago RI & Pao 434s_
05 to
wit4 10212
6212
,
9614 99 8
Philadelphia, Pa.
Private Wires to New York
58
BIB
96
46
44
106 107
9012 92
102 104
10412 10012
68
75
102
-110614 107 3
9612 518
7812 80
60 62
10378 10414
93
91
105
375
1023 103
4
,
/53 2 55
10414 1051 1
5912 6012
25
23
f
105 10512
Ask
Established 1921
STROUD at, COMPANY INC.
BUS
Par
Keystone Telephone 544s'55
Lehigh Vail Trans ref fe '80
4
623 Long Island Lighting bs 1955
Mtn States Pow lot Bs 1938
76
Nassau El RR 181 68 1944._
50
5212 Newport N & Ham 55 1944_
5414 New England 0& E 5a 1982
New York Cent Elec 5s 1952
54
Northern N Y Utll 5s 1955_
26
Northern States Pr 5s 1964_
2214 23 Oklahoma Nat Gas 6s A1948
1948
5a series B
2312
23
2612 Old Dorn Pow bri_MaY 1551
26
2612 2712 Pacific G & El 45, Dec 1 '84
4512 4612 Parr Shoals Power be 1952...
4812 4912 PeninsularTelephone534s'51
5112 5212 Pennsylvania Elea Si 1962_
Peoples L & P53.45 1941._
5612 _
,
91 Public Sect of Colo Os 1961_
90
1001a 10115 Public Utilities Cons 534e '48
82 85 Rochester By 1st Os 1930._
8812 8912 San Diego Cons G & E 4.5 '65
6412 Schenectady fly Co let 5546
63
65 67 Sioux City Gas & Elea 6a '47
.1
1023 103 Sou Blvd RR let be 1945___
7912 81 Sou Calif Edison 34s 1980_
Sou Cities Utilities 69 A 1958
1053
4
4
993 166 Tel Bond & Share 5e 1058.
70 Union fly Co NY be 1942._
65
-.
3212 331, Un Trao Albany 435e 2004__
8
103 1033 United Pow & Lt (le 1944___
5e series B 1947
8
1033 1043
4
Virginia Power be 1942
J37
5212 54 Wash & Suburban SW. 1941
Westchester Elea RR be 1943
75
99 166 Western PS 534e 1980
9(512 Wisconsin Pub Serv 512s '59
95
92 9312 Yonkers RR Co gtd ba 1046.
1351.1 3612
844
f30
f25
61
75
149
151
5314
5212
25
R.F. Gladwin & Co.
-Appraisals Upon Request
Quotations
r2.00
73.25
r3.75
r3.75
r4.25
r4.25
r3.75
r3.75
r3 75
r2.75
r2.00
r1.50
r3.00
r2.75
78
78
78
78
58
58
r8.00
r8.00
78.00
r3.70
73.7
r3.85
r3.85
73.00
r3.00
72.75
r3.80
r3.80
73.80
73.8
71.50
76.76
73.00
r3.00
r3.00
73.00
r2.00
r4.25
r4.25
r7.00
r7.00
Par
Albany fly Co con be 1930_
General 55 1947
Amer States PS 5345 1948
Amer Wat Wks & Elec be '75
Arizona Edison 18t bs 1948...
lot 68 series A 1945
Ark Missouri Pow let Os '53
Associated Electric Se 1981.
A8800 Gas & Elea Co 434568
Associated Gas & Elec Corp
Income deb 334e____1978
Income deb 334s____1978
1978
Income deb 4e
1978
Income deb 43is
Cony debenture 4e 1973..
Cony debenture 4345 1973
Cony debenture 5a 1973_ _
Cony debenture btis 1973
Participating Sa 1940__
Bellows Falls Hydro El 5.1'58
Bklyn 0& Newt'n con 5539
Cent Ark Pub Serv bs 1948
Central0& E 534e 1948____
lat lien colt tr Os MR.__
CentihulsonG&E lst334s'65
Cent Ind. Pow let 63 A 1947
Colorado Power 55 1953_ ___
Commonw Edison 331s..1965
Con UM & liklyn con 4.e '48
Consol Elec & Gas 5-85 A '62
Consumers Pr 1st 3,15.1965
Duke Price Pow 1986
,
Federal Pub Sem 1st Os 1947
Federated Util 535e 1957__.
42d St Man & St Nick ba '40
Green Mountain Pow 55 '48
III Commercial Tel 55 A '48
Iowa So Utll 534.1950
Kan City Pub Sere 35 1951_
PUBLIC UTILITY BONDS
EQUIPMENT TRUST CERTIFICATES
Atlantic Coast Line 634e..
Cie
Baltimore & Ohio 4341s____
Os
Boston & Maine 434s
55
Canadian National Cis
New York City
39 Broadway
86
86
86
86
3.00
3.00
7.00
7.00
ABBOTT, PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
OBSOLETE SECURITIES
Reports Rendered Without Charge
Gearhart & Lichtenstein
99 Wall Street, New York
A.T.& T. Teletype-New York-1-852
Tel. WHitehall 4-3325
Public Utility Stocks
Par
Alabama Power 87 pref_- •
Arkansas Pr & Ll 67 pref....•
Assoc Gas & El °rig pre!...•
•
$6.50 preferred
•
87 preferred
Atlantic City Elea 86 pref _•
Bangor Hydro-El 7% 0_100
Birmingham Else 67 ore_ -•
Broad Riv Pow 7% pt. _100
Butt Ntag & East Pr prel.25
Carolina Pr & LI $7 pref....•
•
6% preferred
Cent Ark Pub Sere pref _100
Cent Maine Pow 6% P1_100
100
17 Preferred
Cent Pr & Lt 7% prat-100
Cleve Elec III 6% pref__100
Columbus Ry. Pr & Lt
1st $6 preferred A _ __ -100
100
118.50 preferred B
100
Conaol Traction(N J)
Coneumere Pow $5 pref. _•
100
6% preferred
100
8.60% preferred
Continental Gas & El
100
7% preferred
Dallas Pow & Lt 7% pref 100
Dayton Pr & Ll 6% pref100
Derby Gas & Eleo 27 oret_•
844
75
68
2
2
212
96
101
54
26
22
78
Of)
75
52
55
36
114
Alt
77
70
3
3
56
29
23
79
71
80
54
56
37
98 100
94
9512
40
951 96
10312 10412
104 1053
4
71
69
110
10912 11112
7752 80
Par
Essex.Hudson Gas
100
Foreign Li & Pow units__
Gas & Else of Bergen _100
Hudson County Gaa100
•
Idaho Power 26 pref
100
7% Preferred
Illinois Pr & Lt 1st pret___•
interstate Natural GarL___•
Interstate Power $7 pref _.•
Jamaica Water Supply pf_60
Jersey Cent P & L 7% pf100
Kansas Gas & El 7% pf 100
Kings Co Ltg 7% pref 100
Long Island Ltg 8% Pt. 100
100
7% preferred
Los Angeles & E 8% Pf 100
Memphis Pr & Lt 87 prof__•
Metro Edison $7 pref B...._•
8% Preferred ear C____•
Mississippi P & L
pref._•
Wee Illy Pow 8% pref_.100
,
Mo Pub Sol $7 pref._ __100
Mountain States Pr cont.._*
100
7% preferred
Nassau & Suffolk Ltg pt 100
Nebraska Power 7% pret100
Newark Consol Gas
100
New Engl G & E 534% pf_•
New Eng Pow Assn 8% p1100
Bid
185
86
116
185
92
101 103
29
30
1512 1634
1838 1938
5212 5412
77
80
101 103
99 103
68
66
76
78
105 107
8012 8212
103
99 101
5014 52
99
5
3
23
1714 19t.,
40
42
1101_ 1111,
116
29
30
4512 461
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO
•
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
For footnotes see page 101.
Members New York Curb Exchange
150 Broadway, New York
COrtlandt 7-1868
Direct private telephone
76 Federal St., Boston
between New
Hancock 8920
York and Boston
Financial Chronicle
Volume 141
101
Quotations on Over-the-Counter Securities-Friday July 5-Continued
Par
New Jersey Pow & Lt $8 pt•
New Or! Pub Serv $7 Df---*
N Y & Queens E L P of 100
Northern States Pr $7 p1100
Ohio Edison $6 pret
•
$7 preferred
•
Ohio Power 6% Dret____100
Ohio Pub Bert
,
pf___100
7% preferred
100
Okla Ci & E 7% pref
100
Pac Gas & Elec 6% pf___25
Pacific Pow & Lt 7% pf...100
Penn Pow dr Light $7 pref.•
Philadelphia Co $5 pret___•
Piedmont Northern Ry_100
Pub Serv of Colo 7% pf_.100
Puget Sound Pow & Lt
$5 prior preferred
•
Queens Borough G&E
6% preferred
100
Big Ask
88
10
17
102
7112
9512 97
101 103
10612 10712
85 88
91
93
92
96
263 273
4
4
6512
64
10312 10412
60
36
32
96
98
30
32
64
Par
Roth Gas & Elea 7% 13-100
6% preferred C
100
Sioux City 0& E $7 pf. .100
Sou Calif Ed pret A
25
Preferred B
25
South Jersey Gas .4 Elec_100
Tenn Eloc Pow 6% pret_100
7% preferred
100
Texas Pow & Lt 7% Df..100
Toledo Edison 7% Di A-100
United 0 & E (Conn) 7% Pf
United 0& E(NJ) pref 100
Utah Pow & I.t $7 pref __•
Utica Gas dr El 7% pref_100
Util Power & Lt 7% Pref100
Virginia Railway
100
Wash RI & Eleo com
100
5% preferred
100
Western Power $7 pref 100
Bid Ash
101 104
99
97
77
75
2712 2812
273 283
4
4
185
67
65
75
77
93
95
103 105
73
75
7412 57
28
30
94
97
1114 13
64 68
310
_105
96
Specialists in
PRUDENCE BONDS
Statistical Information Furnished
Title Company Mortgages & Certificates
PU LIS CO U LBO UR N & CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
CO
Reports-Markets
Public Utilities-Industrials
-Railroads
AMOTT, BAKER & CO.
Specialists in Over the Counter Securities
for Out of Town Banks & Dealers
BArclaY 7
2360
BOND & GOODWIN
Specialists in-
WATER WORKS SECURITIES
Invited
SWART,BRENT rk CO.
IN COR PO RATED
- 25 BROAD STREET, NEW YORK
TEL.: 11Anocer 2-0510
Water Bonds
Alabama Water Fiery Sc, '57
Alton Water Co Sc, 1956 _
Arkansaw Water Co Sc. 1956
Ashtabula Water Wks 5s,'58
Atlantic County Wat 58,'58
Birmingham Water Worts
5e. series C. 1957
Sc, aeries B, 1954
53.64, series A, 1954
Butler Water Co Sc, 1957_
California Water Seri Sc,'58
Chester Water Fiery 454e,'58
Citizens Water Co (Wash)
55, 1951
554s. series A, 1951
City of New Castle Water
55. 1941
City W (Chat) Sc B____1954
let 5s series C
1957
Clinton W Wks Co Sc, 1939
Commonwealth Water(NJ)
55, series C. 1957
5145. series A, 1947
Community Water Service
534s. series B, 1946
65, series A, 1946
Connellsville Water 5s_1930
Consolidated Water of Utica
alit% 1958
let mtge Sc. 1958
Davenport Water Co 50, '61
E St L dr Interurb Water
55, series A, 1942
65. series B, 1942
5s, series 13, 1960
Greenwich Water & Gas
55, series A, 1952
5s, series 13, 1952
Hackensack Water Co 58,'77
Sis, aeries B, 1977
Huntington Water Sc 13, '54
6e, 1954
Sc
1962
Illinois Water Serv Sc A.'52
Indianapolis Water 4345,'40
1st lien dr ref be, 1960____
let lien & ref 55, 1970__
let lien & ref 544a, 1953__
1st lien dr ref 5t4s, 1954__
Indianapolis W NV Securities
Sc, 1958
Interstate Water 68, A, 1940
Jamaica Water Sup 53.4*, '55
Joplin W NV Co 5s, 1957
Kokomo W W Co Sc, 1958
Lexington Wat Co 5345. '40
Long Island Wat Vie. 1955
Bid Ask
97
09
10414
12.
10112 163
10314
101 102
Manufacturers Water 55,'39
Middlesex Wat Co 514s,'57
Monmouth Consol W Sc,'56
Monongahela Valley Water
Vie, 1950
Morgantown Water 5s, 1965
Muncie Water Works Sc,'39
105
10112 103I2 New Jersey Water Sc. 1950_
102 104 New Rochelle Wat 58,13,'51
534*, 1951
10414
New York Wat Serv Sc, 1951
10512
Newport Water Co Sc, 1953_
10414
Ohio Cities Water 534s, 1953
Ohio Valley Water Sc, 1954.
991
:
Ohio Water Service 55. 1958
10314
Ore-Wash Wat Serv Sc, 1957
Penne State Water 53.64,'52
102
Penne Water Co 50, 1940
10212
Peoria Water Works Co
105
1st & ref Sc, 1950
-12
10112 102
let coma'4s, 1948
let consol Sc. 1948
105
Prior lien Sc, 1948
103 2 1051,
,
Phila Suburb Wat 454s,'70_
let mtge Sc, 1955
63
60
64 Pinellas Water Co 5348 1959
62
100 102 Pittsburgh Sub Water 50,'58
Plainfield Union Wat Sc,'61
10012 102 Richmond W W Co Ea, 1957
101 103 Roanoke W W 5s, 1950
Roch dr L Ont Wet 58, 1938
10512
St Joseph Water 58, 1941
10114 103,4 Scranton Gas dr Water Co
434e, 1958
103
10114 103 Scranton Spring Brook
Water Sett Sc. 1961
,
let & ref 5.5. A, 1967
931 i 9514
Sedalia Water Co 5345, 1947
9212
South Bay Cons Wat 58,'50
105
South Pittsburgh Wet 55.'55
108
Sc, series A, 1960
102
5e series 14
10312
1960
Terre Haute Water 55, B,'56
10112
68, series A, 1949
101 103
Texarkana Wat let 50..1958
11351
:
Union Water Sent 53.4s, 1951
10512
1051
: _ Water Serv Cos, Inc. Sc,'42
West Virginia Water 55, '51
10512
Western N Y Water Co10512
bs, series B. 1950
1st mtge Sc, 1951
94
10211
let mtge. 534*, 1950
Westmoreland Water Sc, '52
106
Wichita Water Co 5s, B.'56
10212
55, series C. 1960
104
6s, series A. 1949
102
091 161 W'msport Water 59, 1952
:
Bid Ask
10212
106
97
66
10214
100
10014
101 12 1047
100 1(1112
10112 103
10012 10112
104
78
109
89
if
78
80
10014 102
106
99 101
98 100
100 102
103 106
105
10312
93
95
10312
108
10514
92
90
1001 10112
1021 104
103
Bid
da
8412 88
11012 1121a
12612 128
116 11712
R612 8812
41
5312 57
44
40
7712 8112
9312
11512 117
- -12
105 10612
Par
New York Mutual Tel _100
Northw Bell Tel p1634% 100
Pao & Atl TelegB 8 17..25
Peninsular Telephone com_•
Preferred A
100
Koch Telep $6.50 let pf _100
So & All Teleg $1.25__25
Sou New Engl Telep--100
S'western Bell Tel, pt.._ 100
TM States Tel & Tel
Preferred
10
Wisconsin Telep 7% pref 100
0912
9912
10012
101
102
104
105
10112 104
Bid Ask
22
25
11412 116
1512 18
83 10
4
90
94
10812
19
21
-121 123
12114 1231 4
1012 1114
11412
• No par value
a Interchangeable.
e Registered coupon (serial)
Coupon.
f Flat price
r Basis price.
to When issued.
z Ex-dividend.
t Now Ilsted on New York Stock Exchange.
I Quotations per 100 gold rouble bond equivalent to 77.4234 grams ot pure gold.
a Called for payment Oct. 1 1935 at 100.
Alden let 6e. Jan 1 1941____
Broadmoor, The, let 65, '41
Wway Barclay 151 68, 1941_
Certificates of deposit__
B'way & 41st Streetlet leasehold 614s, 1944__
Irway Motors Bldg Cs 1948_
Chanin Bldg Inc 4e 1945__ __
Chesebrough Bldg let 13e. '48
Chrysler Bldg 1st 13e, 1948_.
Court & Rernsen St Off Bldg
let fis. Apr 28 1940
Dorset, The, 1st 69, 1941._
Eastern Ambassador Hotels
let & ref 534e, 1947
Eaultable Oft Bldg deb 55'52
50 13way Bldg let 35, Inc '46
500 Fifth AvenueVie, 1949 stamped
502 Park Avenue let 65, 1941
524 & Madison Off Bldgge, Nov 1 1947
Film Center Bldg 1st 6s. '43
40 Wall St Corp 6s, 1958._
42 I3'way let 65, 1939
1400 Broadway Bldg1st 634* stamped, 1948___
Fox Metrop Playhouse634e, 1932 IND
Fox Theatre & oft Bldg1st 6125. Oct 1 1941
Fuller Bldg deb 6s, 1944
554s. 1949
Graybar Bldg Sc, 1946
Harriman Bldg 1st 68, 1951_
Hearst Brisbane Prop ge '42
Hotel Lexington let Co. 1943
Hotel St George let 551s,'43
Keith-Albee Bldg (New
Rochelle) let Cs, 1936__
Lefcourt Empire Bldglet 53 June 15 1941____
4a.
Letcourt Manhattan Bldglet 53is, stamped, 1941_
let 3-5s extended to 1948_
Lewis Morris Apt Bldglet 6125, Apr 15 1937
Lincoln Bldg Inc 514s, 1963
Loew's Theatre Realty Corp
let tls, 1947
let
London Terrace Apte Co.'40
Ludwig Bauman
let 68 (Bklyn), 1942
1st 63is (L I). 1936
-
Bid
Ask
13314 3512 Majestic Ante let 6s, 1948_
f4712
__ Mayflower Hotel let Os, '48
/2512 2712 Munson Bldg let 6564. 1939
/2614 2714 N Y Athletic Clublet & gen 65, 1946
f38
__ N Y Eve Journal 6 Sta. 1937
6114 623 NewYork Title& Mtge Co4
5512
__
534s series BK
5212 5412
634e series C-2
67
6912
5348 series F-1
534s series Q
f46
__ 19th & Walnut St (Phila)12412 2712
1st 68, July 7 1939
Oliver Cromwell, The
-1712 9
let 6s, Nov 15 1939
59 1 Park Ave 65, Nov 6 1939_
57
/35
36 103 East 57th St let 6s, 1941
165 B'way Bldg let 534e,'51
13614
__ Postum Bldg 181 6345, 1943_
f1712 2012 Prudence Co 514e. 1961---Prudence Bonda128
__
Series A to 18 inclusive__
5612
__ Prudence Co oils
6412 6612
Hotel Taft
551.
Hotel Wellington
Fifth Avenue Hotel
/1212 46
360 Central Park Wein
422 East 86th St
f57
58 Realty Assoc Sec Corp
5e, income, 1943
191 11
Roxy Theatre
447s 4614
let fee & leasehold 6145'40
13958 4132 Savoy Plaza Corp70
721
: Realty ext 1st 515s. 1945501 53
68, 1945
8412 Sherry Netherland Hotel
83
/4313 431
let 53
4s, May 15 1948_
f503 5234 60 Park PI (Newark) 6a.
4
'37
616 Madison Ave let 650'38
681
__ 61 Wway Bldg 151 5345, 1950
General 75, 1945___
/45
__ Syracuse Hotel (syracuise)1st 612s, Oct 23 1940
60
63 Textile Bldg 1st 6s, 1958
601 6212 Trinity Ridge Corp
let 53-45, 1939
.
/411
_. 2 Park Ave Bldg let 4e. 1941
561
_. Walbridge Bldg (Buffalo_
lot 6125, Oct 19 1938
9214 9314 Westinghouse Bldg
/37
3812
1st fee & leasehold Co. '39
68
6712
Bid
Ail
/3014 315
f523 543
4
/27
29
12812 301
10012 103
f38
/313
4
145
f42
391
33
46
4312
12412
_
/1312
6312
62
4812
10012
16312
151
661
_
2
501651
13-60
_
40
45
45
52
_
35
_
_
_
40
_
12512 27 2
f131
1131
_
f23lz
/
151
f21'I
4412
23
25
24
46 2
27
/42
.143
.
44
100 10212
551 5812
125':
5712
.
--
10412
90
9112 93
100
77
76
1023 104
4
102
105
10212
10212
9612
100
76
10012
Telephone and Telegraph Stocks
Par
Amer Diet Teleg(N J) corn •
Preferred
100
Bell Telex)of Canada_
100
Bell Telco of Penn pref_ _100
Cincin & Sub Bell Telep__50
Cuban Telep
Ord_ _ _100
Empire .4 Bay State Tel_100
Franklin Teleg 12.50
100
lot Ocean Teleg 6%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
New England Tel .4 Tel_100
A.T.& T. Tel.
NY 1-588
Real Estate Bonds and Title Co. Mortgage Certificates
Incorporated
63 Wall St., N. Y. C.
Whitehall 4-8060
Boston, Mass.
Portland, Me.
AT&T.Teletype NY 1-360
Complete Statistical Information-Inquiries
INCORPORATED
150 Broadway, N.Y.
Specialists in
SURETY GUARANTEED
MORTGAGE BONDS
Mackubin Legg & Co.
Redwood & South Sta., Baltimore, Md.
BANKERS-Est. 1899
Members
New York Stock Exchange
Baltimore Stock Exchange
Washington Stock Exchange
Associate Member N.Y.Curb Exch.
isal Imore-Plaza 9260
New York-Andrews 3-6630
itimaticiphia-Spruce 3601
A.T.& T Teletype-Balt. 288
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Allied Mtge Cos, Inc.
All series, 2-5s, 1953
69
Arundel Bond Corp 2-5s,'53 69
Arundel Deb Corp 2-6s, 1953 43
Associated Mtge Cos. Inc
Debenture 2-65, 1953
4212
Central Funding Corp
53.45.4 Cs, 1935-44
f3112
Conti by 13d Corp 2-5s,'53 61
Conti Inv Deb Corp 2-6s'53 41.
Home Mtge Co 510 & 60.
1934-43
f41
Mortgage Bond Co of Md.
Inc., 2-55, 1953
67
Mtge Guar Co of Amen
514s &6s, 1937-38
f
Mortgage Security Corp
5 Nis & 63. 1933-46
./
28
Nat Consol B,1 Corp 2-53.'53 601::
Nat Debenture Corp 2-65.53 41
Ask
Nat Union Mtge Corn
Series "A" 2-6s, 19. 4____
Series "B" 2-58, 1951____
45 Potomac Bond Corp 0,1
issues) 2-5s, 1953
4412, Potomac Con ,
, lidated 1,
e1
Corp 2-6s. 1953
3312 Potomac Deb Corp 2-6s,
Potomac Franklin Deb Cot
43
2-6s, 1953
Potomac Maryland Deben.
43
tore Corp 2-65, 1953
Potomac Realty Atlantic
Debenture Corp 2-68, 1953
Southern Secur Corp 6s. '36
31
Union Mtge Co 6s, 1937-47.
Union Mtge Co 530 dr Co
30
1937-47
Universal Mtge Co 63 34-31
43
Bid
Ask
51
59
53
6012
41
41
43
43
41
43
43
45
43
41
f33
35
133 [35
f41
f41
43
43
Sugar Stocks
Par Bid
Ask
Par Bid
As
Cache La Poudre Co__20 21,2 2234 Savannah Sugar
Ref
• 106 111
East Porto Rican Buz com_l
4
454
7% preferred
100 112 115
Preferred
8
1
10
West incites Sugar Corp.....1
23
4
3
,2
Haitian Coro Amer.
1
•
134
•
July 6 1935
Financial Chronicle
102
Quotations on Over-the-Counter Securities-Friday July 5-Continued
A COMPREHENSIVE SERVICE
LLE-R C-FIUTTEN DEN & COMPANY
in the
Over-the-Counter Market
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Bristol & Willett
Members:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Phone: Dearborn 0500
Established 1920
Members New Yo k ...Security Dealers Association
Tel. BArclay 7-0700
Broadway, N. Y.
115
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
0.1
/2412
Anhalt 75 to 1046
/27
8%, 1946
Antioquiti
Austrian Defaulted Cumin!95-125
Bank of Colombia, 7%.'67 120
Bank of Colombia. 7%.'68 /20
Barranquilla
/1412
8s 1935-40-46-48
. 4
1303
Bavaria 6345 to 1945
Bavarian Palatinate Cons.
2
117,
Cit. 7% to 1945
4
Bogota (Colombia) 654.'47 1133
8
/
Bolivia 6%. 1940
Elec. fis, 1953 /
2512
Brandenburg
56
Brasil funding 5%, '31-51
j56
!Basil funding scrip
Britian Hungarian Bank
/48
7345, 1962
Brown Coal Ind. Corp.
J38
atie. 1953
/64
Buenos Aires scrip
Cali (Colombia) 7%, 1947 /1012
Callao (Peru) 754%, 1944 /912
I312
Ceara (Brasil) 8%. 1947__
CitySavings Bank, Buda/39
pest. 75, 1953
Columbia scrip Issue of '33 /7312
139
Issue of 1934
48
Costs Rica funding 5%.'51
49 J17
Costa Rica Pao. Ity 7558'
45
58. 1949
Dortmund Mon Util 63,'48 f3M2
Duesseldorf 7e to 1945____ /2517
/2512
Duisburg 7% to 1945
East Prussian Pr. 65, 1963_ J29
European Mortgage & In153
vestment 745. 1968
2612
/
Frankfurt 7s to 1945
French Govt. 5541. 1937_ 150
French Nat. Mall SS.6s.'62 144
4
German All Cable 75, 1946 1313
German Building & LandJ31
bank 634 %.1948
German defaulted coupons. 140-57
,
/6 2
German scrip
ff20-25
German called bonds _
German Dawes Coupons
2
/93
10-15-34 Stamped
8
.1193
April 15 1935_
German Young Coupon•
f1212
12-1-34 Stamped
4
/15,
June 1 1935
/20
Guatemala So 1948
88
Haiti 6% 1963
Hamb-Am Line 6348 to '40 90
Hanover Harz water Wks
/2212
6%. 1957
Housing & Real Sing 75,'46 13012
Hungarian Cent Mut 7n.'37 f42
AU
2612
30
22
22
1812
4
313
2012
1514
11
27
4
563
57
41
66
12
11
612
42
40
51
20
33 2
- 17
2712
271.
3012
56
2812
3314
33
65
10
4
193
2
127
1512
94
2412
3212
45
B"
Hungarian Discount & Exchange Bank 75, 1963___ /38
Hungarian defaulted Mina /27-35
Hungarian Ital Bk 73-4e,'32 /45
4
363
Jugoslavia 5s, 1956
Coupons
/29
Roholyt 6348. 1943
Land M I3k, Warsaw 86.'41
33,2
Leipzig Oland Pr.6 Sin,'48 /
Leipzig Trade Fair 73, 1953 /27
Luneberg Power, Light &
/30
Water 7%,1948
Mannheim & Palat 7e, 1941 /3012
/2712
Munich 7s to 1945
Munle Bk, Hessen. 7s to '45 /2412
Municipal Gas & Elea Corp
Recklinghausen, is, 1947 J3212
Nassau Landbank 63.45. '38 /3612
Natl. Bank Panama 634%
54
1946-1919
Nat Central Savings Bk of
/44
Hungary 734s, 1962_
National Hungarian &
/44
Mtge. 7%, 1948
Oberpfalz Elec.7%,1946- /2412
Oldenburg-Free State 7%
/25
to 1945
/47
Panama 5% scrip
Porto Alegre 7%, 1968..... /1212
Protestant Church (GerJ2912
many). 7s, 1948
Prov Bk Westphalia 6s,'33 /43
Prov Bk Westphalia 6s,'38 j29
Rhine weetob Elee 7%. 36 /39
'
Rio de Janeiro 6%, 1933._ j14
Rom Cath Church 634s.'48 j32
R C Church Welfare 75,'48 J26
Saarbruecken M Bk 6e. '47 j28
j35
Salvador 7%. 1957
Salvador 7% ett of deg '67 /2512
/27
Salvador 4% scrip
Santa Catharine (Brasil),
/16
8%, 1947
/60
Santa Fe scrip
Santander (Colom) 75, 1945 11012
Sao Paulo (Brasil) 65, 1943 /1212
Saxon State Mtge. fle, 1947 138
36
Serbian 5s, 1958
/4112
Serbian coupons
Siern & Halske deb 65. 2930 /230
/38
7s 1910
Stettin Pub Mil 7s, 1948_ /29
Tucuman City 75, 1951._ j51
77
Tucuman Prov. 75. 1950_
/64
Tucuman Scrip
Vesten Elea Sty 7s, 1947._ /26
Wurtemberg 75 to 1945..... 12814
TRADING
Ask
42
4
373
32
871.
3012
30
33
3312
2812
2612
3512
3912
56
48
48
281,
27
50
15
3112
32
42
18
34
2712
38
211- 2
30
17
1112
131.
42
37
5212
245
48
30
53
Si
67
28
2914
MARKETS
Bank Stocks • Insurance Stocks
and all Over the Counter Securities
DlgbyTeletype
N.Y. 1-901
4-4524
HARE'S,LTD.
19 Rector Street, New York
Hartford
Private 'Phone Wires so Philadelphia, Boston,
Los Angeles
Pittsburgh
Insurance Companies
Par
Aetna Casualty & Surety _10
10
Aetna Fire
10
Aetna Life
25
Agricultural
10
American Alliance
5
American Equitable
10
American Home
American of Newark....214
American Re-Insurance.. _10
10
American Reserve
26
American Surety
10
Automobile
234
Baltimore Amer
25
Bankers & Shippers
100
Boston
5
Camden Flre
10
Carolina
10
City of New York
Connecticut General Life.10
6
Continental Casualty
234
Eagle Fire
Employers Re-Insurance_10
6
Excess
10
Federal
Fidelity & Deposit of Md_20
6
Flremene of Newark
6
Franklin Fire
1
General Alliance
10
Georgia Home
5
Clients Falls Fire
5
Globe & Republic
Globe & Rutgers Fire____ 15
5
Great American
Great Amer Indenanity____1
10
Halifax Fire
3
Hamilton Fire_
10
Hanover 1. ire
10
Harmonia
10
Hartford Fire
Hartford Steam Boiler....10
5
Home
Forfootnotes see page 101
Ask
Bid
84
82
5814 6014
2612 28
81
78
4
x2414 253
2312 26
1012 12
1212 14
5314
51
2514 2634
4
3831 403
3214 3414
4
4 63
53
88
85
560 570
2112 2212
2612 28
2612 28
36
34
1614 1814
212 4
35
37
1512 102
7414 7714
84
80
4 8
63
27
2812
1412
12
2512 261.
3612 3812
11
1314
2112
17
22512 27
612 712
4
1814 193
15
3914 4114
2434 2614
7514 7714
76
74
32
30
Par
10
Home Fire Security
10
Homestead Fire
Importers & Exp. of N Y..5
5
Knickerbocker
5
Lincoln Fire
1
Maryland Casualty
26
Mass Bonding & Ins
Merchants FireAssurcom 234
Merch et Mfrs Fire Newark _5
10
National Casualty
10
National Fire
2
National Liberty
20
National Union Fire
New Amsterdam Cas____ .2
10
New Brunswick Fire
10
New England Fire
Hampshire Fire _ _ _ .10
New
20
New Jersey
6
New York Fire
12.50
Northern
2.60
North River
Northwestern National. _25
26
Pacific Fire
10
Phoenix
5
Preferred Accident
Providence-Washington _ _10
10
Rochester American
a
Hostile
St Paul Fire & Marine_ _ 25
Seabo4rd Fire & Marine-5
10
Seaboard Sur,"
10
Security New Haven
10
Southern Fire
Springfield Fire & Marire_25
10
Stuyvesant
100
Sun Life Assurance
100
Travelers
U S Fidelity & Guar Co___2
4
U S Fire
10
U S Guarantee
2 50
Westchester Fire
Bid Ask
134
114
2314 2514
412 612
914 11,
4
4
3
3 4 43
2
8 23
15
1912 2112
50
45
514 7,
4
1212 143.1
7234 743
4
714 8 4
,
119 124
4 94
73
,
29
3012
14
4
463 49 4
-143
1412 1712
84
89
4
243 2614
125 130
98
94
89
87
1234 1414
42
40
4
21714 203
4
113 1314
178 182
7
812
1212 14
38
36
25
23
118 121
212 414
400 408
539 549
1014 113
4
50
75
10
3414 3014
Pas Bid
Ask
Pa?
13
Herring-Hall-Mary Safe..100
Adame-Nf illis Corp. P1_100 101
1
• 15
314
11 Kildun Mining Corp
American Arch $1
• 13
2
70, King Royalty corn
100 67
American Book $4
100 92
$8 preferred
10
7
American Hard Rubber.. 50
,
211 22 8 Kinner Airplane dr Motor _1
American Hardware ____25
• 231 2412 Lawrence Port Cement__ 100 18
Amer Maize Products
4
7
100
511g
American
5
35 Macfadden Publica'ne corn
28
100
Preferred
• 37
Preferred
14
13
American Meter corn
1
312 Merck & Co Inc corn
27
27
American Republica corn_ •
8% preferred
100 116
4812
46
Andian National Corp_
• 53
8 National Casket
7
.10
Art Metal Construction.
• 109
Preferred
4
48 Nat Paper & Type pref_100
• 46
Babcock & Wilcox
3 New Haven Clock pref..100 70
1
Bancroft (Jos) & Sons corn_ •
33
14 North Amer Match Corp...
10
100
Preferred
4
Beneficial Indust Loan Df_• 503 5212 Northwestern Yeas t____100 102
5 2914
4
404 473 Norwich Pharmacal
Bon Awl Co B common _
• 15,
Ohio Leather
4
Bowman-BlitmOre Hotels..
8
8 27 Oldetyme Distillers
17
100
1st preferred
25 Paramount P.ctures cOrn___
Canadian Celanese corn....' 22
100 117 120 Paramount PUDIlx Uorp__1
Preferred
Pathe Exchange 8% pref 10
100 110
Carnation Co 57 pre(
•
.12
• 45 2 ;7 Publication Corp corn
,
Climax Molybdenum
100
57 1st preferred
Coal Corp p1100 32
Clinchfield
4
273 2831 Remington Arms corn
Colts Patent Fire Arms_ __26
3 Rockwood & Co
2
Columbia Baking com____•
Preferred
100
•
lst c referred
IOC
312 412 Ruberold Co
•
2d preferred
4
Columbia Broadcasting al A • 3214 333
25
4
• 3214 333 Scovill Mfg
Claw B
8
8
463 483 Singer Manufacturing...100
Columbia Pictures pref....*
4
• 283 30 Standard Cap & Seal
Crowell Pub Co corn
100
- Standard Screw
100 101
$7 preferred
•
Taylor Milling Corp
• 2914 3112 Taylor Whar I & S corn_ ___•
Dletapnone Corn
106 11612 121 i Tubize Chatilion cum pf _100
Preferred
10
5612 Unexcelled Mfg Co
100 51
Dixon (Jos) Crucible
100
U S Finishing pref
• 92
Doehier Die Cast pref
491.I
50 46
Preferred
13 Welch Grape Juice pref_100
10
Douglas Shoe preferred....100
• 5812 61 West Va Pulp & Pap com_.•
Draper Corn
100
Preferred
100
921.4
Driver-Harris pref
10 453 Zi14 White (58) Dental Mfg---20
4
First Boston Corp
Is White Rock Min Spring
1
Flour Mills of America____•
100
57 let preferred
75
70
_100
Gen Fireproofing $7 pf.
50
50 Wilcox-Gibbs com
10 46
Golden Cycle Corp
100
31. Worcester Salt
,
24
Graton & Knight corn- _•
2012 23 Young (J s) co corn....100
100
Preferred
100
7% preferred
2014 22
Great Northern Paper__ ge
Ask
16
312
20
40
29
18
56
6
37
0.4
3014
18
212
818 852
412
4
9512 01
20
so 98
33
8
25
15
79
75
61
59
2114
268
3212
8012
11
2
4712
2
23
314
4
213
75
3410
9412
20
8
27
51
318
5
8712 115
1234 1414
9312
1472
10112
20
.
63
54
if
105
10012
Investing Companies
Par Pict
Ask
Ask
Par bid
• 14.73 ___ Internet Security Corn(Am)
Administered Fund
Class A common
ls
1
•
1.42 1.54
Affiliated Fund Inc corn ..._
•
if
_
Class B common
1218 1332
Amerex Holding Corp____*
100 2412 271:
634% preferred
Amer Bankstocks Corp- --• 1.00 1.12
100 24
6% preferred
261;
.95 1.03
1
Amer Business Shares
Investment Co. of Amer
914 10
Amer & Continental Corp__
10 23
Common
25
26
Am Founders Corp 6% pt 50 22
• 23
7% Preferred
50 2212 2612
7% preferred
214
•
612 812 Major Shares Corp
Amer & General See el A__•
Maryland Fund Inc corn__ 16 20 17.52
53
• 50
$3 Preferred
1 20.72 22.52
272 332 Mass Investors Trust
Amer Insurance Stock Corp'
1
1.18 1.26
8 614 Mutual Invest Trust
53
Assoc Standard 011 Shares _2
I 3.41 3.51
512 614 Nation Wide Securitiee_
Bancamerica-Blair Corp___1
1.22 1.32
Voting trust certificates__
.50 .75
ohs 50c
Bancshares. Ltd part
Trust Shares.,.
212
2 432 N Y Bank
37
Bankers Natl Invest Corp..
8834 92t,
• 3.30 ___ No Amer Bond Trust Ws_
Basic Industry Shares
20 .40 No Amer Trust Shares. 1953 2.07
1
British Type Invest A
2.54
Series 1955
2
2
123 137
1
Bullock Fund Ltd
2.51
Series 1956
Canadian Inv Fund Ltd___1 3.45 3.70
Series 1958
2.54
24
Central Nat Corp class A... 22
100 50
Northern Securities
2
1
•
56
Class B
• 24.47 26.31 Pacific Southern Invest pf_ • 34
37
Century Trust Shares
Class A
5
4
•
2 338
23
Commercial Natl Corp
Class It
118
12
•
Corporate Trust Shares____ 2.17 ___
2.13 ___ Plymouth Fund Inc el A _1(1c
.90 1.00
Series AA
2.13 ___ Quarterly Inc Shares__ .25e 1.37 1.50
Accumulative series
2.47 ___ Representative Trust Shares 9.10 9.85
Series AA mod
2.47 ___ Republic Investors Fund_..5 2.20 2.35
Series ACC ,- od
8
7
8
3
Crum & Foster Ins com__10 2412 2612 Royalties Management__
21 1
114
__ Second Internet See al A___•
100 111
8% preferred
Class B common
12
• -__.
Crum & Foster Ins Shares6% preferred
50 36
40'
10 3212 35
Common B
1.27 1.38
100 107 112 Selected Amer Shares Inc_
7% preferred
2.61
Cumulative Trust Shares..' 4.23 __, Selected American Shares__
2.12 2.35 Selected Cumulative Shs- 7.22
Deposited Bank She sec A_
3.74 ___
Deposited Ineur She A___ 3.96 4.40 Selected Income Shares.....
531
518
4 --- Selected Man Trustees Shs_
73
Diversified Trustee She B-• 16.03 17.04
3.30 3.60 Spencer Trask Fund
C
518 534 Standard Amer Trust Shares 2.75 3.00
D
• .55 .59
25e 1.33 1.43 Standard Utilities Inc
Dividend Shares
• 68.71 74.13
34 State Street Inv Corn
30
1
Equity Corp ev pref
• 42.36 45.62 Super Corp of Am Tr Shs A 3.38
Fidelity Fund Inc
AA
2.34
Five-year Fixed Tr Shares__ 3.85
B
• 8.63
3 57
Fixed Trust Shares A
BB
2.36
• 7.32
B
C
6.16
Fundamental Investors Inc 2.07 2.27
D
8 532
45
Fundamental Tr Shares A__
_ Supervised Shares
10c 1.35 1.48
8
43
Shares 13
Trust Fund Shares
334 414
Group Securities2.35
1.16 1.28 Trustee Standard Invest C__
Agricultural shares
D
2.30
.89 .99
Automobile shares
1.19 1.32 Trustee Standard Oil She A 6.08 _
Building shares
B
5.24
1.26 1.39
Chemical shares
.97 1.07
1.19 1.32 Trusteed Amer Bank She B.
Food shares
I 16 1.28
1.07 1.17 Trusteed Industry Shares__
Merchandise shares
1.35 1.50
1.09 1.19 Trusteed N Y Bank Shares_
Milling shares
1.06 1.16 United Gold Equities (Can)
Petroleum shares
Standard Shares
1
2.04 2.27
.75 .83
RR Equipment shares._
1
12
.97 1.07 US & Brit Jut class A corn •
Steel shares
Preferred
1.36 1.50
912 121;
Tobacco shares
5
8
145 1518
US Elec Lt lc Pow Shares A
17
Guardian Invest Trust__• 14
2.10 2.26
B
.20 .30
Huron Holding Corp
80
.78
Voting trust Ws
.
Incorporated Investors____• 17.66 18.98
4 31;
23
Indus Os Power Security___• 14.22 15.80 Un N Y Bank Trust C 3 -.
2 218
13
.98 Un Ins Tr She ear F
.90
Investors Fund of Amer____
___
5
Inywatrnont TI'llitt nt IV V •
Volume 141
Financial Chronicle
103
Quotations on Over-the-Counter Securities-Friday July 5-Concluded
Miscellaneous Bonds
SHORT-TERM SECURITIES
Railroads-Industrials
-Public Utilities
Specialists in Called Bonds-New Issues
Pell Peake & Co.
24 BROAD ST., NEW YORK
Members N. Y. Stock Exchange
Tel. HAnover 2-4510
Short Term Securities
ma Ask
Allis-Chalmers Mfg Os 1937_
Amer Tel & Tel ts 1936_
41$5 July 1 1939
Appalachian Pr 75 1938....
Armour & Co 4145 1939
Atlantic Rehr Co 58 1937--B &0 RR See 41$9 1939____
Beech Creek RR 1st 451930..
Bethlehem Steel 58 1936_
Buffalo Roth & Pitts 501937
Calif Gas & Eleo 5s 1937_
Caro Clinchf & Ohio fs 1938
Ches & Ohio RR let 501939.
Chic Gas Lt & Coke 1st 5837
Cin Ind St L & Chic 45 1936
Cleve Eleo Ill Cobs 1939.-Columbus Power let ifie 1936
Consumers El Lt & Pr(NO)
181 55 Jan 1 1936
Consumers Power 1st 53 1936
Consum Gas(Chic) let 58'36
Cudahy Packing 5348_1937
Cumb'I'd Tel & Tel 188 50'37
Dayton Lighting Co 58 1937
Duluth & Iron Range 58 '37
Edison El Ilium Co Boston
56 April 15 1936
38 July 16 1937
38 November 2 1937
48 Ja 1 1939
Fox Film cony ell 1936
Glidden Co 510 1939
Or Trunk Ry Can (go)6836
Long Dock Co 68 1935
Long Island Ltg 1st 56 1936.
Long Island RR 58 1937....
Gen 48 June 1 1938
Louisville & Nash ui.lf 48'40
Midvale Steel & Ord 50 1936
1019 1019
8
8
10218 10212
1013 10818
4
1061., 107
1033 10418
4
10712 107%
9112 9211
10112 102
104 10414
10414 10514
10'314 1083
4
10812 109
11238 1127
8
1053 10318
4
10214 103
103 10318
102 4 1033
8
9
10011 10112
10218 102916
10414 105
10338 10338
10318 00316
107 10712
10818 1089
8
10314 103918
10014 10012
10912 10094
10812 10914
103 1035
8
103 104
1055 106
8
102 10312
10212 103
103 1033
4
10534 10614
1079 1079
5
4
1023 103
4
BM
dsk
63
75
10812 11i98
f6
1
3412 3712
Chain Store Stocks
Federal Intermediate Credit Bank Debentures
ISoviet Government Bonds
Inversiones e Inmuebles S
-A, Havana, Cuba, par 100 pesos
$5 lot
25 Hubfloy Realty Co., Inc.(N. Y.),8% cum, preferred, par $100
$1 lot
10 Bowman-Biltmore Hotels Corp. (N. Y.) common
$2 lot
Certificate evidencing right to receive 10 ohs. Bowman-BlItmore Hotels Corp.
(N. Y.) 1st pref. after a regular div. upon pref. stock of Westchester-BMmore Corp. shall have been declared and paid
$1
250 The Mariner Harbor National Bank, Mariner Harbor, N. Y., par $100..5100 lot
lot
200 Elcamp Holding Corp. par $100
225 Forty Fifth Avenue Corp
$4,616.47 lot
350 Forty Fifth Avenue Corp
55,223.5810t
Bonds
$1,000 Nassau Development Co.(N. Y.) property certificate secured by
10 shs.
of the capital stock of the Nassau Development Co
$10 lot
$500 Avon Florida Citrus Corp.
734% 1st mtge. gold bond. series B, due
July 1 1943. July 1 1931 & subsequent coupons attached;
Citrus Corp. participation certificate lot mtge. gold bonds, and $50 Florida
series B
$10 lot
0
By. R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
1 First National Bank Boston, par $20
.
;
331i
24 Inter Urban Estates, Inc., par $10; 10 C. A. Lapworth
pref., par $10:4 C. A.Lapworth Webbing Co. common, Webbing Co. 8%
par $10; 25 General
Mortgage Loan Corp. preferred, par $10;40 National Service
Cos. preferred:
1 Liberty National Bank, New York, par $100;
6 Puritan Brick Co., Inc.,
$15% lot
3 George E. Keith Co. preferred, par $100
1 Columbian National Life Insurance Co., par $100
8434
2 Old Colony Trust Associates
934
175 Davison Chemical Co
$50 lot
15 Investors Equity
134
10 Key West Electric Co. preferred, par $100
5
22 Rhode Island Pu.lic Service Corp. preferred, par
$2734
2834
111BondsPer Cent
$10,000 Aliterton-Cleveland Co. 61$8, May 1945
1% flat
By Crockett & Co., Boston:
Shares
Stocks
$ per Share
28 Pacific Mills
1134
150 Old Colony Investment
234
12 New England Public Service $7 prior lien
171$
18 Union Stock Yards of Omaha, par $100
88
6 Oxford Paper Co. preferred
24
3 Rensselaer Water Co. common
$3 lot
10 Federal Water Service $6 preferred
10
18 Boston Belting preferred, par $50
$1.50 lot
25 Utilities Power & Light Corp. preferred, par $100
11
29 Oxford Paper Co. common
214
50 Incorporated Investors, par $5
$17.45
BondsPer Cent
$1,000 Utica & Mohawk Valley Ry. Co.41$5. due Sept. 1 1941, et,of dep.13.4% flat
By Barnes & Lofland, Philadelphia:
Stocks
Shares
5 First National Bank of Philadelphia, Pa
25 Central-Penn National Bank
70 Philadelphia National Bank
36 Pennsylvania Co. for Insurances, &c
1 Real Estate Trust Co
51 Philadelphia Life Insurance Co
$ per Share
2562434
73
283.4
78
3
By A. J. Wright & Co., Buffalo:
Rid
Ask
112
14
65
97
12312 212
95
16212 1;5 2
-1.
f89
92
112
15
10512 1063
5
13
.710
Morris & Co 1st 41$6 1939_ 1049 1043
8
4
NY Chic & St L lst 4a 1937_ 10112 102
New Tort Tel list alas 1939. 111 1113
Nor American Lt & Power
rgi April 1 1936
1011 103
Nor Ry of Calif 5e 1938__-- 10814 109
Pacific Tel dr Tel 5s 1937
1068 10634
Par DM Ask
Par ANIA Ask
Penn-Mary Steel 5$ 1937._ 104 105
Bohai*(H C)cam
•
7 Melville Shoe pref
5
100 110
Pennsylvania RR 6118 1936. 10312
7% preferred
-100 45
Miller(I)& Sons pref_100 12
55
15
Phila & Reading C & 14s 37 10314 104
Diamond Shoe pref
100 83
MockJuds&Yoeheger pf 100 80
90
Phillips Petroleum 59(5 1939 1023 103
4
Edison Bros Stores prat _100 105
Murphy(0 C)8% pref.100 112 118
Potomac Elec Power 55 1936 104 10412 Fishman(M H)Stores._ _.• 12
14 4 Nat Shirt Shops (Del).... •
3
314 414
Pure 011 Corp 51411 1937-- 101 10114
Preferred
100 92 97
let preferred.-......100 40
47
51$5 Mar 1 1940
1011 10218 Great A & P Tea
8
--100 121 12812 Reeves (Daniel) pref..-100 87
Ry Express Agency Inc
Kress(8 H)6% pref
10 1112 1212 Schiff Co preferred
100 102 106
as 1935 to 1939
10014 t 0 109 Lerner Storm pre!
100 105 109 United Cigar Stores 8% Pret412 512
55 1940 to 1949
109 t o 111 Lord & Taylor
100 145
e% prat title
411
Rosh & L Oct Water 58 1938 10011 101
let preferred 8%
100 102
Stores preferred___ _100
6
St Joseph Ry L H dr P 53'37 10312 104
2nd preferred 8%...._100 104
Paul Min & Man
St
Montana Ext 4s___1937 103 10312
Scranton Electric 58 1937... 10714 108
Sinclair Conant OH °W1)
75 March 15 1937
__ 101 10114
Bid
Ask
Bid
Ask
61$s June 1 1938
101 10114
Southern Bell T At T 58_1941 107 10812
F IC 11$8
151935..
.15% F IC 1145 Dec. 16 1935_ r.45
Swift & Co 5e 1940
.25%
1017 10218 F IC 11$6 July 15 1935- r.35
Aug.
r.35
.15% F IC 1149 Jan. 15 1936_ r.50
Texas Pr & Li 1114 Be 1937- 1055 10818
.3041
8
FIG 13.4. Sept. 16 1935_.. r.35
.15% F IC 1)45 Feb. 15 1936_ r 50
United States Rubber Co
.35%
F IC i143 Oct. 151935...
.20% F I0 110 Mar. 16 1936_ r.50
.40%
6145 March 1 1936
10138 1013
4 PIG 1141 Nov.15 1935_ r.40
r.40
.25%
10212 10314
6 1936
3
Virgin's Midland Ry 50111311 101 102
Ward Baking Co 1st 68 1937 1055g 106
Wathington Wet Pow 55 '39 10934 11011
Western Mass Cos 48 1939_ 10314 1033
4
DU I Ask
MO
Ail
W N Y & Ps RR lot 55 1937 10511 106
Union of Soviet Soe Repub
Union of Soviet Boe Repub
Western Union Tel 6145 1938 10i4 10211
7% gold rouble____19431 87.101 89.001 10% gold rouble...19421 87.97 „...
104 10411
5 Jan. 1 1938
9
For footnotes see Page 101
.
AUCTION SALES
The following securities were sold at auction on Wednesday
of the current week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per snare
21
Stocks
Shares
3 Rustless Iron & Steel common
Ble A sk
Adams Express 48 ____1947 92
9312 Haytian Corp Ets
1938
American Meter its _ _1946 97
_ Journal of Comm 6146 1937
Amer Rolling 511114%8_1945 10012 1007 Merchants Refrig Os.._1937
;
Tobacco 40
Amer
1951 106
Nati Radiator 55
1946
Am Type Fdrs 611 _1937 f37 40
N Y Bhipbldg 55
1946
Debenture 68
1939 137 40 No. Amer Refrae 6345_1944
Am Wire Fabrics 78 .A942 87
92 Otis Steel(is etre
1941
Bear Mountain-Hudson
Pierce Butler & P 6%9_1942
River Bridge 7e
1953
91 Scoville Mfg 6He
1945
ButterickPublishing 63.41936 115
17 St'd.Tex.Prod.let6145as.'42
Chicago Stock Yds 55._196
98 100 Starrett Investing 53_...1950
Consolidation Coal43451939 f31
34 Struthers Wells Titusville
Deep Rock 01178
193 149
51
614.
1943
Home Owners'Loan Corp
Swift & Co let 334e____1950
11$5
Aug 15 1936 101.14 101.18 Union Oil of Calif 4s_ __1947
134s
Aug 15 1937 102.7 102.11 Witherbee Sherman 68.1944
25
Aug 15 1938 102.26 102.30 Woodward Iron 55 ____1952
1115
June 15 1939 100.23 100.25
$ per Share
$1.50
Prices on Paris Bourse
Quotations of representative stocks as received by cable each
day
of the past week
June 29 July 1 July 2 July 3 July 4 July 5
Francs Francs Francs Francs Francs Francs
Bank of France
10.100 9,990
9,900
9,900
9.800
Banque deParis et Des Pays Bag
907
886
875
881
Banque de l'Unlon Parisienne_
442
439
428
429
Canadian Pacific
164
163
161
"i88
Canal de Suez
19.500 19,700 19,800 19,955 19,600
Cie Distr. d'Electricite
1,172
1,155
1,168
1,129
Cie Generale d'Electricite
1,330
1,320
1,310
1,310
1,556
Cie Generale Transatlantique
15
15
16
15
16
Citroen B
87
86
85
89
Coral:dot? Nationale d'Escompte
920
919
905
912
Cots S A
,
79
75
75
77
80
Courrieres
233
231
231
228
Credit Commercial de France._
563
562
560
562
Credit Lyonnalse
1,760
1,740
1,730
1,722
1:680
Eaux Lyonnaise
2,560
2,560
2,550
2,440
Energie Electrique du Nord
550
549
560
6
Energie Electrique du Littoral
-850
832
835
820
Kuhlmann
HOLT-564
542
532
530
L'Alr LiquIde.
DAY
790
780
770
770
760
Lyon (P L M)
871
872
867
851
Nord Ry
1,207
1,211
1,190
1,140
Orleans 1137
425
416
411
413
Paths Capital
32
31
24
25
Pechiney
1,013
998
976
961
Rentes, Perpetuel 3%
78.50
77.80 77.30 76.45 fsTio
Rentes 4%,1917
79.50
79.30 79.00
79.00 77.20
Rentes 4%,1918
78.75 78.20
78.10
78.00
76.50
Rentes 414%. 1932 A
83.80
83.30 83.50
82.85 82.20
Rentes 4%%,1932 B
82.30
81.90
82.20
82.10 80.75
Reines 5%. 1920
106.30 106.30 105.90 104.80 103.80
Royal Dutch...
1,900
1,920
1,900
1.900
1,920
Saint Gobain C az C
1,647
1,620
1,613
1,592
_
Schneider & Cie
1,650
1,637
1,605
1,599
Societe Francais° Ford
60
56
Societe Generale Fonciere
39
-55
38
37
Societe Lyonnalse
2,575
2,540
2,540
2,510
Societe Marselllaise
540
540
535
535
Tubize Artificial Silk pref
87
88
86
87
Union d'Electricite
630
620
622
612
Wagon-Lits
53
51
51
52
The Berlin Stock Exchange
Closing prices of representative stocks as received by
cable each
day of the past week
June
29
Allgemeine Elektrizitaets-Geselischaft
48
Berliner Handels-Gesellsehaft (6%)
117
Berliner Kraft U. Licht (8%)
140
Vommerz-und Privet
-Bank A G
91
r
Dessauer Gas (7%)
140
Deutsche Bank und DLsconto-Gesellschaft„ 92
Deutsche Erdoel(4%)
111
Deutsche Reichsbahn (German Rye pf 7%) 123
Dresdner Bank
92
Farbenindustrie I GI(7%)
151
Gesfuerel (5%)
128
Hamburg Electric Werke (8%)
138
Hapag
35
Mannesmann Roehren
86
Nordeutscher Lloyd
38
Reichsbank (8%)
191
Rbeini3che Braunkohle(12%)
226
Balzdefurth (714%)
180
Siemens & Bakke(7%)
178
July
1
July July July
2
3
4
Per Cent of Pa
48
48
47
47
116
116
116
116
141
141
140
141
92
92
92
92
142
142
142
143
93
94
93
93
111
111
111
112
123
123
123
122
93
94
93
93
152
152
152
151
129
129
130
130
139
139
140
140
35
35
35
35
89
89
89
90
38
38
38
39
191
191
190
190
230
230
230
228
184
186
186
176
180
181
180
187
July
5
47
116
140
92
144
93
112
124
93
152
130
140
35
92
38
190
228
188
179
July 6 1935
Financial Chronicle
104
General Corporation and Investment News
-MISCELLANEOUS
-PUBLIC UTILITY-INDUSTRIAL
RAILROAD
1935 quarterly dividends of 25 cents per share were paid. In Nov. and
Aug. of 1932 ,:he company distributed dividends of 50 cents, and 75 cents
. share was paid each three months from Feb. 1931 to and including
1932.
The
fil company issued the following announcement regarding the ommisMon of the common dividend.
"The board of directors after giving consideration to the rapidly increasing
taxes, restoration of wage scales and major rate reductions to consumers.
and the serious problems still confronting the company in connection with
the proposed public utility legislation, took no action on the common stock
dividend."
-Common Div. Passed
'Ajax 0'1 & Gas Co., Ltd.
The directors have decided not to pay the dividend ordinarily due at
this time on the common stock, par $1. Company haid two cents per share
each three months from April 15 1933 to and incl. April 15 1935, prior to
-V. 140.
which quarterly payments of three cents per share were made.
P. 4384.
Kr
-Earnings
Alles & Fisher, Inc.
1932
$253.638
216,259
35,602
1931
$465,936
284,484
35,731
16,517
Calendar YearsGross earnings
Sell. adm. & gen. exp-..
Prov.for depr. & amortProv. for Fed.inc. tax....
1934
$168,649
163,665
33,756
5,240
1933
$210.499
180,197
35,236
Net loss
Misc.inc., int. rec.. &c_
$34,012
$4,934
5,386
sur$1,777 sur$129,204
8,465
7,494
Total loss
Int. paid & other charges
434,012
5.985
sur$451
3,962
sur$9,271 sur$137,669
17,029
10,995
Net loss
Previous surplus
Adj.of pr. yr.'s tax,&c
Dividends paid
Adjust. treasury stock
Adjust. prior yr.'s exps_
439,998
711,945
Cr52,828
70,999
Cr356
Dr4,583
43,511
755,958
Cr2,973
42,615
Dr861
41.725 sur$120,640
875,188
839,502
Dr9,210
Cr1,082
147,116
82,901
Weekly Output
Output of electric energy for the week ended June 29 1935 totaled 36,440,000 kwh., an increase of 7% over the output of 34,467.000 kwh. for
the corresponding period last year.
Comparative table of weekly output of electric energy for the last five
years follows:
1933
1931
1932
1934
1935
Week Ended38,100,000 35,014.000 33,480,000 25,768,000 32.751.000
June 8
34,334,000 34,638,000 26,230,000 32,116,000
36,711,000
June 15
35,261,000 34,742,000 35,408,000 25.942,000 31,107,000
June 22
36,440,000 34,467,000 36,295,000 26,174.000 29,745,000
June 29
*1935-12 Mos.-1934
-Month-1934
End. May 31- *1935
Period
$3.874,416 53,869,569 546,717.003 344,655,298
Gross earnings
1,988,910 24,623,550 21,885,207
Oper.exp., maint.& tax. 2,052,377
51,822,038 81,880,658 822,093,452 $22,770,091
Gross income
8,796,224
8,825,369
Int. and amort. of discount, &a., ofsubs
5,713,345 5,714.238
Preferred dividends of subsidiaries
1,373,137
Int. & amort. of disc., &c., of A. W. W.& E. Co. 1,503,555
Reserved for renewals retirement and depletion.-- 3,352.232 3,181.637
1,200,000
1,200.000
Preferred dividends
4839,502
4755,958
3711.945
3649,549
Surplus Dec.31
Earnings per share on
$0.83
Nil
Nil
Nil
150.000 no par shares_
Condensed Balance Sheet Dec. 31 1934
$152,-Cash on hand and in banks, $23,152; accounts receivable,
Assets
626; inventories, $446,554; employees' loans, $375; due from stockholders
(410.243 secured by collateral), $14,358; notes receivable, non-current,
44,235; good-will and trade-marks,4502,008;land, buildings and machinery
and equipment (less depreciation). $164,439; cigar machines. $71.791:
deferred charges to operations, $6,461; total. $1.386,002.$86,469; dividend
Liabilities-Accounts payable and accrued expenses,
payable. Jan. 2 1935. 414,180; provision for Federal and State taxes, 45,240;
capital stock (authorized and issued. 150.000 shs. of no par; less In treasury,
8.194 she. at $36,436). 4630.564; surplus, $649,548; total. 31,386.002.V. 140. p. 4220.
$1,498,950 $2,504,852
Available for common stock
1,748.473
1,741.008
Shares of common stock
41.43
$0.86
Earnings per share
* All figures subject to audit insofar as they contain earnings for the year
1935.-V. 140, p. 4386.
-Earnings
American Gas & Electric Co.(& Subs.)
-Month-1934
1935-12 Mos.-1934
1935
Sub. Cos. Consolidated
(Inter-co. items elim.)
$5,099,879 $4,930.052 $62,862,751 $59,512,476
Operating revenue
3,342.560 3,274.790 39,716,404 36,646,432
Operating expenses
-Earnings
Allied Kid Co., Boston, Mass.
1932
1933
1934
Calendar Years$7,497,484 47,744,600 $5,704.374
Net sales
4,729,702
5.647.121
6,687.115
Cost of goods sold
552,660
737,491
774.019
Gen.. admin. & selling e
Cr36,126
67.785
33.180
esnet
Other income and dedu:KZ89.714
102,257
Depreciation
12,252
200,000
10.000
Prov.for Fed. & State income taxes25,847
Non-recurring expense (net)
$445.687
loss$134,934 $1,002.489
Net profit
122,238
358,470
134,432
Dividends paid
Operating income_ _ -- 41,757,319 $1,655,262 423,146,346 $22,866,044
61.718
714,214
55,981
810,240
Other income
Total income
Deductions
4323.449
$644,019
def$269.366
Surplus
194.500
198,925
176,965
Shares common stock outst'g (no par)
$1.66
$4.60
Nil
Earnings per share
Balance Sheet Dec. 31 1934
-Cash. $179.691; marketable securities, $105,737: notes, accounts
Assets
$59,481),
and trade acceptances receivable-customers (lees reserves of insurance,
$933,901: inventories, 43,303,585, cash surrender value of life
other aSsets, $46,034; land, buildings, machinery. equipment,
4149,428,
&c. (less allowance for dejoreciation of 81,928,463). $980,500, good-will,
trade-mania and formulae. $1; deferred assets, $49,346; total, 45.748,227.
credit,
Liabilities-Notes payable $625.000; drafts against letters of Federal
4380,791; accounts payable, $92,374; accrued accounts. 435.006; (12,067
preferred stock
and State taxes (eat.), 410,000; $6.50 cumulative she., no par), $113,000;
no par shares), $1,206,700; class A stock (22,600
common
common stock (176.965 shs. no par), $884,825; subscription to$175,834;
stock, $2,400; paid-in surplus. 31,455,001; capital surplus,
4286.
earned surplus, 4767.294; total. 45.748.227.-V. 138. P•
-Ear
(A. S.) Aloe Co.(& Subs.)
for Year Ended Dec. 31 1934
Net profit for the year charges and Federal taxes
Dividends
$1.813,300 $1,716,980 $23,860,561 $23,676,285
1,349,944 16.184,660 16,184,780
1,347,069
$466,231
Balance
Amer. Gas ct Elec. Co.
Bal. of sub. cos.' earns.
applicable to American
3466,231
Gas & Electric Co__ _ _
263,812
Interest from sub. cos
Pref. stock dive. from
159,170
sub cos
22,207
Other income
4367,035 37,675,900 $7.491,505
Total income
Expense
$911,421
34,835
4812.269 $13,053,168 $13.041,485
38,242
460.755
470.084
Balance
Deductions
4876,586
391,378
$774,026 412.592,412 $12,571.400
391,378 4.696,539 4,696,539
Balance
-V.140, p. 4222.
$485,207
4382.648 $7,895,872 $7,874,861
$367,035 $7,675,900 $7,491,505
265,684 3.175.383
3,214,348
158,690
20,858
1,910,530
291,353
1,902,784
432,846
-Meeting
American Zinc, Lead & Smelting Co.
Post-
ponedThe special stockholders' meeting scheduled for June 27 was postponed until July 25.-V. 140, P.3537.
-New Name
Anglo-Iranian Oil Co.
$141,477
23,560
$117,917
Surplus
33.93
Earns, per share on 30,000 fem.-es of common stock
Consolidated Balance Sheet Dec. 31 1934
-Cash on hand and on deposit. 481,616; marketable securities,
Assets
doubtful accounts, &c.
$2,135; customers' receivables (1,4ss allowance for4529.809: cash value of
of $70,324). $826,458; merchandise inventories,
$14.813; advances to salesmen and personal and sundry
life insurance,
notes and accounts,$14,224; permanent at cost (less depreciation of $91.471)
total,
$221,783; deferred assets. $13,722; Good-will and trade names, $1;
$1,704,564.
accounts payable, 4120,Liabilities-Notes payable to banks. $150,000;
$5,789; Federal
641; accrued accounts, $5,215; pref. dividends declared, 5% real estate
and State income taxes for year 1934 (estimated), $20,300;
-,edt. stock
at2t
rlcoin0806co9nt
mortsateno.442500; deterred income, $6,478;
0
1 a0.3 lagsurp,
?
A,001; earned euPlu. $347,8g8; total, $1,71,564. .14, p 789.
-Accumulated Dividend'-eeite
Altorfer Brothers Co.
share on account o
The directors have declared a dividend of 41 per
accumulations on the $3 cum. cony, preferred stock, no par value, payable
on
Aug. 1 to holders of record July 15. A similar payment was made
April 15, last, this latter being the first distribution on this issue since
of 75 cents was paid.
Jan. 30 1932 when a regular quarterly dividend
Accruals after the payment of the Aug. 1 dividend will amount to 48.50
-V. 140. p. 1994.
per share.
See Anglo-Persian Oil Co. below.
- Antlo-Persian Oil Co., Ltd. To eirange-Nurneapproved the change in the comThe tockholders have
_
pany's ame to Anglo-Iranian Oil Co. V. 140. p. 3708.
Angostura-Wuppermann Corp.(& Sub.)
-Earnings
Earnings for Year Ended Dec. 31 1934
Income from sales (net)
sold
Cost of goods
Sales and distribution expenses
Administrative and general expenses
$892,657
463,204
209,193
75,964
Profit from sales
Other income
$144,296
5,096
Total income
Interest on loans, franchise taxes, capital stock taxes, life
insurance, Sec
Loss in connection with conversion of sterling loan, &c
Federal income and excess profits taxes
$149,392
5,167
4,115
32,475
4107 635
Net profit from operations
Earnings per share on 200,000 shares (par 41)
46.54
-Surplus reserve for
Consolidated Earned Surplus Account Dec. 31 1934
Jan. 1 1934, $9,008; surplus balance available for dividends
contingencies
Jan. 1 1934, $59,544; credit for adjustment of depreciation charged to
operations of prior years, $1,577; credit for adjustment of Federal income
tax provision. 1933. 4434: total surplus, 470,563; additional assessments.
Aluminum Co.of America-Bonds Called---,
Federal income tax, 1932-33, $244; dividends paid. 4l30,000; balance.
The company will on Sept. 1 next redeem $6,000,000 of 5% sinking fund
$10,319; net Incomefrom operations (as above). $107,635: balance, Dec.31
the
debenture bonds at 105 and accrued interest. Payment will be made at
1934, $117,953.
-V. 140. lj• 4061.
Union Trust Co.;of Pittsburgh,trustee.
Condensed Consolidated Balance Sheet as at Dec. 31 1934
-Class A DiosALaaty
American Cities Power & Light Co.
Assets-Cash in banks and on hand $58,249; accounts receivable, cusof 1-32d of a
The directors have declared a regular quarterly dividendstock, payable
tom_ers, 461.344: notes receivable, affiliated company, $4,422; inventories,
share of class B stock upon each share of convertible claw A
life insurance, $18,208. notes
4214,831; less reserve of
Aug. 1 to holders of record July 11. Class A stockholders have the option
498,113,s, Inc., $7
receivable, affiliated company, ink4119.718:_0,352; investment in affiliated
of receiving 75 cents in cash in lieu of the dividend in class B stock provided
company, Inks, Inc., $575; fixed assets (net), $17,226 deferred charges to
written notice is received by corporation on or before July 22.-V. 40
future operations, $6,498; exclusive agency contract, $50,300; total,
06,894.
P• 789.
-Due,Angostura Bitters (Dr. J. G. B. Siegert & Sons), Ltd.Liabilities
'-American Investment Trust Shares-Lsguldating
rrent account (net). $678; accounts, salaries and commissions payable,
of 42.10397 per share- bn
The directors paid a final liquidating dividend
$18.034; accruals, $529:reserve for taxes, 1934, $37,291; provision for share
June 30 upon surrender of certificates and coupons at the Central Republic
of accrued Federal income tax, $2,721; long term loan, 38,585; capital stock
-V. 138. p. 4288.
Trust Co. of Chicago.
(41 Par), $200,000; capital surplus, $21,100; earned surplus, $117.953'
-Omits Common total. 3406.894.-V. 140, p. 4061.
Works & Electric Co.
-- -American Water
Dividend-
-To Issue $9,000,000 4% Deben-Armstrong Cork Co.
tures-See under "Current Events and Discussions" on a
-V. 140, p. 4387.
preceding page.
The directors have decided not to pay a dividend on the no par common
,
stock. usually due at this time. A dividend of 20 cents per share was distributed on May 15, last, while from Feb. 1933 to and including Feb. 15
Volume 141
Financial Chronicle
Arkansas Power & Light Co.
-Earnings
[Electric Power & Light Corp. Subsidi
ary[
Period End. May31- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$524,521
$549,302 17.305.060 $7.118,877
Operating expenses
324,339 3.958,950 3.948,071
Rent for leased prop.(net) 268,621
Cr2,452
725
Cr5,977
8,928
Balance
$258,352
1224,238 $3,352,087 83,161,878
Other income (net)
614
1.196
14.461
15,316
Gross corp. income... 1258,9
66
1225.434 13,366.548 $3,177.194
Int. & other deductions_
157,093
157.361
1.891,890
1,909.411
Balance
y$101,873
y$68,073 $1.474,658 $1,267,783
Property retirement reserve appropr
iations
591,600
z Divs. applicable to pref. stocks
702,243
for period,
whether paid or unpaid
949,269
949,269
Deficit
$66,211
$383.729
y Before property retire
z Dividends accumulatedment reserve appropriations and dividends.
and unpaid to May 31 1935 amounted to
11,266.011. Latest dividends amount
ing to 11.17 a share on $7 pref.
stock and $1 a share on $6 pref.
stock were paid on April 11935. Dividends
on these stocks are cumulative.
-V. 140, p. 3708.
Associated Chain Store Realty Co.,Inc. Earni
ngs
-
Years Ended Dec.31Gross rental income
Real estate taxes
Commissions, wages, repairs, &c
Net rental income
Other income
Total income
Interest
State taxes and tax refunds
General and administrative
Depreciation
Amortization
Interest accum. on cumul.sec, income
certificates_
Net loss
1934
1 184,176
21,392
15,113
1933
3179,093
21,392
10.967
$147,670
1,782
1146,733
4,587
1149,453
108,342
2,390
13,838
44,879
3,843
22.500
$151,320
133,738
1.792
14,140
29,340
4,901
$46,340
332,591
Comparative Consolidated Balance Sheet Dec.
31 1934
Assets
-Cash in bank, $25; cash on deposit
with trustee, $17.884; cash
reserved for special purpose,
12,065; accounts receivable, accrued rent and
interest, $9,352; real estate (at
reserve fund, $22,701; prepaid cost less depreciation), 13,181,259; special
expens
rec. and other assets. $4,017; organiz e, $7.593; sinking funds, $199; claims
ation expense,$9,257; total, $3,254,355.
Liabilities-Accounts payabl
e
974: accrued int. on cumul. sec,and accruals,$28,182;funded debt. 13,193.income certificates, 122,500; miscellaneous
deferred liabilities, $541;
capital
deficit, $28,609; total, 13,254 stock (151.070 shares of 25c. par), $37.767;
,355.-V. 139, P. 1231.
'Associated Telephone Co., Ltd.
-To Issue $8,500,000
1st Mtge. 4s
-See under "Current Events and Discussions"
on a preceding page.
-V. 140, p. 4225.
Atlanta Birmingham & Coast RR.
-Earnings.
May
-1935
1934
1933
Gross from railway
1932
1218.536
1219,037
$217,045
$201,252
Net from railway
5,855
def20,912
def8,229
def43,823
Net after rents
def17,962
def43,080
def31,582
dcf68,442
From Jan. 1
Gross from railway
1,219,969
1,211.269
1,037,331
Net from railway
1.122,792
60,288
17.370
def14,658 def214,760
Net after rents
de584,673 def117,294 def146,921 def361,897
-V. 140, P. 3709.
Associated Electric Co.(& Subs.)
-Earn
Calendar YearsOperating revenues: Electric
Gas
Miscellaneous
ings
-
105
Statement of Income Years Ended Dec. 31
(Parent Co. Only)
Income:from subsidiary companies:
1934
1933
Dividends on common stock
$1,370.000 $1,464,000
Interest on bonds, notes, and open account
s..
3.744,672
3.204,071
Amount charged subs. for Federal income tax
on
individual company basis
181,287
From affiliated companies: diva. & int. on
invests_
225,000
171,138
Other
29
Total income
$5,339,672 $5,020,526
General expenses
34.842
16,712
Provision for taxes: Federal
161,538
Other (net)
Cr1.724
25,175
Interest on funded debt
3,550.000
3,550,000
Interest on unfunded debt
31,462
91,069
Amortization of debt discount and expens
e
248.137
248,302
Net income
$1,476.953
1927.728
Div1dends-common
1,580,000
Balance Sheet (Parent Co. Only) Dec. 31 1934
AssetsLiabilities
Investments: Sub. companies:
.
Stocks(at CON valuation)_ _835,310,079 Capital stock (650.000 she.
outstanding, par $1)
$35,000,000
Bonds & cony. notes (par
75,000,000
87,671,600)(at cost)_ _ _ _ 6,956.553 Funded debt
Notes & accts. receivable__ 73,654,399 Acct. payable to parent co.
Associated Gas & El. Corp.
10,481
Atfilleted companies:
Accounts payable
1,655
Bonds & stock (Ind. sub'
Taxes accrued
13,932
scriptions to stock) (at
Int. accrued (incl. 81,550,01.0
nominal valuation)
3 due Jan. 11935)
1,662,500
Cash
506,221 Contractual obligations
3,000
Int. receiv. on bonds of subReserve for losses of sub. co's
and affiliated CON
164,366 since
312,720
Unamort. debt diset. & exp._ 5,157,863 Capitalacquisition
surplus
9,638,826
Corporate surplus
76,309
--Total
$121,749,485
Total
$121,749,485
-V. 140, p. 4061.
Associated Gas & Electric Co.
-Earnings
Consolidated Statement of Earnings and Expens
es of Properties
Increase
1934
Amount
%
173,576,930 $1,529,110
2
15,701,413302,055
2
2,310,136
328,903
14
1,430,769
1,260,013
88
-.573.277
7.057
1,207,115
x15,082
xi
195,799,640 13.412.046
4
48,230,075
4,029.329
8
11,089,114
x416,259
x4
$36,480,451 x$201,014
xl
8,303,781
554,544
7
12 Mos. End. May 31- 1935
Electric
375.106,040
Gas
16,003,468
Ice
2.639.039
Transportation
2,690,782
Heating
1,580,334
Water
1,192,033
Tota,gross oper.rev- _$99,211,696
Oper, exps., maint., &c 52,259,404
Taxes
10.672,855
Net operating revenue$36,279,437
Prov, for retirements
(renewals & replace.) -.. 8,858,325
Operating
-- -$27,421,112
x Decrease.
income- p. 4387.
-V. 140,
$28,176,670
x$55.558
x3
Atlanta & West Point RR.-Earnings.-
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 3709.
1935
$122,142
2,852
13.332
1934
$111,524
def6,509
def24,149
610,439
48,700
def40.208
598,018
44,144
def46,436
1933
$116,172
13,281
def7,531
1932
$91.991
def17,472
def38.460
489,322
559,298
def24,085
def24,079
def124,448 del126,910
1934
1933
1932*
$14,765,577 114,003,463 114,657,096
Automatic Musical Instrument Co.
-Earnings
3,362,051
3,161,914 3.347,710
Earnings for the Year Ended Dec.
1,780,243
1,859,598
2,222,663
31 1934
Net sales
Total
319,907,872 $19,024,976 120,227,469
Operating expenses
$136,541
Operating expenses
8,652,550 8,447.972 8.699,729
75,532
Maintenance
1,455,223
Manufacturing profit
1,361,568
Prov.for retire.(renewals &
1,311,360
replace.)_ 1,302.864
Net realized instalment profits
161,008
1,073,024
Provision for taxes (Incl. co's
1,263,602
estimate
68,552
for Federal taxes)
1,335,357
Gross profit
1,062,760
1,084,522
General expenses
$129,561
Operating income
37,161,877 17,079.650 $7,868,254
a Other income
89.063
353,763
Profit
323,413
588,658
Other income (net)
$40,497
Gross income
$7,515,640 $7,403,064 $8,456,912
7,439
Deductions from income-sub.
co's:
Net profit before depreciation
Interest on funded & unfund
ed
Depreciation
1,881,749
47,937
Amortization of debt dIsct. & debt 1,868,183
1,827.873
exp
111.272
9,131
122.321
Prov. for divs, not being
141.626
paid on
Realized profit before income tax
cumul. pref.stock
520
Dividends paid
$38,805
Dividends in pref.stock
15,842
Income applic. to com. stock
166
held
Surplus
by public
122,963
Less: Credit for interes
627
t during
Balance Sheet Dec. 31 1934
construction
23,934
Assets
-Cash on hand and in banks, 111,612;
28,203
53.847
reserve for loss of $14604). $764; notes receivacash in closed banks (lees
Balance
ble, 11.098,081; accounts
$5,559.598 15,427,196 16.540,466
receivaole, $146,844; inventories. $119,322;
Associated Electric Co.:
investments, $2,988;• fixed
assets (less depreciation of $13,927). 170,900; deferre
Interest on funded debt
d charges, /44,481;
3.550,000 3,550,000 3,540,000
patents, $501; total, $1.495,497.
Interest on unfunded debt
31.463
Liabilities-Notes payable, 122,73 accounts
Amortiz. of debt disct. & expens
91.069
162,957
payable. $442,317: deferred
e
248,137
credits, $17,134: preferred stock (less5;
248.302
treasury
247,995
common stock. 3175,000; surplus. $674,591;stock of $156,280), $563,720;
Net income
total, 11.495,497.-V. 131.
11.729.997 $1.537,825 12,589.513
p. 1424.
Common dividends
1,580.000
2,985,000
* Income statement
2.953.000"
----Baltimore Tube Co.
-Company to Be
count and expense as afor 1932 revised to show amortization of debt disdeduction from income, in order to
The company has called a special stockholders Sold
ment for that year compar
make the statemeeting for July 18 to
obtain their approval of sale of the company to
income from investments able with the statement for 1933. a Includes
Revere Copper & Brass Co.
in affiliated companies.
at price stated to be around $1,155,000.
Directors of the too companies
have already voted approval.
Consolidated Balance Sheet Dec. 31
Officials of this company estimated that
1934
1933
receive a distribution of approximately $64 preferred stockholders would
Assets1934
1933
$
Liabilities-expenses. No part of the purchase price per share, after the payment of
x Plants, props., • 3
$
would be distributed to common
y Assoc. El. Co.
stockholders. Revere Copper, however, has
franchises, &c.160,652,307
14 a share upon surrender of their stock for made an offer to the latter of
Investments _ _ _ 2,911,591 160,803,880 common stock 35,000,000 35,000,000
6,569,642 Cap.stk. of subs
ix the sale and dissolution of Baltimore cancellation after consummation
Depos. to pay
306,905
500,502
Tube.
-V. 140, p. 3380.
Due to stl•hlders
mat, bond int.
2,512,100
60,196 Advanc
Barnsdall Corp.
Cash.
-President Discusses New Subsidiary
14,306
62,173
1,292,270 1,856,852 Bonds es conand
In a statement accompanying the
Sink. fd. deposit
155,570
138,615
vertible notes
of Barnsdall Refining Corp. on each notice of distribution of one-half share
Notes receivable
share of Barnsdall Corp. stock, E. B.
38,351
76,183
maturing durReeser, President, states:
Notes rec. etnpl.
30,389
111,212 ing 1934
"In consideration of the assign
Accts. receivable 1,865,201
1,292,000
1,937,675 Accts. payable to
ties, together with the net currenment of the refining and marketing faciliInt.receivable
t conditi
75,991
27.703
parent co_ _ _.
fining corporation has delivered to Barnsd on appertaining thereto, the reMatl. & supplies
10,482
942,996
all
910.573 Notes payable
bonds, 21,635 shares of 4% non-corn, MOO Corp. 15,000,000 4% income
Prepayments_ _
102,563
106,814 (other)
the Refining corporation aggregating 11,511 par) pref. stock and notes of
13als. in closed
500,000
,067, and in addition, 1,129,390
Notes pay. banks 437,005
shares of ($1 par) common stock.
banks
617,500
61,484 Maturing bond
"The properties, including current
Daemon's, debt
interest
corporation, were carried on the booksassets transferred to the Refining
disc. & expense 6,708,424
60,196
of Barnsdall Corp. as of May 31
7,086.787 Funded debt_ ..110.520.400 109,680,600
at $9,803,957.
unadi.
Accts. payable
"The net current condition of the Refining corpor
499,111
debits
702.557
13,875
ation at the beginning
143,962 Accr. taxes, int.
of its career on June 1 was 12,000,000.
On this
and dividends 3,159,142 2,901,857
to the common stock would be $1 per share. basis the equity applicable
Consumers'deps
April 26, the properties transferred to the new As advised in our letter of
594,502
554,379
Reserves
ated during the past few years at a conside corporation have been oper13,280,245 12,063,349
rable loss. Changes in the
Contributions for
method of operations are being made which
could not have been made when
extensions
operated as a part of Barnsdall Corp.
94,560
80,758
Surplus
"The managing committee is confident
10,382,868 12,963,605
the
rently operated without loss and hopeful that new corporation will be curTotal
174,799,528 179,891,578
Total
fining and marketing divisions will be readju general conditions in the re174,799,528 179.891,578
x Stated at reproduction cost plus
operations can be made profitable. In any sted at an early date so that
subsequent net additions at
y Includes 650,000 shares of commo
cost.
pany is sent you with the suggestion that event, the stock of the new comn stock, $1 par.
it be held with the hope of future
enhancement.
.
Financial Chronicle
106
assured of
"It will be the policy of Barnsdall Corp., now that it seems
to its stockholders
substantial earnings from its operations, to distribute140, p. 4063.
-V.
all such earnings not needed for working capital."
-Earnings
Beacon Participations, Inc.
Earnings for Year Ended Dec. 31 1934
Interest and dividend income
Expenses
$10.175
12,322
$2,146
337.473
10,000
Net loss
Realized loss on sales of securities
Reserved for litigation expenses
$349,620
Deficit for year
•
Balance Sheet Dec. 31 1934
at cost (market
Assets
-Cash,$3.794; due from brokers, $1.713;securities so-called Joint
market value of collateral held in
value $277,826), $650,925;
account, $3,750; total, $660,183.
reserve
-Reserve for taxes, $2,140; reserve for losses, $373,098;
Liabilities
accounts payable,
forilitigation expenses, $8,814; notes payable, $50,000; shares), $799,748:
no par
$661; class A participating preferred stock (42,092shs.), $499.000; common
class B participating pref. stock (25,000 no par
; total, $660.183,stock (25.000 no Par shs.), $1,000; deficit, $1,074,279
V. 139, p. 2514.
-Earnings
Beatrice Creamery Co.(& Subs.)
1934
1935
Quarter Ended May 31$207,270prof$148,077
Net loss after int., deprec. & prov. for Fed. taxes
ended May 31 1935 follows: Net sales,
The income account for the quarter
ordinary taxes, interest,
$13,912,340; cost of sales repairs, maintenance, $220,378; other income,
acc., $13,873,716; depreciation, $259,002; loss, loss for period.3207.270.
$13,152;
$26,260; net loss. $194.118; Federal taxes,
-V. 140, p. 3539.
Beaumont Sour Lake & Western Ry.-Earnings.1932
MayGross from railway
Net from railway
Net after rents
From Jan..1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 3886.
1935
$144,055
54,090
8.490
1934
$177,343
68,660
19,751
1933
$125,431
43,628
def4.495
$174.458
72.366
• 19,618
755.371
214,922
def13,223
815,635
247,762
4,235
589,941
169,722
def58,272
793,427
202.303
def76,241
-Fair Treatment Asked for
Belgian National Rye. Co.
United States Bondholders bonds, the City Bank Farmers' Trust Co..
Pending delivery of new 4%
the Belgian Government for
depository, is continuing to negotiate with American shares representing
"more equitable treatment" of holders of
bank notified the New
participating preferred shares of the company, the
York F tack Exchange on July 2. "to our communication of May 15
"Please refer," the bank wrote,
3539] with respect to the action of
1935 [given in the "Chronicle" on page
d dividend on the parthe Belgian Government in reducing the guarantee Rys. Co. from 6% to
the Belgian National
ticipating preferred stock ofbonds as compensation. In that communicaoffering certain 4%
4% and
which shall remain on deposit
tion we stated that as to all railway shares
would instruct our Belgian agent
with the depository after June 29 1935 we Blegian Government.
bonds tendered by the
to accept the 4%
that the 4% bonds will
"We are now in receipt of advice from Belgium
and therefore cannot
not be available for delivery for some months to come
Belgian agent by June 29. In the meantime we are conbe tendered to our
in an effort to persuade the
tinuing to negotiate with Belgian authorities
holders of the
Government to accord more equitable treatment to the of the Belgian
shares
American shares representing participating preferred
-V. 140, P. 3539.
National Rys. Co."
-$55,000,000 Bonds Offered
Bethlehem Steel Corp.
-Kuhn, Loeb & Co., Edward B. Smith & Co., Brown Harriman & Co.,Inc., The First Boston Corp., J,& W. Seligman
-P. Murphy & Co. on July 2 offered at
& Co. and G. M.
2
98y and int. $55,000,000 consol. mtge. 25-year sinking
us,
fund 41,4% bonds, series D,due July 1 1960. A prospect
dated July 2, affords the following:
July 6 1935
stock of which
of stocks and obligations of subsidiaries all the capital the subsidiaries)
of a few of
(except directors' qualifying shares in the casephysical properties.
it OWDB, and in that it does not operate any
in, and their
The subsidiaries of the corporation are chiefly engaged (1) the manuPresent intentions are to continue chiefly in, the business of:
products. including
facturing and selling of iron, steel and certain other piling, bars, rods,
, plates, sheet
structural shapes, rails and rail accessoriesskelp, pipe, tubes, sheets, black
blooms, billets, slabs, sheet and tin bars,
and spikes, car
tin plate, wire and wire products, bolts, nuts, rivets
and
forgings, shell forgwheels, railroad frogs and switches, armor plate, gun
steel, iron and brass
ings, axles, pressed, hammered and drop forgings,
bottom plates,
castings, pig iron, ferro-manganese, ingot moulds,stools and
re of coke;
machinery, coke and by-products produced in the manufactu
freight-train and
(2) the construction and selling of steel passenger-train,
g and (or) selling and (or) erecting of steel for
mine cars; (3) the fabricatin
the conbuildings, bridges, tanks and other miscellaneous structures; (4)
and commercial
of.
tracting for, and the building and repairing coal naval
and limestone, chiefly
quarrying of ore,
vessels; (5) the mining and
(6) the transporting of ore,
for the use of one or more of the subsidiaries; of ore from Chile and Cuba
coal, limestone and grain on the Great Lakes,
coastwise traffic on the Atlantic Coast of
to the United States, of coal in
to Cuba and to the Panama
the United States and from the United States in coastwise traffic between
Canal Zone, and ot iron and steel products
steel products, lumber and misports of the United States, and of iron andand Pacific Coast ports of the
cellaneous merchandise between Atlantic
in the vicinities
United States; and (7) the operation of short line railroads
of plants of certain subsidiaries.
of the registrant and its subsidiaries during the past five
The businesses
and the reyears have been expanded by the construction of new facilities
building or replacing of some old facilities and by acquisitions. years have
prevailing during the past five
The business conditions
and its subnaturally adversely affected the businesses of the registrant
sidiaries.
iron and steel producing and manufacturing
-The
Properties and Plants
combined annual
plants of the corporation's subsidiaries have an estimatedanese, and 9,360,ferro-mang
capacity of 6,375.600 gross tons of pig iron and with rolling, forging, casting
equipped
000 gross tons of raw steel and are of converting such steel into certain
and other finishing facilities capable
semi-finished and finished products.
Funded Debt and Capitalization as of June 24 1935
and
bonds, to
Giving effect to issuance and sale of the series D Bethlehemissue Co.
Steel
under the consolidated mortgage of $23,603,000Bethlehem Steel Co.
pledge
mtge. 5s, 36.321,000
(Pa.) purchase money and impt.
Co.
(Pa.) 1st lien and refunding mtge 5s, and $5,000,000 Lackawanna Steel
Steel & Ord1st consolidated mtge. gold bonds, to retirement of Midvale
which $29,008,000 are outstanding and
nance Co. 5s, due March 1 1936, of
and to purchase
$769,000 are held in treasury of a subsidiary consolidated,purchase money
and pledge or retirement of Bethlehem Steel Co. (Pa.)
and impt. mtge. 5s, due July 1 1936.
(1) Funded Debt
Bethlehem Steel Corp.:
$55,000,000
-year sinking fund 4Ms,series D (this issue)
25
7,036,000
% serial gold bonds, maturing serially 1936-1941
McClintic-Marshall Construction Co. coll. trust 53.4% serial 6,000,000
(assumed)
gold bonds, 1935-1937
Bethlehem Steel Co.(Pa.): (guaranteed principal and int.)
12,759,500
1st lien & ref. mtge.5s, 1942
7,500.000
Purchase money mortgage 6s, 1998
3,155,000
Finch Run Coal purchase money mtge &
91,000
Kalman Steel Co. 1st mtge.6s, 1936-1939 (gtd. prin,and int.)
