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I
inAtcf
JUN 15
IV
ommttria
COPYRIGHTED IN 1936 BY WILLIAM D. DANA
COMPANY, NEW YORK.
la"uadW«slTO3pe°eY9ar*Gopy_
VOL. 142.
ENTERED AS
SECOND-CLASS MATTER JUNE 23, 1B79,
ATTHE POST OFPICE AT HEW YORK, NEW YOR K. UNDER THE ACT OP MARCH 3. 1 i79.
w^llarco^sZ^^N'.y'CTy
NEW YORK, JUNE 13,1936.
TRUST
BROOKLYN
CHASE
THE
NATIONAL BANK
COMPANY
Chartered
NO. 3703
Kidder, Peabody & Go.
1866
OF
THE
OF
CITY
NEW
YORK
4
President
The
BOSTON
NEW YORK
George V. .McLaughlin
PHILADELPHIA
For
Iember Federal
tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
chase is
it
years
many
served
has
large number
a
Deposit Insurance Corporation
of banks and bankers
as
New York
WyisEuppBank
Member Federal Deposit
UnionlrustCo.
SAN
OVER
RESOURCES
Insurance Corporation
Land Bank
FRANCISCO
Member Federal Deposit Insurance
depository.
reserve
Federal
®
and
correspondent
and
COMMERCIAL BANKERS SINCE 1852
Bonds
United States
Corporation
Government
5200,000.
Securities
The
Hallgarten & Co.
Brown Harriman & Co.
FIRST BOSTON
Incorporated
*•
CORPORATION
Established 1850
63 Wall Street, New
BOSTON
NEW YORK
York
Telephone: BOwling Green 9-5000
CHICAGO
NEW YORK
Boston
London
Chicago
AND OTHER
Philadelphia
San Francisco
Chicago
SAN FRANCISCO
PHILADELPHIA
Representatives in other leading Cities
PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
The
120 Broadway
State and
1
New York
Amsterdam
London
CARL M. LOEf
61
New\brkTrust
Company
& CO.
BROADWAY
Barr Brothers & Co.
Capital Funds
NEW YORK
Municipal Bonds
♦
$32,500,000
INC.
Chkago
New York
Berlin
Amsterdam
Paris
London
ioo
broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
NEW YORK
EDWARD B. SMITH & CO.
State
New York
31 Nassau Street
,
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
European Representative's Office:
London
•
8 KING WILLIAM
Municipal
Industrial
Railroad
STREET
-
-
Public Utility
BONDS
Easton
LONDON. E. C. 4
R.W.Pressprich&Co.
*
Correspondent
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Members New York Stock Exchange
Member Federal Reserve
N.
Y.
System and
Clearing House Association
New York
Chicago
Philadelphia
San Francisco
n
Financial
Chronicle
June 13, 1936
BAKER, WEEKS
A. G. Becker & Co.
& HARDEN
Incorporated
J. & W.
Investment Securities
Established 1893
Seligman & Co.
Members
New York Stock Exchange
No.
New York Curb Exchange
Investment Securities
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
Chicago
Other
London
Commercial Trust Bldg., Philadelphia
6
Cities
Street
STREET, NEW YORK
Buhl Building, Detroit
And
Wall
NEW YORK
Graybar Building, New York
New York
64
Correspondenta
SELIGMAN BROTHERS
Lothbury, London, E. C. 2
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
NEWARK
Foreign
New
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Foreign
Australia and New Zealand
BANK OF
NEW SOUTH WALES
Royal Bank of Scotland
Incorporated by Royal Charter 1727
(ESTABLISHED 1817)
J. S. R1PPEL & CO.
18 Clinton St.
Newark, N. J.
(With whic.h are amalgamated
the Western Australian
Bank and The Australian Bank of
Commerce,
Ltd.)
Paid
Up Capital
£8,780,000
6,150,000
8,780,000
Reserve Fund
Reserve Liability of
Proprietors
Capital (fully paid)
£3,780,192
....
Reserve fund
£3,857,148
Deposits
£64,009,174
Ooer
£23,710,000
ST.
200
Years of Commercial
LOUIS
Aggregate Assets
A. C.
747
30th
Sept., 1935_ £115,559,000
DAVIDSON, General Manager
CHIEF
3
BRANCHES
Australian
AND AGENCIES
New
Zealand, Fiji,
States,
In
the
Mandated Territory of New
Guinea, and London.
The Bank transacts
every description of Aus¬
tralasian
Banking Business.
Wool and
other
St. Louis Securities'
Bishopsgate, London, England
HEAD
Papua,
Banking
FOREIGN DEPARTMENT
OFFICE—Edinburgh
General Manager
William Whyte
Produce Credits arranged.
Head Office:
London Office:
Total number of
offices, 254
George Street,
29 Threadneedle
Associated Bank, Williams
Deacon's Bank. Ltd.
SYDNEY
i577X
Co.
&
Street, E.C.2
Agents Standard
Bank
of
8outh
Africa
New York
BA/NT LOUIS
SO^OLfVC st
Members St. Louis Stock
Exchange
Protective Committee for Preferred
Stockholders
Missouri and
Schulte Retail Stores
Corporation
Southwestern
Stocks and Bonds
8% Cumulative Preferred Stock
($100.
Following the filing by Schulte Retail
Smith, Moore & Co.
par
Value)
Stores
Corporation of a petition
for reorganization under
Section 77B, the
undersigned, at the request
of the holders of
a
substantial number of shares of
preferred stock have
a Committee for
the protection of the
interests of
consented to act as
such stockholders.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
The
undersigned Committee has no affiliations with
Schulte Retail
Corporation or any of its affiliates or subsidiaries
or the
banking
houses of issue of the various
securities involved; and is
entirely inde¬
pendent of any influences which
might interfere with the complete and
disinterested representation of
preferred stockholders.
A
preliminary
examination of the situation
indicates that preferred
stockholders, for
their own
protection, must have such independent
representation.
The stockholders
instrumental in the formation^ of this
Committee
have a considerable chain
store
background, and^he personnel of this
Committee consists in part of
persons who are experts in the chain
store field".
This Committee
accordingly has special equipment for the
service of the interests of
the preferred stockholders of
Schulte Retail
Stores
Stores
DETROIT
MICHIGAN
MUNICIPALS
and
CORPORATION
BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New York Curb Assoc.
Detroit 8tock
Chicago Stock Exch.
Exchange
334 BUHL
BLDG.,
DETROIT
Corporation.
The
undersigned request that stockholders
communicate promptly
Secretary of the Committee stating their addresses
with the
number of shares held
be glad to answer
and the
by them.
inquiries.
of stock certificates.
The Secretary of the Committee will
The Committee is not
requesting deposits
Dated, New York, N. Y., June 12, 1936.
H. BLAIR
PUBLIC UTILITY
BONDS
TYSON,
Secretary
Room 2131, 15 Church
New York City,
Street,
Telephone: Cortland 7-3054
JAVITS &
JAVITS,
Counsel
Charles A. Parcells & Co.
Members
Detroit
Stock
Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
165 Broadway,
New York City.
GENERAL SAMUEL
McROBERTS,
Chairman
LUIGI
CRISCUOLO, Finance
DR. WARREN M.
Professor
of
PERSONS, Formerly
Economics,
Harvard
University: former Vice-Pres., National
Investors Corp.
H. BLAIR
TYSON, Real Estate: former
Vice-President, McLellan Stores Co.
financial
w
ommwrtftl f
Vol. 142
nmicle
JUNE
No. 3703
1936
13,
CONTENTS
Editorials
On
PAGE
Situation
Financial
.3905
Amending the Constitution.
Pressure Politics in
3918
—
Europe
3920
.
Comment and Review
Book Reviews—
Public Ownership:
New
York
Stock
Operation s
Promises and Rfesults
Exchange:
Week
the
3921
3921
...
United States Railroads for
_
3922
..
Norris-Rayburn Power Bill-_
on
and
_
Procedure
Gross and Net Earnings of
the Month of April
Text of
3921
Functions
i—
. _
Stock Exchange
Its
3927
_
European Stock Exchanges
3910
Foreign Political and Economic Situation
..3911
Foreign Exchange Rates and Comment
.3915 & 3963
Course of the Bond Market
.
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
....
3922
3928
Exchange
3908
Exchange
3962
News
Current Events and Discussions
Bank and
General
Trust
3940
Company Items
3961.
Corporation and Investment News
Dry Goods Trade
State and
....
Municipal Department.
4008
..4054
4055
Stocks and Bonds
Foreign Stock Exchange Quotations.
4007
Dividends Declared
3965
...
Auction Sales
...4007
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..3974 & 3984
3975
New York Curb
Exchange—Stock Quotations.
3990
New York Curb
Exchange—Bond Quotations
3993
Other Exchanges—Stock and Bond
Quotations
Canadian Markets—Stock and Bond Quotations
3996
4000
Over-tke-Counter Securities—Stock & Bond Quotations.4003
Reports
Foreign Bank Statements
Course of Bank
3914
"Clearings
.3936
Federal Reserve Bank Statements
General
3971
Corporation and Investment News
..4008
Commodities
The
Commercial Markets and the Crops
Cotton-
Breadstuff s
Published
...
...
4043
4045
4050
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor' William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, ,E. C.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months: in Dominion of Canada, $16.50 per year. $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia. Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
X
Financial
Chronicle
June
13,
1936
$60,000,000
Southern Pacific Company
Ten-Year 334% Secured Bonds
To be dated
To be due July 1, 1946
July 1, 1936
To be secured by the
Pledge of the following securities subject to release in
exchange for cash or other securities, as will be provided in the Indenture:
Principal
Amount
5,268,000
Southern Pacific Company San Francisco Terminal First Mortgage 4% Bonds, due April 1, 1950.
2,600,000
Southern Pacific Company 4% Bonds (Central Pacific Stock Collateral), due August 1, 1949.
32,061,000
Central Pacific Railway Company 4% 35-Year European Loan Bonds of 1911, due March 1, 1946.
21,948,000
Arizona Eastern Railroad Company First & Refunding Mortgage 5%
Bonds, due May 1, 1950.
8,500,000
Nevada and California Railway Company First Mortgage 6%
6,859,000
The San Antonio and Aransas Pass Railway Company First Mortgage 4%
Bonds, due November 1, 1941.
(Assumed by Central Pacific Railway Company.)
Bonds, due January
(Assumed by Texas and New Orleans Railroad Company.)
1, 1943.
13,418,000
The Galveston, Harrisburg and San Antonio Railway Company Mexican & Pacific Extension First
2,539,000
The Galveston, Harrisburg and Spn Antonio Railway Company Mexican & Pacific Extension Second
9,000,000
The Galveston, Harrisburg and San Antonio Railway Company Galveston-Victoria Division First
4,935,000
Morgan's Louisiana and Texas Railroad and Steamship Company First Mortgage 7% Bonds (Main
Mortgage 5% Bonds (demand).
Mortgage 5% Bonds (demand).
(Assumed by Texas and New Orleans Railroad Company.)
(Assumed by Texas and New Orleans Railroad Company.)
Mortgage 6% Bonds* due June 1, 1940.
Line, demand).
(Assumed by Texas and New Orleans Railroad Company.)
(Assumed by Texas and New Orleans Railroad Company.)
$107,128,000
GUARANTY
TRUST
The issuance of these Bonds and their sale to the
Commission
and
all
COMPANY
undersigned
legal proceedings in
subject
to
OF NEW YORK, Trustee
are
connection
subject to the approval of the Interstate Commerce
with the issuance and sale
undersigned.
thereof
are
the approval of counsel for the
The Bonds will be redeemable
on July 1, 1937 or on any interest date thereafter at the option
Company as a whole, o,r in part for the sinking fund or in amounts of not less than
$6,000,000. at any one time, on thirty days' published notice, to and including July 1,
1940 @ 103%; thereafter to and including July 1, 1943 @ 102%; thereafter to and
including July 1, 1945 @101%; and thereafter at 100%, in each case with
accrued interest, all as will be provided in the Indenture.
of the
As
a sinking fund the
Company will pay to the Trustee on May 1, 1937 and on the first day of
May in each year thereafter, the sum of $600,000. to be applied to the purchase of Bonds
(from the Company or otherwise) at not exceeding the redemption price (exclusive
of accrued interest) prevailing at the next interest payment date and, to the
extent that bonds are not so purchased to the redemption of Bonds by lot, all
as will be provided in the Indenture.
Any sinking fund payment may
be made in whole or in part in Bonds taken at their principal amount.
The proceeds of the
sale of the Bonds will be used, together with treasury funds,
Recon¬
held by the
to pay bank loans of the Company aggregating $16,500,000., indebtedness to the
(а)
struction
Public
Finance
Corporation
Works Administration of
aggregating $17,000,000. and Serial Bonds
a principal amount of $12,000,000.; and
(б) to purchase from the Reconstruction Finance Corporation a note of St. Louis-Southwestern
Railway Company, guaranteed as to collection by Southern Pacific Company, in the
principal amount of $17,882,250., such payments and acquisition involving a total expendi¬
ture of $63,382,250., exclusive of interest.
Copies of a circular of the Company dated June 10, 1936, describing these Bonds, outlining
provisions as to substitution of other collateral or cash and giving information regarding
the Company, may be obtained from the undersigned on request.
certain
OFFERING
PRICE
98%% AND ACCRUED INTEREST TO DATE OF
DELIVERY, TO YIELD
Subject
as
3.90% TO MATURITY.
aforesaid the Company has agreed to sell and Kuhn, Loeb & Co. have agreed to buy the above Bonds at 97% and
to date of delivery.
Temporary bonds exchangeable for definitive bonds when prepared
accrued interest
may
be delivered in the first instance.
The Company has agreed to make application in due
course to list these Bonds on the New York Stock Exchange.
Kuhn, Loeb & Co.
New York, June 10, 1936.
I
The Financial Situation
THOSE who had been of this against hope that the
political campaign hoping
and autumn
bring
find themselves
now
It
disappointed.
in
outspoken,
est
and intelligent action by the
would
pected
possibly be
final
.
long
"Let
to
Free to
dare in his
na¬
repudiation at Phil¬
tion
the New Deal is unthink¬
and,
able.
be
any
The most that
in
be
actually
It
a
souls will be
given evasive
such it
one
assurance,
if
will
program
of
That
course,
and
ten
it
sev¬
particu¬
there
who
had
ceeded in
were
somehow
holding
on
candidate about the desira¬
of
bility
other
at
there
are
years,
to the
and
more
quickly
we
to
are
glimmering
general
"insurgents" in
for
vital issues real
principles which
at least
on
enthusiasm
one
or
two of the
some
breasts de¬
spite the fact that it has long been evident that the
so-called
was
much
more
the latter have for years
for the
Party, although, of
course,
had their share of self-styled
Yet the "revolution" which the daily press
liberals.
consist
as a program
progressive Republicans than for the rank
and file of the Democratic
seems
fitting
to
believe
occurred at Cleveland appears to
chiefly in
a
that
of events at
seem
to
us
to
when all due consid¬
of
what
is
is
given
to
the
popularly termed
politics."
Mr.
Hoover's
Advice
Good
ringing address of Mr. Hoover, whose policies
in the
hope had been kept alive in
New Deal
we
The
past we have not always found it possible to
traditionally the boasts of
are
intelligent members of the party.
This
"practical
might be evoked
candid,
leave much to be desired,
even
every
situa¬
But if
day.
be
course
eration
would not virtually dictate almost
a
suitable to the
platform and the
Cleveland
this situation.
necessities
sincerely
must not omit to say
both the
the
progresses
we
needs of the
realistic study of the Re¬
obvious
it
hope will, develop
tion
We
that
concede
as
reason
sense.
common
may,
light seems to appear.
the party declaration of poli¬
cies
is
quite inconclusive.
We prefer to
hope for the best that can be extracted from
a
in accord with
termed the
more
number of
a
generalized assertions
campaign
At other points
suc¬
step taken, and that
gold
definite
a
standard, and
hope that what used to be
the party
"sound
of
favor
currency," the words of the
discloses at a
number of essential points a distressing lack
of full appreciation of the plain implications
of the terse advice thus given.
Yet here and
number
a
a
platform
publican
«
But
cursed
in
ation
during
were
of
enterprise, the declar¬
ness
with
wrought.
Unfortunately,
disappointment.
sore
achievements
these
taxing
purpose
freely
days, that to expect
#
vite
for the
left-handed control of busi¬
when faithless¬
ness to sound principle has brought grievous
woes
upon us, we have turned against com¬
mon sense and charged sound principle with
responsibility for what defiance of it has
great deal would be to in-
a
use
power
public policies.
During the post-war
accordingly,
larly during the past week
or
ever
and
Revolution,
the
of
make
and
*
weeks,
"the
mind to adopt this fundamental
truth in its entirety and to embody it fully in
nowhere else to look but to
eral
vidual, the promise not to
make up its
had been evident for
liberty for the indi¬
upon
the
which in and of themselves
Cleveland
Of
words
-Of
glad to take
spurious growths and other dis¬
figurements is largely to be traced to the fact
that mankind has never been able quite to
Eyes Turned to
Cleveland.
by
known.
half-
promise "breathing spell."
There was,
the
in
could be
as
wheat.
from
economic
American
times
All
that
heart
to
kind has
follow
a
us
good
as
due notice of the insistence
than at one time
the
half to follow made the basis of
economic achievements man¬
the
another with less speed in
the future—a sort of
to
seems
was
course, we are
century and a
the
greatest
strange and ill-consid¬
ered
the titular
first brought prominently to the attention of
a
control-ridden world at about the time of
be called, that
i
7
can
not
made
degree
taken
greater
a
the
made
was
.
.
.
prosperity is freedom"
there is packed the wisdom of the centuries,
just the wisdom that no influential political
leader of the time appears to be courageous
and shrewd enough to display.
We have here the essence of the doctrine
delivered—is
that agitated
Free to
initiative.
the excellent advice of
probable,
Republican Party.
than will
more
own
Party to the conven¬
Cleveland, advice loudly applauded,
in
source
good deal
his
adventure.
seemed
can
expected—probably
was
instance
this
in
bread that
leader of the Republican
portion of
adelphia of
use
that
Free to think, free
Free to plan his own
are
we
conclusion
the
to
time
one
way.
own
own
less discour¬
say
probable,
forced
"Stop the retreat."
Such
ture of
without
of economic prosperity
must be free to use his own
speak, to worship.
life.
we
(or
encouraging
seemed
source
Man
in his
powers
Party, has
Anything in the
con.
to be somewhat
seems
aging?)-than at
declare
convention
this
is freedom.
crossed the Rubi¬
ago
The point is that, although the
Cleveland
Stop the Retreat"
shrinking, the
undisputed control of
the Democratic
at
of the fact
counsels of perfection
are
should
istration, which is in full
and
outcome
ex¬
the Admin¬
course,
easily
basic principles from
more
ti
ally, of
politics least of all
likely to be heeded.
Vague concessions and the
but fundament-
and who naturally find
many
Deal
New
from
managers,
others who
this is said with full recognition
All
application of soothing lotions to sore spots here and
there may
distinguished in
that in
that the Democratic leopard
change its spots.
the
that of the New Deal.
There has never been the slight¬
to suppose
reason
be
to
Republican Party in its convention at Cleveland dur¬
ing the past week.
transfer of the scepter to
de¬
a
of
it difficult to formulate and espouse a program
settling of public policies lay
courageous
elements,
abdication)
an
that of the late Mr. Penrose,
saying that the chief hope for such a clear-cut and
decisive discussion and
a
possibly
prefer the political technique of Mr. Roosevelt to
without
goes
(or
"bosses" and
forthright joining of real issues must
a
so-called progressive
thronement
summer
would
the
of
hands
surrender of the party into the
support, for a short time on Wednesday evening
seemed
to
lift the
otherwise cut-and-dried
tion to some temporary
conven¬
realization of the opportu¬
nity that lay before it. It so happened that President
Roosevelt, but an hour or two before in the State
of
Arkansas, had made an address in the course
of which he found an
fashion
and
to
laud
opportunity in characteristic
the Constitution
with
one
breath
gloss over its plain meaning and obvious in-
Financial
3906
The two deliverances clashed
next.
the
with
tent
Had those foregathered in
clearly and forcefully.
their
taken
Cleveland
from
cue
Mr.
Hoover, par¬
ticularly from that part of his discourse in which
June 13, 1936
Chronicle
sufficient of the burden, to give a great deal
to bear
of assurance on the
Certainly local political
point.
organizations are no more to be trusted in these
other. Public works are advo¬
matters than in any
well
cated, but concerning the cost no particular restric¬
tions are set.
This may perhaps be particularly
in
true
he
emphatically reminded them that economic as
as other kinds of well-being were best
sought
liberty, issues of a basic sort might have been
clearly and satisfyingly drawn between the two par¬
ties.
But the well-merited ovation to the speaker
but
been
have
to
seems
of those
one
temporary
evangelistic fervors of which large gatherings some¬
At any rate, the bargaining
times become victims.
and the
the
a
pandering to popular fantasies soon resumed
tenor of their way
even
rather lame and
We
sideration of the
sound
somewhat
a
was
con¬
at all hazards";
recognition is given to the fact that the first pre¬
requisite to such a currency is a balanced budget,
which is rather
return to the
a
penalizing
jury to
other
our
it
democratic
in substantial
be
can
done
and without in¬
economy
as
though
inimical to any group
sound currency
a
in the business commu¬
speculators.
nity except possibly certain types of
Much
said
is
about the
without
producers of agricultural products and
materials,"
raw
essential, although
was
gold ought not to be.under¬
to
unless
and
our
a
by the addition of the conces¬
return
"until
taken
opinion that
own
declaration
a
destroyed
sion that
was
added his
gold standard was
the force of such
measure
The candidate
definitely promised.
his selection
before
Indeed, general control of business is ad¬
proved.
vocated within limits nowhere
himself
expenditure of public funds for political pur¬
the breakdown, actual and threatened, in our
system of checks and balances in government mo¬
nopoly, and some other burning questions of the
part of all this is forcefully
A substantial
day.
put and warrantably included.
trouble
that
is found
in
those
other
paragraphs
types of subsidies to the farmer.
more,
to be
but two and possibly
one,
about the
in
Administration
another is
the old
tural
as
same
the
apparently
that
now
One seems
practiced by the
soil
of
name
conservation,
of the variants of
some one
export debenture program, while the agricul¬
is
producer
"credit at rates
as
likewise
low
those
as
provided with
'be
to
enjoyed by other
industries," and is promised several other special
privileges.
would
be
existing social
The
security
program.
program
changed only with regard to the form of
administration and to convert it into
There
is
little
or
a
current cost
nothing
indicate
to
that it would cost less.
The
administration
advantage of constitutional amendment
the
for
relief
would
be
decen¬
all this
can
where contained in the
balanced budgets and destruction of monop¬
ness,
subject of banking. We had large surpluses dur¬
the
bank
and
notes
selves with
may
and less abuse.
or
may
That, of
the administrators
surance
not bring greater economy
course,
in large
would depend
part.
There is
that the States will be required to
sufficient
portion of the burden,
or,
still
upon
no
as¬
bear
more
a
im¬
portant, that the smaller localities will be required
gold,
yet
no
one
strictly
"sound currency," except in a
a
at the end of the credit orgy of that
technical sense,
Sound bank management is also essential
period.
to
into
balances
hardly enough to assert that we found our¬
would be
sound currency.
a
Net
This
to
as
Results
leave
to
seems
a
fairly convincing
(1)
restoration
of
our
checks
as¬
and
government, and (2) apparently sincere
balances in
promises of re-decentalization as between the States
and the Federal Government.
interests
of his country at
No
man
who has the
heart is likely to make
light of these, but they are not nearly enough.
If these net results are to be taken as a measure
the
depth of feeling against the type of follies
the New Deal and as an indication of
the convictions
ther
for
aroused
New
(or lack of them) held by those as¬
Cleveland, the observer need go no far¬
sembled at
an
explanation of the lack of enthusiasm
by the sound and emphatic denunciations of
Deal
policies by Senator Steiwer and Repre¬
sentative Snell in their addresses as
marred, of course, by an avowal, professedly in
was
the
temporary and
What the former had to say
permanent chairmen.
name
tual
of the
party, of continued belief in the vir¬
destruction
tariff
and
other
of
all
foreign trade by means of
restrictions, and by ill-considered
boasting of Republican "achievements" during the
New
Era whose sins made
But
for
two
chairmen
but
possible.
either
seem
have
to
been
typical
of the
atmosphere, that is, willing to condemn
unwilling
or
unable
to come forward
forthright proposals that would provide intel¬
men
enthusiastically in
from ruin.
so
the New Deal
just such reasons the addresses of these
ligent business
istration
continuous convertibility of
ing the twenties and
Treasury is still called upon to provide funds in
The decentralization of admin¬
The document is silent on
oly is difficult to see.
tralized, which is good as far as it goes, but the
unnamed.
platform about "sound cur¬
rency," individual freedom, competition with busi¬
with
amounts
if necessary
according to the candidate. How
be reconciled with the generalities else¬
purpose
convention
of
sweeping
according to the platform, but with the
stitution
that compose
get down to chapter and verse.. Here we find
planks calling for not
more
does this platform.
children—within the limits imposed by the Con¬
as
of
Chapter and Verse
The
with
expressed that the individual States
is
view
The
desirability of individual liberty, govern¬
governmental powers, economy of administration,
poses,
specified. Mr. Grundy
general tariff demands than
surances
the
forward
came
never
competition with private business, the misuse
ment
of
control of the securities markets is ap¬
somewhat vaguely
if
emphatically
and flood control.
Federal
ought to meddle with the wages of women as well
detailed
more
to be preserved
currency
think
It swears fealty to "a
platform.
.
we
impotent conclusion.
turn to
now
to what
projects proposed in the name of soil con¬
of
servation
with points about which to rally
a
struggle to
The times
are
out of
save
the country
joint, and remain
largely for the reason that the thinking of those
who
out
ought to be leading us from the wilderness is
of
other
joint.
Are we destined to live through an¬
four long years
before
we
advance toward firmer economic
can
make
ground?
a
real
Volume
Financial
142
Of course, we may
facts
warrant.
It
candidate chosen
be
to
a
be
is
conceivable
least
saving common sense as the
greatest only are," and
who
one
of what
great
can overcome
platform of 1932 gave no hint whatever
was
to follow.
affected to
is every
of relation¬
A similar lack
to believe, meanwhile, that
will be
The
should the
party be victorious in the coming cam¬
Much the
paign.
same
is true of the other prediction
sometimes heard that the
returned
to
present Administration, if
office, will suffer
"sea-change into
a
increased
to
$7,939,040,000
June 10 from
on
Cash returned to vaults
June 3.
on
bank holdings of
raised the
banks
such instruments to
in the amount of
ledger, is within the limits of possibility,
and
$2,500,000,000
Treasury deposit of gold certificates with the
Federal Reserve
of the
the
between
$3,000,000,000.
$7,840,037,000
of
Treas¬
manipulated as to keep the
so
total
reserve
ship between promises and performance in the case
Republican party, this time on the right side
There
degree by the bonus incident.
some
reason
funds
ury
excess
Certainly the
handicaps by constructive endeavors.
Democratic
that the
by the Republican party will prove
"rich in
man
disheartened than the
more
at
3907
Chronicle
$4,877,000, and total reserves thus
$8,143,993,000.
from
$8,247,873,000
Federal Reserve notes in actual circulation were off
to
$3,785,980,000 from $3,793,959,000.
posits of the banks moved
Total de¬
to $6,655,417,000 from
up
$6,567,061,000, with the variations more interesting
something rich and strange"—that is, become intel¬
than usual
ligent, conservative and constructive.
to
Member bank
reserve
balances advanced
$5,833,391,000 from $5,713,315,000, and
a
small
increase also occurred in the Treasury
Business
balance, which
Improves
IT IS a remarkable factdaily proving itself this,
that, despite all able
is
business
American
to
report a rising volume of activity and increasing
This extraordinary record is obviously in
profits.
part
general
the
comforting commentary upon
a
general account
June 10 against
$504,733,000
advanced to
as
$516,404,000
was
June
on
reflection of the vast capital movement
one
Europe
this
to
country,
of circulation liabilities much
four
or
the
long
was
respects
will
have
and the
stoic
business executive
of
dom
Solomon
a
of
need
the wis¬
of
self-control
a
Spartan to avoid the pitfalls that are pertain to be¬
set his
the
as
path during the next few years, the more so
inflationary practices of recent
to "take hold" both
in
as
begin
years
materially and psychologically,
instances
some
of
Washington has been inflicting
yet the truth of the matter is that the Ameri¬
sense,
can
increase
It is heartening, of course, in a
years
the country.
upon
tactics that for three
inflationary
they
already to
appear
from
bank
deposits fell to $243,947,000 from $295,406,000. The
built
of
non-member
while
sharp addition to total
flection
deposits
bank
$61,675,000 from $53,607,000, evidently
toughness of the business structure that has been
during the past decades, and in part a re¬
on
Foreign
3.
than offset the
more
deposit liabilities, and the reserve ratio
moved
79.0% from
to
up
banking
the
Discounts
and the modest drop
reserves
by the system
78.6%.
In
other
routine.
remained
statistics
$448,000 lower at
were
$5,403,000, while industrial advances receded $102,000
to
an
quite unchanged at $3,076,000, and
were
increase of $3,000
Government
States
bankers' bill
market
Open
$30,064,000.
holdings
occurred in holdings of United
securities, which
$2,430,247,000.
stand at
now
>
be
Corporate Dividend Declarations
doing.
DIVIDEND actions the current week declared a
favorable.
Virginian Ry. again were
Federal Reserve Bank Statement
very
CHANGES of of the in the current condition
moment Federal Reserve banks,
12
statement
combined,
$1.50
United
States
Additions to the
Treasury.
Wednesday night totaled
bursed itself not only
some
$71,000,000, making the
The
$10,480,000,000.
aggregate
reim¬
Treasury
for all the current addition, but
previous acquisitions as well, for the de¬
posits of gold certificates with the Federal Reserve
increased
banks
By this
$99,003,000.
means
funds in sales of discount bills, the Treasury
maintained despite huge
reserve
deposits
and
usual $50,000,000 fresh
through borrowing of the
bank
were
balance
Member
expenditures.
$120,076,000 in the
up
weekly period, and excess reserves over legal require¬
increased
ments
of
trend
The
or
two
made
$110,000,000
these
movements
to
in
$2,950,000,000.
the
Monday for the $1,100,000,000 of
paid for
a
new
issues, although
To
the extent that
cash is
paid,
balances of member institutions will fall
sharply and
that
But
cash their bonus bonds rather quickly
offset to the development.
It seems
currency circulation figures also will be
provide
clear
some
an
$2.50
a
the
on
common
stock,
Southern R. R. declared
Great
a
payable
Ala¬
dividend of
share, payable July 15, which will be the first
payment on the stock since Dec. 31, 1934, when $2
was
paid.
of 50c.
a
Western Electric Co. declared a dividend
share
on
the
capital stock
payable June 30;
substantially all of the stock is owned by the American
Telephone & Telegraph Co. and the above declara¬
tion will be the first distribution since June
when 75c.
was
paid.
in addition to the
a
30, 1931
Air Reduction Co. declared
extra dividend of 50c.
share
a
on
the
common
an
stock
regular quarterly dividend of 25c.
share, both payable July 15.
On April 15 last,
a
regular quarterly of 75c. a share was paid, and since
that time the
American
company's stock has been split 3 for 1.
dividend of 40c.
able
Mar.
June
a
30 and
of 75c.
a
share
share
Foundry Co.
on
the
compares
common
with 30c.
a
declared
stock,
a
share
on
the
a
pay¬
share paid
Howe Sound Co. declared
31, last.
dividend of 50c
&
Shoe
Brake
an
extra
as
the regular quarterly
common
stock, both payable
as
well
June 30.
The Winter
reserve
Treasury general account balance will rise.
veterans may
and
bonds
Cash will be
just sold" by the Treasury.
large part of the
new
as
naturally will continue the deposit payment
method.
the
week
next
will be of much interest, as payment will be
and notes
banks
compared with $2 paid Dec. 30 last.
bama
are
monetary gold stocks of the country in the week to
was
July 1
con¬
the
for
of
heavy gold imports and the large transactions
tinued
of
chiefly those resulting from the
dividend
Wheat Crop
THE June 1 reportthe the winter wheat Agriculture
of Department of crop issued
week by
this
improvement in
prospects during
reveals
some
May
that indications on June 1 were for a crop of
so
crop
481,870,000 bushels, 18,162,000 more than on May.l
,
Financial
3908
when the crop was
at
estimated at 463,708,000 bushels;
April 1 conditions pointed to
447,000 bushels while the five
production
The
in
was
only 433,average
upward revision in the government's estimate
precipitation
average
extent
slight improvement in prospects in Ohio and
May, in Kansas and Nebraska and to
due to
Indiana where
able to the
some
relatively diy weather has been favor¬
development of the
In Kansas and
crop.
Nebraska alone the estimated crop was over
000 bushels
higher
June 1 than
on
21,000,-
In
May 1.
on
a
River and south of the Ohio River and in the Pacific
moisture
the
Plains
suffered from
crops
in
while
southern
the
deficiency of
a
part of the
Great
were
heavy general rains,
the winter wheat crop was too
far advanced in most
where there
area,
of the
reduced its estimate of the
of
Washington
between
73.9% for the ten
1936 the crop
The
on a
reported
June 1 of 66.7% of normal
June
on
(1923-32)
1935 and
1,
average; on
May 1,
was
reported 67.0% of nor¬
crop
at June 1 was estimated
condition
spring wheat
neighborhood of 200,000,000 bushels based on
conditions
66.9% of normal.
normal
bushels
indicating
with
compared
bushels
in
At
1935.
Equipment in
of
33,429,000
harvest
of
1,
1935 conditions were
84.2% of normal.
rolling stock is
growth of the debit balance of "hire of equip¬
the
of Southern Railway Co.
Mr. Harrison says,
for
year
week, shows that for the fifth successive
the results of the 12 months' operations have been
income
deficit, this year of $1,523,193 compared
with $2,795,243
507 for
waits
the availability of
on
new
Meanwhile to protect the integrity of the
capital.
writing off of obsolete and obsolescent
accounts the
rolling stock has continued.
Railway for the month of March, 1936
Southern
had
a
profit after charges of $174,224 and this
net
brought the net loss for the first quarter of the year
to
$209,622
around $950,000 less than the $1,124,of 1935.
or
924 net loss shown in the first three months
in
results
Net
April
affected
adversely
were
by
growing out of floods in the road's territory
expenses
during that month. However, the continued improve¬
ment in
general business activity as indicated at the
should find this well managed system
As
matter of fact the company
a
Southern
emerging from
ledger before the end of the year.
the red side of the
in
an
application to
the Interstate Commerce Commission for a loan
had
should
upward trend in traffic
the
believe
to
reason
volume
with
road
the
leave
from
Corporation said that it
the Reconstruction Finance
net
a
income
$3,851,706 for the year 1936.
The New York Stock Market
AN OPTIMISTIC tone
the New
descriptions
were
prevailed all this week in
Shares of all
stock market.
York
in quiet demand in session after
Trading also increased in volume, with
stantial.
THE annual report of the Southern Railway Co.
the calendar
1935, released for publica¬
an
The remedy for the condition,
ment" in interchange.
transactions
year
of
apparent, Mr. Harrison adds, in
now
session, and net gains for the week are quite sub¬
Annual Report
tion this
has been adequately main¬
use
tained, but the need of additions to the supply
57,936,000
a
June
traffic avail¬
standard necessary to handle the
June 1 was 63.2%
production
a
maintained
Condition and that the property has been
to the
of
The condition of the rye crop at
of
bushels
2,000,000
bases its estimates
year
roadway is in good
the
present time, in the territory served by the
with 74.2%
compares
in the
by
May 1 and June 1.
condition of the crop at
which
production in the States
Oregon
and
The Department
mal.
The Department
territory to be benefitted.
Mr.
Dec. 31, 1928.
on
that
also states
Harrison
Mississippi
large part of the territory east of the
Northwest
with $357,017,900
pared
able.
(1928-32)
year
618,186,000 bushels.
was
largely the result of above
was
of 493,166,000
a crop
The actual harvest in 1935
bushels.
June 13, 1936
Chronicle
for 1934; $734,799 for 1933; $11,218,-
1931, making an
1932, and $5,922,842 for
Stock
York
New
the
on
Exchange
amounting to more than 1,000,000 shares in several
sessions.
ence on
and
industrial
and
Trade
favorable
undoubtedly
Immediate
the stock market.
regarding
French
the
news
exercised
situation
remained
some
influ¬
apprehensions
were
overcome,
although the prevailing opinion is still that France
Harrison,
President, states that "the ability to live under such
will have to devalue her currency
deficits
cal
considerations in
the
Republican convention in Cleveland, with satis¬
aggregate of deficits of $22,194,585. Fairfax
(1935 and 1934) is explained in large part by
the fact that expenses
of
included in 1935
an
aggregate
$3,116,520 in 'book' charges for depreciation." The
faction
general with
report shows that while the total gross revenue from
the
operation of the railroad during 1935 amounted to
embarking
$82,903,703,
an
with 1934, or
increase of $4,720,002, as compared
6.04%, this increase
was
partly offset
to
a
degree, but it
effects
were
main the completion during the year of the
vanced
in
10%
wage
deduction, amounting
approximately $2,700,000 as well as increased cost
of fuel used.
Harrison,
As the year drew to a close, says
the
sustained with
the
effort
new
balance
to
the
Mr.
budget
was
confidence, stimulated partly by
rising tide of traffic during the second half of
1935
and
fixed
partly by the
charges
•equipment
due
to
obligations
assurance
the
of reduction of
continued retirement
and
the
refunding,
at
of
an
regard
fact
Politi¬
country centered around
that
have restrained the activities
increase in expenses of $2,828,532, reflecting
restoration of the
this
to the
the
platform and
country now
is
another Presidential campaign may
on
an
to
The
nominee.
in the
by
if the "New Deal"
of Premier Leon Blum is to be carried out.
may
profound.
the
in securities markets
be questioned whether the
All
groups
of stocks ad¬
steady buying of the week, and the
highest general levels in more than a month were
attained.
There
was
little business last
favorable trend
Saturday, but the
already was in evidence during that
Small gains were recorded in all depart¬
period.
ments of the market.
The advance
was
resumed
on
Monday, when the movement attained more vigor.
Steel stocks
favored because of an advance in
were
operations of this industry, and improvement also
reflected in
other sections.
The week-end dec¬
immediate annual saving in interest, of the maturity
was
of the
underlying Virginia Midland 5s of 1936.
laration
by Premier Blum that no devaluation of the
report reveals that since
franc is
contemplated allayed some fears regarding
The
reduced its
funded
1928 the road has-
debt by $16,084,736,
the total
•outstanding Dec. 31, 1935 being $340,933,164,
com-
currency
and
matters.
Activity increased on Tuesday,
prices again displayed strength.
Utility stocks
Volume
American
yesterday at 38% against 37% on Friday of last
week; Consolidated Edison Co. of N. Y. at 34%
Oil
against 32; Columbia Gas & Elec. at 19% against
firm
stocks
were
ency.
Trading in stocks moved
share level
issues.
railroad
and
of
the leadership
under
in most industrial
tered
dull, in contrast with the general tendthe 1,000,000-
over
Wednesday, with buying still in prog-
on
Motor and carrier stocks assumed the leader-
ress.
3909
Telephone, while advances also were regis-
impressively
were
Chronicle
Financial
142
,
18%; Public Service of N. J. at 45% against 42%;
J. I. Case Threshing Machine at 172 against 158;
International
Harvester
at
88%
against
83%;
Sears, Roebuck & Co. at 74% against 71%; Mont-
Ward & Co. at 44% against 41%; Wool-
ship, and oil issues also improved in this session,
gomery
The
worth at 51 against 49%, and American Tel. & Tel.
at 167% ex-div. against 164%.
Western Union
of the
course
the market
sion
Republican convention impressed
almost all groups
run
In another fairly active ses-
favorably.
modest scale, and initial gains
Tel closed yesterday at 82% against 78% on Friday
of last week; Allied Chemical & Dye at 197%
against 194%; Columbian Carbon at 122 bid against
117%; E. I. du Pont de Nemours at 145% against
140%; National Cash Register at 24 against 22%;
International Nickel at 47% against 46%; National
The market was
Dairy Products at 24% against 23%; National Bis-
Thursday, fresh
on
gains
recorded by
were
A few specialties were
of issues.
rather sharply, while the bulk of industrial,
up
utility and carrier stocks forged ahead more quietly.
After
firm
a
opening yesterday, profit-taking made
its appearance on a
canceled in
were
resistant,
instances.
some
however,
In the listed bond market movements
favorable.
United
held close to
trated
mostly
against 35%; Continental Can at 77% against 75%;
securities
Eastman Kodak at 164 against 160% bid; Standard
were
Government
previous levels, with attention concendistribution
the
on
States
offered
the
of
bonds
new
cuit at 36 against 34%; Ward Baking class A at
17% against 11% bid; Texas Gulf Sulphur at 35%
'
small.
were
day
for the
net changes
and
and
Brands at 15% against 15; Westinghouse Elec. &
Mfg. at 114% against 109%; Lorillard at 22%
ex-
div. against 22%; United States Industrial Alcohol
notes
that
rated
corporate bonds reflected good investment in-
at 33% ex-div. against 36%; Canada Dry at 14%
quiry, and rapid distribution of the various new
against 13%; Schenley Distillers at 39% against 42,
and National Distillers at 26% against 27%.
The steel stocks moved to higher levels this week,
of
issues
were
week
the
Speculative and
mestic
early in the month.
also
good impression,
a
gave
Best-
semi-speculative bonds in the do-
corporate list attracted excellent inquiry in
all sessions.
Most
were
marked
as
rule, with
foreign dollar securities likewise
United States Steel closed yesterday at 61% against
on Friday of last week; Inland Steel at 97 against
59
firm
91; Bethlehem Steel at 52% against 50%; Republic
of the grains especially in deThe firm
Steel at 19% against 18%, and Youngstown Sheet &
Tube at 62% against 60%.
In the motor group,
commodity trend naturally proved encouraging in
Auburn Auto closed yesterday at 30% against 27 on
the stock market.
The
Friday of last week; General Motors at 64 against
61; Chrysler at 96 against 92%, and Hupp Motors
at 2% against 2%. In the rubber group, Goodyear
and large further
Tire & Rubber closed yesterday at 24% against 23%
a
mand
some
reports of poor crop prospects.
on
continuance
a
Commodity markets
higher.
were
Foreign exchanges reflected only
of
the
uncertainty
regarding
French franc and other
European gold units.
franc
pressure,
the
was
under
steady
engagements of gold for shipment to New York
reported almost
tinued to
the
to
move
to
French funds also
day.
every
the
touched
touched
New
'York
Stock
new
low
stocks touched
On
levels.
York
new
Stock
low
year
the
On
the New
York
half-day session
Stock
on
while 49 stocks
peka & Santa Fe at 73 against 69%; New York
Central at 36 against 34%; Union Pacific at 128
New York
Curb
Monday they
on
shares;
31%; Southern Railway at 15% against 15%, and
remained
the
on
unchanged
Exchange the sales at
253,710
694,050 shares;
were
on
were
on
Wednesday, 1,034,665
Thursday, 1,085,940 shares, and
on
day, 998,280 shares.
on
Fri-
On the New York Curb Ex-
change the sales last Saturday were 65,870 shares;
Monday,
shares;
161,685
shares;
on
Tuesday,
Wednesday, 252,995 shares;
on
on
229,420
Thurs-
day, 218,760 shares, and on Friday, 236,650 shares,
From the
opening session of the stock market
Monday of this week to the close
a
and
whole moved
were
sales.
on
substantial advances
a
on
Thursday, prices
consistently toward higher levels,
accompanied by
an
increased volume of
This sustained demand for
lated in
Northern Pacific at 29% against 28%.
Among the
equities and the
enjoyed by them
were
stiinu-
Friday of
last week; Shell
at 27% against 27.
In the copper group, Anaconda
Copper closed yesterday at 33% against 3234 on
Friday of last week;
Kennecott Copper at 38%
against 37%; American Smelting & Refining at 78
against 76, and Phelps Dodge at 32% against 32.
Trade and industrial reports suggest the maintenance
of
a
fairly good rate of activities, when sea-
sonal factors are taken into consideration.
ingot production for the week
ending today
Steel
was
estimated by the American Iron and Steel Institute
at 69.5% of capacity against 68.2% last week and
39.0% in the corresponding week of last year.
Elec-
trie power production for the week ended June 6 was
reported by the Edison Electric Institute at 1,945,-
018,000 kilowatt hours against 1,922,108,000 kilo-
On Friday liquida-
watt hours in the preceding week and 1,724,491,000
tion set in but
prices for the most part held their
ground, and at the close were higher than for the
day
57% against 58 on
Union Oil at 17 against 16%, and Atlantic Refining
large degree by the continued favorable
reports of trade and industry.
same
Southern Pacific at 32% against
against 125%;
Call loans
Saturday last
Tuesday, 876,251 shares;
as
Pennsylvania RR. closed yesterday at 31
oil stocks, Standard Oil of N. J. closed yesterday at
shares;
on
The railroad shares also recorded gains this
high levels and 40
new
levels.
Exchange
19%.
against 30% on Friday of last week; Atchison To-
70
1%.
the
Friday of last week; United States Rubber at 28
against 26%, and B. F. Goodrich at 19% against
stocks
Exchange
high levels for the
new
on
week.
England, which imparted strength
Exchange 30 stocks touched
New
con-
pound sterling.
On
at
were
one
week
ago.
General Electric closed
kilowatt hours in the same week of 1935,
ings
of revenue freight for the
Car load-
week to June 6
totaled 695,845 cars, the American Railroad Asso-
3910
ciation reports.
the
Chronicle
Financial
This is
gain of 48,986
a
previous week and of 66,133
cars over
week-end
cars over
the
indicating the
of the commodity
course
mar-
•
mand and home
railway stocks likewise improved,
kets, the July option for wheat in Chicago closed
while industrial issues of all kinds
yesterday at 84%c. as against
in response
July
Friday of last week.
85c.
the close
on
at Chicago closed
corn
yesterday at Giy^c. as against 60%c. the close
ing issues joined in the upward trend, and most inter¬
national securities also reflected good
cheerful trend
against 24%c.
at 25c. as
and
the close
on
gains
the market.
;>;.S The spot price tor cotton here in New York closed
situation
yesterday at 11.80c., unchanged from the close
vestments.
Friday of last week.yesterday
The spot price for rubber
15.85c. as against 15.70c. the close
was
Friday of last week.
on
Domestic
copper
closed
yesterday at 9%c., the same as on Friday of previ¬
weeks.
ous
price of bar silver yesterday
against 19 15/16
pence per ounce as
ounce
wras
pence per
Friday of last week, and spot silver in
on
New York
closed
the
the
of
matter
transfers
foreign' exchanges,
London closed
on
against $5.01% the close
cable transfers
as
on
on
on
cable
yesterday at $5.02%
as
Friday of last week, and
Paris closed
yesterday at 6.58%c.
against 6.58 5/16c. the close
on
Friday of last
week.
British
markets
continued
to
uncertainty caused by the strikes in France
and the prospect
introduced
of eventual
currency
devaluation
by the reflationary program of the Leon
The London Stock
regime there.
firm in most
budget provides
don.
slowly higher,
Anglo-American
trading
favorites
strength, but other international issues
settlement day
Thursday was
ish funds drifted lower
as
showed
dull.
were
the London
on
ex¬
industrial
drifted
quite sharp
that
concerns
demand.
Stocks of
likely to benefit from
are
the rearmament program were
favored, while others
Gold mining and oil
issues
developed strength, and some gains also
registered
by
the rule
were
in
quiet session yesterday.
a
general
was
caused
Exchange
vention
of
settlement
the
little
a
the
time to have made possible
general
among
securities.
were
French equities and international
The decline
recorded
continued
was
ation resulted in
on
Tuesday,
resumed, and large
were
in
and
rentes
utility and industrial stocks.
curities,
a
Rentes
sharply, however, and recessions also
were
Assurances given
The
surprise, since official inter¬
a
foreign exchanges reflected this opinion.
sions
the declines
as
declined
against unreasonable
with
the Paris Bourse
on
dangerous strike situation, and
an assurance
But the Paris
in
resumed last Monday.
was
appeared for
gold exports
lower,
Gilt-
were
demand.
when
steadily
gains
issues.
issues and industrial stocks alike
edged
were
Small
international
the balanced British
several occasions.
on
profit-taking, but other
on
remained in
investment issues
as
sessions,
developments in the monetary realm.
Bourse
funds moved
majority of the industrial issues listed at Lon¬
a
trend
TRADING in securities onreflect, this week, the
the leading European
was
currency
overshadowed by the demand for in¬
was
trading for the week
European Stock Markets
Blum
recorded in almost all sections of
Anxiety regarding the French
Liquidation
intense
The
Wednesday,
pursued an indifferent course.
yesterday at 44%c., .the close
Friday of last week.
In
inquiry.
on
change and dealings were of small proportions. Brit¬
In London the
19%
did
well maintained
was
were
Friday of last week.
on
slowly advanced
to the pressure of idle funds. Gold min¬
July oats at Chicago closed
Friday of last week.
yesterday
on
Little trading
British funds remained in de¬
remained favorable.
sponding week of 1935.
As
reports from New York.
reported at London on Tuesday, but the tone
was
corre¬
June 13, 1936
French
reces¬
bank,
Fears of franc devalu¬
quiet demand for international
which
advanced
in
se¬
The
consequence.
by M. Blum last Saturday that borrowing, rather
Bourse continued to indicate
than
satisfaction Avith the strike "settlement" and its ap¬
devaluation, will be employed by the French
Government
to
"new deal"
the
meet
expenses
of the French
provided little comfort, for the French
budgetary situation is sufficiently precarious with¬
out
adding the costs
of French
in
the
now
indicated.
The increase
price levels and production costs entailed
granting of all demands of workers is
gen¬
on
Wednesday its dis¬
prehensions regarding the ultimate effects of the
increased costs and prices.
but the trades
remained
shares
were
soft
Little business
and
declines
were
long run, and the flight of capital from France was
tained the international securities.
continued
Thursday reflected merely
market
all
was
possibly
week
on
nervous,
a
The German
large scale.
with stocks in good demand,
the result of renewed apprehensions
as
garding unfortunate
re¬
experiments in that
currency
vious
trend.
Rentes
heavy losses also
the
steady
spread of the movement. In the German Reich
progress
still is being made,
some
reports indicate
as
a
pronounced drop in the roll of the unemployed.
On
the
marked
London
the
initial
Stock
Exchange
a
trading of the week, with the
steady flow of funds from Paris to London
portant factor.
British funds
mand and fractional
edged issues.
gains
were
were
in
an
im¬
steady de¬
general among gilt-
Industrial shares of all descriptions
tended
to
group.
International securities reflected optimistic
advance,
with oils
a
dropped
particularly good
sharply,
slightly better yesterday, although
trial stocks
again
were
on
pre¬
and
The inter¬
further buying.
soft.
The tone
some
indus¬
Rentes showed modest
improvement.
After
a
nervous
and
uncertain
day, the Berlin Boerse tended to
bright tone
trading
continuance of the
railway, utility, and industrial stocks.
was
of the endless strikes and
The
sustained by French bank,
Britain remains
because
a
again
were
national group attracted
otic
Bank stocks
greatly changed, while good inquiry sus¬
country also. The trade and industrial situation in
favorable, but in France it is cha¬
in
that the Blum
promised to nationalize.
erally held to make devaluation inevitable in the
not
done,
pronounced
were
of the armaments industries
Government
was
generally at lower levels. Rentes
issues
showed small
ternational
start, last Mon¬
recover
and most
net advances for the
developments
were
day.
In¬
not especially to the
liking of German investors and foreign securities
were
and
weak.
Fixed-interest
unchanged.
issues
were
neglected
Official statistics indicated that
the total of German
unemployed
was
reduced dur¬
ing May to 1,491,201, and this disclosure
provided the Boerse with
a
on
Tuesday
stimulus that resulted
Volume 142
in
wide
Financial
gains.
points,
with
Leading stocks moved
all
dull and
were
ered.
affected.
groups
Activity increased
kinds
of
bonds
German
motionless, but foreign issues
on
the
Wednesday, and the tone again
industrial
stocks
to 3
1
up
recov¬
market,
German
All
cheerful.
was
improved,
bank
and
Chronicle
3911
central banks, who comprise the directorate of
pean
the
World
almost
Bank,
ended last
far
are
again
their
devoted
attention
entirely to this matter in the meeting which
Monday, and their reported conclusions
from
encouraging.
agreed, according to
They
appeared
be
to
Basle dispatch to the New
a
shares also were in
demand, with the gains modified
by late profit-taking. Some investment interest was
present French Government implies devaluation of
manifested in fixed-income
the franc and
the rule
was
on
portions and losses
tions.
There
were
few
of small pro¬
was
measured
were
a
Liquidation
obligations.
Thursday, but it
mainly in frac¬
exceptions to the trend,
owing to expectations of dividend increases by
few
companies.
Official
intimations
yesterday that recent advances
and
prices tumbled in
points
justified,
not
were
a
given
were
Losses of 1 to 2
consequence.
York
another
will
have
next
Monday, only the customary negative replies
from
a
dozen
European countries regarding the in¬
tergovernmental debt instalments then due and pay¬
able.
its
Finland
debt
war
and the small
Will be
has
been
the
obligations
only country to meet
punctually and
due from that
sum
in
full,
country doubtless
paid again. But most of the principal debtors
already have indicated, in
intention
of
during the worst
Interest in the matter
this occasion
years
of the de¬
heightened
was
on
by Washington reports that the State
Department emphasized, in its
reminders
to
the
debtors, its willingness to discuss proposals for
pay¬
A recent declaration
ment.
of
by Premier Leon Blum
France, to the effect that signatures
tual
on
contrac¬
obligations should be honored, stimulated
lief that the views of the French Government
undergo
time
not
change. It is
a
for
debt
now
a
be¬
might
clear, however, that the
negotiations and readjustments has
yet arrived.
such
reform
as
of
the Bank
Government, received in
of
France, which they
believe is bound to drive France off
the
dispatch noted.
the French
at Basle
tion much
attitude
ing
on
have
given them already
drift into
a
so many
The bank¬
deprecia¬
than deliberate devaluation.
more
sound and
seems
the less."
none
said to fear
were
gold in the end,"
"On the other hand, the franc
This,
reasonable, for idle drift¬
such matters may easily accentuate the diffi¬
culties
and
nounced.
make
It is
who
the
eventual
reaction
more
pro¬
interesting to note that Jean Tan¬
was removed last
Saturday from his post
Governor of the Bank of
France, did not attend
nery,
as
the Basle
bers
meeting.
were
All other prominent Board
mem¬
present.
*
Trade with
Germany
MUCH justification unquestionably exists for
the
decision
ment, announced
and
the
Govern¬
of
sense
of the
number of
a
strictly by itself, for it
export subsidies paid
in
the
to
increase
ship¬
But it also accords with
outraged justice occasioned generally
United
trade
based
was
liberally by the Ger¬
so
endeavor
ments to other countries.
the
on
imported by this country from the Reich.
authorities
man
States
June 4, to invoke against Ger¬
on
The action stands
the
United
the
impose countervailing duties
articles
on
of
the anti-bounty clause of the 1930 tariff Act
many
in
A note from the British
disintegration of the gold bloc, with
period of intense currency uncertainty all
continuing the defaults that became
all but universal
pression.
another, their
one way or
the
"These bankers seem less impressed
by Premier Leon Blum's promise to remain on gold
than by his
spending program and other projectsr
ers
THERE Government
is every reason to believe the United
accumulated, by
adopted by
program
surprises that they hedge,
War Debts
States
that the
but inevitable.
and
were common.
"Times,"
States
by the German denunciation
treaty with the Reich, and the unfair
Washington last Monday, referred to the British
discrimination exercised against investors here who
communication
were
for
reasons
"Those
of
June
4, 1934, in which
suspension of payments
reasons
are
unfortunately
no
Avere
is
expressed
of
ready to discuss
ments which may
was
circumstances
that
assurance
now
Appreciation
Washington
proposals in regard to pay¬
any
be put forward, and the
extended in return
ment "will be
a
the
set forth.
less valid
than they were then," the note stated.
was
British
that his
assurance
Majesty's Govern¬
glad to reopen negotiations whenever
are
such
as
to warrant the
hope that
satisfactory result might be reached." That France
will default
day, and
sels
the
formed
a
again
made clear in Paris
Belgian default
same
on
was
day.
was
on
Tues¬
indicated in Brus¬
The State Department
was
in¬
Wednesday that Italy regretted her in¬
ability to offer
new
proposals.
The smaller debtor
unfortunate
bonds.
can
be
If
brought to
policies,
enough
by this
means
a
something
to
purchase
German
the German Government
realization of the effects of its
will
have
been
accomplished.
The
countervailing duties, to be applied beginning
July 11, range from 22 to 56%, and such additions
merely will offset the subsidies currently paid by
the
German
authorities
articles affected
are
on
exports.
cameras,
The
chief
crockery, gloves,
sur¬
gical instruments, calf and kid leather, glass tree
ornaments, metal-covered paper, thumb-tacks, dolls
and other
30 to
and
toys.
Such imports probably account for
40% of the goods received here from the Reich,
a
correspondingly deep impression appears to
have been
German
made in Berlin.
There
was
talk
in
the
capital early this week of retaliation against
countries, with the always honorable exception of
the
Finland,
pension of the modified service of the Dawes and
set
be expected to follow the precedents
by their larger neighbors.
can
Bank for International
United
Young loan bonds, but such comments
counted.
Settlements
States, especially in the form of
tions
Of
that
more
importance
German
are
authorities
can
a
sus¬
be dis¬
previous indica¬
no
longer
are
so
PROBLEMS have been paramountmonetary situa¬
of the international in the
long
deeply obsessed with the desire to attain "autarchy"
meetings of the directors of the
concessions
tion
national Settlements.
monthly
Bank
for
Inter¬
The heads of the chief Euro¬
or
national
self-sufficiency, and
as
well
as
are
demand
willing to make
them
in
affecting international trade and finance.
matters
Financia.
3912
in the House
British Cabinet
•}
•j
■
BECAUSE of its probable bearing on British for¬
eign
policy, unusual importance probably
attaches to
change in the British Cabinet late last
a
1^ 13> 1936
Chronicle
week
inquiry
Mr. Thomas was
having betrayed the secrets and causing
accused of
large losses to
back
whereby Sir Samuel Hoare was brought
into
After an official
of Commons.
of budget secrets,
into revelations
London underwriters.
the
government to replace Lord Monsell as
Lord of the Admiralty.
This step was fore¬
First
shadowed
ever
Samuel
since it appeared that Sir
had
tion
when he made the
situa¬
correctly appraised the Italo-Ethiopian
proposal last December for
concessions to Italy which re¬
territorial
certain
anxious to relinquish his
Monsell had been
count
time, and Prime Minister
duties for some
official
seized the occasion to reinstate
Stanley Baldwin
The change is believed to mean
Sir Samuel Hoare.
forces in the Mediterranean now
that British naval
with
will be reduced,
Vis¬
Foreign Secretary.
sulted in his retirement as
a
corresponding decline of in¬
It is intimated, indeed, that
ternational tension.
stipulated the withdrawal of the naval
as one of his conditions in accepting
Sir Samuel
reinforcements
sanctions against Italy soon will be
That
office.
lifted also is
to the
accepted
as a
matter of course, owing
change.
Samuel made his first speech
Sir
of the Admiralty
day, and he promptly
vigorous
declared
as
First Lord
before the Cambridge Union, Tues¬
demonstrated his able and
leadership in international affairs.
He
that Great Britain should not base her for¬
of Nations because no
real feeling of international loyalty has been devel¬
oped, as yet. British aid to the cause of peace can
best be extended, Sir Samuel maintained, by close
adherence to British traditions and by development
of the British Empire.
That would be a much more
eign policy on the League
Bolshevik fiveNazi totalitarian revo¬
lution.
"I believe," he added, "that a new stability
would be given to the world if other great self-con¬
fertile
year
experiment, he said, than any
plan, or any Fascist or
tained
wealth
like the
units
economic
British
economic units would break down
by Briand years ago.
troubles would be
along
the United States
mitigated!'
How many
Soviet Russia
while
great economic units,
would be another of the
be
States
by the Continental Powers
the lines sketched
our
the current par¬
^Suppose that in Europe a United
could be built up
of
great
similarly developed; half a dozen
were
ticularism.
Common¬
and its American friends
would
third."
a
Neville
Chancellor
Chamberlain,
chequer, supplied another
day of the probing now
the
Ex¬
illustration on Wednes¬
going on in respect to for¬
In an address before the
eign affairs.
of
1900 Club of
for the lifting of
Italy and the conclusion of regional
London, Mr. Chamberlain called
sanctions from
pacts in world danger zones. He indicated
that the Cabinet now regards a reorganization
Socialist Rule in France
modified to
degree this week, after the
SOME aspects of the critical situation in France
of the
the nations
ation
"It is time
composing the League reviewed the situ¬
League of Nations as inevitable.
and
decided
to
limit
the functions
League so that they will accord
of the
with its real pow¬
"That would go far to restore
the prestige and moral influence of the League, but
naturally the League with those limitations could
ers," he declared.
no
longer be relied upon by
of the world."
itself to secure the peace
There was another echo of
in the new Chamber of Depu¬
respects the difficulties persist and
being accentuated.
The curious and ap¬
ties, but in other
are
even
parently spontaneous strike movement that spread
so rapidly in the two weeks before M. Blum took
office reached its greatest intensity last Saturday,
Ministerial Declaration was being read
The Premier and
his associates plunged into the troublesome negotia¬
tions between employers and strikers, and by Mon¬
just as the
Chamber and Senate.
before the
announced a general agreement which gave
virtually all they requested.
Close to
day they
the strikers
1,000,000 workers were
reported on strike by that
time, and in some important industries they went
back to work.
Others preferred to continue the
of still greater con¬
"fold-arms" strike in the hope
by the strikers en¬
industries who promptly
The success achieved
cessions.
couraged workers in other
adopted similar tactics, and the process of "settling"
the labor troubles through virtual capitulation by
government and the employers continued all
The total of strikers was not diminished
the
this week.
greatly by the various adjustments, but it is hoped
that actual enactment of measures for the benefit^
labor will
French
of
unaffected by
tories
that he would refrain
normal tasks.
Thursday
from using force to evict the
the Chamber on
that such measures might
strikers, because he feared
workers' insurrection.
a
have been few disorders
That
a
of
a
Fortunately, there
violent nature.
in France from
made clear in
Declaration presented last Satur¬
changed order will result
the rule of the
the
In the
refuse to perform their
Premier Blum informed
provoke
protests.
important French industry
the disturbances, and dozens
occupied
are
leave and also
quiet the
is
of fac¬
still by workers who refuse to
meantime hardly an
Socialist Premier was
Ministerial
represented in its en¬
Popular Front on which
the Socialists gained many votes in the national
election a month ago.
M. Blum promised early
introduction of measures for the 40-hour week in
The program outlined
day.
tirety the platform of the
and a public works
unemployment. He called also
for the nationalization of war industries, and reform
of the Bank of France to bring that institution even
industry, collective bargaining,
program
under
more
was
made
debate
of the
ried
to reduce
government supervision.
No mention
of the franc, but in the
of devaluation
that
followed
pointed
out by one
Deputies that the program could not be car¬
unless the franc is cast adrift from its
basis of his
credits for
The
was
out
present gold anchor.
by
it
program
The Premier replied that the
would be to obtain extensive
achieving results similar to those
effected
currencies in other countries.
not without its anxious moments,
devaluation of
debate
was
especially when Premier Blum was
taunted with
when former Colonial
Thomas and Sir Alfred Butt an¬
lowed
Jew, but in the test of confidence that fol¬
he received 384 votes, while only 210 Deputies
voted
against the regime.
nounced they were
ample sup¬
being
budget scandal on Thursday,
Secretary J. H.
the recent
Leon Blum, gained
port for his program
peace
also
a
were
Socialist Premier,
resigning immediately their seats w
a
The Socialists, Radical-
Volume
Financial
142
Socialists
important steps of the Blum Gov-
One of the most
last
Saturday, when announceTannery had been "pro-
made that Jean
was
solidly for the
and program.
ernment was taken
ment
voted
Communists
and
Blum Government
Governor of the Bank of
moted" from his post as
and Emile Labeyrie, an adherent of the
France,
Popular Front, named as Acting Governor
institution.
This
French financial
technical
change'
circles,
of the
received quietly in
was
M. Labeyrie is an able
as
financial
expert and long has served in
Settlement of varilast week-end, which
3913
Chronicle
The British Government
made its attitude known on Wednesday through
Chancellor of the Exchequer Neville Chamberlain,
who declared in the course of a speech at London
that sanctions should be revoked. Premier Mussolini conferred over the last week-end with Chancellor Kurt Schuschnigg of Austria, and the official
announcements merely stated there were "no particular negotiations," but rumors circulated in
Europe that a virtual Italo-Austro-German alliance
was under discussion.
of the entire problem.
departments of the government.
ous
strikes followed
was
devoted to
mier
protracted negotiations with the Pre-
intermediary between the employers and
as
strikers.
As
espoused the
of the workers, and the arrange-
recognition of the 40-hour week, for
vacations with pay,
There
strikes
and increases of wages by 7 to
ominous
were some
that the
rumors
union
out of the control of the French
were
heads, and
the government
might be expected,
cause
ments called for
15%.
the
over
few reports suggested that funds were
a
being received in support of the movement from external
Premier
sources.
Blum
disre-
apparently
garded such allegations, for he proceeded on Tuesday to introduce a series of bills embodying the
It
principal demands of the strikers.
out
pointed
was
widely in France that the plans can hardly be
carried out without
high
raising still higher the already
the
and
France,
in
level
price
prevailing
opinion that franc devaluation is an inevitable consequence
is perhaps best indicated by the
Producers issued
French
which
steady
The Confederation of
flight of capital from France.
statement, Monday, in
a
they placed squarely on the Blum regime the
consequences
of the policy now adopted.
.
No
disorders attended the balloting, which also involved
the voting for 28 seats in the National Assembly,
^o less Dian 130 candidates contested the seats in
the Assembly, and the official tabulation of votes
expected' to show that no party has a majority
*n that body. The contest was a bitter one, but
available reports indicate that the issue of the new
treaty between the United States and Panama was
treated delicately by all concerned. The regime
headed by President Harmodio Arias is responsible
f°r the treaty, which attempts to reconcile the many
differences between the two countries, and the qnesD°n
ratification may possibly be rendered somewhat uncertain by the failure of any single party
f° obtain control of the Assembly. Ratification of
President Belisario Porras as its candidate.
the
Italy and Ethiopia
rF|
.
ranamanian, Election
KTATIONAL elections were held in Panama last
* ^
Sunday, and unofficial returns indicate that
J* D. Arosemena, the so-called "National Revolutionary" candidate, was selected as President of the
country by a slight majority. His chief opponent
was Domingo Diaz, leader of the Doctrinal Liberal
Party> while the Union Liberal party put up former
treaty by the United States Senate will not be
considered until next year.
This matter is of consid-
ITALIAN authorities once European affairs, a bonds, which are secured in part by the annuity payerable importance to holders of Panamanian dollar
good deal of attention to again are devoting
now
that
Ethiopia has been conquered, but there
still
a
good
increased
the
Power
can
scheme.
problems to be settled
many
of
importance
Italy
as
a
are
before
colonial
be considered wrell fitted into the world
From
Jibuti, in French Somaliland,
come
reports that large forces of Ethiopian natives are
This is to be
opposing the Italian invaders.
pected, of
well
course,
a
considerable period
ex-
may
elapse before the Italian rule is accepted in all
parts of the
while,
given
the
at
mean-
Marshal
home.
Premier
Tuesday
nounced,
some
did
not
Pietro
Badoglio
seven
was
in the Canal Zone.
engagements through payment in
Among other
the largely fic-
tional balboas of Panama of the $250,000 annuity,
The effect of that arrangement, when ratified, would
be
annual payment by the United
an
$430,000
to
States of
all of which is pledged to
Panama,
service of the several Panama dollar bond issues,
the
festivities.
On
were an-
he has held in recent
son-in-law,
Count
Galeazzo
named Foreign Minister; Dino Alfieri
named Minister of Press and
Alessandro Lessona
Marshal
Badoglio,
relieved
on
was
Propaganda, and
made Minister of Colonies,
now a
popular idol in Italy,
Japan and China
was
Signor Mussolini relinquished
Cabinet posts
Mussolini's
years.
attend
important Cabinet changes
by which
three of the
and privileges
things, the treaty provides for due observance by the
United States Government of its 1904 contractual
to be experiencing some mild diffi¬
welcome of State in Rome, last Sunday, but
a
Ciano,
Premier Mussolini,
country.
appears
culties
was
and
able by the United States Government for rights
was
Thursday from his post of Viceroy of
\ TEW incidents occur continually to demonstrate
IN
the
delicacy of the international situation in
the Far East.
The Japanese military authorities
in recent months turned toward China proper and
steadily
increased
the
area
in northern
Chinese
Provinces that was brought under their domination.
This
was a
distinct change of policy, for previously
the extensions of Japanese movements were largely
in the direction of Outer
Soviet Russian tutelage.
Mongolia, which is under
When sharp clashes
oc-
curred between Mongolian and Japanese forces, the
Ethiopia and placed in charge of the Italian Army,
attention of the latter was directed southward.
which is to be
almost infinite patience of the Chinese apparently
reorganized.
The international
opposition to the Italian
con-
is being tried to the
The
breaking point by the persistent
quest of Ethiopia probably will lessen perceptibly
Japanese incursions.
in
June 3 indicated that the southern Chinese regime
coming weeks, even though some heated debates
Reports from Shanghai
on
may
develop on June 30, when the League of Na-
at Canton had issued a manifesto urging a war of
tions
Assembly is to meet for further consideration
resistance to Japan.
This
move
apparently
was not
•
3914
in
the
Financial
welcome
least
to
the
Chronicle
June 13, 1936
Bank of France Statement
Nanking Nationalist
Government, headed by General Chiang Kai-shek,
Which
has
steadily
attempted
to
temporize
and
placate the Japanese invaders, without coming to
The Nanking Government indicated
military grips.
Wednesday that it would not extend aid to the
on
•southern Chinese forces.
already
were on
But the Cantonese armies
the march and there is
now grave
danger of clashes between the Nanking and Canton
with civil
forces,
internal
involved, and
evident that
any
a
The
highly complex and
outline of the position fails to do
justice to the true
may
in China the result.
war
politics of China
course
are
of events.
But it remains
period of intense unsettlement
new
be precipitated.
THE weekly statement dated June 1,500,074,618
5 reveals a
decline in gold holdings of
further
francs,
making the total loss
reserve
for the
521,431,041 francs,
The
ago.
French
abroad,
advances
Foreign Central Banks
discount rates of any
rates
at
the
leading
centers
are
DISCOUNT
RATES OF FOREIGN CENTRAL
Credit
bills
Pre¬
Rate in
Date
Established
June 12
Austria
3)4
Batavia
4
Belgium
Bulgaria...
2
.
'
6
Rate in
vious
Rate
Effect
July
July
101935
11935
May 15 1935
Aug. 151935
Country
An increase also
84,963,734,685 francs.
before at 80,789,402,045
francs.
loss of 3,000,000
a
Circulation
82,124,919,980 francs and
stood at
ago
June 12
francs and creditor current
694,000,000 francs.
A comparison of the
•—
vious
Established
BANK OF FRANCE'S COMPARATIVE
Rate
4)4
Changes
4)4
2)4
India
3
Nov. 29 1935
June 5, 1936
June 7, 1935
June 8, 1934
3
June 30 1932
3)4
3)4
for Week
Ireland
7
Italy
Japan
4)4
May 18 1936
Apr.
6 1936
Francs
Francs
Francs
Francs
Mar. 111935
24 1935
4)4
Java
4)4
Colombia..
4
July
18 1933
5
Jugoslavia.
5
3
Jan.
11936
Danzig....
5
Oct.
21 1935
Denmark
3
3.20
June
21935
5
3.65
3)4
6)4
Gold holdings
Credit bals. abroad,
11935
6
Jan.
2 1934
Morocco
b Bills
Norway
May 28 1935
May 23 1933
4)4
6
6)4
3)4
4
Adv. against secure.
Oct.
25 1933
6
Note circulation
5
Dec.
13 1934
5)4
Credit current acets.
Dec.
7 1934
6
South Africa
May 15 1933
4
Proport'n of gold on
hand to sight liab.
5
Spain...
5
July
101935
5)4
5
Sweden
2)4
Dec.
1 1933
3
Switzerland
2)4
May
2 1935
2
Finland
4
Dec.
4 1934
2)4
2)4
5)4
4H
France
6
May
61936
Germany..
4
Sept. 30 1932
13 1933
31936
7)4
3
Poland
.
.
a
Bank of
were
as
on
Friday of last week, and %% for three-months' bills,
as
against %%
call in
London
on
on
Friday of last week.
Friday
was
J^%.
Money
on
At Paris the
73.54%
79.16%
b Includes bills discounted abroad.
Germany Statement
THE statement for the first quarter170,000 marks,
gold and bullion of of June shows
an
IN bills
LONDON open market discount rates for short
Friday
%%,
against %%
59.68%
—0.33%
Includes bills purchased in France,
M
Foreign Money Rates
on
+52,000,000 19,432,730,871 8,129,410,997 4,284,209,931
—3,000,000 1,283,891,304 1,173,318,169 1,122,247,218
+147,000,000 3,527,463,275 3,339,933,431 3,137,001,948
+ 257,000,000 84,963,734,685 82,124,919,980 80,789,402,045
—694,000,000 8,065,271,768 14,048,246,991 18,565,458,162
_
bought abr'd
5
Sept. 25 1934
Oct.
bills discounted.
4)4
3)4
June 30 1932
5
June
a
Portugal...
2
Estonia
7
7
Rumania
England
4)4
—1.500,074,618 55,521,431,041 70,725,182,687 78,645,114,195
+ 452,000,000
592,680,777
72,893,122
14,110,846
French commerical
Feb.
Lithuania..
3K
Czechoslo¬
Greece
below:
STATEMENT
Aug. 28 1935
Jan.
Holland
year
Bills bought abroad
4
4
Aug. 21 1935
a year
the
Hungary
2)4
X
appears
257,000,000 francs, bringing the
4
Canada
..
and
Pre¬
Date
Effect
Chile
vakia
year
balances
discounted
various items for three years appeal's
Country
years
59.68%,
period last
same
commercial
two
at
now
before.
year
francs, respectively.
accounts of
BANKS
stands
452,000,000 francs, 52,000,000 francs, and 147,000,-
show
shown in the table which follows:
5
55,-
aggregates
now
against securities record increases, namely
total up to
Present
the
in note circulation of
THERE have been no changes during the week in
the
of the foreign central
banks.
ratio
reserve
79.16%
gold
against 70,725,182,687 francs
as
compared with 73.54% the
and
Bank's
78,645,114,195 francs
and
ago
year
000
Discount Rates of
Gold
10,178,990,367 francs.
a
of the
11 weeks from March 20 to June
increase in
bringing the total
before
rency,
to 70,162,000 marks.
up
Gold
aggregated 83,104,000 marks and the
year ago
111,135,000 marks.
Reserve in foreign
a
year
cur¬
bills of exchange and checks, advances invest¬
other
other
and
maturing
ments,
at
obligations register decreases, namely, 108,000 marks,
market rate remains at 6^% and in Switzerland
234%.
'
',A.
marks,
THE statement of the further for theinweek ended
Bank gain
bullion of
June
10
shows
marks,
314,049,000
Bank -of England Statement
a
£1,230,244 and a contraction of £449,000 in cir¬
resulting in an increase of £1,679,000 in
reserves.
Gold holdings of £209,400,538 are again
at a new high, and
compare with £193,418,576.
Public deposits rose £5,263,000 while other deposits
decreased £3,250,736.
Of the latter amount £3,218,336 was from bankers' accounts and £32,400 from
other accounts.
The reserve proportion is at 26.50%.
slightly higher than last week, when it was 25.70%;
a
year ago the proportion was 37.57%.
Loans on
Government securities fell off £775,000 and on other
securities rose £1,143,421.
The latter consists of
discounts and advances, which decreased £77,061,
and securities,
which increased £1,220,482.
No
change was made in the 2% discount rate.
Below
we
show a comparison of the different items for
culation
assets
daily
open
respectively.
at
1.80%,
previous
tion of
4,186,407,000 marks.
3,732,281,000 marks and the previous
853,000 marks.
June 13,
1934
June 14,
1933
June
15,
1932
marks.
-
Below
433,003,000 398,762,000 378,572,009 375,021,029 357,425,646
13,480,000
7,788,000 21,019,123 11,611,297 20,567,650
123,563,740 137,681,596 132,870,008 143,477,651 121,532,965
Bankers' accounts.
85,600,140 101,739,945 97,004,895 104,802,420 87,546,253
Other accounts
37,063,600 35,941,651 35,865,113 38,675,231 33,986,712
Govt, securities
97,768,310 92,347,044 81,445,318 75,408,503 68,774,656
Other securities
20,737,018 16,334,308
16,768,180 24,322,947 38,401,756
Disct. & advances.
6,165,920
5,741,934 12,961,256 12,690,490
5,871,578
Securities
14,571,098 10,462,730 11,026,246 11,361,691 25,711,266
Reserve notes & coin 36,396,000 54,657,000 73,558,292 73,225,427 52,794,285
Coin and bullion
209,400,538 193,418,576 192,130,301 188,246,456 135,219,931
Proportion of reserve
to liabilities...
37.15%
47.21%
47.79%
26.50%
37.57%
Bank rate
2)4%
2%
2%
2%
2%
Public deposits
year
year
Silver and other coin shows
stood
3,507,a
gain
furnish
we
a
comparison
of
the
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
June7, 1936
June 7, 1935
June 7, 1934
Reichsmarks
Assets—
Reichsmarks
Reichsmarks
Reichsmarks
Gold and bullion.
+ 170,000
Of which depos. abroad
Reserve in foreign curr.
Bills of exch. & checks.
on
No change
70,162,000
21,560,000
5,349,000
—108,000
—314,049,000 4,329,758,000
+ 58,137,000
171,943,000
*
other Ger. bks.
—15,292,000
—8,612,000
—7,870,000
1,532,000
44,457,000
630,048,000
526,402,000
111,135,000
83,104,000
33,195,000
22,039,000
9,423,000
4,021,000
3,708,216,000 3,122,101,000
242,358,000
127,445,000
9,561,000
9,053,000
79,299,000
47,112,000
645,391,000
661,607,000
588,238,000
653,848,000
Liabilities—
Notes in circulation
Oth. daily matur. oblig.
Other liabilities.
Circulation
Circulation last
different items for three years:
Other assets
June 12,
1935
contrac¬
58,137,000 marks and other liabilities of 1,156,000
Investments
June 10,
1936
a
253,388,000 marks, bringing the total down
Advances
STATEMENT
now
and 3.4% the
at
Notes
BANK OF ENGLAND'S COMPARATIVE
year
to
of
marks,
ratio stands
Notes in circulation record
year.
8,612,000
35,392,000
reserve
against 2.33% last
Silver and other coin.
several years:
and
The Bank's
as
marks,
15,292,000
marks
7,870,000
—253,388,000 4,186,407,000 3,732,281,000 3,507,853,000
523,825,000
735,113,000
693,154,000
—35,392,000
153,031,000
205,828,000
+ 1,156,000
156,899,000
Propor. of gold & for'n
curr.
+
to note circula'n
.10%
1.80%
2.33%
3.4%
Other deposits
Validity of notes
on
other banks expired March 31, 1936.
...
New York
Money Market
EDTLE business of any kind was done in the were
market this week, and rates New
York money
unchanged
in
all
departments.
The routine
re-
Volume
newals
Financial
142
of
call
change all
loans
were
tlie
011
Stock Ex¬
New York
effected at 1%, and new loans also
prevailed at that level.
Time money was offered
freely at l1/4% for all maturities
up
to six months.
3915
Chronicle
gold bloc situation.
since toward the end of
market
is
merely
Commercial paper and bankers' bill rates were car¬
uncertainty
ried
tarization of the
from
over
Monday
count bills.
One
days, went at
a
last "week.
0.230%
series
of
Treasury sold on
dis¬
of $100,000,000
$50,000,000, due in 188
discount of 0.187%, while
an average
second series of
at
The
further aggregate
a
$50,000,000, due in 273 days, went
both computed
average,
on
annual
an
New York
and the
ruling quotation all through the week for both
loans and renewals.
been at
standstill this
a
been reported.
all
week,
has
transactions having
no
The
market
for
prime commercial
has been moderately active this week.
has
been available in
the
demand
lias
not
preceeding week.
fairly
been
Rates
heavy
as
during the
%% for extra choice
are
names
running from four to six months and 1% for
names
and
$5.03
March 7.
and
After sterling,
highest in favor.
for
bankers'
sight,
with
compared
for cable transfers has been between $4.99
$5.03%
with
compared
of
range
a
between
$4.99 9-16 and $5.04% a week ago.
The
rate
following tables give the
Paris, the London
on
and the
MEAN
LONDON CHECK RATE ON
Saturday, June 6
76.286
Monday,
June 8
_75.723
Tuesday,
June 9
76.043
__138s. 9d.
__139s.
Friday,
76.238
76.253
76.382
June 11
June 12
Wednesday, June 10.__138s. 8J^d.
Thursday,
June ll.__138s. 9d.
June 12.__.138s. 6Kd.
BY THE UNITED STATES
FOR GOLD
PAID
Thursday,
Friday,
139s. 4d.
June 8
Tuesday, June 9
PRICE
PARIS
Wednesday, June 10
OPEN MARKET GOLD PRICE
LONDON
Saturday, June 6
Monday,
London check
marketfgold price,
mean
open
price paid for gold by the United States:
Saturday, June 6
(FEDERAL
$35.00
35.00
Thursday,
June 11
35.00
Friday,
June 12—
Monday,
Acceptances
THE demandthis week, but sales have been small
good for prime bankers' acceptances has
While sterling is not
been
of the
unchanged.#
limited supply
are
up
Rates
paper.
of the
Quotations
ceptance Council for bills
of
American Ac¬
to and including 90 clays
3-16% bid and %% asked; for four months, %%
bid and
3-16% asked; for five and six months, %%
bid and
New
5-16% asked.
York Reserve
The bill-buying rate of the
Bank is
%% f°r bills running
from 1 to 90 days, %% for 91- to 120-day bills, and
1% for 121- to 180-day bills.
bnaks'
The Federal Reserve
holdings of acceptances remain unchanged at
$3,076,000.
nominal in
continue
for open
so
Open market rates for acceptances are
far as the dealers are concerned, as they
to fix their
market acceptances
SPOT
-180 Days
Prime eligible bill
FOR
»««
_
Asked
Bid
Asked
\i
if
».•
—30 Days
—-—60 Days
Bid
Asked
*14
H
DELIVERY WITHIN
Bid
i,
H
—90 Days
Bid
Asked
as
Bid
H
Asked
%% bid
h % bid
Ellglble non-member banks
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
the Federal Reserve in the
rediscount rates
the
is the schedule of rates
various
classes
of
paper
at
now
in effect
the different
Reserve banks:
more
The market, though
terms of the
"dollar
occasions in order to
Date
Previous
Established
of the
Feb.
8 1934
operation
was
bear operations against the
understood, but cannot be positively
asserted,
also sold abroad to steady
the franc
that dollars
were
and to arrest
financial
a
from panic
situation is if anything more critical
and the best that official
than ever,
able to
1H
Feb.
2 1934
2
Philadelphia
2
Jan.
17 1935
While these combined influences
downward movement of the franc
and have saved the French
authorities, temporarily, some embarrass¬
prevented
resulting
heavy movement of gold from
too
a
Paris to New York.
2
1935
2 V
2
9 1935
2H
Atlanta
2
Jan.
14 1935
2H
Chicago
2
Jan.
19 1935
2 J4
St. Louis
2
Jan.
3 1935
2V,
Richmond
May
Minneapolis
2
May 14 1935
2 V
Kansas City
2
May 10 1935
2V
Dallas
2
May
8 1935
San Francisco
2
Feb.
16 1934
2H
2V
Course of Sterling
Exchange
intervention's
accomplish at the present is to keep the rate
just fractionally above the export point
Paris to New York and other centers.
franc
to
rate
was
more
cause
sufficiently weak on several
$11,575,000
Paris for shipment to New York.
gold engaged on Thursday for New York
gold in
brought the total movement to
to
for gold from
the engagement of
2X
New York
May 11
and
control. The object
to arrest the flight of funds from
Paris and to discourage
Additional
2
LH
on numerous
purchase of francs by the British
Rate
Boston
Cleveland
market
steady the sterling-franc rate.
This~mvolved considerable selling Jof sterling
Rate in
12
holidays inter¬
the BritishfExchange Equali¬
as
zation Fund intervened in the
The
June
sold as
Sterling^ somewhat easier in
fered with business.
occasions
Effect on
it was last
still dull, is much
active than last week when two
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
as
$5.04%, the undertone is firm, not only in
ment, the franc
for
firm
Thursday cable transfers
on
currencies.
have
THIRTY DAYS
Eligible member banks
The following
as
comparison with the dollar, but as against all other
It is
—120 Days
150 Days
Asked
H
..
high
when
nearly
franc.
follows:
are as
week,
DELIVERY
Bid
Prime eligible bills,
The nominal rates
rates.
own
$35.00
35.00
35.00
Wednesday, June 10
June 8._
Tuesday, June 9__
are
a
RESERVE BANK)
Bankers'
account
the
The
of between $4,99 7-16 and $5.04 last week.
less known.
on
mili¬
hesitancy in trading,
unit most in demand.
quantity though
good
as
Paper
German
Rhineland beginning on
dulness
of
phase
of the
the
for sterling this week has been between $4.98%
range
Rates continue nominal at 1%% f°r
maturities.
paper
new
The market for time money
Injfact the present
j
with
began
States dollar is the
United
The range
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
respects the
sterling must be considered the firmest of all currencies
range
Money Rates
April,
continuance
a
which
from the
Aside
and
bank discount basis.
In all important
foreign exchange situation has remained unchanged
this side since April 24
of which $277,100,000 has been
France and $41,400,000 from Holland.
$345,900,000,
taken from
Up to Wednesday a
total of approximately $225,500,-
000 had arrived.
The
gold sent to New York from France represents
chiefly private funds which are reinvested in American
securities.
This flow of Continental funds to the
STERLING exchange and the entireowing to the
foreign ex¬
change market is dull and hesitant
American market,
arising almost exclusively from the
perplexing uncertainties of the French franc and the
desire for safety,
is one source of strength in dollar
3916
Financial
in sterling.
large degree offsets the firmness
England could legally increase its fiduciary issue, but
is averse to such action as it is believed in London
that such a course would create an unfavorable
a
far greater
a
proportion of Continental funds
seeks London rather than New York with the
same
objectives of security and profitable employment.
week
Last
Commerce
United
the
made
States
report
a
Department
the
on
of
foreign capital
movement in
1935 which showed that
European
apprehension had occasioned such remittances to the
United States that $600,000,000 of
had
been
resources
added
last
under
has
and
to
year
European capital
our
way
Somewhat the
throughout
same
the
months
evidently been accelerated since early in
of Commerce
land—have,
as
Dec.
31,
French
States
Dutch
holdings
Holland and
Switzer-
of the end of 1935, approximately
$552,000,000 in American
United
The Depart-
study estimated that the three
gold bloc countries—France,
of
has
process
six
past
March, and especially since April 24.
ment
market
money
and that $735,000,000 had been placed in
American securities.
been
common
stockholdings in the
common
totaled
stockholdings. As
approximately $142,000,000,
$196,000,000, and Swiss holdings
were
There is
foreign
no
of knowing definitely how much
way
has
money
into the London Market, but
gone
competent observers here and in London believe the
amount
to
be
much
greater than
the
volume
of
Foreign demand is also responsible for the steady
Sold takings in the London open market,
Bm rates in Lombard Street are firmer. Call
against bills is in supply at J^%. Two-,
months' bills are 29-32%, three- and four-months'
^ills are 15-16%. Six-months bills are
Last
week two- and three-months' bills were 9-16%.
money
bloc situation be clarified.
But, however the problem
ultimately be resolved, there is little prospect
that the great volume of
European funds invested in
shares and bonds in either market will be
repatriated.
immediate weakness will develop in either sterling
has been reflected in
New
quiet and dull security markets
York and
London, and has brought
rising tendency in
a
money
^d!and
703 000from
1,155,000 from Mexico
None
111,000 from England
12,000 from Nicaragua
,
$65,568,000 total
rates, particularly
Net Change in Gold Held Earmarked for Foreign Account
Decrease: $2,210,000
in London
Note—We have been notified that
In recent weeks
an
appreciably diminished credit
June
for
11
currency
the
declined by
In
notes.
circulation
of
£348,000, but
the
the
Bank
June 3
on
week
of
was
ended
England
at
a
new
above
The
or
exports of the metal
The greater part of the
of gold
six months is estimated
France,
been due to demands
by foreign hoarders,
though also attributable in part to the improvement
in British trade.
lation is
least
In
Compared with
£34,243,000 higher.
a
year ago
circu-
the
past
year
the
Bank has increased its gold
holdings only £15,983,000 and
reserve
of the
low level of
1933.
The
as a consequence
the
banking department has fallen to the
£36,397,000, the lowest since January,
Bank's
ratio
on
June 3
lowest in three-and-a-half
years.
was
It is
25.70%, the
now
26.5%.
This position foreshadows further substantial pur-
chases
of gold
French fiscal
This
by the Bank of England unless the
crisis
week the
in gold
is
soon
Bank of
settled
by devaluation,
England bought £1,588,026
bars, bringing its total gold purchases
this year, to
so
far
approximately £8,607,447. The Bank of
was
week ended
were
no
change in gold held
or
from
$350,700
Guatemala.
There
ear-
On Friday $15,832,300
received of which $15,475,600
was
on
imports
Mexico
and
came
$6,000
from
from
exports of the metal but
were no
gold held earmarked for foreign account increased
$11,906,300.
It is estimated that at
£25,000,000 of this increase is due to hoarding,
for the
are
On Thursday there
marked for foreign account.
Bank's circulation in the
past
have
figures
Wednesday.
high record of £433,451,000.
to
approximately $347,000 of gold
received at San Francisco from China.
supply has developed in London out of the heavy
demand
market
open
Exports
dollar through foreign capital repatriation.
feeling of tension which has characterized the
about
six-
$47,690,000 from France
the
both
and
this week was taken for unknown destination,
largely for account of foreign hoarders. On Saturday
foreign exchange market for the past several weeks
in
9-16% to
were
months' bills were 9-16%.
Ak the gold on offer in the London
gold movement at new york, june 4-june 10, inclusive
temporary funds in London is larger
Such temporary balances are
subject to prompt recall should the European gold
The
its customary
reserve to
proportions.
The London clearing banks established a new high
record for deposits in May. The combined monthly
statement showed that average deposits increased
by £31,600,000 to £2,185,256,000. A considerable
proportion of the increase in the London bank deposits
was due to transfer of temporary foreign money,
speedily
Undoubtedly
than that in New York.
or
would restore the banking
Hence there is very little likelihood that
the amount of
any
In 1928 when the Treasury and
Bank of England note issues were amalgamated,
the amount of the fiduciary issue was fixed at £260,000,000 and has remained at that figure'. Acceleration
of gold purchases or a decline in circulation, or both,
kist there was available and so taken £141,000, on
Monday £186,000, on Tuesday £403,000, on Wednesday £146,000, on Thursday £86,800, and on Friday
£238,000. On Tuesday the Bank of England bought
£836,983 in gold bars, and on Thursday £751,043.
At the Port of New York the gold movement for the
week ended June 10, as reported by the Federal
Reserve Bank of New York> was as follows:
foreign funds invested in New York.
may
impression abroad.
Four-months' bills
$214,000,000.
were
June 13, 1936
It is believed in foreign exchange circles
exchange which to
that
Chronicle
Canadian exchange
at
a
during the week
discount of 13-32 to
a
was
quoted
discount of 3-16%.
Referring to day-to-day rates sterling exchange
Saturday last
Friday's
was
close,
but
for
bankers'
more
The
sight
range
and
$4.98%@
for
On Tuesday sterling was slightly
active trading.
On Wednesday exchange
was
was
$4.99@$5.00^
Bankers' sight
$5.00%@$5.01H; cable transfers,
range
was
$5.01 1-16@
On Monday the pound was fractionally
cable transfers;
firmer in
transfers
cable
easier in dull trading.
$5.00
sight
Bankers'
firm.
$5.00 15-16@$5.01%;
$5.0111-16.
on
dull and fractionally lower from
on
was
$5.01@$5.01^.
London was firm.
The
$5.01^@$5.01% for bankers' sight and
}
Volume
Financial
142
On Thursday
$5.01%@$5.02 for cable transfers.
the
market
$5.01
The
steady.
was
On
$5.02%@
sight and $5.02%@$5.03% for
13-16@$5.02% for cable transfers.
Friday sterling
higher, the
was
for bankers'
$5.03
sterling
$5.01 11-16@$5.02% for bankers' sight
was
range
and
dull and
was
cable transfers.
range was
Closing quotations on Friday were
$5.02% for demand and $5.02% for cable transfers,
Commercial sight bills
bills at
finished at $5.02%, sixty-day
$5.01%, ninety-day bills at $5.01%, docu-
ments, for payment (60 days) at $5.01%, and sevenday grain bills at $5.02%.
Cotton and grain for
payment closed at $5.02%.
Continental and Other
Foreign Exchange
becomes increasingly
11 'HE French franc situation
1
the financial difficulties of the French
grave as
n
Government
,
i»
volved.
i
As
•
i
,.
from Paris
to
in-
come
Money continues to flee
m,
i
York,
m
of June 5 shows
statement of the Bank of France as
further loss in
,
The current
search of security.
■Bank's ratio of Sold to notes ,stands at 84.57%, and
Sold to sight liabilities is 68.51%.
The follo™g table shows the re atron of the leading
currencies
is
of gold.
in which the
way
7.85
to 7.88
19.30
32.67
32.30
to 32.43
es.oe
67.56
to 67.72
a
The London check rate
Jean
French
Tannery,
marks
policy
whose
hitherto
anc[
with
by
who is
on
He
M. Labeyrie,
now
His
to be led rather than to be
This policy is,
that
result
resisting
may
devaluation
be forced
on
Popular
in the London view,
exodus is caused less by
Premier is
government will
rigid control.
the
while
Bank,
but continues as
rise
of
increase
as
of the end of May show the rising
Amsterdam
of
19% for domestic products.
retail index is
now
9% above last
highest in 18 months.
discount in all markets.
summer
an
The Paris
and is the
Franc futures are at a heavy
private
rediscount
June 4 went to 4%%, the
prices in France. Since July there has been a
13% in the general wholesale index and
disturbance in the French
to 4%%, which rate became effective on June 3.
It was thought that owing to a further increase in the
performing the functions of the Governor of
Statistics
result
Holland. It will be recalled that the Dutch bank rate
was increased since May 29 by two successive changes
Procureur General
the Bank of France.
trend of
The
irregularly dis-
with sterling.
are
reasonable opportunity for employment of the vast
amount of idle capital in both Switzerland and
Up to the present writing M.
Labeyrie has not actually been appointed Governor
of
guilder
been under way for the past two years to the New
York security markets, as in no other center is there
sooner
place imports, exports, and foreign exchange
later
under
which the
closed at
cable
situation than by the extension of the steady movement of funds from both these countries which has
him in its worst form.
It is evident that the new
or
Greek exchange
of the unsatisfactory position of the French franc,
Funds have moved out of both Switzerland and
Holland in volume during recent weeks, but the
orderly devaluation impossible, with the
the
2.21%.
turbed and under more or less pressure, as a
likely to lead to such deterioration of French finances
to make
4.13J7,
Bucharest at 0.7437, against 0.74;
18.81, against 18.80, and on Finland at
on
Swiss franc and Holland
weakest,
leading and to be
resisting devaluation in order to keep the
as
against
against
Austrian schillings closed at 18.78,
inclined to firmness in sympathy
to think that the
with 40.25
—♦—
organization and spirit of the
seem
bills, and at
f^XCHANGE on the countries neutral during the
II* war follows the trends evident since early in
March.
The Scandinavian currencies are steady,
point in the French situation is that Premier Blum
Front intact.
bankers' sight
transfers, against 0.93 and 0.9337.
Bank of France.
appears
Friday of last week.
Italian lire closed at 7.86 for bankers'
holds the
appointment is viewed as the first step in the
London bankers
Friday
0.92% for bankers' sight bills and at 0.93% for
office of Procureur General to the Cour des Comptes.
drastic reform of the
40.26.
Poland at
2.22,
lawyer, is regarded as the foremost financial
a
expert of the left wing coalition.
40.26 for
against 4.1337;
by M. Emil Labeyrie, who, it is under-
management."
on
against 18.76; exchange on Czechoslovakia at
stood, will aim at "guaranteeing a preponderance of
national interests in its
were
7.37 and 7.88.
previous governor of the Bank, has been super-
seded in office
on
s;ght bills and at 7.87 for cable transfers,
Treasury
has been considered the most liberal ever shown
any
76.17
40.27 for cable transfers, in comparison
of the Bank of France.
respect to the extension of credit to the
Paris closed
In
finished
on Friday at 6.5737, against 6.575-16 on Friday of
iast Week; cable transfers at 6.5837, against 6.58 5-16;
anci
commercial
sight bills at
6.5537, against
5.55 5.46.
Antwerp belgas closed at 16.9037 for
bankers' sight bills and at 16.9137 for cable transfers,
against 16.90 and 16.91.
Final quotations for Berlin
French Government has over-
new
on
New York sight bills on the French center
The next
the
8.91
5.26 \
at 75.43 against
affecting foreign exchange is the
ridden the council and regents
M.
of
feature
iSh tq i««
40.20
The Bank's gold reserves in the 11
threatening
Range
This week
.
Parity
Holland (guilder)
10,178,915,749 francs or about 15.5%.
most
New Dollar
parity'
Italy (lira)..
Switzerland (franc).
March 20 have declined approximately
financial situation
gold to the United States dollar:
&
^^'^7;;;:::::;:;
expected to reflect further important
weeks since
The
on
Old Dollar
gold holdings of 1,500,074,618 francs,
the lowest level in more than five years.
losses
still
*
leaving total gold reserves of 55,521,431,041 francs,
statement
The Amsterdam
from Paris and Amsterdam.
gold has moved in apparently as a central bank*
operation to support the guilder.
The Belgian
i
i
j
centers, chiefly to London
numerous
\r
-vr
i
and New
i
The belga continues the firmest of the Continental
currencies and despite labor unrest and the recent
overthrow of the Van Zeeland Cabinet, a considerable volume of French and other Continental funds
has moved to Brussels and Antwerp for safety. As v
result the National Bank of Belgium has been increasing its gold holdings.' ■ The total gold stocks of
the Bank on June 4 stood at 3,642,500,000 belgas, an
increase over the previous week of 45,500,000 belgas.
Most of the recent gold acquisitions at Brussels have
already intimated, all markets are alarmed
to the French outlook.
as
,
■
hopelessly
more
n
i
j
t
,
and
more
grow
3917
Chronicle
.
rate,
which
on
central bank might again
However, since then money has
become easier in Amsterdam. The private discount
rate is 4%%, so that in spite of the heavy loss
of gold in recent weeks, it seems less likely that
the central bank rate will be changed. Since April 24
increase its rate.
3918
Chronicle
Financial
approximately $41,400,000 of gold has been engaged
in Holland for shipment to the United States.
Bankers'
at
sight
Amsterdam finished
on
us
by special cable yesterday (Friday); comparisons
shown for the corresponding dates in the previous
are
67.58%, against 67.57
cable
1936
respective dates of most recent statements, reported
to
Friday
on
June 13,
four years:
on Friday of last week;
67.59%, against 67.58; and com¬
sight bills at 67.56%, against 67.55.
Swiss
transfers at
mercial
francs closed at 32.31
32.32% for
England..
transfers, against 32.29 and 32.30.
Copen¬
hagen checks finished at 22.47 and cable transfers at
Germany b_
Spain
Italy
Netherlands
22.48, against 22.39 and 22.40.
Checks
Sweden
on
Nat. Belg'm
Switzerland
closed at 25.92 and cable transfers at
25.84 and
25.85; while checks
25.26 and cable transfers at
25.20.
on
Sweden
25.93, against
Denmark
Norway
Norway finished at
ers'
sight bills and at 13.64% for cable transfers,
against 13.63 and 13.64.
v
1934
1933
£
£
?
193,418,576
565,801,461
3,055,550
90,781,000
63,034,000
192,130,301
£
188,246,456
648,847,538
16,697,800
629,160,913
3,953,800
90,517,000
90,377,000
73,983,000
68,273,000
77,107,000
51,771,000
97,933,000
44,293,000
19,393,000
7,394,000
6,602,000
1932
135,219,931
647,793,543
36,742,000
90,150,000
70,606,000
71,536,000
76,322,000
70,450,000
12,031,000
60,905,000
7,397,000
6,569,000
61,216,000
15,127,000
7,397,000
6,577,000
80,572,000
72.666,000
80,463,000
11,444,000
8,032,000
6,561,000
I
Total week. 1,033,683,086 1,143,476,587 1,225,442,014 1,259,079,794 1,230,548,474
Prev. week. 1,042,650,189 1,148,447,369 1,222,913,121 1,257,204,859 1,207,577,912
25.27, against 25.19 and
Spanish pesetas closed at 13.63% lor bank-
£
209,400,538
444,171,448
2,430,100
89,105,000
a42,575,000
56,984,000
102,772,000
49,103,000
23,984,000
6,554,000
6,604,000
_
France
cable
1935
£
for checks and at
1936
Banks of—
Amount held
a
,
Oct.
20,
1935; latest figure available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which the present
£1,078,000.
year is
-
,
.
«
On
EXCHANGE steady and firm,
generally on the South American countries is
most of these
President Roosevelt's references
as
units
held in close relation to the trend of
are
by control regulations.
unofficial
tance
The real movement in the
American exchanges
South
regarding
leading
time
South
the
as
units—sterling, the
rencies—becomes
Nothing of impor¬
foreign exchange
upon
the
until such
is best reflected in the
free market rates.
or
bearing
sterling
can
be expected
American
currencies
relationship of the leading
dollar, and the gold bloc
cur¬
Argentine paper pesos closed on Friday, official
quotations, at 33.52 for bankers' bills, against 33%
on
Friday of last week; cable transfers at 33%, against
33%.
The
unofficial
free
or
market
27.85@27.95, against 27.80@27.85.
re
is, official quotations,
bills
and
8.44.
against 5.85.
at
or
was
8% for bankers' sight
are
8.44 for cable
The unofficial
close
Brazilian mil-
transfers, against 8% and
free market close
5.75,
was
Chilean exchange is nominally quoted
5.19, against
5.19.
Peru
is
nominal at
25.00,
4
the
no new
importance from those of recent weeks. Practically
all
the
with
Eastern
Far
sterling.
involved.
The
The
currencies
Chinese
Shanghai
in
move
sympathy
situation is somewhat
dollar
has
been
ruling
relatively steady in terms of the United States dollar
since
a
the
Sino-American
few weeks ago.
,
monetary
of
agreement
On Saturday last dispatchesjfrom
Shanghai stated that approximately $24,000,000 of
silver
was
signment
shipped that week, making the third
since
expected to
the
move
become available.
for
agreement,
out
as
rapidly
and
as
that
con¬
more
is
shipping facilities
The terms of the agreement call
purchase by the United States of Chinese metal
in order that China
may secure the necessary
foreign
exchange for its managed currency.
Meanwhile,
dispatches from Hongkong state that an acute
currency crisis prevails in North China and that
business is at
a
standstill.
yen checks yesterday were
29.49, against 29.39 on Friday of last week. Hong¬
kong closed at 32.42@32 7-16, against 32%@32%;
Shangai at 30.15@30%, against 30.00@30%; Manila
at 49.90, against
49.90; Singapore at 59.05, against
59.05; Bombay at 37.99, against 37.87; and Calcutta
37.99, against 37.87.
Gold Bullion in
of
the
his
par
as
of
Wednesday,
on
well
may
confusing to those of his hearers
reported irritation at the decision
Supreme Court in the Schechter
and
case,
reported discovery, after the New York minimum
law had been set aside, of
wage
in which neither the Federal
a
"no-man's land"
Government
the
nor
constitutionally able to act.
Early in the address he spoke of his interest in
the
acquisition of Louisiana, in 1803, because Jef¬
ferson, in buying the region of Napoleon, "had the
to act for the benefit of the United States
courage
without the full and
member of the
unanimous approval
observed, "carried the
Later on,
to the Supreme Court."
case
after commenting
upon
plexity of American life,
government
of every
legal profession," and "nobody," he
must
we
he
and
the increased
declared
com¬
that
"self-
maintain,"
shall
that
government must continue to act with full
in
matters
which
are
primarily of local
concern," and that "State governments must and
shall
retain State
sovereignty
ties of government
can
be met
the need of
was
Constitution
vised
for
the
principles.
intend
to
as
framed to
"the
organization which
meet, he commended
best instrument
continuation
of
Under its broad
march
all those activi¬
Still later, referring to
effective national
the Constitution
the
over
which effectively and efficiently
by the States."
an
these
purposes
believing,
fonvard,
de¬
ever
fundamental
and
can
Ave
as
the
over¬
whelming majority of Americans believe, that it is
intended to meet and fit the amazing physical, eco¬
nomic
this
and social
requirements that confront
us
in
generation." Finally, speaking of the existence
of millions Avho still live in
"if local
erting
their
every
or
restore their purchasing
then surely it would take
man
ex¬
reasonable effort, is unable to better
conditions, to raise
sighted
poverty, he declared that
government, if State government, after
a
foolish and short¬
to say that it is 110 concern of the na¬
tional government itself."
Mr.
about
Roosevelt, it will be noticed, said nothing
amending the Constitution. It is possible,
haps, to interpret his silence
he is
no
upon
A
the
as an
per¬
intimation that
longer interested in that subject
necessary.
European Banks
exchange) in the principal European banks
Rock
bit
concluded,
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
of
a
who recalled his
power,
Closing quotations for
at
Little
at
have seemed
freedom
EXCHANGE on the Far Eastern countries, except
for
Chinese units, presents
features
of
bration
"local
against 25.00.
to the Constitu¬
tion, in his address at the Arkansas centennial cele¬
States appeared to be
clearly established.
more
Amending the Constitution
or
has '
reflection, that amendment is not
more
probable inference is that, with
Republican platform not yet framed, he deemed
it advisable to wait until the
had made up
Republican convention
its mind and the public reaction could
Volume
be
studied.
speech,
nothing in the Little Rock
show that Mr. Roosevelt has
to
of his policies,
any
of
Federal
to press
means
authority at the
States which has been
his
of
or
less vigorously than in the past for the enlarge¬
ment
v
is
There
however,
abandoned
any
Financial
142
outstanding characteristic
an
Administration.
of the
expense
that local
declare
To
gov¬
Chronicle
3919
fense of the
that the
exact
in
Supreme Court, there can be no question
resolution
represents, in substance if not
phraseology, the opinions and aims of a
number of New Deal reformers whose influence with
Administration
the
to
overcome
is
tion
matters
fields in which that
primarily
are
nothing unless
means
of
concern"
local
know what matters are,
we
in Mr. Roosevelt's
opinion, "primarily of local con¬
cern,"
sovereignty
State
and
against Federal invasion by
about
ment
a
"activities"
the
is not safeguarded
general state¬
mere
State
of
governments
which, in Mr. Roosevelt's phrase, "effectively and
efficiently
It is
the
be met by the States."
can
interesting coincidence that
an
Monday,
day before Mr. Roosevelt left Washington on
his visit
Southwest
the
to
and
the
on
by extending the authority
and
the
of
eve
of Congress into
authority cannot now operate,
by resolving conflicts of authority, if any re¬
It as¬
main, in favor of the Federal Government.
that all commerce,
sumes
whether interstate or in¬
trastate, ought to be brought under Federal control,
that
essential
incident thereto, are
operations
subject of Federal rather than of State reg¬
ulation, and that whatever
the
with
agricultural and industrial production,
the
all
proper
on
proposes
constitutional
the
rights of the States present to Federal centraliza¬
ernment "must continue to act with full freedom in
which
It
considerable.
the obstacles which
can
be brought within
comprehensive term "labor" should be dealt with
from
Washington to
fit.
Since
extent that Congress may
any
agriculture, commerce, industry and
meeting of the Republican national convention at
see
Cleveland, Senator Ashurst of ,Arizona, Democrat,
labor
introduced in
the
Senate, and had referred to the
virtually all the economic activities of the country,
Committee
on
the
Judiciary,
the effect of the proposed
posing
amendment of the Constitution
if it
for
an
joint resolution
a
pro¬
which,
ratified, would apparently clear the way
were
New Deal
every
which the Supreme
measure
Court has set aside and open a
road for
nitely wide extension of the New Deal
first section of the resolution reads:
shall have power to
indefi¬
an
The
program.
"The
Congress
ture, commerce, industry and labor."
proposed, "yet its
break
The
amend¬
operative words, 'to regulate
seven
agriculture, commerce, industry and labor,'
are am¬
down
of
most
ordinary definitions,
any
amendment would be to
lines
the
Federal from State power,
that
The only privi¬
such matters would be
lege left to the States in
the
separate
now
and commit to Congress
undisputed right of regulation.
an
empty one of paying attention while Congress
called the tune.
Senator Ashurst's proposal
make laws to regulate agricul¬
ment, Senator Ashurst said, was the briefest ever
comprehend, under
of frankness.
It goes
has at least the merit
straight at the rights which
by the Tenth Amendment are expressly declared to
be reserved to the States
out most of them
at
a
or
to the
people, and wipes
It leaves the
single stroke.
ple to grant to Congress the power, within some
authority of the Supreme Court as a final inter¬
limitations, to make such laws
preter of the Constitution unimpaired,
declared
to be
as
were
recently
by the Supreme Court of the United States
beyond the
of Congress to enact.
power
This
which
proposed amendment, if ratified, would give Con¬
conditions of
could
to regulate
power
labor, fix minimum
hours and
standards in
wage
employ¬
any
ment, regulate industry, business, production, agri¬
culture,
unfair
labor and trade, and denounce
commerce,
practices." "There
of course," he
are,
con¬
constitutional
fundamental
a
arise.
gress
but gives
Congress full discretion in most classes of cases in
If such
amendment
an
were
issue
could
in force,
there
be, apparently, no question about the consti¬
tutionality of
an
Industrial Recovery Act with its
prescriptive codes,
or
Act with its benefit
an
Agricultural Adjustment
payments, processing taxes and
autocratic restriction of acreage
Relations
Labor,
Act
with
and production, or
cards
the
stacked
ceded, "some perils to be encountered in granting
a
such
against the employer and any minority of employees
ness
authority to Congress; but candor and frank¬
require
to admit that the existing complex¬
us
ity and interdependence of American life and in¬
dustry make necessary the national treatment of
many
Senator
Court.
in
Ashurst,
presenting
divorce
anxious to
connection
the
"Nothing
can
his
resolution,
proposal from
current criticism
with
of the
Court of the United States
additional
from the
legislation,
source
Supreme
If
be needed by Congress in order
power
to enact social
an
is, and will remain, the
of the Constitution.
interpreter
any
Supreme
be gained," be said, "by
attempt to deny the plain fact that the
authoritative
of
we
must secure authority
governmental power, the people
themselves, by constitutional amendment, and not
by insisting that
the
constructions
strained
.
all
salaries,
well
as
or an
as
to
or was
its
due
minimum
rates of dividend on securities.
commerce
as
the
Manufacture
would fall under Federal
distinction
commerce
hours, wages and
Act prescribing maximum profits or
between
would
interstate
disappear,
and
as
well
regulation,
and
intrastate
private
business
and
industry would be restricted or extinguished at
any
time if Congress chose to establish government
competition.
We do not believe that the
whether Democrats,
States,
people of the United
Republicans
or
inde¬
rectly as this to
interpretations
of
the
introduced with his knowl¬
support,
Irrespective of
with
maximum
and
edge but without anything in the way of personal
and
Security Act with its old age pension and unem¬
a
totalitarian State ruled by
presidential dictator.
Roosevelt,
known.
Securities Act with its inquisi¬
or a
pendents, desire anything that would lead so di¬
Whether the resolution embodies the idea of Presi¬
commitment
large,
supervision of private business, or a Social
Supreme Court shall make
Constitution."
dent
torial
ployment insurance levies, or an Act establishing
problems."
seemed
however
its
has
not been
sponsorship,
made
however,
regard to Senator Ashurst's de-
there
is
no
amendment
popular demand for
on
any
proposal indicates.
cisions
New
Outside of radical
a
a
circles,
constitutional
of the lines which the Ashurst
The Supreme Court, in the de¬
which have done
so
much to
discredit the
Deal, has rendered an immensely useful edu¬
cational service
by recalling public attention to the
3920
Financial
nature of the constitutional
tees
of
the Constitution
and its
affords, and the
they seem.
It is
mine the foundations of the government
by whole¬
an
where
the
diversity.
rights of the States,
by estab¬
or
enforced uniformity *of law and practice
Constitution
intended
able to
was
under way.
was
there
might be
The task of the hour is to emancipate
especially in view
of
the
Franco-Russian
recent
alliance, is implicated beyond the possible activities
of
some
of its members.
has seemed to be
On the whole the movement
spontaneous, running like fire from
factory to factory and shop to shop and feeding
upon
torial rule which
bustion.
put
them, to
upon
influence of huge
for
Treasury grants, and to
the
open
return of assured prosperity through the
a
whatever material
used
of
country in which troops can be
a
against striking workers without
starting
ment, confronted with
allows.
assumed
be
tion will get no
hoped that the Ashurst resolu¬
farther than the committee
room
in
has
danger
large
movement which had
a mass
proportions
before
it
office,
took
apparently thought mainly of compromise and
which it is now lodged, and that Mr.
Roosevelt,
having recognized the "broad purposes" of the Con¬
partly
stitution and its intention "to meet and fit the
In
amaz¬
grave
insurrection, and the Blum Govern¬
an
enjoyment of all the freedom that the Constitution
It is to
found ready for com¬
was
C/VS'Y
is not
France
end to the demoralizing political and social
an
way
imposed
sus¬
pected, but it is doubtful if the Communist Party,
industry, business and social life from the dicta¬
has been
Agi¬
past week, and Communist influence has been
to under¬
lishing
it
once
wholesome
now
sale abolition of the
responsible, and neither
control the movement
tators, it is believed, have been active during the
more
time
no
been
have
to
June 13, 1936
the system
more
guarantees are studied, the
vital
and
system and the guaran¬
personal liberty and property rights which
Chronicle
concession.
Its
announced
radio address
a
on
June
however, is
program,
of concession but largely
one
of reform.
one
5, the day
on
which the
ing physical, economic and social requirements that
Ministry of the so-called Popular Front
confront
stituted, Premier Blum announced that Parliament
in this
us
to any
nance
generation," will lend
counte¬
no
would be asked
proposals of change.
at
to vote
once
the 40-hour
vacations.
Pressure Politics in Europe
to the
a
graphic illustration of what
political and economic life of
happen
can
country when
a
At
the
time
same
be settled
can
claims with
of
granting
measures
wage
workers to "submit to law in
Events in France during the past two weeks have
afforded
week, collective
contracts and paid
he
called
far
so
con¬
was
as
the
upon
their claims
by law" and to "pursue their other
calm, dignity and discipline," demanded
employers "an examination of these claims in
a
great numbers of workers, for the most part mem¬
large spirit of justice," expressed regret that "the
bers
intransigent attitude of the employers" coincided
of
labor
organizations, seek to enforce their
demands upon
industry and business .by
widespread strikes. On June 1, when the
ber of
tion,
new
of
Cham¬
Deputies elected in April met for organiza¬
dozen
a
called,
and
means
that
on
cluding
day
"siege strikes,"
way
thirty
some
number
a
workers
while
or more
already under
were
in
near
quit work.
Two
days later
the
differences
their
some
strikes,
mainly confined to the Paris district,
had
labor
national
two
in
a
for the passage,
with
more
than 300 factories
and from
300,000 to 500,000 workers
On
6, when the
June
faced
to
new
involved.
were
Cabinet of Leon Blum
Parliament, the number of strikers had risen
nearly 1,000,000, half of them outside Paris, and
factories, mines, shops, restaurants and
ing variety of establishments
with.
On
Monday, after
a
Blum appeared to have
the next
tinued
for
a
seriously interfered
arranged
settlement, but
a
of
the
strikes
Primarily,
appear
very
large numbers of
40-hour
bargaining in
have been met
have
due to
variously
a
workers,
wide
demand
wage
agreements, higher wages, and
To
some
extent these demands
by employers, and in
doubtless
many
are
given
by
at
such
work.
the
which, it
port the demands.
was
Some
delay
several weeks between the election and the
of the Chamber
cases
of
meeting
believed, would
sup¬
The trade unions did not order
strikes, and neither the old and conservative
General Labor Federation
nor
the
newer
and
radical United General Labor Confederation
more
seems
with
body,
of the
name
Labor.
declaration, approved
by
June 6,
on
some
violent
before the vacation, of bills dealing
"political amnesty,
a
40-hour week, collective
contracts, paid holidays, a large public works pro¬
for improved economic,
gram
sanitary, scientific,
sport and tourist equipment, nationalization of the
manufacture
of
board
will
which
valorization
arms
of
of war,
serve
other
as
an
creation of
a
wheat
example for the
agricultural
re¬
like
products
wine, meat and milk, extension of the school
age,
reform of the statutes of the Bank of France guar¬
anteeing
preponderance of national interests in
a
its
direction, and partial revision of the decree laws
in
favor
who
working week, the right of collective
the strikers have returned and
was
been
industrial
among
to have been
vacations with pay.
the
con¬
affected, throughout the week.
causes
impetus
the
nine-hour parley, Premier
intermittently, with
explained.
they
and
day strikes broke out again and have
workers still
The
closed
were
distribution of newspapers was
bewilder¬
a
of
united
a
incidents, by the large majority of 384 to 210, called
spread to the industrial cities of Lille and Lyon,
estimated that
day the
same
under the
session of the Chamber marked
and it
was
form
and
Federation
The Ministerial
On the
organizations agreed to drop
1,250,000 members,
General
of heavy industries, saw their
Government, and urged
new
country to "keep cool."
were
big plants, in¬
more
the
Paris,
they
as
or
with the advent of the
are
of the
most
measures
bills
was
public servants and
severely affected."
out
were
of the
way,
As
a
war
veterans
soon as
these
second series of
promised dealing with "national funds for
unemployment,
insurance against agricultural
lamities, management of the agricultural debt
ca¬
sys¬
tem, and pensions guaranteeing aged workers in the
cities
and
country against misery."
On the same
day Jean Tannery, Governor General of the Bank
of
France,
Popular Front,
The
with
and
Emile Labeyrie,
who had espoused the
was
legislative
precedented
labor
displaced
was
financial expert
a
of the
made Acting Governor General.
program
speed.
cause
got under way with
Bills providing for
un¬
collective
agreements, two weeks of vacation annually
pay,
service
partial restoration of
pay
employees, and exemption of
cuts for civil
war
veterans
Volume
,
Financial
142
certain
from
taxes
passed by the Chamber
were
Deputies on Thursday and sent to the Senate,
of
and
Chamber
similarly approved by the
was
Nothing that was done, how¬
Friday.
on
the
Friday, especially in the
effective in ending the strikes;
was
ever,
bill
40-hour
a
contrary, the situation 011
Paris
appeared to be, if possible, even more
area,
in
Settlements
chaotic.
accompanied by
were
as
resume
a
turned struck
been
strikes in others, and in
new
had
demands
whose
work, while others who
had re¬
again because of some alleged minor
of
infraction
industry
or
result of Premier Blum's efforts re¬
been met
fused
to
factory
one
strikers
instances
numerous
on
Fortunately there has
agreements.
yet little violence, but the red flag is re¬
as
ported to have been increasingly displayed, agitators
their
increased
have
have been
and police
forces
for
Government
Blum
the
is
not
Swept into office by a great wave of
encouraging.
tioned
authority in international councils. The Min¬
isterial
declaration
familiar
for
of
more
no
than repeat
and
law
contracts
international
desire for collective security under
a
"unbridled
the
armaments race"
be ended and the reduction
national armaments
in Europe
control of
and
brought about by international
agreement. There have been some evidences of anxi¬
ety over the aggressive attitude of Italy, and of a
disposition to
where the
come
discussions
to terms with Germany, but
Government will stand in the
new
of
scheduled for the end of June is
The
League
sanctions which
Ethiopia and
Blum Government cannot
long continue to be
by labor without grave loss of prestige, and
without
prestige
France will
international
the
rapidly decline.
influence
spread reforms and an essentially Socialist policy,
social
and committed
the moment the whirlwind of social disorder.
demonstrated
the
of
failures
New
Roosevelt
the
been sowing the wind of
discontent, and they are
the storm has
of
Premier Blum and his
followers have for years
long list of measures some of which seem much like
are
beyond prediction.
public opinion which demanded and expected wide¬
by the Ministerial declaration to a
a
fidelity to engagements and to the given
word," and
may
the
policy:
foreign
French
which is identified with "respect
international
and with
which
does
platitudes
desire for peace,
flaunted
strengthened.
outlook
The
activities,
3921
Chronicle
now
reaping for
Until
subsided, the foreign policy of France
will remain in doubt.
Deal, Premier Blum finds himself faced with nation¬
wide strikes
BOOK
which, for most practical purposes, are
entirely out of control, and which have already cost,
in lost wages
and disruption of business and indus¬
Public
Ownership—Promises and Results
By Howell Wright.
81
try, more than the promised reforms will be able to
for
recoup
its way
to
which
greater extent than France has known
a
times
in
save
The
revolution.
of
reached
had
took
Blum
Pressure politics is having
long time.
a
outflow of
proportions
large
gold,
before
M.
office, has risen still further, and the
has become
devaluation of the franc
an
imminent
possibility. What the Senate will do with the Gov¬
ernment
measures
has
ernment
of
has
the
remains to be seen,
of
Senate
of the
control
such
no
Chamber
the
but the Gov¬
as
it
Deputies, and control of
Chamber, while not in danger numerically, nev¬
ertheless
rests
continuance
the
upon
of
radical
policies.
hold
can
together,
policy of France
events
are
Ministerial
The
answer.
controversy, are questions to
declaration
Government to the support
That
pledge,
to afford an
likely before long
taken
in
pledged the
of democratic methods.
connection
with
Premier
Blum's announcement that force would not be used
to
suppress
such
ties
the strikes, rules out a resort to any
power
has been witnessed in
as
if such
On
conditions.
tinctively
course
a
Labor
the
were
other
Germany and Italy,
possible under French
hand,
there is
no
dis¬
Party in France as there is in
England; the Socialists and Radical Socialists, who
between them
workers,
ences,
are
represent the majority of industrial
still separated by important differ¬
and the Communists are stronger in France
than in any
Organized
among a
number of party groups which are far from
labor,
accordingly,
is
the records in the case.
The author finds that the construction costs of the plant,
which began
operations in 1934, greatly exceeded the esti¬
mates, and that the rate schedules
to meet
afford insufficient revenue
operating, maintenance and bond retirement charges.
He further thinks that the
project has involved illegal finan¬
by
claimedf
exclusive franchise,
cing, and declares that a bond default was avoided "only
illegal practice," the alleged illegality consisting, it is
in;jthe issuance of bonds granting an
which was beyond the power of the village, and the improper
use of water works, sewer rental and general bond retirement
The
funds.
municipal plant, it is pointed out, is "a small,,
isolated, non-interconnecting plant" operated in
a
competition
1948, the-
private company whose franchise runs to
rates of the two
companies being identical.
The author does not offer
the situation as an argument
utilities, but rather as a case
which emphasizes\the need of better regulation of utilities;
by the State.
At present the powers of the State Bureau
of Examination and Inspection of Public Offices are limited:
against public ownership of
to
certain aspects of
investigation, reporting and accounting:
These powers, the author urges, should be extended,
with eventually "the same State supervision of municipal
only.
plants, subject to constitutional home rule, as
by the State over all so-called private utilities."
is required
York" Stock Exchange—Its Functions and
New
Operations
40
Pages.
New York: Published by the Exchange
.
handsomely printed brochure, issued by the Com¬
mittee on Public Relations of the Exchange, comprises a brief
This
and development of the Exchange, a
general description of its operations, and comments upon the
nature of the services which it renders in providing safe¬
history of the origin
guards for investors and furnishing them with needful in¬
A glossary explains the terms most commonly
formation.
employed in security dealings, and a list of minimum com¬
mission rates to non-members on stocks and bonds is given.
Illustrations show the Exchange in action.
to discord
of which the Communists in
particular may be found taking advantage.
Until the strike situation is
settled,
no
Govern¬
spokesman will be able to speak with unques¬
Stock Exchange Procedure
divided
being harmonious, and the lack of harmony opens
ment
showing of the municipal
other European country except Soviet
Russia.
way
Ohio: Published by
plant of Oberlin, Ohio, based, the author
high handed suppression of labor union activi¬
even
the
and
states, upon an exhaustive study of
whether the foreign
be kept free from the embar¬
can
rassments of domestic
which
or
pages.
Cleveland,
the Author
A drastic criticism of the financial
light
with
Whether, under such circumstances, the Popular
Front
REVIEWS
By Birl E. Shultz.
102 pages.
New York: New York Stock
Exchange Institute
the Dean of the New York Stock Exchange
prepared first in 1934 for the use of prospective and
new employees of the Exchange and since revised and en¬
larged for use as collateral reading in one of the Institute's
courses, gives in concise and practical form the information
about Exchange procedure that an employee needs to know.
This book by
Institute,
3922
Financial
Following chapters on the early history of Wall Street and
history of the Exchange, the author explains how and
why stocks and bonds originate and the differences between
them, the various kinds of orders in Exchange transactions
and how they are handled, how to get a
quotation on a stock,
the
how to read the ticker tape, and how to read
intelligently
the financial pages of a newspaper.
The
arrangement of
the floor of the Exchange is also described, a number of
problems in brokerage extensions are offered, and extracts
from the constitution and rules of the Exchange
applicable
to
employees are given.
Appended to the various chapters
are
questions on the text.
While the book is designed
primarily for the systematic instruction of high school
graduates who are seeking or have accepted positions with
the Exchange, the material is so admirably
arranged and
clearly presented as to commend the book to a much wider
audience, and especially to the large number of small in¬
vestors to whom the ordinary operations of the
Exchange
and the duties and obligations of two-dollar
brokers, special¬
ists, traders, odd-lot dealers and the "bond crowd" are
largely a mystery.
A number of illustrations show various
parts of the Exchange interior.
!
Chronicle
chief
The
June
characteristic
of
utility bonds has
strength, all classes participating in a
3%s,
1965,
advanced
3%s, 1965, at 105%
%
also
were
107%;
to
%.
up
Mississippi Power & Light 5s, 1957,
ard Gas & Electric
Gas
ated
their
been
slow upward move¬
In the prime investment group Central Gas &
ment.
tric
1936
13,
&
Consumers
Among lower grades,
1% to 95%; Stand¬
rose
6s, 1935, closed at 79%,
Electric
Elec¬
Power
5%s, 1938, at 55
1%; Associ¬
up
were
3%.
up
New
financing included $30,000,000 Oklahoma Natural Gas mort¬
and debenture bonds and $10,000,000 California Water
gage
Service first 4s,
After
a
attracted
has
movement of
been
1%
1961.
period of dulness, the market for industrial bonds
renewed
prices.
interest,
with
Building supply
firm, International Cement
135%.
to
The steels
3%s, 1961, at 105
were
up
below
previous
%, having made
Paramount
Inland
a
the group have
tops.
upward
4s, 1945, advancing
conv.
have been strong.
105%, and other issues in
tions
general
a
company issues have
Steel
high at
new
remained frac¬
Pictures
6s,
1955,
have been conspicuous in the amusement section by
rallying
sharply to 89%,
The Course of the Bond Market
action
The
bond
market
advances among
for the lower
continued
has
the high-grade
Governments have
remained
their
at
High-grade
railroad
unchanged
Div., 4s,
Western
shown
high
'?;■'■■■ L'-/-'
bonds
at 112%;
1949,
rising
levels
tendency
stable,
& Quincy,
111%;
Norfolk
&
increased
activity.
points to 79; Baltimore & Ohio
up
2% points.
w. w.,
U
S.
on
the Province of Silesia bonds.
6s also
5s,
and
ing
on
advanced.
120
120 Domestic Corporate*
Domes¬
by Ratings
Averages
**
Corp.*
110.01
110.98
122.67
119.07
108.94
95.93
109.99
110.79
122.46
119.27
108.94
95.78
Czechoslovakia 8s and Haiti
Bulgarian bonds have been other issues
RR.
106.42
106.25
P.
All
on
Individual
120 Domestic
1936
and
120
Indus.
Averages
109.75
118.04
June 12..
118.04
bond
yield
averages
AVERAGESt
Closing Prices)
Corporate
120 Domestic
Domes¬
U.
108.75
outstand¬
given in the following tables:
Daily
Baa
12
5%s, Panama 5s, Kreuger & Toll
Moody's computed bond prices
Corporate* by Groups
tic
Among the
the strong side.
120 Domestic
Govt.
10—
Cuban
(Based
Bonds
11—
high
points for the Republic of Poland, the City of Warsaw and
MOODY'S BOND YIELD
1936
June 12
new
Products 3%s,
Foreign bonds have also been rather strong.
Average Yxelds)
Aa
high for the
new
Other movements into
principal advances have been rises ranging from 10 to
are
Daily
Aaa
a
of
which closed at 104, up %, and American Type
MOODY'S BOND PRICESt
(Based
%.
ground have been made by National Dairy
% point to 85; New York Chicago & St. Louis
rose
5%s, 1974, closed at 97%,
1950, closed at 105,
gain of
a
lack
a
Anaconda Cop¬
Founders, 2%-5s, 1938-50, which added 2 to close at 114%.
Second grades have
somewhat
on
Despite
1951,
remained
Chicago Burlington
at
for
points.
of recent
Pennsylvania 4%s, 1965,
% to 121.
Erie 5s, 1967, advanced 1%
5s, 1995,
United States
Mining 4%s,
per
year,
of 3%
gain
a
the part of the metals as a group,
AA
have again
unchanged
were
4s, 1996, declined
a
fractional
' '
showing only fractional changes.
111.
with
grades, particularly the rails.
weeks.
closed
strong,
issues and moderate gains
on
11
—
by Ratings
tic
tt
Corporate by Groups
30
For
Aaa
Aa
Baa
RR
4.12
3.54
3.71
4.23
5.01
4.37
4.24
4.13
3.55
3.70
4.23
5.02
4.38
4.24
P.
U.
Indus
eigne
3.76
3.76
110.03
110.79
122.46
119.27
108.94
95.63
106.25
108.75
118.04
9— 110.05
110.61
122.46
118.86
108.75
3.55
95.63
3.70
106.07
4.23
5.03
108.57
117.84
4.38
4.24
9
3.76
8_. 109.99
4.14
110.42
122.24
118.86
108.57
95.33
3.55
105.89
3.72
4.24
108.57
5.03
117.63
4.39
4.25
8-
3.77
4.15
3.56
3.72
4.25
6
10—
—
4.13
109.95
110.61
122.24
118.86
108.94
95.18
105.89
108.57
5.05
117.84
4.40
4.25
3.78
5— 109.99
110.42
4.14
122.46
118.66
108.75
3.56
95.18
105.72
3.72
4.23
108.39
5.06
117.84
4.40
4.25
5—
3.77
4— 109.97
110.42
4.15
122.24
118.86
108.75
3.55
95.18
105.89
3.73
4.24
108.39
5.06
117.63
4.41
4.26
3.77
3
4—
110.06
110.61
122.24
118.86
4.15
3.56
108.94
95.33
106.07
3.72
4.24
108.57
5.06
117.63
4.40
4.26
2— 110.02
3-
110.61
4.14
122.46
118.86
108.75
3.56
95.33
3.72
105.89
4.23
108.57
5.05
117.63
4.39
2—
4.25
3.78
1
4.14
110.61
122.46
118.86
108.94
3.55
95.18
105.89
3.72
4.24
108.57
5.05
4.40
1
4.25
3.78
4.14
3.55
3.72
4.23
5.06
4.40
4.25
3.77
6
—
—
—
110.04
117.84
Weekly
—
—
Weekly
3.78
May 29.. 110.01
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
22— 110.20
May 29—
4.14
110.23
122.03
118.66
108.75
94.88
3.56
3.72
105.54
4.23
108.57
5.06
117.43
4.40
22—
4.25
3.78
5.91
15—
109.98
110.42
4.16
121.81
118.45
108.94
3.57
95.18
105.72
3.73
4.24
108.57
5.08
117.22
4.42
4.25
15—
3.79
5.92
8— 109.70
109.86
4.15
121.60
118.04
108.38
94.73
3.58
3.74
105.20
4.23
108.39
5.06
116.82
4.41
8
4.25
3.80
109.31
4.18
5.89
1
121.38
117.22
108.03
93.09
3.59
104.51
3.76
4.26
108.03
116.01
5.09
4.44
4.26
3.82
1—
4.21
5.84
121.38
117.22
108.21
3.60
94.88
3.80
104.85
4.28
108.21
5.14
116.42
4.48
4.28
Apr. 24-.
3.86
5.96
3.60
3.80
5.86
—
109.69
Apr. 24.. 109.80
109.68
—
4.19
4.27
110.05
121.38
117.43
108.57
95.78
105.89
108.21
5.08
116.62
4.46
4.27
17—
3.84
9.
109.75
110.42
121.60
4.17
117.63
108.57
96.23
3.60
106.42
3.79
4.25
108.39
116.62
5.02
4.40
4.27
9„
3.83
3.
109.64
110.23
4.15
121.60
117.73
108.57
3.59
95.93
106.25
3.78
108.21
4.25
4.99
116.62
4.37
4.26
5.83
Mar.27.
3_.
3.83
109.66
110.05
121.17
4.16
117.43
3.59
108.75
95.63
106.07
3.78
4.25
108.03
116.42
5.01
Mar. 27—
4.38
4.27
3.83
5.83
109.51
110.23
121.38
117.84
4.17
108.94
95.48
3.61
106.07
3.79
108.39
4.24
5.03
4.39
4.28
3.84
5.85
17— 109.96
20—
5.83
116.62
13.
20-
109.11
110.05
120.75
117.63
108.75
4.16
95.63
3.60
106.07
3.77
4.23
108.03
116.22
5.04
4.39
13-
4.26
3.83
6.
109.46
110.98
121.17
109.49
4.17
118.04
97.62
3.63
108.57
3.78
108.39
4.24
116.22
5.03
4.39
6-
4.28
3.85
5.94
108.98
110.61
120.54
4.12
117.84
108.94
97.16
3.61
107.67
3.76
108.39
4.20
115.81
4.90
Feb. 29—
4.25
4.26
3.85
5.87
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
Feb. 29—
21- 108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
15.
21—
5.80
108.52
110.61
120.96
117.43
4.13
108.94
97.62
3.62
107.85
3.79
108.75
4.22
115.81
4.87
15-
4.25
4.25
3.87
110.23
120.96
117.02
108.39
4.14
5.92
8— 108.22
96.70
3.62
106.60
3.79
108.57
4.23
115.61
4.90
4.29
3.87
109.68
120.75
116.82
108.03
4.16
6.05
107.96
8—
4.24
1.
95.78
3.62
105.54
108.57
3.81
4.26
115.41
4.96
4.36
4.25
3.88
6.10
31.
108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
24.
107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
17— 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
10„
108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
3_.
107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
High 1936 110.28
110.98
122.67
119.27
109.49
98.09
108.57
108.75
118.04
Jan.
1—
4.19
3.63
3.82
4.28
5.02
4.42
31—
4.25
3.89
4.19
6.15
3.63
3.82
4.28
5.03
4.43
24—
4.25
3.89
4 19
6.13
3.64
3.83
4.27
115.02
5.02
4.43
17—
4.25
3.89
4.21
3.66
3.83
4.29
114.04
5.06
4.47
10-
4.26
3.91
6.17
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
Jan.
3—
Low
4.32
3.70
3.93
4.39
5.24
1936
4.63
4.29
4.03
4.12
3.54
3.70
4.20
6.11
6.23
Low 1936 107.77
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
4.87
4.25
Higb 1936
4.24
3.76
5.80
High 1935 109.20
106.96
119.69
114.43
4.33
105.72
91.67
3.71
101.31
3.94
107 67
4.39
112.11
5.28
Low
4.65
4.29
4.05
6.31
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
Low
1
1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
High 1935
4.80
3.82
4.25
4.83
6.37
6.13
4.35
6.97
118.66
109.68
101.81
83.97
95.93
103.99
107.49
1 Yr. Ago
Junel2'35
6.40
102.30
4.61
3.73
4.19
4.64
5.88
5.01
4.51
4.31
5.80
4.82
3.94
4.31
4.96
6.05
4.77
5.25
4.42
7.39
Yr. Ago
Junel2'35 108.73
2 Yrs.Ago
Junel2'34 105.56
•
level
1935
98.88
114.43
107.49
96.70
2 Yrs.Ago
81.90
99.68
These prices are computed from average yields on the basis of
or the average
movement of actual price quotations.
92.39
one
They merely
105.54
Junel2'34
"Ideal" bond (4 M %
serve to
!
in
a more
1
to
I92s
th«»
bUt adlU3tCd 10 * C°mparable basls wlth »revIous
Gross and Net
maturing
roimfrPhAn*ivi LifJ
bond prices by monthTback
used in i^nntinff
illustrate In
yield averagos, the latter being the truer picture of the bond market.
For Moody's Index of
••Actual average price of 8 long-term Treasury Issues,
t The latest complete list of bonds
Kch'week.1^^6 °f 30 f°rel8n
enunon
of 40
I77
TT
~
either the average
P"rP°rt
i™ fhIT«1«^f Lh ^Vo^OTeiDelSf
1
*
ki«
'
page 907»
for^Hon^
Earnings of United States Railroads
for the Month of
April
Revenue
statistics
covering
United States railroads
favorable
comparison with the
Improvement in the
carriers
to
was
translate
gross
operation
same
a
of
fairly
month of 1935.
earnings of the principal
substantial, and it
a
the
during April make
was
found possible
good part of the increase into net
earnings.
There still is
the railroads
can
be
financially, but the
little optimism.
sent is
the
a
long distance to
considered in
a
before
current trend permits at least
The comparison which
the first in
go
healthy state,
some
we now
a
pre¬
months that is free from
peculiarly adverse effects of bad
weather
'con-
Financial
142
Volume
of Northeastern carriers dur¬
Net earnings
ditions.
by
affected by the
preceding months were sharply curtailed
ing
floods, while almost all lines were
severe
cold that marked the winter.
influences
natural
the
on
With such
results for April
wane,
transportation indus-,
try than has been possible to obtain for some time.
The figures reflect the general, if slow, improvement
present a fairer picture of the
in business conditions
The
June
&
The Eastern
mile.
a
carriers,
chiefly
by the order, put the new rate into opera¬
1,
All the important
directed.
as
carriers, with the exception of the Balti¬
Ohio, have joined in an effort to combat the
by available legal means, as the concensus
result
the
that
will
concerned.
revenues are
adverse, so far as net
be
Until the outcome of that
legal contest is known and the first actual returns
of
the
said
rate
new
made
are
available, little can be
No
regarding the experiment.
one can say
with
whether sufficient additional passen¬
any assurance
month
Various other aspects of regu¬
justify the decrease.
lation, some favorable and others unfortunate, also
exerting
are
One
profound influence on the railroads.
a
further
two
or
factors
of
considerable
im¬
portance now are coming into the situation, how¬
of
railroads
carriers
April the present
1935; 1,726,851 tons in April, 1934; 623,618 tons in
rates now current, and frequent re¬
high
bonds
coupon
announced,
April, 1929.
Institute,
United
3,942,254
in
with
1,259,629
indicated could be carried to consid¬
if the
April
current money market
con¬
gross
In the meantime, we
of the 139 leading railroads
The increase in the net earnings was
gain of $13,112,171, or 20.11%.
1935
238,208
$274,144,735
208,930,533
76.21%
$78,326,373
$65,214,202
Net earnings..
Needless to say, a
to rail
We present
Inc.
(-+-)
or
Dec.
—1,180
+$38,763,402
+25,651,231
(—)
0.50%
14.14%
12.28%
—1.24%
+$13,112,171
20.11%
rather widespread improvement
conditions made
earnings.
possible the additions
In taking,
as
is
our
custom, the
leading trade indices as the measure of business
activity,
one
naturally turns first to the statistics
relating to the manufacture of automobiles.
find
that not only was
increase in the
there
production of
a
very
cars as
Here
gratifying
compared with
April last year, but that the output was the largest
the month
less than
4,938,025 tons in April, 1929.
coal—we find that while the soft coal
the
output was
much larger than in April a year ago (in fact,
very
largest for the month since April, 1930), hard
coal
production fell considerably below that of April
last year.
The United States Bureau of Mines re¬
in
April, 1933; 20,300,000 tons in April, 1932, and
28,478,000 net tons in April, 1931, but comparing
of
of any year
Pennsylvania
since April, 1929.
Ac¬
anthracite,
as
from
tons
5,629,000
net
in
the
to
building industry,
of
the
in April, 1933;
1932;
the F. W.
Dodge
contracts awarded
year, we are
of
no
in the 37 States east
Rocky Mountains during April the present
less
since
month
told, having involved a money outlay
than
$234,806,300
(the largest for
the
April, 1931), as compared with $124,-
020,000 in April last year and $131,157,000 in April,
1934.
we
Extending the comparisons still further back,
find
that
1933, had
building contracts awarded in April,
a money
value of only $56,573,000, and in
April, 1932, of only $121,704,800/
In April, 1931,
however, the valuation was $336,925,200; in April,
1930, $482,876,700, and in April, 1929, no less than
$642,060,500.
As might be expected, in view of the
marked improvement
in the building trade, lumber
production likewise showed a large increase.
showed
cars
April,
in
Corp. reports a very substantial improvement, con¬
in
176,432
tons
April, 1929.
As
April the present year as against only 452,936 cars
output in the five years preceding
In April, 1933,
5,700,000 net tons in April, 1931, and 7,885,000 tons
551
follows:
hand,
however, anthracite production fell to 2,891,000 net
Lumber
April, 1935 and but 352,975 cars in April, 1934.
The output
other
against 4,806,000 net tons in April a year ago and
4,837,000 net tons in April, 1934.
Census, 502,775 motor vehicles were turned out in
The automobile
the
on
aggregated only 4,360,000 net tons in April, 1936,
cording to the figures
as
1933;
Turning to another basic industry—the mining of
cording to the figures issued by the Bureau of the
is
April,
in
tons
gross
in April, 1932; 2,722,479 tons in
April, 1931; 4,109,492 tons in April, 1930,, and no
struction
herewith, in tabular form:
April—
business
back to and including April,
years
gross tons
and
Comparisons
tons in April, 1934.
1,362,856
are:
the
reached
(an increase of nearly 50%),
gross
preceding
1929,
the current year
tons as against 2,640,602 gross tons
gross
April, 1935
2,897,808
April
36,318,000 net tons in April, 1930, and no less
1936
Mileage of 139 roads
237,028
Gross earnings
..-$312,908,137
Operating expenses
234,581,764
Ratio of expenses to earnings.
74.97%
Month of
in
ingots in
of steel
production
the
States
44,057,000 net tons in April, 1929.
country increased to $312,908,137 from $274,-
the results
of steel, according to the
case
than
important in the future.
a
In the
figures compiled by the American Iron and Steel
$78,326,373 last April from $65,214,202 in April,
1934
and
with
14.14%.
for
1932,
April,
Reduction of fixed charges
long continued, and the process may
are
that
are
144,735 in April of last year, a gain of $38,763,402,
we
.
refunding offerings bearing much re¬
lengths
ditions
in
in
tons
24,599,000 net tons in April, 1934; 19,523,000 tons
manner
erable
1935,
852,897
taking due and prompt advantage of
duced rates of interest.
or
1933;
April,
April the present year reached 30,350,000 net tons
as against 21,970,000 net tons in April last year;
of
along with
of the
aggregated 2,403,68<U gross
year
compared with 1,663,475 gross tons in April,
as
by leading
The
are
demptions
note
The "Iron Age" reports
April, 19301.
output of pig iron in the United States in
relatively high-cost indebtedness.
the low money
prove
industries, the April
having been the largest for the
ports that the quantity of bituminous coal mined in
especially to the extensive refundings
in the
case
We refer
and it is well to bear them in mind.
ever,
since
that the
traffic will be attracted by the lower rate to
ger
to
output in each
3,181,868 tons in April, 1930, and 3,662,625 tons in
Eastern
is
Marked improvement was also
manifested in the iron and steel
Commerce Commission
011
move
in 1930, and no less than 621,910
basic passenger fare to
affected
more
cars
April, 1929.
reduction of the
cents
tion
in
cars
2,019,529 tons in April, 1931, but comparing with
order for
two
in April, 1932; 336,939 cars in April,
cars
1931; 440,024
general Interstate
the
of
will have to
monthly earnings reports the effects
show in their
148,326
tons
throughout the country.;
over-regulated railroads soon
3923
Chronicle
Ac¬
compiled by the National
Manufacturers Association,
an
average
identical mills in the five weeks ended
a
cut of
1,118,981,000 feet of lumber
of
May 2
as com¬
pared with only 849,626,000 feet in the same five
weeks
of
1935,
or
32%
above the
corresponding
3924
Financial
weeks of last year
and 32% above the
parable mills during the
ments of lumber
record of
period of 1934.
same
com¬
Ship¬
during the five weeks ended May 2,
1936, aggregated 1,175,976,000 feet
against but
as
997,982,000 feet in the similar period of 1935 (a gain
of
18%), while orders were also on a greatly in¬
creased scale, aggregating
1,144,860,000 feet against
1,016,437,000 feet in the corresponding five weeks
of last
year, or 13% above those of April, 1935, and
41% above similar weeks of 1934.
It
happened,
Western roads
that
too,
was
on
a
the
grain
traffic
.
over
greatly increased scale in
April the present
year as compared with April a
The increases, moreover, extended with¬
exception to all the different cereals. We deal
year ago.
out
with the details of the Western
a
grain movement in
separate paragraph further along in this
article,
and therefore need
weeks
at
only say here that for the four
ending April 25 the current
the receipts
year
Western
the
Chronicle
both
with
vania RR.
the gross
of
$1,236,419.
four
weeks
of
1934,
but
comparing
with
43,582,000 bushels in 1931; 43,511,000 bushels in
1930, and 43,811,000 bushels in the corresponding
four weeks of 1929.
It
is, however, in the statistics showing the load¬
revenue freight on all the railroads of the
United States that the
composite result of all that
has been said above is most
clearly manifested.
From
the
statistics
compiled by the Car Service
Division of the American
Railroad Association
find
that for the four weeks
year
the number of
the
on
railroads
of
against 2,302,101
the
cars
April the current
country
in the
revenue
was
same
freight
2,544,843
as
four weeks of
year; 2,340,460 cars in the similar weeks of
1934; 2,025,564 cars in the same four weeks of 1933,
and
2,229,173
comparing
in the
cars
with
period of 1932, but
same
3,030,011
cars
Going further back, however,
$598,906
in
same
four weeks of 1929 reached
of the
find the exhibits
1930, 3,653,575
of
ings, and in the
cars.
in consonance with the
are
one
and in the
4,082,852
show¬
In¬
Chesapeake
gross and
& Ohio, with
$1,304,165 increase in
net, and the Norfolk & Western, which reports an
$1,129,782 in gross and of $889,181 in net.
increase of
In the
following
we
bring together all changes for
separate roads for amounts in
increases
and net:.
%"•
:
or
excess
of
$100,000,
decreases, and in both gross
.;vJ";
.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR
THELMONTH
^ OF APRIL, 1936
Increase
'
Increase
Pennsylvania
Texas
New York Central
Cine. N. O. & Tex. Pac__
259.680
Chicago & Eastern 111...
235,203
231,038
224,167
220,523
203,099
199,910
197,685
188,783
181,994
178,625
176,135
$6,483,675
a3,419,396
Baltimore & Ohio
•
2,815,202
Southern Pacific (2rds.)_
1,994,008
Chesapeake & Ohio
1,722,771
Chic. Mil. St. P. & Pac._
1,269,573
Norfolk & Western
1,129,782
Union Pacific
1,001,977
Atch. Top. & Santa Fe_.
967,627
Louisville & NashviUe—
Illinois Central
Missouri Pacific
N. Y. Chicago & St. L—
Chicago Burl. & Quincy.
Chic. R.I.&Pac, (2rds.)
Erie (2 roads)
Chicago & North Western
Lehigh Valley
Denver & R. G. Western
Reading
Pere Marquette
Pittsburgh & Lake Erie__
Elgin Joliet & Eastern—
St. L.-San Fran. (3rds.)_
Grand Trunk Western._
Great Northern
Bessemer & Lake Erie
Virginian
Del. Lack. & Western
Kansas City Southern
Pacific
$293,716
Northern Pacific
Chic. Ind. & Louisville._
_
Chic. St. P. M. & Om._
Western Maryland
N. O. Tex. & Mex.(3rds.)
Mobile & Ohio
889,710 Yazoo & Miss. Valley...
799,933 Alton.
706,998 Western Pacific
704,588 Wheeling & Lake Erie...
676,113 Central of New Jersey..
666,328 Chicago Great Western..
653,794 Colorado & Sou. (2rds.)_
634,953 Monongahela__jL_
625,070
499,415
498,625
497,738
491,563
481,296
465,160
454,485
394,256
369,016
340,536
339,188
334,592
322,007
305,698
296,856
168,219
167,784
166,255
154,704
143,771
130,676
130,287
118,166
111,391
109,582
106,848
105,896
M. St. P. & S. S. Marie.
Pitts. & West Virginia..
Wabash
Maine
Central
St Louis Southwestern..
Boston & Maine
Atlantic Coast Line
Gulf Mobile & Northern.
Minneapolis & St. Louis.
Total
103,568
(67roads)
$37,759,634
Florida East Coast
$164,594
Total (1 road)
$164,594
Decrease
a
These figures cover the
operations of the New V ork Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is
an
increase of $3,900,692.
PRINCIPAL CHANGES IN NET EARNINGS
FOR THE MONTH OF
:
APRIL, 1936
Increase
Increase
$2,955,080 Western Maryland.
$158,053
1,750,246 Del. Lack. & Western
148,966
Chesapeake & Ohio.
1,304,165 M. St. P. & S.S.Marie..
145,953
New York Central
a 1,236,419
Atlantic Coast Line
142,589
Norfolk & Western
889,781 Colo. Southern (2rds.)_.
138,708
Southern Pacific (2 rds,).
695,008 Mobile & Ohio
131,991
Chic. Mil. St. P. & Pic..
598,906 Monongahela
117,195
Erie (2roads)
522,297 Reading
114,628
N. Y. Chicago & St. L-.
494,326 Chicago Great Western104,825
Southern
492,570
Louisville & Nashville
Total (39 roads)
454,988
$16,020,603
Pere Marquette
343,712
Missouri Pacific
319,460
Decrease
Lehigh Valley
309,459 Seaboard Air Line
$670,028
Elgin Joliet & Eastern
292,600 Chic. R.I. &Pac.(2rds.)
626,117
Grand Trunk Western..
264,626 Chicago & North Western
603,766
Bessemer & Lake Erie...
Great Northern
255,069
590,026
Kansas City Southern
230,498 Boston & Maine
507,151
Virginian
228,499 Central of New Jersey
166,744
St. L.-San Fran. (3
rds.)_
223,589 N. Y.N. H.& Hartford.
133,700
Missouri-Kansas-Texas
221,686 Union Pacific
129,204
Pittsburgh & Lake Erie..
206,908 Delaware & Hudson
117,978
Northern Pacific
189,544 Illinois Central
117,766
Cine. N. O. & Tex. Pac__
175,144
Chicago & Eastern 111
163,115
Total (11 roads).
$3,662,480
a
These figures cover the operations of the
New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of
$1,443,327.
Baltimore & Ohio
-
as
a
whole.
showing the increases and
$100,000, but
cars,
separate roads and systems, we
ing for the railroads
tions
the operations
cover
Pennsylvania.
four weeks of
case
1931.
the
net;
$1,722,771 gain in
find that in the
we
same
In the
iji April,
of
gross and $1,750,246 increase
net; the Chicago Milwaukee St. Paul & Pacific,
with $1,269,573 gain in
gross and an increase of
Missouri-Kansas-Texas..
last
increase
$2,815,202 increase in
N.Y.N. H. & Hartford.
of
loaded with
cars
we
an
in
Southern
ing of
reports
(These figures
■
45,642,000 bushels in the corresponding four weeks
of 1933.
Still further
back, comparison is with
26,750,000 bushels in the same period of 1932;
net)
cluding the Pittsburgh & Lake Erie, the result is an
increase of $3,900,692 in
gross and of $1,443,327 in
net); the Baltimore & Ohio, which reports a
whether
same
the
gross
of the New York Central and its leased lines.
bushels
same
and of
earnings and of $2,955,080 in net
earnings; the New York Central, which with
$3,419,396 increase in gross reports a gain in net
the
against only 20,764,000 bushels in the
period of 1935 and 21,628,000 bushels in the
our¬
mentioning only a few. The Pennsyl¬
(which heads the list both in the case of
$6,483,675 in
primary markets of wheat, corn,
oats, barley and rye, combined, reached 33,947,000
as
and net alike, so We will content
gross
selves
June 13, 1936
road shows
case
In
our
compila¬
decreases in
a
excess
loss in gross earn¬
of the net only 11 roads are
■
obliged to report
a
loss
above
majority of the roads in this
been
able to report
that
amount.
latter
gains in the
The
category has
case
of the gross.
Among them
Island &
are to be found the Chicago Rock
Pacific, with $653,794 gain in gross and
$626,117 loss in net; the Chicago & North Western,
$625,070 increase in gross and $603,766 loss in
net; the Great Northern, with $340,536 increase in
with
and $590,026 decrease in net; the Union Pa-
gross
ficic, reporting $1,001,977 gain in
in
net
of
gross and
Hartford, with $465,160 increase in
crease
with
in net of
in
loss
net.
gross
separately, with their increases,
&
Maine,
and $507,151 de¬
Lack of space prevents our
spicuous of the
roads
&
gross and a de¬
$133,700, and the Boston
$109,582 increase in
crease
a
$129,204; the New York New Haven
even
distinguished
the
for
naming
more con¬
gains in
...
_
When
the roads are
arranged in groups or geo¬
graphical divisions, according to their location, as
is our
custom, the substantial improvement in the
results shown
very
three
as
compared with April
clearly brought out,
great
Southern
as
districts—the
district
and
the
a year ago
is
it is found that all the
Eastern
Western
district,
the
district—to¬
gether with all the various regions comprising these
districts, show gains in both gross earnings and net
earnings alike, with the exception that in the
of the net two
case
regions—the New England region in
Volume
Eastern
the
in
the
Financial
142
district
by
mary
plained,
sion.
Northwestern
and
BY
-Gross Earnings——
April—
1935
1936
Inc.
(-f)
$
New England region (10 roads)
Great Lakes region (24 roads)
(52roads)
Dec
(-)
•
20.58
124,341,283
..144,203,487
as
the
of
only 21,628,000 bushels
1934, but comparing with
45,642,000 bushels in the similar period
Still
further
in
of 1933.
back, comparison is with 26,750,000
bushels in the
1929.
+19,862,204
in
same
four weeks of
1931; 43,511,000
1932; 43,582,000
bushels
The details of the Western
usual
our
15.90
1930,
in
and
form,
9.42
40,321,116
18,666.320
36,849,135
15,446,008
+3,471,981
+3,220,312
20.85
58,987,436
52,295,143
+6,692,293
are
grain movement,
set out in the table which
follows:
WESTERN FLOUR AND GRAIN RECEIPTS
4 Wks. End.
Southern region (28 roads)
period
same
13.48
District—
Pocahontas region (4 roads)
against only 20,764,000. bushels in the
four weeks of 1935 and
%
6.04
56,743,096
12,462,628
55,135,659
62,570,040
68,418,527
__
or
$
+752,392
+ 7,434,381
+ 11,675,431
13,214,920
Central Eastern region (18 roads),.
in
3925
43,811,000 bushels in the corresponding period of
GROUPS
District and Region
bushels
same
bushels
indicated in the footnote to the table:
Eastern District—
Southern
the
to
the different groups
SUMMARY
Total
conform
ex¬
of the Interstate Commerce Commis¬
boundaries of
are
Month of
sum¬
previously
As
the roads to
region
Our
losses.
below.
as
group
we
The
regions
is
groups
classification
the
and
district—record
Western
Chronicle
12.80
Flour
Corn
mis.)
Apr. 25
Wheat
{Bush.)
{Bush.)
Oats-
{Bush.)
V,
Barley
Rye
{Bush.)
{Bush.)
Chicago—
1936
....
759,000
336,000
3,633,000
1,250,000
1,007,000
170,000
1935
641,000
791,000
2,042,000
439,000
732,000
4,000
2.544,000
598,000
1,046,000
2,537,000
1,615,000
76,000
246,000
782,000
393,000
46,000
1936
Total (32 roads)
617,000
4,000
176,000
303,000
283,000
1935
229,000
2,000
4,000
5,000
Minneapolis—
Western District—
1936
31,870,556
53,469,285
24,377,373
28,766,746
+ 3,103,810
10.79
47,456,133
+ 6,013,152
12.67
1935
21,285,430
+3,091,943
14.53
Duluth—
109,717,214
97,508,309
+12,208,905
12.52
Northwestern region (15 roads)
Central Western region (16 roads).
Southwestern region (24 roads)
Total (55 roads)
-Net
New England region.
1935
S
S
1935
14.14
lnc.{+)
or
50,000
7,000
483,000
67,000
1,479,000
28,000
46,000
%
20,831,374
—729,282
+3,546,033
15,063,490 +5,767,884
21.48
26.98
38.29
40,187,201
31,602,566
+8,584,635
8,000
474,000
174,000
869,000
8,000
1936
Dec.{—)
$
1936
1935
Earnings—
1936
Mileage
1936
+38,763,402
274,144,735
312,908,137
District and Region
Month of April
+
Milwaukee—
Total all districts (139 roads)..
Eastern District—
+
287,000
274,000
277,000
11,000
19,000
1935......
476,000
101,000
205,000
2r000
1,000
103,000
6,000
75,000
123,000
56,000
80,000
36,000
Toledo——
27.16
7,076
7,142
Great Lakes region.. 26,632
Central Easfn region 24,951
26,826
2,665,950
16,689,877
25,061
59,029
3,395,232
13,143,844
19356
Detroit—
1936.
1935
Total
58,659
72,000
28,000
40,000
375,000
3,802,000
481,000
588,000
1,329,000
464,000
408,000
528,000
1,520,000
578,000
317,000
472,000
466,000
1,535,000
348,000
69,000
6,000
144.000
100,000
2,063,000
168,000
353,000
160,000
226,000
130,000
24,000
12,000
1,285,000
236,000
Indianapolis and OmahaSouthern
District—
1936
Southern regidh
38,929
Pocahontas region...
6,010
6,018
9,943,684
7,949,426
9,148,829
5,607,440
+794,855
+2,341,986
8.69
41.77
45,248
17,893,110
14,756.269
+3,136,841
21.26
39,230
1935...!.,.
1936
Total
44,939
Western District—
...
.
1935
5,745,196
—97,736
1.70
56,987
5,647,460
9,070,854
9,021,647
30,476
5,527,748
4,088,524
+49,207
+1,439,224
35.20
46,468
Southwestern region.
0.55
1936
1935
20,246,062
238,208
18,855,367
+1,390,695
7.38
78,326,373
133,430 133,931
65,214,202 + 13.112,171
20.11
141,000
59,000
1,131,000
45,000
1936
30,304
Total all districts..237,028
55,000
1,659,000
2,049,000
228,000
1935
57,000
1,646,000
2,130,000
102,000
59,000
440,000
191,000
89,000
131,000
58,000
152,000
22,000
Kansas
City—
St. Joseph—
1936
-
NOTE—Our grouping ot the roads conforms to the classification of the Interstate
Commerce Commission,
and the following indicates
the confines of the different
1935
EASTERN
New England Region—Comprises
1936
DISTRICT
1935-
the New England States.
Region—Comprises the section
on
Central Eastern Region—Comprises the section south of the Great Lakes Region
a
River, and north of the Ohio River to Parkersburg, W.
line thence to the southwestern corner of Maryland and by the Potomac
249.000
18,000
1935
87,000
70,000
38,000
SOUTHERN
1936
1,416,000
6,810,000
15,143,000
4,555,000
6,154,000
1935
1,357,000
6,545,000
9,058,000
2,161,000
2,764,000
Flour
Wheat
Corn
Oats
Barley
Rye
Apr. 25
mis.)
{Bush.)
{Bush.)
{Bush.)
{Bush.)
{Bush.)
Chicago—
1936
Region—Comprises
the section
north
of the southern
boundary
of
of
line
a
thence by
from
Parkersburg
the southwestern corner of
to
WESTERN
6,304,000
4,853,000
5,405,000
1,280,000
2,391,000
69,000
1936
11,624,000
2,518,000
4,919,000
9,836.000
2,087,000
1935
6,204,000
451,000
812.000
2,923,000
252,000
1,433,000
8,000
1,120,000
1,523,000
1,184,000
1936
DISTRICT
1935
559,000
the section south of the Northwestern Region
from St. Louis to Kansas City and thence to El Paso
to the Pacific.
160,000
86,000
329,000
45,000
2,054,000
442,000
6,996,000
164,000
240,000
59,000
1,188,000
548,000
3,243,000
16,000
1936
2,063.000
1,316,000
1,828,000
33,000
54,000
1935
1,386,000
356,000
1,977,000
7,000
9,000
433,000
82,000
477.000
226,000
268,000
111,000
Toledo—
and by the Mexican boundary
Southwestern Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
9,000
250,000
M Uwaukee—
and by the Columbia River to the Pacific.
Chicago to Peoria and thence to St. Louis, and north of a line
510,000
1936
1935.
Northwestern Region—Comprises the section adjoining Canada lying west of the
Central Western Region—Comprises
16,462,000
Duluth—
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
west of a line from
1,371,000
2,395,000
Minneapolis—
Maryland and
the Potomac River to its mouth.
3,046,000
2,729.000
1935
boundary of Kentucky and the southern boundary of Virginia to the Atlantic
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and
south
.
Total all—
DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south of
the Ohio River to a point near Kenova, W. Va., and a line thence following the
Pocahontas
««-
4 Mos. Ended
River to its mouth.
eastern
11,000
43,000
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio
Va., and
419,000
1936
Sioux City—
the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
east of a line from
*
Wichita—
groups and regions:
Great Lakes
90,000
Peoria—
Northwestern region. 46,302
Central West'n region 56,824
Total
74,000
St. Louis—
Detroit—
1936
297,000
93,000
260,000
201,000
2,182,000
14,949,000
3,086,000
34,000
1,751,000
5,467,000
1,553,000
1936
1,856,000
3,009,000
8,222,000
3,144,000
1935-.--..
2,037,000
1,917,000
3,918,000
1936
663,000
683,000
6,757,000
1935
661,000
192,000
234,000
8,163,000
254,000
3,806,000
6,992,000
498,000
556,000
1,488,000
1,130,000
547,000
622,000
558,000
1,447,000
74,000
46,000
1,708,000
60,000
61,000
347,000
769,000
103,000
315,000
311,000
98,000
1935
and by the Rio Grande to the Gulf of Mexico,
*
-
Indianapolis and Omaha,
As
already indicated, Western roads had the ad¬
vantage of
a
1936
a
much larger grain traffic than in April
It is
year ago.
proper
to state, however, that the
April grain movement in 1935, and also in the
ceding
year,
1934,
were
the smallest
on
1935
St.
month
in
recent
years,
and that the present
St.
year's grain traffic
of
April, 1933.
less
the
was
still
much below that
very
All the several items, in greater
or
degree, contributed to the increase, the gain in
case
of barley and
larly pronounced.
of
rye
having been particu¬
Thus, for the four weeks ended
April 25, the present year, receipts of wheat at the
Western
primary markets
were
6,810,000 bushels
compared with only 6,545,000 bushels in the same
four weeks
compared
of
1935; of
with
only
corn,
15,143,000 bushels
9,058,000
bushels;
of
as
oats,
4,555,000 bushels against only 2,161,000 bushels; of
barley,
6,154,000
bushels, and of
236,000
rye,
bushels.
Western primary
corn,
bushels
against
only
2,764,000
1,285,000 bushels against only
Altogether, the
receipts
at
the
markets of the five cereals, wheat,
oats, barley and rye, during the four weeks
ending April 25 the present year reached 33,947,000
2,236,000
960.000
1,225,000
769,000
4,725,000
263,000
933,000
721,000
6,461,000
718,000
68,000
Joseph—
Wichita—
2,000
Siovr City—
1935
127,000
54,000
1,000
Total all-
1936..
1935..
as
226,000
Kansas City—
1936
the
159,000
1,000,000
483,000
Peoria—
pre¬
record for
496,000
Louis—
other
ment appears
the
61,160,000 24,060,000 26,070,000
5,955,000 21,087.000 29,597,000
...
On the
in
33,356,000
6.049,000
...
10.245,000
10,334,000
hand, the Western livestock
5,819,000
1,737,000
move¬
to have been considerably smaller than
month
a
year
ago.
While at Chicago the
receipts embraced 7,134 carloads in April, 1936,
as
compared with only 6,911 carloads in April, 1935, at
Omaha and Kansas
cars
and
and
4,524
3,224
cars,
Coming
this
was
now
much
cars,
City they aggregated only 1,787
respectively, against 1,865
cars
respectively.
to the cotton traffic in the South,
larger than in April, 1935, both
as
Financial
3926
regards the overland movement of the staple and the
receipts of cotton at the Southern outports.
Gross
shipments overland of cotton during April, 1936,
reached
64,143
bales
against
as
52,200
in
bales
April, 1935; 50,816 bales in April, 1934; 27,095 bales
in
April, 1933, and 27,869 bales in April, 1932, but
comparing with 67,332 bales in April, 1931; 46,607
bales in
April, 1930, and 47,514 bales in April, 1929.
At the Southern
outports, receipts of the staple dur¬
ing April the present year aggregated 131,503 bales
against only 88,210 bales in April last
but
year,
comparing with 307,067 bales in April, 1934; 302,984
1933; 348,872 bales in April, 1932;
184,785 bales in April, 1931; 185,664 bales in April,
1930, and 230,269 bales in April, 1929.
joined table
In the sub¬
give the details of the port
we
ment of cotton for the
RECEIPTS OF
from, work at all the union mines,
mines in most cases continued at
work, their output ranging from 4,500,000 tons to 5,000,000
tons a week.
Speaking of the roads as a whole, coal traffic
in April, 1922, may be said to have been reduced fully 50%.
Fortunately, in the net, the loss was offset, and more than
offset, by economies and increased efficiency of operations,
with the result that though the gross fell off $15,866,410 as
compared with the year preceding, the net registered an
improvement of $23,040,083.
COTTON AT
past three
Month of
MONTH
OF
1936, 1935 AND 1934
1936
1934
the
penses,
in
1934
1935
together
two
Houston,
Beaumont
23,313
217,149
316,980
1,984
14,327
6,783
323,069
45,994
17,262
22,870
2,500
1,192
24
385
42,558
126,225
1,179
15,877
820
4,404
1,449
5,282
-
Orleans
Mobile
Pensacola
Savannah..
;
Brunswick
-
*.
-
•Charleston
2,455
33
Lake Charles
3,985
-
-
3,138
5.795
16,849
686
488,366
339,495
13,321
95
679
234,209
19,217
7,637
12,344
423,769
■
.......
_
334
13
147,762
142,849
7,936
.
-
~
.
26,011
2,173
37,127
30,998
24,359
14,347
24,894
11,956
428
233
818
4,098
2,719
3,891
2,532
1,272
10,530
12,181
9,159
3
89
119
162
545
2,215
131,503
88,210
307,067
996,759
Wilmington..
Norfolk-
——
Jacksonville
Total
Earlier
Results for
The
substantial
April
during
14.14% in
a
106,923
33,664
47,504
10,754
10,305
6,644
Corpus Christi
New
12,353
17,450
28,853
&c
the
gross,
recorded
increases
present
small gain in earnings
net)
in
also
($40,456,313 in
April last
year,
or
615,678 1,426.228
Years
in
railroad
year—namely,
and $13,112,171,
5,543
earnings
$38,763,402,
or
20.11% in net—followed
($9,147,757 in gross and $53,730 in
and a very considerable increase,
and $13,612,958 in net), in April,
immediately preceding 1934, however,
there was a long series of poor results.
In April, 1933, our
tabulation showed $40,180,139 loss in gross and $3,676,793
loss in net, which came on top of $101,649,162 decrease in
gross and $22,922,356 decrease in net in April, 1932; $81,464,009 loss in gross and $23,885,970 loss in net in 1931, and
$63,195,964 loss in gross and $34,815,878 in net in April,
1930.
These losses need no explanation beyond the state¬
ment that business depression, prolonged, had been respon¬
sible for the heavy contraction in the whole four years.
On
1934.
the
In
gross
years
the other
hand, in April, 1929, in the period preceding the
stock market panic, which came later in the year, the record
a
favorable one, our compilations then showing $38,291,124 improvement in gross and $25,937,085 improvement
was
in net.
It is to be noted, however, that the
themselves followed losses in
gross
April, 1929, gains
and net alike, not only
in April, 1928, but also in April, 1927, though
the
same
of these
losses not of
extent, the 1929, gains amounting to a full recovery
earlier
losses.
In
April, 1928, our tables showed
$24,437,149 falling off in gross and $2,910,862 falling off in
net.
In April, 1927, there was also a falling off, though it
was not large, amounting to only $1,464,574 in the gross and
$774,126 in net.
In 1926, on the other hand, the showing
was quite satisfactory, our compilations then revealing $25,818,489 gain in gross and $11,764,296 gain in net.
Going
back further, we find that in April, 1925, there was then a
small loss in gross, namely, $1,696,103, but $5,389,790 gain
in net.
In April, 1924, however, there were very heavy
losges in gross and net alike—$48,242,116 in the gross and
$21,294,242 in the net. It will be remembered that 1924 was
the year of the Presidential
election, when trade and indus¬
try slumped with frightful rapidity after the early months
of the year,
reflected
and the earnings statements
of the railroads
the
slump in large losses in income.
It is only
proper to note that these large losses in April, 1924, came
after prodigious gains in April, 1923.
The year 1923 was
one of great trade
prosperity, and some of the roads, par¬
ticularly in the great manufacturing districts of the East,
then handled the largest traffic in their entire history.
As a consequence, our compilation for April of that year
showed
an
addition to gross in the
of $105,578,442 and a gain in net in the amount of $38,240,343.
However, it must be remembered that these gains followed
not alone from the activity of general trade, but were also
due, in no inconsiderable measure, to the fact that com¬
parison then was with the period of the colossal coal strike
in 1922.
That strike began on April 1 of that year and in
the anthracite regions involved a complete shut-down, while
in the bituminous regions all over the country there was
prodigious
sum
the more im¬
was
producing
$55,795,762
gain
in
depression, but the carriers were in enjoyment of the
higher freight schedules put into effect towards the close
of August
the previous year (1920), and which on a normal
would, according to the estimates, have
of traffic
volume
added
$125,000,000
1199276285
loss
in
month to the aggregate gross revenues
a
These higher rate schedules served to offset
of the roads.
made
was
shrinkage in the
The plight of the carriers was a desper¬
ate one and expenses
task
resulting from the
revenues
had to be cut in every direction, and
increasingly difficult because of the
in wages promulgated at the
time that the
same
Commerce Commission authorized the higher rate schedules
The
already referred to.
Galveston..
in April 1922
net
The country then was in the midst of intense busi¬
the net.
advance
Since Jan. 1
April
1935
gain
volume of business.
THE
v
1936
this
And
the
Ports
the non-union
pressive because it c^me after very striking improvement
in gross and net alike in the corresponding month of 1921.
Our compilation for April, 1921, recorded $31,075,286 in¬
crease
in gross, attended by $24,720,476 decrease in ex¬
the
years:
SOUTHERN PORTS FOR
APRIL AND FROM JAN; 1 TO APRIL 30,
move¬
abstention
complete
though
ness
bales in April,
June 13, 1936
Chronicle
wage
award added $50,000,000 to
the monthly
payrolls of the roads, figured on a full volume
of business.
On the other hand, the $55,795,762 improve¬
ment in net in April, 1921, was in comparison TVith a period
in the preceding year (1920), when the amount of the net
had been completely wiped out.
The truth is, expenses had
been steadily rising for several successive years prior to
1921, while the net had been as steadily diminishing, until
in 1920 it reached the vanishing point.
Thus, in April, 1920,
our tables showed $59,709,535 augmentation in expenses and
$47,592,111 loss in net, while in April, 1919, our compilation
registered $17,986,895 increase in gross but "was accompanied
by no less than $63,080,697 augmentation in expenses, thus
cutting net down by $45,093,802, and in April, 1918, our
tables, though recording no less than $50,134,914 gain in
gross, yet showed $1,696,280 loss in net.
Even in 1917 an
addition
of $37,819,634
to gross revenues yielded only
$60,155 gain in net.
It was because of these cumulative
losses in net that the
meeting bare
1920 fell $2,875,447
roads in
operating expenses
short of
(not to speak of taxes),
whereas in both 1917 and 1916 the total of the net for the
month had
the
run
above $93,000,000.
In the following we give
April comparisons back to 1909:
Gross Earnings
Mileage
Month
of
Year
Year
April
Given
Preceding
1909
1910.
1911.....
1913
—
1914-.-..
1917.
1920-
—
..
1923--.-.
1924
1925--
—
.
1929---..
1930
1931-.--.
1932--
—
.
1933
19341935
1936---..
(+) or
Dec. (—)
$196,993,104 $175,071,604 +$21,921,500
225,856,174 197,024,777
+28,831,397
218,488,587 226,002,657
—7,514,070
220,678,465 216,140,214
+4,538,251
245,170,143 220,981,373
+24,188,770
236,531,600 245,048,870
—8,517,270
237,696,378 241,090,842
—3,394,464
288.453,700 237,512.648
+50,941,052
326,660,287 288,740,653
+37,819,634
369,409.895 319,274,981
+50,134,914
388,697,894 370,710,999
+ 17,986,895
+ 12,117,424
401,604,695 389,487,271
433,357,199 402,281,913
+31,075,286
416,240,237 432,106,647 —15,866,410
521,387,412 415,808,970 + 105,578,442
474,094,758 522,336,874 —48,242,116
472,591,665 474,287,768
—1,696,103
498.448.309 472,629,820
+24,818,489
497,212,491 498,677,065
—1,464,574
473,428,231 497,865,380 —24,437,149
513,076,026 474,784,902
+38,291,124
450,537,217 515,733,181 —63,195,964
369.106.310 450,567,319 —81,461,009
267,473,938 369,123,100 —101,649,162
227,300,543 267,480,682 —40,180,139
265,022,239 224,565,926
+40,456,313
274,185,053 265,037,296
+9,147,757
312,908,137
Month
274,144.735
+38.763,402
Net Earnings
Year
Year
Year
Cent
Given
Preced'g
12.52
14.63
3.32
2.10
10.95
3.48
1.41
21.45
13.10
15.70
4.85
3.11,
7.72
3.67
25.39
9.24
224,625
228,973
236,793
236.722
240,740
243,513
247,701
246,615
248.723
233,884
232,708
221,725
220,340
234.955
234,970
27.54
15.02
223,794
233,082
233,057
236,515
241,547
245,170
245,773
248,120
231,755
233,251
220,918
219,743
234,338
235,839
235,665
236,045
236,526
237,187
238,904
240,816
242,181
242,574
241,992
242,160
241,113
239,129
238,208
235,963
236,664
236,518
238,183
239,852
240.956
242,375
242,632
241,976
241,680
18.02
221,755
239,109
237,995
237,028
0.36
5.46
0.29
4.91
8.07
12.64
18.08
3.45
14.14
Inc.
(+)
or Dec.
(—)
Year
Given
Preceding
1911
1912
1913
1914
1915
1916
—
1918
1919
1920
1921---..
57,658,213
1922
80,514,943
118,627,158
101,680,719
102,861,475
114,685,151
1923
1924
1925J—
1926
1927
Amount
Per Cent
$50,787,440
62,409,630
66,709,729
63,888,490
58,082,336
60,024,235
59,266,322
57,396,538
93,257,886
91,678,695
89,943,898
44,716,664
1,863,451
57,474,860
80,386,815
122,974,961
97,471,685
102,920,855
114,417,892
$62,380,527
66,725.896
64,768,090
57,960,871
60,122,205
59,398,711
67,515,544
93,092,395
93,318,041
89,982,415
44,850,096
def.2,875,447
1910
+$11,593,087
+4,316,266
22.83
—1,941,639
—5,927,619
+2,039,869
—625,524
2.91
+8,249,222
+25,695,857
+60,155
13.92
62.19
—1,696,280
—45,093,802
—47,592,111
50.14
1934
113,643,766
110,907,453
136,821,660
107,123,770
79,144,653
56,263,320
52,585,047
65,253,473
1935
65,305,735
113,818,315
110,884,575
141,939,648
103,030,623
79,185,676
56,261,840
51,640,515
65,252,005
1936---.
78,326,373
65,214,202
1928---...
1929
1930
1931
1932
Per
of
April
1909
1917
Inc.
—
—_.
1933
....
,
+55,795,762
+23,040,083
+38,240,343
6.92
9.28
3.51
1.04
0.06
1.85
106.43
994.25
40.09
47.57
—21,294,242
+5,389,790
17.32
+11,764,296
11.43
—774,126
—2,910,862
0.68
5.53
2.56
+25,937,085
23.39
—34,815,878
—23,885,970
—22,922,356
—3,676,793
+ 13,612,958
24.53
26.36
+53,730
0.08
+ 13,112,171
20.11
23.18
28.95
6.54
Financial
Volume
3927
Chronicle
Bill As Enacted into Law—Rural Electrification Act
faSets Up Permanent REA and Appropriates $410,000,000 for 10-Year Electrifica¬
tion Program
Text of Norris-Ray burn Power
As
indicated in
Ave
May 23 issue, page 3437, Congress
our
Norris-Rayburn power^ bill,
setting up a permanent Rural Electrification Administra¬
tion, and authorizing an appropriation of $410,000,000 for a
10-year electrification program.
Morris L. Cooke, who was
Administrator under the temporary organization, has been
designated to serve as Administrator of the permanent REA,
as. was stated in these columns, June G, page 3783.
The bill
recently
enacted
placed
as
the
the
statute
book
on
20, not
May
21,
by President
previously re¬
signed
was
May
on
Roosevelt
law
into
Avas
as
The text of the new Uiav follows:
ported.,
interest
having
a
during
the
issued:
Provided
last
State
of
Loans under
or
Be
enacted
it
States
provide
Sec.
further, That
and
other
for
an
cised
by
all
who
the
of
salary of $10,000
a
Electrification
be
created and
powers
"Rural
of which 6hall be exer¬
known
the
as
appointed by the President, by
be
shall
consent of the
advice and
receive
"Rural
States to
United
Administration",
Administrator,
an
and with the
who shall
the
of
agency
Electrification
the United
by the Senate and House of Representatives of
Senate, for
hereinbefore
authorized,
This Act
year.
per
be cited as
may
1936".
Act of
of
electrical
be
may
made to
and
fication
not
are
or
condition
and
and
rural areas who
furnishing- of electric energy to persons in
be
to
cause
States
the
receiving central
station
studies,
made,
of
progress
Territories;
service,
hereinafter provided; to make,
as
the several
publish and disseminate information with
the electrification of rural
and
the
concerning
and reports
investigations,
to
in
areas
and
Sec.
ized
3.
The Reconstruction
(a)
directed
and
make
to
loans
approved by the President,
for
the
fiscal
annum
per
the
upon
Administrator
the
ending
year
Administrator
with
the
to
amount
an
exceeding
85
this
of
section 4,
of
to
operation
distribution lines,
exceed
from
or
established
such loan 6hall be
no
out¬
amount
exceed
ments,
be
(b) There
June
1938,
30,
to
or
and
per
appropriated
for
Administrator
bears to the
such
each
for
the
for
of
in
farms
issued
beginning of each fiscal
and
than
more
make all
to
eight years
several
then
of
five
and things
acts
the
to
50
herein
sums
States
receiving
the
ending
sum
of
made
available
the
proportion
station
by the
which
electric
States not then
within
ninety
days
the
service
receiving
after
for
or
hereinabove
provided, in such
the
of
opinion
this
vided,
receiving such service.
such
of
annual
sums
Act,
be
more
annual
shall be
part
not
pledged
without
loaned
allotment:
Corporation
(f) All
made
the
miscellaneous
as
Administrator
payment of
shall
The
4.
Territories,
any
loans
no
receipts,
principal
be
paid
and
shall
be
than
made
10 per
that
except
interest
years
centum
1937.
such
any
obligations
on
shall
by the Reconstruction
June 30,
after
of
for which
in all of the Territories:
or
Finance
Administrator is authorized and
and
to
subdivisions
make
and
electric
station
such
into
and
terms
the
of any
energy
Corporation
lease
and
shall
all
such
conditions
loans
in whole
shall
years,
be
and
of
be
•may
to
property
and
to
give
or
the
been
have
Sec.
persons
in rural
however,
preference
to
areas
That
who
to
the
sums
generating
systems
not
for
the
receiving
Administrator, in
Territories, and sub¬
relating to the expenditure of the
as
or
the Administrator
in part out of
shall
moneys
be
income: Provided, however, That
a
period of not to exceed
at
a
rate
equal
to
investment
the
average
as
therein,
and to sell such
4
to
be
reasonable.
shall, without the approval of the
loan
any
including
all
franchises, acquired
or
obtained from the Rural
interest
and
charges,
shall
repaid.
8.
the
Act
The
administration
of
loans
Administration
11,
and
contracts
established
by
entered
into
by the
Executive Order Num¬
193£/"may be vested by the President in the
of
the Rural
Electrification
jurisdiction and control
equipment),
ance
and
of
personnel used
the functions
or
the
Administration
records,
created
property
employed in
the
by this
(including office
exercise
and
perform¬
of the Rur-al Electrification Administration established
by such Executive order.
9.
This Act shall be administered
entirely on a nonpartisan basis,
appointment of officials, the selection of employees, and in the
promotion of any such officials or employees, no political test or qualifica¬
in
and
tion
If
the
shall
the
be
permitted
Administrator
United
States
removed
given
or
herein
be
to
from
consideration,
office
provided
guilty
by
made
of
the
on
for
violation
a
President,
but all such
appointments
the basis of merit and efficiency.
is found by the President of the
and
of
this
section,
he
shall
be
appointee or selection of
employees made by the Administrator who is found guilty of a
violation of this Act shall be removed
by the Administrator.
officials
10.
Sec.
of
The
than
trator
any
or
Sec.
later
the
Administrator
20th
day
of
shall
present annually to the Congress
January
in
each
year
full
a
report
not
of
his
under this Act.
11.
order
In
and
accept
may
to
out the provisions of this Act the Adminis¬
utilize such voluntary and uncompensated services
carry
Federal,
State, and local officers and employees as are available, and he
may without regard to the provisions of
civil-service laws applicable to
officers
tion
and
employees of the United
States appoint
and
fix
the compensa¬
of
attorneys, engineers, and experts, and he may, subject to the civilservice laws, appoint such other officers and
employees as he may find
necessary
and prescribe their duties.
The Administrator is
authorized,
from
appropriated pursuant
sums
(including
lawbooks
expenditures
books
and
rental
penses ;
operation,
as
for
of
the
at
are
to section
personal
reference;
seat
maintenance
or
binding)
Sec.
of
of
6,
to
services;
directories
government
make
such
supplies
and
and
expenditures
and
equipment;
periodicals;
elsewhere;
travel
the
ex¬
purchase,
passenger-carrying vehicles; and printing and
appropriate
and
to carry
necessary
out
the
provisions
of
,
12.
The
made
Administrator
under
extended
due,
is
authorized and empowered
and
section
with
4,
than
more
respect
to
the
payment of
years
interest shall not be
or
after
loan made
any
extend the
principal of any loans made by the Admin¬
or
five
to
extended
That with respect to any
interest
such
or
principal shall not
shall
payment
under
section
than
more
5,
have
become
the payment of
two years
after such
shall have become due: And provided further, That the
provisions
shall not apply to
any obligations or the security therefor
may be held by the Reconstruction Finance Corporation under the
payment
of
this
which
section
provisions
Sec.
moan
farm
or
nonfarm
farm
a
term
this
as
Act the term
"rural
area"
United States not included
borough
having
such
population
term
a
shall
thereof;
be
the
deemed
term
shall
within
population
in
to
"farm"
the
shall
be
deemed
to
mean
any
Sec.
14.
or
shall
natural
any
affected
of
such
the
deemed
Census;
person,
firm'
to include
provision of this Act,
circumstances, is held
application
to
fifteen
both
be
of the
or
If
of
include
defined in the publications of the Bureau
"person"
be deemed
boundaries of
excess
association; the term "Territory" shall be deemed
insular possession of the United States.
person
be
the
inhabitants, and
corporation,
any
in
of
village,
and
mean
the
3.
any area
hundred
to
section
As used
of
13.
city,
any
loaned
determine and may
self-liquidating within
shall bear interest
Administration,
transfer to
may
be
in
accept
authorized to be appointed by this Act; and in such event
the' provisions of this Act shall apply to said loans and contracts to the
extent that said provisions are not inconsistent therewith.
The President
the
the
States,
determine
section
payment of interest
aseocations
of
are
under
pursuant to this Act: Provided, however,
peoples
or
to
of the United
Administrator
loan
municipalities,
lines
Act;
name
the
protect
dispose of its property, rights,
or
to
in connection
such property for such period
after the acquisition thereof;
shall
provisions of this Act, until
Electrification
Territory of the United States,
distribution
funds
acquired in the
istrator
States,
and operation
of
this
acquired, upon such terms and for such considera¬
or
Administrator
borrower
or
advisable to
or
five years
purchased
Administrator, sell
under
operate
incurred
of
3
time of
corporations,
limited-divdend
or
exceed
so
the
as
No
to
deemed necessary
but not
tion
America;
this Act;
pursuant to
expenses
section
the
Corporation
empowered, from
persons,
construction
Provided,
security therefor
twenty-five
in
or
the
nonprofit,
made payable
and
costs
any
in
otherwise to acquire, property
loan made
authorized
sums
or
any money
shall be necessary.
sums as
empowered to bid for and
repre¬
moneys
agencies thereof, municipalities, peoples utility districts, and
or
limited dividend associations, the projects of
which comply with the requirements of this Act.
Such loann shall be on
such
the
sale,
any
ti.tle to any property so purchased
loans
on
and
cooperative,
from
other
or
and
this Act.
constituting
Finance
thereof,
State
service:
loans,
agencies
laws
transmission
furnishing of electric
to
nonprofit,
of financing the
purpose
loans
cooperative,
for
divisions
State
more
to the Reconstruction
the
making
one
Reconstruction
organized under
central
purposes
year
in which any such obligations
year
authorized
secure
the purchase price and
principal
authorized,
districts and
plants,
Pro¬
such loans.
hereinbefore
the
the
for
during the fiscal
the Administrator
to
security for loans made by the
utility
made available
representing payments of principal and interest
Administrator under this Act shall be covered
senting payments of
■Sec.
7:
unallotted
moneys
by
Treasury
said'
in all of the Territories.
or
Provided, however, That not
provided further. That
Finance
sums
of
such unexpended or unobligated sums
by the Administrator in the following year or
be employed in
may
State,
obligated
or
centum
as,
for the
provisions of section
per
available,
loans
for
sums
foreclosure
any
mortgaged to
or
therewith
avail¬
Territory
be effectively employed
the
10
any one
of the annual
be
made
are
than
and
of America on its
after the dates thereof,
hereby authorized to be appropriated, out of
The Administrator is
activities
sums
each State
for
may
out
carry
be employed in
may
available
And
to
not
any
sums
of said
and
shall
Act
amounts
the Administrator,
That
however,
(e) If
7.
purchase at
the
the United
a
secured
so
investigations, publications, and reports herein pro¬
and promotions shall be given and
be allotted yearly
in
central
shall,
centum
per
money
year
thereafter,
determine for each State and
year,
any
Such loans shall
as reasonably
rate of interest equal to the
Treasury and not otherwise appropriated, such
Sec.
Sec.
of
fiscal
corporation supplying
or
equipment.
or
of administering this Act and for the purpose
purpose
Electrification
hereinafter provided.
as
farms of the United
in
this
the
7037, dated, May
such endorse¬
assignment
the
for
this Act shall
of
the
as
such
For
6.
making the studies,
pay
funds loaned under the
more years
or
Such
equipment.
United States
the
during the last preceding fiscal
Sec.
the
by
maturity of ten
a
bered
able for loans in the several States and in the Territories, without allotment
of
interest payable
Rural
acquisition
the
not
appropriated, out
annual
farms not then
(d) The remaining
purposes
of
and
issued.
were
of
firm,
person,
appliances,
the acquisition and
and
of
borrowers
financing the
of
purpose
areas
appliances
repayment thereof, and shall be at
rate
average
the
period not'to
a
and
and
transfer
be
the
Administrator
the number of
over
and to do all such
valid
to
the
not
number
The
thereof
appropriated,
of
purposes
loans
total
service.
States
the
authorized
centum
their
of
any
the
for
subject to such conditions, and
and
financing
electric transmission
premises
of
life
for the purposes of this Act
Fifty
number
wiring
is hereby authorized
otherwise
not
of
purpose
Corporation of all such obligations.
hereby
Treasury
$40,000,000
(c)
Finance
is
the
plants,
plumbing appliances and equipment shall
assured
effect
to
necessary
Reconstruction
the
the
and
the
of
execute all such instruments,
to
shall
in
electrical
two-thirds
The Administrator
years.
as
financing
of
for
and that the maturity of such obligations incurred
years,
of
purpose
installation
not
incurred
of generating
systems shall be fully amortized
or
twenty-five
the
for
and
obligations
such
and
construction
assure
obligations, having
standing of the obligations constituting the security therefor: And provided
further. That
such terms,
the
of
any
for
the
from
Act
principal
the
centum
per
Administration
of
centum
per
request
borrowers
of
provisions
by Executive Order Numbered 7037: Provided, That
in
author¬
his
upon
interest at 3
Electrification
Rural
hereby
is
in aggregate amount $50,000,000
obligations
the
of
Corporation
Administrator,
1937,
30,
pursuant
the
of
the
not exceeding
June
security
appointed
Finance
to
is
the time agreed.
and empowered, from the sums
rural
in
plumbing
States
respect thereto.
unless the Admin¬
security therefor
the
judgment
loans
persons
installing the said wiring,
vided for, there is
Sec. 2.
The Administrator is authorized and empowered to make loans
in the several States and Territories of the United State's for rural electri¬
his
authorized
is
make
to
wiring of the premises of
term of ten years, and
a
were
construction,
not be made
5 shall
in
that
be
purposes
of America in Congress assembled, That there is hereby
established
the
and
in which any such obligations
loan for the
no
section
certifies
The Administrator
5.
provisions
rural electrification,
for
issued
dates thereof,
the
after
years
year
any
or
To
more
reasonably adequate and such loan will be repaid within
loans
ACT
ten
this section and
finds
istrator
of
preceding fiscal
operation, or
generating plant shall be made unless the consent of
authority having jurisdiction in the premises is first obtained.
enlargement
the
payable by the United States of America on its obligations,
maturity
installation
[S. 3483]
AN
rate of
provision
thereby.
Approved, May 20, 1936.
to
or the application thereof to
any
invalid, the remainder of the Act and the
other
persons
or
circumstances
shall
not
Financial
3928
STATE
THE
continued to hold at near the peak.
The steel industry, instead of showing the usual seasonal
decline, is maintaining a high rate of activity, and no real
let-up is expected during the balance of the current month.
Of course, the big factor responsible for the sustained high
rate of operations in steel is the stimulus derived from
consumers endeavoring to
forestall the higher prices for
steel, which go into effect July 1.
The only sources of
demand that show a recession in purchases are the auto¬
mobile makers and farm tool manufacturers.
From other
sources demand for steel is holding up well.
Railroad pur¬
chasing is still fairly active, and demand is reported well
diversified.
Retail sales volume continues to gain.
Bonus
activity
expected
is
spending
to
An ever-growing number of stores
retail trade this month.
are
provide the major stimulus to
scheduling special promotions to attract the veterans.
Commodity markets have been more buoyant
the past week,
especially last Thursday, when futures swept forward in the
broadest general advance in eight months.
Strange to say,
the leaders in this upward movement were cocoa and silk,
which up to recently have been the laggards.
The
market continued its upward swing, many stocks
securities
reaching
pick-up in public interest.
a
whole increased
and from 8
Wholesale
buying
was
estimated at
321,666 cars of revenue freight
lines, compared with 292,118 cars in the pre¬
and 296,698 cars in the seven days ended
own
week
ceding
June
1935.
8,
A comparative table follows:
REVENUE FREIGHT
LOADED AND RECEIVED FROM
Loaded
Connections
Weeks Endedr—
May 30
June 8
June 6
May 30
June 8
1936
1936
1935
1936
1936
1935
Atchison Topeka & Santa Fe
Baltimore & Ohio—
19,619
31,323
22,239
15,652
21,238
15,944
2,529
——_
Chesapeake & Ohio Ry.
Chicago Burl & Quincy RR.
Chicago Milw St Paul & Pac Ry.
Chicago & North Western Ry
Gulf Coast Lines
i.'„
Missouri Pacific RR.
-
RR
_——
_
27,035
17,382
4,015
11,872
2,392
4,012
14,850
36,277
New York Central Lines._
_
Pennsylvania RR———————
59,945
Pere Marquette Ry__
38,151
4,669
19,378
58,275
5,764
6,571
26,940
-------
Pittsburgh & Lake Erie.————
Southern Pacific Lines
Wabash Ry.
Total
8,899
3,648
41,787
5,030
5,181
6,870
8,810
4,296
41,194
6,042
6,134
*7,348
*6,739
7,788
5,549
5,182
21,499
4,779
21,878
5,039
5,585
.
7,803
*5,729
7,120
4,372
41,431
4,291
5,006
321,666 292,118 296,698 191,245 183,496 176,354
—
Excludes
x
.
-------
9,569
30,398
60,696
5,649
1,111
1,456
2,711
7,145
39,225
1,984
3,011
4,185
20,578
4,264
13,904
9,896
5,821
6,577
8,265
1,402
1,989
2,283
8,167
36,708
8,001
4,555
14,993
10,616
0,333
6,418
9,043
1,506
13,973
2,417
1,670
4,604
17,405
10,341
8,444
8,517
9,785
17,272
4,545
15,824
40,320
5,191
19,842
4
New York Chicago & St L Ry—.
Norfolk & Western Ry
22,922
12,267
17,949
29,716
22,698
12,674
14,892
1,962
Intcrnat'l Great Northern RR...
M lssourt-Kansas-Texas
18,192
2,595
„
interchanged between Southern Pacific Co.-Pacific Lines and
cars
Texas & New Orleans RR. Co.
LOADINGS AND
TOTAL
RECEIPTS
CONNECTIONS
FROM
(Number of Cars)
Automobile production this week
Weeks Ended—
100,415 units as compared with 82,788 a
Production last week amounted to 101,752 units.
a new high record for the year of
695,845 cars last week.
This was a rise of 48,986 cars, or
7.6% over the preceding week.
The outstanding feature of
the weather map for some time past has been the drought
in the eastern portion of the cotton belt.
However, many
Received from
June 6
the corresponding week last year.
maintained at a level 15 to 18%.
was
Own Lines
on
Weeks Ended—
over
year.
CONNECTIONS
(Number of Cars)
from 3 to 6% over the preceding week,
to 12%
higher than last
Retail sales for the Nation as
their
on
since April 22. The volume on Thursday
the million share mark, which, of course, reflects
a
major railroads to report for the week ended
June 6,1936 loaded a total of
the highest levels
reached
June 13, 1936
The first 18
TRADE—COMMERCIAL EPITOME
OF
Friday Night, June 12, 1936.
Business
Chronicle
June 6, 1936
May 30, 1936
June 8, 1935
22,474
28,426
12,086
23,041
29,516
12,443
20,849
27,039
12,506
63,586
65,000
60,394
year ago.
Car
loadings reached
localities in
the
States from Virginia south¬
Southeastern
ward and southwestward have received substantial
improved materially, the rainfall was of a rather spotted
character, and a good many places are reported as still
much too dry. A general rain is still needed in these States,
the conditions being especially critical in northern Georgia
of the Carolinas, where some irreparable crop
damage has been done.
Heavy rains caused more or less
damage by washing and flooding in western Oklahoma.
Considering the country as a whole, the past week brought
parts
considerable
improvement in the agricultural outlook.
In
the New York City area the weather was clear and summer¬
like up to
mid-week, when heavy showers occurred. Today
cloudy and warm here, with temperatures ranging
from 65 to 77 degrees.
The forecast was for partly cloudy,
with moderate temperature tonight and Saturday.
Over¬
night at Boston it was 64 to 78 degrees; Baltimore, 68 to
86 ; Pittsburgh, 58 to 78 ; Portland, Me., 60 to 70 ; Chicago,
52 to 62 ; Cincinnati, 54 to 74; Cleveland, 56 to 60; Detroit,
48 to 68; Charleston, 74 to 82; Milwaukee, 54 to 66; Sa¬
it
was
vannah, 72 to 88; Dallas, 74 to 88; Kansas City, 54 to 76;
Springfield, Mo., 56 to 74; Oklahoma City, 62 to 80; Salt
Lake City, 56 to 90; Seattle, 54 to 72; Montreal, 52 to 80,
and Winnipeg, 62 to 78.
^
Index Slightly Higher
There was only a slight net change this week in the average
price of basic commodities. Moody's Daily Index of Staple
Commodity Prices was 164.1 this Friday, as compared with
163.8 last week.
The
and wool
advance in silk.
an
were
were a
decline in
Prices of cocoa, rubber, corn
moderately higher. Hides, wheat, hogs, silver,
remained unchanged.
the week, with com¬
follows:
copper, lead, cotton, coffee and sugar
The movement of the Index during
parisons, is
Fri.
Sat.
Mon.
as
June
June
5
June
8
9
—
Tues.
June
June 10.
Thurs. June 11
Frl.
June 12
Revenue
.163-8 2 Weeks Ago, May 29
162-9 Month Ago,
May 12
163.6 Year Ago,
June 12
-.163.6 1935 High— Oct. 7 & 9—
Low—
163.5
Mar. 18
.163.9 1936 High— April 18 & 23
164.1
Low—May 12
163-3
162-7
157-6
175-3
—
6-
Wed.
-
The Association of American
week ended
May 30, reported
Loading of
—-
—
—
.
-
148-4
_
_
-
-172-1
.162-7
follows:
as
freight for the week ended May 30 totaled 646,859
This was an increase of 84,177 cars, or 15.0% above the correspond¬
week in 1935 and 67,203 cars, or 11.6% above the corresponding
cars.
ing
week in 1934.
Due to the
was
holiday, loading of
revenue
freight for the week of May 30
decrease of 36,547 cars, or 5.3% below the preceding week.
a
Miscellaneous freight
below
cars
loading totaled 262^884 cars, a decrease of 21,435
preceding week, hut an increase of 50,029 ears above the
the
corresponding week
week
in
Loading
cars,
of
above
cars
the
corresponding
than
lot
freight totaled
144,988
an
increase
above the corresponding week in 1935, and 1,399 cars above
week
in
carload
below the preceding week, but
cars
in
1934.
loading amounted to 114,022
It
1935.
Grain
1,631
and
but
however,
was,
increase of 7,883
an
cars,
decrease of
a
2,585
above
cars
below the corresponding
care
increase
an
products
grain
corresponding week
1934.
In
the
week
Live
in
1935
j$estern districts
ended
preceding
same
of
12,422
the
cars
above
week this
loading
amounted
the
preceding week,
cars
below the
week
a
decrease
Coke
stock
for
the week
cars
below
above
the
week
same
decrease of
a
increase
958
in
3,574
of
below
cars
above
cars
the
the
cars,
below
1934.
the
a
decrease
week
same
In the Western
ended
May
preceding
30
810
cars
1935,
and
7,446
totaled
week this year
of
in
districts
and
alone,
cars,
a
cars
31,155 cars, a decrease of 2,259
preceding week, but an increase of 6,507 cars above the
and 6,713 cars above the same week in 1934.
same
week in
1935.
cars
1935
week,
but
an
44,655 cars,
increase
of
loading amounted
preceding week,
above the
same
districts
2,916
to
reported
9,078
cars
week in
a
decrease of 2,074
below the
cars
14,694
1935 and 14,336 cars above the
cars
revenue
cars,
10,343
cars
week' in
the
All
cars
of
above
cars
1,025
same
preceding
week in
ears,
products loading totaled
the
in
2,583
an
to
761
same
976
of
Forest
but
year,
5,413
below
and
29,734
increase of 6,479
an
alone, grain and grain products loading for
May 30 totaled 18,367
below
below the
totaled
in 1935.
stock
decrease
loading
below the preceding week, hut
cars
the week
the
33,153
week in 1934.
same
the
and
less
17,108
preceding week,
week
1935,
merchandise
cars
same
Coal
the
of
decrease of
a
6,998
the
in
1934.
cars above the corresponding
corresponding week in 1934.
cars,
above
the
an
increase
same
week
of
in
887
1935,
cars
above
and
2,010
1934.
increases
in
the
number
of
cars
loaded
with
freight
compared with the corresponding week in 1935.
All
reported increases compared with the corresponding week in 1934,
except the Southwestern, which showed a small decrease.
districts
Loading
of
revenue
freight
in
1936
compared
with
the
two
previous
years follow:
1936
Freight Car Loadings Rise 7.6% in Week
Loadings of revenue freight for the week ended June 6
1936, totaled 695,845 cars.
This is a gain of 48,986 cars,
or 7.6%, from the preceding week, a gain of 66,133
cars, or
10.5%, over the total for the like week of 1935, and an in¬
crease of 79,077 cars, or 12.8%, over the total loadings for
the corresponding week of 1934.
For the week ended May 30
loadings were 15% above those for the like week of 1935,
and 11.6% over those for the corresponding week of 1934.
Loadings for the week ended May 23 showed a gain of 14.2%
when compared with 1935 and a rise of 9.2% when com¬
parison is made with the same week of 1934.
Railroads, in reviewing the
revenue
Ore loading amounted to
principal changes affecting the index
steel and
Total
loading of live
Daily Commodity
Moody's
-----
showers
during the past week, the most widespread rains in nearly
two months.
While the general outlook in this area has
and
Chicago Rock Island & Pacific Ry.
Illinois Central System—
St Louis-San Francisco Ry---—
Four weeks in January
Five weeks in February
Four weeks in March—
Four weeks in April
Week of May 2
Week of May
9
—
Week of May 16—
Week of May 23
1934
2,169,146
2,927,453
2,408,319
2,302,101
568,927
575,020
582,950
646,859
Total—...—
following table
we
598,396
562,682
13,803,858
Week of May 30
In the
1935
2,353,111
3,135,118
2,418,985
2,644,843
671,154
668,935
681,447
683,406
12,694,994
2,183,081
2,920,192
2,461,8952,340,460
V 605,246
602,798
612,331
625,990
579,656
12,931 ,64
undertake to show also the load¬
ings for
separate roads and
May 30,
1936.
systems for the week ended
During this period
a
total
of
113
roads
Volume
Financial
142
when compared
Ohio
important
the
increases
showed
The most
year.
increases
with the same week last
of these roads which showed
&
the New York Central Lines, the Baltimore
were
3929
Chronicle
REVENUE FREIGHT LOADED AND
Fe
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 30
Total Revenue
from Connections
1935
1936
1934
Eastern District—
Group B (Concluded)—
Georgia
650
1,557
6,734
1,551
315
279
6,745
10,364
9,716
Gulf Mobile & Northern
Chicago Indianapolis & Louisv
1,389
1,107
1,122
1,964
1,735
Illinois
23
49
66
1,115
1,324
738
1,439
318
318
361
1,796
18,532
1,648
16,008
1,489
967
686
9,335
17,515
17,271
17,407
11,737
20,089
572
7,061
1,109
1935
359
389
1,902
Boston & Maine
.
Connections
1936
1934
1935
1936
Bangor & Aroostook
Ann Arbor
from
Freight Loaded
Railroads
1935
1936
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroad
BR., the Pennsylvania System, the Southern System,
Chesapeake & Ohio RR., the Atchison Topeka & Santa
System, and the Illinois Central System:
4,520
3,476
,
Georgia & Florida
Central System
Louisville & Nashville
906
866
,
366
17
18
1,124
5,776
9,842
906
900
1,959
1,733
Macon Dublin & Savannah
5,182
9,260
4,884
7,067
6,535
Mississippi Central
160
177
159
309
249
9,658
6,782
5,638
Mobile & Ohio
1,773
1,624
1,517
1,340
336
233
225
142
127
Nashville
2,736
2,600
1,780
2,924
2,142
1,831
2,294
1,665
1,638
1,120
1,044
416
283
243
2,625
2,260
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line..
Erie
1
11,563
11,449
12,176
14,569
5,552
3,492
3,319
7,521
194
91
135
1,975
Grand Trunk Western
11,545
5,778
Chattanooga & St L.
397
1,781
1,192
Grand total Southern District
6,176
Northwestern
2,231
1,981
1,688
1,420
7,736
7,564
Maine Central
2,635
2,622
2,385
3,626
1,864
38,151
4,099
211
177
23
44
31,846
N. Y. N. H. & Hartford
9,200
8,808
Chicago Mllw. St. P. & PacificChicago St. P. Minn. & Omaha
1,542
1,928
39,225
11,759
2,094
34,145
10,833
New York Ontario & Western.
N. Y. Chicago & St. Louis
2,619
2,968
1,468
33,120
9,430
1,496
7,644
2,377
2,119
4,669
3,896
8,810
7,591
Duluth Mlssabe & Northern...
Duluth South Shore & Atlantic.
Montour
b New York Central Lines
2,188
267
551
551
47,138
47,667
29,284
24,029
92,095
Total.
8,980
:
342
53,552
83,060
83,072
58,849
49,055
Tennessee Central
Lehigh & Hudson River
Lehigh & New England.!
Lehigh Valley
Monongahela
District—
840
833
608
18,635
2,313
17,382
14,352
2,912
6,418
3,699
13,083
2,830
9,049
16,303
2,140
15,632
2,865
8,049
232
1,226
7,273
1,352
5,662
533
307
5,085
4,930
3,426
Belt Ry. of
Chicago
Chicago & North Western
Chicago Great Western
Pittsburgh & Lake Erie
6,840
4,798
4,810
5,982
6,072
4,235
Elgin Joliet & Eastern
Pere Marquette
5,649
4,603
4,825
5,006
3,953
Ft. Dodge Des Moines & South.
185
492
369
20
19
Pittsburgh <fc Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
1,900
14,390
862
1,463
2,326
9,043
7,607
2,150
6,213
2,465
3,526
112
413
287
265
115
124
15,542
13,534
12,782
2,719
2,702
529
Great Northern
551
480
501
396
205
283
1,245
999
949
1,520
879
Green Bay & Western
Lake Superior & Ishpeming
566
532
564
1,083
976
Minneapolis & St. Louis
1,819
5,039
4,675
7,803
6,291
Minn. St. Paul & S. S. M
5,482
4,011
4,177
3,715
3,461
3,676
2,914
Northern Pacific
7,827
144,688
127,412
129,535
156,509
133,564
572
400
353
631
551
443
400
Rutland..
Wabash
340
367
88
114
150
.
Wheeling & Lake Erie
278
66
90
1,272
1,415
1,089
1,460
1,581
1,328
4,727
5,917
1,873
4,551
2,028
7,787
2,821
2,082
2,474
Spokane International
Total
267
96
256
244
228
Spokane Portland & Seattle
888
1,410
1,386
1,173
838
99,091
78,510
82,667
41,192
33,981
18,192
2,716
16,775
17,182
2,473
4,555
2,330
4,291
2,221
313
223
188
57
34
12,267
1,170
11,404
10,603
12,799
6,333
5,450
1,423
794
775
9,143
1,127
10,441
7,816
2,403
2,028
2,028
711
809
2,221
1,154
5,963
1,667
807
1,806
1,618
1,651
2,852
502
275
185
3
Total.
Allegheny District—
Akron Canton & Youngstown.
Baltimore & Ohio
27,035
25,512
13,582
Central Western District—
5,407
4,034
26,500
4,246
14,993
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria A Indiana..
2,512
1,412
Atch. Top. & Santa Fe System.
340
315
235
5
8
980
887
21
12
Central RR. of New Jersey
7,014
1,389
6,145
6,517
10,635
9,458
762
574
470
31
222
Cornwall..
45
254
188
36
Ligonier Valley
Long Island
83
62
86
26
25
747
757
714
2,713
2,499
Penn-Readlng Seashore Lines.
987
788
933
1,130
967
Cumberland
Pennsylvania..
52,529
12,817
58,275
15,376
12,876
Pennsylvania System
Reading Co
Union (Pittsburgh)
34
Alton.
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
Burlington & Qulncy..
& Illinois Midland
Rock Island & Pacific.
& Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western-
41,194
37,293
15,567
51,266
12,242
Denver & Salt Lake
13,241
Fort Worth & Denver City
Illinois Terminal
1,829
826
1,494
26
3,036
8,671
5,132
3,385
50
67
0
0
3,049
2,817
5,450
5,373
■
•
1,047
1,000
638
868
1,314
1,744
1,280
1,024
64
38
North Western Pacific
806
756
542
280
242
Peoria & Pekln Union
5,470
53
West Virginia Northern
Western Maryland
821
1,832
1,291
129
42
196
86
45
16,964
4,483
3,499
Nevada Northern
Pocahontas
114,145
116,192
100,076
87,885
Southern Pacific (Pacific)
Included
22,922
Norfolk & Western
Norfolk & Portsmouth Belt Line
19,378
20,265
17,763
8,710
375
17,476
4,296
3,760
384
1,279
831
10,044
7,669
6,178
161
159
6
6
1,219
1,163
1,261
1,879
1,400
73,117
81,177
45,779
36,486
217
167
3,593
Western Pacific
782
900
1,063
908
2,777
714
581
46,771
42,539
41,363
16,689
13,959
Virginian
Total.
221
8,565
Utah
3,729
System.
P.
85,208
10,616
803
U.
161
20,210
3,668
in
10,504
Union Pacific System
District—
Chesapeake & Ohio
a
14,782
16,490
St. Joseph & Grand Island
Toledo Peoria & Western
133,765
Total.
46
Total
Southwestern District—
172
4,546
112
125
127
274
77
117
109
211
159
Gulf Coast Lines
1,962
2,691
2,340
1,111
International-Great Northern..
1,670
2,224
2,590
1,456
1,214
1,783
Alton & Southern
Southern District—
Burlington-Rock Island
Group A—
Fort Smith & Western
Atlantic Coast Line......
8,131
Clinchfield
8,283
7,397
888
4,590
3,852
,
1,184
901
1,439
1,299
Charleston & Western Carolina
516
368
463
932
791
Kansas Oklahoma & Gulf
Durham & Southern
144
127
144
194
211
Kansas City Southern
Louisiana & Arkansas
Gainesville
155
121
120
989
968
1,938
1,554
1,438
1,621
1,280
1,767
1,007
1,215
1,096
357
38
35
42
99
78
1,028
1,486
1,119
1,044
916
Louisiana Arkansas & Texas...
180
134
100
240
301
262
949
360
Litchfield & Madison
1,055
Midland
Norfolk Southern
304
Piedmont <fe Northern
662
437
Richmond Fred. <fc Potomac.
Seaboard Air Line
396
413
812
636
333
_
294
351
4,064
3,539
Midland Valley
413
413
354
223
142
Missouri & Arkansas
125
98
100
207
217
4,015
3,647
3,867
2,711
2,233
11,872
11,141
11,963
7,145
7,276
7,547
...
Southern System
Winston-Salem Southbound..
19,029
6,813
17,081
6,482
3,297
2,613
17,999
12,396
10,473
156
138
107
698
618
38,543
35,922
35,405
29,565
25,026
Missouri-Kansas-Texas Lines..
Missouri Pacific
46
17
103
77
60
6,239
7,164
3,095
1,750
4,125
2,260
2,256
2,234
3,316
39
33
Quanah Acme & Pacific
120
107
St. Louis-San Francisco
7,048
Natchez & Southern
Total
.
13
1,895
Texas & New Orleans
5,388
5,275
101
Texas & Pacific
3,399
2,479
4,135
2,475
2,093
5,708
4,006
1,518
18,201
3,637
14,868
213
234
165
54
122
42
22
25
34
43
45,241
43,899
45,650
53,402
47,039
St.
Group R—
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
261
224
254
148
1,916
Louis Southwestern
505
Terminal RR. Ass'n of St.Louis
793
625
536
1,193
918
Wichita Falls
3,868
3,753
3,070
2,509
2,247
335
290
221
258
227
757
Central of Georgia
Columbus & Greenville
507
444
685
533
527
647
Atl. & W. P.—W. RR. of Ala..
....
Florida East Coast
Note—Figures for 1934 revised.
•
Previous figures,
694
a
581
Not available,
Southern
Weatherford M. W. & N. W___
Total
b Includes figures for the Boston & Albany RR., the C. C, C. & St. Louis RR., and the Michigan
Central RR.
"Annalist"
Prices
Weekly Index of Wholesale Commodity
Slightly During Week Ended June 9
Up
Commodity prices showed
no
the week, the "Annalist" Weekly
pronounced trend during
Index of Wholesale Com¬
modity Prices recovering the previous week's loss of 0.2
120.6% of the 1913
June 2.
Continuing, the
points by advancing to
June
9
from
120.4
stated:
average
on
"Annalist"
cheese rose,
cotton made
gains.
and rubber, hides and the textile group except
of Labor
Labor
mained
week
WHOLESALE COMMODITY PRICES
unchanged at 78.4% of the 1926
The all-commodity index is 0.4 % above the low
1936 June 11. 1935
110.9
111.3
-
118.2
121.1
Textile products
120.8
128.1
*104.5
Food products
X103.7
106.3
the
of last
Semi-manufactured articles and finished products declined 0.1%.
0.5% below the level of the corresponding week
month.
t
major commodity groups covered by the Bureau farm products,
foods and hides and leather products advanced during the week.
Textile
fuel and lighting materials, chemicals and
miscel¬
products,
laneous
commodities decreased fractionally.
drugs and
Metals and metal products,
171.0
171.0
162.6
-
110.5
110.5
110.0
building materials and house furnishing goods remained unchanged at the
Metals
111.8
111.8
111.5
level of the
Building materials
-
Chemicals
97.3
97.3
98.5
M iscellaneous
86.1
86.0
120.6
120.4
123.9
71.9
71.8
73.5
preceding week.
83.4
All commodities
All commodities on old dollar basis
♦Preliminary,
was
-
Fuels
y
point of the year, reached
Compared with the high point, which
Raw materials continued their recent upward movement and advanced
Of the 10
Farm products
re¬
during the
this week's index is lower by 3.1%.
Both of these groups are
9, 1936 June 2,
average
ending June 6, according to an announcement made
by Commissioner Lubin, who said:
during the middle of May.
0.4%.
Unadjusted for seasonal variation (1913=100)
June
commodity prices of the Bureau of
Statistics, United States Department of Labor,
first week of the year,
Cotton, tin, lambs, beef and pork declined.
THE ANNALIST WEEKLY INDEX OF
partment
The index of wholesale
June 11
"?
)► The grains were somewhat higher, hogs and steers advanced, lard, eggs,
butter and
Wholesale Commodity Prices Unchanged During Week
Ended June 6, According to United States De¬
x
land and Holland;
Revised,
y
Based on exchange quotations for France, Switzer¬
Belgium included prior to March, 1935.
All commodities
other than farm products
(non-agricultural) decreased
0.3% during the week and are 1.4% below a year ago.
than farm
ties
,
Commodities other
products and processed foods, which include industrial commodi¬
declined 0.1%.
Despite the recent sag in wholesale prices of industrial
commodities, the index for this group is 1.2% above the level of a year ago.
r
Financial
3930
In the announcement issued
The farm products group rose
by Mr. Lubin it
stated:
was
Balance
and smaller increases in oats, cotton,
poultry, apples in the New York market, lemons, oranges, alfalfa hay
live
The present farm products index—76.5—is 0.4% above
and hops.
at
End of March
1936
Lower prices were reported for barley, corn, cattle, sheep,
and wool.
June 13, 1936
0.3% due to sharp increases in prices of
potatoes, onions, wheat, rye and hogs,
eggs
Chronicle
Investments in stocks, bonds, &c.,
month
a
1935
$
Selected Asset Items—
$
other than those of
694,720,545
775,915,597-
445,821,062
4,691,223
30,281,892
140,939,641
2,596,340
61,063,591
45,628,267
140,192,364
294,315,208
24,288,836
2,219,096
5,780.101
338,416,968
10,692,042
40,800,230
76,932,498
5,004,715.
57,810,956
affiliated companies
Compared with a year ago it is lower by 4.3%.
ago.
Wholesale
fruits
and
food
were
4.2% advance in
Meats and cereal products,
coffee, salt and cottonseed oil.
hand,
a
increase in dairy products, and
0.9%
a
Additional food items for
lower.
on
slight
a
sub-group of other foods, including cocoa beans,
in the
ncrease
increased 0.4% because of
prices
vegetables,
Santos
the other
were
meal, flour, hominy grits, cornmeal, canned cherries, dried peaches, prunes,
beef, bananas, fresh
canned tomatoes, fresh
bacon,
pork,
veal,
dressed
poultry, copra, cured fish, lard, oleo oil, edible tallow and coconut oil.
index for the
Time drafts and
leather
0.7%
an
The
Net balance receivable from agents and conductors
Miscellaneous
Declining prices for sole
Shoes were fractionally lower, and other
Interest and dividends recelvalbe
Rents receivable
Other current assets
Print
Average prices of clothing, knit goods and woolen
The index for the fuel and
327,992,282
236,888,756.
309,356,610
months.b.
318,356,65370,439,529
207,875,993
91,488,437
346,007,794
16,086,081
payable, c
74,249,230
221,709,251
79,445,686
456,802,388
13,441,119
413,922,675
1,542,032
105,588,783
31,176,110
26,650,698
payable.
Miscellaneous accounts payable
Interest matured unpaid
......
Dividends matured unpaid
Unmatured dividends declared
lighting materials group declined 0.1% due to
Coal advanced slightly and coke
weakening prices of California gasoline.
also registered
Unmatured interest accrued....
Unmatured rents accrued
Other
unchanged from the preceding week.
was
Loans and bills
Funded debt matured unpaid
and worsted goods were steady.
A minor decrease
10,705,865-
Selected Liability Items—
Funded debt maturing within six
Audited accounts and wages payable...
minor decrease for the textile products group.
a
cloth advanced sharply.
remained
43,418,563:
143,987,070.
307,439,159'
37,588,588
2,976,386-
1,197,817,621 1,075,773,040-
Traffic and car-service balances
products remained unchanged.
jute resulted in
^
Total current assets.
Declining prices for raw silk, silk yarns, osnaburg, brown sheeting and
raw
receivable..
accounts
Materials ans supplies
decrease in the leather sub-group, although
prices of side leather advanced.
leather
0.3%.
products group to advance
in
--
Special deposits—
6% below the corresponding week of last year.'
It is
resulted
x
Loans and bills receivable
Sharp increases in prices of hides and skins caused the index for the hides
and leather
deposits
group—78.7—is 0.9% above the corresponding week
foods
of last month.
Demand loans and deposits
Traffic and car-service balances receivable
which higher prices
Lower prices were reported for oat¬
reported were butter, cheese and ham.
Cash
by the chemicals and drugs
group,
liabilities
current
282,942,8131,122,886
105,756,285
30,496,758
26,908,513
1,733,884,582 1,497.481,742'
Total current liabilities.
principally because of lower prices for fats and oils, menthol and super¬
phosphate.
Cattle feed declined
Wholesale prices of tires and tubes,
1.6%.
and pulp and crude rubber were
1926 average.
tin did not affect the index for the
products group as a whole.
It remained at 85.7 % of the
Agricultural implements, motor vehicles and plumbing and
heating fixtures
In the building materials group an
0.4% decrease in lumber
was
offset
0.5% increase in paint materials, with the result that the building
an
materials index remained
Other than U.S. Government taxes.
The net income as reported
a
unchanged at 85.7%.
Wholesale prices of brick
and tile, cement and structural steel were stationary.
192,631 for the three months of 1936 under the requirements of an Act approved
1935 levying an excise tax upon carriers and an income tax upon their
The index for the house furnishing goods group was unchanged at 82.9.
income for March 1935 includes charges of
$6,193,694 because of liability under the Railroad Retirement Act of 1934.
b Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764, Funded debt matured unpaid) within six
1935 of
months after close of month of report.
Includes obligations which mature not more
c
index
of the
Statistics includes
of Labor
Bureau
784
(Public No. 400, 74th Congress).
The net
$2,090,372 and for the three months of
employees, and for other purposes.
Average prices of both furniture and furnishings were inflexible.
The
includes charges of $1,452,072 for March 1936 and
$4,296,025 for the three months of 1936 on account of accruals for excise taxes levied
under the Social Security Act of 1935; also $4,012,619 for March 1936 and $4,Aug. 29,
steady.
were
33,788,261
136,771,483-
44,917,704
134,030,780
United States Government taxes
paper
firm.
Continued weakness in prices of pig
metals and metal
by
Tax liability:
Mixed fertilizer prices remained unchanged.
then 2 years after date of issue,
d Deficit or other reverse items.
price series
weighted according to their relative importance in the country's markets
and is based
on
the average
index numbers for the main groups of com¬
modities for the past five weeks
June
10,
States Department of Labor Reports Drop of
0.3% in Retail Costs of Food During Two Weeks
United
for the year 1926 as 100.
The following table shows
and for June 8, 1935, June 9, 1934, and
,
Ended May 19
1933:
"A decline
(1926=100.0)
marked the movement of retail food
of 0.3%
during the two weeks ended May 19," Commissioner
Lubin of the Bureau of Labor Statistics of the United States
costs
June
May
May
May
May
June
June
June
6
30
23
16
9
8
9
10
1936
1936
1936
1936
1936
1935
1934
1933
78.1
78.6
79.9
73.8
64.0
74.4
76.2
Commodity Groups
Department
All commodities
78.4
78.4
Farm products
76.5
75.9
75.0
60.7
52.5
Foods
78.7
78.4
77.5
77.4
78.0
83.7
67.6
61.0
Hides & leather products.
94.6
94.3
94.3
94.8
94.9
89.1
87.2
80.9
Textile
69.1
69.2
69.2
69.5
69.6
69.3
72.7
Fuel & lighting materials.
76.7
76.8
76.8
76.9
77.2
74.7
73.8
60.8
Metals & metal
85.7
85.7
85.7
85.7
86.0
85.6
87.8
78.7
products.
Building materials
85.7
85.7
85.6
85.5
85.6
85.1
87.8
72.9
Chemicals and drugs
77.3
77.4
77.3
77.3
77.5
80.7
75.4
73.8
Housefurnishlng goods
82.9
82.9
82.8
82.8
82.8
81.8
83.4
72.4
Miscellaneous
69.0
69.1
69.1
69.2
68.4
68.9
70.0
59.5
Raw materials
76.3
76.0
75.5
75.1
76.0
74.0
74.1
74.1
74.3
74.4
80.8
Seroi-manufact'd
articles.
and
11 showed
80.5
80.5
78.8
79.0
78.8
78.9
79.1
79.9
76.6
66.6
78.7
78.8
78.7
78.8
78.9
77.8
78.9
67.8
All commodities other than
farm
products and foods
1923-25
*Not computed.
May in
Cereals
Balance
Steam
The
Bureau
of
Items
Sheet
of
Class
I
Railways for March
Statistics
the
of
ago and 22.0%
The index is 27.8%
year
a
more
than 20
years.
bakery products
were
significant price changes in the group.
Meat
and
of
(62.5), when food costs were lower than for
1933
0.4% below the level of two weeks;
is lower than at any time
July 15, 1933.
Whit^ bread showed a net price decrease of 0.2%,
with lower prices in five cities, including a drop in Milwaukee of 11.7%,
or
almost lc. a loaf.
The price of rye bread decreased 0.1%, and whole
wheat bread remained
unchanged.
A decrease of 0.8% in the price of
macaroni and an equivalent increase in the price of cake were the only
costs
16 of the
Income
May 15,
and
compared with 100.0 for the-
as
May 15, 1929, when the index was 102.4.
The price of flour, which decreased 1.2%,
other
Selected
of
as
above that for
any
19 is 79.9
is 1.8% below the level
This
average.
below costs
Mr. Luban continued:
change."
no
composite index for May
since
80.4
All commodities other than
farm products
The
ago.
80.4
Finished products.
"This decrease
due
58.7
products..
79.9
June 3.
announced
of Labor
primarily to lower costs for meats and dairy prod¬
ucts," Mr. Lubin said.
"Prices were lower for 49 of the 84
foods included in the index.
They were higher for 24 foods
was
78.2
Pork
group
Interstate
Commerce
1.2%.
dropped
fell
2.5%.
caused by lower prices for
This decline was
items in the group.
21
costs
The cost of the beef items decreased 1.2%.
The most marked
changes for
price
items
—1.4%
-4.5%
Pork chops
Chuck roast.
—1.8%
Plate beef
totals of selected income and balance sheet items of Class I
—2.0%
Loin roastSliced bacon..
Leg of lamb
—1.3%
Salt pork...
steam
Lamb chuck
Commission has issued
railways
in
a
statement
United
the
showing the aggregate
States
for
the
month of
March.
The
These figures are subject to
from 138 reports representing
compiled
144 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is as follows:
revision and
were
price
cities.
-5.5%
-1.2%
-1.7%
...
4-1-1%
cost
of
for all items
The
the
in
were:
Rib roast
dairy products
was
in the group except
butter
of
Cheese showed
decrease
a
down 1.1%.
Average prices were lower
fresh milk, for which there was no change.
3.6%,
decreased
of
with
reported
reductions
1.5% and
from
48
declined 1.3%.
cream
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
(3-Year Average 1923-25=100)
TOTALS FOR THE
UNITED
STATES
(ALL REGIONS)
1936
For
the Month of Mar.
Current 2
Commodity Group
1936
1935
1936
$
$
TFJfcs. 4
May 19
1935
TFAs.
1933
1935
Ago
Ago
1929
Apr. 21 May 21 May 15 May 15
May 5
X
*
$
Corresponding Period in
For the Three Months of
Income Items
$
All foods
Other Income
Total income
38,129,873 104,564,978
13,563,477
33,794,409
86,366,523
37,442,334
81.4
62.5
102.4
Miscell. deductions from income-
47,132,556
1,479,490
Income available for fixed chges
45,653,066
50,301,359 133,791,632 119,501,458
80.1
79.7
90.7
91.0
91.2
92.9
71.0
98.0
93.2
94.3
94.1
98.0
64.1
122.6
Daily products
Eggs
51,693,350 138,359,387 123,808,857
4,567,755
1,391,991
4,307,399
79.9
Cereals & bakery products
Meats
35,205,513
11,927,043
Net railway operating income
75.2
76.1
77.8
75.6
63.7
102.1
59.6
59.0
57.4
65.9
44.0
80.6
70.0
68.9
66.5
66.0
59.3
93.1
69.9
68.6
65.8
64.5
59.5
Fruits and vegetables
Fresh
deductions
11,168,789
41,580,092
Other deductions.;
220,816
52,969,697
53,463,194 158,685,271 159,846,939
d7,316,631
999,831
d3,161,835 d24,893,639 d40,345,481
999,831
3,029,495
3,014,495
d8,316,462
d4,161,666 d27,923,134 d43,359,976
16,222,679
1,587,227
16,346,001
1,317,625
4,006,540
Fats and oils
Sugar and
x
Total
fixed
charges
sweets
harges
Net income.a.
Depreciation (way and structures
and equipment)--
-
Federal income taxes
1,345,023
48,889,376
4,013,028
Dividend appropriations:
On common stock
On
preferred stock
...
upturn
is
in
419,325
15,597,027
4,026,917
20,641,477
3,295,850
for
the
rose
usual
The cost
cost
vegetables.
48,390,712
4,940,331
___
_
_
78.3
84.3
66.0
97.8
57.7
62.9
51.2
102.4
67.7
67.5
70.6
67.7
110.8
74.8
75.2
80.9
48.0
93.5
63.8
63.8
64.6
60.0
72.6
Preliminary.
Egg prices
Income after fixed
Contingent charges
_
.
78.3
64.1
...
Beverages and chocolate
11,048,203 33,149,576 32,959,838
42,196,074 124,879,399 126,231,616
656,296
218,917
655,485
Interest
-
.
57.7
67.6
_
Dried
Rent for leased roads
91.8
78.2
57.8
74.2
Canned.,
Fixed charges:
of
50
in
of
the
38
this
of
51
cities,
four
with
cities.
fresh
rose
fruits
net
in 1936.
The
two-week
of
increase
1.6%, due to
and
an
Lemon prices rose
recent
advance
in
increase amounting to 5.2% as compared
the previous
a
1.0%.
An
season.
and vegetables
increase of 2.5%
of
1.5% for fresh
an
advance
Prices of apples, oranges and lemons were the
any period
from
at
fruits
period.
highest recorded'
15.8%, with increases reported
potato
with
an
prices
was
retarded,
the
increase of 10.6% during
The price of sweet potatoes
rose
6.1%.
All
Financial
142
Volume
for which there
greed beans, 8.1%
for cabbage, 13.4% for lettuce, 12.6% for spinach, and 2.7% for onions.
Price changes for canned and dried fruits and vegetables were unimportant.
The greatest relative change for these items was an increase of 0.8% for
fresh .vegetables
other
declined
beans.
navy
0.8%,
by
decreased
0.2%.
for oleomargarine, 2.0%, and
The price of lard fell off 0.6% ; lard compound,
The most marked decreases
price.
for peanut
butter, 1.3%.
were
The index for this group is lower
0.8%, and' vegetable shortening, 0.4%.
than at any
There
prices
time since Jan. 29,
was
reported
were
of
increase
The
0.7%,
1.0%,
occurred
place
greatest
In Fall
the
in
the
regional
divergent
foods
all
price
while
showed
was
principally
no
51
with
costs
The largest decrease,
0.5%, took
decreased
in 17
costs;
Milwaukee reported
change.
2.9% for
sharp
flour.
Electric output during the week ended May 30 totaled
1,922,108,000 kilowatt hours.
This was a gain of 18.0%
over
the 1,628,520,000 kilowatt hours produced during the
week ended June 1,
Meat
drop
June 6,
New England
Middle Atlantic
Central
costs,
costs
7.9%.
rose
largest
The
advance
occurred
13.4
12.1
13.4
21.7
17.3
16.9
18.3
14.9
15.5
20.4
16.9
15.3
18.9
22.8
23.3
20.0
4.6
11.9
13.2
16.2
12.8
States
18.0
15.3
15.4
Coast
Total United States.
Weekly Data for Previous Years
(In Thousands of
Kilowatt-Hours)
in Millions
P. C.
Week of—
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
16.6
WEEKS
DATA FOR RECENT
2.7%.
1936
11.6
8.1
Columbus,
in
16,
12.8
16.3
Rocky Mountain
Pacific
May
14.9
Industrial
Southern
May 23, 1936
1936
18.7
12.7
Central-
West
May 30,
1936
Week Ended
Week Ended
Week Ended
Week Ended
Major Geographic
Regions
1.2% for the 51 cities combined, fell off 3.1% in Milwaukee.
declined
food
The Institute's statement follows:
1935.
PERCENTAGE INCREASE OVER PREVIOUS YEAR
River, where food costs decreased 1.5%, potato prices dropped 7.4%
butter
over
when output totaled 1,724,-
491,000 kilowatt hours.
cities
the
the result of the
as
decline of
a
for
the largest advance,
Thirty cities
prices and
output for the latest week indicated a gain of 12.8%
the corresponding week of 1935,
with an
sugar,
movements,
advancing in three.
England,
1.6%,
but
group,
of
cost
and in four there
decrease,
in bread
which declined
where
up,
in
statement dis¬
electricity by the electric light
and power industry of the United States for the week ended
June 6, 1936, totaled 1,945,018,000 kilowatt hours.
Total
closed that the production of
Higher
and sweets.
sugar
Output Higher During Latest Week
The Edison Electric Institute in its weekly
change.
largest
0.3%
New
in
I
.
item
every
the Pacific Coast.
on
11.7%
and
of
from
resulted
cities costs went
of
for
1935.
0.5% in the cost of
down in six regions and
going
the
of
showed the
decrease
net
combined
advance
an
The
change.
greatest
and chocolate advanced 0.1% each.
oils declined 0.8%.
No item in the group advanced
Tea
The cost of fats and
in
the
showed
Cocoa, which
price of coffee
0.1%.
Beverages and chocolate showed a slight decrease of
declined
Electric
except carrots,
price,
in
Price decreases amounted to 12.1% for
change.
no
was
3931
Chronicle
of Kilowatt-Hours
Ch'gt
1936
1934
1935
1933
1932
1931
1930
1929
1,617
1.642
1,673
1,399
1,410
1,431
1.428
1,465
1,481
1,647
1,470
1,455
1,429
1,437
1,436
1,425
1,381
1,435
1,442
1,441
1,457
1,676
1,663
1.697
1,709
1,700
1,688
1.698
1.645
1,602
1,594
1,621
1,610
1,635
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1,660
1,657
1,707
1,698
1,607
1,704
(3-Year Average 1923-25—100)
Apr.
1936
Corresponding Period in
Apr.
Apr.
Current 2 Wks.
Regional Area
May 19
4
Ago
X
May 5
Wks.
Apr.
1935
Ago
1933
1929
Apr. 21 May 21 May 15 May 15
May
May
1,725,352
1,701,945
1,673,295
1,928,803 1,698,178
May 16..
New England
79.7
81.4
62.5
102.4
78.4
..
80.1
79.2
78.8
79.2
61.4
100.8
May 23..
May 30..
81.0
81.0
81.3
81.8
63.9
102.8
June
80.1
80.3
79.8
72.0
61.6
104.0
June
13..
West North Central
82.7
82.9
81.9
87.0
62.1
103.4
June 20
79.5
100.9
June 27..
.
79.6
79.0
80.7
61.2
75.1
75.0
74.2
77.3
59.1
76.6
76.8
77.2
79.1
60.6
101.6
Mountain
83.0
82.7
82.8
86.6
63.4
77.1
76.8
77.0
79.0
63.8
1,742,506
1,774,654
1,772,138
_.
100.3
1,669
1,633
1.643
1,436
1,468
1,483
1,494
1,650
1,655
1,576
1,655
1,665
1,675
1,461
1,542
1,578
1,598
1,656
1.644
1,637
1,654
1.704
1.705
1,615
1,690
1.699
1,703
1,723
99.8
Pacific
+ 15.5
+ 13.6
1,641
102.9
West South Central
+ 12.5
1,954,830 1,696,051 + 15.3
1,922,108 1,628,520 + 18.0
1,945,018 1,724,491 + 12.8
6..
East North Central
Middle Atlantic
+ 12.1
1,947,771 1,701,702 + 14.5
1,961,694 1,700,022 + 15.4
9_.
79.9
United States
1,700,334 + 12.7
1,916,486
1,933,610
1,914,710
1,932,797
4_.
11..
18..
25..
2_.
South Atlantic
East South Central
-
FOR
DATA
Retail
Jan
Prices
Unchanged from
May
During
Two Months,
Retail Price Index
Retail
with
well
as
Publications Retail Price Index.
in the life of the index that
compared
This marks the first time
prices have remained unchanged
for three consecutive months,
June
as
March, according to the Fairchild
as
said
announcement issued
an
by Fairchild Publications, New York.
While
prices showed- no change during the month, the announce¬
ment pointed out, they gained 2.3% above the correspond¬
ing period a year ago.
It was further stated:
shows
August
in
With the exception of infant's
May.
Women's
vances.
above the
apparel
wear,
which reacted
comprising the index show only nominal ad¬
prices,
however,
showed
the
greatest
gain
corresponding period a year ago.
While the composite
in quotations for wool
index continues unchanged, the firmer tendencies
and fur items continue.
gain greater than 10% in the past 12 months.
Fur prices have shown
a
The advance in wool prices
is nominal and is a belated reflection of the advance in wholesale markets.
According to A.
W. Zelomek. economist, under whose supervision the
index is compiled, firmness in
of the
Nov
...
Dec
Total
retail prices is likely during most of the rest
will not be uniform, although the items showing declines will be fewer than
FAIRCHILD
1931
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
85,564,124 80,009,501 77,442,112 86,063,969
93,420,266
covering approxi¬
figures are
mately 92% of the electric light and power industry and the weekly
based
about 70%.
on
Increase in Department
Store Sales from April to MayReported by Board of Governors of Federal Reserve
System
"Department store sales increased from April to May,
although a decline is usual at this season," it was announced
on June 9 by the Board of Governors of the Federal Reserve
System.
"The Board's seasonally adjusted index, which
differences in the number of business
makes allowance for
days,
and
88% for May, compared with 81% for April,
average of 82% for the first four months of the
The following is also from the announcement:
was
an
year."
Aggregate value of sales reported for May was 12% larger and for the
irst five months of
those showing advances.
THE
1932
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
Note—The monthly figures shown above are based on reports
He points out, however, that the movement of quotations
year.
.
Sept
Oct
fluctuations among the various groups comprising the index
0.2 of 1%, the other groups
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
June
upturn of the years 1933-1934.
continued
7,382,224
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
decline of 0.3 of 1% under this
a
year's high and a decrease of 1.5% under the 1934 high, following the sharp
The irregular
7,048,495 + 13.9
7,500,566 + 11.7
8,375,493
.
July
11
The composite index, however,
8,664,110
8,025,186
Feb
March
KWH.)
OF
1933
1934
Ch'oe
7,762,513 + 11.6
April...
May
« -"
prices in May remained unchanged
April
Previous
According to Fairchild Publications
1935
1936
of
Preliminary.
(THOUSANDS
P. C.
Month
x
1,688
MONTHS
RECENT
1936,9% larger than in the corresponding periods of 1935.
REPORTS BY
FEDERAL
RESERVE DISTRICTS
PUBLICATIONS RETAIL PRICE INDEX
JANUARY,
1931=100
P.
C. Change from
Number
1 to
Stores
Cities
Reporting
Included
of
Jan.
May 1
June 1
Mar.
1
Apr.
Number
Year Ago
Copyright 1936, Fairchild News Service
1
May
1
1933
1935
1936
1936
1936
69.4
86.1
88.3
88.1
88.1
88.1
Piece goods.
65.1
84.6
84.6
84.5
84.5
84.6
Men's apparel
70.7
87.3
87.3
87.3
87.4
Women'8 apparel
71.8
87.8
89.5
89.5
89.8
89.9
Infants' wear
76.4
93.5
92.7
92.9
92.8
92.8
of
1936
Composite index
May 31
May*
June 1
Federal Reserve districts:
Philadelphia
87.5
70.2
88.2
89.3
89.2
89.2
64.2
64.5
64.3
64.3
+9
55
33
+9
58
30
+9
+ 10
+9
39
+21
+ 13
31
11
58
28
+ 13
-
Cleveland
..
..
.
Richmond
Atlanta
89.3
57.4
Home furnishings
+ 8
+9
+ 12
+ 10
40
21
Boston,
New York
64.2
...
_
+9
65
31
+9
+9
37
21
48
26
+ 18
+7
+9
+ 13
+ 10
21
10
112
40
+ 12
+9
588
St. Louis..
+ 14
+ 10
Minneapolis
+ 13
Kansas City
+ 12
Dallas
Chicago
Piece goods:
Silks
Woolens
69.2
81.9
82.6
82.6
82.6
82.8
Cotton wash goods
68.6
107.7
106.7
106.7
106.7
106.7
Domestics:
65.0
Sheets
97.1
100.5
99.5
99.5
San Francisco
99.2
72.9
97.4
97.4
98.3
98.3
75.5
75.5
75.4
75.4
75.2
Aprons & house dresses.
103.9
!
24
98.5
59.2
Blankets & comfortables
Total
Women's apparel:
Hosiery
75.5
102.3
103.9
103.9
103.9
Corsets and brassieres..
83.6
92.2
92.1
92.1
92.1
66.8
89.9
97.3
97.4
99.2
69.2
84.8
86.3
86.3
86.3
86.3
Shoes
76.5
82.2
81.8
81.8
81.8
82.4
87.7
87.0
87.0
87.0
87.0
280
May figures preliminary; in most cities the month had one less
business day
99.7
Underwear
12
92.1
Furs
*
17
this year than last year.
Wholesale
Ended
Men's apparel:
Hosiery
64.9
Underwear
69.6
91.9
91.2
91.2
91.2
91.6
Shirts and neckwear
74.3
86.5
86.2
86.0
86.2
86.2
Hats and caps
69.7
81.8
81.5
81.5
81.6
82.4
Clothing
70.1
87.1
87.1
87.4
87.6
87.6
76.3
90.0
90.8
90.8
90.8
90.2
74.0
96.8
94.8
95.3
94.8
94.8
Underwear
/incl. overalls..
Shoes
Infants'
wear:
Socks
74.3
92.7
92.8
92.8
93.1
93.1
Shoes
80.9
91.1
90.6
90.6
90.6
90.4
Furniture
69.4
93.2
94.4
93.6
93.5
92.2
Floor coverings
79.9
100.8
102.2
102.4
102.1
102.1
Musical instruments
50.6
58.4
58.8
58.8
59.0
59.4
60.1
76.2
75.2
74.8
74.7
73.8
Luggage
—--
Elec. household appliances
72.5
78.3
79.1
79.1
79.0
80.4
China
81.5
92.2
93.2
93.2
93.2
93.2
Commodity
Price
Remained
6
June
Average
the
Same
During
as
Week
in Previous
Week, When Moderate Advance Was Reported,
According to National Fertilizer Association
No change was
prices
recorded in the general level of wholesale
in the week ended
June 6, according to the index
compiled by the National Fertilizer Association.
This index
was the same as in the preceding week, namely, 75.8% of
the 1926-28 average.
A month ago it was also 75.8%, and
a
year
ago,
76.7%.
under date of June
Four
of
the
The announcement by the Association,
8, went on to say:
component
week, three declined,
groups
of
the
index
registered
and four remained unchanged.
increases
last
Farm products price
3932
Financial
Chronicle
June
trends
in
as
profits and an additional
were mixed
during the week, with cotton and most grains as well
hogs, poultry, and wool advancing in price, and cattle, sheep, eggs, and
hay declining; the net result was a slight advance in the farm products
The index of foods prices
price index.
the
items
portant
lower
the
in
advanced
group
however,
commodities,
declined moderately, although 11 of
only eight declined.
Such
im¬
flour,
eggs,
and
fresh
pork
were
week, offsetting the effect of advancing prices in a
larger number of commodities.
A slight rise in the index of textiles prcies
was
brought about by higher quotations for cotton and wool.
A'con¬
tinuation
for
the
during
trend
downward
the
of
several weeks,
and
steel
prices,
scrap
which
has
lasted
to
a
a slight recession
The index of building materials prices advanced
the metals price index.
against
fixed
of
the
it
first quarter
Net
companies,
in
decline
of
25c.
the
"ton -in
a
price of
a
of 1935 and
of
about
was
preceding
second
declines.
wek
there
23
were
larger, than
large
as
large
as
companies,
in
1935,
other
but
in
as
in 1933 ;
as
the deficit in the
as
utility
first
than
quarter
telephone
remained
26%
less
1930.
No.
Corporation Group
COMMODITY
30
v
Automobiles..
1930
1933
52.8
—1.5
26
14.1
8
3.9
19
6
Auto parts &
accessories (excl.tires)
Building supplies
—
1935
1936
29.2
38.3
—5.3
8.0
14.1
—3.3
—0.6
0.1
1.1
36.4
11.2
24.8
25.1
33.2
0.5
0.2
0.9
0.6
0.4
7
Copper
1926-1928=100
uarter
1934
10
Coal and coke
PRICE INDEX
Compiled by the National Fertilizer Association.
First
of
Chemicals and drugs
and
V.'*
WHOLESALE
deficit after payment
a
two-thirds
Clothing and textiles
advances
i'y
WEEKLY
large
as
public
14%
than
less
less than one-third
Cos.
Twenty-eight price series included in the index advanced during the week
19 declined;
in the preceding week there were 19 advances and 27
the
profit in
some
a
and
in
was
was
twice
income
again reported
group
deficit
responsible for the downward movement of the fertilizer materials index.
declines;
in
increase
an
or
(Net profits in millions of dollars)
for composition
slight drop in Southern pine.
bulk superphosphate was largely
than offsetting
piore
companies reported
the
ago.
as
the
however, nearly
1934.
than
year
but
charges,
was,
of
a
I railroads
Class
of
22% showed decreased deficits
1936
deficit in 1935, while the remaining 26% of all companies
a
well than
less
The
52%
Approximately
high point for the recovery period, higher prices
new
roofing and linseed oil
A
of
drop in the price of tin caused
a
in
1936
did
and
butter,
as
1935.
13,
66.0
13.8
1.6
—1.1
1.4
0.8
3
1.4
—1.5
—0.4
0.5
0.7
6
i
Electrical equipment
19.8
—2.6
3.8
9.4
12.6
■
1.6
Food and food products
■
.
;>v.
■
32
36.2
17.7
25.5
20.0
23.4
Latest
Preced'g
Month
Year
Household equipment
10
2.3
—1.6
0.7
1.3
2.4
Week
Per Cent
Each Group
Bears to the
Week
Ago
Ago
Machinery and tools
15
7.3
—3.1
0.9
2.3
5.0
11
10.0
0.9
9.0
8.5
12.7
Group
......
June 6,
Total Index
./■'
1936
«
;
Foods
28.6
30,
May 9,
June
8,
Metals
and mining
(excl. copper,
1936
1936
1935
coal and coke)
Motion pictures and amusements.
Farm products
77.2
78.6
68.6
83.6
84.5
97.4
16.4
70.2
70.0
70.8
75.5
65.0
64.5
66.8
67.2
70.3
76.1
Livestock
71.4
70.9
71.5
77.0
3.4
8.3
18.3
1.6
—0.1
0.4
0.6
0.7
2.6
Tobacco.
77.1
Miscellaneous
79.6
Miscellaneous commodities
79.6
79.6
72.1
_
72.0
71.6
66.7
67.0
5
8.5
0.9
2.4
1.3
67.3
1.5
2.4
8
11.4
—2.8
—1.0
0.2
17
59 5
—35 1
—9 2
3 5
8 3
6
1.6
0.1
0.5
0.5
0.6
1.8
31
6.8
—1.2
7.0
9.0
12.4
254
302.3
—53.5
114.6
149.8
223.4
—94.9
—14.3
—43.4
—27.9
44.6
45.9
44.7
51.0
69.9
66.8
.
■Metals
6.7
3.0
8.1
Railroad equipment
67.7
Textiles
7.7
2.8
Printing and publishing
65.5
Fuels..
10.3
1.3
1.1
—26.2
Paper and paper products
Grains
:W"
—0.2
4.6
6
Oil
17.3
Office equipment
69.0
Cotton
,
4.7
5
78.2
65.8
86.0
Cottonseed oil
4
19
77.5
67.0
Fats and oils
22.3
May
82.7
82.6
82.8
83.0
Building materials
80.7
80.1
80.2
94.4
94.4
94.4
65.1
65.6
65.6
65.1
.3
Fertilizers
70.7
70.7
70.4
76.4
.3
Farm
92.6
92.6
92.6
91.9
.......
94.4
.3
Chemicals and drugs
Fertilizer materials
Total, 21 groups
1
5.8
1.3
100.0
All
machinery
groiips combined
75.8
75.8
75.8
*
144
Class I railroads, net income.....
78.0
Other
public utilities
(except
telephone cos.) net income
54
..
Deficit.
69.2
* Not available.
76.7
National Industrial Conference Board Reports Cost of
Continued
Increase
Reported
by
in
H.
S.
Canadian
Logan,
Business
Activity
Manager of
General
Canadian Bank of Commerce
again advanced, rising 0.4% from April to May, according to
Business activity in Canada, it was announced June 8 by
S.
H.. Logan,
General Manager of the Canadian Bank of
Commerce, Toronto, "again increased last month as a result
of seasonal factors.
The increase, however, was not general,
owing to some irregularity in manufacturing and the com¬
paratively small volume of construction work in progress,"
Mr. Logan said.
He added:
Against these unfavorable influences
of
navigation
activity
in
the
domestic
The
lines
house
tries
passed
the
of
group
of
unit
to
their
for
which
due
the belated
stimulating
are
those
construction
peak
branches
in
production,
declining.
are
in
contracts
April, but
that
in
were
the
Rents
level of
was
1.6% from April to May, bringing them lti.8% above their
rose
May 1935, 23.0% above that of January 1934, the low point, but
the
textile
in construction,
and
Clothing prices
and
the
while
awarded
are
in
close
so
On the other hand,
months
weeks,
or
May
were
slightly smaller than
in
the higher
on
Coal prices decreased seasonally, 3.4% from April to May, but they were
2.6% higher than in May 1935.
Since May 1929 they have declined 6.8%.
The cost of sundries declined slightly, 0.1%, from April to May, because of
a
small decrease in the
prices of housefurnishings.
however,
and
was
1.2% higher than
a year ago,
The purchasing value of the dollar was
last year,
1936 has
The cost of sundries,
1933, but 4.8% lower than in May 1929.
than 50% above
May of
Clothing
25.1% lower than in May 1929, but 21.3% higher than in April 1933.
this
for
the forestry
more
corresponding period of 1935.
it
whole declined 0.3% from April to May, women's
prices in May of this year were 1.9% lower than in May of last year and
large
a
prospects
in
to
as a
clothing prices fell off 0.7% and men's clothing prices 0.1%.
and
pared with
cents in
118.6 cents in April
1936,
and 4.8% higher than in April
118.2 cents in May 1936,
as com¬
120.6 cents in May 1935 and 100
1923.
fallen
now
Indexes
...
Item
(Corporate) Profits During First Quarter of
of
the
Cost of Living
1923- =100
Relative
Business
The rise
Board continued:
certain
in
consequent
a
of
industries continues
goods
earlier
recent
trade
with
season,
some
the total of projects undertaken since the beginning of
short of
trade,
to
Conference Board.
Industrial
prices and rents, the
Conference Board said, adding that clothing, prices, coal
prices, and the cost of sundries, on the other hand, declined.
Living costs in May of this year were 2.1% higher than in
May of last year, 18.3% higher than in April 1933, the low
point during the depression, but 14.5% lower than in May
1929.
An announcement issued June 11 by the Conference
this time of the year when various indus¬
durable,
or
in
in
retail
poor
soring
activity
metallurgical sections has been well maintained.
New
reopening
purchasing
farm
National
due to substantial increases in food
business, and increased
tire lagging tendency
period of
reached
improved
the
to
early
to
materials
heavy,
operations
have
of
uncertainty
lull which is customary at
that their orders
scale
is
during the
stocks,
equipment trades,
have
tourist
summer
all
set
improved
an
the
still 16.3% below that of May 1929.
in industry
merchandise
of
districts,
be
to
are
waterways,
foreign.
irregularity
of
the
to
mining
and
accumulation
and
inland
extensive preparations for the
power,
both
the
on
Living Up Slightly from April to May
The cost of living of wage earners in the United States
Importance
Per Cent Increase
or
in Family
May,
April,
1936—New York Federal Reserve Bank Reports Net
(—) from
April, 1936, to
Budget
1936
1936
May, 1936
Earnings of 254 Concerns 49% Above Same Period
Food *
33
85.0
84.3
Year
Housing
20
77.1
75.9
+0.8
+ 1.6
12
73.6
73.8
—0.3
78.2
78.3
68.9
69.4
—0.7
84.6
86.6
—2.3
83.0
85.9
87.9
87.9
o
93.6
93.7
—0.1
Ago
"Earnings
statements
of
254
industrial
and
mercantile
concerns, whose quarterly reports are
available back through
1930, showed first-quarter net profits this year that were
49% larger than a year ago," it was stated by the Federal
Reserve
Bank
June 1.
"Profits remained
ter
of
of
New
York
in
its
"Monthly
Review"
26% less than in the first
1930, however," the
Bank
pointed
much further below the 1929 level."
The
quar¬
"and
out,
traded
organized
on
for the most part
exchanges,
portant corporations in the country
corporations
operating
increases
profits show
in
were
Bank, continuing,
in
the
constitute
and
the United
only
are
concerns
larger
and
Better
than
tool,
and very
only
5
Coal
Gas and electricity
-
Sundries
-
30
Weighted
aver,
—O.l
—3.4
-■
*
Based
on
84.6
84.3
.
'
+0.4
#18.2
100
of all items..
118.6
—0.3
f
Purchasing value of dollar..
food price indexes of the United States Bureau of Labor
motion
picture and
the
and
equipment
these
companies,
The
groups.
earnings
coke,
a
group
also
listed
in
quarter of
With
first
smaller
were
than
in
accompanying table
either
respect
1935
or
was
and
reflecting the
1935.
equipment,
steel
Statistics,
the
groups,
in
of
accessories
1935
group,
the preceding year,
for the clothing and textile
None of
showed
and
than
level
the
groups
of
companies
a
combined
deficit
the
number
reporting
deficits
in
from
in
the
first
to
Lumber
New
15%
of
the
total
1936
Production
Orders
and
Continues
to
Exceed
Shipments
The lumber industry during the week ended May
30,1936,
production and
67% of 1929 shipments, compared with 71% and 66%, re¬
spectively, the previous week.
Reported production during
the week ended May 30 of 5% fewer mills was 4% below
the preceding week; shipments and orders were 1% and
8.5%, respectively, below that week, according to reports to
the
National
in
28%
Lumber
Manufacturers
regional associations covering the
Association
from
operations of important
softwood and hardwood mills.
Reported
ing the week ended May 30
14% below production; ship¬
ments
1936.
reduced
Softwood
stood at 70% of the 1929 weekly average of
machinery
company
low
very
parts
1936
and profits
to individual companies,
quarter
oil,
automobile
large increase in 1935,
the
business, which
companies.
registered by the building supply
were
however, had slightly smaller profits in
following
of leading
household
amusement,
large percentage increases
in
all
States.
in profits resulted from operations of
increases
average
manufacturing, coal
railroad
profits
the
Fuel and light
'
im¬
more
small sampling of
a
Consequently, the indicated
broad tendencies, and cannot be construed
less favorable than
are
automobile
and
«.
whose securities
indicating the extent of improvement in earnings of all
ordinarily
and
Women's
average of May 5 and May 19, and average of April 7 and April 21.
These companies, representing
as
Men's
•-
of
said:
are
(+)
Decrease
was
new
business dur¬
were 6%
below output.
Reported new business of
previous week, ended May 23, was 9% below production;
shipments were also 9% below.
Each week in May has
the
Volume
Financial
142
Percentage changes in the cost of goods purchased by wage earners
Pro¬
and orders.
production in excess of shipments
shown
lower-salaried
shown by reporting
softwood mills 90% above the corresponding week of last
duction in the week ended May 30 was
when production in the West was largely suspended
strikes; shipments were 55% above last year's week;
business, 15% above. The Association further reported:
During the week ended May 30, 560 mills produced 247,839,000 feet of
II
presents indexes
year,
by
taken
in the
and
orders
of
Mills,
587;
production,
softwood
All
the
with
booked
feet;
232,960,000
258,341,000
235,754,000
shipments,
feet;
but
Northern
last
the only
were
reported
pine
Area and
Average:
reported for the week ended
May 30,
mills
same
mills.
feet,
totaled
202,047,000 feet,
Shipments
reported
as
7% below production.
or
from
Reports
15%
or
items
for the
Production
hardwood mills give
89
business
+0.3
+0.3
—0.4
—1.2
+0.1
—0.1
b
—0.6
—1.9
+0.4
—0.7
b
—o.i
c
Buffalo
—0.9
—2.9
0.1
+0.8
—1.3
—0.1
—0.1
—1.3
—3.4
0.4
—1.5
—0.8
—2.9
t 0.6
—0.1
Philadelphia
—0.1
+0.2
+0.7
—0.1
c
+0.1
—0.1
—0.5
—0.3
—10.3
—0.4
—0.2
+0.5
+ 1.2
+0.3
—0.1
+ 1.4
+0.5
+ 1.8
+0.1
+0.9
+0.1
—0.1
Me..
above
Pittsburgh
—1.1
—3.1
+0.2
Scranton
—1.6
—2.9
+0.4
Chicago
as
—0.6
—2.6
+0.6
t
+0.2
—1.0
—3.2
0.7
+0.4
—2.3
1.1
+0.5
+0.5
0.2
+2.7
c
Cleveland
I
—2.1
Indianapolis."
—0.7
—3.8
+0-2
+ 1.3
+2.9
—0.8
—2.6
+0-2
—0-2
+0.2
—1.0
—3.2
—0.2
+0.3
—0.4
St. Louis
9,634,000 feet.
was
—0-9
+0.4
Kansas City
Production
c
Detroit
—0.9
—3.2
+0.1
+0.4
+3.8
Atlanta.
—1.0
—4.1
+0.1
+0.1
+2.1
Baltimore
—0.7
—1.9
—1.1
—4.3
—1.3
—5.3
Richmond
15% above production.
or
—0.9
—5.4
+0.1
+0.2
+0.4
+5 3
Savannah
—2.2
—2.9
-—0.4
Washington
No.
West
Identical
week's production of
Last
feet, and
a
it
year ago
214,332,000
feet and
feet
and
Mill
Reports
identical softwood
460
shipments
122,029,000 feet;
was
138,353,000
feet,
mills
and
231,318,000
was
were,
respectively,
195,092,000
169,099,000 feet.
Decline of 0.8 of
from Jan.
1% in Cost of Living in United States
15 to
April 15 Reported by Secretary of
Labor Perkins
Average living costs for families of
salaried
workers
32
in
cities
large
covered by the Bureau of Labor
and lower-
wage earners
the United
of
Central
+0.1
>d
c
Area
d
—0.6
South Atlantic Area—
received
orders
—0.4
d
+2.2
Cincinnati
feet.
12,229,000 feet,
reported for the same week were
as
—0.1
c
East No. Central Area—
Norfolk
11,062,000 feet,
Shipments
—0.1
+0.3
a—2.8
—0.4
Jacksonville..
27% above production.
laneous
*
Minneapolis
or
House
furnish¬ Miscel¬
ing Goods
—0.8
Portland,
221,898,000
were
238,205,000
was
new
Light
Middle Atlantic Area—
1936, by 491 soft¬
week
same
and
Rent
Clothino
Food
cities
Boston
the production of the
below
large
aprii715,
goods purchased by wage earners
workers in 32 large cities of the
New York
production
reported
32
of the United States..
all
last year's week;
above
shipments
Northern
and
All
City
New England Area—
:
wood
of
Items
All softwoods but Southern
hemlock
pine
orders
from jan. 15, 1936, to
united states by groups of
softwood regions to report
year.
Lumber
cost
and Northern hemlock.
shipments below output.
Report¬
reported
Northern hemlock
Northern
and
15, the index on the
April 15.
lower-salaried
Southern cypress
corresponding week of last year.
pine
1913
United States combined, are also
The indexes, with costs in
Fuel
exceptions,
same
above
orders
100.
As compared with 141.7 on Jan.
on
in the
below
reported
ended May 30
the week
legions in
Coast and
140.6
1936,
ing hardwood regions showed both shipments and orders above production.
West
was
and
feet;
orders
as
table i—percentage changes
Revised figures for the preceding week were:
except Southern pine,
production
shipped
combined;
1913 base
M
of items, based on
for April 15, by groups
1923-25
100, for the 32 large cities of the
as
and
United States, between
cities of the
large
feet.
234,156,000
orders,
All,
softwoods
214,276,000 feet.
years
presented in Table II.
new
32
in
April 15, 1936, are shown in Table I.
Jan. 15 and
Table
workers
average costs
hardwoods
3933
Chronicle
States
Statistics, United States
+0.2
+0.1
b
+0.5
+0.2
—0.4
+0.3
+0.4
—0.1
—0.1
—0.6
—0.7
—1.4
d
—0 1
—0.1
+0.3
+ 1.6
+0.2
—4.6
+0.5
+0.2
—1.4
-4.4
+0.9
+0.3
—0.4
+0.5
—0.1
Birmingham
Memphis
—1.4
—2.9
d
—6.3
+0.1
—0.7
—0.1
—1.5
+0.5
+0.2
+0.3
+ 1.0
—0.2
+0.4
Mobile
—0.9
—2.8
+0.1
—0.3
—1.2
+0.2
+0.2
Houston
—1.1
—3.5
c
+0.6
—8.6
New Orleans
—1.0
—2.8
+0.1
—0.1
—1.4
+0.6
+0.1
—0.1
—0.5
—1.6
+0.7
+0.7
—1.3
—0.1
—0.9
—2.9
+ 1.9
+0.9
+0.1
+0.5
—6.6
—0.2
+0.1
+0.3
+ 1.3
b
+0.7
+0.1
—0.3
+0.2
c
East So. Central Area-
West So. Central Area-
+0.7
Mountain Area—
Department of Labor, declined 0.8 of 1% in the quarter
ending April 15, 1936, Secretary of Labor Frances Perkins
announced June 6.
cost of
living
"Although the decrease in the
largely the result of
was
average
2.8% drop in food
a
costs, slight declines in costs of fuel and light and of miscel¬
laneous
Denver
Pacific Area—
Los Angeles
Portland, Ore
+0.1
+0.1
+0.8
San Francisco
—0.7
—2.4
-—0.2
Seattle
—0.5
—2.1
—0.2
Covers 51 cities,
a
less than
items
also
factors
in
decline."
the
Secretary
"Average costs of clothing, rent and housefurnishing foods each advanced 0.3 of 1%," Miss Perkins
were
b No change,
of
cost
goods purchased by
salaried workers in the 32 large cities of the
wage
United States combined,
computed by the Bureau of Labor Statistics, based
1923-25
100, dropped from 81.3
as
1936.
The index
on
13 months earlier.
April 15
was
on
was
of goods purchased
on
House-
Fuel
All
Area and City
Food
furnish¬
and
Rent
Clothing
Light
Miscel¬
ing Goods laneous
years
April
1933 until April,
15,
1936,
8.3%.
Average: 32 large cities
surveys re¬
96.5
a79.4
78.5
63.7
88.3
77.3
76.8
84.1
75.5
85.4
76.1
98.2
84.7
Middle Atlantic
80.7
82.6
of the United States__
New England Area—
Boston
Portland, Me
Twenty-nine of the 32 large cities covered by the Bureau's
by wage
workers in 32 large cities
of items, april 15, 1936
(Average 1923-25—100)
as
March 15,1935,
on
d Decrease of
of the united states by groups
Items
costs in the
Jan. 15, 1936, to 80.7
0 2 of 1% higher than
From the low point in June,
however, the increase
on
—0.6
.05%.
and lower-
earners
.05%.
Increase of less than
earners and lower-salaried
added:
index of the
c
table ii—indexes of the cost
Perkins said.
The
+0.1
78.3
80.7
76.4
88.0
85.3
103.0
Area—
ported decreases in average living costs in the three months ending April 15.
Buffalo.
81.8
78.8
77.0
65.6
99.7
79.8
98.4
For the most part, average declines were small, only Savannah showing a
New York
83.0
81.3
78.4
75.2
88.3
74.4
96.0
Philadelphia
81.3
82.1
74.8
65.2
84.1
76.9
95.9
Pittsburgh
79.1
77.6
76.6
60.7
99.4
75.2
96.2
81.8
76.5
80.1
73.0
75.8
83.9
98.6
decrease of
over
in food costs.
cities
were
2%, due to
a
drop in streetr-car fares
as
well
to
as
a
decline
The increases in average costs reported in the three
slight.
The largest
appeared in Detroit, wheie
gain
stantial increase in rental costs occurred.
other
sub¬
a
following is from an announcement issued by^the
Department of Labor (office of the Secretary):
exception,
was
a
decline in food costs.
such items
as
butter and
eggs
than counterbalanced by a rise in the cost of potatoes and milk.
over
were
In
more
Declines of
5% occurred in food costs in two cities, Richmond and Norfolk.
Washington, Jacksonville and Atlanta the decline
other cities,
three
over
The
Portland, Ore., where an advance of 0.1 of 1% occurred.
this city, declines in the cost of
In each of these five cities, all located in the
4%.
In
was
South Atlantic
Area, the drop in food costs was accounted for to a large extent by a decrease
in the price of eggs
and butter.
Other food items whose decline
was
signifi¬
Richmond, flour and bananas in Norfolk, while bread in
cant were flour in
Washington and carrots in Jacksonville and Atlanta.
increases in all but five of the 32 cities from which price reports were re¬
All of the gains reported were small, except in Richmond, where the
ceived.
index in April, which was more than
a
5% higher than in January, reflected
rise from the low level of prices of men's
the January sales
The
and boys' clothing reached during
in that city.
A rise of 0.3 of 1 %
continued between January and April.
32 cities combined, with 20 cities reporting advances.
in all cities except Detroit.
76.2
80.0
84.3
82.1
77.2
73:5
93.8
83.7
97.4
81.7
79.0
80.9
59.2
100.4
74.2
101.8
Detroit
77.0
79.4
78.2
56.6
83.9
77.2
91.7
79.2
77.9
74.9
58.0
89.3
81.8
92.9
...
Indianapolis
West
No.
Central Area
Kansas City.
79.6
79.4
76.9
58.0
81.7
74.4
97.1
Minneapolis
81.8
84.2
77.1
63.9
91.8
79.4
95.4
St. Louis
81.4
83.4
78.3
55.3
90.1
83.4
99.9
Atlanta
79.0
75.0
80.8
59.1
75.0
86.7
93.8
Baltimore
85.0
83.4
79.1
71.2
86.7
77.0
104.7
Jacksonville
78.5
76.1
78.8
56.0
89.2
79.0
90.2
Norfolk
83.7
78.4
84.8
62.3
82.5
80.8
103.8
82.8
74.3
84.6
68.7
81.9
88.4
99.7
1
South Atlantic Area—
Richmond
Savannah
79.4
79.4
81.2
58.6
82.4
82.0
91.2
Washington
85.5
81.3
78.0
85.8
85.4
81.4
97.4
73.9
69.7
82.7
47.6
77.2
75.0
91.9
Memphis
79.3
76.5
83.7
54.8
88.5
85.3
94.8
Mobile
81.0
74.3
86.9
62.9
69.6
82.5
97.3
Houston
79.5
76.3
73.9
66.7
73.2
82.0
95.2
New Orleans
80.8
80.9
75.7
70.3
76.2
82.6
90.4
81.1
84.5
76.3
57.5
78.4
83.4
97.2
East So. Central Area
West So. Central Area—
Mountain Area—
Denver.
—
was
noted for the
The rise in rent
was
81.7
46.1
96.8
76.0
91.2
Portland, Ore
80.8
79.9
78.5
54.6
85.9
78.7
98.4
San Francisco
83.9
80.7
86.4
69.6
83.4
79.8
98.0
83.2
79.6
84.2
62.4
92.6
84.7
96.8
140.6
al25.8
103.7
163.5
162.0
192.5
72.5
75.1
Los Angeles
1
Detroit continued to lead the
upward movement in rents, as it has since early in 1934, reporting
2.7% during the quarter ending April 15, 1936.
a
(1913=100)
rise of
This brought the index of
Detroit rentals from the low point of 41.7 in December, 1933 up to 56.6
on
April 15, 1936, compared with 100 in 1923-25.
,
98.5
70.0
Pacific Area—
upward trend in average rental costs, noted during the past year,
less than 2%
91.9
50.8
Cleveland
Birmingham
0.3 of 1%, reflecting slight
Clothing costs advanced, on the average,
72.5
Cincinnati
jlj
The
All but one of the 32 cities covered showed
<1
East No. Central Area
Chicago
i
«wa.a
,
Scranton
Average: 32
large cities
of the United States..
a
141.0
1
1
Covers 51 cities.
Average fuel and light costs declined slightly during the quarter ending
Fourteen cities reported decreases, 14 increases, and four reported
April 15.
no
change.
the sharpest
declines.
declines in coal costs; in
Houston by
a
decrease in wood prices, following
reduction in both gas and electricity rates.
reporting gains in fuel and light costs, only
much
as
St. Louis showed
a
Of the cities
a
rise of
as
We
give
herewith data on identical mills for the four-
period ended May 30, 1936, as reported by the
Lumber Manufacturers Association on June 9:
week
An
average
of
548
National
mills reported as follows to the "National Lumber
furnishing goods.
of 0.3 of 1 % marked the movement of the cost of house-
Costs in April
were
higher than in January in 23 of the 32
cities from which price reports were received,
as
but in
no
case
was
the in¬
Production
reductions in 20 of the 32 cities.
average,
0.1 of 1%, with
All changes, whether increases or decreases,
Orders Received
Softwoods
Hardwoods.
1935
1935
1936
1935
1936
952,315
38,699
498,541
27,198
879,467
596,131
42,478
28,425
864,353
39,948
724.174
32,448
991.014
525,739
921,945
624,556
904,301
756,622
1936
the
Shipments
(In 1,000 Feet)
great as 2 %.
The cost of miscellaneous items declined, on
were
991,014,000 Feet
3.8%, caused by an increase in coal prices.
An average rise
crease
May 30
Four Weeks Ended
in
In Scranton and Birmingham, this was caused by
substantial rise in the price of wood during the preceding quarter; and in
Los Angeles, by a
of
Lumber
Reached
Production
Scranton, Houston, Los Angeles and Birmingham experienced
small, except in Savannah, where a drop in street car fares resulted in a
decline of 4.6% in the cost
of miscellaneous items.
Total lumber
Financial
3934
mills
strike
in
above that of
88%
was
was
weeks ended May
during the four
Production
these
Western
in
progress
30,
1936,
reported by
as
corresponding weeks of 1935,
mills,
when
60% above the record
and
a
91%
was
during
that
above
1934.
Softwood cut in 1936
the same weeks of 1935, and hardwood cut
1935 period.
weeks ended May 30, 1936, were 48% above
of 1935, softwood showing gain of 48% and
42% above output of the
■was
■Shipments during the four
those
of
received
above
those
weeks
of
of
during the
weeks
of
1936
1935
showed
47%
and
gain
in
1936,
On
pared with
The
stocks as reported by 467 softwood mills were
equivalent of 132 days' average production as
1936
feet On June 1,
29 days'
1935, the equivalent of
announced:
report includes all sugars from Cuba, the Philippines, Puerto Rico,
Virgin Islands, and Hawaii recorded as entered from those areas prior
Factory sales of members of the Automobile Manufactur¬
Association
to
during
first five months
the
1,592,381 units,
of this year
increase of 26%
an
the
over
June
addition to the sugar actually entered before June 1,
June
May factory sales for members of the Association were
371,294 cars and trucks.
This was 6% under
the previous month and an incresae of 49% over May of
estimated at
above
the
estimates
the
and five
May
months' figures for the group have only been exceeded
in
their
The
polarization data for
of
tons
to the
are
shown
various areas are
as
originally entered under bond
sugar
estimate,
months
of
1936
twice
is
which
based
of
are
summarized
report is
1936
I
|
371,294
April, 1936
May, 1935-
all
but
of
one
1936 Sugar Quotas
397,010
249,835
Prairie
in
Bank
Quotas
1,329,722
1,068,057
481,399
857,452
583,902
1,007,158
460,637
.
Cuba-..
-
Philippines-.
-
5,634
1,130
4,920,702
Montreal, in its report on the Canadian
issued June 11, states that "wheat seeding has been
completed throughout the Prairie Provinces and the seeding
■of grains is now practically finished.
It is estimated that the
acreage sown to wheat is 1% less than that of last year."
The Bank added:
2,856,790
Pasture
conditions
Canada
the
on
weather
cold
whole
Quebec seeding operations are
considerably.
early
growth
admitted
In
satisfactorily.
recently
In
made.
been
British
weather followed by rain has promoted rapid
Provinces
Maritime
the
of
15.8%
Noted
World
total
exceeding
25,148,175
June 4,
bags,
this
far
•or
showed
a
trade
the
nearest
to
10,617,000 bags
disappearance of
gain of
come
can
bags ahead of the previous
1,597,110
European
228,067
208,061
126,033
78,919
29,616
8,462
47,114
21,154
Philippines
80,214
44,237
35,977
671,991
359,685
312,306
Total
Full-Duty Sugars
addition
of
share
bags
1,503,000 bags,
than
other
to
United
993,000 bags,
against
bags,
In
the
growths were 15.5%
accumulated
in
deliveries
13,497,176
11.6%,
or
bags
9,012,420
23.6%.
total
the
against
season
16.5%, and
or
States
European
or
of
increase
an
United
ahead.
States,
during
to
183,000
15,058,754
the previous,
disappearance
bags,
Brazil
a
all
of
gain
of
or
6.1% ahead of the previous
Brazilian
14.7%,
gained:
grades
were
bags
but
coffees
while
over
so
increase
an
other
1,721,532
The advantage of other grades
where
Europe,
amounted
bags
whereas
7,290,888
against
or
11
world's
during
of
largest
crop year,
season,
by
Months
All of Previous
Shipments
other
Brazilian
326,000
bags,
while "others"
were
1,177,000 bags,
Brazil
of
and
Current
Colombia During
Crop Year Exceeded
Crop Year
coffee
from
producers,
during
the
and
11
Colombia,
the
of
the
months
whole
of
the previous
it was an¬
nounced June 10 by the New York Coffee and Sugar Ex¬
crop
year,
change, which said:
Brazil
against the quotas for Cuba and the
large part of the sugar which may be admitted from
entered
was
or
certified
which may be admitted in 1936,
during the period
for entry during the first five
The following table shows, in pounds, the amount of
year.
January-May,
during the remainder of the
the amount charged against quotas
the amount which may
and
year
be admitted
from the areas specified:
(Pounds—96 Degree Equivalent)
Quantity Which
Charged
May be Ad¬
Against
Balance
mitted in 1936
Area
Quota
Remaining
0
Canada
564,205
294,308
564,104
101
288,114
193,942
94,172
Belgium
294,308
20,597
0
263,302
263,302
0
6,668,480
0
20,597
Czechoslovakia.
Dominican Republic
Dutch East Indies
211,384
6,668,480
211,384
Guatemala
334,902
334,902
0
Haiti
921,614
920,200
1.414
232,619
5,799,258
...
Mexico
0
6,031,877
217,865
215,097
2,768
Nicaragua
10,221,004
2,701,750
7,519,254
11,114,100
350,667
5,424,140
11,114,100
350,667
0
5,006,325
417,815
42,926,559
29,091.777
13,834,782
Netherlands.
.
United Kingdom
Unallotted
reserve.
Total.
No
tries
sugars
have been
Argentina,
:
entered
against
quota
14,577
1936
1,197; British Malaya, 26; Colombia,
175;
Germany,
0
117;
Honduras,
the quotas of the following coun¬
pounds;
Australia,
204;
Brazil,
267; Dutch West Indies, 6; France,
3,432,568;
Italy,
1,751;
Japan,
4,009 ;
during the 11 months shipped 14,985,000 bags against 12,441,000
bags during the similar 1934-35 period,
a
AAA Fixes Payment to Louisiana Sugar Cane Producers
Who Participated in 1935 Adjustment Program at
$1.48
Brazil
July, 1935, through May, 1936, exceed the exports
the
full-duty countries
months of the
a
charged
Salvador, 8,208,542, and Venezuela, 290,002.
Shipments
First
areas,
sugar
bags,
31.1% ahead.
Coffee
the
to
Peru...
coffee
1,176,000
1,561,578
was
bags
the
is
18.4%.
Brazil's
•of
while
Brazilian
of
were
or
Exchange
the
were
15%,
or
Balance
Remaining
436,128
Costa Rica
which
deliveries,
9,114,000
deliveries
points
disappeared,
actual consumption,
period,
the amounts
China and Hongkong
bags
States
■estimating
against
1930-31, when
announced on
season,
crop
as
Hawaii..
Cuba
record
a new
adding:
United
year's
previous
the
well
Against Quota
Quota
1936
Puerto Rico
sugar
was
Undoubtedly, the 12 months' figures will reach
as
Quant it g Charged
In
24,071,174 bags for
the 11 months of the current crop year, July, 1935, through
May, 1936, against 20,788,064 bags during the similar por¬
tion of the 1934-35 year, an increase of 3,283,110 bags, or
15.8%, the New York Coffee and Sugar Exchange reports.
disappearance of coffee
1936,
(In Short Tons—96 Degree Equivalent)
Heavy
the coast.
Disappearance of
1936, as Compared
World
in
Coffee from July, 1935, to May,
with Same Period Year Ago
January-May,
sugar
be admitted for the remainder of the year:
other insular
Increase
period
the
indicates
tabulation
direct-consumption
of
amounts
charged against
quota is included in
good
extremely hot
Columbia
growth in the interior.
irainfall has retarded field operations in some sections along
the
during
following
The
area.
quotas,
amounts
sugar
Owing to
weather have
warm
and
progressing
each
sugar
Area
advancing rapidly.
now
Ontario recent rains and
In
for
quota
direct-consumption
favorable.
more
Spring grains have germinated well
has
total
the
in
delayed field
and
stimulated growth after a late start.
progress
the
included
is
quotas since the direct-consumption
sec¬
damage by heavy frost in May the yield of apples and small fruits will be
are
the various
sugar
Central and
In
favorable.
are
retarded
operations but recent conditions have been
reduced
Direct-Consumption Sugars
Direct-consumption
which may
During the past few days there have been beneficial rains in most
In
Total
of
crops
Against
1,982,401
•
Virgin Islands
Montreal—Wheat Seeding in
Provinces Completed
Charged
Revision 1
,7
Puerto Rico
Crop Report of Bank of
Quota
Series 3,
Sugar
Regulations,
The
______1,592,381
i
1,261,668
Five months 1935
General
Area
below:
Five months 1936
Amounts
Established Under
the
Hawaii
Eastern
the
(Tons of 2,000 Pounds—96 Degree)
■
Association's
tions.
off-shore areas during
follows^
as
factory
of
reports
upon
operations
the
covers
major automobile manufacturers in the United States.
The
December, 1935, pursuant
in
quantities charged against the principal
five
first
the
for
all importations are
history—in 1928 and 1929.
shipments,
May,
certified
such
provisions of General Sugar Order No. 1, Revision 1.
The
basis, of
the
The figures
1936.
1,
1936, all quantities
quantities in transit on
subject to change after final outturn-weight
including
entry,
for
available.
revised by General Sugar
Quota Regulations, Series 3, Revision 1, issued April 10, 1936.
Included in the quantities charged against the 1936 quotas are 127,574
and
last year.
On
1936.
1,
certified
Quotas
period of 1935, the Association announced June 5.
same
The statistics pertaining to full-duty countries include,
to
in
for First Five Months
amounted
The Sugar Section fur¬
2,856,790 short tons, raw value.
to
This
ers
the Philippines, Puerto Rico, the Virgin Islands,
during the first five months of 1936 amounted
and Hawaii
the
26% Gain in Factory Sales of Automobiles Reported
The report shows
quantity of sugar charged against the 1936 quotas
that the
ther
■production.
June 6, its fifth monthly report of
on
the status of the sugar quotas.
on
Ad¬
the Agricultural Adjustment
Section of
Sugar
ministration issued,
for Cuba,
1936,
745,649,000
Sugar into
Five Months of Year
and
unfilled orders as reported by 467 softwood mills
804,436,000 feet, the equivalent of 32 days' average production, com¬
30,
May
Tons
1935.
production.
days'
were
United States Against Quotas
Sugar Act—2,856,790 Short
Imported from Off-Shore Areas During First
of
Entries
1,207,000 bags;
the 1934-35 year.
Europe than during the same 11 months of
to
or
367,953 bags, or 77.6%, more
bags, or 12.0%, more to this mountry and
similar
19%
of
3,006,910,000 feet on June 1, 1935, the equivalent of 118
■compared with
United States gained 17%,
bags, or 24.5%, while Colombia has shipped 269,846
Europe, 1,131,000
20%
gross
the
feet,
were
above
orders
of 24% above the corresponding weeks of
May 30,
3,354,147,000
four weeks ended May 30, 1936,
in
Softwoods
gain
during
24.5%.
2,768,819
against
bags
Under Jones-Costigan
corresponding
1934.
hardwoods
bags
1935, an increase of 679,250 bags, or
3,448,069
to the
Brazil shipments
to
of 50%.
gain
Orders
On
weeks
corresponding
hardwoods
exported
Colombia
while
the 11 months ending May 31,
of
comparable mills during the same period of
June 13, 1936
Chronicle
gain of 2,544,000 bags,
or
20.4%,
per
Louisiana
producers who participated in the
adjustment program will receive a total 1935 pay¬
former
ment
within
Ton
of
sugarcane
$1.48
per
the limits
cultural
ton
of
standard
sugarcane
produced
of their
Adjustment
production allotments, the Agri¬
Administration
announced
June 5.
Under the program, producers were eligible for payments on
their production allotments, which were 88% of their pro¬
duction bases.
If a producer marketed sugarcane in excess
Volume
of
Financial
142
production base, his payments are subject to
The AAA also said:
his
certain
deductions.
advance
An
duction
payment
on
the 1935 crop of
was
made, leaving a balance of 78c.
per
a
ment
to
This
juice
average
sucrose
computed:
the
of
number
A
be
will
normal
content for the
of
producers
comparing the
by
delivered
cane
by
the
the
with
taken advantage
of the
options provided
tions
been
have
due,
provided in rulings made under the program.
as
will be made from the supplemental appropriation
The payments
which
provided funds for the payment of sums due farmers under the former AAA
contracts.
States
United
Refined
Decreased 52%
Months of 1936 as Compared
Sugar Exports
Four
First
During
with Same Period Year Ago
Refined
contrasted
by the United States during the
15,099 long tons, as
exports
sugar
first four months
of
this year totaled
tons during the similar period last
with 31,511
decrease of 16,412 tons, or approximately 52%, Lamborn & Co., New York, announced recently.
The firm said:
year, a
The
January-April
this
exports
year
the
are
smallest
for
Year
After adjust¬
increased 07% from April
any
corre¬
Under
Oil Cuts Sunburst Crude 10Cents a Barrel—April Crude Output Highest on
Record—Daily Average Crude Production Lower
State
the program for marketing sugarcane in excess of their bases.
Deduc¬
in
these cases will be made from payments which otherwise would
by
1935 monthly average of 446.
Petroleum and Its Products—Crude Oil Stocks
of the
content
sucrose
producer
1935 crop.
have
a
for normal seasonal variation, this index
+.
standard sugarcane.
Stand¬
sugarcane is cane
of average sucrose content.
Sugarcane delivered
by the individual producer will be expressed in terms of standard sugar¬
ard
cane.
during
May.
ton to be paid.
payments will be made on the basis of
The
daily rate of non-acetate rayon yarn deliveries by producers
The
May, as measured by the "Rayon Organon's" index, was 428, which com¬
pared with 433 for April and
ton on the base pro¬
less, has already been
70c.
whichever
production,
estimated
or
3935
Chronicle
Ago—Ohio
While talk Js still heard in trade circles concerning the
possibility of" lower crude oil prices developing as a result
of the consistent over-production, the underlying statistical
position of the crude oil price structure is better than a year
ago at the same time.
Total holdings of crude in the Nation were 314,325,000
barrels, as of May 23, equivalent, on the basis of estimated
June demand, to 110 days' supply.
On the corresponding
date a year ago, stocks were 9,000,000 barrels higher, or
323,379,000 barrels, which was equal to 120 days' supply.
The apparent inability of the industry to pare the daily
average crude oil outturn materially from the recent record
3,000,000-barrel level has caused increased alarm in the
industry about the maintenance of the present crude oil
price structure.
Warnings of the industry's leaders at the
time of the first 3,000,000-barrel production level are recalled,
and a pessimistic feeling about the situation rules.
While the crude oil storage situation compares more
than favorably with last year, as shown above, the fact that
gasoline stocks are some 10,000,000 barrels above Jan. 1
and far above normal working levels adds to the uncertainty
over the future outlook.
Possibility of lower gasoline prices
once the summer consumption peak has been passed with the
accompanying pressure upon crude prices is stressed in
,
sponding period since 1933, when the shipments amounted to 11,602
refined sugar exports
The
last
United
The
by
Holland
Last
United
and
tons.
while
56 countries were included in the
tons, being followed
1,364 tons and 1,046 tons, respectively.
Kingdom, with 8,746 tons, also headed: the list,
Panama,
the
Uruguay
went to 45 different countries,
Kingdom leads this year with 6,929
and
season
while
year
first four months
during the
year
list.
this
with
Norway
followed
4,740
with
tons
and
2,974
tons,
trade
respectively.
discussions.
The first reduction in crude oil
World's
and Fiber Output Exceeded
1,000,000,000-Pound Mark During 1935 for First
Time—Production During Year 29.9% Above 1934
Yarn
Rayon
The world's
production of rayon yarn and staple fiber for
passed the 1,000,000,000-pound mark for the first time
in the history of the industry, according to figures compiled
by the "Rayon Organon," published by the Textile Eco¬
nomics Bureau, Inc., New York.
Actual production last
year aggregated 1,069,902,000 pounds, a gain of 246,721,000
pounds or 29.9%, compared with production of 823,181,000
pounds in 1934, said an announcement issued June 9 by the
Bureau.
Rayon yarn production in 1935 aggregated 963,063,000 pounds, an increase of 22% over the 1934 figure of
769,396,000 pounds, while rayon staple fiber output for 1935
was 133,839,000 pounds, an increase of 148% compared with
1934 output of 53,785,000 pounds.
The announcement
1935
continued:
Practically every important producing country contributed to the gain
last
Japan, however, has made a decided imprint on world rayon
year.
Negligible in 1918, and only 2% of the world output in 1925,
production.
she had increased to
22% by 1935.
She became second largest producer in
1934 and has continued emphatically so in 1935.
the
Japan's export business,
"Rayon Organon" points out, is a tremendously important factor in
the
growth of her domestic rayon industry.
States retained its share of about one-fourth of world pro¬
The United
Germany also has kept her 13 to 14% of the total.
duction in 1935.
has consistently been
has
for
from
has
several
one
Italy
losing its share of yarn production but its total yarn
and fiber output was not far below the
years
1925 level of 15%.
been getting about
11%.
Great Britain
France has been losing
point of view, namely her share on a percentage basis, but she
not lost to
any
The following
tion of the
that has caused
some
interest.
stocks during April followed record
production, the Bureau of Mines reported.
Stocks
of all oils rose 2,314,000 barrels as daily average output of
crude mounted to 3,016,000 barrels, the first time in the
industry's history when crude passed the 3,000,000-barrel
daily figure.
While part of the increase was absorbed in
higher runs to stills, stocks of refinable crude on April 30
totaled 315,389,000 barrels, or 2,200,000 barrels above
An
increase
in
oil
crude oil
March 31.
t
crude oil production for the nation con¬
tinued to hold narrowly under the 3,000,000-barrel level in
the first week of June, the American Petroleum Institute
report disclosed.
Output was placed at 2,935,450 barrels,
off 8,500 barrels from the previous week.
Total production
compared with estimated June demand of 2,838,300 barrels
set by the Bureau of Mines, and actual output in the like
1935 week of 2,643,300 barrels.
Oklahoma and California both showed substantial in¬
creases in production but their higher totals were more than
offset by declines in Texas, Louisiana and other areas.
Total
production east of the Rocky Mountains was off 20,800
barrels, but an increase of 12,300 barrels in California pared
Daily
average
barrels.
follow:
the net loss to 8,500
great extent.
table shows the total rayon yarn and staple fiber produc¬
more
Price changes
important producing countries for 1935, .1934 and 1929
compiled by the "Rayon Organon":
as
prices in a long time was
posted during the week when the Ohio Oil Co. on June 9
lowered the posting at the Sunburst, Mont., fields 10 cents
to $1.15 a barrel.
While the field is comparatively unim¬
portant as a national factor in the industry, Ohio Oil being
the sole purchaser there* the fact that an actual reduction
has been posted in crude prices created a psychological factor
June 9—The
Ohio Oil
Co. lowered crude oil in the Sunburst, Mont.,
field 10 cents to $1.15 a barrel.
Wells
Prices of Typical Crudes per Barrel at
1935
United States
-
Germany
1929
Pounds
Pounds
261,659,000
Japan
Italy
1934
Pounds
210,696,000
237,943,000
152,000,000
157,820,000
135,000,000
—
121,500,000
Great Britain
106,900,000
102,000,000
90,900,000
61,600,000
Russia
60,800,000
21,150,000
14,000,000
13,200,000
All others..
52,650,000
21,900,000
12,800,000
11,900,000
46,665,000
1,069,902,000
823,181,000
France
*
---
Netherlands
Belgium..
World's total—
121,899,000
27,000,000
71,000,000
61,750,000
55,300,000
41,800,000
17,600,000
16,000,000
660,000
Bradford, Pa...
Lima (Ohio Oil Co.)
Western Kentucky
of
May
eonsumption
was
keeping pace with production, according
—
Mid-Cont't., Okla., 40 and above.. 1.18
Winkler, Texas
:
.85
Smackover. Ark., 24 and over— .75-.80
LOCAL
OILS
MARKET
WEAKEN
AGAIN
IN
$1.10
1.15
over
.97
Midland District, Mich
Sunburst, Mont
—
._
Huntington, Calif., 30 and over
Kettlemen Hills, 39 and over
Petrolia, Canada
REFINED PRODUCTS—BOSTON GASOLINE
STOCKS
End
1.23
1.23
Illinois..
444,374,000
Despite the fact that some rayon manufacturing plants,
closed earlier in the spring because of floods, resumed opera¬
tions during May, surplus stocks of rayon at the close of
the month showed practically no change, indicating that
1.25 Rusk, Texas, 40 and
1.42 Darst Creek
Corning, Pa
31,365,000
Consumption of Rayon Reported Keeping Pace with
Production but Stocks Show Little Change at the
shown)
$2.45 Eldorado, Ark., 40
(All gravities where A. P. I. degrees are not
HIT
BY
SEASONAL
1.02
1.15
.95
1.43
1.10
MARKET HIGHER-
PRICE-CUTTING—FUEL
DECLINE—MOTOR
FUEL
OFF SLIGHTLY
Improvement in the New England retail gasoline market,
long a sore spot in the Eastern area, was followed by advances
of l/2 to lc. a gallon in "pump" prices of motor fuel by
Socony-Vaeuum Oil Co.'s marketing subsidiary, Standard
Oil Co. of New York,
Retail gasoline prices at Boston were lifted lc. to 13c.
gallon at the "pump," while dealer prices were advanced
to 9c. a gallon.
Providence was lifted 3^c. to 13c. a gallon,
similar advances ruling throughout the rest of the New
a
"Rayon Organon," published by the Textile Economics
Bureau.
All mills shut because of the floods are expected
England territory.
operation during June, said the Bureau,
which under date of June 10 added:
metropolitan New York market.
"6 for $1" signs con¬
tinued plentiful, and toward the end of the week a few
scattered stations in Brooklyn restored the "7 for $1"
levels.
Outside of the price-cutting areas, the general
to the
to
be
back into
Surplus stocks of yarn
relatively small, states
held by producers on May 31 continued to be
the paper, amounting to only 1.2 months' supply
shipments during the past 12 months. With the normal increase
business beginning in July or August, with the industry now running
based upon
in fall
point for this time of
year, it is not unreasonable to conclude that a real shortage of rayon yarn
may develop in the market after the middle of the year.
at
or
near
capacity, and with stocks at such a low
Price-cutting in retail gasoline continued a sore spot in
the
gasoline market was firm, both bulk
and retail levels holding
steady.
Fuel oil
displayed
prices in the New YTork-New England market
further
easiness
in
keeping
with the
normal
3936
Financial
trend
seasonal
this
at
time
of
the
year.f While demand
slight measure of recovery, spot purchases are
and the market shows a sagging undertone.
Grade C bunker fuel oil, however, is holding
steady at $1.05
a barrel, refinery.
Motor fuel stocks showed a slight recession last week in
spite of a fractional increase in the operating rate of re¬
porting
refineries,
the American
Petroleum
Institute
reported.
Stocks of finished gasoline dipped 359,000 barrels
during the first week of June to 63,688,000 barrels. A
drop of 974,000 barrels in refinery holdings was offset by
an increase of
615,000 barrels in bulk terminal stocks.
An increase of 0.1 point lifted
refinery operations to
79.5%, within a point or so of the record high reached a
showed
a
negligible,
few
weeks ago.
Daily average runs of crude oils to stills
15,000 barrels during the week to total 2,950,000
barrels.
Stocks of gas and fuel oil again
rose, gaining
716,000 barrels to 102,904,000 barrels.
Stocks of unfinished
gasolines rose 24,000 barrels to 6,591,000 barrels.
Daily
average
production of cracked gasoline dipped 10,000
barrels to 655,000.
Domestic gasoline demand during April was in line with
earlier forecasts, the daily average being
1,294,000 barrels,
up 8% over the like 1935 period,
the Bureau of Mines
reported.
Exports of motor fuel during the month were
far above the like
period last year, totaling 2,532,000 barrels.
mounted
,
Chronicle
pipe lines
June 10—Standard
Oil
Co.
New
of
Boston "pump" prices
markups
York,
A, to
lc.
of the potential
charging capacity of all cracking units indicates that the industry as a
a Bureau of Mines basis, produced an average of 655,000 barrels
whole, on
daily during the week.
DAILY AVERAGE CRUDE
lifted
were
of
Ac. to 13 cents, while
of the
Ac.
i
(Bayonne)
North
Texas_$.03^-.03J^
Fuel Oil, F.O.B.
N. Y.
(Bayonne)
Refinery
Orleans_$.033^-.04
I Tulsa
.04A-.04A
California 27 plus D
Bunker C
$1.05
Diesel 28-30 D..
June 6,
1936
1936
1936
1935
531,600
155,300
549,550
152,000
487,700
135,150
552,500
153,100
...
Kansas
June 6,
547,450
{June)
Oklahoma..
Week
Ended
May 30,
62,450
62,800
58,850
25,450
59,500
25,300
54,850
59,150
177,700
June
8,
New Orleans C
81.15-1.25
Gas Oil, F.O.B.
i
.90
.J 1
Phila., Bunker C
Refinery
or
1.05
142,100
%
Panhandle Texas
North Texas
60,400
58,700
West Central Texas.
25,350
West Texas...
25,750>
181,700
153,400
51,850
53,250
50,350
435,650
81,950
Coastal Texas.
246,850
251,850
441,900
82,100
253,200
456,000
Southwest Texas
178,050
53,250
436,550
84,400
1,143,550
1,145,750
1,159,750
1,037,200
79,000
147,400
84,600
83,900
22,950
148,650
146,850
110,950
175,700
226,400
233,250
230,750
133,900
31,800
103,200
29,900
108,650
29,850
29,950
114,600
110,050
104,850
37,000
32,150
32,950
33,450
41,750
36,600:
East Central Texas.
East Texas
...
Total Texas
1,125,700
North Louisiana
Coastal Louisiana
Total Louisiana
i.
178,550
59,150
31,100-
Wyoming
37,800
36,800
36,150
37,050
Montana
13,000
17,650
10.350
4,500
17,050
4,600
16,600
4,700
68,300
72,950
74,850
4,550
74,400
52.550
2,302,800
2,355,150
2,375,950
2,398,100
2,082,000
535,500
580,300
568,000
"575,550
2,838,300
2,935,450
2,943,950
2,973,650
New Mexico...
California
3,900-
561,300
Note—The figures indicated above do not include
might have been surreptitiously produced.
2,643,300-
estimate of any oil which
any
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHEDGASOLINE AND GAS AND FUEL OIL, WEEK ENDED JUNE 6. 1936
Terminal
Chicago,
I
$.04-.04^
S.02A-.02A
| Tulsa
(Figures in Thousands of Barrels of 42 Gallons Each)
I
32-36 G0._$.02^-.02%
•
*
zNot including 2% city sales tax.
Daily Refining
U. S. Gasoline (Above 65
Octane), Tank Car Lots, F.O.B.
Standard Oil N. J-.S.07K
Socony-Vacuum.
Tide Water Oil Co._
New York—
Capacity
$.06
-
.05A-. 04^8
.06
06^
tial
.06
,ooy8
Rate
.07%
.073£
Los Ang., ex.
Gulf ports
Republic Oil.—.
.07^
.06
Tulsa..
Poten¬
East Coast..
.168
Camden
Cincinnati
.168
.192
P.
Aver¬
Oper¬
At Re-
age
ated
fineries
Chicago.
$.175
Cleveland
*
Total
612
P.C.
612 100.0
540
88.2
.$.184
New Orleans—...
.23
154
146
94.8
100
68.5
1,339
Ind.,111., Ky.
Okla., Kans.,
442
424
95.9
397
93.6
6,673
2,700
453
.175
384
84.8
302
78.6
.195
Inland Texas
330
160
48.5
98
61.3
4,195
1,190
2,335
Pittsburgh
104
217
San Francisco
.16
Texas Gulf..
680
658
96.8
609
92.6
5,221
237
2,101
Houston...
.19
St. Louis
La.
169
163
96.4
124
76.1
812
500
259
Los Angeles
to
177
MO
Gulf....
No. La.-Ark.
.15
...
Year
a
Association, in its monthly
and
8.3%
Ago
natural gas
$72,618,800 in March 1936
The manufactured gas
as
an
increase
natural
than
for
of
industry reported
3.9%
utilities
gas
from the
reported
month
of
of
compared
with
gained
27.0%,
while
industrial
and
or
:
gas
year.
\
commercial
uses
for
domestic
purposes
showed
an
increase
of
14.1%
daily
crude oil production for the week ended June 6
2,935,450 barrels.
This was a decline of 8,500
barrels from the output of the
previous week. The current
week's figure was, however, above the
2,838,300 barrels cal¬
culated by the United States
Department of the Interior
was
the total of the "restrictions
imposed by the various
oil-producing States during June.
four
Daily
average
production
ended June 6, 1936, is estimated at
The daily average output for the week
1935, totaled 2,643,300 barrels.
Further
weeks
2,973,650 barrels.
details,
June
as
8,
reported by the Institute, follow:
Imports of petroleum for domestic
use
and receipts in bond at
average
of
90,i43
barrels, compared with
a
daily average of 224,286
barrels for the week ended May 30 and
156,857 barrels daily for the four
weeks ended June 6.
Receipts of California oil at Atlantic and Gulf ports for the week ended
74,000 barrels, a daily average of 10,571 barrels, compared
June 6 totaled
with
2,757
79.5
Estd.unrepd.
401
193
3,869
3,869
daily average of 27,571 for the week ended May 30 and 25,929 barrels
daily for the four weeks ended June 6.
a
3,869
3,869
71,636-
37,914
21,316
6,677
3,033
1,425
274
99,9632,941
2,950
40,947
22,741
2,935
41,921
22,126
407
90
730
6,951 102,9046,927 102,188-
U.S. B.of M.
June 1935.
x
2.724
April
zB.366 Z103674
Z32.499 Z20.642
Bureau of Mines basis currently estimated,
z As of June 30, 1935.
Daily Average Crude Petroleum Output
3,000,000-Barrel Mark
Passes
daily
average production of crude petroleum in April,.
3,016,000 barrels; this marks the first month in
which the average has exceeded the 3,000,000-barrel mark.
According to the monthly petroleum statement of the United
1936
was
States Bureau of Mines which further went
to say:
on
All the important States and most of the others
registered increases in daily
production in April.
1,187,600 barrels from
an
Daily
average
last fall.
Daily
the
was
production in Texas
average
of 1,143,700 barrels in March,
in all the major districts of the
State
increased.
highest
average
recorded
since
Louisiana and Kansas also increased
Louisiana reached
new
a
to-
rose
as
the
Daily average
477,800 barrels, the highest since
was
average production in Oklahoma in
April, 574,200 barrels,,
August,
to record
record of 215,800
1933.
Production
in.
levels; the daily average for
barrels, of which that part of
the Rodessa field in Louisiana had
50,200 barrels.
Part of the
runs to
increase
crude
barrels
than
The
in
crude oil production
more
on
on
peak in the
grades,
was
April 30 totaled 315,389,000
April
to increase.
barrels,
or
Stocks
2,200,000
March 31.
demand
of fuel
oil,
particularly that for the lighter
definitely passed in April and the yield of gasoline reacted
sharply from the low point reached in March.
for
absorbed in increased
was
stills; nevertheless, stocks of crude oil continued
of refinable
was
44.7%,
The average
compared with 42.6%
for
yield of gasoline
March
and
43.7%
for
April, 1935.
The
domestic
demand
for
fuel
motor
in
April closely coincided with
expectations, the daily average being 1,294,000 barrels,
an increase of 8%
the demand of a year ago.
Exports of motor fuel totaled 2,532,000
barrels, materially higher than in the previous month and the corresponding
month of
a
year ago.
total showing
finished
Stocks of motor fuel turned the seasonal corner, the
the first decline
and unfinished
since
gasoline
on
last
October.
April 30
were
inventories
of
73,509,000 barrels,
Total
or
nearly 1,000,000 barrels below the level of March 31.
According to the Bureau of Labor Statistics, the price index for petroleum
products for April 1936 was
57.9, compared with 56.0 for March, 1936,
and 51.0 for April, 1935.
'
The refinery data of this report were compiled from refineries
having an
Reports received from refining companies owning 89.6% of the 3,869,000
barrel estimated daily potential refining
capacity of the United States,
fineries operated during April,
indicate that the industry as a whole ran to
stills, on a Bureau of Mines
with
127
1,122
209
over
principal
United States ports for the week ended June 6 totaled
631,000 barrels, a
daily
89.6
106
2~567
production in the East Texas field
average gross
ended
3,468
output
The American Petroleum Institute estimates that the
the
Reported...
average
sales
month, while industrial sales gained 19.8%.
♦
for
9,817
The
Daily Average Crude Oil Production Continues Decline
—Off 8,500 Barrels
be
1,371
64.8
12.2%
22.7%.
Natural
68.3
511
for the
preceding
were 34,128,600,000 cubic
Natural gas utility sales for the month amounted
to 113,823,300,000 cubic feet, an increase of
16.7%.
Manufactured gas sales for domestic uses, such as
cooking, water heating,
refrigeration, &c., were 1.0% above March, 1935.
Sales for house-heating
however,
48.6
41
92.6
May 30 '36
increase of 9.9%.
purposes,
35
61.9
June 6 '36.
$39,732,000,
' " A
March, 1935.
90.0
60
789
revenues
utility
the
72
97
summary,
of $32,886,800
revenues
same
revenues
80
852
1,698
7,362
2,024r
xEst.tot.U.S.
Total sales of manufactured
gas for the month
to
3,068
Philadelphia
.20
$67,053,500 for the corresponding month of 1935, an increase
of 8.3%.
The Gas Association further reported:
1936,
644
.21
.16
stated that manufactured
amounted
for the
3,762
Denver..
The American Gas
gained
471
858
Jacksonville
Above
an
275
.175
...
Oil
8,805-
11,672
1,095
7,087
Detroit
March Manufactured and Natural Gas Revenues
feet,
Distil.
dec.
Appalachian
Minneapolis
.175
Fuel
Terms., Nap'tho
Rocky Mtn.
California...
more
and
C.
.165
Buffalo
The
Gas
in
Daily
Reporting
.13
Boston
month,
Stocks
Unfin'a
Finished
.07
Gulf
$.192
Finished and
Unfinished Gasoline
District
New
Orleans-
Stocks of
of
MH
OOA
Texas
.073^
.07^
.07 A
.07 A
zBrooklyn
Newark...:
to Stills
Refinery
Chicago
Gasoline, Service Station, Tax Included
zNew York..
Crude Runs
Colonial Beacon..$.07A
Shell East
Richfield Oil (Calif.)
Warner-Quinlan Co_
!
1.65
...
(Bayonne)
27 plus
4 Weeks
Ended
culations
Total United States
'
N. Y.
Average
Week Ended
of
__
Terminal
or
Actual Production
of M.
Dept.
Int. Cal-.
Total east of California-
I New
$.04% 'Los Angeles.. .04^-.05
__
B.
■•'"A.
territory.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
PRODUCTION
Colorado..
gallon throughout New
posted throughout the remainder
were
subsidiary
OIL
(Figures in Barrels)
Eastern
marketing
a
70,639,000 barrels of finished and
Cracked gasoline production by companies owning 95.9%
Michigan
Socony-Vacuum, lifted retail gasoline
England.
of the end of the week,
as
unfinished gasoline and 102,904,000 barrels of gas and fuel oil.
Arkansas
'
1936
2,950,000 barrels of crude oil daily during the week, and that allcompanies had in storage at refineries, bulk terminals, in transit and in
Gasoline stocks showed the first decline since last
October,
dipping 471,000 barrels.
Representative price changes follow:
June. 13,
basis,
aggregate
an
recorded
crude oil
capacity
of
3,698,000
barrels.
1936 at 76% of their capacity,
operating ratio of 75% in March.
These
re¬
compared
Volume
Financial
142
SUPPLY AND
Preliminary Estimates of May Soft Coal Output Again
OF ALL OILS
DEMAND
(Thousands of Barrels of 42 Gallons)
Below
Preceding Month—Anthracite Output Con¬
Higher
tinues
April,
March,
1936
1936
Jan-Apr. Jan-Apr.
April,
1935
1935
1936
Domestic production:
90,479
90,568
78,427
3,016
3,265
2,922
3,378
2,614
3,062
311,393
2,595
12,523
351,987
Daily average
Natural gasoline
2,909
13,492
Crude petroleum
a
Total
204
185
138
749
586
93,948
3,132
94,131
81,627
366,228
3,036
2,721
3,027
324,502
2,704
371
211
629
955
2,486
2,235
1,970
8,849
1,393
1,465
1,114
4,916
-
—
.
_
According to preliminary estimates made by the United
during the
tons, com¬
pared with 26,849,000 net tons in the corresponding month
last year and 30,318,000 tons in April, 1936.
Anthracite
production during May totaled 4,577,000 net tons, as against
4,919,000 tons a year ago and 4,336,000 tons in April, 1936.
States Bureau of Mines, bituminous coal output
month of May, 1936, amounted to 28,678,000 net
New Supply—
Benzol,
3937
Chronicle
production
Daily average
The Bureau's statement follows:
Imports b:
Crude petroleum:
Receipts in bond
2,671
6,450
use
620
495
737
2,290
98,818
98,537
86,077
383,238
3,294
3,179
2,869
3,167
3,868
3,649
341,140
2,843
2,314
5,561
cl,291
9,419
5,390
Receipts in bond
Receipts for domestic use
new supply, all oils
Total
Daily
Cal.
Total for
average
Arge. vex
Working
Working Day
Year to
End.
of
May
(Net Tons)
(Net Tons)
Days
(Net Tons)
28,678,000
25.3
1,134,000
4,577,000
83,500
25.0
183,100
170,934,000
23,307,000
26.0
3,212
575,100
30,318,000
25.2
4,336,000
25.0
88,200
26.0
1,203,000
173,400
3,392
May, 1936 (Preliminary):
Bituminous coal
Anthracite
Increase in stocks, all oils
No. of
Month
Receipts for domestic
Refined products:
Beehive coke
April, 1936:
Bituminous coal
Demand—
92,976
Daily average
87,368
2,912
335,750
2,798
373,819
2,999
96,504
3,217
Total demand
3,089
Anthracite
Beehive coke
May, 1935:
Exports:
Refined products
Domestic
3,155
3,776
4,305
12,230
21,110
13,439
5,777
3,743
6,282
Crude petroleum
24,532
26.3
1,021,000
4,919,000
26.0
189,200
159,106,000
23,003,000
56,900
Bituminous coal
27.0
2,107
405,600
26,849,000
Anthracite
Beehive coke
demand:
Motor fuel.d
38,825
134,324
3,914
31,544
35,871
4,098
34,196
36,082
Kerosene
3,751
18,366
122,573
16,606
Note—All current estimates will later be adjusted to agree
29,636
142,554
126,470
complete canvass of production made at the end of the year.
2,197
1,863
1,802
6,976
6,273
92
84
88
350
296
2,166
Gas oil and fuel oil
Lubricants
-
Wax...
*
Coke
483
2,175
1,244
4,230
260
292
742
717
4,366
Still gas
406
989
241
Road oil--
349
1,666
-
Asphalt
4,136
3,916
16,437
15,244
195
167
746
738
203
Miscellaneous
.
■i
8.170
2,948
2,003
1,903
8,948
84,044
79,287
335,848
302,410
2,883
Total domestic demand
2,711
2,643
2,776
2,520
339,793
5,586
315,389
5,058
230,672
339,793
5,586
224,159
Daily average
Stocks—
315,389
313,189
Refined products
5,058
230,672
4,553
231,063
Total, all oils
551,119
548,805
569,538
551,119
569,538
171
183
196
178
204
Crude petroleum
Natural gasoline.
-
Production of Coal Below Corresponding Week a
3,157
86,479
Losses.d
with the results of the
224,159
Year
The
Ago
weekly coal report of the United States Bureau of
Mines showed that the total
production of soft coal during
May 30 is estimated at 6,650,000 net tons.
This shows a slight decrease—161,000 tons, or 2.4%—due
to time lost in a partial observance of the Memorial Day
holiday, May 30.
Production in the corresponding week of
the week ended
1935 amounted to 6,769,000 tons.
Anthracite
Days' supply
a
From
Imports
c
Coal
b Imports
Division,
products
of refined
d Beginning
Decrease,
reported to Bureau of Mines;
of crude as
Bureau of Foreign and Domestic Commerce,
1936, natural gasoline losses are included in
from
January,
motor fuel demand.
BY STATES AND
PRODUCTION OF CRUDE PETROLEUM
PRINCIPAL
FIELDS
(Thousands of Barrels of 42 Gallons)
Jan.-
Total
Daily Av.
April,
1936
DailyAv.
Jan.-
April,
March, 1936
April, 1936
Total
1935
production in Pennsylvania during the week
is estimated at 1,163,000 net tons, a gain of
240,000 tons over the preceding week.
Since all hard coal
mines were inactive on Memorial Day, this represents the
output of five days, and shows an actual increase of 51.2%
per day.
During the calendar year to May 30, 1936 a total of 170,934,000 tons of bituminous coal and 23,307,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 158,414,000 tons of soft coal and 23,083,000 tons of
hard coal produced in the same period of 1935. The Bureau's
ended May 30
statement follows:
30.0
899
Arkansas..,
29.9
928
3,620
3,562
California:
1,071
Huntington Beach
Kettleman Hills.
35.7
1,108
35.7
4,534
78.5
77.4
10.095
43.0
5,574
7,764
4,567
339.8
43,915
34,435
Total California,
565.8
72,839
59,075
69.1
346.3
2,399
2,167
1,332
10,535
17,180
Santa Fe Springs
Rest of State
572.7
17,541
43.1
69.9
8,721
159
5.3
135
4.4
536
11.6
396
12.8
1,362
2.2
66
2.1
245
241
4,908
163.6
4,815
155.3
18,202
459
15.3
483
15.6
143.8
4,253
1,743
16,410
17,794
1,733
137.2
50.2
1,392
44 9
4,853
....
Illinois
Indiana
Kansas
Kentucky
Louisiana—Gulf Coast—
Rodessa
4,312
1,506
11,284
655
21.8
697
22.5
2,628
2*740
215.8
6,342
204.6
23,891
977
32.6
1,143
36.9
4,427
14,024
4,289
Michigan..
510
17.0
485
15.7
2,088
69.6
2,148
69.3
379
12.6
376
12.1
1,689
8,038
1,459
274
9.1
277
9.0
1,001
75
2.5
82
2.6
232
Montana
New Mexico
jL-
New York
"•
Ohio—Central & Eastern.
Northwestern
1,332
6,365
1,362
1,052
301
349
11.6
359
11.6
1,233
1,353
155.1
4,427
142.8
17,745
18,917
Seminole
149.9
4,348
140.3
16,782
Rest of State
8,077
269.2
265.0
30,538
17,226
574.2
8,214
16,989
548.1
65,065
Pennsylvania
1,387
46.3
Texas—Gulf Coast......
7,076
235.8
5,348
178.3
14,334
477.8
1,888
62.9
West Texas.!
East Texas
Panhandle
;
Daily aver..
1,700,000
30,658,000
182,500
242,400
1.9,800
12,*700
405,200
2,716,700
3,300
2,117
575,000
4,423
3,117
20,898
local sales, colliery fuel,
b Includes Sullivan
County, washery and dredge coal, local sales, colliery fuel, and coal shipped by
truck authorized operations,
c Subject to revision,
d Revised,
e Adjusted to
make comparable the number of days in the three years,
f Average based on 5.3
Includes
coked,
coal
lignite,
working days.
ESTIMATED
WEEKLY
PRODUCTION OF COAL,
OF NET TONS)
ments and
trict and State sources of
464.8
57,515
60.7
7,326
7,243
24,119
127,366
West Virginia..
336
11.2
320
10.3
1,248
Wyoming—Salt Creek
517
17.2
529
17.1
2,025
587
19.6
671
21.6
2,354
1,104
36.8
1,200
38.7
4,379
1,309
2,104
2,051
4,155
16
12
of final annual returns from the operators.)
Week Ended
May
Aver.
State
1923
May 23 May 16 May 25 May 26 May 25
Alaska
1936 p
2
a
1936 p
1935
1929
1934
r
2
2
2
s
s
398
90,479
90,568
3,016.0
351,987
311,393
210
179
211
334
15
16
15
11
48
61
61
99
65
109
Georgia and North Carolina
Illinois.
1
1
1
603
576
608
508
887
1,292
Indiana.
2,921.5
and Utah.
Includes Missouri, Mississippi, Tennessee,
193
Arkansas and Oklahoma
Colorado.
4
4
Other
217
237
248
189
309
394
39
42
56
37
58
94
76
88
36
106
689
712
591
563
844
93
91
24
Alabama.
Iowa
..
-.
Kansas and Missouri
May Anthracite Shipments Reach 4,274,185
Net Tons
Kentucky—Eastern
148
210
183
20
45
47
6
4
14
12
Montana
36
38
43
26
48
42
New Mexico
22
26
25
16
40
57
20
North and South Dakota
Apr., 1935
956,304
997,602
934,530
856,235
692,757
712,430
673,929
401,674
414,197
403,374
570,721
630,552
614,896
424,404
479,648
400,098
361,946
235,968
496,155
Central RR. of New Jersey
299,770
Del. Lack. & Western RR
473,526
,
/
Delaware & Hudson RR. Corp.
592,953
Pennsylvania RR
402,558
470,697
Erie RR
248,671
184,195
213,289
N.IY. Ontario & Western Ry__
Lehigh & New England RR._.
210,284
936,078
420,884
285,698
201,051
259,973
235,244
177,494
136,299
4,274,185
4,216,672
4,346,863
4,168,364
14
311
438
328
405
860
1,941
1,660
1,698
2,743
3,578
67
Pennsylvania bituminous
Tennessee.*
75
82
83
95
121
*—
.
Texas
13
14
13
12
19
Utah
27
36
26
25
63
74
183
176
170
184
242
250
21
22
15
16
38
44
1,524
1,482
1,307
1,467
1,868
1,380
503
490
474
495
711
862
75
74
57
83
110
Virginia—Southern, a
Northern. b._
Wyoming
—
Other western States.c.
Reading Co
Lehigh Valley RR
11
11
16
20'
343
1,945
Ohio
West
May, 1935
679
23
i
Washington
April, 1936
89
131
'
106
Michigan..
Virginia.
May, 1936
s
3
This in an increase, as compared with
shipments during the preceding month of April, of 57,513
net tons, or 1.36%, and when compared with May, 1935,
shows a decrease of 72,678 net tons, or 1.67%.
Shipments by originating carriers (in net tons) are as
follows:
66
168
s
25
:
Maryland
274,185 net tons.
*
1
Western
Shipments of anthracite for the month of May, 1936,
as
reported to the Anthracite Institute, amounted to 4,-
STATES
(The current weekly estimates are based on railroad carloadings and river
hipare subject to revision on receipt of monthly tonnage reports from dis¬
5,246
26,614
Total
BY
(IN THOUSANDS
18,079
136,741
a
1,242,000
23,083,000
:
20,410
223.7
Rest of State
1,341,000
23,307,000
184,200
20,900
3,483
5,312
1,143.7
Total United States...
'
923,000 1,240,000
248,000
153,800
232,600
Dally aver..
Tot. for per'd
19,725
56,731
6,935
35,456
Wyoming
e
Behlve coke:
26,345
232.8
Total
1929
e
6,650,000 6,811,000 6,769,000 170,934,000 158,414,000 218,247,000
44.6
1,187.6
a
Tot. for per'd
170.4
5,284
14,410
1,881
6,982
Total Texas
1935
1936
Daily aver.. fl,255,000 1,135,000 1,277,000
1
224.1
,1,382
6,946
35,628
Rest of State
1935
a
Penna. anth.: b
15,162
26,168
60,247
Total Oklahoma
1936 d
c
1
Bitum. coal:
a
4,653
4,496
Total Ohio
Okla.—Oklahoma City...
June 1,
Tot. for per'd 1,163,000
"
6,473
Rest of State
Total Louisiana
1936
May 23,
1,335
66
Calendar Year to Date
Week Ended
May 30,
535
347
Colorado
BEHIVE
7,611
2,073
1,293
Long Beach
OF COAL AND
PRODUCTION
(IN NET TONS)
4,698
2,354
10,389
......
STATES
COKE
UNITED
ESTIMATED
—
*
1
81
♦
*
22
2
5
'
Pennsylvania anthracite
Grand total
923
1,001
6,372
1,349
7,734
Total bituminous coal.
7,759
7,721
6,811
6,758
6,212
1,229
9,332
1,485
10,878
7,441
10,817
12,810
1,932
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Mason, and Clay counties,
b Rest of State,
and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho. Nevada, and Oregon,
p Preliminary,
r Re¬
vised.
s Alaska, Georgia, North Carolina, and South Dakota included in "other
western States."
* Less than 1,000 tons.
a
and
Includes operations on
on
the B.
& O. in Kanawha,
including the Panhandle District
3938
Financial
and
Production
Shipments of Slab
Higher During May
Zinc
Continue
Chronicle
60,000
Nothing
heard in
was
producing circles about
possibility that stocks increased moderately during the month of May,
According to figures released by the American Zinc Insti¬
on June 5, 44,905 short tons of slab zinc were produced
during the month of May, 1936.
This compares with 43,252
tons produced during the month of April, 1936, and 34,572
tons in the corresponding month of 1935.
Shipments rose
from 42,311 tons in April to 43,977 tons in May.
This
latter figure also compares with 35,627 tons shipped during
May, 1935.
Inventories on May 31, 1936, stood at 81,710
short tons, comparing with 80,782 tons op April 30 and
107,625 tons on May 31, 1935.
The Institute's statement
follows:
owing entirely to the
intake
(ALL GRADES)- -1929-1936
during May
unexpected increase
came
to more
in the domestic market
Foreign business in
as
was
At present scrap
month.
higher rate than in recent weeks.
a
buying to provide for actual needs of foreign consumers as well
hedge against probable devaluation of currencies.
a
Sales of copper
The price continued at 9>£c., Valley.
at
copper was
The foreign quo¬
tation, in terms of dollars, showed virtually no change last week.
Lead
Trade Quiet
Following three weeks of good business, the last seven-day period turned
be rather quiet,
to
as
only 1,700 tons were sold.
week 5,800 tons were sold.
(Tons of 2,000 Pounds)
a
during the last week totaled 3,200 tons, against
3,468 tons in the preceding week.
There
Scrap
in the flow of scrap.
18,500 tons.
than
intake is holding at the rate of about 11,000 tons
out
STATISTICS
month.
a
curtailing domestic production, even though there appears to be a strong
tute
SLAB ZINC
tons
June 13, 1936
small lots for
In the preceding
Many of the sales booked last week involved
prompt delivery to miscellaneous consumers of the metal.
Battery makers, sheet lead and pipe, and tin foil manufacturers also were
(a)
During
Period.
Period
631,601
Stock at
Shipped
During
602,601
50,217
Produced
Retorts
Unfilled
Average
Shipped Operating
Retorts
Orders
End of
Period
During
End of
Export
Period
Period
6,352
End of
Period
67,999
68,491
for
as
the
52,633
aver.
75,430
»
18,585
529
436,275
36,356
504,463
42.039
aver.
196
143,618
31,240
47,769
300,738
25,062
aver.
314,514
26,210
129,842
213,531
Total for year.
218.517
18,210
124,856
344,001
28,667
105,560
41
19,875
23,099
18,273
324,705
27.059
aver.
170
21,023
Zinc
15,978
23,653
27,190
20
352,663
29,389
366,933
30,578
aver.
148
February
35,135
33,468
March
36,735
35,455
34,877
41,205
116,276
111,806
April...
35,329
38,455
108,680
May
34,572
35,627
107,025
June
34,037
29,353
112,909
01
July
35,120
32,306
115,723
0
35,547
38,824
112,446
01
36,221
42,351
106,316
01
0
33,157
32,535
*29,665
32,450
*29,916
30,387
*28,491
31,230
*29,318
32,658
33,210
35,196
*29,691
31
33,719
*29,464
231
32,389
°j
August
September
October
36,716
47,063
95.969
01
November....
37,469
48,172
85,266
33,836
*29,524
33,884
*29,867
32,942
*28,950
34,870
*30,988
34,777
*31,324
36,650
*33,462
38,329
*34,298
01
40,463
41.971
431,412
35,951
465,659
38,805
41,917
46,468
December
Total for year.
aver.
01
83,758
25,993
25,816
,20,000
,22.435
,35,878
•
-
«* -
*29,627
30,482
*28,890
32,445
*30,529
,39,238
,47.080
,47,367
32,934
*31,881
33,868
*33,080
35,126
*33,896
59,456
February
39,918
75,517
51,183
38,159
79,841
0
01
43,252
42,311
80,782
May
44,905
43,977
81,710
41,048
*36.919
Equivalent retorts computed on
24-hour basis,
cluded In total shipments.
Note—These statistics Include all corrections
differential of lc.
shows
a
Weighted
Prime
average
Western
37,778
*35,749
37,888
*36,296
15,180
18,550
36,228
12,601
17,608
Brass Special.
5,547
5,100
5,430
12,803
2,406
12,430
2,381
1,988
11,574
2,312
1,870
806
753
806
11,077
20,700
12,105
21,400
11,481
_
_
Partly
11,819
21,300
_
21,800
130,968
estimated,
slovakia. Yugoslavia, and Russia.
fairly complete
so
far
Demand
for
Prime
Poland, Japan,
2,016
133,061
over
situation
Platinum
&
at
Czecho¬
Zinc—Tin
The domestic situation in eopper
week.
optimistic.
Reports
from
Higher
Actual consumption of
underwent little if
and
copper
It is hoped the action at this meeting may clarify
The
price
outlook remains uncertain
and the
week—42 125c. for
43.250c.;
Steel
other
any
Shipments Increase in May
Shipments of steel products of subsidiaries of the United
States Steel Corp. in May aggregated 984,097 tons, 4,190
tons greater
than the previous month and the largest
amount shipped in any month since June 1930, with the
single exception of June, 1934, when 985,337 tons were
shipped.
In May, 1935, only 598,915 tons were shipped.
Below are the monthly figures since January, 1932:
SHIPMENTS OF STEEL PRODUCTS
YEARS INDICATED
BY MONTHS FOB
Year 1932
Year 1933
Year 1934
Year 1935
426,271
413,001
388,579
Month
January
331,777
885,500
588,209
643,009
745.063
985,337
369,938
378.023
Year 1936
534.055
583,137
668.056
591,728
598,915
578,108
624.497
614.933
April
May
395,091
285,138
275,929
256,793
335.321
338,202
455,302
June
324,746
272,448
291,688
316,019
310,007
275,594
227,576
603,937
701.322
668.155
575,161
572,897
430,358
600,639
a(5,160)
b (44,283)
a(19,907)
a
3.974,062
5.805.235
5,905,966
721.414
7,347.549
February
March..
July
August
September
November
676,315
783,562
979.907
,984,097
647,794
370.306
343.962
366,119
686,741
681,820
661,515
418,630
(23.750)
Reduction,
change in the
consumers
continue
is held to be holding at around
b Addition,
c
Cumulative
monthly
shipments
reported during
the calendar year are subject to some adjustments
reflecting annual tonnage recon¬
ciliations, which will be comprehended in the total tonnage shipped for the year as
stated in the annual report.
+.
Steel Output in
May 60% Above Year Ago
Average daily production of steel ingots during May 1936
was
60% above the average daily output in May 1935,
according to figures released June 6 by the American Iron
and Steel Institute showing that an average of 155,625 gross
tons of ingots were produced daily during May of this year
as
against 97,543 gross tons in the corresponding month of
last year.
The daily
ingot output during May was the highest of any
April 1930 when 158,057 gross tons of ingots
produced per day.
Total production of Open-hearth and Bessemer steel
ingots in May was 4,046,253 gross tons, equivalent to 70.91 %
month since
Unchanged
fabricators
uncer¬
Straits.
Total for year.
Markets," in its issue of June 11,
stated that except for a good volume of business in zinc,
the market for major non-ferrous metals was inactive last
week.
After several weeks of fairly active buying of lead,
demand quieted down considerably in that metal.
Domestic
copper sold at about the same rate as in recent weeks, though
foreign business showed improvement.
The sharp break in
tin prices attracted some good business.
Interest in the
platinum metals revived, and leading interests announced
an advance to $36 an ounce on refined platinum and to $80
on iridium.
Antimony was offered by domestic producers
at 11.875c., a decline of one-quarter cent.
Quicksilver was
quiet and barely steady.
The publication further said:
last
Continued
the future of the tin-control plan and the trade is
Lower—
Mineral
Copper
domestic market was in good volume
close to 1,000 tons were sold.
the lowest point reached during the
December...
Metals
as
Buying Good
in the
Chinese tin, 99%, was nominally as follows: June 4, 42.125c.; 5,
a
"Metal
as
somewhat.
October
Indo-China,
*
Western
include High Grade zinc, but is
Prime Western is concerned.
buying of tin
Yearly adjustment.
Fair
4,900
4,950
The above accounting does not
18,359
119,823
132,662
b Includes Norway,
4,900
5,013
6,945
50
Brass Special
41,917
16,237
778
.
East St. Louis,
Cents per Lb.
6,298
380
_
For subsequent delivery:
Prime Western
Jan., 1936
Feb., 1936
2,380
1,926
World's total.
a
Mar., 1936
12,125
Anglo-Australian.
American Zinc Institute, are
Sold
For May delivery:
Prime Western.
reported at the
5,154
Elsewhere. b_
Committee,
Export shipments are in¬
and adjustments
42,483
Spain
Products
6, 43.050c.; 8, 42.500c.; 9, 41.500c.; 10, 41,500c.
14,372
Rhodesia
possibility that the prevailing
be lowered, unless the foreign market
Weighted
Average Price
spot
28,370
18,200
Italy
may
a
Tons
market closed
*34.516
43,252
Germany.
feeling of uncer¬
Foreign High Grade zinc sold at con¬
There is
prices of Prime Western and Brass Special zinc sold
Zinc
TONNAGE OF
France..
High Grade
a
All of the
Rumors to the
Louis.
follows-
the
table shows zinc production of thef world
during the month of April, 1936, and the three preceding
months, by primary metallurgical works, as reported by the
American Bureau of Metal Statistics, in short tons:
North American.
St.
through at concessions created
takes place on June 25.
April World Zinc Output Totals 130,968 Tons
United States..
on
of 4.90c.,
waiting for the next meeting of the International Tin Committee, which
The following
Belgium and Netherlands.a
*
during the month of May, together with tonnage sold, as reported by the
tainty prevailed
year-end.
April, 1936
,
improvement.
during the last week,
36,189
0|
April
went
basis
Tin
35,872
*34,358
34,334
*32,456
37,922
*33,849
41,400
*36,657
01
42,483
38,205
*34,291
38,004
*33,726
the
on
the immediate future..
Consumer
36,228
...
over
Note:
32,341
01
79,207
■
week totaled more than 5,200
the last
,36,939
1936
January
'
Larger
,26,967
31.244
5
«►
booked
cessions from the domestic basis.
as
59
•
was
that sales
tainty
32,230
33
*28,093
Other
540,475 tons, which compares
tons, which compares with 4,800 tons in the preceding week.
effect
28", 887
12
117,685
Sales
Sales of Prime Western zinc in
239
business
January
*
Produc¬
Statistics.
8,478
18,560
1935
March
compares
14
1934
Total for year.
Monthly
This
the American Bureau of Metal
tion in the first four months of 1936 totaled
3
1933
Monthly
April amounted to 140,367 short tons,
128,747 tons in March, and 128,366 tons in April last year.
with 506,587 tons in the same period last year.
17,794
aver.
Total for year.
Monthly
St. Joseph Lead Co. reported sales in the East of its own brands
according to
with
1932
Total for year.
Monthly
soon,
covered.
premium.
a
World production of lead during
26,651
16
1931
Monthly
15%
quotation remained unchanged at 4.60c., New York, the contract
Louis.
at
1930
Total for year.
Monthly
looking for additional business in volume
settling price of the American Smelting & Refining Co., and 4.45c., St.
Total for year.
Monthly
are
July requirements are estimated to be only about
The tone continues firm.
The
1929
Producers
purchasers.
were
Volume
of the
In May 1935, a total of
industry's capacity.
The pig iron composite is unchanged at $18.84 a gross ton, hut the
has declined 25c. a ton to $12.67, because of a sharp drop at
ago.
2,633,661
tons of ingots were produced, 44.06% of capacity.
April of this year ingot output totaled 3,942,254 gross
tons, or 69.09% of capacity.
Average daily production in
gross
In
April
3939
Chronicle
Financial
142
scrap average
Pittsburgh.
"IRON AGE"
THE
STEEL
PRODUCTION OF OPEN HEARTH AND BESSEMER
INGOTS—JANUARY, 1935 TO MAY, 1936
MONTHLY
COMPOSITE PRICES
Finished Steel
151,625 gross tons.
was
(Reported by companies which in 1935 made
June 9,
1936, 2.097c.
a
One year ago
85% of the United States output.
Calculated Monthly
1935...
Number
Calculated
Production
1934
of
1933
Production
Working
1932
(Gross Tom)
Days
1931
Dally
1936
Cent of
Capacity
Tom
-
1930.
January..
3,045,946
51.40
112,813
27
1929.. _•
February.
2,964,418
54.03
118,577
25
1928...
March...
3,342,619
58.58
128,562
26
1927
9,352,983
54.64
119,910
78
3,942,254
4,046,253
69.09
26
70.91
151,625
155,625
48.02
106,302
27
52.22
115,595
24
1936
49.78
110,204
26
1935_.:.._
First quarter.
May.
February.
March...
26
!
One month ago.
1934
1933.
49.92
110,516
77
45.88
101,562
26
1931.
2,633,661
2,258,664
June.
44.06
97,543
27
1930
40.81
90,347
25
1932
Second quarter..
7,532,927
43.62
96,576
First six months.
16,042,651
46.75
103,501
26
One week ago
27
One month ago
•51.04
113,000
25
One year ago
8,008,761
46.38
102,676
October
3,142,759
52.58
November.
3,150,409
54.73
December.
3,073,405
9,366,573
Jan.
Nov.
May
Dec.
Jan.
Jan.
120,084
7
14
27
8
6
15
16
17
24
1
1
heavy melting steel.
Philadelphia
Low
25
$12.67
June
O
13.42
Dec.
10
10.33
Apr.
23
13.00
Mar. 13
9.50
.....
8
Aug.
Sept. 25
Jan.
3
6.75
•
1932
Jan.
12
6.43
July
5
1931
25
8.50
11.33
Jan.
6
8.50
Dec.
29
1930..
26
15.00
Feb.
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
1928
16.50
Dec.
31
13.08
July
2
1927
15.25
Jan.
11
13.08
Nov. 22
June
8 an¬
1929
311
107,453
preceding year,
68,475,000 gross tons.
capacities as of Dec. 31 of the
1935, Open-hearth and Bessemer ingots
.
quotations at Pittsburgh,
and Chicago.
1933
78
48.54
Low
$18.84 Jan.
17.83 May
16.90 Jan.
13.56 Jan.
13.56 Dec.
14.79
Dec.
15.90 Dec.
18.21
Dec.
17.04 July
17.54 Nov.
Feb.
1935.
27
54.24
7
5
1
5
5
6
7
14
27
4
$14.75
1934...
116,398
121,170
122,936
Buffalo,
High
2331
55,53
33,417,985
13.42 j
10.71 [
1936.
103,225
46.63
Valley
Chicago.
Valley
and1
and foundry irons at
[Based on No.
78
24,051,412
2.217c.
2.212c.
Birmingham.
$12.92'!
87,224
107,997
Dec. 31,
4
2
Apr.
Steel Scrap
48.78
Calculated for each year on annual
11
Jan.
'
2
Dec.
Philadelphia,
9, 1936, $12.67 a Gross Ton
39.40
follows:
7
Apr.
furnace
1927
2,915,930
2,825,004
*
Oct. 20
July 17
Nov. 1
13
Jan.
Jan.
May
2,267,827
as
2.273c.
Jan.
Nov.
Jan.
August
Total.
18
Feb.
2
Dec. 29
Dec.
9'
3
4
18.71
July..
Fourth quarter.
1.867c.
1.926c.
1.945c.
2.018c.
Oct.
Oct.
18.59
19.71
June
Nine months.
Jan.
1929.
155
Third quarter.
2.008c.
1928..
78
September.
Jan.
24
High
8,509,724
May.
2.084c.
2.124c.
Apr.
$18.84
18.84
17.90
16.90
14.81
15.90
18.21
_
2,640,602
First quarter.
April.
1
Based on average of basic iron at
...$18.84
18.84
17.84
One year ago
2,870,161
2,774,271
2,865.292
7
Oct.
Pig Iron
1936, $18.84 a Gross Ton
One week ago
1935
January..
Mar. 10
8
Jan.
2.317c.
2.286c.
2.402c.
June 9,
April.
Low
High
2.130c
2.130c.
2.199c.
2.015c.
1.977c.
2.037c.
2.273c.
1936
*Per
steel bars, beams, tank plates,
rails, black pipe, sheet3 and hot
These products represent
rolled strips.
of the Bessemer ingot Production)
Gross
on
wire,
2.097c.
2.097c.
2.124c.
One month ago
98.03% of the open hearth and 100%
Based
Lb.
One week ago.
Open-hearth and Bessemer ingots, 63,849,717 gross tons.
1934,
31.
Iron
American
Tlie
Steel
and
Institute
on
indi¬
nounced tliat
telegraphic reports which it had received
cated that tlie
Dec.
operating rate of steel companies having 98%
capacity of the industry will he 69.5% of
Points
Two
Production
Steel
Boost
70%
to
of
Capacity
in its issue of June 11, stated that un-
"Iron Age"
The
immediate
seasonally strong demand for finished steel for
orders in anticipation of third
quarter price advances, has boosted steel ingot output two
points to 70% of capacity. After a month in which produc¬
tion averaged nearly 71%, this sharp recovery from the
temporary setback that came in late May is even more
The "Age" further states:
remarkable.
being expanded to the limit on many
set by available capacity rather than
theoretical facilities.
That is, many mills and their auxiliary equipment
which
have not been operated since 1930 have been allowed to become
obsolete or cannot be run without costly and time-consuming repairs. This
is also true in the case of blast and open-hearth furnaces and much rehabili¬
limits
although
are
now
are
automobile and
In both cases
had continued well beyond the usual period for curtailment.
implement makers are lessening their releases.
strong demand
and are not
expected to anticipate their 1937 model needs;
Tractor production is not
following the downward trend of implement output and makers of tillage
machinery are buying liberally at current prices in anticipation of their
Automobile
early
makers
production
fall
clean-up
for
purposes,
has
Pacific
Missouri
The
orders.
by
been enlivened
has
market
placed
the
first of
the
10,000
tons
in
rail
addition
The car builders have
steel for the Chesapeake & Ohio and Pere Marquette freight cars.
distributed
Car
with
for
the
Eagle
White
pipe
Oil
for
Co.
line
a
has
California
in
bought
8,000
tons
higher third quarter prices
projects which have been in the tentative
action
many
on
Buyers of steel for identified structures may obtain price protection
60
11,825
against
the
steel
awards
period.
call
place
to
15,800 tons,
for
New
1
projects
specifications
compared with
include
25,300
tons,
The growing volume of private jobs indicates that
may entirely offset the steady decline in public under¬
tons.
this kind
of
work
in
tone
until Sept.
June 30.
have
previous
structural
week'6
The
20,350
thus
ordered before
material
against
would
and
days
takings.
in
ton
changes announces
bar
bars
have
to
establish
steel
It
more
mills
to
and
7
.49.7% Jan.
14.C
50.4% Jan.
21.....51.8% Jan.
Oct.
28
advance
of $3
levels.
2.097c.
a
the
The
"Iron
Age"
composite
price
it will be physically impossible
of
for
the steel placed at second quarter prices
and
regular
circumstances,
customers
second
quarter
pig iron buying is on a
steel
scarcely
will
be
probably
turned
away.
move
during
drop in production avoided.
rather quiet, although third quarter
much broader scale than was the case'three months
July and a sharp
scrap markets
pig iron and
can
are
3-
5
51.9% Feb.
50.9% Feb.
10
Nov.
11
Feb.
17
—_
48.8%
Dec.
47.9%
45.8%
9.....49.7%
Dec.
9
9.
56.4% Mar.
.55.7% Mar. 16
2
Dec.
16.
54.6% Mar. 23
Dec.
23
49.5%
Mar. 30
71.2%
70.1%
69.1%
69.4%
67.9%
1
68.2%
8
51.7% June
52.9% June
52.6%
53.7% Feb. 24
2
55.4% Mar.
Aug. 26
_.69.5%
62.0%
19
Aug.
Sept.
Sept.
Nov. 25
2
"Steel" of Cleveland, in its summary
markets,
on
without
up
offset
and nuts.
The
the
third:
for
» '. '•
structural, agricultural and miscellaneous specifications served
recession in shipments of automotive steel.
Automobile
the slow
assemblies
dropped to
Orders
week.
and merchant wire
next quarter at unchanged prices.
Tool
announced increases of 5 to 6%, and increases of about
for
on
quarter.
to
heavy speculative buying
been scheduled for the principal items of bolts
standard
rails has been
extended unchanged
have
market
the impetus of
advance for third quarter.
wire rods, plain wire
strip,
being accepted
are
makers have
steel
5%
cold-rolled
for
steelworks operat¬
advancing 1 point to 67%.
held
has
following the general price
products
unusually high average, with most
purchasing for immediate consumption, the
ing rate last week
Demand
of the iron and steel
June 8 stated:
Shipments of finished steel hold to an
of the current
101,896 last week, 6,404
for the remaining 1936
for eteel
the material
now
on
order or
units under the previous
models have been placed
in transit will see the industry practically
Inquiries for steel for 1937 models should be in full swing
by July 1, at the time the $2 a ton price increase on sheets, hot-rolled
strip, bars and other materials goes in effect.
In sharp contrast with the
last price change, automobile manufacturers are not stocking, having found
that spoilage and costs of double-handling more than offset savings.
Contemplated railorad car construction in the East includes one lot of
35,000 tons of plates.
Missouri Pacific placed 10,000 tons of rails and
fittings and American Refrigerator Transit Co. came into the market for
1,000 cars last week.
Domestic freight car buying in May, 8,900 cars,
through July.
heaviest this
the
week.
year.
totaled
awards
Shape
a
lb.
apparent that
13
27
Nov.
Nov. 18
170.4%.
6
13
20
49.4% Apr. 27
4
49.9% May
49.4% May 11
50.0% May 18
52.0% May 25
53.5%
55.8%
60.0%
53.7%
Contracts
16,000
pending
tons,
include
up
12,000
2,000
tons
tons
for
from
the
the preceding
marine
highway
and 5,000 tons for the Chicago River lock and
flowage control works.
Shell Union Oil Co. awarded 25,000 tons of
pipe for a California oil line.
Farm
implement and tractor orders are near 90% of the 1929 peak.
Tin plate mills are operating at full capacity for the fourth consecutive
authority,
New
York,
week.
June schedules on some forms of sheets and strip are already
filled
large part of
The
at
more
complete shipment of all
practically
a
official
remains
before July 1.
Under
an
a
current
finished
is
include
$2 a ton increase in axles and a $2 boost in rail
quotations.
Prices on both new billet and rail steel reinforcing
not been formally announced, but efforts are being made quietly
rivets,
large
steel
the week
during
20
Oct.
64.5%
67.9%
49.2% Apr.
6
Oct.
32.8%
35.3%
July 15
39.9%
July 22
,.42.2%
July 29
44.0%
Aug.
5
...46.0%
Aug. 12..
48.1%
was
Price
Jan.
8
...37.7% Oct.
Apr.
30-___-46.7% Apr.
1936—
1
and
Kansas.
Dec.
July
June 24
Railroad,
activity is well maintained and
stimulated
stage.
for
in
line
Construction
have
for which
cars
25,000 tons of 6-in.
approximately
electrically-welded
and
and
6-in.
has placed
Co.
makers,
four
a
Oil
seamless
12-in.
to
the year.
also asked for price protection on 15,000
carriers has not yet appeared.
Union
Shell
in
48.3%
48.9%
50.8%
July
from the
inquiry
The
purchase earlier
sizable
a
shops have
formal
17
Orders
secondary
to
10
June
1936—
1935—
1935—
39.5% Sept. 16
39.0% Sept. 23
38.3% Sept. 30
3
June
season.
materials
railroad
The
only
buying
are
one
1935—
June
the
only
outlets,
consuming
steel
major
the
Among
agricultural
68.2%
under way or planned.
is
work
tation
schedules
mill
Finishing
products,
the week beginning June 8, compared with
week ago, 69.1% one month ago, and 39.0% one
year ago. This represents an increase of 1.3 points, or 1.9%,
from the estimate for the week of June 1.
Weekly indi¬
cated rates of steel operations since June 3, 1935, follow:
for
capacity
with heavy
together
use,
steel
the
of
Orders
Anticipatory
and
Demand
Current
Strong
Daily average pig iron production in May,
April, while the total for the month,
over
85,795 gross tons, was 6.8%
2,659,643
tons,
was
10.4%
April.
Both daily average and total were the largest since
June, 1930.
Output for the first five months this year was 10,983,474
tons, 32.8% above that in the comparable period last year.
At the close
higher than
of
May, 145 stacks were
in blast, a net gain of two.
Financial
3940
makers at present have little
confident of improvement this month,
however, as consumer stocks are low.
For the first time in several years
pig iron is being produced in New England, at the Mystic Iron Works in
pig iron prices are reaffirmed,
Although
occasion
for
Everett,
Mass.
cables
correspondent
British
that
domestic
and
iron
advance, the first important change since 1929.
taking increased quotas of semi-finished steel from other
is
Britain
estimated
is
weeks
two
in the week before
64%% against 63%%
at
73%,
72%% two weeks ago.
comparison of the percentage of production
Leading independents are credited with
ago.
following table gives a
The
the
with
with the
week of previous years, together
corresponding
nearest
immediately preceding:
approximate changes, in points, from the week
Buffalo, 3 to 84; Cleveland, 6% to 82;
Cincinnati, 8 to 80.
Pittsburgh was down 1 point to 62 ; New England,
7 to 70; Wheeling, 2 to 68.
Others were unchanged.
Scrap prices continued to decline, dropping 25c. to $12.79.
"Steel's"
iron and steel price composite is off 2c. to $32.81 because of the change
in scrap.
The finished steel index remained unchanged at $52.20.
1 to 77 ;
Youngstown,
;
40
-
1934
1931
for
production
ingot
the
week
ended
is
8
June
37
+1
+ 1%
—1%
+1
—2
53
+1
—2
40
38%
75
-
-
1927
—1%
67%
4-
%
96%
+ 1%
100
76
—3%
79
—3%
—1%
78
—2%
+ 1%
73
74
1929
+2
+2
70
37%
—2
71
1930
73
42
48
39
—
1928
Steel
—2
46
1933
placed at about GO1/^ of capacity, according to the "Wall
+1
60
1935
+1
64%
69%
1936
Independents
U. S. Steel
Industry
operations in the Chicago district last week were up 2 points
Steelworks
70%
63%
countries.
European
to
preceding weeks.
Steel
S.
U.
and
This compares with 68%% in
The "Journal" further stated:
of June 10.
Street Journal"
the two
1936
13,
compared with 72% in the previous week and
made a sharp
prices
Great
are
•
London
"Steel's"
steel
They
quoting.
June
Chronicle
71
94%
—3
1932 not available.
Current Events and Discussions
The
Federal
the
With
Week
Banks
Reserve
The daily average
volume of Federal Reserve bank credit
outstanding during the week ended June 10, as reported by
the Federal Reserve banks, was $2,476,000,000, unchanged
from the preceding week and the corresponding week in
1935.
After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
On
June
10
Total
Reserve
decrease of $18,000,000 for
a
decreases
member
in
of
$16,000,000 in money
deposits
Treasury
increase
of
credit
bank
and
Reserve accounts, and
with
deposits
$71,000,000
in
gold
monetary
Reserve
Federal
stock,
increase of $120,000,000 in member bank reserve
of
$4,000,000 in Treasury and national
balances
reserve
$2,950,000,000 in
on
June
10
holdings
of
in
decrease
a
Member bank
bank currency.
be
to
by an
part
States
Treasury
notes
of $5,000,000
increase
offset
was
by
a
decrease
in
The statement in full for the week ended June
of
the
preceding week and
on
pages
with
of Governors of the Federal
on
loans
and
June
S.
Government securities
Industrial
(not
advances
$
2,430,000,000
including
of
ended with the
the week
weekly reporting member banks in 101 leading
and
and
others
(except
paper
$26,000,000
$27,000,000
at
all
$37,000,000
in
the
New
York
and
district
declined
bought
"other
and
district and
increased
York
New
the
in
banks,
member
reporting
Hold¬
$7,000,000.
increased $24,000,000.
banks)
commercial
and
increased $214,000,000;
$24,000,000, and
New York increased
outside
increased
banks
to
New York City
dealers in
dealers
acceptances
in reserve balances with
in deposit balances
$135,000,000
increase of
an
week of $334,000,000 in total
$96,000,000
of
domestic banks.
credit of
securities to
on
of
decline
a
for the
increase
an
banks, and
brokers
loans"
$44,000,000
all
at
reporting
member banks.
obligations increased
$77,000,000 in the New York district and declined $32,000,000 in the
Cleveland district, 29,000,000 in the St. Louis district, $10,000,000 in the
United
of
Holdings
—3,000,000
—2,000,000
—1,000,000
3,000,000
_
(—)
June 12, 1935
$
•
5,000,000
Bills bought
or Decrease
Since
June 3, 1936
10, 1936
$
Bills discounted
U.
(+)
Increase
,
investments,
brokers
to
Loans
shows
3
standing to the
ings
follows:
as
were
June
Reserve
Federal
loans
Changes in the amount of Reserve bank credit outstanding
during the week and the year ended
of reporting member banks
body
System for
The condition statement of
will be
year,
Reserve
close of business June 3:
Loans to
the corresponding date last
entire
the
Federal
loans
3S72 and 3973.
10, 1936,
of
returns
the
10, in comparison with
and in related items
June
following will be found the comments of the Board
Reserve System respecting the
In the
$5,000,000 in holdings of United States Treasury bills.
found
be compiled.
cannot
cities
An
advances.
simul¬
themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
taneously with the figures for the Reserve banks
approximately
reported in holdings of discounted and
were
and industrial
United
offset
an
explained above, the statements of the New York and
As
Chicago member banks are given out on Thursday,
non-
and
banks,
balances and
estimated
wrere
in
$20,000,000
of legal requirements.
excess
Relatively small changes
purchased bills
$36,000,000
circulation,
in
other Federal
and
cash
$2,471,000,000,
amounted to
This decrease corresponds with
the week.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
Government
States
direct
member banks.
States Government
$13,000,000 in the New York district and $15,000,000 at all
reporting
meenber
banks.
Holdings
of
"other
securities"
increased
Philadelphia
Holdings
$11,000,000
and
district,
all
at
reporting
fully guaranteed by the United
of obligations
increased
,
+3,000,000
30,000,000
$25,000,000 commitm'ts—June 10)
Other Reserve bank credit
2,000,000
—18,000,000
2,471,000,000
—18,000,000
+71,000,000
—4,000,000
—1,000,000
+1,464,000,000
—25,000,000
—16,000,000
Member bank reserve balances
.5,833,000,000 +120,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
3,064,000,000
—20,000,000
+444,000,000
+784,000,000
$3,000,000.
Total Reserve bank credit
10480000,000
Treasury & National bank currency..2,489,000,000
Monetary gold stock
Demand
in
1
Money in circulation
5,937,000,000
Non-member deposits and other Fed¬
eral Reserve accounts.
the St.
in
the
in
the
+133,000,000
of
Banks
Member
New
in
York. City
and
clined
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and also for the Chicago member banks, for the
current week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE
CITIES
New York
June 3
June 12
June 10
June 3
1936
1936
1935
1936
1936
$
$
$
$
$
8,917
8,959
$135,000,000
at
7,674
1,903
June 12
,
1935
$
1,875
reporting
York district.
of
other
reporting member
all
together
banks,
member
week and the year
a
net
deposits de¬
banks
increased
in the Chicago district
banks.
changes
with
for
the
ended June 3, 193G, follows:
Increase
(+)
or
Decrease
(—)
Since
June 3, 1936
<A.ssctc
May 27, 1936
June 5, 1935
S
SB
*5
*
Loans and investments—total
Loans to brokers and dealers:
securities
on
*
+334,000,000 +2,390,000,000
22,148,000,000
1
+214,000,000
+24,000,000
238,000,000
+343,000,000
+70,000,000
+24,000.000
1,154,000,000
—23,000,000
—54,000,000
others
to
(except banks)
2,094,000,000
Accpts. and com'l paper bought..
315,000,000
Loans on real estate
1,147,000,000
Loans to banks
1........
92,000,000
—7,000,000
3,586,000,000
+1,000,000
+27,000,000
+44,000,000
8,909,000,000
—11,000,000
+336,000,000
+1,042,000,000
1,305,000,000
3,308,000,000
+15,000,000
+3,000,000
+388,000,000
+326,000,000
4,594,000,000
—96,000,000
369,000,000
—20,000,000
2,363,000,000
Other loans
Loans to brokers and dealers:
Government
domestic
district, $24,000,000
+44,000,000
+656,000,000
+62,000,000
+392,000,000
.
1,547
showing
of tlie principal assets and liabilities of the
summary
Loans
Chicago
City
$22,000,000
Time deposits increased $27,000,000
balances
Outside New York City
June 10
Loans and investments—total..
Deposit
the New York
In New York City
(In Millions of Dollars)
-4
and
banks
member
reporting
all
the New
$14,000,000 in
$1,000,000.
A
Chicago—Brokers' Loans
district,
$18,000,000 for the week.
$51,000,000 in
Returns
San Francisco district,
$14,000,000 in the Boston district and $13,000,000
Chicago district and $7,000,000 at all reporting member banks, and
declined
—36,000,000
605,000,000
Louis district,
of
in the
$40,000,000
Cleveland
increase
+76,000,000
increased $114,000,000 in the New York dis¬
deposits—adjusted
declined
and
trict
U. S. govt, direct obligations
1,042
1,103
73
73
806
58
52
55
2
33
761
756
737
143
144
165
Accepts, and com'l paper bought
132
128
169
14
15
22
Reserve with Fed. Reserve banks.
Loans
133
133
127
15
6
15
16
Cash in vault
—8,000,000
—30,000,000
In New York
City
Outside New York City
Loans
i
on
securities
to
others
(except banks)
on
real estate
6
7
Other loans.
1,212
1,222
1,180
291
284
249
U. S. Govt, direct obligations..
3,814
3,809
3,274
996
967
725
74
Loans to banks
57
51
Obligations
guaranteed
fully
by
United States government
Other securities
Balances with domestic banks
Liabilities—
Demand deposits—adjusted
Obligations fully guaranteed by
United States
299
Other securities
563
1,113
557
1,121
Reserve with F. R. Bank
2,335
2,163
1,955
52
51
94
292
973
45
72
1
United States government
95
294
79
249
702
74
76
510
504
524
696
38
207
74
75
695
35
215
80
6,387
550
6,385
549
195
5,482
556
388
1,472
489
101
1,453
488
101
1,327
441
25
2,326
378
1,888
249
592
5
589
429
4
514
4
448
447
251
29
30
35
1,472
1,473
1,456
230
234
226
Cash in vault
Balances with domestic banks..
Other assets—net
36
211
Liabilities—
Demand
deposits—adjusted
Time deposits
194
United States govt, deposits
Inter-bank deposits:
2,408
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
-
-
....
----
-
+18,000,000 +2,050,000,000
+7,000,000
+159,000,000
14,5SO,000,000
5,035,000,000
Time deposits
Govt, deposits
746,000,000
—1,000,000
—39,000,000
5,584,000,000
+135,000,000
+30,000,000
+833,000,000
+122,000,000
—2,000,000
Inter-bank deposits:
Domestic banks
Foreign banks
408,000,000
Borrowings
Monthly Meeting of Board of Governors of
International
French
of
The
land,
Fra'nc
Sanctions
Board
Settlements
on
Settlements—Discussions
of
held
and
European
Favored
Governors
their
Bank for
Verge
on
Situation—Ending
,
of
the
Bank
for
International
monthly meeting at Basle,
Switzer¬
June 8, and in the account of the meeting the Basle
Volume
Financial
142
The
correspondent
of the New York "Times"
(Clarence K.
Streit) stated that the drift of the French franc was feared
as
than devaluation
worse
deflation.
or
The
fact that
,
the
French
fact
the
that
been
has
agreement
well
so
reached
to
the
bankers
absence
been
the
suddenly
Bank
Cuban
1930.
The
5Vz%
member,
Jean
Saturday with Emile
on
This
change made
who had
Tannery,
Labeyrie
rather
a
of
Governor
as
impression,
unfavorable
All
time
of
mostly in
private
prospect
Italians
both
be
to
sanction
some
franc
is
raised,
be
to
appear
and
agenda,
the
on
particularly
and
validated
by the
by two banks in New York and
due
in
1945,
smaller debt
works
is
one
issued under
of the
5%% sinking
works
public
$40,000,000 of
decision
by American and
in Chicago.
held principally
are
agreement dated Feb. 26,
an
represented by $20,000,000 of deferred-payment
certificates
issued
under
advances
for
bank
a
credit
established also
26
by agreement dated Feb. 26, 1930.
Of the latter loan, 48 1/3% was extended by the Chase National Bank,
2/3% by the National City Bank of New York, and 25% by the
of
Chicago.
general
Improvement,
by
worried
The
seem:
for
because,
no
reasons,
business
Nations
of
badly.
It will make
these four points,
on
League
hurting Italy
are
Italy
sanctions
extremely
is
real difference if the financial
no
one
will
then
even
of.the most influential bankers, however, is strongly against raising
tlie
June
Institute
to
Inter¬
of
Argentine Republic is noted in a bulletin issued
Dean John T. Madden, Director of the Institute
1 by
of International Finance.
tina is based
British Investments
on
Ltd.,
of
Glasgow,
Scotland.
The service is divided into four sections namely,
trade, bond, economic, and foreign.
In the trade section
all companies are arranged in trading
groups, each group
containing every company engaged in that trade.
Every
group is revised and issued at least once a month.
Statistics
on the
companies in the trade section list capital liabilities,
net assets available, net profits before
interest, percentageearned on net assets, distribution of net profit, percentages
earned and paid on ordinary or equity capital, interim
dividends paid, market prices, yield, controlling interest,
new report, dividends, &c.
The bond section contains statistics
British funds and
on
University.
largely
of America in
cooperation
The national economy of Argen¬
agricultural and livestock products
on
according to the Institute, "in the last two
English counties; the economic section includes data on
commodity prices and also contains a profits and market
index, said to be the first British index of group profits;
the foreign section shows assets, earnings, dividend
pay¬
ments, and other data on industrial, mine and oil com¬
panies of the United States.
in
Argentina and reduced production in other countries, has
in rapid economic recovery in Argentina."
The
Institute, in its bulletin, also said:
resulted
During both
1934
and
1935
total
the
value
of
stantially, and the total in 1935 exceeded that of
total
value
of
and
exports,
of the past
increased
in
though
indicate
a
The
activity
and
to
larger
lesser
a
of exports
improvement
in
decreasing
small
from
pesos
at the
78,000,000
and
by
in
and
payable
during
in
end of
3,161,509,000
1929 to
figures for
and
about
repayments out of special
by
all
1935
floating,
to
funds
internal
refunded
was
at the
pesos
The net
the end
at
pesos
1935
long-term
1934
sterling
from
at the end of 1932, but the total amount
debt.
of
In
of
the
all
internal
5% internal
new
government's
4%%
into
1932
1933
bonds bearing interest at 5% and 6% were refunded into a
loan,
National
Session
of
Leipzig Trade Fair to Be
Germany from Aug. 30 to Sept. 3
Held
in
current
The 1976th session of the
Leipzig Trade Fair will be held
Germany from Aug. 30 to Sept. 3, inclusive.
The Fall
Fair is expected to attract exhibitors and buyers from 74
Government
revenues,
The
National
charges
debt
which
services,
absorbed only 22.9% of
Government
has
all its debts, internal
on
any
finances.
government
Preliminary
1930.
from
increased
pesos
1,070,933,000
into
conversion
of
surplus.
3,461,582,000
reduced
was
that
have been reflected in
outstanding has shown little change since the latter date.
debt
The
than
extent
than
in each year
revenues
since
amounts
public debt of Argentina
1929
to
was
sub¬
since 1929.
except 1932.
years
in
1935
but
1935
exports in
expenditures exceeded current
1934,
end of
increased,
also
of
prices and the expansion
business
Current
has
excess
seven
rise
The
imports
the
increased
exports
any year
external
obligations.
The
debt
annual
savings resulting from these conversions amount to about 55,000,000
Fall
the
years
general improvement in prices, coupled with favorable crops
service of British investment statistics is pub-
by Porter's Financial Statistics,
The Institute is conducted by tlie
Bankers Association
with New York
and,
Porter's Financial Statistics
According
Marked improvement in economic and financial conditions
in
Investment
money.
A concise
Government
yesterday
thei|r
sanctions.
lished
that will
year
national Finance
generally agreed
seem
may
Sanctions
get them raised.
Italy
One
though
raised.
Cuba
gold bonds,
gold bloc's leaving gold.
Regarding Italy, the bankers
lend
the
on
fiscal
the
Economic and Financial Conditions of Argentina Show
and
the
of
contradictory
anxious
talks
the
on
situation.
Germans
should
With little
present.
were
however,
revenues,
$9,500,000 in
Continental Illinois Bank & Trust Co.
France.
members
spent
European
the
Bank
board
wasf
The
the
of
the
the Cuban
issue consists of
public
replaced
board
partly because there had been much talk here that Pierre Quesnay, French
General Manager of the World Bank,
might be made Governor or ViceGo vernor
larger
chief
French
approximately
of
investors
handicapped in their efforts to analyze the situation by
France.
of
to
Court
Supreme
fund
the
of
public works taxes not
have been in¬
special
by
These
In its issue of June 3 the "Times" said:
The
were
secured
are
budget.
June 30.
on
Gbligations of
surprise them.
The
general
yearly budget since the obligations were declared in default
have been
apparently
soon,
the
in
in the
amounted
and
by the public, and also
surprised
and impressed the bankers and helped make them think
anything to be
possible in France.
The degree of the franc's recovery today also seemed
so
public works bonds
included
cluded
end
strikes, despite their extensiveness,
quiet and orderly, and have been taken
so
the "Times"
From
also quote:
we
3941
Chronicle
in
such
well
in
revenues
promptly paid
as
absorbed
1933
interest
1935.
and
pesos.
37.8%
.
of
.
.
sinking fund
external.
as
in
countries and
will comprise some 6,000 exhibits.
A score
leading producing countries, including the United
States, will send exhibits, it was announced by the Leipzig
Trade Fair, Inc., New York, making possible a preview of
of
Bondholders'
Agents
the
the newest
Event
Take
Committee
Action
Default—Three
of
Calls
Upon Fiscal
Colombian
on
Issues
of
Bonds
in
Agricultural
Mortgage Bank Involved
Colombian
The
products in all industrial fields.
Protective
to
public
Committee
Bondholders
letter sent to Hallgarten
a
&
6
June
on
Brown
Co.,
made
Brothers
Harriman
CubanlHSupreme
Court Upholds Loans
Contracted
Machado Regime—Dismisses Suit Which
Sought to Declare $60,000,000 in Debts Invalid
During
The
Supreme Court of Cuba, at Havana, on June 2, by
an 8-to-3 decision, upheld tlie
constitutionality of the $80,000,000 financing program undertaken by the Government
under former President Machado.
Of the original $80,000,000, there is at present outstanding $40,000,000 of Cuban
public works bonds and $20,000,000 in banking credits.
ments
on
taken
the debts
Pay¬
in
in
are
default.
The
court's
stand
was
& Co., and the Chase National Bank, all of New
York, fiscal agents for three issues of bonds of the Banco
Agricola Hipotecario (Agricultural Mortgage Bank), calling
upon the firms to "immediately institute such judicial pro¬
ceedings
for
as are provided for in the fiscal agency agreement
protection of the bondholders in the event of de¬
The issues are the guaranteed 7% sinking fund
the
fault."
gold bonds, issued January, 1927, due Jan. 15, 1947;
6% sinking fund gold bonds, issued Augqst, 1927, due
Aug. 1, 1947, and guaranteed 6% sinking fund gold bonds,
issued April, 1928, due April 15, 1948.
The letter says:
dismissing a suit brought by Dr. Rafael Ramos
Grau, in which he sought to have the law of July 15, 1925,
providing for the public works loans, declared unconstitu¬
with
tional.
undersigned committee and
it
In
Associated
Bank
New
Bank
Louis
was
The bankers'
a
"The
Trust Co.
the
of
court's
decision
governments of
tration
credits
held
were
by the
court's
and
and the Conti¬
"most
as
well
as
forever
as
the
Bank
important to the
of
Havana,
bondholders in
the bankers interested
contention
in
in the credits.
successive
provisional
Gerardo
ruling also
of
Machado
against
Gerardo
officials
Machado
and
of the
several
Chase
of
National
his
Cabinet
"Times" of
In
an
June
80-page
on
from
3, had the following to
decision
the ground
the
general
definitely and
visional
Arrears
opinion
finally
governments
now
in
financial
hereby
institute
all
the
contentions
Machado government
had
of
.
the
been legally
circles
is
amortization
and
such
that
the
which
interest
Co..
pursuant
of
the
to
November,
of
the
between
the
terms
1932,
the holders of the above bonds.
upon
and
you
which
attorney-in-fact
fiscal
as
said
agent
bonds
proceedings
for the
above issue have been deposited
and
the first day
to
judicial
of the
under
the agent
as
demand
pursuant
agreement
said
the
issued,
are
of
provided
the
as
protection
of
under
were
bondholders,
fiscal
to
bondholders
for
in
agency
immediately
in
the
the
fiscal
event
of
default.
Tlie letter also says that in the event of tlie failure of the
fiscal agents to take such legal action tlie committee reserves
tlie
right
to
hold them liable
for
losses that
any
may
be
by the bondholders.
A statement made
available, June 6, by Lawrence E. de S.
Hoover, Executive Secretary of the Bondholders Committee,
has the following to say, in part:
bank
sold
Agricultural
the bank.
of
based
the
In
National
and
on
.
.
the
Bank,
are
a
similar
first
this,
to
Government.
very
institution,
is
the
of the Banco Republica.
have
addition
private
a
exception
bondholders
American
the
guarantee
were
Mortgage
Colombia with
in
to
State.
tonight
Trust
dated
committee,
makes
agreement,
earnings of
the principal pretext under
withheld
$14,432,391.
rejected
say:
obligations.
removes
have
amount to
court
that the
qualified to contract foreign
The
Havana, June 2, to the. New York
lTork
deposit agreement,
The
Further advices
advised that certain bonds
New
sustained
unconstitutional."
threw out all charges of malversation of public
authority
President
was
Secretaries.
complainant
are
the
agency
Cuba that the financing of public works under the adminis¬
usurpation
former
National
Chase
Illinois.
ruling
Cuba
destroys
President-
of
Bank,
June 2,
including the Chase Securities
group
York, the National City Bank of New York,
&
the United States and
The
negotiated by
Rosenthall, Vice-President of the Chase National
characterized
funds
Havana,
You
This
others.
and
of
nental
from
stated:
was
The bond issue
Corp.
Press advices
guaran¬
teed
to
lien
they
The
the
the
carry
banking
banking
largest
The
bonds
all the assets and
upon
laws
laws
unconditional
of
of
Colombia
New
York
.
decision
the
pro¬
payments.
Mr.
Hoover, in
stating
that tlie committee
reserves
right to take such steps as it considers warranted,
holders
of
the
bonds
to
deposit their
bonds
with
the
urges all
the
de-
Financial
3942
positary of the committee, the New York Trust Co., New
York City, or to register their names with the Secretary of
the committee, 120 Wall Street, New York City.
on
Bulgaria 7% Settlement Loan of 1926
Increased-—Kingdom Transfers 17 1-6% of July 1
Coupon for Payment as Against 15% Paid on
Service
Jan. 1
such payment
returned
Such coupons, the agents said, will
bondholders to be reattached to their
thereon.
the
to
bonds in order that their claim for the balance may
be pre¬
served.
The*National City Bank of New York, as fiscal agent, is
prepared Ito deliver at its Corporate Trust Department,
basement "A", 20 Exchange Place, definitive engraved bonds
of the Kingdom of Norway 20-year 4T£% sinking fund ex¬
ternal loan coupon bonds due March 1,1956, in exchange for
outstanding temporary bonds.
The offering of the 4^% coupons bonds by Norway was
referred to in our issue of March 7, 1936, page 1550.
$256,600 Republic of Cuba External Loan
30-year sinking fund 5%% gold bonds, dated Jan. 26,1923,
have been drawn by lot for redemption at par on July 15,
1936, by J. P. Morgan & Co., fiscal agents, in presence of
Senor Pablo Suarez, Consul General of Cuba in New York
City, it was announced July 11. The bonds will be paid
from moneys out of the sinking fund on and after July 15, at
the office of J. P. Morgan & Co., New York City.
An aggregate of
♦
Over-the-Counter Dealings Revised
by SEC—Forms for Registering as Required Under
Amendments to Securities Exchange Act to Be
Issued Prior to July 1
and
dealer
or
registration
for
the
meet
to
said that forms
requirements "will be
new
promulgated prior to July 1." The Commission stated that
it had adopted, "as a temporary measure," rules providing
for registration upon the old forms until June 15, 1936.
"Registrations for brokers and dealers which are already
in effect under the old rules, however," the Commission
pointed
under the amended Act
continued
"will be
out,
The new rules, designated
Rule MB1 and MB2, take the place of the rules and regu¬
without action on their part."
(MAT to MA12) issued by the SEC in May, 1935,
result of the amendment
Securities Exchange Act and which have been re¬
lations
which are no longer operative as a
the
to
pealed by the Commission.
The so-called unlisted trading bill, which provided for the
continuance of trading in unlisted securities on national
securities exchanges after June 1, was signed by President
Roosevelt on May 27.
The text of the measure was given
in our issue of June 6, page 3743.
The following is the
announcement made by the SEC on June 6:
amendment
The
which
the
Section
to
basis
of
will
be
have
until
June
15,
the
adopted
Aug. 26, 1936, all brokers
nels of interstate commerce
effect
to
or
securities
ment
of
the
to make
market
a
or
solely
registration
An
a
selling
was
both
the
sale of
in
create
or
for
provisions of
making
however,
dealers who
in
any
the
upon
a
new
the
or
purchase
only
It
if
sale of any security
upon
registered
a
The require¬
also
buying,
to
another to make,
enable
a
of
while
or
to
or
security.
Thus
who "induces" the
any
person
extends
the broker
not
the channels of interstate
or
to
were
one
whose activities
under the
dealer
former rules
was
engaged
in
for both the purchase anfd sale of securities.
exemption is provided for brokers
or
need
file
not
any
registrations
application,
new
(prin¬
former
in effect
were
since
the
on
amending
May 27,
statute
their registrations will remain in effect as
registrations under the new section.
New forms for the registration of brokers and dealers under this Section
specifically
be
will
that
provides
published approximately July
who have already prepared
made
Form
on
will
1M
However, to accommodate those
1.
registrations upon the old
be
accepted until
June
16,
forms, applications
accompanied by
if
a
deemed filed under the amended Act.
In
addition, registration statements not yet in effect which were filed under
the former rules will, upon request of the applicant, be considered as
written
that they be
request
applications filed
amended
under the
Section
The Commission will
15.
notify all brokers and dealers whose applications were pending on May 27
to that
effect.-
of repeal of the old Section 15, the former rules and regula¬
By virtue
tions
relating
to
markets,
over-the-counter
the
which
promulgated
were
by'the Commission in May, 1935, are no longer operative and have, there¬
been
by
repealed
Commission.
the
The
statute,
new
specifically provides that no liability which may have arisen
effective date shall be extinguished.
The rules issued by the
however,
prior to its
SEC in May, 1935, for the regula¬
tion of over-the-counter markets were given in the "Chron¬
icle" of
/J
May 11,
3133.
page
.
■': :
^
SEO- Broadens
V'"
Rule
Under
■"
Securities
Exchange Act
with Incorporation of Information in
Application hy Reference to Another on File
Dealing
One
with Commission
It was
announced by
the Securities and Exchange Com¬
it has amended Rule JB4, which
deals with the incorporation of material in one application
or report filed under the Securities Exchange Act of 1934,
by reference to another on file with the Commission.
The
June 5
on
that
Commission explained:
The
provisions of the amended rule
the rules
substantially similar to those of
are
governing incorporation by reference under the Securities Act, with
additional
certain
provisions
concerning
The most important
tion
applications
or
V,
.
effect of the amendment is to permit, in an applica¬
report, incorporation by reference of any financial statement previ¬
or
ously
in
incorporation
reports filed with an exchange.
concurrently filed under
any Act administered by the Commission,
substantially conforms to the requirements of the form on
application or report is filed.
However, no material may be
incorporated by reference to information filed in connection with a regis¬
or
if the statement
the
tration
which
is
longer effective.
no
,
Regulations Adopted by SEC for^Holding Groups
Public
Utility Holding Company Act—
Cover Acquisition, Retirement, orJjRedemption of
Securities—Replace Earlier Rules
Under
New
rules
regarding the acquisition, retirement, or re¬
securities by holding companies registered
under the Public Utility Holding Company Act of 1935 and
their
subsidiaries, were promulgated on JJune 5 by the
Securities and Exchange Commission.
The new rules, which
replace the Commission's previous Rule 9C-1, became ^effec¬
tive on June 8.
According to the Commission's announce¬
ment, June 5, the Act requires registered holding companies
demption
of
and their subsidiaries to obtain
approval by the Commission
acquisition of securities, but the Commission is given
authority to adopt rules dispensing with the necessity for
approval with respect to the investment of current funds
or transactions in the
ordinary course of business. The SEC
also had the following to say regarding the new rules:
of
The
rule,
pany
rules
new
and
These
also
repeat, with minor changes, several provisions of the old
permit
acquisitions
in
number
a
include, subject to specified conditions:
is
undergoing
involving any
comply
with
reorganization
change
conversion
in
beneficial
in
rights
or
of
Federal
a
additional
instances.
Acquisitions while
court,
a
com¬
transactions
ownership, acquisitions
sinking fund obligations
not
necessary
and
to
similar
obligations, acquisitions of securities of small companies having less than
$50,000 of assets where the acquisition will result in the acquiring company
owning
all
the
securities
of
the
issuer,
acquisitions from wholly-owned
rights with respect to securities
by subsidiaries, stock dividends, split-ups, reclassifications and
similar exchanges, and acquisitions of securities of service
companies.
subsidiaries,
the
exercise
of
conversion
not issued
Under
or
some
circumstances acquisitions pursuant to
also exempted,
are
where the acquisition of
a new
plans of reorganization
subsidiary is not involved
where the acquisition is part of a reorganization
plan
which has already
been approved by the Commission.
Acquisition of bonds issued by the acquiring company and of any securi¬
ties issued by a
majority-owned subsidiary are permitted to the extent of
1% per year of the aggregate assets of the company and its majority-owned
subsidiaries and
company alone
In
parents.
formed
the former
rule
the
assets
of
the acquiring
the basis of the prescribed percentage,
which were
calendar quarter instead of by the full year.
Quarterly reports are required with respect to some of the acquisitions
authorized by the rules.
to be measured
every
A separate rule,
adopted under Section 12(c) of the Act, deals with
acquisitions of securities issued by the acquiring company and with retire¬
ments and redemptions of such securities.
A company is permitted to
acquire its
than
common
one-tenth
of
stock at
1%
securities sold pursuant
of
to
a
its
cost,
in any year, to the extent of not
total
majority-owned subsidiary.
and
the
payment
of
assets
and,
in
addition,
customer-ownership plans.
respect to acquisitions of bonds is the
dealers whose business is exclu¬
sively intrastate and for those who deal only in exempted securities
are
the mails or the chan¬
except
and sale
statute extend
solely in
forms
be continued under
brokers and dealers who
many
market,
security.
or
required
market
a
old
dealers which
and
will
use
security
by the old test of using the mails
purchase
are
brokers
for
temporary measure,
a
their part.
on
or
registration thus includes
commerce
create
As
1.
registration
to induce the purchase or
transaction
any
July
for
exchange must be registered with the Commission.
included
1934
registration to meet the new require¬
to
the old rules,
without action
amended Act
On
prior
providing
Registrations
1936.
effect under
already in
Exchange Act of
on
Forms for
promulgated
been
rules
Securities
the
May 27, 1936, materially changed
the registration requirements for brokers or dealers in the
over-the-counter markets.
ments
of
15
anproved by the President
was
the
from
in which he transacts his
the market for the securities
not
All brokers and: dealers for whom
New
mission, in an announcement issued June 6,
differs
also
or
business.
Stating that the amendment to Section 15 of the Securi¬
ties Exchange Act of 1934, made by the recently approved
unlisted trading bill, "materially changed the basis of the
registration requirements for brokers or dealers in the overthe-counter markets," the Securities and Exchange Com¬
intrastate
dealers who transacted business exclusively in
securities the market in which was predominantly intrastate.
The test
here is thus the character of the business done by the particular broker
which
Rules Relating to
exclusively
for brokers
mission
$256,600 of Cuban External Loan 5J^% Gold Bonds,
Dated Jan. 26, 1923, Drawn for Redemption July 15
Through Sinking Fund
is
business
whose
exemption
fore,
DefinitiveTEngraved Bonds of Norway 4^% External
Loan Due March 1, 1956 Available in Exchange for
Temporary Bonds
June 13, 1936
cipally governmentals and municipals), commercial paper, bankers' accept¬
ances
or
commercial bills.
This new exemption for brokers or dealers
1936,
Speyer & Co. and J. Henry Schroder Banking Corp., as
American fiscal agents for the Kingdom of Bulgaria 7%
Settlement Loan of 1926, announced June 10 that the Bul¬
garian government has transferred sufficient funds in dol¬
lars to provide for payment of 17 1-6% of the interest due
July 1,1936 (15% having been paid on Jan. 1,1936 coupons).
Payment will be made on or after July 1 at the rate of $6 per
$35 coupon and $3 per $17.50 coupon upon presentation of
such coupons with an appropriate letter of transmittal, at
the office of either of the fiscal agents for the stamping of
be
Chronicle
same as
in the
to buy
more
back
The limitation with
case of a
security of a
The retirement of securities lawfully acquired,
of indebtedness at maturity are also
per-
evidences
Volume
security.
securities
specified
a
Commission
the
to
at
The
for
in
price included
the terms
to manifest
Amends
Rules
of
ance
Exemption
on
of
further
Gas
and
Oil
Orders"
"Suspension
Sales
contained
interests
and
Regulations
addressed
B of the General Rules
Securities Act of 1933 were
in Regulation
the
under
by
8.
June
and
Securities
the
B
Regulation
ilton F.
conditions under
of
nounced
financial
made
If
that
inaccurate in any material
or
the offering
filing of
be
by
granted
the
and
sheet,
that it may remain
within
Commission
days
15
I
that
issue
the
of
filing
effected
by
contains
and
in
as
a
material
(a)
(b)
or
such
made
that
as
have
been
require
may
instituted,
order
to
in
the filing
But
this
if
offerer
and
may
to
offering sheets
at
sheets
which
an
pro¬
be omitted provided
to the requirements
the
omitted,
Furthermore,
that
from
the
for the
reasons
representation to
ruled
has
is
of the
that
the
appro¬
the
more
amount
information
than
110
Under
non-producing
322
Rule
of
is
the
an
for
investor
the
forbidden
to the amount
protection
of
estimates
the
of
oil
investors,
H,
In
fact,
rectly,
has
been
amendments
the
applying
to
properties
not
it I
and
the Securities Act of 1933
of
here
"business
1934
rapidly
is
any
in
the
at
that
predictions and melancholy
was drafting the legisla¬
dire
many
committee
this
time
To
enactment.
its
knowledge, how¬
my
to pass.
come
Moreover, in
estimation, the observation which you
my
letter is not borne out by the facts which are at hand.
gossip to the
effect have been current for some time.
same
meetings of the committee.
hearings and in
prognostication
your
did
But if my memory serves me cor¬
of two or three
not allow for the lapse
The shift
to be fulfilled.
were
was
to have taken place
present time it is my fiirm belief that steps recently taken by the
and
Commission
Exchange
Federal
the
and
Board
Reserve
There
be fewer "big days" and brokers' commissions may be con¬
may
siderably reduced, due to the fact that a large part of the so-called activity
eliminated
which
On
other
the
the
hand,
from the buying and selling of
that
fact
evidence in
activity
superfluous
the
in
that
the contention
market
"business
a
change in Paragraph 6 of Rule 331 to
contained
in
the
rule
offering
case
formerly
as
in
eliminated
rapidly disappearing and going to London and other financial centers."
sheets
shall
be
as
pro¬
of
a
effect,
time
limits
In
to
become
offering
effective
sheet
filed
on
on
July 1,
or
1936,
before
subject to the
that
date,
A
meet the
particular
"is
has
There
have
is
2.
can
of
been
Landis
of
SEC
Refutes Reports That Stock
Exchange Business Is Drifting to London Market
as
Result of Regulations in Securities Acts—Sees
Certain Amount of Foreign Trading Moving to
3.
gossip to this
trading—neither
that
well
any
securities
(June 4), in
say
effect
on
Wall Street
very
for
several
carefully.
^
that
known
for
individual
securities
total
nor
volume.
statement concerning increase in trading in
must rest upon vague estimates.
foreign
greatly in the last year or
holdings
itself
the
upon
London
two.
in
This
American
stocks
have
might be
expected to
in increased trading, especially arbitrage trading, in Ameri¬
securities
might give rise to
Journal"
on
The
Stock
Exchange.
Any
such
increased
result of the drastic
a
regulations embodied in the Securities
Act of 1933 and the Securities Exchange Act of
1934, James
^M. .Landis, Chairman of the Securities and Exchange Com¬
mission, points out that since "the London Stock Exchange
does not publish any figures in regard to volume of trading"
.
.
.
London
"any
in
statement concerning
American
increase
in
securities must rest upon
trading in
vague
esti¬
of
of
Gossip"
column
of
"The
following
Wall
was
Street
May 22, 1936, the following item appeared:
the
expatriation
The
vague
A canvass of a number of brokerage houses found no
writer
cerning
exchanges
United States is drifting tp the London market as
Friday,
a
"Purely
in confidence or otherwise, to
4.
seeking to dissipate charges that trading
of
.
.
United States—Views Indicated to Senator Fletcher
Following Presentments by Former Seantor Kean
so-called
the
In
to
recommendations.
watching the situation
been
American
is
manifest
share
not
pleased
London Stock
in
It
do
times
reference to Senator Kean's letter to you, in which
clear, therefore,
increased
I
at all
am
sufficiently indicate the nature of the situation:
Exchange does not publish any figures in regard
believe,
The
volume
to
It
I
though
even
I
facts and items will be particularly interesting to you and
The following
will,
that
instance,
owing to unduly drastic regulation, securities business
disappearing and going to London and other financial
that,
We
of which is enclosed herewith.
you
Landis had the following to
rapidly
centers."
weeks.
assure
Senator Fletcher:
writing with
am
charges
here
con¬
Schedules
this
Chairman
1.
provide that four and not three copies
with the Commission before any sale
to
observations and
your
addressing
interests.
amended
wish
in
opinion
receive
copy
I
closing,
your
I
of
support
particular fact is ably refuted in a rgDort which I have received from
Chairman Landis of the SEC, a
were
of producing interests and 120 days in the
no
impression that security trading
moving from the United States to London.
In
the
is
This
is
arise
would
"fly-by-nights" and "in-and-outers."
"shoestring" operator,
trading
in the
to
and sound.
actual
requirements of the regulations.
Chairman
the
disappearing
immediately.
he
effective prior to the amendments, will be considered' to
as
Kean
After having received
of May 29.
I recall, you made such predictions during the
as
London
that
of
will recall
your
and
before they
years
the
filed,
are
already producing properties must
made.
The
to
as
has
offering sheet must be filed
dition
Act
made
legislation.
make in
executive
set forth.
are
days prior to the delivery of the offering sheet to
imposed of 90 days in the
of
recoverable in
•
purchaser.
case
gas
omission
Commission
henceforth, when such
amendments include
Other
vide
letter
your
drastic provisions
of those predictions have
Rumors
requirements of the regulation if the state¬
production.
date not
,
Mr.
fact, subsequent developments testify to the timeliness and soundness
the
now
has been
offering sheet
offering sheet, the Commission has ruled that these
information
segregated
In
of
At the
permitted.
were
provide in general that
amount estimated to be recoverable from
be
,
to
6,
June
Fletcher,
repeated subsequent to
none
Securities
suspension
of
of estimates of the amount of oil and
recoverable.
gas
years,
*"
time between
any
and "the termination
substance responsive
make any
Commission
in previous
me
and
changed
is
are
the tracts covered by the
estimates
Senator
of
course,
were
avoid
and
priate schedule.
As to
of
will
made which
Commission has adopted Rule 341,
the
may
by
suggested
lines
to London
go
laws have been
drastic
first
"regularize," "firm up," "safeguard" the securities market are both timely
amendments to offering
no
conferences
orders.
amendment of
has been amended
these
the offering sheet
which
proceedings
suspension
a
Previously
330
expected
issuing suspension
permits the
proposed procedure providing
amendments will be
result,
a
be deemed to comply with
shall
ments
omits to state
or
under either Paragraph
person
is
respects
of
that,
It
supplement Rule 340
Rule
offering sheet
filing the sheet and designated
issuance of
ceedings.
the suspension
the
that
the
along
Exchange
and
ever,
be entered only after notice and oppor¬
type may
Commission.
terminating
effect
in
the
material fact
effect
in
finds
it
conferences between the
necessity for
To
if
a
the
amendment
the
a
been afforded
has
clarification
in
continuing
or
order,
A footnote to the rule outlines
of
justify
this
hearing
informal
result
of
order
of the rule.
for
sheet,
temporary
the
going to London and other financial centers."
You,
in
untrue statement of
tunity for
officers
offering
prior
a
an
An
fact.
any
unlimited
order
While
drastic that business here is rapidly disappearing and
so
the
to
forecasts
provides that the Commission may at any
duration, suspending the effectiveness of
of Rule 340
an
if the regulations proposed were
that
inquiry with respect to the claim which you made to the effect
some
Securities
tion
(b)
Paragraph
Mr. Kean's
•
due
and
issued.
time
practically
reply
other
committee, when I
I told the
few years
a
member,
a
countries.
still
and
correspondence in the matter was
back
being
deeply appreciate
made
notice is
the
after
London
"going to
Fletcher, dated May 29, follows:
follows:
effect for a
in
evidence in support of the
no
is
going to London and other financial centers.
An opportunity for hearing on these matters
period not exceeding 30 days.
will
foreign
slightly,
it also provides
respect;
The
remember
of
commissions
and brokers'
the fact that superfluous activity
.
June 10 by Senator Fletcher.
on
honor
yet they are
suspension order must be entered within seven days after
temporary
a
the
incomplete
centers."
will
you
other
suspension order if it has reasonable grounds for believing that the offering
is
disappearing
rapidly
is
here
passed that most of the stock exchange business would
graph (a) of this rule provides that the Commission may issue a temporary
sheet
Senator Ham¬
from former
days'
'big
.
business"
that
public
the
had
Para¬
340.
.
letter to Senator
The SEC on June 8 further an¬
suspension orders is covered in a new rule,
"business
be fewer
may
The
of
Fletcher, Chairman of the
Committee, who had referred
communication
a
in the market is eliminated is
:
issuance
The
Senator
to
regulations
contention
opportunity to present their views to the Commis¬
Meetings with these issuers and dealers will take
place during the summer.
by him
be reduced,
may
an
sion.
two,
or
year
Kean, in which Mr. Kean had said that as a result
the
"there
engineers' estimates of recoverable oil and gas which were
previously required in all cases.
The Commission, it is
made known, contemplates further substantial revision of
the old regulations and of the offering sheet schedules in
the near future, after issuers and dealers in the field have
had
last
going to London and other financial centers."
Senator
Fletcher in his answer to Senator Kean says that while
A second major change makes optional the filing of
sary.
a
the
and
where the Commission deems it neces¬
sale of the securities
that transactions in
known
account have
suggesting, he
certain amount of foreign trading is moving
Mr. Landis
to
Exchange
forth
sets
well
Senate Banking and Currency
Commission on
which
offerings not exceeding $100,000 of certain types of these
interests may be exempted from registration under the Act.
The amendments, the Commission said, are primarily de¬
signed to establish a method of enforcing the requirements
of the law with respect to misleading statements, by pro¬
viding for the issuance of "suspension orders," to halt the
adopted
"it is
that
"any such
says
These views of Mr. Landis are contained in a letter
here."
exemption of oil and gas
the
on
he
greatly in
"that
says,
Amendments to its rules
states
increased
Securities
Stop
to
to which
as
this country in domestic securities for foreign
Under Securities Act—ProvidesTor Issu¬
Interests
that "this might be expected
trading, especially arbitrage
says
London Stock Ex¬
increased trading
might give rise to a vague impression that security trading
was moving from the United States to London."
Mr. Landis
change,"
12C-1, and 14-1.
SEC
two,"
itself in increased
trading in American securities upon the
9C-3;
regulations are known as Rule 9G-1; 9C-2;
new
in the last year or
order authorizing the transaction.
an
is well known that
Mr. Landis, in adding that "it
mates."
foreign holdings in American stocks have increased greatly
of an outstanding
A company desiring to acquire, retire, or redeem any of its own
otherwise than as expressly authorized by the rule is to apply
effected
if
Commission
Redemptions likewise do not require approval by the
mitted.
3943
Chronicle
Financial
142
partner willing
admit that he had lost any clients to foreign firms ..."
article expressed
his
opinion
that
the
rumors
con¬
of trading in American securities were unfounded.
item appeared in the New York "Herald Tribune"
Wednesday, May 27:
pleased over recent reports that because of the stringent
of business is being transferred to England, where
much less stringent and far more trading is conducted.
The
to prove the report false.
first place, if accounts were transferred abroad, such transactions would
good deal more than Just ordinary transfer instructions, as brokers in
"Some brokers are not too
margin requirements a good deal
the requirements are
facts tend
"In the
require a
London are more inclined to choose
their clients than to have their clients choose
them.
place, the story just doesn't hold water, inasmuch as any business1
in American securities originating in London, if of any volume at all, would have
to be executed right here on an American exchange.
Such business would not
"In the second
3944
Financial
Chronicle
affect turnover here in any degree, except as to the
possible small float of American
securities actually passing hands in London,
Some brokers believe that stories
of this character do their cause more harm
than good, and they are
saying so
outright."
5.
for
known that transactions
foreign
have
account
in
increased
this country in
greatly
This would suggest that a certain amount of
"Rumors of the character to
to
watch
with
and
and
gauge;
reference to
this
the
further
will
be
last
year
or
two.
foreign trading is moving here.
which you refer
are,
any
matter
in
domestic securi¬
evidence
brought to
of course,
that
our
concern
may
we
acquire
attention."
your
Consolidated Federal Farm Loan bonds (hereinafter referred to
1933
Banks
March
389
to
banks.
Currency,
liqidation of 15
receiverships of National banks during May, 1936, making
a
total of 389 receiverships
finally closed or restored to
solvency since the so-called banking holiday of March. 1933.
Total disbursements, including offsets
allowed, to depositors
other creditors
of these
389
institutions, exclusive of
solvency, aggregated $109,-
the 42
receiverships restored to
151,082?, Mr. Prentiss said, or an average return of 74.34%
of total liabilities, while unsecured
depositors received divi¬
dends amounting to an average of
58.91% of their claims.
was
also stated:
Dividend
National
con¬
to
the
United
during
the
May,
creditors
1936,
of
ail
by all receivers of insolvent
active
receiverships
aggregated
made; and that the earning power of the land be
receiverships since the
banking holiday of March, 1933, aggregated $725,743,802.
The National banks whose
announced
receiverships
as
were
terminated
a
principal factor in
the
appraisals.
Since June, 1933, estimates of earning power have been
based primarily on the average yield of the land
during the past several
and
prices
average
1909-1914,
as
of its
products
prevailing
indicative of the normal earning
power
during the
period
of the land.
The collateral for consolidated bonds
(which bonds, including the bonds
offered, will aggregate approximately $1,825,000 in principal
amount)
now
is deposited in trust
with Farm Loan registrars and is held by them as
security for all outstanding consolidated bonds, separate and
apart from
collateral held by them for bonds issued by the individual
banks.
At the
time
that
these
bonds
issued, approximately
are
0.6%
of the
principal
amount of the
collateral for consolidated bonds will consist of
obligations
of the Government.
The balance of such collateral will consist of 1st
mtge.
loans,
portion of which will be loans
a
principal
or
interest
extended loans
or
lateral.
in default
are
which
on
have been extended, which defaulted
or
equal face amount of United States
fully guaranteed, cash
anteed by the
manured instalments of
permitted by the law to be included
are
The law permits collateral security
as
eligible col¬
a
Farm Loan
deposited with
the substitution therefor of
on
Government
an
obligations direct and
mortgages eligible for deposit.
or
Although these bonds
Dividend payments to the creditors of all active
were
principal amount of obligations of
States
Government, and (or) first mortgage loans on farm
properties, made in amounts not exceeding 50% of the value of the mort¬
gaged land and 20% of the value of the permanent, insured
improvements
thereon, as ascertained by Land Bank appraisers at the time the loans
$4,503,420.
during May
the
registrar to be withdrawn at any time
payments
banks
are
collateral security of at least an equal
years,
William Prentiss Jr., Deputy
Comptroller of the
announced on June 4 the completion of the
It
as
authority of the Federal Farm Loan Act,
joint-and several obligations of the 12 Federal Land
The law requires that all consolidated bonds be issued
only against
amended
as
are
Liquidation of 15 Receiverships of National
Completed During May—Brings Total Since
and
1936
13,
solidated bonds) issued under the
It is well
ties
June
Description of Consolidated Bonds
Government obligations, and
are not
Government, they
are not guar¬
the secured obligations of banks oper¬
are
ating under Federal charter with Governmental supervision by the FCA.
Legality as Investments for Savings Banks and Trust Funds and as Security
for Public Deposits
follows:
The law provides that Federal Farm Loan bonds shall be lawful invest¬
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY
CLOSED
OR RESTORED TO SOLVENCY DURING THE
MONTH OF MAY, 1936
ments for all
States
fiduciary and trust funds under the jurisdiction of the United
Government.
They
are
also eligible
as
security for
Government
deposits and for Postal Savings funds.
Total
Date of
Per Cent
Disburse¬
Receiverships
Per Cent
Total
Dividends
ments Incl.
Returns
Paid
Failure
First Nat. Bk,, Lake Benton, Minn x Oct.
First Nat. Bank, Lindsay, Calif.x_. Nov.
First National Bank, Sisseton, S. D_ Oct.
Farmers Nat. Bank, Inwood, Iowa._ Dec.
First National Bank, Plymouth, 111.
Nov.
Liberty Nat. Bk., Pawhuska, Okla.x Mar.
Security Nat. Bank, Cherokee, Iowa Mar.
American Nat. Bank, Billings,Mont. Sept.
First Nat. Bk. & Tr. Co., Paris, Ill.x May
First Nat. Bk. of Mt. Sterling, Ill.x. Dec.
First Nat. Bank of Fergus County
in Lewis ton, Mont..
First National Vank, Albion, Ill.x.
Offsets
to All
Unsecured
Allowed
Creditors
Claimants
25, 1933
2, 1933
$6,908
33,796
137,409
174,655
108,932
24,728
80,505
257,752
621,625
193,845
1, 1931
20, 1930
20, 1930
8, 1933
17, 1930
23,1922
4, 1931
17, 1930
Apr. 12, 1924
Apr. 27, 1932
27, 1932
3,064,900
47,556
18, 1932
First National Bank, Ludlow, Mo.. Jan.
9, 1931
82,238
116,429
23.
92.94
90.4
104.86
107.89
52.45
44.95
40.89
27.88
85.37
17.217
34.52
9.8649
Bonds
33.3
be
on
98.1
deficiency
Toward
June 11 of
were
called
on
July 1, 1936.
It was announced that
434% bonds will receive, so far as
practicable, preferential treatment.
The new consolidated bonds, which are issued under the
authority of the Federal Farm Loan Act, as amended, and
which are the joint and several
obligations of the 12 Federal
Land banks, represent an increase of the issue offered last
December; this earlier offering was referred to in our issue
14,
It
page 3776.
Although the bonds are not Govern¬
obligations, and are not guaranteed by the Govern¬
ment, they are the secured obligations of banks operating
under Federal charter with Governmental
supervision by the
Farm Credit Administration.
They are exempt from Fed¬
eral, State, municipal and local taxation.
The following is from a circular issued June 11 incident
to the offering that
day:
The Federal Land Banks
12 Federal Land banks reported, as of March
31, 1936, aggregate
capital stock of $235,898,917.50, paid-in surplus of $100,649,134.26, and
total
assets
of $2,426,526,330.21.
The banks are incorporated under
Federal law, and operate under the
supervision of the
...
was
also stated in the circular:
The bonds to be delivered will be dated Jan. 1, 1936, and will have Jan.
1937
and
subsequent
to surrender them
on
practicable,
1,
To the extent that holders of
attached.
coupons
agree,
prior to the closing of the books,
the payment date at 100 % of their face value in
part
payment for these 3%
consolidated bonds, they are to receive,
preferential
in exchange for called 4
which
It
treatment.
is
expected
that
so
far
are
to be
as
approximately
to
(including its agencies and instrumentalities)
% bonds, at the offering price less the commissions
paid in connection with other subscriptions.
Offering of Two Series of Treasury Bills in Amount
$100,000,000 or Thereabouts—Both Issues to be
Dated June 17—$50,000,000 of
181-Day Bills and
$50,000,000 of 273-Day Bills
of
Tenders to a new offering of Treasury bills in two series to
the aggregate amount of $100,000,000, or
thereabouts, were
invited on June 11 by Henry Morganthau Jr.,
Secretary of
Treasury.
The tenders will be received at the Federal
banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, June 15, but will
pot
be received at the Treasury
Department, Washington.
The Treasury bills, which will be sold on a discount basis
to the highest bidders, will be dated June
17, 1936; an issue
of similar securities
amounting to $50,015,000 will mature on
the
Reserve
June
FCA,
a
branch of
17.
amount
Each
series
of
the
bills
new
will
be
offered
in
of
$50,000,000, or thereabouts.
One series will
be 181-day bills, maturing Dec. 15,
1936, and the other
273-day bills, maturing March 17, 1937.
The face amount
of the bills of each series will be
payable without interest on
their respective maturity dates.
The bidders are required
to specify the
particular series for which each tender is made.
With the 181-day series
approximately $350,000,000 of
Treasury bills will mature on Dec. 15, 1936, inasmuch
as six
previous offerings are also due on that date.
In his
announcement of June 11 Secretary Morgenthau stated:
The bills will be issued in bearer form only, and in amounts
nations of $1,000, $10,000,
or
denomi¬
$100,000, $500,000, and $1,000,000 (maturity
value).
ment
the Government.
The transfer of
subject to taxation under
Definitive Bonds will, it is expected, be ready for delivery July 1, 1936.
issue of $83,-
York; The
City Bank of New York; Edward B. Smith & Co.;
Corp.; Lee Higginson Corp., and a nation¬
wide selling group.
Proceeds from the sale of the bonds,
together with cash on hand, will be used to retire approxi¬
mately $83,125,020 principal amount of 4^% bonds of
The
course,
New
an
The First Boston
of Dec.
the income from the bonds.
applicable valid laws providing for the taxation of transfers of personal
Retiring
National
individual Federal Land banks which
The exemptions include
$24,750,000 principal amount of these consolidated bonds will be sold
Alex. Brown & Sons The Chase National Bank; Brown Harriman &
Co., Inc.; Guaranty Trust Co. of New
the
on
bonds, by inheritance, gift, &c., is, of
any
4H% bonds called for redemption
000,000 Federal Land banks 3% consolidated Federal Farm
Loan bonds, dated Jan.tl> 1936, due Jan. 1, 1956, and not
redeemable before Jan. 1, 1946.
The bonds were priced
at 100 34% and interest from July 1, 1936 to
yield about
2.97%.
The subscription books to the offering were closed
shortly before noon on June 11, following an oversubscrip¬
tion, it was announced by Charles R. Dunn, fiscal agent for
the Land banks, under whose direction the
offering was
made with the co-operation of a banking
group comprising
June 10 for payment
holders of the called
the
24.533
102.89
$83,125,020 of Called 4]i% Bonds
Formal offering was made
exemption from surtaxes
the United States Government
Used
constitutionality
of the Act creating the banks and the provision
exempting their obligations
from Federal, State, municipal and local taxation.
18.589
21.97
51,577
Exemption
The Supreme Court of the United States has upheld the
20.278
Consolidated Federal Farm Loan
Offered
by Federal Land Banks—Books
to
elibigle
as more
50.073
33.65
3%
Closed—Proceeds
made
States,
property.
67.39
■.
of
are
majority of the
are
trust funds in more than 20
Tax
»
74.2
+
$83,000,000
a
14.35
84.61
receiverships of National banks terminated
was given in the
"Chronicle" of May 16,
April
3267.
(including New York and Massachusetts), and
by statute for the investment of
33.7196
A report as to
during
States
13.291
33.7196
44.26
x Receiver appointed to
levy and collect stock assessment covering
In value of assets sold, or to complete unfinlsheded liquidation.
page
eligible for investment by savings banks under the laws of
fully enumerated in the within letter.
Albion National Bank, Albion, Ill.x Apr.
First Nat. Bank, Enterprise,Ala.x._ July
_
In the opinion of the General Counsel of the FCA consolidated bonds
It is
in the
banks
No
urged that tenders be made
or
the
printed forms and forwarded
Federal
Reserve
branches upon application therefor.
tender
for
tender must be in
on
on
special envelopes which will be supplied by the
an
amount
less
than
multiples of $1,000.
$1,000
will
be
considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal
places, e.
g.,
99.125.
Fractions must not be used.
Tenders will be accepted without cash
deposit from incorporated banks
and trust companies and from
responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be
of
are
accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company.
Immediately after the closing hour for receipt of tenders
1936, all tenders received at the Federal Reserve banks
or
on
June
15,
branches thereof
Volume
Financial
142
the closing hour will be opened and public announcement of the
up to
acceptable prices for each series will follow
probably
the
on
following
as
The
morning.
soon
as
possible thereafter,
Secretary
of
Treasury
the
3945
Chronicle
Subscriptions and allotments to the new bonds and notes
divided among the several Federal Reserve districts
and the Treasury as follows:
were
expressly reserves the right to reject any or all tenders or parts of tenders,
and to allot less than the amount applied
respect shall be final.
for, and his action in
particular series will be subject to rejection.
will
be
price
advised of the
offered for
2% % TREASURY BONDS OF 1951-1954
such
any
Any tender which does not specifically refer to a
acceptance
Treasury bills
Reserve banks in cash
or
or
other
Those submitting tenders
must
be
Total
Total
Cash
Exchange
Cash
Subscriptions
Federal Reserve
Subscriptions
Subscriptions
made
Federal
the
at
Subscriptions
Allotted
immediately available funds
on
District
Received
Received
Allotted
Total
Total
Payment at the
rejection thereof.
allotted
June 17,
(Allotted
1936.
in Full)
The
Treasury bills will be exempt,
gain from the sale
taxation,
except
or
as
to principal and interest,
other disposition thereof will also be exempt,
estate
and
inheritance
taxes.
(Attention is
and any
from all
invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
gift tax.)
No loss from the sale or other disposition of the Treasury
the
bills shall be allowed
poses
of any tax
of its
as a
now
or
deduction,
or
otherwise recognized, for the pur¬
hereafter imposed
by the United States or any
possessions.
Boston
Philadelphia
Cleveland
-
—
Richmond
Atlanta
Chicago
St. Louis.--
Minneapolis
Treasury Department Circular
No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Kansas
£.
San
Francisco^
Treasury
Total
Tenders
$85,520,500
909,760,350
49,855,300
52,410,600
63,211,400
3,851,900
$956,130,700
$670,807,150
$1,626,937,850
$25,001,200
588,822,200
12,167,000
11,846,400
39,186,600
10,167,000
157,923,400
19,540,400
27,556,600
34,715,500
77,845,550
83,406,950
198,264,100
1,787,700
City
Dallas
.
$60,519,300
320,938,150
37,688,300
40,564,200
24,024,800
20,334,950
65,030,650
22,941,000
11,701,150
17,112,100
18,641,150
30,986,600
315,800
$404,345,200
2,234,799,300
239,235,800
244,644,450
140,675,100
108,011,000
376,426,700
112,264,300
60,206,350
New York
$4,281,856,500
—
7,140,100
18,212,400
30,501,950
222,963,050
42,481,400
39,257,750
51,827,600
25,781,250
49,199,000
4,167,700
of
$266,440,000
Received
to
Offering
of
$100,000,000 of Two Series of Treasury Bills Dated
1^% TREASURY NOTES OF SERIES B-1941
June
/
10—$50,140,000 Accepted for 188-Day Bills at
of 0.187% and
$50,035,000 for 273-Day Bills
Rate of 0.230%
Rate
at
Secretary of the Treasury Henry Morgenthau Jr.,
nounced
Total
Exchange
Cash
Subscriptions
Subscriptions
Subscriptions
Allotted
District
Received
Subscriptions
Allotted
Total
Total
an¬
June 8 that tenders totaling $266,440,000 had
been received to the
offering of $100,000,000, or thereabouts,
Received
(Allotted
on
of two series of
$100,175,000
received
thereof
Total
Cash
Federal Reserve
Treasury bills dated June 10, 1936, of which
were
the
at
accepted.
Federal
to 2
The
Reserve
bids
banks
the
to
and
bills
the
were
branches
Eastern Standard Time, June 1.
The two series of bills were offered in amount of
$50,000,000,
or
thereabouts, each; one series was 188-day bills, maturing
Dee. 15, 1936, and the other
273-day bills, maturing March
10, 1937.
The offering was referred to in our issue of
June 6, page 3771.
up
p.
m.,
Secretary Morgenthau
issued
on
June
the
1
following
in Full)
Richmond
Atlanta.....
-
St. Louis
Minneapolis
Kansas
City
Dallas
San Francisco
Treasury..
$2,772,720,900
Total
14,193,900
7,167,000
10,507,200
10,043,500
21,481,000
225,000
14,896,000
9,983,000
$68,735,0001 $435,223,50(
252,356,200
76,270,600
40,824,200
57,140,500
54,569,800
138,446,700
1,500,000
Chicago
42,066,000
702,100
2,816,000
1,911,300
384,000
3,051,600
20,000
198,529,500
94,809,300
72,664,500
Cleveland
$31,169,100
217,654,300
22,264,600
30,815,200
15,199,300
,12,437,400
4,713,000
1,440,293,800
145,006,000
New "York
Philadelphia
$35,693,900
263,588,800
24,224,300
32,164,700
$4,524,800
45,934,500
1,959,700
1,349,500
803,300
565,200
$200,309,800
Boston
$503,958,500
16,002,600
13,002,600
46,779,000
12,418,500
10,427,500
24,532,600
245,000
details of the result of the
offering: *
188-Day Treasury Bills, Maturing Dec. 15, 1936
For
this
series,
which
amount applied for was
The
0.161%
$50,000,000,
or
in price from
per annum, to
Gold Receipts by
was
accepted.
99.916, equivalent to
99.896, equivalent to
a
a
rate
of
rate of about 0.199%
a bank discount basis.
The average price of Treasury bills
of this series to be issued is
99.902 and the average rate is about 0.187%
per annum on
per annum
on
a
bank discount
For
this
amount
The
series, which
applied for
for
$50,000,000,
or
i
0.132%
per annum,
the
a
99.815, equivalent to
bank discount basis.
price
was
accepted.
The
a
announced by the Treasury on June 8.
Of this
the Treasury made known, $32,499,900.92 was
Only part of the amount bid for
average price
of Treasury
bills
on
June
Seattle
Subscriptions
of
$7,054,577,400 of cash subscriptions received to the
Treasury's June 15 quarterly financing, consisting of an
issue of $600,000,000, or
thereabouts, of 15-18-year 2%%
Treasury bonds and an issue of $400,000,000, or thereabouts,
of five-year 1ZA%
Treasury notes, Secretary of the Treasury
Henry Morgenthau, Jr., announced on June 9 that $1,106,030,650 were allotted—$670,807,150 for the bonds and
$435,223,500 for the notes.
The cash subscriptions for the
2%% bonds were in amount of $4,281,856,500, while those
for the 1 %% notes amounted to
$2,772,720,900.
amount
bonds
and
notes
were
also
$239,767
$430,608.98
1936. $32,490,900.92
issued
for
Hoarded
of
Gold
Ended June 3—$19,367 Coin
$1,024,865,700
Allocated in Full
the
;
.
144,000.00
1,648,767.05
605,513.31
130.61
261,810.44
$2,661,172.26
15
Of the
Both
46,371.55
26,334.29
13,816.12
is about 0.230%
Treasury Financing—Cash
Subscriptions Totaled $7,054,577,400—$670,807,150
Allotted for 2%% Bonds and
$435,223,500 for 1 Vs%
Notes—Exchange
172,500.00
34,023.68
1,273,994.79
50,127.59
San Francisco
$950.85
$137,563.34
$4,378.54
31,171,400.00
Total for week ended June 5.
Figures
amount",
imports,
New Domestic
Secondary
Imports
Week Ended June 5, 1936—
rate of about 0.244%
of this series to be issued is
99.826 and the average rate
per annum on a bank discount basis.
Final
received during the
total of $35,591,682.16 of gold, it was
a
was
per annum, to
on
latter
The various mints and assay offices
week ended June 5
thereabouts, the total
$113,830,000, of which $50,035,000 was accepted.
accepted bids ranged in price from 99.900,
equivalent to a rate of
about
at
was
Week
$430,608.98 and $2,661,172.26 new domestic.
The gold
was received as follows during the week ended June 5 by the
various mints and assay offices:
basis.
273-Day Treasury Bills, Maturing March 10, 1937
Mints and Assay Offices During
$32,499,901 Imports
Ended June 5
thereabouts, the total
$152,610,000, of which $50,140,000
accepted bids ranged
about
for
was
Received
Week
During
and $220,400 Certificates
Receipts during the week ended
June 3 of gold coin and
certificates by the Federal Reserve banks and the Treasurer's
office under the order of Dec. 28, 1933, requiring all gold to
in amount of $239,767.12,
announced on June 8. The amount of hoarded
gold returned since the order was issued, and up to June 3,
totaled
$142,548,637.57.
The Treasury revealed that
$19,367.12 was gold coin, and $220,400 gold certificates.
The data made available by the Treasury on June 8 are as
be returned to the Treasury, were
the Treasury
follows:
GOLD RECEIVED BY
the
FEDERAL RESERVE BANKS AND
TREASURER'S OFFICE
THE
(Under Secretary's Order of Dec.
28, 1933)
of
$1,050,754,400 of maturing notes tendered in
are $686,616,400 of 18-month
llA%
notes of series E-1936,
maturing June 15, 1936, and $364,138,000 of four-year 334% notes of series A-1936,
maturing
Aug. 1, 1936.
The exchange subscriptions amounted to
$1,024,865,700 which were allotted in full as follows: $956,-
exchange; the maturities
130,700 for the
bonds and $68,735,000 for the new notes.
The right had been reserved to the
Secretary of the Treasury
Gold Coin
Received by Federal Reserve
offering of the bonds or notes by an amount
sufficient to accept all exchange subscriptions tendered.
This financing of the
Treasury was completed last week.
$218,100.00
108,017,440.00
$31,581,421.57
$108,235,540.00
268,256.00
Total to June 3
The bonds and notes
were
offered
on
June
1
and the cash
Receivered by Treasurer's
Week ended June
2,461.120.00
books were closed the same day; the books
for the receipt of the exchange.
subscriptions were closed
two days later on June 3.
Reference to the offering was
The
the largest peace-time borrowing in the history
$2,300.00
—
_
$268,256.00
Total to June 3
Note—Gold bars deposited
$200,572.69 previously
with the New York Assay Office in
in
our
the receipts of hoarded gold was
issue of June 6, page
Receipts
$2,463,420.00
the amount of
reported.
Previous reference to
made in the "Chronicle" of June 6, pages 3772-3774.
of the country, and the interest rates were the lowest for such
maturities of bonds and notes.
Both issues are dated June
Office:
3-
Received previously.
subscription
was
S19.367.12
31,662,054.45
Week ended June 3
Received previously
new
to increase the
financing
Gold Certificates
banks:
made
3772.
Silver by Mints and Assay
Purchases Totaled 2,254,Ounces During Week Ended June 5
of Newly-Mined
Offices
from
720.08 Fine
Treasury
15, 1936; the bonds—Treasury bonds of 1951-54-—are due
June 15, 1954, but are redeemable at the option of the
United States at par and accrued interest on and after June
15, 1951; the Treasury notes of series B-1941 become due
June 15, 1941, and are not subject to call for redemption
According to a tabulation issued by the Treasury on
June 8, a total of 2,254,720.08 fine ounces of silver was
turned over by the Treasury Department to the various
prior to maturity.
ance
offices during the week ended June 5. The
purchases made by the Treasury in accord¬
with the President's proclamation of Dec. 21, 1933,
mints and assay
silver was from
3946
Chronicle
Financial
which authorized the
Department to absorb at least 24,421,410 fine ounces of newly mined silver annually.
Total
receipts since the issuance of the proclamation, which was
referred to in the "Chronicle" of Dec. 31, 1933, page 4441,
were in amount of 86,505,408.38 fine ounces.
The tabulation issued by the Treasury follows:
SILVER
RECEIPTS OF
BY THE MINTS
AND
ASSAY OFFICES
(Under Executive Proclamation of Dec. 21, 1933.
as
legislation nullified by the Supreme Court he commented
upon the Louisiana Purchase, and the advice given to
President Thomas Jefferson that the Constitution of the
United States contained no clause authorizing him to pui>
chase or acquire the territory, and hence That no such
authority could be exercised.
which could not be separated from a Federal government, if such a Federal
government was permanently to endure.
amended)
PhEeiphiaed1936T-
1
The President went
271,682.94
Francisco".'963',345^6
San
Total for week ended June 6,1936....
2,254,720.08
86,505,408.38
Total receipts through June 5,1936
The
receipts
newly-mined
of
silver
during
week
the
ended May 29 were noted in these columns June
6, page 3772.
»
Silver Transferred to United States Under Nationalization Order During Week Ended June 5 Amounted
to
He went on to say.
Mechanization of industry, andL mass production have put unparalleled
common man.
week ended June 5 to the United States under the Executive
Ot
Order
fine
Aug. y, iyd4, nationalizing the metal.
issued,
was
the
Treasury revealed,
"
Since the
The measure of the need has been the measure of the
112,830,550.88
sary to meet
of the metal have been transferred to the United
Ounces
nothing less.
States Government.
The order of
Aug. 9 was given in our
Aug. 11, 1934, page 858. The following tabulation
issued by the Treasury Department on June 8:
These
,
TO UNITED
STATES
Tolal re^iuSThrraeh
the
1».?6
Chronicle
made
to
ended
Gf light from Maine to California—we
Tbe
the
oJHt.'I'i'o
,
6,
3772, reference
page
silver
transferred
effor|.
during the previous week
Artflnoao
4-
himself at recent
marlo
,1
"f1® atPresident talks
Vmcennes Ind.
the
Stated that
While the speech
s
President
d
•
indicating
May 26, when
a
this
at
station to find
a
fall to visit the
"I
was
the
political
Several
the
he
thousand
1
persons
day, and city officials
sent
at
Bristol,
Tenn.,
earlier
bouquet of flowers to the President.
a
a
Mr.
Finance
Corporation.; Vincent Miles,
a
member of the Social
Security Board; Col. Lawrence Westbrook, Assistant
Works Progress Administration Director and
other
Washington officials.
as
President
tion
Declares
Economic
at
nherent
Was
p
u„
Purchase
roiicies
u
„
or
li-
to
regarded
as
Case
in
of
INot
challenging
the
i
»
J-,
at
direct reference
i
,
Little
was
11
i,
.
11
*
Republicans,
-1
While I have been in the State of
see
the
a
bird of
State at closer
claim every warrant for the name "wonder State."
very new.
as
1686.
.—a
,
France
family
reasons,
negotiated
the
a special significance for me.
because Robert R. Livingston, our
purchase
am
by
a
direction of
very
President
shrewd bargain.
also interested because President Jefferson, seeing the complexities
which the Emperor Napoleon faced in a coalition of hostile European powers,
had the courage to act for the benefit of the United states without the full
•
He w as told by some of his closest advisers and friends that the Gonstitu—
-i
Rock, Ark., on June 10. "While no
made by the President to the New Deal
t0
Thomas Jefferson—and I must admit that he drove
in
•
our own American flag by the Louisiana Purchase in 1803.
That Louisiana it for
Purchase has always had
m
I
on
Celebration
far back
Minister
Be
the Constitutional issue, formed the subject of
address by President.Roosevelt at the Arkansas Centennial
ij
an
can
I am interested
Certain
Could
T
National Convention at Cleveland, to fight out the
political
campaign
glorious day.
citizens who live in the original 13 States along the Atlantic
our
brought under
Separated From Federal Government
Remarks
a
of Spain, to be recovered by Napoleon for France in 1800, and finally
Fit
That
Government
his country
First under the flag of France, the young settlement passed to the flag
Confronting
tl
Holding
as
Celebra-
Intended
Requirements
Thomas
Jefferson
at
Louisiana Purchase
Centennial
Social
Nation—Quotes
T
Louisiana
Arkansas
Constitution
and
Arkansas
^
Roosevelt
luncheon
is not generally realized that Hernando de Soto, the
tireless Spanish explorer, set foot in what is now Arkansas as early as 1541,
more than half a century before the founding of Jamestown and New
Amsterdam and Plymouth; nor the fact the French explorers, Marquette
and Joliet, coming southward from Canada, saw this country when the
civilization of the Atlantic seaboard was still in its infancy,
Nor have they sufficiently been told that the first settlement under the
flag of Rrance was made under the direction of de Tonti at Arkansas Post
With the President
Roosevelt, who will join the party early tomorrow
morning at
Memphis, Tenn., are the two Arkansas Senators, Joseph T.
Robinson,
who is up for re-election this
fall, and Hattie W. Caraway; Jesse H. Jones!
Reconstruction
at
1 am certain that
Mrs.
Chairman of the
President
seaboard may have the natural idea that white men first became acquainted
witt^ their Part of the country, and that the territory lying west of the
in
possibility at Little Rock,
the President there.
see
this has been
Mississippi is all
striking sharecroppers is
attempt to
no
tke Union'
Byrns, regardless of
public appearance.
no
A demonstration by
for a delegation will
me
Possibly
gathered
crowd with enthusiasm not diminished by heavy clouds
a
1118 doubly a privilege to meet you face to face and to join with you in the
celebration of the 100th anniversary of the admission of this State into
through
.
were
equal
ran8e. and especially to enjoy the generosity, the kindness and the courtesy
of true Arkansas hospitality.
1 have seen your Park®—1 bave seen the beauty of your mountains and
before
(en route to the funeral of Speaker Joseph W.
Byrns)
I know that
every one will miss Joe
an
erected for the occasion.
today had entertained the
rivers.
came
opes
passage and this is the first chance I have had to
delegation of
a
appeared
all," the President said, "when I
party."
Boosevelt made
and
afterward
news
truly historical, observers gained the impression
Arkansas before this, my visits have been too much like those of
nearby Norris Dam.
sad mission.
a
their
Soon
cautioned
*
The President's address follows in full:
F0r
promise that he would return to Knoxville next
sorry not to see
here the other
day
on
Major James Elmore and
politicians.
Washington had
home, Couch wood.
quote:
to
in
^
Governor Futrell introduced Harvey C. Couch, utilities operator, who
earlier
nnn
visited by
a formal address but Mr. Roosevelt
in written speculation about political
him to the crowd with the remark that "in campaign times there is
tPresident at Knoxville, Tenn. on June 9 en route to
~:0C ' 0n R1S sPeeRji tram, it is stated that more than
AHJU
persons were gathered, at
the
local
too far
EoUtical r,?^n to\ a I?,emocrat t0 vi8it Arkansas: for a RePublican to 00016
trip had been
d1110^S ln 5d7an?e.; Following his Dallas speech
was
surprise to all except those who had
which momentarily threatened rain.
Mr* Roosevelt was greeted by Governor J. M. Futrell, who introduced
?
resident planned, to visit his son Llliott at the latter's
-home at Fort Worth.
At the first "back
platform" talk of
and
a
He arrived at the stadium after driving around the city from the railroad
Cleve-
applauding crowd
was
number of temporary
newspaper reporter
station.
From
advices June 9 to the New York "Herald
Tribune" we
as
interest from the Republican Convention. ...
1>resident Rooseyelt gP°ke before a crowd estimated by police at 50,000
would be historical
The President also indicated that his
city officials
foolish and short-sighted man to say
to 60,000 people, who crowded into 25,000 permanent seats and
.
+
commented upon the fact that the President's
tour coincided
with that of the
Republican National Convention at
The President
reasonable
their purchasing
that the President used that method in a novel way to lay the basis for the
campaign he will conduct this summer, if not to distract a measure of public
CRraR
Prior to his trip
q+
the
a
conferences
go
potentialities in this talk.
to
bo
press
correspondents not to
elsewhere in this issue,
yesterday
(June 12) the President's second speech which he had
previously arranged for was delivered at the Texas Centennial at Dallas and on Sunday (June
14) his third scheduled
on
would take
every
or restore
of the National government itself,
imPreff on that it was to be simply
1
^
political,
be predicated on the
assisted in its preparation, for not only had the White House given the
Tovao
Tnrbano
a
t
Arkansas, rexas Indiana, and Kentucky
At Little
Ark., on June 10 the President delivered the first of Rock,
three
major speeches scheduled on this
speech-making program,
than
concern
The President's speech came
President Roosevelt left Washington on June 9 for a
tour
scheduled for a week to embrace a visit to the
States of
conference
can never
.
From the ad vices from its correspondent at the Centennial
♦
;
.
.
Stadium at Little Rock, where President Roosevelt spoke,
the New York "Times" had the following to say in part:
:
will
are commencing to solve.
is unable to totter thelr conditions, to raise
thatit; is n0
^
referred
_
delicate in their
so
approacb to these problems may not be immediately discernible:
power, then surely it
was
""•*
is
of their constitutional guarantees of life,
If local government, if State government, after exerting
112.830.650.88
Of June
President Roosevelt's Tour of Southwest
States—Left
Washington, June 9 on Week's Trip
this
new
men
but organization to meet human suffering
May 29.
the
flow past all sectional
economic balance that any change in their status is reflected with the speed
relaxation of human effort.
Total receipts through Juno 5 1936.
June 5,
1
now
the vast breadth of our whole domain.
in short the enjoyment by all
,
land.
intensity,
growing
over
liberty, and the pursuit of happiness—these questions,
IIIIIIU
press
with
4,662.00
431.77
Seattle
rather
problems,
2J)95.82
New
f? Was
.
.
Ounces
1936
D^veranClSC°
It
.
5,860.00
Week Ended June 5
New York
<?r>Aflr>h
will tolerate nothing more.
sense
we must and shall maintain.
Prices, wages, hours of labor, conditions of employment, social security,
Philadelphia....
and
The human sympathy of our people would have tolerated
Common
limitations and extend
(Under Executive Proclamation of Aug. 9, 1934)
In
organization neces-
Times change but man's basic problems remain the same. He must
seek a new approach to their solution when old approaches fail him
.
.
^
SILVER TRANSFERRED
t
it.
Self-government
issue of
was
"he Jefferson and Robert R.
President, "is indeed passing through a period which is
urgently m need of ardent protectors of the rights ot the
13,049.59 Fine Ounces
The Treasury Department made known on June 8 that
13,049.59 fine ounces of silver were transferred during the
Urder
on to say
Livingston put the treaty through; the next Congress appropriated the money; nobody carried the case to the Supreme
Court."
Referring further to the Constitution the President
declared that "under its broad purposes we can and intend
to march forward, believing, as the overwhelming majority
of Americans believe, that it is intended to meet, and fit the
amazing physical, economic and social requirements that
confront us in this generation. '
"Our country,
said the
19,691.28
-—
Continuing the President said:
Jefferson replied that there were certain inherent qualities of sovereignty
.
Fine Ounces
Denver-
June 13, 1936
tion of the United states contained
or
no
clause authorizing him to purchase
acquire additional territory; and that because specific authority did not
exist under that great charter of government, none could be exercised.
Financial
142
Volume
Jefferson replied that there were
certain inherent qualities of
fom a Federal government,
which could not be separated
sovereignty
if such a Federal
endure; furthermore, if he delayed the
Emperor of the French might change his mind and the great territory west
of the Mississippi be lost forever to American expansion.
government was permanently to
Through
Treaty Put
He and Robert R. Livingston
put the treaty through; the
carried the case to the Supreme Court;
and, as a result, Louisiana and Arkansas and Missouri and Iowa and
Minnesota and Kansas and Montana and North Dakota and South Dakota
and the larger portions of Wyoming and Colorado and Nebraska and
here and throughout the
and laid the foundations for
of the Alle-
vast new domain west
veritable renaissance of the principle of free
government upon which this Republic was founded.
I have not the time, nor is it necessary, to follow the fascinating story
in detail down to the admission of Arkansas into the Union only a few
days less than 100 years ago.
Arkansas is an important one
not so much because it was marked by a Presidential
1836 was the last full year of the Presidency of Andrew
of attainment of Statehood by
in American history,
election, but because
Jackson.
It is not without the
significance that Arkansas was
Jackson's great work for the country
greatest historical
Union in
received into the
1836.
He was in the full tide of his remarkable
powers and in the exercise of an extraordinary influence upon the minds
and opinions of the mass of his countrymen.
When Arkansas became a State our National government was not quite
approaching completion.
was
signer of
But six
had delivered the reply to Hayne. Men
Charles Carroll of Carrollton, the last surviving
the Declaration of Independence, had been dead only four years.
50 years old.
had passed since Webster
years
who
Revolution were to be found
mode of the pioneer period were
Washington through the
had followed
and the manners and
in every community
the order of American
life.
and counselor of the Arkansas
the Mississippi in the neighboring
State of Tennessee, and was known to the Arkansans of that day as a fellowfrontiersman who had carried into the Presidency those neighborly instincts
of the frontier which made possible the first truly Democratic administration
Andrew
contemporary
the
Jackson,
pioneers of 1836, made his home across
*
in our history.
t
history, the more I reflect upon
the influence of the men and events of one generation upon the life and
thought of the generations that follow.
A hundred years have passed since Arkansas attained Statehood in that
last year of Jackson's Presidency, but throughout this century our American
political life has flowed with the vigor of a living stream because the sturdy
hand of Andrew Jackson deflected its course from the stagnant marshes of
a seaboard oligarchy into the channels of pure American democracy.
Prior to Jackson's day it may be said without danger of exaggeration,
that the leadership of the Nation was, with rare exceptions, in the hands
of men who, by birth or education, belonged to a comparatively small
group—for the reason we have not far to seek.
Universal education was not yet fully established; communication diffi¬
culties prevented the dissemination of news except in the larger communities
and along the main avenues of transportation; the very ballot was, in many
States, limited to those with special property qualifications.
and the more I read
The older I grow
belong to the county unit;
sovereignty over all those
Why was a State government
colonization of this area had
reached the point where individual settlements needed a uniformity of
ordinances and laws.
They needed a central body to govern in respect
to those things which had grown beyond the scope of town government or
Let
The wave of
office
was
of Republic
popular acclaim that swept
the result of the
Andrew Jackson into his high
I need
not describe the dismay that the election of Jackson excited—and honestly
excited—in the hearts of the hitherto elect, or the widespread apprehension
that it aroused among the so-called "Guardiana Groups" of the Republic.
Groups such as these have never wholly disappeared from American
political life, but it will never be possible for any length of time for any
group of the American people, either by reason of wealth or learning or
inheritance or economic power, to retain any mandate, any permanent
authority to arrogate to itself the political control of American public life.
This heritage we owe to Jacksonian democracy—the American doctrine
that entrusts the general welfare to no one group or class, but dedicates
itself to the end that the American people shall not be thwarted in their
high purpose to remain the custodians of their own destiny.
The frontier spirit which brought men into the Arkansas wilderness,
and later was to carry them ever further in their conquest of the West,
inspired in the hearts and minds and souls of those men a new ideal of our
in their national life was at hand.
national democracy.
Perhaps it would be more exact
rebirth of the earlier
to say that the frontier spirit caused a
To this changed ideal the
ideal of free government.
frontier contributed in liberal measure.
The
rugged pioneers helped to fashion the new national spirit.
The men who
tamed the wilderness hereabouts were part of a new movement in our
neighborly contacts of the
American life.
It
was
national
critical moment in American history when in our early
a
the
period
dauntless and intrepid pioneers
life of the frontier, where
strode across the
Commonwealths like Arkansas. In that hard
mere
between
conflicts
a
given its greatest impetus.
State—our life was
Broad Purposes
Today that
plexity.
conquest of a continent could never have been made.
Its simplicity has vanished and we are each
of a social civilization which ever tends to greater com¬
life is gone.
Latterly, the imperiled well-being, the very existence of large
have called for measures of organized government
which the more spontaneous and personal promptings of a
pioneer generosity
could never alone have obtained.
Self Government Must Be Maintained
Our
country is
Beneath one of the
hands of the few.
of this
sary to
of the rights of the common man.
Mechaniza¬
and mass production have put unparalleled power in the
No small part of our problem today is to bring the fruits
mechanization to the whole people.
The measure of the
meet it.
nothing less.
need has been the measure of the organization neces¬
The human sympathy of our people would have tolerated
Common sense will tolerate nothing more.
symbolical figures which guard
the entrance to our
Building in Washington is inscribed this quotation from
Shakespeare's "Tempest": "What is past is prologue."
Times change, but man's basic problems remain the same.
He must
great new Archives
old approaches fail him.
rumble of the covered wagon
and the frontiers of a continent are spanned in less time than it took to
cross an Arkansas county in those century-old days.
It is idle for us now,
as it was for the flatterers of King Canute, to ignore the facts of physics
or the economic and social consequences of applied science.
These problems, with growing intensity, now flow past all sectional limita¬
tions and extend over the vast breadth of our whole domain.
Prices, wages, hours of labor, conditions of employment, social security—
in short, enjoyment by all men of their constitutional guaranties of life,
liberty, and the pursuit of happiness—these questions, so delicate in their
economic balance that any change in their status is reflected with the speed
seek
a new
approach to their solution when
The roar of the
of light
The
airplane has replaced the
approach to these problems may
organization to meet human
but
commencing to solve.
not be immediately discernible;
suffering can never be predicated on the
from Maine to California—we are
new
relaxation of human effort.
Whether it be in the
cities or on many
dwell millions of our
suffer from the kind of poverty that spells under¬
crowded tenements of the great
Nation, we know that there
of the farm lands of the
fellow-human beings who
nourishment and under privilege.
•
if State government, after
If local government,
exerting every reasonable
their purchas¬
foolish and short-sighted man to say
their conditions, to raise or restore
effort, is unable to better
surely it would take a
of the national government itself.
that equality of individual ability has never
ing power, then
that it is no concern
We know
know that equality
also is a
of local justice is, alas, not yet an
goal we must and do seek.
If we seek to know what
shall ever
human effort can do
in the face of adversity,
achievement of the
founded the Nation but those
of whom the first Arkans¬
inspiration and guidance in the
find
who extended its
ans were
existed and never
be sought. We
established fact; this
equality of opportunity still must
will, but we insist that
merely those who
boundaries from ocean to ocean,
the prototype.
distinguished men to the Nation; but, my
simply and from the heart that in the meeting
of our difficult problems of today no man deserves greater credit for loyal
devotion to a great cause than my old friend and associate, Senator Robin¬
Arkansas
has given many
friends, I want to tell you very
son
of Arkansas.
historical maxim:
"What is past is prologue"? Its
Out of the story of mankind's long struggle to
govern himself, we should learn lessons which will guide us in solving the
problems which beset us today.
May I repeat the
meaning is not obscure.
The frontier, as
we
have been
recalling it in this rapid survey
of the
passed; but it has left a permanent
imprint upon our political life and our social outlook.
The Western frontier from Jackson's time and the admission of Arkansas
a hundred years ago, down to the admission of the last States within recent
memory, produced a constant renaissance of the principle of free government.
The liberal tendencies of those, who for nearly a century we have called
our Western .statesmen, have been sometimes too little understood in the
older, more conservative East.
It was the frontier and its spirit of selfreliance which ever kept alive the principles of democracy and countered
the opposing tendency to set up a social caste, based upon wealth, or
planting of new States, has forever
education, or family, or
financial power.
in the old spirit which
lend a hand to the
fellow down in his luck through no fault of his own.
Upon those principles
our democracy was reborn a century ago; upon those principles alone will
We still find
inspiration for the work before us
through self-reliance; a willingness to
it endure.
Are
Roosevelt at San Antonio Says
Meeting
Speaking
In Texas on
New
at
Americans
Problems with New Courage—
Shrine of Alamo Declares We Are
and Freedom of In¬
Fight for Truth
Ready to
dividual
June 11 President
Roosevelt spoke on three
of his tour through that State
at San Jacinto, San Antonio, and Austin.
At San Antonio
where he was greeted by Governor Alfred and Representative
Maverick, the President placed a wreath at the Alamo
shrine—the little mission-fort (as explained in United Press
advices from San Antonio) where 182 Texans died to the
last man rather than surrender to 3,000 Mexican troops led
occasions during the course
by the tyrant,
indeed passing through a period which is urgently in
need of ardent protectors
tion of industry
devised for the
fundamental principles.
this generation.
There was little need of formal arrangements,
numbers of our people,
assistance
■
Under its broad purposes
we
can and
intend to march forward, believing
as the overwhelming
majority of Americans believe, that it is intended to meet and fit the
amazing physical, economic and social requirements that confront us in
President
insure the social and economic
well-being of the American people.
In the life of the pioneer, sympathy
and kindly help, ready cooperation in the accidents and emergencies of the
frontier life, were the spontaneous manifestation of the American spirit.
and all of us parts
of Constitution
provided the best instrument ever
continuation of these
government interest, or action, to
Without them the
that a Constitution and a
government beyond State lines was
States themselves,
13
the
organization, to take care of
Constitution
The
of the Republic—those days when Arkansas became a
simple.
organized under a Constitu¬
necessity.
of property were the measure of worth, true demo¬
cratic government was
In the early days
Union itself was
following the Revolution, it was discovered that a
federation of States was such a loose organization, with constant
the personal qualities of the men and not the
inheritance of caste or
of
The answer is that the
meant achievement
indeed
Alleghanies to establish new
or
little further, however,
American pioneers, not
recognition by the people of the United States
that the era of a truer democracy
a
in Arkansas ?
national
we
"Guardian Groups"
analyze
us
set up
tion because, in the days
ghanies, brought about a
That year
government must
primarily of local
functions which logically
State governments must and shall retain State
activities of government which effectively and
must retain the
government
county
concern;
In the same way the Federal
Who Peopled Arkansas
pioneers, who peopled Arkansas
The hardy
Statehood
maintain.W Let'me put it thus, in a
which every man and woman can understand: local
matters which are
county government.
and Stripes today.
Pioneers
Self-government we must and shall
way
continue to act with full freedom in
efficiently can be met by the States.
next Congress
appropriated the money; nobody
Oklahoma fly the Stars
3947
Chronicle
General Santa Ana.
In his remarks the
expressed the hope that "the brave men who died
here know that we have not discarded or lost the virility
and the ideals of the pioneer." He added:
President
I hope they
know that the
ready and willing to
freedom of the
overwhelming majority of the Americans
of
meeting new problems with new courage—that we, too,
stand up and fight for truth against falsehood, for
individual against license by the few.
1936 are once more
are
3948
Financial
Chronicle
The President's address follows in full:
Fate has been kind to
Alamo
has
hitherto
today.
me
been
down their lives
first,
In my many travels,
impossible.
tunity in visiting this shrine to
The vast
I,
therefore,
the
hundred
and
Eowie
and
Crockett
and
Benham, and
the
178
wno
We
were
lacked
one
of
our
us
help but feel that the brave
have not discarded
we
I
hope
of 1936
too,
lost the
or
they know that the
are
once
men
who died kere
more
to tell
virility and the ideals of the pioneer.
helming majority of the Americans
senior, I
these
The establishment of Texas
glorious
a
to come here and it is
me
that, when he
me
Though you
names.
proud to know that my father knew
am
always remember, when I
was a
was
special
a
new
in
for freedom of the individual
against license by the few.
of the
one
propped
up
many,
ushered into
was
many
father.
your
very young man, he was sent to
capital's balconied hotels
in
are
boy, how my father used often
a
by his law office to carry papers to Senator Houston.
arriving in Washington, he
problems with new courage—that we,
ready and willing to stand up and fight for truth
against falsehood,
are
in
westward
cause for State and national commemoration.
splendid combination of
a
I shall
I hope they know that
overw
meeting
further expansion.
no
great personal satisfaction to
years my
the dis¬
saw on
Nation
our
gateway for the
pleasure to meet Andrew Jackson Houston.
noblest symbols of the American
forecast of the century beyond.
some
just
a
a
What
I cannot
another
the plains and the mountains to the
across
than territory—they set an example which in itself is
more
It is
spirit.
tant horizon
Nation desire
as a
heritage,
young man and young woman about to enter
upon the duties
citizenship, would have
evelopment of
opened
made possible at this spot
by Sam Houston's men, seems to have been
justified by the natural colonization of later years.
But these heroes gave
by their supreme sacrifice, made Texas live.
Without the inspiration of the cry—"Remember the
Alamo"—the great
Southwest might never have become a
part of the Nation.
Without the tradition of the
Alamo, every community throughout the
of
the
to
Jacinto
It is
their comrades,
land, every
San
years.
easy, therefore, to share with you the pride which you take in
San
Jacinto—to share with you the fine thought of
dedicating this field as one
of the historic shrines of America.
pure.
Travis and
up as the Lone Star Republic, and later ad¬
the Lone Star State, has contributed
generously in
as
its resources
shores of the Pacific.
a mighty State in our
Union.
lacking in many monuments of noble deeds, but the Alamo
stands out in high relief as our noblest
exemplification of sacrifice, heroic
not
are
in
of the American people
sweep
Texas might become,
independent nation, and later
an
We
and
sons
oppor¬
pay my small tribute to the heroes who laid
hundred years ago in order that
a
welcome
its
1936
territory first set
mitted to the Union
visit to the
a
June 13,
He told
Washington
me
how,
huge, high-ceilinged
a
Pennsylvania Avenue.
on
on
room
There,
great bed, nightgown and nightcap, though it was past the
a
Unlike them, we do not need to take
up arms; we are not called upon to
die; we can carry on a national war for the cause of
liberator of Texas, President of the republic, Governor of
Texas, and Senator
ding blood.
from his State.
humanity without shed¬
The heroes of the Alamo
fought not solely for their individual
homes or their individual communities.
They knew their families and their
immediate neighbors could not survive if the
great Southwest fell.
United
There he was,
day, are thinking and acting in terms of the whole
Nation, understanding deeply that our
firesides, our villages, our cities and
It is with
wreath
a
It
shrine
morning,
the
blood
of
182 Americans
prise,
Army
Says
Speaking on June 11 at San Jacinto Battlefield—18
Houston, Tex.—President Roosevelt lauded
miles
Gen.
Sam Houston and the
Army of Independence under him for
their achievements which resulted in the
surrender of Antonio
Lopez de Santa Ana
Gen. Houston.
to
The
President
as
San
Jacinto
Lone
up as the
the Lone
Star
development of
opened another
territory—they set
cause
following
an
example which in itself is
a
glorious
for state and national commemoration.
is
own
the
address
was a great
of
frontier of
day of April, 1836, General Houston
the
President
our
San
at
civilization.
and the small
On the 21st
body of less than 800
keeping the future
country as it is constituted today.
The patriots wiiose memories
the
our
under his command held in
large measure in their
men
of
same
we
are
were
victorious in
I like to think of General
a
possibility.
Most of these
of
ments
had
come
across
Kentucky and Tennessee
over which our now
then held swray.
the
and
Alleghanies
Missouri
or
into
from the settle¬
that
The spirit of independence lived in the air.
vast,
of recent
won
Venturous spirits
came
I
am
history; and, be it
not
tract of land.
They rebelled, however, when their civil liberties
jury and public education for their children
glad to say, only after
a
in
1832 and
one
in
1833,
Austin to the Mexican capital to
plead the
were
restricted, when
were
taken away; but
prolonged effort
have Mexico modify this decision had
failed.
one
on
their part to
These efforts included two
and another trip by Stephen
cause
of the Texas colonists.
I
am glad that
participating in these conventions and in these pleas were
Mexicans living in this territory; the first
convention, indeed, appointed
Rafael Manchola, a Mexican of
Goliad, as a delegate to carry its petitions
to Saltillo.
And so,
when all else failed, the Texas Declaration of
Independence,
signed at Washington-on-the-Brazos, March 2, 1836, was as natural and
inevitable
a
consequence as the earlier declaration at Philadelphia on July 4,
the Alamo and the
Those
were
mean
nothing short of
massacre at
Goliad
soon
It is
a
great regret to
that
me
I cannot
make
hospitality of the citizens
longer stop in
a
well
as
as
of
your
Austin in
Governor
in the capital of the State.
As
San Jacinto
and
Alamo represent to
the
pendence and the earlier days of the Republic,
days of the Republic and these long
became the
the
struggle for inde¬
this capital city represents
years
of Statehood since Texas
farseeing
the German
colony of Baron
von
Bastrop, of
of Georgia, Mirabeau B. Lamar.
son
Texas has always had men who had
Avho have
)M|
amazing lives of General Houston, of Stephen F.
Austin, of those who founded
men
the
twrenty-eighth star in the national flag.
have recalled
that
so
me
won
a zest
for life, for peace, for progress—
honors at home and abroad.
They have sat in this your
They have served in the kails of the National Legislature and
capital city.
in Cabinets of Presidents.
on
men
Yo\i know, I am sure, that I lean heavily
and women from the Lone
Star State, who are rendering such fine
service to the government of the United States.
I but the vhole
nation,
distinguished public
a
To one of them, not only
special debt—one who began his long and
career as a member of your
whom I proudly and
of the
owes
affectionately call
my
Legislature here in Austin—
helpmate—the Vice-President
United States.
President
Roosevelt, Speaking in
Dallas at Texas
Exposition, Says We Have Restored
Democracy in Government and Are in Process of
Restoring Democracy in Opportunity—Sees Coun¬
Centennial
try as Nation of
own
Boarding-Houses if Labor Is
to Be a
Commodity
The assertion that "to-day we have restored
democracy
in Goverment" and that "we are in the
process of restoring
democracy in opportunity" was made by President Roosevelt
yesterday (June 12) at the Texas Centennial
Exposition in Dallas.
The President went on to say that
speaking
"in
our
national life, public and private, the very nature of
a line of defense
free government demands that there must be
held by the yeomanry of business and
culture."
economic
industry and agri¬
"any elemental policy,
political, which tends to eliminate these depend¬
He further declared that
or
able defenders of democratic institutions and to concentrate
in the hands of a few small, powerful
control
In
is
groups,
directly opposed to the stability
democratic government itself."
another
part
of
his speech
of
government
the
President
and
told
to
the
The Army of Indepen¬
followed.
discouraging days for the Texans.
Delay and retreat
camp, was rewarded at last here at San
The story of the conflict on this field has often been told.
the day was ended victory was
overwhelming—Texas had won.
was
economic and financial control in the hands of the few, has
meant the
ownership of labor as a
necessary and Houston's sagacity in biding his time, notwithstanding
Jacinto.
brief platform address
gathering that "the net result of monopoly, the net result of
equipment.
were
a
and the fall of
a resort to arms,
dence under General Houston could not
immediately engage General Santa
Ana, with his superiority in numbers and
criticism and opposition in his
Tex., June 11,
order to receive the
1776.
Such action could
today, would,
delivered by President Roosevelt; his remarks follow:
forgotten, the people of Mexico
trial by
conventions,
on us
the Vice-President
At Austin,
were
They were willing to comply with all the
conditions required by the Mexican Government when
it gave to Stephen
F. Austin permission to settle colonies
in Texas, and to grant to each settler
am
war.
Roosevelt's Brief Remarks at Austin, Texas—■
Says Nation Owes Special Debt to His Helpmate,
willing to meet the difficulties and dangers that
with carrying the civilization of the East
into the further West—
they did this, I
of
♦
their independence from
Spain but 15 years before.
the land of unlimited
promise.
a
means
virgin
Veterans of
Concord
were events
maintain and help to maintain principles by means of
by
pioneers and the liberators of Texas, looking down
certain, say amen to that.
friendly neighbors, south of the Rio Grande,
and Lexington, of
Saratoga and of Yorktown, still lived; the
acquisition of the Louisiana Territory and the Second War for
Independence
themselves had
can
men to
principle.
The
one
men
men.
hope that in this generation the United States, by its
The fine tradition continues.
honoring today
spirit that fired the Colonists of 1776.
Houston sending Deaf Smith back to
destroy Vince's Bridge, over which he
had brought his
army, so that neither reinforcements nor retreat were
territory
example,
my
peace rather than
I
century ago
Civilization, alas, has not yet made it unnecessary for
however,
the later
are
a
model of the beautiful memorial you are to erect here
a
die in battle to sustain
westward
but few spots in the United States which
have witnessed events
equal in significance to that which took place at San Jacinto.
Here
enter¬
principles they loved more dearly than their own
Liberty-loving people will always do battle for principles they believe
bl right.
to
Jacinto:
There
I have been glad
of American
everlasting reminder of the bravery of Sam Houston and his
lives.
...
gave us more than
an
generously
the
We as a nation desire no further
expansion.
The establishment of
Texas made possible at this
spot by Sam Houston's men, seems to have
been justified by the natural
colonization of later years.
But these heroes
The
Typical
nation in these
our
gateway for
sweep of the American people across the
plains and the mountains to the
shores of the Pacific.
just
Houston.
Men fought here for
Republic, and later
Star State, has contributed
and in its resources to the
a
beautiful city of
President
territory first set
years.
heritage,
truly be called the cradle of Texas liberty.
your
have brought the
in
his comments said:
admitted to the Union
as
It is,
from
sons
you
the White House
Nation
Heritage
hundred
his hotel
canal
Desires No Further
Expansion—Commends Heroes
as
Giving More than Territory by a Glorious
in its
was
commerce of the world to your door by the
ship
through which I have recently passed.
And, too, I have seen a glimpse of the future, for I have in
my office at
shed—
was
At San Jacinto Battlefield
President Roosevelt Lauding
Gen. Sam Houston and His
vast
His office and his home
that the manners and customs of the Senators of the United
seem
can
revisit
to
place
but not in vain.
If the
ould
manners and customs, have
undergone a great change.
This and the eastern part of your great
State, through which I came this
good watchword for
reverence and humble veneration that I
where
w
States, like other
a
today.
feeling of deep
this
on
Senate, which, in those day6, did not
room.
our
a
Governor of Tennessee,
levee, transacting public and private business,
a
until lhe late afternoon.
commence
So we, in this latter
States cannot long endure if the
Nation falls.
Travis's message—"I shall never
surrender"—is
holding
man who had been
and preparing for the session of the
action alone could win.
each and
every one of us
hour, lay that splendid old
noon
When
commodity."
"If labor is to be
it
means
that
we
a
He added:
commodity in the United States, in the final analysis
shall become
a
nation
of
boarding-houses instead of
a
nation of homes.
"If
our
people
ever
historic freedom.
for their homes."
submit to that, they will have said good-by to their
Men do not fight for boarding-houses.
They will fight
Volume
Financial
142
Saying that "more and more we
nationally," the President observed:
"That in itself is
time
had not
we
thinking
been
have
Sees Nation
deeply that the national good-
to understand more
The
informal luncheon address later
an
dent said that the United States
to-day, the Presi¬
help to
"world minded," but that its
was
nation-minded but world-minded; that is why we are
interested in peace."
declared
that he wanted to keep America's "feet on the ground" and "extend its
policy of friendliness and good will."
He said he wanted to make it clear
ment of
We
worried about dangers abroad, the President
help would be confined to moral aid in working for a settle¬
foreign troubles.
I have
hundreth
here to bear the tribute of the nation to you on your
come
birthday;
hundred years' young.
you are a
I
here also because I con¬
am
of tjhe Presidency to visit,
of the duties and the privileges
one
from time to time, every part of the United States.
When
I
Secretary of the Navy by President
appointed Assistant
was
Wilson in 1913 I had visited, as I recall, only about 20 States, but
the next few
others.
Seeing things at first hand is
indeed, for
as
a
I have been fortunate
good habit.
States during many years past
I have tried honestly to visualize the problems
of every part of the land in their relationships to every
the
United
result of personal contacts with every part of the
a
during
I had the fortunate opportunity of going into all the
years
other part, and to
unity of the whole.
This
centennial exposition is not for Texans alone, it is for the
great
people of all the other 47 States
advantage of it.
of
I hope that they will take full
well.
as
During the past three
with the return of con¬
years,
fidence and the great increase in prosperity, the excellent custom
of getting
acquainted with the United States has asserted itself.
We see
a
a
If
financial
commodity in the United States, in the final
people ever submit to that, they will have
our
Men do not fight for boarding
said "Good-bye" to their historic freedom.
They will fight for their homes.
I have spoken of the interest which all the country
great exposition.
I
this
mean
as
a
should take in this
symbol for the concern which every
locality shouiq have in every other locality in every other State.
perity which has
The pros¬
Texas through the products of its farms
to
come
ranches, the products of its mines, the products of its
and
oil fields, and the
products of its factories, has been made possible chiefly because other parts
in possession of the
were
to use what you have
buying power, the consuming power,
On the other side of the picture, thousands
produced.
of factories and thousands of farms in the North and in the East have been
enabled
the
greatly to sell their wrares because of the prosperity of you,
more
I have spoken not once but a dozen times of the
people of Texas.
necessity of interdependence of each State on every other State.
lesson which cannot be driven home
I have taken great
sectionalism which
good if at the
of
outside
That in itself is good, but it would not have
time
been
had not come to understand more deeply
that
we
neighbor policy must extend also to those neighbors who
You in
national boundaries.
our
Texas
whose boundaries
republic of Mexico,
well understand what the good neighbor policy means
can
We seek to banish
Americas.
of
More and more we have
hand.
extend for hundreds of miles along those of our sister
in this hemisphere,
war
we
throughout the
seek to extend
practices of good will and closer friendship upon which peace
those
It is a
preached too often.
is apparent on every
same
the national good
lie
or
happiness in these past three years in the lessening
been thinking nationally.
itself is
based.
great tide
of travel by rail,
the net result of economic and
shall become a nation of boarding houses instead
we
nation of homes.
a
of the nation
give herewith in full the President's speech at Dallas.
ceive it to be
analysis it means that
houses.
Praising "national unity," the President said: "We have become not only
that American
of monopoly,
If labor is to be
modity.
quote:
we
on
foreign nations beset with danger would be merely "moral."
was
of Boarding Houses If Labor Is to Be a Commodity
result
net
control in the hands of the few has meant the ownership of labor as a com¬
From Associated Press advices from Dallas
Saying that he
us.
good, but it would not have been good if at the same
come
of
of the
nullified, crippled by the chiselers, who, like many other evildoers,
still with
are
national boundaries."
course
is substantially uniform and simultaneous the effectiveness
States
reform is
neighbor policy must extend also to those neighbors who lie outside of our
In the
3949
Chronicle
I salute the empire
of Texas,
We are indeed
by plane, by ship and by automobile.
seeing things at first hand—may the habit spread.
Coincident with the return of better days,
we
have witnessed three great
expositions: The Century of Progress in Chicago,
kept open for
San
Diego,
second year; the
a
of Texas.
mere
May
have all the good luck
you
that
acres
you so
world.
them.
upon
You, the people of Texas, have been tried
by fire in these hundred
You have commenced
years.
You have gone through the difficult days of the
out.
States
the trials
and
You have
of reconstruction.
war
a
between the
war
had to
propriations of $195,304,606 for the Department of
fight against
Your farmers
railroads.
In
were
high rates,
poor
a
the first to rebel against exploitation by the
period of monopoly, combinations, over-capitalization,
a
established
among
service and discrimination against the small shipper, you
landmark in the regulation of
and for the Farm Credit Administration for the
year
ending June 30, 1937.
dent
it
was
agreed
in conference, the Senate having adopted
on
Conference action
May 29.
on
House adopted
taken
was
on
passed the House Feb. 28 and the Senate
which
reference
to
fiscal
The bill as signed by the Presi¬
conference report on May 25, while the
the
these
differing
public utilities for the good of
these columns March
users.
Agricul¬
ture
for inde¬
have won
you
annual Agricul¬
Department appropriation bill providing for total ap¬
tural
from within and without.
oppressors
their
character of the
You have been apparently defeated, and then
pendence.
It is not
well deserve.
It is, rather, the
in this
count
people who dwell
independence
Agricultural Department
on in Conference
On June 3 President Roosevelt signed the
and the
is open today in its second successful year,
which
third is this fine exposition commemorating the century of the
Signs
Appropriation Bill Agreed
International Exposition in
California
Roosevelt
President
popular that it was
so
7,
page
measures
the bills
March 24,
having appeared
in
1567, and March 28, page 2084.
Texas Anti-Trust Laws
Later, when industrial development came to Texas you were confronted
Here again
by corporations that got out of hand.
old
Texas spirit
anti-trust laws, preceded by only one
It is,
I recall
as
you
called into play the
of freedom for the individual, and out of it
history,
my
came
legislation to curb these abuses.
later
years
"No
Yet it is
a
matter of record that several
authoritative survey reported this:
an
part of the Union is more prosperous, no other
pathetically
State is
so
pursued
policy
a
State has so sym¬
regulation, and no other
corporation
of
free from the domination of special interests."
Why did the people of Texas do this
more
than
generation
a
?
ago
They
believed in democracy in government, but they discovered that democracy
in
government
could not exist unless,
at
the
time, there
same
was
de¬
in opportunity.
mocracy
You found that certain forms of monopoly, the combinations of public
utilities and other
because
cratic
petitors, and
businesses which sought their own ends were undemo¬
they
on
were
bearing
down
heavily
on
their
smaller
Because of this they
the people they served.
were
com¬
Declares
We
In
are
in the process
a
regarding the
Harry Moore
A.
annually for
The
line of defense held by the yeomanry
of
to
new
12
years,
the property
bill:
new
by Senators W. Warren Barbour (Rep.)
five
years
and $200,000 annually the remainder
measure,
gave
the
charged
on
an
Aug. 1.
unpaid balances.
however, shortened the term of payment
from 20
Secretary of War greater latitude in disposing of
and purportedly met with the approval of the
Administration.
the average men in business and industry and agriculture, those who
have
Newark
Replace
(Dem.), provided for a $100,000 down payment,
business and industry and agriculture, not the generalissimos, but the small
men,
to
Sale, by the War Department, must be closed by
period.
No interest would be
of restoring democracy in opportunity.
ment demands that there must be
say
The new measure, introduced
of the
national life, public and private, the very nature of free govern¬
our
following to
$100,000
We Have Restored Democracy in Government
Sale
for
by President Roosevelt, who, as noted in our May 30 issue,
page 3600, described it as
"being unduly liberal to the
city" and establishing "an undesirable precedent."
Asso¬
ciated Press accounts from Washington on June 6 had the
and
To-day we have restored democracy in Government.
Provides
Senate
A bill providing for the sale of the Government's Army
supply base at Newark, N. J., to the City of Newark, N. J.,
was passed by the United
States Senate on June 6, after
its approval on June 5 by the War Department and in¬
dorsement by the Senate Committee on Military Affairs.
Following the Senate action the bill was sent to the House.
The bill is designed to replace the one vetoed on May 26
taking
opportunity.
away
by
(N. J.) of Army Supply Base—Measure to
One Vetoed by President Roosevelt
other State in the Union.
fact that during this period there were
a
prophets of evil who foretold the ruin of Texas by the enactment of
many
Passed
Bill
your
ownership in their business and
stability,
the
responsibility which gives them
defenders of Democraitc institutions and to
trate control in the hands of a fev.r
to
a
elemental policy, economic or political, which tends to elim¬
any
inate these dependable
Democratic government itself.
If
continue, the inevitable consequence would have
of the base of
would
have
form of government.
our
been
substituted
as
destruction
For its splendid structure threre
natural result,
a
been the
an
autocratic form of
government.
Texas.
They
blood brothers of some who seek to operate
w ere
national
on a
scale.
After you in Texas had done so much to restore democracy in oppor¬
tunity
you
found,
to eradicate had
as we
in other States found, that the evils
we
had sought
merely jumped over the boundary into some other State.
The old abuses of the railroads
into the interstate
effective.
commerce
Banking reforms
were
finally curbed only after teeth
law and
were
tried in
a
were put
nationwide regulation was made
many
States, but here again reform
became effective only when the Federal Government was
enabled to operate
throughout the union, first by the Federal Reserve Act, and finally by
of the
Without
splendid legislation of the past three years,
individual
a
record vote the Senate
on
May Be
June 6 passed a bill
amending the Federal Credit Union Act, approved June 26,
1934.
The text of the latter was given in these columns
July 21, 1934, page 335.
was
I have spoken of the prophets of evil who plagued your great reforms in
Credit Act Passed
by Senate, Surplus of One Credit Union
Loaned to Another Credit Union
small, powerful groups, is directly opposed
stability of government and to
the tendency in the dozen years following the world war had been permitted
to
Under Amendment to Federal Union
concen¬
When the bill amending the Act
before the Senate on June 6
it
was
explained by Senator
Sheppard that the proposed legislation authorizes one credit
union to lend surplus funds to another credit union on
security and to an extent not above 25% of its paid-in
At the same time Senator Sheppard presented a
letter addressed to him by Governor Myers of the Farm
Credit Administration, stating that he favored the bill.
From the "Congressional Record" we quote Governor
proper
resources.
Myers's letter as follows:
means
FARM
States at¬
tempted courageously to regulate the sale of securities or the control of
CREDIT
ADMINISTRATION
Washington, D. C., June 2, 1936.
exchanges, but you and I know that from the point of view of the nation as
a
whole, the effective curbing of abuses was made possible only when the
Congress of the United States took
the stock exchange act.
limited
or
hand by passing the Securities Act and
»
So it goes with the constructive
the past have
a
.
reforms of many other abuses which in
prevented democracy in opportunity.
The more
progressive of the States may do their share, but unless the action of the
Hon. Duncan
Dear
U. Fletcher, United States Senate.
Senator: We have received the letter
dated May 26, 1936, signed
H. Sparkman, requesting a report upon Senate bill 4686 to
amend the Federal Credit Union Act approved June 26, 1934.
The bill S. 4686 amends paragraph (7) of Section 7 of the Federal Credit
by Mr. R.
Union Act by adding a
subparagraph (c) to permit Federal credit unions
3950
Chronicle
Financial
to invest not exceeding 25%
surplus in loans to other credit unions.
In
letter to you dated May
our
S. 4102
7,1936, which
was a
opinion that
our
providing
a
There is nothing in the bill, according to its sponsors, which will
unduly
short selling or short sales.
The Smith cotton amendments with¬
power to lend money to other credit unions
affect
limitation is placed upon the total amount
drawn by their author at the request of the Senate
that may be loaned in this manner by any Federal credit
union to approxi¬
ts final form does not
loans shall be made in accordance with rules and
regulations of the Gov¬
ernor.
If the Federal Credit Union Act is amended so as to
permit Federal
credit unions to lend to other credit unions, it is believed
that the borrowing
needs of the Federal credit unions can be met in
tihs manner and through
loans from commercial banks."
Approves Revenue Measure—President Roosevelt
Again Urges Inclusion of Principal House Version
—Final
consideration.
subdivision
as
"(c)
and,
I.
MYERS, Governor.
as
considered the
follows:
the Federal Credit Union
between
not
of its
paid-in
and
unimpaired
capital
In the
v
The Senate
providing for
June 6 passed and sent to the
House a bill
graduated scale of reduction of benefit
pay¬
ments under Section 8 of the Soil
Allotment Act.
Conservation and Domestic
The text of the Soil Act
issue of March 21, page 1890.
on June
6, which amends the earlier
the Senate on June 2
by Senator
Act, was introduced in
Joseph C. O'Mahoney of
3775.
page
Congress.
issue of June 6,
then
repeals,
ated
up
on
of
sum
ment that would otherwise be
of
pay¬
made, which is included within the
interval
$2,000 to $10,000; (b) 50% of that portion of the
otherwise be made, which is in
"In computing any such
payment, that would
excess
reduction,
of
to
as
the
status
of any
determination, there shall
producer,
payment shall be computed
Territory
for each
be taken into account the
status, if any, of any
or his predecessor in
interest, as of Jan.
1, 1936."
the White House
after
the
was
sent
to
June 3 for President Roosevelt's
sig¬
House of Representatives that
on
day had
the changes made
by the Senate in passing
May 29.
The Senate action was referred to in
our issue of
May 30, page 3602.
The House had
originally
passed the measure at the last session of
Congress.
The bill, which amends the
Grain Futures Act of
1922,
provides for the creation of a
Commodity Exchange Com¬
mission, composed of the Secretary of
Agriculture, the
Secretary of Commerce and the Attorney General, which
would have power to
regulate futures trading on commodity
exchanges in cotton, rice, mill feeds, butter,
eggs, Irish
potatoes, wheat, corn, oats, barley, rye, flaxseed and
grain
the bill
the
in
on
The Grain Futures Act of 1922
provided only
control of the latter seven commodities
(wheat,
oats, barley, rye, flaxseed and grain
sorghums).
objects of the bill were outlined in the
following
Washington account, June 3, to the New York "Journal of
Commerce" of June 4:
corn,
The
Briefly, the bill
Prohibition
of
seeks the
all
"fictitious
cross
transactions"
such
as
"wash"
trades; licensing of all commodity
ex¬
changes and registration of all commission
merchants and floor brokers;
maximum
limits
in futures contracts;
segregation of customers'
margin moneys, there being a strict
prohibition against use of these funds
by commission brokers to extend credit to others.
The bill prohibits
outright the use of "puts," "calls" and
this portion of the measure
reading:
It shall be
"indemnities,"
unlawful for any person to offer to enter into, or confirm
the execution of,
any transaction involving any commodity ... if such
transaction is, is of the character
of, or is commonly known to the trade
as, a "wash sale," "cross trade" or
"accommodation trade," or is a fic¬
Places
with
4%
retains,
taxes,
rates
shareholders.
gradu¬
depending
Applies normal
Taxes
all
on
incomes
in
surtax
•""
.
changes in
income tax
brackets
2
to
;
4%% excise
'
•
'
V
rates.
Taxes
levies
'•
_
House—Provides
no
Senate—Imposes
_
imported
on
;v
fish
-,.v:
\
and
vegetable
/
80% windfall levy
excise
taxes.
Windfall Tax
did
not
processing
pay
taxes,
estimated
on "unjust enrichment" of concerns
the invalidated Agricultural Adjustment Administration
with revisions
House—Imposes
Both
ing
which
but
rate,
same
so
cut
yield to
words
the
estimated
tax
as
to
$82,000,000.
bring
in
an
$100,000,000.
Senate and
taxes
and
of
ment
Act
was
The
House, with
exported
on
tions
taxes
differences,
commodities
floor
on
!
stocks
and
on
provide for refunds of
those
hand
sold
when
to
the
charitable
process¬
institu¬
Agricultural Adjust¬
invalidated.
Senate
requested the conference on the bill, and
Speaker Bankliead of the House appointed eight members
of the Ways
and Means Committee, which framed the
House bill, as the House
conferees; these appointees were
resentatives
Samuel
B.
Hill
of
Carolina and Rep¬
Washington,
Thomas
H.
Cullen of New
York, Fred M. Vinson of Kentucky and Jere
Cooper of Tennessee, Democrats, and Allen T. Treadway
of Massachusetts, Frank Crowther of New York and
Roy O.
Woodruff of Michigan, Republicans.
The
Senate
conferees were William H. King of
Utah,
George of Georgia, David I. Walsh of Massa¬
chusetts, Alben W. Barkley of Kentucky, Tom Connally of
Texas, Robert M. LaFollette Jr. of Wisconsin, Daniel O.
Walter
F.
Hastings
Island.
of
Delaware
Messrs.
and
Couzens
Jesse
and
H.
Keyes
Metcalf
were
of
Rhode
originally named
Senate conferees but requested that
they be excused from
serving, and Senators Hastings and Metcalf were named to
as
replace them.
President Roosevelt
June 8 conferred with Democratic
on
members of the
conference committee, and was
reported to
have reiterated his belief in the
desirability of basing corpo¬
ration taxation on the amount of undistributed income.
He
was also said to have
urged that the revenue
House
bill
be
theory of the
importantly recognized in the compromise
A Washington dispatch of June 8 to the New
York "Herald Tribune" referred to President
Roosevelt's
discussion of the tax bill with members of the House-Senate
committee as follows:
authorization for the
Commodity Exchange Commission set-up in the bill,
fix
present
stockholders.
$6,000 and $50,000, and increases by $440 the tax in all brackets
tax measure.
following objectives:
so-called
sales, and combination and
to
Income
surtax
Excise
sorghums.
for
to
V
<
1% the
by
to
15%,
earnings.
temporarily
taxes.
income,
Chairman Robert L. Houghton of North
Commodity Exchange Regulation bill
concurred
distributed
not
of
taxes,
stock
$50,000.
Senate—Puts
separately
or possession
determination of the
Secretary o
producer shall be final; in
any such
ments
nature
capital
corporate net
Applies
hands
to
corporation
taxes.
in
income
Refunds
Commodity Exchange Regulation Bill Sent to President
Following House Concurrence in Senate Amend¬
The
total
on
profits
dividends
12%
now
undistributed
$10,000.
with respect to performance in
any State,
year.
In computing these reductions the
Agriculture
provisions;
income tax,
corporation
profits and
Senate—Increases
which
follows:
major
on
excess
corporate
dividends.
to
tax
Individual
be made to any
producer pur¬
(a) 25% of that portion of the
and
to
of income
oils.
"A total reduction equal to the
their
corporate
7%
present
excess
percentages
flat
stock
tax
42%%,
to
income tax
Be it enacted, etc., That Section 8 of
the Soil Conservation and
Domestic
Allotment Act, approved Feb. 29,
1936, is amended by adding a new sub¬
section as follows:
would otherwise
of
present
Puts
income
House—No
"(d) Any payment that
on
The final Senate vote of approval,
24.
The
Senate measure differed
comparison
a
House—Repeals
The following is the text of the bill
affecting the payments
under the Soil Conservation Act as
passed by the Senate
on June
6:
suant to the terms of this section
shall be reduced as
the differences
by the Senate
Senate, the revenue bill was
$751,000,000 for the first year, with a
yield
capital
normal
above
our
passed
was
passed by the
as
to
18%.
to
between
before
now
referred to in
3776-77.
38 to
Senate—Increases
15%
The President's letter
was
form
Retains
Wyoming, after the latter had received a letter from Presi¬
dent Roosevelt urging the
scaling down of the payments
under the Soil Act and also under the
sugar legislation spon¬
sored by Senator
O'Mahoney and
which
Corporation Taxes
was
given in our
The bill passed by the Senate
bill to reconcile
revenue
was
Following is
5.
on
a
Con¬
permanent annual yield of $669,000,000.
In noting that the Senate and House bills differ
widely,
Associated Press advices from Washington, June
6, as given
in the New York "Sun," said:
and
surplus."
Bill Passed by Senate Would Reduce
Benefit Payments
Under
Soil
Conservation
and
Domestic
Allot¬
ment Act
5,
estimated
total
25%
Republican
radically from that passed by the House in that it failed
feature a heavy levy on undistributed corporate sur¬
pluses, and instead would increase normal income taxes.
(a) in loans exclusively to members; (b) in
obligations
America, or securities fully guaranteed as to prin¬
exceeding
of
to
cipal and interest thereby; (c) and, in accordance with
rules and regulations
Governor, in loans to other credit unions in the
amount
new
measure
pages
June
on
of the United States of
prescribed by the
the
June 6,
with rules
and regulations
prescribed by the
Governor, in loans to other credit unions in the total amount
not exceeding
25% of its paid-in and unimpaired capital and
surplus," so that paragraph
(7) of Section (7) will read as follows:
"To invest its funds
End
June 5 and that passed by the House on April 29.
Senate
debate on the bill was described in the
"Chronicle" of
Act,
same is
hereby, amended by inserting
(7) of Section 7 the following:
(c) of paragraph
in accordance
as
Awaits
A conference committee of the Senate and House this week
As passed by the Senate on June 6 the bill
reads
enacted, etc., That the Act known
Action
vention
Very truly yours,
approved June 26, 1934, be, and the
contain this restriction.
Conference Committee Considers Tax Bill After Senate
The bill S. 4686, if enacted into
law, will provide for loans among credit
unions within the limits previously suggested
by us.
Therefore, this bill
is favorably recommended for your
Be it
leadership, would have
hedging transactions and, therefore, short sales, but the bill in
limited
mately 25% of its paid-in and unimpaired capital and surplus and that such
W.
or
is used to cause any price to
a true and bonafide price.
amendment to the Federal Credit Union Act
an
giving Federal credit unions the
would be desirable
commonly
"offer," "put,
"decline guaranty;" or if such transaction
be reported, registered, or recorded which is
"call," "advance guaranty,"
report on bills S. 4101,
and S. 4103, it was stated as follows:
"It is
June 13, 1936
titious sale; if such transaction is, is of the character of, or is
known to the trade as, a "privilege," "indemnity," "bid,"
of their paid-in and unimpaired capital and
President
the
an
Roosevelt's
House-Senate
hour
tax
last-minute
conference
conference
came
as
a
with
majority
members
of
surprise.
The meeting lasted
three-quarters and at its conclusion Senator William H. King,
of
Utah, Acting Chairman of the Senate Finance Committee,
and
Democrat
announced
that
thoroughly
made and
the
contents
canvassed.
no
concrete
of
favors
enact
to
ranging
House
King
and
stressed
Senate
that
plan of compromise discussed.
that the Administration
taxes
the
Senator
up
the
30%
Black-LaFollette
on
undistributed
no
tax
bills
It is known,
tax
had
commitments
been
were
however,
plan, which would
income.
Volumi
Financial
142
Will Wait
*
three
Because
patch of June 10 to the "Times" commented
for Republicans
conference
Republican members of the House-Senate tax
the Republican National
at
are
Convention in Cleveland, Senator King
late this week, when the
Republicans have adjourned.
Meantime, the conference group will begin
to reconcile fees important features of the two measures.
During passage of the Senate tax bill, Friday night [June 5], Senator
Robinson, in asking that the Black-LaFollette substitute bill be withdrawn,
pointed out that its principle could, be considered at the conference.
Ad¬
corporate income taxes, would be delayed until
ministration
leaders
confident
are
that
the
final
measure
revenue
Senator
King was
"The
may
hope
that
confident
14 and
As noted in
was
early in the
June 15 or 10.
"that we
Senator King said,
indication of any actual compromise."
no
June 5 to
recess for a week from Monday, June 8, to June 15.
A "Washington dispatch of June 5 to the
New York
"Times" described Senate passage of the revenue bill as
the tax bill showed that nine Demo¬
on
against the bill.
They were Adams, Brown, Bulkley, CopeDonahey, Holt, Moore, Murphy and Tydings.
Of the Republicans
voting, 13 were against the bill, only Senator Norris on that side of the
aisle voting "aye."
Senator LaFollette, the lone Progressive, voted for the bill, and the
two Farmer-Laborites, Senators Benson and Shipstead, voted against it.
land,
Delay in
Senator
the
vote
Robinson.
withdraw
bill,
the
majority
He
to the
debate promised
Senators
two
between
averted by adroit leadership on the part of
persuaded Senators Black and Senator LaFollette
was
their amendment
which
on
The
had
bill
House
mittee
of the
Senate
increased
them
almost limitless.
to be
out
a
the
bill
recommended
and.
which
plan
Committee.
Finance
of the
corporation taxation features
worked
retained the present corporate
was
by
compromise
a
conservative
the
Their proposal
would
have
income tax rates, whereas the Finance Com¬
3% in each
bracket and the House had discarded
them.
Their
plan
called for
graduated tax
a
about halfway between the high
of the Finance Committee.
Gives
favorable
did not force
new
cluded
have placed
generally
themselves on
bill.
as
The
Senate
bill,
taxation
now,
they would undoubtedly prefer
it would increase existing corporation income
by 3% in each of the present brackets, would levy only a flat tax
7% on undistributed earnings.
while
of
The
House bill
and
would
would
running as high
discard
substitute
the
present corporate income taxes alto¬
graduated
a
tax
on
undistributed
compel corporations to
surplus needs,
taxes, which
next
fiscal
The
are
pay
oppose
out most of their earnings each year, regardless
the House idea of discarding the corporate income
considered
sure
to yield; around $1,300,000,000 during the
year.
House
conferees
met
again this afternoon, but
declined to discuss
their deliberations.
next
the present pace
week
is
continues,
a
conference report before the middle of
unlikely.
♦
Governor
Lehman
of
New
York
Approves
World's
Fair Bill Creating State Commission to Cooperate
with New York City in Planning 1939 Exposition—
$90,000 for Expenses Provided
On June 5,
Governor Lehman signed the bill sponsored
by Senator Joseph D Nunan, Queens County Democrat,
creating a temporary State board to cooperate with. New
York City in establishing the proposed World's Fair to
be held in New York in 1939.
The commission, for which
an
appropriation of $90,000 for expenses is provided, is
to be composed of eighteen members, twelve of whom will
be members of the Legislature and the other six appointed
by the Governor.
In his memorandum on the bill Governor
Lehman wrote
(according to the New York "Herald
Tribune" of June 6) :
as
speedily
of necessary buildings to house
as
practicable in the selection
fair grounds, and the erection
them."
the Black-LaFollette plan would probably
the
in
conference
the
Senate
The "Herald" continued:
provided they
committee,
He noted that in
appeared likely
a
special message to the Legislature in January he had
recommended that the State cooperate with New York City in
removed,
was
only after Mr.
profits
42%% when all earnings were held in the surplus fund.
Mr. King, Senator George and other conservative members of the Senate
Finance Committee, besides disliking the principle embodied in the tax to
as
"The commission is to proceed
unfavorable vote which
the
Senator King, expect their Republican
them in their stand for the
support
of appropriate sites for State exhibits on the
today.
obstacle
that
levy
Strategy Suggestion
consideration
it to
award to it
After
undistributed profits that lay
on
rates in the House bill and the 7%
Robinson pointed out that
Mr.
obtain
to
to
the Republicans
voted
crats
to
While
headed by
branches
opposed to any
If
analysis of the Senate vote
bill.
both
taxes
follows:
An
frQm
Senate to the House
the
of
June 6 issue, Congress voted
our
record
gether
adjourn
would be ready by
expressed at the meeting,"
was
get together, but there
could
Congress
tax bill
that the
The Senate conferees,
Senate
the discus¬
on
follows:
as
colleagues
will
resemble the House bill in greater detail than the Senate measure.
week of June
sions
said
the controversial section of the two bills, the undistributed
that voting on
3951
Chronicle
although
LaFollette had made
the arrangement
was
con¬
long speech defending Presi¬
a
dent
Roosevelt's
recommendation
for
taxing undistributed surpluses of
corporations, other Senators began the usual process of trying to pile every
conceivable kind of amendment upon the bill.
a
World's Fair, and that he had
enable the state to participate in
establishing
urged the creation of a commission to
the Fair.
The Legislature already has
provided more than $1,500,000 for permanent improvements at the Flushing
meadows fair site in Queens, including $250,000 for a
boat basin,
i
With minor
exceptions, the new proposals were voted down.
The debate
during most of the day furnished the unusual spectacle of Administration
policies suffering attacks from the Democratic side of the chamber, while
they were defended almost entirely by Senator Norris and Senator LaFol¬
lette from the Republican side of the aisle.
The
their
conservative
approval
George,
Republicans
of
the
Senator
took
orthodox
Bailey,
part
no
corporation
Senator
Byrd,
in
the
views
discussion,
Senator
expressed
Senator
Tydings
and
other
Democrats.
Yields in Bill
Estimated
In
the
form
yield
gross
for
estimates.
000,000
passed
as
the
The
be
to
$751,000,000,
Committee
reported
that
it
his message
would
a
Treasury
bring
$78,-
estimated perma¬
an
a
as passed by. the House.
outlined requirements for the
measure
March 3,
of
to
first-year yield of $803,000,000 and
$623,000,006 in the
in
Act that would
a
promises
according
The yield would fall to
$669,000,000.
of
President,
years
the tax bill
Senate today,
of
year
compared with
permanent yield
The
the
than this figure.
more
is
first
Finance
nent annual total of
This
by
bring into the Treasury $793,000,000 additional for threo
and $620,000,000 annually thereafter.
The sole purpose of
program,
requiring
which added
the permanent revenue is to finance the
and to make up
years,
new
a
annually, and repayment of the -bonus,
$120,000,000 a year for the next nine
deficiency of $517,000,000 in the current budget
of
cost
caused
by the Supreme Court's invalidation of the old agricultural
ing taxes.
The
levies
80%
was
"windfall''
the
The
passed
These
chief
by
are
tax
formerly impounded
on
process¬
unpaid processing
House bill
or
the
in
House,
expected to
the
Senate
in
were
bill,
sections
the
relating
with
to
the
measure
corporate
taxes.
the greatest controversy in conference.
cause
plan for normal
On income not in
addition
would
any
apply
the
to
be required
income
as
follows:
normal
tax,
and
after
under the Senate bill
retained
generally,
and
except
to
not
to
distributed
banks
and
its
pay
to
trust
them
during
any
States and, in the presence
a
supertax
stockholders.
companies,
corporation
of
7%
This
insurance
upon
would
com¬
taxable year.
the
relatively unimportant differences between
The agreements were subject to ratification
by absent members, most of whom
attended the
convention
back of
The postmaster or other authorized post office official will then
on
Thereafter a
the Treasurer of the United States, payable to the veteran,
be forw arded to him by
are
at Cleveland.
will
mail at the address given in his request for payment.
the request for payment must be executed at
A number of post
issue checks in
witnesses
be otherwise prepared to establish his identity.
offices throughout the country have been authorized to
payment of Adjusted Service bonds.
However, as provided
regulations, bonds may be presented at any post office, and if that
office is not a paying office they will be forwarded to a paying office at the
in the
risk and expense of the
United States.
It is not necessary for a veteran to
present his bonds at a paying office; he may present them at any post office.
Under the second method, the veteran may appear before any officer
authorized to witness requests for payment as set forth in the official
At the first meeting of House and Senate conferees, on
June 10, tentative agreement was reached on compromises
of some of
in the United
of the postmaster or other authorized post office
official at that office, sign the request for payment appearing on the
with him who are known, or
a
on
the two bills.
back
properly executed in order to establish the identity of
office official, and if he is not personally known he should take
payment,
for the House plan for a corporate tax
undistributed earnings, with rates ranging from one-tenth
of 1% to 42%% of a corporation's total net income.
f
solely
Either course may be
office where the bond is presented.
The veteran must establish
his identity to the satisfaction of the postmaster or other authorized post
The above provisions substituted
based
D. C.
the post
and corporations in receivership and bankruptcy, which would be
exempt from the supertax on the income they might retain, but would be
subject to the full force of the new rates upon any net income that might
to
of the bond, must be
If this method is followed,
of
panies
accrue
Treasurer of the United States, Washington,
followed, but in any case the request for payment, appearing on the
,
income would retain
$2,000, 15%% tax.
$15,000, 16% tax.
between $15,000 and $40,000, 17% tax.
in excess of 40,000, 18% tax.
excess
which a veteran may
payment, first, through presentation of the bonds to any United
and second, through transmittal of the bonds to the
States Post Office,
the bond.
Income between 2,000 and
Income
Regulations now issued provide two methods by
secure
certify to the signature, and give a receipt for the bond.
of Senate Plan
taxation of corporate
the brackets of the present law, applying the new schedule
In
thau said:
check
Senate
Income
Adjusted Compensation Payment Act, 1936, in payment
veterans on Adjusted Service certificates.
Adjusted Service bonds are dated June 15, 1936, and will
mature in nine years on June 15,1945, but will be redeemable
at the option and request of the veteran in whose name they
are registered at any time before maturity.
The text of the
legislation providing for the issuance of the bonus fconds was
given in our issue of Feb. 1, page 708.
The announcement issued June 6 by Secretary Morgen¬
the
of amounts due
By the first method the veteran may go to any post office
compared
as
Secretary of the Treasury Henry Morgenthau, Jr., an¬
nounced June 6 the issuance of Treasury Department Cir¬
cular No. 560, prescribing regulations governing Adjusted
Service bonds to be issued on and after June 15, pursuant to
the owner.
at making up the temporary revenue.
changes
Details
The
or
only ptovision contained in either the Senate
aimed directly
farm
$500,000,000
additional
an
Checks
smiling
by
Regulations Governing Veterans' Bonus Bonds Issued
by Treasury Department—Contain Instructions
for Payment—President Roosevelt Requests Banks
to Extend Fullest Cooperation in Encashment of
A
Republicans who
Washington dis¬
cular, such authorized
cir¬
officers including postmasters and the executive
incorporated in
officers of banks and trust companies (and their branches)
the United States, and sign
the request for payment in the presence of the
witnessing officer, who will then certify thereto.
known to the witnessing
of that officer.
The veteran must be
officer, or establish his identity to the satisfaction
Thereafter the bond must be transmitted to the Treasurer
risk of the
of the United States, Washington, D. C., at the expense and
veteran.
gested.
For the transmission of bonds the use of registered mail is sug¬
After the receipt of such bonds by the Treasurer of the United
executed, check will be issued in
States, with request for payment properly
the
Chronicle
Financial
3952
6.
of the veteran and forwarded to him by mail at the address given
name
responsible for positive identification of the
person
registered
for
The officer who witnesses the signature of a veteran to a request for pay¬
ment will be held
/
The regulations also make
the death
In
case
•
'
,
case
to
of
In
of Loans and
the rate of 3%
earlier, and that such interest will be paid with the principal
15, 1937.
face amount only will
amount will be
be paid.
If redeemed after June 15, 1937, the face
the
on
fication
June 15.
due
veteran,
a
first mailing would be made
on
Bach shipment will consist of the full complement of $50 bonds
check for any fractional amount, a copy of Treasury De¬
a
partment Circular No. 560, and a transmittal letter listing the bonds and
check enclosed.
Because of the magnitude of the task, he has authorized
that, beginning June 5, as shipments are ready for dispatch, they may be
released, for post office operations prior to delivery, to the postmasters at
Washington and at Federal Reserve cities, where the bonds and checks
are
being prepared, in order that the work of the postal service in the matter of
shipments and deliveries
All
banks
and after June 15 may be facilitated.
on
have been
to extend the fullest
cooperation to the Government in the
encashment of the bonus checks.
the President
The following letter of
distributed to the banking institutions
was
the various Federal Reserve banks at the request of
OFFICE
by
petent,
B,
Service certificates, as provided by the Adjusted
Act, 1936, will begin
Payments will involve the issuance of
June 15.
on
Compensation Payment
large number of checks drawn oh the Treasurer of the United States.
The first group of checks will be for amounts less than
$50 drawn on the
certified
and
fication
the
checks drawn
the Treasurer by postmasters
on
has
been,
Treas¬
designated
the funds to
that
through the channels of trade without
contemplated
FRANKLIN
The following is the
State of
his
Circular
1936—Department
as
of
the
The
Adjusted Service Bonds,
of
following regulations
are
bonds
States,
1945",
the United
of
issued to
veterans in
prescribed, effective
due
payment of amounts
Secretary,
The
the Second Liberty Bond Act, as amended,
of
Compensation
bonds
issued
are
Payment Act,
under
the
Special
the
order
bond must be
for
registered
a
presented at
the
Treasurer of
the
request for payment
authority and subject to the
Postmasters
paying
offices)
and
3.
in
If
office
by
the
who
4.
If
a
Veterans'
to
bond
is to
the
of
presented for
to
as
receive
All
payment,
States,
United
the
owner
bond
a
the
to
the
in
presence
authorized post
and
issue
be transmitted
a
to
must be certified
of and
such office,
office official at
receipt therefor.
the United
the Treasurer of
for
payment,
in
authorized
the
the
request
the
presence
in
paragraph
Treasurer
of
for
payment must
of and
11,
be
must
be
certified
and thereafter the
the United
States
States,
bond must be transmitted
Washington,
D.
C.
In
a
foreign
request
graph 11
the
at
Special
provided
for
registered
information concerning
ment
payment
arrangements
for
owners
which
should
who
may
by the head of the institution.
be
execution
may
executed
of
be
request
provided
as
for
inmates
of
in
tne
estate
incompe¬
an
does
exceed
not
such
to
the
representative
the
provisions of
applicable,
the
such
been
these
to
be
Com¬
regulations.
and
prepared
the
such
Department
provisions
of
instructions
cases
of
All
of the Adjusted
provisions
have
cases
Treasury.
will
be
should Ire requested
Washington,
bond submitted.
a
or
authorized
witness
to
for
requests
pay¬
other
of
acting
post-office
the
inspector
postmaster,
employee
Postmaster
under
in
by the
legible
designated
General,
a
home, hospital,
any
but
only
to
as
which
over
the
other facility of the
or
and
patients
members
actually
officer
exercises
certifying
United
bank
a
and
the
its
organized
the
of
States
United
of
Collectors
States
Treasury Department, who
and
Marine
of their
under
courts,
Customs
Navy,
Army,
members
for
of
Territories
insular
or
trust company;
or
Internal
Corps,
and
the
seal
of
Revenue;
Coast
the
com¬
Guard of
respective establishments; officials
be designated from time to time by
may
Secretary of the Treasury;
(e)
In
a
foreign country: United
and
officers of
No
13.
foreign brandies
these
by
to
himself,
requesting
the
of
certify
either
or
and,
if
regulations,
Provision
person.
payment
bond,
the
request
of
power
tive
of
case
will
his
his
for
incorporated
payment
right
own
In
will be
is
certify
may
in
or
any
of
his
repre¬
made
or
documents
will
witnesses
,
to
on
under
identify
of witnesses, and
for
of the bond.
Provisions
.
agent
the registered
are
bonds
be
or
acting under
person
owner
or
the
representa¬
In
no
or
the
request
for
owner
are
required
to
presented at
support
the
same
a
time, only one
required.
Transmission
expense
appears
payment
other than to the registered
documents
more
Any transmission
the risk and
require
the back
on
name
request
estate.
where
cases
should
to
recognized by the Treasury Department.
payment be made
payment and two
whose
person
entitled
signatures and addresses
cases,
attorney, in behalf of
any
the
as
for payment signed by an
estate,
representative
16.
companies
responsible for positive identification
person
General
No
of
requests
in
necessary,
for
fingerprints in exceptional
15.
trust
repre¬
execu¬
v
authorized
signed
person
14.
or
and
managers
capacity.
face
that
of banks
Certifying officers will be held
the
the
diplomatic and consular
States.
person
request
sentative
States
under their respective seals;
attaches,
the United
12.
a
clerks
States
(or branch thereof)
trust company
or
States,
of
a
of the
of Bonds
bond to the Treasury
owner.
The
use
Department will be at
of registered mail is suggested.
para¬
Lost, Stolen>
be
17.
institution,
ment,
payment will
any
(2) in the case of
with
as
postmaster,
station
the
in
(e) and the bond forwarded to the Treasurer of the United States.
5.
in
dating stamp of his post office;
signed by the registered
by one of the officers
country,
for
(1)
personal estate
gross
for the support of the incompetent
made
such
are
or
a
at any other post
or
Treasury:
the
Division of Loans and Currency,
authority
Administration,
United
him.
paying office,
such
States
office,
post
manding officers
authorized to issue
United States is
be
and
In all
officers
United
a
United
of the
All
paying office, the request for payment must be
other
or
the
expense
transmitted to
presented at
to
of
a
a
to be
registered
receive
a
authorized
desired, and it is estab¬
of the
with the provisions
1936,
(б) The officer in charge of
of
been
bonds
is
no
certify thereto:
imprint of
set
owner
to
is
postmaster
will
risk and
bonds
transmittal
by the
signed
properly executed.
(hereinafter referred
have
receive
repre¬
owner
request for payment is executed
under
the
pencil.
offices
post
country
The Treasurer of
bond
a
the
at
payment of
for
the
the bond:
indelible
or
of
authorized to
are
them,
paying office.
checks
bond,
a
for payment and,to issue checks in payment therefor.
postmasters
forward
number
a
of
payment
qualification of
legal
personal
gross
insofar
in
use
following
and
(а) Any
in
States post office, or transmitted to
the back of
on
throughout
bonds presented
other
at
obtain
a
under
Officers Authorized to Certify Requests for Payment
The
11.
and the Adjusted
States, Washington, D. C., in either case with
signatures must be made in ink
2.
to
owner
be
may
incompetent registered
an
payment
accordance
in
request.
a
(d) Judges
Registered Owner
United
any
the United
(which
before presentation of
year
by the Secretary of
Treasury Department,
sentatives
a
of
or
the
consistent
Act,
for
upon
C., before
tive
In
quali¬
representative)
such
one
Secretary
will
payment
manner
forms
court;
1936.
Payment to
1.
certificate
possessions, under the corporate seal of the bank
Adjusted Service
on
Certificates.
than
necessary
(c) Any executive officer of
designated "Adjusted Service Bonds of
provisions
of
that the value of
of
is
amended,
as
a
incorporated
June 15, 1936, to
on
of Loans
jurisdiction;
Concerned:
Others
and
Division
that administration of the estate is not required
or
value
payment
Payment
furnished
Washington, June 6, 1936.
Owners
300,
in
the
either
be made
will
payments
deceased
be recognized
may
domiciled
1945
Treasury Department,
Office
The bond
paragraph 11.
evidence
a
decedent's domicile; or
the
that
postmaster
Service
Debt
560—Public
No.
the
state
and must
of
satisfactory
legal guardianship.—When
or
of
owner
dependents,
estate
charge
BONDS OF
REGULATIONS GOVERNING ADJUSTED SERVICE
must
the appointment and
be appointed, and
to
deceased
a
owner
ment
circular issued by the Treasury on
,< V,',
:
;:,'v
i1-}--'1
and
presence
If
incom¬
"A,
file with the Treasury Depart¬
by
more
has been
owner
representative.
be signed
the
appointing
showing
a
satisfaction
$2,000, and that
Government in
ROOSEVELT.
D.
such
to
in
Unless
order
and
$2,000,
throughout the country extend all possible assistance by cashing
promptly and in full.
govern
is
or
delay, it is essential that
unnecessary
is still
appointment
flow
be disbursed may begin to
these checks at par upon proper identification.
I urge all bankers to extend the fullest cooperation to the
the encashment of these checks
court
before
Department,
Treasury
C.
dated not
court,
the
D.
signed
accompanied
administration
the
to
of
tent
or
the
D.
court
sentative of the estate of
of
In order that the veterans may receive the fullest benefit
by the Congress, and
To
the
payment,
Without
pensation
or
of
copy
the
of
months
representative.
10.
connection with the redemption of Adjusted Service bonds of 1945, will be
June,6:
be
must
of
for
Circular
fiscal agents of the United States.
seal
six
committee)"
or
representative is already on
the
of
bond
such
to
Washington,
copy
seal
the
only
of the officers authorized in
one
transmitted
bond
the
certified
construed
banks
It must be
the
of
The second group of checks, to be issued in
our
(conservator
Currency,
Treasurer by Federal disbursing officers and mailed direct to veterans at
urer's checks
the
that
payment should
for
address.
by
be
then
must
their designated addresses.
in amounts of $50 or multiples thereof, and will be in the form of
certified
a
incompetent bond
an
be made
guardian
representative's
be
will
payment
is desired, the request
in the
Disbursement of bonds and checks to veterans in payment of Adjusted
a
representative of the estate of
appointed,
payment
does not exceed
All Banks.
be
the
than
Legal guardianship.—When the Treasury Department has notice that a
case
June 8, 1936.
the
of
Department, the bond
may
more
stating
legal
lished
EXECUTIVE
and
representative
duly
by
the Treas¬
Department:
ury
9.
ment,
requested by President Roosevelt
qualification
of
under
not
Currency,
force.
in
With respect to the delivery of the bonds, the Secretary referred to his
earlier statement, in which he stated that the
(which
dated
then be
must
of Loans and
Treasury
appointment)
repre¬
the bond for payment, showing the appointment and quali¬
such
of
The bond
11.
evidence
of
the
of
of and must be certified by
Division
representative,
presentation of
June
on
each $50 bond will be $63.50.
paragraph
certificate
a
letter
in
file with the
on
accompanied by
such
V,v;
address
the
state
presence
satisfactory
Unless
C.
representative's
appointing
The longer bonds are held after June 15,
1937, the greater the amount which will be payable until maturity
15, 1945, when the amount to be paid
be
must
must
in the
Department,
Treasury
is already
representative
1937, the
paid, together with interest at 3% from June 15, 1936, to
maturity or prior redemption.
D.
Washington,
provided,
sum,
the
to
C.
legal representative of the estate of a
a
duly appointed, payment will bo made only
authorized
officers
transmitted
interest will be paid on any bond redeemed prior to June
no
Accordingly, if bonds are redeemed before June 15,
has been
Treasury Depart¬
only by the
D.
apply
applicable,
as
for payment should be signed, "Estate of A, deceased,
and must be signed
the
of
one
far
so
if pay¬
owner,
•"The provisions
provided.
will,
Currency, Washington,
(administrator)",
executor
sentative,
June 15, 1945, or to the date of redemption before maturity, whichever is
however, that
B,
the fact that the bonds bear interest at
from June 15, 1936, to the date of maturity,
per annum
of Leans and
registered
the
hereinafter
as
amended,
as
administration.—When
The request
him.
by
be made
which will be handled
deceased bond "owner
to
Currency, Washington, D. C., before the request for payment
is executed or a bond submitted.
The Secretary called attention to
all of
cases,
With
8.
it will
Incompetence of Registered Owner
or
incompetence of
or
Circular 300,
Division
ment,
legal representative, instructions should be requested from the Division
no
such
there is
case
death
desired,
Department
*.•
legal representative, he will be recognized.
a
of
cases
is
ment
incompetence of the veteran to the representative of the estate.
or
there is
In
of
provision for payment of the bonds in
and mailed to him at the address stated in his request
owner,
Payment in Case of Death
7.
and, if necessary, may require witnesses to identify that person, provision
for the signatures and addresses of witnesses being made on the back of the
the order of
be made by check drawn to
will
cases
13, 1936
payment.
request¬
ing payment as the person whose name appears on the face of the bond,
'bond.
in all
Payment
the
in his request for payment.
June
be obtained from the Treasury Depart¬
In
Division
notified
address
case
of
loss, theft,
of
Loans
or
and
or
Destroyed Bonds
destruction of
Currency,
a
bond, the Treasury Depart¬
Washington,
D.
C.,
immediately of the serial number of the bond and the
of
the registered
owner.
should
name
be
and
Upon receipt of such notice full informa-
Volume
tion
requirements for issuance of
to
as
Financial
142
Appli¬
duplicate will be provided.
a
regulations
in Department Circular 300, as amended.
The Treasury Department
likewise be notified of the recovery of any bond reported, lost,
governed in general by the
cation for relief in such cases will be
found
should
stolen,
destroyed.
or
reported.
from
interest,
taxation,
all
authority.
Amendments
The
19.
Secretary of the
time
from
to
issue
and
time,
Treasury
revoke,
to
supplemental
amendatory
or
the
reserves
right
time, or
at any
amend these regulations, or to prescribe
or
Service Bonds.
Adjusted
HENRY
the Treasury.
Secretary of
JR.,
Platform
National
Plank
Landon,
Go
Social
Gold,
For
is
"Currency
Gold"—Platform
of
under State
Relief
and
but
Currency
of
Mention
Nominee,
Terms
ment
at
Cleveland— Monetary
at
Sound
Balanced
Governor
Expressed
Unemploy¬
Pay-as-You
Favors
Control
and
Agricultural
Security—Compromise
He
with his
deletion of the
proposal
them
told
to
seek
and conditional
reciprocal agreements only on a
most-favored-nation basis.
Governor
instructed
bring into the farm
them to
price they would bring.
United Press accounts from
From
New
the
"Journal
York
Cleveland, published
we take the
Commerce"
of
farm
plank covered
centefed around the
vision
Landon group.
'
of Representative
plan
the main pro¬
Clifford Hope of the
It said*
'To provide in the case of agricultural products,
of which there are export¬
able surpluses, the payment of reasonable benefits upon the domestically
consumed portion of such crops so as to make the tariff effective.
These
payments
the production level
be limited
to
designed to make
up
to
are
This
was
for industry adds to the cost of
for farmers the cost which tariff protection
products which the farmers must buy.
Borah, who fought for inclusion of his ideas in the
Senator William E.
monopoly, money and foreign affairs planks, expressed
part:
to
day
Landon,
Governor
assured
nomination, prodded his Cleveland lieutenants
on
of
Presidential
the
and off the resolutions
and
social and economic security, farm relief and the civil service
committee
struck out
Kansas
Governor that the foreign affairs plank delete any references to the
Court in connection with the proposed Republican pledge that the
States
would
be
kept
free
from
entangling
foreign
alliances.
World
United
The
the
on
group
traditional
Stating that the platform was a composite
mises in which the demands of Governor Landon,
nominee,
those of
Senators
New
Reed of Pennsylvania,
Hampshire, and
Landon relented,
ernor
Eastern
an
as
declaration
broke
rays
across
Lake Erie, Gov¬
according to his confidantes here, and accepted
which
contained the
following phrase:
'We oppose further devaluation of the dollar."
Easterners
The
held
out
against
mention
any
insisting that "the United States cannot
go
of the
gold standard,
back to gold, with England
off that base and France threatening to abandon such a standard."
Senator
Reed,
committee,
"The
of the
"If
by the
on
sub¬
most that an honest person could
should go back to
we
a
100% gold standard right off,
damage probably would be caused than has been done by the present
administration in leaving gold.
make
plank finally agreed
monetary plank represents the
do," he said.
more
co-author
particularly firm in his declarations.
was
us
To
go
back to convertibility now would
the passive victims of the sterling
Herbert
Hoover sent
gation insisting
on
a
measage
restoration of
a
bloc."
during the day to the California dele¬
declaration for convertibility of currency
in gold at a fixed legal rate whenever that move proved feasible.
This was
the only known move by the former President to influence the platform.
Landon
Yields
on
Amendment
Not the least controversial of the proposed planks during the
mittee's deliberations
was
that dealing
with farm aid.
full
com¬
As submitted, it
called for the Federal purchase of submarginal lands and restricted grazing
on
the
public domain.
This
was
bitterly fought
•
by
committeemen from the
connected
with
While it urged
of
tection
the
range
country, who saw in it a disadvantage to cattlemen now using such areas
for grazing purposes.
Considerable sentiment developed for larger subsidy payments for soil
conservation and erosion prevention than was considered possible
the draft submitted
under
impossible the drafting of
different from that now being administered
The
any
very
give the States more power to deal with minimum wages, relief
price-fixing, he agreed to abandon on learning last night of President
Roosevelt's
Originally
speech.
he
had
favored
putting
the
Postmaster
employees of that department under civil service.
was
farm relief plan
by the administration.
plank first desired by Governor Landon for a constitutional amend¬
ment to
and
General
and
all
This drastic proposal
latter
two
such
pledge ourselves to extend the merit system to every position in
below the rank of Assistant Secretaries.
In particular we
service
pledge qurselves to conduct the postoffice as a
position under the merit system."
Governor
Landon further suggested the
tribunal for the regulation of public utilities
the decisions of this
business by placing every
establishment of
States—these were far out-numbered by
The outstanding
it proposed.
of Platform
declarations of the platform were*
Constitutional and local self-government
must be preserved as well
the authority of the Supreme Court as final protector of citizens' rights,
and maintenance of our system of free enterprise, private competition and
as
equality of opportunity.
2. Absorption of the unemployment by private industry and agriculture
holds the only answer to that problem, and to that end restriction of pro¬
duction should be abolished, and all policies that raise production costs
and cost of living discontinued.
Legitimate business should be encouraged
and the government withdrawn from competition with industry.
3. Responsibility for relief of the needy must be returned to the States,
which should receive Federal grants in proportion as the States contribute.
This should be combined with a system of public works, such projects to
be undertaken only on their merits,
4. The States should enact Old-Age Pension Laws for persons over 65
and the government make contributions to suppdrt such systems according
as States contribute, bilt all such programs should be financed oh a payas-you-go policy, by widely distributed taxation.
5. Labor's right to organize and bargain collectively through repre¬
sentatives of its own choosing without interference must be protected.
State laws and interstate compacts should be undertaken to abolish sweat¬
shops and child labor.
6. Scarcity economics should be abolished in agriculture: a national land
use program should be pursued for the protection and restoration of land
resources: experimental aid to farmers should be developed for production
of new crops and promotions of new industrial uses of non-food crops;
farmers protected from foreign importations.
Farm credits at rates com¬
parable with those in industry should be fostered together with decentralized
non-partisan control of the farm credit administration.
A form of subsidy
should be instituted to take care of exportable surpluses with benefits
based on the domestically consumed portion of the crops and payments
limited to production levels of family type farms.
Government aid would
be furnished for disposing of surpluses.
7. The Reciprocal Trading Act should be repealed and the flexible tariff
restored to its full operation.
8. Government powers should be exercised to eliminate monopolies and
restore and maintain free enterprise.
9. Government regulation of business should be restricted to its proper
fields and administration by an independent
tribunal operating under
Interstate security
marketing should be regulated by the
government "within the Constitution."
10. The merit system "virtually destroyed by New Deal spoilsmen"
should be restored to the end that permanent careers in government service
encouraged.
will be
be balanced not by increasing taxes but by putting
uncontrolled spending.
The Federal tax systems should be
coordinated with State and local tax systems.
12. Sound money should be preserved at all hazards and further devalua¬
tion of the dollar is opposed.
13. Peace should be maintained by all honorable means and
America
shall not become a member of the League of Neations or the World Court,"
nor should America take on any entangling alliances in foreign affairs.
14. An adequate army and navy and air force should be maintained for
national defense, but America should cooperate with other nations for
limitation of armaments and control of traffic in arms.
The budget should
11.
an
end
to
The following
is the text of the platform adopted:
America is in peril.
The welfare of American men and women and the
tion of their
as
impartial
subject to interstate commerce,
stake.
We dedicate ourselves to the preserva¬
political liberty, their individual opportunity and
free
citizens,
their char¬
which today for the first time are threatened by
government itself.
For
three
long
the
years
American traditions
New
Deal
administration
has
dishonored
and flagrantly betrayed the pledges upon which the
Democratic party sought
an
commission to be subject to court review.
regulation of security markets for the pro¬
the
Main Points
acter
subcommittee's plank.
"We
as
social security and unemployment relief—with the
administered by
departures from present national policy that
the
condemned abuses
administration.
present
future of our youth are at
opposed by the East and those Republicans looking to 1940.
Then, over the telephone, the Governor proposed this substitute for the
civil
Cleveland
revised and
by the subcommittee.
Strength gathered simultaneously behind an opinion that the plank sub¬
mitted would make
the
continuance of several reforms inaugurated by the Roose¬
investors,
specific law.
Western
progress
Throughout its preamble and 14 planks the document
it
1.
Bingham of Connecticut and Moses of
the sun's first
economic
and
advices to the New York "Times" June 11, said:
read:
This proposal was rejected by the Eastern committeemen, led by former
the assured
subordinated in several important instances
the more conservative Eastern delegations on
social
of
matters
of compro¬
were
Senator
We will restore the convertibility of our currency into gold at a rate fixed
by law, but not until it can be done witnout injury to our domestic economy
or injury to agricultural and other raw materials."
platform of 1856.
campaign cannot be founded this year
differences between the Republican and Democaratic
policies.
monetary plank finally presented to the resolutions subcommittee
representing the views of the Landon
and the platform ends with a paraphrase
The preamble also declares that the
Vandenberg voted for the World Court.
as
plank aimed
platform is phrased in the words of the Declaration
of Independence in several parts
of the words of the original Republican
velt administration,
Further complicating the situation was another demand by the
paragraph of the Borah monopoly
a
holding companies.
The preamble of the
threatening to take his fight to the convention floor until he had his
way.
against the party if it did not accept his principles, although the
voice"
at
general satisfaction
The Idahoan thus abandoned his threat to "raise his
with the outcome.
committee, demanding that the platform sincerely represent his views on
currency,
of the family type
farm."
Republican National Convention at Cleveland, which
as we note elsewhere, nominated as President, Gov. Alfred
M. Landon, Governor of Kansas, and the same day (June 11)
adopted the party platform after several days of delibera¬
tion.
In its plank on money and currency the Republicans
declare themselves as advocating "a sound currency to be
preserved at all hazards," and states that "the first requisite
to a sound and stable currency is a balanced budget.
Oppo¬
sition to further devaluation of the dollar is expressed in the
plank which also declares for cooperation with other coun¬
tries toward stabilization.
With respect to the plank and
Governor Landon's views, a dispatch from Cleveland, June
11, to the New York "Times" had the following to say in
the
agricultural
variety of proposals for
wide
a
credit, soil erosion program and disposal of surpluses, but
Plank.
The
Throughout
bilateral
-
'
plank some of
the philosophy of George N. Peek in its relation to "a two-price system"
whereby the domestic and world commodity price levels could operate
independently and agricultural exports permitted to move at whatever
The
following:
Party
Republican
by
Convention
Advocates
Budget—No
in
Adopted
lieutenants.
adopted by the subcommittee
during his conversations
Governor
Reciprocal Trading Act be repealed, and to urge a declaration
the
The
of
Text
mt
by the
for its modification to provide for
in
MORGENTHAU,
that did not
board
party," a member of his strategy
...
demanded
also
that
governing
regulations
and
rules
or the
Liberalization of the foreign trade plank
Cleveland
bonds are exempt, both as to
except estate, inheritance, or
gift taxes, now or hereafter imposed by the United States, any State, or
any
of the possessions of the United States, or by any local taxing
and
earnestly desired platform
subject to double construction and
not
were
require explanation by him
Taxation
principal
Landon told his friends that he
"Governor
declarations that
was
accordance with applicable law, the
In
18.
3953
Chronicle
and received public support .
The
of Congress have been usurped by the President.
integrity and authority of the Supreme Court have been flaunted.
The
rights and liberties
The powers
of American citizens have been violated.
3954
Financial
Chronicle
Regulated monopoly has displaced free enterprise.
The
New
administration
Deal
Support the adoption of State laws and interstate compacts to abolish
constantly seeks to
rights
the
usurp
reserved to the States and to the people.
It has insisted
on
passage
June 13, 1936
sweatshops aud child labor, and to protect Women and children with respect
hours, minimum wages and working conditions.
to maximum
that this can be done within the Constitution
of laws contrary to the Constitution.
It has intimidated witnesses and interfered with the right of petition.
It has dishonored
It
our
It has promoted investigations to harass and intimidate
at the
same
American citizens,
time denying
It has created a
set up a
investigations into its own improper expenditures.
vast multitude of new offices, filled them with its favorites,
centralized bureaucracy and sent out
swarms
of inspectors to harass
The farm problem is an economic and social, not
It has bred fear and hesitation in commerce and industry, thus
couraging
and we
enterprises,
new
dis¬
employment and prolonging the
preventing
made tariff agreements with our foreign competitors,
secretly has
flooding
to itself the
land
It has destroyed the morale of many of our people and made them depend¬
action
Deal administration
Such
which
the
opens
for
way
taken
has
solution cannot be had under
a
misuses
the
to
program
serve
and
non-political
a
a
New Deal
partisan ends,
to
by coercive methods the farmer's control
farm.
own
One paramount object
is to protect and foster the family type of farm,
traditional in American life, and to promote policies which will bring about
adjustment of agriculture, to meet the needs of domestic and foreign
markets.
As
during the agricultural depression,
an emergency measure,
of the Federal Government are consistent with a balanced budget.
means
We propose—
Appeals to passion and class prejudice have replaced reason and tolerance.
free people, these actions are
Jbe waged
on the traditional
Democratic parties.
insufferable.
differences
This campaign cannot
between the
Republican
To facilitate economical production and increased consumption on a
1.
basis of abundance instead of scarcity.
A national land-use program, including the acquisition of abandoned
2.
and
and non-productive farm land by
The responsibility of this election transcends
We invite all
This
promote scarcity and to limit
his
New
the
partisan problem,
principles of the Republican policy of soil conservation and
retirement.
over
ent upon government.
sions.
AAA,
a
Following the. wreck of the
Federal benefit payments or grants in aid when administered within the
opposing its tyrannical policies.
a
coercive
accordingly.
it
treat
to
permanent solution.
an
with foreign commodities.
our markets
It has coerced and intimidated voters by withholding relief to those
To
and
restrictive
depression.
It
propose
administration
people.
our
Agriculture
country by repudiating its most sacred obligations.
has been guilty of
frightful waste and extravagance, using public
funds for partisan political purposes,
We believe
it now stands.
as
all previous political divi¬
Americans, irrespective of party, to join
us
in defense
the
voluntary sale
lease and subject to
or
Legislative and Executive branches
of the
of the
States
concerned and the devotion of such land to appropriate public use, such
watershed protection and flood prevention, reforestation, recreation and
as
of American institutions.
approval
conservation of wild life.
Constitutional Government and Free Enterprise
We
1.
3.
pledge ourselves—
To maintain
the American system
of constitutional and local self-
and to resist all attempts to impair the authority of the
government,
That
agricultural policy be pursued for the protection and restora¬
an
tion of the land resources, designed to bring about such a balance between
soil-building
and
soil-depleting
crops
will permanently insure pro¬
as
ductivity, with reasonable benefits to cooperating farmers on family-type
so regulated as to eliminate the New Deal's destructive policy
Supreme Court of the United States, the final protector of rights of our
farms, but
citizens against the arbitrary encroachments of the legislative and executive
toward the dairy and livestock industries.
branches of government
There can be no individual liberty without an
.
independent judiciary.
2
To preserve the American system of free enterprise, private competi¬
4.
5.
only
permanent
solution
American farmer against the importation of all live¬
therefrom, which will depress American farm prices.
unemployment
of the
problem is
7. To provide effective
the
To that end
absorption of the unemployed by industry and agriculture.
quarantine
against
livestock, dairy
imported
and other farm products from countries which do not impose health and
sanitary regulations fully equal to those required of our own producers.
advocate:
we
To protect the
stock, dairy and agricultural products, substitutes therefor, and derivatives
Re-Employment
The
To promote the industrial use of farm products by applied science.
6.
tion, and equality of opportunity, and to seek its constant betterment in
the interests of all.
To extend experimental aid to farmers developing new crops suited
to our soil and climate.
.
Removal of restrictions
Abandonment of all
increase the
on
of living
cost
8. To provide for ample farm credit at rates as low as those enjoyed by
production.
New
Deal
raise
policies that
production
costs,
and thereby restrict buying, reduce volume
other industries, including commodity and livestock loans, and preference
in land loans to the farmer
acquiring
or
refinancing
farm
a
as a
Administration and the election by National Farm Loan Associations of
Encouragement instead of hindrance to ligitimate business.
Withdrawal of government from competition with private payrolls.
at least one-half of the board of directors of the Federal Land
Elimination of unnecessary and hampering regulations.
thereby
Adoption of such other policies
as
exportable surpluses the payment of reasonable benefits upon the domes¬
tically consumed portion of such crops in order to make the tariff effective.
Relief
The necessities of life must be provided
be restored pending recovery.
our
for the needy and hope must
1.
The return of responsibility for relief administration to
focal agencies familiar with community problems.
upon
the total relief burden to be
local governments;
on
(a) A fair proportion of
with these conditions:
compliance
provided from the revenues of States and
(c) adequate provision to be made for the
encouragement of those persons who are trying to become self-supporting.
3. Undertaking of Federal public works only on their merits
and separate
from the administration of relief.
i
security will be
sufficient to furnish
and to
provide
a
a
only
possible
productive capacity is
surplus for future needs and contingencies.
Society has
people, and to
our
our
families
For the
self reliance
system of free enterprise.
in
old
age.
The
New
Deal
policies,
while
purporting to
provide social security, have, in fact, endangered it.
We
propose
a
system
of old
age
based upon the following
security,
We approve a pay-as-you-go policy, which requires
the support of the aged and the determination of what is
2. Every American citizen over
payment necessary to provide a
him
or
of each generation
just and adequate.
65 should receive the supplementary
minimum income sufficient to protect
her from want.
3. Each State and Territory, upon complying
tax
To make this program consistent with sound fiscal
We
propose
honest and
policy the Federal
States and Territories
adoption by the
measures
Nearly 60% of all imports into the United States are new free of duty.
of imports compete directly with the product of our industry.
The other 40 %
We should keep on the free list all products not grown or produced in the
United States in commercial
of
for meeting the problems of unemployment
of the present
Social Security Act are unworkable and deny benefits to about two-thirds
our
farmer and the American wage-earner
while imposing heavy tax burdens upon all.
The so-called reserve fund
because the fund will contain nothing but the
the government
all,
government's promise to
collected in the guise of premiums will be wasted by
in reckless and extravagant political schemes.
low-wage and depreciated-currency countries.
We
will repeal the
futile
and
dangerous.
earner
present
The welfare of labor rests upon
Protect the rights of labor to organize
and the farmer.
We will restore the principle of the
powers
partisan lines.
We will adjust tariffs with a
view to promoting international trade, the
stabilization of currencies and the attainment of
a proper
balance between
agriculture and industry.
We condemn the secret negotiation of reciprocal trade treaties without
public hearing or legislative approval.
Monopolies
A private monopoly
is indefensible and intolerable.
It
menaces
and if
citizen.
'
We favor the vigorous
civil
the
enforcement of the criminal laws, as well
laws, against monopolies and trusts and their officials, and
enactment
of such additional legislation
as
we
as
the
demand
is necessary to make it
impossible for private monopoly to exist in the United States.
of the government to the end that mono¬
poly shall be eliminated and that free enterprise shall be fully restored and
maintained.
Regulation of Business
We recognize the existence
of
tion is desirable and salutary.
in
an
a
field within which governmental regula¬
The authority to regulate should be vested
independent tribunal acting under clear and specific laws establishing
definite standards.
Their determinations on law and facts should be subject to review by the
We
favor
Federal
regulation, within the
Constitution, of the
We favor also Federal regula¬
tion of the interstate activities of public utilities.
Civil Service
governmental job holders from exercising autocratic powers
flexible tariff in order to meet changing
of the Tariff Commission in order to extend this policy along non¬
r
and to bargain collectively through
(representatives of its own choosing without interference from any source.
labor.
It is
Its continuation would work, to the detriment of the wage-
economic conditions here and abroad and broaden by careful definition the
courts.
increased production and the prevention
We pledge ourselves to:
,
Reciprocal Trade Agreement Law.
Its effect on argiculture and industry has been
marketing of securities to protect investors.
Labor
•of exploitation.
from the destructive competition
emanating from the subsidies of foreign governments and the imports from
and domestic service and the self-employed,
estimated at $47,000,000,000 for old age insurance is no reserve at
pay, while the taxes
our farms, our
fisheries, our oil wells, our labor and our industries,
including professional men and women and all
those engaged in agriculture
over
mines,
our
We will employ the full powers
The unemployment insurance and old age annuity sections
Prevent
quantities.
As to all commodities that commercially compete with
insurance.
of our adult population,
self-
a
continued will utterly destroy constitutional government and liberty of the
proceeds of a direct
All will be benefited and all should contribute.
to encourage
practical
to
Tariff
for this purpose must be provided from the
widely distributed.
as
■
gradu¬
ated contribution in proportion to its own, up to a fixed maximum.
4.
that they may regain and maintain
so
with simple and general
minimum standards, should receive from the Federal Government a
revenues
of surpluses in foreign
We strenuously oppose so-called reciprocal treaties
13. To give every reasonable assistance to producers in areas suffering
principles:
1.
.
supporting status.
ing some measure of protection against involuntary unemployment and
dependency
••/
which trade off the American farmer.
destructive.
obligation to promote the security of the people by afford¬
an
'
bargaining for foreign markets selectively by countries both
from temporary disaster,
can
when our
decent standard of living for all American
attainment of that ultimate objective we look to the energy,
and character of
'
■
and further develop cooperative marketing.
sufficient protection should be maintained at all times to defend the Ameri¬
Security
■
Real
trade by
forests,
v
ployment.
.
\
exports and imports
determination of the facts concerning relief and unem¬
prompt
'
(b) all engaged in relief administration to be selected
the basis of merit and fitness,
4. A
v'
;
To encourage
12. To furnish government assistance in disposing
'
States and Territories while the need
2. Federal grants-in-aid to the
exists
non-political
'
11.
It has been faithless to those who most deserve
To end confusion, partisanship, waste and incompetence
sympathy.
These payments are to be limited to the production level of the family-type
farm.
The administration of relief is a major
pledge:
we
Banks, and
these institutions from politics.
remove
10. To provide in the case of agriculture products of which there are
will furnish a chance for individual
enterprise, industrial expansion and the restoration of jobs.
failure of the New Deal.
home.
9. To provide for decentralized, nonpartisan control of the Farm Credit
and prevent re-employment.
Under the New Deal, official authority has been given to inexperienced
and incompetent persons.
national political machine.
presented such
a
The civil service has been sacrifiecd to create
As
a
result the Federal Government has
picture of confusion and Inefficiency.
a
never
Volume
We
Financial
142
pledge ourselves to the merit system, virtually destroyed by New
Deal spoilsmen.
Chronicle
pre-convention field.
It should be restored, improved and extended.
As
We will provide such conditions as offer an attractive permanent career
in government service to young men and women of
ability, irrespective of
The New Deal administration has been characterized by
threatens national
shameful waste
It has piled deficit upon deficit.
It
bankruptcy and the destruction through inflation of
insurance policies and savings bank deposits.
■
,
Balance the budget—hot by increasing taxes but
by cutting expendi¬
with State and local
the
to
Congress the authority lodged with it by the
all
delegating this authority to the Executive.
We will cooperate with other countries toward stabilization of
soon as
we
can
do
and
leading to foreign alliances
or
by all honorable
political commitments.
Obedient to the traditional foreign policy of America and to
on any
the repeatedly
entangling alliances in foreign affairs.
We shall promote, as the
pacific settlement
best
means
the
great
cause
of international
arbitration through the establishment of free, independent tribunals,
shall determine such disputes
•
'
We favor
an
army
and
navy,
which
in accordance with law, equity and justice.
\y'
National Defense
including air forces, adequate for our national
defense.
We will cooperate with nations in the limitation of armaments and
of traffic in
control
-y'"''
" y."
■
stood in the
Theodore Roose¬
But
such
no
In
an
been displayed in the entire
unanimity has
votes were cast against him.
Presidency
.
.
.
Withdraw
Sons
extraordinary display of party harmony. Senator Borah, Senator
Vandenberg, Colonel Frank Knox, of Hlinois; Senator Lester J. Dickinson,
of Iowa, and all the favorite
the convention.
Every
one
sons
refused to allow their names to go before
of them except Senator Borah took the con¬
announce
support for Governor Landon publicly.
On June 12 the Convention nominated Col, Frank Knox
Illinois
1:14 p.m., Eastern Standard Time.
for
the
Vice-presidency and adjourned sine die
In reporting yes¬
terday's action Associated Press accounts from Cleveland
said in
part:
From the start of the caU of the States the delegates went for Col.
without
a
a
"draft Vandenberg"
But the Michigan Senator
his
name
Knox
solitary dissent.
time
a
in
,
be not considered.
a
movement seemed In the making.
letter read to the Convention, asked that
He said he could "serve
the floor of the senate during the next Landon
more
effectively on
administration.''
Col. Knox had left the city evidently with a landslide for him farthest
from his mind.
He
indicated
an
expectation that Senator
would be nominated and would accept.
of the main Landon leaders were
even
after the convention
was
met.
Vandenberg
There were plain signs that some
working for Vandenberg on the ticket,
But they finally
voted on.
'
joined the rush.
No
~\
Gov. Harry W. Nice of Maryland and former Ambassador Walter Edge
of assembly and petition
seizures.;'.
■
and defend, against all intimida¬
preserve, protect
tion and threat, freedom of
religion, speech, press and radio; and the right
and immunity from unreasonable searches and
of New Jersey took the rostrum, as did Knox and Vandenberg for Landon
last
night, to withdraw their
There
votes
a
government of law s as against the
names and call
for
a
unanimous vote for the
Chicago publisher.
was a
.
abiding security of
autocratic perils of a government of men.
was
brief demonstration for Knox when the official result—1,003
announced.
Learning of his nomination in Michigan
City,
Col. Knox said he was "profoundly grateful."
Now 62 and publisher of the Chicago "Daily News," he has been on the
Furthermore
1.
rift in
Senator
.
pledge ourselves to
We offer the
Bachmann,
G.
Even when Herbert Hoover was renominated for the
.
other name
arms.
Bill of Rights
We
ballot.
For
of securing and maintaining peace
of disputes,
the Idaho
cast his one vote for the veteran Pro¬
of
expressed will of the American people, we pledge that America shall not
become a member of the League of Nations nor of the World Court, nor shall
America take
Carl
at
We pledge ourselves to promote and maintain peace
by the
first
as
Foreign Affairs
means not
culminating a
the first ballot for Senator Borah
currencies
other nations have sufficient stability to justify such action.
soon as
when
record unachieved in thirty-two years.
a
vention platform to
with due regard for our national interests
so
on
Favorite
balanced budget.
Constitution to coin money and regulate the value thereof by repealing
as
votes
;
.
sound currency to be preserved at all hazard.
We oppose further devaluation of the dollar.
s
.
four years ago 23^
:
The first requisite to a sound and stable currency is a
will restore
.
velt, in 1904, at Chicago, received the entire vote of the convention on the
Money and Banking
the law
.
of Creating
way
interval
a
.
.
the first ballot, faithful to Senator
.
for raising revenue and not for punitive or political
purposes.
We
long succession of Landon
gressive.
;
,
We advocate
on
West Virginia, earlier in the roll call, had introduced the first
Only the nineteen votes
Federal tax system and coordinate it
power
Wisconsin
...
Stop the folly of uncontrolled spending.
tax systems.
announced at 11*41 p. m. Cleveland
Borah's primary victory in that State, cast 18 of its 24 votes for
Senator.
Borah's pre-convention manager,
tures, drastically and immediately.
taxing
were
Friday, New York Daylight Saving Time) a motion
from the Wisconsin delegation to make the nomination unanimous.
a.m.,
series of demonstrations.
the
We pledge ourselves to:
Use the
the ballot results
as
(12*41
The motion was carried in an outburst of
applause
Government Finance
Revise the
soon
time
came
party affiliations.
and general financial irresponsibility.
3955
his delegates along with all the other rivals of the Kansas executive In the
<
warpath against the New Deal for months.
We favor the construction by the Federal Government of headwater
storage basins to prevent floods, subject to the approval of the legislative
and executive branches of the government of the
States whose lands are
concerned.
The Convention
delegates
in
was
called to order
attendance.
attended the convention.
-
on
June 9, with 1,003
Approximately
14,000
persons
Senator Frederick M. Steiwer of
We pledge our
We will do our
employment in the gainfully occupied life of America,
Oregon on June 9, acting as temporary Chairman, made the
"keynote" speech, in which he attacked the major policies
of the Roosevelt Administration.
In particular he assailed
particularly in private industry, agriculture, emergency agencies and the
the drift toward inflation, the Administration's monetary
policy and the "regimentation" of business and agriculture.
Senator Steiwer urged lower taxes, a balanced budget and
tariff protection for farmers and industrialists.
Henry P. Fletcher, Chairman; of the Republican National
Committee, opened the proceedings of the Convention on
June 9.
Senator Steiwer's speech was a listing of the prin¬
cipal points of difference between the Republican and
Democratic regimes.
He asserted that political and eco¬
nomic freedom must be restored to the American people
under a competent and conscientious government, and he
urged persons of all political affiliations to unite for that
purpose.
The present Government, he charged, is without
political morality and has done its best "to extinguish the
lamp of prosperity."
Collapse is inevitable, he continued,
2.
We favor equal opportunity for our
colored citizens.
protection of their economic status and personal safety.
best to further their
civil service.
We condemn the present
New Deal policies which would regiment and
ultimately eliminate the colored citizen from the country's productive life
and make him solely a ward
3.
To
our
of the Federal Government.
Indian population we pledge every
effort on the part of the
National Government to ameliorate living conditions for them.
4.
We pledge continuation of the
Republican policy of adequate com¬
pensation and care for veterans disabled in the service of our country and
for their widows, orphans and dependents.
5.
We shall
effort to collect the war debt due us from foreign
use every
countries, amounting to $12,000,000,000; one-third of our national debt.
No effort has
been made
by the present administration even to reopen
negotiations.
6.
We
are
opposed to legislation which discriminates against women in
Federal and State employment.
Conclusion
obligations and duties imposed upon government by
modern conditions.
We affirm our unalterable conviction that,
in thp
We
assume
future
as
the
in the past, the
fate of the Nation will depend, not so much on tie
the character and virtue, selfwillingness to meet
the responsibilities essential to the preservation of a free society.
Finally, as our party affirmed in its first platform in 1856:
"Believing
that the spirit of our institutions as well as the Constitution of our country
guarantees liberty of conscience and equality of rights among our citizens
we oppose all legislation tending to impair them," and
"we invite the
affiliation and cooperation of the men of all parties, however differing from
us in other respects, in support of the principles herein declared."
The acceptance of the nomination tendered by this convention Carries
with it, as a matter of private honor and public faith, an undertaking by
wisdom and power
of government, as on
reliance, industry and thrift of the people and on their
each candidate to be true to the
Governor
for
principles and program herein set forth.
Unanimously Nominated
Republican Convention—Col.
Landon of Kansas
President
Frank Knox
by
Named
for
Vice-President—Senator
as
Temporary Chairman, Attacks New
Deal—Representative Snell Invites Democrats to
Join
Party in Defeating President Roosevelt—
Steiwer,
Ex-President
Hoover
Addresses Convention
Governor Alfred M. Landon of
Kansas
was
nominated for/
Presidency by the Republican National Convention,
meeting at Cleveland at 11:41 p. m., on June 11.
The
nomination was made on the first ballot, as to which advices
from Cleveland to the New York "Herald Tribune" from
the
its staff
The
correspondent said in part:
Governor
was
named overwhelmingly on
he received 984 votes against
Idaho,
wno earder
the first ballot when
19 cast for Senator William E. Borah, of
in che day had withdrawn from the race and released
if the Roosevelt
Administration continues in office.
Senator Steiwer said that nine
of the American system.
and banking
principles form the basis
He advocated an honest money
system, a businesslike management of Govern¬
ment, substantial import bhrriers to shut out a flow of goods
which can be made or grown at home, farm income balanced
with industrial income, restoration of business competition,
prohibition of government regulation of business or com¬
petition with it, lower taxation, avoidance of foreign entangle¬
ments and retention by Congress of its power to make laws.
Representative Bertrand H. Snell of New York assumed
the permanent Chairmanship of the convention on June 10.
In his speech on that date he invited "constitutional Demo¬
crats" to join Republicans in a campaign against an "uncon¬
stitutional dictatorship" and the "arrogant individualism"
of President Roosevelt.
He declared that the President has
broken his
promises and repudiated his pledges, and that
by waste, extravagance,
debasement of the dollar, increase of taxes, imposition of a
burden on the backs of youth, use of public money to create
a
gigantic political machine and failure to find jobs for
11,000,000 unemployed.
Former President Herbert Hoover addressed the con¬
vention on the evening of June 10.
Mr. Hoover called for
a "holy crusade" for liberty and a halt in the retreat by the
New Deal.
He warned that the United States has been
following the road traveled by Socialist and Fascist dictator¬
ships of Europe.
The former President said that the
Supreme Court had intervened against the "march of
European collectivism" and declared that the outlawed acts
of the Administration would have remained on the statute
his Administration has been marked
3956
Financial
books, making regimentation permanent if Mr. Roosevelt
appointed enough Supreme Court justices.
A Cleveland dispatch of tjune 10 to the New York "Herald
Tribune" quoted in part from Mr. Hoover's
speech as
could have
Chronicle
izing
"crisis" of
century,
a
Mr. Hoover appealed for the return to "fundamental American
liberties,"
imperiled by the "regimentation" of the New Deal.
without
and
economy
raw
injury to
13,
1936
producers of
our
materials.
The convention pledges the party to the merit system and to its restora¬
tion, improvement and extension.
In carrying out this pledge I believe that there should be included within
the
"Republicans and fellow-Americans," in the
domestic
our
agricultural products and other
follows:
To
June
merit
system every position
in the
administrative service below the
rank of assistant secretaries of major departments and
agencies, and that
this inclusion should cover the entire Postoffice
Department.
ALP M. LANDON.
Rallies
"In
the
chaos of
land," he said.
Party for
nd regain the citadels of
an
the peace,
the
lead
and the
is the task to
liberty.
Thus
com-,
of your fellow
eyes
the attack to retake, recapture
America be preserved.
Thus
plenty and security be re-established and expanded.
Thus
opportunity,
children be
yours
"Stop the retreat, and turning the
Americans to the sunlight of freedom,
an
Victory
doubt, confusion and fear,
the
guaranteed.
inheritance,
And thus
can
and the
spiritual future
of
your
win the gratitude of posterity,
you will
blessing of Almighty God."
Governor Landon,
addressing the graduating class of the
on June 9, attacked monopolies.
He
urged the overthrow of "the tyranny of monopoly and
economic dictatorship," on the one hand, and "the
bondage
of bureaucracy on the other."
Only by this action, he said,
"shall we be able to open again and keep open the
gate of
equal opportunity now and in the years to come." Governor
Landon continued, in part:
University of Kansas
The truth is we seem to be witnessing one of the great retreats of
history.
"We shall have to decide whether this retreat of civilization shall
spread to
our
own
country, or whether this retreat shall be turned back from
our
shores before it is too late.
Foreign Investments in United States Increased by
$1,365,000,000 in 1935 to Total of $6,235,000,000—
Department of Commerce Survey Shows Greatest
Advance in Long-Term Holdings
Foreign investments in the United States increased
$1,365,000,000 in 1935 to a total of $6,235,000,000, accord¬
ing to a Department of Commerce survey made public on
June 4.
The study pointed out that more than half last
year's expansion resulted from investments in stocks and
bonds of corporations and other so-called
long-term hold¬
ings, which advanced about $765,000,000 to a total of ap¬
proximately $5,035,000,000.
The analysis was conducted
by Amos E. Taylor, Assistant Chief of the Department's
Finance Division.
It is the first of a series of special studies
designed to provide the best possible basis for estimating the
various invisible items entering into the annual balance
of international payments.
Other data revealed by
will have to decide between
stationary society and
a
one
You
a
"Journal
of
of progress and
It
advancement.
of these
One
in
views
pre-supposes
national development.
our
Henry Adams wrote
years
quently believed that
a
The
belief
same
expansion
up
frontier.
Then,
.
as
have reached the end of the road
we
Now this is not
that
ago
particularly
a
new
the last two centuries
over
stationary period
view.
men
fre¬
to then had been largely created by an expanding Western
vV
to
come
halt, and that
a
But
oppor¬
people had
our
faith in themselves and in the country's future,
and.they quickened that
faith with works.
A new era was opened up.
brought
era
mistakes,
on many
But
in
qualities
the
most
nevertheless
ever
produced
known and with
more
new
inequalities, and
many
sins of omission and commission.
world had
many
spite of its mistakes and ine¬
widespread
prosperity
the
thincs coming within the reach
of the average man than ever before.
The
have
other
o..e
no more
in
of these
reached
a
two
views
is held by those who insist that we
stationary stage
now
I do not believe that America has come
than
so-called
long-term
holdings
_
/'■ ;
.•'
'
The vision of the future of America which I would have
you make your
is full of hope and
encouragement for the members of this
own
graduating
end of
I
the road ahead for
see
upward,
but
onward,
who
toward
destiny.
This
will
the
I have said before and
as
as
after
come
goal
of
on
the
one
I shall continue to day because
hand and the bondage of bureaucracy on the other.
level of
pretation
of
Certain
Planks
the
in
Total British investments at
approximately 27% of all
or
vestments
of the Netherlands place that country next in order with total
holdings of slightly less than $800,000,000.
Switzerland and France come next with long-term investments here of
$399,000,000 and $282,000,000, respectively.
These five countries hold
slightly
than
more
76%
of all foreign-owned investments
in the
Party—Presidential
Sound Currency
Platform
Nominee's
of
The above,
however, the report said,
ultimate ownership.
does not necessarily reflect true
The country in which the nominal
ticularly true where securities
investment
company,
This is par¬
held through the medium of
are
company
resides in
owner
many cases is not the actual source of the investment funds.
In the
of direct
case
rated.
It
United
States
is
11, prior to the placing of his name before the
Republican Convention at Cleveland as Presi¬
Nominee, Gov. Alfred M. Landon of Kansas sent
to his campaign
manager, John D. M. Hamilton, the fol¬
lowing telegram in which he submitted his interpretation of
certain planks in the platform so that
you may be advised
as
to
Governor Landon's telegram follows
my views."
"
,
,
investments, the stock of the foreign parent
pointed out that,
negligible
are
foreign control
combined
cor¬
although
is incorpo¬
Swiss direct investments in the
compared
with
those
of the
Netherlands,
$780,000,000,
or
corporations which
is
are
44%
included
with the
well distributed
excess
not repre¬
of those held by Dutch investors.
The
almost 40% of foreign holdings of common stock in Ameri¬
Approximately
remainder,
in
are
share holdings of Great Britain and Canada account for
common
companies
National
holding
a
nominee.
or
poration which controls the American subsidiary may be largely or entirely
Views
On June
United
States.
can
Republican
on
stock prices.
common
holdings by Switzerland of American corporate shares which do
Indicating His Inter¬
report,
Canada, which is second in importance as a long-term creditor of the
United States, has an investment interest of
approximately $1,000,000,000
this country, while the large bond holdings and substantial direct in¬
sent
Statement by Governor Landon
the
held in countries other than that in which the parent
company
I firmly believe it, avoids the tyranny of
monopoly and economic dictator¬
ship
to
by foreign investors of
in
you
America's
1
■
road,
according
purchases
Foreign Parent Corporation
and for those
you
always
foreign holdings of United
foreigners,
1935 aggregated $1,374,000,000,
class and for young Americans everywhere.
stretching
1934
foreign investments in this country.
to the end of the road of indi¬
vidual opportunity, and I would like to have
you share that conviction with
me.
'
"
'■;
..
"■'
by
primarily from the year's net
in the average
had in the nineties.
we
of
American shares, coupled with an average increase of
approximately 37%
the
had
we
end
the
at
•
said that
tunity would be less in the future than in the past.
it
that
States
stocks, bonds and other long-term investments were approximately
$4,270,000,000 and short-term banking liabilities of this country to for¬
eign creditors $600,000,000.
The increase during the year of $765,000,000
resulted
Our business
Commerce":
estimated
was
was near.
in the early eighteen nineties.
was current
now, some
This new
the study were summarized as
Washington dispatch of June 4 to the New York
follows in
As part of this question, you face a decision between two views.
over
controlled by shareholders in the United States.
foreign-owned
of
in
the
preferred
exception of $66,000,000
the
shares
remaining investing
held
areas
in
American
of
of British investors,
portfolios
whereas the
Canada,
is fairly
of the world.
dential
To the
Dr. W.
Randolph Burgess Discusses Relations Between
Central Banks and Governments—-Asserts That in
Many Instances They Have Resulted in Modifica¬
tions of Government Policies
delegates of the Republican National Convention:
*
My
is to be presented for your consideration
as a
for
name
nomination
The
President
of
the
United
States.
platform
recom¬
mended by your committee on resolutions and
adopted by the convention
has been communicated to me.
I note that according to the terms of the
platform the nomination ten¬
dered by this convention carries with
it, as a matter of private honor and
public
good
faith,
principles and
an
undertaking by each candidate to be true to the
program herein set
nominated, I unqualifiedly accept the word and spirit of that under¬
taking.
However, with that
candor which you and the country are entitled to
interpretation of certain planks in the platform
that you may be advised
as
governments,
government
many
on
policies
to my views.
I could not in conscience do
bankers
as
to
they have opposed
their modification, W.
obtained
and
serve
occasions
Randolph Burgess, Vice-President of the Federal Reserve
Bank of New York, asserted in an article on "Supervision of
Chartered Banks," ' in the May issue of "Banking," the
is
based
material
on
in
revised edition
a
The
of Dr.
article
Burgess's
book, 'The Reserve Banks and the Money Market," which
will
I feel compelled before you proceed with the consideration
of my name to submit
my
so
their
journal of the American Bankers Association.
forth.
If
expect of me,
Despite the fact that central banks
candidate for the
be
published this
Central
banks
all
summer.
have
considerable
a
pendence of the government, Dr.
of
measure
Burgess said.
inde¬
He pointed
out
otherwise.
Under the title of Labor the platform commits the
Republican party as
follows:
that they are also closely related to the commercial
banks and have supervisory powers over them.
In discussing the responsibility of the Federal Reserve
Support the adoption of State laws and interstate compacts to abolish
sweatshops and child labor, and to protect women and children with
respect to maximum hours, minimum wages, and working conditions.
We
System, Dr. Burgess said:
believe that this
which
can
be done within the Constitution
as
it
now
stands.
I hope the opinion of the convention is correct that the aims which
you
have in mind may be attained within the Constitution as it now stands.
But, if that opinion should
prove to
be erroneous, I want
you to
know that,
as
may
be necessary adequately to
protect women and children in the matter of maximum hours, minimum
wages
The
and working conditions.
convention
hazards."
is
a
advocates
This obligation
"a
I agree that "the first
sound
we
currency
requisite to
a
to
be
preserved
at
all
sound and stable currency
The second requisite, as
gold and
convertible
into
I view it, is
gold.
a
currency expressed in terms of
I recognize,
requisite must not be made until and unless it
however,
can
that
the
second
be done without penal¬
with
Admission
of
The
brief
have
does
thought
powers
comments
under
the
supervisory,
as
in
the
law
and
certain
these
specific
original Federal
powers
have
powers
Reserve
Act
been
may
follows:
as
to
membership and expulsion from membership—The
quiring of high standards for admission of State banks acts somewhat
re¬
to
improve the quality of State member banks, and a bank may forfeit mem¬
bership for failing to comply with the law or regulations of the Board.
Requiring
detailed report
condition—The
of
reports
exerts
on
a
bank
a
kind
of
very
fact
of
making
a
moral pressure to make
regular
a
good
statement.
3.
balanced budget."
System
be
recently.
listed
2.
cannot escape.
Reserve
may
increased
be
1.
if nominated and elected, I shall favor a constitutional amendment
permit¬
ting States to adopt such legislation
The
ered
Examination
to
Federal
lines
of
make
credit
of
special
Reserve
Bank
which
member
banks—Federal
examination
of
are
the
of
being
Reserve
banks
their member banks
condition
of
extended
its
by
member
them."
were
"to
banks
Until
empow¬
inform
and
of
recently
the
the
few
Volume
examinations
complete
the
in
Financial
142
in
were
fact
regular supervisory authorities,
their
of
lieu
the
national
for
A
own.
duplicating those of
avoid
to
practice
common
State examiners
made,
might accept
which the Reserve banks
to send
was
examiner with
an
discount.
4.
or
Making
that the
presented
bank
the
that
loans—When
paper
itself
especially to look
the
members
bank
the assets eligible
over
requirements
quality, and
the
borrows,
for discount shall meet the test for
shall
be
in
sound
condition,
higher
towards
make
5.
Granting trust
to national banks—Just
powers
has exerted,
these
All
were
beneficial influence upon the quality of banking.
a
supervisory
the
powers
been
the informal
with
member banks.
tinuously
of
banking.
State
and
Since
visory
improving the
however,
The
field
friendly central
quality
have hardly
has of
a
banking.
of
constituted
been
necessity
frequent contacts
left largely
powers
supervision
effective
an
con¬
agency
These
the national
to
supervisors.
the
1933
have
and
the original
of
passage
powers
Acts of
They have constituted
in
been
1935.
greatly
Federal Reserve Act these semi-super¬
increased,
principally
by
follows:
as
legislation to refuse
in
maintenance
loans
for
districts
of
sound:
carrying
the
facilities
loans
credit
of
banks
making
any
equity
capital
and
to
surplus
of
bank
use" of
prescribe
,
also
securities;
and
"undue
inconsistent
purpose
conditions,"
registered
percentage
to
"for
or
with
the
margins
on
fix
Removal
3.
officers
remove
law
to
but
directors
or
the
lends
mits
to
5.
member
banks
System
has
hearing.
This
to
power
continue to violate
unsound practices after they
power
will
and
giving
holding company
establishment
of
have been
seldom be
These
affiliates
responsibility for
of
the quality of
which
are
members,
a
natural
the
banking disasters of recent years.
The System has
responsibilities by enlarging its examination force and
increasing the number of the examinations it makes, especially of State
member banks.
But the old problem of ambiguous
authority still remains.
consequence
recognized its
study is
of the
parts
and
basis
a
new
/
$3,485,000,000.
gold
fall
from
in
the
of
lower
1931-34,
circulation
price level,
gold
volume of
credit
The gold
for
and
of
parities
the gold
for
the
than
in
than
for
1929.
central
will doubtless be
units than
standard
monetary
various
the metal to support a given
(on
reserves
$20,000,000,000
basis of
a
2%
a
annual
equivalence).
Actual
$22,000,000,000, and the credit pyramid is smaller
about
now
Moreover,
there
(present gold
estimated
is
be
to
in
hands
private
in
Europe around $2,000,000,000 in gold which is likely to be added
central
to
central
in
the redundance
to
given price level.
a
need
a
of less
are
Western
gold
of
increase
have contributed
delegation, in exploring the adequacy of the gold supply, visu¬
1935
increase)
reserves
and
forecast
1929
in
inclusive, actual produc¬
In addition, extension of mining areas,
Furthermore, restoration
gold.
on
of
given
Washington dispatch of June 2 to
existed in 1929, further lessening the need of
whenever
reserves
confidence
in
the
currencies
leading
is
restored.
Risks
Revealed
"The world will be faced with the
the existing
of
the creation
of
an
sarily enhanced
supply to the
ments—based
level,"
Such
"Excess
the
of
gold
huge
excess
public
and
can
of
investment
the
country
call
for
to
and
an
unneces¬
serious is
equally
the risk
gold standard with
a
holdings
in
reserves
will
that
have
require¬
reserve
accumulated
the
normal
factors,
be
inflows
which
and
and
the
during
ought to
that
banks'
bank
by
and
distinction
no
influence
and those of
danger here is that
the
by
outflows
fully,
offsetting central
The
regarded
reserve,
the
promptly and
banks.
central
to
come
between
practice
"But
says.
itself
be absorbed without
may
credit structure
development would actually create a gold shortage.
be sterilized without any legal change by the accumu¬
a
excess
part
in
report
swollen
reserves
as
made
the
commit
the
on
problem of postponing the full utiliza¬
time when it
unnecessarily expanded
that the world will
lation
branches.
the banks
amounted to
reserves,
of
per¬
of maximum interest rates to be paid on time deposits.
have clearly placed upon
the Reserve
System
added
powers
tion
depression.
Determination
6.
other
a
of $2,749,000,000 of gold in
withdrawal
of banks.
of
future
gold production before
the gold delegation of the League of Nations
production
tion
Reserve
member banks who
a
Although
that
admonitions.
of affiliates
stock
vote
or
and after
weight to
Approval
State
of
in unsafe
contrary
Examination
4.
management—The
poor
to engage
or
warned
used
of
of
summary
by
to
power
be represented by security loans.
may
the
its
speculative
meet
to
depression.
brief
A
alized
1. Interlocking
directorates—The Reserve System was entrusted with
enforcing the Clayton Act limiting interlocking bank directorates.
2. Control of speculative loans—The System was
given power by recent
credit
next
below, as contained in
Banking
the
The additional powers may be listed
needed
be
the New York "Herald Tribune":
important still has
more
influence of the Reserve banks in their
interested
together,
Perhaps
gold accumulations will
diate prospect of a serious decline in
has tended to
exercise of which
improve the quality of banking practice.
taken
creased
growth. The survey also said that inadequacy of the world
gold supply was not a factor contributing to the decline of
prices between 1924 and 1929, and that there was no imme¬
in the case of mem¬
as
bership the maintenance of standards prerequisite to the granting of trust
powers
preventing undue credit expansion without increasing gold
reserve requirements
to a level where proportionately in¬
the
standards.
3957
Chronicle
due
the
credit
the
be
will
trade
normal
to
situation
in
operations."
upward character which
an
♦
H. H. Heimann of National Association of Credit Men,
Adolph C. Miller Praises Banking Act of 1935—Stresses
Importance of Open Market Committee of Federal
Reserve System—Says Future of
Monetary System
Is
Still
The
Uncertain
Banking Act of 1935
praised
was
on
May 30 by Adolph
to 1936, who addressed the District of Columbia Bankers
Association convention at White Sulphur
Springs, W. Va.
Mr. Miller said that Congress acted
wisely in not including
provisions that might have interfered with unprejudiced
and unobstructed reconsideration and determination of the
eventual monetary system of the United States.
He
pointed
that the new banking legislation makas the Federal
Open Market Committee the most important single organ
of monetary control existing in the Federal Reserve
System,
and that it has plenary power in all matters of
open market
operations.
out
The
future
Reserve
of the
System
monetary system and of the Federal
still uncertain, Mr. Miller said.
He
are
continued:
The
Act
of
necessary to
1935 made
ever
only such
dispositions
as
were
banking legislation of 1935.
This legislation is not
understood unless it is appreciated that it concerned itself with conditions—
not with theories.
It kept within the frontiers of the
necessary and avoided
all unnecessary penetration into the dark.
predetermine,
United
States
even
farther
It did not, therefore, undertake
by implication, the future monetary course of the
than
circumstances
purely indicated
to
be
imme¬
diately necessary in order that the Federal Reserve System might be made
reasonably competent to function effectively in the rapidly moving world of
today.
The monetary future of the country in a more permanent sense it
left
for
said that "at that time
of
that
future will
are
Federal Reserve
still uncertain and must remain
so
until the
statesmen and the peoples of the world discover that the
way back to stable
and prosperous conditions for the nations must be
by reestablishment of
economically integrated world and the reestablishment of a common
country
based
has
in
recent
years
gold may not be doubted.
on
day.
This
was
is
The welter of confusion into which the world
been projected by the widespread resort
to national
currencies with their constricting effects upon trade
among the nations and
therefore upon their industry and prosperity has made it clear
beyond
peradventure that gold offers the only solid foundation
construct the monetary systems of the
upon
which to
Unless
the
to
Western civilization its
policies.
of
of
Gold
Seen
International
Gold
Adequate for Restoration
Standard—Brookings Insti¬
A
World gold
supplies are entirely adequate for the restora¬
international gold standard whenever such a
step is considered advantageous, the Brookings Institution
tion
of
said
on
Hardy.
an
June 2 in making public
The
report said
that
a
study by Dr. Charles 0.
the chief
dangers lie in
an
excessive supply of the metal, which creates the
problem of
life.
to
June 8, before
on
just
economic
plish
and into
ages
will, through
years
common
laws
60
to
as
to supply
attitude
in the
as
it
state of feudalism,
a
outlaw restrictive
sense,
will insure freedom
we
possible
the needs
duty,
and
toward business
two
behind
score
because
it
is
shorter working week.
a
make
Mr. Hei¬
for
reach
to
us
demanded
by
our
higher
a
...
cooperative
ahead,
will
us,
that
mean
business,
in
economically sound,
But
it will
will
through
come
the
in
40
recognition
seek
to
years
of its
accom¬
evolutionary
an
process.
The
next
of
Turning
world
a
better
in
labor
leadership,
the problem
of
of
today the
for human
that
have
Heimann
growing
or
fields
declared
If
necessarily
animal consumption.
The scien¬
been
concentrated
in
the
industrial
well,
one-tenth
even
to
bring
of
the
"40
that
not
may
in part, be veered in the direction
agricultural field.
He went on to say, in part:
may
just
labor.
understanding by labor of
industry and by industry of the problems of labor.
crop
forces
thinking
undertanding
develop
to agriculture, Mr.
from
a
broader
broader
a
should
decades
four
be
course,
have
must
the problems
tific
of
must,
business
as
money
which
has
been
spent
in
of
the
foolhardy
to agriculture
the much heralded parity with industry
spent for scientific research, the fertile fields of agriculture, I am
today would lie in the shadow of the factories for which the soil
had been
sure,
yield
next
will
be
less
less
injudicious
credit
robbing and
There
will
element,
regard
material.
years
less
be
less
will
for
favorable,
American
for
agriculture
subsidies,
more
more
intensively develop
sounder
a
for
marginal
the fertile
basis.
freedom
harvesting.
credit to keep alive inefficient,
to
upon
pleading
There
farming, and
There will
areas.
of
will
be
enriching of the soil through scientific fertilization.
drudgery, more leisure.
And, considering the human
be more regard for the immortality of credit and less
fleeting moratoriums.
business
International
restrictive
see
more
there
nificance.
will
pleading
There will be less plowing under,
sound
more
raw
40
be
operation.
tution
Reports Says Chief Danger Lies in Excess
Supplies of Metal
score
economic
standard of
There
as
going back to the dark
are
objective of larger production
would
Stocks
Va.,
But in outlawing these restrictive policies
natural
The
World
essential
so
were made by Mr. Heimann in his
keynote
"The Next Forty Years," before the Association's
we
panaceas
future, to release the spirit of enter¬
prise from the captivity of fear, and to restore
influences
share
of
progress
coming two
re¬
self respect.
social
fair
our
this
in
we
credit executives from all sections of the country.
mann also said, in part:
or
that of
the
than
more
41st annual convention at Richmond,
an
becoming
even
continu¬
our
If
These remarks
address,
mean
That the international currency of the future, as
which will insure
civilization, then in 1976—two cen¬
turies after our epochal Declaration of Independence—we
can take justifiable pride in our progress."
mankind.
past, will be
stabilizing
continued
years
clearer and clearer every
contribute
can
towards
international currency which will command the
respect and confidence of
the
one
appraisal
an
"Our present program,"
social, economic and political advance.
There
be and what the future of the
System will therefore be
continued, "should be
ous
determination in the future.
What
will do well to make
we
contribution to civilization."
our
he
closely thought
as they were.
Few pieces of important
been approached by the American Congress in a more
realistic spirit than the
to
marks at Annaul Convention
Pointing out that "40 years from now this Nation will be
celebrating its 200th birthday," Henry H. Heimann, Execu¬
tive Manager of the National Association of Credit Men,
deal with conditions
legislation have
Looking Ahead to 200th Birthday of Nation,
Outlawing of Restrictive Policies—Re¬
Forecasts
4
C. Miller, member of the Federal Reserve Board from 1914
any
in
This
and
will
period
should
of
nationalistic
find
time
policies.
be terminology
the
should
next
40
years
effectively
Trade
cast into the days
of
tremendous
expose
balances,
the
favorable
sig¬
foolhardy
and
of ostrich thinking.
un¬
The
3958
speaking,
balance,
no
and
where
field
the
decision
of
with
rests
let
government,
that
ue,
hope,
us
shall
we
and
develop
in
the
last
of
some
the
simpler
tional
func¬
understandings of government we had earlier in its history.
.
next 40 years
should evolve a more modern system of taxation,
based upon scientific study.
Let us hope that in the next 40 years we
will not be faced with a tax bill that strikes at the very fundamentals
of sound
business management, namely, the maintenance of adequate reserves
to
a
.
have charge
The
of
The
of the organizing.
Green
that
Amalgamated
They would form labor into unions by industries, while Mr. Green would
Green has denounced the committee for industrial organization as
rival organization within the
Asked what action he next expected from the
Mr.
Lewis said:
"I understand the
meeting and if the fates
stitutions, during the week of June 6, was $10,132,492, it
was announced by the Administration on June 10.
This is
ciation
$1,688,748 per day, the announcement
said,
adding:
Modernization
and
repair notes reported by private financial
numbered
during the week ending June
6
This
1,062,335
makes
There
under the
grand
a
grand total of
a
the
during
were
insured
total
week
2,525
76,063
mortgages
institutions
5,350 amounting to $2,490,841.
notes
amounting to
mortgages
mortgage system amounting to
of
accepted
$385,275,135.
accepted
for
$10,132,492.
for
insurance
insurance
This makes
amounting
to
$306,304,323.
Large scale housing projects which
to
June
have been accepted for insurance iip
$49,787,158.
total
6,
Cotton Price Adjustment Payments Exceed
AAA Announces
The
June
more
$20,000,000,
Agricultural Adjustment Administration announced
11 that cotton price adjustment payments
totaling
than $20,000,000 have been made to growers in 18
States.
The announcement said;
As of May 30,
1936, there
were
however, represents payments to
in these payments.
to share
a
501,303 checks issued.
This number,
much larger number of persons entitled
One check is made covering
Checks have been going out at the
payments.
producers
on
their
application
an
average rate of
1,740
a
day
higher return to
1935 cotton crop by payments to them based
on
price payments probably would be made in the next few weeks.
producers who have not applied to payment to do
indicated that producers in
the
some
so
as
sections
a great number
263,970,56
350,492.85
119,026.86
3,404,305.57
__
California
Florida
___
Georgia
Illinois..
66.22
Kentucky
22,211.50
1,919,868.14
4,424,951.80
Louisiana...
Missississippi
as
follows:
Missouri
/
New Mexico
55,344.03
447,098.52
179,346.73
1,352,066.17
651,737.50
3,555,113.74
46,842.23
North Carolina._____
Oklahoma
South Carolina
Tennessee
Texas.
—
Virginia.
Total
164,498.07
$20,002,590.39
_______
William
Green,
President
of
Steel and Tin Workers
L.
Lewis
and
decided to follow the
leadership of
to
organize the workers in the steel
large union.
Leaders of the Amalgamated
Association had for eight months debated the offers of the
industrial union advocates, headed by Mr.Lewis, and the
craft union, led by William Green, President of the American
Federation
of
Labor.
Mr.
Lewis
and
Louis
Leonard,
Secretary of the Association, announced the agreement in a
joint statement on June 4.
Mr. Lewis, on June 8, wrote to Mr. Green,
charging that
the Federation had followed a policy of "inertia" with regard
to the steel workers.
United Press Washington advices of
June 8 quoted from the letter as follows:
industry into
one
Referring to "scheming" in the A. F. of L. executive council for ejection
of the U. M. W. and other defiant unions from the federation,
"You will make your own decisions.
Green:
Lewis wrote
For myself, I prefer to err
the side of America's under-privileged and exploited millions, if erring
on
may
be."
"You
do
not
deny," he said, "that the crime for which such ejection
will be punishment is the crime of
lending aid to the unorganized workers
and seeking expansion of the numerical strength of
He charged the A.
F. of L.
the- A. F. of L."
had "frittered away two years of valuable
time" without making any progress in organization of the steel workers.
Associated Press,
Washington, advices of June 4 recorded
to follow Mr. Lewis's leadership
the Association's decision
in part as
follows:
The Amalgamated, an A. F. of L. affiliate, was authorized eight months
ago
by the Federation convention to proceed with organization of the steel
Mr.
workers.
campaign, but
Green appealed to all unions to
so
contribute funds for this
far he has received only one offer—a proposal carrying
with it $500,000 from Mr. Lewis if the Amalgamated would organize steel
into
one
The
big industrial union.
Amalgamated at its recent convention at Canons burg, Pa., decided
accept
Lewis's
money
Organization, which
sponsors
its
today agreed
discuss
to
procrastination
which
is
already
weeks of time and must be abandoned."
some
organization
plans
with
Association
an
Wednesday at Washington.
on
Answering
A. F. of L. craft union committee
an
of fluttering
"policy
a
request from the association for such a conference, Lewis
said:
a complete waste of time for all concerned for your committee
meeting unless you are definitely prepared to carry out the
imposed upon you by your officers at the Canonsburg con¬
If you do not know your own mind, please stay at home."
to attend this
instructions
vention.
The mine union chief said the association held
a
secret
meeting last week
nothing to offer except meaningless words and further delay."
"Hundreds of thousands of
help in
an
men
in the iron and steel industry are anxious
honest effort to establish collective bargaining in the industry,"
continued.
"These
become organized
If
men
going to
are
be
given
the
opportunity to
either with or without the benefit of the Amalgamated
you
are
prepared
to
the
accept
help
of committee
of
industrial organization which is the only agency that can or will aid your
organization
and
in
workers
the
the
steel
industry,
you
will
be
made
welcome."
Lewis dispatched this telegram to Louis Leonard, secretary of the asso¬
ciation
in
Pittsburgh.
The
feud
organization
over
began
when Lewis offered $500,000 to help organize the steel
line.
The steel union convention at
months
ago
industry along his
Canonsburg, Pa., accepted his
money
offer, but also accepted offers made by Green.
A
Canonsburg dispatch of May 14 to the "Wall Street
Journal" said in part:
A major
was
victory in his long fight with the American Federation of Labor
claimed yesterday by John
L. Lewis when the Amalgamated Association
of Iron Steel and Tin Workers voted to unionize the giant steel industry
along industrial lines.
Dissension in the ranks of organized labor was intensified
June 4, when the Amalgamated Association of Iron,
on
to
Lewis
he
A.F. of L.
John
for
committee
slow in sub¬
of applications could be
Workers Join John L. Lewis in Plans for Indus¬
trial
Union—Action
Marks
Further
Step
in
with
denouncing the Association,
responsible for the loss of
to
Steel
Controversy
workers
Washington advices of that date to the Associated Press:
After
Association.