6,492,000
consol. mtge 5s, 1950
Lackawanna Steel, Co. 1st
565,000
Manufacturers Water Co. 1st mtge.sinking fund 5s, 1939int.) 5,309,000
&
Pacific Coast Steel Corp. serial 5s, 1937-40 (guar. prin.
261,000
Penn-Mary Coal Co. 1st mtge. 5s. 1939 and sinking fund)
1,873,000
1st mtge. 5s, 1939 (guaranteed prin.,int.
4,262,500
5s, 1937
First mortgage
2.461,000
Pittsburgh-Westmoreland Coal Co. 1st mtge. 5s, 1934,issued
1,729,000
Union Coal & Coke Co. 1st mtge 5s, 1946
2,175,044
mortgages of subsidiaries
Miscellaneous real estate
$116,669,044
Total funded debt and real estate mortgages
(2) Prior Stock Interests
Cambria Iron Co. stock-169.31234 shares ($50 par) in hands $8,465,625
ted)
Preferred and common stocks ofsub.cos.(consolidathereto as of
of public, including $118,483 surplus applicable
1,928,883
Dec. 31 1934
(3) Capital Stock
Bethlehem Steel Corp.:
$93,388,700
7% cumulative preferred stock ($100 par)
315,396,093
Common stock (3,194,858 shares no par)
8408,784,793
Total capital stock
Earnings for Calendar Years
e Interest eDepletion
and
Net
and Other
bTotal
a Net
Calendar
Charges Depreciation Income
Income
Billings
Year$273,025,320 $38,988,742 $13,125,562 $12,004,984 $13,858,196
1925
304,361,805 45,405,253 12,532,421 12,626,665 20,246,167
1926
15,826,142
271,502.891 40,378.899 11,456,261 13,096,496 18,585,922
1927
294,778,287 43,521,136 11,276,879 13,659,335
1928
342,516,207 67,469,245 11.217.180 14,009,085 42,242,980
1929
258,979,253 45,233,664 7,172,517 14,217.741 23,843,406
1930
115,745
186.541,195 21,386,694 7.426.039 13,844,910
1931
594,138 6,896,989 13,101,589df19,404,431
d100,672,389
1932
d120.944.984 11,472,584 7,702.051 13,506,256 def8,735,723
1933
550.571
d168,207,394 21,134,032 6.803,822 13.779.639
1934
a Excluding billings to subsidiaries consolidated, after providing for
doubtful notes and accounts. b Before deducting interest end other
charges, and depletion and depreciation, other than depreciation provided
through charges to current operating expense. c Does not include pro
rata part of bond discount and expense relating to issues outstanding during
years prior to 1925. d Before
the respective years that were charged off in a
Other than depreciation proproviding for doubtful notes and accounts.
vided through charges to current operating experse.-V. 140, p. 4063.
payable at the office or agency
Interest payable J. & J. Prin. and int. coin or currency of the United
City in such
of the corporation in N. Y.time of payment shall be legal tender for the
States of America as at the debts. Coupon bonds in denom. of $1,000.
payment of public and private
bonds without coupons in the
registerable as to principal, and registered
authorized multiples of $10,000.
denoms. of $1,000. $5,000, 510,000 and
coupons, and the several
bonds and registered bonds without
Coupon
coupons, interchangeable in
denominations of registered bonds without charge and otherwise as proof the
like principal amounts upon payment Sinking fund, sufficient to retire on
vided in the consolidated mortgage.
2% of the total principal amount
Jan. 1 1937, and on each Jan. 1 thereafter,
and delivered. Redeemable for sinking
of series D bonds authenticated year. beginning with 1937, on at least 30
Jan. in any
fund on first day of
the principal amount thereof plus a premium
days' notice by publication, atprincipal amount if called for redemption on
Which shall be 234% of such
which shall decrease by % of 1% for each year
or before Jan. 1 1950, and 1 1960 no premium shall be payable on such
thereafter, so that on Jan.
otherwise than for the sinking fund, as a
redemption. Also redeemable,interest date prior to maturity, on at least
whole but not in part, on anyn, at the principal amount thereof, plus a
days' notice by publicatio
60
amount if called for redemption
premium which shall be 5% ofsuch principal
decrease by % of 1% for each two
on or before Jan. 1 1950, and which shall
July 1 1959 no
interest dates thereafter, so that on and after
successive
n.
premium shall be payable on such redemptioapplication in due course for
Bird & Son, Inc.-Consol. Balance Sheet Dec. 31Listing-Corporation has agreed to make
York Stock Exchange and their
1933
1934
1933
1934
the listing of these bonds on the New
Exchange Act of 1934.
registration under the Securities (estimated $51,920,000) are to be devoted
Assets
Accounts payable,
-Net proceeds
Purpose of Issue
Cash & marketable
taxes, &c
426,947
546,195
to the following purposes:
secur. (at mart) 3,714,257 3,445.989
-year
Steel & Ordnance Co. 20
Res.for replacem'ts
(a) To retirement of $29,008.000 Midvale March 11936.
Notes & accts. rec.
632,712
804,561 & contingencies_ 884,984
e sinking fund gold bonds, due 0 Bethlehem Steel Co. (Pa.)
5% convertibl
(less reserves).. 968,395
$22,082.00
Common stock &
(b) To purchase or retirement or
Inventories(at cost
-year sinking fund gold bonds, due
surplu.s
13,035,434 12,781,629.
purchase money & impt. mtge. 5% 20
whichor mart,
2,082.918 1,893,719
July 1 1936.
ever lower)
corporate purposes.
(c) Any balance of the net proceeds for general
Invest. In attli.cos.
inapt. mtge. bonds
627,537
680,735
or before the maturity of the purchase money &
On
dr misc. securs
purchase such bonds outstanding in the hands
the registrant will offer to
Real estate, mach.
pledge under the consolidated mortgage
of the public. The registrant willotherwise purchased by the registrant,
equip. (net)._ 5,536,796 5,609,565
&
59,917
83,511
all such bonds so purchased or
Deterred charges
of such bonds (and of the $24,1,400,000 1,400,000
and will cause to be extended the maturitypledged under the consolidated
Good-will
of bonds of the same issue now
162.000
agreed that on or before
14,466,613 13,841,28914,466,613 13,841,289 Total
mortgage) to May 1 1942. The registrant has the consolidated mortgage
Total
31
Dec.- 1936 it will deposit with the trustee under of any of the purchase
-V.140, p. 4390.
cash equal to the principal amount
an amount in
purchased and pledged ---10 Cent Extra
-Birtman Electric Co. extra dividend Dividend pea* share m
money & inapt, bonds which shall not have been
of 10 cents
under the consolidated mortgage or paid and retired.
The directors have declared an
impt.
the common,
the principal amount of the purchase money & (upon
To the extent of
addition to the regular quarterly dividend of like amount on15.
extra
the consolidated mortgage will
July
bonds so pledged and to be pledged money & impt, bonds) be a first colstock, par $5, both payable Aug. 1 to holders of record on Feb. 1An
last, an
of all other purchase
cents was paid on Feb. 15, last while
the retirement
dividend of 25
located at Sparrows Point,
-V.140,p. 4226.
lateral lien on the important Maryland plant
extra of 10 cents per share was distributed.
Pa.. and on certain
Md., on the Steelton Division of the plant at Steelton,
owned by subsidiaries
-Tenders
Blackstone Valley Gas & Electric Co.
other properties, which plants and properties are
mortgage is a direct mortbids for of the registrant. In addition, the consolidated on substantially all the
The State Street Trust Co., trustee, will until July 23 receive 5% gold
liens,
of sufficient mortgage and collateral trust series A
lien, subject to certain underlying the registrant (except in the case
gage
the sale to it
at par and interest.
by subsidiaries of
important plants owned
bonds to exhaust the sum of $40,000 bids for the sale to it of sufficient
and strip mill now under construction,
of the Lackawanna plant, a sheet cause to be subjected to the lien of the
The above trustee will also receive
the sum or
which the registrant has agreed to
mortgrtge and collateral trust series B 5% bonds as will exhaustbe received
after it shall have been completed and
will
consolidated mortgage promptly interests of subsidiaries of the registrant
$20,000 at prices not exceeding par and interest. Tenders
into operation) and on the
noon July 23.-V. 140, p. 3887.
put
up to 12
mortgage is also a lien by
consolidat
'
under the Cambria lease. Theon certain ed
securities, including certain of
-Registrar
Booth Fisheries Corp.
pledge or assignment in pledge
appointed.
secured by such underlying liens.
the bonds
The Chase National Bank of the City of New York has been
orporation was incorp. Dec. 10 1904 in New
-V.140, p. 4390.
History and Business-C
registrar for the class A common stock.
that its assets consist chiefly
Jersey. Corporation is a holding company in
Volume 141
Financial Chronicle
Boott Mills-Earnings
-
107
ties, $880; common stock (par $10), $3.270,000; preferred
stock (par $100).
Calendar Years$717,200; normal surpiws.-S10,878,769; revaluation
1934
1933
1932
plus, $30,651.8431
1931
Net profit after deprec-total. $46,781,588.-V,140, p. 2525.
$18,325
$29,197
$8,260 loss$273,042,---...,
Earns. per share on 12,Bt
z
e
Bros.Suspendedfrom Dealings 1
500 shares of stock__
-"
$1.47
$2.34
$0.66
Ni
Th
ew York nock Exchangefon June 29 suspended from dealings
Balance Sheet Dec. 29 1934
voting
t certificates for new class A common stock and voting the
trust
Assets
-Cash, $66,188; Government securities,
certificates for new class B common stock.
-V. 140, p.4064.
able. $263,024; inventories. $943,168; insurance $94,125; accounts receiv$3,141,129; Lowell Industrial Development Co.prepaid, $34,689; plant,
Burns & Co., Ltd.
-Earnings
(investment), $192,500;
trademarks, $500: total, $4,735.322.
Calendar Years1934
1933
Liabilities-Accounts payable. $95,331; reserve for accounts, receivable
1932
1931
Operating profit
,
x$506,470
$451,575 loss$46,698
inventories and contingencies, $250,294; capital stock, $1,250,00
$86.365
Other income and divs
0; surplus,
55.199
22,463
$260,283; reserve for depreciation. $2,879,414; total, 11,735,3
143,171
212,924
22.-V. 139.
p. 2197.
Total income
$561,669
$474,035
$96,473
$299,287
Depreciation
307,121
Boston & Albany RR.
270,430
290,362
297.219
-Director
Income tax (estimated)
25,000
11,000
Phillip Ketchum has been authorized by the Interstate Commerc
Int. on funded and other
e Commission to serve as counsel and director.
indebtedness (net) _
-V. 140, p. 2695.
90,115
404,374
457,433
533,193
Boston Consolidated Gas Co.
-New Rate Schedule
Net loss
prof$139,433
$211,769
$651,323
The company has filed with the Massachusetts Dept. of
$531,124
Public Utilities,
x After deducting $5,143 for directors' fees and expenses.
to become effective Aug. 1 next, a new schedule of rates containing
a provision, applying to general domestic consumption in Boston and
Balance Sheet Dec. 31 1934
the
politan district, for automatic reduction in prices when dividends metroAssets-Cash on hand and in transit, $131,998; cash
company's capital stock exceed 6% per annum. The reduction on the
accounts receivable, &c.(less reserve for bad and doubtful in banks. $3,187;
of rates
under this provision, the company states, means
debts of$270,249),
$1,060,327; inventories, $2.453,883; due from subsidiary
share substantially equally with the stockholders that the customers will
companies. $16,672; prepaid expenses, 3155,052; mortgages and agreements for
in the
company whenever dividends are paid in excess of 6%. earnings of the
sale receivable, $11,283; cash in hands of sinking fund trustee. 83,849;
This provision is
somewhat similar to the sliding scale which the company
investments in
subsidiary companies, $945,217,• other investments, 8319,038;
had
up to 1926, except that the reduction in rates begins after operated under
(less reserve for depreciation of 13,490.847), $6,489,964; total, fixed assets
dividends of 6%
instead of after 7%. Whenever the dividends declared in
Liabilities-Due to bank (secured), $933,608; trade bills $11,590,474.
any calendar
year on the stock ofthe company shall exceed 6% on the
and
payable,$244,956; wages accrued, $27,430;sales tax,$4,824:due to accounts
par
the price of gas under tne new schedule during the followingvalue thereof,
shareholders and employees, $52,648: due to subsidiary companies directors
year shall be
one cent per 100 cubic feet below the price fixed above for
interest accrued on bonds, and coupons outstanding, $40,794; ,$31.447:
each one-half
of 1% by which such annual dividend exceeds 6% on the par
Dominion
and Provincial income taxes (estimated), $46,078; agreemen
value of the
stock.
t
-V. 140. p. 4063.
of real estate (due 1935, 810,000). $110,000; 1st mtge. 5% for purchase
sinking fund
bonds series A,$6,757,900; reserve, $477,052; capital stock
Boston Personal Property Trust
-Earnings
shares,5 management shares and 109,554 class B shares, all(33,789% class A
of
12 Mos. End. June 15-- 1935
$2,724.300; earned surplus, $136,433; total, 811,590,474.-V.no par value),
1934
1933
1932
139, P. 1547.
income recd. during yettr $194,902
$185.597
$191,552
$287483
Commissions,exp.& int.
Bush Terminal Co.
13,129
12,798
-Payment of Interest
12,477
17,806
Taxes
12,919
16,847
The payment of the interest and sinking fund
13,367
14,291
Dividends paid
166,950
166,950
has been recommended by special master Hermanunder the 4% 1st mtge.
187,819
260.860
S. Bachrach in a report
filed in U. S. District Court.
Loss for year
$10,998
The principal amount of the bonds outstanding
$22,111
$5,470
Taxes on cap, gains paid prof$1,904
$2,512,000. The first default in interest was on under the mortgage is
the instalment which
during year
became due April 1 1933. No payment has been made since
3,327
that
that there is currently due five instalments totaling $251,200. time so
Balance Sheet June 15 1935
In making his recommendations the special master stated that
Assets-Real estate securities $425.873; public
,
utility securities. $1.had advised that the payment proposed. can be made without the trustees
085,637; railroad securities, $531,052; industrial securities
injury to the
trust estate or in any way impairing the working capital
, $1,756,128;
insurance companies securities. $245,082; miscellan
necessary for the
eous
trustees of the debtor in their management of the business
sundry securities, $1; cash, $68,207: total, $4,291,02 securities, $179,043;
5.
The special master further declared that additional hearing on
Liabilities-Capital and surplus, $4,241,05 accrued
5;
dividen expense
plans submitted for the reorganization of the properties will be the three
and taxes, $49,970; total. 84,291,025.-V. 140, p.
necessary
4390.
. that it is likely
a
..nd
(ohs. r --V. 140. p. 3887.that considerable additional evidence will be offered.
" British-American Tobacco Co., Ltd.
-Interim
An interim dividend on the American
Calamba Sugar Estate-Earnings
ordinary bearer shares of 191i cents has depository receipts and "in the
been declared payable July 6 to
holders of record June 5.-V.
Years End. Sept.301934
140, p• 139.
1933
1932 •
1931
Gross income
$2.974,454 $2,273,989 $2,175,467 $2,199,271
`
---Brockton Gas Light Co.
Interest expenses, &c
-Dividend Reduced
1,648,468
1,487,318
1,559,088
1,532,294
The directors have declared a dividend
of 10 cents per share on the
common stock, par $25, payable July
Net income
$1,325,986
15 to
$786,671
$616.380
8666,977
compares with 25 cents paid in each of theholders of record July 1. This
Preferred dividends.._ _ _
140,000
140,000
140.000
140,000
cents paid each three months from July 15 three preceding quarters, 38
Common dividends _-650,000
1933 to and incl. July
400,000
400,000
400,000
and quarterly disbursements of 50 cents per share previously 16 1934,
.
-V. 140,
p. 1652.
Balance, surplus
$535,986
$246,671
$76,380
$126,977
Brown Co.(& Subs.), Portland, Me.
Balance Sheet Sept.30 1934
-Earnings
Assets
-Cash,$2.317,717: notes receivable, $302,110; accounts
[Inter-company items eliminated and excluding sub,
receivable
log-driving companies]
(less reserve for doubtful accounts $127,919), $419,483; inventorie
s. (less
reserve for inventory adjustments $7,626), $141,325: investmen
1 Year and
secured loans, $43,402; future years' operations, $31,189; ts, $717,846:
1 Day End.
Year End. Nov. 30Periodland and imDec. 31 '34
provements, S1,657.808; buildings and equipment (less
1933
1932
Loss before deprec.& depict.,
reserve
Predation. $2,527,584), $2,365,323: construction in progress, for de$276,183 $2,031,869
Depreciation and depletion int., &c. Pf$311,736
$16,974;
deferred charges. $98,848: total. $8.112.030.
1,190,545
1,008,969
1,062,886
Interest on funded debt
1,178,402
Liabilities-Drafts payable, $50,000; accounts payable, $30,055;
1,178,403
1,184,530
Other interest
salaries
and wages payable, $2,893: due to planters, $148.671;
229,867
225,795
163,323
accrued
$34,616; depository creditors, $37,483: sundry current liabilities taxes
Loss for year
$2,800
$2.287,079 $2,689,351 $4,442,608
deferred credits, $37.204; 7% cum. pref. stock (par
common stock (par $20), $5,000,000; surplus, $768,303; $20), $2,000,000
Consolidated Balance Sheet Dec. 31 1934
total, $8,112.030
-V.140, p. 1478.
Assets-Plants,$49,636,688;timberlands and improvem
ents,
securities of affiliated companies, $2,808.257: cash, $3381,801; $15,724.255;
cash in escrow
California Cotton Mills Co.
(released Dec. 22 1934), $110,000; U. S. Liberty bonds
-Earnings
-deposited with an
indemnity company, $4,937; securities of other corporati
Earnings for the Year Ended Dec. 31 1934
ons. $24,450; accounts and notes receivable (less reserve),$595,248;
Net sales
inventories. 83,940,273;
prepayments, pulpwood, 8956.876; prepayments, insurance
22.689.541
Cost of goods sold
and taxes,
$100,973: items in suspense, $232,245; total, $74,516,0
2,231,812
Selling and handling expense
07.
Liabilities-Notes payable, secured, $1,515,814:
213,219
General & administrative expense
other loans payable,
secured, $1,086,279; long-term obligations due within
66.329
continuing loans, $15,902; accounts payable and one year, $236,400;
Net operating income
property taxes payable, _$455,863: accrued interest, payroll, $1,256.662:
$178.179
x Deductions from income,less other income
.&c., $572,214; longterm obligations ($945,000 secured), $1,020,000; bonds,
110,214
secured by mortgages on plants and
Net profitfrom operations
ds, $21,425,5
6% cum. pref. stock. timberlan00; common 00; reserves, $27,357,936;
$67,965
$10,000,0
Appropriation for inventory price decline
stock, $9,000,000; surplus,
$573,434; total, 874,616,007,-v, 136, p. 2515.
7,500
Net profit to surplus
$60,465
Burlington & Rock Island RR.-Earnings.x This item includes interest on bonds accrued and
unpaid $63,581,
Mayinterest paid on bank loans $59,964 and expenses of inoperati
1934
1935
1933
ve Alabama
1932
Gross from railway
plant, $7,513.
$71,409
$55,351
877.533
$61,800
Net from railway
Balance Sheet Dec. 31 1934
def15,963
der18,645
15,425
def9,067
Net after rents
def30,599
def32,682
Assets
-Cash on deposit and on hand, $45,254; accounts,and
def636
def26,250
From Jan. 1
notes
receivable (after reserve), $270,578; inventorie
Gross from railway
338,502
$480.00,..; fixed assets (net after depreciation s, $1,000,526; investments,
313,066
327,184
429,992
and
Net from railway
def34.363
def63,550
$2,593,102; deferred items. $58,431; total. $4,447,89revaluation reserves),
315
21.014
Net after rents
def139,897 def102,598
Liabilities-Accounts payable, $101,317; accruals,3.
def76,250
def80,910
-V. 140, p. 3710.
$80,270; bank loans,
$1,171,774; bonded debt, $959,001,; interest
stock ($100 par), $3,250,000: capital losses, on bonds. $155,358; capital
$1,501,780;
Bunker Hill & Sullivan Mining & Concentrating
$78,412; deferred profit on bonds purchased and pledged, earned surplus,
Co. 54,447,893.-V.
$153,540; total,
Earns.
136. p. 1722.
-Calendar Yrs.
1933
1934
1932
1931
Ore mined (tons)
362,388
458.565
429,880
460,366
California Water Service Co.
Production revenue... _
-Earnings
Prod.& marketing costs_ $3,564,699 $4,061,684 $3,379,099 24,587,235
12 Months Ended May 313,166,205 3,561.456 3,408,389
4,055,035
1935
1934
Gross revenue
$2,033,366 $2,043,266
Operating brent
Net profit before interest, depreciation, &c
$500,228 def$29,290
$398,494
$532,200
978,127
1,010,112
x Other income (net).-V. 140, p. 3888.
348,910
683,455
290,487
532,329
Total income _____ -- $747,404 $1,183,68
-Reorganization Plan Approved
3
$261,197 $1,064,529 -Canada Bread Co., Ltd.
Depletion
The stockholders at a special meeting held June 27
391,714
557,030
641,543
approved the amended
697,118
Deprec. and local taxes
capital reorganization plan.
225,212
236.354
-V. 140, p. 4064.
220,917
266,823
Outside
investments
written off
Canadian Pacific Lines in Maine.
910,388
442,764
-Earnings.May
Net profit
1935
1934
$119,336loss$508,948loss$1,044,028 $100,588
Gross from railway._ _ _
Preferred dividends,,_ _
$139,892
$154,114
$111,922
$124,968
56,296
58.901
61,637
Net from railway
62,748
Common dividends _ _ _
def14,981
4,958
def2,863
def36,067
Net after rents
490.500
def38,764
def21,552
def29.511
def68,342
From Jan. 1
Balance, deficit
$567,849 $1,105.665
Gross from railway___
$452,658
Earns. per sh.on 327,000 sur$63.040
984.364
1,117,015
839,661
955,220
Net from railway
shs. corn ($10 par) _Nil
169,333
273,862
201,263
$0.19
152,730
Nil
Net after rents
$0.12
30.330
122,117
x Other net revenue after providing for income taxes.
55,115
def6,381
-V. 140. p. 3888.
Balance Sheet Dec. 31 1934
Canadian Pacific Lines in Vermont.-Earnings.
Assets-Property, plant, &c.
depletion), $35,491,859; outside(after providing for depreciation and ore
May1935
investments, $7,926,984; cash, $84.049;
1934
1933
1932
Gross from railway
-insurer's collateral under Idaho Industrial Act,
self
$88,436
$95,420
$71,332
$67,803
Net from railway
receivable (including lead customers), $727,883; notes 138,669: accounts
def14,909
defl0,132
def14,136
receivable, $183,120;
def45.857
Net after rents
accrued interest receivable, $20.574;
def36,264
def32,406
def35,854
def72,706
From Jan. 1
charges, $13,981; other assets, $392,602;inventories. $1,901,864; deferred
total, $46,781,588.
Gross from railway
Liabilities-Notes payable, 8647,000; payroll and
393.624
413,229
316.376
435.254
Net from railway
$466.990; accident awards under Idaho Industrial Act, accounts payable,
def103,595
def78,894 def107,222
$40,117;
de,f90,287
Net after rents
ous taxes reserve, 865,247; income taxes payable, $43,539; all miscellanedef212,205 def190,003 def220,117 def223.041
other Habil'.
-V. 140, p. 3888.
C
Canadian National Rys.-EarningsEarnings ofSystem for Fourth Week of June
1934
1935
$4,251,729 $4.482,483
Gross earnings
-V.140, p. 4393.
Decrease
$230,754
Canadian Pacific Ry.-Earnings-
1935-5 Mos.-104
-Month-1934
Period End. May 31- 1935
$9.905,938 $10,454.019 $46.338,752 847.201,416
Gross earnings
8,652.091 41,680,546 40,902.583
8.770.024
Working expenses
81,143,913 $1,801,927 $4,658.206 $6,298,832
Net profits
Earnings of System for Fourth Week of June
Decrease
1934
1935
$316,000
$3,188.000 $3,504,000
Gross earnings
-V.140, p. 4393.
Canadian Wirebound Boxes, Ltd.-Earnings
1933
1934
1935
Years Ending April 30$41.028
$127.444
$166,650
Gross earnings for year
7,876
Adjustment, bad debts reserve
2,311
Royalties adjustment
850
Previous year's adjustments
$52,066
$127,444
$166,650
Total income
47,054
43,309
47,726
Provision for depreciation
4,223
4,223
4.223
Deferred operating exp. written off._ Deferred experimenting & testing
1,299
1,299
1,299
written off
Moving exps. & plant alterations
11.167
written off
1084511
• $78,613
$102,235
Profit for period
39,147
1,902
17,826
Earned surplus April 31)
35.808
51,729
64,868
Dividends on class A shares
1,943
& scrapped.-Loss on machinery sold
3,280
6,533
Provision for Federal income taxes...
Additional Federal income taxes, years
375
468
ended April 301930 and 1931
200
prof351
Loss on sale of bonds
Cr468
t
Fire loss adjustmen
Adjust, of income tax prov. for 1934
Cr335
period
7,012
9,491
Transferred to special surplus acct.__
Provincial corp. taxes (Ontario &
552
Quebec to April 30 1932
$1,902
$17,826
$38,379
Earned surplus April 30
Balance Sheet April 30 1935
-Cash on hand and in bank, $25,533; call loan, 385,000; accounts
Assets
prereceivable, less reserve for bad debts'. $135,919; inventory, 3155,502; (less
&c.
paid expenses and accrued revenue, $9,698; land. buildings,
&c., $702,reserve for depreciation of $262,617), $767.316; patents, leases,
065; total, $1,881.035.
expenses, $14,801:
Liabilities-Accounts payable, $49,561; accruedstock (63,617 no par
A
provision for Federal income taxes, 86,691; class
B stock (40,000 no par shares), $1,694,042; earned surplus,
shares), class
P. 3888.
$38,378; special surplus, $77.559; total, 31,881,035.-V. 140.
-Earnings
Canal Construction Co.
Calendar Years
Gross rev,from construction contracts
Cost of construction
General and administrative expenses
Miscellaneous
Depreciation
Settlement ofjudgment resulting from
work performed under old contract..
-sub. company..
Federal inc. taxes
1933
8595427
463,327
55,034
Cr781
45.000
1934
8146,346
341,138
44,038
Cr98,910
45,000
10.505
1932
$221,873
180,109
55,722
Dr19,543
22,000
2,311
$57.812
$195,424 prof332,648
Net loss
Consolidated Balance Sheet Dec. 31 1934
$6,296; sundry
-Cash in banks, $23,617; accounts receivable, assets.
Assets
other
$11,830;
debtors and advances, $780; inventory, $7,500;
machinery and equipment. $799,600; total, $849,624.
-Accounts payable, $1,067; accrued payrolls and insurance.
Liabilities
stock (40,000 no par
$1,164; reserves, $365,729; convertible preference
par shares), $77.000: surplus,
shares). $400,000; common stock (77,000 no
.-V. 139, p. 1233.
34.662; total. 8849.624
Central of Georgia Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gress from railway
Net from railway
Net after rents
-V. 140, p. 3711.
v--........
1934
1935
$1,180,496 $1,041,871
56,581
128,178
def57,282
25,924
1933
$1,066,565
189,116
96.159
1932
8948,232
57,656
63,160
5.656,134
838,716
245.112
4.693.207
543,404
def40,617
5.266,726
629,632
34.480
5.933.177
720,721
167,830
-Bonds Offered
Central Hudson Gas & Electric Corp.
NewThe corporation, which serves Poughkeepsie, Beacon,N. Y.
burgh, Kingston and numerous other communities in
$9,765,
an
State, entered the market July 1 withdue issue of This is 000
be1965.
1st & ref. mtge. bonds, 3% series
refunding
lieved to be the lawest coupon rate on any large
The offering group
issue offered under the Securities Act. Bidder, Peabody &
consists of Edward B. Smith & Co.,
New.
Co., Estabrook & Co., Lazard Freres & Co., Inc., of
York, and Stroud & Co., Inc., of Philadelphia. The bonds
are priced at 100% and int.
A prospectus dated June 29 affords the following:
(M &S)
Prin. and int.
Bonds are dated March 1 1935;due March 1 1965. in N. Y. City, which
the corporation
payable at the office or agency of of J. P. Morgan & Co. Red. at option
initially will be maintained at office day of any month, on not less than
of corporation, all or part, on first
5% before March 1 1945; the
30 days' notice at par plus a premium of 11945. with a like additional
of 1% on March
premium to be reduced by
, the bonds to be
commencing March 1 of each year thereafter with int. Coupon
reduction
each case
redeemable at par, on and after March 11964.inas to principal only at the
bonds in denom. of $1,000 each, registerable
office of the trustee.
the State of New York.
Issuance approved by the P. S. Commission of
make application for the listing of
Listing-Corporation has agreed to Exchange.
Stock
these bonds on the New York
-The bonds are originally offered for sale to the
Offering Price and Terms
public at 100 and int.
purchase from the corporation
The underwriters have severally agreed to
and payment (which is
all of the bonds at 98 and int, to date of delivery
about July 22 1935).
expected to be on or
of the bonds to be received
-The net proceeds
Application of Proceeds
of $9,390,457 (excl. accrued
by the corporation in the estimated amount In the amount of $179,244)
int. and after deducting estimated expenses
88,364.000 1st & ref.
will be used in part by the corporation to redeem (a)
1 1935, at 105% and int.,
mtge. gold bonds, 5% series due 1957. on Aug. May 1 1952, of Kingston
bonds, due
gold
and (b) $518,000 5% 1st mtge.the corporation is obligated as successor),
Gas & Electric Co. (for which
interest on the bonds to be
on Nov. 1 1935 at 107% and hit., such accrued treasury funds. For such
redeemed to be paid by the corporation from its to pay principal and prea total of $9,336,460 will be required
redemptions
g to approximately
mium; the balance of such net proceeds, amountin specific purpose.
any
$5,3,997, will be free treasury funds not allocated to of5% series due 1957
for the redemption of the bonds
The funds necessary
& Electric Co. will be deposited in trust
and the bonds of Kingston Gas tly with the issue of the bonds of 354%
with Irving Trust Co., concurren
July 6 1935
Financial Chronicle
108
Pursuant to
series due 1965 and will be applied to such redemptions. of America,
Public Resolution No. 10 of the Congress of the United States any coin or
made in
adopted on June 5 1933. such redemptions will be for public and private
currency which at the time of payment is legal tender
debts.
gas and electric corHistory and Business-Corporation is incorp. as a New York. It was
of
poration under the transportation corporations law
companies:
formed on Dec. 31 1926 as a consolidation of the following
Dutchess Light
Central Hudson Gas & Electric Co. and its subsidiary
and United Hudson Electric Corp.
Heat & Power Co. of Rhinebeck, N. Y.,
Kingston Gas Sz
and its subsidiaries, Upper Hudson Electric & RR. and
Heat & Power Co
Electric Co. and its subsidiary, Ulster Electric Light. of the P. S. Comapproval
The consolidation, which was made with the company properties which
mission of New York, united in one operating
had been accumulated under one management since 1900.
manufacturing.
The corporation is engaged in the business of generating,
supplying gas and
purchasing, transmitting, distributing, selling and utility purposes and
and genearl
electricity for lighting, heating, industrial
about 85 miles
steam for steam heating. It serves a territory extending and west from
miles to 40 miles east
along the Hudson River and about 25of about 2,500 square miles is approxithe river. The population of this area tely 79% of the gross operating
mately 250,000. In 1934 approxima
electric operations, and
revenues of the corporation were derived from
revenues were derived from gas
approximately 20% of its gross operating
.
operations
Telephone Co., a
The corporation owns all of the stock of Cornwall Town of Cornwall
and
small telephone company operating in the Village
Town of New Windsor. which was acquired in connecand in the adjacent
. Its system is contion with the purchase of certain electrical properties gross revenues of
Co. The
nected with that of New York Telephone to less than $35,00, and at
1934 amounted
Cornwall Telephone Co. in
$178.000.
assets of
the end of that year its balance sheet showed total United about
Hudson Realty
of
Corporation also owns all of the capital stock which are not necessary
parcels of real estate
Corp., which owns certain
and which are held for
in the public utility operations of the corporation United Hudson Realty
of
lease or sale. The gross operating revenues of which $26,366 consisted
$28,000.
Corp. for 1934 amounted to less than the end ofthat year United Hudson
of rentals paid by the corporation, and attotal assets of about $618,000.
Realty Corp.'s balance sheet showed
Sales. Customers and Output for Calendar Years
1931
1932
1933
1934
(1) SalesElectric-Kwh.:
(except to ot or
Sales
123.232,709 110,629,585 109,301,474 119,621,454
distributors)
Sales to other distribu47,739.836 99,284,100 176.188.113 67.639,672
tors
170,972,545 209,913.685 285,489,587 187,261,126
Total
Gas-1.000 cu ft.:
Sales (except to other
949,930.6
986,764.8
942,789.1
1.026,338.1
distributors)
Sales to other distribu40,535.8
37.610.5
33,087.4
34,356.8
tors
975,876.5 1,024,375.3 990,466.4
1,060.694.9
Total
1931
1932
1933
1934
(2) Customers-No, of cusElectric
63,275
64,412
66,306
67,176
at Dec.31 - - - tomers
-No, of customers
Gas
29,178
29,158
28,273
29,907
at Dec.31
1931
1932
1933
1934
(3) OutputElectric-Kwh.:
97,494.700 87,931,700 83,575,900
Total gen. by corp___101,423,400 147,621,952 237.026,406 138,264,952
Total purch. by corp-104,685,066
06 221,840,852
Total system output--206,108,466 245,116,652 324,958,1
-1,000 cu.ft.:
Gas
1.120,588
1,085,934
1,143,511
sendout---- 1,192,489
Total gas
Earnings for Years Ended Dec. 31
1934
1932
1933
$6.916,711 $6,414,472 36,471,564
Total gross operating revenues
Operating expenses, maintenance,
taxes (other than Federal income
taxes), retirement or depreciation
3.850,270 3,992,735
4,180,075
accrual and uncollectible revenues_
32,736.636 $2,564,203 $2,478,829
Net earnings from operations
129,068
117,225
145,340
Other income
Gross corporate income before
Federal income taxes, interest
82,881.976 82,681,428 82,607,897
related charges
total
Annual interest requirements on after
be outstanding
funded debt to
$391,925
giving effect to the present financing
No. of times such annual interest rein 1934, as
quirements were eanred
*6.65
above
ng
corpora•If the principal amount of bonds to be outstandi under the , were to
to the present financing
tion's 1st & ref. mtge., after giving effect amount 'tamable under the terms
be increased by $9,265,600. the maximum
of said mortgage against properties of the corporation at March 1 1935,
ratio
and if the coupon rate upon such additional bonds were 5%, this addisuch
times. Before
would be reduced to about 3.04be necessary for issuing any of n to obtain
the corporatio
tional bonds, however, it would
the approval of the P. S. Commission of the State of New York.
Capitalization
-Outstand. with Public
Upon Completion of
Present
Authorized
by Indenture Dec.31 1934 Financing
'Funded DebtCo.
Central Hudson Gas & Electricgold
-year 5%
1st & ref. mtge. 30
45,000,000 c181.003,500 4E603.000
bonds,due June 1 1941_c
None
4518,000
Kingston Gas & Elec.c Co. 5s. 1952c 4700,000
Gas & Electric Corp.
Central Hudson
None
Unlimited g$8,363,500
1st & ref. 5s, due 1957
Unlimited
None $9,765,000
1st & ref. 3;is due 1965
-Number of Shares- Cap Stock
Authorizedb Ouistandingb Liairiliilib
Capital Stock6% cum. pref. stock (par value $100
100,000
70.300 $7,030,000
per share)
1.500,000' 13,235,224
Common stock (without par value)... 1,500,000
$20,265,224
Total capital stock
31 1934 and as of the date of this
a Closed at 81,175,000 b As of Dec. on is successor by consolidation to
s (June 29 1935). c Corporati Kingston Gas & Electric Co.and
prospectu
and
Central Hudson Gas & Electric Co.
for the payment of all of the
by virture of such consolidation is obligated
held
bonds of said companies. d Exclusive of $171,500 bonds 1927
outstanding
under the 1st & ref. mtge. dated Jan. 1
by Irving Trust Co. as trustee nt to Dec. 31 1934, one $500 bond of this
the corporation. e Subseque Trust Co. as trustee, in exchange for a
of
Issue was surrendered to Irving The amount of bonds of this issue pledged
$500 boad of5% series due 1957. has been thereby increased from $171,500
with Irving Trust Co., as trustee,
of $182,000 held by Irving Trust
(see footnote d) to 3172,000. f Exclusive dated Jan. 1 1927 sAmount
& ref. mtge.
Co., as trustee sinner the 1st88,364.000,one $500 bond of this issue having
as of June 1 1935.
outstanding
ia exchange for one $500 bond of
been issued subsequent to Dec. 31 1934,
Co.
Central Hudson Gas & Electricthis financing, and upon the redemption
completion of
Security-Upon
of 5% series due 1957 of the corporation
of all of the outstanding bonds of Kingston Gas & Electric Co., the bonds
and all of the outstanding bonds
be secured by the lien of the first and refunding
of 3)4% series due 1965 will and amended, which, in the opinion of counsel
mortgage, as supplemented
a first lien on physical properties which the
for the corporation, will be about 50% in book value of its total physical
corporation computes to be important hydro-electric properties and a large
properties,including all of Its transmission lines. The first and refunding
part of its main high-tension amended will also be a direct lien upon all
mortgage as supplementea and
franchises of the corporation, subject
of the other physical properties and
Volume 141
Financial Chronicle
only to the lien of a closed mortgage of Central Hadson Gas
& Electric
Co. securiag 41.175,000 bonds (of which $172,000
trustee under the first and refunding mortgage), andare pledged with the
subject, with respect
to a small parcel ofreal estate in Newburgh,to cettain
and New York & Erie RR., and subject also to tax mortgages of Erie R.R
and assessment liens,
rights of way, easements and similar minor encumbrances.
Underwriters
-The names and addresses of the several
the respective amounts underwritten by them follow: underwriters and
Name and AddressPrincipal Amount
Edward B. Smitn & Co., 31 Nassau St., N. Y. City
$2,515,000
Kidder. Peabony & Co., 17 Wall St., N. Y. City
2.000,000
Estabrook & Co.,40 Wall St.. N. Y. City
2.000,000
Lazard Greres & Co., Inc., 15 Nassau St., N. Y. City
2.000.000
Stroud & Co., Inc., 1429 Walnut St., Philadelphia
1,250.000
109
The existing RFC and Railroad Credit Corporation loans
are to be extended to July 1 1945.
The Milwaukee & Northern first mortgage and consolidated
bonds are
to be extended to June 1 1949.
The Bedford Belt first mortgage bonds, Southern Indiana
bonds and the Chicago Terre Haute & Southeastern first first mortgage
and
mortgage bonds and income bonds, all secured upon property refunding
leased to
Chicago Milwaukee St. Paul & Pacific RR. Co., are to remain
but provisions of the lease will be modified waiving obligatio undisturbed
ns of the lessee
with respect to replacement of equipment.
Any existing defaults under the other mortgages will also be
waived and
certain modifications made in the mortgages.
Interest Due July 1 Not Paid
-
The interest due July 1 on the Chicago Milwaukee & St. Paul
mortgage bonds, series A 45, series B 3145, series C 430, series By,general
$9.765,000
E 4345 and
series F 4345, was not paid.
-V. 140, p. 4394.
All of the outstanding first and refunding mortgage gold
due 1957. have been called for redemption on Aug. 1 at bonds,5% series
Chicago & North Western Ry.-Files Plea for Reorgan
105
Payment will be made at the Irving Trust Co., 1 Wall St., and interest. "N. Y. Cit
ization Under Bankruptcy Law-Cites Inability to Meet ObligaV. 140, P. 3888.
tions-Plan to Be Submitted
*
-----Central Illinois Securities Corp.
-15
-Cent Pref. Div
The company on June 28 filed a voluntary petition
The directors have declared a dividend of 15 cents per share
Chicago for reorganization under Section 77 of thein Federal Court at
preferred stock, no par value, on account of accumulations on the $1150
Bankruptcy laws.
.
Federal Judge John P. Barnes, to whom the case was assigned,
to holders of record July 18. .A like amount was paid each payable Aug.
of the 10 preapproved the bill as filed in good faith and authorized the immediately
ceding quarters, prior to which regular quarterly payments
company to
of 3714 cents
continue in possession and operation of the property. The
per share were made. After the Aug. 1 distributi accumulat
on
ions will
that the road open a new set of books as of June 30 and order provided
amount to $2.4734 per share.
-V.140, p. 2349.
make monthly
reports to the Court.
--Cerro de Pasco Copper Corp.
The North Western faces interest charges and maturity
-Dividend Increased
obligations
aggregating $29,464,892 before the end of this year, accordin
The directors have declared a dividend of $1 per share
g to
petition, which was signed by Fred W. Sargent, President. There the
stock, no par value, payable Aug. 1 to holders of record on the capital
July 15. The
possibility at this point of borrowing money with which to meet is no
above dividend compares with 50 cents per share paid
these
in each of the five
obligations, the bill added.
preceding quarters. Of Aug. 1
1 1931
Negotiations looking toward readjustment of
quarterly distributions of 25 cents and Nov. -V. and on Feb. 1 1932
were made.
140, p. 2857.
In progress for some time with the larger creditorsfixed charges have been
, representing nearly
of the obligations, the petition said. An agreement is expected soon, half
Chicago Burlington & Quincy RR.
and
-Earnings.
at that time a definite reorganization plan will be submitted to the Court.
MayAlready in default are $1,817,956 interest on 20
1935
1934
1933
1932
-year convertible bonds.
Gross from railway
$500,000 due the Railroad Credit Corp.;$498,465 interest on a Reconstr
$6,103,337 $6,143,820 $6,398,348 $6,175,493
Net from railway
uction Finance Corporation loan, and $187,000 in equipmen
969,131
1,060,508
1.932,358
1,043,442
t trust certifiNet after rents
cates held by the RFC.
'
240,394
111,836
996,436
162,214
From Jan. 1
Other obligations listed in the petition for the remainder of the year, by
Gross from railway
months, were: July, $662,875 in five interest items; August. $590.929
30,570,300 30,859,475 27,299,440 33,988,529
in
Net from railway
six interest items, and $780,000 in maturities: September, $1,445,6
5,565,263
7,825,891
6,598,902 8,841,288
Net after rents
Interest items and $442,000 in maturities; October, $676,554 in six 38 in six
1,390,687
3,516,140
1,817,032
3,959,985
interest
-V. 140, p. 3712.
items and 412,030,000 in maturities ($11,495 to the RFC); Novembe
r,
$4,361,883 in seven interest items and $196,000 in maturities;
Chicage& Eastern Illinois Ry.-Earnings
$1,232,270 in five interest items and $4,194,583 in maturities December,
.(including
$4,194,583 to the RFC).
May1935
1934
1933
1932
Gross from railway
Interest Due July1 on Underlying Bonds Not Paid
$1,042,068
$990,407
$916,979
$895,572
Net from railway
Interest due July 1 on the following bonds was not paid:
150,650
152,265
163,783
37,706
Net alter rents
a) $2,500,000 Milwaukee & State Line By. guaranteed 1st
def27,268
def23,590
def31,456 def199,856
From Jan. 1
mtge gold
% bonds, due 1941.
Gross from railway
b) $3,750,000 Manitowoc Green Bay & Northwestern By.
5,500.300
5.169.848 4,530,661
5,215,687
Net from railway
guaranteed
1st mtge. gold 334% bonds, due 1941.
1.140,881
977,177
614,104
449,368
Net after rents
237,364
(c) $10,000.000 St. Louis Peoria St North Western By. guaranteed 1st
18,808 def412,467 def732,865
-V. 140, p. 4394.
mtge. gold 5% bonds, due 1948.
(d) $1,120,000 St. Paul Eastern Grand Trunk By. guaranteed 1st mtge.
Chicago Great Western RR.
-Earnings.
434% bonds, due 1947.-V. 140, p. 4394.
may-1935
1934
1933
1932
Gross from railway
Chicago Rock Island & Gulf Ry.-Earnings.$1,298,613 $1,244,577 $1,274,600 $1,250,243
Net from railway
332,094
334,892
424,919
301,040
MayNet after rents
1935
1934
1933
1932
116.061
98,446
175,889
Gross from railway
47,384
From Jan. 1
$304,606
$287,140
$282,662
$324,788
Net from railway
Grass from railway
70,172
62.749,
6,000,075
84,285
5,925,574
5,217.431
6,565,816
Net after rents
Net from railway
def17,017
def11.714
def17,708
def12,638
1,052,041
1.378,419
975,200
1,765,512
From Jan 1
Net after rents
def57,466
205,381 def258,010
Gross from railway
433,591
-v. 140, P. 4065.
1.475,803
1.379,785
1,311.302
1,732.583
Net from railway
329.602
269,434
343,054
579,494
Net after rents
def86,702 def117,738 def142,438
Chicago Indianapolis & Louisvi
218,142
lle Ry.-Earnings.-V. 140, p. 3889.
•
May1935
1934
1933
1932
Gross from railway
Chicago Rock Island 8c Pacific Ry.-Earnings.$650,961
4629,032
$608,290
$598,400
Net from railway
209.466
120,189
124.090
May
47,087
Net after rents
1935
1934
1933
1932
56,314
def25,070
3,540 def$87,931
Gross from railway
From Jan 1
$4,913,060 $5,129,862 $5,175,728 $5,462.1
49
Net from railway
Gross from railway
242,319
517,598
1,355,315
3,172,512
998,245
3,029,814
2,724,832
3,433,036
Net after rents
Net from railway
def382,838 def157,571
634,254
530,307
129,380
472,706
383,561
519,353
From Jan. 1
Net after rents
def60,303 def221.812 def226 5 def246,852
Gross from railway
-V. 140. P. 3712.
24,663,061 25,054.926 23.162,948 28.447.073
Net from railway
2,191.460 3,487,315 3,849,088 5,253,908
P-44
"
Net after rents
'Chicago Milwaukee St.
def1,092,180
73.949
122,612
976,890
Paul 8c Paicific
-V. 140, p. 4395.
Bankrup
tcy Petition-Reorganization Plan-i-RFC to Advance
New Money to Road
For the purpose of
ing out its
June 29 filed in the Federal Court reorganization plan, the company on
at Chicago a reorganization petition
under the Bankruptcy Act and
Commission to set an early date has requested the Interstate Commerce
for a public hearing upon the program.
The Court approved the
and management of its petition and continued the company in possession
'property.
A statement by President H. A. Scandre
tt,issued June 29,
follows:
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.
May1935
1934
1933
1932
Gross from railway
$1.153,495 $1,124,868 $1,291,754 $1,169,044
Net from railway
126,795
106,393
357,709
22,541
Net after rents
def14,155 def33,284
209,578 def129.723
From Jan 1
Gross from railway
5,579,332
5,755.055
5,026,579
5,963,614
Net from railway
570,206
939,893
583.605
345,733
Net after rents
def187.489
214.283 def132,384 def444,010
-V. 140, p. 3889.
After numerous conferenc
Chrysler Corp.
-Dodge Sales
Finance Corporation and es with Chairman Jones of the Reconstruction
Retail sales of Dodge passenger cars,in week ended June 22,totaled 4,398,
companies, trust companiewith representatives of more than 20 insurance
s
an increase of-3% over the 4,265 sold in previous week and 87% over
000,000 of various issues ofand savings banks owning in excess of $100.bonds secured by mortgages upon property
2,343 in like 1934 week. Dodge truck sales were 1.210,an increase of the
owned or leased by Chicago
Milwaukee St. Paul & Pacific Bit., the board
8.8%
over the previous week and 14.5% over the same 1934 week.
of directors of that company
Dodge passenger car sales for the year to June 22 totaled 94,799,increase
July 1 1935. For the purpose approved a plan of reorganization, dated
of 97% over the like 1934 period. Sales to June 22 exceeded
pany has flied in the Federal of carrying out the plan, the railroad comthe 91.695
sales in all 1934.-V. 140, p. 4394.
under the Federal BankruptcyCourt in Chicago a reorganization petition
Act
early date for a public hearing upon and has requested the ICC to set an
the plan.
The plan contemplates that
City Auto Stamping Co.
-Stockholders Lose Suit
the RFC will make additional loans to the
railroad company up to
The $300,000 stockholders' suit against directors of the company
$12,000,0
cates for an additional $12,000,0 00 and will purchase equipment certifithrown out of the Lucas County (Ohio) Common Pleas Court and the was
00 to provide for 80% of the cost of new
equipment.
were assessed against the plaintiffs. The petition charged directors costs
were
Under the plan, interest
negligent in their acquisition of patent rights from the
period is to be two-thirds on the general mortgage bonds for a 10
-year
of Chicago, to manufacture automobile door ventilators. Dole Valve Co.
-V. 140. p. 4066.
full interest on the bonds fixed and one-third contingent, provided that it
is
years during the five years earned for any three years or for the last two
-Common Div. Reduced
firmation of the plan, or ifcommencing; on the Jan. 1 next succeeding con- '----City Investing Co.
The directors have declared a dividend of
first five years, all interest so earned for three consecutive years after the
per share
on the bonds shall thereafter
common stock, par $100, payable July 20 to 50 centsof record on the
All interest on the 50
holders
July 15.
-year 5% mortgage bonds and on be fixed.
This compares with $1 paid on Jan. 4 1935, Aug.7 and Jan.
the Chicago Milwaukee & Gary first mortgage
4 1934. and on
bonds becomes contingent, with the proviso
July 1 1933. On Jan. 16 1933, $1.50 per share was paid, while
that if unpaid accumulated
on July 11
interest shall at any time aggregate 10 years'
and Jan.4 1932, $2.50 per share was paid.
interest, a majority of the
-V.139, p.3962.
bondholders may declare the issue due and payable. These issues are also
City Stores Co.(& Subs.)
into the new preferred stock made convertible at the option of the holders
-Earnings
at par.
For the protection
3 Mos. End. April 30-- 1935
1934
-years and Gary bonds,
1933
plan provides for theof the general mortgage,50
1932
Net loss after reserves for
deposit of all the preferred and common stock a the
reorganized company under a
the
deprec., conting, and
voting trustees have not been voting trust. The persons who are to be
deduc. of minor. int__
$70.761
selected, but they are to be satisfactory to
$259,493
$445,544
$394,239
the institutional security holders
Est. Federal inc. taxes_ 6,289
with which the railroad company has been
7,564
3.556
in conference. It is intended
reorganized company shall be that at least a majority of the board of the
Net loss
a$77.050 b$267.057
$445,544
tioned bonds, and that so long representatives of holders of the above mena Net loss of $77.050 for first quarter of 1935 excludes net loss $397,795
as any part of the RFC loans are outstanding
one
son nominated by the
of Goerkeonpersonboar
Kirch Co. in process of liquidation, reserve against which liquidati
d.
on has'
adjustment mortgage RFO shall be elected to the
been ;provided from surplus. b Net loss of $267,057 for first
with $260 of accumulated bonds receive, for each $1,000 principal amount
quarter
1934. includes loss of Goerke-Kirch Co. in the amount of $20,753-V. of
interest to June 30 1935, $1,260 par value of
the new 5% non-cumulative preferred
140.
P. 2350.
par value of $100 per share, participa stock voting trust certificates of a
ting equally per share in dividends
with the common stock after
the latter has received 5% upon the $25 Par
Clinchfield RR.
-Earnings.value thereof in any year, preferred
as to assets as well as dividends.
The existing preferred stock
May1935
1934
1933
will receive share-for-share new common
1932
Gross from railway
stock voting trust certificates of a
$374.299
$430,091
$378,703
par
$317.345
mon stock will receive for each share value of $25 per share, and the comNet from railway
110.864
164.255
171,337
new common stock voting trust cer89,975
tificates for one-third share.
Net after rents
95.690
156,632
126,257
33,567
From Jan 1Equipment trust obligations aggregating
$18,192,000, maturing between
Gross from railway
April 1 1935 and Dec. 31 1940, inclusive
2,189.291
2,445,961
1.846.341
1,803.467
Net from railway
on the date of present maturity-and 20% , will be extended to mature 20%
968.358
1,155,832
817,162
annually one, two, three and four
592,963
Net after rents
years thereafter, respectively.
790,236
1,092,494
593.748
325,440
-V. 140. p. 3712.
Financial Chronicle
110
Cleveland Ry.-To Issue $5,250,000 1st Mtge. 5s-See
under "Current Events and Discussions" on a preceding
-V. 140, p. 3890.
page.
-Earnings
Colon Oil Corp.(& Subs.)
3 Months Ended March 31Net loss after intangible drilling ex3
49
t
i V.,depletion, deprec., &c
rntle .
1935
$77,145
1934
$335,136
1933
$294,113
-Interest Paymentdo Fuel & Iron Co.
July 6 1935
the opportunity to
The holders of these preferred shares are offered
stock share for share.
exchange the called shares for 5% series A, preferred Service Commission
Application will be made by the company to the Public
5% preferred shares for the
of Maryland for the issuance of the necessary .
involved
exchange. No increase in capital is of 6% and $2,250,000 of the 534%
outstanding $2,750,000
There are
$110 per share.
preferred stock. Both issues are callable atstocks, who desire to accept
Holders of the 6% and 534% preferred for 5% preferred stock, must
to exchange their shares
the company's offer
6% and 534% preferred
do so before Aug. 8. Those who exchange their full quarter on the new
the
shares will receive on Oct. 1 the dividend for 534% over 5% from July 1
the excess of 6% or
5% preferred shares, plus
shares for redemption on
to Aug. 8, inclusive. Those holding their called plus the final quarterly
Oct. 1 will receive for the 6% shares $110 each, plus the final quarterly
5%% shares, $110.
dividend of $1.50 and for the
dividend of $1.3734.-V. 140, p. 4066.
Colora
York. Judge
On petition of Central Hanover Bank & Trust Co., New 27 formally
on June
J. Foster Symes in U. S. District Court at Denver pay the Aug. 1 semiin bankruptcy, to
instructed Arthur Roeder, trustee
Funds totaling
annual interest on the gen. mtge. 5% sinking fund bonds.
-To Issue $75,000,000 1st Lien
Bank, New York,----Cansolidated Oil Corp.
$112,500 have been deposited with the Chase National
on a
-V. 140. y. 3712.
for this payment.
-See under "Current Events and Discussions"
Bonds
Colorado & Southern Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from rents
Net after rents
-V. 140, p. 3890.
1935
$442,685
64,318
def5,011
1934
$431,815
def4,659
der/5.814
1932
1933
$394,538
$366,923
def24,105
12,454
def55,262 def108,200
1,818.7692,258,968
1,978,213
_....2161,903
220,108
132,033
194,377
180,783
7 --def222,254 de 190,891
def158,967 def166,031
-To Be Added to List
,i'ictures Co p.
)
----Go,lumbia
will list 33 132.9437 additio
b Exchang
York Curbew
The
.
common stock, no par, upon notice of issuance -V.140. P.43
--Earnings
Commercial Alcohols, Ltd.
Earnings for Year Ended March 31 1935
Net operating profit for year
income taxes
Deductions, incl. bond int., deprec. & prov. fora wholly owned
Prov. for net loss of Eastern Distilleries, Ltd.,
subsidiary company
-for year
Net profit
shares of
$25,051
23,494
22
$1.534
Balance Sheet March 31 1935
(less reserve for bad
-Cash on hand. $180; accounts receivablecontainers on hamlAssets
inventories at cost, $56,230;
debts. $300). $9.483;
, $2,798; investment in, and
et cost, $12,667; sundry prepaid expenses
, plant and equip
advances to Eastern Distilleries, Ltd., $3,292: buildings
$158,855; rights and
at cost (less reserves for depreciation of $79.164).
contracts, $111,152; total, $354,660.
Deferred liability. 31050; reLiabilities-Current liabilities, $57,715; first mortgage convertible gold
serves for containers, $6,229; 6% 15-year stock, $250,000; common stocks
bonds, due Dec. 1 1944. $8,500; preferred
8354,660.-V.138.
(100.000 no par shares).$100.000; deficit.$68,834; total.
p. 687.
-New Directors
cial Credit Co.
Commer
P. Chrysler and Albert
The directors have re-elected as directors Walter as a director.
H. Gordon. H. M. Addinsell was likewise elected
y elected a director of the company on Dec. 10
Mr. Chrysler was originall
Mr.Gordon and George Ramsey.
1934 but resigned on Feb.28 of this year.
resigned as directors on March
a Vice-President of the First Boston Corp., underwriters of Commercial
firms were
28 as their respective banking
stock which was registered
Credit's new issue of 534% convertible preferred
under the Securities Act of 1933 in April.
Acquires Factory Concern
2 by A. E. Duncan, Chairman
of the
Announcement was made on July
t of Edmund Wright
Ginsberg
Board, and confirmed by Jacobthe entire , Presiden of Edmund Wright
capital stock
Ginsberg Corp., New York,that
shares of common stock
Ginsberg Corp. would be exchanged for 35,000
of Commercial Credit Co.
Transfer AgentNew York has been appointed
The Chase National Bank of the City of
-V.140.p.4088.
preferred stock.
sole transfer agentfor the 5)4% convertible
-To Offer Stockcial Investment Trust Corp.
-V. 140, p. 4066.
preceding page.
-To Manufacture Beer Containers
Continental Can Co. made on July 1, machine shops of the
According to an announcement
the manufacture of tin cans
y
company are now busy building machiner for the development of a tin
working on
for beer. The company has beenyears, during which period experimental
container for beer over the past two breweries. Based upon the success of
packs have been made in various pushing the development as rapidly
these experiments, the company is
as possible.
distinct types of tin cans
The company expects to have two separate and to the standard packer's
one being similar
available for the packing of beer, s and the other having a cone shaped top
can used for fruits and vegetable
on beer bottles.
with a cap similar to that now usedinterest in these new packages for beer.
Many brewers have indicated an
to be equipped to menug to the company. The company expects next 60 days.
accordin
-V. HO,
within the
.
p 2n3.
facture these cans on a production basis
Bonds
-To
Corp.
--Continental Paper & Bagholders of first Extend bonds issued
mortgage
d to
The corporation has forwarde
and assumed by Continental, a
by the Marinette & Menominee Paper Co. of maturity of the bonds for
readjustment plan providing for extension
5%.
25 years with interest fixed atnew first mortgage 57 bonds of Continental
Under the plan $1,077,500
offered par for par in exchange for
Paper & Bag, due on May 11960, will be
ee Paper Co. bonds now outstanding
the $800,000 Marinette & Menomin & Bag Mills Corp. firsteand refunding
Paper
and the $277,500 Continental
International Paper Co.
others
8;i% bonds now held bysecuredthan
by the old bonds surrendered for exchange
'The new bonds will be
Continental Paper & Bag Mills bonds which
and also by the 32,589,000
to surrender in the event the
International Paper Co. owns and has agreed
plan is declared operative.
Continental Paper & Bag Mills bonds
In exchange for the $2.589,000
Co. will receive an equal principal
surrendered by it, International Paper
due in 1964.
amount of subordinated 4% income notes,
income notes and on the $8,000,053
Interest both on the subordinated
to be placed on an income
due to International Paper Co. isP.394.3.
open account
-V.138,
basis payable only out of net earnings.
-Earnings
Corporate Investors, Ltd.
Earnings for the Year Ended April 30 1935
Income from investments
Other interest(net)
Total income
Administrative & general expenses
Provision for taxes
Netincome
Dividends
39,132
476
$9.608
1,582
200
$7.825
5,693
Surplus
Balance Sheet April 30 1935
.
2
interest rece:re
-Cash on hand and in bank, $12,706; accrued
Assets
$213,794; commission on sale of
$561; investments at cost less reserve,
.
$7,155; total, 3234,218
capital stock and organization expenses (net),
taxes payable, $226; dividend
Liabilities-Accounts payable. $263;
(41,046 shares no par value),
payable May 15 1935, 31,942; capital stock
shares, $10,840; less: unpaid.
$226,904; subscriptions received (1.900
8.-V. 140, p. 637.
$7,677), $3,162; earned surplus, $1,718; total, 8234,21
Commer
s and Exchange Commission
The company has filed with the Securitie250,000 shares of convertible
of
a registration statement covering an issue it proposes to market through
Ms,which
e stock. $44.25 series ofBrothers, Lazard Freres & Co., Inc. and
preferenc
Dillon Read & Co. Lehman will represent all new money.
-BondKuhn, Loeb & Co. The issue
iles Petition to, Reorganize
of common stock to be reserved --" Cosden Oil Corp.
The statemeat covers also 312.500 shares
(
e stock and common stock
holders' Protective Committee-r'' I-I v eL /
for issuance upon conversion of the preferenc
common.
Federal Court at Fort Worth, Tex.,
scrip equivalent to 62,500 shares of stock will be used for general corThe corporation filed on July 2
Bankrputcy Act.
The net proceeds from the sale of the
a petition under Section 77-B of the respect to interest and principal due
perste purposes.
The corporation is in default with serial bonds. It has also defaulted
first mortgage 6%
May 15 1935, on its
Status of Optionson the general lien 5
-year 6%
of the New York Stock Exchange has rein the payment of interest due May 15 1935, and subordinate to the first
The Committee on Stock List as to the status of options, presently outbonds. The general lien bonds are junior
ceived notice from the company as follows:
mortgage bonds.
of holders of general lien
standing, for its common stock,
Believing that proper recognition of the rights
Expiration Date
Price per Share
of substantial blocks
No. of
bonds can best be obtained by united action, holders committee to repreJune 30 1935
$24
following protective
187
of these bonds have formed the
Dec. 31 1935
24
n (of John C.
125
sent the holders of such securities: John C. Adams, Chairma C. F. Meiske
1936
Dec. 31
24
125
Adams & Co., Inc.); John P. White (of John P. White & Co.);
Dec. 31 1935
28
R. Foster, Attorney; Lewis W. Stelb
125
( f Eagle-Picher Lead Co.); Wallace
. 31 1936
.
29.60.--125
( f Foster Wheeler Corp.), with Joseph J. Drucker, Secretary the deposit
D . 31 1936
32
it accept
125
di The conunittee does not at this time request, nor willd expedient. Holders
D . 31 1937
35
be considere
10,400
o sy bonds, but will do so later should ittheir
names, addresses, and the
-V.140.P.3209.
of the bonds are requested to register
amounts of their holdings with Joseph J. Drucker, Secretary, Room 2301.
-Listing, pprovedEdison Co.
-V. 137, p. 2107.
.---CommonweV
165 Broadway, N. Y. City.
ication of th comthe'lippl
The Chicr St k Exchange has approved H. 3h'%,due 1965 to be
series
-Earnings
pany to list 29,5 ,000 1st mtge. bonds, issue by the Securities d ExCosmos Imperial Mills, Ltd.
of the
admitted to trading on registration4230. 1933
Calendar Years
-V. 140, p.
change Commission.
,
9V511727
1W288
3116,026
4
12 ,
$2 34509
Net profit
41,468
-Bonds Called49,156
46,878
%---Connecticut Light & Power Co. % sinldng fund gold bonds, Investment revenue---outstanding 1st & ref. mtge. 5%
All of the
$94,195
$51,444
$116,026
Aug. 1 at 10734 and int. at
Totai revenue
series B. have been called for redemption on 140, p. 4396.
49
-V.
4 -3 7
3271, 87
Bond interest
Bankers Trust Co., N. Y. City. trustee.
' fees, salaries
Directors
& Power Co. of
for sr ecial services__ _
Consolidated Gas, Electric Light
11,155
2.300
14,000
0
10
31,523
Provision for taxes
-Earnings-Baltimore (& Subs.)
1935-12 Mos.-1934
$83,040
:6 4
65 45
$49 19
34
6
:32
2 9
07 0 0
$14
3184.267
Perwd End. May 31- 1955--5 Mos.-19
Net malt
$19,693,545 $18,392.720
98,720
170.954
Revenue from elec. sales 38,535,448 $7,883,281
Preferred dividends__
8,837,692
8,852,820
Revenue from gas sales_ 4,112,870 4,136,407
Prov. to bring invest. to
649,659
673,280
411,813
409,193
market value
Revenue from steam sales
351,374
324,238
148,181
112,774
Misc.operating revenue_
4
72 746
$54,636 def$16,551 def$96, 66
$13,313
•
Balance
409,897
$29,543,884 $28,231,446
317.452
349,733
432,230
Total oper. revenue_ -$13,170.288 $12,579,684 14,901,602 13.457,256
Previous surplus
6,120,178
6,609,795
Operating expenses
2,379,855
2,409,617
$317.452
$300.901
$404,369
1,027,531
3445,544
Total surplus
Retirement expen.se-- 1,027,468
3,696,299
1,601,695 3,552,496
1,582,387
Taxes
Consolidated Balance Sheet Dec. 31 1934
$223,593'
$8,680,168 $8,698,034
-Cash in bank & on hand, 382.462; accounts receit able insurance
Assets
Operating income___- $3,950,636 $3,830,279
167,923
; deposit with fire
264,824
76,737
141,544
investments. $787.929; inventories, $400,985 32,492,784; deferred charges
'Non-operating oncome__
land, buildings dc plant.
companies, $15,441;
$4,092,181 83,907.016 88,944.992 38.865,957
10 operation:, $9,142; total, $4,012,338. sales tax payable. $2,090; bond
Gross income
2.905,628
2,930.516
1,200.169
1,248,176
Liabilities-Accounts payable, $7,401;
Income deductions
n & provincial taxes,
Interest accrued, $5.789; provision for Dominio 20
-year 634s, 1944,
,
$2,844,004 $2,706,847 $6,014,476 $5,960,329
$30,346; provision for preferred divloend $10,976;
Net income
Preference stock
1,158,696
1,159,785
482,598
483,457
reserves, $618,306; 7% sinking fund cum.shares), $924,882;
s
$712,500;
Preferred dividend
stock (50,000 no par
8 4,202,624 4.202,581
1,751,04
1,751,095
(Par $100). $1,254,500; Common 84.012,338.-V. 140, p. 2180.
Common dividends
earned surplus, $445,544; total.
$652,066 $ 599.050
$609,452 $ 473,200
Balance
Crane Co., Chicago-Notes Called
..."--Earnings per share of
notes, due Aug. 11040,
$4.11
14.16
$1.91
$2.02
A total of 37501100 10-year 5% sinking fund gold
common stock
on on Aug. 1 next at 101h and int. at Contihave been called for redempti
-V. 140,
trustee.
Calls Preferred Stocks
nental-Illinois National Bank & Trust Co: of Chicago,
Oct. 1 the outstanding 6%
Directors on July 2 called for redemption on
p.4397.
preferred stocks.
series D,and 5)4%. series E.
Cudahy Packing Co.
-New Financing Proposed
A special meeting of the stockholders will be held at Portland, Me.,on July
15 to authorize, ratify, approve, confirm, or consent to,
(a) the issuance of not more than $30,000,000 and the present sale or
other disposition by the company of $20,000,000 of bonds bearing int. at
rate of 3% per annum and to be dated Sept. 1 1935, and to mature
Sept. 1 19 5;
(13) the issuance and sale by the company of its debenture notes in the
amount of $5,000.000, bearing int. at the rate of4% per annum,to be dated
Sept. 1 1935, and to mature Sept. 1 1950;
(c) the granting to holders of the notes (if so determined by the board of
directors) of the privilege to convert the notes into shares of common stock
and the determination of the terms and conditions upon which, and the
period or periods within which, such conversion privilege may be exercised,and the reserving for such period as may be necessary,of not more than
80,000 shares of the common stock for delivery to holders of notes who may
exercise such conversion Privilege:
(d) the determination of the terms and conditions upon which the bonds
and notes may be issued, offered for sale and sold, or otherwise disposed of,
or exchanged for securities of the company, including Lie prices to be received by the company upon the sale, and the application of the proceeds
of any such sale or disposition;
(e) the calling for redemption of any or all of the 1st mtge. 5% gold
bonds due Dec. 1 1946, and of the outstanding sinking fund 5 % gold
debentures, due Oct. 1 1937.
A. W. Anderson. Secretary, says in part:
"It is contemplated that action be taken by the stockholders as to certain
new financing, including the calling, payment and retiring of the present
outstanding 1st mtge. bonds and the sffiking fund debentures. These issues
may be called for redemption in advance of their maturity only if certain
notices are given and upon definite dates.
"In order to arrange for new financing, and for the listing and sale of the
securities, a certain procedure is necessary before the Securities Exchange
Commission in Washington. In view of the necessity for prompt action,
and the difficulty in knowing in advance the precise formal details of and
Incident to the proposed financing, it is contemplated that at the stockholders' meeting quite wide and elastic powers shall be given directors.
It is the view of the officers that financing can be arranged which will be of
considerable importance and benefit to the corporation."
-V.140, p. 4231.
Dallas Power & Light Co.
-Earnings
[Electric Power & Light Corp. Subsidiary]
Period End. May 31- 1935
1935-12 Mos.-1934
-Month-1934
Operating revenues_ ..- _
$416,192 $5,282,985 $5,061,502
$440,334
Operating expenses
2,465,027
209,189 2,655,792
233,977
Other income (net) Dr
3,928
2.351
498
860
Gross corp. income..__
Interest and other deduc.
$205,497
63,192
$206,505 $2,624.872 $2,592,547
760,901
760.934
63,430
Balance
4142.305 4143,075 31,863,938 31,831,646
y Dividends applicable to preferred stocks for
period, whether paid or unpaid
507,157
507,386
z Balance
$1.356,552 $1,324,489
x Before transfers to replacement requisition and before dividends.
y Regular dividends on 7% and $6 pref. stocks were paid on May 11935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
z Before transfers (aggregating $4465,103 for the 12 months ended May 31
1935) made to maintenance and depreciation and surplus reserves in accordance with franchise provisions, and (or) to replacement requisition.
-V.
140. p. 3714.
Dallas Railway & Terminal Co.
-Earnings
[Electric Power & Light Corp. Subsidiary]
Period End. May 31- 1935
1935-12 Mos.-1934
-Month-1934
Operating revenues
$200,641 $2,272,198 $2,265.299
$198,249
Operating expenses
1,572.104
1,554,967
129,375
138,565
Rent for leased property
186,063
15.505
186,063
15,505
Balance
Other income
Gross corp. income__ Interest and other deduc.
$44,179
1,458
$531,168
17,560
355,761
1,458
3507.132
17,547
$57,219
27,070
$548,728
320,299
$524,679
327,783
Balance
z$30,149
x$19,564
x Dividends applicable to preferred stock to
period, whether paid or unpaid
$228,429
$196,896
' 103,901
103,901
$45,637
26,073
y Balance
$124,528
$92,995
x Dividends accumulated and unpaid to May 31 1935, amounted to
$164,510. Latest dividend, amounting to $1.75 a share on 7% pref. stock,
was paid on Nov. 1 1933. Dividends on this stock are cumulative.
y Before repair, maintenance and depreciation reserve and surplus
reserve transfers.
z Before repair, maintenance and depreciation reserve and surplus
reserve transfers and betore dividends.
Note-This statement includes only actual current income for the periods
shown. By reason of the fact that the company did not earn the full return
permitted 13y the franchise during the last 12 months, $23,724 was transferred during that period from certain reserves and taken to account for
corporate purposes under the terms of the franchise and was therefore
available to the company for return in additon to the current income shown.
After such transfers there was a deficiency for the year ended May 31
1935. of $88,971 in the return permitted by the franchise for such period.
At May 31 1935, there was no balance in the company's surplus reserve
(a special reserve provided for by the franchise to equalize operations) but
the company had corporate surplus of 31.131,000.-V. 140, p. 3714.
Denver & Salt Lake Ry.-Earnings.may
1934
1935
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 3715.
$128,290
28,328
61,106
$78,680
11,085
def1,725
1933
8122.422
50.994
52,126
670,683
246,417
388,147
469,344
139,752
81.672
531,435
173,000
140,839
1932
$92,099
12,252
2,233
727,734
296,729
234,124
Detroit & Cleveland Navigation Co.
Earnings for Year Ended Dec. 31 1934
Revenues-Passenger
Freight.
Storage, cattage, &c
31.049,084
937.994
13,013
Total revenues
$2,000,092
Operating exps., excl. of deprec. & amortizatior
2,373,778
Operating loss before providing for deprec. & amortization- - 8373.686
Other income
47,952
Total income
2325,733
Depreciation and amortization
390,049
Loss on disposition of securities & capital assets
11.044
Premiums on bonds written off
963
Loss for the year
$727,791
Balance Sheet Dec. 31 1934
Assets
-Cash on hand, with agents, & in banks. $46.091; municipal,
U. S. flovernment & other bonds (less reserve to reduce to market value
of 3557,629), $810,018; notes & accts. receivable, &c. (less reserve for
doubtful accounts of $8,419). $144,877; accrued interest receivable. $4,627;
inventories. $52,906; deposits in closed banks. $140,025; Properties at
cost, less reserves, $5.594,693; CT. 8. Government & municipal bones
deposited as surety, $82,670; sunary notes & deposits, $14,350; deferred
charges to future operations, $73,069; total. $6,963,330.
Liabilities-Accounts payable, trade, $61,030; accrued taxes, $9,922;
accrued payrolls, $2,378: accrued delivery expense, $4,912; miacellaneo is
accrued expenses. &c., $3,844; reserves for unadjusted freight, passenger
111
Financial Chronicle
Volume 141
& other claims, $6,441: capital stock (par $10), $5,021,810; capital stirplus,
(arising from the retirement of 101,619 shares of capital stock purchased
by the company at less than par), $731.656; earned surplus, $1,121,334;
total, $6,963.330.-V. 138, p. 1049.
-Earns.
Dominion Tar & Chemical Co., Ltd.
(& Subs.)
Years Ended Dec. 31Net operating profit after deducting operating,
management & selling exps., excl. of the earnings
applicable to minority interests
Interest on debentures
Premium paid on coupons
Provision for depreciation
Income taxes paid and accrued
Directors'fees
1933
1934
8478.517
313.189
24,802
424.064
5,475
3.460
$553,629
304,050
3,118
301,801
5,221
3,460
$64,022
$292,475
Consolidated Balance Sheet Dec. 31 1934
Assets-Finished products, raw materials and supplies, at cost, 81,666,583; accounts and bills receivable, less reserves, $699,546; cash on hand and
in banks, $46,386; loans (secured), $64,625; unexpired insurance, &c..
$20,900; cash surrender values of life insurance policies, $44,350; investment
in company's own debentures (at cost), $18,650; cash in hands of trustee
for debenture holders, $737; deferred charges to operations, $7,526: fixed
assets (less reserves for depreciation of $2,165,741), $6,233,485: goodwill.
$3.694,927; total, $12,497,720.
Liabilities-Accounts payable, $488.941: accrued interest on debentures.
$151,612; taxes payable. $5,752; dividend declared on preference stock of
Alberta Wood Preserving Co., Ltd., $5.230; 6% sinking fund gold debentures, due 1949, $4,975,000; mirority interest in subsidiary companies,
$229,970: preference stock sinking fund reserves of subsidiaries. $53,703;
general and contingent reserves, $53,604; 6%% cumul. preference stock
(par $100), 85.035.000:7% cumul. redeemable preference stock (par $100).
$298,900; common stock (272,500 shares, no par). $681,905: earned surplus,
$518.098; total, $12,497.720.-V. 140, p. 2861.
Net loss
Driver-Harris
Co.
-Earnings
-
Earnings for the Year Ended Dec. 31 1934
Profit, before provision for depreciation, bond interest & expense, and Federal income tax
Provision for depreciation
Bond interest and expense
Federal income tax
$298,185
84.603
52.575
22,200
Net profit for year
Balance,Jan. 1 1934
Discount on purchase of 84 shares of preferred capital stock_
$138,806
721.141
1,622
-
Total surplus
Prefe
Preferred dividends
Divs. on 49,070 shs, of common stock (holder of 40.100 shs.
waived right to dividend)
Adjustment of 1933 Federal income tax
$861,570
72.544
24.535
183
---- 3764 306
$0.74
Balance Dec.31
- - - - --=
---- Earnings per share 1934-on $9,170 common shares (par $10)
Balance Sheet Dec. 31, 1934
Assets
-Cash and certificate of deposit, $205,30; n nes and trat.e acceptances receivable (customers), $11.270; accounts receivable-trade (less
allowance for doubtful of $20000). $241,959; inventories, $905,624: other
assets. $560,118; Permanent assets (less Allowance for depreciation of
32,233,365), 51,584.725; patents and trade-marks. $1, deferred charges,
$85,260,• total, $33,684,291.
-rued accounts (incl. est. 1934
Liabilities
-Accounts payable, 3159,708; am
Federal tax),$40.287, preferred dividend declared • $18,114. deferred royalty
payable, $16.173,• 1st mtge. 65, 1942. $759,500; 7% cumul. pref. stock
(par $100), $1.034 500 common (par $10), $891,700; surplus ($326.500
appropriated for reacquired capital stock), $764.306; total. $33,684.291.
-V. 140, v. 2182.
Duluth Missabe & Northern Ry.-Earnings.May
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 4232.
1934
1935
81.872.506 31,298,439
620.197
1,310,472
510,873
1,172,674
1932
1933
$712,843
$73.845
286,626 def332,473
337,290
248,013
390,971
969,961
2,261.279
1,676,603
def80,033 def1,002,455 def 887,254 dell,780.974
def383,985 def1,321,635 def949,372 def1,821,093
Duluth South Shore & Atlantic Ry.-Earnings.Gross from railway
Netfro n railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 3715.
1935
$212,060
91,533
83,329
830,336
125,079
50,081
1934
$195,227
45,135
33,191
1933
$134.287
12.308
def5,152
$127,732
def42,678
def71,288
685,654
635,578
811,357
def27,910 def101.898
76,361
def30,211 def152,254 def255,145
Duquesne Light Co.
-To Issue $70,000,000 4%% Bonds
-See under "Current Events and Discussions" on a preceding page.
-V. 140, p. 4067.
-Earnings
Eastern Steamship Lines, Inc.(& Subs.)
Period End. May 31- 1935
-Month-1934
1935-5 Mos.-1934
Operating revenue
$689,595 53,223,332 $3,097,873
$745,407
Operating expense
704.005 3,557,872
3,409,637
736,184
6,202
Other income
9,309
1,501
2,447
Other expense
52.672
67,374
274.153
339,755
Deficit
-V. 140, p. 3893.
$42,038
$79,337
$602,491
$642,210
-Earnings
Eastern Utilities Associates(& Subs.)
1935-12 Mos.-1934
Period End. May 31- 1935
-Month-1934
Goes earnings
$666,047 $88,286,320 $8.320,411
5684.296
Operation
342,262
320 300 3,966,994 3.765,355
26.305
331,692
261,309
Maintenance
33,396
60,416
725,000
725.000
Retirement res. accruals
60,416
Taxes (incl. inc. taxes)
82,172
80,347
991.971
976,215
Int. and amortization
561,444
564,313
45,855
46.745
Balance
$120,192
Pref. dims. B. V. & E. Co
Pref. diva. P. G. Co. of N. J
Applicable to minority interest
$131.932 81,709,217 82,028,217
77,652
77,652
49,500
49,500
38,194
66,391
Applicable to E. U. A
-V. 140, p. 4398.
$1,154,870 $1,834.674
-Earnings
-Eastern Steel Products, Ltd.(& Subs.)
Earnings for Year Ended Nov. 30 1934
Net operating profit
Income from investments
33,763
24,294
Total income
Provision for depreciation
$28,057
29,592
Operating loss for the year
Earned surplus Dec. 1 1933
31.534
282.133
Total surplus
Loss on sale of securities
Additional Federal income taxes. 1932 period
Dividends on prior preference stock
Earned surplus Nov. 30 1934
$280.599
199
137
27.496
8252,765
Financial Chronicle
112
Consolidated Balance Sheet Nov. 30 1934
Assets
-Cash on hand and in bank, $13,793; investments,. $481,342;
accounts and bills receivable, less bad debts reserve, $155,216; advances,
deposits and employees' accounts, $12,196; inventories, $210,656; prepaid
expenses and accrued revenue. $8,288; land, buildings, plant. &c. (less
provision for depreciation of $319,633). $499,221; total. $1,380,715.
Liabilities-Accounts payable and accrued expenses, $81,514; provision
for Federal taxes, $4,003; reserve for replacements and guarantees, $10,000;
7% cumulative prior preference stock (par $100). $392.800; common stock
(58,000 no par shares),$639,632;earned surplus,$252,765; total, $1,380,715.
-V.135, p. 4564.
4
"
Eaton Manufacturing Co.
-Extra DividendThe directors have declared an extra dividend of 12;6 cents per share in
addition to a regular quarterly dividend of 25 cents on the common stock,
no par value, both payable Aug. 15 to holders of record Aug. 1.-V. 140.
P. 2'704.
dison Electric Illuminating Co. of Boston-Bond
Issue Approved
-
Formal approval of an issue of $53,000,000 1st mtge. series A sinking
fund bonds, due 1965, by the Massachusetts Department of Public Utilities
was announced July 3. This is the first issue of long-term first mortgage
bonds to be offered by a Massachusetts utility since 1922, when the Turners
Falls Power & Light Co. offered a bond issue.
In accordance with Massachusetts statutes, the bonds will be awarded
at public sale to the bidder offering the highest price, following the effective
date of a registration statement filed with the Securities and Exchange
Commission.
Proceeds from the sale of the first mortgage bonds will be used to redeem
two note issues originally underwritten by a syndicate of 22 banking firms
headed by the First Boston Corp. and including Lee, Higginson Corp.,
F. S. Moseley & Co., Kidder, Peabody & Co., Burr Gannett & Co., Brown
Harriman & Co.. Inc., White. Weld & Co. and others. The first of these
two issues was $35,000,000 three-year 3% notes offered July 2 1934 at
100. The second issue of $20.000,000 three-year notes was offered Oct. 29
1934 at 1006.-V. 140. p. 4232.
-Earnings
Edwards Dental Supply Co.(& Subs.)
1934
$98
def32,790
1933
$1,481
3,690
1932
$16,300
29,180
def$32,888
Balance_
Dividends paid
Prov. for losses on notes & sects in
excess of amt. estimated as applic41,590
able to current operation
$2,210
$12,880
9.190
Calendar Yearsx Net loss
Previous earned surplus
35,000
$32,790 sur$3,690
$74,478
Deficit, Dec. 31
x Includes $5,600 gain on debentures purchased for retirement in 1934.
$7,440 in 1933 and $5,355 in 1932.
Consolidated Balance Sheet, Dec.31 1934
-Cash. $57,739; customers' notes and accounts receivable (less
Assets
allowance for losses of $67,590), $257,229; advance payments on purchases,
$7,482; officers' and employees' accounts, $10,289; inventories (at lower or
cost or marKet), $274,624; investment securities, $3,000; equipment and
leasehold improvements (less allowance for depredation and amortization
of $40,312). $17,483; prepaid insurance. supplies. Oc.. $5,626; total,
$633,476.
Liabilities-Accounts payable, trade, $29,354; customers' credit balances,
$3.784; accrued commissions and bonuses. 3238; accrued interest on debentures, $1,106; State sales taxes, $2,621; 06% convertible gold debentures,
$203.000; unearned interest included in customers' notes receivable for
contract sales, $9.311; capital stock (8,701 no par shares), $217,525; paid-in
surplus, $241,011; deficit, $74,478; total, 3633.476.-V. 139, p. 2202.
-Earnings
El Dorado Oil Works(& Sub.)
Earnings for the Year Ended Dec. 31 1934
$357,889
30,786
44,143
Net profit
Depreciation
Income taxes
$282,959
Condensed Balance Sheet Dec. 31 1934
-Cash on hand and in banks. $661,799; accounts receivable,
Assets
$208,225; accounts receivable (employees), $1,660; advances on copra,
$164,372; inventories. $594,855; investments, $99,414; land, $196,427;
plant and equipment (less depreciation of $764,941). $961,369; stock in
other corporations (at cost), $2,850; deferred charges. 38,323; total, $2,702,872.
Liabilities-Accounts payable. $145,060; reserve for Federal tax, $45.143;
capital stock (141,700 no par shares). $1,688.591;surplus (including $10,143
contingent profit on stock). 5822,077; total 52,702,872.-V. 140, P. 3212.
Final net profit
-Weekly Input
Electric Bond & Share Co.
For the week ended June 27, the kilowatt system input of subsidiaries
of American Power & Light Co., Electric Power & Light Corp. and National Power & Light Co.. as compared with the corresponding week during 1934, was as follows:
Increase
Amount
1934
1935
American Power & Light Co_ - _93,717,000 73,149,000 20,568,000 28.1
x544,000 x1.4
Electric Power & Light Corp--38,679,000 39,223,000
4.2
2,675.000
National Power & Light Co--71,894.000 69,019,000
x Decrease.
-V. 140, P. 4398.
-Earnings
Electric Controller & Mfg. Co.
1934
Calendar YearsNet operating loss_ ---prof $122,677
14,000
_
Federal taxes (est.)
Res.to reduce Fed.Land
Bank bonds to mkt.
val. prov. in the years
1928 & 1929, restored
Cr70,109
to income
1933
$79.151
prof$178,786
202,536
88,569
($1.25)
$79,151
334.828
53,141
($0.75)
Net loss
Previous surplus
Dividends
Rate
1932
$369,890
$3369,890
846.428
141,710
($2)
1931
$106,146
$106,146
1,306,849
354,275
($5)
5846,428
3334,828
$202,536
Profit & loss surplus_- $292,754
Shs. of cap. stock out70,855
70,855
70,855
70,855
standing (no par)_
Nil
Nil
Nil
$2.52
Earned per share
Sheet Dec. 31 1934
Condensed Balance
-Cash,$51,957;securities (at cost) and accrued interest,$750,502;
Assets
accounts receivable (less reserve of $5,000). $141.861; inventory. $3384,897;
other assets, $25,823; land, buildings, machinery, equipment, &c. (less
reserve of $354,781), $350,819: deferred assets, $12,345: total. $1,718,206.
Liabilities-Accounts payable for purchases, expenses, &c., $31,686;
dividend payable Jan. 2 1935, $17,713; accrued Federal income, local
taxes, &c., $23.485; capital stock (70,855 no par shares), $354,275; capital
surplus, $998,291; profit and loss, $292.753; total. 51.718.206.-V. 140,
p. 3893.
Elgin Joliet & Eastern Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 4233.
1934
1935
$1,108,107 $1,109,102
322,088
382.920
186.360
308,296
5.863,884
1,808,491
1,278,201
1932
1933
3822.176
3603.835
2,464
242,995
100.777 def131,502
4,655,462 3,161,545 3,774,466
478,256
411,158
1.113,134
489.799 def197.759 def349,441
July 6 1935
-Earns.
Electric Household Utilities Corp.(& Subs.)
1933
1934
$1,679,102 51.777,367
1.243.102
1,347,131
Calendar YearsGross profit
Selling & admin. exPs
1931
1932
5927,932 $2,668,296
1,128,239 • 2,713,323
Net profit
Miscellaneous credits--
$331,971
227,236
$534,2651oss$200,307 def$45,027
90,682
89,655
197,580
Net earnings
Prov. for Federal taxes..
Depreciation
Add'l deprec.for prev.yrs
Decline in market value
of securities
Canadian income taxesExch.loss on remittances
$559,207
75,851
$731.845 loss$110,651
67.953
69,727
93,055
20.418
Net income
Common divs.(cash)..
$483,356
393,959
8,481
$45,655
261.156
206,289
3,200
13,786
9,281
5541,936 loss$203,447 loss$424,990
403,821
389,770
$541,936 def$593,217 def$828,811
$89,397
Surplus
Shs. corn. stk. outstandx397.015
393,656
396,678
396,809
ing (par $5)
Nil
Nil
$1.36
51.22
Earnings per share
x Par value $10.
Consolidated Balance Sheet Dec. 31 1934
-Cash in banks and on hand, $379.124; marketable securities.
Assets
$1,796,185; receivables (less reserves for doubtful accounts, collection
expense, &c., of $120,146). $831,016; inventories, $1,370,175; prepaid.
insurance, taxes, &c., $40,415; investments, $52,516; metered machines
out on rental, at cost (less reserve for depreciation of $46,763). $116,888;
land, buildings, equipment, &c. (less reserve for depreciation and special
reserve of $2,313,769), $1,193,800; patents, trade-marks and good-will,
$1; total. $5,780,124.
-Trade acceptances, $158.510; accounts payable, $374,893;
Liabilities
accruals, $187,883; employees' payments on stock subscriptions, $10,831;
reserves. $53,718; general reserve (for major plant revisions, investments
in foreign subs., possible litigation and other contingencies). $250,000;
reserve for fluctuations in foreign exchange, $52,546; capital stock (issued
419,591 shares, par $5, 32,097.955. less treasuty stock, 22,782 shs. incl.
749 shares held on employees' subscriptions cost 3317,210, carried at par
value, $113,910). 51.984,045; stock warrants representing fractional
shares, $1,666; paid-in surplus, $903,960; earned surplus (of which $317,210
representing the cost of treasury stock, is restricted), $1,802.067; total,
$5,780,124.-V. 140. p. 4397.
-Earnings--Endicott Johnson Corp.(& Subs.)
6 Months EndedSales
x Expenses,&c _____
May 29 '35 May 25 '34 June 3 '33 June 4 '32
$26,633,837 526.820,899 518,765.537 521.277.633
24,975,020 25,240,321 17,381,088 20.888.675
Operating income.___ 31,658,817 51,580.578 51,384,449
429,970
441,140
338,767
Depreciation
100.000
200.000
Reserve for conting
155,000
100,000
300,000
Federal taxes
6.149
Interest charges (net) _
$388,958
423,968
Profit_ _ _ _ _ ________
Interest earned,&c
$820,049
3889,459
$843,309 loss$35,010
30,430
11,875
Net profit
Preferred dividends
Common dividends
$820.049
204,568
608,040
$889,459
204,575
608,040
5855.184
208,085
608,040
10844,580
136,424
304,020
$76,844
$7,441
$39,059 def$445,024
Surplus
Earns. per share on 405,Nil
31.69
51.59
$1.51
360 shares
x Less miscellaneous income.