$ 2,783,793.97
262,855.93
_
Arizona
Arkansas
.
in
He urged
as
Payments to applicants in the various States have been made
Alabama
June 1, notified the Amalgamated Asso¬
on
steel
of
the Committee for Industrial
possible
soon
are
the
being submitted.
are
Lewis,
with Green, and added, "I know, as you must now know, that Green has
fcb Cully A. Cobb, director of the Southern Region, said that the bulk of
handled than
the July
v
the vertical type of union and which is headed by Mr. Lewis.
Mr. Lewis' announcement of June 1 was described as follows,
the 10 designated spot markets and 12 cents per pound, and to facilitate
mitting their applications and that
A. F. of L. executive council,
will be taken up at
"It will be
a
the movement of cotton into channels of trade.
since reports
matter
kind it will then be referred to the following
are
written to officials of unions in the industrial group, giving
them two weeks in which to state whether they would dissolve
to share in the
difference between the daily average price paid for middling %-inch cotton
on
such
no
that the steel industry would be
organized into one large union, regardless of the attitude
taken by the Association.
This action marked one more
step in the conflict between Mr. Lewis and William Green,
President of the American Federation of Labor, of which
the Association is an affiliate.
The controversy has been
based primarily on the question of whether workers should
be organized by crafts or by industries.
Members of the
Association, meeting at Canonsburg, Pa., on May 13, had
voted to unionize the steel industry along industrial lines.
The Lewis plan was adopted by a vote of 53 to 31.
Mr.
Green said, on May 26, that a Federation committee had
State disbursing offices.
The adjustment payment plan was intended to insure
it
Mr.
affiliate,
,and the recipient in turn makes payments to those entitled
from the
Federation and has asserted that
body will be tolerated.
of mortgages accepted for insurance by the Federal Housing
Administration, mortgages written by private financial in¬
of
demand
joins the miners, the typographers and the oil,
now
meeting.".
rate
has decided to cast its lot
continued to organize it by skilled crafts.
Mortgages Accepted for Insurance
Exceeding by $1,450,727 the largest previous week's volume
the
group
they disband their industrial unionism activities.
(two groups), millinery, smelter, flat glass and textile workers.
clothing
Mr.
by FHA During Week Ended June 6
at
their minds.
campaign financing and agreed to permit Mr. Lewis to
Amalgamated's decision meant this
Mr.
from
a
Volume
meeting last night, gave the Amal¬
a
up
with the nine strongest and richest unions which have ignored a
firm through occasional stormy weather.
Record
Lewis, at
By the agreement signed tonight the Amalgamated accepted $500,000
.
.
The
carry
the craft leader.
as
from Mr. Lewis for
the
analysis
June 13, 1936
gamated officials 24 hours to make
itself
faith, confidence and performance will have been instilled into nations
the three essentials of internation trade.
In
Chronicle
Green
other temporary
or
will have long since disclosed
the consequence of repudiation
means,
is
to produce this equation by way of restraints
necessary
as
generally
balance,
favorable
.only
and
Financial
but also agreed
to
certain proposals
made
by
However, the convention made
Rather than turn over
to the Committee for
Amalgamated set forth its
through C. I. O.
an
one
important reservation.
control and direction of the membership
drive
Industrial Organization, which Lewis dominates, the
plans for
own
the
Lewis
drive.
had
made
offer of $500,000 to help finance the reorganization and
by ignoring the offer, the steel union reserved direction of its membership
campaign for A. F. of L. and its
The
resolution
committee full powers for
to the individual
The
union
contracts
existing
leaders.
initiating its membership drive without reference
lodges or crafts.
reiterated,
by stipulating
and
own
adopted by Amalgamated gives that union's executive
future
however, its intention
"that
contracts
it
must
between
be
of standing by its labor
understood
said
lodges,
and
the
agreed that
Amalgamated
association, and manufacturers must be respected."
Chester G. Davis Attacks Theory of Export Subsidies—
AAA Administrator Says Practice Would Sharply
Curtail Sale of Farm Products
Granting of export subsidies can never be a solution of the
farm problem, Chester G.
Davis, Administrator of the
Agricultural Adjustment Administration, said in an address
June 5 at the annual Dairy Day meeting in St. Paul.
Mr.
Davis in his speech repeated many of the arguments he
advanced in another address June 3 before a meeting of
business men and farmers at Des Moines. Pointing out that a
subsidy to exports does not include production control, Mr.
Davis said that foreign countries must sell to us in order to
buy American farm products. A two-price system, he said,
would injure farmers far more than it would help them, and
would only invite retaliations and close up some of the
existing export outlets.
Mr. Davis stressed his contention that the adoption of
export subsidies would eventually sharply diminish all ex¬
ports from this country, and thus indirectly decrease domestic
purchases of farm products. He said, in part:
Volume
Financial
142
If total absence of imports is what our farmers really want,
closest to it in 1932 when wheat prices were at their lowest
days of Queen Elizabeth, other farm prices
were at
of
they came
about
and
substantial
Whether prosperity causes the
of
increases
both
and imports.
exports
increases or the increases cause
in
of
in
of
additions
bank
holdings of
with
$2,500,and
$3,800,000,000 in mid-1929,
Thus, while the country's
1932.
own
190% since mid-1918, we have seen bank
about
560%.
by
increase
holdings have been
in the national
increase
of the entire amount.
contrasts
some
securities
government
to
it
as
of
estimated, to be holding
are
47%
about
1918;
June
banks,
reserve
or
interesting,
middle
has been enlarged by
holdings
prosperity, no one can say, but the two go
is
the
$6,000,000,000
debt
Any increase in world prosperity and in the prosperity of
this country will be accompanied in the future as in the past by
itself
in
000,000
imports and exports normally increase with rising prosperity
revival of trade.
country, exclusive of the
This
agricul¬
the bottom and
the
something like $16,500,000,000,
level since the
ture was on the rocks.
Both
3959
Chronicle
Since
of the
fairly close approximation
a
the
1933,
total.
hand-and-glove.
At the very outset of my remarks, I said that the place of
in
Now in the light of the
To my way of thinking,
dangered if it should be forced
1932.
since
I want to sum up on
to be
agriculture the greatest hope of further progress.
our
American agriculture would be gravely en¬
or induced to give up the ground it has gained
plunging into
world markets,
try to force unlimited quantities of farm exports onto limited
by using
another way
program
and
ourselves.
system without
two-price
a
go to a
not be sacrificed
The
future
Steel
equipment
If
should
but
present,
any
under
are
based upon the principle that world markets and
do, the water which
you
protect their prices at home, and which are designed to regain
Tolley Succeeds C. C. Davis
AAA—Latter's
of
Federal
and maintain
toward recovery.
Approved
System
Senate
by
of the
First National Bank of
John A. Hand, Comptroller
Birmingham, Ala., described
of his institution with 10,000 accounts before
the
departmental conference on audits and accounting.
Jay Morrison, Vice-President of the Washington Mutual
Savings Bank
of
discussed "Problems of Further
He said, in part:
Seattle,
Additions to Bond Portfolios."
The Senate Banking and Currency Committee on June 9
voted to report favorably to the Senate the nomination of
Chester C. Davis, Administrator of the Agricultural Ad¬
Administration,
as
of the Board of
member
a
Governors of the Federal Reserve System.
Mr. Davis, who
was nominated
by President Roosevelt on June 5 as noted in
our issue of June 6,
page 3783, will retire as Administrator of
the AAA
and completely
in will swell the paper
seeps
accounts with small balances,
on
Board of Governors
Nomination to
Reserve
Administrator of
as
Committee
justment
records
pack
not
flood danger is
tightly in it.
where
area
any
do
Losses
the experience
R.
in
used
Illustrating what can be done in the way of "Eliminating
on Unprofitable Accounts" through a service charge
domestic
If farmers hold fast to measures which
related parts of a whole.
their markets abroad, then they can continue their march
H.
be
circumstances
'
agriculture should be bright, if we adhere to
of American
policies which
are
signatures,
wreck the file.
be proposed.
markets
our
pointed out by Mr. Farr, who added:
was
should
by these methods or any other mistaken methods that may
building, which in many cases is practically
Farr said.
The necessity "of trying to
and the general public in the use of
Mr.
bilateral barter system would be a third way to damage
The advances made by agriculture in the past three years
the
customers
To junk our reciprocal trade agreement
to hurst ourselves.
the
water-proof ink," because of the obliteration of
would be
production control,
any
in
spring
educate
To
imports, would destroy our export markets and injure ourselves.
out all
this
impossible,"
hysterical exclusionist drive to bar
a
of
floors
For agriculture to become the catspaw of the rock-ribbed in¬
,
dustrial protectionists,
of
East added another
themselves in the
storage of records, Robert J. Farr, of the Philadelphia Na¬
tional Bank, Philadelphia, said in an address on "Adequate
Control of the Bank's Records," at the departmental con¬
ference on bank operations.
"About the only sure protection
against such a hazard is to store all records on the upper
dangers to American farmers and those which, on the other
hand, seem to offer
^
discussion that followed,
hand the things that in the present world situation seem to me
one
the greatest
floods
hazard against which banks must protect
American farm problem is one of great importance.
our
the
The
foreign trade
as soon
as
Due
of
will
caution
fall
a
in
the
require
us
withdraw from the bond market
have
and
them
institutional
any
yield
investor
what
is to
will.
they
in
up
only
The
We cannot
must invest our funds
we
available
way
the part of the debtor and then
on
the remaining
risk of
failure and against the
price of the bonds if and when interest rates do rise.
appointment to the Reserve Board is
his
The average bank executive has a healthy respect
eompleted.
Announcement
made
was
the
to
purchase the best credits available, minimizing
against
reserves
levels.
at current
altogether because
risk against failure of performance
setting
fall
set aside reserves against the possibility
to
price of bonds purchased
June 5 by M.
on
L. Wilson,
bank's
trust
for his
department because of its impressive earnings
Assistant
record, especially during the last few years when the earn¬
will succeed Mr.
ings
who is
according to W. M. Jenkins, Vice-President of the Everett
Secretary of Agriculture, that Howard R. Tolley
Davis as head of the AAA.
Mr. Tolley,
director of the Giannini Foundation of Agricultural
Economics at the University of
AAA,
except
for
California, has been with the
since it
few brief interruptions,
a
was
of
_
Annual
at
Bankers
Convention of American Institute
Discuss
Government Lending
effect
of
of
lending activities upon banks,
government
for
Banking
which
is
section
the
of
The Institute,
Seattle, Wash.
today, at
here
a
American
Bankers
Association,
topics in eight departmental conferences
which followed the general opening session of the conven¬
discussed
tion
these
government lending agen¬
While stating that activities of
effect on management methods
cies have had practically no
banks, I. J. Roberts, Assistant Cashier of the Riggs
in city
told the bank manage¬
conference that "the agencies of the Farm Credit Ad¬
National Bank of Washington, D. C.,
ment
seriously
affected country
by reducing available loans and making it necessary
ministration,
banks
find
to
larly
for
outlet
an
have
however,
funds
their
particu¬
investments,
he added, "has so
smaller banks that many
"This,"
securities."
government
in
reduced the income of many of the
of them could not exist if it were not for
are
the charges they
compelled to collect for services rendered
now
in
customers
the
past."
Mr. Roberts
free to
principal
effect the government lending agencies on
service, conducted by the American
to
a
a
volume of desirable
large
after
go
level
in
loans available to banks which
the business vigorously
banking
are
willing
and to adjust their interest rates
Prices of government bonds, like all other
to
the last analysis
in
prices,
de¬
are
by the law of supply and de¬
Ten Eick Jr., Assistant Cashier of the
New York, said in an address before
William A.
Chase National Bank,
the
"United
At
States
Eick
seem
the
conference
departmental
Ten
Government
said that, for
to be
very
on
investmehts.
Bonds
as
He spoke
Investments."
on
Mr.
the time being, the demand factors
much in the ascendancy.
Commenting
on
importance of government bonds to bankers, he said:
the
present time
the national <3ebt,
by the Federal Government,
•prehensible
shrinking,
Bank Executive"
"contacts
of the trust department are far-reaching."
Blaine B. Coles,
Vice-President of the First National Bank of Portland, Ore.,
explained "The Contribution of Trust Departments to the
from the Viewpoint of
a
sum
has reached
including obligations guaranteed
the huge
of more than $35,000,000,000,
Public's Favorable Attitude Toward Banks and Bankers."
The
Federal
Reserve banks
"dividends
Wallace M. Catanach,
of
to
their
and practically incom-
and the commercial banks
member
pay
banks,
special representative of the Federal
told the conference
These services take
operations.
ready and eager to
are
service"
Reserve Bank of Philadelphia,
the
bank
on
of check
form
clear¬
ing, collection of non-cash items, transfer of funds by wire,
purchase and custody of securities, supplying of credit in¬
formation, furnishing currency and specie, supervisory and
advisory service in connection with legislation, and research
into
such
problems
as
and
earnngs
and
expenses
other
problems.
The
investment
Bank
& Trust
of
account
important,
the
James
bank
average
W.
will
grow
State-Planters
Rawles,
Co., Richmond, Va., said in
"An Investment
discussion of
a
Policy for Small and Medium-Sized Banks."
Development of a "work unit" by which the efficiency of
different departments in a bank can
be compared was
described
by Ottmar A. Waldow, Auditor National Bank of
Detroit, Detroit, Mich., in
Transaction Volumes
as
an
address
"The Analysis of
on
Aid of Bank Management"
an
be¬
fore the bank management conference.
At
the
June
for increasing
the
banks
sideration
11
session of
the
convention
discussed.
These
departmental
plans
forums
were
of bank policies and management.
of
consumer
credit
described
was
Vice-President
of
the
Bank
plans
the part of
on
devoted
the
use
various
credit services to the public
were
in
Executive
given
to
con¬
different
The growth of
by Holden Naff,
for
Trusts, of Birmingham, Ala., who called for
a
Savings
more
&
active
participation in this field by savings banks.
If the downward trend of bank
Bankers Association, indicates that there
keeping with existing conditions.
termined
mand,
the
Information brought out at the recent conferences on
-communities.
is
been
have
aspects
also said:
policies of
banks in general is to make them more aggressive in seeking new fields
for credit and in trying to render a greater variety of services to their
The
department
Savings Bank of Everett, Wash., who spoke on "A
increasingly
About 1,500 were in attendance.
June 9.
on
commercial
Trust Department
substantial
improving the efficiency of bank operation,
protection of bank records against floods, the usefulness of
trust services, and many other banking problems featured
the discussions by bankers gathered from ah parts of the
Nation for the annual convention of the American Institute
methods
Trust &
Federal
Representing
Reserve Bank of Philadelphia a Speaker
The
Credit
Broadening
for
Plan
on Banks of
Discussed—W. M. Catanach
Services—Effect
.
the
before the trust conference, and who observed that
organized.
Bankers
of
earnings is to be reversed,
through securing more interest income,
it must be achieved
J.
R.
Mitchell
of
the
Bank
of
America
National
Trust
&
Savings Association, San Francisco, said in an address on
"Trend of Bank Earnings and Expenses in Recent Years,"
before the audits and accounting conference.
Since there
is, however, little hope that interest rates will return to
former high
banks
are
levels for
exploring
years, he said, forward-looking
fields for bank loans instead of
some
new
waiting for the revival of rates. Under the present changed
conditions, Mr. Mitchell said, real estate and personal loans
deserve
places in
bank investment
portfolios in
increased
volume.
Discussing, before the departmental conference on credits,
subject of "Brokers' and Collateral Loans," Floyd L.
the
Geyer,
California
Bank,
Los
Angeles,
stressed
the
im-
Chronicle
Financial
3960
Howland Robinson Green became almost as picturesque a figure in the
these loans should
conference on
before the
associated with railroads,radio, television, telegraphy,
name was
business development and adver¬
innumerable.
Born into wealth, he was always a great spender and earned a name as
He
philanthropist.
a
It by her financial operations.
and increased
He
educated in the public schools of New York and was graduated
was
from Fordham College.
met with an accident which made
Worked
as its booklets on "Soil Erosion," "Making
Investments
Safe," and "Factors Affecting Farm
.
apprehension of bank crooks is important, Mr. Shepherd
said, "its persistent propaganda among members, pointing
out that vigilance and prevention are more effective and
less expensive than detection and apprehension."
The Asso¬
in the educational field proper includes the
ciation's work
American Institute of Banking, which Mr. Shepherd regards
as "the most potential single influence for good in the Amer¬
"The prime objective of all these
banking field today."
varied activities of the American Bankers Association," said
Mr. Shepherd, in conclusion, "is three-fold—to protect bank¬
ing from unsound legislative onslaughts; to create a better
understanding on the part of the public toward banking,
and to make better bankers by promoting the best there
is in
banking education and current banking thought and
'.i
Centennial
vast mortgage
in
The Texas Centennial Central
Exposition was opened at
by Secretary of Commerce Roper, who
uttered the words "Texas sends greetings to all the peoples
June 6
on
of the world
on
the occasion of the celebration of her 100th
anniversary." These words were sent around the world
by telegraph, cable and radio, and returned to Dallas to
operate a mechanism which cut the ribbon at the entrance
to the $25,000,000 exposition, which will continue until
Nov. 29.
Other speakers at the opening ceremonies in¬
cluded representatives of Spain and France.
President
Roosevelt delivered a speech at the exposition yesterday
(June 12), and this will be found elsewhere in this issue.
It is expected that 10,000,000 visitors will view the exposition
before it closes.
The Dallas
Central Railroad, later the Texas Midland, at his mother's request.
Saturday into
a
holiday celebrating the greatest occasion in the
history of the city and the most notable event in Texas since Sam Houston
changed the
men
course
of
an
empire at San Jacinto.
From the first faint glow of morning light until the last ray of the golden
June sun faded, and then on into the night under an Ulumination spectacle
which
topped
and
women
Mrs.
Green owned the bonds of the road, which was not operating successfully,
'
straighten things out.
business tact he put the road
agement and
the growing of roses as a sideline.
have spent $350,000
Through shrewd
man-
paying basis and took up
on a
From 1905 to 1915 he
reported to
was
developing the largest greenhouse in Texas, producing
the best roses to be grown in that State.
Death
an
John
of
John
Hays Hammond—Famous
Engineer
Hammond,
Hays
mining
engineer,
on
June 8 of heart disease at Gloucester, Mass.
was
81
years
He
Private funeral services were held at
Gloucester on June 9 and in Brooklyn on June 10, after
which the body was cremated.
Mr. Hammond was one of
the most famous American mining engineers in public life
and on several occasions he had refused the offer of posts in
the Cabinet and Ambassadorships.
A brief summary of his
career follows, as given in the New York "Herald Tribune"
old.
of June 9:
Potent
^
his influence
as
lasting effect
a
questing further
being in the
and into
north
thick of trouble,
in the illfated Jameson
more
he
inevitable conflict
As an American with
As
a
with
talent
became such an arch-conspirator
Raid, which was
prelude to the Boer War, that
a
he was one of five condemned to death by a
In his
far
a
report on mines in South Africa which sent
President Kruger, of the Boer Republic.
for
had
he
politics and empire building of Great Britain.
upon the
Rhodes
in American politics,
was
mining engineer, he made
Boer court for high treason.
autobiography, published on his eightieth birthday, Mr. Hammond
spoke at that time, 1895, as "the most dramatic and critical period of my
ufe."
.
Then
forty
already with
old,
years
an
;.:7
■
international reputation
as
;y
a
mining expert, in the employ successively of Barney Barnato and Rhodes
as
in charge of their diamond and gold mines on the Rand, Mr.
engmeer
Hammond
found
his
Kruger, Oom Paul,
hampered by the
operations
he
as
was
orders of President
known in the Transvaal.
Oom Paul had
finally closed down the mines and thus .crystallized the sentiment of the
foreign colony in Johannesburg, the "Uitlanders," to the point of organ¬
izing
a
was
secretly engaged in gun-running and raising an army
Transvaal
the
over
main
which
border
to
march
successively
on
Leander Starr Jameson, personal
including Dr.
conspirators,
was
At the inner core of this committee were the
Johannesburg and Pretoria.
five
outwardly negotiating
The committee, while
reform committee.
with Oom Paul,
just
physician to Rhodes, and Mr. Hammond.
It was agreed that Jameson was to lead the
the
border, with each
man
relief expedition from
Pits^ni
carrying an extra gun. while the other
members of the committee headed the effort to take the garrison at Pretoria
by surprise and capture large quantities of guns and
ammunition.
The
Boer burghers were allowed to have arms while Utlanders were denied them.
Dr.
Jameson
was
instructed not to move until
was
Hammond that all
28, 1895,
party to come
over
from Mr.
came
the border.
apostle's dream of celestial beauty, thousands of men,
jammed vantage points along main thoroughfares
Action Aroused
and in the exposition grounds to enjoy a dazzling succession of dramatic
word
The date of December
in readiness for the coup.
was
tentatively set by the conspirators as the time for Jameson's
children
high points.
distinguished
^Mining
died
over
A crowd one-third larger than the total po1 ulation of Dallas jubilantly
and his
and real estate interests, at which time he took up law.
and sent him down to try to
"News" of June 7 described
the opening cermonies in part as follows:
turned
At 21 he became
Later he went to Chicago to look after his mother's
18,93 he went to Texas to take over the Northwestern branch of the Texas
Cecil
'
Exposition
Opened
at
Dallas—
Secretary Roper Makes Brief Address—10,000,000
Expected to Attend Exposition Before Nov. 29
Closing
Dallas
<
.
superintendent and managing director of the Ohio & Mississippi Railroad,
locating in Cincinnati.
a
practice."
Texas
it necessary to amputate one of his legs.
.
Although the work of the Protective Department in the
ican
admitted to
Railroad Section Hand
as
and foreman on a railroad in order to gain experience.
Credits," the information and the results of practical experi¬
stored up in the agricultural schools of the country.
Through its Economic Policy Commission the Association
makes, from time to time, authoritative studies of signifi¬
cant problems affecting banking in general, which are pub¬
lished for use as source material by speakers and writers.
States."
was
"While at Fordham he
His career as a business man began when he worked as a section hand
ence
■
He studied law in Chicago and
the bar after passing,his examination with honors.
publications
Shepherd cited the study of "Guaranty of
which recounts the experience of various
laws, and the recent study of
"The Bank Chartering History and Policies of the United
of English descent on both sides of
was
family, his father being a successful New York merchant.
His mother
inherited the wealth of the Howland family, made from whale fisheries,
Association carries on which are
educational in purpose, though not so earmarked.
Its Agri¬
cultural Commission, for instance, he said, makes a continu¬
ous effort to bring to the people who need it, through such
States with deposit guaranty
He
his
of the activities the
As examples, Mr.
Bank Deposits,"
born in London on Aug. 22, 1868, while his
was
parents were touring Europe.
herd, Executive Manager of the Association, in an address
on June 9 before the convention of the Institute, enumerated
Farm
aviation,
politics, athletics and the arts and sciences. His pastimes and hobbies were
tising.
Referring to the work of the American Bankers Associa¬
tion as "chiefly educational in character," Fred N. Shep¬
some
His
United States as his mother, Mrs. Hetty Green, eccentric financier.
National Bank, Chicago,
Financial Advertising"
Harry G. Duntemann of the First
111., described "Today's Trend of
of interests, Colonel Edward
As one whose life covered a wide range
which
of having borrowers realize the terms on
be liquidated.
portance
June 13, 1936
Congress
With the approach of December 28, it was realized that the time was
Opening day parade during the morning, formal inauguration of the
inopportune because the Boer burghers were lingering in great numbers in
Pretoria after the Christmas season.
Word was sent by telegraph and by
world's fair at the Exposition avenue gate at noon, the unforgettable and
special messenger to Jameson that he should not attempt the "flotation,"
soul-stirring
the
ceremony
of raising the six flags of Texas in the Cotton Bowl
immediately afterward—-thus the first half of the first day's program
staged, with machine-gun precision before
audience
an
swelled
millions from coast to coast by the two national radio chains and
of newsreel companies.
Secretary Roper
battery
came
and invites
on
you to
"The
State
of Texas sends
Instantly
the
Secretary's
message
streamed
into
the
tors.
here at the exposition
began
its
trip
around
the
world,
grounds and under special escort and
—.—^
of
Edward
H,
R.
Green—Son
of
Late
Hetty
Green
was
N. Y.
famous
He
as a
financier, died
on
June 8 at JLake Placid,
67 years old.
Colonel Green had been in ill
health for several months.
Funeral services were held at
his home
was
in
South
Dartmouth, Mass. and burial was at
Bellows Falls, V"t.
Colonel Green was a familiar figure in
the Texas political and financial world at one time, and
headed the Texas & Midland Railroad before it became part
of the Southern Pacific system.
A brief biography is given
below,
as
contained in the New York "Times" of June 9:
enterprise,
the
border
on
Jameson received the
until January 4.
December 30.
until he was instructed,
the
Jameson
Raid.
Jameson
This found the Johannesburg
On his person was found
a
was
surrounded
by
Boers
and
letter from the other chief conspira¬
Promptly in Johannesburg they were arrested, and subsequently
on trial for their lives by a court appointed by Oom Paul.
When word of this reached the United States. Richard Olney, Secretary
of
State,
deluged with
was
Mr. Hammond's behalf.
messages
demanding that he take action* in
Secretary Olney refused, but Congress was less
diffident and both the House of Representatives and the Senate
a
petition
The
to
petition
President
was
united in
Kruger to pardon the American mining engineer,
unavailing and the oniy relaxation of the
Hammond
captivity
came when he was permitted to go, under $100,000 bond sup¬
plied by Barnato, to Cape Town for his health.
He had been suffering
intermittently from Cape fever all during the activities of the reform
committee.
Colonel Edward H. R. Green, son of the late Hetty Green
who
for
placed
us
outriders, continued to the Cotton Bowl where the colorful flag raising
ceremony was conducted.
Death
of
captured.
join
give the electrical impulse which operated the ribbon cutting scissors.
cars
across
the occasion of the celebration
reaching the entrance gateway again two minutes and five seconds later
Official
word
Uitlanders totally unprepared for the event and brought about the abortive
in 1936."
to
code
messages and in spite of the agreement not to move
result
presented and said:
was
100th birthday,
into the
a
...
greetings to all the peoples of the world
of her
was
From
the
New
York
"Times"
of
June
9
take
we
the
following:
Mr.
and
Hammond
was
fchairman of
Metallurgy at the
St.
the
International
Louis Exposition.
He
Congress of Mines
was
president of the
special commission of the Panama-Pacific Exposition to Europe in 1912.
and from 1914 to 1915 he was Chairman of the World Court
Won Medal for
In
1931 he
was
"Notable
Commission.
Work"-
chairman of the commission to inquire into
published by the Navy League of the United States criticizing
Hoover for his views
on
the navy.
statements
ex-President
Volume
Hammond
Mr.
of
received
Institute
American
the
notable
Financial
142
work
as
an
William
the
of
Lawrence
Mining and
Saunders
Metallurgy
engineer and developer
of mines
for
"his
home and
he
keenly interested in the younger generation and for many years
was
vice -president of the Boys Club of America.
was
the Council of the
Some
he advocated
the
endowed
Mexican scholarship at Yale in
between the United
professor of mining at
Yale,
Court,
a
after
the
hope
be
disagreements
with the
first half of 1936
In view of these facts, our
in 1935.
period
commitment for the future, that a small
conservatively
to
may
earnings for the
operating
same
without any
can
continue
net
our
of
feel, still
dividend
We
declared
be
this time.'
the future the same
at
repeated.
that
time
from
time
to
in
4
He
For some years he was
1923.
that
excess
tribunal to
and Latin America.
States
but resigned
special
of
in fact,
earnings since thht time have continued to be satisfactory;
expected
be in
procedure
Pan-American
business
a
He was a member
National Civic Federation.
ago
years
adjudicate
is
it
will
directors
abroad, his industrial leadership and his public service."
He
Our
gold medal
1929
in
both at
3961
Chronicle
It
Chicago that the Chase
reported this week from
was
National
Bank
of New
York
is planning to
retire its $50,-
000,000 of outstanding preferred stock, of which the Recon¬
faculty system.
Mr. Hammond
was a
past president of the American Institute of
Engineers and of the California Society of New York.
Mining
He was a member
of the American Committee of the International Chamber
of Commerce.
struction
Finance
menting
this
on
of the Board
Corporation holds $46,222,160.
In com¬
Winthrop W. Aldrich, Chairman
said on June 11 that "naturally
report,
of
the bank,
this matter has been under consideration for some time, but
Annual
Convention
Association
to
be
York
New
of
Held
June
Bankers
State
Landing, N. Y.
Edward
Agriculture, real estate, financing and the relation be¬
tween inflation and prosperity will be the topics of the
three principal addresses scheduled for the convention of
the New York State Bankers Association which will be held
at the
Sagamore, Bolton Landing on Lake George, over the
weekend of June 20-22, according to the program announced
in New York on June 6 by S. Sloan Colt, President of the
Association who is President of the Bankers Trust Co., of
New
Mr.
York.
Colt
announced
that
Lewis
H.
Brown,
President of the Johns-Manville Co., will speak on
the real
estate problem, Dean Carl E. Ladd of the New York State
College of Agriculture on problems confronting agriculture in
New York State, and Dr. F. Cyril James, professor of
finance at the Wharton School of Finance, Philadelphia, on
the Federal monetary and budget situation and its effect on
interest rates and economic conditions.
Four sessions
are
The first
will be the morning of June 20, the second that evening and
the third session the morning of June 22.
The fourth session
will be the annual meeting of
head of
the members of the American
T.
7
his
at
home
firms in New Jersey, died
Hills, N. J. He was 73
Short
in
Born in Newark, Mr. Ward was graduated from
old.
years
Ward, well known Newark banker and long
of the oldest grocery
one
June
on
Later he entered
of
Newark, becoming head of the concern in 1894. Upon the
organization of the United States Trust Co. of Newark
and its affiliated institution, the United States Mortgage &
Title Guaranty Co. in 1926, Mr. Ward became Vice-President
of both companies, and continued to hold these offices until
Rutgers University in the class of 1880.
the
his
business of his father, Aaron Ward & Sons
grocery
death.
;
Harry H. Thomas
Board
of
N. J.
Pressure of
Mr.
planned for the convention.
reached."
conclusion has been
Bolton
in
20-22
no
the
Thomas
been
June 9 resigned as Chairman of the
on
Savings Investment
whose
the
South
in
is
home
with
associated
& Trust Co. of Newark,
business was given as his
other
trust
Orange, N.
reason.
J., had
since 1916.
company
Two
holding the office
until last year, when he was made Chairman of the Board.
East Orange advices on June 9 to the New York "Herald
Tribune," from which the above information is obtained,
later
years
Bankers Association in New York State, at noon, June 22.
The convention will close with the annual banquet Monday
provide
President,
elected
was
added:
evening, June 22, at which the new officers will be installed.
In addition to the addresses mentioned, there will be dis-i
he
on the
reports of various committees, among the
important of which will be the report of the committee
pensions for bank employees.
It
is
that by-laws
expected
of
will be changed in July to
be Chairman of the Board, so
by David A. Inglis, present Vice-
Board
the
that the bank President shall also
cussions
that
most
President.
on
would
Thomas
Mr.
be
succeeded
ABOUT
ITEMS
BANKS,
TRUST
COMPANIES,
&c.
with the bank it grew from a concern
During Mr. Thomas's association
with
offices
two
to
six,
and
its
peak of $30,000,000, making it
tions
in
New
assets
one
Ledyard & Milburn has
Company
trustee of the United States Trust
a
of New York.
meeting
a
of the trustees of the Bank of New York
and Trust Co., New York City, held June 9, William D.
Winter and Lucius Wilmerding were unanimously nominated
to fill two
vacancies in the board.
of the Atlantic Mutual Insurance
is
partner of Gray
a
York Stock
&
Exchange.
recent
&
Trust
Co., Johnstown, Pa.,
and
reappointed,
were
all the
addition Joseph M.
in
the bank, was promoted to the
Euen, chief bookkeeper of
newly-created office of Auditor,
and Frank
G. Mattern, a
Teller, advanced to the newly-created office of Assistant
Secretary.
The officers reelected, as named in Johnstown
«
At
officers
Bank
Johnstown
old
Roland L; Redmond of Carter,
a
reorganization meeting of the directors of
annual
the
(
«
been elected
At the
to
i
4
Chicago Board of Trade membership was sold, June 4,
for $4,300, an advance of $200 over the last previous trans¬
$4,000,000
Jersey.
A
action.
from
rose
of the largest suburban banking institu¬
Mr. Winter is President
Co., and Mr. Wilmerding
Wilmerding, members of the New
advices
of June
"Money and Commerce"
to
5, from which
also learned, are:
George O. Suppes, Presi¬
D. Baker and W. E. Rose, Vice-Presidents;
the foregoing is
Frank
dent;
George C. Rutledge, Sec.-Treas.; Paul C. Miller, Trust Of¬
ficer, and Oscar O. Zolbe, Manager of the Cambria City
branch.
4
,
*
The New York State Banking Department on June 4 issued
authority to the General Motors Acceptance Corp., New-
branch offices in the following cities:
Reading, Pa., Boise, la., Springfield, Mo., Pueblo, Colo.,
and Long Branch, Calif.
York
City, to
open
4
At
a
turers
special meeting of the stockholders of the Manufac¬
Trust Co., New York, held June 9, approval was voted
for the
proposal to authorize the issue of 500,000 shares of
$2 cumulative convertible preferred stock at $50 per share.
This increase in capital w-ill be utilized to retire the $25,-
000,000 in capital notes now held by the Reconstruction
Finance Corporation.
Previous reference to the proposal
was made in
these columns of May 23, page 3449.
Sub¬
George A. Getty, Cashier of the Union National Bank of
President of the Brookville
at a recent meeting of
the directors, to succeed the late D. T.
Dennison.
Mr.
Getty, it was stated, would assume his new duties at once
and retain his position with the Summerville bank for the
time being.
In noting the above, Brookville advices, printed
in "Money and Commerce" of June 6, had
the following
to say regarding Mr. Getty's career:
Bank
In
he
the bank,
President
of
Union
the
Bank
a
with
the
Mutual
Life Insurance
of New
Co.
Summerville,
of
position
as
a
Cashier of
brief period
York.
For
he
years
10
hej has been a director in the Lake Erie Franklin & Clarion RR.
was
1
The
4
Richmond
that
statement
will
as a
result of
a
"Dispatch" of June 9 is authority for the
dividend of 20%, aggregating $1,750,000,
be
preferred stock will be convertible into common stock
1936 to July 15, 1946, at sliding rates ranging
The
elected
was
Pa.,
until 1927, to accept the position
post he has held since with the exception of
that
preferred stock for every 10 shares of common
These warrants will expire on July 15, 1936.
the
new
held.
stock
from July 15,
from
$62^
At the
share to $83 1-3 per share.
meeting the stockholders voted to extend the
per
same
term of existence of the company,
which under the provisions
paid shortly to approximately 40,000 depositors of
the defunct American Bank & Trust Co. of Richmond, Va.,
special distribution of 25 cents per share, in addition to the
regular dividend of the same amount.
Both
bank's
The
June,
December
we
informed
our
stockholders
that
our
directors,
cents
was
on
1933.
cents per share was therefore authorized at that
1933, paid
$8,320,000.
however,
check,
a
that
the
stands
dividend of
15%, aggregating
will
bank
be
dollar.
the
.
The
of Richmond, which
The city
to
less
than
ultimately
American
approximately
receive
by the receivers, in which
seen
.
of
depositor,
may
was
$100,000.
$100.
pay
a
third
dividend
event depositors would recover
Bank
went
into
receivership
in
.
!
recog¬
might be made up by' the declaration of special dividends from time to time
in
moderate amounts, as
current earnings justified such procedure.
A
special distribution of 25
50
liability
possibility
15%
December,
in
largest
average
The
the
nizing that the entire omission of dividends during a portion of the year
1933 was a hardship to many stockholders, were in hopes that this omission
June 8 by the Reconstruction Fi¬
The second dividend of 20% will be based on the closed bank's
deposit
gross
the
of
Last
receivers
The
$3,200,000.
In connection
with this special dividend, Harvey D. Gibson, President of
bank, issued the following statement:
on
further, in part, from the "Dispatch":
are payable on
July 1 to stockholders of record as of June 15.
approval
Corporation of a loan application made by the bank's
receivers, Sherlock Bronson and T. Justin Moore. We quote
nance
the
original certificate of incorporation will expire in
1955, so as to make the duration perpetual.
The Trust Company announced June 8 that it has declared
a
\
Co., Brookville,
when
scription warrants will be issued to shareholders of record
of June 15,1936, authorizing the purchase of three shares
of
& Trust
1922
holding
as
of
Pa., was elected
Summerville,
♦
According to the Toledo "Blade" of June 3, payment of a
5% liquidating dividend to 20,000 depositors of the defunct
Security Home Trust Co. of Toledo, Ohio, was begun on
that day.
The distribution will aggregate $650,000, it was
Financial
3962
Commerce," that Charles W. Enyart, for the past year
liquidator of the old First Central Trust Co. of Akron, has
been elected President of the new institution of that name
Mr.
R. Eckler, whose death occurred recently.
John
succeed
to
his new duties
Enyart will assume
Mr.
June 15.
on
Enyart became Executive Vice-President of the Valley Sav¬
ings Bank of Des Moines in 1930, where he remained until
1933 when he was appointed assistant liquidator of the
until
Cleveland,
of
last year when he
of
June
Ohio, an office he held
became liquidator of the
bank.
Akron
defunct
Co.
Trust
Guardian
-♦
shares
C.
A
in the banking business
active
been
He has
eighteen
previous to that time
and
years
institution
banking
in Steubenville
Cashier
was
of
the past
for
the
Miners'
&
Ohio.
Smithfield,
at
Bank
new
Commerce"
&
added:
6,
Merchants'
"Money
appointment,
Bargar's
Mr.
June
opened
was
June
on
1
in
under the title
of the Northwestern State
Bank, it is learned from the "Commercial West" of June 6.
The new bank, which is capitalized at $50,000, with surplus
Minn.,
Duluth,
of $10,000, is
controlled by stockholders of the Duluth Mor¬
and occupies the same building.
According
to A. C. Armstrong, Executive Vice-President of both insti¬
tutions, it will not conduct a checking account service for
some
time, but will specialize in industrial banking and
monthly repayment loans.
Officers of the new bank, in
Co.
Plan
ris
to Mr.
addition
Armstrong,
named
were
follows:
as
John
C. Williams, President;
Fred W. Buck, T. W. Hoopes and
A. C. Weiss, Vice-Presidents; L. W. B. Hegg, Cashier, and
P. O. Pichetti, Assistant Cashier.
The
into
National
First
voluntary
Bank
liquidation
of
Hudson,
recently
So.
is
and
Dak.,
paying
went
its
de¬
The institution, which was
capitalized at $30,000„ wTas one of the so-called Toy chain,
owned by James F. Toy and associates of the Toy National
positors 100 cents
Bank
Sioux
of
June
the dollar.
on
City,
Oowa.
The
"Commercial
West"
of
6, from which this information is obtained, added in
part :
No
reason
operating
given
was
upon
a
other
than
that
the bank
not
was
considered
as
sufficiently profitable basis.
That the Lincoln Bank & Trust Co.
June
10
had
retired
stock held by
reported
its
of Louisville, Ky., on
$500,000 issue of preferred
entire
the Reconstruction
advices from that
in
Finance
city
Corporation
printed
in
was
"Wall
the
Street Journal" of June 12.
The
City
following with reference to the affairs of the defunct
National
Bank
in
Miami,
Miami,
Fla.,
appeared
in
the New York "Times" of June 2:
James
Cash
Corporation
District
J^enney, chain
were
Court
this,
the
The
Charles
Bancroft,
in
effect,
was
a
corporation
President
and
$100,000
of
receiver
J.
the
showed
C.
Penney-Gwinn
the United
in
the
of
City
alleges that
bank,
that
preferential
forwarded
the
bank's
payment
from
Mr.
and
The complaint insists
and
1930,
confidential
a
reassure
demands
$780,000
Penney personally."
May 23,
on
capital
States
National
who alleges that $880,000 deposited in the bank to
complaint also
which
owner, and the
suit filed yesterday
a
H.
withdrawn just before the bank closed.
was
that
from
store
defendants in
by
Bank of Miami,
depositors
Hugh H.
statement
surplus
Gordon
Jr.,
and
appraisal,
been
had
impaired.
This statement, it is alleged, was concealed from the
depositors and creditors.
Directors
of
the
Bank
Savings Association
June
10
cents
a
declared
share
a
of
America
National
Trust
(head office San Francisco, Galif.)
special dividend of $1,000,000, or
to the two quarterly
dividends, totaling $3,000,000,
Directors of the
(California), the associated
have
declared the second quarterly dividend
amount
of $25,000.
The Transamerica
State
of
the
national
A.
were
and
P. Giannini, Chairman of the
made
substantial
Giannini
to
during
the
loans
was
that
past
been
made
Housing Administration,
these
loans
through
Giannini
He
said.
in
added
that
but
dealer
of installment loans
most
the
in the
volume
of
the
of
are
Bank
no
of
cooperation.
is
today in
bank's
automobile
Reports
financing
history of the institution, while
portable equipment loans.
Mr.
portable equipment loans
the above types
Deen
owns
98.98%
Board, presided at the meeting.
month
the largest
had
progress
said
Federal
make
and
The bank's announcement
to say:
on
personal
the
bank
bank,
of 1936 in the
Corporation
of the stock
the stock of the State institution.
went
50
the
on
voted at the Board meeting held March 10.
Bank of America
99.65%
&
on
2,000,000 shares of capital stock out¬
The special dividend, to be paid in July, is in
standing.
addition
with
210
issues
traded.
The
market,
as
a
whole,
pref. attracted a moderate amount of buying and
point to 104 ^2; Reed Roller Bearing gained 2
points to 23 on a comparatively small turnover, and New
England Tel. & Tel. advanced 2 points to 125.
Ford Motor
of Canada A moved ahead % of a point to 213^ and Puget
Sound Power & Light 5% pref. improved about 1 point to 69.
The price tone was somewhat firmer on Monday, and
while trading was slow and "without feature, the trend of
the market was toward higher levels, though the advances
were generally small and largely among the preferred stocks
in the public utility group.
There were some issues among
the specialties and mining and metals that were fairly active,
particularly Aluminum Co. of America, which advanced
5 points to 120; American Hard Rubber, which moved up
3 points to 40%, and Utica Gas & Electric pref. (7), which
surged forward 3 % points to 96 %.
Other gains ranged from
small fractions to a point or more.
The transfers for the
day were 157,985 shares.
Renewed activity was apparent in the curb market on
Tuesday as stocks moved sharply upward under the leader¬
ship of the public utilities.
Specialties were also in demand
at higher prices and there was considerable buying among
the mining and metal stocks and oils.
New tops were
registered by United Gas com., Electric Power & Light 2d
pref. A and Jersey Central Power & Light.
Other out¬
standing gains included Aluminum, Ltd., 4 points to 58;
Bunker Hill-Sullivan, 4% points to 78; Crane & Co. pref.,
4% points to 128; Dow Chemical, 5% points to 109%; Royal
Typewriter, 2% points to 67%, and Masonite Corp., 2%
points to 90.
The transfers were 227,570 shares.
Latimer
a
also.
of
EXCHANGE
generally dull during the fore part
of the week but slowly strengthened as the week progressed.
Public utilities, particularly the preferred stocks, attracted
considerable buying at first but speculative interest gradually
extended to other sections, especially to the mining and
metal issues and the miscellaneous specialties.
There were
occasional advances among the oil shares, but interest in this
group fell off as the market moved up and prices improved.
Curb market transactions were extremely thin during the
brief session on Saturday.
There was little interest shown
in the trading and the sales dipped to approximately 66,000
He succeeds in the Cashiership the late
Grimes who held the post for many years. In
of
Cashier
noting
CURB
was
moved slightly higher but the changes were largely in small
fractions and without special significance.
Columbia Gas
Bank
tional
THE
The curb market
Vice-President of the People's Na¬
Steubenville, Ohio, has
been appointed
M. Bargar,
Charles
June 13, 1936
Akron, Ohio, advices, printed in "Money
It is learned from
&
Chronicle
longer
America
The
excess
experience
eligible under
is
continuing
combined
of
with
total
of
& Electric
advanced 1
The
volume
these
loans
has
a
moderate
increase
on
CURB EXCHANGE
Bonds (Par Value)
Stocks
(N umber
The Hollandsclie Bank-Unie N. V.,
Amsterdam, Holland,
will on July 1 open an office at Oranjestad, Isle of
Aruba,
Manager of the bank's
Willemstad, Cucacao, N. W. I., has been appointed
simultaneously Manager of the Oranjestad Office, while N. F.
Ronday will act as Sub-Manager and will handle the current
banking business.
showed
DAIRY TRANSACTIONS AT THE NEW YORK
Week Ended
Netherlands West Indies.
sales
$40,000,000, Mr.
gratifying.
office at
of
Wednesday as the market continued the upward movement
of the previous day.
Public utility preferred stocks were
again strong and scored some substantial gains.
Mis¬
cellaneous specialties were also active at higher prices.
The
buying continued throughout the session and several new
highs were registered before the market closed.
The best
gains of the day were Alabama Power pref., 2% points to
70%; Bunker Hill-Sullivan, 2% points to 80%; Dictograph
Products, 2% points to 22%; St. Regis Paper pref., 3 points
to 59; Sherwin-Williams, 2% points to 126%, and United
Gas Corp. pref., 3% points to 107%.
1
On Thursday curb prices continued to move ahead under
the leadership of the public utility issues.
A steady tone
characterized the trading and a number of the popular specu¬
lative stocks registered substantial gains as the session came
to a close.
Specialties also climbed upward and some of the
mining and metal stocks closed with good advances.
The
gains included among others such market leaders as Arkansas
Power & Light (7) pref., 2% points to 88; Driver Harris,
2 points to 77; Mead Johnson, 4 points to 99; Safety Car
Heating & Lighting, 6 points to 88; Chesebrough Manufac¬
turing Co., 2 points to 113, and American Superpower
1st pref., 2% points to 90.
Price changes were about evenly divided on Friday, and
while the market was slightly higher at the opening, it fell
off as the day progressed.
Specialties and public utilities
attracted the most attention and there was some buying in
the mining group.
The transfers for the day were approxi¬
mately 237,000 shares against 219,000 on the preceding day.
As compared with Friday of last week, prices were higher,
Aluminum Co. of America closing last night at 119%,
against 115 on Friday a week ago; Atlas Corp. at 12%, against
11%; Central States Electric at 2%, against 1%; Cities
Service at 4%, against 4%; Commonwealth Edison at 101,
against 99%; Electric Bond & Share at 20%, against 18%;
Glen Alden Coal at 14%, against 14%; Gulf Oil of Pennsyl¬
vania at 76%, against 75%; Humble Oil (New) at 58, against
57%; Lake Shore Mines at 59%, against 59%; New Jersey
Zinc at 81%, against 80; Niagara Hudson Power at 10%,
against 9%; Sherwin Williams Co. at 128%, against 124%;
Standard Oil of Kentucky at 18, against 17%, and United
Shoe Machinery at 86%, against 86%.
P. R. Kup,
Foreign
of
June 12 1936
Shares)
Saturday
65,870
161,685
229,420
Monday
Domestic
$1,011,000
Government
$2,000
43,000
Foreign
Corporate
$16,000
32,000
54,000
Total
$1,029,000
2,307,000
Wednesday
2,232,000
2,725,000
2,885,000
2,263,000
2,226,000
56,000
50,000
2,832,000
2,991,000
53,000
97,000
50,000
2,366,000
34,000
2,357,000
1,165,380 $13,342,000
Tuesday
$304,000
252,995
218,760
236,650
Thursday^,,
Friday
Total
f
53,000
$233,000 $13,882,000
Volume
Financial
142
Chronicle
Purchases
Sales at
Week Ended June 12
1936
Stocks—No. of shares.
Bonds
1935
1935
1936
bar
gold
as
announced
by
the Bank during the week
amounted to £1,034,037.
Jan. 1 to June 12
New York Curb
Exchange
3963
of
1,165,380
1,149,190
71,642,044
22,740,580
.$13,342,000
304,000
236,000
$23,941,000
259,000
188,000
$432,516,000
9,326,000
6,009,000
$555,004,000
8,408,000
5,640,000
$447,851,000
$569,052,000
In the open market about £1,200,000 of bar
gold changed hands at the
daily fixing.
over
Offerings were absorbed by general demand and the premiums
gold exchange parities showed little change; however, with the appre¬
ciation of sterling in terms of gold currencies, the price
Domestic
Foreign government
Foreign corporate
Total
•
$13,882,00
$24,388,000
Bankers, manufacturers, merchants and
1934.
Quotations during the week:
Per Fine
Ounce
May 21__.
May 22
May 23
May 25
May 26
May 27—
Average--
others
interested in trade abroad will find it advanta¬
geous to use our
of gold in the London
market declined to the lowest level since November,
The
.
—
—
139s. 8.92d.
-
the United Kingdom imports and exports
were
British South Africa
British West Africa
Exports
—
Tanganyika Territory
HEAD OFFICE: 55 BROAD
STREET, NEW YORK
British India
Australia.
Member Federal Reserve System
Canada
France
Member New York Clearing House Association
...
Germany.
Member Federal Deposit Insurance Corporation
Netherlands
BelgiumSwitzerland—
Portugal--—
FOREIGN
EXCHANGE
RATES
give below
FOREIGN
record for the week just passed:
a
EXCHANGE
RATES
CERTIFIED
BY
1936, TO JUNE 12,
United States of
£2,487,307
America---France
126,248
15,706
552,873
54,190
165,060
1,000,294
11,737
8,892
93,722
102,013
131,594
26,106
FEDERAL
RESERVE
SS
-
Switzerland--
—
Kaisar-i-Hind
which
—
£1,184,102
sailed
from Bombay on May 23 carries
SILVER
resistance
as
offerings meeting with less
considerable
the demand from the Indian Bazaars shows a
The Indian Bazaars and speculators re-sold and while the sales on
China account
were
still in evidence,
selling was not forced,
prices being due mainly to hesitation on the part of buyers.
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
20d.
June 6
Europe—
June 8
June 9
$
j
$
s
June 12
June 10 J June 11
S
S
$
Austria, schilling
Belgium, belga.
Bulgaria, lev
.187433*
.187566*
.187333*
.187383*
.187366*
.187383*
.169100
.169230
.169046
.169026
.169023
.169040
.012825*
.041325
.041407
.012825*
.041323
.012825*
Czecjoslo'kla,
.041319
.041321
.041332
.223820
.223007
.223716
.223915
.223973
L997633
5.012708
i.015000
>.017666
.022031
.022075
.022087
.02211S
Yesterday
poorly supported market caused a fall of 3*d. in the cash and
3-16d. in the two months' quotation to 192*d. and
19 13-16d.
The market is rather uncertain and although the tone may be steadier
at the
level proves
decline, this depends largely upon whether the present
i.027250
.022006
a
the fall in
and today further speculative re¬
both deliveries,
.224403
England, pound sterl'g >.012583
Finland, markka
.022100
France, franc
.065827
Germany, relchsmark. .402592
Greece, drachma..... .009312
.675678
Holland, guilder
quoted for
was
selling on
Unit
33,994
22,016
149,100
4,401
—
Finland-
Austria
Other countries----
gold to the value of about £533,000.
decline.
1936, INCLUSIVE
64,795
31,918
23,165
Netherlands—
Germany
£4,775,742
The
£837,589
17,124
—-
Belgium
Prices declined further during the past week,
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
JUNE 6,
—
Other countries..
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
of gold
May 18 to mid-day on May 25:
on
Imports
MANUFACTURERS TRUST COMPANY
12s. 2.03d.
12s. 1.90d.
139s. 7)4d.
—
—
following
12s. 1.98d.
12s. 2.07d.
12s. 1.98d.
139s. 7d.
139s. 8d.
—
registered from mid-day
world-wide banking facilities.
-
——
—
Equivalent Value
of £ Sterling
12s. 1.68d.
12s. 1.68d.
139s. HKd.
139s. 11 Hd.
139s. 8d.
.013000*
koruna
Denmark, krone
Hungary, pengo....
Italy, lira
.012825*
.012825*
The
following
were
the United Kingdom imports and exports of silver
registered from mid-day on May 18 to mid-day on May 25:
Exports
Imports
Netherlands
France
.065940
.065834
.065834
.065831
.065829
.402871
.402535
.402600
.402550
.402557
£29,700
5,915
14,500
61,708
1,120
4,721
Czechoslovakia
-
.009312
.009300
.009306
.009315
.009293
Japan.-
.676585
.294650*
.675650
.294550*
.675803
.675678
.675707
British West Africa
.294500*
.294500*
.294500*
Other countries
.294550*
1
.078666
.078666
.078650
.251788
.252015
.252129
.252583
.188050*
.187925*
.187900*
.187925*
.188025*
x
.045282
.045492
.045452
.045505
.045525
.007283
.007283
.007283
.007283
.136382
.136617
.136419
.136375
.136383
.136383
.258500
.257538
.258365
.258600
.258686
.259207
.078650
_
_
£525,378
-
———1,040
7,852
Nyasaland Protectorate—_ x23,282
Other countries
3,687
—
—
.322946
.323803
.323207
.323289
.323403
.022866
.022850
.022850
.022850
.022850
Bar Silver per
Cash
China—
Chefoo (yuan) dol'r
.298416
.298416
.298416
.298416
Hankow (yuan) dol'r
.298583
.298583
.298375
.298583
.298583
.298583
Shanghai (yuan) dol
Tientsin (yuan) dol'r
.298333
.298333
.298125
.298333
.298333
.298333
.298416
.298208
.298583
.298583
.298375
.298583
.298583
.298583
.321500
.322291
.322083
.322083
.322708
.378250
.323217
.376910
.378210
.378385
.378760
.379410
.293635
.292925
.293450
.293740
.293705
.294225
.588375
May 21
—20 l-16d.
May 22
20d.
May 23
20 l-16d.
May 25——20 l-16d.
May 2620d.
May 27
19)*d.
Average
19.990d.
—
NEW YORK
IN
IN LONDON
.323096
.022866
£561,239
£117,664
Coin at face value.
.007266
Asia—
Hongkong, dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.
France
Quotations during the week:
.007283
British IndiaCanada-.
.078650
.250984
.045345
...
.078616
.251850
.187675*
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu...
Spain, peseta...J...
Sweden, krona......
Switzerland, franc..
Yugoslavia, dinar...
,
attractive to the Indian Bazaars.
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
May
May
May
May
May
May
203*d.
20d.
20 l-16d.
20Hd.
20d.
19 13-16d.
20.021d.
20.—
21—
22—
23
25
26
—
——45
-45
45
—45
45
-45
cents
cents
cents
cents
cents
cents
.589437
.588062
.685000
.587250
.588062
The highest rate of
exchange on New York recorded during the period
from May 21 to May 27 was $4.98H and
the lowest $4,965*.
Australasia-
Australia, pound..
994500*3.981750*3.995875*3.996625*
New Zealand, pound.
Africa-
021250*
4.008625*4.024500*'4.023625*
.000125*4.005156*
.027000*4.035125*
South Africa, pound.. 4.960208* 4.943125* 4.957916* 4.963541* 4.963125* 4.973750*
North America—
Canada, dollar
Cuba, peso...
Mexico, peso..
Newfoundland,
.996406
.997135
.997252
.997799
.997929
.999000
.999000
.999000
.999000
.999000
.277625
.277625
.277625
.277625
.277625
.277750
.993828
.993937
.994750
.994687
.995250
.995500
.333725*
dollar
.996392
.999000
...
.332637*
.333437*
.334025*
.334125*
.334680*
.086400*
South America-
Argentina,
peso
Brazil, milrels.
Chile, peso
Colombia, peso
Uruguay, peso.......
...
*
.086300*
.086150*
.086300*
;086250*
.086300*
....
.050625*
.050625*
.050625*
.050625*
.050625*
.669000*
.569000*
.569000*
.569000*
.569000*
.569000*
.796875*
.796875*
.796875*
.796875*
.796875*
.796875*
.050625*
Nominal rates; firm rates not available.
ENGLISH
FINANCIAL MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Gold,
Wed.,
Thurs.,
FrL,
June 8
June 9
June 10
June 11
June 12
20d.
oz—
p. fine oz.
Consols,
Tues.,
June 6
Silver, per
Mon.,
2)4%
138s.3d.
20 l-16d.
139s.4d.
Holiday
84^
19J|d.
139s.
l9J*d,
19 13-16d.
138s.9 )4d. 138s.9d.
84 Ji
84H
84 15-16
1934d.
138s.6)4d.
85)4
British 3 H%—
W. L,_
10534
105)*
10554
1053*
10534
British 4%—
The
States
Clearings—Returns by Telegraph
Week Ending June 13
Chicago
Philadelphia..
Boston-
—
Holiday
116)*
1163-1
11634
11634
1935
$2,759,984,513
216,288,813
260,000,000
158,556,000
73,399,000
67,300,000.
109,634,000
87,615,162
68,782,392
168,470,000
66,218,385
69,900,000
98,038,000
100,790,156
--
Kansas City..
St. Louis
San Francisco.
Pittsburgh.
Per
Cent
1936
$2,574,315,610
227,504,118
272,000,000
New York
—
75,364,421
61,763,726
49,585,674
32,032,000
—6.7
+5.2
+4.6
+6.3
—9.8
+3.9
—10.6
+ 15.0
+ 9.6
+ 6.5
58,000,830
47,248,879
26,114,000
+4.9
+22.7
$3,795,981,990
701,068,990
$3,932,923,589
611,331,515
+ 14.7
$4,497,050,980
899,410,196
$4,544,255,104
1.284,336,817
-1.0
$5,396,461,176
Cleveland
Baltimore
New Orleans.-
1960-90
CLEARINGS
this week will show a decrease compared
Prehminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, June 13),
bank exchanges for all cities of the United States from
which it is possible to obtain weekly returns will be 7.4%
below those for the corresponding week last year.
Our
preliminary total stands at $5,396,461,176, against $5,828,591,921 for the same week in 1935.
At this center there is
a loss for the week ended Friday of 6.7%.
Our comparative
summary for the week follows:
Detroit.
Holiday
_
COURSE OF BAN K
Bank clearings
with a year ago.
$5,828,591,921
-7.4
1163*
price of silver per ounce (in cents) in the United
the same days has been:
Twelve cities, five days.-
Other cities, five days
—3.5
on
•Total all cities, five
Bar N. Y. (for¬
eign)
N. A.
443*
443*
443*
443*
50.01
50.01
50.01
50.01
50.01
50.01
77.57
U. S. Treasury
443*
77.57
77.57
77.57
77.57
77.57
days
All cities, one day
...
-
Total all cities for week
-30.0
U. S. Treasury
(newly mined)
N. A.—Not available.
THE ENGLISH GOLD AND SILVER MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 27 1936:
GOLD
The Bank of England gold reserve against notes amounted to £205,363,059
on
May 20,
as
compared with £204,290,743
on
the previous Wednesday.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
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 6.
For that week there is
an
increase of 37.4%, the aggregate
Financial
3964
June 13, 1936
Chronicle
clearings for the^ whole country being .$7,612,564,519,
of
against $5,542,197,097 in the same week in 1935.
Outside
of this city there is an increase of 22.6%, the bank clearings
at this center having recorded a gain of 46.4%.
We group
Week Ended June 6
Clearings atInc. or
1936
Mich.—Ann Arbor
In the Cleveland Reserve District the totals are larger
Ind.—Ft.
1935
Dec.
1934
$
Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an expansion of 45.7%, in the Boston Reserve District of
18.2% and in the Philadelphia Reserve District of 18.5%.
$
%
5
1933
the cities according to the
by
30.9%, in the Richmond Reserve District by 32.5% and in
the Atlanta Reserve District by 9.9%.
The Chicago Re¬
serve District registers an improvement of 35.4%,
the St.
Louis Reserve District of 21.4% and the Minneapolis Re¬
serve District of 15.1%.
The Dallas Reserve District suf¬
fers a loss of 5.8%, but the Kansas City Reserve District
enjoys a gain of 14.1% and the San Francisco Reserve Dis¬
trict of 17.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF
Seventh Feder al Reserve D istrict
+30.8
Terre Haute...
4,924,053
4,181,921
Mis.—Milwaukee
22,687,924
1,242,134
9,647,099
3,850,234
668,184
343,018,791
1,080,831
5,844,892
16,903,295
+34.2
1,009,889
7,885,068
+23.0
+22.3
3,162,909
490,156
247,376,243
597,861
3,030,828
1,311,622
679,051
1,422,168
1,315,830
Wayne
Indianapolis.
__
16,551,000
1,938,995
1,055,349
Moines...
City
Sioux
1,015,718
Federal
278,161,860
235,336,120
+ 18.2
200,582,697
"
5,165,785,383
3,545,608,583
+ 45.7
3,249,736,676
12 cities
Boston
New York..12
1933
%
Dists.
Reserve
1st
2nd
1934
212,221,963.
3rd
Philadelphia 9
"
396,565,937
334,665,037
+ 18.5
280,768,890
3,184,582,746
223,228,845
4th
Cleveland..
5
"
301,319,414
230,578,687
+30.9
209,526,305
157,289,802
6th
Richmond .6
"
142,511,083
107,579,897
+32.5
92,693,996
Atlanta
10
"
116,357,983
90,037,498
80,492,438
541,279
518,423
8,451,000
2,507,672
11,686,707
193,712
4,034,767
2,158,554
428,150
111.—Bloomington
Chicago
Decatur—...
Peoria
1,475,646
+ 11.8
3,516,763
15,818,982
555,240
6,744,861
2,033,089
623,329
223,008,374
854,117
2,547,141
894,895
1,107,068
529,486,118
391,058,014
+35.4
334,192,677
260,562,400
87,900,000
22,329,582
12,527,741
Rockford
Springfield
+21.7
+36.3
+38.7
+ 80.8
+ 92.8
+93.2
338,712
185,800,334
429,081
1,773,690
420,445
718,483
Reserve Dis trlct—St. Lo uis—
Mo.—St. Louis..
99,700,000
81,800,000
+21.9
59,900,000
29,907,628
25,006,220
+ 19.6
15,877,897
14,576,074
12,013,154
+21.3
9,331,482
b
b
b
b
784,000
550,795
+42.3
508,567
800,096
144,967,702
119,370,169
+21.4
85,617,946
123,557,419
4,898,600
51,347,537
18,346,180
1,563,015
508,183
346,619
5,392,787
51,683,000
13,340,011
1,411,679
2,545,689
2,208,646
79,555,823
74,850,939
111.— Jacksonville
Quincy
b
79,608,525
6th
876,029
11,499,000
966,281
Tenn.— Memphis
Dec.
39,158,672
700,721
Ky.—- Louisville..
1935
1936
Week Ended, June 6, 1936
526,690
1,650,009
Iowa—Ced. Raps.
Des
18,019,000
Bend...
South
836,719
429,425
60,261,113
1,616,560
+52.6
+ 13.7
+57.3
+8.9
+83.7
+ 17.7
Eighth Federa
Inc.or
536,600
81,925,218
2,109,074
1,251,187
3,218,913
Lansing
Total (18 cities)
BANK CLEARINGS
503,866
—6.1
Rapids.
S
Chi cago—
107,141,573
Detroit
Grand
—
7th
Chicago ...18
"
529,486,118
+ 9.9
391,058,014 +35.4
334,192,677
260.562.400
8th
St. Louis...
4
"
144,967,702
119,370,169
+21.4
85,617,946
123,557,419
9th
Minneapolis 7
107,975,545
93,771,019
+15.1
79,555,823
74,850,939
10th KansasClty 10
"
"
11th Dallas
5
"
45,494,380
48,310,164
—5.8
39,727,043
36,519,254
Fran..12
"
245,880,332
209,493,398
+ 17.4
163,367,848
141.247.401
7,612,564,519
5,542,197,097
+37.4
4,928,449,501
4,656,205,035
2,577,810,001
2,102,954,009
+22.6
1,779,188,357
1,555,509,826
430,062,732
511,853,533
—16.0
105,842,842
Total (4 cities).
Ninth Federal Reserve Dist rict—Minne apolls-
Minn—Duluth
3,953,288
+23.6
71,004,086
59,410,491
+ 19.5
24,406,739
+5.9
4,887,754
_.
Minneapolis...
Total
110 cities
Outside N. Y. City
Canada
32 cities
+ 14.1
120,583,167
137,558,782
102,642,102
351,056,323'
82,043,303
Dak.—Fargo
2,170,732
+6.0
S. D.—Aberdeen.
702,999
661,301
+6.3
Mont.—Billings
12th San
25,851,273
2,301,677
648,624
594,813
2,579,132
2,573,655
+9.0
+0.2
107,975,545
93,771,019
+ 15.1
Paul
St.
No.
.
Helena
Total (7 cities).
491,436
323,380
316,991,894
..
Tenth Federal
We
add
now
our
detailed statement showing last week's
figure for each city separately for the four
Reserve Dis trlct— Kans
City
Omaha
+48.4
77,493
61,273
118,134
+ 14.2
3,131,586
32,705,334
Lincoln
91,671
134,935
Hastings
years:
as
136,009
Neb.—Fremont..
2,252,430
+39.0
+9.9
73,152
2,040,969
24,789,041
1,690,971
20,335,005
29,772,445
—13.0
2,015,424
+32.4
2,850,546
66,074,510
b
1,459,773
1,933,958
52,598,830
2,998,328
Colo.—Col. Spgs.
Pueblo
1935
1936
First Federal
Reserve Dist rict
Me.— Bangor
Boston
1934
+26.9
+37.4
582,295
1,480,775
+ 16.7
+9.4
174,026,245
591.972
+20.5
293,753
662,355
1,711,259
201,876,076
339,415
624,478
803,054
—22.2
550,363
3,877,842
1,835,243
15,708,224
5,049,650
2,908,072
+33.3
+34.2
Lowell
__
Springfield
Worcester.....
Conn.—Hartford
New Haven
R. I.—Providence
603,614
1,367,953
12,525,574
3,629,803
N.H.—Manches'r
10,726,100
545,436
8,489,200
449,745
Total (12 cities)
278,161,860
235,366,120
Second
1933
502,589
444,453
Total (10 cities)
137,558,782
120,583,167
+ 14.1
102,642,102
82,043,303
Y.—Albany__
Binghamton...
14,336,573
1,375,270
33,800,000
842,880
613,685
Buffalo
Elmira
Jamestown
New York
____
Syracuse
!_
Conn.—Stamford
N. J.—Montclalr
•
+25.4
+ 39.1
+26.3
2,865,402
1,189,067
8,004,149
2,955,303
506,448
479,673
284,141
497,614
2,687,536
1,172,578
7,744,103
3,084,905
7,803,000
+21.3
7,658,400
384.973
+ 18.2
200,582,697
10,292,059
5,408,586
26,200,000
625,197
+29,
+34,
491,400
+24,
+46
+20
+51.
311,930
+20.
4,079,911
3,919,457
496,132
428,151
16,825,395
25,571,466
17,099,557
+41,
35,400,876
37,961,662
—6
Total (12 cities) 5,165,785,383 3,545,608,583
Third Federal
Reserve Dist rict
Pa.—Altoona
824,264
720,523
20,352,111
23,535,709
468,523
538,292
437,800
424,772
3,151,261,144 3,100,695,209
6,306,256
6,580,627
3,118,157
3,396,915
—28,
24,167,202
...
Northern N. J.
16,490,780
32,147,183
+45.7 3,249,736,676 3,184,582,746
Philad elphia
489,030
a448,426
+39.4
376,677
289,281
+30.2
1,127,617
+24.6
325,000,000
1,147,020
1,998,176
+ 18.8
+6.4
+27.1
1,894,496
258,470
698,902
214,000,000
967,644
1,675,120
952,047
+47.2
1,939,685
Lancaster
Philadelphia.
Reading
1,358,866
+32.8
2,303,000
—50.7
1,070,316
2,446,000
__
...
Scranton
Wilkes-Barre..
York._
N. J.—Trenton..
4,800,527
1,756,160
36,372,149
6,830,460
1,135,500
+ 18.1
856,114
919,806
—6.3
30,025,012
26,371,320
—29.7
5,309,339
5,239,911
+64.8
a711,498
+ 10.2
2,308,790
1,953,395
+ 18.2
1,903,578
2,231.217
Total (5 cities).
45,494.380
48,310,164
—5.8
39,727,043
36,519,254
Galveston
1,633,000
b
Twelfth Feder a! Reserve D istrict—San
+ 4.8
388,700
320,986
b
b
271,287
808,647
271,000,000
949,759
Franci
SCO—
+18.0
+ 16.0
20,186,060
23,148,289
+45.2
+ 16.9
11,944,045
+25.7
541,944
18,584,579
10,147,162
Fourth
334,665,037
+ 18.5
9,093,000
943,536
7,841,000
27,064,262
15,015,352
4,208,379
3,636,770
+ 15.7
Pasadena
3,617,302
2,730,401
+32.5
Sacramento
5,959,793
5,012,955
+ 18.9
3,945,074
3,872,288
140,545,000
121,517,494
1,930,644
94,391,224
83,160,212
1,579,391
1,214,780
Spokane
Yakima
Ore.—Portland..
Utah—S. L.
City
Calif.—Long Bch
649,870
6,967,000
2,445,544
2,357,560
223,228,845
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
Cincinnati
b
57,124,813
....
Cleveland
84,180,519
Columbus
11,629,300
b
47,156,337
65,533,216
9,838,900
b
b
b
Santa Barbara.
1,147,718
+ 15.7
+35.6
+ 18.9
Stockton
1,861,777
1,478,585
+25.9
921,127
1,301,183
1,011,270
245,880,332
209,493,398
+ 17.4
163,367,848
141,247,401
Francisco.
San Jose
...
Total (12 cities)
total
1,157,874
Pa.—Pittsburgh
1,365,560
b
b
Youngstown...
7,612,564,519 5,542,197,097
cities)
Outside New York 2,577,810,001 2,102,954,009
+ 37.4 4,928,449,501 4,656,205,035
+ 22.6
1,779,188,357 1,555,509,826
Week Ended June 4
Clearings alInc. or
1936
1935
Dec.
1934
98,270,912
68,727,511
19,265,310
34,018,281
5,259,055
62,127,809
34,782,635
41,780,103
7,402,900
6,589,400
Halifax
147,726,908
_
106,684,674
b
+38.5
Quebec
...
2,940,974
b
98,730,019
994,095
Hamilton
5,488,161
b
Calgary
6,386,245
St.
2,143,192
1,904,401
3,598,404
4,414,335
Regina
1,123,778
4,145,251
73,141,569
John
Victoria
Total (5
301,819,414
cities).
Fifth Federal
230,578,687
Reserve Dist rict
+30.9
209,526,305
157,289,802
Richm ond—
London
Brandon
84,068,365
4,882,614
3,356,429
4,504,457
5,665,585
1,742,052
1,808,650
4,437,037
4,580,211
3,158,820
3,971,164
1,742,797
1,539,209
2,799,074
4,225,209
3,226,248
340,718
16,961,270
Ottawa
95,603,072
113,587,659
4,139,556
5,427,592
68,368,385
Vancouver
+28.5
+ 18.2
157,254,499
110,022,318
102,395,321
75,606,062
14,626,951
4,616,053
4,822,851
2,783,827
174,383,683
119,950,138
40,141,799
1933
$
Toronto
+21.1
—15.2
872,675
(110
Edmonton
Mansfield..
257,175
15,754,864
8,680,279
2,896.982
2,373,237
2,617,908
1,364,125
San
Winnipeg
280,768,890
17,198,639
3,955,000
28,455,627
Montreal
396,565,937
.
b
33,589,898
Wash.—Seattle..
Canada—
Total (9 cities)
1,757,000
2,304,000
a783,961
1,398,000
Wichita Falls..
La.—Shreveport.
1,023,370
2,771,200
1,404,622
386,000,000
1,220,724
2,540,351
1,401,413
1,805,129
520,712
District—Da Has—
34,006,751
Worth
Fort
Reserve
2,074,312
Dallas
1,513,153
681,521
Chester
Eleventh Fede ral
Tex.—Austin
Grand
a*470,000
Bethlehem..
—19.5
212,221,963
6,647,079 + 115.
+ 17,
1,169,220
5,034,754,518 3,439,243,088
9,301,310
7,739,581
6,302,169
4,153,791
4,490,900
3,716,171
*400,000
561,837
2,842,126
Joseph
+ 16.4
1,233,891
186,416,144
Feder al Reserve D istrict—New York-
N.
Rochester.
+43.7
St.
91,771,922
City.
_%
840,259
_
_
Fall River
Newark
Dec.
2,350,671
235,534,972
660,077
__
New Bedford
3,743,941
474,437
553,625
Mo.—Kan.
408,908
Portland
+ 17.4
795,444
3,289,500
Wichita
Inc. or
Mass.—Boston
699,476
2,358.579
2,485,118
78,824,731
3,530,588
595,846
2,052,450
Kan.—'Topeka
Week Ended June 6
Clearings at—
1,417,082
1,684,332
2,513,399
9,098,077
2,996,750
40,623,065
15,628,820
4,869,171
4,837,429
2,618,170
5,102,341
334,478
3,004,000
34,231,263
1,125,099
Va.—Norfolk...
Richmond
S. C.—Charleston
126,451 + 164.5
+ 14.2
2,631,000
+46.5
+ 1.8
+29.6
330,976
Md.—Baltimore
75,727,913
D.C.—Washing'n
28,088,330
23,373,422
1,105,264
58,451,048
21,892,712
+28.3
142,511,083
cities).
107,579,897
312,739
454,702
377,575
356,112
1,637,464
1,297,134
1,242,855
650,921
1,687,449
596,167
581,194
Brantford
1,014,955
1,076,100
535.255
916,042
Fort
1,133,121
624,922
710,109
664,083
714,455
529,595
443,670
Medicine
281,511
545,692
263,956
221,294
225,998
125,189
97,378
2,125,000
Lethbridge
25,006,175
2,608,000
27,043,178
894,792
48,896,464
15,646,376
833,758
36,176,629
12,849,582
Moose Jaw
ft*
Total (6
417,105
521,108
New Westminster
W.Va.—Hunt'ton
+32.5
92,693,996
79,608,525
2,206,075
3,434,804
Saskatoon
William
Hat...
Peterborough....
Sixth Federal
659,230
755,503
509,550
695,712
655,364
649,193
1,249,913
663,523
646,003
642,365
Kitchener
1,156,872
10,125,387
28,600,000
1,045,499
575,038
Windsor
3,423,049
1,337,871
2,261,217
321,068
1,253,613
2,360,110
8,727,754
11,503,174
Sherbrooke
Reserve Dist rict—Atlant
3,395,167
15,288,810
43,700,000
2,902,112
12,500,884
35,200,000
1,052,738
906,947
952,748
+ 17.0
+22.3
+24.1
+ 10.5
761,577
+ 19.1
Fla.—Jacksonville
11,636,000
13,040,000
—10.8
Ala.—Birm'ham.
13,437,600
12,210,561
+ 10.0
10,930,257
31,400,000
765,412
480,000
12,018,000
11,167,170
1,608,365
1,230,243
+30.7
967,882
952,575
b
b
Tenn.—Knoxville
Nashville
Ga.—Atlanta..__
Augusta
Macon
Mobile
Miss.—Jackson..
b
b
b
Vicksburg
La.—NewOrleans
152,742
115,112
+32.7
105,422
118,862
25,179,614
26,929,605
—6.5
19,997,280
116,357,983
105,842,842
+9.9
90,037,498
80,492,438
366,544
Moncton
766,568
738,651
700,590
609,960
Kingston
650,431
616,387
Chatham
528,078
433,894
581.256
413,861
502,588
Sarnia
471,249
547,971
554,851
467,800
1,074,824
700,377
679,586
567,237
430,062,732
511,853,533
351,056,323
316,991,894
Sudbury
Total (32
cities)
—16.0
15,409,345
Total (10cities)
Prince Albert
2,528,327
382,744
a
Not Included in totals,
b No clearings available.
* Estimated
255,004
672,745
Volume 142
Financial
NATIONAL
Chronicle
BANKS
Per
The
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
•
CHARTER
1—Lake Worth National Bank, Lake
Worth, Fla
$50,000
President, Philip Liberman; Cashier, Roy E. Garnett.
First National Bank of Lewiston, Idaho.
Location of
branches (all in the State of Idaho): Village of
Craigmont, Lewis
County; City of Genesee, Latah County; City of Grangeville, Idaho
County.
Certificates Nos. 1238-A to 1240-A, inclusive.
The Valley National Bank of Phoenix, Aria.
Location of branches (all
in the State of Arizona): Town of
Chandler, Maricopa County: Town
of Willcox, Cochise
County: Precinct of Springerville, Apache County.
Certificates Nos. 1241-A to 1243-A, inclusive.
The
Ouachita National Bank in Monroe, La.
Location of branch:
City of West Monroe, Parish of Ouachita, La.
Certificate No. 1244-A.
of
America
National
Trust
&
Savings
San
Association,
Francisco, Calif.
Location of branch: 8901 Sunset Boulevard in the
unincorporated area of Los Angeles County known as the County Strip.
for
this
Boulevard,
Central Fire Insurance (semi-annual)
6% preferred.
7 % preferred
Central Tube Co.
AUTHORIZED
May 29—The
Mail
~$1~20^
Cayuga & Susquehanna. RR. (semi-ann.)
25c
75c
75c
87 He
...
87 He
75c
5c
6% preferred
BRANCHES
2—Bank
Share
Central Power Co. 7% preferred
Primary
organization.
June
Name of Company
Central Maine Power, $6 preferred
ISSUED
Amount
June
3965
branch
Los
should
Angeles,
be
Calif.
addressed
as
Certificate
follows:
No.
8901
Sunset
1245-A.
(monthly)
;
Central Western Public Service, preferred..
Chemical Bank & Trust (quarterly)
45c
Chicago Daily News (semi-ann.)
50c
$3
SEASONAL AGENCY AUTHORIZED
CURRENT
City Ice & Fuel (quarterly)
_
Claude Neon Eleccric Products (quar.).
Collective Trading, Inc., A
Salomon
Bros.
&
Hutzler,
has
become associated with Bear, Stearns & Co. in its railroad bond
department.
—James Talcott, Inc., has been appointed factor for
Spur Knitting Mills,
Inc., New York City, manufacturers of infants' knit goods.
Colonial Ice Co. $7 preferred (quar.)__
Preferred series B (quar.)
Connecticut Gas & Coke Securities, $3
Connecticut General Life Insurance..
(quarterly)
—Roland L. Redmond of Carter, Ledyard & Milburn has been elected a
a
branch office at
....
now
Chicago.
—Roland Stenzel has been appointed manager of the office in Hartford,
Conn., of Brown Harriman & Co., Inc.
—Edgar Kenny & Co. have removed to larger quarters at 60 Beaver St.,
New York City.
—
...
we
we
show the
June 30 June 20
July 'II June 20
20c
82 H
—
$1
$1
$4
6% preferred (quarterly)
$1H
20c
_____
5c
(quar.)
—
Cuban Tobacco Co. preferred (quar.)
—
Dakota Central Telephone, 6H% pref. (quar.).
Davega Stores Corp. common (semi-annual) — ,
-
h$2H
15c
25c
Davenport Hosiery Mills (quar.)
Deisel-Wemmer-Gilbero (quarterly)
;
$2
—
—
(semi-annually)
—
12Hc
12Hc
12Hc
$3 H
$1
$2
50c
Devoe & Raynolds class A & B (quar.)
(quar.)
______
Diamond Shoe Corp. (quarterly)
6H% preferred (quarterly)
6% preferred (semi-annual)
—
Duplan Silk Corp. (semi-annual)
—:
Preferred (quar.)
Eastern Steamship Lines preferred (quar.)
Eastern Steel Products preferred (quar.)
Elder Mfg. Co. (quarterly)
- —
Class A (quarterly)
1st preferred (quarterly)
Electric Products Consolidated (Washington)
Elizabethtown Consolidated Gas (quar.)
81H
25c
81H
30c
50c
$2
87Hc
25c
$1H
$2
25c
$2
July
July
July
July
June
July
July
July
follow with
we
a
have not yet been paid.
The dividends announced this week
Per
Share
Acme Glove Works, Ltd. (initial)
12Hc
6H % cumul. pref. (initial)
Acme steel Co. (quar.)
81 He
75c
When
Addressograph-Multigraph Corp. (quar.)
15c
Aetna Casualty Insurance (quar.)
Aetna Fire Insurance (quar.)
DUC
40c
July
July
July
July
July
July
July
Aetna Life Insurance
IPC
50c
2 June
July
Extra
;
*—'
-
12Hc
—
(quar.)
Ainsworth Manufacturing Co. (special)
Air Reduction Co., Inc. (quar.)
30c
July
July
July
July
July
July
July
.___
15c
American Brake Shoe & Foundry—
40c
June
2
25c
50c
■
Alabama Great Southern RR., ordinary
Aloany & Susquehanna RR. (semi-ann.)
Aloe (A. S.), 7% preferred (quarterly)
3%
$4H
81H
Aluminum Goods Mfg. Co. capital stock
Capital
stock
_
5H% preferred (initial)
7% preferred
Teleg., New Jersey (quar.)
Preferred (quar.)
American For*: & Hoe Co. (quarterly)
6 % preferred (quarterly)
American Gas & Electric Co. common (quar.).
Preferred (quar.)
American Hair & Felt Co., 1st pref. (quar.)
2nd preferred (quarterly)
American Investors Co. of III., 7% pref
8% preferred (quarterly)
American Thermos Bottle, pref. (quar.)
Anaconda Copper Mining Co
-___
Anglo Iranian Oil Co. Amer. dep. rec. ord. reg__
Atlantic City Fire Insurance (quarterly)..
Augusta & Savannah RR. Co
;
American District
—
—
_
Extra
_
Backstay Welt Co
(quar,)..
1 June
Bank of the Manhattan Co.
1 June
10 June 30
—
Boston Insurance Co. (quar.)
Boston & Providence RR. (quar.)
Bralorne Mines (quarterly).
British American Oil Co.
S1H
25c
17c
July
July
July
July
July
r 20c
July
$1H
5% pref. (quar.)..
1H %
Bucyrus-Erie Co. 7% preferred
81H
45c
Bucyrus Monighan class A (quar.)
Burco Inc. conv. pref. (quar.)..
75c
California Water & Telep. Co. 6% pref. (qu.)
37 He
Canada Packers (quar.)
75c
Canada Southern Ry. (semi-annual)
81H
Canadian Fairbanks Morse preferred (quar.)
81H
Canadian Industries, Ltd., class A & B (quar.).
81
Class A & B (extra)
75c
Preferred (quarterly)
81H
Canadian Wirebound Boxes, class A
/i37 He
Carolina Power & Light Co., $7 preferred
h$lH
$6 preferred
h% 1 H
Carriers & General Corp. (quar.)
5c
July
July
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
British Columbia Rl., Pow. & Gas, 6% pref. (qu.)
British Columbia Elec. Rv.,
...
June
15
1
June
20
1 June
20
1
Sept. 20
19
-»
—
•.
—
-,
20c
—
—_
1 June
19
1 June
July
1 June
July
1 June
July
1 June
July
l'June
July
Aug.
Aug.
June
July
June
July
June
July
June
July
June
July
June
July
June
July
June
July
July
July
July 15 July
20
Heller (W. E.) & Co.
15
1
June
6
1
June
—
16
June 20
15
Household Finance Corp., com. A & B
June
June 20
Howe Sound (quar.)
Extra
1
June
Howes Bros. Co., 7% 1st & 2nd pref. (quar.)___
1 June 18
15 June 30
2 June 16
2 June
20
15
1 June 20
1 June 20
1
1
June 20
June 20
2 June
15
1 June 26
15 June 30
31 June 30
31 June 30
31 June 30
1
June
1
June
1
June
12
1 June
19
15
12
-
—
20
20
24
3
3
June 20
June
18
June
18
13
June
June
13
June
13
June
3
June
15
July
July
July
June
6
6
6
20
June
8
June
15
June 20
June
15
June
15
June
15
July
15
June
12
June
12
June
15
June
15
June 23a
June
11
June
15
June
15
June
Tune
10
July
June
15
June
June
19
July
June
15
July
July
June
15
June
15
June
June
9
July
July
July
July
June
20
June
June
9
June
17
15
June
15
June
May 21
10c
June
June
20
June
June
27
July
June
19
June
June 20
June
81H
$1
81H
July
July
July
July
July
July
July
June 20
June 24
June
June
81H
81H
$1H
June
Common
Irving Air Chute (quar.)
Iowa Public Service Co., 1st $7 pref. (quar.)
1st $6
preferred (quarterly)
$6 preferred (quarterly)
2nd $7 preferred (quarterly)
Iowa Southern Utilities Co., 6% preferred
June 22
June 22
June
20
June
20
July
July
July
June
15
June
15
June
June
23
June
19
h$Q
July
July
July
July
July
28c
$1
10c
Extra
Investment Co. of Amer. (quar.)
Investment Fund, Ltd., 6% conv. pref
June 22
June 20
June 30a
June 30a
June
20c
___
$2
25c
60c
40c
25c
81H
S1H
June
15
June 30
June
15
June
15
June
30
July
June
15
Oct.
Sept. 15
Sept.
1
July
6
Sept.
July
July
July
July
July
July
June 30
June
18
June
20
June
20
June
20
June
June
81H
81H
$1H
July
July
July
June
20
12
June
12
75c
June
May~15
$1H
•
20
June 25
$1
Insurance Co. of North America (s.-a.)
International Button Hole Machine (quar.)
Intertype Corp., 1st preferred
June
25c
Incorporated Investors (s.-a.)
Independent Pneumatic Tool (quarterly)
International Products Corp
Interstate Royalty (quarterly)
75c
50c
Extra
6H% preferred
'
7% preferred
Irving Oil Co., Ltd., preferred (quar.)
20
25c
6% preferred (quarterly)
Huron & Erie Mtge. Corp. (London, Ont.)
Ideal Cement (quarterly)
1st
15
20
50c
Participating preference (quar.)
1
20
3
19
19
July
81M
(quar.).
1
1 June
20
June
15c
July
12
20
20
75c
(s.-a.)__
Hoover Ball Bearing Co. (quarterly)
Horn & Hardart Baking (quarterly)
19
20
87Hc
Hickok Oil, 7% preferred (quar.),.
Holmes (D. H.) Co. (quarterly)_...__
Home Telephone & Telegraph, 7% pref.
June 22
16a
15
10c
1
1 June
20
43 He
(quar.)
1
10
1 June
July
25c
Preferred (quar.)
1
1 June 20
81H
Hawaiian-Sumatra Plantations
Heath (D. C.) & Co., 7% pref. (quar.)
Hercules Motors
15
June
20
1 June 20
75c
_.
June
1 June 20
1 June 22
1 June
'S
Globe Discount & Finance. 7% nref.
June
6
6
21
75c
General Finance Corp. (quarterly) —
General Telep. Corp., $3 conv. pref..
1
20
10%
General Electric of Gt. Britain, Ltd
Extra
15
15
20
5 Dec.
—
1
I June 12
June 30 June 18
June 30 June 20
June 30 June 20
July
82.125 July
10c
July
:
30
i
June 30 June
July
Aug.
July
July
July
July
July
84
(quar.)
15 June
-»
81 H
50c
37 He
(quar.)
Bliss & Laugnlin, Inc. (quar.)...,
5% preferred (quar.)
b
87 He
(quar.)__.
62Hc
Goodyear Tire & Rubber Co. (Can.) (quar.)
15c
Grand Rapids Varnish Corp
h$ 3H
Greenine (B.T Wire Co.. 7% preferred
50c
Greig Bros. Cooperage Corp., class A (quar.)__
ft50c
Hamilton Cotton Co., 82 conv. preferred
o
Hand ley-Page, Ltd., Am. dep. rec. partic. pf_.
Amer. dep. rec. partic. pref. (final)
xwl5%
81H
Hanes (P. H.) Knitting Co., pref. (quar.)._._..
40c
Hanover Fire Insurance (N. Y.) (quar.)
h$l
Hart-Carter, $2 convertible preferred
50c
Hartford Fire Insurance (quar.)
$1H
Hathaway Mfg. Co
—
$1H
$6 preferred...
June
1
19
25c
Black & Decker preferred
15
$1
37Hc
3H%
Birmingham Electric Co. $7 preferred
6
July 15 June 15
S1H July 15 June 15
25c
5
July lo June
July 15
$1H
35c
1 June 12
July
1 July
81H
Aug.
8
1 June 15
81H
July
1 June 15
July
81H
43 He
1 June 20
July
50c
1 June 20
July
87 He
1 June 20
July
25c
July 20 June 13
xw 10% Aug.
7 June 11
June 30 June 20
$1
•
18c
(quar.)..
June
1
June 30 June
87 He
58 l-3c June 30 June
20c
Bank of New York <& Trust Co. (quar.).,
Bird Macnine Co. (quarterly)
15
10 June 22
General Water Gas <& Electric, $3 pref. (quar.)..
$2
25c
Bancohio Corp. (quarterly)
Bangor Hydro-Electric.
15
19
25c
Baldwin-Duckworth Chain Corp.
Bancamerica-Blair Corp—
June
15
Jan.
—
30 June
25c
Automobile Insurance (quar.)
20
June 20
1
Oct.
Extra
— —
Holders
Payable of Record
15
1 June 20
2 June
July
July
July
July
July
July
July
—
of Company
26
May 25
1 June
June 30 June 20
1 June 30
July
—
Name
1 June
10
16
General Alliance Corp
are:
20
15
15 June 30
second table in which
announced, but which
18
20
June 23 June
—
Then
dividends previously
1 June
1 June
1 June
1 June
July
1 June
July
1 June
July
1 June
July
1 June
July
July 15 July
July 15 July
Sept. 30 Sept.
15 June 22
are grouped
in two separate tables.
In the
bring together all the dividends announced the
current week.
50c
33c
Ely & Walker Dry Goods, 7% pref (s.-a.)
6% pref. (semi-ann.)
June
Empire Safe Deposit Co. (quar.)_
&5c
Endicott Johnson Corp., common
July
i.
__—
41 2-3 c July
5% preferred
25c
July
Family Loan Society, Inc. (quarterly)
87 He
July
$3 H participating preferred (quarterly).._ —
37Hc July
$3H participating preferred extra
Fear (Fred.) & Co., common (quar.)_
2H% June
June
16c
Fifth Ave. Bus Securities Corp., (quar.)__.__
Finance Co. of Amer. at Bait., com. A&B__
12Hc
July
43 He
July
7% preferred
8 He
July
7% preferred, class A
___ —
15c
July
First Cleveland Corp., class A & B (quar.).____.
First National Bank in Yonkers (s.-a.)__
4%
July
June
$1
Fohs Oil Co. (initial)
_______
75c
Ford Motor Co. of Canada
July
20c
Formica Insulation Co. (quar.)
July
Freiman (A. J.) Ltd., 6% preferred (quar.)
$m
July
20c
Froedtert Grain & Malting.
July
30c
Partic. preferred (quar.),
Aug.
— __
25c
Fundamental Investors
July
25c
July
Fundamental Investment, Inc.75c
Galland Mercentile Laundry (quar.)
July
$1 H
Gannett Co., Inc.. $6 conv. pref. (quar.)__._._
July
Dividends
first
June 30 June 20
—
Coronet Phosphate Co
Cott (C. B.) & Sons Co
__
DIVIDENDS
1 May 26
June 30 June 20
15c
—
Preferred
active in the stock and bond business and has his
June
20c
Delaware Railroad Co. (semi-annually)
Westhampton Beach, L .1.
—Victor D. Zeve is
office at 33 N. La Salle Street,
20
$1
75c
Detroit Hillsdale & South Western RR
—Kohler, Fish & Co., members New York Stock Exchange, have opened
20
1 June
JJk>
—
pref
Consumer Gas Co. (Toronto) (quarterly)
Continental Baking Corp. preferred.:
Preferred
16
1 June
$1H
Extra
trustee of the United States Trust Co. of New York.
15 June 30
June 25 June 15
June 30 June 22
1 June
_
Colonial Life Insurance Co. of America.
Columbus & Xenia RR
Extra.
15 June 30
July
July
July
25c
-
...
Consolidated Biscuit Co.
NOTICES
Doherty, formerly with
16
10
40c
Extra
J.
10
1 June
1 June
$1H
Cincinnati Union Stockyards (quar.)
Crum & Foster (quar.)
—William
1 June
$1
Chicago Dock & Canal Co. (quar.)
Chicago Towel, preferred (quarterly).
Preferred
July
July
July
July
July
50c
Extra
Consolidated Bakeries of Canada
May 29—The Mahopac National Bank, Mahopac, N. Y.
Location of
branch: "Seasonal Agency" in the unincorporated village of Oregon,
Town of Putnam Valley, County of Putnam, N.
Y., and to operate
such seasonal gaency from May 15 to Oct. 15 in each
year.
Certifi¬
cate No. 1237-A.
Seasonal Agency No. 3.
1 June 20
July
June 26 June 25
JuneM2
3966
Financial
Per
Name of Company
Share
Island Creek Coal Co., common (quar.)
Preferred (quar.)
Jewel Tea Co., Inc. (quar.)
—
Special
....
Joliet & Chicago RR. (quar.)
Kansas Gas & Electric, 7% preferred (quar.)..
6% preferred (quar.)
Kansas Power Co., $6 pref. (quar.)
$7 preferred (quarterly)
Kaufman Dept. Stores (quar.)
Kentucky Utilities, pref. (quar.)
$1M
—
__
Kerr Lake Mines
When
Holders
July
July
July
July
July
July
July
July
July
July
July
June 18
June 18
Smith (L. S.) & Corona Typewriter $6 pf. (qu.)_
Southeastern Express Co. (semi-ann.)
July
July
1
1
June 25
Southern Acid & Sulphur,
June
15
15
7% preferred (quarterly)
6% preferred (quarterly)
6.6% preferred (quarterly)
6% preferred (semi-ann.)
Southwestern RR. of Georgia, 5% guaranteed-Spang Chalfant Co., 6% preferred
Spencer Trask Fund (quarterly)
Sialey (A. E.) Mfg. Co.
.
7% preferred (semi-annual)
Steel Co. of Canada (quarterly)
Preferred (quarterly)
Sterchi Bros. Stores, preferred (quar.)
Stix, Baer & Fuller Co., 7% pref. (quar.)...
Storkline Furniture Corp. (initial)...—
Supersilk Hosiery Mills, 7% preferred
Supertest Petroleum (semi-ann.)
;*
Preferred
(semi-ann.)
Southwestern Bell Telep., 7% preferred (quar.).
June 20
June 20
July
10
June 25
Lambert Co., com. (quar.)
Leslie-California Salt Co. (quarterly)
July
June
June
June
Long Island Safe Deposit Co. (s.-a.)
Loomis-Sayles Mutual Fund (quar.)
July
July
July
July
July
July
June 23
June
16
July
June
15
'
...
i
_...
Lomis-Sayles Second Fund (quar.)
Extra
Loudon Packing Co
Lykens Valley RR. & Coal (semi-ann.)
Macfadden Publications, preferred
....
-
Mahoning Coal RR. (quar.)
Preferred (semi-annual)
Manufacturers Trust (quar.)
Special
Manufacturers Finance (Balto.) 7% pref
Mapes Consolidated Mfg. Co. (quar.)
Maui Agricultural Co, (quar.)
McColl Frontenac Oil, preferred (quar.)
McKeesport Tin Plate Co
McQuay Norris (quar.)
Merchants Bank, New York (quar.)
July
Aug.
July
July
July
July
July
July
July
July
July
-
Extra
Metal Thermit
Middlesex
__
__
15
19
3
June
15
June
15
June
15
June
15
June 30
July
15
June 22
Stroock &
June 30
June 22
June 20
June 30
June
June
16
20
Corp., 7% pref. (quar.)
preferred (semi-ann.)
Water,
8% preferred (quar.)__
$2 non-cum. preferred (quar.)
Minneapolis Gas Light Co., 5% partic. unitMinneapolis-Honeywell Regulator—
6% preferred (quarterly)
Minnesota Power & Light $7 preferred
$7 preferred (quar.)
6% preferred
6% preferred (quar.).*
$6 preferred
$6 preferred (quar.)
Mississippi River Power, preferred
Missouri Edison Co., $7 preferred (quar.)
Mitchell (J. S.) & Co., perferred (quar.)
Mergenthaler Linotype.
Mountain States Telep. & Teleg. (quar.)
Mount Vernon-Woodby Mills, 7% preferred
...
.
50c
SIM
June
July
July
July
July
July
July
20
SIM
July
fc58c
July
July
0c
July
July
July
July
July
$ i.i6 2-r July
SIM
July
50c
Aug.
July
June
7iS2M
88-
30c
SiM
50c
25c
....—
...
June 20
Extra
Quarterly
Quarterly.
23
-
50c
June 20
June
12
June 30
June 30
June 20
June 20
June 16
June
13
June 15
July
July
June 15
12
July
June
June
June 10
July
July
June 20
June 20
Oct.
Jan.
Dec.
July
June 23
July
1 June 15
July
July
July
July
June 15
July
July
July
June 22
SIM
11
June
15
United Fruit Co
June
20
United
June
16
Aug.
1
June 30
June 12
June 25
June 22
May 29
June 30
July
July
May 12a
June
15
June
15
July
July
16
16
June
15
June 29
June
June 30 June
25c
June 30 June
Sept. 19
19
June 25
June 25
June 25
—
.—
...
Extra.
$2
75c
West Texas Utilities, $6 preferred
White Rock Mineral Springs (quarterly)
First and second preferred
Wichita Union Stockyards
35c
(quarterly)...
SIM
(semi-ann.)
SIM
Winn & Lovett Grocery, class A (quarterly)
Preferred (quarterly)
50c
SIM
Wolverine Shoe & Tanning Corp., pref. (s.-a.)..
Below
we
35c
1 June 22
15 June 18
June 23 June 10
1 June 15
July
6 June 16
6 June 16
July
July
July
July
July
July
Aug.
July
1 June
10
1 June
10
1 June
10
1 June 19
1 July
17
1 June
18
June 30 June 20
1
June 15 June
1 May 20
June 30 June 25
July 15 June 30
June
15 June 30
June 30 June 15
June 30 June 15
July
1 June
July
July
July
July
July
12
1 June
12
1 June
15
1 June 22
1 June 22
June 30 June 20
1 June 20
July
1 June 20
July
June 30 June 15
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
20
June
37MC
12Mc
12Mc
SIM
S2M
SIM
SIM
Holland Dutch Bakers
$6M cumul. preferred (quartery)
Virginian Ry
;
6% preferred (quarterly)..
Wayne Knitting Mills Co., 6% pref. (semi-ann.)
50c
Weeden & Co. (quarterly)
50c
Welch Grape Juice Co., common__—
West Coast Telephone, 6% preferred
h37Mc
50c
Western Electric Co., common
50c
Western Grocers Ltd. (quarterly)
Preferred (quarterly)
SIM
Western Massachusetts Cos. (quarterly)
50c
Western Pipe & Steel (quarterly)
West Point Manufacturing (quarterly).
15
$2
15c
87 Mc
62Mc
—
2 June 20
July
July
July
7Mc
Distributors (quarterly)......
(quarterly)
Van de Kamp's
Extra.
15
30 June
June
Shirt
Preferred
15
SIM
SIM
S2
$1
75c
United Shoe Machinery Corp., common....
Preferred
15
June 30 June
SIM
Extra
June 20
25c
7i8Mc
25c
(quarterly).....
Quarterly
June 20
15
July
July
July
July
June 20
June 15
Per
June
15
15
June 15
Abbott Laboratories
June 30 June 20
July
June
Abraham & Straus, Inc
May 20
Adams
16
June
15
10
June 22
June
15 May 30
June 30 June 20
June 30 June 20
Juiy
June
June
30 June
15
16
July
July
Aug.
July
15
June
18
June 15
June 26
15 June 25
June 26 June
11
June
10
July
15 June 30
15 May 29
June 15 May 29
July
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
July
July
June 20
June
15
June
15
June
15
June 26
June
15
June 15
10 June 24
1 June 20
June 20
June 20
June 20
June 20
June 20
June
18
June
18
June
18
June 15
June 15
15 June
2
June 22
June 22
June 30 June
15
June 20
June 20
July
July
Seaboard Finance Corp., $2 pref. (quar.) —
Shawmut Assoc. (quarterly)
Sheaffer (W. A.) Pen Co., $8 pref. (quar.).
June 30 June
15
June
11
July
July
June
20 June 30
May 20
June
30 June
10
June 30 June
10
July
of Record
June 20
•
Royalty (quarterly)
Agnew Surpass Shoe, pref. (quar.)
Alabama Great Southern RR. preferred
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Albany & Susquehanna RR. (semi-ann.)
Alexander & Baldwin, Ltd. (quarterly)
Allegheny Steel (quar.)
Allegheny & Western Ry. (semi-ann.)
Allied Laboratories (quar )
S3M convertible preferred (quar.)
:.
Allied Products Corp., class A common (quar.).
Allied Stores, 5% pref. (quar.)
Allis-Chalmers Manufacturing Co. (quar.)
Aluminum Co. of America (Pa.), 6% pref......
Aluminum Industries (quarterly)
Aluminum Manufacturing. Inc. (quarterly)
Quarterly
Quarterly
7 % preferred (quarterly)
7 % preferred (quarterly)
7% preferred (quarterly)
American Agricultural Chemical Co
American Asphalt Roof, preferred (quar.)
American Bakeries Corp., 7% pref. (quar.)....
American Baking Co., 7% pref. (semi-ann.)...
American Bank Note
Preferred (quar.)
—
American
Cigar Co.,
...
...
common
Preferred
(quarterly)
American Credit Indemnity Co. of N. Y
American Crystal Sugar, 6% pref. (quar.l
American Cyanamid Co,, common A & B (quar.)
American Enka Corp
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)
American Express (quarterly).
American Felt Co., 6% preferred (quar.)
American Hardware Corp. (quar.)
Quarterly
Quarterly
American Hawaiian Steamship (quarterly)
American Hide & Leather, 6% pref. (quar.)
...
American
Home
June
18
June 30 June 20
June 20
July
June 15
July
Aug. 15 July 13
July
July
Aug.
July
June
June
July
July
July
July
June 13
June
1 July
13
15
1 June 15
5
15 June
16 June
1
1 June 20
I
1 June 27
1 June 27
1 June 15
1 June 19
June 30 June 15
1 June 15
July
July
July
15 June 30
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 30 June 16
1 June 20
July
July
July
July
July
July
1 June 15
1 June 15
July
1 June
12
June 15 June
June 30 June
11
1 June 10
1 June
10
1 June 17a
June 30 June 15
1 June 19
July
American Can Co., pref. (quar.)
American Capital Corp., $3 preferred
American Chain, 7% preferred
American Chicle (quar.)
June 18
July
July
(quar.)
Extra
15 June 30
25 June
June
July
Holders
Share
Name of Company
June
Schwartz
$1M
SIM
62Mc
SIM
June
June 30 June
(quar.)
Phillips Packing Co., Inc., 5M% pref. (quarO.¬
Pittsburgh & Lake Erie RR. (semi-ann.)
Procter
Gamble Co., 8% preferred (quar.)
Providence Washington Insurance
(quar.).
Corp. (quarterly)
'if
11
July
July
July
July
July
July
July
7% pref. (quar.)...
Peoples Collateral Corp., 8% pref. (semi-ann.)_
7 % preferred (semi-annually)
Peoples Natural Gas. 5% preferred (quar.)
Philadelphia Baltimore & Washington RR
M. A.
June 19
July
July
July
July
75c
June
June 27 June
Paraffme Cos. (quarterly)
Pathe Film Corp., $7 conv. pref.
(quar.)__
Paton Manufacturing Co.,
Extra
June
50c
June 22
United Loan Industrial Bank (Brooklyn, N. Y.)
12
Shepard, Niles Crane & Hoist Co
Singer Manufacturing Co. (quarterly)
15
June 20
11
June
(Bernard)
Preferred (quarterly).
June
July
July
July
July
July
June
July
July
Safeway Stores, Inc. (quarterly)
6% preferred (quarterly)
7 % preferred (quarterly)
St. Louis Bridge Co., 1st pref. (semi-ann.).
Second preferred
(semi-ann.)
San Carlos Milling Co. (monthly)
Sangamo Electric Co. (quarterly)
Preferred (quarterly)
Schoellkopf, Hutton & Pomeroy
June
95c
Niagara Alkali Corp., 7% pref. (quar.)
Noblitt-Sparks Industries (quar.).
Northland Greyhound Lines, Inc.—
$6M series I conv. preferred (quar.)
Northstar Oil Co., 7% preferred
Nunn Bush Shoe Co.
(quar.)
7 % 1st preferred (quar.)
2d preferred (quar.)
Ogilvie Flour Mills Co. (quar.)
Old Colony Insurance (quar.)
Old Colony Trust Assoc. (quar.)
Ontario Mfg. (quar.)
11
__I
Hi:::::.
Ottawa Light, Heat & Power
Co., Ltd. (quar.)..
Preferred (quar.)
Ottawa Traction Co., Ltd.
(quar.)
Pacific Southern Investment, Inc., $3
pref. (qu.)
Pacific Telephone & Telegraph
(quar.)
Preferred (quarterly)
Package iviacmnery Co. (quarterly)
Pahang Rubber Co. (initial)
Panama Power & Light,
7% pref. (quar.)
(quar.).
43 Mc
12Mc
h$lM
7.6% preferred (quarterly)
Union Investment Co.
5
Extra
7
7
20
11
June
Sabin Robbins Paper Co., preferred
June
June
June
__
_
Ross Gear & Tool (quarterly)
June
7% preferred
15
New Haven Water Co. (semi-annual)
:
New York Transportation Co.
(quar.)
Newport Electric Corp., 6% preferred (quar.)..
Extra
75c
25c
New Orleans Cold Storage & Warehouse
$5jM first preferred
Newberry (J. J.) Realty Co., 6M% pref. A (qu.)
6% preferred B (quarterly)
Republic Investors Fund, Inc
River Raisin Paper (resumed)
Root Petroleum, $1.20 preferred
(quar.)
Roser & Pendleton, Inc.
(quarterly)
July
July
$2
$3M
Extra
June
Nehi Corp.
(quarterly)
July
July
Aug.
Aug.
June 20
43 Mc
43 Mc
11
19a
Reliable Fire Insurance (Ohio)
(quarterly).
Rensselaer & Saratoga RR. (semi-ann.)
15
11
June
__
16
June
June
July
May
July
July
Aug.
Aug.
July
July
July
National Battery Co. preferred
(quar.)
National Biscuit Co. preferred
(quar.)
Natomas Co. (quarterly)
(quarterly)..
June
June
June
15
$5 preferred
4
July
50c
Light & Power Co. of Illinois
6% preferred
June 20
June
Rath Packing (quarterly)..
Reese Button Hole Machine
(quarterly)
Extra
Reece Folding Machine
June
Union Electric
June 20
June
.
June 22
June
50c
June 20
12
__
June 22
50c
Union American Investment
12
Providence & Worcester RR.
(quarterly)
June 22
July
July
1.65%
3%
$2M
h$ 2M
12Mc
SIM
June 20
June
Prudential Investors, $6 preferred
(quar.)..
Public Service of New Hampshire, $6 pref..
—
6% preferred A (quarterly)
Trico Products Corp. (quarterly)
Truax-Traer Coal Co., preferred (initial)
208 Si La Salle Street Bldg. Corp. (Chicago).
June
June
_
First and second preferred (quar.)
National Casket Co., preferred (quar.)
Pickle Crow Gold Mines
Pond Creek Pocanontas Co.
Co
Tip-Top Tailors, 7% preferred (quarterly)
Toronto Mortgage Co, (Ontario) (quarterly)
Traders Finance Corp., 7% pref. B (quar.)
June 20
15 June 30
July
July
Union Electric Light & Power Co., Mo.—
Murray Ohio Mfg. Corp. (resumed)
Murphy (G. C.), 5% preferred (quar.)
Mutual System, Inc., common (quar.)
8% cumulative preferred (quar.)
National Candy Co. (quar.)_
June 20
1 June 15
1 June 10
15 June 30
50c
._
Telluride Power Co., 7% pref. (quar.)
Tilo Roofing Co
15
37Mc
July
July
July
July
July
$1M
...
June
June
Midland Steel Products (quar.)
Inc., 7% pref
Southern California Gas, 6% pref. A (quar.)...
6% preferred (quarterly)
June 15
June
•
1 June 26
Southern Indiana Gas & Electric Co—
June
June
Extra
June 13, 1936
Payable of Record
June
—
Chronicle
Products
July
July
Sept.
Dec.
July
July
July
1 June
1 June
17
1 June
19
1 June 16
1 June 13
Jan.
1 Sept. 12
1 Dec. 12
1 June
15
June 30 June
1 June
19
Oct.
15
1 June 15
1 June 13
June 30 June
I
15
1 Aug. 25
1 Nov. 25
July
July
July
July
American Machine & Metals
American Optical Co., 7% pref. (quar.)
American Republics
2
June 30 June 10
1 June 20
July
10
Volume
Financial
142
Per
Name of Company
Share
American Paper Goods 7% pref.
(quar.).
7% preferred (quar.)
7% preferred (quar.)__
American Power & Light Co., $6 pref
$5 preferred
American Rolling Mill (quar.)
6% preferred (quar.)
American Safety Razor
(quar.)
American Smelting &
Refining
First preferred
(quarterly)
Second preferred
(quarterly)
American Snuff
$15*
MX
$1M
h75c
Canada Northern Power
Corp., com. (quar.)
8
1 June
8
15 June
15
15 July
June 30 June
1
MY
75c
10
7
Aug. 31 Aug.
July 31 July 10
July 31 July 10
1 June 11
July
1 June
11
50c
June 30 June
15
50c
50c
July
July
July
1 June
15
2 June
5
SIM
2 June
5
25c
June
15 June
1
MY
July
July
July
July
July
1 June
MY
American Sumatra Tobacco (quar.)
American Superpower Corp., 1st pref.
(quar.)..
American Surety Co
American Telephone & Telegraph
(quar.)
American Thread, preferred
(semi-ann.)
American Tobacco Co.,
pref. (quar.)
American Water Works & Electric Co.,
$2
X2Y~c
1Y%
:
July
10
1 June 15
15 June
15
1 May 29
1 June 10
Inc.,
$6 first preferred (quarterly)
American Woolen Co., preferred
(quar.)
$IY
h$ 1
Amoskeag Co., common
Preferred (semi-annual)
Anaconda Copper Mining Co
$2M
75c
...
25c
25c
15c
(quarterly)
$6 Y convertible preferred (quarterly)
Appalachian Electric Power Co., $7 pref
Apponaug Co. (quarterly).
Armour & Co. or Del., 7% preferred (quar.)
Armour & Co. of 111., $6 prior pref.
(quar.)
7% preferred
Art Metal Works (quar.)
Asbestos Mfg. preferred (quar.)
MH
MX
25c
SIM
$1Y
h$ 1Y
15c
.
Preferred
Canada
July
50c
.
Anaconda Wire & Cable
Anchor Cap Corp., common
1 June
Canada Bread, A preferred
5
July
July
MX
(quarterly)
Preferred (quarterly)
American Steel Foundries,
preferred
American Stores (quarterly)
American Sugar Refining,
(quar.)
Preferred (quarterly)
-
July
16 Dec.
July
June
1 June
15 June
15
2a
2 June 20
July
July
July
20 June
13
June
15 May
15
1 June
19
1 June
19
July
July
July
2 June 20
1 June
2
June 30 June
15
July
July
July
1 June
10
1 June
10
1 June
10
June 22 June
11
35c
1 July
20
Nov.
2 Oct.
20
35c
Preferred (quar.)
Associated Breweries of Canada (quar.)
Preferred (quarterly)
;
Associates Investment Co. (quar.)
Aug.
35c
(quar.)
Febl'
'37 Jan.
20
rl 5c
June 30 June
15
1 June
15
r$lM
Extra
J.
7% preferred (quar.)
July
37 Yc
25c
June 30 June 20
SIM
%2Y
Atchison Topeka & Santa Fe, pref. (s--a.)
Atlanta Birmingham & Coast RR., pref
June 30 Juno 20
June 30 June 20
$2Y
„
Aug.
July
July
July
1 June 26
June
Atlanta Gas Light Co., 6%
preferred
Atlantic & Ohio Teleg. Co. (quar.)
Atlantic Refining (quar.)
15 May 21
1 June 20
1 June 22
1 June
12
1 June
15
1 June
15
July
1 June 20
(quar.).
(quarterly)
(quarterly)
...
Babcock & Wilcox
Baldwin Co., 6% pref.
(quar.)
Bangor & Aroostook RR. Co., common
June
July
July
July
_.
Preferred
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
(initial)
1st preferred (quar.)
Beatrice Creamery
Preferred (quarterly).
Beech
Creek
k
new
18Mc
si t/
Extra
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Belding-Heminway (quar.)
Bellows & Co., Inc., class A (quar.)
Bell Telephone of Canada
(quar.)..
Bell Telephone of Penna., 6Y% pref. (quar.)..
Bethlehem Steel, 7% preferred (quarterly)
New 5% preferred (initial)
Bickford's, Inc.(quarterly) _j.
Preferred (quarterly)
B-G Foods, Inc., 7% preferred
Biltmore Hats, Ltd./7% preferred (quar.)
Birmingham Water Works Co. 6% pref...
Bishop Oil Corp. (guar.)
Black & Decker Mfg., 8% preferred
Bloch Bros. Tobacco (quar.)
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros
_
Bohn Aluminum & Brass (quar.)
Bon Ami, class A (quar.)
Class B (quarterly)
Borg-Warner (quar.)
Preferred (quar.)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Storage Warehouse (quar.)...
Boston Wharf Co. (semi-ann.)
Boston Woven Hose & Rubber Co., pref..
Bower Roller Bearing (quarterly)
Brandywine Shares
Brazilian Traction, Light & Power
(quarterly)
15 May 29
1 May 29
Extra
California Packing (quarterly)
Camden & Burlington City Ry. (semi-ann.)
Camnbell, Wyant and Cannon, extra.
40c
(quar.)
Canadian Oil Cos., preferred
(quar.)
Canfield Oil. preferred (quar.)
Cannon Mills
1 June
12
1 June
12
2 June
15
2 June
15
31 July
3
June 15 May 29
July 15 June 23
July 15 June 20
1 June
5
July
July
July
July
July
1 June
1
5
June 20
1 June 20
1 June 20
June
15 May 15
June
15 June
15 July
June 30
July
Aug. 14 Aug.
1
1
II
Nov. 15 Nov. 11
June 31 June 25
Sept. 30 Sept. 25
Dec.
July
July
July
July
July
31
Dec. 24
31 July
15
1 June
19
1 June
12
1 June
12
June 30 May 29
1 June 10
June 30
July
June 30 June
June 15 June
July
25 July
I
1
1
June 30 May 27
July 15 June
5
2 June
15
June 25 June 19
June 30 June
4
June 30 June 16
1 June 20
July
June 15 June
5
1 June 15
July
July
1 June 15
June 15 May 29
8 June
5
July
2 June 16 I
July
1 July 17
Aug.
July 15 June 30
1 June 15
July
July
July
July
June
1 June
15
1 June
1
1 June 20
15 May 29
When
Holders
Payable of Record
July
2 June 15
June 15
July
July
July
25 June 35
15 June 15
2 June 15
June 30 June 23
June 30 June 23
July
July
July
July
July
July
2 June 13
June 13
June 15
June 15
June
-
25
June 18
July
July
July
July
(quarterly).
Capital Administration Co., class A (quar.)
Cariboo Gold Quartz
Mining (quar.)
Carnation Co. 7% pref.
(quar.)
7% preferred (quar.)
7% preferred (quar.)
Carolina Telephone &
Telegraph (quarterly)
Carreras, Ltd., Am. dep. rec., A and B__
Carter (Wm.) Co., preferred (quar.)
Carthage Mills, preferred A (quar.)
Preferred class B (quar.)
Case (J. I.) preferred,.
Preferred (quar.)
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer., 7% cumul.
prior pref.
7% cumul. 1st preferred
Central Aguirre Association
(quar.)
Central Hanover Bank & Trust Co.
(quar.)
Central Illinois Light, 7%
preferred
6% preferred
Centrifugal Pipe Corp. (quar.)
Quarterly
Champion Paper & Fibre, preferred "(quarterly).
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (semi-annual)
Chesebrough Mfg. Co. (quar.)
13
June 20
June 30 June
June
15
June
6
June 20
Oct.
Sept. 20
Jan2 '37 Dec. 20
1 June 24
July
June 26 May
June 15 June
27
10
June 20
July
July
July
July
July
July
June
25
June 12
June 12
June 20
June
16
June 30 June 16
July
1 June 18
July
1 June 17
June 29
June
29
Aug.
15 Aug.
5
Nov. 16 Nov.
5
July
1 June 15
8
July
1 June
June 30 June
5
5
June 20
25
37 Yc
12 Yc
June
1 June 15
1 June 15
16 June
1
June
16 June
50c
July
$2M
$1Y
Extra
Cincinnati Gas &
June 30
10c
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Rivet & Machine Co. (quar.)
50c
July
■
Extra
8
8
50c
Extra
Chicago Flexible Shaft (quar.)
1 June
I June
June 29 June
June 29 June
July
July
July
1
1 June 10
1
(quar.)
HP
30c
June 30 June
June 30 June
Electric. 5% pref. (quar.)
MH
July
1 June 15
Aug.
I 'July
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)
352
..
Cincinnati New Orl. & Texas Pacific Ry. (s.-a.)_
Extra
I.
Cincinnati Northern RR. (semi-ann.)
1
Cincinnati & Suburban Bell Telephone
(quar.).
Cincinnati Union Terminal Co.—
$5
MY
Conv. preference $4 M series of 1935
Conv. preference optional series of 1929
Commercial National Bank & Trust (quar.)
Commercial Solvents Corp., com. (s.-a.)
Commonwealth Edison (quar.)
21
$1.12
July
July
31 July
1 June 18
1 June 20
1 Sept. 19
1'37 Dec. 19
Oct.
Jan
July
July
June
June
1 June 30
1 June 15
15 May 27
15 May 27
June 30 June
1 June
July
July
July
Sept.
Dec.
June
July
July
June
July
July
July
July
July
July
25
25
1 June 20
1 June 15
1
Aug.
10
1 Nov. 10
30 June
13
1 June
15
1 June
25
15 May 25
1 June 15
1 June 12
1 June
12
1 June
12
12
1 June
1 June
5
June 30 June
6
June 26 June
12
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
1 June 18
July
June 30 June
10
June 30 June
10
5a
1 June
1 June
5a
1 June
5a
1 June 24
June 30 June
1
Aug.
Aug.
July
Commonwealth Investment Co. (quar.)
Commonwealth & Southern, $6 preferred
June
Compressed Industrial Gases (quar.)
Confederation Life Association (quar.)
Quarterly
Quarterly
Congoleum-Nairn, Inc. (quar.)
Connecticut & Passumpslc Rivers RR
Connecticut River Banking (quarterly)_._.._
1 July
1 July
1 June
15
14
12
15 May 31
June 30 June 25
Sept. 30 Sept. 25
...
Dec. 31 Dec. 25
15 June
1
June
Aug.
Extra
Consolidated Divers Standard Securities, pref.
Consolidated Edison. $5 pref. (quar.)
Consolidated Edison Co. of N. Y., Inc. (quar.)
Consolidated Film Industries, preferred
Consolidated Gas of Baltimore (quar.).
Preferred A (quar.)
10
10
July
July
July
July
July
_
20
$6
S1H
common.
June 24 June
3
June 24 June
Commercial Investment Trust
15
.
Consumers Glass Co. (quar.)
Consumers Power Co., $5 pref. (quar.)
1 July
1
June 30 June
2
June 30 June
2
June 15 May 15
1 June 26
Aug.
June 15 May
8
July
July
July
1 June
15
1 June
15
15
1 June
June 15 May 31
1 June 15
July
July
July
July
July
July
1 June 15
1 June 15
1 June 15
1 June 15
6% preferred (quarterly)
6.6% preferred (quarterly)
7% preferred (quarterly)
6% preferred (monthly)
6.6% preferred (monthly!
Continental Assurance Co. (Chicago, 111.) (qu.)_
1 June
15
June 30 June
Continental
June 30 June
15
15
Diamond
Fibre Co
June 30 June
June 30 June
16
Continental Oil
16
Continental Steel, preferred
1 June
15
July 31 July
6
1 June 15
July
Aug. 31 Aug. 15
June
15
(quarterly)
Copper weld Steel (quar.)
Quarterly
Courier Post, preferred (quarterly)
Cosmos Imperial Mills (quarterly)
Crane Co. .preferred
Cream of Wheat (quarterly)
:
July
1 June
25
June
10
Crosley Radio
July
1 June
15
2 June
10
Crowell Publishing (quar.)
Extra..;
June 24 June
13
June 24 June
13
l5a
July
Extra
$1Y
17
15
Building Products, class A &
B (quar.).
(quarterly)
15
15
1 June
July
Aug.
(resumed)..
Bullock's, Inc., 7% preferred
Bulolo Gold Dredging
Burt (F. N.), Ltd. (quarterly)
Preferred (quarterly)
Butler Water Co. 7% pref. (quar.)
Calamba Sugar Estate (quarterly)
7% preferred (quar.)
Calaveras Cement 7% preferred
California Ink Co., Inc. (quar.)
Preferred
Canadian Foreign Investment
(quarterly)
Preferred (quarterly)
Canadian General Electric
1 June
1 June
1 June
July
July
July
July
July
July
Buffalo Niagara & Eastern Power, pref. (quar.)
1st preferred (quar.)
Bullard Co.
40c
7% cumulative participating preferred (quar.)
Canadian Cottons Ltd.
(quarterly)
June 27 June
1 May 29
1 June 10
1 June 10
1 June 12
July
June 29 June 19
June 15 May 29
July 15 June 30
July
Brewer (C.) & Co. (monthly).
&
(monthly)
Bridgeport Brass Co. (guar.).
Bridgeport Gas Light Co.
Bridgeport Machine Co., preferred (quar.)
Briggs & Stratton Corp. (quar.)
Brillo Mfg. Co., Inc., common (quar.).
Class A (quar.)
Bristol Brass (quar.)
British American Tobacco, ordinary (interim)..
British Columbia Telep., 6% 1st pref. (quar.)..
6% preferred (quarterly)
British Columbia Power, class. A
(quar.)
Broad Street Investing Co. (quar.)
Brooklyn & Queens Transit, $6 preferred
Brooklyn Union Gas
'
Brunswick-Balke-Collender Co., pref. (quar.)__
Buckeye Pipe Line Co
Budd Wheel, participating preferred (quar.)
.
15
July
Beech-Nut Packing Co. (quar.)
Preferred
1 June
July
RR
1M%
r$ 1Y
•
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Citizens Water Co. (Washington, Pa.), 7% pref.
(quar.)
$1M
City Auto Stamping Co. (quarterly)
15c
Clark Equipment (quar.)
20c
Preferred (quar.)
SIM
Clayton & Lambert Mfg
5c
Clearfield & Mahoning RR. (s.-a.)
$1Y
Cleveland Electric Illuminating (quar.)
50c
Preferred (quarterly)
$1,125
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
87 Yc
Registered guaranteed (quar.)
87 Yc
Climax Molybdenum (quar.)
20c
Clinton Trust (N. Y.) (quar.)
50c
Cluett, Peabody & Co.. Inc., pref. (quar.)
SIM
Coast County Gas & Electric, preferred (quar.)
MY
Coca-Cola Bottling, class A (quar.)
02Yc
Coca-Cola Co. (quar.)
50c
Class A (semi-ann.)
Coca-Cola International (quar.)..;
Class A (semi-ann.)
$3
Colgate-Palmolive-Peet, preferred (quar.)
MH
Colt's Patent Fire Arms (quar.)
31c
Columbia Broadcasting, class A & B (quar.)
50c
Columbia Gas & Electric Corp.—
6% cumul. preferred series A (quar.)
5% cumul. preferred (quarterly)
5% conv. cumul. preference (quar.)_
Columbia Pictures Corp., common (quar.)
Commercial Credit (quarterly)
5Y% preferred (quarterly)
July
Bankers Trust Co.
(quarterly).
Barcelona Traction, Light & Power
Bayuk Cigars
(quar.)
Canadian Canners Ltd.,
6% 1st pref
Canadian Celanese Ltd., common
Chrysler Corp..
Churngold Corp.
July
July
July
common
common
37m
Chickasha Cotton Oil (special)
16
Axton-Fisher, class A
Class B
cum. preferred
I
1 June
July
July
Preferred
7%
SIM
Malting (quarterly)
1 June 20
Automatic Voting Machine (quar.)..
Avon Genesee & Mt. Morris RR., 3Y % gtd
*
Share
6
Sept. 16 Sept.
30c
MY
$1Y
Per
Name of Company
5
June 16 June
Dec.
3967
Holders
When
Payable of Record
h62Yc
...
Chronicle
1 July
15
2 June
June 30 June
15
Aug.
1
July
~2
11
July
June
July
July
July
July
July
15 June
1
1 June 15
1 June 15
1 June
15
1 June 30
1 June 30
June 15 May 29
1 June 15
July
June 26 June
6
Crown Cork International Corp. class A (quar.)
Crown Cork & Seal Co.. Inc., pref. (quar.)
Crown Willamette Paper Co., 1st preferred
Crucible Steel of America, preferred
Crum & Forster, preferred (quarterly)
Cuneo Press, Inc.. 6Y% preferred
Cutler-Hammer (quar.)
Extra
(quarterly).
Nov. 30 Nov. 15
July
1 June
15
July 15
June 15 June
I
July
1 June
June
15 May 29
1 June 13
July
June 30 June 16
June 30 June 25
15 June
1
June
15 June
June
15 June
5
5
June
!
Financial
3968
Per
Share
Name of Company
Curtis Publishing. 7% preferred
Dakota Central Telep. Co., 6H% pref.
_.
(quar.)_
Danahy-Faxon Stores (quar.)
Darby Petroleum
Dayton & Michigan RR. Co., 8% pref. (quar.).
Delaware RR ('o
(s.-a.)
De Long Hook & Eye (quarterly)
Dentist's Supply Co. of New York (quar.)
Quarterly
Quarterly
7% preferred (quar.)
—
7% preferred (quar.)
7% preferred (quar.)
Detroit Gray Iron Foundry
— ___Detroit Hillsdale & Southwestern RR
Diamond State Telephone, 6H% pref. (quar.)..
—
Diversified Investment Trust
h$ll
$14
75c
July
July
July
July
50c
50c
50c
$1<*
$14
$14
10c
c$2
Extra
—
Dominion Coal, preferred (quarterly)
Dominion Glass (quarterly)
Preferred (quarterly)
Dominion Textile Co., Ltd.
$14
$1*4
60c
$14
75c
90c
70c
Debenture (quar.)
S1H
SI 4
Duquesne Light Co., 5% preferred (quar.)
Eagle Picher Lead Co___
10c
Preferred (quarterly)
$1H
Eastern Gas & Fuel Assoc., prior pref. (quar.)__
6% preferred (quar.)
East Mahanoy Iili. teemi-ann.).
Eastman Kodak (quar.)
Extra
Corp
7% preferred (quarterly)_____
Edison Bros. Stores (quar.)
Preferred (quar.)
Electric Auto-Lite (quarterly)
Preferred (quarterly)
Electric Controller Mfg. (quar.).
Electric Storage Battery Co., common (quar.)..
Preferred (quar.)
Electrolux Corp. (quar.)
___
5% preferred (semi-ann.)
—
Emerson Dry Co., 8% preferred
(quarterly)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)
Empire Power Corp. participating stock
$6 cum. preferred
Emporium Capwell (semi-ann.)
(quar.j.
^
^
15 May 29
15 May 29
30c
$14
75c
50c
50c
July
July
July
June 30 June
8
July
15 May 15
15 May 15
1 June 15
June
15 June
June
$1
Dec.
Nov. 21
July
July
June 15
—
Oct.
Sept. 14
June 19
1 June 20
July
1 June 15
June 30 Tune 15
Sept. 30 Sept. 15
31 Dec. 15
Dec.
July
Extra.
Foresight Foundation. Inc.. class A, initial spec'l
Fortney Oil Co. (quarterly)
Freeport Texas, preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
7% preferred (quar.)
General American Investors, $6 pref
General American Transportation (s.-a.)
General Baking Co., preferred
General Candy, class A (quar.)
Extra
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp., pref. (quar.)
General Printing Ink Corp. common (quar.).
—
Extra
June 22
June 30
24c
$14
$14
$14
SI 4
87Hc
$2
15c
15c
S1H
$14
50c
June 20
July
July
June 15
General Public Utilities, Inc., $5 pref. (qu.)
General Railway Signal
Preferred (quarterly)
General Refractories Co
50c
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quarterly).
Gillette Safety Razor Co., $5 pref. (quar.)
Common (quarterly)
Glens Falls Insurance (quar.)
Glidden Co. (quar.)
Prior preferred (quar.)
7% preferred (quar.)
Globe Wernecke Co., pref. (quar.)
Preferred (quarterly)
June
June
July
4
4
June 30 June 20
15 June 10
June 15
June 15
June 15
June
15
15 May 29
2
July 12 July
July 15
Aug.
June 24
July
Oct.
Sept. 25
June 19
July
July
July
June
12
June 20
June 20 June 10
June 20 June 10
June 10
July
July
Aug.
July
July
July
6
June
17
June
17
June 17
June 30 June 15
h$5
h$ 4.85 1-3 June 30 June 15
June 20
S1H
July
June 10
25c July
June 10
S1H
July
S1H
preferred
June 30
July
i2m June
50c
Preferred (quar.)
General Public Service Corp., $6 pref—
—
June 20
June 30 June 19
.Time 19
July
July
July
July
July
12Hc
15
June 20 June 10
June 22
July
June
25c
4
July
25c
(quarterly)
June 25 June
25c
Florsheim Shoe, class A (quar.)
JExtrst
15
July
S2H
$25
62 He
SI 4
$14
common
—
Aug. 31
Sept.
S1H
SI 4
$14
25c
40c
50c
$14
$14
50c
June 30 June
1
June
15
July
July
Aug.
June 15
July
June 30 June
July
July
July
July
July
1
8
June 15
June
18
June 18
_
June 18
l'June 20
1 Sept. 20
50c
Oct.
50c
Janl *37 Dec. 20
1 June
15 June
June 29 June
5c
25c
35c
30c
60c
$14
$14
75c
$3
1
1
19
10
1
June 20 June
June 30 June 16
June
July
July
July
July
July
June
June
12
1 June
1 June 20
2 June 15
2 June 15
|June 16
1
8
15 June
19 June 12
1 June 20
$1H
July
80c
July
1 June 20
$14
July
1 June 21
10
$100
June 30 June
$1H
July
July
July
July
July
July
15 June 30
15 June 30
1 .Tune
15
June
15 May
29
3%
25c
SI H
h$ 3H
SI H
$14
43 ^c
45c
25c
SI
el0%
S1H
$1^
[June
1
5
1 June 15
1 June 20
15 May 29
June 30 June 17
2 June 10
July
June
July
July
July
June
July
July
July
July
July
1 June
17
1 June
17
1
15 June
I
1 June 15
1 June 20
1 June
17
20 July
6
15 June 30
$1
Aug. 31 Aug. 20
June 30 June 25
June 20 June 15
15c
*
July
(quar.)
7% pref. A (quar.)..
Ilelme (Geo. W.) Co., common (quar.)
4lfl|
$14
$14
S3H
(quar,)..
Hercules Powder Co., common (quar.)
Hershey Creamery Co., 7% pref. (s.-a.)
Hibbard. Spencer Rartletc & Co. (mo.)
Holland Furnace $5 conv. pref. (quar.)
Hollinger Consol. Gold Mines
Home Fire & Marine Insurance (quar.)
Homestake Mining (monthly)
1 June 17
June
15 June
June
75c
Hazeltine Corp..
Hearst Consol. Publishers,
1
15
July
July
1 June 10
1 June 10
June 25 June
July
12
1 June 20
50c
26 June 16
July
1 June 19
1
June 16 June
5
June 15 June
15c
June 25 June 20
June 19 June 15
10c
S1H
1%
.June
June 25 June 20
Extra
-
Honolulu Gas (monthly)
Honolulu Oil
25c
June
15 June 15
Honolulu Plantation (monthly)
Hoskins Mfg. Co. (quar.) —
15c
July
10 June 30
50c
June 26 June
11
25c
62 He
June 26 June
July
1 June
20
37 He
r50c
1 June 20
June 29 May 29
Extra
—-
noudaille Hershey, class A (quar.)
Class B (quarterly)..
Hudson Bay Mining & Smelting
Humble Oil & Refining (quar.)
June 30
July
July
July
June
July
July
50c
1215
50c
$2
$2
$64
$64
$64
rl4%
July
(quar.)_
10c
2Hc
Extra
Interstate Hosiery Mills (quar.)
Inter type Corp. common
$2
(quar.)
S3
2d preferred (quar.)
Iron Fireman Mfg. (quar.)
Irving Trust Co.
1 June 12a
8
1 June
10 June 20
June 30 June 11
July 15 June 20
June 20 May
June 30 June
July
July
July
29
2
2
June 30
June
15
June
15a
June
15
June
June
15
5
June
5
Aug.
1
15 June
1
1 June 15
1 June 15
6
1 Aug.
25c
25c
-
Sept.
Nov.
5
June
15 June
1
June
15 June
S1H
lHc
pref. (quar.)
15c
(quarterly)
37Hc
SI 4
$14
Jamaica Public Service (quar.)
Preferred (quar.)
Jeannette Glass Co. 7% pref. (quar.)
Common (initial)
20c
Jefferson Electric (quarterly)
Jersey Central Power & Light, 7% pref. (quar.).
6% preferred (quar.).
5H% preferred (quar.)
Johns-Manville Corp., common
7% cumulative preferred (quarterly)
Johnson Publishing. 8% preferred
•Tulian & Rokenge (semi-ann.)
Kalamazoo Vegetable Parchment
Co, (quar.)..
Quarterly..
Quarterly.
Kansas City Power & Light Co., 1st pref. B_.
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quarterly)
Kansas Utilities Co., 7% pref. (quar.)—
Katz Drug Co. (quarterly)
Preferred (quarterly)
Kaufmann Dept. Stores, Inc.. preferred
Keith-Albee-Orpheum, 7% preferred
Kekaha Sugar Co. (monthly)
Kelvinator Corp. (quar.)
Kennecott Copper Corp
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
King Oil (initial)
Klein (D. Emil) (quarterly)
—
-
_
...
Dec.
1
1
June 20
July
June 30 June
June
July
15
June
15
June
15
July
July
July
July
10
June 20
June 20
50c
June 30 June
June
July
15
S1H
$14
June
10
1 June
10
50c
h\
60c
e50%
Kalamazoo Stove
...
July
July
15 May 29
5
1 June
50c
50c
Quarterly.
Investment Corp. of Philadelphia (quar.)
Extra
Investors Corp. of R. I., $6
Investors Royalty
July
June
S1.33'j
15
1 June 30
50c
37 He
50c
International Salt Co
15
June
25c
$14
$14
15
June
Aug.
July
July
July
July
July
July
July
Aug. 15
$14
10
June
1 Sept. 30
Jan2 '37 Dec. 31
June 30 June 12
June
30c
June
Oct.
$154
SI 4
S3
$14
37 He
30c
15c
1
10
June 30 June 20
1 June 11
July
July
87 He
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
Extra
June
July
S1H
(quarterly)
International Ocean Teleg. Co. (quar.)
International Power, 7% preferred
1st preferred
July
10c
Preferred
International Shoe
11
July
25c
Hutchinson
International Nickel Co
July
10 Nov. 30
25c
30c
Hazel-Atlas Glass Co.
July
20c
2% preferred (semi-annual)
Hawaiian Agricultural (monthly)
Hawaiian Electric (monthly)
Sept. 10
Sept. 10 Aug. 31
July
July
Special
(Wm.) Sons (quarterly)
64% preferred (quarterly)
Finance Co. of Penna. (quar.)
First National Bank (N. Y.) (quar.)
First National Stores, (quarterly)
Preferred (quarter!y)
First State Pawners Society (quar.)
...
June
June 30
S2H
r7Hc
6Hc
12Hc
SI 4.
$14
$14
$24
$2 4
(quar.)
July
July
July
June 30 June 26
Nov. 30
25c
Filene's
(quar.)..
Oct.
1 June 18
1 June 15
9
9
1 June 30
1 June 10
June
$1
6% preferred (quar.)
Hanes (P. H.) Knitting Co., 7% pref.
Harbauer Co
Preferred
$1
$\4
25c
June 10
July
July
June
10c
—
preferred
Sugar Plantation (monthly)
Hygrade-Sylvania (quar.)
Preferred (quar.)
Ideal Financing Assoc. A (quar.)
$8 preferred (quar.)
$2 conv. preferred (quar.)
Illinois Bell Telephone (quar.)
Illinois Central RR. Co., leased line
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Imperial Tobacco of Canada, ordinary
Indiana Hydro-Electric Power. 7% pref__i
Indianapolis Power & Light, 6H% pref
Indianapolis Water, preferred A (quar.)
Ingersoll-Rand Co., preferred
International Business Machines Corp
International Cement (quar.)
International Harvester (quar.)
International Mining
Dec.
(quarterly)
(quarterly)
June 15
Oct.
Sept. 26
3
June 20 June
July
1 June 18
Dec.
50c
Preferred
Oct.
Sept. 20
Oct.
Sept. 20
July 15 June 26
June 15
July
Aug. 21
Sept.
SI
25c
Class B
5
June 30 June 20
40c
Fidelity & Guaranty Fire (semi-ann.)
Co.,
11 June 20
8
June
SI 4
50c
1 June 15
1 June 15
June 30 June
40c
50c
—
Motor Truck
Flintkote
10
June
June
Federated Department Stores (quarterly)
Ferro Enamel (quar.)
Fifth Ave. Bank
10
June
20c
Farmers & Traders Life Insurance (quar.)
^
5
June
80c
European & North American Ry. (semi-ann.)..
(quar.).
Falconbridge Nickel Mines, Ltd
Famise Corp.. common class A (quar.)
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)..
$5 preferred
$5 preferred (quar
-
June
June 16
87 He
87 He
80c
(quar.)
(quarterly)
15
July
7c
Evans Products Co.
Quftrtcrly
15
40c
10c
Guaranteed betterment (quar.)
Eureka Vacuum Cleaner (quarterly)
Faultless Rubber
Hammermill Paper (quar.)
Co..
S33^
7c
Guaranteed betterment
15
15
July
July
75c
$2
2Hc
15
$14
75c
7% guaranteed (quar.)
Extra
Haloid
3c
41 2-3c
Bearer
15
27
27
10
5
25c
Erie & Pittsburgh RR. Co. 7% gtd. (quar.)
1
29
20
June
25c
New 5% preferred (initial).
Equitable Office Building Corp
Equity Trust Shares in America (reg.)
$54
Aug. 15 Aug.
1 May
1 June
1 June
June 15 May
June 15 May
July 25 July
June
July
June
July
June
July
June
July
June
July
July
July
July
Guaranty Trust Co. of New York (quar.)
Gulf Oil Corp—
(quar.)
Gulf States Steel, preferred
Gulf States Utilities, $6 preferred (quar.)
$5H preferred (quarterly)
Hackensack Water Co..class A pref. (quar.)..
Halifax Fire Insurance Co. (N. S.) (s.-a.)
Quarterly
Gulf Power Co.. $6 preferred
Harrisburg Gas Co., 7% preferred (quar.)
Hartford & Connecticut Western RR.—
$1H
Emsco Derrick & Equipment
Endicott-Johnson (quarterly)
15
Harbison-Walker Refractories Co., pref.
$14
El Paso Electric Co. (Texas) $6 pref. (quar.)
June
June 30
1 June 18
1 June 18
June 30 June
June 30 Tuno
25c
—
5
50c
Elizabeth & Trenton RR. Co. (semi-ann.)
June 15
Extra
5
$2 4
SI
(s.-a.)
June 15
June 15
June
124c
Elizabethtown Water Consol.
June 30
July
10c
_
Extra
Electromast, Inc. (initial)
Elgin National Watch
June 30
June
$14
$1.44
Ecuador
June 20
July
July
July
July
Goodyear Tire & Rubber, 1st pref. (quar.)
Gorham Mfg. Co., common
Gorton-Pew Fisheries (quar.)
Granby Consol. Mining, Smelting & Power
Grand Valley Brewing Co
Granite City Steel Co. (quar.)__
Grant (W. T.) Co..
Great Western Electro-Chemical pref. (quar.)..
Great Western Sugar (quar.)
Preferred (quar.)
Green (Daniel) Co., pref. (quar.)
Greene Cananea Copper (quarterly)
Greene R. R. (semi-annual)
Greenwich Water & Gas System 6% pref..Greyhound Corp. (initial)
Preferred A (quar.)
Group No. 1 Oil Corp. (quar.).
Guarantee Co. of N. Amer. (quar.)
June
25c
(quar.)
June 20
July
July
40c
July
July
July
July
July
$14
$14
East Tennessee Teleg. Co. (s.-a.)
June 15
July
July
July
July
50c
liy
Extra
Federal
June 25 June 20
June 15
July
Holders
Payable of Record
SI .60
—
15 June 20
Dec.
r$ 14
tquar.).
(quarterly)
Dow Chemical, preferred (quar.)
Draper Corp. (quar.)
Driver-Harris, preferred (quar.).
Duke Power Co. (quarterly)
Du Pont de Nemours (E. I.) (quar.)
Preferred
20 June 10
6 June 20
July
Sept.
$2
38c
.
3]
July
July
$15c
11
Sept. 30
Dec.
37Hc
Extra
Sept. 30 Sept. 19
June
10c
SI H
(quar.)
Goldblatt Bros., Inc. (quar.)
Golden Cycle (quar.)
1 June 15
1 June 20
21 Dec.
>c
Gold & Stock Teleg. Co.
June 30
35c
7% preferred, $50 par (quarterly)
Dome Mines, Ltd. (quarterly)
3
15 July
7 June 15
Dec.
50c
A (resumed)
preferred
Goebel Brewing Co. (quar.)
Extra
June 30 June 20
SI
SHi
87Hc
Quarterly
Doehler Die Casting. $7 preferred (quar,)
$7
Share
Company
Godchaux Sugars, Inc., class
1 May 29
1 June 30
25c
35c
Doctor Pepper Co. (quar.)
lYeferred
July
July
June 30 June 20
SI
Name of
1936
When
Per
I Holders
Payable of Record
25c
37Hc
62 He
Dixie Vortex (initial)
Class A, initial (quar.)
When
June 13,
Chronicle
15c
15c
July
July
July
July
July
Tuly
15
10
Tune 23
1 June
16
1
15 July
1
June 22 June 13
June 30 June 20
Sept. 30 Sept. 20
15c
Doc.
31 Dec.
21
S1H
$14
$14
July
Tuly
July
July
June
15
15 May 29
June 15
$14
June
15
June
15
June 20
75c
June
$14
July
$14
$14
June 30 June
June
July
10
15
20c
July
June 25
12Hc
July
June
5
June 30 May
June
July
29
June
12
30c
12Hc
S1H
2c
25c
i2Hc
July
12
15 May
15
July
June
20
July
June 20
June
Volume
Financial
142
Kings County Lighting Co., 7% pref., series B.
6% preferred, series C
5% preferred, series D
July
July
July
July
Common
Koppers Gas & Coke preferred (quar.)
Kresge (S. S.) (quar.)_
15
Mutual
1 June
15
Mutual Chemical Co. of Amer.,
6%
15
6% preferred (quarterly)
6% preferred (quarterly
Myers (F. E.) & Bros, (quarterly)
Extra
1 June
15
July 31 July
June 16 June
1 June
July
(quarterly)
Frary & Clark (quarterly)
Quarterly
Quarterly
Landis Machine Co. (quar.)
15 June
(quarterly).
Preferred (quarterly)
Preferred (quarterly)_
1
preferred (quarterly)
Lehigh Portland Cement, 4% preferred (quar.)_
,
Nov. 16 Nov.
June 15 June
new,
Lehman Corp. (quar.)
Libby, McNeil & Libby, preferred (semi-ann.)
Libby-Owens-Ford Glass (quarterly)
Liggett & Myers Tobacco, pref. (quar.)
Lily Tulip Cup (quar.)
83
July
July
July
July
50c
June
621f
75c
-
2d preferred
Tea
—
1
July
25
Nov.
2 Oct.
27
Lone Star Gas
6%
6%
Long
6%
20c
preferred
(quarterly)
^
% preferred (quarterly)
Island Lighting Co., 7% pref., series A__
preferred, series B
Loose-Wiles Biscuit Co., common.
5% preferred (quarterly)
5% preferred (quarterly).
Lord & Taylor (quarterly)
Lorillard (P.) (quarterly)
Preferred (quarterly)
Louisiana Land & Exploration Co..
Louisville Gas & Electric Co. (Del.)—
Class A and B
(quar.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Lynchburg & Abingdon Teleg. (s.-a.)
Mack Trucks, Inc.Magnin (1.) & Co., $6 preferred (quar.)
So preferred (quar.)
Mahon (R. C.) & Co
new preferred (quar.)
Manischewitz (B) & Co., 7% pref. (quar.)
Marconi Wireless Teleg., ordinary
Marine Midland Corp. (quar.)
Marine Midland Trust (quar.)
common
81%
81.63
81%
81%
50c
June 15 June
6
1 June 15
July
Sept. 10 Aug. 25
10 Nov. 25
85 preferred
1
Ner
1
31
1
July
15
15
1 June
15
lJuly
17
June 18a
Oct.
Sept. 18
82%
July
June
17
30c
July
July
June
15
June 15
Norfolk & Western Ry.
June
June
July
Class A
6% preferred
Dec. 21
1 June 15
Aug. 15 Aug.
July
July
Preferred
(quarterly)
(quarterly)
Chemical
May
Aug.
May 30
Aug. 31
Nov.
Nov. 30
June
May 15
July
June 30
June
June
Insurance Society
1
1
June
May 20
July
July
July
July
July
July
June 15
June 15
June
July
July
July
July
July
July
July
July
July
Aug.
July
June
July
July
July
July
July
July
July
July
July
June
u ne
(quar.)
Products,
new stock
(quar.)
June 15
June 16
June
June
20c
June
June
5
81%
81H
June
15
June
15
June
15
81%
81.80
82 H
July
July
July
July
July
July
25c
June
May 18
(quar.)__
81H
Ohio Public Service Co., 7% pref. (monthly)
58 l-3c
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
Ohio Service Holding Corp., pref
50c
Oklahoma Gas & Elec. Co. 6% cum. pref. (qu.)_
7 % cumulative preferred (quarterly)
Old Dominion Co. (Me.)
30c
Omnibus Corp., preferred (quarterly)
82
Onomea Sugar Co. (monthly)
20c
Ontario Loan & Debenture Co. (quar.)
81
Ontario Silknit, pref. (quar.)
1%'
Otis Elevator (quar.)
Preferred (quarterly)
Paauhau Sugar Plantation (monthly)
Pacific & Atlantic Tlegraph Co. (s.-a.)
June
June
—
Preferred
—
—
June
June
Aug. 22
21
11
June 15
June 15
June
16
3
June
15
June
15
June
15
June
15
May 29
May 29
May 25
June
15
June 20 June
10
July
July
June
July
July
July
July
June 16
June 15
June 15
Preferred D (quar.)
Pacific Indemnity Co
June 16
Pacific Lighting, 86 preferred (quarterly)
Pacific Telephone & Telegraph (quar.)
2 June
15
15 June
5
15 June 26
15 June
26
June 30
June
15
June
May
May
May
May
May
May
29
29
29
29
29
29
Aug.
1
June 20
June 10
June 20
June 16
July
June
15
1
June 15
June 15
June 15
June 13
June 13
May 15
May 15
June
July
May 30
June 10
July
June 10
July
July
1
Oct.
Oct
1
Jn.2
June
Jn.2'37
June
May 29
5
Sept
Aug
Nov 2#
June 15
June 20
27
Preferred O
(quar.)
—
Pacific Investors
Preferred
June
(quarterly)_,
Page-Hershey Tube, Ltd.
Paraffine Cos.
(quarterly)
Parke Davis &
(quarterly)
Co
June
15
June
15
June 30
June 20
June 30
June
June
15
June
10
June
19
June
6a
Sept
7% preferred (quar.)
7% preferred (quar.)
Penney (J. C.) Co., common, (quar.)
Penna. Central Light & Power, $5 pref. (quar.).
Pennsylvania Gas & Elec. Corp. (Del.)—
7% and 87 preferred (quar.)
Pennsylvania Glass & Sand 87 conv. pref. (qu.)_
Pennsylvania Power Co.. 86.60 pref. (monthly).
86.60 preferred (monthly)
86.60 preferred (monthly)
86 preferred (quarterly)
Pennsylvania Power & Light, $5 pref. (quar.).
86 preferred (quarterly).
87 preferred (quarterly).
Pennsylvania Valley Crude Oil, class A
Pennsylvania Water & Power Co., common
Preferred (quarterly)
Peoples Drug Stores (quar.)
Preferred (quar.)
Peoria Water Works, 7% preferred (quar.)
Perfect Circle (quarterly)
Pepeelceo Sugar Co. (monthly)
Peterborough RR. Co. (semi-annually).-
Aug. 15
June
1
July
Aug.
7% preferred (quar.)
June
15
Aug.
Nov.
Nov.
5
5
Feb.
Feb.
5
June
June 20
July
$1%
81%
55c
55c
55c
81
81%
81%
12%c
81
$1 %
25c
S1 6a
50c
20c
June 10
July
July
July
Aug.
Sept.
Sept.
July
June 20
June
15
June 20
July 20
Aug. 20
Aug. 20
June
15
July
July
July
July
July
June
15
June
15
June
15
June
15
June
15
July
June
8
June
June
1
June 20
June 17
July
July
June
June
9
June
Pfieffer Brewing Co.
June
May 29
May 29
June
June
Phelps Dodge
Philadelphia Co., 86 cumulative pref. (quar.)_.
85 cumulative preferred (quarterly)
Oct.
Sept. 25
July
June
10
25c
(quarterly)..
Exploration, Inc. (quar.)
Petroleum
June 15
$1%
25c
June 15a
June
1
5
15
15
15
June
—
Penick & Ford. Ltd. (quar.)
Peninsular Telegraph Co
Pet Milk
July
July
July
June
—
-
barker Pen (auar )
June 15
July
July
July
Packard Motor Car
July
July
July
July
July
m June
June
common
72
81.65
July
Muskogee Co.,
15
June 30
June 30
July
July
81
—
Munsingwear, Inc
Muskegon Piston Ring
Extra
31
June 10
15c
— _
Mountain Producers Corp. (semi-annual)
Muncie Water Works Co. 8% pref. (quar.)
(quarterly)
31
Oct.
15
July
Aug.
Aug.
Aug.
July
July
July
June 12
June 19
June
15
July
May 29
Pacific Consolidated Oils
July
July
July
June
June
Pacific Finance Corp. of Calif. (Del.) (quar.)—
Preferred A (quar.)
Dec.
Quarterly..
Morristown Securities Corp., 85 pref. (s.-a.)
15
15
June 20
June 22
June
June 15
June 20
Juue 13
June 13
July
Morris & Essex RR
Motors
June
J
..
Montgomery Ward & Co., Inc
Class A (quarterly)
Montreal Cottons, Ltd., preferred (quar.)
Moore Corp., Ltd., common
7% preferred A & B (quarterly)
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
Morrell (John) (quarterly)
Morris Plan
Aug. 15
June
June
50c
June 11
June 11
'
June 30
Aug. 15
Nov. 15
June
July 15
June 15
12
Dec.
June
June
15
June
Nov
Preferred (quarterly)
May Department Stores (quar.)
Mayflower Associates (quar.)
Sept.
June
Sept.
(quarterly)
Ohio Oil
Aug.
June 15
Dec.
guaranteed
1
June 12
June
May 23
May 29
July 10
July
July
July
July
--
6% preferred (quar.)
Northwestern Telegraph
June 15
June 15
June 20
May 31
May 31
June 30
June
June
July
July
July
—
1
July
4
June 30
June 12
4%
Nov
15 June 30
1 June 20
June
16
June
June
July
July
July
July
July
July
July
Aug.
North Oklahoma Gas Co., 6% pref. (quar.)
1
1
Nov. 15
15
July
July
Sept
(quarterly)
June 15
Monsanto
Extra
10
May 29
May 29
16
June
June
Monroe Chemical
June
1
June
June
June
Monongahela West Penn Public Service, pref
June
July
July
July
(quar.)
June
Mobile & Birmingham RR., pref. (s.-a.)
Mock, Judson & Voehringer, preferred (quar.)__
Monarch Knitting Co. 7% pref. (qua£.)
—
(quar.)
June
6% preferred (quar.)
10
June
Nov.
Junu
Metropolitan Edison Co. $7 pref. (quar.)
$6 preferred (quar.)
85 preferred
(quar.)
$7 cum. preferred (quar.)
$6 cumulative preferred (quar.)
85 cumulative preferred (quar.)
Midco Oil Corp. (quar.)
Midland Grocery Co., 6% pref. (s.-a.)
Midland Oil Corp., 82 conv. pref
Midvale Co
1
Milwaukee Electric Ry. & Light Co__
10
June
81H
S1H
81H
81%
81%
81H
Noranda Mines
8a
June 30 June 15
June
Mesta Machine Co., common
June
Northern Pipe Line
Northern RR Co. of N. J., 4% gtd. (quar.)
June
(semi-ann.)
Memphis Natural Gas Co., $7 pref. (qu.)
Memphis Power & Light, $7 pref. (quar.)
$6 preferred (quarterly)
Merchants & Miners Transportation
(qu.)
Merck & Co. (quar.)
Preferred (quar.)
July
July
July
July
82 H
82 H
Jan.2'37
July
Preferred
May 29
May 25
Northern Central Ry. (semi-annual)
Northern Ontario Power Co. (quarterly)
Stock dividend
Mascot Oil (quar.)
McKesson & Bobbins, $3 preferred (quar.)
Mead Johnson Co. (quar.)
Extra
June
June
50c
June 25 May 29
July
1 June 20
Oct.
1 Sept. 21
& Son (quar.)
Maryland Fund (quar.)
Maytag Co.. 86 1st preierred (quarterly)
McBryde Sugar Co
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColJ Frontenac Oil (quarterly)
6% preferred (quarterly)
McKenzie Red Lake Gold Mines
July
June
81
Masonite Corp., common (quarterly)
Massachusetts Fire & Marine Ins. (s.-a.)
Mathieson Alkali Works 'quarterly)
Marsh (M.)
May 29
North American Co., common
Preferred (quar.)_
June
_
June
-
(semi-annually)
Novadel-Agene Corp., common (quar.)
Oahu Ry. & Land Co. (monthly)
Oahu Sugar (monthly)
Ohio Edison Co., 85 preferred (quarterly)
86 preferred (quarterly)
86.60 preferred (quarterly)
87 preferred (quarterly)
87.20 preferred (quarterly)
Ohio & Mississippi Telegraph Co
Extra
15c
5% guaranteed (quarterly)
New York Mutual Telegraph Co. (s.-a.)
New York Steam, 87 pref. (quar.)
86 preferred (quarterly)
New York Telep. Co., 6% % pref. (quar.)
Niagara Share Corp., B
Preferred (quarterly)
Nineteen Hundred Corp., class A (quar.)
July
10c
June 15
June 15
July
July
July
July
25c
(semi-annual)
SIM
SIM
81%
Aug.
3
New York Lackawanna & Western Ry.—
15
1 June
12
May 29
July 17
June 15
June 30
40c
Jersey Water Co., 7% pref. (quar.)
Laundry Co., 6%% pref-
Preferred
1
2 June
2
July
Aug. 15 July 15
June 30 June
13
June
June
33 1-3 c
(quarterly)
Newmont Mining Corp
New York & Hanseatic Corp. (quar.)
New York & Harlem RR. (semi-ann.)
Aug. 15 July 30
1 June 16
July
Aug.
July
July
Aug.
June
June
June 15
June 15
7i83%
New Method
June 30 June 12
June 25 June
13
15
Juna 17
June 30
20c
37 He
Newberry (J. J.) (quar.)
England Gas & Electric, 85% preferred
New England Power, 82 preferred (quar.)
6% preferred (quar.)
New England Telephone & Telegraph (quar.)
New Jersey Power & Light, 86 pref. (quar.)
10 Nov. 25
Dec.
June
June
40c
New
Sept. 10 Aug. 25
Oct.
July
July
81 %
50c
Nevada-California Electric
Jan2 '37
18
.
Aug.
1 July
1 Oct.
3
June
12%c
si%
81%
(quarterly)
30c
Dec.
June
June
50c
25c
Quarterly
30c
Lindsay Light & Chemical Co., pref. (quar.)_.
1%%
Link Belt, preferred (quarterly)
9LH
Little Miami RR., spec. gtd. (quar.)
50c
Special guaranteed (quarterly)
50c
Original capital
81.10
Original capital
81.10
Lock-Joint Pipe Co. 8% preferred
82
(quar.)
8% preferred (quar.)
$2
8% preferred (quar.)
$2
Loew's, Inc. (quar.)
50c
$6% cum. preferred (quar.)
81%
Loudon Packing Co. (quarterly)
12%c
London Tin Corp. 7 %% partic. pref.
(s.-an.)__r w3'A%
Amer. dep. rec. for 7% % partic. pref
x w3H%
July
June
_______
National
15 May 29
July
Dec.
May 29
July
July
81%
(quarterly)
Extra
June 24
30c
-
National Transit (semi-ann.)
Natomas Co. (quar.)
Neisner Bros, (quar.)
Lincoln National Life Insurance (quar.)
17
June
...
National Sugar Refining Co. of N. J
19
1 June 10
June 15 June
2
SI %
37 He
28 Dec.
20c
$1
Preferred B (quarterly)
National Standard (quar.)
15
1 June 13
7 June 25
1 June
Dec.
12%c
r44c
National Lead, new, initial (quar.)
Preferred A (quarterly)
Sept. 15 Sept.
15 Dec.
1 June
Sept. 28 Sept. 17
July
July
July
July
July
July
July
July
75c
r50c
(quar.)
Aug. 15 Aug.
Dec.
15
25c
Preferred A & B (quar.)__
National Enameling & Stamping Co
National Gypsum, 1st preferred (quarterly)
Janl 37
81%
81%
81%
_
15
June 30 June
_
National Casualty Co. (quarterly)
National Dairy Products
25c
Quarterly
Preferred
June 30 June
40c
National Can Co., Inc., common
(quar.)
National Cash Register Co
5
25c
18
81 %
Preferred (quarterly)
2
1
Oct.
10
50c
National Bond & Share Corp
National Breweries (quarterly)
1
July
June 20 June
June 27 June
25c
7% preferred (quar.)
7
June
rl00%
37%c
37 He
37 He
Landers,
8c
81%
81%
81%
Nassau & Suffolk Lighting
Co., 7% preferred
National Biscuit (quarterly)
Dec. 31 Dec. 23
1 June 19
July
Krueger (G.) Brewing (quarterly)
Holders
of Record
Nashua Gummed & Coated
Paper Co.—
Sept. 30 Sept. 24
Lackawanna RR. of N. J. 4% gtd.
(quar.)
Lake Shore Mines Ltd.
Telep. Co. (Hawaii) (monthly)
pref. (qu.).
When
Payabli
--
June 30 June 24
(quar
Kroger Grocery & Baking,'6% pref. (quar.)
7% preferred (quarterly)
Leatb & Co
1 June
1 June
1 June 12
July
June 30 June 10
June 30 June 10
Preferred( quar.)
Kroehler Mfg. Co., class A preferred
(quar.)
Class A preferred (quar.)!
Class A preferred
Per
Share
Name of Company
Payable of Record
Share
3969
Holders
When
Per
Name of Company
Chronicle
(quar.)
....
/
June
June
5
10c
June
15 June
5
30c
Extra
July
25c
June
81%
81%
July
July
2 June 20
15 May 27
1 June
1
1 June
1
Financial
3970
Per
Name of
Share
Company
June 30 June 15
July
1 June 10
Phoenix Insurance (quar.)
Phoenix Securities Corp., pref. (quar.)
Pioneer Gold Mines of British Col. (quar.).
Pioneer Mill Co. (monthly)
July
July
July
July
Sept.
July
July
1 Aug. 12a
10 June 30
10 June 80
Oct. 10 Sept. 30
Jan 10'
Dec. 31
...
June 15
June 10
May 30
June 15
Oct.
Sept. 15
July
June
Oct.
Pittsburgh Bessemer & Lake Erie (semi-ann.)..
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
.....
7% preferred (quarterly)
Sept. 10
10
Jan2'37 Dec. 10
July
7 June 10
Oct.
6 Sept. 10
Jan5'37 Dec. 10
July
1 June 10
Pittsburgh Youngstown & Ashtabula Ry. Co.—
Smith (L. O.) & Corona TypewriterPreferred (quarterly)
Sonotone Corp. preferred (quar.)
South Carolina Power Co., $6 1st pref. (quar.).
Southern Calif. Edison Co., orig. pref. (quar.)..
6% preferred, series B (quar.)
Preferred series O (quar.)
Ltd
6% cumul. par tic. preferred (quarterly)—
Southern Colorado Power Co. 7% cum. pref
Southern New England Telephone (quar.)
South Penh Oil (quarterly)
June
June
12
June
15
June
15
June
June
1
June
June
1
July
July
July
July
July
July
July
15
June 30
June 30
June
Oct.
June
May 25a
Mar. 31
June
5
Standard Coosa-Thatcher, 7% pref.
Standard Oil Export Corp.. preferred
July
June 20
June
May 29
Standard Oil of Calif,
Extra
July
July
July
July
June 20
June
June
1
June
June
1
June
June
June
1
June
June
June
June 30 June
June
June
rlc
37j*c
Pressed Metals of America
Procter & Gamble 5% pref.
$1 )*
3%
(quar)
Properties (A. P. W.), Inc., class B_
Publication Corp., 1st pref. (quarterly)
Original preferred (quarterly)
Public Investing Co. (special).
nk
$15?
10c
Public National Bank & Trust (quar.)
37 ^c
Public Service Co. of Colorado, 7% pref. (mo.). 58 l-3c
50c
6% preferred (monthly)
412-3C
5% preferred (monthly)
Public Service Corp. of N. J. common (quar.)..
60c
$2
8% cum. pref. (quar.)
15*
7% cum. pref. (quar.).
$5 cum. pref. (quar.).
pref. (monthly)
Public Service Electric & Gas Co. 7 % pref. (qu.)
$5 cum. pref. (quar.)
Public Service of Northern Illinois (quar.)
$15*
$15*
6% preferred (quarterly).
7% preferred (quarterly)
Public Service Co. of Oklahoma, 7% prior lien
$15*
cum.
.—
50c
2
Public Service Co. of Texas, 7% preferred
June 15
June
$15*
$15*
h% 15*
rl5*~
rl5*
.....
New extra
(quarterly)
6H% preferred (quarterly)
—
Standard Brands, Inc..
July
15
June
15
June
June 20
June
June 20
June
8
June
8
15
July
July
June
June
9
15
15
15
15
June
June
1
$100 par (semi-annually)
$100 par (extra)
Standard Oil of Ohio preferred (quar.)
July
June 30
1
Starrett (L. S.) (quarterly)
June
June
1
stein iA.j
June 15
June
June
June
_
& Co.. preferred (quarterly)
1
July 15
July 15
July 15
June 20
June 20
Sunshine
June
Sunray Oil Corp., 6% preferred
June 10
June
1
May 25
July
June
4
July
June
4
June
June
(quar.)
Mining (quarterly)
15
June 13
June 18
June 18
June
1
July
(semi-annual)
Sutherland Paper (quar.)
June
June
Extra
Swift & Co. (quarterly)
Swiss Oil (quar.)
July
July
July
Extra
Sylvania Industrial Corp. (quarterly)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, class A & B (quar.)..
7 J* % preferred (quarterly)
7j*% preferred
Talcott (James) 5J*% preferred (quar.)
Taylor Milling (quarterly)
Teck-Hughes Gold Mines
1
Dec.
1
May 29
June
June 17
Telephone Investment Corp
July
July
July
June 20
June 18
June 27
20c
June
June
June 19
June 19
June
June
June
15
June
June
5
June
May 23
June 10
15
Tennessee Electric Power Co.
37m
50c
50c
$1
1
1
16
16
16
16
June
Sunset McKee, Salesbook, class A
Class B (quar.)
Sussex RR.
June 20
June 10
June 10
29
18
June 15
June 15
July
July
Straw bridge & Clothier preferred
Sun Oil (quar.)
Sept.
June 15
June
8a
June
Aug.
Sept.
July
June
June
July
July
15
10
July
July
5% preferred (quarterly
June 20
July
July
July
July
July
July
Bonus
June 10
June 10
June
15
June
June 15
June 15
June 15
June 15
June 15
June 10
July
June
29
29
15
30
6% preferred (quarterly,
7% preferred (quarterly
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Texaon Oil & Land (quarterly)
Texas Corp.
(quar.)
25
Texas Gulf
June
June
1
21
21
Thatcher Mfg. (quarterly)
Third Twin Bell Syndicate (bi-monthly)
July
June
15
June
June
18
July
July
July
June 20
Thompson Products (resumed)
Tide Water Assoc. Oil, 6% pref. (quar.)..
Tilo Roofing Co.. Inc.. cum. conv. pref. A
Todd Shipyards (quarterly)
Toledo Edison Co., 7% pref. (quar.)
6% preferred (monthly)
5% preferred (monthly)
Transue & Williams Steel Forging
Tri-Continent&I, 6% cum. pref. (quar,)
June
Troy & Green bush RR
May
May
July
May
May
July
July
June
July
June
June
Aug.
Aug.
July
July
July
July
July
July
July
July
July
July
July
June 20
June 10
10
June 10
June
June 10
June 10
15
June 12
June
Sulphur (quarterly)
5
i'June 25
liJune 10
1 June 20
June 20 June
5
July
July
July
July
July
1 June
15
1 June
15
June
15
June 15
June 15
June
June
June 15
June 15
June
15
June
Richardson Co
June
June
6
June 30 June 20
June 30 June 20
July
2 June 12
—
Rochester & Genesee Valley RR. (s.-a.).__
July
July
July
|1
1
1
June 30
.......
5% 2d pref. (quar.)
Ruberoid Co.. common (quarterly)
Ruud Mfg. (quarterly)
June
Safety Oar Heating & Lighting
Lead
St. Louis Bridge Co., 6% lstpf. (s.-a.)
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co
July
St. Joseph
June
15
June 19
June 19
June 15
5
15 June
1 June 15
9
June 20 June
July
July
1 June 15
1 June 15
June 30 June
Preferred
Preferred.
Preferred
15
Dec. 31
June 30 May 29a
June 15 June
2
June 30 June 15
Milling Co. (monthly)
(quar.)
Debenture C (quarterly)
Debenture D (quarterly)
Schenley Distillers Corp. pref. (quar.)
Schiff Co. common (quar.)
Preferred (quar.)——_
$15*
$15*
$15*
$15*
50c
$15*
:
Scovill Mfg. (quarterly)
Seaboard Commercial Corp., class A (quar.)..,
New 55*% preferred initial (quarterly)
...
Sears, Roebuck & Co. (quar.)
—...
Second Twin Bell Syndicate (monthly)..
Servel, Inc., 7% cum. preferred (quar.).......
—........
...
Sept.30 Sept. 15
Dec. 31 Dec. 15
July
June 15 May 30
June 15 May 30
June 15
July
June 15
July
June 15
July
June 15
July
June 16
July
June 15 May 29
June 15 May 29
20c
June 30 June 16
June 15
June 30 June 20
135*c
June 30 June 20
45c
25c
25c
50c
20c
■»»
$15*
July
June 15 June
June 15 May
June
June
July
July
July
June 10
June 30
June 30 June 12a
June 30 June 12a
1
15
15 May 29
June 20
July
Oct.
Sept. 19
Jan 2 37 Dec. 19
Assn.
Unilever, Ltd., ordinary (final)
June 15 May
July
1 June
26
Aug.
July
15
July
July
June
5
June
15
June
5
June 15 June
July
1 June
16
1
(liquidating)
United Biscuit Co. of Amer., pref. (quar.)
Union Carbide & Carbon Corp
United Carbon (quarterly)
United Carr Fastener (quarterly)
Preferred
June 15
_
Unilever (N. v.) ordinary (final)
Union Gas Co. of Canada, Ltd
Union Pacific
(Jnion Tobacco, class A (liquidating)
Common
1
June 30 June 13
July
6 June 30
Preferred (quar.)
1
1
1
June 15
(quarterly)
United Corp.„ $3 cum. pref. (quar.)
—
July
Dyewood, preferred (quarterly)
Preferred
Sept. 30
Quarterly
Quarterly
Sangamo Electric Co., 7% preferred
San Joaquin Light & Power Co. 7% pref. (qu.).
6% preferred A (quar.)
Savannah Electric Power, deb. A (quarterly)
Debenture B (quarterly)
June
United
June 30
Salt Creek Producers Assoc., Inc. (s.-a.)__
(s.-a:)—
Tubize-Chatillon, preferred (quar.).
Tuckett Tobacco Co. preferred (quar.)
Tunnell RR. of St. Louis (semi-ann.)Twentieth Century-Fox Film Corp.—
Preferred
(quarterly)
Twin Bell Oil Syndicate (monthly)
Underwood Elliott Fisher
18
June 18
June 15
July
Richmond Fredericksburg & Potomac RR.—
Common voting and non-voting (s.-a.)
June 15
Aug.
July
June
(quar.)
Dec.
June
...
......
15
15
June
June
Extra
Sept.
...
7% cum. preferred (quar.).
15
June
June
Standard Oil of Indiana
1
...
7% cum. preferred (quar.).
June
June
Standard Oil of Kentucky (quar.)
Standard Oil Co. of N. J., $25 par (s.-a.)
$25 par (extra)
15
1
Preferred (quar.)
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly)
6% preferred (quarterly)
Reno Gold Mines (quarterly)
Rensselaer & Saratoga RR. (s.-a.)_
Republic Steel, 6% prior preferred (quar.)
Reynolds Metals Co., 5H% preferred (quar.)...
Reynolds (R. J.) Tobacco Co., (quar.)
Class B (quarterly)...
Reynolds Spring
Quarterly
Rice Stix Dry Goods, 1st & 2nd pref. (quar.)
Rich's, Inc., 6M% preferred (quar.)
Seaboard Oil of Delaware (quarterly)..
.
...
June
Extra.
Scott Paper Co. (quarterly)
15
15
June 12
June 12
June
(quart.)..
(quarterly)
June
60c
60c
60c
Reliance Mfg. of 111. (quar.)
San Francisco Remedial Loan Assoc.
June
July
July
(quar.)—
$7 cumul. preferred series A (quarterly)
June
$1._
875*c
$15*
■
Rochester Tel p., pref. (quar.)
—
common
May 29
June
July
July
July
July
July
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel May Stern preferred-Springfield Gas & El. Co., pref. series A (quar.).
Square D Co., class A (quarterly)
Class B
June 20
June 30
June
June
Southwestern Light & Power, $6 pref
July
Aug.
(quar.)
Dividend obligation (semi-annual)
Riverside Silk Mills, $2 class A
June 15 May 20
July 15 June 20
July
South West Penn Pipe Line
10c
juarterly
Raybestos-Manhattan (quar.)..
Ray-O-Vac
,>
8% preferred (quarterly)
Reading Co., 2d preferred (quarterly)..
Real Estate Loan Co. (Canada) (semi-ann.)...
Reed Roller Bit, new initial (quar.)
10
June 15
June 20
July
Extra
125*c
$15*
h$ 554
Rapid Electrotype (quarterly)
June 26
June
June
South Porto Rico Sugar (quar.)
Preferred (quar.)
Southwestern Gas & Electric Co., 7% pref.
July
Aug.
July
July
July
$1
Queens Borough Gas & El. CO. 6% preferred
Radio Corp. of Amer., $3H cumul. conv. 1st pf.
Railway Equipment & Realty, new 1st pref. (qu.)
37>*c
37Hc
34Hc
July
1
July
1
July
1
July 15
May
May
May
May
May
May
May
May
May
June 15
June
§15*
$15*
Puget Sound Power & Light, prior pref.
Pure Oil Co., preferred, 5hi% (quar.)
6% preferred (quarterly).......
8% preferred (quarterly).
Pyrene Mfg. Co. common (special)
Quaker Oats (quar.)
Preferred (quar.)
June 12
June 12
Aug.
Aug.
Aug.
July
July
July
July
July
July
July
2
6% prior lien (quarterly)
June 15
$IM
Southern Canada Power Co.,
July
July
June
16
May 30
July
1
Aug.
1
Nov.
1
Skelly Oil Co., 6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
§19*
Extra.
Reliance Insurance of Philadelphia
June
—
Juen 15
rxy&
Reliable Stores, first preferred
Reliance Grain Co., 6H% pref.
June 15
(quar.)
July
—
stock—
Shell Transport & Trading
Sherwin-Williams, Ltd., pref.
Silver King Coalition Mines
Siscoe Gold Mines (quar.)
Nov. 20
$15?
Holders
When
Payable of Record
—
Aug. 20
37J*c
12 Hie
Prefen ed (quarterly)
$19*
—
Power Corp. of Canada Ltd., 6% cum. pref— flX%
6% non-cum. par tic. preferred
Pratt & Lambert (quar.)
r3c
Premier Gold Mining (quarterly)
San Carlos
Scranton Electric Co., $6 pref
Selected Industries. Inc., $5>* div. prior
Shattuck (Frank G.) (quar.).
Shell Union Oil, convertible preferred
Dec.
Si8
—-
Reeves (Daniel)
Share
of Company
Sept.
Powdrell & Alexander (quar.)
6%
Per
Name
lc
25c
7% preferred (quarterly)
7% preferred (quarterly)
...
Plymouth Fund, special.....
—
Plymouth Oil (resumed)
— .—
Ponce Electric Co., 7% preferred (quar.)-. —
Porto Rico Power Co., preferred (quar.
Extra
June 13, 1936
Holders
When
Payable of Record
Philadelphia Baltimore & Washington.....
Phila. Electric Power, 8% cum. pref
Philadelphia Suburban Water Co.. pref. (quar.).
Philadelphia & Trenton (quarterly)—
...
Phoenix Finance Corp.. b% pref
(ou.)
Preferred (quarterly)
——
Preferred (quarterly)
.........
—
Chronicle
Oct.
(quarterly'
Janl'37 Dec. 11
June 24 June
5
Preferred (quarterlyUnited Elastic Corp. (quar.)
United Gas & Elec. Corp. pref.
United Gas Improvement Co.,
July
(quar.)
(quar.)
(quarterly)
—
United Light & Rys. 7% preferred (monthly)—
6.36% preferred (monthly),
Preferred
6% preferred (monthly)
United Molasses, Ltd. (interim).
United New Jersey RR. & Canal (quar.)—
United States Foil Co. com. class A & B (qu.)-.
Preferred (quar.)
United States Gauge Co. (semi-annually)-----.
7% preferred (semi-annually).
United States Gypsum (quar.).
Preferred (quar.)United States Industrial Alcohol Co.
United States Petroleum (s.-a.).
United States Pipe & Foundry Co. common
Common (quar.)..
—....
Common (quar.)-..
United States Playing Card (quarterly).
Extra.
United States Trust Co. (quar.).
....
Extra.
United Stores, preferred.
5
1 June 11
1 Sept. 11
1,
June
1 June 15
1 June 15
1 June 15
June 22 May 26
July 10 June 20
June 15
July
June 15
July
June 20
July
July
July
July
July
July
July
July
June 20
June 15
June
June
June 15 June
(qu.)
15
June 30 May 29
June 30 May 29
July
Oct.
15
l5a
5
20 June 30
20 Sept. 30
Dec. 21 Nov. 30
June 20
July
June 20
July
June 19
July
July
June
19
June 15 May 27
Volume
United States Tobacco Co,,
Share
("quar.)_III
_
_
26
26
15
July
June
June
June
I-1
June
June
1
Sept.
Sept.
1
$2M
$1M
SI M
Dec.
2 June
1
15 June
1
Viking Pump (special)
25c
June
60c
June
15c
Virginia Electric & Power pref. (quar.)
Virginia Public Service Co., 7% preferred
Vulcan Detinning, preferred
(quarterly)
Preferred (quar.)
Wagner Electric
Waldorf System, Inc.. common
Walgreen, 6M% pref. (quar.)
Walker (Hiram) Gooderham & Worts
(quar.)..
Cum. preferred (quar.)
July
July
Oct.
50c
Wrigley (Wm.) Jr. (monthly)
Yale & Towne Mfg. Co. (quar.)
Quarterly
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube, preferred
Zellers, Ltd., 6% preferred
May 29
10
1 June
20 July
20 Oct.
25c
10
June
1
Sept. 10
June
SIM
SIM
;
Detroit Hillsdale & S. W. R. R„ div. payable July 6,
1 June 30
17
June 20
July
28
15 May 25
1 June 15
1 June
d A
regular quarterly dividend on the convertible preference stock,
optional series of 1929, of Commercial Investment Trust Corp. has been
July
July
July
July
July
July
July
5% preferred (semi-annual)
Weston (Geo.) Co
Weston Electrical Instrument, A
(quar.)
West Penn Electric, class A
(quar.)
West Penn Power, 6% pref.
(quar.)
15
held, or, at the option of the holder, in cash at the rate of $1.50 for each
share of convertible pre* rence stock, optional series of 1929, so held.
so
15 May 30
15 June 30
1 June 15
/American
1 June 30
common
1 June 20
16
17
1 July
1 July
1 June
3
3
Aug.
Aug.
July
15
June
July
July
New
YORK
each share of its
on
.
a
every
two
Payable In U. S. funds,
y
w
Less depositary expenses
A deduction has been made for expenses
i
Per 100 shares.
13
Condition of the Federal Reserve Bank of
New
City
York
HOUSE
1936
Net Demand
Deposits,
Average
in
comparison with the previous week and the corresponding
date last year:
Deposits,
Profits
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 10 1936,
Time
Undivided
Average
and
ordinary share for
Payable in special preferred stock.
t
Less tax.
CLEARING
new
Payable in Canadian funds, and in the case of non-residents of Canada
reduction of a tax of 5% of the amount of such dividend will be made.
x
SATURDAY, JUNE 6,
stock.
own
one
r
Weekly Return of the New York City
Clearing House
weekly statement issued by the
Clearing House is given in full below:
h On account of accu¬
Cigar Co. stock div. of l-40th sh. of Amer. Tobacco Co.
B stock
Handley-Page, distribution of
preferred shares held.
u
June
Payable in scrip,
o
1 June 20
June
g
) Payable in preferred stock.
15
12
July "I
The
common stock,
mulated dividends.
1 June 30
1 June
Payable in stock.
e
/ Payable in
1 June 20
June 30 June
7% preferred (quar.)
Westvaco Chlorine Products, pref. (quar.)
Weyenberg Shoe Mfg., 7% preferred
Wheeling Steel, preferred
Whitaker Paper, preferred (quarterly)
Whitman (Wm.) & Co., 7% pref. (quar.)
declared payable in common stock at the rate of 3-104ths of 1 share of com¬
mon stock per share of convertible
preference stock, optional series of 1929,
19
1 June
July
July
June
previously reported
July 1.
as
Aug. 31 Aug. 15
1 June 15
July
1 June 15
July
Surplus
10
Oct.
July
July
Aug.
The following corrections have been made:
c
15
1 June
July
West New York & Penna. RR.
(semi-ann.)
*
June
15c
75c
Transfer books not closed for this dividend.
a
15 May 25
15 May 25
July
July
__
Capital
10
June 10
June 20
b A special dividend payable in common stock at the rate of 1 share for
Westmoreland, Inc. (quarterly)
HI I
I
Westmoreland Water Co., $6 pref. (quar.)___
Members
June
each 5 shares held has been declared on the common stock of Commercial
Investment Trust Corp., payable June 1 to holders of rec. May 18.
June
50c
Stationery Corp., 7% pref__
Clearing House
10
May 15
10
June 20 June
June
NEW
June
u?30% June
10c
July
5c
July
25c
July
15c
July
1 June 20
Jersey & Seashore RR. (semi-annually)
Westland Oil Royalty Co., class A
(monthly)_
Class A__
THE
July
x
1 June 20
(quar.)
OF
25c
(quarterly)
July
75c
ASSOCIATION FOR THE WEEK ENDED
May 29
May 29
May 29
June
July
Co., Inc
STATEMENT OF MEMBERS
June
20c
Ward Baking Corp., preferred
Western Tablet &
June
5
4
SIM
Ware River RR., guaranteed
(semi-ann.)
Washington Water Power preferred (quar.)
Waukesha Motors
Welch Grape Juice Co., preferred
West
June 20
$1M
SIM
SIM
SIM
.
June
8im
(interim)
Wrighfr-Hargreaves Mines, Ltd
5
15 June
May 29
June
Extra
2Mc
(quar.)
June
June
87 Mc
Woolworth (F. W.) & Co., Ltd.—
Amer. dep. rets. ord. reg.
15
June 20 June
Wiser Oil Co
1
July
July
SIM
87 He
10c
6M % cum. preferred
6% cum. preferred
Is. 6d.
Ventures, Ltd., initial
Vick Financial
Wesson Oil & Snowdrift
Extra
1
1
June 12
Dec.
%\v<
(final)
50c
6% pref. (quar.).._
June
Nov.
Nov.
SIM
Wisconsin Power & Light, 7%
pref
Wisconsin Public Service
Corp.—
7 % cum. preferred
May 29
July
July
July
$2
,
_
com.
Jan.
50c
(quarterly)
(quarterly)
Consolidated,
Oct.
Feb 1'
65c
Valley RR. of New York (semi-ann.) _-I
Vapor Car Heating Co., preferred (quarterly)
Venezuelan Oil
50c
Quarterly.
June 15
July
Aug.
Aug.
SIM
Wisconsin Investment Co.
(initial)
Wisconsin Michigan Power,
26
Nov.
58 l-3c
Preferred
July
Aug.
Holders
Payable of Record
$ 2
..
Extra
SIM
SIM
SIM
$7 preferred
Preferred
19
June 30 June
Upper Michigan Power & Light Co.—"
6% preferred (quar.)
6% preferred (quar.)..
6% preferred (quar.)
Upressit Metal Cap Corp., 8% preferred
Utah Copper
Utah Power & Light, $6 preferred
Share
Will & Baumer Candle
Co., Inc., pref. (quar.)
Winstead Hosiery Co.
(quarterly)
Extra
1 June 15
1 June 15
3a
1 July
July
July
Aug.
common
When
Per
Name of Company
Payable of Record
Preferred (quar.)
United Verde Extension
Mining Co.
Universal Products
3971
Holders
When
Per
Name of Company
Preferred
Chronicle
Financial
142
June
10, 1936 June 3,
$
1936
$
June
12,1935
$
Gold certificates on hand and due from
Bank of N. Y. & Tr. Co.
Bank of Manhattan Co.
6,000,000
10,929,400
20,000,000(
.
National City Bank
Chemical Bk. & Tr. Co..
25,431,700
148,373,000
378,541,000
127,500,000
40,707,000 al,473,670,000
Guaranty Trust Co
20,000,000
90,000,000
Manufacturers Trust Co.
32,935,000
Cent. Hanover Bk. & Tr.
21,000,000
51,725,400
462,597,000
177,277,300 51,405,446,000
12,788,600
475,418,000
62,597,400
758,633,000
16,109,900
244,019,000
91,781,400
547,845,000
59,017,400
515,746,000
3,812,700
57,531,000
67,625,800 cl,875,461,000
3,435,200
46,053,000
68,456,900
d843,216,000
5,249,700
16,061,000
8,067,800
87,459,000
22,242,300
311,390,000
7,907,000
76,382,000
8,176,200
81,270,000
Corn Exch. Bank Tr. Co.
15,000,000
First National Bank
10,000,000
50,000,000
Irving Trust Co
«
Continental Bk. & Tr. Co
4,000,000
Chase National Bank...
150,270,000
Fifth Avenue Bank
500,000
Bankers Trust Co..
25,000,000
10,000,000
5,000,000
12,500,000
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
7,000,000
Public N. B. & Tr. Co..
5,775,000
Total
*
As
612,480,000
official
per
reports:
743,339,100
National,
March
4,
9,805,111,000
1936;
State,
5,646,000
32,823,000
156,584,000
10,806,000
37,899,000
85,496,000
13,851,000
21,841,000
3,500,000
422,000
1,720,000
43,983,000
51,0511666
450,000
3,081,000
24,615,000
1,231,000
42,885,000
Redemption fund—F. R. notes
Other cash t
27,
3,116,195,000 3,054,070,000 2,286,505,000
1,875,000
1,875,000
1,360,000
80,042,000
83,373,000
69,701,000
3,201,443,000 3,135,987,000 2,357,566,000
Total reserves.
Bills discounted:
Secured
by U.
Govt, obligations,
guaranteed
S.
market.
Industrial advances
2,018,000
1,531,000
2,360,000
3,549,000
4,622,000
1,094,000
7,387,000
discounted.
Total bills
Bills bought in open
2,200,000
1,490,000
3,690,000
direct and (or) fully
Other bills discounted
1,094,000
1,813,000
7,365,000
6,415,000
2,262,000
United States Government securities:
Bonds
68,473,000
479,025,000
181,885,000
Treasury bills
Total U. S. Government
securities..
68,473,000
106,395,000
477,660,000
464,684,000
183,250,000
173,239,000
729,383,000
729,383,000
744,318,000
741,554,000
•
Treasury notes
537,884,000
March
741,391,000
757,168,000
1936;
trust companies,
March 27, 1936.
Includes deposits in foreign branches
United States Treasury-*
Other securities.
as
follows:
a
$242,842,000; ft $74,143,000;
Foreign loans on gold
C$79,031,000; d $29,437,000.
Total bills and securities.
The
New
are
York
"Times" publishes regularly each week
number of banks and trust
companies which
not members of the New York
Clearing House.
The
of
returns
following
a
are
Gold held abroad
-
IN THE CLEARING HOUSE WITH THE
CLOSING
OF BUSINESS FOR THE WEEK ENDED
FRIDAY, JUNE 5, 1936
91,666
272,000
5,514,000
145,075,000
132,101,000
Bank premises
the figures for the week ended June 5:
INSTITUTIONS NOT
92,000
5,692,000
126,785,000
10,851,000
All other assets
32,835,000
10,851,000
31,795,000
11,881,000
35,336,000
Due from foreign
banks
Federal Reserve notes of other banks.
Uncollected items
5,737,000
4,119,252,000 4,070,704,000 3,300,061,000
Total assets
NATIONAL AND STATE BANKS—AVERAGE
FIGURES
Liabilities—
Loans,
Disc, and
Investments
Manhattan—
$
Grace National
Sterling National
Trade
Bpnk of N. Y.
26,114,100
21,319,000
4,892,178
Other
Cash,
Including
Bank
Notes
$
82,600
669,000
221,890
Res. Dep.,
Y. and
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
N.
$
$
$
4,045,900
4,064,000
2,924,300
1,066,000
29,304,600
24,164,000
1,035,588
117,218
5,073,437
Brooklyn—
3,116,000
90,000
1,457,000
684,000
4.833,000
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc, and
Manhattan—
$
Empire
58,508,300
8,849,505,
*6,054,000
227,476
United States
*1,322,552
*2,722,500
*8,208,000
13,983,351
Brooklyn—
Brooklyn
Kings County
91,595,000
32,772,658
2,898,000
2,403,787
Fulton
Lawyers
*
Includes amount with Federal
N. Y. and
Banks and
Gross
Trust Cos.
Deposits
$
11,156,339
19,931,000
28,763,200
68,808,259
...
Dep. Other
Elsewhere
Cash
$
7,288,000
819,036
1,920,991
454,000
2,996,800
18,385,865
3,176,900
1,541,518
4~2~3~800
50,863,000
50,825,000
7,744,000
8,849,000
24,798,000
Total liabilities-
64,515,400
9,587,060
12,716,930
19,187,300
38,449,400
71,954,202
30,612,000
299,000 118,133,000
8,551,064
38,370,799
of
total
reserves
130,001,000
50,866,000
130,745,000
59,355,000
50,825,000
49,964,000
7,744,000
8,849,000
6,190,000
24,505,000
7,500,000
6,544,000
4,119,252,000 4,070,704,000 3,300,061,000
deposit and
F. R. note liabilities combined
Commitments to make industrial ad¬
Ratio
$
Reserve as follows:
Empire, $4,608,400; Fiduclary, $998,884; Fulton, $2,514,000, Lawyers, $7,421,600.
123,087,000
Capital paid in
Surplus (SectloD 7)—--—
Surplus (Section 13b)
Reserve for contingencies..
All other liabilities...
Res. Dep.
Invest.
Federation
3,074,431,000 3,009,048,000 2,369,961,000
Total deposits.
Deferred availability items.
People's National
Fiduciary
circulation
788,866,000
778,655,000
669,802,000
Deposits—Member bank reserve acc't.. 2,678,435,000 2,580,355,000 2,211,274,000
U. S. Treasurer—General account...
183,098,000
178,546,000
24,232,000
22,486,000
19,624,000
6,926,000
Forelgn bank
Other deposits
225,971,000
127,529,000
194,964,000
F. R. notes In actual
to
vances...
831%
10,240,000
82
6%
77.6%
10,285,000
7.961,000
t "Other eash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x
These are certificates given by the United States Treasury for the gold taken
over
from the Reserve banks when the dollar was on Jan
100 cents to 59.06 cents,
31, 1934, devalued from
these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
nder the provisions of the Gold Reserve Act of 1934.
Financial Chronicle
3972
June 13, 1936
Weekly Return of the Board of Governors of the
Federal Reserve System
Thursday afternoon, June 11
The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
issued by the Board of Governors of the Federal Reserve System on
The following is
showing the condition of the twelve Reserve banks at the close
of business on Wednesday.
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
COMBINED RESOURCES AND
CLOSE OF BUSINESS JUNE 10 1836
—
June
Gold otfs. on hand & due from
Redemption fund (F. R.
10, 1936 June 3,
$
ASSETS
1936 May 27, 1936 May 20, 1936 May 13, 1936 May
$
*
1936 Apr. 29 1936 Apr. 22 1936 June 12,1935
8
$
$
$
$
$
6,
7,703,833,000 7.663,838,000 6,019,475,000
U.S.Treas.x 7,939,040,000 7,840,037,000 7,824,035,000 7,759,336,000 7,729,834,000 7,703,337.000
13,261,000
295,572,000
notes)
Other cash *
13,261,000
290,695,000
13,062,000
310,451,000
12,532,000
316,329,000
12,451,000
324,928,000
13,377,000
322,087,000
13,741,000
342,255,000
12,942,000
339,651,000
21,859,000
233,432,000
6,274,766,000
8,247,873,000 8,143,993,000 8,147,548,000 8,088.197,000 8,067,213,000 8,038,801,000 8,056.426,000 8,019,834,000
Total reserves
Bills discounted:
Secured
U.
by
direct and (or)
S. Govt, obligations,
fully guaranteed
Other bills discounted
3,244,000
2,159,000
U.
2,292,000
2,489,000
2,097,000
2,487,000
2,858,000
2,465,000
3,021.000
2,249,000
4,781,000
4,584,000
5,323,000
5,270,000
7,734,000
4,677,000
29,963,000
4,676,000
30,170,000
4,684,000
30,319,000
4,682,000
30,039,000
4,706,000
5,403,000
In open market
S. Government
2,436,000
2,313,000
5,851,000
4,828,000
3,076,000
30,064.000
Industrial advances
3,076,000
30,166,000
4,299,000
30,462,000
4,544,000
30,487,000
3,300,000
27,282,000
<
316,904,000
265,785,000
265,723,000
265,708,000
265,693,000
265,686,000
265,699,000
265,680,000
1,512,480,000
1,541,224,000 1,536,227,000 1,545,908,000 1,547,839,000 1,547,849,000 1,549,461,000 1,554,889,000 1,554,889,000
600,879,000
609,667,000
609,667,000
615,167,000
616,717,000
616,717,000
618,648,000
623,337,000
628,337,000
265,691,000
securities—Bonds
Treasury notes
Treasury bills
4,434.000
2,646,000
2,182,000
4,749,000
Total bills discounted
Bills bought
3,611,000
2,240,000
—
2,430,336,000 2,430,279,000 2,430,341,000 2,430,263,000
securities— 2,430,247,000 2,430,244,000 2,430,255,000 2,430,247,000 2,430,259,000
Total U. S. Government
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold
2,469,985,000
2,468,971,000 2,469,518,000 2,470,025,000 2,470,208,000 2,469,861,000 2,469,947,000 2,470,786,000 2,470,513.000
Total bills and securities
Gold held abroad
~~~238~6o6
Federal Reserve notes of
other banks
Uncollected items
"""237"! 000
237~6O6
""24b:6o5
240*666
640~66O
*"-63T6OO
633~000
21,916,000
531,098,000
banks
Due from foreign
20,243,000
613,591,000
48,052,000
42,689,000
19,002,000
518,009,000
48,051,000
41,126.000
20,368,000
574,289,000
48,051,000
40,288,000
22,936,000
595,188,000
48,050,000
19,813,000
519,305,000
48,048,000
19,664,000
522,097,000
48,031,000
39,764,000
38,495,000
38,093,000
22,870,000
564,780,000
48,017,000
36,731,000
48,051,000
44,685,000
Bank premises
All other assets
694,000
18,020,000
523,601,000
49,814,000
49,592,000
9,386.472,000
11,362,832,000 11,338,323,000 11,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000 U,155.728.000 11,163,378,000
Total assets
LIABILITIES
F. R. notes In actual
3,178,446,000
3,785,980,000 3,793,959.000 3,758,973.000 3,760,729,000 3,762,028,000 3,778,880,000 3,741,690,000 3,748,576,000
circulation
5,694,009,000 5,611,072,000 5,531,998,000 5,506,314,000 5,441,618,000 5,049,181,000
Deposits—Member banks* reserve account 5,833,391,000 5,713,315,000 5,747,228,000
65,780,000
712,424,000
679,209,000
513,104.000
621,759,000
544,183,000
577,985,000
504.733,000
516,404,000
U. 8. Treasurer—General account
20,741,000
86,116,000
83,356,000
85,482,000
81,851,000
54,493,000
84,226,000
53,607,000
61,675,000
Foreign banks
193,407,000
269,214,000
278.147.000
263,437.000
267,384,000
271,122,000
266,517,000
295,406.000
243,947,000
Other deposits
—
5,329,109,000
6,655,417,000 6,567.061,000 6,617,026,000 6,559,979,000 6,539,800,000 6,499,045,000 6.547,026.000 6,509,372,000
Total deposits
529,204,000
130,871,000
145,501,000
26,513,000
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
34,118,000
55,228,000
All other liabilities
of
total
522,081,000
130,795,000
145,501,000
26,513,000
34,111,000
8,998,000
574,822,000
130,745,000
145,501,000
26,513,000
34,109,000
9,243,000
595,878,000
130,721,000
145,501,000
26,513,000
34,114,000
8,697,000
511,668,000
130,652,000
521,228,000
130,657.000
145,501,000
26,513,000
34,110,000
8,680,000
145,501,000
26,513,000
34,108,000
9,005,000
560,830,000
130,697,000
145,501,000
26,513,000
34,104,000
7,785,000
521,872,000
146,622.000
144,893,000
20,482,000
30,776,000
14,272,000
9,386,472,000
11,362,832,000 11,338,323,000 11,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000 11,155,728.000 11,163,378,000
Total liabilities
Ratio
594,315,000
130,796,000
145,501,000
26,513,000
34,114,000
46,064,000
to deposits
combined
reserves
F. R. note liabilities
and
78.6%
78.5%
78.4%
24,878,000
25,095,000
25,297,000
79.0%
Commitments to make industrial advances
24,798,000
$
$
$
Maturity Distribution of Bills and
Short-term Securities—
S
78.3%
78.2%
78.3%
78.2%
73,8%
26,014,000
25,842,000
25,576,000
25,607,000
20,008,000
$
$
J
*
3,639,000
s
6,419,000
192,000
2,877,000
32,000
709,000
3,670,000
28,000
38,000
756,000
695,000
303,000
740,000
723.000
276,000
592,000
166,000
2,956,000
718,000
2,910,000
612,000
615,000
761,000
226,000
221,000
68,000
588,000
703,000
782,000
86,000
355,000
340,000
303,000
254,000
226,000
146,000
622,000
228,000
5,403,000
5,851,000
4,828,000
4,749,000
4,781,000
4,584,000
5.323,000
6,270,000
7,734,000
1,935,000
16,000
469,000
656,000
50,000
561,000
432,000
556,000
394,000
775.000
1,998,000
1,934,000
2,145,000
275,000
574,000
315,000
445,000
671,000
380,000
529,000
671,000
1-15 days bills
discounted
discounted
discounted...
61-90 days bills discounted
Over 90 days bills discounted
4,159,000
16-30 days bills
Total bills discounted
4,501,000
120,000
715,000
47,000
362,000
31-60 days bills
bought in open market
16-30 days bills bought in open market...
31-60 days bills bought In open market
61-90 days bills bought in open market...
Over 90 days bills bought in open market
1-15 days bills
3.044,000
838,000
482,000
986,000
815,000
506,000
401,000
280,000
610,000
607,000
3,022,000
3,282,000
3,274,000
3,339,000
2,998.000
l,i99,000
3,076,000
3,076,000
4,299,000
4,544,000
4,677,000
4,676,000
4,684,000
4.682,000
4,706,000
advances
advances
1,491,000
1,513,000
1,600,000
1,652,000
1,669,000
1,317,000
403,000
241,000
255,000
31-60 days industrial advances
770,000
593,000
629,000
573,000
424,000
440,000
299,000
458,000
634,000
675,000
749,000
521,000
760,000
584,000
27,023,000
27,408,000
27,324,000
26,775,000
27.328.000
581,000
27,091,000
460,000
26,985,000
232,000
557,000
767,000
26,945,000
1,716,000
267,000
1,676,000
360,000
1,526,000
224,000
25,043,000
30,170,000
30,319,000
30,039,000
27,282,000
r
.
Total bills bought in open market
1-15 days Industrial
16-30 days industrial
61-90 days industrial advances
Over 90 days industrial advances
Total Industrial
-
30,166,000
30.462.000
30,487,000
20.080,000
30,064,000
advances
20,400,000
29,963,000
44,307,000
24,000,000
48,541,000
securities..
67,263,000
71,497,000
20,080,000
33,514,000
41,541,000
securities—
68,489,000
67.882,000
107,780,000
98,298,000
115,847,000
securities..
138,728,000
133,070,000
54,415,000
135,762,000
66,661,000
61-90 days U. S. Government securitiesOver 90 days U. S. Government securities 2,175,206,000 2,190,228,000 2,137,726,000 2,135,367,000 2,134,570,000
1-15 days U. S. Government
16-30 days U. S. Government
31-60 days U. S. Government
Total U. S. Government securities
251.000
163,000
115,365,000
25,806,000
21,710,000
27,106,000
66,160,000
27,106,000
24,000,000
20,400,000
170,306,000
94,376.000
87,663,000
103,586,000
72,484,000
74,488,000
71,082,000
144.744,000
2,134,500,000 2,215,015,000 2,219,374,000 2,005,948,000
2,430,247,000 2,430.244,000 2,430,255,000 2,430,247,000 2,430,259,000 2,430,336,000 2,430,279.000 2.430,341.000 2,430,263,000
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other
securities
""181 ~66o
Total other securities
""ISV.OOO
"~"l~8l",666
181.666
"""18T066
181,000
181,000
i8i~666
181,000
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve
Bank—
3,785,980,000 3,793,959,000 3,758,973,000 3,760,729,000 3,762,028,000 3,778,880,000 3,741,690,000 3,748,576,000 3,178,446,000
In actual circulation
Security for
Collateral Held by Agent as
Notes Issued to Bank—
Gold ctfs. on hand & due from U.
By eligible paper
U. S. Government
Total
*
4,029,903,000 4,045,343,000 3,299,639,000
S. Treas. 4,087,023,000 4,049,523,000 4,038,523,000 4,040,140.000 4.056,140.000 4.042,903,000
6,212,000
3,846,000
3,928,000
3,272,000
3.488,000
3.428.000
4,485,000
3,483.000
4,113,000
37,000,000
securities.
collateral..
"Other cash"
of
49,000,000
-
does not Include Federal Reserve notes,
by the U. S. Treasury for the
Gold
Reserve Act of
57,000,000
46,000,000
48,000,000
57,000,000
60,000,000
225,000,000
t Revised figure.
1934
„
59.06 cents on
by the Treasury under the provision*
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
31,1934, these certificates being worth less to the extent of the
the
55.000.000
3,521,851,000
4,128,136,000 4,103.008,000 4.097.011,000 4,100,568.000 4.105,623.000 4.094,175,000 4,090,831,000 4,109,189,000
These are certificates given
j~u.
4,074,896,000 4,049,745,000 4,036,457,000 4,033,793,000 4,042,174,000 4,037.156.000 4,012,215,000 4,031,692,000 3,459,394,000
280,948,000
283,116,000
270,525,000
277.484,000
258,276,000
273,064,000
255,786,000
280,146.000
288,916,000
difference, the difference itself having been appropriated as profits
Volume
142
Chronicle
Financial
v
^
~
3973
" s
'
.
?
'V
,
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
f
<
4
-
'
f
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
Two
AT
CLOSE OF
BUSINESS JUNE 10 1936
Ciphers (00) Omitted
Federal Reserve Bank of—
Total
RESOURCES
Gold certificates
on
Boston
New York
9
9
Cleveland Richmond
Phila.
1
9
.
Atlanta
Chicago
9
9
9
9
St.
9
9
%
Dallas
San Fran.
9
Louis Minneap. Kan. City
*
.;■
hand and due
from U. S. Treasury
Redemption fund—F. R. notes
7,939,040,0 491,797,0 3,116,195,0 399,265,0 591,271,0 249,250,0 202,447,0 1,624,255,0 245,401,0 160,976,0 217.788,0 147,875,0 492,520,0
413,0
13,261,0
904,0
2,290,0
327,0
1,873,0
1,875,0
611,0
453,0
261,0
1,051,0
979,0
2,224,0
18,416,0
295,572,0 26,805,0
26,676,0
39,073,0
10,833,0
83,373,0
35,165,0 13,903,0
15,297,0
5,884,0
12,730,0
7,417,0
._
Other cash *
Total
RESERVE BANKS
reserves
8,247,873,0 520,892,0 3,201,443,0 438,665,0 618,851,0 268,079,0 215,153,0 1,660,031,0 260,283,0 168,654,0 234,136,0 154,212,0 507,474,0
Bills discounted:
Sec. by U. S. Govt,
obligations,
direct & (or) fully guaranteed
3,244,0
230,0
53,0
2,200,0
1,490,0
386,0
2,159,0
5,403,0
283,0
3,690,0
386,0
77,0
83,0
71,0
3,076,0
30,064,0
224,0
1,094,0
316,0
293,0
120,0
108,0
2,924,0
7,387,0
5,146,0
1,781,0
3,733,0
783,0
2,125,0
564,0
1,340,0
992,0
265,686,0
17,956,0
68,473,0
20,755,0 23,973,0
479,025,0 115,646,0 142,952,0
181,885,0
40,719,0
51,100,0
12,834,0
11,019,0
28,415,0
65,704,0
23,486,0
169,440,0
123,309,0
14,491,0
45,137,0
15,950,0
13,013,0
76,527,0
27,355,0
13,492,0
80,950,0
28,758,0
76,489,0
27,342,0
55,731,0 130,695,0
19,922,0
46,718,0
75,578,0 116,844,0
95,000,0 199,331,0
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
65,0
31,0
50,0
2,0
18,0
12,0
52,0
21,0
8,0
79,0
150,0
104,0
340,0
10,0
97,0
254,0
342,0
110,0
87,0
61,0
86,0
86,0
1,646,0
217,0
1,643,0
19,347,0
21,918,0
U. 8. Government securities:
Bonds
Treasury notes
1,541,224,0 102,928,0
623,337,0
36,793,0
Treasury bills..
Total U. S. Govt, securities.
2,430,247,0 157,677,0
Other securities
384,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
321,164,0 123,200,0
181,0
Total bills and securities
741,554,0 182,968,0 220,176,0 120,652,0 101,171,0
238,0
23,0
411,0
1,307,0
38,547,0
3,113,0
5,692,0
126,785,0
10,851,0
609,0
53,978,0
48,051,0
44,685,0
Total resources
92,0
531,098,0
Bank premises
All other resources
18,0
21,916,0
Uncollected items
110,0
181,0
2,468,971,0 161,108,0
Due from foreign banks
Fed. Res. notes of other banks
2,0
308,0
32,835,0
4,557,0
51,733,0
6,525,0
1,598,0
22,0
5,080,0
10,0
2,092,0
46,193,0
2,919,0
1,089,0
323,673,0 123,861,0
8,0
1,847,0
17,568,0
28,0
3,584,0
74,078,0
4,830,0
577,0
2,284,0
1,413,0
77,076,0 118,357,0
4,0
1,350,0
24,447,0
15,662,0
2,452,0
311,0
1,531,0
452,0
3,0
1,058,0
7,0
1,107,0
29,762,0
3,360,0
337,0
97,074,0 201,301,0
7,0
485,0
16,0
2,374,0
29.382,0
22,963,0
1,526,0
864,0
3,580,0
344,0
11,362,832,0 739,828,0 4,119,252,0 670,449,0 900,212,0 441,034,0 339,444,0 2,066,801,0 412,708,0 264,436,0 387,066,0 277,131,0 744,471,0
LIABILITIES
F. R. notes in actual circulation.
3,785,980,0 344,724,0
778,655,0 283.220,0 372,239,0 172,825,0 160,910,0
878,568,0 160,997,0 114,790,0 143,359,0
77,788,0 297,905,0
Deposits:
Member bank reserve account.
5,833,391,0
U. 8. Treasurer—Gen'1 acc't..
516,404,0
Foreign bank
61,675,0
243,947,0
Other deposits
Total deposits
263,079,0 2,678,435,0 288,001,0 397,401,0 173,271,0 109,361,0 1,024,396,0 168,048,0
26,727,0
178,546,0
18,597,0
38,223,0 29,488,0 31,901,0
31,884,0 35,719,0
4,567,0
22,486,0
5,740,0
2,716,0
5,678,0
2,160,0
7,159,0
1,852,0
5,337,0
194,964,0
2,316,0
2,437,0
2,302,0
4,179,0
2,172,0
9,957,0
'
529.204,0
Capital paid In
53,735,0
9,373,0
130,871,0
8urplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
145,501,0
34,118,0
1,413,0
18,097,0
55,228,0
Total liabilities
123,087,0
50,863,0
50,825,0
7,744,0
8,849,0
24,798,0
9,902,0
2,874,0
26,513,0
All other liabilities
51,533,0
38,010,0
12,315,0
13,406,0
4,231,0
12,644,0
14,371,0
45,068,0
4,712,0
5,186,0
1,481,0
4,588,0
28,823,0
1,787,0
36,025,0
851,0
2,082,0
31,167,0
4,259,0
12,762,0
1,790,0
1,492,0
74,464,0
25,914,0
16,006,0
28,765,0
24,776,0
12,041,0
3,807,0
3,783,0
204,0
5,803,0
2,977,0
3,149,0
1,003,0
1,463,0
235,0
3,613,0
1,142,0
846,0
730,0
3,765,0
4,655,0
546,0
893,0
362,0
3,953,0
5,616,0
754,0
2,519,0
21,350,0
1,274,0
1,007,0
3,111,0
1,703,0
3,000,0
17,608,0
4,232,0
3,448,0
1,391,0
7,573,0
909,0
30,238,0
10,189,0
9,645,0
1,121,0
1,849,0
1,252,0
1,328,0
495,0
400,0
11.362,832,0 739,828,0 4,119,252,0 670,449,0 900,212,0 441,034,0 339,444,0 2,066,801,0 412,708,0 264,436,0 387,066,0 277,131,0 744,471.0
Ratio of total res. to
dep. & F. R.
note liabilities combined
79.0
80.8
83.1
73.4
75.9
70.4
69.7
85.4
69.1
70.4
67.3
63.8
73.4
24,798,0
2,812,0
10,240,0
305,0
1,462,0
2,342,0
296,0
78,0
1,844,0
92,0
477,0
547,0
4,303,0
Commitments to make Industrial
advances
...
"Other cash"
does
notjnclude Federal Reserve
notes.
FEDERAL
-
Two
29,304,0
6,655,417,0 299,710,0 3,074,431,0 314,775,0 443,604,0 207,791,0 147,601,0 1,065,611,0 215,576,0 124,813,0 204,479,0 163,902,0 393,124,0
Deferred availability Items
♦
89,440,0 173,018,0 124,005,0 344,936,0
RESERVE NOTE
STATEMENT
Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Boston
9
Issued to F.R. Bk. by F.R. Agt
New York
$
In actual circulation
Atlanta
$
St.
Chicago
9
Louis Minneap. Kan. City
9
9
9
Dallas
San Fran
9
9
9
876,529,0 296,388,0 386,938,0 182,974,0 181,564,0
97,874,0
13,168,0
14,699,0
10,149,0 20,654,0
915,185,0 170,539,0 119,100,0 158,135,0
36,617,0
9,542,0
4,310,0
14,776,0
86,662,0 338,532,0
8,874,0 40,627,0
778,655,0 283,220,0 372,239,0 172,825,0 160,910,0
878,568,0 160,997,0 114,790,0 143,359,0
77,788,0 297,905,0
4,087,023,0 376,000,0
4,113,0
283,0
890,706,0 298,000,0 389,000,0 184,000,0 147,685,0
2.474,0
371,0
77,0
83,0
71,0
35,000,0
920,000,0 171,632,0 120,000,0 158,000,0
10,0
97,0
246,0
2,000,0
87,000,0 345,000,0
110,0
291,0
893,180,0 298,371.0 389,077,0 184,083,0 182,756,0
920,000,0 171,642,0 120,097,0 160,246,0
87.291,0 345,110,0
held by Agent as se¬
curity for notes Issued to bks.
hand and
due from U. S. Treasury
Eligible
$
4,074,896,0 362,350,0
288,916,0
17,626,0
Collateral
on
Cleveland Richmond
9
3,785,980,0 344,724,0
Held by Fed'l Reserve Bank..
Gold certificates
Phila.
S
paper
U. S. Government securities..
Total collateral
37,000,0
4,128,136,0 376,283,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the
reporting member hanks in x01 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the
figures for the latest week appears in our department of "Current Events and Discussionsf"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers
reporting banks In 101 leading cities, as it did prior to the banking holiday In 1933, Instead of 91 cities, and has
so as to show additional items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and
partly
The item "Demand deposits—adjusted" represents the total amount of demand
deposits standing to the credit of Individuals, partnerships, corporations,
also been revised further
In "Other loans."
associations, States, counties, municipalities, &c., minus the amount of cash Items reported as on hand or In process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed in two respects In accordance with
provisions of the Banking Act of 1935:
First, It includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no
reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
oomparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly Included a relatively small amount of time deposits of other banks,
whloh are now included In "Interbank deposits."
The item "Due to banks" shown heretofore Included only demand balances of domestlo banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less oash items
reported as on hand or In process
of collection which have been deducted from demand
deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
CITIES,
Federal Reserve District—
Total
Boston
ASSETS
9
9
Loans aod Investments—total....
.
Loans to
>
*
22,148
1,238
!
Phila.
Cleveland Richmond
9:
9,831
$
1,165
—
1,775
Atlanta
St.
Chicago
9
9
9
538
583
Louis Minneap. Kan. City
9
9
603
2,823
Dallas
San Fran.
9
374
9
646
446
2,126
2
14
1
>
In New York City
on
9
...
BY DISTRICTS, ON JUNE 3 1936 (In Millions of Dollars
okers and dealers:
12
238
securities to others (except
banks)
i
•1
1
1,114
13
28
1,154
Outside New York City..
Loans
New York
75
19
2,094
Acceptances and com'l paper bought.
901
44
3
57
Other loans
3,586
U. 8. Govt, direct obligations
8,909
Obligations fully guar, by U. S. Govt.
...
Reserve with Federal Reserve Bank..
1,305
3,308
4,594
2
7
61
7
2
206
63
3
4
54
3
217
>
66
31
45
6
7
6
31
10
7
23
2
21
185
23
22
67
41
6
17
22
367
3
248
92
146
136
84
Loans to banks
Other securities
I
153
315
1,147
Loans on real estate
10
""le
'
4
1
1
10
7
4
1
1
22
65
>
1
42
170
;
311
1,364
181
209
108
137
428
107
"""119
131
129
362
418
j
4,041
301
810
261
198
1,447
203
146
244
166
674
589
101
67
41
35
155
55
15
45
33
151
1,306
314
261
73
78
408
110
48
131
49
363
284
115
66
876
106
75
215
18
•
167
208
:
2,276
199
369
122
65
'.14
30
16
9
59
11
5
Balance with domestlo banks
11
9
2,363
129
185
151
251
187
137
437
116
100
251
176
Other assets—net
1,389
76
575
89
112
36
41
110
24
,18
25
14,580
5,035
,968
6,925
744
984
*384
299
2,142
334
260
297
939
269
717
195
172
175
746
16
228
57
54
40
43
227
2,395
299
342
206
Cash In vault.
60
■;
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks...
Foreign banks
Capital acoount
1
27
18
243
-
»
.
256
436
336
768
119
145
119
1,043
9
3
18
27
114
248
845
•«
*
114
356
169
254
1
......
-
137
i
5,584
408
8
959
25
461
3.551
232
1,605
Borrowings
Other liabilities
■"
114
379
•
3
,
/
791
183
5
1
1
.
,
10
*
'
M,
<•»
—
«
_
"
"22
.
224
_
.
'
18
'
*
24
"7
35
"ll
4
2
5
345
336
88
86
350
88
56
90
77
324
*
June 13, 1936
3974
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are
of such sales In computing the range for the
year
United
we
furnish
a
Home Owners' Loan,
the
Transactions at the New York Stock Exchange,
New
Daily, Weekly and Yearly
daily record
the transactions in
of
on
June 12 1936
Exchange.
June 9
June 8
June 6
June 10 June 11J
une
12
•
117.28
117.26
117.26
117.26
117.26
117.26
$2,467,000
$49,833,000
$202,000
820,000
871,000
572,000
381,000
681,000
257,000
Jan. 1 to June 12
New York Stock
117.24
117.26
117.28
117.28
117.26
Exchange
117.27
Low.
108.4
Close
108.7
108.4
108.4
fHlgh
Low.
108.7
108.8
108.7
6
113.1
35
113.3
108.6
108.4
108.3
5
112.31
113
112.30
113.1
2
2
6
High
111.11
111.12
111.16
Low-
111.11
111.12
111.12
$49,833,000
$64,621,000
158,585,000
1,368,512,000
$398,458,000
176,393,000
953,045,000
$1,665,297,000
$1,527,896,000
$138,200,000
111.13
Close
111.11
111.12
111.16
111.13
Total sales in $1,000 units—
1
1
20
High
108.15
108.15
108.15
108.13
Low.
108.15
108.15
108.15
108.13
•
3^8. 1943-47
113
$7,604,000
5,978,000
51,039,000
113
113.1
112.29
S%B, 1946-56
113
42,255,000
113
112.31
112.29
Close
■
113.3
$2,467,000
5,111,000
Bonds.
Total sales in $1,000 units—
4s, 1944-54
112.31
State ad foreign
Government
3
60
of shares.
Stock..No.
112,576,894
247,848,799
5,547,834
108.3
108.5
4,942,896
Railroad and industrial
108.5
113
1935
1936
1935
1936
7
3
108.7
108.8
108.7
9
112.29
6
108.8
108.5
Total sales in S1.000 units...
117.28
5
2
High
■
$5,111,000
Sales at
117.24
Total sales in SI.000 units—
3^s, 1943-45
374,000
$42,255,000
$591,000
956,000
Week Ended June 12
117.24
Low.
Close
4}£s, 1947-52
842,000
1,031,000
$3,502,000
7,308,000
10,520,000
10,344,000
9,012,000
9,147,000
4,942,896
Total
High
Treasury
Sales
$2,709,000
6,095,000
9,128,000
9,092,000
7,489,000
7,742,000
694,050
Wednesday
Friday
tj. S. Bond Prices
Bond
876,251
1,034,665
1,085,940
998,280
Tuesday
Thursday
point.
Daily Record of
Total
States
Bonds
For'n Bonds
Bonds
253,710
Monday.
Quotations after decimal point represent one or more 32ds
a
United
State,
Mis cell. Municipal &
and
the New York Stock
Saturday
of
Railroad
Stocks,
Number of
Shares
Week Ended
Federal Farm Mortgage Corporation's
Treasury certificates
bonds and
on
Stock Exchange
York
Below
Securities
Government
States
the only transactions of the day. No account Is taken
1
Total
2
11
111.13
Stock and Bond Averages
2
•
•••
Below
Close
108.15
108.15
108.15
108.13
Total sales in $1,000 units—
12
2
1
2
High
104.10
104.12
104.14
104.14
104.14
104.12
Low.
104.10
104.11
104.12
104.11
104.9
104.10
Close
104.10
104.12
104.14
104.13
104.9
the
are
daily
closing
averages
of representative
104.11
3s. 1951-55
-
„
_
stocks and bonds listed
Totai sales in $1,000 units—
6
6
31
14
25
105.12
105.13
105.15
105.14
105.14
105.15
Low.
105.12
105.12
105.12
105.12
105.11
105.15
105.15
the New York Stock Exchange
compiled by Dow, Jones & Co.:
35
High
as
on
3s. 1946-48
Close
105.12
105.12
105.15
105.14
105.14
Total sales in $1,000 units—
12
14
9
25
43
High
108.19
108.22
108.22
108.19
108.22
108.22
108.19
108.22
108.22
108.22
43
1
10
108.22
Close
10
108.22
Low.
Bonds
Stocks
'
3^8, 1940-43
Total sales in $1,000 units
High
Low.
109.5
Close
3Ks, 1941-43
109.5
1
109.5
.*
..
-
-
'
Low.
106.7
106.6
106.9
Close
3Hs, 1946-49
106.7
106.8
106.9
High
106
[Cllse
m
„
^
—
----
10
-
-
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
111.48
153.71
46.64
55.66
106.41
106.30
102.58
155.16
47.07
32.50
56.20
106.28
111.58
86.19
106.06
102.53
153.02
46.60
32.26
55.54
106.24
111.56
86.18
106.08
102.52
9.
152.90
46.16
32.21
55.38
106.25
111.63
85.86
106.13
102.47
June
8.
151.39
45.75
31.32
54.67
106.18
111.74
85.25
106.05
102.31
6.
149.84
45.40
30.96
54.14
106.19
111.85
85.03
106.08
102.29
106
106.3
106
United States Treasury Bills—Friday, June 12
106.3
106.3
77
—
Bates
1
1
109.9
109.8"
109.6
109.4
109.6
109.8
109.6
109.6
109.3
109.3
Close
109.8
109.8
109.7
109.6
109.3
quoted
60
1
:
10
10
24
20
Bid
107.28
107.30
108
107.28
107.25
107.26
June 24 1936
107.27
107.28
107.28
107.28
107.25
107.25
July
1 1936
Close
107.27
107.28
107.29
107.28
107.25
107.26
July
8 1936
43
16
2
160
July
15 1936
High
101.31
102.1
102.2
102.2
102.1
102.3
July
22 1936
Low.
101.31
101.31
101.31
102
101.31
102.2
July
29 1936
Close
101.31
102
102.1
102.1
102
102.2
Aug.
Total sales in $1,000 units
9
3
5 1936.
1
20
26
96
168
13
Aug. 12 1936
High
103.20
103.20
103.20
103.19
103.17
103.17
Aug. 19 1936
Low.
Total sales in $1,000 units
103.17
103.17
103.18
103.19
103.15
103.16
Aug. 26 1936
Close
103.17
103.20
103.20
103.19
103.15
103.16
Sept.
2 1936
Total sales in $1,000 units...
2
3
25
25
6
6
Sept.
9 1936.
High
102.29
101.31
101.29
101.29
101.28
101.26
Sept. 16 1936
Low.
101.26
101.27
101.27
101.27
101.24
101.25
Close
101.28
101.27
101.28
101.27
101.24
101.26
Sept. 23 1936
Sept. 30 1936
Total sales in $1,000 units.-.
24
54
3
30
Low.
**
....
....-
Close
3^8, 1944-64
....
—
-
.
—
81
104.10
104.10
Oct.
104.7
104.10
uct.
28 1936
104.11
104.10
81
2
Total sales
103
Low.
103
102.31
103
102.31
2
(»1$1,000 units...
Federal Farm Mortgage
3s,
102.31
Close
3s, 1944-49
1942-47-1
1
Mar. 10 1937
0.30%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Nov. 18 1936
Nov. 10 1936.
Nov. 25 1936
2 1936
Dec.
Dec
.
Dec.
9 1936
16 1936
Dec. 23 1936
-
Dec. 30 1936—
6 1937--
Jan.
13 1937
Jan.
Jan. 20 1937
Jan. 27 1937
Feb.
3
1937
Feb. 10 1937
Feb. 17 1937
:::::
Oct.
7 1936
102.30
103
102.30
102.28
102.29
103
102.31
102.30
102.30
3
20
55
1
103.23
103.24
103.22
Close
Mar.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, June 12
Figures after decimal point represent
103.24
103.22
..MM
Feb. 24 1937
103
102.31
High
Low.
3 1937
0.20%
0.20%
0.20%
0.20%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
2
103
High
4 1936
Nov.
104.10
Total sales in $1,000 units...
Federal Farm Mortgage
-
21 1936
104.9
.
14 1936
104.11
High
45
Oct.
Federal Farm Mortgage
—
Asked
Bid
Asked
0.20%
0.20%
June 17 1936
Low.
2%b, 1948-51
for discount at purchase.
109.6
18
High
2%B, 1945-47
are
109.6
Low.
2^8, 1955-60
86.11
1
22
106
109.8
Total sales in $1,000 units
3#s, 1944-46
32.13
106.7
106.6
3
106.1
High
3^8, 1941..
10
Grade
106.7
106
106
Total sales in $1,000 units
106.7
106.6
106.10
11
•
Second
Grade
June
20
106.6
106
106
Low.
33^8, 1949-52
18
14
Total sales in $1,000 units
First
Indus¬
June
109.3
4
106.9
10
70
June 10.
109.3
109.3
106.10
Total
June 11.
109.3
109.3
—
106.10
20
Utili¬
June 12.
109.3"
........
----
106.8
106.7
.
20
Rail¬
Dale
10
3
-
«.«•«...
«.
1
Total sales in $1,000 units
High
----
Total
30
Indus¬
trials
•
one
or more
32ds of
103.24
9
102.14
102.16
102.15
102.12
102.12
Low.
102.13
102.15
102.11
102.12
102.10
Close
102.14
102.16
102.15
102.12
102.12
Total sales in $1,000 units...
26
11
2
3
2
point.
50
High
a
Total sales in $1,000 units
Federal Farm Mortgage
2Jis. 1942-47
Home Owners' Loan
3s, series A, 1944-52
June 15 1936
Dec. 15 1939.,.
June 15 1941—.
High
102.24
102.25
102.24
102.25
102.21
102.21
Low.
102.20
102.22
102.22
102.22
102.19
102.18
Mar. 15 1939...
Mar. 15 1941...
102.24
102.25
102.24
102.23
102.20
102.21
June 15 1940...
28
14
29
5
4
9
Sept. 16 1936...
101.13
101.14
101.14
101.12
101.12
101.14
Low.
101.10
101.10
101.11
101.11
101.10
101.10
Close
101.13
101.13
101.14
101.12
101.12
2Mb, series B, 1939-49..
Tola
sales
14
161
54
19
Rate
Bid
Asked
Maturity
IX %
IX %
100
101.9
lbTil
Feb.
1X%
IX %
IX %
IX %
IX %
IX %
IX %
100.20
100.22
Deo. 15 1936...
101.7
101.9
June 15 1938
101.21
101.23
Feb.
101.13
101.15
Apr. 15 1937...
101.3
101.5
Mar. 15 1938...
101.8
101.10
Aug.
101.31
102.1
Sept. 15 1937...
103.14
103.16
June 15 '51-54..
Sept. 15 1938...
1 1938...
15 1937...
Rate
Bid
Dec.
<».$!,000 units
15 1940...
Mar. 15 1940...
June 15 1939
2X%
1 1936
2X%
105.2
105.4
3%
3%
3%
3X%
102.8
102.10
102.23
102.25
3X%
2K%
104.4
104~6~
100.31
101.1
104
104.2
102.2
102.4
104.27
101.17
101.17
101.16
101.15
101.13
101.14
Low.
101.14
101.13
101.16
101.12
101.10
101.11
Close
101.17
101.16
101.16
101.15
101.13
101.14
Total sales in $1,000 units...
8
8
15
12
2^8, 1942-44
1
40
4
•
Bid and asked prices; no sales on this day.
t Companies reported In receivership,
a
Deferred delivery
n
Note—The
bonds.
above
table
includes
only
sales
Transactions in registered bonds were:
No Sales
of
coupon
New stock,
r
Cash sale,
x
Ex-dividend.
V
Ex-rights.
105.29
100.11
FOOTNOTES FOR NEW YORK STOCK PAGES
High
Home Owners' Loan
104.12
104.10
32
High
Asked
2X%
2X%
2X%
101.14
11
Close
Total sales in $1,000 units
Home Owners' Loan
Int.
Int.
Maturity
Proctor
Abbott,
consolidation of
Members
York Stock
New
and other
x
MONTREAL
-
CLEVELAND
•>
New York Stock
LOW
SALE PRICES—PER
Tuesday
Sales
SHARE, NOT PER CENT
Wednesday
June 8
June 9
June 10
June 11
June 12
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
50%
*47
*48%
50
*113% 114
*63% <65%
63%
64
10%
10%
1034
*20%
21
*24%
24%
2%
19%
24%
2%
*47
50%
50%
50%
*11338 114
*11334 114
65
64% 64%
64%
11
11
10%
10%
11%
*47
50%
114
114
64
65
11%
11%
Lowest
20
50%
*1133i 114
20
Par
Abraham & Straus
No par
Preferred
-.100
£64%
64%
1,200
Acme Steel Co
11%
11%
3,100
Adams
Adams Millis
25
Express
No par
100
Preferred
*2%
64%
4
*91
65%
65%
4%
4%
95
14%
17%
25%
2%
24%
25g
65%
4%
66%
4%
*91
4
95
14
14
19%
25%
18%
2%
,
66%
*3%
4
*3%
18%
19
19%
1934
20
3,800
25%
2534
25%
26
26
26%
2,000
2%
2%
2%
234
3,200
66
6434
4%
4%
*92
14
14%
*3%
20.%
15
m
2%
20%
2%
2%
20%
20%
3
2%
21%
*20%
*20%
21
*18
22
*18
22
*19
21%
*19
*28
31%
21%
32%
29%
29%
31%
29%
29%
*102
25%
25%
934
78%
79
44
44%
10
9%
79
44%
23
*22
25%
■
94
50%
50%
50%
93%
50%
42%
43
43%
93%
50%
£43%
67
£67
67
*65
4584
44%
45
126% 127% *127% 127%
127
128
*162% 163%
3434
6534
6534
*49
50
50
129% 129%
*88
89%
57
*3234
8%
8%
*22%
23
*92%
93%
4
4
12
6%
33%
13%
6%
*31%
13%
*25%
29
16
16
*6%
6%
*36%
38%
39%
39%
3.
3
18%
*934
*26
76
*22
18%
10
29%
78
12%
2284
12%
2834
2834
*128%
*4084
11
42
11%
58
58
49
49
20%
~26%
*100
*20%
2034
164%
26%
103
21%
30%
50
50
.
*
164
26%
102
*
_
"26%
27
102
£102
2138
108
107
107
*62
65
*62
65
*139
29
123
♦107
*140
29%
123
30%
123
2684 2684
26%
54
*5234
53%
*135% 137
*134%
23%
*22%
*22%
164% 165
1653s
92
*90
9I84
9334
9384
93%
141S4 14134 *138%
1034
10%
10%
*62%
140
«.
..
"3%
"9",800
22%
22%
23%
3,800
2178
22
22
22
21%
3234
3034
22
22
22
22
400
34%
34%
35
1,000
30
30
*33
800
30%
30%
700
25%
"3", 200
197% 199
25%
25%
25%
4,700
10
10%
10%
10%
82,800
7934
4534
8134
81%
82%
4,800
£46
46%
8,600
*23%
24
4634
*23
24
Albany & Susque RR Co. .100
} Allegheny Corp
No par
Pref A with $30 warr._.100
Pref A with $40 warr
100
Pref A without
2
700
Allied Stores Corp
No par
100
5% pref
Allis-Chalmers Mfg
No par
Alpha Portland Cem..No par
51
5034
51
5034
44
43%
43
5034
43%
2,000
American
67%
164
~27%
*102
2738
106
21%
*28%
21%
77%
77%
30
334
*68
128
129
131%
129% 13134
163% 16334
35%
36%
67%
6734
16334 16334
*
~26%
21%
36%
68%
4934
67%
4934
130
87%
*63%
*137
65
140
50
22
22%
107
*106
*8%
107
9
63
63
s4
*4%
*3%
2284
107
884
34
5
4
884
63%
%
63%
%
5
5
*3%
4
*50
55
*50
55
*25
27
*25
33%
*5
*3%
27
33%
*37%
22%
107% 107%
834
9%
65%
63%
1
*%
23%
33%
*37%
*50
6
4
55
23%
23%
107
107
9
9%
66
67%
For footnotes see page
3974
68% June 12
6% Apr
91
1
Mar 25
17% Jan 23
5% Jan 27
195
Mar 25
4% Jan 31
3034
29%
29%
4578
39%
4% Mar
6% Sept
104% Mar
Feb 18
Feb 18
Feb 18
Feb 5
Feb 11
84
74
13% Oct
1% June
186
84 Mar
238 Mar
2
134 Mar
6% Apr
7
1
Apr 20
Jan
Apr 20
2
28% Mar 26
10%June 10
82%June 12'
50% Apr 6
28% Mar 11
5% Jan 24
53% June
125% Mar
63% Feb
55% Apr
22%
12
14
6,900
700
4.700
1,600
1,500
900
American Can
25
Preferred
100
American Car & Fdy
No par
Preferred
American
100
Chain
...No par
100
7% preferred
Deo
48% Jan
41% June
80
Dec
11434
Jan 14
87%May 11
9,400
2,800
900
10
6% 1st pref
100
Amer Encaustic Tiling New.l
Amer
European Sees..No par
Amer & For'n Power—No par
2
73% Feb 19
5884 Apr 16
Jan
33i4 Mar 30
8%June
'21%June 12
10
134% Jan
15
57% Apr 27
31
Co) .25
Corp..20
Feb
166% Jan 14
<
No par
7%
41
Feb 21
130
June 12
110
Jan
149%
Jan
168
Mar
25% Mar
8
Jan
38
Jan
115
Nov
96
June
1334 Feb 13
32% Mar
2478 Mar
89
96
2% Mar
22% Mar
6%
June 12
3% Apr 30
934 Jan
5
May
14% Feb 17
6% Apr 30
934 Mar 26
72
Aug
84 May
2
Preferred
No par
29 s4
Jan
43
Feb 17
14
No par
No par
12
Apr 30
$6 preferred
25
Apr 30
12
16%
*163.1
17
1,000
Amer Hawaiian S S Co
13
Jan 20
18% Apr 7
37% Jan 28
18% Mar 3
1,400
Amer Hide & Leather
40
£39%
39%
1,600
2%
*17%
2,100
American Ice
1
Amer Home Products
3
10
600
6%
non-cum
1
534 Jan 7
36*4 Apr 22
37
Jan
2
--No par
27sJune 11
pref
100
Corp—No par
17% Apr 23
9% Apr 30
23% Apr 28
66
Apr 28
10%
10%
10%
2,900
Amer Interaat
27%
27%
28
2,200
American Locomotive..No par
8% Mar
Oct
Oct
41% Mar 7
5% Jan 14
24
Jan 14
13%
36%
95%
29%
April
Feb 13
9
Mar
Feb 27
Jan 14
32
Mar
1,300
1234
12%
28%
12%
3,800
Amer Mach & Metals. .No par
10
Apr 28
15
29%
1,800
Amer Metal Co
Ltd—No par
27
Apr 30
35% Mar 20
300
6% conv preferred
100
N Y Corp.No par
May
124
41
41%
4~2~~
12
11%
12
36,600
Amer Power &
63
62%
52%
21%
62%
53%
9,800
14,800
22
27,500
No par
$5 preferred
No par
Am Rad & Stand San'y .No par
100
Apr
43
53%
157
28%
164
£27%
*101
21%
500
107
18" 300
300
22
1,300
30
MOO
200
*107% 108%
700
*63%
140
140
30%'
31%
64%
140
31%
$6 preferred
American Rolling
Amer
Mill
Safety Razor
American Seating v t
c-No par
Shipbuilding Co .No par
Amer Smelting & Refg-No par
Preferred
100
preferred 6% cum...100
100 American Snuff
25
110
Preferred
100
10,700
2d
Amer Steel Foundries—No par
123% *120
124
210
£27
27
1,800
American Stores
1,600
Amer Sugar
27%
53
52
52%
13634 137
13634
2334
23%
23%
170% £167% I6884
95%
94%
94%
97%
140
96%
*139
11
10%
200
400
14,200
1,300
98
6,100
142
100
11
8,100
23
23%
23%
23%
107
107% 107% £107
9
9%
9%
9%
66
67%
66%
68%
42,100
1,000
6,100
18.500
1
1
3,400
578
6
6%
6%
6
6
700
1,000
4
4
4
4
*50
55
*50
55
27
*25%
27
100
Preferred..
No par
33%
34%
3l",100
38%
300
20
19%
38%
19%
120
100% 100%
9%
9%
40
4184
*117% 120
107
107% 10734
11
40
434
4%
110
434
73%
73
73%
*
100
Preferred
Am Sumatra Tobacco..No par
Amer
"54%
12%
12%
100
Telep & Teleg
American
Founders Inc
Am Water Wks &
1st
...
Elec.No par
No par
preferred
No par
American Woolen
100
Preferred
}Am Writing Paper
1
No par
Amer Zino Lead & Smelt—1
Preferred
25
Preferred
Jan
7
25»4May 22
89% Jan 21
18
Apr 30
25% Jan
5634
2
Jan
104
Jan
57% Mar
133% Jan
20% Apr 30
10734 Jan 4
26
May 29
48% Apr 30
129
Jan
6
20% Mar 21
149% Apr 30
Mar 13
88% Mar 13
Jan
2
9%May 21
20 May 13
19% Apr 28
9234 Jan 3
784 Apr 28
54»4 Apr 30
34May 19
4% Apr 30
3%May 20
44
Jan
2
25
Mining—50
24
May 18
28
Jan 20
Anaconda W & Cable.-No par
35
Jan
Anaconda Copper
Anchor Cap
1,800 Archer Daniels Mid'ld.No par
8
2
May 13
15% Jan
97
9
June
9
37
Apr 30
May 11
105% Jan 3
4% June 10
66% Jan 2
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
5
13,200 Armour of Illinois new
$6 conv pref
1,200
...No par
118
100
108
10
600
200
55
3,500
12%
8,000
Preferred
Armstrong Cork Co
No par
Arnold Constable Corp
5
June
133
Feb
42% Mar
13% Mar
6334June
5484June
27% Jan
165
34
Apr
27
6
72
Jan
13
*24
Jan
26
10
1% Mar
10% Mar
10
8% Mar
4
10% Mar
134% Mar
1584 Mar
6
Feb 19
116% Mar
Mar
18% Mar
4% Apr
13% Mar
5
5
33% Apr 8
91% Mar 20
15234Mar 11
66
Mar
4% Mar
20
Mar
31% Apr
34% Aug
9%
Deo
3534
19%
9234
3%
9%
9%
Nov
Deo
Deo
Deo
Deo
Aug
42
Aug
17
Aug
38% Aug
15% Oct
6% Nov
40
Nov
38% Nov
4% Jan
3734 Feb
1138 NOV
2784
75%
33%
12%
32%
130%
36%
9%
49%
41%
25%
Nov
Dec
Nov
Deo
Deo
Nov
Nov
Nov
Aug
Aug
Deo
159
Sept
32% Nov
9584 July
2178 Deo
26% Jan
64% Deo
144
May
117% Aug
5
47% Feb 24
7% Jan 9
121
Feb
108%May 28
73% Jan 22
136% Jan
136
100
Feb 20
36% Feb 20
1834 Apr 30
87
.10
2
3
7% Feb 20
100
Common class B
Preferred
Am Type
x35% Jan
25
25
Tobacco
--No par
50
$6.60 conv preferred-No par
600 Andes Copper Mining
-.20
1,000
110
5434
100
Refining
$5 prior pref
34%
40
101%
25
No par
Amer
*144% 148
64%
Light..No par
Preferred
28
103
79%
Amer News,
9
/29% Apr
178 Oct
14% Oct
4% Mar
Feb 28
2,700
21
Apr
3
24
100
8%
Mar
28
78%
Co-No par
Mar
378 Mar
6
23%
Preferred
Mar
Jan 27
46
2334
Amer Mach & Fdy
Feb
284 Apr
2d preferred
50
Deo
Feb
1,200
pref
Deo
33%
Mar
2,300
conv
Deo
65
30
30%
6%
Oct
May
3378
66
Jan
34%
14%
600
Nov
95% Mar
13%
37%
70
42% Deo
10
29%
38
Jan
15134
29%
104
5784 Feb
473g Nov
34
16% Jan
Apr
13%
34%
14%
*
4% Dec
40
29
11
33
2134
Nov
June
162i4May 29
30
Apr 30
American Chicle
7%
300
-
9
75% Oct
37% Oct
2284 Nov
130%May 20
2,800
-
Mar
2% Mar
24% Deo
26
May
11534 Feb 24
4%
14%
-
33s Deo
14% Deo
14% Dec
1433 Dec
33% Dec
11
124
96
«*
Mar
-100
95%
*126
Dec
3% Mar
/49
June
534 % conv pref
4%
*12%
•»
Deo
Apr
Dec
Jan
4%
28%
Jan
4
187
Sept
Mar
95%
*77
£20%
Nov
Deo
Sept
32
43
Amer Colortype Co
77
2%
74
173
21
American Crystal Sugar
18%
173
Jan
4
Am Comm'l Alcohol
18%
243s Dec
2038 Dec
8% Feb
Mar
72
1.100
6%
100% Deo
37% Nov
125
5078Mar 28
Am Coal of N. J (Alleg
38
Oct
7484 Nov
1178 Deo
21
Jan
2,700
3
Mar
Apr 28
300
87%
6%
Apr
40
4,200
6%
Apr
Sept
65
Bank Note
Preferred
24
78
*25
27
27
*25
*25%
3334
3338 33%
33%
3378 £33%
40
40
40
*38
*37%
*37%
*18%
20
20
19%
19%
19%
19%
19%
1934
*9984 101% *100
101% *100% 101% *100% 101% *100%
*10
10
10
9
9
9
9
10%
*9%
39
38
38
38
38
*37%
38% 39
39%
*118
120
*118
120
*118
120
118
118
*117%
*107
108
107% 107% 107% 108
107
*106% 108
ca
J
484
4%
00
478
484
478
4%
484
73%
73%
73% 75
*72% 72% *71
73% *71%
*
*
*
*
110
109% £109% 110
109%
"£1"
51
"53"
51% 51%
51%
5278
53% "53%
*11
12
12
11%
11%
11%
11%
12%
12%
40
2
42%May 20
1
378
Mar
10
1
55
21% Jan
50
1
378
Jan
Jan
Fdy.No par
%
*50
June
8
Am Brake Shoe &
22
21%
*28%
*137
Agric Chem (Del)-No par
*8%
79
31
30% 30%
31%
3073
123
125
125
*123% 125
123%
27
2634
2634 27
27%
27%
53
53
53%
52%
53%
52%
13634 *135% 13634 *135% 13634 *136
23%
23
23%
*2284
23%
23%
167
167%
170%
168% 17084 169
95
92%
95
92% 93% *93
94
95
9534
9334
9534
96%
140
140% *138
14134 *137
*138%
11
11%
11%
11%
1034
*1084
278May
75
21%
23%
30
31%
Jan
Jan 31
3538 Jan 21
1934May 13
No par
22
77%
64%
634
69
34
9
*28%
107
Am
23i2Mar 12
50
39
144% 144% *144% 148
108%
1
7% preferred
*3234
7%
28
4,000
1
IO884 *107
Amalgam Leather Co
9
164
104
129
35%
1,400
160
128
12%
8434
Feb 28
650
70
46%
46%
23%
Jan 10
Feb 14
28
4% Mar
share
52% Nov
per
116
Feb 14
Amerada Corp
89
June
Apr
2,100
1,700
39
2
Apr 28
51
Feb 21
103
93%
130
12i2 Jan
27
Feb 10
208
93%
30
2% Apr 28
123s Jan 2
12% Jan 2
7434
1378
100%
3534
7
9434
5034
Mar 25
Jan
8
93%
50
13%May 22
3% Jan 2
195
110
Jan
1,100
50
2
1
Feb
53
128
Jan
Mar 25
Apr
Feb
50% June 11
98
3%
69
2
91
32
118
9
Highest
$ per share $
157
50%
47%
llll2Mar 18
59
Apr 28
958 Apr 30
1003s Jan 2
17 78June
9
22% Jan 21
£l% Jan 14
73jj Jan 2
58
Apr 28
per tbare
Allied Chemical & Dye.No par
Allied Mills Co Inc
No par
334
43%
68%
46%
$
Mar31
42
Lowest
Highest
share
5
Preferred
2134
No par
per
29%June
53%
♦
27
100
warr
prior conv pf..No par
Allegheny Steel Co
$
Alleg & West Ry 6% gtd-.lOO
*102
198%
Alaska Juneau Gold Mln___10
A P W Paper Co
No par
3%
50
102
140
m
67%
164
65
-
4334
*28
*107
-
5034
50%
77
4
Air Way El Appliance-No par
Ala & Vicksburg RR Co__100
52%
*93
21%
76
7534
"14% "MOO
No par
AddresB Multigr Corp
10
Advance Rumely
No par
Affiliated Products Ino-No par
Air Reduction Inc new.iVo par
51%
9434
49
43%
67%
2138
21%
30%
30% *28%
77%
77%
77%
145% 145% *144% 145% *144% 145%
*29
+.
22
130
329% 129% *128
*128% 130
*128%
89
89
89
89
*88% 89%
288%
39
*3234
57
*3234 57
*3234
*3234
9
9
8%
8%
8%
8%
*8%
22
*22% 22%
22% 22%
22% « 21%
23
23%
23% 23%
23%
23%
23%
94
94
94
94
93%
94
95%
*4
4
4%
4
4%
4%
4%
12
12
*12%
12%
13%
12%
12%
7
7%
7%
7%
734
7%
7%
32% 32%
34
32% 3334
34%
34S4
1384
13%
13% 14%
14%
1478
14%
*26
29
30
28% 29
2978
2978
*16
1634
*16% 1634
17%
16%
16%
638
6%
638
6%
6%
638
6%
39
39
37
37
*36% 3834
*3714
3938
39%
39% 39%
3978
39%
*39%
3
3
*3
3
3
3%
278
*18
18
18
18
19%
*18*
18%
10
10
10
10
10%
10%
10%
27
27
27
27%
27%
27
27%
76
76
76
77
77
76%
7634
24
22% 23
23% 23%
23%
2334
13
12%
12%
12% 1234
1278
1234
29
28% 29%
2838 28%
*28%
28%
*126
*126
127% 128
*126%
41
41
40% 4034
*40% 41
*40%
11%
11%
11% 12
12%
1178
11%
59
63
62
59%
59% 63
6334
54
53
4984
50%
51% 5334
5434
20%
21
21
20% 21
20%
21%
2234
23'
12
128%
2,400
22%
44% 45%
45%
46%
127% 127% 127% 128
128% 129%
129% 12978
16234 16234 *162% 16334
36
35% 36
35%
*67
68
67% 67%
163% 16334
35%
36%
65%
68
35
334
17,600
4%
22%
•
197
10%
93%
"3"
*102
49
3%
14%
*3%
~~2% "3"
198%
25
25%
10%
1038
79% 81
46
4534
23
233s
3%
3%
80%
4534
*48
3%
*47
4
197
25%
45%
45%
23
*4434
127
25%
9%
79%
10
79%
"l4~34
*102
198%
49
384
50
93
*65
198
23
93
42%
30%
*22%
*3%
*48
*50
21%
21%
32%
*2934
32
14%
*3%
3
22
*102
*196% 198%
25
21%
30%
68%
4%
*91
194%
278
21
32
*102
19434 195
*21%
*3%
"
2%
21%
67
66%
4%
*4%
4
*
234
*91
m
15"
14%
*3%
4
66
4%
*92
2%
Range for Previous
Year 1935
On Basis of 100-share Lots
Week
$ per share
*46%
3975
Range Since Jan. 1
STOCK
NORFOLK, VA.
EXCHANGE
June 6
*113% 114
•
2
STOCKS
NEW YORK
the
Friday
Thursday
RICHMOND, VA.
Record—Continued—Page
for
Monday.
INDIANAPOLIS
•
Stocks, Bonds, Commodities
for institutions and individuals
& COMPANY
LIVINGSTON
142
AND
Saturday
in
and
CHICAGO
.
Volume
HIGH
Exchange
orders executed
Commission
ABBOTT, PROCTOR & PAINE
leading exchanges
NEW YORK
Paine
&
101%
Dec
Jan
76
June
143%May 28
33% Feb 19
125
Feb
143
July
12
Mar
88
Feb
113
Deo
32% Dec
50% Dec
43
Jan
125
June 10
36
Jan 29
60% Mar
3
14178 Jan 29
26% Jan 28
178
Feb 14
102% Feb
6
104
6
150
Feb
Mar 17
63
124
Dec
18% Jan
98% Mar
72% Apr
7484 Mar
129%
Jan
25% Nov
70% Feb
140% May
27% Nov
160% Nov
104% Nov
107
Nov
141
Nov
ll%May 25
35
Jan 10
9
Mar
2
3
Mar
38%
2284
94%
IO84
6884
2%
11<4
5%
73% Mar 2
31
Apr 2
3984 Apr 16
31
Mar
49
8
Mar
30
Deo
46
16% Apr
1078 Sept
96% Oct
3% Mar
37
Deo
25% Apr
9
107%June 11
11% Feb 1
7034 Feb 1
2
10
Feb
7% Mar
48
Mar
47j Mar
35% Mar
5
% Mar
Jan 10
2% Mar
784 Mar
Feb 15
2684 Mar
5
111
Jan 30
15
Feb 17
50
Jan
7
36
Jan 13
117
110% Jan 20
7% Jan 25
97
122
Jan
84
Jan 28
Aug
Apr
3% Apr
55% May
125
Jan 28
85
62% Mar 23
15
Mar
4
Jan
25% July
4
Mar
17%
109
Deo
Deo
Nov
Sept
Nov
Deo
Deo
Deo
Aug
Jan
Apr
12% Deo
52
Aug
122% July
109
Deo
6%
Jan
70%
Jan
110
Jan
50% Deo
9%
Deo
New York Stock Record—Continued—Page 3
3976
AND
HIGH
SALE PRICES—PER
LOW
SHARE, NOT PER CENT
Tuesday
.
Wednesday
Thursday
Friday
the
June 6
June 8
June 9
1
June 10
June 11
June 12
Week
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of 100-share
STOCK
NEW YORK
j or
Monday
Range Since Jan. 1
STOCKS
Sales
Saturday
$
per
share
15
15
1458
1434
15
1438
1514
15
143g
14l2
153fi
*14%
*100i2 105
*100i2 105
*100i2 105
*100i2 105
*10012 105
*100% 105
17
1734
173g
1714
176s
17is
167R
171?
I684
1714
16*8 1634
*100
*100
106
10412 *100i2 10412 *100i2 10412
104l2 *100
104I2 1041?.
*104
*105
*103
119
*104% 109
*106
119
IO8I2 *10458 109
40
41
*37
69i4
41
41
*37
70]8
70
71
7214
10434 105
2414 2434
70i2
10314 10314
2412
24ig
*102i2 10434
2334 2384
*37
1634
2438
114
60
124
124
124
124
17
28l4
*165g
2734
6
6
*584
34
*31
32U
17
17
17
30i2
30l8
6ig
*6
63s
32i2
31
31
32i2
538
55s
512
5i2
5i2
33g
*3i8
3I2
33g
314
38g
3%
38i2
38i2
*37i2
39i2
*3884
1734
18
I8I4
18
40i2
185g
183S
2458
25
2538
2514
2512
*38i2
I8I4
25i2
*3912
17*8
2458
40i2
40i2
187g
26I4
26
26
44
44
44
44
*43
44
*4312
114
*15
16
9414
16ia
17
*110
22
92
3734
94
94
14
14
84
2714
21
54
54lg
SOU
51
17
17
17
167g
114i2 11412
*35
35i2
16
I6I4
*18U 20
*11312 11412
3514 3514
15*8
15%
19
19
*112
*112
113
85
20i4
20i2
*78iS
2058
48
48
*4784
91
91
*78i2
92
90
mimrn
2714
20%
425g
*114
9014
16
15l2
1778
17I2
IIOI4 HOI4
23
2314
2234 23
2238
2212
1115s 1115S *111% 11134 *11158 HI34
*37
3812
*36l4
3784 *36l2 3734
94
94
96
96
*93
94U
14
14
14
14
14
14i8
*8234
*83i8
*83U
27i2 2734
277g
2714
277g
2734
21
2II4
2U8
2078 21i8
2078
54
54U 5414
5414
54i2
5414
51l2
5H2 5234
5234
53is
52l2
223s
*83
*90
92
16
1534 16
157g
I6I4
17i2 1734
1734
17i2
1734
11012
110l2 *110
110i2 *110
*11158 11134
*36U
*43
-
17
1678
11414 IHI4
*35
35i2
16
16
*18
20
112
85
11234
85
*78
21
21
227S
4812
487g
49
49
*90
*78is
2234
85
2338
495g
9134
92
92
*90
92
4112
41i2
42
42
42
4178
417g
28l4
28 i4
2858
2812
2834
283g
74U
7434
6I4
134
7434
757g
7512
75i2
6
6
6
75i2
6%
2834
76i4
1«4
134
2
2
141g
14i2
46i2
143g
46i2
143g
4634
14ig
141g
4458
447g
*4612
4338
*714
*36
46
*48
55
43l2
433s
7l2
7%
*377g
4634
3934
4678
467fi
*10212 103
.
53
*49
43i2
433g
75s
3934
734
47
_102% 103
53
4338
734
3934
*38%
4634 47
*102% 103
45
*8i2
*10
*45
453'
45
4534'
5378
46
*53
*53
5378
53
53
834
9
9
9
10i2
15is
15i8
*10712 HI
137s
1312
107
*102
834
10%
15ig
111
1378
*102
10%
157g
111
10l2 1U8
id
16%
112
116
1418
107
234
234
2%
1034
1034
*2414
25
24l2
24i2
*24
2534
25
25
2514
26
18
*253g
412
*11%
*16U
378
171S
58
25U
I6I4
*384
5
13
I6I4
37g
4i2
1234
17
*5378
27
31%
30l2
1
1
135s
10
32
1414
57
*53
10%
32i2
14I8
32i2
15i4
*53
*95
99
*9918 100i2
*7
73g
158i4
158
*137
7438
*22
235s
*59
140
28l2
*683
5484
95s
*95
*137
140
75
2212
22U
2212
2358
2812
41
712
55U
10U
98is
10384 104
2358
*60
2814
*3912
25.
6U2
2814
41
*658
*101
5538
8I4
40
473g
103
4612
53
83s
11
165g
117
1414
106
712
104
IOI4
27g
2784
30i2
78
31
31U
103g
32l2
15i8
IOI4
lOU
33
33
1714
*54
*78
145g
100
*53
15
97l2
1234
3934
97i2
*101
104
56i4
5684
IOI4
978
95
94lg
104
104U
2
*H2
2
3%
13g
33g
*114
33g
534
*514
534
1H2
*8
29
29
lh
1&8
IBs
158
134
134
1H2
2914
134
3i2
35g
*3l2
2%
*7%
1418
*45l2
1»4
334
384
37g
3
3
3
134
*H2
*37g
*312
4
*213g
25
*22
*22
2284
*22
4%
*37g
3i2
*77g
14l2
8i2
14i4
4618
134
4i2
3i2
25i2
2212
*45i2
134
4
3i2
*23
*217g
For footnotes see page
427g
4384
8i2
934
34184
42%
49U
47i2
10214 10258
104
104
3974.
685g
6812
*U2
33g
138
534
4534
17s
4
117
117
1334
*105
14i8
106
118
127g
105
2i2
4,100
7,500
119
137g
106
234
230
57,000
500
1714
*56i8
28ig
78
234
107g
2434
43g
I8I4
5834
29
313g
1
10
1038
3238
33
1478
1514
10
11
7,700
18
312
25i2
225g
10,500
15
16U
43g
183g
Bohn Aluminum & Br
No par
Bon Ami class A
5
Budd (E
par
No par
Bulova Watch
No par
..No par
Bullard Co
Burroughs Add Mach..No par
J Bush Term
Debenture
No par
100
10
Byron Jackson Co
No par
California Packing
Callahan Zinc-Lead
No par
33
143g
1514
Preferred
100
1
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
5
30
Jan
6
Canada Southern
100
54
Canadian Pacific
25
1234
40
40
40
600
Cannon Mills
135g
12l2
*38i2
1314
1314
800
Capital Adminls cl A
5012
350i2
50%
30
9834
*97I2
9834
100i2
100i2 *100
10
*9712
101
5412
934
101
555g
10
20
1,200
11,900
210
5,800
9,500
4,000
360
56
*52
56
10
14,200
7,500
100
100
2,600
5834
59
13,600
3i2
*33g
35s
5812
*H2
312
5914
2
585s
*112
3%
500
H2
534
*U2
178
15g
178
600
*5i2
534
514
6
2
2
100
1,600
11
*8
11
134
2834
178
2834
1%
37g
27g
37S
334
3?8
1,500
5,600
3
3
3
1,600
*8is
8i2
4lg
*378
4
4
2512
2412
2412
25l2
812
1412
45V8
D8
412
4%
25%
2H2
21
2U8
20
20%
14
14
4534
4534
178
178
4i8
*8i4
14i4
*45i2
*U2
*4is
Carriers & General Corp.
100
1
Case (J
100
I) Co
Preferred certificates
100
500
100
100
300
600
200
2,000
Mar
6
1078 Jan 20
37
Apr 30
1234May 8
4584 Jan 8
87
Jan
4
91
Jan
4
684May 22
92i2 Jan
116
Jan
7%
preferred.
100
Champ Pap & Fib Co 6% pflOO
Common
Checker
No par
5
Cab
Chesapeake Corp
Chesapeake & Ohio
No par
25
tChic & East 111 Ry Co
100
6%
preferred100
Chicago Great Western...100
Preferred
100
fChic Ind & Louisv pref. .100
Chicago Mall Order Co
5
tChic Milw St P & Pao.No par
Preferred
100
Chicago & North
Western .100
Preferred
Conv
100
Pneumat Tool .No par
preferred
No par
8% June
June 12
80% Feb
5
23
Mar
2478 Mar 23
6% Mar 20
2514 Feb 13
10
74
Jan 10
32
29
Apr 13
40U Apr 2
16% Jan 2
5784 Mar 24
43i2 Jan
18i2 Feb
52i2 Apr
97%June
10078 Feb
934 Feb
11
24
18
10
21
19
Feb 21
934 Jan 17
107
68
Mar
7
Apr 14
19% Mar 24
1
104% Mar 7
x21
Apr 29
102%June
69% Apr 17
4
Feb 19
4
8i8 Feb
Chlckasha
20
10
Jan 6
Feb 19
Feb 18
Mar 13
3% Jan 13
6*4 Jan 15
25s Feb 5
Apr 23
Apr 24
Apr 28
Jan
2
June 12
■-
Feb 19
16
1% Apr 28
li2
3%
3%
1984
Nov
12
7
Jan 31
3188 Jan
6
278 Feb 11
578 Feb 11
478 Feb 21
12i8 Feb 21
20% Jan 2
Mar
Mar
2i2 Mar
7% Mar
8% Sept
50
Apr
684 Oct
3338 Nov
858
30
Oct
June
4% Mar
32i2
82%
Nov
Aug
July
7
Dec
•
4584 Mar
83% Apr
36% Jan
19% Apr
16% Nov
55
Nov
22%
34
Feb
Mar
6% July
96*4 Mar
38*8
Jan
3% Mar
23
Mar
488 Mar
36
Mar
37i8 Mar
1
Apr
78 June
58 Feb
1*8 Feb
818 Dec
JIU4 Nov
126i2 Nov
60
353s
Nov
Jan
21% Nov
6234 Nov
29
May
62i2 Aug
123s Jan
109i2 Jan
653g Dec
1538 Dec
88U Deo
21
Dec
6H4 Nov
53U Dec
2i8 Jan
3U Dec
2U Jan
5*8 Dec
Mar
9
Dec
19i8 June
*35
Nov
14 Mar
34 Mar
13g June
35s July
3
Jan
484
Jan
658
Jan
1
458 Mar
20
Mar
6
8
84 July
158 Mar
H4 July
914 July
1
Nov
95
Jan 11
6
14
48
Mar
Feb
Jan 10
17% Dec
56i2 Oct
1384 Jan
40U Oct
85
Feb
Jan
Jan
88
3
77&
li8
Feb
Feb
8
30U
Dec
~42% "Feb
56
3I84 Apr
66
30% Aug
% July
14
61
1% Apr 30
278 Apr 27
2i2 Apr 29
684May 1
12% Apr 30
40'4May 4
3i8 Jan
10i2 Jan
22i2 Jan
3i2 Nov
20% Jan
June 11
2
May 12
28
U8 Mar
11% Mar
37% Jan 13
Jan
6
Mar
1
514 Apr
51
25%May 13
Nov
Nov
1434 Nov
Mar 24
74i2 Feb
2
3
"143s
24i2 Nov
Mar 23
2
Jan
Dec
984 Nov
97i2 Deo
Mar
9
Jan
l%May 19
4
Deo
May
Mar
19
59
278 Jan
878
1734 Dec
100
Apr
2%
334
8%
13%
31i8 Feb 4
33% Feb 13
Apr 22
19i2May 14
22% Jan 2
Dec
Aug
Aug
3%May
June 12
4
Mar
% Sept
5% Mar
14
142
Mar 13
101
tChic Rock Isl & Pacific.. 100
7%
preferred
100
6%
preferred
100
Chicago Yellow Cab
No par
Cotton Oil
6234 Mar
3% Mar
Apr
177
4
38
46 84
100
1H2 Deo
57
100
Oct
Dec
512 Dec
4U Mar
8% Mar
35
Preferred
55
42
14% Feb 14
20i8 Feb 14
32%
31i2
71%
35%
Cerro de Pasco Copper.No par
Certain-Teed Products.No par
70i2 Dec
8% Dec
234 Dec
17i8 Nov
553s Oct
7H2 Aug
6334 Aug
7
Apr 28
July
47«4 July
27«4 Nov
Mar
6
6% Apr 29
97%May 2
4784 Jan 21
100
33g July
2134May 22
19
Apr 30
54 May
1
25% Jan 6
1,300 Chicago
800
108s Apr 30
Jan
May
53
Celanese Corp of Ami.No par
fCelotex Co
No par
100
Jan
43
7834 Apr 15
preferred
July
2378 Aug
Mar 23
13
5434 Jan 16
5%
Dec
22i2 Dec
5978 Jan
56% Jan 31
65% Jan 15
No par
Caterpillar Tractor
Central Agulrre Assoc.No par
210
*52
Stamped
Central RR of New Jersey.100
Century Ribbon Mills-No par
104
*100
*101i2 104
1934
1934
1934
*19i2
9258
Carolina Clinch & Ohio Ry.100
100
700
9258
933g
1
10
1,800
670
933g
No par
Preferred A
Dec
90
Mar
Jan
17# Feb 10
% Jan
Nov
Mar
14
55%June
Apr 30
30*4 Apr 30
22
17
114
8% Apr
24i2 Feb
23i8 Jan
303g May
1% Apr
28% Apr 27
6
1234
27i2 Sept
% June
lli2 Jan 10
2O84 Apr 28
25
Apr 27
2% Jan 2
8% J
2
14% Apr 29
2!% Jan 2
16% Apr 29
Jan
1212
1358
*4812
2U Jan 20
2% Apr 15
8% Apr 30
95
Sept
1434 Nov
117% Mar
241? Oct
2284 Dec
Mar
90
114
Jan
May
Mar
June
Jan
36% Mar
1578May
9% Jan
6
55
6
11% Jan 30
3% Feb 14
187S Feb 13
6478 Mar 6
69
Apr 4
119
Mar
1434 Dec
57i2 Nov
50% Mar 25
Apr 7
13i2May
Nov
Jan
1434
958
16%
103%
28%
6%
39*8
104
Calumet & Hecla Cons Cop .25
*52
15,600
15% Mar
48i2 Mar 11
12% Mar 5
51% Mar 5
4
May 19
85
1,500
33
117s Mar
34
28% Jan
334 Mar
8i8May 19
878 Jan 2
100
1st paid rights
Budd Wheel
55
*52
x50
No par
100
G) Mfg
Sept
4
9734 Feb
100
8,900
1,800
79
83% Mar
33i2 Jan
40% Jan
par
5
7% preferred
Rights
Feb
1U8 Mar
Jan 21
par
10
preferred
Nov
72
Dec
par
3U2
5,800
1,900
22,500
33
4
5
Mar
Jan 17
Dec
15i2 Nov
88
20% Nov
108% June
33% Sept
21
41
Dec
116
Oct
90
4
Sept
49% Aug
Jan
38
Jan
18
25%
14
6
48
Deo
115
Jan 15
Apr 27
1% Jan 9
13% Apr 30
43% Apr 30
Jan
40
100%
Feb 28
45
6
5% Dec
Jan
30% Feb
4% Jan
57
1
578 Mar
10734
100i2 Apr 13
64
No par
Preferred
June
2
25% Jan
29
1038
32
26% Jan 29
63% Mar 7
Nolpar
Union Gas
Jan
99
3
393s Jan
Bucyrus-Erle Co
7%
June
No par
Class B
Borden Co (The)
2734
3U2
*7g
9% Mar
3618 Mar
106% Mar
314 Feb
80%June 12
3
5
57
IOI4
7% Mar
1678 Apr 30
46% Apr 30
5
50 Bush Term Bldg gu pf ctfs.100
2,700 Butte Copper & Zinc
5
2,100 ByersCo (AM)
No par
6984
414
37g
78
Jan
Feb 28
113
10934 Jan 24
100
Boeing Airplane Co
Jan
7% Apr
20% Feb 19
21% Feb 11
Blumenthal & Co pref
Oct
14
63
1% Feb
12014 Mar 26
48
Apr 6
100
45%
28
3
Jan
19% Dec
Mar
284 July
June 10
19
Jan
Mar
5% May
35% May
1434 Apr 28
18% May 8
Preferred
May
48% Nov
115
Sept
4
23
Bloomlngdale Brothers-No par
28
15
Blaw-Knox Co
Bruns-Balke-Collender.No par
2914
I84
414
378
*2234
2U2
20
100
10i8 Apr 28
110
Apr 30
Brown Shoe Co
*8
*44
4584 Apr 30
300
167g
10684
Blgelow-Sanf Carp Inc.No par
2,400?Brooklyn
11
3284 Apr
3I84 Apr 15
243s Mar ' 5
57% Apr 2
6384 Apr 8
7
(Del) -No par
400
11
5
June
Jan
No par
Oct
Jan
17i2 Dec
1978 Dec
22
I6I4 Mar
89%May
Jan 18
914
1678
96
2
48
preferred
preferred
Mar
20%
Mar 11
8
20
5%
7%
Mar
6
Apr 11
Feb
No par
new
37%
3
28
21
19
28
3
2034 Mar 19
26
Beneficial Indus Loan..No par
Beth Steel
19i2 Apr
lll%May 29
37 May
6
21% Jan 20
5
Aviation
384 Apr
5412 Feb
40i2May
2414 Feb
3414 Feb
49i2 Feb
117i2 Feb
83
52l2
*2834
*1*>8
14ig
Bendlx
Dec
92i8 Dec
Mar
13% Jan
47
11
14l2
Feb 28
85
52i2
*834
107g
165s
69
8is
14ig
4534
134
35
20
4634
29
83g
50
Beech-Nut Packing Co
9
69
134
8
Best & Co
Deo
60
66*8 Mar
Apr 8
1834May 26
114% Jan 15
2
Jan
1,400 Bristol-Myers Co
7,900 Brooklyn & Queens Tr.No
Preferred
No
1,300
9,900 Bklyn Manh Transit. .No
$6 preferred series A.No
1,000
6878
3
Jan
107
Bridgeport Brass Co
No par
Briggs Manufacturing-No par
Briggs & Stratton
No par
200
69
418
18
100
Belding Heminway Co.No par
Belgian Nat Rys part pref
Deo
44
x20
8
Preferred.
100
678 Feb 24'
102
6
May
100
*8
lSg
378
June
tBotany Cons Mills class A.50
29
278
8is
17
53
1034
16i2
3
3
6
10
6
110
467s1
104
*101
*10H2 104
5434
557s
5412
5614
10
10i2
978
9&8
94i2
5
30
No par
100
25
9
IOOI4 lOOU *100
7
7
714
94
100
46i4
*52l2
1
55
6H% conv preferred
Boston & Maine
31U
28
5814
1414
46i2
41i2
4734
463g
1027g 10278
No par
Barker Brothers
Borg-Warner Corp
17
68
83g
9
100
Preferred
400
*16i2
414
4
58
2%
14ig
4714
50
700
3,200
16i2
43g
175g
593g
68
278
*134
17
68is
58is
*778
1414
*44l2
*6i4
218
14U
Bangor & Aroostook
.15
10
900
68
*8
77
6i8
170
458
68
*28l4
77
2
88
-
26ig
*43g
*1U2
I6I4
414
*66
11%
285g
M
43g
147g
1934
29%
210
11,800
4178
287g
-
26l2
56
*8
4U2
2834
777g
63g
2i4
9134
*4H2
285S
2334
*.
18,000
1,500
2578
*52
*28l2
497g
«.
4I4
*m2
»19l2
534
85
*88
6ig
90
*78ig
2234
34934
80is
4U2
76
113
2534
43g
58
*5U
50
235g
100
800
20
13g
*5U
497g
2,400
1,100
3,700
*52
1%
85
112
600
2578
2634
*19i2
13g
*78ig
2234
3,800
1,100
1678
167g
1143g H43g
3534 3534
16
I6I4
20
*18i4
2414
1934
3%
5438
24
55
138
5234
*25
55
*3U
*1U
5438
26
587g
5734
*1%
*3U
523g
25i2
20
5734
545g
24i2
*48
57i2
5458
—
2534
III4
*19i2
*1912
5412
7
7
714
714
172
161
177
164
16278
17434
165i2 164
141
*130
141
*130
141
*130
1395g 140
77
75
75
7534
7434 7434
75i8
753g
24
23
2314
237g
24l8
2314
2312 2334
26
25
25
25
2534
25U
2618
2512
64
64
61
61
62
60
60U
6434
29
29
285g 2912
2914
29l2
2914
2914
*41
41
*41
42
41
42i2
*3912 41
8
7
*7
7i2
712
*6l2
712
778
96
10334 10384
5414
»
7,100
2,900
3,300
20,700
25i2
2538
43g
*1112
*634
1012
9414
28%
21
15
*9712
567g
M
.
2734
2078
2414
278
11
1338
738
15934 163
-
2812
21
4334
5012
6%
-
2734
21
*435g
734
3912
4l2
147g
1612
4ig
173g
5938
2834
100
700
43i2
133g
*99ig 100i2
-
""800
2,200
5012
99
-
"
14ig
19,200
1312
507S
98i2
7434
104
*101
*95
M
93
14ig
1414
*5012
7438
6H2
*39l2
50
M
93
53
1312
39
*13
*37
4934
50
39
1314
300
14
1258
3934
50
17i2
110
23
2384
0:2234
23i8
llUa lllls *110
11158
*83
100
9
3(F
12
30
28
30
Beech Creek RR Co
17i2
*83
100
& Obio
Preferred
11,100 Barnsdall Oil Co
3,000 Bayuk Cigars Inc
/
60
1st preferred.
3,300 Beatrice Creamery
16
1534
110
100
100
91
53
1234
3934
*4918
16l2
20
4834
125g
*38i2
13i2
*1234
*38l2
200
53
56
1234
2,100
44
*4234
assented
11,000 Baltimore
19
26i2
Apr
Apr
278May
29% Apr
40%May
15% Apr
21
Apr
4178 Jan
112% Apr
13% Jan
82% Jan
14% Jan
100
Preferred
Pref
40i2
4914
*53
1234
*3912
1812
1,500
*515g
56
1258
3934
12l2
40
234
1034
*24i2
24l2
255g
2534
*54
1
*78
10
314
40
53
1018
3214
1434
3U2
978
*3114
116
63g
2i8
143g
4784
273g
30l4
7g
2738
*31
2%
III4
378
173g
17i2
58%
2612
4618
*52l2
858
107g
16i8
14
2514
43g
*1U2
*16i4
378
*1678
*5334
26i4
103
*105
10%
2438
2514
*4i2
*1114
4612
14
234
1058
2%
10i8
143g
4634
*5U2
4312
8I4
3934
106
1378
106
6%
*2
3
16
1678
167g
1678
114
114
11414
3534
35i2
3534
3534
16
1618
1618
16U
20
*1812 20
*18i4
*11112 112
*11112 112
112
3
*87
93i8
1414
June 11
Works..No par
16
1414
31
400
90
*37
8
No par
Loco
Mar
2984 Feb
3534 Mar
Apr 18
Feb 14
5
Jan 15
46% Jan 24
784 Mar 18
5
5%June
I26I4
30%
54%
10%
4
8,600
90
£93
Jan 17
16%June
26%June
4,000 Aviat Corp of Del(The)new_3
*1534
17i2
1738
IIOI4 llOU
112
Assented
48
Feb 18
558
Baldwin
Nov
I884 Nov
109
Sept
June 12
73
Jan
33g
116l2 11612
1534
1534
114
28
*112
425g
116i2
115
100
Prior A
4
Oct
978
90
7% Mar
8078 Apr
21i2May 28
35ia Apr 1
2
48
200 Atlas Tack Corp
No par
9,200 Auburn Automobile—No par
No par
1,500 Austin Nicbols
220
6
2
24
10
13
11
21
28
112%May 22
314
314
26
17
*41
*6
314
*3ig
40
*11314 H612 *11314 116i2 *11414 11612
*16
I6I4
*1514
I6I4 *1514 I6I4
114
♦90U
*3934
•'
40
26%June
25
100
No par
Preferred
2
Jan
5i2
55g
338
314
41
60
3U2
6
Preferred
5.Q00 Atlantic Refining
1,000
4% conv pref ser A
2,600 Atlas Powder
17
29
53g
40
13% Apr 24
*120l2 12414 *12014 124U
3i2
314
3934
40
100
62
17
3i2
314
4078
417g
I8I4
*38
At G & W I SS Lines_.No par
9034 Jan 2
21% Apr 24
11
Apr 22
283g
28l2
6i8
32I2
103i2May 19
Fe.-lOO
15,500
Preferred
100
1,200
6,400 Atlantic Coast Line RR...100
Oil
Associated
384 Mar
Apr
70
May 13
1784 Mar
10934 Apr
106
Apr
61% Feb
865s Apr
IO634 June
3534 Feb
19%May
Feb 21
115
62
100
100
6% 1st preferred
7% 2d preferred
12% Apr 30
May 21
100
2778
2218 Feb 27
108
1
59
100
115
3
Jan 20
05
100
Associated Dry Goods
36
1934
62i4
$ per share
98
17
283g
$ per share
Atch Topeka & Santa
*18
114
59
Highest
$ per share
-.25
*16
6U
*3
100
Lowest
8ig Jan
No par
Preferred
'""loo
253g
Yedr 1935
Highest
$ per share
Par
1,300 Artloom Corp
io'eoo
17
314
3i2
*3
24i2
Range for Previous
Lots
Lowest
20
28
60
27
25l2
1936
13
EXCHANGE
Shares
40
743«
7314
10634 *10518 106
247g
28i2
1145g
28
114
40
73
1634
59
*16l4
41
*18
59
59
124i8 124i8
17
*165g
283«
2778
534
558
*28
3512
5%
314
2514
16
27l2 27l2
27l8
2734
11312 113l2 *113i2 114
538
105
1984
27
*120i2 12414
18
*16%
27
2778
6
*578
3212 3212
105
105
1934
*18
*58
72
16
19l2
27
74
72l2
16
*18
17
*1784
113l2 113i2
59
*58i2
40
19l2
16
1912
*16
16%
40
June
25
Sept
10&8 Jan
205s Dec
5434 Dec
25s Jan
414 Deo
4
Jan
1934
Deo
3184
Dec
New York Stock
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
Record—Continued—Page
Sales
SHARE, NOT PER CENT
STOCKS
for
JOT
Saturday
Monday
Tuesday
Wednesday
June 6
June 8
June 9
June 10
$ per share
$ per share
$ per share
$ per share
*753
*29
778
31*4
927g
17*4
17*4
*79
79*2
6*2
3312
6*2
*33
8
*7%
8
75g
31*4
9412
17*2
7978
67g
28i2
9384
17*4
29
*28*2
*75g
*29
93*2
9384
17*4
7978
6*2
7934
95*8
9478
17*2
7984
7*2
7%
7%
31%
*28*2
9434
9734
96
31%
98%
1778
17%
*79%
634
17*4
17%
79
17%
79*4
*67g
33*2
7
7*8
io884
*36*2
37*4
*86
*48
33
33*2
33%
338s
*7512
*75i2
10834 io884 *107*2 108*2
37*4
37*4
37*2 37*2
108*2 108*2 *10784 109
38
37*2
37*2 37%
*87
548.J
134
*48
53*2
*127
99
100
5784
14*8
*98*2
*57*2
1334
33l2
*57*2
34
*7512
*87
*48
*51
*127
53~"
134*2 ♦127
101*2 10034
5734
5734
13%
14*8
103
*102%
4434
4484
111
*10934
53%
19*2
2078
19*4
2058
5*4
26*4
3334
*25*2
5*4
26*4
5
5
25
26
25
25
3334
33
3334
33
33
27
26*2
26*2
2684
27
2734
2034
*518
5*4
*25
26*2
34l2
24l2
*32*4
24l2
*19*4
30
*117*2 118*2
35*2
4234
3534
4284
183s
1812
102
102
*91
97
63l2
6334
11538 11538
*68*4
6884
*110l2 112
*108
109*4
16
16*4
3
278
*66
67
*7*4
8
3384
3384
*19*4
2038
118*2 120*4
3534 36
44
1834
102
*91l2
6384
*23l2
121
44
102
643g
116
116*4
69
69*2
115
*738
8
3334
34*8
18*2
*17
11
11*4
2088
*lll4
12
*2078
257g
884
*812
20%
*8*4
*65
69
*65
18*2
9
69
434
478
*47g
11*2
115s
*105
8*2
*93
635s
63
106
9
*8*2
69
*65
47g
11*2
*105
9
434
5
106
*105
16*2
347g
*2
*2
%
2i2
15*4
2i2
15*4
2%
*14i2
*7%
85g
18
18
18
18
13*4
1334
14
*15s
76
76
755s
7534
19*2
1*4
*74i2
7534
1334
1*4
137g
15s
*7%
183s
13*4
15s
1778
14*8
1%
1%
17%
17%
1434
178
15*2
173s
15%
1%
17%
15%
2
40
39%
39%
40
2%
29*2
31%
59%
78*2
2%
297g
23s
*36
235g
57
4538
io884 *102
8
778
1*2
*31
10*8
95
36*2 36*2
17*4
17*4
102i2 103
55g
143s
*8
«
36*8
173s
6*8
1512
*16
60
*8
60
*36*8
*50*2
55g
1434
45
57g
15
31
107
*1*2
1%
12
12
103g
10%
94%
36*4
18*4
*9358
*36
18
103
103
8
734
*3184
*105
734
773«
600
-.6
Continental Steel Corp.No par
950
8,200
200
Preferred.
.100
$2.70 preferred
1,600
No par
*105
107
10%
11
1*2
12%
10%
*93%
94
94
1%
12%
36
*36
36%
18
18%
103
103*8
18*s
103
57g
1/5%
578
15%
£1434
15%
534
1434
s32
*16
s32
*57
60
60
60
*60
*36%
5134
45
*36%
45
*36%
5134
87g
9
934
777g
77
77%
52
300
1%
90
11
.100
95
<
4,000
110
uban-American
Sugar
Preferred
36%
400
(
18%
2,800
100
800
5%
60,600
15%
11,500
316 216,050
70
30
45
udahy
53*2
934
80*4
5,700
2934
800
*
7834
29*2
•eere
&
2934
2934
2934
23*4
39*4
1534
23
23
23i2
23
23
23
23%
23%
23%
2,100
>eIsel-Wemmer-Glib
39*2
40
40
40*2
40
41%
4,600
•elaware & Hudson
16
4034
16%
41*2
16*8
6*2
40*4
16*2
41%
16
17
163s
17%
6*2
*57g
*135
140*2
140
*4
634
*4
140
*4
734
734
18
*10*8
18
*10*8
18
51*4
*50
5U2
*51
5134
36*4
*3512
*397g
2I84
2134
58*2
*8%
55*8
59
*303s
*13
58*4
834
5658
*3034
32
15
*13
15
1
*84
178
534
15
~
*U4
*5
*1334
-
14178 1423s
114
1734
13
52
52%
*52
13
""60
52%
36
*36
3634
*36
36*2
40
*39%
40
200
22%
21
22%
59
58%
59%
57*2
57l2
577«
*3978
20*2
59%
*9%
57%
3212
*30%
33%
3034
3034
*31%
33
15
1434
1434
*13%
14%
*14
15
100
1
200
5*8
9
9
34
*%
178
*1%
5*8
15
*638
162
162
678
162i2
164
164
164
3284
32l2
73g
3434
778
353s
112l2
1234
178
578
15
*100
14338 14414
129*2 1295g
11212 112*2
22
*13*4
6*2
1
21
20%
21%
58*4
5934
9
5884
5738
59*8
1
*%
*1%
*5%
*14%
*%
*1%
178
*5%
578
*14
15
5*2
*100
_
_
^
*164
164
*_-.- 164
164% 164
33
3134
32l2
3234
33
32%
32%
8
8
8
*7*2
7*2
*7%
7*2
35
35
3478
35*2
36*8
£3534
3638
11234 *112
11234 *11134 11234 £111*2 112
13
12%
13
13*4
13%
127g
1234
*
6
2
3
7
6
Jan
Jan 14
Mar 27
Jan 27
7%May 4
28
Apr 30
95i2 Apr 29
H2 Jan 2
10% Apr 28
618 Jan
7
63i2 Jan 7
35%May 26
167gJune 4
99i2 Mar 13
4
Jan 15
106
1 li2 Feb
5
1% Jan 16
43s Apr 18
20%
26%
1918
234
7734
8714
2438
Preferred
2,400
120
2,700
700
8,800
110
9,300
Jan 11
Jan 13
Mar
5
Feb 11
22
7
Mar 20
Apr
41
115
Jan
287s Mar
84
Jan
15*8 Mar
Jan 30
4
Feb 18
4134 Mar
60
Oct
148*4
Oct
4*8 Mar
3578
1184
23*2
43i2
74*2
3i2
Sept
Mar
Jan
Mar
Mar
14
Mar
Jan
Mar
6
278 Feb
4
1
Jan
18i2 Feb
14i4Mar
4
5
Jan
102
Mar
9
6
44i2 Jan 14
2414 Apr 13
104
Feb
4
47*2 Apr
5*8 July
40*2 Jan
37
Dec
15
Mar
89*2 Mar
2
23*8 Deo
1178 Deo
178 Deo
69
Dec
99*4 Nov
20*2 Deo
4478
Deo
234 Nov
35
Deo
6934 Dec
783g July
May
165
75s
48
100
9*8
105*4
Deo
2*8
Deo
14
Dec
8*2 May
8084 May
47*2 Jan
2434 Nov
105*4 June
4%
Mar
Deo
Deo
Dec
12*4
73
Nov
38
Mar
i6June
90 ~ Jan 21
Deo
3978 Mar
1933 Deo
4878 Nov
6*4 Mar
9% Mar 11
2U8Mar
43
Nov
8
Jan 14
8034Junell
168i2 Apr 15
7% Mar 6
3778 Jan 10
27i4May 5
6384 Apr 15
4778 Apr 28
1084 Mar
Dec
4*2 Mar
»8 Apr
46*4 Jan
6234 Jan
6
Deo
Deo
x95
Nov
Dec
Deo
27
Jan
2
31
Feb
7
19
26
Mar
6
1878 Dec
23i2 Mar
Corp. 10
May 29
19i2 Apr 28
3634 Jan 20
1478 Apr 30
43s Jan 4
52
153
Apr 29
10
13
June 12
Jan 10
Feb
5
Deo
Mar
130
Dec
2
Aug
6
Jan
19
Deo
2
38
8
42
Mar
6
18% Apr 30
4H2 Jan 2
784 Apr 28
5058 Jan 6
3458 Jan
61i2June
2
29
37
Jan
6
Convertible class B__No par
5i2 Jan 10
100
SsMay 20
Us Jan 6
>uluth S S & Atlantic
100
5
May
1
100
114
Feb
Nemours(E I)&Co.20
133
Apr 30
Preferred
>u P de
8
Feb
7
6% non-voting deb
100 129
Duquesne Light 1st pref—100 £111% June 12
18
Mar 11
Durham Hosiery Mills pf.100
6
June
6
istern Rolling Mills
5
156
istman Kodak (N J) -No par
Apr 28
100
6% cum preferred
Eaton Mfg Co
Eitingon Schild
Elec Auto-Lite
Preferred
Electric Boat
—No par
No par
5
(The)
100
3
158
28%
584
3034
iioi4
„
Jan 27
Jan
6
Apr 28
Apr 27
Jan 23
10
Apr 30
584 Apr 29
Mar
3
Jan
213s Jan 31
58
Apr 8
40*2 Jan 25
Jan
11
65
7
3378May
Participating preferred—25
Jan
1*2
5*8 Oct
35i2 Aug
26*2 Jan
343s
Jan
Dec
Jan
1258
Jan
7534 Jan 30
17*2 Mar
5838
Dec
Mar 26
13i2 Mar
32
187s Mar 26
i84 Jan 15
638 Mar
684 May
1
Jan 15
*4 June
13s
8I4 Mar 9
I8I4 Jan 17
1234 May
3
2
June
Oct
104
Feb
115
Aug
12
Nov
25
Jan 13
978 Feb 11
170*2 Apr
166
1
Mar 13
37
Apr 6
9*4 Jan 30
44% Feb 19
114
Feb
6
334 Mar
6734
6734
68
66*2
68%
6684
67*2
9.700
$7 preferred
$6 preferred
2
1738 Feb
4
734 Feb 21
9
27*2
8
Deo
Jan
110*2
Ja**
172U Nov
141
Jan
164
Jan
30 s8
3*4 Mar
198s June
38%
1658
107
Jan
3
63
Nov
132
687gJune 11
*62
116
146*2 NOV
Mar
1684 June 10
7234
Aug
86% Mar
12678 Feb
73*2June
16*2
71%
Dec
Dec
19
103
Apr 8
133i8 Apr 1
11534 Feb 14
638 Jan
1534
72%
2,900
93,200
12,800
Elec & Mus Ind Am shares...
16*2
Deo
Deo
153
29% Jan
6*4
16%
71%
8*4
Nov
115% Jan 31
3284 jan
6%
i684
73%
17*2
*4 June
No par
6%
16%
7234
Jan
Nov
4H2 May
38*2 Deo
44&8 Deo
33
No par
6
73i2
41
?4is
Electric Power & Light.No par
6
503s
4
1178 Jan 23
37g Mar
55s Sept
1*8 Mar
1534
715g
66*8
5884 Nov
28
Sept
24i2 Deo
43*2 Jan
19*8 Jan
Feb 17
938 Feb
May 12
42
5% non-cum preferred. .100
Feb 20
23% Feb 20
128
1378May 19
""800
9
3
Feb 21
i8June 8
60 May 28
10i2 Jan
100
230
Mar
4
105
Dec
2234 Mar
100
Preferred
1,100
Mar
46
69
Deo
Deo
Dec
Apr 17
38i2 Feb 11
46
683
12*4
101*8
8*4
13s
6
100
5,400
June 12
72*8 Feb
ll2 Mar
6*2 Mar
100*? Dec
2*2 Jan
38 Aug
8914 Apr
6
9
1085s June 10
6% Feb 10
15% Mar 6
7
15%
713s
For footnotes see page 3974
3
7*2 Jan
22*8 Feb
3434 Nov
105*8 Nov
Jan
6
66
Jan
7i8 Feb 13
52
15%
6%
20'8 Feb 13
385s Feb 17
Nov
68*2
6478
6*4
Apr 30
Apr 30
Apr 30
Jan
10*2
15
6
Feb
Mar
74
75
67
16*2
82
80
47
1434
6
Nov
7212 Oct
3*4 May
14*4 May
1578 Feb
Mar
67
57g
Mar
69
June
9,300
""10
*100
July
June
15
145
145
146
146%
14534 147*8
129% 129% *129*2 12934
12934 12934
112*2 11234 £111% 111%
112% 112%
22
22
*13*2
*13*2
22
*13%
67g
634
684
*6%
*6%
6%
162
164
164
162l2 162*2 164*2
Jan 10
6
700
1%
Dec
16
8,500
9
9%
Oct
11
61
7,900
5934
■
*100
22
*5*8
*14
9
71
4584 Nov
21*2 Nov
6
300
40
Jan
57g Mar
Jan
Nov
6
800
36
*14
113
13
*10%
3
62
4
40
58
*114
14312
129%
11212
18
52
29*8
Oct
23%
Jan 15
155s Mar 16
43% Jan 7
45i4June 4
6
36*2
57*8
15
143
*4
105
84 Mar
Mar
600
397g
878
7s
1?8
534
114
*129l2 12934 129*2
113l2 113*2 113
*13
22
*12*4
6
6*4
*6*4
*16078 162I2 161
*
*161*4 164
"3134
3134
3134
8
*7*4
*7*4
35
3412 345s
*1113411212 *112
123s
12l2
12i2
6
119i2 Aug
72
Aug
115i2 Jan
984 Mar
200
*14
57
32
*4
6
*31
834
5638
52
6
141*2 142
6%
141
58
2212
5834
834
*10*8
734
6%
141
22
40
215g
*4
6*2
140
36*2
397g
36*2
40
*6*4
140
Oct
70i2 Jan 27
8,000
16%
Oct
Jan
56*4 Feb
110*4 Dec
9778 July
16*2 Oct
20
2934
23
16*4
*578
6*8
*140
140*2
58
39%
110
Oct
No par
Co
*29*2
2934
Dec
65
No par
2934
297S
83
4314 Jan 6
7% Apr 27
preferred
900
7934
Mar
Mar 24
162
1
Cushman's Sons 7% pref. .100
31
Deo
1534
Mar 25
35i2 Apr 30
2% Apr 30
28%June
29 May 19
5514 Apr 30
£68% Jan 3
—1
Class A
Rights
1,000
*9
No par
Curtiss-Wrigbt
8%
53
9*2
50
Packing..
Preferred
90*2 Deo
78
18
10
(
103
52*2
9*2
7734
*29%
Preferred..
1,100
12%
50
Mar
85
102
200
Dec
Mar
85
35
17,300
Jan
Dec
2
414 Apr 30
900
9,000
17*2 Deo
101*4 Nov
4978 Deo
7
40%
48*2
33g
35*2
Jan
6714 Jan
67i2May
2,500
2,200
107
*1%
*11%
5934
77
2.50
Continental Motors
Continental Oil of Del
Deo
Deo
49
1% Jan
100
Continental Insurance
1,200
5,300
11,200
8
32
316
534
15
s32
52
32
32
45
8%
2%
30
33
*36*8
*51*4
834
76
177«
31
107
•
8
*57
52
*8
36*8
32
40
21
Jan 27
Feb 13
101
..20
10834 *100*4 10834 *100% 108%
8
778
103
2*2
293s
*31%
59%
597g
597g
5978
7784
787g
8034
7934
80*4
164
*151
163
1633s 163% *160
*4%
4%
4%
47g
478
4%
*36
36%
36%
36%
36%
36*8
24% 25%
23*2 24
£2478
25*2
5638
577g
567g
57%
57*2
58%
45*4
45%
45*2 45*2
45%
45%
59*2
453s
10834 *103
33
103
29*2
32%
32
36*8
24*8
5784
1065s 1065s
134
134
13
*11*8
10*8
10*4
9418
94i2
1*4
13
2%
287g
22i2 Dec
Feb
58*2 Sept
11*4 Nov
1534May 14
*39%
2l2
29*4
327g
Feb
Mar
103g Jan
40
Mar
7
Nov
3% Apr 28
lli2 Apr 30
Continental Diamond Fibre. .5
23g
29
5
io84
7
Container Corp of America.20
29
.
24
Continental Bak CI A..No par
Class B
No par
3978
97g Nov
5i2 Jan
Jan
% Mar
33i2 Jan 3
1383 Jan 22
6,500
40
Deo
684
3
8
2%
2878
Deo
Feb
5
2i2
28%
Dec
50
109
9
SsMay
2i2June
40
107*4
14% Nov
14%June
Preferred
Jan
Mar
658 Mar
Feb 17
Dec
9
Mar
82
21
6934 Mar
Jan 11
36
Dec
585s Dec
101
2434 Mar 24
93a Feb 19
134
April
£45% Jan 22
51% Jan 23
215s Apr
104i4June 12
94%June
647gJune
11658June
8234May
11584 Mar
110i2May
245g Feb 21
5% Feb 17
May
93
20
6,300
6,500
2,700
Jan 15
126
5
.100
v t 0
Continental Can Inc
*9412
*114
5% preferred
112
Aug
72i2 Nov
538s Apr
15*8 June
2
(Del) v t c.25
Consol Coal Co
90
8,400
95
*5
400
3,800
*94*2
*1334
15,800
1434
2038
10
*84
*1*4
*2
2%
1434
783s
10
36*4
38
*2%
77*2
10
*39
%
2%
1434
75*2
110
9
577gJune 5
20% Jan 6
106% Feb 28
5158 Feb 3
Deo
Mar
2
£l978
107
50
%
*2%
1484
2
June
52s4
June
102
{Consolidated Textile..No par
*2
2
Oct
48
July
27
67g Jan
£75
*12
*10*8
100
2i»
15%
18%
15%
87
June
20
12% Feb 27
44i2 Jan 8
2584 Mar 4
6
76*2
*106
*534
834
5
Jan
78*4
20*4
14
*3834
1534
100
76
107
23
Consol Laundries Corp .No par
Consol Oil Corp
No par
Preferred..
No par
Consol RR of Cuba pref
100
7784
*12
2934
1,100
1,400
42,800
*7%
No par
20
33
76
4%
12%
1
Preferred..
Consol Ed Co of N Y..No par
$5 preferred
No par
78
*31
*75*4
434
Dec
48
7214
73i2
43g
15U
27U
.100
77
33
51*2
884
1,200
11%
80
67
100
.
20*8
*31
*8*8
Consol Film Indus
800
72,100
784
..100
Preferred
Prior preferred
Prior pref ex-warrants
-
1634
734
8
76
*106
*50
May 19
100
No par
Consolidated Cigar
100
77*2
197g
*10384 10834 *102
8
734
734
*36*4
May
76
59%
5912
78*2 783s
16338 16338
47g
4%
45
Jan
10
19
20
*32
60
16
100
Preferred
78
31l2 31*2
59*2 5984
77*2
78*4
783g
*161
164
16434 *161
5
*45s
434
434
3534
3584
35% 36*8
24
24*8
24*8
2438
53
54l2
54%
5634
*45*4 453s
453g 45l2
*57
par
Connecticut Ry & Ltg
300
35%
106
9
Jan 10
97
par
163g
106
110% Jan
$6 preferred series...No par
Conde Nast Pub Inc...No par
34*2
106
9
Congoleum-Nairn Inc..No
Congress Cigar
No
16*2
107*2 10784
8
3,400
3434
108% 108%
*4%
434
12
12%
9
Jan
Jan
3,500
460
4%
Jan
55
214 Apr 30
5914 Apr 28
712 Apr 20
32%June 5
34
434
44
Solvents..No par
Commonw'lth & Sou...No par
60,100
*434
*16%
478
2
6
110
$4.25conv pi ser of '35No par
69
80
2
1578June
9
110
Jan
Commercial
25%
*79
14
10
76
3234
6*8
1538
8
4,600
1,200
90
*75
7
5H% preferred
100
Comm'l Invest Trust__No par
Conv preferred
No par
1,250
*65
78*2
2
42i2May 26
100
1
Jan
Jan
May 20
Aug
48*2 Dec
7
36% Feb 20
3778 Mar 11
90ia Jan
8034 Jan
100
7734
1958
60
6
69
110
16
31
preferred
Commercial Credit
16,000
*8*2
8
49
May
94
5%
9,600
25%
8*2
100
Preferred series A
150
1334
1234
24
Dec
~27% jUy
Feb 20
7012 Feb
2H2 Jan
19is Jan
89
May
50
8I4 Jan 6
338 Mar 16
275$ Dec
2
87
3912 Apr 30
107U Jan 3
1214 May
80
Mar
Feb 26
555s Jan 16
13i4May 22
1023gMay 19
6684 Sept
3*4 Apr
46
Apr 28
t c No par
77*8
1984
*5912
77*2
15
63%
May 18
Mar 30
No par
v
76
19*2
*31
*36
36*8
1678
17*4
♦1023s 10278
63
*105
106
*2
1®4
1,800
63%
78%
108*2 108%
4%
434
11*2 12%
5
1134
234
14*«
*1*2
73,000
100
97
Dec
Nov
9378 Dec
2478 May
100
May
6*2 Nov
11034 Feb 14
48
12.75 conv pref
No par
Columbia Gas & Elec. .No par
800
20*8
*95
*75
5
16*2
343s
*212
14*8
3934
25s
2834
44*2
19%
1033s 104*4
94%
*65
79
110
*2
83g
Columbian Carbon
Col Plct Corp v 10
3,200
4,100
*43*2
63
8%
69
79
*75
78*4
25g
1518
2*2
28*8
35*2
1,821
*2
3958
2634
*
4,600
258
*14*2
19*2
44
19%
197g
103*2 103*2
94%
63%
3,000
69
*758
58
*17&s
44
2,800
5
115
110
484
5
1134
*75s
94*2
17
3:16*2
16*2
33
33i2
34i2
109
108*2 108*2 *107
478
106
4412
1934
20*2
125
Oct
48
100
35
12
82
100
4% 1st preferred
4% 2d preferred
13%
*65
llSg
*105
Colorado & Southern
26
78
106% 107
140
240
12
*75
434
*1634
3234
620
27%
25
78
47g
1678
27
3384
13*4
110
100
26
25
78
No par
Preferred
3384
11s4
*75
Collins & Alkman
710
27%
*19%
25
80
200
5,000
25%
36
Mar
101%June
33*2
36
Feb
31
12712 Feb 26
2734
*19%
2684
*122
123*2 126
9
Apr 13
Feb 14
Feb 19
Mar 5
46i8 Mar 24
Jan 15
32%
27%
2634
12484
36*4 36%
44*8
44%
193g
1934
102L 103
Jan 21
107U Jan
35
Apr 27
9
26
3i2 Mar
Mar 25
Jan 31
5
*20*4
Feb 10
Jan
Jan
35
10378
1978
86i2
73s
84
Colgate-Palmolive-Peet No par
6% preferred
100
18,000
J*
Jan
1134 Jan 24
8
124
No par
20*8
4%
Jan 21
100
Class A
300
434
24%
1934
Jan
Coca-Cola Co (The)...No par
5,700
19%
11
110
Preferred
30
126*2 127
5*s
25
*8*2
(The)_l
Cleveland & Pittsburgh
50
Spec guar 4% bet'm't stk.50
Cluett Peabody & Co..No par
2034
11
*75
32%
132
*22
*78
478
1678
32*4
500
11478 1147g
11434 11484
11434 115
68
6878
69*4
68%
68% 69
112
111*4 111*4 111
111*4 *111
*111% 112
1085g 109*4 *107% 108*2 *10734 108
107% 108
16
16
16*4
16*2
163g
16*4
16%
16%
3
3*8
3%
3*4
3%
3*8
3%
3%
68
69*8
69*8
68*8
69%
68*2
£68% 68%
•
8
*73g
*7*4
77g
*7%
7%
*7%
77g
34
34
33*4
34*4
33*2
3378
33%
337g
19
19
19
19
18*2 18*2 j.*18*2 19
6858
112*8 112*8
10834 109*4
16*4
16*2
3
3*8
67
69%
*17
54
£99% 100%
*56% 58
No par
Colonial Beacon OH...No par
{Colorado Fuel & Iron.No par
Preferred
...100
124
102
94*2
633g
900
*87
54
Equipment
5*8
363g
*43*2
1834
19*4
102
Clark
C C C & St Louis pref
100
Clev El Ilium Co pref_.No
par
Clev Graph Bronze Co
—
300
Jan
90
5
«.•—
$ per share
7
...100
1934
124
35
.
Highest
$ per share
25
No par
Preferred
City Stores
37%
99% 100%
*5684
58
14
14
14
1384
14%
10412 *10278 104*2 *103
104*2
45
4434 4534
45*4
46
*110
111
109% 110
111
23
43
42'8
City Ice & Fuel
Lowest
$ per share
8512
15%
7278
434
2334
5
90
Highest
$ per share
No par
25
3,400
1,800
*48
53%
53*2
134% *127
101l2
5734
Chllds Co
Chile Copper Co
Chrysler Corp..,
20
„
109
*37*2
*48
53l2
1378
10212
43*2
1095g
*10212 104
109
Lowest
47,900
3,900
18
79%
634
34%
*75%
*87
*48
53
53%
134% *127
100*2 100*4
5734
5734
14*4
1378
102*2 103
4312
44*4
10958 *1095g
33
33*2
*75%
'1095s 111
I
7
*86
*7512
*106
1
79*2
Ranoe for Previous
Year 1935
On Basis of 100-share Lots
Par
400
7%
*28*2
79
7
67g
7%
31*4
96
Ranoe Since Jan. 1
STOCK
Shares
$ per share
share
per
3977
EXCHANGE
Week
June 12
June 11
$
NEW YORK
the
Friday
Thursday
4
Mar
2*2 Mar
July
Oct
883 Nov
Oct
113*2 Sept
1434 Dec
883 Feb
7*2 Aug
3458 Dec
3D4
Deo
New York Stock Record—Continued—Page 5
3978
HIGH
AND
SALE PRICES—PER
LOW
SHARE, NOT PER CENT
STOCKS
Range Since Jan. 1
NEW YORK STOCK
EXCHANGE
On Basis of 100-share Lots
Sales
//\M
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 6
June 8
June 9
June 10
June 11
June 12
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
46
*46
45
4658
4612
*i2
58
58
34
*5g
34
*112
178
*U2
158
*U2
17g
64
*64
6478
6478
65i2
6512
*647g
65l2
*113i2 114
*11312 114
113l2 113i2 *113l2 114
15
14
14
1538
1434
1514
145g
145g
*71
74
*71
75
*71
75
72l2 ■ 72l2
4584
*5g
4534
84
*U2
4612
*5g
15g
45
134
*73
80
76is
76's
82
81
81
*76
6I4
*12i4
6I4
12l2
*1214
658
12i2
*19
1912
*19
20
*1212
1314
*1258
1314
*70
6'8
638
12ig
1334
*30
3012
658
558
234
1234
278
1234
49 L
4914
149l2 149l2
3634
3714
1312
505g
49io
50
'
*150
155
149l2 150
*36i2 38
*1978 21
1334
313g
*55g
234
1212
5038
f *148
94
*9314
94
48
48
*45
47
85
*78
85
*78
9
9
9
*3'4
3i8
2714
3ig
2814
9
9
*9
3
3
3
263g
2658
4U2
2512
104i2 104i2
457g 4578
*29
*29
295a
27l2
2958
738
73g
7i2
35i2
35I2 *35
*109i2 114
*109l2 114
2812 28l2
*2734 28i2
*7
35i2
31
31
31
*30l2
104
104
103
103
27
*314
3'4
27U
334
900
3is
300
Federal Water Serv A.-No par
Federated Dept Stores.No par
-
—
-
Fidel Phen Fire Ins N Y
700
415g
mm--
M
m — -
m,
«.
114
105U
4758
2978
7's
353g
II3I2
May
4018
Dec
3
814 Mar 19
2
Apr
6
Nov
584 Mar 25
„
Preferred
900
*64
68
*64
68
*64
*64
68
*64
68
*64
68
149
*145
*758
,
734
*10l8
11
*20
24l2
*81
83
145
149
*145
734
145
*144
8
8
8
734
8's
81S
8I4
11
11
*81
107g
2412
*10i4
1038
*20
25
10l2
*2U2
107g
2378
2312
2334
83
*1018
*23l2
*81
83
*81
83
83
83
1012
23l2
*83
577g
58
58
"2",800
"
«* m m -
*.
29
*27
30
30
30
*29
31
*28
50
*28
50
*32
50
*32
50
*30
55
*30
55
*32
55
*32
55
*32i2
*3212
97
Feb
48
Mar
40
Mar
54
1,400
1,000
23l2
600
89
100
1,700
*3212
8,700
50
*32i2
41,600
27,600
31
55
7%pfl00^
1214 Mar
9
Apr 28
May
49i2 Feb 14
25
70
55
121
*29
121
3034
64
64
120
120
6U4
6238
12012 12058
*28
3012
6314
6U2
62
12012 12012
*26&8
64
64
64
120
120
119
64
*119
62
121
3038
3012
7
7
7
7
7
4918
4934
4934
49i2
4912
37g
*108i2
37g
*7
7
4918
*108
*108
*334
*35i8
*11612
2i8
*28i2
37g
37i2
....
334
37
37
*11612
23g
238
2ig
29
287g
35i2
*3512
*36
41
*38
*116l2
23g
2878
*34s8
x37
36l4
4U2
1514
83i4
IH4
8412
415g
15
1514
1514
83
83
83i4
1034
11
11
83
83i8
83i8
41
4158
10638 10638
'64
4I2
8I4
*64
4I2
8i2
16
16
*115
122
1914
*88
2358
93g
9434
314
*338
1714
*26i2
*3058
*17i8
383g
36i2
*140
*5012
2514
69
*115
24
90
2l2
438
X818
16ig
2334
*834
2i2
314
334
1714
2778
3078
1734
3834
3612
145
63
2514
69
164
4l2
'64
1912
88I4
1938
3614
*38i2
15l2
83l2
1U4
85
4H2
*8912
834
*94
2l2
3l2
3i2
17i2
2638
31
*1718
393g
3684
*140
*
8
1638
*115
(The).—No
Preferred
Corp
$8 preferred
38
7% cum preferred
General Cigar Inc
7% preferred
122
1914
89
8912
*873g
90
2434
24l2
895g
25l4
245S
25
90
90
*90
9034
9034
93f
9
9
9
9i8
9i8
9434
2l2
33S
*94
*94
9434
35g
17
*2638
90
17
29
9434
2l2
33g
238
338
3i2
3i2
33g
*17ig
*26i2
17i2
28i2
*1714
238
338
27
23S
3i2
3i2
238
2ll2
17i2
17'2
2734
27
*5l2
M
„
700
25
8,700
500
1,200
3,700
4178 Feb 17
333s Feb 18
413jjJune 12
30
7a Jan
2
Jan
3
14
Conv pref series A...No par
No par
No par
*5012
2512
69
*64i2
58
57U
2ig
*27
63
257g
69
58
2ig
3534
3678
3678
145i2 *140
*5012
2534
*65l2
56'4
63
257g
69
571J
*50'2
*2i8
2i4
2i4
*27
2578
*6512
55
3534
*27
J4l2
*14
37
145
63
56
5238
*2l2
2i4
3534
*27
4,900
263a
65i2
4,100
55
2,600
1,400
25g
3534
30
""loo
15
*1312
15
15i4
*14
16
*38
43
*38
45
3912
4318
500
397g
*36
397S
36
36
43U
*34i2
4314
*36
39
100
117
117
117
110
33
33
*33
35
*33
35
8ia
8
1514
*14
15
112
112
8ig
112
8I4
33
33
812
1434
834
147g
*111
113
34
34
34
15
IO8S4
5l2
558
For footnotes see page
Asz
1478
108
55s
3974.
34
34
333g
*33
3334
3334
35
85g
*14l2
858
1478
*812
85g
1,400
*14i2
1478
200
*33
*112
115
1478
108
55g
1478
*107
558
34
34
15I8
108
534
15
*107
534
3338
35
200
60
*112
115
102
102
10
34
34
800
20
*125
*125
*124lg
*1241g
*112
15ig
108
578
15'g
108
578
No par
General Printing Ink.-No par
$6 preferred
No par
No par
Gen Railway Signal...No par
Preferred
...100
1
No par
No par
Preferred
Glldden Co (The)
100
No par
Prior preferred
100
Rights
Gobel (Adolf)
Goebel Brewing Co
Gold Dust Corp v t c...No par
Gold & Stock Tel'ph Co
100
Goodrich Co (B F)
Preferred
No par
Goodyear Tire & Rubb.No
153g
6'8
Feb
6
50
Feb
6
5
6
71
Jan 27
122
5378 Jan
118
Apr
6
May 16
2
3
333s Apr 25
884 Mar 5
38
Feb 17
50i4June 12
105
Jan 17
108
3*2 Apr 28
32'2 Apr 28
50
185s Jan
534 Jan
106
Jan 10
2
Apr 28
Feb
14
Jan
Jan
Sept
Feb
8
Oct
11
Mar
3778 July
U2 Aug
15i2 Aug
18
Jan
18
Oct
Aug
Apr
6134
Feb
72i2 Oct
zl20i2 Dec
593g Nov
2658 Mar
120
Nov
zl07l2 Jan
5978 Feb
116
Jan
10
Mar
3
Aug
1758 Feb
93i2 Jan
1's Mar
1558 Mar
Feb 21
Nov
6*14 July
145i2 Oct
407g Nov
1584
4
118i2Mar 14
37s Jan 21
63s Nov
32
5
Mar 14
638 Feb
No par
100
Motors
1
Gr'by Con M Sm & Pr stpd 100
1
No par
No par
No par
Grant (W T)
No par
Gt Nor Iron Ore Prop .No par
Great Northern pref...100
Rights w i
Great Western Sugar..No par
Preferred
100
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper__.100
Greyhound Corp (The)
Guantanamo Sugar
Preferred
5
No par
100
Gulf Mobile & Northern
Preferred
100
2,300
13^June 12
27
22
15'4May 21
213s Jan
6
116
Feb 10
1358 Jan 21
80
Jan
34 Apr
Mar
21
Deo
6I4 Dec
425g Nov
109
Oct
4i2 Nov
41i4 Dec
116
2378
98i2
3178
9934
28
109
Oct
318 Dec
39ig Dec
33i2 Dec
Feb 10
104
Dec
712 Mar
22
Nov
105
Deo
14i2 Dec
23sJune 10
xli2June 12
1U4 Mar 20
318 Apr 30
16
Apr 29
25
Apr 30
30U Jan 29
638
235s
35i2
333s
33i2
Jan 15
514 Mar
214 Mar
1438 May
Apr 2
Mar 25
18is Mar
2234 Oct
Mar
26
77
Jan
6
2812 Jan 16
Jan 15
9
Mar
1U June
Mar
85
Jan
Dec
4i2 Oct
135s Nov
5
Jan
2934
Jan
353g Nov
33U Nov
38i4 Sept
Jan
2
20i2 Feb 19
914 Mar
16
Deo
32U Jan
6
44
Feb 21
958 Mar
3518
Dec
17s Apr 28
3
Mar 16
16
31
Jan
7
136
Jan
6
5012 Mar
22
9
Apr 28
65
May 21
4834Mayll
134 Jan 7
2612 Jan 7
39
Mar
9
145i2May 20
Jan
Apr
255a Nov
2858 Dec
34
95
95
Jan 23
8OI4 Jan 27
'.618 July
7
1
Feb
Mar 19
19
Feb
3i2 Feb
39
Feb
4
Mar
1934 Mar
4
55
Mar
3
6
Apr
48
Mar
6
12
Mar
Jan 24
118
Mar
6
48
Mar
34
May
6
2114
2
100
109
May 19
119
Hanna (M A) Co 35 pf. No par
Harbison-Walk Refrac.No par
102
May 19
3
105i2Marl8
Jan
4
3018 Jan
Jan
3
Jan 20
10418 Feb 17
45s Apr 30
Feb
41&8 Apr
126
9
Mar
May
Dec
Dec
Nov
Dec
Jan
3084 Dec
Jan
35
4
Mar
8
63
1
Apr 23
Jan
108
Nov
May
30
163s Mar 25
115
74i2
234
43U
1U2
3414
33i2
Dec
Dec
6
4
36's Jan 16
1U2 Apr
213s Feb
50
May
9
2
2
2
7
June 10
347g May
140
Feb
55
Jan
12
Jan
283s Mar
14
120
265a
119
21
No par
2
Oct
Jan
Jan
9
Hayes Body Corp
Dec
10i2 Deo
8I2 Apr 28
Jan
5,000
143s May
92
6
1
434
70
33
100
li8 Apr
111
Feb 17
30
63^ % preferred
Jan
884
2i2 Apr
20
Apr
2
10
Hat Corp of America cl A
1047s
Nov
19l2 Aug
Aug
93
40
25
40
2i8 Mar
51
12i8 Mar 11
95
Apr 4
4i2 Feb 19
6
...25
100
Jan
Apr 15
Apr 15
Apr 15
105
Preferred
70i2
17
100
Hamilton Watch Co
Mar
Deo
914 Jan
3012 Jan
7% preferred class A
Apr
12
267g
Jan
283s Jan
Hall Printing
Jan
14
1584 Mar
Apr
87
...100
Hackensack Water
1434
I684
82
Jan
No par
Preferred
Jan 24
114i2 Jan
s16May
7i2 Feb
IOI4 Feb
2184 Jan 21
Gotham Silk Hose
8
1053s Apr 4
Wune 4
378 Jan 2
7
Apr 30
par
No par
Gulf States Steel
69
78
1st preferred
Preferred
108
50
3
100
Granite City Steel
Part paid rets
391J
39lg
1412
10
No par
Conv pref series
70
6512
3
Mar
12U2May 13
400
2,300
26
Jan
19^2 Jan
19
39
5934 Mar 17
400
36i2
263g
6834
6
117i2 Jan 13
2734
Xl43l2 14312
63
*50i2
23638
Feb
100
Grand Union Co tr ctfs
1,600
36'2
48
5
No par
Gen Outdoor Adv A ...No par
Gen Realty & Utilities
36 preferred
43s Feb
47ia Mar 21
70i2 Jan 6
500
29,600
145
46i2 Nov
34*2 Apr 30
1~2~906 Graham-Paige
17i2
3634
145i2May 12
No par
35g
17i2
4134
145
58i2 Jan 14
Jan 21
140
No par
Preferred
32i2
*124i8
534
-
173g
4078
11512 11512 *115l2 117
*33
*33
337fi
333g
15
-
8,600
32
*100l2 102l2 *10012 102l2 *102l2 10312 *100'2 103l2 *100l2 103l2
15i8
-
17l2
11512 115i2
10834 *107
«•
4134
*1312
*107
6,300
32
3638
Feb 13
4912 Dec
1714
*140
95
7534 Deo
41
3634
76
2
5
Mar
173g
145
Mar
70'2 Jan
5378May
18
4158
X3134
18i2 Nov
19
3334 Feb 10
235s Feb
1738
323s
Mar
2
5514 Jan 14
32
15
33
*338
4
2
Jan
17
92i2June 12
4014
41
3312
*94
Mar
6
90
9078
9'4
9434
212
134
103s Nov
584 Jan
2
Jan
32
*38
33l2
*124i8
*1458
*8734
24i8
1934
514 Mar
115
MarlO
155s Feb 11
3934June 11
57,200
560
122
1134 Jan 11
150
Jan 23
90
27,400
3,300
3,000
193g
Jan
48i2 Dec
22i2 Nov
xl33a Oct
146
Aug
Mar
3
6
'64
*115
6
8l34June
634 Jan
1658
1934
5
6
1438 Jan
Conv preferred
Glmbel Brothers
800
41'g
122
Feb
3434 Feb
Jan
60i2 Feb 7
185s Jan 16
106i2 10634
*3l2
25&g
112
*115
63
2
1314 Dec
107S Deo
10018 Sept
44i2 Apr
4034
8
Mar
Jan
Mar
Mar
5
3,000
434
Mar
5i2
8434
325a
1134
73a
June
16,700
8
7
12i2 Feb 19
104i2 Apr 21
15
13i8
16U
18U Jan 27
3
Jan
3212 Apr 30
92i2
"434
538 Nov
Gillette Safety Razor..No par
1234
8
7s May
4,100
92
478
6i2 Jan 23
6
Mar
26i2May 25
40
16i2
47'2 Dec
15
.No par
Gen Public Service
Dec
434 Mar
Feb 20
Gen'l Gas
Common
Nov
55
75
General Foods
General Motors Corp
$5 preferred
| Nov
305s Nov
125
33U Apr 30
92
MM*
30U Apr
17U Mar
112i2 June
No par
84
1278
bl
70
General Refractories...No par
Gen Steel Castings pf__No par
2,000
83'2
77i2 Feb
Dec
36ia Nov
\
*
355a Feb 4
3 il35
Apr 14
Dec
111
100
38
84
1984 Mar
43
300
1534
212
338
63
*14
8
2,100
238
30
1578
64
I6I4
800
39i2
1578
♦
"434
3,500
1714
4018
*1312
112
*115
8i4
23g
*28i2
37'2
38
20
*94
3534
*110
1638
mmmmrnm
434
38
1714
*27
1514
434
8is
I6I4
43g
3778
4U2
1958
*834
2's
*14
4 *>8
1,200
1,300
3978
*2
8
3934
678
50'4
3138
57i2
35
'64
37i2
10638 106l2
10638 106i2
*
200
30l2
1714
218
3534
8
89
65r>8 118,700
1,400
•
*65S
50
1
Feb
7%May 20
100
Elec A
'<984 Dec
30
53i2 Feb 29
141
No par
Preferred
40
5714
*33
1534
1534
8334
1134
85i2
417g
29
20
*88
31
25U
*6412
3912
36
"2%
2378
263g
*50l2
*36
88
4214
*39
64
2b'
Feb
97g Mar
603s Mar
1034 Apr 28
100
General Mills
I2U4 12U2
*27
19
214 Mar
2014 Jan
127i2
20i2
380
July
10278 Deo
5878 Aug
3038 Dec
63g Jan
443s Nov
22
No par
600
Sept
25i2 Deo
84i2 Apr
42U Apr 30
No par
Class A
64
25
13i8 May
8i2May 20
...5
General Cable
Jan
lU2May 11
No par
General Bronze
64
97
5
10
5
General Baking
119i2
4514 Dec
114
Feb 17
127
5
334 Jan
par
General Asphalt
General Electric
4i2 Jan
3ig Aug
Aug
25
31*2 Apr 30
No par
$7 pref class A
$8 pref class A
*116i2
__
2i4
119
*10812
438
377s
88i2
9078
93g
9434
25S
3l2
3i2
17i2
2i8
*35l2 397g
*115i8 115i2
3334 3334
414
*37
85i2
4058
*29
6514
*10812
4U
3778
83i2
1178
30
122
63U
12U2 12U2
*27
3034
7
658
50
4934
*116l2
*2i4
30
28i2
36
3714
4H2 *39i2
1534
1578
*833g
8334
1178
12
3714
4U2
45g
8I4
1612
30i2
738
4934
1934
20
89
24l2
*5658
*27
*37ig
*116'2
23£
214
'64
438
8I4
I6i2
122
*108i2
414
37
IO6I4 IO6I4
10638 10638
90
90
*94
4114
*29
4
4934
63l2
12U4
64
64
11912
July
473$ Jan 17
Gen Amer Investors—.No par
Gen Amer Trans
May
8i2 Deo
16
Apr
106U Mar
Feb 28
Apr
95
7s Feb
1618 Mar
28i2 Mar
11378 Apr 22
33i8 Feb 11
June 12
118'2June
Gen Ital Edison Elec Corp...
*63i4
64i4
119I8 120
6US
6158
2
57s Mar
4i2 Feb
28i2June 12
4
Jan
72
334 Mar
27i2May 21
10
100
Gamewell Co
8,900
1,200
3,000
21&8 Nov
*85
Aug
Apr
Apr
30!8June
360
200
Dec
125
Jan
92
101
101
1
Gabriel Co (The) cl A--No par
1,000
Dec
39i2 Dec
53s Mar
3834 Feb 17
Fuller (G A) prior pref. No par
$6 2d pref
No par
10
50
Dec
15
IIU2 Apr 21
600
83S
*30
115
3
3
Jan
34
70
11
29
Apr
2418 Apr 30
Freeport Texas Co
Preferred
M
110
5734
28l4
28l4
9
25
109i2 Apr 30
w w
F'kln Simon & Co Inc
58
58
*57l2
5778
5778
58
58
*14U8 14278 *141ls 14278 *14U8 14278 *14U4 14278 *14U8 14278 *141lS 14278
38i2
393g
3834
3938
3858 3918
383S
3858
377g
38i2
37i2 3778
41'g
41i4
4138
4012
39
4012 4034
4014 40i2
3934
3934 4038
2
214
2
2i4
2i4
2's
2
2
2i4
2ig
214
2ig
5778
Jan
1
149
83g
Mar
17
35g Deo
4D2 Mar 25
4is Jan
No par
Fourth Nat Invest
68
*144
149
*144
149
Apr
155
7
■
30
30
30
30
30
30
30
30i2
30
30
3018
30ig
124
*120
120l2 *120
*11812 124
*11834 124
*11834 124
*118I4 124
57l2
57i2
5712
*5612
5712 57l2
57i2
57i2
5712 *56l2
*56i2 58
35
*33
33
33
33
35
33i2
3738
*32l2 35
*3158 35
514
538
5ig
53g
514
5U
*518
53g
5U
514
*5i8
514
13
13
1214
*11 s8
13i2
*1134
12i2 *1134 13
*1178
13
123g
9
9
9's
9'4
9
9
9ig
9ig
914
914
*85g
9
102
102
101l2 10H2
*10U2 106
*101l2 106
*10U2 102
*10U2 102
49
50
50
4912
48
4914 4978
4914
49ig
4934
4758 48
25
24
255S
*2458 2512
2438
24l2 25
*24i8
2414
*2334 24
12
12
117S
1134
11
1134
12's
IU4
H38
1U8
1U8
1D8
4
8
18is Mar 25
5378 Apr
-.100
4H % conv pref
Foster-Wheeler
210
Ss Mar
No par
t Follansbee Bros
No par
Food Machinery Corp new. .10
31
8584 Nov
1478 Aug
15
6
8
Florsheim Shoe class A. No par
101
Jan 15
lOS^June 12
48U Jan 11
2958June 10
1134 Mar 2
4712 Mar 5
First National Stores-.No par
100
Jan
19i2 Dec
13i2 Dec
69i2 Feb
10i2 Mar
x247g Jan 2
IOOI2 Feb 26
40
Apr 30
25i2Mar21
100
500
3,100
14
718 Mar
8i2 Mar
684 Mar
8
20U Jan 27
300
28'4
7i2 Dec
4
110
10
Preferred series A
1,100
55l2 Nov
15i2Mar
3
-.100
Firestone Tire & Rubber
2,900
2,800
3,900
28l2
Nov
Feb 15
69
212 Jan 2
2012 Jan 9
38
Apr 30
50
6Yt% preferred
55
4078 Jan
73j Jan
Fllene's (Wm) Sons Co .No par
—
110
Nov
4012 Apr 30
6978 Mar 30
Federal Screw Works..No par
1,800
4,100
Dec
8I4 Nov
50
7
Jan
84
Federal Motor Truck.-No par
378
314
28'2
*314
28
19
1834 Apr 30
Federal Min & Smelt Co.—100
Preferred
100
"""566
134
Mar
1758 Feb 21
Jan 10
78 Jan
178 Aug
Sept
66
14i2 Feb
15i2 Mar
4i2 Aug
3158 Feb 24
No par
Preferred
14
4
5834 Nov
Apr 24
12212 Jan
100
6% conv preferred
Fajardo Sug Co of Po Rlco_20
Federal Light & Trac
15
1,000
375g
2138
9'4
4U2
4U2
4U2
415g
4034
*23'4
2512 *2314
*2314
112
112
*112
11312 *112
2778
2734 2734
283g
27i2
2758
283S
10412 105
10458
104U 1045g 104l2 10458
47
4614 46i2
46U 4638
4534 46I4
*28
*28
29
29
29
2958
297g
*713
7i2
7i2
7i2
7U
714
7'a
35
*3414
35i2 3534
3578
3534
3534
109l2 10912 *109i2 llO's *10912
*10912 114
28
28
2734 28
2734 2812
28i4
102
103
102l2 102l2 |10D2 101l2 101
*31
31
31
31
3U2
3078
3U4
4034
*24
113i2 *112
2734
104&8 10458
4534 46^4
2734
3i2
3i8
2714
3U
378
3
26i4
9i8
334
3U
2738
4112
25i2
113i2
2734 Feb 21
3
Mar
3
8i2 Apr 29
34»4 Jan 7
100
Preferred
85
914
Apr 30
Apr 29
29
alrbanks Morse & Co .No par
200
*78
*80
June 12
82i2June 12
7^8 Feb 21
2»8June
20
*45
*9314
*45ig
94
47
*45
80
7
43$ Jan
1,000
85
*93U
85
2734
151
37i2
114
4
12
1,390
150
3758
2114
12534 Jan
1*8 Mar
Feb
6
11»4 Jan
...5
3,300
213g
*93U
46
*23U
13
4934
May 29
1558 Apr 17
69
Jan
16
500
125g
7
&8 Apr
5234 Jan
39
Jan
11
2,160
4914
155
3738
278
14 Mar
6
55
100
Flrt preferred
3,900
2H2
94
94
*41
25g
1278
503s
5
June
68
315g
534
7
15s Feb
378 Feb
48
"13% """366
2l33g
3Us
*5i2
234
55U Jan
73
100
100
rle
Highest
i per share $ per share
4512 Jan 14
No par
No par
Second preferred
37i2
46
113i2 *112
25g
1278
4912
1378
Lowest
6U Apr
1334
21
94
4038
25l2
3178
534
*21
1
No par
$5 conv preferred
*70
.
1378
31'g
*5i2
*148
155
«
nglneers Public Serv
500
203s
3712
*78
4038
*2314
-
13
1278
203g
*1278
1334
21
85
*112
1278
20
3714
46
*3i2
$6 preferred
11,300
3,700
20
95
3
%SYx preferred
300
6'4
3714
*78
*3i2
900
82l2
26
*70
1378
3U2
534
278
1384
5038
*13l2
*44
26
80
82
63g
20
*93
*9
77
82l2
20
21
914
334
77
6I4
1234
1912
*13'2
*1912
*85g
*72i4
2,300
1,000
6i2
13
51
234
90
15
74
6k
1238
1358
3134
534
278
13l2
135g
3U4
*558
100
5% Pref
114
15
75
*70
1312
3118
558
27g
1378
*13ig
30i4
558
234
1234
114
15i8
*80
*70
*70
*1314
500
72
8212
*1234
65i2
t Elk Horn Coal Corp.iVo par
6% part preferred
-.50
ndlcott-Johnson Corp
50
100
400
65i2
114
34
15g
$ per share
4434May 29
i2 Jan 2
li2 Jan 4
6218 Jan 31
113i<iJune 2
712 Jan 3
Storage Battery.-No par
*58
158
Year 1935
Highest
$ per share
Par
hares
1,500
15
79
1238
19V8
13l2
47
Range for Previous
Lowest
71
*77
684
*19i2
*1234
114
46
s4
1&8
65i2
*62
*77
80'g
82l2
*7614
*81
46i2
?
June 13, 1936
9
5
6i2 Apr
8
Dec
Oct
14i2 Nov
Jan
112
Deo
100i2 Sept
105
Nov
16
9984
Mar
Jan
5i2 Feb
81
Feb
158 Mar
303g Dec
121
Dec
1418 Dec
113i2 Dec
6i2
Oct
Volume
AND
HIGH
New York Stock Record—Continued—Page 6
142
LOW
SALE PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW YORK
fOT
jut
Saturday
Monday
Tuesday
Wednesday
June 6
June 8
June 9
June 10
$ per share
$ per share
$ per share
$ per share
June 11
June 12
$ per share
Shares
*111
118
*111
115
115
*112
*120
125
*119% 125
*120
125
*118
125
*120
125
*14984 163
*160
163
£160
160
*148
160
*148
160
*148
160
*275g
*96*2
30
28
98
98%
*127*4 130
115% 1157g
29
29
*28% 29
28%
28% 29%
28%
102
103
103% 1037g
*99% 103%
100% 100%
129
129
130
*128
129
*128
*127% 130
72
72
72
72
*71% 72
71% 715g *71%
119
*117
*117% 119
*117% 119
120
*117% 120
34
34
34
34
343s
34%
33%
33% 34
13
14
14
14
13%
1378
13%
14%
13%
32
32
32
32% 33
32%
32%
317g
32%
72
♦117*4 120
*117%
*33*2
*32*s
1338
34
13%
13*4
*3178
32%
32%
112
112
*111
112
*111
114
*450
480
*452
480
*470
489
475
475
*39
40
*39
40
40
40
40
23*s
7434
23*4
23%
23%
7434
55
55
*7434
55%
75%
55%
778
8
8
5134
33s
51%
3%
3%
3%
♦9*s
1478
2%
207g
934
14%
2%
|U
/OH
Oc
2%
20*2
30*4
*6434
20*2
*12
13
984
*255s
*116
31
*32
65%
65%
*12
934
*9*2
2578
257g
*132
978
9134
9134
10
934
*5
5%
1334
13
*684
6*8
*345s
*13
8
734
6%
3
10%
3
*2*2
10*4
534
*34%
*234
10%
3
47*2 47%
8384
84*4
*154*2 156
3
*278
46*4
*126
47%
*87*2
*18*2
*2634
34
64%
64%
12%
65
13
11%
11
12%
1134
1,700 Indian Refining
27%
277s
4,100
13
*132
46%
*126
434
92
71
71
93
*7%
*5%
6
*34
35
3
107g
3%
25%
3%
*25
27
168
169
78
2%
2%
29
*38%
10984
25%
*48%
49
*1434
15%
50%
50%
13%
13%
*87%
19%
*2634
I27
*9084
*20%
92
*91%
93%
37%
3778
38%
1778
38%
38%
177g
18
*26%
4*8
3178
267s
18
26%
*4*s
5
32
2158
105
32%
22%
105
*5*4
6%
100
*75
69
*61
22%
22%
21
21
*27*2
33*2
*20*4
21
*62
100
21%
27%
92
20%
18
*92
93%
3834
19%
26%
478
69
*65%
22%
*22%
24
*21
33
33
32
22%
2134
*27*2
20*2
13
*9634
97*4
9634
9634
*96%
97
*9*2
2*4
978
9%
*2*4
9%
934
2%
*10*8
10%
92%
39
*106
7
7
417g
28
27%
106
2*8
5*4
41%
2%
5%
42%
*129
30
4278
*11
12
*39
40
*2
*11
2%
12
21%
10%
*12%
*18%
33%
21%
10%
13
19
97
*66
22%
*78
21%
10
1278
1834
13%
1834
96
96
10
934
23g
*10
11
10%
10t8
*9234
94
94
94
*28%
*38%
297g
3334
3378
46%
106% 107
2%
2%
5%
5%
42% 42%
*108% 112%
23
2284
44%
147
43
247s
*35
43%
117g
397g
*2
*11%
35%
22%
6934
2478
69
31
*11
147
3334
21%
*129%
2934
39
31
43
*1034
40
40
36
~
-
-
31%
44%
11%
40
*
2%
12%
For footnotes see page
*2
11%
3974
2%
11%
2
8
90*2June 12
Apr 3
160
8
20*2 Apr 30
512 Jan
8
Feb 21
54*4 Feb 19
129*2 Mar 2
73s Feb 8
4
Oct
I84
Oct
9*4 May
1*2 May
4*4 Mar
25s July
June
149*2
Jan
2278 Mar
34*s Mar
4934 Mar 24
148*2 Jan 23
284 Apr 30
9
2
135
Jan
1*4 Mar
178 June
22*4 Jan
1237s July
li8 Mar
% July
Mar 18
38 May
3*s Feb 10
3638 Feb 8
412 Mar
Mar 26
Feb 10
23% Sept
43S Jan
5
Jan
20*2 Dec
3
Jan
133g Dec
5
Jan
4284
Jan
190*2 Dec
367s Nov
6558 Nov
154
Dec
434 Aug
Oct
47*4 Dec
130*2 Nov
6*2
5
Dec
3*8
23g
2878
4234
Dec
Dec
Dec
Dec
2H2
9812
Jan
29*4 Feb 27
25
Dec
36*4 May
Jan
110
Dec
Jan
1
1,800
Jewel Tea Inc
No par
Johns-Manvllle
No par
20
100
Preferred
June
8
12*s Apr 30
103s Apr 30
82
Jan
2
15
Jan
2
26i2May 22
113
Apr 29
58*2 Jan 18
88
May 7
12184 Feb 5
2
Jan 18
Apr 2
Mar
2934 Feb 19
123
Feb 24
7734June 12
129
Feb 21
Jones &
Kan
2,000
1,200
3,000
1,600
50
3,000
1,900
11,400
20
32,300
Laugh Steel pref. .100
City P & L pf ser B No par
Kansas
13
Jan
2
19*4 Jan
2
1
Class B
Kelvlnator Corp
No par
Kendall Co pt pf ser A.No par
Kennecott
Jan 11
100
$12.50
Kayser (J) & Co
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
Copper
No par
17
27
Jan 27
90*2 Feb 21
Apr 6
26
Apr 2
115*4 Mar
384 Mar
100
10
100
60
2,000
400
Kresge Dept
Kress (S H) &
7
7478 Feb 26
No par
Co
100
5% preferred
Lambert Co (The)
No par
Lane Bryant
No par
5
1,200
Lee Rubber & Tire
1,400
Lehigh Portland Cement—25
270
2,500
800
100
-50
No par
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
15
2,700
Lehn & Fink Prod Corp
44%
45
5,800
Lerner Stores
543g
7%
27%
55
5334
55%
53%
64%
300
500
10,900
1,600
1,000
500
2,900
400
50
Preferred
Lehman Corp
(The)—.No par
Mar 16
66
2238 Apr 30
May 11
«,
»
1,060
800
May 19
May
7
Mar 16
9784 Mar 13
100 £l60%June
9
No par
37
No par
32*2June
Loew's Inc
No par
43
No par
Preferred
No par
100
5% preferred
Lorillard (P) Co
10
Apr
104i2 Feb
2
Apr
33s Jan
107
May 19
2U8 Apr 28
142
Louisville Gas & El A—No par
—-1
MacAndrews & Forbes
6% preferred
Mack Trucks Inc
100
10
100
No par
Macy (R H) Co Inc—No par
Magma Copper
c..No par
.
10
X Manatl Sugar
.100
Madison Sq Gar v t
Preferred
100
3
21
28
23
2
40*2 Mar 13
100
—100
7% preferred
J Louisiana Oil pref
Ludlum Steel
"16
2
May 12
Liquid Carbonic
3,700
5,400
14,700
1,200
1,400
Apr 29
Link Belt Co
Louisville & Nashville
-
2712 Dec
46
Aug
28*2 Jan
Jan
8
Jan 31
Feb 6
102*2 Apr
6
Mar
6*2 Nov
32*8 Aug
9
Jan
14*2 Dec
173s Jan
9
143s Mar
4
5
Mar
Feb
6
1*2 Mar
163s Feb
6
5*2 May
IOO84 Apr 8
1578 Apr 27
67*s Mar
6
97
1,400
200
Nov
28
IDs Jan
7
25
1,900
80
Oct
56*s Apr
2214 May
80
6
19
—
80
63*sMar
5
Dec
Apr
Jan
2
Libby McNeill & Llbby No par
113
May
47*4 Jan
Liggett & Myers Tobacco—25
Series B
25
Dec
2734 Nov
2
Apr 7
Mar 17
12
Nov
42
Mar 24
89
Dec
3
678 Mar
23
2i8 Apr 30
958 Apr 29
6*8
41
Jan
July
8H4 Apr 23
77*2 Jan 3
Libbey Owens Ford Gl. No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
Ml
103*2 Apr
45
Loft Inc
—
1103s Feb 10
12
2578 Jan
"5", 800
1934 Mar
Mar
19*4 Mar
2138 Oct
5
May
8*2 Mar
1058 Mar
Lily Tulip Cup Corp—Nonpar
500
2
4
1,800
Oct
25*4 Jan
2
Preferred
Mar
23
3378 Jan 31
Lima Locomot Works..No par
200
21
258
8
47*4
2684
10*2
16*4
June 10
800
1,300
3,100
9,800
10
Jan
32
400
30%
29*2 Apr 24
738 Jan 8
20*2 Apr 27
19l2 Apr 29
7*s Jan 2
l2*8May 13
1512 Apr 30
94*2 Apr 30
8*2 Jan 2
28*4 Nov
43
Jan
Life Savers Corp
Mar
3038
3878May
5
3*4 Mar
31*4 NOV
1384 Mar
No par
Corp
Oct
18*4
28*4 Jan
100
Kroger Groc & Bak
No par
Lacelde Gas Lt Co St Louis 100
Oct
90*8
96
2
Dec
20*4 Nov
30
10*4 Aug
4
Feb 28
Stores...No par
Preferred
22
84
June
1434 Jan
Apr 28
20*2 Apr 28
103*2 Mar 16
4% Apr 29
100
Nov
93*2June 10
4158 Apr 14
1978June 10
18
87
30
7% preferred
Feb
93
Jan
No par
70
130
Mar
Jan
Aug
120*4 Dec
14*2 Deo
6
1734June 4
18*2 Jan 7
378May 11
10
65s Mar
7*2 Feb
37
9912 Nov
126*2 Dec
1534
No par
Kresge (S S) Co
Apr
120*2 Apr
34
No par
10,500
Mar 24
39
22% June 12
Feb
50
165s Sept
91*2June 1
2838 Jan 2
2478 Jan 2
2558 Mar 20
Kinney Co
Preferred
121
Dec
33*4 Feb 25
May 20
Kimberly-Clark
70
Mar
Oct
14
7
Jan
20
100
Keystone Steel & W Co No par
49
38*2 Mar
117*2 Mar
Jan
78
May 13
80
200
6,700
'
Jan
130
75*8May 27
118
100
City Southern
Preferred
Kaufmann Dept Stores
110
Oct
126*4 Feb 24
Joliet & Ch RR Co 7% gtd 100
950
1484
-
35*2 Jan
565s Jan
185*4 Apr 11
44
1
44%
--
Apr 28
Dec
884 Mar
Mar 23
111
No par
44%
....
26
Oct
7*2
Nov
2%
10%
94%
39
40
38% 3834
39%
39%
35
36
34% 34%
35%
34%
45
44%
45% 46%
4478
4538
*106% 107% *106% 107% *106% 107%
2%
2%
2%
2%
23g
238
5
5
5
5%
5%
5%
*42% 42%
42% 42i2
427S
4278
*108% 112% *108% 112% *108% 112%
2234
23%
227g
23%
£2234
2234
147
147
*145
147
*143% 147
34
34
36%
35%
34%
34%
22
22
22
22
22
*2134
71
72
69%
69%
727g
7278
25
24%
24% 2478
24% 25
35% 35%
3578
*35%
*35%
357g
*129%
*129%
*129%
32%
33%
3134 32
£32%
3278
45%
4334 44%
44%
4434
4538
11
11
934
10%
*11%
1134
40%
40%
40% 40%
3934 40%
*17g
*178
2%
2%
*178
2%
12
*11% 12%
*11%
1234
*11%
41
83s
Aug
934
30
5
Apr 27
Apr 28
100
.;
14%
30
June
Feb
Mar
2*2
4
16
Preferred
44
*28%
9
9
2
3
May 22
100
14%
30
Nov
37
7% preferred
100
Teleg
No par
Interstate Dept Stores.No par
44
*28%
108
107
Inter Telep &
2%
1038
94%
1434
14%
46*4 Mar
36
934
2%
20
13
18
11
28
6% Feb 14
37*2June 1
5*4 Feb 14
1534 Mar 4
578Mar 11
114i2 Feb
1384 Apr
778 Jan
187S Jan
83sMay
90
96
96
2%
July
par
4,300
10
19
130
24*2
40
10%
Jan
70*2 June
6*s Mar
40
21%
33%
21%
13
Jan
19*4 Jan
Oct
Nov
28
21%
*12%
187g
6
5i8June 10
lli2 Apr 30
334 Jan 7
Dec
121
60*2 Mar
16
July
565s Dec
55s Mar
878 May
79
*10
23*2 May
Jan 30
6,300
21%
Mar
Jan
Dec
Deo
Dec
Feb 17
22%
*30
9*2 Mar
Apr
19*4
1412
887S
2284
69
33%
21%
Dec
84 Apr
3*4 Feb 19
28?s Feb 19
67
22%
22
Dec
Oct
2312 Jan 30
69
*30
1384
17*2
378
22*4
38*4
59*4
50
-
227g
*21%
6
International Silver
-
150
69
10%
7
7%
27% 27%
10634 10634
28
*108*4 112% *108% 112%
2234
2234
22% 2278
146
146
*144% 146
39
35
36%
35*4
22*8
22%
22%
22%
69
6834
6834
69%
23%
237g 24%
235g
*35
*35
36
36%
*129
227g
79
7%
7%
7%
7%
7%
27%
27%
*27% 277g
27%
108
107% 107% *107
*106% 108
108
107
108
107%
108% 10834 10834
107% 10734 107
162
*160
163
163
163
162
£160% 160% *160% 163
21%
20%
20%
20%
20%
*20%
2034 2034
20%
20%
*27
106
39
3834
33%
33%
33%
44*4
44%
44%
107
107*2 *106
*41%
69
*78
Jan
6*2 Mar
6*4 Mar
6
-»
m -
153
2%
14%
43%
5378
39%
5%
*
934
93
52%
2*8
153
% 28
97
14%
52%
2*8
*
2%
107g
93
51%
*5*4
*29%
425s
*10%
51%
29
7734
98%
Dec
4912 Nov
125
97g
14%
43
7
9%
19
93
42%
*160*4 161
*20
21*4
33l2
44%
2%
10%
21%
9%
42%
*106*4 108
*27*2
,*10*4
*92%
*14%
20%
42%
27%
95
97%
Nov
5*2
42*4 Mar
Preferred
*122
80
227g
*62%
227g
*12%
18%
108
77
76%
7
603s
53*2 Feb 21
*120
125
Nov
Jan
284
578 Jan 23
173s Feb
Deo
73
Feb
H2 Mar
43
5778 Feb 19
1934 Mar
Jan
47*s Jan 2
15
Apr 29
3,500
80%
"78% 8034 "78% 78%
118% *118
118% *118
118%
21
21%
2138
21%
2034
21%
34
34
34
3384 34
34%
22
22%
22%
22%
22%
22%
27
28
28
27%
27%
27%
*9034
92%
*9034
*9034
92%
92%
22
2234
20% 20%
20%
22%
19
*17
18
18
19
1934
19%
19%
19%
1984
19%
1934
*93
*92%
93%
93%
93% 93%
39
38% 39
38%
38% 39
197g
I984
1934
19%
19%
19%
2684
*26%
267s
*26%
*26% 2678
4%
*4%
4%
*4%
4%
4%
*3034 33
31%
*3034
31% 31%
22%
23%
22%
22%
23% 24
80
80
19
*67s
96
5578June 4
12*4 Jan 15
No par
25,200
153
*
19%
687g
«
"80~
81%
118% *118
19
27*s
76
49
75*8June 12
International Shoe
13%
*122
July
315s
600
Island Creek Coal
75
Dec
42
6*2 Mar
23
Intertype Corp
96»4
495
No par
143s
125
Feb
International Salt
600
....
338"
307s Mar
Mar
400
400
*120
6i8 Jan
Jan
4
33
100
27%
19
22%
21%
100
Corp. .No
Preferred
20%
18
*78
Preferred
Int Printing Ink
89%
*120
90i2May 25
Dec
44*4 Feb 20
109
158 Jan
*19
*8*4
1278
*106
1334
13%
8
11
1
Feb
3084
Jan
July
22% Dec
15
No par
cl A. .No par
*2634
19
14%
13%
Apr
19*s Dec
5*4
363s
No par
Inter Pap & Pow
*88
13
92l2
143g
42l2
51*2
13%
9
May 13
2*8 Mar
Class C
100
27%
19
2*4
137g
14i8June
118
4*4 Mar
Class B
Preferred
Jan
584 Mar
65s Mar
40
400
52%
15%
25
104
Feb 18
1,600
48%
*5034
15%
527g
14%
Int Hydro-El Sys cl A
Int Nickel of Canada.-No par
290
5
70
160
22,800
200
Feb
4478 Feb 19
6
412 Jan 2
43*4May 8
125*4 Feb 6
334 Apr 30
2*4 Jan 6
8,500
119
8I84
13*2 Apr 17
345s Apr 7
147
Feb 14
25
100
Dec
73*4 Apr
36*2 Dec
18*4 Feb 24
100
No par
Oct
131
Jan
2*2 Jan
Preferred
90
Feb
May 12
9?8 Apr 30
3
May 21
Internat Harvester
Jan
Mar
4i8 Jan 2
2558May 21
106
May 12
No par
Prior preferred
11
71
Jan 13
80
Deo
122
15
No par
Int Mercantile Marine. No par
700
June
Feb 19
Internat Agrlcul
500
200
162
45
Interlace Iron
2034
*12*4
8%
*5034
*47%
*14%
1,800
Jan
5
No par
89%
33%
20%
8%
1278
*8*4
*14%
49
*26%
4%
*4%
317g
3178 33
22
22% £22%
22%
104% 105
*104% 10634 *104% IO684 *104% 10634 *104% 10634
6
6%
*5%
6%
6%
*534
*5*4
6%
6%
*514
*77
500
June
142*2
June
Intercont'l Rubber
27%
22%
92
1,400
1,000
100
20
34
20%
18%
19%
10,500
No par
*88
22
*21%
19
Preferred
3%
26
1
Cent Am..100
Certificates
620
19%
153
*17
Internat Rys of
530
6%
36%
3%
1078
27
75
1834
150
8
Inc
t Interboro Rap Tr v t C..100
88%
96%
18%
2,400
Ctfs
19%
75
18%
5%
13%
Insuranshares
27
95%
"79"
15%
5034
87%
93
*118
49
14%
13%
71
*
49
13%
124% 124% *122
*17*2
170
800
19%
34
91
26
..No par
1,700 Inland Steel
4,100 Inspiration Cons Copper...20
10
120
141
100
27
22%
27%
5034
137g
13%
87%
33
27
170
170
*4834
*14%
14
21
90%
20*4
26
Ingersoll Rand
International Cement-.No par
32%
2178
20
3
3%
No par
No par
400
21
91
3%
10%
3%
107g
Industrial Rayon
5,700
14,300
34*8
2734
7
57g
35
11
10
£47% 48
4734 48
47% 48%
88
90%
87% 87%
87%
89%
156
156
*154% 156
*154% 156
3
3
3
3
3
3%
3%
5
5
5
5
*434
434
434
47
47
4678 47%
477s
47% 48
128% 127% 1277g *126% 128% *126% 128%
5
5%
434
434
*45g
*4%
5%
3
234
234
27g
*2%
2%
278
*2
2%
2%
2%
2%
2%
2%
29% 303s
29% 30%
2984
29% 30
39
39
39
*38%
*38% 3934
39%
IO984 10934 10934 109% 109% 109% 10934
*25
*25
257S
2538
25%
2578
257g
20
20
8
6
34
58
100
RR Sec ctfs series A
2
Apr 30
Jan
Jan
163*2 Mar 24
3584 Jan 2
105i2 Feb 17
135
Apr 17
544
Jan
.100
Leased lines
Preferred
97"
1
18%
30
87
119
91
500
129
48%
*120
153
10
10
100
100
156
434
94
13,300
6,800 Hupp Motor Car Corp
11,500 Illinois Central
6% pref series A
3,700
share
85
127
Mar
141
112
470
per
6
Jan 27
133
36
Highest
$ per share $
$ per share
Feb 17
108
8*2 Apr 27
13i2May 4
No par
Int Business Machines.iVo par
*127
71
5%
13%
5%
13%
26
25%
96%
97g
Preferred
Hudson Motor Car
150
19U Jan 13
3i8June 10
700
85%
478
234
2%
29%
3
10%
3%
2%
Manhattan
171% 171%
477s
467g
128
3
*160
*118
18
*7
*534
33%
10%
*
26*2
734
6
35
3
119
*27*2
5%
1034
153
22
10
14
16
*132
96%
10%
3
154
9%
5%
1234
*234
3
*118
94
"
8
8
2734
10
5%
13%
15%
23S
118
94
9334
97g
5%
14%
*5%
*132
1034
»
19*2
*3312
217s
*132
97g
*5%
137g
124%
~78~
27% 27%
allS
117% 118
34
*122
78%
_
*63%
*12%
11%
27%
11
9%
9278
984
2778
*38*2 39
110
*109% 110
2558
24%
24%
49
48% 48%
15%
*14%
15%
52
50
53%
13%
13%
13%
13
13%
13%
8758
*87%
87%
*19
19%
19%
27
27
*2634
93
.
2%
35%
3%
124%
*78 ~
33%
65%
*122
*118
33
*12
*120
93
21%' 22%
£65
39
*120
71
1578
2%
22%
13
47g
4634
28*4
13
300
65%
5
28*4
*38*2
13*s
9%
9%
*47g
*2
*52
9%
15
2%
3
*2%
*1434
97g
9%
147g
2
100
9%
934
Jan
5
Howe Sound Co
Hudson &
54
9
100
Household Fin partlc pf
50
Class A.
No par
Houston Oil of Tex v t c new 25
5,400
75%
553g
8%
71%June 10
113
Apr 29
30% Jan 2
Apr 28
3978June 5
22%May 4
65*4 Jan 14
5434June 14
63s Jan 7
4834 Jan 21
No par
2,900
65%
3
300
Class B
884
15
*12
477g
5,600
Homestake Mining
..100
Houdaille-Hershey cl A No par
5378
3%
32
5%
137g
734
534
200
_
8%
32%
10
400
No par
5
Holly Sugar Corp.....iVo par
7% pref.
..100
53%
*3%
32%
9134
1,500
3%
32
10
5,500
40%
24%
75%
5434
No par
Holland Furnace
Hollander & Sons (A)
470
5434
Conv preferred
1,100
3%
30%
13
......
8%
53%
32%
65%
*154
2
49
No par
3%
22
86
234
*24
Hershey Chocolate
53%
2%
21%
156
2
*109*2
300
8
3%
21%
3
5
*2l2
Jan 30
53
3%
2%
85
46%
127
*4l2
Jan 23
128
8
55
21
15%
2%
156
5*4
*7434
21%
3%
*2484 25%
*24*2 26%
166
166
*16634 168
*478
84
100
470
2334
7434
2512 Apr 30
No par
53
8
52%
3
35%
2334
*9%
147g
2%
21%
*132
*5
No par
$7 cum preferred
1,600
16,600
55%
9%
26
2684
2578
116% 117
*116% 126
125
9I84
Hercules Motors
10
40%
156*4 Jan 27
Hercules Powder
114
40%
24%
100
75%
55%
884
75%
5578
*9%
1434
8
52
*40
25
10
*111
114
47434 47434
237s
23%
*7434
2334
3%
*9
*
*39%
23%
*7434
55%
*111
25
Helme (G W)
Preferred
800
98%
112
Hazel-Atlas Glass Co
$ per share
115 May
8
117 May 14
1,100
28
*111
*51
10
*127% 130
73
*72
117
Lowest
Highest
Lowest
Par
500
115
125
*118
On Basis of 100-share Lots
Week
$ per share
*106*8 118
Range for Previous
Year 1935
Range Since Jan. 1
STOCK
EXCHANGE
the
Friday
Thursday
3979
31*s Jan 29
Jan 16
116*s Jan 15
165
Feb 28
23*4 Feb
39*4
507s
4414
547g
108*4
358
83s
5
Feb 21
Feb 19
Apr 6
Jan 8
Jan 15
Feb 11
Mar 24
Jan 17
1127S April
26*2 Jan 27
151
Oct
Jan
17*4
Jan
June 12
115
45
10*2
11*2
3*4 Aug
1534 Nov
9534 Nov
21
Mar
94*4 Apr
9384 Apr
151*2 Jan
15*2 Oct
13*2 Mar
17*8 Mar
2412 Mar
31*4 Feb
49*4 Oct
103s Nov
295s Nov
120
122
Aug
Aug
167*2 May
2834 Nov
275s Nov
43
Oct
37*2 Dec
55*8 Nov
102
Feb
IO884
1
Mar
258
Oct
43s
1*4 Mar
33
Apr
4158
112
10734 Nov
26*2
18i2 Mar
124
Apr 2149*8
Deo
Oct
July
Deo
Nov
Jan
7
13
Jan
3
51*2May 25
412 June
15
Dec
20
May
4
233s Jan 28
103s Mar
23
Aug
57*2 Jan
2
77*2 Apr
34
64
Deo
Apr
28
35
Feb 19
1234 Mar
26
Sept
May 14
42
Jan 21
3778 Nov
46
Feb
130
May
223s
35
127*2 Jan
9
273s Jan 30
40*s
8%
34*2
1%
7*4
Apr
30
2
6
Jan 2
Jan 2
Jan 30
2H2 Mar
63s Sept
9
130*2 Mar 16
37
Apr 6
493g Mar 4
Jan
14i8 Apr 18
Jan
42
Feb 17
378 Feb
7
17*2 Feb
7
113
Mar
Feb
185s June
3034
Deo
Dec
30*2 Apr
57*4 Nov
5*2 Jan
185s Jan
78 Feb
3734 Dec
2*4 May
4
Jan
11*4
10
Dec
May
•
New York Stock Record—Continued—Page 7
3980
:
HIGH
LOW
AND
SALE
PRICES—PER
SHARE, NOT
PER
CENT
STOCKS
Sales
Range Since Jan. 1
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
June 6
June 8
June 9
June 10
June 11
June 12
$ per share
% per share
$ per share
$ per share
$ per share
$ per share
Shares
*7
*35%
*1584
*J8%
9
*36U
8I2
40
16%
16
1638
1638
I63g
19
18i2
358
18i2
18i2
18i2
*6
*25%
2
3
42l2
1584
2612
*2i2
2%
4212
1638
*39
1534
26i2
284
42l2
163s
784
*39
157s
*634
23% Feb
400
Manhattan Shirt
25
17%MAy
23
600
Maracaibo Oil Explor
1
Marine Midland Corp (Del) .5
Market Street Ry
100
2% Jan
8,300
*8
9
*37
40
*358
384
9i2
*H2
2l8
*2514
25%
*2i4
234
4212
25U
234
*6
9U
*6
*39
1618
*7U
16i2
60
2,000
*1%
I
500
16i2
3i2
£9
2512
234
42l2
I684
I6I4
32i2May 27
14% Apr 30
9
40
2i8
*41
J Manhattan Ry 7% guar. 100
Mod 5% guar
100
9
384
*ll2
*512
2512
*2i4
No par
$ per share
8 June
5
*36
(
9
2
8
*6%
26
2l2
3
9
*1%
884
*6%
26
2684
*2%
87g
*1%
100
Prior preferred
100
3i8
*40
Preferred
210
160
2d preferred
100
42
15%
Marlin-Rockwell
13" 800
163g
50%
*1578
*49%
16
1534
16
4984
49*2
49%
*45
50
*45
50
*45
50
110l2
110
110
110
110
*110
7%
784
29%
*6%
29l4
29%
159
*155
52'
52
30
155
159
53
•
500
3012
2,600
155
*45
*45
50
50
*45
110
10
8,100
1,300
100
50
1095s 110
*1095g 110
110
""266
*105
107
*69
70
7i2
*105
107
70
70
Preferred
No par
No par
ex-warrs-.lVo par
884
1834
I884
3812
12584
38i2
125
*3
4
*105
106
*3
67
6% conv pref
"""400
Mead
7034
T.366
Melville Shoe
2,400
100
106
Corp
No par
No par
$6 pref series A
20
51%
3,700
7% preferred
100
Merch & Min Trans Co .No par
Mesta Machine Co...
5
50%
9
2434
243g
*2%
434
25
4
834
,
234
5
23
70%
57
9
310
No par
Mengel Co (The)
87g
18%
9
1,800
Miami Copper
19
187g
19%
187g
19
6,700
Mid-Continent Petrol
39%
39%
38%
39%
38%
38%
1,600
Midland Steel Prod
9%
878
1257g 1257g
125
*97
*98% 100
*98%
68%
68%
107% 107%
108% 108%
67
24i4
4234
McLellan Stores
37%
2414
875g
No par
51%
8%
87I4
5
pref
*36%
8I4
4238
conv
51
8I4
23
$3
36
3%
17%
5
2,500
McKesson & Robbing
50%
*3%
17%
8%
2%
2,800
36
*3
23
3,400
51
4
25g
Mclntyre Porcupine Mines-.5
McKeesport Tin Plate.No par
37%
4
*45g
McGraw-Hill Pub Co ..No par
*36
17%
2212
88I4
400
8%
*105
.100
37%
*3
25g
6% conv preferred
11,300
300
67
125
9
*3
3%
3%
3
I684
8%
2434
17%
834
25%
2%
2%
5%
5%
23
23
125% 12634
10
66%
6734
*%
*3
68%
9%
67%
3%
700
40
10%
18,700
68%
1,200
%
100
%
2
*178
3%
*3
30
6734
%
2
*17g
400
*3
100
3%
*3
3%
60
17%
1734
17%
17%
1,400
8%
8%
8%
834
3,700
24%
257g
19,500
•
26
247g
2%
2%
5
5%
227g
23%
234
600
5%
23%
2,400
*2%
*5
22%
900
883S
887g
89%
8934
9034
90
9034
90%
91%
4,500
4234
*4484
4334
43%
44%
45%
z44%
45%
44%
4578
68,400
46
46
45
45
69%
*4434
*673g
*45
69l2
687S
*67%
68%
1
1
1
32
32
44%
*4434
*67%
1%
327g
5
10
No par
46
*67
7058
1
1J8
32
193g
193g
*13i4
17l2
46
32
19%
20%
14%
14
14%
14%
14%
74%
*70
74%
74
74
27
*26%
27%
*27
49
4934
50%
14i4
74
*26
27
*26
48
48
26%
49'
49
*1027g
15
48i2
165g
22
22
16i2
*2134
*1312
14
49
*1027g
15l2
153g
49
*47%
1658
16%
1514
16l2
14
*47i2
24
par
par
Preferred
No par
t Minneapolis & St Louis.. 100
Minn St Paul & 88 Marie. 100
7% preferred.
4% leased line ctfs
100
100
Mission Corp
No par
Mo-Kan-Texas RR___.No par
Preferred series A
.100
14
11%
1U2
34l2
3514
*1531g 160
24
24
2334
2414
237g
111
111
*110
*108
112
*108
33
58
64i4
38
38
*102
104
135g
*30
160
*
884
50
3000
16%
16%
17
16%
17
11,700
23%
23%
22%
23
2234
23%
24
24%
24
24%
111% *110
Ill's *108
37
*%
34
66%
66%
66%
39
387g
39
312
*1H4
38
497g
*30
38
*30
37
*30
37
*133% 139
1%
101
*97
*312
3%
334
334
10
10
*55
58
5784
1%
100
41%
357g
3678
1,500
48,100
8%
4%
8%
8%
8%
*4%
434
*233
236
233
234
108
108
108
108
26%
59
—
"
2734
59
77g
103
103
8
104%
*100
*100
287g
287g
2»%
53
53
53
2%
25g
23
13
44%
For footnotes see page
3%
3%
3%
3%
334
*3%
334
*3%
10%
10%
10%
1038
58%
94
95%
104
104
28%
58%
77g
77g
104% 104%
58%
20
54
45
50% Apr
8
32%
Jan
55
Oct
9
84%
Jan
103
June
Feb 13
3784 Jan
55% Jan 31
678May 22
30 May 13
3D2 Jan 9
405s Jan 6
584 Jan
Feb 21
58
8
i.
-
-
-
30
3034
53
*20
23
*2%
234
29%
*50
2%
-
No par
Munsingwear lac
Murphy Co (G C)
5% preferred
Murray Corp of Amer
No par
No par
100
6884 Mar 17
3784 Apr 3
51% June
1214 Apr 13
23
Apr
47% Apr
_
76% Mar 24
lag Feb 10
284 Feb
5% Feb 10
6% Feb
26i8 Apr 14
2034 Mar
22
Apr
24% Jan
2i2 Mar
9% Mar
8I4 Mar
60% Mar
116%
Oct
Nov
85
Nov
58
Jan
150
Deo
105
Jan *11114 June
378 Mar
31
Mar
% Mar
84 Apr
1
Mar
114
103s
2i2
57g
Mar
May
1
July
Apr
10
95g Feb 21
4
Feb
7
July
li2 Mar
Nov
68
34 Nov
25g Deo
4
July
4i2
1734
Dec
Dec
63g Nov
16%
Deo
3
Jan
4i2
Deo
Nov
457gJune 12
2134 Mar
407g
Deo
44
5984 Feb
4178 Dec
66
Feb
60
65i2 May
118 May
Jan
60i2 Jan
84 Jan
71
2
283g Apr 30
15i8 Jan 2
III4 Apr 30
Apr 30
6
Feb 25
178 Feb 10
3778 Mar
May
1
84
Jan
7
28
Dec
14 Apr
3I84 Dec
Jan
Mar 27
33%
Deo
7i8 Mar
177gMar
21
Feb
1538
Dec
9% Aug
22% Mar
1784 Mar
70
447gMay 4
10278May 13
14
Apr 30
Mar
16%
Oc
9% Aug
62
Sept
13U Mar
1584 Nov
8134 Nov
26i2
Deo
5034June 11
103 May
5
2284 Mar
6
434 Mar
213g Nov
No par
43
2
51% Mar 11
30
Jan
47i2
Oct
16i8 Arp 24
20i2May 4
12i2 Apr 30
9i2 Apr 30
31i8 Apr 30
2178 Feb 19
11
Apr
14
Mar
19i2
27i2
Jan
30% Apr
Nashv Chatt& St Louis...100
National Acme
Nat Aviation Corp
National Biscuit
No par
10
cum pref
Jan
100
153
Jan
9
Nat Cash Register
No par
21
Apr
30
Nat Dairy Prod
No par
21
Apr 30
7% pref class A
7% pref class B
100
100
t Nat Depart Stores ...No
Nat Distil Prod
par
No par
Nat Enam & Stamping.No par
National Lead
10
108i2 Jan
107i2 Jan
10
6
17% Feb 19
1558 Mar 9
3834 Jan
9
16214 Jan 24
30
Feb 11
141% Mar
13% Mar
127g Mar
15818 Dec
23l2 Dec
22i8 Deo
11314 Nov
108
Aug
6
4
2
108
6
112
4
*106
June
15% Mar 11
255gJune 11
3388 Mar
2884 Jan
377g Apr 14
3138May 26
27
145s Dec
14U Dec
363s Nov
25% Mar
11234 Mar
Apr 28
2
May 19
6
Jan
4% Mar
684 Feb
22% Apr
Sept
Sept
1% Mar
23% May
45g Jan
34i2 Nov
21
May
32i2 July
Preferred A
100
158
2
168
Mar 17
150
Jan
Preferred B
100
13734 Jan 21
143
Mar
1215g
Jan
162i2 May
140i2 July
National Pow & Lt
No par
Nat Rys of Mex 1st 4% pf.100
2d preferred
100
National Steel Corp
25
National Supply of Del
25
958May 11
78 Jan 8
147g Feb 17
478 Mar
143g Aug
Feb 11
% July
i2 Jan 10
1% Feb 11
% Mar
34 Nov
403g Mar
8334 Nov
2078 Aug
773g Aug
115g Jan
100
Bros.,
Newberry Co (J J)
No par
5% preferred series A... 100
t New Orl Tex & Mex...100
Newport Industries
1
N Y Air Brake
New York Central
No par
No par
N Y Chic & St Louis Co
100
Preferred series A
New York Dock
100
100
Preferred
100
N Y <fc Harlem
June
57%/Apr 29
197g Jan 2
74ig Jan 6
8%May 4
1034May 28
3284 Apr 29
41
Apr 15
104% Apr 7
IOI4 Feb 4
9
Apr 30
32i2
2784
1784
36%
Jan
3
75
5
Jan
2
40%May
108
Apr
1178 Jan
13% Jan
3878 Mar
59% Jan
105
Apr
43
Apr
1384 Feb
29
13
17
24
5
3
1
14
6
8
42% Mar
Jan
2
Jan
2
Jan
2
42% Apr 13
35i2 Feb 2i
63% Mar 6
3i2May 28
10i4May 16
..50
119
Jan
6
t N Y Investors Inc...No par
1
Jan
2
4
9
Mar
36
Mar
£8% Mar
7i2 Jan
21% June
43% Jan
358 July
43g Mar
I8i2 Mar
1214 Mar
$7 1st preferred
No par
83
Adjust 4% pref
19
Dec
39
Deo
6U
1714 Feb 17
4
Mar
167g
112
Mar
135
Feb 28
214 Feb
5
% May
Central
100
Northwestern Telegraph
Northern Pacific
50
100
50
600
Norwalk Tire & Rub..No par
Preferred
50
13%
12%
13
7,700
4578
46%
46%
4834
47%
49%
8,400
Ohio Oil Co
No par
Oliver Farm Eq new..No par
Oct
558 Oct
25g Mar
% Mar
% May
6% Mar
Feb 17
69
June
Jan 31
79
May
Jan
2
May 12
98
23,900
Nov
25g
96
No Amer Edison pref. .No
par
No German Lloyd Amer shs._
52%
96
107
23% Apr 30
North
98
Mar 17
1% Apr 21
27g Jan 14
237%May 27
108% Apr 21
30% Jan 8
84 Aug
Mar
28
Nov
55
57
Jan
2
Jan
6
4% Mar
22%May 4
12% Apr 30
30
24%
54%May
Jan
6
3
Mar 24
6
Jan 22
17% Jan 15
5
Dec
9
105% Apr 7
12l2 Feb 21
Mar
2i2
35i2 Mar
2
57
Jan
92i2 July
102% Dec
Dec
Mar
3634 Feb 20
2% Nov
16i8 Jan
87
June
2
101
Jan
1658 Aug
6i2 Nov
384 Dec
108
1034 Mar 19
May 25
Deo
May
218
59
51
8i2
Jan
6
4% Jan 17
97i2Apr 7
24% Jan 2
99
Deo
Mar
6
9
114
Dec
June
99
65g Jan
June
139
158
6234 Feb
Jan
1U2 Deo
1078 Deo
36i2 Nov
2934 Dec
Mar
93% Apr 23
North American Co ...No par
Preferred
50
North Amer Aviation.
1
Deo
Mar
6
Oct
7
Deo
Oct
6U4
2
51
Jan
Jan 17
912 Apr 27
57 May 21
13i8
4134
97g Mar
5
Preferred stamped
N Y Shipbldg Corp part stk__l
7% preferred.,..
100
N Y Steam $6 pref
No par
788
4l8
2%
*258
li2 Nov
4
6% Mar
7312 Feb
23
7% Nov
May 29
7
24
24
24
13
_
60»4 Oct
33i2 Deo
425s Deo
684 Oct
20i2 Deo
2478 Sept
85
14i2 Feb
7l2 Feb
5% Feb
5% Feb
155gMar
42,865
Deo
65U Nov
83s Nov
No par
3034
2%
Mar
Dec
Myers F & E Bros..
13
*20
Jan
3
Jan
Deo
Nash Motors Co
13%
23
41
Dec
15%
11558
1434
97i2
3
11
Preferred
12%
*20
97i2 Dec
8
Apr 28
Apr 29
1,500
-
I
Conv preferred
100
N Y Ontario & Western... 100
N Y Railways pref
No par
500
-
Apr
74% Apr
105s Mar
1,200
8,600
•
108
Dec
6
8%
*100
11
Mar 24
4
5734
8
19
Mar
104% 1047g
8%
104
8% Apr
85% Mar
103
105
58
15% Mar 26
Apr 23
108
Nov
1084 Deo
May 19
210
104
40
178May 19
3584 Jan
100
28%
578 May
38% Dec
123s Mar 23
100
£277g
£5734
Feb 17
H84 Feb 14
46
75
Apr 13
l097g Mar 16
100
28%
1984 Deo
45% Sept
131
6i2 Jan
57U Jan 17
38 Jan
li2 Jan
234 Mar 27
284 Jan
l634Jnue 10
7% Mar
3384 Nov
558 Feb
70
Oct
35% June
Jan
8
106i2May 14
Mar
Mar
90%
*65* Apr
t Norfolk Southern
28%
Jan 31
9
88
Norfolk & Western
-
„
24
49% Jan 24
118i2 Jan
131% Mar 30
97%June 6
100
*108
3
11714 Apr 30
2158 Jan 9
400
--
3
11% Apr 29
97% Jan 7
123g Jan 2
97i2 Jan 10
237% *235% 237%
53
234
1784 Apr 28
3958 Mar 25
103% Mar 27
85g Apr 30
28
Jan 10
150
Nov
May 27
Apr 24
1,200
5784 Nov
lSSgMay
95
3
260
53
23
June 11
90
95
30%
*2%
93
9
100
58%
53
*20
29
Mar
100
*45
-
5%
t N YN H & Hartford
2,600
Dec
Nov
Jan
Feb 28
N Y Laoka & Western
200
11
3378 Nov
156
Jan
500
-
Jan
3578 Mar
103% 104% £104% 105
1%
1%
1%
*1%
*100%
.
3%
June
1,600
*93
2934
3974.
1,500
58%
53
2%
60
94%
94%
*108
2734
Class B
...
*45
*1%
1%
*236
235% 236
*108
*100
127g
45%
120
334
10%
58%
*3%
10%
30%
12%
45%
83g
484
*4%
3%
*5234
2%
29%
3%
8
108
8
98
3%
*96%
*4%
3%
236
77g
98
*96%
8%
47g
3%
334
10%
58%
30
12
1134
1134
*11%
130
133% 133% £130
1%
1%
1*8
1%
3%
108
*58
100
3,300
3%
93%
104
104%
*1%
1%
26%
*97
500
61%
43g
29%
3%
*231
26
1%
1%
29%
60%
43g
3%
93
92I2
9212
92%
1043s 104i2 *104
104%
*H4
*H4
1%
134
9212
11%
*133% 139
-
4034
438
4%
11%
^
7,800
29%
*3%
11%
~
3684
*40
5
Mullins Mfg Co class A...7.50
No par
10%
4
2384 Mar
136
14U Nov
943s Nov
Neisner
417g
10%
684 Mar
1084 Mar
No par
No par
10%
6034
1034
Dec
55
Preferred
National Tea Co
500
45U
79
Natomas Co
1,100
Mar
10
1,000
,
Deo
20
23
2,100
10%
*3%
1%
*314
4412
*106
60%
*4%
3%
*3%
10%
*435g
51
*2834
*8
127g
4312
2,200
111
4
8%
*20
51
*106
61%
4%
234
11,800
37%
37%
52
111
*50%
29%
*8ig
43g
13
38
38
*106
51
60%
*334
11%
8i4
26i2
38%
29%
438
*2l2
500
112
4978
59
59
*414
1234
*37
2934
*29
1
*784
*20
100
39
35%
314
2812
1%
*1
38%
40
r3l4
*51
«
80
67%
36%
3i8
*100
^
15,900
6634
35%
3%
1'8
103
-
1034
3834
38
-
200
141% 141%
10%
-
10,200
165
67%
3978
11
12
IH4
*13314 139
*133ii 139
*10138 103
-
lo
35%
60
77g
33
28%
%
39%
60
58
25,800
%
67
35%
2858
734
141»4 14134
i.
6,300
27
27
*163
169
39
59
*56i4
*163
165
39
28I2
26i4
11178
14%
*30%
10%
59
26l8
33
287g
1034
28i2
57i2
*30%
£28%
10%
35%
28%
*50
33
10%
*37i2
334
277g
29%
%
37%
4978
50
95g
35g
137g
26%
%
37
3434
10
14
27
100
*102% 104
*10234 10334 *10234 10334 *103% 10334
9
9
834
87S
834
*8%
884
834
834
11%
11%
11%
£11%
11%
11%
11%
11%
11%
34l2
35g
14
25%
1%
38
10
1117s *108
14%
137g
*1%
%
*30
*314
111
111
104
*4734
*97
11178 *108
111
1%
38
101
*110
111
*1%
*30
3's
26,300
1034
38
*97
6,100
24%
378
784 Feb 11
*2838 Apr 8
100
Motor Wheel
7%
24%
10%
*30
1J8
160
24%
1078
65%
*3834
800
24
26%
112
43g
2,800
21,000
24%
10%
*106
*378
14%
24%
*14134 142
112
39
140
24%
*1%
3914
11,600
237g
1034
1%
103g
*106
*37i2
34i8
167g
16%
*4734
24%
*161
112
95g
16%
50
*30%
28%
29
*106
958
15%
*48
24%
142
*
6558
11%
50
15"%
4934
16%
162
S4
*85g
lUg
37
162
Hg
38l2
*102
15%
32
1038
64
*10278
49
2734
142
400
1,200
16%
1334
28%
160
Us
*i2
26%
50
15%
28
*30
29ig
10
70
49
13%
33
28
50
2,100
11
2358
28
...
14%
£26%
<_
-
—
74%
14%
*71
5034
-
8,700
17
36%
235g
283g
*15934 162
2034
14
14%
14%
14%
14%
14%
11
11
11
*11
11%
11%
36
35%
36%
35%
35%
3534
*155
160
*155
*155
160
*153% 160
23
28
33%
1934
27%
497g
*1027g
_
32%
*14
Deo
Mar
2i8May
378 Jan
20i2 Jan
100
Conv preferred
Mother Lode Coalition. No par
Motor Products Corp..No par
11%
23l2.
133g
2734
*1027g
*14%
Dec
1
20
t Missouri Pacific
Mohawk Carpet Mills
Monsanto Chem Co
11,200
4,300
35
2278
13ig
277g
20%
17
14
1112
*111
20
*13%
Deo
26i8 Apr 14
20
200
178
10
23®4
6i2 Jan
14i2 Jan
1%
1
2i2 Oct
384 Mar
33
Minn-Honeywell Regu.No
6% pref series A ....No
Minn Mollne Pow Impl No par
68%
*67%
Feb
55
110
Mont Ward & Co Inc. No par
Morrel (J) & Co
No par
Morris & Essex
50
22
22
34i2
64
2034
17%
14%
*73%
26%
137g
*Hs
33%
20%
17
74
10l8
112
3278
*1378
13l2
14114 142
33
1%
17
74
112
1%
1
1934
13I8
*15614 160
68%
1%
32%
1914
*1334
74
*1027g
46
Mar
1
5% Apr
88 June
Deo
Oct
Sept
19i2 Nov
3
May
978 Dec
53% Jan 3
21i2 Feb 28
8 %cum 1st pref
100
Mllw El Ry & Lt 6% pref. 100
Rights
*4484
10
12U
66ia
30
43%May 4
13% Apr 30
49
Apr 28
12i4May
56
*1658
5
1H8
*3614
*46l4
Feb 28
3214 Jan
No par
new.
5434
3
2312
*85g
5
Mar
Apr
Apr
13U Mar
110%June
tMcCrory. Stores Corp
30C
54%
51%
87g
87g
187g
18% 1834
39
39
39%
126
*125% 1257g
*96%
*45g
*2214
978
12
36% Feb 19
160
Feb 24
1,100
53
17i8
3
*29i2
17
5
2
53
50%
67
107
„
13
28
27
19% Mar
May
54%
*36
50i4
834
*106
*66%
*107l8 IO8I4 *107i8 108ig *107% 108% *107% 108%
878
9
87g
834
87g
878
9%
9
65
65
65
*6418
65%
65%
66%
*65%
*12
5g
%
*l2
*%
%
*%
%
2
2
2
2
*178
*17g
2
*17g
277g
22
3% Mar 19
10% Mar 18
3084Apr 6
4i2Marl8
5084 Mar 5
109
called
McCall Corp
8
37i2
9
67
*108
5
Mar 17
110
77g
*52%
66i2
lli2
343g
6
3
684 Mar 17
1034 Jan 14
2
7034
5458
6612
15
3
10
3
29
Jan
734
*52i2
*3512
4958
*96l2
*47
Jan
3
103
*70%
5434
97l2
32
7
I8S4 Jan
2% Jan
41
May
llig Jan
6% Apr
27i2 Apr
1537g Jan
10% Jan
Highest
$ per share $ per share
57% Jan 10
Prior preferred......No par
734
7%
97i2
8I4
24U
*2i2
Maytag Co
7034
7%
50
17
May Department Stores.-.10
70%
734
784
36
*125
*106
70
1*714
*49%
*884
1834
*3712
107
*69l2
7h
36
-
No par
5,200
30
30
31
29i2
2934
30
*29%
29'8
30%
*29%
30%
13
125s
1234
1234
13%
13
127g
13%
127g
13%
13%
*92
94
94
*92
94l2
93
9312
93
93
93
93%
*18
*18
1834
183g
18
18
*18
183g
18%
*17
18%
185g
45
4514
4534
4534
45%
46%
46%
45%
45% 46
45%
45%
*107% 1125g *107ig 1125g
111% 111% *107% 1117g *107% 111
11034 11034
9
9
*834
878
878
9%
87g
9%
87g
87g
8%
87g
43
44
44ig
*4238
42% 42%
43%
43%
43% 43%
4278
44t4
13
13
1234
1234
1234
13
1284
13%
127g
13%
1234
13%
*101l2
105
*10H2 105
*102
105
*101% 103% *102
*102
105
14
14
15
15
*14
15
15
*1312
14
*13%
*13%
1334
1
Martin-Parry Corp
Mathleson Alkali Wks—No par
Preferred
100
4
3
8% Apr 30
li8 Jan 7
Lowest
$ per share
1st pref
*92
*52
Marshall Field & Co
No par
No par
Preferred
——
*2914
125g
Mandel Bros
884
2584
7
*7
7i2
7i2
7%
30
30
£30%
30i2
30i8
303g
*15314 159
*15314 159
*15314 159
52l2 53
517g
527g
5158
52
5U2
5218
1534
1584
*155g
16
*15l2
16
1584
1584
*4938. 4984
*493g
4984
*493g
4934
*493g
4934
*155
Par
Year 1935
Highest
93g
2i8
*177g
*358
2
884
Lowest
18
358
1638
*8%
35i2
16%
19% .*1812
358
334
9
87S
*18%
9
*1%
7%
29%
8
3512
16
*8
19*2
*87«
15%
9
3512
16
*3%
*39
9
35i2
40
17
Range for Previous
On Basis of 100-share Lots
Week
Friday
1936
13,
EXCHANGE
Saturday
Thursday
June
3% Nov
86% Mar
13% Mar
3578 Jan
H8 July
*20
Mar
9% Mar
16% Oct
738
102
Dec
Deo
Nov
10i8 Nov
99
Aug
2514 Dec
52i2 Deo
214 Jan
32i2 Jan
14U Dec
27U Dec
Volume
HIGH
New York Stock Record—Continued—Page 8
142
AND
LOW
SALE
PRICES—PER
Sales
CENT
NOT PER
SHARE,
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
June 6
June 8
June 9
June 10
June 11
$ per share
$ per share
$ per share
$ per share
$ per share
•
20
20
1934
1984
20*8
19*2 20*s
20*4
*107*4 110
*107*4 110
*107*4 110
11
11
11
11*2
l-*2
1*2
*107*2 HO
11
11
257s
26
135
26
135
14i2
*76*4
1434
53
*76*4
*51
*115
*115
*144*4 146
23ie
*15*8
•
-
15
82
*51
*13512
26
-
26
_
-
13
*11*2
*6
7*4
*6
36*8
36
*51
52
*14*4
15
51*2
1438
36*8
6
I25l2 *123
125l2
150
*12*4
125s
10*8
10*4
!
52*4
1,500
1,400
15
*145g
16*2
16
155
......
16
125i2
149
124
124
149
*124
16*2
*15*8
*124*2 125*2 *124i2 125*2
149
149
*149
*149
10
50
150
1034
17
13i2
*234
1312
*1178
13*2
*2&8
27g
*117S
25g
71*4
271*4
71*4
8*4
8*8
8*4
61*2
9
*18*2
33s
*4234
24*2
7*8
7*4
1012
2*2
105g
634
7*4
103s
2*2
212
17
*13*2
27g
258
57
27g
58
59
63
62*4
65
66
66*2
66
65*4
9*8
9*4
9*4
95g
9*2
1934
1984
1934
3l2
33g
3i2
43
43
43*4
43I2
19*8
33g
43*4
24
24
24
2434
24*2
63*2
9*2
19*2
3*2
4312
24*2
7*2
103g
25g
65s
*33
7*8
7*2
7*2
2638
7*8
75g
1012
10i2
23g
1034
1034
2l2
*6*2
*33*8
3078
7*8
*69l2
81
35g
384
684
305g
2
23g
7034
84i2
33g
65g
35S
36
31
30*4
70
83
67g
634
345g
*2
70
82 78
23g
70*4
805s
*69
35
7
105s
80*2
35g
35
43*2
7
7*2
212
70*4
80*2
35s
33g
43i2
255g
7*8
738
107g
3*2
67g
678
7*4
103s
678
9*4
*19
*34
37*2
31*4
31
*70
84*2
3*2
358
6*2
65g
a35
37
31
31*2
78
78
*60
64
*77
79*4
79
*80
80
80
84i2
Preferred
66
3,300
9*2
500
3*2
43*2
800
11
2
400
85*4
13,800
Prior preferred
100
Outlet Co
No par
400
Owens-Illinois
Glass
Co___25
200
40
Pacific Gas & Electric
Pacific Ltg Corp
Pacific Mills
25
No par
....No par
Pacific Telep & Teleg
Petr
&
Trans
Preferred series
A
Peoples Drug Stores..Noo
15*4
*15*8
32i2
15*4
15
15*4
33
33*4
3234
33*4
90
*90
9034
9084
83
83*2
*884
*6884
40
393s
*134
1?8
184
83
*82*4
*9
83
95g
83
*884
*66*4
39*2
39*2
395s
*6
7
*6*4
*
■
*11
ls4
*3184
*48*4
80
*-).-
113g
184
32
75
*7
37
*68
7*2
37
97g
80
75
7*8
37*2
*180
*8&8
878
85I2
8434
855g
83*2
85
9*2
9*2
9*2
934
10
10
500
*70
83
4058
41*8
40*2
41*4
7*8
*6*4
7*8
80
*6*8
7*8
11
134
*
*
80
12
12
11*4
1«4
327g
*48*4
734
17g
134
32
32
33
75
*48*4
75
8
37&S
*7
8
2
16
37*2
38*8
38*8
12ig
134
87g
9
87g
6278
*1*4
*1334
63
*
*11
1«4
1,500
134
1,800
33
75
*48*4
75
1534
^
734
*7*4
8
200
3858
385g
700
*178
9
6412
2,800
180
*6334
65
2
*ll4
2
16
*1334
16
734
Phila & Read C & I
Pierce Oil Corp pref
Pierce Petroleum
734
1,200
200
35
380
2
*134
2
*134
*15g
100
Pittston Co (The)
1334
14
14*8
137g
14
14
2*8
14*4
*2134
157g
23
*20
584
534
7
6
6*8
*6
7
*6*4
7
*683
7
*1S4
2*8
2*8
2*8
23s
*2
23g
*2
7*4
7*4
7*4
7*2
2*8
77g
*2
*7
234
*25g
27g
27g
278
234
*22
24
*22*4
41
41
41
24
23
23
41*4
4138
4178
11858 1185g *118
43
43
*106
10634
*120
121
*133
135*2
*151*2 154
♦1125s 114
45*4 457g
1658
16*4
*106*4 107*2
*96
1178
113s
*55«32
*100
75*2
*55g
*32*4
*39
119*2 *118*2 119*2
44
44
45
44*4
107
10634 IO6S4
107*4
121
121
120*2 121
135*2 135l2 135*4 135*4
*151*4 155*8
154*8 154ig
*111*4 114
*111*4 114
46
47
47*4
4634
167g
16*2
I684
1634
107
97
106*2
107*2 *106
97
9634
*95*2 96
1178
1178
12
12
1134
12
ll7g
*21*8
155s
1534
23
1534
*21*8
23
16
16*2
8*s
83S
2,600
284
278
234
3
3
3
3,700
24
*23
2334 237g
41*2
41*4
4U2 415g
*118*2 119*2 *118*2 119*2
45
45
453g
45*2
*23
10678 107*8
107
107
107*4
12012 121
*134i4 135
al20
157
*154
*153
120
*13414 135
157
41*4
118
45
2378
42
118*2
45*2
107
120*2 121
135
135*2
*154
157
.
46*2
163g
46
47*2
173g
17*8
105
106
106*2
9434
94*4
-
47
*40*4
4034
4034
4034
12*2
12l2
12l2
12*2
47
*45*4
4034
12U
47
17*2
105
46*2
1638
106
4034
1212
46
35,600
*40
1212
46
Nov
25
100
1
20*4
20
90
90
90
2278
2258
2258
*92
96
25
245g
24l2
109
109
*108*8 110
503s
*48*2 5U2 *50
54
53*2
63*2
53*8
*24
No par
5
Class B
No par
t Postal Tel & Cable 7% pf 100
t Pressed Steel Car...No par
Preferred
100
Procter & Gamble
No
par
5% pf (ser of Feb 1 '29). 100
Pub Ser Corp of N J
No par
No par
$5 preferred
6% preferred
100
100
100
;
7% preferred
8% preferred
Pullman Inc
No
Pure OH (The)
par
No par
100
100
8% conv preferred
6% preferred
Purity Bakeries
2*4
15*2
20*4
107*2 107*2 *103*2 106
5*4
53g
5*8
5*8
19*4
19*2 20*4
20*8
50
Preferred B
No par
$3.50 conv 1st pref.No par
t Radio-Kelth-Orph...No par
Raybestos Manhattan-No par
Reading
50
88
40
200
100
Real
Silk Hosiery
10
Preferred
Rels
-
100
No par
100
(Robt) & Co
1st preferred
3,500 Remington-Rand
1
1,400
$6 preferred
25
Prior preferred
1,100
25
20 Rensselaer & Sar'ga RR Co 100
11,200 Reo Motor Car
5
26,200 Republic Steel Corp—No par
117g
*10*2
1178
*23*8
25
25
100
95
95
*23*8
*92*2
2638
26*2
.
55*4
5534
85
9634
263g
110
*49*4
50*4
55*4
5534
40
...10
100
Preferred
2,300 Reynolds Metals Co
400
No par
100
5)4% conv pref
Reynolds Spring
1
9,400 Reynolds (R J) Tob class B.10
900
*60
62
62
*60
62
*60
62
*60
62
*60
62
14
*12"
14
*12*8
14
*12*8
14
*12*8
14
*12*8
14
Rhine Westphalia
*31
31*2
*30
31
*30
31
*30
31
*30
31
*30
31
38*4
*38*4
387g
*38*4
38 78
*38*4
3884
*38*4
387«
38
38*4
Feb
Jan
91*2 Apr
41U Apr
Dec
8
Oct
8
334 Feb
1
Mar
23g Nov
10*4
1*4
24i2
678
Apr
16*2 Dec
Apr
62
Nov
June
25
Nov
Mar
3*2 Sept
Mar
238 Aug
6*2 Mar
I6i2 Apr
13
6*8 Mar
1&8 Mar
1234 Nov
Dec
1658
Jan
214 Apr 29
538 Jan 16
58May
4*4
Deo
18
Apr 30
40'4May 12
7
122l2 Feb 26
11734 Apr
39
Apr 29
10312 Feb 21
113i8 Apr 3
128
Apr 4
146
Apr 14
Jan
7
3678 Jan
2
16*4June
6
112
103
May
1
91*4May
4
9
36
Janl6
49
Jan
2
4834 Jan 15
107i2May 26
12284May 22
136i2 Jan 27
Jan
Nov
104i2 Dec
73
Mar
117
85i8 Mar
132
4634 Nov
Deo
Dec
Mar
148
Dec
1
99
Jan
113
July
1
Apr 17
29*2 Oct
578 Mar
495a Mar
11978 Dec
Mar 27
65
103
Feb 27
114
Apr
4878June
Mar 20
Jan
6
14*4 Jan 17
56*8 Mar
June
Jan
17
Dec
Dec
1734
Oct
4
Mar
133s
Deo
50
Mar
62i2
Jan
92
Deo
107*8June 12
2
9*4 Feb 19
1*4 Mar
2878 Jan
6
9
5278
884 Feb
Jan
5
5384 July
121
203g Mar
623s Feb
3
2
68i2 Apr 28
54i2 Feb
83*2 Jan
26*2 Dec
6*2 May
Jan
100
156
2478
13334
117*2
173s
578 Nov
2*8 Nov
423g
115
35*4 Mar
79i2June 12
70
Jan
30*4 Oct
{6 Dec
19
7
June
85i2 Jan 3
22i8June
10712 June 11
478 Jan 2
1678 Apr 30
May
Feb 17
1
Mar
3
Oct
Jan 14
8
Mar
18
Nov
7
June
9934 Apr 15
69
334 Jan 14
22
2434 Jan 23
Apr 15
114
8*4 Mar 25
2634 Feb 19
99
Feb 19
95
4
Jan 13
Mar
Nov
25*4 Nov
558
Mar
Dec
2084 Nov
97
Nov
36
Jan 10
Apr 28
22*2May 25
105
Apr 27
120
Jan 23
75
Apr
115
Nov
Feb
17*2 Apr
32
Dec
10
Apr 20
90
27
Feb 17
50
Apr 29
60
Jan
2
16*2 Feb 17
34
117
5
Jan 13
55*4 Apr 14
585s Feb 28
655s Feb 10
135s jan 9
Ritter Dental Mfg
800
9
88
110
9
78i4May
10'4 Jan
19*2 Feb
35
MarlO
Roan
No par
Antelope Copper Mines
32
39
TunP
....10
Aug
21*8 Oct
98*2 June
2*4 Mar
2084 Dec
2858 Mar
78*2 Oct
Si2 Apr
13
Apr
El & Pow„
Class A
43*8 Jan
43*8 Nov
i
2334 Jan 15
17g Apr 28
125gMay
Jan
3
101
12*4
43i8
55*4
11*2
June
Mar
Mar
95*2 Nov
16
37*8
Dec
Dec
113*4 Dec
3134 Dec
5858 Nov
Apr
67
Dec
13*2 Mar
20*2 Deo
5*4 Mar
217*
Feb
For footnotes see page 3974
10
55
5*2 Mar
22*8 Mar
*4 Feb
438 June
'
3734
172
934 Mar 4
33s Jan 11
12*4 Feb 6
1*4 Jan
24uJune
*10*O
*108
1278 Aug
4484 Aug
180
Aug
634May 21
4i8 Jan
Class A.
*83*4
117g
2538
49*4
Jan
Mar
26*4 June
26*2 Mar
1934 Feb 19
77
90
109
Dec
2
Jan
6% conv preferred
*23*8
49*4
May 18
600
*10*2
109
li2 Apr 24
1178 Jan 6
76*2
Nov
Nov
1
Jan 17
9*2 Apr 11
_
934May 12
*84ig
26
Jan
958May
11
257g
26*2
2512
1097g 10978 *10878 110
50
4914
50*2 51
54
55
555g
5478
Jan
21
1®4
38
Apr
6558 Aug
May
1138 Jan 31
3
1534May 12
3
160
8
234 July
58 July
31
7
40*2 Feb
180
Apr 29
85i2 Mar
No par
24*4
25
Jan
l*4May
No par
Radio Corp of Amer
Preferred
90
92
3
58's Jan
11
92
49
21
24U
95
Feb
Mar 25
7*2 Apr 30
100
100
600
6% conv prior pref ser A. 100
200 Revere Copper & Brass
5
*92i2
155
100
Plymouth Oil Co
*1134
*._
25
176
Jan
78*2 Nov
Nov
20*4
96
117
July
72
20
*92
par
Dec
50
20*8 Apr
20
85
Feb 21
10*4 Dec
88
81
87
Jan
84
Mar
4
*80
*84
8
Jan 31
Dec
40
3
Dec
2l978
25*2
72
85
53*2 Apr
1334 Mar
Aug
20
*24
5
2
978 Jan 10
Jan
11
20
26*4
Mar
4938 Apr
6
634May 22
7
38
*1934
*24
88
38is Jan
1512 Feb
a;6858 Deo
1434 Dec
3*g Apr
*14
*11
734 Apr 29
68 May 29
Nov
1634 Jan 30
2*2
*80*2
87i4May 11
43s
2
15*2
847S
Mar 13
66
3*2 July
IS4 Mar
35*4 Mar
5*2 Mar
978 Jan
81
83*4
35g Jan 13
800
*2*8
83
134May 29
38*2 Mar
15g July
5
*14*2
83
Feb 17
Mar 13
167g Mar 13
Feb
May
*80
84
Dec
41
2*8
*81
14
4
14i2
20
11
Dec
193s May
Oct
75s Mar
Jan
2*8
195g
4
54
Mar
13*2
37
14i2
20
19*8 Mar
13
Nov
50
2*2
19l2
5
4
34*2 Nov
Dec
6484
2d preferred
13
2234
Mar 28
Feb
18
43*2 Aug
300
*1212
*89
24
Mar
2*8 Feb
9*4 Mar
16*2 Mar
"l734
4178
13
89*2 a89*2
89*2
2278
2234
2278
108*2 108*2 *106
107*2
5*4
5*4
5*8
5*8
7234 Feb 27
11684 Mar
16*2 Mar
2978 Mar
36
Apr
33
Apr
13
ar2258
Feb 19
39&8 Apr
Oct
1
1212
*8938
88
Feb
June
15i2
89*2 90
*22*4
2212
*107*2 109*2
5*8
5*8
5*4
1938
1934
1834
83
*80*2 84
84l2
8434 8478
*11
12
1178
36-% June 11
30
1083s
47
*14
90*2
225s
Mar 27
38*4 Apr 14
483s Feb 24
*80
*107*2 110
43
11634June 9
111*4 Apr 25
49*2 Feb 17
7i2 Feb 19
7
4034
20
32i2 Dec
Feb 21
3
212
15i2
195s
17*4 Mar
39
6*2 Aug
Jan
4084
2*4
3084 Nov
35i2 Jan
4034
81
5*2 Aug
Mar
39
80
*80
Mar
2*4 Mar
50
*2
81
3
18
1st preferred
80
*2*8
678 Jan 28
10*2 Mar 24
48*4 Mar 24
900
*14
80
8434 Sept
45*4
45i8
*3978
*45*4
2*2
84
210
-
46
81
12
Pub Ser El & Gas pf $5.No par
1758
106
15*2
83
100
9,500
*2
5
700
47*2
*14
18*2
12,900
1,100
1,600
*111*4 114*2 ♦111*4 114*2
*111*4 114
_
*45*4
90
50
96
95*4
95*2
*94*4
3,300
12
12l2
12S8
12*2
12*4
6,200
12*4
1134
1258
1214
1234 158,700
12*4
117g
1,100
55'3,6 *552532 55*3,6 *552532 55'3,6 ♦552532 55i316 552S32 552532 552S32 552S32
200
*100
*10412
107*8 107*8
105*4 *103
106*4 *100
76
76
7834
78*8
763«
79*2
12,000
763g
76*4
757«
7634
76l2
534
5*2
5i2
57g
6,600
5*2
578
5l2
534
578
57g
534
*32
33
600
33
32*2 3284
3278
327g
3234
325g 32&8
3284
*39
42
40
40
500
41*2
*3938
*39*4 4084
4034
3834
3984
46*4
*22*4
300
6,000
134 Nov
July
84 July
Feb
93
Porto-Ric-Am Tob cl A .No par
100
83g
Deo
Dec
May
Apr
818 Jan
300
2*4
7*2
15
57*4
3U Jan
12
77fi
8*4
Oct
Feb
64i2
81*8 Jan
20
77g
438
34 Apr
478
8*4
10
Preferred
Pond
2*4 Mar
Feb 21
73
50
Creek Pocahon..No par
-» *
14*4 Sept
215s Nov
6
Apr
May
85i4June 12
50
Poor & Co class B___._No par
m
10134 Sept
11
Dec
2,100
•
12*8
46
*7S
3,000
12
11&8
23
1534
Apr
Nov
9*4 Aug
67
23
Pittsburgh & West Va
1578
10
1178 Apr
17U Jan
278 Mar
Nov
Dec
Sept
12
49*2 Jan 11
100
81*4
1578
265sJune
20
8078
45*2 Jan
6% preferred
Pittsburgh United
34*4
23
514 Jan
4714 Mar
Oct
Dec
50
Pittsb Screw & Bolt..No par
Pitts Steel 7% cum pref
100
80
1584
14
2
May 12
Apr
Feb
34
23
6
123sJune
7
3
1
23
10
12
1
2
24
17
1284 Jan
12
80
1534
2
8784 Feb
28
7i8June 8
35i2 Apr 28
33*2
*21
Jan
6
178
i2 June
6*2 Mar
71*8 Dec
8
Aug
Dec
Dec
Dec
July
Nov
100
80
14
4
5
Feb
7i2
19*4
Preferred
34
137g
38
Feb 19
12
Pittsburgh Coal of Pa
80
14
Apr 27
Feb 21
33i2
143g
Dec
142*2 Dec
28*3
45*8
85*4
43g
Pitts Term Coal Corp
I84
123
Jan
61
80
1*4
Jan
50
80
134
70
111*2
Oct
par
100
3412
*184
1334
*2184
1534
*55s
*134
Jan
Feb 27
1234 Mar
N#
80
2*4
21
40*4 Apr 11
Mills
34*2
734
June
Jan 15
2i2 Feb
37U Jan
Flour
3434
7&S
12
Hs Jan
3078June
Pillsbury
80
77g
5
100
79
7*2
Apr 20
Apr 27
Phillip Morris & Co Ltd
10
Phillips Jones Corp.—No par
7% preferred
100
Phillips Petroleum
No par
Phoenix Hosiery
5
*33*4
7«4
Mar
No par
80
734
6
Jan
No par
$6 preferred
33
77g
19
255s Jan
t Phila Rapid Tran Co
7% preferred
*32i2
*1*2
7*2
Nov
25
Philadelphia Co 6% pref
*75
*7*4
30
110
Pitts Ft Wayne & Chic pf.100
Common
100
9
*1334
2
«,
56
Pirelli Co of Italy Am shares..
800
37*2
9
Pet Milk
Preferred
115g
33
*1*4
6278
12,800
80
33
*178
*178
635s
16
83
41*4
*6*2
63i2
*1*4
*1334
2
*70
83
395g
6334
*1*4
*1334
778
*69
7*2
85g
63 34
10
3934
85s
2
16
8412
2,400
13,900
*178
65
178
17g
87g
*1*4
*1334
130
134
*834
*6358
300
178
83
134
*3134
*48*4
*7*8
37&S
*48*4
7*8
8*2
105g
10
1058
184
32
*7*2
*184
80
11*4
400
8*2
10&8
86
+
U>4
*3134
9034
*7*2
*978
8*2
*978
134
I7g
*6
7*2
*11
37*2
*180
178
83*4
*658
par
Jan 13
15
10
3
Jan
32i2
90
338June
4i2 Jan 2
2884 Jan 2
28*4 Apr 29
16
32*2
6*2
Mar 13
56
15
10
3
June
100
32*4
90
Mar
74i2Apr 4
97i2 Feb 13
No par
1,200 Petroleum Corp. of Am
3,100 Pfelffer Brewing Co
No
5,800 Phelps-Dodge Corp
*89*4
6*4
97g
134
19
18*2 Jan 3
Apr 28
758 Apr 20
100
Prior preferred
Preferred
1278
7*2
1058
4
6
25*s Apr 28
64*2 Jan 3
6478
90
10
par
100
2078
*97g
.3
par
100
127g
*6*4
par
100
647g
90
Dec
5678 Feb
414 Apr
111
*20*2
105g
31&8
14
100
Preferred
13*8
10&8
13*8 Mar
21
59
Dec
538
6
9
67
Dec
Mar
39&8 Apr
634 July
50
64
903g
1
3*2 Mar
1034 Jan
100
2078
*6*8
10
3*2 Apr
Feb 10
69
127g
*90
Feb 11
934 Feb 10
2058 Jan
No
64
1,100
17
13*4May 16
1% Jan 7
No par
2078
49*2
Mar
Nov
1784 Npv
378 Dec
Feb 19
2
Jan
Penney (J C)
1278
49*2
1
129
Aug
13
No par
203g
49*2
Mar
14
18
678
Penick & Ford..
Parke Davis & Co
64
*49
80
4
1134Apr30
l
1234
49*4
4
238June
1778Mar 25
934 Feb 11
150
858 Apr 20
17i2 Jan 13
33s Apr 28
4034May 4
23
Apr 28
4i8 Jan 2
7 May 27
10*8May 20
1*8 Jan 2
64i2 Mar 13
2038
49
3084 Jan 11
47&8 Apr 30
14*4May 15
164i2 Mar
130
1
64
49
4
8
10
1234
15*4
*48
2
Jan 20
Dec
3
100
64
4878
Jan
14
Dec
55
115*2 Mar
Jan
5
Second preferred
Park-Tllford Inc
21
48*2
128'
92
Mar
Jan
1
125g
488g
38
118
No par
64
3284
8
Dec
July
17®8 Sept
140
No par
*2038
32*8
Feb
125
Jan
4*4 Mar
2234 Jan
100
2084
*15*8
95i8 Feb 19
106
Nov
115s Nov
265s
100
6% preferred..
125g
15*4
2
114i2 Mar
4
3
2034
3234
53
7
2
13
15
June 12
47
Jan
Apr
Apr
484
ll*s
136
share
2084 Dec
107
Jan
Mar 25
14
Highest
per
3*2 July
75
3234 Feb 24
2084 Mar
3*2 Jan
64
*32*4
*477«
2
Jan
25i8 Mar 30
115i2 Feb 24
Apr 30
7278May 14
912 Jan
4U Jan
21
300
2
10
*55
600
Jan
No par
*12l2
125s
15*4
8
24U Apr 27
No par
4,400 People'sGL&C (Chic)
Peopria & Eastern
2,200 Pere Marquette
500
2
1st preferred
„
80
4
Jan
2d preferred
*2034
*978
5
Preferred called
„
173gMay
107
2*8June
Rights
Pacific Amer Fisheries Inc
Pacific Coast
11,300 Pennsylvania
3178
$ per share
100
800 Penn Coal & Coke
Corp
2,300 Penn-Dlxie Cement
No
3*2
6*2
35
$ per share
13
1,300 Patino Mines & Enterpr No
1,100 Peerless Motor Car
707g
$ per share
123
12,100 Parker Rust Proof Co
2.50
1,600 Parmelee Transporta'n.No par
6,300 Pathe Film Corp
No par
7*8
7*2
Lowest
ioo
6,400 Park Utah CM
26&S
Highest
No par
Otis Steel
Panhandle Prod & Ret.No par
8% conv preferred
100
Parafflne Co Inc
No par
500
22
*39
39
39
*39
*3834
3934
39*2 39*2
*3834 r 3934
39*2
39*2
116
116
11634 *115*2 H634
116*2 116*2
11634 II684 *116
116*2
*11058 11134 *11058 IIP4 *110-58 11184 ♦1113s U134 ♦1113s H134 ♦lllSg 11134
43
4U2
4U2
43*2 4434
42*4
443g
43*2 44
4234
44*4
4412
*458
584
538
5h
584
*45g
*45g
*45g
*45g
534
*458
584
*35
35
*32l2 35
36*2
357g
35*8
363s
*32i2 34*2
34*4
3478
78
No par
10,400 Paramount Pictures Inc
First preferred
3,500
8*2
*115
*76*2
Otis Elevator
Pan-Amer
100
62
74
8*8
8*2
Omnibus Corp(The) vtcNo par
Preferred A
—100
Oppenhelm Coll & Co..No par
300
258
74
73*2
Par
200
14
*59
60
y73*2
8*4
85g
19*2
3*2
80
30*2
8*4
*58
7312
73
9
*69
35g
60
*58
24
70*2
80*2
3*2
6*8
638
3
Lowest
600 Pao Western Oil Corp
31,700 Packard Motor Car
12*4
10*2
67g
3034
52*4
52
1214
43
30*2
517g
*51
10'>8
247S
6*8
6,800
51*4
3684
1234
67S
*33
37
10
734
10*4
*42
80*2
3i2
3634
3658
51*2
50
578
13
*12*4
834
*69
36 78
3684
*6
15*2
1038
*2334
'
*5*4
*1138
734
15
1234
8
,'
37
57g
11*4
2*4
10*4
*70*2
312
2,500
30,700
1,300
*638
784
23,6
2*4
1578
1234
8
3i2
144i2 145*4
145
Year 1935
On Basis of 100-share Lots
EXCHANGE
Preferred
12*4
71*4
21
400
10*4
59
61*2
200
53
10
*70
834
80
12*4
*55
*60*2
80
*51*2
*115
*5*4
11*4
5*4
13
*6
4,600
15*4
10*4
17
*18*2
7*4
50
136
1434
1234
*13*2
*258
77g
133g
144
136
2,100
7,800
11*2
277g
*12*4
10*8
*13*2
*25s
55*4
3
105s
27*2
4,300
20*8
no
2*8
*15*4
2*4
15*8
51*8
1438
150
*149
145"
2*8
'
«•
3534
147g
*120
*115
15*8
5*4
*11*4
6
*5l2
*6
52
*149
145
23,6
15lg
*12
*103
Range for Previous
Range Since Jan. 1
STOCK
Shares
1984
20*8
110
YORK
Week
$ per share
*11*8
2678
26*2
*115
145"
2*8
15
13*2
7*4
36*4
*5*4
*11
—
143
153s
6
15*4
*5*2
51*4
*115
142l2 145*4
2*8
2*4
2316
15i2
82
*76*4
51*4
53
—
15
1478
82
M
26*4
the
June 12
1
11*2
27*2
137
13512 135i2 *136
15*4
1434
15*8
147g
79
79
78
*76*4
53
*51*2
*5112 53
26
*135*2
15*4
20
*105
Friday
3981
I
33
Nov
Dec
Me
New York Stock Record—Continued—Page 9
3982
AND
HIGH
SALE PRICES—PER
LOW
SHARE, NOT PER
CENT
STOCKS
Range Since Jan. 1
NEW YORK STOCK
EXCHANGE
On Basis of 100-share Lots
Sates
/am
j or
Wednesday
Saturday
Monday
Tuesday
Thursday
Friday
the
June 6
June 8
June 9
June 10
June 11
June 12
Week
$ per share
$ per share
82
*79
$ per share
$ per share
$ per share
$ per share
Shares
*7784
*5%
85
*23%
24
*2
6I4
218
80%
6%
2384
80%
*5%
3:2384
23%
2
2
*2%
23%
2%
*6
*384
4
*378
10
*8%
10
*19
23
*3U2
32
111% 111%
♦112U 11210
1U8
41l2
1U8
4U2
101
101
15g
15g
9
9
63»4
6334
*19
31%
4
4
4
*8%
6
9%
*8%
22
*19
22
33
32%
32%
*80
*6
23%
*2%
*4
9%
*19
85
6%
2384
2%
4%
9%
23
3234
33
*80
*5%
2334
*2%
4%
*8%
*19
3284
82%
6%
24
2%
4%
10
*7934
*6
8212
6%
23%
2334
*2%
4%
*8%
2%
4%
10
3234
111
111
111%
111% 111% *111
111% 112% 112% 112% *112% 114
*11
*11
11
11
11%
1178
11%
11%
40
42%
3984
4134
4184
3884
4134 42
101% 101% 101%
10078 100%
*10078 101% *101
134
1%
1%
1%
1%
1%
1%
1%
9%
9%
9%
9%
9%
9%
9%
9%
63
*63
63
63
63%
63%
63%
63%
111% 111%
112% 112%
*19
32%
111
111%
*112% 114
*11%
11%
39%
3934
IOO84 10034
1%
1%
9%
9%
63
62%
%
*214
*41g
7134
*27g
*6314
2Ug
1358
*2314
*94
*6i8
*5012
*30i8
1612
*119
*97g
2758
47g
*2U2
*122
*58
%
2i2
32i4
%
*2%
*31%
5
*4%
72%
278
*63%
2138
13%
7178
3
64i2
2U4
136g
2414
96i2
638
51
1
1
1
2%
2%
2%
31%
31%
32%
73%
*4%
73%
7434
2%
*278
3
5
5
64
64
64
22%
22%
1334
22%
1334
24%
96%
*94
6%
6%
14
24
96%
*24
%
%
2%
*31%
2%
32
24%
96%
6%
6%
5078
51
*51
52
31
31
31
*4%
74%
2%
*63%
22%
1334
24%
*94
6%
31
51
*%
2%
32
1
2%
32%
%
%
2%
3134
2%
32%
7434 Apr 28
538June 1
1175s Feb 19
7%
18
Jan 24
30
Mar 25
330 Scott Paper Co
No par
*4%
5
74%
76%
*4%
74%
76
25~600
*2%
3
*2%
3
200
*64
66
5
*64
66
22%
22%
22%
22%
1334
1384
14%
14
14
24%
96%
6%
51%
1658
120
64
*23
24%
96%
*94
96%
100
6%
2,000
1,000
52
6%
52%
6%
*51%
52%
31
31
*80
84
*44
4578
*23i2
1234
2384
13
16%
80
*43%
23%
1234
*58
*58
64
80
*79%
45%
23%
1278
80
*75
45%
23%
*23%
24
127g
13
4578
23%
13
13
47
18,600
5,800
900
*75%
80
47%
700
Smith
*23
24
200
13
38,000
13
1234
*111% 112
*111% 112
*111% 112
*111% 112
*111% 112
4%
434
434
4%
434
4%
434
4%
434
4%
*27
2734 28
27%
27% 2734
27% 27%
*27%
27i2
27% 27%
*130
*130
158
158
157%
*130
157% *150
157% *150
157% *150
27
27
27
27%
267g
26%
27%
26%
26% 26s4
26%
263g
34%
3284
33%
32%
34%
32%
327g
32% 33%
33%
32ig
317g
16
16
16
16%
1534
1534
15%
16%
16%
16%
1538
153g
2834
2734
28%
27%
27% 28%
2734 28%
27%
27%
2684 2684
*42
*8i4
*69
434
49
884
70
*43
*8%
*69%
*10512 107i2 *105
6I4
*8%
63g
9
6%
18ig
18U
*19ig
2U4
*8%
*73%
*31%
18%
*19%
*48
4934
*48
*735g
75
*30
32
*68
687S
104i2
257g
*25U
15
1538
*101
*42
49
834
70
*8%
834
*69%
6934
107%
107% *105
6%
6%
6%
9
9
*8%
75
20%
4934
*314
35
33g
*48
1834
27
58
5834
*26
26%
68
68
*23g
25g
*814
9
*46
50
18
177g
I8I4
li
lUg
1778
3534
3534
3%
3%
*21
4i8
21%
29%
1838
11%
*30%
4%
10%
2734
*7%
21%
29%
*1%
7%
1014
7%
31%
36%
11%
978
6%
3334
34
38
3884
3%
1097g 1097g
35% 36%
34% 3434
25
*76
4%
120
*30%
4
11
*11
2734
*2734
7%
834
21%
29%
1%
884
7%
7%
3134
36%
21%
29%
*1%
834
*7%
7%
31%
35%
31%
36
*35
36%
*35
*5958
60%
*59%
60%
60%
60%
30
534
30%
578
30
15
15%
15%
15%
*10334 104%
10484 10484 *10434 105
*51
*51
*51
57%
57%
57%
16
16
16
16%
16%
16%
*60
6034
61%
61%
60%
605g
1284
12%
1284
12%
125g
12%
20
*19% 2034
1984
19%
19i8
*12
*12
1278
1234
12%
*11%
15
78%
300
*120
121
140
*30%
31%
100
4%
4%
4%
11%
4%
11%
11%
1,300
28%
28
28
8%
21%
*734
8%
200
21%
29%
21%
2934
2934
2
*1%
2
9
9
9%
7%
7%
31%
3584
11%
10%
*40
9%
300
*414
*83
7134
*68%
4%
4%
85
127i2 12712
*38
40
*83
4%
85
83
4%
84
127% 127%
127% 12734
*38
*38
39«4
For footnotes see page
3974.
3934
Jan
1438 Apr 19
12078 Jan
10
Apr
5i8 Apr
912 Jan
2484 Apr
2634 Apr
10
27
30
3
28
30
Stand Investing Corp..No par
2
Feb 26
Standard Oil Export pref.. 100 xl09%June 8
Standard Oil of Calif
No par
353sJune 10
Standard Oil of Indiana
25
3234 Jan
Standard Oil of Kansas
10
25
2
Mar 27
105
57%
Jan 29
714 Mar
7734 Apr 13
8i2 Mar
33U Feb
437g Mar
104i2June 10
10134 July
18
Feb 24
12i2 Sept
129
Feb 24
1225s June
100
5%
30
*104
*51
57%
.
30
27
17
17
113i2 Jan 24
47% Feb 8
40is Feb 5
30
Superior Steel
100
Class
A
Telautograph Corp
Co. 100
100
1
25
Thompson Prods Inc...No
100
Thompson-Starrett Co.No par
$3.50 cum pref
No par
15%
15%
9,200
104% 104%
*51
57%
800
4,100
300
8,000
34%
3484
34%
35%
4,200
9%
9%
9%
984
900
71
4%
71
4%
80%
1/79%
12584 12534
*39
40
20
2,500
2,300
620
800
Dec
Dec
4
Mar 12
par
Transamerica Corp
No par
Transcont & West'n Air Inc. .5
Transue & Williams St'l No par
Tri-Continental Corp ..No par
No par
No
Truscon Steel.
20th Cen Fox Film Corp No
Preferred
No
Twin City Rap Trans..No
Ulen & Co
par
10
par
par
par
100
Dec
Sept
2812 Apr 28
3578 Jan 30
234 Feb 11
1134 Feb 19
1% Jan
57g Jan
3
2
634May 14
55s Apr 27
2878 Jan 6
33
Jan
6
712 Jan
6
958 Apr 27
28
Jan
2
878June 12
89
June
4
8i2May 23
314 Jan 2
2334June
8I4 Jan
5
3
2458 Jan 2
478 Jan 21
Apr 30
1434 Jan 6
26
100% Jan
3
Jan 20
Jan
6
32i2
97g
Jan
Mar
884
Dec
30%
Dec
3684
Feb
14U Mar
4
110
13% May
6
4i4June 12
l/79%June 12
12512 Apr 23
38%May 21
Oct
Jan
2918 Feb 13
1214 Feb 14
16
Mar
29
Nov
32i2 Mar 6
8i2 Mar 23
1338 Mar
3984 Feb 25
17
19i8 Feb
106i2Mar
60
5%
41
Mar
2
83
Mar
6
8!% Jan 20
Dec
Dec
Dec
Jan
104i2 Nov
48
Dec
1318
Dec
283s Mar
4% Mar
714 Mar
72i2 Nov
5i8 Mar
17g Mar
69
Feb 29
1284 Jan 31
5
1578
2684 Mar
45g Mar
10718 Mar 11
7
2684 Nov
28
84
1784 Feb 19
1078 Feb 18
3238Mar 2
87S Nov
75g Mar
4
3
Mar 11
Feb
Jan
15g Mar
Apr
4
Jan
Oct
10% Dec
5
12
7i8 Apr 30
1
3138 Apr 27
834May 20
65i4 Jan 22
100
Dec
Nov
June
2
478
12%
2
4
22i2June
Apr
Oct
Dec
9i2 Feb 18
I6I2 Jan
3
61
May
6U8 Jan
2i2 Mar
5
27% Apr
6
28i2
4438
514
5
Feb 28
1258 Mar
914
12i2 May
50
8
2
Jan
Dec
U2 Nov
6% Deo
16i2 Mar
2834 Apr
314 Jan
8i2 Jan
14
Apr
1478
7i8 Jan
33i2
8
938 Jan
1038May 19
93
Dec
10i4Mar 11
7
3834 Feb 3
15U Feb 29
143s Mar 6
42
Apr 13
39i2 Apr
72i2 Feb 18
1434 Feb 25
jan
Sept
14 Apr
U4 Apr
6I4 Sept
12i8 Jan 6
Apr 27
11
Apr 30
No par
Preferred
100
Union Bag & Pap Corp.No par
Mar
9
Under Elliott Fisher Co No par
;
3i2 Dec
1234 Aug
2284 Dec
56
.
5
Mar
Jan
25
Timken Detroit Axle
10
Timken Roller Bearing.No par
Preferred
684 Mar 12
145g Feb 19
Nov
3058 Dec
15
4
52
Truax Traer Coal
15g
77
121
Apr
25
658 Jan
No par
preferred
*11
20U Apr 28
3
No par
6%
6OI2 Mar
Jan
11512
1034 Nov
177g Oct
314 Mar
Jan
Tidewater Assoc Oil
Preferred
100
Mar
2978 Apr 20
9% Feb 14
23
Tide Water Oil
100
2i2 Mar
2>4 Apr
15%
36
Jan 15
1,700
14
Dec
187g
Jan
5,400
20%
12%
Dec
65g Mar
62
5%
19%
Dec
50
44
30%
13%
Nov
4
10
Mar 25
30%
*11%
68
59
Preferred..
Feb
3% Mar
3378 Apr 27
No par
Dec
32
5884 Jan
1% Mar
No par
5%
12%
127% 127% xl2584 12584
40
3934
3984
3934
pref
The Fair
Thermoid
1
Dec
3338
Oct
8
Jan
14% Mar
934 Apr 30
4078
Mar
20
Jan 28
6
2
Dec
Apr
Mar 19
2
Jan
116
32i2 Nov
No par
Mfg
conv
10
Thompson (J R)
13%
19%
5
$3.60
Ry
par
Third Nat Investors
127g
19%
83
Thatcher
Pacific
25
100
3,800
*4%
5
Texas Corp
100
16%
x82%
5
Tennessee Corp
&
10
3
Dec
2i2 Nov
23
40i2 Mar 18
1
113a Aug
2734 Mar
12434May 15
Oil
2878
12i2 Mar
2
Superior
26%
Jan
Jan
Apr
12i2 Dec
9% Aug
Feb 10
Jan
91
1918
130
523g Dec
2
10%
62%
Oct
3584 Mar
Jan 11
100
1584
Nov
84
105% Nov
Mar 19
Jan
Third Avenue
61%
18% Dec
15i2 Oct
48
Mar
111
6
Jan
400
16%
Feb
27
1
61%
Dec
36*4 May
Mar
Mar
Mar
Mar
7a July
5312 Jan 28
24i2 Apr 16
21U Apr 8
14% Jan
9i8
Jan
Jan
Feb
Jan
72
*25%
30
107
6
978 Feb 17
1714
3612
3978
334
118
Co
16%
71
1
25%
*24
*9%
100
Dec
2i2
U2
134
484
1334 Mar 17
No par
100
Texas
61
4%
Oil
Preferred
41%
3634
1,000
Mar 20
Superheater Co (The) ..No par
*40
16%
83
t Studebaker Corp (The)
Texas Pacific Land Trust
15%
104%
*68%
No par
7,600
6134
72
Stone & Webster
4,400
16
9%
I6I2 Apr 30
11%
6O84
35
5
10%
15%
584
50
8i8May 8
48 May 18
36
8%
Jan
2%May 21
Stewart-Warner
Sun
10
par
No par
Preferred
10
15%
4%
No par
10%
30%
83
prior pref
prior pref
35%
30
*68%
cum
10%
4134
*26%
*9
t Stand Gas & El Co
11%
57g
30%
3478
1
35%
8,100
3534
9%
7134
No par
(The)
Texas Gulf Sulphur
No
Texas Pacific Coal & Oil
8
884
8
8%
8%
8
8%
8%
8%
8%
8%
8%
104
10534 *105
10534 X104
105% *104
*103% 10584 *103% 10534 *104
6
6
6
6%
6%
6%
6%
6%
6%
6%
6%
6I4
784
734
734
734
*7%
8%
8%
8%
*7%
*7%
73s
73s
28
27
26%
26%
27%
27%
26% 26%
27%
27%
26% 27
9%
*68%
4%
No par
Preferred
Stand Comm Tobacco
1,800
300
35
Standard Brands
15,800
30%
3534
Dec
3384
313s Apr 13
7%
7%
534
61
Nov
Mar 20
21«4 Apr 27
31%
30%
36%
31
Jan 25
12
7%
7%
14
3578
9%
71%
3634
2378
2412
5334
Mar 13
31%
4,000
215s
June
Mar
7%
7%
II84
9%
75
42
Feb
63
31%
20%
35%
78
6
99
No par
1384
9%
1134 Feb
Spiegel-May-Stern Co ..No par
6)4% preferred...
100
Square D Co
No par
No par
No par
20%
35
49
44
J Symington Co
xll%
*884
*68i8
22
2058 Feb 21
No par
Swift Internat Ltd
900
6,700
27,300
1,800
3412
Conv preferred A
1,500
10%
*12
2934May
1578 Apr 30
138s Jan
2
25
25%
*51
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
Swift & Co
*9%
105
Oct
No par
$5.50 preferred
5,700
*24%
15%
Dec
8%
1
50
11
*25
8%
314 June
Spear & Co
Sutherland Paper Co
Sweets Co of Amer (The)
400
24%
25%
11%
*27
1134
*9%
*24
578
28%
15%
11%
10%
4134
1934
11%
7
10%
30
36
19
3,300
39,900
22,300
634
25%
3i8 Mar
778 Jan
3
63!4June 12
10U2Mar 18
534 Apr 30
678 Jan
4
73%June 10
Spang Chalfant & Co Inc pflOO
Sparks Withington
No par
Convertible preferred
50
7
10%
5?8
28%
31%
300
*6%
11%
*29
500
*684
24%
253g
934 Mar
1218 Apr
100
23,700
13,700
50
7%
70i2 Nov
109U Feb
Apr
59i2 Apr
1st preferred
36%
2,200
*7
834 Nov
1,000
4,800
8%
*7%
*23%
Mar
3%
3%
109% 109%
8934
7
July
July
5
$7 cum
8%
65s
15
6,100
*89
9
Feb 20
38%
9%
9%
3
37%
8934
9
Jan
No par
9%
89
9%
7%
7
34
Spalding (A G) & Bros .No par
No par
No par
9%
7%
8934
584
7%
7%
1234 Mar
5i2 July
3278 Feb 20
$6
11%
28%
8%
29%
*1%
Nov
25i2 Dec
16% Jan
3878 Feb 19
Preferred
7,900
21
Dec
27
21
1,600
*76
152
Jan
8,600
78%
Feb
1058 Mar
19
10,300
31%
Oct
283g May
2312 Jan
1234 Apr 27
14%
120
Nov
1584 May
100
33%
61
9
30
4%
78
120
*30%
30
112
100
884
31%
68i2 Dec
100
Preferred
7
11%
.65% Dec
70% Nov
Southern Railway
65
19
Jan
132
2834 Feb 17
Sterling Products Inc
Sterling Securities cl A.No
19%
11%
Jan
20
Mar 26
160
20
107i2
1
7i2 Feb 29
3434 Mar 3
Dec
Jan
Southern Pacific Co
3234
*3534
*75
Jan
Feb
10%
6%
*60%
8%
9
28%
20,700
10
8934
634
2,600
3534
9
*29
100
61
*71l2
*9%
1,900
*9%
8934
9
89
10
*60%
9%
9%
10,900
9%
8934
*35%
*59%
•9%
*75%
*9
112i2May
200
9
9%
4
2,700
2
*39
105g Aug
2%
8%
9
41%
36%
4
Feb
69%
*1%
10
17
8%
2
3534
107g
Mar
4638 Nov
15U Apr
69%
*2%
8%
21%
2934
10
24
6
2%
*7%
21%
2934
11%
Dec
69%
2%
.7%
21%
29%
36%
116%
Mar
69
11
11%
Jan
13
3384
7134
4i8
1284
28
10
Dec
60
9
11
*7%
7%
31%
20%
2434May
28
7%
7%
31%
Jan
Jan 31
25
193g Apr
6i2
72
150
1334
18%
Feb
Mar
2812 Jan
25
Nov
3134Mar 30
95
100
Dec
16i2 Dec
111
20*2
1834
Starrett Co (The) L S__No par
78
10
*38
300
40
18%
3414
Dec
Oct
2
Apr 27
4i2June
5
Apr 27
534 Nov
July
50
6
April
Apr 17
Apr 17
26
10%
6%
1834
19%
1134
Dec
2534 Nov
Mar
Nov
434
400
18%
Dec
127g
Jan 15
634
26%
121
1178
4134
20
500
*47
17
"
14% Jan 25
2
75
No par
1434
33%
3834
3%
50
70
5i2 Mar
63i8 Mar
3234 Apr
26%
4%
11%
28%
834
100
4ig Nov
314 Mar
40i2 Nov
8
132
Mar
Jan
697g Nov
22i2 Feb 18
12i2May 20
42
47g
Mar
2958
2
5
6578 Jan
Dec
Dec
9
3
Jan 16
Mar
II4
3
3678 Dec
7% Mar
19% Feb 20
120% June
26%
69%
*76
4%
4igJune
1912 Jan
Jan
Jan
Nov
7% Mar
52% June 11
34
Oct
2018
91
U8 May
40
Apr
97i8May 29
83g Feb 4
25%
*120
31%
Jan
Mar
26%
834
27S
31
5
Jan 16
73
70
*47
2084 Mar
Jan 17
6
18
120
7
458 Feb
Jan
2%
14 June
58 Aug
7
76%June 11
51i8
18
77
I84 Feb
4i2 Feb 7
4358 Mar 12
Standard Oil of New Jersey.25
18
31%
Apr
Apr
4i8 Nov
May 13
22,500
18
120%
2
58%
18
19%
11%
Jan
57%
50
19%
30
126%
34%
Apr
55
58%
*46
11%
7634
400
27
8
Mar 31
57%
50
11%
2,900
33%
7
76
5834
*46
18%
7,800
12,600
9%
35%
20i2 Feb
134 Apr
Mobile & Ohio stk tr ctfs 100
24,800
6%
*21
3
Jan
May 12
984 Apr
1984 Jan
110
10%
6%
33%
38%
3%
109% 109%
36
36%
34
34%
9
Jan
7
25
50
11%
preferred
(A O) Corp
Preferred-
9%
*73%
*124
334
414 Feb
Oct
7
25
*8%
*2%
10%
127
4
59% Jan 21
234May 25
58
Southern Calif Edison
6%
32%
19%
7%June
53% Jan 6
l%May21
7s Jan 2
2
Apr 23
3084June 4
112
5,800
600
*29%
56i4 Nov
3
2,000
64%
*103% 105
82
Mar
52
10134 Mar
25
9
*38
*25
3%
9
187g
127
14%
9
*35
<
127%
2%
4134
*2314
*9i2
32%
19%
*2%
*36
9
*31
7%
68
17%
*73%
32
1434
68
*46
73%
82
10%
68
9
9
14%
2%
8%
3578
1178
27
6%
6%
*834
10%
67g
6834
7%
7%
31%
U84
*978
343g
*127
*2%
*8%
*838
35U
34%
*21
105
634
Jan
22
3
8
30
2
28
2
5
3
So Porto Rico Sugar
400
63%
6
Feb 29
Jan
South Am Gold & Platinum __1
834
*8
8
9712 Feb 1
138May 26
100
Solvay Am Invt Tr pref
49
*42
18%
19%
18%
21
21
*19%
21% *19%
4984
4934
4934
4934 *48
70
71%
70%
71%
71%
71%
105%
105% *103
104% 104% *104
27
27
27
2734
27%
27%
1534
15%
15%
15%
15%
15%
*6734
15g
31
3%
109% 109%
36
35%
*103
8%
66
834
19
26
9
7i8
36
8%
65%
49
June
383s Apr 30
4318
30l4
1434
110i2
7,100
*19
26
*U2
*7
7
14%
33%
38%
3%
8%
69
*42%
*48
26%
77
105g
28%
884
10%
6%
13%
32%
73%
31%
*26
*120
*27%
*73g
2U8
2914
10%
6%
834
58%
*2578
78
*10
127
49
103% 105
58%
121
31ij?
27
127
8%
69
58
*77
4
19
21%
*42
587g
58%
*120
*29
31%
4934
69
70%
68%
6884
104%
*103% 104% *104
*26
26%
26%
26%
15%
1584
15%
15%
*11238 11212 xl09% 10978
36
36i4
3578 36%
33
33
3334
34%
*17
75
*73%
31%
18%
*19%
32
127
1271S 127l2 *124
11
11
*10%
*1014
6%
6l2
6%
6i8
13
13
13%
13%
31%
3134
31%
3134
35
49
11
11412 June
135s Dec
Jan
100
No pa
No par
Socony Vacuum Oil Co Inc._15
7%
II3I4 June
109
484
Snider Packing Corp
190
Jan
10434 Mar
100
*45
*79%
46
114i2Mar 11
163s Jan 13
94
25
47%
23%
80
23i2 Nov
113
2084
par
Sloss-Sheff Steel & Iron
Dec
2
par
Skelly Oil Co
Mar
2
par
No par
10
Petroleum
Jan
12
3158
Jan
par
100
Silver King Coalition Mines
Simmons Co
Nov
Jan
par
Conv preferred
Simms
3
14
109
32
par
No par
Shell Union Oil
Jan
Apr
Apr
1
6
8
Jan 20
Dec
2
6
225sJune 10
1634 Apr 4
1
No
Sharon Steel Corp
No
$5 conv pref
No
Sharpe & Dohme
No
Conv preferred ser A .No
Sheaffer (W A) Pen Co-No
(F G)
Preferred
40
♦lllU 112
45g
Shattuck
22i2 Feb
35i2 Jan
10
2584 Dec
84 June
638 Mar 4
1234 Feb 11
61%May 13
15% Jan 7
1H8 Jan 3
-1
Preferred
Servel Inc...
80
64
46
6,100
3,000
4,400
1
Second Natl Investors
59
*60
*23%
12%
50
Seagrave Corp
No par
Sears, Roebuck & Co..No par
59
64
47%
700
24%
6%
31
58%
1,400
24
120
58%
10
20,300
*94
*30%
*30%
*30%
I684
16%
17%
16%
16%
1678
17%
16%
17%
119
119
119
119
119%
120% xll9
119% 119%
10
10
10
10%
10%
10%
10%
10%
10%
10%
978
29
30%
29%
2834 29%
29%
29% 3034
28% 2834
275S
5
5
484
484
47g
434
47g
4%
47g
47g
478
23
22% 23% *22% 23%
22% 22%
22% 23
2214 *22
*122
125
12334 *122
12384
12384 *122
12334 *122
12334 *122
31
Preferred-.
100
1,200
1,200 Seaboard Oil Co of Del-iVo par
5
65
No par
5,400 t Seaboard Air Line
3
Apr
10J4 Mar
10i2 Feb 19
111
100
300 Savage Arms Corp
No par
5
10,000 Schenley Distillers Corp
500
5H% preferred.
100
1
6,800 Schulte Retail Stores
Preferred
100
1,600
27g
Jan
778 Jan
100
preferred
preferred
6%
40
23g
2
2
2
No par
100
Safeway Stores
250
1% Jan
Highest
5 per share $ per share
82
102
Dec
Nov
2984 Feb 28
358 Mar 4
Preferred
"3,700
7584
22%
$ per share
223sMay 20
Rights
*31
$ per share
Year 1935
Lowest
Highest
St Joseph
stklVo par
pref
100
Lead
10
100 J St Louis-San Francisco—100
1st preferred
-100
500
10 t St Louis Southwestern—100
23
3234
Par
Range for Previous
Rutland RR 7%
3~200
■
23
Lowest
100 Ruber'dCo(The)cap
"
June 13, 1936
35g
,
Apr
Oct
3i2 Mar
Aug
13
245g
Oct
2i2 June
18
Mar
1% June
5384 Mar
99
Jan 13
133
Jan 17
125
Dec
5284 Feb 19
29
May
14
Dec
1514 Nov
16
Dec
8% Nov
97i8 Nov
678 May
814 Nov
2478
Dec
33i2
Dec
12% Nov
73
Dec
5% Nov
8714
133
50i2
Dec
Apr
Jan
New York Stock
Volume 142
HIGH
AND
LOW
SALE
PRICES—PER
Record—Concluded—page
Sales
CENT
SHARE, NOT PER
STOCKS
Range Since Jan. 1
NEW YORK
for
STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 6
June 8
June 9
June 10
June 11
June 12
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
84
83i2
126
8584
855g
21*s
22
21
*20
*20
97*2
2478
*24
23i4
2278
16i8
*20
27
27i8
27*8
115
*112
77
77
*7634
*26
26i2
98
115
26l2
6I4
1214
2214
1218
21
21
22
27*2
27*4
275g
78*2
2612
*25
634
63s
43
12*4
22l2
79
684
4378
125g
22*2
44*4
1212
2212
105I2 *100
105
105
*101
5
5
5
5
5
34
34
34
34*s
34*8
7734
7734
78
7734
78*2
15
15
15*4
1125s 11258
8
*7is
534
534
15i8
5&S
55g
*63
72
*65
67
67
67
*151
154
*150
154
104S4 105
13s
15l2
38
*151
10434 10434
1%
1*4
*1434
15i2
38
38*2
13s
*1434
38
5
*34
78*2
115
79*2
26*2
7
154
*151
100
103*4 103*4
138
1*4
*1434
1612
38l2 3834
13g
*15
38*2
*112
79*2
*25
634
*20
2734
115
*112
81
80
*25*4
26*2
7
634
z44
2212
200
27?8
3,000
80*2
5,500
100
26*4
7
78,000
44*2
11,000
437g
1234
44*2
13
1234
13
5,500
2338
23*4
2434
2334
24
6,600
50
105l2 *100
5*4
35
7878
154
105*2
105*2 *100
5
47g
47g
*34
34
34
34*2
7834
79*4
7834
79*s
3,500
1538
155g
113
153g
*112
758
8
5&s
6*8
77g
72
72
57g
*69*2
69
71
70*2
*151
154
13g
39*4
13g
*1434
38*4
15*2
23,400
400
778
900
6
300
71
102
102
13g
10,600
73*2
154
1%
500
113*2
*151
10234 *100*4 102*4
1634
1,100
*478
113
Par
Union Carbide & Carb.JVo par
Union Oil California.
25
Union Pacific
100
Preferred.
loo
Union Tank Car
No par
United Aircraft Corp.
5
Un Air Lines Transp v t c
United Amer Bosch
No par
United Biscuit
No par
Preferred
115
44*4
1278
15l8 1558
1512 1534
*113
11234 113
11414
*7*s
7*2
7*2
758
534
534
57g
534
72
*70
7134 7134
67
69
687g
69*4
72
67
12,200
4,900
9734
17*s
105
*11112 II2I4
8
*7i8
245g
16*2
*112
98
24*8
17*8
17*8
115
1,600
16*2
24
17
27*8
3,500
24
25
2334
*20
20,000
2358
*24*4
2O84
27*4
89*4
22*4
128
1,600
1,000
17
*25
63s
87*2
2,600
—
^
—
^
^
"""l60
13g
3,300
167g
*15
163s
3834
39
393g
7,200
4
*3
1434
*24
*1214
24*4
24i4
1514
*14l4
15
3
3
*3
*13*4
2414
3*2
14i2
2434
15*4
14i2
245g
*1338
15
15
37S
*3
2438
1412
2434
*13*s
24l2
378
200
*14l2
15*s
15
*3
37g
14*2
15*2
245g
1,900
15*2
25
15*2
1,200
14*2
*90
95
*92
96
*94
95
95
96
96
96
96
*94*4
90
*88*4
9034
91
91
92
93
93
193
9034
9034
94*4
*16234 16478 *16234 16478 *16234 1647S *16234 1647g *16234 16478 *16234 16478
12
1134
12
1234
12i2 1234
11*2
12*2
11*2
12*4
1212 12i2
3612 365g
34
3678
37*2
3434
33*2
37*4
373g
35*s 37*s
r3378
7
7
7
7U
714
7*4
7*4
7*4
67g
67g
*684
*634
*12*g 1384
*12*4
133g
127g
12*2
1238
12i2
1278
1234
123g
12*4
84
*83i2
85g
*8312
834
27*8
69
69*2
*88
89i2
74
*7314
5958
5834
126
142
834
28ls
*83l2
*140
113
437s
*111
437s
4312
*75
*75
5
5
5*8
32l2
32l2
33l2
837s
84
9
9
28*s
2878
29
72
834
28*8
7138
89l2
89*8
*83l2
287g
71
2734
71U
72
71*s
90
89
89
89
74
142
74
74
61
7312
62*s
126
126l2
*140
142
61*2
1,200
21,400
72*2
73
4,600
91
90
90*2
4,300
74
73*2
633g
6134
162
30
47g
5
11,900
*1*4
13s
1*4
138
1*4
H4
*32*2
35i2
33
33
33
1,100
33
40
*19*4
1934
19*2
1934
19*4
1934
1,600
*3512
36*8
35*2
36
36*4
36*4
400
*43
44
44
*75
114
4434
5l2
35
35l2
*433s
114
*113
114
270
45
45
45
900
*75
*75
5*4
*113
512
36
*5*4
35
*75
534
5*4
35*4
'm
^
1,600
35*4
2,900
113*4 113*4
3538
5*4
113i2
*14i2
*125
113l2 113*2 *113*4 11378
5
*434
*434
5
20i2 *14*2 20*2
126l4 *125
126*4
75
75
*130*4 145
*71
*137
113*4 113*4 *113*4 1137g
5
5
*434
*434
5
*484
80
*16*2
*14i2
20i2
125
125
*125
78
*71
77
*71
145
*135
145
137
*434
1034 Apr 27
15
Jan
16*2 Feb
2558 Apr
100
United Electric Coal...No par
United Eng & Fdy
1
United Fruit
No par
93
Jan 15
5
United Gas Improve
No par
Preferred
20l2
12534
*16
125
125
*125
126
200
78
*71
78
*16
*71
78
70
20*2
137*2 *130*4 140
20*2
*130*4 140
60
*2i2
27g
*212
234
*23g
284
284
234
*234
3
*234
3
500
*63s
634
6i2
6&s
6%
678
7
*684
7
1,200
7
6&s
43g
7*4
*27g
6i2
*278
13l2
31*4
*133s
13*2
31*4
3D4
*116
*1165s 117
*27g
1384
1378
3138
315g
7
117
*116*4 U7
7
7
7*4
2838
28*4
28*4
*18
1838
18*2
67s
*28*4
678
28*2
*18
183s
*ID2
*2*4
12*8
117g
1178
12*8
212
62i2
978
2i2
2i2
934
*43
*42
4978
1*2
*u8
*20
22
23
*21
*6
*6
634
*114
*3514
"ill
*7978
104
*1*4
35
35?8
8014
*7938
104
104
*96
*97
120
*2
8~34
6
*85g
*14i2
87g
1612
2*4
*1412
*2*8
6
6
6
79l2
8034
80
393g
3938
111
*
112
1133s
134
~2258
21
*2058
*75
80
*75
80
*80
99
*80
99
*26
27
27
*84
87
87
38*2
26l2
*84
38*2
72i2
*1*4
3634
2:3584
80
80
80*4
104l2 104*2
107*2 107*2
104*2 105
107
9778
120
107
98
150
320
8C
Universal Pictures 1st pref.100
t Universal Pipe & Rad
1
2*4
63g
6
6
825S
8134
84*8
823s"
84*4
20,800
39*2
3984
3934
40*8
5,600
114*2 116*2
22,600
*
110*2 115
*98
*26
27
*26
*80
87
*
1,200
134
"25"
25
U S Pipe & Foundry
20
U S Freight
U S & Foreign Secur
Preferred
...20
preferred
U S Hoffman Mach Corp
5
U S Industrial Alcohol. No par
U S Leather v t c
No par
t c
No par
Prior preferred vtc____. 100
U S Realty & Impt
No par
U S Rubber
No par
1st preferred
100
Smelting Ref &Min
Preferred
50
100
Preferred
100
Utilities Pow & Light A
1
Vadsco Sales
No par
Preferred
100
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
7% lstpref
40
Vicks Shr & Pac Ry Co comlOO
Chem
No par
72
15*4
378
54
84
84
5% preferred.
Virginia Ry Co pref
100
100
14 May 4
100 zll4i2 Jan 16
Detinning
Preferred
100
t Wabash
Preferred B_
100
6H% preferred
t Walworth Co
No par
9i8 Jan
Apr
115*4 Apr
512 Jan
26*s Apr
1778 Apr
1078 Jan
2i8 Apr
4738 Jan
9*4 Apr
44
Apr
...100
Walk (H) Good & W Ltd No par
Preferred
No par
Ward Baking class A
Class B_
No par
No par
Preferred
100
Warner Bros Pictures
conv
pref
t Warner Quinlan
Warren Bros
5
No par
No par
No par
Convertible pref
Warren Fdy & Pipe
Waukesha Motor Co
No par
Webster Eisenlohr
No par
100
No par
5
1001
100
100
100
100
100
Preferred
100
Western Union Telegraph. 100
Westingh'se Air Brake.No
Westinghouse El & Mfg
par
50
50
90
6%
non-cum
preferred.. 100
Wheeling Steel Corp
No par
100
Preferred
2334
22*2
23*2
7,900
White
15*4
15*4
15*2
153s
153g
2,100
37g
*37g
4
White Rk Min Spr ctf_.No par
White Sewing Mach
No par
1834
4*4
77g
*18*8
4
400
1834
100
50
Motor
4
500
Conv preferred
Wilcox Oil & Gas
8
10,800
Wilson & Co Inc
73
1,900
73
73
5178
No par
No par
5
66
60
*54*8
58
600
8784
*82*s
8784
70
67
68
*67*2
69?8
1,700
*33
34
34
3478
200
Wrigley (Wm) Jr (Del)-No par
Yale & Towne Mfg Co
25
18
18
18
18*2
177g
18*2
183g
1778
18I8
185g
183s
177g
126
128
*126
128*2
*123*2 130
*123*2 130
*12312 130
128*2 126
49
49
*47
49*8
48*2
485g
47*2
47*2
48*4
47l2
48*8
48*2
64
64
61
62
62
62*4
62*2
623g
633s
605s
6U4
63*4
119
*114
119
119
*11578 119
all8is 1181s *115
11578 11578 *117
21
23
22*2
22*4
2134
2184
2278
223g
21*4
2234
22i2 22*2
6*2
634
63g
684
65s
6i2
*6*4
63s
63g
6&S
*618
638
18,200
Yellow Truck & Coach cl B.10
6634
*32
67
34
6684
*33
67*2
34
.
For footnotes see page
3974.
Jan 16
10
Feb 28
19
Jan
Jan
63
478
37
12012
112i2
Dec
Dec
Dec
Dec
Oct
Dec
2
June
15
Feb
33
Nov
63i2 Mar
10914 Feb
83
May
734 Nov
1
Apr
134 Mar
1
May
4i8 Mar
26U June
114
Jan
U4
Feb
11734 Dec
3i4 Nov
534 Dec
43s
Dec
978 Nov
3314
120
Dec
Apr
638 Nov
Feb 25
358 Jan 24
72
June 11
1458 Feb 19
5778 Feb 8
278 Feb 29
10*4 Mar 31
2534 Apr 11
28i2 Feb 19
29*4 Jan 2
11*4 Feb
83
6
May 26
234 Jan 13
46*2 Jan 2
8238 Feb 7
105i2June 4
110
Apr 21
98*2 Apr 23
121
Feb 21
116
Mar 23
8i8 Apr 27
Apr 30
2
Apr 25
5*4 Jan 2
72^May 4
12i8 Feb 21
2084 Feb 24
3434 Jan 13
15
4
Feb
7
978 Feb
7
95
Feb 13
5
Mar
11
Dec
U4
28i2
Feb
Jan
3
Dec
47
Dec
1038
Dec
21.1 Mar
14i2 Mar
52
&s Mar
1&8
2i2 Mar
6i8
778 Mar
20&s Aug
25i8 Dec
Dec
Dec
Jan
17
Aug
32
Sept
30U
Dec
4
Mar
85
Apr
1
Jan
30i2
Jan
55i2 Nov
72
Jan
84i4
34
Mar
3978 Mar
36
Mar
104i2
Jan
95
Jan
5i2 Mar
712 Mar
lis July
23s
Feb
20&s Mar
18
9412 Jan
12312 Jan
6
7
48i8 Mar 3
12278 Feb 10
145i2 Apr 18
90
Feb
2258June
8
3384 Jan 25
10
Mar
3
29
Jan
24,800
500
30
1,600
30,300
200
16
25
3
27
28
Apr 28
Preferred A
Preferred B
Wright Aeronautical
10
100
No par
39
Jan
28*2 Jan 10
37i8 Jan 10
109*4 Feb 19
28*4Mar 4
17
Mar
6
558 Jan 13
24i2 Jan 10
5i4 Mar 30
234 Jan
7
29
23
23
30
30
75
Mar 23
4
66
Mar 23
106
Mar 11
79
Feb 10
45
Jan 23
Jan
66
56
67
118
6
56
66*4
56
*86
34
734 Mar 6
1578 Feb 11
3434 Jan 8
6
47
66*4
88
67
5
3
11134 Jan
Apr
Apr
Apr
Apr
Apr
100
58
*33
7
Feb 19
2i2 Mar
17i2 June
May 29
116*2 Jan
100
preferred
Woolworth (F W) Co
Worthlngton P & M__
87
67
Feb 25
100
$6
*54l2
36
9
83 May 26
l*4May 25
Feb 20
6%
55l2
67
6*sJune
87
6% preferred
West Penn Power pref
68
*32l2
1578 Jan 7
Apr 30
19i2 Apr 28
2
225g
67*2
2
7
27
*65
29
Jan
27
65
30
96
27
65
2
21
78
30*2 Feb
1834June 12
9134 Jan
100
Dec
4
29
Conv preferred
No par
West Penh El class A ..No par
Preferred
63
44Vs
34i2 Feb 21
June 10
458 Jan
Nov
4
86
56i2 Nov
2134 Jan
Nov
June
126
Nov
33
75
72i2
2
114
Feb
85
Aug
414 Aug
Feb
May
17
17
3412 Apr 30
27
64l2
54i8
1
30
2
3
Wells Fargo &Co
1
Wesson Oil & Snowdrift No par
27
*82
30
IU4
91
4i2 Feb
103s Mar
4i4 Jan
No par
No par
1914 Apr
1U4 Apr
34
137*2June 10
Jan
Waldorf System
Walgreen Co
51*4
*26*2
Apr
5
50*2
*26
3
238 Jan
100
507g
5012
2634
130
100
Preferred A
50*8
2678
*645g
497g
4984
267s
705g Feb
165
i2 Mar
Mar
3258 Mar
734 Nov
90
Feb
3
Nov
Oct
9U4 Dec
9914 Nov
92
Nov
1203s Dec
11434 Dec
10i8 Dec
1934 Dec
33s Jan
778
Jan
77i4 Nov
3534 Dec
9834 Nov
126
Dec
35i2 Sept
15l2
57
Apr 27
14034 May
30
23
88
Jan 23
Mar 24
4
Jan
5
1333sMay 27
114i2May 15
93s Feb 8
105
109
7334 July
5058 Nov
119i4 Nov
Feb
2
4834Mar 19
Dec
Mar
Feb
6
Jan
48
124i2 Apr
1
Mar
83s Mar 16
Sept
lli2 Dec
17U
119i8
14934
46
7
Jan
7358 Mar
114
6
100
Vulcan
Jan 18
May
No par
Va El <fe Pow $6 pref
50
27*4 Feb 19
37*2May 23
4i8 Jan
32
Mar
73
2312 Apr
85i2May
1838 Feb
14i8 Apr
3*4 Apr
2234
*82
preferred.
100
9i2 Sept
I6i4 Sept
J an
Jan
2284
*55
preferred
Apr 30
6i2 Mar
23s Jan 18
Dec
Mar
300
64l2
54*8
6%
51
49
June 11
1712 Apr 29
2834 Jan 16
163i2Mar 20
Nov
1018 Nov
5058 Nov
7i2 Mar
27i2 Mar
14334 Jan 21
Nov
87
3i8 Mar
53
7238 Apr
Apr 27
16034 Feb 6
3i8 Jan 2
li4 Apr 29
33
35i8 Mar
75i8 Apr
13234 Apr 11
131
Feb
96
165
18
95
778
3
5
9*g Mar
24i2 Mar
9134 Dec
627s Jan
7
Jan
Jan
Nov
1634 Mar
*90
4
96*2 Jan 24
Jan 21
4i2 Mar
Oct
15
25
87
8
2
Feb 25
Jan
65i4 Mar
143
3
Jan
35
Apr 15
8034 Apr
Jan
4i2 Mar
1
s87
4
13
Mar 12
Dec
9
8684
734
758 Apr 30
163s Jan 2
47
5
39 38
May
8634
37s
85
84i2
68I2
4638
115l2
Mar
110*2 Feb 15
169U Feb 18
14i4 Feb 21
59
Apr 2
978 Jan 27
183s Jan 28
8
Jan
Feb 17
Mar
*>8 June
June
200
73
638 Apr 30
lU4May 21
5
Va-Carolina
20
July
3l2
203s
Oct
5
11
70
26*4
73
33i2June 11
Jan 23
100
*26
*18
8'8 Jan
100 *110i4 Feb 17
Vick Chemical Inc
5
4
27
18*2
May
93s
",6May 18
1978 Jan 23
393s Jan 2
99
Jan
80i4May
71
78
1434
Jan
*26
77S
50
91
160
29
3*4 Mar 24
2234 Mar 23
39i2May 27
Jan 14
27
*4
..100
Oct
50
100
73
100
U S Gypsum
133i4
34
80
*95
73
No par
9
7
Jan
73i2 Nov
Feb z15912 Dec
73
Nov
Aug
Oct
2i8 Jan
Oct
1938 Mar
Mar
22&s Dec
Wheeling & L Erie Ry Co..100
*75
100
73
.No par
Jan
Apr 29
24l4June 4
13
Apr 30
Apr
78
Mar
Westvaco Chlor Prod..No par
80
99
*384
734
7234
487g
*26*4
10
Jan 24
51
400
*75
72l2
49U
26?s
2
100
159U
115
8
7i2
207g
*2058
*18
.No par
^
Feb
June 11
Nov
1U4 Dec
33l8 Dec
38i4 Dec
25i2 Nov
80
17*2
4*4
778
7
7
6
4
7&8 Mar 26
18i2 Nov
110
36*4 Jan 14
2034June 12
21
17*2
*334
7
7
50
100
I884
9*4 Mar
87*2 Mar
2*s Jan
3*2 Apr
46
Apr
8
Feb 10
1278 Feb
Jan
9234 May
38*2
21
378
1938 Jan
Oct
7*2
Weston Elec instrum't.No par
Class A
No par
38*2
2034
Jan
li4 Apr
1312 Apr
2U2 Jan
3t6May
U S Distrib Corp
Preferred
1st preferred
900
*38*4
38*2
Mar 23
50
100
Western Pacific
9*4
1634
2*4
60*2
71
153
Mar
3*4 July
7914 June 12
80
100
Dec
4584 Nov
1334 Dec
5
5758 Apr 29
Preferred
Dec
96
35i2May
6734May
No par
Apr 30
20*2
65
1
113
Jan
6i8 Apr 30
4
2
2
Universal Leaf Tob
200
*8*2
*15*2
6*4
1438 Apr 30
24*4 Dec
734 Nov
June
5
600
9*4
23g
Jan
17*2 Oct
U2 Feb
2034 Mar
834 June
4i2 Mar
73s Apr
105
United Stores class A..No par
Preferred class A....No par
preferred
Western Maryland
2d preferred
1634
*75
734
100
130
*87g
99
73
400
*2*4
80
8
20
2,700
*15*2
*75
4
97
9784
11934 11984
113*2 113*2
120
113*8 113*4
*80
2078
1&8
36
3
3378May 28
66I2 Jan 2
109
Paperboard
Preferred
*7938
797g
106
38*2
*17*s
778
"Y*2
36*4
*38*4
*2058
4
418
*1*4
36*2
38*2
2078
*384
18
"T*4
25
88
*16*2
*378
778
*80
134
4
*334
500
6*2
25
15*2
384
1.900
65g
23
*131
15
15
384
2284
6*2
6*2
25
22*4
153s
15
x22fy}
22
134
23
2234
300
~24i~2
22*2
2258
400
2378
*80
39*s
114i2
134
2234
*38*4
21
3812
23*2
*23*2
2234
*131
23*s
*20
24
3934
1123s 114*4
40
*231s
*38*4
*2058
24
24
6*4
81*2
39*4
25
6l2
*20
2*4
6*4
2*4
6*4
7912
38*4
134
22
412 Jan
No par
100
$3.85
81&S
2*4
7878
10934 llOL
24i2
2478
*113*4 115
87g
9*8
87g
16*2
*15*2
16l2
38*4
*
4,300
105i2 106
98*2
98*2
1193s 120
98*2
*85s
*2*8
6
87g
115
16i2
12",000
13g
*105
120
115
23g
*1412
80
108
98
*43
8&s
1*4
35i2
7978
35l2
119
*115
"
4978
13g
*63g
"T*4
80
*43
87g
*80
10434 105
15,800
13s
22
6*4
*105
10*8
878
*24*4
2234
80
10
13g
24
*80
104
10*4
9*4
23*2
1*4
35i2
900
72
200
9,100
4978
13g
24
35
70*2
3*4
2312
~T%
*67
175s
3*2
834
*2112
6*s
13,800
175g
3
3,500
1
H8
9
*2U2
I884
3*2
1838
15
3*4
4978
6*2
18
16*4
97g
6,100
28
183g
70
7*4
27*2
1434
234
*43
22
7
7*4
2734
18
4978
1*8
87g
7
27*2
*18
*42
97
120
7
28*2
10*4
119
97
120
*114l2
*83S
7
28
*18
10
10834 109
10914 109*4
50
10*s
*80
*80
116*4 116*4 *116*4 117
10
22l2
2412
*2378
1,500
10
22l2
23i2
23?s
2378
3,300
70
1*2
100
14i8
33
67
9*4
7
13&s
64
878
*43g
33
64
*1*8
9
9
7
1334
3234
63
497g
*43s
13*2
32
1334
3218
*116*4 117
25g
*18
43g
13i2
32
1412
2i2
62l2
978
*61
678
28*4
7
1334
3U2
9
Virginia Iron Coal & Coke. 100
5
Nov
Aug
10
U S
20
26*2
Nov
United Drug Inc
United Dyewood Corp
Preferred
v
Mar
78
2978 Apr 13
9i4 Feb 17
4734 Feb 17
Class A
7
Jan
2258 Jan 6
538 Apr 30
40*4 Apr 29
7%
*113
20*4 May
46
No par
X162
6
6
28I2 Jan
June 11
U S Tobacco..
5
2834 Mar
81
200
47g
4i2 Mar
I6I2 Apr 27
24i4 Mar 18
Jan 21
100
5*8
4
United-Carr Fast Corp.Ao par
United Corp
No par
Preferred...
No par
t United
20*4 Oct
978 Mar
21*4 Apr
Jan
Dec
Jan
90i2 July
26*2 July
303s Dec
1334 Dec
68
U S Steel Corp
Preferred
5
7
2
13
7534 Nov
24
llli2
118
300
1625g 1625s *1625s 165
315s Feb
323g Feb 18
Jan
1434 Feb
82i2 Mar
79i2 Mar
Oct
2,300
140
June 10
100
44
111
76,200
X140
7
6
Jan 11
73*2
140
22&8 Jan 2
205s Apr 30
89*4June 12
28i2 Feb
138*4 Mar
117
633s
140
7158 Jan 3
20?8 Apr 30
IO8I2 Jan 7
90*s Jan 2
Highest
$ per share $ per share
Jan 18
126*4
142
44
33*2
900
400
9
*140
*113
34
61*2
400
29
126
113
5*8
*73
9
12,700
277g
70*2
125*4 126
113
5*4
62*4
9
6,200
$ per share
No par
United Carbon
7%
85*2
127
113
•» w--
73i2
*84
126
*1625s 167
♦1625s 167
*16258 165
4i2
458
4*2
45g
4*8
4l2
13s
13s
13g
1%
13g
13s
*35i2 37
*35i2 37
35l2 35l2
19
185s
185s
18*2
19I2 1934
*36
36
36
*3514 36
36*2
*111
837g
837g
834
6038
6158
126*2 126*2
126
*140
834
27*2
70*2
88*2
*73i2
85s
2678
837S
300
1,600
$ per share
113
Preferred
*13*g
24i2
Highest
ioo
Rights-...
*3
*12
Year 1935
Lowest
Lowest
9958
24*4
24*4
2434
783g
22I2
*478
*337«
7734
22
128
2434
*112
43*2
12i2
22
8884
22*8
97*2
24*4
2358
27*s
26i2
I2I4
2214
9978 100
873S
217g
127*4 128*8
163s
78*2
43
63s
87*4
2178
128
2312
27*4
43
6I4
86*2
21*s
128
99
*24
21
43
*102
863s
2138
12512 125l2
97i2 97*2
*24
2478
233s 2378
1634 1684
126*2 127*4
16*4
*965g
*112
84i2
*21I2
2112
2U2
125
Range for Previous
On Basis of 100-share Lois
Week
$ per share
3983
10
7&S
7D2
4434
23i8
Apr
51
Jan
4134 Jan
64
8,200
Zenith Radio
1,700
Zonite Products Corp
Corp
No par
1
105
Mar
563s Feb 5
35*2Mar 23
Youngstown S & T
100
1
58
20i8 Mar 26
May 5
55
Apr 6
preferred
Jan
Jan 15
448s Jan 21
5H%
6
Jan 14
100
6
1258 Oct
li4 Mar
11
Young Spring & Wire..No par
No par
67s Mar
87
625s Jan 6
66
May 15
333s Apr 28
834 Jan 3
83*2 Jan 6
Preferred
1414 Mar
46i2 Jan
138
June 11
378 Apr
1134 Mar
25i2 Mar
20
Apr
35i2 Mar
7334 Mar
1734 Apr
2&s June
32i4
102i2
19l2
24i2
434
20i8
3i8
914
79
61
68
96
Mar
Mar
5318
4678
1U8 Jan 28
578 Apr 28
23i2June
1
38i2 Apr
U4 May
93s Jan
4
2&s Jhne
Deo
Jan
Dec
Dec
Dec
Nov
Nov
Nov
Dec
8234 Apr
35i4 Nov
9i4 Dec
13
4
Nov
Nov
515s Nov
18
118*8 June
Nov
65i4 June
25i4 Nov
31i2 May
6
Jan
50
105
Nov
Dec
Dec
Dec
1434 Nov
734 Dec
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Members
15
New York Stock
On Jan. 1
York
Stock
New
York
Curb
A. T. & T. Teletype
Exchange
Week Ended June 12
Last
Inter st Period
Range
Sale
Bid
U. S. Government
Treasury 4s
Dec
Treasury 3*4s._.Mar
&
O
117.26
15 1943-1945 A
15 1944-1954 J
O
108.3
D
113
15 1946-1956 M
S
Treasury 3*48...June 15 1943-1947 J
Sept
Treasury 3s
June 15 1946-1948 J
Treasury 3*4s._.June 15 1940-1943 J
23
108.8
118
112.29
113.3
24
111.13 111.11
111.16
108.13
Since'
High
115. 3
118.8
105 24108.11
113.10
111
24
111.19
108.15
17
17108.20
104.11 104.6
104.14
117
102 20104.30
D
105.18 105.10
10.515
113
102 29105.20
D
108.19
108.22
48
107 19109
S
109.3
109.3
109.5
25
108
Treasury 3*4s...June 15 1946-1949 J
D
106.7
106.6
106.7
69
103 24106.13
Treasury 3*4s_..Dec
15 1949-1952 J
D
106.3
106
106.3
89
103 ,19106.15
Treasury 3*4s
Treasury 3*4s_—Apr
Aug 1 1941 F
15 1944-1946 A
A
109.6
109.3
109.9
142
108 5
O
107.26 107.25
108
233
105 .12108
Treasury 2*4s_..Mar
Treasury 2*4s...Sept
15 1956-1960 M
S
102.2
102.3
324
100
Treasury 3*4s...Mar
15 1941-1943 IVI
15 1945-1947 M S
Treasury 2*4s.—Sept 15 1948-1951 M S
Federal Farm Mortgage Corp—
3*4s
Mar 15 1944-1964 M
S
103.16 103.15
103.20
67
101.26 101.24
101.31
237
104.10 104.7
102.12
100 .31103.26
101 .7
102.13
104.11
85
103
82
100.26103.14
103.24 103.22
103124
59
101.20104.1
S
102.12 102.10
102.16
44
100.15102,17
Jan
3s series A
109.12
102.30 102.28
May 15 1944-1949 M N
3s
2*48
Mar
1 1942-1947 M
Home Owners' Mtge Corp—
109.9
J
3s
15 1942-1947 J
101.31
BONDS
Week's
102.20104.20
1 1944-1952 IVI N
102.21
102.18
102.25
89
2 $4 s series B__Aug
1 1939-1949 F
101.14 101.10
101.14
291
99.16 101.29
2J4s series G
..1942-1944
101.14 101.10
101.17
87
Last
Week Ended June 12
Range
Sale
N. Y. STOCK EXCHANGE
Jan. 1
No.
117.28
103.
D
15 1951-1955 M S
Treasury 3s
Bonds Sold
juneis.me
unless they are the only 'transactions of the week, and when selling outside of the
Friday
High
l17.24
Y. 1-1793
No account Is taken of such sales In computing the range for the year.
Range
Asked
Low
16 1947-1952 A
Treasury 4*4s.._Oct
Treasury 3*4s...Oct
week's range,
occur.
or
Friday's
Price
N.
except for income and defaulted bonds.
Week's
Friday
BONDS
STOCK EXCHANGE
TWX,
Bond Record, Friday, Weekly and Yearly
-
1909 the Exchange method of quoting bonds was changed and prices are now "and interest"
regular weekly range are shown In a footnote In the week In which they
Y.
NEW YORK
9-4600
NOTICE—Cash and deferred delivery sales are disregarded In the
N.
Exchange
Exchange
BROAD STREET,
Telephone BOwling-Green
3984
New
Members
Friday's
Price
Foreign Govt. & Mun. (Concl)
♦Colombia Mtge Bank 6*4s...l947 A
Sid
&
Low
O
19
£2
or
I
Asked
Range
Jan. 1
No.
High
4
18*4
19
1946 M N
18*4
18*4
23
1947 F
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4*4s
18*4
18*4
1
97
98
A
D
..1952
...1953 M N
Cordoba (Prov) Argentina 7S..1942 J
J
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on
Cuba (Republic) 5s of 1904
1944 IVI
External 5s of 1914
ser A
1949 F
External loan 4*4s
...1949 F
Sinking fund 5*4s...Jan 15 1953 J
♦Public wks 5*4s
June 30 1945 J
97
"160 *4
A
5
88*4
72*4
5
70*4
80*4
29
30*4
31
23
34*4
*99*4
100*4
96*4
100
100*4
15
96*4
100*4
10
J
'100*4
D
55
53
56*4
205
O
98*4
98*4
98*4
10
1952 A
1942 J
O
1955 F
A
101*4
External g 4*4s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s_..1932
O
98*4
Denmark 20-year extl 6s
External gold 5*4s
1954
20
20*4
99*4
94*4
1951 A
Czechoslovakia (Rep of) 8s
Sinking fuDd 8s ser B
High
17
17*4
17*4
92*4
94
e
A
11
Low
71*4
29*4
1951
Since
0
100*4
98
J
3
5
100
99« 103
99*4 100*4
92
96*4
100
101*4
37*4
60*4
98*4 105*4
98
105*4
105*4
M S
}*Stamped extd to Sept 1 1935.
Dominican Rep Cust Ad 5*4s..l942 M 8
1st ser 5 J4s of 1926
1940 A O
105*4
16
104*4 106*4
101
101*4
18
98*4
88
100*4 102*4
99
93*4
98*4
*36
37
39*4
70
16
71*4
65
65
5
48*4
67
61*4
61*4
21*4
71*4
68
68*4
30*4
41 *4
93
70*4
97*4
99.17101.29
May
A
100.17103.7
2d series sink fund 5*4s
1940 A O
♦Dresden (City) external 7s...1945 M N
65
24
El Salvador 8s ctfs of
dep
♦Artloqula (Dept) coll 7s
♦External
A
4
18
17*4
17*4
17*4
2
1963 M N
99
98*4
99*4
39
A... 1945 J
J
10
9*4
10*4
7
Akershus (Dept) ext 5s_
O
f 7s series B
1945 J
J
9*4
s
f 7s series C
1945 J
J
*9*4
s
f 7s series D
1945 J
J
9*4
♦External
♦External
♦External
s
f 7s 1st series
8*4
8*4
8*4
8*4
1957 A
O
7s 2d serles.1957 A
O
f 7s 3d serles.1957 A
O
sec s f
sec s
9*4
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s___1960 A
D
8*4
8*4
*8
.
_
O
100*4
Argentine 6s of June 1925.. ...1959 J D
Extl 8 f 6s of Oct 1925
1959 A O
External s f 6s series A
1957 M S
External 6s series B__
1958 J
_
100
9*4
100
100*4
9
100
100*4
23
100*4
92
99*4
99*4
«
-
100
D
M N
10034
34
29
100*4
104
99*4
100*4
100*4
99*4
100*4
100*4
100*4
13
100
S
100*4
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927.. .1961 M N
100*4
99*4
100*4
19
99*4
99*4
105*4
100*4
42
Public Works extl 6 *4s
100*4
48
106*4
56
106*4
20
101*4
47
95*4
11
—w
a.
vw
J
109W
M
If
F
A
100*4
1!
J
J
106*4
1!
M S
105*4
M N
ustralla 30-year 5s
External 5s of 1927
101
J
J
F
A
100
105*4
100*4
94*4
*20
108
M S
J
v
©vaj
'
V*
"
WJ /
vA tut
UOa
•>«■>
•
JL £7\J\J
J
J
D
115*4
107*4
26
115*4
M
S
-
_
_
...
D
20
♦Brazil (U S of) external 8s
D
31*4
100
O
25*4
25*4
O
25*4
25*4
26
26
♦External
s f
♦External
s
1952 J
Brisbane (City) b f 5s
Sinking fund gold 5s
20-year s f 6s
Budapest (City of)—
1957 IVI
D
S
1958 F
;
A
1950 J
♦6s July 1 1935 coupon on
1962 J D
Buenos Aires (City) 6*4s B-2..1955 J
J
External s f 6s ser C-2
1960 A O
External s f 6s ser C-3
1960 A O
♦Buenos Aires (Prov) extl 6S-..1961 IVI S
♦6s stamped
1961 M S
♦External s f 6*4s
1961 F A
♦6*4s stamped
Extl
8
99*4
99*4
103*4
100*4
100*4
106*4
106*4
101*4
97
32
105*4 110
101*4 109*4
109
118*4
105*4 109*4
26
102*4
28*4
27*4
27*4
35*4
26*4
26*4
91
22*4
30
76
22
27*4
22
29*4
30*4
19
e
20
'
100
27
100
23
1
103*4
2
19
21*4
95
100
95
100
101*4 104
67
65*4
67
9
67
16
68*4
Milan (City. Italy) extl
25
39*4
47*4
Mlnas Geraes
O
108
108
108*4
63
105*4 109
113*4
113
113*4
99*4
47
111*4 115
101*4
68
99*4
98*4
101*4
100*4
*38*4
J
40
99*4
94*4 101*4
96*4
38
43
_
32
12
29
37*4
33
5
27*4
36
28
O
3154
31
33
J
28*4
9
27
34*4
29
29*4
13
28
37
14*4
14*4
14*4
9
14
16
14*4
41
13*4
15*4
15*4
15*4
15*4
15*4
M N
14*4
A
O
14 *4
F
A
14*4
14*4
14*4
14*4
30
14
14*4
14*4
19
13*4
14*4
14*4
14*4
14*4
10
14
19
14 *4
14*4
14*4
14*4
13
13
19
J
f 6s.
13
D
12*4
A
s
D
J
♦Guar
O
♦6s July 1 1935 coup on.Jan
1961
For footnotes see page 3989.
6
13*4
14
.12*4
12*4
2
12*4
12*4
12*4
29
12*4
12
12*4
19
12
15*4
13*4
13*4
13*4
13*4
12
30
11*4
D
11*4
42*4
11*4
J
42 *4
42*4
1
42*4
52
M
S
19*4
19*4
19*4
3
19*4
27*4
M
1951
♦Cologne (City) Germany 6 *4s. 1950
Colombia (Republic of)—
♦6s Apr 1 1935 coup on..Oct 1961
14*4
12*4
IVI K
♦Chinese (Hukuang Ry) 5s
45
s
A
O
J
j
21*4
20*4
20*4
12*4
21
10
19
25*4
21*4
27
19
25*4
30
32*4
17*4
25*4
24*4
26
38
45
16*4
42
3
16
116
74*4
100
156
...
112*4 115
60*4
77*4
97
83*4
53
68*4
72
19
97*4
64
65
61*4
91*4 100
82
80*4
82*4
61
78
89*4
32*4
1
25.
32*4
23
23*4
2
*99
104*4
9*4
6*4
9*4
9*4
*3*4
*6*4
J
8*4
31*4
101
6*4
10
10*4
10*4
12*4
"4"
8*4
7*4
4*4
10*4
7H
7*4
11
10
5
23
98
*5"
"5"
4*4
7*4
454
7*4
12*4
7*4
4*4
7*4
65*
7*4
9*4
5*4
A
"61*4
O
(State)—
6*4s__„
6*4 s
Sec extl s f
1958 IVI
Sec extl s f
1959 M
New So Wales
(State) extl 5s.. 1957 F A
External s f 5s
Apr 1958
Norway 20-year extl 6s
1943
*17*4
*17
20-year external 6s
1944
External sink fund 5s
External sink fund 4*4s
External s f 4J4s
1963
102*4
102*4
102*4
106*4
106*4
101*4
1956
101*4
101*4
102*4
102*4
97
1965
Municipal Bank extl s f 6s... 1970
♦Nuremburg (City) extl 6s
1952
Oslo (City) 30-year s f 6s
Panama (Rep) extl 5*4s
17
20
18
97*4
*4
Oriental Devel guar 6s
Extl deb 5*4s
1
20
94
23
1945 Q
6*4s"Ii952
2
28*4
93*4
97*4
19*4 '26*4
16*4
24*4
104*4 110
64 *4
1111111954
68*4
18
37*4
31*4
64*4
D
♦Medellln (Colombia)
D
6*4s
1954
♦Mexican Irrig
assenting 4 *4s._ 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
47
20
26
23*4
64*4
1957
s f 7s
1947
Lower Austria (Province
of)—
♦7*4s June 1 1935 coup on...1950
67*4
16*4
8
J
♦Leipzig (Germany)
45*4
18
IVI
♦90*4
68*4
s
Japanese Govt 30-yr s f 6*4s...l954 F A
Extl sinking fund
5*4s
1965 IVI N
Jugoslavia State Mtge Bank—
45*4
13
IVI K
S
23
106*4
29
32*4
Utility extl 7s_..1952
59*4
61*4
13
s
16*4
41*4
41*4
♦112*4
74*4
"74*4*
*5*4
O
M
18
♦§Treas 6s of '13 assent
(large) '33
♦5 Small
66
0
♦16*4
4*4
57*4
J
1946 J
♦Assenting 4s of 1904
11" 1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
56
n
18
♦4s of 1904
66
a
106
99
64
A
♦16
68
2
A Apr
22
82
51
ser
97*4
65
16
♦Farm Loan sf 6s..Oct
8
14
70
-
«
28*4
92*4
-
*.
26*4
3
-
-
37*4
26
3
96
32
'
28*4
23
66
S
45*4
34*4
68
A
IVI
27*4
28*4
25*4
*34
82
65
J
2
32
*34*4
66*4
16
6s__July
34
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
58
J
25
100*4
54
J
1
93
15*4
J
39*4
25
6
*80
29*4
20
29*4
82
67*4
22*4
15
33
A
A
167
182*4
169*4 177*4
31
J
F
27
172*4
21*4
97*4
97*4
65
A
78
151
30*4
95*4
*19*4
Italian Cred Consortium 7s
A-.1937 IVI
External sec s f 7s ser B
1947 IW
Italian Public
J
*7s with all unmat
coup
24
18
149*4 183
25
97*4
1960 M N
D
1651 J
f 5s
23*4
105*4 108*4
101
104*4
21
"31
97*4
97*4
14*4
♦Farm Loan 6s
s
19
99*4
16
f
Irish Free State extl
48
171
38*4
63*4
F
23*4
8
173*4
95
64*4
IVI N
173*4
29*4
16
A
165
43
84
10-year
153*4
170*4
169*4
30
68*4
5s
A
♦Hungarian Land M Inst 7*4s.l961 M N
♦Sinking fund 7*4s ser B
1961 M N
Italy (Kingdom of) extl 7s
9
11
26
Helsingfors (City) ext 6*4s
1960 A
Hungarian Cons Municipal Loan—
♦7*4s unmatured coup on.-.1945 J
♦Hungary (Kingdom of) 7*4s..l944
8
20*4
Government s f ser 7s_.1964 M N
♦7s part paid
...1964
♦Sink fund secured 6s..
1968 FA
♦6s part paid
1968
♦7s unmatured
coupon on
-
166*4
18*4
♦Greek
(Republic) s f 6s ser A...1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7*4s '50
97*4
151
99*4
71
J
j'D
7s unstamped
1949
German Govt International—
♦5*4s of 1930 stamped
1965 J D
*5*48 urstamped
1965
♦German Rep extl 7s
stamped..1949 AO
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agrlo Loan) 6*4s
1958 J D
Haiti
1
67
107*4
101*4
165
1941
...1949
101
....
166*4
99*4
♦Sink fund 7s July coup off..*™/ J
J
♦Sink fund 7*4s May coup off 1968 M N
s
unstamped
External 7s stamped
68*4
j
s f $
♦Farm Loan
7*4s
D
29*4
99*4
55*4
S
bonds
(Kingdom of)—
Bulgaria
—
97*4
94*4
104*4
104*4
98*4
90*4
22
f 4*4-4*48
3% external
«,«.«•
97*4 100*4
97*4 100*4
97*4 100*4
68*4
1977 M
f 4*4-4*48
*
A
A
s
.
97*4 100*4
97*4 100*4
67*4
1961 F
F
Extl
99*4
D
12
3
24
*19*4
19*4
'
6*4s of 1926... 1957 A
f 6*4s of 1927...1957 A
♦7s (Central Ryl
97*4 100*4
97*4 100*4
97*4 100*4
32*4
30*4
1941 J
O
25
106*4
99
♦Berlin (Germany) s f 6*4s
1950 A
♦External slDking fund 6s... 1958 J
17
107*4
107*4
1c
10
10
7*4
95*4 101*4
22*4
108
107*4
106*4
112*4
M N
12
107*4
External sink fund 6*4s
1956 M S
♦Frankfort (City of) s f 6*4s...l953 IVI N
8
1
5
*93
French Republic 7*4s
stamped.1941 J
21
1
9*4
s
67
J
1945 M S
17*4
17*4
21*4
100*4
7H
11*4
8
11*4
8*4
11*4
7*4
11*4
10
7*4
10*4
♦External
J
1967 J
98
1
9*4
♦External
1948 J
Estonia (Republic of) 7s
Finland (Republic) ext 6s
Foreign Govt. & Municipals
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupod on. 1947 F
♦Sink fund 6s Apr coup on
1948 A
3
65
*12
96*4
102*4
*20
1953
....1958 M N
1955 IVI N
79
78*4
75
162"
62 ~~
50
18
18
103*4
13
6
9
64
15*4
19*4
19*4
14*4
100*4 103*4
101
103*4
104*4 107*4
102*4
107*4
4
106*4
18
102*4
47
102*4
67
99*4 102*4
143
97
96*4
102*4 102*4
27
18*4
78*4
8654
72*4
82*4
101*4 104
97
102*4
20*4
1
79*4
~15
75
10
11
105*4 108
100*4 104*4
102*4
D
101*4
104*4
5
104
...1963 IVI N
72*4
73*4
3
67
90*4
65
64*4
65*4
13
58
81
15*4
15*4
15*4
6
12*4
17*4
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser..I960 J
D
♦Nat Loan extl s f 6s 2d ser. 1961
14
14
14*4
35
14
19
10*4
11*4
146
10*4
10*4
10*4
11*4
48
10*4
10*4
Poland (Rep of) gold 6s
1940
69
66*4
69
6
61*4
♦
Extl
s
f 5s
ser
A
1953 J
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
Stabilization loan s f 7s
External sink fund g 8s
Porto Alegre (City of)—
♦88 June coupon off
♦7*4s July coupon off
Prague (Greater City) 7*4s
1947 IVI
S
104*4
38
1947
79
79
83*4
1950
74
60*4
75
1961
19*4
18
19*4
3
1966
17*4
17*4
101
3
1952 MM
17*4
*99*4
130
79
106
16*4
16*4
80*4
111*4
60*4
96
16
22
15
19*4
99*4 101*4
New York Bond
Volume 142
Frida
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 12
Price
Queensland (State) extl
25-year external 6s
294
18
284
1124
109,4
15
109
1124
1
109
1946 A
111
10-yr coll tr 5s
1953 F
A
J
M
1967 J
1952 A
1946
1986
♦7s August coupon off♦Saarbruecken (City) 6s
Atl A Dan 1st g 4s
1948
45
Atl Gulf A W I S3 col tr 5s
1959
70
16
14
194
Atlantic Refining deb 5s
1937
24
154
14
254
174
Austin <fc N W 1st gu g 5s
15 H
184
144
21
16
17 4
154
174
15
63
63
634
54 4
204
67
1224
112
114
114
264
224
♦External 8s July coupon off-1950
♦External 7s Sept coupon off. 1956
♦External 6s July coupon off. 1968
♦Secured s f 7s
1940
♦Saxon State Mtge Inst 7s
1945
g 6
Ms
1946
18
18 J*
25
Ref A gen 6s series C
1995
P L E A W Va
Sys ref 4s
1941
Southwest Dlv 1st 3
4-5sr—.1950
Tol A Cln Dlv 1st ref 4s
A... 1959
Ref A gen 5s series D
2000
Conv 4 4s
i960
27
20 H
*17
.22 4
21
164
294
234
154
204
904
164
814
*
32
254
32
Serbs Croats A Slovenes
(Kingdom) •—
♦8s Nov 1 1935
coupon on.-1962 M N
♦7s Nov 1 1935
coupon on
1962 M N
Silesia (Prov of) extl 7s
1958 J D
♦Slleslan Landowners Assn
6s
1947 F A
Soissons (City of) extl 6s
1936 M N
26
35
324
Sydney (City)
s f
Taiwan Elec Pow
1946 F
54s
s
f
1955
26
25
26
23 4
24
24
24
234
46
57
44
75
33
514
54 %
*33
150~
150~
150
294
29
166
150
1952 M
External s f 54s guar
1961 A
Trondhjem (City) 1st 54s
1957 M
♦Uruguay (Republic) extl 8s —1946 F
s f
♦External
a f 6s.
6s
M
—1964 M
Venetian Prov Mtge Bank
7s—1952 A
Vienna (City of)—
i960
1961 J
F
83
684
734
764
74 4
754
1034
474
47
824
102
100
394
494
AND
714
D
794
78 X
794
16
78
89
D
46
444
474
81
404
1948 M
S
100
994
1004
17
97
102
1947 J
D
98 4
99 4
8
97
101
1952 A
Ala Gt Sou 1st cons A 5s
1st cons 4s ser B
O
♦Albany Perfor Wrap Pap 6s. .1948
♦6s with warr assented
1948
Alb A
Susq 1st guar 34s
{Alleghany Corp coll tr 5s
Coll A
sec
sec
O
*
70
-
.
».
70
694
109
5s stamped
73
53
1
55
8
101
1044
924
1034
A
924
93
68
874
974
D
864
854
864
19
78
954
1950 A
O
66
674
15
484
504
1004
261
36 4
494
1998 A O
-1942 !V1 S
46 4
1004
1104
1044
6
1044
60
1004
90
1104
1004
1104
9
1014
1014
38
Allls-Chalmers Mfg conv deb 4s 1945 MN
1334
131
1354
175
1184 1434
l" 1940
J
1104
1084
944
97
904
102
1014
16
101
S
77
734
774
336
66
D
F
Wl
Amer I G Chem conv 5 Ha
Am Internat Corp conv 54s_.
*93
S
68
66
70
20
66
A
102
M N
1134
1124
114
61
J
1054
1054
106
48
104
4
1154
279
1094
75
1124
J
1124
113 4
48
112
1134
1134
1134
62
J
1124
1114
1124
38
1094
coll trust.
A
113 4
1134
70
112
1144
102
102
J
O
105
IVI N
28
Q
♦
J
A
♦
704
*1024
1044
974
974
374
Certificates of deposit.
Anglo-Chilean Nitrate 7s....
♦Ctfs of deposit
J
M
S
J
D
F
A
J
J
A
Armour A Co (111) 1st 4 Ha
-
-
1044
274
274
—
102
36
23 4
304
274
704
7
26 4
70 4
•96
168
106
106
1064
16
O
1144
114
114 4
127
Nov
1104
1104
111
IVI N
111
111
1114
18
105
103
94 4
98 4
105
1064
1154
J
D
1084
1084
1
J
D
108
1084
4
105
D
*106
1074
J
D
111
1114
J
J
J
J
IVI
S
1114
\
994
53
1054
8
1044
6
1054
34
1037,6
3
79
1134
1204
121
106
1274
"7
19
2
114
1054 1074
1054
108
110
105
1064
103
1034
1084
2
1084
111
103 4
6
103
764
784
73
21
784
21
1044
844
304
29
"2
804
90
58
17
484
684
56
59
7
56
67
97 4
584
1054
98
9
92 4 1014
2
1054 1074
1034 1054
94
174
1114 1184
1054
♦104 4
"134
204
1054
105
134
"~4
A
134
1144
1154
6
113
1134
19
1174
1134
1970 F
1184
1204
18
120
1194
1204
1194
1204
117
8
7
1174
5
116
1154 .1164
43
1154
84
1154
115
1946 J
126 4
954
1264
934
1274
J
1946 M S
103 4
1034
1944 J
1154
1154
1044
1154
Dec 1 1954 J
1074
1044
1074
108
12
104
1044
59
4% deb stk perpet
1960 J
1949 J
*59
...1938 J
•108
w
1950 M N
1945 M N
1959 A
122 4
874
1024
1134
1054
1004
494
12
1
1064
1084
1074
1074
*814
86 4
25
O
30
*65
70
25
124
124
254
124
124
*21
♦Mid Ga A Atl Dlv pur m 5s. 1947 J
244
*20
22
*5
*20
18
24 4
{♦Cent New Engl 1st gu 4s
1961 J
584
604
24
118
Central N J gen g 5s
1987 J
99
99
1004
125
904
90
904
15
1094
1094
4
1184
1034 1064
1054 110
General 4s
.1987 J
S
1074
1034
1074
1034
584
1034
3989.
BROKERS
Railroad, Public Utility and Industrial Bonds
Vilas &, Hickey
New York Stock
Exchange
49 WALL STREET
—
Telephone HAnover 2-7900
Private Wires to
Members
-
—
—
A.
New York Curb Exchange
-
T. A
T.
-
Teletype
NEW YORK
NY 1-911
Chicago, Indianapolis and St. Louis
127 X
96
105
1164
108
104 4
544
1084
1084 1104
1074
*28
1959 A
♦Mobile Dlv 1st g 5s
1946 J
Cent Hud G A E 1st A ref 3 48.1965 M
Cent III Elec A Gas 1st 5s
1951 F
13
110
D
1981 J
1948 J D
6s.. .Nov 1945 F A
1084 1134
1134 1184
115
1204
1154 1204
1124 117%
1104 1164
1104 1154
357
50
110
Cart A Ad 1st gu g 4s
♦Cent Branch U P 1st g 4s
g
96
110
1st A cons g 6s ser A..Dec 15 1952
{♦Central of Ga 1st
♦Consol gold 5s
20
86
564
J
O
654
19 4
86
O
1969 A
Oct
2
1104 1134
J
1244 1284
104
1104 U34
-
122
103 4
July 1969
Caro Clinch AO 1st 5s
107
109
-
1194
8
1
-
954
115
1064
5
-
85
109
10
1134
a.*..-
106
19
1124
•
1074
1094
1124
*1064
108
105
1124
J
69
25
1004
1084
1084
♦Chatt Dlv pur money g 4s. -1951 J
♦Mac A Nor Dlv 1st g 5s
1946 J
102 4
-
88
1054
1044
106732
103732
75
*1034
J
109
BOND
1
92
113
106
♦Ref A gen 54a series B
♦Ref A gen 5s series C
M
-
*118
D
J
For footnotes see page
264
1074
J
4Hs A
174
*1064
J
Atl A Cbarl A L 1st
26 4
22
7
1134
1044
1134
1134
29
-
*804
*184
{♦Car Cent 1st guar g 4s
109
J
Conv 4s of 1905
79
109 4
1952 A
Carriers A Gen Corp deb 5s w
1034 1054
1104
104 4
1044
1064
5
18 4
*15
D
—1940
Coll trust gold 5s
Collateral trust 44s
274
84 4
97 4
894
314
41
20 4
1204
1274
1044
1084
1955
5s equip trust ctfs...
484
284
1
94
204
18
D
A
934
204
105*32
33
102 4 1064
1094 110
68
214
1043,6
29
43
204
194
J
30
20 4
73
12
984
1053,6
1043,6
105732
103732
324
22 4
714
170
984
234
1214
1294
43
234
744
J
June 15 1955 J D
Guaranteed gold 44s
1956 F A
Guaranteed gold 44s..Sept 1951 M S
49
99 4
16
J
"45"
71
8
Bush Term Bldgs 5s gu tax ex.. 1960 A O
By-Prod Coke 1st 54s A
1945 M N
Cal G A E Corp unf & ref 5s
1937 M N
1184
32 4
103
125
744
19501F
Canadian Northern deb 6 4s
201
1044
106""
71
21
118
O*!
794
T9~"
1957 M N
Canadian Pac Ry
Coll trust 44s
111
32 4
404
105
-
104 4
97
16
374
354
*35
1054
1957.M N
Guaranteed gold 5s
Guar, gold 44s
1074 117
1
1
79
1947|M N
♦Consol 5s
1144
J
1124
1124
S
21
214
75
gtd 5s. 1941 M N
1941 J
J
♦Certificates of deposit
{♦Bush Terminal 1st 4s
1194
M
"II
244
24
734
§ {*Burl C R A Nor 1st A coll 5s 1934 A O
114
Amer Water Works A Electric—
conv
"244
23 4
*30
Bruns A West 1st gu
J
g 4s
1938
Buffalo Gen Elec 44s ser B...1981 F A
Buff Roch A Pitts gen g 5s
1937 M S
1124 115
J
26
125
79 4
O
1957
1084
1094
A
Canadian Nat guar 44s
Guaranteed gold 5s
Guaranteed gold 5s
1134
109
25
784
O
115
182
119
1094
O
1084
117
1054
1962 A
S
M N
2
*23
J
1950'J
1214
214
234
1942 A
J
10-year 5s
"24""
Canada Sou cons gu 5s A
D
J
J
1949 J
Cal Pack conv deb 5s
M N
Am Type Founders conv deb.. 19
129
A
109 4
984 1004
J
F
804
1134 1164
1034 109 4
75
684
1004 1014
1014 1014
*1014
1214
128 4
1284
*1034
♦Camaguey Sugar 7s ctfs
J
F
3
16
74
J
1968 J
6s. series A
112
101
J
79
M
Convertible debenture 4 Ha.
1114
*724
1952 J
con
1084
1084
D
83 4
1114 1174
1014 1064
112
1344
1074 1104
J
j
1154
O
1934 A
1st lien A ref 5s series B
Brown Shoe s f deb
34s
994 1014
Am Beet 8ugar 6s ext to Feb
7
J
..I960 A
Consol 44s
O
M
90
1164
1084
8
83
1948 J
Debenture gold 5s
81
1950 A
74
85
60
76
O
.1950
Allegh A West 1st gu 4s
Alleg Val gen guar g 4s
Allied Stores Corp deb 44s
109
73
1951 A
1st lien A ref 6s series A
1104
1034 1074
14
724
70
53
2,
—
1949 J
—
854
A
Bklyn Union El 1st g 5s
—1950 F A
Bklyn Un Gas 1st cons g 5s..—1945 M N
1944 F
conv 5s
254
744
614
90
734
F
1936 J
6a A
1st 5s stamped
49
1946 A
♦Coll A conv 5s.
♦
m
1104
*1064
1
664
1104
D
A
66 4
D
1943 J
—1943 J
98
97
4
714
Y Air Line 1st 4sl955 F
Bklyn Qu Co A Sub
—
88
854
8
Bing A Bing deb 64s
—.1950 M
Boston A Maine 1st 5s A C...1967 M
1st M 5s series II
1955 M N
1st g 44s ser JJ
1961 A O
-
15-year
Adams Express coll tr
g 4s
Coll trust 4s of 1907
Adriatic Elec Co. ext 7s
14
854
83
1936 J
Bklyn-Manh R T
INDUSTRIAL
J
974
♦Berlin Elec El A
Underg 6 4s. 1956 A
Beth Steel cons M
44s ser D..1960 J
Big Sandy 1st 4s
1944 J
COMPANIES
♦§{AbitIbi Pow A Paper 1st 5s. 1953
994 105
964
1989 J
Gen mtge 5s series E
RAILROAD
59
974
§{*Bowman-Bllt Hotels 1st 7s. 1934
Stmp as to pay of $435 pt red
M
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison Inc gen 5s A
1949 J
454
143
102 4 108
75
92
1084 1144
84 4 1004
1004 105
J
§ {♦Botany Cons Mills 6 4s
♦Certificates of deposit
66
O
37
J
624
57 4
192
114
104
534
454
86
1134
964
1034
100
544
844
1134
1034
{♦Boston A N
A
D
1074
1034 104
103
50
944
5
53
964
50
89 4
1004 1044
1034
374
374
3
73
113
1034
50
914
1034
1074
M
Belvidere Delaware cons 3
4s
1943
♦Berlin City Elec Co deb
64s.. 1951
♦Deb sinking fund
64s
1959
♦Debentures 6s
1955
72
103
1034
1064
954
61
1044 1064
J
49
904
7
104
106 4
85
O
1951
Bell Telep of Pa 5s
series B
1st A ref 58 series C
9
D
*90 X
50
1034
103
3
16
994
574
474
J
1951 j
2d guar g 5s
79
13
954 1004
M N
J
46 X
46 X
49
1952 M N
Yokohama (City) extl 6s
734
73
*100 H
754
1044
1004
754
*60
S
O
N
A
N
N
O
♦6s Nov coupon on
Warsaw (City) external 7s
1958
104
75 H
1971 J
54s
Tokyo City 5s loan of 1912
•External
*103
934
91
*91K
A
A
F
Con ref 4s
48 stamped
Battle Crk A Stur 1st
gu 3s
Beech Creek 1st gu
g 4s
70
1044
1034
1996 M
Beech Creek ext 1st g
34s
Styrla (Province of)—
♦7s Feb coupon off....
75
1943 J
Ref A gen M 5s ser F
Bangor A Aroostook 1st 5s
214
14
204
154
87
88
194
144
164
26
26
21
23
174
184
15 4
J
J
S
■*
O
D
1044
1941
5s assented
1940
Bait A Ohio 1st g 48
July.. 1948 A
Refund A gen 5s series A
1995 J
1st gold 5s
July.1948 A
284
30
26 H
M N
M N
484
IBaldwln Loco Works 1st 5s.-.1940 M N
*20
J
J
M
J
A
J
J
1939
174
(City of Brazil)—
1936
deb 44s
'li'x
104 4
79
24
1959
§»8s July coupon off
514
464
814
954
404
334
894
15
35
38
17 X
1953
♦88 May coupon off
.1952
♦Extl 64s
May coupon off-.1957
San Paulo (State
of)—
116
21,
15 4
0
D
N
D
O
Rotterdam (City) extl 6s
1964 M N
Roumanla (Kingdom of
Monopolies)
64s
854
97
15
of)
>..1968
884
844
854
27 4
conv
High
76
184
Auburn Auto
Low
774
274
J
No.
964
774
1945 M N
1948 J
High
Since
Jan. 1
97
15 H
184
11
150
184
A
♦8s April coupon off
♦Sinking fund
May 1
Range
Asked
96 4
96 4
77
964
*24 X
0
A
Low
Atl Coast Line 1st cons 4s July. 1952 m
s
General unified 44s A
1964 J D
L A N coll gold 4s
Oct—-1952 M N
2d 4s
—
♦6s June coupon off
♦7s May coupon off
♦7s June coupon off
Rome (City) extl
Sao Paulo
18
18
1114
1950 M S
♦8s April coupon off
♦64s Aug coupon off
Rio Grande do Sul (State
18
20 X
109 H
Friday's
Bid
Price
High
Low
20%
20 H
A
Range or
Sale
Week Ended June 12
20 4
111
0
No
Hloh
Last
N. Y. 8TOCK EXCHANGE
Since
Jan. I
A sked
Low
20 4
f 7s.. 1941 A
♦Rhlne-Maln-Danube 7s A
Rio de Janeiro (City of)—
A
BONDS
Range
Friday's
Bid
20 X
__1947 F
s
3985
Week's
Friday
Ranoe or
Sale
Foreign Govt. &Munic. (Concl.)
♦Prussia (Free State) extl
64s.l951 M S
♦External s f 6s
1952 A O
Record—Continued—Page 2
Week's
51
New York Bond Record—Continued—Page 3
3986
June 13, 1936
Friday
Last
BONDS
N. Y. STOCK EXCHANGE
\
Price
Exchange
new York Curb exch4ng9
1st
s
f 4%s series O
{♦Colon Oil conv deb 6s
{♦Colo Fuel A Ir Co gen
RAILROAD "BONDS
s
Trivate Wire
IS3 So. Le Sells St.
Jan 151961 J
Deberture 5s
35
63
Friday
Range or
Sale
Friday's
Price
Week Ended June 12
Bid
4
Range
Since
Asked
Jan. 1
Low
—1949
Through Short L 1st gu 4s..-1954
Guaranteed g 5s
.....1960
Cent RR A Bkg of Ga coll 5s
1937
Central Steel 1st g s f 8s
..1941
Certaln-teed Prod 5%s A.....1948
Champion Pap A Fibre deb 4 % sl950
Chesap Corp conv 5s
....1947
10-year conv coll 5s
...1944
Ches A Ohio 1st
con g
A
O
F
A
M N
...
109 %
109%
"99%
Low
High
103% 110
98%
Wuertemberg 7s
Consol Gas (N Y) deb 4%s
80
124
124
80
S
"94"
91H
105 H
MN
105 H
133
J
119
116%
110%
131
110%
126 H
111
126%
111
1103J6
Ref A impt 4 Ha ser B
90
110*32
1995
Craig Valley 1st 5s.-May...1940
*109
Potts Creek Branch 1st 4s
100
106
137
120%
112%
48%
59%
99
2
70%
80%
105%
59
99% 105%
98% 105%
110% 112%
110% 111%
110% 112%
104% 104%
107% 110%
105% 108
53
30
22%
106% 109%
1035,6 106
127
ft—-
*22
Consolidation Coal
1955 J
—1955 A
1956 J
1960 J
f 5s..
s
Consumers Gas of Chio gu 5s.. 1936 J
Consumers Power 3%s—May 11965 M N
1st mtge 3%s-._——May 11965 M N
Container Corp 1st 6s...
1946 J D
15-year deb 5s with warr
1943
Copenhagen Telep 5s Feb 15... 1954
J
D
F
47%
102%
105%
104%
113%
111
Cuba Nor Ry 1st 5%s
Crown Cork A Seal
104
102%
A
29
107
106%
103S,s 103,332
20%
20%
20%
20%
*20%
34%
20%
20%
49
47%
102% 102%
108% 108%
105% 105%
106%
1035,6
s f 48—1950 MN
J
Crown Willamette Paper 6s
1951 J
Crown Zellerbach deb 5s w w—1940 M S
126%
113%
67
....
111
65% 85%
98% 105
85
*108
1951 J
♦Debenture 4s...
102%
115%
110%
110%
118%
110%
110*,6
108%
119
111
100
121% 126%
94%
105%
134%
126
111
♦Debenture 4s
♦Debenture 4s..—
88
15
110%
{♦Consol Ry non-conv deb 4s—1954 J
108
67
"23
112
*110%
1957 J
89
loo"
104%
68%
72%
105%
105%
105%
*112%
110%
110%
1956 J
of Upper
102
80
M S
D
High
110
*108 H
MN
M
1939 M N
1992 M 8
1993
5s
General gold 4%s
Ref & lmpt 4 Ha
F
A
137
High
105% 110%
100% 108%
95
102%
Low
♦Consolidated Hydro-Eleo Works
Debenture 5s...
Cent Pae 1st ref gu g 4s
105
"85%
*102
111
Ry A L 1st A ref 4%s_...1951 J
Stamped guar 4%s
....1951 J
!:
71
104%
105%
.1948 A
—.1955 F
Comm'l Invest Tr deb 5%s——1949 F
1943 A
Week's
Last
104%
66%
105
Conn
BONDS
102%
67%
71%
104%
Conn A Passum RIv 1st 4s
N. Y. STOCK EXCHANGE
No.
110
107%
102%
85
May 1952 MN
Col & H V 1st ext g 4s.
Col A Tol 1st ext 4s
*DIgby 4-5200
Connections
Randolph Tflt
3\£. Y. 1-761 + Veil System Teletype 4- Cgo. 343
High
108%
107
....Apr 151952 AO
Debenture 5s
Since
Jan. 1
*110
{{♦Col Indus 1st A coll 5s gu—1934
Colo A South 4%s ser A
1980 M N
Chicago, JO.
Range
Asked
107%
102%
—.1938
f 5s—1943
Columbia G A E deb 5s
One Well Street
A
,
110
1977
1945
Coal River Ry 1st gu 4s
York, Hi. Y.
Bid
Low
Cleve Union Term gu 5%s—1972
1st s f 5s series B guar..
1973
York Stock
members
Range or
Friday's
Sale
Week Ended June 12
Bennett 'Bros. & Johnson
Week's
102%
*100
'105%
104%
103%
2
20
32
5
20
31
24
30%
31%
"3
17
4
106
102
102
105%
20
47% 62
102% 103
7
107
35
104
109%
107%
33
103
105
85
100% 103%
101
105%
105%
105%
16
"24
10
1
96
102
103% 106%
106%
104|
102
103%
55% 65%
*109
"57%
56
58%
54
*115
R A A Dlv 1st con g 4s......1989
2d consol gold 4s
1989
S
Chio A Alton RR ref g 3a
1949 A
Chic Burl A Q—111 Dlv 3%8—. .1949 J
O
Illinois
.1949 J
Division 4s..
General 4s
*110
51 Chicago A East 111 1st 6s
S
A
113H
116H
1934 A
O
1947 J
Chio L S 4 East 1st 4 Ha
1969 J
95
17%
31
33 %
43
*
"43%
22
22 H
100
101 %
16
33%
45%
48%
45%
23
24
100%
53%
58%
51
J
61H
56%-
J
61H
62 %
21%
58
J
A
A
O
MN
112
82
97
14
23
5
286
3
*"6
9
4
14
14
116
117%
21%
121
104% 105%
26%
39%
49
28%
29
48%
28% 48%
28
15%
29
16%
92%
111%
588
45
4
84
46%
43
65%
58%
17
49%
69%
22
451
17%
25
8%
38%
39%
665
6
83
34
28
36%
7%
34
36%
53%
64%
55%
40
67
67
8
66
62
66
7
50
38
41
42%
%
J
D
19
D
19
18%
46
20%
18
J
13 %
*75%
33
33%
32 H
16%
15%
17%
17%
16
MS
"le"
15%
8
8%
*110%
19%
13%
J
J
Ill
116%
J
103%
1962 M S
1962 M S
106*32
103%
106332
106%
1st ref 5 Hs series A
1st 4 ref 5Hs series C_.
1943 A O
Childs Co deb 5s
Chile Copper Co
deb 5s
{♦Choo Okla 4 Gulf cons 5s
J
.1947 J
1952 MN
..1968 A
Cin G 4 E 1st M 4s A
CIn H 4 D 2d gold 4Hs...—..1937 J
O
t
1st guar 5s series C__
Clearfield 4 Mah 1st gu 4s
Cleve Cln Chi 4 St L gen
General 5s serial B
2020
2020
.1957
.1943
J
18
96
15
16%
41
13%
18
10
15%
M N
J
104
J
4s—..1993
D
1993
102
102%
D
*100%
104%
C........1941
J
Ref 4 lmpt 5s ser D
1963
4 Ha ser E
1977
Cairo Dlv 1st gold 4s.—..—1939
Cln Wabash 4 M Div 1st 4S.1991
St L Dlv 1st coll tr g 4s
1990
Spr 4 Col Dlv 1st g 4s
1940
W W Val Div 1st g 4s
—1940
Cleve-Cllffs Iron 1st mtge 4%s. 1950
Cleve Eleo Ilium 1st M 3%s—.1965
Cleve 4 Pgh gen gu 4Hs ser B.1942
Series B 3Hs guar.
1942
Series A 4Hs guar
1942
Series C 3Hs guar..
1948
Series D 8Hs guar1950
Gen 4Hs ser A
—....1977
Gen 4 ref mtg 4Hs ser B
1981
Cleve Short Line 1st gu 4Hs—1961
J
100%
Ref 4 impt
J
93%
Ref 4 impt 6s ser
For footnotes see page
3989.
100%
Q**
70
80
69
32%
46%
80
31%
43%
20%
19%
22%
20%
44
28
14%
7
11%
110
105
J
*
MN
"83%
94"
108%
108
109
108%
112
81
105*32
1053,6
105%
105%
108%
99%
71
106
108
3
106
108
27
73
2
10
"l2
41
86%
100% 103%
35
"24
105%
47
101% 106
101% 103%
100% 102
106%
107**32 110%
107**32 111
110% 113
106
104
1
24
6
102%
101
104%
101
94%
1
32
136
104
104
96% 104%
111% 118%
103% 105%
89
101%
78%
95
*97%
106%
93% 100%
100%
*105%
97%
J
J
103%
*1075,6 110%
1072*32 1072332
110%
110%
J
96
105
104%
104
M S
*104%
104
J
*100
94% 101%
101% 107%
108% 111%
111% 111%
J
M N
J
J
A O
A
O
J
J
MN
A
F
F
107%
107%
107%
110%
*112%
110%
114%
*104%
*112%
*106%
*106%
111% 113
108
165"
J
*110%
A
O
*109%
32
"le"
15%
26%
A
O
{♦Des M A Ft Dodge 4s ctfs... 1935 J
{♦Des Plaines Val 1st gu 4%s—1947 M
Detroit Edison gen A ref 5s ser C '62 F
Gep & ref 4%s series D
1961 F
A
15%
15
25%
J
Gen A ref 5s series E
Gen & ref M 4s ser F
*4
:
S
A
—.1952 A
O
108%
116
116
O
1965 A
♦Detroit & Mac 1st lien g 4s... 1995 J
♦
1st 4s assented.
1995
♦Second gold 4s__,
.....1995 j
♦2d 4a assented...
"116%
D
110%
*35%
*35%
D
*25
1995
Dul Sou Shore A Atl g 5s
22
98
2
105
1
J
J
*116
102%
110
71
11*
15%
26%
30
38
10
9
31%
13%
8
13
58
23
38%
20%
20%
31%
6
4
7
66
71
69%
108%
116%
108% 110
113
116%
108%
111%
108% 110%
108% 111%
50
102%
102%
105
105
105
69
69
35"
15%
15%
112% 116
102% 105
117"
102%
50%
"35"
40
*25
Detroit Term A Tunnel 4%s..l961 M N
J
Donner Steel 1st ref 7s.
1942 J
Dul A Iron Range 1st 5s
—1937 A O
106""
...
105% 110%
—1937
105
70
107
52% 72%
107% 108%
12% 23%
1995 J
1965 A
110
i
O
110
1951
A
*107%
*106%
*106%
105
104%
85%
85%
*106%
—1953
O
"85~
O
——.1965
1940
1940
Erie RR 1st cons g 4s 4s prior—1996
1st corsol gen lien g 4s
1996
Penn coll trust gold 4s..
Conv 4s series A
Series B
J
—1953 A
4s series D__
Ref A impt 5s of 1927—
Ref A lmpt 5a of 1930
Erie A Jersey 1st s f 6s
Genessee River 1st s f 6s
N Y A Erie RR ext 1st 4s
3d mtge 4%s
19
19
16% 21%
104% 104%
*81%
3
103% 111
107
110
113
109%
101%
100%
105%
105%
99%
77%
105%
74%
109
105%
32
56
106%
85*
~13
3
88
75
74
79%
153
70
1975 A O
78%
77
79 '
228
69%
...1955 J
1957 J
*118%
118%
J
J
*111
1947 M N
1942 M
S
103%
103
117
118%
112%
103
102%
103%
107
107
105%
89%
106%
89%
89%
88
86
85%
119
'""4
116% 110%
'"3
103
104%
3
42%
2
98
103
101%
"19
4
4
77
*73%
*56%
60
*57
D
107
99
55%
102%
100
D
59
59
97% 103
101% 104
95
100%
60% 77
57
52%
56% 66%
8%
8%
9
22
8
8%
24
7
io£
MN
*7%
9%
8
11
MN
4%
*3%
*104%
4%
4
1974 M S
♦Certificates of deposit...
Fonda Johns A Glov 4%s..
1952
_
103
55%
102%
*100%
102%
A
.1942 M S
1942 M S
...1942 M S
{ {♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s
1982
{ {♦Proof of claim filed by owner
♦Certificates of deposit
Fort St U D Co 1st g 4%s
1941
Ft W A Den C 1st g 5%s—..1961
Framerlcan Ind Dev 20-yr 7%s 1942
{♦Francisco Bug 1st s f 7%s._.1942
103
108
128% 131
113
77%
♦1st A ref 5s Series A
9
8%
4
3%
105
6%
6%
105
106
J
J
A
J
♦Sinking fund deb 6%s—1940 J D
♦20-year s f deb 6s
——1948 MN
Gen Pub Serv deb 5%s—
J
1939 J
Gen Steel Cast 5%s with warr. 1949 J
J
{{♦Gen Theatres Equip deb 6s. 1940 A O
34%
34
34
34
102%
"8l"
24%
24
D
Goodyear Tire A Rub 1st 5s...1957 MN
Gotham Silk Hosiery deb 5s w wl946 M S
{{♦Gould Coupler lsts f 6s
1940 F A
D
108%
105%
104%
98%
78%
103%
105%
34%
34%
34
102%
81
25%
5s....1945 J
{{♦Ga Caro A Nor 1st ext 6s—1934 J
♦Good Hope Steel A Ir see 7s—1945 A
Goodrich (B F) Co 1st 6%s
1947 J
Gouv A Oswegatchle 1st 5a
1942 J
Gr R AI ext 1st gu g 4%s—1941 J
103%
105
25%
—
...1945 J
110%
35%
75%
82%
90%
*120
103%
J
J
106%
106
82%
*80%
D
F
J
105
109%
R9
O
Gas A El of Berg Co cons g 5s.. 1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 5% A
1947
♦Gen Eleo (Germany) 7s Jan 151945
106""
*107
J
MN
Galv Hous A Hend 1st 5%s A..1938 A
cons
32
79
1st lien 6s stamped
30-year deb 6s series B
.1954 J
Fiat deb s f g 7s
—.....1946
{♦Fla Cent A Penin 5s
.1943
{♦Florida East Coast 1st 4%s—1959 J
♦Certificates of deposit
110%
107%
1967 MN
—.1954 F
Federal Light A Tr 1st 6s
5s International series
1st lien s f 5s stamped
85
85
O
...1938 M S
Ernesto Breda 7s...
{♦Ga A Ala Ry 1st
107%
*109%
..—.1953
5s stamped
conv
107%
18%
...
Erie A Pitts g gu 3%s ser B
Series C 3%s
Gen
107%
19
♦Ctfs of deposit
Conv deb 6s
A
J
33%
J
A
*109
*106%
J
J
F
El Paso A S W 1st 5s
J
J
J
J
17
47
I6§"
103"
Cin Leb 4 Nor 1st con gu 4s
Cin Union Term 1st 4 Hs A
1st mtge 5s series B
102%
102%
Aug 2 1936 Q F
1942 MN
CI St L 4 C 1st g 4s
80
{♦Den A R G 1st cons g 4s.....1936
{♦Consol gold 4%s.
1936
{♦Den A R G West gen 5s-.Aug 1955
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B
Apr *78
10%
105%
"85"
105% 108%
105% 108%
16
111%
103%
106%
106%
80%
103%
1944
1st mtge 4s series D
1963
Chio 4 West Indiana con 4s. ..1952
t
105
2
51
231
107
D
2
106%
106%
Elgin Jollet A East 1st g 5s—1941 MN
107
1944
105
106%
106%
31%
25%
25%
1053,6
1963
105
16
6
1st 58 series B
105
107%
*130%
112%
1053,6
1053,6
Guaranteed g 5s
Guaranteed 4s
J
Ed Eleo (N Y) 1st cons g 5s
84
105*32
1969 J
f 5s...1951 MN
Stamped as to Penna tax
1951 M N
s
East T Va A Ga Div 1st 5s
1956 MN
Ed El HI Bklyn 1st cons 4s..—1939 J
J
95%
1963
1st mortgage 4 %s
Den Gas A El 1st & ref
27
61
4Hs A
103
61%
74
gu
103
56
5
Ohio Un Sta'n 1st
101%
105%
J
17
11
76%
106%
100% 105
J
42%
90%
77%
90
2
1971 J
1969 J
Gold 5%s_—
43
3
77H
103
5
76
Del Power A Light 1st 4%s
1st & ref 4%s.
37
"88"
90%
83%
101%
105%
'"73
87
D
102%
106
57%
D
1960 J
102%
106
83
41
76%
34%
33%
16%
8%
111%
1
61
49%
75%
49%
46%
70%
102% 104%
104% 106%
90%
78%
82%
101%
105%
1943 M N
1937 M N
Del A Hudson 1st A ref 4s
19
*90
Deo 1 1960 M S
J
Dayton Pow&Lt 1st A ref.3%s 1960 A O
East Ry Minn Nor Dlv 1st 4s—1948 A O
D
Ino gu 5s...
D
56
June 15 1951
Memphis Dlv 1st g 4s......1951
Chic T H 4 So East 1st 5s
1936 J
38
D
Gold 3Hs
55%
39
....
June 15 1951
Oh St L 4 N O 5s.
J
D
...
J
Duquesne Light 1st M 3%s—1965 J
♦{East Cuba Bug 15-yr 8 f 7%s.l937 M S
56
"H"
68
1952 J
.....1936 J
Cuba RR 1st 5s g
1st ref 7%s series A
1st lien & ref 6s ser B
9%
48%
54%
64%
38
42 H
"46"
47%
47%
68
17
D
1942
92
*39
18%
MN
9
59
20
O
114
20%
7%
37%
39 H
D
A
113
113%
61%
61%
62%
J
MN
56%
108%
2
*110%
47%
41
104%
108%
107%
106%
110
72
166" "l6
58%
1936 M N
.
*120 H
105
51
1987 M N
May 1 2037
♦1st A ref 4 %s stpd .May 1 2037
♦1st 4 ref 4%s ser C—May 1 2037
♦Conv 4%s series A..
.1949
{{♦Chicago Railways 1st 6s stpd
Aug 1 1933 25% part pd
{♦Chic R14 P Ry gen 4s
1988
♦Certificates of deposit
{♦Refunding gold 4s
..1934
♦Certificates of deposit
{♦Secured 4%s series A.....1952
♦Certificates of deposit
♦Conv g 4 Ha
1960
15
16
J
1987 MN
♦1st ref g 5s
116%
15%
D
Stpd 4s non-p Fed Inc tax 1987 MN
♦Gen 4%s stpd Fed ino tax..1987 MN
♦Gen 58 stpd Fed inc tax
1987 MN
♦4%s stamped
5♦Secured g 6%s
36
95
J
J
47
114
17%
105"
3
112%
J
1989
♦Gen g 3%s ser B May 1
1989
♦Gen 4 Hs series C..May 1__ 1989
♦Gen 4%s series E-.May 1..1989
♦Gen 4%s series F.-May 1..1989
♦General 4s
10
J
♦Chio M 4 St P gen 4s ser A
{♦Chic Mllw St P 4 Pac 5s A..1976
♦ConvadJ 5s
.Jan. 1.2000
{♦Chic 4 No West gen g 3%s—1987
59
95
J
1947 J
J
1947 J
1966 MN
♦1st & gen 5s series A
♦1st & gen 6s series B.May.. 1966 J
Chic Ind A Sou 50-year 4s.
1956 J
50%
108%
111%
111%
111%
113 H
116 H
112%
A
Ch G L A Coke 1st gu g 5s..... 1937 J
J
{♦Chicago Great West 1st 4s... 1959 M S
{♦Chic Ind A Loulsv ref 6s
♦Refunding g 5s ser B
♦Refunding 4s series C
50
J
.1958 M
{♦C 4 E 111 Ry (new Co) gen 5s. .1951 MN
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982 MN
110
108
50
J
.1977 F
1971 F
.......
1st & ref 4 Ha ser B
1st A ref 5s ser A...
112% 116%
108% 109%
*112
Warm Spring V 1st g 5s.... 1941 M
J
Cumb T A T 1st A gen 5s..—..1937 J
1946
*13%
*21%
34%
108%
105
104
26%
26%
1
101
105%
8
29
3
30
34%
34%
6
30%
34
1
102
34
76
98
94
19
30%
123
19
30
12
22*
32
19
29
34%
108%
105%
104%
101% 104%
15
20
5
9
30
104
35%
107% 108%
54
104
43
103% 106
»8% 100
105%
98%
99
11
76
80
42
56
104
104
5
100
104%
108
110
*108
88
Volume
Friday
bonds
Week's
Last
Range or
Friday's
Bid
&
Asked
Inter st Period
N. Y. STOCK EXCHANGE
Week Ended June 12
Sale
Price
Gt Cons El Pow (Japan) 7s... 1944 f
1st & gen s f 6*s
1950 J
Great Northern gen 7s ser A—1936 J
22
101
5
90
95
88&
99
82
91
82
37
4
60
100*
100732
112*
111*
100732
111*
112*
52
J
111*
113
40
1973 j
..1976 J
J
107*
106*
107*
56
j
101*
100*
101*
143
1977 J
..1946 J
j
101
100*
101*
236
j
116*
112*
116*
1748
1946 J
4*s series D
General 4*s series E
Gen mtge. 4s ser G.
Gen mtge 4s ser H
j
102*
100*
102* 1138
j
Feb
♦Green Bay & West deb ctfs A
M n
o
.
A
o
j
J
j
J
Gulf States Steel deb 5*s
1942 j
D
Hackensack Water 1st 4s
1952 J
j
*108
......
A
Greenbrier Ry 1st gu 4s
1940
Gulf Mob & Nor 1st 5*s B...1950
1st mtge 5s series C
1950
Gulf A S 11st ref & ter 5s_Feb 1952
Stamped
♦Harpen Mining 6s._.
1949
Hocking Val 1st cons g 4*s...1999
♦Hoe (R) & Co 1st mtge
1944
{♦Housa tonic Ry cons g 5s
1937
-
-
.
-
-
...
.
92
93
*76
94*
77*
bonds
Last
Range or
75*
N. Y. STOCK EXCHANGE
Sale
Week Ended June 12
Price
Friday's
Bid
&
Asked
Bonds Sold
High
No.
69
.....
8
107*
*16
3
107*
J
20
—
107* 110*
37*
31*
-
j
a
O
123*
55
58*
36
44 M
64*
75
J
17
76*
7
64 M
89
105
123*
......
58*
M n
116
124*
1
103%
103*
102*
42*
103*
103*
3
102*
102*
31
41*
42*
59
103% 105*
100* 103
38 M
48*
122
j
122
10
119* 123
....
103*
..
103*
122
f
A
79
78*
79*
35
O
27
26*
28*
72
o
107*
J
*109*
•
1951 j
a
J
*103*
35
.....
1st gold 3*s
103
O
Extended 1st gold 3*s
1951
1st gold 3s sterling
1951 ivi
s
a
O
107*
....
...
79*
M n
85*
82*
78*
75*
85*
78*
1952
76*
108
102 M 102*
.
101* 103*
.
86 M
89*
149
«
79 *
-
74
81M
91*
78*
1
69 M
86
76*
118
85*
68%
95*
94*
95*
9
90
100*
100*
100*
6
100
102*
71*
74*
83
74
*104*
d
j
*93*
J
.
.
.
.
64%
84*
103* 105
-
...
87
94
91*
72%
-
98*
_.
J
_
a
St Louis Dlv A Term g 3s... 1951 J
Gold 3 Ms
1951 J
Western Lines 1st g
III CeDt and Chic St LANO-
78
105
71%
67%
7
1
.
....
59
2
21% 46*
103'16 106*
94*
97*
1
ivi N
m n
j
J
98*
135*
.....
.
11*
98*
99
68
98% 102*
133*
137
206
37
35
10*
11*
19
115* 141*
35*
47*
9*
14*
33*
46*
36
A
O
1
J
j
35
35
35*
124
1
J
j
35
35
35*
90
a
O
41
39
41*
45
117
36*
59
A
o
72
70*
72
62
65*
79*
j
J
95
94
95*
55
90*
98*
,m
s
83
64
1
.1
Internat Paper 5s ser A A B..1
Ref s f 6s series A
1
34
1955 ivi N
6*s_1944
.
A
4s. 1990 A
2013 J
s
1953 M
f 5s
8
Metrop Ed 1st 4*s ser D
1968
Metrop Wat Sew A D 5*8
1950
{{♦Met West Side El (Chic) 4s. 1938
♦Mex Internat 1st 4s asstd
1977
Ref A lmpt 4*s series C
80*
75*
86*
86*
88
14
80
90
Mid of N J 1st ext 5s
1940
O
94
95
13
96
Milw El Ry A Lt 1st 5s B
A
88
1961
1971
j
J
80*
79*
1
j
J
92*
91*
81*
92*
349
A
84*
83*
84*
103
{ {♦Milw ANor lstext4 *s (1880) 1934
1st ext 4*s
1939
Con ext 4*s
1939
2*
2*
1
f
1
m 8
J* Iowa Central Ry 1st A ref 4s. 1
James Frank A Clear 1st 4s...1
Kan AM 1st gu g 4s
)J
a
1
D
O
A
♦Certificates of deposit
o
A
{♦K C Ft S A M Ry ref g 4s...1
o
92*
......
48
......
86
124
74*
91*
172
67
86
85*
91
89*
D
105
108*
109
104*
105*
41
*37
M n
*22
♦Ctfs w w stmp (par
25
s
m
s
J
j
J
]
j
J
]
j
J
A o
]
......
103*
j
Stamped
rA
.
o
113*
......
*100
102*
102*
......
*106*
95
4
96*
105*
67*
53*
113*
86*
91*
109*
102* 106*
37*
42
39
105*
5
2
155
105*
105*
*115*
106*
19
*122
123*
F
a
J
j
]
1J
j
Kinney (G R) A Co 7 M % notes ]
Kresge Foundation coll tr 4s..]
J
d
100
100
100
SJ
j
108*
106*
108*
{♦Kreuger A Toll cl A 5s ctfs—1
) ivi
s
38*
......
......
36
117
38*
....
—
"
.
103* 108*
112* 115*
119
.
4
43
34
161
122
100
102*
104* 112
27*
41
O
99*
99
100
21
99
102*
J
101*
103*
103*
3
101* 104
2
7 3
D
100* 104
99* 105*
J
j
ij
J
♦Lautaro Nitrate Co Ltd 6s...
1 J
>
a
J
103*
*104*
26*
28*
102*
102*
O
*105*
S
68
......
105
29
240
21
103
3
98
102*
105*
70
6
....
5
98
29
104*
104*
104* 105*
57
1 f
A
97*
97*
1
i f
A
66*
68
6
80*
97
101*
64* 72*
1 f
A
61
61*
1 f
A
>m
j
For footnotes see page
3989.
J
"66*
60
*99*
61
99*
103
102
105
108*
108*
108*
16
108
110*
102*
102*
2
......
15
*13
-
100* 103
12*
18*
*1*
1*
3*
104*
5
102* 104*
107
107*
38
104*
104*
7
104* 109*
98* 106
104*
104*
......
85
4
103*
104
38
104*
104*
11
85
......
103*
104*
*
.
-
-
95
—
«
90
*90*
"88"
88
*76
82*
35
38
....
....
2
70*
95
60*
88
32
49*
70
....
71
"5*
95
101* 104*
101* 105
12
38
*
67*
94
79
7
5
9
4
2
3
1
1*
2*
6
3
f
5*
4
5*
M n
4
29
42*
38
52
39
S
28
27*
28*
13
91
91
16
23*
18*
81*
83
83
1949
1978
1941
1959
25-year 5*s
1st ref 5*s series B
1st Chicago Term s f 4s
J
J
*87*
M n
38*
2
36
49*
91*
90
91*
183
76
84
80*
84*
171
91*
84*
73
68
73*
103
59*
49*
75
71*
75
61*
57*
31*
62*
D
32*
97
13
12*
13*
152
S
32*
30*
33
312
27
28*
31*
1978 mn
31*
32*
30*
33
29*
31
MN
11*
10
11*
246
32
30*
32*
105
27*
31
29
31*
21
26*
32
31
33
163
27
29
31
16
27
♦General 4s
♦1st A ref 5s series F
1977
32
♦Certificates of deposit...
♦1st A ref 5s series G
♦Certificates of deposit
1949
1980
♦Conv gold 6*8
♦1st A ref g 5s series H
a
O
♦Certificates of deposit..
..1981 fa
♦Certificates of deposit
4% July..1938
s
f
gold 5s
Montana Power 1st 5s A
Deb 5s series A
1937
1937
1943
1962
Montecatlni Min a Agrlc deb 7s '37
1941
1955
f 5s series b
1955
f 4*s series 0...1955
Montreal Tram 1st a ref 5s
Gen a ref s f 5s series A
6
60
69*
Gen a ref s
14
58
68
Gen a ref s
....
98
100
Gen a ref s f 5a series D
1955
*
a
M s
♦Sec 5% notes
1938 M s
Mohawk A Malone 1st gu g 4s. 1991 M 8
Monongahela Ry 1st M 4s ser A.'60 ivi N
1st guar
*92*
MN
M
J
137
*31
1975 M~S
Mont Cent 1st gu 6s
74
52*
30*
27*
26*
10*
M
93*
38
J
A—1962
40-year 4s series B
1962 j
Prior Hen 4 *s series D
1978 j
♦Cum adjust 5s ser A
Jan 1967 a O
{♦Mo Pac 1st A ref 5s ser A
1965 f a
♦Certificates of deposit
30*
38*
j
1990 j
j
{♦MobUe A Ohio gen gold 4s... 1938
♦Montgomery Dlv 1st g 6s. .1947
♦Ref A lmpt 4*s
1977
j
100
20
♦Mo Pac 3d 7s ext at
IJ
1
17
78*
45
80*
IS
92
101*
104*
...
47
80*
77
.
31
66
87
79
101*
103*
*75
.
41*
64*
67*
36*
100
33
15
66
96
28
64
7
4
39*
68
4
97*
97*
32
67*
67*
81*
36
30*
67
67*
61
40*
66*
66
9
43*
32*
67*
67*
81*
j
67*
66
86
80*
j
A
a
100
74
j
A
a
50*
91
4
1946 J
M
) f
2 F
36
86
J
J f
2 F
42
100
1938
♦1st A ref 5s series I
) A
68
1938 J
100
160*
56*
1st A ref 6s series A
115
105*
16
1st cons 5s gu as to Int
104*
160*
58
1st cons 6s
89
160*
71*
57
46*
107
98
58*
32*
102
102
44
55
70
5
~
22
61
38*
3
~~~2
44
41*
60
36*
Mo-K-T RR pr lien 5s ser
113*
7
99
36*
32
103*
23
j
con g
96*
.....
88
4
81
J
1949 M
1962 Q
102* 104*
41*
4s int gu_1938 J
M St P A SS M
92
19
.
1934
{♦Minn A St Louis 5s ctfs
♦1st A refunding gold 4s
♦Ref A ext 50-yr 5s ser A
108* 113
103*
38
40
{♦Mil Spar A N W 1st gu 4s...1947 M
{♦Milw A State Line 1st 3*8—1941 j
25
93*
38*
103*
106*
105* 106*
......
1st mtge 5s
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
~26~~ "~8
102*
99*
107
33
92*
103
37*
111
40
..
33
]
Kings County Elev 1st g 4s...1
First and ref 6*s
21
.
..
Plain
Kings Co Lighting 1st 5s
35
*31
im
40*
3
J
j
]
48*
11
O
Kansas Gas A Electric 4*s_..]
♦Karstadt (Rudolph) 1st 6s
1
112
84%
102
46
A
109
14
....
1%
112
f
J
.
79
45
a
j
Kings County El L A P 5s
Purchase money 6s
...
73*
86*
112
112
1
$645)..]
♦Ctfs w w stmp (par $925)..]
♦Ctfs with warr (pat $925)..]
Keith (B F) Corp 1st 6s
]
Kendall Co 5 Mb
1
Kentucky Central gold 4s
]
Kentucky A Ind Term 4*s
]
93*
-
47
J
4*s._l
1
Apr 1
Kan City Sou 1st gold 3s
Kansas City Term 1st 4s
92*
*105*
88
91*
91*
10
98
82*
D
4*s..l
5
88
*93*
D
f
88*
81*
88
81
111* 112
86
96*
40*
D
A O
Q J
M N
M S
A O
F A
M s
82*
87
112*
J
1940
1951 M
1952 M N
J
1979 J
3*8
2
35
-
94*
*35
j
City Air Line 4s
m
58
Michigan Central Detroit A Bay
Jack Lans A Sag
1st gold 3*s
+
103*
1943 3
f 6s—..1947
Market St Ry 7s ser A.April.__1940
Mead Corp 1st 6s with warr
1945
m.
112*
*93*
..
D
S
1941 j
41
60
O
1939 ivi N
1959 M N
Manila RR (South Lines) 4s
1st ext 4s
-
103*
41*
41*
95
•
-
♦Certificates of deposit.
♦2d 4s
Manila Elec RR A Lt
87*
«.
93*
.....
♦Certificates of deposit
cons g
87*
94*
McKesson A Robbins deb 5*s_1950 M N
{{♦Manati Sugar 1st s f 7*s..l942 A O
{♦Manhat Ry (N Y)
109*
106*
...
.
j
F
109*
108*
*104*
*113*
87
1
...1
Debenture 5s
.
ivi N
1st coll trust 6% g notes
1st Hen A ref 6*s._
107* 109*
103* 106
107* 111*
103* 110*
104* 107*
101* 103*
105
108*
4
South Ry Joint Monon 4s
*
.....
109*
.....
ivi N
Int Rys Cent Amer 1st 5s B..1
33
108
Atl Knoxv A Cln Dlv 4s
♦Lower Austria Hydro El
Marlon Steam Shovel
A
103*
103* 107
104*
103*
1945
1952
95*
86%
*103*
107*
103*
15
90
87%
*108*
....
.....
133*
122*
95*
111* 113
107* 109
s
{♦Man G B A N W 1st 3*s
37
«
3
84
S
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
46
M n
M 8
118
9
112
111*
131
2
295
1980
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4*s
60*
95
112
102
19
95*
58
45 %
94*
121
94*
103*
48
94
132
121
.
107*
38
92*
—
-
"95"
103*
51
94
132
132
J
107*
49*
94*
99* 102*
3
103*
50
2
67
107*
93*
65*
__
98
102*
102*
A
87%
50
3
10
O
41
95*
105*
102*
101*
102*
101*
1946
D
93
95
105*
102*
101*
2003
ser
111
97*
96*
63
45*
104* 106
104* 105*
101
103*
1st A ref 4s
91
*48
1
1941
118
.
41
60*
O
94*
.
97*
O
Paducah A Mem Dlv 4s
137
131
*105*
.
-
68%
64*
70*
108
60*
-
97
121* 126
O
105*
..
8
2003
106
108
124*
96%
103* 107
115
120*
2003
94*
92*
106
16
...2003
104*
103 % 105*
95
89%
15
1st A ref 4*s series C.
Gold 5s
106
3
106
132*
O
1st refund 5*s series A
1st A ref 5s series B
105
94*
40
123*
105*
A
1940 J
Unified gold 4s
51
132
1937 M N
Louisville A Nashville 5s
57*
97
.
.
O
Louisville Gas A El (Ky) 5s.._1952
Louis A Jeff Bdge Co gu 5 4s—1945
34
97
.
1969 J
A
ser
50*
74
*110
1944 A
1951 F
6s__
Louisiana A Ark 1st 5s
106
J
1
Ref A lmpt 5s
Lortllard (P) Co deb 7s
J
m"s
ser A..July
K C Pow A Lt 1st mtge
88
99% 101*
....
46*
♦1st 6s series B
Int Telep A Teleg deb g
Conv deb 4*s
Guar ref gold 4s
A
......
deb 4s.. 1
f 6s
92*
106 % 108*
105
105
♦1st g 5s series C
s
deb 5s
93
Corp 5s stamped 1942-
Int Merc Marine
p m
103',6
1951 ivi N
Internat Hydro El deb 6s
20-year
169
105*
......
1950 A O
1938 j D
1949 M S
1937 M N
1949 M S
103',6
♦Certificates of deposit
♦Adjustment 6s
A...
Long Dock Co 3*s ext to
Long Island gen gold 4s
Unified gold 4s
103',6
j
Interlake Iron 1st 5s B
ser
151
79
42
ser
A
1962 M n
1946 f A
1952 J d
deb 3*s
J
.1961 f
7% notes
conv
83
78*
*102*
ao
{♦Int-Grt Nor 1st 6s
2
107*
45
•
Internat Cement
80
91*
100 % 101
87
97
....
96*
90*
82
4
90*
85
75
.
105
105
J
...
107
......
j
j
_
♦Certificates of deposit
Int Agrtc
5
.....
75*
......
O
85*
*100*
96*
82*
d
O
j
{♦10-year 6s
conv
......
a
j
4a_.
{Interboro Rap Tran 1st 5s._
♦Certificates of deposit
{♦10-year
J
d
1963 J
1st A ref 4*s series C
1963 J
a
Illinois Steel deb 4*s
Ind Bloom A West 1st ext 4s_ .1940 a
Ind 111 A Iowa 1st g 4s
1950 J
Inland Steel 3*s series D
84*
"88*
88*
J
3*s__.195l 3
4s
1951 F
Ind Union Ry gen 5s ser A
Gen A ref 5s series B
98*
*
J
g
Jolnt 1st ref 5s series A
98
*81
J
_
1951 F
Omaha Dlv 1st gold 3s
gu
1961 F
47*
82%
81%
33*
*122
132~~
89
..
100*
a
105*
5s
High
5
54
56*
1941 A O
1965 A O
1944 A o
Liggett A Myers Tobacco 7s
Low
38
92*
48
..
95
44
50*
2003 ivi N
5s
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
Loewslncsf
J
1936 J
Aug 1 1966 F
1950 J
Cairo Bridge gold 4s
Litchfield Dlv 1st gold 3s
Loulsv Dlv & Term g 3*s.
{♦Ind A Louisville 1st
cons
4*s
Little Miami gen 4s series A
M n
Refunding 5s
Springfield Dlv 1st
General
cons
39*
105 M 112
5
81
.
104
-
103*
*89*
......
-
...
81
Refunding 4s
Purchased lines 3*s
Collateral trust gold 4s
—
-
j
1952 J
1953 M n
Collateral trust gold 4s
15-year secured 6*s g
General
Since
92
"47*
-
Range
Jan. 1
92*
93*
f A
J j
M N
M<N
1954
1940
..2003
2003
Lehigh Val (Pa) cons g 4s
Lombard Elec 7s
Illinois Bell Telep 3*s ser B..1970 A
Illinois Central 1st gold 4s
1951 j
40-year 4*s
Low
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 4*s
89*
78*
26*
Week's
Friday
102 M 104*
A
A
♦Adjustment Income 5s.Feb
98*
81M
75*
j
Telephone Whitehall 4r2900
90
87
103
102*
NEW YORK
63 Wall St.
70
7M
14*
106* 107
-
*75*
..
Co,
Stock Exchange
Members New York
99 M 102*
60
3
96*
D. H. SlLBERBERG &
109 M 116*
-
DEALERS
FOR BANKS AND
96 * 105
90 M 105
16
10*
.
96*
-
92*
•
j
Houston Belt & Term 1st 5S...1937 J
Houston Oil sink fuDd 5*8 A..1940 M N
Hudson Coal 1st s f 5s ser A... 1962 J D
M n
Hudson Co Gas 1st g 5s
ser
-
...
102*
1937 J
1st g 5s lot guar
-
75
9*
9*
Feb
♦Debentures ctfs B
*51
......
103%
100*32 102*
107 M 113
107 M 116
103% 112*
j
1952 j
General
Hud & Manhat 1st 5s
93*
82
1961 J
4*s series A
General 5*s series B
General 5s series C
H & T C
95
90*
82
BROKERS IN BONDS
High
No.
95
j
Since
Jan. 1
High
101
A
Range
Bonds Sold
101*
Low
101
Grand Trunk Ry of Can g 6s__1936 M s
Grays Point Term 1st gu 5s...1947 J d
1st & ref
3987
New York Bond Record—Continued—Page 4
142
"
m.
m
-
-
-
-
"l09*
80
12
82
«...
"le"
17
6
11*
12
3
12*
12*
91
109*
109*
9
1
14
104*
103*
4
107*
107*
29
104
31
103*
86*
85
101*
5
102*
6
m
84
35*
33*
35*
32*
12*
62*
36
33*
16*
35*
32*
35*
33*
93*
....
25
14*
9*
15*
96
85*
105* 109*
19
104*
"107*
14*
10
103
J
7*
95
90
12*
26*
27*
26*
94
«.
1?-
45
73*
75
r
103* 105*
103
104*
106* 107*
97* 104*
66* 88
100* 104*
87
83*
88
85*
82* 83
ST
New York Bond Record—Continued—Page 5
3988
June
Friday
BONDS
RAILROAD
BONDS
Last
Sold
-
Ranoe
Sale
Week Ended June 12
Bought
N. Y. STOCK EXCHANGE
Price
A
Low
Members New York Stock
St., New York
North Cent gen A ref 5s A
STOCK EXCHANGE
fc's
Last
or
Sale
Week Ended June 12
0,
•».
St., Phila.
Kingsley io30
NY 1-735
Did
Jan. 1
Low
s
f
4%s._i
i
1939
2000
93%
97 H
M N
88 %
Constr M 4%sseriesB
1956
M
104%
93%
93%
97
A
A
*104%
64%
103%
1951 3
J
1942 J
Nassau Elec gu g 4s stpd
Nat Acme 1st s f 6s
Nat Ry of Mex pr lien 4 % s
♦Assent cash
No 4
war ret
65
I04"
104%
J
J
♦July 1914 coupon on
Northwestern Teleg
....
2
66%
15
103%
104%
11
104
105
—
453
59
^
^
D
107
%
1954 IVI N
Newark Consol Gas cons 5s.-.1948
D
1945
1945
J
New England Tel & Tel 6s A...1952
D
1961 IVI N
N J Junction RR guar 1st 4s..-1986 F
I960 A
O
1983 J
J
New Orl Great Nor 5s A
NO & NE 1st ref&impt 4 Ms A. 1952 J
New Orl Pub Serv 1st 6s A9...1952 A
First & ref 5s series B
124%
122%
New Orleans Term 1st gu 4s._.1953 J
J
♦1st
106%
*61%
107%
77
66%
-
-
-
-
122
113%
113%
85
98 %
92%
A
1954 A
106%
83%
*59%
97%
97%
N&CBdgegenguar4%s
1945 J
J
N Y Cent RR conv 6s
1944 M N
Consol 4s series A..
1998 F
Ref & lmpt 4mb series A
2013
A
3
85
19
63
"70
176
92%
116
40
«
—
—
-
97
2%
77%
101
105%
1U2
103%
103%
Ref 4 Ms series C
1978 M
87
94%
85%
92%
107%
94%
107%
1953
133
14
98
119
87%
585
95%
164
108
4
'108%
""62"
-
-
-
-
62
66
24
59
...1938
61
7
1946 IVI N
2000 IVI N
1973 IVI N
1973 IVI N
IVI N
N Y L E A W Dock A lmpt 68.1943 J
N Y A Long Branch gen 4s
1941 M
A
1947 IVI
1955 J
110
109
119
28-year 4s
1
98%
99
27
101
-
•*
-
90
98
86%
96%
101% 104%
82
70%
88
105%
-
—
-
25%
26%
26%
77%
75
17
26%
27%
25
26
7
25
27%
27
26
29%
28%
29%
♦Collateral trust 6s
1940 A
O
36
25
27
37
95%
A Boston 4s. 1942 A
4s...1993 A
S
D
44%
40%
O
O
N Y Queens El Lt A Pow 3 Ms. 1965 M N
Y Rys Corp lnc 6s
Jan 1965 Apr
14
15%
28%
12
89
42
44%
38
42
"86%
86%
106%
"47%
l05%
47%
47%
105%
1965
*
-
16
«
-
-
87
-
30
106%
10
35%
107
1956 M N
106%
101
56%
49%
103%
82%
93%
104% 107
31%
50%
105%
50%
107%
6
107
105%
108%
109%
6
108%
111
107
107
3
106
106
106%
7
100
J
73
74%
26
54
89*
*63
69%
45
83
1940 F
A
*55
60
46
72
1943 IW
N
100
102
110%
111%
1946
J~~J
111%
81
80%
14%
108
81
1
81%
5
80
80
13
17
129
13
O
106
106
106
2
106
Niagara Share (Mo) deb 5 Ms.-1950 IVI N
Nord Ry ext sink sunf 6Ms
1960 A O
5t*Norfolk 8outh 1st A ref 5s. .1961 F A
103
102
103
94
A
126
96%
I ^Norfolk A South lstg 5s—.1941 IVI N
119%
93
96
22%
108
103
Peoria A Pekln Un 1st
6Ms._ .1974 F
Pere Marquette 1st ser A
5s...1956 J
sec 5s series A
D
..1967 J
Phlla Elec Co 1st A ref
4Ms...l967 M N
1st A ref 4s
1971 F A
ref 5s. .1973 J
(Italy)
51
121
122
53
115
107%
19
F
A
106
106%
105%
106% 107%
103% 106%
102% 105%
103% 106
101% 107
3989.
—
104%
105%
8
106
106%
24
32
"54
122
92
9
17
81
89
3
111
120
124
113
115%
115%
89
96
69%
113
122%
122%
4
115%
115%
115%
"3
105%
106%
105
105%
101
103%
106
105%
106%
13
105
109
103%
40%
103%
105%
24
103%
108%
37%
167
37%
55
180
20
32%
25%
34
107
85
O
A
O
111%
112%
112%
110
106% 109
70
111%
112%
111%
112%
110
70
112%
111
114
111
113%
110%
112%
1945 M N
D
110%
105%
110%
111
111
1957 M N
*111%
109
112
*110
1949 F
1953 J
1960 F
A
F
A
Series J
1964 IVI N
1970 J D
1963
4Ms
General M 6s series A
Gen mtge 6s ser B_
Gen 4 Ms series C
1975 A
-,...1977
Pitts Va A Char 1st 4s
guar
1943
♦Pitts A W Va 1st
4%s ser A..1958
1st M 4 Ms series B
1958
1st M 4Ms series C
1960
Pitts Y A Ash 1st 4s
1st gen 5s series B
76
108% 111%
98% 104%
31
107
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
cons guar
115% 120
106% 112%
1942 M N
ser
A
1st gen 5s series C__
1st 4 %s series D
J
A
J
108%
O
115% 121%
116
121%
108%
109
107
"88
*89"
73
87
86%
118%
110
75
87%
74
92%
91%
91%
D
1962 F
A
*119%
1974 J
D
*113
1977 J
D
*♦ Postal Teleg A Cable coll 6s. 1953 J
5 !♦ Pressed Steel Car conv g 5s. 1933 J
!♦ Providence Sec guar deb 4s. .1957 IVI N
t*Providence Term 1st 4s
1956 IVI S
Pub Serv EI A G 1st A
ref 4s__1971 A
s f 4%s w W
1950 J
O
119% 119%
"72%
"~76
30%
90
166"
101
100
101
10
73%
123
105%
74%
105%
76
30
31%
87%
90
*80%
1022J32 102"32
112%
114%
104%
104%
105
J
J
A
1997 J
1997
94%
*100%
J
63%
O
J
94
174
112%
J
pt pd ctfs
stk(65% pd)-—.
^Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
82
41%
80
17
J
for deb 6s A com
64%
28
30
102»3Z
1950 T
93%
3
25
77% 101
79% 100%
66%
60%
104% 108
134
13
1948 J
94
11
100%
70%
*10
{♦Radlo-Kelth-Orph
Gen A ref 4 Ms series A
Gen A ref 4%s series B
118
121%
120%
*87%
AO
1948 J
121
*109
D
A
121%
120%
120%
120%
M N
J
106% 106%
108% 108%
115% 121%
121%
O
Port Arthur Can A Dk 6s
A.-.1953 F A
1st mtge 6s series B___
1953 F A
Port Gen Elec 1st
4Ms ser C..1960 M S
1st 5s 1935 extended
to 1950
J
Porto Rlcan Am Tob conv
6s. .1942 J
4%s without warrants
Purity Bakeries s f deb 5s
2
121
-
2
96
*71
1942
Series C 4%s guar
Series D 4s guar
63%
165
106%
55
"122%
114
99%
112
O
Pure Oil Co
-
94%
97%
104%
1952 IVI N
Series E 3 Ms guar
gold
Series F 4s guar gold
21%
-
11%
1940 A
conv 7s
22%
105
J
10%
112
J
Phlla Co
12%
A
104%
95%
3
88
*110
99%
A
12%
106%
69
D
8
"104%
10
112%
J
114
114%
109
88
103%
102%
122%
115% 120%
99% 104%
105% 111%
105% 111%
111%
"103%
107%
112%
31
112%
%
106
110%
111%
111%
101%
118%
39
92
"n
99
221
46
109
90%
103% 107%
108% 108%
119%
109%
103%
104%
102% 106%
101% 105%
104%
,
109%
s
1981
113%
15
120
1943 M N
General 5s series B
1974 F
General g 4Ms series C.....1977 J
122
7
104
109
1980 IVI
General 4Ms series D
114
102%
119%
A
J
"88
....
113%
104%
109%
109%
119%
1956
36
D
1957 IVI 6
Deb 5Ms series B____Aug 15 1963 F A
Deb 5s series C
Nov 16 1969 M N
D
107%
113%
D
1968
106%
*111
A
1965
56
1996 O
1941 J
No Am Edison deb 5s ser A
1960
Debenture g 4%s
O
1970
General 4%s series D
O
1981
Gen mtge 4%s ser E
J
..1984
Peop Gas L A C 1st cons 6s
o
1943
Refunding gold 6a..
s
1947
Peoria A Eastern 1st cons 4s..1940 A o
♦Income 4s
April 1990 Apr
15
62%
7
121%
112%
119%
14
62%
25
108%
113%
128
120
95%
105%
94
105%
102
13%
125%
95%
105%
J
91
102%
13
14
♦Certificates of deposit
O
105%
Pitts C C A St L 4
Ms A
Series B 4%s guar
99%
99%
110%
A
.....
1
A
111
106%
104%
105
113%
Conv deb 6s
42
72
49%
119% 122%
60
73%
101
102%
104
.....
Pirelli Co
F
D
5
76%*
37%
37%
1937 J
M N
A
4s sterl stpd dollar May 1.1948 IVI N
mtge 3%s ser C.
1970 A Oi
Reading C A I
"4
64
30
4
101%
1952 IVI N
Gen
Phlla A
97%
32%
121%
102%
"i07"
1st g 4 %s series C.
Phlla Bait A Wash 1st
g 4s
61%
151%
104% 106
D
.1981
1st 4s series B
61%
59%
103%
1944
4%s A.1977
General 4 Ms series A
General 5s series B
55
109
83
*101%
D
...1963 F
sinking fund 4 Ms
44
112
A
1942
Pennsylvania P A L 1st 4%s__1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
Consol gold 4s
1948 IVI N
Consol
46%
17
32
19
101%
63%
102
137
41%
21%
48
....
*35
s
9
90
119%
37%
30%
43
105%
58%
87
20%
107%
107%
1946 J
58
115
21
103
31%
89%
115
31%
107%
1951 IVI N
58%
21
J
109%
1951
1947 IVI N
A
"2
45%
S
49
-----
M N
.1955
93
102% 104%
102% 103
105
46%
44
.1949 IVI
41
27
40%
110
46%
"44"
Phllllppine Ry 1st s f 4s
1937 J
Pillsbury Flour Mills 20-yr 6s. .1943 A
51%
26%
40%
17
-
*108
8
38%
37%
37
35%
96
„
39
28%
29%
%
105%
5
15%
36
108
67
28%
94%
*103%
1965
3"j
94% 100%
103
1
J
104
100% 102%
104% 105%
2
J
...1955 J
92% 100%
100% 100%
31%
1956 J
95%
62
26%
1956 IVI N
page
87%
109
58
25%
20%
1948 1
JuDe 1992 M
-
101%
♦Conv debenture 3Ms
see
98
106% 108%
26%
29%
42
Penn-Dixie Cement 1st 6s A...1941 M S
74%
105%
*99%
26%
*25%
103
Pa Ohio A Det 1st A ref
4 %s series B
90
102
_
1
-
102%
102%
90
116%
98
106%
*.
14
95%
102%
106%
18
101
1966
100
125%
105%
"If"
f g 3s loan ctfs
Guar 3%s trust ctfs C
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
122%
101
D
3%s series B
102%
121%
113%
*104%
98%
105%
105%
100%
102%
*70
13
101
100%
101
s
27
98
106% 109%
99% 101%
s
115%
*107%
1957 IVI N
s
102% 104%
57
1937
Paducah A 111 1st s f g 4%s...l955
5f*Pan-Am Pet Co(Cal)conv 6s '40
♦Certificates of deposit
Paramount Broadway Corp—
♦1st M
71
109%
1938
Pacific Tel A Tel 1st 6s
Ref mtge
103
109%
O
125%
98%
♦Harlem R A Pt Ches 1st 4s. 1954 IVI N
♦2d extended gold 5s
43
102%
1944 A
124%
♦Conv debenture 6s
♦1st A ref 4Ms ser of 1927... 1967 J
73
102%
109%
Parmelee Trans deb 6s.
102% 102%
J
55
Pat A Passaic G A E cons 5s__1949 IVI
♦Paullsta Ry 1st ref s f 7s
1942
Penn Co gu 3Ms coll tr A
1937
Guar 3%s coll trust ser B
1941 F
3
♦Non-conv debenture 3Ms.. 1947 IVI S
♦Non-conv debenture 3Ms.. 1954 A O
7
63
36
42
42
102%
26%
104
63%
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El gen A ref 5s A. 1942
1st A ref 4s series G..
1964
Pac RR of Mo 1st ext g 4s
1938
93
80%
24%
32%
33%
102%
*105%
S
103%
101
J
106% 109%
S
100
8
1953
11
O
105
4»j
102%
t*Park-Lexington 6 Ms ctfs
106%
J
107%
100%
102%
98%
115%
N Y Lack A West 4s ser A
106%
100
102%
J
106%
125%
N Y Greenwood L gu g 5s
N Y A Harlem gold 3 Ms.
For footnotes
121
107
S
.
—1961
113%
118
119
100
1955
102%
N Y Gas El Lt H A Pow g 5s... 1948 J
Purchase money gold 4s
1949 F
Pocah C A C Joint 4s
North Amer Co deb 5s
102
"108%
*
J*N Y Westch A B 1st ser 14Ms-'46
Nlag Lock A O Pow lBt 6s A...1966
109
121%
J
1968 IVI
100
9 7%
sf4Ms...l939
3
S
Paramount Pictures deb 6s
34
106
103 %
1937
113%
s
Paris-Orleans RR ext 5%s
98
1974
N Y Susq A West 1st ref 5s
2d gold 4Mb
111
1961 J
98%
49
1937
1st mortgage 5s
1st mortgage 5s—
25%
39%
109% 109%
105% 106
1963 IVI
74
74%
80%
Refunding 5 Ms series A
N Y Steam 6s series A
99% 103
Otis Steel 1st mtge 6s ser A.-.1941 M
89
89
5
1965
107
109
Ore-Wash RR A Nav 4s
88%
170
48
N A W Ry 1st cons g 4s
125%
105% 107%
75
88%
238
94%
6s stamped
45%
94%
96%
gen
83%
87%
87%
Prior lien 6s assented
106
107%
123%
108%
109
96
N Y Edison 1st A ref 6Ms A... 1941
1st lien & ref 3%s ser D
1965
58
189
93%
1951
103% 107%
66
77%
120% 121
"294
93%
106
O
6%
97%
96%
86%
86%
Prior lien 6s series A
108
4
17
4%
114%
113
101m
1953
6%
41
'110%
113m
94 m
Oct 1 1938 A
6%
3%
43
93 m
NYTelep 1st A
*121
30
87 %
96 m
N Y Trap Rock 1st 6s
J
32%
1998
General gold 5s
Terminal 1st gold 5s
2%
73
1998
N Y A Rlchm Gas 1st 6s A
99% 109
103%
104%
104%
107%
102
103%
111% 114%
111% 115
10
121
25
2013
♦lnc 6s assented
73
112% 113%
113%
111%
120
36%
Ref A lmpt 4Ms ser A
con gu
111%
J
52
98%
98%
Lake Shore coll gold 3 Ms
Mich Cent coll gold 3 Ms
N Y Chic & St L 1st g 4s
N Y A Putnam 1st
D
39
87
Ref & lmpt 5s series C
2013
N Y Cent & Hud River M 3 Ms. 1997
Debenture 4s
1942
J*N Y Providence
4s—1946 J
Ore Short Line 1st cons g 5s—.1946 J
Guar stpd cons 5s
1946 J
100
107%
O
N Y O A W ref g 4s
General 4s
Oregon RR A Nav
119% 122%
---
-
34%
.1956 F
Debenture 4s
113%
4%
6%
14
-
*36%
4%s series D
♦Non-conv debenture 4s
2
113%. 113%
2%
122%
122%
6
♦Non-conv debenture 4s
113%
A
122
87
(♦NYNHAHn-c deb 4s
*112%
62
1943 F
34
34%
{♦NYAN Eng (Bost Term) 4sl939
106
109%
Ontario Power N F 1st 5s
125%
124%
38%
1942
105%
109%
103
21
37
4Ms series B
59
1
68%
91%
33%
N Y L E A W Coal A RR 6Ms.
"lfi
31%
10
""~5
A
N Y A Erie—See Erie RR
105%
102%
25%
112
75%
O
♦1st 5Ms series A
.
101%
30
103
1
o
N Y Dock 1st gold 4s
Serial 5% notes
J
102%
2%
A
1954
3-year 6s
1943 M S
112
7
lnc 58..1935 A
N Y Connect 1st gu 4mb A
1st guar 5s series B
1948 J
2%
1956 F
n-c
♦1st 5s series C
Og A L Cham 1st gu g 4s
com g
65
104% 112%
74% 86%
93
103%
107
111%
100
109%
"105%
A
4%
*103
107%
J
D
♦1st 58 series B
3
O
68
o
1955 J
*|*N O Tex & Mex
108
1937 A
75%
A
N J Pow & Light 1st
4%s
J
108
2H
2%
*120
J
1st g 4%s series B
4%s ext..1944 J
108"
19
1947 F
105
72%
Oslo Gas A El Wks extl 5s
1965 J
♦New England RR guar 5s
♦Consol guar 4s
-.1964 M'N
18
1st A ref 7s series B
"53
4
2%
f 4s
104%
Ohio River RR gen g 5s
*2%
s
4
"26
103%
104%
104% -105%
106%
107
101% 104
4%
4
1951
{♦Naugatuck RR 1st g 4s
32
Ohio Edison 1st mtge 4s
1965 MN
Ohio Indiana A West 5s. .Apr 11938 Q
J
Ohio Public Service 7%s A
1946 A O
5%
*2%
Assent cash war ret No 4 on..
Nat Steel 1st coll
34
113
92%
104%
57%
73%
102
103%
-
3
2%
*2%
Nat RR Mex pr lien 4%s
1926
♦Assent cash war ret No 4 on..
♦
86
40
147
103
_
High
120
121%
112% 115
108
Norweg Hydro-El Nit 6%s...l957 M N
--
103%
2%
♦Assent cash war ret No 5 on..
off
O
92 H
90%
,
*3
on..
1977
♦4s Apr 1914 coupon
A
98%
1957
♦4s Apr coupon on...
1961
84
109% 116%
108% 110%
110%
1
110%
81%
101%
111%
107%
107%
Ontario Transmission 1st 5S-..1945 IVI N
D
Nat Dairy Prod deb 3%s w W..1951 IVI N
Nat Distillers Prod deb 4 Ms... 1945 IVI N
O
90
17
4%s ser B...
Ref mtge 5s
100%
106%
106%
A
94%
14
90%
1937 F
80
J
105%
Ref mtge
70
110%
O
90
11
......
80
O
1941
1st A ref 6s ser B
110%
101%
111%
107%
1938 A
Ohio Connecting Ry 1st 4s
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 F
Nash Flo & S 1st gu g 6s
J
J
J
104
88%
*109%
High
Low
65%
70
3
F
5
116%
116%
5s..>1947
Low
*70
1941 A
Calif guar g 5s
No.
*121
*113%
52
97%
88
N
Mut Un Tel gtd 6s ext at 5%.. 1941 IVI N
No.
Hioh
104%
D
Morris & Essex 1st gu 3%s
Constr M 6s series A—-—1956 M N
Mutual Fuel Gas 1st gu g
Since
Jan. 1
£70
2047 J
Nor Ry of
Nor States Pow 5s ser A
Morris & Co 1st
Range
Asked
High
S
8
2047 J
Ref A lmpt 5s series D
Since
Asked
A
Ref A lmpt 5s series C
Range
cS
y's
Price
1974 IVI
1974 IVI
^♦North Ohio 1st guar g 6S...1945
♦Ex Apr'33-Oct'33-Apr'34 cpns..
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons
North Pacific prior lien 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
Ref A lmpt 4 %s series A
2047 J
Reg A lmpt 6s series B
2047 J
Exchange
Friday
£3
BONDS
N. Y.
Gen A ref 4%s series A
123 S. Broad
HAnover 2-1720
A. T. & T.:
or
Friday's
Bid
Quoted
-
lobdell & co.
48 Wall
1936
13
Week's
12
24
10%
21%
79
92%
1022332109%
110%
158
63%
100%
100
100%
107
106%
107%
107
107
107%
131%
102% 105%
91% 103
63
96%
158
82%
100%
106% 108%
105% 108
Volume
New York Bond Record—Concluded—Page 6
142
BONDS
N. Y.
Last
II
STOCK EXCHANGE
Price
High
Low
Remington Rand deb 4^8 w w_
8
Rensselaer A Saratoga 6s gu
1941 M N
Republic Steel Corp 4 Ha ser A. 1960 M
f
Gen mtge 4Hs series B
1961 *
A
Purcb money 1st M conv
5Hs '64 M N
Revere Cop & Br 1st mtge 4
Xs. 1966
♦Rhelnelbe Union s f 7s
♦Rhine-Ruhr Water series 6s
♦Rhelne-Westphalla
1946
J
J
-J
\
J
1953 J
M
♦Direct mtge 6s
1962 M
♦Cons mtge 6s of 1928
1963 F
♦Cons M 6s of 1930 with warr '65 A
It*Richfield OH of Calif 6s
1944 M
El Pr 7s.
1960
_
♦Certificates of deposit
•"
Rlchm Term Ry 1st gu 6s
♦Rlma Steel 1st s f 7s
108 H
73
Us"
l'l2H
97 H
1079*
113H
97 H
129
97 k
1079*
1089*
28
103H
103H
239*
23H
23H
1st con A coll trust 4s A
Roch G & E 4H8 series D
37
RutrCanadan 1st gu g 4s
Rutland RR 1st con 4^8
1941 J
St Joe A Grand Island 1st 4s. ..1947 J
St Jos Ry Lt Ht A Pr J st 5s
1937 M N
St Lawr A Adr 1st g 6s
1996 J
1996 A
35
91
90
94 H
76 H
90
429*
37H
54
1129* 1129*
1089
107 H 109
21H
13
32 H
35
33
27
43
*239*
~33
.1949 J
2d gold 6s
479*
1079*
52-9*
81
108>*
189*
34 H
1039*
1039*
90
*
78
85
92
84
*85
78
87
67 H
71
81
12
35
51H
6
75
789*
779*
389*
{♦St L Peor A N W 1st gu 6s... 1948
St L Rocky Mt A P 6s stpd
1955
78
779*
♦Certificates of deposit
219*
42 H
279*
1079* 1099*
103
105H
349*
31H
*1089*
10SH
O
St Louis Iron Mt A Southern—
♦5Rlv A G Dlv 1st g 4s
1933 IV! N
31
40 H
84 9*
56
78
84H
-\-
Prior lien 6s series B
19501J
♦Certificates of deposit-M4Hs series A
♦Ctfs of deposit stamped
♦Con
1978
{♦St L S W 1st 4s bond ctfs
1989
M
20H
22
50
159*
26
19k
1960
84
21H
20
64
14 H
22 H
34
179*
239*
27 H
19
17H
209*
179*
17H
199*
199*
12£
149*
24 H
22 H
17H
{♦St L-San Fran pr lien 4s A
♦Certificates of deposit
16
17H
47
139*
209*
90
89H
629*
549*
90
70
76 H
91
64H
6
50
57 H
72
70 H
59
39H
123
*19 H
S
M N.
Novl989 J
J
64 H
J
J
57
unifying 6s--1952
♦Gen A ref g 68 ser ASt Paul City Cable cons 6s
\
1990
\
38
\
1937
Guaranteed 6s
1937
•
Mont ext 1st gold 4s
1937l-»
tPaclflc ext gu 4s (large)
*105
~
15
399*
18
86
28 H
41H
1009* 102 H
101H 102 H
105
23
*17
J
105
17H
21
31
17
121
1972,J
104 H
103
107H
1049*
D
107H
1049*
121
121
117H 124 9*
60
sec s f
1952 F
7s
1943
999*
989*
1952
San Antonio Pub Serv 1st 6s
Santa Fe Pres A Phen 1st 6a.
Schulco Co guar 6^s
110H
110H
1942
M S
Stamped,.