Consolidated Balance Sheet
May 29 '35 May 25 '34
May 29 '35 May 25 '34
Liabilities$
ssets$
Property acct.__ _18,796,186 9,115,354 Preferred stock__ 5,844,800 5,844,800
1 7,000,000 y Common stock__20,2138,000 20,268,000
Goodwill
16,757,561 16,061,140 Notes payable_ _ 2,328,802 2,771,425
Inventories
Accounts payable_ 2,006,299 1,073,779
Accts.& notes rec.,
7,604,694 7,607,678 Sundry creditors_ 269,832 1,448,290
Arc
156,432
406,610
Empl.bldgici.,&c. 2,042,300 1,957,384 Federal taxes
46,955 Reserves
690,000
24,147
725,764
Sundry debt
383,908 Approp. surplus _ 2,403,157 6,300,000
Miami'. investm'ts 423,196
39,765 Initial surplu.s_
2,653,156
48,170
Prepaid taxes, &c_
274,205 Earned surplus.... 4,516,631 4,571,226
Empl.stock sect_ 218,564
2 819,310 3,326,479
Cash
4
4
Deferred charges_ _
Total
38,734.133 45,812,872
38,734,133 45,812,872
Total
x After depreciation of 514,368,803. y Represented by 405,360 shares
par $50.-V. 140. P. 970.
Engineers Public Service Co.(& Subs.)
-Earnings--.
Period End. May31- 1935-Month-1934
1935-12,Mos.-1934
Gross earnings
Operation
Maintenance
Taxes
53,632,157 53.535,059 50,363,260 $42,323,603
1,512,242
1,473,903 18,276,712 17,335,249
200,541
220,522
2,564,475 2,308.927
447,335
441,754
5,434,600 4,682,644
Balance
$1,457,638 51,413,278 $18,087,472 517,996,781
52.227
52.233
a Inc.from other sources
626,794
629,628
Balance
$1,509,865 51,465.511 518,714,266 518,626,409
690,013
703,204 8,362,365 8,545,697
Interest & amortization_
$819,851
Balance_ _ ___ _ ______
$762,307 510,351,901 510,080,711
b Appropriations for retirement reserve
4,928,609 4,769,120
Dividends on pref.stocks, declared
2,232,418 2,228,751
Cumul.pref. divs. earned but not declared
718,224
725,039
Amount applicable to minority interests
7.126
11,305
Balance applic. to Engineers Public Service Co..
before allowing for unearned cumul. pref.
dlvs,ofcertain sub.companies
$2,461,343 $2,350,674
1.470,245
Cumul.pref.dive. ofcertain sub.cos.,not earned_
1,469,647
a Income from miscellaneous investments. b Equal to 11.1% (193411.3%) of gross earnings. These amounts have been appropriated to Provide a reserve against which property retirements will be charged as they
occur. The amounts so appropriated are less than the depreciation deductions claimed or to be claimed on Federal income tax returns which are
based on a straight-line method and the resulting reserve is less than a depreciation reserve would be if based on such straight-line method.
-v.140.
P. 3894.
-Bonds Called
RR.
-year 4% Pennsylvania collateral gold bonds due
A total of 5760.000 50
Feb. 1 1951 have been called for redemption on Aug. 1 next, at 105 and int.
Payment will be made at the office of J. P. Morgan & Co. sinking fund
trustees. This call is the first made since these bonds were Issued on Feb.
1 1901.-V. 140, p. 4233.
-Earnings
Ex-Cell-0 Aircraft & Tool Corp.
Calendar YearsGross profit
Maintenance and repairs
Depreciation on buildings, machinery & equipment
Selling expenses
General and administrative expenses
1934
$741,852
60,405
147,283
279,737
111,472
Net operating profit
Miscellaneous income (net)
$142,954 loss$48,880
10,671 Dr.14,238
Net income before income tax
Provision for Federal income tax
$153,625 106463,118
13,325
Net income_
1933
- $437,798
26,367
168,634
186,088
105,587
$140,3001 loss$63.118
Financial Chronicle
Volume 141
Assets
Cash in banks and
on hand
U.S. Govt. secure.
x Costs.' notes &
accounts receiv.
Misc. notes and
accounts recelv_
Life insur. policies
surrendered
Land contracts rec.
proportion mat.
within one year.
Inventories
Prepaid ins., taxes
and other °has_
Bal, due from offs.
and employees__
Land contracts rec.
less reserve
Misc. Investments
Land and bldgs.,
mach.& equip
Perish, tools, less
depreciation_
Land, bldgs, and
equip. not used
in current opera_
Patents
Good-will
Comparative Balance Sheet Dec. 31
1934
1933
1934
1933
-bank
$130,000
Notes pay.
$66,430
53,291
$55.975
$49,795 Accts. pay, trade _
75,000
Accrued Payrolls,
44,096
commissions &e
42,476
259,448
355,346 Land contracts &
mortgages Pay,
proper. matur.
3.719
3,970
13,622
within one year.
19,103
9,029 Prov. for Federal
13,325
income tax
Long term indebt.,
817
land contracts &
7,333
189,605
119.016
400,783
278,516
mortgages
Bonuses due exec.
36,745
(to be satisf'd by
42,877
capital stock
9.967
26,381
1,918 shares)
29,217
Cap.stk.(par $3)- 1,130,430 1,130,430
30,920
594,318
29,666 Capital surplus.._594,318
3,841
3,841 Earned surplus
118.952
since Oct. 1 1933 259.252
1,221,605 1,211,753
33,395
38.308
84,775
1
1
214,658
1
1
Total
$2,243,866 $2,274,317
$2,243,867 $2,274,317
Total
x After reserve for bad debts of $21,329 in 1934 and $29,690 in 1934.V. 140. D. 2862.
Fairbanks Co.
-Report
-Note Agreement
George M. Naylor, President, says in part:
The holders of the 6% serial gold notes have agreed, by an agreement
dated as of May 20 1935, to a readjustment of the notes whereby the
interest rate on the notes after June 1 1935, has been reduced from 6% to
4% per annum and payment of one-half of the principal of the series G
notes maturing on June 1 1935, and of the series H notes maturing on
June 1 1936, has been deferred until June 1 1937. Under such agreement.
(a) the fractional notes now outstanding, amounting to $1,907 (exclusive of
those held in the treasury of the company), will not be disturbed except
that the interest rate thereon will be reduced to 4% per annum from and
after June 1 1935, and (b) the company has agreed not to pay any dividend
on any class of its capital stock so long as any of the notes are outstanding.
The company has also agreed with one of its noteholders for the benefit of
all that if its net current assets at June 30 1936, are more than $100.000
less than its net current assets at June 30 1935, it will, on or before Aug.
15 1936, purchase or redeem, pro rata, $79,000 in principal amount of the
notes, all outstanding notes to be treated as current liabilities in determining
such net current assets.
On May 24 1935, the company filed with the New York Stock Exchange
and the Securities and Exchange Commission an application for the permanent registration on the New York Stock Exchange of its 8% cumulative
preferred stock and common stock under the securities Exchange Act of
1934.
Consolidated Income Account 4 Months Ended April 30
1934
1933
1935
Oper. loss after charging mfg., sell.,
adminis. and idle plant exps. and
provision for bad debts
$64,488
$2,541
$8,435
Deprec. of plant and equipment__ 43,896
43,993
15,783
Interest on 6% serial gold notes
15,000
17,000
10,367
Total loss
Interest received & ralscell. Income-
$34,585
89
$61,534
3,143
$125.385
7,275
Net loss for four months
$118,109
$58,391
$34,496
Comparative Consolidated Balance Sheet April 30
Assets1934
Liobtlitte31935
1935
1934
a Plant & equip__ $636,845 $1,152,046 8% let prf. stock_51.000,000 $1,000,000
Cash
324,930
2,000,000 2,000,000
499,853 8% pref.stock__
Notes & accts. rec. 108,175
.
102,178 Common stock _ _ 1,500,000 1,500,000
Inventories
66,677
445,721
44,838
420,329 Accts. Pay.. dca1st pf.stk.sink. to. 165,135
.
16,250
18,750
165,135 Accrued interest_
Geld notes repurch
79,747
100,000
120,466 Gold notes (curr.)Good-will
400,000
400,000 Taxes & other conPrepaid expenses_
y3,000
55,122
tingencies
24,901
20,278
438,608
650.000
Gold notes
Cap. sure. arising
1,482,415
apprec'n of prop
2,998.575 3,970,841
Deficit
Total
.82,105,707 $2,880,285
$2.105,707 $2,880,285
Total
x After depreciation of $1.504,134 in 1935 and $1,555,981 in 1934.
y Taxes only.
-V. 140. p. 3546.
Famise Corp.
-Earnings
Earnings for the 6 Months Ended May 31 1935
Gross profit from sales
$56,850
Net income after exps., prov. for Fed. taxes Se other charges_ _ _
13,751
Current assets are reported as 576,413, compared with current liabilities
of $14,721; earned surplus on May 31 was 520,761.-V. 140, P. 970.
---- (John J.) Felin & Co.
-Smaller Semi-Annual Dividend
The directors have declared a semi-annual dividend of $2 per share on the
common stock, par $100, payable July 15 to holders of record July 1. This
compares with $3 paid on Jan. 15 last, and July 151934,$4 on Jan. 151934,
and 55 per share paid semi-annually, from July 15 1932 to and including
July 15 1933.-V. 139, P. 115.
Fifth Avenue Bus Securities Corp.
-Comparative Balance Sheet Dec. 31AMU-Cash
a Investment
Liabilities1934
1934
1933
1933
$874
525,216 Accounts payable_
$22,206
$899
Common stock_ 5,862,721 5,862,721
5,862,721 5,862,721
21,332
Surplus
24,317
Total
Total
$5,884,927 $5,887,937
$5,884,927 $5,887,937
x 191,269 shares (81.39%) of the stock of New York Transportation Co
y Represented by 593,156 shares of no par value.
Our comparative income statement for the calendar year was published
In V. 140, p. 3547.-V. 140, p. 3895.
Florida Power & Light Co.(& Subs.)
-Earnings
Calendar YearsOperating revenues
Operating expenses, including taxes
Rent for leased property
Balance
Other income
1933
1934
1932
$11,646,144 $10,449,084 $11,084,186
5,740,623
6,633,483
5.417,956
42,605
41,375
54.971,285
25.579
54,665.855
23,696
$5,666,229
2.900
Gross corporate income
$4,996,864
Interest on mortgage bonds
2.600,000
Interest on debentures
1.320,000
Other interest and deductions
215,903
Interest charged to construction _ _
Proper. retire, reserve appropriations
438,820
34,689.552
2,600,000
1,320,000
212,318
$5,669,129
2,600,000
1,320,000
176.945
Cr87,384
434,806
435.883
Balance,surplus
5121.350 31.224.762
$422,141
Note
--Dividends on the $7 and $6 preferred stocks, and 57 2nd preferred
stocks, which are cumulative, were in arrears $7, $6 and $8.75 per share,
respectively, as of Dec. 31 1933, During 1934 there were no dividends
declared. No provision has been made in the aoove statement for undeclared cumulative dividends in the amount of $2,186.016 114 per share)
on the $7 preferred stock, $120,000 ($12 per share) on the $6 preferred
113
stock, and $315,000 ($15.75 per share) on the $7 second preferred stock,
to Dec. 31 1934.
Consolidated Balance Sheet Dec. 31
1933
1934
1934
1933
Assets
Liabtitties-$
Plant, property,
Capital stock(no
franchises, &c.127,635,497 127,590,815
par)
48,954,308 48,954,358
Invest.-secur__
159,831
153,085 lat mtge.gold 5a 52,000,000 52,000,000
Cash on banks
6% debs., set'. A 22,000,000 22,000,000
on demand...
299,117
317,618 Municipal bonds
Notes & loans
assumed
2,250
2,500
receivable...
108,139 Contractual liab
229,683
1,110
2,220
Accts.receivable 1,874,018
1,479,863 Contracts pay
22,532
1,110
Mat. &supplies 1,118,067
1,080,849 Loans payable
Prepayments_ __
57,423
64,754
Am. P. & L. 2,515,000
2,233,000
Misc.curr. assets
69,610
78,433 Accounts payable
168,793
150,846
3,856 shares $7
Customers dep. , . 8
1,291,029
pref. stock_ __
377,697
377,697 Accrued accts._ 1,025,262
854,492
Int. & redemp.
Misc. curr. nabs
3,605
4,426
account
1,311,290 Mat. & accr. Int 1,305,547
1,305,547
1,311,290
U.S. Treas. notes 967,234
354,953 Contg.'lab. (see
Notes & accts.
contra)
24,000
24,000
rec.-not curr
697,464 Sundry credits _
667,278
96,265
35,526
Unamort. debt
Reserves
4,689,901
3,969,914
1,319,236 Capital surplus_
discount &exp 1,253,230
820,875
706.347
Unamort. charges
Earned surplus_ 1,483,611
1.746,154
simile.to rents
352,602
and tolls
316,202
6,692
Other def. chrgs.
5,168
Coating. asset
29,000
24,000
136,368,457 135,308,639
Total
-V. 140, p. 3895.
Total
136,368,457 135,308,639
Florida East Coast Ry.-Earnings.MayGross from railway__ _
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents_ _ _ _-V. 140. p. 3716.
1935
$765,166
,
112,723
1934
$690.358
193,328
60,009
1933
$639,577
191,682
62,410
1932
$599,651
107.863
def47,361
4,641.217
1.453,586
705,834
4.689,762
1,912.793
1.254,600
4,143,220
1,692,067
1,058,863
4,217.774
1.550,864
767,723
-To Cut Fares
Fonda Johnstown & Gloversville RR.
In an endeavor to stimulate passenger traffic the company will on July 15
reduce its fares to 1 cent a mile for a period of three months. This rate
compares with a basic passenger fare of 3.6 cents a mile in the Eastern
territory.
-V. 140, p. 4308.
Fort Smith & Western Ry.-Earnings.MayGross from railway_ _ .
Net from railways
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 3895.
1935
$40,424
defl0.001
def16,562
1934
$48,681
def2.653
def9,248
1933
350,972
3.680
def3,674
1932
$46,387
def3,516
def13,402
258.933
486
def33,760
263,506
9.100
def21,294
254.318
8,212
def20,850
267,511
def12,852
def48,806
Fort Worth & Denver City Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 3895.
1935
5386.389
57,102
9.849
1934
$431,470
144.025
89.848
1933
$409,665
141,055
90,083
1932
$356,163
67,463
11,708
1,934.910
325,602
51,548
2,086,724
688,626
400,127
1,887,538
561,196
309,767
2,227,606
648,396
363,036
Grande Ry.-Earnings.-1933
1934
1935
533,846
$337,626
534.205
def22,287
def16,436
def6,975
def33,788
def25,563
aef16.743
1932
$40,682
def20,186
def32,774
163,442
def118,577
def173,599
181,998
def125.818
def186,035
Fort Worth & Rio
mayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway_ _Net from railway
Net after rents
-V.140, p. 3716.
157,779
uef83,384
def127,622
167,957
def86,355
def130.798
-Earnings
Fourth National Investors Corp.
6 Mos. End. June 30Int. on call loans, &c._.
Cash dividends
1935
$922
315,713
1934
31.824
296,083
1933
$26,621
250,400
1932
$53.380
324,985
Total income
Management fee
Miscellaneous expenses.
Taxes
$316,635
28,328
16,023
15.975
$297,907
58,920
13,245
23,990
$277,021
46,922
28,699
18,000
$378,365
47,103
17,416
Net profit
$201.750
$256,309
$183,400
Excess of cost over mkt. val. of sec. at Dec. 31 1934
Excess of cost over inlet. val. of sec. at June 30 1935
$313,846
2,064,812
191,454
Decrease in unrealized loss
$1,873.358
Note
-Loss realized on sale of securities based on average cost amounted
to $33,694 in 1935; $116,003 in 1934; $302,388 in 1933, and $2,445,426 in
1932.
Change in Net Assetsfor Six Months Ended June 30 1935
Total
Per Sh.
Net assets, as reported at Dec. 31 1934 (excl. deferred
charges of $1,252 representing expenses in connection with plan of reorganization)
$15,997,675 $32.00
Increase for period-before dividend:
Net income
256,309
.51
Loss per security profits account
Dr33
.693
.07
Decrease in unrealized loss on common stocks
1.873,357
3.75
Expenses since Dec.31 1934 in connection with plan
of reorganization
Dr35,377
.07
Deduct
-Dividend on common stock
$2,060,595
300,000
$4.12
.60
Increase for period-after dividend
Net assets, as reported at June 30 1935
$1,760,595
$3.52
$17.758,271 $35.52
Balance Sheet June 30
1934
1935
1935
1934
Assets
Liabilities$
a Securities owned.17,244,065 14,283,972 Accrued expenses_
3,450
3,250
Part. ctf. In corp.
Prey,for Fed, capformed to liquiital stock tax_ __
10,300
14,900
date closed bank
Provision for N. Y.
carried at amt.
State taxes
12,275
22,300
of uncovered balProvision for N.Y.
ance less reserve
28,899
City excise tax
300
144,005 Unearned interest_
Cash
450,618
386
500,000 Common stock_
Notes receivable..
b500,000
500,000
Divs. receivable_
62,663 Capital surplus..
60,814
.26,444,757 26,444,757
Security deficit_ _10,076,810 9,857,075
Income surplus... 1,081,778
865,454
Excess of cost over
mkt. val. of Inv_ def191,454def3003,633
17,784,297 14,990,639
Total
Total
17,784,297 14,990,639
a At market (cost $17,435,519 in 1935). b Authorized, 2,000,000 shares,
par $1; outstanding, 500,000 shares; 1,000,000 shares of the authorized
common stock are reserved for exercise of outstanding purchase warrants
at $60 per share on or before Oct. 1 1939, of which 250,000 shares are re-
served for warrants originally attached to the issued common stock certifIcates. The warrants are void after Oct. 1 1939. The warrants contain pro-V. 140. p. 3042.
visions protecting against dilution in certain events.
-Obituary-General Motors Acceptance Corp.
Joseph I.. Myers, Vice-President and a director, died on June
p. 3215.
-Tax Suit
Glidden Co.
A decision has been handed down in favor of the company in the U. S.
Government's suit charging the company owed $2,200,000 plus interest
on alleged alcohol taxes. The Government had charged that the company's tax return for the year 1928 was improperly made out and that an
-V. 140, p. 4400.
item involving the sum in question had been omitted.
The(New'York Curb Exchangwill list 60,000 additional shares of cumulative-participating preferred stock, par $15, upon official notice of issuance.
Earnings for the 9 Months Ended Apri130 1935
$6,233,855
Gross sales
424.606
Net income after expenses and other charges
$0.84
Earnings per share on 420,000 common shares
-V. 140, p. 3716.
-To Issue $28,000,000 1st Mtge.
B. F.) Goodrich Co.
-See under ."Current Events and Discussions" on a
48
-V. 140, p. 4400.
preceding page.
-Notice
Goodyear Tire & Rubber Co. of Canada, Ltd.
to Stockholders
-Earnings
Gatineau Power Co.(& Subs.)
1935-12 Mos.-1934
Period End, Mar.31- 1935-3 Mos.-1934
Operating revenue and
other income
$2,310,082 $2,245,445 $9,345,114 $9,239,822
176,823
36,656
319
2,987
Loss on exchange
The following letter was sent on June 29 to all common stockholders:
The company has recently changed its capital structure by reducing
Its authorized preferred capital from $19.500.000 to $8,000,000 and by
subdividing its 7% cumulative preferred shares (par $100) into 5% cumulative redeemable preferred shares (par $50). All the formerly outstanding
7% cumulative preferred shares. aggregating $7,187,500, have been redeemed and cancelled and the company has allotted and is issuing 120,000
new 5% preferred shares, aggregating $6,000,000.
Each of the 145,330 authorized common shares, no par (of which 128,630
have been issued and are now outstanding) has also been subdivided into
two common shares without par value so that there are now authorized
290,660 shares without par value. Accordingly, present common shareholders are entitled to receive certificates covering 257,260 shares in lieu
of the certificates for 128.630 shares held by them.
In view of the above it is necessary to call in all the outstanding common
share certificates in order that they may be exchanged for new certificates,
which will be issued on the basis of two shares for each one now held.
Old common share certificate holders should forward their certificates
direct to Montreal Trust Co., 61 Yonge St., Toronto, which has been
appointed the transfer agent and registrar for the common shares. Upon
-V. 140.
surrender of the old certificates new certificates will go forward.
p. 4400.
Total gross revenue... $2,309,763 $2,242,458 $9,308,458 $9.062,999
Net revenue before int..
7,920,948
8,047.956
1.962.050
depreciation, &c
2,019,149
Interest on 1st mtge.
.498.369 3.517.058
3
876,993
871,442
bonds and prior liens1.084,829
1,061,971
268,723
262,631
Interest on debentures
Other int., amort. of
disc., div. on pref.
699,162
682,233
168,910
173,593
stock of subsidiary_
Deprec. and amort. of
639,629
647,932
156,937
161,122
storage works
$550,361
$490,487 $2,157,451
$1,980,270
-Earnings
General American Investors Co., Inc.
, 1933
$262,671
34,277
17,027
6 Months Ended June 30x Dividends on stocks
Interest on bonds
Interest on deposits, &c
1935
$373,784
1934
$367,168
17.660
1,256
Total Income
Interest on debentures
Amortization of discount on dohs__Taxes paid and accrued
Other expenses
$373.784
165,000
3,960
23,525
67,691
$386,085
165,000
3,960
33,713
68.962
$313,975
165.000
3,960
33,082
55,238
Balance
Syndicate compen. in respect of loan
Profitson commodity transactions
$113,608
$114,450
14,186
$56,694
14,713
186,407
-Shipments at New Peak
Graham-Paige Motors Corp.
Shipments of Graham cars during June were higher than in May and the
highest for any June in five years, it was announced by Robert C. Graham,
Executive Vice-President.
Shipments of 1,750 cars for the month compared with 1.738 cars in May
Ind 1,183 in June of last year. This was the highest since June of 1930.
Total shipments for the year as of June 29 were 14,124 as compared with
-V. 140, p. 4235.
11,489 for the first six months of last year.
-5
----Great Lakes Engineering Works -Cent Extra
The directors have declared an extra dividend of five cents per share in
addition to the regular quarterly dividend of 10 cents per share on the common stock, par $10. both payable Aug. 1 to holders of record July 2. Similar distributions were made in the four preceding quarters. In addition
an extra of 50 cents per share was paid on Dec.19 1934.-V. 140, p. 2007.
$257,814
$128,636
$113,608
Net income
x Includes $22,970 in 1934 (1933. $33,780) reported by paying company
as non-taxable distribution.
-(a) Net loss realized from sale of securities during the six months,
Notes
which has been charged against a special account under surplus, amounted
to $198,703 in 1935 and $701,914 in 1934.
(b) Aggregate unrealized depreciation in value of securities as compared
with cost. As of June 30 1935. $186,184, as of Dec. 31 1934, $2,209,785;
decrease in this item during period $2,023.601.-V. 140, p. 2863.
Green Bay & Western RR.-Earnings.1935
May$117.261
Gross from railway
25.633
Net from railway
11.592
Net after rents
From Jan. 1589,944
Gross from railwa'. Net from railway- ----128,443
82,373
l o r 3
1
Net afr. pen 97.
r
-Vice-President Retires
General Electric Co.
John (I. Barry. Senior Vice-President. has retired from active duty
after more than 45 years of service, and has been elected an Honorary
-V. 140. p. 4235.
Vice-President.
--Earnings
General Electric Co., Ltd.(England)
1935
Years End. Mar.31£1,184,483
Gross profit
103,930
Debenture interest
259,293
Depreciation
4,525
Directors' remunera'n
40,601
Pension fund
142.576
Trans. to taxation res.Net profit
.
Preferred dividends _ _
Ordinary dividends
Reserves
Surplus
-V. 140. p. 475.
1932
1933
1934
£971,481 £1,012,740 £1,057,657
204,661
171,927
163,673
236,953
233,291
233,590
4,355
4.495
4,355
30,000
32,014
35,377
£633,558
195,300
295,795
98,883
£534.486
252,000
180,291
100,000
£571,152
252,000
180.291
137,750
£2,195
£1,111
-Great W
Change
£19,257
-New Vice-PresidentGeneral Mills Inc.
•
Donald D. Davis, President announced on July 3 the election of Ashby
-V. 140. p. 2355.
Miller as Vice-President of the company.
-Earnings
General Paint Corp.(& Subs.)
6 Mos. 1935
Period Ended May 31$115,282
Net income
$0.21
Earns, persb. on 169,413c1. B shs__ _
140, p. 971.
-V.
1934-5 Mos.-1933
$80.135 loss$79,094
Nil
$0.08
General Trust of Canada-Earnings
Calendar Yearsx Net profit
Dividends_
1934
$69.743
66,000
1933
$87,606
66,000
1932
$8.5,574
66,000
Surplus
Previous balance
$3,743
183,144
$21,606
161,537
$19,574
141,962
$186,887
$183,144
$161,537
Surplus c.f
After transferring $15,000 to reserve against depreciation ofinvestments.
:
1934
$83,928
def10,640
def15,544
1933
8 30
$8 1 0
9 2
446,514
23.102
def9,969
4193: 920
66
806
45, 2
1932
$97,564
3,056
9 6433
489,745
55,168
13,213
-Capitalization
rn tctro-Chemical Co.
The stockholders will vote July 16 on amending articles No. 4 and 6 of
the articles of incorporation. An explanation of the purposes of the
proposed amendments follows:
Amendment of Article Fourth-By this amendment it is proposed to take
advantage of a law enacted since the last amendment of the articles, which
permits California corporations to have perpetual existence, instead of a
limit of 50 years as under the old law.
Amendment of Article Sixth-The primary purpose of this amendment is
to "split" the company's shares five for one. The amendment also eliminatoms the provision for 7% preferred stock (none of which is now outstanding)
and, since after the amendment only one class of preferred shares will be
authorized, it also changes the designation of"first preferred" stock simply
to "preferred" shares. It provides that the preferred shares, instead of
having a par value of $100 and a call price of $105. shall have a par value of
$20 and a call price of $21,and that the common shares, instead of having
a par value of $100. shall be without par value. It also eliminates certain
provisions of the present article sixth which seem to be unnecessary under
the present law. If this amendment is adopted, neither the aggregate
par value nor the aggregate call price of. nor aggregate dividends upon,
the holdings of any first preferred stockholder will be changed. While
the holdings of common stockholders will be changed from par value to no
par value, the aggregate book value and the aggregate interest in the
stated capital represented by their respective holdings, will be unchanged.
On May 31 1935, the book value of the common stock then outstanding
was about $85.05 per share. If said amendment to article sixth had been
effective on that date the book value of the common shares would have
been one-fifth of said amount, or about $17.01 per share. If the amendment is adopted each present first preferred stockholder will hold five
6% $20 preferred shares callable at $21 for each 6% $100 first preferred
share callable at $105 now held; and each present common stockholder
after the amendment will hold five common shares without par value for
ach $100 common share now held -V. 140. p. 801.
£581,548
252,000
180,291
130,000
£43,580
29.-
V. 140,
-To Be Added to
FrQedtert Grain & Malting Co., Inc.
Balance added to surp.
-V.140, p. 4399.
July 6 1935
Financial Chronicle
114
-Interest Deferred
""Guantanamo & Western RR.
Balance Sheet Dec. 31 1934
-Cash in bank, $67.495; accounts receivable, $3.793; call loans
Assets
secured and accrued interest. $304,912; advances to estates, $301.356;
fully
investments, stock, bonds & mortgages & accrued interest, $510,769;
real estate, 3192,449; office furniture, $2: estates, trusts & agency accounts,
$.39,259.062; call loans (guaranteed accounts).81,415,545; total,$42,055,385.
-Accounts payable, 8295; dividends declared & unpaid,
Liabilities
316,673: income tax reserve, $10,681: unearned fees, $61,210; common
stock, $5,000; preferred stock, $1,100,000: profit & loss account, $186.887:
estates, trusts & agency accounts, $39,259,062; guaranteed loans, $1.415.545; total, $42,055,385.-V. 139. P. 2204.
-Oldsmobile OutputGeneral Motors Corp.
The interest due July 1 on the 1st mtge.6% gold bonds,series A of 1958,
-day grace period
was not paid. Indenture of the bonds provides for a 90
in which the defaulted interest may be paid. The company has availed
-V. 140, p. 2356.
itself of that provision on several other occasions.
-Earnings.Gulf Mobile 8,c Northern RR.
May
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
V. 140, P. 4235.
1935
$516,840
230,322
155,394
1934
$472,880
142.423
60,664
1933
'$460,959
153.088
68,674
1932
$246,433
11,066
def33,673
2.314.194
542
699,
325,049
2,227.478
663.540
252,356
1.945.884
558,139
181.587
1 ,341,136
121,373
85.985
Oldsmobile has produced and shipped 102,029 cars since Jan. 1, a new
production record for the company, exceeding the previous high of 102.028
-Cent Dividend
-10
r(, M.) Hall Lamp Co.
cars set for the entire 12 months of 1929. More cars have been built at -the Oldsmobile plant in the first six months this year than were ever proThe directors have declared a dividend of 10 cents per share on the cornmon stock, no par value, payable July 15 to holders of record July 8. This
duced in any entire year in the company's history.
Retail sales for 1935 so far have passed the sales for the entire year 1934,
payment will be the first made since Dec. 28 1934, when a similar dividend
With a large bank of unfilled orders on hand, the Lansing plant is workwas paid. Dividends of 10 cents per share were also distributed on Sept.
-V.140. p. 4068.
ing at full capacity, with night and day shifts.
15 and June 15 1934 and on July 20 1933. while on Dec. 23 1932 and July 1
.,
)
. 4e
lit32 dividends of five cents per share were paid.-V.:(,2, 2537..
-EarningsGeorgia & Florida RR.
" Harrisburg Rys.-Reorganization Plan
-1934
1935-5 Months
-Month-1934
Period End. May 31- 1935
June 28 ordered
$457,514
$417,684
Federal Judge Albert M. Johnson at Scranton, Pa.,
$84,145
$82,521
Operating revenues
22,882
7,567
dbf1,670
the company to submit a certified copy of a plan of reorganization. effected
def2,315
Net rev,from ry. oper
15.342
19,348
8,246
under Section 77-B of the Federal Bankruptcy Act. The plan, approved by
5.745
Net ry. oper. deficit....
5,166
6,261
1,391
1.411
the Court subject to acceptance of the P'UbliC Service Commission, sets
Non-operating income-.
forth a merger of several underliers and acceptances by a considerable
$10,175
813.086
86.854
$4,333
majority of bond, common and preferred stockholders. See also V. 140,
Gross deficit
4.921
5,307
NAL Iiirlilball
±
927
1,086
p. 3898.
Deductions
$15,097
818,394
$7,781
$5,419
Deficit applic. to int- -3rd Week of June- -Jan. 1 to June 21Period1934
1935
1934
1935
$512,914
$486,284
$18,800
$28,500
Gross earnings
-V. 140, p. 4399.
'
-$1 Liquidating Dividend= -00-i-0(.,
` - Holland Land Co.
The directors have declared liquidating dividend of $1 Der. share on the
common stock. par $25. payable July 15 to holders of record July 5. A like
payment was made on April 23 last and compares with 60 cents paid on
April 1, $1 per share distributed on Feb. 26 1935. $2 on Dec. 29, $3.25 on
Financial Chronicle
Volume 141
Oct. 13, 50 cents on July 31, sj. on April 27, 50 cents on March 31 and $1
Der share on Feb. 23 1934.-V. 140, p. 2706.
Hathaway Bakeries, Inc.(& Subs.)
-Earnings
Earnings for Year Ended Dec. 29 19.14
Net sales, less returns and allowances
Cost of sales
.Selling and delivery expenses
Administrative and general expenses
Depreciation
Operating loss
.Other income (principaly purchase discounts and rents)
Total income
Other charges
$5,974,555
3,514,281
1,690,309
560,809
280,702
$71,546
24,478
$47,068
20,850
Consolidated loss for the year
$67,918
Consolidated Balance Sheet Dec. 29 1934
Assets
-Cash, $255,706; accounts receivable, customers (less reserve
for doubtful accounts of $48,395). $98,332; inventories of flour, ingredients
and supplies, $271,759; land, buildings, machinery and equipment (less
reserve for depreciation of $1,539,753). $3,440,484; cash held under trustee
writs, $6,800: miscellaneous investments. $3,725; accounts and notes receivable, officers, employees and others (less reserve),$17.160; prepayments.
$28,786; good-will, $1; total $4,122,753.
Liabilities-Accounts payable and accrued expenses, $135,921; accrued
payrolls, $37,884; salesmen's deposits, $48,193; provisions for Federal,
State and local taxes, $16,182; instalments on mortgages due in 1935,
$15,600; mortgages payable, $161,150: minority interest in capital stock and
surplus of subsidiary company, $27,787; capital stock (represented by
$7 cum. cony. pref. stock, 19,878 shs.•, class A stock, 35.166 she.; class 11
stock, 134,236 shs, no par value), less treasury stock, consisting of 122 shs.
or $7 pref.; 55 shs. class A, and 15,764 shs. class B. reacquired prior to
Dec. 31 1931. at cost less proceeds of sales of $283,315), $3,463,165; earned
surplus, $216,872; total, $4,122,753.-V. 136, p. 4098.
Hollinger Consolidated Gold Mines, Ltd.
-Earnings
Calendar Years.Production
Other revenue
1932
1934
1933
1931
$13,988,824 $13,778,683 $11,723,074 $10,528.865
161,762
188,439
145,418
416,120
115
---Howe Sound Co.
-Voting Trust Ctfs. Stricken from List
The New York Stock Exchange admitted to the list on July I the capital
stock (par $5) in lieu of voting trust certificates representing the capital
stock (par $5). The voting trust agreement expired on July 1.-V. 140,
p. 2865.
Hudson Bay Mining & Smelting Co., Ltd.(& Subs.)
Earns.for Cal. Years1934
1933
1932
1931
Sales of metals
$8,527,919 $7,422,447 $5,406,668 $5,401,312
Freight, refining & all
other sales & delivery
expenses
1,025,774
1,059,441
966,814
812,252
Balance
$7,502,145 $6,363.005 $4,439,854 $4,589,060
(lost of sales
x5,366,803
3,311,703
2,856.948 3,470,948
Other revenue
Cr43,747
Cr13,152 Cr144.764 Cr258,508
Int. on bets. & bk.loans_
244,840
299,936
329,529
346,692
Current debenture °xis".
2,954
Amort. of debt aiscount
& expense
20,574
18.165
18.147
17,229
Prey.for res.for conting.
361,110
100.000
50.000
Depreciation
See x
1,865,829
1,678.949
1.264,647
Net loss
prof$1,549,612prof$780,524
$298,955
$301,947
x Includes depreciation of $1,713,715.
Consolidated Balance Sheet Dec. 31 1934
(Canadian currency unless otherwise indicated)
Assets-Current assets (1) in United States funds: cash in banks and on
hand,$1,381,974;cash in banks(time deposits),$1,500,000;accrued interest
receivable on U. S. Treasury certificates and time deposits. $764; U. S.
Treasury certificates, $250.934; (2) in terms of Canadian funds: cash in
banks ana on hand. $95,281; metals at refinery or in transit (sold trader
coatract). $3,649,145, accounts receivable (sundry), $33,319: inventories,
$1.120,720; total current assets. $8,032,137; mining claims and lands.
$9.388.388; mine and metallurgical plants. hydro-electric power plant and
transmission line, &c. (leas reserve for depreciation of $6,523,140), $14,889,880; deferred charges, $2,905,977; total, $35,216,383.
Liabilities-Current liabilities (1) payable in United States funds:
miscell. accounts payable, $38.888; accruec. interest on convertible bends.
$81,950; five-year 6% convertible bonds (due July 15 1935). $2,980,000;
(2) payable in Canadian funds, accounts payable, $295,959; contracts payable,$40,963;accrued payroll,$84.014; miscall. accrue.liabilities,$112.218;
provision for taxes and contingencies, $400,000; total current liabilities.
$4,033,992; capital stock (2,653,926 shares to _par), $29,423,500; surplas.
$1,758,890; total, 835.216,383.-V. 138, p. 3273.
Total income
$14,177,263 $13,940,444 $11,868,493 $10,944,985
Operating charges -_-6,827,736
7.430,020 6,791,676
6,949,860
Taxes
699,741
526,132
410,105
653.627
Depreciation, &c
59,952
258.603
76,816
65,914
" liunts, Ltd.
Workmen's compens. &
----Dividends Omitted
silicosis assessment__
491,787
The directors have decided to omit the dividends ordinarily due at this
453,248
35,257
time on the no par 61ass A and B common stocks. Dividends of 123 cents
Net income
per share were paid on these issues each three months from April 1 1933 to
$5,992,445 $5,737,176 $3,962,885 $3,508,204
Dividends _______
and including April 11935. Prior to April 1 1933 quarterly disbursements of
- 6,888,000 4,182,000 3,690,000 3,444,000
25 cents per share were made.
Balance, surplus
$272,885
$64,204
def$895,555 31.555,176
Calendar Years1934
1933
1932
1931
Earns. per sh. 4.920,000
Net profit
433,090
439,230
446.183
557,167
she. cap. stk. (par $5)
$1.22
$1.17
$0.80
$0.71
Prov. for depreciation_ _
50,478
50,358
50,461
Add'I Fed.income taxes_
203
Balance Sheet Dec. 31 1934
Class A dividends
9,330
9,330
20,521
26,118
Assets
-Mining properties, $22,490,785; plant (less depreciation of
Class B dividends
7,502
7,502
16,500
21,000
$15,018), $65,875; expenditures on Young-Davidson Mines, Ltd., property.
Loss on fixtures in closed
$797.154; interest in other cos. & miningproperties, $413.056: deferred
Faeroe
1.550
charges. $705,324; cash on hand & in banks, $222,272; bullion in transit,
$603.014; accounts receivable, $44,043; accrued interest, $9,208; investDeficit for year
$35,650
$28,080
$41.502 sur$10,049
ments, $5,334,698; total, $30,685,429.
Previous surplus
106,967
135,047
172,691
251,072
Liabilities-Capital stock, $24,600,000; wages unpaid, $196,525; acAdjustments, &c
yer3,858
Dr88.430
counts payable, S250,634; reserved for Dominion, provincial & municipal
taxes. $300.000; reserved for silicosis, $35,257; surplus, $5,303,013; total,
Balance
$71,316
$106,967
$135,047
$172,691
$30,685.429
140, p. 4401.
Earns, per share on combined cl. A & B stock_
$0.98
$1.17
$1.38
$1.69
Hollingsworth & Whitney Co.
-Balance Sheet Dec. 31x Before depreciation. y Surplus from sale of securities.
1934
1934
1933
1933
Balance Sheet Dec. 30 1934
Assets6
Liabilities6
$
$
Assets
-Cash on hand and in banks, $6,633; special savings account.
Real estate, mach.,
220,021
Accounts payable_ 175,838
$25,801; accounts receivable, less bad debts reserve. $9,815: merchandise
tools, &c
5,977,573 5.959,910 Capital stock
15,000,000 15,000,090
inventory. $35,262; supplies and prepaid expenses, $8,267; life insurance,
Merchandise
1,732,126 2,146,638 Surplus
2,798,919 3,075,554
cash surrender value, $9,000; investment in and advances to subsidiary
Accts. receivable__ 487,375
467,023
company, $38,162: land, buildings, machinery, equipment, &c. (at depreCash & securities_ 5,441,211 5.469,597
ciated values), $589,832; good-will, $1; total, $722,778.
Inv. In Canadian
Liabilities-Accounts payable. $27,309: dividend payable. Jan. 2 1935.
company
3,977,219 3,977,219
$4,207; accrued expenses, $11,607; capital stock kclass A, 18,656 shares, no
Brassaua storage
220,587
220,587
par, and class B. 15,000 shares, no par), $608.337: surplus, $71,316; total.
Deferred charges
138,666
54,601
8722.778.-V. 139. D. 1871.
Total
17,974,757 18,295,575
Total
17,974,757 18,295,575
'Hupp Motor Car Corp.-Delistin Denied
-V.139, p. 1711.
The Securities and Exchange Commission after public hearing has denied
the application of the New York Stock Exchange for donating of the common
-Home Dairy Co.
-50
-Cent Class A Dividend
stock of the corporation.
The directors have declared a dividend of 50 cents per share on account
In concluding its opinion the Commission stated:
of accumulations on the $2 cumulative class A stock, no par value, payable
"Although we think the Exchange was fully justified in making the
July 15 to holders of record July 5. A similar payment was made on
pplication, and that it is most commendable and encouraging that the
April 15, last, this latter being the first distribution to be made on this
Exchange is concerned about such matters of management as are herein
Issue since April 1 1932 when a regular quarterly dividend of like amount
discussed,as matters now stand we do not think it best to grant the applicawas distributed.
tion. To grant it at this critical point in the corporation's affairs would
Accumulations after the payment of the July 15 dividend will amount
subject the stockholders' interest to undue risk, and a contemplation of the
to $5.50 per share.
-V. 140, p. 2537.
salaries paid during the time of severe losses, of the treatment of the corporaAndrews and Cole contracts, of the cancellation
s----Homestake Mining Co.-Ext,a Div. of $2 per SitareL144 tion by its bankers, of theeven of the Drake salary, small though
,--of the Cole indebtedness,
it be, of
The directors have declared an extra dividend of $2 per share in addition
the dissention which is menacing the existence of a once prosperous enterto the regular monthly dividend of $1 per share on the capital stock, par
price, of the repeated failure of Andrews to abide by his agreements, makes
5100, both payable July 25 to holders of record July 20. Similar distribuus very sympathetic toward the stockholders.
tions were made in each of the 12 preceding months. The company paid
"We need not repeat the various acts of the corporation's management
extra dividends of $1 per share and regular dividends of $1 per share each
of which the Exchange complains, or the steps taken by the directors to
month from Jan. 25 1934 to and including June 25 1934.-V. 140, p. 3898.
remedy them. If the conditions which prompted the Exchange to make the
application still existed, we would unhesitatingly grant the application.
Honolulu Rapid Transit Co., Ltd.
However, in view of the changes made by the corporation, of the Commis-Earnings
-sion's desire to protect the interests of the stockholders, in the. hope that
Period End. May 31- 1935-Month-1934 1935-5 Months-1934
an honest effort will be made to run the corporation for the stockholders,
Gross rev.from transp-$90,518
$72,599
$382,945
$334,166
and considering the attitude of the directors as expressed in their recent
Operating expenses
54,126
49,417
251.939
240,425
actions, we have decided to deny the application of the Exchange without
prejudice as to its rights as to delisting in respect of permanent registration,
Net rev,from transp-$36,392
$23,182
$131,005
$93,741
Rev,from other transP-on any proper grounds including those of the present application. Accord2,526
2,076
11,655
8,781
ingly, an order to that effect will be entered."
Netrev.from °pers.-$38,918
$25,258
$142,661
Consolidated Balance Sheet March 31
$102.522
Deductions
21,358
14.576
90,388
72.883
1934
1935
1935
1934
Assets
Net revenue
$17,560
$10,682
$52,273
$29,638
a Land,
bides.,
Common stock_ _ _13,291.280 13,291,285
-Nr. 140, p. 4069.
equipment,&c__ 7,136,986 7,690,618 Accounts payable 365,104
436,283
b Tools, dies, jigs
Reserves for reHoover Steel Ball Co.
-Earnings
and patterns_ .._ 319,383
590,568
bates,&c
164,450
596.160
Good-will, tradeAccr. taxes, insur.
Earnings for Year Ended Dec. 31 1934
names, &c:
1
1
premiums, &c
167,043
186,405
Net sales
Cash
245,290
$980,287
743,448 Accrued wages_ _ __
76,754
42.876
Cost of goods sold
Government bonds
5,820 1,510,243 Res, for foreign
737,693
Selling, advertising, administrative & general office expenses
Accr. int. recelv_
124,183
20,355 exchange loss_
20,914
Notes & accts. reo_ 408,425
298,221 Distributors' and
Operating profit
Inventories
1,612,554 2,135,258
$118.410
dealers' deposits
57,678
75,501
Other deductions (net)
Cash In closed bks. 241.532
22,316
399,931 Res,for contIng_
477,861
Provision for Federal Income tax-estimated
Other investments c146,749
13.863
228,475 Deficit from °per_ 3,834,248
506,854
Advs. to distrlb_
54,883
114,620
Net profit
Loans & advs. to
$82.230
Earnings per share on 143,922 shares capital stock
officials & empl c30,119
252,586
$0.57
Notes receivable
Note-Depreciation in the amount of $75,936 has been included in cost
507,037
Inv. In Commonof goods sold and expenses shown above.
wealthAlcornCo.
1
77.830
Balance Sheet Dec. 31 1934
Deferred charges
51,246
86,318
Assets-Cash on hand and on deposit. 8128,627; notes and accounts
receivable (lass allowance for doubtful of $4,500), $100,119; inventories,
Total
10,288,061 14,620,437 Total
10,288,061 14,620,437
$474,786; other assets, $138,731; permanent assets (less allowance for
a After depreciation. b After amortization. c After reserve.
depreciation of $1,223,055), $860,287; good-will, $25,457; patents, $1;
Our usual comparative income statemen for the 3 months ended March 31
deterred assets, $18,795; total. 51.746.805.
was published in V. 140, a.4402.
Liabilities-Accounts payable. $38,437; accrued expenses, $4,365; Federal
income tax (estimated). $13,863; first mortgage sinking fund 6% bonds, -----Hutchins Investing Corp.
-Accumulated Dividend-1414
$351,500; reserve for outstanding scrip, $621; capital stock. $1,439,220:
The directors have declared a dividend of $1 per share on account of
deficit, $101,202; total, $1,746,805.-V. 140, p. 4402.
accumulations on the $7 cum. pref. stock, no par value, payable July 15
E
Financial Chronicle
116
to holders of record July 10. A like payment was made on April 15 and
Jan. 15.1ast and compares with 75 cents per share paid each quarter from July
15 1932 to Oct. 15 1934, incl., $1 per share on Jan. 15 and April 15 1932
and regular quarterly dividends of $1.75 per share previously.
Accruals on the pref. stock after the July 15 payment will amount to
-V. 140, p. 2358.
$13.75 per share.
Hutchinson Sugar Plantation Co.
-Earnings
Calendar YearsGross profits
Sundry other profits__ - _
1934
$818,328
76,128
Total profits
Cost of prod.,dep.& depl.
Other expenses, &c
Federal income tax
$894,456 $1,039,709 $1,010,045 $1,089,737
964,469
1.024,497
769.738
851.060
66,295
50,844
44.194
56,808
11,145
18,076
1933
$984,073
55,636
1932
1931
$955,463 $1,046,373
54.582
43,364
Net income
$14,396
$69,379
$113.765 loss$20,718
Balance Sheet Dec. 31 1934
Assets
-Cash, $40,067; accounts receivable, $76.217; sales in suspense,
$126,748; advances, $70,875; store account, $51,206; inventories, $61,542;
mortgage receivable, $300; investments, $158,948; growing crops, $388,307;
land, buildings and equipment, $1,894,509; deferred assets, $18,095; total,
$2,886,817.
Liabilities-Drafts on Honolulu, $18,000; sundry creditors, $7.331;
estimated marketing charges on sugar sales in suspense, $19,236; accrued
taxes. $31,208: bond indebtedness, $550,000; capital stock (100,000 shares,
par $15). $1,500,000;surplus,$761,041; total, $2,886,817.-V. 139, p.2048.
-Earnings
Huyler's of Delaware, Inc.(& Subs.)
1932
1933
1934
$3,080,335 $2,768,214 $3,082.689
1,045,466
2.980,442 3,009,317
Calendar YearsSales
Cost of sales
Gross profit
Stores direct expenses
Factory expenses
General & administrative expenses_ - _
$99,893 loss$241,103 $2,037,223
1,882,806
124,438
169,076
187,379
Loss for year
Other income
$69,183
18,945
$241,103
80,507
$157,460
86,835
Balance, loss
Loss on sales of securities
Loss on lease operations
Loss on sales & cancellation ofleases_
Depreciation
Fixtures written off on stores closed_ _
Share of loss of Huyler's Luncheonettes of Delaware
Loss re sub. co. liquidated during year
Fixtures in storage written down
$50,238
152
18.549
$160,596
171,360
46,704
27,077
101,820
27,206
$70,625
95,880
533
x79,302
38,264
99,339
34.314
13,785
440
19,677
Loss for the year
$179,578 y$534,764
$341.521
x After giving effect to charges made during year against reserve for
loss on leaseholds of $10,117. y Exclusive of amount realized in cash
($575,000) on royalty contract previously set up in books at present value
of payments receivable thereunder to expiration.
Consolidated Balance Sheet Dec. 31 1934
-Cash, $141,320; accounts receivable, less reserve, $93,526; due
Assets
from affiliated companies, $2,292; merchandise inventory, $114,522;
Investments, $262,620; land and buildings (less depreciation), $124,900;
leasehold improvements, fixtures and equipment (less reserves for depreciation of $577,299), $669,748; deferred charges, $117,263; good-will, $2,750,000; total, $4,276,192.
Liabilities-Accounts payable-trade creditors, $218,326; sundry ac-payable in 1935.
counts and notes payable, $9,308; mortgage instalments
$1,000; real estate taxes payable, $17,684; accrued charges, $25,910; loans
payable to affiliated company, $50,000; real estate mortgages, $85,000:
other liabilities, $4,770; 7% cumulative pref. stock (par $100). $4,500,000:
common stock (par $1), $200,000; deficit, $835,807 total, $4,276,192
-V. 138, P. 118.
-Earnings
Hygrade Sylvania Corp.
Balance Sheet Dec. 31 1934
Assets
-Cash in banks. $5,423,312; sundry debtors. $96,145,• stock in
trade at cost and advances for leaf purchases. $11,688.344; sundry investments at cost or under, $3,098,467; investments in subsidiary cos.. at cost
or under, $16.766,571; real estate and buildings at cost, $1,605,625; plant.
machinery,furniture and fittings at cost, $2,842,785; prepaid taxes, insurance, &c., $44.556; good-will, trade marks and patents, $28,816,800:
total, $70,382,609.
Liabilities-Creditors:subsidiary cos.,$414,836; other creditors, $682.170;
provision for income war tax, $635,139; employees' benevolent fund, $249.418; reserve for buildings, machinery. &c. $.3,590.367; cumul. 6% pref.
shares, $8,030.000; ordinary shares,$47,25S,160; capital surplus, $101,579;
general reserve, $803,000; accrued dividend on pref. shares, $120,450;
-V. 140. p. 2187.
profit and loss account, $8,500,488; total. S70,382,609.
-Accumulated Div:
Commercial Telephone Co.
The directors have declared a dividend of 75 cents per share on the $6
cumulative preferred stock, no par value, on account of accumulations payable July 1 to holders of record June 15. Similar distributions were made
on April 1, last and on Oct. 15, July 14 and April 14 1934, prior to which
regular quarterly dividends of $1.50 per share were disbursed. Accumula-V.140, p. 2187.
tions after the above payment amount to $4.50 per share.
Indian Territory Illuminating Oil Co. (& Subs.)
Years End. Nov.30Oct. 31'30 to
1933
1932
Nov.30 '31
1934
Period$15,960,876 $9,855,393 $10,132,899 $9,003,420
Gross earnings
3.151.298 3,416,306 4,335.097
Operat'n & maintenance 4,696,624
Net earnings from oper$11.264,252 $6,704,095 $6,716,593 $4,668,323
96,975
Prof. on sale of gas leases
55,881
140,560
351,155
Prof. on drilling contr_
Rentals, int. & sundry
32,900
77,288
182,417
90,924
receipts
Total net earnings_ 411,355,176 $6,792,876 $6,934,440 $5,298,870
4,360,633 4,613,888 4,558,072 4,464,083
Interest charges
16,040
36,800
Prov.for Fed,income tax
2,902,934
Prov.for deplet. & deprec. 4,847,490
Proportion of net income
of sub. co. applic. to
36,308
64,691
minority interest
$2.045,5621oss$776,294 42,376,369 4834,787
Net income
Previous surplus _ _ ---- 30,074,244 31.030.909 31,028,693 32,067,243
.
7,917,500
Other credits
Net income for month of
Nov.1930 before provi576,660
sion for deplet. & depre.
$32.119,806 $30,254,614 $33,405,062 $41,396,191
Total surplus
Adj. of surplus applic.
509,966
to prior period
x6,838,767
Adj. to extinguish deficit
Sundry charges applic.
180,370
Cr57,633
102,926
Cr6,400
to prior period
$32.177,440 $30,074.244 $33,411,463 833,944,531
Total
x Before provision for depletion and depreciation and minority interests.
Consolidated Balance Sheet Nov. 30 1934
Assets-Leaseholds, oil and gas producing properties and storage facilities (incl. intangibles $2.837,454), $123,736,496; miscall. investments.
$136,788;special cash deposits,$5,097; cash in banks and on hand,$485,316;
customers' accounts receivable, $1,059,424; other notes and accounts receivable (less reserve), $86,371; crude and refined oils, $5,272,126; materials
and supplies, $1,109,015; prepaid insurance and other expenses, $87,552;
balance in closed bank (less reserve), $922; notes and accounts receivable
(not current), $97,657; deferred charges, $52,723; total, $132,129,488.
Liabilities-Common stock, $29,274,037; minority stockholders' interest,
in capital stock ($628,201) and surplus ($386,964) of sub. co.. $,,015.166:
indebtedness to Empire Gas & Fuel Co. (Del.), $47,487,656; notes payable.
$1,10t4 accounts payable and accrued expenses, $405,934; accounts payable,
(aftil. cos.), $4,665; provision for Federal income tax, $42,176; notes and
accounts payable (not current), $26,703; customers deposits, $23,296;
reserves, $21,671,315; surplus, $32,177,440; total, $132,129,488.
Common stock is represented by the following no par shares: 1,304,600
shares of non-voting class A stock and 7.090,036 Shares of class B,stock, less
shares in treasury.
-V. 140, p. 3550.
Years Ended Dec. 31Grosssales-lessreturns and allowances
Cost of goodssold
Depreciation
Taxes (other than Federal income taxes)
Selling, general &administrative expenses
1934
1933
$7,949,648 $7,080,486
5,363.707
5,095,291
323,709
279,449
60,786
54,008
1,029.208
1,045,077
Operating income
Other income
$1,172,235
62.536
$606,659
128.004
Years End. Jan. 31x Net earnings
Bond interest
Depreciation
Inventory write-down _ _
Income tax
Total income
Deductions from income
Provision for Federal income taxes
$1,234,771
237,973
122,381
$734,663
36,491
43,100
Net profit
Common dividend
$874,416
526.223
$3.81
$655,072
526,249
$2.67
Surplus
Previous surplus
Net profit °a secur. realized less loss on mach.,
& equip.scrapped __
Net income
Deduct dividends declared and paid
Earns. per sh. on 192,684 no par shs. corn. stock
Balance Sheet Dec. 31 1934
-Cash (incl. time deposits of $60,000). $625,321; marketable
Assets
accounts & notes receivable (less doubtful accounts
securities, $1,444,974;
of $41.427), $594,798; inventories, $1.338,391; cash surrender value of life
insurance, $218,392; prepaid insurance, taxes and miscellaneous expenses,
$59,632; fixed assets (less depreciation of $1.365,800), $1,187,758; investment in bank stock. $17,000; deferred installation and engineering expenses,
$1; total. $5,490,163.
$3,f394;
Liabilities-Accounts payable, $200.129; accrued items and reserves.
$180,704; provision for Federal and State taxes, $155,485; $6.50 cony. pref.
stock (21,643 no par shares), $2,164,300; common stock (240,300 shares no
par). $963.420: capital surplus, $347.582: earned surplus,$1,478,542; total,
$5,490,163.-V. 138, p. 2413.
-Earnings
Idaho Power Co.
(Electric Power & Light Corp. Subsidiaryj
-1934
-Month-1934 1935-12 Months
Period End. May 31- 1935
$351,577 $4,168,302 $3,930,152
Operating revenues
$335,944
1,918,268
2,083,507
170,666
176,514
Operating expenses
$2,084,795 $2,011,884
Dr2,541
4,300
Net revs.from oper_ _ _
Other income(net)
$159,430
Dr378
$180,911
Dr391
Gross corp. income__ _
Int. & other deductions..
$159,052
59,491
$180.520 $2,082,254 $2,016,184
715,652
715,437
59,477
Balance
Y$99,561
y8121,043 $1,366,817 $1,300,532
473.500
420,000
Property retirement reserve appropriations
z Dividends applic. to pref. stocks for period,
414,332
414,342
whether paid or unpaid
$532,475
$448,700
Balance
id3nmayit
r
Kteareflrtireeme t
dim rdou A azsi.stosere g tnddivdra
ze
appropriations
a reserveal
g
payment of these dividends there were no accumulated unpaid
After the
-V. 140, p. 3718.
dividends at that date.
-Earnings
Imperial Tobacco Co. of Canada, Ltd.
1932
1931
1934
1933
Calendar Year$5,819,767 $5,670,177 $5,471,175 $5,914,079
x Net profit
473,172
397,324
493,098
444,957
Preferred dividends_ _ _ _
3.310,571
3,307,861
4,961,792
3,307,861
Ordinary dividends
$364.877 $1,917,358 $1,765,990 $2,130,335
Balance,surplus
7,875,059
7,762.999
8,500,488
8,138,487
Profit and loss surplus
x After all charges and expenses for management and providing for
income war tax.
July 6 1935
-Earnings
Inter-City Baking Co., Ltd.
1934
$216.473
83,950
100,000
1933
$210,331
85,736
100,000
44,547
1932
$331,641
87,133
100,000
56,546
$56,251
$32,523 def$19,952
$87,96585,180
$56,251
137.782
$32,523 def$19,952
105,260
125,212
$2,785
122,429
1935
y$250,464
82,213
100,000
12,000
3,699
Profit and loss surplus $197.732
$137,782
$105,260
$125,212
8.54
Earns.on corn.
(par $100)
$2.66
Nil
$4.12
x After all expenses, doubtful accounts and income tax. y Before taxes.
Consolidated Balance Sheet Jan. 31 1935
-Real estate, building's & equipment (less reserve for deprec. o
Assets
$394,923), $2,349,389; good-will, $1,072,824; investment in partly owned
subsidiary, $11 100: loan secured by mortgage, $11,000; deferred charges.
$7,905;cash or hand and in bank,$262,408;investments, $60.612; accounts
receivable, less reserve, 4101,586; inventories, $63,996; total, $3,940,824.
-Common stock (par UM).$2,114,500; lst mtge.5%,
Liabilities
1948.
$1,481.500: accounts payable and accrued liabilities, $130,100; provision
for Federal, provincial and muncipal taxes, $16,991; earned surplus, $197,732: total, $3.940,824.-V. 139, p. 445.
Industrial Acceptance Corp., Ltd.
-Earnings-Earnings for Year Ended Dec. 31 1934
Gross volume of purchasesfinanced
$12,302,950
Gross income-after setting aside reserves for unearned income
and cred it contingencies
733,327
Administrative and general expenses
361,338
Interest on borrowed money
167,974
Insurance premiums
106,144
Provision for depreciation offurniture,fixtures and automobiles
12,070
Directors'fees and salaries
2,195
Balance,income
Dividend received from affiliated company
Net operating profit
Interest on debentures
$83,605
17.000
$100,605
55.196
Balance
Balance at credit Dec. 31 1933
Profit on redemption of debentures during the year
$45,409
5,708
5,872
Totalincome
Additional provision for credit contingencies
$56.990
30.000
Balance at credit Dec.31 1934
$26.990
Balance Sheet Dec. 31 1934
Assets-Cash in banks, $239,944; acceptances and notes receivable:
(pledged to banks, 83,761,322; unpledged and on hand, $1,705,843; rotes
against which company holds repossessions, $27,083; notes of officers or
shareholders, $6,310), $5,500,557: accounts receivable, $40,899; cash in
hands of trustees for debentureholders, $377; real estate, mortgages and
Financial Chronicle
Volume 141
securities, acquired in settlement of debts, less reserve, $42,441; letters of
credit outstanding (per contra) $57,500; defeired charges and prepaid insurance premiums, $36,952; office equipment and automobile (nets), $49.876;company's own snares held in trust:(shares held for sale to employees
635 class A shares at cost, $11,062; balance due from an officer on sale of
1,250 class B shares, $3,750). $14,811; investment in, and amounts due by
affiliated company, $16,333; good-will, $1; total, $5,999,693.
Liabilities-Bank loans (secured by cash and notes receivable), $3,241,000; accounts payable (including provision for accrued debenture interest),
$10,481; dealers' credit balances-withheld as security for payment of
acceptances and notes receivable, $488,376; letters of credit outstanding,
357,500; reserves for deferred income and credit contingencies, $266,346,•
6% conv. debentures. $909,000; capital stock (60,000 class B shares and
20,000 class B shares, no par), $1,000,000; earned surplus, $26.990; total
$5,999.693.-V. 137, p. 321.
International Coal & Coke Co., Ltd.
-Earnings
Earnings for Year Ended Dec. 31 1934
Operating profit
$113,675
Depreciation of plant and machinery
45,793
Depletion of coal areas
22,886
President's salary,fees of executive committee & other directors.
excluding directors' fees,$40 paid by sub. companies
7,185
Net operating profit
Income from investments, including bonds of Coleman Light &
Water Co., Ltd
Bank and other interest
Profit on sale of investments in bonds
Premium realized on bonds redeemed by Coleman Light &
Water Co., Ltd
$37,810
Total profit
Expenses incidental to renewal of franchise of Coleman Light &
Water Co.,Ltd
Provision for Dominion of Canada and Province of Alberta
income taxes
$77.021
Net income
Dividend
26.284
1.954
8,247
2,725
3,132
8.836
60 5
3 :8 0
(1%) 5 0
2
Surplus
$35.052
Balance Sheet Dec. 31 1934
Assets
-Cash on hand and in banks, $153,880; accounts receivable (net).
$53.733; due from subsidiary company, $3,428; due from shareholders
(Dominion of Canada 5% tax on dividend paid March 1 1934 to shareholders not resident in Canada), $399; inventories. $16,581; investments
in bonds at cost and interest accrued thereon, $406,382; investments in
subsidiary companies, $94.732; agreements for sale, $256; deposits on
contracts, $721; prepaid expenses. $42,490; trust assets, $1,916; deferred
charges to operations, $6,154; coal lands and rights. $3,036,192; plant,
railroads,.equipment, &c. (at cost). $1,163,932; total. $4,980.800.
Ltabillttes--Accounts payable $13,489; wages accrued, $13,633;
on coal mined,$1,259; dividends'unclaimed, $1,895; Dominion and royalties
Province
of Alberta income taxes (estimated). $8,822; deferred credit to income.$256;
reserves, $1,436,313; trust liabilities, $1,916; capital stock (3.000,000 shares
$I each). $3,000,000; capital surplus, $270.000; earned surplus. $233.213:
total, $4,980,800.-V. 139. p. 2049.
International Great Northern RR.
-Earnings.-
May
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p.4236.
1933
1934
1935
$992,052 $1,084,234 $1,418,608
533.779
321,767
333,144
297,010
161,694
215.148
1932
$867,563
192,259
90,687
5,251,820
1,484,529
659,653
4.413.331
587,840
def41,999
4,770,181
949,534
310,037
5,190,359
1,557,210
714,620
International Rye. of Central America-Earnings
Period End, May 31Gross revenues
Oper. exp. & taxes
1935-5 Mos.-1934
-Month-1934
1935
$475,123 *$2,260,638 $2,466,672
*S497,050
*241.000
1,362.499
264.573 *1.160,678
Inc.appl.tofixed chgs $256,050
$1,099,960 $1,104,173
* Revenues and expenses earned or $210.550 in Salvadorian colones
incurred
converted at rate of 2.5 colones for $1, approximately current rate, instead
of at 2.0 colones for $1 parity as in 1934.-V. 140, p. 3899.
International Shoe Co.
-Earnings
--
6 Mos End. May 311934
1933
1935
1932
Net sales
$38,891,197 $37,784,504 $27,422,525 $32,386,839
Costs, expenses, &c-....- 32,06163 31,427,989 23,224,963 28,164,054
1
Depreciation
815,469
830,195
835,258
844,754
Operating profit
$3.999.371 $5,541,045 33,362,304 $.3,378.031
Other income
176,626
198.264
262,594
309,940
Total income
$4,197,635 $5,717,671 $3,624,898 $3,687,971
Federal taxes
857,317
629.530
510,225
481,720
Net income
$3,568,105 $4,860,354 33,114.673 $3,206,251
Preferred dividends_
288,789
300,000
Common dividends
x3,337,335 3.335.571
3,329,745
5.152,038
Surplus
$230,770 $1,524,783 Gef$503,861df$2,245.787
Shares common stock
outstanding (no par). 3,338,300
3,350,000 3,350.000 3,500,000
Earnings per share
$1.45
$1.06
$0.84
$0.83
x Exclusive of $12,664 dividends on company's own stock.
Balance Sheet May 31
1935
1934
1935
1934
Assets
Liabilities$
$
a Land, bldg., maC Common stock __50,250,000 50,250,000
chin., equIp.,&c.22,834,620 24,005,482 Accounts payable_ 1,589,075
1,825,495
Cash
8,709,275
employ.
U. S. Govt. smut_ 5,687,340 5,407,042 Officers && depos.
balance
6,718,857
358,928
Accts.receivable_ _14,212,897 14,147.730 Pref, stock not yet 175,486
Inventories
25,111,628 24,303,061
pres't'd for red.
Erne. notes rec.__ 612,424
790,478
under call
00.815
b Co.'s own stock_ 338,018
419,271 Res.for Inc. taxes_ 1,730,000 1,700,000
Deterred charges
283,823
314,642 Insurance reserve_ 479,076
453,179
Inv. In other cos 3,666,358 4,723,151 Earned surplus_ _ _27,232,546 26,231,278
Total
81,456,183 80,829,694
Total
81,456,183 80,829,694
a After depreciation. b Consists of 11,700 La
common shares at cost. c Represented by 3,350,0001935 (13,529 ine1934)
no par shares.
Represented by 103 shares.
-V. 140, P. 147.
Tnternational Telephone & Telegraph Corp.
-Reduces
Bank Loans
The corporation has announced that an agreement has been reached with a
New York banking group, whereby the notes due Aug. 1 1935. amounting
to $22,880,000, will be extended to May 11936,in the amount of $22,360,000
with a cash payment of $520,000. Interest rate on the notes has been reduced to 435% from 5%.
,
These notes amounted to $23,920,000 at the end of 1934, as compared
with an original amount of $27,000,000 as of Feb. 1 1932.-V. 140. P. 4403.
Interstate Department Stores,Inc.
-Wipes Out Accruals
The directors have declared two dividends of $1.75 per share each (or a
total of $3.50 per share) on the 7% cumulative preferred stock, par $100.
both being payable Aug. 1 to holders of record July 19. This payment will
clear up all back dividends on this issue. Si.nilar payment were made on
May 1 and Feb. 1 last, and compares with $1.75 distributed in each of
the four preceding quarters, prior to which the last regular quarterly dividend was paid on Feb. 1 1933.-V. 140. p. 4070.
117
Jamaica Public Service Ltd.(& Subs.)
-Earnings
Period End. May 31- 1935
-Month-1934
1935-12 Mos.-1934
Gross earnings
$69,897
$65,617
$841,355
$805,980
Oper.exp.and taxes_ __ 42,535
40.598
498,605
481,237
Interest & amortization_
8,626
9.050
105.384
113,198
Balance
-V. 140. p. 3899.
$18,736
$15,967
$237.364
$211,544
Jewel Tea Co., Inc.
-Sales
Four Weeks EndedJan. 28
Feb. 23
Mar.23
April 20
May 18
June 15
1935 •
1934
1933
$1,395.225 $1,214,762 $1,095.550
1,450,684
1.276,473
1.061.841
1.439.369
1,335.685
1,052.211
1.436,962
1.276,651
1,073,823
1,422,600
1,265,773
1,034,399
1,417,014
1.265,347
1.071.758
Total 24 weeks
$8.561,854 $7,634,692 $6,389,366
The average units in operation during the four weeks ended June 15
1935 totaled 1,570,against 1,523 the parallel period of'34.-V.140, p.3899.
Kansas City Southern Ry.-New Trustee
-
George H. Buec.kliag has been appointed trestee under the 1st mtge. and
deed of trust dated April 2 1900, succeeding the late Walton H. Holmes.
-V. 140, p. 4238.
Kansas Oklahoma & Gulf Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 3720.
1935
$155,862
71.631
43,927
1934
$149,662
60,859
29,978
1933
$149,800
72,105
37.214
1932
$135,334
46.194
20.530
782,806
338,875
199.151
785,434
389,565
239,534
668.393
301,373
154.084
763,807
317.566
160,995
'Kansas Power & Light Co.
-Bonds Called
-
Certain outstading 1st and ref. mtge. 6% bonds, series C, dated Feb. 1
1932 and due Feb. 1 1947, aggregating $252,000 have been called for redemption on Aug. 1 1935 at par and interest. Payment will be made at
the Harris Trust & Savings Bank, trustee, Chicago, or at Chase National
Bank, N.Y.City.
-V.140.P• 319.
Kelly Springfield Tire Co.
-Voting Date
-
The stockholders of record as of June 28, are entitled to vote on the
amended plan of reorganization dated June 22 1935, now pending in U. 8.
District Court of Maryland. See also V. 140, p. 4404.
Ken-Rad Tube & Lamp Corp.
-Earnings
Calendar YearsNetsales
Cost of goodssold
Gen.& admin.expenses_
Selling expenses
1934
1933
1932
1931
$2,830,312 $1,549.591 $1,118,834
2,287,408
1,180.960
891,447
102.866
118.994
134,697
277,568
167.014
207.406
Operating profit
Other income
$284,378
3162,470
16.586
$82,623 def$114,716
32.879
47.393
Total income
Other deductions
Income taxes
$284,378
x28,731
$179.056
81,833
19,632
3115.502 def$67.323
37,371
15,999
Net profit
Surplus adjustments_
Surplus beginning of year
3255.647
$77,591
22,476
158,980
378.132 defe83,322
259,048
80,848
164,170
Surplus end of year_ _ _
3514,695
$259.047
$158.980
$80.848
Earns. per sh.on 175,111110
sits, combined A & B
stock (no par)
$1.46
$0.44
$0.45
Nil
x Net figures after deducting other income.
Consolidated Balance Sheet Dec. 31 1934
Assets
-Cash ($9,217 on deposit in escrow against liability for royalties
n litigation), $252.688; U. S. Govt. bonds (at cost and accrued interest).
391,747; accounts and notes receivable (less reserve for possible losses
of $31,132), $280,193; inveatories, $551,836; cash values life insurance,
$41.486; due from officers and employees. $1,122; prepaid insurance. $13,081; otner investments. $16,621; land, buildings and equipment (less
reserve for depreciation of $511,6M), $516.163; patents, $5; licenses (cost
$222,500), $2; 800d-will. $1:_ total, $1,764,947.
Liabilities-Accounts payable $61 692; accrued expenses $305 849'_,
reserve for sales contract contingencies 17.710: common stock (150,000
shares class A stock, no par. and 25,000 shares class B stock, nopar),
000; surplus from appreciation of fixed assets at Dec. 31 1928, 330,701:
surplus earned, $483,993; total, $1,764,947.-V. 139,
-
"Keystone Watch Case Corp.
-81 Dividend
The directors have declared a dividend of $1 per share on the co
stock (par $16.66 2-3) payable July 10 to holders of record July 1. Similar
payments were made on Jan. 15, last. and July 16 1934. This latter dividend was the first paid on this issue since Feb. 1 1931 when a semi-annual
dividend of 75 cents was paid on the old $25 par stock.
-V. 140, p. 1489.
Kroger Grocery & Baking Co.
-Semi-Annual Report
24 Weeks Ended June 151935
1934
Sales_
$107.732,684$101.456,700
Earnings
2,353,947
2,285,520
Number of shares of common stock eutstanding_
1,813,092
1,798,633
Ezrninss per common share
$1.30
$1.27
This statement does not include earnings of company's subsidiary Piggly
Wiggly Corp. which has declared no dividends during 1935.
Of the earnings for the first six periods of 1935, $402,764 was not derived
from current operations, but represents amounts charged against earnings
of previous years and recovered in 1935 because of the invalidity of certain
chain store tax laws.
The average number of stores in operation during the first six periods of
this year was 4,313 as compared with 4.361 last year.
Financial Condition
June 15 '35 June 16 '34
Change
Current assets
333,033.852 $32,815,808 -$218:,043
Current liabilities
6,870.594
8,095,853 -1,225,259
Current ratio
4.8 to 1
4.0 to 1
-.8 to 1
Cash & U. S. Govt. securities
10,987,641 11,877.896
-890,254
Ratio of cash & 13.5. Govt.securities
to current liabilities
1.6 to 1
1.5 to 1
-.1 to 1
Net working capital
$26,163,257 $24,719,954 -$1,443.303
Inventories
18.970,660 18,034,203
-936,457
On June 15 1935 your company had no bank loans.
-V. 140. p. 4405.
Laclede Gas Light Co.-Extensionf-B. P. Gosling, President, in a notice to the holders of the 10
-year 5%
gold notes due Aug. 1935, states:
"Approximately ifi%
of notes have been exchanged under options 'A'
and 'D' of the plan and offer submitted to the noteholders under date of
Jan. 18 1935.
"As a number of the holders of the notes have been unable to avail themselves of option "A," the company has extended the time within which
option 'A' shall remain available to noteholders for an indefinite period
subject to withdrawal by the action of the officers of the company upon 10
days' published notice.
"The company has continued to solicit the acceptances of the plan and
offer solely through its own officers and employees and without payment of
compensation to bankers and security dealers as provided in the plan and
offer."
-V. 140, p. 4405.
Lake Shore Mines, Ltd.
-New President
Harry Oakes has been succeeded as President by Dr. W.P. St. Charles,
formerly the company's Treasurer.
-V. 140, p. 3554.
Lake Superior & Ishpeming RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 4070.
1935
$190,373
110,681
93.295
1934
$181,103
100,602
84,631
1933
$56,297
2,093
7.003
1932
323,071
det27,612
def41,043
131,061
144.139
308,770
375,015
def25,618 def101,941 def136,718
def1,405
def78,531 def103,229 def150,471 def214,726
-Accumulated Dividend
-----Lefcourt Realty Corp.
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $3 convertible cumulative preferred stock, no par
was
value, payable July 15 to holders of record July 5. A like payment this
made on April 15, last as against $1 per share paid on Jan. 15 1935
being the first payment made on this issue since July 15 1932, when a
-V. 140, p. 4070.
regular quarterly dividend of 75 cents per share was paid.
-Earnings
Lehigh Valley Transit Co.(& Subs.)
1931
1932
1933
1934
Years End. Dec. 31Total gross earnings_ _ -- $2,463,987 $2,273,604 32,412.628 $3,059,650
2.330.659
1,722,596
1.569.295
incitax 1,701,244
Total oper. exp.,
$728,991
$690,031
$704,308
Net earns, from oper- $762.743
1,249
1,020
942
1.014
Inc.from int. on bonds_ Income from interest on
50,040
40,991
28,214
33.407
notes & deposits, &c_
108,283
108,283
108.283
108,283
Inc. from divs. on stock
Total net earnings_
Depreciation allowance_
Interest on funded debtAmortiz. of disc. & exp-
$841.748
276.394
521,971
19.589
8905,446
345,318
521.239
19,589
3840.325
278,580
524,958
19,589
$888,563
231,361
533,590
19,589
15104,023
$17,198
$23,794
819.300
Consolidated Balance Sheet Dec. 31 1934
-Cost of properties, $23,564,779; investments, $541.978: other
Assets
investments, $30,550; miscellaneous securities, $9,800; materials and
supplies, $209.001; accounts receivable, $58,818: marketable securities
(Federal and State short-term securities). $755.009; cash. $1.690.116;
deposits with funded debt trustees & agents, $106,335; deferred charges.
$64,278; total, $27,030.666.
Liabilities-Lehigh Valley Transit Co. preferred 5% cumul. ($50 par)
stock,$4,979,687:common stock 450 par). 32,997,350; Easton Consolidated
$25,
Electric Co. common stock (13 shs., par value $50, paid bondsnot held
held in
by Lehigh Valley Transit Co.), $325; funded debt (less
wages
treasury and for investment), $10,963,000: audited accounts &interest
accounts payable, &c., $50.579; accrued
payable, miscellaneous
& rents payable, $99,719; accrued tax liability, $131.347: deferred credit,
$158,145; reserves, $3,269,735; surplus, $4,380,778: total, $27,030,666.V. 138, p. 2929.
Net income
-Earnings
Lehman Corp.
1935
Years End. June 30Int.earned on U.S.Govt.
&c.,sec., bk. bals.,&c. $600,121
1,882,674
Cash dividends
Commissions and syndicate profits
57,814
Miscellaneous income__ _
1934
$557,673
1,581,376
1933
1932
8699.123 31,020,463
1.433,684
1,240,882
38.901
63,782
13.415
$2,540,609 $2,202,831 31.953.421 32,493.048
Total income
87,885
42,614
132,073
131,232
French. & cap. stk. tax_
83,020
62.047
56,236
52,326
Regis., transf., &c..exp.
358.556
313.184
314.703
313,127
Other oper. expenses__ $2,043,924 $1,699,819 $1,490,304 $2,008,858
Profit
4,034,255 z1,478,261 z19,172,554
Net realized prof. on inv. 1,072,641
Net realized profit on
161.576
z108,736
25,139
commodity transaens
Real est.loans & equities
x1,665,442
written off
a460.000
15.000
Prov.for Federal taxes__
$173,619z$17,163.696
$33,126,704 33,509,896
Profit for year
1,639.440 1,988,715
1.632.240
x1,804,405
Dividends,
31.322,299 $1,877,656def$1465.821def19152,411
Balance, surplus
686,900
680,600
678,700
681,700
Stis.cap.stk.out.(no par)
Nil
$0.25
$5.17
$4.58
Earnings per share
income taxes. x All but $94.320 of the present write-off
a Includes State
in arriving at the
has been reflected in former valuations by the directors
reported asset value of the corporation's shares. z Loss.
of
-The unrealized appreciation (less provision for taxes thereon)or,
Note
quotations
the corporation's assets on June 30 1935, based on market opinion of the
in the absence of market quotations, on fair value in the
directors, was $5,120,000. compared with an unrealized appreciation on
June 30 1934 of 31.005,000.-V. 140. P. 4239.
Policy
-Changes
--Lehn & Fink Products Co. directors, itDiv.deemed advisable
"
was
of
At the regular meeting of the board
quarterly
to make a change in the dividend policy heretofore followed from aper share)
to a semi-annual basis. The last quarterly dividend (37% cents
the next quarterly dividend ordinarily would be conwas paid June 1 and
sidered at the meeting of the board to be held July 26. Owing to the change
until the
now decided upon, no further dividend action will be considered dividend
of
meeting of the board to be held Oct. 25 1935. A detailed record
payments is given in V. 139. p. 2835.-V. 140, p. 2709.
-Resumes Dividends-r
--- Leonard Custom Tailors C9.
cents per share on the no par
The directors have declared a dividend of 10
the
common stock, payable Aug. 1 to holders of record July 15. This will be
paid
first payment made on this issue since March 2 1931 when 25 cents was wer.
of 43 I( cents per share
prior to which regular quarterly distributions
made.
-V. 139, /3. 1557
.
-Earnings.
Long Island RR.
May
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p.3720.
1932
1933
1934
1935
32,053,298 32,037.868 81,954,866 $2,448,335
884.808
673.660
552,694
509.438
300,311
478,426
158,172
82,752
9,396,056
1.622.949
def75,003
9,568,267
2,189,869
568,371
9,259,514
2,692,092
1,146 569
11,790,289
3,295,489
1.680,832
oca
Libby, McNeill & Libby4Reilitalization Plan-To Refund Existing Bonds with New Iisue
ng notice regarding a special
Stockholders on July 2, received the f
meeting to be held on July 30:
Directors believe that it is desirable to improve the capital structure and
to reduce the burden of preferred dividends. They, therefore, recommend
class of shareholders
an exchange of shares, which is a reallocation to each at March 2
1935.
of the equities of each in the net *worth of the business
general structure of the plan is as follows:
The
(I) To retire the present 1st pref. 7% cum, capital stock, replacing
The reduction
share for share its par value with a preferred 6% cum. issue.to
$97,300 per
In pref. div. requirements accomplished thereby amounts
year.
To retire the present issue of 6% non-cum. 2nd pref. capital stock,
(2)
par 3100, replacing each share thereot with 10 shares of new no par common
stock, the new common stock having a stated value of $7 a share, and a
book value, computed at March 2 1935 of $8.60 a share. replacing it share
(3) To retire the present issue of $10 par common stock,
for share with a new issue of no par common stock having stated value of
38.60 a share.
$7 a share and book value, computed at March 2 1935, of shares to July 1
(4) To settle accumulated dividends on present 1st pref.
amounting to 32.724,400. in new no par common shares, issuing for
1935.
a share, amounting
this purpose 311.360 shares having a stated value of $7
July 6 1935
Financial Chronicle
118
in the aggregate to $2,179,520 and having book value computed at March 2
1935, of $2,678,813.
This plan is simply an exchange of shares, involves no sale of capital stock
or payment of commission, brokerage or other remuneration.
A. comparison of the present and proposed capital structures is as follows:
Present Capital Structure:
$9,730,000
1st pref. 7% cum.($100)
11,450,000
2nd pref. 6% non-cum.($100 par)
6,250,000
Common shares ($10 par)
207,039
Surplus
$27,637,039
Total net worth
roposed Capital Structure:
Pref. shares,6% cum.($100 par)
Common shares (no par, stated value $7)
Capital surplus
Earned surplus
$9,730,000
14,569.520
3,130,480
207,039
$27,637,039
Total net worth
to call the
Stockholders are asked also to give authority to directors redemption
-year gold bonds for
15
outstanding issue of 1st mtge. 5%
in
Oct. 1 1935, and to execute a new mortgage and to issue new bonds
amounts authorized, not to exceed $15,000.000, of which $12,500.000 may
be issued presently. Since neither sale nor underwriting of the new issue of
bonds may be consummated until registration of such issue has been completed with the Securities and Exchange Commission, it is impossible at
this date to state definitely the terms of the issue; i.e., the offering price,
the rate of interest, or the commission to be paid.
it
The authority to make the new mortgage is requested in the event
bonds, bearing lower
should be possible to negotiate a refunding issue ofwhich would beato the
maturity date,
rate of interest and an extended
-V.140, p. 2709.
benefit of the shareholders of the company.
-Special Meeting
Biscuit Co.
Loose Wiles
will vote
The stockholders at a special meeting to be held on Aug. 1
on the proposed change in stock mentioned in V. 140, p. 4405.
-Earnings
Loudon Packing Co.
Years End. April 30
Total income
Depreciation
Maintenance & repairs_ _
Interest
Federal taxes
1935
$331,602
44,063
41,113
29
37.086
1934
$3332,562
40,570
1933
8139.712
42,514
1932
3243,753
42,034
1,306
45,516
3,164
13,478
7,020
25,501
Net income
Dividends paid
$209,311
190,613
$245,170
134,912
$80,557
134,911
$169,198
270,000
$18,698
365,734
Surplus for year
Previous surplus
$110.258 def$54,354 def$100,802
410,631
309,829
255,475
$309,829
8255,475
8365.734
$384.432
Profit & loss surplus
Consolidated Balance Sheet April 30 1935 ,
-Cash,$380,018; trade accounts receivaole (less reserve of $6,715).
Assets
$19,120; land, buildings.
$95.189: inventories. $502,225; other assets,depreciation of $3310,130).
machinery and equipment (less reserve for
$23,911: total, $1,667,499.
$647,034: deferred charges,
miscellaneLiabilities-Accounts payable, $54,743; brokerage, wages and
reserve
ous accrued liabilities, $16.369; general taxes accrued, $20,031: (90,000
stock taxes, $37,454: capital stock
for Federal income and capital surplus (less capital stock held in treasury.
no par shares).$1.156,929: earned
300 shares at $2,461), $381,971; total, 31.667.499.-V. 140, p.3720
Louisiana &
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 4071.
Arkansas Ry.-Earnings.1935
$398,650
149,993
107,535
1934
$365,090
124,410
83,784
1933
$384,425
143,657
76,881
1932
3318,873
75,730
33,792
1.824.498
581,189
371,538
1.753,592
590,164
394,596
1,640,229
605.182
362,577
1,741,492
466,033
251,570
Louisiana Arkansas & Texas Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 3721.
1935
$72.280
21.387
7,493
1934
$72,376
13,021
def3,347
1933
369.223
15.587
1,660
1932
$441,957
def3,093
def12,427
366,732
59.373
def8,864
391,556
90.631
5,194
295.595
21,533
def42,678
233,379
3.259
def37,213
--Earnings
Louisiana Power & Light Co.
[Electric Power & Light Corp. Subsidiary]
1935-12 11105.-1934
-Month-1934
Period End. May 31- 1935
$419,629 $5,606,140 ;5.407,873
$4443,102
revenues
Operating
294,803 3,487.592 3,175,428
291,135
Operating expenses
$124,826 82.118.548 $2,232,445.
Net revs, from oper-- 3151,967
217
8,102
3.679
Dr748
Rentfr.leased prop.(net)
29,451
4.765
21,466
748
Other income (net)
Gross corp. income_.._
Int. & other deductions_
3151.967
76,727
$129,808 32,143,693 $2,269,998
927.910
77,910
931.034
y351,898 81,212,659 31,342,088
y$75,240
Balance
420,000
475,000'
Property retirement reserve appropriations
z Dividends applicable to preferred stock for
356,574
356,527
period, whether paid or unpaid
$510,514
$4436,132
Balance
y Before property retirement reserve appropriations and dividends.
z Regular dividend on $6 pref. stock was paid on May 1 1935. After the
payment of this dividend there wore no accumulated unpaid dividends.
-V. 140, p. 3721.
at that date.
Louisville & Nashville RR.-Earnings.1933
1932
1934
1935
MayGross from railway.. _ -,- - $6,157,493 35,987.422 $5,467.199 $4,865,075
421,211
1,420,847
1,428.302
1,411,986
Net from railway
1,023,452
def39,274
945.131
1,035,338
Net after rents
From Jan. 1
30,279,211 29,928,635 24,725,526 27,106,541
Gross from railway
5,069,568 3,180,742
7,922,494
6,707,413
Net from railway
986,468.
6,282,443
3.134,656
5.071,846
Net after rents
-V.140, p. 3721.
-Earnings
Lukens Steel Co.
Income Account Year Ended Oct. 20 1934
Sales, net of discounts, returns & allowances
Cost of sales
Gross profit
Selling & distributing expenses
Administrative & general expenses
Provision for doubtful accounts (net)
Profit before depreciation
Depreciation
Profit before other income & income deductions
Other income
Income deductions
48.332,282
7,191,084
31,141.198.
449,038
144,289
51.050
$496,821
320.788
$176,036
Cr136.651
270,089
$42,598
Net income for the year
zIncludes sales aggregating $405,121 to affiliated companies.
Financial Chronicle
Volume 141
Condensed Balance Sheet Oct. 20 1934
Assets
-Cash in bank & on hand, $384,640; customers' and other notes&
accts. receivable (less allowance for claims and for doubtful notes and
accounts of 846,147). $1.187,795; affiliated cos.' notes & accts. receivable.
$113,553; inventories valued at cost, $1,626,070; cash surrender value of
life insurance policies (contra). $39.459; customers' notes & accounts ac
claims not collectible currently (less allowance for probable loss of $324,304).
$124,791; advances to & accounts receivable from officers and employees.
$10.985; investments. $420,344' deferred charges to operations (incl.
unamortized discount of $126,894 on 1st mtge. bonds). $206,632; land,
buildings and equipment (less allowance for depreciation of $5,362.784).
$8.579,736; special deposits, $350,157; total,$13,044,163.
Liabilities-Notes payable (banks), $625,000; acceptances payable
(banks), $532,400: acceptances payable (trade), $11,300; note payable to
bank (collateral
-cash surrender value of life insurance policies, see contra).
$30,000: accounts payable. $848,198; accrued bond interest, taxes, &c..
$187.559; workmen fi compensation claims not payable currently, $3,817;
Interest accrued on bonds owned by the company and deposited with
trustee, $57,812,• 1st mortgage bonds. $33,925,500; capital stock (par $10).
$3.179,760; capital surplus, $3,600,218; net income for the year ended
Oct. 20 1934. $442,598; total. $13,044,163.-V. 138. p. 2753.
McLellan Stores Co.
-Transfer Agent
-
The Guaranty Trust Co. of New York has been appointed transfer
agent for 34,360 shares of cumulative 6% preferred stock, series A (par
$100); 7.333 shares cumulative 6% preferred stock, series B (par $1001.
and 562.903 88-100 shares common stock (no par), effective as of the
close of business June 29 1935.-V. 140. p. 4072.
Maricopa Reservoir & Power Co.
-Earnings
-
Earnings of the company were $29,000 from land leases over and above
dis-ric. contract payments for the six months ended July 2. After operating expenses and debenture bond interest in the amount of $16,875. a
surplus of approximately $9,500 was applied ,o reserves. Rental due in
the final six months of the year totals $48,000, according to Frederick Y.
Toy, Vice-President of the company.
Material Service Corp.
-Earnings
(& Subs.)
Calendar Years1932
1933
1934
1931
Net income
$86,526
$36,902
449,190
$302.080
Shs. cont. stk. outstanding.(par $10)
121.450
„ 125,000
125,000
125.000
Earns, per share
$0.30
$0.71
$0.39
$2.41
x After interest of $48.312, depreciation and depletion of $86,786 and
all other operating expenses.
Condensed Consolidated Balance Sheet Dec. 31 1934
Assets
-Cash on deposit and on hand, $20,023; receivables (less reserve
for freight of $7,781 and doubtful accounts of $63,974), $1.028,755; inventories, $163,392; balances to be liquidated through materials and services,
$190,531; cash surrender value of life insurance, $28,534; prepaid expense.
$3,636; municipal warrants at cost (quoted value $71,291). $71.535; other
assets, 6176.567: fixed assets (less reserve for deprec. and depletion of
$432.662), $1,051,922; good-will, $1; total, $2.734,900.
Liabilities--Bank collateral loans, $298,000; purchase money mortgage,
$3,300; trade creditors, $373.383; due to officers and employees, $14,574;
customers' credit balances, $5,352; accrued local and Federal income taxes,
892,460;capital stock, par 810(after deducting 2,630 shs.at cost of$13,354).
$1,236,656; earned surplus, 8711.182; total, $2,.734.900.-V/138, p. 4130.
Marancha Corp.
-Liquidation
The stockholders will hold a special
previously reported) to consider and m
corporation.
-V, 140, p. 4406.
('
hag on July 27 (n 5s,ly 25, as
cot to the dissolution of the
e
The directors have declared a dividend of
cents per share on the
common stock, no par value, payable Aug. 1 624
holders of record July 12.
to
This compares with 50 cents paid in each of the four preceding quarters,
40 cents paid on May 1 and Feb. 1 1934, 30 cents per share paid each
quarter from Aug. 1 1932 to and incl. Nov. 1 1933. 40 cents on May 1
1932 and 50 cents per share paid quarterly from Feb. 1 1930 to and incl.