104H 1079*
102 H 1049*
107 H
1946
A
349*
30k
66
499*
50
Uljlgawa Elec Power
s
f 7s.
Union Elec Lt A Pr (Mo) 5s
Un E L A P (111) 1st
66
♦Certificates of deposit
{♦Gold 4s 8tamped
69*
7
s
1951
M
f 7s
1935
f 6Hs
1951
Sierra A San Fran Power 6s
Sile8lan-Am Corp coll tr 7s
Skelly Oil deb 4s
1949
1941
1951
Socony-Vacuum Oil 3 Ha
Sou A Nor Ala cons gu g 5s
Gen cons guar 50-year 5s....
South Bell Tel A Tel 1st s f 5s..
Southern Colo Power 6s A
So Pac coll 4s (Cent Pac
coll)-.
4Ha (Oregon Lines) A,-.
Gold 4 Ha
"76"
J
12-year 4s
conv
F
1059*
A
88 H
95
100H
125
125
1079*
1079*
105 9*
1059*
929*
929*
94
134
80 H
154
97 9*
Si
*18
"3
45
113H
115
63
S
108k
1029,6
J
IVI
s
1944 IVI
29
104
44
108
5
100k
101H
32
111
103H
103H
109 k
102 k
107 H
s
101 H
115
130
90k
99k
91
87 H
112k
35 k
103
109 k
H 107 H
28
2
27
33 H
33
30
27 k
27k
27 k
39
27
33 H
42 H
38 H
38H
13
29 H
100 H
100H
101
69
102 k
102 k
103
72
72 H
25
64
72k
68 k
77
60
69
87 k
87 H
67
95k 101
97k 103
68
72
A
.1942 J
103 k
151
105k
88
85 k
95k
108
*108k
106 k
♦108k
107 H 107 H
.1934 J
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
98
106
109 k
.1955 F
.1957 M N
♦{Vera Cruz A P 1st gu 4 Ha.
♦| July coupon off
101k 104 k
k 109k
108
108k
27 H
5g .1941 A
conv
4s series A—
4s series B
118
109
106
104
109 k
105 J*
1959 F
122
119
111k 123
111k 115
107 H 111k
10?9,6 108 H
25
32 H
*27
89k 98 H
105H 107 H
104k 106 k
17k 21
111
88
*112H
32 H
IVI N
18
108k
1025,6
110k
s
O
3HS1946
18H
114k
•
6H
2k
*2H
J
*3
"ii"
Va Iron Coal A Coke 1st
g 5s.
Va A Southwest 1st
gu gs
1st cons 5s
.1958 A
O
90 k
88
48
20H
106k 108k
61H
70
104
105k
81
92H
Virginian Ry 3j*s series
.1966 IVI
s
104 H
104
104 k
105
103k 104 H
102
101k
102k
63
92 k
18
98 H 104 k
96 H
84 k
D
.1955 MN
a"
14k
14H
108k
108 k
.1949 IVI
*
.2003 J
*io4k
62
104k
tWabash RR 1st gold 5s-—-1939 M N
♦2d gold 5s
1939 F A
1st lien g term 4s
Det A Chic Ext 1st 5s
Des Moines Dlv 1st
108k
64 k
k
92
1939
1941 A O
1941 IVI S|
{♦Wabash Ry ref A gen 5 Ha A.1975
♦Certificates of deposit--
*66 k
98 H
S
30 H
1976 FA
♦Ref A gen 5s series B
of
M
*30 k
*79H
k
27
60
98 H
1
26
29
30k
82k
72
68
30 H
28
*2 5
67k 67k
100k 100k
82
*102k
74 H
1941
4s
Omaha Dlv 1st g
3Ha
Toledo A Chic Dlv
g 4s
♦Certificates
91k
*79
1954
"20
77
89
98k
26 k
26 k
31
38
27
36 H
32 H
25
1978 A
O
29
♦Certificates of deposit
♦Ref A gen 5s series D
1980 A
O
29 H
♦Certificates of deposit
25
3
25
27 k
29
40
26
24H
deposit—
♦Ref A gen 4 Ha series C
Walker
(Hiram) GA Wdeb 4k b 1946
Walworth Co 1st M 4s
68 debentures
104 H
1955
O
---1955
-
O
Warner Bros Plct deb 6a
1939 M S
{♦Warner-Qulnland Co deb 6S-.1939 M S
♦Warner Bros Co deb 6a
1941 IVI
25
9
24
28k
*25 k
104H
30
25
26
32 k
36 k
25
31
28
1st
40-year
75
75 k
83
93
H
94 H
32
30 k
65 H
65H
33 H
67 H
67
66
guar 4s
Wash Water Power
s
1945
35
H
H
1st A ref 5 Ha series A
J
1977
*99 H
103k 108k
13
70
1
71
70
86
98 H
52
28 k
14
41H
41k
46 k
69
7
84
92 k
69
83
77
94 k 100 k
105k 108 H
100
♦108H
111
111k
109 k 109 H
110k 112
123k
122 k
122k
119
110
110
108
100 k
100
100 k
98
107 H
107
107k
20
J
Westchester Ltg 5s stpd gtd—1950
D
West Penn Power 1st 5s ser E.-1963 M S
1st mtge 4s ser H
J
1961
Western Maryland 1st 4s
c
1952
"47
82
100
A
1939
f 5s
106
83
75
"94"
♦Deposit receipts
Warren RR 1st ref gu g
A
3H8---2000
Washington Cent 1st gold 4s-_-1948 Q IVI
Wash Term 1st gu 3H8
A
1945
*108H
k
121H 124k
West N Y A Pa 1st g 5a
Gen gold 4s
1937
102 k
102 k
1943
1946
109k
34 k
109 k
{♦Western Pac 1st 5s
♦5s assented
108H
102 H 106 H
ser A
1946
Western Union coll trust 5s
Funding A real
est g
34k
1938 J
J
1950 IVI N
4 Ha
15-year 6Ha
25-year gold 5s
30-year 5s
97 H
89 9*
92
214
87 H
76 H
89 H
89 H
919*
350
77
M N
899*
899*
1119*
91H
252
1149*
104
*1059*
106 9*
105H
105"
1059*
1039*
619*
103 H
"74
659*
839*
436
53
68
123
110
96 k
101k
109
106
68 H
85
♦Ctf dep Chase Nat Bank
J
♦Ctfs for col A ref conv 7a A .1935 MN
Wllk A East 1st gu g 6s
1942
107 k
33k
105k
107k
100k
102 k 104 k
110
106
35 H
55
36
51
32
44
k
42
32 k
105H
17
108
32
k
107
105
103
O
1149*
93
929*
769*
919*
1069* 117H
105 H 106 9*
♦Westphalia Un El Power 6s
2361 J
2361 J
Wheeling A L E Ry 4s
RR
252
99H 1069*
108 H
1953 J
West Shore 1st 4s guar
100 k
106
SI
ser D.-.1966 M
1st consol 4s
100
92 H
48
10
105k
23
38
3
111k
F
U2H
"27
101
101k
97
*98k
101
103 k
106 k
104
108 k
33 H
22H
96
85
101
81
92
104
*107 H
1949 M
Wheeling Steel 4Ha series A--.1966
38
108 H
87 H
A
D
100k
106H
91k
1936 F
1951
-.1960 IVI
107 H
22 k
108 k
100 k 103 k
{♦Wlckwlre Spencer St't 1st 7s. 1935
116
A
105
107 H 112k
99
101k
1955
-1994
J
1039*
Devel A gen 4s series A
1956
O
659*
Devel A gen 6s
Devel A gen 6Ha
1956
O
829*
o
1956
Mem Dlv 1st g 6s
I\
1996
J
St Louis Dlv 1st g 4s
1951 J
East Tenn reor lien g 5s..--.1938 M S
Mobile A Ohio coll tr 4s
.1938 M S|
879*
799*
83H
97
97
1964
{♦Spokane Internat 1st g 6s
Staley (A E) Mfg 1st M 4a-
73
1955 J
1946 F
Staten Island Ry 1st 4 Ha
869*
1029*
1943 J
Tenn Cent 1st 6s A
or
107 9*
97 H
106
1947 A
989*
Tenn Coal Iron A RR gen 6e_.195l J
Gen refund s f g 4s
Texarkana A Ft S gu 5 Ha A
Texas Corp conv deb 5s
Tex A N O con gold 5s
Texas A Pac 1st gold 5s
Gen A ref 6s series B
A
O
♦AdJ lnc 5s tax-ex N Y__Jan 1960
107 H
20
108
54
20
1
1059*
4
67 H
104 H 108
34
149*
104,9* 105H
"20
94 H
1059*
97
98 H
106
98 H
H
'"")"
74
19H
289*
81H 117
""IS
White Sew Mach deb 6s
105
44
97 9*
989*
1109*
""5
84
2
108 H
1189*
1099*
42
104H
1029*
103 9*
104 H
35
1029*
102 H
85
1
t
94
1st mtge s f 6s ser B
104H
1029* 105
99 H 103 H
117H 126 H
122
104
1049*
1049*
105
11
105
1049*
1089*
689*
1059*
52
10$ 9*
15
709*
57
579*
359*
71
22 H
43
53
54
7
101k
e
107
101k
111k
18k
19k
*17
1
46
Hk
31k
67
106 k 107 k
99 H 102
107
"12
18H
10k
31
18k
45
"18
10
O
15 k
9
21
1053,6
1970
25 k
25 k
9
30
*9
110k
15H
15H
105 k
1067,6
106'532
16
14k
21
104 k
106k
104
107
Cash Sales transacted during the current week and not Included In the
yearly
No sales.
r
Cash sale only transaction during current week,
transaction
during current
current week.
at
week,
a
Under-tbe-rule
{ Negotiability Impaired by maturity,
a Deferred
sale only
deUvery sale only
during
transaction
t Accrued Interest payable
exohange rate of $4.8665
71 J*
36 H
21
53 k
107
101H
20
range.
116
87 H
20k
*109 k
1943
Youngstown Sheet A Tube 5s. .1978
102
1109* 111k
118H
105 H 111H
20k
♦Wor A Conn East 1st 4 Ha
74 H 100 H
122
1029* 105
20 H
53 k
101k
—
90
6
20 H
107
{♦Wis Cer 150-yr 1st gen 4s.-..1949 J
J
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s *36 IVI N
{♦Certificates of deposit..
120
104
1940 M N
Will ASF 1st gold 5s
1938
Wilson A Co 1st M 4s series A-.1955
Wlnston-Saiem 8 B 1st 4s
1960
1009* 1009*
105
1079*
105
M
A
76 H
1229*
1049*
1980 J
1960 J
89 k
979* 1029*
46
*104
2000 J
PacTer5Ha A...1964
78
1
74
1109*
A
Gen A ref 6s aeries D
209
1029*
68
1189*
1943 J
-
88
98 H
1099*
1977 A
-1979 A
989*
1939 A
1953 J
1950 F
Gen A ref 5s series C
Third Ave Ry 1st ref 4s.
104
1944 F
-.1944
71H
85
*122
Tenn Cop A Chem deb 6s B...1944 M H
Tenn Elec Pow 1st 6s ser A.
1947 J J
Term Assn of St L 1st g 4 Ha
1st cons gold 5s
94
25
87
86
1029*
20
1950 M
B
88
98
*100H
{{♦Stevens Hotels 6s Berles A--1945 J
♦Studebaker Corp conv deb 68.1945 J
Sunbury A Lewlston 1st 4s
1936 J
39*8
92 H 104
105 H
D
S'west Bell Tel 3 Ha ser B
Pao.Mo
4
1934 J
cons g
s f
8
20
106k
J
D
1953
Debenture 5s
Cons
95 k
106k
106
117 k
{♦Universal Pipe A Rad deb 6a. 1936 J D
Utah Lt A Trac 1st A re
15s
1944 A O
Utah Power A
Light 1st 6a
1944 F A
Utll Power A Light
5Ha
1947 J D
Vanadium Corp of Am
95
106
120 H
U S Rubber 1st A ref
5s,ser A—1947 J
♦Un Steel Works
Corp 6Ha A—1951 J
♦Sec, s f 6 Ha series C
1951 J
♦Sink fund deb 6
Ha ser A—1947 J
Vandalla
95
120 H
89 9*
Southern Ry 1st cons g 5s
Tex
90
101k 105 k
120H 122
84 H
79
115H
1950 A
Registered
Swift A Co 1st M
93
116H
IVI N
So Pac of Cal 1st con gu g 6s.-.1937 M N
J
So Pac Coast 1st gu g 4s
1937 J
J
So Pac RR 1st ref guar 4s
1955 J
1st 4s stamped
6
98
106
A
1968 J
U N J RR A Can gen 4s
^♦United Rys St L 1st g 4s
U. R. Pipe A Fdy conv deb
989*
S
"I
*81 k
O
June 2008 IVI
Gold 4s
94
M
30
-r*
98 k
1069*
102H
107 J*
6
-
97 H
J
1947 M N
United Biscuit of Am deb 5a
United Drug Co.
(Del.) 5s
90
1059*
1977 M
1950
62
969*
1039*
1009*
1149*
1069*
1059*
1249*
979*
75
989*
1049*
949*
81H
599*
1109* 112J*
"77
*1009*
1941 J
1947 J
1949 J
1981
52
1945 M S
-1957 A O
deb
1st lien A ref 5s
24 k
429*
86
519*
—
Union Pac RR 1st A Id
gr 4s—1947 J
1st lien A ref 4s
June 2008 IVI
Gold 4 Ha
1967 J
105 H 108
138
829*
989*
A
1963
7k
6k
97 9*
75
Uk
3k
1109*
F
1936
1969
San Fran Term 1st 4s
F
1950
1968
Gold 4 Ha
Gold 4 Ha
52
9k
13H
3H
86
M
8k
10H
15k
82
J
25
108
*107
97
1952 J
4 k
7H
8H
21
49*
4H
*4
-1935
19k
3k
5k
52
-
21
159*
15H
49*
deb 4 Ha..-. 1951 M N
♦{Siemens A Halske
s
8
7
♦Certificates of deposlt{♦Atl A Blrm 1st g 4s
—1933
{♦Seaboard All Fla 6s A ctfs.--1935
13
69*
59*
89*
114 H 120k
13
20 k
Ilk
12k
4
,
89*
1945
Shell Union Oil deb 3
Ha
Shlnyetsu El Pow 1st 6H8
i
139*
59*
♦1st A cons 6s series A
conv
139*
6
1959
15
13k
13H
*3H
♦Certificates of deposit
♦Series B certificates
10
13H
139*
...
Oct 1949
{♦Refunding 4s..
1209*
139*
1950
♦Certlfs of deposit stamped
♦Adjustment 6s
119H
104k
«.
*86 k
98
A
g 5 Ha A—1954 J
{♦{Union Elev Ry (Chic) 5S—1945 A
Union OH of Calif 6s series A---1942 F
66
35
35
35
M N
Scioto V A N E 1st gu 4s
1989
I {♦Seaboard Air Line 1st g 4s.-I960 A O
1st
"36""
34
99 k
111k
108k 112
34
62k
89
108
*309*
O
Stamped
♦Debenture
16
30 H
Guar sf 6Hs series B
Sharon Steel
99
*1139*
"36"
1946
-
999*
111
86k
96 k 101k
123
123
♦Tyrol Hydro-Elec Pow 7 Ha.-1955 IVI N
♦Guar
77 k
99 H 106k
*109
104k
1949 M
g
SAAAr Pass 1st gu g 4s
101
100H
Hioh
100k 103k
27
189*
1049*
1029*
189*
1940 *
St Paul Un Dep 6s guar
1019*
*1019*
\ j*
St Paul A Duluth 1st con
g 4s._1968 ■»
P8t Paul E Gr Trk 1st 4 Ha.- .1947 J
{♦St Paul A K C Sh L gu 4 Ha. -1941
f
St Paul Minn A Man 5s
1943 J
35H
1019*
34
70
106k
78k
Low
49
36
104
*115
78 k
106
*121 k
33 H
33 H
41
21H
5
S
23
50
1977 M
1962 M
S
23
73
No.
D
5
33 H
Hioh
102k
78 k
106 k
O
~~2
23 H
36
Asked
*99k
D
D
Tri-Cont Corp 5s conv deb A—1953
J
Truax-Traer Coal conv 6Ha---1943 M N
91
{{♦R I Ark A Louis 1st 4H8—1934 M
♦Ruhr Chemical s f 6s
1948 A
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp
39*8 1960
Tol St L A W 1st 4s——
1950
Tol W V A Ohio 4s ser C
1942
Toronto Ham A Buff 1st g 4S..1946
Jan. 1
A
102k
J
34
81
81
1949 A
Gen mtge 5s series E
102 H 105
34
279*
1937 J
Trenton G A El 1st g 5s
38"
36
1955 F
♦
1079* 126
969* 1009*
109 H
106
Ave RR 1st g 5s
Tokyo Elec Light Co Ltd—
Since
Friday's
Bid
Low
Third
289*
33
36
36 H
110
219*
*239*
1939 J
♦2s g 4s lnc bond ctfs
♦1st terminal A
229*
23 H
239*
"6
107
24
H
*23 H
1039*
{♦Rio Grande West 1st gold 4s_1939 J
♦
30
22
O
N
N
42
104
*27
229*
69
Price
Range
Range or
Sale
E
High
Low
108
1952 J
♦Rio Grande June 1st gu 6s
N
N
A
No
108 H
Week's
Friday
Last
STOCK EXCHANG
Week Ended June 12
Jan. 1
Asked
A
N. Y.
Since
Friday's
Bid
„,
BONDS
Range
Range or
Sale
Week Ended June 12
3989
«5
Week's
Friday
1089*
J
70 H
Ol
35H
H
123 H
47
98
105 H
97
105 J*
97
105 H
105 H 109 H
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.
♦ Bonde
No sales transacted during current week.
selling flat.
1
Deferred Delivery
Sales transacted during the current week and not included
In the yearly range
No sales.
.........
...
.
X22
New York Curb
3990
NOTICE—Cash and deferred delivery sales areldlsregarded in the week's range, unless they are
regular weekly range are shown In a footnote In
In the following
the week beginning on
from the
thelweek In which they
extensive list
we
furnish
Par
for
of Prices
Price
7% 1st pf 100
Supply Mfg ol A
*
Class B
High
Range Since Jan. 1 1936
Agfa Ansco Corp com
Alnsworth Mfg Corp
100
99
*
Conv preferred
2%
2%
27%
48 %
45W
74%
67
71
"70%
76
Feb
Jan
115
Jan
Buckeye Pipe Line
50
Buff Nlag & East Pr pref 25
$5 1st preferred...
*
106%
"84"
23%
2%
Jan
1
Feb
Bulova Watch $3% pref..*
Bunker Hill A Sullivan.. 10
2%
Jan
4%
Feb
Burco Inc
21
Jan
25%
Feb
119w
com
"lis"
200
3
121%
"450
87
Jan
152
xll3% 114%
17%
18
850
109
Jan
121%
300
15
Feb
18
Jan
13%
m
__*
*
preferred
100
55
90 %
American Beverage com.l
American Book Co
American Capital—
"55"
90%
3%
73
100
"59""
600
45
90%
100
87
3%
100
73
20
10c
Common class B
S3 preferred
$5.50 prior pref
7
7%
200
10c
com
1%
1%
-
70
Mar
Mar
4%
Jan
Jan
77%
9
2
27
Jan
80 W
*
86%
Jan
91%
10
46 %
6
45
46%
5%
200
6%
2,100
35
'x34%
35
34%
35%
100
7,400
44% Mar
5% May
48%
31 %
29 %
36%
40%
Jan
Jan
9
Feb
Mar
Feb
Jan
Feb
Mar
Feb
Feb
118
Jan
125 %
7
May
Jan
Jan
24%
Feb
Amer Gas A Elec
*
com
Preferred
American General
*
""37 %
111
3% May
33%
Apr
9
8%
34
42
33%
41%
38 %
425
112%
i
23%
7,100
35%
~~i
Amer
108
Jan
Feb
6
43%
114
Feb
Feb
Feb
Feb
12
150
7%
30H
Jan
34
Jan
39 %
Jan
42%
275
38
Jan
43%
Mar
29
Apr
Jan
Jan
46
9
1,900
Feb
Jan
41%
3,100
23%
100
27%
38%
23%
20%
27%
200
25%
Feb
30 %
Jan
19%
1%
22
175
14
Jan
24%
Mar
C0..I..I "T%
1
3,700
Jan
29
29%
300
18
1%
39%
23%
23%
100
1% May
21%
Apr
2%
2%
14,800
Laundry Mach__.20
Amer L A Tr com
25
0% preferred
Amer Mfg Co com
Maracalbo
Amer Meter Co
"25
21 %
..100
♦
Amer Pneumatic
21%
2,900
27%
Servicer*
Amer Potash A
Chemical.*
Am Superpower
Corp com*
1st preferred
*
"
Preferred
•
2
25
Mar
2%
Jan
29
Feb
Feb
Feb
Jan
2%
Jan
Jan
6%
June
5%
Preferred
jo
Arkansas PAL $7
pr"efl_*
Art Metal Works
com
5
83
10%
Jan
Mar
25
40
104 %
Jan
109
400
%
3%
3%
7%
Jan
4
Jan
7%
Mar
7%
9%
Mar
6
1,500
6
6,400
9
7,800
88
5%
5%
8%
250
100
10%
Jan
Jan
83
June
9%
Jan
May
Feb
Feb
96
Mar
Jan
12%
deposit
rots
£1
11H
Assoc
V t
Laundries
c
of
43%
Fisheries..*
Atlantic Coast Line
Co..50
Atlas Corp common
II *
II*
$3 preference A
Warrants
Atlas Plywood
l
"l%
Automatlo Products.
.1" 6
Automatic-Voting Mach"*
Axton-Flsher Tobacco—
Locomotive
Bellanca
Aircraft
Benson A
$2.50
Black A
Bliss (E
$3 opt
2^600
'll% "l2%
9^900
53%
600
2%
7%
2%
2,400
1%
7%
1%
100
2,300
9%
<>700
8%
9
400
Jan
2% May
7% May
1% May
8%
8
„
Apr
May
430
49
43
May
100
70
Jan
%
400
Apr
""566
%
55%
2%
83
84
Jan
Feb
Feb
Feb
June
*
Cleve Elec Ilium com
*
Cleveland Tractor comlll*
Clinchfleld Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com I *
Rosenberger
Colon Oil Corp
65
Jan
Feb
Jan
1% May
103
2%
70
Feb
1%
Jan
Jan
*,«
Feb
5%
Mar
Jan
Jan
Mar
Feb
Feb
Jan
14% Mar
7% June
1%
15%
3%
1%
15%
2%
1,300
1%
Apr
100
15W
June
2%
Jan
3,500
Jan
32
Mar
15W
12 %
11 %
2%
Mar
22
Mar
4%
Feb
Jan
Feb
Feb
Conv
com.IIII*
5% preierred_.100
Columbia Oil A Gas new
Columbia Pictures...
1
100
3
26%
84
300
~"io
84
8%
1,100
"l2" "ll% "l2%
J
T,7o6
8H
8%
103
IIo"
106 %
100
110
110
325
v
800
Como Mines
"24"
Secur $3 pref
Mar
98
Feb
75
Apr
90
Feb
Apr
Apr
Jan
12%
Jan
43%
May
16W
Mar
116%
Jan
110
Jan
7%
9%
99% May
Feb
107%
10% May
31
May
10
200
40
200
24
25
74
Feb
65
June
3H
Feb
Feb
Jan
3%
Jan
31%
Jan
Jan
54
Feb
20
Jan
44
Feb
17
Feb
19
4%
1,000
x4%
May
May
30%
4%
16%
16%
100
16%
May
22
125
"29"
~3o"
"loo
50
43
43
105
May
38
300
110% 113
Jan
Feb
Apr
5,800
17%
Apr
1%
1%
18%
31%
2%
Jan
Apr
1,600
19%
Jan
102
14%
2%
1%
Jan
55
68
42%
18%
24
Jan
10W
19
Jan
24
6%
38
34%
Jan
69
Jan
Mar
Jan
Jan
34%
Feb
Jan
124%
Apr
Mar
1%
May
14%
49166
sM
Jan
7%
Feb
50%
53%
6,800
41%
Jan
59%
Feb
4%
600
3%
May
6%
48%
50
"4% "~4%
4%
42%
4%
52%
47%
14%
%
48
40
53
250
42%
50%
350
43
15
2,000
»16
11%
"i%
10
11%
1%
1%
1,100
"loo
2%
4%
58
Mar
56%
19%
1%
52%
Mar
16%
Feb
Jan
H
41
Jan
May
9% June
Feb
3%
1% May
7
May
7%
Apr
Jan
1%
6
Jan
Feb
3%
Jan
Apr
Mar
4
Mar
42
May
73
Jan
103% 108
3%
4%
2,150
93
Jan
114
Feb
%
11,000
Jan
5%
25
36
101 %
100
%
36
Mar
45
600
97
Jan
112
8,200
%
Apr
1% June
Jan
%
100
1%
%
14%
200
1%
Jan
3%
18,700
%
11%
May
1%
17%
4%
91%
11,700
75
13
Jan
Feb
1% May
1%
28%
1%
%
Mar
Jan
91
>16
Feb
600
516
1%
27%
1%
Apr
4,400
36
"lo!"
Feb
Jan
2%
47%
2%
44
107%
54
May
11
300
300
44
Feb
June
200
42%
_~j
Compo Shoe Machinery. .1
Connecticut Gas A Coke—
5
26% June
525
38
18%
Warrants
Commonwealths Distribll
Community P A L $0 pref *
Community Water Serv..*
Feb
Jan
40
*
Commonwealth Edison" 100
Commonwealth A Southern
21
16%
Jan
2% May
18%
Jan
86
Colt's Patent Fire
Arms 25
Columbia Gas A Elec—
55%
Mar
Mar
May
May
6
Apr
.II*
Jan
Feb
Feb
1,500
.
Cohn A
Feb
12%
8%
25
*
Apr
II
7%
3
25
$7"prefI*
16%
38%
16%
11
10%
2%
32
Apr
Mar
900
Jan
*
Jan
10
Feb
46% May
15%
Apr
3% June
49
Apr
6%
Apr
84
Jan
92%
May
113
14
14
Jan
23H
Jan
"loo
3%
pfllOO
121
Jan
123
May
55%
56%
225
Consol Retail
5%
4%
5%
1,000
90
Jan
10
2%
2%
2%
200
2
May
7% prior pf 100
Continental Oil of Mex. ..1
Continental Securities...*
100%
200
88
Jan
101
June
H May
Jan
6%
2
Feb
3
45
38%
21
18
3
45
16%
17
_
14%
38%
20%
15%
2%
6%
14%
200
3%
U%
13%
35%
Apr
4%
Feb
4%
Jan
Mar
Jan
14%
19H
Mar
Jan
Jan
39
Feb
30
Feb
8% preferred
Consol Royalty Oil
13%
2%
Jan
27
Feb
Cont G A E
3,400
Apr
45
100
44%
Jan
17
6%
300
15%
Apr
5% June
25%
9%
34
2,500
100
4%
53
Feb
Jan
Mar
Mar
May
Jan
%
3% May
12%
Apr
50
"560
22%
12%
l900
20%
500
9%
Jan
29%
15%
Mar
12*
21%
12%
15 J*
15
16%
5,300
13%
Jan
20%
Apr
"~1% "l%
"260
3%
33%
8%
200
36
30
com
4
1125
I
__
97
"l%
3%
3%
50
S*
29
May
Mar
1%
Feb
Copper Range Co
Cord Corp
Feb
Corroon A
18
97
Jan
Feb
Feb
Mar
Jan
4%
Feb
Jan
8%
Feb
Brit Amer OU coup.....
.........
400
Jan
63W
7%
Apr
Mar
8% June
29% Mar
Jan
27%
20%
♦"sClass A
Feb
Jan
24 %
Apr
Apr
100% 101
*
13%
!•
42%
13%
42%
7
5%
*
6%
6%
5%
4%
69%
>2%
69%
2%
5
69%
2%
11
11
12%
Common
$6 preferred A
Cosden Oil com
Preferred
4%
1
IIII*
l
100
2,900
700
100
100
700
12,000
600
55% June
3% May
116
6%
105
3%
10
Mar
Mar
Jan
Apr
Jan
19
Mar
Jan
9%
34
49%
Mar
Jan
9
Apr
4% June
8
Mar
8
Feb
6%
4%
June
Jan
77 W
7,100
1%
Jan
4%
800
6%
Jan
17
100
Mar
57% May
65
Feb
Feo
Feb
Courtauld's Ltd
Am dep rets ord
reg._£l
Cramp Shp & Engine ..100
11 %
May
% June
15
Crane Co com..
24
Apr
31
Apr
Jan
130
Mar
...25
Preferred.
100
Creole Petroleum
....5
Crocker Wheeler Elec....*
Croft Brewing Co
1
29%
130
25%
10%
%
30%
8,000
127% 130
25
1 26%
10W
11
13,200
29
%
1
100
1,500
3,700
120%
19%
9
%
5
.*
Crown Cent Petroleum..!
3995
16%
>3%
~"g
Reynolds-^- "
Crowley Mliner A Co
For footnotes see page
17
-.100
Cooper Bessemer com..
$3 preferred A
6%
26%
16%
33%
8%
100
Brillo Mfg Co com......
Stores...lis
Apr
4%
34
Alrcraftlll'l
20
50
200
_._100
~2%
»
93
4%
Jan
Consol Copper Mines
5
Consol GEL P Bait com*
5% preferred A
100
Consol MIn A Smelt
5
Class A
Registered
May
Jan
Consolidated
Bearing...
preferred
Jan
11 %
51
%
Feb
Apr
3
Jan
Brazilian Tr Lt A Pow_.
7%
Apr
Mar
Apr
%
Jan
Jan
conv pref
Preferred
9
2%
7%
Mar
3%
40
148
com
Brill Corp class B
II
II
si6 May
26W
Jan
1%
Jan
92
Apr
2H
85
Jan
Jan
com
Bridgeport Machine
Preferred B
650
2%
~i%
.
Childs Co pref..
.100
Chief Consol
Mining Co..l
Cities Service com..._
__»
Preferred
.I'll*
Feb
44%
3%
62% May
Jan
Jan
7
...
14W
2,600
1,100
Jan
142
Blumenthal (S) A Co.III
Bohack (H C) Co com
7% 1st preferred
100
Bower Roller
100
6%
Jan
'32
Jan
% June
44%
7%
'29.100
Centrifugal Pipe-.
»
Charts Corporation
I" 10
Chesebrough Mfg
25
Chicago Flexible Shaft Co f
Chicago Rivet A Mach
*
900
"2% "2%
1
com
Botany Consol Mills
Bourjols Inc
Borne-Scymser Co
Conv preferred
Conv pref op ser
8%
41%
48
51 %
24 %
100
7%
pref...
Corp
100
Feb
%
com
W) A Co
warr
3%
warr
HH
conv pref..HZ"
Decker Mfg Coll
Blue Ridge
6% pref without
7% preferred
Jan
%
%
Mar
June
92
1
%
5%
__*
6,000
Hedges com..
Convertible
Blckfords Inc
$7 dlv preferred
1st preferred
City Auto Stamping. .Ill*
Claude Neon Lights IncIIl
Baumann(L)&Co7% pfdlOO
Bell Tel of Canada.,
Bell Tel of Pa
6%%
7% 1st partic pref...100
7% prior preferred..100
Celluloid Corp com
15
Feb
45
84
Castle (A M) A Co
10
Catalln Corp of Amer
1
Celanese Corp of America
Feb
"
Class A common
10
Babcook A Wilcox
Co.II.*
Baldwin
"9
.
2%
9%
Corp"""*""*
Austin Silver Mines
*
Jan
i
25%
107%
*i«
5%
*
com
Jan
51%
2%
Class B
Carnation Co
Carolina P & L $7 pref 11*
$6 preferred
..._*
Carrier Corporation
*
1
332
100
.*
500
34
12%
Convertible class A
300
3,-
Jan
50
Jan
1
*
25c
1%
1%
'32
Jan
Apr
103
Carman A Co—
11%
"9% "low
2%
Atlanta Gas Light
pref. 100
Atlantic Coast
II
1%
1%
hz
2,400
1,900
5%
1%
*
11%
*
Associates Investment
Co"
Associated Rayon com
*
non-voting
Canadian Marconi
Capital City Products.
Carib Syndicate
12 %
Amerl*
common
9%
1%
8%
25
B
Preferred BB
Assoc Gas A Eleo—
m
8%
Preferred
Canadian Indus Alcohol A*
Cities Serv P A L
$6 preferred
10W
1,675
Am dep rets A ord shs. £1
Apr
Eleo Industries
Common
ciass A..
:::::::
$5 preferred.
Option warrants..
9%
2
Feb
*
350
Mar
1%
33%
%
62
84%
2%
2%
4%
13
1,900
50
62
74%
Cent A South West
UtU.l
Cent States Elec com
1
63%
700
} 25%
106% 107%
Feb
Jan
23%
150
41
24 %
16%
June
Appalachian El Pow pref *
Mar
65
May
Arcturus Radio
Tube.__Il
Arkansas Nat Gas com.
16 %
69%
4
16,900
Mar
16
82
6%
23%
24%
107% 108
1%
1%
Mar
60
32
1%
4%
Mar
10%
69 %
600
1,700
31
lew
900
2%
6%
34%
Jan
64%
1,900
2
Jan
27%
6%
15%
39%
23%
Apr
600
7% pref...100
90%
4
28
200
Cent P A L
42%
4
200
9%
Feb
38
Apr
Apr
Jan
31%
Cent Hud G&Evt 0
Cent Maine Pow
7% pflOO
89
~'w
~*
Jan
Mar
41h
Angostura Wupperman..l
Apex Elec Mfg Co com..*
Common class A
*16
27 H
90
4
.
19%
17%
4%
99%
2 %
Amer Thread Co
preflllls
Anchor Post Fence
*
Amer
19
100
111
Amer Hard Rubber
com.50
Associated
425
3%
Corp 10c
$2 preferred
$2.50 preferred
Amer
20 W
3%
15 %
Canadian Car A Fdy Ltd—
116
19%
Jan
29%,
Am
Feb
116
20 %
3%
Jan
7% May
2% May
28%
Warrants
Jan
I.*
3%
Feb
Mar
8%
41
24%
32%
SOW
30%
28%
*
dep rets B ord shs £1
Amer dep rots pref shs £1
Calamba Sugar Estate..20
Jan
7% conv preferred...100
Amer Equities Co com___l
Amer Fork A Hoe Co com*
Amer Foreign Pow warr.
com
300
Mar
Cables A Wireless Ltd—
75
June
$3 convertible pref...
Mar
101
4%
100
8
*
com
Burma Corp Am dep rets..
Butler Brothers
10
Cable Elec Prod v t 0
..*
Apr
May
Jan
500
~_i
a"io
Mar
Jan
Mar
2%
*
Am Cities Pow A
Lt— "
Class A
25
Class B
Apr
2%
*
Apr
Apr
Mfg..*
Amer Cynamld class
Class B n-v
Apr
Brown Fence A Wire B
%
100 xll3%.
Amer Dlst Tel N J
Bruck Silk Mills Ltd
Feb
1% Mar
100
7%
28
Feb
35
6% pref
2%
*
com
Class A
Brown Co
"8%
58
19
2%
2%
Am dep rets ord reg._10s
British Col Pow cl A
*
*
Aluminum Co common
6%
Feb
Jan
28%
*
Feb
1
Alliance Investment com.*
Allied Products cl A com 25
Aluminum Ltd
Mar
Mar
High
Low
28
Am dep rets ord bearer £l
Am dep rets ord reg__£l
British Celanese Ltd—
Mar
*
com
Alles A Fisher Inc com
Allied Interaatl Invest
Aluminum Ind
4%
15%
62%
4%
Mar
May
22
Week
British Amer Tobacco—
Class A preferred
*
Brown Forman Distillery. 1
Jan
340
Jan
Price
Feb
June
37%
67%
•
Shares
Par
48%
82%
Apr
%
250
90
for
of Prices
Low
High
Feb
27
400
Week's Range
Sale
7%
31%
2,100
Allegheny Steel 7% pref 100
6% preference
Aluminum Goods
June
115
*
*
Apr
Apr
May
2%
100
2%
28
1316
50%
76%
%
$6 preferred
113%
Jan
44%
*
50
June
"700
"m "3%
Warrants
Alabama Gt Southern
Ala Power $7 pref
46%
99
310
Last
High
May
15
99
1
10
com
Allen Industries
Low
Shares
40
»
Air Investors
Low
Range Since Jan. 1 1936
STOCKS
(.Continued)
Week
20
Adams Mlllls
Aero
Week's Range
Sale
Sales
Friday
Sales
Last
t c com
Curb Exchange for
It is compiled entirely
security, whether stock or bond, in
Saturday last (June 6,1936) and ending the present Friday (June 12,1936).
Friday
v
such sales In oomputlng the range for the year.
complete record of the transactions on the New York
occurred during the week covered:
STOCKS
Acme Wire
a
the only transactions of the'week, and when selling outside of the
No account is taken of
occur.
daily reports of the Curb Exchange itself, and is intended to include every
which any dealings
June 13, 1936
Exchange—Weekly and Yearly Record
"2"
I~2% "3l000
Jan
Apr
Jan
May
1%
Jan
2%
34%
16
1%
7
2%
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Volume
Range Since
Last
Week's Range
for
(iContinued)
Sale
of Prices
Crown Drug Co com
Preferred
Cuneo Press
Shares
High
Low
Price
xl5% xl5%
4%
25
500
4*
15*
25c
4%
2,500
23%
100
39*
300
"I*
Jan
100
37%
Feb
Mar
106
....
IX
Cusl Mexican Mlnlng__50c
Jan
5", 000
39
»
com
6*% preferred
Jan
11%
4% June
23
4%
vtc__*
com
Mar
X
x9
Mar
12
Jan
Darby Petroleum com
•
Davenport Hosiery Mills. 5
14
14
"200
Dayton Rubber Mfg com.*
10%
11
300
10%
June
23
23
100
22%
Apr
Class A
35
15%
5%
Mar
Feb
Feb
25
Feb
Mar
11*
42%
9%
41%
»
.......
20%
20
17H
20%
Driver Harris Co
25
Mar
Hall Lamp Co
4*
Mar
June
8%
Mar
May
3,500
100
5%
Mar
11
Jan
19
Apr
25
June
12 %
Jan
700
30%
23* Mar
27% May
4%
Jan
26*
35*
7%
26
Feb
Mar
Feb
1,500
27
300
Jan
x94%
Apr
Jan
Jan
124*
73*
Mar
Jan
25
June
39
Jan
Jan
110
Feb
"4,700
225
74
Jan
6
Mar
66
Feb
80
Jan
Jan
7
%
1%
Jan
9%
8%
9*
'7"406
Mar
10%
Jan
10%
10%
10*
1,100
7%
Jan
15%
Mar
6%
1,500
4
Jan
11X
Mar
Jan
85
Jan
Jan
83
Mar
42*
Feb
3*
Jan
62
—4
550
25
24
400
1*
1*
§1"
30
31
31%
30*
200
300
59%
41%
24
June
1%
May
23
Jan
24%
6%
Jan
43
20%
43*
2,200
16*
150
16
Jan
May
23*
43
3%
31*
13*
Jan
13
16
13
Eisler Electric Corp
1
Elec Bond A Share com..6
___*
$6 preferred
*
1
43*
400
19
36
Jan
1,000
3*
21* 114,900
3%
2%
15%
Apr
pref w w
Jan
Apr
May
21*
Feb
»
16*
13*
1*
16*
"4,866
200
2,600
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois P A L $6 pref
*
Feb
14
Jan
June
Mar
43* June
4% Mar
25% Mar
Imperial
Chem
32*
60
25*
58*
4,000
22*
3,400
57
16*
650
31*
25*
24*
58
57*
200
16
13
Apr
79
Ma
Non-voting
Jan
87
Mar
10*
10*
8%
3,900
9%
6%
Apr
12
Mar
2,000
48
58
925
61
6%
7*
2,400
5*
7
6
90%
34%
175
Apr
Jan
18%
2
Jan
1,900
5
May
25
88
May
10
15
9*
61
Jan
June
8*
Mar
90 X
90 %
9*
'34%
Wallower Lead
100
8
Falrchild Aviation.......1
1
Fanny Farmer Candy
Internat Mining
37
Feb
61*
Feb
41*
450
36*
Jan
53*
Feb
41*
500
38*
52*
Jan
55
Feb
Feb
53*
Feb
Jan
9*
Apr
20
Jan
24*
24*
Feb
Jan
Apr
14*
Mar
Mar
Jan
Feb
2*
43
Jan
62
Feb
48%
50%
125
44
Jan
67*
Feb
International Products.
52
500
150
48 %
47
Jan
53
65*
67*
Feb
Feb
50
21
Jan
24
800
15
Jan
3,500
2
Jan
21*
3*
Apr
Feb
44
Feb
23%
2%
19
100
40
40
Jan
39
1,000
*
"l6
Jan
"16
>16
%
100
5
16%
'iEUi'iox
I
7*
7
6%
6%
May
7*
1,300
400
1,700
7
"
14%
Registered
4%
13%
Internat'1
—*
1
Class B
Warrants
100
Fllntkote Co com
*
.*
Jan
16*
Feb
12
31*
Jan
40*
Mar
°A
16
May
1,800
%
Jan
17
Jan
21
June
1*
Feb
75
May
89
30
112
117
Jan
Jones A Laughlln
9
Feb
70
Feb
48
49*
525
46
33
33
35%
6,000
33
June
45
Apr
42%
42%
43%
440
40 %
May
60
Feb
5%
4%
3,800
4%
Am dep rets ord reg_.£l
Ford Motor of Can cl A..*
7%
22%
7%
23%
25
7%
21
23%
Class B.
2,600
8,700
100
7% May
20% June
23% June
9%
28%
Feb
32
Feb
Feb
Ford Motor of France—
Fort Worth Stk Yds Co..1
15
*
*
16
Jan
19
Mar
18*
450
2%
1,500
2%
Jan
4*
Feb
20%
20%
18%
12%
Jan
Jan
20*
18*
June
16%
20%
16%
1,800
16%
Klelnert
100
Jan
Gen Gas A Elec—
13
$6 conv pre! B
1
Gen Investment com._. ..1
$6 conv pref class B
'"*
Warrants
*
1
1
71
170
67
Jan
1*
200
1
Jan
2,000
12%
Jan
50
50*
200
47
Jan
70
200
68% June
95
50
May
*
2%
14%
2%
14%
2%
1,400
500
33
%
15%
15%
%
%
600
"19% "l9%
'15%
33
preferred
Kress (S. H.) A Co
36* May
3* May
39*
38*
7%
64
"I*
100
1* June
4
10*
200
1*
5,500
Feb
Lane
Jan
Feb
Jan
Lefcourt Realty
81*
2*
18*
Mar
Mar
Jan
Lehigh Coal A Nav
*
Leonard Oil Develop...25
Jan
Feb
Apr
28
27*
28*
1,100
20*
22
""166
Lit Brothers com
Feb
45
Feb
13%
2%
Apr
Jan
18*
3%
Feb
—*
Loblaw Groceterias cl A—*
Class B
..—..*
Feb
Lockheed Air Corp
X
2X
Jan
Jan
89*
18*
Mar
6*%
13%
19%
17%
16%
13%
19%
300
200
1,200
16 %
10
May
Jan
17* June
20
* May
*
Jan
23*
15
200
1
84*
1,100
86*
93
Feb
May
May
Jan
* May
*
Apr
70*
Jan
110
76
Jan
130
^86
May
3*
3*
1,400
3*
1*
30
*
*
300
4*
5*
1,100
Jan
Jan
*
1*
Mar
111*
Jan
Jan
I*
Feb
31*
26*
1*
Mar
*
86*
93
Feb
Feb
Feb
June
May
102* June
4*
Feb
44
Apr
1*
Mar
6*
Mar
113
Apr
*
9*
300
3*
*
200
100
20*
9*
100
11* May
3* Mar
74
3*
74
Jan
Jan
Jan
5*
7is May
18*
Jan
*
2*
8
Jan
Mar
24
25
96*
Apr
10* May
600
14
Feb
107
200
x25
7*
12*
Mar
74*
~
3~306
'"59* "59*
6
Apr
Mar
6
11*
24
11*
23*
Jan
May
Mar
11*
104* 104*
10,700
Jan
78
June
Mar
51
Jan
60
May
Jan
5* June
70
Mar
12*
Jan
2* May
16* May
8*
78
Mar
May
15*
4*
Jan
Jan
Jan
25
11*
Jan
8*
7*
4,600
6*
Jan
*
*
1
800
*
Jan
2
Feb
111
Apr
10*
11
300
7*
Jan
15
Mar
800
3
8*
1*7*
4*
4*
4*
18*
Mar
Jan
17*
Apr
6* May
>16 May
9*
Jan
Feb
Apr
20* June
5*
18*
10*
Feb
Jan
6*
8*
*
2,500
10,700
Lone Star Gas Corp——*
11
10*
11*
5,500
3*
84*
500
3*
Apr
x87
87
780
72*
Jan
88
Mar
64
Jan
76
Mar
Long Island Ltg—
*
Feb
Common.——
Feb
7% preferred
...100
4*
x75
73*
75*
21*
Jan
Loudon Packing
100
——-.*
600
16
Apr
Louisiana Land A Explor.l
12
11*
12*
7,600
Jan
Louisiana L P A L Co—
40*
40*
40*
100
82*
Jan
33* Mar
* May
10* June
1*
Jan
Rights
Apr
Feb
4*
26*
32
*16
$6 preferred...
3995.
27*
101* 102*
93
.1
6*
9*
94
—*
M.10
Lynch Corp common—..6
Mangel Stores Corp.....*
6X% pref ww
100
page
300
21*
91*
86*
102
100
preferred
Preferred class B
16%
16%
13%
20*
*
Lion Oil Development.—*
Feb
19% June
50
25
25
21*
200
2,400
"16
com....1
Jan
8*
Jan
*
Lerner Stores
102
Feb
Feb
9*
Preferred..———..—*
62*
93
14*
2*
>t<
Jan
Langendorf United Bak—
C1&8S A..----*#-*****1
Feb
Jan
Jan
Jan
Jan
Jan
6% June
Mach—1
Bryant 7% pref. .100
Lakey Foundry A
73
Jan
Jan
vt«
Jan
2*
100
7*
90*
8
Jan
600
101
Apr
Apr
24
Jan
*
59*
Lucky Tiger Comb G
1,500
7*
Lake Shore Mines Ltd—1
Apr
200
Apr
Feb
3*
33*
6*
100
pref.100
Kreuger Brewing
Lackawanna RR of NJ
Apr
50
Jan
Feb
Feb
500
3*
45
14%
Jan
7*
14*
5*
2,000
20*
85
5
Gorham Inc class A com.*
$3 preferred
......
Gorham Mfg Co—
V t c agreement extended
Grand Rapids Varnish—•
Gray Telep Pay Station—*
Feb
14*
Feb
Apr
June
Feb
7
—10
Rubber
79%
68%
.......
Mines. 10
85
95
100
G1&S8 B
June
ft«
16*
Georgia Power $6 pref..
$5 preferred
Gilbert (A C) com
Preferred
2
Godchaux Sugars class A.*
2%
Apr
Jan
68*
$3 convertible pref—
General Tire A Rubber. .25
•
49* May
49
100
1
OOI
May
1
"16%
com. 20
Globe Underwriters
X
16
x76~
x76
Gen Rayon Co A stock..*
—
Jan
400
40
*
6% pflOO
pref—
1*
5*
3*
Knott Corp common
6%
Jan
Apr
7
II
1
Jan
3*
36*
Kirkland Lake G M Ltd.l
2%
300
'""706
10
1
Koppers Gas A Coke Co—
reg__£1
34
Jan
Apr
64
...1
Klrby Petroleum
Jan
Gen Electric Co Ltd—
Gen Flreprooflng com....*
Apr
A*
Feb
2%
18
29
36*
1*
Klein (Emil)
Froedtert Grain A Malt—
84
4*
Breweries....;
Kings County Lighting—
7% preferred B
.100
5% preferred D
100
30
4*
Jan
Jan
Feb
Apr
Kingsbury
Jan
May
3*
20*
May
Steel.100
30
2%
.100
Jan
3*
36*
ServiceCommon vtc
—*
Vtc preferred A
Kansas G A E 7% pref.100
Ken-Rad Tube & Lamp
Ford Motor Co Ltd—
6*
9
8
Kansas City Pub
Feb
49
5
6*% preferred——100
6% preferred
—100
7% preferred
100
Jonas A Naumburg—2 .50
76
Apr
Apr
May
Jan
Warrants
Jersey Central Pow A Lt—
115
114
Jan
69
30
916
com—10
c.10
Irving Air Chute
.1
Italian Superpower A
*
90
75 %
Feb
6%
1,800
73*
8
Iron Fireman Mfg v t
28%
June
97
100
70*
"II* "II*
Iron Cap Copper
23% June
19
Jan
3*
200
30
73*
Investors Royalty
Jan
Feb
700
Jan
»
7*
300
May
Vitamin—1
23*
10*
25%
35%
33%
Apr
May
92*
1*
Interstate Power $7 pref
200
20
*
Interestate Hos Mills
25*
First National Stores—
General Alloys Co
40
100
...
International
15
39*
9*
*
Fe
15
Fire Association (Phlla).lC
1
Jan
Jan
Jan
Feb
5*
*
Utility—
Class A.
Feb
3%
100
6% preferred
Jan
40
16
30
19
Jan
May
10
400
95
"4
Feb
100
19
Flsk Rubber Corp....
Apr
Jan
7
2*
-
Feb
*
IX
21
13%
"""*
7% 1st preferred....100
Jan
Jan
Jan
13%
1
Conv preferred
7
16
-4
Internatl Safety Razor B_»
2%
8,900
21*
19
Corp—1
200
23%
17%
"19
20*
95
Warrants
50 %
Feb
Jan
37
50
Pref $3.50 series—
9*
7*
40*
7
IntI Metal Indus A
51%
52
"34*
Flat Amer dep rets
Florida P A L J7 pref
Apr
50
'48%
*
Fldelio Brewery..
Feb
19*
50
*
..*
Ferro Enamel Corp com
29*
Jan
Feb
Feb
Apr
32
1*
International Petroleum..*
.1
Fansteel Metallurgical
Jan
Jan
Jan
2*
40*
30
125
14*
Internat Hydro-Eleo—
Jan
* May
10* June
13* June
1,100
Internat Holding A Inv.
Jan
42
♦
Falstaff Brewing
Feb
98
30%
Mar
4*
New warrants
100
Ex-oell-O Air A Tool..
33%
Feb
76*
36*
1
7% preferred
Apr
28*
Industrial Finance—
Insurance Co of N Amer. 10
Jan
Jan
110
13*
*
V10 common
Feb
35
20*
20*
*
A
class
Feb
10
9%
10
Class B
10
22*
Jan
Indian Ter Ilium Oil—
74%
Jan
40
41*
6% pref 100
7% preferred
100
Ind'polls P A L 6*% pflOO
64%
Feb
23* June
17*
Jan
June
6
Indiana Service
700
3
55
4
Imperial Tob of Canada.5
Imperial Tobacco of Great
Britain and Ireland
£1
Pipe Line
Jan
Jan
Mar
Feb
Jan
36
4*
£1
Imperial Oil (Can) coup—*
Registered
..*
Indiana
105
Industries
Amer deposit rets
Mar
14* May
29*
Apr
108* 108*
100
6% preferred
13* Mar
6* June
200
1
Common
.
9-%
Huylers of Delaware Inc—
3,400
Option warrants
For footnotes see
16*
*
*
*
13*
1*
100
Humble OH A Ref
72*
European Electric Corp—
Consol
11*
1*
"l3%
International Cigar Mach *
Empire District El 6%_100
Empire Gas A Fuel Co—
6% preferred..
100
6%% preferred.. ...100
7% preferred
100
8% preferred..
100
Empire Power Part Stk__*
Emsco Derrick A Equip. .5
Equity Corp com
10c
Eureka Pipe Line
50
Goldfleld
Feb
Mar
*
preferred
84
ci
*
Electrographlc Corp com.l
Elgin Nat Watch Co
15
Glen Alden Coal
7%
70
Elec Shovel Coal $4 pref
6% preferred A
8*
72*
2*
6*
14*
17*
42*
Horn A Hardart
81
.1
General Telephone
Jan
Apr
I
Jan
5
Holophane Co com
.*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co
*
72
8
L~2~d "pre f *A 1111 •
Gen Pub Serv $6
Apr
3*
*
Heyden Chemical
Hires (C E) Co cl A
Holllnger Consol G M
83
i
Gen Outdoor Adv
Jan
8*
10*
Helena Rubenstein
10*
$5 preferred
A
275
63*
24
*
Elec Power Assoc com
75
;
62
*
com
6%
74
*
$7 preferred series A
Am dep rets ord
84*
10
Hecla Mining Co
Jan
Jan
Apr
Jan
*
25
Feb
Mar
Jan
5*
68
Illuminating Shares cl A—*
16 preferred series B
American dep rets
91
1,200
1
*
preferred
Apr
7H
4*
Harvard Brewing Co
Hazeltlne Corp
Mar
98
8 sh
4%
June
11
73%
Easy Washing Mach "B".*
Economy Grocery Stores.*
$6
Jan
76
*
Mar
Feb
I*
72
500
1
17%
100
"~2% "S%
25
Fedders Mfg Co com
500
2,200
14% Mar
4%
Apr
49%
Apr
18* June
21% June
10%
Apr
106
6%
preferred..
Jan
*
77*
400
65%
..*
10
Eastern States Corp
7%
June
*
200
2
*
75*
1*
20*
25
25
% prior preferred. 100
6% preferred
.100
Evans
1*
10*
3*
1
25%
101* 112
4*
conv
May
*
Hud Bay Mln A Smelt
Common...
$6
6*
Gulf States Utll 36 pref..*
22
..100
Common
500
1*
1,300
1,100
9
29%
10
Option warrants
Electric Shareholding—
7*
Hart man Tobacco Co—.*
Jan
Jan
Jan
31*
81
Apr
Mar
East Gas A Fuel Assoc—
Elec P A
*
76*
Jan
128
Apr
1*
Apr
Am dep rets pref
130*
24*
Hartford Electric Llght.25
1%
11
25
DubUler Condenser Corp.l
Duke Power Co
10
Durham Hosiery class B__*
ninjw
Feb
124
6*
16%
14%
$5.50 preferred
Mar
110*
100
Mar
15
Douglas (W L) Shoe Co—.
7% preferred
100
Dow Chemical..
*
Draper Corp
Edison Bros Stores
25
26*
Mar
8%
19 H
Doehler Die Casting
*
Dominion Steel A Coal B 25
Eastern MaUeable Iron
High
26*
19%
100
£1
Eagle Plcher Lead
380
112* 114*
126* 126*
.....
Gulf OH Corp of Penna. J25
12
DlstUlers Co Ltd—
Duval Texas Sulphur
112%
stock._.»
70
Feb
300
21%
9
Detroit Paper Prod
1
Diamond Shoe Corp com. *
Dictograph Products..
2
Distilled Liquors Corp...5
preferred
com
50
500
10%
3%
42%
18 H
9*
3
Detroit Gasket & Mfg coml
40
67
67
Derby OH A Ref Corp eom*
Amer deposit rots
Non-vot
7% 1st preferred....100
Gt Northern Paper
25
Apr
IX
Low
Great Atl A Pac Tea—
Greenfield Tap A Die
*
Grocery Sts Prod com ._25c
Guardian Investors
...1
Apr
109
Range Since Jan. I 1936
Shares
16% May
Am Dep Rec ord Reg £1
ww
Price
Handley Page Ltd—
Dennleon Mfg 7% pref.100
Detroit Gray Iron Fdy
5
6% pref
of Prices
Low
High
for
Week
Week's Range
Sale
Par
De Havlll Aircraft Ltd—
Preferred
Last
High
Low
23*
Crown Cork Internatl A._*
7%
STOCKS
(Continued,)
Jan. 1 1936
Week
Par
Sales
Friday
Sales
Friday
STOCKS
Cuban Tobacco
3991
New York Curb Exchange —Continued—Page 2
142
4
14*
5*
Apr
8*
Jan
15*
May
2* May
34*
Jan
42*
* June
95
2*
Apr
55*
9*
Apr
66
Mar
Feb
Feb
May
Jan
Mar
Feb
Jan
Feb
New York Curb
3992
Last
STOCKS
Sale
(<Continued)
Price
Exchange—Continued—Page 3
Sales
Friday
Week's Range
of Prices
High
Low
for
Par
High
24 %
Jan
27%
Feb
7%
May
Jan
3%
02%
Apr
9%
22%
8%
5%
Jan
100%
Mar
600
1%
Jan
4
Feb
1,000
4%
14
*
Marlon Steam Shovel
•
Maryland Casualty
1
Masonlte Corp common..*
Mass Util Assoc v t c
1
5
90
2%
Massey-Harris common..*
Mayflower Associates...*
May Hosiery Mills—
3%
"52
2%
3%
91
2%
4%
3)4
5)4
86 X
52
52
800
550
150
50
42
$4 pref w w___
MoCord Had A Mfg B_..»
McWilliams Dredging
*
Mead Johnson A Co
*
10%
xiol ~
5%
Mercantile Stores com...*
"35"
100
99
Merchants A Mfg cl A...1
xlOl
95
5%
6%
8%
May
June
Feb
Jan
7%
64
49
11™
Jan
Jan
Jan
Apr
May
Pan Amer Airways
95
0%% A preferred... 100
Jan
35
June
Parker Rust-Proof
Feb
99%
June
Patchogue
400
654
8%
20%
89%
T,806
7
29
8%
3%
60
60
*
2%
2 X
2X
Michigan Gas A Oil
*
3%
3%
4
Michigan Sugar Co
*
1)4
IK
*
3X
*
J4
3X
1
*
11)4
900
100
5%
27
3%
1,100
100
100
1,300
2,300
40
Apr
May
Jan
Apr
8%
Jan
31%
10%
Mar
Jan
100%
1%
1%
Mar
Mar
62
Apr
102
v
Mar
Jan
4%
Mar
Feb
Mid vale Co
41)4
IX
29%
25
2d preferred
*
Molybdenum Corp
1
Monroe Loan Society cl A *
Feb
Philadelphia Co
*
Mar
Jan
91%
Jan
Jan
114%
29%
June
Jan
81
Jan
93
Feb
41%
Jan
70
Jan
Feb
8%
8%
8%
3,300
7%
May
13%
4
4
4%
2,200
4
June
*5
May
June
19%
June
16%
490
142
Jan
100
30
May
Moody's Invest Service..*
35
Moore Corp Ltd com...
28
Preferred A
100
(Tom)
8)4
4%
x6 %
Mountain Sts Tel 4 Tel 100
30)4
6%
9%
4%
6%
143% 143%
29
31%
Nat Auto Fibre A
36
35
1
com
2%
Jan
80
138
Apr
44%
Nat Bond 4 Share Corp..*
National Candy Co com.
44%
100
pref
conv
National Fuel Gas
19
18%
47)4
47%
64
1%
60%
Warrants
"is
IX
National P 4 L 56 pref...*
National Refining com__26
Nat Rubber Mach
*
Nat Service
1%
84 X
"4 X
Corp
Feb
16%
Mar
Apr
47
Mar
Feb
6%
Apr
Jan
2%
Jan
42% May
49%
Mar
23
Jan
June
57
Apr
May
"is June
89
Feb
Feb
1%
2%
Apr
Jan
Jan
6
Feb
74%
May
Jan
Feb
Jan
86%
8%
Mar
112%
34
10
10
11
800
5%
6
2,400
36%
11%
"IIX
6%
36%.
11%
2,500
100
30
Mar
9%
Jan
40
13%
Apr
Feb
Jan
Jan
60
Jan
•
7%
Jan
18%
Feb
2%
Mar
2,500
8%
Apr
May
3%
9%
12%
Meter
Jan
9%
2,200
7%
Jan
10%
Jan
T.200
Apr
Jan
39
10%
79
79
June
98%
May
Jan
140
Apr
1
»
Potrero Sugar 00m
5
Powdrell A Alexander..._•
Power Corp of Can com
Pratt A Lambert Co
10%
10
79
75%
117
June
119
"4% "4%
4%
800
33%
31
*
31
2%
Prentice-Hall. Inc
2%
Prosperity Co class B
*
Providence Gas
Prudential Investors
Jan
6%
Jan
Jan
34%
18%
Jan
30%
May
1,400
1%
Jan
-*16
1,800
200
"""25
8%
9
500
•
6% 1st preferred
Jan
3%
.....
*
..*
$0 preferred
Pub Serv of Colo—
3%
Feb
23%
11%
1%
*16
"l6
Feb
14%
500
*
....
7%
66%
L500
*
Premier Gold Mining....1
36%
400
32%
33%
610
Jan
37% May
19%
Jan
May
% May
8%
Apr
9%
8%
98%
Apr
May
37
2%
40
Feb
Jan
Mar
May
30%
»i«
1%
Apr
9%
Feb
11
Feb
Feb
June
11%
Feb
Apr
102%
Mar
Jan
105
May
103%
37%
Mar
105
Apr
Jan
53
Feb
14%
Jan
27%
Feb
48
Apr
60%
60
48
60
Feb
114
Apr
117%
Apr
100
.100
7% 1st preferred
100
Pub Serv of Indiana$7
pref*
$6 preferred
39%
40%
20%
*
41%
21
90
20
PubUc Serv Nor HI com..*
Feb
Apr
Jan
97
Feb
Jan
110
Feb
"500
Feb
9%
June
%
Jan
Jan
Mar
112
25
14
100
111%
4%
110%
12%
100
2%
7%
7%
100
2%
Jan
81%
150
17%
Jan
30
Apr
9
15%
2
3%
113
8%
3%
9%
8%
81%
Jan
19
Feb
May
16
Feb
Jan
11
Jan
Mar
2%
123
Jan
Apr
4%
23
75%
4%
128
3%
10
83
200
1%
Jan
1,100
6%
Apr
10
400
74%
Jan
96%
50
300
31
32
400
20
Jan
Apr
May
Apr
800
110% 111
Feb
115
Jan
82%
80
3%
Jan
Feb
69%
Jan
May
Feb
92%
6%
2in
62
Feb
June
Feb
Feb
Mar
Mar
Feb
June
Jan
72%
68%
72%
1,775
»
29%
27%
31%
850
6% preferred
Quebec Power Co
Jan
104
Jan
May
16%
121% 122
4%
4%
15%
Apr
100
14%
116%
122
100
4%
Jan
0%
Feb
75%
Feb
200
Jan
122
Jan
Jan
May
10%
9%
%
1%
10%
716
46,800
1%
200
7%
1,800
1
Apr
11%
Feb
*16 May
May
%
2%
May
11%
10
12
♦
36
35%
36%
900
Nlpi8Sing Mines
6
2%
2%
300
Noma Electric:
1
6%
6
2%
6%
4,900
4
4%
1,300
41%
850
3%
100
"% ~~~316
"266
11,700
7%
28%
Apr
Jan
2%
3%
8%
36%
35
1
41
40
North American Match..*
No Amer Utility Securities*
Nor Cent Texas Oil Co...5
"~3%
Nor European OU com..
"~K
3%
...»
com
10
Reynolds Investing..
Rice Stix Dry Goods
1
Richfield Oil pref
Richmond Rad com
125
17
%
H
200
%
May
26
25
7
300
8%
9
26
6%
9%
800
23
%
21
17
16
June
Jan
8%
Mar
•i«
Jan
1%
Mar
20%
1,100
12%
Jan
5
5%
600
4%
Jan
7
2%
5%
2%
2%
2,800
1%
Jan
3%
6%
"T% "vx
3%
"066
700
4
*
26%
27%
50
»
65
67%
900
Russeks Fifth Ave
Rustless Iron A Steel
*
16%
18%
400
5%
7,500
•
3
3%
1,100
80
x88%
1,075
49%
Feb
8t Anthony Gold Mines.. 1
St Regis Paper com
5
7% preferred
100
Salt Creek Producers
10
98%
Jan
Schiff Co
Apr
79
Jan
77%
100
Jan
71
60
pfdlOO
7ie
98%
Apr
87%
Feb
Northern N Y Utilities
100
10
103
Jan
5
May
108%
9%
Mar
Feb
Nor Sts Pow com class A100
27
29%
3,200
21%
Jan
38
Northwest
22%
100
15%
Jan
20%
Apr
39
22%
41%
2,600
35%
Jan
48
Feb
28%
39
•
28%
100
108%
28%
50
108% 108%
400
111% 111%
100
10
110
Feb
109%
112%
106
26% May
Jan
104%
105%
13%
page 3995
18%
5
4
3%
*88
105%
10
101%
Jan
13%
13%
100
13H
Jan
35
15%
Mar
com
Selected Industries
Jan
Jan
19%
Apr
14%
Jan
23
Jan
1%
Feb
Apr
Mar
Feb
26% June
39%
38%
JaD
70
Apr
Mar
19
Mar
8
3%
1%
Jan
Jan
70
Apr
0%
Feb
4%
Apr
92
Feb
*16
1,700
■i«
Jan
7u
5,600
8%
Jan
5%
73 %
10
Jan
6%
Apr
FeD
Feb
59
56
60
770
55
May
7%
7%
900
7
Jan
3%
7%
3%
100
1%
Jan
May
26
%
100
31%
600
%
34%
Feb
Jan
Feb
4%
300
3%
2%
3%
5,300
2%
2%
2%
500
Jan
1%
30
Apr
41%
42
x31
*
Jan
Feb
105%
4%
May
Jan
3%
*
FeD
Mar
Apr
4%
%
Securities Corp General..*
Seeman Bros Inc
Jan
Mar
3%
..I*
Segal Lock & Hardware.. *
Selberling Rubber com...*
Selby Shoe Co
*
Jan
2%
0%
X
♦
Scranton Spring Brook
Water Co. $6 pref
Apr
3%
Schulte Real Estate com.. *
ScovlUe Manufacturing 25
Savoy Oil
Feb
Mar
2
•
55% May
6%
Jan
8%
Jan
11
Apr
•m
Royalite OU
Royai Typewriter.
Jan
May
1%. Apr
3% June
Mar
104%
.
Feb
Feb
Jan
Jan
25
800
100
Apr
Apr
Feb
18%
Safety Car Heat A Light 100
May
%
19%
15%
26%
18%
Feb
Feb
Jan
Feb
Jan
20
5%
Feb
3
pref
Rossla International
Feb
Jan
1%
1,200
900
•
Feb
2%
June
2,000
Mar
21%
7
3
7%
Jan
Jan
30
15
Jan
Feb
Jan
2%
3%
Apr
18%
Feb
14%
Jan
Jan
Jan
149
2%
1
....
137%
Jan
6%
22%
%
Rochester Gas A Elec Corp
6% preferred ser D..100
Roosevelt Field, Inc
6
conv
Jan
Apr
Mar
%
1
Root Petroleum Co.
9
5%
25
Mar
%
Jan
800
*
13%
44%
3%
3%
„
May
%
t c...60c
»
Jan
1%
Feb
Nor Amer Lt 4 Pr—
15%
5%
%
1%
Ryan Consol Petrol
5
Nlles Bement Pond
34%
14%
19
19%
$3 convertible preferred*
$ 1.20
72% June
Jan
141
17
96%
Jan
*
Bank Oil Co
Feb
Jan
50%
176
Raymond Concrete Pile—
Common
*
v
6%
22
122
Rainbow Luminous Prod—
Class A.
♦
Class B
Apr
17
19%
16%
*
Reliable Stores
June
11%
20%
900
100
Ry A Light Secur com
*
Ry A Util Invest cl A....1
98
14
22%
Jan
111
70
♦
Reed Roller Bit Co......*
Reeves (Daniel) com
*
Relter-Foster OU
*
38
Jan
100% 102%
$5 preferred
$0 preferred
Pyle-Natlonal Co
5
Pyrene Manufacturing.. 10
Quaker Oats com
*
Feb
Jan
Apr
20
2%
Red
36
98
98
*
Jan
53% June
102%
Pub Util Secur $7 pref
Puget Sound P A L—
Raytheon Mfg
30%
105
Pub Service of Okla—
Jan
Niagara Share—
Apr
7%
92
74
1%
see
15
Jan
115
716
Ohio Pub Serv 7% 1st pflOO
OUstocks Ltd com
5
June
4%
100
2%
warr
com
10
preferred
Jan
Niagara Hud Pow—
pref
Mar
6% prior Hen pref... 100
7 % prior lien pref
100
N Y Wat Serv 6% pfd..100
Ohio Power 0% pref
36
7%
23
14
6
Engineering..*
Novadel-Agene Corp.....*
Feb
50
Reybarn Co Inc
Northern Pipe Line
Feb
2%
400
6%
1st preferred
110%
May
26%
50
7% preferred
Jan
Apr
111
112
YPr4Lt7% pref...100
Nor Pennsy RR
Jan
18
100
%
N Y 4 Honduras RosarlolO
•
Jan
Apr
preferred
8%
N Y Merchandise
30 preferred
Mar
6%
2%
Common
41
Feb
com
common
12
93%
70%
Feb
24
For footnotes
100
Jan
May
Apr
31%
%
300
Newmont Mining Corp. 10
Ohio OU 0%
13%
87
55
Jan
New Process com
Ohio Brass Co cl B
13%
"l3%
600
Jan
125
7%
200
%
xl24
Nor Ind Pub Ser 6%
210
36
600
New England T 4 T Co 100
New Jersey Zinc
25
New Mex 4 Ariz Land
1
Class B
yi
62%
36
3
20
15
90
61%
1% May
Apr
Apr
800
Class B opt warrants
Mar
June
Common
3
Class A opt
Mar
44
Feb
23
Common
130
8%
3
N Y Steam Corp com...
N Y Telep 0%% pref..100
Jan
June
23
NY Transit
4%
1%
9
*
Jan
Mar
Apr
4%
100
$6 preferred
N Y Shipbuilding Corp—
Founders shares
90%
Feb
111%
107%
"766
5
N
May
May
"9% "~9%
Nestle-Le Mur Co cl A...*
Nev Calif Elec com ....100
N Y Auction Co
Jan
100
Piedmont A Nor Ry
Pierce Governor com
39%
Neptune Meter class A.'.
*
100%
"is
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp
5
New Haven Clock Co
Mar
12%
7%
com
Jan
Apr
17
June
Apr
June
850
340
62
Propper McCallum Hos'y *
Feb
1%
85
Mar
8%
5%
22%
1% May
Pressed Metals of Amer..*
Producers Royalty
1
200
112
85
14% May
17%
X
1%
Mar
June
31
60
Mar
85
Jan
47%
30
6
20
100
7% preferred
Jan
300
7% pf.100
7% preferred
Feb
35%
Jan
400
Feb
"~4% "Y
26%
12.50
New Bradford Oil
150
Feb
1,400
Nat Union Radio Corp_._l
Nebel (Oscar) Co com...
Nehl
8%
2,300
%
National Sugar Refining..*
Nat Tea Co 5 >4% pf
10
Nebraska Power
*
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
1%
64
Jan
44
Pitts Bessemer & L E RR50
Apr
5%
84%
1
Transit
10
com
Apr
19%
48
Conv part preferred___•
National Steel Car Ltd...*
National
pref ser A
10% May
4% June
23%
Nat Mfg 4 Stores com..
common
150
2
com
conv
Pie Bakeries Inc
33
National Gypsum cl A...5
National Investors com__l
Nat Leather
$3
1
13
*
15.50 preferred...
*
Common
24%
National Container Corp—
Common
$2
Apr
1%
1%
Mar
Pltney-Bowes Postage
6
6,700
May
7%
Phoenix Securities—
Feb
1,100
2%
PhllUps Packing Co
Apr
Apr
2%
com
40
June
National Baking Co com.l
Natl Bellas Hess
.*
35%
4%
35
6%
25
Jan
2.50
Jan
8%
900
Feb
May
114%
Pines Wlnterfront Co....6
Pioneer Gold Mines Ltd__J
163% June
11%
t c.._*
v
Jan
June
66%
3%
103
Feb
200
3,800
200
18%
50
34
1,000
NachmanSprinfilled Corp*
11,700
$0 preferred
Feb
150
Distillery. 1
MtgeBank of Col Amshs.*
Mountain Producers
10
Mueller Brass Co com_._.l
Apr
175
300
%
Phi la Elec Co $5 pref
*
Phlla El Pow 8% pref...25
550
17
19
*
52
4
19
110% 111%
* Xll0%
Perfect Circle Co
33%
Feb
Mar
June
5%
Pa Pr A Lt $7 pref
Pepperell Mfg Co..... 100
59
32
110
4
4%
•
1
Feb
Jan
61%
89
Jan
32
100
Apr
22
3%
...1
13
89%
153%
300
100
Pennroad Corp vto
Pa Gas A Eleo class A
28%
Jan
Apr
Jan
45%
7%
24
Jan
Jan
1%
June
85
83
37
Jan
May
Apr
16,200
•
10%
57%
16%
6%
4%
*
Penn Traffic Co
88%
32
5%
4%
.5%
20
35
25
500
„*
Feb
58
150
600
107% June
May
4% June
17%
Feb
Pender D Grocery A
Class B
2%
1%
May
Jan
May
5% May
Apr
Jan
41% June
29%
Jan
104%
Feb
"i«
89
*
24
Pennsylvania Sugar Co. .20
Jan
May
60
Jan
15%
Montreal Lt Ht 4 Pow...*
100
32%
Feb
6
109
Montana-Dakota Util-. 10
Montgomery Ward A
6%
100
Feb
Jan
35
Jan
91%
Miss River Pow 6% pfd 100
Mock Judson Voehringer.*
Moh 4 Hud Pow 1st pref.*
200
Jan
Apr
*
Jan
300
29%
Minnesota Mining 4 Mfg *
Minn Pow 4 Lt 7% pf 100
25
IX
Mining Corp of Can
41 )4
29
107%
3H
29%
20%
28%
19
*
2,300
Mar
Mar
8%
6%
24
3
2,100
200
32%
May
Apr
Apr
5%
12
Jan
3%
17%
May
1%
6%
600
*
0
2,700
Jen
4
Pa Water A Power Co
-
Midland Steel Prod
100
4%
IK
20
Plymouth
Penn Mex Fuel Co
4%
Jan
56%
55%
9
June
11
2.60
Feb
Jan
7
200
"«y~"
"39"
56
1
Penn Salt Mfg Co
Class B v t c
Moore
1
1,000
400
6%
23
1930
High
50
Parker Pen Co.
Peninsular Telep com
Preferred
Jan
10
t c..
Midland oil Corp—
>2 conv pref
Pantepec OU of Venez
Paramount Motor
Apr
Apr
Middle States Petrol—
Class A
10
Low
77
Page-Hersey Tubes Ltd..*
Feb
105%
8%
82%
28%
*
*
Apr
Range Since Jan, 1
2
6
107
*
Apr
Apr
Jan
"lli
26
$1.30 1st preferred
Pacific Tin spec stk
79%
6%
7%
4%
31%
31%
for
Shares
15
15
Pacific P A L 7% pref. .100
Paclflo Pub Serv
300
900
89
7
"l5"
6
5%% 1st pref
Paclflo Ltg $6 pref
1936
13,
Week
High
-
1%
Pacific Eastern Corp
1
Pacific G & E 0% 1st pf.25
59
Jan
of Prices
Low
7
*
pref
Overseas Securities
conv
400
35"
Metrop Edison $0 pref..
Mexico-Ohio Oil
Preferred
1,800
99)4
~30%
28)4
Participating preferred.*
Merritt Chapman & Scott*
10)4
77
Apr
Mar
Class A
76
76 %
Memphis Nat Gas com..6
Memphis P 4 L 7% pref..*
7% preferred
9 X
Mar
Price
Oldetyme Distillers
Outboard Motors B com.
£1
Week's Range
Sale
(Continued)
Low
Marconi Internat Marine—
American dep receipts.
Margay OJJ Corp—
Last
STOCKS
Range Since Jan. 1 1030
Week
Shares
Ma pes Consol Mfg
June
Sales
Friday
Jan
55
2%
41%
1%
Jan
Apr
Jan
46 %
Feb
Jan
4 %
Mar
7i6
2
Jan
30%
Jan
5%
4%
4a
Feb
Mar
Feb
Mar
inc—
Common.
$5.50 prior stock
Allotment certificates
1
25
3%
3
3%
1,900
2%
92
92
50
81
91%
93
600
78
Jan
-«
4%
Feb
Jan
92
June
-Tan
95
Mar
Volume
Safes
Fridav
1 1936
Range Since Jan.
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Price
Par
Shares
5%
X
Apr
7X
JaD
15
Apr
Apr
Feb
Jan
6)4
6%
Shawlnlgan Wat & Pow—*
$3 conv pref
Sherwin-Williams
100
300
2,800
4)4
Feb
19)4
Shattuck Denn Mining... 6
Shenandoah Corp com
500
19 X
Jan
8X
23X
100
1)4
Apr
4X
1)4
1
20
1)4
47 X
25
'W60
113)4 114
cum preferred...100
Sherwin-Williams of Can.*
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.fl
Smith (L C) A Corona
Typewriter v t c com.
*
129
150
124
128)4
com..26
16)4
110)4
65
Jan
May
Mar
75
16
Apr
116
20 X
22)4
2)4
22)4
2)4
600
1,950
19
IX
Jan
5X
,34X
3X
Mar
Jan
100
34 X
Feb
41X
Apr
27 X
Mar
28 X
May
26)4
800
25 X
Jan
3)4
3)4
100
2X
May
May
""3k "T"
T266
26 h
141
3%
10
1)4
.*
"m
7)4
38)4
*38)4
South Penn Oil
..25
So'west Pa Pipe Line...50
59)4
1)4
7)4
39)4
59)4
1,000
1
18
Mar
Mar
Universal
100
Apr
Jan
Utah Pow A Lt $7 pref...*
Utah Radio Prod...
*
X
Jan
Feb
Utility Equities Corp
Priority stock
Utility A Ind Corp.
41X
Jan
6X
4H
634
"38)4
5
"is"
1,000
X
•
Jan
2X
105
May
2X
300
4X
4X
Apr
41
Apr
X
X
Jan
Jan
5)4
17
2)4
June
2X
1
Jan
18
Feb
3
3,400
IX
Jan
4X
200
16X
6X
2X
Feb
JaD
22 X
19)4
4)4
18 H
10,900
5)4
200
12,800
4)4
150
5
1,600
6)4
30
96 X
4
4
96X
4
'
40
100
6X
50
1
100
X
3X
3X
200
IX
IX
22 X
4,100
1,050
IX
1,200
3
Jan
Apr
73X
1
73X
ex
6
102
Jan
Jan
Apr
8X
Mar
June
800
35 X
Jan
6,300
2X
Feb
4X
Mar
Jan
4)4
5)4
5,200
4X
Apr
6X
May
29)4
2,400
Jan
32 X
Mar
5)4
8,700
17X
4X
)4
X
5)4
9,200
6)4
53)4
6)4
400
150
55
4X
79
Jan
53)4 June
1
Apr
18
100
IX
IX
IX
2
30 X
31X
2
32 X
600
17,100
8
8
400
40
8
42
100
19
Jan
4X
Jan
37 X
Jan
100
Jan
6X June
3
46
101X
X
22 X
200
3)4
"65"
3)4
"466
"67
3)4
700
2X
78
Jan
preferred..
3X
900
2X June
12 X
12X
600
7X Apr
10X May
IX
IX
IX
500
6X
7
200
*
39)4
39)4
100
Toledo Edison 6% pref. 100
Apr
14
June
3
Feb
16 X
40
Jan
Fet
83
Mar
400
3X
Jar
7
Jan
Woodley
7X
7X
7X
300
6X
JaD
11
Mar
12,400
1
Petroleum
Woolworth (F W) Ltd—
JaD
32 X
Mar
9H
Feb
IX June
4X
Feb
29
8X
Apr
1,100
7X
J: 104
104
107
Apr
107
Jan
106 X
Mar
Mar
1st A ref 5s
1946
24,000
1st A ref 5s
1951
99 X
99 X
99 X
41,000
96X
Feb
100 X
1956
99 X
98 X
99 X
96
Feb
100
84
Mar
95
21X
5X
48 X
...1968
1st A ref 6s
88 X
88 X
89
83 X
83X
84 X
67,000
X
Aluminum Ltd deb 5s 1948
Apr
113
Feb
1st A ref 4X8
1967
Aluminum Co s f deb 6a '52
Apr
106
Mar
Feb
4H
3
3
4)4
3)4
Amer
Com'lty Pow 5 Xs '63
deb 6s '67
10
Feb
Am EI Pow Corp
Feb
Amer G A El deb 6s..2028
"108
Jan
IX
2,300
SX
Jan
5X
Jan
Amer Radiator
600
IX
Jan
5X
Feb
Triplex Safety Glass Co—
21X
11X
Am dep rets for ord reg.
Trl-State T & T 6% pref 10
Trunz Pork Stores
Mar
Mar
23X
11X
10
6)4
24)4
6)4
500
600
25
Jan
6
May
9X
23 X
Jan
37 X
13
June
Mar
102 X
104
22
Feb
22,000
108 X
Mar
40,000
103 X
Feb
105 X
June
3X
Jan
13 X
Jan
28 X
Feb
Jan
108 X
Mar
Jan
102 X
June
Jan
Jan
105X
2,000
1,000
108 X
29,000
100 X 102 X 303,000
103 X 103 X
11,000
106 X
*108
106X
Feb
91X
108
103X 104X
103X 104
Apr
79X May
105X May
106
92 X
102 X
55,000
103 X
27,000
23,000
102
104 X
107 X
109
10X
105
Feb
Jan
Mar
Feb
Feb
107X
106 X May
Jan
108 X
Feb
117
Feb
102 X
Mar
65 X
Feb
May
Apr
115X
115X 116
"kooo
Mar
Arkansas Pr A Lt 5s._ 1956
101X
101
101X
48,000
98
Mar
Associated Elec 4X8—1953
60 X
59 X
61X
87,000
55 X
52
31,000
12,000
41X
41X 133,000
43 X 135,000
35 X
Jan
28 X
Mar
41X June
June
9)4
10)4
800
8X
Apr
14X
Apr
16 X
Feb
Feb
12)4
12)4
1,100
11X
Apr
16X
Mar
Debenture 6s
113X
May
Associated Gas A El Co—
10
2X
Apr
4X
Feb
Conv deb 6Xa
Conv deb 4X« C
Conv deb 4Xb
*
25 X
May
30 X
Feb
Conv deb 6s
12)4
*
22
4X8—1947
..1946
Appalachian El Pr 58.1956
Appalachian Power 6a_1941
106X 107X
105
105X
10
9X
Feb
2024
Feb
12 X
10
Tung-Sol Lamp WorkB..
80c dlv pref
106X
105 X
Am Roll Mill deb 5s__ 1948
Amer Seating 6sstp
Tublze Chatlllon Corp_..l
Class A..
1
105
104 X 105
34,000
21,000
Am Pow A Lt deb 6s. .2016
4)4
Common
May
BONDS—
Abbot's Dairy 6s
1942
Alabama Power Co—
Jan
Trans Lux Plot Screen—
Tri-Conttnental warrants..
Feb
May
4
Apr
Jan
200
%
Tonopah Mining of Nev.-l
Feb
10
3X
X
X
700
%
Feb
Mar
Feb
Jan
107
7% preferred A
100
Tonopah Belmont Devel.l
Apr
4
2
Mar
Apr
6X June
5X
Jan
Jan
Feb
Wise Pr A Lt 7% pref..100
Wolverine Portl Cement 10
IX
68 X
1
1
70
104 X
4
32 X
103
Feb
30 X
80
*
7X
Feb
Mar
May
12X
5
May
64
100
101X
Amer deposit rets—5s
Wright-Hargreaves Ltd..*
9X
50
2X
101
»
Wilson-Jones Co
70
250
100
preferred
Conv
70
60
Mar
Feb
May
7X May
9X May
Mar
Mar
Feb
23 X
7H May
9jX May
102 X
19X
5X
Feb
Mar
Jan
Apr
16 X
Jan
65
Feb
May
1st A ref 6a
67
Jan
7
66
22
23X
Yukon Gold Co
7X
.
7X
Feb
105 X
Apr
6
IX
Apr
100 X
7X
Feb
5X June
Mar
7%
West Va Coal A Coke
Wll-low Cafeterias Inc.—1
June
May
Jan
IX
2X
IX
*
Williams (R C) A Co....•
Williams Oll-O-Mat Ht..*
June
5
X
10..*
Mar
Jan
Mar
66
v
Mar
76
53
50
21X
21
3
Westvaco Chlorine Prod—
100
300
IX
West Texas Util $6 pref..*
38)4
73
Western Tab A 8ta
Westmoreland Co
28)4
5)4
Jan
32X
10X
Express
1
Western Auto Supply A..*
Western Cartridge pref. 100
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred
100
Feb
3)4
37)4
Jan
Jan
73 X
Westmoreland Coal Co...*
53 X
39 X
53)4
Feb
Feb
Apr
1,600
7
6X
83
2X
Feb
Jan
4X
101
Feb
Jan
Apr
24X
Mar
May
3X May
Jan
IX June
5
Jan
93
73 X
»
Co..—.11
9X
17)4 June
52
Jan
Apr
June
June
2X May
*
Class B
8
16)4
Jan
60 X
4
2X
34
125
2X
Jan
46
10 X
June
4H
Shipyards Corp...
55
•
1938
1948
1949
41X
41X
38
—1950
43 X
40
39
55
65
Apr
June
Mar
41X
30
Jan
43X
June
Mar
43X
June
27X
10)4
10)4
300
8X
JaD
12X
Mar
Union Traction Co (Pa)—
7
60
Mar
7X
Mar
United Aircraft Transport
13)4
Warrants
14 %
1,300
12
$3 cum & part pref
1)4
2,400
7)4
8)4
32,800
5,400
4,000
United Elastic Corp
1
8)4
*
108)4
103
2)4
2
109
6%
United Lt A Pow com A.
2)4
7)4
*
50
...
5)4
7)4
46)4
Apr
2X
Jan
10)4
9X
Mar
Jan
81X
X
Jan
Jan
Jan
3X
Jan
200
5X
Jan
29X
Jan
Jan
JaD
5X
257
X
10
X
100
15
9)4
100
8
2)4
*8634
25
2)4
300
86)4
88)4
1,975
40)4
1
United Shoe Mach com. .25
41
70
)4
U 8 Finishing common...*
X
500
[*16)4
17)4
3,300
.100
l
*16)4
For footnotes see page
3995.
88 X
2,000
75
Jan
88X
June
85
85X
9,000
78
Jan
91X
Mar
102
102 X
100 X May
102X
June
99X
3,000
7,000
92
9,000
Assoc Rayon 6s
As80cTATdeb5X«A'55
2X
109
May
54,000
52,000
13,000
Mar
Bethlehem Steel 6s
14
Mar
Feb
Bingham ton L H A P 6s '46
Birmingham Elec 4Xs 1968
Birmingham Gas 6s
1959
Boston Consol Gas 68.1947
Broad River Pow 6s..1954
Buffalo Gen Elec 5s_. 1939
Gen A ref 5s
1956
3X May
Canada Northern Pr 6s *53
no5x
102X
*107 X
*107
103 X
103 X
Canadian Pac Ry 6s._ 1942
111X
1956
101X
55
May
6X
257
IX
10
Jan
June
Jan
Jan
2X
IX
Carolina Pr A Lt 5s
P 5s '63
Cedar Rapids M A
Feb
Cent Ariz Lt A Pr 6s I960
IX
Jan
6X
24X
Mar
Jan
115
U22X 123 X
139
140
1998
Feb
2,000
89 X
89 X
54
6s stamped x
92
88
115 X
120X 120 X
88
88 X
Feb
May
May
"88 X
Mar
Mar
Mar
90
May
91X
w—1938
7)4
9X
2X
42
X May
90 X
90 X
91X
Jan
Jan
6s stamped w
98 X
w—1938
Bell Telep of Canada—
1st M 5s series A...1955
1st M 5s series B.—1957
6s series C
—1960
Jan
Apr
68 with warrants—1938
June
38 X
4X
16X
"85X
Atlanta Gas Lt
68 without warrants 1938
83
X
Class B
May
Jan
1
U 8 Dairy Prod class A..
Jan
June
9)4
Unltea Profit-Sharing...
June
88 X
Mar
United Molasses Co300
46 %
Baldwin Locom Works—
8,400
5)4
Mar
Jan
Mar
43
5H
33
Jan
Mar
IX
4
6X
£1
70,000
10
50)4
United N J RR & CanallOO
46 X
42 X
22,300
*
43 X
Apr
Feb
7
7)4
United Milk Products..
181,000
46 X
4Xs—1955
Atlas Plywood 5X8—1943
86 X
warrants
United G & E 7% pref. 100
43
1977
1950
22
9X
1)4
United Corp warrants
1968
29
Apr
7X
85X
United Chemicals com...
Debenture 6s
40
Conv deb 5Xb
10%
1
375
X
600
66 X
»
Western Air
Am dep rets ord reg..£l
Am dep rets def reg..£l
Preferred
IX
65 X
Mar
Feb
76
72
*~"X
6)4
IX
65 X
8
7X
500
32
May
Jan
May
2,100
Apr
Jan
10X
5X
3X
30
1)4
27
Mar
22 X
May
4,100
900
Jan
12X
6)
4)
100
Waco Aircraft Co
Walker Mining
Apr
May
22 X
Jan
27
Apr
Apr
17
Feb
4X
May
Feb
Mar
Mar
18
18 X
6X
25 X
6X
Vogt Manufacturing
preferred
63
Jan
Jan
Jan
Va Pub Serv 7% pref..100
7%
Jan
4X
3X
7X
Mar
preferred
13 X
Mar
Feb
Mar
3X
Conv
Util Pow A Lt common.. 1
100
"is
"4k "5)4
71)4
Tobacco Prod Exports
*
Tobacco Securities Trust
U 8 Foil Co class B
27,400
Wahl (The) Co common..*
Waltt A Bond class A
*
2,000
Jan
IX
4X
87
Feb
53
Thermoid 7% pref
100
Tlshman Realty & Const.*
Tobacco Allied Stocks
_
5X
IX
Jan
18
Venezuelan Petrol....... 1
17X
11X
21X
102
*
.
4X
Feb
X May
X
Jan
3
100
700
Venezuela Mex OH Co.. 10
5)4
Texas P A L 7% pref.. 100
Texon Oil & Land Co
*
Preferred
300
Apr
Jan
Apr
Feb
Apr
Apr
Jan
Feb
*17)4
5)4
United Shipyards com B
716
1516
3X
Jan
81
14X
*17)4
"76
7% 1st pf.100
Preferred
Apr
Feb
36X
200
3,000
4)4
Teck-Hughes Mines.....1
..
4X
32 X
Jan
3,700
18
11)4
25)4
4)4
28)4
ord reg.
Jan
200
Jan
Apr
Jan
17)4
24)4
19)4
1
Am dep rets
Jan
1
3X
Feb
Jan
23 X
2)4
1
Technicolor Inc common.*
preferred
41 X
Feb
Feb
16)4
2 M
Taylor Distilling Co
$3
May
Feb
Jan
18 X
5)4
3)4
$6 conv 1st pref
7X
•
0X
3
6
"5)4
(J) Inc 5)4% pf-50
Common class B
5
»
...*
Wayne Pump common...1
Syracuse Ltg 6% pref.. 100
Taggart Corp common
*
Option
June
3X
35 X
May
49 X
Mar
29
18
...i
Pref non-voting
3
3
Feb
84
2X
Jan
19)4
United Gas Corp com
100
29X
Jan
Jan
June
2%
Union American Inv'g
Union Gas of Canada
29XJune
May
May
12X
59
...
($17.50 paid In)
*
*
86 X
)4
29
Unexcelled Mfg Co
200
716
,S16
3X
1516
3X
Utah Apex Mining Co...5
100
25
*
Twin Coach Co
1X
3X
Utlca Gas A Elec 7% pf 100
Feb
Jan
250
3)4
Sullivan Machinery
Sun Investing common..
Todd
70
*
13)4
3)4
6
Texas Gulf Producing
Universal Products
Jan
Feb
X
29
97
__l
com.*
100
200
8
X
Feb
X Feb
83X
Feb
Feb
3X
2
2X
10
40
50
Tastyeast Inc class A
r.»
Insurance
12)4
20
Tampa Electric Co com..*
50c
United Wall Paper
Universal Consol Oil
100
100
*
United Verde Ex ten
May
11)4
"25 H
Stein (A) A Co common..*
Swiss Am Elec pref
Swiss Oil Corp
United Stores vtc
Jan
IX
100
40 X
11X
3
U S Rubber Reclaiming—*
U 8 Stores Corp com
»
60
*
Sunray Oil
"l
Sunshine Mining Co... 10c
Swan Finch Oil Corp
15
preferred
High
Low
100
19
IX
29X
10
Apr
Apr
1
Stroock (S) A Co
Stuts Motor Car
7%
Range Since Jan. 1 1936
for
Week
Shares
75
2X
IX
U S Radiator Corp com..*
Jan
*
Sterling Brewers Inc
Stetson (J B) Co com
Stlnnes (Hugo) Corp
*
High
Low
75
*
38
12)4
1
*
1st pref with warr
U S Lines pref
U S Playing Card
Jan
....100
Corp
Feb
Feb
Price
*
Jan
88
*
Tenn Products
Feb
7X
2X
U 8 Int'l Securities
54
"166
Conv preferred
•
Stand Investing $5.50 pf.*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Tenn El Pow
149
Apr
Jan
Par
0X
32)4
3)4
1st preferred
of Prices
100
Common
2d preferred
Week's Range
Sale
2X
32)4
Standard Brewing Co
*
Standard Cap A Seal com.5
Standard Dredging Co—
Talcott
5X
June
X
32
Square D class A pref
*
Stahl-Meyer Inc com....*
6X% preferred
Sterchl Bros Stores
Last
600
900
800
Steel Co of Can Ltd
Sales
Friday
Universal Pictures com___l
Am dep rets ord reg._£l
Standard Silver Lead
27
Jan
3)4
Spanish A Gen Corp—
Am dep rets ord bear.£l
Preferred
Feb
NEW YORK
•
STOCKS
Feb
500
Southern Colo Pow cl A.25
Southern N E Telep.._100
Common class B
-
-
DIgby 4-7140
Feb
37)4
28)4
27
37)4
28)4
5% original preferred.25
6% preferred B
25
6 X % pref series C
25
5% preferred
Standard P&L
BROADWAY
Apr
Apr
Jan
Jan
3)4
22)4
865
Southern Calif Edison—
Standard OH (Ohio) com 25
Members New York Stock Exchange
Members New York Curb Exchange
39
Apr
145 X
June
331
Peter P. McDermott & Co.
(Concluded)
2%
_.
117
10
16)4
346
346
Sonotone Corp
Southern Pipe Line
Southern Union Gas
Southland Royalty Co
Mar
Feb
Jan
"16
11)4
"16
11
•
com
2X
IX
2X
Amer dep reo
£1
Sentry Safety Control-... 1
Set on Leather
Specialists in Curb Bonds
High
Low
Self ridge Prov Stores—
ri
3993
New York Curb Exchange—Continued—Page 4
142
106 X
92
84
106 X 106 X
90 X
91X
82 X
102X
84
JaD
77 X
79
Apr
Apr
108
Mar
92
June
73 X
75
Apr
100 X
Apr
Apr
93
Mar
Apr
114X
Jan
117
Mar
116
Jan
121
Mar
116X
Jan
123X May
134
Jan
145
Mar
7,000
106X
Apr
55,000
Feb
Jan
107
89 X
70
Jan
7,000
'I'.OOO
5,000
105X June
105X
103X
96X
101
i7~6od
94 X
87X
109
Jan
103 X
105 X
107X
89 X
Apr
Apr
109
Feb
Feb
Jan
June
Jan
108
Feb
103 X
38,000
102 X
Mar
104 X
Apr
111X
100X 101 x
H2X 112X
47,000
109 X
98 X
Apr
Jan
116X
Mar
102 X
May
111X
Jan
113X
Feb
105 X
Jan
107 X
Mar
104
111
106
106X
71,000
2,000
7,000
Last
Week's Range
of Prices
Price
Week's Range
for
Sale
Week
(Continued)
Price
of Prices
Low
High
Week
(Continued)
Last
BONDS
for
Sale
Low
High
Range Since Jan. 1 1936
Low
*
High
Hygrade Food 6s A
Central 111 Pub Service—
1966
104 H
1st A ref 4 %s eer F.1976
100 H
103 H
series
E
6s series G........ 1968
4%% series H
1981
Cent Maine Pr 4 He E 1957
Cent Ohio Lt A Pr 5s. 1950
-
— — — -
-
-
-
-
-
-
"l00
104
104H
5,000
99% 100)4 105,000
46,000
102% 103 H
99 H 100)4
15,000
104
104
4,000
99 H 100
38,000
100%
94
99%
93 H
Jan
102%
Apr
May
May
96
Cent Power 5s ser D..1957
89
89%
26,000
89
Cent Pow & Lt 1st 68.1956
89 H
88)4
89)4
87,000
82 %
Cent States Elee 5e_„.1948
68 %
70 H
69)4 147,000
71)4 134,000
61
5%s ex-warrants... 1954
66%
68 H
Cent States PAL 6%s *53
Chic Dlst Elec Gen 4 He *70
71H
69)4
71H
59,000
65
6s series B
104)4
Chic Rys 6s ctfs
—
10,000
104%
106
-
-
109%
101%
58,000
*69%
100%
103%
100%
108
Feb
June
111 Northern Util 6s... 1957
104%
Apr
111 Pow A L 1st 6s ser A '63
101
Feb
Feb
89%
76%
78%
80%
106%
June
106
June
6 Ha series B
Jan
Apr
111%
103%
Mar
97)4
6,000
03
Jan
96%
98%
84)4
38,000
69%
69%
97%
Jan
104)4 104)4
Cities Serv PAL 5%s 1952
77%
80)4
Jan
Indianapolis Gas 5s A. 1952
Ind'polls P L 5s ser A.. '57
83%
June
Jan
102%
Apr
76%
78% 206,000
76,000
79
47
47
102
Mar
let M 5s series A..'. 1953
112
112
1st M 5s series B
U2 H
112
9,000
112
112H
111
112%
111
111)4
107% 108
71,000
106
105)4 106
75,000
103)4
70 H
103)4 104%
111%
111
3%s series H
1965
Com'wealth Subsld 5%s *48
Community Pr A Lt 5s '57
Connecticut Light A Power
1951
1956
7s series E
June
7s series F
69
16,000
3,000
18,000
—
—
-
Denver Gas A Elec 5s. 1949
Derby Gas A Elec 6s. .1946
Feb
------
36,000
3,000
105% 105%
111
111
67%
83
4,000
89
58
*60
106%
8,000
106
2,000
111%
Debenture 6s
Jan
113
Mar
108
May
Jan
106%
Jan
Apr
105
Feb
Without warrants
Jan
77
Feb
Iowa-Neb LAP 5s... 1957
5s series B
1961
May
127%
109
109
Mar
Jan
Jan
123%
10,00
120
Jan
12,000
106
Mar
112%
123%
Jan
110
Feb
83
June
104%
4%
Jan
96%
106%
Jan
17
Jan
Feb
Feb
------
5,000
18,000
50
Jan
76
Mar
54
Feb
75
Mar
53%
Feb
76
Mar
107
Feb
Jan
109%
Apr
103
Feb
Apr
88
Feb
70
77% 202,000
36,000
71%
98%
74%
67%
Apr
79%
Jan
87%
88
17,000
81%
92
Feb
82%
83%
50,000
78
Apr
Apr
99%
1952
Jan
Mar
Feb
99%
9,000
17,000
Interstate Public Service—
Jan
May
Feb
75%
107% 107%
1951
_
113%
113%
Mar
Feb
111%
74
11,000
64
70%
Jan
Feb
Jan
5,000
58
74%
June
Apr
107
Jan
61%
61%
77%
113
108%
101%
63
13,000
99
Apr
Jan
65
26,000
8
98%
Mar
May
91
64,000
105% 105%
7%
107
104% May
109% May
Jan
42,000
71%
71%
67%
99
5s series D
...1956
4%s series F
1958
""82%
87%
Jan
99% June
102%
Apr
99
Invest Co of Amer—
5s series A
1947
w w
Iowa Pow A Lt 4%s
Iowa Pub Serv 5s
-
1958
Isarco Hydro Elec 78.1952
7s
—
JacksonvUle Gas 5s
-
—
-
-
—
104%
------
6s. 1963
June
-
105"
1942
Italian Superpower
—
------
1957
May
1,000
99%
99%
105
195%
*104% 105%
11,000
------
*105%
104
------
29,000
104%
11,000
58%
*60
49%
59%
90
51%
30,000
48%
49%
26,000
101
Feb
104% June
106%
Jan
104% May
104%
Apr
Jan
101%
106
Jan
Apr
44
Jan
65
May
Feb
106%
105% Mar
60% May
90
Feb
1942
Feb
—
-
-
"92)4
101%
-
—
-
108%
--
-
—
-
103)4
------
4,000
95 H
88
29%
15,000
92
93% 469,000
5,000
101% 101%
103
8,000
103)4
101
102
37,000
78
106% 106%
108
108)4
106% 106%
103% 104
107% 107%
102 H
102% 102%
107
106 H 107
105 H 105%
Jan
100%
48
101%
85%
Jan
101%
June
104
Mar
104
102
88%
3,000
20,000
8,000
20,000
5,000
2,000
30,000
,32,000
Jan
70
3,000
79%
Jan
96
*33
35
101)4 101)4
Jan
Jan
105%
108
1
106
Jan
June
June
Jan
Apr
102% June
83%
Apr
Mar
107
Feb
Apr
110
Jan
Mar
102% May
107% May
Jan
99%
105%
102%
93%
Mar
---
.
49%
49%
------
*107% 107%
Jamaica Wat Sup 5 Ha '55
Jan
Jan
6%s
Aug 1 1952
Certificates of deposit-
7,000
4,000
6,000
1%
2
1
1
1,000
102 % 102%
4,000
90
92% 359,000
105 H 106
3,000
1,000
103% 103%
Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 6%s_.1937
Elec Power A Light 58.2030
91%
Elmira Wat Lt A RR 5s *56
El Paso Elec 5s A....I960
106
123)4
39%
Jan
47% May
Jan
106%
63%
61
Mar
Jan
108
------
Empire Dlst EI 5s
1952
Empire OH A Ref 5%s 1942
101)4
87%
Ercole Marelll Elec
Mfg—
6 Ha series A
1953
Erie Lighting 5s
1967
Mar
European Elec Corp Ltd—
6%s
1965
European Mtge Inv 7s C'67
Feb
June
3
Jan
2%
Jan
First Bohemian Glass 7s *57
Fla Power Corp
5%a.l979
Jan
105
Feb
115,000
27,000
26,000
106%
105%
Jan
125
June
Memphis P A L 5s A.. 1948
Metropolitan Ed 4s E.1971
Mar
117
Apr
98%
Jan
102
Feb
Middle States Pet 6 Ha '45
Midland Valley 5s
1943
63,000
80%
Jan
92
Jan
MUw Gas Light 4)48—1967
56
May
Minneap Gas Lt 4)48.1950
Minn PAL 4 Ha
1978
40%
105%
Jan
Jan
107%
105%
105% 105%
25,000
75%
Jan
105% June
33%
May
39%
9,000
4,005
6,000
44,000
101%
June
104%
75%
Jan
89
Jan
100
2,000
99%
Feb
101
May
103% 104
6,000
Apr
104
9,000
102%
103%
May
105%
106%
Feb
Jan
95%
Jan
Jan
105%
Mar
------
101%
*36
40
101% 101%
28%
-
--
-
-
—
83)4
28%
1%
82%
1%
100
"l03)4
104%
-
-
-
-
-
—
103%
95
95)4
93%
Gatlneau Power 1st 5s 1956
Deb gold 6s June 16 1941
a83%
83%
1941
-
-
-
-
*
—
93
104%
93
95%
96%
91%
91%
*97
96
98
92%
93
98%
83%
82
------
...1955
100
Mar
Jan
92%
June
Jan
93
June
96% May
102%
Mar
102%
89%
Mar
65
23%
23%
2,000
22%
Mar
27
9,000
22
Mar
27
May
Apr
Apr
86
May
94
Feb
88
88%
88
88
Guantanamo A West 6s *68
Guardian Investors 5s. 1948
Jan
Jan
30%
100% 101
tl05% 107
106% 106%
*63
67
Grocery Store Prod 6s 1945
Feb
96%
99%
30
30%
Great Western Pow 6s 1946
Feb
3,000
86
-
98
95%
Mar
Feb
99%
Jan
03
Feb
------
106
-——---
-----
104%
------
------
104%
87%
Miss Pow A Lt 6s
1957
95%
Jan
106
Mar
5s series B
6s series A
2022
Feb
108%
Jan
82%
Mar
60
Mar
75
Feb
105)4
-
-
......
-
*109% 110%
106% 106%
1977
90
1947
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 5 Ha
1938
89
90%
13,000
6,000
94%
------
94%
1,000
67,000
72
Jan
*28
..1936
-----
Houston Gulf Gas 6S..1943
6 Ha with warrants. 1943
104 %
Houston Light A Power—
1st 5s series A.....1953
1978
1981
-
32
25
Mn.v
*22%
25
21%
June
Ext
4)4s stamped..1950
Corp 1st 4%s '67
Debenture 5s
103%
102%
June
102% 102%
103% 104%
99%
99%
Niagara Falls Pow 08.1950
l06"
105% 106
*103% 104
106
106%
*112 112%
106 H
106% 106%
-
-
3995
Feb
Jan
3,000
101%
Mar
3,000
104%
Jan
Mar
108
Mar
103
Mar
104
Mar
107%
106%
Mar
9,000
1,000
112%
106%
May
Apr
__
93%
43%
Feb
-f* -
.1959
95
107
22,000
5s series A
5 Ha series A
1956
Nor Cont Util 6)4s...l948
103% May
Jan
97%
"l'ooo
Mar
114
Jan
108
Jan
Mar
Jan
106% May
103%
106%
75%
107%
Feb
Jan
83%
Mar
24
96
Jan
59
Mar
19,000
7,000
39,000
9,000
41,000
18,000
37,000
49.000
Apr
Mar
June
24
106%
62
June
Mar
Mar
101
Feb
103%
91%
Feb
101% Mar
104% Mar
107% May
Jan
103
94%
78
Jan
Jan
Jan
93%
Feb
102% May
103% May
106%
Mar
105%
Jan
Jan
102%
Apr
105
Jan
98%
102% Mar
83% May
89% Mar
57%
Feb
95%
Jan
96%
107% May
Jan
108% May
108% May
Feb
68%
Jan
101% May
102
June
1,000
102
June
3,000
103
104
24,000
93
95% 177,000
26%
28% 165,000
20,000
108% 108%
2,000
120% 120%
104
107
107%
9,000
94%
94%
114% 114%
89,000
69%
71
71%
1,000
94,000
40,000
71% 165,000
98% 197,000
106,000
93%
102% May
97
Apr
85%
Apr
18
Jan
108% June
Jan
117%
105% May
86%
109%
Jan
Jan
64%
May
64% May
106
Jan
107%
Jan
106
Feb
104
June
95% June
28%
112
June
122
May
May
109
Feb
95%
Feb
114% June
79%
Feb
Mar
Mar
64%
Apr
85
Jan
79%
79%
99%
88%
Jan
102%
Feb
Feb
56
74%
Jan
88% June
87%
88%
37,000
79
22,000
69
Jan
81
Jan
5,000
97
May
104
Feb
56", 000
105
108%
106% 106%
103
103%
107% 107%
103% 193%
112
1954
No Indiana GAE 6s. 1952
Jan
Feb
104%
107%
5,000
107%
*105
"166%
Jan
32%
104%
105%
Apr
10,000
28,000
100% 100%
107%
Feb
Jan
Feb
105
2,000
......
Jan
112% June
104% June
77%
79
Apr
Mar
34,000
106
Jan
103%
102%
102%
104
_
"86
109%
3,000
Jan
100% 100%
■
Gulf States UtU 58...1956
11,000
23,000
11,000
102% 102%
Nippon El Pow 6)4b_.1953
No Amer Lt A Pow—
Feb
7,000
Feb
88%
108
107%
106%
103%
4,000
29,000
106% June
1942
5s stamped
Income 6s series A. .1949
N Y Central Elec
5)4s *60
New York Perm A Ohio—
Apr
Jan
June
Jan
New Ori Pub Serv—
106
Jan
Apr
104%
105
99% 100
102%
56%
97%
104%
5,000
24,000
90
107
99%
N Y PAL
44
Apr
Jan
103%
102%
Apr
103% May
Feb
108%
Jan
102%
47,000
1,000
1954
Debenture 5 Ha
N Y State E A G 4)4s.l980
1st 5)4s
1962
N Y A Westch'r Ltg 4s 2004
104% May
104%
Apr
Jan
102%
Jan
108%
Jan
105%
102%
7,000
97%
Mar
15,000
Feb
14,000
97%
Mar
10,000
Feb
95%
106% 106%
108%
106% 106%
64%
67%
New Eng Pow Assn 5s. 1948
103
22,000
101
9,000
131,000
69
Jan
68
Apr
3,000
95%
93%
69
Apr
58
100% 101%
103% 104%
86%
87%
70
June
54
104% 105
105% 105%
102% 103
103% 103%
70
90
66
68
104)4
1947
.
20,000
1,000
"70%
88
65
Jan
Apr
May
97%
107%
104% 104%
N E Gas A El Assn 58.1947
Conv deb 5s
1948
Conv deb 5s
1950
85
------
Mar
119
Apr
18,000
107%
1,000
May
May
106%
103%
90
90%
90
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
14,000
106%
105% 106
99% 100
102
27%
108%
30,000
2,000
103% 103%
102
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 4)4s.l981
May
------
24
61%
100%
103%
29
Jan
67%
Nassau A Suffolk Ltg 5s *45
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
1,000
90%
*59%
108
106%
1957
Apr
Mar
Jan
Jan
Feb
Montana Dakota Utilities
5)4s._.
1944
Narragansett Elec 5s A '57
79
88%
Apr
27,000
------
80
99% 100%
Missouri Pub Serv 5s. 1947
Feb
105% 105%
*107
24
Feb
5%
104%
105% 105%
------
108
64
26,000
90%
169,000
99
87
10,000
For footnotes see page
6s
104
104% 104%
106% 107%
79%
106%
Jan
23%
Ref A lmpr 6s......1951
105%
------
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5)48 *55
May
98%
1950
104%
"107%
Mississippi Rlv Fuel 6s *44
79
89%
4:Ha series B
..1961
Hackensack Water 5s. 1938
104
Jan
98
23
--
Apr
92%
98%
88%
90%
54,000
90
101
100
Jan
23
---
-
88%
Certificates of deposits..
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stmp._1950
91
Apr
95%
103% 103%
Apr
28% June
8,000
88%
64
"30)4
1%
48,000
70,000
10,000
Gen Wat Wks A El 5s. 1943
Glen Alden Coal 4s...1965
Gobel (Adolf) 4%s.._1941
Mar
45,000
101
86
------
28% June
3,000
31,000
103% 104%
122,000
93%
95
101
88
84%
Georgia Power ref 5s_.1967
Georgia Pow A Lt 5S..1978
1953
94%
103%
Mississippi Pow 6s... 1955
6s ex-warr stamped. 1944
Gen Pub Util 6%s A. 1956
General Rayon 6s A
1948
Gen Vending Corp 6s. 1937
95
Manitoba Power 5 Ha. 1951
Mansfield Mln A Sweet—
7s without warrants 1941
Mass Gas 5 Ha
.1946
MoCallum Hosiery 6%s '41
McCord Rad A Mfg 6s 1943
June
7,000
Florida Power A Lt 6s 1954
Gary Electric A Gas—
General Bronze 6s
1940
General Pub Serv 5s_.1953
Louisiana Pow A Lt 5s 1957
Louisville GAE 4%s C '61
106
106)4 107)4
Finland Residential
Mtge
Banks 6s-5s stmpd.1961
Firestone Cot Mills 5s 1948
Firestone Tire A Rub 5s '42
.1942
Long Island Ltg 6s...1945
Mar
"107)4
Fairbanks Morse 5s.. 1942
Farmers Nat Mtge 7s.1963
Federal Sugar Ref 6s. .1933
Federal Water Serv 6%s,54
—
Lone Star Gas 5s
99%
102%
..
—
103% 104
92%
56
1943
—
104
103%
%52%
1969
._
—
111%
Jan
88)4
58 series I
Kimberly-Clark 5s.
-
105%
Feb
87)4
1955
Lexington Utilities 5s_1952
Llbby McN A Llbby 5s '42
Feb
101H 102
106%
1948
Sink fund deb 5%s.l950
Lehigh Pow Secur 6s. .2026
10%
110
6%s series D
5 Ha series F
95%
96
105% 106%
100% 100%
Apr
11
108
95%
1st mtge 5s ser H..1961
103%
107%
105%
June
7,000
103%
103%
115%
100%
Kentucky Utilities Co—
Koppers G A O deb 5s 1947
4%
Jan
32,000
118
*101% 102
Feb
4% May
Jan
%
Jan
%
74
105% 106%
118
Kansas Gas A Elec 68.2022
Kansas Power 5s
1947
Apr
5)4
122)4 124
106%
17,000
May
108
El Paso Natural Gas—
6H with warrants.. 1943
Deb 6 Ha
1938
.1961
4 %s series C
105% 105%
109
7
101%
105%
105%
6
Jan
...194V
104%
105% 106
111% 112%
5)4
6%
Deb 7s.
5s series B
104
Detroit Internat Bridge—
Feb
97
International Sec 6s.. 1947
107)4 107)4
95
Det City Gas 6s ser A. 1947
5s 1st series B
i960
Hydraulic Pow 5s
104
Jan
86%
June
Jersey Central Pow A Lt—
--
1st 4%s series D
1st 4Ha series E
Jan
"96%
Stamped
Dallas Pow A Lt 6s A. 1949
5s series C
1952
Delaware El Pow 6 Ha 1959
Hood Rubber 7s
100
International Salt 5s.
107H 107)4
Aug 11940
Hall Print 6s stmp
5,000
15,000
90%
*107% 108%
94%
96%
89%
June
124
-
liihooo
107 H 107)4
123 H
Crucible Steel 5s
103
1940
Cuban Telephone 7%s 1941 .101H
Cuban Tobacco 5s
1944
79%
Cumberld Co P A L 4%s'56
5s series A
102
June
Isotta Fraschlnl
Consol Pub 7Ha stmp.1939
Cont'l Gas A El 5s
1958
Gulf Oil of Pa 6s
Jan
79
111% 111%
108)4
1st A coll 68 ser A.. 1943
Conv deb 6Maw w.1943
Gesfurel 6s.
96
47
102%
63%
55,000
71)4
{124 128H
------
1981
Deb 6s series B
Apr
21,000
97% 103%
Jan
Consol Gas Util Co—
Crane Co 6s
95%
...1952
Consol Gas EI Lt A P (Bait)
f 4s
Jan
1957
78%
'
5s series D
..1962
Consol Gas (Bait City)—
5s
1939
Gen mtge 4%s
1954
s
86
Feb
110%
110%
110%
110%
105%
103%
13,000
107 %
1954
1st 4%s series C
1956
1st 4%s series D...1957
1st M 4s series F...1981
1st ref
Mar
52,000
34
3,000
Jan
94
Interstate Power 5s. .1957
78
1949
Commerz A Privat 5%s *37
Commonwealth Edison—
101%
93
65%
66%
Jan
Jan
Feb
May
1955
May
105
109
International Power Sec—
6%s series C
76 H
3,000
Jan
100%
Intercontlnents Pow 6s '48
Apr
106
105%
103%
"105%
June
Feb
97% June
Jan
71%
71%
84%
61,000
Jan
Feb
Jan
1963
Jan
104% 105
102% 103%
100% 101
1950
5s
1st lien A ref 6s
1,000
82%
-
81%
109
95
1957
Indiana Service
107
Jan
Mar
09
"90%
5s '58
5s
24,000
58
107
56,000
100%
1951
Mar
8,000
55,000
1953
6s series C
------
82
99%
Indiana A Mich Elec 5s '55
Feb
70
108
High
Jan
99%
Indiana Gen Serv 5s_.1948
Apr
Jan
Low
56 H
94
Indiana Electric Corp—
6a series A
1947
95
15,000
69%
89%
102%
5 f deb 5Ha ..May 1957
Feb
"l04%
Range Since Jan. 1 1936
3
96% .96%
107
1st A ref 5Ha ser B.1954
1st A ref 6s ser C...1956
80
104 H
82 %
Jan
"96%
Illinois Central RR 6s 1937
Jan
1943
4%s series C
1949
1947
Apr
10 2%
7s series A
Apr
June
6s series B
Idaho Power 6s
67
83% 791,000
36,000
101)4 102%
6%s
Apr
Mar
86%
92
95)4
*
84
1966
Conv deb 5s...
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
Apr
1949
69
June
5,000
89
80)4
------
1955
2,000
tl02% 103
75
76)4
76
1927
6s series B
Jan
62% May
107
110
Jan
69%
105 %
Indiana Hydro-EIec
Cincinnati St Ry 6%s A '62
Cities Service 5s
104 H 104)4
*106
110
1961
Jan
Jan
89
Chic Jet Ry A Union Stock
Yards 5s
.1940
Chic Pneu Tools 5%s.l942
Sales
Friday
Sales
Friday
BONDS
6s
June 13, 1936
New York Curb Exchange—Continued—Page 5
3994
112
106
106%
107% 107%
85%
86
50,000
1,000
3,000
3,000
24,000
21,000
2,000
95
95
29,000
56
57
4,000
107% 107%
2,000
Jan
Apr
Jan
102%
105% Mar
101% Mar
111%
Apr
105%
Apr
105% May
84% Mar
90%
53
106%
Jan
Apr
Mar
110%
107%
103%
Mar
Apr
Jan
108%
Jan
105%
Feb
112%
Mar
108%
Jan
109
Jan
90
Feb
97
Mar
64%
108
Jan
Jan
Volume
Last
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan.
Northern Indiana P 8—
58 series C
,1966
6s eerlea D
,...1969
...1970
No States Pow 5 % s_ _.1940
N'westera Elec 6s
1945
104%
105%
102%
104 X
103
104 % 105%
28,000
105 %
102 X
105%
29,000
102%
103
54,000
Jan
Jan
102%
9,000
103% 104%
11,000
102% 103
Mar
100%
Mar
104%
Feb
67
68%
8,000
51
Jan
67%
66 %
68%
50%
Jan
102 %
102
103
9,000
24,000
Ogden Gas 5s
1945
109
108% 109
41,000
103%
Ohio Edison 1st 53
1960
105%
105% 106
36,000
105%
Ohio Power 1st 5s B..1952
106 H
1st & ref. 4%s eer D 1956
105%
105% 106%
104% 105%
109
109
Service
Jan
Jan
Mar
98%
...1953
68% .Apr
Apr
68%
1954
105 %
5%s series E
1961
106 %
104 %
102%
1940
Okla Power & Water 5s *48
Oswego Falls 6s
1947
Pacific Coast Power 6s 1940
87%
99%
106
86
99%
106
Pacific Invest 5s
1941
ser
A.1948
Pacific Ltg & Pow 5s.. 1942
Pacific Pow & Ltg 5s
Palmer Corp 6s
1955
1938
Penn Cent L & P 4%s 1977
6s__
1979
.....
Penn Electric 4s
F_.II 1971
166%
103% 104
105% 105%
100% 100%
109
June
Tennessee Elec Pow 5s 1956
Jan
Tenn Public Service 5s 1970
107%
Mar
Feb
Texas Power A Lt 59.. 1956
105
Jan
107
May
107%
Jan
107
Feb
Tide W ater Power 5s.
Feb
TIetz
Jan
Toledo Edison 5s
Texas Gas Util 6s
,
102
Mar
86
Apr
105
94%
93%
Jan
100
Jan
Twin City Rap Tr 5%s '52
105%
Apr
107
Jan
105% 105%
104% 104%
106% 106%
99:666
11,000
45,000
6s 3d
121%
Mar
Mar
114
Jan
116%
May
80
Mar
94%
May
Mar
101%
Apr
100
Jan
105
Apr
107%
101%
104%
97%
Jan
Feb
104
United Elec N J 4s
United El Serv 7s
1956
Feb
United Lt A Pow 6s...1975
5%s
7,000
2,000
95%
83,000
105% 105%
32,000
1979
12
11%
12
Phlla Elec Pow 5%s__1972
Phlla Rapid Transit 6s 1962
111% 111%
109% 110
89%
89%
Phil Sub CoG4SlHa '57
107
Phlla Electric Co 6s.. 1966
Piedm't Hydro-El 6%s '60
Piedmont & Nor 6s
1954
111 %
58
102
1939
Portland Gas A Coke 5s *40
65
4%s series F
1961
106%
Feb
104%
Jan
112% May
105%
Feb
1949
87
"99%
5s series C
1978
4%s series E
Puget Sound P A L 6 %s '49
1st A ref 5s series C.1950
1st A ref 4%s ser D.1950
Quebec Power 5s
1968
Queens Boro G AE4%s'58
5%s series A
1952
Reliance Managemt 5s 1954
Rochester Cent Pow 5a 1953
Rochester Ry. A Lt 6s 1954
Hubr Gas Corp
6%s._1953
Ruhr Housing 6%s
1958
t .Louis Gas A Coke 6a *47
Ci ieHarbor Water 4 %s '79
4,000
106%
Jan
15%
June
113%
112%
94%
108%
Mar
Jan
Mar
Feb
12%
65
106%
May
Feb
June
Mar
Mar
Mar
Apr
Jan
"7:666
59
108%
25
27%
106
83%
6s with warrants... 1935
1935
Seattle Lighting 5s... 1949
series B
1st 4%s series
Sou Carolina Pow 5s. 1957
Southeast PAL 6s...2025
Apr
Jan
32
145%
1945
RefM3%sB July 11960
1st A ref mtge
4s._.1960
2,000
104%
Jan
113
May
75%
Jan
58 Series E
1952
Valvoline Oil 7s
1937
*100%
98%
99%
99%
Jan
Jan
Ward
Feb
Baking 6s
1937
West Penn Elec 5s
2030
Apr
West Penn Traction 5s '60
Jan
West Texas Util 5s A. 1957
Feb
West Newspaper Un 6s '44
West United G A E 5 %s' 5*
May
Jan
70,000
86%
23,000
83%
Jan
2,000
"5:666
103
Apr
106%
35,000
Feb
Apr
Apr
Jan
93%
89%
106%
106%
103
Jan
106%
78%
Jan
Jan
104%
"LOGO
Wise Pow A Lt 5s E
106% 106%
106% 106%
103% 104
"93%
108% 108%
93%
92%
58%
106%
1952
Yadkin RIv Pow 5s
1941
York Rys Co 5a
193?
Jan
June
Jan
20-year 7s....1934-1946
1947
20-year 7s
1951
112
Jan
33
Feb
Mar
27
Feb
Buenos
18
18
4,000
18
18
11,000
4,000
99%
107%
6,000
103%
8,000
19
June
18
16%
101%
61
June
Aires
7s stamped........1952
Jan
7%s stamped
Mar
May
Jan
33
Prov Banks 6s B...1951
Fen
Jan
66
106%
16,000
Feb
Jan
104%
107%
Feb
Feb
38,000
106
Mar
107%
Jan
103% 104%
48,000
102%
Apr
104%
Jan
Feb
1947
Secured 6s
19
24,000
78,000
27%
27%
30
100
*96
30
100%
24% May
1,000
9,000
Feb
Feb
*20%
*9
15%
24
11%
Feb
1,000
8,000
19% May
9
May
13%
Jan
9%
Jan
80%
1951
S'western Assoc Tel 6s.*61
74%
103
97%
101
97%
103%
103
103% 104%
99% 101
104% 104%
Stand Gas A Elec 6a.. 1935
78%
79%
Certificates of deposit.
75%
78
1935
77%
79%
Certificates of deposit.
75%
78
1951
73%
77
72
75%
Debenture 6s. Dec 11966
Standard Invests 5Hal 939
Jan
Jan
19,000
28,000
100% 101
6,000
26,000
18,000
16,000
3,000
51,000
32,000
32,000
30,000
180,000
53,000
6,000
92%
104%
108
75%
S'western Lt A Pr 5s.. 1957
So'west Pow A Lt 68 .2022
Feb
103%
S'western Nat Gas 6s. 1945
S'west Pub Serv 6s... 1945
103
106% May
56%
Jan
June
Jan
79%
15%
14
90%
80%
*18%
18%
------
1927
Issue of Oct 1927
Mtge Bk of Chile 6s... 1931
Mtge Bk of Denmark 6s '72
Parana (State) 7s
1958
Rio de Janeiro 6%S—1959
Russian Govt 6%s
1919
19
18%
5%s
Feb
5%s certificates
Jan
103% June
104% June
Santa Fe 7s
101
Santiago 7s
Jan
May
Jan
105%
83%
June
Feb
Feb
80%
Jan
20
Mar
22
17%
92%
Jan
10%
12%
Jan
16%
14,000
2,000
97
20%
20%
16
Apr
Apr
14%
98%
May
23%
17%
2%
% May
2%
1
Jan
June
Jan
Mar
Apr
Jan
Jan
Jan
Jan
7s Stamped
7s
1%
11,000
1
1
17,000
1
1%
44,000
1
June
1
1
7,000
1
May
*49
51
58
Feb
71
*60
68
50
Feb
60
12
12
11%
Jan
1961
Jan
99
Jan
69
63
1949
104
99
91
90% June
Jan
96%
Jan
Mar
Feb
12
13
14
71%
18
1,000
14,000
4,000
5,000
2,000
13
17%
Jan
Jan
1945
6%s certificates
92%
100
May
1945
Feb
82%
Apr
32%
26%
12%
1951
3,000
10,000
73
21
13%
Jan
June
2,000
90%
May
69
Apr
Mar
21%
14
107
97%
21%
90%
Mar
Apr
100%
Jan
28%
1951
106%
105%
Jan
Jan
28%
Mendoza 7%s..
105%
109%
34
95%
89%
97
Mar
18% May
18% May
Maranho 7s
June
Feb
33%
6,000
Medellin 7s series E..1951
&
May
11
2,000
Mar
105
25
71% June
13,000
Mar
105%
'
Jan
15,000
June
70
Jan
7% May
20
105%
105%
Jan
55%
57%
1,000
Jan
20%
Jan
Jan
Feb
70%
100%
100%
Issue of May
Jan
21%
26%
19%
10,000
1958
21%
Jan
20%
Hanover (City) 7s....1939
Hanover (Prov) 6%s..l949
Lima (City) Peru 6 %s..'58
4s stamped
29%
Jan
May
18%
69
20
9,000
30,000
100% Mar
108% June
2,000
9
103%
Mar
2,000
19%
17
20
19
22
70
103%
Mar
Feb
Feb
Mar
Jan
Mar
100%
107%
105%
105%
101
106%
Feb
101
Jan
103%
Mar
107
12,000
100%
4,000
102,000
104% 105
60,000
103% 105%
22,000
108% 109%
Apr
105
14,000
45:660
105% 105%
Mar
Mar
103% 103%
105% 105%
Feb
Feb
59%
June
107
Feb
101
94%
105
103
108% 213,000
Jan
Jan
108
Apr
108%
88%
33%
Jan
Apr
97
104
42,000
17,000
99
101%
Mar
5,000
107% May
Jan
Jan
71%
External 6%s
1952
German Cons Munlc 7s '47
70
Feb
103%
9
Danzig Port A Waterways
Jan
Jan
105
67%
1953
«0
Jan
6,000
Mar
52,000
4,000
69%
1955
104
68
Feb
107
105%
106
106%
98
Jan
107%
Mar
Jan
71%
.1952
68 series A
Danish 5%s
5s
Mav
72%
107
104% June
106
70
Cauca Valley 7s
...1948
Cent Bk of German State A
Jan
Mar
...1947
May
Apr
Jan
12,000
*20%
(Province)
Feb
110
30%
Jan
27
22:606
19%
Baden 7s....
25
17
97%
94
AND MUNICIPALITIES—
Apr
108% June
102% 102%
64%
64%
'103%
Agricultural Mtge Bk (Col)
25
1,000
101%
Jan
Jan
June
91%
83%
FOREIGN GOVERNMENT
May
9,000
Apr
Mar
Mar
Jan
Feb
127%
Feb
104
Feb
Mar
95
105
Jan
100
Feb
104
Jan
107
Apr
Jan
100% May
95%
Jan
Apr
Jan
Jan
June
105%
96%
Feb
99% June
106% May
106% 107%
105%
Wise Pub Serv 6s A
106
Mar
Feb
June
103% 103%
103%
Jan
58%
92%
101
Jan
106% 106%
1956
Feb
25
104% 104%
107% 108
Southern Nat Gas 6s. 1944
89% June
8,000
1,000
*107%
1958
5s series F
104% 104%
107% 107%
104
Wisc-Mlnn Lt A Pow 6s '44
Mar
98% May
74
9,000
39,000
20,000
104%
104%
104%
105%
103%
96%
100
46:6OO
23%
6s
90%
105
5,000
97% 100
19%
107
5,000
78,000
22%
Mar
Jan
Jan
99%
Waldorf-Astoria Corp—
7s with warrants... 1954
Feb
Jan
101
14,000
101%
Apr
4%s 1961
Debenture 6s
15,000
33,000
92
104
103%
Sou Counties Gas 4%s.'68
Convertible 6s
June
94%
111%
102
1,000
Sou Indiana Ry 4s
95
90%
Jan
6,000
*106% 106%
Sou Indiana G A E ma *57
May
Jan
93%
108%
124
99%
June
95
106%
Jan
81%
*105% 105%
*107% 109%
Utlca Gas A Elec 5s D.1956
100%
1,000
98%
95
111% 112
86
89%
97%
1944
Jan
19,000
68
Jan
Jan
100%
Mtge Bk of Bogota 7s. 1947
Ref M 3«s May 1 1960
Sou Calif Gas Co
4%s
Wash Water Power 5s.1960
108%
19%
107
93%
June
76
80
6,000
178,000
104% 105
"91"
Sou Calif Edison Ltd—
Debenture 3%s
94%
25%
106%
Jan
Apr
67%
4 Ha
94%
Q9
105%
Mar
Mar
1968
D...1970
Shawinigan WAP 4%s *67
"LOOS
25%
91% 178,000
95
40,000
103% June
Mar
12%
101%
Sheridan Wyo Coal 6s. 1947
1948
Servel Inc 5s
25% May
29%
25%
88
105
59% May
32%
Jan
33%
Jan
91% June
104% June
91%
96%
105%
99%
*107%
103%
103%
103%
Second Int'l Sec 5s... 1948
Feb
Jan
Jan
18,000
102%
1,000
25
116%
45%
15,000
23,000
108%
11,000
25
Jan
7,000
100
Jan
107
25
*19
106% 107
12%
12%
108% 108%
May
107%
103% 103%
May
Jan
Jan
132%
110%
127
107%
Apr
1946
Schulte Reai Estate—
6s ex-warrants
*25%
Mar
104%
113%
91%
Wash Gas Light 5s... 1958
Wash Ry A Elect 4s. .1951
Mar
25%
"30"
127
58%
58
Feb
105
6,000
5,000
104% 104%
Va Public Serv 5%s A.1946
1st ref 5s ser B
1950
100
"2:660
105
106%
101%
88%
110
106%
Jan
3,000
100%
Apr
102
106
Jan
Feb
Apr
104%
105
5,000
93%
89%
85%
102
103%
Jan
96%
22,000
84%
106
105%
*104%
105%
106%
*100
88%
*110%
*24%
Mar
6% % serial notes... 1939
6%% serial notes...194G
Vamma Water Pow 5%s'57
103% 103%
105
105%
102% 102%
89
84%
Utah Pow A Lt 6s A..2022
Mar
103% 103%
92%
87%
June
88%
Mar
105%
11,000
84%
Jan
55
111%
June
103%
105% 106
103% 103%
89%
Mar
1973
108
15:660
103%
93
108
1952
106%
36,000
6,000
12,000
27,000
102%
Mar
Apr
106%
76%
6s series A
Jan
20%
110% 111%
103%
Feb
34
6s series A
May
97%
104% 105
Scrlpp (E W) Co 5%S.1943
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
105
39,000
Antonio P S 5s B._'58
1965
1959
103
26,000
99%
Joaquin L A P 6s B '52
CS-.-lOS""
105%
41%
17,000
an
Saxon Pub Wks
8,000
96%
ril
Sauda Falls 5s
Jan
100
109% June
86%
Jan
1,000
111%
1960
Pub Serv Subsld 5%s_1949
Jan
108
1974
Apr
68%
Wheeling Elec Co 5a. .1941
1980
1st A ref 4%sserF.1981
4%s series I
6
66%
90%
*22
142% 142%
1966
4% series D_.
99
114%
Jan
20,000
100%
87
108% May
106%
Jan
Jan
111%
24
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—.
1956
87
95%
Prussian Electric 6s. .1954
1st A ref 5s
8,000
86%
103%
19,000
21%
104% 104%
65
69%
*99
Potomac Elec Pow 58.1936
Power Securities 6s
103
105% 105%
108
108%
Potomac Edison 6s... 1958
Potrero Sug 7s stmp__1947
Power Corp(Can)4%sB '59
102
*20%
Pomeranian Elec 6s..1953
Poor & Co. 6s
59
101%
Jan
U 8 Rubber Co—
*105% 106
*106% 107%
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s...1948
57
107%
8,000
104
114% 115
United Industrial 6%s 1941
1st s f 6s
1945
ex-w
6%s
Peoples Gas L A Coke—
Peoples Lt & Pr 5s
57%
*101
1949
Apr
Feb
6,000
94%
82
106% 106%
105% 106%
June
112% 113%
106% 106%
95 %
Mar
June
Jan
June
100
54,000
81
55
82
26,000
*108% 108%
107%
106
105%
100
91
1957
104%
6,000
1957
Mar
24
1967
Jan
106
1981
110
98%
1954
Mar
107
C
106%
Jan
4,000
5s series B
98%
106
6s series
Apr
104
8,000
106% 106%
106%
Jan
40
Mar
29
Feb
104%
3,000
94
4%s
105
107
4s series B
84,000
23,000
5,000
5s series A
18,000
1,000
l07""
1968
Mar
Union Elec Lt A Power—
106% June
Penn Pub Serv 6s C..1947
.1954
105
4,000
24
Union Amer Inv 5s A.1948
102%
Mar
104 %
4%s series B
99%
Jan
93%
93%
100% 101
1944
Jan
98
101%
1959
Pennsylvania Power 5s '50
5s series D
stamped
Apr
119%
10,000
105%
Penn Water Pow 5s...1940
June
Ulen Co—
1950
Deb 5 %s series B
Feb
58
89
108% 109
24
5,000
90
Jan
32,000
33
101
1962
98
41%
8,000
58
102% 103%
1979
.
Jan
77% May
81
105% 105%
7%s.l946
(Leonard)
Apr
107% June
93%
105%
stpdll937
Therrpold Co 6s
Apr
105%
56%
2022
6s
104
1,000
92%
103%
Apr
Mar
Jan
Jan
Jan
Feb
60%
106%
106%
110%
109%
2,000
7,000
79%
92%
~56%
1945
6,000
Penn Ohio Edison—
6s series A xw
6,000
107% 107%
107% 107%
1957
Mar
8,000
120% 120%
100
4,000
100 %
100%
1,000
116% 116%
85% 124,000
84%
~85%
*103% 103%
103%
5s series B
107
Pacific Gas & El Co—
lBt 6s series B
104% 105
1954
1st 4%s
Syracuse Ltg 5%s
June
53%
Apr
65
Feb
49
Jan
52
52
105
Feb
62
Apr
107
3,000
60
45
112
13,000
*57
76%
May
46%
Jan
104
Jan
Apr
63
High
LOW
62%
2,000
Apr
May
*60
183,000
15,000
109
106
74
104% 105
103%
104
71
Range Since Jan. 1 1936
1970
stamped
Apr
5,000
87%
99%
106
7-4%
1,000
12,000
102% 102%
series A
1936
1946
7-4% stamped
Super Power of III 4%s '68
104
14,000
$
Stlnnes (Hugo) Corp—
15,000
105% 106%
106% 106%
104% 104%
for
Week
Low
Standard Telep 5%s._1943
Terni Hydro Elec 6 %s 1953
Texas Elec Service 5s.I960
5,000
109
5s series D
73
103
Co—
Okla Gas & Elec 5s...1950
6s
June
103
68
Public
105% June
104%
Certificates of deposit.
N'western Pub Serv 5s 1957
6s series C
June
Jan
N'western Power 6a A-1960
Ohio
106
Feb
98
103%
Price
of Prices
High
Sale
(Concluded)
Standard Pow A Lt 6s. 1957
$
BONDS
High
Low
Week's Range
Last
1 1936
Week
Price
(Continued)
Sales
Friday
Sales
Friday
BONDS
4%s serlesE
3995
New York Curb Exchange—Concluded—Page 6
142
*12
11%
Jan
12% May
12%
Jan
1919
1921
1921
14,000
12%
2%
2%
Jan
Ma
Apr
Feb
67% May
69
May
66
May
64
May
81
Feb
84%
Feb
81
Feb
80
Feb
63% May
76
Feb
97
Jan
102%
Feb
*
a Deferred delivery sales not included in year's range,
not Included in year's range,
r Cash sales not Included
Ex-divldend.
n Under
No par value,
the rule sales
range,
x
t Fridays' bid and
No sales were transacted during current
week.
deposit; "oons," consolidated
"conv," convertible; "m," mortgage; "n-v," non-voting stock
c," voting trust certificates; "w 1," when Issued; "w w," with warrants: "xw."
Abbreviations
Used Above—"cod," certificates of
"cum," cumulative;
"v t
asked price.
In year's
without warrants
3996
Financial
Chronicle
Other Stock
June 13, 1936
Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, June 12
Ask
Unlisted Bonds
(Concluded)
Bid
Week
1
Vermont A Mass Ry
Ask
for
of Prices
Price
Par
Utah Metal A Tunnel
Bid
Unlisted Bonds
Week's Range
Sale
Exchange
Low
61 Bway Bldg 5%s—.1950
Unlisted Stocks—
.
Dorset ctfa of deposit
30
37%
75
Tudor City—
4th Unit Ino units
*
Drake (The) 6s
1939
Natl Tower Bid- 6 %s. 1944
Oliver Cromwell ctfs
34%
72
8%
10%
4%
3%
4%
"ii"
13%
Warren Bros Co
47
City A Suburban Homes..
Lincoln Bldg Corp v t c—
39 Bway Inc units
•
i
—-
.
•
*
8%
8%
on
Series B
-1948
9
78
84
84
Week's Range
of Prices
High
*
__
1st preferred v t
Black & Decker
o
Range Since Jan. 1 1936
Sales
Low
for
of Prices
Low
High
Week
Price
Par
Stocks—
Shares
Week's Range
Sale
.
Guilford Realty pref
Houston Oi! pref
Adams Royalty
Co com..*
7
7
Jan
6
Feb
Advance Alum Castings—5
7
7%
850
4
4%
198
2%
Jan
7%
Feb
50
20%
12%
1,600
22%
7
27
May
36
Feb
38
84
92
Apr
Amer Pub Serv Co
115
47
114
Jan
116
Feb
1,580
11
Jan
650
17
Jan
114
15%
16%
25
25
26
98
97%
99
173
39%
40%
171
55
55
15%
IK
30
Apr
88
40
"~2 %
Merck & Miners Transp..*
Feb
15
~
pref. 100
Armour A Co common-—5
12%
11%
46
46
10
40
Jan
23%
28
230
20
May
Asbestos Mfg Co com
1
3%
Associates Invest Co com. *
43%
16%
Feb
46
Feb
32%
7%
Feb
4%
250
4%
Apr
3%
3%
44%
2,050
3%
27%
7%
Apr
6%
Jan
Jan
44%
Feb
11
June
Feb
Jan
Jan
Feb
Automatic Produots com. 5
39%
Apr
60
Jan
11%
12
1,250
6%
Jan
50
Feb
61
Mar
Bastlan-BIessing Co com.*
Bendix Aviation com
*
9%
11%
80
27%
27
28%
4.150
Jan
32
16%
768
15
Jan
20%
Jan
13%
2,500
Jan
20
13% June
2
Jan
5%
5%
70
2%
36%
2%
36%
600
120
31
Jan
2%
37%
12%
5%
27%
12%
1%
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Bliss A Laughlln Ino cap. 5
21%
7%
102
23%
Feb
27
10
100
76%
27
*
28%
*
31%
X May
IX Feb
Feb
Mar
June
1%
34
1%
1% June
3%
Jan
50
88
40
Apr
55
Feb
42
42
1
42
June
45
Apr
12 %
778
12%
13
91%
'tin
91%
25
14%
14%
853
9%
Apr
16%
87
Jan
93
13%
Apr
17%
Jan
May
Feb
Borg Warner Corp com.
7%
preferred
Class A
Class B
Bruce Co (E L)
42.
9%
10
2,250
1,300
26
28
75%
76%
250
110% 110%
10
2,150
3
22%
64
107%
10
9%
Cent 111 Pub Serv pref.—•
62%
Butler Brothers
4s sewerage lmpt—1961
119% 119%
26%
99
119% June
15%
Jan
27% June
32%
Feb
33,500
32%
4,300
17
Jan
9,000
84
Jan
100
Jan
Apr
12% May
7
Apr
Mar
30%
Mar
Jan
83%
Mar
Feb
111%
200
27
Mar
Apr
Jan
30%
34%
30
31%
500
26%
14
100
13
Mar
Jan
18%
Mar
8%
Mar
Jan
10%
450
9%
63
60
67
Jan
68
1
Jan
3,950
100
Apr
1
1%
1%
150
12%
12%
50
1%
2%
8,450
12% June
2%
Feb
Feb
18
Jan
3%
68%
Feb
Central S W—
Prior lien preferred
*
2%
62%
Preferred
*
31
1
Common
Chain Belt Co
Exchange
7%
Mar
Cent 111 Secur—
*
com
1%
Apr
280
49
31
420
20%
40
Feb
13
210
8
Jan
22%
Feb
50
4%
Chicago Corp common.—*
62%
10%
51
59
25%
Cent States Pow A Lt pfd_ *
Boston Stock
28%
Convertible preferred..*
Jan
27%
31%
100
115
$1,000
28%
14
*
com
Common
Baltimore City—
June 6
11% June
7% May
8% Mar
4%
Mar
46
Bait Transit Co 4s flat 1975
A 5s flat
1975
B 5s flat
1975
50
28
Mar
100
.—2
10
Common
16%
17%
28%
105%
National Marine Bank__30
U S Fid & Guar
Bonds—
-
Brown Fence A Wire—
100
New Amsterdam Cas
5
Penna Water & Pow com. *
131% May
18% Mar
26%
"Id"
Monon W Penn PS7% pf25
Mt Vern-Woodb Mills-
Preferred
114
21
16 %
25
Common
-
Altorfer Bros conv pref—*
Jan
1
Jan
Allied Products Corp—
*
Mar Tex Oil
Jan
Feb
%
16%
Apr
27% May
92
10
Jan
Adams (J D) Mfg com—*
39
36
10
Mfrs Finance 2d pref
June
6
6%
Jan
28
20
Fidelity <fc Deposit
Fid <fc Guar Fire Corp
16
415
2%
28
1
240
17%
29%
90 %
Preferred
97%
2
*
preferred
100
Eastern Sugar Assoc oom-1
High
.
150
17%
20 %
28
5%
131
131
29
25
Preferred..
Low
High
17%
*
Consol G E L & Pow
Range Since Jan. 1 1936
Shares
29
♦
com
Apr
both inclusive, compiled from official sales lists
June 6 to June 12,
Abbott Laboratories com.*
Atl Coast Line (Conn)
50
Bait Trans t Co com v t c_*
Apr
84
Chicago Stock Exchange
Week
Low
78
Jan
Last
for
Price
Jan
70
Chicago Stock Exchange
Chicago Curb Exchange
Exchange
Sales
Sale
Par
70
$9,000
3,000
Friday
Stocks—
Apr
10 So. La Salle St., CHICAGO
Exchange
Last
Arundei Corp
10%
York, Pa.
both inclusive, compiled from official sales lists
Friday
Jan
SECURITIES
New Yor'r Curb (Associate)
New York and Baltimore Stock Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Baltimore Stock
345
Members;
New York Stock
Members
June 6 to June 12,
Feb
Paal RDavte &®o.
39 Broadway
Louisville, Ky.
May
16
Listed and Unlisted
NEW YORK
Hagerstown, Md,
135
Jan
124
—
Baltimore Stock Exchange
BALTIMORE, MD.
Jan
90o
Jan
Jan
16
7
'
9th Unit Ino units
Established 1853
9%
77%
5s. —-.-1948
STEIN BROS. &> BOYCE
6.S. Calvert St.
%
340
Railway—
Series A 4%s
CHICAGO
Orders Executed
550
15
Bonds—
Eastern Mass St
7
66c
129% 129%
»
High
Low
Shares
66c
66c
100
Waldorf System Inc..
1 1936
Range Since Jan.
High
51
160
35
Jan
64%
Apr
4
Arp
6%
Mar
4%
3,700
48%
4%
300
Jan
May
Feb
Chicago Flex Shaft com..5
to
June 12, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Bigelow-Sanf Carpet
for
Sale
Amer Pneumatic Serv Co—
Common
25
Amer Tel & Tel
100
Week's Range
of Prices
Week
Price
1%
167%
35%
132%
Common....'
100
67
Calumet & Hecia
Copper Range
25
135%
70
20
High
25
1%
149%
2,800
Jan
2%
6%
178
Apr
Feb
22%
Jan
117%
Jan
143
Feb
May
70
Feb
10%
Jan
225
65
90
5%
35% June
Apr
2nd preferred.
Feb
May
15%
156%
Jan
Apr
Jan
14%
Apr
90
12%
132
16
6%
6%
7%
%
90c
63
Feb
1
874
5%
%
6%
Jan
9%
Apr
35
%
Jan
1%
Feb
6%
770
Mar
6%
52
53%
16%
16%
158% 160
38
23%
38%
3
20
26c
42%
127
14%
14%
31%
98c
Mining
20%
1%
11%
12
18
19%
2%
2%
see
page
98
23%
5,400
24
Apr
127% 131
370
Apr
Apr
120
Jan
10
106%
Apr
110
10%
10%
11%
550
10%
Jan
14%
Mar
24
22%
24%
850
19%
Jan
25%
Mar
7
7
15
14%
19%
19%
15%
19%
50
40
350
9%
Jan
Mar
Jan
4%
Jan
9%
18% May
38% May
41% May
15% June
20
May
20
30
Jan
14% June
34
33%
34
350
27%
Jan
18%
37%
Feb
80
10
587
833
50
32
593
407
50
June
16
May
155%
20
60
23%
169
Jan
27%
Apr
Gen Household Util com.*
Apr
Feb
Jan
Mar
Mar
Feb
36% May
41
Apr
Jan
8
Mar
5%
15
June
19%
35
26% May
Jan
m
Jan
38%
117% Mar
Apr
2%
Feb
Jan
3%
Mar
15%
1%
Jan
11
Jan
13%
Feb
14%
1%
90%
22%
Feb
21%
Apr
10
Jan
Jan
Jan
20% June
2
Jan
3% May
104
26%
Harnischfeger Corp
8%
.10
13
13%
12
12
750
26%
27%
200
23
23%
100
30
30
12
13
com
Without warrants
v
t c._*
Katz Drug Co oom
1
Kellogg Switchboard comlO
Preferred
10(
Ken-Rad T A Lamp com A *
Ky Util Jr cum pref
50
cap
Mar
La Salle Ext Uidv
Mar
16"
"23%
1
23%
24%
106% 107
50
10
500
1,650
Jan
6
Jan
9%
8%
Jan
25%
20%
30
11
22%
Jan
Mar
Feb
May
109%
40
100
Feb
61
June
10
20
Jan
24
May
24%
50
19%
20%
62%
2,000
000
40%
6
41
8%
110
90
11
11
11%
38
40
115
Jan
68
Feb
30%
Feb
31
Feb
18%
Feb
24
Mar
580
43
Jan
70
Mar
300
32
Feb
42
May
Apr
10%
470
54
Jan
115
700
10
Apr
14
43
7,300
4%
710
34%
Feb
2%
2%
400
3%
1%
480
1%
1%
Jan
1%
"~2%
Jan
Feb
Mar
60
60
Jan
Feb
38
13%
20%
24%
Apr
26%
32%
62
20%
Apr
Apr
61
62
24%
17
13%
29
May
20%
"62"
39% Mar
Apr
18%
29% June
Apr
33%
Apr
11%
May
3%
10
28%
Feb
Feb
Mar
Jan
Jan
Mar
Lawbeck Corp—
4
Jan
83
Jan
90%
Feb
40%
1%
69
39
Jan
42
Feb
100
2%
150
Helleman Brew Co G cap.l
Heller (W E) pref ww
25
Kingsbury Brew
70
Jan
28%
8%
Mar
1,904
"16
Jan
Iron Fireman Mfg vtc --*
Jarvls (W B) Co cap
1
Kalamazoo Stove com
*
540
Jan
Jan
Apr
Jan
833
3
8%
22%
Feb
405
22%
200
17%
Feb
500
300
39
1%
May
4,750
1,300
Interstate Power $7 pref.*
Jan
9
8%
33%
7%
33
15%
Indep Pneum Tool
Apr
May
29%
HI North Util Co Dref-.lOO
70c
June
15
Mar
14% May
Apr
50
16
28%
Jan
68g
70%
28%
110
8
33%
50
28
Feb
5%
May
23
JaD
200
15%
Houdaille-Herehey cl B._*
June
Jan
Jan
15%
"28%
Feb
20
16%
11%
19
50
15%
200
Jan
39
18%
50
*
Mar
100
417
18%
Goldblatt BroB Ino com;.*
Great Lakes DAD com..*
Hall Printing Co com
*
61
677
1,083
Class B
*
130
26c
Jan
Godchaux Sugars Inc—
Class a
Hlbb Spencer Bart com.25
Horders Inc com
*
Feb
88%
1%
108% 108%
900
May
86%
8
130
......
14%
Dock A Dredge com
*
Gardner Denver Co com..*
General Candy A
.5
40
3999.
4%
30
14%
Apr
Apr
28%
9%
7%
5
Jan
8
Feb
14%
7%
14%
33
*
95%
87%
117%
Jan
18
1%
1,033
23%
United Gas Corp
1
United Shoe Mach Corp.25
Preferred
25
For toocnotee
19
1%
Union Twist Drill
May
Apr
Jan
172
30%
*
6,700
98
16%
Feb
4,541
*
Suburban EI Secure com..*
5%
20
23
Feb
35c
60
Torrington Co
4%
28%
101
50
3
3%
23
25
19%
1%
12%
110
8%
6
305
Qulncy Mining
*
Feb
Jan
June
550
8%
35
260
2%
3%
%
%
6%
25
Jan
240
5
"22%
20%
230
Fitz Simons A Connell
28%
41%
'II
2,050
17
Mar
301
Pennsylvania RR
»
%
7%
%
7
41
3%
62%
16
124
*
Jan
16%
84
531
2
124
Jan
24
Jan
28%
Linotype--*
Mar
May
41
Jan
15
*
2%
96%
49
17
60
8
7%
Hathaway Bakeries pref..*
400
Jan
25
Mar
15
16
1,150
Feb
30%
Apr
131% Mar
*
83
49%
10
Class A
Jan
171
*
10,700
Feb
Eddy Paper Corp (The)—*
211
13C
*
4%
101%
19%
62
Eoon Cunnghm Drug com *
Eleo Household Util cap.5
Elgin Nat Watch Co.—15
3%
50%
15%
*
29%
10
11%
74%
6%
Common
Dexter Co (The) com.—-5
Dixie-Vortex Co com....*
3%
41%
3%
9%
100
Mar
73%
*
Preferred
Jan
100
Co
300
Apr
Decker A Cohu—
June
13%
132
May
8%
50
Gillette Safety Razor
5
5
25
20%
%
Gilchrist
Shawmut Assn tr ctfs
Stone A Webster
Cord Corp cap stock
Crane Co common
June
%
23
25%
54
98
100
102
62
Reece Button Hole MachlO
Reece Folding Mach
10
Preferred
9%
%
*
Pacific Mills
%
Cudahy Packing pref..100
20
350
Employers Group
General Capital
4
51
7%
Dayton Rubber Mfg com. *
Cumul class A pref..35
10%
160
22%
99%
5
Jan
62%
73%
100
100
100
Feb
132
*
Old Colony RR
Common
6% prior pref A
Feb
9%
100
North Butte
25%
4%
48
Continental Steel—
17
13%
132
Edison Elec Ilium
Mergenthaler
Apr
48%
Consumers Co-
14%
6
New Eng Tel A Tel
100
N Y N H A Hartford--100
Feb
110%
69%
*
8%
Economy Grocery Stores.*
Mass Utilities vtc
Apr
41
100
com
31%
7%
6% May
ioo
Preferred B
Jan
5% June
100
Adjustment..
Feb
53
100
Eastern SS Lines
4%
52
6%
100
31
Jan
465
■
1st preferred
Utah Apex
Apr
100
6%
*
4%% prior pref
Eastern Mass St Ry—
Common
May
3
8%
*
cum pref
48
26
100
Cities Service Co com
224
East Gas & Fuel Assn—
Common
Jan
200
3
21%
5%
5%
25
East Boston Co
Low
150
29
3
8
21%
25
Cliff Mining
132
6%
100
Class B 1st pref stpd. 100
Class D 1st pref stpd.100
Boston Personal Prop Tr. *
Boston & Providence. .100
1%
164% 170%
35%
35%
67
100
Prior preferred
CI A 1st pref stpd
Shares
45
29
Commonwealth Edison. 100
.100
—100
High
44
Chicago Mail Order com.5
Chi A Nor West Ry com 100
Chic Yellow Cab Inc cap. *
_*
Compressed Ind Gases cap*
com. *
Boston & Albany
Boston Elevated
Boston & Maine—
Low
Range Since Jan. 1 1936
43%
33%
Preferred
Feb
6%
cumul pref
Lentil & Co com...
com
5
31
100
*
Cumulative preferred._»
4%
25%
31
4
4%
240
25
25%
70
3%
21
Jan
Apr
Jan
33
May
7
Feb
35%
Jan
Volume
Financial
142
(Concluded)
Par
Llbby McNeil & Llbby..10
Lincoln Printing Co—
$3*4 preferred
Lindsay Light com
Lynch Corp
Low
950
7
May
4,850
7
Jan
12*4
46)4
4*4
10 x
6*4
39 X
46*4
6H
39*4
McCord Rad A Mfg A
*
McGraw Electric com
5
~30~~
McQuay-Norrls Mfg com.*
54 H
4*4
11
85*4
40
Jan
Apr
7X
Jan
0*4 June
12*4 June
47*4 June
6*4
Jan
Mar
15
8*4
54*4
Feb
Feb
Kroger....
50
Apr
Apr
Lunkenheimer
*
1,300
27
Jan
33
Mar
110
54
June
54*4
1*4
16
15 X
Mer A Mfrs Seo ol A com.l
7
6*4
16*4
7
30*4
Mar
Jan
33*4 June
43
102
40
Mar
22*4
24
Jau
Jan
25
Feb
2
Jan
4*4
7
Feb
9
2*4
150
8
8
125
*
5
5
25
♦
1
1
25
Jan
19
Mar
♦
4
4
80
Apr
8
Jan
National Pumps
Procter & Gamble..
*
41
42
70
25*4 May
34
Jan
Randall A
*
18*4
18*4
7*4
29*4
*
2*4
Jan
7
Apr
3*4 May
12,700
4*4
8*4
3X
8X
9*4
3*4
3X
4
X
2X
*4
6,130
2*4
120
10
*4
10,050
800
4*4 June
10*4 Feb
7*4
Feb
U S Playing Card
U 8 Printing
7
10
29*4
5
*
Jan
27J4
18
5*4
630
45
22*4 May
2*4
40*4
8
6*4 June
6
20
*
B
B
4*4
~~2*4~
2.50
15
25
Moores Coney A
Mlckelberry's Food Prod—
Middle West Corp cap...5
Stock purchase warrants
Magnavox
22*4
Jan
June
11*4
3,700
1,650
May
1994 May
50
Manischewltz
Apr
3*4
27
June
28
50
Jan
Mar
61
Mar
6
562
27*4
25
Mar
16
25
100
Jan
1% May
70
20
1
"§i"
*
43
25*4
65
24
*
Jan
IX
Jan
44
65
24*4
694
10*4
20*4
33*4
22*4
*
Gibson Art
33
30
High
Low
20
6*4
10*4
20*4
31*4
6
..20
Formica Insulation
34
37X
Shares
42
*
200
29X
Range Since Jan. 1 1936
for
Week
High
64*4
24*4
*
Crystal Tissue
Eagle-Picher Lead
200
25 X
Common
Low
Coca-Cola A
7
28 X
of Prices
Price
Par
40
54
Week's Range
Hobart A
37X
30*4
Jan
4
50
600
Manhatt-Dearborn com..*
*
11*4
(Concluded)
Crosley Radio
Mapes Cons Mfg cap
*
Marshall Field oommon..*
Prior preferred
Stocks
Hgih
Low
Shares
7*4
46 H
5
com
High
11X
*
Loudon Packing Co com..*
1936
Week
12
•
10
Lion Oil Kef Co com
for
of Prices
7X
•
Common
Week's Range
Sale
Last
Sale
Range Since Jan. 1
Last
Price
Sales
Friday
Sales
Friday
Stocks
3997
Chronicle
494 Feb
% Mar
3*4 Feb
40*4 June
Mar
Mar
Mar
Mar
5
48*4
Jan
Jan
164
16
Jan
21
540
494
29*4
Jan
9
43
June
35*4
75
5
Feb
5
May
8X
Jan
Feb
Feb
Midland United CoCommon
•
X
Conv preferred A..
*
2X
Mar
*4
3*4
Feb
Jan
Jan
3*4
Apr
4*4
Mar
5
Mar
Jan
*4
1
Midland Utll—
100
IX
100
..100
6% preferred A
6% prior lien
7% prior lien
IX
1*4
1*4
20
1X
2%
2*4
20
1
6*4
90
3*4
100
38*4
MUler A Hart Inc conv pf- *
Modlne Mfg com
6
41
41
49 HI
51*4
Jan
Mar
Jan
11*4
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Jan
Feb
Jan
55
49
May
52
Monroe Chem Co—
Preferred...
19
19
100
17
Jan
13
12X
13
250
11
Jan
30
30
30
60
45
45
48
355
Muskegon Mot Spec ol A. *
Nachman-SprgfiUed com.*
National Battery Co pref.*
Natl Gypsum cl A com..6
National Leather oom—10
80
Jan
Mar
28
Apr
33
May
65
Feb
1*4
100
88*4
1*4
Jan
IX
7
IX
GILLIS
Jan
25*
15?
7*4
40
5*4
Jan
10
Feb
Jan
2*4
Jan
Union Trust Building, Cleveland
A. T. & T. GLEV. 565 & 566
Telephone GHerry 5050
National Rep Invest Trust
Cumul
conv
pref
*
42 X
45
500
32*4
Jan
45
June
29 X
27 X
29*4
800
26
Feb
5X
6
Apr
Jan
35
5*4
9
8*4
9*4
8*4 June
14
Jan
23 X
23*4
23*4
100
Jan
26*4
Apr
17 X
13
19*4
600
Jan
20
Feb
45
34*4
46
400
25
Apr
46
June
*
10*4
10*4
400
9
Jan
11*4
Apr
Allenlndustrles
Convertible preferred- .*
Parker Pen Co oom.
.10
27*4
27*4
22*4
10
27
Mar
29
Feb
Apex Electric Mfg
150
2
2*4
230
34
200
2*4
35*4
3*4
4,150
2*4
Mar
3*4
3*4
3*4
200
2*4
Jan
6*4
National Standard com..*
Noblltt-fiparks Ind com..*
North Amer Car com
•
Northwest Bancorp com..*
Northwest Eng Co com..*
3*4
750
3,300
15*4
6*4
Jan
Cleveland Stock
Range Since Jan. 1 1936
Last
7% preferred
100
Prior lien pref.....—100
com
Peabody Coal Co B com..*
Perfect Circle (The) Co..*
Pines Wlnterfront
5
oom
22*4
35
3
Potter Co (The) com.....*
Prima Co oom
...*
3*4
3*4
Process Corp com
*
Public Service of Nor HI—
7*4
19
Apr
100
..100
3*4
24
55
25
May
105
16
105*4
21
1994
Feb
10
80
Jan
Jan
Cleveland Builders Realty*
494
51
Apr
6*4
71*4
Feb
"17*4
City Ice & Fuel
Preferred
Cleveland Ry
61*4
Feb
49
May
61*4
Feb
150
17*4
253
109
109
13
110
Feb
60
67
June
50
59
Feb
2494
Feb
67*4
67*|
118
19
*
113
113*4
120
103
Jan
115
Mar
117
119
100
112*4
Jan
123
Mar
Enamel Products
1894
111*4
88
122*4
145
147
*
122
May
140
Jan
Foote-Burt
*
11
50
142
Jan
147
Apr
Hanna (M A) $5 cum pref *
Harbauer
Raytheon Mfg—
6X
7
6*4
4,100
2*4
1*4
Jan
Jan
7
3*4
June
*
*
4794
Jaeger Machine..
*
112
30
123
Feb
57
115
70
Jan
25
11
48
15
80
105
Jan
33
26
Mar
40
55
Apr
2*4
2*4
900
16
15*4
16*4
1,600
Rollins Hos Mills
16 X
15
15*4
40
13*4
Jan
16*4 June
17*4
Jan
22*4
23
30
17
Jan
26
Feb
53*4
55
250
35
Jan
55
Mar
74*4
74*4
50
65*4
Feb
74*4 June
Medusa Portland Cement *
15*4
9*4
9*4
140
2*4
Apr
14*4
Metropolitan Pav Brick..*
Murray Ohio Mfg
494
2094
7*4
23
81
82
5
2X
Ross Gear A Tool
pf *
com
*
23
*
54
Sangamo Electric Co
Sears Roebuck A Co com *
11
May
Slgnode Steel Strap CoCommon
*
Preferred
30
9X
29
31
30
27*4 June
25
31
25
10
Mar
32*4 Mar
28*4
Apr
104*4 June
Lamson & Sessions.
*
McKee (A G) class B
*
15*4
Jan
103
103
10
99
Feb
75
78
120
61
Feb
78
June
8
100
81
National Tool
91
91
30
79*4
Jan
91
Mar
Nestle LeMur
7
18*6
Apr
Feb
18*4
Preferred
National Tile
*
4*4
Convertible preferred..*
Stein Co (A) com^
*
4*4
13
13
18
Storkllne Fur conv pref.25
Swift International
15
29X
5*4
29*4
Swift A Co
26
21
4*4
100
13*4
350
Mar
8*4
13
June
-
—
Apr
Richman
*
10*4
Jan
1,850
28*4
Apr
35*4
Jan
Seiberling Rubber
SMACorp
*
1
17*4 May
5*4 June
21
3,700
20*4
Apr
25
Jan
Vlchek Tool
25
10
10*4
400
8*4
Jan
12*4
Feb
3
3*4
850
2*4
Mar
4*4
Feb
West Res Inv 6% pr
Utll A Ind Corp
1
1
550
2
3*4
250
5*6
15
53
4*4 May
18*4 Apr
Mar
Mar
Mar
Feb
7
25
Feb
8*4
5
Jan
72
55
Jan
82
45
8*4
Feb
594 May
27*4
17*4
4*4 June
1*4 June
2*4
Jan
27
Apr
9*4
Jan
19*4 May
56*4
Jan
Mar
12
70
June
Jan
494
4*4
Feb
Feb
21
62
158
294
16*4
10*4
17*4
2*.
16*4
10*4
17*4
150
2
Jan
11
14
May
105
9
May
12
Mar
50
17
Jan
18
Feb
80
80
110
70
Jan
83
Feb
16
80
55
135
35
Jan
15
Mar
27
Jan
68
Feb
4*4
19*4
Feb
Feb
Jan
4
X May
2*4 May
20
1,072
1,190
1794 May
26
62
62*4
294
Weinberger Drug Inc
Utah Radio Product com.*
Jan
19*4 June
3*4 Mar
2094 May
20
*
50
10
1*4
294
2794
13*4
..
*
*
3,750
29*4
21*4
26
248
294
27*4
13*4
*
Packer Corp
Patterson-Sargent
115
25
15*4
4 %
4*4
*
7*4
18
24
50
A
cum c
Ohio Brass B
Standard Dredge—
Common
24
16 f
19 f
5 '
24
"5X
25
National Refining
91
S'west Lt A Pow pref
St Louis Natl Stkyds cap
16*4
19*4
5*4
16*4
Kelley Island Lim & Tras. *
78
Slvyer Steel Castings oom *
Sou'west O A E 7% pfd 100
Mar
Feb
6% preferred v 10.....6
Reliance Mfg Co oom..10
conv
13*4 May
Jan
35*4
20
13*4
28*4
102*4 102
1814
18*4
48
4794
"18*4"
Interlake Steamship
710
11
28*4
110
67*4
67*4
19*4
28*4
,__*
Faultless Rubber
122
145
Jan
61
100
Cliffs Corp vtc
Dow Chemical pref
17*4
60
60
100
Electric Controller & Mfg *
122
..60c
Jan
24
105
79*4
Jan
Apr
60
Preferred
v t c
24
100
Jan
Feb
Mar
59*4
High
Low
250
June
June
49*4
Shares
21
24
*
100
Prior preferred
4
850
High
20*4
6
60
Common............
..100
Low
1
Inc
Jan
2*4
Week
Price
Par
1*4 May
100
for
of Prices
Certificates of dep...100
60
6% preferred.
7% preferred
Quaker Oats Co—
41
Stocks^—
Week's Range
Sale
Cleve-Cllffs Iron pref
*
Cleve Elec 111 S4.50 pref-*
59
Common
27*4
Jan
Apr
1*4
32
2,250
Common
Common
Sales
Friday
Northwest UtU—
Oshkosh Overall
Exchange
both inclusive, compiled from official sales lists
June 6 to June 12,
Jan
Thompson (J R)
com
Convertible pref
Viking Pump Co
3X
450
4
Apr
6*4
900
30
Apr
34*4
151*4 152
90
142
Jan
100
16
Apr
10
Mar
33
Ward (Montgom) A Co A*
Wieboldt Stores Inc
"l8~"
15*4
18
18
WUllams-OH-O-Matlo com*
12*4
12*4
300
Wisconsin Bankshares com*
5*4
5*4
1,500
Jan
9,500
Jan
com
Zenith Radio Corp com..
24
40
5
33
"l'x
Walgreen Co oommon
Jan
20
4*4
31*4
20
com
Wahl Co com
21*4
21*4
23
152
*
pf.100
80
Feb
Jan
Jan
Watling, Lerchen & Hayes
Feb
2294
Jan
13*4 June
8*4
Jan
Members
Detroit Stock
New York Curb Associate
Exchange
New York Stock
Chicago Stock Exchange
Exchange
23*4 June
Buhl
DETROIT
Building
Bonds—
Telephone, Randolph 5530
Chicago City Rys—
1927
5s ctfs...
74
74
$7,000
70*4
Mar
76*4
Jan
Detroit Stock
BALLINGER & CO.
Members Cincinnati
UNION TRUST
June 6 to June 12,
Stock Exchange
Last
Sale
Specialists in Ohio Listed and Unlisted
Pot
Stocks—
Auto City Brew com
Corporation
A. T. & T. Tel.
Cln. 291
1
Price
Briggs Mfg com
Burry Biscuit
*
Chrysler Corp com
*
50c
5
10*4
1894c
97*4
Continental Motors com.l
Cincinnati Stock Exchange
June 6 to June 12,
both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Par
Stocks-
Price
Week's Range
of Prices
Low
High
Range Since Jan. 1 1936
for
*
Deisel-Wem-Gtl com
10
Det & Clev Nav com
10
Detroit Cripple Creek
1
Detroit Edison com
100
Detroit Paper Prod com—1
Crowley Milner com
Low
High
*
*
Dolphin Paint B_
Federal Mogul com
American Laundry Mach20
.*
100
100
*
Carthage Mills
Champ Coated
1st
23*4
preferred
Churngold
2
20*4
5
73
Cincinnati Street Ry
175
*
Cinti Gas & Elec pref. .100
50
Cincinnati Telephone—50
105
6*4
90
kor footnotes
see
page
30
45
1994
Jan
5*4 May
30
19*4
102
12*4
8
194
10094
5*4
Mar
June
Mar
3999
Hall Kamp com
......
A
14294
9*4
Home Dairy class
Jan
Jan
341
85
Jan
20
Mar
1
Kresge (S S) Co com
10
Lakey Fdy & Mach com.. 1
Kingston Prod
McAleer Mfg com
""ili
17
*
2294
3
2
2*4
139
14294
894
9*4
24*4
26
1*4
1*4
17
17
3*4
6494
for
Range Since Jan. 1 1936
Week
Shares
2,370
3,152
605
Low
1*4
9*4
High
Jan
14
Apr
63
Mar
Apr
1894c
199
Jan
101
260
Jan
2*4
5*4 May
Feb
22*4
Jan
294
790
100
125
745
13c
1,000
2
194
128
1,360
1,475
23
June
Jan
467
9*4
3*4
5494
June
Jan
Jan
Jan
Apr
435
13
6*4
13*4
350
11
Jan
24
365
23
May
1,480
42,557
1,147
14
Apr
4*4
22*4
"6*4
6
5*4
1594
594
23
7*4
5*4
2,180
150
Feb
4
Apr
152*4
Feb
Apr
Feb
6*4
14*4
Jan
4*4
Apr
294
5*4
5*4
Mar
10*4
565
"15*4
Apr
Mar
26*4
2394
694
13*4
25
June
Jan
94
125
3*4
7*4
Mar
794
100
2,147
Feb
June
1,257
294
6*4
3*4
June
46
8*4
2*4
8
.
Houdaille-Hershey B
Hudson Motor Car com..*
Jan
2294
294
2
3*4
Jan
High
2*4
10
10*4
46
48*4
16c 1894c
97*4
97*4
2*4
2*4
594
594
64*1
1
1
--*
*
*
Goebel Brewing com—.
Graham-Paige com
Low
*
General Motors com
Range
of Prices
10
Fed Screw Works com
Apr
122
Cinti Union Stock Yard—*
Vb
120
20
Cinti Advertising Prod...*
Cinti Ball Crank pref
582
43
8
Baldwin
""594"
Detroit Steel Prod com—*
Week
Shares
Week's
2*4
1
Baldwin Rubber com
Stocks and Bonds
Cherry 6711
Sales
Friday
BLDG., CINCINNATI
Wire System—First Boston
Exchange
both inclusive, compiled from official sales lists
Jan
4*4 May
2094 Apr
5*4 June
Jan
3*4
4
18*4
594
Mar
Apr
Mar
70*4
10*4
Apr
4*4
8*4
1594
3194
1994
594
Feb
25
8*4
6*4
Feb
Mar
Mar
Mar
Mar
June
Feb
Mar
Feb
3998
Financial
I
Mich Sugar com.
Week's Range
of Prices
Week
Low
Price
2.50
com
18
18
17
3%
15%
Murray Corp
—
-10
Mlcromatlc Hone Corp
1
com
,
4
4%
10%
Packard Motor Car com. _*
Parker Rust-Prg com._2.50
Pfellfer Brewing com
*
Reo Motor
__5
com
18%
i
*
Mid-West Abrasive com50c
~m%
24%
14%
5%
5%
im
5%
Rlckel (H W) com
2
River Balsln Paper com--*
Range Since Jan. 1 1936
Shares
High
5
Low
350
l%
425
16
15
4
622
Apr
June
170
12%
28%
18%
8%
7%
14
May
4%
Jan
5% June
4% May
855
885
1,375
Gladding-McBean & Co__*
Goodyear Tire & Rubber.*
22% Mar
4% June
8%
Jan
23% June
1,568
2,022
General Paint B
Feb
Jan
1%
5%
Jan
Par
Apr
20
Apr
3% May
795
Stocks (Concluded)
High
13i6
475
3%
17
4%
10%
26%
14%
5%
5%
5%
Feb
Apr
Mar
Mar
Feb
7
Jan
*
*
Hancock Oil A com
Tlmken-Det Axle
21
*
1
com
16%
_1
10
'io H
*
"7%
*
3%
Universal Cooler A
B
Universal Products
10^1
33
7%
3%
_
5%
33
1,142
450
22%
90c
900
46o
Jan
4%
100
14%
Mar
10c
13c
13,000
10,800
9c
Jan
48c
Apr
96c
8c
Feb
39o
Feb
6%
Mar
Mar
11%
116%
Feb
Jan
4
Feb
1
55c
Lincoln Petroleum
-.1
Lockheed Aircraft
1
8
El 6% pflOO
Los Ang Industries Inc.-.2
Los Ang Investment
10
115
115%
Apr
Mar
33% June
9%
Apr
3% Apr
Mills Alloy IncB
Jan
Jan
"16
June
11% Mar
1% Mar
22% June
Jan
15
Jan
5
5
40c
40c
100
55c
60c
55c
2,000
32c
Jan
16c
16c
16c
15 b
Jan
Oceanic Oil Co
1
75c
75c
80c
1,000
2,260
50c
Jan
*
10
10%
10%
10%
100
8
Jan
14
Jan
23
Pacific Clay Products
21%
21%
22
2,100
18%
37
36
37
500
5%% pref
25
Pacific Indemnity Co
10
Pac Public Serv 1st pref—*
28%
28%
300
21
21
28%
21%
23
23
23
100
31%
27%
18%
20%
7
21,000
2%
10c
11,000
1
1
*
Security-First Nat Bk
20
*
*
Signal Oil & Gas A com
So Calif Edison Co.——25
6% preferred
5%% preferred
Sale
Par
Stocks—
*
American Stores
American Tel & Tel.-.100
Baldwin Locomotive.
_.
_
27%
167%
*
.
Bell Tel Co of Pa pref-100
Budd (E G) Mfg Co
*
Preferred
Price
5%
10c
33
10c
117%
51
53
54%
16%
16%
26
26
100
26%
27%
28%
26%
34%
36%
2,700
17%
14
100
27%
28%
26%
of Prices
High
13
100
*
10%
Chrysler
5
98%
Corp
Curtis Pub Co common..*
Week
583
25
121% 123%
12%
14%
105% 105%
371
632
797
11
3
10%
93%
17
35%
*
_*
17%
17%
Union Bank & Tr Co
50
Union Oil of Calif
25
10
Van de Kamps Bakeries. _*
13%
12%
150
150
21%
31
11
545
98%
17%
399
47%
25%
65%
12
1,014
55
Low
26% May
149%
Apr
2%
Apr
119%
Jan
9%
Jan
85%
Jan
2%
Apr
8%
Apr
86
Jan
17
June
36
Jan
177%
Feb
6%
Feb
125% Mar
15% Mar
112%
Apr
3% May
14% Mar
103% Apr
24%
Apr
Jan
19
Mar
Jan
30% May
Feb
28%
28% May
Jan
26
Jan
24
Jan
Mar
1
8
1
8%
8%
8%
8%
8%
10
14%
14%
27
38%
Apr
Feb
35% June
47
Feb
14% May
19%
Feb
14%
Feb
11
Apr
120
Jan
Jan
24
Jan
Jan
9%
Apr
10%
Feb
Apr
4%
5%
100
28% Mar
22% June
Apr
7 %
12
2,000
Feb
150
Feb
20 %
100
Western Air Express
High
60
Jan
25%
27%
2,500
8,700
Apr
Jan
18,200
24
Apr
54%
1,200
2,900
22%
24
Apr
June
Jan
200
22%
17%
24
118
Mar
10
22%
22%
June
40C
34%
400
150
Wellington Oil Co
Shares
3%
3
Rights 1st paid
Budd Wheel Co
36%
Universal Cons Oil Co
26%
27%
164% 170%
3%
34
7
Jan
Apr
50%
16%
11%
100
26
Jan
Jan
45
1,200
16%
Mar
114%
350
54
Taylor Milling Corp
Transamerica Corp
Range Since Jan. 1 1936
2
Mar
Apr
Apr
39%
28% June
22% Mar
23% Mar
Feb
10c
Apr
Feb
85c
Mar
33
100
117% 117%
51
49%
*
100
300
33
33
28%
26%
32%
Southern Pacific Co
Sales
Low
-.25
.25
6%
Standard Oil of Calif
both inclusive, compiled from official sales lists
35c June
Pacific Gas & Elec Co___25
Pacific Finance Corp
Shell Union Oil Corp.
Philadelphia Stock Exchange
Feb
Mar
40c
5
San Jo L & P 7% pr pref 100
Sec Co Units of Ben Int.-*
30 Broad Street
1.00
82 %c
28c
*
Mt Diablo Oil Mng & D—1
Nordon Corp.
Rice Ranch Oil Co
'
for
Jan
6%
NEW YORK
Week's Range
400
Jan
6%
Philadelphia Stock Exchange
Last
2%
1.00
New York Stock Exchange
Friday
3,200
Jan
DeHaven & Townsend
June 6 to June 12,
3%
5%
3%
111
Jan
Safeway Stores Inc
1415 Walnut Street
205
Feb
Feb
Established 1874
PHILADELPHIA
8
6%
115
3%
11,150
1,100
14c
12c
65o
Republic Petroluem
Members
52 %c 57 %c
14c
Airpl & Motor
14% June
16c
Feb
5
Jan
1S16
215
Apr
76c
4%
13c
2%
Mar
—*
1.50
75c
600
3
Wolverine Tubecom
Mar
Feb
Apr
1,000
Feb
8
24%
75c
June
10.0
May
5%
19
300
200
19%
30%
4%
June
6%
2%
2,100
Jan
Jan
72 %c
31
15,
Jan
75c
May
i%
11%
23%
18%
4%
June
8
19%
100
700
1
19
%
22%
16%
25
19%
12
Mar
1
24
1%
16%
24%
14%
8%
Mensaco Mfg Co
110
8
16%
25
High
Low
300
Mascot Oil Co
115
16
11%
Apr
19
"IH
11%
Feb
4% June
24
1
11%
4%
Hudson Motor
Kinner
Shares
High
17%
19
1
com
Low
Price
1151
24
com
Week
Jan
12H
7,372
for
of Prices
Jan
3% May
120
3,799
Feb
*
Wayne Screw Prod com__4
Wolverine Brew
9,800
24
Jan
*
com.
Union Investment Co
Warner Aircraft
4
4%
—10
Tlvoli Brewing com
US Graphite-.
17
515
21%
4%
16%
10%
33%
8%
3%
Week's Range
10c
Holly Development Co.._1
Jade Oil Co—
Los Ang Gas &
Stearns (Fred'k) com
Standard Tube B com
Range Since Jan. 1 1936
Last
Sale
for
Sale
Par
Sales
Friday
Last
Mich Stl Tube Pro
June 13, 1936
Sales
Friday
Stocks (Concluded)
Chronicle
June
Mining—
Alaska Juneau Gold
Black Mammoth Cons. 10c
14%
51c
60c
1.25
1.30
20
l%c
2c
1
35c
35c
35c
11c
9c
12c
New
63c
Feb
1.40
Jan
lc
Jan
2 %c
44c
Apr
33c May
Jan
15o
Jan
6,000
Dean Witter & Co.
Jan
Jan
Feb
14
1,000
.1
17%
22c
1.00
200
51c
1.25
28,850
6,100
13,000
Cardinal Gold
1
Imperial Development .25c
Tom Reed Gold
Zen da Gold
6c
Feb
Members
Elec Storage Battery..100
General Asphalt
10
46%
General Motors
64%
Glmbel Bros
10
*
common
Preferred
Coal & Navig...*
Lehigh
Valley.
50
Mitten Bank Sec Corp. .25
Preferred
-.25
Nat'l Power & Light..
Pennroad Corp vtc
Pennsylvania
*
50
RR
Penna Salt Mfg
Phila Insulated Wire....*
Phila Rapid Transit
7%
3
...50
1,675
50
55%
34%
Mar
54
70%
Apr
6%
89%
2
8%
9%
8
123
3
401
4%
8%
9%
2%
Jan
930
Jan
8%
%
1%
89% June
6%
Jan
12
Jan
June
Municipal and
89% June
11%
Jan
Jan
Jan
14%
8%
PRIVATE
Jan
Feb
Mar
9%
10%
1,265
9%
Feb
14%
3%
30%
4%
2,688
3%
Jan
5%
Corporation Bonds
LEASED
34%
.....
10%
Reo Motor Car Co.
8
Los Angeles
Oakland
Portland
32
2,066
118
28%
113%
Apr
Feb
125
112
Apr
Jan
117
35%
Mar
23
16%
Honolulu
Sacramento
Stockton
Mar
Mar
112% 114
34%
34%
22
21%
8
6%
10
10%
1%
1%
14
14%
5%
5%
1
20%
64
859
33 %
85
21%
460
2%
Feb
Jan
267
8%
1%
Jan
Apr
157
10%
Jan
Apr
44
65
77%
34%
4%
78%
*
50
Traction
*
.*
United Gas Impt com
*
Preferred..
7
44%
15%
__*
Westmoreland Inc..
923
64
*
_
18%
*
Tacony-Palmyra Bridge.
6%
5
39
130%
7%
June 6 to June 12,
43%
14%
10%
Phila Elec (Pa) 1st 5s. 1966
7
44%
15%
11%
111% 111%
Last
Sale
Par
Stocks—
5
16% May
30%
57
Jan
75
39
71%
Jan
29%
3%
5%
Feb
90%
38%
8%
9%
638
3,709
Jan
3,941
40%
14%
183
108%
Apr
Apr
Apr
Apr
235
9%
Apr
101
47%
19%
Apr
May
Mar
Mar
Apr
Feb
Mar
Feb
Price
21%
Assoc Insur Fund Inc... 10
4%
24%
Atlas Imp Diesel Eng A..5
B
5
Bank of California N A. 100
Byron-Jackson Co—
—
Calamba Sugar com
54,0001
110%
Mar
*
20
20
7% preferred
Calaveras Cement com...*
Feb
California Copper
10
1%
California Packing Corp.. *
Calif Water Service preflOO
104%
Feb
113
*
Claude Neon Elec Prods._*
Crown Willamette pref
Crown Zellerbach vtc
*
100
.
*
Giorgio Fruit com
$3 preferred
_
Eldorado Oil Works
Angeles Stock Exchange
Galand Merc Laundry
Sales
Price
Low
High
Shares
10
6%
5%
6%
1,400
2%
,
B
2%
2%
100
B'way Dept Store pref -100
Buckeye Union Oil pf v tcl
103
25
44
California Bank
Chapman's Ice Cream ..**
93
*
Consolidated Oil Corp.
Consolidated Steel com
._*
*
Preferred
1
Crystalite Products.
Dougals Aircraft Inc..
__
*
Equip Co ...5
1
Exeter Oil Co A
General Metals Corp..
-
-
—
-
General Motors Corp....10
For
footnotes see
103
103
10c
44
10c
44
10
1,000
50
Low
5% May
2%
98
Apr
Jan
10c June
31%
Jan
page
3%
3%
3%
100
1
Jan
12%
13%
1,100
12
Apr
11%
4%
16%
4%
16%
1,100
15%
1%
1%
1%
30
58%
58%
58%
19
18
19
50c
3c
12
50c
400
600
100
2,300
3,250
23
23
23
200
64%
61%
64%
600
3999.
5%
Jan
34
Feb
June
27
May
25
200
20
93%
93%
6
22
180%
Jan
190
21%
Jan
250
4%
Jan
7
Mar
320
%
30%
Jan
Apr
105
99%
Jan
1%
37%
104%
Feb
1,494
773
55
Jan
78%
Apr
475
12
*
35
Jan
15
101
Mar
552
250
29% June
100
Apr
91
Apr
97% May
Jan
8%
47%
30%
Mar
Jan
Mar
18%
45
343
41%
197
25
260
23%
17%
17%
730
14
19%
18%
2,080
97
19%
100%
235
35
35%
657
3%
840
Jan
97
May
112
Feb
35
June
3% June
493
54%
Jan
39
605
Apr
11%
16%
850
33%
5%
1,266
9%
169
9
Apr
60
45
May
9%
17% June
Jan
3%
14% May
1% June
Jan
63%
Feb
14%
20c
23
54%
Feb
May
Jan
8%
3%
104%
Apr
30c
Feb
Jan
Jan
40
14%
May
Jan
Jan
44%
Apr
4%
Apr
16%
Feb
15% Mar
5%
Apr
19%
Feb
1% June
71%
Feb
20%
Apr
Jan
Feb
Mar
22% May
6% Mar
24%
Mar
50
27
Jan
32
2,040
11
Apr
16%
25%
Jan
26%
26%
100
7%
7%
262
7% May
23%
12
23%
8%
31%
12%
50
*
23%
8%
31%
12%
*
33
33
33
.1
27
27%
67c
23
70%
Mar
May
Apr
Preferred
Leslie-Calif Salt Co
LeTourneau
.25
8%
30%
Lihby McN & Libby com.*
6%
25%
6%
Lockhead Aircraft.
7%
6%
8%
26C
9e
30c
RightsLos Ang G & E pref
Lyons-Magnus Inc A
B
Magnavox Co Ltd
Magnin & Co (I) com
1
100
*
115
*
2
2%
*
Marchant Cal Mach comlO
6%
2%
17
17%
7
114% 115
100
415
2,119
200
4,487
52,047
115
6%
6%
290
1%
2
250
2%
16%
17%
17
2%
17%
Feb
Feb
26%
7%
Langendorf Utd Bak A
18
31%
10%
45
*
70% Apr
38% May
12
May
11%
45
com
47% Mar
4% May
Jan
48%
54
45
Hutchinson Sugar Plant-15
Island Pine Co Ltd com.20
Feb
Apr
Apr
65%
16
Mar
21
45
20
May
Feb
14%
38%
11%
9%
Feb
98
64
*
Feb
Mar
Apr
44
*
31%
109
Feb
91%
64
Golden State Co Ltd
Feb
June
155
41
11%
16%
16
40
106%
10%
39
__*
Jan
Apr
Jan
45
*
Feb
Mar
7%
10
com.
28%
32%
22%
1,438
24%
3%
Apr
473
24%
17%
3%
Mar
Jan
23%
41
35
192% May
15%
260
3%
32%
100%
Jan
Jan
3,033
Honolulu Oil Corp Ltd—*
High
13%
4
5%
Apr
Home Fire & Mar Ins...10
12
*
Claude Neon Elec Prod
Emsco Der &
10c
29%
3%
20%
22%
5%
1,384
40
39
Feb
700
4%
Jan
Gen Paint Corp A com—*
Hunt Bros A
Bolsa-Chica Oil A
High
17
25
102% 102
29%
29%
103
105%
7%
8%
93
10
100
Gladding McBean
Range Since Jan. 1 1936
39
102%
92%
10
General Motors
Week
76%
12%
93
10
B common
for
Low
490
21%
187% 190
27
28%
27%
27%
22
22%
5%
5%
%
1%
30%
31%
104
104%
75
70%
12%
12%
8
Emporium Capwell Corp. *
Emsco Derrick & Equip. .5
12, both inclusive, compiled from official sales lists
31%
21%
4%
21%
24%
103
Fireman's Fund Insur...25
of Prices
Range Since Jan. 1 1936
for
Shares
High
*
Preferred B._
DI
LOS ANGELES
Week's Range
from official sales lists
Week
of Prices
*
Foster & Kleiser com
Par
York Cotton Exchange
Exchange
compiled
Week's Range
Low
*
Food Mach Corp com
Stocks—
Trade
Exchange
iAsso.)
Sales
__.*
Preferred A
Member Los Angeles Stock Exchange
Sale
28
27%
22%
5%
Apr
Dobbs-Crowe-Wagenseller & Durst
Last
187%
15
%Listed and Unlisted]
Friday
25
113
LOS ANGELES SECURITIES
Los
of
Stock
Apr
Cst Cos G&E6% 1st pf.
Cons Chem Indust A
June
Fresno
Friday
Clorox Chemical Co
Spring St.,
Tacoma
both inclusive,
Caterpillar Tractor.
to
Board
NewYorkCoffee k SugarEx.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
San Francisco Stock
Apr
May
Bonds—
June 6
Exchange
Feb
3%
Jan
19% May
50
5%
111% 113
*
626 So.
New
Seattle
Mar
12%
Beverly Hills
Anglo-Calif Natl Bk S F.20
United Corp common
Preferred
Chicago
Chicago
WIRES
San Francisco
New York
Mar
125
123
Philadelphia Traction... 50
Union
Stock
Feb
Phila & Read Coal & Iron *
Salt Dome Oil Corp.
Scott Paper..
Sun Oil Co
York
San Francisco StockExchange
San Francisco CurbExchange
New York Curb Ex.
Feb
4%
31%
50
preferred
15
44% May
22%
Jan
4%
10%
50
Phila Elec of Pa S5 pref__*
Phlla Elec Power pref. .25
61%
11%
89%
100
Lehigh
44%
25%
880
21%
Jan
9%
Apr
June
Jan
33
Feb
25% Apr
6% June
6% May
6c May
29%
Apr
11
Jan
11%
Jan
Mar
116%
111
5%
Apr
1%
2%
Jan
Jan
30c June
10
4%
3%
408
16
Jan
18
1,090
13
Jan
20%
Jan
Feb
Feb
Feb
Apr
Apr
Volume
Financial
142
Last
for
of Prices
Natl Automotive Fibres..*
Nor Amer Inv 5 34 % p£_ 100
Low
High
36
36
73%
70
7334
167
10
15
14
31 %
3134
3134
*
25%
24%
27
Oliver United Filters A
B
7
7%
Paauhau Sugar...
Pacific G & E com
35
15
10
15
15
Stocks
High
Low
Jan
47%
Jan
33%
65%
82
Mar
Feb
June
19%
Mar
28
Jan
33 %
Feb
1,280
5,756
734
14
45
24
May
32%
14%
Jan
Jan
15
10
25
3634
36
37
6% 1st preferred
25
534% preferred
25
Pac Light Corp 6% pref..*
3134
3l?4
3134
2834
10734
634 May
Jan
12%
17
Mar
2,416
2,119
31
Feb
39 %
29 34
Jan
32%
2834
10634 10734
492
26%
Jan
39% May
50
104%
Jan
107% May
634
2334
3,114
1,424
4%
17%
Jan
28%
Apr
Apr
(Concluded)
Par
*
634
23%
Non-voting preferred..*
Pac Tel & Tel
125
124
125
35
149
150
35
13934
71
74
915
*
12c
Rights
Pig'n Whistle pref
Ry Equip & Rlty com
73%
12c
13c
*
.
234
234
2J4
6
6
6
*
*
5%
6%
Columbia Brew
65
1834
1834
19
85
84%
85 34
135
25
25
25
100
S J Lt & Pow 7 % pr pref 100
120
Schlesinger&Sons(BF)com*
34
97 %
Feb
13c June
Jan
3%
Mar
Jan
2
80
25
12034 12034
4%
17%
80%
23%
7%
10
8
Falstaff Brew
12?
97
*
International Shoe
com..*
Key Boiler Equip com
Landls Machine com
7
June
634
56
Mar
June
8
June
5
116
Apr
120
June
1
97
Feb
100
June
454
920
Jan
934
Apr
734
Feb
Apr
116
June
13
June
4734
Jan
Jan
Jan
854
Jan
114
116
25
1034
13
13M
12
654
954
49
4834
1354
49
1334
1,035
1,338
286
220
116
13
75
Jan
Feb
330
97
634
3
3034
1354 June
5334 Mar
1454 Feb
*
25
13
McQuay-Norris
19
19
5
19
June
28
*
54
54
62
54
June
61
com
Mar
Missouri Port Cem
com.
25
934
10
Natl Bearing Metals com.*
Preferred
29
100
"13%
1034
374
934 June
85
10534 10534
1334
1434
25
Jan
5
29
101
Feb
Apr
1334
Feb
30
Mar
10534 June
Feb
15
May
Jan
102
June
Jan
19
June
Natl Candy com
2d preferred..
Natl Oats
Mar
113
Apr
Feb
120%
Jan
Rice-Stix Gry Gds com
8
Feb
1st preferred
100
11234
734
754
11234 114
29
734 June
11234 June
19
Feb
2d preferred
100
100
100
101
56
100
June
102
Jan
55
55
30
52
Feb
55
June
199
123
300
Signal Gas Oil
*
26
26
26
150
Sound view Pulp Co..
Southern Pacific Co
5
55
55
55
255
42
Jan
100
Sou Pac Golden Gate A..*
34
34%
234
23 %
Jan
834
3234
234
834
834
125
3554
3534
3634
3,674
2
__.*
*
Apr
Feb
Jan
Southwstn Bell Tel preflOO
9
Jan
Mar
47 %
35 Hi June
102
19
Stlx Baer & Fuller
*
com
Wagner Electric com
Am. Inv.
15
125""
934
100
9
19
80
"l9~"
Scruggs VBDG 1st pf. 100
58%
3834
3%
93
102
100
com..
30 % May
May
6%
Feb
24
3% May
15% Apr
23 %
Apr
_
12?
Jan
57
10
91 %
1,545
Spring Valley Water Co__*
Standard Oil Co of Calif.
20
4334 June
29%
5
140
32
534
56
Jan
Jan
Jan
17
234
75
l
com
Globe-Democraft pref. .100
Hussmann-Ligonier com.*
35
1
4334
534
5154
56
High
Low
Shares
75
*
_
High
Apr
1634
1,625
Low
4334
Ely & Walk D Gdslst pflOO
2d preferred
100
Feb
17
5
Price
Apr
..100
Preferred
5
Feb
152
Apr
12o June
125
100
com
130
Week
5
com
Dr. Pepper com
Chic Sou Air Lines pref.
'
...1
Roos Bros
68
1,930
Feb
Apr
Jan
119
149
com
7%
24%
Jan
Jan
100
..100
com
6% preferred
Paraffine Co's
634
23
for
of Prices
Century Electric Co
100
Coca-Cola Bottling com..l
Preferred
Pac P S non-vot com
Week's Range
Sale
1,235
15
Range Since Jan. 1 1936
Last
Range Since Jan. 1 1936
Shares
36
Sales
Friday
Week
Price
Par
North Amer Oil Cons
Occidental Insur Co
Week's Range
Sale
(Concluded)
3999
Sales
Friday
Stocks
Chronicle
125
934
3154
2734
0%
32%
7% preferred..25
12534
934
3254
2734
1334
150
934
2834
100
614
20
27
Jan
Mar
Apr
June
Jan
1034
nW
Jan
12734
Mar
1034 Feb
3434 Feb
2734 June
Feb
Bonds—
Telephone Invest
Tide Water Ass'd Oil
/
41
:i
1534
6% preferred
Transamerica Corp.,
104%
1334
Union Oil Co of Calif
22
Union Sugar Co com
1734
40
Jan
14%
Jan
101
Jan
65,097
11
Apr
1,897
21
Apr
1,870
10
Jan
72
23
Jan
31
7%
265*6
23%
Jan
4134
35
1534
1534
713
20
14
12 34
2134
2234
18 34
17 34
29
29
25
29
10
17
2234
9,812
Western Pipe & Steel Co. 10
2234
3134
3134
3134
340
Yellow Checker Cab A. .50
45
44
4534
11,23
7% preferred
Universal Consol Oil
33
4134 June
Feb
19
106% Mar
14J4 Feb
23% Feb
13% May
33
31
t City & Sub P S 5s...1934
t United Rys 4s
1934
22 %
Jan
Jan
4034
10434 105
3134
2634
Jan
2834
$2,000
20,000
Jan
34
May
3534
Jan
STRASSBURGER & CO.
May
June
3434 Apr
45% June
STREET
MONTGOMERY
133
SAN
FRANCISCO
(.Since 1880)
Exchange—San Francisco Stock
Francisco Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Members: New York Stock
Exchange—San
H. S. EDWARDS & CO.
UNION
j
New York Curb Exchange (Associate)
BANK
Tel
Direct Private Wire
/ Pittsburgh Stock Exchange
Momhopa
Members
BLDG.,
120
PITTSBURGH, PA.
San Francisco Curb Exchange
A. T. & T. Tel. Pitb-391
Court-6800
June 6 to June 12,
BROADWAY, NEW YORK
both inclusive, compiled from official sales lists
Sales
Friday
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Last
Par
Stocks—
Pittsburgh Stock Exchange
June 6 to June 12,
Stocks-
Par
Week's Range
for
Sale
of Prices
Allegheny Steel com ..._.*
Low
734
12
734
Jan
13
134
1234
5%
217
571
510
3
Apr
534 June
134
620
134
Feb
134
134
12
*
5
Fort Pittsburgh Brew
1
134
1C5
Koppers Gas & Coke pf 100
.*
2134
Jan
469
5
Mesta Machine Co
Jan
1934
434
19
Duquesne Brew Co com..5
McKinney Mfg Co..
14
Mar
4,215
Electric Products
.*
3834
16%
334
4J4
3
Clark (D L) Candy Co...*
Lone Star Gas Co
2934 June
Jan
734
Feb
4734
1434
Apr
234
Apr
434 June
26
240
11%
11
1
5
1
4934
Mountain Fuel Supply
Natl Flreproofing com...*
5
159
40
150
97
Jan
1,578
10
1
41
Jan
5134
5
Jan
10634
Jan
Apr
May
May
Calif Ore Pr 6% pref
Cardinal Gold
84
Columbia River Packers
Consolidated Oil
Apr
134
Shamrock Oil & Gas
*
Standard Steel Spring
*
334
22
34
United Engine & Fdry__
2
United States Glass Co..25
Vanadium Alloy Steel
3334
Victor Brewing Co
1
Westinghouse Air Brake.. *
W'house Elec & Mfg
50
4
550
22
295
3434
382
2
100
50
3334
Jan
334
21
Apr
2234 May
Jan
134
70c
75c
1,685
60c
3954
11434
123
3434
Jan
97
Jan
10534
205
112
67
Jan
534
Jan
40
Mar
Feb
234
35
Jan
3834
75c
454
72
4
4
101
21
90c
Jan
4734 Mar
12234 Apr
Jan
10634
Mar
Jan
334
72
554
100
534
634
Apr
2634
Apr
67
Feb
3934
General Metals
6134
2134
20
*•- Preferred
20
Idaho
2
1
75c
94c
3,750
434
1,100
1.30
225
79c
—1
434
Development
Holly
Maryland
14
14
all
(Associate)
of
Trade
Stocks—
Par
American Credit Indem.10
American Invest B
*
Brown Shoe com
*
I
Price
6234
62
2134
5334
High
6234
2134
6334
115
50
3.15
1
Jan
May
1234 May
1334
Feb
Feb
Feb
Jan
3.90
Feb
95c
Feb
60c
1,830
2,935
1
30c
27c
31c
29,700
2134
2134
5
4334
554
4534
534
3634
13c
Jan
35c
Feb
5
2134
Apr
2434
.Jan
830
2.65
Jan
300
3634
Jan
1,590
4.10
Jan
634 Mar
4534 June
634 Apr
2734
Jan
3634 May
3634
25
27C
27c
28c
.1,100
21c
Jan
1034
434
1034
434
210
668
634
334
3.60
3.60
5
3.10
Jan
Apr
Apr
1034
354
3234
1134
534
134
1054
354
3234
1234
7
134
610
-.20
Sugar
Occidental Pete
1
20
1
1234
654
5
5
34
34
2634
2654
2854
2734
2634
2834
31
31
4034
4034
37
37
25
25
US Steel
2734
"2834
High
Feb
Jan
May
6234 June
2834 Mar
6434 Feb
634
5
1234
534
Feb
Feb
Feb
May
Feb
Mar
10
27
Jan
37
1,035
9,200
10
Apr
1434
3
Jan
7
15°
134
Apr
234
Jan
100
4.50
Mar
534
Apr
125
31
May
Apr
Feb
Feb
Mar
36
Jan
1034
2434
2434
2734
1434
Jan
Feb
50
31
June
31
121
37
Jan
5234
10
37
Jan
44
1,124
26
319
2834
27
2834
32c
250
25c
Jan
55c
6134
-
6134
2,404
4834
Jan
7034
Apr
Jan
June
Apr
Jan
June
Feb
Jan
Feb
Apr
3.10
—5
Agriculture—.20
Western Air Express
1
Waialua
634
Jan
334 May
44c
14
30c
3.25
900
3.10 June
4.50
Apr
1034
1034
1034
325
51
51
51
1034 May
42J4
Jan
1134
5434
934
Apr
Apr
Feb
Victor Equipment
Preferred..
50
25
--5
Coal
pref... 100
Superior Port Cement A.
Low
50
May
50c May
2.95
51c
1034
2
39
5
2.95
19
1.60
2.75
-Montgomery Ward
Mountain City Copper—
534% preferred
6% preferred..
Range Since Jan. 1 1936
57
15
55c
Bancorporatlon..
Menasco Mfg Co
—1
Silver King
Week
Shares
Apr
75c
Shasta Water
Sales
Low
Apr
1.55
Jan
Southern Calif Edison—25
Louis, Mo.
for
2234
Feb
22c
Schumacher Wall Board.
June 12, both inclusive, compiled from official sales lists
Range
Apr
50e
694
U S Petroleum
of Prices
21
37c
Marine
(Del)
Republic Petroleum
Richfield Oil pref
St. Louis Stock Exchange
Week's
36
35c
S P Gold Gt 6%
Sale
Jan
May
37c
Southern Calif Gas 6% pfd
Last
17
61
2.80
M J & M & M Oil
Telephone Central 3350
Friday
Jan
220
1
Pioneer Mill
MEMBERS
to
Jan
620
.1
Preferred
Kinner Airpl & Motor.
Park Utah Mines
Mid-Western and Southern Securities
June 6
Jan
834 June
1
Italo Petroleum
2
434
1.30
International Cinema—1
International Tel & Tel—
Radio Corp
New York Curb
Chicago
Board
15
3934
2354
6134
2154
23
—
Gt West Elec-Chem
834
Pac Portland Cement--100
Business Established 1874
Stock Exchange
Jan
Mar
40
2
100
36
Pacific Eastern Corp——
I. M. SIMON & CO.
Louis
934
Jan
20
pref
Packard Motors
316 North Fourth St., St.
31
Jan
20c June
534 May
87
Feb
ST. LOUIS MARKETS
St.
40
434
June
June
Mar
Apr
834
O'Connor Moffatt.
New York Stock Exchange
&
20c June
434
72
Jan
2.05 May
1534
38
2
on
500
Feb
Feb
72
Oahu
Enquiries Invited
20c
454
74
1124 May
734
134
134
44
2
105
Jan
Jan
10
Feb
Unlisted—
Lone Star Gas 6% pref. 100
Pennroad Corp v t c_
*
65c
110
Jan
26
Jan
31
100
12
20c
Ewa Plantation
2
Jan
2.05
12
General Electric.
1
Jan
100
Feb
170
Jan
134
3
180
Jan
3,600
65c
56
83
734
154
500
60c
5834
Foster-Kleiser
1434
5,309
85c
5754
Feb
134
454
75c
40c
83
Apr
1334
4
75c
1.40 May
3634 Apr
834 June
2534 Mar
5834 May
833| May
534
1%
Feb
2,150
17
4
1
85
Feb
1.30
123
Jan
5
Jan
1.00
Mar
Apr
21
Jan
Co
63
Jan
21
Mar
Renner
32
Jan
Mar
Jan
36
50c
Plymouth Oil Co
Jan
80
Jan
1434
734
934
Electric Bond & Share—5
134
234
Jan
17
Jan
Mar
Domlnguez Oil Fields
Edward Dental Supply
100
1134
1634
85
May
Curtiss Wright Corp..—1
220
615
Jan
12
---
350
Pittsburgh Screw & Bolt..*
52
50
..
.
Feb
Apr
1.257
1254
1.25
—
Crown Willamette 2d pref.
3
140
1,756
7534
854
8434
8
Container Securities
534
Jan
9834
734 May
Jan
1234
Apr
165
—
234
30
7lc
20
5%
20
2.05
.1
Coen Cos A...
3
11634 11734
9
834
Jan
1534
1034
434
634
434
Claude Neon Lights
Cords Corp
1434
150
—1
Cities Service-
5
100
1654
12
334 May
1134 June
17734 Feb
78
10
.
*27100
z
234
1034
Jan
Apr
39c
8
Calif Art Tile A
..100
1034
9
150
7,978
554
1
Bunker Hill-Sullivan...
Pittsburgh Brewing
*
Pittsburgh Forging Co___l
Pittsburgh Plate Glass..25
Preferred
100
258
'63c
54c
3
Corp
Jan
1434 Mar
234 Mar
5134 June
Feb
734
234
Apr
Jan
4%
2,285
Feb
6
Apr
373
1
Apr
434
High
June
1234
5
z
3
1654
Anglo Nat'l Corp
Apr
2034
Jan
200
106
1134
9
6234
Low
100
H54
17Q54
165
63c
Bancamerica-Blair
5134
3%
Columbia Gas & Elec Co.*
Class A
75
High
3
Range Since Jan. 1 1936
for
Week
Shares
12
16734
1
Aviation
3034
834
3%
*
1
Low
Shares
High
1154
100
American Tel & Tel
Argonaut Mining
15%
pref. 100
Armstrong Cork Co com..*
Carnegie Metals Co.
Range Since Jan. 1 1936
51
29H
Arkansas Nat Gas
Blaw-Knox Co..
High
Low
3
American Toll Bridge
Week
Price
Price
American Power & Light..
Sales
Last
of Prices
Allegheny Corp
both inclusive, compiled from official sales lists
Friday
Week's Range
Sale
*
No par
r
Cash sale—Not included in range
8
834
15
100
5
Jan
value, c Cash sale, z Ex-dividend, y Ex-rights, z Listed,
for year.
t In default,
4000
June
Financial Chronicle
1936
13,
Canadian Markets
LISTED AND UNLISTED
Provincial and
Province ol Alberta—
Bid
Municipal Issues
Ask
Province of Ontario—
Toronto Stock
Bid
Ask
6s
Jan
1 1948
71
74
5 Ha
Jan
3 1937
4%s
Oct
1 1966
70
72
6s
Oct
1 1942
6s
Sept
15 1943
117
Exchange
Friday
118
Sales
120
Prov of British Columbia—
6s
July
4%s
Oct
93%
6s
May
1 1959
119
92%
4s
June
1 1962
106% 107%
4%s
1 1963
95
91
12 1949
Jan
Province of Manitoba—
4%s
1 1941
Aug
6s
102% 103%
106% 107%
..June 16 1964
6s
108
June 15 1936
4%s
4%b
4%s
109
100
15 1960
15 1961
112
Apr
Apr
15 1965
Mar
2 1950
4s
Feb
May
113""
110% 111%
5s
Mar
114
1 1958
109
110
1 1961
113% 114%
11960
117
Par
Crow's Nest Coal
*
15 1943
Nov
15 1946
96
55
20%
22%
535
4%
15%
4%
8%
101
23
12%
22%
21
23
1,970
11,701
70
70
130
64%
Jan
56%
58
106
63%
Mar
*
50
"58"
*
com
Hamilton
Cottons
»
•
Preferred.
Ask
Canadian Pacific Ry—
Sept
1 1946
103% 104%
107% 108%
104% 104%
15 1942
111%
5s
Dec
1 1954
15 1944
100
101
4%s
July
1 1960
1 1944
116
116%
Bonds
Ask
Bid
Ask
Canadian Northern Ry—
July
1 1957
113% 114
5s
July
1 1969
Oct
1 1969
118
118%
120% 120%
Feb
1 1970
6%s
Grand
July
11946
29%
52%
20
27
Jan
10
50
Mar
3%
600
2%
Jan
"Is"
3%
12%
13%
590
12%
May
15%
4% June
13% Apr
6%
Jan
14%
Apr
105%
Feb
_Jan
1 1962
108
109
115% 115%
3s—
Jan
1 1962
Grand Trunk Ry¬
es
Sept
99% 100%
1 1936
101
101%
14
270
102
30
46
48%
Jan
14,104
5%
Jan
3
Feb
8%
Jan
29%
June
53
May
4
Feb
101
May
43%lMay
Feb
54
Feb
9%
6%
21
9%
60
3%
Jan
14%
Feb
1.0£
875
40c
Jan
2.25
Feb
6%
105% 105%
30
6%
Jan
9
105% June
107
6%
5
67
68
195
21
1,676
19
1,195
Mar
Feb
65
Jan
69
Mar
18%
17%
Jan
21
June
Mar
19
June
4
Feb
3%
5
2%
Mar
1.00
l.lf
774
1.00
Jan
2.25
Jan
2%
2%
3X
165
2
Apr
5%
Jan
4%
5%
32% 33%
14%
15%
102% 103%
554
4% May
7%
Jan
600
29% May
12%
Jan
100
•
com..
Co.
100
32%
15%
100
90
Knitting
Preferred
100
Moore Corp oom
...»
A
100
National Sewer Pipe A...*
Ontario Equitable
100
Orange Crush 1st pref.. 100
Page-Hersey
Pantepeo Oil
37
20
*
•
»
138
97
Jan
5
85
Apr
40
1 3
Jan
90
3%
37
580
Mar
Feb
17%
Jan
Feb
90%
5
Mar
39
Mar
156
15
146
Jan
165
Mar
215
220
19
175
Jan
230
Mar
27%
Jan
14%
50
16%
7
270
5%
Jan
10
Jan
19
22
45
6
Jan
22
June
88%
5%
21%
14%
27%
91
186
79
Jan
95
Feb
16%
16%
Jan
20
Mar
6%
8,535
22%
15%
130
21% June
27
327
11%
Jan
18%
Feb
Apr
3%
Jan
6%
Apr
Jan
28
50
19
Jan
29%
31
31
55
29
Apr
31
Jan
Riverside Silk A
Russell Motors pref.
Simpsons Ltd B
100
109
109
60
100
Jan
113
May
*
4
7
8
4
June
10
Jan
Simpsons Ltd pref
100
May
80
Feb
67%
60%
Apr
Apr
75
77
188
73
»
62%
61
62%
727
57
Jan
25
56%
56%
56%
474
49 %
Jan
•
9
9
9
25
106
105
106
30
8%
8%
10%
10%
2%
27%
♦
.
*
♦
Preferred
"27%
18%
4%
Western Canada Flour
*
Western Can Flour pref 100
Westons (Geo) com
»
New preferred
18
4%
10%
100
3,850
8% May
102
Jan
11
Jan
106
May
8% May
12%
Feb
9
12%
4%
34%
Feb
Feb
Jan
Feb
2%
195
28%
18%
2,829
26%
Apr
558
17%
Mar
19
5%
110
4%
Apr
10
May
65
Jan
17%
Jan
42
"l5%
8
8%
42
15
15%
50
1,125
99% 100
50
Winnipeg Electric
*
3
3%
180
Zlmmerknit
WA. 3401-8
40
105
6
.....
l
....
Photo Engravers
Power Corp
36
1,102
156
'215"
•
United Steel com.
Walker (Hiram) com
New York Curb (Associate)
3%
100
Union Gas
Members Toronto Stock Exchange
Canadian Commodity Exchange, Inc.
5
...♦
Preferred
Tip Top Tailors
»
Tip Top Tailors pref...100
Twin City
♦
STOCK BROKERS
King Street West, Toronto.
588
13%
47%
June
1
5% May
18%
Preferred
&
6
101
3
"l"05
Steel of Canada
Duncanson, White
90
50
1,560
•
Pressed Metals
126% 127%
Trunk, Pacifio Ry—
4s
Feb
29%
52%
"68""
B
Dominion Government Guaranteed
Mar
20%
18%
3%
Monarch
4 Ha
Sept
59
*52%
100
...»
Preferred
Deo
Feb
Mar
1.00
McColl-Frontenac
Bid
July
Feb
Maple-Gar. Preferred-..10
Maple Leaf Milling
*
Ask
6s
Apr
16%
28%
72%
6%
*
Laura Secord...,.
Loblaw Groc A—
Railway Bonds
4 Ha
5s
24
23
3%
B
Inc.
20% June
Feb
2
5
Internatl Utilities A
Jan
Jan
June
2%
5%
4%
Internatl Milling pref..100
Internatl Nickel com
*
Co
10%
13%
Feb
101
3
Harding Carpets
Hinde <fc Dauch
20
Jan
Feb
Mar
17%
11%
2
pref. 30
Hamil Unit Theatres pt 100
15
25
June
8
6%
"2"
*
Massey-Harrls
4%s
Jan
May
20
Preferred
6s
Mar
1%
13%
B
116%
100
25
22%
Private wires to Toronto and Montreal
116
8
25
20
Goodyear Tire
&
117% 118%
680
9%
2%
13%
50
Kelvlnator
115% 116
14
English Electric A
Fanny Farmer
14 Wall St.
Canadian National Ry—
34%
Economic Invest
Gundy
Bid
Apr
4% May
99
Imperial Tobacco
111
18%
98
Hnite A
95%
55
May
May
101
2%
com
45
Apr
93%
Bonds
96
16
High
30
97
Wood,
Canadian Pacifio Ry—
Low
655
20
92%
1 1951
Canadian
Bid
Range Since Jan. 1 1936
Shares
Ford A
.Oct
118
New York
High
49
East Steel Prod pref...100
Gypsum
15
Low
15%
9%
25
Great West Saddlery
5s
Price
Dominion Coal pref
Dominion Stores
Gen Steel Wares
4%s
Sept
1 1951
4%s
June 15 1955
4%s—...Feb
1 1956
Week
21%
4%
Preferred
4s perpetual debentures.
for
of Prices
100
Distillers-Seagrams
Easy Washing
109% 110%
15 1952
6s...
113
June
6%s
4%s
Sept
113
Stocks (Concluded)
Week's Range
Sale
Dominion Steel & Coal B 25
4Mb
Prov of Saskatchewan—
Province of Nova Scotia—
4%s
112
Province of Quebeo—
4%s
2 1959
Dec
Prov of New Brunswick
Last
102% 103
112% 113%
*
3
3
102
2% May
36
13%
98
Apr
May
2%
Jan
2% May
Jan
Jan
102
Mar
4%
Mar
3
Feb
Banks—
Toronto Stock Exchange
June 6
to
June 12,
Last
Week's Range
for
Sale
of Prices
50
Commerce
Dominion
.100
Week
Range Since Jan. 1 1936
58%
56
152
207%
....100
209%
206% 208
208
209%
191
190
282
Montreal
100
Nova Scotia
..100
76
58%
153
...100
Imperial
Sales
Friday
Stocks—
Canada
both inclusive, compiled from official sales lists
51 %
Jan
68% June
75
149
Jan
170
297
190
Jan
222%
22
198
May
221
Feb
191
29
182%
Apr
213
Feb
286
54
271
Jan
300
Feb
154
Feb
Feb
Price
*
1.65
6% preferred
100
Alta Pac Grain pref.-.100
Beatty Brothers
Beauharnols Power
9%
30
*
Bell Telephone
Blue Ribbon
Blue Ribbon 6 % %
8
27
High
Shares
1.70
1,340
670
9%
85
30
Low
1.25
6%
25
1
Jan
1%
149
*
Jan
Feb
Jan
39
Jan
9%
120
9%
May
15
Jan
1%
2%
256
1%
June
427
4
193
4%
141
3%
150
Feb
Jan
5
Apr
32
32
32%
244
27
Jan
20%
12%
20%
20%
12%
2,523
7,595
30
11%
2%
2%
2%
533
16
16
17%
•
390
Last
Week's Range
for
Sale
of Prices
Jan
47%
126
37%
Jan
15
4%
Apr
Consolidated
Cosmos Imoerial
Preferred
*
31%
Jan
395
6
Jan
8
Feb
Canada Bud....
Canada Malting.
330
58
Jan
75
Feb
24%
1%
1%
25
50
7
95
42
20
99% 100
133
6%
23%
1%
6%
42
88%
815
5
7
5%
7
230
5%
15
15%
7%
6%
12
48
107
158
158
22
6%
6%
8%
6%
12
12%
*
12
130
25
130
12%
2%
-
-
*
-
-
101
1
6%
16%
*
55%
100
202
•
-
«.
*
70
47
.
^
■9 '
„
15
Feb
May
57
Feb
Jan
100
June
Apr
13% May
37%
150
Jan
Jan
9%
6% June
Canadian Marconi
Canadian Wire Box A
»
Crown Dominion Oil
*
8
Feb
DeHaviland Aircraft
...»
4
...»
37
Feb
Dominion Bridge
Apr
Dora Tar <fe Chemical
Apr
12%
Feb
Preferred
Hamilton Bridge
*
Jan
Hamilton Bridge
18
Jan
Honey Dew pref..
15
123
Jan
130
May
3,523
140
101
10
515
16%
16%
56%
816
10%
Jan
2% May
100
May
6%
15%
May
Apr
2,005
51
May
203
53
189
Jan
20
20
265
103
103
124
17%
102
Jan
Apr
15%
3%
Humberstone Shoe
»
Int Metal Induat
•
18%
Mar
57%
205%
May
22%
103
Apr
Feb
Apr
Montreal Power
Mercury Mills
National Breweries
*
No par value,
33
460
May
16%
Mar
9%
Apr
35
1 %
Jau
20%
1%
21%
1%
70
19%
May
25
25
130
21
JaD
35
20
33
June
35
82
15
77
Apr
90
2
25
2
May
2
4
4
20
2
Jan
Feb
7
37
35
1 % June
32
37%
683
5%
120
4
Jan
20
56
Jan
May
76
Jan
1% June
27%
Jan
2%
Feb
26% June
May
Jan
%
40%
7%
79
Jan
Mar
Feb
Feb
Apr
4%
5%
540
4
35%
20
30
Jan
37
Feb
11
11
10
7
Mar
12
May
6%
Jan
30
20%
6
100
International Petroleum..*
Langleys pref..
9% June
6% Mar
30% May
1,450
36
33%
5%
»
Imperial Oil
Feb
Preferred..
20
10
Feb
5
5%
1*
Feb
101% June
Feb
8%
High
30
1%
75
Pref.100
11
3
»
100
June
9%
Low
25
2
Feb
17%
35
Range Since Jan. 1 1936
Shares
82
1%
25
May
May
6%
1
8%
49%
9%
31%
High
35
*
Consolidated S & G preflOO
Corrugated Box pref... 100
165
Low
1%
Canada Vinegars..
12
10
6%
55%
24% June
Feb
3%
50
6%
202
103
12%
5,595
Mar
Apr
Apr
Sales
35
Canada Pav & Sup Corp
5%
*
9%
May
5
100
»
97
44
42
Smelters..25
Consumers Gas
*
Jan
24
...100
Consolidated Bakeries
*
Bruck Silk
May
69
15
Price
Biltmore Hats
30
67%
47
both inclusive, compiled from official sales lists
Par
90
5
100
Stocks-
5
24
Cndn Industrial Alcohol B*
Canadian Oil
*
Carnation Co pref
Cockshutt Plow
June 12,
45
68%
Preferred
25
Canadian Dredge
*
Canadian General Elec Co.
Canadian Ind Alcohol A .*
Preferred;
Feb
to
36
*
Canadian Pacific
Jan
June 6
95
*
Canadian Wineries
6
Toronto Stock Exchange—Curb Section
Feb
36
_
Conv preferred
Canadian Car.
28% May
Feb
95
6%
Jan
Mar
42
6%
14%
Week
4%
Steamships
*
Steamships pf.100
Feb
Friday
40%
Canada
June
95
Apr
4%
Canadian Bakeries pref 100
Canadian Cannerslst pref
210
May
Mar
40%
Canada
Apr
84
27%
32%
37%
_♦
Canada Northern Power..
196
17
Jan
25
100
10
86
16%
Burt (FN)
Preferred
210
85
85
Jan
Canada
♦
210
100
Toronto Gen Trusts... 100
1.40
33
50
10% June
Mar
135
B preferred
75
17
85c
34%
Canada Cement
40
11
Feb
34%
Canada Bread 1st pref. 100
Mar
20
76
11
Mar
34%
4%
Feb
90
150
75
*
18%
*
Bread
160
150
100
Apr
13
Building Products A
45
Jan
May
100
20% preferred
National Trust
4%
30
4,945
137%
Trust—
Canada Permanent
Huron & Erie
Jan
23%
30
Feb
Mar
2%
•
23%
182
235
15%
*
23
Jan
Jan
31%
Brit Col Power A
29%
164
225
Jan
1.10
6,595
50
20
and
Mar
*
1.10
168% 170
226% 226%
Loan
9%
British American Oil
90c
163""
226%
June
32%
Preferred
Jan
Apr
pref.50
Brewing Corp of Can
3%
ioo
100
Feb
2%
12%
Brantford Cord 1st pref.25
Brazilian
*
Brewers <fc Distillers
High
147% 149%
-
100
com
1.60
9%
*
«
Low
Royal
Toronto
Par
Abltibl
30%
40
29%
Mar
35
Feb
20%
21%
9,071
20%
Jan
24%
Apr
6%
110
4
Jan
7%
Apr
30
Jan
42
Jan
33%
Jan
89%
Apr
6
40
100
"30%
30
36%
37
2,575
35
"36%
40
35
10
35
June
50
Feb
30%
32%
443
30
Apr
34%
Feb
...»
10
10
10
9
Jan
13%
Mar
*
4
4
5
39
Jan
44
June
»
f Flat price.
Volume
Financial
142
Chronicle
4001
i
C
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
Week's Range
of Prices
Sale
Stocks
(Concluded)
Par
National Steel Car
Price
Low
*
North Star Oil--
High
Shares
Sales
Friday
Last
Range Since Jan. 1 1936
for
Sale
Week
Stocks
High
Low
(Concluded)
Par
Price
Week
slRange
Low
High
1%
Mar
Shawkey Gold Mines..-.1
Sladen Malartic
l
50c
43c
57c
Jan
4.00
Mar
Sudbury Basin
»
3.85
3.70
3.90
30
7
June
14%
Feb
Sudbury Contact—
1
14c
20c
600
4
Apr
6%
Jan
Sullivan Consolidated....1
17 %c
1.34
20%
2%
34%
567
19% June
23%
208
1.15
30
3.00
70
1.55
1.55
1.55
30
5
3.85
3.25
3.85
565
*
7
7
7
Rogers-Majestic
*
4%
4
13
May
1
Jan
3.15
17%
Feb
92c
92c
95c
Standard Paving
___*
Supertest Pete ord
2
Jan
68o May
4.30
Mar
6.85 June
2.89
Mar
Tashota Goldftelds
l
52c
48C
5.55
Jan
38
Feb
5.45
5.85
109
May
119
Feb
Teok-Hughes Gold
Texas-Canadian
*
10
1.83
1.65
2.00
142
20
Apr
29
Feb
Toburn Gold
l
1.50
1.35
1.63
180
1% June
3%
Feb
Exploration-1
41c
35c
45c
1.30
215
1.25 June
2.25
Mar
Towagamac
Ventures.
*
1.82
1.98
1.05
1.11
120
114
.....*
Waite-Amulet
Toronto Stock
Exchange—Mining Section
June 6 to June 12, both
inclusive, compiled from official sales lists
Sales
Friday
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Price
Low
High
10c
9%c
Afton Gold
1
6%c
5%c
A J ax
1
Oil & Gas
12,050
8%c 128,600
45c
45c
865
3c
3%c
10%c
53,600
59,600
1,030
1
"3%c
Algoma Mining
Anglo Huronian
*
*
9%c
9c
5.30
5.10
5.25
—1
78c
78c
80c
1
1
—1
1
13c
10c
13c
Ashley Gold
Astorla-Rouyn
Bagamac Rouyn.-
Barry-Holllnger
Shares
lie
Alexandria Gold
Arntfield
1.11
12%C
4%c
Ymlr Yankee Girl-
8%c
5%c
8%C
6%c
3,500
12,850
5%c
6%c 89,700
8%c 10 %c 401,350
6c
8c
Base Metals..--
*
16c
15c
18c
Bear Exploration
1
50c
47c
54c
Beattle Gold Mines
82,850
16,950
33,100
24,300
Toronto Stock
High
Low
9%c June
4c May
18% c
40c June
70c
l%c
Jan
3%c
Jan
Feb
88c May
4%c May12% c May
Stocks—
Par
Week's Range
Sale
of Prices
Price
Central Manitoba
1
35c
25c
Churchill Mining
Coast Copper
1
7%c
6%c
—5
2.35
2.25
Coba t Contact
...1
2%c
2%c
8%C
41c
6%c
6%c
6%c
7c
6c
7%c
1.00
1.05
6,375
5,950
14,700
5,815
3%c
Mar
10c June
15c
June
40c
28o
Mar
Jan
—1
Brett Trethewey
9%c
550 June
Dalhousie Oil
*
East Crest Oil
*
Grozelle-Kirkland
1
Bralorne Mines
Home Oil
*
1.02
Hudson Bay
*
25% C
Kirkland Townsite.i.
1
1.20 June
*
8.10
8.10
8.50
4,365
5.55
Jan
B R X Gold Mines -——50c
12 %C
12 %c
14c
9c
Jan
8.60 June
25%o Mar
1
7.50
7.20
7.75
3.80
Jan
8.00 May
2o
Jan
13o May
Lake Maron
6o
Jan
18o
Malrobic Mines
*
8%C
8c
9%c
Bunker Hill
*
12 %c
12c
14c
22,160
98c
1.19
98c
1.08
1.22
Cariboo Gold
1
1.72
1.60
1.80
Castle Trethewey
1
1.51
1.45
1.58
—1
*
3.99
3.46
4.25
1.07
1.00
1.11
1,300
49,100
3,050
43,500
78,890
6,700
106,900
2,200
9,149
23,200
*
5
7c
7c
8%c
Conlagaa
3.75
3.75
4.25
Conlaurum—
*
2.20
2.15
2.25
Chigougamau Gold
*
1.88
1.80
1.95
Dome Mines
*
59%
Dom
1
6c
58%
5%c
59%
6%c
1
91c
90c
94c
—*
1
8.10
7.75
8%c
6%c
1
4%c
4%c
8.10
5,110
9%c 271,600
5 Ho
83,600
1.20
91c
1.25 206,364
38c
36c
50c
48c
45c
52c
1
1
1
"l8c
18c
22c
16c
15c
18c
31c
26c
40c
—l
60c
57c
63c
1
1.03
1.00
1.10
1
9c
7C
9%C
—1
2.35
2.34
2.72
1
15c
12c
16C
.
Graham-Bo us quet
Granada Gold...
Greene-Stabell—
Gunnar Gold
Halcr ow-S w ay ze
_—
.
Hard Rock
Harker Gold
Hollnger Consolidated —5
Homestead Oil
1
16%
48c
44c
56c
Howey Gold
J M Consolidated-
—1
80c
77c
82c
1
57c
57c
610
Kirk Hudson Bay
1
1
82c
70c
1.27
68c
65c
79c
Klrkland-Lake
1
Lake Shore Mines
59%
1
Lamaque-Contact
Lava Cap Gold
1
16
16%
59
59%
21%c
~1~25
1.21
3,550
2,200
14,865
73c
1.80 June
Jan
1.69
2.41
Mar
90c
Jan
Jan
4.25 June
1.80
Jan
2.75
Apr
1.22 May
2.15
May
42
Jan
3%c
70
Feb
1.38
Mar
Jan
45%
45%
46%
1
1.95
1.60
2.00
McMillan Gold
1
4%C
.—1
27 %c
25c
28c
McWatters Gold
'
*
1.44
1.40
1.49
Merland
*
14c
15o
Mining Corp......
*
1.35
1.16
1.35
Mlnto Gold
*
70c
70c
78c
.1
25c
24c
28c
McVittie-Graham
Moneta-Porcupine
Morris-Kirkland
Murphy Mines..
....
4c
5%c
60o
Jan
9.50
Mar
3c
Jan
10c
Mar
lie
320
Jan
6o
Jan
3%o
Jan
170 May
21o
Jan
10% 0
37o
Jan
7c
Jan
3.20 May
18 %0 May
Mar
Jan
13%
lie
Jan
Mar
Jan
May
650 May
30C
Jan
1.27 June
41c May
94c May
Jan
Jan
22c
June
1.38
May
12o
Jan
2%o
Mar
29%c Mar
6%C June
6.05
Mar
3.12
Jan
5%c
5%c
Jan
1.22
Mar
2.00 June
Jan
2%o May
42o
Jan
1.65
Jan
13o
Jan
24c
Feb
1.11
Apr
Jan
1.60
Jan
7%o
1.00
Mar
6%c
Jan
560 June
Jan
7%e May
20
Jan
4%c May
2.40
15,300
71,560
25,200
190,599
30,402
93,759
33,200
6,500
Apr
Jan
Jan
84o
Jan
66o
85c
4.70
Paymaster Consolidated..]
Perron Gold
.1
Peterson-Cobalt
....1
1.01
1.10
1.45
1.39
1.59
2%c
2%c
2%c
65o
65o
584
"~6~5<j
6.20
6.50
22,286
4,879
3,875
4,295
278,140
Petroleum Oil & Gas
*
Pickle Crow
1
Pioneer Gold
1
9.10
9.00
9.35
Premier Gold.....
1
2.42
2.35
2.48
Prospectors Airways
*
(new)———.—*
2.35
2.25
2.35
Preston
1.75
1.70
1.90
1
Read-Authler.
82c
820
85o
*
Quebeo Gold
Quemont Mining
6%e
5%e
6%c
1
2.62
2.20
2.75
1.31
1.29
1.35
Read Lake-Gold Shore
*
1.46
1.46
1.67
Roche-Long Lao
1
22c
20c
24c
Royallte Oil--.
*
27 %c
San Antonio...
1
2.28
Sheep Creek...
50c
..........
-——1
Reno Gold
1
81s coe Gold
South TiUemont
Stadacona-Rouyn.
Anthony Gold
72o
"T.05
1.00
—.1
Sherritt-Gordon
St
27c 27 %c
2.20
2.43
3.80
3.45
6c
5o
.....*
.
•
45 %c
41c
1
27c
22o
80c
1.14
18,425
1,200
76,365
9,550
78,825
50,150
1,057
51,970
6,300
43,088
4.05 143,385
6%c 86,830
49o 246,065
28c
56,850
33c May
80c
Feb
%o
44%
28%o
4.55
Feb
Jan
Apr
895
77c
15c
2lo
1.19
4,287
1.04
250
Mar
40
60o
4.70
7.75
4.90 June
May
26c May
Jan
49%
2.45
._*
23c
15%c
4%c
Osisko Lake
1
Parkhiil—
1
4c
75c
14c
...I
1
80c
Porcupine Crown
1
Ritchie Gold...
1
Robb Montbray
1
Sudbury Mines
40,400
2c
Jan
3Sc 193,000
ll%c
3%c
Jan
38c June
Jan
9%c May
750
2.25
May
32,500
1%0
Jan
10c
8c
37,900
10%c
9%c
5%c
4%c
Temlskaming..
1
18c
Wood-Klrkland
1
7%c
27c
2,448
7,700
10%c 16%c 2092100
4c
4%C 66,100
23c
25c
2,850
4c
4%c 72,100
15% C 17%c 10,100
18% c
Pend-Oreille
Pawnee-Kirkland
23c
4%c
I9%c
9%c
.
Jan
523,200
24%c 25%
5c
13c May
4.50
Feb
3%c Mar
7c
9,200
18c
11,200
20c 15,100
11c 355,500
5c
80c
9%c 10%c
9c 10%c
4%c 5%c
4c
4%C
16c 18% C
7c
8%c
38c June
78c
Feb
6%c May
13% c
Feb
4c
Apr
72% c
22%c
14%c
3%c
l%c
Jan
1.43
Jan
28%c
Feb
Jan
31c
May
Jan
9c May
Feb
16% c June
7c
Jan
Feb
12c
Jan
34c May
l%c
Jan
6%c May
14c
Mar
26c
4%c
Jan
7c
7c
Jan
18c May
Apr
Jan
18c June
31%c
Feb
lie June
2%c
Jan
6,100
76,500
75c
June
4c
Jan
187,300
47,300
lc
Jan
4c
Apr
9c
Feb
116,200
3%c
Jan
7%c
Mar
127,752
130,500
2c
Jan
4c
Jan
1.20
Feb
15C
Mar
13% c May
23c May
8c May
3.05
Jan
59% June
63o May
2.90 May
15o May
40c
Mar
85o June
3.50
Mar
5.20 June
60%o
Jan
1.25 May
1.12
Jan
1.74
Feb
2%o
Jan
4%c
Feb
600
Jan
70o
6.95
Apr
9.00 May
1.80
Jan
12.00
Jan
2.48
Mar
2.10 May
21c Mar
82c June
5c
3.25
Jan
2.05
May
1.40 May
Feb
7%C
1.44
Jan
2.75 June
1.00
Mar
50c
Jan
1.35 May
1.62 May
5%0
Mar
27
May
2.15
Mar
560
Jan
1.00
Jan
280 May
*39% Feb
3.45
Jan
82c
May
Ap
Jan
1.40
2.87
Jan
4.05 June
3%0
18% o
Mar
180
Jan
Jan
8%0
Feb
49c June
88 %o
Feb
May
both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks-
Week's Range
for
Sale
of Prices
Week
Price
Acme Glove Works Ltd—*
Low
14%
High
14%
Range Since Jan. 1 1936
Shares
128
Low
14
High
June
15% June
8
8
10
June
10
Jan
104
104
48
100
Jan
107
Mar
15
4
Jan
6
28
10
27
Jan
38%
Jan
15
10
14
Jan
23
Feb
10
10%
45
15
Jan
13%
14
14%
3,435
9% May
10% Mar
1% May
100
*
148%
148
British Col Power Corp A.*
29%
*
Agnew-Surpass Shoe
Preferred
4%
*
—100
28
pref.---50
15
Associated Breweries...—*
Alberta Pac Grain A
Preferred
Amal Eiec Corp
Bathurst Power ft Paper A*
2
Bawlf
Bell
(N) Grain
Telephone
Brazilian Tr, Lt ft Pr
12%
B
24%
*
Steamship
100
Canadian Bronze
1%
7
100
108
Feb
6%
67%
6%
68%
711
6
May
8
Feb
383
58
Jan
74
Feb
3%
3%
24%
5
3
June
7
Feb
24
1%
6%
1%
7
612
22%
Jan
245
1.25
Apr
425
6%. June
31
41
Apr
108
June
7
1,730
Apr
May
8
825
980
118
120
95
10
18%
18%
25
25
5
it*
iS*
May
Jan
21
Mar
23%
Jan
30
Jan
Jan
50
Jan
May
98% Apr
Jan
23%
105
Jan
50
25
48
100
7
97
100
100
100
20
'i06~
106
100
29%
pref 100
Candn Industrial Aloobol-
Class B
25
Dlst Corp Seagrams
Dominion Bridge...
100
100
Dominion Steel ft Coal B 26
6%
55%
16%
34
8%
6%
12%
26
48
Jan
7
June
12%
Feb
6
June
11%
Jan
Jan
10%
6% May
51
May
15%
9%
Feb
57% May
15
17
322
20%
22%
1,670
37
37%
427
15%
15%
16
455
Dry den Paper—
*
East Kooteny Power.
*
Electrolux Corp
1
Enamel & Heating Prod _*
Foundation Co of Can—*
General Steel Wares
*
-
-
-
pref—100
Holllnger Gold Mines
6
4%
111
4%
430
105
850
Jan
40%
Jan
Feb
Apr
17%
Feb
106
Jan
115
4% May
May
79
Jan
Apr
148
June
4% May
7
Feb
65
147
52
144
5
555
23
1%
14%
3
56%
""6%
6
5
39%
16%
6%
6
4%
34
16
25
Feb
14%
467
2%
3
Mar
Feb
32
66
4%
*14%
Apr
34%
147
23
Jan
Apr
18%
65
-
G'year T Pfd Ino 1927-100
Gurd, Charles
*
Gypsum, Lime ft Alabast. *
Hamilton Bridge--.-——*
111
Feb
260
2,289
4%
Mar
5,525
1,030
11,329
15
111
Jan
34
107
105
6%
56
16%
*
100
Textile
Preferred.
Dominion
No par value.
7
6%
12%
100
3
37
Con Mining ft Smelt n«w 25
Crown Cork & Seal Co— *
♦
31%
7%
6%
12%
6%
55%
35
21%
*
Cockshutt Plow
Hamilton Bridge
31%
29%
106
Feb
128
Feb
50
Candn Foreign Investm't.*
Feb
Feb
May
100
Can Fairbanks pref—-100
17%
J1*
18
100
Dominion Glass
15%
Jan
102% May
Canadian Cottons pref-100
pref
Feb
Feb
42
15%
Rights—
Canadian Converters—100
Dominion Coal
Jan
25%
3%
170
28%
120
Canadian Pacific Ry
Jan
39
27%
100
Candn Hydro-Eleo
Jan
37%
108
15
*
Preferred
16
106
28
Canadian Celanese..
Canadian Cottons
Feb
Jan
5%
14%
6%
Canadian Car ft Foundry.*
—25
Preferred
Preferred 7%
6%
39
...
New preferred
Feb
3% May
33
68
Preferred
15%
32%
395
100
Canada
Feb
Jan
Jan
9%
28
34%
34
3%
55
17% Feb
4% June
150
34
*
6%
1,162
Mar
June
Building Products A
...
6,078
141
9
9
Preferred
10
358
475
9
Canada Cement
2
Jan
10
»
Can Forgings class A.-.
Can North Power Corp..
4%
149%
12%
11%
29%
29%
4%
4%
Bruck Silk Mills
Feb
3.95 Mar
9c
Montreal Stock Exchange
June 6 to June 12,
Feb
59%
Pamour-Porcuplne
Mar
Apr
550
11c
60
5c
2.40
2.60
81c May
93c
1.03
57%
2.37
17%
June
55 %0
290
550
9%c
720 May
1.20 May
Jan
2.45
2.40
*
8c
38c
5
Oil Selections
20c May
40o June
Jan
58%
9%c
Nordon Corp
Feb
20
*
Olga Oil & Gas New
*
Omega Gold—...1
1
56c May
26%o
75c
........5
...
High
24c June
7c
24c
-
25c
Night Hawk
20c
Feb
6.90
Northern Canada Mining *
O'Brien Gold
...1
Nlplsslng...
Noranda..
1
Mandy Mines
Feb
4%c
20,500
1
6
McKenzle Red Lake
61% June
90c June
4%c
51%
5%c
19C
Molntyre Porcupine
Maple Leaf Mines
May
3c
2.80
2,823
3c
4.90
20c 23 %C
19c
20c
14c
Feb
*
—
Jan
3%c
4.40
21c
1.60
June
Newbec Mines..........*
4.45
*
Manitoba ft Eastern
4.25 June
48c
56o
...1
Mac ass a Mines...
Jan
Jan
1.45
4%c
7.00
Feb
Jan
1.24
Jan
5c
26c
6%c
6.55
1.40
1.15
Mar
58c
22c
3%c
6.85
Feb
75c
1
25c
5%C
.*
Little Long Lac-.
1.39
14%o
1
1
—1
Lee Gold Mines
Feb
323,200
16,700
36,600
79,000
181,429
127,637
27i550
58,800
211,150
52,950
8,354
98,650
57,250
36,215
89,100
161,670
13,700
168,203
475,350
12,295
86,412
127,300
16,685
3,495
177,055
9,700
23,218
23,300
1,500
12,270
13,600
51,800
19,300
132,900
LebelOro
Jan
95%o Mar
9%C 2288952
1.30
Low
Shares
Feb
Jan
Buffalo Canadian—
Range Since Jan. 1 1936
for
Week
High
Feb
c
Jan
8,450
6,620
29,100
Low
6%c
11%
Feb
Gold Belt
Jan
Feb
22c
76o
Goodflsh Mining
Feb
Feb
25c
*
Aldermac Mines
23o
1
Apr
71c
Jan
1.84
God's Lake
Feb
1.37
20% 0
May
Apr
Goldale
2,50
Jan
llo May
9.00
97c
13c
—
Jan
1.00
Mar
Jan
65c
55e May
Franklin Gold
1,60
Apr
Mar
Apr
6%c May
2%c Jan
5%c
Jan
4.10
26,441
Federal-Kirk land
44c May
38c
5.45
140,200
Falconbrldge
Jan
Sales
Last
64c
Explorers
1.63 June
20o
inclusive, compiled from official sales lists
Friday
Feb
1.43
Eldorado
Jan
Exchange—Mining Curb Section
June 6 to June 12, both
16c 22 %c
Clerlcy Consolidated
2.60
1.20
7.56
17.400
60c
Chemical Research
1.65 June
100 June
53c
1.23
Central-Patricia
Feb
5%c June
8.25
21c
Canadian-M alartlc
May
2.90
Jan
50c
64c
*
—*
1.41
Mar
Jan
8.00
1.36
Calgary & Edmonton
Mar
3o
51c
1
1
Buffalo Ajikerlte.
83o
2.26
20d June
Range Since Jan. 1 1936
*
...
Jan
3o
8.10
.*
52o May
Feb
4.95
Jan
6c
90,300
58,300
10,270
Bobjo Mines
Big Missouri
ll%c 13%c
5c
4%c
7c
9%c
35,536
22,950
5,135
30,657
22,160
3,085
93,600
43c June
3.00
Week
*
Acme Gas & Oil--
1.96
*
Wayside Consolidated -50c
White Eagle
Wil tsey-Coghlan
1
W right-Hargreaves
*
1.15 May
28o
2.62
23
2%
34%
High
Apr
58c 113,735
1.36
2.80
21%
1%
114
21%
1%
*
Waterloo Mfg A.
Jan
1.20
1
1.25
*
Toronto Elevators pref-100
United Fuel pref
100
Walkervllle Brew
19%
1%
Low
75o
87,950
60,490
4,267
76,700
70,871
35.290
Sylvanite Gold
19%
_
Shares
Mar
1.55
Ontario Silknlt
Shawlnlgan.
Range Since Jan. 1 1936
for
Week
of Prices
4%
1.55
.5
Preferred
Toronto Stock Exchange—Mining Section
Exchange—Curb Section
Friday
1
Feb
8
2%
28%
Feb
Feb
Feb
2%
23%
1%
310
40
1
Jan
15
100
13
Mar
18%
3%
56%
340
3
June
5%
Jan
25
55
Jan
68%
6% May
8%
Mar
Mar
8%
Jan
6%
Jan
7
335
6%
340
5
19%
275
35%
16%
5%
Jan
June
May
155
25%
Feb
443
13.60
Mar
3
Feb
Feb
Apr
39% June
17%
Jan
4002
Financial
Chronicle
June 13, 1936
Canadian Markets-*Listed and Unlisted
Montreal Stock
Sales
Week's Range
Last
Sale
Par
Price
Howard Smith Paper
*
100
Low
9%
9%
High
for
521
10%
90
92
144
14
13%
14
6,005
Int Nickel of Canada
47 %
*
Market
Sales
Week's Range
Sale
90
7%
Last
Range Since Jan. 1 1930
Shares
Imperial Tobacco of Can.5
Preferred
£1
Preferred
Curb
Friday
Week
of Prices
Stocks (Concluded)
Montreal
Exchange
Friday
7%
7%
100
9,938
46%
48%
Int Paper & Power pref 100
International Power
*
29
29
20
4
4
195
International Power pf. 100
82
86
830
Low
Stocks (Concluded)
High
9% May
Apr
13% Mar
7
Apr
43%
Apr
88
Par
Mar
B R X Gold Mines
Mar
14%
Bulolo Gold Dredging....6
Cartler-Malartic Gold
1
119
Mar
Feb
64
Feb
Feb
Dome Mines
6
Feb
Falconbridge Nickel—
Jamaica Public Ser Ltd
Lake of the Woods
-
Lindsay (CW)
36
-
-
20
*
McColl-Frontenac Oil
20.
25
286
3
*
65
5
381
33
88%
Feb
500
18% c
Jan
35c June
1.95
1.80
15o
8,405
1.10
Apr
59c
70
7.80
8.20
585
Francoeur Gold
*
17c
14%c
20c
40 %c
37c
48c
Greene-Stabell Mines
1
61c
60c
62c
3,300
57c 61 %c
24,350
36
June
Jan
22
Feb
J-M Consol Gold
May
4
16%
...1
58c
Jan
Lake Shore Mines
4% June
10% May
7%
Jan
Lamaque Contact Gold M*
21 %c
2
1
59
60
15
15%
17%
Feb
Lebel Oro Mines Ltd
1
36
36
10
30
Jan
36
Feb
Lee Gold Mines Ltd
1
6c
32
32
10
26
Jan
35
Jan
30%
32%
9,948
30
34
Jan
55%
55%
3
May
65%
Apr
85
Apr
Mclntyre-Porcup M Ltd_5
Nipissing Mines
5
60
Jan
O'Brien Gold Mines Ltd__l
Pamour-Porcup M Ltd
Montreal L. H & Pr Cons.*
Montreal Telegraph
40
Montreal Tramways
30 %
100
"92"
1,098
92
93
48
2,652
41%
43%
41%
45
25
42
292
National Steel Car Corp..*
13%
13%
13%
Niagara Wire Weaving—*
53
53
55
National Breweries
44
*
Preferred
June
43
Feb
Perron Gold
17%
Feb
Pickle-Crow
55
70
13
41
34
Jan
56
Jan
60
44%
Jan
59%
57%
♦
Jan
45
Mar
May
57%
57%
15
58
Preferred
Noranda Mines
103
Jan
39
39%
57%
59%
7,011
Mar
Feb
June
Parkhlll Gold
*
220
220
5
Jan
240
Mar
100
165
165
60
152
Jan
165
June
Ottawa L H & Power—100
94
94
35
88
Feb
95
Mar
100
110
110
Preferred
Preferred
4
199%
Jan
73o
May
65o
May
28% 0
52
Jan
Jan
60
13c
60c May
Jan
21% June
29c
Mar
Apr
6c
Feb
Mar
46%
2.35 June
2.95
Jan
2.90
May
June
3c
40
Jan
50
2.40
2.38
2.60
35c
Jan
4.55
4.55
4.70
18,800
4,750
19c 19 %c
19c
1.46
6.40
Jan
6.30
3.75
Jan
5.10
13,900
18%c
Jan
31%
1.60
1.38
1
Feb
23c
■
2.35
1
Gold
Feb
440
480 June
2.35
—.1
9,950
1.12
Jan
1.75
Feb
6.50
3.95
Mar
6.95
Apr
75c
Feb
85c
82c
89c
1,750
6,100
May
1.40
2.65
2.30
2j78
44,815
1.43
Jan
2.78
June
77c
77c
500
2.88
Mar
4.00
June
51c
42%c
51c
42%c
June
83c
Mar
42 %c June
Quebec Gold Mining Corpl
Read-Authier Mine
1
Siacoe Gold
1
Sladen
Ogllvie Flour Mills—
*
25c
June
Apr
180,500
25c
1,900
6c
2,500
225
46%
4%c
Mar
61
9.50
14%c June
22c
45
2.30
Jan
22 %c
7Q**
60
10c
25c
*
Montreal Cottons
6.90
6,600
May
Jan
43
62,800
1
Jan
Jan
Jan
58 %c
100
Mitchell (J
15
3
4%
*
*
-
M assey-Harris
36
19
*
Jan
Mar
37
2o
Goldale Mines
57
22c
Jan
Apr
63,850
8.20
*
lie
31
1,405
High
35c
35c
1.90
.*
1 1936
Low
800
35
8%c ll%c
35c
Consol Chib Gold Fields-.1
33
Jan
3%
14c 14 %c
8 %c
Range Since Jan
Shares
High
32
"33
Central Manitoba Mines. 1
Jan
27
Low
50c
14%
7%
for
Week
of Prices
Price
Man
.
I
3.93
3.55
4.00
33,250
27,555
Sunloch Mines
1.34
1.24
1.35
27,932
Teck-Rughes Gold..
5.60
5.55
5.85
5,255
65c
73c
95,305
Sullivan Consol
4.30
May
52c May
1.37
May
52c May
5.85 June
Mar
Feb
110
Jan
Thompson-Cad
15
16%
35
15
June
21
Jan
Ventures Ltd
1
.951,15
37 %C May
1.60
Jan
73% c
100
2.50
Feb
Penmans
*
52
53
50
48
Mar
57
Jan
Wayside Con G M Ltd.50c
12 %c
13c
2,200
11%C May
21o
Feb
Power Corp oi Canada
*
15
15%
18%
Feb
White Eagle Silver M Ltd *
4%c
4%c
500
3%c
Mar
5%c June
Feb
Wright-Hargreaves
8.00
8.30
705
7.65
Mar
8.90
7c
17,500
Ottawa Traction
Quebeo
Regent
15
*
16
16
100
*
50
100
Power
Knitting
4%
Holland Paper pref
St Lawrence Corp
A preferred
4%
100
1.85
1.60
9%
St Lawrence Flour Mills 100
1,080
480
17
550
4%
20
100
1.85
10%
1,155
1,605
101%
11%
Jan
14%
Jan
Jan
20
Jan
1
1.10
1.22
1,300
98c
Mar
1.42
Feb
1
4.00
3.50
4.20
2.43
Mar
4.20
June
Jan
Du parquet Mining
1
66c
5c
6c
13,900
27,800
4c June
10%c
Jan
Apr
Eldorado Gold Mines Ltd 1
Granada Gold Mines
1
91c
91c
94c
400
91c
June
1.38
Mar
Mar
30c
30c
1,000
19%c
Mar
31c
Jan
20
Jan
Howey Gold Mines Ltd._l
55c
Mar
14
Mar
June
Jan
130
119%
St Lawrence Paper pref. 100
29%
27
30%
1,362
20%
Shawinigan W & Power..*
19%
19
20%
3,355
19
v
Jan
June
Sherwln Williams of Can.*
16%
16
16%
245
16
May
Southern Can Power
*
11%
1,780
11
June
*
11%
62%
11%
Steel Co of Canada
62
62%
498
67
Jan
25
56%
56%
56%
876
49%
15%
15%
15
10%
Preferred
Arno Mines
Central Patricia Gold
51
25
32
23%
6%c
Kirkland Lake Gold
Apr
Macassa Mines Ltd
100
Western Grocers pref.. 100
Winnipeg Electric
*
Jan
Apr
22
Apr
110
3%
3
40
110
200
3%
107
Jan
100
Woods Mfg pref
13
13
20
2%
11%
100
Preferred
50
50
25
50
Jan
May
Apr
110%
4%
Jan
18
60
Canadienne
57
100
..100
153"
Montreal
100
190%
Nova Scotia
100
Royal
100
Commerce
57
137
57
138
71
168
1
67%
Jan
2.20
Mar
1.00
Jan
1.40
Apr
18%o
Jan
49 %c
June
1,150
2.38
Mar
2.89
Feb
1.30
May
2 50
Feb
1.75
85G
9%
8
9%
735
8%
8%
100
1.10
2,450
58
Mar
140
Feb
Brewing Corp of Can
170
Feb
1.05
90c
4.90 June
3.40
Jan
6% June
6%
Jan
13
Feb
12%
Feb
80c
Mar
1.40
Jan
Feb
Mar
r
*
Preferred
»
184
May
214
Feb
Canada Bud Breweries
285
14
271
Jan
300
Feb
168% 169
223
164
Jan
181
Feb
Canada Malting Co Ltd..*
Claude Neon Gen Ad Ltd.*
189% 190%
242
2%
Donnaconna Paper A
HANSON BROS
Canadian Government
B
255 St. James St., Montreal
Jan
4%
Jan
18%
9%
35
340
6%
30%
Mar
32%
25c
50
25c
June
60c
Jan
16%
16%
50
15%
Apr
18%
Feb
2%
3%
5,092
2
Jan
3%
Feb
100
33
Mar
Jan
Feb
Feb
Feb
Feb
3%
9% June
35
Apr
Feb
5
5%
186
4%
Apr
35%
9%
5%
5%
40
2%
Jan
7%
34
"5%
.*
__*
34
11
11
11
10
May
16%
21%
23
1,570
20% June
28%
General Steel Wares pf 100
47
48
30
47
June
65
Laura
SecordCandy Shops*
68%
68%
30
64%
33%
33%
15
30
Jan
May
68% June
Massey-Harrls pref..-.100
Public Utility and
1883
2%
13%
25c
9
"31%
*
Ford Motor of Can A
360
760
31%
*
Eastern Dairies pref. -.100
Municipa
INCORPORATED
2%
17%
2%
16
16
Dom Oilcloth & Linoleum *
Sparks St., Ottawa
800
8%
Consolidated Paper Ltd—*
56
May
2,750
87,340
1.60
Consol Bakeries of Can
ESTABLISHED
Jan
93c
Jan
2.85
1.60
91o
43% c May
3.18
Abltibi Pow & Paper Co..*
Cum 6% pref—
100
Jan
148
1.06
41c 49 %c
2.70
Abitibi ctf of dep 6% pf 100
Brew & Distillers of Van..
Jan
51%
2.27
45c
Apr
Unlisted Stocks—
Apr
133
152% 154
284
169"
62
3,450
26,935
1.00
4.50
12c
Mar
Mar
Banks—
Canada
200
78c
4.90
2.20
Stadaconna-Rouyn Mines *
Sylvan! te Gold
__1
79c
68c
San Antonio Gd M Ltd—_1
Jan
79c
1
4.50
1
67%
60%
Sherritt-Gordon Mines
Tooke Bros pref
Feb
Unlisted Mines—
Cndn Malartic Gold
11%
Jan
130
»
June
Apr
2%
Jan
130
"
Mar
8
5
1.82
Feb
1.50 May
51
1.95
Feb
6%
104
40
51
Preferred
18
4% May
97
65c
*
*
McColl-Frontenao OilpflOO
Industrial Bonds
102% 103
Preferred
3
883
24
75
100
*
Royallte Oil Ltd
*
No oar value
96%
Jan
2% May
30
3
23
Price Bros Co Ltd—100
330 Bay St., Tiranti
27
28%
22
104%
Jan
6%
May
40
May
26%
905
Jan
Mar
40
Apr1
Mar
39%
Feb
f Flat Price.
Montreal Curb Market
June 6 to June 12, both inclusive, compiled from official sales lists
Friday
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
P,ar
Asbestos Corp voting tr._*
28
27
29%
4
2
4%
2%
23%
9%
*
23%
Brit Col Packers (new)
*
9%
Can Nor P Corp Ltd pf 100
111
Cumul
preferred
110
Catelli Food Products B
_
_
*
Low
634
17%
Jan
30
May
Feb
50
3
Mar
5%
2
May
3%
Jan
Jan
May
27%
Apr
13
16%
58
8
107%
Feb
1.11
45
20
May
27%
1
100
1
Feb
4
55
55
35
Feb
65
4
Feb
-
-
-
20%
21%
Apr
2
2
2%
10
2% May
------
2%
2%
2%
35
2%
June
1.75
1.75
75
1.75
Jan
3.00
Feb
8%
8%
10
8
Apr
12
Jan
5%
5%
201
4%
Feb
5
1.50
Cum pref
"_5%
2% June
7%
•WW
www
•wwwww
Industrial and Public
Can 5s '42
Feb
BeauharnolsLH&P 5%s '73
Beauharnols Pr Corp 5s *73
Bid
46%
91%
92%
29
30
Manitoba Power 5%s_1951
Feb
Bell Tel Co of Can 5s. 1955
115
1.00
i.oo
55
85c
Jan
2%
Apr
Brit Col Power 5%s..l960
12%
14%
668
9
Jan
19%
Feb
_*
12%
12%
13
498
8
Jan
19
Feb
Brit Columbia Tel 5s. 1960
Home Oil Co Ltd
*
1.02
1.00
1.06
1,815
70c
Jan
1.46
Feb
Burns & Co 5%s-3 %s_1948
Imperial Oil Ltd
*
20%
20%
21%
4,138
20%
Jan
24%
Apr
26
26
10
19
Jan
30
Apr
Calgary Power Co 5s__1960
36%
37
987
33%
Jan
39%
Apr
Canada Bread 6s
13%
13%
6%s
6%s
106
13%
Fraser Cos Ltd
77
Voting trust ctfs
Inter City Baking Co-.100
Int Petroleum Co Ltd
------
*
Inter-State Ray Corp A__*
Inter Utilities Corp cl A__ *
Inter Util Corp class B
Melchers Dlst Ltd A
------
1
36%
-
-
*
3%
Mitchell & Co Ltd (Robt) *
Montreal Ref & Stor vot tr*
Voting preferred
*
Page-Hersey Tubes Ltd..*
Power of Can
cum
------
------
pref. 100
Thrift Stores Ltd
99%
8
1.65
Walkerville Brewery Ltd.*
2%
Preferred
30
50
Mar
80
i
Big Missouri Mines
1941
104
77
79
79%
80
47
49
88
89
115%
Maple Leaf Milling—
2%s to *38—5%s to '49
104%
106% 107%
Massey-Harris Co 5s. .1947
80
82
99% 100%
108%
62
-
—
—
McColl Frontenao Oil 6s *49
104% 105%
Minn & Ont Paper 6s. 1945
/33 %
Montreal Island Pr 5 %s '57
Montreal L H & P (550
104%
...
4
Jan
14%
Feb
Canada Cement Co 5 %s '47
Cana Canners Ltd 6s. 1950
106
25
106
New Brunswick Pr 5s. 1937
50o
Jan
2.50
May
Canadian Inter Pap 6s '49
67%
68
1,976
9
June
13%
Feb
Can North Power 5s__1953
68
3%
85
3% June
5%
Feb
Can Lt & Pow Co 5S-1949
Certificates of deposit...
Nova Scotia L <fc P 5s_1958
67%
3%
88
88%
103% 103%
101%
Northwestern Pow 6s. 1960
11%
104%
-
-
-
90~~
Ottawa Lt Ht & Pr 5s. 1957
107%
—
-
—
12% 113
40%
/40
Ottawa Traction 5%s_1955
100%
-
-
9
13% June
15%
Mar
5%
6%
150
5
Apr
8
Jan
Canadian Vickers Co 6s '47
2
5
2
Apr
2
Apr
Cedar Rapids M & P 5s '53
9
9
5
9
Jan
9
Jan
Consol Pap Corp 5%s.l961
91
79
Jan
30
97%
89
99
6
1.65
90%
99%
8
Mar
525
6
June
100%
66
98
Jan
1.65
30
1.50
94%
101
Feb
Dominion Canners 6S.1940
Apr
Dominion Coal 5s
105
Dom Gas & Elec
1940
6%s.l945
Jan
3.00
Feb
Dominion Tar 6s
3%
34%
Feb
Donnaconna Paper 5%s '48
19
Feb
2%
Apr
185
*
18
18%
25
26%
17%
Apr
Jan
7%c
9c
3,000
4%c
Apr
10c
June
18c
18c
700
18c May
37c
Jan
30c
Jan
47c May
55o
Apr
75o
15c May
40c
1949
40c
38c
43c
1
61c
60c
63c
30,467
5,985
15c
15c
16,500
-
-
-
92%
104% 105%
83%
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
6s stamped
Gatineau Power 5a
1950
1956
1 1957
1943
86
Saguenay Power 4%s.l966
Shawinigan W & P 4%s '67
Simpsons Ltd 6s
1949
1968
Smith H Pa Mills 5%s '53
Southern Can Pow 5s. 1955
110
97%
Deo
Certificates of deposit..
Provincial Pap Ltd 5 %s '47
Quebec Power 5s
117
90
-
96%
of Can 4%s '59
84%
97%
84
73
Price Bros <fe Co 6s
91%
Feb
Fraser Co 6s unstpd._I950
1
-
Ottawa Valley Pow 5 %s '70
5s
109%
11
100% June
51
50%
101% 102%
Power Corp
Feb
540
2%
89
par
value) 3s
33%
1,680
1,976
2%
------
1 1947
9%
28%
------
..Feb
MaoLaren-Que Pr 5%s *61
1.05
28
Brazil Gold & Diamond. .1
1 1960
/60
90c
Mines—
Gold
Mar
1 1942
9%
*
Barry-Hollinger Gold
1
Base Metals Mining Corp *
Beau Tort
5s
Ask
Feb
1939
Montreal Tramway 5s 1941
100
"
*
Walker-Good <fc Worts
77
2
5%
Sarnla Bridge Co Ltd A..*
Sou Can P Co Ltd pref. 100
—-
11%
*
B
-
------
------
76%
Utility Bonds
Lake St John Pr <fc Pap Co
/46
98%
105%
*
100
Foreign Pow Sec Corp Ltd*
iwwwwmivr
Bid
Abltibi P & Pap ctfs 5s *53
Alberta Pac Grain 6s. .1946
Asbestos Corp of
*
Dom Tar & Chemical Ltd *
HAnover 2-6363
Jan
------
City Gas & Elec Corp Ltd *
Dominion Stores Ltd
•
NY 1-208
Feb
3%
New York
•
Bell System Tele.
Mar
Apr
30 Broad Street
Mar
55
Corporation
•
Montreal and Toronto
Royal Securities Corporation
Jan
1,010
SECURITIES
Municipal
•
Private wire connection between New York,
14,405
80
111
Government
High
1
-
*
*
9%
Shares
55
-
100
Canadian Wineries Ltd
23
Range Since Jan. 1 1936
1
•
Can Int Invest Trust Ltd. *
Canadian Vickers Ltd
High
2
Brit Amer Oil Co Ltd
*
Low
4%
Bathurst Pow & Pap cl B. *
Beauharnols Power Corp.*
Canada Vinegars Ltd
CANADIAN
Sales
Last
\
75
96%
100% 101»%
124% 125%
124% 125%
102
106
106%
99% 100%
103% 104%
105
105%
105% 106%
105%
—
—
-
98
Steel of Canada Ltd 6s *40
103
United Grain Grow 5S.1948
98%
99%
United Secure Ltd 5 %s '52
83%
81%
84%
82%
General Steelwares 6s. 1952
102
Jan
Gt Lakes Pap Co 1st 6s '50
Jan
Int Pr & Pap of Nfld 5s '68
53%
/52 %
103% 104%
Winnipeg Elec 6s.Oct 2 '54
113
113%
Volume
4003
Chronicle
Financial
142
m
Over- the- Court ter
Prompt and Reliable
STOCKS & BONDS
Markets
All
on
Over-the-Counter
HOIIRSSE SHigSTER
Stocks & Bonds
Established 1914
74
Trinity PL, N, Y.
Members
New
Inquiries Invited
Open-end telephone wires to Boston, Newark and
•
mmmm
Whitehall 4-3700
York Security Dealers Association
Quotations
Bid
11975
d3%s May 1 1954
a3%s Nov 1 1954
o3 Mb Mar 1 1960
a3%s Jan 15 1976.
a3%s July 11975
a4s
May 1 1957
112%
a4 %s
1972
1974
1970
1977
1978
1981
A Nov 1 1957
1963
1965.
1967
1971
1979
a4%s Sept
o4%s Mar
1 1960
1 1962
115% 115%
115% 115%
a4 %s
o4%8
a4%s Mar
1 1964
115% 115%
063
Jan 25 1937.
May 1 1959
May 1 1977
o4s
Oct
a4s
112%
o4%s
o4%s
o4%8
o4%s
o4%8
a4%s
105% 105%
107% 108
a4s
Nov
1 1958
112%
o4%s
112%
o4%s
112% 113%
1 1980
Ask
Bid
115 %
a4%8 April 1 1960
Apr 15
June 1
Feb 15
Jan
1
Nov 15
Mar 1
May 1
Mar 1
June 1
July 1
Dec 15
Dec 1
a 4s
Private wires to principal cities in United States and Canada.
City Bonds
Ask
103% 103%
106% 106%
106% 106%
105% 105%
112%
112%
112%
112%
•
Over-the-Counter Securities—Friday June 12
on
New York
o3%s July
Philadelphia.
a4%8
115%
Bank and Insurance Stocks
115% 116%
Bought, Sold and Quoted
116%
116
116% 117
116% 117%
MUNDS, WINSLOW & POTTER
117%
117
117% 118%
117%
40 Wall Street, New York
117
117% 118%
Whitehall 4-5500
118% 119
119
119%
Members New
York, Chicago and other Stock and Commodity Exchanges
121
120
121% 122%
103% 103%
New York
Par
Canal A Highway—
5s Jan A Mar 1940 to '71 b
Highway Imp 4%8 Sept '03
Canal Imp 4%s Jan 1964.
Can A Imp High 4%s '65..
_
Ask
Bid
133%
133%
---
131
—
Merchants Bank
59
National Bronx Bank
National. .60
50
85
50
52
25
40
1930-50. _JAD
Gen A ref 4s Mar 1 1975.
106 % 106 %
4a
Gen A ref 2d ser 3%s '65
104% 104%
4%s aer B 1939-53.MAN
Gen A ref 3d
102% 102%
3%s *76
ser
aer
B
Inland Terminal 4%s aer
42%
34%
36%
Peoples National
167
173
100
950
975
Sterling Nat Bank A Tr.25
32%
34
1945
Trade
18
21
115%
Flatbush National
116%
Kingoboro
100
27
National.-.100
Public National
16
10%
9%
Commercial National.. 100
First National of N Y..100 1905
Bank
12%
42
60
_
New York Trust
Ask
Par
Bid
Companies
Ask
Par
Art
Bid
Italiana.100
105
115
Empire
101%
Bk of New York A Tr. .100
495
501
Fulton
100
208
215
112% 113%
Bankers
60%
Guaranty
100
291
296
12
Irving
10
15%
14%
1720
100 1680
Banca Comm
D
MAS
1936-60
24%
40%
Fifth Avenue
George Washington Bridge
Port of New York—
90
20
National Safety Bank.12%
Penn Exchange
10
126
Bid
Ask
80
50
12%
City (National)
J& J '60 to '67
Barge C T 4a Jan 42 to *46
Barge C T 4%a Jan 1 1945.
100
13.55
Chase
4%s April 1940 to 1949.. b 2.10
Highway Improvement—
126
4s Mar A Sept 1958 to '67
Canal Imp 4a
Ask
14%
Bensonhurst
Port of New York Authority Bonds
Bid
Bid
30%
50
World War Bonus—
—
Par
29
Bank of Yorktown.,60 2-3
Ask
2.90
Bank Stocks
Ask
Bank of Manhattan Co. 10
New York State Bonds
Bid
Bid
10
20
Bank of Sicllly
108% 109%
,7
58%
10
24%
23%
1938-53
JAJ 3
105
106
100
126
128
Kings County
Lawyers
25
47
50
..20
113
116
Manufacturers
20
46
48
Chemical Bank A Trust. 10
Holland Tunnel 4%8 ser E
1930-60
MAS
Bayonne Bridge 4s series C
54
56
New
25
121
124
50
75
80
Title Guarantee A Tr
20
10
11
-.25
13
15
Continental Bank A Tr.10
18%
19%
Underwriters
100
70
80
Corn Exch Bk A Tr_. ..20
59
60
United States
100 1915
Bronx
County
,
Brooklyn
Clinton Trust
United States Insular Bonds
Bid
Colonial Trust
Bid
Ask
Ask
3.00
3.50
101%
Honolulu 5a
4%s Oct
1959
106
107
U S Panama 3s June 11961
4%s July
1952
106
107
Govt of Puerto Rico—
100
4s 1946
5s
Aprl
1955...
101% 103%
6s
Feb
1952
10S
5%8 Aug
1941
112% 114
114% 116%
Hawaii 4%s Oct 1950.....
112
Conversion 3a 1947
Par
Bid
1955 opt 1945
3s
1956 opt
JAJ
1946
JAJ
3a 1956 opt 1946
MAN
3%s 1955 opt 1945-MAN
4s 1940 opt 1944
JAJ
4s 1957 opt 1937
MANl
Ask
Bid
Bid
Ask
Par
First
100
210
235
160
National
Bid
Ask
100
250
255
Harris Trust A Savings. 100
Northern Trust Co.—100
American National Bank A
Continental Illinois Bank A
Trust
33 1-3
Federal Land Bank Bonds
3a
1965
Chicago Bank Stocks
113%
111
112% 113%
112% 113%
U S conversion 3a 1946
York
119
118
109
4%a July 1958
5s July 1948
110
7%
112% 113%
Central Hanover
Philippine Government—
.
8%
10
375
405
780
820
165
Trust
Ask
1005,6 100%
1005,6 100%
MAN
105% 105%
4%s 1956 opt 1936
1005,6 100%
102% 102%
4%s 1957 opt 1937—JAJ
109% 110
4%8 1957 opt 1937
1007,6 1009,6
102% 102%
103% 103%
4a 1958 opt 1938
called July 1,1936
MAN
104% 104%l 4%s 1958 opt 1938..MAN
107
Hartford Insurance Stocks
BOUGHT
—
SOLD
—
QUOTED
107%
PUTNAM & CO.
JOINT STOCK LAND BANK BONDS & STOCKS
Members New
6
MUNICIPAL BONDS
Tel.
Bought—Sold—Quoted
Bid
96
Teletype CGO. 437
State 0540
St., Chicago
—
Hartford 35
Insurance Companies
MUNICIPAL BOND DEALERS
120 So. La Salle
HARTFORD
A. T. T. Teletype
5-0151
Pftic.
0to6ind<jn *iP
York Stock Exchange
CENTRAL ROW
Art
100
Par
Home Fire
Security.
10
Bid
Atlanta
Atlantic
100
5s...
Chicago
100
5s.
fUH
58...
—
-
-
1
Maryland-Virginia 5s
100
American Re-insurance .10
72%
75%
100
98
99
100
Pac Coast of San Fran 5s._
100
First Trust of Chicago 5s..
100
Fletcher 5s
Pennsylvania
104
87
Greenbrier 5s
-
San
74
98
100
94
La Fayette 5s
-
-
96
-
Par
Bid
Land
Par
Lincoln
99%
22
Potomac
18
24
Ban Antonio
53
57
Pennsylvania
1
4
100
75
80
100
2
6
100
4
8
page
4006.
Carolina
Virginia
Virginia-Carolina
...
..
56
9%
11%
18
19%
10
72
75
2%
8
9
25
95
99
643
653
5
21
23
New Brunswick Fire
10
34%
36%
28%
30
10
45%
47%
National Liberty
National Union Fire
New Amsterdam Cas
27%
47
New York Fire
25%
27%
Northern
3%
4%
-10
5
10
Fidelity A Dep of Md...20
Fire Assn of Philadelphia 10
Firemen's of Newark
5
Franklin Fire
5
General Alliance
1
10
26
43
7%
45
9%
North
2
20
125
2
12
20
5
12.50
River
2.50
Northwestern
Natlonal.25
Pacific Fire
__
9%
25
42
19%
103
26%
121
10%
129
13
45
22
107
27%
126
122% 126%
86%
90%
49
Phoenix
96%
99%
Preferred
20
22
74%
76%
Pro vldence-W ashington .10
38%
40%
10
11%
Republic
10
23%
25
31
33
Rochester American
10
29
32
20%
22
Rossla
12%
14%
24
26
39%
41%
St Paul Fire A Marine..25
Seaboard Fire A Marine
5
45
10
Accident
(Dallas)
5
__5
215% 222
5
%
32
5
14%
16%
Seaboard Surety
10
23
25
Globe A Rutgers Fire...15
41%
45
Security New Haven
10
35%
37%
preferred
Great American
15
..5
Great Amer Indemnity.. 1
13
16
66
71
Southern Fire
10
25
27
27%
29%
Springfield Fire A Mar..25
Stuyvesant
5
135
138
9
11
6%
7%
Halifax Fire
10
22%
23%
Sun Life Assurance
100
480
510
Hamilton Fire
%
37
5
2d
10
24
North
69
100
Ask
7
40
3%
53
Globe A Republic
Bid
16
25
65
4
51
Glens Falls Fire
20
15
30
100
footnotes see
101
98%
Bank Stocks
100
100
For
99
100
3%
10
45
Federal
70
29
98
Casualty
5
Continental Casualty
Excess
101
68
Ask
National Fire
©*ty of New York
10
Connecticut Gen Life... 10
Georgia Home
Joint Stock
National
Eagle Fire
100
Virginia-Carolina 5s
Virginian 5s
Merch A Mfrs Fire New'k 5
53%
37%
2%
Employers Re-Insurance 10
110
/26
5s
5s
29%
51%
35%
New Hampshire Fire
New Jersey
100
5s
Union of Detroit 5s
100
100
Antonio
Tennessee
Fire
Carolina
99% 100
34
/30
Southern Minnesota 5s
78
Illinois of Montlcello 5s...
Kentucky of Lexington...
108
5s
Southwest
101
Illinois Midwest 6s
Iowa of Sioux City 5s
Phoenix
St Louis 5s
90
101
100
5s
-
Shippers
Boston
Camden
.
99% 100%
5s
Potomac 5s
100
Fremont 6s
Greensboro
.
99% 100%
28
3
48
100
Bankers A
100
94
98
10
25
Baltimore Amer
100
.
....10
Automobile
60
/40
Pac Coast of Salt Lake 5s.
10
American Surety
99
99
Pacific Coast of Los Ang 5s
5
Equitable
American Reserve..
98
90
American
American Home
99
100
90
90
30%
5
101
5s...
First of Montgomery
15%
Mass Bonding A Ins__12%
Merch Fire Assur com.2%
87
First Texas of Houston 5s.
75%
13%
Maryland Casualty
100
First of New Orleans 5s...
72%
5
Lincoln Fire
5s..
87
10
Knickerbocker
13
Pacific Coast of Portland 5a
5s
Wayne
First of Fort
Ins Co of North Amer
16%
Ask
Ohio-Pennsylvania 5s
77
8
83
26%
33%
5s..
6
80
10
York 5s
6
Art]
29%
25
15%
New
5
28%
10
.2%
Mississippi-Tennessee
Bid
25
American of Newark
98
Oregon-Washington 5s
First Carolines
5
100
Lincoln 5s
North Carolina 5s
12%
101
74
Denver 6s
Importers A Exporters
Louisville 5s
101
100
Dallas 5s
34%
10
American Alliance
Bid
99% 100%
Burlington 5s.
Homestead Fire
Agricultural
Bank Bonds
Ask
99% 100%
5s...
California
Land
54%
32%
Joint Stock
52%
10
20
30
Travelers
loo
579
589
10
36%
38%
U S Fidelity A Guar Co..2
14
15%
...10
27%
29%
U S Fire
50%
52%
10
Hartford Steam Boiler..10
72%
75%
U S Guarantee
54
57%
72
75
Westchester
35%
37%
34%
36%
Hanover Fire
Harmonia
Hartford Fire
Home
5
....4
Fire
10
2.50
Financial
4004
Chronicle
June 13, 1936
Quotations on'Over-the-Counter Securities—Friday June 12—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3oscpb Klalker $ Sons
DUNN E& CO.
Mmbm 'Njrw York Stork Exrbang*
Members New York Security
Dealers In
120 Broadway
Tel* REctor
NEW YORK
Dealers Ass'n.
20 Pine Street, New York
GUARANTEED
JOhn 4-1360
2-6600
STOCKS
vSincol855
RAILROAD
Bought
Guaranteed Railroad Stocks
—
BONDS
Sold
—
Quoted
Earnings and Special Studies
(Guarantor In Parenthesis)
JOHN
Dividend
Par in Dollars
Bid
Asked
E.
6.00
91
Albany A Susquehanna (Delaware 4b Hudson).... ..100
-100
Allegheny & Western (Buff Roch 4c Pitts)—
10.60
183
189
6.00
104
Request
SLOANE & CO.
Members New
-.100
on
Tor\ Security Dealers Association
108
Alabama 4b Vleksburg (Illinois
Central)..
95
2.00
36
132
134
132
53
4.00
97
99
6.00
99
101
5.00
95
99
Cleveland & Pittsburgh (Pennsylvania)
3.60
Bell System Teletype NY 1-68*
56
Carolina Cllnchfleld 4c Ohio (L 4b N-A C L) 4%— -.100
Common 6% stamped
Chleago Cleve Cine 4b St Louis pref (N Y Central) —100
•
138
3.00
HAnover 2-2455
•
38
8.76
8.60
41 Broad St., New York
Beech Creek
(New York Central)
Boston 4b Albany (New York
4c Providence
Boston
Central)
(New Haven).
Canada Southern (New York Central)
....
—100
87
89
48
2.00
Delaware (Pennsylvania)..—
51
46
48
5.50
86
90
Georgia RR & Banking (L 4b N-A CL)
Lackawanna RR of N J (Del Lack 4b Western).. ..100
10.00
188
193
4.00
76
Michigan Central (New York Central)
50.00
950
Central)
Fort Wayne 4c Jackson pref (N Y
—50
Morris A Essex (Del Lack 4b Western)
3.875
79
67
69
New York Lackawanna 4b Western (D L 4c W).. —100
6.00
96
100
Northern Central (Pennsylvania)
Old Colony (N Y N H 4b Hartford)
4.00
101
103
7.00
20
60
4.60
65
70
—50
1.60
3734
40
3.00
76
86
Oswego A Syracuse (Del Lack & Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
23
165
170
5)48, 1946
76
Prior Uen
7.00
(Delaware 4b Hudson)...
St Louis Bridge 1st pref (Terminal RR)
Second preferred
—100
Tunnel RR St Louis (Terminal RR)
180
183
6.90
109
105
...........
..........
146
150
99
146
150
10.00
253
257
6.00
(Pennsylvania).. —100
—100
Utlca Chenango A Susquehanna (DL4bW)
Valley (Delaware Lackawanna A Western)
Vloksburg Shreveport 4b Paolflo (Illinois Contra!) -100
United New Jersey RR A Canal
74
3.00
90
94
—
mm
100
105
6.00
77
82
5.00
80
85
63
3.60
50
53
3.00
(Pennsylvania)
West Jersey A Sea Shore
65
68
99 K
.......
Stroud & Company Inc.
Private Wires to
106
96
97
58 K
102
60
105
86
8734
101)4
10234
103
104
/40
43
103
104
7134
7334
93
54
56
95
97 K
9734
76
80
7034
72
91
93
90
9234
92 K
87
Shreveport Bridge A Terminal 1st fie, 1955.......
Somerset Ry 1st ref 4s, 1955......