Feb. 1 1932. In addition an extra dividend of 50 cents was paid on Feb. 1
1935.-V. 140. p. 4240.
`-Melville Shoe Corp.
-Larger Dividend4L
Memphis Power & Light
Calendar YearsOperating revenues
Operating expenses, including taxes
Net revenue from operations
Other income
-Earnings
Co.
1934
1933
1932
86,362.733 86,120.759 36,621.598
4,042.460 3,674,741
3,953,110
82.320,274 $2,446,018 $2,668,488
9,424
9,782
35.159
Gross corporate income
$2.329,698 $2,455,799 82,703,647
Interest on mortgage bonds
737,375
737,375
737,375
Other interest & deductions
88,377
116.856
149.952
Interest charged to constructionCr1,354
Renewal dr replace, reserve approp- _
679,972
689,701
699.303
Balance carried to earned surplus_ - $823,974
$911.868 31.118.370
Divs. on preferred stock, 8,7 series.-208.474
208,092
208.526
Divs, on preferred stock. $6 series...,
186,402
186,197
183,267
Divs, on common stock
100,000
720,000
Note
-The above statement for the year 1934 does not include earnings
of $48,904 from investments, net profit of $5,320 from sale of securities
nor collections of $9.452 on account of prior years' interest on
the renewal and replacement reserve fund. Statement for 1933 bonds in
include earnings of $38,068 from investments in the renewal anddoes not
replacement reserve fund or loss of $89,650 from adjusting ledger value of
bonds
of Memphis Street Ry. held therein. These earnings and
adjustments
have been carried directly to the renewal and replacement reserve.
Income from investments in and the results (loss) from operations
of
Memphis Street fly., a subsidiary in receivership, are not included for
1933 in the above statement.
Balance Sheet Dec. 31
1934
1933
1934
1933
AssetsLiabilities-.
$
$
$
$
Plant, prop., franx Capital stock. __14,058,159 14,133,231
chises, &c. (ledLong-term debt..15,275,000 15,275,000
ger value)
30,873,818 31,240,732 Notes & loans pay.
Invest.in Memphis
Nat'l Power &
St. fly. (ledger
Light Co
1,117,500
value)
2,662,500 2,662,500 Dividends declared
98,719
98,719
Cash In banks (on
Accounts payable_ 261.748
263,580
demand)
309,714
Notes payable__ 256,589
368.935
Notes receivable_
400 Customers' depos_ . 156,680
150,815
Accts. receivable. 680,900
666,709 Accrued accounts. 492,113
523,747
Mat's. & auppllea_ 285,354
309,043 Misc. curr. liabils_
10,554
9,221
Prepayments
21,788
16,455 Miscell. liabilities_ 270.662
274,962
Misc.current assets
13,796
10,439 Deferred credits__
8.170
12,255
Miscell. assets
1,538,162 1,543,166 Reserves
1,384.620 1,356,213
Deferred charges
694,127
736,007 Capital surplus_ .
. 2.852,231 2,817,374
Earned surplus.. 1,954,915 y1,521,769
Total
37,080.159 37,554,387
Total
37,080,159 37.554,387
x Represented by cumulative preferred $7 series, 30.000 shares; $6
31,264 shares in 1934 (32.000 in 1933); common, 400,000 shares. series,
cludes index fund as of Oct. 1 1932 of 3757.809.-V. 140, p. 3900. y In------..\
„.....---.0--.• L.
,
-March
ta & Manufacturers Securities Co.
-Listing,
Apprze:
7
..--The Chicago Stock Exchangdhas approved the application of the company
t 49,376 shares of praticipating preferred stock, no par.
-V.139,
p. 1875.
Midland Steel Products Co.
-Gets Large Order
-
The company has closed a contract with Chrysler Corp. for approximately $6,000,000 worth of chassis frames for 1936. according to E.
Rules, President. Work is to be started immediately on tools for J.
all
models.
-V. 140, p. 4073.
119
Mercantile Stores Co., Inc.
-Report
F. G. Kingsley, President, says:
The company's loss for the fiscal year ended Jan. 31 1935 was $358,711
after provision for depreciation in the amount of $306,372 and deduction
for a non-recurring liquidating loss.
Consolidated Balance Sheet. Jan. 31 1935
AssetsLiabilities
Cash in banks dt on hand_
$1,344,366 Notes payable to banks
$1,250,000
Securities
183.631 Accounts payable
1,871,605
Accounts receivable
4,295,393 Dividends payable
11,949
Inventories
3,796,241 Accrued taxes, salaries, rents
Miscell. acc'ts & accrued Int_
76,829 & interest
318,750
U. S. bonds & Treasury notes
Red estate obligations, madeposited in escrow
103,081
turing within one Year....
82,733
___
Reciprocal insurance cos.Res,for trading stamps issued
cash value of net equities
116,644
by subsidiary
57,502
Fixed assets
3,786,447 Res. for Federal income taxes
12,591
Deferred charges
284,741 Mortgage & other real estate
obligations
464,967
Reserve for contingencies...
128,005
7";. cumul. pref. stock
682,800
x Common stock
9,106,470
Total
$13,987,373
Total
$13,987.373
x Represented by 144,125 shares, no par, after deducting 14,113 shares
held in treasury.
-V. 139, p. 1244.
Mid-Continent Petroleum Corp.
-Earnings
3 Months Ended March 31Sales
Cost of sales
Selling expenses
General & admin. expenses
1935
86.930.459
5,170.936
1,109,379
182.860
.1934
1933
Not
available
Operating profit
Other income
$467,283
322,171
Total income
Income charges
$789,454
40,158
Balance
Depreciation
Depletion
Leaseholdssurrendered & abandoned_
Inventory adjustment
$759,296 $1,350,484
599,3621
864,004
238,504f
194,487
176,449
$111,476
854,958
379.885
346.561
Net loss
$273.057prof$310,031 $1,469,928
x Consists of cash discount on sales and other charges.
1-....-_
-V. 140, p. 3556.
Middle West Utilities Co.-HeartngsinAPlad Postponed
Federal Judge James H. Wilkerson at Chicago n Slily 2 postponed until
Sept. 12 further hearings on a plan for reorganization of the company.
-V. 140, p. 3050.
Midland Valley RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 3722.
1935
882.589
29,985
20,595
1934
$84,169
21,142
11,146
1933
8108,245
44,313
32,555
1932
$109.017
31,907
13,479
487,623
190,053
113,526
500,900
188,494
120,429
525,397
216,353
137,092
650,577
245.027
148,047
Mining Corp. of Canada, Ltd.-Earnings
Calendar YearsTotal income
Administration expense.
royalties. &c
Written off depreciation
• on office equip. & bad
debts
Option prop. & shares in
other cos. written off,
&c
WI Wen off plant, &c...
Shutdown exp. at Cobalt
Fed. & prov. taxes, &c
Directors' fees
Charitable subscriptions
and donations
Net profits
Previous surplus
Total surplus----Res. for possible future
decline in value of iav.
1934
1933
316,970 $1,175,616
1931
$475,298
83,175
111,008
97,450
94,951
85,954
1932
8151,434
36,919
2,986
27.862
4,239
4,750
6,475
8,622
13,894
4,559
loss$93.070
428.246
$977,739
350,507
83.507
347,000
$347,000
$335,176 $1,328,246
$350,507
$347.000
1,297
900.000
Surplus
$335.176
$428,246
$350,507
$347.000
Balance Sheet Dec. 31 1934
-Cash In banks and on hand, 837,434; loans (secured). $107,016;
Assets
accounts receivable. $10.217; investments, $2,995.583; advances to subsidiary companies, 3132,856;stores and prepaid expenses, $11,279: oitloned
properties and shares in exploration companies, $21,565; office equipment.
$2,636; total, 53,318,588.
Liabilities-Accounts payable, $59; balances held on behalf of sub. cos.,
$605; dividends unclaimed $27.189; reserve for investments. $779,841:
reserve for taxes, 8555; profit and loss balance at credit, $335.176; capital
stock (1,754,006 shares no par), $2,175,162; total, $3,318,588.-V. 140.
p.3556.
Minneap lis- oneywell Regulator Co.
-25-Cent Extra
Dividend
The directors have dec a
an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the common stock, no par value, both payable Aug. 15 to holders of record Aug. 3.
Similar distributions were made in each of the two preceding quarters.
V. 140, p. 3050.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
May
Gross from railway
Net from railway
Nat after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 4407.
1935
1934
1933
1932
$1,971.086 $2,039.119 31,892,499 81,801,911
600,949
443,953
409,654
112,023
348,006
149,763
126,339 def215,763
8,344,157 8,675,998 7,661.627
8.636.912
580,124
1,080.746
350,891
37.591
def589,832 def249,749 def946,519 def1,523,622
Mississippi Central RR.-Earnings.-
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 4073.
1935
$56,773
16,117
9.758
•
1934
356.264
6.016
879
1933
$50,299
def7,120
def13.780
1932
837,251
def8,971
def15,613
272,460
32.229
866
275,387
36.919
8,730
218,456
def6,701
def37,181
252,193
def30,720
def67,387
Montgomery Ward & Co.
-To Open 10 New Stores
-
In its first store expansion move of any size since the depression put an
end to store-opening activities, the company has arranged for the opening
of 10 new stores, which will bring the number in operation from 489 00 499.
Three os these stores will be located in Illinois, at Murphysboro, Peoria
and Belleville; three in Iowa, at Boone, Creston and Esterville; one at P
land, Me., one at Lakeland. Fla., one at Sioux Falls, S. D., and one
Owatonna, Minn.
-V. 140, p. 4407.
July 6 1935
Financial Chronicle
120
Monongahela Ry.-Earnings.-
-Earnings
Mississippi Power & Light Co.
[Electric Power & Light Corp. Subsidiary]
1935-12 Mos.-1934
Period End. May 31- 1935
-Month-1934
$350,406 $4,918,144 $4,574,501
$367,928
Operating revenues
2,891,298
229,148 3,404,259
273,873
Operating expenses
Net rev,from oper_ _ _
(net)
Rentfr.leased prop.
Other income (net)
$94,055
598
999
$121,258 $1,513,885 $1,683,203
9,105
7,200
671
15,159
15,011
1,036
Gross corp. income_ _
Int. & other deductions_
$95,652
72,681
$122,965 $1,536,096 $1,707,467
921,860
888,261
_ 73.879
y$49,086
Balance
y$22,971
Property retirement reserve appropriations
z Dividends applicable to pref. stock for period,
whether paid or unpaid
$647,835
350,000
$785,607
409,450
403,608
403,536
$27,379
$105.773
Deficit
.
$
3 ai a teg deLcis..
;cipaa2onszo nd dividends.
app
3 yrjore
z 1 1B erzdspLopemrtirilegrzezent
unpaid to May
144. Latest dividend, amounting to 50 cents a share on $6 pref. stock,
was paid on May 11935. Dividends on this stock are cumulative.
1932
1933
1934
Years Ended Dec. 31$4,812,937 $4,403,546 $4,591,181
Operatiag revenues
3,163,408 2,772,188 2,852.932
Operating expenses,ircluding taxes
Net revenuesfrom operation
-net
Rent from leased property
Other income
$1,649,530 $1,631,359 $1.738 249
34.604
9,855
7,763
36,932
15,015
16,499
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 4107.
1935
$339.650
209,986
104,250
1934
$335,291
198,604
98,677
1933
$287.000
188,555
98,272
1932
$300,363
183,780
98,590
1,648,533
989,643
476,036
1,724,854
1,039.328
545.438
1,253,169
743.791
345,384
1,626,135
878,657
445,434
--Earnings
Montreal Cottons, Ltd.
1933
1934
Calendar Years
Manufacturing profit_ _Other income
Total income
Bond interest
Prov.for bad debts
Prov. for depreciation
Directors fees
Sinking fund reserve....
Prov.for income tax....
Net income
Preierred dividendsCommon dividends
$332.230
42,092
$374,322
22,909
16,139
322,491
11,145
1931
1932
$162,397 loss$75,004 loss$246,840
128,053
60,677
83,569
$245,965 def$14,327 def$118,787
24,580
23,985
23.414
21,025
13,844
8.316
200,000
11,117
10,918
500
$1,138
210,000
$14,235 def$63,273 def$175.310
210,000
210.000
210.000
180,000
180,000
$565,310
$453,273
$195,765
$208,862
Balance Sheet Dec. 31 1934
Assets
-Cash on hand and in bank,$10,457: bills and accounts receivable
(less provision for losses), $503,423; inventories, $1,823,679; investments,
machinery and
$583,899; sinking fund assets, $67,358;'land, buildings, $5,787,597; deequipment (less reserve for depreciation of $2,066,311),
ferred charges, $38,967; total, $8.815,380.
Liabilities-Loan (secured), $1,198,000; accounts payable. $141,479;
provision for taxes, $12,062; deposit accounts, $248,271; accrued wages.
fund
344,822; accrued interest on bonds, $3,496; let mortgage sinking
common
5% bonds, $419.501: 7% cum. pref. stock ($100 par), $3,000,000;
contingent
stock ($100 par), $3,000,000; sinking fund reserve. $620,685:
reserve, $50,000; pension fund. $56.152: surplus account, $20,910; total.
88,815.380.-V. 140, p. 3902.
Deficit
$1,673,793 $1,656.229 $1,809,785
Gross corporate income
817.700
817,700
817,700
Interest on mortgage bonds
130,715
119,299
78,655
Other interest and deductions
Cr1,959
Interest charged to construction
350,000
5.50,000
350.000
Prop, retirement res. appropriations_
$513,329
$369.229
$427,437
Balance, surplus
402,622
268,943
168,170
Dividends on $6 preferred stock
210,000
52,500
on $6 second preferred stock_
Divs.
Dividends on common stock
idendson the $6 preferred and $6second preferred stocks, which
Note-Div
are cumulative, were in arrears $3 ana $5.50, respectively, as of Dec. 31
1933. During the year 1934 dividends aggregating $2.50 per share were
-Montreal Light, Heat & Power Consolidated-To
paid on the $6 preferred stock. No provision has been made in the above
-Redeem Bonds
statement for undeclared cumulative dividends in the amounts of $437.242
($6.50 per share) on the $6 preferred stock and $402,500 ($11.50 per share)
President John S. Norris. announced on June 28 that redemption of the
1 1935, at
on the $6 second preferred stock to Dec. 31 1934.
first refunding and collateral trust series B 5% bonds on Sept.investment
105 and accrued interest will be effected by utilizing cash and
Balance Sheet Dec. 31
-V.140, p. 1149.
not be replaced by another issue.
assets, and the bonds will
1933
1934
1933
1934
3
$
-Earnings
Liabilities-8
Assets$
Motor Products Corp.
x Capital stock_.15,399,641 15,399,641
Plant, property,
1931
1932
1933
1934
Calendar Yearsfranchises, &c._33,553,102 33,660,802 Long-term debt_ __16,619,457 16,663,299
$454,433
$298,682 loss$48,227
$663,195
oper__
Gross profit from
70,633 Contracts PaY'le79,352
Investments
130,090
108,469
63,629
102,579
Other income
30,204
58,218
municipal oblige
Cash In banks-on
Profit on disposition of
79,294 Loans pay.-Elec.
71,814
demand
382
Dr9,667
Dr6,293
588,000
capital assets
97,000
Pr. & Lt. Corp_
1,133
U.S. Tress notes_
121,580
81,78e Accounts payable_ 168,504
50,906
Notes & oans rec.
$584,905
$50,575
$356,018
$765,775
147,891
Total
172,600
475,322 Customers' don'ts_
Accts. receivable.. 590,800
288,876
270,603
258,151
327.700
Selling, adm.& gen. exp.
569,693
259,845 Accrued accounts_ 643.063
Mat'ls & supplies_ 236,202
22,377
21,183
Interest paid
4,081
39,625 Misc. eurr. Habits_
41,013
Prepayments
40.809
on bank dep
Prov.for loss
58,853
45,793
20 901 Miscell. liabilities_
35,614
Mlso.current assets
45,000
Prov. for contingencies_
1,000
50,627
487,339 Sundry credit __ __
424,211
Miscell. assets_
314,490
297.979
273,810
209,813
Depreciation
587,849 Consignments
564,054
Deferred charges
25,500
8,979
Prov.for income tax....
8,087
contra
Consigned mat'ls1,126,640 1,166,442
8,979 Reserves
8,087
contra
$18,461
$518,007
$216,752
prof$135,385
Net loss
205,461
203,756
Capital surplus_
2.393,905
674,468 1.979,398
31,311
790,146
Earn. Surp. begin, of yr.
Earned surplus... 1,058,821
Reserve for conversion of
19,807
Canad'n current assets
35,656.290 35,772,374
Total
35,656,290 35,772,374
Total
Adj. at Dec. 31 1934 of
x Represented by $6 preferred, 69,000 shares;$6 second preferred, 35,000
res. for reduc. of secs.
-V. 140, p. 3723, 3050.
shares; common, 1.000,000 shares.
806,684
to market value
Adj. in respect of mu37,513
Missouri & North Arkansas Ry.-Earnings.nicipal bond int. rec.
1932
1933
1934
1935
May8477,523 $1,461,391 $2,375,444
$1,010,894
$68.532
Total surplus
$75,598
$88,926
$78,679
from railway
Gross
286,478
387,518
def6.624
19.018
Dividends paid
20,712
22,461
Net from railway
5,802 def17,084
Adjust. of val. of sec. &
11,244
13,874
Net after rents
500,444
Can, curt, assets (net)
From Jan. 1
8,529
375,833
312.604
Add'l inc. taxes prior yrs
411,915
119,771
Grose from railway
12,713
17.822
Reserve for reduction of
69,084
34,771
Net from railway
446,212
def68,311
def34.706
sec. to market value_
12,851
21,333
Net after rents
-V. 140, p. 3394.
$674,468 $1,979,397
$31,311
Earned surplus Dec.31 $1,010.894
Nil
Nil
Nil
$0.69
Earns.per com.sh.outst'g
Missouri Illinois RR.-Earnings.Balance Sheet Dec. 31 1934
1932
1933
1934
1935
May$66,691
-Cash on hand & in banks, $32,788; municipal & U. S. Gov.
Assets
$60,601
$87.450
886,656
Gross From railway
7,815
securities & accrued int. (less reserve to reduce to market value),$2,021.934;
9.046
27,429
13,629
Net from railway
def3,114
accounts receivable, trade (less reserve for doubtful accounts of $19,309),
def3,913
12,353
4,975
Net after rents
$758,921; inventories, $881,310; deposits in closed banks (less reserve for
From Jan. 1
368,099
loss on realization of $40,809), $36,870; land, $1,132,794; buildings, ma301.788
383.132
425.007
Gross from railway
69,547
31,589
chinery & equipment, automobiles & trucks (lees reserve for depreciation
98,487
95,567
Net from railway
3.338
of $2,156,085). $2,493,630; deferred charges, $99,554; total. 87,457,805.
def36.766
42.411
32,106
Net after rents
Liabilities-Accounts payable, $450.893; taxes payable, $17,388; ac-V. 140, p. 3723.
cruals, $179,176; reserve for capital stock & income taxes, $31,580; reserve
for contingencies, $45,000; capital stock (stated value $l() per share),
Missouri Pacific RR.-Rarnings.$1,956,270; capital surplus, $3.766,602; earned surplus, $1,010,893; total.
1932
1933
1934
87,457,805.-V. 140, p. 3051.
1935
May-111
$5,857,151 $6,333,307 $5,845,330 $5,503,773
Gross from railway
-Earnings
970,120
Mount Vernon-Woodberry Mills, Inc.
1.417,632
1,544,108
1,583,384
Net from railway
271,973
676,908
799,937
893,152
Net after rents
Earnings for Year Ended Dec. 31 1934
P.From Jan. 1
$767,422
Income for the year before interest charges & depreciation_ _
28,917,859 29,905.223 24,975,575 29.377.893
Gross from railway
3,432
6,163,648
4,740,004
Imerest
4,915,222 6,959,442
Net from railway
350,000
2.577,601
1,315,882
Provision for depreciation
3,272,721
1,484,897
Net after rents
-V. 140, p. 4407.
$413.990
Net income for the year
$787.845
Balance, Jan. 1 1934 (incl. $228.028 capital surplus)
87,658
Mobile & Ohio RR.-Earnings.Surplus credits
1932
1933
1934
1935
moo
$1,289,494
$684,161
$779,403
surplus
$771,908
Total
$744,884
Gross from railway
325,002
69,677
205.824
134,669
Dividends on preferred stock
117,633
Net from railway
def61,584
87,741
21,532
14,236
Net after rents
x$964,491
1934 (incl. $297,686 capital surplus)
Surplus, Dec. 31
From Jan. 1
3,680,578 3,076,918 3,442,688
3,355,108
Gross from railway
x Subject to accumulated dividends on preferred stock, when declared.
341,6(10
486.529
590,361
264,621
Net from railway
of $59.50 per share.
def260.558
def27.676
54,787
Balance Sheet Dec. 31 1934
197,601
Net after rents
-V. 140, p. 4240.
-Cash, $299,477; note & accounts receivable, $798,397: InvenAssets
$2,805,308; investments, $390,612; property & plants (lees reserve
tories,
-Earnings
Montana Power Co,(& Subs.)
for depreciation of $8,091,421), $6,157.121; good-will, &c., $2,769,414;
deferred charges. $43.315; total, 313,263,649.
[American Power & Light Co. Subsidiary]
-Note payable, $200,000; accounts payable (incl. income,
Liabilities
1935-12 Mos.-1934
-Month-1934
Period End. May 31- 1935
capital stock & processing taxes), $397,772: reserves, $745.737; 7% cumu$611,503 $9,903,562 $9,026,392
8944,771
Operating revenues
lative preferred stock (par 8100), $6,443,748; common stock (par $100).
369,113 4,904.044 4,783.683
458.207
Operating expenses
$4,511,900; surplus (incl. $297,686 capital surplus), $964,491; total,
313,263,649.-V. 140, p. 3902.
$242.390 $4,999,518 $4,252,709
Net revs,from oper__ $486,564
90,673
127,719
9,910
11,322
-Earnings
Other income (net)
Co.
Morse Chain
Gross corp. income__ _
Int.& other deductions_
$497,886
207,693
$252,300 85,127,237 $4,333,382
2,563,104
2,529,417
210.55,3
y$41.747 $2,597,820 $1,770,278
y$290,193
Balance
415,000
476,744
Property retirement reserve appropriations
z Dividends applicable to pref. stock for period,
954,359
955,413
whether paid or unpaid
$400.919
$1.165,663
Balance
dividends
y Before property retirement reserve appropriations and After the
z Regular dividend on $6 pref. stock was paid on May 1 1935.
unpaid dividends at
payment of this dividend there were no accumulated
-V. 140, P. 3558.
that date.
Income Account for Year Ended Dec. 31 1934
Net operating profit after deduc. of factory, adminis. & selling
exp., but before deduc. of deprec. & sundry charges
Interest, discounts & sundry receipts
$329,197
67,534
Total profit
Deprec. of plant & equipment
Interest paid on debentures
Other interest paid
Provision for Federal taxes
$396,732
138,514
64,500
156
24,747
Net Income for year ended Dec.31 1934
8168,813
Volume 141
Financial Chronicle
121
Balance Sheet Dec. 31 1934
Nashville Chattanooga & St. Louis Ry.-Earnings.Assets-Cash in banks and on hand, $935,767; marketabl
e securities
(less reserve). $427,465; customers
May' notes receivable, $4,210; customers'
1933
accounts receivable (lees reserve). $141,362;
Gross from railway
affiliated companies accounts
$1,046,998 59 3
193 $1, 3 ,295 $1,130,511
1 4
09
receivable, 38,977; other accounts receivable
$93,166
1 32
95
Net from railway
, $26,017:
94,346
159,331
247,906
$537,627; investments at cost in subsidiary companies materials & supplies,
Net after rents
30,349
, $185.651; property.
95,867
plant and equipment (less reserve
19b,737
des42,676
11 6 61
From Jan. 1for deprec. of $3,180,202), $2,479,562;
prepaid expenses, $16,595; deferred
Gross from railway
5.230,732
5,643,101
4,997,416
5,025,891
Um), $7,208; total, $4,794,287. charges, $23,840; patents (less amortizaNet srom railway
520,394
1,006,456
Liabilities-Accounts payable &
Net aster rents
189.736
667,209
5M.
7 Nt
panies, $10,463; accruals--other, accrued payroll. $63,957; affiliated corn3afit
-V. 140, p. 3902.
including provision for Federal
$37,524; 20
-year 6% sinking fund gold debenture bonds due Jan. 1 taxes.
1948.
$1.075.000; reserve for miscellaneous taxes, $500; capital
/National Automotive Fibres, Inc.
-Initial and Extra
stock, $2,880,530;
surplus, $726,311; total, 84,794,287.-V.
Class A Dividend140, p. 3724.
The directors have declared an initial dividend of 25 cents per share
-----sMorris & Essex RR.
and
-Stock OfferedOff
an extra dividend of 12M cents per share on the no par class A stock,
B. W.Pizzini &
both payable Aug. 1 to holders of record July 15.-V. 140,
of 7)!,% stock at Co., New York and Philadelphia are offering 1,500 shares
p. 4242.
price
guaranteed by Delaware,to - yield about 6%. Dividends on the stock are "
National Gypsum Co.
Lackawanna & Western 1111.-V. 140,P.481
-!To Pay ArrearagesThe directors have declared both the cash and stock dividends on
Motor Bankers Corp.
preferred stock, which was recently approved by stockholders, to the
-Earningserase
arrearage amounting to $21.50 on majority of the existing stock
and to
Earnings for Year Ended Dec. 31 1934
$16.25 on the smaller amount, payable Aug.
incomeTh
Total
enew second preferred stock being issued15 to stock of record Aug. 1.
in part payment of arrears
$125,323
Expenses
will be dated July 1 1935.
58,705
Provision for bad debts
As previously announced the preferred stockholders entitled
32.500
Stocks and option written off as worthless
amount of arrears will receive one share of new 5% (par to the larger
10,395
$20) second
Provision for expenses in connectio
preferred and $1.50 in cash, and stockholders entitled to the smaller amount
n with
3,835008
Operating loss of wholly owned subsidiar properties disposed of
will be given three quarters of a share of new preferred and $1.25 in cash.
Provision to adjust securities values to y company
See also V. 140, p. 4407.
lower of cost or market.._
1,601
Profit for the year
National Gypsum Co.-Earnings$17,781
Balace Sheet Dec. 31 1934
n
Earnings for Year Ended Dec. 31 1934
Assets-Cash on deposit and on hand, $70,966;
Prolit from oper., after selling, adminis & other expenses
U. S. Govt. obligations,
$480,000; Canadian Govt.,
$471:718
47 778
Depreciation & depletion
stocks and stock warrants, municipal and corporation bonds, $90,091;
$27,128) $140,368; accrued $263,123; notes receivable (less reserve of
,
Operating profit
interest and dividends receivable, $2,822;
claims against closed banks
$376,063
Other deductions
(less
vestment (at coat): (less reserve reserve of $4,000), $4,500; real estate in72 9
7 ;189
6
advances to wholly owned sub. of $125,221), $92,705; investment in and
company, $1,516; investment in and adBalance
vances to affiliated companie
$303,880
Other income
s
deferred charges, $140; total, (at cost), $54,972;Property accounts. $3,057;
56,661
$1,204,263.
Liabilities
-Notes payable to
Profit before Federal income tax_
payable. $6,082; accrued local bank (secured), $300,000: sundry accounts
$33680:000541
ed
Provision for estimated Federal income tax
and Federal capital stock taxes, $3,225;
sundry accruals and
reserves, $5,568; common stock (par $1). $87,630;
. capital surplus, $778,214;
earned
Net profit
$321.541
$1,201,263.-V. 139. p. 1245. surplus since Jan. 1 1932. $23,543: total,
Dividends on preferred stock
179,827
Munson Steamship Line (& Subs.)
-Balance
-Earnings
$141,714
Earnings for Period from June 13 1934 to March 31 1935
Balance Sheet Dec. 31 1934
Operating revenues
Assets
-Cash. $113,252; certificates of deposit, $80.290; U. S. GovernSteamships _- __________________
ment bonds, $365,278; State of West Virginia bonds, $31,342: notes
____ __________________ $4,798,519
&
Office buildings and hotel properties
accounts receivable (less reserves), $4.66,103: inventory, $306,503: gypsum
472,112
& lime deposits owned & leased (less depletion to date of $118,232)
, $1
Total revenue
839,657; other assets, $45,011; land, $51,692: buildingonachinery & equip$5,270,632
Operating and administrative and
ment (less allowance for depreciation of $400,046), $1,153,945; furniture
general expenses
5,101,251
& fixtures, $1: patents & trade-marks
-at cost (lees amortization), $42,234;
Profit
deferred charges, $75,660; total, $4,570,900.
$169,381
Profit on miscellaneous opexation
Liabilities-Accounts payable, $88,128; preferred stock dividend (paid
s
28,890
Jan. 2 1935), $45,041; accrued interest, local taxes, &c., 314,959; Federal
Net operating profit
taxes (estimated), $43,736; license agreement, $48,370: mortgage payable
$198,272
Non-operating income (net),
(1939). $40,000; 6% sinking fund bonds (1943
incl. credit of $10,500 understood
-outstanding), $430,000;
to be non-recurring and
reserve for general contingencies. $27,000: 7% preferred stock ($100 par).
diva. of $7,600 from an affiliated co
25,597
$2,629.567; class A (non-voting) common stock ($5 par). $652,316; class
Total income
B common stock ($1 par). $15,000; capital surplus. $769,547; o at
$223,870
Min, stockholders'
g
deficit, $232,764: total, $4,570,900.-V. 140, p. 4407.
149
Interest charges ofint. in profits & losses, before depr. of subssubsidiaries
9,515 s---National Liberty Insurance Co.
Interest charges ol Munson Steamship Line,
of America-Extra iv,
Debtor __ _ - - -. --4,329
Amortiz. of debt disc. & exp.--Mu
The directors have declared an extra dividend of five cents per share hi
nson Bldg. Corp., Debtor__
401
addition to the regular semi-annual dividend of 10 cents per share on the
Net profit
capital stock, par $2, both payable Aug. 15 to holders of record Aug.
$209,474
Similar distributions were made on Feb.20 1935 and Aug. 13 1934.-V. 1.
140.
Consolidated Balance Sheet
P. 2362.
Mar.31 '35 June 13'34
Mar. 31'35 Junel3'34
Assets
Neptune Metor Co. (8t Subs.)
-Earnings
Cash
207,327
113,046 Notes, drafts and
Calendar Yearsx Receivables
1934
1933
1932
450,241
accts. payable,
Net sales
Stores and supplies 498,019
$2.032,364 82.083,149
382,388
340,536
accr. int., &c.,
Cost ofsales, excl. prov.for deprec__ _Unavailable
Prepaid insurance_ 125,846
1,031,502
1,168,703
250,036
applic. subseq't
Selling & administrative expenses.._ _ _
Special deposits &
744,342
798,165
to June 13 1934_ 550,844
misc. investmls
81,464
78,604
Appl.June 30'34 2,907,614 3,797,103
Operating profit
Inv. in St amounts
$433,087
$256,520
8116.281
Res. for pers'l inOther income
owing from affil18,786
34,978
26,783
jury claims, car- .
iated cos
73,971
73,315
Total income
Property (less res.)23,756,850 23,958,567 go claims, &c.._ 274,821
268,076
$451,873
$291,498
$143,063
Excess of rev, over
Deductionsfrom income
Goodwill, &c
,
45,010
51,355
113,703
580,250
580,250 exp. on voyages
Prov.for deprec. of plant & equipment
Deferred charges
102.411
107.013
121.540
560,569
547,400
not completed,
Provision for Federal income tax
39.054
5,780
&c
466,013
364,139
Funded debt, incl.
Net income for year
$265,399
$127.351 def$92,180
past due maturiNote
-Net sales in 1933 and 1932 include sales to wholly-owned Canadian
ties & maturities
subsidiary company of $9,474 and $15.702, respectively.
due within 1 yr_15,615,018 15,620,134
Consolidated Balance Sheet Dec. 31 1934
Other reserves
387,889
352,709
Mtn. stockholders'
Assets
-Cash, $213,676; marketable securities, $18,308; notes receivable.
Int. In capital
municipal and tax anticipation warrants and accounts receivable (less
stock & surplus
reserve for doubtful accounts and allowances of $79,311). $589,499; inof subsidiaries
ventories,$452,066; unexpended balances of expense funds,$6,874; Canadian
727,993
732,152
6 Z cum. pret.stk_ 1,104,500 1,104,500
,
subsidiary company (wholly owned), $225,742: sundry investments in
Common stock (no
securities and real estate, $56,373: stock instalment purchase contracts,
par value)
2,451,000 2,451,000
$8,876; loans to officers and employees, $100,196;land, $206,902; buildings,
Capital surplus...._ 1,467,130 1,467.215
machinery and equipment (less reserve for depreciation of $1,939,565).
Earned surplus_ .._ 313,862
$1,044,350; prepaid expenses and deferred charges, $41,699; patents, good234,967
will, &c., $1; total. $2,964,562.
Total
26,266,688 26,391,998
Total
26,266,688 26,391,998
Liabilities-Accounts payable, $35,189: salaries and wages,
-V. 140, p. 980.
taxes, $56,943; accrued interest and expenses, $1,375; mortgage $13,433;
payable
(on Chicago property, due Aug. 1 1935). $60,000; general reserve for conMuskegon Motor Specialties Co.
tingencies, $10.000; 8% cum. pref. stock ($100 par), $1,990,800; common
-Earnings
stock (consisting of class A stock, no par, 200,000 shares, and class B stock,
no par, 50,000 shares, less 22,926 shares A and 13 shares in treasury), no
Earnings for Year Ended Dec. 31 1934
Gross profit from sales before
stated value given; earned surplus (less cost of common stock purchased
providing for depreciation__
$307,425
Selling and Administrative expenses
and held in treasury of 8418,082), $796,821; total, $2,964,562.-V. 139.
72.379
p. 3970.
Profit from operations before providing
for depredation_ $235.045
Other income-net
Nevada-California Electric Corp.(8z Subs.)
-Earnings
98,697
Period End. May 31- 1935
-Month
-1934
1935-12 Mos.-1934
Net inc. before providing for deprec.
Gross oper.earnings_ __ _ $445,546
$574,020 $4,982,289 $5,183,805
& Fed. inc. tax
$333,743
Provision for depreciation
Oper.& gen.exp.& taxes
199,304
289.720
2,754.878 2.533.481
210,429
Provision for Federal income tax
15,597
Operating profits_ _ _ _
$246.242
$284,300 $2,227,411 $2.650,324
Net income for the year
Non-oper. earns.(net)-_
7,705
6.296
124,742
75.720
$107,716
Deficit. Jan. 1 1934
95.916
Total income
8253,947
$290,597 $2,352,154 $2,726,044
Interest
Surplus, Dec.31 1934
120,276
122,662
1,456,427
1,548,248
$11,799
Depreciation
52,909
48,363
631,275
580.414
Balance Sheet Dec. 31 1934
Discount & expense on
Assets
securities sold
-Cash, $740,300; accounts receivable, $102,290;
8,547
8,580
102,524
105,776
inventories.
$161,571; investments and miscellaneous assets, $2,762;
Miscell. addition & deand equipment (incl. properties not used in operationsreal estate, plants
ductions (net Cr.)--- Dr3,106
Dr1,990
95,031
191.334
; less reserves for
depreciation of $1,702,387), $1,319,059: deferred charges,
$10.375; total,
$2,336.359.
Surplus avail. for redamp.of bds.,diva.,&c $69,108
Liabilities-Accounts payable and sundry accrued
$109,001
$256,958
$682,939
liabilities, $68,457; -V. 140,
Federal income tax-year 1934, $15,597; reserves,
P. 4408.
$34,057; account payable
to parent company, $1,042; capital stock of no par
value (represented by:
Nevada Northern Ry.-Earnings.class A cony.60.000 shares and common 225,000 shares).
$2,205,404;surplus
(incl. surplus of Jackson Motor Shaft Cp. at date
May1935
of acquisition of that
1934
1933
1932
company. $286,918). $11.799; total, 82,336.359.-Y. 140,
Gross from railway_ _ __..
$32,637
$25,996
$20,190
P. 4407.
$33,415
Net from railway
8,936
4.303
def3.038
4,174
Nash Motors Co.
Net after rents
-Earnings--6,086
1,427
def5,944
918
From Jan. 1
Period End. May 31- 1935-3 Mos.-1934
1935-6 Mos.-1934
Gross from railway
149,507
129,491
Net loss after taxes &
98,448
148,739
Net from railway
25,919
19,619
def21,840
cnarges
$556,310
2,128
$893,369
$962,216 $1,017,089
Net after rents
11,987
140, p. 4241.
7.358
def37,102
def19,735
-V. 140, p. 3726.
New Britain
July 6 1935
Financial Chronicle
122
Machine
-Earnings
Co.
1933
1934
Calendar YearsNet loss for year after deducting cost
of mfg., deprec. & repairs, selling &
prof87,200
administrative expenses, &c
Additional reserves for obsolescence,
receivables ,Sr investments
Dividends paid class A pref. stock_
Loss
Book value of treasury stock
Common stock & surplus Jan. 1
1932
----- New Yor
Issue in Fall
$179,599
8234,032
24,400
99.803
12,292
$203,999
51,444
1,329,961
prof$7,200
1,074,517
$346,127
1,676,088
Common stock & surplus Dec. 31- $1,081.717 $1.074,517 31.329,961
Consolidated Balance Sheet Dec. 31 1934
Assets
-Cash & certificates of depoeit, 3183,986: trade acceptances &
accounts receivable-customers (less allowance). $237,599; inventories,
$631,109; other assets, $54.157: land, buildings, machinery & equipment
(less allowance for depreciation & amortization). $808,059; deferred charges,
$22,471; total. $1,937,382.
Liabilities-Notes payable, $50.000; accounts payable, 833.171; accrued
accounts, $24,289; purchase money obligation, $4,300; minority interest.
341,505; 7% cum. class A pref. stock, $702.400; common stock dr surplus
(represented by 76,956 shares of no par). $1,081,717; total, $1,937,382.
V. 139, p. 1094.
New England Confectionery Co.-Bal. Sheet Dec. 311933
1934
Assets$347,394 $253,939
Cash
247,690
Accts.& notes rec_ 263,708
445,119
575,936
Inventories
844,868
561,255
Investments
2,579,883 2,701,576
Real estate
Notes and stock at
25,433
20,195
cost
1
1
Good-will
Treasury stock (at
37,200
37,800
par)
Claim for deposit
13,672
In closed bank
17,090
Claim in suspense_
37,992
39,643
Deterred charges
1933
1934
$84,584
Current liabilities_ 5102,462
24,535
Dividend payable.
2,000,000 2,000,000
Capital stock
50,450
50,600
Capital surplus- _
Earned surplus. _ 2,286,426 2.251,339
08
54,439.488 54,410,9
Total
Earnings for Year Ended Dec. 31 1934
Net sales
Cost of sales, selling. administrative & general expenses
Depreciation of machinery, equipment dr buildings
Certain selling expenses
Certain administrative & general expenses
32,291,438
1,771,659
86,061
184,343
114,336
•$135,039
17.796
Profit from operations
Other income
$152,835
36.060
18,214
Gross income
Charges against income
Provision for income taxes
$98,560
Net profit
Balance Sheet Dec. 31 1934
-Cash in banks & on hand,$173,239; accounts Sr notes receivable
Assets
trade (leas reserve for doubtiul accounts of $35,000). $335,606: accounts
receivable (sundries), $2,557: accrued interest receivable, $173: marketable
securities (cost $10,000) market value, $5,762; cash surrender value of
Iiie insurance policies on officers and employee, $91,923; inventories,
$823,825; due from officers & employees (incl. salesmen's samples), $3,622:
deferred charges to expense, $33,863; land, $48,920; buildings, machinery
& equipment (less reserves for depreciation of 31.961.519), $1.118.425;
good-will, $1; total, $2,637.918.
-Note payable (bank), $100,000; accounts payable. $40,620:
Liabilities
$48,337; reunpaid & accrued wages, $17,191; unpaid & accrued taxes, cumul. (par
for old outstanding checks, &c., $489: 133.e % pref.
serves
40 shs.
$100) stock, $699,000; common stock (71,960 shs. after deducting total.
held in treasury at cost of $500), $899,500; surplus. 3832,7801
p. 2871.
82,637,918.-V. 140.
Service
Inc.-Reorgafization
The company on May 27 1935, filed its petition in the U. S. District
Act.
Court at New Orleans for relief under Section 77-B of the Bankruptcy an
The Court approved the petition of debtor as properly filed and entered
and assets until
order continuing the debtor in possession of its property entered its order
further orders of the Court. The Court, on June 18 1935, reorganization
plan of
unconditionally approving and confirming theAug 24 1934. heretofore
dated
(being the extension plan and agreement its general lien 434% gold bonds)
known holders of
submitted by debtor to all
of its property and
and continued the debtor in possession and control
assets subject to the orders of the Court.
debtor, the trustee under the general
The Court further ordered that
extension plan and
lien mortgage, and the agents apponited by it under the the consummation
agreement, dated Aug. 24 1934, proceed forthwith to to that end, and
necessary
of the plan of reorganization, and do all thingsof said order, debtor should
particularly that within 30 days from the date
the payment of 10%
deposit with the agents funds sufficient to make the plan of reorganizaon the principal amount of the bonds as stipulated in the bonds not theretoto pay any interest coupons appertaining to
tion. and
fore paid.
of deposit
The Court further ordered that the holders of certificates
of the extension plan
issued by any agent of debtor under the provisions the respective agents
to
and agreement should present their certificates signatures guaranteed,
who issued the same, duly endorsed in blank, with
their bonds, with
for the purpose of obtainingfrom such agents redelivery ofof reorganization,
the endorsements and attachments called for by the plan
payment of 10% of the principal of their bonds, all as
and of obtaining
provided for in the plan of reorganization.
undeposited on
The Court further ordered that all bonds remaining
with all unJune 18 1935, with an agent of debtor, should be presented, 100 BroadCo., agent,
Trust
matured coupons attached only to New Yorkto the agent to make the enway, New York, with written authorization
plan of redorsements and attachments to the bonds called for by thebeing made,
organization, and, upon such endorsements and attachments provided for
payment of the 10% of the principal thereof, all as
to obtain
In the plan of reorganization.
decree of
The Court reserved to debtor the right to apply for a final
decree.
by
discharge, when it had performed all of the acts required of itlienthe
bonds has
general
The 10% payment of the principal amount of the
lien
deposited as provided by the above order. Holders of generalniay
been
plan
bonds who have not already deposited their bonds under the
also obtain payment of 10% of the principal of their bonds by presenting
-V. 140, p. 3903.
the same to New York Trust Co.
New Orleans Texas & Mexico Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gram from railway
Net from railway
Net after rents
-V. 140, p. 4408.
1935
$137,804
75,998
82,410
1934
$193,488
84.008
94.842
1933
3110,808
23,263
40,789
1932
$144.565
34,022
43,845
752,791
255.092
294,783
843.891
314,529
367,413
583.271
107.404
185,071
745,860
142,912
168,127
Approyrd-
-ConsolidationNew York Edison Co.
the United Electric Light & Power
Stockholders of this company and
gs held Jeate-88 approved the proposed consolidation of
c „se/medal me
of the New York Public Service
thes
he two companies) ubject to the approval the companies now is pending
application to combine
Commission. T
before the conamissien.-V. 140, p. 4243.
on Finance
Loans zt&alhIg $15,600,000, granted by the Reconstructi
Aug. 1, have
1
Corporetion to the road and maturing between Julytheand a conversion
Fall
that in
heel:vex-tended until Oct. 1 in the expectation
also banking
issue will be floated to absorb not only the RFC loans but Jesse Jones
loans to the road. In announcing this on July 1ifChairman
the October date was
I (Mated that there might be a further extension
premature.
only tentative discussions have
While no details have been arranged and that a refunding issue could be
been heist Mr. Jones expressed confidence particularly as the loans to the
form to the market,
set up in acceptable
The conversion issue, he thought
New York Central are excellently secured.3100.000,000. The debts of the
would be for between $90,000,000 and total about $90,000,000.
to private banks
railroad to the RFC and
prepared to
Should such an arrangement be made. the RFC would be loans but
its present
take of the conversion issue not only the amount of loans to the road total
in addition. The RFC
o bly a considerable part
said.
.500,000, of which $11,900,000 fall due next year, 5r. Jones
Changed to New York Central System
Name
group of
F. E. Williamson, President, has announced that h eafte•r the the New
as
railroads known as the New York Central Lines will be known
York Central System.
The new name replaces one that has been in use shlee the consolidation
several
RR.,
In 1914, when the New York Central dr Hudson River RR. with system
The
others, was consolidated into the New York Central
represents a mileage of about 11,866.
Restores Pension System
The requirement of the company's pension regulations that employees
retire at the age of 70 years was resumed on July 1, F. E. Williamson,
by the
President, announced. The rule was supended pending action
United States Supreme Court on the railway pension fund.
than 700 employees, 70 years
As a result of resumption of the rule, moreThe pension system, which is
of age or over, will be retired on July 31.
paid for by the company, has been in effect 25 Years.
-
-Earnings
New Haven Clock Co.
Public
-Conversion
-(RFC Extends Loans
RR.
New Name
Central
,
President Williamson announced that the name "New York Lines."
System" would henceforth replace the name "New York Central
used on equipment and in advertising, was adopted in
The present title,
was con1914, when the New York Central & Hudson River Railroad
-V. 140. p. 4408.
solidated with several others.
$4,439,488 54,410,908
Total
-V. 139, p. 1094.
New Orleans
Approved
Central
-To Issue $2,300,000
York Water Service Corp.
-See under "Current Events and Discussions"
1st Mtge. 5s
-V. 140, p. 3223.
on a preceding page.
--Tenders
Northern New York Utilities, Inc. Aug. 19, receive bids for
Co. will until
The Northern New York Trust and iefunding mortgage 7% gold bonds.
lien
"New
the sale to it of sufficient first
105 and
series A to exhaust the sum of $12,053 at prices not exceeding
-V. 140, p. 3903.
interest.
-Bonds Called
Northern Ohio Telephone Co.
gold
fund 30
-year
All of the outstanding first mortgage sinkingfor redemption 5 pi%
on Aug. 1,
bonds series A due Feb. 1 1957 have been called
National
at 105 and interest. Payment will be made at the Central United
-V. 140, D. 2365.
Bank of Cleveland, trustee.
-May Raise Rates
Northwest Air Lines, Inc.
by the Interstate ComContending that the rate of 25 cents a mile fixed
Fargo, N. D.,
merce Commission as the basic rate for the route betweenICC to redeterthe company has asked the
and Seattle, Wash., is too low,
on the route between
mine the rate of air mail pay on that route and
it has been losing
Chicago and Pembina, N. D. The company contends
operating existence.
money consistently and that the losses threaten itsthe new rate of 25 cents,
The Commission in its ruling of March 11 fixed
on the
as against 33 1-3 cents the company had been receiving previouslyhad inCommission
Fargo-Seattle route. The company contended thebut now has fuller ininformation on which to base the change,
sufficient
-V. 138. p. 2758.
formation.
--Earnings.
Northwestern Pacific RR.
ayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 3728.
1934
$259,108
26,560
def234
1935
$264,810
2,342
def24,516
1.146,181
def99,738
def219,395
1933
152i6.249
de/4,260
def30,380
1932
$266,873
21,490
def20,343
1,202,931
918,174
1,143,736
17,571 def168.144 def127,091
def113,190 de1327,444 def333,798
-Earnings
Ohio Bell Telephone Co.
1935-5 Mos.-1941
-Month-1934
Period End. May 31- 1935
$3,026,682 $2,929,619 $14,635,510 $14,158,867
Operating reven ues
43,443
Cr12,825
Cr18,994
8,565
Uncollectible open rev_ _
1,877.778 9,156.237 9,124,484
1,863,206
Operating expenses
1,739,673
365,874 1,859,231
377,844
Operating taxes
$704,961 83,576,599 $3,307,535
Net operatimoncome $777.067
-V. 140, p. 4076.
Ohio Copper Co. of Utah-Earnings
Calendar Years
Total income
Int. on bonds. &c
Admin. expense, &c_ _ _ _
Transf. & registration_ _
Reserve for deprec
Res. for deplet. of mine
Maint. & operations
Adjustments _
1934
$25,019
13,408
21,919
1,442
4.708
22,198
1932
1931
1933
$8,175 loss$44,964 def$40,044
13,884
50,307
54.396
7,087
39,600
39,600
39,600
6.964
7,597
4,084
21,820
$140,999
$106,384
$114,389
$38,657
488,051
594,434
708.823
747.480
Balance Sheet Dec. 31 1934
Assets-Property account (less valuation reserves of 31,316,731), $2.411,344; investments, $393,418; inventories. $10,860; cash and drafta in
transit, $812; accounts receivable, $10,605; deficit. $747,480; total,
$3,574,519.
Liabilities-Capital stock, $3,307.575; 1st mtge. 7% cony. bonds, $135.000; current accounts payable, $2,034; deferred accounts payable. $57.655:
accrued payroll, $873; accrued interest, taxes, and insurance, $56,978;
special reserves, $14,404; total, $3,574,519.-V. 139. P. 2840.
Deficit
Prof.& loss def. Dec.31
Oklahoma City-Ada-Atpka Ry.-Earnings.•
1935
Maye$6,904
Gross from railway
railway,
Net from
3,294
Net alter rents
From Jan. 1
183,160
Gross from railway
67,586
Net from railway
22,904
Net after rents
• -V. 140, p. 3728.
1934
$29,143
1933
$25,222
900
1,‘
def5,301
1932
$38,995
14,924
2,525
141.357
49,597
1,821
137,763
50,254
def2,876
179,354
53,096
8,551
-Bonds Authorized
-" grange & Rockland Electric Co. authorized the issuance of
on June 28
The New York P. S. Commission
than
31.187.0004% 1st mtge. bonds, series due 1960, to be sold at not less are
and
99M and int. Proceeds of not less than $1,181,065 are to be realized 5% 1st
outstanding
to be employed_ toward the refunding of $1,250,000redemption and paid
mtge. gold bonds, series due 1958, to be called for
Aug. 1.
in
The company arranged with Bonbright & Co., Inc.. to act as agents
or not
disposing of the bonds at a fee or commission of one-half of 1%,part of
have received offers for
more than $6,250. The agents, it is said,
receive not
the bonds at par, and on the balance the company probably will
lees than 99h % of par.
Volume 141
Financial Chronicle
Bonds Called
All of the outstanding first mortgage gold bonds,
have been called for redemption on Aug. 1 at 105 and5% series due 1958.
Payment
will be made at the Bankers Trust Co..New York City. interest. P.4070.
-V.140.
Oregon-Washington Water Service Corp.
-Earnings--12 Months Ended May 31Gross revenue
Net profit before interest, depreciation &c
V. 140, p. 3904.
1935
$465,396
190,877
1934
$447,314
188,374
O'Sullivan Rubber Co.
-Dividend Decreased-
A dividend of 2,1i cents per share was paid on the common stock, par $1
on July 1 to holders of record June 25, as compared with 10 cents paid
quarterly since June 30 1934. when an initial distribution of 10 cents per
share was paid.
-V. 139, p. 3814.
Pacific Public Service Co.(& Subs.)
-Earnings
--
3 Months Ended March 31Operating revenue
Operation expense
Maintenance and repairs
Depreciation (incl. amortization ofinvestment)__
Taxes (other than Federal income)
Net income from operations
Other income
1935
1934
$1,111,936 $1,059,995
437,406
419,863
30,522
32,924
150,152
156,717
84,573
73.776
$376,713
7.237
$421,665
125.262
2,085
1,539
45.231
53,296
$383,950
144,524
30,567
1,999
32,425
55,516
$194,249
Total income
Interest on funded debt
Amortization of debt discount and expense
Miscellaneous
Provision for Federal income taxes
Dividends on preferred stock of subsidiary---Net profit to surplus
-V.140. p. 4410.
$409,281
12,383
$118,917
Pan American Southern Corp.(& Subs.)
-EarningsYears Ended Dec. 31Net sales
Cost of sales, sell. & adminis., &c., expenses
1934
1933
$7,194,124 $5,904,858
7,873,840 6.428,598
Operating loss before deducting depreciationInterest and divideads
Profit on sale of securities (net)
Profit on sale of capital assets (net)
Other charges
Miscellaneous income
Total income
Provision or depreciation
Provision for Federal income taxes
$679,716
462,870
25,761
Dr85,958
78,979
loss5198,064
524.271
27.035
$523,739
558,952
53,200
123
from a point north of and near Goodyear, in a northerly direction to Etal,
20.07 miles, all in Pearl River County, Miss.
-V.132, p. 2382.
Penman's, Ltd., Montreal
-Earnings
--
Calendar Years1934
1933
1932
1931
Sales
$5,193,194 $5,005,103 $4,766,707 $5,352,128
Profits
x637,407
549,542
436,614
313,578
Depreciation
140,000
140,000
100,000
Bond interest
110,000
110,000
110,000
110,000
Prov.for income taxes
50,000
Directors remuneration13.050
Bad debts, &c., written
off
49.765
22,030
39.120
58,545
Net income
$274,591
$277,512
$187,494
$145,033
Pref. dividends (6%)__ 64,500
64,500
64,500
64.500
Common dividends
193,554
193,554
193,554
258,072
Surplus
$16,537
$19,458 def$70,560 def$177,539
Total profit and loss_ _ _ _ 1,429,244
1,412,706
1,393,248
1,463,808
x Includes income from investments of $7,423.
Balance Sheet Dec. 31 1934
Assets
-Real estate, buildings, plant, water powers. &c. (leas deprec. of
$977,024), $4,820,369; good-will, trade marks, &c., $1; bonds purchased for
sinking fund requirements (at cost). $29,831; cash on hand and in banks,
$383,929; accounts receivable, $555.624; inventory ofraw and manufactured
stock, $1,513,400; marketable securities (at cost), $49,262; deferred charges,
$5.671; total, $7,358,089.
Liabilities-Pref. stock ($100 par), $1,075,000; common stock (64.518
shares no par). $2.150,600; 54% 1st mtge. sink,fund bonds. $1,805,000:
reserve account, $742,046; accounts payable (including provision for taxes),
$132,014; bills payable, $2,108; wages, $22.077; surplus, $1,429,244; total,
$7,358,089.-V. 139, p. 608.
Pennsylvania RR. Regional System-Earnings(Excl. L. I. RR. and B. & E. RR.)
Period End. May 31- 1935
-Month
-1934
1935-5 Mos.-1934
Railway oper. revenues_$29,962,861 $31,150,065$147,438,484$145,293,583
Railway oper. expenses.. 21,690,032 22,173,410 107,229,272 105,965,758
Railway tax accruals....- 2,463,700 2,181,065 10,273.300 9.094,774
Uncollect. ry revenues-16,331
11,682
44,579
47,497
Equip. rents-Dr. bat465,961
686,048 2,701,444 3,268,924
Joint tacit.rents-Dr.bal
117.599
113,568
712,889
747,789
Net ry. oper. income_ $5,209,238 $5,984,292 $26,477,000 $26,168,841
Changes in Collateral
31,267
8119.680
620,852
Net operating loss for the year
$749,371
$507.172
Note
-The statement for 1934 includes the operating results to Aug. 31
1934 of a subsidiary, liquidated as of that date.
Consolidated Statement of Surplus Year Ended Dec. 31 1934
Paid-in surplus, Jan. 1 1934, $38,756,182: transfer from reserve for
contingencies, $74.351; total, 538,830,533; deduct cash dividends charged
to paid. surplus ($4 per share on 3,416,069 shares), $13,664,276; paid-in
-in
surplus, Dec. 31 1934, $25,166,257.
Deficit, Jan. 1 1934, $1,524,302; loss for the year ended Dec. 31 1934.
$749,370; total, $2,273,672: reinstatement of portion of reserve provided
at Dec. 31193:1 to reduce value of securities to the lower of cost or quoted
market prices, not required at Dec. 31 1934, $768,302: miscellaneous adjustments (net), $2,539; deficit, Dec. 31 1934, 51,502,830.
The Girard Trust Co. as trustee under the trust indenture dated Feb. 1
1921, securing the 15
-year secured 6H% gold bonds, due Feb. 1 1936 has
advised the New York Stock Exchange of the substitution of collateral
by releasing $6,000;000 general mortgage 6% gold bonds series A of Philadelphia Baltimore & Washington RR., upon there being deposited with the
trustee in lleu thereof cash in the amount of $6,000,000. The account now
stands:
Bonds certified and delivered
$60,000,000
Less cancelled as above
6.000.000
Outstanding
$54,000,000
Collateral: $60,000,000 principal amount general mortgage 6% gold
bonds series 0 of Pennsylvania RR. Co.
Cash.
6.000,000
Total.... $66.000,000
-V.140, p. 4412.
•
Philadelphia Rapid Transit Co.
-Receipts--
Period End.May 31-Month-1934
1935
1935-5 Mos.-1934
Pass. receipts of street
Consolidated Balance Sheet Dec. 31 1934
cars, subway-elevated
Assets-cash in banks & on hand.$765,156; U. S. Government securities,y and buses_ _ - - ____ 52,829,000 $2,904,900 $13.852,600 $14,198,600
$1.375,553; State & municipal securities, $1,430,382; short-term corn-V. 140, p. 3162.
mercial notes fat cost). $1,097,355; notes St accounts receivable,
$702,927;
hiladelphia Electric Power Co.
inventories, $2,034,446; investments, $10,404,440: land, buildings, ma-Bonds Called
chinery Sz equipment (less reserves for depreciation of $7,904,630),
A total of $162,000 first mortgage gold bonds. 54% series
$3,616.373; deferred charges to future operations, $41,871; amount receivable
have been called for payment on Aug. 1 at 106 and interest. due 1972,
Payment
from Pan American Petroleum & Transport Co.,
will be made at the Fidelity-Philadelphia Trust Co., successor trustee,
$6,553,906; total,
528,022,408.
Philadelphia, Pa.
-V. 140, p. 2717.
bil
Liaities-Accounts • payable, $400,515; accrued liabilities, $515.362;
reserve for Federal income taxes. $27.035; capital stock
----Phillips-Jones Corp.
-$1.75 Preferred DividendlAs&($1 par),$3
0 ;
A dividend of $1.75 per share has been declared on the 7% cum. pref.
138, sn6 d. $25,166,258, deficit, $1,502,830, total, 5
uis
p
- --_,...
V
Z stock, par $100, payable Aug. 1 to holders of record July 20. A like amount
0.4-C
was paid
issue in
preceding
-Panhandle Producing & Refining Co -s 61 Meeting March 14on this payment each of the seven was made.quarters, while on
of $3.50 per share
1933 a
The stockholders will hold a special meeting on
Accumulations on the preferred stock, following the Aug. 1 payment,
e I
d
5 o take action!
upon a
for funding the company's indebtedn ,, readjusting its
will amount to $3.50 per share.
-V. 140, p. 3562.
structure, and amending the charter with respect to the authorized capital
common
stock
Plate Glass Co.
-$1 Special Dipidend-elie--el-L.,
It is proposed to increase the authorized common
stock from 300.000
The directors have declared a special dividend of $1 per share on
shares of no par value to 1,500,000
common stock, par $25, payable Aug. 15 to holders of record July the
shares .
each present share of common stock of no of the Par value of $1 each,
15.
par
An extra dividend of 10 cents per share was paid on April 2 1934. The
one share of common stock of $1 par value. value is to be exchanged for
-V. 140, p. 3225.
regular quarterly dividend of 50 cents per share was paid on July I last.
-V. 140, p. 1841.
Paramount Pictures, Inc.
-New Vice-P
R. Earle Anderson was elected Vice-President at resident
Portland Gas & Coke Co.
a meeting of the board
-Earnings
of directors held June 28, it was announced
by John E. Otterson, President.
(American Power & Light Co. Subsidiary]
-V. 140, P. 3904.
Period End. May 31- 1935
-Month-1934
1935-12 Mos.-1934
Pathe Exchange, Inc. (8c Subs.)
Operating revenues
-Earnings
$265,853
$239,518 $3,102,331 $3,071,614
13 Weeks EndedOperating expenses
193,368
181.011
2.242,942
2,114,539
Mar.30'35 mar.31 '34
Film developing & printing laboratory net sales- $163,460
$151.603
Net revs, from oper-Operating expenses
$72,485
858,507
$859,389
$957,075
146,270
133,462
Other income (net)
Depreciation
Dr86
Dr254
Dr9,527
4,110
4,490
3,202
Profit from laboratory operations
Gross corp. income....
$72,399
$58,253
$849,862
$961,185
12,699
$14,939
Income from other operations
Interest & other deduc'ns
44,677
44.396
536.164
535,815
11,920
15,202
Total income
Balance
3427.722
y$13,857
$313.698
$425,370
$24,620
$30,141
Selling & general administrative expenses
Property retirement reserve appropriations
250,000
250,000
27,677
31,849
z Dividends applic. to pref. stocks for period,
Loss from operations
whether pain or unpaid
430,167
$3,056
430,167
$1,709
Non-operating operations
56,646
53,679
Deficit
$366,469
$254,797
Profit before Interest
3 Before property retirement reserve appropriations and dividends.
.
$53,589
$51,971
z Dividends accumulated and unpaid to May 311935. amounted
Interest on funded debt & amortization of deto $735,
benture discount and expenses
139. Latest dividends, amounting to 87 cents a share on
37,469
37.803
and 75 cents a share on 6% pref. stock, were paid on Feb.7% pref. stock
1 1934. DiviProfit carried to deficit
dends on these stocks are cumulative.
-V. 140. p. 3905.
$16,120
$14,169 •
Statement of Deficit March 30 1935
Postal Telegraph & Cable Corp.
-Reorganization or
Balance at Dec.29 1934
$6,415,941
Merger Urged
Profit for 13 weeks ended March
1935
16.120
Excess provision for contingencie30now reversed
Formulation of plans either for reorganization of the corporation or Its
s,
135,000
absorption, under governmental edict into a unified communicati
ons
Balance,deficit
Industry, upon bases acceptable to security holders, is contemplate
d by
$6.264,820
Provision for possible losses on loans and advances
bondholders protective committee headed by Cecil P. Stewart, it is the
135,000
disclosed in a letter dated June 29 sent to holders,requesting authorizatio
n to
Deficit at March 30 1935
act in their behalf.
$6.399,820
-V. 140. P. 3905.
In announcing its intention to intervene in proceedings initiated
company in its application for reorganization under Section 77B by the
of
Pennsylvania Reading Seashore Lines.
Bankruptcy Act, following default of the semi-annual interest upon the
-Earnings.its
$50,000,000 bonded indebtedness, the committee informed holders who
May1935
1934
1933
1932
might give it authority to act for them that neither will they Incur any
Gross from railway
$388,936
8385.821
$120,796
$132,599
expense in doing so, nor will they be restricted in disposing of their
Net from railway
def53,126
def36,736
bonds
det33,280
def36,317
or debenture stock at any time.
Net after rents
def195,094 def206,499
def74,778
def79,111
Other activities projected by the committee, which includes,
From Jan. 1besides
Mr. Stewart Malcolm C. Rorty, Milton Harrison, William
Gross from railway
1,868,314
1,957,081
Rosenblatt
526,821
633,576
and George Akerson, are:
Net from railway
(14410,579 def220,551 def179,224 def218,205
"To make impartial investigation of the management so as to
Net after rents
def1092,899def1,013,346 def411,566 def435,689
assure the
bondholders that, while the company is in receivership,
V. 140, P. 3730.
are being neglected to safeguard their investment and no opportunities
to improve
properties. To examine, through its counsel, in the bankruptcy the
Pearl River Valley RR.
-Abandonmentproceedings the officers of the Postal System and to determine
The Interstate Commerce Commission on June 27 issued a
exactly how the
properties have fared under the management of the Internationa
permitting the company to abandon that part of its line ofrailroad certificate
l Telephone
extending
& Telegraph."
7. .1,n
124
July 6 1935
Financial Chronicle
After explaining that the committee Is independent of any other group
bond and
formed for the express purpose of protecting the interests of and file of
debenture stockholders in that it is representative of the rank
such security owners, rather than of banking groups of persons identified
with the management of the interested companies, the letter goes on:
"This committee was organized at the request of a substantial number
develop the
of bondholders to act solely in their interests, as well as to Communicaopportunity presented by the recommendations of the Federal
tions Commission, created in 1934, for consolidation of existing wire and
radio telegraph services of American corporations. Such consolidation Is a
very obvious necessity.
"Postal Telegraph is a public corporation with special public responsibilities. This is a working committee carefully organized to meet the
only that it
requirements of the existing special situation. It believes notbondholders,
is the logical representative of both small and large independent entangling
also that the freedom of its membership from
as such, but
alliance should be especially valuable in gaining public support for that
consolidation of telegraph, radio and cable facilities which is required
-V. 140. p. 4412.
in the public interest and that of postal bondholders."
stock,
1 8-10 times the annual requirements for the new $6 preferred
Mr. Rand stated.
percentage of individuals
To date, the plan has been approved by a larger common stock. Approxiowning first preferred stock than by those owning preferred stockholders,
mately one-third of the common stock is owned by
bçen
Mr. Rand said. It was also stated that 99% of all replies received have
-V. 140, p. 4079.
favorable to the proposed plan.
-Accumulation Dividend
--Rainier Pulp & Paper Co.
."
of $1 per share on account
-Semi-Annual Distribution
---Premier Shares, Inc.
ffients Per
The directors have declared a semi-annual dividend of seven June 29.
share on the capital stock, payable July 15 to holders of recortrper share
This compares with eight cents paid on Jan. 15, last, 10 cents 161933.
paid on July 15 and Jan. 151934, 15 cents paid on July 15 and Jan.
and quarterly dividends of 10 cents per share paid from Oct. 15 1931 to and
including July 15 1932.-V. 140, p. 152.
-Interest Payments
Prudence Co., Inc.
bond
Payments on account of interest on eight different Prudence Co. these
of
issues, and the mailing of approximately 5.800 checks to holders
2 by the trustees. Paysecurities during June, were announced July
ments were made as follows:
$7.50
(1) Sherman Square Apartments, Inc., balance in the amount of
per $1,000 certificate on account of Jan. 1 1934 interest.
Park Place,
Park Place Dodge Corp.. covering property at 53-57 June 15 1935
(2)
N. Y.City, payment in full of $27.50 per $1,000 on account of
Interest.
amount o
(3) New York Fifth Avenue Hotel Corp., balance in the
$15 per $1,000 on account of Oct. I 1934 interest. amount of $17.50 Per
(4) 107 West 86th Street Corp.. balance in the
$1,000 on account of April 1 1935 interest. property at 2041-2047 Holland
(5) Lerber Construction Corp., covering
June 1
Ave., the Bronx, payment in full of $27.50 Per $1,000 on account of
1935 interest.
West 36th St., N. Y.
(6) Betty Wales, covering property at 242-252
City, $12.50 per $1,000 on account of April 1 1933 interest. 472 Gramatan
at
(7) Holbrook Hall Realty Co., Inc., covering propertyJan.1 1934 int.
Ave., Mt.Vernon, N.Y..$12.50 per $1,000 on account of
per
Balance of interest due March 1 1934 in the amount of $3.50
(8)
$1,000 on Prudence bond issue known as Series 8. as follows:
The principal amount of securities outstanding are
$900,000
Sherman Square Apartments, Inc
225,000
Park Place Dodge Corp
1,976,250
New York Fifth Avenue Hotel Corp
825,000
Street Corp
107 West 86th
650,000
Lerber Construction Corp
700.000
Betty Wales
759,000
Inc
Holbrook Hall Realty Co.,
4,351,700
Eighth Series
140. p. 4412.
-V.
Public Service Co. of Northern Illinois-To Issue
$16,000,000 1st Lien & Ref. 43's-See under "Current Events
140, p. 4412.
and Discussions" on a precedin _pag
y.-Reorganizatron
Elect
Puget Sound
-.c
Co. below. -V. 131. p. 1098.
See Tacoma Ry.& Po
Exchang com Unlisted Trading
emovedir
Oil Co
has removedfrom unlisted trading privb
Th New York
6% voting preferred s k. par $100.-V. 140. P. 4412.
ileges
Radio Corp. of America-Litigation Between United
States and Corporation Ended
of
The nirectors have declared a dividend
no par value.
accumulations on the $2 cumulative class A common stock, was made on
payable July 15 to holders of record July 10. A like payment dividends on
four
April 1 last. On Aug. 22 1934 the directors declared
cents on
account of accumulations, paid as follows: $2.50 on Sept. 5, 50 paid on
per share
50 cents on March 1 1935, and 50 centsper share was paid
Dec. 1 1934,
dividend of 50 cents
June 1 1935. The last quarterly
in December 1930.-V. 140, p. 2018.
-Accumulated Dividend
Resources Corp.
eserve
$1 per share on account of
The directors have declared a dividend of stock, no par value, payable
umulations on the $6 cumulative preferred
made in
to holders of record July 10. Similar payments were
July 15
-V.136, p. 2441.
preceding quarters.
-May Buy Baltimore Tube Co.
Revere Copper & Brass Co.
-V. 140, p. 3056.
See Baltimore Tube Co. above.
Richman Brothers Co., Cleveland-Earnings
Calendar YearsOperating profit
Other income
Total income
Federal taxes
1931
1932
1933
1934
$1,792,861 $1,795,074 $1,317,695 $1,902,728
362,912
327,684
155,977
278,713
$2,071,574 $1,951,051 $1.645,379 $2,265,640
240,000
185,000
231.500
251,000
$1,820,574 $1,719,551 $1460379 $2,025.640
1 795,965
1,787,418
1,787,460
1,787.460
$229,675
$33,114 def$67,909 def$327,040
year
Surplus for
Balance .Sheet Dec. 31 1934
in transit, 51,366,957; U. S.
-Cash on hand, on deposit and accounts receivable. 376.268;
Assets
Govt. securities, $6,902,918; customers'
permanent assets
merchandise inventory,$2,765,026;other assets.$106,410;
amortization of leaseholds of $850,933),
(less: reserve for depreciation and
remodeling, $363,363; deferred expenses, $119.$3.886,643; leaseholds and
977; total, $15,587,563.
taxes (esti-Accounts payable, $750,481; Federal aid local 7,597 shares
Liabilities
shares, no par, less
mated),$415,992; capital stock (603,44634
capital surplus, 31,411,986:
in treasury at cost of $407,482), $626,994;
3.-V. 139, P. 17 8.
profit and loss-surplus, $12,382,109; total, $15,587,56
Net profit
Dividends
-Extra Dividend
N. Y.
-Richmond Insurance Co. of dvidend of 5 cents per share in
*-an extra
The directors have declared
distribution of 10 cents per share on the
addition to the regular quarterly
Aug. to holsters a record July 11.
common stock, par $5, both payable and Feb. 1 last and compare with an
1
Like payments were made on May Aug. 1 1934 and extras of 2% cents per
extra ot 25 cents per share paid on
1934.-V. 140, p. 2368.
share distributed on May 1 and Feb. 1
(& Subs.)
-Earnings
Rochester & Pittsburgh Coal Co.
1931
1932
1933
1934
Calendar YearsGrass earnings from all
$8,831,066 $5,673,108 $5,657,148 $8,131,756
sources
7,66.3,570
5.035,307
5,045,801
7,309,750
Operating expenses
594,463
629.922
567,935
565.362
Depreciation
145,371
107,634
108,533
130,669
Depletion
282,860
270.362
161,220220,253
Interest
37,181
Federal income taxes- _ $554,508
$396,571
$258,920
prof$626,885
Net loss
37,500
75,000
Preferred dividends_ _ _ 186,429
Divs. on class A common
$258,920
$517,008
$396.571
prof$365,456
Consolidated Balance Sheet Dec. 31 1934
depletion and depreciation of
Assets-Fixed assets (less reserves for marketable securities (at cost),
A supplemental consent decree was entered. July 2, in the U. S. District
$900,716;
in the
$11,076,579). $24,498,877; cash, accounts receivable (less reserve), 31,749.Court, at Wilmington, Del., disposing of all the remaining issues
$880,256: notes receivable, $742:
the Federal Government and Radio Corp. of
anti-trust litigation between
$19,011; inventories, $1,705,442;
376: accrued interest and dividends,
America, and RCA Communications, Inc., and others. the Department of
bonds and notes-affiliated
advances, $27,049; investments (stocks,
The supplemental consent decree said a statement of
$570.755; sinking funds, $6,233; deferred charges, $180,017; organizafrom claiming their foreign communicacos.),
Justice enjoins the RCA companies
future Canadian foreign exchange contracts (see
up competing
tion expense, 561.513;
tions agreements prevent foreign parties thereto from setting or from transelimination of inter-co. held
this country
contra), $3,520; adjustment arising from
circuits with other communications companies in via such circuits.
securities, $3,091.080; total, $33,694,588.
mitting thereover-messages routed by the sender
Mining Co. preferred stock, $4,332.800;
of issues palaining
Liabilities-Helvetia Coal
"The original consent decree entered in 1932, disposed other defendants."
class A
5% non-cum. preferred stock, $1,500,000; common, surplus,stock, $12.to domestic contracts between the RCA companies and foreign license and
$9,036,500; paid-in
428.600; common, class B stock, and long term indebtedness, $2,028,879;
continued the statement. "Certain issues relating toMay 25 1934. With
$2.765,385:
earned surplus, $374,282; bonded payable (due Jan. 30 1935), $200,000
were disposed of by a decree entered
sales agreements
s objecaccounts payable. $484.18.3; notes
the entry of the supplemental consent decree, all of the government'
interest
mortgages (due on demand). $10,000; accrued reserves.and taxes, $59.016;
tions have been satisfied."
$453,929; future,
deposits, $4,763; deferred credits. $12,811;
The Radio Corp. of America issued the following state- Canadian foreign exchange contracts, $3,441; total, $33,694,5 8.-V. 139,
P. 3656.
ment regarding the decree:
-$2 Accumulation Dividend2t4&-_.
were disposed of '" --Rockwood & Co.
In the original suit, filed in 1930, the major issues
certain foreign
accumulations on
dividend of $2 per share was paid on 1account of of
by consent decree in 1932, leaving only issues concerningcontracts, some
holders
record June 28.
communications
the 8% cum. pref. stock, par $100, on July to Oct. 20, April 20 anu Feb.
licenses and sales agreements and foreign Government.
s were made on Feb. 20 1935.
the
Similar distribution
features of which were objected to by
1933, prior to which
question were modified and
20 1934, an on Nov. 24, July 20 and May 20 April 1 1932, when ano diviThe foreign license and sales agreements in a decree entered on May 25
regular
dends had been distributed on this issue since
the issues relating to them were dismissed by
-V. 140. P. 984.
quarterly dividend of $2 per share was paid.
1934.
followed
entry of the supplemental consent decree to-day (July 2)
The
intetpret the
Salt Creek Producers Association Inc. (& Subs.)
decision by the RCA companies that they would no longer
correspondents
Income Accountfor Year Ended Dec. 31 1934
provisions of any of their traffic contracts with foreign they so desire,
$1,660,229
those correspondents from establishing, if handle traffic
as preventing
011 and gas sales
to
107.709
direct radio circuits with others in the United States
Interest revenue
4,031
specially routed by the sender via such circuits.their foreign correspondents
Dividend revenue
are so notifying all
The RCA companies
arbitration between RCA
$1,771,969
following the decision of the board in the recent
Total earnings
the arbitrators con882,534
and the Republic of China. The recommendations of as the "main direct
Expense
circuits
112,364
firmed the preferential positions of the RCA over which should be sent all
Provision for Federal income taxes
circuit between China and the United States,"sender."
-V.140, p. 3400.
3777.072
messages not specially routed otherwise by the
Operating income
6,712
Minority interest in operating income
-Earnings
Railway Express Agency, Inc.
-1934
-Month-1934 1935-4 Months
Period End. Apr.30- 1935
Revenues and income__ 312,862.093 $11,682,127 $44,478.781 $42,558,661
a25,957,366 25,178,851
a5,572,898 6.476,441
Operating expenses
505,424
504,482
122,993
130,467
Express taxes
Interest & discount on
578.013
582,071
144.770
145,786
funded debt
9.600
10.778
4,373
5,618
Other deductions
Rail transp. revenue
(payments to rail
& other carriers
express privileges)--47.007,324 $4,933,550417,424,084 $16,286,773
reversal of aca Includes credit of $1,636,799 in April 1935, account Aug. 1934 to
cruaLs charged to Account 59, "Pensions," during period
incl., covering carrier contribution under Railroad RetireMarch 1935,
-V.140, p. 3731.
ment Act.
-To Effect Substantial Interest
Remington Rand Inc.
Savingion
reclassificat
Based on the current rate of earnings, the proposed plan for to be voted
of back dividends,
of the company's stock and settlement make possible enough savings on
upon by its stockholders on July 9, will the company 10%,it is estimated
interest charges to increase net earnings of and President.
of the Board
by J. H. Rand Jr., Chairman reduction of interest on the company's outAfter giving effect to the
31
net earnings for the 12 months ended May on
standing debentures, the
requirements
,
1935 would be equivalent to 936 times the annual dividendbe equivalent to
prior preferred stock, and after that would
the new 5%
•
Balance deficit
Salt Creek Producers' Association proportion of oper. Inc_ _ _
Dividends paid
770,360
1.166,820
$396,460
Consolidated Balance Sheet Dec. 31 1934
13,312,984; municipal and other
-Cash and U. S. obligations,
Assets
bonds, $680,090: notes and accounts receivable, $474.338; crude oil inother assets, $272,321; oil
ventory, $57,108; investments, $4,558,073; depletion and depreciation),
lands and leases and lease equipment (after ),$2.130;total,
$13,716,877.
other equipment (after depreciation
$4,359,832;
Liabilities-Accounts payable, $66,470; dividends payahle, $21,288;
deferred credits, 3152,762; reserve for taxes, $152,253; capital stock ($100
par), 514,414,278; surplus appreciation unrealized, 11.877,012: deficit.
$3,069,938; minority interest, $102,751; total,$13,716,877.-V. 140, p.984.
Balance, deficit
-Earnings
Rollins Hosiery Mills, Inc.
1932
1931
Calendar YearsNet profit after all chge.
Incl. mfg., selling, and
administration exp Depreciation
Int. & discount on let
mortgage bonds
Interest on bank loan
1934
1933
$97,244
122.041
$99,162 loss$71,575 loss$12,669
131,019
126,079
126,773
11,775
1,521
15,150
2,226
18,334
2,784
23,560
13,179
Net loss
Preferred dividends paid
$38,093
544,294
1219,467
5180,427
108,000
Volume 141
Financial Chronicle
125
Balance Sheet DRC. 31 1934
Assets
-Cash in banks and on hand,
ment of bond interest, $5,362; mutual $156,247; cash deposited for payreceivable (less reserve for doubtful insurance deposits, $10,255; accounts
accounts of
ventories, $740,679; loan value of life insuranc $30,000), $385.881; ine policies (unrestricted),
$55,677; officers' and employees' accounts
, $10,862, deferred charges,
$28,638; land, $2,2011: buildings, &c.
1816,954), $856,995; total, $2,272,609. (less reserve for depreciation of
Liabilities-Accounts payable, $10,648;
sundry
mtge. 53•5% serial gold bonds, $127,000 * capitalaccruals, $52,940; 1st
stock, initial surplus
;
and operating deficit, $2,082,021; total, $2,272,6
09.
* $3.50 cum. cony,
stock (40,000 shs. no pref. stock (37,000 shs. no par), $1.850,000; common
par), $400,000; initial surplus, $232,396; total, $2,482,395. Deduct
-Excess of declared value of pref. stock purchased to
Dec. 31 1934, over cost thereof, $125,171 deficit
;
(less reserve for contingencies restored to surplus of
$50,000). $525,545-V. 140, P. 984.
claimants are notified that the time within which claims
creditors of or claimants against the debtor shall be filed and interests of
or evidenced is
extended to July 24 1935; that such claims and interests shall
be filed or
evidenced by filing verified proofs of claim with the debtor
at its
1874 Second Ave., New York, in the usual form of proofs of claim in office,
rupcy; and that all creditors or claimants who shall fail so to file their bankclaims
on or before said date shall be forever barred and foreclosed,
for cause shown,from participating in any plan of reorganizexcept on order
ation
dividend or distribution of the assets of the debtor. Stockholdersor in any
are not
required to file evidence of their stock holdings.
-V.140. p. 2720.
6 Mos.End. June 30Int. on call loans, &c___
Cash dividends
1935
$201
111,609
1934
$136
112,600
1933
$9,970
107,405
1932
$21,890
138,243
The ICO on June 20 found the
reorganization in the public interestcompany not to be in need of financial
for a period ending not later than at this time and approved the extension
July 1 1937. of the time of payment of
loan by the Reconstruction Finance
in the amount of $162,600.-V. 134, Corporation, maturing July 8 1935.
p. 4656.
Total income
Management fee
Miscellaneous expenses..
New York State tax_ __ _
Federal transfer taxes_ _
Federal capital stock tax
N.Y. City excise tax......
$111,810
10,239
5,917
1.625
2.068
1,800
470
$112.736
20,953
6,917
1,686
$117,375
18.989
13,629
7,372
$160,133
19,656
10.485
$89,690
103,271
$77.281
78,486
$77,385
82,617
$129.991
125,000
Sand Springs Ry.-Reconstruction Loan
-
St. Louis Brownsville & Mexico Ry.-Earnings
.-
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 3907.
1935
$438,519.
161,105
115,940
2,310,625
816,686
524.826
1934
$473,267
145,594
79.718
1933
$443,930
164,506
84,675
1932
$436,783
183,577
108,941
2,332,735
880,774
517,923
2,041,711
763,793
394,347
2,745,901
1,285,084
856,178
St. Louis
-San Francisco Ry. System-Earnings
--
Period End. May 31- 1935-Month--1934 1935-5 Months
-1934
Operating revenue
$3,340,800 $3,504,707 $16,077,717 $17,081.435
Operating expenses
2,961.413 15,020,454 14.234,897
Net ry. oper. income-. 2,909,311
124,868
184.075 def349,818
1,083,498
Other income
29,833
41,156
147.569
201,679
"'TotalIncome
$154,702
$225,232 def$202,248 $1.285,177
Deductions
8,898
6,911
31,419
33,672
Bal. avail,for int., &c $145,803
$218,320 def$233,667 $1,251,505
Earnings of Company Only
May1935
1934
1933
1932
Gross from railway
$3,194,423 $3,365,414 $3,393,916 $3,327,274
Net from railway
435,756
575,535
778,297
700,311
Net after rents
167,957
256,684
420,062
322,377
From Jan. 1
Gross from railway
15,426,066 16.350,957 14,911,412 17.021,52R
Net from railway
1,244,885
2,950,080
2,332,161
3,156,600
Net after rents
21.511
1.389.574
447,764
1,243,371
Trustees File Suit for 810,506,090
-
The following is taken from the "Wall
Street Journal" of June 29:
"Charging fraud
in the
common stock of theand conspiracyIsland sale of 183,333 shares of the
Chicago
& Pacific Ry.,John Lonsdale and
James M. Kuril, trustees of Rock
the company, filed suit Friday (June 28) in
Supreme Court to recover $10,506,
090 from Edward N. Brown, director of
the road, known as the
'Frisco and officers and directors of James Speyer &
Co. and J. & W. Seligman
Brown and Speyer Co. with & Co. A similar suit for $1,049,978.33 charges
fraud in the sale of 25,000 shares of the common
stock of the Gulf Mobile &
Northern RR.
'The 'Frisco was reorgani
zed
reorganization managers and the in 1916 with the two banking firms as
fidential and trusted advisqrs, complaint states that the firms were 'conagents and guides' of the 'Frisco in all
financial affairs and that
they completely dominated and controlled the
road. The trustees said the
alleged frauds were not discovered until after
they took over the road
Missouri had authorized in Nov. 1932, and that the Federal Court in
The purchase of the the filing of the suits.
Chicago stock was the
'confederation and conspiracy between Speyer result, it was charged, of a
Sr Co. and Mr. Brown, with
the knowledge or consent
conspiracy was attributedof the Seligman Co.' The purpose of the alleged
in
to 'firmly entrench themselv the complaint to the desire of Speyer Sr Co.
Pacific By. and make large es as bankers for the Chicago Rock Island &
road, which they then held profits on the common stock of the Chicago
and planned to acquire, and commissions on the
stock to be acquired by the
'Frisco through Speyer & Co. and profit upon
the purchase and sale of
common stock of the 'Frisco, which the bankers
then held as reorganization managers
Mr. Brown might become chairman, and other profits, and in order that
of the executive committee of the
Chicago road, all to the
great loss and damage of the 'Frisco."
-V. 140.
p. 4414.
St. Louis-San
MayGross from railway
Net from railway_ _ _ _
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 140, p. 3732.
Francisco Ry. & Texas.-Earnings.1934
1935
1933
1932
$66,149
$86,157
$85.980
Sgebf3.93730
ef23.079
480
484
def28,019
def52,227
def31,939
def31,445
370.153
381,013
381.009
391,048
def83,841
def53,778
def47,841
def77.385
def220,810 def203,378 def199,612 def246,271
St. Louis Southwestern
Gross earnings
-V. 140, p. 4414.
Ry. Lines
-Earnings-Fourth Week of June- -Jan.1 to June 301935
1934
1935
1934
$407.900
$375.752 17,800,353 $7,243,747
San Antonio Uvalde & Gulf RR.-Earnings
.-
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, P. 3907.
1935
$73,691
735
6ef24,094
1934
$82,602
17,908
def4,771
1933
$62.742
14,396
def9,003
1932
$88,646
28,192
def2,305
388.901
43141
,
def78
,388
520,891
185,735
62,375
313,456
55.800
def73,347
516,384
174,652
12,248
San Diego & Arizona Eastern Ry.-Earnings
.-
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. P. 3732.
j935
$42,032
def5,737
def7,976
1934
$39,259
der2,903
def3,342
1933
$40,130
756
def889
1932
$29,930
def30,003
def35,509
190,598
def35,478
def46,715
206,222
2.939
387
206,477
def5,365
def17,544
173,676
def60,005
def82,582
Schumacher Wall Board Corp.
-Earnings
-
Years Ended April 301935
1.34
Net profit after deprec., taxes and all charges.. _ _
_
$953 loss$46,051
Balance Sheet April 30 1935
Assets-Current assets, $116,350; investments in
other companies. $169,791; plant and equipment (less reserve for depreciation
illYPsum deposits, $10,000; trade-marks and good-will$277,612), $344.333;
, $350.669; deferred
charges, $27,880; total, $1,019,024.
Liabilities-Current liabilities, $69,484; other liabilities,
$4,950; rzet.
stock (29,410 shs.), $868,932; 66.000 shs. common
stock (66,000 shs.),
$66,000; surplus, $9,658; total, $1,019,025.-V. 138, p. 4477.
-V. 138,
p.4477.
Second Avenue RR. Corp.
-Filing of Claims
-
Pursuant to an order entered June 26 1935 in the office of the
U. S. District Court for the Southern District of New York, Clerk of the
creditors and
Second National Invsetors Corp.
-
Net profit
Preferred dividends_ _ -
5.800
100
Balance. deficit
$13,581
$1,205
sur$4,991
Excess of cost over market value of securities at Dec.31 $5,232
532,275
Excess of cost over market value of securities at June 30 1934...
1935_ _
187,519
Decrease in unrealized loss
$719,794
Note
-Loss realized on sale of securities based on average cost was
$50,224 in 1935; $118,549 in 1934; 111,851 in 1933 and $1,301,688 in 1932.
Change in Net Assets Six Months Ended June 30 1935
Per Sh. Pref.
(82,617 Shs.)
Total Outstanding)
Net assets, as reported at Dec. 31 1934 (excluding
deferred charges of $470 representing expenses in
connection with plan of reorganization)
$5,765,230 $69.78
Increased for period-before dividend:
Net income
$89,690
$1.09
Loss per security profits account
.61
Decrease in unrealized loss and increase in un- Dr50,223
realized profit on common stocks
719,794
8.71
Expenses since Dec. 31 1934 in connection with
plan of reorganization
Dr12,586
.15
$746,67J
103,271
Deduct
-dividend on preferred stock
Increase for period, after dividend
Not assets, as reported at June 30 1935
$9.04
1.25
$643,402
$7.79
$6.408,632 $77.57
Balance Sheet June 30
Ands-1935
1934
Liabatttes1934
a Securities owned$6,199,145 $5,236,234 Accrued expenses_ 1935
$1,025
$950
Part. ctf. in corp.
Prov. for taxes_ __
8,125
13,800
formed to liquib $5 cony. pt. stk_ 100,000
100,000
date closed bank,
c Common stock__ 300,000
300,000
carried at amount
Capital surplus..__10,200,000 10,200,000
of unrecovered
Security deficit__ 3,598,475 3,356,234
balance less res.
12,521
Income surplus_
86,384
7,028
Cash
187,288
117,781 Excess of cost over
Pref.stk. of Second
market value of
Natl. Inv. Corp 866,795
669,246
Sec.& Treas.stk. Cr187,519 def1219179
Divs. receivable
18,827
23,105
Total
$7,284,577 $6,046,365
Total
$7,284,579 $6,046,365
a At market, cost, $6.011.626 in 1935 ($6,257,
sented by 100,000 $1 par shares; convertible into863 in 1934). b Repretwo shares of common
stock on or before Jan. 1 1944; dividends cumulative
liquidation and redemption value $100 per share. and payable quarterly;
c Authorized 750.000
$1 par shares; outstanding, 300.000 shares; 200.000 shares are reserved
for
conversion of convertible preferred stock, and 200,000 additional
reserved for excise of purchase warrants at $25 per share until shares are
Jan. 1 1944.
-V. 140, p. 3057.
Securities Corporation General-Earnings
Calendar Years
Income from:
Int.& diva. on invest_
Int. on loans & bk.dep
Int. on bonds
1934
1933
155,913
9,350
$71,152
209
5.799
$145,034
787
3285,796
3,583
Total
Profit on sales of secur
$65,263
• $77,161
1145,820
160.233
3289,379
247,833
Total gross Income
Int. on loans payable
Taxes,salaries & gen.exp
Fed. income tax (est.)....
Fed, capital stock tax
$65,263
1,269
21,370
$77,161
2,546
24,638
$306.054
17,455
49,130
$537,212
54,860
47,673
17.149
$239,470
2,856,502
$417.531
2,847,621
1,254
1,596
Net income
$41,370
Credit forward
2,989,135
Surplus arising from reduction of 272,500 shs.
of com.stk. to basis of
declared value of 50
cents per share
Miscellaneous credits..
$48,380
2,998,559
1932
165
1931
1,226,250
Total
$3,030,505 $3,017,104 $4,322,222 $3,265,151
Approp. for stated value
of $5 per share on new
common stock
2.850
13.600
Res, for anticip. loss of
bds. dep. as guarantee
200.790
Transferred to gen. res_
1.6,250
Miscellaneous debits.
6.228
24,178
Divs. paid-Pref. stock_
55.771
57,970
61,085
61,082
Common stock
27,250
109,000
Surp.at end of period_ $2,974,733 $2,989,135 $2,998,5
59 $2.856,502
Balance Sheet Dec. 31 1934
Assets-Investments at cost (incl. stock dividends received
during
1934 and prior years), $4,658,509; cash in banks,
receivable on bonds, $3,308; prepaid insurance,$26,270; accrued interest
(Federal capital stock tax), $600; treasury stock $279; deferred expense
$7 series at cost of $10,475; 713 shs. cum. pref. (236 shs. cum. pref. stk.
stk., $6
$32.057). $42,532; funds in closed bank (less reserve, series at cost of
$2,500). $1,392;
total. $4,732,892.
Liabilities
-Loans payable to banks,
tax (estimated), $1,200; accrued interest$45,000; Federal capital stock
payable on bank loans, $155;
general reserve. $596,249; cum, preferred stock,
$979,305; common stock,
$136,250; surplus, 32,974,733,• total, $4,732,892.
Note
-Cumulative preferred stock consists of 2,327
shares of the $7
series, no par, and 7,466 shares of the $6 series,
no par. Common stock
is represented by: 271,950 shares of common
stock, no par; 46 shares of
common stock (old stock), no par, and 9
shares of common stock (old
stock), $100 par.
-V. 140, p. 3734.
Shell Union Oil Corp.
-Tenders
-
The New York Trust Co. sinking fund agent, is
asking
11 a. m. July 11 for the sale to it of sufficient 53.5% cumulatitenders up to
ve convertible
preferred stock to absorb $1,000,000. The price
is not to exceed the
redemption price of $105 a share and accumulated and
unpaid dividends.
-V. 140. P. 3665.
Subrttliztry,a
-----Sir mons Co.-Selis- '
i
ld the B. F. Huntley Furniture Co., Winston-Salem,
Th company h
to a group of Winston-Salem business men headed by
N. C. subsidia
-V. 140, p. 3565.
President of the Huntley organization.
James Lynch.
-Earnings
Skenandoa Rayon Corp.
Calendar Yearsx Gross profit
Selling, admin. & general expenses-- _
July 6 1935
Financial Chronicle
126
1934
34.748
81,606
1933
$255,635
83.889
1932
$46,349
85.054
Profit from operations
Income charges (net)
loss$76,858
684
'
$171.746 loss$38,704
30.947
32.746
Net Income for year
Surplus credit
loss$76,174
4,519
$138.999 loss$69.651
13,327
$152,327
loss$71,655
Surplus at end of year
in 1934,$212,627
x After provision for depreciation amounting to $238,394of the increase in
$43.312
for 1933 and $116.504 for 1932. Approximately
esti1933 is due to a change during the year from a production basis to an
mated life of property basis for depreciation.
Balance Sheet Dec. 31 1934
receivable
Assets
-Cash, $338,211: note receivable. $843: accounts
co,
(less reserves). $129,240; inventories, $445,276; due from affiliated
(at cost).
$44,235; investment at cost. $125,805; treasury common stock
reserve for deland, buidlings, machinery, equipment, &c. (less items, $18,590;
$137;
preciation of $1,422,216), $3,114,249; deferred debit
formulae, trade names, patents, &c., $1; total. $4,216,588.
828,290
Liabilities-Accounts payable, $92,610; accrued accounts.
97
paving assessment. City of Utica, N. Y., $10,227: capital stock. $2,281.0
$80,672
capital surplus. $1.723,691: earned surplus (since Jan. 1 1933).
total, $1.216.588.
(no par), orig
Capital stock is represented by: 1st pref. stock ($7 cumul.
issued);
inal issue 10 shares), cony. pref. ($7 cumul. (no par) 5.622 shares
-V.139, p. 942.
5 shares issued.
common stock (no par), 343,579.
-Earnings
Solvay American Investment Corp.
1932
1933
1934
1935
Year End. Mar.31$3,127,132 $3,089.509 $3,040,404 $3,101,031
Dividends received
578.176
880,689
277,002
3,043
Interest received
1,533
790
212
Royalty
Loss on realization of
522.606
1,011,901
743,622
investments
$3,130.175 $2.623,100 $2,909,982 $3,158,134
Total income
750,000
750,000
506.206
Int.on secured gold notes
32.500
216,193
notes payableDisct. on
251.355
154,165
198.767
156.619
General &c. expenses
10,944
9.718
26,687
26.781
Taxes paid and refund
19,549
Interest paid
$2.927,226 $1,891,440 31,779.906 32.113,334
NetIncome
5,674.378 5,197,126 3.865,810
9,633,104
Balance, March 31
2,485,313
Prof.on securities red_
Proportion of spec. cash
reserve fund applic. to
900,000
600.000
gold notes redeemed...
$13,160,330 $10,951.130 36.977.032 $5,979,144
Total surplus
1.343.904
1,318,027
1.318.027
819.827
Preferred dividends_ _ - Approp. as add'l reserve
153,542
Cr12.109
for secured gold notes
Additional reserve for
21,777
Cr3,264
__
possible tax claims_
Appropriation for invest.
10,000,000
reserve
Premium paid on pref.
stock purchased & re11,884
tired during the year
Excess of par value over
cost of preferred stock
Cr193,830
reacquired
Excess of lace value over
cost ot cor. 5% gold
notes parch. but not
Cr236,292
retired
$9,633,103 $5.674,378 35,197,126
Balance, March 31--- 32.328,619
Earns, per sh. on 300.000
$2.56
$1.54
$1.91
$7.02
com.stock (no par)-__
Balance Sheet March 31 1935
310.000,000),
Assets
-Cash, $892,912; investments (less reserve ot stock sinking
(pret.
$65.474,920: dividends accrued. $6,742; cash in bank
lund), $202.985; total, 366,577,558.
cumul. prel.
Liabilities-Accruals and sundry creditors, $9,759: 535%
(300.000 shares no par),
stock ($100 par). $14.763.300; common stock
558.-V.138, p.3961
$49,475,880:earned surplus,$2,328,619; total,$66,577,
-May Convert Preferred Stock for creation of
--Sonotone Corp.
ders calling
1952. at 105.
000,000 refunding mortgage gold bonds, series of 5s, due
and accrued interest.
whole, at the option of the company, in at 105
The bonds may be redeemed
1940; thereafter
or in part on any interest date, at 107M through premium being reduced
1950; thereafter during 1951 at 102%, the
through
after which they are31 of 1% annually thereafter to 100M during 1955,
redeemable at par.
s total
the financing. 3108,000.000 of the company'
Upon completion of
of 3%%; $3,600,000 carries a
funded debt will bear interest at the rate 5%. As a result of the refund41-5% rate and $34,050,000 carries a rate of the company has reduced its
ing operations completed this year alone,
annual interest charges by $950,000. and the lower interest rates on theBased upon the present funded debt,
company, which amountbonds issued this year, the 1934 net earnings of the annual interest requiretimes the
ed to 818,130.970, were equivalent to 3.82 reserves, and to 3.06 times such
depreciation
ments of $5,914,500, before
depreciation reserves. (Comannual interest requirements after deducting
pare also V. 140. p. 2880).-V. 140, p. 4081.
Southern Pacific Co.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p.4415.
1932
1933
1934
1935
44 $9,406,355.
$10,456,041 $9,947,382 $8,081,4 8
2,334,501
2,083,72
2,744,544 3,122,251
656,057
760,165
1,902,714
1,528,880
44,558,869
23 42,290,360 34,205,750
46,521,4
5.152,2458.405,146.
10,901,469 10,045,131
1,048,343
5,298.646 4,251,623def1,031,268
Southern Pacific SS. Lines.-Earnings.1933
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 3735.
1935
$395,614
def62,985
def63.866
1934
$396,332
def72,069
def71,683
$383,550
def40,402
def41,321
1932
$368,523
def70,954
def70,017
1,880,451
1,555.509
1,787.623
1,978,121
75 def504,431
def252,637 def320,159 def387.341 def512,141
def321,958 def395,6
def258,307
Charges
Southern Ry.-Meets Fixed
on July 2 drew denial from
The sharp break in securities of the company
plans to file a petition under
Fairfax Harrison, President, that the road
offices in Washington, Mr.HarSection 77 of the Bankruptcy Act. At his
met its fixed charges due July 1
rison declared: "Southern Ry. has just
difficulty. All rumors to that
and does not face any immediate financial
-V. 140, p. 4415.
effect are gratuitous."
--Earnings
Southwestern Bell Telephone Co. 1935-5 Mos.-1934
-Month-1934
1935
Period End. May 31- $6,135,210 $5,932,392 $30,452,567 328,959.595
.
185.396.
Operating revenues
137.812
25,792
26.860
Uncollectible oper. rev
3,950,748 19,718,082 19,116,281
Operating expenses_ _ _ - 4,080,621
37,721
Rent for lease of oper.
34,854
7.695
6,902
property
3,475,000 3,318,009
683,000
687.000
Operating taxes
57 $7,086,819 $6,302.197
Net operating income.. $1,405,827 $1,265,1
-V. 140, p. 3908.
Spokane International Ry.-Earnings.1933
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p.3736.
1935
$45,668
8.442
2,563
1934
$46,807
4,525
def2,386
$36,229
def4,522
def10,768
1932
$42,874
def4,935def10,759
191,064
def4,857
def31,848
187,556
def4,690
def35,450
150,544
def51,668
def84,570
218,843
def38,976
def77,325
.-Spokane Portland & Seattle Ry.-Earnings
1933
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 3909.
1935
$543,314
312.545
220,514
1934
$472.340
219,680
133,682
$404,794
178,568
90.987
1932
$400,912
119,949
39,602
2,195,803
885,285
533,490
2,121,351
922.304
520,416
1,522,244
417,186
2,392
1,895,283
432,535
12,192
-Weekl
Standard Gas & Electric Co. 29 1935 y Output
totaled 82.915.184 kiloe
Electric output for the week end
watt hours, an increase of 1.5%-demp
-V. 140. p.4416.
year.
th corresponding week last
pprovedStEdard Oil Ceb$-Listingi the listing of 185,903 shares
as approved
ew York Curb xchange
on stock, par 325.-V. 40, p.4082.
The company is submitting a plan to stockhol preferred stock to pay 60
par value prior
-Special Dividend-AlL,_
50,000 shares of cumulative $1
Sterling Brewers, Inc.
the event of liquidation at $12
cents annually in dividends, redeemable in at the rate of one share for four - directors have declared a special dividend of ni cents per share on
The
le into common stock
20 to holders of record July 8. A.
a share and convertib
with it an option
the common stock. par $1, payable July 1934, this latter being the initial
shares of common. Each new preferred share will carry
of common stock at $3 a
similar payment was made on Dec. 20
entitling holder to purchase two shares publicly at $10 a share.
warrant
-V.140. p. 2369.
distribution on this issue.
offered
share. A block of 40,000 shares will be e the present $250,000 authorized
The new preferred stock is to supersed outstanding. It is expected that
-Reorganization
-Tacoma R.& Power Co. 1st mtge. 5% 3 ear gold bonds (
stock, of which $50.000 is
7% preferred
for the
convert their holdings into comThe protective committee tentatively adopted a plan br the reorganizapresent holders of the preferred stock willwhich has been called fZul 10.
(.1 A Barbey. Chairman) has of the company.
mon stock before the date of the meeting,
tion of the finances and affairs
-V.140,D. 2879.
the following facts:
The committee calls your attention to are issued, dated April 11899, is a
-Cent Au)
-10
The mortgage under which the bonds
" South American Gold & Platinum Co. share on the ca al
in addition to the property
a dividend of 10 cents per
upon the property covered thereby but
first lien
The directors have declared
certain real estate, trackage and equipJu.y h. Similardiscovered by the mortgage there is Electric By. and Pacific Traction Co..
stock. par $1. payable July 25 to holc era of recor... Sep.. 25 and May 29
ment belonging to Puget Sound local transportation system of the City
tributions were made on April 30 last, on Dec. 31,
which form an integral part of the
1934. and on Dec. 12 1933.-V. 140. p. 3231.
to and operated by Tacoma Ry. &
of Tacoma and most of which is leased
-$35,000,000 Power Co. No reorganization of the transportation system can be effective
rn California Edison Co., Ltd.
Southe
te these properties into one ownership, eliminating
which does not consolida
4
33 % Bonds Offered-Financing Makes a Total of$108,000,000 Inter-company leases and charges and canceling certain inter-company
by
is
railway system
of Refunding Undertaken by This Company This Year-Public debts. That portion of this Tacoma in the hands of which owned
the receivers since
of a new issue of $35,000,000 refunding mortgage Puget Sound Electric By. has been
offering
involve
%, due 1960 was made July 1 by a Feb.211928.plan of reorganization which is to be effective mustons, the
gold bonds, series B,
Since any
above mentioned corporati
te headed by the First Boston Corp. The bonds the reorganization of all three of thethe committee representing the holdsyndica
ee has been co-operating with bonds of Puget Sound Electric Ry.
were priced at 9834 and accrued int. It was announced on committ 1st consol. mtge. 5% goldinterests in working out a method of
ers of the
and with other
the same day that the offering to the selling syndicate had and withgthe receiver unity of ownership. The method finally determined
desired
fully completed, and that there are no bonds achievin thehas the approval of all parties, requires that Tacoma By. &
been success
upon, which
By. each file petitions for reorganizaPower Co. and Puget Sound Electric tcy Act in the U. S. District Court
available for further allotment to dealers.
tion under Section 77-B of the Bankrup
Co. propose
ng, together with the $73,000,000 of new bonds for the District of New Jersey, and that Tacoma R.& Power all the propThis financi
of reorganization which will include
a
offered by the company earlier in the year, makes a total in these proceedings ofplan various corporations involved.
the
of $108,000,000 of refunding undertaken by the corporation erties and securities
Digest of Tentative Plan of Reorganization
debt of
during the current year and represents the largest amount of
provide that by the reorganization the funded
The plan
Ry. and their subnew securities registered by any one company under the Tacoma By.will
& Power Co. and of Puget Sound Electric and assets of these
s
the Securities Act.
be wiped out and that all the propertie By. & Power Co..
sidiaries shall
provisions of
the property of Tacoma
corporat
Associated with the First Boston Corp. in the underwrit- free and ions shall become s or other encumbrances, except taxes, condiclear of all mortgage
g are E. H. Rollins & Sons, Inc.; Blyth & tional sales agreements and the like and that the entire issued and outstanding and the offerin
Ry.& Power Co.shall consist of 34,383 shares
capitalization
Co., Inc.; Brown Harriman & Co., Inc.; Lazard Freres & ingcommon stock of Tacoma
(no par).
Co..
B.Smith & Co.; Dean Witter & Co.; Field, ofOf these shares, 27,000 will be delivered to the Old Colony Trust7,383
Co.,Inc.;Edward
, Peabody & trustee under the indenture securing the Tacoma 1st mtge. bonds,and the
Glore & Co.; William R. Staats Co.; KidderPacific Co. of shares will be delivered to the trustee under the indenture securing dis58. Shares so delivered will be
Co.; White, Weld & Co.; Coffin & Burr, Inc.;
Puget Sound Electric Ry. 1st consol.
two classes of bondholders above mentioned.
tributed pro rata among the receiving 18 shares for each $1,000 bond toCalifornia and Stone & Webster and Blodget, Inc. l
Tacoma
the bondholders of
plus additiona funds to
the holders of the Puget Sound
Proceeds from the sale of the new securities, on Sept. 11935. the $32,
gether with the unpaid interest thereon, and
to retire
be supplied by the company, will be used
Th
of co
Volume 141
Financial Chronicle
bonds receiving 5 shares for each $1,000 bond together with unpaid
interest thereon.
The present members of the committee for the 1st mtge.
5% bonds or
Tacoma Ry. & Power Co. are J. A. Barbey, Chairman; W. Rodman
Pea..
body, Roger Amory, Howard R. Taylor, Carlyle Barton.
-V.126, p. 2315.
------T7ares & Gulf RR.-I•n•eroot-Default.,=•
Th ntt due March 1 193 .._ the $425,000 1st
eres
defaulted on
m..5
mtge. 5% bonds due
Sept. 1935 has been
V. 134, P. 2519: V. 125, p. 383.
Teck-Hughes Gold ines, Ltd.
-Earnings
Period End. May 31- 1935-3 Mos.-1934
1935-9 Mos.-1934
Net income after taxes
and charges
$485.376
$790,379 $1,662,579 $2,317,477
Earns, per share on 4,807,144 shs. capital
stock (par $1)
$0.10
$0.16
$0.34
$0.48
-V. 140. p. 2369.
Temiskaming Mining Co., Ltd.
-Earnings
Earnings for Year Ended March 30 1935
Earnings: Silver recoveries (net)
Miscellaneous
Total earnings
Taxes
General expenses
1:10224
330
$4,127
648
256
Profit
$3,221
Balance Sheet March 30 1935
Assets
-Cash in banks, $21,260; interest and dividends
receivable, $279:
mine stores, $1; investments, $616,144; mining
machinery and equipment (less reserve for properties, $1; buildings,
depreciation), $263,118),
$25.000; total, $662.687.
Liabilities-Accounts payable, $52; reserve
$4,614; capital stock (after deducting mining for unclaimed dividends.
-$1 of $2,257,627). $242,372; surplus, $415,647:properties written down to
total, $662,687.
----NTennessee Central Ry.-Petitionfor RFC Loan
Dismissed
The Interstate Commerc
e Commission on June 27 dismissed the company's application of Dec. 12 1934
of $500,000 by the Reconstruction Finance Corporation, the for a loanhaving
company
to withdraw its application.
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140,P. 3736.
Earnings for May and Year to Date
1935
1934
1933
$175,821
$162,357
$143,171
48,076
36,398
24,391
31,811
18,462
8,526
895.953
230,998
149,757
896,099
253,178
156,792
761,372
168,242
77,100
Texas Electric Service Co.
-Earnings
-
1932
$141,066
20,906
3,731
811,710
145,901
60,691
127
Third National Investors Corp.° Mos. End. June 301935
1934
Int, on call loans, &c--Cash dividends
$82
90.737
$136
91,333
1933
$8,220
93,652
1932
$17,797
123.738
Total income
Management fee
Miscellaneous expensesNew York State tax..Federal transfer taxes
Federal cap. stk. taxN. Y.City excise tax
$90,819
7,834
4,657
1.225
1,639
1,550
373
391,469
16,340
5,688
1,581
$101,873
16,114
11,327
6,280
$141,535
16,675
8,726
Net profit
Common dividends
$73,541
83,638
362.960
66,910
4,800
100
368.151
$116,134
66.910
110,000
Balance, deficit
$10,097
$3.950 sur.$1,241 sur.$6.134
Excess of cost over market value ofsecurities at Dec.31 1934_
1,127,663
Excess ofcost over market value ofsecurities at June 30 1935..
571,565
Decreasn in unrealized loss
Note-Loss realized on sale of securities, based on average $556,098
888.082 in 1935, $75,807 in 1934, $95.531 in 1933 and $1.408.901 cost, was
in 1932.
Change in Net Assets Six Months Ended June 30 1935
Per Sh.
(167.276
Total Shares)
Net assets, as reported at Dec. 31 1934 (excluding deferred charges of $290 representing expenses in connection with plan of reorganization)
$4,428.014 $26.47
Increase for period-before dividend:
Net income
$73,540
Loss per security profits account
Dr88,081
Decrease in unrealized loss on common stocks
Expenses since Dec. 31 1934 in connection with plan 556.098
of reorganization
Dr9,342
$0.44
.53
3.32
$532,215
83.638
$3.18
.50
Deduct
-Dividend on common stock
.05
Increase for period-after dividend
$448,577
32.68
Net assets, as reported at June 30 1935
$4,876.591 $29.15
Balance Sheet June 30
Assets1935
1934
1934
a Securities owned.S4,742,100 $4,115,022 Accrued expenses. 1935
$825
$800
Part. ctf. in corp.
Provision for Fed.
formed to liquicapital stock tax
3,100
4,800
date closed bank,
Prov. for N. Y.
carried at amt.
State taxes
3,425
6,200
of unrecovered
Prov. for N. Y.
balance less res.
6,872
City excise tax_
100
Cash
117,289
51,611 b Common stock _ _ 220,000
220,000
Common stock of
Capital surplus_ ..l0.148.501 10,148,502
Third National
Security deficit
3,840,280 3,570,948
Inv. Corp
1,158,000
751,317 Income surplus.. _ _
77,936
13.636
Divs. receivable._
17,701
22,020 Excess of cost over
mkt. val. of sec.
& treasury stk def571,585det1883.220
$6,041,941 $4,939,870 Total
Total
$6,041,941 $4,939,870
a At market, the cost being 35,313.665. is Authorized, 400,000
shares; outstanding, 220,000 shares; 130,000 shares are reserved for $1 par
of purchase warrants entitling the holders to purchase common exercise
stock at
$64 per share until March 1 1936; and thereafter at $2
annum until March 1 1939 when the warrants expire. more per share per
-V. 140, p. 3059.
[American Power & Light Co.
Subsidiary]
Period End. May 31- 1935
-Month-1934 1935-12 Months
-1934
Operating revenues
$539,931
$532.052 $6,591,016 $5,356,664
Operating expenses
277,082
265.276 3,274,443
3,060,954
Rent for leased property
6,461
6.369
76,521
76.433
Balance
$256,386
$260,407 $3,240,052 $3,219,277
Other income (net)
759
2,061
13,404
14,577
Gross corp. income__
$262,468 $3,253,456 33.233,854
Int.& other deduction-- $257,147
142,712
144,433
1,716,792
1,733,717 'Tim
e,Inc.
-To Retire Preferred Stock
Balance
y$114,435
The company will on Aug. 1 retire 1.339 shares of 36.50
Property retirement reserve appropria 31118,035 $1,536,664 $1,500,137
cony. pref. stock at 105 and dividends. Payments will be dividend cum.
300,000
300,000
z Dividends applicable to pref. stocktions
made at Bank
for period,
of Manhattan Co., 40 Wall St.. N. Y. City.
whether paid or unpaid
The holders of the stock called for redemption have the right to
375.678
374,765
convert
such shares into common stock at the rate of 1)1 shares of common
Balance
stock
for each such share of pref. stock up to the close of business on
$860,986
$825,372
y Before property
July 21.-p. 140, p. 3912.
z Regular dividend on retirement reserve appropriations and dividends.
$6 pref. stock was paid on April 1 1935. After the
payment of this dividend there were
Todd Shipyards Corp.(& Subs.)
no acumulated unpaid dividends
at that date.
-Earnings
-V. 140, p. 3911.
Year End. March 311935
1934
1933
1932
Texas Mexican Ry.-Earnings.Net earnings from oper- $1,111,470 $1,237,262
$913,419 $1,333.954
Reserve for depreciation
534,794
May514,530
510.755
638,538
1935
1934
1933
Federal income tax
1932
108,207
Gross from railway
54,558
$130,402
$94.682
$68,456
396.575
Net from railway
• 52,898
32.777
Net income
9,471
$4408.469
37,250
Net after rents
5668.174
$402,693
$695.415
40,257
18,146
Dividends
987
28,129
309,913
From Jan. 1
207,057
207,619
626,582
Gross from railway
575,425
391.504
275.924
Balance
335.354
Net from railway
$158,556
$461,117
8195,074
$68,833
210.992
115,382
Shs.cap.stk.out.(no par)
def6,588
def6,588
Net after rents
206,609
206,612
217.686
217 686
152,764
68.347
def44,814 def44,814
Earns.per sh.on cap.stk.
-V.140, p. 3911.
$2.27
$3.23
$1.85
33.19
Consolidated Balance Sheet March 31
Texas & New Orleans RR.-Earnings.1935
1934
1935
May1934
Assets3
1935
1934
1933
1932
Gross from railway
a Property, &c.__15,861,749 15,630,444 b Stated capital &
$2.903,983 32.785.338 $2,651,383 $2,669,82
Net from railway
6
Cash
789,367 1,031,459
564.137
514,486
surplus_ _____
636.355
473,122
Net after rents
Accts.& notes rec. 3,053,134 2,674,639 Accts. pay., &c._.20,779,577 20,897,406
150,112
94,695
260,610
966,638 1,199,517
From Jan. 1
6,671
Work in progress
115,056
161.061 Pur. money mtge.
Gross from railway
115,000
Matis & supplies_ 2.048,453 1,990,901 Adv.on def'd notes 115,000
13,879,716 12,812.049 11,266,036 13,572,92
Net from railway
4
Marketable secure. 365.518
2.609,678
1,952,488
365,516 received
1,311,264
40,794
Net after rents
1.434,366
78,140
Deferred notes &
525,469 def199,084 de1765,489 def858,73
Conting s reserve 415,123
415,123
-V. 140, P. 3736.
7
accounts reedy. 388,742
575,615 Purchase money inMiscell.investin't. 107,916
139.309 stallm't contet_ 581.000
Texas & Pacific Ry.-EarningsDeferred charges
168,200
136,241
Period End. May 31- 1935
-Month-1934
1935-5 Mos.-1934
Operating revenues
Total
22,898,133 22,705,186
Total
$1,845,422 $1,874,532 $9,055,712 $8,825,39
22,898,133 22.705,186
Operating expenses
6•
a After depreciation of $8,731,688 in 1935 and
1,241,117 6,465,171
88,644,079 in 1934.
Railway tax accruals_ _ _ 1,347,554
5,998,570
b Represented by 206.609 in 1935 and 206,612 in 1934
101,000
115.000
505,000
no par shares.
Uncoil. ry. revenues_ __ _
515,000
-V. 140, p. 1501.
214
2.284
1,833
Equipment rents (net)...
4,969
90,095
94,878
486,818
Joint facility rents (net).
516,136
Toledo Peoria & Western RR.-Earnings.6,540
8.887
31,965
38,649
May1935
Net ry.oper.income__ $300,019
1934
1933
1932
Gross fro n railway
$412.366 31,564.925 $1,752,072
$134,470
Other income
$137,629
8152.831
$111,929
41,827
Net from railway
32,056
198,409
12.862
153,696
25,892
41,925
17,824
Net after rents
def2,361
Gross income
7,861
23,451
5,708
$341,846
8444,422 $1,763,334 $1,905,768
From Jan. 1
Deductions
341,792
Gross from railway
346,337
1,719,893
670,697
1.739.501
660.680
595,791
546,312
Net from railway
126,358
Net income
108,375
129,630
80.710
Net after rents
$54
$98,085
$43,441
40,541
-V. 140, p. 4083.
$166,267
30,562
61,691
26,304
-V. 140. p. 4084.
Texas Power & Light Co.
-Earnings
-
Tonopah Mining Co.of Nevada- Earnings
-
[American Power & Light Co. Subsidiary]
Calendar Years1934
1933
1932
Period End. May 311931
Net earnings
1935
-Month-1934
$56,547
1935-12 Mos.-1934
$32.083
loss$92
Operating revenues
$9,083
Explor. & devel. expense
3715,628
13,316
$731.569 $9,043,663 $9,254,874
1,427
8,083
Operating expenses
2,400
Fed. inc. tax (est.)
375.577
355.827 4,444,991
5,875
Rent for leased property
4,303,107
2,500
Cr12.500
30,000
Net income
337,356
$30.656 loss$8,175
Balance
$6,683
Profit and loss surplus... 2,677,211
$340,051
5373,242 84,611,172 $4,921,767
2,639,854
2,609,168 2,638.196
Other income (net)
1,062
725
10,827
Balance Sheet Dec. 31 1934
8.771
Gross corp. Income.... $341,113
Assets
-Cash in banks and on hand, 867,684; deposit with Nevada
$373,967 $4,621,999 $4,930,538
InInt. & other deductions_
dustrial Commission, $807; due from smelter, $4,428; accounts
203,418
203,215 2,458.596
2,463,288
$5,092; materials and supplies, $2,983: investments, $3,596,36 receivable.
2; inventory
Balance
of salvaged plant and equipment, 322.109; Tonopah Banking Corp.
y$137,695 y$170,752 $2,163,403 $2,467.25
(closed
Property retirement reserve appropriations
0
institution), $493; deferred accounts, $4,596; total, 53,704,55
450,000
z Divs. applic. to pref. stocks for period,
450,000
Liabilities-Account.; payable. $15.934: accrued State and 6.
whether
paid or unpaid
$5.537. Federal income tax (1934). $5,875; common stock county taxes,
865.050
865,027
000.000; earned surplus, 32.677,211 total, 53.704.556.-7V.($1 par). 31,130. p. 1880
Balance
8848,353 81,152,223 -Transamerica Corp.
y Before property retirement reserve
-Larger Dividend , 1
w-4-0
4
z Regular dividends on 7% and $6 pref. appropriations and dividends.
The directors have declared a semi-annual dividend of 15 cents
stocks were paid on May 1 1935.
After the payment of these dividends there were
on the capital stock, no par value, payable July 31 to holders per altars
no accumulated unpaid
of record
dividends at that date.
July 13. This compares with payments of 12M cents made
-V. 140, p. 3911.
in
three preceding semi-annual periods, 10 cents per share paid each of the
on July 25
July 6 1935
Financial Chronicle
128
1931, and 25 cents distributed in each quarter from Oct. 25 1930 to and
including April 25 1931.
. The current dividend amounts to a total of 83,540,000 on outstanding
capital stock and brings total dividends disbursed by corporation and its
predecessor to more than $119.000.000.
John M. Grant, President, reported that subject to audit, the consolidated net profits of Transamerica Corp., consolidated companies and all
controlled subsidiaries for the first six months of 1935 were approximately
$8.400,000, which on an annual basis is equal to 70 cents a share on 23,603,220 shares of outstanding stock.
This amount is substantially in excess of earnings for the comparable
period of 1934. For the entire 12 months period of 1934 earnings amounted
to 48 cents a share.
The company's showing for the first half of the year reflects further
operating economies, with total expense of Transamerica and its consolidated
subsidiaries reduced to $370,000. For the entire year of 1934, expenses
totaled $980,000.
In announcing to-day's change in the dividend policy of Transamerica
Mr. Grant said, "In view of the improvement in the company's earnings
and the encouraging outlook for continued betterment in general business
conditions, the board felt justified in placing dividend disbursements on the
regular annual basis of 30 cents a share. The last three dividends of the
corporation, which were paid at intervals of six months, amounted to
123.i cents a share in each instance."
The new rate calls for an annual dividend disbursement of $7,080,000.
A total of 85,902,000 was paid in 1934.-V. 140. p. 3912.
-Earnings
Tubize Chatillon Corp.
1933
1934
Years Ended Dec.31$1,089,040 $1,646.542
Net income after deduction of all charges
1,048,337
818,196
Depreciation
54,468
79,478
Amortization of intangible assets
Write-off of capital assets not fully depreciated at
96,567
27,555
-netloss
of disposal or retirement
time
137.604
87,635
Interest on bonds
338,244
Extraordinary charges
$3309,566
loss$262,068
Net income for the year
3,019,692 2,695,797
Previous earned surplus
Cr14,329
Dr31,334
Miscellaneous credits or debits
$2,726,289 83,019,692
Earned surplus Dec.31
Condensed Balance Sheet Dec. 31 1934
-Cash on hand and on deposit, 81,422,751: accounts receivable
Assets
Hess reserve for doubtful accounts of $50,000), $879,848; inventories,
$863,685: investments, $1: patents, licenses, and other intangible assets
(unamortized balance). $690,056; deferred charges, $79.494; Plant and village properties (less reserves for deprec. of $9,402,735). $9,202,340; total,
813,138,175.
-Notes payable (banks), $1.200,000: accounts payable (trade),
Liabilities
1st
$175,355: accounts due others, $13,792; accrued liabilities, $97.982:
mtge.7% village bonds (due Jan. 1,1935). $528,000; 7% cumul. pref. stock
non-cumul. cony. class A stock ($1 Par), $135,($100 Par), $2.494,500;
222: common stock ($1 par), 8293,037: capital and aid-in surplus, $5,473,999; earned surplus, $2,726,289, total 813,138,175.-V. 140, P. 4251,
-V.139, p. 3657.
-Cent
-75
s-----Tung-Sol Lamp Works, Inc.
of 75 cents per share on
The directors have declared a quarterly dividend
to holders of
the $3 cum. preferred stock, no par value, payable Aug. 1 on account of
record July 19. The directors did not declare any dividendsafter the payAccruals
accumulations, as they hau in previous quarters.
-V.140,9.323
ment of the current dividend will remain at $1.75 per share.
Union American Investing Corp.-EarpingsYears Ended May 31Dividends on stocks
Interest on bonds
Interest on call loans & bank balances
Total income
Interest on debentures
Amortization of discount on debsTaxes
Other expenses
1935
869,933
33,391
1934
$62,428
51,492
6
1933
853,152
93,325
438
$103,323
71,977
2,519
5,548
16,987
$113,926
74,733
2,612
8.440
20,958
$146,915
77,684
2,714
2,266
19,537
Net income for year carried to un$44,714
$7,183
$6,298
distributed income account
ended
-Net profit realized on sale of securities during the year
Notes
credited to a special account under surplus
May 31 1934, which has been
sales against
amounts to $16,984. Such net profit is computed by applying
the securities purchased at the highest cost. securities as compared with
Unrealized depreciation in market value of
with $631,156
cost amounted to 8593,146 at May 31 1935, as compared
at May 31 1934.
Surplus Accounts for the Year Ended May 31
1933
1934
1935
Capital Surplus8957,143
$2.001,819 $2,084,384
Balance as at May 31
Crenit arising from repurchase of ne18,198
7,076
3,003
bentures at a discount
Reduction in cap, result from caacel.
325,755
14,500
25,500
of corn. stock reacq. from public818,000
Reduct.in stated value of com.stk$2,030,322 $2,105,959 $2,119,096
Total surplus
Cost of shares of common stock re34,712
104,140
189,356
purchased and canceled
$1.840.966 32.001,819 $2,084,384
Balance as at May 31...
Realized Net Losses on SecuritiesSold
Amt. transferred from earned surplus
def366,948 def395,202 def183,168
asat May 31
Net profit realized on securities sold
28,254 loss212,034
16,984
year
sold during
def$349,964 def$366,948 def$395,202
Balance as at May 31
Undistributed Income Account8339,559
$384,273
Bal. of earned surplus as at May 31-- $391,456
44,714
7,183
6.298
Net income for the year
$384,273
$391,456
$397,754
Balance as at May 31
Balance Sheet May 31
1034
1935
1934
1935
Assets5% g. debs., ser. A$1,403,000 31,470,000
owned,
a Securities
Accts. pay., ac , .
$2,807,003 $3,563.672
at CO6t
7,156
6,597
expenses, &c_ __
280,217
815,966
Cash
394,500
b Common stock__ 369,000
Int. accrued, divs.
surplus__ 1,840,966 2,001,819
17,490 Capital
12,005
receivable, &c
599 Realized net losses
461
Furn. & fixtures
366,948
on secur.sold_ _ 349,964
Unamort. MEM on
36,016 Undistrib. income
31,919
debentures
391,456
397,754
account
83,667,354 33,897,984
Total
83,667,354 83,897,984
Total
3119:15 was $593,146 in excess
a The cost of securities owned as at May Represented by 64,641 no par
of the aggregate market value thereof. b
shares in 1935 and 73.800 in 1934.-V. 138, p. 4478.
-Benefit of Consolidation
Aircraft Corp.
Corp..
"The change does not affect the status of the United Aircraft United
of
former parent company of the group and now parent company Corp. In
Aircraft Manufacturing Corp. and United Aircraft Exports
other words, United Aircraft Corp. will now have two operating subsidiaries,
sales
one a manufacturing corporation and the other dealing with all foreign comagencies for United products. Thus there are now only three active 4417.
-V. 140, p.
were seven."
panies in the group, whereas there formerly
-Earnings
Union Gas Co. of Canada, Ltd.(& Subs.)
-Windsor Gas Co., Ltd., City Gas Co.
[And Wholly-Owned Subsidiaries
of London, and Empire Land Co., Ltd.]
Income Account for Years Ended March 31
1934
1935
Net profitfrom operations before charging deprecia8954,311 $1,112,697
tion and interest
201,442
178.954
Interest on bonds of controlled companies
18,791
16,698
Discount earned on bonds of controlled companies_
474
390
Miscellaneous income
81,150,353 $1,333,404
Total income
55,529
54,708
Interest on (Windsor Gas Co.) 5s
13,140
12,676
Int. on (City Gas Co.) 6s
383,621
337,793
Interest on special bank loan
306,239
307.637
Provision for depreciation
Provision for amortization of development costs
173,746
184,171
deferred
$401,127
$253,367
Profit for year
62,082
419.384
Previous surplus
8672,751
70,618
28,100
Total surplus
Dividend (10c. per share)
Prov.for Dom.of Cantle income taxes
$463,209
43,826
$419,384
$574,032
Surplus, March 31
Consolidated Balance Sheet March 31
1934
1935
1934
1935
LiabtlUies$
Assets
19,057,123 19,048,187 x Capital stock_ _11,163,475 11,163,035
Property
246,141 Surplus arising from
236,544
Cash
revel. of physical
Dom. of Canada
azsets of Union &
6,117
6,112
bonds
Windsor cos_ ___ 5.503,806 5,503,806
373,827
Accounts receivable 317,567
Installment accts.
Total
16,667,281 16,666,841
51,252
144,834
receivable
191,395 Lees amounts reInventory, &c____ 171,834
paid to sharehds. 5,611,250 5,611,250
185,462
Sundry assets_ ___ 184,751
Deposits with trusBalance
11,056,030 11,055,590
tees for bond
419,383
3,335 Consol. surp. acct. 574,032
1,373
issues
Total cap, and
Investments in and
surplus
11,630,063 11,474,974
advances to con3,630,502 3,639,202 Windsor Gas Co.5s 1,085,500 1,102,500
trolled cos
City Gas Co.6s_ _ _ 208,000
216,000
Deferred charges &
34,414 Special bank loans
64,341
prepaid expenses
5,250,000 5,750,000
(secured)
Bal. pay. on mtge_ 170,000
170,000
Current liabilities_ 470,561
340,268
Reserve for deprec. 5,000,858 4,725,593
Total
23,814,982 23,779,334
23,814,982 23,779,334
Total
x Represented 706,184 no par shares in 1935 (706,162 in 1934).
-Consolidation
United Electric Light & Power Co.
Approved
-V. 140, p. 4251.
See New York Edison Co. above.
United Industrial Corp. (VIAG), Berlin,
Earnings
Earnings for Year Ended March 31 1935
Revenue from investments
Other revenue capital
Income from services rendered
Extraordinary income
Germany-
Reichsmarks
12,935,390
541,616
37,680
3,726,636
17,241,324
236,475
15 382
153 639
1 123,460
305,655
708,152
3,500,703
248,114
Total income
Salaries and social dues
Depreciation of equipment
Depreciation of investments
Reserve for foreign exchange credits
Other reserves
Interest
Property tax
Other expenditures
10,949,740
Balance Sheet March 31 1935
LiabilitiesReichsmarks
Reichsmarks
Assets1 Capital stock
180.000,000
Furniture and fixtures
242,761,006 Legal reserve
38,800,000
Participations
7,063,654 Other reserves
17,455,869
Securities
291,493 6% mtge.-secured EL f. gold
Mortgages
bds., issued 1925 (31,512,
38,420,771
Accounts receivable
5,529,470 000)
6,350,400
Cash on hand sz at banks
97,829 614%s. f. gold debs. of 1926
Transitory accounts
($1,193,000)
5,010,600
414% Rm. debs. Issue l934
1,987,500
4Xi % RM.detw., Issue 1934_ 4,152,000
6% RM. debs., Issue 1926_
10,481,000.
Due to SUM'diary companies_ 11,221,899
Due to Reichs-Kredit Bank._ 5,860,564
Due to others
8,727
Transitory accounts
1,427,121
Profit
11 408,544
Net profit
Total
-V. 139, p. 616.
294,164,226
Total
294.164,226
-New Directors
United Investors Realty Corp.
.
Charles C. Nicholls,and Edward .1 • Crawford have been elected directors.
-V. 140, p. 4251.
Rys. & Electric Co. of Balt. To--gimvtge-Name,
l
a
.
"
votvri)char changes including
Thiikockholders re to meet July 9
e
sit Coand also sanctionny's name to Balti
chang n the co
other moves in the plan of reorganization.
ohn S. Gibbs, Joseph P. Healy, John K. Shaw and Arthur D. Stebbins
have been added to the voting trust committee. The previously appointed
members of the committee also members of the first lien bondholders'committee are: Edwin G. Baetjer, Austin McLanahan, William G. Baker, Jr.,
-V. 140, P. 4418.
J. J. Nelligan and A. H. S. Post.
414 \-Accumulated It1 -/
"-United States Cold Storage Corp.
United
subsidiaries of
A diVdend of $1.75 per share was paid on account of accumulations ont
commenting on the recent approval by stockholders of
into one company to be
7% cum. class A pref. stock, par $100. on July 1 to holders of ree d
United Aircraft Corp. of action to consolidate which also has acquired
June 24. A dividend of $3.50 was paid on Jan. 2 1935, this being the first
known as United Aircraft Manufacturing Corp., United Airports of Conof the
distribution made on this issue since Oct. 1 1932, when a regular quarterly
the assets and will carry on the operations said:
-V. 140, p. 153.
payment of $1.75 per share was made.
necticut, Inc., Donald L. Brown, President. United Aircraft group with
"The change was made solely to provide the change in personnel or in
-Notes Called
corporate structure, and implies no
States Rubber Co.
---' "United
a simplified
maintained under the former set-up. None of the
The company will redeem on Sept. 1, all of its 634% serial gold notes,
the duties of personnel as
the old names have
subsidiary companies loses its identity in that in the future.
11936, now outstanding, at 10034 and accrued interest.
series K,due March
former
as such
and will
Holders should present their notes at the principal office of Guaranty
been set up as divisionsnow held be maintained subsidiary companies will
by the various
"Existing contracts
Trust Co. of New York. 140 Broadway, New York, Par payment on or
Future contracts, of course, will be made in the name of
-V. 140. p. 2885.
after the redemption date.
not be affected.
Corp.
the United Aircraft Manufacturing
Volume 141
Financial Chronicle
United Gas Public Service Co. (8c Subs.)
-Earnings
-
129
the payment of this dividend there were no accumulated unpaid dividends
at that date. Regular dividend on this stock was declared for payment on
June 15 1935.-V. 140. p. 3917.
Consolidated Income Statement for Calendar Years
1934
1933
1932
Operating revenues
West Jersey & Seashore RR.
-Natural gas----$23,176,429 $18,918,347 $20,362,392
-Stock Offered
Crude oil
Adams & Peck, New York, are offering at 65M to yield 4.58%,500 shares
841,152
575,510
1,504.738
Gasoline
6% common stock (par $50). The road is leased to. the Pennsylvania
644,880
635,496
544,413
Carbon black
Reading Seashore Lines. The latter company is
33,692
15,517
sylvania RR. and Reading Co., two-thirds and controlled, by the Pennone-third respectively.I
Total operating revenues
-v. 136, P. 4265.
$24,662,461 $20,163,046 $22,427,060
Operating expenses, including taxes
12.915,014 11,067,475 10,575.232
-Western Newspaper Union-Petition to Reorganiz
Net revenues from operation
On June 19 1935 in Omaha, Neb. three creditors
$11,747,447 $9,095,570 $11,851,828
Other income
reorganization of the company under Section 7713 filed a petitio for the
103,902
95.760
168,107
'
ruptcy Act. The petition recited that these threeof the Feder 1 Bankcreditors own in the
Gross corporate income
aggregate $2,500 of the company's debentures.
$11,851,349 $9,191,331 $12,019,935
Interest on mortgage
In a letter to debenture holders H. H.Fish, President states:
1,084,878
1,164,280
1,243,685
Interest on debenturebonds
s
Inasmuch as interest on the bonds has been consistent
4,015,367 4,023,742
4,213,853
Other interest and deductions
we do not understand the reason for this suit but are of ly paid to date.
227,775
103.065
213,327
Interest charged to construction
Cr30,744
this proceeding is the direct result of unfounded statementthe opinion that
Cr11,296
Cr80,479
s and premature
Property retirem't & depl. res. approp 3,075.000
releases of information by certain investment banker members
2,500,000
2.200,000
of our
board and their associated distributors of the debentures.
Balance
We are advised by our counsel that this suit cannot be
$3,479,073 $1.411,539 $4.229.549
sutained. HowPref. dividends of subs, to roublic__-ever, it has already caused the comr any credit embarass
1,827
3,374
x3,374
ment and
Portion applicable to minority interest
certain extent, undermined the reputation we have establishe has,to a
1,183
Cr4,822
xCr8,275
We are informed that certain investment bankers actuated,d.
Balance carried to surplus
no doubt,
by a belated consideration of their duties to the bondholde
$3,476,063 $1,412,988 44,234,450
Dividends of $6 preferred stock
untimely and unwarranted information to them as to rs, have imparted
1,181.618
the readjustment
x Adjusted for comparison with 1933.
plans in progress.
Note
-The above statement includes the
It was not the intention of the officers of this company
Fuel Co. (which entered receivership Sept. operations of Houston Gas &
gram of readjustment or request the co-operation of the to submit a pro24 1932) based on reports of
debenture holders
the receiver.
until every detail of the plan was completed. In view of the
ever,it is necessary to advise you in advance that complete and above, howConsolidated Balance Sheet Dec. 31
authoritative
data, including a copy of the plan, will be sent to you
1934
1933
by the
1934
1933
conunittee for Western Newspaper Union at an early date. readjustment
Assets
Liabilities
The plan is the result of months of careful investigation
Plant, property,
x Capital stock_135,783,541 135,783,541
and
analysis. In its preparation there has been but one paramoun painstaking
franchises, &c.244,571,268 244,350,516 Subsids'. stocks:
t thought
to safeguard the principal of the security holders and to
Investments_ ___ 1,025,331
998,672 Preferred silt..
pay them the highest
285,100
307,200
rate of interest consistent with the ability of the corporati
Cash in banks
Common stk_
on to pay and
69,346
116,881
stay in business.
on demand_ _
1,213,563 1,323,041 Total long-term
May we ask that you take no definite action or from any
Notes and loans
debt
conclusions
79,172,000 80,997,000
until the plan and complete, authentic information its available
receivable____
60,316
127,973 Moran GasCorp.
to you.
V. 140, p. 4253.
Acctsreceivable:
1st 6'is
20,000
20,000
Customers &
SouthernGasCo.
Western Pacific RR.-Earnings.miscell
2,767,822 2,163,533
1st M. 6t.%
Affiliated cos_
May281,769
272,165 s. t. bonds_
1935
497,500
1934
1933
1932
Marls & suppl_ 1,277,349 1,125,878 Mat'd g.
Gross from railway
$1,018,910
bonds &
4968,942
$900,589
$811,949
Prepayments. _
Net from railway
53,851
75,800 int. (Houston
262.155
199,549
138,655
84,214
Miscell. current
Net after rents
178,736
Gas&FuelCo.) 5,381,124 5,140,308
111,065
37,323
def9,642
assets
From Jan. 1
119,963
120,870 Contracts pay'le
145,420
439,420
MLscell. assets_ _ 2,132,116 2,110,926 Note payable
Gross from railway
4,423.448
4,251,446 3,466,827
35,000
3,952,673
Canting. assets
Net from railway
Loan payable
501,898
774,158
134,547
19,527
--Contra
Net after rents
579,912
634,986
Un.Gas Corp. 2,971,000 1,478,000
27,945
343,339 def273.651
433,810
Deferred charges
-V. 140, p. 4418.
665,235
678,706 Pref. dive. decI'd
299,631
293,988
Accts. payable_
778,027
501,549
Western Ry. of Alabama. Earnings.
Customers' dep..
563,015
529,802
MayAccrued accts._ 1,839,573 1,448,113
1935
1934
1933
1932
Gross from railway
Miscell. current
$113,115
$102.906
$110.470
$87.201
Net from railway
liabilities _ _
27,271
25,444
def4,479
def10,938
3,923
def23.761
Net after rents
Misc. liabilities_
227,412
279,978
def4,868
def11,622
def408
def29,512
From Jan. 1
Canting. 'labile.
Gross from railway
-Contra
579,912
_
634,986
541.794
555,654
509,935
554,105
Net from railway
Deferred credit
def25,867
def6,427
def10,501
def57.131
Net after rents
to income_ _
5,000
def43.870
def21,237
def26,646
def84,643
-V. 140. p. 3918.
Reserves:
Prop'y retireWichita Falls & Southern RR.-Earnings.ment & depl 17,250,404 19,484,892
TJncollect.accts 929,691
851,978
may1935
1934
1933
Invent. adjust
1932
179,103
213,389
Gross from railway
$48,697
446,521
$45,906
$39,652
Contingency
Net from railway
13.329
12,469
12.138
(appropr'd
3.695
Net after rents
7,899
6.758
5,258
from capital
def3,857
From Jan. 1
surplus) --467,016
476,120
Gross from railway
199,6
209,556
Other
229,798
111,454
123,993
Net from railway3
I310
54,56
6,740
Min.Int. In sure.
51,152
Net after rents
6,902
23,902
of subsidiaries
12,158
1,537
36,581
-V. 140, p. 3919.
Capital surplus_ 2,974,644 2,850,203
Earned surplus_ 4,154,772 1,949,697
ox-Rich ,rp.-Suspended from Dealing
New York Stock Exchang on June 29
Total
254,748,495 253,983,068
Total
254,748,495 253,983,068
class tikivertible stock (no pItV.140. p.suspended from dealings the
x Represented by $6 preferred, 200,000
3738.
shares; $6 2d preferred, 200,000
shares; common, 2.500,000 shares, all of no
(R. C.) Williams Co., Inc.
par value.
-V.138, p. 4142.
-Earnings
-Years Ended April 30Utah Ry.-Earnings.1935.
1934
1933
Net profit after deduct, all charges,
May1935
incl. deprec. & prov.for Fed. tax__
1934
1933
1932
$52,784 x$186,887 xloss$38,233
Gross from railway$
Previoussurplus
26,595
855,357
$48,748
1,156,351
Net from railway
992,197
1,030,430
def(046
def10,341
8,355
1.905
Net after rents
def15,563
Total surplus
def23,967
def6,261
def12,681
$1,209,135 81,179,084
From Jan. 1
$992,197
Dividends paid
110,698
Gross from railway
22,133
Additional reserve forFederal tax_ _ _ _
387,882
246,350
473,109
512,285
Net from railway
2,038
600
97,081
30,990
178,650
172,764
Net after
Surplus, April 30
def56,927
65,764
72,053
$1,096,399 $1,156,352
-V. 140.rents.
$992,197
P. 3966.
Shs. of coin.stock outst.(no par)
110,698
110,698
112,010
Earnings per share
$0.47
$1.69
Virginia Electric & Power Co.
Nil
-Remainder of Issue
x Before Federal taxes.
Called
Condensed Balance Sheet, April 30 1935
The company has called for redemptio
n on Aug. 1 all its secured convert-Cash & cash items, $269,962; notes reedy.,
Assets
ible 10
-year 04% bonds, due
customers, $118,683:
acc'ts receiv. (less res.). $990.484; miscell. acc'ts receiv.,
called for redemption on July 1 July 1 1944, not heretofore converted or
$25,074; invents.,
$1,536,539; invests.. $58.988: cash surr. value, life
In again calling attention to 1935.
insur.
certain conversion privileges attaching to
loans & advs. to assoc'd cos., $32,100; prop. & equip.(less policy, $.29,750;
the bonds which are being called
redemption, the notice to bondholders
for
good-will, $500.000; def. chgs.. 4103,477; total, $4,839,31 res.), $1,174,351;
says:
Liabilities
-Notes payable, $1,211,000; acc'ts payable. 2.
"Of the $9,218,000 total original principal amount
of convertible bonds
liabs., $50,140; other curr. nabs.,$58,674; 1st mtge.serial$197,016; accrued
issued under the above described trust
gold
indenture, $4,629,000 _principal
corn. stock (110.698 shs, no par), $1,572,082; cap, surplus, 6s,8654.000;
amount were called for redemption on July
1 1935. A total
contra, $559,086; earned surplus, $537,314; total, $4,839.3 incl. good-will
principal amount of convertible bonds, including 34,315.00 of $5,011,000
12.-V- 138. p.
.
0 of those called
4480.
for redemption on July 1 1935, had been converted
into series
the close of business on June 27 1935. leaving outstandi A bonds as of
Br Co., Inc.
ng on that date
-To Issue $20,000,000 Bonds
$3,893.000 principal amount of convertible bonds, exclusive
-See
of 4314,000
under "Current Events and Discussions" on a precedi
principal amount thereof which
ng
July 1 1935."-V. 140, p. 4418.were among those called for redemption on
page.
-V. 140, p. 4419.
" INalgreen Co.
--Larger Dividend
-444,
The
directors have declared a dividend of 35 cents per
common stock, no par value, payable Aug. 1 to holders of share on the
record July 15.
This compares with 30 cents paid on May 1 last, and
three months from Feb. 1 1933 to and including Feb. 25 cents paid each
1 1935. In addition
.a stock dividend of 5% was paid on Nov. 1 1934.-V.
140, p.3917.
Warren Telechron Co.
-New Vice-Presidents
I. W. Kokins, and C. E. Davis, have been elected Vice w
-Presidents.
133, p. 3478.
-V.
*----Windsor Hotel, Ltd.
-Defers Interest
-
The payment of interest due July 1
due 1943, was deferred until results of1935, on 634% first mortgage bonds,
the sun mer's business can better be
determined. See also V. 140, p. 4086.
-Woolson Spice Co.
-Common Dividend Passed
The directors have decided
to omit the dividend
no par common stock. The company had previousl due at this time on the
y
on this issue each three months, the last previous paid 25 cents per share
payment having been
made on April 1.-V. 138, p. 518.
Washington Water Power Co.
(& Subs.)
-50
-Earnings
-Cent Extra Dividend
- .-----Worcester Salt Co.
[American Power & Light Co. Subsidiary]
Period End. May 31-Month-1934
1935
1935-12 Mos.-1934
Operating revenues
$617,871 $8,051,692 $7,466,058
$677,743
Operating expenses
375,611
357,077
4,472,291
3,954,151
Net rev,from opera'n_ $302,132
$260,794 83,579,401 $3,511,907
Other income (net)
4,078
3.346
30,655
31,382
Gross corp. income,,... $306,210
$264,140 $3,610.056 $3,543,289
Int. & other deductions_
91.785
90,282
1.127,188
1,115.937
Balance
y4214,425 4173,858 $2,482,868 $2,427,352
Property retirement reserve appropriations
625,622
621,992
applic. to pref. stock for period, whether
paid or unpaid
620.510
620.796
Balance
$1.236,736
y Before property retirement reserve appropriations and $1,184,564
dividends.
z Regular dividend on $6 pref. stock was paid on March 15 1935. After
The directors have declared an extra dividend
of
addition to a regular quarterly dividend of $1.50 per 50 cents per share
stock, par $100. The extra dividend is payable June share on the common
29 to holders of record
June 20, while the regular quarterly dividend
is
of record Aug. 5. A similar extra was paid on payable Aug. 15 to holders
Dec. 31 1934.-V. 140, P.
155.
Yonkers RR. Co.
-Higher Fares Denied
-
The N. Y. Public Service Commission has
company for permission to increase passengeragain denied a petition of the
fares in Yonkers and Mount
'Vernon, N.
The same plea was dismissed by the commission in
1932.
V. 135. p. 3167.
Y.
Youngstown Sheet & Tube Co.
-Stock Delivere
d
The Bankers Trust Co. has notified the New York
as trustee under the company's first mortgage dated Stock Exchange that
Dec. 21 1927, that on
May 31 1935, they delivered account of redemptio
n 194 shares of5% cumulative preferred stock class B $100 par value of Koppers
there are now pledged, subject to the 1st mtge. dated Coal Co. and that
Dec. 21 1927, 8,59
shares of this stock.
-V. 140, IL 3066.
July 6 1935
Financial Chronicle
130
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
-HIDES
PETROLEUM-RUBBER
COMMERCIAL EPITOME
Friday Niqht, July 5 1935
Coffee futures moved higher on the 1st inst. in light tradof
ing. Santos contracts closed 6 to 10 points up with sales
8,000 bags and Riofutures ended 11 to 12 points higher with
with
sales of 1,000 bags. On the 2d inst. futures closedpoints
Santos contracts up 5 to 8 points and Rio up 1 to 3 The
with sales of 10,750 bags and 3,000 bags respectively.
Brazilian exchange rate improved and cost and freight
offers from Brazil were higher.
on
On the 3d inst. futures closed 2 to 7 points lower
lower
Santos contracts with sales of 10,250 bags and 1 to 5 to 7
were 5
on Rio with sales of 2,250 bags. Early prices Brazil were
points higher. Cost and freight offers from 8.00c. The
5 to 10 points higher with Santos 4s at 7.70 to
8 to 83'c.
local spot market was quiet with Santos 4s, closed 5 to
Brazilian exchange improved. To-day futures
15 points higher on Rio contracts and 3 to 4 points higher
s
on Santos with sales of 5 contracts in Rio and 10 contractr
irregula
in Santos. Cost and freight offers were light at
price changes.
Rio coffee prices closed as follows:
5.25
March
May
July
5.45 September
5.52 December
5.14
Santos coffee prices closed as follows:
September
March
May
July
7.87
7.91 December
788
5.35
7.72
7.81
sales of
Cocoa futures fell 1 to 3 points on the 1st inst. on Dec. at
1,554 tons. July ended at 4.36c.; Sept. at 4.430.; 2d inst.
4.60c.; Jan. at 4.650., and March at 4.75c. On the
s
futures closed unchanged to 2 points higher with offering
Dec.
light. Sales were 389 tons. Sept. ended at 4.44c.;
at 4.600., and March at 4.76c.
On the 3d inst. futures closed 3 to 4 points higher with
sales of 1,099 tons. Consumption continued heavy through
ended
out the country. Manufacturers were buying. Sept.4.79c.
at 4.48c., Dec. at 4.64c. Jan. at 4.69c., March at points
3
and May at 4.90c. To-day futures ended 2 toat 4.51c.,
higher with sales of 110 contracts. Sept. ended
Dec. at 4.66c., Jan. at 4.71c. and May at 4.92c.
but
Sugar futures trading on the 1st inst. was very light, 3
to
new contracts ended 2 to 3 points higher and old 1 vely.
points higher with sales of 7,050 and 200 tons respecti
lower
On the 2d inst. futures closed unchanged to 3 points old.
of
with sales of 4,200 tons of new contract and 200 tons tons,
06
Light estimated world stocks on June 1 at 7,708,3 932,279
against 8,640,585 tons a year ago, a decrease of
.
tons or 10.8%
lower with
On the 3d inst. futures closed 1 to 3 pointstons of old.
sales of 12,700 tons of new contracts and 800
To-day
Refined was in good demand at 4.95 to 5.05c. and 3 to
contracts
futures closed 1 to 3 points lower on old34 contracts of old
4 points lower on the new with sales of
and 314 contracts of the new.
Prices were as follows:
2.34
r
pressure. Hogs were 10c. lower with the top $9.75. On the
2d inst. futures ended unchanged to 5 points lower. Cash
demand was small. Hogs were 10c. lower with the top
$9.70. On the 3d inst. futures ended unchanged to 3
points higher on buying influenced by the firmness of hogs.
Hogs were 20c. higher with the top $9.80. Cash lard was
quiet; in tierces, 13.60c.; refined to continent, 123 to
4
12%c.; South America, 12% to 123 0. To-day futures
closed 7 to 25 points lower, reflecting the weakness in grains.
O
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAG
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
13.45
13.52
13.52
13.52
13.50
July
Holt- 13.30
13.42
13.42
13.47
13.45
September
day 12.37
12.62
12.62
12.65
12.75
December
Pork steady; mess, $28.75; family, $26.50 nominal; fat
backs, $26 to $29.50. Beef firm; mess, nominal; packer,
nominal; family, $23 to $24 nominal; extra India mess,nominal. Cut meats easier; pickled hams, picnic, loose, c.a.f.,
4 to 6 lbs., 163.c.; 6 to 8 lbs., 15Mc.• 8 to 10 lbs., 15c.;
skinned, loose, c.a.f., 14 to 16 lbs. 144c.; 18 to 20 lbs.,
19c.; 22 to24 lbs.,17e.; pickled bellies, clear,f.o.b. N. Y.,
6 to 121bs.,233,c.;bellies, clear, dry salted, boxed, N. Y.,
4
14 to 16 lbs., 183 c.; 18 to 30 lbs., 183c. Butter,
creamery,firsts to higher than extra and premium marks, 22
4
to 243 c. Cheese, flats, 183' to 19e. Eggs, mixed colors,
checks to special packs, 223 to 283c.
Oils-Linseed showed little if any improvement. A
good movement of oil was reported against contracts but
new business was lacking. Carlot prices continued at
9.4 to 9.50., cooperage basis. Tank cars, 8.8 to 8.9c.
4
Cocoanut, Manila, tanks,forward,3% to 33 c.; coast,3 8c.
-Dec., 14e.; drums, spot, 153 to
4
China wood, tanks, Aug.
4
16e. Corn, crude, tanks, western mills, 83 c. Olive,
to 86o.: other oils, 80 to 82c.;
denatured, spot, Spanish, 83
shipments, 85 to 860.; Greek, 8(k. Soya bean, tanks,
Western mills, nearby, 7.80c.; C.L. drums, 9.6c.; L.C.L.,
10e. Edible, cocoanut, 76 degrees, 10Mc. Lard, prime,
13c.; extra strained winter, 12Mc. Cod, crude, barrels,
Norwegian light filtered, 32c.; yellow, 33c. Turpentine,
46 to 50c. Rosin, $4.80 to $6.75.
Cottonseed Oil sales, including switches, 63 contracts.
Crude, S. E., 8%c. Prices closed as follows:
July
August
September
October
9.60 9.80 I November
ec
9.70@9.90 December
9.88 9.89 January
February
9.89
9.75©9.95
9.80 ©____
9.77©9.83
9.75©9.90
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures closed 1 to 8 points lower on the 1st inst.
with sales of only 790 tons. Spot ribbed smoked sheets
were lower at 12.38c. London closed 1-16d. to Md. lower
but Singapore showed little change. Here July ended at
12.40e., Sept. at 12.57c. Dec. at 12.75c., Jan. at 12.83c.,
March at 12.97c. and ilay at 13.10c. On the 2d inst.
futures closed 9 to 10 points lower after sales of 640 tons.
Spot ribbed smoked sheets dropped to 12.31c. London
2.32 Septembe
2.09
December
2.30 January
and Singapore were steady but dull. Here •July ended
July
2.16
2.11 May
Dec. at 12.67c., Jan. at 12.73c.,
March
0 has been at 12.31c., Sept. at 12.47c.,
A separate sugar processing tax fund of $500,00 ation of March at 12.87c. and May at 13.000.
proclam
established for the Territory of Hawaii byural Adjustment
On the 3rd inst. futures closed 4 to 8 points lower with
the President dated June 7, the Agricult the terms of the sales of 800 tons. Spot ribbed smoked sheets fell to 12.250.
Administration announced June 13. Under Appropriation London and Singapore were dull and lower. July here
Jones-Costigan Act and the Emergency Relief the President, ended at 12.23c., Sept. at 12.40c., Dec. at 12.60c., Jan. at
Act of 1935, thisfund may,with the approval of ure and other 12.60e., March at 12.81c. April at 12.88c., May at 12.96c.
be used and expended for the benefit of agricult the Relief and June at 13.04c. To-day futures closed 7 to 10 points
purposes, including general expenditures under
lower with sales of 138 contracts. July ended at 12.160.,
Act in the Territory of Hawaii. Administration announced Sept. at 12.30c. Dec. at 12.52c., Jan. at 12.59c., March
The Agricultural Adjustment
ne growers, at 12.730. and Aiay at 12.88c.
June 28 that a meeting of Louisiana sugarca
Hides futures on the 1st inst. closed 8 to 10 points lower
would
processors and representatives of the Sugar Section
University, with sales of only 1,200,000 lbs. Sept. ended at 10.55c.,
be held to-day (July 6) at Louisiana State
Dec. at 10.87c. and March at 11.20c. On the 2d inst.
Baton Rouge, La. The AAA continued:
futures closed 9 to 12 points lower with sales of 1,120,000 lbs.
which will
of the meeting Is to gather information
The main purpose
Dec. ended at 10.77c. and March at 11.10c.
out his function under the
assist the Secretary of Agriculture to carry
On the 3rd inst. futures rose 12 to 15 points on sales of
n Adjustment Contract
section of the Louisiana Sugarcane Productio
of the 1935 crop.
1,360,000 lbs. Sept. ended at 10.58c. and Dec. at 10.90c.
which relates to the price to be paid for cane
determine what shall
Today futures closed 10 to 15 points higher with sales
That section provides that the Secretary shall
growers by processors who are
of 62 contracts. Sept. ended at 10.73c., Dec. at 11.04c.
be fair prices for cane purchased from
The 1934 sugarcane
and March at 11.33c.
signatories to production adjustment contracts.
and growers provided for a
purchase contract as adopted by processors
in
Ocean Freights were quiet.
which varied according to both the amount of sucrose
prices
scale of
price of raw sugar.
the juice of the cane and the market
Section, said to-day that
John E. Dalton, Chief of the AAA Sugar
in economic factors involved in the purchase
In view of possible changes
branches of the industry
contracts the AAA desires the opinions of all
Adjustment contract.
before taking action required by the
higher
Lard futures on the 29th ult. closed 2 to 5 points were
grains. Hogs
on buying stimulated by the strength in
ed to 2 up on
quiet. On the 1st inst. futures closed unchang distant deon the
the nearby months and 10 points lower ed trade buying in
liveries. The strength of grains influenc
months were under
the nearby deliveries while distant
is. 6d.; RotterCharters included: Grain-prompt, Albany-Antwerp, -West Indies,
7d. Trips
dam, Is. 7yid.; United Kingdom, picked, Is. ports, Atlantic range to
two
80c.; same. $1. Scrap iron-prompt $3.90.
round,
Ardrossan, lie. 6d.; New York. July. Genoa.
Coal was in limited demand but firm. Bituminous coal
output in the United States for the week ended June 29
was estimated by the National Coal Association at 6,410,000
net tons, as against 6,146,000 tons in the same week last
year and 6,610,000 two years ago. The Bureau of Mines
report shows production of 9,220,000 tons for the week ended
1935..
June 15 and 4,831,000 for the week ended June 22
•
Volume 141
Financial Chronicle
131
Production for the calendar year to June 29 1935 was 189,295000 tons, against 182,308,000 in the same period of the
1934-35
1933-34
Stock
Receipts to
preceding year.
This Since Aug This Since Aug
July 5
Week 1 1934
Week
1 1933
1935
1934
Copper demand was only fair at best. Several interests,
however, reported a better business but uncertainty regard- Galveston
518 907.129 11,143 2,151,720 245,038 547.495
62,891
225 178,409
3,226
6.448
ing the nearby price trend keeps buying at a minimum. Texas City
Houston
The price remained firm at 8c. for domestic delivery. In Corpus Christi.... 2,365 1.078,379 9,263 2,232,064 371,142 880.841
84 275,022
34,851
342 322,254
46,879
4,693
London on the 3d inst. spot closed at £30 3s. 9d. and futures Beaumont
---10,464
768
3.790
at £30 us. 3d.; sales, 400 tons of spot and 1,900 tons of New Orleans_ --- 4.012 1,038.506 16,710 1,490,267 336,795 611,516
Gulfport
futures; electrolytic, spot, £33 15s., up £1; futures up [Os. Mobile
340 132,757 5,025 176,954 .54,279
97.979
Pensacola
530
79,990
---- 152,998
9,770
11,183
to £34 5s.
Jacksonville
6,883
5
65
13.908
2,967
3.808
Savannah
194 115,761 3,109 181,266
77,096 105,912
Tin was in small demand but recently the price has been Brunswick
36,670
459
firmer at 51.900. for spot Straits. In London on the 3d Charleston
628 145.023 1,859 137,819
19.307
48,346
Lake Charles_
____
57,220
238 104.111
20,831
8.189
inst. prices were slightly firmer.
Wilmington
326
18,913
230
23.758
16,963
15.710
Norfolk
177
53,474 1,164
44.606
14,292
18,116
Lead was in good demand and firmer at 4c., New York and N'port News, &a_
_.
3.85c. East St. Louis. In London on the 3d inst. spot de- New York
141
59.395
6,872
clined is. 3d. to £13 16s. 3d.;futures fell is. 3d. to £13 17s. Boston185 9,411
Baltimore
27,166
826
35,011
9
1,556
2,470
6d.; sales, 700 tons of futures.
Philadelphia
Zinc was fairly active at 4.30e.., East St. Louis. In
Totals
0188 4.004.266 50.199 7.292.420 1.207.120 2.486,306
London on the 3d inst. spot was unchanged at £13 16s. 3d.;
In order that comparison may be made with other years,
futures unchanged at £14 N. 3d.; sales, 5,25 tons of futures. we give below the
.
totals at leading ports for six seasons:
Steel showed more bouyancy than had been expected for
Receipts at- 1934-35 1933-34 1932-33 1931-32 1930-31 1929-30
this time of the year. The abundant rains and floods in the
West created an unexpected demand for structurals,rails and Galveston_ __ _
518
11,143
9,562
3,501
2,547
2,746
Houston
2.365
9,263
18,080
track accessories and road building material. Some districts New
4,064
4.152
1.268
Orleans4,012
23.815
16,710
18.561
2.572
2.892
reported that orders have exceeded expectations. Quo- Mobile
340
5,025
3,479
4.468
908
396
tations: Semi-finished billets, rerolling, $27; forging, $32; Savannah_ _
194
3,109
5,930
1,322
1,514
1,909
Brunswick _
sheet bars, $28; slabs, $27; wire rods, $38; skelp, 1.70e. per Charleston.. _ _
628
1,859
7,981
892
268
1,045
pound; sheets, hot rolled, annealed, 2.40c.; galvanized, Wilmington._
326
230
901
154
52
4
177
1,164
1,776
36
357
443
3.10c.; strips, hot rolled, 1,35e.• cold rolled, 2.60e.; hoops NorfolkNews.
Wport
and bands, 1.85e.; tin plate; $5.2:5 per box of 100 lbs.; bars, All others____
628
1,696
8,747
1,437
782
196
plates and shapes, 1.80e.
Tot. this week
9,188
50.199
80,277
34,435
13.152
10,899
Pig Iron output decreased 7.1% in daily rate in June and Since Aug.1- 4,004,266 7,292,420 8.561.714
9.633.902 8,448.306 8,172,539
there was a net loss of six active furnaces, the number in
The exports for the week ending this evening reach a total
blast on July 1 having been 91. June production was 51,750
tons daily as against 55,713 tons daily in May, according to of 70,829 bales, of which 9,915 were to Great Britain, 7,594
the "Iron Age." For the first half of the year production to France, 9,608 to Germany, 13,104 to Italy, 17,559 to
has been 9,799,000 tons against 9,789,313 tons in the same Japan, nil to China and 13,049 to other destinations. In
time last year. Total production for June was 1,552,514 the corresponding week last year total exports were 83,214
tons against 1,727,095 in May. In the New England district bales. For the season to date aggregate exports have been
the demand was very light and was mostly for carlots. 4,653,999 bales, against 7,221,206 bales in the same period
Furnace coke declined to $3.35 per ton, Connellsville. Quo- of the previous season. Below are the exportsfor the week:
Week Ended
tations: Foundry No. 2 eastern Pennsylvania, $19.50;
Exports to-'
Juit, 5 1935
Buffalo, Chicago, Valley and Cleveland, $18.50; BirmingExports from- Great
Get
ham,$14.50;basic, Valley,$18;eastern Pennsylvania,
Britain France many Italy Japan China Other Total
malleable, eastern Pennsylvania, $20; Buffalo, $19. $19.00
--------4,052 7,053
Galveston
1,884
1,060 14,049
Houston
4,652 2,391 . . 5,300 4,522
____
7,730 24,595
Wool was in moderate demand and
io
22
92
a Government report on July 4 saying:steady. Boston wired Corpus Christi _ 1,292 4,iiii 5,272 2,
-ioi "ioi ---- 3,074 17,660
____
"Western grown wools New OrleansMobile
286
997 1,050
--------630 2,963
are moderately active. Fair amounts of
1,252
-___ 2,961
to good Savannah
------------482 4,685
French combing 64s. and finer territory averagebring
Charleston
.
- 51
51
wools
to 70c. scoured basis, while short French combing moves68 Norfolk
at Gulfport
------------------------530
530
mostly 65 to 67c. for sizable lots.
------------3,512
Los Angeles_
134
--------3,646
------------2,069
50s., quarter bloods, territory woolsStrictly combing 48s., San Francisco_
171
--------2,240
are moving at
in the range 50-60c., scoured basis. French combingprices
Total
9,915 7,594 9,608 13,104 17,559
____ 13,049 70,829
60s., halfblood, territory wools is selling in moderate 58s.,
volume Total 1934
15,524
____
8,732 7,067 20,900 17.431 13,560 83,214
at 66 to 69c. scoured basis."
Tntal 1932
42.488 20.413 34.814 16.888 10.691
__ _ _ 31.370 156.665
Silk futures on the 1st inst. closed lc. lower to )ic. higher
From
Exported to
Aug. 1 1934 to
with sales of 780 bales. Crack double extra in the
July 5 1935
Great I
Get
spot
market rose to $1.3834. July ended at $1.31, Sept.
Exportsfrom- Britain France many
Italy
Japan China Other
Total
at
3132, Dec. and Jan. $1.32 and Feb. $1.32%.
/
$1.
On the Galveston
113,397 85,71i 86,110116,606 409,466 18,699 251.131 1081,126
2d inst. futures closed lc. lower to %c. higher
Houston
130.501137.365 90,708 167,341 417,965
with
of 230 bales. Crack double extra was up to $1.39. sales Corpus Christi_ 39,875 26,817 10.216 17,158 144,08 75,418323,631 1342,928
7,048 42,365 288,564
July
1,896
452
743
____
and Oct. ended at $1.31, Jan. at $1.323/ and Feb. at $1.313,. Texas City...... 3,512 12,162 3,858 400 --------116,413 35,524
Beaumont ... _ _
122
252
,195
5,481
On the 4th inst. futures ended 3/e. lower to lc.
New Orleans_ 182,224 90,803 108,834 136,749 187,43. 5,309202,74' 914,094
2
higher on Lake Charles._ 11,325 11,627 5,640 4,537 9,112 __ 16,490 58,731
sales of only 180 bales. Crack double extra spot
51,252 8,812 28,899 17,518 37,369
was un- Mobile
528 15,707 160,085
changed at $1.39. July ended at $1.31; Aug. at $1.313'; Jacksonville_
2,548
1,430
52
------------550
4,580
Pensacola
11,476
6,76E. 3,260 10,996
73
Sept. at $1.31; Jan. at $1.32, and Feb. at $1.313/. To-da
72 3.292 35,938
11,918
y Panama City
177
3,956
____ 14,014 -782 30,847
futures ended %c. to lc. higher with sales of 40
Savannah
70,584 3,494 31,826 6,864
6,5.1
-_ 7,464
July ended at $1.313; Sept. at $1.32, and Dec. atcontracts Brunswick.._. . 876 --------------------200 126,782
1,076
$1.33.
Charleston.
87.993 5,086
.....
COTTON
Friday Night, July 5
The Movement of the Crop, as indicated by 1935.
grams from the South to-night, is given below. our teleFor the
week ending this evening the total receipts
9,188 bales, against 8,706 bales last week andhave reached
13,466
the previous week, making the total receipts since bales
Aug. 1
1934, 4,004,266 bales, against 7,292,420 bales for the
period of 1933-34, showing a decrease since Aug. 1 same
1934 of
3,288,154 bales.
Receipts at-Sat.
Mon. Tues. Wed. Thurs. Fri.
Galveston
35
100
134
14
-- 235
Houston
49
288
163
6
17
10 1,689
Corpus Christi
New Orleans..__ - 2,ii6
1-1§1
ig3
Ito _Mobile
10
12
10
197
---lli
Pensacolasio
Jacksonville
5
Savannah
36
80
10
23
---45
Charleston
62
54
321
--------191
Wilmington
300
8
-------18
-Norfolk96
Baltimore
____
9
Totals this week.. 2,608
707 2,119
394
449 2,911
6,727
4,758
7,783
19
619
23,951
5,002
814
150
812
518
2,365
84
4,012
340
530
5
194
628
326
177
9
9.188
26,51E
6.522
2,118
5,707
54
_ __ _
2,033
3,000
5,005
__ _ _
10,4 i 1
201
3,892
684
114
____ 5,338 135,332
_ ___ 3,064 19,360
--------13,918
-.-. 9,786 29,777
-__
. 6,260
6,447
--------573
--------50
1,242
4,717
2,792
100 254,596 1,150 13,593 300,899
18
643
___
. 53,420
250 2,173 60,506
257
257
Total
768,341288,818 422,84t 481,596 1561,041 108,474922,8804653,999
Total 193,3-34_ 1266,807732,269 1382,040858,655 1804,722347,972 1028741 7221.206
Total 1932-33 1410 474 fitll 70R 1845 287784817 1568.717295.6401064293783
9.606
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Total
The following table shows the week's total
receipts,
total since Aug. 1 1934 and stocks to-night, compared the
with
last year:
Norfolk.....
Gulfport
New York_ _
Boston
Baltimore
Philadelphia
Los Angeles_
San Francisco.
Seattle
July 5 atGalveston
Houston
New Orleans_ _
On Shipboard Not Cleared Jar
Great
Britain France
100
2
'
Total
_ _ _.
300
48
1,296
2,000
1,107
-_--
9,900
8,485
4,046
800 13.100
12 9,654
- ___ 5,342
____
775
- -- 129
__-_
----
___ 2,627
100
----
Savannah
Charleston_
Mobile
GerOther Coastmany Foreign wise
Norfolk
Total 1935877
Total 1934_ ... _ 10,980
Total 1933.. _ _ _ 10.230
1,773 3,107 25,058
1,925 9,710 49,432
6,342 20,710 127,808
100
3,531
Learing
Stock
231.938
361,488
331,453
77.096
19,207
50.748
18,116
912 31,727 1,175,393
1,803 73.850 2.412,456
9.501 174.591 3,192,206
Speculation in cotton for future delivery was on a
small scale and of late prices have been firmer owing to
Financial Chronicle
132
July 6 1935
The official quotation for middling upland cotton in the
the downward revision of recent private crop estimates
which indicated a crop ranging from 10,000,000 to 11,000,000 New York market each day for the past week has been: Fri.
Sat. Mon. Tues. Wed.Thurs.
June 29 to Jut,,5bales. It was a pre-holiday market.
12.15 12.15 12.35 12.45 Hol. 12.20
Middling upland
On the 29th ult. prices ended 3 to 6 points lower with
offerings small. Operations by the Government pool were
Futures-The highest, lowest and closing prices at
fewer and it is the general belief that the bulk of the pool New York for the past week have been as follows:
Russia
buying of futures to replace sales of spot cotton to
has been completed. Early prices were slightly steadier
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
July 5
July 4
July 3
July 2
July 1
owing to the firmness of wheat and buying by the trade
June 29
houses
probably for price-fixing. Wall Street commission
South, July (1935) 11.76-11.90 11.77-11.84 11.84-12.01 11.94-12.13
11.79-12.02
and the Far East also bought. Sellers included the
Range__
11.85-11.86
11.83 _ 12.01. _ 12.12-12.13
Closing.. 11.83the Continent and spot interests. Liverpool was on both Aug.
July to
sides of the market. Considerable switching of
Range....
11.74n
12.01n
11.900
11.72n
Closing_ 11.72n
later months was noticeable. Cotton mills of the world Sept.
in May
used approximately 2,160,000 bales of all growths
Range__
11.63n
11.90n
11.79n
11.51n
Closing.. 11.61n
compared with 2,101,000 bales in April and 2,201,000 in
Exchange Oct.
11.47-11.71
May last year, according to the New York Cotton
Range__ 11.49-11.58 11.44-11.51 11.52-11.71 11.62-11.80
11.50-11.51 11.69-11.70 11.78-11.80 1-tOLT- 11.52-11.53
Closing_ 11.50Service.
DAY.
4 points higher Nov.On the 1st inst. prices closed unchanged to
Range_
11.76n
11.53n
11.490 . 11.69n
Closing- 11.504
in a quiet and narrow market. Favorable weather and
Adjustment Dec.
reports that the amendments to the Agricultural
11.47-11.65
Range... 11.49-11.59 11.4341.51 11.51-11.70 11.59-11.78
11.54 ---11.68 --- 11.74-11.75
11.49Administration as worked out in the Senate Committee
Closing. 11.51subsidy caused not Jan.(1936)
had eliminated provision for an export
11.47-11.62
11.46-11.48 11.51-11.64 11.58-11.76
Range__ 11.51-11.58
11.76 -11.5011.69n
a little selling. Near months were offered very sparingly
11.50n
Closing_ 11.52later deliveries. The lett.and were relatively firmer than the
-Range__
positions. Selling
11.79n
11.53n
11.700
trade did most of its price-fixing in these
11.50n
Closing_ 11.530
pressure was not heavy but neither was the demand. Prin- March
11.50-11.66
Range__ 11.53-11.63 11.46-11.51 11.54-11.72 11.62-11.83
East, Wall Street, locals
11.82-11.83
11.57cipal support came from the Far
11.7111.51n
Closing_ 11.54Orleans, spot interests, the A prIland commission houses. New
Range_.
Street reported a moderate
South and Liverpool sold. Worth
11.84n
11.73n
11.584
11.53n
Closing_ 11.56n
May
volume of business at slightly better prices.
11.52-11.72
Range.... 11.59-11.67 11.49-11.55 11.59-11.77 11.67-11.88
On the 2d inst. prices gained more than $1 a bale as 12
11.87-11.88
11.59-11.62
11.75Closing_ 11.59-11.55cent cotton appeared on the Board for the first time since June
-- Range..
gains of 18 to 20 points.
May 27. Final prices showed
-(_linging,
Contracts were scarce and the market ran up easily under a
n Nominal.
foreign interests and Governgood demand from the trade,
ment agencies, and covering by early sellers. Contracts
Range of future prices at New York for week ending
were scarce. With the loan question still unsettled traders, July 5 1935 and since trading began on each option:
to trade heavily on either side
however, were not inclined
of the market. Washington news and the firmness of stocks Option for-Range Since Beginning of Option
Range for Week
attracted considerable attention. The weather was favorAug. 9
1935._
crop reports indicated only a moderate July 1935 11.76 June 29 12.13 July 3 10.30 Mar. 18 1935 14.21 Jan. 24 1934
able but private
12.10 Mar. 11 1935 12.53
1935
Aug.
10.80 Mar. 12 1935 12.39 Mar. 6 1935
yield. Conditions of three private reports ranged from 66.1 Sept. 1935_
1935
2 1935
acreage, 28,722,000 to 29,135,000; crop possibili- Oct. 1935__ 11.44 July 1 11.80 July 3 10.05 Mar. 18 1935 12.71 Jan. 14 1935
to 70.3%;
10.35 Mar. 19
11.12 June
Nov. 1935
ties, 10,020,000 bales to 11,031,000 bales.
Dec. 1935._ 11.43 July 1 11.78 July 3 10.10 Mar. 18 1935 12.70 Jan. 9 1935
prices showed net gains at the close of Jan. 1936__ 11.46 July 1 11.76 July 3 10.16 Mar. 18 1935 12.70 Feb. 18 1935
On the 3rd inst.
Feb. i936....
6 to 12 points, under a good demand from Wall Street Mar. 1936__ 11.46 iiiiiiiii 11.83 July -3 10.38 Apr. -IHai ii:di May 17 1955
inspired by the downward revision of recent private crop Apr. 1936
11.88 July 3 10.8.6------11935 ii:if iiiiiiiiiiii
May
estimates which forecast a 10,000,000- to 11,000,000-bale crop June 1936__ 11.49 July 1
1936
general belief that the Government acreage report
and a
will show only a slight increase over last year. Lower
The Visible Supply of Cotton to-night, as made up
Liverpool cables and expectation of a favorable weekly
follows. Foreign stocks as
weather report and profit-taking following Tuesday's ad- by cable and telegraph, is as
vances caused a decline of 3 to 6 points at the opening and well as afloat are this week's returns, and consequently
the market assumed a pre-holiday aspect. Liverpool, com- all foreign figures are brought down to Thursday evening.
mission houses and Wall Street were the principal buyers, To make the total show the complete figures for to-night
while the South, New Orleans and spot interests sold. The (Priday) we add the item of exports from the United States,
Fairchild report made the end-June conditio.n 73.4%, acreage
29,443,000, an increase of 5.6%, and the indicated crop for Friday only.
1934
1933
1935
1932
July 510,560,000 bales. The International Statistical Bureau put
bales 574,000 881,000 685,000 607.000
the condition at 71% of normal, acreage 29,172,000, an in- Stock at Liverpool
98.000 108.000 182.000
72,000
at Stock at Manchester
crease of 4.6% over last year and indicated the crop
646,000 979.000 793.000 789,000
Total
10,494,000 bales. Worth Street was more active. To-day Stock at Great Britain
186,000 463.000 515,000 326,000
Bremen
94,000 207,000 212,000 178,000
prices ended 20 to 28 points lower, on selling by the South, Stock at Havre
23,000
22,000
20,000
16.000
Liverpool, influenced Stock at Rotterdam
New Orleans commission houses and
69,000
72,000
85.000
98,000
favorable weather and Stock at Barcelona
61.000
48,000
91,000
58,000
by disappointing Liverpool cables,
Stock at Genoa
9.000
21,000
Stock at Venice and Mestre
weakness in wheat.
8,000
10,000
at Trieste
Stock
Staple Premiums
60% of average of
six markets quoting
for deliveries on
July 11 1935
15-16
Inch
1-Inch &
longer
.20
.20
.20
.20
.20
.17
.16
.46
.48
.46
.46
.46
.39
.36
.20
.20
.17
.44
.44
.37
.17
.17
.17
.36
.36
.35
.16
.34
.16
.34
.17
.17
.35
.35
Differences between grades established
for deliveries on contract to July 11 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.69 on
White
Middling Fair
.57
Strict Good Middling... do
.46
do
Good Middling
.30
do
Strict Middling
Basis
do
Middling
.39 off
do
Strict Low Middling
.85
do
Low Middling
1.33
do
*Strict Good Ordinary_
1.79
do
*Good Ordinary
.47 on
Extra White
Good Middling
30
do do
Strict Middling
.01
do do
Middling
.38 off
Strict Low Middling__ do do
81
do do
Low Middling
.21 on
Spotted
Good Middling
.05 off
do
Strict Middling
.45
do
Middling
.88
*Strict Low Middling__ do
1.38
do
*Low Middling •
.08 off
Strict Good Middling_Yellow 'ringed
.33
do do
Good Middling
53
do do
Strict Middling
89
do do
*Middling
1.39
do do
*Strict Low Middling__
1.86
do do
*Low Middling
Light Yellow Stained__ .50 oft
Good Middling
.89
do
do
do
*Strict Middling
-_1 39
do
do
do
*Middling
88 off
Yellow Stained
Good Middling
1.39
do do
*Strict Middling
1.85
do do
*Middling
.34 off
Gray
Good Middling
.58
do
Strict Middling
.ss
do
*Middling
.88 off
Blue Stained
*Good Middling
1.39
do do
*Strict Middling
1.85
do do
*Middling
• Not deliverable on future contract.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
453,000 840,000 923,000 676,000
Total Continental stocks
1,099,000 1,819,000 1,716,000 1,465,000
Total European stocks
90,000
75,000
88,000
49,000
India cotton afloat for Europe
American cotton afloat for Europe 214,000 133,000 345,000 160.000
Brazil,&c.,aRt for Europe 182,000 159,000 101,000 109,000
Egypt,
149,000 272,000 364,000 532,000
Stock in Alexandria. Egypt
715,000 1,088,000 881.000 841000
Stock in Bombay. India
1,207,120 2,486.306 3,366,797 3,552,80
0
Stock in U. S. ports
1,181,353 1,222,383 1,310,456 1,409.172
Stock in U. S. interior towns_
8,603
4.907
29,252
16,372
U. S. exports to-day
4,842,380 7,263,292 8,201.505 8,134,344
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales- 194,000 343,000 365,000 285,000
Liverpool stock
31.000
45,000
64.000 107,000
Manchester stock
126,000
Bremen stock
76,000
Havre stock
98,000 712,000 855,000 628,000
Other Continental stock
214.000 133.000 345,000 160.000
American afloat for Europe
1,207,120 2,486,306 3,366,797 3.552,800
U. S. port stock
1,181.353 1,222,383 1,310,456 1,409,172
U. S. interior stocks
4,907
8,603
29,252
16,372
U. S. exports to-day
Total American
East Indian, Brazil,
stock
Liverpool stock
Manchester stock
Bremen stock
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
Total American
3.132,380 4.950,292 6,335,505 6,158,344
380,000 538,000
41,000
53.000
60,000
18,000
75,000 128,000
90,000
75.000
182,000 159,000
149.000 272,000
715,000 1,088,000
320,000
44.000
285,000
75,000
68,000
88.000
101,000
364,000
881,000
48,000
49,000
109,000
532,000
841,000
1,710,000 2.313.000 1,866,000 1,939,000
3,132,380 4.950,292 6,335.505 6,158,344
4,842,380 7,263,292 8,201,505 8,097,344
Total visible supply
4.87d.
6.66d.
6.40d.
Middling uplands, Liverpool- -- 6.94d.
6.10c.
12.20c. 12.15c. 10.30c,
Middling uplands, New York
8.05-1.
8.286.
9.31d.
Egypt, good Sakel, Liverpool:::: 8.34d.
5.11d.
4.49d.
6.06d.
5.50d.
Broach, fine, Liverpool
4.62d.
6.00d.
6.01d.
6.53d.
Tinnevelly, good, Liverpool
Volume 141
Financial Chronicle
Continental imports for past week have been 91,000 bales.