Southern Illinois 4b Missouri Bridge 1st 4s, 1951.......
Toledo Terminal RR 434s, 1957
Toronto Hamilton 4c Buffalo 4)4s, 1966..............
Union Paclfio debenture 3 H s, 1971
Washington County Ry 1st 3J4s, 1954..
Quotation*—Appraisals Upon Roquost
10034
1055*
....
...
10134
10734
6734
/65
...
...
86
101K
10734
Consolidated 6s, 1945
Rook Island-Frlsoo Terminal 4>4b, 1957.............
St Clair Madison A St Louis 1st 4s, 1951........
EQUIPMENT TRUST CERTIFICATES
95
102 HI
84
Chateaugay Ore db Iron. 1st rel 4s, 1942
Chesapeake & Ohio 334s, series D, 1996
Chicago Union Station 334a, series E, 1963
Choctaw A Memphis, 1st 6s, 1962....................
Cincinnati Indianapolis db Western 1st 6s. 1966..
Cincinnati Union Terminal 334s, series D, 1971...
Cleveland Terminal A Valley 1st 4s, 1995..
Georgia Southern A Florida 1st 5s, 1945
Goshen db Decker town 1st 5)4st 1978..................
Hoboken Ferry 1st 5s, 1946
Kanawha db West Virginia 1st 5s, 1955..
Kansas Oklahoma db Gull 1st 6s, 1978....
Little Rook A Hot Springs Western 1st 46, 1939
Macon Terminal 1st 5s, 1965
Maryland & Pennsylvania 1st 4s. 1951
Meridian Terminal 1st 4s, 1955
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949.....
Montgomery A Erie 1st 5s, 1956..............
New York Central secured 3He, 1846
New York 4b Hoboken Ferry general 6s, 1946....
Portland RR 1st 334s, 1961
....
84
85
Convertible 5s, 1940-45—.................
Buffalo Creek 1st rel 5s, 1961
67
85
82
-
Western)
-
10534
82
4Ha, 1944
-
6.00
-
Preferred
•
100
104^
........
3.00
81
92
..............
6.00
7834
78
6s, 1946
Augusta Union Station 1st 4s, 1963
Birmingham Terminal 1st 4s. 1957
Boston <fc Albany 1st 4)4s, April 1 1943
Boston A Maine 3s, 1960
Prior lien 4s. 1942—
...
Preferred...
Asked
Bid
Akron Canton A Youngs town
........
7.00
Rensselaer A Saratoga
Warren RR of N J (Del Lack A
Bonds
-
2.00
Betterman stock
Railroad
■
m
m
63
68
90
—
92
111
—
96K
9734
98 K
9934
67
69
Philadelphia, Pa.
New York
ROESER & PENDLETON, INC.
Railroad
Bid
Atlantic Coast line 434s.
Baltimore A Ohio 4)4s
(a producing oil company)
Equipment Bonds
Ask
Analysis upon Bequest
Ask
Bid
Boston <fc Maine 4)4s
61.76
1.00
64.35
2.00
5s
64.00
2.50
2.00
5^s
64.00
2.50
New Orl Tex A Mex
65.00
4.00
New York
63.00
2.00
63.75
2.50
6s
63.76
2.50
8Hs Deo 1 1936-1044.
63.50
2.00
Missouri Paolflo
4He
4)4s—
Central 4)4s—
5s.
63.00
N Y Chic 4b St L
Canadian National 4)48-
2.00
Canadian Paolflo 4)4s—
Cent RR New Jer 4)48._,
63.00
2.00
62.00
1.25
Northern Pacific
Chesapeake & Ohio 5)4s-
61.60
1.00
5s
334
7K
8K
Miss Riv Pow 6% pref. 100
Mo Pub Serv $7 pref—100
8
9
Mountain States Pr com.*
4.25
87 preferred
*
Atlantic City El 86 pref..*
4.25
non-call Deo 1 1936-50
62.75
2.00
116
63.00
2.00
62.75
2%
62.75
2%
BangorHydro-El 7% pf 100
Birmingham Eleo 87 pref.*
Buff Nlag 4b E pr pref...25
Carolina Pr 4b Lt 87 pref..*
6% preferred
*
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
65
68
87 preferred
100
Cent Pr 4b Lt 7% pref..100
Columbus Ry Pr A Lt—
1st 86 preferred A—100
70
73
60
62
65.10
66.76
6.00
6.00
66
71
71
4.25
6s
65.25
4.25
6^8
65.25
4.25
63.00
2.50
Pere Marquette 4>$8—
Reading Co 4>4s
5s
.....
84
—II——
58
89
84
89
84
St Louls-San Fran 4s
89
4)4s
4.50
4.60
62.65
534s
Southern Paolflo
65.25
65.25
St Louis Southwestern 5s.
1.75
62.00
1.00
62.65
1.75
4«s
63.00
2.50
63.25
2.50
6s...
63.00
2.50
6s
63.00
1.75
61.75
1.00
5348
63.00
1.75
61.75
1.00
62.75
2.00
......
Great Northern 4)4s....
6s...
......
Hooking Valley 5s
Illinois Central 434s—
6s..........
61.75
1.00
62.85
2%
62.25
1.50
5s
Southern Ry 4)4s—
Texas Pacific 4s
62.75
4Hs
62.00
1.00
65.00
4%
Long Island 434s...
63.00
2.00
62.50
1.75
61.75
1.00
1.00
534s
63.75
2.50
....
Maine Central 6s
.
...
63.75
4Hs
2.50
65.00
■4.00
65.00
6^8
Minn St P & S S M 4s...
4.00
Wabash Ry
Par
Bid
Empire Title A Guar.. .100
Po
footnotes
see
page
4006.
Ask
K
K
8
12
100
0.75
1.06
1.06
99
102
102
102)4
2.00
Idaho Power 86 pref.....*
4.25
66.25
Western Pacific 5s_
2.00
65.25
58
62.50
62.50
Western Maryland 4)48—
Par
Lawyers Mortgage
.20
Lawyers Title A Guar.. 100
2534
9334
83
4.25
103
Bid
7%
preferred.......100
Illinois Pr 4b Lt 1st pref..*
Interstate Natural Gas..*
Interstate Power 87 pref.*
---
95
112
IK
IK
IK
11134
122
NewEngGdbE534% pf.*
24
N E Pow Assn 6% pf—100
New Eng Pub Serv Co—
73
73)4
40 H
41)4
105
49
107
K
101
50 34
102)4
111)4
103 K 104 K
10434 10534
104 K 105 K
57 preferred...
Ohio Power 6% pref
87
89)4
10434 106
11034 112
11034 112
9734 98
102
100
112
---
110
11034
50
52
193
198
95
-
122
10734 109
11034 112
H
193
1
198
41
42
27
29
2034
22
103
110
112
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pf.100
94
96
74
76
7% preferred.... ...100
Los Ang G 4b E 6% pf—100
Memphis Pr 4b Lt $7 pref.*
85
87
*
25"
111
101
Mississippi P 4b L 86 nf
3734
Nor States Pr 57 pref—100
Ohio Edison 56 pref..
*
51
49
Kan Gas 4b El 7% pf—100
Ask
5)4
38
36
7% cum preferred—. 100
N Y db Queens E L P pf 100
110
Jamaica Water Sup pref .50
Jer Cent P 4b L 7% pf-.lOO
H
4
3634
Newark Consol Gas—100
*
100
Ohio Pub Serv 6% pf—100
Gas 4c Eleo of Bergen..100
Hamilton Gas Co v t o
Hudson County Gas... 100
Realty, Surety and Mortgage Companies
,
preferred
7% preferred.......100
Dallas Pr 4b Lt 7% pref.100
Dayton Pr4b Lt 6% pf.100
Derby Gas 4b Eleo 87 pref.*
Essex-Hudson Gas
100
Foreign Lt A Pow units..*
100
-
66
2434
9134
.-100
As*
6734
71)4
79
7434
11234 114)4
16
1334
57 prior lien pref—
*
New Jersey Pr A Lt 56 pf-*
New Orl Pub Serv 57 pf—*
N Y Pow db Lt 56 eum pf.*
64
Continental Gas A El—
100 HI
101
434s
534B
Bond db Mortgage Guar_20
6.60%
1.50
0.75
61.75
6s
4)4b-_
6s
7% preferred
Bid
Nassau db Stiff Ltg pf—100
Nebraska Pow 7% pf—100
Consumers Pow 85 pref..*
6% preferred
100
61.75
Be
U1K 113
106)4 108.
61.60
5s
Virginian Ry 434a
5
86.60 preferred B—100
Consol Traction (N J).100
62.50
434a.
5s...
61.76
6s
Loulsv db Nashv
2.00
'
61.60
5s
Union Paolflo
Internet Great Nor 4)4s_
5Ms
Par
Mississippi Power $6 pref-.
$7 preferred
Assoc Gas 4c El orlg pref _. *
86.60 preferred
*
65.25
Erie RR 5)4s
6s...
89
Ask
1.00
Jan &
4^B
Denver db R G West 4)4s.
7734
87
Bid
2.00
66
6s
Alabama Power $7 pref__*
Arkansas Pr 4b Lt 87 pref_*
7534
1.00
4s series E due
1.00
66.75
4)4s
6s
1.25
62.85
58
2.00
65.10
Chicago RIdbPao 4)4s__
Par
62.00
Public Utility Stocks
62.00
0.50
62.00
Chic Mllw db St Paul
4)4s—
3.75
July 1936-49
2)4a series G
61.00
62.75
6s
4J*s
3.75
62.00
Pennsylvania RR 4)4s
N Y N H 4b Hartf
2.00
64.50
6s
2.00
64.50
63.00
Chicago db Nor West 4)4s
2.00
63.00
2.00
5s
INC.
HA™eSh2-T282 52 William Street. N.Y.
63.00
4^s
63.00
68
robinson, miller a co.
3.00
63.00
63.00
6s
5234
-
114
-
-
7% preferred.......100
Okla G A E 7% pref...100
Paciflo Pow db Lt 7% pf 100
Penn Pow db Lt 57 pref.—*
Philadelphia Co 55 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G db E—
6% preferred....
100
Rochester G db E 7% B 100
100
6% preferred C
Sioux City G db E 57 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El 100
Tenn Eleo Pow 6% pre! 100
7% preferred
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G db E(Conn)7% pf
United G A E (N J) pf.100
Utah Pow db Lt 57 pref
*
Utlca Gas db El 7 % pf ..100
_
8534
87
Virginia
77 34
79
Wwtflrn PnwflP %7 nrpf
Ry—
.-.100
lOO
10334
106
108
109 H
84)4
K 111)4
8534 87)4
107
83
109
107
83
110
•
-
107
105
86
28
193
64)4
-
—
105)4
88
28 34
198
65)4
73
74
107
109
110K 111)4
90)4 92)4
68
•
-
-
65)4 66)4
96)4 98)4
111)4 113
100
Volume
Financial
142
Quotations
Over-the-Counter Securities—Friday June 12—Continued
on
Specialists in —
Securities of the
Associated Gas & Electric
8. A. O'BRIEN
Water Works Securities
System
Complete Statistical Information—Inquiries Invited
A CO.
Swart, Brent & Co.
Members New York Curb Exchange
75 FEDERAL ST., BOSTON
Hancock 8920
150 BROADWAY, NEW YORK
COrtlandt 7-1868
incorporated
40
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Direct Private
Public
Bid
Amer States P 8
10854 10854
84 54
86 54
1945
91
93
65
67
Associated Electrlo 5s. 1961
68
6854
Assoc Gas & El Co
40
...
1st 6s series A
105
104
4548 '65
Keystone Telep 5548-1955
Long Island Ltg 6s...1955
Los Angeles G & E 4s. 1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st & gen 454s
1960
Kan Pow A Lt 1st
Ark Missouri Pow 1st 6s *53
454s '58
Assoc Gas & Eleo
Corp—
354s—1978
Income deb 3548—1978
32 54
3354
33
36
3654
3854
3954
10154
107 54
106
10554 10554
10754 10854
Income deb 4s
Income deb
454s—1978
Conv deb 4s
1973
1973
66
72
73
76
40
Sink fund lnc 4 54s.
42 5*
454s
.1983
Sink fund Income 5s 1983
1940
Bellows Falls Hy El 5s 1958
Participating 8s
-
-
-
-
107 54
96
70
99
54
D—1965
Ashtabula Wat Wks 5s '68
Atlantic County Wat 5s '58
—
1957
5s series B
103
.1954
102
10354
10354
series
1951
Pacific Gas A El
394a H '61
71
69
...
«.
•
-
Public Serv of Colo 6s. 1961
10554 10654
Pub Serv of
10554 10554
Connellsville Water 5s. 1939
10454 105
...
8154
Pub Serv of Okla 4s A. 1966
8454
10654 107
92 54
91
Pub Utll Cons 5548—1948
Cent 111 Light 3548—1066
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4« ser G '60
103 54 104
4s '65
Sioux City Gas A El 6s '47
Colorado Power 5s.-.1953
10554
Sou Calif Gas 1st 4s..1965
Columbus Ry P & L 4s *66
10654 10654
105 54
105
Sou Cities Utll 5s A..1968
10354 10454
103 54 10354
Tel Bond A Share 5S..1958
60 54
Utica Gas A El Co 6s. 1957
Consol Edison NY 35*8*46
Debenture 354s
1956
Consol E & G 5-6s A.. 1962
Consumers Pow
354s. 1970
5954
78
554s series A
1947
.1946
6s series Ai.
1946
San Diego Cons GAE
S'western Gas A El 4s. 1960
77
104
107
102
98
Pittsburgh Sub Wat 5s *58
102
Plalnfleld Union Wat 5s '61
10954 10954
106 54
105
10454 104 54
58
5854
103 54 103 54
87
85
1942
10554
Roanoke W W 6s
1950
9254
10454
10554
Western Pub Serv 5 54s '60
54
97~"
95
91
89
1942
104
6s series B
1942
10454
5s series D__
1960
104 54
58 series B.
1952
--
•
98
1977
108
1960
46
1st lien A ref 5s
1970
Indianapolis Water 454s '40
1st lien A ref 5548—1953
1st lien A ref 5 54s. .1954
1958
Texarkana Wat 1st 5s. 1958
102
10554
Union Water Serv 654s '51
102
10554
Water Serv Cos lnc 5s. 1942
94
10554
West Virginia Water 5s
102
81~~
103
10154 10354
68 series A
...
-
104
'51
104
103~~
Western N Y Water Co—
106
104
106
96
99
96
99
5s series B
10454
Kokomo W W Co 5s„ 1958
10454
Lexington Wat Co 554s *40
101
-
—
106
1951
1950
10054 102 54
Westmoreland Water 5s '52
10254 10454
Wichita Water Co 5s B. *56
9954
9754
102
1950
1st mtge 5s
Jamaica Water Sup 5 54s *55
Jopiin WW Co 5s
1957
Reports—Markets
5s series B
79
105
Interstate Water 6s A. 1940
Estate Securities
102 54
102
-
—
Indianapolis W W Secure—
5s
10254
1960
1949
-
10454
Illinois Water Serv 5s A '52
102
1960
-
102 5*
1962
10054 10054
10154 10354
10054 102 54
1967
Sedalla Water Co 554s '47
South Bay Cons Wat 5a '50
Terre Haute Water 5s B '56
102J4
1954
10554
10654
10254 10354
5s series A
100
5s
10254 103
1958
1961
454a
Sou Pittsburgh Wat 6s '55
9854 10054
6s
Huntington Water 5s B *54
106 54
10(T~
Scranton Spring Brook
Water Serv 5s
106
West Penn Pr 3 548 ser I '66
1961
10454
1st A ref 5a A
1952
5548 series B—
4ssel9A66
Scranton Gas A Water Co
6s series A...
Wisconsin G A El 354s'66
1st mtge 4s
—
E St L A Interurb Water—
Hackensack Wat Co 5s '77
124 54 125
94 54
100 54
St JosepbWater
Davenport Water Co 6s '61
Greenwich Water A Gas—
10654
100
104 54
108
Richmond W W Co 6s. 1957
8654
100
Roch A L Ont Wat 5s. 1938
1st lien A ref 5s
Real
1948
99
10054 102
44
Prior lien 5s
Pinellas Water Co 554s '59
95
Iowa Sou Utll
5548—1950
City Pub Serv 3s. 1951
...
8454
88 54
97
Wisconsin Pub Ser 5 54s '59
Kan
8254
102
9954 101
101
93
102
103
100
1948
1948
1958
Green Mountain Pow 5s '48
...
1950
1st A ref 5s
1958
10654 10754
/40
77 54
7554
354s '65
106
454s
Federated Utll 554s..1957
Federal Pub Serv 1st 6s '47
95
Penna Water Co 5s...1940
Phlla Suburb Wat 4s..1965
103
6s serels A
Wash A Suburban 554 s 1941
Edison El 111 (Bos)
9954
1st consol 5s
Community Water Service
554s series B
98
92
10254 104
1st mtge 5s__
Virginia Power 5s
10354 104
73 54
108
1st consol 4s
Consol Water of Utica—
NH35*sC'60
107 54
/7154
9854
97
Peoria Water Works Co—
10554
10554
Cent Ark Pub Serv 5s 1948
106 54
92
Penna State Water 554s '52
101
Commonwealth Wat (N J)
5s series C
1957
10454 10554
1954
Ohio Water Service 58.1958
Ore-Wash Wat Serv 5s 1957
101
1957
554s
Ohio Valley Water 5s.
10354
102
1st 58 series C
10454 10554
-
-
102
1941
Pennsylvania Elec 5s. 1962
Penn Telep Corp 1st 4s '65
Peoples L A P 554s ...1941
Conn River Pr 354s A. 1961
95
9954 10154
110
...
92 54
93
Newport Water Co 5s. 1953
Ohio Cities Water 5 548 '53
10154 102 54
100
10054
9754
90 54
10354 105
Blackstone V G A E 4s '65
8054
1951
10454
Chester Wat Serv 454s *58
Citizens Water Co (Wash)
Brooklyn Edison 3 548.1966
Bklyn Man Trans 454s '66
83 54
New Rochelle Wat 5s B '51
102 54
102 54 10454
9654
103 54
1946
950
New York Wat Serv 5s '51
Clinton W Wks Co 5s. 1939
654s—1946
Muncle Water Works 5s '65
10554 10654
Parr Shoals Power 5s. 1952
1st lien coll tr 6s
10054 10154
103
10454
103 54
Central G A E
Ask
106
California Wat Serv 5s '58
City W (Chat) 5s B...1954
1948
B
Old Dom Pow 5s May 15'51
9854
104
105 54 10754
Monongahela Valley Water
New Jersey Water 5a.>
100
1954
554s series A
5s
4754
102
Long Island Wat 5548-1955
Middlesex Wat Co 554s' 57
Monmouth Consol W 6s '56
1950
Morgantown Water 5s 1965
Birmingham Water Works
6 54s series A
1951
City of New Castle Water
Okla Nat Gas 6s A...1946
5s
100 54 10154
Bid
Ask
9854 10054
10454
10354
10354
554s
5s
10254"
-
43 %
Sink fund lnc 554S--1983
106
Northern N Y Utll 5s. 1955
-
Alabama Water Serv 5s '57
Alton Water Co 5s
1956
Butler Water Co 5s___1957
Newport N & Ham 5s. 1944
New Eng G & E 5s.__1962
N Y Edison 3548
67
1973
Conv deb 554s
1973
Sink fund Income 4s 1983
Conv deb 5s
9854
9754
New York Cent Eleo 6s '52
65
Conv deb
Mtn States Pow 1st 6s 1938
Bid
6s series C
10554
105
33 54
1978
Income deb
'
PLACE, NEW YORK
Teletype: New York 1-1078
Water Bonds
Ask
Bid
Ask
Kansas Elec Pow 1st 6s '37
1948
Ariz Edison 1st 5s
Utility Bonds
70
68
EXCHANGE
Tel.: HAnover 2-0510
10154 103
6548.1948
Amer Wat Wks & El 5s '75
4005
Chronicle
102
1st mtge 5548
5s series C
1960
10454
6s series A
...
1949
10354
1952
103
W'msport Water 5s
103
Public Utilities—Industrials—Railroads
AMOTT,
BAKER & CO.
Surety Guaranteed Mortgage Bonds and Debentures
INCORPORATED
BArclay 7
ACr
r%
*■
j
Bell System Tel.
w
150 Broadway, N. Y.
2360
ny 1-588
,
Bid
Bid
Ask
All series
Real Estate Bonds and Title Co. Mortgage
Bid
Jan 11941
Alden 1st 6s
Broadmoor (The) 1st 6s
'41
B'way Barclay 1st 6s. 1941
Certificates of deposit
B'way A 41st 8treet—
1st leasehold 6548..1944
Broadway Motors Bldg6s stamped
1!
Chanln Bldg lnc 4s
1945
/42
/50 54
31
44 54
Majestic Apts 1st 6S..1948
54 54
1948
6s
1953
44
Home
6s—
Metropolitan Corp (Can)—
/3154
3254
/39
42
Metropol Playhouses lnc—
/56
5754
Munson Bldg 1st
N Y Athletic C ub—
1947
6s
6454
66 54
6854
7054
9054
92 54
.
1945
7154
6548.1939
/3054
S f deb 5s
Chrysler Bldg 1st 6S..1948
Court A Remsen St Off Bid
95
1st mtge 2s stmp A
1st A gen 6s
reg'55
1946
1937
N Y Eve Journal 654s.
97
1953
(Mtge Guarantee series).
1953
Potomac
Realty Atlantic
Debenture Corp 2-6s '53
Realty Bond A Mortgage
ture Corp 2-6s
/28
3754
37
N Y Title A Mtge Co—
/49
5154
/30
32
554s series BK
m%
43
/33 54
8
554s series C-2
554s series F-l
/365*
33
4254
4254
4454
deb
1953
2-6s
Union Mtge Co 5 54sA 6s'37
/33
—
75
—
Universal Mtg Co 6s '34-'39
67
...
4254
4454
4254
/54
/54
4454
—
39
/2654
—
4454
4454
4254
34 54
50
554s series Q
33
Nat Bondholders part ctfs
(Mtge Security series) __
Nat Cons Bd Corp 2-5s '53
76
Potomac Maryland Deben¬
/30
35
1953
2-6s
79
(Central Funding series)
Nat Bondholders part ctfs
3554
1953
Potomac Deb Corp 2-6s '53
46
Nat Bondholders part otfs
101
1953
2-6s
Mortgage Bond Co of Md
Ino 2-5s
77
(all
Corp
2-5s
Potomac Franklin Deb Co
7254
Apr 28 1940
East Ambassador Hotels—
1947
/654
Eqult Off Bldg deb 58.1952
Deb 5s 1952 Legended
75
77
74 54
76
51
5254
1st A ref 554s
..
50 Bway Bldg 1st
3s lnc '46
1941
62d A Madison Off Bldg—
6s
Nvv
1947
Film Center Bldg 1st
40 Wall St Corp 6s
42 Bway 1st 6s
1st 6s
.
6s '43
1958
1939
42
...
stamped... 1948
3054
70
6554
6854
72
k"
'61
4654
4854
4954
*—
1943
/4954
51
69
/4054
6548.1940
/3454
36 54
Co
5 54s
46
oxy
income.......
Theatre—
1st fee A l'hold
9
71
49
63
6554
5754
5954
92
9354
/53 54
4954
6s
1st 5548-1945
1945
herry Netherland
Bldg—
1st 654s
Apr 15 1937
Lincoln Bldg lnc 5548-1963
84
87
General
yracuse
64
7s
1945
Hotel (Syracuse)
Oct 23 1940
1st 6548
69" "
1947
'40
1st 6548 (L I)
1942
1936
/1254
-
9254
73 54
73 54
...
120
147
Pac A Atl
150
12154 12354
88
46
91
•
—
63
43
9654
102
—
-
98
1st 5 54s
Peninsular Telephone com*
Preferred A
100
Roch Telep $6.50 1st
pf.100
1854
20 54
1954
11054 11354
112
*»<•»«
25
20
24
Sou New Engl Telep... 100
145
148
12454 126
So A Atl Telegraph
pref. 100
Trl States Tel A Tel—
105
115
Preferred
14354 14554
New England
124
Tel._100
Tel A Tel 100
25
S'western Bell Tel
«•
—
-
Telegraph
Wisconsin
10
Telep 7% pf.100
1054
1154
11554 11754
126
..1939
Oct 19 1938
festinghouse Bldg—
Federal Intermediate Credit
Bid
Bank Debentures
Bid
Ask
Ask
62
48
99 54
93
45
29
118
100
Int Ocean Telegraph...
5154
1454
/58
63 54
/43
pref.. 100
Emp A Bay State Tel..100
Franklin Telegraph
100
Cuban Telep 7%
As*
25
N'weet Bell Tel pf 6 54 % 100
25
/5054
67
Telep of Canada. .100
Bell Telep of Pa pref—100
Clncin A Sub Bell Telep.50
Bid
New York Mutual Tel.100
22
/23
/46
Ludwlg|Bauman—
1st 6s (Bklyn)
/20
/21
Loew's Theatre Realt Corp
lit 6s
2154
53 54
5154
Lewis Morris Apt
London Terrace Apts 6s
/20
49 54
1936
Bell
Par
Ask
U754 120
12354 12554
Hotel—
May 151948
1st 554b
Kelth-Albee Bldg (New
1st 4-5s extended to 1948
-100
Mtn States Tel A
Rea ty ext
5554
Lefcourt Manhattan Bldg
(N J) com.*
Lincoln Tel A Telegraph..*
73
/47
Am Dlst Teleg
Gen Tel Allied Corp $6 pf.
1054
4454
Telephone and Telegraph Stocks
Preferred
double stpd—1961
Realty Assoo Sec Corp—
165 Bway Bldg 1st 554s
Prudence
/50 54
Fox Theatre A Off Bldg—
Oct 1 1941
Fuller Bldg deb 6s
1944
554s unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
11
103 E 57tb St 1st 6S..1941
/24 54
4254
Bid
/8
87 54
58
1st 654s
Nov 15 1939
1st 6s
1 Park Ave 6s..Nov 6 1939
3554
1400 Broadway Bldg—
Rochelle) 1st 6s
2-68.1953
Oliver Cromwell (The)—
unstamped... 1949
602 Park Ave 1st 6s.
/48 54
(Phlla)
July 7 1939
Nat Deben Corp
19th A Walnut Sts
500 Fifth Avenue—
1st 654s
44
46
/54
32
1st 6s—1941
1st 6s
Dorset (The)
Mtge Co 5548 A
1934-43
Bond
Potomac
5154
Potomac Cons Deb Corp—
77
2-6s
Debenture
Cont'l InvDebCorp 2-6s '53
94
—
Issues)
96
f2854
1954
Series B 2-5s
79
55
Associated Mtge Cos Ino—
Cont'l Inv Bd Corp 2-5s '53
Metropolitan Chain Prop—
32 54
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '63
1954
Series A 2-6s
76
2-5s
3054
Ask
Bid
Ask
Chesebrough Bldg 1st 6s '48
654s
Certificates
Ask
Nat Union Mtge Corp—
Allied Mtge Cos Ino—
1st 654s
Z72 54
6554
/28
1st lee A leasehold 6s '39
10154
154s...June 15 1936 5 .30%
FIC 1543—^uly 15 1936 b .30%
FIC 1543—Aug 15 1936 5.30%
F I C 1543...Sept 15 1936 5 .30%
FIC 1543—Oct
15 1936 5.35%
FIC 1543...Nov
FIC 1543...Deo
F I C
For footnotes see page 4006.
11I t11 11
11•
1
1
1
FIC 1543—Jan
FI C 1543...Feb
FIC 1543—Apr
16 1936 5 .40%
15 1936 5 .40%
15 1937 5.50%
15 1937 5 .50%
15 1937 5.50%
1
1
1
1
1
»
1
1
•
1
1
1
1
1
•
June 13, 1936
Chronicle
Financial
4006
Quotations on Over-the-counter Securities—Friday June 12—Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
DISTRIBUTORS
NEW YORK
BROAD STREET
30
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
WHEN
ISSUED
BUS
Ask
*
16.55
17.61
Affiliated Fund Ino com..
1.86
2.04
Corp...*
22%
23%
Par
Fund
Administered
M. S. Wien & Co.
Amerex Holding
Amer Business Shares...1
BROAD
ST., N. Y.
3%
5%
4 A
Assoc Stand OH Shares.
Gal.
Angeles,
1.16
Equities Inc
Am Insurance Stock Corp*
.2
.
British Type Invest
61
1.59
Nation Wide Securities __1
4.24
4.34
Voting trust certificates.
N Y Bank Trust Shares
1.74
1.88
77%
31.42
19%
No Amer Bond Trust ctfs.
3%
73%
4.50
No Amer Tr Shares 1953—
2.55
39
42
4
1%
10%
2.62
Series AA mod
3.28
..100
Common B shares
SERVICE
Cumulative Trust Shares. *
5.80
2.29
Deposited Insur Shs A
Deposited Insur Sh ser B
Bristol & Willett
38%
110
100
3.86
42
3%
.97
1.08
Quarterly Ino Shares..25c
Representative Trust Shs.
Republlo Investors Fund .5
Royalties Management
1.56
1.71
12.46
12.96
4.55
4.85
.50
.65
Selected Amer Shares Ino
1.55
1.69
3.63
4~.66
9.50
Selected Income Shares
4.93
Selected Industries conv pf
17%
19.41
20.22
3.65
3.90
1.09
Spencer Trask Fund
C
4.50
4.80
Standard Utilities Ino
*
1.01
6.85
7.60
State Street Inv Corp
*
95.63
25c
1.61
1.74
Super Corp of Am Tr Shs A
3.72
Eqult Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Inc.
*
40 %
43%
26.01
28.02
Fixed Trust Shares A
*
11.84
C
*
9.82
D
Foundation Trust Shares A
4.75
5.05
Fundamental Investors Inc
21.66
23.76
Fundamental Tr Shares A.
6.02
6.63
1920
115 Broadway, N. Y.
Tel, BArclay
Bell System Teletype NY 1-1493
Dividend Shares
7-0700
Industrial Stocks
Par
v t c._
11%
30%
70
73
Book
100
25
*
102% 105
29%
30%
21
21%
71
75
Art Metal Constructlon.10
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
1st preferred
100
3%
47%
12%
51%
National
50%
14%
53
Norwich
3%
26
30
Carrier Corp 7% pref._100
41
46
Climax Molybdenum
Columbia Baking com
44%
45%
Preferred
Ohio
52%
14.46
2.57
2.52
D
6.73
5.79
B
1.02
1.14
Trusteed Industry Shares.
1.36
1.51
1.46
1.59
Trusteed N Y Bank Shares
1.51
1.72
1.83
1.98
1.54
1.67
United Gold Equities (Can)
Standard Shares
.1
2.84
3.15
1.15
1.26
U S El Lt A Pr Shares A..
18%
19%
Investing shares
1.38
1.50
B
2.87
2.97
Merchandise shares
1.25
1.36
Voting trust ctfs
1.12
1.20
1.49
1.62
Un N Y Bank Trust C3„
Petroleum
shares......
1.18
1.29
Un N Y Tr Shs
RR Equipment shares..
Steel shares
55%
100
78
83
23%
87
5
37%
39%
*
20
22
Pathe Film 7% pref
Publication Corp com
6.99
Supervised Shares new
2.31
1.10
1.20
Wellington
1.49
1.62
Automobile shares
5%
21
Pharmacal
6.99
13.30
Chemical shares....
Food shares
100
100
Match Corp.*
Leather
2.58
Trusteed Amer Bank Shs B
Building shares
...
1.26
Tobacco shares
120
Canadian Celanese com..*
3.91
Trustee Standard Invest C
6.46
2.14
* Z109
Northwestern Yeast
2.58
BB
Trustee Standard OH Shs A
5.88
Group Securities—
Agricultural shares
52
3%
AA
B
Mining shares
*
48
Casket
North Amer
115
33%
31.56
5.70
General Investors Trust..
106
5% preferred
New Haven Clock pf
100
31%
102
Preferred
29.37
B
3%
.100
Nat Paper & Type com
4%
2
7%
56
100 a:113% 115%
Preferred
23
100
Preferred..
American Republics com.*
Andlan National Corp...*
6%
54
Ask
Mock Judson & Voehringer
23
100
American Mfg
1
preferred
6%
Bid
2%
Merck & Co Inc com
8% cumul preferred
Amer Maize Products
—*
Preferred
Maytag warrants
American Hard Rubber—
American Hardware
^ Par
Macfadden Publics com—*
12%
27%
Arch
American
B
-■***
Ask
*
Amer Air Lines Ino
American
Bid
19
*
Standard Am Trust Shares
9A
D
Established
Members New York Security Dealers Association
14
2%
Selected Cumulative Shs„
2~55
3.60
Diversified Trustee Sha B.
73
40%
13%
Selected American Shares.
36 A
Deposited Bank Sha ser A
Market
31
115
10
7% preferred
In the
Pacific Southern Inv pref_*
Class A
*
65
Plymouth Fund Inc A-10c
28 A
10
com
Securities—_ 100
Class B
3.28
Series ACC mod
3.37
Series 1958
Northern
2.62
Accumulative series...
3.33
Series 1956
28.44
A
3.37
Series 1955
6
26.45
2.72
8% preferred
Over-the-Counter
1.46
Corporate Trust Shares...
BOwIlng Green 9-3565
Teletype N. Y. 1-1666
COMPREHENSIVE
25.31
1
10
Crum & Forster Ins
A
1
Mutual Invest Trust
Series AA
Broadway, New York
19.74
26.85
25~.28
2%
Mass Investors Trust
Continental Shares pref
Exchange, Inc.
18.25
*
corn-
.70
Commercial Nat'l Com
[New York Security Dealers Association
Members[ Commodity
Major Shares Corp
Maryland Fund Ino
6%
17 %
4.10
Century Trust Shares...*
.
6%
23.12
"".53
*
Class B
98~.12
*
Investment Tr of N Y
29.38
1
Central Nat Corp cl A...*
C. E. UNTERBERG & CO.
96.18
Investors Fund C
.33
Canadian Inv Fund Ltd.l
Sylvania Industrial Corp.
1.10
43
41
4A
A...1
Ltd
Ask
Keystone Cust Fd Inc B-3.
4.58
Broad St Invest Co Ino
Fund
1.00
41
.45
shs50c
*
Basic Industry Shares...*
Bullock
Bid
3%
Bancshares Ltd part
Bankers Nat Invest Corp
Climax Molybdenum Co.
_.
7% preferred
12%
1.04
Par
Investors Fund of Amer.
Invest Co of Amer com .10
1.23
11%
Amer General
Teletype N Y 1-1397
Los
1.13
Amer & Continental Corp.
Established 1919
New York Security Dealers Assn.
25
Correspondent
Inventing Companies
SECURITIES
HAnover 2-8780
Incorporated
BOwling Green 9-1420
Kneeland 8C Co.—Western Trading
RIGHTS
Members of the
GROUP,
Street, New York
SECURITIES
REORGANIZATION
Company Securities
Guardian Inv Trust com.*
103
Columbia Broadcasting A *
Class B
__*
55
56%
55
56%
*
*
$7 1st preferred
100
Remington Arms com
*
Scovill Mfg
25
Singer Manufacturing..100
Crowell Pub Co
*
54
56
Sparta Foundry common-
25%
100
108
5
36
Dentists' Supply Co of N Y
52
55
Standard Cap A Seal
Standard Screw
100
132
Dictaphone Corp
52
55
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
7
26
15
1%
22
26%
*
1.37
1A
Preferred
24
se
Fund
3%
17.84
rF
3%
1%
19.58
2%
Investm't Banking Corps
Bancamerica-Blalr
First Boston
Corp..
*7%
49%
Corp
8%
51
17
*
Xll
$7
•
com
preferred
*
Preferred
100
Dixon (Jos) Crucible... 100
Doehler Die Casting pref. *
13
x23A
$1 cum pref
25%
119%
51
13
16
68
70
Flour Mills of America...*
Foreign shares
American
*
shares
...»
*
%
Steel
5%
6%
30
102
33
-
47%
-
50%
6
4%
100
45
48
38
40%
26
27%
14%
15%
Klldun Mining Corp
Lawrence Portl Cement 100
2%
17
2%
100
100
118
19
112
$3 conv preferred
*
Welch Grape Juice pref .100
Pulp & Pap com.*
100
Preferred
White (S S) Dental Mfg .20
White Rock Min Spring—
9
45%
105
2%
Bid
American Meter 6s...1946
-
-
•
---
37%
110
BURR & COMPANY INC.
Chicago
_
--
-»
1939
-
95
-
97
Bear Mountain-Hudson
10
Chain
46%
104
conv 4s. 1950
3%s
Deep Rock OH 7s
1955
1937
Fairbanks Morse deb 4s'56
44
Chain Store Stocks
Par
47
15%
7% preferred..
17%
101% 103%
13%
14%
*
conv
Preferred
Journal of Comm
1961
37
104
108
105
Bid
l%s
1%8
Stores..
Aug
1%8
June
1 1939
101.3
/15%
17%
99%
100%
*
80
102
4%%
preferred
Sons com
preferred
Murphy(G O) $5 pf
6%%
Neisner Bros
Reeves
pref
Schlff Co preferred
5
100
United Cigar Sts 6 % pf. 100
8%
6% pref ctfs
preferred...100
88
Bid
100
*
100
100
100
(Daniel) pref... 100
Rose 5-10-250 Stores
107
Par
Ask
U S Stores
113
8
36%
114
9%
39
102
104
111
115
105
95
106%
18
20%
17%
20
3
6
101
Sugar Stocks
101.3
/34%
36%
5s._1946
95%
97%
Scoville Mfg
1945
1961
Std Tex Prod 1st 6%s as '42
Struth Wells Titus 6%s *43
5%s
Standard Oil (N J) 3s.
Wltherbee Sherman 6s
Woodward Iron 5s
76
BUS
109 %
Ask
1946
Reynolds Investing 5s 1948
100
17%
100
.100
100.7 101.10
15 1936
15 1937 101.21 101.24
15 1938 102.23 102.26
Aug
Aug
2s i
101% 102%
73
/71
99% 100%
6%s.l937
6%
101
.20
Eastern Sugar Assoc.
.
1
Preferred
23%
15
16%
24%
*44
1952
26
A
102% 10,2%
89
Ask
22%
*
Merchants Refrlg 6s.. 1937
31
100
7% preferred
Penn-Mary Steel 5a...1937
Jones A Laughlln Steel—
4%a
Miller (I)
10
100
Melville Shoe—
Green (H L) 7% pref—100
Katz Drug preferred
*
Kobacker
104%
101.0
4%
14%
39
14
116%
16%
131
pref
pref
37%
4%
Edison Bros Stores pref 100
Flshman (M H) Stores
*
60
125
127
Kress (8 H) 6%
Lerner Stores
3%
Blckfords Inc
Par
Ask
8
92
pref
*
Bohack (H C) common..*
7% preferred
100
Diamond Shoe, pref
100
32
55
120
100
B G Foods Inc com
$2.60
30
BUS
Borland Shoe Stores..—_*
100
100
10C
Young (J S) Co com
7% preferred
N Y Shipbuilding
Federal Farm Mtge Corp—
l%s
Sept 11939
Haytlan Corp 8s
1938
Securities
8
4%
103
1st
Store
3%
10C
Nat Radiator 5s
100
Chicago Stock Yds 5s. 1961
Boston
-
Home Owners' Loan Corp
•
112
.
Cudahy Pack
NEW YORK
-
115
25
"
1953
7%
8
6
WUcox-Glbbs common. .50
Ask
104 %
American Tobacco 4s. 1951
River Bridge 7s
6%
Pomeroy Ino com
26%
138
100
preferred
Worcester Salt
-
Am Type Founders 68.1937
Am Wire Fabrics 7s.. 1942
23.36
345
Miscellaneous Bonds
Debenture 6s
22.10
Investors..*
5
3%
100
$7 1st
WJR The Goodwill Station
200
100
1st 6% preferred
2d 8% preferred
*
pf .10
Unexcelled Mfg Co
10
Un Piece Dye Wks pf—100
U S Finishing pref
100
Tublze ChatUlon cum
West Va
com...
Lord & Taylor com
Incorporated
SchoeUkopf, Hutton &
Warren North am—
-
Great Northern Paper..25
Jacobs (F L) Co
Preferred
--
.55
32
4-1A
*
Great Lakes SS Co
*
com
Trlco Products Corp
1%
4%
5%
Gen Flreprooflng 37 pf.100
Golden Cycle Corp
10
Graton & Knight com
*
Preferred
30%
341
-
.40
Taylor Wharton Iron &
Foundation Co-
Galr (Robert) Co com
4
Huron Holding Corp
57 William St.
Taylor Milling Corp
50
Preferred
103
42%
44
40
101
Douglas Shoe preferred. 100
Corp
Draper
39%
Par
Savannah Sugar Ref
*
preferred
100
West Indies Sugar Corp.. 1
7%
1951
Ask
2%
118
3%
1%
91
No par value,
106% 107%
a
Interchangeable. 6 Basis
98%
98%
d
/9%
11%
prioe.
e
Registered coupon (serial).
York Curb Exchange.
73
/13
/61%
-
•
Coupon.
/ Flat price,
to
< When Issued,
x
Ex-dlvldend.
y
Now selling on New
-
16
63
t Now listed
t Quotations
on
New
per 100
York
Stock
Exchange.
gold rouble bond equivalent to 77.4234 grams of pure gold.
Youngstown Sheet & Tube
Conv deb 3%s
Bid
115%
114
108% 109%
*
Readmitted to listing on N. Y. Stock Exchange.
Volume
Financial
142
Quotations
By R. L. Day & Co., Boston:
Over-the-Counter Securities
on
Shares
25 Arlington
Bid
8%
Antloqula
Bank of Colombia
/25
Barranqullla 8s'35-40-46-48
Hungarian Cent Mut 7s '37
33
Hungarian Discount A Ex¬
/18%
/18%
/15%
_
23
/31
7% .1947
1948
Bank of Colombia 7 %
Ask
Bid
Ask
/20
1946
20
change Bank 7s
1936 /27
Hungarian defaulted coups /20 40
/24
Hungarian Ital Bk 7%s '32
20
16%
100
Ilseder Steel 6s
1948
/24
26
25%
Jugoslavia 5s
1956
38
39
/17
/14
A6
/8%
/5%
21
16
Coupons
Koholyt 6%s
—1943
Land M Bk Warsaw 8s *41
17
Leipzig O'land Pr 6%s '46
Palatinate
Cons
Clt 7% to
1945
Bogota (Colombia) 6 Ha '47
1945
8s
Bolivia (Republic) 8s. 1940
7fl
1958
69%
Mlag Mill Mach 7s..-1956
6%
1969
7a
6%
1940
6s
Brandenburg Elec 6s.
Brazil funding
.
fs
/20%
/68%
/ 70
1953
6%.1931-51
Brazil funding scrip
(Germany)
Bremen
7s *35
British
11
Minas Geraes
6%s
6%s—1958
1959
1959
22
Montevideo 6s
/29
32
1952
Munich 7s to
1945
Munio Bk Hessen 7s to '45
/25%
27%
/45
47
Recklinghausen 7s.-1947
Nassau Landbank 6%s '38
Coal Ind Corp—
1953
6 Ha
Buenos Aires scrip
Burmelster A Wain 6s. 1940
/109
Caldas (Columbia) 7%s '46
Call
(Colombia) 7%-.1947
Callao (Peru) 7%%„ 1944
Cauca Valley 7%s
1946
Ceara (Brazil) 8%
1947
Chilean Nitrate 5s
1968
/44
55
/22%
/65
/ 27
/26
25
75
'«»*•
/10%
/10%
/10%
/9%
/3
/67
«.
(A AB)
1946-1947
C C A D 7
1948-1949
68%
Shares
59%
5 The Como Mines
fiS"
53 %
/21%
/24
24%
23%
22
51
95%
49%
Oberpfals Elec 7% —1946
/19%
53
45%
Oldenburg-Free State 7%
to
1945
/19%
22%
/50
60
/15%
16%
52
Panama 5%
25
Porto
53
Protestant
25
Prov Bk
/20
22%
Prov Bk Westphalia 6s
/20
/21
/23
195c
54
22%
11%
24%
24%
European Mortgage A In
'
/30
—
/22
•
—
"
25
140
140
66%
/24%
'36
Rhine Westph Elec 7% '36
Rio de Janeiro 6 %
1933
Rom Cath Church 6 %s '46
R C Church Welfare 7s '46
Royal Dutch 4s
1945
Saarbrueoken M Bk 6s '47
Salvador 7%._
1957
Salvador 7% ctf of dep '67
Santa
27
/23
1946
Westphalia 6s '33
Salvador 4% scrip
145
/64
1968
26
Catharlna
fib
f35
m
1947
8%
1946
Saxon State Mtge 6s. .1947
6%s
7%
Serbian coupons
19
m%
12%
15
97
106% 107%
116
Haiti
44
94
195i
6%
117
/38
1960-199(
4s
•.
»
,.1950
Tucuman Prov 7s
~
Unterelbe Electric 6s.
1953
/18
fZi
22
35%
Vesten Elec Ry 7s
1947
/2 3
26
Wurtemberg 7s to
1945
Francs
/18%
19%
/56
58
,
760
328
15%
26
24
26%
39
206
205
202
202
19,900
19,900
19,900
19,900
705
670
670
660
970
960
930
380
358
"360
"342
Comptoir Natlonale d'Escompte
Coty S A
780
120
770
120
755
750
d'ElectrlcItle
18
7% gold rouble
1943
181
169
169
164
Credit Commercial de France—.
440
441
442
478
Credit Lyonnaise
1,330
1,130
386
555
1,290
1,090
377
550
1,290
1,030
1,260
Eaux Lyonnalse cap
362
370
551
538
509
483
475
436
790
650
700
381
17
1,031
67.90
770
750
Energie Eiectrique du Nord
Energie Eiectrique du Littoral..
Kuhlmann
L'Air Liquide
810
680
728
Closed
Lyon(PLM)
Nord Ry
Orleans Ry 6%
Path e Capital
!
387
.
17
1,074
Pechiney
68.80
68.75
68.70
72.20
71.10
90.90
2,840
Rentes
4%, 1917
4%. 1918Rentes 4%%, 1932 A
Rentes 4%%, 1932 B
Rentes 5%, 1920..
Rentes
,
Societe Francalse Ford
Societe Generale Fonciere
Societe Lyonnalse
Societe Marseillaise
10% gold rouble... 1942
THE
93
10 %
65.50
65.70
70.80
69.40
70.10
69.60
68.60
68.90
90.10
87.75
87.90
2,870
1,095
2,830
1,075
2,850
854
850
44
65.80
41
42
33
33
1,029
995
524
524
523
70
347
72
68
343
339
42
43
42
BERLIN
STOCK EXCHANGE
22%
25
AS*
87.47
June
10
June
11
12
Per Cent of Par
38
118
Allgemelne Elektrizltaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
150
Commerz'und Prlvat-Bank A. G
94
Dessauer Gas (7%)
122
Deutsche Bank und Disconto-Gesellschaft— 95
Deutsche Erdoel (4%)
134
Deutsche Relchsbahn (German Rys) pf 7% .124
Dresdner Bank
96
Farbenlndustrie I G (7%)
174
147
142
16
(6%)
37
37
37
118
119
119
118
151
151
151
151
94
95
94
94
122
121
120
120
95
95
96
95
95
136
123
96
174
143
143
137
135
133
130
123
123
123
123
37
118
151
94
121
37 d
96
96
96
95
174
173
172
170
144
143
140
140
144
143
141
142
Relchsbank (8%)
Rheinlsche Braunkohle (8%)
15
15
15
14
102
16
104
102
102
101
16
17
16
196
Norddeutscher Lloyd
15
102
17
Mannesmann Roehren..
Wednesday
June
9
8
26
/24
/19%
/23
June
June
6
96%
99% 101
SALES
on
67.10
65.25
Closing prices of representative stocks as received by cable
each day of the past week:
Hapag
sold at auction
66.70
66.80
1,071
Hamburg Elektrizitaetswerke
The following securities were
of the current week:
67.75
June
95
4006.
AUCTION
"366
15
961
66.40
43
24
Gesfuerel
For footnotes see page
371
17
1,011
1,105
845
43
34
Wagon-Li ts
678
378
760
625
690
23%
Bid
91.20
645
67.30
71.30
69.90
89.10
2,880
1,115
523
68
374
Schneider & Cie
1,270
1,010
990
' 67.40
1,160
861
42
34
Saint Gobain C A C
Union d'Eelectricitie
Union of Soviet Soo Repub
87.47
110
110
110
Courrieres
Tubize Artificial Silk, pref
{Soviet Government Bonds
Union of Soviet Soc Repub
"940
920
Cie Generale Transatlantique—.
Citroen B
——
ASK
270
204
Berliner Kraft u. Llcht (8%)
Bid
722
301
5,700
5,600
755
19,600
Royal Dutch
12~"
5,700
5,700
746
316
5,800
Rentes, Perpetual 3%
■
United Steamshio 6s..1937
6%.
38%
12%
68.2930 /270
7s.
1940 /60
/21%
Silesia Electric 6 %s—1946
Stettin Pub Utll 7s... 1946 n22
/70
Stlnnes 7s unstamped. 1936
7s unstamped
1946 /65
91
Toho Electric 7s
1955
Tollma 7s
1947 /10
95
Tucuman City 7s
1951
Young
Guatemala 8s 1948
22
/37%
/10
Stem A Halske deb
9%
93
/18
/40
/23%
1956 /38
/44 55
Serbian 5s
/14
25
/22%
/21
23%
149% 153%
/23%
/22
-
/18
German
38
Saxon Pub Works 7s._1945
-
'•
/9
16%
34
/11%
/15
/20 40
Dawes
/15%
50
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 68.1943
25%
/7
German scrip
m
24
/75
Scrip
-
/24%
/20
/40
/28
/34
(Brazil)
Santa Fe 7s stamped. .1942
July 1934 to May 1936.
54
(Ger¬
Church
many) 7s
24
/23
scrip
Alegre 7%
June 12
Francs
Bank of France..
Cie Generale
/93
/50
/io%
/22%
June 11
Francs
Canal de Suez cap
Cie Distr. d'ElectrlcItle
/27
/ 22
June 10
Francs
Canadian Pacific
/48
/43
5s.
June 9
Francs
Banque de l'Union Parlsienne..
f8i
fsi
1947
JuneS
Francs
Banque de Paris et Des Pays Bas
stamped..1937
1957
Costa Rica funding 5% '61
7s stamped
BOURSE
PARIS
Quotations of representative stocks as received by cable
each day of the past week:
June 6
26
22 %
Cordoba 7s
THE
50
/52%
/22
/19%
1948
4s
—---.$0.50
———
...
*
/26
/65
/48
German
$ per Share
Stocks
*
pest, 7s
1953
Columbia scrip Issue of '33
Issue of 1934 4%...1946
70"
61% flat
By A. J. Wright & Co., Buffalo:
25
North German Lloyd 6s '47
7%
$100
Per Cent
26
57%
/26
Mtge
57%
99c
103%
81
$2,000 Worcester Transportation Associates 6s, 1952
/22
Hungary 7%s
1962
National Hungarian A Ind
City Savings Bank, Buda¬
6%s
4 Columbian National Life Insurance Co., par
/23%
of
Nat Central Savings Bk
6
--$203 lot
$100; 8 Associated Textile Co., pref
par
2 Waltham Watch Co. 6% pref., par $100
Bonds—
28~"
Natl Bank Panama 6%%
11%
11%
11%
10%
pref., par $100;
pref., par $100;
Continental Oil & Asphalt Co.,
90 International Securities Co., pref., par $1
3 Waltham Watch Co., prior pref., par $100
Municipal Gas A Elec Corp
7s
Bank
1962
7%s
23%
/18
Hungarian
for com. stock; 500 Shares Temiskaming Mining Co., Ltd.,
$1; 81U. S. Asphalt, class B; 15 U. S. Asphalt, class A; $150 U. S. Asphalt
/24
/20%
6s 1940
Brown
22%
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7%
1948
Mannheim A Palat 78.1941
Meridionale Elec 7s—1957
9%
pref., par $100;
pref., par $100;
Service Corp.
20 Beacon Hill Co., 7% pref., par $100; 27
/23%
Bavarian
45%
59%
38%
$100
2nd mtge. 7s, 1938 reg.; 30 shs. Wendell Phillips Co., 1st
50 J. R. Whipple Corp., com.; 50 J. R. Whipple Corp., 1st
Bavaria 6 Ha to
101
par
6 Pacific Coast Co., 2nd pref., par $100; 25 Porcupine Crown Mines, Ltd.,
par $1; 50 Post Office Square Co., pref., par $100; 10 Warrants Republic
par
Batavla Petroleum 4%s '42
1945
Mills,
3 Fairhaven Mills Real Estate Corp. com.; 50 Old State Corp.,
19 Pacific Coast Co., com., par $100; 5 Pacific Coast Co., 1st
Foreign Unlisted Dollar Bonds
1946
$ per Share
Stocks
100 First National Bank, Boston, par $12.50
9 Cabot Manufacturing Co., par $100.
Friday June 12—Concluded
Anhalt 7s to
4007
Chronicle
196
242
180
197
199
200
199
198
245
247
249
246
240
179
194
—
Salzdetfurth (7 % %)
Siemens & Halske (7%)
16
182
184
185
183
201
198
197
198
By Adrian H. Muller & Son, New York:
Shares
$ per Share
Stocks
Co. (N. Y.) Par $70..
Inc. (N. Y.)
490 Citizens Water Supply Co. of Newtown (N. Y.)
2 C. G. Gunther's Sons (N. Y.) common, par $1; 1 1st pref., par $100
$1,000 lot
$9 lot
Per Cent.
(N.IY.) 1st (6s) 1939.
(Int. rate
$15 lot
$1,000 Brooklyn Academy of Music (N. Y.) 2nd mtge. cum. income
Due March 1, 1942.
Registered
6% bond.
$15 lot
$ per Share
Stocks
10 Farr Alpaca
10%
Co., par $50
38%
124%
32%
4%
42
5%
20 Arlington Mills
2 Ludlow Manufacturing
Associates
20 Rhode Island Public Service pref., par $27.50
Co., preferred
10 New England Public Service $7 prior lien pref
15 Kinney Manufacturing
19 Eastern Utilities Associates, convertible
50
Springfield Gas Light Co., par $25
15%
-
By Barnes & Lofland, Philadelphia:
Shares
Schuylkill Haven RR. Co.,
$ per Share
$50
$50....—_—
par
20 Catawissa RR. Co., first preferred, par
Navigation Co., no par...
20 North Cedar Hill Cemetery Co., common, par $25
6 Kensington National Bank, par $50
7 Ninth Bank & Trust Co., par $10
5 Broad Street Trust Co., par $10
100 Land Title Bank & Trsut Co., par $5
8 Union Transfer Co., par $1
240 National Building Units Corp., preferred, par $100...
—
18 Lehigh Coal &
Bonds—
-
*
$2,000 Pine Manor Apartments (S. E. Cor. 49th & Pine Streets), 6%,
mtge., series B. Due May 1, 1932
of the
evidence
—
—
52%
54%
8
60
30
12
14%
5%
2%
$4 lot
Per Cent
1st
12% flat
as to taxes
Y.
is "gradually improving, in
and price levels, affords ample
potentialities which exist for
according to the current Review
further business recovery,
of Spencer Trask & Co., 25 Broad St.,
"Nothing will do more to initiate a realization of these
City,
potentialities," states the Review, "than a prospect of balancing of the
Federal budget and an equitable program of taxation.
Industry is gradu¬
ally absorbing the unemployed
necessary assurances,
and there seems no question that, given
It is significant
this movement would be accelerated.
that, notwithstanding
various temporary obstacles, such as revision of the
corporation tax schedule, French Government financial difficulties,
business recession, approaching
recent margin
seasonal
conventions and election campaigns, and
requirement regulations, business and securities succeed in
holding closely to forward trends.
leads to the conclusion that the
that any
Stocks
6 Minehill &
that heavy industry in general
fact
—The
spite of future uncertainties
N.
By Crockett & Co., Boston:
Shares
NOTICES
$1,000 lot
Bonds—
$1,000 Bay Shore Motor Boat Club, Inc.
reduced to 3% per annum)
CURRENT
10
15 Cord Meyer Development
490 Citizens Development,
A review of these temporary factors
basic situation is
so
fundamentally sound
clearing of the atmosphere promises to be accompanied by a
resumption of the advance of security prices."
—Granbery, Safford & Co., members of the New York Stock Exchange,
announce
that H. Mead Rogers is now manager of their Buffalo office.
Mr. Rogers has
been Buffalo representative of Dominion Securities Corp.
since 1932, and before that
Buffalo
office.
He
Mr. Rogers, who
he
was
in charge of Chase Securities Corp.'s
has also been associated with
Dillon, Read &
Co.
attended Williams College and Columbia University, is a
member of the Bond Club of Buffalo.
—Outwater & Wells,
15 Exchange Place, Jersey City, N. J., have pre¬
pared for distribution a current list of New Jersey municipal bonds yielding
from 1.80 to
3-75%.
Financial
4008
General
Chronicle
June 13,
1936
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
Issues
Both
Driver-Harris Co. (2-2207, Form D-1A) of Harrison, N. J., has filed a
registration statement covering certificates of deposit to be issued in con¬
nection with a plan of recapitalization calling for the deposit of $690,500
1st mtge. sinking fund 15-year 6% gold bonds, due June 1, 1942, having a
market value at May 18, 1936, of $754,371.25. Also to be called for deposit
are 10,226 shares of the company's 7% cumulative preferred stock having
a market value in May, 1936, of $1,135,086.
Frank L, Driver is President.
Filed May 29. 1936.
of
"Railway and Industrial Compendium"
Just Off the Press
The
Railway Number gives
a
Driver-Harris Co. (2-2208, Form A-2) of Harrison, N. J., has filed a
registration statement covering 192,000 shares of 5% cumulative partici¬
pating preferred stock, $10 par, to be offered in exchange for certificates
of deposit.
(See registration statement 2-2207.) Wright, Bergen & Pistell,
Inc., of Jersey City, N. J., are the underwriters. Filed May 29, 1936.
of the status of
resume
railroads under the Transportation Act of 1920, &c.; re¬
of steam railroads throughout the
ports
and Canada (also of
United States
large lines in certain foreign
Williams Oil-O-Matic Heating Corp. (2-2209, Form A-2) of Bloomington, 111., has filed a registration statement covering 103,000 shares (no
par) common stock presently outstanding and to be sold from time to time
on the Chicago Stock Exchange and the New York Curb
Exchange. C. U.
Williams is President.
Filed May 29, 1936.
coun¬
tries); descriptions of funded debt issues and other val¬
uable
revised
information
latest
to
date
possible;
the
developments regarding various banks and
most
recent
trust
companies in Greater New York, and of insurance
companies, such
absorptions,
as
Arundel Corp. (2-2210, Form A-2) of Baltimore, Md„ has filed a
registration statement covering 16,149.4 shares of capital stock. A public
offering is not now contemplated.
It is anticipated that the stock will be
issued from time to time at approximately the current trading prices on the
Baltimore Stock Exchange.
Proceeds are to be used to acquire additional
properties and equipment.
Joseph Y. Hogan is President.
Filed May
29, 1936.
increases in capital, consolidations,
&c.,
mergers,
together
with
changes
in
dividends and other noteworthy movements.
The Industrial Number is devoted
detailed
of
cation
laneous corporations
change (with
of
statements
listed
each
of
capitalization revised
company;
showing
cases
comparisons
with
three
Where
the
of
details of
The
corporation is in
the
over
plan
brief
San Antonio Milam
Texas, has filed
date;
to
year
(in
This
volume
November,
a
company.
dent.
year,
contains
Industrial
in
June
per
filed
and
annum
additional for postage outside of the United
(50 cents
States and Canada).
each for
Number
The subscription price is $10.00
December.
New Park Mining Co. (2-2215, Form A-l) of Salt Lake City, Utah, has
a registration statement covering 800,000 shares
($1 par) common
stock, to be offered at the market price. W. H. H. Cranmer is President.
Filed June 1, 1936.
viz.: The Railway Number in May and
the
Single issues
are
Number and
the Industrial
North
B.
DANA
American
Acceptance Corp. (2-2216, Form A-l) of Chicago,
a registration statement covering 8,000 shares ($25 par) 6%
preferred stock, with attached warrants to purchase 8,000
shares of common stock, to be offered at $25: 9,637.5 shares
($10 par)
common stock, to be offered at $10; 8,000 shares ($10 par) common
stock,
to be reserved for exercise of warrants.
J. J. Cavanagh of Chicago is Presi¬
dent.
Filed June 1, 1936.
111., has filed
available at $5.00
cumulative
$2.50 each for the
Railway Number.
WILLIAM
Filed June 1, 1936.
Bradshaw Mines, Inc. (2-2213, Form A-l) of Prescott, Ariz., has filed
a registration statement covering 400,000 shares (25c.
par) common stock,
to be offered at $1 per share.
M. R. Smith of Kansas City, Mo., is Presi¬
dent.
Filed June 1, 1936.
750 companies.
and
Building, Inc. (2-2212, Form E-l) of San Antonio,
registration statement covering 2,187 shares (no par)
bonds, all to be issued in exchange for certificates of deposit for $1,093,500
of bonds issued by Travis Investment Co. and assumed by San Antonio
Milam Building Co., both of San Antonio, Texas.
W. C. Collins is Presi¬
"Railway and Industrial Compendium" is issued
four times
a
stock and $1,093,500 1st mtge. income & sinking fund real estate
common
of reorganization,
process
given.
are
a
preceding
years), and latest balance sheet released by the
details
Keeneland Association of Lexington, Ky.—Hal Price Headley, et ai
(2-2211, Form F-l) of Lexington, Ky., has filed a registration statement
covering voting trust certificates for 3,500 shares (no par) common stock
of the Keeneland Association of Lexington, Ky.
Filed May 29, 1936.
nature of busi-
I dividend records; income accounts for last fiscal
most
miscel¬
The statements give
description of the history, property and
ness
and
the New York Stock Ex¬
on
during the past six months).
f
to the publi¬
listings which have been made
new
many
largely
industrial
COMPANY, 25 Spruce St.
Snowden Colorado
has
filed
a
Mines, Inc. (2-2217, Form A-l) of Denver, Colo.,
registration
covering
statement
par)
FILING
OF
REGISTRATION
SECURITIES
The Securities and Exchange
STATEMENTS
ACT
UNDER
"
Commission
June 9
on
.
an¬
(Nos, 2202-2220 and 1576, a refiling) under the Securities
Act.
The total involved is $71,213,620.42, of which $58,931,012.67 represents new issues.
One statement involving
refiling.
securities involved are grouped
$445,500
The
No.
was
received
as a
as
follows:
Commercial and industrial
15
2
$58,931,012.67
10,000,000.00
Investment trusts
2
Securities in reorganization
Voting trust certificates
1
Seasoned
has filed
commission.
1936.
John
J.
Robertson
of
Denver
is
President.
*
Investments, Inc. (2-2218, Form A-l) of Philadelphia, Pa.,
registration statement covering 500,000 shares (25c. par) com¬
approximately $10 per share. James D. Camp¬
President and James D. Campbell, Inc., of Phila¬
delphia is the underwriter. Filed June 2. 1936.
a
stock, to be offered at
mon
bell of Philadelphia is
Metropolitan Investments, Inc. (2-2219, Form A-l) of Philadelphia,
Pa., has filed a registration statement covering 500,000 shares (25c. par)
common stock, to
be offered at approximately $10 per share.
James D.
Campbell of Philadelphia is President and James D. Campbell, Inc., of
Philadelphia is the underwriter. Filed June 2, 1936.
Summit Gold Mining Corp. (2-1576# Form A-l; refiling) of
Vancouver,
Total
Type—
of Issues
additional
as
Filed June 2,
nounced the filing of 19 additional registration statements
215,000 treasury shares ($1
$1 per share and 15,000
York, the underwriter,
common stock, 200,000 shares to be offered at
shares to be paid MacBride, Miller & Co. of New
2,279,107.75
3,500.00
B. C., Canada, has filed a registration statement covering 330,000 shares
($1 par) common stock, non-assessable, to be offered at $1.35 per share.
Of this stock, 300,000 shares are to be offered to the
underwriters, W. A.
Kissel Co. of New York, at $1 per share, and 30,000 shares are to be given
Kissel Co. as a bonus. Of this bonus, 5,000 shares are to be given
only after 50,000 shares have been taken down by the Kissel Co. and the
remainder is to be given at the rate of one share for each 10 shares taken
to W. A.
The total includes the
have been
following issues for which releases
published:
down.
Niagara Falls Power Co.—$32,493,000 of 1st & ref. mtge. bonds, 3M %
(See details in V. 142, p. 3863.) (Docket
No. 2-2214, Form A-2, included in Release No. 822.)
Hon.
Alex.
M.
Mausar
of
Vancouver
is
President.
Filed
May
28, 1936.
series of 1936, due March 1, 1966.
Broad
River
Power
Co.—$10,000,000 1st mtge. bonds, 3H% series,
due 1966.
(See details on subsequent page.)
(Docket No. 2-2232, Form
A-2, included in release No. 834.)
Other securities included in the total
are as
follows:
Wieboldt Stores, Inc. (2-2202, Form A-2) of Chicago, III., has filed a
registration statement covering 17,500 shares of $5 cumulative prior pre¬
ferred stock (no par). The proceeds of the issue are to be used to erect and
equip a new store and for working capital. The offering price of the issue
and the names of the principal underwriters are to be supplied in an amend¬
ment to the registration statement.
Elmer F. Wieboldt is President.
(Filed May 28, 1936.)
Oklahoma Natural Gas Co.
(2-2203, Form A-l) of Tulsa, Okla., has
registration statement covering 22,200 shares ($100 par) convertible
6% prior preference stock and 133,200 shares ($15 par) common stock into
which the preference shares are to be convertible.
Stone & Webster and
Blodgett, Inc., and associates are to be underwriters. The names of the
associate underwriters and the offering price are to be supplied by amend¬
ment to the registration statement.
Robert W. Hendee is President.
Filed May 28, 1936.
(See also registration statement 2-2098, Form A-l,
filed April 13, 1936, by the company.
(V. 142, p. 2677.)
filed
Prospectuses
filed for four issues under Rule 202,
registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of
these filings is given below:
were
which exempts from
Guiana
Syndicate (File 3-3-658), no address, offering 60,000 shares of
stock ($1 par) at.par. Maxwell Stevenson. 19 Rector St., New York
City, is President. No underwriter is named.
common
White Mountain Stone & Marble Co., Inc. (File
3-3-659), 1316 Santi¬
Ave., Santa Ana, Calif., offering 10,000 shares of common stock ($10
ago
par)
at par.
Charles Coutts, 1316 Santiago Ave.,
President. No underwriter is named.
a
Lanatin
Santa Ana,
Calif., is
Corp.
(File 3-3-660), no address, offering 45,000 shares of
capital stock ($1 par) at $1.50 per share. Leonard Prince, 41 W. 96th St.,
New York City, is President.
Leigh Chandler & Co., 100 Broadway, JSTew
York City, named as underwriters.
Golden
State Gold
Mining Co. (File 3-3-661), 1009 North Highland
Ave., Los Angeles, Calif., offering 100,000 shares of class A common stock
($1 par) at par.
Gertrude W. Herndon, 1963 Benecia Ave., West Los
Angeles, Calif., is President.
No underwriter is named.
Oklahoma
filed
a
Natural Gas Co. (2-2204, Form A-l) of Tulsa, Okla., has
registration statement covering an unstated number of shares of $15
Earsupplied by amendment to the registrationnames of underwriters are28,
common stock. The offering price and the statement. Filed May to
e
1936.
(See also registration statement 2-2098, Form A-l, filed April
1936, by the company.)
13,
Securities Acceptance Corp. (2-2205, Form A-2) of Omaha, Neb., has
a registration
statement covering $500,000 10-year 5% convertible
The
following registrations statements also were filed with
SEC, details regarding which will be found on subse¬
quent pages under the companies mentioned:
the
National
Steel Corp. (No. 2-2229, Form A-2),
covering $10,000,000
(collateral) mtge. sinking fund bonds, 3H% series, due 1965.
Filed
1st
filed
June
debentures dated June 1, 1936, due June 1, 1946, to be offered at 99% of
par; 12,000 shares
($25 par) preferred stock with detachable warrants,
to be offered at $25 per share: and 83,175 shares of common stock, 50,000
Western Massachusetts Cos. (No. 2-2231, Form
A-2), covering $11,000,000 3H% coupon notes, due 1946. Filed June 5, 1936.
shares to be reserved for conversion of the debentures, 30,000 shares to be
deliverable upon exercise of the warrants, and 3,175 shares ultimately
to be offered at
$10 per share.
The proceeds of the issues are to be used for
additional working capital and expansion of business.
Barney Johnson &
Co. of Chicago are the underwriters, and Francis P. Matthews of Omaha
is President.
Standard
a
1936.
Potomac Electric Power Co. (No. 2-2232, Form A-2),
covering $15,000,000 1st mtge. bonds, 3\i% series due 1966. Filed June 5, 1936.
American Cities Power & Light Corp. (No. 2-2243, Form
A-2), cover¬
150,000 shares (par $25) class A stock, with attached warrants for the
purchase of common stock of North American Co. Filed June 9, 1936.
ing
Filed May 29, 1936.
Products Co.
(2-2206, Form A-l) of Cleveland, Ohio, has
registration statement covering 101,000 shares of $1 par common
stock presently outstanding. The offering does not represent new financing
by the issuer. Certain shareholders of the issuer have granted to F. Eberstadt & Co., Inc., of New York, and Prescott, Biggar & Co. of Cleveland,
rights to purchase 101,000 common shares, which it is contemplated will be
offered publicly. J. S. Reid is President. Filed May 29, 1936.
filed
5,
In
making available the above list the Commission said:
In
no case does the act of
filing with the Commission give to any security
its approval or indicate that the Commission has
passed on the merits of
the issue or that the registration statement itself is
correct.
in
The last previous list of registration statements
our issue of June 6,
page 3834.
was
given
Volume
Financial
142
Chronicle
Monthly Gross Earnings of Railroads—The following
are comparisons of the
monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the
country reporting monthly returns
to the
Specialists
All
Interstate Commerce Commission:
Gross Earnings
4009
in
Rights and Scrip
of Road
Length
Month
(+)
inc.
1935
$
January
1934
$
Dec.
March
April
274,185,053
May
279,153,707
280,975,503
274,963,381
293,606,520
248,122,284
292,798,746
265,037,296
281,642,980
282,406,506
275,610,064
282,324,620
306,566,997
340,591,477
275,158,450
292,495,988
300,916,282
295,880,873
256,637,723
257,201,455
Juue
July
August
September..
October
November
..
December...
+6,148.718
+2.39
238,245
t2.60
238,162
April
—-1-4.ici0
238,011
+3.45
—2,489,273
—1,431,003
—646,683
+ 11,281,900
—0.88
237,995
237,951
237,800
237,700
239,000
+4.00
238,629
238,955
+ 11.41
237,431
237,385
237,306
237,074
238,819
238,791
—0.51
+31.408,547
+48,095,489
+44,278,559
+38,679,418
+ 16.44
+ 17.25
+ 15.04
1935
+34,842,478
+45,494,779
+27,349,607
+38,763,402
280.484.056
+ 13.20
+17.87
+9.75
+ 14.14
Net Earnings
Inc.
Month
1935
$51,351,024
54,896,705
January..
February
1934
$62,258,639
59,927,200
83,942,886
65,252,005
72,083,220
March
67,659,321
April
65,305,735
70,416,370
64,920,431
57,478,685
72,794,807
May
June
July
August
September
November
December
March
April
238,226
238,208
;
Per Cent
—17.50
—$10,907,615
—5,030,495
•
—8.30
+0.08
—2.31
81,039,275
60,061,636
62,786,896
+27,512,645
+22,685,802
+7,658,607
+ 1.55
+22.88
+33.95
Balance
Preferred dividend
$237,633
179,997
Unamort.
of
cost
$173,521
179,997
$287,172
164,997
$276,604
134,998
bond
issues redeemed
$215,487
136,036
loss$32,511
157,479
$145,242
135,771
$535,604
$351,523
$124,968
$281,013
137,145
72,510
|51,155
49,875
19,689
$398,459
180,000
$279,015
180,000
$73,813
$211,449
90,000
$218,459
1,133.348
$99,015
1,034,335
$73,813
960,447
$121,449
838,998
Total surplus Dec. 31
$1,351,807
Earns, per sh. on 300,000
shs. com. stk. (no par)
$1.33
—V. 140, p. 4384.
$1,133,348
$1,034,335
$960,447
$0.93
$0.24
$0.71
Total income
Net
increase in reserve
for depreciation
1
Federal income tax
J
Net income
Balance, surplus
74
Adams Royalty Co.
Years End. Dec. 31—fGross inc. from royalties
t
$6,476 sur$122,175 sur$141,607
Interest
Comparative Balance Sheet
Dec. 28 '35 Dec. 29 *34
Cash
$295,354
165,773
972,971
595,162
Accts. receivable..
Inventories
Investments
792,107
4,461,310
Wages and
796,902
8,466
138,051
Dec. 29 '34
$100,139
$75,957
310,000
comm.
5,781
Domin. excise pay.
Bond int. accrued-
245,497
Tax
141,869
15,750
33,831
reserve
1st
Sinking fund cash.
Organ, expenses._
Dec. 28 '35
accrued
1,159,262
on securi¬
ties
mtge.
bonds
46,447
Bonds called for
1,000.000
Other
$78,771
$99,733
$54,498
1,608
$74,049
3,378
040,905
01,863
059
03,610
33,133
153,832
1,000
115,780
347,939
111,485
prof$45,936
$128,218
$294,989
$36,662
1,500,000
profit
after
2,219,892
388,163
reserve..
503,721
stock
per share
(par $10)
Current assets
bilities
1935
1934
$59,046
$104,636
77,460
Total surplus.
Dividends paid.
$87,950
40,315
$182,096
80,629
$47,635
43,364
04,479
$101,467
72,563
$8,750
Appreciation in value of investments.
Surplus, Dec. 31.
Balance Sheet Dec. 31
Assets—
1935
1934
$16,760
$24,630
35,149
10,000
24,770
Advances to agents
1,513
21,648
36,619
_
Inv. at mkt. value
were
$1,059,335.—V. 142, p. 3152.
21,898
1935
Net operating profit
Accounts payableReserve for taxes.
$1,043
10,000
475,400
Capital stock
Surplus
y
8,750
$1,277
9,565
475,400
28,904
Aeolian-Skinner Organ
1935
386,063
b Fixed assets
$495,193
$515,147
$150,000 in 1934.
y Represented by 2,015,732 shares
paid).—V. 141, p. 264.
no par
value (fully
Calendar Years—
1935
Netprofit..
1934
$191,229
fees
180
•_
Salaries of executive offic
$138,261.
'
Music library
1933
1932
loss$74,252
a
27,133
Prov. for income tax
19,703
15,034
27,059
8,773
25,657
Federal taxes
..
9,073
$105,768
$95,773
Organization expenses
Divs. on 6)4 % cum.pref.
__
stock
29,140
$73,836
loss$99,909
$48,277
def$99,909
General
Initial Dividends—
The directors have declared
new
no
par
common
June 20.
initial dividend of 12)4
stock,
payable July 2 to
cents per share
holders of record
1,255,326
101,050
136,776
7,961
Total
b After
depreciation of $61,109 in 1935
Represented by 104,167 no par shares.---V. 141,
.<.-$1,264,460 $1,318,090
and
p.
$47>507
in
1934.
264.
Agfa Ansco Corp. (& Subs.)—Earnings—
Profit from
1935
operations
paid
Provision for depreciation
Provision for doubtful accounts
Provision for Federal income tax
Net
profit
.
1934
$412,204
197,843
Other income
Miscellaneous
an
4,673
18,730
1,255,326
101,050
75,585
After reserve for doubtful receivables of $30,387 in 1935 and $33,043 in
Interest
Surplus
reserve
Capital stock
Capital surplus
c
Income before other charges
21,937
$76,628
$53,815
5,538
5,159
1,775
18,730
of contracts—*
Calendar Years—
Total profit
5,498
Res. for completion
Deficit
$1,264,460 $1,318,090
1934.
c
37,500
28,078
Accrued State and
6,994
33,900
344,432
12,344
346,128
7,207
charges and
Total
$89,647
131,331
$4,495
1,637
2,603
865
Salaries, wages, &c
9,648
sundry items.
320
Depreciation
....
1934
2,252
378,563
23,900
329,621
13,720
346,128
Patents
Works, Ltd.—Earnings—
1935
$15,740
120,203
4,269
Adv. to employees
Def'd
Liabilities—
Accounts payable.
Commissions pay.
334,292
Interest accrued-.
Total
1934
$49,229
Notes and accts.
Inventories, &c—
for depreciation and depletion of $180,000 in 1935 and
Co., Inc.- -Comparative Balance
$73,605
Assets—
Cash.
Investments
Acme Glove
$71,249
Sheet Dec. 31—
leases in Canada
$515,147
$84,649
13,400
Net profit carried to surplus
& United
$495,193
526
Net profit before provision for Federal income taxProvision for Federal income tax
a
Oil & gas wells &
reserves
$84,123
1934
1~0~786
383,881
$1,582,260
1,191,289
256,241
42,912
7,694
Other income and expenses, net
receivable
States
Subs.)—Earns.
Selling and administrative expenses
Provision for depreciation
Idle-plant expense, including depreciation of $5,282
36,619
Royalties
the
$0.43
shares of capital
746,313
as
—Y. 137, p. 2809.
Liabilities—
hand and
in banks
Call loans (secured)
Accts. receivable-
on
$320,451
Cost of sales
$28,904
Surplus
Reserves for taxes, &c
Directors'
1935
$470,721
Federal
Net sales
28.904
After
on
1936
depreciation,
minority pref. stock—
Earnings for the Year Ended Dec. 28, 1935
S—
Co., Ltd.- -Earnings
Previous surplus
x
on
of April 30, 1936, including $971,921 cash, amounted
to $6,527,342 while current liabilities, were $995,426.
On Dec. 31, 1935,
cash was $1,060,060, current assets totaled $6,473,199 and current lia¬
..$8,475,641 $8,395,097
Years Ended Dec. 31—
Net income
Total.
"430
Advance Aluminum Castings Corp. (&
Acme Gas & Oil
x
0972
$0.63
interest,
Earnings
1,500,000
1,500,000
2,015,092
—V. 142, p. 1454.
on
deductions
taxes and dividends
765,996
1,500,000
Cr298
Four Months Ended April 30—
Net
re¬
Surplus
Cash
107
(net)__
sale of royalty
Addressograph-Multigraph Corp. (& Subs.)- -Earns.582,433
demption
$8,475,641 $8,395,097
charges
on
Net loss
—V. 140, p. 4384.
1,974,400
Common stock...
Deprec'n
141,949
67,922
27,840
1,500,000
6%pref.stock
Total
1932 '
$138,692
20,503
44,140
Interest income
Loss through forfeiture &
aband. of ints. in prop.
Prov. for State inc. taxes
4)4 %
1st mtge. 6sGen. mtge. 7s
5,602
Goodwill
1933
$95,470
21,285
19,687
rights
Liabilities—
Accounts payable.
Notes payable
$524,075
194,815
5,461,310
7,633
Prepaid
Discount
1934
$141,622
19,427
22,463
Field expenses
Gen. & admin, exps
Profit
Redemp. fd. assets
-Earnings—
1935
$142,096
32,679
30,647
Net inc. from royaltiesi
$115,559
Fixed assets
1932
173,195
Deficit
Assets—
1933
$375,334
160,270
Net operating gain
Miscell. income (net)
_
Depreciation
1934
$1,009,609
864,367
Previous surplus
Refund of U. S. inc. tax
for 1930.
Ltd.—Earnings—
Common Dividend—
$811,490
844,001
Divs. paid and declared
Dec. 29. '34 Dec. 30, '33 Dec. 31, '32
$550,028
$585,9-14
$713,152
$715,973
107,594
133,174
146,731
160,120
204,801
279,249
279,249
279,249
on
$1,197,742
982,255
+29.82
+ 16.60
+ 13,112.171
share
(J. D.) Adams Mfg. Co.—Earnings—
Calendar Years—
1935
Gross manufact'g prof. $1,520,248
Commercial expense
1,144,913
+37.77
+5.14
+20.11
per
142, p. 2812.
a
+ 12.20
+ 15,478,511
+9,199,020
+3,506,818
initial dividend of $1.62 )4
red. preferred stock, par $100, likewise payable
con v.
record June 20.—V.
on June 6 declared an extra dividend of 12)4
cents per
quarterly dividend of 75 cents per share on the common stock,
par $25, both payable July 1 to holders of record June 15.
Regular divi¬
dends of 62)4 cents were paid in the two preceding quarters; 50 cents on
Oct. 1, July 1 and April 1, 1935, and 37)4 cents per share was distributed
each three months previously.
In addition an extra dividend of 25 cents
was paid on
April 1 and Jan. 2, last, and extras of 12)4 cents were dis¬
tributed on Oct. 1, July 1 and Jan. 2, 1935, and on Oct. 1, July 2 and
Jan. 2, 1934.—-V. 142, p. 2980.
1935
51,905,000
55,402,531
68,205,090
65,214.202
an
2-7815
Acme Steel Co.—Extra and Larger
—12.89
—14.96
RECTOR
The directors
share and
—19.40
—16,283,565
Dec. 28. '35
Bond interest
new
6)4% cum.
July 2 to holders of
Dec. (—)
—1,666,850
—9,608,823
—10,108,077
+ 1,108,150
+ 16,564,585
Acadia Sugar Refining Co.,
Years Ended—
Net trading profit
237,054
237,028
72,390.908
67,383,511
64,601,551
71,711,908
78,326,373
February
238,280
+ 53,730
1936
January
238,393
or
The directors also declared
the
238,668
238,436
237,051
(+)
TEL.
239,020
237,078
Amount
74,529,254
67,586,762
71,686,657
88,955,493
108,551,920
82,747,438
70,445,503
October
239,129
1935
1936
274,144.735
NEW YORK
238.980
—0.23
/New York Stock Exchange
Curb Exchange
j New York
120 BROADWAY,
239,246
+ 9,147,757
263,862,336
254,555,005
312,908.137
March
Member,
239,433
—12,306,728
.
..
239,508
+6,444,483
298,704,814
300,049,784
307,833,663
....
February
1934
Miles
/■
257,728,677
1936
January
1935
Miles
Cent
$
263,877,395
254,566,767
280,492,018
February
McDonnell & Co.
Per
or
(—)
—
$86,366
121,832
$610,046
113,759
355,623
35,308
86,139
$208,199
150,553
333,940
47,908
1,079
3,841
$15,377 loss$325,281
Financial
4010
Chronicle
Condensed Consolidated Balance Sheet Dec. 31, 1935
Marketable securities
Notes &
accts.
Accts.
$408,414
170,880
752,477
receivable.
Accrued liabilities
Loan, due June 6,1938
Reserves.
Inventories
(net)
2,702,460
(net)
2,556,244
Patents, licenses, trade-marks,
formulae, &c
510,999
Treasury stock scrip
25
Fixed
Assets
Capital
-
Deferred charges
$531,542
41,569
2,500,000
129,084
...
stock (par $1)
surplus.;
Capital
480,000
4,878,411
1,417,427
__
Operating deficit
stock,
no par
Alabama Fuel & Iron
$7,143,180
Total
$7,143,180
-V. 140, p. 4060.
1935
Selling expense
general expense-
$468,866
346,025
41,344
1934
$568,528
388,532
27,698
47,167
$443,608
354,095
23,544
38,766
Calendar Years—
Cost of sales
Co.—Earnings—
Earnings for the Year Ended Dec. 31,1935
Total profit
Expenses and taxes
Interest on land mortgage
Supply Mfg. Co., Inc. (& Subs.)—Earnings—
Administrative and
declared
the regular
to
the common
41,680
Total
Aero
an
extra dividend of 50 cents per share
quarterly dividend of 25 cents per share on
value, both payable July 15 to holders of record
June 30.
The company, whose stock was recently split 3-for-l, had paid
a dividend of 75 cents per share on the old stock on April 15 last, and each
three months previous.
In addition the following extra dividends were
paid: $1.50 on Oct. 15, 1935; $1 on July 15, 1935; $1.50 on Oct. 15, 1934;
75 cents on Oct. 16, 1933, and $1.50 per share paid on Oct. 15, 1931, 1930
and 1929 —Y. 142, p. 2812.
addition
in
have
directors
The
payable.
$81,498
1,259,881
2,312
Net profit
Surplus, Jan. 1, 1935
Adjustments prior years
Total surplus
$105,130
13,365
Net operating profit.
Other income (net)
—
$27,201
13,932
•
$118,495
16,763
76,185
4,677
Total income...
Idle capacity expense
Depreciation and obsolescence...
Federal and State income taxes.
$41,133
16,000
76,042
131,250
$20,870
Balance Sheet, Dec. 31, 1935
Liabilities—
Assets—
Cash
1934 schedule
was
revised to
a
loss$50,909
basis basis comparable with
1935.—V. 141. P. 1082.
Ainsworth Mfg.
The
have
directors
Corp.—50-Cent Special Dividend—
declared
special
dividend
of 50
share
on the common stock, par $10, payable July 10 to holders of record June 30.
A like payment was made on April 10 last.
A special dividend of $1 was
paid on March 2, 1936, and on Dec. 28, 1935; 75 cents was paid on June
28 and March 4, 1935; $1.25 on Dec. 27, 1934, and 50 cents per share
paid on Dec. 27, 1933 and on March 15, 1932.
a
cents
per
$1,212,441
...
$174,141
Accounts receivable
Profit for the year.
$1,343,691
-
Dividends
Surplus, Dec. 31, 1935
Note—The
1936
13,
Co.—Extra Dividend—
Reduction
Air
Liabili ies—
Assets—
Cash
June
272,041
Notes receivable
12,126
Inventory
94,661
Investments
151,235
Accrued Interest.
1,343
Real estate & leases
__x4,043,259
Develop., mach. & equipm'ty774,364
Life Insur. cash value
25,075
Unexpired insurance
16,574
Accts. receiv. (receivership)..
61,755
Deposits in closed banks
2,189
Miscellaneous
11,565
Invest, in contr. coal yards
35,711
...
payable
Accounts
—
Unclaimed wages
Store orders
Accrued interest
Accrued salaries & wages
Reserve for accident cases
Reserve for Fed. & State taxes
Real estate mortgage
$77,277
2,154
3,754
8,968
42,261
10,194
46,681
717,500
3,500,000
Capital stock..
Res. for self insurance
-
54,808
1,212,441
Surplus
Earnings for the Year Ended Dec. 31, 1935
Net profit from sales—
Other income (after deducting $15,669 of income charges)
$1,170,466
12,349
Total
equip, in the amount of $93,377, and after a write-down,
in lieu of depreciation, of inventory of tools, dies, jigs, and
on current orders, but before
$1,182,815
provision for Federal income and excess-profits taxes)
Provision for Federal income and excess profits taxes
195,000
Net income for the year
$987,815
887,289
2,480
Earned surplus, Jan.
1, 1935
Recovery of funds in closed banks (previously written off)
Earned surplus before dividends.
Cash dividends declared and paid..
$1,877,585
344,885
Dec. 31,
$1,532,700
1935
Alabama Great Southern RR.—Resumes Common Divs.
•
The Railraod Credit Corp. has been authorized by Interstate Commerce
Commission to intervene in the pending proceeding involving reorganization
Cash
U.
on
S.
hand and in banks...
Govt,
obligations,
$19,404
Unpaid
at
(valuation based on market
written-down value,
accrued int.
1,664,945
(estimated
of
property
Accrued payroll, taxes, &c
Com. capital stock (par$10)_.
surplus appropriated
to purchase of treasury stock
Unappropriated surplus
and
mar-
18,529
1,064,860
449,448
34,690
receivable—trade
Inventories
Prepaid insurance, taxes, &c__
Other investments (at approx.
Earned surplus
1936—5 Afos.—1935
S425U00
$355!500
$2,019",500
$1,959",000
240,500
199,300
921,200
978,600
&
develop, chgs., but
before deprec., deple¬
342,611
1,379,540
tion & Federal taxes.
_
—V. 142, p. 3153.
255,717
419,466
1,532,700
Alaska Pacific Salmon
Co.—Earnings-
--
"
$803,593
-
-
441,041
.
$362,551
.
$280,273
82,278
Other expenses-
Dividends
14.400
received.
$4,494,637
-V.
142,
p.
1802.
Air
Investors, Inc.—Earnings—
$201,079
32,317
200
liquidation..
$41,294
24,234
Total income
$12,976
$20,500
25,784
10,349
Provision for Federal income tax.
Excess of expenses over income
30,885
$17,909
101.007
Dr48,895
basis
Net profit for the year ended Dec. 31
$85,374
jBalance Sheet
loss$66,805
$17,060
1935
Prepaid insurance, &c
Total working assets
Miscell. invest., at cost-
Cash
$16,368
1,374,351
400
expenses.
$835
1,923
280,405
1,093,250
def83,270
x
Conv. p'f'ce stk.
y
Common stock.
Surplus
$1,391,119 $1,295,669
Total
Represented by 30,615 no par shares,
y Represented by 203,534 no
par shares,
z As appended before allowance for excess of the amount at
which investments are carried over the value thereof as indicated by market
quotations.
Note—Securities acquired prior to Dec. 31, 1930 are carried at the low
prices per share during 1930; subsequent purchases are carried at cost.
The aggregate value of investments as indicated by market quotations of
Dec. 31, 1935 was $1,433,678—Y. 140, p. 1471.
Aldred Investment
Interest
x
x
common
x
Calendar Years—
profit
for
1935
after all expenses.«.
Depreciation
Depletion
Development costs
Income tax
Loss
on
1934
1933
sale of equipm't.
Net income
Balance at debit Dec. 31
other credits
$107,164
22,246
34,568
14,468
$144,770
$38,131
190,591
$50,318
170,259
$41,936
Cash
129,993
46,990
340
1,573
common
a
19* 758
Acc'ts payable
shs.
a
Bal. at debit Dec. 31.
$170,918
$190,591
$170,259
66,961
74,502
1,077
.
1934
Capital stock...
Surplus
23,672
24,133
14,669
1,818,235
1,432,042
13,705
1,831,176
1,545,582
and
accr'd expenses.
and
602
Represented by 175,625
no par
$9,601,120 $9,852,098
Total
$9,601,120 $9,852,098
shares in 1935 and 176,875 in 1934.
$5,077,981 in 1934.—V. 142, p.
b Market value $5,773,334 in 1935 and
Alleghany Corp.- —Earnings—
Quar. End. Mar. 31—
Dividends and interest-_
Net loss
118*545
x
$129,993
1936
1935
1934
y$955,031
y$971,289
969,037
y$809,817
1,014,951
953,903
35,785 •
$34,656
1933
105,768
27,181
$685,595
1,007,584
22,172
$103,516
$232,315
x$344,161
Exclusive of results from sale of securities,
in
-V. 141, P. 104.
1935
Accr'dlnt.ondebs.
deb.
Interest paid
General expenses, &c
8,380
79".036
31
i}4 % shareholders'
debentures
$6,312,500 $6,437,500
948
int.
Dec.
Liabilities—
1934
cost—$9,517,594 $9,741,432
7,946
42,155
Total
Adjust, in income tax &
Dividends
$0.20
3153.
02,800
5,972
79,030
$39,132
$0.10
1935
Deferred expenses
$35,542
sundries
$18,890
$0.11
Balance Sheet
Accrued
1932
$122,284
27,561
31,263
3,982
6,707
2,452
1,299
$20,401
in treasury
$107,670
18,764
41,100
4,154
4,246
1,275
Royalties charged off in
prior years restored..
Adjust,
of reserves
&
$416,084
22,622
354,330
per share on
dividends
36,669
42.062
8,352
14,177
33,133
323,823
$0.15
_
$375,847
stock
Assets—
years
1932
$349,212
32,852
295,959
Before profit or losaon sales of securities.
b Invest, at
-Earnings-
1933
1934
$346,964
33,749
286,200
sources
debentures.
on
Trust—Earnings—
1935
Net profit
Earnings
&
Oper.
$4,887,443
$27,015
Revenue from all
General expenses
Shareholders'
Ajax Oil & Gas Co., Ltd. (& Subs.)-
180,928
surplus
Total
$4,887,443
Calendar Years—
$1,391,119 $1,295,669
x
Earned
2,411,821
250,000
Represented by 92,352 shs. (no par) class A and 126,663 shs. (no par)
common.—V. 140, p. 4385; V. 139, p. 1544.
2,525
13,149
280,405
1,093,250
2,104
$784,830
92,450
payable
payable
Taxes, &c., exps., accrued...
111,367
Capital stock
x3,717,868
x
Accrued Fed'l Inc.
& cap. stk.taxes
Total
$695
1,515
$9,532 Accounts payable.
1,285,736 Franchise tax pay.
400
1934
Notes
Accounts
27,618
Plant and equipment
Trade marks & trade brands--
Total
1935
1934
1935
31,
Liabilities—
$27,269
203,484
1,473,871
25,076
468,303
Acc'ts & notes receivable
Balance Sheet Dec. 31
Assets—
Dec.
Assets
Cash in bank
Canned salmon inventories
$15,633
Net profit on sales of securities, computed on
of first in, first out
Prepaid
—
*
226
Expenses
Invests (see note).
-
Surplus
•
Divs. received from companies in
Interest earned
$105,256
11,200
$168,762
Net profit
$12,550
$20,500
:
Dividends paid
1934
1935
dividends received
$342,201
236,945
$116,456
68,661
6,500
Interest and discount (net)Provision for Federal income tax.
Calendar Years—
$708,968
366,767
59,594
34,000
$294,673
.
Income:
1934
1935
Calendar Years-
Gross profit
realizable value)
39,609
Land, bldgs., mach'y & equip.xl,203,148
Total
142,
Co.—Earnings—
1936—Month—1935
376 380
271 730
Gross earnings
Net profit after oper. exp.
147,498
Capital
value, $66,823)
Accts.
balance
$417,103
contracts
quotations, $1,676,343)
Municipal and other securities,
at
Alaska Juneau Gold Mining
Accounts payable—trade
amortized cost & accrued int.
The carrier owes the credit agency $75,480.—V.
3495.
p.
Period End. May 31—
Tons mined
Liabilities—
Assets—
Corp.—R.C.C. In¬
Alabama Tennessee & Northern RR.
tervenes—
$7.16
Consolidated Balance Sheet, Dec. 31. 1935
«
.
After depreciation reserve of
y
The directors on June 11 declared a dividend of $1.50 per share on the
ordinary stock, par $50, payable July 15 to holders of record June 22.
This
will be the first payment made since Dec. 31, 1934 when a dividend of $2
per share was distributed.
A $2 dividend was also paid on Dec. 30, 1933.
—V. 142, p. 3661.
of this company.
Earned surplus,
Earns, per share on 137,954 shares common stock (par $10)
$5,676,042
Total
depletion reserve of $190,070.
$2,777.807.—V. 142, p. 2487.
Net income for the year (after deprec. of bldgs., mach'y and
fixtures to cost of items usable
$5,676,042
After
x
y
After deducting reserves
5H%
5H%
respect of interest on $11,152,000 Missouri Pacific RR. 20-year
convertible gold bonds and $14,245,000 Terminal Shares,
Inc.,
notes.—V.
142,
p.
2980.
Volume
142
Alles &
Financial
1935
Assets—
1934
1932
1933
$253,638
216,259
$183,604
163,629
21,794
1,780
$210,499
180,197
35,236
$34,012
$4,934
5,386
sur$1,777
7,494
$118
4,182
loss$34,012
5,985
$451
3,962
$9,271
10,995
$4,065
649,549
Prov. for Fed. inc. tax..
$168,649
163,665
33,756
5,240
$3,598
3,716
Sell., adm.& gen. exps__
Prov. for depr. & amort-
4011
Balance Sheet Dec. 31, 1935
Fisher, Inc.—Earnings-
Calendar Years—
Gross earnings
Chronicle
$39,998
711,945
052,828
70,999
$3,511
755,958
02,973
42,615
$1,725
839,502
01,082
82,901
0356
Dr861
35,602
Liabilities—
Cash in banks
Due
from
Oil
Co.
(affiliated)
14,980
Other accounts receivable
Total
profit
Int. paid & other charges
_
loss
Net
Previous surplus
Cr702
Dividends paid
Adjust, treasury stock.
Adj. revision of pr. yrs.
amort of cigar machine
14,171
Cr6,527
_
'
.
licenses
Plant and equipment (cost)
Prepaid insurance and taxes
Marketable
coll.
on
expenses
1,000
10,304
Common stock (par $1)
420,700
Assessment paid in by stockhldrs 252,420
Deficit
236,426
987
Total
$453,9441
After
x
reserve
$453,944
Total
for depreciation of $718,193.—V.
Amerex Holding
141, p. 1428.
Corp.—Earnings—
.
Earnings for the Year Ended Dec. 31, 1935
Income—Dividends
Dr4,583
-
$1,173,479
72,642
Interest
$661,752
$649,549
Condensed Balance Sheet Dec.
Assets—
$755,958
$711,945
J
$46,320 Accopnts payable arid accrued
expenses
A
161,537
and
352,136 Provision
receivable
Inventories
Employees' loans
150
Due from stockholders
Notes receivable, non-currentGoodwill & trademarks-,
3,901
502,008
Land, buildings, &c-.
Cigar machines
162,121
Interest
Net income
2,141
stock
(150,000
no par)
-A
667,000
Treasury stock (10,865 shares) Dr48,313
Surplus
661,751
Surplus credits (net)
Surplus, Jan. 1, 1935-
Total
—V.
A-—
-$l,319r796T
Surplus, Dec. 31, 1935
$9,787,229
Balance Sheet Dec. 31
1935
Total.
$1,319,796
141, p. 104.
Cash
1934
$
536,856
Calendar Years—
1935
346,708
45,426
391,498
Sales, less returns and allowances
Cost of goods sold
$1,550,999
1,144,131
-
receivable
Securities
1934
$1,718,028
1,172,900
Invests.
of
58,029
3,612,244
in
Gross profit
Selling
309,328
$545,127
278,586
236,590
$72,233
6,602
prof$29.951
8,532
$406,868
169,773
expenses
General and administrative expenses
$10)
Surplus
7,400,000
8,614,896
1,689,959
Total
23,849,670 30,475,872
—
126,956
2,772,735
taxes
Capital stock (par
sub-
(less reserve)... 1,415,016
Total
92,990
2,969,450
7,400,000
9,787,229
for
& contingencies.
stocks
to
$
3,600,000 11,561,283
& accrued exps_
Reserve
subsidiaries..21,460,872 24,768,931
Advance
$
Loans payable—Accounts
payable
Bills and accounts
Distilling Co., Inc. (& Subs.)—Earns
1934
1935
Liabilities—
$
hand and
on
in banks
Allied Brewing &
$452,319
720,014
$8,614,896
"
-
Assets—
-
$1,246,372
582,089
211,963
Operating expenses, taxes and legal fees
75,814
3,909
Deferred charges
251
-
$37,216
/ State taxes.
99" Capital
Miscellaneous
Total income
Llablltt{es---
Cash
Accounts
1,219
(est.)
Contract liabil. to State of Calif.
as
surety bond (cost)—
023,209
Adj. prior yrs.
pledged
sees,
Fed. cap. stock tax
121,727
22,058
149,617
*71,151
3,596
Non-producing properties
$3,749
977
-
628
Inventory
Producing properties
loss
Net
Misc. inc., int. rec., &c>-
Accounts payable
Due to affiliated companies, net
Accrued liabilities
$69,196
Wilshire
23,849,670 30,475,872
—V. 140, p. 4385.
Operating loss
Income other than from trading.
American Aggregates Corp. (&
Subs.)—Earnings—
Calendar Years—
Gross loss
Interest
$65,631
8,358
45,380
10,076
1,005
prof$38,483
11,053
$130,450
$28,065
22,697
—
Depreciation
Non-recurring
expenses
Provision for Federal income tax.
Net loss for the period
■
Loss from reval. of inventories to present market.
41,510
2,616
11,369
_
1935
cash
$130,450
Consolidated Balance Sheet
Assets—
Cash
on
as at
$50,763
rec.
Merchandise inventories
Revenue stamps
Other assets
Fixed assets
(net)
Deferred charges
Intangibles
$136,711
46,559
$183,270
112,167
$63,510
55,532
$46,751
34,977
$119,042
$81,729
17,852
24,077
57,794
289,161
$243,169
Gross profit on sales (before deprec. and
depl.)._
Profit from allied operations
Total profit
Selling and administrative
expense
Paid-in surplus
Earned deficit
$6,160
101,875
30,293
1,000
15,678
140,500
23,607
353,214
941,184
273,726
$289,304
24,351
Net profit before int.
earned and int. paid and
depreciation and depletion
Interest earned and miscellaneous income
$21,267 Notes payable
136,536 Accounts payable
114,697 Accrued liabilities, &c
1,492 Mortgage instalments
22,386 Res. for taxes & contingencies.
968,330 Mortgages on land and bldgs.
17,848 Other liabilities
57,230 Common stock (par $1)
(net)
$164,708
35,074
55,209
289,149
Cost of sales
Dec. 31, 1935
Liabilities—
demand
Notes & accts.
$907,056
770,345
$199,781
110,049
26,223
(after deducting allowances, trade and
discounts, &c.)
General expense
Total loss for the period
1934
$954,474
789,767
Net sales
Total
—_
Int. paid on real estate obligations and amortiza¬
tion of bond discount and expense
Interest
on first mortgage bonds
Depreciation and depletion
1
Net loss
—V. 141, p. 264.
American Arch
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1935
Total
$1,339,786
Total
$1,339,786
-
—V. 141, p. 264.
(A. S.) Aloe Co. (& Subs.)—Earnings—
Calendar Years—
1935
Net profit for year after charges & Federal taxes.
Preferred dividends
.
Common dividends
1934
$155,728
57,803
7,500
$141,477
23.560
)0,425
$4.45
$117,917
$3.93
Surplus
!
Earns, per share on 30,000 shares of common stock
Earnings for year
Reserve for contingency
Net profit
Surplus Jan. 1, 1935
$123,878
2,063,319
1
Total surplus
Adjustments
on
1,521
121,057
Surplus Dec. 31, 1935
Earnings per share on 150,000 shares capital stock (no par)
$111,225
878,928
Marketable
sees..
Mdse. inventories
573*574
.
Cash val. life insur
17,709
826,459
2,135
529,810
14,813
3,739
(less res.)._
1934
$150,000
120,641
9,027
5,215
5,771
&c
5,789
Pref. divs. declared
—Paid Jan. 2'36
employees
Curr.
to salesmen,
personal
1935
$200,000
95,065
Accts. payable, &c
Acer,
taxes, int.,
Due to officers and
miscell.
&
inv.
Adv.
Liabilities—
$81,617
maturity
23,594
12,071
212,060
Fixed assets at cost
14,225
221,783
_
13,722
names
254,850
6,150,464
Inventory
Investments
$1,867,542 $1,704,564
32,840
37,500
3,545
17,314
20,300
42,500
6,478
329,800
600,000
182,850
327,732
330,800
600,000
181,821
241,019
1st M. 5% notes..
Unearned rent, inc
Total
$1,867,542 $1,704,564
-V. 141, p. 2726.
Aluminum Goods Mfg. Co.—Extra Dividend—
Represented by 150,000
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of like amount on the common
no par value, both payable July 1 to holders of record June 20.
The
directors also declared the regular quarterly dividen of 15 cents for the
third quarter of 1936, payable Oct. 1 to holders of record Sept. 20.
extra dividend of 10 cents was paid on July 1, 1935.—V. 142, p. 3835.
""
"
profit
on
sales.
Earnings for the Year Ended Dec. 31, 1935
31,1935, after deducting all discounts
$1,617,963
Operating earnings for the year end. Dec. 31, 1935, after de¬
ducting manufacturing costs, maint., selling & admin. exp__
Depreciation on plants and equipment-.
Gross income
General and administrative expense-.
Interest paid
Federal capital stock tax (estimated).
Miscellaneous expense
Income charges
Federal income taxes for current and prior years
as
at Jan.
Surplus account—Dec. 31, 1934
Total surplus
-
$202,759
150,290
$66,915
13,059
745
1,000
$17,781
253,865
-net
as
at Dec. 31, 1935
$254,773
21,256
—
Dividends paid on preferred stock
$233,517
$45.56
Liabilities—
Timedepos.,cashfds.&bankbal. $89,272
Notes
&
accts.
receivable
after
Dr 3 43
Dr343
provision for doubtful items..
Cash surrender val life Ins., divs.
receiv. & misc. current items.
109,816
180,324
$236,426
Federal taxes
Accounts payable
Accruals: salaries,
$14,957
26,650
wages,
royal¬
ties, taxes, &c
19,599
Treasury stock
50,949
Invest., deposits in closed banks,
fully reserved, and advances
to officers and employees
16,042
28,078
Dividends declared—
Unearned
income
laneous reserves
and
4,284
miscel¬
Preferred stock
12,210
331,900
Common stock
250,000
Surplus
233,517
Land, bldgs., mach'y and equlp.x387,610
Prepaid exp.: insur., taxes, &c._
Intangible values—patents and
formulae
Total
x
Deficit
*
55,732
$140,461
114,311
Balance Sheet Dec. 31, 1935
33,671
1,1935.
$71,943
12,785
-
Interest, discount and miscellaneous non-operating income
Over provision for deprec. created in prior years, transf. tosurp.
Assets*"*-
657
Net profit
Deficit
Prior period adjustments
129,019
35,594
2,019
19,463
Interest
Surplus account Dec. 31, 1935
Earnings per share on 2,500 shares common stock
$52,468
14,446
Other income
$7,098,612
Asphalt Roof Corp.—Earnings—
Inventories
Gross
Total-
shares.—V. 142, p. 118.
An
Earnings for Year Ended Dec. 31, 1935
Sales of crude oil and casinghead gas
$153,351
40,636
113,500
_x3,000,000
1,726,505
2,064,618
&c
Contingency reserve
Capital stock
Capital surplus
Undivided profits
Sales for year ended Dec.
and allowances
Co.—Earnings—
Cost of sales.
no par
Accounts payable
Reserves for taxes,
Net profit for year
.
stock,
Ambassador Petroleum
29,084
$7,098,612
Profit
Total
71,222
Miscellaneous assets
American
cap. stock taxes
7% cum. pref. stk.
(par $100)
Com. stk. (par $20)
Approp. surplus
Unapprop. surplus
Deferred charges.
Goodwill & trade
380,746
Int. and dividends accrued...
x
2,500
Res. for pref. divs.
12,359
45,869
$212,243
Accts. and notes receivable
Fed. & State inc. &
(estimated)
Equity in leasehold
est. (acq. 1935).
Liabilities—
Assets—
Cash
Total
of
mtge. obligation
accts.,
&c
$2,064,619
$1.08
Balance Sheet Dec. 31, 1935
Notes pay.—banks
hand and
Receivables—trade
Sees.
1934
1935
Assets—
in banks
$2,187,197
Dividends
Consolidated Balance Sheet Dec. 31
Cash
$161,878
38,000
17,141
30,842
$901,598
Total —
After reserve for depreciation of $468,697.
—V. 142, p. 1624.
.$901,598
Financial
4012
American Brake Shoe & Foundry
Dividend—Initial Preferred
The directors have declared a dividend of
40 cents
per
share
the
on
paid each three months from June 30, 1932, to
ters, and 15 cents per share
1933. In addition an extra dividend of 25 cents was paid
Dec. 31, last, and an extra dividend of 5 cents per share on Mar. 30,1935.
The directors also declared an initial dividend of 87
cents per share on
and incl. Dec. 30,
on
the
534%
new
.
—
cumulative preferred stock, par $100, likewise payable
19.—V. 142, p. 3153.
$1,580
Drl,188
Operating loss
(net),
Jan. 1, '33
$1,720,577
442,788
567,995
$500,767
395,635
633,621
Other income
$498,161
6,451
$516,580prof$709,794
22,930
13,152
$528,489
16,785
Net loss.
$491,710
$493,650prof $722,946
x212,000
$511,704
91,915
$493,650prof$510,946
$603,619
$470,311
454,999
513,473
exp_.
Operating loss
Prov. for conting., &c
415,246
595,338
-
$491,710
Net loss
Includes
x
Dec. 30,'34
$494,003
provision for Federal income tax.
Gross
351
714,356
Inventories
Invest, in & adv. to other cos.
mine
$102,949
devel., &c.$l ,021,978 $1,138,472
41,827
23,296
70,104
Other accrued liabilities
Affiliated co., current acct
319
Capital stock and other taxes.
18,200
Reserve for contingencies
3,500,000
without par value)
class B (140,0001
\
shs.
without par value).
•
280,000
taxes
688,369
Deficit
407,055
$4,396,234
Total
$4,396,234
for depreciation of $4,686,350.—V. 140, p. 4220.
$2,651,269 $2,734,502
depreciation and depletion,
b After depletion,
c
$308,650 applied to retirement of treasury stock,
d $318,975
pending disposition of treasury stock.—V. 140, p. 4385.
American Fork & Hoe
have
directors
1934
$12,045
31,368
24,852
25,383
Net loss for year
$12,807
59,686
$72,494
Earned deficit, balance at beginning of year..
profSl ,078
62,736
Home" Products
Personnel—
At the recent monthly meeting
elected Treasurer
was
$61,657
1,970
$73,873
$59,686
1935
Cash
39,785
Notes & accts.
rec—
87,056
107,969
rec._
25,575
Inventories
Land contracts
22,861
90,747
106,384
25,575
Accounts payable
Acer, wages, taxes, &c
Res. for unempl. ins.
(par
other than trade..
23,999
15,768
286
286
10,632
[Incl. Domestic Subsidiary Company]
13,248
12,141
12,486
5,126
2,160
612,100
917,694
73,873
612,200
917,694
317,374
$100)
Common stock
x
8,777
327,093
Total
1,822,399 1,815,390
hand
State,
$183,080
8,779,570
1933
$1,131,664
7,367,945
$279,960
8,499,610
$1,723,264
5,644,682
$8,779,570
$8,499,610
municipal
a
Cash
Inventories
$840,772
1,161,883
673,017
$859,201
1,236,061
642,580
Loans payable
Acer,
Prepaid int., taxes,
&c
xProp'y& equip..
Goodwill
wages,
31,720
4,351,779
Common stock._ 3,596,420
8,962,650.
4,351,779
3,596,420
8,779,570
$5,955,836
$6,120,263
1,487,760
1,489,557
for guar.
y
<fe
x
$5,955,836 $6,120,263
After
depreciation,
y
Total
Represented
by
287,713
shares
(no
Capital surplus
1,165,797
288,229
1,184,624
280,961
4,269,133
4,310,827
2,600,000
2,650,000
67,356
78,369
ma¬
goodwill.—
operations
Total
a
26,419,060 26,973,985
After
reserve
Total
The corporation on June 9, filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2243, Form A-2) under the Securities
covering
150,000 shares
($25
par)
class
A
stock,
$813,017 in 1934.
b After reserve for depreciation of $4,404,002 in 1935
and $4,168,106 in 1934.—V. 141, p. 906.
optional
(& Subs.)—Earnings—
3 Months Ended March 31—
Total operating revenues
;
Maintenance
Provision for retirement.
Taxes
serial class A stock of the corporation, of which 154,222 shares are presently
Other income
outstanding. It will be entitled to dividends cumulative from May 1, 1936,
in cash, at the annual rate of $2.60 per share or at the option of the holder
in class B stock of the corporation at the annual rate of one-fourth of one
of class B stock.
The stock is redeemable at
$52.50
a
share plus
accrued dividends.
The
stock
purchase
warrants
for
shares
of
common
stock
which will expire June 1, 1941, will entitle the holders thereof to purchase
from American Cities Power & Light Corp. one share of no par value
stock
of North
American
Co.
for
each
share
of class
A stock
represented by the certificates to which the warrants will be attached.
The price at which the warrants are exercisable will be furnished by amend¬
ment to the registration statement.
According to the registration statement, the specific purposes for which
the net proceeds from the sale of the class A stock are to be used have not as
yet been definitely determined. The use of the proceeds is to be furnished
by amendment to the registration statement.
Riter & Co., Eastman, Dillon & Co., and Hemphill, Noyes & Co., all of
New York City, are included among the principal underwriters, it is stated.
xl935
Net income from operations
(net)
Gross income
Funded debt interest
General interest
Amortization of debt discount and expense
56,812
147,867
85,873
$950,583
351,779
18,226
45,205
149,376
79,974
$371,572
11,8/1
$306,021
4,175
$383,443
297,896
7,440
20,994
$310,196
303,517
7,101
21,408
loss$21,831
37,407
37,474
37,407
37,474
$1,045,594
373,576
9,891
of North
American Co. will entitle the holders to purchase an aggregate of 150,000
shares. The warrants, which are non-exercisable prior to June 2, 1937, and
common
1936
$57,111
Operation
Power purchased
dividend series of 1936, with attached warrants for the purchase of common
stock of The North American Co.
The class A stock being registered will constitute a new series of the
share
26,419,060 26,973,985
for doubtful notes and accounts of $985,033 in 1935 and
American Public Service Co.
Light Corp.—Files with SEC
-—Would Issue 150,000 Shares of Class A Stock—
1933
Earned surplus
11,728,585 12,023.765
11,581,341 12,057,944
2,641,996
2,584,295
par).—
American Cities Power &
of
34,010
($20
foreign
Buildings,
and
V. 142, p. 3830.
Act
stock
Deferred charges to
_.
DeficitTotal
34,010
compen¬
sation)
Com.
wholly
to
&c
9,917
Pref. 7% cum. stk.
contingencies.
60,845
self-
(work¬
chinery, patterns
333,807
Allow,
445,437
63,145
63,233
Patents, tr.-marks,
&c
64,602
1,830,060
497,972
investments
b
for
insur.
par).
Investment in and
$6,525,064 $6,539,795
90,954
68,114
rent,
322,549
taxes,
221,596
1,569,012
1934
8,898,960
1,813,518
Advances and misc.
sub. companies.
1935
Accounts payable.
8,109,223
2,154,815
149,981
98,593
salaries,
taxes, &c
men's
18,741
$
$
271,301
Customers' deposits
Reserve
7,946
Notes and accts.
owned
Accrued
wages,
tax
1934
1935
Liabilities—
& credit balances
Land
Liabilities—
1934
6,435,176
warrants
$7,367,945
Consolidated Balance Sheet Dec. 31
1935
6,625,437
and
Inventories
1932
857,370
secur.
county
ad vs.
Assefs—
633,148
receivable
Co.—Earnings—
1934
$8,962,650
$
Accounts payable-
(at cost)
1935
Deficit Dec. 31
$
Marketable
1,200,000
Total
237,480
1934
1935
Asscfs—
Cash in banks and
,
$687,024
241,296
$186,623
j.
Consolidated Balance Sheet, Dec. 31
[Incl. Domestic Subsidiary Company]
stock retired
American Car & Foundry Motors
Previous deficit Jan. 1-.
1,177,110
$303,720 loss$155,140
213,490
231,209
276,853
300,674
Net loss
Dividends paid
Capital surplus—dis¬
Represented by 120,000 no par shares,
y After reserve for deprecia¬
tion of $536,405 in 1935 and $512,725 in 1934.—V. 129, p. 3638.
Years End. Dec. 31—
Loss for year
$1,021,970
1,491,198
Provision for depreciation
x
Bills & accts. rec..
$1,794,918
income
Profit before depreciation and other charges—_
Other charges
on
1,822,399 1,815,390
921,862
Selling, general, and administrative expenses
317,287
344,988
1 ,200,000
$100,108
735,484
*
59,686
Goodwill, trademks.,
&c
1934
1935
$1,059,433
operations
count on preferred
at cost
elected
$
31,835
Earned—deficit
inee County, Mich.
Prepaid insur., suppiles, &c
y Plant & equipment
was
7% cum. pref. stock
Notes & accts. rec.—
Real estate—Menom¬
1934
$
Liabilities—
"Chronicle")
Laundry Machinery Co.—Earnings—
Gross profit from
Other income
Gross
1934
of the board of directors W. H.Wulffleff
(not Secretary as stated in last week's
Calendar Years—
Balance Sheet Dec. 31
Assets—
Changes in
succeeding the late John F. Murray.
Randall Nauman
Secretary succeding Mr. Wulffleff.—Y. 142, p. 2655.
1,379
Earned deficit balance at end of year
Corp.—Correct
»
American
Total deficit
I
Unclaimed pref. stock div. checks canceled..
Adjustments affecting prior years' operations.
Co.—Larger Dividend—
a
regular
Previously
4,906
Depreciation..
declared
stock, no par value, payable July 15 to
American
1935
Federal excise taxes
Including
restricted
dividend of 25 cents per share on the
holders of record June 5.
quarterly dividends of 15 cents per share were dis¬
tributed.
In addition an extra dividend of 20 cents was paid on Dec. 14,
1935.—V. 141, p. 2,579.
The
Co.—Earnings—
Years Ended Dec. 31—
Inc., before deducting Fed. excise taxes & deprec.
37,017
After
a
common
1935
$2,651,269 $2,734,502
17,901
13,858
56,043
-
Other assets
I
Capital surplus
reserve
Total
62,368
prem.
suppl. & prepaid
Total
Common
After
dl,322,440 cl,405,733
80,430
7% cum. pref. stk. (par $100)
Common
(140,000 shares]
American Candy
Surplus..
Inventories
Unexp. ins.
1934
1935
Capital stock
$1,180,775 $1,191,100
66,755
payable.
71,937
Accrued
prop.
&
19,413
sundry taxes—
19,239
Federal taxes
"
9,647
15,766
Dividends payable
35,733
47,231
Accounts
175,000
144,293
113,223
56,967
Accounts rec., &c.
Capital stock:
x
759,786
affiliated co
13,303
Mortgages payable.
312,832
86,833
280,599
286,533
822,067
-
Notes receiv. from
20,566
5,748
Nil
Nil
Liabilities—
1934
1935
Cash
Employees' accounts payable.
Accrued payrolls
8,763
Total
47,644
L'd & coal seams
a
Marketable securs.
Outstanding payroll drafts
Land, buildings, machinery &
equipment, at cost..
x2,092,664
Unexpired insurance, prepay¬
ments, &c
$318,223
47,644
Balance Sheet Dec. 31
ber rights
Trade creditors, &c
513,343
Accrued interest receivable—
$145,968
47,644
$3.26
Earns, per share on com_
Assets—
Liabilities—
$1,024,927
$47,210
47,231
$0.97
-
b Leasehold & tim¬
Assets—
Cash in banks and on hand
$155,277 loss$145,968 loss$246,767
202,487
71,456
$155,925
Deficit
Balance Sheet Dec. 29, 1935
Accts. and notes receivable
$171,044 loss$145,968 loss$246.767
15,767
Shades of capital stock
outstanding (par $25)
cluded above.
charged to capital surplus account.
$268,082
Dr4,679
25,995
$45,723
201,648
profit.
Dividends...
.
Note—Full depreciation for the year ended Jan. 1, 1933, has been in¬
In previous years depreciation on property not operated was
$187,777
Dr3,157
44,966
Dr3,262
35,928
$55,370
9,647
profit-
Federal taxes..
Net
pf$138,378
58,138
Other income (net)
Dec^31 , '33
Dec. 29,'35
Years Ended—
Operating profit
Sell., adm. & gen.
Depreciation
48,854
164,737
37,330
1,306,940
$23,343
38,076
217,503
35,845
137,475
32,232
Royalties
Corp.—Earnings—
1,343,838
$63,144
$222,506
54,378
Depreciation
Depletion
1932
1,219,374
$372,371
59,811
140,006
34,175
1,151,534
Taxes
tnoo
1933
1934
1935
Coal produced (net tons)
Income from mine prop.
moo
tnoA
moc
-xr
..
Calendar Years—
June 30 to holders of record June
American Bemberg
County—Earnings—
American Coal Co. of Alleghany
com¬
This compares with 30 cents paid on March 31, last; 25 cents paid on
Dec.
31. Sept. 30 and June 29, 1935; 20 cents in each of the five preceding quar¬
1936
The price to the public, the names of other underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.—V. 142, p. 770.
June 30 to holders of record June 19.
stock, no par value, payable
mon
Co.—Larger Common
Dividend—
June 13,
Chronicle
Net income
Divs.
accrued on pref. stock of sub.,
Co., in hands of public *
(reduced to one-half cumul. rate July 1, 1933)-Divs. suspended on pref. stock of sub., West Texas
paid
and
West Texas
,
Utilities
Utilities Co., in hands of public * (reduced to
one-half cumul. rate
Balance
divs.
on
providing for cumul. unpaid
pref. stock of Amer. Public Serv. Co. loss$17,702 loss$96,780
♦Exclusive
Total
July 1, 1933)
before
unpaid
of
23,047 shares owned by American Public Service Co.
cumulative dividends on preferred stock of West Texas
Utilities Co. in hands of the public amounted to $411,477 at March
1936.
31.
Volume
x
the
Adjustments made subsequent to March 31, 1935, but applicable to
period beginning Jan. 1, 1935, have been given effect to in this column.
—Y. 142, p. 2982.
American
4013
Financial Chronicle
142
Telephone & Telegraph Co.—Earnings—
Period End. Apr. 30—
Operating re venues
Uncollectible oper. rev__
Operating expenses
Operating taxes--
1936—Month—1935
1936—i Mos.—1935
$8,866,690
$7,774,608 $35,347,438 $30,912,777
30,299
46,964
135,382
183,707
6,213,136
5,975,785
24,659,284
23,619,923
766,451
502,701
3,034,593
2,002,636
Armour & Co.
(111.)—Time Extended—•
The company has notified the New York StockExchange that the time
for the privilege of exchanging shares of 7 % preferred stock for shares of
$6 cumulative convertible prior preferred stock arid common stock under
the terms of the plan of recapitalization has been extended from June 10,
1936, to July 10, 1936.—V. 142, p. 3663.
Associated Gas & Electric Co.
(& Subs.)—Earnings—
Consolidated Statement of Earnings and Expenses of Proper ties Irrespective of
Dates of Acquisition
Increase
Net oper. income
$1,856,804
$7,518,179
$1,249,158
$5,106,511
—V. 142, p. 3662.
12 Months Ended April 30—
Electric
yl936
$86,990,727
13.237,121
5,039,185
1,455,851
1,241,035
1,164,726
____
Gas
American
Inc.—Weekly
Water Works & Electric Co.,
Output—
Transportation
Heating
Output of electric energy for the week ended June 6 totaled 44,155,000
kilowatt hours, an increase of 15.9% over the output of 38,100,000 kilowatt
hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
Week End.—
1935
1934
1933
35,528,000
35,634,000
33,692,000
35,014,000
31,866,000
32,274,000
31,356,000
33,480,000
26,635,000
26,164,000
24,932,000
25,768,000
Ice._-
Total gross oper.
Taxes.
Lionel J. Noah, who resigned.—V. 142, p. 3496.
Before Arthur Black, sitting as special master in Federal Court,
Boston,
10, Attorney John Hall for the company announced that the plan
reorganization proposed three months ago had been abandoned.
He
stated that the company decided that because $2,300,000 would be with¬
drawn from the company by bondholders electing one of the two options
and that because the flood had caused damage which it would cost $2,500,000 to repair, the company would be left with the insufficient working
capital of about $4,100,000.
Therefore, he said, the management could not
urge the court to find that the plan is now feasible.
Attorneys representing the Amoskeag Co., a large bondholder, the bond¬
holders' protective committee and the stockholders' protective committee,
stated that in view of this decision of the management they could not
support the plan.
' y
In his remarks to Arthur Black, master, announcing abandonment of
the Amoskeag Manufacturing Co. reorganization plan, Attorney John Hall
for the company stated:
"Although the plan was approved by over two-thirds of the bondholders
and a majority of the stockholders, it now appears that bondholders to
the amount of $5,653,540 only elected to exchange their bonds for preferred
and common stock under proposal A.
Of this amount, $3,600,000 were
bonds owned by the Amoskeag Co., so that only $2,000,000 of the other
of
bondholders elected A.
"Bondholders to the amount of $4,769,480 elected
under proposal B
to withdraw from the company
for each $100 in principal amount of bonds
$50 in cash and to receive one-half share of second preferred stock.
This
requires a payment out of the net quick assets of the debtor of over $2,300,000.
A very substantial number of bondholders who have elected to with¬
draw their money are residents of New Hampshire.
Of the $3,000,000
bondholders in New Hampshire, $1,281,000 only elected alternative A;
$1,435,000 elected to withdraw under proposal B, and $358,000 have not
heard from.
Bondholders to the amount $957,980 have indicated
no preference.
"Since the filing of the plan an unforeseen and serious damage to the plan
has been caused by the recent flood, involving the expenditure of a large
sum of money before operation of the mills can be advantageously carried on.
"The company is confronted with this situation: the carrying out of the
plan as filed would mean the withdrawal of $2,300,000 from the company,
been
Owing to the damage resulting
from the flood, it would be necessary to expend in the near future $2,500,000.
This leaves a working capital of about $4,100,000.
The company is left
with insufficient working capital to warrant the management in urging the
court to find that plan is now feasible.
;
"If the bondholders as a whole were willing to leave their money with the
company and accept the preferred and common stock as provided in proposal
A of the plan, and the company had the wholehearted support of the people
a
Manchester, then in the opinion of the management there would be such
that it would be willing to urge
of the plan by the court."—Y. 142, p. 3837
fair and reasonable prospect of success
the acceptance
Arkansas Power & Light
Co.—Earnings—
Apr. 30—
Operating revenues
Operating expenses.---.
Net
$200,628
$251,058
$3,304,720
$3,315,172
(net)19,013
Other income (net)
613
2,806
1,843
79,038
12,984
2.801
15,044
$3,333,017
Rent
rev.
from
from oper-._
leased prop.
Gross corporate inc_-
$220,254
$255,707
$3,396,742
Int. & other deductions.
157,185
157,480
1,879,353
1,892,159
y$63,069
y$98,227
$1,517,389
$1,440,858
594,600
592,200
Balance
------
Property retirement res.
appropriations
z
Dividends applicable to preferred stocks
period, whether paid or unpaid
Deficit-.-.
for
949,265
—
-
949,269
$26,476
—
$100,611
y
Before property retirement reserve appropriations and dividends,
z
Dividends accumulated and unpaid to Apr. 30, 1936, amounted to $1,265,687.
Latest dividends amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 pref. stock, were paid on Apr. 1, 1936. .Divi¬
dends on these stocks are cumulative.—V. 142, p. 2983.
(The) Arundel Corp.—Registers with SEC—
See list
given on first page of this department.—V. 142, p. 773.
Decrease,
y
xl936
12 Months Ended March 31—
1,787,068
$6,182,835
580,707
Other taxes
,
income
Deductions from income—Subsidiary companies:
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense—
charged to construction—
Provision for dividends not being paid on cum¬
ulative preferred stock
Assoc. Elect, company—Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense.
Interest
-
Balance of income-.
-
$7,326,487
243,410
$7,569,897
1,747,709
150,965
167,028
Cr37,652
1,761,879
520
3,550,000
508
3,550,000
and replace¬
Federal income taxes
Operating income
Other income (net)
1,318,125
$6,763,543
Provision for retirements, renewals
ments of fixed capital——
1,505,668
1,286,091
387,682
1,264,103
Maintenance
Gross
1935
$20,736,960 $20,061,297
9,829,177
8,678,987
Operating expenses
-
—
150,764
1,081,263
98,956
136,013
028,837
5,188
16,415
247,863
247,973
$931,922
$1,786,987
Preliminary; subject to annual audit and such sundry book adjustments,
incident to closing for fiscal year ended Dec. 31,
1935.—V. 142, p. 1457.
x
if any, as may be necessary
$41,878,603
$409,623
1
9,329,731
9,062,314
267,417
3
$32,958,495
$32,816,289
$142,206
Preliminary.
--
,
System Output Increases 15.6%—
For the week ended May 30 Associated
Gas & Electric System reports
an increase of 15.6%.
this year, with Memorial Day
falling on Saturday, and last year, when it came on Thursday, thus reduc¬
ing output for a full day, accounts in part for the size of this increase, which
output of
73,905,367 units (kwh.), which is
is .the greatest in more than two years.
Gross output amounted to 82.792,026
units for the week under review.
May Output Up 9.5%—System Serves 5,000 Towns, 7,000,000 Population—
Associated Gas & Electric System reports net electric output of 326,257,228 units (kwh.) for the month of May, which is a 9.5% increase above the
figure reported for May of 1935.
For the 12 months ended May 31, out¬
put amounted to 3,899,781,341 units, or 9.4% higher than the previous
12 months' period.
Gas sendout for May increased 1.1% to 1,587,113,400 cubic feet, while
for the 12 months to May 31 sendout was 20,938,128,900 cubic feet, which
is 9.1% higher than the
prior year.
Complete physical statistics for 1935, just issued by the Associated Gas
6 Electric System, show that operating companies of the system have
1,689,959 active meters, of which 1,213,096 are electric and 424,038 gas,
the rest being water and steam meters.
Population served is 7,373,521, residing in 5,131 communities, covering
an area of 95,070
square miles.
This service is tendered by 19,003 em¬
ployees, of whom 16,729 are men and 2,274 women.
Kilowatt capacity of the 223 electric generating stations is 1,427,389
kilowatts, of which 1,053,140 kilowatts are generated by steam power,
353,284 by hydro-electric power and 20,965 kilowatts by internal com¬
bustion engines.
r
This power is sent over 13,374 circuit miles of transmission lines and
distributed by 34,764 miles of distribution lines.
Total miles of wire used
are 126,568.
There are 54 gas manufacturing plants with capacity of 122,673,000 cubic
feet.
Gas is sent through 455 miles of transmission mains and 4,620 miles
of distribution mains.
«
Merger Approved—
The Ohio Utilities Commission has approved the joint application of five
subsidiaries of Associated Gas & Electric System for consolidation as Ohio
Midland Light & Power Co.
Other four included Wyandot Light & Power
Co., New Washington Electric Co., Paint Township Light & Power Co.
and Hilliards Light & Power Co. While no change will be made in bonded
debt, stock of parent company will be exchanged for outstanding stocks
of
merged companies.—V. 142, p. 3837.
Associates
Investment
Co., South Bend, Ind.—Stock
Offered—Public offering was made June 12 of 60,000 shares
of 5% cum.
($100 par) pref. stock with common stock
purchase warrants attached, by Field, Glore & Co. and
F. S. Moseley & Co.
The price of the stock was $103
share.
of 5% preferred, 30,000 shares are being reserved
period of eight days for the holders of the present 30,000 shares of
under an exchange plan, on the basis of
one share of the 5% preferred with warrants attached and one-eighth of a
share of common stock for each share of 7 % preferred.
The common stock warrants attached to the 5 % stock entitle the holder
to purchase a share of common stock at $45 a share until June 30, 1937;
at $48.50 a share up to June 30, 1938, and at $53 a share to July 1, 1939,
after which the warrants become void.
Warrants are detachable after
Jan. 1, 1937..
The proceeds of the sale of the 5% preferred stock will be applied to the
redemption, at price of $110 a share, of such portion of the 7% preferred
as is not exchanged for the 5% stock.
The balance of the proceeds will be
added to working capital.
Company was incorporated on May 29, 1918 to deal in paper arising
from the financing of the purchase of motor vehicles.
The company
maintains offices in the District of Columbia and In the States of Indiana,
Michigan, Minnesota and Ohio, and, in addition, purchases paper from
affiliated organizations doing business in ten other States.
For the 12 months ended Dec. 31, 1935 the company reported the volume
of receivables purchased as $90,732,602 compared with volume of $56,581,950 in the preceding year.
For the quarter ended March 31 last the com¬
pany reported a volume of $27,188,071.
Net income for the year 1935 after all charges including Federal taxes
amounted to $2,315,197 compared with $1,317,501 for the year 1934.
Net
income for the first quarter amounted to $676,242.
Annual dividend
requirements on the 60,000 shares of 5% preferred stock to be outstanding
will be $300,000 a year.
for
a
7 % preferred stock outstanding,
April 30—-
Gross volume of financing handled
Subs.)—Earnings—
Total operating revehues—
$42,288,226
(re¬
Operating income--
Four Months Ended
Associated Electric Co. (&
5
7
7
Of the 60,000 shares
1936—12 Mos —1935
$7,314,413
$7,329,840
4,009,693
4,014,668
1936—Month—1935
$538,540
$526,843
337,912
275,785
revenues--.$109,128,645 $104,132,830 $4,995,815
55,724,165
51,876,917
3,847,248
11,116,254
10,377,310
738,944
Net operating revenuefor retirements
newals and replacements)
a
[Electric Power & Light Corp. Subsidiary]
Period End.
-
The variation in the holiday periods between
June
of
.-
net electric
Amoskeag Mfg. Co.—Reorganization Abandoned—
leaving in quick assets about $6,600,000.
—
Provision
x
American Woolen Co.—New President—
The directors on June 9 elected Moses Pendleton President to succeed
—
Oper. expenses, maint., &c__-_
1932
38,269,000
37,878,000
36,505,000
38,100,000
1936
May 16--.-44,605,000
May 23---_44,105,000
May 30- —.43,061,000
June
6
44,155,000
—V. 142, p. 3836.
"
-
Water
1935
Amount
%
$83,070,239 $3,920,488
5
12,376,954
860,167
7
4,827,437
211,748
4
1,320,090
135,761
10
1,239,347
1,688
1,298,763
xl34,037 xlO
1936
1935
$38,982,727 $33,308,350
933,634
616,427
,
6,237,992
4,323,323
400,000
80.000
$2.15
$7.32
Net income after all charges incl. Federal taxes—
Earned surplus.Shares of capital stock outstanding
Earnings per share
—Y. 142. p. 3663.
-
Atlantic Beach Bridge Corp.—Tenders—
The Marine Midland Trust
Co. of New York, as trustee, is inviting
the sale, to the extent of $19,857 of 1st mtge. sinking
fund goid bonds.
Proposals, at prices not exceeding
104% and accrued interest, will be received up to 12 o'clock noon on June 11,
1936.-—V. 141, p. 3683.
sealed proposals for
fund 6H% sinking
Auburn Automobile Co.—New Vice-President <fcc.—:
elected as Vice-President and director, A. H. Mclnnis to
T. Ames who resigned.
R. S. Wiley, formerly export sales
for the company has been appointed general sales director, and
L. R. Jones has been named chief engineer.—V. 142, p. 3497.
Directors
succeed
H.
manager
Augusta & Savannah RR.—Extra Div.-—Smaller Div.—
The directors have declared an extra dividend of 25 cents per
share in
semi-annual dividend of $1.50 per share on the capital stock,
July 1 to holders of record June 15. A semi-annual dividend of
$3.50 per share was paid on Jan. 6, last; $1.50 per share was distributed on
July 1, 1935, and dividends of $2.50 per share were paid each six months
previously. Extra dividends of 25 cents per share were paid on Jan. 6, last;
July 1 and Jan. 7, 1935; July 5 and Jan. 3, 1934, and on July 5, 1933.
—V. 141, p. 3683.
addition to
a
both payable
Financial
4014
Locomotive Works—Deposits of Securities—
Baldwin
''
notice dated June 6 sent to its security holders, advises
close of business, June 6, acceptances of the plan of
reorganization had been received from bondholders and stockholders in
the following amounts and percentages:
The company in a
them that up to the
Amount
Percentage of
Accepted to
Total
Outstanding
Date
332,818 shs.
Common stock
*
of
of each class of capital stock.
holders, C. D. MacGillivray, Secretary of the company, says that because
their individual holdings are small, many holders have not realized the
to
the company
evidence
is costly
(and consequently to its stockholders), through a post-
Sonement of the benefits of the plan to the company and its security
olders.
"One of the purposes of the plan is to provide for additional working
capital so that the company may handle the business that now is and will be
available," the notice continues. "As general business recovery progresses,
the facilities provided by the plan for augmenting working capital will
become increasingly essential."
Bookings and Shipments Increase—
Works, including its subsidiary, The Whitcomb
hand orders for 49 locomotives of all sizes and
hand for seven locomotives on Jan. 1,
The Baldwin Locomotive
Locomitive
Co.,
has on
classes, as compared with orders on
June 11 in issuing its monthly report of bookings.
orders for 72 locomotives to date this year and
the company announced on
The company has received
has completed and shipped 30.
The dollar value of orders taken
in May by the company and its sub-
Co., amounted to $2,861,583 as com¬
pared woth $1,143,726 for May 1935.
These bookings brought the total for the consolidated group for the first
five months of 1936 to $13,634,804 as compared with $7,879,856 in the
subsidiaries, including The Midvale
period last year.
Consolidated shipments,
same
150
compared with
as
including Midvale, in May aggregated $2,007,-
$2,071,449 in May of last year.
ments for the first five
Consolidated ship¬
months of 1936 were $7,921,576 as compared with
$10,299,682 for the first five months of 1935.
On May 31,
1936, consolidated unfilled orders, including Midvale,
amounted to $12,384,214 as compared with $6,689,081 on Jan. 1, 1936 and
with $6,952,086 on May 31, 1935.
All figures are without intercompany eliminations.—Y. 142, p. 3664.
The plant and general offices of the
located at Ripon, Wisconsin.
principal business is that of an important producer and
distributor of domestic washing machines.
Company also markets domestic
ironing machines and certain domestic and institutional laundry equip¬
ment produced by its subsidiary, American Ironing Machine Co., manu¬
factures and sells repair parts for domestic washers and markets dryer units
purchased through the subsidiary.
Substantially all of the items produced
by the company and its subsidiary are marketed by the company, and of
Barlow & Seelig's total net sales in 1935 approximately 94% consisted of
sales of domestic washing machines.
Domestic washing machines and
ironers are sold under the well-established trade names "Speed Queen" and
"Simplex," respectively.
In spite of the depression and severe competition, Barlow & Seelig earned
a net profit every year from 1927, when the present management of the
Company took charge of the business.
During the last five years net sales
rose from approximately $967,525 in 1931 to $2,957,347 in 1935 and net
profits from approximately $31,532 in 1931 to $354,581 in 1935.
Both
sales and net profits of the business for the first five months of 1936 were
substantially in excess of those for the corresponding period of 1935.
The domestic washing machines produced and sold by the company com¬
prise not only a complete line of electric machines but also a complete
line of washers powered by gasoline motors for rural homes.
Gasolinepowered models accounted for approximately 28.7% of Barlow & Seelig's
total washer sales in 1935.
The electric models are five in number and
customarily range in retail price from $39.50 to $89.50, while the gasolinepowered machines presently retail at from $69.50 to $99.50.
A small
volume is done in hand-washers, and also in washing machines driven by
belt where customers have independent power units.
The company's subsidiary, American Ironing Machine Co.
(111.) is
located at Algonquin, 111.
Company owns 51.48 % of the outstanding capital
stock of this subsidiary, American Ironing Machine Co. produces domestic
ironing machines, some institutional washing, ironing and laundry equip¬
ment, domestic laundry tubs, and repair parts, substantially all of which are
sold to the company.
It also buys dryer units for resale through the com¬
pany, machines certain domestic washing machine parts for the latter, and
does a small amount of job manufacturing for other companies.
American
Ironing Machine Co. in turn owns all of the capital stock of a Canadian
company, Canadian Ironing Machine Co.. Ltd., a small assembly and sales
company.
Outstanding and
$1.20
cum. conv.
class A common stock
[Including Baltimore Coach Co.]
which
common
95,000
$5,482,553
stock.
purchase warrants covering a total of
warrants (see below).
Earnings of Barlow & Seelig
equipment, $358,713; maintenance of power, $12,227; provi¬
road and equipment, $864,849; power
4,806,816
487,999
$187,737
21,521
$209,259
6,391
Gross income
Miscellaneous rents, &c
$1,854,396
$2,028,766
$2,957,348
$883,871
242,937
244,195
480,950
124,947
46,731
&c_
Net profit before
sion for income
and losses
on
45,262
102,868
27,000
provi¬
taxes
American
Ironing Machine Co__
63,853
$2,513---
(M % on 4% debs, and % %
117,697
debs.)
5%
$21,317
Net income
Consolidated Balance Sheet Dec. 31, 1935
[Including Baltimore Coach Co.]
Liabilities—
Ass cts
$65,991,212
Road and equipment
38,644
uncompleted
ment
affiliated
companies
Special deposits for payment of
matured prior
int. & divs.
to Jan.
a
b Accounts receivable
and
supplies
Unadjusted debits
Reserves
Other unadjusted
a
1,
21,317
1935-.--
-..$69,673,262
Total
587
4,887
1,147,504
credits..
Capital surplus
and loss since July
140,393
18,696
1,870
153,869
16,205,823
Ticket and token liabiliity
Profit
25,244
344,672
and accrued
2,594,260 Taxes payable and accrued..
41,010 Accrued int. on equip, notes.
485,627 Unpaid matured int. on debs.
48,252 Unpaid int. matured prior to
Jan. 1, 1933__.
Cash
Materials
355,996
93,014 Unpaid int. & divs. matured
prior to Jan. 1, 1933
Accounts and wages payable
25,244
1,1933
$3,983,140
preferred stock__ 23,342,583
Common stock
First 5%
Debentures, due July 1, 1975 23,089,783
Purchase-money obligations.
1,192,891
and
investments
Other
Corp. Stock Bait. Tr. Co.—
c
Additions to road and equip¬
Investments in subsidiary
$69,673,262
Total
Including time certificates of deposit of $1,200,000.
c Represented by 168,465.2 no par shares.—V.
of $2,500.
b After reserve
142, p. 3497.
Bangor & Aroostook RR.—Collateral—
Old Colony Trust Co., trustee under the consolidated refunding
deed dated June 1, 1901, securing the consolidated refunding
mortgage 4% bonds, has notified the New York Stock Exchange that
The
mortgage
$1,473,000 Bangor
bonds, due Aug. 1,
St. John River extension
5% bonds, due Aug. 1, 1939.—Y. 142, p. 3839.
holds the following securities under said deed:
it
now
&
Aroostook RR.
1st mtge.
Washburn extension 5%
1939, and $1,556,000 Bangor & Aroostook RR.
Bangor Hydro-Electric Co.—20-Cent
Distribution—
dividend, a distribution of 20
share on the common stock, par $25, be declared, payable on
Aug. 1 to holders of record July 10 out of the premium on the company's
common stock as it appears on the books on May 31, 1936.
A like dis¬
tribution was made on May 1, last.
Regular dividends of 20 cents per share
had been paid each quarter from May 1, 1935 to Feb. 1, 1936.
A dividend
of 30 cents was paid on Feb. 1, 1935, Nov. 1 and Aug. 1, 1934; 37H cents
each quarter from May 1, 1933 to May 1, 1934. incl., and 50 cents per share
paid each three months from May 1, 1929 to and incl. Feb. 1, 1933.
The directors have Voted that in lieu of a
cents
Period End. May 31—
Operating expenses
1936—Month—-1935
$166,590
$156,671
57,627
59,633
1936—12 Mos —1935
$2,115,850 $2,050,919
746,012
705,551
Taxes accrued
20,000
19,300
279,950
290,000
Depreciation
10,552
26,873
25,482
9,966
32,048
25,483
149,162
359,195
305,799
231,697
$9,513
on common
stock--
Balance
-V. 142, p.
Barlow
14,481
14,481
160,161
340,227
305,791
173,772
$11,572
Fixed charges
Div. on pref. stock
def$4,241
$109,934
3332.
-
&
Seelig
Mfg.
Co.—Stocks
Offered—H. M.
Byllesby & Co., Inc.; Bancamerica-Blair Corp.; Hemphill,
Noyes & Co., and Paul H. Davis & Co. on June 8 offered
of
Amer.
Ironing
„
22,204
Machine Co
12,327
23,500
4,004
$186,606
$354,582
$93,943
Provisions of Issues—Each class A share entitled to one vote for election
of directors and for all other purposes.
Company may not, without the
consent of the holders of at least two-thirds of the outstanding shares of
class A common, reclassify or change the class A common or the common or
any of the voting rights, preferences or restrictions thereof or increase either
class of stock or create any class of stock having a priority over or a parity
with the class A common stock.
Holders of class A stock are entitled to the
cumulative dividends at rate of $1.20 per share per year, payable Q-M
(which dividends are cumulative from June 1, 1936).
Each holder of
class A common stock has the right at any time on or before May 31, 1939
to convert such shares into shares of common stock on a share for share
basis, and at any time after May 31, 1939 on the basis of one share of
Total profit for
period
$174,002
class A for four-fifths of one share of common
stock.
Class A common stock is preferred as to assets as follows:
In event of
voluntary liquidation, dissolution or winding up or sale of all of assets or
any distribution of assets by way of return of capital, the holder of each
share of class A stock is entitled to receive not to exceed $27.50 per share
and in the event of involuntary liquidation, dissolution or winding up
holders
are
entitled to receive not to
exceed $25 per share, plus dividends.
Company may redeem all or part of class A common stock at any time at
$27.50 per share, plus divs. thereon, upon 30 days' notice.
Stock Purchase Warrants—Company proposes to enter into a "stock pur¬
chase warrant agreement" to which it and existing stockholders will be
parties and which will be for the benefit of holders of stock purchase warrants
issued and delivered thereunder.
Pursuant to the agreement there will be
deposited with the company by the stockholders 20,000 shares of out¬
standing common stock duly endorsed in blank for transfer, together with
irrevocable options granting to the company the right to purchase out of the
deposited shares the whole or any part thereof necessary in order to satisfy
the warrants so proposed to be issued and delivered, the purchase price of
the shares to be paid to the depositing stockholders to be the same price or
prices (less any applicable transfer taxes) as are paid by holders of the
warrants who may exercise the same.
The warrants so proposed to be
created and delivered will grant to the holders thereof the right to purchase
from the company shares of common stock up to a maximum of 20.000 at
any time on or before June 1, 1939, upon surrender of the warrants and by
payment at the rate of $20 for each share purchased, the agreement con¬
taining appropriate provisions for adjustment of the number of shares
purchasable and (or) the price payable in the event additional stock or
stock purchase warrants are issued by the company and (or) a decrease of
the number of outstanding shares of common stock is effected, with further
provision that in case of a consolidation or merger of the company or a sale
of its property as an entirety, or substantially so. the holders of the warrants
will be entitled, upon payment of the warrant price, to acquire certain
substitutes for the stock called for by the warrants.
Nature
per
Gross earnings.
Div.
Loss
*
$23,275; equipment obligations,
Int. declared on series A 1st debs.
on
Mar. 31,'36
1935
Income taxes
$38,065; other,
3 Mos. End.
1934
Gross sales, less returns,
_____
Series B 1st 5% debs.,
Manufacturing Co. (Predecessor)
1933
Particulars—
(incl. gasoline), $644,097; conducting transportation,
$1,888,328; traffic, $9,615: general and miscellaneous, $685,037; transportation for investment (credit), $9,357
Taxes, licenses, &c
Interest:
20,000 shares of common stock, which
Years Ended Dec. 31
sion for retirements of
service
Net operating income
Non-operating income
120,000 shs.
conversion of the class A
x215,000 shs.
shares reserved against
Note—Company is also committed to create and deliver, upon completion
by the underwriters of distribution to the public of the 95,000 shares of
the class A common stock now offered to the principal underwriters, stock
1 to Dec. 31, 1935
Passenger revenue, $5,418,430; special car and bus revenue,
$34,802; other transportation revenue, $3,873; revenue from
other operations, $25,447; total revenue
Maintenance of way and structures, $353,306; Maintenance of
95,000 shs.
95,000 shs.
($5 par)
Of
to Be Outstanding
Authorized
Capitalization—
x
Consolidated Income Account Period from July
«■*
History and Business—Company was incorp. April 24, 1936 in Delaware
on April 29,1936 it acquired all of the assets and assumed the liabilities
of its predecessor company, Barlow & Seelig Manufacturing Co. (Wis.),
this transfer of assets and assumption of liabilities being effective as of the
Common stock, $1 par value
Co.—Earnings—
Baltimore Transit
stock
Company's
Characterizing progress to date as satisfactory, in view of the widespread
distribution of the company's securities among a large number of small
importance of forwarding their securities promptly for stamping to
their acceptance of the plan.
The resulting delay, he points out,
common
Registrar, Continental
company are
plan of reorganization by 66 2-3 % of each class of bonds and by more
than 50% in amount
Transfer Agent, First National Bank, Chicago.
Illinois National Bank & Trust Co., Chicago.
close of business on March 31, 1936.
88.7%
95.2%
100.8%
60.0%
of the Federal Bankruptcy Act requires the acceptance
Section 77-B
a
59.1%
63.5%
100,801 shs.
Preferred stock
A
95,000 shares of $1.20 cum. conv. class
at $19.75 per share.
and
Percentage
of Required
Minimum*
50.4%
30.0%
$1,583,000
6,627,300
First mortgage bonds
Consol. mtge. bonds
June 13, 1936
Chronicle
of Offering—The
stock are
the principal underwriters,
95,000 shares of class A common
deliverable by stockholders of the company to
of the principal underwriting agreement, against
of $1,615,000. none of which is due or payable to the
pursuant to the provisions
payment of the
company.
sum
■
Underwriting—The principal underwriters in respect of the offering are:
H. M. Byllesby & Co., Chicago, and Paul H. Davis & Co., Chicago.
These firms have entered into an underwriting agreement with the company,
its predecessor and with 22 stockholders pursuant to which the principal
underwriters have agreed, to purchase from the stockholder^, who have
agreed to so sell, the 95,000 authorized, issued and outstanding shares of
the class A common stock and to pay therefor the sum of $17 per share flat
or $1,615,000.
It is further provided in the agreement that there shall be
deliverable to H. M. Byllesby & Co. in proportion of 66% and to Paul H
Davis & Co. in proportion of 34% the stock purchase warrants covering
20,000 shares of the issued and outstanding common stock owned by the
stockholders, which warrants are not, however, deliverable to the under¬
writers .until after public distribution has been effected in respect of the
95,000 shares of class A common stock and then only if confirmations have
been made of not to exceed 1,000 shares to any one buyer, it being provided,
however, that the president of the company may waive such condition as
to
sp0cific Sctl©s
of class A common stock have been severally under¬
principal underwriters named above in amounts of 62,700
The 95,000 shares
written by the two
Volume
Financial
142
shares
by H. M.'Byllesby & Co. and 32,300 shares by Paul H. Davis & Co.
H. M. Byllesby & Co. has further entered into agreements with Bancamerica-Blair Corp., New York and Hemphill, Noyes & Co., New York
whereunder, out or the 62,700 shares of class A common stock underwritten
by the former, it has granted participations in such commitment to Banca
america-Blair Corp. to the extent of 14,250 shares and to Hemphill, Noyes
& Co. to the extent of 9,500 shares, which firms, by virtue of such agree¬
ments, have also become underwriters in respect of the class A common
stock offered hereby.
Opening Balance Sheet
Assets—
Cash
on
as
of March 31, 1936
$67,273
371,484
Inventories
Prepaid lnsur., advertising, &c.
Accrued
20,521
$1.20
Investment in American Ironing
►> Machine Co
Property, plant & equipment-..
Diocese of Illinois of the Protestant Episcopal Church was estab¬
Bliss
1,510
133,301
;
Initial
120,000
82,348
(par $1;
2
& Laughlin, Inc.—Common Dividend Increased—•
Preferred Dividend—
The directors
475,000
...
Paid-in surplus
Patents and goodwill
The
in
1835, originally embracing the entire State, but in 1877 it was
divided into three separate dioceses.
The Diocese of Chicago, one of the
three, includes 25 counties in the northern part of Illinois and embraces
class A common
Stock..
Common stock
6,967
171,471
outstanding.
lished
organized parishes and 60 organized missions, the latter having no
corporate existence and all of their property veing vested in the Bishop.
expenses
cum. conv.
24,011
_
Other non-current assets
special covenants until various enumerated obligations are paid o£
refunded, including the present issue of notes, the Corporation Sole agree®
(1) not to mortgage or otherwise encumber any real estate owned by i"
(except to fund or refund the enumerated obligations) and (2) to apply
the proceeds of all real estate sold to the
liquidation of indebtedness now
..$130,756
Accounts payable
Customers' credit balances
281,187
Accounts receivable
4015
As
61
Liabilities—
hand and in banks
Chronicle
common
stock,
have
par
declared a dividend of 373^ cents per share on the
$5, payable June 30 to holders of record June 20.
An
initial dividend of 25 cents was paid on March 31 last.
The directors also declared an initial dividend of 17 cents per share on
the new 5% cum. preferred stock, par $30, payable June 30 to holders of
record June 30.—V.
Total
—Y.
Total
$942,916
142,
Apr. 30—
Operation
Maintenance
Taxes.
Interest & amortization.
Balance
12 Mos.
1935
$1,612,974
$1,463,148
773,403
859,416
87,833
69,986
179,412
183,858
164,110
166,310
1936
$32,082
...
$333,403
140,000
37,254
142,
p.
dividends and surplus
common
$258,489
123,333
37,254
$156,149
929,272
Appropriations for retirement reserve
Preferred dividend requirements.
Balance for
$97,901
Bathurst Power & Paper Co.,
Ltd.—Personnel—
The company on June 8 announced that the following are the
A. J. Nesbitt; Vice-Pres., P. A. Thomson; Vice-Pres. &
H. J. Webb, and Vice-Pres. & Gen. Mgr., Gerald T. Shipman.
R.
officers:
Treas.,
a
the Missouri Pacific RR.
Federal Judge George
H. Moore at first approved the petition and
Thompson as trustee, but subsequently amended the
appointed Guy A.
order and set June 12 for hearing on the appointment of a trustee.
Mr.
Thompson is trustee for the Missouri Pacific.
The petition stated that
the road is without funds to pay and discharge its obligations as they mature.
—V.
142,
18(J8; V. 105, p. 996.
p.
Botany Consolidated Mills, Inc.—Hearings Ended—
Taking of testimony was completed June 8 on the application of the
for permission to reorganize under Section 77-B of the Federal
Bankruptcy Act.
Referee John Grimshaw Jr., Paterson, N. J. before
whom the hearings have been held, set June 15 as a date on which counsel
may file reports and memoranda for his consideration.—V. 142, p. 3665.
Bradshaw
H. P.
Base Metals Mining Corp., Ltd.
1934
Value of production, less
Other income
freight and realization.
$218,941
Cr3,546
169,044
9,041
1,500
.
...
Mining and milling costs including development..
Administration and general expenses
Executive salary
Legal fees
Government and municipal taxes
$396,204
244,752
14,340
have declared an extra dividend of 5 cents per share in
quarterly dividend of 10 cents per share on the common
both payable July 15 to holders of record June 30.
Similar payments were made on April 15 last.
Dividends of 15 cents per
share were paid on April 15 and Jan. 15, 1935; Oct. 15 and July 16, 1934
and a dividend of 123^ cents was paid on April 15, 1934.
In addition,
an extra bonus of 20 cents was paid on Dec. 17, 1934.—V.
142, p. 1808.
to
a
value,
par
no
Bridgeport Machine Co.—Earnings—
50
Period End. May 31—
8,224
3,646
Reserve for taxes
200
Reserve for contingency
559
1,305
437
Deferred development
12,693
Depletion.
Depreciation on plant, buildings and equipment..
33,875
21,538
16,838
66,644
$8,122
prof$17,927
Bad debts written off
Net loss.
1935
Assets—
1934
Cash in banks.
$32,042
118,000
------
and
in
c
xl935
189,030
replacements of fixed capital
2,387
8,120
Capital stock... 2,363,427
Operating
436,204
389,063
$1,003,976
30,022
16,652
$848,822
5,513
$937,639
571,834
129,152
64,034
6,370
$1,020,628
625,514
86,576
63,676
4,829
$854,335
650,197
104,643
63,671
2,114
$178,989
$249,691
$37,938
2,363,427
Other income
Profit and loss de¬
on
funded debt.
Interest
on
unfunded debt
33,870
46,564
Amort, of debt discount & expense—
288,373
1,748,162
Gross income
112,827
120,949
Int.
charged to construction (credit).
Net income
Total......
.J.$2,253,025
$2,267,196
x
Includes operations of
& Electric Co. from Nov.
a After reserve for depreciation of $187,234 in 1935 and $154,456 in 1934
b After reserve for depletion of $16,838 in 1935 and 1934.
c Represented
by 2,330,714 no par shares.—V. 141, p. 2877.
Birmingham Electric Co.—Earnings—
[National Power & Light Co. Subsidiary]
1936—12 Mos.—1935
1936—Month—1935
$535,315
406,594
$505,343
$6,215,085
4,828,440
4,652,867
$128,721
$107,312
$1,386,645
$1,355,823
6
89
661
1,064
Other income-
1. 1934, the date of acquisition.
Balance Sheet Dec. 31
bds.
bd.
&
1935
1934
Liabilities—
$
•
Plant, prop., &c. .31,608,960 31,364,707
Investments
10,317
56,521
Dep. lor matured
$6,008,690
398,031
transportation properties of Columbia Ry., Gas
1935
Assets
Period End. Apr. 30—
Operating revenuesOper. exp., incl. taxes._
99,655
221,421
426,786
income.--
Interest
$2,253,025 $2,267,196
Total
123,025
228,250
$907,616
Provision for taxes
27,226
1,748,162
$
7% cum. pref. stk.
(par $100)
3,810,500
Common stk.
$128,727
49,826
y$78,901
Balance
$107,401
49,978
$1,387,306
599,484
y$57,423
Property retirement reserve appropriations
Dhddends applicable to preferred stocks
period, whether paid or unpaid.
$1,356,887
607,928
$787,822
$748,959
480,000
480,000
for
429,221
Notes & accts. pay.
Dep. with trustees
14,223
11,918
12,484
lorskg. Ids., &c_
22,577
2,400
to parent co
Matured
Cash (incl. working
funds)
Notes receivable..
1,517,321
bonds
bd. int.
2,400
395,790
334,820
139,398
Del. debit items..
Interest
150,000
1,112,581
1,171,475
& line
$160,285
Latest dividends,
a
Accumulated
The
directors
Dividends
declared
a
dividend of $1.75
per
share
on
the $7
the
of
Protestant
Episcopal
Chicago—Notes Offered—As the
the financing in the amount of $245,000, together with
$150,000 principal amount of the notes taken by certain banks in satis¬
faction of an equal principal amount of the Corporation Sole's bank loans,
will be applied principally to the payment of existing obligations incurred
either on its own behalf or for the benefit of certain of its parishes or missions.
The trust indenture under which the notes will be issued will be initially
secured by conveyances to the trustee creating first mortgage liens on prop¬
erties owned by five parishes and on others belonging to the Corporation
Sole and used in the operation eight missions, also by assignments to the
trustee of the amounts payable to the Corporation Sole and to certain of
Proceeds
of
parishes and missions by The Centenary Fund, Inc., and of all indebted¬
ness of all parishes and missions owing to the Corporation Sole not included
its
in this financing..
33.522,284 33,057,613
Total.
-V. 142, p.
42,702
8,724,897
1,565,186
a
37,271
8,724,897
1,380,279
33,522,284 33,057,613
3840.
Brown Co.
In
Total...
1,164,805
(non-
fundable)
Church in
second
recent issueof its type, Halsey, Stuart & Co., Inc., on June 11
offered a block of 4% secured notes due June 1, 1938.
The
new notes are priced at 100 to yield 4% and are to be a direct
obligation of the Rt. Rev. George Craig Stewart, Bishop of
the Diocese, and his successors in office, a Corporation Sole.
of
Diocese
un¬
Capital surplus
Corporate surplus.
no
Bishop
150,000
extensions
cum.
the
sold
credits 1,343,915
Contributions
for
on
pref. stock, no par, and $1.50 per share on the $6 cum. pref. stock,
par, both payable July 1 to holders of record June 12.
Similar dis¬
tributions were made in each of the seven preceding quarters and on Aug. 1
1934.
Distributions of $3.50 per share on the $7 pref. stock and $3 per
share on the $6 pref. stock were made to holders of record May 1, 1934.
Effective with the current payments, arrears on the $7 pref. stock will
amount to $3.50 per share and on the $6 pref. stock to $3 per share.—
V. 142, p. 2985.
4,128
71,724
adjusted
Dividends—
have
rec.
(contra)
Res. & miscell.
amounting to $1.75 a share on $7 pref. stock and
share on $6 pref. stock, were paid on Apr. 1, 1936.
these stocks are cumulative.
$1.50
1,696
82,546
deposits..
Guar, ol appliance
Before
352.
112,646
44,308
189,896
Consumers' service
accts.
z
accrued..
Miscell. accruals..
.
2,219
160,972
195,765
184,876
Taxes accrued
property retirement reserve appropriations and dividends,
Dividends accum.dated and unpaid to Apr. 30, 1936, amounted to $250,y
37,442
9,663
Notes payable
Accounts payable-
131,880
Appliance accounts
rec. sold (contra)
1,698,336
&
(contra)
Accts. receivable..
429,244
$121,399
Deficit
$
3,810,500
4,329,400
4,329,400
11,365,400 11,487,200
Funded debt
37,442
1934
(par
$100)
int.
(contra)
Mat'Is & supplies.
Gross corporate inc..
Interest & other deduct.
$2,769,534
1,210,573
243,95 2
Maintenance
259,699
Mining rights
$2,904,157
1,112,702
$8,475
Plant, buildlngsdc
equipment
1933
xl934
$3,142,953
1,375,569
Operating revenues
Operating expenses
115,136
ficiency
Def. development.
$70,123
$189,329
Broad River Power Co.—Earnings—
17,778
expenses
$13,369
$51,308
taxes..
2985.
p.
43,471
Stores and prepaid
b
142,
Calendar Years—
Reserve for income
and other taxes.
transit
a
1934
$8,159
Accounts payable.
Concentrates on
smelter
1935
Liabilities-
$41,733
before income
—V.
Provision for retirements, renewals &
Balance Sheet Dec. 31
Calls loans (secured)
.
depl. and interest but
$128,888
4,200
$39,206
1936—5 Mos.—1935
1936—Month—1935
Profit after depreciation,
Profit
.
Bralorne Mines, Ltd.—Extra Dividend—
stock,
1935
Calendar Years—
?
.
The directors
addition
-Earnings—
Mines, Inc.—Registers with SEC— v.
See list given on first page of this department.
G.
Ivey, Gerald T. Shipman, H. J. Webb, P. J. Campbell, A. J.
Robinson, P. A. Thomson and J. B. Woodyatt comprise
company's directorate.—V., 142, p. 3839.
the
a
of the
company
3156.
Pres.,
Nesbitt,
3497.
in which Missouri Pacific RR. owns stock control has
petition in Federal Court, St. Louis, to reorganize under Section 77
Bankruptcy Act.
The petition stated that the road desired to effect
plan of reorganization in connection with or part of the plan to reorganize
filed
-Earnings1
' 1936—Month—1935
$142,120
$128,710
73,377
66,366
6,310
7,262
/ 16,715
12,136
13,634
13,673
Gross earnings-
—V.
p.
The company
Rouge Electric Co.
Period End.
142,
Boonville-St. Louis & Southern Ry.—Reorganization—
3839.
p.
Baton
$942,916
-
(Me.)—Deposits—
letter to holders
of the first mortgage 20-year sinking fund 5M%
bonds, which the bondholders' protective committee is sending with
copies of the trustees' report (V. 142, p. 3840), the committee indicates that
over
$7,000,000 of the bonds have been deposited within the relatively
short time which has elapsed since the committee first invited deposits.
While every effort will be made to promote reorganization speedily and
economically, the committee emphasizes its conviction that the time and
character of the reorganization are likely to depend to a large extent upon
the support now afforded the committee through the deposits of bonds.
Accordingly, they urge bondholders to deposit their bonds promptly.
The committee is advised that the trustee under the deeds securing the
bonds has filed a proof of claim for the purpose of any plan of reorganiza¬
in respect of the entire outstanding amount of bonds.
In order to
as complete protection as possible to its depositors the committee
as permitted by order of the Court dated April 24, 1936, file a
proof of claim with respect to all bonds deposited with it.
All such claims
must be filed on or before July 1.
tion,
afford
will also,
Gets
$2,000,000 Loan from Berlin, N. H.—
After being
assured by Orton B. Brown, a member of the board of trustees
that no consideration has been given to wage cutting as
of aiding recovery, the City Council of Berlin, N. H. approved
of the company,
a
means
granting a $2,000,000 loan by contract for the
wood cutting operations of
the
company.
The company
owed the city an unsecured balance of $566,324, when it
entered its petition in bankruptcy on Sept. 4, 1935.
Since that date wood
loan contracts have been entered into with the stipulation that the company
\
4016
Financial
pay the city $1 per cord for every cord cut, to reduce that unsecured balance^
To date the company has paid in $68,593, leaving a balance to be liqui¬
dated of $497,732.
There is receivable on wood used to April 30, 1936,
the
of
$23,848 which leaves an actual balance of $473,884 to be paid.
calls for a payment of about $1.35 per cord toward
reducing the unsecured balance still owed the city.—V. 142, p. 3840.
sum
The
new
contract
Bucyrus-Erie Co.—Accumulated Dividends—
The directors have declared
accumulations
the
7%
a
dividend of $1.75 per share on account of
pref. stock, par $100, payable July 1 to
A dividend of $1 was paid on April 1 and Jan. 2
last, and compares with 50 cents paid in each of the 11 preceding quarters;
$1 on Jan. 3, 1933 and $1.75 per share previously each three months.—V.
142, p. 2819.
on
cum.
holders of record June 20.
(Edw. G.) Budd Mfg. Co.—To Increase Stock and Issue
Bonds—
The stockholders of this company will be asked to authorize a $10,500,000
bond issue, convertible into common stock, and increase the common stock
from
1,700,000 shares to 2,250,000 shares;
Budd Wheel Co. will be asked to authorize
and the stockholders of the
a $2,000,000 bond issue, also
stock, and increase the common stock from
1,000,000 shares to 1,135,000 shares, Edward G. Budd, President of both
companies, announced on June 5 following a directors' meeting.
Stock¬
holders' meetings to vote on the above proposals will be held Aug. 8.
The proceeds will be used to acquire the properties of the Budd Realty
Corp., from which corporation the Manufacturing and Wheel companies
lease a part of their plants and to retire the outstanding debentures of
the Manufacturing company and its 1st mtge. loan which is held by the
Federal Reserve Bank of Philadelphia and participating bonds.
The
acquisition of the Realty Corp. properties will involve the call of the out¬
standing 1st & ref. mtge. bonds of that corporation, and also of the 8%
trust certificates representing outstanding stock.
The financing plan will provide for redemption of E. G. Budd Manu¬
facturing Co. 6% convertible gold bonds of 1938, $241,500 outstanding,
callable at 102 and int.; and redemption of 6% convertible gold bonds
of 1941, $938,625 outstanding, callable at par and int. at any time up to
Feb. 1, 1941.
The Budd Realty issues to be redeemed are the 6% 1st & ref. mtge. bonds
of 1941, callable at 105 and int., $2,525,000 outstanding, and 36,000 shares
8% cumul. stock trust certificates, par $100, callable to June 2, 1936, at
122 and to June 2, 1937, at 124, plus accumulated dividends.
As company
has not yet issued a call it is presumable they will be called at 124.—
Y. 142, p. 2819.
convertible
into
common
Budd Wheel Co.—To Increase Stock and Issue Bonds—
See Edw. G. Budd
Mfg. Co., above.—V. 142,
p.
June 13, 1936
Bonds redeemable, at the option of the company, as a whole or in part
at any time on 60 days' notice at principal amount thereof and int., plus a
premium of 7 A % if red. on or before April 30,1938; the premium decreasing
thereafter A % for each two-year period to apd incl. April 30, 1946; there¬
after decreasing A % for each one-year period to and including April 30,
1950; from May 1, 1950, to April 30, 1952, 3%; thereafter 3% less 1-3%
for each year which shaU have elapsed between April 30, 1951, and date of
redemption until May 1, 1960; thereafter without any premium; except in
case of redemption due to sale of assets or liquidation of company the
premium shall be 5% on or before April 30, 1941; thereafter 5% less H%
for each full year which shall have elapsed between April 30,1940, and date
of redemption until May 1, 1960; thereafter without any premium.
Serial
notes redeemable, at the option of the company, as a whole or in part
at any time on 30 days' notice at the principal amount thereof plus a pre¬
mium of M % for each full year remaining between the date fixed for redemp¬
tion and the maturity date, but no premium shall be paid if the redemption
date is less than one year prior to maturity.
Company—Incorp. in Calif. Dec. 21, 1926. The entire common stock,
representing 44.91% of the voting power, is owned by Federal Water Service
Corp., stocks of which in turn, constituting 43.15% of the voting power,
are held by Utility Operators Co., a large
majority of the stock of which is
owned by the officers and employees of various affiliates of Federal Water
Service Corp., including those of the company.
Company is an operating
public utility, owning and operating the water supply systems in some 30
California communities. Company intends to continue its
present business.
Company has contracted to purchase the business, properties, assets, fran¬
chises and rights of Bear Gulch Water Co., operating a water
supply system
in San Mateo County, Calif.
The plants and property of the company
consist of water works systems devoted to the production,
storage, purifi¬
cation and distribution of water and are all located in or near the cities and
communities served and for the most part are not
physically connected,
being largely dependent upon local sources of supply. Company is subject
to regulation by the Railroad Commission of the State of California as to
its rates, service, acquisition of property,
matters affecting its business.
UponCompletion
of Present
Capitalization Outstanding—
Dec. 31, 1935
Financing
1st mtge. 5% gold bonds, ser. A, due 1958.$8,738,000
None
1st mtge. 4% bonds, ser. B, due 1961
None
$10,000,000
Serial notes, due May 1,1937-May 1,1946
None
550,000
6% pref. stock, cum. (par $100)
29,610 shs.
29,610 shs.
Common stock (par $100)
24,142 shs.
24,142 shs.
.
Purpose—Estimated net proceeds to the company from the sale of the
bonds and serial notes will be $10,490,700
(exclusive of accrued interest,
but after deducting estimated expenses in connection with such
sale).
31, 1935
Gross sales of ore and metals
$11,245,876
Direct operating costs
9,804,610
Depreciation & proportion of depletion chargeable to production.
422,026
Property taxes
122,166
Increase in metal inventories
0207,099
Non-operating
Non-operating
.*
$1,104,173
revenue
-
expense
82,317
28,225
-
____
pay expenses incidental
thereto, estimated total requirement for this acquisition being $1,050,000.
and
(3), to provide working capital and for general corporate purposes.
Earnings—Following
$1,158,266
103,826
Net profit for year
Preferred dividends
Common dividends
$1,054,440
54,982
on
327,000
common
163,500
$2.11
shares (par $10).
Balance Sheet, Dec. 31
Assets—
1935
Cash
earnings before Federal income tax, interest and other income deductions:
x
1935
Self-insurers
37,276
38,669
727,883
bond
Payrolls
Accounts receiv'le.
887,293
45,455
2,094,768
183,120
20,574
1,901,864
8,316
13,981
_
Accrued int. rec_.
Inventories
'
&
647,000
1935
1934
assets..39,123,454 43,418,844
Other assets
453,006
392,602
40,118
40,740
prop.
Total
43,539
880
b Common
stock.
Preferred
stock.
3,270,000
3,270,000
717,200
688,900
38,118,844 41,530,613
Total
43,212,023 46,781,588
43,212,023 46,781,588
After
a
depreciation and depletion,
b Represented by 327,000 shares
at $10.
c Represented by shares authorized $100.—V.
142,
p. 3840.
California
Oregon Power Co.—Earnings—
Twelve Months Ended April 30—
Operating revenues
x
Operating expenses, maintenance and all taxes.
1936
$4,137,015
1,714,368
1935
$3,807,795
1,724.956
Net oper. rev. (before approp. for retire,
res.)..
$2,422,646
6,794
$2,082,839
Other income
bondholders, the substitution
therein.
or
The indenture provides for semi-annual
the year ended April 30,
with
maximum
any
aggregate
Gross income
Rent for lease of electric properties
Interest charges (net)
time.
one
Serial Notes—The serial notes will mature
$55,000 annually from May 1,
1937, to May 1, 1946, inclusive, and will bear interest coupons graduated
from 1^% for the May 1,
1937, maturity to 4H% for the May 1, 1945,
and May 1, 1946, maturities.
The serial notes will be issued under an
indenture dated May 1, 1936, and will not be
secured by any lien upon the
property of the company.
The indenture limits the amount of serial notes
issuable thereunder to $550,000 in
principal amount but imposes no limi¬
tation upon the issuance of
any other securities under another indenture
or otherwise and whether or not
secured.
Payment of interest by the com¬
pany is not dependent upon earnings or other special conditions.
There are
no retirement provisions other
than the
provisions for the payment of the
at their respective maturities.
Underwriters—The name of each underwriter and the
respective amounts
of bonds and serial notes which
they have severally agreed to purchase
notes
.
are "as
follows:
Net income
_
$2,129,441
300.000
$2,087,858
300,000
$1,787,858
1,035,460
""
160,738
30,015
Amortization of debt discount and expense
Other income deductions
157,101
13,600
$680,773
$346,619
235,076
x
Including $133,336 for the 12 months ended April 30, 1936, and $66,664
for the 12 months ended April 30, 1935, for amortization of extraordinary
operating expenses deferred in 1931.—V. 142, p. 3666.
California
Through
a
Water
nation-wide
Service
Co.—Securities
Offered—
syndicate of
investment banking
houses headed by Dean Witter & Co.
offering was made
June 12 of two issues of securities:
$10,000,000 1st mtge.
4% bonds, series B, due May 1, 1961, at 102
and int.,
and $550,000 serial
notes, due May 1, 1937-1946, at 100
and int.
Other members of the
syndicate include Blyth
& Co., Inc.; Halsey, Stuart &
Co., Inc.; Coffin & Burr,
Inc., and E. H. Rollins & Sons, Inc.
It
San
is
expected that application will be made to list the bonds
Francisco
Stock
A prospectus
on
the
Exchange.
N.
Y.
payable in San Francisco.
f,
payable in San Fran¬
Francisco, Los Angeles or
Principal and interest of serial
Coupon bonds in denom. of $1,000 and
to■ Principal only.
Registered bonds in denom.
of
$1,000 and $500. Coupon bonds and registered bonds and both denomina¬
tions are interchangeable.
Coupon serial notes in denom. of $1,000, not
registerable as to principal or interest.
American Trust Co., San Fran¬
cisco, and Security-First National Bank of Los Angeles, bond trustees.
Chase
National
American
Trust
Bank, New York, New "Iork paying agent for
Co., San Francisco, serial note trustee.
Period End. Mar. 31—
Operating
revenue
Other income.
Profit
on
bonds.
Corp.,
Ltd.
(.&
-----
96,000
74,000
36,000
14,000
11,000
8,000
Subs.)
exchange
Total
Oper. admin. & general.
Maintenance
1936—3 Mos.—1935
$2,099,681
$2,310,143
24,128
22,189
612
loss319
$9,031,419
133,109
loss23,006
$9,336,934
*135,623
loss42,698
$2,124,422
221,063
$9,141,522
922,611
$9,429,860
922,253
213,538
180,066
3,498,797
1,075.783
75,217
866,463
257,776
151,800
86,212
42,030
162,551
87,414
46.500
348.413
x70,308
174,486
3,399
$383,383
$596,223
$2,140,385
$2,359,01C
Taxes, oth. than inc. tax
Int.—bds. & prior liens.
Int.—deben. & other.__
Depreciation & amort, of
storage works
Divs.
on
221,602
277,789
3,473,666
1,043,346
643,398
pref. stk. of sub.
Bal.
before divs.
first pref. stock
x
1936—12 Mos.—1935
,332,013
220,933
35,138
46,632
871,441
265,176
40,475
_
Los Angeles and interest
payable in San
City, at the option of the holder.
or
Hydro-Electric
6,000
6,000
6,000
-
Earnings—
Amort, of disc. & exp__
Prov. for income taxes.
dated June 12 affords the following:
and notes dated May 1, 1936.
Interest payable on both issues
May 1 and Nov. 1 in each year) Principal of bonds
cisco
Canadian
I
8,000
6,000
6,000
100,000
100,000
100,000
Francisco, Calif
Blyth & Co., New York
Halsey, Stuart & Co., Inc., Chicago...
Coffin & Burr, Inc., Boston
E. H. Rollins & Sons, Inc., New YorkWilliam R. Staats Co., Los
Angeles.
Brush, Slocumb & Co., San Francisco..
Mitchum, Tully & Co., San Francisco.
Pacific Co. of California, Los
Angeles
Bankamerica Co., San Francisco__
Wm. Cavalier & Co., San Francisco._.
Dulin & Co., Los Angeles
El worthy & Co., San Francisco
Schwabacher & Co., San Francisco
—V. 142, p. 3841.
Notes
$273,000
150.000
_
Dean Witter & Co., San
Bonds
$3,000,000
2,000,000
1,750,000
1,350,000
650,000
250,000
200,000
150,000
100,000
100,000
_
l,018,'i85
—
sinking fund payments, beginning
1947, in an amount equal to A% of the
principal amount of series B bonds outstanding at
5,019
$2,129,441
239,728
reserve
and release, under certain conditions, of
The indenture also permits the issuance of
unlimited amount as authorized by the board of
an
of the company but
solely upon certain conditions enumerated
Payment of interest by the company is not dependent upon earn¬
other special conditions.
o
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement
being owned by the Regents of the University
properties covered thereby.
65,247
68,774
87,883
All other liabs
Surplus
authorized
$191,616
189,623
194,530
of counsel for the company, a first lien upon all
operative
properties of the company and will be a first lien upon the properties of the
Bear Gulch Water Co. when such
properties are acquired, in both instances
subject to certain minor exceptions. The indenture permits, without notice
ings
&
Acer. inc. taxes
c
$1,131,788
1,131,347
1.065,578
April 1, 1928, and the six supplements thereto, of which the sixth supple¬
mental indenture has particular reference to these
bonds.
The bonds are,
directors
under Idaho In¬
dustrial Act
for
Bear Gulch Water Co.,
Net Earns.
Including
Other Income
$941,924
911,709
898,916
y
and
General Taxes Depreciation
of California, a corporation, does not
pay a California franchise tax.
y Be¬
fore Federal income tax.
^
Annual interest requirement of the
$10,000,000 first mortgage 4% bonds
to be outstanding will be $400,000 and of the
$550,000 serial notes will be
$17,325 the first year and a smaller amount annually thereafter to maturity.
Series B Bonds—The bonds will be issued under an indenture
dated
additional bonds in
awards
other taxes
deferred items..
Capital
466,990
936,879
Accident
Res.
Revenues
.$2,256,428
2,222,831
2,149,561
1933-
to
accts.
payable
Prepd. ins. & other
a
$
Notes payable-.
under Idaho In¬
dustrial Act
Notes receivable.
1934
$
Liabilities—
$84,050
Oper. Exp.
Operating
in the opinion
1934
$562,452
condensed summaries of the income accounts
Gulch Water Co.
These summaries reflect
are
of the company and of Bear
x
Total profit
Federal income and corporate taxes
Earns per share
Such
proceeds will be used (1) to redeem on or about Aug. 15 $8,738,000
1st mtge. 5% gold bonds, series A, at 105% and
int., (2) to acquire the prop¬
erties and business of Bear Gulch Water Co. and to
Year End. Dec. 31—
Operating profit
issuance of securities and other
net
3840.
Bunker Hill & Sullivan Mining & Concentrating Co.
Income Account for Year Ended Dec.
Chronicle
654,391
348,132
on
After deducting $72,677 overprovided in
prior years.—V. 142. p. 3499.
Canadian National
Rys.—Earnings—
Earnings of System for First Week of June
1 QQA
Gross earnings—V. 142, p.
3841..
$3,384,151
1 QO Ej
$2,941,943
TYiCYpn
<?/»
$442,20*
Volume
Financial
142
Canadian Pacific
Ry.—Earnings—
Earnings of System for First Week of June
1936
Gross
—V.
earnings
142, p. 3841.
Canadian Wire Bound Boxes,
The directors have declared
of accumulations
1935
$2,387,000
Increase
$99,000
$2,288,000
Ltd.—Accumulated Div.
a dividend of 37
3^ cents per share on account
the $1.50 cumulative class A participating stock, no
on
par value, payable July 1 to holders of record June 15.
Dividends of 25
cents per share were paid in each of the seven
preceding quarters and on
June 30, 1934, and
compares with 37H cents per share distributed on
April 1 and Jan. 2, 1934.
Accruals after the July 1 payment will amount
to
$3.25 per share.—V. 142, p. 1460.
Carolina Power &
The
cum.
pref. stock,
value, both payable July 1 to holders of record
on June 1, April 1, March 2 and
Jan. 2 last, Oct. 1,
July 1, April 1 and Jan. 2, 1935.
Company paid 87 and
75 cents per share,
respectively, on these issues on July 2 and Jan. 2, 1934
apd on July 1, 1933, while on Oct. 1 and April 2, 1934 and on April 1 and
Oct. 2, 1933 dividends of 88 cents
per share on the $7 pref. and 75 cents per
share on the $6 pref. stock were
paid.
(The last regular quarterly pay¬
ments on these issues of
$1.75 and $1.50 per share, respectively, were made
on Jan. 3.
1933.)—V. 142, p. 3334.
June
12.
Casco
Products
Corp.,
Bridgeport,
Offered—Public offering of 50,000 shares of
Conn.—Stock
common
stock
made June 11 by means of a
prospectus by Carlton M.
Higbie Corp.
The stock, which was part of 155,000 shares
registered with the Securities and Exchange Commission,
was
priced at $16
was
per
share.
This offering does not
represent new financing for the company, the shares
having been acquired from J. H. Cohen, principal executive officer of the
company and the beneficial owner of all of the authorized and issued shares
of common stock.
The company was formed under
Connecticut laws in 1928, when it took
over the assets and liabilities of
Connecticut Automotive Specialties Co.
It is engaged in the manufacture and sale of
automobile accessories. For the
fiscal year ended Feb. 29,
1936, net income, after all charges including
provision for Federal income tax and excess
profits tax, amounted to
$304,253.
The company'.balance sheet at that date shows total current
assets of $539,776 and current
liabilities of $190,105.
The present authorized
capitalization consists of
value
pany has
par
common
no
Celotex
155,000 shares of no
stock, all of which is issued and outstanding. The com¬
funded debt.
6 Months
—
Apr. 30'36
Jan. 31 *36
Apr. 30 '36
$180,499
$0.06
$51,981
$0.53
$232,480
$0.59
Net sales for the six months ended
April 30, 1936, totaled $3,310,199.
In the first six months of the prior fiscal
year, Celotex Co. (old company)
had net sales of $2,415,398.—V.
142, p. 1976.
Central Maine Power Co.—Accumulated Dividends—
The directors have declared the
holders of record June 10.
following dividends payable July 1 to
"
The above payments represent one-half of the
regular quarterly dividends
ordinarily payable.
Similar distributions were made in each of the seven
preceding quarters.
Regular preferred dividends had been paid quarterly
from time of issuance up to and
including
July 2, 1934.—V. 142,
7%
3499.
p.
a
dividend of 87
cents
per
share
on
the
pref. stock and 75 cents per share on the 6% cum. pref. stock,
both of $100 par value, payable July 15 to holders of
record June 30.
Like amounts were paid in each of the
eight preceding quarters and on
July 15, 1933, prior to which the company paid dividends on both issues
at the regular quarterly rate.—V. 142.
p. 2821.
cum.
Central & South West Utilities Co.
Net income from operations
Other income (net)...
The company obtained on June 3
issue of $3,950,000 of 2J^%
a
record low interest cost
on
a
new
equipment trust certificates, awarding them
Savings Bank, Chicago, on its bid of 102.72933,
giving an interest cost to the carrier of approximately 1.95%.
The certifi¬
the
to
Harris
Trust
&
cates are payable in one to ten years.
Fifteen bids were submitted.
No public offering will be made.
The Harris bank, it is understood,
will hold the certificates for its own account.
Other bids were:
First National Bank of
Pressprich
&
Co.,
Chicago, 102.615: R. W.
Harris, Hall & Co. Inc., 102.279; Salomon
102.274; First National Bank of New York, 102.0317
102.10:
Brothers & Hutzler,
for $1,000,000 and 101.5269 for balance, together with Evans, Stillman &
Co. and Clark, Dodge & Co..and Hallgarten & Co.; Brown Harriman &
Co.
Inc., 101.518; Halsey, Stuart & Co. Inc., 102.067; E. H. Rollins &
Inc., 101.567; First Boston Corp., 101.3413; Ladenburg, Thalmann
Co., 101.49711; Estabrook & Co., 101.33; Bancamerica Blair Corp.
Sons
&
and others,
101.617—V. 142,
3667.
p.
Chicago Daily News, Inc.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular semi-annual dividend of like amount on the common
no
value,
par
both payable July 1 to holders of record June 20.
were paid on July 1, 1935 and
July 2. 1934, while
1932 extra dividends of $1 per share were
July 1, 1933 and July 5,
paid—V. 141, p. 1089.
on
Chicago & Western Indiana RR.—Bonds Called—The company has called for redemption on Sept. 1, 1936 at 105 and
int.,
all of its oustanding 1st & ref. mtge. 5K% bonds, series A, B, and C, due
1962 (exclusive of bonds held in sinking funds).
Payment will be made
at the corporate trust
department of Bankers Trust Co., New York.
redemption the company announced that
immediately the full redemption price,
including Sept. 1, 1936 interest (namely $1,077.50 for each $1,000 bond)
upon presentation at the corporate trust department of Bankers Trust Co.
—V. 142, p. 3843.
In connection with the above
Cincinnati Union Terminal
Co.—Listing—
The New York Stock Exchange has authorized the listing of $24,000,000
1st mtge. 3H% bonds, series D, due May 1, 1971 (guaranteed), which are
issued and outstanding.—V. 142, p. 3502.
City of Paris Dry Goods Co.—Pays $8 Dividend—.
directors have declared
accumulations
the
on
7%
a
cum.
dividend of $8 per share on
2d preferred
June 29 to holders of record May 11.
Accumulations on the 2d preferred
amount to $6 per
share as
an
par
account of
$100,
payable
.
stock
of Jan. 1, 1936.
directors also declared
The
stock,
after
the
current
payment
annual dividend of $7 per share on the
7% cum. 1st preferred stock, likewise payable June 29 to holders of record
May 11.
Accumulations are paid up in full on this issue.—V. 138, p. 1567.
Columbia Gas & Electric Corp.—New Director—
1935
$5,793,472
1,702,165
198,591
174,735
333,964
726 474
continuance of unlisted trading privileges of the common stock (par $1),
effective upon the distribution of such common stock to the holders of the
717,292
voting trust certificates for such common stock.
$2,360,897
30,157
$1,940,249
17,733
H. C. Blackwell
income..
Funded debt interest
$2,391,054
General
Interest
charged construction
1,224,230
46,921
Cr223
130,810
interest—__
....
Amortization of debt discount and expense
income.
$1,957,983
1.336,425
47,254
93,283
$481 467
_
-
372,502
416,337
Admitted to Unlisted
stock,
common
admitted to unlisted trading privileges
stock, $1 par, in lieu of voting trust certificates for old
par.—Y. 142 p. 3844.
no
Commonwealth Gas
Corp.—Earnings—
Year
Year
July 22, '33
Dec. 31 *35
Period Ended—
Interest and dividends revenues
Dec. 31 '34
to Dec.31'33
$192,809
Cr5,712
Expenses and taxes
37,853
36,087
$84,676
Crl1,254
25,769
38,944
$124,582
133,244
$31,216
133,116
def$8,184
66,222
$8,662
176,307
$101,900
74,407
$74,407
$184,968
$176,307
$74,407
sale of securities
on
Total deficit..
Previous deficit.
Corp.—Correction—
accompanied the notice of the special meeting of stockholders to be held
June 24, 1936.
The dividend rate on 100 shares of the present 7% cumula¬
tive preferred stock of the company is $700 per year and not
$70
per year
and the dividend
rate on
170 shares of
new
prior preference stock which would be received in exchange for such
7%
cumulative preferred stock under option A of the
plan of recapitalization
referred to in such letter would be $1,020 per
year (cumulative from July 1
1936) and not $102 per year as therein stated.
[See under paragraph headed
Favorable Factors in last week's
"Chronicle."]—V. 142,
p.
3842.
Ohio
Ry.—Equipment Trusts Offered—
An issue of $9,280,000 2\i%
equipment trust certificates
was
offered May 9 by a banking group
comprising Field,
Glore & Co., Cassatt & Co., Inc., and
White, Weld & Co.,
which was awarded the issue May 8 on its bid of
101.201.
The certificates mature at the rate of
$928,000 annually
June
15, 1937, to June 15, 1946, and
yield from 0.50 to 2.40%.
issued
under
the
are
priced to
Deficit, l.
$16,685
6,324
18,545
Balance Sheet, Dec. 31
1934
1935
3,,362,939 3,363,438
Other Intangible cap.
949,201
947,211
Cash
for
dep.
as
511
26
cars.
318
36,502
267
215
Interest
surety
on
debt
in connection with
10,970
Paid-in surplus
Earned deficit
50,000
United Gas Co...
Cash (on deposit
banks
int.
4
176,306
with
subject
to
3,235
14,443
check)
Cash
11,978
4
184,968
50,000
deposited
for
11,978
payments
6,000
Notes receivable
~24~4o6
Due from affil. corps.
94,311
Other accts. feceiv'le
7,276
2,222
4,807
1,689,571
1,808,659
6,175,991
6,216,7171
receivable-.
2,475
Philadelphia Plan,
specially equipped automobile freight
502
36,013
Taxes accrued
suit against Wayne
Deferred charges
to approval by the Interstate Commerce Com¬
mission, and are guaranteed as to payment of principal and
dividends by the Chesapeake & Ohio' Ry. Co.
Equipment underlying the certificates consists of 3,500
steel hopper cars, 750 gondola cars, 1,000 steel box
cars,
$
5,364,000 5,396,794
Capitalstk. ($1 par).
947,212
949,202
Due to affil. corps...
release
of collateral
Cash
1934
$
Long-term debt
Accounts payable...
deposited with
trustee
1935
Liabilities—
$
Assets—
Securities owned
Interest
subject
common
new
Balance, &c
Amort, of deb. disc. & debt exp., &c._
The company calls attention to a
typographical error appearing in the
letter dated May 27, 1936, of the chairman of the board of
directors which
are
Trading—
The New York Curb Exchange has
$202,097 loss$322,198
Certain-teed Products
The certificates
Commission has approved the application
Pittsburgh Stock Exchange for
387,328
Balance before providing for cum. unpaid divs.
on Central & South West Util. Co.
prior lien
&
director.—V. 1.42, p. 3337.
of the New York Curb Exchange and the
Profit
414,715
by public
stated in such paragraph,
Securities and Exchange
The
a
Corp.—Listing—
Interest
Divs. accrued at rates currently paid on pref. stocks
of subsidiaries held by public
preferred stocks
—V. 142, p. 2989.
June 4 elected
Cr447
$989,315
Divs. suspended on pref. stock of subsidiaries held
and
was on
Columbia Oil & Gasoline
the
Gross
and 150
.
752,925
746,414
Taxes
from
'
Chicago Burlington & Quincy RR.—Harris Trust Wins
$3,950,000 Certificates—No Public Offering—
354,55 1
purchased
Provision for retirement
Chesapeake
p.3843.
1936
Maintenance..
as
inclusive, bonds of this issue aggregating $918,000 principal
converted, canceled and retired in accordance with the terms
$6,400,026
1,757,725
211,027
216,484
Operations
Power purchased
Net
both
of the indenture dated May 15, 1927, and as a result thereof 20,877 shares
of the Chesapeake & Ohio Railway Co. common stock were withdrawn
from the collateral pledged with it as trustee under said indenture.—V. 142,
(& Subs.)—Earns.
3 Months Ended March 31—
Total operating revenues
Gas
1936,
amount were
The
Co.—Preferred Dividends—
The directors have declared
trustee for the 20-year convertible
holders of such bonds may obtain
87 Yi cents per share on the 7% cumulative
preferred stock (par $100).
75 cents per share on the 6% cumulative
preferred stock (par $100).
75 cents per share on the $6 cumulative
preferred stock (par $100).
Power
as
Similar extra dividends
3 Months
I
Period Ended—
Guaranty Trust Co., New York,
collateral trust 5% gold bonds, due May 15, 1947, has notified the New
York Stock Exchange that during the period from May 1, 1936, to May 31,
stock,
Corp.—Earnings—
Net profit after int., deprec. & other
charges, but excl. of Fed. taxes
Earn, per sh. on 268,685 com. shs
Central
Chesapeake Corp.—Collateral Released—
The
no par
Similar payments were made
4017
Principal and semi-annual dividends (June 15 and Dec. 15) payable at
the office of J. P. Morgan & Co. of New York.
Issued under the Phila¬
delphia plan.
Trustee, New York Trust Co.
These certificates are
guaranteed unconditionally as to principal and dividends by the company.
The issuance of these certificates is subject to approval by the Interstate
Commerce Commission.
In the opinion of counsel certificates qualify!as
legal investment for Savings Banks in New York.
These certificates are to be issued under a trust agreement to be dated
June 15, 1936, which will provide for the issuance of $9,280,000 par amount
of equipment trust certificates to be secured
by the foUowing new equip¬
ment estimated to cost not less than
approximately $11,612,500, to wit:
3,500—50-ton steel hopper cars, 500—50-ton steel high-side gondola cars,
250—50-ton low-side gondola cars, 1,000—50-ton steel box cars, and
150—50-ton steel automobile cars equipped with Evans auto-loaders.
The
par amount of the certificates is to be not more than 80% of the cost of
the equipment subjected to this
trust, as hereinafter stated.—V. 142, p.
3843.
directors have declared a dividend of
$1.75 per share on the $7
pref. stock, no par value, and a dividend of
$1.50 per share on the
cum.
$6
Light Co.—Preferred Dividends—
Chronicle
Total
—Y.
140,
P.
Total
6,175,991 6,216,717
4230.
Commercial
Credit
Co.—Banking
Group
Organized
to
Offer Stock—
The company has filed an amendment with the Securities and Exchange
Commission naming the underwriters for the forthcoming issue of $25,-
000,000 4 H% convertible preferred stock.
They
are as
follows;
Financial
4018
Balance Sheet Dec. 31
Co.; First Boston Corp.; Robert Garrett & Sons;
Stone & Webster and Blodget,
Kidder, Peabody &
Goldman. Sachs & Co.; Hayden, Stone & Co.;
Inc.; W. E. Hutton & Co.; Mackubin, Legg & Co.; Spencer Trask & Co.;
White, Weld & Co.; Blyth & Co., Inc.; J. & W. Seligman & Co.; Clark,
Dodge & Co.; Lee Higginson Corp.; Baker, Watts & Co.; Graham, Parsons
& Co.; Jackson & Curtis; Eastman, Dillon & Co.; Estabrook & Co.; Charles
Dominick & Dominick; Haligarten & Co.; Baker, Weeks
& Harden; Dean, Witter & Co.; Edgar Ricker & Co.; W. E. Lanahan &
Co.; Mitchum, Tully & Co.; Stein Bros. & Boyce; A. C. Allyn & Co., Inc.;
Baldwin & Co.; Bond & Goodwin, Inc.; Alex. Brown & Sons; H. M. Byllesby
& Co., Inc.;
Frank B. Cahn & Co.; Cassatt & Co.. Inc.; Paul
H.
Davis & Co.; Pacific Co. of California, and Strowther, Brogden & Co.—
142,
p.
associated cos__$4,692,514 $4,681,905
$5)
170,300
166,826
in proc. of amort
Organization exp.
3,616
123,346
.
327,129
67
22,156
3,000
4,000
operating company.
To give the merged companies
24,000
shares
Securities & Exchange
registration
statement
of $3 convertible preferred stock, warrants
of preferred and 3,600 shares of common.
362
22,156
5,000
363,838
...$5,200,463 $5,016,250
Total
Crow's Nest Pass Coal Co., Ltd.—Earnings—
1934
1935
$381,038
30,341
2,293
operations
Executive officers' salaries
Counsel and legal fees
Directors' fees
The company has filed an amendment with the
Commission in connection with its Securities Act
covering
reserve
Calendar Years—•
Profit on coal and coke
of Buffalo—Files Amend¬
payable
—V. 141, p. 1270.
representation on the board, stockholders
directors.—V. 142, p. 3845, 3670.
Consolidated Aircraft Corp.
50,000
350
19,071
20,000
36,782
154,273
Accrued taxes
...$5,200,463 $5,016,250
------
52,083
Capital surplus
Earned surplus
Total
24,143
43,060
2,492
companies
Accounts payableAccrued interest-.
General
will increase its size by electing four new
ment—
825,750
2,400,000
associated
to
Dividends
been elected directors.—V. 142,
Connecticut Power Co.—To Vote on Merger—
The stockholders have been notified of a special meeting to be ehld on
June 23 to complete the merger of four affiliated operating companies, thus
changing the character of the corporation from a holding company to an
Funded debt
Due
1283.
p.
825,000
1,047,350
2,500,000
Common stock (par
10,003
8,003
of amortization.
Debt disct. & exp.
Special deposit-—
Working funds
Congoleum-Nairn, Inc.—New Directors—
C. C. Carnahan and L. A. Pockman have
$500,000
825,000
cum.
pref.
stock (par $100)
in process
& defd. charges
$500,000
par)
6H %
Pref. stock comma.
& exp,
1934
1935
7%
cum.
partic.
pref. stock ($100
1,922
1,922
Other invs. (at cost)
Cash in banks
3669.
Liabilities—
1934
1935
Assefs—
Invs. in & advs. to
D. Barney & Co.;
V.
June 13, 1936
Chronicle
$354,664
3,200
110,982
42,967
4,000
112,858
44,479
Depreciation
Depletion
to
subscribe to 22,976 shares
$187,066
55,367
$197,516
61,563
2,660
$242,433
24,301
$261,739
21,893
$218,131
$239,845
372,708
Gross profit
According to the amendment, holders of the company's 574,000 shares of
common stock will be offered the right to purchase the new preferred at $50
share in the ratio of one share of preferred for each 25 shares of common.
employees are to be offered 1,024 shares of the preferred as well
25,600 shares of the common. The remaining 48,000 shares of common
will be reserved for conversion.—V. 142, p. 3845.
Other income
Profit on securities matured
per
Officers and
as
Consolidated Biscuit
Profit for year.
Co.—Merger—New Financing—
248,472
Dividends..
which will create the fourth largest biscuit company in the
United States is revealed in the announcement. June 8 by W. L. Hampton,
President of the company owning the Davidson Biscuit Co. of Mt. Vernon,
111., and the Hampton Cracker Co. of Louisville, Ky., that arrangements
have been completed to merge the Thinshell Products, Inc., of Chicago
with Consolidated.
Mr. Hampton will head the new consolidation as
President and J. E. Davidson and Gross T. Williams ,who has headed Thinshell Products, Inc., will be Vice-Presidents.
Combined net sales last year of the three units which will now form the
enlarged Consolidated Biscuit Co. amounted to $7,600,000, and net income
before interest and Federal income taxes amounted to $393,000.
After
A
Profit before income tax
Provision for income tax
merger
allowing for bond interest, estimated Federal income taxes and certain non¬
recurring charges, these earnings were equal to 92c. a share on the total
amount of common stock to be outstanding on completion of the merger.
For the first three months of 1936, it was announced, net sales on a combined
aggregated $1,800,000 and net income amounted to $140,000, which
is equivalent to 34c. a share for the quarter on the common stock to be out¬
standing after deductions for interest charges, Federal income taxes esti¬
mated at present rates, and certain non-recurring charges.
Directors of the new consolidation will be W. L. Hampton and L. O.
Haskins of Louisville; J, E. Davidson and Ray W. Bundy of Mt. Vernon;
Gross T. Williams, Martin Cassell and Grant Gillam of Chicago; and Arthur
S. Dewing of Boston.
According to Mr. Hampton, the merger of Consolidated Biscuit with
Thinshell Products, Inc., will give the combination a complete line of prod¬
ucts in the biscuit field.
The new combined company will enjoy national
distribution and their combined business has increased greatly over the
Balance Sheet Dec. 31
Aocqunts payable$578,053
ments
280,457
270,940 Prov. tor Dom. of
of Can. inc. tax.
551,878
to
25,057 Div. declared
8hhldr8. payable
259,272
Inventories
106,132
551,803
(subs.).
Acc'tsrec.
shs.
Subs.
..
21,624
wholly
plant
Deferred
&
3,319,609
12,172
3,190,393
equipment..
Prepaid expenses.
2,063
23,678
88,994
Due to subsidiaries
Mines, real est.,
bldgs.,
2,583
24,301
124,236
74,497
Feb. 1, 1935
758,797
758,797
owned
x
1934
$60,083
Acer. taxes & asess-
$730,413
banks
Accounts receiv'le.
Bonds & shares.
1935
$19,782
Liabilities—
1934
1935
Assets—
Cash on hand & in
credits
3,396
..
6,212,667
,2*12" 667
731,226
Capital
y
698,196
Deficit....
basis
last few years.
This action, Mr. Hampton
in March this year of the Davidson Biscuit
explained, followed the merger
Co. and the Hampton Cracker
Co. into the Consolidated Biscuit Co.
Directors
recently voted to
list the common stock on
Curb Exchange and the Chicago
the New York
Stock Exchange.
in connection with the merger will be undertaken
shortly and will consist of an additional offering of $340,000 of first mortgage
bonds and approximately 112,000 shares of common stock of Consolidated
Biscuit Co.
The underwriting group will be headed by F. S. Yantis &
Co. of Chicago and will include Rawson Lizars & Co. of Chicago .Bond &
Goodwin, Inc., of New York; Webber, Darch & Co. of Chicago; DempseyDetmar & Co. of Chicago, and Crowell, Weedon & Co. of Los Angeles.
"This merger, creating as it does the fourth largest biscuit organization
in the country, will be of mutual benefit to the three units participating,"
Mr. Hampton said.
"The lines of each supplement those of the others and
more unified and efficient operation and distribution will result.
The out¬
look in the biscuit field has not been more promising in many years than it
A financing program
Total
$5,620,498 $5,796,965
Total
$5,620,498 $5,796,965
and depreciation of $2,435,478 in 1935 and
Represented by shares of $100 par.—V. 142, p. 3340.
After reserve for depletion
x
$2,278,314 in 1934.
y
Inc.—Extra Dividend—
Crum & Forster,
an extra dividend of 5 cents per share in
quarterly dividend of 20 cents per share on the com¬
mon stock,
par $10, both payable July 15 to holders of record July 6.
Similar extra dividends were paid on April 15 and Jan. 15 last, Oct. 15 and
July 15,1935.
A special dividend of 20 cents per share was paid on Dec. 20,
1935 and one of 15 cents per share was distributed on Dec. 24, 1934.
Prior to the Jan. 15, 1936 disbursements, the company paid regular quar¬
terly dividends of 15 cents per share.—V. 142, p. 1981.
The directors have declared
addition to the regular
Cuban Tobacco Co.—Accumulated Dividend—
share on account of
cumulative preferred stock, par $100, payable
The last previous payment was a
regular semi-annual dividend of $2.50 paid on June 30, 1931.—V. 140,
p. 2181.
The directors have declared a dividend of $2.50 per
accumulations
on
the 5%
June 30 to holders
of record June 20.
Distilleries
Cummins
Offered—Minnich,
offering 12,800
Corp.—Stock
_
isAtoday."
Weeks Ended March 28, 1936
Earnings for 13
Net income after all charges and
$38,853
provision for taxes
—V. 142, p. 3845.
Lithographing Corp.—Acquisition—
patents of the American Tarso Co., for a cash consideration,
an announcement made on June 10 by J. A. Voice, President
according to
of this com¬
This is the sixth subsidiary to be so acquired by Consolidated, which
also owns the Consolidated Decalcomania Corp., and represents an addition
in excess of $150,000 to its asset value.
The new company will be headed
by Abraham Fishman, Vice-President of Consolidated Lithographing, as
President.
Ford C. Close, formerly president of American Tarso Co., will
pany.
associated
common
stock at $6 per
are
share.
modern distillery (completed Aug. 1935) making
The bulk of output is sold direct to rectifiers for
cash.
Net income after all charges, Jan. 1 to April 30, 1936 (before pro¬
vision for Federal income tax) was $80,120.
Capitalization consists of
142,800 shares as of April 30, 1936.—V. 138, p. 330.
The company owns a
Deisel-Wemmer-Gilbert
Corp*—Extra Dividend—
share in
The directors have declared an extra dividend of 12>£ cents per
Consolidated
be
shares of
and
own
high quality whiskey.
addition to
The American Tarso Corp. of New York, a recently organized subsidiary
has acquired the assets, consisting of plant, equipment, inventory and
Ijq
Bradley & Associates, Inc.,
with
the
company
as
Vice-President,
and Mr. Voice will
OfifSn r cr
Commenting on the acquisition,
Mr. Voice said:
"The acquisition of
to complete more
units for our decalcomania business and will be an added factor in connec¬
tion with the legal and stamp tax business, in which Consolidated Decal¬
comania has been actively engaged since the repeal of the prohibition law.
This corporation is already supplying the stamps to a number of States
throughout the country."—V. 142, p. 621.
regular quarterly dividend of like amount on the common
stock par $10, both payable July 1 to holders of record June 20.
A similar
extra was paid on April 1, last and extras of 37 H cents per share were paid
on Jan. 2, 1936 and on Jan. 2, 1935.—V. 142, p. 3340.
a
Dejay Stores, Inc.—Earnings—
Years Ended Jan. 31—
'
1934
1935
1936
$786,652
432,966
118,126
$602,464
367,498
81,867
108,851
$235,560
87,476
$153,098
62,030
$414,771
207,930
Gross profit on sales
Store expenses
$323,034
157,163
$215,129
123,580
$941,339
501,996
Administrative & general expenses.__
133,422
Profit from operationsOther income
$305,920
.
American Tarso Co. marks another step in our program
Continental
The
Baking
the 8%
holders of record June 15.
on
per
The
to
14
July 1 and
previously.
meeting at which they had
expected to take dividend action on the capital stock that they had
decided to defer such action until Congress had acted on proposed amend¬
ments
to the Federal tax laws.
It was pointed out that no dividend
been
properly be determined in the light of such provisions as
Section 27-J of the pending House bill.
The company paid an initial
dividend of 20 cents a share on Dec. 31, 1935.—V. 141, p. 4163.
policy
could
Continental
Telephone
1935
Gross
$323,151
earnings
34,268
Operation and taxes
Amount appropriated
for general reserve
Net earnings
Interest on funded debt
Amortization of debt discount & expense
Net income
-
_
Preferred dividends (7% & 6%)-—
x
:
$137,752
x310,190
Dividends in the amount of $221,562 were paid by the issuance
$246,670
25,368
six months ended Dec. 31, 1935.
in
$221,302
120,000
9,417
$91,884
22,156
of 2,215.-
14,593
$76,955
$37,170
Accounts payable.
&
TJ1 S. govt, bonds.
3,206
516,643
526
911
Due fr.
officers
Cumul.
&
employees
177,040
335,219
97,596
224,343
$742,827
$604,616
class
stock
(par $1)
Surplus
7,507
Loans receivable
Common
$83,144
22,493
97,587
conv.
A stock
x
$107,171
27,599
175,250
Res. lor taxes
425*512
Claims receivable.
1935
1936
Liabilities—
1935
$47,186
banks
hand
8.232
__
Mdse. inventory..
Furn. & fixtures...
162,660
1
1
Sundry depos. rec.
1,663
Deferred charges..
3,434
1,193
3,433
$742,827
$604,616
In addition
128,161
27,915 shares of
Total
common
stock reserved for conversion of
cumulative convertible class A stock.—V. 142, p. 3672.
Den-ver
Plan
6252 shares of the company's 6J^% pref. stock acquired from Telephone
Bond & Share Co. in exchange for common stock.
The dividends paid are
for the three years and
on
x
1934
20,000
$268,882
121,597
9,533
Cash
1936
Total
Co.—Earnings—
Calendar Years—
28,367
$137,504
Balance Sheet Jan. 31
Assets—
Accts. receivable._
Corp.—Dividend Action Deferred—
directors announced on June 6 after a
29,179
$177,660
income taxes
share on account of
pref. stock, par $100, payable July 1
Similar distributions were made in each of the
cum.
preceding quarters, as compared with $1.50 per share paid on
Oct. 1, 1932 and regular quarterly dividends of $2 per share
—V. 142, p. 2824.
Creole Petroleum
Provision for bad debts-Miscell. deduct, incl. prov. for Fed.
Profit
Corp.—r$l Preferred Dividend—
directors have declared a dividend of $1
accumulations
Total income
&
Rio
Grande
Extended—Bond
Western
RR.—Time
for Filing
Committee—
A
90-day extension from May 1 has been obtained by the road in which
its plan of reorganization.
committee headed by George S. Van Schaick, Vice-President of the
New York Life Insurance Co., has been organized to represent large holders
of bonds in reorganization of the road.—V. 142, p. 3340.
to file
A
new
Detroit Gasket & Mfg.
Co.—Listing—
The New York Curb
Exchange has admitted to listing the company's
stock and $20-par 6% cumulative preferred stock, with
stock purchase warrants.—V. 142, p. 3505.
i
1-par
common
,
Financial
Volume 142
4019
Chronicle
Derby Oil & Refining Corp. (& Subs.)—Earnings
1936
and non-productive
Depletion,
Net profit
development..
depreciation, &c
$45,716
34,014
11,701
1934
1935
$50,271
35,571
14,700
Month of April
Operating'profit before deprec., depl.
El Paso Natural Gas Co.
]oss$17,688
30,842
lossl6,943
Stamped Preferred Stock
Unstamped Preferred Stock
Earnings for Four Months Ended April 30
deprec.
135,408
depl
&
Net profit..
Statement of Assets and
loss$l,226
MEMBERS NEW
1936
Due banks
Current liabilities
Working capital.
142, p. 3166.
15
$333,891
Broad
50,000
150,000
1.215,469
696,368
519,102
...
(& Subs.)—Earnings—
Increase
American Power & Light Co.._ 104,895.000
Electric Power & Light Corp.. 46,124,000
1935
91,110,000
13,785,000
%
15.1
36,686,000
9,438.000
25.7
National Power & Light Co
69,520,000
1935
1934
$1,474,044
928,296
$1,158.077
758,016
$545,748
38,272
22,174
11,072
$400,060
44,874
34,071
3,750
$474,230
18,466
11,855
$317,364
10,724
7,297
$504,550
153,776
40,000
$335,386
Provision for estimated Federal income tax
160,604
22,000
Int. to public and other
deductions.
Net profit
Profit and loss, sur. Jan. 1...
$310,774
117,919
$152,782
def. 34,863
Int. charged to constr..
Property retirement and
deplet. reserve approp.
$428,693
193,844
$1.60
$117,918
196,257
$0.77
Years Ended Dec. 31—
•
Gross profit from sales before deducting depreciat'n
Selling & administrative expenses, excl. depreciat'n
Operating profit...
doubtful accounts
on
Miscellaneous deductions
J
Balance
Interest earned
Miscellaneous income
Profit before depreciation & Federal income tax.
Provision for depreciation
Earnings surplus. Dec. 31, 1934
Shares capital stock outstanding (no par)
Earnings per share
Consolidated Balance Sheet Dec. 31
Assets—
Cash
on
1935
hand &
Oust,
accts
$211,541
notes
$185,969
913,942
858,206
Accts.
payable for
purchases, &c._
and
receivable.
Accrued,
Inventories., at the
lower of cost
$573,428
Notes payable
on
deposit
a
1934
1935
Liabilities—
1934
comm.
810,106
59,444
617,715
211,834
Fed. inc. tax—est.
bLand, bldgs.,ma¬
chinery & equip. 2,686,346
2,677,076
4% 1st mtge. notes
Uncompl'd orders.
Other assets
Pat'ts & contracts.
28,232
6% certificates
22)606
97,280
30,000
Land contract pay.
1
1
Res. for contlng..
Unexplred Insur'ce
74,040
premiums, &c_.
343,036
36,664
50,000
40,000
45,919
4% 1st mtge. notes
or
market
$457,530
&
expenses..
53,093
c
350)606
12,332
49,925
3,284,359
d428,692
Capital stock
Earned surplus
x
7,700
3,379,608
117,919
$4,755,424 $4,603,895
Total
After allowance for doubtful accounts, freight adjustments, discounts,
&c. of $43,001 in 1935 and $43,774 in 1934.
b After allowance for de¬
65,114,000
x4,406,000
x6.3
Electric Power & Light Corp.
Period End. Apiil 30—
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
Subsidiaries—
Operating revenues$23,382,338 $19,502,054
Oper. exps., incl. taxes. 11,786,434
10,427.174
Net
revs,
Gross corp.
$83,126,079 $75,568,796
44,679,341
41,544,581
JDr31,421
$9,074,880 $38,446,738 $34,024,215
18,162
Dr45,273
47,245
income...$11,564,483
$9,093,042 $38,401,465 $34,071,460
from oper._$11,595,904
Other income (net)
Balance
3,860,837
Cr5,166
2,611,018
$5,097,794
15,626,783
Cr49,771
3,872,653
Crl5,599
15,628,537
Cr32,793
2,139,710
9,135,437
8,666.232
$3,096,278 $13,670,284
$9,828,216
Pref. divs. to public (full
div. requirements ap¬
plicable to respective
periods whether earned
or unearned)..
Portion
applicable
to
minor, interests (based
upon holdings by the
public of common sks.
„
7,923,496
7,923,562
43,742
115,214
154,440
$2,478,994
$1,071,644
$5,631,574
$1,750,214
$2,478,994
$1,071,644
$5,631,574
$1,750,214
1,084
1,431
3,163
8,245
$2,480,078
Expenses, including taxes
51,464
Interest and other deduc.
397,244
$1,073,075
77,227
397,244
$5,634,737
221,117
1,588,974
$1,758,459
386,192
1,588,974
1,980,874
1,980,892
637,926
of subs, at end of each
of the respect'e periods)
Net equity of Electric
Power & Light Corp.
in income of subs
"4)692
1936
Decrease.—Y. 142, p. 3848.
Elec. Power & Ot Corp.
Net
of Electric
Power & Light Corp.
equity
in income of subs,
ias
shown above)
$4,755,424 $4,603,895|
Total
Y. 1-752
453,119
695,903
Operating Subsidiaries of—
Detroit Steel Products Co.
New York
Street
A. T. & T. Teletype N.
1,149,023
—V.
Interest paid
Provision for loss
YORK STOCK EXCHANGE
1935
$439,356
Current assets
Eastman, Dillon 8 Co.
Liabilities
Cash in banks
QUOTED
159.474
$53,126
Non-productive development,
SOLD
BOUGHT
$158,248
$188,534
Stock
Common
1935
1936
Before non-productive develop., deprec. & depl
Other income
a
preciation of $1,288,057 in 1935 and $1,458,010 in 1934.
c Represented
by 193,844 no par shares in 1935 and 196,257 no par shares in 1934 after
deducting 6,551 shares held in treasury in 1935 (at cost) and 4,138 shares
1934.
d Restricted in the amount of $213,641 representing the cost
of shares held in treasury.—V. 140, p. 1825.
in
Dixie-Vortex
The City Bank Farmers Trust Co. has been appointed co-registrar for
250,000 shares of class "A" stock and 600,000 shares of common stock.
142, p. 3672.
—V.
Dome
Mines, Ltd.—Value of Production-—
Month of—
1936
$567,255
568,435
614,521
559,389
513,482
March..
April
May
1935
$545,789
551,054
609,694
622,767
626,679
1934
$641,637
634,307
621,195
587,238
648,878
—V. 142, p. 3505.
Driver-Harris Co.—Registers with
on 5% Issue—
After an informal meeting June 9 of directors of the company and the
committee representing minority stockholders, the directors took under
advisement the committee's recommendations for modifications in the
com¬
pany's plan to issue new 5% preferred stock and to retire outstanding bonds
and 7% preferred shares.
The minority group, which is said to represent about 8.600 shares, voted
against the plan at the special meeting of stockholders on June 2 when
the majority of shareholders approved the plan.—V. 142, p. 3848.
Ry.—Bonds Called—
A total of $623,000 general mortgage 5% gold
have been called for redemption on July
bonds, due Jan. 1, 1941,
1 at 105 and interest.
Payment
will be made at the New York Trust Co., New York City.—V. 142, p. 3848
,
Operating revenues
Operating expenses, maintenance & all taxes
__
Net oper. rev. & other income (before appropria¬
tion for retirement reserve)
$16,154,186
Appropriation for retirement reserve
Gross
2,059.546
income..
........
.
Rents for lease of electric properties
Interest charges (net)
Amortization of debt discount and expense
Appropriation for special
$2,031,370
$598,604
$3,824,646 loss$216,707
periods only (whether paid or
not paid)
on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stock of sub¬
sidiaries.
Minority interests have not been charged with deficits where
income accounts of subsidiaries have so resulted.
The "net equity of
represent full requirements for the respective
of subsidiaries" includes interest
preferred dividends paid or earned on securities held, plus the propor¬
which accrued to common stocks held by Electric Power &
Light Corp., less losses where income accounts of individual subsidiaries
have resulted in deficits for the respective periods.
The statement for each
period is entirely independent of the statement for any other period.—V.
142, p. 3849.
Electric Power & Light Corp. in income
and
tion of earnings
reserve
Other income deductions
Net income
Period End.
Apr. 30—
(Del.) (& Subs.)—Earnings—
1936—Month—1935
$227,164
103,245
$2,859,919
1,285,685
12,133
28,568
36,148
14,049
' 26,626
36,121
166,063
316,851
433,327
157,339
316,816
434,906
$38,827
Operation
$47,121
$657,992
$646,771
Maintenance
Taxes
Interest & amortization.
Balance
Appropriations for retirement reserve
Preferred dividend requirements of sub. company
Pref. div. requirements of El Paso Elec. Co.(Del.)
Bal. for common divs. and
—V. 142, p.
1936—12 Mos.—1935
$2,728,720
1,172,885
$233,951
118,274
Gross earnings
At
1936
1935
$25,744,336 $25,820,442
10,470,027
10,799,586
Net oper. rev. (before approp. for retire. reserve_$15,274,309
Other income (net)
879,876
.........
con-
earned surplus.
surplus
335,000.
290,000
46,710
46,710
182,436
193,131
$93,845
$116,930
3168.
Ely & Walker Dry Goods Co.—Directorate Increased—
Duquesne Light Co.—Earnings—
12 Months Ended April 30—
sol,
El Paso Electric Co.
Weigh Minority's Plea
Duluth Missabe & Northern
Balance carried to
SEC—
See list given on first page of this department.
Directors
income
Notation—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidiaries
Co.—Ck>-Registrar—
January
February
Total
$15,020,855
914,828
$15,935,684
2,065,635
$14,094,639 $13,870,049
177,010
175,940
2,619,355
3,150,804
281,231
167,280
500,000
166,666
94,590
98,460
.$10,422,452 $10,110,897
-V. 142, p. 3506.
a
recent special stockholders' meeting the articles of association were
number of directors to 13 from 11. The two addi¬
W. Lewis and A. E. Wiedmer.—V. 142, p. 459.
amended increasing the
tional directors are P.
El Paso Natural Gas Co.—Annual Report—
Kayser, President, says in part:
simplify company's capital structure.
Two public utility service companies were eliminated and El Paso Natural
Paul
During 1935 steps were taken to
Gas and Western Gas Co. applied for exemption under the Public Utility
Holding Company bill prior to Dec. 1 last, the limit set by law.
It is con¬
templated that further steps toward simplification of the company's capital
structure will be taken during the current year, including acquisition by
the company of the assets of its subsidiary, Western Gas Co.
Ultimately,
company will be an operating company with no subsidiaries except Cia.
Occidental de Gas S. A. de Capital Variable,.a Mexican company engaged in
the transportation of gas from a point where the company's pipe line crosses
the Mexican border south of Bisbee, Ariz., to the Cananea Consolidated
Copper Co., in Cananea, Mexico; and one other company engaged solely
in transporting gas through the City of El Paso.
'
In November 1935 steps were taken to extend the first and second mort¬
bonds of Western Gas Co. due in August 1936 until Jan. 1, 1944.
better conditions in general business and improve¬
company's earnings, negotiations have been entered into which
have resulted in arrangements to refinance the entire funded debt of com¬
pany and its subsidiaries by issuing new first mortgage bonds and deben¬
tures.
A substantial saving ofinterest will be effected by the new financing.
On April 28, L936, Engineers Public Service Co. exercised its option to
purchase about 92,000 shares of the common stock of the company at $25
a share deposited in
escrow by certain stockholders.
At the same time
Engineers released its option to purchase 100.000 unissued shares directly
from the company at $20 a share.
At the time of exercise of the above
option, arrangements were entered into under which the President, certain
gage
Eastern
Steamship Lines, Inc. (& Subs.)—Earnings-
Period End. Apr. 30—
Operating revenue
Opera (ing expense
Other expense
Deficit
$733,752
777,831
1,052
51,663
$18,093
Other income
—V.
1936—Month—.1935
$766,905
735,633
1,070
50,435
$94,690
1936—4 Mos.—1935
$2,686,436
52,477,924
2,787,026
2,821,687
4,998
4,702
216,992
221,392
$312,584
$560,453
142, p. 3167.
Ebasco
Services, Inc.—Weekly Input—
For the week ended June 4, 1936, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows:
Since that time, owing to
ment in
Eartners of the firm of White, Weld &portion of the 92,000 shares.Phelps
Co., other individuals and The
>odge Corp. purchased a substantial
balance was placed in
the hands of a trustee whereby it will not be controlled
by the Engineers company but will be sold in the next five years for its
benefit.
Financial
4020
Consolidated
$2,327,209
712,450
,f
51,106
111,763
$1,415,387
32,822
-
$2,029,769
93,373
105,999
Gross operating revenue
$1,270,078
90,207
Maintenance
-
Balance
Other
--
-
income
Balance
Interest
596,822
Provision for retirements
Minority interest Natural Gas Service
720,956
81,795
224,257
Cr.72
Co. loss.—
$333,349
$419,043
Net income
Liabilities—
Acc'ts receivable..
Inventories
Accrued
313,643
57,603
Consumers'
Advs.
Mtge. Corp. (due
Res.
1,101
5,260
143,489
1,174,885
996,051
46,369
sales)
for conting
39,431
4,928
in
int.
1,461,426
& other intang__
due Dec. 1 1938-
(not-current)
1,
treasury
3,087,500
1 *44
5,300,000
16,953,977 16,573,038
Total
999,700
1,000,100
974,400
1,610,552
stock).
26,381
30,052
30,920
3,841
1
Land and bldgs..
mach. & equip.. 1,270,335
Perish, tools, less
34,998
depreciation
974,400
94,286
84,775
Patents..........
1
1
1
1
value of
Jan. 16,
1934
1933
1932
$3,266,788
2,883,695
$3,083,848
2,636,585
$3,025,080
2,446,335
$3,135,579
2,400,957
$383,092
1,438
$447,262
2,071
$578,745
3,791
$ 734,622
3,327
Operating income
Other income
unfunded debt..
Amort. of dt. disc. & exp
96,660
26,384
93,583
26,492
Credit for int. dm. const
Cr613
Crll5
Int.
on
$737,950
$582,536
268,990
108,844
26,393
Cr7,443
$449,333
Interest on funded debt.
$384,531
268,990
268,990
Family Loan Society, Inc.—Extra
Holders
are
of the first
147,327
26,392
Crl0,757
269.010
loss$6,890
$60,383
174,430
$185,752
174,430
def$6,890
def$114,047
$11,322
$131,536
The
stock
New
Machine Co., Inc.—Dealings
Inc.—Earnings—
First National Stores,
Mar. 30 '35
Mar. 28 '36
Years Ended—
Stores
'
'
119,575,418 111,323,464 105,812,781
Sales.
yll4,846,540yl06,234,952
1,119,989
1,126,447
Costs, expenses, &c
Depreciation
99,513,190 a94,720,565
1,154,166
1,014,511
5,145,425
45,793
5,157,871
3,765,760
on
4,116,896
82.025
143,942
5,191,218
81,146
5,157,871
168,384
520", 406
539,449
715",242
59,300
710,088
3,163,329
181,470
2,040,480
3,433,504
259,354
2,038,355
2,036,446
4,220,099
336,160
2,029.777
941,379
1,135,795
2,018,434
1,854,162
sale of assets
Premium &
discount
on
7,554
112,084
20,838
331,268
230,764
119,102
ing funds)
15,615
331,898
Notes receivable..
242,799
Mat'ls & supplies.
1,428,025
Surplus
sold (contra)
80,000
372,829
Includes int. and other charges, net.
Comparative
Advances from fin¬
10,000
ancing co
dlvs.
Accrd.
214,767
60,424
51,921
Cash
63,879
67,376
U. S. Gov. securs.
14,536
Inventories ......10,838,203
23,920
__
43,830
Investments, &c._
Consumers' service
deposits.
67,986
.
60,295
x
Fixed assets
Goodwill
4,349,391
3,513,533
459,101
less res.
Prepaid ins. & exp.
Guaranty of appl.
accts.
rec.
sold
1,081,532
475,518
10,309,099
1,734,510
143,727
22,014,241 21,851,598
Total
x
1936
1935
After depreciation,
$5,838
loss$49,938
1936
Liabilities—
1935
800
800
1,088,203
500
500
1
Reserves
Franchises
Organiz. expense..
Prepaid expenses &
deferred charges
3,119
762,526
790,100
8,152
Class B
Deficit
142, p.
directors
1935
$146,335
2,942
786,088
59,584
792,370
8,152
64,253
have
of Canada,
declared
June
20.
$1,768,813 $1,671,634
1982.
Ex-Cell-O Aircraft & Tool
Corp.—Earnings—
1935
profit
Maintenance and repairs
Deprec. on buildings, machinery and
equipment
Selling expenses
_
General and administrative expenses
1934
$437,798
$1,040,607
68,923
$741,852
60,405
26,367
123,314
369,851
123,284
147,283
279,737
111,472
Froedtert Grain & Malting
The directors on June 11 declared a
$142,954
10,671
loss$48,880
Drl4,238
Net income before income tax
$370,465
41,300
$153,625
F. Manning
$329,165
$0.87
$140,300
$0.37
Net income
Co.—Resumes Common Divs.
Jr., and A. J. Flohr have been
existing vacancy on the board and
of J. E. Fuller—Y. 142, p. 2666.
an
the
This will be
1934 when a
13.325
resignation
Laundry Co.—75-Cent Dividend—
have declared a dividend of 75 cents per share on the
stock, no par value, payable July 1 to holders of record June 15.
A similar payment was made on April 1, last, and prior thereto, regular
quarterly dividends of 87)4 cents per share were distributed.—Y. 142,
p.1120.
directors
General Alliance
The directors
have
Corp.—20-Cent Dividend—
declared
a
General
American
a
the
23. A similar
cents per share
142, p. 2666.
dividend of 20 cents per share on
capital stock, payable June 30 to holders of record June
payment was made on March 27, last, and dividends of 15
were distributed in each of the four quarters of 1935.—V.
Transportation
SEC—To Issue $19,250,000
loss$63,118
Nil
elected directors, filling
that created by the recent
common
loss$63,118
Earnings per share on common.
the
dividend of 20 cents per share on
stock, payable July 1 to holders of record June 15.
the first payment made on the common stock since Sept. 1,
dividend of 10 cents was distributed.—V. 142, p. 3851.
168,634
186,088
105,587
$355,235
15,230
Provision for Federal income tax
Ltd.—75-Cent Dividend—
dividend of 75 cents per share on
common
The
1933
Net
operating profit
Miscellaneous income (net)..
a
This compares with
Galland Mercantile
Gross
been elected
(Geo. A.) Fuller Co.—New Directors—
Total
$1,768,813 $1,671,634
Calendar Years—
142,'
payable July 11 to holders
dividends of 50 cents paid on
May 28, 1935; 75 cents on Dec. 17, 1934; 50 cents on May 28, 1934; $1 per
share on Dec. 31, 1933; 60 cents on June 20, 1931, and $2.10 per share
during the year 1930.—V. 142, p. 3169.
J.
—V.
Represented by 827,634 no par shares.—V.
class A and class B common stocks, no par value,
5,082
Capital stock: cl. A
Properties, plant &
equipment
$264,501
1
4,101
Current liabilities.
Purchase obligs
1,096,102
Investments
y
Ford Motor Co.
1933
1934
Balance Sheet March 31
$288,148
281,000
6,977.422
Flintkote Co.—New Chairman—
The
225,000
600,299
2,019,761
2,721,600
14,374,828 13,591,448
John M. Hancock, who was recently elected a director, has
of the Executive Committee.—V. 142, p. 3342.
$2,972
$5,484
8450,208
414,850
1119.
p.
of record
Current assets
3,152,696
31,026,378 29,731,837
Total
31,026,378 29,731,837
Total
Net income after deprec.,
Notes receivable..
570,486
2,210,406
253,760
Chairman
Ltd.—Earnings—
1936
taxes
Earned surplus
-V. 142. P. 3849.
Assets—
income
7% 1st pref. stock. 2,721,600
y Common stock.. 6,977,422
6,389,015
1,473,655
22,014,241 21,851,598
Quar. End. Mar. 31—
$
$
141,611
6,421,028
1,481,301
Mar. 30 '3
Mar. 28 '36
1
1,659,665
Capital surplus—
Corporate surplus.
deple'n & oth. charges
Sheet
Reserves
(non-refundable)
Exeter Oil Co.,
Includes interest paid.
3,535,309 Accepts, pay. und.
letters of credit.
102,158
1,024,989
445,418 Accts. payable &
accrued expenses 3,666,758
11,950,118
1,150,929 Employees' Invest¬
ment certificates
402,720
466,663
11,158,410 Prov. for Federal
Contribs. for ext's
Total
339.950
Liabilities—
1
....
y
Balance
80,000
(contra)
Reserves
Total
4,394,830
*35
$
$
Assets—
Accts. rec.,
on
pref. stock
Misc. accruals
& line
Mar. 28 *36 Mar. 30
156,423
payable-
Accounts
Interest accrued
257,476
a
6,060
(contra)
Taxes accrued
accts.
Defd. debit items.
rec.
Common dividends
Matured bond int.
work¬
Accounts receiv
Appliance
Preferred
1,478,080
to affll. cos
6,060
bond int. (contra)
(incl.
5,368,900
4,928,000
Notes & accts. pay.
Deps. for matured
Cash
Net profit
dividends
5,368,900
4,928,000
Funded debt
2,705
3,962,066
154,830
(net)
rec.
Federal taxes
20,776,260 Capital stock
$
100,892,947
156,871
3,608,889
Liabilities—
Assets*
Plant, prop., &c_.20,890,916
Investments
70,373
Apr. 1 '33
2,653
$
$
$
•
Mar. 31 '34
2,623
2,556
(number of)
1934
1935
1934
Suspended
suspended dealings in the capital
By action of the board of directors of the company, the
books were closed June 3.
York Curb Exchange has
bonds redeemed
Consolidated Balance Sheet Dec. 31
1935
Co. of America,
York counsel for the Sun Life Insurance
(no par).
stock transfer
Loss
Balance
bonds, due Nov. 1, 1944,
Samuel Zinman, 258 Broadway, New
mortgage sinking fund
requested to communicate with
York City, as New
—V. 142, p. 3850.
Int. & divs.
Net income
Dividend—
dividend of 37 )4 cents per share on
partic. pref. stock, no par, in addition to the regular
quar. div. of 87 H cents per share, both payable July 1 to holders of record
June 13.
Similar payments were made in each of the ten previous quarters.
—V. 142, p. 1982.
$305,977
174,440
Preferred stock divs
1935; 1,918 shares for
The directors have declared an extra
•
Gross income
and $810,883 in 1934.
After rederve for depreciation of $820,825 in 1935
by capital stock, 3,889 shares for
142, p. 2827.
To be satisfied
Sub./—Earnings—
1935
Total operating revenues
Total oper. exps. & taxes
$2,668,016 $2,243,867
$21,329 in 1934.
bad debts of $38,906 in 1935 and
After reserve for
x
Total
$2,668,016 $2,243,867
Total
Film Inspection
Empire Gas & Electric Co. (&
33,395
Land, bldgs. and
equip, not used
Fifty-five Fifth Ave. Corp.-—
$72,000 face value of 1st mtge. bonds and $42,000 face
at Dec. 31, 1935, which were retired
1936.—V. 142, p. 3876.
debentures held by company
Years End. Dec. 31—
1,221,605
1,205,040
Net of
x
16,098
investments
Misc.
.16,953,977 16,573,038
Total
259,252
1,1933
the $3.50 cum. and
(net of
Surplus.,
since Oct.
7,843
—
less reserve
3,300,000
5,300,000
bds.,
stock).
609,842
Earned surplus—
36,745
37,865
9,967
1934.—V.
Com. stock (net of
treasury
1,130,430
594,318
119,016
Capital surplus
and employees
624,000
x518,000
1944
Pref. stock
22,867
1,136,184
654,231
Cap. stk. (par $3).
Land contracts rec.
z
2d m.
due Jan.
400,783
Bonuses due exec.
Bal. due from offs.
y
6%
555,792
a__
z
mach. lease agree
2,613,000
Jan.
due
13,325
mortgages
817
Prepald Ins., taxes
and other chgs.
1st mtge.
bds.
19,103
41,300
land contracts &
868
within one year.
Western Gas Co.—
6)4%
43,038
Federal
Long-term indebt.,
20,350
(current)
proportion mat.
6H% conv. g.deb.
481,859
458,239
exp.,&c.
mach. lease agree
in current opers.
6)4% lstm. bonds
due Dec. 1 1943.x2,461,000
Unamort. bond dis¬
for
income tax
Goodwill
2,711
vice Co
1,306,439
matur.
propor.
within one year.
Prov.
Land contracts rec.
Ser¬
Gas
Nat.
3,719
pay.,
y
consum's
to
Minority
Props., plant, pipe
lines & equip
13,515,723 13,450,818
Franchises, contr's
count &
_
Res. for retirem'ts.
87,599
46,746
973
Mtge. Corp.
60,784
149,253
depos.
future gas
El Paso
Sinking fund
90,000
118,281
75,147
225,659
4,290
(to be repaid fr.
815,650
815,650
Jan. 1 1944)
Acc't rec.,
170,000
252,785
taxes
Accrued interest.
Notes rec., El Paso
9,661
accounts receiv.
Inventories
42,476
&
contracts
mortgages
and
notes
67,754
Land
Rentals rec. under
$
Notes payable
Accounts payable.
51,755
6,571
248,307
19,380
316,416
71,117
259,448
1934
1935
1934
$
Assets—
Cash
Notes receivable--
commissions, &c
75,000
393,713
Rentals rec. under
Consolidated Balance Sheet Dec. 31
1935
100,000
Ousts.' notes and
accounts receiv.
$1,360,285
$1,448,209
691,653
82,153
255,360
-
Amortization of discount and expense
U. S. Gov't securs.
Misc.
$55,975
Accrued
$66,430
$96,150
hand
on
1934
$92,798
Accts. pay.
Cash In banks and
x
1935
trade.
payrolls,
Liabilities—
1934
1935
Assets—
1934
1935
Taxes
Comparative Balance Sheet Dec. 31
Years (Including Subsidiaries)
Income Account for Calendar
Operation
June 13, 1936
Chronicle
Corp.—Files with
Serial Notes—
The corporation has filed with the Securities and Exchange Commission
registration statement for $19,250,000 of serial notes to be dated July 1,
WidinrtiMi
Volume
4021
Financial
142
1936, due ini nstalments of $1,750,000 each on July
1, 1937, and on Jan.
and July 1 in each of the years 1938 to 1942, inclusive.
Of the proceeds $18,959,395 will be advanced by the
1
corporation directly
ing in the hands of the public, and 327,789 shares of common stock (no par)
which are issued and outstanding in the hands of the public.—-V. 142, p.3170.
Georgia & Florida RR.—Earnings—
indirectly to its subsidiaries to be used to pay or redeem $18,686,000
principal amount of equipment trust obligations or bank loans maturing
after June 30, 1936, or to reimburse the treasuries of such subsidiaries for
expenditures made by them for such purposes.
Of the principal amount to be retired. $14,798,000 consists of 4K%
equipment trust certificates, $1,138,000 5% equipment trust certificates
and $2,750,000 notes to Manufacturers Trust Co., representing amounts
borrowed to provide for redemption of equipment trust certificates earlier
Gross earnings
—V. 142, p. 3853.
this
Gross earnings
or
year.
Kuhn, Loeb & Co. will be the principal
underwriter.—Y. 142, p. 3509.
—Fourth
Period—
Week of
Georgia Power Co. (&
Co.—Option—
General
subsidiary, the Barber Asphalt Co.—V. 142, p.
3343.
Corp.—May Car Sales—The company
Motors
June 8 made the following announcement:
the United States and
222,603 compared with
134,597 in May a year ago.
Sales in April were 229,467.
Sales for the first
five months of 1936 totaled 952,237, compared with 707,372 for the same
May sales of General Motors cars to dealers in
Canada, together with shipments overseas, totaled
Net
United States and Canada Plus Overseas Shipments
1933
1934
1935
1936
158,572
February
March
144,874
196,721
82,117
April
229.467
May
222,603
June
July
August
September
October,
November
December
Total.
98,268
121,146
169,302
184,059
134,597
181,188
167,790
124,680
39,152
127,054
182,754
185,698
62,506
100,848
153,250
153,954
132,837
146,881
134,324
109,278
71,888
72,050
61,037
41,594
59,614
58,018
86,967
98,205
113,701
106,918
97,614
81,148
53,054
10,384
21,295
1,715.688
January
1,240,447
6,002,394
63,171
109,850
Cr35,220
1,320,000
110,294
Cr28,407
1,320,000
2,950,458
$3,898,299
2,950,486
$5,065,554
2,950.430
875,000
Amortization of debt discount & exp.
625,000
Not avail.
$322,813
$2,115,124
charged to construction
Cr50,621
Provision for retirement reserve
1,425,000
$4,522,565
Net income
preferred stock
Dividends on common stock
Dividends
on
Balance
January.
February..
March
200,117
April
May..
194,628
June
July
August
September.
October
November.
December.
Total.
1934
54,105
77.297
126,691
143,909
109,051
137,782
108,645
127,346
66,547
68,566
136,589
122,198
23,438
58,911
98,174
106.349
95,253
112,847
101,243
86,258
71,648
62,752
41,530
1933
50,653
42,280
47.436
71,599
85,969
101,827
87,298
86,372
71,458
63,518
35,417
11.951
927.493
755,778
69,090
131,134
April
May
...
75,727
116.762
162,418
194,695
...
92,907
132.622
152,946
105,159
150,863
187,119
June
139,121
103,098
22,986
97,746
147.849
150,010
July
August
September...
October
November
...
December
Total
1,370.934
j.
Unit sales of Chevrolet, Pontiac, Oldsmobile,
passenger
1933
1934'
1935
1936
March..
46,190
82,222
119,858
121,964
103,844
72,274
50,212
45,098
74,242
85,980
118,789
107,554
87,429
53,738
50,514
39,048
28,344
99,956
92,546
84,504
67,733
959,494
729,201
41,982
3,483
11,191
Buick, LaSalle and Cadillac
and commercial cars are included in the
above figures
Oldsmobile Sales Set New Recoreds—
of May totaled 9,407 cars,
Oldsmobile history," D. E. Ralston, sales
"Oldsmobile retail sales for the last 10 days
the largest
10-day period in
said. "Total sales for May were 24,057. Sales for the first five
months were 89,019 cars, a gain of more than 27% over the corresponding
manager,
1935 period.
"New production
records also were established during the past month,
output being 23% greater than for the same month in 1935.
Oldsmobiles were produced in a single day than ever
On May 28,
before in the
company's history. On that day 1,120 cars rolled off the assembly lines.
"Reports from Oldsmobile dealers throughout the country indicate no
letup in new car sales and forecast a continuance of the present strong public
demand for Oldsmobiles during the summer months."
May Deliveries Heavy—
United States last month were
May in the company's history and the largest for
month since 1929.
May retail sales totaled 21,178 units, compared
with 19,481 for April and 16,209 for May, 1935.
Volume in the last 10-day
period of May, with 8,294 deliveries, was more than 50% of the entire
Retail deliveries of Pontiac cars in the
the third largest for any
any
month
a
year ago.
Deliveries to consumers of 1936
model Pontiac cars up to June 1 totaled
104,997 cars.
Chevrolet May Deliveries—
Chevrolet dealers rounded out the greatest
of the Chevrolet Motor Co.
three months in the history
by delivering 129,816 new cars and trucks in
May, W. E. Holler, Vice-President and general sales manager, announced.
May sales were the highest on record, exceeding those for the highest pre¬
vious May, that of 1928, by 7,379 units.
The company's sales in April established a new high for any month of
any year, and the totals for March and for May approached that high point
so closely as to concentrate within the past 90 days all three of Chevrolet's
biggest months. Total sales for that period were 389,556 units, bringing the
total for the year to date from Jan. 1 to 535,634.
May used car sales by Chevrolet dealers set a high of 229,223 units, Mr.
Holler announced, resulting in a substantial decline in the stocks on hand
and contributing to the outlook for heavy new unit volume in June.
The Chevrolet Motor Co. produced 136,319 cars and trucks in May,
compared with 68,693 in May, 1935. Production for the first five months
amounted to 608,508 units, against 429,254 in the corresponding period
May output included 121,616 units for sale in the United States,
8,003 made in the United States for export, and 6,700 units made in Canada.
last year.
Stockholders Number 345,265—
and preferred stockholders
for the second quarter of 1936 was 345,265 compared with 353,186 for the
first quarter of 1936 ana with 351,275 for the second quarter of 1935.
There were 325,150 holders of common stock and the balance of 20,115
represents holders of preferred stock.
These figures compare with 333,333
common stockholders and 19,853 preferred for the first quarter of 1936.
The total number of General Motors common
—V. 142, p. 3509.
fran¬
chises, &c
262,239,466 260,992,016
rights,
Inv. insecure, of
231,051
58,303
monwealth
3,247,658
Accts. payable..
Due to af111. cos.
608,520
159,635
783,530
4,074,599
3,470,662
28,961
25,907
941,580
prepaid accts.
Cash
&
Southern Corp
3,357,309
307,010
of amortizat'n
Accrued
132,006
2,356,656
taxes..
Accrued int. and
Accts. and notes
receivable
from
600,000
415,968
81,019
2,759,106
873,861
Mat'ls & supplies
1,906,010
pref.divs. pay.
Misc. curr. liabs.
affili¬
COS-..--
82,910
7,415,670
Reserves-
1,883,351
93,509
6,926,943
Contribut'ns for
366,776
347,623
5,246,060
4,553,089
extensions
Surplus...
Total
..271,773,725 270,187,7851
271,773,725 270,187,785
Represented by 441,739 no par shares in 1935 and
y Represented by 60,002 no par shares,
z Represented
par snares.—V. 142, p. 3510.
Golden State Gold Mining
See list
588,721
Due to the Com¬
and
Def'd charges &
ated
949,842
1,375,000
551,703
Def. liabilities..
exp. in process
Due
843,424
631,507
obligations...
deposits
disct.
Debt
$
purch.
Property
398,844
162,596
various cos
Sinking funds &
spec,
1934
$
S6cum.pf.stk. 38,489,794 *38,490,404
y S5cum.pf.stk.
4,818,604
y4,818,604
z Common stock
87,778,002 z87,778,002
Funded debt...119,779,600 119,901,600
x
.proprty,
441,746 in 1934.
by 2,500,000 no
Co.—Registers with SEC—
given on first page of this department.
Co. of Calif.—Accum. Div.—
Goodyear Tire & Rubber
A dividend of 50 cents per
share will be paid on account of accumulations
the 7% cumulative preferred stock, par $100, on July 1 to holders of
record June 24.
Similar payments were made on April 1, last, Dec. 30,
on
1, July 1, and May 1, 1935, prior to which no
dividends had been
paid since April 1, 1932, when a regular quarterly dividend of $1.75
share was distributed.—V. 142, p. 3676.
Oct.
been
per
Graham-Paige Motors Corp,
(& Subs.)—Earnings—
1933
1934
1935
1936
Quar. End. Mar. 31—
Net loss after charges &
$186,240prof$120,397 prof$15.142
$86,896
Production for the first quarter totaled 5,050 cars as compared with
9,089 in the corresponding 1935 period.
Second quarter output will be
considerably ahead of a year ago, however, with factory sales for April
and May amounting to 5,434 cars as compared with 3,730 in the like two
months of a year ago.
April factory sales were 2,667 as compared with
1,963 a year ago and May sales totaled 2,767 against 1,767 in previous
Federal taxes
year.
Files with SEC—Proposes to
Issue 612,866 Common Shares—
corporation has filed a registration statement with the Securities and
Commission covering 612,866 shares of common stock and
warrants evidencing the right to subscribe to the stock.
The company is offering holders of its common stock of record, on a date
following within 15 days the effectiveness of the registration statement,
the right to subscribe to the new stock on basis of one additional share for
each four shares held.
Subscription price will be $3 per share.
Certain stockholders and creditors of company have agreed to take up
to 400,000 shares of additional common stock at $3 per share not taken by
The
Exchange
shareholders.
Proceeds from sale will
promissory notes
for additional working capital—V.
be used to liquidate $1,000,000
if any, will be used
and the balance,
Grand National Films, Inc.—Registers with SEC—
has filed a registration statement with the Securities and
800,000 shares of common stock (par $1).
200,000 shares are already outstanding,
400 000 will be offered present stockholders at $1.75 per share in the ratio
of two shares for each share held; 40,000 are under option to Time, Inc.,
at $2 50 per share, and 160,000 shares are reserved for issuance to Edward
L
Alperson, President, under an employment contract.
The company was incorporated on March 30, 1936.
Pathe Film Corp.
originally purchased at $4 each 193,000 shares of its capital stock and
Alperson and his associates 7,000 shares. Later, Pathe sold Alperson and
The company
Exchange Commission covering
According to the statement,
his group 59,667 shares.
Under an underwriting
Exchange has authorized the listing of 48,174 shares
cumulative preferred stock ($190 par) which are issued and outstand-
agreement, underwriters will take at
$1.75 per
portion of the 400,000 shares not taken by stockholders. Their
the percentage of unwritten stock to be taken by each are:
Robinson, Miller & Co., Inc., 42.144%; Fairfield Associates, Inc., 22.500%;
O'Brian, Potter & Co., 13.929%; Cohu Brothers, 10.714%; Charles H.
Jones & Co., 5.357%, and Hartley Rogers & Co.,
Inc., 5.357%.—V.
142, p. 3853.
share that
names
and
(B.) Greening Wire Co.,
The
directors
have declared a
of accumulations
on
Ltd.—$3.50 Pref. Dividend—
dividend of $3.50 per share on account
preferred stock, par $100,
the 7% cumulative red.
payable July 1 to holders of record June 15. The dividend is payable in
Canadian funds and in the case of non-residents subject to a 5% tax.
A
like payment was made on April 1, last, while dividends of $1.75 per share
were paid in each of the five preceding quarters and on Oct. 1, 1934.
This
latter distribution was the first made on this issue since Oct. 1, 1932, when
a regular quarterly distribution of like amount was made.
Accruals after the payment of the July 1 dividend will amount to $8.75
per
share.—V. 142, p. 1985.
Guiana
Syndicate—Registers with SEC—
See list given on
Period End. Apr.
30—
Gross earnings
Co.—Earnings-
1936—Month—1935
$462,894
$435,284
lQfil?
Operation-
47,507
89,802
it
45,214
89,896
$114,102
$89,527
Maintenance
Taxes
Interest and
amortizat'n
Balance
Appropriations for retirement reserve
Preferred dividend requirements
Balance for common
-V. 142, p.
3171.
,
first page of this department.
Gulf States Utilities
General Time Instruments Corp.—Listing—
The New York Stock
of 6%
1935
Liabilities—
S
142, p. 3853.
more new
Pontiac
Plant
72,610
31
1934
$
x
1935
Sales to Dealers in United States
January
February
Consolidated Balance Sheet Dec.
1935
Assets—
Total
United States
1.278.996
1936
102,034
96,134
181,782
1,311,495
1,942,649
6,012,980
6,004,014
217,927
109,651
funded debt
unfunded debt
869,035
Sales to Consumers in
6,413,082
$697,107
on
on
United States totaled
194,628 in May, compared with 109,051 in May a year ago.
Sales in April
200,117.
Sales for the first five months of 1936 totaled 774,695,
compared with 511,053 for the same five months of 1935.
Sales of General Motors cars to dealers in the United States totaled
187,119 in May compared with 105,159 in May a year ago.
Sales in April
were 194,695.
Sales for the first five months of 1936 totaled 792,128,
compared with 559,361 for the same five months of 1935.
were
Total Sales to Dealers in
$22,209,674
.$12,228,537 $11,369,080 $12,542,447
earnings.
Interest
Interest
five months of 1935.
Sales of General Motors cars to consumers in the
1933^
1934
1935
$23,698,271 $22,122,957
7,475,277
7,156,906
1,660,670
1,481,449
2,333,788
2,115,521
Operating expense
Interest
on
$417,669
an
the rate of 2,000 shares in each of the calendar years 1937 to 1941, both
inclusive, has been granted to its President as part of his compensation by
its wholly-owned
May 31
1935
to
1936
$432,358
Subs.)—Earnings—
Calendar Years—
Taxes
option
share, at
1
-Jan.
1935
$27,671
Maintenance
General Asphalt
The company has notified the New York Stock Exchange that
for the purchase of 10,000 shares of its capital stock at $30 per
May—
1936
$25,375
>
dividends and surplus
1936—12 Mos.—1935
$5,729,216
2,432,312
231,599
535,874
1,078,082
$5,770,370
2,400,277
$1,451,346
750,000
567,183
$1,512,670
$134,163
$283,654
•
227,610
547,831
1,081,981
661,833
567,182
4022
Financial
Greater London
Calendar Years—
Gross operating revenue
Chronicle
&^Counties Trust, Ltd. (& Subs.)—■
June 13, 1936
Holly Sugar Corp.—Retires},Preferred Shares—
The stockholders at the annual meeting held June 3
approved the retire¬
2,728 shares of preferred stock which had been acquired by sinking
1935
1934
1933
1932
£3,185,250
33,920
£2,839,870
43,599
£4,103,429
31,650
£3,750,948
96,391
£3,219,170
Operating expense
1,341,542
x Net
contracting profi t.
Cr223,390
Maintenance
224,149
Taxes, excl. of inc. taxes
190,079
Provision for retirement.
554,901
£2,883,469
1,142,972
Crl51,681
185,024
174,164
510,623
£4,135,079
2,413,961
£3,847,339
2,192,167
181 "933
159~381
stated that the acreage contracted to date is about
148,049
393,084
268,966
year,
Non-operating
revenue.
ment of
fund
are
Total
Int.
on
Int.
on
unfunded debt-funded debt
Capitalized
by
144,739
434,997
287",303
284",154
In
Cr23,865
6,227
25,550
Cr30,238
11,804
2,079
Crl8,540
24,744
2,6S7
£785,278
£727,151
£648,449
£676,799
269,691
270,093
272,593
217,140
146,262
119,315
132,337
98,156
77,676
91,389
47,303
145,942
£250,009
£226,564
£194,758
£266,411
.
Net income (after fixed
•
pref. shs. of sub.
companies.
__
12,036
Income tax
Total net income.
In previous years, contracting revenues and contracting expenses were
included in operating revenue and operating expense.
x
Assets—
Property,
over
Liabilities—
£
£
19,542,521
18,079,066
(
of
invest,
1935
of
cost
in
of net assets acq.
secur.
merch. & suppl.
Accrued
income..
6,381
1,800
Goodwill...
418,088
456,406
10,023
4,418,540
1,290,514
4,419,565
1,293,377
698,414
615,822
1,318,378
debt
1,349,139
1,412,832
in
hands of public.
to Utili¬
ties Pow.
&
Lt.
Corp., Ltd
1,486,456
692,952
75,882
Accounts payable.
Int.
on
debentures
Misc.accr'd itemsDividends
-V.
142,
p.
The
3,842,162
Total
'
1,614,307
412,756
75,739
71,027
102,976
46,428
3,370,076
.23,228,015 22,102.055
954.
Greif Bros.
$3.20
102,935
54,592
dep..
Reserves
23,228,015 22,102,055
80,879
accrued
Consumers'
Total
directors
Cooperage Corp.—50-Cent Class A Dividend
have
declared
a
Illinois Bell
Operating
Telephone Co.—Earnings—
April 30—
oper.
rev.
1936—Month—1935
1936—4 Mos.—1935
$6,728,466
$6,284,415 $26,580,561 $24,607,983
15,713
6,309
64,941
34,794
4,433,081
4,497,489
17,782,900
18,000,193
1,028,759
756,246
4,135,050
3,025,017
$1,250,913
$1,024,371
$4,597,670
$3,547,979
-V. 142, p. 3511.
dividend
of 50
cents
per
share
on
the
class A common stock, no par value, payable July 1 to holders of
record June 15.
A like payment was made on April 1, last, and compares
with dividends of 25 cents paid in each of the eight preceding quarters and
on Dec. 20, 1933.
Quarterly distributions of 40 cents per share were made
Independent Pneumatic Tool Co.—Dividend Raised—
The directors have declared a dividend of $1 per share on the common
stock, no par value, payable July 1 to holders of record June 19.
Previously
regular quarterly dividends of 75 cents per share were distributed.
In
addition the following extra dividends were paid: 25 cents on
April 1, last;
50 cents on Dec. 31,1935, and 25 cents per share on Oct. 1 and July 1, 1935,
and on Dec. 31, July 2 and Jan. 2, 1934.—V. 142, p. 1988.
Indianapolis Gas Co.—Validity of Lease Sought—
Suit for an injunction and a declaratory judgment
affirming validity of a
99-year lease of Indianapolis Gas Co. property to Citizen's Gas Co. has been
filed in Federal Court at Indianapolis by Chase National
Bank, New York,
as trustee for bondholders of Indianapolis Gas Co.
Last year the City Utilities District acquired properties of Citizens Gas
Co. but refused to accept the lease, made in 1913. By a recent "standstill"
agreement, the Utilities District agreed to place lease
rentals in escrow
pending determination of the validity of the lease. This agreement, accord¬
ing to the complaint, was made by officials of the Indianapolis Gas Co.
"without knowledge or consent of the bondholders" and
deprives them of
income from their bonds pending the settlement.
They contend the lease
binds the city as successor to the Citizens Gas Co.
The city has been operating the property, conceding the
equity of a rental
but claiming that while the 99-year lease was valid against the Citizens
Gas Co., it is not enforceable against the Utilities District for the reason
that trustees of the Citizens company had no legal
authority to attempt to
bind their trust for a longer period than its duration.—V. 141, p. 2437.
cum.
from Jan.
2, 1931 to and incl. April 1, 1932, as compared with regular
quarterly dividends of 80 cents per share previously paid.—Y. 142, p. 1986.
(W. F.) Hall Printing Co. —Correction—
The report for the year
ended March 31.
1936 (given in V. 142, p. 3854) covers the 12
For the years 1933, 1934 and 1935 the fiscal
of Jan. 31.
In like manner the balance sheet for 1936
should be March 31 and for 1935 Jan. 31.
months
period ended
par
revenues.
Uncollectible
1,262,455
6,204,689
to
Funded debt
Unfunded
2,800 Amt. due
,
no
Net operating income.
6,617,167
applic.
tie Trust Ltd
446,993
531,850
Deferred charges..
the regular
Period End.
1,200,000
min. stk. of con¬
1,021,480
trolled cos
591,485
590,277 Applic. to Greater
London & Coun932,425
1,022,323
285,231
334,415
Accts. receivable-_ 1,056,497
Invest.—materials,
Marketable
stock,
£
1,200,000
Ordinary stock.
Surplus
Cash
an extra dividend of 25 cents
per share in
quarterly dividend of 50 cents per share 6n the
value, both payable July 1 to holders of record
June 15.
A similar extra was paid on April 1, last.
An extra Christmas
dividend of 50 cents was paid on Dec. 21, last. Extra dividends of 25 cents
per share were paid on Oct. 1, July 1 and April 1, 1935; 50 cents on Dec. 20,
1934, and 25 cents on Oct. 1, 1934—V. 142, p. 1818.
to
Sub.&control.cos.:
Preference stock
subs,
book value
Ideal Cement Co.—Extra Dividend—
addition
1934
£
Ordinary stock
plant &
equipment
Excess
1934
an
par
Operating expenses
Operating taxes
Condensed Consolidated Balance Sheet Dec. 31
1935
President,
The directors have declared
prop.
minority interests
Jr.,
the regular
to
stock,
common
prior to acqusition
Net income accruing to
Wiley Blair,
extra dividend of 50 cents
per share in
quarterly dividend of 75 cents per share on the
$5, both payable June 30 to holders of record June 22.
An extra of 75 cents was paid on Dec. 31, 1935 and an extra
of 30 cents was
distributed on Sept. 30, 1935.—V. 142, p. 2830.
common
Cr6,145
40,159
activities,
crop
Howe Sound Co.—Extra Dividend—
28,440
Surplus net inc. of
and that if present
The directors have declared
Other charges
on
discussing the corporation's
addition
Staffordshire El. Pow.
Co
Int. on unfunded debt..
& contr.
May 1, leaving 29,072 shares outstanding, of which 4,100 shares
As a
11% greater than last
prospects materialize, the company's pro¬
duction this year will exceed that of 1935.—V. 142, p.
3677.
327",354
Shrop¬
shire Worcestershire &
Divs.
on
held in the treasury to meet future sinking fund
requirements.
result of this retirement of preferred stock, the corporation's stated
capital
was reduced to $5,407,200.
Indiana Harbor Belt
Period End. April 30—
RR.—Earnings-
1936—Month—1935
1936—4 Mos.—1935
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals
Equip. & jt. facil. rents.
$828,285
491,032
63,732
58,968
$687,075
437,461
45,719
42,630
$3,231,014
2,077,508
222,076
284,653
$2,735,026
1,762,381
188,429
149,829
Net ry. oper. income_
$214,553
2,906
$161,265
def1,813
$646,777
9,425
$634,387
7,444
$217,459
3,369
38,248
$159,452
3,459
48,806
$656,202
13,195
153,180
$641,8 1
12,674
165,849
$175,842
$107,187
$489,827
$463,308
Other income
as
Total income
follow:
Miscellaneous deduc'ns.
Fixed charges
Earned surplus (deficit) account: Balance as at Feb. 1, 1935, none.
(Deficit Jan. 31, 1935, $542,841, applied against paid-in surplus of W. F.
Printing Co. on authority of board of directors.)
Federal income
—V. 142, P. 3856.
The consolidated surplus accounts for 14 months ended March 31, 1936,
Hall
Net
income
tax
(prior period), $53,519; consolidated net loss for the two months ended
March 31, 1935, together with equity in net income of a partly-owned sub¬
sidiary for the month of January, 1935, $18,138; consolidated net loss for
the year ended March 31, 1936, $13,200; reserved for contingencies, $175,000; deficit, March 31, 1936, $259,857; deficit March 31, 1936, applied
against paid-in surplus of W. F. Hall Printing Co. on authority of board of
directors, $259,857; balance, March 31, 1936, none.
Capital and paid-in surplus: Capital and paid-in surplus Jan. 31, 1935,
$875,729; appropriation on authority of board of directors to eliminate
deficit in earned surplus at March 31, 1936, $259,857; capital and paid-in
surplus, March 31, 1936, $615,871.
Surplus arising from appraisal: Surplus arising from appraisal, Jan. 31,
1935, $2,472,582; deduct, depreciation on appreciation of physical proper¬
ties for 14 months ended March 31, 1936, $487,105; appreciation applicable
to property sold, $9,284; surplus arising from appraisal, March 31, 1936,
$1,976,192.
New President—
International
Button-Hole
Sewing
Machine
Co.-
10-Cent Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 20 cents per share on the capi¬
.
tal stock, par $10, both
vious extra distributions
payable July 1 to holders of record June 15. Pre¬
are as follows: 10 cents on April 1, last; 20 cents on
Dec. 27, 1935; 10 cents on July 1, 1935; 20 cents on Dec. 27, 1934; 10 cents
on July 2, 1934; 20 cents on April 2, 1934, and 10 cents per share on Dec. 27
and April
1, 1933.—V. 142,
International
Following
a
p.
Match
1989.
Corp.—Referee Reserves Decision—
hearing of creditors of the
company,
Oscar W. Ehrhorn,
referee in bankruptcy, reserved decision on whether or not to approve
the agreement made by the trustee, Irving Trust Co., for settlement of
all controversies between International Match and Kreuger & Toll Co.
and the Swedish Match Co.
Alfred B. Geiger has been elected President of the company to succeed
H. Ortman, resigned.—V. 142, p. 3854.
No
taken on the Swedish Match Co.'s offer for European
and Philippine assets of the bankrupt estate of Inter¬
Further hearings on this pro¬
posal will be held June 16.
During the hearing it was announced that the trustee had just received
notification from Europe that the City of Stockholm had approved of the
contemplated settlement.
action
was
(except Turkish)
national Match submitted some time ago.
Hamilton Cotton
Co., Ltd.—Accumulated Dividend—
The directors have declared
a dividend of 50 cents per share on account
$2 cum. conv. s. f. preference stock, par $30,
payable July 1 to holders of record June 15. The dividend will be paid in
Canadian funds, and is subject, in the case of non-residents, to a 5% tax.
A similar dividend was paid on April 1 and Jan. 2, last, and on Oct. 1,
July 1 and April 2, 1935, this latter being the first to be paid on this issue
since the regular quarterly dividend of 50 cents per share was distributed
on Oct. 1, 1931.
Accumulations after the current dividend will amount to $6.50 per share.
of accumulations
—V.
142,
p.
on
the
1643.
Answering
stated that
a
question of
the estate
a
creditor, James Rosenberg, counsel for trustee,
"should
have
considerable
wealth"
after
payment
of the dividend of
10% which he believes can be made following the con¬
summation of the Swedish Match proposal.
All the protective committees voiced their approval of the proposed
settlement.
The only discordant note was the objection by a small creditor
to certain releases in the agreement and he was given 24 hours to file
further arguments on this point by the referee.—V. 142, p. 3347.
Hart-Carter Co.—Accumulated Dividend—
The directors
paid.—V. 142,
Hat
have
declared
of $1 per share on account of
preferred stock, no par value, pay¬
able July 1 to holders of record June 15. A dividend of 50 cents was paid on
June 1, last, and one of $2.25 per share was paid on March 2 last, this latter
being the first disbursement made since Dec. 1, 1931, when 25 cents per
share was paid; similar payments were made in the two preceding quarters
and prior thereto regular quarterly dividends of 50 cents per share were
accumulations
the $2
on
p.
cum.
a
3172.
a dividend of $6 per share on account of
cumulative preferred stock, par $100, payable
July 15 to holders of record June 30.
This compares with dividends of $3
paid on Jan. 15, last, and on Oct. 24, 1935, this latter being the first pay¬
on
the 6%
ment to be made on the
amount was
preferred stock since July 15, 1931, when
142, p. 3512.
a
similar
distributed.—V.
International Utilities Corp.—Annual
Corp. of America—Earnings—
1935
$313,244
$227,146
$155,766
1933
1934
loss$97,534
Ry. Co.—Earnings—
5 Months Ended May 31—
Gross revenue
Report, 1935—
These financial statements include the consolidated accounts of corpora¬
.1936
—V. 142, p. 2322.
Havana Electric
Corp.—$6 Accumulated Div.—
The directors have declared
accumulations
•
6 Mos. End. Apr. 30—
Net profit after taxes,
deprec., interest, &c._
International Products
dividend
conv.
1936
$974,036
1935
$1,000,689
—V. 142, p. 3854.
tion, American Equities Co., Utility Shareholdings Corp., Ltd. (a Canadian
corporation), International Public Utilities Corp. and Edgecott Utilities
Corp. (all referred to as subsidiary investment companies).
As at Dec. 31, 1934, approximately 72% of the investments of corporation
and its subsidiary investment companies were represented by investments
in and advances to General Water Gas & Electric Co. and Dominion Gas
& Electric Co. and their subsidiaries.
During the year tnese investments were substantially reduced so that at
the end of the year they approximated only 56% of tne aggregate invest¬
ments.
Hoboken Manufacturers RR.—Final
Valuation—
The Interstate Commerce Commission has
placed a final value for rate
of $300,000 on the owned and used properties of this
company as of Dec. 31, 1933.
Property used but not owned was valued
at $1,325,000.
.
A final value of $1,000,000 as of the same date was placed on the property
of the Hoboken Railroad Warehouse & Steamship Connecting Co. which
is leased to this company.-—V. 142, p. 787.
making purposes
,
The reduction in the investment in the General Water Gas & Electric
Co. System was accomplished through the sale for retirement of 34,414
shares of $3 preferred stock of General Water Gas
& Electric Co. at $25
share, ana through the repayment by that system of the $700,000 bank
loan participation held by American Equities Co. at Dec. 31,1934.
The loss
arising from the sale of the aforesaid $3 preferred stock of General Water
Gas & Electric Co. in the amount of $346,267 was charged to consolidated
per
capital surplus, and the excess of the book value of such shares over the cost
Volume
amounting to $468,788, has been eliminated from consolidated
capital surplus.
During 1935 Dominion Gas & Electric Co. called for tenders of its col¬
lateral trust gold bonds, 6H% series, for retirement under the provisions
of the indenture securing the bonds, and $1,708,500 thereof owned by the
thereof,
corporation and its subsidiaries were tendered for cancellation and delivered
at an aggregate price of $1,491,689.
The profit of $401,775 realized in
connection with this transaction is credited to consolidated capital surplus.
The investments in and advances to other subsidiary utility companies
represent investments in Vermont Lighting Corp., St. Johnsbury Gas Co.
and Wanoat Associates.
These investments had heretofore been carried
at cost, but in view of the continued decline in earnings of these companies,
in common with the experience of other small gas distributing companies,
it was deemed advisable to provide a reserve out of capital surplus in the
amount of $592,364, thus reducing the net amount at which such invest¬
ments are carried in the balance sheet to $400,000.
,
$7,962,334
$7,461,054
55,143
238,100
146,655
202,102
$8,255,577
3,462,746
Operation
479,373
Maintenance
657,658
Taxes (other than Fed. & Dom. income taxes).
893,115
Provision for amortization, deprec. & depletion.
Int. charges and pref. stock divs. of subs., prov. for
2,189,964
Fed. & Dom. income taxes and other deduc'ns..
$7,809,811
3,353,086
Operating revenues
Income from properties sold
_
income
Total income
i
431,359
637,919
881,073
_
2,121,358
78,372
43,803
$494,349
stocks of subsidiaries-
$341,213
-
Consolidated net earnings..
has been made
In the consolidated income account for 1935, full provision
for estimated possible rate reduction by Consolidated Water Co. of Utica,
N. Y., a subsidiary of General Water Gas & Electric Co., in the amount
of $120,000, although
the rate
case
Fur¬
in question is still under appeal.
$170,000
with
thermore, the consolidated earned surplus has been charged
of the estimated amount of such reduction applicable to prior
periods and which had not been eliminated from the income accounts for
such periods.
The above is a summary of consolidated income accounts
after giving effect in both years to the rate reduction referred to.
in respect
Consolidated Balance Sheet Dec. 31
1 ,598,855
80,405
1,039,182
576,105
for
of
red.
bonds of subs...
of
1,037,784
227,962
ma¬
Acpr. int. payablePro v. for Fed. and
Dom. inc. taxes.
263,203
219,914
230,333
283,038
520,656
404,795
82,101
45,144
Accts.
&
Accts.
&
ac¬
1,154,786
1 ,376,530
1,361,908
on
pref. stks.
of subsidiaries.
206,849
2 ,818,420
_
27,567
39,271
crued divs. rec..
Consumers',
613,214
292,159
Res. lor rate red..
290,000
installed on
15,256
rental
547,396
20,400
Minor, int. in subs.10 ,631,747
304",478
10,870*749
Capital stock...10 ,593,907 11,177,542
1,070,253
644,304
Capital surplus
Earned surplus.2 071,910
1,905,263
c
26,822
527,538
104,480
1 ,412,952
1,454,203
459,659
Inventories
receivables.
and
Prepaid exps.
charges
52,235,616 55,120,510
Total
52,235,616 55,120,510
After reserve for amortization, depreciation and depletion of
boards of directors, $2,104,733.—V. 142, p. 2163.
Interstate Department
Stores, Inc.—Sales—
1936
$1,244,602
April
May.
-
1934
$1,113,812
1933
$902,342
1,586,462
1,833,160
1,125,924
2,022,251
2,074,793
March
1935
$1,101,383
1,661,644
Month of—
February
1,832,804
1,759,907
1,742,081
1,805,544
1,560,191
1,527,853
3347.
—V. 142, p.
"
directors
common
stock,
have declared
no par
a
dividend
of 25
cents per
share on the
value, payable Sept. 15 to holders of record Sept.
1.
A like payment was made on June 15, last and compares with 20 cents paid
on Dec. 16, and July 1, 1935, this latter payment being the first made since
Aug. 15, 1931, when a quarterly dividend of 25 cents per share was paid.
A dividend of 25 cents was also paid on May 15, 1931, while dividends of
50 cents per share were distributed in each of the five preceding quarters.
—V. 142, p.
3511.
directors
a dividend of 60 cents per share on the
15 to holders of record July 6.
An initial
Feb. 20, last.—Y. 142, p. 958.
dividend of $1 per share was paid on
Investment Foundation, Ltd.—Accumulated Dividend—
The directors have declared a dividend of 12 cents per share on account
of accumulations in addition to a payment of 38 cents per share on the 6%
$50, both payable July 15 to holders of
record June 30.
Previous distributions were as follows: 63 and 37 cents
on April 15, last; 12 and 38 cents on Jan. 15, last; 13 and 37 cents on Oct. 15;
12 and 38 cents on July 15; 38 and 37 cents on April 15 and 12 and 38 cents
on Jan.
15, 1935.—V. 142, p. 1820.
cum.
conv.
preferred stock,
par
Iowa Southern Utilities
Co.—Preferred Dividends—
directors
cumulative
Jewel Tea Co.,
stock, no par value, both payable July 15 to holders of record July 1.
extra dividend of $1 was paid on Dec. 23, 1935 and an extra of 50 cents
on
Dec.
15,
1934.
The
$3,158
Balance
$30,343
20,000
24,374
$21,950
20,000
24,500
Deficit for
common
$14,030
dividends and surplus
$22,549
—V. 142, p. 3175.
(S. H.) Kress & Co. —Sales—
Month of—
1936
$5,204,273
5,459,343
6,314,178
6,872,971
6,552,143
January
February
March
April
May.
1935
$4,761,726
4,968,306
5,472,265
6,441,416
5.934,386
1934
1933
$5,106,517
5.083,475
6,330,794
5,732,389
6,095,747
$3,912,983
3,895,802
4,086,768
4,766,042
4,978,301
Listing—
The New York Stock Exchange has
authorized the listing of 2,357,574
(new), without par value, upon official notice of
for 1,178,787 shares of common stock now outstanding,
on the basis of two new shares for each one of the old shares, which exchange
will be effected without the capital of the company being increased, either
by transfer of surplus to capital account or otherwise; and 68,434 shares of
common stock (new) upon official notice of issuance in substitution for
34,217 shares of common stock, the listing of which for issuance to em¬
ployees under the company's "employees' stock purchase plan" dated
Jan. 4, 1927, has previously been authorized.—V. 142, p. 3348.
issuance in exchange
Kreuger & Toll Co.—Deposits—
The plan of readjustment adopted by the committee (Grayson M.-P.
Murphy, Chairman) and set forth in the prospectus dated April 26. 1936,
contained provisions permitting the holders of undeposited secured de¬
bentures to join in the plan if deposits were made on or before June 15, 1936,
the right being reserved to extend such time generally or in specific cases.
The committee gives notice that in order better to conform with certain
rules of the Paris Stock Exchange, the committee will until June 30,19361
receive deposits of debentures purchased on the Paris Stock Exchange
on and after May 24, 1936.
This extension does not apply to debentures not so purchased.
Referee Winds Up Hearing—
P.
Harold
Coffin,
referee in
bankruptcy for the American estate of
Kreuger & Toll Co., signed on June 5 an order approving the inter¬
agreements winding up claims and counter-claims between former
Kreuger interests and adjourned to the special meeting of creditors on
the
company
June 11 the
proposed settlement of a Federal tax claim
completed.—V. 142, p. 3175.
against the estate,
which has not yet been
Corp.—Stock Offered—Leigh Chandler & Co.,
offered at $1.50 per share 45,000
shares of capital stock.
Stock is offered as a speculation.
A prospectus dated June 4 affords the following:
Lanatin
Capital Stock—Authorized 150,000 shares (par $1) issued and outstanding
(including 45,000 shares subscribed for under firm com¬
Leigh Chandler & Co., Inc.).
All stock of one class; all shares
have equal voting rights and are fully paid and non-assessable as issued.
Registrar: United States Corp. Co., 15 Exchange PL, Jersey City, N. J;
transfer agent: Registrar & Transfer Co., 15 Exchange PL, Jersey City,
100,000 shares
mitment by
Company and Product—Company was organized in Delaware on May
23, 1936, for the general purposes, among others ,of developing, producing
and selling new
fibres and fibrous products such as
artificial wool, and for
the
M.
the specific purpose of exploiting, under exclusive license agreements,
United States Patent No. 1889377 (Nov. 29, 1932), issued to Gino
Rossati and improvements
thereon.
Rosati patent coders both a mechanical and chemical process
conversion of vegetable fibres into artificial wool.
"Lanatin" is
name used and to be used by the company to refer to and describe
The
tne
for
the
the
by the process.
investigation and study as to the processing, produc¬
fibre Lanatin has been carried on for the past four
years.
It is now felt that the process and product have reached the point
where commercial exploitation should be profitable.
Potential Markets—The portential markets for Lanatin are: (a) Clothing,
(b) Draperies, furniture coverings, &c.
(c) Knitting yarns and knitted
fabrics of new and novel designs have been produced with Lanatin.
(d) Au¬
tomobile upholstery,
(e) Lanatin fibre possesses certain characteristics
which indicate the possibility of entirely new textile fabrics.
Properties, Plant and Location—Company has acquired by assignment a
contract to purchase certain lands, buildings and equipment situated in
the villages of Oakdale and Palmerton, Town of Montville, Conn.
The
real property comprises approximately 73 acres and there is included thereon
a pond and the access to flowage rights to two small
lakes.
Besides the
company's main plant there are on the property six dwellings, six barns,
sheds, &c., a mill and a railroad siding connecting with the New London
artificial wool produced
Preliminary research,
tion and sale of the new
plant has a floor space of 54,000 square feet which is more than
of anticipated production.
Management—The officers and directors of the company are; Leonard
Prince, Pres. & Gen. Mgr; Irving I. Schachtel, Chairman & Treas; Louis O.
Littleton, Vice-Pres.; William B. Dessner, Sec.; Dr. George Barsky, Dr.
O. H. Genssler, Leigh Chandler, Louis H. Newkirk, Jr., William C. ShanThe
ample to take care
ley Jr.
will execute a mortgage on its properties
Realty, Inc. the vendor of the property in the amount of $24,000.
this debt, the company will be obliged to pay Oakdale Realty,
Financial Condition—Company
Inc.
total of $1,000 on or
a
debts except
before June 15, 1936.
accruals on royalties in the amount
An
was
There are no current
of $416, the obligations
appointment of a registrar and transfer agent, printing and in¬
cidental corporate expenses.
On and after June 15, 1936, employment at
the
on
the
will
plant, general overhead and miscellaneous expenses
run at the rate of approximately $1,600 per month.
until production,
Leigh Chandler & Co., Inc. are under firm commitment to pay for
shares of the company's capital stock for the total price of $50,625.
Lane Bryant,
Inc.- -Sales—
1933
$804,217
670,308
1935
$906,500
727,534
1934
$952,055
773,387
1.395,583
1,210,170
1,321,870
836,810
1,339,061
1,249,286
1,248,454
1,269,158
1,105,926
1,091,076
1936
$902,131
831,043
of—
January..
February
-
April.
May
—V.
45,000
1,386,739
1,333,354
Month
142, P. 3175.
Lawyers Title
The election
Corp.—New Directors—
of nine directors of this corporation, one of the companies
Department when the title and mortgage-
guaranty companies were taken over in 1933. was announced on June 8
by Louis H. Pink, Superintendent of Insurance. Those elected were Henry
R. Chittick, Vincent Cullen, Orie R. Kelly. Alfred Jaretzki Jr., John C.
A. B. Jones, J. Bernard Miller, Charles F.
Phelps.—V. 142, p. 1473.
Jay,
increased the regular quarterly
share with the April 15, 1936 payment.—
Noyes and Albert D.
Lehigh Valley Transit Co.—Plan Approved by Court—
approval was given by the U.S. District Court of Philadelphia on
reorganization plan of the Lehigh Valley Transit Co. and its
June 8 to the
Mines, Ltd.—Five Cent Dividend—
The directors have declared
a
dividend of 5 cents per share
on
stock, par $4, payable June 29 to holders of record June 15.
pares
1936—12 Mos.—1935
$149,784
$151,306
68,498
63,763
18,701
13,719
17,935
16,707
24,220
25,251
Appropriations for retirement reserve.
Preferred dividend requirements
Final
Kerr Lake
$3,040
Interest and amortization
company
dividend fvomlb cents to $1 per
1,642
1,259
1,962
Taxes
organized by the State Insurance
Inc.—Special Dividend—
The directors on June 9 declared a special dividend of 50 cents per share
in addition to tne regular quarterly dividend of $1 per share on the common
paid
525
1,406
2,186
Operation
$132,329
4,307
Maintenance
March
have declared dividends of $1.75 per share on the 7%
preferred stock, $1.62per share on the 63^% cumulative
preferred stock and $1.50 per share on the 6% cumulative preferred stock
(all $100 par value) all payable July 1 to holders of record June 12.