The above figures for 1935 show a decrease from last
week of 156,109 bales, a loss of 2,420,91'2 bales from 1934, a
decrease of 3,359,125 bales from 1933, and a decrease of
3,254,964 bales from 1932.
At the Interior Towns the movement-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to July 5 1935
Towns
Receipts
Week
Season
Shipmenu
Week
Stocks
July
5
Movement to July 6 1934
Receipts
Week
Shipments
Week
Season
Stocks
July
6
••••
-
•—•
s
ep c., 03,—. coVci,
0
.
szt.s Ago E0 sz.g.s
.
a
.
.
— -------- -- —
C.3 • CA 01..I.
MN
4.CA •—•V •4Ca
ND CO 4,4to,0
fug 420420s 0304.20.. avvenapcAvzo-40.2.—cowar 04-442NO.
..0.0...4igs•
co.-. b.100cONs. •CngNsi,la.00...c000qbaba§ toce-4.—ock
0
,
Ala.,Birming'm
1
21,611
119 3,902
900 33,92
8,218
Eufaula
___
8,9975 392
100
...-10,830
.
4,798
Montgomery.
24,052
492 17,386
224 32,940
24,354
Selma
3 44,327
174 35,804
94 39,731
24,165
Ark., Blythville
2 123,431
665 77,922
27 127,657
38,861
Forest City
____
27,704
5 17,386
1
18,016
8,726
Helena
-15 47,2 1
195 12,490
100 45,73
12,225
Hope
_
29,182
___ 19,117
200 49,674
10,984
Jonesboro__ _
28,08.
____ 24,400
15 30,927
5,632
Little Rock_
108 86,803
393 41,779 1,905 117,257
31,420
Newport- -____
17,109
____ 14,297
61 31,222
10,647
Pine Bluff-.
43 80,236
152 25,231
526 109,738
20,871
Walnut Ridge
24,873
5 11,093
62 53,537
6,812
Ga., Albany
____
4,633
46 3,686 7,116 18,379
7,065
Athens
28
14,43,
27 32,798
425 23,590
53,563
Atlanta
516
78,815 2,112 46,409
700 146,177
173,345
Augusta
1,347 103,251
619 92,916 2,092 159,334
112,916
Columbus_
300 30,200
400 11,661
200 28,690
12,111
Macon
143
14,528
481 14,613
337 19,845
30,752
Rome
19,258
250 20,973
12.573
8,780
La., Shreveport
____
57,721
___ 20,969
448 56,767
18,625
Miss.Clarksdale
485 134,68
956 25,988
23 129.397
18,563
Columbus_.
16
23,543 1,381 11,865
127 20.120
9,621
Greenwood
175 137,649 1,127 31,739
558 146,339
32,851
Jackson
-_-_
25,277
100 11,152
101
30,730
11,047
Natchez
13
3,933
1 4,201
4,734
____
4,138
Vicksburg
20 22,331
19 4,323
47 22.278
4,046
Yazoo City
28,418
1
340 12,032
27,332
1
7,812
Mo., St. LouLs- 2,357 203,208 2,357
2,933 267,87
63
14,200
N.C.,Gasboro
r
87
4,612
7,829
606 3,696
1
17,788
Oklahoma
15towns *
26 241,09
132108.512
993
50,263
S.C.,Greenville 1,252 130,911 2,190 40.950 4,124 807,101
178,689
89,305
Tenn.,MemphP 8,1661 415,443 16,263328.09810,0351,863,324
306,951
Texas, Abilene.
____ '24,007
____ 8,054
____
73,557
1,975
Austin
21,21,
19,840
____ 2,378
---2
1,579
Brenham___
10
4,389
182 27,673
5
15,266
3,407
Dallas
29 47,76.
285 99,552
15 5,988
4,424
Paris
134 35,894
205 54,702
437 10,779
3,527
Robstown
6,748
5,482
____ 1,335
3
449
San Antonio.
18
____
11,406
27 3,425
16,791
151
Texarkana
2 26,95'
32 34,614
701 14,352
8,775
Waco
12 57,55,
56 93,776
13 8,449
1 6,641
Total. 56 towns 13.3063,500.793 33,248 1181353 34,8675,102,009148,587
222383
* Includes the combined totals ot 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 19,942 bales and are to-night
41,030 bales less than at the same.period last year. The
receipts of all the towns have been 21,561 bales less than
the same week last year.
New York Quotations for 32 Years
The quotations for middling upland at New York on
July 5 for each of the past 32 years have been as follows:
1935
1934
1933
1932
1931
1930
1929
1928
12.20c.11927
12.30c.11926
10.25c.11925
5.950.11924
10.35c. 1923
13.60c. 1922
18.35c. I 1921
22.75c.11920
34.35c.11911
31.20c.11910
25.45c.11909
13.05c. 1908
9.60c. 1907
13.25c. 1906
12.35c.11905
12.00c.I1904
17.050. 1919
18.250. 1918
23.800. 1917
29.75c. 1916
27.65c. 1915
23.30c. 191 4
12.15c. 1913
39.750.11912
14.850.
15.45c.
12.60c.
11.40c.
13.50c,
10.800.
11.10c.
10.60c,
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed
Spot Market
Closed
Saturday.._
Monday __ _
Tuesday __ _
Wednesday_
Thursday _ _
Friday
SALES
Spot
Steady, 5 pts. dec.. Barely steady_ _
Steady, unchanged. Steady
Steady, 20 pts. adv. Steady
Steady, 10 pts. adv. Very steady.. _
.
HOL IDAY
Quiet, 25 pts. dec-- Steady
Total week_
Since Aug. 1
Contra
Total
200
200
_
200
200
112.554 151.800 264,134
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
July 5ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1934-35-1933-34-Since
Since
Week
Aug. 1
Week
Aug. 1
h3,200
2,357
h
600
800
h
h
48
h
'g'
h
h
3,009
3,826
h
h
4,240
8.473
h
Iti
Total gross overland
10.254
Deduct Shipments
Overland to N. Y., Boston, dm9
Between interior towns
212
Inland, &c.,from South
9,283
Total to be deducted
Leaving total net overland *---
h
16,586
h
h
h
h
826
193
1.196
h
h
h
h
9.504
h
2,215
750
h
14,371
h
* Including movement by rail to Canada. h We withhold the totals
since Aug. 1 so as to allow proper adjustment at end of crop year.
133
-----1934-35----- -1933-34In Sight and Spinners'
Since
Since
Takings
Week
Aug. 1
Week
Aug 1
Receipts at ports to July 5
9,188
h
50,199
h
Net overland to July 5
750
Ia
14,371
h
Southern consumption to July 5.. 80,000
100,000
h
Total marketed
89,938
164,570
h
Interior stocks in excess
*19,942
*14,346
h
Excess of Southern mill takings
over consumption to June 1
Came into sight during week
Total in sight July 5
69,996
h
150,224
Ia
North. spinn's' takings to July 5-- 23.886
Ia
7,609
h
* Decrease. h We withhold the totals since Aug. 1 so as to allow
of
proper adjustment at the end of the crop year.
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week Ended
July 5
Galveston
New Orleans--Mobile
Savannah
Norfolk
Montgomery- - Augusta
Memphis
Houston
Little Rock_ _ _ Dallas
Fort Worth....
Closing Quotations for Middling Cotton on
Saturday Monday Tuesday
11.90
12.20
12.03
12.30
12.20
12.35
12.65
12.20
11.95
12.20
11.75
11.75
11.90
12.20
12.03
12.30
12.20
12.35
12.65
12.20
11.95
12.20
11.80
11.80
12.10
12.35
12.21
12.50
12.35
12.55
12.84
12.40
12.15
12.39
11.95
11.95
Wed'day Thursday Friday
12.20
12.45
12.32
12.58
12.40
12.65
12.94
12.50
12.25
12.43
12.05
12.05
FIOLIDAY.
11.95
12.20
12.05
12.33
12.13
12.35
12.67
12.20
12.00
12.17
11.80
11.80
_New Orleans Contract Market
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
June 29
Monday
July 1
Tuesday
July 2
Wednesday Thursday
July 3
July 4
Friday
July 5
July (1935) 11.79 11.8211.9712.0711.81 August...
September
-October __ 11.46-11.47 11.48-11.49 11.63-11.64 11.74-11.75
11.49November
-December_ 11.4711.47- 11.63
11.72- HOLI- 11.48 Jan.(1936) 11.4911.47- - 11.72
11.63DAY. 11.48 February.
-March__ 11.5111.4611.6511.7611.50 April
- -May
11.55 --- 11.48 -- 117151172a 11.79 --11.56 June
-Tone
Spot
Steady.
Quiet.
Steady.
Steady.
Steady
Gotiong
Steady.
Steady.
Steady.
Steady.
Steady
Decrease Noted in Index of Farm Prices of Bureau
of Agricultural Economics from May 15 to June 15
A decline in prices of farm products during the month
ended June 15 carried the farm price index of the Bureau
of Agricultural Economics down to 104 on that date, compared with 108 on May 15. The index was 85 on June 15
a year ago. In noting the foregoing, an announcement
issued June 29 by the United States Department of Agriculture said:
Farmers received lower prices for 33 products during the month
ended
June 15, higher prices for nine products and unchanged prices for
three
products. All grains except rice dropped sharply in price.
Corndedined moderately.
Changes in group price indexes for the month were: Truck crops, down
31 points; grains, down 10 points; dairy products, down 7; miscellaneo
us
items, down 3; cotton and cottonseed, down 2; chickens and eggs,
down 2;
meat animals, up 1; fruits, up 2.
The index of prices paid by farmers for articles purchased is
reported
at 127 as of June 15, compared with 127 on March 15 and with
121 on
June 15 a year ago. The ratio of prices received by farmers
to prices
paid declined 3 points to 82% of parity during the month ended
June 15.
The comparable figure for a year ago was 70% of parity.
Prices of live hogs made a strong contra-seasonal advance from
May 15
to June 15 due to sharply reduced marketings. The
average
ceived by farmers on the latter date was $8.36 per 100 poundsprice reof hog,
compared with $7.92 on May 15 and with $3.52 on June
15 1934.
The increased price of hogs coincident with slightly reduced
prices
of corn raised the hog-corn ratio to 10 compared with 9.3 on
May 15 and
with 6.3 on June 15 a year ago. Farmers received an average
of 83.3 cents
a bushel for corn on June 15, compared with 84.8 cents
on May 15 and
with 56 cents on June 15 1934.
Favorable 1935 crop prospects, it is stated, forced prices received
by
farmers for wheat toward a new crop basis. The average local
market
price on June 15 was 77.3 cents a bushel, against 87.8 cents on May 15
and with 78.9 cents a year ago.
Cotton averaged 11.8 cents a pound on June 15, compared with
12 cents
on May 15 and with 11.6 cents a year ago. Potatoes averaged
40.9 cents
a bushel compared with 44.6 cents on May 15 and with
64.4 cents a year
ago. Prices received by farmers for butterfat averaged
23.7 cents on
June 15, against 27.5 Cents on May 15 and 22.2 cents a year ago.
.Financing of Farmers by Production Credit Associations Thus Far This Year Above Entire Year of
1)34, According to C. R. Arnold, Deputy-Production Credit Commissioner
Co-operative production credit associations have financed
the needs of a larger number of farmers so far this year
than during the entire year 1934, according to DeputyProduction Credit Commissioner C. R. Arnold, who on
June 18 spoke to the State leaders at the 4-H Club Conference
which was held in Washington. Since Jan. 1 this year
over 150,000 farmers have obtained loans from the production credit associations organized under the Farm Credit
134
July 6 1935
Financial Chronicle
Administration, compared with 131,000 loans during
1934, Mr. Arnold said. Loans since Jan. 1 1935 amount
to more than $85,000,000.
In explaining to the 4-H Club leaders the operation of
the new co-operative associations which now provide permanent sources of short-term credit to farmers throughout
the country, Mr. Arnold compared credit to a piece of
farm equipment and said it was a good thing for the farmer
who understands it and can use it.to increase his efficiency
and income but otherwise injurious. He continued:
them to use
In teaching farm credit to young farmers I would urge
equipment.
the same standards in buying farm credit as in buying farm quality at
and most serviceable
Buy credit where you can get the best
to improve your
the lowest cost. Buy credit only when you can use it
debt.
farm returns and your income and help you get out of
the times are still
Some farmers who otherwise are keeping up with
on time and
getting credit with horse-and-buggy methods of purchases farm income
cut down
store credit, which cost from 20 to 40% a year,
production credit
and put the farmer further in debt. The purpose of the
farmers throughout the
associations which have been organized among
for crop and liveUnited States is to provide permanent sources of credit
loans fitted to the
stock production at a reasonable cost, and by making
•
of debt.
farmer's particular needs to help him to get out
Two First Bales of Cotton from Hidalgo County
h from
The Houston "Post" of June 27, in a special dispatc
County
Edinburg, reported the two first bales from Hidalgo
as follows:
Smith, Weslaco, was
-pound bale grown by M. W.
At Weslaco a 525
of June 26. Weslaco business
ginned at the Service Gin Co. on the night
rewarded him with a $50 premium. bale grown by Evaristo Davila,
men
-pound
a 575
At Hargill the same night
gin. The bale graded
farmer, south of Hargill, was ginned at the Hargill
strict middling, and brought 12 cents Per pound.
is getting under way on a major scale
In the meantime cotton picking
R. G. Burwell. Several
throughout the county, according to County Agent
bales are expected to be ginned in the near future.
Rain Rainfall
5 days 0.67 in.
1 day 0.52 in.
2 days 0.06 in.
Austin
1 day 0.01 in.
Abilene
4 days 0.15 in.
Brenham
1 day 0.01 in.
4 days 0.16 in.
Corpus Christi
dry
Dallas
dry
Del Rio
2 days 0.08 in.
El Paso
1 day 0.01 in.
Henrietta
dry
Kerrville
dry
Lampasas
dry
Longview
3 days 0.18 in.
Luling
3 days 0.38 in.
Nacogdoches
dry
Palestine
2 days 0.20 in.
Paris
dry
San Antonio
1 day 0.52 in.
Taylor
dry
Weatherford
Oklahoma-Oklahoma city..-3
.
days
-Eldorado
Arkansas
1 day 0.36 in.
Fort Smith
4 days 1.32 in.
Little Rock
2 days 0.92 in.
Pine Bluff
days 0.43 in.
2 da
Louisiana-Alexandria
3 days 1.26 in.
Amite
5 days 2.62 in.
New Orleans
3days 0.36 in.
Shreveport
3 days 0.86 in.
.Mississippi-Merldian
2 days 0.05 in.
Vicburg
Alabama-Mobile
3
11'
:
Birmingham
1 day 0.04 in.
Montgomery
day 0.56 in.
1
Florida-Jacksonville
3 days 0.34 in.
Miami
2 days 0.01 in.
Pensacola
1 day 0.04 in.
Tampa
days
Georgia-Savannah
1
2 days 0.50 in.
Atlanta
2 days 0.21 in.
Augusta
South Carolina-Charleston
.47 in.
4 days
Greenwood
dry
Columbia
1.32 in.
CarolinaNortchhCaralrootito Asheville..- _3 days 1.94 in.
. 2 days
2 days 1.16 in.
Raleigh
1 day 0.44 in.
Wilmington
2 days 0.25 in.
mphis
Tennessee-Me
4 days 0.52 in.
Chattanooga
2 days 0.07 in.
Nashville
Texas-Gatoeston
Thermometer
high 89 low 79 mean b4
high 94 low 64 mean 79
high 92 low 72 mean 82
high 96 low 68 mean 82
high 92 low 64 mean 78
high 92 low 76 mean 84
gig IN low 76 mean 83
70 mean 81
high 92 low 72 mean 82
high 96 low 72 mean 83
ow
14g n lo w g mean 78
mean
0.
high 96 low 68
high 98 low 70 mean 84
high 96 low 70 mean 83ii
)
low 'cii
io
hilfll
,
rt
8, low720
1 7
1
,
1 11 31 low 70
low 68
1
6
131
m
mean 8
2
8
high 94
high 93
high 94
high 90
high 91
high 92
high 95
high 90
high 95
high 92
high 90
low 70
low 68
low 70
low 68
low 88
low 70
low 65
low 72
low 70
low 66
low 68
mean 82
mean 81
mean 82
mean 81
mean 82
ea
mean 79
mean 80
mean 81
mean 80
mean 81
mean 83
mean 79
mean 79
high 92
high 90
high 88
high 88
high 92
low 56
low 56
low 74
low 70
low 72
mean 74
mean 73
mean 81
mean 79
mean 82
8:gqtnn: i,11g 31 low 733 mean 18
0.28 g &I
mean 14Atnea
1.38 In. high 92 low Z? mean 80
low 68
high 94 low 70 mean 82
high 87 low 71 mean 79
8
high 96 low 60 mean 83
w7
9
high 90 low 62 mean 76
high 96 low 70 mean 83
Rate
high 96 low 62 mean 79
World Cotton Consumption Continued at High ge
high 92 low 68 mean 80
Exchan high 91 low 70 mean 80
During May, According to New York Cottone cotton at a
high 94 low 68 mean 81
ed to consum
Cotton mills of the world continu
high 92 low 68 mean 80
July 1
high rate during May, according to a report issued May
been
Exchange Service. During
The following statement has also at thereceived by teleby the New York Cotton
points named at
of rivers
all growths,
they used approximately 2,161,000 bales of 2,201,000 in graph, showing the height
bales in April and
m.on the dates given:
8 a.
July 6 1934
compared with 2,101,.000
July 5 1935
season to
Feet
Feet
May last year. During the 10 months of the compared
2.1
17.2
Above zero of gauge_
ed about 21,306,000 bales,
New Orleans
May 31 they consum
29.8
4.4
of gauge_
Above zero
20,428,000 Memphis
10.0
9.0
with 21,489,000 in the same period last season and stated:
Above zero of gauge_
Nashville
24.2
4.6
Above zero of gaugeits report the Exchange Service
two seasons ago. In
Shreveport
5.7
44.7
Above zero of gaugeestimates that world
Vicksburg
May consumption returns tend to confirm previousbe around 25,400,000
will
-The
consumption of all growths during the full seasons the normal end-season
Exchange Weekly Crop Report
Dallas Cotton
bales, even if the consumption rate undergoe
publishes a
last season was 25.472,000 bales.
Dallas Cotton Exchange each week conditions incompre
decline. The total consumption in all oflargest consumption in any past
Texas,
crop
and two seasons ago 24,752,000. The In other words, mills of the world
hensive report covering cotton current week's report, dated
25,803,000 bales, in 1928-29.
season was
rate on record.
Oklahoma,and Arkansas. The
are using cotton this season at close to the highest
world consumption
The month of May completes just a full year in which
ion of
July 1, is as follows:
has run consistently well above world consumpt
TEXAS
of foreign growths
world has used approxithe American staple. During these 12 months,the
cottons and 11,480,000 of American,
mately 13.809,000 bales of foreignThus American cotton has constituted
0 bales.
the total being 25,289,00
with an average of about
only 45.4% of the world total, as compared
the major divisions of the world
years.
60% in pre-depression 'educed All of consumption of American cotton,
their
spinning industry have
increased their consumption
and all of them except the United States have
of foreign growths this season.
and foreign cottons occurs almost
Competition between American
foreign growths cannot compete
entirely outside of the United States, since
because of the larger transportation
with domestic cotton in this country quantities of foreign cottons required
costs on the former, except for small
consumption of American
for special uses. Hence, the extent to which foreign growths may be
consumption of
cotton has declined relative tomuch of the cotton used by foreign spinners
seen most clearly by noting how consumption abroad indicate that during
is American staple. Returns oned 31.1% of all cotton consumed outside
May American cotton constitut
in April, 29.9 in March, 39.4
of the United States, compared with 30.5 ago.
May two years
in May last year. and 45.4 inthe share of American cotton in total foreign
In the Farm Board years,
pre-depression years it was usually
consumption fell well below 40%. but in
increase in the percentage of American
45% or higher. The recent slight to the fact that foreign spinners have
cotton used abroad is probably due that they have run down the supplies
been using foreign cottons so heavily
some foreign growths have risen
prices
of foreign growths, and hencecotton. of
relative to prices of American
York Cotton
Two Elected to Membership on New Managers held
a meeting of the Board of
-At
Exchange
Weld Co. LiverJune 28, William Milligan of Milligan &ts, and Anandilal
who are cotton merchan
pool, England,
, India, who are
Podar of Anandilal Podar & Co., Bombay
ts, were elected to membership in the
also cotton merchan
Milligan is a member
New York Cotton Exchange. Mr. Ltd., and Mr. Podar
Cotton Association,
of the Liverpool
Association, Ltd.,
is a member of the East Indian Cotton of India.
commercial organizations
and other leading
Version of AAA
Bill in England Provides Modified
Spindles
Processing Tax to Retire Excess Cotton New Deal, it
the
Great Britain has borrowed an idea from
Spinning Bill,
was disclosed July 3 by the text of the Cotton
London, July 3,
according to Associated Press advices from
said that the
to the New York "Times" of July 4, which tural Adjustcontains a modified version of the Agricul to eliminate
bill
d
ment Administration processing tax, propose
excess spindles. The advices continued:
E2,000.000 for buying and
It creates a board empowered to borrow
the precaution, however.
decommissioning superfluous plants. There is
abroad.
that spindles cannot b sold of the loan will be met by a levy paid for 15
Interest for amortization
basis of operating spindles. During
years by the remaining operators on anew plant may be built unless it is
the first three years of the plan no with the surrender of an equivalent
acquired through the Spindles Board
plant.
-Reports to us by
Weather Reports by Telegraph
much-needed rain has
telegraph this evening denote that crop in southern Texas
been supplied in the Carolinas. The
As the season gets
has moved rapidly toward maturity.
appearance.
under way the crop takes on a more spotted
•
West Texas
-The past week's weather has been ideal. ReAbilene (Taylor County) d and the outlook shows big improvement.
has been complete
planting
are being cleaned out rapidly.
Stands are fair to good, and the cropshave about finished replanting their
Floydaaa (Floyd Counly)-Farmers
County, after being hailed out completely about 10
row crops in Floyd
the county, as well as adjoining
days ago, which covered over half of did not reach are growing fine.
hailstorm
counties. Crops where the e this week. We need a few more days of
commenc
Wheat harvest will
fields clear of weeds.
sunshine to enable the farmers to get their
downpour of rain amounting to from
Haskell (Haskell Counly)-Heavy followed last night by a one to fourSunday was
two to seven inches last
raining to-day (Saturday). Cotton
inch rain (June 28). Cloudy and Many farmers claim they have lost
needs both dry and hot weather. stands are from four to eight inches.
Cotton
Part of their cotton now. coming up to knee-high.
Sour grass ranges from just
-Cotton 100% UP to good stands. Had a
Memphis (Hall County)
was very beneficial. The nights
one to two-inch rain Tuesday, which good progress the last 24 hours.
made
cool, but cotton hasCrops weedy in spots.
are a little
years.
Prospects best in several
continues to make good progress.
Quanah (Hardeman Counly)-Crop
plants healthy. Light shower Tuesday
Most fields now are clean and the very beneficial to the crop. Prospects
was
night and Wednesday morning
very flattering for a full crop.
-Average maximum temperature this week
Shamrock (Wheeler County)
Local showers and rains over this
89 deg, and average mean 65 deg. cotton lost by sand and washouts in
this week. Perhaps 2% of except replanted spots. Total preterritory
Stands good
county first of week.
Shamrock 1.30 inches. Generally
cipitation this month recorded at
speaking, fields are clean. -Weather for the past week has been mostly
Sweetwater (Nolan County)
of worms and grasshoppers. Acreage
favorable. Still some complaint
due to adverse weather conditions
will be smaller than first expected
during planting time.
North Texas
-Crop made splendid Progress Past week.
Clarksville (Red River County) finished, 45% chopped, stands spotted.
Weather is favorable. Planting
starting.
Growth fair. Squaring just
for cotton crop in this territory only
Dallas (Dallas County)--Outiook Growth is very slow. Ideal weather
fair. 10% ruined by heavy rains.
and weeds bad, some abandonment.
for cotton. Cultivation behind, grass
Some weevils and fleas. -Cotton about worked out. Upland cotton
Greenville (Hunt County)
squares in blackland. Bottom land
is small but is growing fast. Many territory, which amounts to about
at least half will not be replanted in
3% in volume.
-The weather has been favorable the past
Hcmey Grove (Fannin County)
the full week's work. All old cotton
week. All the farmers getting in the replanted cotton is now up and
of
progressing fine. Practically all
growing nicely.
-Favorable weather. Some showers but probably
Paris (Lamar County)
under way and another week or so of sunbeneficial. Cultivation is well
crops clean. Cotton is about 30 days late this year,
shine needed to get all
-Have had favorable weather this
Sulphur Springs (Hopkins County)
rapidly. Plant is small. There will be
week. Fields are being worked
account flooded lowlands, which had already
some abandonment of acreage
been replanted from once to threecrop looks much better now than a week
-The
Terrell (Kaufman County)
of groso od ctirlly io plooend b s thd
ttoms are aprawe ds. clean, lts the ytao e
mio. Ev thh wook cat the bo
ag ddle oferteing exs ild be free
are replanting even with hoes in places that
is not good, but the farmers
planters. They are beginning to work in the
do not justify putting in much that a week ago looked as though would
bottoms, and will replant insect damage.
lay out. There is still no County)
-Weather favorable and crop made
Pount (Van Zandt
75% has been chopped and weeds and grass
good progress past week. Ten days more of hot and dry weather will
being rapidly worked out. shape except for the lateness. Fleas doing
fine
put the cotton crop inAcreage about the same as last year.
considerable damage.
Volume 141
Financial Chronicle
ARKANSAS
Ashdown (Little River County)
-The rains of last week caused all streams
to overflow and caused considerable damage. This week has been favorable
and rapid progress has been made. The plant looks good ant- is growing
rapidly, some blooms appearing. Weevil and hoppers numerous. Some
complaint of locust damage. Acreage will run about 5% under last year.
-Weather all season has been very unBlytheville (Mississippi County)
favorable until a few days ago, but is now almost ideal. Crop is about
three weeks late, but fields are clean except a few low areas. Stands are
spotted and cotton has not yet developed a tap-root, is just sitting on top
of the ground. No squares or blooms yet. Some lowlands may be
Abandoned because of too much rain or high water, but acreage will equal
last year. Labor plentiful and is reasonable in price.
Little Rock (Pulaski County)
-Ideal weather conditions for all crops
have prevailed now for eight days. With the exception of overflowed
sections early in the week, cotton has shown marked improvement and
some of its backwardness has been overcome. Althoug still small, the
plant is healthy, and most fields are now well cultivated. Area damaged
by floods much smaller than first estimated. Planting still continues.
'The plants are squaring nicely on some favored sections and blooms are
increasing. Crop now from 5 to 18 days late.
Newport (Jackson County)
-Excessive rains followed by overflow has
seriously retarded cultivation during the past three weeks, and about a
10% loss in the allotted acreage has resulted. However, the weather has
been dry and warm for the past week, and the farmers have made good
progress. The plant is taking on a more healthy look and is now growing.
The first blooms should occur here around June 20, but so far none have
been reported, and my guess is that the crop is about three weeks late.,
Pine Bluff(Jefferson County)
-We have had a week of real cotton weather
,and the stands are looking better. The river is slowly receding. It is
28.7 to-day, this being 3.7 above flood stage. A light rain would help
stiff land.
-Favorable weather last two weeks, mostly hot
Searcy (White County)
.and dry. This gave the farmer a chance to get the cotton out of the grass
where he can tell more about his crop. The plant is small, but with a few
more hot days like yesterday you will almost see it grow.
Receipts from the Plantations-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
.crop which finally reaches the market through the outports.
Week
Ende
Receipts at Porte
1935
Mar.
29Apr.5...
12..
19_
26M
3._
10...
17...
24..
31._
Jun
7..
14..
21..
28._
July
1934
1933
Stocks at Interior Towns
1935
I
1934 ;
1933
75,235 90,027 1,396.198 1,467,685 1.709.661
46.544 101,074 1,370,838 1,436,369 1,672.791
51.676 118.296 1 345 933 1,404.254 1,624,351
34.486 79,657 1,328.412 1,378,269 1.556.959
33,148 88.97 1,301,899 1,351,401 1.521,22
18.907
14,317
13,466
8,706
34,989
34,833
47.623
59,054
86.06 1,269,584 1,312,579 1,478,208
72,682 , .' L284,177 1.442,027
60.35' 1,218,931 1,262,078 1,392,60
75,9 1,201,2951,236,7291,343,68
9.18' 50.199 80.27 1,181,353 1,222,383 1,310,4
Cotton Takings,
Week and Season
1935
1934
Total supply
Deduct
Visible supply July 5
Nil
6,431
25,52
33,70
43,046
36,501
10,929
27,035
Nil
35.85
47,049
150,224
43,000
4,000
1.200
10,000
7.569,971
4,842,380
Ia
7,263,292
India Cotton Movement from All Ports-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1934-35
Receipts.
July 4
1933-34
I Since
Week i Aug. 1
Bombay
Week
1932-33
Since
Aug. 1
Since
Week 1 Aug. 1
18,000/2,461,000 43.000 2.325.000 20.000 2.555.000
-
Etporls
From-
For the Week
Since August 1
Great 'Conti- iJap'n&
Britain ment China I Total
Bombay
1934
-35 _
1933-34 _ _
1932-33 _ _
Other India
1934
-35_ 15,000
1933-34......
1932-33......
Total all
1934-35
15,000
1933-34 -1932.33 _
Great
BrUain
5,000 18,000 23,000
2,000 60,000 62,000
3.000 16,000 19,000
1,000
4,000
men:
Japan dt
China
Total
64,000 329,000 1,262,000 1,655,000
65,000 322,000 912.0001.359,000
.56,000 297,000 1.142,0001.495,000
16,000 266,000 563,000
4,000 265.000 615,000
120,000 397.000
829,000
880,000
517,000
6,000 18.000 39,000 330,000 892,000 1,262,000 2,484,000
6,000 60,000 66.000 330,000 937.000 972,000 2,239,000
3,000 16.000 19.000 176,000 694,000 1,142.0002,012,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
25,000 bales. Exports from all India ports record a decrease
of 27,000 bales during the week, and since Aug. 1 show an
increase of 245,000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both yarns
and cloths is steady. Demand for cloth is improving. We
give prices to-day below and leave those for previous weeks
of this and last year for comparison:
1935
32s Cop
Twist
d.
s. d.
9ty0)11H 90
Apr.-
May
3..
9%011
10 @US(
10 (§1144
1014@)1154
90
90
90
90
90
90
90
90
90
934011%
9401144
9%01144
93401131
1934
831 Lbs. Shirt- Cotton
togs, Common fiddrg
to Finest
Upl'ds
Mar.-
July
-
Nil
Nil
Nil
N11
Season
7,361,547
ii
5,109,485
JUDO-
Nil
36,803 60.650
Nil
15,2 • 64,204
Nil
19,561 69,856
1.106 8,501 22,275
Nil
6,2;' 43,245
Week
Total takings to July 5
267,105
306,679
Of which American
191,105
239,479
Of which other
76.000
67.200
* Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
Is We withhold the totals since Aug. 1 so as to allow proper adjustments
at end of crop year. b Estimated.
1933
20.358
24.435
46.143
58.729
1933-34
Season
Visible supply June 28
4,998.489
Visible supply Aug 1
American in sight to July 5_ _
69,996
Bombay receipts to July 4_ _ _
18,000
Other India ship'ts to July 4_ _
16,000
Alexandria receipts to July 3_
Other supply to July 3
7,000
39.702 43.005
25,587
32,699
39,301
38,413
1934-35
Week
Recetptefrom plantation
39
24,491 64,579 71.916 1,535,485 1,662,788 1.874,180
1
;
25,927 68.255 75,548 1,492,794 1,620,1261,839,230 Nil
. .
25,529 70,948 56,769 1,4 ,
1,806,8966,763
15,829 74,294 80,344 1,451,845 1,546,878 1,772.695 Nil
21,251 79,174 92.386 1,423,178 1,506.117 1,739,083 N11
15,791
21.595
21,051
18,627
21,846
World's Supply and Takings of Cotton-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone Out of
sight for the like period:
86
86
86
86
10 @l1H 86
s. d.
d.
ssi Lbs. Skirt32s Cop
Twist
d.
Cotton
ings, Common Middrg
to Finest
UpTds
s. d.
92
6.36
93401131 91
92
92
92
92
6.35
6.65
6.63
6.78
9H 011 H
93401114
931(4)11
93i@10h
91
91
91
91
92
92
92
92
92
6.81
6.88
6.90
7.01
6.92
95‘01cosi
94501014
95401014
945010%
914010%
91
91
91
92
92
90
90
90
90
6.83 9%011g 92
6.76 10 ©113i 92
6.79 10 (01131( 92
6.85 103101131 92
@ 90
6.94 103101131 92
s. d.
0 0000 0000V 0000 0
East Texas
Longview (Gregg County)
-Very little rain this week, weather has been
unusually hot. Cotton fruiting nicely. Crops have shown a great improvement over last week.
Timpson (Shelby County)
-Crops are doing fine. Weather the past three
weeks has been ideal for cotton and crops all over Shelby County, although
late, are very promising.
Tyler (Smith County)
-Favorable weather conditions during past week.
Most fields are clean and stands are good. Now estimated that the crop
will be from three to four weeks late with from 18,000 to 20,000 bales for
the county.
San Antonio (Bexar County)
-Have had no rain for the past 13 days,
and farmers have made good progress in cleaning their fields. Stalks are
growing too rank, especially on the older cotton, and boll weevil are doing
considerable damage. Should dry hot weather continue, estimate that
acreage will be 25% less than was intended to be planted on March 1 due
to abandonment during the wet spell. Expect movement to begin around
Aug. 15 to 20.
•
OKLAHOMA
Frederick (Tiliman County)
-Crop looking all right but about 20 days
late, which makes things pretty uncertain.
Hugo (Choctaw County)
-Weather favorable. Chopping is not completed ana fields are still grassy in many places. Up to 30% of acreage
will be abandoned in some localities. Very litte replanting was done after
hard rains few days ago. Some fruiting, but not general. Insects still
reported in some sections.
Mangum (Greer County)
-Two inches rain here this week would have
proven beneficial had sunshine followed, but weather was mostly cloudy
and cool at night, and the young plants are not growing as was hoped for
with such a late start. Sections north of us had eight to ten inches rain
this week, which, of course, was very damaging to young plants. We
need fully two weeks of sunshine.
135
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,140,563 bales;
in 1933-34 were 7,227,683 bales and in 1932-33 were 8,389,349
bales. (2) That, although the receipts at the outports the
past week were 9,188 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 19,942 bales during the week.
0000 00000 0000 0
Central Texas
Brenham (Washington County)
-The cotton crop has made rapid improvement the past two weeks. The fields are clean, and there are scattering blooms on the earlier patches, but the plant is not blooming as it whould
on account of fleas and weevils. Crop three weeks later than normal on
average. We need hot dry weather until Aug. 1. The next 15 dyas will
decide our crop. Washouts reduced the acreage by possibly 5%.
Cameron (Milam County)
-Weather past week very favorable. Plants
are fruiting and blooming nicely. Fields are mostly clean now but need
more dry weather. Some complaint of boll weevil.
Cleburne (Jonshon County)
-Weather past week has been favorable and
plant has made excellent progress. Fields are being cleaned rapidly.
About 90% ot crop is chopped. No report of any insect damage.
Ennis (Ellis County)
-The acreage will be decreased about 5% account
of the heavy rains, but the past week has been very favorable. Cotton
is looking better every day and we need about 30 days of hot dry weather,
it is not putting on much account of the fast growth but has plenty of time
to do so. The fields are being cultivated very fast, but will taken another
10 days to put in good shape. The crop is about three weeks late.
Hillsboro (Hill County)
-Cotton crop made excellent progress past 10
days. Fields are clean with about 90% chopped. Fruiting nicely with
blooms in the older planting.
Lockhart (Caldwell County)
-Have had a dry hot week. Most of the
cotton crop has been hoed Out and plowed and looks fairly good. A few
boll weevil and a few fleas. Feed crops of all kinds are fine. The acreage
in all kinds of crops will be cut about 10% account of overflows in all
creek bottoms.
Waco (McLennan County)
-The farmers have generally made very good
progress with their crops this week, with only a few fields remaining to
be cleaned. Very heavy.rains in some sections have been damaging, but
there has been very little talk of fleas and weevils in the last two or three
days. The young cotton that has been properly culitvated ha grown
rapidly, while the older cotton growth has slowed up and is putting on fruit.
Waxahachie (Ellis County)
--Cotton has shown rapid improvement during
past week, but fields still look pretty bad due to the difference in size
of the plants, and the stands are washed badly in places. Some squaring
and blooming, but not general. Insect situation unchanged, with rainfall
one-half inch to-day (June 28) conducive to the spread of insects.
d.
a
6.35
3
3
3
3
6.40
6.35
6.1,8
5.88
3
3
3
4
4
5.93
6.15
6.23
6.20
6.26
4
4
4
4
6.56
6.61
6.69
6.84
4
6.66
Alexandria Receipts and Shipments
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria. Egypt,
July 3
Receipts (cantars)Thls week
Since Aug. 1
1934-35
1933-34
1932-33
Ni!
7,355.963
6,000
8.426,160
4.000
4,936,418
July 6 1935
Financial Chronicle
136
Prices of futures at Liverpool for each day are given below:
This Since
Week Aug. 1
Exports (Bales)To Liverpool
To Manchester. &c
To Continent and India
To America
This Since
Week Aug. 1
This Since
Week Aug. 1
____ 253,640 6,000 155,093
---_ 129.238
_ __ _ 120,063
148.452 6,000 184,140
12,000 707.779 8.000 646,324 7.000 470,912
___ _ 70,051 -_ 37.454
--- - 38,070
12 nnn In9qAVI ii nnn licatsc 1.1 non 702 F99
Total exnorts
Note
-A cantor is 99 lbs Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended July 3 were
nil cantars and the foreign shipments 12,000 bales.
-As shown on a previous page, the
Shipping News
exports of cotton from the United States the past week have
reached 70,829 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
470
-Cranford, 470
GALVESTON-To Oporto-June 28
1.295
-Discoverer, 1.295
To Liverpool-July 2
183
-Cranford, 183
Lisbon-June 28
To
589
-Discoverer, 589
To Manchester-July 2
176
-Cranford, 176
-June 28
To Leixoes
63
-Cranford,63
-June 28
To Passages
-Cody, 525__ _July 1-Montello, 2,246... 2,771
To Genoa-June 29
18
-July 1-Montello, 18
To Naples
425
To Venice-June 29-Mamly,425
838
-Mainly,838
To Trieste-June 29
168
-Cooly. 168
To Barcelona-June 29
7,053
To Japan-June 29-Awobasan Maru, 7.053
-Cody, 734.- June 27-MonHOUSTON-To Genoa-June 27
4,544
tello, 3,810
100
To Antwerp-July 3-Floride, 100
102
-Cody, 102
To Trieste-June 27
1,539
To Havre-July 3-Floride, 1,539
172
-Cody,172
To Venice-June 27
1,526
-Cody, 1,526
To Barcelona-June 27
71
-Cody.51: Montello,20
-June 27
To Piraeus
2,761
-Discoverer. 2,761
-June 29
To Liverpool
1,891
-Discoverer, 1,891
e 29
To Manchester-Jun
834
-July 3-Floride,834
To Ghent
482
To Naples-June 27-Montello, 482
334
To Dunkirk-July 3-Floride,334
342
To Lisbon-July 1-Cranford,342
1,278
Oporto-July 1-Cranford, 1,278
To
1,249
-July 1-Cranford. 1,249
To Leixoes
100
To Bilboa-July 1-Cranford. 100
37
To Passages-July 1-Cranford, 37
4,522
To Japan-July 1-Awobasan Marti, 4,522
254
-Tampa. 254
To Copenhagen-July 2
518
-Tampa.518
To Dunkirk-July 2
991
To Gdynia-July 2-Tam2a,991
948
-Tampa,948
-July 2
Gothenburg
To
403
-To Japan-June 29-Snestad, 403
NEW ORLEANS
181
-June 29-Louisiane, 81: Oakman, 100
To Antwerp
3.922
To Havre-June 29-Louisiane, 2,081: Oakman, 1,848
575
To Bordeaux-June 29-Louisiane, 575
413
-June 29-Louisiane, 413_
To Dunkirk
-Chester
28-Karpfanger, 466._ _June 29
To Bremen-June
4,119
Valley, 300; Frankenwald. 3,353
To Hamburg-June 28-ICarpfanger. 1,143-_ _June 29
1,153
Chester Valley. 10
650
To Gdynia-June 28-Karpfanger.650
299
-June 29-0alonan. 299
Ghent
To
384
-West Chatala,384
-June 29
To Liverpool
1,277
To Venice-July 1-Clara, 1,277
908
-West Chatala, 908
e 29
To Manchester-Jun
1.425
-July 1-Ciara, 1,425
To Trieste
To Rotterdam-June 29-0akman, 100: Chester Valley. 1,944
499
1,345_ _ _July 1-Burgerdijk.
70
-To Bremen-June 27-Riol,70
CORPUS CHRISTI
22
To Gdynia-June 27-Riol, 22
100
-Yaks, 100
-To Antwerp-June 20
MOBILE
286
-West Hika, 286
To Havre-June 18
997
-Yaks,997
To Bremen-June 20
530
To Rotterdam-June 15-Steigewald, 530
1,050
-Ada 0. 1.050
To Genoa-June 25
51
-June 29-Shicicshinney, 51
CHARLESTON-To Ghent
2,773
-To Bremen-June 28-Shickshinney, 2,773
SAVANNAH
400
-Georgian, 400
Liverpool-July 3
To
178
To Hamburg-June 28-Shlckshinney, 178
852
-Georgian, 852
-July 3
To Manchester
482
-June 28-Shickshinney, 482
To Rotterdam
171
-W-171
-To Great Britain
SAN FRANCISCO
2,069
To Japan-(7)-2,069
318
1-City of Newport News,318.
NORFOLK-To Hamburg-July
134
-July 1-Prince Rupert City, 134_
LOSANGELES-To Liverpool
3,512
To Japan-July 1-President Adams,3,512
530
26-Afoundria, 530
GULFPORT-To Great Britain-May
70,829
Total
Cotton Freights-Current rates for cotton from New
as
York, as furnished by Lambert & Barrows, Inc., are
follows, quotations being in cents per pound:
High
Density
Liverpool .30e.
Manehester.30e.
Antwerp .35e.
.36e.
Havre
Rotterdam .350.
.40e.
Genoa
.46e.
Oslo
Stockholm .420.
•Rate Is open.
Stand,ard
.45e. Trieste
.45e. Fiume
Barcelona
.500.
Japan
.450.
.500. Shanghai
Bombay z
.550.
Bremen
.61c.
Hamburg
.570.
a Only small lots.
High
Density
.50c.
.500.
.350.
•
•
.400.
.30o.
.300.
High
StandDensity
ard
.75e.
.65c. Piraeus
.75e.
.650. Saionica
.500.
.50c. Venice
• Copenhag'n.42c.
.40e.
Naples
•
.55c. Leghorn .40c.
.45c. Gothentig .420
.45e.
Standard
.900.
.900,
.650.
.57c.
.53c.
.55c.
.57c
-By cable from Liverpool we have the followLiverpool
ing statement of the week's imports,stocks,&c.,at that port:
July 5
June 28
June 14 June 21
41,000
32,000
599.000 592,000
199.000 197,000
60,000
20,000
4,000
1,000
164,000 138.000
46,000
42,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
60,000
587.000
199,000
59,000
3,000
111,000
30,000
61,000
574,000
194,000
31.000
2.000
126,000
27,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Monday
Tuesday
Market, 1
12:15
P. M.
A fair
business
doing.
Moderate
demand.
Quiet.
Wednesday Thursday
Good
Inquiry.
A fair
business
doing
Friday
Moderate
demand.
6.94d.
6.97d.
6.95d.
6.89d.
6.86d.
6.87d.
Sty, 1 pt.
Futures. f Steady, Quiet but Steady, 6 Steady, 1 Steady, decline to 1
to 7 pts. to 3 pts.
Marketi 3 to 6 pts steady, un- 2 to 3 pts. advance, advance. pt.advance
advance, changed to advance,
opened
1 pt. adv.
Steady,
Quiet,
Quiet but Quiet but Steady, Quiet but
Market,
to 5 pts.
stay., 4 to steady, 1 to 5 to 7 pts. stay., 5 to 1 to 2 pts. 3 decline.
4
p. M. 5 pts. adv. 2 pts. dee. advance. 6 pts. adv. advance.
Mid.Uprds
Sat.
I
Mon.
Tues. I
,Ned.
June 29
to
July 5
Thurs.
Fri.
12.1512.3012.15 4.0012.15 4.9012.15 4.0012.15 4.00 12.15
p. m.p. m.Ip. m.p.m.p.m. p. m.Ip. m.p. in.'p. m.p. m. p.
it.
it.
it.
d.
d. it.
it.
d, it.
d.
New Contract d.
July (1935)____ __ __ 6.46 6.46 6.45 6.49 6.50 6.55 6.55.._ __ 6.57 6.54
__ 6.33 __ __ 6.39__ __ 6.45 __ ... 6.47 __ _ _
6.34
August
6.15 6.14 6.13 6.18 6.19 6.25 6.25.... __ 6.26 6.23
October
_
__ _. 6.06__ __ 6.04.... __ . - _ -_ 6.16- __ 6.18. __
December
January (1936) __ __ 6.05 6.04 0.03 6.08 6.091 6.15 6.15._ __ 6.17 6.13
6.02 6.01 6.06 6.08 6.14 6.14_ __ 6.15 6.12
6.03
March
6.01 6.00 5.99 6.04 6.06 6.12 6.12 _ ._ 6.14 6.1
May
5,98.,. __ 5.96... __ 6.03.. _ 6.09_. __ 6.11.... __
July
5.88.._ -_ 5.86 __ __ 6.93.. __ 5.99 __ __ 6.01 __ _
October
._ __ 5.85. __ 5.83 __ __ 5.90.. __ 5.96 _ __ 5.98 __ _
December
_
January (1937) __ __ 5.85 _ __ 5.83 __ _ _ 5.90 ._ __ 5.96 __ __ 5.98 __ .
4.00
d.
6.54
6.43
5.22
6.13
6.12
6.11
6.09
6.06
5.96
5.93
5.93
BREADSTUFFS
Friday Night, July 5 1935
Flour buying continued on a hand-to-mouth basis, and
there was little change in prices.
Wheat jumped anew to $1 early on the 29th ult., owing to
fears of black rust damage and the firmness of Minneapolis,
but prices reacted late in the session as the rust scare was
minimized and the ending was with net losses of A to Ac.
July liquidation increased on the bulges. One crop expert
estimated the spring wheat crop at only 219,000,000 bushels
against 240,000,000 bushels the June 1 average of private
reports. There was considerable short covering on the idea
that other private estimates to be issued this week will be
equally as bullish. On the 1st int. a renewal of the black
rust scare and stronger outside markets stimulated buying
/
and prices ended 17s to 2Xc. higher. Early prices were
somewhat lower on scattered selling, owing to weakness at
Liverpool and favorable harvesting weather in the Southwest.
The United States visible supply decreased 1,631,000 bushels
for the week. On the 2d inst. prices declined X to %C.
under general liquidation. More favorable crop estimates
than expected and improved weather conditions more than
offset fears of damage by black rust. Prior to the release of
the private crop estimates the market was strong, with prices
at the highs for the day. Five private crop reports indicated
a crop of 707,000,000 bushels based on conditions as of
June 25.
On the 3rd inst. prices ended % to 3c. lower, owing to
favorable weather in the winter wheat areas and the weakness in Liverpool. At one time prices were higher, in
response to stronger markets at Minneapolis and Kansas
City. To-day prices dropped 5c. a bushel late in the trading,
owing to the announcement that the price at Winnipeg had
fallen to the minimum allowed by the Canadian Government.
The open interest at Chicago was 70,324,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
101% 103% 103% 103% Hol, 981
No. 2 red
OF WHEAT FUTURES IN CHICAGO
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Frt.
84H 86H 86% 86
81
July
Holi- 81%
85H 87)1 873.1 87
September
8734 89% 893.1 •89
day 83%
December
I
Season's Low and When Made
Season's Higliaiad-When Made
78% June 15 1935
1013.1 Apr. 16 1934 July
July
7934 June 15 1935
Apr. 16 19341September
September --102%
8134 June 13 1935
May 20 1935 December
94
December
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
8134 Boll- 8231 8131 Holt- 80
July
823% day 8334 8234 day 80
August
Corn fluctuated with wheat for the most part and on
the 29th ult., after early firmness, reacted to end Ac.
lower to Ac. higher. December was the most wanted.
Undesirable rains over the belt and a forecast for further
precipitation caused the buying. On the 1st inst. prices
7
ended X to 43. lower on selling prompted by favorable
weather conditions. The visible supply in this country
increased 82,000 bushels. On the 2d inst. prices ended
1 Xe. lower to Xc. higher. The market opened fractionally
higher owing to rains in Iowa and Illinois but subsequently
reacted under December,liquidation.
On the 3rd inst. prices declined % to 1%c., with the
weather favorable. To-day prices ended 1% to 2%c. lower,
In response to the sharp break in wheat. The open interest
at Chicago was 35,914,000 -bushels.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs, Fri.
Hol. 973.1
9934 9934 99
101
No. 2 yellow
CLOSING PRICES OF CORN FUTURES IN CHICAGO
DAILY
Mon. Tues. Wed. Thurs. Fri.
Sat.
79H
8134 8131 8134 8134
July
7631 7531 7534 7534 Roll- 73
September__ _ _ .
6731 6734 6534 6431 day 6234
December
Season's Low and When Made
I
Season's High and When Made
71U Mar. 18 1935
90H Dec. 5 1934 July
July
67
Mar. 25 1935
84H Jan. 5 1935 September _
September
60
June 11935
June 6 1935 December
65
December
Oats declined with wheat on the 29th ult. and ended
A to 1 Ac. lower. On the 1st inst. prices ended Ac. lower
to Mc.higher. On the 2d inst. prices closed 32 to Ac.lower.
On the 3rd inst. prices declined % to %c., under the influence of the break in wheat. To-day prices, influenced by
the bad break in wheat, ended 1% to 1%c. lower.
DAILY CLOSING PRICES OF OATS IN NEW YORK Fri.
Ht. Mon. %ties. Wed. Thurs.
4834 4834 4731 4731 Hot. 453.1
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed, Thurs. Frt.
33
3534 347
3631 36
July
333.1 3431 33H 3331 Roll- 313.1
September
3:33.i
3534 3431day
3531 3534
December
Volume 141
Financial Chronicle
Season's High and When Made
Season's Low and When Made
July
51
Dec. 5 1934 July
33$ June 13 1935
September _--- 44% Jan. 7 1935 September
31
June 13 1935
December
35% June 4 1935 December
33
June 13 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPE
G
Sat. Mon. Tues. Wed. Thurs. Fri.
July
406 Holt- 4234 4234 Holi- 43
October
3434 day
34% 33
day
3034
Rye followed wheat downward on
the 29th ult. and
ended 5 to Vic. lower. On the 1st inst. prices advanced
A
% to lc. On the 2d inst. prices ended % to 13/sc. lower.
Private estimates on the crop ranged from 46,000,000
bushels to 47,000,000 bushels as compared with last year's
final yield of 16,000,000 bushels.
On the 3rd inst. prices ended % to 14c. lower, in sym/
pathy with wheat. To-day prices ended 4% to 5c: lower,
owing to the sharp break in wheat.
DAILY CLOSING PRICES OF RYE FUTURES IN
CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4834 4934 4834 4834
4334
September
4834 4874 473j 4734 Holt- 4234
December
5174 5134 5034 5034 day
4534
Season's High and When Made
1
Season's Low and When Made
September --__ 76
Jan. 5 1935 September ____ 45
June 13 1935
December
5334 June 3 1935 December
4834 June 13 1935
DAILY CLOSING PRICES OF RYE FUTURES
IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
July
38% Holi- 3834 3774 Holt- 3234
October
4134 day
413.1 4074 day
3534
DAILY CLOSING PRICES OF BARLEY FUTURE
S IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
July 48
45
44
44
Roll- 44
September
47
47
47
47
day
47
DAILY CLOSING PRICES OF BARLEY FUTURE
S IN WINNIPEG
Sal. Mon. Tues. Wed. Thurs. Fri.
July
37
Holt- 36
3654 Holt- 3334
October
3834 day
3774 3634 day 3234
Closing quotations were as follows:
GRAIN
Wheat, New YorkOats, New York
No. 2 red. c.i.f.. domestic__ 9831
No. 2 white
45%
Manitoba No. 1. f.o.b. N.Y_ 8334 Rye. No.2.
f.o.b.bond N.Y. 50%
Barley, New York
Corn. New York4734 lbs. malting
5974
No.2 yellow, all rall
9734
Chicago. cash
60-100
FLOUR
Spring pats, high protein $7.10 7.40
Rye flour patents
$3.803.00
Spring patents
6.75 7.00 iSeininola, bbl., Nos. 1-3- 8.35@8.55
Clears, first spring
6.20 6.50 Oats, good
3. 7%
Soft winter straights_ _
5.50 6.00 Corn flour
3.70
Hard winter straights.... 6.30 6.50 Barley goods
Hard winter patents
6.50 6.70
Coarse
2.60
Hard winter clears
5.60 5.80. Fancy pearl, Noe.2.48z7 5.30145.50
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by
from figures collected by the New York Produce Exchangus
e.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for
each
of the last three years:
Receipts. at-
Flour
Wheat
Corn
Oats
1
Rye
Barley
bbts 196 lbs bush. 60 Mx • bush. 56 Ibv bush. 32 tbs. bush 56
lbs bush 48 lbs
Chicago
181,000
133,000
446,000
193,000
8,000
162,000
Minneapolis
, 1,065,000
64,000
28,000
31,000
247,000
Duluth
402000
1,000
27,000
3,000
108,000
Milwaukee_ __
9,000
108,000
2:000
14,000
5,000
322,000
Toledo
38,000
30,000
36,000
Detroit
15,000
5,000
16,000
6.000
18,000
Indianapolis
15,000
380,000
80,011
7,000
18,000
St. Louis
87,000
130,000
346,000
128,000
Peoria
35,000
14,001
324,000
18,111
67,00
66,000
Kansas City...
6,000
353,000
489,000
12,000
Omaha
126,000
146,000
17,000
St. Joseph_
2,000
33,000
8,111
Wichita
286,000
2,000
Sioux City
19,000
9,000
5,000
Buffalo
1,653,000
501,000
305.000 200,001
14,000
Tot. wk.'35
318,000 4,253,000 2,884,1 II
887,000
327,000
Same week '34
345,000 15.247,000 2,531,000 1,324,000 809,000 955,000
1,293,000
Same week '33
518,000 10,263,000 8,678,000 2,702.000
403,000 1,080,000
Since Aug.11934
16,853,000191,276,000 172,033,000 48,051.0001
1933
16,561,000 240.836,000 185,816,000 70,610,001 4,7S8,000 58,651.000
13,022,1'1
1932
18.390060334 nol
0211787(511(1 0717;n 17 91111 0 51.508,000
CI 895 nnn
Total receipts of flour and grain at the
the week ending Saturday, June 29 1935,seaboard ports for
follow:
Receipts alNew York _.
.
Philadelphia _
Baltimore__
NewportNews
New Orleans'
Montreal ____
Boston
Quebec
Halifax
Flour
Wheat
Corn
Oats
Rye
Barley
bbts 196 lb bush. 60 lbs. bush.56 lbs. bush.
32lbs. bush 56 Os bush 48 lbs
92,00
298,000
495,000
301,000
67,000
27,00
1,000
16,000
12,000
2,000
19,016
2,000
5,000
1,000
6,000
3,000
25,000
21,000
27.000
73,000
196,000
125.000
121.000
31,000
6,000
. 303,000
9,000
7,000
Tot. wk.'35
268,000
800,000
Since Jan 135 6,194,000 21,308,000
541,000
188,000
301,000
193,000
6,718,001 8,629,000 3,6i8,000 1,585,000
Week 1934.. _ _
272,000 2,703,000
235,000
73,000
248,000
9,000
Since Jan 134 6,852.000 35.693,000 4.064.000
3.277.000 1.557
328000
• Receipts do not include grain passing through
New Orleans for foreign poarfs
on through bil sot lading.
The exports from the several seaboard ports
ended Saturday, June 29 1935, are shown in for the week
the annexed
statement:
Exports fromNew York
Albany
New Orleans
Montreal
Quebec
Halifax
11
7heat
Corn
Bushels
Bushels
452,000
*524,000
196,000
303,000
Total week 1935____ 1,475.000
Same week 1934_ ._ - 2.356.000
Flour
Oats
Barrels
Bushels
9,507
1,000
73,000
Rye
Barley
Bushels Bushels
*43,000
125,000
9.000
121,000
134,000
19.000
43,000, 121,000
I
R non
7,000
90,507
105.290
137
The destination of these exports for the week and since
July 1 1934 is as below:
Flour
Exports for Week
and Since
Week
Since
July 1 toJune 29 July 1
1935
1934
Wheat
Week
June 29
1935
Corn
Since
July 1
1934
Week
June 29
1935
Barrels Barrels
Bushels
Bushels
United Kingdom_ 58,570 2,432,098
323,000 33,718.000
Continent
18,737
610,884 1,150,000 35,943,000
So. & Cent. Amer. 1,000
48,000
2,000
343,000
West Indies
5,000
325,000
50,000
Brit. No. Am. Col.
___ _
69,000
Other countries__ _
1,200
202,449
852,000
Total 1935
Total 1934
Bushels
90,507 3,687,431 1,475,000 70,906,000
105,290 4.655.707 2,356,000 109,066,000
Since
July 1
1934
Bushels
9.000
8.000
1,000
10,000
28,000
697,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 29, were as follows:
United StatesBoston
New York•
Philadelphia
Baltimore**
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo"
On Canal
GRAIN STOCKS
lVheal
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
9,000
57,000
57,000
1,000
14,000
30,000
61,000
252,000
70,000
78,000
39,000
161,000
49,000
871.000
2,000
90,000
79,000
55,000
246,000
2.000
63,000
121,000
77,000
11,000
22,000
816,000
404,000
548,000
279,000
27,000
2,000
8.000
184,000
2,000
71,000
677,000
211,000
253,000
41,000
4,000
5,412,000
190,000
672,000
77,000
6,000
1,234,000
890,000
41,000
2,000
49,000
110,000
20,000
4,000
497.000
85,000
127,000
43,000
25,000
92,000
437,000
28,000
1,000
2,637,000 2,289,000 1,676,000 4,308,000
863.000
50,000
60,000
318,000
84,000
221,000
3,000
764,000
4,317,000 1,336,000 2,847.000
712,000 1,996,000
2,625.000
1,290,000
991,000
587,000
85,000
8.000
7.000
10,000
35,000
2,514.000
829.000
538,000 1,132,000
094,000
20,000
35,000
Total June 29 1935._ _22,497,000 7,696,000 8,131,000 8,479.000
Total June 22 1935_-_24,127,000 7,624.000 8,314,000 8,776,000 5,164,000
5,570,000
Total June 30 1934.._ - .77,821,000 35,356,000 22,074,000 11,277,000 8,308,000
• New York also has 42,000 bushels foreign oats and 252,000 bushels foreign
rye
stored in bond. ** Baltimore also has 28,000 bushels foreign corn
*** Buffalo also has 7,000 bushels Argentine corn, 787.000 bushelsstored in bond.
Argentine rye
and 80,000 bushels Argentine corn afloat, stored in bond.
Note-Bonded grain not included above: Barley, Buffalo,
141,000 bushels:
Duluth, 102.000; total 243,000 bushels, against none in 1934. Wheat,
New York,
826,000 bushels; N. Y. afloat, 408,000; Buffalo, 3,851,000;
Buffalo afloat. 125,000;
Duluth, 669,000; Erie, 455,000; Canal, 318,000; total, 6,652,000 bushels,
against
11,196,000 bushels in 1934.
Wheat
Corn
Oats
Rye
Barley
CanadianBushels
Bushels
Bushels
Bushels
Bushels
Montreal
7,803,000
415,000
55,000
640,000
Ft. William & Pt. Arthur_73,708,000
1,335,000 2,316,000 1,503,000
Oth.Cndn.& oth. water pts34,753,000
919,000
487.000
758,000
Total June 29 1935.._116,264,000
2,669,000 2,858,000 2,901,000
Total June 22 1935_113,952,000
2,599,000 2,987,000 2,716,000
Total June 30 1934- - - 92,811,009
5,059,000 3,134,000 5,351,000
Summary
American _
22.497,000 7,696,000 8,131,000 8,479,000 5,164,000
Canadian
116,264,000
2,669,000 2,858,000 2,901,000
Total June 29 1935_ _ _138,761,000 7,696,000 10,800,000 11,337,000
Total June 22 1935 ._A38.079,000 7,624,000 10,913,000 11.763,000 8,065,000
Total June 30 1934-- -170,632,000 35,356,000 27,133,000 14,411,000 8,286,000
13,659,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended June 28, and since July 1 1934 and July 2 1933, are
shown in the following:
Wheat
Exports
North Amer.
Black Sea.._
Argentina.
Australia
_
India
0th. countr's
Total
Week
June 28
1935
Since
July 1
1934
Corn
Since
July 2
1933
Week
June 28
1935
Since
July I
1934
Since
July 2
1933
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
3,009,000 180,657,000218,885,000
1,000
40,000
837,000
328,000 7,931,000 42,011,000
298,000 17,377,000 36,900,000
3,121,000 185.331,000 140,172,000 7,045,000 230,035,000 215,181,000
2,022,000 111.646,000 90,868,000
328,000
1,128,000 49,516,000 28,500,000 1,028,000 42,186,000 11.543.000
9,608,000515,409.000 520,436,000 8,372,000 289,638,000 264,461,000
Weather Report for the Week Ended July 3
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 3,follows:
There was a reaction to considerably warmer weather, bringing
what above normal temperature to most sections of the country; someprecipitation was mostly light to moderate, though a few persistently
of the interior again had heavy rains. The table on page wet sections
3 shows that
the temperature for the week averaged slightly below
normal at most
stations in the Gulf area and in the more western States.
Elsewhere the
weekly means ranged from approximately normal to 4 degrees
above. The greatest plus departure is for the Atlantic area, or 5 degrees
parts of
Ohio Valley, and the northern Plains country. No unusually high the
temperatures occurred, though some stations in the middle
Atlantic area reported as high as 95 degrees, and maxima of 100 degrees, or
locally in the Southwest and in the interior of California. higher, occurred
The table shows also that precipitation occurred generally
over the
central and eastern portions of the country, but the amounts
were light to
moderate, except in a few areas. The heaviest falls occurred
in northern
Illinois, parts of Iowa, Missouri. the eastern two-thirds
of Kansas, and
eastern Nebraska. There were also some heavy falls in the Florida
Peninsula.
West of the Great Plains there was very little rainfall,
except in north
Pacific districts.
The return to higher temperatures in the interior valleys and
centralnorthern States was favorable in promoting better growth
of
but considerable areas again had substantial precipitation vegetation,
which kept
fields too wet for cultivation and planting. Improvement is shown
Ohio Valley, but in the upper Mississippi Valley the soil in many in the
places
continued much too wet.
In a large northeastern area, extending broadly from the central
Ohio
Valley eastward and northeastward, weather and soil conditions
are entirely satisfactory and all growing crops are making good
progress, except
that it is too wet in the potato sections of Maine.
In the Southeast some beneficial showers occurred locally,
southeastern Alabama and western Georgia, but otherwise notably in
from North
138
July 6 1935
Financial Chronicle
badly;
needing
Carolina southward to Georgia vegetation is Michigan,moisture , and
Wisconsin
some early corn is reported beyond recovery. much moisture in parts of
Minnesota are in good shape, except for too
Wisconsin.
North
From the western Great Plains westward. including most of rather
Dakota, apprehension as to the moisture situation is developing
areas, notably much of Colorado and Wyoming,
rapidly, though some
remain favorable.
while in
All crops and pastures are now needing rain in North Dakota,
insufficient
Montana small grains are entering the critical stage with
southmoisture for filling. Also an area comprising southwestern Kansas. while
is becoming too dry,
eastern Colorado, and much of New Mexico, range and growing crops.
in Utah rain is needed generally for the lower
the week as
Small Grains—Winter-wheat harvest was begun during Ohio, and to
far North as southeastern Pennsylvania, locally in southern rn Nebraska.
central portions of Indiana and Illinois, and southeaste by rainfall,
the
was retarded
From the Mississippi Valley westward, harvest was experienced. In the
but to the eastward mostly favorable weather
of Kansas most stations had from one to more than three
eastern two-thirds
harvest; from oneinches of rain during the week, which further delayedral portion of this
half to three-fourths of the wheat in the south-cent crop was satisfacNorth of Kansas progress of the
State has been cut.
rain for filling,
tory. In Montana winter grains are heading and needing
but cooler weather in the Pacific Northwest was favorable.
general,
belt conditions continue favorable, inIn North
In the spring wheat
Montana.
though rain is now needed in North Dakota and generally, but because
the crop made good growth and is heading on lighter soils, this
Dakota
of insufficient moisture, some burning is developing
is true also in Montana.
rule, with heading
The oat crop is developing satisfactorily, as a general Minnesota, but is
in
beginning as far north as Wisconsin. Flax is growing in Louisiana.
needing rain in North Dakota. Rice is being irrigated
rn States higher temCorn—In the eastern corn belt and northeaste conditions for corn,
made favorable
peratures and mostly fair weather the northern Plains, Minnesota, and
ry in
while progress was satisfacto rains or wet soil again retarded cultivaMichigan. In Illinois frequent
in the southern portion; fields
tion, though there was some improvementn has not been accomplished in
are very weedy as even the first cultivatio much additional planting and
many places. In Missouri there was not
growth was fair to good
a large acreage remains unseeded. In Kansas while north of Kansas
in the eastern two-thirds, but fields are weedy,
progress was mostly satisfactory.unfavorable, with ponds in many
weekly
In Iowa further rainfall was decidedly
very little cultivation was
cornfields and much drowned out on lowlands;
many fields are weedy. The
possible until near the close of the week, and of it being six inches, or less,
year, the
crop is a month later than last
in height, with spindly stalks and poor color.
averaged near normal,
Cotton—In the cotton belt the temperatures the weather was more
general,
with rainfall mostly light to moderate. Inwestern belt, but rain is needed
in the central and
favorable than recently
in many eastern districts.
good, except on some lowIn Texas weekly progress was mostly fair tofor insect activity in some
favorable
lands, but recent weather has beenOklahoma progress was fair to good.
sections of the State. In western
where poor progress or deteribut little improvement is shown in the east
oration is reported.
mostly favorable, except
In central States of the belt conditions weremuch complaint of weeds;
is
in some northern bobtom lands, where there and weekly progress was eximprovement
western Tennessee shows some
lands continue too wet. In
cellent in much of Arkansas, though bottom
nag largely deficient in
the eastern portion of the belt, where rainfall is needed badly in many
rain
June, cotton is holding fairly well, thoughthe Piedmont of the Carolinas;
especially in southern Georgia and
places,
there is some premature blooming and shedding.
DRY GOODS TRADE
New York, Friday Night, Justly 5 1935
Helped by continued favorable weather conditions, retail
trade during the past week again gave a satisfactory account of itself. While special promotions featuring lowpriced items were in part responsible for the moderate gains
in the volume of sales over last year, estimated for the
metropolitan area at from 1 to 3%, consumers showed
continued active interest in seasonal merchandise such as
sports wear, dress accessories, beachwear, &c. For the
entire month of June the metropolitan district, despite the
present satisfactory record of sales, is expected to show
a -small loss, chiefly, however, because of the fact that
June 1935 had one business day less than the correspdndjng
month of last year. For the country as a whole a fair ghin
in sales over last year is anticipated. A considerably
improved showing is expected of the current month, inasmuch as in July last year, owing to the contraction in
general business activity, retail sales declined quite sharply,
while this year the seasonal recession in business so far
appears to have been less pronounced.
Trading in the wholesale dry goods markets showed a
slight improvement. While the volume of orders was
moderate and buying appeared to be confined to goods for
fill-in purposes, such as bleached sheetings and broadcloths,sentiment seemed much less depressed than heretofore
and purchases were more numerous than at any time since
the National Recovery Act decision. Retail merchants as
well as jobbers showed more interest in goods, reflecting
the growing belief that while prices may work lower reductions will not be drastic. Moreover, it was again stressed
that inventories of retailers as well as wholesalers are far
from abundant and that buying of fall needs can hardly
be delayed much longer. Business in silk goods continued
dull, but an improvement in sentiment was unmistakable.
In the greige goods market some interest was shown for
pure dye cantons and crepe de chine constructions, while
in the finished division moderate demand appeared for
printed satins and flat chiffons. Trading in rayon yarns
gave a fairly satisfactory account. Large producers are
virtually booked up on their output for the current month,
but smaller makers are said to .be in a somewhat less fortunate position. Rumors of an early moderate advance in
of
The Weather Bureau furnished the following resume
weaving yarn pricps continued to be circulated',
conditions in the different States:
Domestic Cotton Goods—Trading in print cloths reprecipitation mostly
Virginia—Richmond: Temperatures near normal;
detrimental to most crops.
flected the better sentiment that has developed since most
moderate. Steadily depleted moisture in east
and cutting
particularly haying
quarters have come to feel that the dire results predicted
Weather favorable for growth and work, many sections. Cotton poor to
oats and wheat; latter near completion in
mostly good. Weather fair
right after the NRA decision would not come to pass. The
fair. Corn good, except -in east. Potatoes
previous nervousness over the possible ill effects of the
for tobacco.
corn, truck, tobacco, and pastures
North Carolina—Raleigh: Early and part of coastal plain until partly
Agricultural Adjustment Act amendments also appeared
in Piedmont
suffered badly for rain
near close of week. Much tobacco
to have slackened considerably. Second hand offerings
relieved by beneficial showers in eastcuring in progress on coastal plain.
;
were much less numerous than heretofore, and the few lots
ripened too quickly and undersizedPiedmont and fair to good elsewhere.
in
Progress of cotton poor to fairhighest of record at Raleigh and Charlotte.
that were still available were held at prices that disclosed
June rainfall least and sunshine Generally fair weather and continued
a distinct narrowing of the previous concessions. With
South Carolina—Columbia:
deterioration, except cotton holding its own
warmth caused further crop
the curtailment of output now coming into full force, and
especially in central, and considwell, but blooming prematurely,
fairly
dryness. Early corn reported beyond
with stooks in converters' hands needing urgent replenisherable shedding account continued
vegetables, truck,fruit, and pastures progress
recovery in some localities and
ment, predictions are heard that the foundation for a broader
failing in places.
very poor. Streams low and wells end of week when local
and condition
steadyin
dry until
Georgia—Atlanta: Warm and and west. near drought conditions in buying movement and a resultingas raw g of the price
Acute
cotton prices are
structure are being laid, inasmuch
light to heavy showers in north counties; corn deteriorated and similar
most southern
many middle and
pecans, and other crops, except cotton
also showing a better trend of late. Trading in fine goods
effects on tobacco, truck, peanuts,
remained dull, although a fair amount of interest continued
fairly good advance.
cotton fair, but progress rather
Florida—Jacksonville: Condition of Truck scarce; season over. Sweet
in shirtings and curtain goods. Sampling of fancy goods
to good.
poor; slight shedding. Corn fairwith recent rains; late bloom light.
proceeded at a lively pace and several instances of goodpotatoes fair. Citrus improving
to heavy rains in dry
Alabama—Montgomery: Beneficial moderate
sized orders in this division came to light. Closing prices
in dry western areas at end of week.
and local moderate showers to good and mostly good, but small
southeast
-inch 80s, 81 c.• 39-inch
fair
%
in print cloths were as follows: 39
Cotton progress good: condition blooming well to north and setting bolls
.
72-76s, 8%e.• 39-inch 68-72s, 6 8c.; 383 -inch 64-60s, 5%c.;
in north and dry areas elsewhere; some dry sections, but mostly fair to
south. Corn suffering in
freely in
38%-inch 60.4.8s, 53( to 5%0.
good. Sweet potatoes good.
n, vigor, and growth of cotton genMississippi—Vicksburg: Cultivatio seasonal development mostly rather
Woolen Goods—Trading in men's wear fabrics remained
condition of
erally good, with average
with moisture needed in numerous
s
poor. progres of corn averages poor,
dull, but with most mills still busy on older contracts and
acreage. Progress of gardens, pastures,
and some unplanted
localities
with large Government purchases in the offing, no misand truck poor to fair.
Moderate temperatures, with local showers
givings have arisen as to the nearby outlook for the industry.
Louisiana—New Orleans: crop growth and cultivation which progressed
week, favored
toward end of
Clothing manufacturers came into the market for a moderate
of cotton good: blooming and setting
very well. Progress and condition
sugar cane, truck, sweet potatoes, and
volume of spot goods which were secured from wholesalers
some bolls. Condition of corn,
pastures good.
at slight concessions from mill's quotations. As stocks in
averaged about normal; rain locally
Texas—Houston: Temperatures
and condition of cotton mostly
Progress
wholesalers' hands have now been sharply reduced, howas
heavy, but widely scattered.
lowlands where poor, but conditions reported
planting nearly
ever, a firmer attitude in that quarter with regard to prices
fair to good, except on
some southwestern districts; of corn mostly
condition
favorable for insect activity in
Progress and
is anticipated inasmuch as raw wool values are holding
completed in northern districts. oats, and minor grains mostly very poor
wheat,
steady and recent labor agitation in parts of the woolen
good to excellent, and of practically ruined by weeds before harvesting
some wheat fields
to fair;
industry may result in scattered wage advances. Trading
farm activicould be done.
Rain caused some delay to and progress
Oklahoma—Oklahoma City:
in women's wear fabrics continued its slow improvement.
fairly favorable. Condition
ties, including harvest, but week fields weedy in east, but fair to good
The better outlook concerning the labor situation in the
poor, and
of cotton very poor tocondition of corn fair to very good in west, mostly
garment industry and more active buying on the part of
on lowlands in east.
In west. Progress and
poor in east: much washed out
fair in central, andcompleted in west and well advanced elsewhere. Good
retail merchants were the prime factors for the better sentiOat harvest nearly
some combining; some standing beat out and
ment that has developed in this field.
progress in wheat harvest;
some lodging.
Progress of cotton excellent, except fair along
Foreign Dry Goods—Business in linens continued fairly
Arkansas—Little Rock: locally moderate to heavy showers; grassy in
active, but demand remained confined to suititigs and
rivers and sections where corn fair to very good; cultivated, except on
of
Progress
some sections. some replanted along rivers. Weather somewhat unfavordress goods, while the housekeeping division gave no inlowlands, and
rainfall heaviest. Harvesting wheat and oats and
dications of a revival in trading. In view of the continued
able in sections where damaged.
digging potatoes: some
corn very good and cultivation
strength in the overseas markets it is taken for granted
--Nashville: Progress of early tasseling; planting continues
Tennessee
fair and some
that current price advances will be retained on the new
rapid; general condition Cotton improved in west; condition fair; squares
late.
and bulk of crop and east where progress and condition good. Wheat
season's lines scheduled to be opened at the beginning of
forming in central g; condition fair.
next month. In sympathy with lower Calcutta cables,
threshing progressin
with improved growth of all
week,
Kenrurkg--Louisville: Favorable
burlap lost some of its recent gains, notwithstanding the
nearly completed, except on eastern highlands;
. Wheat harvest south and west. Progress and condition of corn
crop
official estimate on the
cultivation variable,
Trrhing commenced inirregular, weedy, and grassy; early corn given last forecasting a reduction acreage of the current jute lightvery
of 28.5%. Domestically
poor to excellent; being affected by hardening soil;
Tobacco fair to good; not all
mostly behind, and
Just planted.
weights were quoted at 4.80c., heavies at 6.30c.
but considerable
plowing,
badly.
Cultivated which is needed
Financial Chronicle
Volume 141
139
State and City Department
MUNICIPAL BONDS
Specialists in
Illinois & Missouri Bonds
Dealer Markets
WM. J. MERICKA & CO.
INCORPORATED
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
MUNICIPAL BOND SALES IN JUNE AND FOR THE
HALF YEAR
Sales of long-term State and municipal bonds during the
month of June aggregated $64,000,000, as compared with
$78,274,868 in the previous month and $115,126,622 in
June 1934, this latter figure, incidentally, having been the
second largest total for any month during the calendar year
1934. Although the total for the month just ended is considerably smaller than that established in the preceding
period, it should be noted that only 246 civil divisions disposed of bonds in June, while the figure for May represented
emissions by 319 borrowers. Although there were no awards
in excess of $5,000,000 each made during June, sixteen issues
of $1,000,000 or more were marketed, as against only eleven
in that category in May. Among the larger loans placed
last month were issues of $5,000,000 each by the State of
California and Jersey City, N. J., $3,304,000 by the State
of North Carolina and $3,000,000 by the State of Massachusetts. These issues, as well as virtually all of the other
flotations during the month, were readily disposed of by
investment bankers, as there has been no diminution in
the demand for municipal liens as investments. Indeed,
such obligations would appear to have gained in favor as a
result of the prospect of heavier Federal taxes on incomes
of corporations and wealthy individual investors from investments which do not share the tax exemption features
carried on Federal and State and municipal instruments. In
this connection, it is of interest that President Roosevelt
declared in a recent message to the Congress that provision
be made by constitutional amendment for the mutualtaxation
by the Federal Government and States and municipalities
of the income derived through investment in Federal and
municipal securities issued subsequent to enactment of such
an amendment.
The marked demand which prevailed for the obligations
of States and municipal units in the first six months of 1935
is vividly illustrated when comparison is made of the total
sales in that period as against the awards made in the first
half in each of the preceding three years. According to
our records, the aggregate amount of municipal bonds sold
in the first half of 1935 was $611,000,000, as compared with
$519,570,535 in the corresponding period in 1934, with only
$226,425,126 in 1933 and $528,469,540 in the first six months
of 1932. The contrast is the more striking when it is considered that the total of $611,000,000 for the first half of
1935 compares with sales of no more than $939,453,933 for
the twelve months of 1934, only $520,478,023 in the calendar
year 1933 and with but $849,480,079 in the full year of 1932.
None of our figures, of course, includes loans of any character whatever made to States and municipalities by agencies
of the Federal Government. Some of the major flotations
of State and municipal bonds in the first six months of 1935
included disposals in January of $10,500,000 by Newark,
N. J., $10,000,000 State of New Jersey and $9,175,000 by
Allegheny County, Pa.; $8,500,000 by the Boston Metropolitan District, Mass. in February; March issues of $45,025,000 by the State of New York and $34,300,000 by the
Port of New York Authority, N. Y.; $50,000,000 by New
York City; $24,000,000 by the State of California and
$16,920,000 by the State of Alabama, all in April; May
disposals of $8,000,000 by the Indianapolis Utilities District,
Ind., $7,722,000 by the State of Kentucky and $7,500,000
by the City of Chicago, Ill, and in June issues of $5,000,000
each by the State of California and Jersey City, N. J.
Issues of $1,000,000 or more diposed of in June were as
follows:
35.000,000 California (State of) 3% veterans' welfare bonds, due serially
from 1937 to 1952 incl., awarded to the Bankamerica. Co. of
San Francisco and associates at 101.14, a basis of about 2.83%.
5,000,000 Jersey City, N..1., 4% refunding and funding bonds, maturing
serially from 1936 to 1953 incl., awarded to Lehman Bros. of
New York and associates at 96.40, a basis of about 4.41%.
Reoffered at prices to yield from 2.75% to 4.20%, according
to maturity.
3.304,000 North Carolina (State of) bonds, comprising $2,239,000 234s,
due from 1941 to 1945 incl. and $1,065,000 33.5s, maturing
from 1938 to 1941 incl., sold to an account managed by Halsey.
Stuart & Co., Inc. of New York at a price of par, or a net
interest cost to the State of about 2.72%. Public reoffering
was made by the bankers at prices to yield from 1.75% to 2.70%,
according to maturity.
3,000,000 Massachusetts (State of) emergency public works bonds, due
3400,000 each year from 1936 to 1940 incl. and $200,000 annually from 1941 to 1945 incl., purchased by a syndicate headed
by the First National Bank of New York as 1.14s, at 100.749,
a basis of about 1.59%.
Union Trust Bldg,
CLEVELAND
DIRECT
WIRE
l''
I.
One Wall Strait
NEW YORK
2,672,000 Detroit, Mich., refunding water bonds, including $1,650,000
nis, due from 1951 to 1961 incl., 3572.000 4s. due from 1937
to 1947 incl. and /450,000 3,18, due $150,000 in 1948,_1949
and 1950. purchased by a syndicate managed by Lazard Freres
dr Co., Inc. of New York at 100.012. or a net interest cost to
the city of about 3.57%. The bankers reoffered the 33is at
prices ranging from 100.50 for the earliest maturity down to
98.50; the 48 on a yield basis of from 1.50 to 3.40%, according
to maturity and the $450,000 3%8 at a price of 103.50.
2,500,000 Port of New York Authority, N. Y., 3% series F bonds of
March 1 1941 were accepted by the State of New, Jersey in
full payment of an unmatured loan of $4,500,000, representing
the amount contributed by the State toward construction of
the George Washington Bridge one of the facilities now managed by the Port Authority. In offering the bonds for resale
publicly on June 25. the State failed to receive a bid. Absence
of tenders was attributed by investment bankers to the uncertainty held as to the security for repayment of the obligations.
2,450,000 Toledo, Ohio, indebtedness liquidating bonds, due serially from
from 1937 to 1944 incl., awarded to a group headed by Stranahan, Harris & Co., Inc. of Toledo and associates as 5s, at a
price of 100.07, a basis of about 4.98%•
2,250.000 Nassau County, N. Y., bonds, comprising $1,500.000 3s, due
from 1945 to 1953 incl., $500,000 3.408, due from 1941 to 1945
and $250,000 35, due from 1940 to 1964, were awarded to
Lehman Bros. of New York and associates at 100.04, a basis of
about 3.049%.
2,240,000 West Virginia (State of) 1.409' Virginia debt refunding bonds,
due $560.000 each year from 1936 to 1939 incl., sold to Young:.
Moore & Co. of Charleston and associates at 100.014, a basis
of about 1.38%. Reoffering was made by the bankers at prices
to yield from 0.509' to 1.50%, according to maturity.
2,000,000 Louisiana (State of Confederate Veterans' and Widows' pension
bonds, due $500,000 on June 1 and Dec. 1 in 1949 and 1950,
sold as 55, at a price of par, sold to a group of New Orleans
dealers headed by Scharff & Jones. The bonds were first
offered on June 12 at which time the one bid received an offer
of 95 for 58 tendered by a New Orleans banking group, was
rejected.
1,600,000 Los Angeles, Calif., 3)4% water works bonds, maturing $40,000
each year from 1936 to 1975 incl.,sold to Brown Harriman & Co.,
Inc. of New York City and associates at 101.27, a basis of about
3.425%. Reoffering was made at prices to yield from 1% to
3.50%, according to maturity.
1.500,000 Buffalo, N.Y.,2.60% work and home relief bonds, due $150.000
each year from 1936 to 1945 incl., sold to Halsey, Stuart & Co.,
Inc. of New York and associates at 100.041, a basis of about
2.599'. Reoffering was made by the bankers at prices to yield
from 0.75% to 2.70%, according to maturity.
1,382,000 Paterson, N. J., 3X% water supply bonds, due serially from
1936 to 1975 incl., purchased by -Halsey. Stuart & Co., Inc. of
New York and associates at 100.44, a basis of about 3.47%.
1,275,000 Vincennes. Ind.. 3%% water revenue bonds sold privately to
C. W. McNear & Co., Inc. and Lewis, Pickett & Co.. both of
Chicago. The bonds, due serially from 1941 to 1975 incl..
are being reoffered by the bankers at prices to yield from 2.40%
to 3.60%, according to maturity.
1,100,000 Salem, Ore., water bonds, comprising $668,000 3s, due from
1953 to 1965 incl. and $432,000 4s, due from 1940 to 1952 incl.,
sold to the First Boston Corp. and associates at 100.031, a basis
of about 3.23%. Reoffered for public investment at prices to
yield from 2.60% to 3.20%, according to maturity.
1,000,000 Trinidad. Colo.,refunding water works bonds sold to a syndicate
headed by Gray B. Gray of Denver.
As is to be expected, there are some municipalities which
are unable to sell their obligations, notwithstanding the
unusually favorable market conditions which continue to
prevail for municipal issues. Abortive offerings during June
represented issues of 15 municipal units having an aggregate
par value of
63,652. The are enumerated herewith,
together with the page number of the "Chronicle" where an
accounts of the unsuccessful offering appears:
RECORD OF ISSUES THAT FAILED OF SALE DURING JUNE
Page
Name
Rate
Amount
Report
4101 Arcanum, Ohio
not exc. 6%
$52,000 No bids
4433 Canyon County Class A
Sch. Dist. No. 28, Ida not exc. 4%
60,000 Not sold
3937 East Carroll Twp.,Pa _
3,000 No bids
4103 aElyria. Ohio_ _ _ _ _
252,000 Sale postponed
4 9
5
;
4104 bGrosse Pointe Park, Mich
4"/
76,500 Bid rejected
4270 Hodgenville, Ky
43i%
39,000 Bid rejected
4108 Newton Co.. Ind _____
5,152 No bids
6%
4440 Niagara, N. Dak
6%
5,000 No bids
4274 Orange Village School District, Ohio
6,000 No bids
4440 Palisades Park, N. J,...._100,000 No bids
4441 cPottsville Sch. Dist., Pa not exc. 354%
20,000 Sale postponed
4275 Ridgefield, Wash _____ _not exc.6%
16,000 Not sold
4441 Roane County, Tenn ___ _
150,000 Not sold
4110 Sea Isle City, N. J
34,000 No bids
4111 dSunset Beach Sanitary Diatrict. Calif
x
45,000 Not sold
x Rate of interest was optional with the bidder. a New offering
July 18: for details see V. 140. P. 4435. b The issue represents date is
anticipation notes, due May 11938. which will be purchased by the4% tax
municipal sinking funds. c New offering date is July 10
p. 4441. d At original offering on June 3 no "legal"as stated in V. 140.
bids were received.
Sale has been continued to July 1.
Continued ease in money rates resulted in the disposal
of an aggregate of $00,000,000 notes and other evidences of
short-term debt by States and municipalities during the
month of June. The total includes borrowings by New York
City in amount of $00,000,000. The temporary financing
negotiated by the city in June gave further evidence of the
improvement that has occurred in its credit rating in the
past year. The city made award on June 11 of $8,400,000
of six months' notes at 1.20% interest, at par plus a premium
of $177 and at a subsequent sale on June 18 of a $3,000,000
Financial Chronicle
140
loan of approximately the same maturity the successful
bidders stipulated an interest rate of 1.15%, with a premium
of $35. It was not so long ago that the city considered an
interest rate of 4M% or 5% on short-term credits as being
rather favorable.
Canadian municipal bond financing in the past month was
featured by the failure of the Province of Ontario to obtain
bids from investment bankers to an offering of $15,000,000
23.%, 23/2% and 3% bonds, due in from 5 to 15 years.
The offering, which was held on June 12 represented the
first effort of the Province to obtain credit publicly since its
abrogation sometime previously of the contracts between
the Hydro-Electric Power Commission and four private power
firms in Canada. Although investment bankers were quick
to deny the implication, some observers were inclined to
attribute the absence of bids for the bonds as the logical
reaction of investment interests to the arbitrary stand
adopted by the Province in regard to the power agreements.
Following the failure to dispose of $15,000,000 bonds, the
Government decided to withdraw the obligations from sale
and, in place thereof, arranged to offer for public subscription,through the medium of the Ontario Savings Offices, new
obligations totaling $20,000,000. These latter were offered
to investors as 24s, due June 15 1937, or 3s, maturing
June 15 1940. Premier Mitchell Hepburn reported the
offering heavily oversubscribed within a short time.
Other major disposals of Canadian municipal bonds during
June comprised flotations of $12,943,000 by the City of
Montreal and $,2,900,000 by Toronto, Ontario. These sales,
together with that of $20,000,000 by the Province of Ontario, augmented the total of Canadian municipal financing
for the month to $37,000,000. None of the loans was offered publicly in the United States. The total for the month
does not include the $15,000,000 1.555% Treasury bills,
due in three months, which were sold by the Dominion
Government.
No sales of United States Possessions bonds were undertaken during June.
Below we furnish a comparison of all the various forms of
obligations sold in June during the last five years:
1935
s.
1934
Perm.loans(U. S.)- 00,000,000 115,126,622
*Temp.loans (U.S.) 00,000,000 90,794,000
Canada ins (perm.):
735,200
000,000
Placed in Canada.
None
Placed in U. S.__ 0,000,000
General fund bonds_
None
(N. Y. City)____ 0,000,000
None
None
Bonds U.S.Poss'ns_
1933
1931
1932
103,399,536 88,794,393 120,811,521
249,087,800 105,017,790 26,972,000
30,214,199 18,649.946 37,879.693
None 8,500,000
060,000,000
None
150,000
None
None
None
295,000
000,000,000 000,000,000 442,851,o34 212,562,129 194,258,114
Es otal
*Includes temporary securities (revenue bonds and bills and corporate stock
June
notes) issued by New York City, $00,000,000 in June 1935, $68,575,000 in 1931.
1934; $219,995,800 in June 1933; 563,000,000 in June 1932; none in June
issue of $60,000,000 4% Dominion of Canada refunding notes.
y Representing
The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1935 were 000 and 000, respectively. This
contrasts with 000 and 000 for May 1935 and 000 and 000
for June 1934.
For comparative purposes we give the following table,
showing the aggregate for June and the six months for a
series of years. In these figures temporary loans and bonds
issued by Canadian municipalities are excluded:
For the
Month,of
For the
Month of
Six Months
June
Six Months
June
$39,386,230 $218,879,20
5000,000,000 5000,000,000 1913
1935
49,485,807 246,289.293
115,126,622 519,570,535 1912
1934
27,470,820 223,262,370
103,399,535 226,425,126 1911
1933
19,369,775 162,846,110
88,794,393 528,469,540 1910
1932
*62,124,450 207,125,317
851,188,436 1909
120.611.521
1931
31,806,064 169,082,579
151,839,581 765,536,582 1908
1930
21,390,486 115,347,889
150,703,034 678,383,755 1907
1929
21,686,622 102,338,245
129.806,486 778,419,445 1906
1928
19,016,754 111,723,054
158,862,319 882,820.720 1905
1927
24,245.909 137,869,155
140.731,789 748,986.936 1904
1926
79,576,434
16,926,619
139,653,772 751,838.574 1903
1925
28,417,172 87,628,395
242,451.538 788,744,973 1902
1924
13,468.098 61,223,060
1901
161,711,897 584,800.923
1923
77,943,665
19,670,126
118,969,285 655,086,150 1900
1922
29.348,742 63,345,376
110,412,059 466,415,487 1899
1921
9,704,925 44,078,547
45,113,020 322,661,532 1898
1920
16,385,065 73,275,377
100,378,461 305,650,839 1897
1919
43,176,964
12,792,308
27,821,083 151,768,284 1896
1918
56,991,613
15,907,441
28.510,832 221,579,100 1895
1917
16,359,377 66,426,992
47,555,691 283,464.52 1894
1916
32,663,115
1,888,935
1893
z108,976,230 322,982,610
1915
49,093,291
12,249,000
54,403,737 357,557.1770892
1914
$40,000,000 48 of N. Y. C.
3 Includes 571.000,000 444s of N.Y.Ci y. •Includes
In the following table we give a list of June imps in the
In
amount of $64,000,000, issued by 246 municipalities. the
the case of each loan reference is made to the page in
"Chronicle" where accounts of the sale are given. Price Basis
Atnount
Bale matunly
Name
Page
4432 Abernathy, Tex
234
4432 Albany, Ore
3
4432 Albany, Ore
334
4265 Alvo Sch. Dist., Neb
5
4432 Anne Arundel Co., Md
244
Atchison County, Kan
4266
4
4101 Bangor, Me
4
4101 Bangor, Me
244
Me
4266 Bangor.
444
4432 Beaumont, Tex
4
4266 Beckley, W. Va
4432 Bethlehem S. D.,Pa.(2 issues)___2
134
3935 Beverly, Mass
4432 Big Horn Co. S. D. No. 17-H,
444
Mont
4432 Bingham Co. S. D.No. 30, Ida__ _4
344
4432 Birmingham, Ala
444
4433 Bowling Green, Ky
444
Brazil, Ind
4101
Dist., Conn_344
4101 Bristol Fifth School
2.60
4267 Buffalo, N. Y
334
4433 Burlington, N. J
g
4433 Burt Washington Drain DLst.,Neb.4
3
3935 California (State of)
5
J
3935 Cedar Grove TWO., N.
1941
1945
1936-1950
1936-1945
1936-1951
1936-1949
1936-1953
1938-1947
1936-1945
1936-1955
1938-1947
1936-1972
1936-1945
1936-1945
959
8 years
1937-1952
20,000
r35,000
'15,500
r10,500
25,000
40,000
32,000
r28,000
r36,000
100,000
r45,000
r312,000
50,000
100.03
100.03
4.79
101.40
2.11
100.77
1.48
113.51
1.48
113.51
103.731 2.07
100.12
iToo
100
100.42
1.91
1.64
100.54
r140,000
41,000
4.08
396,000 96.41
630,000
45,000 101.502 2.96
3.16
25,000 102.50
1.500,000 100.041 2.59
3.74
111,000 100.14
r142,000
5,000.000 101.14 2.83
5.00
17125,000 100
July 6 1935
Price Basis
Amount
Rate Maturity
Name
r75.000
234-344
Chadron, Neb
3.69
59,000 102.56
1936-1955
4
Charlotte County, Va
244 1936-1940 r160,000 102.285 1.72
Charlottesville, Va
r45.000 100.015 3.49
344 1936-1955
Chester, S. C
68,000
1936-1960
3
Cincinnati. Ohio (3 issues)
3.64
334 1936-1950 r422,000 101.45
Clarks S. D. No. 11, Neb
_ -1,605 100.31
10 years
3
Clay Sch. Twp.Ind
3.69
300,000 100.30
334 1936-1946
Cleveland, Ohio
31,000
Cloverdale H. S. D., Calif
65,000 100.307 3.715
Clovis Mun.S. D.No. 1, N. Mex_334 1938-1955
r95,000 98.20
4.00
334 1941-1949
Coahoma County, Miss
10,000
344 1936-1945
Cody Sch. Dist. No. 30, Neb
24,000 100.52 3.18
344 1936-1955
Coldwater, Ohio
Colesville, Fenton, dm, Cen. Sch.
3.63
125,000 104.18
4
1938-1963
2.75
225,000 100
234
4268 Colorado Springs, Colo
3.67
26,000 98.46
334 1936-1948
4102 Columbia, Tenn
760,000 100.383 2.71
234 1936-1945
4102 Columbus Junction, Iowa
2 20 1936-1950 r150,000 100.425 2.14
4268 Cortland, N. Y
3.00
1936-1948
45.5,000 100
3
4268 Council Bluffs, Iowa
434 1941-1961 r324,000
4103 Cranford Township, N. J
434 1942-1980 r295,000
4103 Cranford Township, N. J
4102 Crown Point Central School DR1937-1950
65,000 106.07 4.14
5
No. 3, N. Y
1941-1949
743.000 100.155 2.98
4268 Cumberland Twp. Sc!,. Dist., Pa_3
1941 r137,000 100.52
1.90
2
4268 Davidson County, Tenn
r5,000
4268 Davis City, Iowa
434 1-10 years r120,000
4434 Dawson County, Mont
2.82
1937-1955
3
43,000 101.83
3937 Decorah, Iowa
5.23
444 1937-1965 7507,000 99.12
4434 Denville Township, N. J
5.23
110 000 99.12
444 1937-1955
4434 Denville Twp., N. J
1937-1947 7572,000 100.012 3.5788
4
4103 Detroit, Mich
334 1948-1950 r450,000 100.012 3.5788
4103 Detroit, Mich
344 1951-1961 71,650.000 100.012 3.5788
4103 Detroit, Mich
434
r212,000 100.486
4103 Dickson County, Tenn
2:4;
246 1938-1947 r100,000 100.265 4268 Duluth Minn
3.25
1936-1952
17,000 105.52
4435 Duluth Ind. Sch.Dist., Minn__ _4
2.70 1938-1949 7400,000 100.07
4435 Duluth Ind. Sch. Dist., Minn
1936-1945
6
6.00
40,000 100
4103 Dunkirk, N. Y
1945-1948
60,000 108.808 4.04
4103 East Chicago School City, Ind_ _ _5
5.00
1936-1937
5
15,000 100
4103 Eddy County, N. Dak
1936-1945
r6,500 100.631 2.88
4103 Elkhart County, Ind
4
4.00
1937-1950
r44,211 100
3937 Emmet, Idaho
244 1935-1944
14,000 100.12 2.48
4435 Erie County, Ohio
2.14
244 1936-1944
71,000 100.47
4435 Erie County, Ohio
1.87
1936-1951
2
200,000 101.02
4435 Erie S. D., Pa
1.50
174 1936-1943
12,000 100
4103 Essex, Mass
2.92
1936-1940
3
730,500 100.27
4435 Eugene, Ore
1940-1955
4
250,000 110.1799 3.01
4269 Evanstcn, Ill
4104 Evanston Twp. H. S. D. No. 202,
1953
344
r91,000 101.5646 3.125
III
3.00
18,000 100
3
4104 Everett S. D., Pa
234
r19,000 100.63
4269 Extra Ind, EL D., Iowa
2.45
41,000 100.23
234 1936-1945
4104 Fort Dodge, Iowa
3.13
344 1946-1950
25,000 101,40
4269 Fort Thomas, Ky
4
3.72
1936-1954
18,000 102.10
4435 Fowler. Ind
3.40
6,000 100.19
334 1937-1948
4269 Franklin, Ohio
100,000
4269 Frederick. Okla
2:65
234 1939-1961 1322,700 102.269 4104 Frederick County, Md
5.50
544 1945-1955
46,000 100
3938 Frold S. D. No. 5, Mont
334
r45,000 101.39
4270 George Ind. S. D., Iowa
1.58
85,000 100.87
134 1936-1945
4270 Gloucester, Mass.(2 issues)
4270 Greater Greenville Sewer District,
434 1946-1975
55,000 101.141 4.18
S. C
344
3.50
315,000 100
3938 Gregg County, Tex
1938-1974
4
475,000
4436 Greencastle,Ind
176,000 100.268 3.48
4104 Greenville Sewer District, N. Y 344 1936-1984
3
1936-1941
38,000 100.85 -4104 Gridley, III
244 1937-1944
10,000 100.53 2.40
4104 Grundy Center, Iowa
1940-1945
4
4.00
8,000 100
4436 Halsted, Minn
2.44
70,000 101.29
244 1937-1961
4436 Hamilton County, Ohio
444 1937-1946 r362.000 101.279 4.72
4270 Hamilton Township, N. J
1941-1958
4
200,000 101.50
--4105 Hammond,• Ind
420,000 100
244 1940-1948
2.50
3938 Harper Co. S. D. No. 61, Kan
1937-1950
6
4.20
43,000 105.63
3938 Harrison School Twp.,Ind
1936-1939
3,500 100.88
3
2.40
4105 Harrison Twp. Sch. Dist., Ind
444 1937-1950
15,000 107.78 3.39
3438 Hickory Grove Twp., Ind
1936-1943
4,800 100
6
6.00
3938 Hidalgo Co. B. D. No. 2, N. M
650,000 96.66
434 1937-1955
4.63
4270 Hoboken, N. J
r97,000 100.75 -.
444
4436 Hohokus, N.5
r44,000
244 1937-1941
4105 Holdredge, Neb
2.91
1937-1970
374,000 100.77
4105 Indianapolis Sanitary Dist., Ind3
1937-1961
73.000 100.78 2.89
4271 Indianapolis Sanitary Dist., Ind_ _3
50,000
4438 Inkom S. D., Ida
25,000 100.33 144 1936-1940
1:31
4436 Ipswich, Mass
4
1938-1949
742,000 100
4.00
4271 Ironwood, Mich
1939 r185,000 100.054 2.99
3
4270 Jacksonville, Fla
1936-1945
4
26,000 105.59
2.88
3939 Jasper, Ind
41,000 100.86
244 1936-1945
2.09
4437 Jefferson Co., Kan.(2issues)
1936-1946
2.88
3,940 100.66
3
4105 Jefferson School Twp., Ind
1940-1952 71,200.000 96.40 4.41
4
3939 Jersey City, N. J
1936-1953 1,800,000 96.40
4
4.41
3939 Jersey City, N.5
1940-1955 '
4
r198,000 100.009 3.99
3939 Johnstown, Pa
444 1940-1955 r300,000 100.26
4.23
3939 Johnstown'S. D., Pa
10,000
4271 Joplin, Mo
2.60 1939-1954 r160,000 100.06 -- E5
.
2
3939 Kalamazoo City S. D., Mich
45,713 101.23
244 1936-1945
2.27
4437 Kansas City, Kan
244 1936-1945
66,203 100.40
2.17
4437 Kansas City, Kan
334 1950-1974
3.24
500.000 100.10
4105 Kansas City, Mo
1937-1949
3
250,000 100.10 2.985
4105 Kansas City, Mo
244 1937-1948
2.46
100,000 100.25
4105 Kansas City, MO
100,000 100.25
244 1937-1946
2.46
4105 Kansas City, Mo
_r8,000 102.68
4271 Kanawha Ind. Sch. Dist., Iowa
4
29,000
,
4271 Rempton Sch. DLst., III
350,000
4271 King County, Wash
1936-1945
3
50,000 100
4271 Kinsley, Kan
3:55
4271 Kittitas County Sch. Dist. No. 38,
430,000 100.31
434 1937-1957
Wash
434 1938-1950 r330,536
4271 Klamath Falls, Ore
1937-1944
3
38,500 100.65
2.88
4105 Kokomo, Ind
1936-1938
5
15,000 104.31
3.20
4271 La Grange County, Ind
1936-1954
38,000 100.81
3.92
3939 Lake County S. D. No. 7, Ore_ ___4
4437 Lake Missoula Cos. S. D. No. 28,
343
r100.000 100
Mont
3.50
344 1936-1938 1115,000
4437 Lamar, Colo
4
1936-1955
95,227 97.17
4:33
4105 Lambertville, N. J
434
30,000
4437 Lander, Wyo
444
45,000 100.96
4437 Lauderdale County, Ala
234
121,341
4437 Lawrence, Kan
45,000
4437 Lea Co. S. D.'s, N.Mex.(2 Lss.)
4106 Lee County Supervisors Dist. No.
r93,000
534 1936-1963
3, Miss
7,000
4272 Lima, Ohio
r73,000
..
4106 Lincoln Sch. Dist., Neb
7100.000
_4437 Linden, N. J
1936-1955
3,000 100
4.00
4106 Linn County S. 13. No. 103, Kan..4
1936-1950
444
360,000 101
4.34
4272 Livingston Township, N. .1
1936-1944
3
25,000 100.169 2.96
4106 Lockport N. Y
4
23,000
4272 Locttepole Sch. Dist., Neb
334 1936-1975 1,600,000 101.27 3.425
4437 Los Angeles, Calif
1949-1950 2,000,000 100
5
5.00
4438 Louisiana (State of)
1936-1940
2
150,000
4438 Lowell, Mass
334 1936-1955
r60,000 100.466 3:15
4438 Lyndon, Vt
40.000
4438 McCracken Co. Sch. Corp., Ky
25,000
4108 McCulloch County. Tex
1936-1955
2.91
55,000 100.56
4438 Madison Twp. Sch. Dist., Ohlo_3
r15,000
4272 Msdrid Ind. Sch. Dint., Iowa3
134 1936-1940
1.42
35,000 100.39
3941 Malden, Mass
1936-1955
2.07
150,000 104.40
4438 Manchester, Conn. (2 issues)._ 3
244 1936-1940
2.13
15,850 100.35
4272 Mansfield, Ohio
1.60 1936-1940 r135,000 100.03
1.59
4272 Marion County, Ind
4
5,400 100.28
4438 Martins Ferry, Ohio
134 1936-1945 2,000,000 100.749 1765
4106 Massachusetts mate of)
134 1936-1940 1,000,000 100.749 1.59
4106 Massachusetts (State Of)
2
1.88
1936-1945
100,000 100.61
4438 Medford, Maas
Page
4102
3935
4267
4102
4434
4434
4268
4434
4434
4102
3936
4102
4434
4102
Volume 141
Financial Chronicle
Page
4272
4272
4272
4106
4107
4107
4107
4273
4438
4107
4107
4107
4438
4273
4107
4439
3942
4438
4439
4439
4273
4273
4273
3942
4439
4439
4439
Name
Rate MaturUy
Amount
Price
Basis
Medford, Ore
106,282 100.22
334 1937-1946
3.46
Medford, Ore
334 1937-1946
18,000 100.184 3.47
Medford, Ore
33( 1937-1946
15,429 100.23
3.33
Memphis, Tenn
334 1938-1962
250,000 100.91
3.14
Memphis, Tenn
334 1938-1962
209.000 100.91
3.14
Memphis. Tenn
334 1938-1965
125,000 100.91
3.14
Memphis, Tenn
334 1938-1942
r64,000 100.91
3.14
Mequon, Wts
234 1936-1945
40,000 100.01 2.497
Merchantville, N. J
4
1937-1945
28,000 102.18
3.60
Miami County. Intl
3
1936-1946
50,000 100.45
2.92
Midland Sch. Dist., Pa
3
30,000 101.15
Millburn Twp., N. J
3
1937-1944
19,500 100.81
Milwaukee, Wis
4
1937-1955
500,000 101.40
Mitchell, S. flak
r125,000 100.12
334
3:63
Montclair, N. J. (6 issues)
1936-1974
3
380,000 101.32
2.81
Montgomery County. Md
334 1939-1953 r578,000 100
3.75
Mountain Iron Minn
4
70,000 100.15
_Monroe Co. Sup. Rd. Dist., M1ss_434-51938-1960 r193,000
Mound City, Mo
r12,800
Muskegon Heights S. D., Mich__ .5
1939-1954
r48,000 100.52
4:iii
Nassau County. N. Y
3
1945-1953 r1,500,000 100.04 3.049
Nassau County, N. Y
3.40 1941-1945
500,000 100.04 3.049
Nassau County, N. Y
1940-1964
3
250,000 100.04 3.049
Nebraska city, Neb
334
150,000
--Nebraska cur. Neb
234 1936-1940
r75,000
New Brunswick, N. J
1936-1945 100,000 100.25
3
2:63
Newstead dc Royalton S. D. No.
10, N. Y
1936-1947
5
3,500 100
5.00
4440 North Carolina (State of)
334 1938-1941 1,065,000 100
2.72
4440 North Carolina (State of)
2.34 1941-1945 2,239,000 100
2.72
4108 North Hempstead Un. Free S. D.
No. 1, N. Y
334 1946-1955
140,000 100.44
3.20
4108 Norwood Sch. Dist.. Pa
20,000
334
4274 Oak Bluffs, Mass
60,000 101.06
234 1936-1955
2:51
3942 Oak Harbor School Dist., Wash 5
6,000
4108 Ogdensburg, N. Y
2 10 1936-1944
80,000 100.207 2.05
4440 Orchard Park S. D., No. 1, N. Y_3.10 1936-1959
69,000 100.33
3.03
4274 Osceola County. Iowa
1937-1943 d210,000 100.3219 1.92
2
4440 Oskaloosa. Iowa
5
6,061 100.83
3943 Ottawa County, Ohio
3
10 yrs.
16,300 100.36
4274 Ottumwa, Iowa
1950
65,000 100.11
334
3.49
4440 Paris N Y
3.40 1937-1961
47,000 100.33
3.37
4440 Paris Ind, Sch. Dist., Tex
4.34 1936-1959 r275,000
4440 Parsippany-Troy Hills Twp., N.J.
318,000
3943 Paterson, N. J
334 1936-1975 1,382,000 100.44
3.47
4275 Peabody, mass
75,000 100.18 2.215
234 1936-1945
4108 Perry Township, Ind
1936-1938
6
2,000 100.25
4441 Plainview Sch. Dist., Neb
4
5-15 yrs.
d45.000
98.71
4441 Polk Co. Sch. Dist. No. 2, Ore
45,000 100.10 -334 1936-1955
3
.24
4275 Pomeroy. Ohio
1939-1943
r23,500 100.54
6
5.90
4109 Port of N. Y. Authority, N. Y._ _3
1941 2,500,000
4441 Portland, Me
1945
100,000 100.14
134
1.73
4441 Potsdam Sob. Dist. No,8, N. Y 3.30 1937-1956
40,000 100.05
3.29
4109 Putnam Valley, Phillipstovn), Ac.
Central Bch. Dist. No. 1, N. Y.4
1944-1949
100,000 103.30
3.80
4275 Quincy, Mass
1936-1945
2
50,000 100.15
1.97
4275 Reading, Mass.(2 issues)
134 1936-1945
53,000 100.87
1.58
4275 Richland County, Ohio (2 issues).1 H 1935-1938
153,250 100.182 1.64
4275 Robertson County, Tex.(2 issues).4.34 1936-1955 r130,000
4109 Roodhouse, III
1936
6
3,500 102
3.92
4110 Round House. Va
r24,000
_
4442 Sabula Ind. Sch. Dist., Iowa _____ _ 1937-1951
r7,500
4442 Salem, Mass
75,000 100.19
iK 1936-1940
1.19
4110 Salem, N.J344 1936-1940
9,000 100.14
3.70
4276 Salem, Ore
334 1936-1945 dr173,000 100.37
3.12
4442 Salem, Ore
1940-1952
4
432,000 100.03
3.23
4442 Salem, Ore
1953-1965
3
668,000 100.03 3.23
4442 Land Lake dc Poestenkill School
District 1. N. Y
40,000 100.31
334 1937-1946
3.21
4442 Sargeant, Minn44 1936-1955
i
5,500 100
4.25
4110 Schenectady County. N. Y
2 40 1945-1954
400,000 100.335 2.36
4442 Seneca Falls S. D. No. 1, N. Y_ _1.90 1936-1938
12,000 100.02
1.89
4442 Sbarpsville, Pa
1950
r15,000 104.31
'4
4110 Shawnee, Okla
200 000
Shawnee
4276 Shawn County, Kan
85,000 100.028 ---2K
-_-..-_-_
3944 Sheridan Co. S. D. No. 19, Kan_ _5
1935-1952
715,000
4442 Shoshone Co. S. D. No. 8Ida___2.86 1939-1943 r105,000
,
100.38
2.78
4110 Smith County, Tex
r48,000 100.09
334
4276 Solomon. Kan
23,000
4110 South Orange, N. J
3
1944-1948
r72,000 101.10
Yii
3944 Spencer, W. Va
4
10,000
4276 Spencer County, Ind
4
1936-1945
35,000 104.928 3.073
4276 Steeleville S. D. No. 19, ill
434 1940-1947
17,000 100
4.50
4276 Suffern N Y334 1940-1947
8,000 100
3.50
4442 Suffolk County, N.Y.(3 issues)_ _2H 1936-1955
615,000 100.298 2.21
4111 Summit, S. flak
1937-1944
5
r4,000 101.50
4.69
4111 Swissvale Salt. Dist., Pa
2
1936-1940
70,000 100.26
1.90
4277 Taunton, Mans
234 1939-1945
95,000 100.169 2.22
4443 Thomaston, Conn
2
1936-1941
30,000
1.39
4111 Ticonderoga, N.Y7,500 102.09
434 1936-1942
,
4443 Tiverton, R. I
214 1936-1945
40,000 100.55
2.14
4443 Toccoa, Ga
39,000 112.48
434 1937-1960
3.10
4443 Toledo, Ohio
5
1937-1944 2,450,000 100.07
4.98
4277 Toledo City Sch, Dist., Ohio
1936-1940
4
92,000 100
4.00
4111 Trinidad, Colo
r1,000,000
3945 Tuscaloosa County, Ala
4
1946-1965
r25,000
97.55
4.17
4277 Udall, Kan
334 1936-1945
7.000 100.71
3.12
4277 Vermilion, Ohio
3H 1936-1941
25,000 100.23
3.44
4277 Vermilion, Ohio
334 1938-1940
23,460 100.27
3.67
4443 Vincennes, Ind
334
1,275,000
4443 Vinita, Okla
36,000
4277 Wakefield Sob. Dist., Neb
434
5-15 yrs.
r66,000 100.05
4443 Waltham, Mass
1938-1945
2
140,000 100.68
1.86
4443 Wapello County. Iowa
334 1945-1947
77,000 100.00133.748
4443 Watertown, N. Y
134 1936-1945
300,000 100.14
1.72
4111 West Virginia (State of)
1.40 1938-1939 r2,240,000 100.0148 1.38
4278 White Plains, N.Y
334 1936-1945
50,000 100.18
3.21
4444 Wichita,Kan7,1
2g 1936-194473 100.81 2.08
4444 Wichita, Kan
234 1936-1944
22,740 101.01
2.02
4444 Wichita, Kan
2H 1936-1944
103,227 102.21
2.03
4444 Willistown Twp., Pa
10,000
334 1936-1945
4112 Wilmot, S. flak
434 1941-1945
10,000 100
4.75
4444 Winston-Salem, N. C
4
42,000 102.51
4444 Wintered, Iowa
23
4 1943-1948 dr25,000 100.284 Iiii
4444 Worcester, Mass.(5
134 1936-1955
301,000 100.79
issues)
1.61
4444 Yates S. D. No. 3, N. Y
3.70 1935-1951
20,000 100.89
3.58
4444 Yonkers, N. Y
3.90 1943-1945
290,000 100.06
3.74
4444 Yonkers N.Y
3H 1936-1955
200,000 100.06
3.74
4444 Yonkers, N.Y.(2 issues)
4
1936-1941
130,000 100.06
3.74
Total bond sales for June (246 municipalities covering
277 separate issues)
,:. 64,000,000
d Subject to call in and during the earlier years
to mature in the later year.
k Not including 5000,000,000 temporary loans orand
funds obtained by
municipalities from agencies of the k ederal Government. r Refunding States and
bonds.
We have also learned of the following additional sales for
previous months:
Page
Name
Rate
3933 Arizona,State of(2issues)
3
4432 Bee Co. R.D.No. 1,Tex
454
3934 Bellville S. D., Ohio
33,4'
4102 Shurdan. Iowa
334
3936 Coldbrook, Ill
334
3938 Grant Co., Ind
2
4270 Hale County, Tex
5
3939 Jefferson County, Pa
4
3731 Joliet School 01st., Ill
4
4438 Maysville, Okla
5
3942 Ottawa Ind. S. D., Iowa
234
4276 Smith County. Tex
334
3944 Shorewood Sch. Dist. No.4, Wls 3
3945 Wauseon, Ohio
4
4277 West Carrollton Ex. Sob. Dist.,0_4
3946 Yamhill, Ore
4
Maturity
1936-1960
1936-1949
1940-1944
1937-1946
1936-1945
1939-1959
1943
1953-1954
1940-1946
1936-1948
1936-1950
1937-1946
1936-1946
1936-1945
Amount
r950,000
216,000
28,000
r5,000
40,000
70,000
60,000
r40,000
(65,000
7,000
r83.000
r67,000
45,000
5,000
40,000
25,000
Price Basis
101.11
2.89
100.53
100
-3
.25
100
3.50
102.08
3.16
100.07
1.08
104.53 4.52
107.69
2.90
103.50
3.74
100
5.00
100.30
100.15 3,755
100.60
100
100.08
3.90
4.00
3.98
141
All of the above sales (except as indicated) are for May.
These additional issues will make the total sales (not including temporary or RFC loans) for that month $78,274,868.
The following item included in our total for the month of
May should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
this elimination may be found.
Page
Name
3935 Buffalo County, Wig
Rate Maturity
Amount
Price Basis
167,000
CANADIAN MUNICIPAL FINANCING IN JUNE
Page
Name
Rate Maturity
Amount
Price
Basis
4444 Canada(Dom.of)temporary loan.1.555
15,000,000
3946 Drummondville, Quo
434 1-20 years
33,500 101.16
4.37
4278 Ontario (province of)
234-3 1937-1940 20,000,000
3946 Sherbrooke, Cue
334
20 years
80.000
96.57 155
3946 Toronto, Ont
234 1936-1940 2,275,000 100.92
2.18
3946 Toronto, Out
235
1940
625,000 100.17
2.46
4112 Truro, N.5
334
20 years
20,000
3.48
Total of Canadian bonds sold during June_ _ __ 500,000,000 100.27
Note-Additional May sale: $33,000 Summerside, P. E. I.
-V. 140, p. 3946.
NEWS ITEMS
Alabama-Court Rules Municipalities Cannot Exceed Debt
Limit in Issuing Revenue Bondsfor PW,A Projects
-A decision
handed down by the State Supreme Court on June 27 held
that revenue bonds cannot be validly issued by a municipality that has already reached its constitutional debt limit,
even though the bonds are to be issued to secure the loan
portions of Public Works Administration allotments, because
they still represent general obligations against the credit of
such municipalities. We quote in part as follows from the
report on this decision given in the Montgomery "Advertiser" of June 28:
A decision rendered yesterday by the Alabama Supreme Court
dashed the
hopes of Opp and half a dozen other towns and cities in the
State
able to construct water works,sewage disposal systems and similar of being
municipal
projects with funds borrowed from the Public Works
Administration in
Washington under the enabling Act of 1933 authorizing the
securing of such
loans by the issuing ofrevenue bonds to be retired from the earnings
of such
projects.
The decision, handed down by a divided Court,rules that such bonds
are a
general obligation against the credit of the municipality and
cannot be
validly issued by a municipality that has already reached its constitutional
debt limit. This was the holding of a majority of the Court,
composed
Chief Justice John C. Anderson and Associate Justices Virgil Bouldin, of
Joel
B. Brown and A. B. Foster.
Justices Lucien D. Gardner and William H. Thomas dissented, Justice
Gardner writing a dissenting opinion holding to the view, concurred
Justice Thomas, that the bonds provided for do not clash with any in by
tutional provision and that the revenues for their retirement are constireturns
from a purely corporate undertaking owned and managed by the municipality engaged in a purely business enterprise for the benefit of the
people
who live within its boundaries. Justice Thomas E. Knight, who has
just
recovered from a surgical operation, did not sit with the other Justices
in
the case. It is understood that an application for rehearing will
be filed
without delay.
Action of the Supreme Court yesterday, which•upholds the judgment
the Covington Circuit Court from which an appeal was taken, was in of
case of the Town of Opp vs. M. E. Donaldson. In accordance with the
the
provisions of the 1933 enabhng Act,the Town Council adopted an
ordinance
calling for issuance of $111,000 of revenue bonds to secure a loan
amount from the PWA to construct a sewage system and install in that
certain
needed water works improvements. Interest and principal of
was to be paid from revenue derived from the operation of the these bonds
water works
and sewage systems, the town not to be otherwise liable. Mr.
thereafter brought proceedings to enjoin issuance of the bonds Donaldson
and decision
in the Circuit Court was in his favor.
On appeal a majority of the Supreme Court held yesterday that a plan
such as that attempted by the town created a debt; that the obligation
created was a general one against the town's credit, and WAS
violative of
the constitution because the town had already reached its constitutional
debt limit.
Arkansas
-2% Sales Tax Effective-The State Supreme
Court on July 1 denied a petition for rehearing of its decision
upholding the constitutionality of the State sales tax, according to press advices from Little Rock on the 1st. The
action removed the last obstacle to collection of the 2%
levy, which went into effect immediately.
Connecticut,
-Additions to List of Legal Investments
-The
following list of additions to the securities considered eligible
for investment by savings banks was made public on July 2
by the State Bank Commissioner:
Additions
Cranston, R. I.
Gary, Ind.
Blidgeport Hydraulic Co. first mortgage 35 8, 1970.
4
New Haven Water Co. first and refunding 4s, 1957.
Central Hudson Gas & Electric Corp. first and refunding 3348.
San Diego Consolidated Gas & Electric Co. first mortgage 4s, 1965.
1965.
Florida-Gross Receipts Tax Law Held Unconstitutional
Circuit Judge J. B.Johnson on June 28 held unconstitutional
the graduated occupational license and gross receipts tax
law passed by the 1935 Florida Legislature to raise $4,000,000
for public schools, according to an Associated Press dispatch
from Tallahassee on the 28th.
Illinois-Governor Signs Old Age Pension Bill-.-Governor
Henry Horner on June 29 gave his approval to old age
pension legislation passed by the General Assembly on
June 12-V. 140, p. 4099. The measure is designed to
make persons 65 years old or more eligible to receive a
pension of $1 a day, according to press dispatches.
Illinois-Utility Companies Seeking Ruling on 3% Sales
Tax-The Illinois Commerce Commission is expected to rule
shortly on whether utility companies operating in the State
may pass on to consumers the 3% sales tax passed by the
Legislature and up for approval by Governor Homer, it is
reported in Chicago dispatches. The utility companies are
said to be prepared to wage a strong fight to obtain permission to pass on the tax to the consumer just as is done
in all other retail lines of business.
New York City-Validity of Utility Tax Again Attacked
The city's tax of 134% on the gross income of public utility
Financial Chronicle
142
corporations under its 1934 law, which in March was upheld
by the Appellate Division of the Supreme Court, was attacked on new grounds June 27 by the New York Telephone
Co. in a complaint served on Comptroller Prank J. Taylor
in an action by the company to recover $1,533,781 in taxes
paid to the city under protest. The previous test of the
validity of the emergency tax was brought by the New York
Stearn Corp., subsidiary of the Consolidated Gas Co., which
attacked the constitutionality of the Municipal Law of 1933
originally imposing the tax and of the Buckley Act, passed
the State Legislature in 1933 to permit the city to impose
the tax. The tax was upheld by the Supreme Court and by
the Appellate Division. The steam company, however, appealed the decision further and a ruling is expected on July
11 from the Court of Appeals.
Ohio
-Local Government Units Can Refund Outside Tax
Limit
-Under the provisions of a recent decision by the
State Supreme Court, existing bonds may be refunded
by an Ohio political subdivision without consideration of
-mill tax limitation, providing the bonds to be rethe 10
funded were issued prior to adoption of the constitutional
-mill limitation, according to Columbus advices.
10
The decision is said to have been handed down in an application of the State Industrial Commission for a writ of
mandamus to compel Mayor John L. Steel of Wellston to
sign legislation for the refunding and sale of bonds. It is
reported that Mayor Steel had refused to sign the bonds
upon the grounds that the securities could not be issued
without exceeding the said limitation. The Industrial
Commission is understood to have held part of the bonds
issued by the City of Wellston in 1923 and 1924, which were
to be refunded by the legislation adopted by the City Council.
Pennsylvania-Governor Signs Six Tax Program Bills An Associated Press dispatch from Harrisburg on June 26
reported as follows on Governor Earle's approval of six bills
passed at the recent legislative session, designed to yield
over $100,000,000 in new revenue:
Six bills in a tax program modeled to yield $125.000,000 have been
signed by Governor Earle and are sending money into the State Treasury.
The others go into effect in July.
The Acts already effective and the amounts they are designed to produce:
Repeal of manufacturers' capital stock tax exemption, $33,000,000.
Six mill increase in the utilities tax. $4,500,000.
Six per cent net corporation income tax, $26,000,000.
Documentary stamp tax, $3,500,000.
Equalization of tax on foreign corporations, $3,000.000.
Escheat tax, $1,000.000.
These bills, with the a nounts they are intended to yield, become effective
in July:
One cent increase In the gasoline tax, 822.000,000. July 1.
Tax of two cents a pack on cigarets. $10,000,000, July 14.
Amusement tax, $6,000,000, July 22.
One mill increase in the personal property tax, $16,000,000, July 22.
Tennessee-Special Session Scheduled for July 15
Governor Hill McAllister has issued a call for the Legislature
to convene in special session on July 15 for the consideration
of the general appropriation bill and revenue measures
necessary to take care of the appropriations, according to
Nashville press dispatches. It is reported that the Governor
shortly expects to have a complete report by the auditor's
of the State's fiscal status, upon which he will base his
recommendations for enactment of legislation.
OFFERINGS WANTED
Arkanas-IllInelss-MIssourl-Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. & CO.
ESTABLISHED 1877
Investment Securities
Fourth and 011ve Streets
ST.LOUIS
BOND PROPOSALS AND NEGOTIATIONS
-In connection with the
-BOND SALE DETAILS
ABERNATHY,Tex.
these columns recently
sale of the 320,000 water revenue bonds, reported in
stated by the Mayor that the bonds were sold to
-it is
-V. 140, p. 4432
and mature from 1938
the1Public Works Administration, as 48, at par,
to 1959.
-An election Is said to have been
-BOND ELECTION
ADA, Okla.
in not to exceed
scheduled for July 16 to vote on the issuance of $38,500
% water system bonds.
-BOND ELECTION PROPOSED
AKRON SCHOOL DISTRICT, Ohio
asking the State Tax
-The Board of Education has adopted a resolutionto vote on $2,900,000
Commission for authority to call a special election
and remodeling.
bonds for school building
-A petition Is said to
ALBION, Neb.-BOND ELECTION PROPOSED
that an election be held
have been presented to the City Council requesting purchase bonds.
issuance of $15,000 in convention hall
to vote.on the
Neb.ALEXANDRIA SCHOOL DISTRICT (P. 0. Alexandria), a vote
-An election is reported to be scheduled for
BOND ELECTION
issuance of $5,000 in school building bonds.
on the
-BOND SALE
AMANA SCHOOL TOWNSHIP(P.O. Amana) Iowa
1
offered for sale on July 2-V. 140, 1:.
The $16,500 school building bondspurchased at a price of 100.87. Due
-are reported to have been
4432
serially from 1936 to 1950 incl.
-In connection with the sale which
-MATURITY
ANNISTON, Ala.
semi-annual water revenue bonds
took place on April 17 of the 3834,000 5%
of Chicago. at a price of 100.1079-V. 140. p. 3419
to C. W. McNear & Co. Clerk that the bonds mature as follows: $14,000
-it is stated by the City
$16,000, 1940; $17,000. 1941; $18,000, 1942: 819,000
1938; $15,000, 1939; $21,000, 1945: 322,000, 1946 and 1947: $24,000, 1948
1943; $20,000, 1944:
829.000, 1952; 331,000, 1953
$25,000, 1949: $27.000. 1950; 328.000. 1951; 1956 to 1967, giving a basis
332.000, 1954: $34,000. 1955. and $35.000.
of about 4.92%.
-The $75,000 municipal relief bonds
-BOND SALE
ANSONIA, Conn.
awarded to Putnam & Co. of
p. 4266
offered on July 2-V. 140, 100.87, -wereof about 1.88%. Dated July 15
a basis
Hartford as 2s, at a price of 15 from 1936 to 1950 incl.
due $5,000 on July
1935 and
-The voters will be asked to pass
-BOND ELECTION
ANTON, Tex.
312,000 community building bonds at an election
on the question of issuing
held on July 30.
to be
July
6 1935
-W.K.Reinhold, Mayor,
ARAPAHOE,Neb.-BONDS AUTHORIZED
recently announced the authorization by the City Council of the issuance
of $18,000 refunding 3A % bonds. Dated May 1 1935. Due May 1
1945 and to be optional after one year from date of issuance. Prin. and
int.(M.& N.) payable at the County Treasurer's office, Beaver City. Neb.
-Two blocks of bonds,one amounting
ASHLAND,Kan -BOND CALL
to $23,000, consisting of 5% water bonds dated Jan. 1 1910, and the other
amounting to $16,500 comprised of 5.% water bonds dated July 1 1927.
are being called for retirement as of July 1.
-The Village
ASHTON, Neb.-REFUNDING BONDS AUTHORIZED
Trustees have decided to issue $8,500 refunding bonds.
-At the election held on
-BONDS VOTED
BARNESVILLE, Minn.
-the voters approved the issuance of the $15,000
June 20-V. 140, p. 3934
bonds by a count of 128 to 48. Interest rate
In school building remodeling
to be from 3% to 4%. Due from 1941 to 1951.
BARRY TOWNSHIP RURAL AGRICULTRUAL SCHOOL DIS-On July 2 the voters
-BOND ELECTION
TRICT (P.0. Dolton), Mich.
of the district will be asked to pass on the question of issuing $40,000
school building bonds.
-BOND OFFERING-William P. Lee, City Clerk,
BAYONNE, N. J.
will receive sealed bids until 11 a. m.(Daylight Saving Time) on July 16
for the purchase of $298.000 not to exceed 4%% interest bonds, including
$193,000 park and $105,000 water obligations. The bonds, to be sold as
one issue, will be dated Aug. 1 1935. Denom. $1,000. Due Aug. 1 as
follows: $12,000 froin 1936 to 1940 incl.; 313,000, 1941 to 1946 incl.;$15,000
from 1947 to 1956 incl. and $10,000 in 1957. A certified check for 2% is
required. Legality to be approved by Hawkins, Delaffeld & Longfellow
of N. Y. City.
-At an election held on June 24
-BONDS VOTED
BEAR LAKE, Mich.
the residents of Bear Lake gave their approval to a proposal that the village
Issue $5,000 general obligations, which together with $12,000 revenue bonds
and a Federal grant, would be used for the construction of a water works
plant.
-The Issue of 550.0003% bonds recently
-BOND SALE
BEAVER, Pa.
authorized by the Town Council, as reported in V. 140. p. 4266, has been
sold to Van Alstyne, Noel & Co. of Philadelphia. Approval by the Department of Internal Revenue is being awaited before delivery will be made.
Interest payable June & Dec.
-BOND SALE
BEDFORD COUNTY (F.. o. Shelbyville), Tenn.
1
A $51,000 issue of highway refunding bonds was offered for sale on July&
jointly to Gray, Shillinglaw dr Co.and J. W. Jakes
and was awarded
Co., both of Nashville. as 3Xs, paying a premium Of $770.90, equal to
101.51. a basis of about 3.12%. Due on July 1 1949.
-The City Council
-VOTES RENEWAL OF LOAN
BERLIN, N. H.
passed a resolution to borrow 3300,000 until Nov. 1 1935. This is a renewal
guaranteed by city and State, which is due July 1.
of a Brown Co. loan,
A four-month extension is sought.
-The $6,847.59 issue of 5% city
-BOND SALE
BETTENDORF, Iowa
-was purimprovement bonds offered for sale on July 1-V. 140, p. 4266
chased at par by the Central Engineering Co. of Davenport, according to
Due from 1939 to 1942. No other bid was received.
the City Clerk.
-On
-BOND SALE
BLOOMINGTON SCHOOL DISTRICT, Ill.
June 27 an issue of $50,000 school construction bonds was awarded to the
Harris Trust & Savings Bank of Chicago for a premium of $4,791, equal
to 109.582.
-A $50,000 issue of tax anticipation notes
-NOTE SALE
BOISE, Ida.
is reported to have been purchased on July 1 by the First Security Bank of
Boise, at .75%. Dated July 1 1935. Due on Feb. 1 1936.
-BONDS DEFEATED
BRADLEY COUNTY(P.O. Cleveland), Tenn.
the
-By a vote of 196 "for" to 351 "against"hightaxpayers on June 28 defeated
school bonds.
the county issue $40,000
a proposal that
BRIDGEWATER TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING-George Lamberson, Clerk of the
Montpelier), Ohio
for the purchase
Board of Education, will receive bids until 8 p. m. July 19bonds. Denomiat not less than par of 35,497.43 4% floating debt funding
$547.43 and nine for $550. Interest payable Jan. 15 and
nations one for
July 15. Due $550 each six months from July 15 1936 to July 15 1940, and
3547.43 Jan. 15 1941. Certified check for 1% of amount of bonds bid for,
required.
-BONDS
BRINKMAN SCHOOL DISTRICT(P.O. Brinkman),Okla.
NOT SOLD-It is reported by the District Clerk that the 810,000 school
-were not sold. Due
offered on June 18-V. 140. p. 4267
building bonds
$1,000 from 1940 to 1949 Ind.
-BOND
BRISBANE ELEMENTARY SCHOOL DISTRICT, Calif.
-Residents of Brisbane Elementary School District will vote
ELECTION
in the amount of
on July 30, on a proposal to issue bondsframe and stucco$25,000 proceeds
grammer school
to finance construction of a one-story
to contain four classrooms in Brisbane.
-At a recent election a proposal
-BONDS VOTED
BRUCETON,Tenn.
to issue $25,000 street bonds was approved by the voters.
-At an election held recently the
BUCHANAN, Va.-BONDS VOTED
voters are said to have approved the issuance of 355,000 in water works
bonds. (An allotment of $66,000 has been approved by the PWA.)
-The Board of
-BOND ELECTION PLANNED
BURLINGTON, N. C.
Aldermen has passed a resolution ordering the holding of a special election
to vote on the issuance of $25,000 warehouse bonds.
-BONDS OFFERED FOR INVESTMENT
BURLINGTON, N. J.
Dougherty, Corkran & Co. of Philadelphia and the First National Co. of
Trenton, jointly, are offering a new issue of $111,000 3l % funding bonds.
due serially from 1938 to 1959, incl., at prices to yield from 3% to 3.65%.
according to maturity. The bangers purchased the issue at 100.14, a
basis of about 3.74%, as stated in V. 140. D. 4433,
-On
BURLINGTON, N. C.-130ND ISSUANCE AUTHORIZED
June 27 the Local Government Commission authorized the city to issue
-V. 140, p. 4433
in these columns recently
the $25,000 bonds mentionedof a Public Works Admtnisaation projectin
that are to be used as part
the construction of a community sales tobacco warehouse.
ISSUANCE PROPOSED
-A resolution is
CAMPBELL, Neb.-BOND
Board of Trustees calling for a $7500
said to be under consideration by the
bonds, to care for outstanding 5% electric light
issue of 4% refunding
bonds dated July 1 1920, due on July 1 1940, and optional in five years.
The new bonds are to be dated July 1 1935.
-An issue of $206,000 5.7 bonds was
°
-BOND SALE
CAMPBELL, Ohio
awarded on June 14 to the Provident Savings & Trust Co. of Cincinnati.
-On
-BONDS PASSED. ON FIRST READING
CAPE MAY, N. J.
first reading an ordinance authorizing
June 26 the City Council passed on bonds.
the issuance of $1,400,000 refunding
DISTRICT NO.1 (P. 0. Red Lodge),
CARBON COUNTY SCHOOL of $58,000 43i% refunding bonds has
-An issue
-BOND SALE
Mont.
Co.. and Sidle, Simons, Day & Co.,
been sold to Brown. Schlessman1&
1935.
both of Denver. Dated Aug.
CARLSBAD MUNICIPAL SCHOOL DISTRICT (P. 0. Carlsbad),
-The $50,000 issue of school bonds offered for
.-BOND SALE
N.
-was purchased by the State Treasurer.
on
saleMexJune 29-V. 140, p. 4267
Due serially to July 1 1955.
as 4s, at par. Dated July 1 1935.
-BOND OFFERING
0. Panhandle), Tex.
CARSON COUNTY (P.
recently announced that sealed bids would
J. C. Jackson, County Judge,
for $40,000 5% road improvement bonds. Dated
be received on July 15
semi-annually. April 1 and Oct. I. Prin.
April 1 1930. Interest payable
1955 to 1957 incl., $12,000 in 1958 to
payable $5,000 in 1954. $10,000 in
1960.
1959 incl., and $13,000 in
AUTHORIZED-The Borough Council
-BONDS
CARTERET, N. J.
% refunding bonds, to
of 3375,000
on July 2 authorized the issuance
ine.l.
mature serially from 1937 to 1962
-The Pennsylvania De-BONDS APPROVED
CASSANDRA, Pa.
June.,25 approved an issue of $2,000 water
partment of Internal Affairs on
main bonds.
Volume 141
Financial Chronicle
CHARLES CITY, Iowa
-BOND ELECTION
-It is reported that an
election will be held on July 16 in order to vote on the issuance of $66,000
in hospital bonds. An application is said to have been filed for a Public
Works Administration grant of $54,000 on this project, which is estimated
to cost $120,000. (A tentative report on this election appeared in these
columns recently
-V. 140, P. 3935.)
CHARLOTTE, N. C.
-BOND OFFERING
-L.L.Ledbetter. City Clerk,
informs us that bids will be received until 10 a. m. July 9 by the Local
Government Commission at Raleigh for the purchase of $25,000 coupon
motor equipment bonds, to bear interest at a rate not to exceed
pressed in a multiple of 3%. Denom. $1,000. Dated July 6%. ex1 1935.
Prin. and semi-ann. int. (J. & J. 1) payable at the Guaranty Trust Co.,
New York. Due $8,000 on July 1 in 1936 and 1937, and $9,000 on July 1
1938. Certified check for $500. payable to the Treasurer of the State.
of.North Carolina. Legal opinion by Masslich & Mitchell, New York.
The city sinking fund will submit a bid for the bonds.
CHATHAM, N. J.
-BOND SALE
-The issue of $200,000 funding bonds
offered on July 1-V. 140, p. 4267
-was awarded to Dougherty, Corkran
& Co. of Philadelphia and Leigh Chandler & Co., Inc., of New York City.
jointly, as 2 hs, at par plus a premium of $14 for all of the bonds offered,
equal to 100.007, a basis of about 2.74%. Dated July 1 1935 and due
July 1 as follows: $5,000 from 1936 to 1940 incl. and $7,000 from 1941 to
1965 incl. Among the other bids submitted were the following:
Bonds Interest
Amount
BidderBid for Rate
Bid
Ganor & Co
200 3%
$200,800.00
B. J. Van In en & Co
199 3h%
200,176.09
Morse Bros. & Co.. Inc
200 3%
200.853.80
J. B. Carroll & Co.and Butcher & Sherrerd--- 199 3M %
200,199.00
C. C. Collings & Co., Stroud & Co.and Suplee,
Yeatman & Co
200.843.45
198 3M %
Edward B.Smith & Co.and H.L. Allem & Co. 197 3 %
200,165.79
MacBride, Miller & Co. and Colyer, Robinson
& Co
200 3%
200,439.60
Granberry, Safford & Co
200 3%
200.198.00
Public re-offering is being made by the bankers at prices to yield from
1 to 2.75%, according to maturity.
CHATTANOOGA, Tenn.
-Marking the first step in
-BOND SALE
carrying out the city's 13,500.000 refinancing program, the Hamilton
National Bank and Gray, Shillinglaw Co. on June 27 purchased $494.500
of City of Chattanooga refunding bonds, F. L. Underwood. Hamilton
National Vice-President and Trust Officer, has announced.
The refunding bonds will be exchanged for bonds of the city which
mature on July 1. The new issue calls for an interest rate of 4)1_%, which
will mean a saving to the city of $3,721.25 annually, or nearly $56,000 over
the 15
-year period.
CHATTANOOGA, Tenn.
-At a meeting of the
-BOND ELECTION
City Council on June 27 a special election was called for Aug. 8, to vote on
the issuance of $1,579,200 in bonds for 14 Public Works Administration
projects. These projects include $300,000 as the city's share of a new citycounty charity hospital; 1100,000 for a memorial library and playgrounds,
and $140,000 for a new fire alarm
system.'
CHICAGO SANITARY DISTRICT (P. 0. Chicago), III.
-NO ACTION ON REFUNDING PLAN-Consideration of the plan for refunding
the bonded debt of the district has been delayed to permit participation in
the preparations and drafting of provisions by representatives of the Public
Works Administration and the Reconstruction Finance Corporation, according to report. These agencies are vitally interested In the projected
financing program inasmuch as they hold about $41.000,000 of district
bonds in their portfolios. In connection with the refunding matter, it is
pointed out that as of July 1
district will be in default
bond principal and also have the accrual in unpaid intereston $15,738,390
of $1,682,507.
an
Settlement of the latter item will be one of the chief difficulties of municipal
officials as refunding is prevented owing to a technicality in the law, under
which such action would be
violation of the Constitutional
debt incurring powers of the construed as a
district.
CHICAGO WEST PARK DISTRICT (P. 0. Chicago), 111.
-PAYMENT OF HALF
-YEAR INTEREST EXPECTED--Payment of merest
covering the first six months of 1935 on all of the $14.273,000 of bonds
which were outstanding on Dec. 31 1934 is expected to be made shortly,
according to report. Commissioners of the Chicago Consolidated Park
District, which is now supervising the West Park Unit, have decided to
make the payment, it is said. The distribution contemplated will be made
to all holders of bonds, including those in default.
CHICOPEE, Mass.
-BOND SALE
-The issue of $75.000 coupon municipal relief bonds offered on July 3
-was awarded to Blyth & Co. of Boston
as 23s, at a price of 100.761, a basis of about 2.10%. Dated July 11935.
Due yearly on July 1 as follows: 18,000, 1936 to 1940 incl.; and
$7.000.
1941 to 1945 incl. The next best bid was submitted by Saxon, Gade & Co.
of Boston, who offered 100,373 for
2,14.
CHIPLEY SCHOOL DISTRICT (P.O. Chipley) Ga.-BOND ELECTION
-It is reported that an election will be held on July 30 to vote on the
issuance of $6,000 in school bonds.
CLACKAMAS COUNTY SCHOOL DISTRICT NO.64(P.O. Clackamas), Ore.
-BONDS DEFEATED
-It
District Clerk
that at an election held on June 17-V.is reported by the voters
140. p. 3936
rejected
the proposal to issue $19,000 in school construction -the
bonds.
CLAY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 60
(P. 0. Barnesville), Minn.
June 27 voted by 128 to 48 -BONDS VOTED-Residents of District on
in favor of the issuance of 115,000 4% school
bonds, to mature yearly on July 1 from 1941 to 1955, incl. It is expected
that the loan will be made from the State of Minnesota.
CLAY COUNTY (P.
The issuance of $80.000 in 0. Clay Center), Kans.-BONDS VOTED
bonds for
construction of a bridge across the
Republican River has been voted. the
CLEVELAND, Ohio-48.000,000 BUDGET DEFICIT ANTICIPATED
-The city's operating deficit will be at least $8,000,000 for 1936, according
to figures submitted to the City Council by Finance Director Louis0.West.
.
We quote the Cleveland "Plain Dealer" of June 30:
"The anticipated revenue for municipal services next year is only $4,350,000, while the operating budget for this year is $12,849,000. Last year the
city's budget was the smallest since 1922-$12,678,000.
"West asserted that the 1936 budget must provide for expenditures
greatly in excess of this year's figure because, among other factors, a recent
Ohio Supreme Court decision held that the city's operating fund must pay
for sewage disposal, a cost that has always been met by the water works.
"Another staggering burden for 1936 will be the city's debt charges which
will total $14,036,565, of which $10,580,000 must be paid out of taxes for
interest and principal on general and special assessment bonds. The balance
is for the utilities department sinking fund.
"So far no one at city Hail
come forward with even a tenuous plan
for meeting the huge operatinghas
deficit. For the last two years the city has
knowingly faced financial catastrophe and then at the eleventh hour
obtained emergency legislation to stave off the crisis. In 1934 it was
sary for the voters to approve a $4.000,000 deficiency bond issue. necesThis
year it was an emergency tax levy of $5,300,000."
CLIFTON FORGE,Va.-BOND CALL
-It is stated by T.P. Halloran,
President of the City Council, that pursuant to provision set forth in
said bonds, the following bonds are being called for payment as of Aug. 1:
480,000 4)% city !rapt. bonds. Denom. $500. Nos. 1 to 160. Dated
Feb. 1 1917. Due on Feb. 11947. Payable at the First National
Bank of Clifton Forge, or the Central Hanover Bank & Trust
Co. of New York City.
15.000 5% city Inapt. bonds. Denom. $1,000. Nos. 1 to 15. Dated
Feb. 11918. Due on Feb. 1 1948. Payable at the First National
Bank of Clifton Forge.
COALPORT, Pa.
-An issue of $3,000 fire house
-BONDS APPROVED
construction and apparatus purchase bonds was approven on June 25 by
the Pennsylvania Department of Internal Affairs.
COLFAX SCHOOL DISTRICT, Wash.
-BONDS VOTED-Residents
of the district have recently voted in favor of the issuance of $32.000 bonds
which together with Federal money and previously authorized bonds
would be used to finance the construction of a $110,000 high school.
COLON, Mich.
-BOND ISSUE APPROVED
-The State Treasurer has
approved an issue of $10,000 water works bonds.
143
COLODADO (State of)
-BONDS FOUND INVALID-District
Judge J. C. Starkweather of Denver on June 20 held that the law passed
by the late State Legislature appropriating $25.000.000 for State highway
purposes, is unconstitutional, and the decision also blocks the chance for a
larger Federal highway loan.
COLUMBUS, Ohio-$5,000,000 BOND PROGRAM PLANNED
-The
City Bond Committee on June 25 discussed a plan under which a total
of $5,000,000 bonds would be issued for various inapt. projects throughout
1936 and 1937.
COLUMBUS, Ohio
-BOND SALE
-The following issues of coupon or
registered bonds, aggregating $1,181,000, which were offered on July 5
-V.140, p.4102
-were awarded to a group headed by McDonald-Coolidge
& Co. a Cleveland, as 35 for a premium of $1,082, equal to 100.091. a
basis of about 2.99%:
$500.000 sewage treatment works fund No. 1 bonds. Dated Dec. 15 1933.
Due yearly on Feb. 1 as follows: $33,000 1943 to 1952 incl.. and
$34,000 1953 to 1957 incl.
100,000 Main Street bridge fund No. 1 bonds. Dated May 1 1934. Due
yearly on Feb. 1 as follows: $6,000 1940 to 1949 incl., and $5,000
1950 to 1957 incl.
14,000 incinerator fund No. 1 bonds. Daced May 1 1934. Due Feb. 1
1944.
355,000 relief sewers bonds. Dated Dec. 15 1933. Due yearly on
Feb. 1 as follows: $5,000, 1948; $39,000, 1949 to 1953 incl.: 138,000, 1954 to 1957 incl.; $3,000, 1958.
76,000 sanitary sewer bonds. Dated Dec. 15 1933. Due yearly on
Feb. 1 as follows: 16,000, 1949, and 110,000, 1950 to 1956 incl.
136,000 storm sewer bonds. Dated Dec. 15 1933. Due yearly on Feb. 1
as follows: $8,000. 1942 to 1958 incl.
Denom. $1,000. Prin. and semi-ann. int. (F. & A. 1). payable at the
office of the city's agency in New York.
A syndicate headed by the BancOhlo Securities Co. of Columbus offer
to pay a premium of $1,827 for 3 M % sewage treatment bonds, with the
other issue at 3%.(July 6 1935).
COMAL,COUNTY(P.O. New Braunfels),Tex.
-BOND REFUNDING
AUTHORIZED
-The County Commissioners have authorized the refunding of $72,000 outstanding 5% county jail and courthouse bonds at a 4%
interest rate.
CONNEAUT LAKE, Pa.
-BOND SALE
-The $6,500 4% refunding
bonds offered on July 1-V.140. p. 4268
-were awarded to Singer, Deane &
Scribner, Inc. of Pittsburgh at par plus a premium of $146,equal to 102.24,
a basis of abaut 3.74%. Dated Aug. 1 1935 and due on Aug. 1 from 1940 to
1950 incl.
CONTINENTAL, Ohio
-BONDS VOTED-Residents of the village at
the recent election approved the issuance of $5,000 building bonds.
-BONDS AUTHORIZED
CREEK COUNTY (P.O. Sapulpa), Okla.
A resolution has been passed providing for the issuance of funding bonds in
the amount of $71,443.28. Paul Zimmerman is County Clerk.
CUMBERLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Car-BONDS APPROVED-The Pennsylvania Department of
michael), Pa.
Internal Affairs on June 26 approved an issue of $43,000 refunding bonds.
The issue was awarded on June 15 to Singer, Deane & Scribner, Inc., of
Pittsburgh at 100.15. a basis of about 2.98%.
CUSTER SCHOOL DISTRICT (P. 0. Custer), S. Dak.-BOND
ELECTION POSTPONED-It is stated by the District Clerk that the
election which was scheduled for June 28 to vote on the issuance of $46,000
-V. 140, p. 4103
in school bonds
-has been postponed to July 29.
CUT BANK SCHOOL DISTRICT, M9nt.-BOND ELECTION CONTEMPLATED
-A special election will be held in the near future to vote
upon the proposition of issuing school building bonds.
DALLAS, Tex.
-BOND AWARD DEFERRED-The two issues of
coupon bonds aggregating $3,500,000, offered for sale on July 1, as reported
In these columns recently
-V.140,p. 4434
-were not sold at that time, the
formal award being postponed to July 5. A special dispatch from Dallas
on July 1 reported as follows on the bids received for the bonds:
"Brown, Harriman & Co. of Chicago, and their associates apparently
were the best bidders on 13,500,000 in bonds to be issued by the city of
Dallas In getting ready for the Texas Centennial Exposition opening here
June 6 1936.
"Formal sale of the bonds will be made Friday by the Council. R. V.
Tompkins, City Auditor, declared the bonds brought the best price in
history of Dallas.
"Brown, Harriman & Co., bid a basis of $3.076%, offering $2,965,797
for 13,000,000, in park bonds and $494,299 for $500,000 Museum of Fine
Arts bonds. Both issues are to bear 3%.
"On an alternate proposal whereby the city has the option of redeeming
the last one-third of each of the two issues in 1938, the company bid a base
price of 3.09%. They offered $2,958,397 and $493,049 respectively, on
this bid.
"Bids were asked on interest rates ranging from 3 to 4%. Mr. Tompkins
said to-day that the 3% proposals were the best received. The $3,000,000
bonds were voted last year especially for Centennial purposes and the
$500,000 museum bonds were approved in 1927. All proceeds will go into
permanent improvements.
"Associated with Brown, Harriman & Co. were: Mercantile-Commerce
Bank & Trust Co., St. Louis; A. G. Becker & Co., Chicago; First National
Bank & Trust Co., Minneapolis; Mahan, Dittmar & Co.. San Antonio and
Dallas; the First Boston Corp., New York; Kelley, Richardson & Co.,
Chicago Commerce Trust Co., Kansas City; Piper, Jaffrey & Hopewood,
Minneapolis. and A. W. Snyder & Co., Houston.
At a late hour on July 5 we were informed by Brown, Harriman & Co.,
Inc., the high bidders on these bonds that no award had come through up
to that time from Dallas, since the meeting of the City Council did not
take place until 4 p. m.(their time).
DANBURY Conn.-BOND SALE-Phelps, Fenn & Co. of New York
purchased on June 27 an issue of 1100.000 3% welfare relief bonds of the
town. Dated July 1 1935. Denom. $1,000. Due 15,000 on July 1 from
1936 to 1955 incl. Principal and Interest (J. & J.) payable at the Danbury
National Bank. Legality to be approved by Ropes, Gray, Boyden & Perkins of Boston.
DENISON SCHOOL DISTRICT, Iowa
-W. E.
-BOND ELECTION
Terry, Secretary of the School Board, announces that the board is ordering
an election to be held on July 24 to vote on the question of issuing $55,000
school building bonds.
DENVER, Colo.
-BOND ELECTION PROPOSED
-The Denver Water
Board will ask the City Council to call a special election soon to vote on
two water bond issues of approximately $2,750,000 each; one issue will be
for bringing into Denver the western slope water which is to be diverted
through the Moffat pioneer tunnel, other issue to refund water rent certificates issued to obtain Public Works Administration loan and grant.
DES MOINES COUNTY (P. 0. Burlington), Iowa-BOND SALE
The issue of $110,000 funding bonds offered
-on July 1-V. 140, p. 4434
was awarded to the Farmers & Merchants Savings Bank, of West Burlington, at par for 2Ms. A bid of par, plus a premium of $1,600 for 2M%
bonds was submitted by the White-Phillips Corp. of Davenport. Dated
June 1 1935. Due yearly on Dec. 1 ws follows: $5,000, 1936; $10,000, 1937
to 1946 incl., and $5,000, 1947.
DETROIT LAKES, Minn.
-BOND OFFERING
-E. J. Bastick, City
Clerk, recently announced that sealed bids will be received until 7:30 p. m.,
July 8 1935 for the purchase of $30,000 street improvement certificates of
indebtedness. Denom. $1.000.
-BOND ELECTION
DICKSON, Tenn.
-Mayor D. E. Beasley has
ordered an election for July 25 at which the voters will be asked to vote on
a proposed $50,000 note issue the proceeds of which would be used to encourage industrial plants to settle in Dickson.
DICKSON COUNTY (P. 0. Dickson), Tenn.
-BOND CALL
-Lee
Mathis, Jr.. County Court Clerk, announces that $212,000 5% road bonds,
dated July 1 1913 and'scheduled to mature July 1 1943. are being called
for retirement as of July_ 1 1935. Bonds should be presented at the American National Bank,in Nashville, or at the First National Bank of Dickson.
DIERKS SCHOOL DISTRICT (P. 0. Dierks), Ark.
-BOND RE-In connection with the 621,500 refunding bonds
FUNDING REPORT
approved by the State Board of Education in March, to take up a like
amount of bonds scheduled to mature in 1955-Y. 140, p. 2226
-It is stated
by the President of the Board of School Directors that the maturing bonds
144
Financial Chronicle
are being refunded by the Arkansas Municipal Bond Bureau in Little Rock.
The progress of the refunding is indefinite, according to report.
DORCHESTER INDEPENDENT SCHOOL DISTRICT NO. 3 (P. 0.
Dorchester), Tex.
-BOND SALE DETAILS
-The $5,000 issue of 5%
semi-annual school bonds that was sold in April
-is stated
-V.140, P. 3082
by the Superintendent of the Board of Education to have been purchased
at par by the county school fund. Due in 1955.
DOVER, N. J.
-BONDS AUTHORIZED
-The Mayor and Board o
Aldermen recently authorized the issuance of $309,000 bonds for the purpose
of refunding outstanding temporary obligations.
...DOVER, Ohio
-BONDS AUTHORIZED-The City Council has recently passed an ordinance authorizing the issuance of $45,000 water works
mortgage revenue bonds.
DOWNS, Kans.-BONDS SOLD-The issue of $29,000 refundiboila
recently authorized,
-V. 140, p. 4435
-has been sold, according to report.
DRUMMER TOWNSHIP (P. 0. Gibson City), III.
-BOND ELECTION PLANNED-Residents of the township at a recent meeting voted
In favor of calling an election for the purpose of voting on the question
of issuing $70,000 gravel road construction bonds.
DUBUQUE,IOWA
-BOND SALE
-Itis reported that $9,500 ofrefunding
bonds were purchased recently by the White-Phillips Co. of Davenport.
as 2.4s.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
Minn.
-BOND CALL
-It is stated by H. J. Forsberg, Clerk of the Board
of Education, that the said Board, under the laws of the State and in
accordance with the vote of the electors of said District and by virtue of
resolutions of said Board, will redeem on Aug. 1 on which date int. shall
cease, at the Irving Trust Co. in New York City,successor to the American
Exchange National Bank, the following 4 % semi-ann. bonds:
$200,000 school building bonds. Denom. $1,000. Numbered 1 to 200.
Due on Feb. 1 1940.
200,000 school building bonds. Denom. $1,000. Dated Aug. 1 1913.
Numbered 1 to 200. Due on Aug. 1 1943.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
Minn.
-BOND SALE
-The Board of Education announced recently that
$400,000 refunding bonds will be offered for sale on Aug. 1.
(A $400,000 issue of refunding bonds was sold on June 25, as reported in
these columns recently
-V. 140, p. 4435.)
DUNMORE, Pa.
-BOND OFFERING POSTPONED-Offering of $185,000scheduled to take place on July 2 has been postponed to July 9. Andrew
J. O'Hara, Borough Secretary, will receive bide until July 9 for the purchase
at not less than par and interest of $185,000 judgment funding bonds, to
bear from 4 to 5% interest. Denom. $1,000. Due yearly on July 1 as
follows: $3,000, 1940; $6.000, 1941, 1942 and 1943; $12,000, 1944; $15,000.
1945; 317,000, 1946 to 1952 incl., and $18,000, 1953. Certified check for
2% amount of bonds bid for required. Legal opinion by Townsend, Elliott
& Munson of Philadelphia.
DURHAM, N. C.
-BONDS APPROVED-The Local Government Commission is said to have approved the issuance of $25,000 in street improvement bonds.
EAGLE PASS, Tex.
-A $1,858,000 improvement
-BONDS VOTED
bond issue has been voted here.
1 EAST CHICAGO, Ind.
-The issue of $25,000 -- riac
-BOND SALE
i- 77t
extension bonds offered on July 2-V. 140, p. 4435
-was awarded to
Burr & Co. of Chicago, on a 4X% int. basis. Dated June 1 1935. Due
$12,500 on July 1 in 1942 and 1943.
/ EAST ROCHESTER SCHOOL DISTRICT, Pa.
-BONDS APPROVED
-An issue of $4,400 operating expenses bonds was approved by
the Pennsylvania Department of Internal .Affairs on June 25.
ELDRED SCHOOL DISTRICT, Pa.
-BOND ELECTION
-At an
election to be held on July 30 the voters will pass on a proposal to issue
$14,000 school building bonds.
EL MONTE, Calif
-BOND ELECTION
-Beatrice E. Darling , City
Clerk, announces that an election has been ordered for July 23 to
vote on a proposed $27,500 bond issue to help finance the construction of a
sewage treatment plant.
EL PASO COUNTY (P. 0. El Paso) Tex.
-WARRANT ISSUANCE
CONTEMPLATED-The Commissioners' Court is said to be considering
the issuance of $100,000 in time warrants to improve lateral roads.
-BOND OFFERING-Adell B. England, City
ENUMCLAW, Wash.
Clerk will on July 15, at 8 p. m.receive bids for purchase of general obligation serial bonds in sum oi $5,500. Interest rate not exceeding 4%. payable
semi-annually on Jan. 15 and July 15 at office of City Treasurer. Deposit
of 5% of amount of bid in either cash or certified check required. Bonds
will be sold with the opinion of Preston, Thergrimsen & Turner, of Seattle.
-BOND OFFERING-George
EPHRATA SCHOOL DISTRICT, Pa.
L. Nies, Borough Secretary, will receive sealed bids until 7:30 p. in. (daylight saving time)on July 15 for the purchase of $87,000 not to exceed 3
interest coupon or registered series of 1935 refunding bonds. Dated July 1
1935. Denom. $1,000. Due July 1 as follows: $5,000, 1937 and 1938:
$6.000, 1939 to 1945, incl. and $7,000 from 1946 to 1950 incl. Bidder to
name a single interest rate on the issue, expressed in it multiple of Is' of 1%•
The $87,000 bonds to be refunded bear 4I1% interest, dated April 1 1927
and due April 1 1957, and are the balance of an original issue Of $115.000
which is callable on any interest payment date beginning April 1 1935. The
remaining $2S,000 were called for redemption on April 1. A certified
check for 2% of the bonds now offered, payable to the order of J. M.Baum,
District Treasurer, must accompany each proposal. Approving opinion
of Townsend, Elliott & Munson of Phiadelphia will be furnished the
successful bidder.
-BONDS AUTHORIZED
ERIE COUNTY (P. 0. Buffalo), N. Y.
The Board of County Supervisors on June 25 passed a resolution authorizing
the issuance of $583,925 bonds for work relief and home relief.
-BOND SALE
-The $200,000 coupon
ERIE SCHOOL DISTRICT, Pa.
or registered school bonds offered on June 27 were awarded to Brown
Harriman & Co. and Cassatt & Co., Inc. of Philadelphia as 2s, at par
plus a premium of $40, equal to 100.02, a basis of about 2.49%. Dated
July 15 1935 and due July 15 as follows: $5,000, 1936 to 1942 incl.: $15,000,
1944 to 1947 incl.; $10,000, 1948: $40,000, 1949; $30,000 in 1950 and
$25,000 in 1951. This report of the sale corrects that given in our issue
of June 29.
Other bidders for the loan were as follows:
Int. Rate.
Rate Bid
3%
100.27
E. W. Clark & Co., Philadelphia
MacGreger; Geo. G. Applegate: S. K. CunGlover,
23(%
101.0295
ningham & Co.. Pittsburgh
100.139
24%
Halsey, Stuart & Co., and Dougherty, Corkran Co
4
100.339
Hemphill,Noyes & Co., Philo
100.20
3
W. H. Newbold's Son & Co., Philo
E. H. Rollins & Sons; Singer, Deane & Scribner, and
100.613
Graham, Parons & Co
3%
3
100.03
Union Trust Co.. Pittsburgh
100.80
34%
Bancamerica-Blair Corp., Philo
be held on
-An election is to
-BOND ELECTION
EVANSTON, III.
Aug. 14 to vote on a proposition to issue $200,000 street repair bonds.
-The city has arranged to
-TEMPORARY LOAN
FALL RIVER, Mass.
borrow $300,000 on short-term notes, on a .95% discount basis. The
funds are being obtained from the Merchants National Bank and the
National Shawmut Bank, each supplying half of the amount involved.
-BOND ELECTION APFANNIN COUNTY (P. 0. Bonham), Tex.
PROVED
-It is stated that W. H. Gordon, Chief Accountant of the State
Board of County and District Road Indebtedness, has approved the plan
of the County Commissioners' to call an election op Aug. 24, as reported
-to submit to the voters an
-V. 140, p. 4269
In these columns recently
Issue of refunding bonds to care for road district bonds totaling $1,154,500,
which bear 5% and 53 % interest, and are to be refunded at a lower rate.
-BOND SALE
-The $5,000 coupon or registered
FARNHAM, N. Y.
general bonds offered on June 28 were awarded to the Citizens Trust Co.
of Fredonia as 45, at par plus a premium of $75, equal to 101.50, a basis of
about 3.69%. Dated July 1 1935 and due $500 on July 1 from 1936 to
1945, incl. Other bidders were.
July 6 1935
BidderInt. Rate Rate B15
Bank of Cattaraugus
4%
100.48
Manufacturers & Traders Trust Co
47
100.11'
Sherwood & Merrifield, Inc
100.11)
FENNIMORE, Wis.-BONDS AUTHORIZED
-An ordinance was
recently passed by the City Council which authorizes the issuance of
$36,000 sewage disposal plant bonds.
FERGUS COUNTY HIGH SCHOOL DISTRICT (P. 0.Lewistown),
Mont.
-BOND OFFERING-Fred L. Dissly, Secretary of Board of
Trustees, will receive bids until 8 p. m. July 24 for the purchase of $37,000
4% school building bonds. Certified check for $500 required.
FLINT, Mich.
-BONDS PARTIALLY SOLD-OPTION ON REMAINDER-At the offering on July 1 of $1,575,000 not to exceed 4% interest
refunding bonds, including $898,000 series A general obligations, maturing
from 1938 to 1948 incl., and $677,000 series B special assessments, also due
from 1938 to 1948 incl., the city accepted the offer of Stranahan, Harris &
Co., Inc. of Toledo and the Bancamerica-Blair Corp. to purchase a block
of the $100,000 of the series A general bonds as 4s, at a price of par, and to
take the reminaing $1,475,000 worth on option, at the same rate and price,
until July 13.
FORSYTH COUNTY (P. 0. Winston-Salem) N. C.
-BOND OFFERING-Sealed bids will be received until 10 a. m.on July 9, by W.E. Easterling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of $100,000 coupon school refunding bonds.
Interest rate is not to exceed 6%, payable J. & J. Rate to be named in a
multiple of 4 of 1%. Each bid may name one rate for part of the bonds
(having the earliest maturities) and another rate for the remainder, but no
bid may name more than two rates and each bidder must specify in his bid
the amount of bonds of eacn rate. Dated July 1 1935. Due $5,000 from
July 1 1937 to 1956 incl. The bonds will be awarded to the bidder offering
to purchase the bonds at the lowest interest cost to the county, such cost
to be determined by deducting the total premium from the aggregate interest
cost of the bonds. Prin. and int. payable in laWful money in New York City.
Delivery at place of purchaser's choice. Bids must be on a form to be furnished by the above Secretary. No bid for less than all of the bonds will be
considered. The approving opinion of Reed, Hoyt & Washburn of New
York, will be furnished. A certified check for $2,000, payable to the State
Treasurer, must accompany the bid.
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Fort
Worth), Tex.
-BOND TENDERS INVITED-Holders of the following
school bonds are being asked to communicate with Ed.P. Williams. District
Business Manager:
Diamond Hill Independent School District, $35,000 dated Sep.,. 1 1915,
due Sept. 1 1935-1955. City of Fort Worth, series No. 12, $300.000
dated May 1 1909, due May 1, 1929-1949. City of Fort Worth series 1931.
$225,000. dated Aug. 1 1916. due Aug. 1 1936-1956. Polytechnic Independent School District, $20,000 dated Sept. 30 1916, due Sept. 30 19361956.
-BOND
FOSSTON SCHOOL DISTRICT (P. 0. Fosaton), Minn.
ELECTION
-The special bond election originally scheduled for July 2 will
be held July 8, Superintendent Wentland stated recently.
-TEMPORARY LOAN
-The $200,000 revenue
FRAMINGHAM, Mass.
anticipation notes maturing $50,000 on each of the dates Jan. 31, March 6,
1936,. which were offered on July 1, were awarded
April 17 and May 28
to Whiting, Weekes & Knowles, of Boston, on a 0.49% discount basis.
Lee Higginson Corp. bid 0.51%.
The following is a list of the other bids submitted for the loan:
Discountl BidderDiscount
Bidder0.57% First Nat. Bank of Boston
0.60
Leavitt & Co..
0.61
Merchants National Bank__ 0.59% W.0. Gay & Co
National Shawmut Bank.- 0.60% [Faxon, Gade & Co
0.72%
-The $25,000 4%
FRANKLIN, Vt.-ADDITIONAL INFORMATION
being offered for sale at 2 p. m. (Standard Time) on
refunding bonds
July 17, as previously noted in V. 140, P. 4435. will be issued in coupon
form, dated July 1 1935. of $500 denoms. and maturing Jan. 1 as follows:
$1,500 from 1937 to 1952 incl., and $1,000 in 1953. Bids will be received
by Ernest W. Olmstead, Town Treasurer. Prin. and int. (J. & J.) payable
at the Enosburg Falls Savings Bank & Trust Co., Enosburg. These
bonds are printed, executed, authenticated and approved by competent
legal authority whose opinion will be furnished the purchaser. All legal
papers incident to the issuing of these bonds will be filed with said bank,
where they may be inspected. Bonds will be delivered to the purchaser
on or about Wednesday, July 24 1935, at the Enosburg Falls Savings Bank
& Trust Co., Enosburg, Vt.
Financial Statement
Assessed valuation real and personal property, 1935
$609,735.00
Grand list for 1935 (including polls) _
6,607.35
Total indebtedness as of Feb. 1 1935, $25,060.74, from which
proposed bond issue, as voted
amount deduct $25,000, this
60.74
by the town
Borrowed in anticipation of taxes since Feb. 1 1935
8,000.00
Population as per last census, 1,001.
Provision is made for assessment of a special tax each year sufficient
to pay the bonds that then become due.
GARFIELD COUNTY HIGH SCHOOL DISTRICT (P. 0. Jordan),
-The State Board of Land Commissioners, the
-BOND SALE
Mont.
only bidder, was awarded the $50.000 school building and dormitory bonds
offered on July 3-V. 140, p. 3938. The price was par for 4% bonds.
GARRISON INDEPENDENT SCHOOL DISTRICT, Iowa-BONDS
VOTED-The $16,000 bonds which were submitted to the voters for
approval on July 2 carried by a vote of 177 to 19.
-BOND REFUNDING COMPLETED
GLASSBORO, N. J.
-The
Borough has completed the exchange of new 4% refunding bonds for the
total of $444.000 temporary obligations which matured in 1934, according
to C. C. Collings & Co. of Philadelphia, which handled the program.
Debt service charges on the refundings have been met in full to date.
-BOND SALE
-N. K. Bickford was 'recently
GRANADA, Colo.
% waterworks refunding bonds.
awarded $6,000
-BOND OFFERING-Helen C. Tomlinson,
GRAND JUNCTION,Colo.
m. July 17, for purchase of
City Auditor, will receive bids until 7.30
p'
approximately $7,500 paving bonds. Dated Aug. 11935. Mature Aug. 1
1947, optional after date of said bonds. Bids on different rates of interest
up to and including 6% are requested. Certified check for 2% required.
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake City), Utah
-An issue of $100,000 3 % refunding
BONDS OFFERED TO PUBLIC
bonds is being offered for investment by R. W.Pressprich & Co. of Chicago.
Denom. $1,000. Dated Feb. 1 1935. Due on Feb. 1 as follows: $5,000.
1941; $10,000, 1942: $20,000, 1943 to 1946, and $5,000 in 1947. Principal
and interest (F. & A.) payable at the Guaranty Trust Co. in New York
City. Legal approval by Chapman & Cutler of Chicago.
-BOND SALE-The State School Fund ComGREAT BEND, Kan.
mission has purchased two sets of municipal bonds, one set for street paving
and the other, the construction of a sewer line. The paving bonds totaled
$3,497.32 and the sewer bonds, $1,711.12.
GREENVILLE COUNTY (P. 0. Greenville) S. C.
-NOTE SALE
'
DET.4ILS-In connection with the sale of $100,000 county notes to George
Norwood of Greenville, at 1.69%, as reported in these columns recently
140, p. 4436
-it is stated by the Secretary of the Board of County
Commissioners that the notes are dated June 24 1935, and are due on
1936.
Jan. 6
' MM
.
4
-TEMPORARY LOAN
-On June 27 the city made
GREENVILLE.S. C.
.
a temporary loan of $65,000 from J. W. Norwood, Sr., at a rate of
The notes mature Dec. 1 1935.
GUNPLAIN TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Plain -E. L. Gray, Secretary o. the Board of
-BOND SALE
well), Mich.
0
Education, informs us that an issue of $6,250 57 coupon refunding bonds
has been sold to the Citizens State Savings Bank of Plainwell, at a price of
par. Dated April 1 1935. Due serially. Int. payable A. & 0.
CUSTER CITY INDEPENDENT SCHOOL DISTRICT, S. Dak.-Helen IIimebaugh, President of the Board of EducaBOND ELECTION
tion, announced recently that an election would be held on July 29 to
consider the issuance of $46,000 4% school bonds. Payable $1,000 on
Aug. 15 1938 to 1939 incl., $2,000 from 1940 to 1949, and $3,000 from
1950 to 1957.
Financial Chronicle
Volume 141
HAMMOND, Ind.
-ADDITIONAL INFORMATION
-The $200,000
4% coupon or registered filtration plant construction bonds sold to C. W.
McNear & Co., Inc. of Chicago at a price of 101.50, as stated in V. 140, P.
4104, mature serially as follows: $8,000 from 1941 to 1954 incl.•, $26,000
from 1955 to 1957 incl. and $10,000 in 1958. Interest cost basis to city
about 3.87%.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY
LOAN
-The temporary loan of $300,000, dated July 5 1935 and maturing
Nov. 7 1935. offered on July 3-V. 140, p. 4270
-was awarded to the
Second National Bank of Boston on a 0.20% discount basis, plus $1
premium. The Merchants National Bank of Boston; Belleau, Adams &
Whittemore of Boston, and the First Boston Corp. of Boston all submitted a bid of 0.225 discount.
HARLINGEN, Tex.
-A $60,000 issue of 4% semi-BOND SALE
annual municipal auditorium bonds is stated to have been purchased at
par by the Public Works Administration. (These bonds were approved by
the voters at an election in February
-V. 140, P• 1697.)
HARTFORD CITY, Ind.
-BOND OFFERING-Von Braner, City
Clerk-Treasurer, will receive sealed bids for $8,000 street improvement
bonds on July 23.
HEMPFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Hunkers),
Pa.
-BOND SALE
-The issue of $40,000 emergency bonds offered on
June 21.-V. 140, p. 3938
-was awarded to E. H. Rollins & Sons of Philadelphia as 3Yis, at par plus a premium of $724. equal to 101.81, a basis of
about 3.20%. Dated July 15 1935 and due Jan. 1 as follows: $3.000,
1938; $5,000. 1939 to 1943 incl. and $6,000 in 1944 and 1945. Callable
In whole or in part on 30 days' notice. Other bidders were:
BidderPremium! BidderPremium
S. K.Cunningham & Co_ _ _ 5410.00(Clover & MacGregor, Inc._ _ _$126.00
HIBBING, Minn.
-On July 24 the question of
-BOND ELECTION
Issuing $234,000 street paving bonds will be submitted to the voters.
HIGHLAND PARK SCHOOL DISTRICT, Mich.
-BOND OFFERING
-Mabel G. Herald, Secretary of the Board of Education, will receive sealed
bids until 8 p.m. (Eastern Standard Time) on July 16 for the purchase of
$45.000 not to exceed 4% interest coupon refunding bonds. Dated Aug. 1
1935. Denom. $1,000. Due Feb. 1 1937. Interest rate to be expressed
in a multiple of
of 1%. Principal and interest (F. & A.) payable in
lawful money of the United States at the Manufacturers National Bank,
Detroit. District will furnish at its own expense printed bonds and legal
approving opinion of either Berry & Stevens or Miller, Canfield,Paddoch
& Stone of Detroit. Bids to be conditioned only on approval of the issue
by the State Public Debt Commission and by the legal attorneys and
offers must provide for payment of the bonds in Detroit, on or before
Aug. 1 1935. A certified check for $1,000, payable to the order of the
District Treasurer, must accompany each proposal.
BOND CALL
-The Secretary has announced that $48,500 49 % refunding bonds, dated Aug. 1 1933 and due Aug. 1 1943, have been called for
payment at par and accrued interest on Aug. 1 1935 at the Manufacturers
National Bank of Detroit.
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio
-BOND SALE
The $5,550 poor relief bonds offered on June 17-V. 140, p. 3754
-were
awarded to Fox, Einhorn & Co. of Cincinnati as 2%s, ao a price of 100.12.
a basis of about 2.68%. Dated March 1 1935 and due as follows: $850
Sept. 1 1935; $900 March 1 and Sept. 1 1936; $950 March 1 and Sept. 1
1937 and $1,000 March 1 1938.
HILLSBORO, Wis.-BONDS AUTHORIZED
-At a recent election to
consider the issuance of $35,000 road impt. bonds, the Township Clerk
announces that the proposal carried and offering may be expected shortly.
HINESBURG,Vt.-BOND SALE
-The $30,000 refunding bonds offered
on June 29-V. 140, p. 4270
-were awarded to the National Life Insurance
Co. of Montpelier as 3%s, at par plus a premium of 3500, equal to 101.66,
a basis of about 3.31%. Dated June 1 1935 and due Jan. 1 as follows:
$1.000 from 1936 to 1945 incl., and $2,000 from 1946 to 1955 incl. Other
bidders were:
BidderRate Bid
Int. Rate
First Boston Corp
101.33
3%
Vermont Securities Co. of Brattleboro
100.27
3 %
E. H. Rollins & Cons
100.792
3)%
Burlington Savings Bank
100.16
4 o
•
HOBOKEN, N. J.-SOND SALE
-An lssue of $465,000 bonds, date
June 1 1935, has been purchased by the City Sinking Fund.
HOBOKEN, N. J.
-The $4,600 general funding bonds
-BOND SALE
offered on July 2-V. 140. p. 4270
-were awarded as 4s, at a price of
par, to C. C. Collings & Co. of Philadelphia, the only bidder. Dated
June 1 1935 and due Nov. 1 1943.
HOGELAND SCHOOL DISTRICT(P.O. Hogeland), Mont.
-BONDS
TO BE OFFERED
-The District will in the near future market $15,000
bonds to finance the building of a structure to house high school and elementary grades and a gymnasium.
HOPE, N. Dak.-BONDS NOT SOLD-The 512,000 auditorium refunding bonds offered on May 27-V. 140,P.3254
-were not sold as no bids were
received, reports the City Auditor.
HOPKINTON, Ia.-CONFIRMATION-The report given in these columns recently, to the effect that an election was scheduled for July 23 to
vote on the issuance of $67,800 in electric light and power plant revenue
bonds
-V. 140, p. 4436
-is confirmed by the Town Clerk, who states that
the town now has no bonded indebtedness.
HUDSON SCHOOL DISTRICT (P.O. Hudson), Iowa-BOND SALE
-A $17,500 issue of 3 Li% semi-annual refunding bonds is reported to have
been purchased recently by the Hudson State Bank.
IDAHO FALLS, Ida.
-The City has called for payment
-BOND CALL
its Municipal Coupon 5% 7 bonds, in the sum
(o
$24,000. Dated July 1
1919. Due July 1 1939. Bonds will be paid at office of City Treasurer
in Idaho Falls, on July 1. on which day inetrest ceases.
IMPERIAL, Neb.-BOND SALE
-The $13,000 issue of 4% semi-annual
water extension bonds offered for sale on July 1-V. 140, p. 4105
-was
awarded to the First Trust Co. of Lincoln, paying a premium of $175.
equal to 101.346, a basis of about 3.90%. Dated July 1 1935. Due on
July 11955.
INDIANAPOLIS UTILITIES DISTRICT (P. 0. Indianapolis),
Ind.
-BONDS OFFERED FOR INVESTMENT
-Halsey, Stuart & Co.,
Inc., and Otis & Co., Inc., both of New York, made public offering yesterday of the $8,000,000 4 % coupon (2egisterable as to principal) gas
plant revenue bonds which were purchased by the bankers on May 28
at a price of 96.062, or a basis cost to the district of about 4.81%, as stated
In V. 140, p. 3754. The issue was priced to yield, according to maturity
as follows: 1938, 2.75%; 1939. 3%; 1940, 3.25%; 1941 and 1942, 3,50%
1943 and 1944, 3.60%; 1945 and 1946, 3.70%; 1947 and 1948. 3.75
1949 and 1950. 3.80%; 1951 and 1952, 3.85%: 1953. 1954 and 1955.3.00%
and V% on the bonds due from 1956 to 1957 incl. The bonds are dated
June 1 1935. Denom. $1,000. Prin, and int. (J. & D.) payable at the
option of the holder at the office of Halsey, Stuart & Co., Inc., in Chicago
or New York, or at the Union Trust Co., Indianapolis, or at the principal
office of the Cleveland Trust Co., Cleveland. The amount of bonds
maturing each June 1 is shown herewith:
Year
Amount Year
Amount Year
Amount
1938
$90,000 1948
$207,000 1958
5322,000
193994,000 1949
216,000 1959
336,000
1940
99.000 1950
226,000 1960
351,000
1941
152,000 1951
236,000 1961
367,000
1942
159,000 1952
247,000 1962
384,000
1943
166,000 1953
258.000 1963
401.000
1944
174,000 1954
270,000 1964
419,000
1945
182,000 1955
282,000 1965
438.000
1946
190,000295,000 1986
458,000
1947
308,000 1967
.
475.000
Legality of the bonds has been approved by Thompson, Rabb & Stevenson for the city, and by Matson, Ross, McCord & Clifford of Indianapolis
for the bankers. Under a resolution adopted May 7 1935 by the Board
of Directors for Utilities of the City of Indianapolis, the city authorized
the issuance of these gas plant revenue bonds for the purpose of obtaining
funds to exercise its franchise right to acquire the properties and business
of Citizens Gas Co. of Indianapolis and for improvements and extensions
to such properties. These bonds constitute, in the opinion of counsel,
BP
145
valid and binding obligations of the City of Indianapolis, Ind., in accordance with the terms and provisions thereof, secured by a charge upon all
of the income and revenues of all the gas utility system now or hereafter
owned and(or) operated by said city and payable solely and exclusively
out of such income and revenues. Under said resolution adopted May 7
1935 the city covenants to fix, maintain and collect reasonable and just
charges for gas service and faithfully to comply with all pertinent provisions of law including the requirement of Chapter 190 of the Acts of 1933
General Assembly of the State of Indiana, viz., that a reasonable and just
charge shall be such as produces sufficient revenue to pay, among other
things, principal of and interest on these bonds, maintenance cost, operating
charges, adequate funds for working capital, repairs and upkeep. The
city further covenants that it will cause to be deposited in any one or
more responsible banks or trust companies in the City of Indianapolis
In a special account under such condition as that the moneys cannot be
withdrawn from such account or accounts except for the payment of interest on and principal of these bonds, on the 15th day of each month
during the operation by the City of said gas system out of the revenues
derived from the operation, a sum equal to one-twelfth of the annual
amount due and payable for principal and interest on these bonds, and
the city agrees that there will be credited in this manner to such bond and
interest fund not less than $360.000 annually in the years 1936 and 1937;
$450,000 annually in the years 1938 to 1940, both inclusive; $500,000
annually in the years 1941 to 1967, both inclusive.
IRONTON, Lawrence County, Ohio
-BOND OFFERING-Sealed
bids will be received until 12 o'clock noon. July 23 1935, by Ralph F. Mittendorf, City Auditor, for the purchase of $25,050 6% debt extension bonds
and $39.949.46 6% debt extension bonds. The $25,050 6% issue is dated
Aug. 1 1935, payable semi-annual interest (A. & 0.) and principal at First
National Bank, Ironton. Denom. one bond for $1,050 and $1,000 from
2 to 25, both inclusive. Maturing $2,050 on Oct. 1 1939 and $2,000 on
Oct. 1 1940 and 1941, $3.000 in 1942 and $4,000 on Oct. 1 1943 to 1946,
incl. Bids in multiples of 3,
will be received which bear a different rate
of interest. A certified check for $250 must accompany each bid.