Similar
payments were made on Dec. 21, July 1 and Jan. 19, 1935 these latter
being the first dividends paid since April 1, 1932.—V. 141, p. 3862.
The
$12,237
5,078
In addition to
have declared
stock, payable July
1936—Month—1935
April 30—
earnings.J
to Oakdale
Investment Co. of America—Smaller Dividend—
The
common
Key West Electric Co.—Earnings
Period End.
Gross
Northern RR.
Intertype Corp.—25-Cent Dividend—
The
with SEC—
See list given on first page
N. J.
Total
$11,257,125
in 1935 and $10,625,252 in 1934.
b After reserves of $109,535 in 1935 and
$135,935 in 1934.
c Represented by: Prior pref., authorized, 600,000 shs.,
without par value; issued, $7 initial series, 10,989 shs. (20,603 shs. in 1934);
$3.50 series of 1931, 108,837.46 shs.
Preferred: Authorized, 1,000,000 shs.,
without par value; issued, $1.75 series of 1931, 94,707.84 shs.
Class A:
Authorized, 154,708 shs. without par value; issued, 124,062 shs. Class B:
Authorized, 2,500,000 shs. of $1 par value; issued, 1,229,890.5 shs.
d Bonds of General Water Gas & Electric Co. and Northwestern Utilities,
Ltd., $391,500 principal amount, at cost (market prices, $350,320), $274,310; investments in and advances to subsidiaries not consolidated, at cost
(less reserves $749,252), $168,953; participation in loans ahd direct loan
to Intercontinents Power Co. (in banlcruptcy) at cost (less reserve $283,072),
$485,827; other investments at cost or estimated fair value as approved by
a
Keeneland Association—Registers
of this department.
semi-annual
Inc., New York, on June 8
&c.,
refundable deps.
Deferred liability.
Res. for cont., &c_
notes
receivable
Sundry divs. & ac¬
deferred
pay.
crued expenses..
agreem't for sale
Other
115,642
202,674
debt
Funded
Divs.
Util. Ltd. under
Appl.
2,106,832
subs.
Northw.
Marketable securs.
b
13,377
Notes pay.by
Other accr'd taxes.
Cash
Bonds
24,908,940
tured, &c
678,150
408,503
745,894
Special deposits...
Cash
Fund, debt of subs.25 ,660,404
Util.,Ltd.
7s, series A
8
8
Liabilities—
8
Dlant
and equip etc..40,,797,512 44,247,610
Investments
_d3 ,033,825
3,163,831
Property,
Northw.
1934
1935
1934
1935
Assets—
15, 1927, when a
141, p. 2119.
shares of common stock
Proportion applicable to minority interest in com¬
mon
being the first distribution made since Oct.
dividend of 6 cents per share was paid.—V.
Calendar Years
Consolidated Income Account for
[Incl. consolidated accounts of corporation, its subsidiary investment
companies, General Water Gas & Electric Co. and Dominion Gas & Electric
Co. and their subsidiaries, and other subsidiary utility companies]
1935
1934
Other
4023
Financial Chronicle
142
"
: "1
the
common
This
com¬
with 10 cents paid on June 5, 1935, and on Nov. 27, 1934. this latter
subsidiary, the Easton Transit Co. The substantial feature of the plan is an
extension for 10 years of the payment of the $4,994,000 of first mortgage
30-year bonds which
to
the holders.
matured last December, with a 25% cash
payment
4024
Financial
Confirmation by the Federal court was the result of the decision made
1 ast week by the Public Service Commissiqn approving the plan after
having,
several months ago, rejected it on the grounds the revenues of the
company
would not sustain the reconstructed financial set-up over a
long period of
time.—V.
Chronicle
June
1936
13
being the first made since Jan. 22, 1932, when a regular semi-annual divi¬
dend of $3 per share was distributed.
Accumulations after the payment of the July 15 dividend will amount to
$12 per share.—V. 142, p. 131.
142, p. 3858.
Lewis
Morris
Lucky Tiger-Combination Gold Mining Co. (& Subs.)
Apartment Building, New York—Fore¬
Income Account for the Year Ended Dec. 31, 1935
closure Sale—
Sales.
This 13 and 17-story fireproof building will be sold at public auction to
the highest bidder, but for not less than $717,500, at the Bronx Real Estate
Exchange Sales Room, No. 3208 Third Ave., Bronx, N. Y. City, on June
16 at 12 o'clock noon by Henry Waltemade, Auctioneer.
Information
be obtained at the office of the bondholders' committee (Room 1525)
115 Broadway, New York City.
may
Loomis-Sayles Mutual Fund, Inc.—Extra Dividend—
Gross profit
both payable July 1 to holders of record June 15.
An
paid on April 1, last; $5 per share on Jan. 2,
stock,
extra dividend of 25 cents was
1936 and
an
of 50 cents
extra dividend
was
distributed
on
Jan.
$503,692
234,463
26,662
Other operating expenses
Selling, general and administrative expenses
Balance..
Other income
The directors have declared an extra dividend of 50 cents
per share in
addition to the regular quarterly dividend of 50 cents per share on the
common
$927,482
423,790
Cost of goods sold
$242,567
33,865
s.
Balance
$276,432
40,548
Income deductions
Provision for income taxes:
Mexican
2, 1935.
—V. 142, p. 1992.
(incl. $3,000 absentee tax
on
dividends)
10,492
State
666
United States
Loomis-Sayles Second Fund, Inc.—15-Cent Extra Div
—
Net income before
The directors have declared
an extra dividend of 15 cents
per share in
quarterly dividend of 10 cents per share on the
stock, both payable July 1 to holders of record June 15.
Similar
payments were made on April 1, and Jan. 2, last.—V. 142, p. 1992.
addition
the regular
to
7,449
...
minority int. in
Net income applicable to minority
of
earns,
a
subsidiary
$217,276
30,834
interests—,
common
Louisiana
& Arkansas
Ry.—Bonds Sold Privately—The
First Boston Corp. and Riter & Co. have each
purchased
direct from the company and sold privately, a block of
1st mtge. 5% bonds, series A, due 1969.
These bonds have
been
held in
the
company's treasury and are part of an
issue already outstanding and traded in on the New York
Stock Exchange.
The company's main line extends from New Orleans to
Hope, Ark.,
through Baton Rouge, Alexandria to Shreveport.
Company reported
operating revenue for the year 1935 of $4,793,953, as compared with
$4,467,631 for 1934.
Net income after all interest and rents amounted to
$428,984 for the year 1935 which compared with $291,802 for the preceding
year, or an increase of approximately 47%.
Operating revenue for the first four months of 1936 amounted to $1,791,536 as compared with $1,425,848 for the corresponding period of 1935.
Net income after all interest and rents for the first four momths of 1936
amounted to $173,086 which compared with $42,778 for the same
period
of 1935 —V. 142, p.
Net income for the year
Consolidated Balance Sheet Dec. 31, 1935
Assets—
Cash
Liabilities—
hand and demand dep.
Marketable secur. (at cost)
Accrued int.on mark'ablesecur.
Accounts receivable
Inventories
Investments
a
Tigre Min. Co., S. A., prop.
Deferred charges
Other assets
Total......
$2,452,3591
1936
Operating revenues
Operating expenses, maintenance and all taxes
$10,723,937 $10,006,947
5,490,545
4,968,975
Netoper.rev. (before approp. for retire't res.)._
$5,233,392
382,095
Other income-
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,615,487
Appropriation for retirement reserve
1,025,000
Amortization of contractual capital expenditures._
37,000
Gross income
1935
$4,553,487
$1,429,009
128,112
_
(net)
Amortization of debt discount and expense
Other income deductions
$5,037,971
393,179
Preferred
Surplus
$1,334,662
operating
1936
1935
$734,873
420,054
39,666
Operations
Maintenance
$735,730
393,976
51,946
Taxes—local and state
96,641
126,932
Non-operating income.
$178,511
8,103
$162,874
5,803
on
indebtedness
wealths Power Assoc.
Net income
of
American
-
Earned
with
inc.
$250,680
$0.72
1935
$156,142
Total surplus
$981,638
152,405
19,623
stock
Payments on serial non-interest bearing obligations
bearing obligations—expense
500
Write-down of indebtedness due from American Commonwealth
Power Associates
230,302
46,733
Unamortized expense on bonds called
$532,073
—
Balance Sheet March 31, 1936
•
Liabilities—
Property, plant, equip., &c
$3,736,861
Due from American Common¬
wealths Power Associates
50,721
In
pub. util. managecorporation:
Com. stock—199 shs. at cost
Special deposits
Cash In banks and
Notes payable—banks
Accounts payable
1,990 Accrued int.
75
on
hand
Accounts receivable
Merch'dise, materials & suppl.
Insurance deposits
Prepaid expenses
Other deferred charges
Total
% bonds, series A
1966-.
Consumers' meter & exten.dep
due March 1,
Accrued int.
84,190,767
Total
135,599
on
long-term debt
on
other debt
11,741 Accrued taxes—local & State.
152,864 Other current & accrued llab-.
213,311 Unadjusted credits
1,900 Reserves
10,160 Common stock (par $25)
11,141 Earned surplus.
$950,000
47,620
195,000
3,562
4,743
30,245
4,016
2,500
761,354
1,524,050
532,073
$4,190,767
638,112
889,436
2,626
rec., customers.
Inventories
.
Employees'
Macfadden
Publications, Inc.—Accumulated Dividend—
The directors have declared a dividend of $3
per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable July 15
to holders of record June 30.
A similar distribution was made on Jan. 15
last, July 15 and Jan. 15, 1935, and
on
472,378
687,143
1,920
stock
July 10, 1934, this latter payment
1934
Investments
adv. to affll.
$200,000
Accounts payableAccrued Int.,royal¬
546,521
$594(681
63,999
ties, &c
11,643
and
60,087
income tax (est.)
15-year
84,431
cos.
152,616
Deposits In closed
6%
55~704
c
Capital stock
Capital surplus
Earned surplus
scrapped
30,000
gold
debentures.
Res. for conting..
3,370
Personal
to
Provision for Fed'l
subscription
1,765,500
1,876,500
76,103
61,503
369,372
367,169
1,768,936
1,797,760
39,667 defl72,423
11,769
accounts
31,727
43,712
Miscell. securities,
accts., &c
b Land,
20,763
20,637
2,109,990
2,259,870
buildings,
mach'y & equip.
Prepaid insurance,
taxes, &c
249,191
180,358
595,488
595,488
Develop, products,
patents, &c
Total
$4,860,100 $4,585,278
Total
$4,860,100 $4,585,278
a After allowance for doubtful of
$15,000 in 1935 and $35,000 in 1934.
b After depreciation of $1,745,584 in
1935and$l,745,186in 1934.
c Repre¬
sented by 27,325 shares of class A stock and
232,746% (230,543H in
1934) shares of class B stock, all of no par value.—V. 142, p. 2834.
Publishing Co., Inc.—Options—
In the annual report for 1935 the stockholders
are
advised
as
follows:
During the period from December, 1935 to February, 1936, the company
acquired 33,037 shares of its own stock in settlement of notes of employees
and former
employees.
This stock is pledged as security for the company's
by Bankers Trust Co., amounting to $743,329 on Dec. 31, 1935
$733,759 on March 31, 1936.
The company has given rights, expiring
on Dec. 31, 1936, to purchase 32,000 shares of this
stock at the following
prices which, if fully exercised, will together with the proceeds of the sale
of the remaining 1,037 shares, serve to
liquidate this debt: 2,000 shares
(firm commitment) at $20 per share; 1,000 additional shares at $20 per
share;
2,000 shares at $20.50 per share; 2,000 shares at $21 per share; 2,000 shares
at $21.50 per share; 4,000 shares at
$22 per share; 4,000 shares at $22.50
per share; 5,000 shares at $23 per share; 5,000 shares at $23.50
per share,
and 5,000 shares at $24 per share.—V.
142, p. 3682.
note held
and
Mack Trucks,
-V. 142, p. 1294.
Nil
1935
payable
bank
McGraw-Hill
1st mtge.
Nil
Liabilities—
Notes
Notes and accts.
and advances
357
$24,757 loss$649,110
Nil
1934
$170,862
Cash
$78,307
$887,009
94,271
loss$27,509
Balance Sheet Dec. 31
Assets—
Est. salvage value
of mach'y, &c.t
Surplus Statement March 31, 1936
Balance—March 31, 1936..
55,600
114,840
tax
Net prof .to surp. acct.
Earns.persh. oncom...
28,206
Net tax adjustments
Serial non-interest
loss$76,266
273,197
129,208
30,000
U.S. Govt, secure.
;
on common
$392,912
183,377
124,715
closed
Fed.
$50,101
Balance—April 1, 1935
Net income
$214,293
110,422
131,379
8,580
for
$168,677
56,448
8,758
49,306
4,063
Common¬
(not received in cash)
$362,675 loss$109,701
30,237
33,435
banks
banks
Balance
Invest.
513,737
616,757
$192,814
21,479
51,483
$94,271
Provision for retirements and replacements
Amortization of debt discount and expense
Assets—
475,765
684,540
deposit
11,591
other debt
Dividends
1Q19
$404,036
_
on
$186,614
51,458
14,354
34,346
3,775
long-term debt
on
Interest
1933
$838,441
$519,307
108,822
129,805
$82,680
on
(& Subs.)—-Earnings-
&c
Prov. for loss
Other receivable.
Interest
$0.35
$520,487
Drl,179
Extraordinary charges.
a
Interest
326.543
$0.70
1934
Light Co.—Earnings—
revenues
303,894
$0.56
$809,571
(estimated)
12 Months Ended March 31—
Gross
303,894
75.999
Experimental & develop.
Prov.
Lowell Gas
$52,344
1935
Depreciation
accounts
Net income
—V. 142, p. 3513.
$61,869
$1,205,027
Interest charges
$1,627,854
pref. stock of Louisville G. & E. Co. (Ky.)
$17,732
McCord Radiator & Mfg. Co.
Calendar Years—
Other income-
12,399
$158,649
30,306
303,894
$0.56
Gross profit on sales
$4,369,150
$1,525,194
141,973
$2,689,582
1,354,920
1933
$243,672
29,856
151,947
stock out¬
common
standing (par $10)
Earnings per share
—V. 142, p. 3682.
$5,431,150
1,025,000
37,000
13,591
1934
$199,535
29,856
151,947
$17,963
—
Selling, admin, and ship¬
ping expenses
52,982,774
1,354,920
__
$2,452,359
1935
$199,766
29,856'
151,947
dividends
expenses,
Balance
127,275
after
inc.
expenses
and Federal taxes
Shs.
(Del.) (& Subs.)—Earns.
970,994
-Earnings-
1936
Common dividends
April 30—
surplus
Total
MacAndrews & Forbes Co.
3 Mos. End. Mar. 31—
The committee, composed of Amos L. Beatty, New
York; F. J. Lisman,
New York, and Louis R. Meyers, Little Rock, Ark., stated it has
proxies
of holders of $946,000 of the 5% bonds.—V. 142, p. 3681.
on
b Earned
1,014,590
a After reserve for
depreciation, depletion and amortization of $2,309,635.
b After deducting earned surplus of Tigre
Mining Co., S. A., of $513,160.
—Y. 142, p. 2833.
3858.
Louisville Gas & Electric Co.
7, 153,370
23,653
3,488
Net
Divs.
Capital stock ($10 par)
19,539
61,895
4,000
Divs. paid, representing return
of capital
Dr4,
of
appreciation
$28,795
28,478
813,240 Accrued liabilities
8,180 Buckskin Nat. Gold Min. Co.31,074 Minority interests
103,987 Reserves
94,286
211,716
Property, plant & equipment
b Unrealized
Louisiana & North West RR.—Committee to Intervene—
Interest charges
$148,142 Accounts payable
on
A committee of three representing first mortgage 5% bonds of the com¬
pany has been authorized by the Interstate Commerce Commission to inter¬
vene in that road's reorganization
proceeding now before the Commission.
12 Months Ended
$186,442
157,374
$0.26
Dividends paid (22c. per share in cash)
Earns, per share on 715,337 shares capital stock (par $10)
Inc.—Orders Expanding—
The company has booked approximately
$1,750,000 of new bus business
during the past month, having received orders for buses to be used in
Rochester, Philadelphia, St. Louis, Los Angeles, Albany, Toledo, Dallas,
Boston and other cities.
The company's heavy
and
a
duty truck business also has continued
favorable reception is being accorded
a
to expand
newly introduced moderate
Volume
Good sized truck orders
priced heavy duty Mack known as the E-H model.
Reduc¬
New England Telephone Co., Swift &
Pure Oil Co., Air
have been received recently from Jacob Ruppert,
Co., Continental Baking Co.,
tion
Co. and others.
contributor to the improved
about $1,500,000 of the Mack Juniors
The Mack Junior line has been a substantial
business of the company, orders for
Among the well known recent
purchasers of Mack Juniors are National Biscuit Co., Loose-Wiles Biscuit
Co., the State of Ohio, the State of California, Pennzoil Co., Los Angeles
Gas & Electric Co. and Pennsylvania Power & Light Co.—V. 142, p. 3348.
having been taken in the past four months.
Major changes in the portfolio of the Maryland Fund during the
initial investment in the following companies:
Public
Corp. of N. J., 1.200 shs.; Twentieth Century-Fox Film, 1,400; U. S. Steel,
400 shs.
Concurrently, holdings were eliminated in the following com¬
S. S. Kresge, 2,400 shs.; United Gas Improvement, 1,900 shs.;
W. Woolworth, 1,300 shs.
Principal increases in investments in companies in the portfolio at the
beginning of the quarter include:
American Radiator, 1,600 shs.; North
American, 1,700 shs.; Pacific Gas & Electric, 1,500 shs.; Phelps Dodge,
1,000 shs.—V. 142, p. 3349.
panies:
F.
Mer gen thaler
The
1936
1935
1934
1933
$7,994,251
Bullion recovery
$7,593,566
$7,901,282
$5,957,216
4,147,851
3,939,873
3,559,193
3,341,829
$3,846,400
370,576
$3,653,692
304,646
$4,342,089
111,654
$2,615,387
119,766
$4,216,976
$3,958,339
y266,662
$4,453,743
634,064
$2,735,152
330,801
$3,582,912
9,435,308
$3,691,676
8,902,904
$3,674,938
5,379,847
1,058,933
40,202
Operating costs
Operating profit
Other income—
Total income
Taxes
Net income.
Previous earned surplus.
Transf. from secur. res.
778,804
_
10,281
Purch. of N. Y. funds..
Sundry deductions
Develop, written off
Non-resident div. tax_
.
.
$13,052,988 $12,604,862 $10,724,700
1,596,000
1,995,000
1,197,000
9,325
14,275
62,252
61,627
to
for
res.
Mexican
352,384
[Canadian Currency]
1,000,000
2,047
15,883
49,069
spec.
145,987
assessment, re silicosis
32,072
19,494
_
Corp.—Earnings—
Earnings for the Year Ended Dec. 31, 1935
Net profit after all charges
Dividends
Add. prov. for Dominion
_
$717,810
$862,575
$127,472
$186,824
3001.
Middlesex Products
96,287
192,028
prospects
and Provincial taxes.
1936—4 Mos.—1935
$2,690,379
$2,503,094
1,827,804
1,785,284
1936—Month—1935
$655,121
$577,706
468,297
450,234
Net earnings
-V. 142, p.
33,645
Adjt. of earned surplus.
.
53,908
1,000,000
of this department.
Light & Power Co., Ltd.—Earnings—
Period End. Apr. 30—
depl.
funds for dividends
comp.
share on the
Metropolitan Investments, Inc.—Registers with SEC—
See list given on first page
Oper. exps. & deprec
Develop, undistributed.
Sundry invest, in mining
s
50 cents per
Changes in Personnel—
Gross earns, from oper._
of mining properties. _
Prem. on purch. of N."i .
Workmen
dividend of
a
Norman Dodge, President of the company since the retirement of his
father, Philip Tell Dodge, was elected on June 5 Chairman of the Board.
J.
T.
Mackey, Executive Vice-President and Treasurer, was elected
President.
C. W. Griffith was elected Vice-President in charge of typo¬
$6,816,715
1,097,250
9,327
22,299
out¬
on
side properties
declared
no par
graphic development, and George A. Schwaninger, who has been in charge
of the works accounting department, was elected Treasurer.—V. 142, p.
Prospecting & explorat n
expenditures
Linotype Co.—50-Cent Common Dividend.
have
valae, payable Aug. 15 to holders of record Aug. 1.
A similar payment was made on May 15 last, this latter being the first
distribution made since March 31, 1933 when a dividend of 40 cents per
share was paid.
During the year 1932 the company made the following
payments:
75 cents on March 31; 40 cents on June 30; 35 cents on Sept. 30
and 40 cents per share on Dec. 31.
568,407
2,373
34,769
Sundry adjustments
Dividends
directors
capital stock,
2834.
Non-recurr. net prof, on
bullion stored
Total
$2,404,352
x4,412,363
quarter
Service
included
Mclntyre Porcupine Mines, Ltd.—Earnings—
Years End. Mar. 31—
Trans,
4025
Financial Chronicle
142
$39,353
26,250
—
$13,103
$7.50
Balance
Earned per share
Balance Sheet Dec. 31, 1935
surplus....-_$10,424,048
$9,435,308
$8,902,904
capital stock
outstanding (par $5)
798,000
798,000
798,000
Earns, per sh.on cap. stk
$4.49
$4.63
$4.60
Earned
$5,379,848
of
Shares
798,000
$3.01
x After transferring $980,386 to capital surplus account,
y Exclusive of
provision for Dominion income tax for the year ended March 31, 1935, as
a full year's
Dominion income tax was included in the Mint deductions
-
-
bullion recovery.
from
Liabilities—
Assets—
Real estate
$57,150
Trade mark and goodwill
130,000
72,675
144,600
Machinery and equipment
Securities (and interest)
receivable
Capital stock.
.$525,000
payable (incl. tax res.
and dividends accrued)
29,887
Accounts
Surplus
137,952
Total
$692,839
38,071
Accounts
179,780
Inventory
70,560
Cash
Balance Sheet March 31
Liabilities—
$
$
Assets—
9,204,562
and equip., &c_.
9,421,055
and admin,
prepaid
89,880
66,721
860,596
438,508
900,634
Divs.
expenses
Cash
602,822
9,011,634
Prov.
92,039
96,560
Prov.
312,166
Marketable secure.11,214,286
Accts. & int. rec'le
Supplies at cost.
..
sundry
23,681
for
164,882
963,888
61,768
Reserve for deprec.
161,724
101,882
727,283
5,148,041
9,435,308
242,930
silicosis
assessment
Prov. for taxes
outside props.
18,946
Earned surplus
Capital surplus
6,500,207
10,424,048
248,101
Press & Mfg. Co.—Earnings-
[Including Kimble Electric Co.]
105,716
26,785
liabilities, &c
Prospect.& explor.
on
for
Miehle Printing
399,000
119,115
Unclaimed divs
504,192
Bullion
-V. 141, 4170.
3,990,000
160,931
payable—i
Payrolls
$692,839
Total
S
$
3,990,000
248,402
Capital stock
Accounts payable-
Mining prop.,plant
Oper.
1935
1936
1935
1936
Earnings before deducting provision for depreciaI tion, interest and Federal income taxes
$1,149,038
Depreciation
'
182,416
Interest paid
*
204,225
Federal income tax
109,648
Net
22,682,324 20,356,823
Total
V.
been
142,
only three officers,
p.
Vice-President. Previously there
the President, Secretary and Treasurer.—
628.
Manila Electric
Co.—Earnings—
1,793,707
1,679,223
481,473
Maintenance
147,711
249,322
170,946
$1,922,535
770
4,806
Provision for taxes
Operating income
Other income
21,540
—...
43,840
—
Total
$2,174,532
renewals, & replace, of fixed cap.
Surplus
$702,143
652,749
purchased during the year in anticipation of sink¬
ing fund requirements and held in treasury atDec. 31,1935.
Portion of reserve for contingencies not required
and restored to surplus—Miehle Printing Press
& Manufacturing Co
.—
449,165
421,386
Operating expenses
1935
$4,723,189
Earned
Surplus
$64/,005
Balances, Jan. 1, 1935-Profits from operations for year ended Dec. 31,1935
Discount on 20-year 5H % sinking fund gold debs,
-
1936
$4,766,813
12 Months Ended March 31—•
Total operating revenues
Prov. for retire.,
Capital
—
Bernard E. Smith has been appointed
had
$170,026
Account for the Year Ended Dec. 31, 1935
22,682,324 20,356,823
New Vice-President—
$569,558
180,639
217,588
1,305
$652,749
profit
Consolidated Statement of Surplus
Total
1934°'
1935
Years Ended Dec. 31—
$647,005
...
$1,420,274
220,593
1,284
Dividend of $3 per share paid Dec. 30, 1935
Adjustment of prior years'Federal income taxes __
$647,005
Balances, Dec. 31, 1935
$1,198,396
Consolidated Balance Sheet Dec. 31, 1935
$1,923,306
120,382
915,817
100,050
27,000
on
:
on
Interest charged to construction
_.
Balance of income
—V. 142. p.
Crl0,181
$773,767
funded debt
unfunded debt
Amortization of debt discount and expense
Amortization of miscellaneous suspense
Interest
$2,179,339
129,663
967,336
72,000
36,000
Crl3,710
Gross income
Interest
$984,520
3514.
Manufacturers
Finance
Co.—Accumulated Dividend—
dividend of 21 V% cents per share" on the
1st pref. stock par $25, payable July 13 to holders of record
June 30.
A similar distribution has been made each quarter since June 30,
1933.
Prior to that date regular quarterly dividends of 43 H cents per
cum.
share were
paid.—V. 142, p. 3859.
Marine Midland
J. Edwards Baker has
Notes & accts. receivable,
Inventories
$923,583
&c.xl,667,973
1,525,760
16,926
Prepaid insurance
Accounts
121,382
Switch tracks,
1
Accrued
1,034,385
1,393,462
590,094
Minority stk. interests (Kimble
Patents, trade-marks & good¬
will
debentures
667,257
1936
— -
2,566,789
100,824
-
Capital stock
Capital surplus
647,005
Earned surplus
1,198,396
Company's capital stock pur¬
$13,635,2991
Total
1935
x
After
reserve
for
bad
debts,
&c.,
of $116,751.
$7,396,254
6,221,053
$7,192,893
6,277,208
8,439
$915,684
9,355
$1,183,640
513,871
$925,040
351,631
$573,409
Gross profit.
Admin., store oper., general and selling expenses .
25,803
4,481
27,758
7,276
$144,960
Amortization of debt discount and expense.
Other
income deductions
$23,169
—V.
515,204
142, p. 3514.
the quarter ended May 31, i936 are reported
by tho company.
This is an improvement of $1,040,625 over net assets at
close of the previous quarter, and a $7,053,495 gain over total net
the
$794,753 reported for the quarter ended May 31, 1935.
market value of $7,041,638 as against a
cost figure of $6,326,296;
The difference represents unrealized apprecia¬
tion of $715,342.
Per share liquidating value, after payment of a cash
distribution of 10c. per share supplemented by a 3% stock distribution,
was $17.7941.
assets of
The Fund's investments had a
z
Represented
by
After
75,000
no
reserve
par
for
shares.
(I.) Miller Sons Co., Inc. (& Subs.)—EarningsFeb. 29 '36
$7,157,887
5,013,040
Years Ended—
Net sales.
i
(before
Maryland Fund, Inc.—Net Asset Value—
Net assets of $7,848,248 for
deprecuation of $2,990,037.
—V. 126, p. 1674.
-
Cost of sales
.
Balance, profit...
Other income
Net income
y
Allowance for defective materials-
$669,769
494,523
Interest charges
Z>rl85,423
$13,635,299
Total
$1,175,201
Appropriation for retirement reserve-
8,919
3,350,000
z7,500,000
1,469 shares at cost
(& Sub.)—Earnings—
operating revenue and other income
68,511
Reserves
chased and held in treasury,
Other income.
Net
4,160
91,348
111,104
Electric Co.)
'
y3,616,953 20-year 5 H % sinking fund gold
Corp.—New Director—
Operating revenues
Operating expenses, maintenance nad all taxes..
77,518
capital stock
buildings, power
equipment, &c
Patterns and drawings
Deferred charges
12 Months Ended April 30—
Federal
Reserve for Federal income tax
been elected a director.—V. 142, p. 2506.
Market Street Ry. Co.
$173,664
deb. bonds
Due to affiliated company
and advances to
Land
on
Advance paym'ts by customers
and local taxes
and employees
Investments
payable & payrolls..
Accrued int.
Notes & accts. due from officers
affiliated companies
The directors have declared a
7%
Liabilities—
+\.SSCtS
Cash in bank and on hand
Other deductions
Net profit from operations, before special credits
Special credits
Provision for Federal income taxes
profit for the year, incl. special credits, be¬
application of minority stockholders' int. _
profit applicable to minor¬
ity stockholders' interest in subsidiary companies
Feb. 28 *35
$6,594,723
4,768,220
Crl7,427
$2,144,847
1,827,641
$1,843,931
1,874,607
$317,206
loss$30,677
051,873
117,783
047,079
1 8,920
$251,296
30,852
loss$2,518
78,465
Dr27,000
Net
fore
$255,148
$75,947
12,148
4,993
Share of consolidated net
$242,999
$70,954
Note—Depreciation charged to operations amounted to $99,216.
Net
profit for the year
Financial
4026
Consolidated Balance Sheet
hand and
on
in banks,
a
$137,422
$152,515
receivable
Sundry
571,955
2,794
801,413
1,400
cos.
loans
$400,000
329,889
& accrued exps.
$300,000
17,500
291,680
172,166
payable...
Sundry accts. pay-
176,736
Reserve for Federal
and
7,560
995,723
12,009
62,635
income
taxes...
11,463
1,190,569
7,938
82,139
1,097,853
69,108
Mdse. In transit..
Other assets
b Fixed assets
.
1,162,957
81,796
Sons, Inc. (N.Y.
Corp.)
1
accts. receivable
Mdse. inventories.
Deferred charges.
Goodwill.
Feb. 29 '36 Feb. 28 '35
Notes pay. (banks)
Notes pay.(others)
Accts.
Notes and accts.
Due from affil.
"I
Liabilities—
Feb. 28 *35
Feb. 29 '36
Assets—
Cash
1
Min. stockholders'
....
27,000
Min. stockholders'
int.
of
in subs.
I.
int.
co.
Miller
in
I.
a
$3,034,8551
...$3,414,401
After
14,563
,
Miller
Minnesota & Ontario
52,641,919
2,534,585
$2,223,874
2,249,315
$220,536
47,428
$96,159
52,406
$107,333
51,534
loss$25,440
57,524
deprec. & other chgs.
which is being
accrued and paid:
On notes secured by
$267,965
$148,565
$158,867
$32,083
receivers' certificate
6,000
18,850
10,658
18,250
18,600
10,958
6,000
123,231
10,658
18,250
126,595
10,958
2,151,180
408,236
2,021,490
219,966
2,151,180
223,050
2,021,490
127,082
1,120,750
549,794
216,815
219,934
549,981
225,080
462,933
deprec. and
other charges
$2,326,960
Deprec. and retirem'ts.
687,742
Repairs to building
72,847
Depletion
67,3173
Stumpage payments
155,41
for depreciation,
c
Cost
$2,140,699
674,835
40,972
246,687
44,139
$2,355,252
742,987
73,437
67,774
155,411
$2,365,177
769,021
$3,310,334
1,147,334
$3,394,863
$3,466,010
2,615,256
75,271
183,051
2,618,094
72,718
On funded debt
On other
Repre¬
Interest
Co.—Earnings—
obligations.
which
is
.
being
On funded debt
On other
$762,213
485,089
166,237
60,975
72,554
-m
of sales
Store expense
•
1
Operating loss
;
$22,644
027,873
Drl,616
Other income
Other deductions
-
obligations
Net profit.
$3,612
_
lj
Deficit
Liabilities—
Assets—
$4,800
821
Notes receivable
661
Accounts receivable
119,718
231,516
Investments
281,000
Furniture «fe fixtures—equipment
80,122
Insurance, rents, interest, &c__
14,331
Inventories—merchandise
;
Total
x
$732,971
Represented by 37,710
no-par
$32,091
17,500
105,742
16,025
10,000
_x737,083
14,000
199,470
Accounts payable
Accrued
payable—long-term
Common
stock
Paid-in surplus
Earned deficit
Total
Interco. interest & rent.
198,381
—"Y.
the
Rutland
Toluca
&
Northern
RR., which it is acquiring.
Calendar Years—
1935
$152,305
Administration
royalties,
$16,970
1932
$1,175,616
$151,434
expense,
&c
48,450
85,954
10,367
,
111,008
94,951
13,894
4,559
"4",750
"3",658
5,434
36,868
5,071
6,475
8,622
Net profits
Other assets.
in
1,527,309
14,766
90,885
581,934
1,285,971
1,285,971
15,000
15,000
960,756
assoc.
960,756
cos.
dispute
Liabilities of Minn.
5,640,876
322,759
& Ontario
5,640,876
353,419
Co.
Paper
by
deferred
19,564,666 16,215.704
28,035,000 29,749,560
1,514,519
1,462,865
6%
pariticpating
cumul. pref. stk. 4,036,000
4,036,000
Common stock... 10,092,000 10,092,000
Surplus.
10,025,286 12,733,920
receivership
Funded debt
•
loss$93,070
$977,739
428,246
350.507
$3,507
347,000
$377,634
$335,176
$1,328,246
$350,507
Total
a
900,000
Surplus
$377,634
$335,176
$428,246
$350,507
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
hand...
213,397
2,821
receivable
Investments in mining cos
Advances to sub. companies..
Stores and prepaid expenses..
3,035,758
362,264
2,425
20,634
4,562
.$3,689,4201
Accounts
payable
Balances
$47,555
call against
general securities
held
on
$2,064
behalf
77,728,344 78,240,4271
Dividends
unclaimed.
2,055
26,484
....
Reserve for investments
Reserve for taxes
Excluding and
1,102,519
3,500
377,634
x2,175,162
Minnesota Transfer
Minneapolis & St. Louis RR.—Committee Again Asks
RFC Aid—Agrees to Shipstead's Plan for Reorganization of Road
Philip J. Roosevelt, Chairman of the Reorganization Committee, stated
June 5 that his committee was prepared to accept the plan of Senator
Shipstead of Minneapolis for refinancing the line.
Senator Shipstead,
who is chairman of a Senate interstate commerce subcommittee inquiring
into the s tuation of the company, proposed that it be reorganized with the
aid of a $6,000,000 loan from the Reconstruction Finance Corporation.
Asked about the outlook for the M. & St. L., Mr. Roosevelt said the
rate of earnings since January gave promise of success for a suitable re¬
capitalization at this time.
He described the line as a valuable link in
transport to the West, saving time by eliminating delays in transfer at
Chicago.
Mr. Roosevelt previously had put forward a plan of reorganization for
the company to be financed with a loan of $1,000,000 from Frederick
H. Prince of Boston and a $5,000,000 loan from the RFC.
This plan
Jesse Jones, Chairman of the RFC rejected.
Mr. Jones proposed dividing
the line between its competitors, but Senator Shipstead's plan would pre¬
serve its entity.
"I have taken Senator Shipstead's advice and resubmitted my appli¬
cation for a loan to reorganize the Minneapolis & St. Louis, as a system,
to the RFC, modifying the plan to meet every
objection raised by Mr.
Jones in his letter to me of June 3," Mr. Roosevelt said.
"The modified plan in brief calls for a loan of $6,000,000 from the RFC,
the issuance of $12,000,000 income bonds to the present holders of some
$44,000,000 of defaulted bonds of the old system and the issuance of 120,000
shares of stock to the RFC, as trustee, or to trustees nominated by it,
this stock to be under option to the income bondholders, who shall have
the right to buy 10 shares for each income bond outstanding at a price
to be fixed by the RFC.
"Mr. Jones's testimony before Senator Shipstead's committee led me
to believe that he was anxious to see us interest private capital in this
reorganization.
Mr. Prince came forward with $1,000,000 to assist.
Mr. Jones objected to the terms asked by Mr. Prince.
I am quite satisfied
that at this time it would be impossible to find private capital which would
offer more generous terms than Mr. Prince offered.
Ry.—Bonds Called—
Years Ended Dec. 31—
Gross sales.
1935
Net operating
Other income
Profit
on
expenses
income, before depreciation
$3,674,779
1,355,882
919,007
$1,958,581
purchased
1934
$4,545,054
1,584,906
1,001,567
$1,399,889
44,979
Operating and administrative
$3,689,420
141.
981.
p.
Capital stock
442.
Co.—V.
Mississippi River Fuel Corp.—Earnings—
Gas
p.
..77,728,344 78,240,427
Treating
All of the outstanding 1st mtge. gold bonds, due Aug. 1, 1946, have been
called for redemption on Aug. 1 at 102
and interest. Payment will be
made at the First Trust Co. of Saint Paul, St. Paul, Minn.—V. 142, p.
Profit and loss balance at credit
Total
j Total
b including National Pole &
3868.
3683; V. 135,
of
subsidiary companies
Represented by 1,754,006 no-par shares.—V. 141,
Due to
2,097,281
1,527,309
Treating Co..
European subs.
P.
x
Treating Co
accounts payable
Note pay. due June
1, 1937
future1
Total
90,885
Demand notes and
con¬
to assoc. cos..
$42,458
335,176
Shares in exploration cos
Office equipment.-_...
345,198
6,193
Due to Nat. Pole &
860,910
1,484,096
1,411,784
4,077
1,013,721
sub.
Other liabilities...
856,806
...
Property, plant &
equipment
61,547,820 62,179,603
decline in value of inv.
Accounts
on
200,000
20,000
Reserves
Previous surplus
on
notes
obligations-.
co.
Invest, in & advs.
1,297
on
Accrued Int.
1,553,132
3,122,467
1,911,351
Miscell. investm'ts
subscriptions
(secured)
1,463,340
res.
Uncompleted inven¬
36,919
on
Accounts payable.
solidated:
donations
Cash in banks and
Acer. int.
200,000
20,000
4,077
967,919
328,134
Accrued taxes
National Pole &
Legal fees
Loans
less
,
subs, not
cos. written off,
&c
Shutdown exp. at Cobalt
Fed. & Prov. taxes, &c._
Directors' fees
Executive salaries
Total surplus
for possible
573,938
savings
Inventories
b Con¬
solidated
$
Note payable..
Note pay., trade..
944,673
323,938
and
625,075
Inves. in&advs. to
other
Res.
Time
deposits
Con¬
solidated
Liabilities—
$
hand and
on
demand
4,239
83,175
Option prop. & shares in
and
Cash
a
solidated
$
tories
Written off depreciation
on office equip. & bad
debts
Charitable
Asstes—
receiv
1933
$3,712,641
22,452,872
of Dec. 31, 1935
as
b Con¬
Con¬
Notes and accounts
-Earnings-
1934
175,420
solidated
deposits
Mining Corp. of Canada, Ltd.
$6,006,309
18,740,230
Balance Sheets
a
142, p. 3350.
$3,601,615
19,750,874
Excluding and b including National Pole & Treating Co.
:
habilitate
173,912
$3,712,641
Surplus, end of year..$10,025,286 $16,149,259 $12,733,920 $18,740,230
a
The company in an amended application to the Interstate Commerce
Commission has requested the approval of a $90,000 loan from the Recon¬
struction Finance Corporation, which would be used to equip and re¬
168,772
$6,181,730
$6,123,972
16,149,259
Deficit.
Milwaukee Rockford & Southwestern RR.-—Seeks RFC
Loan—
195,958
$3,601,615
Surplus adjustment—re¬
duction of prior year 's
depreciation
2283.
p
—
$6,123,972
-
Net loss for year
.$732,971
shares.—Y. 141,
40,985
246,687
44.139
Other profit & loss items,
Co. stock..
Notes payable
Loans payable
Loans
.
Provsion for redemption
of Nat. Pole & Treating
Condensed Balance Sheet Dec. 31, 1935
Cash
219,966
Loss before
net
Scrip...
.
Profit before interest,
$3,414,401 $3,034,855
Warehouse expense
Administrative expense.
.
$2,542,174
2,321,637
.
Interest
Earnings for the Year Ended Dec. 31, 1935
(net)
__
Net profit on opers.
Common stock—
Total
$2,115,749
2,019,590
Expenses
accrued but not paid:
Miller Wholesale Drug
Sales
Paper Co.—Earnings—
[Including subsidiary companies, except European subsidiaries]
Years End. Dec. 31—
al935
al934
bl935 "
bl934
Net sales (incl. railroad
revenue)
$10,819,303
$8,989,200 $11,827,415 $10,031,332
Cost of sales
8,277,128
6,873,450
9,185,496
7,807,457
for discounts and doubtful notes and accounts of $75,947
reserve
1936
my
express
Other income, net
Capital surplus...
Earned surplus...
Total
to
Gross profit
15,517
109,584
8% cum. pref. stk. 1,122,250
in 1936 and $81,277 in 1935.
b After reserve
sented by shares of $50 par.—V. 141, p. 1278.
June 13,
thanks for Senator Shipstead's constant help¬
fulness.
His work throughout has been constructive.
I hope the Chair¬
man of the RFC will now grant us the loan for which,
upon
Senator
Shipstead's advice, we are applying."—Y. 142, p. 3859.
want
&
& Sons, Inc. (N.
Y. Corp.)
c
Chronicle
113,805
1,251
307
$2,004,812
657,168
166,550
818,332
55,000
$1,514,002
730,517
disposal of capital assets (net)
Total income
Interest on bonded indebtedness.
Other interest
Depreciation and amortization
Provision for Federal income tax
Discount on bonds acquired (less
stock warrants
140,018
692,451
book value of
expired)
032,012
Cr2,558
...
Net profit-
$310,318
—
loss$16,970
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
Cash in banks and
Notes
on
hand..
$47,243
11,369
receivable
Accounts receivable
from
513,788
officers
and
3,553
dard Oil Co. of N. J..-
Station,
Land & rights of way, at cost
Leaseholds, less amortization
Trunk
&
lines,
line
&
and
Furniture and tools
Deferred charges
Total
140,
3,010,000
15, 1944
Capital stock (par $10)
52,105
860,661
12,534
10,266,000
6,552,200
Deficit from operations
1,554,591
distributing
compressor
structures
pipe
other
equip¬
ment, at cost
Automobiles and trucks.....
-V.
55,000
Notes
1st mtge. 15-year 6% sinking
fund bonds, payable Aug.
Inc.—
serial notes
174,536
income
167,523
Investments—Richland Com¬
pressing
Federal
payable
to
stock¬
holders, due on or before
Nov. 1, 1937
i...
Stan¬
with
for
331,999
at book values based on cost
deposited
Reserve
$211,903
246,536
interest....
realty & other taxes
tax..
em¬
ployees
Pipe, pipe fittings & supplies,
Funds
Accrued
Accrued
(less res.
S82.179)
Due
Accounts payable
...
16,871,779
16,807
24,819
47,400
$18,961,585
p.
2869.
Total.
$18,961,585
Volume
Financial
142
4027
Chronicle
"
Light Co.—Accumulated
Divs.—-
have
declared
dividends of $2.33
payments see V. 141, p. 1774.—V.
share on the
per
142, p. 3179.
Co.—Preferred Dividend—
Missouri Edison
share on the
July 1 to holders of record
1 and Jan. 2, last.
Divs.
of 87
1, April 1 and Jan. 1,1935,
as against 58 1-3 cents per share paid in each of the five preceding quarters,
prior to which the stock received regular quarterly payments of $1.75
The directors
have
declared
a
dividend of $1,16 2-3 per
$7 cum. pref. stock, no par value, payable
A like payment was made on April
cents per share were paid on Oct. 1, July
June 20.
per
share.—V.
3684.
142, p.
1935
Accounts and bills receivable
x
& refunding mortgage
Reports—
of
empl's' accts. & sundry debit
Agreements of sale, payable in instalments
Mortgage
Cash in hands of Eastern Trust Co
Trav. ad vs.,
bals—
Total
portant parts of the railroad; by representatives of the general mortgage
bonds and by a holder of convertible bonds, both of which are junior to the
first & refundings; and by representatives of New Orleans Texas & Mexico
1st mtge. bonds, which are a lien on a different part of the system.
Evi¬
dence was also introduced by representatives of International-Great Nor¬
thern adjustment bonds and Little Rock & Hot Springs Western 1st mtge.
bonds, who stated no definite position.
Nothing which transpired at these hearings has modified in any way the
committee's conclusion expressed in its letter of Aug. 5, 1935, that debtors'
plan is unfair, unsound and entirely unacceptable.
The Committee sPlan (V. 142, p.
The committee's study of the Missouri
3002)
Liabilities—*
equipment,
&
real
1,195,486
The property is in good condition.
rehabilitation
or
$203,000
139,660
750,000
improvement are necessary
and no new money will
be
favorably with that of other railroads in the territory.
(3) Financial management has been unsatisfactory. The major cause of
the bankruptcy was a capitalization top-heavy with debt.
Furthermore,
the interests which took control of the railroad in 1930 brought about
transactions of doubtful legality, which caused great loss, i. e., the purchase
of terminals in Kansas City and St. Joseph, Mo., which the court has found
to be unlawful and fraudulent, and the purchase of the railroad company's
own common and preferred stock, which special counsel to the trustee in
bankruptcy has reported to have been illegal.
The committee concludes, therefore, that the problem of reorganization
result to be attained is the
of the debt, to a safe and
committee believes, should be done in accordance
is largely a financial one and that the major
reduction of the capitalization, particularly
reasonable level.
This, the
975,000
15,500
principles:
The fixed interest debt must be limited to an amount upon which
under the most unfavorable conditions reasonably
to be expected.
(2) The contingent interest debt should be limited to an amount upon
which interest can be earned under normal conditions.
with the following
$2,083,160
-
After
for uncollectibles of $60,000
reserve
t
The preferred stock should be limited to an amount upon which divi¬
be paid under conditions slightly above normal.
(4) Common stock should be limited to an amount upon which a fair
return could be paid in times of prosperity.
(3)
dends could
Probable Future Development of Reorganization
Administration of the Railroad
has, in accordance with Judge Faris's instructions, taken
or reject or disaffirm
any liability on the part of the
which might exist under said contracts.
action to repudiate
railroad company
applied in the latter part of April for authority to
purchase
After careful study of the matter by its
experts, the committee concluded this additional equipment should be
purchased, and supported the application. The purchase has now been
1,500 box cars and 500 coal cars.
the gross revenues for 1935 and of the
The gross revenues for the period Jan.
operating officers' estimates for 1936.
1 to April 30,1936, were $27,517,869,
against $23,052,238 for 1935 and $23,571,916 for 1934. The balance avail¬
able for interest for the same period in 1936 is $2,420,924, whereas it was
Accts. receivable-_
526,441
Inventories
517,773
Cash
surr.
val.
of
life ins. policies.
1,44~4~438
65,342
1,426,879
123,189
19,766
32,753
20,917
_
member of this committee,
firm of J. P.
effective Feb. 1, 1936, of S. Parker Gilbert, a member of the
Morgan & Co.—V. 142, p. 3860.
11,642
40,000
650,000
33,172
40,000
650,000
Res. for unrealized
profits...1
Mortgage payable.
500,000
_
1,224,798
$2,856,797 $2,685,099
Total
....$2,856,797 $2,685,099
500,000
1,493,841
Common stock.
Surplus
value,
y After depreciation
1935 and $1,192,970 in 1934 —V. 141, p. 1600.
Represented by 100,000 shares of no par
Modine Mfg.
Co.—Earnings—
$952,642
$633,389
$422,452
$52,554
432,481
309,738
233,306
211,225
115,500
67,969
47,781
10,300
48,284
Selling, administration &
general expenses
Prov. for Fed. and Wis.
income taxes
Prov. for depreciation..
Amortization patents
56,060
031,709
45,251
tools, &c., charged off
Loss
Miscellaneous
Net profit
$228,525
84,822
$60,959 def$165,652
59,609
$336,793
expenses.
Cr34,268
4,234
9,410
$412,430
75,637
securities sold..
on
profit from confectionery and baking
(before depreciation)
Operating loss from Bedford Shook Mill & Lumber
operations (before depreciation)
Operating
$104,404
$47,752
$104,404
45,000
59,404
departments
$143,703
100,849
$2.26
$60,959
__
Common dividends.
Balance, surplus
101,149
Shs. of common stock
$4.07
Earnings per share
99,349
$0.61
$18,435
29,317
Transferred as depreciation
Mark'able bonds_.
Accts.& notes rec
x
Accrued int. rec__
Inventories
Cash surr.
val.
29,225
50,157
Plant and equip¬
ment, &c
Patents,less amort.
597,402
15,013
460,501
14,501
Deferred assets—
50,470
Res.
25,437
30,259
10,126
9,394
expenses,
y
15,475
26,973
115,500
6,855
72,400
245*286
25,212
244,559
1,249,136
ploy.compen.act
Dividends
z
payable
Common stock..
1,639,117
Surplus..
.$2,384,262 $1,809,3371
1934.
and
25,000
provd. under
Prov. for Inc. taxes
$2,384,262 $1,809,337
Total
for bad debts of $15,000 in 1935 and $10,000
After deducting reserve
x
$152,874
42,825
Wisconsin unem-
y
Total
Nil
After deducting reserve for depreciation of $302,731 in 1935
z Represented by 101,149 no par shares in 1935
in 1934.—V. 142. p. 304.
$364,378 in 1934.
and 100,849 shares, no par,
Molybdenum Corp. of America—Earnings1935
$3,625,507
3,043,767
Cost of goods sold
1934
1933
$2,691,456
2,070,055
$1,269,608
894.364
34,246
151,699
24,104
144.496
21,775
101,451
6,159
37,916
44,571
49,633
$452,801
12,326
37,916
76,307
48,703
$252,016
16,553
37,916
75,794
19,165
$257,512
Sales
$277,547
$102,586
Shipping costs & freight on shipments
to customers
Administrative & selling expense—_
$395,793
Operating profit
Other charges—net
Provision for depreciation.
_
Provision for depletion
Prov. for Federal
Net
& Pa. income taxes.
profit
Balance Sheet Dec. 31 1935
Liabilities—
jLsscts~~r'*
$1,796,288
690,881
Fixed assets
Investments (at
cost)
Oper. mine & mill
45,907
supplies
256,670
x497,544
104,852
2,625
497,686
3,270
Prepaid insurance, freight, &c
Deposits in closed banks
13,980
1,029
Cash
receivable..
suppliers of raw mat'ls
Accounts & notes
Adv. to
Interest receivable
Total (each side)
xAfter provision for
1
1st mtge. bonds of York Metal
& Alloys Co.
($14,000 is due
sink, fund during 1936)
Instalment
eral
Nil
$3,910,7371
$35,000
payments on min¬
lands
purch. (payable
in 1937 & thereafter)
18,561
Mdse. acceptances payable...
300,520
Accounts
350,030
payable
Accrd.
payroll,
interest, &c
taxes,)
insur.,
Accrued Federal & State taxes
Capital stock (parSl)
surplus
Total...,
21,475
64,746
577,944
2,038,459
503,998
$3,910,737
doubtful notes & accounts of $4,756.—Y. 141, p. 3077.
Montgomery Ward & Co., Inc.—Sales—
February
March
18,435
1934
$260,262
72,122
construction
of
life Insurance—
in
1935
Liabilities-
1934
$328,124 Accts. payable
336,413 Acer, liabilities
207.447 Res. to cover est.
cost to complete
bldg. in course of
387431
$233,157
345,381
583,351
2,155
477,948
April...
May
f
def$225,261
99,349
Nil
Comparative Balance Sheet Dec. 31
1935
Assets—
Cash
Month of—
Net operating profitBond interest
040,840
Cr36,856
6,815
22,271
Miscellaneous income
Earned surplus
1934
46,367
1,453
Costs & exps. of mach. &
Moirs, Ltd.—Earnings—
1935
1932
1933
1934
1935
Calendar Years—
Gross profit on sales
Patents and processes
Years Ended Dec. 31—
50,628
11,375
7,938
Capital
Balance
94,123
11,375
Res. for dividend.
x
7,867
treasury
x
17,714
Prov. for Fed. and
7% cum. pref. stk.
stock in
Inventories
Resignation of S. Parker Gilbert
The committee announces the resignation as a
8,104
dating or over..
Fixed assets
Total
40,428
17,463
State taxes
Investment
Preferred
32,158
taxes
11,375
11,375
11,691
._
.
$75,000
34,045
Add'l Fed. & State
Employees accts
Notes rec. 90 days
Deferred charges
$6,195
items..
miscell.
8,365
11,428
Cash dep. for pay.
of dividends
y
1934
1935
Notes pay. (bank)
11,180 Accounts payable.
salaries,
522,160 Accrued
wages & comm.
409,663
Accrued exps. and
Develop't & experimental exp.
$591,745 for the same period in 1935 and $2,472,784 in 1934. The increase
in gross revenues is, therefore, quite encouraging, although the increase in
net available for interest is not so great on account of increased expenses.
$2.60
$168,360
$182,829
Notes receivable..
ordered by the court.
first four months of 1936 were well ahead both of
$1.55
31
Liabilities—
1934
1935
Assets—
Cash
Calendar Years—
of Nov. 30, 1935, the administration of the railroad prop¬
erties has gone along comparatively smoothly with little of interest to report.
The decision of Judge Faris with regard to the Terminal Shares contracts
has resulted in the institution of several actions in various courts looking
toward the recovery of the partial payment made against the purchase price
under those contracts, and Guy A. Thompson, as trustee in bankruptcy,
$305,754
$2.58
Consolidated Balance Sheet Dec.
,
Since our letter
1933
1934
$200,466
$303,927
profit after deprec. & Fed. taxes,
per share on
100,000 shares
common stock (no par)
Earns,
Prepaid
fundamental issue between the committee and
other creditors on the one hand, and the stockholders on the other hand.
We are convinced that it is impossible to devise a sound and equitable
reorganization plan which will give the stockholders more than the oppor¬
tunity to repurchase an interest in the property.
They are unwilling to
admit this fact, and so insist on what we believe to be an unsound and
inequitable pan. There is every prospect, therefore, of a somewhat pro¬
tracted iitigaton, since the provisions of Section 77 of the Bankruptcy Act
and other recent Federal legislation make it impossible to resolve such an
issue in a simple and expeditious manner. The committee faces, therefore,
a lengthy struggle to put through its plan, but it believes that the results to
the bondholders will be well worth it.
2283.
(& Subs.)—Earns.
1935
Calendar Years—
Net
Misc. other assets.
There is a clear-cut and
Gross revenues for the
$2,163,972
in 1935 and $63,000 in 1934.
Mock, Judson, Voehringer Co., Inc.
(1)
The trustee
975,000
15,500
Represented by 15,500 no par shares.—V. 141, p.
y
interest will be earned
•
$313,000
110,472
750,000
i
(secured)
Total
x
has led
No extraordinary expenses for
required on reorganization.
(2) The committee has no criticism of the operating management under
the leadership of L. W. Baldwin.
It has been efficient and alert and Mis¬
souri Pacific s performance as a railroad, even during the depression, com¬
pares
1,228,117
$2,163,972
Ordinary shares
y
it to the following conclusions;
(1)
357
11,241
$2,083,160
of $1,297,570 in
Pacific and its problems
963
357
11,312
__
Bank loan
letter dated June 5 to the
holders of the 1st & ref. 5% gold bonds, in accordance with the committee s
7,451
2,209
"""963
Deferred charges to operations
Buildings, plant, machinery
estate, timber limits, &c
1,281
452,156
402,955
6,495
Inventories
which John W. Stedman is Chairman, has sent a
policy of keeping the bondholders informed of the progress of the pro¬
ceedings.
The letter, which supplements the committee's reports dated
Aug. 5 and Nov. 30, 1935, says in part:
■
■
Hearings on the reorganization plan were commenced on Feb. 4, 193b,
before the Interstate Commerce Commission, and continued until Feb. 14,
during all of which time debtors put in evidence in support of their plan.
The hearings were then adjourned to give the creditors time to digest the
great mass of evidence presented, and were resumed on April 14.
They
continued until April 24, during which period the opposing creditors crossexamined debtors' witnesses, and introduced affirmative evidence in oppo¬
sition.
In addition, the committee presented a plan of its own, widely
different from that of the debtors. The hearings were then adjourned to
June 23 in order to give the debtors an opportunity to reply. The hearings
have been protracted, the issues complicated, and the evidence voluminous.
To date 2,760 pages of testimony have been taken and 541 exhibits intro¬
duced.
>
'
Debtors' plan was entirely unacceptable to most of the creditors repre¬
sented.
Besides this committee and the trustees of the 1st & ref. mtge.,
the plan was opposed by the representatives of Pacific RR. of Missouri
bonds and the River and Gulf Division bonds of the St. Louis Iron Mountain
& Southern Ry., which are senior to the first & refundings on certain im¬
$8,320
451,368
505
Advance against lumber purchases
Associated reciprocal underwriting
1st mtge. 6% s. f. gold bonds, due Jan. 1,1953
Cumulative redeemable pref. shares, 6%
5% gold bonds,
1934
$7,544
458,047
Cash
Accounts payable
Missouri Pacific RR.—Stedman Committee
The committee for the first
31
Assets—
7%
cumulative preferred stock, par $100; $2 per share on the 6% cum. prer.
stock, par $100, and $2 per share on the no par $6 cum. pref. stock, ail
on account of accumulations and all payable July 1 to holders of record
June 11.
Dividends at the regular quarterly rate were paid on April 1
and Jan. 2 last, and on Oct. 1, 1935.
For detailed record of dividend
directors
Dec.
Sheet
Balance
Minnesota Power &
The
—V.
142, p. 3684.
1936
1935
1934
1933
$17,854,609 $17,904,886 $15,421,893 $10,131,891
24,844,596
22,783,089
18,312,477
11,263,374
30,402,667
25,571,012
20,872,132
15,665,586
30,295,408
22,914,580
20,934,510
15,247,812
4028
Financial
Monarch Knitting Co.,
Calendar Years—
after charges, but
before depreciation—
Reserve for depreciation
Reserve for taxes^__i
Dec. 31
1935
*
1934
•
$135,063
35,000
14,063
52,500
$114,860
35,000
10,087
$47,165
35,000
$33,500
594,248
$69,774
526,361
■Drl',886
$12,165
514,196
$627,749
$594,248
$526,361
DrQSl
P. & L. surp. Dec. 31.
$636,864
Balance Sheet
Assefs—
y
$59,099
Bank loans
(sec'd)
$228,765
Accounts payable.
79,721
Sundry
22,711
836,738
contr's,
&C
995,905
Total
995,905
83,090,280 83,009,352
Calendar Years—
loans
1935
1934
1934
$374,322
22,909
16,139
322,491
11,145
$245,965
23,414
8,316
200,000
def$14 ,327
23 ,985
13 ,844
330,196
6,400
24,343
4,094
Cash
Accts. receivable.
$1,138
210,000
$14,235
210,000
def$63,273
210,000
180,000
$208,862
$195,765
Inventories
Investments
Sink, fund assets._
Fixed assets
Deferred charges.
1934
_
$10,456
Dec.
1935
Bank loans
503,423
1,823,679
583,899
67,358
5,787,597
38,967
Accrued interest.
Deposits
Wages
_
Bonds
stock
3,000,000
655,349
Sink, fund reserves
tV/
50,000
reserve
Pension fund..
'
Surplus
Total
58,558,605 $8,815,379
After depreciation of
Total
1934
$604,000 $1,198,000
393,758
141,479
61,065
12,063
249,691
248,271
59,538
44,822
3,404
3,496
404,414
419,501
3,000,000
3,000,000
Accounts payableTaxes
Preferred stock
„
56,152
21,233
3,000,000
620,685
50,000
56,152
20,910
58,558,605 $8,815,379
!,299,533 in 1935 and
$2,066,311 in 1934.-
V. 141. p. 442.
b
Surplus
Including exchange,
a
$764,936
120,225
$766,989
170,466
$627,021
519,505
$644,710
561,924
$596,523
513,480
$112,561
Fixed charges.
1934
$766,407
139,385
$627,772
515,211
Net revenue
a
$107,516
$82,785
to
1933
depreciation
March
Investment
Deferred charges
Fixed assets
..
Total
87,92Q
64,087
25,030
14,912
25,030
16,466
11,069,591 10,874,220
Deprec. reserve
6%pref.stock
Common stock.
without
_
Total.......
value,
par
1934
1933
$1,554,500
1,584,436
2,246,132
$1,129,575
1,222,990
1,313.762
1,628,753
1,661,437
2,060,363
2,367,499
Muskegon Piston Ring Co.—Registers with SEC—
The company has filed a
offer
registration statement with the Securities and
6,892 shares
at
estimated offering price of $30 a share.
These
were issued
May 12 to the underwriter for service rendered the
company in acquiring business of the original
Muskegon Co.
The remaining 3,000 shares, issued
an
shares
May 1 to Haskell, Scott & Jennings,
Inc., for similar service, will not be publicly offered at
present.
However,
600 shares have been delivered its
agent for assisting underwriter in its
work.—V. 142, p. 3516.
Month of—
1934
y128,528
9,250,000
430,580
1,000,000
375,000
123,151
9,250,000
318,019
1,000,000
375,000
1936
January.
February
_
March
April..
May
—V. 142, p. 2835.
National
1935
1934
$1,825,375
1,591,675
1,737,350
1.561,800
3,070,125
$1,270,000
1,179,375
$1,076,000
1,562,100
1,369,225
2,407,100
Fireproofing Corp.—Plan Approved—
amended reorganization plan
(V.
creditors' committee has been
142,
3516) presented by the
by the U. S. District
p.
approved
Court at
1,005,550
1,310,550
1,103,475
2,216,800
Pittsburgh.
Tne plan provides for the issue of first
$1,000,000 and new debentures not
capital stock
ers
to consist of
of preferred
held.
of old.
mortgage bonds not exceeding
exceeding $3,000,000; authorized
750,000 shares of common stock ($5 par.).
Hold¬
will receive 2 2-5ths shs. of new common for each
share
Holders of common stock will receive one share
of new for each share
New Directorate—
11,184,108 11,066,169
75,000 shares
V. 140, p. 2362,
x
1935
Exchange Commission, under the Securities Act, covering 9,892 shares of
common stock.
According to the prospectus, Baker, Simonds & Co. will
The
$
Accounts payable,
Funded debt.
x
1930.
$1,803,350
1,890,864
2,266,253
2,575,710
2,420,153
—V. 142, p. 3351.
reserve.
1935
Liabilities—
9,342
63,678
_
Oct. 1,
1936
May
general
1934
Assets—
Cash
Accts. receivable.
stock since
$2,003,071
2,3)0,918
2,320,436
3,001,322
3,089,387
April
1932
Balance Sheet Dec. 31
1935
common
(G. C.) Murphy Co.—Sales—
January
February
$83,043
b Transferred
the
National Cash Register Co.—Domestic Gross
Orders—
1935
$765,000
137,228
Expenses
on
on July 13 its $308,000 10-year 6
sinking fund gold debentures.
Of the total, $241,500 are convertible into
common stock at $19.18
per
share at any time before
redemption, which is being made from proceeds
of a five-year bank loan which the
company recently made.—V. 141, p. 1938.
Montreal Island Power Co.—Earnings
Calendar Years—
Gross revenue
Co.—
a dividend of 30 cents
per share on the com¬
stock, payable July 1 to holders of record June 25.
This will be the
Month of—
Liabilities—
Contingent
Telegraph
To Redeem Debentures—
Company has called for redemption
31
Common
&
''''v-'YY:,--
compared with a previous
high of 92,557, established in November, 1931.
May gains totaled 1,676 stations in all of the
company's territory, com¬
pared with a gain of 264 stations for May, 1935.
In the first five months
of 1936 the
company gained 10,489 stations, compared with 4,648 in the
first five months last year.—V.
142, p. 1822.
$453,273
$22,289
571,774
1,810,342
377,626
86,655
5,657,482
32,437
_
.'
first distribution made
Balance Sheet
Telephone
The company reports the
largest number of telephone subscribers in its
history.
Total subscribers on June 1 were
92,839,
500
1935
States
Murray Ohio Mfg. Corp.—To Pay Common Dividend—
sur$34,987
Assets—
Mountain
The directors have declared
$244,987
210,000
Deficit
$26,857
expense on first mortgage
bonds.—V. 142, p. 3516.
mon
45,000
Net income
Preferred dividends—Common dividends
I.
365,593
5,041
$163,582
*
11,117
Prov. for income tax
x
1932
loss$75,004
60,677
Legal expenses
Sinking fund reserve
x
1933
$162,397
83,569
251,158
$914,607
12,000
505,113
491,006
2,850
391,922
5,347
deductions
Subscribers—
-Earnings—
$1,165,765
300,000
Before as to 12 months ended
April 30, 1935, provision for amortization
of debt discount and
expense and as to 12 months ended April
30, 1936,
before provision for amortization of discount and
$3,090,280 $3,009,352
$332,230
42,092
Executive salaries
$1,366,708
_
Net income
750,000
1,275,000
627,749
$681,184
20,638
5,525
Total income
Bond interest
Prov. for bad debts—._
Prov. for depreciation—
Directors' fees
.
Amortization of debt discount and
expense
Other interest (net).
7,500
14,062
$652,975
28,209
Other income...
_
...
Other income
$923,256
242,509
$1,066,708
12,000
_
Gross income
Rent for lease of electric
property..
Interest on funded debt
and
Total
1935
Manufacturing profit—
reserve.
1935
$3,031,377
2,108,121
$1,118,764
247,943
Net operating revenue and other income
(before
appropriation for retirement reserve)
x After reserve for doubtful accounts of
$26,000.
y After reserve for
depreciation of $1,012,150 in 1935 and $977,150 in 1934—V.
142, p. 3684.
Montreal Cottons, Ltd.-
1936
$3,387,272
2,268,507
_
Appropriation for retirement
74,955
19,915
Co.—Earnings—
Net oper. rev. (before approp. for retire't
res.)..
Other income
85,853
96,684
Pref. div. payable.
13,125
Res. for inc. taxes.
10,121
Preference stock..
750,000
Common stock... 1,275,000
Surplus
636,864
823,820
payment of $1 per
a
Dec. 31 and June 30, 1934, while on
share was made.—V. 141, p. 3698.
12 Months Ended April 30—
Operating revenues
Opera oing expenses, maintenance and all taxes
$174,232
300,429
794,468
Liabilities—
empl's' deposits.
Fixed assets
Goodwill,
1934
$58,037
332,984
859,618
Acc'ts. receivable
Inventory
Unexp. ins. & def'd
charges
on
31
1935
Cash-.
x
Dec.
1935, and
Mountain States Power
$10,097
627,749
Surplus
Previous surplus
Adjust, prior years
1931
1932
$107,718
35,000
10,121
52,500
dividends
June 13, 1936
and June 29,
June 30,
1933
Net
Preferred
Chronicle
Ltd.—Report—
y
11,184,108 11,066,169
Includes
accrued
liabilities.—
At
a hearing in the United States
District Court for the "Western District
Pennsylvania held June 8, the management and business of
National
Fireproofing Corp. was taken from the hands of the trustees and
of
placed
Montreal Loan &
Mortgage Co.—Earnings—
Years Ended Dec. 31—
x Profits for the
year
Dividends paid---Provision
for
1935
1933
$73,325
78,000
$63,346
63,000
1932
$79,641
78,000
deprecia¬
tion of real estate
26,946
Surplus
Previous surplus
10,384
def$31,754
32,664
—
$910
Bal. carried forward..
a
1934
$52,192
57,000
After deducting interest
$346
32,318
def$15,059
47,378
$1,641
45,737
$32,664
$32,318
$47,378
borrowed capital, expenses of management,
together with Dominion income taxes, provincial and other taxes, and after
making provision for contingencies.
on
ubder the control of a new board of
directors, subject to the supervision of
the Court.
The new directors will be Horace F.
Baker, Albert B. Craig, J. S. Craig,
Chester H. Lehman, Frank Wilbur
Main, Greer Mcllvain, George Siefert
Jr., P. H. Thomson and J. U. Anderson of
Pittsburgh, and J. H. FullerHepler of New York.
Greer Mcllvain, President, said that the
business of the corporation is
showing a decided increase as a result of the improved condition of
the
building industry, and that for 12 consecutive months the
monthly volume of
ton and B. E.
business has exceeded the volume for the
corresponding month in the pre¬
vious year.
He said further that now that the organization
problems of the
corporation
Mortgages
1935
1934
real
on
estate
Liabilities—
1935
Capital stock
$1 754,812 $1,971,664
Real estate
213,753
Cash
111,650
7,856
2,703
Reserve to pay div.
Deposits
Sterling debens
Currency debens
__
$600,000
910
Profit and loss
32,664
15,000
12,000
156,104
48,667
291,550
Deb. int. reserved.
Total
,
$1,976,421 $2,086,017
6,131
Sundry accounts..
11,060
Total
Motor Transit
;
Taxes
Interest
-V.
142,
1936—Month—1935
$53,057
$50,033
28,816
27,344
7,960
7,713
6,291
6,996
602
Reserve for retirements
p.
Mount
3351.
876
$7,102
(accrued)
1936—12 Mos.—1935
$593,453
342,184
90,965
65,532
8,741
$578,675
334,219
84,049
76,988
$86,029
83,206
$73,446
88,637
$2,823
def$15,191
Vernon-Woodberry Mills, Inc.—Accum.
9,971
Div.—
The directors have declared a dividend of
$2.50 per share on account of
on the 7%
cumulative preferred stock, par $100, payable
June 30 to holders of record June 12.
Similar payments were made on
accumulations
[Mexican Currency]
Period End. Mar. 31—
Railway
Railway
oper. revenues.
oper.
expenses.
Tax accruals and uncol¬
lectible revenue
Other income
1936—Month—1935
9,951,660
7,218,973
10,661,682
8,822,456
30,263
137,962
463,915
39,594
199,083
1,483,009
11,289.017
11,287.417
Deduction
Net oper. income
Kilometers
—V.
to
$9,385
Balance..
Balance
167,905
48,667
298,050
6,385
17,346
Co.—Earnings
Period End. May 31Gross earnings
Operation
Maintenance..,
900,000
$1,976,421 $2,086,017
-V. 141, p. 1446.
Mexico—Earnings—
1934
$600,000
850,000
Reserve fund
being solved, he feels that it will be able to get a
larger
was possible under the
trusteeship.—
National Rys. of
Comparative Balance Sheet Dec. 31
Assets—
were
share of the available business than
V. 142, p. 3516.
operated
142. p. 3180.
2,573,198
1936—3 Mos.—1935
30,543,165
28,332,084
25,485,526
21,033,000
30,263
379,925
24
1,348,054
133,022
614.894
4,059,246
11,289.017
6,817,187
11,287.417
National Steel Corp.—Files with SEC—Seeks
Permission
Register $10,000,000 1st Mtge. 3%s Already Sold Privately—
The corporation on June 5 filed with the Securities
and Exchange Com¬
mission a registration statement
(No. 2"-2229, Form A-2) covering $10,000,000 1st (collateral) mtge. sinking fund
bonds, 3%% series, due June 1, 1965.
According to the registration statement, these bonds were sold
by the
company on June 1, 1936, by private sale, to Kuhn, Loeb & Co. and
two
associates, at an aggregate price of $10,000,000.
In connection with this
sale, National Steel Corp. agreed to file a registration statement under
the
Securities Act of 1933 with respect to the bonds.
Kuhn, Loeb & Co. and
associates have advised the corporation that
they have sold the bonds to
a single purchaser
by private sale at an aggregate price of $10,088,000.
The net proceeds from the sale of the bonds are to be
used to reimburse,
in part, the fundable
portion of capital expenditures made and to be made
in connection with the
improvements and additions to the plants of Great
Lakes Steel Corp.
It is anticipated that the capital expenditures to be made
will be in excess of the net
proceeds of the bonds.
The bonds
or
in part
are
by lot
redeemable
on
as a whole at
any time upon 60 days' notice
any semi-annual interest date upon at least 30 days'
Volume
Financial
142
notice, at par and accrued interest plus the following premiums: 5H% if
before June 1, 1940; 43^% if red. thereafter and on or before
red. on or
3M% if red. thereafter and on or before June 1, 1950; 2H%
if red. thereafter and on or before June 1, 1955; 13^ % if red. thereafter and
on or before June 1, 1960; 1% if red. thereafter and on or before June 1,
1964; and thereafter without premium.—V. 142, p. 3861.
June 1, 1945;
Nehi
Corp.—Accumulated Dividend—
The directors have declared
New
England Telephone & Telegraph Co.—Earnings1936—Month—1935
1936—4 Mos —1935
$5,604,447 $23,057,631 $22,091,812
$5,856,252
Period End. Apr. 30—
Operating revenues
4,170,729
581,001
1st pref. stock, no par value,
account
payable
July 1 to holders of record June 15.
A like payment was made on April
1 last, as against $1.3134 paid on Dec. 31, 1935; $2.6234 on Nov. 15, and
$1.3134 on Oct. 1, 1935.
This latter payment was the first made since
Oct. 1, 1931, when a regular quarterly dividend of like amount was dis¬
bursed.—V. 142, p. 1824.
Nevada-California Electric Corp .—Acquisition—
has made application to the Securities and Exchange
under the Public Utility Holding Company Act
of the acquisition of all of the properties, rights and assets of Cain Irrigation
Co., located in Mono County, Calif., and all of the properties, rights and
The corporation
20,378
4,037,276
480,169
57,912
16,600,080
2,278,020
81,003
16,019,085
1,890,228
$1,086,593
$1,066,624
$4,121,619
$4,101,496
Uncollectible oper. rev__
17,929
Operating expenses
Operating taxes
Net operating
dividend of $2,623^ Per share on
a
of accumulations on the $5.25 div.
4029
Chronicle
income,
3517.
-V. 142, p.
New York City
Omnibus Corp.—Earnings—
*
Earnings of Affiliated Companies for Month of April
Eighth Ave.
Madison Ave.
Coach Corp.
Coach Co., Inc.
1936
1936
1935
Month of April—■
$141,772
$138,285
$121,652
Operating revenue
24,803
25,985
15,033
Net income after taxes and charges.
—V. 142, p. 2331.
Commission for approval
The corpora¬
tion is already the virtual or beneficial owner of all the assets which are to
be acquired by virtue of ownership of all outstanding securities of the
companies to be acquired except directors' qualifying shares.
It is stated
that there is no sale or purchase in the ordinary sense involved and that
no payment is to be made.
The acquisitions are to result from the com¬
plete liquidation and dissolution of the two subsidiaries through the sur¬
render for retirement and cancellation of all the outstanding capital stock
to the two companies.—V. 142, p. 3862.
Co., located in Inyo County, Calif.
assets of Hillside Water
New Bedford Gas & Edison
$4,114,625
1,734,184
322,710
304,775
$3,988,856
1,687,798
260,974
340,665
$3,894,483
350,629
300,394
771,632
743,420
754,703
$984,698
4,589
$981,323
Drl.432
$955,997
Drl ,266
$921,219
10,105
$989,287
$979,891
$954,730
$931,325
85,598
127,696
146,028
162,646
$4,268,620
1,873,961
Operating expenses
Maintenance
Provision for retirement.
(incl.
Taxes
Other income
Gross income
debt
unfunded
on
(net)
on
com.
641,088'
stock
$808,702
641,088
$852,196
641,088
$903,689
Net income
Divs.
$768,678
641,088
1936—4 Mos.—1935
$25,169,292 $113874,852 $100440,749
19,385,557
87,542,340 77,017,679
1,899,973
8,401,212
7,784,977
1936—Month—1935
Railway oper. revenues_$28,588,688
Railway oper. expenses- 21,568,534
Railway tax accruals
2,186,400
$
&C..17,344,718
17,269,524
Com stk. (par $25)
Investments
585
585
Prem. on cap. stk.
Cash
(inol.
Accts.
&
supplies
Prepayments
to parent &
543,145
424,256
455,556
330,098
21,410
receivable-
Mat'ls
5,584,431
Net ry. oper.
$2,449,336 $12,167,585
1,716,084
6,651,193
$10,053,662
7,459,159
$4,165,420 $18,818,778
141,331
500,862
income. $3,391,596
1,779,453
Other income
$5,171,049
Total income
deductions
Fixed charges
118,626
$17,512,821
437,516
__4,769,597
19,076,271
19,654,136
4,918,071
def$758,355df$2,578,831
$282,826 def$893,982
Net income—V. 142, P.
3862.
Corp.—Earnings-
New York State Electric & Gas
1934
1933
236,635
898,866
337,854
306,438
897,718
314,173
330,495
739,967
$3,281,781
$3,714,417
$3,848,143
151,387
147,543
147,879
$3,433,168
1,592,235
203,456
113,312
70,563
$3,861,960
1,586,830
$3,996,022
1,586,401
5,938
153,134
113,215
70,563
6,073
96,356
120,033
64,663
52,028
$1,459,540
1,775,000
$1,944,291
2,831,000
$2,180,596
1935
Calendar Years—
Operating revenues
Operating expenses
J
Maintenance
Provision for retirements, renewals
$13,723,190 $13,205,606 $12 ,871,486
7,617,262
6,923,539
6 ,613,418
1,095,516
1,025,639
1 ,025,289
&
593,131
Other taxes
$
5,342,400
3,081,268
Operating
income
Other income
353,061
304,022
Gross income
affil.
157,941
1,467,500
cos__
(bank)
Notes pay.
1,161,858
930,000
Ad vs. from financ¬
24,755
32,867
Accounts payable.
Divs. declared
accrued.
60,783
160,272
154,220
160,272
121,830
34,118
2,433
Taxes accrued
Interest
38,700
92,406
ing co
_
Misc. accruals
32,561
&
line deposits.
on
funded debt
Interest on unfunded debt
Int. charged to
construction—Cr
Net income
Divs. onA&B common stock.
95,521
Balance Sheet Dec. 31
4,127,739
355
§
Assct/S
*
$
3,553,200
.
18,576,624 18,495,093
Total
18,576,624 18,495,093
3,306,866
Capital stock
Investments
Corporate surplus
Funded
Depos.
(J. J.) Newberry Co., Inc.- —Sales—
Month
January
February
March
April
3,690.855
3,966,016
«May-_-_
—V. 142, p. 3181.
$2,360,766
2,294,272
3,329,179
2,876,783
3,408,136
$2,345,084
2,528,594
3,021,004
3,521,592
3,365,769
2,968,868
1933
$1,883,121
1,976,225
2,117,309
2,710,174
2,740,152
bond
New
England Gas & Electric Association (& Subs.)—
1934
1935
Calendar Years—
1933
$13,439,681 $13,175,342 $12,966,341
5,850,301
6,432,211
6,801,204
Operating expenses
1,119,453
1,065,514
987,094
1,076,934
252,354
1,879,512
1,116,454
338,961
1,767,159
1,183,278
128,760
1,676,595
$2,310,224
272,589
$2,455,041
356,139
$2,811,180
78,819
Cr 5,533
91,527
$3,504,195
2,231.939
4,977
19,409
2,222,805
12,327
19,402
receivable.
Int. & divs. rec.—
Mat'ls & supplies.
'
Maintenance
Prov. for retirements,
490,380
9,346
1,193,841
9,554
495,993
1,343,699
9,959
482,616
6,238
Other taxes
Operating income
Other income (net)
Gross income
165,444
Cr7,584
88,205
—
,
Balance.
$237,599
112,504
$390,041
487,475
$1,003,594
549,970
def$97,433
$453,623
Consolidated Balance Sheet Dec. 31
1935
Fixed
Accts. rec.
—
Cash
Ctf. of deposit..
Notes receivable
Accts. receivable
Int. & divs. rec.
Mat'ls & supp'ls
Def. debit items
Total
1,917,007
42,466,500
2,935,127
43,517,800
af¬
a388,490
52,005
2,511,800
1,398,750
Co..
145,254
156,900
Mat'd bond int.
57,093
443,690
14,784
395^837
filiated
86,541
co
Notes payable.
Advances
26,790
1,797,660
157,500
9,318
1,602,942
20,085
965,911
958,226
108,579,029
$
40,500,000
com.
debt
Accts. pay .to
57,093
for divs.,
deposits
cos.
Funded
1934
of
stk.
N.E.G.& E.A. 40,500,000
stock
13,399
sink. fund. &c
Special
$
Liabilities—
b Cap.
Subs.
from
cos
Deps. for mat'd
bond interestDeps.
94,438,698
10,398,034
capital-- 92,785,040
10,185,063
Investments
affil.
$
1935
1934
$
Assets—
2,093*749
11,979
1,309,234
23,772
693,341
1,019,066
110,074,4151
Finance
Accts.
-
from
payable-
Divs. declared
__
900,638
Misc. accruals..
35,143
Consumers' dep.
512,984
Cont. for exten.
44,825
Reserves
15,543,506
3,097,313
Corporate surp_
Acer.taxes & int.
Total
92,359
973,148
50,011
501,809
45,731
16,289,035
3,165,899
108,579,029 110,074,415
Includes notes,
New Park Mining
See list
Co.—Registers with SEC—
given on first page of
this department.
accrued--
Interest
Misc. accruals
service
Cons.
line
20,000
&
deposits
Conting. liabil. on
rec.
(cont.)
3,714,194
sold (contra)
&
unadj.
3,836,932
449,000
miscell.
4,615,424
credits.- 4,248,039
Contrlbs.for exten.
592,304
9,318,371
665,573
605,829
Capital surplus—13,611,207
Corporate surplus.
401,158
(non refundable)
.-81,493,579 81,095,867
Total..
Total
81,493,579 81,095,867
Represented by class A common 90,000 shares authorized; 41,884 shares
class B common, 60,000 shares authorized; 4,600
shares issued and outstanding.
x
issued and outstanding;
t
Postpones Offering—
The
corporation has filed an amendment with the Securities and Exchange
postponing the offering date of its $175,000,000 4% bonds
15.—V. 142, p. 3862.
Commission
July 1 from June
New
York
Merchandise
Co.,
Inc.—Stock Offered—To
provide additional working capital and to reduce borrowing
requirements during the company's peak season, an offering
of 8,391 shares of common stock was placed on the market
June 11 at $50 per share by a banking group composed of
Burr & Co., Inc.; King, Crandall & Latham, Inc., and
Chandler & Co., Inc.
The offering will be followed by the
declaration of a 20% stock dividend in which holders of
the new shares will participate.
A prospectus dated June 9
affords the following:
Listing—The presently outstanding shares are listed on the New York
The additional shares have been admitted to listing on
Curb Exchahge on official notice of issuance.
History and Business—Company was incorp.inNew York. Jan. 19, 1920.
Company has been selling at wholesale a popular priced line of general
merchandise, both imported and domestic, including novelties, small wares.
&c., to 5 and 10 cent stores, department and variety stores and general
stores throughout the United States, Canada and other countries.
P. K. Douglass Import Co., Ltd., one of the company's subsidiaries, has
been engaged in the business of importing from foreign countries and sell¬
ing a popular priced line of general merchandise, including novelties, small
wares, &c., catering to 5 and 10 cent stores, department stores and general
stores throughout Canada.
Universal Camera Corp. another subsidiary, has been engaged in the
business of distributing throughout the United States, Canada and other
countries low priced cameras and films, principally the product of the
company, known as Univex Camera, a product added by the company to its
line approximately two and one-half years ago.
Curb Exchange.
b Represented by 100,000 shares of $5.50 dividend
series preferred stock, no par; 155,000 shares of $7 cum. 2d pref. stock
no par,
and 200,000 shares of common stock, no par.—V. 142, p. 3861.
a
20,000
593,057
Res.
449,000
363,884
$125,095
Balance of income
20,000
rec.
Def. debit items
to
Dividends on $5.50 pref. shares
20,000
accts.
(contra)...
784,469
556,503
Guar, of appl.accts
liability on note
sold
816,435
Accounts payable-
note pay.
Contra to conting.
Appl.
494,212
79,361
121,400
414,091
667,366
527,730
112,679
ing co
payable
renewals & re¬
placements of fixed capital
Federal income taxes
ob¬
Taxes accrued
$3,140,311
$2,582,813
Sub. cos.: Int. on unfunded debt, &c_
84,816
Int. chgd. to construction
Crll,150
Int. applic. to com. stk. held by pub
92,381
New England Gas & Electric Assn.:
Interest on funded debt
2,158,220
Int. on unfunded debt
1,537
Amortiz. of debt discount & expense
19,409
Accts.
27,022
800,000
cos
money
Ad vs. from financ¬
48,059
365,848
funds).
200,000
(contra).__
pay.—banks
Notes
26,137
funds, &C
Depos. for main¬
tenance fund, &c.
Cash
(incl. work¬
ing
1,862,858
200,000
affil.
Purch.
int.
27,022
Depos. for sinking
Notes receivable.-
Total operating revenues
1,112,000
mat'd
(contra)--.
int.
1,281,886
ligations
Mat'd bonds & bd.
1,110,455
&
bonds
1934
1935
1936
$2,446,502
2,752,292
of—
for
to
& af¬
filiated cos
x23,771,667 28,000,000
33,538,200 33,193,600
Note & accts. pay.
Notes & accts. rec.
from sub.
—V. 142, p. 3685.
debt
$
S
Liabilities—
Plant, prop., &c..72,602,594
72,531,904
1,469,593
1,214,078
1934
1935
1934
1935
Contrlbs.for exten.
(non-refundable)
2,060,000
$886,709 sur$120,596
$315,460
Balance, deficit
102,173
4,427,860
Reserves
Interest
Amortization of debt disc. & expense
Amortization of miscell. suspense
2,550
Consumers' service
Total
--
-
5,763,715
1,434,426
1,442,158
Notes & accts. pay.
work¬
funds)
ing
1934
5,342,400
3,081,268
Liabilities—
S
S
Assets—
1935
Plant, prop.
^
Uncollectible ry. revs—
Equip. &jt.facil.rents-
Federal income tax
1934
$40,000,000
April 1, 1946, which are
[Including All Leased Lines]
replacements of fixed capital
Balance Sheet Dec. 31
1935
V
authorized the listing of
Earnings for Month of April and Year to Date
Period End. Apr. 30—
Miscellaneous
Operating income
Int.
1.627,791
253,989
336.779
for
prov.
Federal taxes)
RR.—Listing
1932
1933
758,937
Total oper. revenues
U
Light Co.—Income Account
1934
1935
Years Ended Dec. 31—
New York Central
The New York Stock Exchange has
10-year 3%% secured sinking fund bonds, due
issued and outstanding.
the New York
Capitalization—At the present time the capitalization of the company
follows:
is as
4030
Financial
Authorized
N,
1119993322705684
72,909 shs.
8,391 shs.
_
—
Earnings and Dividends for Calendat Years
Net Income
Net Income
Preferred
After All
Dividends
Dividend
Paid
per
Common
on
Common
Paid
* Charges
dcnds
Share
Stock
$385,685.59
$66,719.92
$318,965.67
$4.37
366,376.74
63,303.33
303,073.41
4.16
$2.65
443,957.54
58,333.33
385,624.21
5.29
2.00 •
384,651.89
48,457.75
336,194.14
4.61
2.50
178,883.77
38,938.67
1.92
139,945.10
1.50
162,606.34
27,192.67
135,413.67
1.86
1.00
198,599.43
19,918.50
2.45
178,680.93
1.00
358,935.61
17,292.33
4.69
341,643.28
1.00
370,510.40
1,359.75
369,150.65
5.06
1.37 X
435,502.31
None
435,502.31
5.97
2.00
*
Based on 72,909 shares outstanding as of Dec. 31,1935, after deducting
preferred stock dividends paid in the respective years.
There was no
preferred stock outstanding in 1935, the remaining 2,331 shares ($100 par)
of 7 % cumulative preferred stocks (first and second), in amounts of
1,899
shares and 432 shares, respectively, having been retired dining 1934.
Dividends on the no par value common stock are currently paid at the
rate of $2 annually, the last quarterly dividend of 50 cents per share having
been paid on Feb. 1, 1936 to holders of record as of Jan. 20, 1936.
An
extra dividend of 50 cents per common share was also disbursed on March
2,
1936, to holders of record Feb. 20, 1936.
Purpose—The present public offering constitutes new financing by the
company, from which it will receive from the underwriters the sum of
$385,986.
Proceeds will be used for working capital.
Underwriters—The pariticpation of the underwriters in this offering is as
follows:
Burr & Co., Inc., New York, 2,797 shs.; King, Crandall &
Latham, Inc., New York, 2,797 shs.; Chandler & Co., Inc., Philadelphia,
2,797 shs.
■
1934
Liabilities—
3,690
20% Stock Dividend—
have declared a stock dividend of 20 % on the no-par
stock, payable July 16.
The regular quarterly cash dividend of
50 cents per share was paid on May 1, last. In addition an extra dividend of
50 cents was paid on March 2, last, and an extra of 12X cents on May 1,
1935.—V. 142, p. 2838.
Com.
Cash
Accts. pay. to Met¬
ropolitan Edison
Corp
38,232
72,659
8,439
ing funds)
.
Int.
divs.
&
62,745
7,657
,
162,409
parent
co.,
NY PA NJ Utili¬
5,962
44,412
25,215
ties
.
5,626
Appliance accounts
rec. sold (contra)
77,000
Def'd debit items.
454,244
Co
62,820
Matured bond int.
161,005
rec__
Mat'ls & supplies
2,903
pay.
to
44,188
work¬
(incl.
1934
1935
(22,130
shares)..$2,600,000 $2,600,000
Funded debt
3,793,000
3,827,000
Note & acct.
property
sold,
sink, funds, &c_
Notes receivable.
stk.
no-par
Dep. with trustees
in lieu of mtged.
(contra)
3,690
Notes pay. (other)
Advs. from financ¬
11,020
25,000
111*095
82,496
78,798
50,249
ing CO
15,500
Accounts payable.
503,128
Taxes accrued
Interest
>
68,492
51,968
accrued..
Misc. accruals
.
.
The
Depos. for matured
bond Int. (contra)
Accts. receivable..
*Earned
After Preferred Divi-
Consolidated Balance Sheet Dec. 31
1935
Assets—
Plant, prop., &c..$7, 879,252 $7,876,615
Investments
380,201
352,342
—__
subsequent to this offer
16,260 shs.
The board of directors has asopted a resolution indicating its intention to
offer to employees an aggregate of 7,440 shares of common stock from time
to time, but not prior to Jan. 1, 1937, nor later than March 15,
1939, at a
price to be fixed by the directors at not less than the then book value or
the then market price, whichever is lower.
Such book value .was $41.32
per share at Dec. 31, 1935.
After giving effect to the present offering if
8,391 shares and the stock dividend of 16,260 shares, such book value at
that date would have been approximately $34.83 per share.
Year
Ended
Dec. 31
June 13, 1936
Outstanding
Common stock (no pat)—105,000 shs.
Number of shares now offered
Number of shares reserved for stock dividend of 20%, to be
_-
Chronicle
6,321
7,289
86,236
78,506
Consumers' service
and line deposits
Guaranty of appli¬
ance
sold
accts.
rec.
(contra)
Reserves
&
77,000
.
unadjust. credits 1,235,089
Contributions
Corporate surplus
Total
$9,126,501 $9,038,523
142,
m m -
m -
1,213,656
for
extensions (non¬
refundable)
Capital surplus.__
—V.
m
misc.
10,302
10,302
945,877
969,185
77,636
63,590
.
Total....
$9,126,501 $9,038,523
1825.
p.
New York Steam
Corp.—Tenders—
The National City Bank of New York will until 10 a. m. June 22 receive
bids for the sale to it of sufficient series A preferred stock to absorb the sum
of
$41,930 at prices not exceeding $105
per
share.—V. 142, p. 3007.
Northern States Power Co. Del.
Period End. Mar. 31—
(& Subs.)—Earnings—
1936—3 Mos.—1935
Operating revenues
$8,990,065
Oper. exps., maint. and
all taxes
5,114,422
1936—12 Mos.—1935
$8,540,531 $33,356,723 $32,225,212
4,605,554
18,953,633
18,119,832
directors
common
North American
Acceptance Corp.—Registers with SEC
Net oper. rev. (before
inc.
Inc.—Earnings—
Income Account for the Year Ended Dec. 31,
1935
depreciation
_
res._
Gross income
Interest charges (net)
—
$3,899,697
640,000
$3,954,226 $14,509,221 $14,201,858
640,000
2,900,000
2,900,000
$3,259,697
1,483,524
$3,314,226 $11,609,221 $11,301,858
1,487,855
5,931,402
5,818,341
Amortization of debt dis¬
$95,010
114,012
__
;
•
approp.
Approp. for retire,
Net income from all sources, after deducting all expenses inci¬
dent to operations, incl. those for ordinary repairs and main¬
tenance but before deduction for
(before
for retirement res.)
North American Creameries,
$3,934,976 $14,403,090 $14,105,379
19,250
106,131
96,478
Net oper. rev. & other
See list given on first page of this department.
Depreciation
for retire¬
reserve)
$3,875,642
24,055
approp.
ment
Other income
count and expense
65,016
12,850
Other income deductions
64,094
12,375
259,336
49,879
238,987
57,363
Minority interest in net
Net loss for year.
$19,001
Assets—
Cash
Notes payable
$104,677
285,848
Accounts
593,637
Accrued local taxes & interest.
Provision for contingencies
11,012
Other assets.
a
Land, bldgs. & equipment.Deferred charges to operations
66,197
79,179
18,401
Savings accts. (empl. & others)
Cash value of officers' life ins.
2,500
988,954
29,475
5,000
Long-term notes payable
b Common
c
18,941
62,942
40,077
$1,730,960
5,520,437
$5,305,661
5,981,653
$5,147,088
6,048,072
$165,000
payable
10,124
Inventories
19,305
Net income
Liabilities—
Accts. receivable (less reserve)
Notes receivable (less reserve) -
income of subs
$1,679,001
Surp. beginning of period
5,773,461
Balance Sheet Dec. 31, 1935
575,000
800,000
180,000
stock, class "A".,
Common stock,
class "B"__
Surplus (incl. paid-in surplus
of $227,779)
Treasury stock (1,848 shares
common, class "A")
Total
Divs.—cash:
Miscell.
36,960
$7,452,463
1,267,212
surplus
$7,251,397 $11,287,314 $11,195,161
1,267,212
5,068,848
5,068,848
103,612
direct
items (net)---
Crl58
2,531
33,056
41,047
Surplus, end of period $6,185,410
—V. 142, p. 3518.
$5,981,653
$6,185,410
$5,981,653
174,412
____
Pref. stk.-
Common stock
•
Nova Scotia
Light & Power Co., Ltd.—Earnings—
Calendar Years—
1935
$1,928,677
1,136,130
1934
$1,815,928
1,083,717
$1,747,755
1,015,545
Taxes.
$792,547
197,151
$732,210
179,182
$732,209
171,223
$595,396
31,403
$553,028
36,145
$560,986
Miscellaneous income.
Interest and exchange.
$626,799
241,649
$589,174
222,174
$593,476
247,474
'$385,149
$366,999
211,603
Drl93
$346,001
$664,349
150,000
3,386
$578,410
135,000
$613,384
135,000
75,000
103,569
83,103
75.000
103,569
81,762
112,199
79,580
$249,290
$182,818
$211,604
Gross earnings
Total
a
$2,026,230
Afteir
reserve
no-par shares,
I
Total
$2,026,230
Operating
expenses
for depreciation of
c
North Star
$1,212,720.
b Represented by 40,000
Represented by 60,000 no-par shares.—V. 137, p. 883.
Oil, Ltd.—Accumulated Dividend—
The directors have declared
a dividend of 8% cents per share on account
7% cumulative preferred stock, par $5, payable
July 2 to holders of record Junel5.
This dividend is payable in Canadian
funds and in the case of non-residents is subject to a 5% tax.
A similar
payment was made on April 1 last, while dividends of 17 X cents per share
were paid on Dec. 20 and on March 1, 1935.
The last regular quarterly
dividend paid on this issue was the 8^-cent payment made on Oct. 2,1933.
—V. 142, p. 1999.
of accumulations
on
the
North West Utilities
a
majority of the
3 Months Ended March 31—•
Total operating revenues
Operation.
$3,246,693
1,026,199
108,557
$2,974,662
938,193
85,062
18,795
190,510
325,482
445,357
L, 113,833
14,560
$971,260
6,875
.,128 394
599,103
8,765
;
$978 135
25,066
Maintenance
Provision for retirement
Taxes
Net earnings from operation
(net)
Net earnings before interest
Funded debt interest
General interest
Interest charged construction
Amortization of debt discount and, expense
Amortiz. of pref. stock commissions and expense._
Balance
Cr655
51,549
2,126
$467,504
Dividends
accrued
at
stock
1935
183,708
327,454
461,874
....
Other income
common
1936
Power purchased
Gas purchased
613,558
10,249
CrS8
49,888
2,126
$302,352
rates
currently paid on
preferred stocks of subsidiaries held by public.
Dividends suspended on preferred stocks of sub¬
sidiaries held by the public
_
Bal. before prov. for cum. unpaid divs. on North
West Util. Co. prior lien & pref. stocks
269,204
221,293
expenses
discount
Preference dividends
Ordinary1 dividends
Transfer to retirement
reserve
Credit balance at Dec. 31
1935
Assefs—
Other income.
1935
$
Liabilities—
7,225,412
discount, &c
Deferred charges..
136,897
Sinking fund cash.
431
79
1,998,798
77,694
1,451,740
Investments
Materials & suppl.
105,298
Accts. receivable..
158,858
461,682
24,986
Investment secur's
Cash.
10,633,118
81,312
134,114
4,002
60,067
9,068,2791
no par
on
funded debt
Interest
on
unfunded debt
1934
1933
$1,410,500
1,261,001
$1,446,162
1,125,070
$1,402,212
964,692
$149,499
112,739
$321,092
100,441
$437,521
106,794
$262,238
190,202
15,009
19,752
$421,533
191,708
11,277
19,824
Net income
Common dividends.
12 Months Ended
Operating
Operating
Accounts payable-
Ordinary stock div
83,121
65,237
74,754
231,767
57,902
210,137
Bank
25,892
500,000
25,392
reserve
1,433,999
1,244*995
reserves
95,038
249,290
88,042
182,818
10,633,118
9,068,279
loan
Retirement
Total...
shares.—V. 142, p. 3864.
Co.—Earnings—
April 30—
1936
revenues.
Net
expenses,
operating
maintenance and all taxes
revenue
(before
$5,537,636
2,663
$198,773
225,000
$314,917
464,145
$12,725
$26,227
$149,228
$5,181,584
1,025,000
$4,515,299
2,225,449
200,000
28,704
$4,156,584
2,229,287
200,000
26,270
$2,061,145
$1,701,026
approp.
Amortization of debt discount and expense
Other income deductions
-V. 142, p. 3864.
$5,177,368
4.216
$5,540,299
1,025,000
(before
Cr48
$37,275
50,000
1935
$11,598,844 $11,037,825
6,061,208
5,860,457
appropriation
Other income.
Net income.
Deficit.
deposits
$544,315
201,176
8,308
19,913
Int. charged to construction.
tax.
1,250,000
1,661,755
4,281,500
Consumers' secur'y
Surplus
Represented by 34,523
$
1,700,000
x Ordinary-stock..
1,661,755
Bonds
4,577,500
Operating
Total
1934
$
Preference stock.,
6,254 Accrued int. &
6,505
Net oper. rev. & other income
Interest
75*666
$58,737 loss$106,395
1935
-
21,391
260
1934
$
Plant & equlpm't. 7,767,266
Unamortized bond
Oklahoma Gas & Electric
and taxes
245.991
Balance Sheet Dec. 31
x
Pennsylvania Power Co..(& Subs.)—Earns.
Calendar Years—
Operating
Total surplus
Provision for depreciation
Bond
32,490
78,000
187,454
139,562
—V. 141, p. 3388.
Northern
182,818
18,381
Final dividend
Co.—Earnings—
[Including companies in which it holds
Credit balance at Jan. 1.
Net direct credits
1933
Volume
nu;n
(Jriio
I
Midland
i
X
pfturai.
Mevgev AppTOVea
137, p. 867.
Electric Co., above.—V.
r>„7
o
Otis Steel Co.
stock) to the
of the number
Stock, debenture holders will be entitled (in lieu of common
A nnrnvef!
Memo*
Lo.
Light & Power
See Associated Gas &
c*.
Delays Offering—
Shares, securities or other property distributable in respect
cf shares of common stock into which the debentures would
^
Donas to June zd.
v
merger or conveyance.
Natural
INatural
Redemption-Debentures will be subject to redemptionin part from time
at the option of
time or
toandind. April 30. 1941; 105% on May
syndicate headed by Stone & Webster
offered to the public June 12 a new
issue of $30,000,000 bonds and convertible debentures to
retire all the present outstanding funded debt and bank
the
tne
arid
ana
romnanv
company
its
its
jfe Sa°n,
-1
j
Tv/r
j
,
''•
in4C
i
.
offering group are J31yth
The First Boston Corp.; Schoellkopf, Hutton &
Pomeroy, Inc.; Halsey, Stuart & Co., Inc.; Kidder, Peabody &
Co.; E. H Rollins & Sons, Inc ; Trail & Middendorf, Inc.;
Graham, Parsons & Co.; White, Weld & Co.; Bosworth,
Chanute, Loughbridge & Co.; Central Republic Co.; EstaRr.
0o
C7> •
CO.,
Rr
CZ
Tnolrcnn
dacKSOn
Pnrii«LurilS,
Pn
Rr
Wobhor
Pnino
Pame,
21
o
Tvyr ■
*|3
Ti/r
v
Bonds—Dated
$20,000,000
££?££
Common stock (par $15)
11939) 91,050 shs.
549,986 shs.
~-r
Earnings—The statement of consolidated earnings of the company and
operating exState income
•
yveDDer A, LO.,
its subsidiaries shows (1) gross earnings, (2) balance after
penses but before provision for retirements and Federal and
o.fter Provision for retirements applicable to interest
r©(jUirGJGGIltS, clS IOllOWS.
as
30 1935
Nov
(2) Balance Afters (Z) Bal. After Prov.
Oper. Expenses
for Retirements
(l) Gross
Earnings
12 Mos. Ended
of May 1, 1936; due May 1. 1951.
Authorized and to be issued, $20,000,000.
Principal and int. (M. & N.) payable at principal trust office of Chase National Bank, trustee, in New York.
Coupon bonds in denom. of $1,000, registerable as to principal only.
Tax
refunds; Company will agree to reimburse the holders of the new bonds,
upon proper application, for Pennsylvania personal property taxes not
exceeding 5 mills, Maryland personal property or securities taxes not exceeding 4% mills, and Connecticut personal property taxes not exceeding
4 mills, each per annum on each dollar of the taxable value or principal
amount of such bonds, and Massachusetts taxes based on or measured, by
income not exceeding 6% per annum on the interest payable thereon.
Mortgage
RUggggg*'certain shures of preferred stout
Preferred stock (par $50) (,$3 div. cum. on and after Jan.
yO., ana u. M.-C. lVlurphy OS CO.
A prospectus dated June 11 affords the following:
First
and t0 a lesser degree in the production thereof in Oklahoma
The general system of the company comprises gas transmission
gas
First mortgage bonds, series a 4H %. due May 1,1951
p
n
ing natural
gggfj?
JLawrence btern OS Co., Inc.; rrancis, Bro. & Co.; Whiting,
Weeks & Knowles, Inc.; Wm. Cavalier & Co.; A. M. Kidder
<x>
on
lines, distribution systems and certain production property in Oklahoma,
and a small system in Kansas not physically connected.
Capitalization—The consolidated capitalization of the company and its
subsidiaries to be outstanding upon completion of the present financing
j
& Co., Inc.;
"Rrnnk
DroOK
«iereffter to'lSdtod Ipru 30 1§45-100 %
'and
Company—Incorp. in Delaware in 1933 and it and(or) its predecessors
have been engaged primarily in the business of transmitting and distributsince 1906.
convertible^ debentures, due May 1, 1946, priced at
and int.
Associated in the
100
incl. April 30,
May 1, 1945, and thereafter prioi^to maturity.
comprised $.20,000,000 4/2% 1st mtge. series A bonds, due
May 1, 1951, priced at 98and int. and $10,000,000
e-crf
110%
1, 1941, and thereafter to and incl.
April 30, 1942; 104% on May 1. 1942, and thereafter to and
Tbo financing
1 ne imancing
snhsirliarios
su osiaiaries.
following percentages
of the principal amounts thereof, with accrued interest in each case:
Offered—A
Ujjerea
a
pn
Voriirifo'ev
Lo.—Securities
nation-wide banking
and Blodget, Inc.,
of
01
interest payment date or dates at the
to time on any
One
Las
otherwise be
consolidation.
'
the company on 45 days' notice as a whole at any
v. 142, p. jb»o.
Oklahoma
UKlanoma
No further adjustments will be made after any
convertible.
-
•
n^taSSPKJ'nnnSu f
date of public offering of its $13,000,000 4H %
loans
4031
Financial Chronicle
142
90 }qqa'"'Feb 291936 -
$7
$3
065 319
«
7,623,318
$2
667 263
401 060
9000 977
4 045 859
2,690,277
4 045,859
Tke annual interest requu-ements on the $20,000,000 first mortgage
bonds, series A 4H%,» will be $900,000, and on the $10,000,000 5% convertibie debentures "will be $500,000, the only other interest requirement
upon completion of this financing being between $55,000 and $60,000 (est.)
on consumers deposits.
Based on the above earnings for the 12 months
* ended Feb. 29, 1936, and giving effect to the proposed financing, the pro
forma balance available for common stock is calculated by Barrowt Wadef
Guthrie & Co. to be over $1.05 per share on 550,000 shares outstanding.
w,
The statement of earnings indicates a combined charge for maintenance and
fiaffiH Is nf Maf 1
Iqofi SsTilthw with ^v
fYmHc nf
provision for retirements during each of the above periods equal to 19.68%,
otherseri^ d^lvissued there^dOT vdll mthe^ninion of ?mins5
19.97% and 19.77% of the gross earnings for such periods, respectively.
H^rt Hirp^ fliik pin, Tpth%The increase in gross earnings for the 12 month period ended Feb. 29,1936,
S?w ow£d by the company and all of ite otor Shys!c^ propmiS ISd
^ due in part to unusuaUy cold weather experienced during the last winter,
franchises now owned (except certain current assets, oil and gas in pipe
Business—At present about one-third of the business in terms of volume
lines or storage, automotive equipment and certain gas leases of minor imSas s0^ 18 located in Oklahoma City and immediate vicinity; one-third
portance), all the capital stocks (except directors' qualifying shares) of its
in Tulsa and immediate vicinity; and the remainder in many small towns in
subsidiaries, notes of certain gas subsidiaries and certain shares of stock of
the intermediate and surrounding territory. The population served is
Philokla Gas Co.; subject only to possible liens arising from certain tax
approximately 575,000 and the company has connected on its own distribuclaims, to the liens of certain judgments covered by insurance, to other
tion systems in Oklahoma approximately 126,000 domestic and commercial
permitted liens, and to the prior lien of the trustee for its expenses, comcustomers and 550 industrial customers, in addition to which it sells gas
pensation and liabilities.
The after-acquired property clause by its terms
from its transmission lines to nine unallied utilities. ^There is approximately
covers the company's interest in all after-acquired gas property as defined
a total of 130,000 installed meters and the ratio of connected to potential
in the new mortgage.
After-acquired property may be subject to liens
domestic and commercial customers is relatively high. The value of the
existing at the time of acquisition but additional property subject to prior
principal products of the State of Oklahoma, based on reports for 1933 of the
liens cannot be bonded until the indebtedness secured by such prior liens
p_. S. Census Bureau, the Department of Agriculture and the Bureau of
is established as refundable debt.
Indebtedness secured by prior liens may
Mines, was: Manufactured products, $191,413,000; agriculture, $155,659,be renewed and extended upon certain conditions.
Company covenants
000; mining, $172,560,000. Of the manufactured products, approximately
to acquire and subject to the lien of the new mortgage on or before June 30,
39% of the value was from refinery products and of the total of the three
1937, the gas property owned by its gas subsidiaries.
Certain oil leases
classifications approximately 40% was from petroleum and refinery
Ho
wiii
dornr-n,,
rv,o„4o.„,«,
or,
and property and certain gas leases may
tion to a subsidiary the capital stock of
^
be transferred without substituwhich is pledged under the new
in specified aggregate annual principal amounts
odJ*° r,eIu 6the retirement of $17 -
being generally 45c. per M cu. ft. for the first 100 M cu. ft. per
Sinking Fund—Company will agree that, so long as the new bonds shall
remain outstanding, it will on Feb. 1 in each year either (a) deliver to the
trustee new bonds theretofore reacquired by the company, or (b) pay to
the trustee cash for the redemption of new bonds on the next succeeding
interest
payment date,
E&i#S?tvby Fwb- b
600.000 of new bonds,
or
88% of the $20,000,000 of new bonds to be issued.
sinking fund payment at
time within the 12 months preceding the date on which it is due.
Company may anticipate in whole or in part any
any
Redemvtiori— New
the
comnanv on
of
bSds^will
be
subiSt
to
?SemStion aTthS oStton
of
30 davs' notice as a whole at anv time or in nart from time
(rae^onjiri vi terStna^vmen W1 ateord ?ft es^ a? ff fiSloSiSf■SS
thTn?fn?Sl amount th^Sf (exclot ^ t?new l^nds ^4m^ foftlS
tot
n
sinkine fund to and incl
1945) with accrued interest in each case1
Anril 30
105Ttofndincl
Anrii 30 1941April*30 1943%03 %
194?
thereSSr
thereafter\o^and
thS-eaftS
and^iScl
therSfter S^ndVcl
on Mavl
and
1
1943 'and
1945 and
to
Anril 30 1947* 101% on Mav 1
1947 and
Anril 30
100% on Mav l
1949 and thereafter prior to maturitv
to
and incl
incf
April
30
1945-
102 %
104%
on
Mav
Mav 1
on
foV
19f%10Co^TC
1.
1946.
Principal and int.
Central Hanover Bank & Trust
Co., trustee, in New York.
Coupon debentures in denom. of $1,000,
registerable as to principal only.
Tax refunds; Company will agree to
reimburse the holders of the debentures, upon proper application, for
Pennsylvania personal property taxes not exceeding 5 mills, Maryland personal property or securities taxes not exceeding 4\i mills, and Connecticut
personal property taxes not exceeding 4 mills, each per annum on each dollar
of the taxable value or principal amount of such debentures, and Massachusetts taxes based on or measured by income not exceeding 6% per annum
on the interest payable thereon.
Protective Provisions—Debentures will be issued under and entitled to the
benefits of a trust indenture to be dated as of May 1, 1936.
Debentures
will be unsecured but in the new indenture the company will covenant not
to create, guarantee or otherwise obligate itself for additional funded debt
other than (a) bonds issued under the new mortgage; (b) the debentures;
(c) funded debt issued in exchange for or to refund, renew or retire any
permitted funded debt other than that created pursuant to the exception
mentioned in (d) next following, and (d) funded debt created in connection
with property acquisitions, and(or) refundings or renewals thereof, not
exceeding in the aggregate at any one time outstanding $2,000,000 principal
amount—unless consolidated net earnings of the company and its gas subsidiaries (calculated before provisions for renewals, replacements, depreAmount
authorized and
to
be
issued,
$10,000,000.
(M. & N. 1) payable at principal office of
ciation and retirements
a
and
sub-
(y) such additional funded debt.
further covenant not to create
mortgage, pledge or other lien upon any of its property now
and
The company will
or^^owensthere™*
any
owned, or
after^icqufr^^(other than certain
equally and ratably, exceptthatf^ch^covenant8^a^
* v?
debentures
to the new
mortgage, or
c,
opStSproSZtll788% ofre<iuir^by?tfcS?ome™eSi p2
<*uced only about 12% of such requirements in 1935.
supplemental indentures subjecting property thereto
anes are
yff^JfuPPlyra^d *hat. ^fving wn^eration toithe^variousi factors enmnerat0d in sue)h report,
control natural gas supplies
_
pany s system.
Ac/
ffniri
..
.
.
.
..
...
.
Privilege—Debentures at the option of the holders will be
before the 10th day prior to the stated maturredemption, on^orabefore the'
demption date) into common stock at a basic
Th«^
per share (i. e., at the rate of' 60
P®"
Yn
rSSS
version price is subject to adjustment from time to time in certain cases
unon the issue of additional common stock, but shall never exceed the basic
conversion price
No dividend adjustment will be made upon conversions
fo lieu Of fractional shares
if any there will be issued non-voting and
non-dividend bearing scrip.
ance
In case of consolidation, merger, or conveychanges or reclassifications of common
of the assets of the company, or
A
at 103
due Julv
3
1
1946
of Oklahoma
Okianoma
mtge"."5%
'
'
Oklahoma
Sml GasSo!d
Payment on or about
June'lVof"$"l",580.OOO 5%'sVriaTnotes",
series B, due in equal annual
tn
Nov
1
1941
at 100
instalments from Nov. 1, 1936,
xl 580 000
^ payment on or about June 17 of $250,666 4% notes payable
—Exchange National Bank of Tulsa_
pavmpnt nn or about June 17 of $1 362 52.5 6% not«s
payable (Central Hanover Bank &
thA "nnrnose
u;
250,000
Trust'Co.), like nrinrinal
borrowed for
1936 a
of redeeming on IVIav 1
amoSW!% se?^^^
(7) Loan to Oklahoma Natural
about June
Building Co. for the payment
17 of $271 000 1st mtge
1,362,525
514% serial gold
1943,Tt101___?.!!. ._g
j£t2. <8?e L£S8fy'from
1936 to
@as producers Co. for the redemption on Sept. 1
273,710
]ivfarrhmore thanat 106 1st lien 6 % sinking fund bonds, due
f not
$129,000
1
1940
129 000
LQan
Southwestern Natural Gas Co. for the redemption
about July 18 of $1,807,000 1st mtge. 6% sinking fund
ld bonds
due May 1, 1945, at 104H
1 888 315
^
on or
to reimburse company for treasury funds used in the payment of notes payable to Central Hanover Bank & Trust Co.,
evidencing indebtedness incurred principally for working capital (which indebtedness will be retired by the use of treasury
qq)
10tk daY
lty (or, if called for
series
oY$13;i95",50b"
Conversion
convertible at any time on or
bonds
^ifrTo^CforD
(2) Redemption on Feb. 1, 1937",
1st
gold bonds, series B, due Feb. 1, 1948, of Oklahoma Natural
ras Com
at 103
13 591 365
n) Pavment on or "about" June 17*of "$9~50~ OOO"gen" "mtge" "ex'
WLnd£? 5<7 gold bond due Nov 1 1941 of Oklahoma
at 100
/g\
renewal obligations
refolding
b®®.n
the com-
Purpose of Issue—It is proposed that the net proceeds, estimated at
$28,104,630 after the deduction of expenses of the sale of the new bonds and
debentures, are to be used for the following purposes (which will result in
the retirement of all outstanding funded debt and bank loans of the cornpany and its subsidiaries):
Q) Redemption on or about Aug. 17 of $6,506,000 1st mtge.
thereof, and the pledge of any first mortgage
renewals or refundings
bonds of the company.
sMficient for its^market requirements for a
period of at l^ast 20 y^ars. Since
brought in large gas wells in three fields in Oklahoma available to
,g.
year or
Company and its
subsidiaries had, as of Jan. 1, 1936, approximately 400 active gas purchase
contracts with producers and pipeline companies. Some of these contracts
a™ for definite periods ranging from 3 months to a term of 10 years. Approximately 30% of the contracts are for the life of the lease or leases affected thereby. It is the policy of the company, so long as gas is available,
as at Present, in amounts greatly in excess of the market, to make gas purchase contracts for short terms and at prices which will induce others to
do the development work. Such a policy avoids the necessity of agreeing
to take any minimum quantity and permits the purchase of distress gas
at low prices The letter ti•a^mittirg a report oyndependent en^ne«rs
on gas gupp^ly states that total gas reserves m Oklahoma now owned or
controlled onder gas_purchase contracts by the company^and its subsidi-
confirming the hen thereof, mortgages or liens existing on after-acquired
property, purchase money mortgages or liens, liens securing obligations
refunding or renewing the above or such
or
the pledge of assets to secure indebtedness maturing m not more than one
or
month,
dropping to 18c. per M cu. ft. with a further reduction in the case of
commercial service to 15c. per M cu. ft. for all over 500 M cu. ft. per month,
then
^^(4)
period of 12 consecutive calendar months within the next preceding
15 calendar months are twice annual interest charges upon (x) all outstanding funded debt of, and (or) guaranteed by,
the^company
its gas
sidiaries not to be retired from the proceeds of such additional funded debt
for
products.
Franchises—Company holds municipal franchises in 42 of the 52 cities
and towns served by it, including Oklahoma City.
In Tulsa and nine
smaller communities franchises which expired during the last 11 years have
not been renewed.
Company expects to make application from time to
time as conditions warrant for the renewal of franchises which have expired
or which expire in the future,
Rates—The rates for domestic and commercial service are relatively low,
mortgage.
funds bv June 17,
1936)
-
1,346,005
iunas oy juuo u, i»ow
- --- --------- x,o u,v
x The balance of the 5% serial notes, series B, outstanding, namely,
$2,220,000. wdl be retired by the exchange therefor of 22,200 shares of new
convertible 6% prior preference stock (par $100) of the company. Prior to
or
simultaneously with the issuance of the new bonds and debentures.
4032
Chronicle
Financial
tinder writers—The
of each underwriter and the
respective amounts
name
severally underwritten
are
Omnibus
follows:
as
7V>?/)
Stone & Webster and Blodget, Inc., New York___
Blyth & Co., Inc., New York___
First Boston Corp., New York
Schoellkopf, Hutton & Pomeroy, Inc.,1 Buffalo
Halsey, Stuart & Co., Inc., Chicago
Kidder, Peabody & Co., New York......
—
E. H. Rollins & Sons, Inc., New York
Trail & Middendorf, Inc., Baltimore
Rn-nrt*
Tipht>Yiinvp
$2,800,000
2,100,000
2,100,000
2,000,000
1,500,000
1,500,000
1,200,000
1,000,000
800,000
700,000
700,000
400,000
400,000
400,000
_
.
Graham, Parsons & Co., New York—...
Bonbright & Co., Inc., N6w York
White, Weld & Co., New York
Bosworth, Chanute, Loughridge & Co., Denver...
Central Republic Co., Chicago
Estabrook & Co., New York—
Jackson & Curtis, New York
Paine, Webber & Co., New York
Lawrence Stern & Co., Inc., Chicago
Francis, Bro. & Co., St. Louis
Whiting, Weeks & Knowles, Inc., Boston..
Wm. Cavalier & Co., San Francisco—
A. M. Kidder & Co., New York.
G. M.-P. Murphy & Co., New York——
....
300,000
200,000
200,000
200,000
__
-
1935
Gross earnings
I
•
of the
$418,005
b27,655
$70,441
Total incomeOther deductions
Prov. for Fed. inc. tax..
$445,660
Net profit from opers.
rec.
from
Fifth
Ave. Bus Sec. Corp...
Taxes
100,000
100,000
Divs.
from
rec.
N.
Consol.
_
M. Alvin Long
H. Fessenden Meserve
Inc
34,500 Harry S. Middendorf
Bay Newfoundland Co., Ltd
31,500 Sifford Pearre
First British American
Corp., Ltd. 25,500 Henry E. Smith
Blyth & Co., Inc....
25,500 George H. Clifford
Kidder, Peabody & Co
16,500 Donald C. Barnes.
Bosworth, Chanute, Loughridge
Luke C. Bradley
.
.
& Co
8,500
.
J
C. F. W. Wetterer
Chicago
eliminated.
3,000
3,000
2,000
1,000
1,000
above
from
mentioned dividends
Nov.
on
30,
Income Account for
a
Earnings from operations
Expenses in connection with moving to
of the
plant
Net operating revenue
Depreciation of plant,
$376,658
equipment, &c. (other than patterns
and drawnings)
Depreciation of patterns and drawings
Estimated provision for
Federal, State & Dom. of Can. inc. taxes
Net profit.
59,373
22,925
42,500
_.
$251,860
174,690
Divs. paid Nov. 30 1935 in full
on A shs. to Nov.
1,1935: In cash
In B stock: 28,891 shs. issued
(transferred to stated capital at
$10 per share)
notes
;
z847,515
y847,621
while
Kalman
a
Land.
b
Bldgs., mach., equip., &c_.
Impts. &
equip, in process
2900 Glascock
Street, Oakland
Patterns and drawings
$483,788
358,608
Accts. pay. & accr. liabilities..
Est. prov. for Fed., State and
$206,698
285,372
Notes & accounts receivable.
Inventories
Investments
Dom. of Can. income taxes.
24,312
127,708
695,183
Customers' advance payments
Reserves for prior years' taxes
42,500
7,332
new
of instal.
at
Patents, trademarks
& licenses
Goodwill
Deferred charges..:
Total
69,334
and other contingencies
c
Capital stock
Capital surplus
Earned
surplus
25,000
1,538,910
199,390
38,649
1
Co.
&
and
1935
$2,058,479
After reserve of $26,821.
b After reserve for depreciation of $56,529.
c Represented
by 57,950 shs. of A convertible stock of no
par value.
Liqui¬
dation and redemption value of
$32.50 per share, plus any unpaid cumula¬
tive dividends at the rate of
$2
per share per annum
Lowe
Co.
will
underwrite
notes
Subs.)—Earnings—
1934
Operating revenues
$4,864,022
Oper.exps.,incl. taxes..
2,601,849
1933
1932
$4,601,277
2,515,913
$4,137,183
2,270,306
$4,526,649
2,339,493
$2,085,363
202,736
Prl,521
$1,866,876
201,629
9,008
$2,187,155
683
Gross corp. income
$2,467,191
Net Int. & other deducts.
1,261,206
$2,286,578
1,275,827
$2,077,514
$2,419,236
1,341,195
Net
rev.
from opers..
Rent from leased prop..
Other income
Prop, retirement
$2,262,173
204,334
1,308,739
198,353
33,727
reserve
approps..
692,500
Balance surplus
Divs. on 7% pref. stock.
Divs. on $6 pref. stock..
692,500
692,500
672 500
$513,484
394,968
63,510
$318,251
98,742
15,878
$76,275
197,484
31,746
$405,540
395,848
59,922
Note—Undeclared cumulative dividends on the
7% and $6 preferred
amounted to $9.91 2-3 and $8.50
per share, respectively,
as of
Dec. 31, 1934. During 1935 there were
declared on the 7 % and $6 preferred
stocks, dividends of $7 and $6 per share,
respectively.
No provision has
stocks
been made in the above statement for
undeclared cumulative dividends in
the amount of $559,538
($9.91 2-3
share) on the 7% preferred stock
the $6 pref. stock, to Dec. 31, 1935.
per
and $89,972.50 ($8.50
per share)
on
Consolidated Balance Sheet, Dec. 31
1935
1934
Assets—
1935
$
Liabilities—
1934
8
$
Plant, property,
a Capital stock.
..13,868,500 13,868,500
franchises, &c..42,013,948 41,591,645 Inland Pow. & Lt.
Investments
36,631
Co. (5 shs. cap.
38,660
Cash in banks (on
stock)
773
773
demand)
307,213
123,540 Long-term debt...23,694,500 20,600,000
Notes receivable..
41,357
67,135 Accounts payable.
122,801
130,937
Accts. receivable.
968,243
866,548 Customers'
deps..
245,281
230,893
Mat'ls & supplies271,459
218,508 Accrued accounts. 1,035,658
1,008,722
Prepayments
25,529
22,045 Misc. curr. liabs..
839
858
Misc. curr. assets.
21,656
12,574 Loans payable
3,211,500
Miscell. assets
174,758
174,038 Mat'd int. on longConsigned mater'ls
term debt (cash
(contra)
6,927
in special deps.)
6,222
485
485
Deferred charges..
168,165
173,216 Consignments
(contra)
Sundry credits
Reserves..
Earned surplus
Total.....
44,035,888 43,294,1331
Total
6,927
6,222
5,904
3,565,322
2,398
2,919,262
1,413,581
1,488,897
44,035,888 43,294,133
Represented by Pacific Power & Light Co.:
7% pref., cum., $100 par;
pari passu with $6 pref.;
authorized, 70,000 shares; issued and outstanding,
58,100 shares. $6 pref., cum., no par
(entitled upon liquidation to $100 a
share); pari passu with 7% pref.;
authorized, 150,000 shares; issued and
outstanding, 10,585 shares. $6 second pref.,
cum., no par (entitled upon
liquidation to $100 a share);
authorized, 75,000 shares; none outstanding.
Common, no par; authorized, 1,500,000
shares; issued and outstanding,
1,000,000 shares.—V. 142, p. 2839.
Packard Motor Car Co.—To Give Vacations
with Pay—
Hpurly wage rate employees
continuous service prior to June
of the company with a year or more of
1, 1936, will receive, beginning this summer,
hourly rate, Alvan Macauley, President,
plan is based on the accumulation of monthly
vacation credits
amounting to one-half
of continuous service
Total
a
shares).
198,891 shares of B stock of
shares).—Y. 142, p. 3356.
Justus
week's vacation with
pay at their
announced on June 3,
The
14,169
$2,058,479 >
7,109,120
x Common stock..
3,516,294
Capital surplus...
671,105
Earned surplus... 2,490,677
Pacific Power & Light Co.
(&
a
1
1
.....
Preferred stock
a
Liabilities—
hand...
49,826
6,086,540
7,109,130
3,516,361
679,436
2,199,142
150
Reserves
(Minn.)—Registers Bonds—
288,910
Balance Sheet Dec. 31, 1935
on
49,591
6,4~5~0~97l
interest
Represented by 9,100 shares of preferred
z
x
Assets—
152,833
accrued
1999.
Calendar Years—
This amount represents
expenses incurred to Dec. 31, 1935, in connec¬
tion with the removal of the
Oakland plant from Madison Street to Glas¬
cock Street.
Additional expenses of
$17,500 are estimated to complete
the transfer in 1936.
Cash In banks and
20,029
Comp. park boards
59,566
8,620,993
8,584,842
1,422,108
29.960
123,981
14,991
108,823
123,982
Accrued wages
Accrued taxes
Proceeds from the sale of the securities will be used to retire
the entire
outstanding funded debt of the company consisting of $1,080,500 5H%
series D, $2,481,500
5% series E, and $224,500 4% series G.—Y. 141
was
$385,800
x9,142
;
Due for Injuries &
damages
Dividends payable
$900,000 and $375,000 of the bonds and $180,000 and $75,000 of the
respectively.
Both the bonds and notes will be offered at 100.
amendments
capital of the
The amendments permitted
new Oakland
11,949
$
112,457
100,000
The company has filed a registration statement with
the Securities and
Exchange Commission under the Securities Act for $3,000,000
4% first
mortgage bonds, due 1961, and $600,000 3% secured notes due 1941.
Wells-Dickey Co. will underwrite $1,725,000 of the bonds and $345,000
1935,
Year Ended Dec. 31, 1935
118,694
Otter Tail Power Co.
the
1935, the capital was increased
capital surplus of $199,390.
3,711
_
common stock at cost of
$67.
stock.—V. 142, p. 306.
of the B stock in partial settlement of
the
$1,250,000 to $1,538,910, leaving
395
1934
$
292,577
Total
p.
1935,
1935
Accounts payableNotes payable
20,877,180 20,130,799
Total..
20,877,180 20,130,799
x Represented
by 626,636 shares no par. y Represented by 9,100 shares
preferred stock, series A, 8% cum., at cost of $847,554 and 22 shares
of
500
1934, less earnings to Oct. 31,
Upon the issuance
Inc., dissolved Dec. 27,
Liabilities—
S
394,768
62,416
3,734
of
Invest, in cap. stk.
of Omnibus Corp
4,000
3,500
3,500
company were approved by the stockholders.
the company to settle accumulated
dividends on the A stock
totaling $8
as of Nov.
1,1935, by the issuance of one-half share of B stock and the
pay¬
ment of $3 in cash for each share of A
stock outstanding; and also will
per¬
mit payment of dividends on B
stock when such dividend
payments will
not reduce the net assets below
$28 per share of A stock then
outstanding,
or reduce net current assets
below $14 per share of A stock
outstanding,
or reduce current assets to less
than two times current liabilities.
By the reduction of the capital from $2,975,226 to
$1,250,000, the deficit
shown in the balance sheet for
$297,153
.
2,743
98,383
Prepayments
86,227
Special deposits—
60,098
Prop. & equipm't. 9,034,592
Investments
8,606,377
Org. devel.fran.&c 1,418,676
structure and
on
Oct. 29,
reduction of
$512,967
Inventories
organization.
a
Board
Accrued interest-
Filters, Inc.—Annual Report—
of stockholders
def$24,956
Educ. tax antic.
Edwin Letts Oliver,
President, says in part:
The annual report for 1935 covers a
period not only of increasing volume
and profit, but also of
important changes in the financial
incorporation] and
$970,903
673,750
1934
38,924
3,779
.
Due from employ-
stitute 10 common shares of $10
par value each for each share of the present
$100 par value, of which $242,000 has been
issued.
In addition, $15,800 of
additional $10 par value stock would be
prorated to the present owners.
—V. 130, p. 134.
At the special meeting
the articles of
$1,151,212
638,245
679,864
Accts. receivable.
Okmulgee Northern RR.—To Increase Capital—
to
$489,171
514,127
$
Cash
Officers of the company on June 8 asked
the Interstate Commerce
Commission to approve changes in its
capital stock.
An application
signed by T. M. Pierce, President, proposed that $150,000
of the company's
surplus be converted to capital.
The road would sub¬
the
53,778
.
Consolidated Balance Sheet Dec. 31
.
manufacturing facilities of
53,928
1935
Assets—
Middendorf, Inc..
5,000
Middendorf, Jr
Total
4,500
250,000
Listing of SecuritiesThe Board of Governors of the New York Curb
Exchange has approved the original listing applications to list
$20,000,000
1st mtge.
bonds, series A, 4K%, due May 1, 1951, on official notice of
Issuance for cash; $10,000,000
5% convertible debentures, due May 1,
K46, on official notice of issuance for cash; 22,200 shares convertible
6%
lior preference stock (par
$100) and 733,200 additional shares common
\
ek (par $15), on official notice of
issuance.—V. 142, p. 3864.
Oliver United
357,133
65,030
68,739
net profit for
owns
J. Wm.
.
$559,992
358,524
;
Balance
500
Trail &
$738,760
359,639
a 1932 also includes
Depot Motor Bus Lines,
1932. b Net figure.
No. of Shares
to Be Purchased
Penn Investment Co
42,000
34,500
$64,502
361,178
year
dated March
severally agreed to purchase,
subject to the terms and provisions of said contract, the number of said
shares set opposite their respective names:
Stone & Webster, Inc
Share Corp.
$654,593
3,398
91,203
$384,631
Dividends paid
conditions, to sell
Schoellkopf, Hutton & Pomeroy,
225,620
150.753
29,505
Y.
Transport. Co..
the remaining 250,000 of said shares
pursuant to contract,
12, 1936, with the following persons who have
Niagara
$1,115,133
497,864
61,029
.
under certain outstanding option warrants and
815 shares authorized to be
issued in exchange for certain debentures of American
Natural Gas Corp.
Company is further advised that 30,000 of said shares which are owned
by
Central Hanover Bank & Trust Co. are
subject to options to purchase from
said bank and that said bank has
agreed, under certain
Purchaser—
$636,936
17,657
$99,946
3,994
31,450
24,480
983,840
Divs.
purchase
to Be Purchased
$1,099,065
16,068
Other income—
280,000 shares of the capital stock of Gas Utilities Co.,
being 76.6% of the
380,451 shares thereof issued and outstanding, as of March
12, 1936, there
being excluded from said 380,451 shares 18,399 shares reserved for
Name of
1,779,687
812,847
536,500
$4,107,186
574,616
469,037
9,101
1,490,411
536,782
390,304
5
company,
No. of Shares
al932
55,491,442
677,131
561,732
$318,620
General
and
Name of
Purchaser—
1936
$814,549
495,929
Traffic...
Transportation
100.000
The company is advised that Central Hanover Bank &
Trust Co.
1933
$4,647,280
774,914
491,180
18,399
1,810,642
Depreciation
owns 460,965 shares of the com¬
being 83.81% of the 550,000 shares thereof
outstanding, there being included in said 550,000 shares 14
shares held in the treasury and certain shares
(2,043 shares as of Feb. 29,
1936) held for delivery pursuant to the plan and agreement of
reorganiza¬
tion of Oklahoma Natural Gas
Corp., dated Sept. 21, 1933.
In addition,
the company is advised that Gas Utilities Co. owns
$706,500 of first mort¬
gage 5% gold bonds, series B, a $950,000 general
mortgage extended 5%
gold bond, and $3,800,000 5% serial notes, series B, of the
company.
stock
1934
$4,053,216
637,011
432,521
10,210
1,586,219
506,206
463,042
.
Maintenance
Ownership and Control—Gas Utilities Co.
mon
issued
13,
Consolidated Income Account for Calendar Years
(Consolidated Chicago Motor Coach Co. & Gray Line Sight-Seeing Co.)
$1,400,000
1,050,000
1,050,000
1,000,000
750,000
750,000
600,000
500,000
400,000
350,000
350,000
200,000
200,000
200,000
200,000
200,000
200,000
150,000
150,000
400,000
400,000
400,000
300,000
—.
June
Corp.—Earnings—
no
par
value
(authorized, 120,000
(authorized 420,000
day's vacation for each full month
during the year.
In excess of 7,000 Packard
workers are entitled to vacations this summer.
Those with the
company less than one year will accumulate vacation credits
starting June 1, while those employed thereafter will start
their accumula¬
tions the first day of the
month following their
employment.
Packard is also setting in
operation a plan granting separation pay to
hourly rate employees cleared from the payrolls due to lack
of work or a
reduction in force.
After June 1 they will receive as
separation pay their
vacation credits accumulated
up to the time of their lay-off.
Volume
**
Financial
142
Retirement pay for hourly rate employees 65 years of age or over
also is
Employees with 15 or more years of service will receive $25
of past service if they retire.
Should they continue in service
they^will be entitled to retirement pay at the time of actual separation.
—V. 142 p. 3357.
provided.
for each year
Pacific
Operating revenues
Uncollectible oper. rev_-
Operating
Earnings—
Telephone & Telegraph Co.
Period End. Apr. 30—
expenses
1936—Month—1935
1936—4
Mos—1935
$18,270,892
66,228
12,590,232
$4,682,295 $20,155,307
17,228
67,692
3,166,693
13,722,067
$5,204,663
15,500
3,445,465
Rent from lease of oper¬
303
303
659,563
521,079
2,570,547
2,035,343
Net
operating income $1,054,206
$977,366
$3,795,304
$3,579,392
71
71
ating property—Cr
Operating taxes
-V. 142, p. 3356.
Paducah & Illinois RR.—Bonds Called—
A total of $139,000 first mortgage 4M% 40-year s. f. gold bonds have
been called for redemption on July 1 at 102M and interest.
Payment will
be made at the First National Bank of Chicago, Chicago, 111.—V. 140,
4076.
p.
Paraffine
Companies, Inc.—Rights to Stockholders—
4033
Chronicle
special loading and unloading requirements. A number are also
equipped with automobile loading devices.
In addition, there are under construction 4,700 box cars, all of which are
so designed that they can readily be converted for automobile use; 2,000
mill-type gondolas especially designed for handling long structural shapes,
pipe, &c., and for general mill purposes; and 300 70-ton covered, weather¬
proof hopper cars for the most economical handling of cement and similar
commodities in bulk, which are planned to save the shipper the cost and
delay of bagging or packaging.
Deliveries will be completed this year at a cost of $25,000,000.
During 1935, delivery was completed on a previous order of 7,000 new
all-steel freight cars placed in 1934, and costing more than $16,000,000,
making a total of 17,000 cars and an expenditure of over $41,000,000 for
new freight equipment under both projects.
Other outstanding improvements in freight service made by the Penn¬
sylvania recently include:
(1) Extension of store-door pick-up and delivery of merchandise freight
to all parts of the system and to practically all goods and commodities,
giving the public a complete door-to-door service and combining with it a
"cash on delivery" plan by which the railroad, if desired, collects theinvoice
price of the merchandise and remits to shipper.
(2) Extending to about 400 miles the radius of overnight or "first morn¬
ing" delivery of freight shipment.
*■<
(3) Improvement in freight train schedules between west and south
and the seaboard cities, including Boston, with proportionately quickened
to meet
time on the intermediate hauls.
Company proposes to offer to common stockholders the right to subscribe
for 23,803 2-20 shares of a new issue of 4% cum. conv. preferred stock,
Securities and Exchange Commission under the Securities Act of
amended.
Subject to this registration statement and amendments
(4) Greatly extending the use of portable steel containers for rapid and
transportation of less than carload freight, making possible
loading between points where traffic volume does not warrant a
through car, cutting down time in transit between communities an average
of 24 hours, releasing for other uses large numbers of box cars which had
previously been lightly loaded, and greatly reducing loss and damage.
(5) Development and operation of especially designed weather-tight
freight containers for handling cement, lime and similar commodities in bulk.
(6) Establishment in large cities of concentration stations for handling
less than carload freight, under a plan whereby freight is trucked between
the concentration station and all points in the surrounding area, and handled
by trail in the inter-city haul, thus ideally coordinating rail and motor
Time, July 1, 1936, in San Francisco.
The foregoing improvements are in addition to the completion,
the summer of 1935, of electrification of both freight and passenger
$100 per share, at the rate of l-20th of
at
stock for each share of
common
a
share of 4% cum. conv. preferred
stock held.
the
1933 as
thereto
becoming effective, stockholders of record June 12, will be entitled to sub¬
scribe for the 4% cum. conv. preferred stock for the price and at the rate
above stated.
No subscriptions for a fractional share will be accepted.
Subject to registration, it is expected that subscription warrants will be
mailed to each stockholder not later than June 14, and that subscription
warrants will expire unless exercised at or before 2 o'clock p. m. Eastern
Standard Time, July 1, in New York, or 3 o'clock p. m. Pacific Standard
A
registration statement covering these shares has been filed with
The company intends to offer to
others any stock not subscribed for
by
its stockholders.
Application will be made to list the 4% cum. conv. preferred stock on the
York and San Francisco Stock Exchanges, and it is expected that
New
trading
the exchanges in the subscription warrants will be authorized.
on
An amendment filed with the Securities and Exchange
Commission by
the company states that Lehman Bros, will underwrite 50%
shares of 4% preferred stock not subscribed to by present
of its 23,804
stockholders
each
and Dean Witter & Co. and Schwabacher & Co. will underwrite 25%
of the unsubscribed shares.—Y. 142, p.
3687.
Park Utah Consolidated Mines Co.—To Vote
on
Merger
adjourned annual meeting on July 1 will consider
the proposed merger of Ontario Silver Mining Co. into Park Utah Con¬
solidated Mines Co.—V. 142, p. 3357.
The stockholders at the
Peerless
$114,296
$13,352
—
tan passenger station at Newark, the complete reconstruction of the large
facilities in Philadelphia, and a vast program of tunnel and
grade-crossing improvements in Baltimore.
Train schedules have been
stepped up considerably in the past year, and air-conditioning has been
extended to a point where the Pennsylvania now operates the largest fleet
of air-conditioned cars of any railroad in the world.—V. 142, p. 3687.
passenger
Pennsylvania-Reading Seashore Lines—Earnings—
Dec. 29 '34
$15,616,213 $14,050,798
administration and
15,542,123
13,881,010
$74,090
100,744
$169,788
92,438
Federal and State income taxes (estimated).
$174,834
23,136
26,500
$262,227
19,974
42,973
Earned
$125,197
672,967
$199,280
607,309
1,507
general expenses
operating profit
Miscellaneous income
revenue
_
j.
surplus at beginning of year
*
682
Adj. of Fed. & State inc. taxes appl. to prior years
$808,096
97,968
32,535
4,625
$798,847
97,968
accrued—Class A stock.
accrued—Class B stockcapital stock tax for prior years
Dividends paid and
Dividends paid and
Federal
$672,967
$1.55
$700,878
$0.41
Earnings per share on class B.
otes & accts. rec_
$404,396
129,537
1,630,099
1,646,513
Gross
deficit
'
9,867
Cash
surr.
26,606
banks
a
24,501
8,164
24,043
1,517,065
700,878
Dr40,390
Capital stock...
Earned surplus
10,074
15,863
1935
8,164
Treasury stock..
46,073
35,843
1,517,065
672,967
Dr40,390
Retirement Act,
and
$
1,000,000
2,623,600
1,400
4,498,800
Invests, in affil. cos
2,045
638,593
2,176
607,001.
Investments
Cash
690,859
531,929
39,410
652,952
39,434
97,605
Traf. & car-service
Audited accts. and
Special deposits
affiliated
cos—
balances payable
300
300
Loans and bills rec.
539,389
626,462
459,101
1,362,438
Non-negot. debt to
63,120
Miscell. phys. prop
5,595,000
573,598
Funded debt-
1,790
469,772
1,240,870
1,000,000
2,623,600
1,400
4,498,800
8,415,000
Common stock
Stock liability
Deps. in
lieu of
mtgd. prop, sold
Other
15,211,236
$
$
Liabilities—
Preferred stock—
equipment. 15,247,944
1934
1935
1934
$
Assets—
Investment in road
wages
payable-_
RR. retirement fd.
contributions---
75,445
37,226
23,061
247,070
568,462
161,523
5,919
Unmat. Int. accrd.
1,200
22,993
439
Unmat. rents accrd
520
520
liabs__
16,357
10,771
21,251
14,856
Misc. accts. pay'le
agts.andcond..
207,360
313,471
150,227
259
816
2,949
322,269
Int. & dlvs. rec—
Other def. assets.-
Other unadj. debits
Int. matured unpd.
Funded
debt
ma¬
tured unpaid
Other
2,571
436,779
curr.
Other def. liabils—
1,200
707,386
Unadjusted credits
765,147
■
Add'ns to property
thru Inc. & surp-
739,143
(less res.)
c
the amounts charged to operating
of comparison,
General Balance Sheet Dec. 31
Other curr. assets-
Res. for Insurance-
760,322
purpose
Mat'l & supplies,.
26,500
b
$2,762,302
expenses beginning Aug., 1934, account of the Railroad
later declared unconstitutional, have been omitted.
Misc. accts. rec—
435,279
divs.—Class
State Inc. taxes.
val. life
>»insur. policies._
Deposits In closed
1,195,767
$2,623,044
Net bal.rec'le from
Prov. for Fed. and
75,264
9,517
100,890
taxes, suppl., &c
(at cost)--
Invest,
$1,566,534
1,095,919
Net deficit
$190,000
A stock
Prepd. exp.—Ins.,
$1,817,395
250,860
$1,527,125
-—
233,789
$1,697,564
170,439
Deductions from gross income
Dec. 29 '34
Accrued expenses.
Acer.
236,465
operating deficit
Non-operating income
$325,000
427,355
83,179
Accounts payable-
$225,721
128,476
Mdse. inventories.
$624,942
958,663
777,901
-—
Net railway
balances rec'le..
Notes pay. (banks)
Son hand.
$360,484
985,290
135
$683,198
(debit)
facility rents (debit)i—
Dec. 28 '35
Liabilities—
Dec. 28 '35 Dec. 29 '34
Assets—
$227,097
909,950
346
from railway operations
Traffic & car-serv.
Balance Sheet
Cash in banks and
$5,867,337
5,506,853
Railway operating deficit
Note—For
Miscellaneous charges
$5,686,966
5,459,868
Operating income
Railway operating expenses
Net
1934
1935
Years Ended Dec. 31—
Joint
Dec. 28 '35
Years Ended—
during
service
between New York, Philadelphia, Baltimore and Washington, including
the building of 101 new electric locomotives, erection of the new metropoli¬
Hire of equipment
I
(David) Pender Grocery Co.—Earriings—
Net
transport.
1935
1936
6 Months Ended March 31—
Net loss after taxes, depreciation, &c
—V. 142, p. 1653.
_
direct
Railway tax accruals
Uncollectible railway revenues
Corp.—Earnings—
Sales (net)
Cost of sales, selling, delivery,
convenient
1,356,985
defl.821,978
Profit & loss
1,356,985
1,208,214
Prop'y, plant &
equip, (at cost).
1
Goodwlll
18,604,434 19,182,659
Total
1
18,604,434 19,182,659
Total
—V. 142, p. 3688.
$3,071,794 $2,865,002
Total
a
in
|
$3,071,794 $2,865,002
Total
for depreciation of $1,411,610 in 1935 and $1,302,545
b Represented by 30,207 shares of class A stock, no par, and
After reserve
1934.
65,070 shares of class B stock, no par.
c
of class A stock at cost.—V. 141, p. 1105.
Represented by 2,216 shares
March
April
—
19,759,157
20,639,831
May
—V. 142, p.
17,591,998
16,976,710
"
-
1936
$1,612,984
1,651,507
1,587,299
April
May
1936
1935
1934
$13,964,419 $12,924,114 $12,440,233
13,692,430
12,040,899
11,741,901
16,282,456
15,511,314
16,484,080
Month of—
of—
March
(J. C.) Penney Co.—Sales—
January
February
Peoples Drug Stores, Inc. —Sales—
Month
January
February.
15,475,133
17,084,631
1933
$8,689,376
8,455,073
10,234,073
14,591.329
14,431,647
3357.
Pennsylvania RR.—Tenders—
Co., will until 11 a. m., June 30, receive bids for the
it of sufficient general mortgage 4H% bonds, series E, due July 1,
1984 to exhaust the sum of $250,000 at prices not exceeding par.
The Girard Trust
1,646,717
1,695,132
;
1933
1934
1935
$1,310,613
1,185.279
$1,322,136
1,250,116
1,450,922
1,324,034
1,336,054
$1,466,958
1,428,088
1,558,292
1,537,720
1,561,028
1,268,006
1,245.704
1,242,600
—V. 142, p. 3358.
Philadelphia Co. (& Subs.)—Earnings—
[Notincl. Beaver Valley Traction Co. (in receivership) and its subsidiary]
12 Months Ended April 30—
1936
1935
Operating revenues
$48,596,324 $47,091,962
Operating expenses, maintenance and all taxes
24,617,208 24,006,679
Net oper. rev. (before approp.
Other income (net)
$23,085,282
for retire. & depl.)$23,979,115
234,541
209,691
sale to
Details of
Modernization Work—
the 1936 modernization work of the road, the result
enable the carrier to handle more freight with 22,000
and further improve service, are contained in an article sub¬
mitted by M. W. Clement, President, to "Forbes Magazine," and published
June 12 as one of the prize-winning reports in the Forbes industrial mod¬
^
^
income (before approp.
res.)
$24,213,657 $23,294,974
Approp. for retire. & depletion reserves-6,969,084
7,028,837
Net oper. rev. & other
for retire. & depletion
Details regarding
of which will be to
fewer cars,
ernization
contest.
s
Significantly, the report shows, the Pennsylvania through an expenditure
for 10,000 new all-steel freight cars, will be able to scrap
32,000 cars of less desirable types, and at the same time step up its service
to the highest efficiency, utility and flexibility in the road's history. Hauling
nore freight with
22,000 fewer cars will also mean prompter service to
of $25,000,000
patrons and greatly increased expedition and economy in the daily operation
of 1,900 freight trains, in the maintenance of freight equipment, and in the
on-time forwarding of freight to destination.
Included in the neW equipment will be 2,000 50-ton automobile box cars
1,000 50-ton auto cars, the latter being designed
vehicles of all kinds, but also for the movement of light
and
not only for motor
and bulky products
requiring unusually roomy cars for convenient shipment.
Some of the
auto cars are being built with end doors, in addition to double side doors,
$17,244,572 $16,266,137
Gross income-
990,131
6,394,224
504,916
991,856
7,043,016
400,576
69,192
306,529
69 j 192
166,666
299,332
pref. stocks & min. int.
stocks of Phila. Co. $8,479,578
$7,295,495
Rents for lease of properties
Interest charges (net)
—
-
Amortiz. of debt discount and expense
Guaranteed dividends on Consolidated Gas Co. of
the City of Pittsburgh pref. capital stock
Appropriation for special reserve
Other income deductions.
Net income for divs. on
"
500,000
of subs. & on pref. & com.
—V. 142, p.
Pere
3866.
.
Marquette
Ry.—Pays
Last
of
$3,000,000
RFC
Obligation—
The company
by virtue of improved business resulting from
pickup throughout its
district, has been able to accumulate
the general
enough cash
4034
Financial
Chronicle
June
to pay off its
final obligation to the Reconstruction Finance Corporation.
Company has made a payment of $1,000,000, the second of that amount
made this year, thus eliminating its obligation to the Government
agency
which amounted to $2,000,000 at the end of 1935 and which
originally
was
$3,000,000.—V. 142, p. 3688.
Earnings—
Freight
Passenger
Mail, express, &c
Incidental, &c
an
Total oper. revenue..$16,945,794
initial quarterly dividend of $1.31 M
per
the 5)4 % cum. pref. stock, par $100, payable July 1 to holders of
on
record June
15.—V. 142, p. 3010.
1933
Calendar Years—
1935
$1,640,447
$1,310,008
1,426,421
1,035,327
858,235
208,186
186,065
130,494
87,088
63,622
59,495
.
(Reclassified)
discts.,
Cost
1934
$2,203,190
Sales and rental income, less
returns and allowances
selling,
and
of sales
operating,
and administrative expenses
Prov. for depreciation & obsolescence
other than estimated amounts
Expenditures during the year
development and research
Profit from operations.
for
$481,495
...
y
$355,432'
$261,783
$1,475,991
5,336,148
Traffic expenses
317,075
Transportation expenses
5,591,634
Gen. & miscell. exps
937,335
13,904
261
197
9,824
5,470
$505,623
$369,533
17,627
50,070
$277,077
22,368
38,000
7L789
Profit for year.
Consolidated
$427,834
Statement
of Eearned
$301,835
Surplus for the
$216,708
Years Ended Bee.
1935
Balance at Jan. 1
Profit for year ended Dec. 31 (as above)
Credit arising from expiration of dividend
$968,668
427,834
_
not
31
1934
Railway oper. income. $2,032,428
Equip, rents, net credit.
1,727,756
Jt. facil. rents net debit
Cr2,214
$1,566,646
1,766,714
28,527
$1,526,433
1,451,620
71,933
$208,611
1,504,081
65,594
$3,762,399
$3,304,833
$2,906,119
$1,647,098
$1,326
46,958
$1,008
46,389
$77
52,432
$850
62,518
333,180
50,281
533,782
310,584
48,015
372,106
324,402
62,447
853
4,000
1,282
4,000
1,375
3,874
1,365
$406,440
4,168,839
$692,437
3,997,270
$950,266
3,856,385
$827,562
2,474,660
$91,093
32,422
170,117
598,701
31,133
$223,865
52,237
415,097
348,653
36,256
$445,883
72,052
379,048
379,116
15,035
$488,539
91,867
365,254
139,479
21,639
$923,466
3,245,373
$1,076,108
2,921,162
$1,291,135
2,565,250
$1,106,778
1,367,882
Other Income—
Inc. from lease of road-.
301,835
scrip
2,214
Total
$1,396,501
213,784
1,138,211
169,543
$1,182,717
$968,668
Dividends
Miscell. non-oper. phys.
property.
Dividend income
441
securs..
& accts
30,731
Income from sinking and
other reserve funds.-.
4,000
Inc. fr. unfd.
sec.
Miscellaneous income
Total other income...
Gross income
...
Deductions—
Rents for leased roads.
Interest
Int.
—
Assefs—
1935
1934
$457,602
1935
153,529
419,536
Adv. meter
sundry debtors.
Postage meters
11,206
foreign sub..
Fixed assets
60,829
rentals,
347,286
278,685
Res. for deprec. &
1,782,407
338,447
1,326,018
1,244,707
518,038
23,609
518,038
23,570
1,545,825
..$5,089,261
1,700,083
14,997
1,182,717
Surplus or year
of capital stock
outstanding (par $50).
Earns, persh. on cap.stk.
y
1,696,818
1,451,354
1,610,819
Capital stock in
treasury
Dr25,390
Z>r25,918
$5,089,261
Total
Road & Equip..
Inv. in aflil. cos.
$4,409,785
Period End. April 30—
Gross earnings
1936—Month—1935
$33,775
$27,257
18,137
12,768
1,941
1,591
2,828
2,564
Operation
Maintenance
Taxes
Interest
charges
-V.
$329,751
180,300
22,497
31,254
146
Balance
$10,867
Appropriations for retirement reserve.
Preferred dividend requirements
Balance for
1936—12 Mos—1935
common
$10,185
dividends and surplus
$324,960
215,778
18,700
27,632
1,974
497
$95,201
30,000
25,207
$60,874
36,666
25,463
$39,994
def$l ,255
142, p. 3185.
Potomac
Electric
Issue $15,000,000 1st
Power
Co.—Piles
with
SEC-
8,076,227
300,000
17,481,348
Advances
are to be redeemable at the option of the
company in whole
by lot at 106% if redeemed on or before June 30, 1938, the
premium thereafter decreasing )4 of 1% on July 1, 1938, and on each July 1
annually thereafter to and including July 1, 1961, on and after which
date redemption may be effected at par.
The registration statement gives a proposed maximum
offering price
of 105%, but the price at which the bonds are to be offered is to be
supplied
by amendment to the registration statement along with the underwriting
discounts or commissions and the names of underwriters of the issue.
part
The company is a member of the North American Co.
system.—V.
p.
"l2",792
Misc. phys. prop
Cash
1,644,840
3,191,036
61,695
419,778
303,898
1,079,562
25
Misc.Curr. liabil
36,182
2,309
114,417
356,825
rec.
61,700
421,945
551,834
1,943,212
1,543,540
._
496,467
1,147.080
assets
debits..
Special deposits-
2,070
Agents & conduc
Mat'l & supplies
■2,874
162,080
443,785
143,582
1,550,802
57,699
190,454
2,093,601
_
Def. credit items
equip.
1,266,891
25
1
6,714,342
148,695
17,948,462
Pitts.
McKeesport &
Yougbiogheny
RR
Ins. & cas'lty res
119,404
Unadjust. accts.
6,258,157
597,507
6,391,097
112,047
508,506
2,894,342
35,891,838
38,220,137
Add'ns
through
inc. & surplus
Profit & loss.
113,686,245 121,382,908
82,712
Deprec. (equip.) 18,873,660
Accrued deprec.
Total
2,891,032
113,686,245 121,382,908
—Y. 142, p.3689.
Postal
Period End. Apr. 30—
Railway
Telegraph & Cable Corp.—Earnings—
oper. revenues.
-
1936—Month—1935
$1,635,065
$1,153,769
1,276,908
1,002,520
132,376
88,376
1935
1934
1933
$4,981,134
4,131,519
392,656
Uncoil, ry. revenues
$28,625,794 $28,215,128 $27,229,462 $27,742,610
Operating & gen. exps.,
taxes & depreciation.. 27,227,131
26,966,704
26,309,894
27,422,115
Net earnings
Charges of assoc.
General
cos...
charges of
P. T.& Cable Corp...
Int.
Net
x
$1,248,423
236,597
$919,568
202,705
180~562
127",418
706",509
573,818
Net ry. oper. income.
$406,343
14,101
$190,291
42,189
$1,179,381
59,886
loss
86,538
x2,538,215
60,038
2.542,328
59,423
2,524,419
56,967
2,446,807
$1,590,540
$1,866,978
$2,353,982
Accrued but not paid.
Consolidated Balance Sheet Dec. 31
1935
$
Special
income
$420,444
81,081
8,296
$232,480
44,162
46,790
$1,239,267
220,417
31,619
$1,202,017
204,532
185,644
$331,067
Miscell. deductions.
Fixed charges
$141,528
$987,231
$811,841
Credit balance.
Operating Statistics for Calendar Years
1935
234
Miles operated
Tons
(rev.) freight
Company's freight
Rev. tons 1 mile
Co. freight 1 mile
Bituminous
600,331
1463320,940
29,718,060
11,231,588
coal
Coke
586,580
ore
Stone, sand, &c..
Passengers carried
Passengers 1 mile
Earns, per ton per mile.
Tons load (all)
,
Gross earnings per mile.
22,909,797
2,671,714
2,115,683
1,300,505
33,216,879
1.09 cts.
1,830
$72,470
1934
234
1933
234
1932
236
15,619,972
20,801,691
18,746,079
539,389
575,102
372,450
1424597,634 1254928,559 1158987,160
27,332,366
21,408,441
16,302,840
12,172,169
10,264,906
10,098,615
443,266
353,539
186,430
1,422,695
1,490,881
745,083
1,624,307
1,537,959
1,019,929
1,314,837
1,312,517
1,558,160
32,625,606
31,330,466
38,146,126
-
charges,.
Miscellaneous investments
Cash...
Materials and supplies
Total
x
1.00 cts.
1.08 cts.
1,766
$62,405
1,877
$53,163
Minority stockholders' equity in common stock and
surplus of associated companies
....
Due to I. T. & T. Corp. and associated
companies.
Accts. payable, interest and taxes accrued
Employees' benefit and pension reserve.
Notes payable
Accounts and wages payable
Insurance and casualty reserves
Divs. accrued On pref. stock of Mackay Cos
Other deferred liabilities
Accrued taxes and interest
__
...
Interest
on bonds
payable Jan. 1
Reserve for deprec., replacements & renewals
x
Represented by 1,017,650 shares at
1654.
30,848
50,670,210
2,572,848
2,629,340
7,914,601
2,660,073
1,298,686
106,266
88,894
107,918
339,496
34,630
50,670,210
2,513,872
11,058^072
-
Total
p.
25,441,250
30,529,500
683,800
1,708,197
260,422
reserve
Paid-in surplus
Deficit
0.99 cts.
1,855
$65,204
25,441,250
30,529,500
683,800
Non-cumulative preferred stock
Preferred stock of Mackay Cos
Special foreign exchange
$
126,271,930 125.758,632
Liabilities—
Common stock
Funded debt
1934
111,591,294 110,899,671
4,925,192
5,168,193
134,575
87,198
256,820
271,496
527,649
453,887
20,166
26,024
3,696,456
3,665,091
3,444,382
3,330,307
1,700,901
1,831,259
deposits
Bond discount and expense
Prepaid accounts and other deferred
$1,030,777
171,240
Other income
$320,495
170,703
,
$1,418,052
coll. trust 5s
on
$1,398,663
191,961
int.
Accounts and notes receivable
Equip. & jt. facil.rents *
1932
Gross earnings
Plant and property
Inv. in & advs. to affiliated allied companies
1936—4 Mos.—1935
$5,897,066
4,949,880
474,314
,
Earnings for Calendar Years {Including Associated Companies)
Assets—
Railway oper. expenses
Railway tax accrual s
Iron
debt to aflil.cos
Traffic bals. pay
Dlvs. declared
Taxes accrued.
Deferred assets.
Unadj.
Non-negotiable
3,013,114
&c
curr.
799,856
1,635,826
Interest matured
Misc. accounts.
Oth.
285
446,000
819,752
debt
2,224,192
Accrued interest,
divs.,
S
43.182,500
285
4,538,114
574,906
1,017,058
deposits
Traffic bals.
Funded
1934
S
43,182,500
Accts. & wages.
142,
Pittsburgh & Lake Erie RR.—Earnings—
♦
35,266
Time drafts and
2001.
Net
7,661,427
599,773
24,663,380
3,500,000
12,792
Bonds
Total
The bonds
in
accumu¬
a
purposes.
or
Liabilities—
Capital stock
Prem.onstk.sold
Notes
Mtge. 3}{s—
Securities and Exchange Com¬
registration statement (No. 2-2232, Form A-2) covering $15,000,000 1st mtge. bonds, 3)4% series due July 1, 1966.
According to
the registration statement, the company intends to
apply the proceeds
from the sale of the bonds to the following purposes:
(a) The payment at maturity on July 1, 1936, of the $3,922,000 5%
consol. mtge. gold bonds outstanding.
(b) The payment on redemption on or before Oct. 1, 1936, of the $3.264,900 gen. & ref. mtge. gold bonds, series B outstanding.
(c) The balance for additions to. and improvements or replacements
of, the plants and properties of the company, and for general corporate
863,650
$1.59
charged to
1935
$
74,775,023
■Would
The company on June 5 filed with the
mission
863,650
$2.97
were
1934
74,643,730
Other investm'ts
Co.—Earnings—
1935,
General Balance Sheet Dec. 31
(no par) in 1935 (858,989 in 1934).
y 8,422 shares at
cost in 1935 and 8,554 shares at cost in 1934.—V. 142,
p. 3520.
Ponce Electric
$406,125 def$791,243
$3.38
to and incl.
$
Stocks
$4,409,785|
863,650
1935
Assets—
880,489 shares
x
$762,037
863,650
$3.76
Note—Dividends from 1932
lated surplus.
968,668
x
$222,598
Shares
15,574
Earned surplus
goodwill,
developmentDeferred charges..
&
obsolescence.
Capital stock
Capital surplus
326,294
Patents,
Total
$49,775
88,252
&c
12,739
on
rental service
$84,497
foreign taxes.
and
Netincome
256,062
Dividends —Per cent.(7%)3022,775 (5)2,159,125
(5)2,159,125 (5)2,159,125
crued int., &c._
Federal, State and
Rec. from officers,
employees
1934
Accts. payable, ac¬
269,321
_
Inventories
Inv.
Total deductions
Liabilities—
$165,545
362,611
Accts. receivable.
cos.
Other miscell. charges..
Consolidated Balance Sheet Dec. 31
Cash.
_
funded debt.
on
unfunded debt-.
on
Inc. transf. to other
Balance at Dec. 31
234
173,121
149,008
Inc. from fund,
$834,161
presented for exchange.
$1,001,587
4,445,702
305,827
4,747,774
713,406
$13,658,184 $12,860,601 $11,972,709 $11,214,296
(80.60)
(84.40)
(82.10)
(89.56)
3,287,610
2,376,342
2,610,128
1,307,681
Railway tax accruals
1,131,720
807,235
1,083,649
1,097,675
Uncollectible ry. rev...
123,462
2,460
47
1,395
Miscell. rent income...
Int. and disct. on funded debt, &c..
Prov. for Fed., State & foreign taxes-
$1,178,995
4,941,342
285,911
4,842,204
724,257
Total expenses
Per cent exp. to earns
Net railway oper. inc.
23,866
$1,294,201
5,205,515
297,276
5,208,455
855,153
Net railway revenue
Proportionate share of year's profits of
British subsidiary, less adjustment
Other credits.
$15,236,943 $14,582,837 $12,521,976
Expenses—
Maint.ofway&struct..
Maint. of equipment—.
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
1936
1935
1934
1933
1932
$15,918,415 $14,184,311 $13,580,502 $11,491,317
537,248
561,715
531,637
659,989
297,393
294,513
302,237
243,233
192,739
196,403
168,460
127,438
Phillips Packing Co., Inc.—Initial Preferred Dividend—
The directors have declared
share
13,
Income Account for Calendar Years
_•
11,828,495
7,543", 931
2,660,073
1,404,025
61,542
135,584
421,524
1,269,691
1,480,190
261,180
11,058,072
10,410,445
.126,271,930 125,758,632
a
stated value of $25.—V.
142,
Railway & Light Securities Co.—Asset Value—
[^"Pittsburgh Steel Co.—Tenders—
The Union Trust Co. of Pittsburgh will
until noon, June 19, receive bids
for the sale to it of sufficient 20-year 6% s. f. debenture gold bonds dated
Feb. 1, 1928 to exhaust the sum of $250,569 at prices not exceeding 104 and
interest.—V. 142,
Postal
4035
Financial Chronicle
Volume 142
p.
a
share on
3689.
1936—4 Mos.—1935
1936—Month—1935
received
statement.—Y. 138, p. 2939.
Teleg. & cable oper.revs.
Teleg. & cable oper .exps.
$1,997,550
1,751,507
$1,913,510
1,706,702
$7,537,945
6,997,072
$7,183,579
6,775,991
Uncoilec. oper. revenues
7,500
40,000
15,000
41,666
30,000
160,000
60,000
166,666
$198,542
3,365
$150,141
2,126
$350,000
10,307
$180,921
3,656
$201,907
236,117
$152,267
227,531
$361,179
940,040
$184,577
903,147
Taxes assign, to oper
$34,210
$75,263
$578,860
$718,569
Non-operating income.
Taxes assign, to oper
Operating income
Non-oper. income.
R. C. A.
Communications, Inc.—Earnings—
Teleg. & cable oper.
Teleg. & cable oper.
Other oper. deficits
Net deficit
.
revs
exps
Prudence Co.,
Inc.—Would Oust Trustees—
innuendo
falsehoods.
and
"We shall go thoroughly into its subject matter and the motives which
have inspired it at the proper time and before the proper tribunal."—V. 142,
3872.
(& S\ih&.)Earns.
Public Service Co. of New Hampshire
1935
1934
103*3
1932
$4,966,736
337.450
419,634
$5,032,275
$4,673,095
269,658
$4,838,968
Calendar Years—
Operating income
Maintenance expenses
_
_
Depreciation
Taxes
1,582,248
operating expenses
Gross income
1,390,032
38.063
x42,757
10,642
$767
49,539
$45,277
166,744
$38,250
$39,399
28,711
$50,306
35,124
$212,021
135,831
$212,665
144,466
$10,687
_
$15,182
$76,190
$68,199
_
$1,882,742
737,055
6,087
:$1,866,187
/30,848
13,449
$2,120,479
699,555
84,656
5,087
Other interest
69,848
65,369
J.
4,947
715,701
Amortization of debt dis¬
Cr251
25,665
24,804
$1,044,424
544,565
300,000
$1,020,675
545,242
300,000
$1,241,009
545,097
300,000
$185,364
_
Balance, surplus
24,548
$979,676
544,312
250,000
year.'
:
$199,859
$175,433
$395,912
Revised figures.
Consolidated Balance Sheet Dec. 31
1935
1935
$
Liabilities—
1934
$
1934
$
Assets—
$
<
15,779,000 15,779,000
Note pay. (bank).
375,000
Accounts payable186,281
161,691
hand
218,171
269,191
Unclaimed divs. &
Accts., rec., &c
715,015
2,029
329,012
114,749
574,305
11,826
331,313
10,841,061
24,105
Fixed capital-.... 32,180,592
Other land & prop.
197,531
Cash
on
in
banks
&
Notes receivable.
-
Materials & suppl.
income—
Unbilled
Cash
with
31,753,630
272,176
rec.
int.
on
149,243
21,064
15,114
for
Prov.
(not
investments
Treasury stock
179,896
95*, 216
284,537
Bonds called for
bond
tured
13,269
49,823
cum.
cum.
x
46,964,980 35,368,3061
Maintenance
Common stock..
4,777,459
250,423
1,207,640
.46,964,980 35,368,306
Total
sruplus of
34.733
$471,006
321,690
$547,991
317,748
—
.
Balance
$230,243
Appropriations for retirement reserve
Prior preference dividend requirements
Preferred dividend requirements
Nov. 19, 1935, two cash dividends were declared, each of 3134 cents
share, on the 5% prior preferred stock.
These two dividends, amount¬
$149,316
Deficit for common dividends and
surplus
3867.
,
J
J.
j
to all and have
The directors and officers
recommended its adoption.
1936
'
1935
1934
$39,358,234 $33,388,891 $27,912,501
13,000,241
16,948,531
19,463,003
12,498,881
13,613,807
Selling & admin. exps__ 15,477,800
Net
sales
Cost of sales
Loss of foreign
consolidated
subs, not
$6,187,121
416,799
$6,603,921
3,845,055
$2,758,865
1,381,669
550,000
1,583,970
$756,773
70,509
10,205
$2,816,347
$5,218,682
$3,703,913
$3,171,950
793,643
998,041
728,779
1,007,169
1,019,213
x$788,013
697,601
1,071,648
153,596
23,767
of prop-
charges
217,374
$1,750,591
$1,264,941 x$2,581,030
$2,374,485
$1,750,591
$1,264,941 x$2,581,030
1,380.284
$1.24
1.290,987
$0.39
109,621
526,182
5% prior pref. div__
6% pref. stock divs
Surplus
^k&t^ading1 (par°il)
x
$5,526,097
416,800
Consolidated Balance Sheet
$5,942,897
3,900,760
$2,042,137
1,352,976
550.000
1,583,970
Accts.,
Invest.
$1,444,808
4,410,149
Accr.
.
drafts and
less reserves
16,421,107
$78,641
def$748,716
Total revenues
$145,892
$127,673
$659,556
Total expenses
91,252
121,928
513,051
$54,640
$5,744
$146,505
10,833,019
9,177,732
-11,648,770 10,788,550
Operating income
3521.
coupons
1,023,488
850,867
Res .for rents of oc-
9,384,178
1,576,919
843,185
9,273,323
306,813
835,039
Dividends payable
Properties
ple'n of contr'ts.
occupied
-
leased
44,065
premises
Deferred charges to
a
patents,
1 10,000,000
Other liabilities-
Res. for Ins.,
5H%
75,053
54,810
351,281
455:656
&c.,
reserves..
283,821
1,048,257
debentures.
281,870
1,012,984
17,453,000
4J|% debentures.20,000,000
7% 1st pref. stock
($100 par)
15,684,000
8% 2d pref. stock
($100 par).....
1,855,400
5% prior pref. stk.
(par $25).
z4,911,032
$6 pf.stk.(par $25) 4,384,850
Com. stk. (par $1) 1,380,284
1,290,987
Capital and initial
$66,713
$1,124,093 df $1,503,641
257,365
& com-
1,550,383
900,943
& advs—
$554,494
487,781
def$40,117 def$875,720
—V. 142, p.
1,308,518
409,129
Res. for unredeem.
y5,727,930
surplus.— 2,248,245
surplus
Earned
Taxes accrued
1,501,772
payrolls, &c
for. income taxes
1,804,970
$l,857,797df$1.033,026
$2,004,302 def$966,313
880,209
537,328
$
554,992
Res. for U. S. and
16,645,409
$133,282 def$742,971
173,400
132,749
Total n«t revenue
1935
796,916
int.,
taxes,
machines 2,372,077
Other assets
Goodwill,
$
Liabilities—
Accounts payable.
receivable,
Inventories
1936
$
7,169,699
hand
March 31
1935
$
Cash in banks and
x
1,290,987
Nil
subsidiaries, not consolidated because of
applying to remittances therefrom)
1936
Assets—
on
1.290,987
$0.01
Loss*
(Excepting wholly-owned foreign
foreign exchange restrictions
1936—4 Mos.—1935
Auxiliary Operations—
Net revenue.
734,201
416,709
taxes.
$3,675,007 $18,278,904 $15,612,383
4,423,724
-
$2,413,379 x$l,477,837
689,824
758,571
887,565
$3,010,288
income
Ac...!
4,359,731
expenses
11,541,292
12,420,152
$4,346,923
871,759
Res. for conting's.
1936—Month—1935
$4,438,372
1933
$22,483,607
_
Co.—Earnings—
revenues
believe that the plan is fair
for Years Ended March 31
oper.
Period End. Apr. 30—
Sleeping Car Operations
±
m
of the company.
Earnings per share:
—Y. 142, p. 3867/
Net revenue—
and April 1, 1936, respectively.
$6 preferred stock, payable in
5% prior preferred stock of the company, was declared on Nov. 19, 1935,
and was paid on April 1, 1936, for the two quarterly periods ending Dec. 31,
1935, and March 31, 1936.
u
^
,
0,,,
On April 21, 1936, directors declared cash dividends of 31M cents per
share on the 5% prior preferred stock and $1.50 per share on the $6 pre¬
ferred stock for the quarter ending June 30, 1936, payable July 1, 1936, to
stockholders of record June 10, 1936.
In addition, dividends were declared on April 21, 1936, on the common
stock, consisting of 15 cents per share in cash and 1% payable in common
stock of the company, to stockholders of record June 10, 1936, payable
July 1, 1936. •
i
u
Stock subscription rights are to be issued to common stockholders on
July 1, 1936, entitling them to purchase common stock at $27.50 per share
on the terms and conditions announced in our letter of May 1, 1936.
A plan of recapitalization has been submitted to the stockholders for the
purpose of simplifying capital structure and affording an opportunity to
the preferred stockholders to share in the current and expected prosperity
operations
Total
stock.
ing in total to $109,621, were paid on Jan. 2
A stock dividend of $3 per share on the
b Rental
Total
common
t0On
per
notes
Pullman
T
,,
capital sur¬
$10,000,000
(& Subs.)—Earnings
$436,273
$513,258
34,733
Balance..
Balance
,,
t
3,220,257
8,392,100
1,029,200
4,777,459
232,898
1,144,484
193&—Month—1935
1936—12 Mos.—1935
$1,191,778
$1,105,132 $14,165,097 $13,445,606
445,652
442,436
5,448,531
5,206,076
65,623
62,262
778,035
782,141
167,244
164,160
1,751,408
1,931,290
Inc. from other sources.
Interest & amortization
.
The resulting capital
additional
of
Interest
10,841,061
3,849,900
pref. stk_. 8,277,700
pref. stk._
953,000
Puget Sound Power & Light Co.
Taxes
'
.
approved by the stockholders on July 30,
$8,682,003 was used, together with $1,317,996 of the existing
plus, to write down the item of goodwill, patents, &c., from
shares
Prov. for depr.
int.
Represented by 120,000 no par shares.—Y. 142, p.
Operation
.
,
1935, brought about the reduction and reclassification of the preferred stocks
outstanding as of July 31, 1935, and the settlement of accumulated and
unpaid preferred stock dividends to Oct. 1, 1935, by the issuance of 5%
preferred stock, $6 preferred stock (callable at $100 per share) and 87.697
re¬
ma¬
Capital surplus
Earned surplus
Gross earnings.
close of the fiscal year.
The plan of recapitalization
(contra)
1,672,346
$5
April 30—
increase of
97,718
& divs. unclalm.
2,206,649
$6
Period End.
an
,
.
demption,
13,304
173,074
Reserves
Total
$39,358,234,
17.88% over the previous year and 47.68% over two years ago.
Net profits of company and subsidiaries for the year, after all deductions,
amounted to $3,010,288, an increase of 71.96% over net profits of $] .750,591
for the preceding year.
,
The comparative consolidated balance sheet shows that the company s
20-year 5M% debentures, series A, amounting to $17,453,000, have been
retired except as to the unexchanged debentures, which have been called
for redemption on May 19, 1936, and new 20-year 434 % debentures issued
in the amount of $20,000,000, thereby effecting an annual saving in inter¬
est charges.
Of these new 434% debentures, $15,704,500 were issued in
exchange for the old 5H % debentures in accordance with the plan and offer
of exchange which became effective March 10, 1936, and $4,295,500 were
sold during the .month of March, 1936.
The proceeds were used for the
deposit to redeem the remaining balance of $1,748,500 of the 20-year 534 %
debentures, series A, and to increase the company's cash position as of the
.«
102,196
thereon._
terest
Prepayments & de¬
charges..
Remington Rand, Inc.—Annual Report—
J. H. Rand, Jr., President, says in part:
Net sales for the current fiscal year were
&c.,
&
in¬
deposits
62,194
37,189
108,875
14,105
161,764
Federal
income tax
current)
ferred
24,105
(contra)
funded debt
Consumers,
Other assets
3361.
Consolidated Income Account
Other accr. liabil—
Special deposits
—V. 142, p.
bonds
on
Accrued
instalment
contr.
Misc.
& int.
Accrued taxes
agents
Mdse
Funded debt
115,623
trustee
fiscal
(contra)
income
Net
,
92.030
16,449
Miscellaneous
Net inc. for the
Preferred stock
Common stock
70,627
79,324
count and expense
Int. chgd. to construct'n
Additions to general res'
for investments
x
174,415
329
$1,878,788
706,612
_
Interest on funded debtInt. on notes payable.
$2,120,150
371,016
786,844
$1,840,725 x$l,839,984
Non-operating income.
308,154
325,843
752,943
1,331,879
$1,855,545
330,545
433,284
846,018
xl ,582,444
786,679
Other
<fc
4,000
45,750
def$6,303
45,701
Operating income
Deductions
A petition seeking the removal of former Supreme Court Justice Stephen
Callaghan and former Assistant United States Attorney William T. Cowin
as trustees in reorganization proceedings of the company was filed June 9
in the Federal Court in Brooklyn.
The petition was filed by Clarence
McMillan, an attorney of 2 Rector Street, Manhattan, representing Joseph
and Louis Sandel, as the committee of Benjamin Sandel, a disabled war
veteran.
The committee was appointed by the Supreme Court in Man¬
hattan.
The petition stated that Joseph and Louis Sandel seek leave to
intervene in the reorganization proceedings which are pending in the Federal
Court in Brooklyn before Judge Grover M. Moscowitz.
The petition does
not mention John N. McGrath, the third trustee in the Prudence reorgan¬
ization proceedings.
6
After the filing of the petition Mr. Callaghan and Mr. Cowin gave out a
joint statement.
It said:
"The petition for our removal contains just enough distortion of facts
to conceal from any one not familiar with the complicated affairs of the
Prudence Co. that the petition is a malicious composition of insinuation,
x
4,000
67,112
142, p. 3360.
Gross income. J
p.
1936—4 Afos.—1935
$1,480,988
$1,343,259
1,238,974
1,339,297
16,286
25,303
1936—Month—1935
$355,606
$333,603
315,178
339,178
4,771
6,378
1,000
1,000
11.887
15,352
Period End. Apr. 30—
Uncoil, oper. revenues..
Gross income
Deductions
—Y.
Corp.—Withdrawal of Registration—
Raritan Petroleum
The Securities and Exchange Commission, upon request or the company
on June 3, has consented to the withdrawal of the registration
Telegraph Landline System- —Earnings—
Period End. Apr. 30—
of the common stock on May 31 was
share, comparing with $24.40 on Dec. 31, 1935, and $16.12 a
May 31, 1935.—V. 142, p. 3185.
The company reports asset value
$27.49
7,031,526
598,306
Total
44,165,885 48,709,872
a
Reserves for completion of contracts (long-term), rents of unoccupied
leased premises (long-term) and other liabilities,
b After depreciation of
Total
44,165,885 48,709,872
/
4036
Financial
Chronicle
dividends of 10K%, after paying 4% on the preference shares.
arises in part from slight rises in prices
increase in our turnover.
The increased profit for the year
in various countries and in part from an
Earnings for Calendar Years (in Florins)
The directors have declared
addition
extra
an
dividend of 10 cents per share in
the regular
to
quarterly dividend of 20 cents per share on the
$10, both payable July 1 to holders of record June 1'5.
were paid on Dec. 27 and July 1, 1935, Dec. 27 and
July 2, 1934, and on Dec. 27, 1933.—V. 141, p. 4023.
capital stock,
Admin., &c., expenses-Service of 4% dollar de¬
1932
35,343,085
239,811
35,139,620
247,247
1,000,000
1,583,051
26,880
3,978,750
28,303,692
25,200
2,368,000
2,353,172
1,000,000
599,835
22,500
2,934,632
54,279,189
Divs. on pref. shs. (4%)60,000
Ordinary shares (6%)-_ 30,217,440
38,131,575
60,0p0
30,217.440
30,546,306
60,000
30,217,440
24,001,749
7,854,135
93% of above surplus- 22,321,627
6% on ord. as above-- 30,217,440
30,217,440
278,605
30,217,440
815,070
7,304,345
30,217,440
547,472
139,165
53,790,759
ordinary div— 52,880,520
cent—
(10 H%)
38,208,423
37,771,800
(7^%)
30,764,911
30,217,440
(6%)
30,496,045
30,217,440
(6%)
910,239
436,623
547,471
278,605
1,100,000
benture loan
par
Similar extra dividends
44,549,413
297,150
58,073,753
301,364
Income-.-.
1
1934
1935
Reece Button-Hole Machine Co.—10-Cent Extra Div.—
1936
amounted to fl. 54,279,189, allowing of
The net profit for the year 1935
$2,062,398 in 1936 and $1,806,750 in 1935.
x After depreciation of $14,626,921 in 1936 and $14,155,767 in 1935.
y Set up at the inception of the
company and in connection with restating value of pref. and common stocks,
less
charges thereagainst.
z Issued
and outstanding,
175,394 shares,
$4,384,850; to be issued April 1, 1936, as capital stock div. on the $6 pref.
stock, 21,047 7-25 shs., $526,182.—V. 142, p. 3521.
June 13,
------
3,767,516
Difference in exchange..
Contractual obligationsInt. on dollar deb. loan.
_
_—
Republic Steel Corp.—Acquisition—
Purchase of the Canton Tin Plate Corp. of Canton, Ohio, as of July 1,
for an unnamed cash consideration, was announced on June 8.
The trans¬
action is subject to corporate approval.
The property in Canton consists of nine tin mills, with complete
finishing
departments.
It will be operated as a partt of Republic Steel.
The com¬
employs approximately 700 men. W. H. Davey has been its President.
142, p. 3690.
pany
Profit
Surplus
River Raisin Paper Co.—Resumes Dividends—
have
declared
dividend
a
of
10
cents
share on the
common stock, payable July 10 to holders of record June 24.
This will
be the first payment made since Aug. 15,
1928, when a dividend of 20
cents per share was distributed.—Y. 136,
p. 4286.
Rochester Distilling Co.,
per
Rose's, 5, 10 & 25 Cent Stores, Inc.—Sales—
Month of—
1936
January
FebruaryMarch
1934
$213,387
241,914
295,556
315,913
310,872
308,669
350,704
397,643
April
May
units in
operation in May
as
$186,000
199,420
237,260
206,861
235,262
Carried forward
Balance Sheet as at Dec
value, both payable July 1 to holders of record June 20.
An
paid on Dec. 31,1935, and an extra of $1 was
Feb. 10,1934.—V. 141, p. 3701.
Royal Dutch Co.—Re-port for 1935—
The report submitted by the management to the board of Commissaries
states in part:
year
82,180 ^643
193,444 ,108
3,652 ,454
52,764 ,418
Claims
on
60,000,000
199,887,526
2,310,871
39,033,112
t\7K 70A
undertakings.^
Debtors
-
Debtors for dividends
of
Service
the
494,876,000
393,696,337
96,417
de¬
dollar
4%
91,351",856
193,426,538
605,284
27,379,385
9,900 ,000
11,000,000
1,254,147,055
1,201,472,131
1,201,431,817
998,500,000
1,500,000
31,616
100,000,000
998,500,000
1,500,000
40,768
60,000,000
998,500,000
1,500,000
67,184
100,000,000
6,448
7,905
benture loan—
Liabilities—
on
Generally speaking the
494,876,000
392,774,140
1,014,752
deposits
Securities
Total
extra dividend of 50 cents was
distributed
1Q33
1934
494,876 .000
417,245 ,620
83 ,813
Short-term
2,252,353
31 {in Florins)
1935
Assets—
Unissued share capital
Share holdings, less reserve
Ross Gear & Tool Co.—Extra Dividend—
no par
268,866defi ,973,748
against 79 a year
The directors have declared an extra dividend of 30 cents
per share in
addition to the regular quarterly dividend of like amount on the common
stock,
—
Cash—
1935
$257,051
295,556
91
ago.—V. 142, p. 3362.
TotalAmt. of
Inc.—Registration Effective—
statement became effective June 8.
The company had
436,623
Brought forward
Commissaries' propor'n.
Rate per
The Securities and Exchange Commission has issued an order declaring
that the registration statement filed Feb. 25, 1936, for 114,645 shares of
class A preferred and 264,645 shares of class B common stock has been
amended in accordance with a refusal order issued on
April 1, 1936.
The
60,000
30,217,440
Avail, for ordinary div.:
No changes in the present personnel are expected.—V.
The directors
i
1935, in comparison with the
very
bad
years
which preceded it, may be said to have shown some
improvement in the
economic situation.
This cannot be claimed of each separate country, and
with regard to Holland in particular economic conditions remained
very
difficult, but since company's sphere of operation is world-wide, it profits
by any revival which occurs anywhere, and if the world is thus regarded as a
whole the
past year would appear to mark the commencement of a re¬
of the oil industry.
Not primarily because the volume of production
exceeded all previous records—the hard school of experience has taught
only too well that large production is not always evidence of prosperity—
but when increasing production is attended with a
considerably greater
covery
demand and when at the same time persistent efforts to
keep the production
within reasonable bounds have met with more success than in the past, a
somewhat sanguine feeling is not out of place.
Such phenomena occurred
during 1935.
According to the figures at present available, the world production of
crude oil amounted to 226,472,024 metric tons in 1935 and 208,261,193
in 1934.
These figures show first of all that the
yeah 1935 exceeded the record,
so far been held
by 1929, by more than 16 million metric tons, or
Share capital
Preference shares
Priority shareholders
4% debenture loan
5% debenture loan
j
Res. for 4% deb. loan in dollars
Res. for conting. additional pay¬
19,571,631
2,400,000
369,076
142,096
313,614
5,030,145
67,077
436,623
3,658,614
7,515
547,472
1,824,318
79,366,011
38,131,575
68,366,012
30,546,306
1,254,147.055 1,201,472,131
1,201,431,817
ment on unci. int. dollar debs.
Interest,
\
account
new
Unclaimed divs. and unclaimed
interest
dollar debs
on
Creditors
Undistributed dividends
Reserve
on
27,873
278,605
of
account of reval.
participation in various cos._
as per Article 4 of the
12,167,319
articles of association
79,366,011
54,279,189
Reserve
...
Profit balance
Total.
-V. 142, p. 3521.
Rutland
RR.—Earnings—
Period End. Apr. 30—
Railway oper. revenues.
Railway oper. expensesRailway tax accruals
Equip. & jt. facil. rents.
1936—4 Mos.—1935
$1,042,347
$1,016,382
1,074,934
1{033,341
50,391
78,374
CY3.823
Crl5,312
1936—Month—1935
-
$276,315
$300,032
261,238
11,733
796
258,871
19,670
Cr2,304
which had
upwards of 7%.
The United States, with 134,980,000 metric tons, had the
production, whilst approximately two-thirds of the total
also for their account.
At the same time, however,
consumption in the United States rose to such an extent that the greater
part of the increased production was offset by increased home consumption,
and the remainder, which was
exported, did not exceed what the importing
countries could absorb.
This goes to show that the efforts of the American
producers to stabilize the oil industry yielded more tangible results than in
past years.
As a matter of fact, producers and legislators in the various
oil-producing States are cooperating to effect a suitable, permanent regula¬
tion of the production, and—with the
exception so far of California—this
has already led to a satisfactory
equilibrium between supply and demand.
On Dec. 31, last there were in the
permanent service of our Group up¬
wards of 180,400 employees, spread over
practically £,11 the countries of the
world.
During 1935 the Group's capital expenditure amounted to some
19 million pounds and its current expenditure to
nearly 113 million pounds.
Moreover in that year the Group paid to the
exchequers of various countries
£89,248,667 in the form of taxes exclusively on the consumption of petroleum
products—this apart from income and other taxes.
The total gross tonnage
of the Group's fleet on Jan. 1,
1936, was equal to 26% of the whole Nether¬
lion's share in this
increase
in
1935
Net ry. oper. income-
$26,265
3,600
$78
$79,155
4,559
22,402
$80,021
18,389
$29,865
$4,637
.•!
Other income.
is
lands mercantile marine.
According to the latest figures
our
1935
1,540,117
3,148,456
2,275,696
5,496,557
697,194
191,204
3,799,120
3,041,240
453,975
799,501
4,478,706
285,834
387,972
214,671
1,701,054
2,451,478
2,212,362
5,228,763
727,435
148,933
3,256,829
2,292,203
476,915
214,857
26,620,019
24,078,012
4,271,401
261,188
467,934
Seria
(Brunei)
Egypt.--
176,436
Rumania-.Mexico
Venezuela—Caribbean
V.O.C
,
Colon__
Trinidad
United States—(Shell Petr.
Corp.)
(Shell Oil Co.)
Argentina.
Iraq
Group had at its disposal,
including the fleet of the Eagle Oil & Shipping Co., Ltd., and the chartered
tonnage, amounted to 1,926,987 tons.
This fleet transported about 18,855,000 tons of cargo, some 2,647,000 tons of which were conveyed by the
Eagle Oil & Shipping Co., Ltd.
The demand for tankers during the first
eight months of 1935 resulted in
a number of
ships which were laid up being placed on service again.
Dur¬
ing this period the demand was not such as to effect any considerable altera¬
tion in the freights.
In October, however, the demand for vessels for the
transport of dark oils increased, and as a result of the higher rates of freight
thus obtained the whole
freight market rose, so that during the last quarter
of 1935 the transatlantic
freights were about 25% higher than during the
our
first nine months.
The Tanker Pool, formed in May, 1934, remained
successfully in opera¬
tion and encouraged owners of old steam
tankers to do away with this
obsolete type of vessel.
Throughout the
to its full extent.
year
under review the Group's tonnage was occupied
During 1935 the Group sold some 87,000 tons of old ships for scrap, thus
maintaining its policy of getting rid of old vessels and replacing them by
up-to-date motor ships
In the much-discussed gold clause suits
against the Royal Dutch and the
Bataafsche the Court of Cassation in March of the
present year referred the
Royal Dutqh suit back to the Court of Appeal at The Hague and rejected
cassation appeal with regard to the Bataafsche.
As a result, the Bataafsche
decided to redeem its 4^ % dollar debenture loan in full on
July 1, next.
The pound sterling and the dollar were maintained
throughout the year
at practically the same level; our cash position remained
very strong and
is appreciably better than that of the
preceding year.
$56,753
2,186
137,545
$61,632
2,149
138.466
Net deficit..
$4,851
—
$30,320
$196,484
$202,247
-Y. 142, p. 3690.
St. Lawrence Paper
At
a
Mills, Ltd.—To Issue Bonds—
special meeting to be held June 15, preferred and comfhon stock¬
holders will be asked to authorize the issuance of $2,500,000 20-year 5%
first mortgage bonds.
Of the total, $1,600,000 would be deposited with
company's bankers to obtain
a
line Of credit and to
secure
additional advance
of $600,000 to be used in settlement for cash of two liabilities shown in
balance sheet at $972,075.
Remainder of bonds would be held by company
to be used as occasion dictated.—V.
Creek Producers
Salt
141,
p.
1947.
Association,
Inc.
(& Subs.)—
1934
1935
Gross oil and gas sales, after payment of royalties.
Interest, dividends and miscell. revenue,
_
Total gross revenue
$1,594,685
48,935
$1,660,229
111,740
.
$1,643,621
765,898
73,012
6,687
Provision for Federal income taxes
Minority interest in operating income
$1,771,969
882,534
112,364
6,712
$798,023
1,728,664
Expenses
$770,360
1,166,820
Net profit
Dividends paid.
Consolidated Balance Sheet Dec. 31
1935
sscts
1934
2,833,230
3,312,984
Municipal & other
630,402
Notes & accts.
1935
Liabilities—
$
—'
Cash &U. S. oblig.
bonds
At the end of 1935 the tonnage which
344
34,613
Calendar Years—
1934
Metric Tons
Sarawak
332
34,384
deductions
charges
Earnings-
production amounted to:
Netherlands East Indies.
Total income
Miscell.
Fixed
175,579
rec.
Crude oil inventory v 45,347
Investments
4,856,312
Other assets
485,999
680,089
474,337
57,108
4,558,072
272,321
Oil lands and leases
Accounts
Dividends payable
Deferred credits..
(after depl.
Total
39,589
600,095
1934
$
66,470
382,562
21,287
152,762
Reserve for taxes.
109,179
152,253
Working Int., &c_
Capital stock $10
1,843
14,358,077 14,414,277
par)
Appreciation—un¬
and lease equip.
depreciation)
$
payable.
realized
and
Earned
3,895,638
4,361,962
1,551,586
(deficit)- 4,215,492
95,069
Minority interest.
12,922,510 13,716,8771
Total
1,877,012
3,069,938
102,751
.12,922,510 13,716,877
—V. 141, p. 3702.
St.
Louis-San
Francisco Ry.—March 1, 1936, Interest
Mtge. 4% Bonds and Income 5% Bonds of Kansas
City Memphis & Birmingham RR. to Be Paid—
on
Gen.
The trustees In a notice to the holders of the gen. mtge. 4% bonds and
income 5% bonds of Kansas City Memphis & Birmingham RR. state that,
by an order entered June 4 by the United States District Court for the
Eastern District of Missouri, Eastern Division, the trustees were authorized
to pay interest which accrued to March
1, 1936, and which remains unpaid,
the general mortgage 4% bonds and the income 5% bonds of Kansas
City Memphis & Birmingham RR. as follows:
on
On general mortgage 4% bonds interest aggregating.
On income 5% bonds interest
aggregating
Total...
$66,460
90,463
$156,923
The trustees will pay interest on the bonds at the office of C. W. Michel,
Eastern representative for the trustees, 120 Broadway (Room 1950), New
Volume
Financial
142
York City, on and after June 15, but only upon presentation of such bonds
at said office so that an appropriate endorsement may be stamped thereon
financing),
in
indicating the payment of such interest, in amounts as follows: (1) On the
general mortgage 4% bonds: $10 on each $500 bond, $20 on each $1,000
bond; (2) on assented income 5% bonds: $12.50 on each $500 bond, $25 on
each $1,000 bond; (3) on income 5% bonds (unassented): $25 on each
$500 bond, $50 on each $1,000 bond.—V. 142, p. 3690.
San Antonio Milam
See list
San
given
on
1933
$6,842,212
4,911,556
$7,038,022
4,991,468
$2,136,287
6,350
$1,930,656
11,920
$2,046,554
4,661
$2,142,637
795,062
$1,942,576
$2,051,216
933,688
96,027
945,066
129,000
$1,347,575
440,475
802,600
$912,860
440,475
468,183
$977,150
$104,500
$4,202
$8,297
xl935
expenses
Net operating revenue
Other income
....
Gross income
Income
1934
$7,524,893
5,388,606
revenues
deductions
Provision for Federal income taxes
Net income
Preferred dividends
Common dividends
Balance
x Including subsidiary company for the
date of its dissolution June 10, 1935.
440,475
528,378
period from Jan. 1, 1935 to the
Assets—
Dlvs. pay. on
time deposits—
1,185,754
2,469,455
531,097
470,270
Materials & suppl.
364,828
28,498
45,936
Invest'ts (at
30,600
cost).
Fixed assets
38,817,285 39,061,965
Deferred charges.. 2,357,141
1,547,242
Reserves
15,500,000 15,868,000
liabilities
459,121
427,831
8,342,714
8,542,828
cum.
6,292,500
(par $100)
43,377,840 43,942,259
Total
per
p.
share
4176.
Net oper. rev. (before approp. for retire, res.)
Other income.
$7,039,769
3,845,110
$3,194,659
13,168
& other inc. (before approp. for
$3,315,051
1,285,000
—.
$2,030,051
$2,022,827
63,507
3,764
845,500
80,467
6,978
$1,318,288
Gross income._.
$3,207,827
1,185,000
644,491
reserve
Interest charges (net)
...
Amortization of debt discount and expense
Other income deductions
$1,089,880
...
Net income
-V. 142, p.3523.
Savannah & Atlanta Ry.—Asks $1,500,000
RFC Loan—
The
company
applied to the Interstate Commerce Commission for
approval of a loan by the Reconstruction Finance Corporation of $1,500,000
for a period of five years.
The carrier, which operates 145 miles of line
between Savannah and Camak, Ga., is now in receivership and proposes
to
into bankruptcy under Section 77.
simultaneously.
go
A plan of reorganization
was
.
The loan would be used to pay off $500,000 of receivers' certificates which
have been overdue since July 1, 1928, and which are now being foreclosed
to
meet
current
liabilities, pay reorganization expense and provide addi¬
tional working capital.
It would be secured by first mortgage bonds which
is proposed to issue in connection with the reorganization.—V. 135,
it
p.
4558.
Savannah Electric & Power Co.Period End. Apr. 30—
Gross earnings.
Operation
Maintenance
Taxes
Interest & amortization.
Balance
$43,135
Appropriations for retirement reserve
Debenture dividend requirements
Preferred dividend requirements
Balance for
common
Earnings—
1936—12 Mos.—1935
1936—Month—1935
$157,787
57,200
8,155
17,720
31,575
$150,351
56,793
8,303
16,587
32,917
$1,865,317
718,332
115,569
202,344
405,759
$1,784,604
670,502
108,511
207,565
396,836
$35,749
$423,311
166,666
149,114
60,000
$401,188
150,000
149,114
60,000
$47,529
$42,073
dividends and surplus
Accumulated Dividend—
The directors have declared
accumulations on the 6%
holders of record June 15.
;
.
dividend of $1.50 per share on account of
cum. pref. stock, par $100, payable July 1
to
a
This compares with $4.50 paid on Aprfl 1, last,
on Jan. 2, last and $3 paid on Oct. 1, 1935 and on Oct.fl, 1934.
Regular semi-annual dividends of $3 per share had been distributed up to and
including Oct. 1, 1933.
/
Accumulations after the payment of the current dividend will amount
to $1.50 per share.—Y. 142, p. 3186.
/
$1.50
1936
$656,620
611,867
January
February
April
May
The
a
year
1935
1934
1933
$590,039
$ 486.507
$357,030
592,019
515,158
441,916
750,907
1,143,763
664,335
1,147,818
844,512
833,852
1,190,426
1,306,138
1,186,297
877,446
1,554,911
stores in operation on May 31 as against 242
811,356
March
company
ago.—V
had 244
142, p. 3362.
(Bernard) Schwartz Cigar Corp.—30-Cent Dividend—
have declared
a dividend of 30 cents per share on the
value, payable July 1 to holders of record June 20.
A'similar payment was made on April 1 last, this latter being the first dis¬
tribution made since Oct. 1, 1931 when a regular' quarterly dividend of 25
The
directors
common
stock,
cents was
Scott
no par
paid.—V. 142,
p.
3523.
This
committee is
not
New
requesting deposit of stock but does ask stock¬
St., N. Y. City, giving their address and nupaber of
Javits & Javits at 165 Broadway, ape coui
2131, 15 Church
shares held by them.
Common Committee FormedA committee has been formed to represent the holders of the common
stock in the reorganization proceedings instituted by the company.
Dr. J.
Travers is Chairman, the other members being Maurice S.
Benjamin (Benjamin, Hill & Co.) and Frederick L. Rossman (F. L. Ross& Co.).
Max E. Sanders, 51 East 42d St., N. Y. City is Secretary
and Robert P. Levis, 51 East 42d St., N. Y. City, is Counsel.—V. 142,
p.3868.
Townsend
man
Singer Mfg. Co.—Extra Dividend—
extra dividend of $2.50 per
(Frank G.) Shattuck Co.—\3-Cent Dividend—
The directors have declared
stock,
no
dividend of 13 cents per share on the com¬
a
value, payable June 20 to holders of record June 2.
12 cents paid on March 21 last, 7 cents on Dec. 28,
Oct. 10, July 10 and April 10, 1935: 7 cents on Jan. 10,
par
This compares with
1935, 6 cents
on
1935; 6 cents on.Oct. 10, July 19 and April 10, 1934, and 7 cents per share
paid on Jan. 10, 1934.
In addition an extra dividend of 25 cents was
paid on Dec. 28, 1935.—V. 142, p. 3523/ •
61 Broadway Building (Broadway Exchange Corp.)—
Reorganization—
A joint plan for reorganization of the 32-story office building at 61
Broadway has been evolved by the first mortgage bondholders' committee,
and other interests under the guidance of Special Master Simon H. Rifkind. it was announced June 5, 1936.
The plan, developed under the
supervision of Federal Judge Murray Hulbert, will be distributed to bond¬
holders as soon as details are worked out, said Lee S. Buckingham, Presi¬
dent of the Clinton Trust Co. and Chairman of the committee.
than $8,000,000 of first mortgage bonds, $2,200,000 of
equity held by the Heckscher interests
will contain the following features:
Upon consummation on or about Oct. 1, 1936, holders will receive interest
at 3)4 % for the one year and six months of default from April 1, 1935,
amounting to $52.50 per $1,000 bond.
Both mortgages will remain intact, interest on the first to be fixed at
3H% for five years and 4% thereafter.
If earned, the first mortgage
holders will receive up to 5% interest and 2% amortization plus about 22%
of the equity.
Second mortgage holders will receive, if earned, up to 3%
interest and 1% amortization, plus about 18% of the equity.
The remaining 60% of the equity would be retained by the present owner
upon payment of $100,000 cash.
A board of seven would control the com¬
pany, three to represent bondholders, three the owner, and the seventh
nominated by the owner with bondholders' approval.
The building is presently about 70% occupied and earning almost 5%
Affecting
more
second mortgage bonds and the stock
which control the building, the plan
on
the first mortgage.
,
,
The committee in its letter
asked that holders who had not yet signed
proxies forward them to the committee secretary, Tracy A. Williams, 150
Broadway, New York, as the receipt of additional proxies would expedite
actual consummation.—Y. 142, p. 2340.
S. M. A.
Corp.—Larger Dividend—
directors have
The
declared
a
dividend
of 20 cents
share on the
June 20. Pre¬
per
stock, par $1, payable July 1 to holders of record
common
viously regular quarterly dividends of 12)4 cents per share were distributed.
In addition an extra dividend of 10 cents was paid on Jan. 2, 1936.—V.
141, p. 3550.
,
.
.
Snowden Colorado Mines, Inc.—Registers
See list given on first page of this department.
with SEC—
Southern Colorado Power Co.—Earnings—
April 30—
Operating revenues
...
Operating expenses, maintenance and all taxes—
1936
1935
$1,988,624
1,136.599
$1,856,876
1,048,272
(before approp. for retire't res.).
$852,024
$808,603
666
778
$852,690
251,120
$809,381
208,102
$601,569
427,402
4,103
$601,279
427,368
3,815
$170,064'
$170,094
Twelve Months Ended
Net oper. rev.
operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve—
- _ _ _
Net
Gross income
Interest
charges (net)
Other income deductions
Net income—..
-V.
142, p. 3524.
Southern Kraft Corp.—Files Registration Statement—
The
corporation has filed a registration statement with the Securities
Commission under the Securities Act of 1933 for $14,500,000
1st leasehold & gen. mtge. bonds, due 1946.
Proceeds are to be
refunding and to acquire $1,619,000 7% 1st mtge. bonds of
Louisiana Pulp & Paper Co. from International Paper Co., parent of
and Exchange
4)4%
Paper Co.—Stock Sold—
An issue of 31,658 shares of no par common stock has
f
share in addi¬
the capital stock,
par $100, both payable June 30 to holders of record June 10.
Similar
extra dividends were paid in each of the eight preceding quarters, while on
March 31, 1934 an extra dividend of $1 per share was distributed.
In addi¬
tion a special dividend of $15 per share was paid on Dec. 31,1935.—V. 142,
an
tion to the regular quarterly dividend of $1.50 per share on
used
been sold, with
the exception of 141 shares, through the exercise of warrants issued to the
company's stockholders, it is announced today by Cassatt & Co., Inc.,
and Charles D. Barney & Co., principal underwriters.
The subscription warrants were offered to common stockholders of record
at the close of business on May 14.
They evidenced the right to subscribe
to this issue of common stock at $50 per share before the close of business
June 4, 1936, on the basis of one share for each eight shares of the out¬
standing common stock held on the record date.
The entire net amount received by the company will be applied to the
retirement of the entire $1,669,500 series A 7% cumulative preferred stock,
which was redeemed on June 3, 1936.
The additional amount required
was taken from the company's current cash.
Retirement of this preferred stock leaves the company with only common
stock outstanding, as it has no funded debt.
Earnings per share on the
common stock, assuming the existence of only common stock in the amount
of 280,027 shares (the amount outstanding at the completion of the present
Heads
A protective committee was formed June 12 consisting of General Samuel
McRoberts, as Chairman; Luigi Criscuolo, Dr. Warren M. Persons, H.
Blair Tyson, as Secretary..
The Secretary of the committee points out that the personnel of the new
committee consists largely of persons with a great many years of successful
experience in the chain store and real estate fields who because of such
experience were in a position to render a special service to the stockholders.
Other income
Schiff Co.—Sales—
Month of
April 1 last and each three months prior thereto.—V. 141,
on
p.1831.
$3,312,321
2,729
retire, res.).
filed
special dividend of 50 cents per share
Schulte Retail Stores Corp.—McRoberts
Preferred Stock Protective Committee—
mon
Appropriation fdr retirement
a
1935
1936
$7,689,239
4,376,917
Operating revenues
Operating expenses, maintenance and all taxes
Net oper. rev.
May 25 declared
The directors have declared
-^..10,032,500 10,032,500
1,663,902
surplus
1,716,849
Earnings for 12 Months Ended April 30
v
Investment. Co. of St. Louis—Pays Special
on
the common stock, no par value.
This dividend was paid on June 3 to
holders of record May 29.
Other special distributions were made as fol¬
lows: 75 cents on Dec. 20, 1935: 25 cents on July 1, 1935, and 50 cents on
Dec. 20, 1934.
In addition the company distributed a dividend of 50 cents
6,292,500
Common stock (par
Earned
43,377,840 43,942,259
The directors
pref. stk.
Deferred
$100)
.
110,119
1,000,856
2,487
7%
410,024"
Oth. current assets
Total..
110,119
565,889
11,911
stock
Indebt. to affiliate
Long-term debt
(at cost)
Securities
Dividend—
170,058
pref.
Accrued liabilities.
(customers)
Securities Acceptance Corp.—Registers with SEC—
department.—V. 142, p. 3868.
See list given on first page of this
*
177,413
Accounts payable.
Accts. & notes rec.
1934
1935
Liabilities—
$
with SEC—
of this department.
holders to write to the Secretary, Hi Blair Tyson, Room
1934
Cash on hand, de¬
mand deposits &
share in 1935 and $3.30 per share
on
Balance Sheet Dec. 31
1935
per
Seasoned Investments, Inc.—Registers
See list given on first page
Build'g, Inc.—Registers with SEC—
Calendar Years—
Operating
Operating
equivalent to $3.29
142, p. 3187.
were
1934.—V.
first page of this department.
Diego Consolidated Gas & Electric Co. (& Subs.)
4037
Chronicle
for
Southern Kraft Corp.
The names of underwriters and offering price to the public will be filed
by amendment.—V. 142, p.
Pacific
2517.
Co.—$60,000,000
Bonds Offered—An
outstanding instance of the elimination of a principal Ameri¬
can
railway system's indebtedness to both banks and
Government, is contained in the announcement June 10
Southern
by Kuhn, Loeb & Co. of an offering, subject to the approval
of the Interstate Commerce Commission, of $60,000,000
10-year 3%% secured bonds due July 1, 1946, at 98%%
accrued interest, to yield about 3.90% to maturity.
and
Upon completion of this financing, which represents one
of
4038
Financial
the
Chronicle
and
June 13,
value
(determined by appraisal
otherwise
1936
largest public offerings of a railway system in recent
years, the proceeds of the sale of these bonds will provide
amount
funds to the Southern Pacific Co. to be used to
pay bank
loans aggregating $16,500,000, indebtedness to the Recon¬
(d) the company may cause the maturity of any pledged securities which
have matured or which may mature prior ot July 1, 1946 (unless paid) to
be extended to a date or dates not later than Jan. 1, 1987.
struction Finance
Corporation aggregating $17,000,000, and
by the Public Works Administration of a
principal amount of $12,000,000.
In addition, the company
will purchase from the RFC a note of St. Louis Southwestern
Ry., guaranteed as to collection by Southern Pacific Co.,
in the principal amount of $17,882,250.
These payments
and note acquisition will involve a total
expenditure of
$63,382,250, exclusive of interest.
Treasury funds will be
used to the extent required over and above the
proceeds
to be derived from this offering.
Thereafter neither the
company nor any of its transportation system companies
will have any indebtedness to banks, the RFC, or to the
Railroad Credit Corp.
serial bonds held
Data from Letter of
Henry W. De Forest, Financial Officer of the
Company
P&The 10-year 3 M%
secured bonds will be dated July 1, 1936, and are
due July 1, 1946.
Coupon bonds in $1,000 denom. registerable as to
principal and fully registered bonds in authorized denominations, inter¬
changeable under conditions to be provided in the indenture.
Interest
payable Jan. 1 and July 1.
Guaranty Trust Co. of New York, trustee.
Both principal of and interest on the bonds will be payable in such coin
or currency of the United Statse of America as at the time of
payment is
legal tender for public and private debts.
The bonds wiU be redeemable
on July 1,
1937, or on any interest date thereafter, at the option of the
company, as a whole or in part for the sinking fund or in amounts of not
less than $6,000,000 at any one time, on 30 dats' published
notice, to and
including July 1, 1940, at 103%; thereafter to and including July 1, 1943,
at 102%; thereafter to and including July 1, 1945, at
101%, and thereafter
at 100%, in each case with accrued interest, all as will be
provided in the
indenture.
As a sinking fund the company will pay to the trustee on
May 1, 1937,i
and on the first day of May in each year thereafter, the sum of
$600,000
to be applied to the purchase of bonds (from the company or
otherwise)
not exceeding the redemption price
(exclusive of accrued interest)
prevailing at the next interest payment date, and to the extent that bonds
are not so purchased to the redemption of bonds by
lot, all as will be pro¬
vided in the indenture.
Any sinking fund payment may be made in whole
or in part in bonds taken at their principal amount.
Security—The secured bonds will be issued under an indenture to Guaranty
Trust Co., New York, as trustee, and will be secured by the
pledge under
indenture of the following securities;
at
$5,268,000 Southern Pacific Co. San Francisco Terminal 1st mtge. 4s,
1950.
a
1949.
32,061,000 Central Pacific Ry. 4% 35-year European loan bonds of
1911, 1946.
21,948,000 Arizona Eastern RR. 1st & ref. mtge. 5s, 1950.
8,500,000 Nevada & California Ry. 1st mtge. 6% bonds, 1941 (assumed
by Central Pacific Ry.).
6,859,000 San Antonio & Aransas Pass Ry. 1st mtge. 4% bonds,
1943 (assumed by Texas & New Orleans RR.).
13,418,000 Galveston Harrisburg &
San
Antonio
Ry., Mexican &
Pacific Extension 1st mtge. 5% bonds
(demand), (assumed
by Texas & New Orleans RR.).
2,539,000 Galveston Harrisburg & San Antonio Ry. Mexican & Pacific
Extension 2d mtge. 5%
bonds (demand), (assumed by
Texas & New Orleans RR.).
9,000,000 Galveston Harrisburg & San Antonio Ry. Galveston-Victoria
Division 1st mtge. 6% bonds, 1940
(assumed by Texas
& New Orleans RR.).
4,935,000 Morgan's Louisiana & Texas RR. & Steamship Co. 1st mtge.
7% bonds (Main Line, demand), (assumed by Texas &
New Orleans RR.).
of the bonds
amount
Capitalization
bonds
of wholly
Authorized aOutstanding
San Francisco Terminal 1st mtge.
4% bonds_b.$50,000,000 $24,854,400
Central Pacific stock collateral 4% bonds
c
34,100,125
d Central Pacific Ry.—
European loan 4% bonds_e
Nevada & California Ry. 1st mtge. 6% bonds..
Arizona Eastern RR. 1st & ref. mtge. 5s
f65,353,000
c
8,500,000
40,000,000
Galveston
Harrisburg
Mexican &
None
Stock
&
792,409 is guaranteed by the company.
Southern Pacific Co.
has guaranteed bonds of subsidiary companies
included as Transportation System Companies in principal amounts
not
as
follows:
Pacific Electric Ry.—Los Angeles Pacific Co. 1st ref. mtge.
4s, 1950
San Diego & Arizona Eastern Ry. 6)4% guaranteed equip.
trust certificates, series A, 1936
Dividends—Dividends
of
the company
on
the 6%
June
a
cum.
dividend of $2.50 per share on account of
preferred stock, par $100, payable July 1
16.
latter being the first distribution made since April 1,
quarterly dividend of $1.50
was
1932, when
paid.—V. 142, p. 3363.
1936
$1,457,489
1,945,122
March
4,044.554
April
3.795.637
3,729,605
May
142,
p.
1935
1934
$1,260,469
1,617,261
3,108,329
3.299,647
3,350,817
Southern
advertising
pages
of this issue.
Income Account for
1,597,083
853,478
$
66,674,111
8,388,170
177,323
outstanding
bonds
payable,
at
option
of holders,
in
French
on the properties covered
thereby, except for the San
Antonio & Arkansas Pass 4s
outstanding as indicated above and $1,000,000
of the Galveston-Victoria Division bonds
pledged to secure the Central
Pacific European loan 4s.
Provisions—The
Indenture
will
provide, among other things, that, so
long as the company is not in default under the
indenture,
(a) all or any of the pledge securities which are assumed
by Texas &
New Orleans RR. as indicated above
may be released from pledge, provided
there are substituted therefor a like
principal amount of bonds secured
by a new mortgage (securing such aggregate amount of bonds as
may be
approved by the ICC), on all or substantially all of the railroads
constituting
the so-called "Texas and Louisiana Lines" of the
company, including (as
a first lien thereon) the
property securing the bonds so released, such new
bonds to bear interest at a rate not less than
4)4 % per annum and to mature
not later than Jan. 1, 1987;
(b) any of the pledge securities may be withdrawn
against payment to
the trustee of the principal amount thereof in
United States currency in
cash, or the surrender of a like principal amount of bonds for
cancellation,
such cash to be applied to the purchase or
redemption of bonds, provided,
however, that no such withdrawal against cash shall be made unless there¬
after the amount of cash available for such
purchase or redemption (in¬
cluding any additional cash which the company
may provide), will be
$6,000,000 or more;
(c) all, but not a part, of the Central Pacific European loan bonds may
.be released at any time upon substitution of other bonds
having a principal
$
10,059,064
15,285,263
1,737,550
30,325,545
547,165
3,004,138
9,749
9,935,749
14,481,233
1,690,128
28,637,993
479,373
2,902,006
6,040
8.212,016
13,605,609
1,714,739
26,880,877
421,939
2,955,910
85,681
10,390,253
16,802,044
1,881,273
28,024,509
60,948,975
21,954,727
58,120,443
20,063,256
5,180,147
21.573
1,282,094
53,705,409
22,442,694
5,547.005
22,238
913,985
943,521
60.865,040
12,121,502
6,022,932
16,939
7C4.836
970,527
7,426,750
15.C15.944
7,715.234
4,406,269
238,555
17,072
252,708
42,512
272.147
19,936
482,322
751,761
414,469
880,590
62,393,191
7,132.620
127,464
3.389.086
1.110.087
686.107
680,440
629.108
'
58.232.480
8,108,268
119,367
3,479,538
1.041,406
618,736
791,441
595.307
Operating Expenses—
equipment
Transportation
Miscell. operations
General
Transp. for invest Cr
Total operating exp_.
revenue from oper..
Uncollectible revenues.
_
Hire of equipment
Joint facility rents..
standing secured
1932.
$
72.986.542
Net
Texas & New Orleans RR. assumed these bonds.
Other securities of,
or assumed by, company are
outstanding in the hands of .the public.
The
pledged bonds of each of these issues include all mortgage bonds out¬
1933.
76,148,103
Taxes
g
Years.
78,183.700
were
f French francs.
$
82,903,703
facility
Total opar. revenues..
or
payable in dollars only at the rate of
1934
929,377
which
500 francs,
Calendar
700,403
francs
in sterling, at rate of £19 15s.
per 500 francs.
The pledged bonds,
also payable in francs or
sterling, were acquired by Southern
Pacific Co. under an agreement that
they would not be reissued in France
and were accordingly stamped as
1932
Joint
Traffic
outstanding
1933
Incidental
Maint. of
are
Years.
62,833,894
8,003,502
171,329
3,482,464
1,458,758
726,192
830,352
677,207
Mamt.ofway& struct..
Ry.
1934
Average miles operated.
6,644
6,644
6,653
6,708
Operations—
5,273 060
3 364,115
Passengers carried
5,314,891
2,548,297
Passengers carr. 1 mile__484,251,131 450,957,211 346,486,052 328 300 233
Av. rev. per pass, per m_
1.775 cts.
1.732 cts.
2.059 cts.
2,470 cts.
Tons carr. rev.(freight). 26,566,404
25,652,726
24,486,904
21,995,572
Tons i m. (rev. freight).5244499327 4996172,636 4862392.553 4388498,153
Av. rev. per ton per mile
1.258 cts.
1.271 cts.
1.283 cts.
1.327 cts.
3,583,757
in the hands of the public.
e Secured by pledge of
$26,460,000 of bonds of subsidiary companies of
Southern Pacific Co. and $35,000,000 stock of Southern
Pacific RR.,
and $1,999,500 stock of Southern Pacific Terminal
Co.
Principal and
$320,710
663,633
948,452
861,980
901,041
Railway—Annual Report, Year Ended Dec. 31,
matter is now in
No additional bonds authorized under indenture.
d Other bonds issued or assumed by Central Pacific
1933
$927,917
1,421,846
2,732,512
2,322,133
2,193,078
1935—The results for the year 1935, together with the re¬
marks of Fairfax Harrison, President, are published in the
Express
Other transportation
c
regular
3525.
Mail...
The
a
Spiegel, May, Stern & Co., Inc.—SalesMonth of—
January
February
None
8, 1934.
553,000
the rate of $6
This compares with $1.50 paid on April 1
last; $4.00 paid on Dec. 31. 1935; $1.50 on Oct. 1, 1935; $1.00 on July 1,
1935, and 50 cents on April 1 and Jan. 2, 1935. and on Dec. 31, 1934, this
to holders of record
None
litigation.
at
Spang Chalfant & Co.—Accumulated Dividend—
The directors have declared
currencies at specified rates of
exchange.
The company has refused to
make payment in foreign currencies except in
respect of bonds continuously
held by bona fide residents of foreign countries since
March
per
the stock
None
a In hands of
public (exclusive of bonds to be pledged under indenture).
b Principal and interest of these bonds is
expressed to be payable in
United States gold coin, or, at the option of the
holders, in certain foreign
$96,525
on
share per annum were paid from 1908 to 1931, inclusive.
$1 per share
was paid in 1932 and no dividends have been paid since that year.
St. Louis Southwestern Ry.—Company owns 193,134 shares of preferred
stock and 130,834 shares of common stock of St. Louis Suothwestern Ry.,
being 97.08% and 76.13% of the respective amounts outstanding.
Such
stock is carried on rhe balance sheet at its cost ($24,931,742) which is
substantially in excess of present marker value.
The property of St. Louis
Southwestern Ry is being operated by
Berryman Henwood, as trustee, ap¬
pointed in proceedings under Section 77 of the Bankrputcy Act.
The note of St. Louis Southwestern Ry. for $17,882,250 to be acquired
from Reconstruction Finance Corporation matured Dec. 1, 1935, and is
secured by $474,000 Southern Illinois & Missouri Bridge 1st mtge. 4%
bonds, due Nov. 1, 1951, and $23,903,000 St. Louis Southwestern Ry.
gen. & ref. mtge., series A, 5% bonds, due July 1, 1990.
Listing—Application will be made in due course to list these bonds on
the New York Stock Exchange and for their registration under the Securities
and Exchange Act.
The consolidated balance sheet of the Southern Pacific Lines, exclusive
of separately operated, solely controlled affiliated companies, shows as
of Dec. 31, 1935, total assets of $1,822,641,855.
Of this total $61,032,930
represents cash and other current assets, as compared with current liabil¬
ities of $41,266,575.
The cash item alone appears as $29,203,012.
Fixed
charges of the Southern Pacific Lines were earned 1.077 times in 1935.
the consolidated report showing net income, after inclusion in expenses of
depreciation charges, of $7,692,977, as against $7,603,155 in the year 1934,
when fixed charges were earned 1.013 times.—V. 142, p. 3869.
per
c
s Louisiana & Texas RR. & Steamship
Co. 1st mtge. 7s, main line
$8,298,000
-----
Operating Revenues—
Freight
Passenger
Misc passenger-train
c
Harrisburg &
San
Antonio
Ry.,
Galveston-Victoria Division 1st mtge. 6s
of
377,276,306
-
c
Pacific Extension 1st & 2d M. 5s
$86,611,400
32,468,000
94,100,125
144,566,000
The Transportation System Companies had outstanding in the hands of
$343,671,942 principal amount of funded debt, of which $331,-
1935
13,385,000
Morgan
interest
__
the public
None
Ry. 1st mtge. 4s.. 21,600,000
San Antonio
Ry.,
Galveston
i
.
Equipment trust obligations
Collateral trust obligations
Unsecured bonds (due 1968, 1969 and 1981)-.
Texas & New Orleans RR.—
San Antonio & Aransas Pass
be
of Dec. 31, 1935 (Giving Effect to the Completion of This
Financing)
as
1935
or
may
and
Operating Statistics for Calendar
Southern Pacific Co.—
g
released,
so
Mortgage bonds
$107,128,000
The pledged securities are bonds of the
company
owned subsidiaries of the company, as follows:
as
provided in the indenture) of not less than 80% of the dollar principal
accumulations
2,600,000 Southern Pacific Co. 4% bonds (Central Pacific stock coll.),
or
5,067,977
18,605
1,652,517
925,097
Total other expenses..
7,664,197
Operating income
14,290,530
Non-Operatinn Income—
Income from lease of road
13,319
Miscell. rent income
219,523
Misc. non-oper. physical
property
21,453
Dividend income
Inc. from fund, secur
Income from unfunded
securities & accounts.
Miscellaneous income
Total non-oper. inc...
Total gross income
Deduct from Total Gross
Income—
Rent for leased roads
294,787
574,194
25,968
914.084
7,397,899
12,665,357
16.574
28,612
2,884
2,941
1,152,128
15,442,658
1,540,702
14,206,060
6.522-
482,685
3,292,602
8,327
24,881
249,784
1,233,999
112,405
1,292
104,399
1,685,058
16,701,002
1,928,557
6,334.825
2.430,769
835
2,573,905
36,136
205,347
123,213
2,429,561
36,994
156,966
131.307
44,299
209,110
129,367
2,430,769
39,594
196,709
126,126
2,938,601
12,504,057
13,266,554
Int. on equip, obligations
760,696
Div. on South'n Ry.—
2,754,828
11,451,231
13,286,846
959,627
2,813,545
13,887,456
13,463,696
1,158,560
2,793 198
3,541,627
13.176,634
1,357,492
2,795,243
734,800
11,218,507
Miscellaneous rents
Int. on unfunded debt..
Miscell. income charges.
Total deductions
Total available income..
Interest
on
Mobile
trust
funded debt.
&
Ohio
stock
certificates
Deficit
_226I008
1,523,193
Volume
142
Financial
General Balance Sheet Dec. 31
1935
1934
$
$
Assets—
road.409,815,499 410,496,988
Invest, in equip.112,735.404 117,545,287
Misc. phys. prop
314,679
281,470
n affii. cos.
inv.
29,393,734
28,843,293
3,634,071
Notes
29,393,733
28.843.292
9,261,563
Bonds
9,597,949
Advances
3,644,071
Other lnvest'ts:
Funded
debt...272,640,164 272,709,500
obligations... 15,139,000
19,167,200
Non-negot. debt
to
affii.
1,000,000
2,500,000
cos__
Grants since J'ly
50,408
50,408
196,512
So. Ry.-M. & O.
RR.
stk.
stock held in
Traffic &
trust
470.987
356,854
5,650,200
otfs_.
tr.
6,650,200
car ser.
5,650,200
5,650,200
balance pay..
Cash
5,999,151
5,168,496
3,021,881
2,974,181
989,490
916,916
27,505
3,367,473
18,277
2,927,781
4,110,994
Standard Oil Co. (N.
Div. mat'd unpd
J.)—Registrar—
The Guaranty Trust Co. of New York has been
appointed registrar as to
principal only and as to principal and interest for an issue of $85,000,000,
principal amount of debentures of the company's 25-year 3% debentures
due June 1, 1961.—V. 142, p. 3871.
Standard Oil Export Corp.—To Be
Standard
Oil
Co.
of New
Liquidated—
Jersey may liquidate the StandardTOil
Export Corp., W. S. Farish, chairman of the parent company, said June 10.
Preliminary steps were announced a few weeks ago when the parent com¬
pany declared its intention to retire the $76,493,500 of 5% preferred stock
of the Export company.
Liquidation of the Export company marks further
progress of the Jersey company in simplification of its corporate set-up.
—V. 142, p. 3871.
Audited accts. &
bpecial deposits.
4039
765,897 k.w h., an increse of 8.2% compared with the corresponding week
last year,—V. 142, p. 3870.
The
of construc'n.
196,613
Bonds—_—
& O.
$
129,820,000
60,000,000
1, 1914, in aid
Stocks
M.
Liabilities—
$
Common stock. 129,820,000
Preferred stock. 60,000,000
Equipment trust
Stocks
,
1934
1935
Invest, in
Chronicle
balance rec'le.
Bal due fr. agts.
&
conductors.
Misc. accts. rec.
Mat'ls & suppl's
1,090,850
8,030,510
Misc. accts. pay
Int. mat'd, incl.
1,371,049
7,204,855
1,487,295
int. due Jan. 1
Traffic & carser.
1,495,768
payable
2,963,215
3,508
2,957,064
3,558
wages
Fund, debt mat.
Int. & div. rec..
Oth. curr. assets
4,379,853
1,205,574
24,685
1,367,611
23,858
50,693
48,113
M. & O. stock
175,000
Other def. assets
175,000
5,014,906
5,008,574
Unadjust. debits
1,461,908
1,647,714
Cash depos. under No. Caro.
unpaid
56,502
56,502
2,152,117
128,600
2,230,004
128,600
trust ctfs
Unmat.rents
Exps.
accr
1,322,185
1,191,172
llab.
261,133
Def'd liabl lties.
5,338,200
1,458.906
1,080,610
238,575
5,329,004
curr.
Taxes
842.988
1,107,571
Oper. reserves..
Deprec. accr. on:
Equip, owned 37,183,030
Equip,
38,800,493
leased
from
other
companies
add'ns
431,237
2,603,153
405,625
.
UnadJ. credits..
Special approp.
for
2,698,026
to
Total
...625,613,382 630,087,431
—Fourth
Period—
1936
Gross earnings
3,684,679
71.982,165
69',713',317
Profit and loss..
Total
625.613,382 630,087,430
Week of May
1935
$3,170,053
Jan. 1 to May 31——
1936
1935
$2,742,926 $49,848,214 $42,914,155
Abandonment Application Deferred—
The Interstate Commerce Commission has deferred action
cation of the company for a certificate of public convenience
on the appli¬
and necessity
permitting abandonment of that part of its Atlanta-Fort Valley line ex¬
tending from a point approximately 1.5 miles south of Roseland, to William¬
son, where that line connects with and crosses the McDonough-Columbus
line, approximately 40.1 miles, all in Fulton, Clayton, Fayette, Spalding
and Pike counties, Ga.—V. 142, p. 3692.
(A. G.) Spalding & Bros.—Earnings—
Period End. April 30—
1936—3 Mos.—1935
Net sales
$3,561,093
$3,474,247
Costs and expenses
3,523,320
3,420,021
Deprec. & amortization.
124,645
Otner income
$86,872
17,273
Drl ,493
$363,994
12,497
$401,627
8,205
20,140
99,385
3,404
$496,016
$413,236
3,404
$197,111
$428,530
$44,252
17,828
99,385
$392,263
22,146
6,123
855
$71,092
8,806
$5,606,686
5,795,737
239,479
$65,167
20,060
Profit
1936—6 Mos—1935
$5,915,105
6,066,532
240,836
119,393
$54,682
Operating loss
on
foreign exch
Loss
Interest
Cost
and
expenses
142,
-
1
2517.
p.
Standard Cap & Seal Corp,
Calendar Years—
Net profit after all chgs.
Dividends paid
Balance, deficit
x
22,679
4,224
of
busineas reorganiz'n..
Loss due to flood
—V.
7.026
(& Subs.)—Earnings—
1932
1933
1934
1935
$575,016
x707,891
sur.$156,683
$535,031
576,800
$576,595
597,400
$132,875
$617,374
460,691
$41,769
$20,805
Includes $125,643 payable in 1935.
/'
Cash
1934
$457,164
$363,032
209,650
209,650
cost)
Notes & accts.
285,178
283,450
Prov.
57,029
77,903
215,509
233,008
properties,
for
Reserves
Capital stock
dairies (less res.)
reserve
Federal
for
99,490
income taxes
Machines leased to
equip,
21,555
3,894
125,643
558
Div. pay. Feb.1'35
273,980
and other
assets
&
$21,696
22,527
&C-
289,198
(less reserve)
Plant,
$21,652
Accounts payable-
1934
Unclaimed divs. ,&c
rec.
Inventories
Invests,
1935
Liabilities—
Acer. taxes, wages,
Listed securities (at
Capital surplus
Earned surplus
108,316
1,051,025
119,000
611,784
87,216
114,089
1,047,025
103,000
426,256
465,311
36,156
36,667
19,156
tization)
Total
—V.
-
_
28,674
$2,034,353 $1,950,375
Total
$2,034,353 $1,950,375
Standard Gas & Electric Co.—Date for Claims Set—
The Federal Court in Wilmington, Del., has set Sept.
1
as
the date by
which claims against the company in the bankruptcy action must be filed.
The company applied for a reorganization because of its inability to pay
$24,649,000 of 6% notes when they matured on Oct. 1 last.
All proofs of claim of creditors and interests of stockholders shall be filed
at the office of Ward & Gray, attorneys for debtor, Delaware Trust Building,
Wilmington, Del.''
The stock records of the debtor showing ownership of stock in the debtor
shall constitute one maimer in which interests of stockholders shall be filed
or evidenced and it shall not be necessary for any stockholder to file an
individual proof of interest with respect to shares of stock of the debtor
owned or held by him: - The debtor shall file in the office of Ward & Gray,
proof of interest of all stcockholders in the form of a statement under oath
containing a list of the names and last known post office address of all stock¬
holders and the number of shares of each class of stock held by them
a
respectively as the same appear on the stock transfer books of the debtor as
of Aug. 1, 1936.
Individual proofs of claim and interest by creditors and stockholders
shall be substantially in the form of proofs of claim prescribed by Section 57
of the Bankruptcy Act.
Each of the several trustees named in the several trust indentures executed
by the debtor in respect to the several issues of notes and debenture bonds of
the debtor constituting the funded debt of the debtor is authorized and
directed to file a claim on behalf of the holders of such notes or debenture
bonds outstanding under such the several indentures without prejudice,
however, to the right of any individual holder of such notes or debenture
bonds to file an individual proof of claim with respect to the notes and
debenture bonds held by him.
* -'
*
Output Up 8.2%-—
Electric output of the public utility operating
& Electric Co. system for the week ended
Gas
$4,348
$135,053
$79,108
Notes Also
Requested—
The corporation and its wholly-owned subsidiary, Hugo Stinnes Indus¬
tries, Inc., which companies have paid 4% interest promptly on their notes
and debentures since 1933, deferring the balance of 3% to the maturity of
the two issues, on June 10 notified holders of these securities of their inten¬
tion to continue the payment in dollars of 4% interest on both the notes
Holders of both notes and debentures
are
asked to consent
continued deferment of the 3% until present restrictions
are with¬
are asked to agree to a 10-year extension of maturity.
drawn and noteholders
The proposals affect an aggregate of $8,338,000 notes and debentures of
the two companies representing the balance outstanding of original issues
totaling $25,000,000 sold in this country in 1926.
Promulgation of the plans anticipates the maturity on Oct. 1 next of
$3,933,500 10-year 7% gold notes of Hugo Stinnes Corp., which maturity
the corporation will not be able to meet under existing exchange restric¬
tions.
Oct. 1 next will also mark the expiration of the period for which
holders both of the notes and of the $4,404,500 20-year 7% sinking fund
gold debentures, due Oct. 1, 1946, of Hugo Stinnes Industries, Inc., con¬
sented to defer part interest under an agreement reached in 1933.
As evidence of the success Of the corporations in meeting interest obliga¬
tions to date in the face of exchange restrictions, P. H. Saunders, President,
points out in communications to the security holders that, up to Dec. 31,
1935, the amount of interest deferred on the notes was only $354,870 and
on the debentures $363,371, whereas there had been transferred and paid
since date of issuance cash interest of $4,400,616 on the notes and of $5,379,710 on the debentures, a total of $9,780,326.
The amount of notes outstanding, Dr. Saunders remarks, has been re¬
duced by $8,566,500, $1,318,000 being retired out of excess capital and earn¬
ings in 1926 and in 1927 and the balance entirely out of proceeds of the sale
of pledged assets in accordance with the terms of the indenture.
Of the
$12,500,000 debentures originally issued, $4,090,000 have been retired
through operation of the sinking fund and $4,005,500 by application of pro¬
ceeds of the sale of pledged assets in accordance with the requirements of
the indenture.
The total amount of funds transferred and paid out as interest or for re¬
tirement of notes and debentures has been $26,442,326.
«
Hugo Stinnes Corp.
.
Stinnes Corp. makes the following
provisions with respect to each $1,000 note, $500 notes being accorded
proportionate treatment:
(1) A cash payment on account of interest of $25 to be made at the time
of the consummation of the plan—$20 representing the six months' interest
due July 1, 1936, at the rate of 4% per annum, and $5 representing a pay¬
ment on account of the deferred interest of $105 (i. e., 3 % per annum for the
The plan of reorganization of Hugo
3 Yx years ending July
offer of Oct. 31, 1933.
1, 1936) due on Oct. .1,
1936, under the terms of the
•
(2) The extension of time for payment of the principal of the note to
July 1, 1946, and the current payment of interest thereon from July 1,
1936, at the rate of 4% per annum, payable semi-annually on Jan. 1 and
July 1 in each year, such interest to be represented by coupons to be at¬
(3) The attachment to the note of a deferred interest certificate for $400,
payable July 1, 1946—$100 representing the balance of the deferred interest
due on Oct. 1, 1936, under the terms of the offer of Oct. 31, 1933, and $300
representing 3% per annum on the principal of the note for the 10 years
ended July 1, 1946.
■
The deferred interest certificate is to provide that if and when restric¬
tions imposed by German governmental authorities upon the corporation
and its debtors on the acquisition and transfer of foreign exchange are re¬
moved, noteholders will be notified by the corporation of such withdrawal
by publication and by written notice to known holders, and thereupon the
noteholder is to have the right to have the deferred interest certificate
detached by the American trustee and to have attached to the note in place
thereof"
two interest coupons
in equal amounts, representing together the
unpaid balance of deferred interest due Oct. 1, 1936,
of 3 % per annum on the principal
of the note from July 1, 1936, to the interest payment date next succeeding
the date of official notice by the German governmental authorities of the
removal of such foreign exchange restrictions, the first of such interest cou¬
pons to be payable six months, and the second one year, after the date of
such official notice by German governmental authorities; and
(b) coupons representing interest at. the rate of 3% per annum on the.
principal of the note from the interest payment date next succeeding the
date of official notice by the German governmental authorities of the re¬
moval of such foreign exchange restrictions to July 1, 1946, the extended
maturity date of the note, payable semi-annually on Jan. 1 and July 1 of
each year so that thereafter the note will bear total interest, payable semi¬
annually, of 7% per annum.
(4) The extended notes (including coupons and deferred interest certifi¬
cates) are to be redeemable by the corporation as a whole or in part at any
time, on 30 days' prior notice, at the principal amount thereof, plus an
amount equal to interest thereon at the rate of 7% per annum from Jan. 1,
1933, to the redemption date which has not theretofore been paid, plus the
of $100 (being the
referred to above) plus interest at the rate
142, p. 3525.
Electric
$29,234
oV«Y
3694.
p.
(Hugo) Stinnes Corp.—Asks Extension—Would Continue
Payment of 4%, with 3 % Deferred, to Holders in This Country—
Affects Notes and Bonds—10- Year Delay in Maturity of the
sum
444,009
Patents (less amor¬
Deferred charges.
142,
(a)
(less
dep.)
1936—5 Mos.—1935
tached to the note.
Consolidated Balance Sheet Dec. 31
1935
Assets—
—V.
to the
3 713 220
30, 1907
1936—Month—1935
before prov.for Federal
and debentures.
property since
June
Period End. May 31—
Profit after charges but
^xefj"o"
accr., not
vouchered
Other
dividend of 50 cents per share on the com¬
quarterly
Unmat. int.accr.
lease
a
stock, payable June 30 to holders of record June 19.
This compares
with 25 cents paid on April 1 last and $1 per share
paid on Dec. 23, 1935.
This latter was the first payment made since
July 1,1931, when a
dividend of 15 cents per share was distributed.
*
RR
13,908
17,508
South. Ry.
on
(S.) Stroock & Co., Inc.—Dividend Doubled—
The directors have declared
mon
Unmat.div.accr.
Work, fund adv.
(The) Standard Products Co.—Registers with SEC—
See list given on first page of this department—V. 142, p. 3871.
companies in the Standard
June 6, 1936 totaled 90.-
premium provided in paragraph (5) below.
(5) The corporation is to covenant to pay,
the
at the time of the payment of
principal of the note at the extended maturity date or on any
earlier
redemption date, a premium at the rate of
per annum for the period
from July 1, 1936, to such maturity or redemption date.
(6) The corporation is to covenant not to pay any dividends upon its
capital stock or make any other distribution to its stockholders until all of
the outstanding notes shall have been paid or retired.
.
in
Hugo Stinnes Industries, Inc.
plan of reorganization of Hugo Stinnes Industries, Inc., provides,
other things, for the treatment for each $1,000 debenture as follows:
A cash payment on account of ipterest- of $25 to be made at the time
of the consummation of the plan—$20 representing the six months' interest
due Oct. 1, 1936, at the rate of 4% per annum, and $5 representing a pay¬
ment on account of the deferred interest of $105 (i. e., 3% per annum for
the 3 H years ending Oct. 1, 1936) due on Oct. 1, 1946 under the terms of
the offer of Oct. 31, 1933.
(2) The current payment of interest on the debentures from Oct. 1, 1936
at the rate of 4% per annum, payable semi-annually on April 1 and Oct.1
in each year, such interest to be represented by coupons to be attached to
The
among
(1)
_
the debenture.
Financial
4040
(3) The attachment to the debenture of a deferred interest certificate
for $400, payable Oct. 1,1946—$100 representing the balance of the deferred
interest due on Oct. 1, 1946 under the terms or the offer of Oct. 31, 1933
and $300 representing 3 % per annum on the principal of the debenture for
the 10 years ended Oct. 1, 1946.
The deferred interest certificate is to provide that if and when restrictions
imposed by German governmental authorities upon the company and its
debtors on the acquisition and transfer of foreign exchange are removed,
the debenture holdfers will be notified by the company of such withdrawal
by publication and by written notice to known holders, and thereupon the
debenture holder is to have the right to have the deferred interest certificate
detached by the trustee and to have attached to the debenture in place
thereof:
two interest coupons in equal amounts, representing together the
sum of $100 (being the unpaid balance of deferred interest due Oct. 1, 1946
referred to above) plus interest at the rate of 3 % per annum on the principal
of the debenture from Oct. 1, 1936 to the interst payment date next suc¬
(a)
ceeding the date of official notice by the German governmental authorities
of the removal of such foreign exchange restrictions, the first of such interest
coupons to be payable six months, and the second one year, after the date
of such official notice by German governmental authorities; and
(b) coupons representing interest at the rate of 3% per annum on the
prin. of the deb. from the interest payment date next succeeding the date
of official notice by the German governmental authorities of the removal
of such foreign exchange restrictions to Oct. 1, 1946, the maturity date of
of the debenture, payable semi-annually on April 1 and Oct. 1 of each year
so that
thereafter the debenture will bear total interest, payable semi¬
annually, of 7% per annum.
The sinking fund for the debentures
(4)
(as heretofore modified) is to
Chronicle
Sun Oil
In
two
explanation of the effect of exchange restrictions
companies, Dr. Saunders says:
on
the
The net exchange
countries for certain commodities.
proceeds of these exports are available to meet the American companies'
requirements at the rate of 4% per annum.
The corporation be¬
interest
lieves that such net exchange proceeds will continue to be thus available
and that such proceeds, plus income which it expects to receive from other
will as in recent years be sufficient to meet such interest require¬
ments, at the rate of 4% per annum, as well as the expenses of the American
organizations of these companies."
In order to give the companies time to present the plans to the holders of
notes and debentures and to give the holders time to consider them, and to
make the plans, when duly approved, binding upon all holders, the com¬
panies plan presently to file voluntary petitions under Section 77B of the
Federal Bankruptcy Act with the U. S. District Court for the District of
Maryland.
The plans are to be proposed as plans of reorganization in
such proceedings and will not be carried out unless and until they shall have
been found to be fair and equitable by the court after hearings tnereon.
Both companies, whose assets comprise principally stock in German
corporations and mortgages on German real estate, the plans declare,
would under normal exchange conditions be entirely solvent and able to
meet their obligations as they mature.
Central Hanover Bank & Trust Co. of New York is named depositary
under the plans, copies of which are also available at the offices in New
York and Chicago of Halsey, Stuart & Co., Inc. and A. G. Becker & Co.,
Inc., payaing agents for the notes and debentures.—V. 141, p. 4177.
resources,
(Hugo)
Stinnes
Inc.—Plan
Industries,
of
Extension
Proposed—See Hugo Stinnes Corp. above.—V. 141,
Summit Gold Mining
See list given on first page
Storkline Furniture
Supersilk Hosiery Mills, Ltd.—Accumulated Dividend—
the
—V.
common
an
share on
on the 7%
cum. sinking fund 1st pref. stock,
payable July 2 to holders of record June 12.
The amount will
Canadian funds and will be subject in the case of non-residents
5% tax.
Distributions of like amount
to a
Cost
Total oper. income...
1934
$1,558,912
31,774
$1,956,066
789,101
59,117
Less: Operating expenses
Administration exps__
let
5?e operating earnings
.,616,592
696,478
53,395
$1,107,848
$1,558,912
605,516
34,775
$918,621
27,163
$866,719
Interest income
Total
net
$298,127
81,204
$875,116
659,900
$723,442
659.900
$769,376
$201,923
164,975
Taxes thereon & exchange
Surplus for year
Devel. chgs. written-off.
Balance, forward
Stores
33,230
Reserve
in
&
adv.
1936
17
Accts.
pay.,
93,400
:}
1,670,922
177,565
1.842,523
1935
incl.
$139,383
$95,977
Payroll payable
17,048
Accrued
23,228
15,318
20,120
reserve
for
tax.
charges..
for
71,014
2,383,000
Profit and loss bal.
705,303
b
Subscribed cap.
58,718
661,504
exps.
a
$510,208
$540,817
443,209
25,530
13.615
425,970
6,399
6,281
2,466
1.999
Consolidated Balance Sheet Dec. 31
1934
1
Miscell. inves'ts..
Fixed assets
1
8,505
Inventories
395,429
76,899
6,344
5,231
Goodwill
Prepaid charges...
Accts.
20,177
$3,338,976 $3,234,637 I
pay'le Col.
$697,514
44,169
$329,630
44,883
Accrued liabilities.
2,250
24,292
2,250
15,334
Deferred credits..
28,413
Beacon Oil Co._
Accts. pay., others
Mortgage
paym'ts
(current)
649,438
Int.
In
82,694
80,720
Cap. stk. & surp. y660,427
Dr6,500
2>r6,500
Syl. Oil Co., Inc.
x
38",500
36,250
payable
Minority
661.553
Treasury stock...
Total
$1,569,508
$1,166,371
_$1,569,508 $1,166,371
Total
Represented by 85,328 shares class A and 113,342 shares class B no
par (incl. 1,300 shares in treasury) common outstanding,
y Capital stock
$1,163,256; capital surplus, $104,503; earned surplus, $181,568; total,
$1,449,327; less goodwill of $788,899.
z Includes notes.—Y. 141, p. 1783.
x
Swift & Co.—New Vice-President—
He is
Albert F. Hunt has been made a Vice-President of the company.
jurisdiction over general plant operations, laboratories
to have
activities and all construction work.—V. 142, p. 2688; V.
Swiss Oil Corp., Inc.
(& Subs.)—Earnings—
1934
$4,030,572
2,602,760
Net sales
Cost of sales
$4,014,018
2,806,882
Operating expenses
Admin. & general exps.l
524,918
537,739
Depletion and deprec.
388.597
$4,471,938
$3,316,297
2.768,935
1,769,162
420,932
572,480/
416,051
_
J
1932
1933
1935
Calendar Years—
and research
141, p. 4026.
729,990
243,480
688,621
35.741
114,188
Amort, of bond expense,
&c
lease, rentals,
__
Cr57,301
19,088
30.665
33,134
$508,255
Net profit
Cr46,488
63,344
Other income (net)
Federal income taxes
$280,746
$178,922
$202,647
Condensed Consolidated Balance Sheet Dec. 31
$744,541
$244,239
«
receivable.
195,191
133,064
11,996
9
9
76,100
25,051
36,684
80,466
1,617,674
1,802,144
52,051
Stk.owned In other
of
book value of oil
for
con¬
109,510
tingencies
Other
482,464
reserves
958,990
Ref.
Surplus
Minority Interest-
25,763
4,686,593
132,471
118,006
25,764
4,322,116
452,500
2,605.183
Co.
preferred stock.
y
924465
419,600
2,394,249
112,643
Capital stock
Ashland
retire.
fund
Stk. owned in sub.
145,744
companies
Property,
income taxes
lands
59,000
128,941
Non-produc'g prop
x
$229,234
44,745
131,647
Res. for adjust,
208,809
720,654
13,119
receivable
stock
$271,340
Reserve
Life Insurance
Pref.
69,970
and
notes
accts.
m
662,352
Inventory
Sundry
Fed.
107,698
Dept. warrants.
Bills receivable—
Accts.
payable.
Accounts
Accrued
Ky. State Highway
1934
1935
Liabilities—
1934
1935
Assets—
Cash
plant,
&c.
Insur., &c
$6,433,351 $6,357,892
Total
$6,433,351 $6,357,892
depletion of $10,161,828 in 1935 and $9,632,788
Includes appreciation on permanent assets due to appraisal.
—V. 142. p. 3528.
x
in
After depreciation and
1934.
y
Corp.
(&
Subs.)—Earnings—
1935
$2,970,891
Cost of sales, selling, administrative
& general exp_
1934
$2,290,839
2,415,800
1,849,362
$555,091
Calendar Years—
Net sales
$441,477
Operating income
36,831
41,955
$591,922
"$483,432
Provision for depreciation
174,420
52,331
34,784
21,600
69,525
266,503
176,028
58,104
119,633
6,600
64,829
266,069
Net loss for the year.
$27,242
$207,833
Other income credits
Total
-
income.
Interest
Taxes
Idle plant expenses
Income taxes
Other charges
Assets—
1935
1934
Liabilities—
1935
1934
Funded debt of sub$2,939,500 $2,884,500
Land, bldgs., ma91,414
chry., equip., &c$6,106,759 $6,315,855 Accounts payable. c370,775
1 Accrued accounts.
Boodwill
1
54,474
68,497
Investments
68,529
239,750
237,143 Reserves
36,830
Cash
93,002 Defd. credit items.
313,582
104,804
Notes receivable..
125",764
10,107 Due to affll. cos...
48,998
Accts. receivable..
155,000
93,367 y $7 pref. stock
2,899,900
2,899,900
Inventories
730,000
827,364
653,843 z Class A stock...
730,000
Due from affll. cos.
526,040
37,083
1,618 a Common stock..
526,040
Customers' note rec
b Surplus
146,072
7,500
110,340
Sink,
fund
for
re¬
tirement of fund¬
1,475
147,170
Defd. debit items.
1,475
120,280
Total...
526,040
$7,835,684 $7,526,693
Total
shares
$7,835,684 $7,526,693
surplus.
29,200
z
c Includes
shares (no
(James) Talcott, Inc.—Factoring Volume Up 17%—
The company reports that its volume of business for the first
of this year totaled $32,347,258, compared with $27,687,750
Total
$3,338,976 $3,234,637
After depreciation of $704,814 in 1936 and $594,278 in 1935.
on shares of $916,500.—V. 141, p. 288.
discount
1934
1935
Liabilities—
$33,030
$85,596
z489,734
220,862
118,711
646,098
Cash
Accounts recelv'le.
170,901
20,427
9,798
$92,367
.
(no par),
b Including capital
payable,
y 28,999
shares (no par),
par).—V. 141, p. 1784.
509,898
6,658
$47,325
5,549
$12,796
1935
Assets—
a
and
sundry assets
Total
$593,590
549,715
'
acceptances
wholly-owned
.
$694,006
690,341
2,383,000
to
subsidiary
Prepaid
1932
$1,915,964
1.375,147
loss$800
ed debt
con¬
tingencies
mach. & equip.
Mining properties
$478,278
34,040
Buildings, plant,
Shs.
$713,138
March 31
Liabilities—
3,579
34,859
471,537
& materials
Prelim, dev., «fec
$661,504
as at
$840,850
115,334
Bonds and debs
a
$36,948
441,328
1935
1933
$2,190,212
1,680.004
Consolidated Balance Sheet Dec. 31
$234,540
478,276
322
$419,154
115,200
Acc'ts receivable..
15.000
$63,542
713,138
34,938
Drl50.115
$705,303
Balance Sheet
1936
......
494,928
39,908
,
$215,216
661,504
3,897
Drl75,313
Previous surplus
on bonds sold
Profit
Bullion
$273,144
24,983
$945,784
96,008
80,400
Common dividends
Cash.
$899,547
602,965
23,438
$866,719
115,777
27,500
Profit
Assets—
1933
$795,642
103,905
$1,107,848
119,732
113,000
earnings...
Reserve for depreciation
Reserve for taxes
1934
$2,709,664
2,116,075
Net income.
Taggart
1935
1935
Gross profit
Operating expenses
Interest paid
Miscellaneous charges..
Proportion applicable to
minority interest
Total
cents per share
$1,584,817
1936
1936, Jan. 2, 1935,
Jan. 2,
on
$2,988,616
2,294,610
of sales
unexp.
142, p. 3871.
produced
$1,931,892
Exchange compensation
24,174
made
Sylvestre Utilities Co., Inc. (& Subs.)—Earnings—
Calendar Years—
equipment,
Sylvanite Gold Mines, Ltd.—Earnings—
Years End. March 31—
were
Warehouse stocks.
stock, par $10, payable July 1 to holders of record June 20.
Bullion
par $100,
be paid in
of Canada
July 2 and Jan. 2, 1934, anji in July and January of 1933, prior to which
regular semi-annual dividends of $3.50 per share were distributed.—V.
141, p. 3876.
'
initial dividend of 12 H
account of
The directors have declared a dividend of $1.75 per
accumulations
Corp.—Initial Dividend—
The directors have declared
on
4177.
p.
Corp.—Registers with SEC—
of this department.
Exchange has authorized the listing of 24,838 addi¬
notice of issuance under
employees' stock purchase plan, making the total amount applied for
2,056,738 shares.—V. 142, p. 2518.
an
Mortgage
"Under German foreign exchange restrictions prevailing since prior to
1933, foreign exchange acquired by German companies is subject to the
control of, and cannot be disposed of without the permission of, the foreign
exchange authorities. In connection with the offers of the corporation and
of Hugo Stinnes Industries, Inc. to their noteholders and debenture holders,
dated Oct. 31, 1933, certain of the debtors of the American companies
obtained the permission of the German foreign exchange authorities to
transfer interest on their indebtedness to the American companies at the
rate of 4% per annum.
Such permission was granted by the German au¬
thorities partly in consideration of the reduction
by the American companies
of the interest rate on such indebtedness to the American companies from
7 % to 4 % per annum and its continuance was made contingent upon the
continuation of the then existing transfer regulations.
The German govern¬
ment subsequently found it necessary to withdraw this permission, at a
time when practically all cash transfers for interest payments on such obli¬
gations were restricted due to lack of foreign exchange.
"The management of the corporation and of its German debtors and
affiliates believe that the German government is desirous of having German
companies meet their obligations and, this being possible only by way of
increased exports, the corporation and Hugo Stinnes Industries, Inc. have
co-operated with their German debtors and affiliates and have opened new
markets in various
Co.—Listing—
The New York Stock
tional shares of common stock (no par) on official
be suspended so that it shall not commence to operate until one year after
the restrictions imposed by the German governmental authorities upon the
company and its debtors upon the acquisition and transfer of foreign ex¬
change are removed.
Thereafter the company is to retire for the sinking
fund $400,000 principal amount of debentures per annum either by sur¬
render for cancellation of debentures theretofore acquired by the company
or by redemption by lot at the redemption prices for sinking fund retire¬
ments as provided in the original indenture.
The security of the^notes and debentures is not disturbed under the plans.
1936
13
June
b After
five months
for the cor¬
responding period last year, an increase of 17%.
The company's factoring volume for the month of May was $5,926,840.
compared with $5,103,924 for the same month last year, an increase of
•
*
4041
Financial Chronicle
Volume 142
16%.
The May showing is in line with the continued improvement shown
so far this
year, each month having registered a gain over the corresponding
month last year.—V,
142, p. 3529.
United Verde Extension Mining Co.—Output—
Copper (Pounds)—
January......
February
1936
Years Ended March 31—
Earnings: Silver recoveries (net).
Miscellaneous
March..
1935
1936
$1,585
1,399
^
——
.
$3,024
1,102
$4,127
—-—
——
329
$2,237
General expenses.-
■
Balance Sheet March 31,1936
Assets—
Accounts
Res.
Sundry investments
46,152
Mining properties..—.i—
1
Bldgs., mach. & equipment, &c_.*.22,370
Total......'—
payable
unclaimed
lor
dividends:
declared prior to Feb. 1, 1920—
Capital stock
—
Deficit—.
$92,519
$148
.....
4,607
242,372
..154,608
——
$92,519
Total...
■
x
2,095,366
2.175,272
2,403,732
■
April..—...
May.,...
x
March production
was
1933
3,014,232
2,720,000
3,013,188
2,977,420
3,006,300
1934
2,690,000
2,826,578
2,803,708
2,755,874
1,206,538
the first in 1936, the smelter being closed down
during January and February.—V. 142,
p.
3365/
Universal Corp.—Amends SEC Registration—
The corporation has filed an amendment to its registration of securities
under the Securities Act of 1933 giving the prices at which its common stock
will be offered and setting June 30 as the offering date.
Offering prices
are as
Liabilities—
.
Cash in banks
$23,838
Accounts and interest receivable.
158
—v.hi,p. 127.
$3,221
—...
Profit—_
<
648
256
1935
1,790,046
1,701,020
2,021,016
432,760
2,182,090
x
....
Temiskaming Mining Co., Ltd.-—Earnings—
follows:
(1) 130,000 shares to underwriters at $8
a
share.
a
share and to public at $10
\
(2) 211,569 shares to be offered by the issuer directly at $8 a share.
Subscriptions already have been received from the following:
Paul G.
Brown, 13,100 shares; Antoinette K. Brown, 2,500; J. Oheever Cowdin,
6,500; DM. Sheaffer. 12,600; Douglas B. Warfield, 5,000; William K.
Dick, 5,000; George G. Baker, 2,000; William Koenig, 10,000.
(3) 266,666 2-3 shares to holders of debentures at the then existing
conversion rate in the event that the debentures are converted.
T exas Corp.—Lists Underwriters for $60,000,000 Issue—
The corporation has filed an amendment to its registration statement
under the Securities Act of 1933 for issuance of $60,000,000 of 3H%
debentures, due in 1951, naming 48 underwriters and the allotments taken
by each as follows:
(4) 222,566 shares at $10 to holders of the warrants now outstandin
in the event that the warrants are exercised.—V. 142, p. 3698.
Dillon, Read & Co—.—...$9,000,000 Ladenburg, Thalmann & Co..
Brown Harriman &
Co., Inc.. 4,000,000 E. H. Rollins & Sons, Inc....
Lehman Brothers—
3,400,000 Bancamerica-Blair Corp
The directors have declared an extra dividend of 12K cents per share
in addition to the regular quarterly dividend of like amount on the common
stock, both payable July 1 to holders of record June 10. A dividend of
12J4 cents was paid on April 1, last, this latter being the first payment
made since Jan. 2, 1931, when a regular quarterly dividend of 37)4 cents
>
Mellon Securities Corp.
$600,000
600,000
550,000
500,000
500,000
500,000
500,000
500,000
500,000
400,000
400,000
400,000
400,000
400,000
350,000
300,000
3,400,000 A. C. Allyn & Co., Inc
3,400,000 Central Republic Co.........
3,400,000 Graham, Parsons & Co——
3,400,000 Harris, Hall & Co
Lazard Freres & Co., Inc..... 2,000,000 Mitchell, Hutchlngs Jk Co—Lee Higginson Corp.—2,000,000
Paine, Webber & Co..——
Field, Glore & Co—
1,500,000 Blair, Bonner & Co...
Halsey, Stuart & Co.. Inc..1,400,000 Cassatt & Co., Inc..——
The First Boston
......
Corp...
Blyth & Co., Inc..
Edward B. Smith & Co
...
Dominick & Dominick
1,750,000 Laurence M. Marks & Co
1,400,000 Lawrence Stern & Co., Inc.—
1,300,000 Spencer Trask & Co..——
Goldman, Sachs & Co— 1,000,000 Hayden, Miller & Co——
Hayden, Stone & Co...
1,000,000 Estabrook & Co....
Kidder, Peabody & Co
1,000,000 Whiting, Weeks & Knowles,
Shields & Co..—......
Inc..—.—..—..——
1,000,000
White, Weld & Co—
900,000 Battles & Co., Inc....
Charles D. Barney & Co.—
800,000 Alex Brown & Sons..—....
J. <fe W. Seligman & Co......
800,000 Illinois Co. of Chicago.—.
Stone & Webster and Blodget,
William R. Staats Co—
£»Ino—
800,000 Singer, Deane & Scribner
Riter & Co
700,000 R. de Lubersao & Cie
Dean Witter & Co
700,000 Stockholms Enskilda Bank A.B
—V. 142, p. 3695.
Hemphill, Noyes & Co
F. S. Moseley <fc Co.—
—
300,000
250,000
250,000
250,000
250,000
250,000
500,000
500,000
...
——..._ .
—.... .....
—
Texas Gulf Producing
Co.—$1,500,000 Loan Arranged—
N. W. Hunter, President, states that the company has arranged privately
three-year loan of $1,500,000.
Proceeds have been applied to repay
indebtedness to Atlantic Petroleum Producing Corp. amounting to $1,022,000 and the remainder will be added to the company's working capital.
—-V. 142, P. 3529.
a
142, p. 2689. 2343.
Truax-Traer Coal Co.—Initial Div.
$118,178
on
$0.09
Preferred Stock—
The directors have declared an initial
quarterly dividend of $1.50 per
share on the 6% cumulative preferred stock, par $100. payable June 15 to
holders of record June 10.-—V. 142, p. 3363.
a
The directors have declared a dividend of $2.50 per share on the common
stock, par $100, payable July 1 to holders of record June 19. This com¬
pares with $2 paid on Dec. 30, July 1 and Jan. 2, 1935.
This latter pay¬
ment was the first made since July 1, 1932, when a quarterly distribution
of $1.50 per share was made. A dividend of $1.50 was also paid on April 1,
1932, ana on Dec. 31, 1931, the latter being the first since Dec. 31, 1930,
when an annual dividend of $8 per share was paid.—V. 142, p. 3699.
Walgreen Co. (& Subs.)—Sales—
Month of—
1936
January
$4,744,590
February-...——
5,059,467
March
5,105,705
April.————
4,964,907
May.
5,155,697
—V. 142, p. 3192.
——.
————
—
—
1936
b$14,173
Exclusive of Federal income taxes and
1933
Wayne Pump Co,—Bonds Called—
City.
Each bond is convertible, if presented for conversion on or before
July 27, into one share of stock for each $10 of bonds.—V. 142. p. 804.
Wehle Brewing
d$23,120
*
c$9,796
extraordinary income credits
Including $32,097 extraordinary income credits and deducting
minority interest and $100,000 extraordinary provision for anticipated
losses and expenses, Ulen & Oo.'s proportion of net loss for the quarter
amounted to $4,216.
b Before extraordinary credits to surplus of $50,444 and after surplus
adjustments including setting aside $125,000 as a general reserve.
c After giving effect to non-recovery debenture plan
expense and after
direct charges and credits to surplus, including setting aside $100,000 as
general reserve.
d Before extraordinary credits of $45,888 and after surplus adjustments,
including setting aside $150,000 as a general reserve.
In the quarter just closed the company's indebtedness was reduced by
$327,625.
,
was
elected
Admitted to Listing and Registration—
,
The New York Curb
Exchange has admitted to listing and registration
thy7ill!' ^696^ stock* $25 par, and the 5% preferred stock, $25 par.
Union American Investment
Corp.—Initial Dividend—
The directors have declared an initial dividend of 50 cents per share on
the common stock, payable July 1 to holders of record June 23.-—V. 141,
p.
4028.
Union Investment Co.—-Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable July 1 to holders of record June 25.—V. 142, p. 3530.
United American Bosch
Corp.—Earnings—
12 Months Ended March 31—
1936
Net sales
$7,173,219
Profit after ordinary taxes, depreciation & charges
but before Federal taxes........
188,998
—V. 142, p. 3696.
—
Co.—50-Cent Dividend—
West Coast
Telephone Co.—Accumulated Dividend—
The directors have declared a dividend of 37 H cents per share on account
of accumulations on the 6% cum. preferred stock, par $25, payable June 1
to holders of record May 20.
A like payment was made on April 1, last,
this latter being the first payment made on
......
1935
$6,095,239
share.—V. 142, p. 2346.
_
Co.—$2 Extra Dividend—
share in addition
to a regular quarterly dividend of $1 per share on the common stock, both
payable July 1 to holders of record June 12. An extra dividend of $1 per
share was paid on April 1, last, an extra of 50 cents on April 1, 1935, and
extras of $1 per share in each of the six preceding quarters.—V. 142, p. 1838.
The directors have declared an extra dividend of $2 per
West Texas Utilities Co.—Accumulated Dividend—•
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $6 cum. pref. stock, no par value, payable July 1
to holders of record June 15.
Similar distributions have been made each
3uarter since and incl. Oct. 1,paid.—v. 142, p. 3366.,
ends of $1.50 per share were 1933, prior to which regular quarterly diviWestern Electric Co.-—To Resume Dividends—The directors on June 9 declared a dividend of 50 cents per share on the
capital stock, no par value, payable June 30 to holders of record June 25.
a
payment made since June 30,1931, when the company
From March 30, 1929, to and
dividend of 75 cents per share.
including March 31,1931, the company paid regular quarterly dividends of
$1 per share. An extra dividend of $1 per share was distributed on Dec. 31,
1929.—V. 142, p. 3533.
Westchester Service
Corp.—Deposit of Bonds Urged—
The protective committee for the
first mortgage 6% sinking fund gold
Van Suetendael, Chairman), in an appeal
have not already done so to approve the plan and
bonds due April 1, 1948 (A. O.
to all bondholders who
objectives outlined in its letter of May 13, also announces
United Amusement Corp.* Ltd.—-Dividends Increased—
The directors have declared a dividend of 30 cents per share on the class A
and class B stocks, both of no par value, payable June 15 to holders of
record May 30.
This compares with 25 cents paid on Dec. 15 and June 15,
1935; 35 cents on Dec. 15, 1934; 15 cents paid on March 15, 1934; 20 cents
Dec. 15, 1933; 40 cents per share paid on Dec. 15 and Sept. 15, 1932;
1932, and 50 cents per share distributed each
on
45 cents paid on June 15,
Sept. 15, 1929, to and including March 15, 1932, and
15, 1928.—-V. 142, p, 972.
on
1929, and Aug.
United Gas Improvement Co.—Weekly
Week Ended—.
Electric output of system
—V. 142, p. 3873.
June 6 '36
(kwh.)
80,114,506
Western
Maryland Ry.—Earnings—
See under
"Indications of Business
Activity"
on
a
1936
$432,341
—First
Period—
Gross earnings (est.)—
—V. 142, p. 3700.
Western
Issue
of May— ——Jan. 1 to May 31—
1935
1936
1935
$368,070 $6,589,010 $6,162,471
Week of June— •—Jan.
1936
$285,478
1935
$292,214
1 to June 7—
1936
1935
$6,874,488 $6,454,685
Massachusetts Cos.—Files with SEC—Would
$11,000,000 3%% Notes—
June 5 filed with the Securities and Exchange Com¬
(No. 2-2231, Form A-2) covering $11,000,of 3 M % Coupon Notes, due June 15,1946. Accord¬
ing to the registration statement, the net proceeds from the sale of the
issue
'
'1
The company on
mission a registration statement
June 8 '35
72,313,617
United States Steel Corp."—May Shipments—Y. 142, p. 3873.
Period—
Gross earnings (est.)——
000 principal amount
Output-
May 30 '36
77,844.214
that the holders
bonds supporting this committee have postponed the
He states that at the June 3 hearing the committee
had about 50% more approvals of its plan than the debtor had of its plan-,
and the Helbig plan had less than either.
At this hearing the committee filed objections to and proposed modifi¬
cations of the debtor plan and Judge Coxe reiterated his views "that the
senior security (1st mtge. bonds) should have the absolute right to dictate
management of any reorganized company."
The court directed the debtor to confer with bondholder representatives
for the purpose of compromising differences in the respective plans, and to
report results at the hearing scheduled for June 26.—-V. 142, p. 3366.
of nearly $500,000 of
threat of liquidation.
—Fourth Week
55,079
.....
quarter from
thepreferred stock since June 1,
1932, when a regular quarterly dividend of 37)4 cents per share was dis¬
Accumulations after the current payment will amount to $5.6234
r
March 15,
$71,289
$1.23
on May 4 declared a dividend of 50 cents per share in the
stock, no par value, payable June 15 to holders of record June 1.
A like payment was made on Dec. 15, 1935, this latter being the first
distribution made since 1933.—-V. 141, p. 3396.
distributed
meeting of the board of directors held June 3 John Parr
director, succeeding Felix E. Notebeart, resigned.
a
1936
————————
Earnings per share on combined 57,967 shares com. & cl. B stock
—V. 142, p. 2346.
This will be the first
New Director—
a
Co.—Earnings-
West Point Mfg.
and debits.
At
$3,664,964
4,248,372
3,412,705
3,452,181
3,643,478
■_/
'
(
1933
1934
$4,303,469
4,079,749
4,618,455
4,211,153
4,356,431
All of the outstanding 5% conv. debenture bonds, due Dec. 1, 1954,
have been called for redemption on Aug. 1 next, at par and interest.
Pay¬
ment will be made at the Manufacturers Trust Co., 45 Beaver St., N. Y.
per
1934
1935
a$65,737
1935
$4,698,604
4,637,407
5,032.075
4,621,245
4,641,147
tributed.
(& Subs,)—Earnings-
Quar. End. Mar. 31—
Net loss after interest &
Federal taxes
share was distributed.—-V. 142, p. 1660.
Virginian Ry.—-Dividend Increased—
Welch Grape Juice
share on 1,250,000 shares..................
Ulen & Co.
per
common
Earnings for 3 Months Ended March 31, 1936
per
.
The directors
Valley Distillers Corp,—Earnings—
Net income after expenses, Fed. taxes & other deductions....
Earnings
Kamps Holland Dutch Bakers, Inc.—Extra
Profit before Federal taxes.—
I. Hawkins
Treasurer, succeeding W. C. Wood, former Secretary-Treasurer resigned.
L». R. Buckendale has been elected Vice-President in charge of engineering.
Trenton
de
Earnings for 20 Weeks Ended May 16
Timken Detroit Axle Co.—New Officers—
_Walter F. Rockwell has been elected Secretary and A.
—V.
Van
Dividend—
preceding
page.-—
beappl
1939, all of which have been called for redemption on July 6, 1936.
(b) $493,600 for the purchase from Western Massachusetts Electric Co.
of Greenfield, Mass., a subsidiary, of 4,936 shares ($100 par) common stock,
which the subsidiary proposes to issue.
4042
Chronicle
Financial
(c
$500,000 for the purchase from Pittsfield Electric Co. of Pittsfield
Mass., a subsidiary, of 5,000 shares ($100 par) capital stock which thesubsidiary proposes to issue.
(d) The balance to be used for the purchase from United Electric Light
Co. of Springfield, Mass., a subsidiary, of 25,688 shares of the 25,700 shares
($25 par) capital stock which the subsidiary proposes to issue.
The Notes are redeemable in whole or in part at the option of the com¬
sidiary public utility company of the corporation.—V. 142, p. 3875.
White Mountain Stone & Marble
1936
■
101 %; June 15, 1940 to June 14, i94l, incl., 101; June 15, 194i to June 14!
1942, incl., 100%: June 15, 1942 to June 14, 1943. incl., 100%; June 15,
1943 to June 14,1944, incl., 100%; June 15,1944 to June 14,1946, incl., 100.
Period End. Apr. 30—•
Operation
Maintenance
—
Taxes
Interest & amortization.
Wieboldt
$25,715
Stores, Inc.—Registers with SEC—
See list given on first page of
Preliminary
this department.—V. 142,
Williams Oil-O-Matic Heating
CURRENT
NOTICES
$348,126
216,166
119,451
$327,502
206,000
119,453
$12,508
at the
$2,032,571
1,053,073
102,434
190,214
359,346
$2,048
Ridgewood Country Club in Ridgewood, N. J.,
$15,388
dividends and surplus
of A. G. Becker & Co., in the competition for the Bond Club Golf Trophy,
which is awarded each spring to the member having low
fall
and
spring
handicap
net score for the
Each
tournaments.
had
man
an
aggregate 148. Porter adding a 75 to his 73 of last fall and Campbell scor¬
ing a 71 against a 77 in the fall.
the Bond Club of New Jersey
won
golf trophy by defeating James G. Campbell Jr. of Estabrook & Co.
-V. 142, p. 3192.
Ridgewood Country Club, Ridgewood, N. J., in
Western Union
tie was created
a
G. Campbell Jr. of Estabrook & Co. and Foy W. Porter
between James
Foy W. Porter of A. G. Becker & Co.
common
Corp.—Registers iwth SEC
—At the annual Spring Field Day of the Bond Club of New Jersey held
1936—12 Mos.—1935
$2,076,575
1,082,537
114,953
185,262
345,695
Appropriations for retirement reserve
Preferred dividend requirements
Balance for
2691.
p.
See list given on first page of this department.—V. 142, p. 1492.
combined
Balance
first page of this department.
on
(& Subs.)—Earnings—
1936—Month—1935
$169,660
$160,479
87,508
88,845
11,726
11,650
15,827
15,286
28,882
29,308
Gross earnings
given
_
negotiations have been held with The First Boston Corp., of Boston, Mass.
The names of underwriters, the price to the public, and the
underwriting
discounts or commissions are to be filed by amendment to the registration
statement.—V. 142, p. 3701,
1492.
Western Public Service Co.
Co., Inc.—Registers
with SEC—
See list
No firm commitment has been made to underwrite the notes.
thereto.
The Commission held that the exemption
extended also to the Menominee & Marinette Light & Traction Co., a sub¬
pany
_
June 13, 1936
contiguous
States
Telegraph Co., Inc.—Earnings—
a
a
77-2-75
while Campbell scored
Period End. Apr. 30—
1936—Month—1935
1936—4 Mos.-—1935
Teleg. & cable oper. rev. $7,998,575
$7,463,479 $30,705,563 $28,312,438
Teleg.'& cable oper. exps.
6,404,248
6,083,544
25,288,930
24,004,870
the first low net
Porter turned in
last hole.
Uncollect, oper. revs...
Taxes assign, to oper'ns.
at
play-off match to decide
tie created at the Club's spring field day last Friday.
55,990
52,199
283,333
330,202
214,939
1,316,024
a
an
88-12-76 to
Gross income
168,104
683,294
income
$694,197
$3,885,671
523,231
$2,976,093
520,651
$1,212,506
691,307
$1,377,491
Deductions
Net
$1,044,403
$4,408,902
2,750,019
$3,496,743
2,771,444
$521,200
$1,658,883
In class B
with
$725,300
A
on
prior
lien
stock
would
be
on
men
changes would be to make available to holders of pre¬
ferred stock an additional $356,478 yearly (3% on 118,826 shares of common
stock), but the net effect on the common stocks cannot be determined
because
dividends
in the Club pool.
Julius A. Rippel of J. S. Rippel & Co., President of
—Middle West real estate bonds increased 0.3%
New York,
Broadway,
The rise came after a
on
in market value during
the market action of 200 typical issues.
2.7% decline in April.
of face value increased from $319 on Jan.
4.7% for the five months of 1936.
The
The
average
1 to $334
price
average
Prices quoted per $1,000 of face value as of June 1 were:
1
Chicago,
$323;
Houston,
$318,
and
Detroit,
$199.
would
continue
to
be
this, such stock would become non-redeemable, and provisions for the
redemption of such stock at $115 a share, and the cumulative dividends,
if any, accrued and unpaid on it would be eliminated.
The privilege accorded to holders of the prior lien stock to convert
into
common
on
dollar-for-dollar
a
par
value basis also
be eliminated.
The dividend rate
to
$318 in the five months of this
the preferred stock would
be reduced from 6 to
$105 a share to $100, plus accrued dividends.
Any holder of preferred stock would at any time be permitted to convert
such stock dollar for dollar, par value, into common stock and receive
an amount in cash equivalent to
any dividends declared and unpaid on it.
If any shares of preferred are called for redemption the arrangements
that holders would nevertheless have the right to convert into common
stock at any time within 30 days from the issuance
are
pf the redemption call.
The amount of preferred stock could not be increased without the
sent of the holders of at least two-thirds of the
at the time.
holder to
of stock
one
$307
0.6 increase, 39 miscellaneous issues gained 0.2, and Detroit dropped
Houston, which have risen 9.1% in the first five months, lost
St. Louis issues, with a five month gain of
a
1%.
1.2%, and
7.7, fell 1.1%.
vote
—Estimated attendance at the third annual convention of the National
increased
on
sharply with the announcement that the
Aug. 4, 5 and 6,
Boston Security
Traders' Association has become affiliated with the national organization.
The membership
increases the
with 800 at the
the
of the Boston unit totals 262.
Addition of this group
membership of the national body to 1,376.
opening of the year.
Boston
organization in
Ralph
are:
This compares
National committeemen representing
F.
of whatever
for each
such
class
share
Carr,
Hubbard
of Claflin,
at
all
times
entitle
D. Knox & Co., and
&
In addition to these,
Thornton, of Thornton & Curtis..
Charles J.
large number of
a
other Boston members are expected to attend the convention.
—Cummings & Ardery, Boston,
is
business
ment
Dunker and E.
to
announce
be continued
by
that their investment manage¬
Francis H.
Richard Ehlbeck under the firm
Henry T.
Cummings,
name
of Cummings
&
Mr. Dunker is President of the Harvard Business School Alumni
Dunker.
Association.
New
During the past four
years
he has been associated with the
England Trust Co., in charge of their investment consultation de¬
Francis
partment.
would
and
Co.; James J. Lynch, of H.
Hovey &
con¬
preferred stock outstanding
the
the
preferential rights con¬
ferred by the existing articles of incorporation upon the holders of the
prior lien stock in this respect would be eliminated.
The articles of incorporation provided for authorizated capital stock
of $55,870,000, divided into 558,700 shares of the par value of $100 each
of the following classes: 118,286 shares of prior lien stock, 103,450 shares
of preferred stock and 336,424 shares of common stock.
The articles also provided that prior lien and
preferred stock may be
converted into common stock, and when this is done such
prior lien stock
and preferred stock shall be canceled and the amount of common stock
increased.
H. Cummings was
associated with
Herrick,
Smith,
Donald & Farlay until 1928, when he became a partner in the investment
counsel firm of
Russell, Berg & Cummings.
He left that firm in 1934 to
of Cummings & Ardery.
organize the firm
Mr.
Ehlbeck
was
formerly
associated with Scudder, Stevens & Clark and Russell, Berg & Cummings,
until the formation of Cummings &
Ardery.
—The investment companies' common stock price index declined
slightly
last week, as evidenced by the averages compiled by Distributors Group,
Inc., 63 Wall St., New York.
The average for the
common
stocks of 10
leading management companies influenced by the leverage factor stood at
To date
1,310 shares of preferred stock have been converted and there
are
now
outstanding the following shares: 118,826 shares of prior lien
stock, 102,139.58 shares of preferred stock and 337,723 shares of common
stock.—V. 142, p. 3700.
17.75 at the close of June 5 compared with 18.16
of the mutual funds closed at 14.02 June
of the
Corp. (& Subs.)—Earnings—
April 30—
1936
revenues
expenses,
maintenance and all taxes.__
1935
$7,453,187
4,326,537
$7,045,199
4,267,926
Financial
conducted
(before approp. for retire't res.)_
„
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement
reserve
$3,126,649
28,362
$2,777,272
31,439
District
Bridge Championship
period of five weeks, has been
by John Morton and
Messrs. Bo wen and
Radenmacher
a
of Goldman
Sachs
were
second
Net income.
Wins SEC
5,808,711
710,185
$2,241,678
1,352,186
55,999
24,000
$2,098,526
1,350,951
105,099
16,550
$809,493
$625 925
Exemption—
—T. P. Corley, formerly with the Canadian Bank of Commerce
recently with Jas.
Richardson &
Son,
Montreal,
meet the
The corporation has obtained an exemption from registration under the
nounce
June 1.
Verdon,
third.
has become
and
more
associated
enlarged to
requirements of the firm's increasing business.
&
Co., members of the New York Stock Exchange,
the admission of Charles
Mr
Coster is the
son
Henry Coster
as
a
an¬
special partner as of
of the late Charles Henry Coster,
formerly a
partner in J. P. Morgan & Co.
—Shaskan & Co., members New York Stock Exchange, announce
they have opened
a corporate
that
bond department under the management of
Morris T. Sitkoff.
—Peter P. McDermott & Co., 39 Broadway, New York,
Public Utility Holding Company Act of 1935 by action of the Securities and
Exchange Commission.
It was classified as a holding company whose
York Stock Exchange, have prepared a special bulletin
operations do not extend beyond the State in which it is organized and
Corp.
and
Skeldon
and
were
with Hart Smith & Co. in their Toronto office which is being
$3,155,011
913,333
for 1936,
Tournament
won
—Fahnestock
Gross income
Interest charges (net).
Amortization of debt discount and expense.
Other income deductions
The average
Frank Bradshaw, representing Frank Kiernan & Co.
over
representing the New York Stock Exchange,
Net oper. rev.