The $39,949.46 6% issue is dated Aug. 1 1935. Denom. one bond for
$949.46 and $1,000 for Nos. 2 to 40, incl. Due and payable in the amount
of $2,949.46 on Oct. 1 1939. $3,000 in 1940. $4,000 in 1941 and $6,000 in
1942 to 1946. incl. And bidder may offer a different rate of interest., providing multiples of % are used. Principal and semi-annual (A. & 0.)
interest payable at First National Bank, Ironton. A certified check for
$400 must accompany each bid.
ISLIP UNION FREE SCHOOL DISTRICT NO. 7 (P. 0. Bohemia).
-BOND OFFERING-Charles Bernard, District Clerk, will receive
N. Y.
sealed bids until 10 a. m.(Eastern Standard Time) on July 13 for the purchase of $30.000 not to exceed 5% interest coupon or registered school
bonds. Dated June 1 1935. Denorns. $1,000 and $500. Duo $1,500 on
June 1 from 1936 to 1955 incl. Bidder to name a single interest rate on all
of the bonds, expressed in a multiple of g or 1-10th of 1%. Principal and
Interest (J. & D.) payable in lawful money of the United States at the
Oystermans' Bank & Trust Co., Sayville. A certified check for $600.
payable to the order of Betty M.Miller, District Treasurer, must accompany
each proposal. Proceeds of the issue will be used to finance the construction
of a now school building in the district. The bonds are direct general
obligations of the district, payable from unlimited taxes. Approving opinion
of Clay, Dillon & Vandewater of New York will be furnished to the purchaser without cost.
Financial Statement
Assessed valuation of taxable property according to last preceding assessment roll (for the year 1934)
$3,071,193
Total bonded debt (this issue only)
x30,000
Deductions
None
x Figure does not include the debt of any taxing district having power
to levy taxes upon any or all of the property subject to the taxing power of
the district.
Tax Collections (a)
Fiscal Year1932-33
1933-34
1934-35
Total levy
$15,312.05 515,158.46
$15,135.00
Uncollected end offiscal year
x
None
None
a As reported by the Board to Education to the Supervisor of the Town.
x Fiscal year ends June 30 1935.
Note-Taxes never become delinquent; delinquencies always paid by
Supervisor of Town.
JOHNSON CITY, Tenn.
-BONDS DEFEATED
-At the election held
-the voters rejected the proposal to issue
on June 25.-V. 140, p. 3939
$250,000 in municipal hospital construction bonds, according to E. J.
Quillen, City Recorder,
JOHNSTOWN SCHOOL DISTRICT, Pa.
-BONDS APPROVED
The 5300.0004 % refunding and improvement bonds awarded to Hemphill
Noyes & Co. of New York OA% 100.26, a basis of about 4.23%, as previously
noted on these columns, were approved on June 25 by the Pennsylvania
Department of Internal Affairs.
KAMRAR INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
-The directors of the district have called $29,000 4 % building
CALL
bonds as of Aug. 1 1935.
KANSAS, State of
-BUDGET BALANCED-An Associated Press dispatch from Topeka reported as follows on the financial condition of Kansas
as of July 1:
"Kansas closed her books on another fiscal year to-day, with the State's
budget balanced. Not only that, but governmental costs have been cut,
debts reduced and perhaps most important of all from the standpoint of the
State's basic industry-agriculture-property taxes have been lightened.
"The economies were effected under pressure of Governor Alf. M.Landon,
who has been mentioned as a possible candidate for the Republican Presidential nomination.
"As a result, the need for revenues for both State and local governments
had been reduced from a total of $127,000,000 in 1932 to $97.000.000 in
1934. The cost of the State Government was cut 22%. Bonded indebtedness in the amount of $22.000,000 was liquidated.
"The credit for this achievment, Governor Landon passes on to the several
thousand State and local office holders and what he calls the 'Kansas
passion for paying bills as it goes along.'"
-An ordinance has
KANSAS CITY, Kans.-BONDS AUTHORIZED
been passed providing for the issuance of general improvement bonds in the
sum of $44,203 for the purpose of paying the cost of reconstructing at the
established grade, the street car tracks on the 10th Street trafficway from
the north property line of Argentine Blvd. to the north end of the 12th Street
Kew River bridge and for repaving with concrete pavement that portion
of the 10th Street trafTlcway occupied by street car tracks and for the
space of 18 inches on the outside of the outer rails.
KERN COUNTY (P. 0. Bakersfield), Calif.
-BOND ELECTION
CONSIDERED-Consideration is being given to a plan to submit $450.000
county building program bonds to a vote of the people on Aug. 13.
KERSHAW SCHOOL DISTRICT,S.C.
-BONDS VOTED
-At a recent
election the issuance of $25,000 school building bonds was approved by
the voters.
KNOX TOWNSHIP (P. 0. Galesburg), III.
-BONDS VOTED-By a
vote of 316 to 36 residents of the township recently gave their approval to a
proposal that the township issue $40,000 road improvement bonds.
LAKE-MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO.
-BOND SALE DETAILS
28 (P. 0. St. Ignatius) Mont.
-In connection
with the sale of the $100,000 refunding bonds to the State Board of Land
Commissioners, as 33s at par-V. 140, p. 4437
-it is stated by the District
Clerk that the bonds are to mature on the amortization plan. He reports that
Edward L. Burton & Co. offered par on 3v,% bonds, and a group headed
by the Spokane & Eastern Trust Co.of Spokane. bid 101.86 on 4s.
LAKEVIEW SCHOOL DISTRICT, Tex.
-BONDS VOTED
-At an
election held on June 24 the residents voted, by 61 to 40 in favor of the
Issuance of $37,040 bonds, which together with a Federal grant applied for,
will be used to finance the construction of a school building.
-BOND ISSUANCE HALTED-The sale of bonds for
LAMONI, la.
construction of the proposed municipal electric light plant here has been
halted by a restraining Federal Court order.
The town's counsel has been directed to appear before Court at Des
Moines July 8 to show cause why a temporary injunction should not be
issued forbidding construction of the plant.
The Iowa Southern Utilities Co. filed suit May 18 contending that the
town cannot be granted a Federal loan and grant for a municipal light plant.
146
Financial Chronicle
-BOND OFFERING-Leo J. Bauer, Village Clerk,
LANCASTER, N. Y.
will receive sealed bids until noon (Eastern Standard Time) on July 8 for
the purchase of $20.861.18 not to exceed 6% interest coupon or registered
funding bonds. Dated July 1 1935. One bond for $861.18, others $1.000
each. Due July 1 as follows: $5,000 from 1936 to 1938 incl. and $5,861.19
in 1939. Bidder to name a single interest rate on all of the bonds, expressed
in a multiple of 3 or 1-10th of 1%. Principal and interest (J. & J.) payable
1
,
in lawful money of the United States at the Citizens National Bank, Lancaster. The bonds are direct general obligations of the village, payable from
unlimited taxes. A certified check for $400, payable to the order of the
village, must accompany each proposal. Approving opinion of Clay, Dillon
& Vandewater of New York will be furnished the successful bidder.
LATAH COUNTY HIGHWAY DISTRICT NO. 1 (P. 0. Moscow),
Ida.
-D. C. Burr, District Treasurer, is said to be
-BONDS CALLED
calling or payment at the First Trust & Savings Bank of Moscow. on
July 1, on which date interest ceased, 6% semi-ann. highway, series A
bonds. Denom. $1.000. Dated July 1 1920.
-BOND OFFERING-Barry E. Fetterolf, Borough
LEWISTOWN, Pa.
Secretary, will receive bids until 7:30 p. in. (Eastern Standard Time)
July 15 for the purchase of the following bonds to bear interest at 2%.
231%. 254%, 2.1%. 3%,3%
.%,3%%.3fi% or 4%:
4'
8.
$90,000 refunding bonds. Bids are desired on bonds to mature yearly on
Aug. 1 as follows: $35.000 1945; $10,000 1946; $5,000 1947 and
1948; $7,000 1949; $5,000 1950 to 1953. incl., and $8,000 1953; or
on bonds to mature in bulk on Aug. 1 1955, subject to call on and
after Aug. 1 1945.
50,000 municipal building bonds. Bids are desired on bonds to mature
on Aug. 1 as follows: $10,000 1945; $3,000 1947; $5,000 1949:
$3,000 1951; $5,000 1953, 1955, 1957, 1959 and 1961, and $4,000
1962: or on bonds to mature in bulk on Aug. 1 1965, subject to
call on and after Aug. 1 1945.
Denom. $1,000. Dated Aug. 1 1935. Interest payable Feb. 1 and
Aug. 1. Cert. check for 1% of amount of bonds bid for, payable to the
Borough Treasurer, required.
-1n connection with
LINCOLN, Neb.--BOND OFFERING DETAILS
the offering scheduled for July 8, of the $68,000 refunding bonds, reported
-it is stated by Theodore H.
in these columns recently-V. 140, p. 4106
Berg, City Clerk, that the bonds will bear interest at a rate not to exceed
3%, and the city reserves the right to pay all or any part of said issue
at any time after 10 years. Prin. and int, payable at the office of the County
Treasurer in Lincoln. The issuance of these bonds is authorized by resolution of the City Council and by the City Charter, especially Section 3 of
Article VII, and other similar sections.
-The issue of coupon refunding bonds
LINDEN N. J.
-BOND SALE
offered on July 3-v. 140 p. 4106
-was awarded to Adams dr Mueller, of
Newark, and Morse Bros. & Co. and Lobdell & Co. of New York, on a bid
of $312,898 for $308,000 3% bonds, equal to 101.59. a basis of about 2.82%.
Dated June 15 1935. Due yearly on June 15, as follows: $2,000 1940 and
1941; $10,000 1942; $25,000 1943 and 1944: $38,000 1945 and 1946: $43,000
1947 to 1949, incl., and $39,000 1950. Gertler & Co. of New York and
J. B. Ilanauer & Co. of Newark submitted a bid of $312,65.60 for $308,000
for 3.14;% bonds.
,
LINDEN UNION HIGH SCHOOL DISTRICT (P. 0. Stockton)
-At the election held on June 18-V. 140,
Calif.
-BONDS DEFEATED
-the voters defeated the proposal to issue $16.000 in gymnasium
P. 3940
construction bonds, according to the County Clerk.
LINN COUNTY SCHOOL DISTRICT NO. 87 (P. 0. Shedd) Ore.
BOND OFFERING-Sealed bids will be received until 8 p. in. on 'July 10,
by the District Clerk, for the purchase of a $9,500 issue of school bonds.
Interest rate is not to exceed 6%.;payable J. & j. Dated July 1 1935. Due
on July 1 as follows: $1,500. 1936 to 1941. and $500 in 1942. Prin. and
int. payable at the County Treasurer's office. The approving opinion of
Teal. Winfree, McCulloch, Shuler & Kelley of Portland, will be furnished.
A $500 certified check must accompany the bid.
LITTLE FALLS INDEPENDENT SCHOOL DISTRICT'(P. 0.
-BOND OFFERING-Sealed bids will be received
Little Falls) Minn.
until 2 p. m.on July 16, by E. V. Wetzel, District Clerk,for the purchase of
a $30,000 issue of coupon high school building addition bonds. Interest
rate is not to exceed 4)4%, payable annually on July 1. Denom. $5,000.
Dated July 1 1935. Due $5,000 from July 1 1937 to 1942 incl. Prin. and
int. payable at the office of the City Treasurer. Bonds shall not be sold for
less than par and accrued interest. A certified check for 1% of the bonds
shall be required with all bids.
Financial Statement (As of June 29 1935)
$125,000.00
Total bonded debt (including this issue)
4,032.20
Sinking fund for payment of bonds
None
Floating debt
1,555,997
Assessed valuation, realty only
1,617,954
Total assessed valuation
4,044,880
Actual valuation, total (est.)
37.00
Tax rate per $1,000
Population 1930 census, 5,014: present (est.) same.
LLEWELLYN SCHOOL DISTRICT (P. 0. Los Angeles), Calif.
-An election is stated to have been called for Aug. 5, to
BOND ELECTION
vote on the issuance of $50,000 in school bonds.
-F. D. McLean, City Treas-BOND OFFERING
LOCKPORT, N. Y.
urer, will receive sealed bids until 10 a. m. (Eastern Standard Time) on
July 12 for the purchase of $18,000 not to exceed 6% interest coupon public
library bonds. Dated July 11935. Denom. $1.000. Due $2,000 on July 1
from 1937 to 1945 incl. Bidder to name a single rate of interest on the
issue, expressed in a multiple 'of )1 or 1-10th of 1%. Principal and interest
(J. tz J.) payable in lawful money of the United States at the City Treasurer's office. A certified check for $360 must accompany each proposal.
Approving opinion of reputable attorneys will be furnished by the city
upon request.
LOGAN, Utah-BOND OFFERING-The 3100,000 4% coupon electric
light and power plant revenue bonds recently authorized by the City Commission. as stated in V. 140, p. 4272, are being offered for sale on July 5,
on which date City Auditor H. R. Pedersen will receive bids until 6 p.
Denom. $1,000. Dated May 1 1935. Prin. and semi-ann. int. May 1
and Nov. 1, payable at the Guaranty Trust Co.. New York. Due $10,000
yearly from 1938 to 1947. incl. Legal opinion by Chapman & Cutler,
Chicago.
-BOND OFFERING-Frank Braze, City Clerk,
LONG BRANCH, N. J.
will receive sealed bids until July 16 for the purchase of 3182,000 not to
0
exceed 5% interest refunding bonds of 1935. Dated Aug. 11935. Denom.
$1.000. Due Aug. 1 as follows: $10,000 from 1936 to 1943 incl.: $12,000
in 1944 and $15,000 from 1945 to 1950 incl. Rate of interest to be expressed in a multiple of ji or 1-10th of 1%. A certified check for 2% is
required. Legality to be approved by Hawkins, Delafield & Longfellow
of N. Y. City.
-FORMATION
LOS ANGELES COUNTY'P.O. Los Angeles), Calif.
-A petition is now before the Board
OF WATER DISTRICT PROPOSED
of Supervisors requesting the formation of a water district in the Walnut
Heights area. Toform the district,a bond issue of$30,500 will be necessary.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
-FEDERAL FUND BORROWING BILL SIGNED
Los Angeles), Calif.
The Governor is reported to have signed recently the Field bill permitting
this district to borrow money rum Federal or State a rencies without an
election when such borrowing is authorized by the Board of Supervisors,
the amount to be borrowed not to exceed $4,500,000 for 20 years, at 4)4%
interest.
LOUISIANA,State of-PRINCIPAL AND INTEREST PAYMENTSJess S. Cave. State Treasurer, has announced that funds aggreg eting $1,180,875 was deposited in paying agent banks to meet the following maturities
due July 1: Port Commission bonds, $474.000; Port Commission interest.
$507,525; New Orleans Levee District bonds. $113.000, and New Orleans
Levee District interest. $86,350.
-A
-BONDS OFFERED FOR INVESTMENT
LOUISIANA, State of
ivoup composed of Scharff & Jones. Inc.; Nusloch, Baudean & Smith, Inc.,
National Bank of Commerce. Lamar: Kingston, & Labouisse and Woolfolk.
Huggins & Shober, all of New Orleans, are offering for public subscription.
priced at 102.25 and int., $550,000 of the $2,000,000 issue of Confederate
Veterans' and Widows' Pension bonds that they purchased on June 25, as
-V. 140, p. 4438. This block of bonds matures
reported in these columns
July 6 1935
D. payaole in New York.
from 1943 through 1950. Prin. and int.
These bonds are registered as to principal and (or) interest. Legality to
be approved by Thomson, Wood & Hoffman of N. Y. City.
-The State Emergency Finance
-BONDS APPROVED
LOWELL, Mass.
Board has given the city authority to issue $100,000 welfare, soldiers' relief
bonds.
and Emergency Relief Administration
--MUNICIPAL LIGHT PLANT ADVOCATED-DeLOWELL, Mass.
claring that consumers in Lowell are paying electric rates almost the highest
in the entire country, City Counsellor Desmond of that city has asked
the House Rules Committee tor enabling legislation whereby the city
could apply to the Federal Government for Public Works Administration
funds to establish a municipal light plant.
-BOND
LOWVILLE SCHOOL DISTRICT (P. 0. Lowville), N. Y.
-The Board of Education will on July 9 place before the voters
ELECTION
proposed bond issue of 318.000 for school improvements.
for approval a
_ LOWER PENNS NECK TOWNSHIP SCHOOL DISTRICT (P. 0.
-The $65,000 5% coupon or registered
-BOND SALE
Salem), N. J.
-were awarded to C. C.
school bonds offered on July 2-V. 140, P. 4272
Collings & Co. of Philadelphia at a price of 104.167, a basis of about 1.72%.
Dated July 15 1935 and due July 15 as follows: $22,000 in 1936 and 1937
and $21,000 in 1938.
-BOND OFFERING-J. W. Lowry, Chairman.
McCAMMON, Ida.
Board of Trustees, will receive bids until 8 p. m. July 22. for purchase of
$16,000 general obligation coupon refunding bonds. Dated July 1 1935.
Denom. 81,000. Interest not to exceed 4.50%. Cer.ified check of 5%
required. Franklin Wells is City Clerk.
McKENZIE COUNTY (P. 0. Schafer), N. Dak.-BONDS AUTHORIZED-The County Commissioners have approved a plan to issue $407,000
in refunding bonds which will be dated July 1 and mature in 20 years. They
are to retire the present bonded indebtedness, take up outstanding taxanticipation certificates of indebtedness and to retire outstanding warrants.
-An ordinance has been
-BONDS AUTHORIZED
McPHERSON, Kan.
passed authorizing the issuance of Park bonds in the sum of $15,000 for
laud for park purposes and the improvement
the purpose of purchasing
thereof. Ellen Lundnrom is City Clerk.
-BONDS CALLED
MADISON COUNTY (P. 0. Jackson), Tenn.
It is stated by A. W.Wilde, County Judge,that the county by order of the
Quarterly Court called for payment on July 1, on which date interest ceased,
the following 4% bonds:
$150.000 road,series A bonds. Dated April 15 1903. Due on April 15 1943.
subject to call at any time after April 15 1933.
150,000 road,series 13 bonds. Dated April 15 1905. Due on April 161945,
subject to call at any time after April 15 1935.
Bonds should be presented either at the First National Bank, the Second
National Bank or the National Bank of Commerce, at Jackson, immediately. Principal with interest to date called will be paid.
MADISON SCHOOL TOWNSHIP (P. 0. Martinsville), Ind.-The $7,500 Walnut Grove school house
ADDITIONAL INFORMATION
Improvement bonds being offered for sale on July 13, as stated in V. 140,
-will be dated July 1 1935, bear 4% interest, in denoms. of $625.
P. 4438
and mature $625 July 1 1936; $625 Jan. 1 and July 1 from 1937 to 1941
incl., and $625 Jan. 1 1942. Bids will be received until 2 p. m. on July 13
by Lords F. 011eman, Township Trustee.
-$36,000,000 POWER PROJECT UNDER WAY
MAINE (State of)
Major Philip B. Fleming, U. S. A., chief of construction on the $36,000,000
of
Quoddy tidal power project, took over active directionof the work June 29
a $600,000 bridge.
and announced one of the first jobs would be erection
bridge would span a canal to be cut at the
Of the concrete-arch type, the
north end of this city, providing the only entrance from the ocean to Cobs.
cook Bay when the huge power plant has been constructed.
Major Fleming said the span would be built over dry land, tentative plans
calling for a length of 1,200 feet. It would be erected for automobile and
railroad traffic. Its height has not been determined. The bridge would
replace a section of main highway out of Eastport at "Carrying-Place."
to permit a headrace of powerful tides to rush through.
The contract for design of the bridge already has peen awarded, Major
Fleming said, to Svedrup & Purcell, of St. Louis, consulting engineers.
The task of erecting 250 to 300 houses for technical forces of the giant
project was another lob confronting Major Fleming and his aids.
-The Village
-PROPOSED BOND ISSUE
MAMARONECK, N. Y.
Board has authorized Attorney Anthony Sansone to arrange for the approval
by legal attorneys of $10,000 water main extension bonds.
-At the July 1 election the
-BONDS VOTED
MARINE CITY, Mich.
voters by 541 for to 85 against voted in favor of the issuance of the 360.000
waterworks bonds.
-BOND SALE
MARION COUNTY (P. 0. Indianapolis), Ind.
-were
The $32,500 refunding bonds offered en july 2-V. 140, p. 4106
awarded to the Indianapolis Bond & Share Corp. of Indianapolis as es, at
par plus a premium of $33.50, equal to 100.103, a basis of about 1.97%•
Dated July 15 1935 and due Dec. 15 as follows: $6,000 from 1936 to 1939
incl. and $8,500 in 1940. Second high bid of par and a premium of $15.50
for 2s was submitted by the City Securities Corp. of Indianapolis.
MARION COUNTY SCHOOL DISTRICT NO. 79 (P. 0. Turner),
-The 38.000 issue of funding bonds offered for sale
-BOND SALE
Ore.
-was awarded to the Baker, Fordyce Co. of
on June 24-V. 140, p. 4272
Portland as 3)(s, at a price of 100.28, a basis of about 3.70%. to maturity.
Dated June 15 1935. Due from June 15 1936 to 1943, optional on June 15
1937.
-An 38,000 issue of 5)4% waterworks
MARION, Ky.-BOND SALE
refunding bonds was purchased recently by the Bankers Bond Co.. Inc.,
of Louisville. Denom. $1,000. Dated May 15 1935. Due on May 15 1955.
Interest payable at the First National Bank in Louisville. Legal opinion by
Woodward, Hamilton & Hobson, of Louisville.
-GOVERNOR RECOMMENDS $35.MASSACHUSETTS (State of)
-Governor Curley, addressing a joint
000.000 BOND ISSUE PROGRAM
Convention of the House and Senate on July 1. recommended a $35,000.000
bond issue for a construction program, allocated as follows: Public works,
$13,000,000; mental diseases. $12,000,000; war memorial building,$250,000;
State House addition, $150.000; public .welfare, $1.000,000; education.
$1,000.000: public health, $500,000; public safety, 5500,000. In his speech
he allocated $4,000.000 of the public works money to the installation of
sidewalks along State highways which, he said, would protect pedestrians,
would offer employment to 5,000 men for eight months, and would greatly
benefit the granite industry. This industry, he said, has suffered to a large
extent in Rockport, Quincy, Westford, Uxbridge and Chester.
The Federal Government, he says, has allocated $7,433,000 for gradecrossing elimination. It will be necessary for about $4,000.000 to be allocated by the State to meet the requirements of the Federal Government.
in connection with this expenditure.
To cover the cost of protecting Commonwealth Pier from marine worms
about $500,000 would be required, he said.
"It is my desire," sale. the Governor,"that the construction program as
here presented be financed by the issuance of serial bonds, these bonds.
and the interest, to be paid from the gasoline tax. This is the same method
which was followed by my predecessor in financing the construction program
undertaken in 1933 and 1934.
"I recommend also that these serial bonds have the same term as those
which were issued to finance that program. As was then provided, bonds
issued to finance the construction of roads and bridges will have a maximum
term of five years and bonds issued to finance the construction of buildings
will have a maximum term of ten years.
"By adhering to the 1933-34 plan of issuing such bonds for a relatively
short term,the Commonwealth will be able to obtain very low rates of interest. Revenues from the gasoline tax will be adequate to retire bonds for
this program without increasing the gasoline tax above the present rate. It
will, of course, be necessary to extend the present law with regard to the
third cent of taxation upon gasoline."
Public hearings on the Curley proposals were started before the Ways
and Means Committees on July 2 at the State House.
-A saving
-BOND REFUNDING CONTRACTED
MARYSVILLE,Kan.
-payers
of approximately 341.300 in Interest was realized for the city's tax
recently when the City Council contracted for the refunding of $59.232
Marysville storm sewer bonds. The new bonds are to bear 2)4% interest
and mature in 10 years. Joint purchasers of the issue were Small-Milburn
Co., Wichita, and the Columbian Securities Corp., Topeka.
Volume 141
Financial Chronicle
MATTOON TOWNSHIP (P. 0. Mattoon), III.—BOND ELECTION—An election is to be held on July 19 for the purpose of voting
on the question of issuing $25,000 floating debt funding bonds.
MAVERICK COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. 0. Eagle Pass), Tex.—BONDS VOTED—At the
election held on June 24—V. 140, p. 4272—the voters are said to have
approved the issuance of the $1,858,000 in various irrigation purpose bonds,
for which amount the Public Works Administration is reported to have
authorized an allotment.
The voters are also said to have approved the issuance of $2,000,000 in
4% refunding bonds to retire an original 6% issue. The cancellation of the
unissued portion of the bonds, amounting to $1,476,000, was also approved,
according to report.
MAYVILLE SCHOOL DISTRICT, N. Dak.—BOND ELECTION—
Walter Nelson, School Clerk, announced recently that a special election will
be held on July 16 to determine issuance of $30,000 school building bonds.
MEADOW LAKE UNION HIGH SCHOOL DISTRICT(P.O.Fresno),
Calif.—CORRECTION—It is stated by P. V. Hart, Deputy County Clerk,
that our recent report to the effect that an election would be held on Jun.
11 to vote on the proposed issuance of $25,000 in school bonds—V. 140, pt
3941—was incorrect as there is no such district in Fresno County.
METUCHEN SCHOOL DISTRICT, N. J.—BONDS DEFEATED—As
an election held on June 25 the residents defeated a proposal to issue bonde
to finance the erection of a new high school.
MIDLAND CITY SCHOOL DISTRICT, Mich.—BOND ELECTION—
A special election for the authorization of issuance of $282.000 high school
building bonds will be held on July 16. These bonds had been previously
approved by the voters, but the election was found to have been irregular,
necessitating a second ballot on the question.
MINNEOLA, Kans.—BOND OFFERING—Sealed bids will be received
by G. B. Shiveley, City Clerk, until 10 a. m. July 9, for the purchase of all
or any part of an issue of 4%% refunding bonds in the sum of $11,000.
Dated July 15 1935. Denom, 3500. Interest payable semi-annually on
Jan. 15 & July 15. Due $1,500 yearly on July 15 from 1936 to 1941, incl.,
and $2,000 July 15 1942.
MONACA SCHOOL DISTRICT, Pa.—BOND SALE—The $30.000
coupon bonds offered on July 1—V. 140, p. 4273—were awarded to S. K.
Cunningham & Co. of Pittsburgh as 3%s for a premium of $255, equal to
100.85, a basis of about 3.33%. Due $3,000 yearly on July 1 from 1936
to 1945 incl..
MONMOUTH COUNTY (P.O. Freehold), N. J.—BOND REFINANCING CO Nl'E PGA TED—A special dispatch from Freehold to the New York
"Times" of July 5 reported as follows on a bond refinancing program
proposed for this county, as set up by a New York City investment house:
"A program of refinancing to put Monmouth County on a cash basis and
provide budget relief from present debt service charges was taken under
consideration by the County Board of Freeholder's here to-day.
The plan, proposed by B.J. Van Ingen & Co. of New York, bond dealers.
calls for the floating of $3,654,000 of bonds. This would meet immediate
cash requirements of the county of $1,654,000 and provide for refunding of
$2,000.000 of bonds maturing within the next eight years.
Under the proposed program, the county would redeem $300,000 in outstanding scrip, which remains from periodic 5% interest-bearing issues
amounting to more than $2,000 000 in the past three years. It would also
eliminate the necessity for future issues of scrip. At present all county
employees and concernsfurnishing materialsfor county use are paid by scrip.
The Van Ingen plan which calls for a 25-year bond issue at 4%% was advocated by Frederick P. Reichey, Director of the Board of Freeholders who
declared the county would save from $12,000 to $15,000 yearly in interest
charges in addition to strengthening its credit structure:
"He also said that under the plan, bond maturities amounting to $250 000
yearly and falling due annually from 1936 to 1943 could be met without
difficulty. Final approval of the plan is contingent upon a conference next
week between the Board of Freeholders and Representatives of the Monmouth County Banking Association, whose member institutions hold a
considerable quantity of the county's notes."
MONMOUTH TOWNSHIP (P. 0. Monmouth), Ill.—BONDS VOTED
—A proposal to issue $10,000 bridge and culvert repair bonds was approved by a vote of 247 to 74 at an election held on June 25.
MONROE COUNTY (P. 0. Bloomington) Ind.—BOND OFFERING—Sealed bids will be received until 2 p. m. July 15 1935 for the purchase of $160.000 43.70 poor relief bonds. Denom. $1,000. Maturing
In 20 eqp.al series each series composed of eight $1,000 bonds. Bidders
must name the rate of interest in multiples of ;1% not exceeding 4
Interest payable semi-annually on June 1 and Dec. 1. Bids must %.
be
made on a form supplied by the County Auditor and must be addressed:
Bid for Monroe County Advancement Fund Bonds. Certified check for
3% of the par value of the bonds must accompany each bid. Legality
approved by Matson, Ross, McCord and Clifford of Indianapolis.
MONTANA (State of)—WATER BOARD'S BONDS ATTACKED—
An injunction suit has been filed in
Supreme Court to test the validity
of bonds that may be issued by thethe
State Water Conservation
delivered to the Government to secure principal and interest on aBoard and
grant and
loan of $5,000,000 which have been applied for by the Board to the Federal
Public Works Administration, according to the Helena "Record-Herald"
of June 29, which continues:
"The action, an injunction proceeding, was filed by John Normile and
L. E. Grewell, residents of Carbon County and taxpayers and prospective
water users buying water from the Rock Creek Water Users' Association.
which will distribute the water from the Rock Creek project, a contract
for the first unit of which has been laready let to the Utah Construction
Co. of Ogden. Utah, for $470,121.32.
The men named bring the suit for themselves and all persons in like
circumstances, and the defendants are Governor Frank H. Cooney, as
Governor and Chairman of the Board, the members of the Board and the
Water Users' Association. The prayer of the complaint asks
defendants be enjoined from accepting the loan and grant from thethat the
Government; from issuing bonds to pay for the loan; from carrying out any of the
projects contemplated under the expected grant and loan of $5,N0,000,
and from requiring the plaintiffs to pay for water on terms laid down under
the project.
" is alleged in the complaint that the proposed steps to be taken by
It
defendants to carry out the proposed irrigation projects are invalidthe
or
unconstitutional from several standpoints, and the complaint contains about
50 pages of typewriting.
'The complaint goes at great length into the processes and proceedings
proposed to be followed by the Water Board and the Water Users' Association, and alleges that many of the contemplated steps are in violation of the
law.
"It is understood that the purpose of the suit is to secure a Supreme
Court
decision upon the validity of the bonds to satisfy the PWA."
MONTOUR SCHOOL DISTRICT, Iowa.—BOND ELECTION—The
School Board has decided to call an election for July 9 to submit to the
voters a proposal to issue $25,000 school building bonds.
MONTEREY COUNTY (P. 0. Salinas), Calif.—BOND ELECTION
PLANNED—The Board of Supervisors have made tentative plans to submit
a proposed $200,000 court house construction bond issue to a vote of the
people on Aug. 13.
MORGAN COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Weldona)'
Colo.—BOND CALL—We are informed that bonds numbered 1 to 28. and
31 and 32, in the amount of $500 each, all bearing 434% interest, are being
called for payment at par,interest to cease July 29,at the office of Bosworth,
Chanute, Loughridge & Co. of Denver. Dated April 1 1917, optiona
April 1 1932, due on April 1 1947.
MORGANTON, N. C.—NOTE SALE—A $12,000 issue of 6% tax
anticipation notes is reported to have been purchased by the First National
Bank of Morganton.
MOSCOW SCHOOL DISTRICT (P. 0. Moscow), Kan.—BONDS
VOTED—It is reported that the voters recently approved the issuance
of $15,000 in grade school bonds.
MOUNTAIN IRON, Minn.—BOND OFFERING—The Village
recently announced that sealed bids would be received until 7:30Council
P. m„
July 15 1935 at the Village Clerk's office for the purchase of $58.000 refunding bonds, each bid designating the price and the amount offered for
these bonds and also the rate of interest these bonds shall bear not to exceed
147
6% semi-annually. This rate of interest so designated in each bid shall
become a part thereof. A certified unconditional check for $1,000, payable
to the order of Jalmer Lundgren, Village Treasurer must accompany each
bid. Attention is called to the fact that all bonds must bear the same fixed
rate of interest
MURFREESBORO, N. C.—BONDS APPROVED—The Local Government Commission is reported to have approved recently the issuance of
$8,500 in 6% refunding bonds, to take care of part of a $10,000 issue at
the same rate.
NANTICOKE, Pa.—BONDS AUTHORIZED—Nanticoke City Council
in special session recently passed'on third and final reading the ordinance
providing for the issuance of a 560,000 bond issue. Following the reading,a
resolution authorizing the sale of the bond issue was passed.
NASHUA, N. H.—LOAN OFFERING—Nashua will receive bids until
10. a. m. (Eastern Standard Time), July 8, for purchase at discount of a
temporary loan of $50,000 dated July 9 and payable May 10 1936.
NAVAJO COUNTY (P. 0. Holbrook), Ariz.—BOND OFFERING—
Sealed bids will be received by Chester Sharar, Clerk of the Board of
Supervisors, for the purchase of two issues of bonds aggregating $36,500,
divided as follows:
$32,000 4%% funding bonds. Due $2,000 from July 1 1941 to 1956 incl.
A certified check for $2,500 must accompany the bid.
4.5004% building bonds. Due $500 from July 1 1936 to 1944 incl.
A $100 certified check must accompany the bid.
Dated July 1 1935. Principal and interest (J. & J.) payable at the
County Treasurer's office.
NEWBURYPORT, Mass.—BONDS AUTHORIZED—The City Council
has recently passed an order authorizing the issuance of $275,000 bonds for
construction of a new high school.
NEWCOMERSTOWN, Ohio—BOND ELECTION PLANNED—The
Village Council has decided to submit a proposed $25,000 municipal building
bond issue to the voters at the August primary election.
NEW JERSEY
-2% SALES TAX BECOMES EFFECTIVE—The 207
sales tax law, enacted at the recent legislative session to raise an estimated
$20,000,000 a year for the relief of unemployed in the State, went into effect
on July 1, although it was reported that at that time less than half of the
estimated 90.000 retail dealers had obtained the licenses required by law.
It is said that the Anti-Sales Tax Committee and the New Jersey State
Taxpayers' Association are continuing their campaign without abatement
to have this new law wiped off the statutes as soon as possible. A suit
was instituted on June 27 by a Camden department store to have the law
reviewed and its constitutionality argued. A writ was signed by Supreme
Court Justice Frank T. Lloyd. directing the petitioners to appear in court
on Oct. 17 to argue the case. It was charged in the petition for the writ
that the sales tax law contains 12 violations of the Federal and State
constitutions.
NEW JERSEY (State of)—NEW OFFERING OF $2,500,000 PORT
BONDS—The State is expected to issue a new call for bids until July 9 on
the $2,500,000 3% series le Port of New York Authority bonds, due March 1
1941, for which no tenders were received at a previous offering on June 25.
At that time it was reported that the State would dispose of the loan
Privately. A special Act authorizing private sale of the ooligations was
signed by Governor Hoffman on July 1, according to report. The measure
stipulates that the bonds be sold at not less than par and accrued interest.
The absence of bids at the initial offering on June 25 was not an adverse
reflection on the credit rating of either the State or the Port Authority but
was dictated wholly by a difference of opinion between officials of the Port
Authority and investment bankers as to the nature and extent of the
security pledged for repayment of the loan. The situation in that regard
is believed to have been fully clarified and it is not expected that the State
will encounter any further difficulty in selling the bonds.
NEW LONDON, Ohio—BOND ELECTION AUTHORIZED—The
Village Council has passed a resolution authorizing the holding of an election at which the voters would be asked to approve the issuance of $25,000
electric light and power system bonds.
NEW SHARON SCHOOL DISTRICT, lows—BOND ELECTION—
The Secretary of the Board of Education reports that an election will be
held on July 24 to vote on the question of issuing $5,000 gymnasium building
bonds.
NEW YORK CITY—BOARD OF ESTIMATE DEFEATS MAYOR'S
POWER PLAN—The plan of Mayor F. H. La Guardia for a plant to compete with the electric units of the Consolidated Gas Co. in the city, was
again defeated by the Board of Estimate on June 28. By a vote of seve
for," five "against" and four "not voting, the Board rejected the Mayor's
"
motion to ask the Federal Government for $45,000,000 with which to construct the plant and transmission system. This motion had been defeated
by the Board a short time ago,then it was moved to reconsider if the public
was given a hearing. This was done a short time ago and the Board's disapproval was again forthcoming.
The Mayor is said to have told the Board that as soon as the details of
plans are complete, he will ask the Municipal Assembly to authorize a
referendum vote of the people on his project.
NEW YORK N. Y.—BANKS REDUCE INTEREST RATE ON TAX
LOANS—The city-wide banking group that has been financing the city's
tax anticipation loan requirements since the fall of 1933 has agreed to a
reduction in the Interest rate of from 3% to 2%% on borrowings by the
city in anticipation of the codection of taxes for the second half of 1935.
Agreement on the lower rate was reached June 28 following a series of
conferences on the subject attended by representatives of the banking
group and City Comptroller Frank J. Taylor. The meetings were held
at the offices of J. P. Morgan & Co. of New York, agents of the banking
group. In addition to the cut in interest rate, the bankers also agreed to
several changes in the provisions of the 4
-year credit compact under which
loans to the city are made. Comptroller Taylor estimated that the lower
Interest and other concessions will result in a saving to the city of about
$270.000 in interest charges. Loans made to the city against tax collections are secured by revenue bills which, if not paid from taxes, are exchanged by the bankers for 3% three year revenue notes. Under the
agreement reached with the bankers on June 28 notes issued subsequent to
July 1 1935 will be redeemable at three month intervals on 10 days notice,
as against the original plan of calling them for retirement only every six
months on 30 days' notice. The city was unable to secure a concession
from the 39' interest paid on toe revenue notes.
ANNOUNCES INTENTION TO SELL $38,000,000 BONDS—Official
notice of the intention of the city to make public offering soon of $38.000,000
corporate stock and serial bonds appeared in the July 3 issue of the City
Record. The sale will consist of$25,000,000 corporate stock and $13,000,000
serial bonds. As the law requires 10 days' advance notice of a proposed
sale, it would appear that bids on the projected financing will be received
possibly about July 16. It is further required that specific details of the
offering be made available for at least three days prior to the oper ing of
tenders. Proceeds of the impending borrowing will be used to take up
corporate stock notes iseued for rapid transit, water supply, docks, schools
and various other municipal purposes. Announcement of the proposed
sale follows shortly on completion of an agreement with the city and its
bankers under which loans contracted against taxes due in the second half
of 1935 will bear 2%% interest as compared with a rate of 3'7 previously
0
paid on such loans. This substantial concession furnished further proof
of the high credit rating now enjoyed by the city and augurs well for the
complete success of the long-term financing now foreshadowed.
NEW YORK (State of)—PLANS SALE OF 550,000.000 NOTES—
State Comptroller Morris S. Tremaine plans to come to market with an
issue of approximately $50,000,000 short-term notes within a week or so.
according to report. Proceeds of the financing would be used for ordinary
budgetary requirements, it is said. The Comptroller conferred with representatives of large New York banking institutions on July 1 and was
Informed that an offering by the State at this time would be extremely
welcome, in view of the current demand for high-grade municipal liens.
Mr. Tremaine was advised that the present excellent market conditions
afforded the State an opportunity to borrow on eigher notes or bonds at very
favorable terms. In commenting on the possibility of an early gale by the
State, Mr. Tremaine took the occasion to again emphasize the excellent
condition of the finances of all of the municipal units in the State. His
remarks on the subject, according to the New York "Times" of July 2.
were as follows:
"People are taking refunding loans at substantially lower interest rates
to-day, and this looks like a good time for such opezations. Finances of all
counties and cities in the State of New York are in excellent condition.
148
Financial Chronicle
There is only one New York State Municipality in default, and this default
will be cleared up before the end of the year. Out of the hundreds of millions
of city and county bonds outstanding, only a $25,000 loan is in default.
"It is significant, as a measure of strength of municipal credit in this
State, that the State's retirement system fund, in which $58,000,000 is
invested on a 4.7% average yield, has not a single penny in delinquency of
interest or principal. Tax collections are improving all over the State
and the bonds of all counties are picking up."
-BOND ELECNINETY-SIX SCHOOL DISTRICT NO. 13, So. Car.
TION
-An election will be held on July 9 at which the residents of the
District will be asked to approve the issuance of $35,000 school building
bonds.
-A. 51, Lloyd,
-BOND OFFERING
NORTH BALTIMORE, Ohio
Village Clerk, will receive bids until noon July 27 for the purchase at not
less than par of $100,000 5% coupon water works system bonds. Denom.
$1,000. Dated May 1 1935. Interest payable May 1 and Nov. 1. Due
$2,000 each six months from May 1 1936 to Nov. 1 1960, incl. Bids may
be based on an interest rate lower than 5%,expressed in a multiple of 3c,%.
Certified check for $3,000, payable to the village, required.
NORTH BEND, Ore.
-BONDS NOT SOLD-The issue of $36,000 534%
-were not sold, as no
refunding bonds offered on June 25-V. 140, p. 4274
bids were received.
-BONDS AUTHORIZED-The City Council
NORTH CHICAGO, III.
has recently voted the issuarca of $200,000 water works bonds.
NORTHWEST TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Edon), Ohio
-BOND OFFERING-Bids will be received until 9 P. m.
July 22 by Roy H. Miller, Clerk of the Board of Education,for the purchase
at not less than par of $5,421.41 4% floating debt funding bonds. Denominations one for $471.41 and nine for $550. Interest payable semi-annually
on Feb. 1 and Aug. 1. Due $471.41 Aug. 1 1936 and $550 each six months
from Feb. 1 1937 to Feb. 1 1941 incl. Certified check for 1% of amount
of bonds bid for, required.
-An ordinance to issue
-BONDS AUTHORIZED
NORWOOD, Ohio
$5.000 446% improvement bonds, dated April 1 1935 and due $1,000 on
Oct. 1 from 1936 to 1940 incl., was passed by City Council on June 17.
Denom. $1,000. Principal and semi-annual interest payable at the First
National Bank of Norwood.
NORWOOD AND YOUNG AMERICA SCHOOL DISTRICT Minn.
-According to J. J. Fahey, Clerk of the hoard of
-BOND ELECTION
Education, an election will be held on July 9 to vote issuance of $40,000
gymnasium and auditorium bonds.
-Three ordinances author-BONDS AUTHORIZED
NUTLEY, N. J.
izing the issuance of $60.000 water. $18,837.50 sewer and $37,127.89
improvement bonds have been finally passed by the Board of Commissioners
of the town of Nutley.
-BOND OFFERING-William P. Rugbee, Village Clerk,
NYACK, N. Y.
will receive sealed bids until July 15 for the purchase of $25,000 not to exceed 6% interest coupon street improvement bonds. Dated July 1 1935.
Denom.$500. Due $2,500 on July 1 from 1936 to 1945 incl. Bidder to name
a single interest rate on all of the bonds, expressed in a multiple of ji or
payable in lawful money of
1-10th of 1%. Principal and interest (J. &
the United States at the Nyack Bank & Trust Co., Nyack. A certified
check for 2%, payable to the order of the village, must accompany each
proposal. Legality to be approved by Hawkins, Delafield & Longfellow
of New York.
.
,
-J. H. Lande City Clerk,
-BOND OFFERING
OCEANSIDE, Calif.
is asking for bids on the purchase of $45,000 swimming pool bonds.
-BONDS TO BE ISSUED-Refunding bonds
(State of)
OKLAHOMA
to retire Oklahoma's present outstanding non-payable State warrants
will be issued just as soon as possible after the deficit of 1934-35 can be ascertained, Gov. E. W. Marland recently announced.
Members of the State Board of Equalization discussed the refunding bill
adopted by the last Legislature at their meeting, but took no action on a
suggested line of procedure submitted by Randell Cobb, First Assistant
State Attorney-General.
-REPORT ON PROPOSED WARRANT REOKLAHOMA, State of
-We are informed by Randell S. Cobb, Assistant Attorney
FUNDING
General, that the State Board of Equalization has tentatively decided to
refund the outstanding State warrants for the past two fiscal years by the
Issuance of refunding bonds which would be exchanged for the warrants as
of Sept. 30 1935. A report was submitted to the Board recommending the
sale of the refunding bonds but the said recommendation was not adopted
by the Board. He states that it is expected formal resolutions will be passed
by the Board providing for the issuance of refunding bonds.
-At the election held on
ORANGE CITY, IOWA-BONDS VOTED
June 26, the people voted by 514 to 179 in favor of a proposal that the
town issue $20,000 town hall bonds.
ORCHARD PARK UNION FREE SCHOOL DISTRICT No. l(P. 0.
-Unsuccessful bids for the $69,000
-OTHER BIDS
Orchard Park), N. Y.
school building bonds awarded to the Manufacturers & Traders Trust Co.
3.10s, at par plus a premium of $233.91. equal to 100.338,
of Buffalo as
a basis of about 3.03%, as stated in V. 140, P. 4440, were as follows:
Premium
Rate Bid
Bidder$407.10
3.70%
Bacon, Stevenson & Co
144.90
3.90%
Geo. B. Gibbons & Co
207.00
3.50%
Bancamerica-Blair Corp
289.80
3.50%
J.& W.Seligman & Co
55.20
3.25%
HaLsey. Stuart & Co
17.00
3.20%
Gentler & Co
285.66
3.40% •
Marine Trust Co
-BOND OFFERING-It is announced by Rufus C.
OREGON, State of
Holman, State Treasurer, that he will receive sealed bids until July 18, for
tentative
the purchase of $4,200,000 in highway bonds. (This confirms the4440.)
-V.140. p.
report of the offering noted in these columns recently
-It is stated by Mayor Timberlake
-CORRECTION
OVERTON, Tex.
that the report carried in these columns early in May. to the effect that the
Legislature had approved a bill providing for $438,000 in refunding bonds
-wasincorrect as the city does not intend to issue any bonds.
V. 140. p. 3087
-BOND ELECTION
OWYHEE COUNTY (P. 0. Silver City), Ida.
purpose
The County Commissioners will hold an election on July 16 for the the sum
proposition of issuing negotiable coupon bonds in
of voting upon the
of 310,000, bearing interest at not to exceed 3% per annum. J. H. Nettleton is County Clerk.
-An issue of
PAOLA SCHOOL DISTRICT, Kans.-BOND SALE
$35,000 234% grade school building bonds has been sold to the State
School Fund.
-BOND ELECTION
PENELOPE ROAD DISTRICT, Hill County, Tex.
-The County Commissioners' Court has ordered an election to be held on
July 27 to vote on a proposed $25,000 bond issue for roads.
-TREASURY FUNDS DECREASE
PENNSYLVANIA (State of)
The Treasury reported July 1 that the State spent about $6.000,000 more
than it received last month. Receipts were $30,613,855 and expenditures
$36,110,827. The balance at the close of the month was $35,263,832,
compared with $40,760,804 on May 31.
The general fund, from which current expenses are paid, contained
May, and
36.365,719, compared with more than $8,000,000 at the end of and mainthe motor fund, which is drawn upon for highway construction
$4,673,613. compared with more than $6,000,000 May 31.
tenance, had
-Mayo: J.
-310.000.000 DEFICIT FORECAST
PHILADELPHIA, Pa.
Hampton Moore at a cabinet meeting, June 28, forecast a deficit of $10,budget at the end of 1935. He
000,000 in the $83,422,651 city-county
Instructed department heads to continue the policy of economy and retrenchment, pointing out tha4 the present budget was passed by city council
over his veto.
-On July 9 the voters will be asked
-BOND ELECTION
PHILO. Ohio
to approve the issuance of $12,500 water works bonds.
"nTM
-BOND OFFERING-Sealed bids will 1:7;:ce'
PHILMONT, N. Y.
until 1 p. m. (Daylight Saving Time) July 15 by Mrs. Ruth M. White,
Village Clerk, for the purchase of $10,000 4% registered floating debt
Prin. and
retirement bonds. Denom. $1,000. Dated July 20. 1935. Due
$1,000
ann. int. (July) payable at the Village Treasurer's office.
20from 1937 to 1946 incl. Certified check for $200 required.
yearly on July
July 6 1935
-A block
PIERCE COUNTY (P. 0. Rugby), N. Dak.-BONDS SOLD
of $444,000 43 % refunding bonds has been disposed of. Dated June 1 1935.
Interest January and July. Due July 1 1945.
PINE BLUFFS SCHOOL DISTRICT, Wyo.-BONDS REFUNDED
The district authorities have arranged with the State of Wyoming, holder
of $80,000 bonds of the district for refunding of the obligations at a lower
interest rate, resulting in a saving of $7,600 in interest charges over the life
of the bonds.
-BOND
PISCATAWAY TibWNSHIP (P. 0. Piscataway), N. J.
SALE
-The $98,000 coupon or registered refunding bonds unsuccessfully
offered on May 28, as stated in V. 140. P. 3758, have since been sold as
53.is, at par, to Leach Bros., Inc. of New York. Dated May 1 1935 and
due May 1 as follows: $2,000 from 1940 to 1949,incl. and $3,000 from 1950.
to 1975, incl. The bankers are re-offering the bonds for public investment
at prices to yield 5%. In their opinion, the obligations are legal investment for savings banks and trust funds in the State of New Jersey.
Financial Statement as Officially Reported Dec. 31 1934
$4,933.852
Assessed valuation 1935
$33,637
-School bonds
Bonded Debt:
98,000
Refunding bonds (this issue)
266,967
Floating debt
$398,604
Total gross debt
Population 1930 census, 5,865.
The above statement does not include school district debt in the sum of
$295,373 nor the over-lapping debt of the State or the county which have
the power to levy taxes upon property within the Township.
Tax Collections as of Dec. 31 1934
Percentage
Total Levy
Collected
Year$233,593.28
90.02'7
1931
82.03
242,705.35
1932
232,028.03
Q
71.33%
1933
62.18%
1934
-On June 26 a temporary
-TEMPORARY LOAN
PITTSFIELD, Mass.
loan of $250,000 was obtained from the Agricultural National Bank of
Pittsfield on a 0.45% discount basis. The notes will come due Dec. 5 1935.
-The $35,000 issue of
PLEASANT PRAIRIE, Wis.-BOND SALE
-was awarded to
road bonds offered for sale on June 27-V. 140, p. 4108
the Channer Securities Co. of Chicago. as 38, at a price of 98.55, a basis or
about 3.26%. Dated July 11935. Due from July 1 1936 to 1946. Coupon
bonds, to be printed by purchaser. The second highest bid was an offer of
97.714 for 3s. tendered by the Milwaukee Co. of Milwaukee.
-The $141,000 3% high school rePLYMOUTH, Wis.-BOND SALE
-were awarded to the
funding bonds offered on July 1-V. 140, p. 4275
Harris Trust & Savings Bank of Chicago for a premium of $6,087, equal to
104.317, a basis of about 2.46%. Dated July 1 1935. Due yearly on July 1
as follows: $8,000, 1936 to 1947 incl., and $9,000, 1948 to 1952 incl. T. E.
Joiner & Co. of Chicago offered a premium of $5,055.
-A
-BOND ELECTION
POST FALLS SCHOOL DISTRICT, Ida.
$9,000 bond issue to finance construction of an annex to high school and
remodeling of present building will be voted upon at special election July 13.
-CONFIRMATION OF BOND .AUTHORIZAPORTLAND, Ore.
-The Deputy City Auditor confirms the report carried in these
TION
columns recently that the City Council authorized the sale of $6,000,000
sewage disposal plant bonds, and he states that it is not the intention of'
the Council to dispose of these bonds in the near future.
-BOND
POTLATCH HIGHWAY DISTRICT (P. 0. Potlatch), Ida.
-The following described bonds are called for redemption as of July 1:
CALL
Bonds No. 9 to 20, series A, denom. $1,000 and int. at 6%.
Bonds Nos. 16 to 45, series E. in denom. $500, int. at 5)4%.
Bonds Nos. 46 to 68 and 70, 72, 74, 76, 78. 80, 82, 84, 86, 88, 90, 92,
96, 98 and 100 to 150 of series Bin denom. of $500, int. at 5 N %.
Bonds are redeemable at the Potlatch State Bank, in Potlatch, or in New
York.
-The Village Council has called
-BOND ELECTION
ROMEO, Mich.
an election for July 8 to give the residents an opportunity to vote on a
proposition to issue $12,000 bonds for street impts.
POTTAWATTAMIE COUNTY (P. 0. Des Moines), Iowa-BOND
-It is reported that on June 24 Jackley & Co. of Des Moines, purSALE
chased $75,000 funding bonds as 3fis. The authorization of these bonds
-V. 140, P. 4275.
was reported in these columns recently
PRINCE GEORGES COUNTY (P.O. Upper Marlboro), Md.-BOND
ISSUANCE AUTHORIZED-The County Board of Education has decided
to float an issue of $165,000 bonds in the open market, rather than sell the
securities to the Federal Government, as originally planned.
-BONDS AUTHORIZED-The City Council on
PROVIDENCE, R. I.
June 28 approved legislation authorizing the issuance of $300,000 highway
bonds.
PUBLIC WORKS ADMINISTRATION-PRESIDENT ROOSEVELT
-The folAPPROVES 41 GRANTS FOR CONSTRUCTION PROJECTS
lowing release (No. 1464) was made public by the above-named Federal
agency on June 27:
"Approval by the President of grants from the new works fund totaling
$19,536,662 for 41 local non-Federal construction projects was announced
to-day. These projects were recommended to the President by the Advisory
Committee on Allotments.
"The grants, to cover 45% of the cost of the projects, were made to
the PWA, which will handle all details of drawing up the necessary contracts, supervising construction and disbursing funds.
"In some instances recipients of the grants also request PWA Government loans for the balance of the cost of their projects above the grant
of 45% and PWA will make such loans where borrowers qualify from
funds remaining from the old appropriations for public works and from
funds derived from operation of its revolving fund. In other instances
the non-Federal bodies receiving the grants supply the balance of the
funds necessary for the projects from their own resources."
The President approved grants for the following _projects:
Amount
Purpose
Municipality319,636 Sanitary trunk and storm sewer
Ida
Washington Co.Sch.Dist.construction
59,4
St. Georde, Utah
2,454 Dirt street surfacing
Herrick, Ill
94,050 Grade school building
Frankfort, Ky
9,409 Waterworks system improvements
Northville, Mich
45,409 Sanitary sewer system construction
Malden, Mo
8,541 Athletic field construction
Palestine, Tex.,Ind. S.D
19,636 Waterworks system construction
Pine Grove, W. Va
County, Wash_ _ - 55,575 Highway bridge construction
Skagit
24,136 Board ofFlood Irrigation-construction
McHenry Co., N. Dak
13,500 Waterworks system construction
Bryson, Tex
15.954 Flre house and comfort station consten
Davenport, Iowa
223,020 Memorial auditorium construction
Bridgeport, Conn
96,750 High Sch. Dist. No. 61, bldg. constr'n
Decatur, Ill
180,000 Indiana Univ. administration building
Bloomington, Ind
18,000 Waterworks system construction
New Madison, Ohio
-347,400 Recreational facilities
Allegheny County,Pa_
427,500 Vertical lift bridge construction
Chicago, Ill
34,525 School building addition
Greenwich, Conn_
45,000 Drainage ditch improvement
Caldwell, Ida_ __ _
11,045 Waterworks system improvement
Amity. Ore
36,000 Waterworks system construction
Fla
Belle Glade,
26,181 Waterworks system construction
Charleston, Ark- 19,227 Waterworks system construction
Hamden. Ohio
14,727 Waterworks system construction
Annona, Tex
57,465 Granville Co. hospital building
Oxford, N. C
irridation facl ts Citrus irrig. Dist.
47,250 Changler Heighiities
Chandler, Ariz_ _
93,681 Separation of sewers
Barrington, III
N. -(See report on these grants given in V. 140, p. 4439)
New York, N Y.
New Brunswick, N. J_ _263,045 Sewage disposal plant-sewer construc'a
8,181 Waterworks system construction
Hoxie, Ark
5,727 Natural gas distribution system
Hesston, Kan
17,590 Waterworks system construction.
Hutsonville, III
122,318 Waterworks system improvements
Beach, Fla_ _
Daytona
23,727 Waterworks system construction
Mt. Vernon, Ky
27,409 Waterworks system construction
Bluffs, Ill
-335,700 Trunk line sewer construction (system)
Webster Groves, Mo
100,700 Trunk line sewer construction (system).
Clayton, Mo
Volume 141
Financial Chronicle
The following loans, totaling $570,000, were
later by
above Federal agency. No grants are involved. announced were madethe
The loans
to
corporations ineligible for grants.
MunicipalityAmount
Purpose
Battle Creek, Mich
$200,000 Hospital building completion.
New York City (Bronx). 300,000 New York University power house and
educational building construction.
Wayneburg, Pa _
70,000 Greene County municipal hospital
construction.
QUEEN ANNE'S COUNTY (P. 0. Centreville), Md.-BOND
ING-The County Commissioners will receive bids until 11 a. m. OFFERStandard Time, July 16 for the purchase at not less than par of Eastern
coupon funding bonds, bearing no more than 4% interest. Denom.$75,000
$1,000.
Dated Aug. 1 1935. Principal and semi-annual interest (Feb. 1 and Aug. 1)
payable at the Centreville National Bank of Maryland, at Centreville.
Due $5,000 yearly on Aug. 1 from 1940 to 1954 inc.. Certified check for
of amount of bid, payable to the County Commissioners, required. 2%
The assessed valuation of property subject to
•County is $16,070.150. The total bonded debt taxation in Queen Anne's
of the county, including
this issue, is $165,000. The county is prohibited by law from borrowing to
an amount exceeding 5% of the total taxable basis.
QUINCY, Mass.
-BONDS APPROVED
-The State Emergency Finance
Board has given its approval to the proposed issuance of $200,000
bonds
secured by tax titles.
RAMSEY COUNTY (P.O. Devils Lake), N. Dak.-BOND ELECTION
-An election will be held on July 15 to vote upon the proposition
of issuing
110,000 court house building bonds. Total cost of building, $175,000.
Federal grant of 45% of cost of project will be applied for. J. 0.
Peterson
is County Auditor.
REDMOND, Ore.
-BOND SALE
-The $40,000 issue of 4% semi-ann.
refunding water bonds offered for sale on June
p. 4441
-was
awarded to the Baker, Fordyce Co. of Portland,28-V. 140. 96.30, a
at a price of
basis
of about 4.45%. Dated July 1 1935. Due $2,000 from July 1
1936 to 1955
149
SAN FRANCISCO, Calif.
-PROPOSED BOPID REFUNDING VIEWED
AS IMPOSSIBLE
-In connection with recent reports to the effect that the
city and county would consider the refunding of a portion of the outstanding
bonded debt, we quote as follows from a San Francisco news dispatch to the
"Wall Street Journal" of June 28:
"Reports circulated this week, based on the proposal of Supervisor
McSheehy of San Francisco that the City and County of San Francisco
consider refunding of its municipal bonded debt, were summarily dismissed
by investment bankers, city officials, bond attorneys and others conversant
with the laws of the State of California.
'Although admittedly of advantage to the city in view of current low
Interest rates, the proposal generally was characterized as 'impossible' by
reason of the fact that none of San Francisco's outstanding bonds carries
any provision either expressed or implied, for their call and redemption
prior to maturity date.
"Relative to the suggestion, City Attorney John J. O'Toole said yesterday:
"'I don't see how it would be possible for San Francisco to call its outstanding bonds and refund them. Our bond attorneys have always advised
us that our serial bonds are not payable prior to maturity. The plan could be
accomplished only if holders of the city's bonds agreed to take a lower
coupon rate.'
"This view was shared by Controller Leonard S. Leavy, who, while
pointing out that the proposal had not formally come to his attention,
declared that refunding operations for San Francisco were legally impossible.
"The State law under which San Francisco bonds are issued makes
provision for payment in advance of their maturity under certain conditions,
but it has always been the opinion of legal authorities that the ordinance or
resolution authorizing issuance of the bonds must recite the terms of their
payment, or that such conditions must be set forth on the face of the bond.
otherwise they cannot be redeemed prior to maturity without the consent
of the bondholder.
"San Francisco has never provided for the call of its bonds, as have other
California communities, notably Sacramento, which last year refunded a
portion of its bonded debt."
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Las
Vegas) N. Mex.-BOND ELECTION POSTPONED-It is stated by the
County Treasurer that an election which had been scheduled for June 27,
to vote on the issuance of $65,000 in high school auditorium and gymnasium
bonds, was postponed to a later date.
SANTA CLARA COUNTY (P. 0. San Jose), Calif.
-BOND ELECTION CONSIDERED-The Board of Supervisors of Santa Clara County
has decided to call a special election to vote on the matter of forming a deep
water port. A bond issue for about $1,075,000 will also be voted upon.
-BOND
SANTA PAULA GRAMMAR SCHOOL DISTRICT, Calif.
ELECTION
-An election was held July 5 to vote $19,000 bonds. Bonds to
be $1,000 each; funds to be used for school buildings, grounds and furnishings.
SCOTT COUNTY1(P.0. Davenport) Iowa
-BOND SALE
-A $33,000
Issue of funding bonds:is reported to have been purchased jointly on June 17
by the White-Phillips Co., and Glaspell, Vieth & Duncan, both of Davenport.
SENECA FALLS UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Seneca Falls), N. Y.
-OTHER BIDS
-The following is a complete list of
the unsuccessful bids for the $12,000 school bonds awarded to Bacon.
Stevenson dr Co. of New York as 1.90s, at a price of 100.02, a basis of about
1.89%, as stated in V. 140, p. 4442.
Bidder
Premium
Int. Rate
State Bank of Seneca Falls, N. Y
$27.5
2.90%
Sage, Rutty & Steele, Rochester, N. Y
7.20
.
2.50%
Seneca Falls Savings Bank, Seneca Falls, N. Y-- - - 1.90%
Par
Est. of Dwight W. Kellogg, B. D. Adamy, Admin.,
Seneca Falls
3.70%
Par
Marine Trust Co., Buffalo, N. Y
9.60
2.505
Geo. B. Gibbons & Co.. New York, N. Y
8.40
3.40%
J. & W. Seligman Co„ New York, N. Y
.60
2.20%
Rutter & Co., New York, N. Y
15.00
3.60%
RICHLAND COUNTY (P. 0. Mansfield), Ohio
-BOND SALE
The issue of $30,000 4% road improvement bonds offered
on July 1V. 140, p.4109
-was awarded to the Citizens Bank of Shelby for a premium
of $933, equal to 103.11, a basis of about 2.40%.
Dated
Due $5,000 each six months from April 1 1936 to Oct. 1 1938 July 1 1935.
incl.
RINGGOLD COUNTY (P. 0. Mount Ayr), Iowa
-BOND SALE-II
The $25,000 3 Ji% semi-annual funding bonds authorized recently
by the
County Supervisors
-V. 140.
-are reported by
Board to have been purchased P. 3597 White-Phillips Co.the Clerk of the
by the
of Davenport.
RIPLEY, Miss.
-VALIDITY OF REVENUE BONDS UPHELD
The State Supreme Court is
'of the $52,000 water worksreported to have upheld recently the validity
improvement bonds, authorized to be sold
to the Public Works Administration under the terms of a
1934 legislative
Act which permits municipalities to issue
as mentioned in these columns last May revenue bonds for improvements,
-V. 140, p. 3428.
RIVERSIDE SCHOOL DISTRICT- Iowa
-BOND ELECTION
-An
election will be held July 24 to vote on a $21,000 bond issue for an
addition
to the school building.
ROCK HILL, S. C.
said that an election is -BOND ELECTION CONTEMPLATED-It I
being considered to have
proposed issuance of $83,000 in fire department the voters pass on the
bonds. It
that the Public Works Administration will take these bonds is expected
if they are
approved by the voters.
ROCKY RIVER, Ohio
-BOND OFFERING-Frank Mitchell, City
Auditor, will receive bids until noon July 23 for the purchase
at not less
than par of $174.000 4M %
to be determined. Dated refunding special assessment bonds. Denoin.
1934. Interest payable
Oct. 1. Due $24,000 Oct. Oct. 1 and $25,000 annually on April 1 and
1
Oct. 1 from
1940 to 1945 incl. Bids may 1939
be
than
interest, expressed in a multi lebased on bonds bearing less for 434%
of 34%. Certified check
$1,740.
SHERMAN COUNTY (P. 0. Goodland) Kan.
-BOND SALE
payable to the City of Rocky River, required.
-The
$15,000 234% semi-ann. poor relief, series A bonds offered for sale on
RUSK COUNTY (P. 0. Henderson), Tex.
-were awarded to Estes, Payne & Co. of Topeka,
-BONDS DEFEATED
- June 29-V. 140, p.4278
At the recent election the voters of the
paying a premium of $160.95, equal to 101.073, a basis of about 2.13%.
that the county issue $1,000,000 bonds. county turned down the proposal
Dated June 1 1935. Due from Aug. 1 1936 to 1940 incl.
ST. CLAIR COUNTY (P.0.Port Huron) Mich.-BONDS
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City) Iowa-PROAUTHORIZED-The County Board of Supervisors on June
-Petitions are said to have been presented to
POSED BOND ELECTION
'of $114,186 inter-county Covert Highway impt. 26 approve the issuance
bonds.
the School Board on July 1. calling for an election to vote on the issuance of
ST.FRANCIS LEVEE DISTRICT (P.O.Piggott)
$320.000 in school construction bonds.
Ark.
-BOND CALL
-It is stated by W.0.Byler,
-BOND SALE
SMYRNA, Del.
that in accordance with the Secretary-Treasurer of the Board of Directors,
-On June 24 the Town Council awarded
Acts of the General Assembly of
$110,000 4% refunding bonds to the Delaware Trust Co. of Wilmington,
authorizing their issuance, the following bonds are being called the State.
for payment
en Jan. 1 1936, on which date interest shall cease:
for $114,445, equal to 104.041. Other bidders for the bonds were: Laird,
Series B bonds, numbered 76 to 200. Dated
Bissell & Needs, Wilmington, $103.125; Chandler & Co.. Philadelphia,
Oct. 1 1903. Due in 1943.
Optional in 1933. Bear 6% interest.
$111,011.30; Farmers' Bank of the State of Delaware, Dover, $11,353;
Series C bonds, numbered 26 to 150. Dated April 1 1905. Due
E. W. Clark dr Co., Philadelphia, $113,322; Laird & Co.. Wilmington,
in 1945.
optional in 1935. Bear 6% interest.
$112,887.50; the First National Bank, Dover, $112,216.50: Halsey, Stuart,
Series E bonds, numbered 107 to
Philadelphia, $103,318; the First National Bank & Trust Co., Milford,
optional in 1929. Bear 5% interest.114. Dated July 1 1909. Due in 1949,
$11,020; Delaware Trust Co., Wilmington, $114,455.
SAINT JO, Tex.
-BOND ELECTION
SNOHOMISH COUNTY SCHOOL DISTRICT NO. 324 (P. 0.
-It is reported that an election
will be held on July 16 to vote
-BONDS NOT SOLD
Everett), Wash.
-We are informed by S. R. Stumdivided as follows: $16.000 wateron the issuance of $26,000 in 5% bonds,
fall, County Treasurer, that the $88,000 not to exceed 6% annual coupon
works, and $10,000 sewer bonds.
-were not sold as no bids
school bonds offered on July 2-V. 140, p. 4276
ST. LOUIS, Mo.-BOND ELECTION AUTHORIZED
-An ordinance
were received.
authorizing an $8,300,000 bond issue election on Sept.
10 for the purchase
of a site for the proposed river front plaza
and the construction of ad-BOND SALE
SOUTH DAKOTA, State of
-A $7,000,000 issue of
ditional approaches to the Municipal Dridge,
was passed by the Board
4% rural credit refunding bonds was purchased at private sale on July 2
of Aldermen on June 27. The bond
by a syndicate headed by Edward B. Smith & Co., at a price of 100.10, a
provide $7,500,000 for the memorial issue, if passed by the voters, would
development and plaza, and $800,000
basis of about 3.985%. Dated Aug. 1 1935. Due on Aug. 1 as follows:
would be used for added bridge approaches.
$1,000,000, 1943: $2,000,000, 1944; $1,000,000, 1945 and 1946, and ELST. LOUIS COUNTY INDEPENDENT SCHOOL
000,000 in 1948 and 1949. The syndicate includes: Brown Harriman &
DISTRICT NO. 1
(P.0. Proctor), Minn.
Co., Inc., Blyth & Co.. Inc., both of New York. the Wells-Dickey Co. of
-BONDS VOTED
-By
Minneapolis, Kalman & Co. of St. Paul, the First National Bank & Trust
of the District on June 28 gave their approval a vote of 192 to 46 residents
to a proposed $45,000 school
Co. of Minneapolis, the First National Bank of St. Paul. the Northwestern
bond issue.
National Bank & Trust Co. of Minneapolis, the Allison-Williams Co. of
ST. LOUIS COUNTYONDEPENDENT SCHOOL
Minneapolis, B. J. Van Ingen & Co., Inc., of New York, Bigelow, Webb &
DISTRICT No. 40
(P. 0. Chisholm), Minn.
-BONDS TO BE REFUNDED-Arrangements
Co., Inc., Thrall, West & Co., both of Minneapolis, the Illinois Co. of
are being made by the Board of Education for the
Chicago. the Milwaukee Co. of Milwaukee, Harold E. Wood & Co..of St.
refunding of $100.000
bonds due on July 15 by borrowing from the State Investment
Paul the Justus F.Lowe Co.of Minneapolis.the Piper, Haffray & Hopwood
Board.
The bonds are part of a $900,000 issue floated in 1922,
of Minneapolis, ths First National Bank dr Trust Co.,the Security National
of which $300,000
are still outstanding.
Bank & Trust Co., both of Sioux Falls, and the Geo. C.Jones Agency, Inc.,
...The refunding operation means a considerable saving since
of Minneapolis.
at this time
money can be borrowed at 3%, while the bonds and warrants
outstanding
BONDS OFFERED FOR INVESTMENT
-The successful syndicate
now pay 43.6% and 5% and some as much as 6%, it was pointed
out by
immediately reoffered the above bonds for general subscription at prices
school officials.
to yield from 3.60% to 3.80%, according to maturity. Prin. and int.
SALEM, Mass.
-BONDS APPROVED-The issuance of $125,000 bonds
(F. & A.) payable at the Guaranty Trust Co. in'New York City, or at the
for welfare, soldiers' relief and Emergency Relief Administration
office of the State Treasurer in Pierre. Coupon bonds registerable as
purposes
has been approved by the State Emergency Finance Board.
to principal only. Subject to approval of legality by Chapman & Cutler
of Chicago.
SALEM, Ore.
-BONDS VOTED
-At an election held on June 21 the
It was stated by the heads of the syndicate on July 3 that all of the
voters gave their approval to proposals to issue $185,000 warrant funding
bonds had been resold.
bonds and $22,000 drainage bonds.
SPENCER, Neb.-DEBT PAYMENT ARRANGED-The State Board
SALISBURY, Md.-BOND SALE
-The $30,000 4%
of Educational Lands and Funds on June 24 entered into an agreement for
acquisition bonds offered on July 1-V. 140, P. 4276 Camden Sewer Co.
-were
j iaeim in e Bros. & Boge lUcs iVioTmst C8....; Baker
igs: o
omloscd oj Str
o. a 6itz ei.nt s c awarded to a the repayment of $160,000 worth of defaulted bonds of the bankrupt
&
village of Spencer.
gg
The agreement, supplanting a previous arrangement whereby the village
Baltimore, at a price of 107.04, a bast; of about 3.31%. listed Aug.'1
sought to take advantage of the Federal Bankruptcy Act provides that the
1935
and due Feb. 1 as follows: $1,000 from 1936 to 1945 incl. and $2,000 from
village shall pay 34 of 1% for 10 years, and 1% for another 10 years, plus
1946 to 1955 incl.
Interest, with the village required to levy at least 20 mills annually on its
assessed valuation, which amounts to less than its $280,000 outstanding
SAN DIEGO COUNTY (P.O. San Diego), Calif.
-BOND ELECTION
bond debt.
CONSIDERED-The County Board of Supervisors are giving attention
to a proposal that a $2,500,000 bond issue to refinance outstanding Mattoon
STUTTGART, Ark.
-BONDS VOTED-A $128,000 refunding bond
bonds be submitted to the voters on Aug. 13.
issue carried at the election held here recently.
SANFORD, N. C.
-BONDS PROPOSED-The Board of Aldermen has
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P.O. Vauohne.
made application to the Local Government Commission at Raleigh for
ville), Putnam County, Ohio
-BOND ELECTION PLANNED-The dispermission to issue $200,000 bonds for the purpose of financing the contrict authorities have obtained the State Tax Commission's permission to
struction of an electric light and power plant.
call an election to vote on $32,000 school building addition bonds.
SAN GABRIEL SCHOOL DISTRICT (P. 0. Los Angeles), Calif.
TALLADEGA, Ala.
-BOND ELECTION
-The City Commissioners
BONDS DEFEATED
-At the election held on June 12-V. 140. p. 3598
have ordered that an elections be held on July 23 to submit to the voters
the voters defeated the issuance of $35,000 in school bonds, according to
proposals providine that the city issue $40.000 water works, $75,000 school,
Clerk.
the Bond
$20.000 sewer and $20,000 prison construction bonds.
w
150
Financial Chronicle
-Dis-DISCLOSES THEFT OF $10,000 BONDS
TAUNTON, Mass.
closure that negotiable city bonds valued at $10,000 had been stolen from
the Taunton City Treasury was made June 24 by Police Chief John P.
Duffy.
-day
Chief Duffy said the disappearance of the bonds was confirmed to
by City Treasurer Lewis A. Hodges, who told Duffy the loss of the bonds
had just been brought to his attention.
The Police Chief explained that loss of the 10 $1,000 bonds was discovered
by a Taunton police inspector in New York City during an investigation of
the theft of three $1,003 bonds from the Treasury in February. Coupons
clipped from both sense of bonds, Duffy said, appeared in New York.
He added that a woman, whose identify he withheld, is suspected of having
negotiated the bonds. However, he said, she claims to have obtained the
bonds from another woman "at a gaming table" in Reno, Nev., in December 1934, two months prior to the City Treasury theft.
-The Village Council has
-BOND ELECTION
TAYLORSVILLE, Ohio
ordered an election to be held on July 9 to vote on the question of issuing
$12,500 water works bonds.
-On July 3 the $2,000,000 relief.
-BOND SALE
TEXAS (State of)
-V.
fourth series, second instalment bonds offered for sale on that date
140. p. 4443-were awarded to a syndicate composed of R. W. Pressprich
Harris & Co., both of New York; Stern Bros. &
& Co. and Stranahan,
Co. of Kansas City; the Wells-Dickey Co. of Minneapolis; Garrett & Co.
of Dallas; Mahan, Dittmar & Co. of San Antonio, and the City National
Bank & Trust Co.'of Kansas City, at 100.06, a basis of about 2.37%
on the bonds, as follows:
$1.450.000 as 2Xs,maturing on April I as follows:$221,750. 1936;$227,750,
1937; $237,750. 1938: $245,750, 1939; $254,750, 1940, and
$262.750 in 1941.
549,500 as 230, maturing on April 1 as follows: $269,750. 1942, and
$279,750 in 1943.
-BOND ELECTION-DIrectors
THORP SCHOOL DISTRICT, Wash.
of the District have ordered an election on July 10 for a vote on a $22,500
bond issue to finance construction of a new grade school building.
-BOND OFFERING
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
bids until
-Lawrence F. Jamison, County Auditor, will receive sealed % interest
not to exceed 43i
10 a.m. on July 16 for the purchase of $110.000
series A advancement fund (poor relief) bonds. Dated July 1 1935. Denomination $500. Duo $5,500 on June 1 and Dec. 1 from 1936 to 1945
incl. Rate of interest to be expressed in a multiple of y, of 1%. Interest
payable J. & D. A certifiec check for 3% must accompany each proposal.
Approving opinion of Smith, Remster, Hornbrook St Smith of Indianapolis
'will be furnished the successful bidder.
-The City Council is
TOMAHAWK, Wis.-130NDS AUTHORIZED
said to have authorized recently the issuance of $18,000 in school improvement bonds. It is expected that the remainder of the project will be
furnished through Public Works Administration funds.
TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-The issue of $70.000 coupon (register-BOND SALE
Kenmore), N. Y.
able as to both principal and interest) school building bonds offered on
-was awarded to the Marine Trust Co. of Buffalo
June 28-V. 140, p. 4277
on a bid of 100.427 for 3.80s. a basis of about 3.72%. Dated July 1 1935.
Due $7,000 yearly on July 1 from 1936 to 1945, incl. Other bidders were:
Total
Int.
Prem.
Name- -- $70,352
4.00%
First National Bank, Kenmore
4.40% 100.07
Geo. B. Gibbons Co., New York
3.90% 100.299
M. & T. Trust Co., Buffalo
TORRANCE COUNTY SCHOOL DISTRICT NO.10(P.O. Estancia)
-The $12,000 issue of school bonds offered for sale
N. Mex.-BOND SALE
-was purchased by the State Treasurer, as
on June 29-V. 140, p. 4443
45 at par. Dated July 1 1935. Due $1,000 from 1938 to 1949 incl.
-The city has sold $200,000
-BOND SALE
TORRINGTON, Conn.
2% relief bonds to Whaples, Viering & Co. of Hartford, at 100.25. Due
$8,000 annually to 1937 and $7.000 annually thereafter.
-At a recent meeting
-BONDS AUTHORIZED
TORRINGTON,Conn.
the issuance of $100,000 bonds was authorized. Bonds will bear 2% interest.
Denom. $1.000. Dated July 1 1935. Due yearly on July 1 as follows:
$8,000, 1936 and 1937: and $7,000, 1938 to 1949, inclusive.
-The $75,000 refunding bonds offered
-BOND SALE
TOWANDA, Pa.
-were awarded to Dougherty, Corkran & Co.,
on July 1-V. 140, p. 4443
of Philadelphia, as 230 for a premium of $482.25, equal to 100.643, a basis
of about 2.42%. Dated Aug. 1 1935. Due yearly on Aug. 1 as follows:
$2.500, 1936; $3,000. 1937 and 1938; $3,500. 1939 to 1945 incl.: $4.000,
1946 to 1950 id.;$4.500, 1951 to 1953 incl.; $5,000, 1954, and $3,500. 1955.
The next best bid was submitted by M.M.Freeman & Co., of Philadelphia,
offering a premium of $1,033.03 for 2X% bonds.
The bankers are re-offering the bonds for public investment at prices to
yield from 1 to 2.45%, according to maturities.
-BOND ELECTION
TULARE HIGH SCHOOL DISTRICT, Calif.
The board of trustees has called a $90,000 bond election for July 25 to take
care of housing problem at Tulare high school. The $90,000 is to be put
with $43,500 grant already allotted by Public Works Administration to
be used to repair the high school gymnasium and erect two new classroom
buildings.
-BOND
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-Additional information has come to hand relative
OFFERING DETAILS
to the offering. of $300,000 bonds which is taking place on July 8,as reported
in V. 140. p. 4443. Bids will be received until 10 a. m. July 8 by the County
Auditor for the purchase at not less than par of $300,000 poor relief bonds
to bear no more than 4% interest. Denom. $1,000. Principal and semiannual interest (June 1 and Dec. 1) payable at the County Treasurer's
office. Due $15,000 each six months from June 1 1936 to Dec. 1 1945. incl.
A certified check for 3% of amount of bonds bid for, payable to the Board
of County Commissioners, required.
-BONDS AUTHORIZED-The City Council
VINCENNES, Ind.
recently adopted an ordinance authorizing the issuance of $110,000 bonds
which together with $90,000 Federal money applied for, would be used for
the construction of Memorial Park Cemetery.
WAKEFIELD SCHOOL DISTRICT (P. 0. Wakefield), Wis.by the
MATURITY-The $66.000 refunding bonds that were purchased 4277
First Trust Co. of Lincoln, as 3Xs,at a price of 100.05-V. 140, p.
$3.000.
are reported to be due as follows: $2.000, 1536 to 1940;giving a 1941 to
basis of
and 1955,
1946. $4,000, 1947 to 1953, and $5,000 in 1954
about 3.49%.
WAKONDA CONSOLIDATED SCHOOL DISTRICT, So. Dak.-The Board of Education is planning to issue
BONDS TO BE ISSUED
$70,000 bonds which would bear 4% interest for the first five years of their
and 5% thereafter, for the purpose of refunding the district
life
indebtedness.
-The City Council has
-BONDS AUTHORIZED
WALTHAM, Mass.
approved an order which authorizes the issuance of $50.000 street loan
bonds.
-The following is a list of the other
-OTHER BIDS
WALTHAM, Mass.
bids received for the $140,000 relief bonds awarded to Halsey, Stuart &
of Boston as 2s at a price of 100.685, a basis of about 1.86%,
Co., Inc.,
as stated in V. 140, p. 4443:
Rate Bid
Int. Rote
Bidder100.517
2V
Newton, Abbe & Co
100.445
Blyth & Co
100.413
2%
Burr & Co., Inc
100.398
2%
Bond, Judge & Co
100.28
2%
Estabrook & Co
100.263
2
Tyler, Buttrick & Co
100.079
2%
Hornblower & Weeks
100.75
2X%
Faxon. Gade & Co
100.36
2X%
Whiting, Weeks & Knowles
WAYLAND, Iowa-BONDS DEFEATED-Residents of the town at
voted down a proposal that an issue of $20.000 bonds be
a recent election
floated to finance the establishment of a water system. The vote was
131 for to 132 against.
-BONDS AUTHORIZED-The City ComWELLINGTON, Kan.
missioners are reported to have passed an ordinance recently providing
for the issuance of 850.000 in 2.I% semi-annual water plant bonds. Denom.
$1,000. Dated July 1 1935. Due $5,000 from July 1 1936 to 1945 incl.
July 6 1935
-BOND
WEST ELKTON VILLAGE SCHOOL DISTRICT, Ohio
-The Board of Education has decided to call an election for
ELECTION
July 30 to vote on the question of issuing $14,000 general obligation school
bonds.
_
0
-The $16,500 3X 7 coupon
-BOND SALE
WEST LEESPORT, Pa.
Nabonds offered on July 1-V. 140, p. 4111-were awarded to the First $25.
of Leesport, the only bidder, at par plus a premium of
tional Bank
Dated July 1 1935 and due July 1
0.
equal to 100.15, a basis of about 3.237
as follows: $500 from 1936 to 1940 incl., and $1,000 from 1941 to 1945 incl.
-John J. Murphy, Clerk of the
RUTLAND, Vt.-BOND SALE
WEST
Board of Selectmen, informs us that the $50,000 refunding bonds offered
of Boston as 38
on June 28 were awarded to Arthur Perry & Co., Inc. June 1 1935 and
'
at a price of 100.725, a basis of about 2.86%. Dated
$3,000 from
due Dec. 1 as follows: $5,000 from 1935 te 1938 incl.. and 1946 to 1948
from
1939 to 1948 incl. Any or all of the bonds maturingaccrued interest on
option at par and
incl. are redeemable at the town's
Dec. 1 1945 or any subsequent Dec. 1. Second high bid of 100.38
was entered by the Cement National Bank of Rutland.
-The $287,000 coupon or registered
-BOND SALE
WESTWOOD, N. J.
bonds offered on July 1 were awarded to B. J. Van Ingen & Co., Inc. and
A. C. Allyn & Co., both of New York. jointly, as 4)s. at a price of 97.83,
a basis of about 4.70%. The sale included:
1936
$162,000 refunding bonds. Due March 1 as follows: $20,000 from from
to 1940 incl.; $17,000. 1941; $15,000 in 1942 and $10,000
1943 to 1945 incl.
1936
125.000 serial funding bonds. Due March 1 as follows: $6,000. 1951
to 1940 Incl.: $7,000, 1941 to 1950 incl., and $5,000 from
to 1955 incl.
Each issue is dated March 1 1935.
-BOND REWHATCOM COUNTY (P. 0. Bellingham), Wash.
report
FUNDING NOT SCHEDULED-In connection with the to the given last
refunding
May, to the effect that consideration was being given of interest
-V.
of the county's indebtedness of $443,500 at a lower rate
-it is stated by the Clerk of the Board of County Commis140, p. 3264
sioners that the district has decided not to refund its bonded indebetdness
at this time, but may do some financing shortly.
-BOND ELECTION
WHITE DEER SCHOOL DISTRICT, Tex.
-The election scheduled for June 29 to vote on a proposed
POSTPONED
school construction bond issue has been postponed to a
$35,000 3% grade
later date.
WHITNEY IRRIGATION DISTRICT, Dawes County, Neb.-DEBT
-On May 28 the district filed a petition
READJUSTMENT PETITIONED
readjustment
in the U. S. District Court asking for permission to effect a 80 of Chapter
of its indebtedness under the terms of the provisions of Section
Hearing oa the plan, which would allow the
IX of the Bankruptcy Act.
district to cancel its bond and warrant obligations of over $400,000 by
payment of 21.952 cents on the dollar, which refinancing would be effected
of $101,000, will be
through a Reconstruction Finance Corporation loanL. Nichols,
referee. in
held at 10 a.m. July 10 at the office of Greydon
Chadron.
-BONDS AUTHORIZED-City Council rePa.
WILKES-BARRE,
cently adopted an ordinance which authorizes the issuing and, sale of
$60,000 in bonds for the purpose of refunding the street paving bonds,
series of 1917.
-A $50,000 issue of notes is
-NOTE SALE
WILMINGTON, N. C.
reported to have been purchased by the Wachovia Bank & Trust Co. of
Winston-Salem.
-BOND SALE
WINFIELD TOWNSHIP (P.0. Crown Point), Ind.
28
The $20,000 6% coupon school construction bonds offered on June par
-were awarded to the Citizens' Bank of Hebron at
4278
-V. 140, p.
plus a premium of $1,400, equal to 107, a basis of about 4.55%. Dated
July 1 1935 and due $2,000 on July 15 from 1936 to 1945 incl. Other
bidders were:
Rate Bid
Bidder104.00
Commercial Bank of Crown Point
Paine, Webber & Co., Chicago
1I:I31
Sioux City), Iowa-BOND SALE
WOODBURY COUNTY (P. 0.
13•
The $180.000 issue of funding bonds offered for sale on July I-V. 140. as
the Harris Trust & Savings Bank of Chicago,
-was awarded to
4278
231s. paying a premium of $501. equal to 100.27, a basis of about 2.20%•
Dated June 1 1935. Due on June 1 as follows: $10,000. 1936: $15,000, 1937
to 1942, and $40.000 in 1943 and 1944. Principal and interest payable
at the County Treasurer's office. Legality to be approved by Chapman &
Cutler of Chicago.
-The city authorities
-BONDS AUTHORIZED
WORCESTER, Mass.
have authorized the issue of $200,000, welfare department and $50,000
relief bonds.
soldiers'
WORLAND, Wyo.-BOND OFFERING-Noel Morgan, Town Clerk,
recently announced that sealed bide would be received before eight o'clock
p. m., July 16.for the purchase of $20000 not to exceed 5% coupon bonds.
Dated July 1 1935. Payable $500 on July 1 1936 to 1955, incl. A certified
check for $500 must accompany each bid, payable to the Town Treasurer.
provided no check shall be required to accompany bids by the State of
Wyoming.
YAZOO COUNTY SEPARATE ROAD DISTRICT NO. 2 (P. 0.
-The $7.000 issue of refunding bonds
-BOND SALE
Yazoo City), Miss.
-was purchased jointly by the
offered for sale on July 1-V. 140, p. 4278
Bank of Yazoo City, and the Delta National Bank, both of Yazoo City,
as 4Us. paying a prendum of $182,equal to 102.60, a basis of about 3.95% •
Dated July 1 1935. Due $1,000 from July 1 1938 to 1944 incl.
YORK SCHOOL DISTRICT (P. 0. York) Neb.-PWA APPLI-At a meeting ofthe Board of Educztion on June 25
CATION TO BE FILED
the Board is said to have taken proceedings toward an application for a
Public Works Administration allotment to be used for a high school addition, to cost $80,000. It is said that the district is to furnish $44,000 of
the total, with the PWA granting the remaining $36,000,
CANADA, Its Provinces and Municipalities.
-The $30,000 4% improvement
-BOND SALE
DARTMOUTH, N. S.
bonds offered on July 2-V. 140, p.4444-were awarded on that date to the
Nova Scotia Bond Corp. of Halifax as follows:
-year bonds at 101.38, a basis of about 3.00%.
$9,000 20
.
7
-year bonds at 101.56, a basis of about 3.80_0
12.500 10
-year bonds at 101.85, a basis of about 3.59%.
5
8,500
Que.-BOND OFFERING-Camille Bonin, SecretaryJOLIETTE,
ffill
Treasurer , receive sealed bids until 8 p. m.on July 8 for the purchase of
$48,000 3 % or 4% public works bonds, dated May 1 1935 and due serially
in 20 years.
-An
MIDDLESEX COUNTY (P. 0. London), Ont.-BOND SALE
issue of $99,000 2X% bonds has been sold to Harrison & Co. of Toronto,
at a price of 99.63. Dated July 1 1935.
MONTREAL METROPOLITAN COMMISSION, Que.-SURVEY
-Mead & Co.. Montreal. have prepared for
PREPARED BY MEAD de CO.
distribution essential financial and other deaths in a condensed form on the
This brochure supplements the
Montreal Metropolitan Commission.
Commission's own financial statement, but is in a for:n more readily understandable by the average investor or municipal official interested in the
Commission form of government.
WINDSOR, Ont.-FISCAL AGENT APPOINTED FOR CONSOLI-Announcement was made June 25 of the appointment by
DATED CITY
the City of Windsor Finance Commission of the Guaranty Trust Co.,
and Toronto, as its fiscal agent to secure data, contact bondWindsor
holders and submit a report as to how the four areas should be refinanced.
H. J. Mero, Chairman of the Commission, states that "the great bulk of
the debt is definitely assignable to the four individual areas. On the other
hand, there are interlocking complications, such as those of the Sandwich
Windsor & Amherstburg By. and the Essex Border Utilities Commission.
which require very mature consideration in order that each municipality
shall eventually pay its fair and just proportion of the debt which it might
have borne had the default not occurred." Mr. Mero also stated that work
would be commenced at once on the report to permit refinancing at the earliest possible date.
@FedFRASER