Other income
May 29.
on
5, compared with 14.24 at the close
previous week.
—The
Wisconsin Public Service
Twelve Months Ended
Operating
Operating
Chicago
120
Chicago issues led in May with
year.
Jenkins; Joseph Gannon, of May & Gannon; Vernon H. Hall, of Chandler,
on
5H %, payable quarterly, and dividends would be cumulative after Aug. 1.
Likewise, the redemption price of the preferred would be reduced from
share
rise of
May 1.
St. Louis, $364;
The
Security Traders' Association, to be held in Los Angeles
Each
a
on
issues among the 200 used as a basis for the averages have risen from
was
securities
1,
$333
was
on
cumulative.
On the same date $7.50 a share would be paid in cash to holders of the
prior lien stock as of record at a uate to be fixed by the directors.
With
would
price per $1,000
June
on
and
these
an
Cyrus R. Currier of Adams & Mueller, Chairman of the field
preferred would be cumulative.
Under the application the dividend rate on the prior lien stock would
be reduced from 7 to 4%, payable quarterly, effective on and after
Aug. 1,
the dividends
Schubert
dinner held in the evening following
a
May, according to statistics compiled by Amott, Baker & Company, Inc.,
prior lien stock, aggregating $1,782,390, would
The net effect of
The Kickers'
day committee, presided at the dinner.
150
eliminated.
the Bond Club
yet eligible for
divided by William Growney, Charles B.
prizes were awarded at
the Club and
demption.
be
First
Claude H. Meredith
110-35-75.
exhibition of swimming and diving given by a group of eight girls and two
be eliminated upon the cash payment of $891,195.
Holders of prior lien stock would forfeit opportunity to participate in
any future dividends on the common stock .through conversion.
Prior lien stock would not be eliminated from capital structure
by re¬
would
by C. W. Elling with
won
was
special prize for new members not
The
reduced
Dividends on preferred stock would be reduced from $612,834 (noncumulative) to an aggregate of $561,768 (cumulative).
Redemption of premium on the preferred stock aggregating $510,698
first and
won
and Fred J. Brown.
from $831,782 to $475,304.
Redemption premium
taken by William A. Growney
was
Stanley Bellows Jr. and Fred J. Brown
Handicap prize was
company
dividends
C. E.
trophy was won by L. W. Dempsey who carded 97-17-79.
would be:
cumulative
competition, low gross prize
97.
a
and Benjamin Fairbanks tied for second low net with 77s.
has made application to the Interstate
Commerce Commission for permission to make a readjustment of its
prior
lien and preferred stocks, if, as it expects, such action is
approved at a
meeting of shareholders on June 29 at Cleveland.
Application was filed following receipt of a demand by Mr. Biggs and
F. E. Taplin for the Pittsburgh & West Virginia Ry., the North American
Coal Co., and for himself as an individual, all holding 473,286 shares
of stock, or more than 25% of that outstanding.
The effect of the proposed readjustment program, the application
said,
Annual
Jersey
Class C low gross went to Frank E. Quinby who turned in a 103.
In line with the suggestions recently made by Jesse H. Jones, Chairman
of the Reconstruction Finance Corporation, in a letter to James Crawford
the
Campbell took
the low gross award with
won
second low net prizes with scores of 100-27-73 and 101-26-75, respectively.
Wheeling &. Lake Erie RR.—Asks New Stock Set-Up—
Seeks Readjustment of Preferred and Prior Lien Issues—
trustee,
Co.
took second low net prize with his 87-14-73.
low net
as
the
prize with his 83-12-71 scored at the outing last week.
his 79 and Robert S. Carmichael of Commercial Trust Co. of New
—V. 142, p. 3874.
Biggs;
the match at
Class A prizes were awarded following this play-off and
198,142
1,133,333
William Reekie of Graham, Parsons &
Operating income
$1,208,135
Non-operating income..
169,356
lose
members New
on
Allied Stores
Volume
Financial
142
Chronicle
4043
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
The upward ^trend in cocoa continued, prices going
high ground on a wave of buying in the late session.
Offerings in the spot market and from primary markets
were sharply advanced.
Manufacturers who attempted to
buy actual cocoa, and the commission houses who were
buying futures, were all forced to bid prices up sharply
to
obtain
requirements.
New York warehouse stocks
continued to show a steady decline, which daily decline has
been under way since the first of May.
Yesterday stocks
declined 3,252 bags, which brought the total warehouse
stocks down to 758,726 bags. • Trading on the local Exchange
totaled 303 lots, or 4,060 tons.
Local closing: July, 5.65;
Sept., 5.75; Oct., 5.76; Dec., 5.85; Jan., 5.86; March, 5.92;
May, 5.98.
up.
COMMERCIAL EPITOME
into
Friday Night, June 12, 1936
Coffee—On the 8th inst. futures closed 5 to 8 points higher
for
Santos
with sales of 13,750 bags.
Old Rio
points higher, with sales of 750 bags,
new Rio contracts closed 1 to 4 points higher, with sales
of 750 bags.
No important news was received from Brazil
as concerns the Consultative
Council, which postponed its
meeting from Saturday to Monday.
This Council will
decide the course of action in regard to Brazil's next crop
year, starting July 1.
With a Brazil crop forecast at about
20,000,000 bags, against world demands of 16 to 1614 mil¬
lions, it is expected that part of the crop, possibly 25%,
will be ordered turned over to the National Coffee Depart¬
contracts
contracts,
closed
5
while
ment
for
balance.
destruction
in
order
to
Rio de Janeiro futures
maintain
the
statistical
extremely irregular,
advancing 375 reis, while the more distant
but 75 reis.
Cost and freight offers from
Brazil were about unchanged, with Santos Bourbon 4s
at from 8.25 to 8.55c.
Havre futures were off 2% francs,
with sales of 23,500 bags.
On the 9th inst. futures closed
2 to 3 points lower for Santos
contracts, with sales of 5,000
bags.
Old Rio contracts closed 3 to 5 points lower, with
transactions of 3,000 bags, while 500 bags were sold in the
new Rio contract, which closed 5 to 7
points lower.
Rio
de Janeiro futures were unchanged to 25 reis lower.
Cost
and freight offers from Brazil were about unchanged.
Havre futures were 234 to 3 francs higher, with trading
17,509 bags.
A fire in Colombia's Magdalena River port,
Giradot, was reported to have destroyed four coffee mills
and about 20,000 bags of coffee.
Brazil's Consultative
Council report no definite conclusions as to action on the
1936-37 crop, but are still in conference.
On the 10th
inst. futures closed unchanged to 2 points higher for Santos
contracts, with sales of 6,000 bags.
Old Rio contracts were
unchanged to 3 points higher, with transactions totaling
2,500 bags.
The new Rio contract closed 1 to 2 points
lower, with sales of 1,250 bags.
Rio de Janeiro futures
were
50 to 100 reis lower.
Cost and freight offers from
Brazil were unchanged to 5 points higher, with Santos 4s
at from 8.20 to 8.45c.
No business in local spot market,
buyers looking for concessions from posted prices.
Havre
futures were unchanged to 34 franc lower, with trading
still quite heavy.
On the 11th inst. futures closed unchanged to 1 point lower
for Santos contracts, with sales of 6,000 bags.
Rio contracts
(old) closed 2 to 3 points higher, with transactions of 4,750
bags, while 500 bags were traded in the new Rio contract,
which closed unchanged. Cost and freight offers from Brazil
were
naturally limited because of the holiday (Corpus
Christi). They were about unchanged, with Santos 4s at
from 8.25 to 8.50 c., with old crop coffees about 10 points
cheaper. Havre futures were unchanged to 34 franc lower,
with trading light.
To-day prices closed unchanged to 2
points up for Santos contracts, with sales of 15 contracts.
Rio (old) contracts closed 2 points down, with sales of 17
contracts.
The New Rio contract closed 3 to 4 points up,
were
the spot month
positions
were up
with sales of 4 contracts.
Rio de Janeiro futures
reis lower to 75 reis higher.
were
Cost and freight offers were
changed. Havre futures were 34 to 34 franc higher.
Rio coffee prices closed as follows:
—4.581 December
4.711 March
July
September
__ — —
Santos coffee
prices closed
March-
as
8.55
May...
July
-
50
un¬
--4.86
-4.94
follows:
September
8.60 December
8.25
8.36
8.48
Cocoa—On the 8th inst. futures closed 6 to 7 points higher,
this being new high ground since June, 1934.
Wall Street
and trade interests were again conspicuous on the buying
side.
There was considerable profit taking, but this seemed
to
be readily
absorbed.
Spot brokers reported plenty of
a scarcity of
offerings.
The
United States visible supply, as measured by New York
warehouse stocks, showed a decrease of 2,761 bags for the
day. Since May the visible supply has had an uninterrupted
decline, which has totaled 62,430 bags.
Total sales on the
New York Cocoa Exchange Monday were 297 lots, or 3,980
tons.
Local closing: July, 5.57; Sept., 5.67; Oct., 5.68;
Dec., 5.76; May, 5.90.
On the 9th inst. futures closed
2 points up.
Sales totaled 298 lots, or 3,993 tons.
Highest
prices of the past two years were recorded in today's session
and indications seem to point to still higher levels.
Buying
bids from manufacturers and
included orders from commission houses and trade interests.
The selling consisted largely of profit taking, but these
offerings appeared to be well absorbed.
New York ware¬
house stocks continued to dwindle, with yesterday's reduc¬
to 1,430 bags.
Local closing: July, 5.59;
Sept., 5.69; Oct., 5.70; Dec., 5.78; Jan., 5.79; March, 5.87;
May, 5.92.
On the 10th inst. futures closed 5 to 7 points
tion amounting
new
On the 11th inst. futures closed
The
14 to
17
points higher.
session
to-day developed pronounced strength on a
heavy buying wave from both trade interests and Wall
Street commission houses.
Europe was also a buyer. The
selling consisted largely of profit taking by those who had
bought earlier in the advance. There was also some small
selling from primary markets on the advancing scale. "Sixcent cocoa" appeared on the board for the first time since
June 1934.
Transactions totaled 788 lots, or 10,559 tons.
New Y'ork warehouse stocks—which make up the U. S.
visible supply—declined 1,475 bags for the day. These sup¬
plies have been declining daily since the first of May, and
now total 757,251 bags. Local closing: July, 5.79; Sept., 5.89;
Oct., 5.91; Dec., 5.99; Jan., 6.00; Mar., 6.09; May, 6.15.
To-day prices closed 4 to 8 points down. Prices reached
further new highs to-day, but under heavy profit taking sold
off 7 to 8 points.
On the dip a fresh demand developed,
which rallied the market almost to the early highs, but this
recovery was subsequently wiped out and the market closed
around the loss of the day. The decline in warehouse stocks
continued
uninterruptedly.
To-day's decline in stocks
totaled 2,383 bags, which reduced the total to 754,000 bags.
Local closing: July, 5.73; Sept., 5.81; Oct., 5.87; Dec., 5.95;
Jan., 5.96; Mar., 6.05; May, 6.10.
,
Sugar—On the 8th instant futures closed 1 to 3 points
higher.
Trading was light, sales totaling but 1,900 tons.
Traders did not seem disposed to make any heavy com¬
mitments
until
something definite' happens concerning
Washington legislation.
The Senate Finance Committee
approved and ordered a favorable report to the Senate
on the O'Mahoney resolution to amend the Jones-Costigan
Act.
The resolution approves quotas for 1936 allotments,
but the resolution as approved was amended finally to
eliminate benefit payments and the appropriation of $30,000,000 with which to make them, and did not contain
any tax on sugar.
In the raw market most duty frees were
offered at 3.80 cents and better.
below 2.90 cents.
Final
Cubas
were
not
on
offer
Cuban production was 2,554,113
Spanish tons, against 2,534,174 tons produced last season.
production exceeded the decreed crop by 39,113 tons.
On the 9th inst. futures closed unchanged to 3 points higher.
Volume was limited, totaling 3,900 tons, much of which was
done in July and September deliveries.
July closed at 2.85
cents, up 1, while December closed at 2.84 cents, up 3 points.
The
In the market for
raws
it
was
disclosed that Savannah has
obtained 3,000 tons of
Cubas for July arrival at 2.85 cents,
unchanged from the last sale of Cubas.
It was reported that
a bid of 3.75 cents for a lot of Philippines had been turned
down.
Other duty frees were offered at 3.80 cents and better
as were Cubas.
London futures closed unchanged to )4d.
higher.
About 20,000 tons of raws were reported sold at
4s. 9d., with possibly further buyers at that price, which is
equivalent to about .92 cents f. o. b., Cuba.
On the 10th
inst. futures closed 2 points higher to unchanged, with sales
totaling 15,400 tons.
This volume was the heaviest in over a
month.
In the market for raws Oodchaux was reported to
have secured 3,000 tons of Philippines, June-July shipment
at 3.80 cents.
Offers were firmer, with no further Philip¬
pines offered under 3.85 cents, and interest at 3.82 cents,
while Puerto Ricos were also at 3.85 cents, although one or
two nearby lots might be obtainable a few points cheaper.
In the refined market withdrawals continued good, and
interest in "resale" refined at as high as 4.85 cents, was still
in evidence.
London closed unchanged to 34d. lower, while
raws were reported sold at 4s. 9d., or about .91 cents f. o. b.,
Cuba, with further offers at that price.
On the 11th inst. futures closed 1 to 2 points higher. Sales
were 9,750 tons.
In the market for raws three sales were
reported, viz: 25,000 bags of Cubas, second half July ship¬
ment to National at 2.90c.; 4,100 tons of Puerto Ricos, firs
half of July shipments, to Godchaux at 3.80c.; and 1,100
tons of Philippines, June-July shipment to an operator at
3.83c.
Following the sales there were no duty frees available
under 3.85c.
Cubas
were
held at 2.95c.
The "resale"
fined market continued firm, with refiners brands not
for sale at under 4.85 c., or
re¬
offered
the last price at which refiners
Financial
4044
accepted contracts, the end of March.
London closed un¬
changed to 3^d. lower, while raws there were offered at 4s
834d., or about .89c. f.o.b. Cuba.
Today futures closed
unchanged to 1 point up.
Trading was quiet, but prices
held steady throughout the session.
July and Sept. again
sold within a point of their seasonal highs, the latter at 2.87c.
In the raw sugar market Pennsylvania paid .85c. for 8,000
tons of Philippines, June-July shipment, which was within a
point of the high for raws this year.
Several small parcels
of Puerto Ricos were reported available at 3.80e., but re¬
finers did not appear to be interested because that would
change the spot price. Resale refined sugar continued firm,
with reports of standing bids of 4.85c. and light offerings.
^
Prices
were as
follows:
July
2.88' January
March
2.581 May
2.861
September
Closing hog prices
steady, the top price registering
reported at $10. Western hog
receipts totaled 11,000 against 12,200 for the same day last
year.
Buying of lard by European interests continues slow,
and there were no export clearances from the
port of New
York Saturday. -Liverpool lard futures were again
very
firm on Saturday, and prices at the close were 6d. to Is.
higher.
On the 8th inst. futures closed 2 points lower to
2 points higher on the near months and 10
points higher on
December.
Hog prices held steady, and the demand for
same continues fairly active.
The late top price at Chicago
was
$10.25, and the bulk of sales ranged from $9.65 to
$10.15.
Total receipts at the principal Western markets
were 66,300 head,
against 53,200 for the same day a year
ago.
Export clearances of lard from the Port of New York
over
the week-end were moderately heavy, and totaled
95,536 pounds for Hamburg.
Liverpool lard futures were
extremely weak.
Closing prices were 2s. 6d. lower on the
spot and 9d. lower on the distant deliveries.
On the 9th
a
were
few sales
were
inst. futures closed
unchanged to 2 points lower.
Volume
Hog prices suffered a slight decline, closing
at 10c. at Chicago.
The top price was $10.15, with one
load reported to have sold at $10.25.
Most of the sales
reported ranged from $9.60 to $10.10.
Total receipts at
the principal Western markets were
moderately heavy and
totaled 57,000, against 46,200 for the same day last
year.
Export demand continues very slow.
Clearances of lard
from the Port of New York running light.
Shipments
reported Tuesday amounted to 44,800 pounds for Liverpool
and Southampton.
Liverpool prices were unchanged.
On
the 10th inst. futures closed unchanged to 5
points higher.
Chicago hog prices closed 5 to 10c. higher, the top price
registering $10.20 and the bulk of sales ranged from $9.60
to $10.05.
The Western hog movement continued fairly
heavy, with receipts totaling 45,300, against 38,000 for the
same day last
year.
Lard shipments from the Port of New
York Wednesday totaled 131,600 pounds, for London,
Liverpool, Manchester and Glasgow.
Liverpool lard futures
were steadier and
prices at the close were 6d. higher on the
spot position, 3d. lower on July and 3d. higher on the distant
positions.
of trade
light.
On the 11th inst. futures closed 2 to 7 points higher.
The
January option, however, remained unchanged.
Trading
was fairly
active, though without any special feature. Hog
prices were 10c. higher on the average.
Total receipts for
the Western run were 47,400 against 37,600 for the same
day last year. Liverpool lard futures were quiet but steady.
Prices at the close there were 6d.
higher on July and un¬
changed on the other deliveries. Export clearances of lard
from the port of New York were
light and totaled 6,550
pounds for Antwerp.
Today prices closed unchanged to 5
points down. There was nothing of importance concerning
trading or news.
Pork—Mess, $30 per barrel; family, $29, nominal, per
barrel; fat backs, $19.50 to $24 per barrel.
Beef quiet;
mess, nominal; packer, nominal; family, $15 to $16 per
barrel, nominal; extra India mess, nominal.
Cut meats
firmer; pickled hams, picnics, loose, c.a.f., 4 to 6 lbs., 15c.;
6 to 8 lbs., 143^c.; 8 to 10 lbs., 14c.
Skinned, loose, c.a.f.,
14 to 16 lbs., 21 J^c.; 18 to 20
lbs., 21^c.; 22 to 24 lbs.,
193^c.
Bellies, clear, f.o.b. New York, 6 to 8 lbs., 21 %c.;
8 to 10 lbs., 21c.; 10 to 12
lbs., 20c.
Bellies, clear, dry
salted, boxed, N. Y., 14 to 16 lbs., 14%c.; 18 to 20 lbs., 14c.;
20 to 25 lbs., 13%c.; 25 to 30 lbs., 13 Kc.
Butter, creamery,
firsts to higher than extra and premium marks, 263^c. to
29J^c.
Cheese, State, whole milk, held 1935, fancy, 22 to
22%c.
Eggs, mixed colors, checks to special packs, 19Mc.
to 24c.
Oils—Deliveries of linseed oil for the current month
far
so
reported in good volume.
May deliveries were
better
than
expected.
Quotations:
Chinawood,
tanks,
forward, 18.2c. to 18.4c.; drums, spot, 18%c. to 19c.
Cocoanut, Manila, tanks, April-June, 4 to 43^c.; Coast, 3%c.
Corn, crude, tanks, West mills, 8c.
Olive, denatured,
spot, Spanish, 75c.; shipment forward, 723^c.
Soy bean,
tanks, mills, 6 to 6Lsc.; C. L. drums, 7.6c.; L.C.L., 8.0c.
Edible, 76 degrees, 9 %c.
Lard, prime, 113^c.; extra strained
winter,
lO^c.
Cod,
crude,
Newfoundland,
nominal;
Norwegian, yellow, 33c.
Turpentine, 41c. to 45c.
Rosins,
$5.25 to $6.00.
are
June 13,
DAILY CLOSING PRICES
Sat.
OF LARD
Mon.
FUTURES
Tues.
IN
Wed.
1936
CHICAGO
Thurs.
July
September
10.10
10.10
10.10
10.15
10.15
10.12
10.17
October
10.05
9.45
10.02
10.02
10.05
10.17
9.55
9.52
9.52
Fri.
10.15
10.12
December
Cottonseed Oil sales, including switches,
Crude, S. E., 8c.
Prices closed as follows:
8.73(5
December
9.57
92 contracts.
August
9.00(5)
9.00(5
.
July
-8.96(5)9.00
October
9.03(5 9.06
June
10.15
10.20
10.20
9.57
10.25
8.74(5 8.78 September
January
November
8.90(5)
8.80 @
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."
2.58
-2.58
Lard—On the 6th inst. futures closed 2 to 5 points lower.
Volume of business very light and without special feature.
$10.25 and
Chronicle
Rubber—On the 6th inst. futures closed unchanged to
1
point lower.
Transactions
were
light, totaling only 240
The outside market remained unchanged at 15%c.
for standard sheets, nearby deliveries.
London and Singa¬
tons.
with prices at London unchanged to
showing advances of l-16d.
to 3-32d.
Local closing: June, 15.62; July, 15.66; Aug.,
15.71; Sept., 15.76; Oct., 15.79; Nov., 15.82; Dec., 15.86.
On the 8th inst. futures closed 10 to 12 points higher.
Trans¬
actions totaled 2,170 tons.
Spot ribbed smoked sheets
advanced to 15:81 from 15.70.
London closed 1-16 to 3^d.
higher; Singapore closed l-32d. to l-16d. higher.
Local
closing: July, 15.78; Sept., 15.81; Oct., 15.90; Dec., 15.92;
March, 16.08.
On the 9th inst. futures closed unchanged to
2 points lower.
Trading light.
The outside market closed
unchanged at 15
per pound for nearby deliveries of
pore
closed quiet,
l-16d. advance, and Singapore
standard
sheets.
Certificated
stocks
of
rubber
in
ware¬
houses licensed by the exchange decreased by 1,580 tons
to a total of 20,130 tons.
London and Singapore closed
steady, with prices in London unchanged to l-16d. lower,
and Singapore
l-32d. to 3-32d. higher.
Local closing:
June, 15.73; July, 15.77; Aug., 15.81; Sept., 15.86; Oct.,
15.89; Nov., 15.93; Dec., 15.97.
On the 10th inst. futures
closed 2 to 4 points lower.
Transactions totaled 650 tons.
Spot ribbed smoked sheets declined 6 points to 15.75.
Lon¬
don
and
Singapore closed unchanged.
Local closing:
July, 15.73; Sept., 15.83; March, 16.04.
On
the
11th inst.
futures
closed
3
to
4
points
higher.
Transactions totaled 2,070 tons.
Spot ribbed smoked sheet
advanced to 15.81 from 15.75.
London closed l-16d. higher;
Singapore closed l-32d. lower.
Local closing: July, 15.77;
Sept., 15.86; Oct., 15.89; Dec., 15.97; March, 16.08
Today
prices closed 2 points up.
A firm trend was in evidence
throughout the morning session but prices eased off later
and closed at the lows of the day.
Sales were 125 contracts.
London and Singapore closed steady with prices unchanged
to l-16d. higher.
Local closing: July, 15.79; Sept., 15.88;
Dec., 15.99.
Hides—On the 6th inst. futures closed 8 to 10
points up*
throughout the session despite the
very
light turnovers, transactions totaling but 200,000
pounds.
Stocks of certificated hides decreased by 947
hides to a total of 866,019 hides.
Local closing; June, 11.52;
Sept., 11.85; Dec., 12.15; Mar. (1937), 12.45; June, 12.75.
On the 8th inst. futures closed 2 points lower to 2 points
higher.
Transactions totaled 320,000 pounds.
No news of
importance concerning the spot hide markets, domestic or
Argentine.
Stocks of certificated hides in warehouses
licensed by the Exchange decreased 4,121 hides to a total of
861,898 hides.
Local closing: June, 11.50; Sept., 11.83;
Dec., 12.16; Mar., 12.47.
On the 9th inst. futures closed
unchanged to 2 points lower.
Trading was light, totaling
80,000 pounds.
Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 861,898
hides. Business in the domestic spot hide market was nil.
Local closing: June, 11.50; Sept., 11.82; Dec., 12.16.
On
the 10th inst. futures closed unchanged to 2 points higher
with the exception of December, which was 1 point lower.
Transactions totaled 1,760,000 pounds.
In the domestic
spot market sales totaled 22,500 hides, with June light native
cows selling at ll^c. and April-May
heavy native steers
at 12 to 12^c.
In the Argentine spot market 4,000 frigorifico steers sold at 11 ll-16c.
Local closing: June, 11.52;
Sept., 11.84; Dec., 12.15; Mar., 12.46; June, 12.75.
On the A 1th inst. futures closed 2 to 6 points higher.
Transactions totaled "560,000 lbs.
Sales in the domestic
spot markets amounted to 10,400 hides with May-June
Colorado
steers
selling at 1214c., unchanged.
In the
Argentine spot market 8,000 frigorifico steers sold at 11 7-16c.
reflecting a fractional advance over the last sale.
Local
closing:
June, 11.58; Sept., 11.86; Dec., 12.18; March,
12.50; June, 12.80.
Today futures closed unchanged to 2
points down.
Transactions totaled around 80,000 lbs.
September closed at 11.84 and December at 12.18.
This
represented a drop of 2 to 7 points from the highs of the day.
Certificated stocks of hides in warehouses licensed by the
Exchange remained unchanged at 862,898 hides in store.
Closing: Sept., 11.84; Dec., 12.18.
The
market
Ocean
active.
was
firm
Freights—The market continued relatively in¬
In its essential features the character of the market
has not changed in three weeks.
Charters included—Sugar: End June Santo Domingo to United Kingdom
14s. Cuba, June, Rotterdam 13s. 9d.
Trip: Prompt Canadian trade, 90c.
about $1.
Grain booked: Six loads New York to Mar¬
South American,
seilles, 14c.; 5 loads to Scandanavia at 12c., and 5 to Mediterranean at 14c.,
all from New York.
Volume
Financial
142
Coal—Buying continued to decline irregularly. It seems,
however, the fall in bituminous production will have run its
toward the end of June, if not a little earlier.
at the seaboard is somewhat slower than a week
ago.
course
Trade
Cooler
weather has slightly favored it.
The domestic department
again feels the weight of coke and petroleum competition,
and at the best, anthracite retail sales are no better than a
year ago. Bituminous dumpings at New York on Wednesday
were
approximately 400
cars.
Hampton Roads was duller.
Copper—There
was no appreciable change in the volume
business, markets generally remaining relatively quiet.
Despite the marked dullness the past several weeks, the
domestic quotation holds firm at 9 He. per pound, and there
is little talk of a price
change, either up or down. Producers
seem to have confidence that the
present steadiness of prices
will be maintained.
The opening of bids on Grade A ingot
copper by the Navy Department revealed all bidders at the
equivalent of 9 H c. per pound. It is expected by some that
the May statistics will reveal a rather large production
because of the large intake of scrap on the part of smelters
and refiners. At the same time it is assumed the consumption
for that month will pretty well offset
production.
of
Tin—It is the
prevailing belief that the tin market is
destined to be very erratic until the meeting of the inter¬
national tin committee on June 25th, at which time it is
hoped that the governing body comes to a definite agreement
about third quarter quotas and possibly a renewal of the
agreement when it expires at the end of the year.
The
market has shown a downward tendency, with spot Straits
tin selling as low as 42 He. Tin afloat to the United States
is 7,817 tons.
Tin arrivals so far this month have been:
Atlantic ports, 1,503 tons; Pacific ports, 60 tons. Commodity
Exchange warehouse stocks are unchanged at 1,050 tons.
Lead—The week's total sales promise to be considerably
less than for the preceding week.
What demand there is,
confines itself
largely to carload lots.
It is estimated that
the June needs of consumers are und«r con¬
tract, while about 15% of the requirements for July are
Most of the purchasing of this week has been
taken care of.
for June shipment.
Prices are reported firm at 4.60c. to
4.65c. per pound, New York.
close to 90% of
Zinc—Latest
to the effect that the zinc
there being some doubt as to the
firmness of the price of 4.90c. per pound, East St. Louis.
Through the week rumors have been current that the market
is not as firm as it might be.
Demand is light on the surface,
though official figures for sales last week had revealed a
satisfactory total.
However, a careful check on the price
reveals the fact that the price is still holding in line at 4.90c.
per pound despite these rumors of weakness.
Sales of prime
Western slab zinc for May delivery came to 6,298 tons at the
average price of 4.90c. per pound, with sales for subsequent
delivery 6,945 tons at 4.90c., East St. Louis. Sales of brass
special for May delivery were 380 tons at 5.013c.; sales for
subsequent delivery were 50 tons at 4.95c.
market is
a
reports
nervous
were
one,
Steel—Steel operations continued to show further gains,
the rate this week being estimated at 69.5% of capacity,
according to steel authorities. This represents a further gain
of 1.3 points over the previous week.
For the same period
last year the rate of operations was 39% of capacity.
The
higher prices for steel—effective July 1st—are responsible
in large measure for this sustained high rate of activity in
the steel industry. Consumers are taking the advances more
and more in earnest, observing as they do, the busy condition
of mills.
Thus, it is expected that activity on the part of
consumers
ceeds.
in
will be
more
marked
as
the current month pro¬
The disposition is quite general to cover requirements
sight and safeguard against future needs.
on more
Price advances
iron and steel materials have been announced. Rivets
being advanced $3 a ton, while axles and rail steel bars
being marked higher by $2 per ton. It is reported that
purchases by the automobile makers and farm tool manufac¬
turers are the only ones to show a recession.
Railroad pur¬
chasing is still fairly active. Steel for freight cars for the
Chesapeake & Ohio and the Pere Marquette are now being
bought. Car shops have asked for protection on 15,000 cars,
orders for which have not been placed formally. The demand
are
are
continues
well
diversified.
The
Shell
Union
Oil
Co.
has
bought 25,000 tons of seamless and electrically-welded pipe
a line in California, while the
Eagle Oil Co. has bought
8,000 tons for a 6-inch line in Kansas. A feature of the week
was the drop of one dollar in steel
scrap, bringing the range
down to $13 to $13.50 a ton, this sharp decline being at¬
tributed to the large amount of material being offered by the
for
railroads to steel makers.
Pig Iron—It is claimed that spot buying in this metal is
brisk, and the more optimistic are inclined to look upon
this as a rather good sign for increasing business in the near
more
future, especially in view of the way the steel industry is
prolonging its high rate of activity.
Virtually all sellers
did a little better than they had been selling, according to
certain informed quarters.
The A. P. Smith Co., Bloomfield, N. J., has told sellers that it would be in the market
for third quarter requirements in June, and it is presumed
that the
inquiry will appear most any time, probably for
about 300 tons.
Agents for ferro alloys in this district, have
not been told officially what prices will be for third quarter,
but it is assumed that second quarter prices will carry over.
Chronicle
4045
The "Iron Age" calls the composite
price of
changed at $18.84.
Wool—There appears
to be
no
yielding
on
pig iron
un¬
the part of
growers, and it would seem that predictions made by leaders
in the trade that a 90c. fine wool will be the market feature
before the end of the month—are about to be realized.
Fine
territory
quoted at 88 to 89c., best 12 months' Texas,
delaine, 86 to 88c., fine pulled wool, 86 to 88c.
Average fine wools were priced approximately at 85 to 87c.
Buying of spot wools is almost entirely of original bag ma¬
terial.
Very little graded wool, either territory or fleece,
is available and the smaller mills which
buy graded wools
are far from keen at the moment in
acquiring supplies at the
high prices, though buying moderately graded Ohio and simi¬
lar medium fleeces for immediate
shipment at 38 to 39c.
for three-eighths blood and 37 to 38c. for
quarter, both in
the grease.
The trade appears to be awaiting further de¬
velopments, though it is quite generally recognized that the
higher price wool has come to stay.
was
87 to 88c.;
Silk—On the 8th inst. futures closed 1H to 3 He. higher.
Sales totaled 530 bales.
Spot advanced 2He. to $1.50HThe Yokohama Bourse was 21 to 33
yen higher with Kobe
higher.
Grade D advanced 5 to 10 yen to the
figure of 640 yen at both centers.
Cash sales for both
26 to 38 yen
markets
were
400 bales and transactions in futures totaled
5,025 bales.
Local closing:
June, 1.48; July, 1.45; Aug.,
1.43; Sept., 1.42H; Oct., 1.40H; Nov., 1.41; Dec., 1.40H.
On the 9th inst. futures closed
3He. to 5c. up.
Sales were
only 770 bales.
Japanese cables reported grade D 15 yen
higher at Yokohama and 20 yen higher at Kobe.
This
made the
price at Yokohama 655 yen and at Kobe 660 yen.
In the former market futures closed 5 to 19
yen up, and at
the latter Bourse the advance was 2 to 13
yen.
Cash sales
bales, with transactions in futures
6,425 bales.
Local closing: June, 1.51 H; July, 1.49H; Aug.,
1.47H; Sept., 1.46; Oct., 1.45H; Nov., 1.45; Dec., 1.45.
On the 10th inst. futures closed
unchanged to lc. lower with
the exception of June, which was 2c.
higher.
Sales totaled
800 bales.
Spots advanced 2c. to $1.55.
Japanese cables
were
strong, grade D rising 20 yen in Yokohama and 10 yen
in Kobe, this bringing the
price at the former market to
675 yen and the latter 670
yen.
Yokohama futures closed
6 yen lower to 3 yen
higher, while Kobe futures closed 3 yen
lower to 8 yen higher.
Cash sales were 900 bales for both
for
both
markets
550
bourses
with trades in futures
totaling 6,825 bales.
Local
closing: June, 1.53H; July, 1.49H; Aug., 1.47; Sept., 1.45H;
Oct., 1.46; Nov., 1.45; Dec., 1.45.
On
the
11th inst. futures closed 6H to
9Ho. higher.
Transactions totaled 2,510 bales.
Spot advanced 3He. to
$1.58H«
The pronounced strength displayed in this day's
session
was
attributed to hurried short covering and
by Japanese interests.
buying
Reports of advancing cocoon prices
Japanese markets, together with a
shortage of desirable spot silk in this market, were factors
responsible for the sharp upturn of prices recently. A feature
of the trading in the local market is the active
buying for
interests with Japanese connections.
Japanese cables re¬
ported grade D unchanged to 15 yen higher, Kobe showing
the gain, with Grade D at 685
yen.
Yokohama futures rose
and their bullish effect
on
22 to 25 yen,
while the Kobe bourse closed 15 to 26 yen
Cash sales for both bourses 675 bales, with futures
8,675 bales.
Local closing: June 1.60; July 1.58;
Aug. 1.54; Sept. 1.54H; Oct. 1.53; Nov. 1.54; Dec. 1.52HToday prices closed 2He. to 6He. higher. The market con¬
tinued strong throughout the
session, with the most active
trading seen in some time. Transactions totaled 3,420 bales.
The price of Crack double extra in the New York
spot
higher.
trades
market advanced 10He. to $1.69.
The Yokohama Bourse
closed 44 to 50 points advance, while the
price of grade D
in the outside market advanced
42H yen to 717H yen a bale.
Local closing: July 1.64H;
Sept.
1.58H; Nov. 1.56H; Dec.
1.56; Jan. 1.56.
J
COTTON
Friday Night, June 12, 1936.
The Movement of the
Crop,
as indicated by our tele¬
from the South tonight, is given below. For the
week ending this evening the total
receipts have reached
grams
32,597 bales,
against 47,072 bales last week and
52,470
making the total receipts since
Aug. 1, 1935, 6,598,257 bales, against 3,972,899 bales for
the same period of, .1934-35, showing an increase since
Aug. 1, 1935, of 2,625,358 bales.
bales
the previous week,
Receipts at—
Galveston
Houston
New Orleans
Mobile
iSat.
576
Mon.
3,408
Tues.
1,087
Norfolk
Thurs.
367
1,315
2,382
273
293
427
560
3,258
4,871
2,727
764
607
57
300
"30
"80
"60
23
192
385
"67
"46
727
380
19
The
Total
7,237
3,511
16,033
1,464
727
256
"64
302
199
835
65
~"l
502
"68
"354
"39
36
"305
1,119
1,304
1,119
4,353
7,524
6.965
4,914
2,723
6,118
32,597
Baltimore
Totals this week_
Fri.
1,103
643
Charleston
Wilmington
696
2,031
Pensacola, &c
Savannah
Wed.
following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks
to-night, compared with
last year:
Financial
4046
1934-35
1935-36
Speculation in cotton for future delivery was decidedly
active, this being especially so as the week progressed,
Stock
more
Receipts to
This
June 12
Since
the market at intervals showing
Since Aug
1 1934
7,237 1,553,412
1936
905,534
62,885
1935
3,310
1,464
384~691
727
"302
161,120
3,693
311,729
"835
213",024
"527
11
""65
1,304
55,835
23,236
43,520
256
1,119
30,936
55
70",920
85,919
39" 122
Other
8,789
1,656
1,846
26,724
Beaumont
Mobile
Pensacola
Jacksonville
Savannah__
Brunswick
Charleston
2"026 1,071,068
49
274.742
4,693
6,906 1,025,431
"423
377
131",921
75,451
6,878
115,091
16
331
814
406,770
9,875
3,262
Wilmington
Norfolk
New York
1,895
14,317 3,972,899 1,535,175 1,474,432
32,597 6,598,257
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1935-36
Receipts at—
Houston
3,511
16,033
1,464
Orleans-
New
Mobile
1932-33
•7,376
7,535
10,297
3,003
2,910
3,310
2,026
6,906
423
302
Savannah
1933-34
1934-35
*7,237
331
1931-32
14,609
21,870
18,307
1930-31
1,820
3,608
9,902
4,751
1,370
1,314
2,589
9,637
4,687
2,474
Brunswick
""170
444
1,165
"
""835
"""527
"""900
6*871
"1,592
65
Charleston
Wilmington.
30
256
104
352
230
518
354
190
.
Norfolk
1,304
122
440
Newport News
"
All others
~L846
"""508
"2", 190
"3",158
"l"320
1,096
Total this wk_
32,597
14,317
34,833
72.682
24,783
16,977
Since Aug. 1_- 6.598,257 3,972,899 7,134,242 8,338,534 9,514,011 8.396,418
The exports
for the week ending this evening reach a total
which 31,595 were to Great Britain, 9,584
France, 9,232 to Germany, 5,509 to Italy, 9,285 to
Japan, 16 to China, and 10,106 to other destinations. In
the corresponding week last year total exports were 75,836
bales.
For the season to date aggregate exports have been
5,683,394 bales, against 4,415,193 bales in the same period
of the previous season. Below are the exports for the week.
of 75,327 bales, of
to
Week Ended
Exported to—
June 12, 1936
Ger¬
Great
Exports from—
France
Britain
Galveston
5,952
-
-
-
-
-
196
—
841
Beaumont
New Orleans
-
Savannah
-
Wilmington
2,860
624
4,864
—
-
16
2,268
161
357
613
1,682
23,886
200
M.
10,934
676
2,530
M
1,450
1,122
1,025
1,854
-
-
-
-
-
13,507
18,593
2,223
.......
-
228
-
3,910
•
..
-
2,282
2,599
16,809
7,110
Mobile
-
Total
Other
China
Japan
2,263
1,569
3,367
1,502
'
Corpus Christi
Italy
many
2,905
Houston
—
-
«
-
1,500
-
...
1,500
-
'
Norfolk
125
Gulfport
727
-
-
31
Los Angeles
-
-
1,189
*.«,
-
-
-
-
-
V
-
-
~
-
Total 1935
Total 1934-.---
-
-
-
1,369
111
9,584
9,232
5,509
9,285
16
10,106
75,327
14,442
1,478
10,092
10,316
27,187
75,836
3,827
11.725
6,531
52,332
1,750
28,151
10,571
16,557
From
7,378 126,501
Exported to—
1935 to
1
Great
1936
Exports from— Britain
June 12,
Galveston
Ger¬
France
178,131 146,922
279,568 146,223
62,948 55,418
Houston.
Corpus Christi
Texas City
New Orleans
Lake Charles
_.
Mobile
Jacksonville
China
Japan
420,488
453,869
71,178
965
745
336
150
200
155,506 112,835
208,946
3,062
916
295,066 274,693
5,455
9,301
122,074 30,424
2,192
2~222
81,298
Italy
many
204,882 86,390
209,374 115,522
31,682 20,188
250
7~817
Beaumont
3,931
23,982
7,477
51,976
1,171
2,109
3",750
13,337
27,850
50
38,085
3~ 385
16~024
111,701
40,757
5,497
10,500
Charleston
150,129
31,248
..
4,051
3~519
1,668
13,983
1,086
Gulfport
3,664
50
2,622
New York
1,224
1,384
4,026
Boston
1,292
210
792
"213
"45
"77
32,887
14,810
35,123
192,680
5,426
314
3,506
3,659
11,128
6,694
l"500
Norfolk
58,667
Wilmington
300
1,185
250
7,376
1,700
2^897
1,656
8,907
42,563
296,479
3,413
144,673
179,583
188,071
6,851
21,441
13,962
12,887
11,201
~14
Baltimore
Philadelphia
Los Angeles
Francisco
Seattle
Tota
Other
10,547 241,273 1288,633
14,339 312,149 1531,044
1,078 48,297 290,789
6,838
2,769
10,665
1,246
8,784 219,257 1275,087
36,423
Savannah
Pensacola &c
San
-
Ill
—
31,595
Aug.
-
55
'
100
San Francisco-..
Total
.
14
6^750
552
6,108
2,727
315
-
Total.
1344,604,684,850
837,639 378,674 1483,222
7,637
281,608
70,640
315
38,498 915,907 5683,394
Total
1934-35-
Total
1933-34- 1224,833 726,297 1342,670 642,227 1717,203 300,908
735,449 361,287
388,534 451,608 1512,326107,826 858,163 4415,193
991,8856946,023
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard, not
give us
cleared, at the ports named:
On
Shipboard Not Cleared jor—
June 12 at—
Leaving
Great
Britain
Galveston
Orleans.
Ger¬
France
3,500
3,555
Houston
New
_
2,000
4,109
4,355
Other
Foreign
wise
Stock
Coats-
many
3,000
980
1,770
18,900
4,195
11,607
1,000
6
"199
Charleston
3", 853
l",609
28,400
8,736
21,841
Other ports
Total 1935
Total 1934
«•
«»
-
15,017
7,426
7,335
13,382
4,770
5,612
35,711
27,645
6,680
2.268
12.652
81,859
"199
4,862
Norfolk.
Total 1936--
consumption of the American lint.
On the 6th inst. prices closed 2 to 15 points lower.
July
closed at 11.63 cents, off only 2 points despite the selling of
423,632
280,337
337,059
169,389
29,047
96,897
28,741
106,035
64,038 1,471,137
58,758 1,415,674
3,181 106.640 2,510,639
1,205
4,693
with
the effects of the
prolonged dry spell in the eastern portion of
expected that this view will be confirmed
by the weekly weather report.
Although the recent upward
movement in cotton is regarded as based largely on appre¬
hension concerning the growing crop in the eastern belt,
there are two other bullish factors that are being given more
and more attention—the improvement in the goods market
and the high estimate of world consumption of American lint.
To spme it seems like a creeping bull market.
A Liverpool
dispatch stated that sentiment was strengthened more by
the steady improvement in consumption prospects and the
belief that world consumption of American cotton will exceed
12,500,000 bales.
Average price of middling based on the 10
designated spot markets Tuesday, was 11.74 cents, compared
with 11.73 cents Monday.
On the 10th inst. prices closed
unchanged to 4 poiDts higher.
There was considerable
profit taking on the part of the Wall Street speculative
element, and moderate liquidation from trade sources.
Under this pressure prices showed maximum declines of 8 to
11 points for the distant deliveries.
The selling was in¬
fluenced largely by continued reports of precipitation in the
eastern belt and a forecast pointing to additional showers.
Selling by Wall Street and commission houses was estimated
at about 20,000 bales, mostly of October and December
contracts.
In spite of this liquidation, however, the market
held quite steady.
There was a quiet demand in evidence
most of the day, and this demand became more pronounced
in the later session, and resulted in partial recovery of the
earlier losses.
Pool brokers liquidated about 5,000 to 6,000
bales of July on bids of 11.65 cents.
Average price of mid¬
dling based on the 10 designated markets was 11.73 cents.
On the 11th inst. prices closed 5 to 24 points up.
This
the belt, and it is
was
one
enced
Total
Savannah
Mobile
goods market and the high estimate of world
that these recent rains have been far from sufficient to counter
Philadelphia
Galveston
this upward swing of prices are the improve¬
ment in the
727
647
Boston
Totals
influence in
131
30
10,660
18,734
19,035
N'port News, &c
Baltimore
construed, the chief factors pointed to as having the greatest
bales on bids of 11.65 cents, by pool brokers.
positions were from 50 cents to 75 cents a bale lower,
January showing the extreme decline.
Reports of
moisture relief in the Carolinas influenced a heavy selling
movement in the form of profit taking and week-end evening
up.
The decline was accelerated further by the uncovering
of stop loss orders on the way down, and under this combined
pressure the market slumped severely.
The weather map
failed to fully confirm the earlier private reports of rains.
Further, the forecast showed no rains for the East. However,
traders did not appear disposed to take the agressive on the
buying side, and prices closed at around the lows of the day.
Average price of middling in the 10 designated spot markets
Saturday was 11.73 cents.
On the 8th inst. prices closed
unchanged to 8 points higher.
This session was in sharp
contrast to the active markets of last week, the volume of
business last Saturday slumping to low figures.
In the late
dealings, however, a fair demand developed, and futures
moved to the highs of the day.
July ended at 11.63 cents,
unchanged, while January and March finished at 10.85 and
10.84 cents, respectively, both up 8 points.
Reports were
received of rains in Georgia and the Carolinas, but they had
little or no effect marketwise.
It is quite generally realized
it will require prolonged soaking rains to correct much of the
damage that has been done by the prolonged drought in the
eastern section of the belt.
Sentiment is becoming more and
more bullish, especially in view of the improving statistical
position, gradual withdrawal from the market by the Govern¬
ment and bullish weather reports.
Another encouraging
feature from the bullish standpoint, is the recent sharp im¬
provement in the goods market.
Liverpool was steady,
showing advances of 4 to 5 points.
Average price of middling
in the 10 designated spot markets was 11.73 cents, unchanged
from Saturday.
On the 9th inst. prices closed 1 to 11 points up.
Trading
was fairly active, with spells of quiet during the day.
In the
last half hour the market became quite active and strong,
closing at about the highs of the day, or about 50 cents a bale
net, higher.
There were many times during the session when
contracts appeared scarce and brokers had to bid up prices in
order to cover their requirements. Pool brokers sold a few
thousand bales of July.
There were reports of further rains
in the eastern belt, but these reports had no appreciable
effect apparently on trade sentiment.
A feeling prevails
459
-
Lake Charles
This
about 8,000
29,246
12,661
18,749
28,741
143,630
57,193
18,186
53,013
Corpus Christi
New Orleans..
Gulfport
295,510
6,428
454,365
40,727
101,759
6,737
2,237
169,389
16",033
3",511
pronounced strength.
of both domestic and foreign de¬
Although weather reports in the main were bullishly
mand.
452,032
2,231
289,073
28,759
28,139
358,900
44,483
1,717,081
271,479
38,036
1,745,982
City
Houston
we
due to a broadening
was
"3~, 980
Galveston
Texas
This
Week
Aug
1 1935
Week
June 13, 1936
Chronicle
made
crop
for
80
in
an
of the
some
most
time.
active and
On
a
extreme advance of
strongest markets experi¬
heavy
$1.25
wave
per
of buying prices
bale, with all the new
positions pushing through the 11c. level to new highs
October rose to 11.16c., an advance of
the movement.
points from the low on May 20, and
Dec.
9,
1935,
the highest since
it sold at 11.28c.
Early gains were
The July delivery, however, was far from
when
held to the close.
buoyant, the gain in that contract being slight.
Pool brokers
Con¬
tinued reports of rains in the dry sections of the Eastern
liquidated about 7,000 to 8,000 bales on bids of 11.65c.
Volume
Financial
142
belt influenced
pressure
some selling in the early session,
but this
short-lived, and from that time on the only
was
offerings appeared to be in the nature of profit-taking sales.
Heavy buying in October attracted considerable attention.
The trader who had
purchased about 18,000 bales later in
sold about 10,000 bales of July.
In New Orleans
at the same time reports were received that some 10,000 to
the day
15,000
bales of October had been
middling based
sold.
Average price
of
the 10 designated spot market, Thursday,
11.78c.; compared with 11.73c. Wednesday.
was
on
Today prices closed 1 to 2 points down, with the excep¬
tion of the July option, which closed 1
point up.
The
feature of the start was the purchase of about 3,000 bales
of October, and also
buying of December and March by a
broker with trade connections.
Early reports disclosed fur¬
ther light rains at a few points in the Eastern
belt, but
the trade
is
limit
level
the
gave
its
on
they
news
sales
of
liquidated
little
July
attention.
to
few hundred
a
market remained steady up to the
within narrow limits.
The pool
11.70c.
On
bales
bids
of
raised
this
at
July.
The
close, with price confined
Sat.
Middling upland
Mori.
11.78
11.78
New York
Tues.
11.79
Wed.
Fri.
Thurs.
11.79
11.79
11.80
Quotations for 32 Years
The quotations for
middling upland at New York on
June 12 for each of the past 32 years have been as follows:
1936
11.80c.
1935
1934.
11.80c.
1927.
12.30c.
1926
1928
20.65c.
17.05c.
18.35c.
1920---. ,40.00c.
25.00c.
1909
11.20c.
12.90c.
9.80c.
12.30c.
12.30c.
1908
11.40c.
1907
1906
13.15c.
11.25c.
1905
8.70c.
1933
9.45c.
1925-.-.-23.65c.
1932
5.05c.
1924
1931
8.70c.
1923
1930
14.80c.
18.35c.
1922
29.85c.
29.70c.
21.15c.
1921
12.50c.
1929
1912
1919
32.95c.
1911
11.80c.
15.90c.
1918
1917
1916
1915
1914
29.60c.
1910
15.20c.
1913
Market and Sales
at
New York
The total sales of cotton
week at New York
For
the
convenience
which show at
closed
on the spot each
day during the
indicated in the following statement.
of the reader, we also add columns
are
on
glance how the market for spot and futures
days.
same
Futures
Market
Closed
Closed
Saturday
Monday
Tuesday
Quiet, 2 pts. dec.—
Quiet, unchanged-_
Steady, 1 pt. adv
Wednesday- Quiet, unchanged-.
Thursday
Steady, unchanged.
Friday
Steady, 1 pt. adv.—
SALES
Contr'ct
Spot
Steady
Steady
Very steady
Steady
Very steady
Steady
i
i
•
i
i
i
1
1
10.58
1936— 11.60 June
8 11.70 June
i
977,000
485,000
227,000
25,000
70,000
69,000
16,000
758,000
513,000
202,000
22,000
82,000
99,000
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
482,000
900,000
8,000
918,000
Total European stocks
1,263,000 1,149,000 1,877,000 1,676,000
125,000
178,000
105,000
86,000
186,000
178,000
148,000
421,000
Egypt, Brazil,&c.,afTt for Europe 164,000
136,000
x24,000
89,000
Stock in Alexandria, Egypt
199,000
195,000
311,000
415,000
Stock in Bombay, India
860,000
757,000 1,137,000
941,000
Stock in U. S. ports
1,535,175 1,474,432 2,617,279 3,629,558
Stock in U. S. interior towns
1,517,933 1,244,820 1,284,177 1,442,027
U, S. exports today
31,304
11,030
26,611
31,240
India cotton afloat for Europe
American cotton afloat for Europe
Total visible supply
5 ,881,412 5,323.282 7,630,067 8,730,825
above, totals of America and other descriptions are as follows:
American—
Liverpool stock
Manchester stock
bales.
259,000
199,000
375,000
350,000
48,000
33,000
47,000
55,000
143,000
147,000
v
113,000
92M300
107,000
108,000
767,000
846,000
186,000
178,000
148,000
421,000
___1 ,535,175 1,474,432 2,617,279 3,629,558
1 .517,933 1,244,820 1,284,177 1,442,027
31,304
11,030
26,611
31,240
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. ports stock
U. S. interior stock
U. S. exports today
Total American
.3,940,412 3,487,282 5,265,067 6,774,825
East Indian, Brazil. &c.—
Liverpool stock.
359,000
61,000
Manchester stock
Bremen stock
64,000
37,000
Havre stock
Other Continental stock
72,000
125,000
164,000
199,000
860,000
Indian afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
400,000
35,000
52,000
14,000
69,000
504,000
51,000
308,000
45,000
133,000
105,000
136,000
124,000
195,000
311,000
757,000 1,137,000
72,000
86,000
89,000
415,000
941,000
178,000
1,941,000 1,836,000 2,365,000 1,956,000
3,940,412 3,487,282 5,265,067 6,774,825
Total visible supply
5,881,412 5,323,282 7,630,067 8,730,825
Middling uplands, Liverpool
6.82d.
6.76d.
6.61d.
6.18d.
Middling uplands, New York.—_
11.80c.
11.95c.
12.15c.
9.25c.
Egypt, good Sakel, Liverpool
9.14d.
8.50d.
8.95d.
9.10d.
Broach, fine, Liverpool
5.51d.
5.82d.
5.23d.
5.36d.
Tinnevelly, good, Liverpool
6.29d.
6.12d.
5.87d.
i
■
of
74,329 bales, a gain of 558,130 bales over 1935, a
1,748,655 bales over 1934, and a decrease of
2,849,413 bales from 1933.
i
32",656
89",619
Sept. 30 1935 11.37 Oct.
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
9 1936 11.97
9 1936 11.55
Nov. 25 1935
June
Sept.
3 1935 11.40
July
26 1935
Jan.
9 1936 11.45
Dec.
3 1935
8 11.20 June 12
9.80
10.12
Dec.
1936- 10.74 June
Jan.
1937— 10.75 June
Feb.
Mar.
3 1936 10.35 May 22 1936
9 1936 11.16 June 12 1936
25 1936 11.15 June 12 1936
1937-
6 11.16 June 12
9.76
6 11.15 June 12
9.94
Jan.
Towns
ments
Week
14
Ala., BIrming'm
June
Week
Season
Stocks
12
254
Receipts
6 11.20 June 12 10.20
Feb.
10.78 June
8
Mar. 27 1936 11.20
June 12 1936
Season
Augusta
939
58,680
15,535
82,882
85,682
109,781
27,443
36,867
21,836
19,357
172,703
31,262
114,316
34,465
24,335
66,090
300,561
183,745
400
46,039
200
33,400
50
Macon
141
681
36,753
22,984
76
1,526
4,479
3
Eufaula
1937-
1,604
Selma
13
Ark., Blythvllle
11.22
June 12 10.48
June" " l" 1936
11.22
June" 12* 1936
Forest City..
prices
'
Hope
3
Helena
Futures—The
highest, lowest and
New York for the past week have been
closing
as
at
•>*> — «•
172
Jones boro—
follows:
Little Rock—
307
Newport
Saturday
Monday
Tuesday
June 6
June 8
June 9
Wednesday
June 10
te
-
--
Thursday
Friday
Pine Bluff—.
338
June 11
June 12
Walnut Ridge
2
Ga., Albany.—
5
Athens
June(1936)
Atlanta
Range..
Closing. 11.63/1
July—
11.63 n
11.64ft
11.64»
11.69ft
11.70ft
Range— 11.61-11.65 11.60-11.65 11.64-11.65 11.63-11.65 11.63-11.70 11.68-11.70
11.63 —
11.64-S1.65 11.64-11.65 11.69
Closing _ 11.63
11.70
1,415
Ship¬
Stocks
ments
Week
Columbus
10.76 June
_
Ship¬
Receipts
Montgomery.
Mar. 1937—
Movement to June 14, 1935
May 25 1935
Jan.
10.42
1936.. 10.79
Movement to June 12, 1936
8 1935
Jan.
10.39
Nov. 1936-
June
516
646
35,900
11,070
57,719
55,314
979
72,796
642
1,036
11,356
9,215
16,279
9,865
48,456
160
14,180
1,488
113
40,025
11,862
16,588
475
36,829
15
14,365
4,706 130,901
1,707 111,784
248
77,391
196
100,133
28,800
13,714
80
1,111
300
2
14
Week
21,483
77
43
8,866
18
8
22
24,024
44,300
175
45
122,998
1,045
6
156
27,698
m ~
741
4
28,082
86,519
17,085
79,724
204
m
103
47,210
29,133
91
-
297
55
2,662
3
1,314
24,857
4,630
mmmtm
19
~
-
1,460
5,806
845
-
4,105
5,329
18,051
36,489
80,327
17,719
12,943
19,390
24,504
42,842
14,273
26,206
11,212
3,782
26,970
54,914
93,666
11,761
15,611
21,743
20,967
Greenwood—
890
54,170
15,448
71,432
125,085
41,446
177,591
Jackson
Aug.—
100
57,515
300
13,562
7
19,258
57,718
132,950
23,481
136,779
25,260
200
2
3,907
22,212
Yazoo City—
3
914
2,076
5,469
4,066
4
28,355
161
Mo., St. Louis.
N.C.,Gr'nsboro
4,244
4,494
3,081
5,006
4,393
12,658
1,534
255
2,559
53
193,055
3,908
4,898
104
8,795
31,308
37,801
220,250
8,612
509
5,340
124
387.080
463
91,071
88
Rome
La., Shreveport
Miss.Clarksdale
Range—
Closing
.
11.48/1
11.48/1
11.49ft
11.49ft
11.59ft
11.60ft
Sept.—
Range.-
Closing. 11.28 n
11.33n
11.42ft
11.40ft
11.55ft
11.54ft
Oct.—
1,037
50
Columbus
Natchez
Vicksburg
„
Closing
10.81-10.99 10.79-10.88 10.86-10.97 10.89-10.97 10.92-11.16 11.12-11.20
—
10.97
10.95 —
11.15-11.16 11.14
.
10.83-10.85 10.88
.
10.81n
Nov.—
250
*
«
»
-
18,939
30
6,444
23,153
373
300
3,613
13,661
210
270
15
735
722
27,158
512
13,952
34,970
1,105
1,724
••
-
-
-
126
13,079
4,610
Oklahoma—
Range
Closing
10.86 n
10.96ft
10.93ft
11.13ft
11.12ft
Dec.—
Range.
.
Closing
_
10.74-10.95 10.74-10.84 10.85-10.95 10.85-10.92 10.88-11.13 11.08-11.16
10.78 —
10.84 10.94-10.95 10.90 —
11.11-11.12 11.09
.
.
15 towns*
S.C., Greenville
Tenn.,Memphis
Texas, Abilene.
Austin
(1937)
Range.
Closing
10.75-10.95 10.76-10.85 10.86-10.95 10.84-10.91 10.88-11.12 11.10-11.15
10.95 —
10.91 —
11.12
11.10
10.77-10.78 10.85
Feb.—
Closing
_
4
10.76n
10.85n
10.95ft
10.91ft
11.13ft
11.12ft
Range.
Range.
Closing
May—
.
.
26
67
54
San Antonio
10.76-10.96 10.77-10.84 10.84-10.95 10.86-10.92 10.89-11.16 11.13-11.20
10.76 —
10.84 10.95 —
10.91 —
11.14
11.15 —
48
-
-
35,388 5,122,541
1,000
3,587
5,174
721
1,047
475
35
3,903
17
240,930
126,229
8,799 1,390,806
24,007
56
21,215
7
15,225
673
54
963
80,002
.
Waco
Total, 56 towns
7,503
3,114
....
400
286
71,768 1517933
69
50
509 106,796
2,000
«* — «.
47,695
34
35,740
6,748
4
16,759
26,945
57,236
17,612 3,457,436
44,835
14,476 351,964
8,054
20
2,395
17
4,466
100
1
220
6,096
11,336
1,344
3,515
15,277
8,244
42,350 1244820
.
*
_
10.78/1
10.85ft
10.96ft
10.92ft
11.16ft
11.15ft
Includes the combined totals of 15 towns in Oklahoma.
The
10.80-10.96 10.78-10.
„
Closing
.
.
98
—
Texarkana.
2,828 49,287
34,697 474,507
35
1,381
12,181
57,962
34,696
10,527
5,890
24,911
388
Dallas
Robs town—
Mar.—
Closing
April—
161,252
2,131
20,705 1,933,688
7
54,777
18,553
Brenham
Paris
Range..
n
667,000
199,000
106,000
21,000
74,000
47,000
25,000
10,000
decrease of
ii
8 10.21
Sept.1936..
Range
727,000
210,000
150,000
13,000
66,000
79,000
10,000
8,000
„
Range Since Beginning of Option
Aug. 1936—
Jan.
658,000
100,000
detail below:
Range for Week
June 1930
Range
1933
879,000
98,000
536,000
Total Great Britain
Stock at Bremen
Stock at Havre
week
i
i
i
1
i
t
1I 11 ft1-1 111
t
i
i
I1»•
57,619
Option for—
,
1034
599,000
68,000
1936
The
Range for future prices at New York for week ending
June 12 1935 and since trading began on each
option:
Apr.
1935
618,000
109,000
bales.
Continental imports for past week have been 74,000 bales.
above figures for 1936 show a decrease from last
i
i
Since Aug. 1
May 1937.
June 12—
Stock at Liverpool
Stock at Manchester
i
i
Total
■
Total week.
Oct.
(Friday) we add the item of exports from the United States,
Friday only.
a
Spot Market
July
4047
for
Of the
The official quotation for
middling upland cotton in the
New York market each day for the past week has been:
June 6 to June 12—
Chronicle
_
10.89-10.97 10.86-10.94 10.92-11.17 11.16-11.22
10.80
10.97
—
10.86
—
—
10.93
—
11.17
—
U.16
Nominal.
The Visible Supply of Cotton to-night, as made
up
by cable and telegraph, is as follows.
Foreign stocks as
well as afloat are this week's returns, and
consequently
all foreign figures are brought down to Thursday
evening.
To make the total show the complete figures for
to-night
above
totals
show
that
the
,
interior
stocks
have
decreased during the week
36,380 bales and are to-night
273,113 bales more than at the same period last year. The
receipts at all the towns have been 17,776 bales more than
the
same
week last year.
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
4048
Financial
reports Friday"pight.
The results for the week and since
Aug. 1 in the last two years are as follows:
1935-36
June 12—
1934-35
Since
Shipped—
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
4,494
2,226
4,898
630
203,469
96,061
3,307
4,239
13,046
171,479
514,581
1,112,173
13,074
998,713
55
213
7,510
26,390
13,509
296,998
7,778
336,897
5,296
661,816
-
Via Virginia points
Via other routes, &c-_
Aug. 1
217,302
77,737
3,576
11,339
188,593
613,626
379
-
Since
Week
Aug. 1
4,435
4,935
Total gross overland
16,469
Deduct Shipments—
Overland to N. Y., Boston, &c._- 1,119
Between interior towns
185
77
Inland, &c., from South
5,244
30,994
10,373
283,545
Total to be
deducted
6,548
324,912
Leaving total net overland *___
9,921
787,261
Chronicle
.
found satisfactory, be accepted.
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that temperatures of 100 deg. and
above have been reported rather generally in the north central
and northwestern portions of the cotton belt.
There have
been complaints of insufficient rainfall in Arkansas.
Showers
have fallen in the eastern third of the cotton
belt, but many
suffering from too dry weather.
plant is squaring and even blooming in most of
localities still claim to be
the southern half of the cotton belt.
'
The foregoing shows the week's net overland movement
this year has been 9,921 bales,
against
week
last
year,
and
5,296
Rain
Texas—Galveston
bales for
2 days
Austin
that for the season to date the
an increase over a year ago
Abilene
Brenham
-
Brownsville
Corpus Christi
-1935-36-
In Sight and Spinners'
1934-35
Week
32,597
6,598,257
787,261
4,920,000
9,921
Southern consumption to June 12-125,000
Total marketed-
167,518
Interior stocks in excess
--*36,380
Excess of Southern mill takings
over consumption to May 1
12,305,518
397,595
14,317
5,296
100,000
El Paso
1 day
Lampasas
Longview
Luling.
N acogdoches
8,859,715
97,342
*
Palestine
Paris
421,758
—
Kerrville
3,972,899
661,816
4,225,000
119,613
*24,744
i
Del Rio
Aug. 1
Week
Aug. 1
Dallas
Since
Since
Receipts at ports to Junef 12
Net overland to June 12—-
1 day
Amarillo
aggregate net overland exhibits
of 125,445 bales.
Takings
...
In determining each week, what, if any, bids or offers for the
purchase
of pool cotton will be accepted, due consideration will be given to market
conditions and care will be taken to so conduct these sales as in no wise
to disturb or depress market prices.
Including movement by rail to Canada.
the
1 day
—
San Antonio
a*81,274
Taylor
Came into sight during week
131,138
Total in sight June 12----.--_
*
Decrease,
a
Weatherford
94,869
13,124,871
North, spinn's' takings to June 12-
19,907
8,875,783
16,608
1,073,732
Fort Smith
959,000
La.—Alexandria
Since Aug. 1-
Amite
Bales
.117,078 1933
141,939 193284,215 1931
.12,430,208
13,478,935
15,206,731
-
Quotations for Middling Cotton
2 days
Shreveport
1 day
Miss.—Greenwood
Meridian
-
Ala.—Mobile
Birmingham
Montgomery
Closing Quotations for Middling Cotton onTuesday
New Orleans
Vicksburg
at Other Markets
Fla.—Jacksonville
Week Ended
Saturday Monday
Wed'day Thursday
Miami
Friday
Pensacola
Galveston
11.62
11.62
11.65
11.65
New Orleans
11.88
11.73
11.93
12.00
11.87
11.90
11.80
11.70
11.87
11.70
11.88
11.73
11.74
11.64
11.69
11.70
Atlanta
11.93
11.94
11.94
11.99
12.00
Augusta
12.00
11.63
12.13
11.65
11.65
12.00
12.00
12.00
12.00
11.63
12.14
11.65
11.65
11.63
12.14
11.69
11.69
12.20
11.58
11.25
11.25
Mobile
Savannah
Norfolk
Montgomery
11.63
12.13
11.65
11.65
11.58
11.25
11.25
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
11.70
11.70
11.59
11.59
11.64
11.26
11.26
11.31
11.26
11.26
leading contracts in the New Orleans
the past week have been
as
12.19
11.65
11.65
New Orleans Contract Market—The
for
1 day
1 day
2 days
1 day
Pine Bluff
Bales
—
-
Little Rock
Movement into sight in previous years:
June 12
Okla.—Oklahoma City
Ark.—Eldorado
As of June 1.
Week—
1934r—June 15
1933—June 16
1932—June 17
1936
13
or
The cotton
*
June
offers from the trade for the purchase of any part or alt
of the cotton described in Catalog No. 4, which cotton may not have
been sold prior to the date fixed for the opening of the bids.
The best
bids for the various qualities of cotton described in the catalog will, if
sealed bids
11.70
11.70
11.65
Tampa
Ga.—Savannah
Macon
S.
Conway
N.
O.—Asheville
Charlotte
11.32
11.32
11.31
closing quotations
cotton market for
C.—Charleston
Greenwood
Columbia
Raleigh
Wei don
-
Wilmington
Tenn.—Memphis
Chattanooga
1 day
1 day
3 days
2 days
4 days
4 days
2 days
3 days
2 days
4 days
2 days
3 days
3 days
1 day
3 days
2 days
1 day
4 days
1 day
3 days
1 day
1 day
2 days
3 days
Nashville
follows:
Rainfall
0.74
0.46
dry
dry
dry
dry
dry
dry
dry
0.01
dry
dry
dry
dry
dry
dry
0.06
dry
dry
dry
dry
0.04
0.08
2.16
0.02
dry
dry
0.43
0.02
dry
0.58
0.30
1.62
1.02
2.87
2.97
0.18
1.18
1.30
0.42
0.02
1.22
1.80
0.02
1.09
0.06
0.07
1.86
0.02
0.84
0.07
0.40
0.79
1.48
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
dry
—Thermometer
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
94
low 70
mean
82
102
low 56
mean
76
72
mean
85
low 72
low 70
mean
86
mean
81
low 72
mean
82
98
100
92
92
92
98
96
102
94
94
100
100
92
low
low 74
mean
low 70
mean
84
low 72
mean
84
low 66
mean
84
78
83
mean
mean
84
mean
85
low 68
low 70
mean
80
mean
83
mean
81
mean
85
low 68
low 68
mean
82
low 60
low 64
mean
81
78
mean
82
low 64
95
92
98
101
96
mean
low 68
low 70
low 64
low 72
96
94
low 62
low 66
mean
80
low 64
low 68
mean
79
mean
82
69
low
mean
mean
80
82
low 66
mean
81
low 68
low 70
mean
80
mean
84
82
low 63
low 66
mean
low 68
mean
81
70
mean
82
low 66
low 66
mean
81
low
mean
mean
8l
81
low 66
mean
77
low 68
low 68
mean
77
79
79
mean
low 68
mean
68
mean
80
low 66
low 64
mean
80
mean
80
low 64
mean
78
70
mean
79
low
low
low 67
mean
low 68
low 57
low 60
mean
82
mean
75
mean
72
low 66
mean
low 60
low 58
mean
77
mean
71
low 60
82
81
mean
74
low 63
mean
79
low 46
low 68
mean
70
mean
81
The
Saturday
Monday
Tuesday
June 6
June 8
June 9
Wednesday
June 10
Thursday
Friday
June 11
June 12
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a, m. on the dates given:
June 12, 1936
Feet
June(1936)
July..
11.58-11.58 11.57-11.58 115951160a 11.60
11.67
11.68
New Orleans-.
October
10.79
10.82
10.93
10.89-10.90 11.10
11.10-11.11
December. 10.72
10.78
10.89
10.86-10.87 11.08
11.04
Jan.
10.78
10.89
10.87
11.08
11.04
..
November
(1937) 10.72
February
10.72
Bid.
10.79
Bid. 10.93
108651087a 11.10
Bid. 11.09
bid
10.73
Bid.
10.79
Bid. 10.94
10.87
Bid. 11.10
bid
April
May
Bid. 11.11
Tone—
Spot
Options
Steady.
Steady.
...
Cotton
Steady.
Steady.
Producers
Steady.
Very
Pool
stdy.
to
Steady.
Steady.
Quiet.
Very stdy.
Steady.
Steady.
and continuing through the month of
July.
The following
statement, detailing the current position of the pool, and
describing the new sales program was made on June 4 by
Mr. Johnston:
At
the
close
of
business June 3 the stocks of th£
pool
cotton
are
as
294,800 bales
--124,300 bales
—
-
-
-
-—
The spot position of the pool is
substantially as follows:
Certificated stock taken up in the
liquidation of March and
May contracts
Uncertificated cotton eligible for certification listed for sale
with the American Cotton
Cooperative Association
Uncertificated stock not eligible for certification listed with
American Cotton Cooperative Association
Extra staple
cptton listed for sale with W. M. Garrard
Stock
not
eligible for certification withdrawn from the
market for sale to Federal
Surplus Commodities Corporation
Total stock pool spots
419,100 bales
zero
Above
zero
of gaugeof gauge.
of gaugeAbove zero of gauge.
Shreveport
Vicksburg
of gauge.
June 14, 1935
2.4
8.5
8.9
8.1
8.4
Feet
16.8
30.3
12.2
22.1
43.5
Cotton
Exchange Weekly Crop Report—The
Dallas Cotton Exchange each week publishes a compre¬
hensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
The current week's report, dated
June 8, is as follows:
TEXAS
West Texas
Abilene (Taylor County)-~The past week has been fair and warm and the
Stands are good,
plant has made wonderful progress.
PracticaUy no replanting was
cotton has been cleared of weeds in most of this section.
the
necessary.
Crop is about 10 days
and there will be no abandonment.
early.
Acreage increased about 20%
Ballinger {.Runnels County)—The past week of clear, warm weather has
been ideal for cleaning fields.
Most planting is completed, with about
75% fan1 stands.
Considerable expense in chopping and cleaning out grass
and weeds caused by continued rains last of May.
Our county usually ex¬
periences sufficient dry weather during cotton chopping season, so there is
little uneasiness
on
this
account.
Big Spring (Howard County)—This week has been dry and
warm,
just
about what was needed, with the exception of a small part of our territory
which had a damaging rain with some hail, which has necessitated replant¬
ing.
As a whole, the farmers have made good progress in finishing up and
cleaning out their crops, and most of the cotton over the county is now up
a
good stand.
Brady (McCulloch County)—We have had six days sunshiny weather,
just what we wanted.
We had seven inches of rain, distributed over seven
days, in between times.
Crops are pretty grassy, about 90% planted,
40% up to a good stand, 10% replanted.
Cotton crop is two or three weeks
late; 60% of the cotton to be planted this month.
Plenty of good seed.
ISFo insects
8 789 bales
78,706 bales
93,298 bales
12,000 bales
50,000 bales
242,793 bales
These figures represent "box" or
ginned bales.
The American Cotton
Cooperative Association is now engaged in the
preparation of a new pool catalog which will be
designated as Catalog
No. 4.
There will be described in this
catalog by grade, staple, condition,
location and lot number,
approximately 172,004 bales, being the cotton
above referred to except the
certificated stock, that listed with W. M.
Garrard, and that reserved for the FSCO.
Beginning with Wednesday, June 17, and on each Wednesday thereafter
through the month of July, the pool will receive, open, analyze and consider
Above
to
July long futures contracts—
October long futures contracts
Total
zero
Make
Weekly Sales in
Program to Dispose of 172,004 Bales—Bids Will Be
Received Starting June 17—Oscar
Johnston, Manager
of the 1933 Cotton Producers
Pool, announced June 4 that
172,004 bales of the total of 242,793 bales of actual cotton
in the pool would be offered to the trade
under a sales
program which will invite weekly bids beginning June 17
follows:
Above
Dallas
.
March
zero
Nashville
September
Above
Memphis
August
Floydada {Floyd County)—The past week was ideal for cotton planting,
now in full swing.
Plenty of moisture to bring cotton up if the
two days had not dried the
ground too much where cotton
was planted shallow.
Fields are just in fair state of cultivation.
While
we are not needing it now, rain this week would not hurt
anything.
Haskell {Haskell County)—Cotton is 85% planted.
Planting will be
finished in next few days, some not getting stand account of high winds the
past three or four days.
Early cotton is clean, land not planted has lots
of grass and weeds on it.
1
Lubbock (Lubbock
County)—75% of the entire Plains cotton crop was
planted the past week.
Will oe about three weeks later than normal.
About 20% increase in acreage.
Sweetwater {Nolan County)—Crop prospects continue very favorable.
Planting has been completed and farmers are busy cleaning the fields.
which is
high winds for
North Texas
Clarksville {Red River County)—Ideal weather this week, about 95%
plowed once, 50% twice; height ranges from 4 to 12 inches.
About 75%
chopped; plant growing nicely and beginning to square.
Have best pros¬
pects for a good crop at this date since 1925.
Volume
Financial
142
Chronicle
4049
Dallas (Dallas County)—Fair weather has enabled farmers to get in a full
week's work and as a result fields are rapidly being worked out.
Planting
about completed, 95% up, 50% chopped.
Very little replanting neces¬
crop planted and
Growth is good.
No insects yet.
We need at least 10 days more
dry, hot weather.
Gainesville (Cooke County)—Moisture sufficient for the next 10 days.
Fields well worked out except in the lowlands.
Plant making good progress.
Nights still slightly too cool.
No report of insects.
Garland (Dallas County)—The crops in this section are fairly clean except
the onion cotton.
The weather is fine on the plant, but it is still small and
is not fruiting yet.
No complaint of insects as yet.
Greenville (Hunt County)—Very favorable conditions this week for cotton
crop.
Weather has remained dry and practically all is cut to a stand.
The plant is growing fine and the present outlook is very bright for a good
cotton
sary.
crop.
Honey Grove (Fannin County)—Weather has been favorable in this sec¬
tion all week.
Farmers have accomplished a great deal of work in the fields.
Cotton crop is growing nicely and looking fine.
Will need about a week or
10 days more dry weather to get crops all worked out.
Paris (Lamar County)—Cotton is looking fine and farmers are cleaning
fields, but need another week of sunshine to get through chopping.
About
75% chopped. Some scattered showers past week but not general; some hail
north and west of Paris but
damage.
Weather is ideal with warm
Prospects look good for this time of the sea¬
no crop
nights and cotton is growing.
son.
Sulphur Springs (Hopkins County)—Practically all acreage in this terri¬
tory now planted, with 80% up.
Field work somewhat retarded but con¬
ditions as a whole satisfactory.
Terrell
(Kaufman County)—The dry weather this week has been a big
help to the crop.
Plowing and chopping has gone forward without inter¬
ruption and in most places the fields are practically clean of grass and weeds.
If we have another week without rain all of the grass can be cleaned out,
and there will not be any fields lost because of inability to work them.
Conditions look better now for a good crop than for the past several seasons
at this time of the year.
Wills Point (Van Zandt County)—Hot and dry weather has brought about
big improvement' in the prospects around here.
Some fields are still
but will be cleaned out with another week of fair weather.
95%
planted and 50% chopped.
Weather was just right for cotton the
past week, and with another week of the same weather our crop will be in
mighty good shape.
a
grassy,
now
Central Texas
Cameron (Milam County)—We have
days
had
a
Ennis (Ellis County)—The crop is all planted and up to a good stand.
About 75% cropped out, the balance very grassy, and we need another
week of
dry weather.
We have plenty of moisture.
Crop is about three
Labor is scarce.
Prospects are good.
Have seen a few lice,
damage.
Lockhart (Caldwell County)—Nice weather this week and farmers have been
plowing for four days now.
Cotton looks good.
97% planted, 60%
chopped.
Need two weeks more dry, hot weather.
Taylor (Williamson County)—Weather conditions have been ideal during
the past week.
Much has been accomplished toward bringing the crop
out of its backward condition caused by the recent wet spell.
Lice have
stunted cotton, but last few days hot sunshine helped this situation won¬
derfully.
A light rain at this time would be beneficial to crusted ground
that has not yet been plowed.
Another week's working weather and all
cotton will be chopped and plowed out.
Temple (Bell County)—No rain past week.
80% planted, 10% to be
replanted and 10% signed up with the Government account of week's rain.
About 70% up to a good stand with 50% chopped out.
Estimate increase
acreage now at 5% to 7 %.
Probably 15% of fields are very grassy.
Good
many complaints of lice on cotton.
One more week of dry, warm weather
will put this county in good condition.
,
Waxahachie {Ellis County)—Beautiful weather for past week.
Crop has
made excellent progress, also farmers have made rapid progress with chop¬
ping and plowing.
About all planted and up to excellent stands with 75%
chopped out.
Plants healthy and have heard of no insects yet.
It still
looks like an increase in acreage of from 15% to 20% over last season's
acreage.
We need more hot, dry weather next week.
weeks late.
but
no
Tyler (Smith County)—With a week of clear, hot weather the cotton crop
in this territory has shown a very decided improvement.
The crop is
rapidly being chopped out to a stand and replanting in the sections where
it was necessary has been completed.
It is now estimated that the crop
will be from three to four weeks late.
high.
year.
Mangum (Greer County)—This week has been good for planting, about
90% planted, about 50 to 60% up to fair stand.
Grasshoppers reported
to be thick in the pastures.
McAlester
(Pittsburgh County)—Light showers reported over county dur¬
ing the past week, followed by high winds, causing soil to dry out quickly.
Need, general rain.
Much of late planting still in the dust, lacking moisture
to bring it up.
90% planted, 60%
fair stand, 15% chopped.
Culti¬
Waurilca (Jefferson County)—Cotton has all been planted and abowt
40%
up to good stand.
Cultivation is good and fields with a few exceptions are
clean.
Weather has been favorable past week, although nights have been
somewhat cool.
We have quite a wind and rain storm last night with con¬
siderable property damage, but
very
little
damage, according to re¬
crop
ports from farmers in town today.
No insects of any kind reported thus
far.
Increase in acreage between 15% and 20%.
For the coming week we
need
clear,
Weleetka
warm sunshine.
(Okfuskee County)—Cotton has all been planted and 90%
more is up
or
to a good stand.
Cultivation is good and the weather has been
for sometime up until
now, when a good rain would be beneficial;
the best prospect for several
years.
The acreage shows an increase of at
least 20%, possibly
ideal
slightly
ment
program.
like it might rain.
more.
It has been cloudy
Some land is going into the Govern¬
since yesterday afternoon and looks
ARKANSAS
Ashdoum (Little River County)—85% to
90% chopped.
No rain this
week; our section needing rain badly.
Plant small but healthy, with growth
slow, stands fair to good.
No insects reported yet.
Jonesboro (Craighead County)—Stands and cultivation excellent.
Wea¬
ther has been too
dry past week and crop beginning to need rain.
Not
suffering yet, but will be badly needed in immediate future.
Deficient in
subsoil moisture.
Crop about 10 days to two weeks early.
Some increase
acreage, difficult to determine exact amount.
any insect
damage.
No confirmed reports of
Labor plentiful.
Little Rock (Pulaski
County)—From personal observation and information
from various contacts with farmers from different
sections, the crop past
Almost perfect stands, with a good taproot.
beginning to need rain badly but no deterioration has
The bottom lands can go at least 10 days to two weeks
before they will begin to suffer.
Cotton has all been chopped and culti¬
vated from two to three times.
Blooms have been reported in many sec¬
week made
splendid
The hill sections
occurred so far.
progress.
are
tions.
In the absence of rain intensive cultivation has been of material
benefit to the crop.
Newport (Jackson County)—Crop prospects in this section are the best in
Stands are good, fields clean, and at least 90% chopped out.
Acreage increase about 15%.
A light rainfall tonight, which will be very
beneficial.
Nowever, more rain is needed.
Corn and other feed crops are
several years.
also in excellent condition.
Pine Bluff (Jefferson County)—Since our last
report the weather has been
ideal for cleaning the fields and putting the
growing crops in good condition.
The cotton crop is doing
It has not suffered for rain.
The weather
nicely.
is still on the Colorado
type—55 to 65 degrees at night and 75 to 85 degrees
during the day.
The tillers of the soil look happy and talk more encour¬
agingly than usual.
Receipts from the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Southern
consumption; they
Recetpts at Ports
1936
are
1935
Stocks at Interior Towns
1934
1936
1935
Receipts from Plantations
1934
1936
|
1935
1934
Mar.
6.
13.
20-.
27-
48.205
38,439
47,370
48,797
28,622
24,287
30,138
24,491
63,824 2,057,037 1,603,937
80,965 2,012,824 1,587,972
76,297 1,967,167 1,559,937
64,579 1.944,895 1.535.485
1,759,566
1,720,902
1,687,665
1.662,788
22,525
39
39.702
1,492,794 1,620,120
Nil
Nil
1,474,028 1,581,871
1,451,845 1.546,878
1,423,178 1,506,117
4,617
6,763
25,587
32,699
Nil
Nil
39.301
15.333
Nil
38,413
1,467,685
Nil
Nil
36,803
1,436,369
1,404,254
1,378,269
Nil
1,201
Nil
4,060
1,106
15,228
19,561
8,501
Nil
1,667
Nil
8,322
1,713
2,103
35.770
35,607
25.529
34,922
34.771
15,829
21,251
20,044
39,157
40,609
45,482
52,470
15,791
21,595
21,061
18,627
21,846
1,396,198
1,370,838
1,345,933
1,328,412
33,148 1.594, 2341 ,301,899
1.351,401
Nil
Nil
5-
47,072
Nil
32,597
34,9891,554,313 1,269,564 1,312,579
34,8331,517,933 1,244,820 1,284,177
7,151
12..
18,907
14,317
Nil
Nil
10-
favorable.
San Antonio
(Bexar County)—Had ten days of sunshine, which has put
the fields in better shape.
Some fields are still grassy, but farmers are mak¬
ing some progress in cleaning them.
The insects are doing very little dam¬
age.
Since the rains some land will go into the Soil Conservation program,
and instead of 15% increase in acreage it will be nearer 12)^%.
Continued
dry and warm weather needed.
Seguin (Guadalupe County)—Have had one week of sunshine, conse¬
quently farmers have been able to work in the fields the past several days.
Will still require about two weeks to clean out the crop in this section.
Farmers report flea damage severe, especially in older cotton; some farm¬
ers dusting with sulphur to stop fleas.
OKLAHOMA
Altus (Jackson County)—No moisture to speak of but planting
has been
76% of the
landowners signed to reduce cotton acreage 31.9% from last year's 188,055
acres.
General conditions are still fair to good, but will need some rain
within the next 10 days.
Reports from Snyder, Kiowa County, Okla.,
17241—
8..
15—
22..
29..
(Grady County)—Chickasha territory was visited with light to
heavy rain and some hail, also freak wind storms here and there over the
territory during past week.
Understand approximately 800 acres of cotton
will have to be replanted in Minco and Union City, Oklahoma Territory.
Cotton seems to be growing nicely, almost perfect stand.
Very small
per cent chopped due to numerous showers and heavy rains.
No insects
of any kind reported and prospects at this time for a good crop are
very
promising.
Durant (Bryan County)—Increase in acreage about 20%.
Planting com¬
pleted and about 95% up to a good stand.
Crops in good shape, plowed
and about 40% chopped out.
Ample rainfall; had good rain last night.
Need sunshine and warm weather.
No insects reported.
Prospects look
good at this time; plenty of moisture, good cultivation, and with sunshine
and warm weather the plant should get away to a good start.
City (Beckham County)—Cotton 85% planted, 50% up, 25% will have
replanted, due to heavy rains and hail storm on the night of the 4th
and 5th.
Planting seed scarce,
The fields are clean but badly washed.
Need warm, dry weather.
Frederick (Tiliman County)—Weather past week was ideal; only a few
We estimate 90% of the cotton
light showers in sections of the county.
75,235 1,779,076
46,544 1,732,379
51,676 1,693,071
34,486 1,651,649
The above statement shows:
8,216
42,301
43,060
Nil
6,280
\
Nil
6,431
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,988,758
bales;
in 1934-35 were 4,140,563 bales and in 1933-34 were
7,132,601
bales.
(2) That, although the receipts at the outports the
past week were 32,597 bales, the actual movement from
plantations was nil bales, stock at interior towns having
increased 36,380 bales during the week.
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
are
from all
seasons
obtainable; also
sources
the takings
or
from which statistics
amounts
gone
out of
sight for the like period:
Cotton
Anadarko
Chickasha
68,255 1,902,472
70,948 1,871,482
74,294 1,833,913
79,174 1.814,475
June
of storm followed by
six-inch rain.
(Caddo County)—Favorable weather the. past two weeks en¬
to finish their planting and cultivate the crop once.
The
stand is good except along the northern edge, where a heavy rain last Thurs¬
day caused some replanting.
The whole county received a good general
rain Friday, which was useful.
Dry, warm weather the next two weeks
will be very beneficial to all crops.
25,927
May
Takings,
1935-36
1934-35
Week and Season
abled the farmers
up to
vation good.
3-
Corpus Christi (Nueces County)—No rains in this section since May 29
have had ideal weather to grow cotton.
Farmers have been very
active where able to get in fields and are rapidly gaining control of grass
and weeds, and in a few more days all fields will be cleaned except where
planters have decided to give some to the Government (about 3 %).
Cot¬
ton is now really putting on fruit and if weather we have at present contin¬
ues and insects are controlled, there will be a real cotton crop.
Some leaf
worm and weevil showing up, but farmers in this section always give them
a fight, so expect this to be controlled.
All needed at present is a continu¬
ance of sunshine and warm days, and at present we have it.
Gonzales (Gonzales County)—Clear weather past week with improved con¬
dition cotton crop.
Plant is irregular as to age and size.
Not much dam¬
age from insects to date.
Next week, with clear weather, should give
farmers time to clean fields, finish chopping and cultivating.
Prospects
Elk
chopped the
Apr.
and
to be
were
No report or weevil or insect
damage and prospect still remains satisfac¬
tory as a whole.
Heavy rain in vicinity of Hugo Friday night, June 5.
More actual acres in cultivation than last
South Texas
active this week; approximately 75% planted to date.
Some fields
Ended
Longview (Gregg County)—No rain this week; weather ideal for working
crop.
Cotton about 55% chopped.
Fields in general are in good condi¬
tion.
No insects reported.
very
good stand.
55% chopped out.
Some fields still pretty grassy and weedy and need more
dry weather to work.
Replanting -will not be over 5% and growth ranges
from fair to good.
Some scattered fields where cotton is almost knee
Week
East Texas
up to a
past week.
So far no insects reported.
Hugo (Choctaw County)—Scattered showers this week have not hindered
chopping much.
Over the territory as a whole the crop is around
in
week's sunshine and need 10
About 50% chopped and 10% to replant.
75% of our cotton
is 2 to 4 inches high.
March cotton is squaring and nothing bothering it.
Acreage about same as last year, due to overflows and farmers are signing
up with the Government the last few days.
more.
75%
Week
Season
Week
Season
Visible supply June 5
Visible supply since Aug. 1—
American in sight to June 12.
5,955,741
131", 138
94*869
Bombay receipts to June 11-_
Other India ship'ts to June 11
Alexandria receipts to June 10
Other supply to June 10 * 6
56,000
39,000
40,000
8,875,783
2,381,000
796,000
200
1,469,600
11,000
520,000
_
-
Total supply
-
-
5,419,669
4,295",259
13,124,871
2,794,000
31,000
898,000
800
1,630,800
12,000
481,000
6,879",719
6,186,679 23,223,930
5,604,738 20,922,102
5,881,412
5,323,282
Deduct—
Visible supply June 12
Total takings to June 12 a
Of which American
Of which other..
5,881,412
305,267 17,342,518
222,467 11,971,718
82,800 5,370,800
5,323,282
281,456 15,598,820
224,256 10,083,220
57.200
5.515,600
*
Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 4,920,000 bales in 1935-36 and 4,225,000 bales in 1934-35—
a
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 12,422,518 bales in 1935-36 and 11,373,820 bales in
1934-35, of which 7.051,718 bales and 5,858,220 bales American.
b Estimated.
4050
Financial
Chronicle
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:
1935-36
1934-35
June 11
Bombay
—
—
Since
Aug. 1
Week
56,000 2,794,000
—
Week
39,000 2,381,000
For the Week
From—
Great
Conti-
Jap'n&
nent
China
Britain
Bombay—
W
1935-36
|
1934-35
1933-34
7,000
7,000. 33,000
5~666
—
1935-36
1934-35
1933*34
—
—
1,000
18,000
105,000
45,000
62,000
92,000
31,000
40,000
12,000
33,000
7,000 41,000
33,000 85,000
1
90,000104,000
441,000
313,000
313,000
Total all—
1935-36
1934-35
1933-34
—
—
562,000
545,000
589,000
29,000
14,000
—
Alexandria
Receipts
and
4,000
Since Aug. 1
'
8,199,438
11—Youngstown,
Exports (Bales)—
Since
Week
To Liverpool
Aug.
This
1
'
6,000
8,392,452
Aug.
This
1
Week
Aug.
1
190,898
152,420
15,000 622,601
36,014
3,000 127,350
6,000 143,222
13,000 676,363
35,999
3,000 251,507
172,608
8",606 617,244
68,193
22,000 982,934
11,000 1109552
8",006
To Continent & India
To America
—
—
Total exports
Note.—A cantar is 99 lbs.
4,864
-
19
16
557
284
Ghent—June 4—West Camack, 61
Havre—June4—West Camack, 96
Camack, 100
4
4—West Camack, 100
WILMINGTON—To Genoa—June
6—Monrosa, 1,500-J
NORFOLK—To Manchester—June
10—Cold Harbor, 125
To Bremen—June
12—City of Baltimore, 1,035--To Sweden—June
10—Maine, 55
To Hamburg—June
12—City of Baltimore, 154—
SAVANNAH—To Bremen—June
10—Murjek, 1,479-—:
To Hamburg—June
10—Murjek. 375
To Rotterdam—June
10—Murjek, 676
GULFPORT—To
Manchester—May 29—Yaka, 297
To Liverpool—May 29—West
Kyska, 430
SAN FRANCISCO—To
Japan.? Ill—
LOS ANGELES—To
Liverpool—June 8—Loch Kathrine, 31
To Havre—June 5—San
Francisco, 100—-—
To Dunkirk—June
4—West
To Rotterdam—June
/
Manchester
Market—Our report received
by cable to¬
night from Manchester states that the market in
yarns and
cloths is steady.
Demand for home trade is
improving.
We give prices today below and leave
those for
previous
weeks of this and last
year for compaison:
High
Density
Stand¬
High
ard
d.
d.
to
s.
d.
Finest
s.
Cotton
d.
d.
6
20.
27—r
9%@11
9%@11%
9%@11%
9%@11%
9
1
@93
8.12
9
2
@94
6.30
9 1
@93
6.34
9
@94
6.44
2
April—
3
Cotton
ings, Common
.450.
Antwerp
.30c.
.45c.
d.
to Finest
d.
.27c.
.42c.
Japan
Shanghai
Bombay z
.45c.
Trieste
.300.
9
2
9
9%@11%
9%
11M
9
1
@93
6.50
9
1
@93
8.57
10
9%@n%
9
1
@93
6.58
24
10
9%@n% y 1
@93
6.62
10% @11%
9
@93
6.46
10% @11%
10% @11%
10% @11%
9
9
0
1
!
8—
15
22—
29
9
9%@ll %
9%@11%
9%@11%
9%@11%
9%@11%
1
.85c.
1.00
*
.50o.
.65c.
Copenhag'n.42o.
.570.
.40c.
.55c.
,40c.
.55c.
.42c
.57c
.50c.
.65c.
.61c
Bremen
.30o.
.45c.
.57c
Gothenb'g
Hamburg
.32c.
.47c.
*Rate la open.
zOnlj email lots.
Liverpool—By cable
ing statement
from Liverpool
of the week's
May 22
59,000
Forwarded
Total stocks
0
6.35
92
Spot
6.63
@92
6.92
@90
@90
6.76
6.57
9
1
@93
6.64
10%@11%
10
@11%
0
@92
6.68
9%@11%
@93
6.82
9% @11%
8 6
90
6.88
75,327 bales.
The shipments in
detail, as made
from mail and telegraphic reports, are as follows:
To
To
To
To
To
To
To
To
„
To
To
Ghent—June 4—Bilderdijk,
300—June
Nevada, 224
Copenhagen—June 5—Tortugas, 127
Rotterdam—June 4—Bilderdijk, 364-Gdynia—June 5—Tortugas. 1,448
Gothenburg—June 5—Tortugas, 290
Genoa—June 6—Carlton, 298
Lisbon—June 6—Carlton, 273
Oporto—June 6—Carlton, 108
Leixoes—June 6—Carlton, 355
Barcelona—June 6—Carlton, 321
Antwerp—June 8—Nevada, 100
8—
—
;
—
-
8—Nevada, 876
Japan—June 8—Montreal Maru,
1,830; Montevideo, 1,030
To Bremen—June
9—Minden, 1,569
To Genoa—June 9—Ida
Zo, 1,809
To Naples—June 9—Ida
Zo, 156
NEW ORLEANS—To
Antwerp—June
To Liverpool—June
To
To
—-
To Abo—June
—
June
154
To
6—Kiyosumi Maru, 1,4508—Sahale, 1,122
Liverpool—May 31—West Kiska, 5,584
Manchester—May 31—Yaka, 1,526—
Gdynia—May 31—Yaka ,200
Hamburg—May 31—Yaka, 247
Havre—May 31—Maiden Creek, 2,599
535
154
1,260
s—
—
1,260
200
.--
.
—
-----
To
876
2,860
1,569
1,809
525
-—
8—Sahale, 350
MOBILE—To Bremen—May
26—Frankerwald, 168—May 31—
Yaka, 610
To
2,209
3,099
5—Uddeholm,
5—Uddeholm, 200
To Japan—June
To Genoa—June
To
290
298
273
108
355
321
100
156
Barcelona—June 3—Mar Negro, 185
To Gdynia—June
5—Uddeholm,
To Gothenburg—June
To
1,448
2—Gand, 74
74
10—Asbjorn, 12,290
Counsellor, 1,420_ 13,710
Havre—June 2—Gand, 1,757
1,757
Manchester—June 10—Counsellor, 3,099
To Dunkirk—June 2—Gand
,525.
To
HOLI¬
1,450
1,122
778
5,584
1,526
;
-
—
—
-
-
200
247
—
-
—
2,599
Thursday
Friday
business
Quiet.
Moderate
business
demand.
doing.
6.68d.
6.72d.
A fair
6.71d.
6.76d.
DAY.
f
■{
Steady,
Market
opened
Steady,
Steady,
6.82d.
Quiet but
Steady,
5 to
7 pts. 1 to 2 pts. 1 to 3
pts. stdy., 1 to 3 to 6 pots,
advance.
advance.
advance.
3 pts. adv.
advance.
I
Market,
Steady,
4
4
Steady,
Steady,
un¬
Steady,
Steady,
to 5 pts. 2 to 3
pts. changed to 4 to 5 pts. 5 to 6 pts.
advance.
advance.
1 pt. dec.
advance.
advance.
Prices of futures at
Liverpool for each day are given below:
June 6
Sat.
Mon.
Tues.
Wed.
Thurs.
to
June 12
Fri.
Close Noon Close Noon Close Noon Close
Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
July (1936)
6.18
6.19
6.22
6.22
6.21
October
6.22
6.26
6.27
6.32
6.32
5.84
5.85
5.87
5.87
5.87
5.87
5.91
5.92
5.98
5.98
December
524
127
364
-
To Havre—June
8—Nevada, 2,029—
To Dunkirk—June
To
Bales
.
Wednesday
doing.
Quiet.
6.90
7.01
Tuesday
1
M.
Mid.Upl'ds
page, the
past week have
GALVESTON—To
36.000
182,000
70.000
A fair
P. M.
reached
59,000
618,000
259,000
74,000
follows:
Monday
6.83
6.56
@93
as
|"
6.78
P
Shipping News—As shown on a previous
exports of cotton from the United States the
up
64,000
Saturday
Market,
6.65
9 0
@93
9 1
92
86
@93
1
1
9
9%©n %
9%+n %
6.36
6.81
9
6.46
37,000
172,000
June 12
Liverpool market for spots and futures
day of the past week and the daily closing
prices of
6.30
@92
@ 92
@92
@92
9
June 5
41,000
614,000
259,000
54,000
24,000
166,000
64,000
63,000
601,000
255,000
66,000
19,000
177,000
71,000
The tone of the
Futures,
0
May 29
•
600,000
258,000
59,000
Amount afloat
Of which American
6.59
@ 92
@92
90
have the follow¬
we
imports, stocks, &c., at that port:
7.10
@
@
90
9 1
June—
5—
12—
90
@11%
@11%
Stand-
Salonica
Venice
*
.46c.
12:15
0
9
May—
9%@11
11.1
31
100
ard
1.00
.42c.
*
d.
@91
@ 92
0
17
10
d.
@94
@ 92
8 7
375
676
297
430
-
.85o.
Oslo
.45c,
each
s.
90
I'4!9
-
High
Density
.45c.
spot cotton have been
10% @11%
10
@11%
9%@11
9%@11%
55
154
Piraeus
.65c.
Flume
.45c.
.60c.
.50c.
Naples
Leghorn
Genoa
Upl'ds
d,
s.
125
1,035
75.327
ard
Barcelona
Havre
Middl'g
32s Cop
Twist
Upl'ds
Mar.—
13
8% Lbs. Shirt¬
Middl'g
1.500
■'
Stand¬
Density
Liverpool
.30c.
Manchester .30c.
Of which American.:
Total imports
Of which American
1935
8% Lbs. Shirt¬
ings, Common
100
Freights—Current rates for cotton from New
York, as furnished by Lambert &
Barrows, Inc., are as
follows, quotations being in cents per
pound:
,
32s Cop
Twist
100
-
-
Stockholm
23,000 bales.
96
------
—
Rotterdam .30c
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended June 10 were
4,000 cantars and the foreign shipments
1936
228
513
100
61
-
•
Since
23,000 1001933
Manchester, &c
9—Taketoye
10—Kiyosumi
June
Cotton
Since
Week
94
June
'
This
2,057
-
—
To
1
To
June
To Abo—June
1—Minden, 100CORPUS CHRISTI—To
re¬
1933-34
1,000
7.353.569
1,310
-
now
Receipts (cantars)—
Thus week
11—Youngstown,
——
To
935,000 1,198,0002,574,000
856,000 1,208,000 2,377,000
898,000
850,000 2,061.000
1934-35
June 10
5
—
June
-
cHamburg—June 8—Minden, 863
Sydney—June 10—Kiyosumi ,19-To China—June
10—Kiyosumi, 16
BEAUMONT—To Liverpool—June
4—Counsellor, 557
To Manchester—June
4—Counsellor, 284—
To Bremen—June
1—Minden, 228
To Gdynia—June
1—Minden, 513
'
1935-36
231---
8—Minden, 688
J
870
231
-
ceive weekly a cable of the movements of cotton
at Alexan¬
dria, Egypt.
The following are the receipts and
shipments
for the past week and for the
corresponding week of the
previous two years:
Alexandria, Egypt,
154
632
216
Maru, 1,393: Montreal Maru, 1,447
Maru, 1,808
898,000
796,000
838,000
Shipments—We
1,587
4,365
6—Bilderdijk, 50
8—Montevideo,
"I
1,000
23,000
361
220
504
:
4,365
1,194
To Naples—June 8—Ida
Zo, 94
To
Japan—June
373,000 1,198,000 1,676,000
311,000 1,208,000 1,581,000
850,000 1,223,000
336,000
251,000
249,000
Rotterdam—June6—Bilderdijk,
622
T
Tola
64,000| 309,000
30,000
22,000
12,000
—
China
332
5—Nevada, 870
Japan cfe
nent
10,000
2,000j 90,000
Otber India-
Conti
Britain
220
June
To Reval—June
6—Bilderdijk, 5
To Bremen—June
1
3,OOo|
—
—
Great
Total
5—Magician,
5—Nevada, 104
30,000 2,177,000
224
-----
'
To Havre—June
5—Nevada, 632
To Dunkirk—June
Since Aug. 1
Exports
-
5—Carlton, 504
Liverpool—June 5—Magician, 1,587
To Manchester—June
To Ghent—June
Aug. 1
530
-
To Lisbon—June 5—Carlton
.220
To Barcelona—June
To
,
Bales
Zo,
—
Copenhagen—June 10—Georgian, 224
To Leixoes—June
5—Carlton, 220
To Gdynia—June
10—Georgian, 332
To Oporto—June
5—Carlton, 361
Since
Aug. 1
19361
8—Ida
489
To
To
Since
Week
June
HOUSTON—To Genoa—June
5—Carlton, 41---June
1933-34
Receipts—
•
Holi¬
January (1937)
5.76
day.
..
5.78
-
5.78
m.
5.83
-
5.88
5.75
•»
October
5.78
5.78
5.77
5.78
5.81
5.82
5.88
5.88
5.75
5.78
6.77
5.77
5.77
5.81
5.82
5.88
5.88
5.74
May
July
5.75
5.75
—
March..
5.75
5.77
5.77
5.77
5.77
5.81
5.82
6.88
5.88
-
5.72
m»m
—
—
mm—
5.50
—
-
mmm
-
-
5.74
5.58
December
— -
_
—
_
-
5.74
5.57
--
...
-
-
5.79
5.62
—
—
5.85
5.68
BREADSTUFFS
Friday Night, June 12, 1936.
Flour—The bullish government
crop estimate for wheat
little or no effect,
especially as concerns consumers.
Prices, however, were steady and unchanged for the various
bakery patents.
There was no noticeable improvement in
had
•
the
volume of demand.
The belief prevails that the final
wheat crop will run higher than the
government figure, this belief
being based on the beneficial
rains in that belt the latter
part of May.
total for
the winter
Wheat—On the 6th inst. prices closed
%<s. to
The improvement of
lower.
growing conditions in the northern
changed the complexion of things very ma¬
terially as far as spring wheat is concerned.
The speculative
long interest, not caring to carry over commitments
during
the week end, released
considerable of their
holdings, and
under these
offerings prices eased off.
Towards the
close,
prices on the Chicago Board showed
considerable resistance
wheat
areas
'
Volume
to
Financial
142
further pressure,
the showing in
which was in rather marked contrast
Northwestern markets, where prices
declined to an extreme level of 3c.
Damaging storms in
the southern half of Midwest, and fears that prevailing
unsettled weather may interfere with harvesting of winter
wheat, acted as quite a restraint on sellers both at Chicago
and
Kansas
City.
Those bearishly inclined got little
encouragement out of the weekly weather forecast.
A
fair demand for spot wheat had a steadying effect in that
department.
On the 8th inst. prices closed unchanged to
%<s. lower.
At last there was a break in the dry spell in
the Northwest,
beneficial rains having fallen over the
week end.
This, together with lower markets abroad,
caused considerable selling of long wheat accumulated as a
result of the continued dry spell in the spring wheat area,
but these offerings were well taken and had no marked
effect on prices.
The resistance the market showed to this
selling pressure caused considerable uneasiness among
shorts, and instead of extending their commitments on the
bearish weather reports, a general movement to cover com¬
mitments developed, all of which resulted in a decidedly
steadier tone up to the close.
On the 9th inst. prices closed
y4d. to y8o. higher.
In spite of the extreme dulness, prices
held firm.
Dulness was so extreme in this session that
to
minute or longer between
lethargy prevails.
The
lack of real important news or an incentive to operate could
be given as the reason for this indisposition on the part
of traders.
The break in the drought of the Northwest
spring wheat area has removed, for the time being at least,
a real basis for a substantial upward movement in prices.
Threshing returns from the Southern winter wheat fields
are showing a higher yield than was expected.
However,
this does not afford any inducement to take the selling side
of the market.
On the 10th inst. prices closed yo. lower
to he. higher.
The session was extremely dull.
All interest
frequently there
seemed
The
be
to
were
intervals of
a
A general feeling of
transactions.
centered
Government
in
estimate
Government
the
of
crop
winter wheat
the
report.
crop
was
around 20,000,000 bushels under the private average pre¬
diction.
The Government also placed the condition of
4051
Chronicle
On the 11th inst. prices closed
Trading in this grain
Cash houses
were
on
prices
moderate
were
%c. lower to YiC. higher.
light and without special feature.
was
sellers, while shipping interests
the
buying side in a moderate way.
Spot carlot
steady to %c. lower.
Argentine shipments this
were
week included 8,000 bushels destined for the
United States.
Today prices closed Ys to %c. down.
There was nothing of
special interest in the news or trading outside of the regu¬
lar routine.
Open interest in corn was 21,136,000 bushels. •
DAILY
CLOSING PRICES
OP
CORN
Sat.
No. 2 yellow
Mon.
IN
Mon.
Sat.
1
July
September
60%
573*
52%
Fri.
77%
77%
December
Wed.
Tues.
61%
58%
53
66%
67%
52%
Thurs.
Fri.
61%
58%
53%
61%
58%
52%
61%
58%
52%
Season's High and When Made
September
December
65
May
J
Season's Low and When Made
5, 19351 September
67%
Mar. 25, 1935
June
6, 19351 December
60%
June
1,1935
July 29, 19351 May
56
Aug. 13. 1935
84%
68%
Jan.
Oats—On the 6th inst.
prices closed unchanged to 1/8g.
Nothing of real interest was reported concerning
On the 8th inst. prices closed y to 34c. lower.
nothing special in the news to account for this
heaviness in oats, which was in rather sharp contrast to the
firmness of corn.
On the 9th inst. prices closed 34c. higher.
There was little or nothing of interest in this market.
On
the 10th inst. prices closed 34c. to he. higher.
It is re¬
ported that a speculative interest is developing in this
grain as a result of unfavorable crop reports.
However, no
marked activity was witnessed in today's session.
On the 11th inst. prices closed %c. higher to Ysc. lower.
lower.
this grain.
There was
There
was
vailing.
very
little to this market, extreme dulness pre¬
Today
prices closed
light and without feature.
DAILY
CLOSING
unchanged.
OF
PRICES
Sat.
No. 2 white
OATS
Mon.
38%
DAILY CLOSING
PRICES
Mon.
24%
25%
26%
......
Wed.
September
44%
Jan.
7, 19351 September
December
35%
June
May
37
Aug.
4, 19351 December
1, 19351 May
Season's High and When Made
38%
38%
CHICAGO
IN
Wed.
24%
25%
26%
Fri.
Thurs.
38%
Tues.
24%
25%
26%
very
YORK
NEW
38
OATS FUTURES
OP
Sat.
July
September
IN
Trading
Tues.
37%
deal/&nd the trade is
looking for a crop of nearer 230,000,000 bushels than the
approximate 200,000,000 bushels indicated by the Govern¬
Conditions continue favorable in the spring wheat
Thurs.
77%
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO
December
ment.
Wed.
77%
the spring wheat yield much below trade expectations, but
beneficial rains since the Federal data w#s gathered could
have changed the situation a great
NEW YORK
Tues.
76%
76%
Fri.
Thurs.
24%
25%
27
25
25%
27%
25
25%
27%
Season's Low and When Made
I
31%
—
June 13, 1935
33%
29%
June 13, 1935
Aug. 17, 1935
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
July
31%
29%
31%
29%
31%
29%
31%
29%
31%
29%
31%
29%
but more rain is needed to maintain the fair condition
of the plant.
On the 11th inst. prices closed *4 to %c. higher.
Trade
views on the government report were mixed.
It proved to
be no stimulus to trading.
Volume of sales light
Com¬
pared with private estimates, the government forecast was
regarded as bullish.
The winter wheat crop was estimated
at 482,000,000 bushels, or approximately 19,000,000 bushels
under the average of the private reports, while the con¬
dition figure of 66.9%, compared with the private average
of 75.9%.
Although the Department of Agriculture did not
issue a production estimate on spring wheat, it was indi¬
Rye—On the 6th inst. prices closed %g. to 34c. lower.
same
influences affecting wheat appeared to affect
rye, viz.: the improved conditions in the spring grain belt.
On the 8th inst. prices closed unchanged to 34c. lower.
There was nothing of particular interest in this market,
trading being very light.
On the 9th inst. prices closed
34c. to %c. higher.
Offerings of rye were reported scarce,
notably of December.
On the 10th inst. prices closed
y8c. to %c. higher.
The firmness in this grain is attributed
largely to a healthy spot demand.
cated about
pronounced firmness of this grain was in marked contrast
area,
200,000,000 bushels, based on condition figure.
Today prices closed unsteady % to %c. under yesterday's
close.
The Canadian weather reports were exceptionally
favorable, and this started the
Gains that
Word
of
scored earlier
were
dust
a
storm
in
downward turn
more
were
Dakota
North
CLOSING
PRICES
OP
WHEAT
Sat.
DAILY
Mon.
107%
No. 2 red...
CLOSING
PRICES
OP
107%
WHEAT
107%
NEW
Wed.
Tues.
Wed.
84
84 %
84%
85 %
84 %
85 %
December
87
86%
87%
87%
Season's High
and
102 %
9734s
98 %
December
May
CLOSING
OP
WHEAT
Mon.
Sat.
July
— -
-
October
December
Corn—On
77%
78%
78%
—
the 6th inst.
FUTURES
'
76%
77%
77%
Tues.
77
77%
1/a
77%
IN
Wed.
77%
77%
78
108%
CHICAGO
Thurs.
84%
85%
87%
Fri.
84%
85%
87%
WINNIPEG
Thurs.
77%
78%
78%
to
the
the
11th inst.
other
prices closed % to l%c. higher.
markets, and
grain
77
77
77
attributed
was
The
to better
spot demand, a bullish interpretation of the government crop
report, and not altogether favorable weather conditions for
the growing
The easing
Today prices closed
crops.
Ys
Yl c. lower.
to
of prices was attributed to a moderate amount
of profit-taking.
OP
PRICES
CLOSING
RYE
May
53%
54
55%
-
Season's High and
December
54%
DAILY CLOSING
PRICES
RYE FUTURES
OF
Sat.
Mon.
Tues.
41%
October
PRICES
OF
41
42%
-
CLOSING
54%
54%
56%
IN CHICAGO
Wed.
Thurs.
Fri.
54%
55%
56%
55%
56
58
55%
55%
57%
When Made
I
Season's Low and When Made
Jan.
5, 19351 September
45
June 13, 1935
June
3, 19351 December
48%
June 13, 1935
Aug.
1, 19351 May
46%
Aug. 19, 1935
76
53%
52%
July....
DAILY
Tues.
53%
54%
—
December
September
FUTURES
Mon.
Sat.
July
September
42%
BARLEY
Sat.
Fri.
prices closed y to Y8g. lower.
The easiness of this grain was attributed largely to the
easier tone in the spot market.
Volume of business light.
Shipping demand for actual grain was fair, with receipts
slightly heavier.
On the 8th inst. prices closed y to lc.
higher.
This strength in corn was due largely to the lively
shipping business, which totaled approximately 200,000
bushels.
Spot carlot prices, however, did not change
much with arrivals of 268 cars over the holiday amply
taking care of the demand.
On the 9th inst. prices closed
to l^c. higher.
A good consistent commercial demand
continues for spot corn.
This with light marketings has
had a very strengthening effect on spot corn, prices advanc¬
ing Yi to lc. a bushel.
Farmers are in a much better posi¬
tion financially, and have been more disposed to feed their
corn
to livestock—all this being reflected in lighter mar¬
ketings.
On the 10th inst. prices closed y8e. lower to Y8g.
higher.
There was a slight falling off in the commercial
demand for spot corn, and this together with more liberal
offerings on the part of farmers, had a depressing effect on
July.
September and December corn remained steady.
On
DAILY
108%
Season's Low and When Made
When Made
78%
July
6, 1935
Apr. 16, 1934 September
81
July 31, 1935 December
July
6, 1935
88 %
Aug. 19. 1935
Aug.
1. 1935 May
PRICES
The
Fri.
IN
84%
84%
September
YORK
Thurs.
107%
FUTURES
Mon.
Sat.
IN
Tues.
September
July
DAILY
virtually
was
The open interest in wheat was 66,356,000 bushels.
ignored.
DAILY
in wheat.
than wiped out.
October
IN
WINNIPEG
Wed.
Thurs.
41%
43
FUTURES
Tues.
Wed.
39
39
39
Fri.
41%
43%
42%
43%
IN
Mon.
39
July
September
41%
42%
CHICAGO
Thurs.
39
Fri.
39
-
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
36%
July
October
—
35%
35%
34%
36%
34%
36%
34%
36%
36%
34%
35
Closing quotations were as follows:
GRAIN
Wheat. New YorkNo. 2 red, c.i.f., domestic.-.108%
N.Y.
Manitoba No. 1, f.o.b
Corn, New York—
No. 2 yellow, all rail
85%
77%
Oats, New York-
Rye, No. 2, f.o.b. bond N. Y
Barley, New York—
47% lbs. malting
Chicago, cash
62%
48
.48-92
FL<
OUR
Spring pat8.,high protein 5
Spring patents
spring
Soft winter straight*-...
Hard winter stral ghi s
Hard winter patenti
Clears, first
-
.
.
.
Hard winter clean-
-
--
6.10@6.401 Ryeflour patents
$4.15@4.25
^6.05!Seminola/bbl., Nos. 1-3- 7.45@7.50
5.85<_
"
5.10@5,251 Oats, good.
2.30
4.40@4.751 Corn flour.
2.00
5.00 @ 5.25 Barley goods—
Coarse
2 85
5.20@5.45
4.30@4.50
Fancy pearl,Nos.2,4&7 4.00@4.75
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three jTears:
4052
Financial
Chronicle
The world's
Receipts at-
Flour
Wheat
Corn
bbls.imbs. bush. 60 lbs
Chicago
i"4~666
__
Toledo..
Detroit
St. Louis
120,000
38,000
16,000
Kansas City.
Omaha
St.
1,871,000
613,000
101,000,
189,000,
156 ,000
18 ,000
48 ,000
91,000,
Joseph..
Wichita
Sioux City..
Buffalo
2,000,
337,000
97,000
145,000
11,000
64 ,000
13,000
63,000
68,000
33,000
170 ,000
568,000|
922,000:
711,000,
22,000
99,000
138 ,000
100,000
28 ,000
50 ,000
9,000
406,000
5,767,000
6,617,000,
2,226,000
1935...... 16,404,000 304,094,000169,862,000124,229,000
980,000
24,180,00088,401,000
Receipts at-
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.imbs bush. 60 lbs. bush. 56 lbs.lbush. 32 lbs. btish.56lbs.bushA8lbs.
New York
126,000
36,000
18,000
20,000
_
Baltimore
New Orleans *
62,000
Montreal
44~666
Boston
68,000
21,000
6,000
4,000
2,782,000
Galveston
39,000
1,000
6,000
25,000
23,000
24,000
17,000
8,000
18,000
995,000
273,000
164,000
Quebec.
Fort William.
Total wk.1936
78,000
367,000
6,000
9,000
2,000
Sorel
51,000
35:666
27,000
1,000
346~,666
175,000
Since Jan.1*35
4,293,000
155,000
449,000
42,776,000
1,761,0001
2,608,000
164,000
1,740,000
549,000
1,246,000
205,000
5,485,000
Week 1935.—
887,000
19,120,000.
615,000
5,464,000!
522,000
7,711,000
298,000
3,109,000
160,000
1,045,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, June 6 1936, are shown in the annexed
statement:
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
99,000
54,444
1,000
1,000
Baltimore
"looo
New Orleans
Sorel
Montreal
F^rt william
Since
Since
July 2
June 5
July 1
1934
1936
1935
1934
Bushels
<
North Amer.
July 2
1935
Bushels
Bushels
Bushels
Bushels
I
6,340,000175,347,000153,756,000'
120,000
6,857,000
74,867,000177,053,000
1,526,000105,545,000107,039,000
..'....I
256,000
328,000
856,000 37,353,000 45,632,000
Oth. countr's
1,000
10,298,000429,914,000490,665,000
122,000
306,000
36,546,000
1,456,000
I
Bushels
10,290,000
'
39,000
17,070,000
3,252,000270,706,00021L058!000
494,000
39,815,000
39,941,000
4,053,000320,933,000268,108,000
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
on June 10 issued its
crop report as of June 1, 1936.
This
report estimates the June 1 condition of winter wheat 66.7%
this year as compared with 67.0% of normal on
May 1,
74.2% of normal on June 1, 1935, 55.3% of normal on June
1, 1964 and
10-year (1923-32) average condition of 73.9%.
production of winter wheat is now placed
481,870,000 bushels, which compares with the Depart¬
ment's estimate of 463,708,000 bushels a month
ago and with
a harvest of
433,447,000 bushels last year.
Spring wheat
condition is placed at 66.9% of normal as of June
1, against
85.2% on June 1, last year.
We give below the report:
a
The estimated
at
In the southern part of the Great Plains area, from central Nebraska and
northeastern Colorado to the Rio Grande,
prospects for late crops and ranges
were
greatly improved by the heavy general rains, but in much of this
winter wheat
was
too far advanced to be
benefited.
175:606
44:660
367,000
35:666
*346,000
100,444
56,480
376,000
139,000
17,000
521,000
158,000
area
Good rains also fell
during May in Washington and Oregon west of the Cascades. In nearly
all other parts of the country the hot
dry weather of May gave most crops
a
poor start.
-
Crop prospects on June 1 were markedly better than on that date in 1934.
With this exception and the hay crop in 1926
spring wheat, oats, barley,
rye, hay and pastures, all show the lowest June 1 condition on record.
Winter wheat production is forecast at
482,000,000 bushels, which would
be above production in each of the last four
years but far below the previous
-
Georgia much of the cotton
ragged stand and much of the planted seed had not sprouted by
June 1 because of the drought.
In the same States there has also been a
heavy loss of tobacco plants after setting and as it is now rather late to
shows
a
production of flue-cured
tobacco.
In the whole area from central Alabama and central
Kentucky
eastward the drought has interfered with
preparation of the ground and
the planting of late crops,
including soybeans, cowpeas and sweet potatoes.
Various truck crops, strawberries and home
gardens have also suffered
rather seriously.
During the first nine days of June good rains and local showers ended the
some areas and provided partial or
temporary relief to a large
of the area where conditions on June 1 were most distressing but
adequate moisture is still lacking in a large portion of the area east of the
Mississippi River and also in some northern portions of the Great Plains.
If dry weather continues in these areas there is
danger of extensive crop
drought in
Total week 1936.-
4,313,000
431,000
Same week 1935
1,000
655,000
Includes 49,000 U. S. barley.
The destination of these exports for
July 1 1935 is
1
Week
reset in most of this area this will tend to decrease
"moo
2,782,000
273,000
164,000
Quebec
*
1.4,000
995:660
-
July
Corn
Since
average.
In the Piedmont section of the Carolinas and
Wheat
Exports from—
.
Since
Unusually sharp changes In crop prospects occurred in the various States
during May according to the June 1 estimates of the Crop Reporting Board.
267,000
6,684,000
Since Jan.1'36
July 1
1936
2,086,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 6 1936, follow:
*
June 5
163,000
Since Aug. 1—
on
Exports
India...
6,000
204,000
since
\
Week
Australia...
7,000
641,000
557,000
furnished by
Exchange, for the week
following:
Wheat
Total
Total wk.1936
Philadelphia
June 5, and
Argentina...
7,000'
80,000,
3,440,000
ended
Black Sea...
85 ,000
corn, as
Broomhall to the New York Produce
255,000
774,000
108,000
539,000
95,000
22,000
3,000
8 ,000
453,000,
352,000
Barley
bush.56lbs.\bush.48lbs.
380 000
433 ,000
13,000
10,000
289,000
10,000
245,000
70,000
23,000
84,000
5,000
Indianapolis.
Peoria
bush. 56 lbs. bush. 32 lbs.
362,000
2,000
93,000
_
Milwaukee
Rye
392,000
729,000
218,000
MinneapolisDuluth
Oats
June 13, 1936
shipment of wheat and
as
below:
.
■
the week and since
:
part
failure.
On the other hand, with the exception of the
large acreage of winter
wheat abandoned and some fields of cotton and tobacco where no
stand was
secured, there has been little actual loss of crops
Flour
Wheat
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
June 6,
July 1,
1935
June 6,
1936
July 1,
1935
June 6,
1936
July 1,
1936
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
Kingdom.
45,089
8,355
17,000
30,000
Continent.
So. & Cent. Amer.
West Indies
Brit.No.Am. Cols.
2,438,000
1,850,000
800,000
2,000
52,149,000
44,701,000
608,000
10,000
23,000
7,000
174,340
Other countries...
Total 1936
2,373,090
537,096
417,000
100,444
Total 1935
56,480
4,308,526
3,449,274
1935
10,000
149,000
"looo
3,000
5,000
but particularly in Oklahoma and in the Ohio River and
Central Mississippi
Valley areas.
The forecast of peach production is 40,615,000 bushels,
would be slightly smaller than any peach
crop since 1921.
The
number of apple trees in bearing has been
declining and the condition is
the lowest for June since
1921, so one of the smallest apple crops of recent
years is likely.
The low condition of California grapes also indicates that a
167,000
28,000
light crop is probable and the dried prune crop is expected to be
only about
80% of average. The production of plums, cherries and apricots should be
about equal to that usually secured.
Early reports on oranges and grape¬
254:666
4,313,000
431,000
97,722,000
67,968,000
1,000
visible
The
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 6, were as follows:
GRAIN STOCKS
Wheat
Boston
Rye
Barley
Bushels
Bushels
Bushels
afloat
Philadelphia
—
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
City
162,000
lb'ooo
135,000
59,000
imTOO
68~666
2,000
i78~666
243,000
256,000
501,000
1,627,000
3,807,000
86,000
506,000
4,938,656
131,000
706,000
5,984,000
2,843,000
105,000
3,098,000
438,000
Milwaukee
Minneapolis
-
Duluth
Detroit
8,000
25,000
2,000
2,000
1,000
11,000
328,000
198,000
202,000
1,780,000
5,067:666
315,000
132,000
85,000
475,000
71,000 10,170,000
169,000
6,986,000
8,000
132,000
37,000
12,000
73,000
1,732,000
45,000
22,000
2,077,000
1,659,000
15,000
178,000
568,000
21,000
67,000
837,000
1,178:666
4,819,000
1,859,000
30,000
878,000
afloat
-
Canal
Total June
6 1936...
26,381,000
10,000
5,000
773,000
1,707,000
35,000
Buffalo
31,000
174~,666
6,076,000 31,289,000
6,775,000 10,673,000
12,000
769,000
43,000
Note—Bonded grain not included above:
Wheat, New York, 238,000 bushels;
New York afloat, 40,000; Boston, 41,000; Buffalo,
8,616,000; Buffalo afloat, 451,000;
Duluth, 285,000; Erie, 86,000; Albany, 4,027,000; Chicago, 74,000; on Lakes, 205,000; Canal, 897,000; total, 14,960,000 bushels, against 7,139,000 bushels in 1935.
Wheat
Ft. William &
Corn
Oats
Rye
Barley
Bushels
Canadian—
Montreal
Bushels
Bushels
Bushels
Bushels
8,156,000
Pt. Arthur 37,220,000
464,000
701,000
287,000
1,832,000
553,000
1,415,000
Other Canadian & other
water points
Total June
41,255,000
2,098,000
309,000
768,000
86,631,000
3,263,000
2,428,000
2,736,000
26,381,000
86,631,000
6,076,000 31,289,000
3,263,000
6,775,000 10,673,000
2,429,000
2,736,000
1936...113,012,000
6,076,000 34,552,000
9,204,000 13,409,000
6 1936...
Summary—
American....
Canadian
Total June
6
which
fruit for the picking season
beginning next fall show nearly average condition
and an increased number of trees in
bearing. This suggests a further in¬
crease in citrus fruit
production, in line with the
recent years.
upward trend during
The condition of vegetable crops on June 1 was
generally much lower than
average.
Except in the Pacific Coast States, drought conditions during
May curtailed yields and prospective yields of green vegetables which are
normally marketed during May and June.
eastern seaboard will result in low
potato
mercial areas from Maryland southward.
Lack of rain along the south¬
yields in the important com¬
Winter Wheat—A United States winter wheat
crop of 481,870,000
bushels in 1936 is indicated by condition as of June 1.
The 1935 winter
wheat crop amounted to 433,447,000 bushels and the
five-year (1928-32)
average production was 618,186,000 bushels.
Condition of the crop on June 1, 1936 was reported at 66.7% of normal,
as
compared with 74.2% on June 1,1935 and the 10-year (1923-32) average
2,000
644,000
17,000
On Lakes
77000
8,000
25,000
89,000
602,000
-
"
36~66O
62,000
43,000
3,000
220,000
297,000
103,000
168,000
360,000
Chicago
"
251,000
36,000
89,000
15,000
383,000
St. Louis
Indianapolis
On
12,000
4,502,000
1,243,000
Baltimore
Sioux
Oats
Bushels
2,000
61,000
New York
"
Corn
Bushels
United States—
as yet.
Timely rains during
season could still result in about the usual
production
except wheat. The condition of crops and pastures and
the supply of soil moisture are not
greatly different from what they were
at this season in 1932 and
equally favorable weather could still cause nearly
equally heavy production.
The production of several
important fruits will be rather light.
The
severity of the winter caused further loss of apple and peach trees in the
North Central States and late frosts
nipped fruit buds over a wide area,
the remainder of the
of most field crops
Corn
Prospective production of winter wheat increased by approximately 18,000,000 bushels during the month of May, largely as the result of above
average precipitation in important wheat producing areas of Kansas and
Nebraska.
The indicated yield per acre increased 1.5 bushels in Kansas
and 2.0 bushels in Nebraska
during May.
Slight improvement in prospects
was also noted in Ohio and Indiana
where relatively dry weather has been
favorable to the development of the crop.
Complaints of lack of moisture
are now
becoming general in these States and a continuation of the dry
weather would have an adverse effect on
yields.
Throughout most of the
territory east of the Mississippi River and south of the Ohio, drought con¬
ditions reduced prospective
yields from one-half bushel to two bushels per
acre during May.
The Pacific northwest also suffered from deficient mois¬
ture and excessive
temperatures during May, resulting in declines in prospec¬
tive yields per acre
amounting to one bushel in Idaho and Oregon and 1.5
bushels in Washington.
The indicated production of winter wheat
by classes in 1936 is as follows:
hard red, 266,977,000
bushels; soft red, 168,128,000 bushels; white, 46,765,000 bushels.
Spring Wheat—The condition of spring wheat on June 1, 1936 was
reported at 66.9% of normal, as compared with 85.2% on June 1, 1935,
and the 10-year (1923-32)
average of 82.7%.
During May, the spring wheat crop was handicapped by deficient mois¬
ture ana above normal
temperatures resulting in condition well below
average in the Dakotas, Nebraska and Wyoming.
Since June 1, beneficial
rains have been received in these
States, but yields in these States can hardly
be expected to approach
average unless weather conditions are unusually
favorable during the remainder of the season.
Conditions in other spring
wheat producing States are
moderately below average.
Applying the yield per acre indicated by the relation of June 1 condition
and yield in past years to the
prospective acreage of spring wheat for harvest
as reported in the
March Intentions report suggests a 1936 production of all
spring wheat in the neighborhood of 200,000,000 bushels.
Barley—The condition of barley on June 1,1936 was reported to be 75.3 %
of normal as
compared with 84.3% a year ago, 44.7% two years ago, and a
10-year average (1923-32) of 82.6%.
The moisture situation was
becoming serious by June 1 throughout a
considerable portion of the West North Central States, where about two-
Volume
Financial
142
thirds of the crop is produced, and there was danger
of acreage unless rains occurred soon.
The June 1
RYE
of heavy abandonment
condition in this group
considerably below average, particularly in North and South
Dakota, Kansas and Missouri.
Condition was also sharply below average
in the Southern States because of drought conditions.
In the East North
Central States and in the Western States it was only slightly below average.
of States
was
compared with
condition of
of the East
from North
Dakota to Texas.
The heavy producing States of Illinois, Iowa, Minnesota
and Wisconsin are only slightly less promising than last year, but Nebraska,
North Dakota and South Dakota are noticeably under 1935 while from
Virginia westward on both sides of the Ohio River and southwest to Texas
Oats—The June
1,
4053
Chronicle
Production
Condition {June 1)
{Bushels)
State
Indicated
Average
Average
1935
1928-1932
1936
1923-32
1935
1936
York
84
83
85
Jersey
Pennsylvania...
89
86
85
445,000
315,000
289,000
87
85
81
1,671,000
1,665,000
1,390,000
Ohio
80
89
77
662,000
1,320,000
572,000
1,460,000
796,000
1,638,000
2,940,000
4,914,000
1,080,000
1936, condition of oats was 74.5%
84.4 for June, 1935, and the 10-year (1923-32) average June 1
81.4.
The season has been too dry in the southern portions
North Central States and Missouri and in the Plains States
New
New
345,000
315,000
81
86
76
Illinois
82
87
80
1,118,000
757,000
2,358,000
1,274,000
Michigan
82
84
79
1,978,000
2,940,000
4,082,000
Indiana
285,000
prospects are poorer for oats this year.
Wisconsin
83
89
85
Rye—The June 1, 1936 rye condition of 63.2% of normal indicates a
yield of 9.0 bushels per acre on the 3,716,000 acres to be harvested for grain,
or a production of 33,429,000 bushels compared with 57,936,000 in 1935,
and the five-year (1928-32) average of 38,655,000 bushels.
During May
prospective production declined by 1,824,000 bushels, or 5.2%. Most of
the decline is accounted for by deterioration in North Dakota and Min¬
nesota, the leading rye producing States.
In Nebraska, another important
rye producing State, the crop showed a slight improvement.
Farm Stocks of Grain—Farm stocks of barley on June 1, 1936 were
estimated to be 66,433,000 bushels compared with 14,706,000 bushels for
Minnesota
80
90
70
2,334,000
5,966,000
Iowa
87
92
84
677,000
Missouri
80
82
77
163,000
600,000
North Dakota..
74
73
44
11,362,000
12,754,000
178,000
7,306,000
South
76
87
46
4,048,000
7,050,000
2,182,000
Nebraska
82
87
75
3,150,000
Kansas.
77
67
80
223,000
7,250,000
682,000
4,440,000
803,000
Delaware
90
88
81
72,000
Maryland
Virginia
West Virginia..
86
88
79
82,000
264,000
240,000
68,000
208,000
84
85
71
605,000
540,000
460,000
83
84
73
147,000
150,000
90,000
North Carolina.
88
82
66
459,000
458,000
358,000
South
80
80
68
67,000
72,000
1, this year, were
15,850,000 bushels compared with 2,827,000 bushels for the same date in
the
date
same
Farm stocks of rye on June
1935.
in
1935.
Early Potatoes—The June 1 condition of all early potatoes in the 10
Southern States (including both commercial and farm crops) is reported
to be 62.1% of normal, which is the lowest reported condition on that
date recorded for these States since 1924.
This condition is 8.2 points below the May 1 condition and compares
with 75.1% on June 1 last year, and the nine-year (1924-32) average for
June 1 of 73.9%.
Drought conditions along the Southeastern seaboard
and in Georgia and Arkansas were chiefly responsible for the decline in
condition during May.
Dakota.
.
Carolina
.
9,900,000
2,077,000
68,000
Georgia
Kentucky
79
74
62
88,000
95,000
55,000
80
84
73
180,000
106,000
126,000
Tennessee
80
80
65
115,000
109,000
72,000
Oklahoma
77
65
57
78,000
64,000
72,000
Texas.
70
59
55
33,000
36,000
24,000
Montana
78
574,000
620,000
512,000
73
46,000
50,000
45,000
65
58
225,000
144,000
Colorado
80
63
70
443,000
126,000
Utah.
88
95
63
80
74
82
117,000
98,000
204,000
330,000
26,000
126,000
Oregon
89
79
90
240,000
299,000
312,000
79.6
84.2
63.2
38,655,000
57,936,000
33,429,000
United
Stale
New
York
Jersey
84%
82%
80%
New
1936
1935
1923-32
82
83
5,265,000
1,254,000
18,816,000
42,343,000
16,056,000
32,688,000
24,896,000
29,436,000
Economics to the United States
14,859,000
480,000
at
1,165,000
82
85
81
Ohio
75
92
73
Indiana
76
84
67
Illinois
71
83
64
17,205,000
30,251,000
26,279,000
30,079,000
Michigan
80
86
79
15,343,000
28,458,000
26,506,000
17,754,000
Wisconsin
80
89
85
600,000
440,000
Minnesota
79
90
72
3,283,000
Iowa
81
84
83
73
82
69
2,655,000
5,814,000
24,130,000
72
81
44
6,698,000
20,217,000
1,867,000
54,169,000
177,054,000
1,800,000
.
Nebraska
74
83
77
Kansas
68
58
70
Delaware
86
85
80
2,652,000
7,163,000
24,492,000
852,000
41,368,000
1,580,000
36,400,000
59,887,000 130,450,000
1,658,000
1,530,000
8,323,000
7,752,000
8,714,000
2,538,000
8,262,000
2,025,000
5,198,000
4,140,000
808,000
78
87
74
8,648,000
9,220,000
1,643,000
North Carolina.
82
84
66
3,653,000
South
Carolina.
75
80
62
575,000
980.000
1
74
73
64
510,000
805,000
760,000
83
86
77
Virginia
81
84
67
West
Maryland
...
Virginia..
Georgia
Kentucky...
76
78
75
3,002,000
3,097,000
3,708,000
78
Tennessee
78
65
2,918,000
34,000
3,636,000
66,000
3,562,000
57,000
77
72
65
76
75
69
247,000
424,000
340,000
70
63
46
55,145,000
41,083,000
8,800,000
33,080,000
29,358,000
10,010,000
13,598,000
10,469,000
8,503,000
9,030,000
7,840,000
1,177,000
2,220,000
5,790,000
700,000
979,000
851,000
2,366,000
50,000
Alabama
...
Oklahoma
65
37
36
Montana
74
82
57
Idaho
86
86
69
Wyoming
80
44
46
Colorado
72
35
56
13,252,000
1,711,000
13,051,000
New
59
51
33
3,712,000
Arizona
91
89
89
602,000
836,000
Utah
88
92
69
3,358,000
3,192,000
Texas
a...
Mexico...
Nevada
92
92
103
69,000
78
80
68
28,039,000
30,425,000
85
63
76
California
77
89
83
17,610,000
11,046,000
10,931,000
13,592,000
74.2
66.7
1,334,000
50,000
Washington
Oregon
73.9
States
17,661,000
14,041,000
14,644,000
618,186,000 433,447,000 481,870,000
CONDITION. JUNE 1
Spring
Wheat
Barley
Oats
{All)
State
Maine
1932
1936
1935
89%
1935
1936
«•
88%
91%
79
Rhode Island..
mm
'mm
m
.
82
77
83
Jersey
.
86
85
90
82
Connecticut
83
78
81
82
77
80
76
82
89
74
70
85
*
tion pertaining to
cereal
in foreign countries, as re¬
crops
ported by the Foreign Service of the Bureau of Agricultural
Washington, and given out
Present
conditions
in
on
Department of Agriculture
June 10, is
as
follows:
the Northern Hemisphere indicate an increase in
wheat production in North America but a decrease in production
exclusive of Russia, and North Africa, compared with last year.
in Europe,
Grain crop
reported to be generally favorable, especially in
the Ukraine where an early harvest is expected. Prospects in China are for
a late harvest but it is estimated that production will be 10%
above last
year, and the wheat of good quality.
«
The official estimate of the spring wheat acreage in Canada has not yet
been released. Private reports, however, estimate that the acreage will be
somewhat smaller than indicated by "intentions-to-plant," due to unfavor¬
able weather and shortage of good seed in some regions. Farmers' intentions
indicated an increase of about 3% over last year. Condition as of May 31
was below average for aU grain crops as the result of late seeding, deficiency
of soil moisture and low temperatures throughout the past month.
The crop situation in Europe has changed very little during May.
Weather conditions were, with a few exceptions, favorable.
Warmer
weather prevailed throughout most of Europe, to the benefit of crops. Much
needed rains were had in Algeria and southern Italy, improving prospects
somewhat.
Good rains were also reported in the Danube countries, where
prospects are reported to be very favorable. In Austria, on the other hand,
heavy rains caused deterioration of the wheat crop. It is reported that in
trade circles some apprehension is felt over the prospect of excessive rain
in Central Europe this summer and suggestions are being published as to
measures farmers should take In order to reduce losses.
If unfavorable
weather should be experienced during the harvest period, crop estimates
would probably be reduced materially. Crop prospects in Germany, Poland,
Czechoslovakia, Greece and The Netherlands are better than average. In
Italy, France and North Africa they are average or slightly below. Pros¬
pects in Spain and Portugal are definitely poor.
In Portugal it is expected
that the crop will not exceed half of last year's production.
Spring sowings in the So /iet Union made rapid progress during May and
on May 20 were only slightly behind those of the same date a year ago.
The total acreage sown to spring wheat by May 15 is reported, to have
amounted to 93% of this year's plan.
This would indicate an acreage of
56,300,000 acres and does not differ materially from the amount sown at
the same time a year ago. Cold weather in mid-May seems to have resulted
in no serious damage to the wheat crop.
The second estimate of the production in India is 350,709,000 bushels
compared with 366,725,000 bushels, the corresponding estimate of the
conditions in
Russia
are
1935 crop.
Drought conditions in Australia are seriously impeding the progress of
seeding. Conditions in Argentina are favorable for plowing, and seeding
of wheat is becoming general in the Central and Northern part.
88
85
88
mm
92%
83
86
90
-
92
86
'
92%
89
90
mm
Massachusetts.
York
1932
91%
94%
87%
Vermont
New
1936
1935
91
90%
NewHampshire
New
1923-
1923-
1923-
1932
Aver.
Aver.
Aver.
Foreign Crop Prospects—The latest available informa¬
6,141,000
1,372,000
4,243,000
86
South Dakota.
States
1936
1935
1928-1932
Pennsylvania...
Missouri
5
45,000
23,000
Indicated
Average
Average
United
90
88
Production {Bushels)
Condition {June 1)
Arkansas
68
89
Washington
WINTER WHEAT
85
Idaho
Wyoming
..
88
__
mm
Weather
mm
68
__
general
Report for the Week Ended June 10—The
summary
of the weather bulletin issued by
the
Department of Agriculture, indicating the influence of the
Pennsylvania..
84
77
77
77
73
85
80
79
Ohio
80
85
71
78
79
76
81
82
78
Indiana
78
92
77
77
78
73
78
82
74
Illinois
81
83
80
79
81
75
85
82
81
States and the Lake region,
Michigan
84
78
79
81
80
75
82
82
78
Wisconsin
87
90
86
88
88
86
88
88
84
About the middle of the period widespread precipitation occurred
in the central Rocky Mountains and the central Plains areas and the latter
84
Minnesota
85
87
85
86
89
87
86
88
Iowa
86
89
82
87
91
84
88
92
87
Missouri
76
79
68
71
84
57
78
78
63
83
58
86
85
56
81
83
60
82
82
87
58
82
89
69
83
88
66
Nebraska
85
85
71
83
88
74
84
87
80
Kansas
72
59
63
73
78
61
71
39
__
^m
86
92
64
«*
—
mm
mm
m*m
82
79
60
83
86
68
mm
mm
mm
m
mm
80
79
50
81
86
65
76
North Dakota.
South
Dakota.
Delaware
Maryland
Virginia
West Virginia.
82
mm
«
64
-
80
80
61
«■-
86
North Carolina
77
84
54
82
84
South
75
84
60
64
-
•t*.
80
-
Carolina
Georgia
mmmm
mm
mmrnmm
mm
mm
72
mm
mm
66
77
75
76
75
wmm
72
78
67
mm mm
73
72
79
mmmm
71
78
61
mm m.
mm
mm
mm mm
mm mm
Tennessee
mm
•
mm, mm
'
Alabama
mm
—
mm mm
Mississippi
•
—
mm
Arkansas
Louisiana
mm
—
Oklahoma
'
-
mm
Texas
mm.
78
81
69
47
79
81
61
•
•
«
-
_
_
•
-
72
70
80
49
69
51
44
71
■
71
70
mm
mm
54
-
72
46
67
62
44
*-«•
76
81
90
77
83
91
77
83
90
87
88
91
88
87
69
91
90
70
92
90
70
86
78
86
89
83
85
86
79
83
74
80
80
72
81
68
72
Montana
82
89
Idaho
90
88
Wyoming
90
85
Colorado
85
New
81
Mexico..
69
.
74
70
mm
mm*
mmrnm
Florida
Kentucky
mm
mm
mm
*
89
91
85
90
93
Utah
91
90
79
92
91
83
92
91
84
Nevada
92
89
91
91
94
89
93
94
94
Washington
80
74
81
88
82
88
84
78
81
Oregon
86
73
83
90
79
92
89
77
88
80
93
83
78
91
85
84.4
74.5
82.6
84.3
75.3
Arizona...
California
United
States.
_
--
»
_
--
92
i
82.7
85.2
66.9
'SIA
weather for the week ended June 10, follows:
The first
part of the week brought local showers to the southeastern
while
more
general rains occurred in the North¬
west.
part brought additional rains to the South Atlantic States and Northwest.
Temperatures were mostly moderate, though considerable cool weather
prevailed in north-central sections.
The temperature for the week averaged above normal over the southern
half of the country east of the Rocky Mountains and also in the north¬
eastern
States, the greatest plus departures occurring in the extreme
Northeast, from the upper Ohio Valley south westward, and in the interior
of the west Gulf area. The upper Mississippi Valley was two to four degrees
cooler than normal, while tne area west of the Rocky Mountains had a
rather generally cool week, especially in the north.
Widespread showers occurred in the interior valleys and the Great
Plains States, though in some areas they were light and entirely inadequate.
Also, there were many local rains from the lower Mississippi Valley eastward
and in the South Atlantic States northward to and including Virginia.
In
this area, as in the other case, many stations reported substantial rain, but
the falls were not general, a good many places being missed.
The west
Gulf area and the southern half of the country from the Rocky Mountains
westward had a dry week, but a large area in tne Northwest had substantial
to heavy rains.
This included principally Nebraska, Wyoming, Idaho,
western Montana, and the Pacific Northwest.
Some of the heaviest June
rains of record occurred in eastern Washington.
Many localities in the southeastern States from Virginia southward and
south westward have received substantial showers during the week, the
most widespread rains in nearly two months.
While the general outlook
in this area has improved materially, the rainfall was of a rather spotted
character and a good many places remain much too dry; a general rain
is still needed in these States, the conditions being especially critical in
northern Georgia and parts of the Carolinas, where some irreparable crop
damage has been done, especially to truck and garden crops.
Showers were helpful also in the Ohio Valley States, but here, as before,
rains were scattered, with no general relief afforded; a good, substantial,
widespread rain is still needed.
About one-fourth of Missouri remains
very dry.
In the western Lake region rains were timely and beneficial
and were decidedly helpful in the upper Mississippi Valley, while they
were outstandingly generous over a large area from the central
Rocky
Mountains northwestward to the north Pacific Coast.
4054
Financial
Unusually
conditions
continue in the Plains States from
Nebraska southward to the Rio Grande, except that heavy rains caused
more or less damage by washing and flooding In western
Oklahoma; With
regard to recent conditions, preliminary reports show that Texas had
more than one and one-half times the normal May
rainfall, while on the
other hand North Carolina had the driest May of record and
Virginia,
the second driest.
Considering the country as a whole, the past week
brought considerable improvement in the agricultural outlook.
favorable
Chronicle
teat varies in the Ohio
Small Grains—The condition of winter whe
Valley
of heading on the short straw, and progress,
States with many complaints
in general, was only fair; rain
is needed for
to
ment noted.
decidedly
Also in the Pacific Northwest rains of the week
were
timely and
Winter-wheat harvest has begun as far north as southern
Virginia, extreme southwestern Missouri, and southern Kansas.
Cutting
is expected to begin over the southeastern quarter of Kansas within the
helpful.
In the
spring wheat belt showers were helpful in many places, but they
scattered and not general, with a good, widespread rain still needed,
especially in North Dakota. In Minnesota, while additional moisture has
been helpful, small-grain crops are showing the effect of dry weather, but
are still in fairly good condition.
In South Dakota the condition of spring
wheat is fair to poor in the northeast; fair to good in the southeast, and
poor in the west, with many complaints of weedy fields in the northeast.
In Montana the crop shows improvement with recent showers, but much
grain is drying out in some northern parts of the State. In North Dakota
well-planted spring wheat continues to make fair to good progress, but
the poorly planted has deteriorated considerably.
Oats are only fair in the Ohio Valley States with some deterioration
reported in the dry areas; there is general complaint of short straw from
the Mississippi River eastward.
This crop shows improvement in the
upper Mississippi Valley, with recent rains especially helpful in Iowa.
Improvement is noted also in the central Plains area, but harvest returns
are generally light in Oklahoma and poor to only fair in Texas.
Corn—Corn needs rain in many places from the Ohio Valley eastward,
with complaints in the middle Atlantic area of unsatisfactory germination
because of dryness.
Nights were rather too cool for best results in northcentral portions of the belt,
In Missouri corn made mostly satisfactory progress, while weather con¬
ditions continued generally favorable from Nebraska southward; corn is
reported from one to two feet tall in southeastern Kansas, while improve¬
ment is reported generally from Oklahoma and Texas.
In Iowa progress of
corn ranges from replanted and just up to a foot tall and cultivated twice;
fields are clean, and the general condition averages from fair to good.
Broomcorn is growing well in the southern Great Plains.
Cotton—In the cotton States the week was mostly warmer than normal.
New York,
Friday Night, June 12, 1936
during the past week continued its good
despite unfavorable weather conditions in some
Retail
trade
showing,
parts of the country.
by last week's
tinued brisk.
country
the
to
Consumer interest
was
well distributed
all lines of
goods, with particular emphasis being placed
women's apparel.
Demand for cotton goods, stimulated
over
on
next week and in the northeast within two weeks.
were
1936
13
THE DRY GOODS TRADE
proper filling in some sections.
Additional precipitation in the western Lake region
was dedecidedly helpful
small-grain crops, while in the principal producing counties of Missouri
progress and condition of wheat are fair to good, but in some other areas
poor.
In Oklahoma the harvesting of a light crop is getting under way.
In Kansas and Nebraska very favorable conditions continue and the wheat
crop is developing entirely satisfactorily, with further widespread improve¬
June
Kentucky—Louisville: Mostly light rains.
Corn made extremely ir¬
regular progress; condition fair to very good, except
becoming poor in
hilly and some upland districts; cultivation excellent.
Tobacco trans¬
planting continued on smooth lands; none, except few
localities, in hills;
growth slow; stands imperfect.
Progress and condition of winter wheat
fair to very good; much short straw.
All growth
slowing down* pas¬
tures deteriorating; poor in southeast.
Early hay excellent.
as a
promotional
Department
National
store sales
Cotton
Week,
con¬
during May, for the
May, 1935, according
whole, increased 12% over
monthly compilation of the Federal Reserve
usual
Board.
Best
results
were
registered
district where the sales volume
was
by
the
Cleveland
21% higher than last
while the smallest gain—of 7%—was shown
year,
on the
In the metropolitan area the
increase in sales
Pacific Coast.
amounted
to
9%.
The outlook for June remains
bright,
particularly in view of the fact that
special promotions in order
many stores are
planning
to secure their share of the bonus
spending.
...
There
were
local showers
over
the eastern half of the belt and substantial
rains over much of the northwest, but a generally dry week prevailed from
the lower Mississippi Valley westward.
In the eastern cotton States local
showers were helpful, but afforded only temporary relief, and many places
were not
materially benefited.
In Texas improvement in cotton was reported as general, with con¬
dition mostly fair to good, except in spotted coast sections; cultivation is
In Oklahoma, also, progress
progressing rapidly.
mostly satisfactory,
but much cotton was washed out or covered up by heavy rains in the
western portion; some squares are showing in the southeast.
In Arkansas
progress and condition are good to excellent, except in some highlands and
locally elsewhere,
in
the
eastern
half of the
belt
cotton
will
Trading in the wholesale dry goods markets continued
active, with retailers placing substantial reorders on summer
goods as well as buying freely for the fall season. OrderB on
fur coats
reported to be the heaviest for
were
Wholesalers continued
years.
place
number of
a
numerous
orders
goods, with the price situation showing a firmer trend.
Percales again moved in good
volume, at stiffening quota¬
tions.
still
Business in silk goods
far
from
sheers
were
slow and
in fair demand.
was
was
satisfactory.
confined to
somewhat
Printed
better, although
chiffons,
a
moderate interest in fall lines.
Business in rayon yarns continued at
a
brisk pace.
With
most
linas.
and the active demand for 100 and 150 denier
viscose
Weather
Bureau furnished the
following
resume
of
conditions in the different States:
Virginia—Richmond: Temperatures above normal.
Scattered showers
many localities, especially beneficial for germination of late-planted
crops.
Digging potatoes started.
Corn looking good;
growth slow.
Wheat maturing early; some being harvested; many fields already white.
Meadows and pastures relieved temporarily.
Planting peanuts nearing
completion.
Cotton fair; tobacco being reset.
North Carolina—Raleigh: Good rains in east, scattered showers in west
beneficial over large area, though parts, mainly southern Piedmont, still
without material relief.
Progress of cotton poor in west; good in east;
mostly very late and many poor, irregular stands.
Rains largely relieved
critical situation in tobacco area, where setting and resetting with mostly
late, irregular stands.
Corn and truck improved where sufficient rain.
South Carolina—Columbia: Considerable improvement
locally in mois¬
ture situation; more rain needed badly in wide areas.
General crop ger¬
mination, progress and growth improving in moist localities, otherwise
at standstill.
Grain threshing in north.
Pastures and truck reviving
locally.
Cotton improving where rains fell, but some acreage in dry areas
planted to other crops account lateness of season; first bloom reported
in
on
8th.
Georgia—Atlanta: Mostly warm, with local rains.
Conditions gen¬
erally fairly satisfactory in south, but distressing conditions still wide¬
spread in north, where potatoes and other vegetables almost failure.
Corn
and cotton in many places appear past possible recovery.
Florida—Jacksonville: Normal temperature; moderate
and condition of cotton fairly good; chopping fairly
rains.
Progress
good progress; bloom¬
Corn good; truck season about over.
Citrus good; dropping checked;
fruit sizing and holding well.
Alabama—Montgomery: Mostly light rains, but heavy in scattered
localities.
Warmth of week favorable where moisture in soil, especially
in west, where cotton making taproot.
Progress of cotton poor and con¬
dition badly deteriorating most of east and locally in central, but
mostly
good in west; chopping good progress; about finished.
Corn and pas¬
tures suffering severely; need rain
generally.
Mississippi—Vicksburg: General light rains, but locally moderate in
north.
Progress of cotton fair to good; squares becoming plentiful; occa¬
sional bloom in south.
Progress and growth fairly good; cultivation
mostly good.
Progress of corn poor, except fair in moderately wet locali¬
ties with cultivation generally good.
Oats being threshed in central.
Louisiana—New Orleans: Warm, dry week; very favorable for growth
and cultivation of cotton; condition
good; squaring extensive on early
planted.
Progress of corn very good; condition of stands generally fair
to excellent, except poor in portions of southwest.
Rice and cane good
to excellent; truck and minor crops
good.
Good progress transplanting
ing.
sweet potatoes.
Texas—Houston: Warm; mostly light, widely scattered rains.
Favor¬
able for farm work which advanced rapidly.
Progress and condition
of winter wheat mostly fair to good; oats poor to
fair; harvest well under
Corn continued improvement and condition generally good to ex¬
cellent; maturing rapidly.
Truck improving, except in southeast.
Sea¬
son closing in Rio Grande
Valley.
Ranges and cattle mostly good to excel¬
lent.
Cotton improved generally; condition
mostly fair to good; still
spotted in most coast sections with considerable poor; elsewhere coming
up to good stands; planting practically completed, except extreme north¬
west, and cultivation progressing rapidly.
Oklahoma—Oklahoma City: Heavy rain in west caused considerable
crop damage and flooded bottom lands; also considerable local hail and
wind damage to all crops.
Progress of cotton good in central and west,
but much washed out or covered up in west
portion; chopping good progress
in all sections and some squares in
southeast.
Oats being harvested;
ield light; some too short to bind.
Progress and condition of corn fair;
eing cultivated.
Some winter wheat being harvested, but not general;
yields light.
Alfalfa and broomcorn growing well.
Pastures growing
nicely.
Livestock improving.
Arkansas—Little Rock: Rain very beneficial, but more needed.
Progress
and condition of cotton good to
excellent, except some counties in high¬
lands and few localities in northeast
lowlands, where plants got poor
start; squaring and blooming in southeast.
Late oats, meadows, pastures
and truck improving rapidly.
Tennessee—Nashville: Some relief locally by heavy rains, but drought
way.
£
intensified in
some
areas.
Progress of corn fair, condition fair to very
Progress of cotton poor; condition poor
fairly good in west; crop clean.
Winter wheat ripening
fast; harvesting begun.
General condition of corn fair.
Tobacco plants
scarce; many beds ruined; setting continues.
Pastures about gone.
Truck
and vegetables seriously damaged.
good; considerable not planted.
in
central and east,
producers reported to be sold
tinuing unabated,
to be
a
up on
their July output,
scarcity in those counts
a
possibility during the early fall months.
acetate
yarns
also
and
satins
Trading in greige goods remained
improvement where
recent rains occurred, but a good many places remain dry, with permanent
damage to the crop, especially in northern Georgia and parts of the Caro-
The
on
fall
was
show
to
continued
to
expand.
was
con¬
believed
Demand for
Rumors
of
an
impending price advance still circulated in the market,
although leading producers contended that no such action
was
under consideration.
Domestic Cotton
Goods..-Trading in print cloths dur¬
ing the period under review was quite active, and sales ran
well ahead of production.
With prices continuing their
upward trend supported by a firm raw cotton market and
improved sales of finished goods, buyers covered against
their Summer needs on a
broadening scale.
While some mills
held to their previous attitude of
shying at selling more
distant deliveries at current prices, others seized the
oppor¬
tunity to build up their backlog of unfilled orders.
In a
number of constructions a certain
shortage was said to be
developing.
Trading in fine goods continued seasonally
dull.
A fair amount of combed
broadcloths, however, was
sold during the week, and
buyers found that stocks were
lower than they had anticipated, in view of the slow business
during previous weeks. Mills started sampling fancies for
next Spring season.
Closing prices in print cloths were as
follows: 39-inch 80's, 734c.; 39-inch
72-76's, 6%c.; 39-inch
68-72's, 634 to 634c.; 3834-inch 64-60's, 534c.; 3834-inch
60-48's, 434 to 4%c.
Woolen
Goods.-Trading in men's wear fabrics was
moderately active. Mills continued to book a fair number
of re-orders on Fall suitings and
topcoatings.
Although
Spring lines will not be opened until early next month, some
manufacturers were already placing a few initial orders.
Prices held steady, with indications
pointing to a moderate
advance on Spring goods, because of rising wool quotations.
Retail clothing centres reported continued
good business in
Summer
such
tropical
worsted
garments,
jackets.
Business in women's
goods showed somewhat increased activity, with mills
receiving a fair amount of orders on Fall goods.
Manufac¬
turers opened their Fall lines but orders from their retail
accounts were not expected in large volume until late this
month
as
stores continued busy on Summer goods and
flannel
wear,
trousers
and
as
sport
wear
sports
wear.
Foreign Dry Goods.-Trading in linens continued at a
satisfactory pace.
Interest in materials processed against
crushing was quite brisk, expanding to better quality linens
fancies and linen laces and embroideries.
in
Prints also moved
satisfactory volume.
Business in burlaps continued in its
desultory fashion. Uncertainties as to working hours in
Calcutta mills proved a handicap to an expansion in forward
business, and buying was limited to a few small spot and
afloat lots.
Prices held fairly steady, with Calcutta cables
showing a slightly easier trend.
Domestically lightweights
were quoted at
4.00c., heavies at 5.45c.
Volume
Financial
142
Chronicle
4055
MUNICIPAL BONDS
Specialists in
Dealer Markets
Illinois & M issouri
Bonds
WM. J. MERICKA & CO.
INCORPORATED
Union Trust Bldg.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIREGT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
A loan for $61,000.00 has been authorized for
refinancing one school
district in Arkansas under the provisions of Public—No. 325—74th
Congress
(S. 3123).
This makes a total to date of $856,300.00 authorized under
this Act.
PUBLIC
Report
on
is the text of
WORKS
The district is;
Parian Special School
District, Cross County, Ark
The refunding loans under the above-mentioned Section 36
ADMINISTRATION
Profits Derived from Bond Sales—The following
a special
dispatch from Washington on June 6:
The Public Works Administration announced today that its bond sales
and interest collections had been increased to $21,451,115 up to
M
"ay 18. of which profits accounted for $7,892,099.
Profit from the bond sales goes into the PWA revolving fund, but the
interest paid PWA by municipalities and other political subdivisions goes
directly into the treasury.
bonds from the
PWA allotments.
PWA has to date purchased $534,764,734 worth
political subdivisions which nave obtained
various
Bonds sold to the Reconstruction Finance Corporation total $406,843,571.
Sales to third parties, maturities and grant cancellations total $6,389,435.
This leaves bonds still heid by the PWA totaling $130,531,727.
Although
the PWA has actually purchased only $543,764,734 worth of bonds, it
has obligated itself through contracts with local, county and State govern¬
ments for
purchases of $828,047,864 worth of bonds.
The balance of the
purchases will be made as construction progresses on community projects.
Public
Works
Administration
Power
Loans
Cities
to
Vali¬
dated by Court Ruling—Upholding the constitutionality of the
Public Works Administration's $200,000,000 power program,
Chief Justice Alfred A. Wheat of the District of Columbia
Supreme Court on June 5 dismissed an injunction suit attack¬
ing 10 municipal electric projects in 4 States.
Dean Acheson,
attorney for four private utility companies which brought
the suit, is reported to have said that he would carry the
case
immediately to the Court of Appeals for the District
of
the
Court:
The New Deal today won a District Supreme Court ruling that the
Government has a constitutional right to finance municipal electricity
systems with Federal money.
Public Works Administrator Harold L. Tckes immediately prepared to
finance $38,000,000 in new city-owned power plnats, although the issue
must go on to
the United States Supreme Court next fall for final settlement.
The Government's victory today, however, was so
sweeping and so
complete in the decision of Chief Justice Alfred A. Wheat that PWA officials
predicted their
held
program
would be
California—Relief Bill Signed by Governor-f—An Associated
dispatch from Sacramento on May 28 had the following
to
one
Justice
Wheat ruled first
Congress had a constitutional right to
delegate project-building authority to President Roosevelt, then to Mr, Ickes
to support municipal power ownership with Federal
millions; second, that
Mr. Ickes acted within Congress's delegation.
\
Two prominent Democrats, Newton D. Baker and Dean Acheson, had
charged that Congress violated its constitutional rights and that Mr. Ickes's
loans and grants for 10 power projects in Alabama, Iowa, Oklahoma and
Texas were illegal.
The one-time Secretary of War and the former Under Secretary of the
Treasury represented Alabama Power Co., Iowa City (Iowa) Light &
Power Co., Oklahoma Utility Co. and Texas Utility Co. in the suit.
Mr. Baker, suggested in some quarters as a strategic choice of Republicans
for Vice-President to win anti-Roosevelt votes, contended the Government
was
infringing
on
fundamental States' rights by granting and lending PWA
money to cities for their own electricity systems.
Mr. Acheson, who resigned his post in the New
Deal's little Cabinet,
in regard to the Governor's approval of the relief
session—V. 142, p. 3892:
Governor Merriam today signed the bill providing $2,500,000 to finance
relief until July 1 and also all the other enactments of the
special session
of the Legislature.
State
Controller Ray
L.
Riley announced he would begin transfer of
gasoline
and other special funds into the relief fund at once to permit
continuance of direct relief without interruption.
The bill authorizing
use of a quarter of a million from next
year's relief appropriation of $24,-
000,000 gave authority for the temporary borrowing of special State funds,
including gasoline tax money, for the emergency purpose.
It is to be paid
back as the various funds from which it is borrowed require it.
By this transfer it will not be necessary to sell State warrants immediately
—probably not within four months—and the State will save in interest,
Mr. Ruey explained.
When the Highway Department or any other special fund needs the
money which has been transferred, registered State warrants will be sold
and the loan repaid.
Illinois—Governor Signs Bill on Old Age Pension Changes—
on June 5 approved the
Bolger-Lewis bill,
Governor Horner
making some of the changes in the old age pension law that
were suggested
by the Federal Social Security Board, accord¬
ing to Springfield advices.
The bill is said to carry an
emergency clause, making it effective at once.
The Governor also signed another bill,
appropriating
$2,000,000 to the Illinois Emergency Relief Commission for
payments of debts contracted and obligations incurred prior
to May 1, 1936.
of the few New Deal recovery plans
that
say
financing bill approved recently by the Legislature in special
Permanent
valid.
Terms of Ruling
on
Press
of Columbia.
We quote in part as follows from a United Press dispatch
out of Washington, which reported on the important
ruling
based
News Items
rofits
pri
of
$61,000.00
are
deposit of the outstanding indebtedness.
If less than 100% is deposited,
the amounts authorized are
automatically decreased.
,
Registration Bill Passed—The legislative approval
of the permanent registration bill for the State was discussed
as follows in a
Springfield report to the Chicago "Journal
of Commerce" of June 5:
By the vote of 34-14, and over the opposition of Cook County Democrats,
State Senate today passed the permanent registration bill.
Having
House the bill now goes to tne Governor for his
signature and will become effective July 1.
Twenty-one Democrats and 13 Republicans voted for the bill, and over¬
rode the opposition from the Nash-Kelly organization.
Final action came
after a long debate, which at times took on the appearance of a filibuster.
After the bill had passed, Governor Horner issued a statement in which he
said that the administration forces aided by other members of the
Legisla¬
ture, had won a great fight.
"The thanks of every citizen, who desires
good government and who is jealous of the sanctity of the ballot box, is
due to those who supported the bills and thus served the interests of the
people of Illinois," the Governor said.
the
been approved by the
warned that Mr. Ickes,
acting illegally, would drive the companies out of
business because municipal plants would undercharge the four private firms.
Right to Sue Upheld
Justice Wheat
overruled
contentions
of
Jerome
Frank land
Holtzoff, Government attorneys, that the companies had
no
Alexander
right to sue,
then ruled;
"It cannot be said to invade the reserved powers of a State to make
loans or grants of money to municipal corporations, which the State con¬
tinues to control, and which are at liberty to reject the loans and grants if
1.
they
see
fit to do
Indiana—Levy on Sales to Federal Government Ruled
Legal—An opinion from the Attorney General's office on
June 5 held that income from sales to the Federal Govern¬
ment
comes
is the exercise of administrative, not legsilative discretion.
2. "It appeares from the evidence that on March 20, 1934, pursuant to
a resolution calling upon the Administrator to furnish the Senate with in¬
ment
Congress
general survey of the public works program and an
account of the organization of PWA and a statement of its policies, the
Administrator submitted to Congress a document of some 300 pages in
length.
Recalls Emergency Relief Act
a
"Thereafter, Congress passed the Emergency Relief Act of 1935, with
full information in regard to what had been done and what was
being done.
It seems to me that this must be regarded as Congressional approval of the
Administrator's program."
RECONSTRUCTION
FINANCE
CORPORATION
Refinancing Loans Authorized for Drainage and Irrigation
Districts—The following is the text of a statement made
public on June 3 by the above named Federal agency:
Loans
taxable
under
the
State's
gross
income
tax
law,
Heretofore,
so.
"It was out of the question for Congress to prescribe details of an extended
program of public works.
"It appropriated money for the purpose, laid down the principles which
were to guide the President and the Administrator of Public Works in its
expenditure, and left to them the working out of the details.
The making
of loans and grants in carrying out the policy thus laid down
by
formation, including
is
according to the Indianapolis "News" of June 5, from which
we quote in part as follows:
for refinancing
one
drainage district
in Arkansas,
districts in Illinois, one drainage district in Nebraska, and
two drainage
one
water im-
Erovement district in Texas, aggregating $176,500.00,makes been authorized
have total to date
y the Reconstruction Finance Corporation.
This
a
of
$121,266,205.40 authorized under the provisions of Section 36, Emergency
Farm Mortgage Act of 1933, as amended.
The districts are;
Drainage District No. 11, Lonoke County, Ark
Henderson County Drain. Dist. No. 1, Henderson County, Ill__
Henderson County Drain. Dist. No. 2, Henderson County, 111-_
Brookey's Bottom Drain. Dist., Cedar & Dixon Counties, Neb_
Nueces County Water Impt. Dist. No. 1, Nueces County, Tex.
$20,500.00
62,000.00
51,000.00
12,000.00
31,000.00
the gross income tax department has been exempting in¬
from such sales, with the exception of those to the alphabetical, or
emergency agencies of government, which it classifies as temporary organ¬
izations.
But contractors doing work for the government
have been
required to pay the tax, and suit protesting it now is pending in the Cass
Circuit Court.
The opinion intended to
bring the sellers of articles to the regular govern¬
agencies under pro visions of the Act that already extracts millions of
dollars annually from Hoosier taxpayers was written by
Joseph McNamara,
Deputy Attorney General, in
response to a request from Fred C. McClurg,
Chief Counsellor of the gross income tax department.
McNamara told reporters later that the opinion was based
largely
on a recent decision of the United States Supreme Court
which, he said,
"hinted broadly" that such taxation would be constitutional.
In that
suit, however, the court held that
no sales tax shall be collected on motor¬
cycles sold to the Federal government.
Long Island, N. Y.-4—Analysis Finds County Debts Large—
following article on a recent survey of the debts of
Nassau and Suffolk counties, as compared with representa¬
tive New England counties, is taken from the New York
"Evening Sun," of June 8:
The
The net and per capita indebtedness of Nassau and Sulffolk counties
vastly greater than that of comparable counties in Massachusetts and
Connecticut, according to a study made public today by the
is
Long Island
Ten Year Plan Committee.
The organization conducted the
survey in its
efforts to disclose "the cumbersome and antiquated structures of
govern¬
ment" in Long Island communities.
The analysis, which was made by the research department of Dun &
Bradstreet, compares governmental costs in the two Long Island counties
with Hartford County, Conn., and Plymouth County, Mass.
In Nassau County, for example, the survey lists the total
indebtedness,
and county, at $113,674,610, as against $48,826,102 for Hartford
County, Conn., and the per capita debt obligation at $375.10 for Nassau
as compared with $115.95 for Hartford.
Nassau County has a population
of 303,053 and Hartford, 421,097.
The assessed property valuations are
local
$835,147,999 and
$802,617,21^.
4056
In
Chronicle
Financial
comparative study of Suffolk County and Plymouth County, Mass.,
the net debt for the Long Island county is set at $26,091,153 and for Ply¬
a
June-13, 1936
and
000 for relief and other emergency needs in the last eight
months of this year.
The House is said to have approved
bills to raise $60,000,000 of the requested amount, but only
and
the
mouth County at $9,095,343.
The per capita debt of Suffolk County, according to the analysis, is $162
for Plymouth County $56.38.
Suffolk has a population of 161,055
Plymouth County, 162,311.
The assessed property valuation for the
former is $282,072,533 and for the latter, $222,009,414.
The report placed emphasis on the fact that there were 295 units of
government in Nassau County authorized to incur debt and 341 similar
units in Suffolk
County.
Massachusetts—Addition
to
Legal Investment List—It
by the State Bank Commissioner
that People's Gas Light & Coke Co., 4% series D bonds, due
in 1961, have been admitted to the list of securities found
legal investments for savings banks.
announced recently
was
New
Jersey—Adjournment of Legislature on June 18
Expected—A special dispatch from Trenton to the New
York "Herald Tribune" of June 9 reported as follows on
the early consummation of the long-drawn out legislative
session, which was protracted by disagreement over the
financing of relief:
The New Jersey Legislature, in session since Jan. 14, will adjourn on
Thursday, June 18, according to present plans of both houses.
Senate President John O. Barbour, of Passaic, who is Acting Governor in
the absence of Governor Harold G. Hoffman, attending the Republican
National Convention, announced today that every effort will be made to
finish next week.
Notification to this effect has been sent to the members of the Senate by
Senator Frank Durand, of Monmouth, majority leader.
The business of
the House is in such condition that it will easily be able to conform with the
Senate's program.
The only Dills of importance awaiting action are the general and the
highway appropriations bills and a municipal budget bill.
While there
be some opposition from the Bergen delegation to the appropriation
bills, because of the proposed diversion of $4,500,000 to the highway account
from the Dorrance inheritance tax, these measures are expected to pass.
Some action on relief financing is still needed, although this problem
is no longer as acute as it was during the earlier stages of the session, because
of the success of the return of relief administration to the municipalities.
The need of aiding local governments to some extent is recognized,
however, and a bill by Senator Clifford R. Powell, of Burlington, would
appropriate $5,000,000 to relief aid.
This bill has been defeated several
times principally on the ground that the money to be appropriated was not
available in the State Treasury.
With the Dorrance tax, however, the
State's financial condition has improved.
may
New
liquor bill had progressed to the Senate floor.
Abatement
Tax
Approved by Governor—Governor Earle
an administration bill abating penalties
and interest on delinquent real estate taxes, the third
measure enacted by the special session of the
Legislature,
according to press advices. The Act, effective immediately,
abates penalties and interest on unpaid taxes for 1934 and
previous years.
It applies throughout the State, except in
signed
Philadelphia.
The Act provides 1935 taxes must be paid with the prin¬
cipal and interest, if any has accrued, to qualify for payment
in instalments over a period of five years.
St.
Petersburg, Fla.—Bond Payment Made—The bond¬
holders' protective committee for the above city announced
on June 5 a distribution to its
depositors of record June 20 of
$15
each deposited bond, this
sum representing the second
3% interest payable in the fiscal year ending
Sept. 30,1936.
The committee reports a slight improvement
in tax collections, but also adds that there appears now to be
a substantial deficit in the
city's operating fund.
John S. Harris is head of the committee, while W. D.
Bradford, 115 Broadway, N. Y. City, is Secretary.
on
half of the
Taxability of State and Municipal Bonds Outlined—
The Bond Department of the Northern Trust Co. of Chicago
has
prepared in booklet form a summary of the provisions
by the various States in the Union regarding the
taxability of State and municipal bonds in relation to the
personal property and State income taxes.
The data sub¬
made
mitted in this valuable handbook for investors and dealers
in
as
municipal bonds was assembled by the Bond Department
of April 20, 1936, from reliable sources.
York
City—Mayor Signs Relief Tax Bills—Mayor
on June 9 the signing of the four tax
bills passed recently by both branches of the Municipal
Assembly, as noted in these columns—V. 142, p. 3893.
The
Mayor's announcement followed a very brief public hearing
OFFERINGS
La Guardia announced
on
June 4
on
MUNICIPAL BONDS
Francis, Bro. & Co.
The four bills include the 2-cent sales tax,
the matter.
ESTABLISHED
the 3%
utility tax, the l-20th of 1% business tax and the
personal property tax, all of which are expected to yield
about $67,000,000 in the next year.
York
New
State—Governor
Vetoes
Bills
to
Restore
ST.
Approved—The Governor on June 7
signed the Buckley bill which extends until June 30, 1937,
the one-cent a gallon emergency tax on gasoline, reduced
from two cents by the Republican-controlled Assembly, who
cut $15,000,000 from the $308,000,000 executive budget to
compensate for the loss of revenue caused by the tax cut.
With a regular two cents a gallon tax, plus the present
two-cent emergency tax, the total State levy on gasoline
is four cents
cents
on
a gallon.
This will be reduced to three
July 1, when the cut in the emergency tax becomes
effective.
Relief Bill Signed—On the same date the Governor also
signed the Wadsworth bill providing for the gradual transfer
of unemployment relief from the Temporary Emergency
Relief
Administration
to
a
permanent
basis
TULSA
Bond Proposals
in the State
and Negotiations
ALABAMA
Municipal Bonds
EQUITABLE
Securities Corporation
Nashville
New York
Birmingham
Chattanooga
KnoxWUe
Memphis
ALABAMA
year.
Gasoline Tax Measure
now
LOUIS
New
City Employees Salary Cuts—Four bills passed by the
State Legislature to compel New York City to restore the
salaries of teachers, police, firemen, and other city employees
to the levels of 1932, when cuts were made under the emer¬
gency economy Acts of that year, were vetoed on June 6
by Governor Lehman, according to Albany advices.
The
Governor in his veto memorandum is reported to have held
that the city could restore the salaries without State legis¬
lation, and that it was contrary to the principles of home
rule for the State Legislature to interfere in such a matter.
He wrote that Mayor La Guardia and City Comptroller
Taylor had informed him the city could not meet the cost
of the salary restorations, which they estimated at $18,500,a
1877
Investment Securities
York
000
WANTED
Arkansas—Illinois—Missouri—Oklahoma
BUYS
WATER SYSTEM—Water dis¬
tributing systems in Sheffield and Tuscumbia, including all allied equip¬
ment, were purchased on June 4 by the above city from the Alabama
Water Service Co. for $350,505. less about $13,000 in engineering and
legal expenses attendant to the transfer, it was announced by Mayor Hoyt
Greet.
Revenue bonds bearing 43^% interest, repayable over a period
of 30 years, will be issued to finance the system, and the water rates will
remain the same, the Mayor stated.
SHEFFIELD,
Ala.—CITY
ARIZONA
ARIZONA, State of—BOND CALL—Mit Simms, State Treasurer, an¬
nounces that the State, by authority of Section 2655, Article 4, Chapter 60,
Revised Code of 1928. is calling for payment at his office, on July 15, on
which date interest shall cease, the following:
$18,000 5%
territorial funding bonds.
Numbered 333 to 350.
Issue of
Jan. 15, 1903.
Due on Jan. 15, 1953, now optional.
territorial funding bonds.
Numbered 469 to 471.
Issue of
July 15, 1904.
Due on July 15, 1954, now optional.
11,000 4% territorial funding bonds.
Numbered 1 to 11.
Issue of Jan.
15, 1906.
Due on Jan. 15, 1956, now optional.
3,000 5%
Department of Social Welfare, to be completed by July 1,
1937.
In brief, the bill provides that on July 1, 1936,
a new State Board of Social Welfare
consisting of 15 members
shall be appointed by the Governor and with the consent
of the Senate, one from each of the nine judicial districts of
the State and six to be chosen from the State at large.
New York State—Bonus Bonds Held
Income Tax—World
war
Exempt from Personal
required to share
veterans will not be
their bonus bonds and checks with the State of New York.
Mark Graves, Commissioner of Taxation and Finance,
ruled
on
June 9
that
their beneficiaries
included
as
income
the money received by veterans or
by cashing the bonus bonds need not be
on
the 1937 personal income tax returns.
A previous decision by Mr. Graves declared that veterans who invest
their bonus money in homes will receive exemption from county and general
municipal taxation up to the amount of their investment from the bonus
payment, with a limit of $5,000.
Pennsylvania—Liquor Tax Bill Signed by Governor—The
$7,500,000 liquor tax bill, first revenue measure to come
through the deadlocked Legislature in the 6-week-old session,
reached Governor Earle's desk
on June 9 and he signed it
immediately, according to Associated Press advices from
Harrisburg.
The bill puts a 10% tax on all liquor sold at
State stores.
The tax
he
was
ARKANSAS
LITTLE
ROCK, Ark.—PRICE PAID—In connection with the sale
$1,260,000 4% semi-annual water revenue bonds to a syndicate
headed by the Bancamerica-Blair Corp., as noted in these columns recently
—V. 142, p. 3894—it is stated by the City Clerk that the bonds were
sold at par.
Dated Feb. 1, 1936.
Due from Feb. 1, 1939 to 1976 incl.
of
advanced by Governor Earle in the program
placed before the Legislature to raise
more
than $80,000,-
the
Volume
STUTTGART,
handed down
Financial
142
Ark.—BOND ELECTION
UPHELD—In
decision
a
June 8 the State Supreme Court rejected the
on
contention
of local taxpayers that a second election on a bond proposal was illegally
held and that the proposed tax levy would not be sufficient for bond retire¬
improve¬
ment, ruling that the city had legally authorized the $75,000 street
ment bond issue
approved by the voters last October.
4057
Chronicle
$40,000, 2H%.
Dated Dec. 15, 1935.
1949, and $5,000, 1950 to 1958 incl.
SANTA
BARBARA,
received until 2
Due Dec. 15 as follows: $4,000,
Calif.—BOND OFFERING—Sealed
bids will be
m. on June 15 by Walter B. Mcintosh, City Clerk,
of two issues of bonds aggregating $24,000, divided as
p.
for
the purchase
follows:
$16,000 National
Due $4,000 from June 15,
Guard Armory site bonds.
1937 to 1940 incl.
8,000 water system improvement bonds.
Due $4,000 on June 15, 1937
and 1938.
California Municipals
Int. rate is not to exceed 6%,
payable J. & D.
Denom. $1,000.
Dated
June
15, 1936.
The bonds shall be sold for cash and at not less than
par and accrued interest to date of delivery.
Split bids as to interest rate
will be considered.
Prin. and int. payable in lawful money of the United
DONNELLAN
111 Sutter St.
States
& CO.
San Francisco, Calif.
Teletype-S P 396
Telephone Exbrook 7067
at
the office of the
will be furnished.
notice:
A certified check for 3% of
City Treasurer.
the bonds bid for, payable to the order of
The legal approving opinion of O'Melveny,
the City Treasurer, is required.
Tuller & Myers, of Los Angeles,
The following information is furnished
with the offering
"The
City of Santa Barbara was incorporated under the laws of the
State of California, March 9, 1874.
The population of said city, according
to the 1930 census, was 33,544, and is estimated to be 37,500 at the present
time.
"The assessed valuation of the taxable property of said city for the fiscal
1935-1936 is $47,006,560.
The amount of bonds of said city pre¬
viously issued and at present outstanding is $2,063,025, of which $789,500
was
issued for revenue producing purposes."
CALIFORNIA MUNICIPALS
year
25,000 Los Angeles Depl of Water & Power 4s, 12-1-65 @ 3.60%
SANTA CLARA COUNTY (P. O. San
^Bootfie^illeHe 8 G>.
Ill
7th
west
ANGELES
st.
teletype
LA
566
CALIFORNIA
IRRIGATION
DISTRICT
(P.
O. Beaumont), Calif.
with a
—RFC REFINANCING LOAN NOT COMPLETED—In connection
$159,000 for refinancing the above district, authorized by the
Reconstruction Finance Corporation i n December 1934, it is stated by
Guy Bogart, District Treasurer, that the said loan has not been completed.
He says that the final closing date for presentation of old bonds for dis¬
bursement was May 31,1936.
The district deposited with the said Corpora¬
tion a total of 99.024% of old securities and the final disbursement to bond¬
holders will be on that basis, which is 74.733 on the dollar.
of
loan
on June 22, by Frank W.
$360,000 issue of Palo Alto
.payable J. & D.
Denom. $1,000.
Dated Dec. 1,1936.
Due $18,000 from 1937 to 1956 incl,
Prin. and interest payable at tne office of the County Treasurer.
Bidders
may make one or more alternative bids or offers for said bonds at different
interest rates.
The net interest cost to the county will determinate the
award.
Bids must be unconditional and for not less than par value of the
bonds.
A certified check for 5% of the amount of bonds bid for, payable
to the above clerk, is required.
(This report supplements the offering
notice given in these columns recently.—V. 142, p. 3894.)
a.m.
Hogan, County Clerk, for the purchase of
MEMBER LOS ANGELES STOCK EXCHANGE
BEAUMONT
Jose), Calif.—BOND OFFER¬
ING—Sealed bids will be received until 11
IMPERIAL, Calif.—BONDS EXCHANGED—It is stated by the City
here—
bonds,
Clerk that the $97,500 bonds voted at an election in April, as noted
V. 142, p. 3036—will be exchanged with the holders or the original
under the refunding arrangement.
School District bonds.
SANTA
FE
IRRIGATION
Gatzert Company, investment dealers of Los Angeles:
The following news item appeared in the Los Angeles "Times" on June 5,
regarding tax collections in Los Angeles County:
DISTRICT
(P.
O. Encimitas), Calif.—
REPORT ON PROGRESS OF RFC REFINANCING PLAN— It is stated by
Secretary-Manager, that on Dec. 5, 1935, the
district received payment from the Reconstruction Finance Corporation of
$393,500 for the refinancing of its bonds.
In the latter part of Jan. 1936,
all bondholders of the original issues had deposited their bonds and had been
paid at the rate of 53.235, he reports.
The above official goes on to say
that the original loan was for $394,500, and bonds were issued for that
amount.
It was found however, that only $393,500 would have to be
issued and the additional $1,000 bond was canceled.
D.
N.
Bakewell,
Acting
UTILITY DISTRICT (P. O. Woodlake),
district will hold a special election on
voting on the question of issuing $32,000 water
system, construction bonds.
WOODLAKE
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—REPORT ON
TAX COLLECTIONS—The following statement was forwarded to us by the
a
Interest rate is not to exceed 5%
Calif.—BOND
PUBLIC
ELECTION—The
June 30 for the purpose of
Delinquencies in School Taxes of County Drop
Rocky Mountain Municipals
Tax delinquencies
this year for Los Angeles County, cities and school
a marked decrease in percentages from the 1934-35 tax
according to a compilation issued by Gatzert Company, specialists
in tax-exempt bonds.
The list is comprehensive and from official sources and copies are being
mailed to all security dealers, banks and trust companies in the State.
Following are the figures for the county and some of the cities and school
districts showed
ARIZONA—COLORADO—IDAHO—MONTANA
year,
NEW MEXICO
1934-35
11.00%
9.92
10.10
-
City of Los Angeles
Los Angeles City School District
Alhambra
Arcadia
-
5.15
21.00
9.32
21.58
19.47
14.26
18.00
Glendale
12.17
Hawthorne
30.48
7.75
20.55
Inglewood
Long Beach
Lynwood
36.91
Compton
Culver City
-
16.02
11.76
Manhattan Beach
10.25
6.82
32.35
8.87
12.83
....
...
Montebello
Pasadena
28.78
/
20.56
Monterey Park
'
21.22
15.56
12.92
—
Santa Monica
14.72
South Gate
7.07
14.95
Sierra Madre
32.31
are
9.80
...
COLORADO
the
following to say:
"Sale of the remaining $15,000,000 of Colorado highway revenue antici¬
pation warrants may be expected later this year, according to Governor
Edwin C. Johnson, who is planning the issue as a political move.
"It is the plan of the State Executive to sell the issue before he goes out
of office next January, and to invest the funds in either State of Colorado
or United States Government bonds until needed.
"The first $10,000,000 of a $25,000,000 issue were sold a short time ago
on a net interest basis of 2.62 %.
It was felt that this price was exceptionally
good, and that the remainder of the issue would be issued immediately
because of the favorable market."
9.63
COLORADO
20.29
enclosing herewith a copy of our complete report which gives
comparative records of tax delinquencies for 1933-34, 1934-35 and 1935-36.
The following comparative report shows the percentages collected:
1933-34
91
Elementary school districts
24 High school districts
41 Municipalities
56 Acquisition and improv't districts.
Teletype: Dnvr 51
COLORADO, State of— WARRANT SALE CONTEMPLATED—A
special dispatch from Denver to the ""Wall Street Journal" of June 11 had
formed
We
—
5.73
14.25
-
Burbank-
Telephone: Keystone 2395
6.62
6.41
20.45
Beverly Hills
DENVER
1935-36
7.15%
9.32
20.51
Los Angeles county
WYOMING
DONALD F. BROWN & COMPANY
districts:
Delinquencies—
—
1934-35
1935-36
81.47%
85.34
84.20
61.44
83.79%
87.56
86.20
60.68
89.06%
91.76
90.38
62.38
(Matoon Act)
MERCED
COUNTY
(P. O. Merced),
Calif.—BOND SALE—The
$5,000 issue of Elim Union School District bonds offered for sale on June 8
—V. 142, p. 3894—was awarded to the Merced County Mutual Insurance
Co. of Merced, as 4s at par, according to the County Clerk.
Dated
Feb. 1, 1936.
Due $1,000 from Feb. 1, 1957 to 1961, inclusive.
revenue
of the
SPRINGS, Colo.—BONDS TO BE SOLD—We are in¬
by the City Clerk that the city will issue $500,000 2% water
bonds and it is anticipated that the various sinking and trust funds
city will absorb the whole issue.
DENVER, Colo.—BOND SALE—An issue of $1,500,000 sewage disposal
bonds was offered for sale on June 8 and was awarded to a syndicate com¬
posed of Lazard Freres & Co., Inc., Stone & Webster and Blodget, Inc.,
both of New York; Watling, Lerchen & Hayes, of Detroit; William R.
Compton & Co., Inc., of New York, and Garrett-Bromfield & Co., of
Denver, as 2Ms, at a price of 101.08, a basis of about 2.173%.
Dated
Oct. 1, 1935.
Due $150,000 annually on Oct. 1 from 1947 to 1956, incl.
BONDS
OFFERED
FOR
INVESTMENT—1The
bidders reyield from 1.95%
successful
offered the above bonds for public subscription priced to
2.15%, according to maturity.
These bonds are said to be legal invest¬
ment for savings banks and trust funds in New York, Massachusetts, and
to
Connecticut.
IRRIGATION
DISTRICT
(P. O. Santa
PURCHASED BY
RFC—In
connection with
the report given some time ago to the effect that the Reconstruction
Finance Corporation had authorized a loan of $101,000 for refinancing,
it is stated by the Secretary of the board of directors that the said Cor¬
poration had purchased $135,200 bonds out of a total of $160,000.
NEWPORT
Ana),
HEIGHTS
Calif.—BONDS
OAKLAND, Calif.—BOND SALE—The $100,000 issue of harbor im¬
provement bonds offered for sale on June 4—V. 142, p. 3717—was awarded
to the Harris Trust & Savings Bank of Chicago, as lMs, at a price of
basis of about
40 years up to 1966.
100.63,
a
PALO
VERDE
1.70%.
IRRIGATION
Dated July 1,
DISTRICT
1926.
Due serially in
(P. O. Blythe), Calif.—
REPORT ON RFC LOAN—It is stated by Arvin B. Shaw, Jr., Attorney for
the District, that on March 1, 1934 the Reconstruction Finance Corporation
a loan of $1,039,423 to the district.
He states that on Oct. 31,
1934, the said Corporation purchased from former owners approximately
$4,000,000 of the district's outstanding bonds and has continued to purchase
additional lots.
It now owns and holds all but $137,000 of the bonds
issued and assumed by the district out of a total of $4,178,330.36.
It is
understood that although the district has executed contracts with the RFC
looking toward the making of a loan it has not as yet been consummated,
because the actual closing of the loan is dependent upon the discretion of
the Chief of the Drainage, Levee and Irrigation Division of RFC.
PUEBLO COUNTY SCHOOL DISTRICT NO. 4 (P. O. Pueblo),
Colo.—BONDS VOTED—It is stated by W. F. Barto, District Secretary,
4% school building bonds sold to O. F. Benwell of Denver
subject to the election held on April 20—V. 142, p. 2368—were approved
by the voters.
Dated May 1, 1936. Due $1,000 from Nov. 1, 1937,
to 1945, inclusive.
that the $9,000
WELD COUNTY SCHOOL DISTRICT NO. 8 (P.
O. Fort Lupton).
Colo.—BONDS SOLD—It is stated by the District Secretary that $10,000
3% refunding bonds were sold to a local purchaser.
WILEY, Colo.—BOND SALE—A $4,000 issue of 3% semi-annual water
bonds has been purchased by the State Land Board,
according to the Town Clerk.
works improvement
authorized
DIEGO COUNTY (P. O. San Diego), Calif.—COMMITTEE
S UGGESTSREVISIONS IN BOND SETTLEMENT PLAN—'The San Diego
CONNECTICUT
BRIDGEPORT, Conn.—NOTE SALE—The $1,000,000 current
notes
offered
on
expense
June 12—V. 142, p. 3894—were awarded to Salomon
New York on a .68% interest basis, plus $3 premium.
1936.
Due June 15, 1937.
Bros. & Hutzler of
Dated June
15,
Second high
bid was submitted by Leavitt & Co. of New York, who
offered to take the notes on a .72% interest basis, plus a premium of $27.
SAN
Improvement District Bondholders' Committee is said to have recommended
to the owners of outstanding bonds of 56 special assessment districts in the
county that revisions be made in a proposed plan submitted by the County
Board of Supervisors for the settlement of outstanding obligations and tax
payments now delinquent. The principal objection of the committee to the
supervisors' program for settlement is understood to be the low rate of
payment offered for the outstanding bonds.
LEANDRO
SCHOOL DISTRICT
(P. O. Oakland), Alameda
$49,000 school bonds offered on
June 9—V. 142, p. 3894—were awarded to Heller, Bruce & Co. of San
Francisco, as 2ka, for a premium of $377, equal to 100.769, a basis of
about 2.70%.
Donnellan & Co. of San Francisco offered a premium of
$11.80, the first $9,000 bonds to bear interest at 4% and the remaining
SAN
County,
STRATFORD, Conn .—BOND OFFERING—William H. Shea, Town
Manager, will receive sealed bids until 2 p. m. on July 1 for the purchase
of $120,000 not to exceed 4 % interest coupon public welfare bonds.
Dated
July 1, 1936.
Denom. $1,000.
Due $8,000 on July 1 from 1937 to 1951
incl.
Bidder to name one rate of interest on the issue, expressed in a
multiple of M of 1%.
Principal and interest (J. & J.) payable at the
Stratford Trust Co., Stratford.
A certified check for $2,400, payable
to the order of the town, must accompany each proposal.
The approving
opinion of Pullman & Comley of Bridgeport will be furnished the successful
bidder.
Calif.—BOND SALE—The
WESTPORT, Conn .—REFUNDING ORDER RESCINDED—Town has
rescinded its previous authorization for the issuance of $50,000 worth of
bonds for refunding pin-poses, having determined that the current year's
balance will be sufficient to meet the maturity.
4058
Financial
Chronicle
June
13,
1936
DECKER SCHOOL TOWNSHIP
—The issue of
V. 142, p.
2869—was awarded to the City Securities Corp. of
Indianapolis
plus a premium of $109, equal to 102.54, a basis of about
4.45%.
May 22, 1936, and due Jan. 1 as follows: $500 from 1938 to
1944,
inch, and $782.75 in 1945.
at
FLORIDA
BONDS
par
Dated
FORT
WAYNE, Ind.—BONDS NOT SOLD—No bids were submitted
right-of-way bonds offered on June 1.
for the $120,000 4% Clinton Street
Due June 1, 1945; callable at any
PIERCE-BIESE CORPORATION
time.
Louis F. Crosby, City Comp¬
troller, announced that the bonds would be sold as funds are
required to
investors
JACKSONVILLE
Tampa
Orlando
(P. O. Decker), Ind.—BOND SALE
$4,282.75 5% school building bonds offered on
May 22—
at
par.
HAMMOND
Miami
SCHOOL
CITY, Ind.—BOND OFFERING—The
of Trustees will receive bids until 10 a.m.
bonds.
HOWARD
$150,000
$140,000
apolis
&
tax
were
(P. O.
Kokomo), Ind.—NOTE
notes
awarded to the
offered
on
June
Indianapolis Bond
8—V.
Co.
premium.
Payable Nov. 15, 1936.
Other bids were
as
follows:
Bidder—
int.
Union Bank & Trust Co
O. F. Frenzel Jr., Indianapolis.:
Orlando
System
10
Teletype
Jacksonville
No.
FLORIDA
VALIDATION SOUGHT—The city is
petition in the Circuit Court recently for validation of
$5,110,400 of low-interest 30 year bonds, to be exchanged for a like amount
of outstanding serial bonds that bear interest from
5M% to 6%.
It is
reported that these new bonds will bear an initial interest rate of
2%.
The city is said to have also requested the court for
validation of $750,000
in delinquent tax notes which it
proposes to exchange in satisfaction of a
a
therein.
GEORGIA
CLAYTON, Ga.—BOND SALE DETAILS—The City Clerk now reports
the
$12,500 4% semi-ann. water works bonds purchased
by J. H.
Hilsman & Co. of Atlanta, as noted here
recently—V. 142, p. 3895—are due
Dec. 1, 1937 to 1961, and were sold for a
premium of $125,
MUNCIE, Ind.— BOND OFFERING — Hubert L. Parkinson, City
Controller, will receive bids until 10 a. m. June 19 for the
purchase at
less than par of the following
refunding bonds, to bear interest at
rate named by the successful bidder, in a
multiple of K%. but not to
$500 from
not
basis of about 3.90%,
exceed
LANIER CONSOLIDATED SCHOOL
DISTRICT (P. O. Millen), Ga.
—BOND SALE—The $7,000 issue of school
building bonds offered for sale
on June 1—V. 142,
p. 3718—was purchased by J. H. Hilsman &
Atlanta,
5s, paying a premium or $25.00, equal to
100.357, according to
the District Treasurer.
Denom. $500.
Dated May 1, 1936.
as
METTER SCHOOL DISTRICT (P. O.
Matter), Ga .—BONDS VOTED
—At an election held on June 2, the voters are said to have
approved the
issuance of $30,000 in school building
bonds, to match Public Works
Administration funds.
from 1937 to 1945, incl., and
National Bank, and Dean Witter &
Co., both of San Francisco, as 2.10%
SUGAR CREEK SCHOOL TOWNSHIP (P. O. New
Palestine),
Ind.—BOND OFFERING—John S. Scott, Trustee, will receive sealed bids
a. m. on June 19 for the purchase of
$13,000 not to exceed 5% inter¬
est
school
repair bonds.
Dated July
1,
1936.
Denom.
$500.
Due
July 1 as follows: $2,500 from 1937 to 1940, incl., and $3,000 in 1941.
Principal and interest (J. & J.) payable at the New Palestine Bank of New
until 10
IDAHO
GENESSEE, Ida.—BOND OFFERING—W.
W. Burr,
City Clerk, will
receive bids until 5 p.m. June 19 for the
purchase of $15,000 not to exceed
6% bonds.
Denom. $500.
Interest payable at the City Treasurer's office.
Payable on the amortization plan, for a period not
exceeding 20 years.
Certified check for 5% of amount of
bid, payable to the City Treasurer,
Palestine.
No conditional
be considered.
(P. O. Indianapolis), Ind.—BOND
bonds offered on June 8—V. 142, p.
3718—were awarded to Jackson-Ewert, Inc., and the City Securities
Corp.
of Indianapolis as 3 Ms for a premium of
$41, equal to 100.209, a basis of
about 3.72%.
Seasongood & Mayer of Cincinnati, the only other bidders,
offered a premium of $28.85.
Dated June 8, 1935.
DUe
PRESTON, Ida.—BONDS SOLD—It is reported by the City Clerk that
$50,000 water bonds have been purchased by an undisclosed investor.
$700 July 1,
1937; $700 Jan. 1 and July 1 from 1938 to 1950, and $673 Jan. 1.1951.
ILLINOIS
DISTRICT,
III.—BOND
OFFER¬
ING—George K. Volz, President of the Board of Park Commissioners, will
receive sealed bids until June 22 for the
purcahse of $23,000
5% park bonds.
Iowa
ASHLAND, 111.—BOND SALE—The Channer Securities Co. of Chicago
purchased in January an issue of $22,000 3M% highway
graveling bonds
at a price of 100.24.
Municipals
Polk-Peterson Corporation
CHICAGO, 111.—VOTES USE OF GAS TAX FUNDS FOR WPA
PROJECTS—The City Council recently voted to use the
unexpended motor
fuel tax funds of $2,350,000 for continuation of the
Works Progress Ad¬
ministration street resurfacing program.
The money had been reserved
for payment of judgments.
Chicago),
bids will
WAYNE SCHOOL TOWNSHIP
SALE—The $19,573 school building
required.
(P. O.
May 1, 1946.
Clifford of Indianapolis.
■
COUNTY
Due July 1, 1942.
Due July 1, 1942.
ROACHDALE, Ind.—BOND SALE—'The Indianapolis Bond & Share
Corp. of Indianapolis has purchased $14,000 gas utility revenue bonds,
dated March 1, 1936.
Legality approved by Matson, Ross, McCord &
bonds, offering a premium of $4,898, equal to 100.2799, a basis of about
2.06%.
Due from 1941 to 1945, inclusive.
The second highest bid was submitted
by Barr Bros. & Co., Inc. of New
York, and the Marine Trust Co. of Buffalo, offering $3,430 premium on
COOK
Due July 1, 1940.
Due July 1, 1941.
Due July 1, 1942.
PLYMOUTH SCHOOL CITY (P. O. Plymouth), Ind.—BOND SALE
HAWAII,
Territory
of—BOND SALE—The
$1,750,000
issue
of
Territorial refunding bonds offered for sale on June
12—Y. 142, p. 3895—
awarded to a syndicate composed of Edward B. Smith &
Co., Blyth &
Co., R. W. Pressprich & Co., all of New York, the
Anglo California
PARK
1, 1936.
July 15, 1936.
Aug. 26, 1936.
Sept. 1, 1936.
Dec. 15, 1936.
—The $7,694.10 building bonds offered on
May 29—V. 142, p. 3386—were
was
HEIGHTS
dated July
dated
dated
dated
dated
Denominations to suit pin-chaser.
Interest payable Jan. 1 and July 1.
Certified check for $500, payable to the
city, required.
City will furnish
the approving opinion of Matson, Ross, McCord & Clifford of
Indianapolis.
HAWAII
ARLINGTON
4J^%:
$10,000 Series D bonds,
12,000 Series E bonds,
5,000 Series F bonds,
1,000 Series G bonds,
4,500 Series H bonds,
Co. of
2.10s.
The bonds to be refunded mature in 1936.
COUNTY (P. O." Crown Point), Ind.—BOND
OFFERING—
Joseph E. Finerty, County Auditor, will receive sealed bids until 10 a. m.
on June 20 for the
purchase of $480,000 not to exceed 3% interest poor
relief bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $48,000 on
June 1 and Dec. 1 from 1937 to 1941 incl.
Interest payable semi-annually.
A certified check for
3% of the bonds bid for, payable to the order of
the Board of Commissioners, must
accompany each proposal.
that
a
Par
$8.00
6.00
LAKE
like amount of interest in default up to
July 1, 1934.
equal to 101.00,
Premium
INDIANAPOLIS,
Ind.—BOND
OFFERING—Walter
C.
Boetcher,
City Controller, will receive sealed binds until 11 a. m. on June 22 for the
purchase of $300,000 not to exceed 3% interest city hall
refunding bonds
of 1936.
Dated July 1, 1936.
Denom. $1,000.
Due $10,000 July 1,
1937; $10,000 Jan. 1 and July 1 from 1938 to 1951 incl., and $10,000
Jan. 1, 1952.
Bidder to name one rate of interest on the
issue, expressed
in a multiple of M of 1 %.
A certified check for 2 M % of the issue, payable
to the order of the city, must
accompany each proposal.
In the opinion
of counsel representing the city, the bonds are
direct obligations of the
city, payable from unlimited ad valorem taxes on all taxable
property
96
CLEARWATER, Fla.—BOND
said to have filed
Rate
1H%
1M%
1H%
Fletcher Trust Co
Bell
SALE—Of the
142, p. 3895—
Corp. of Indian¬
& Share
1M% interest basis plus a premium of $28.
The Union Bank
of Indianapolis was second
high, bidding 1 \i% interest, no
on a
Trust
COUNTY
anticipation
Board
July 1 for the purchase of $65,000
Des Moines
Building
DES MOINES
Waterloo
Ottumwa
A.
Iowa City
T.
Sioux
Davenport
Cedar Rapids
111.—WARRANT OFFERING—
&
T.
City
Sioux Falls, S. D.
Teletype: DESM 31
Sealed bids will be received by the Board of Commissioners
until July 10
for the purchase of $2,000,000 of 1936
corporate tax anticipation warrants.
EAST
SIDE
bonded debt limit of the district.
The district is also considering a War
Department proposal to raise the
height of the levee in front of East St. Louis at an estimated cost of
$1,000,000.
MAINE
TOWNSHIP
HIGH
SCHOOL
DISTRICT
NO.
County, 111.—BOND
ALTA,
$53,000
Cook
Due July 1, 1953.
111.—BOND SALE—N. L.
sewer
Rogers
&
Co.
of Peoria
have
BARR SCHOOL TOWNSHIP
(P. O. Montgomery),
SALE—The issue of $25,000 4% bonds offered on June 5—V.
Ind —BOND
142, p. 3549—
City Securities Co. of Indianapolis at par plus a
premium of $787.50, equal to 103.15, a basis of about 3.49%.
Dated
July 1, 1936, and due July 1 as follows:
$1,000, July 1, 1937 and $1,000,
Jan. 1 and July 1 from 1938 to 1949 inclusive.
awarded
to
the
BRAZIL SCHOOL CITY, Ind.—BOND OFFERING—The Board of
Trustees will receive bids until 3 p.m. June 15 for the
purchase of $55,700
funding bonds.
are
the election held on May 29—
said to have approved the issuance of the
power plant revenue bonds.
municipal electric light and
LYON
COUNTY
(P. O. Rock
Rapids), Iowa—BOND ELECTION
CONTEMPLATED—It is stated by L. J. Dehn, County Treasurer, that
petitions were presented to the County Board of Supervisors asking that
a date be fixed for the authorization and
sale of the highway paving bonds,
in
an amount of $1,500,000.
It is expected that an election will be held
the latter part of this month in order to vote on the issue.
MESERVEY
CONSOLIDATED
INDEPENDENT
SCHOOL
DIS¬
(P. O. Meservey), Iowa—BOND OFFERING—M. A. Smith,
Secretary of Board of Directors, will receive bids until 8 p. m. June 15 for
the purchase at not less than
par of $8,000 school building bonds to bear
interest at rate named in the successful bid.
Dated May 15,1936.
Interest
payable semi-annually.
Due $1,000 yearly on May 15 from 1938 to 1945,
incl.
Approving opinion of Chapman & Cutler of Chicago will be furnished
MONTEZUMA, Iowa—BOND OFFERING—C.
F. Dickson. Town Clerk,
will receive bids until 7:30 p. m. June 15 for the
purchase of $2,000 water
works revenue bonds.
Printed bonds and attorneys' opinion will be fur¬
nished by the town.
bonds voted recently.
INDIANA
was
m
by the district.
NORTHEAST (P. O. Golden), 111.—BOND SALE—An issue of
$2_5,000
Is has
bonds^has been purchased "
been purchased by Vieth, Duncan, Worley & Wood
of Davenport.
Dated June 1, 1936.
WYANET,
VOTED—At
DUNKERTON SCHOOL DISTRICT (P. O.
Dunkerton), Iowa—
BONDS SOLD—It is stated by the District Clerk that
$48,000 refunding
bonds were sold during March.
3road
purchased the issue of $36,000
Iowa—BONDS
V. 142, p. 3386—the voters
TRICT
207,
SALE—An issue of $25,000 3%%
refunding bonds
has been purchased by
Bartlett, Knight & Co. of Chicago, who are now
offering the bonds to investors at a price to yield 3.40%.
Denom. $1,000.
Dated July 1, 1936.
Principal and interest payable at the First National
Bank, Chicago.
IOWA
LEVEE
AND
SANITARY DISTRICT,
111.—SEEKS
INCREASE IN DEBT MARGIN—Stephen H.
Kernan, President of the
district, has urged the members of the Illinois General Assembly now in
session at Springfield to pass a bill that would authorize
the district to
increase its bonded debt limit from
$2,250,000 to $4,500,000, or from
2M% to 5% of assessed value of property in the district, now estimated
at $90,000,000
President Kernan stated that this increased
bonding power is necessary
if the district is to take
advantage of Public Works Administration grants.
The district has applied for a grant and loan of
$3,000,000 to finance the
construction of sanitary trunk sewers in the
Tri-Cities—Granite City,
Madison and Venice.
The loan of $1,650,000 would exceed the
present
MUSCATINE COUNTY
A $22,000 issue of
(P. O. Muscatine), Iowa—BONDS SOLD—
2% % semi-annual funding bonds is said to have been pur¬
chased by the Muscatine Bank & Trust Co. of Muscatine.
NASHUA INDEPENDENT SCHOOL DISTRICT (P. O.
Nashua),
Iowa—BONDS SOLD—The $40,000 issue of school bonds offered for sale
June 10—V. 142, p. 3896—was
purchased by local banks
premium of $560, equal to 101.40, a basis of about
2.60%.
1936.
Due from May 1, 1938 to 1956.
on
a
2%s, paying
Dated May 1,
as
OTTUMWA, Iowa—BOND SALE DETAILS—The $50,000 bridge,
viaduct and street repair bonds purchased by the Carleton D. Beh Co. of
Des Moines, as reported here
recently—V. 142, p. 3718—were sold for a
premium of $90 on 3H% bonds, it is stated.
,
,
Volume
Financial
142
4059
Chronicle
PERRY, Iowa—BOND ELECTION—An election will be held on July 9,
according to report, in order to have the voters pass on the issuance of
$325,000 in electric light and power plant bonds.
We Are
ROCKWELL, Iowa—BOND SALE DETAILS—In connection with the
sale of the $15,000 sewer bonds to the First National Bank of Mason
as 3s, at a price of 101.16, as noted here
recently—V. 142, p.
stated by the Town Clerk that the bonds are dated May 1, 1936,
on Nov. 1 as follows:
$500, 1937 to 1945; $1,000, 1946 to 1954
in 1955,
giving
SIOUX
a
3549—it is
Municipal Issues
and mature
and $1,500
basis of about 2.89%.
Ei H. Rollins & Sons
CITY, Iowa—BONO ELECTION—'Teh City Council has called
election
an
for
June
23
which
at
the voters
Specialists in
MAINE—NEW HAMPSHIRE-VERMONT
City,
Incorporated
will be asked to approve a
200 Devonshire
proposal to issue $1,200,000 civic center bonds.
St., Boston, Mass.
WASHINGTON, Iowa—BOND OFFERING— On June 23 at 7*30 p. m.
$10,433.19 special assessment
the City Council will offer for sale an issue of
bonds.
MAINE
KANSAS
ADAMS SCHOOL DISTRICT NO. 11 (P. O. Adams), Kan—BOND
SALE—An $18,000 issue of 2%% semi-ann. auditorium construction bonds
has been
purchased by the State of Kansas, it is reported by the District
Clerk.
BOURBON
COUNTY
(P.
O.
Fort Scott).
Kan.—MATURITY—It
is stated by the County Clerk that the $30,000 2% semi-ann. poor relief
bonds purchased by the Citizens National Bank of Fort Scott, at a price of
100.51,
noted here early in May—V. 142, p. 3037—are due
April 1, 1937 to 1946, incl., giving a basis of about 1.71%.
as
DODGE
$3,000 from
CITY, Kan.—BOND SALE— The City Commission has sold
$41,000 3% refunding bonds to the Dunne-Israel Co. of Wichita.
State
Treasurer's
office
in
Topeka.
RUSSELL, Kan.—BOND OFFERING—F. H. Krug, City Clerk, will
than par of
$112,000 3% electric plant improvement bonds.
Denom. $1,000.
Dated
June 1, 1936.
Interest payable semi-annually at the State fiscal agency
or at the State Treasurer's office in Topeka.
Due $3,000 on Feb. 1 and
$4,000 on Aug. 1 in each of the years 1937 to 1944, and $4,000 each six
months from Feb. 1, 1945, to Aug. 1,1951.
receive bids until 2 p.m. June 16 for the purchase at not less
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND OFFERING—
On June 15 the
County Commissioners will offer for sale
2Yn% poor relief bonds.
WALLACE,
an
issue of $100,000
Kan.—BOND
will receive bids until 10
a.
water works
repair bonds.
payable Feb. 1 and Aug.
amount of bid required.
WASHINGTON,
OFFERING—W. A. Grover, City Clerk,
m. June 15 for the purchase of $14,000 3K%
Denom. $700.
Dated May 15,1936.
Interest
1.
Payable serially.
Cert, check for 2% of
'
Kan.—BONDS AUTHORIZED—An
ordinance
has
been passed authorizing the issuance of $88,000 bonds to finance the erection
of an electric distributing system and power plant.
-
WICHITA, Kan.—BOND SALE—The city has sold an issue of $40,000
2H % public work relief bonds to the Brown-Crummer Investment Co. and
the Small-Millburn Co., both of Wichita at a price of 100.267.
Ky.—BOND SALE—The two issues of 4% coupon
improvement bonds aggregating $13,406.86, offered for sale
reported here—V. 142, p. 3896—were purchased at par by
the Public Works Administration.
The bonds are divided as follows:
street
June 10,
as
$3,948.30 Series F bonds.
Due from April 18, 1937 to 1945.
Optional
after April 18, 1940, in whole or in part.
9,458.56 Series G bonds.
Due from May 27, 1937 to 1945.
Optional on
or after May 27, 1940, in whole or in part.
No other bid
MOUNT
Eden,
Schools
was
EDEN
received for the bonds.
GRADED
SCHOOL
(P.
LOUISIANA
sonville).
SCHOOL DISTRICT NO.
1
La.—BOND OFFERING—Larry J. Babin,
(P. O. DonaldSecretary of the
Parish School Board, will receive bids until 11 a. m. June 12 for the purchaes
of $40,000 not to exceed 6% school bonds of Parish School District No. 1.
Dated June 1, 1936. Due serially on June 1 from 1939 to
Certified check for $800, payable to the Treasurer of the School
Denom. $500.
1951.
Board, required.
CALCASIEU PARISH SCHOOL DISTRICTS (P.
and certified as
of Boston, and
Ropes, Gray, Boyden & Perkins, of Boston,
whose opinion will be furnished the purchaser.
Delivery will be made
at the Merchants National Bank of Boston for Boston funds.
Legal
papers
Bank
incident to the issue will be filed with
of Boston, where they may be inspected.
the Merchants
*
Financial Statement
Tax
Uncollected
Tax
Uncollected
Year—
Levy
June 1,193
Levy
June 1,1936
$651,581.40
$1,790.83
$654,038.56
$13,561.10 1933
672,744.48
None
666,305.28
5,758.90 1932
Tax titles, June 1, 1936, $56,108; 1935 assessed valuation, $17,856,944;
population, 18,571; tax rate, 1935,'$37.
Year—1
1935
1934
Bonds Outstanding as of
July 1, 1936
$26,000
Consolidated bonds
Denison and Crystal Spring bonds.
Fire equipment bonds
—
New Auburn Park bonds
20,000
498,000
13,000
30,000
*
School bonds and notes
State Aid construction notes
This issue
18,000
12,000
59,000
26,000
-
Hiehgwy and bridge bonds
Machinery and equipment notes
__
.$702,000
Total....
BRUNSWICK, Me.—NOTE SALE—The issue of $30,000 revenue an¬
ticipation notes offered on June 10 was awarded to the National Rockland
Bank of Boston on a .35% discount basis.
C. F. Childs & Co. of Boston
bid .44% discount.
Notes are dated June 10,1936 and will mature Nov. 2,
1936.
MARYLAND
FREDERICK, Md.—BOND SALE—The issue of $250,000 sewer bonds
offered on June 8—V. 142, p. 3897—was awarded to Alex. Brown & Sons
of Baltimore as 2^s, at a price of 102.0711, a basis of about 2.645%»
Dated July 1, 1936 and due serially from 1937 to 1976, incl.
Second high
bid of 101.819 for
was submitted by Baker, Watts & Co. of Baltimore
and associates.
,
HAGERSTOWN. Md.—BOND SALE POS TP ONED—Sale of the issue
of $345,000 series A coupon refunding water bonds, originally scheduled
to be held on June 17, has been postponed until June 20.
They will be
O. Lake Charles),
La.—BOND SALES—The three issues of school bonds aggregating $175,000,
offered for sale on June 9—V. 142, p. 3719—were awarded as follows:
Wertz until
noon
Sealed bids will be received
(Eastern Standard Time).
O. Chester to wn), Md.—BOND OFFERING—
of County Commissioners, will receive
June 17 for the purchase of $35,000 4% road
bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $5,000 on July 1
from 1942 to 1948 incl.
Principal and interest (J. & J.) payable in lawful
money of the United States at the First National Bank, Chestertown.
A certified check for 2% of the amount bid must accompany each pro¬
posal.
The approving opinion of Niles, Barton, Morrow & Yost of Balti¬
more yvill
be furnished the successful bidder.
(The county previously announced that bids would be received on June 17
for an issue of $45,000 4% funding bonds.)
KENT
COUNTY
(P.
G. E. Leary, President of the Board
sealed bids until noon on
MARYLAND
DISTRICT
O. Mount
Ky.—BONDS SOLD—It is reported by the Superintendent of
that $4,000 funding bonds have been purchased by a local investor.
ASCENSION PARISH
These bonds will be prepared under the supervision of
their genuineness by the Merchants National Bank
their legality approved by
by Mayor Irwin M.
LOUISVILLE,
on
1937 to 1951.
to
issued in denoms. of $1,000, instead or $500.
KENTUCKY
LEXINGTON, Ky.—BONDS TO BE SOLD—It is stated by James J.
O'Brien, City Manager, that $80,000 3H % semi-annual funding bonds will
be purchased by the City Sinking Fund.
serial
•
National
MUNICIPAL UNIVERSITY OF WICHITA (P. O. Wichita), Kan.—
BOND SALE—The $74,000 bonds described below which were offered
on
June 10—Y. 142, p. 3896—were awarded to the Brown Crummer
Investment Co. and the Lathrop-Hawk-Herrick Co., both of Wichita,
jointly, as 3s, at par, plus a premium of $5.50 per thousand, equal to 100.55:
$30,000 improvement bonds.
Due $3,000 from Aug. 1, 1938 to 1943, and
$4,000, Aug. 1, 1944 to 1946, all incl.; or $2,000, Aug. 1, 1938 to
1949, and $3,000 on Aug. 1, 1950 and 1951.
44,000 refunding bonds.
Due on Aug. 1 as follows: $4,000, 1938, and
$5,000, 1939 to 1946 incl.; or $3,000, 1938 to 1949 incl., and
$4,000 in 1950 and 1951.
Denom. $1,000.
Dated June 15, 1936.
Prin. and int. payable at
the
AUBURN, Me.—BOND OFFERING—F. W. Ford Jr., City Manager,
(Eastern Standard Time) June 15 for the
purchase at not less than par of $30,000 coupon public improvement bonds.
Bidders are to name rate of interest, in multiples of H %
Denom. $1,000.
Dated July 1, 1936.
Prin. and semi-annual int. payable at the Merchants
National Bank of Boston, in Boston.
Due $2,000 yearly on July 1, from
will receive bids until 5.30 p. m.
(State
$100,000,000
of)—CONSIDERS
ROAD
BOND
ISSUE— Issuance of $100,000,000 road bonds, including $20,000,000 for
refunding purposes and the balance of $80,000,000 to finance a program
of a new road system, is being tentatively considered, according to Governor
Harry Nice. If present plans should materialize, the present income from
the gasoline tax would be used to service the proposed issue, the Governor
said. A legislative committee has been named to inquire into the finances
of the State Roads Commission and the present condition of the roads and
its findings, which will be submitted at the next
will largely determine the course of action to be
under consideration.
MONTGOMERY COUNTY
session of the Legislature,
taken in the program now
(P. O. Rockville), Md.—BOND SALE—
June 10 an issue of $194,000
John Nuveen & Co. of Chicago was awarded on
refunding bonds at a price or par.
They will bear interest at rates ranging
from 2.75% to 3.25%.
The firm agreed to bear the cost of preparing
and delivering the bonds.
Proceeds will be used by the county in redemp¬
tion of obligations maturing within the next six months.
CERTIFICATE SALE—The county also sold on June 10 an issue of
$50,000 School District No. 23 bonds to the J. A. Bell Investment Co. of
Lake Charles as 4%s, paying a premium of $325, equal to 100.65,
a basis of about 4.66%.
Due from 1937 to 1951, incl.
50,000 School District No. 24 bonds to the A. M. Smith Investment Co.
of New Orleans as 5s, paying a premium of $250, equal to 100.50.
a basis of about 4.93%.
Due from 1937 to 1951, incl.
75,000 School District No. 25 bonds to Weil & Co. of New Orleans as
4?£s, paying a premium of $512.25, equal to 100.68, a basis of
about 4.65%.
Due from 1937 to 1951, incl.
$250,000 of 90-day tax anticipation certificates, bearing 1.90% interest.
The purchase was made by the Hamilton National Bank of Washington,
EUNICE, La.—BONDS VOTED—The voters are said to have approved
recently the issuance of $125,000 in sewer bonds.
BOSTON, Mass.—RAISES TAX RATE— The tax rate for 1936 is $38
per $1,000 of assessed valuation, or $1 above last year's figure and 90 cents
above the previous record high of $37.10 in 1934.
Total assessed valuation
for the current year is $1,620,265,000, a reduction of $29,735,000 from
LOUISIANA, State of—BONDS OFFERED FOR INVESTMENT—
Offering of $900,000 5% Port Commission bonds was made on June 9
by a group headed by Central Republic Co. and including E. H. Rollins
& Sons, Inc., and Otis & Co., Inc.
The bonds, which do not represent
new financing,
mature from 1946 to 1971 and are priced to yield from
4.00 to 4.20%, according to maturity.
The bonds are general obligations of the State of Louisiana and were
issued by the Board of Commissioners of the Port of New Orleans under
authority of the Constitution of the State of Louisiana and its amendments
for various and general port purposes.
They are further secured by the
net revenues of the port plus 9-20ths of a cent per gallon Statewide gasoline
tax now yielding approximately $800,000 annually plus various
contractuai
payments amounting to $975,000.
NEW
ORLEANS, La.—LEVEE BOARD BOND REFUNDING PLAN—
a dispatch from the above city to the "Wall Street Journal"
11, the Levee Board has under consideration a plan to refund
$4,046,000 of bonds involving two issues: $2,700,000 5% bonds that were
sold recently, and $1,346,000 5M% bonds sold several years ago.
It is
said that both issues would be substituted with 4%% bonds.
The new
bonds would mature from 1940 to 1961 and would not contain an optional
feature, according to report.
D. C.
WICOMICO COUNTY (P. O. Salisbury). Md .—BONDS NOT SOLD—
The report that the county would receive
of $250,000 school bonds was erroneous.
WEST BATON ROUGE PARISH SCHOOL DISTRICT NO. 3 (P. O.
Port Allen), La.—BOND OFFERING—The Secretary of the Parish School
Board will receive sealed bids until June 24, according to report, for the
purchase of an issue of $135,000 school
bonds.
YOUNG'S COULEE DRAINAGE DISTRICT
(P. O. Abbeville), La.
Landry, District Secretary, will receive bids
until June 22 for the purchase of $5,000 5% bonds.
Denom. $500. Dated
Jane 15, 1936.
Due yearly to June 15, 1940.
—BOND OFFERING—A. O.
June 8 for the purchase
on
MASSACHUSETTS
the 1935 figure.
BROCKTON, Mass.—NOTE OFFERING—Leo V. Clancy, City Treas¬
will receive bids until noon (Daylight Saving Time) June 16 for the
purchase at discount of $200,000 revenue anticipation temporary loan
notes.
Notes will be issued in denominations to suit the purchaser, will
be dated June 18,1936, and will be payable Dec. 10, 1936, at the National
Shawmut Bank of Boston in Boston, where delivery of notes to purchaser
will be made on or about June 18.
Notes will be authenticated as to genuineness and validity by the
National Shawmut Bank of Boston, under advice of Storey, Thorndike,
Palmer & Dodge, and all legal papers incident to this issue will be filed
with said bank, where they may be inspected.
urer,
1933
According to
of June
bids
Tax
levy
-
-
Uncollected
Gross debt
as
1934
'
1935
$2,767,247
$2,865,679
$2,830,778
None
4,569
340,988
$2,262,200
1,378,500
of June 1, 1936
of June 1,1936
as
Net debt as of June 1,1936
Sinking fund and water
883,700
—
Mass .—NOTE SALE—'The $200,000 revenue anticipation
June 11 were awarded to the Middlesex County National
Bank of Everett on a .414% discount basis.
The Bank of Manhattan Co.
of New York bid .42% discount.
Notes are dated June 11, 1936, and will
be payable March 11, 1937.
EVERETT,
notes offered on
FALL
assessors
RIVER,
Mas*.—ANNOUNCES
TAX
has announced a rate for 1936 of $42.
RATE—The
Valuation
board
was not
of
stated
definitely but it was said to be "a little above $100,000,000." Failure to
announce the definite valuation was ascribed to await the outcome of a
Financial
4060
bill
now
which would provide for taxation of machinery
of real estate in general. Realty valuation
in the Legislature
basis separate from that
last year was $106,130,050.
onja
Chronicle
are
FALL RIVER,
Mass.—NOTE SALE—The $500,000
revenue
anticipation
temporary loan notes offered on June 8—V. 142, p. 3897—were awarded to
Faxon, Gade & Co. of Boston on a 1.27% discount basis. Brown Harriman
& Co. of Boston bid 1.28%.
Dated June 10, 1936 and payable Nov. 23,
June 13, 1936
TAUNTON, Mass.—NOTE SALE—The $100,000 revenue anticipation
temporary loan notes offered on June 9—V. 142, p. 3897—were awarded
to Whiting, Weeks, & Knowles of Boston on a .45% discount nasis.
Notes
dated June 16, 1936 and will mature Nov. 27,
1936.
Other bidders
were:
Discount
47%
.48%
Name—
Merchants National Bank of Boston
First National
Bank of Boston.
1936.
Faxon, Gade & Co., Boston
FITCHBURG, Mass.—BOND SALE—The issue of $100,000 bridge and
construction bonds offered on June 12 was awarded to the Harris
Trust & Savings Bank of New York on a bid of 100.97 for lMs, a basis
of about 1.57%.
Dated June 1, 1936.
Due $10,000 yearly on June 1
ceived by the Town Treasurer until noon on June
wall
Mass.—NOTE OFFERING—Sealed bids will be re¬
12 for the purchase of
$50,000 revenue notes, due April 15, 1937.
J
from 1937 to 1946 inclusive.
(State
MASSACHUSETTS
.59%
WINCHENDON,
of)—BOND
OFFERING—Charles
F.
We Buy
Treasurer and Receiver General, will receive sealed bids until
(Daylight Saving Time) on June 23 for the purchase of $3,000,000
coupon, fully registerable, public works loan, Act of 1935 bonds.
The
bonds, when registered, cannot be reissued in coupon form.
They will
be dated June 15, 1936.
Denom. $1,000.
Due $600,000 on June 15
from 1937 to 1941 incl.
Bidder will be required to name one rate of interest
on all of the bonds, expressed in a multiple of M of 1%.
Interest payable
J. & D. 15.
Award will be made on the basis of the bid figuring the lowest
net interest cost on the loan to the State.
Proposals must be accom¬
Hurley,
for Our Own Account
noon
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
panied by a certified check for 2% of the amount bid for, payable to the
order of the above mentioned official.
The successful bidder will be fur¬
nished with a copy of the opinion of the Attorney General affirming the
legality of the issue.
The bonds will be exempt from Federal and Massa¬
MICHIGAN
chusetts income taxes.
Statement
BAY CITY SCHOOL DISTRICT,
of Public Debt, Sinking Funds and Taxable Properly of
The Commonwealth of Massachusetts
The syndicate headed by Braun,
Crouse & Co.jWatling, Lerchen
Total Public Debt
June 1, 1936
Total bonded indebtedness
'-.$153,217,962.00
66,314,697.02
Sinking funds
$86,903,264.98
1936
follows:
Total net debt June 1,
—
The debt is divided as
Direct Debt
$40,189,820.89
8,997,743.86
1936
Gross direct debt June 1,
Sinking funds
Net direct debt June 1, 1936
$31,192,077.03
-
Contingent Debt
$113,028,141.11
57,316,953.16
debt June 1, 1936
Gross contingent
Sinking funds_x
Net contingent
$55,711,187.95
debt June 1, 1936
Water Debt (Included in above Contingent Debt)
.
1936
Gross water debt June 1,
$60,010,000.00
22,766,909.62
—
Sinking funds
$37,243,090.38
Net water debt June 1, 1936
x
Includes cash and Massachusetts
city and town notes in the
sum
of
$19,308,000 under Chapters 49, 307 and 341, Acts of 1933.
Taxable Property
and taxable income of the Common¬
furnished by the Commissioner of Corporations
The amounts of taxable property
wealth of Massachusetts, as
and
Taxation, for the year ended Nov.
30, 1935, follow:
Local Taxation
$5,817,759,498
914,327,180
Value of assessed real estate
Value of assessed
personal estate
State Taxation
Value of corporate
$72,897,064
415,103
899,765,266
95,721,248
373,735,300
27,191,923
3,935,305
excess—Public service
Street railways
Business corporations
Amount of taxable income,
Taxable deposits—Savings
business corporations
banks
savings departments
—
Massachusetts Hospital Life Insurance Co
Taxable income—Individuals, &c
National Banks & Trust Cos
Insurance companies, value of taxable premiums & reserves
Value of property, taxable inheritances and estate
Trust company
419,341,429
10,540,676
993,030,716
225,881,352
MASSACHUSETTS,
State
of—BOND
LEGISLATION RECOM¬
MENDED—Governor Curley is said to have recommended to the Legisla¬
ture that the State replace or repair bridges over the Merrimac and
Connecticut Rivers which were damaged by the recent floods.
It is
estimated that this work would cost about $8,650,000, a portion of which
would be financed through bond sales.
MEDFORD,
Mass.—BOND SALE—The $85,000
sewer con¬
Frederick M.
about 2.98%.
Brown Harriman & Co. of Boston submitted the next best bid, 100.20 for
3s.
Dated June 1, 1936.
Due June 1 as follows:
$5,000, 1937 to 1941;
$4,000, 1942 to 1946, and $2,000, 1947 to 1966.
coupon
struction loan bonds offered on June 12 were awarded to
Swan & Co. of Boston on a bid of 100.29 for 3s, a basis of
QUINCY,
offered
on
$50,000 coupon sewer bonds
3897—were awarded to Tyler, Buttrick
Mass.—BOND SALE—The
June
11—V.
142,
p.
Co. of Boston as lMs. at a price of 100.199. a basis of about 1.71%.
Dated June 1, 1936, and due $5,000 on June 1 from 1937 to 1946 incl.
&
Other bids were as follows:
Rate Bid
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
1 M%
100.156
Burr & Co_-
2%
100.95
Faxon, Gade & Co
2%
100.687
Blyth & Co
2%
100.592
First National Bank of Boston
Hornblower & Weeks
2%
2%
100.50
100.397
Newton, Abbe & Co__
2%
100.219
SPRINGFIELD, Mass.—BOND SALE—The $700,000 coupon or regis¬
tered municipal relief loan bonds offered on June 11—V. 142, p. 3898—were
awarded to Edward B. Smith & Co. of Boston, and associates, on a bid of
Halsey, Stuart & Co. of New
York were second high with a bid of 100.186 for 1 Ms. Dated April 1, 1936.
Due $70,000 yearly on April 1 from 1937 to 1946 incl.
Newton, Abbe & Co., Burr, Gannett & Co. and Tyler, Buttrick & Co.,
all of Boston, were associated with Edward B. Smith & Co. in submitting
the winning bid.
100.199 for l^s, a basis of about 1.47%.
WALTHAM,
city has arranged
loan of $100,000,
dated June 5,1936 and will mature June 5,
Mass.—TEMPORARY LOAN—'The
with the Commonwealth of Massachusetts for a temporary
secured by tax titles. The loan is
1937. Interest rate is 1 %.
WORCESTER, Mass.—BIDS RECEIVED—We give below a complete
for the $960,000 coupon, fully registerable,
sewer, water and municipal relief bonds awarded on that date to the group
headed by Brown Harriman & Co.:
list of the bids received on June 3
For 1)4% Bonds
,
Brown Harriman & Co.; Kidder, Peabody & Co.; F. S.
Bid
„
Moseley &
Co.; Stone & Webster and Blodget, Inc
100.2799
Lazard Freres & Co., Inc.; Bank of The Manhattan Co.; Preston,
100.226
100.21
Moss & Co
Corp
.-100.077
E. H. Rollins & Sons; Bancamerica-Blair Corp
For 1 M % Bonds
Edward B. Smith & Co.; Hornblower & Weeks; Burr, Gannett
Co.; Tyler, Buttrick & Co., Inc.; Washburn & Co., Inc
Halsey, Stuart & Co
The First Boston Corp.; R. L. Day & Co.; Estabrook
&
100.129
101.089
&
Co.;
Whiting, Weeks & Knowles, Inc
101.02
Blyth & Co., Inc.; Graham, Parsons & Co.; L. F. Rothschild &
Co.; Burr & Co., Inc
100.851
Harris Trust & Savings Bank, Chicago; Dougherty, Corkran &
Co., Philadelphia
Mich.—BOND SALE DETAILS—
Bosworth & Co. of Toledo and including
& Hayes; Guy G. Wedthoff & Co., all of
Detroit, and W. O. Clift & Son of Bay City effected rapid resale of the
$660,000 2% and 2M % refunding bonds which were awarded to the bankers
on June 3.
Public reoffering was made at prices to yield from .040% to
2.30%, according to interest rate and maturity.
The $220,000 bonds
maturing from 1937 to 1941 incl; bear 2M% interest; $200,000 due from
1942 to 1946 incl., are 2s and the balance of $240,000, due from 1946 to
1951 incl., are 2 Ms.
The issue has been approved as to legality by Chapman
& Cutler of Chicago.
The following is an official list of the bids received
193-54
at the sale:
By Bancamerica-Blair Corp.; E. H. Rollins & Sons; Hood, Truettner &
Thisted, Inc., to pay 2M% interest, premium $4,026.
By Harris Trust & Savings Bank; First of Michigan Corp.; by Harris
Trust & Savings Bank, to pay $88,000 maturing $44,000 on July 1, in each
of the years 1937 to 1938, incl., bearing 5% interest, and $572,000 maturing
$44,000 on July 1, 1939 to 1951, incl., bearing 2% interest, premium $17.
By Lazard Freres & Co., Inc.; Blyth & Co., Inc.; Shannon, Kenower
& Co., Inc., to pay "1927 through 1944 at 2M%, 1945 through 1951 at
2M%," premium $514.80.
By A. S. Huyck & Co.; Ryan, Sutherland & Co., to pay 2M% interest
all maturities, premium $3,567.
By Channer Securities Co.; Robinson & Co., to pay for 1937 to 1947
maturities 2M% interest, 1948 to 1951 maturities 2M % interest, premium
$467.
By Lehman Brothers; Wilmerding & Co.; Stone & Webster and Blodget;
McDonald, Moore & Hayes, Inc., topay for 1937 to 1939 maturities 3%
interest, 1940 to 1945 maturities, 2% interest, 1946 to 1951 maturities,
2M % interest, premium $331.
By Wright, Martin & Co.; Phelps, Fenn & Co.; The Illinois Co. of
Chicago; Harold E. Wood & Co., to pay all maturities 2 M%, premium $786.
By Brown Harriman & Co.; Cray, McFawn & Co.; Dominick & Dominick, all maturities 2 M % interest, premium $593.34.
By John Nuveen & Co.; Martin, Smith & Co., to pay "1937 to 1940,
incl., at 3% interest, 1941 to 1951 incl., at 2%% interest," premium $17.
By Watling, Lerchen & Hayes; Guy G. Wedthoff & Co.; Crouse & Co.;
W. O. Clift & Son; Braun, Bosworth & Co., to pay "for $220,000 bonds, due
from July 1, 1937 to 1941, bearing 2M% interest, for $200,000 bonds due
from July 1,1942 to 1946 ($44,000 eacfc.year from 1942 to 1945 and $24,000
due 1946), bearing 2% interest and for $240,000 bonds duefrom July 1,1946
to 1951 (due $20,000 in 1946 and $44,000 each year from 1947 to 1951),
bearing 2M% interest, we offer par and accrued interest plus a premium
of
$20 "
By The Northern Trust Co.; Edward B. Smith & Co., to pay all maturities
2M% interest, premium $967.
By Peoples Commercial & Savings Bank, to pay 2 M % interest all maturi¬
ties, premium $2,000.
By Halsey, Stuart & Co., Inc.; Stranahan, Harris & Co., Inc., to pay for
1937 to 1945maturities, 2M% interest, 1946 to 1951 maturities 2% interest,
premium $11.
Financial Statement
(As officially reported May 4,1936, and upon completion of this financing)
$38,492,290
660,000
$13.94
Population, 1930 census, 47,355; 1920 census, 47,554.
Assessed valuation (1935-36)
Total bonded debt (this issue only) (1.71%)
Per capita debt
The above financial statement does not include the debt of political
subdivisions having power to levy taxes upon property within the School
District.
Bay City School District is coextensive with the City of Bay City, county
Bay County.
The gross overlapping debt, including the School District, that of Bay
City (including water revenue bonds) and proportionate share of the county
debt, is $2,797,925, equal to 7.27% of the assessed valuation and $57.08
per capita.
The School District has no tax notes or bank loans outstanding.
Neither the city of Bay City, the School District, nor the county, have ever
deafualted on their obligations.
seat of
Tax Collection Data
Year—
Levy
$434,682.40
440,866.74
351,446.65
1935-36
These bonds
are
Coll. May 1,1936
$406,515
372,665
265,904
% Collected
93.52
84.53
75.66
authorized to refund part of $900,000 bonds due July 1,
1936, the balance being retired, and
are a
direct obligation of the entire
School District, all taxable property therein being subject to the levy of an
unlimited ad valorem tax to pay principal and interest at maturity.
DETROIT, Mich.—PLANS PURCHASE OF $542,000 CALLABLE RE(May 00),
refunding
bonds in the amount of approximately $542,000.
Tenders will be accepted
on the basis of the highest net yield to the city computed to maturity, but
none will be accepted tin excess of par and accrued interest.
The Controller
F UNDINGS—Fred T. Gies, City Controller, announced yesterday
that the city would receive until June 24 tenders of its callable
requests that tenders show the purpose, rate of interest, date of maturity,
dollar value and yield to maturity.
MUSKEGON,
Mich.—BOND SALE— The $120,000
coupon
refunding
bonds described below, which were offered on June 9—V. 142, p. 3898—
awarded to John Nuveen & Co. of Chicago as 3s, for a premium of $137,
equal to 100.114, a basis of about 2.99%.
were
$50,000 bonds, dated May 1, 1936.
Due $2,000 yearly on May 1 from
1938 to 1962.
70,000 bonds, dated Aug. 1, 1936.
Due Aug. 1 as follows: $2,000, 1938
to 1942; and $3,000, 1943 to 1962.
Denom. $1,000.
Principal and semi-annual interest payable at the City
Treasurer's office.
Name
Jackson & Curtis; Newton, Abbe & Co.; Lee Higginson
A. T. T. Tel. DET347
Telephone CHerry 6828
100.757
Martin, Smith & Co.- of Detroit, bid a premium of $628 for $12,000 4s,
$58,000 2Ms and $50,000 3M%.
Stranahan, Harris & Co. of Toledo offered a premium of $138 for $60,000
3s and $60,000 3 Ms.
NOTE SALE—The $55,000 tax anticipation notes offered on June 9—
V. 142, p. 3898—were awarded to Hood, Truettner & Thisted of Detroit,
at 2% interest, minus a discount of $550, equal to 99.00.
Dated May 1,
1936.
Due May 1, 1938.
SAULTE STE MARIE, Mich.—BOND OFFERING—R. R. Reinhart,
City Clerk, will receive sealed bids until 8 p. m. on June 15 for the purchase
$15,000 library addition bonds.
Dated July 15, 1936.
Due in 10 equal
annual instalments.
Rate of interest to be named in the bid.
of
WHITEHALL,
Mich.—BOND
SALE—The
$30,000
sewage
disposal
system bonds offered on June 10—V. 142, p. 3898—were awarded to Robin¬
son & Co. of Chicago for a $200
premium equal to 100.666.
Dated May 15,
1936.
Due $1,000 on May 15 from 1937 to 1966.
Volume
Financial
142
4061
Chronicle
ST.
LOUIS,
Mo.—BONDS
NOT
Northwestern
FOR PAYMENT—
PRESENTED
The Board of Estimate and Apportionment
learned on June 2 that $106,000
matured May 1, have not been
New York, the city's fiscal
interest on that date, according to
of the $1,647,000 of refunding bonds which
turned in to the Guaranty Trust Co. of
Municipals
agency, although
news
Minnesota, North and South Dakota, Montana,
the bonds ceased to pay
reports.
Oregon, Washington
MONTANA
WELLS-DICKEY COMPANY
Dillon), Mont.—BOND CALL—The following bonds are said to be called
for payment at the office of Brown, Schlessman, Owen & Co. of Denver, on
July 1, on which date interest shall cease:
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
MINNESOTA
Minn.—BOND OFFERING
E. Lee, County Clerk, will receive bids until June 23 for the purchase
issue of $41,000 2 M % ditch refunding bonds.
Denom. $1,000.
BLUE EARTH COUNTY (P. O. Mankato),
of
an
DAWSON, Minn.—ZJOiVD EXCHANGE—It is stated by Clarence Olson,
City Clerk, that the four issues of bonds aggregating $55,750, offered for
sale on May 15—V. 142, p. 3387—will be exchanged with the holders of
the original bonds.
The bonds are divided as follows: $28,500 refunding,
series B; $11,000 refunding, series C; $5,000 funding, sreies E, and $11,250
special paving, series B bonds.
stated by the City Clerk
bonds sold to the
reported in these
columns recently—V. 142, p. 3898—were awarded for a premium of $257.00,
equal to 100.27, a basis of about 2.72%. Dated June 1, 1936. Due from
FERGUS FALLS, Minn;—PRICE PAID—It is
that the $95,000 2M% semi-ann. sewage disposal plant
Justus F. Lowe Co. of Minneapolis, and associates, as
June
according to the County Auditor.
ROBBINSDALE, Minn.—BONDS NOT SOLD—The $29,000 issue of
refunding bonds offered on May 18, as noted here—V. 142, p. 3040—was
not sold as no bids were received, according to report.
(P.
O.
Montevideo),
Minn.—BOND
R.
OFFERING—H.
Ost, Town Clerk, will receive bids until 4 p. m. June 20 for the purchase
Denom. $500.
refunding bonds,
STEELE COUNTY (P. O. Owatonna), Minn.—BONDS
BUTTE,
Mont.—BOND
SALE POSTPONED—It is
Wilson, City Clerk, that the sale of the $900,000 not to
choice of the City Council in the saie
^
stated by Beryl
exceed 4% semi¬
serial bonds will be the second
of these bonds.
FALLON COUNTY (P. O. Baker)
ing bonds
Mont.—BOND CALL—The follow¬
being called for payment at the office
are
of Sidlo, Simons, Day
Co. of Denver, on July 1, on which date interest shall cease:
Nos. 71 to 80, and 95 to 126, of 5% funding bonds, dated Dec.
Due on Dec. 1, 1936, optional on Dec. 1, 1932.
&
1941, optional
on
1, 1916.
Due on Jan. 1,
bonds, dated Jan. 1, 1921.
Jan. 1, 1936.
Nos. 1 to 65 of 6% funding
30 (P. O. Somers).
Clerk that $2,000
Land Board, as 5s.
FLATHEAD COUNTY SCHOOL DISTRICT NO.
is stated by the District
Mont.—BONDS SOLD—It
school bonds were
purchased recently by the State
DISTRICT NO. 9 (P. O.
Mont.—BOND SALE—The $40,000 issue of school bonds
on June 6—-V.
142, p. 3219—was awarded to the First
National Bank & Trust Co. of Minneapolis, as 3^>s, at par, according to
the District Clerk.
Dated June 7, 1936.
Interest payable June and
December.
Due serially to 1958; subject to call after five years*
East Helena),
offered for sale
SALE DETAILS—The $40,500. refunding
Land Commissioners on a
be dated June 1, 1936, and will mature July 1, 1951,
subject to call after five years.
Denom. 15 for $1,000 and 15 for $1,700.
Interest payable Jan. 1 and July 1.
POLSON.
Mont.—BOND
bonds awarded
on
June 1 to the State Board of
bid of par for 4s will
NOT TO BE
connection with the $50,000 poor relief bonds approved in a
resolution passed by the County Commissioners last January, as noted here
at that time—Y. 142, p. 657—it is stated by Lewis F. Winship, County
are not
O.
(P.
Amortization bonds will be the first choice and
SOLD—In
Auditor, that the Commissioners
10
annual refunding bonds, previously scheduled for June 3, as noted here
—V. 142, p. 3720—has been deferred until June 17.
Dated July 1, 1936.
LEWIS AND CLARK COUNTY SCHOOL
(P. O. Milaca), Minn.—WARRANT SALE—
The $10,000 issue of 3% old age assistance warrants offered for sale on June
8—V. 142, p. 3898—was awarded to the First National Bank of Milaca,
SPARTA
NO.
$68,000 school bonds, dated July 1, 1920.
Numbered 16 to 21, 23 to 55*
60 to 71, 73 to 84, and 87 to 91.
Due on July 1, 1940, optional
on July 1, 1930.
15,000 school bonds, dated Jan. 1, 1921.
Numbered 52 to 54, and 64 to
75.
Due on Jan. 1, 1941, optional on Jan. 1, 1931.
1, 1938 to 1958.
MILLE LACS COUNTY
of $7,000
DISTRICT
^
Adams), Minn,—
SOLD
—It is stated by the District Clerk that $20,000 gymnasium-auditorium
bonds have been purchased by the State of Minnesota.
ADAMS SCHOOL DISTRICT (P. O.
—B.
SCHOOL
COUNTY
BEAVERHEAD
MUNICIPALS
NEBRASKA
OFFERING
marketing these bonds.
WANTED
OMAHA, DOUGLAS COUNTY, LINCOLN
AND OTHER NEBRASKA ISSUES
MISSISSIPPI
The National company
OF
Municipal Bonds
First National Bank
OMAHA
A. T. & T. Teletype OMA
Bldg-
81
EQUITABLE
NEBRASKA
Securities Corporation
Knoxvllle
Chattanooga
Birmingham
EMERSON, Neb.—CORRECTION—It is stated by the Village Clerk that
the report carried in these columns last December, to the effect that an
election would be held on Jan. 9 in order to vote on the proposed issuance of
$48,000 in bonds to pay for right-of-way damages for the construction of a
viaduct, was erroneous as the village has sufficient funds on hand to pay
Nashville
New York
Memphis
all expenses.
MISSISSIPPI MUNICIPALS
GREELEY CENTER. Neb.—BONDS SOLD—It is stated
Clerk that $8,000 water
Bough t—Sold—Quoted
& Co. of
Omaha,
optinal date.
to
bonds
by the Village
purchased recently by Wachob, Bender
were
3Ms, paying a price of 100.937, a basis of about 3.52%,
Due on Nov. 1, 1955. optional after Nov. 1, 1940.
as
Sclia rlT L Jones
HOWARD CITY, Neb.—BONDS SOLD— It is reported by the Village
Clerk that $5,000 water bonds have been purchased by local investors.
A.T. T. TEL. N.
KEARNEY, Neb.—BONDS SOLD—The City Cemetery Fund is said to
have purchased the $35,000 swimming pool bonds approved by the voters
at the election held on April 7—V. 142, p. 2710.
Due in 20 years,
INCORPORATED
O. 180
TELEPHONE RAYMOND 1189
New
Orleans
MISSISSIPPI
NORTH PLATTE, Neb.—BOND ELECTION—'The
June 30 as the date of a special election at which a
set
(P. O. Kosciusko), Miss.—BONDS NOT TO BE
with the $850,500 (not $850,000), 4% refunding
approved by the voters at the election held on May 12,
as noted here—V. 142, p. 3551—it is stated that these bonds are not to be
offered for sale as this is an exchange program entirely.
Denom. $500
Dated July 1, 1936.
Due as follows: $20,000, 1937 to 1941; $25,000, 1942
to 1946; $30,000. 1947 to 1951; $35,000, 1952 to 1960, and $160,500 in
1961.
Callable on any interest paying date by tenders of any holder
below par, or at par on call of the Board in inverse order of numbers
Liegality to be approved by Charles & Trauernicht of St. Louis, Mo.
connection
VALLEY, Neb.—BONDS AUTHORIZED—'The village authorities
of $42,000 sewer bonds.
COLUMBUS, Miss—BOND OFFERING—Sealed bids will be received
until
June
25. by
the City Clerk, for the purchase of four issues
serial
bonds
aggregating
$15,000,
divided
as
follows:
$6,000
city market; $5,000 street improvement; $2,500 water works repair, and
$1,500 Tennessee Valley Authority power survey bonds.
Denom. $500.
of
MISSISSIPPI,
State
of—COUNTY
PROPOSED—Proposal
for
DEBT ADJUSTMENT PRO¬
of $130,000,000 debt of
adjustment
counties of Mississippi will be included in a program being drafted by
a recess committee for submission at the nxet session of the
Legislature
Business and professional
drafting the program.
men
are
cooperating
with the
committee
in
Other sections of the program will cover taxation and road assessments
public education, county administrative costs, and highway indebtedness'
TUPELO,
Miss.—BOND
SALE—A $30,000 issue of 4% semi-annual
have been purchased by the First
and light bonds is reported to
National Bank of Memphis..
WINONA, Miss.—BOND SALE—The $20,000 issue of
coupon
refunding
bonds offered for sale on June 2—V. 142, p. 3720—was awarded to Saunders
& Anderson of Memphis, as 4Ms, at par.
Dated Oct. 1,1936.
Due $2 000
from Oct. 1, 1944 to
NEVADA
HAWTHORNE SCHOOL DISTRICT, Nev.—BONDS
the voters of the district voted in favor of
recent election
'
1953, incl.
YAZOO-MISSISSIPPI DELTA LEVEE DISTRICT
(P. O. Clarksdale), Miss.—INTEREST RATES FIXED—It is stated that the interest
and maturity dates were fixed recently on the $1,254,000 refunding
bonds sold on May 6 to a syndicate headed by the Whitney National Bank
of New Orleans, as reported in these columns at that time—V. 142, p. 3388
rates
$80,000 at 2% in 1937: $100.000'
2M%, 1938; $80,000, 2%, 1939; $70,000 in 1940 to 1942, 3H %', 1948-51-521
$70,000, 3M%; $80,000, 1954. 3H%, and $84,000 at 3M%.In 1958.
The rates and maturities are as follows:
NEW
MISSOURI
FARMINGTON, Mo.—MATURITY—It is now reported by the City
Clerk that the $18,000 3% semi-ann. swimming pool bonds purchased by
Whitaker & Co. of St. Louis, at a price of 101.516, as noted here recently—
about
$6,000 from 1944 to 1946 incl., giving
a
basis of
2.81%.
MISSOURI.
State
of—BONDS OFFERED FOR INVESTMENT—
R. W. Pressprich & Co. and Phelps, Fenn & Co. offered on June 8 $600,000
4% road bonds, due 1943 to 1948, inclusive, at prices to yield from 2%
to 2.40%.
The bonds are legal investments for savings banks and trust
funds in New York, Massachusetts and Connecticut.
JERSEY
AVON-BY-THE-SEA, N. J.—BOND OFFERING— S. Thomas Penna
Borough Treasurer, will receive sealed bids until 10 a. m. (Daylight Saving
Time) on June 16, for the purchase of $20,000 4M% coupon or registered
sewage disposal outfall pipe bonds.
Dated May i, 1936. Denom. $1,000.
Due $1,000 on May 1 from 1937 to 1956, incl.
Principal and interest
(M. & N.) payable at the First National Bank, Bradley Beach.
A certified
check for 2% of the issue, payable to the order of the Borough Treasurer,
must accompany each proposal.
The approving opinion of Caldwell &
Raymond of New York will be furnished the successful bidder.
N. J.—BOND OFFERING—Otto E. Braun, City Clerk,
(Daylight Saving Time) on June 16, for
of $5,010,000 not to exceed 4M % interest coupon or registered
refunding bonds, divided as follows:
CAMDEN,
the purchase
$4,785,000 general refunding bonds, part of an authorized issue of $8,560,000.
Due Dec. 1 as follows:
$45,000 from 1945 to 1950,
incl.; $95,000, 1951 to 1953, incl.; $120,000 in 1954 and 1955;
$195,000, 1956; $220,000 from 1957 to 1959, incl.; $245,000,
1960; $270,000 in 1961 and 1962; $285,000, 1963; $280,000,
1964; $285,000 from 1965 to 1968, incl.; $310,000 in 1969 and
$335,000 in 1970.
165,000 school refunding bonds.
Due Dec. 1 as follows:
1945 to 1963, incl. and $10,000 from
$5,000 from
1964 to 1970, incl.
60,000 water refunding bonds, part of an authorized issue of $260,000.
Due Dec. 1 as follows:
$10,000 from 1962 to 1964, incl. and
$5,000 from 1965 to 1970, inclusive.
All of the bonds will be dated June 1, 1936.
Denom. $1,000.
The bonds
maturing on Dec. 1 from 1967 to 1970, incl. will be redeemable on June 1,
1942, or on any subsequent interest payment date, at city's option, at par
and accrued interest on 60 days' notice in a newspaper published and cir¬
culating in the city, county and State of New York.
Rate or rates of interest
expressed in multiples of M or 1-10 of 1%. Different rates may be
on the respective issues, but only one rate may be fixed on any one
issue.
Principal and interest (J. & D.) payable in lawful money of the
United States at the First Camden National Bank & Trust Co., Camden,
or, at holder's option, at the Guaranty Trust Co., New York City.
Award
will be made on the basis of the bid figuring the lowest net interest cost to
the city.
In the event of the sale of the above bonds, the city will not
undertake the disposal of additional bonds of the authorized issues for a
period of about six months, and in any event will not make such offering
until after Sept. 15, 1936, except with the consent of the successful bidder.
The successful bidder in the present instance will be obliged to re-sell to
holders of presently outstanding obligations of the city, under certain con¬
ditions specified in the terms of sale, $230,000 of the new bonds to mature
Dec. 1, as follows:
$80,000 in 1960 and $50,000 from 1961 to 1963, incl.
Proposals for the bonds must be accompanied by a certified check for
to be
named
V. 142, p. 3720—are due
VOTED—At a
the issuance of
$30,000 school building bonds.
will receive sealed bids until noon
Chairman Alf H. Stone of the State Tax Committee has recommended
that bonded indebtedness of counties be limited to 8% of assessed valuation.
water
have
passed an ordinance authorizing the issuance
were
GRAM
City Council has
proposal to issue
$87,000 viaduct bonds will be submitted to the voters.
ATTALA COUNTY
SOLD—In
bonds that
optional in 5 years,
4062
Financial Chronicle
SECAUCUS,
June 13, 1936
N.
J.—BOND
school bonds offered on
National Bank of North Bergen as 4Ms, at a price of
100.50, a basis of about
Dated June 1, 1936 and due $2,000 on June 1 from 1937 to 1961,
H. L. Alum (ti Company
New Jersey M
4.20%.
inclusive.
SECAUCUS, N. 3.—BOND SALE— The $5,000 4%%i
ftfflcipal Bonds
tered general refunding bonds offered
L
'
NEW
New York
BERNALILLO
COUNTY
CALL—The following bonds
No.
T. &.
T.: N.
new
District No.
47
bonds,
bearing 6%
interest, dated
1936.
Due on Jan. 1,
CHAVES COUNTY SCHOOL DISTRICT NO. 1
(P. O. Roswell),
M.—BOND OFFERING—Sealed bids will be received until
io a. m.
June 20 by Mrs. Frankie Patterson, County
Treasurer, for the purchase
of a $65,000 issue of school bonds.
Interest rate is not to exceed
6%, pay¬
able J. & D.
Denom. $1,000.
Dated June 1, 1936.
Due
N.
on
$5,000 from
June 1, 1939 to 1951 incl.
Prin. and int. payable at th7 State Treasurer's
office or at such other place as the bidder may elect. None of such bonds
will be sold at less than par and accrued interest to the
date of
Newark Tel.: Market 3-3124
jersey
School
1940, optional on Jan. 1, 1920.
Telephone: John 4-6364
Y. 1-730
of
1, 1910.
B. J. Van Ingen & Co. Inc.
A.
1,
MEXICO
(P. O. Albuquerque) N. Mex.—BOND
being called for payment at the County
June 15, 1926.
Due on June 15, 1946, optional on June 15,
Nos. 41 to 60, of 4 A % bridge bonds, dated Jan.
Jersey and General Market Issues
[57 WILLIAM STREET, N. Y.
ur regis¬
May 26—V. 142, p. 3553—were
York, the only bidder.
Dated
are
Treasurer's office, on June 15:
municipal bonds
New
on
sold at par to Fisher, Hand & Co. of New
June 1, 1935 and due June 1, 1949.
Telephoi^&Sicjor 2-7333
A.T.&T.TS&
pe N. Y. 1-528
100 Broadway
SALE—The $50,000 coupon or
registered
June 9—V. 142, p. 3721—were sold to
the First
delivery to
the purchaser, nor will any discount or commission be allowed or
paid on
the sale of the bonds.
Only unconditional bids will be considered and the
right is reserved to reject any and all bids. A certified check for 5% of the
amount bid, payable to the County
Treasurer, is required.
municipals
PORT ALES, N. Mex.—BOND OFFERING—Sealed bids will be
received
a. m. on July 14 by Roy O. Senn,
City Clerk, for the purchase of
$23,500, divided as follows:
until 10
three issues of bonds aggregating
Colyer, Robinson $ Company
$5,000 fire station construction bonds.
Due $1,000 from July 1. 1938 to
1942, incl.
15,000 sewage disposal plant construction bonds.
Due on July 1 as follows:
$500, 1938 to 1941, and $1,000, 1942 to 1954, all incl.
INCORPORATED
1180
Raymond Blvd., Newark
New Yor
Wire:
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2 2065
3,500
sewer
main extension bonds.
Due $500 from
incl.
July 1, 1939 to 1945,
Interest rate is not to exceed
NEW
JERSEY
$100,200, payable to the order of the city. The legal opinion of Hawkins,
Delafield & Longfellow of New York, holding the bonds to be valid and
legally binding obligations of the city and payable from unlimited ad
valorem taxes, will be furnished the successful
bidder.
will be made on or about June 26, 1936.
COMMISSION APPROVES
REFINANCING
PROGRAM—
Funding Commission has approved the recently announced
refinancing program of the city, which provides for the eventual issuance of
$8,985,000 refunding bonds to retire all of the city's floating indebtedness.
A block of $5,010,000 bonds is
being offered for sale on June 16.
State
FORT LEE,
N. J.—TAX COLLECTION DATA—The minutes
of the
Municipal Finance Commission meeting of June 5, concerning the affairs of
the borough, contain the following information with
respect to tax collections
to June 1, 1936:
Collections of 1936 taxes to date amount to
$156,547.31 or 25.33% of
of $617,964.43.
For the same period in 1935 collections of 1935
levy
taxes amounted to
$160,297.86
or
Total collections of 1935 taxes
of the levy of $663,443.26.
Total collections of 1934 taxes
of the levy of $676,482.16.
24.14% of levy of $663,443.26.
now amount to
$378,270.48 or 57.01%
now
amount
to
$492,624.89
72.82%
or
Collections of tax title liens in 1936 to date amount to
$19,603.18 as com¬
a similar period in 1935.
Collections of assessment title liens in 1936 to date amount to
$3,806.19
as compared with $19,737.72 for a similar
period in 1935.
Assessment collections in 1936 to May 31 total $7,953.19 as
compared
With $25,638.83 for a similar period in 1935.
pared with $20,368.91 for
GARFIELD,
N.
J.—CASH SURPLUS SEEN FOR
amount
delivery.
A certified check for 5% of the
bid, payable to the city, is required.
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 1
(P. O. Portales),
N. Mex.—BOND OFFERING—Sealed bids will be received until 9 a. m.
June 27, by Homer Barnett, County Treasurer, for the
purchase of a
$50,000 issue of school bonds.
Interest rate is not to exceed 6%,
payable
J. & D.
Denom. $1,000.
Dated July 1, 1936.
Due on July 1 as follows:
$1,000, 1939 to 1946; $2,000, 1947 to 1950; $3,000, 1951; $6,000, 1952 to
1955, and $7,000 in 1956/ None of such bonds will be sold at less than
on
delivery to the purchaser nor will any
paid on the sale of such bonds. Prin.
and int. payable at the State Treasurer's office or at such
place as the bidder
may elect.
Only unconditional bids will be considered and the right is
reserved to reject any or all bids.
A certified check for 5% of the amount
bid, payable to the County Treasurer, is required.
discount
or
1934, prior to the adoption of the present cash policy of operation, the
municipal deficit ranged from $250,000 to $400,000. In 1935 Gar¬
had a cash operating surplus of $252,199.
The present city administration has effected a
striking increase in tax
collections by employing every available means to enforce
prompt pay¬
ment. These include the sending out of notices, the
imposition of maximum
penalties in cases of deliberate tax delinquency, the holding of tax sales,
and foreclosure of titles as
prescribed by law. As a result, collections during
the first five months of 1936 amounted to
$607,025, as against $604,096
in the same period of 1935, on a tax
levy approximately $150,000 above
the 1936 level and in spite of a reduction of
$860,350 in the city's assessed
annual
from
NEWARK, N. J —BOND OFFERING—A. F. Minisi, Director of the
Department of Revenue and Finance, will receive sealed bids until 11a.m.
(Daylight Saving Time) on June 23 for the purchase of $1,000,000 not to
exceed 4% interest coupon or registered
bonds, divided as follows:
$500,000 airport bonds.
Due $50,000 on June 1 from 1937 to 1946, incl.
500,000 water bonds.
Due June 1 as follows: $10,000 from 1937 to
1956,
incl., and $15,000 from 1957 to 1976, incl.
r
Each issue is dated June 1, 1936.
Denom. $1,000.
In bidding for the
bonds, bidders must consider the offering as consisting of a single issue of
bonds and must name one rate of
interest, expressed in a multiple of A of
1%.
Principal and interest (J. & D.) payable at the Natinoal State Bank
of Newark.
A certified check for $20,000,
payable to the order of the city,
must accompany each proposal.
The approving opinion of Reed, Hoyt &
Washburn of New York will be furnished the successful
bidder.
NEW JERSEY (State
of),—PUBLIC OFFERING OF $500,000 BONDS
—R.
W. Pressprich & Co. of New York are
offering $500,000 4% road
bonds due July 1, 1950, at prices to
yield 2.35%.
The bonds are legal in¬
vestment for savings banks and trust funds in
New York, Massachusetts
and Connecticut, and are tax
exempt in the State of New Jersey, according
to the bankers.
POINT PLEASANT
BEACH, N. J.—BOND OFFERING—Alex Adams,
Borough Clerk, will receive sealed bids until
8p. m. (Daylight Saving Time)
on June 19 for the
purchase of $186,000 4A% coupon or registered general
refunding bonds.
Dated April 1, 1936.
Denom. $1,000.
Due Oct. 1
as follows:
$9,000, 1936; $10,000, 1937; $15,000, 1938; $20,000, 1939 to
1943 incl.; $15,000 from 1944 to 1946
incl., and $7,000 in 1947.
Prin.
and int. (A. & O.) payable at the Ocean
County National Bank, Point
Pleasant Beach.
A certified check for
2% must accompany each pro-
& Longfellow of
SEASIDE PARK, N. J .—BOND
OFFERING—Aaron Wilbert, Borough
Clerk, will receive sealed bids until 1p.m. (Eastern Standard
Time) on
June 20 for the purchase of the
$7,500 coupon or registered not to exceed
6% interest emergency boardwalk reconstruction
bonds, which failed of
sale at the initial offering on
May 16.
They are dated Dec. 20, 1935.
Denom. $500.
Due $1,500 on Dec. 30 from 1941 to 1945 incl.
Bidder to
name one of the following interest rates:
4A, 4%, 5. 5 A, 5 A, 5H or 6%.
Principal and interest (J. & J.) payable at the Ocean
County National Bank
of Point Pleasant Beach.
A certified check for
2%, payable to the order
of the borough, must accompany each
(P.
O.
June
15,
Payment and delivery
June 30 at
10
a.
m.
1939
to
1946, incl.
Prin.
and
int.
•delivery
nor will any discount or commission be allowed or paid on the
sale of the bonds.
A certified check for 5% of the amount of the
bid,
payable to the County Treasurer, is required.
Offering 9— Wanted
New York State Municipals
County—City—Town—School
District
Gordon Graves & Co.
MEMBERS NEW
1
WALL ST.,
YORK STOCK EXCHANGE
N. Y.
Whitehall 4-5770
NEW
YORK
ALTAMONT, N. Y.—BILL TO EXCEED
Under
DEBT LIMIT
VETOED
-
the
provisions of a bill which was vetoed recently by Governor
Lehman, the town would have been empowered to issue bonds up to 3%
of the assessed valuation of taxaole
property, as against the statutory limit
of 2%.
BERLIN
AND
PETERSBURG
CENTRAL SCHOOL DISTRICT
NO. 1 (P. O. Berlin), N. Y—BOND OFFERING—Arnold B.
Copping,
Clerk, will receive bids until 2 p. m. (Eastern Standard Time)
June 24 for the purchase at not less than
par of $25,Q00 coupon, fully registerabie, school building bonds.
Bidders are to name rate of interest, in a
multiple of A % or 1-10%, but not to exceed 5%.-> Denom. $1,000.
Dated
July 1, 1936.
Prin. and semi-ann. interest (Jan. 1 and July 1) payable at
the Taconic Valley Bank in Berlin, with New York
exchange.
Cert, check
District
for $500, payable to Frank
Taylor, District Treasurer, required.
Approv¬
ing opinion of Clay, Dillon & Vandewater of New York will be furnished by
the district.
,
,
Financial Statement
and
Tax Data
The assessed valuation of the property subject to the
taxing power of the
district, according to the 1935 assessment roll, is $597,146.56.
The total
bonded debt of the district, including the bonds now offered, is $145,000.
The population of the district is
as
to
approximately 1,650.
The bonded debt,
stated, does not include the debt of any other subdivision having power
levy taxes upon any or all of the property subject to the taxing power
of the district.
This school district was organized on Oct. 9, 1935.
The
first taxes for the purposes of said Central School District will be levied
for the fiscal year
beginning July 1. 1936, and ending June 30, 1937.
BUFFALO, N. Y —APPROVES $500,000 RELIEF ISSUE—'The Com¬
Council recently approved an issue of $500,000 bonds to cover work
mon
and home relief requirements
during June.
BUFFALO, N. Y.—CERTIFICATE SALE—The $2,000,000 tax antici¬
pation certificates of indebtedness offered on June 9 (amount reduced from
$2,700,000—V. 142, p. 3899—)were awarded to R. W. Pressprich & Co.
and the Manufacturers Trust Co. on a
.875% interest basis. Halsey, Stuart
& Co. of New York were second
high, bidding .90% interest. Certificates
dated June 15, 1936, and will mature Dec. 15, 1936.
Other bids were as follows:
Bidder—
Int. Rate
Salomon Bros. & Hutzler
1%
Marine Trust Co
1.10%
National City Bank of New York
1.15%
Lehman Bros
:
1.80%
are
-
__
•
payable at the State
Treasurer s office or at such other place as the bidder
may elect.
None of
such bonds will be sold at less than par and accrued interest to the date of
year.
on
10
SAN JUAN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 22
The city recently sold two foreclosed idle
factory buildings to new indus¬
concerns, thereby putting these properties back on the tax rolls and
providing employment to several hundred taxpayers, many of whom have
previously been on relief.
proposal.
NO.
(P. O. Aztec), N. Mex.—BOND OFFERING—Sealed bids will be received
10 a. m, on June 30, by E. P. Brewer, County Treasurer, for the
purchase of an $8,000 issue of school bonds,
Interest rate is not to exceed
5%, payable J. & D.
Denom. $1,000.
Dated June 15, 1936.
Due $1,000
trial
of bonds to be made at the
aforementioned bank
DISTRICT
until
plan wnereby the city's budget is
Tew
Sosal.York will be furnished theof Hawkins, Delafield
The approving opinion successful bidder.
SCHOOL
on
Jan. 1, 1939 to 1957, incl.
No bonds will be sold at less than par and
accrued interest to date of delivery nor will any discount or commission
be
allowed or paid on the sale of the bonds.
Prin. and int. payable at the State
Treasurer s office or at any such place as the bidder
may elect.
A certified
check for 5% of the amount bid, payable to the
County Treasurer, is
Mayor Bleasby stated, the city's gross debt
eacn
COUNTY
Mex.—BOND OFFERING—Sealed
bids will be received
June 30, by Homer Barnett, County
Treasurer, for the
purchase of a $9,500 issue of school bonds.
Interest rate is not to exceed
6%, payable J. & J. Denom. $500.
Dated June 30. 1936.
Due $500 from
has been reduced $550,000 and the tax rate has been cut
22% as a result of
steps taken last year to refund the unwieldy floating debt which Garfield
faced two years ago, and to execute a
(Eastern Standard Time).
N.
m.
a.
valuation in 1936.
automatically brought into balance
commission be allowed or
ROOSEVELT
Portales),
until 10
B.
field
3rears,
par
and accrued interest to the date of
required.
1936—Charles
Bleasby, Mayor of Garfield, on June 11 asserted that, based on the 1934
percentages of tax collections, tne 1936 city budget would enable Garfield
to meet all of its operating expenses, and leave a substantial cash
operating
surplus after retirement of $259,000 of bonds this year. During 1932-1933-
During the past two
par
and accrued interest to date of
Delivery of the bonds
STATE
The
6%, payable J. & J.
Rate to be stated in
multiples of A of 1 %. No split bids will be considered. Dated July 1,1936.
Prin. and int. payable at the State Treasurer's office, or at such other
place
as the bidder may elect.
The approving opinion of Myles P. Tallmadge, of
Denver, will be furnished.
None of said bonds will be sold at Jess than
Premium
.
$480.00
37.50
26.00
40.00
Volume
Financial
142
BUFFALO SEWER AUTHORITY
(P.
CATSKILL UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Catskill), N. Y.—BOND OFFERING—Rudolph W. Plusch, Clerk of the Board
of Education, will receive sealed bids until 1
p. m. (Eastern Standard Time)
on
June 16 for the
purchase of $125,000 not to excekl 3 >3 % interest coupon
Dated June 1, 1936.
Denom. $1,000.
Due June 1 as follows: $3,000, 1938 to 1946, incl.; $4,000, 1947 to 1954.
incl.; $5,000,1955 to 1960, incl., and $6,000 from 1961 to 1966, incl.
Bidder
to name one interest rate on all of the bonds of not less than
2M % and ex¬
pressed in a multiple of M or l-10th of 1%.
Prin. and int. (J. & D.)
payable at the District Treasurer's office or at the principal office of the
Catskill National Bank & Trust Co., Catskill.
A certified check for $2,500,
payable to the order of the Board of Education, must accompany each pro¬
posal.
The approving opinion of Hawkins, Delafield & Longfellow of
Y .—CERTIFICATES
N.
Mamaroneck),
$20,000 tax certificates at 1% interest, at par plus a premium of
Dated June 4, 1936 and due Dec. 4, 1936.
$11.
NASSAU COUNTY (P. O. Mineola), N. Y.—VOTES $1,000,000 LOAN
-—The Board of Supervisors on June 5 authorized County Treasurer Harry
L. Hedger to borrow $1,000,000 notes to provide for school district obliga¬
tions, pending receipt of 1936 income.
NEW
YORK, N. Y.—VOTES $17,500,000 CORPORATE STOCK FOR
WATER PROJECT—The Board of Estimate in approving on June 5 the
issuance of $17,500,000 corporate stock for the development of the Dela¬
ware water supply project north of Liberty, N. Y., in the Catskill Moun¬
tains, initiated the first step in a program which will take about 12 years to
complete at
NEW
a cost
estimated between $250,000,000 and $300,000,000.
YORK, N. Y.—BOARD OF ESTIMATE APPROVES TUNNEL
PROPOSAL—Tne
Board of Estimate on June 5 approved the plan sub¬
by the Board of Transportation for the construction and operation
tunnel from the Battery, Manhattan, to Hamilton Ave.,
Brooklyn. Tne cost of the tunnel will be approximately $60,309,000.
The Board also voted $7,000,000 toward the cost of the 1939 World's
Fair. The action of the Board included approval of the sum of $2,762,021,
of which $508,020 will go to retire issues already outstanding, and $2,254,000 to cover the cost of grading the site.
mitted
New York will be furnished the successful bidder.
of
CHESTER, N. Y.—BOND OFFERING—The Village Board will receive
on an
O.
(P.
SOLD—The First National Bank of Mount Vernon purchased on June 3 an
issue of
registered school bonds of 1936.
bids until June 30
4063
MAMARONECK
O. Buffalo), N. Y.—
SOLD TO PWA—The $3,358,000 sewer bonds for which no bids were re¬
ceived at the public offering on May 4 have been sold to the Public Works
Administration as 4s, at a price of par.
Dated April 1, 1936 and due
serially on April 1 from 1940 to 1963, incl.
or
Chronicle
issue of $17,000 standpipe bonds.
DRYDEN AND HARFORD CENTRAL SCHOOL DISTRICT NO.
1
(P. O. Dryden), N. Y.—BOND SALE—The issue of $168,000 coupon or
on June 9—V. 142, p. 3900—-was awarded
fo the Bancamerica-Blair Corp. and Adams, McEntee & Co., Inc., both of
New York, jointly, as 2.80s, at a price of 100.36, a basis of about 2.77%.
Dated June 1, 1936, and due June 1 as follows: $5,000, 1938 to 1943 incl.:
$6,000, 1944 to 1948 incl.; $7,000, 1949 to 1952 incl.; $8,000. 1953 to 195/
incl.; $9,000 from 1958 to 1961 incl. and $4,000 in 1962. Halsey, Stuart &
Co., Inc., of New York bid 100.35 for 2.90s, while E. H. Rollins & Sons in
account with A. C. Allyn & Co., Inc., offered 100.53 for 3s.
registered school bonds offered
vehicular
a
ORCHARD
Buffalo
PARK, N. Y.—BOND SALE— The Marine Trust Co. of
on June 8 an issue of $5,500 general bonds as 2.70s,
purchased
at par plus a premium of $15,
equal to 100.272, a basis of about 2.61%.
Dated June 1, 1936.
One bond for $500, others $1,000 each.
Due June 1
as follows: $1,000 from 1937 to 1941 incl; and $500 in 1942*
Principal and
semi-annual
interest payable at Orchard
Clay, Dillon & Vandewater of New York.
Park.
Legality
approved by
DUNKIRK, N. Y.—OPTION EXTENDED—The city has extended from
three days to one week the option granted the Dunkirk Trust Co. of Dun¬
kirk on the issue of $130,000 deficiency bonds which failed of sale on June 1.
FALLSBURGH UNION FREE SCHOOL DISTRICT NO. 6 (P. O.
Fallsburg), N. Y.—BOND SALE—The $17,000 4% coupon or
registered school building bonds offered on June 5—V. 142, p. 3554—were
sold at par to the South Fallsburg National Bank.
Dated Aug. 1, 1934
and due $1,000 on Aug. 1 from 1938 to 1954, incl.
South
GRANVILLE, N. Y —BILL TO
bill
EXCEED DEBT LIMIT VETOED—A
excess of the 2% debt limit for
The measure would have
authorizing the town to issue bonds in
relief purposes has been vetoed by the Governor.
permitted the incurrence of debt up to 3% of the assessed valuation.
GREENE
COUNTY
(P.
O.
Catskill),
N.
1959 to
1964.
Halsey, Stuart & Co., Inc., made public re-offering of the issue at prices
to yield from 2.50% to
2.60%, according to maturity. They are general
obligations of the county, payable from unlimited ad valorem taxes.
HARRISON (P. O. Harrison), N. Y.—BOND SALE—The issue of
$20,000 coupon or registered fire protection bonds offered on June 6 was
awarded to the Title Guarantee & Trust Co. of New York as 3Ms, at par
§lus a premium ofdue $1,000 to Feb. 1 from 1937of about incl.
$10, equal
100.05, a basis to 1956 3.24%. Dated
eb. 1, 1936. and
on
HERKIMER,
Y.—BOND OFFERING—The issue of $45,000 not
toexceed 4% interest coupon or registered disposal plant bonds for which
bids
were
N.
rejected at the original offering
June 9
because of errors
Sealed bids in this
Clerk, until 2 p. m.
(Eastern Standard Time) on June 23.
Bonds are dated May 1, 1936.
Denom. $1,000.
Due May 1 as follows: $2,000 from 1938 to 1949 incl.
and $3,000 from 1950 to 1956 incl.
Bidder to name one rate of interest
o*1 the
issue, expressed in a multiple of M or l-10th of 1%.
Prin. and int.
CM. & N.) payable at the First National Bank of Herkimer, with New
York exchange.
The bonds are direct general obligations of the village,
payable from unlimited taxes.
A certified check for $900, payable to
the order of the village, must
accompany each proposal.
The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished
on
ing), N. Y.—BOND OFFERING—Percy H. Dowden, District Clerk, will
(Daylight Saving Time) on June 17 for the
purchase of $145,000 not to exceed 6% interest coupon or registered school
bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $5,000 on July 1 from
1938 to 1966, incl.
Bidder to name a single interest rate on the issue, ex¬
pressed in a multiple of M or 1-10 of 1%.
Prin. and int. (J. & J.) payable
at the Ossining Trust Co., Ossining.
A certified check for $2,900, payable
to the order of the District, must accompany each proposal.
The approving
opinion of Reed, Hoyt & Washburn of New York will be furnished the suc¬
receive sealed bids until 3 p.m.
cessful bidder.
DATE AND AMOUNT OF ISSUE
of $45,000 bonds in
Administration projects.
It was originally
planned to receive sealed bids on June 15 on an issue of $38,000.
PELHAM MANOR, N. Y —SALE
Y —BOND SALE—The
$240,000 coupon, fully registerable, highway bonds offered on June 8—
V. 142, p. 3721—were awarded to
Halsey, Stuart & Co. of New York as
a Premium of
$2,892, equal to 101.205, a basis of about 2.64%.
The Bancamerica-Blair
Corp. of New York was second high, bidding a
premium of $840 for 2.80s.
Dated June 1, 1936.
Due $40,000 on June 1
from
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Ossin¬
in the notice of sale, is being readvertised for award.
instance will be received by Helen F. Gillette, Village
the successful bidder.
Financial Statement
The assessed valuation of the property
subject to the taxing power of
the village is $9,374,361.
The total bonded debt of the village including the
mentioned bonds is $656,464.31.
The population of the village
(1930 census) was 10,446.
The bonded debt above stated does not include
CHANGED—'The village will conduct a sale on June 29
connection with Works Progress
RENNSELAER, N. Y.—BOND OFFERING —Katherine B. Sanderson,
City Treasurer, will receive sealed bids until 11 a. m. on June 15 for the
purchase of $116,000 not to exceed 4% interest coupon or registered general
improvement bonds.
Dated June 1, 1936.
Denom. $1,000.
Due Jan. 1
as follows: $6,000 from 1938 to 1955, incl. and $8,000 in 1956.
Bidder to
name one rate of interest on all of the bonds, expressed in a multiple of
M or 1-10 of 1%.
Principal and interest (J. & J.) payable at the Rens¬
County Bank & Trust Co., Rensselaer.
The bonds are general
obligations of the city, payable from unlimited taxes. A certified check for
$2,500 payable to the order of the city, must accompany each proposal.
selaer
STAMFORD, HARPERSFIELD, KORTRIGHT AND ROXBURY,
COUNTY, AND JEFFERSON AND GILBOA, SCHO¬
COUNTY, CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Stamford), N. Y.—BOND SALE—The $230,000 coupon, fully registerable,
school building bonds offered on June 10—V. 142, p. 3722—were awarded
to B. J. Van Ingen & Co. of New York on a bid-of 100.809 for 2.90s, a
basis of about 2.83 %. Dated June 1, 1936.
Due June 1 as follows: $4,000.
1938, 1939 and 1940; $5,000, 1941. 1942 and 1943; $6,000, 1944, 1945 and
1946; $7,000, 1947, 1948 and 1949; $8,000, 1950 to 1953; $9,000, 1954 to
1957; $10,000, 1958, 1959 and 1960; and $11,000, 1961 to 1966.
DELAWARE
HARIE
TARRYTOWN, N. Y.—BOND SALE—The $145,000 coupon or regis¬
described below, which were offered on June 8—V. 142, p.
Harris & Co. of New York as 2.40s,
for a premiun of $317.55, equal to 100.219, a basis of about 2.37%:
tered bonds
3722—were awarded to Stranahan,
$100,000 street impt. bonds. Due June 1 as follows: $5,000 from 1938 to
1951 incl., and $6,000 from 1952 to 1956 incl.
45,000 public impt. bonds. Due June 1 as follows: $4,000, 1938; $5,000,
from 1939 to 1945 incl. and $6,000 in 1946.
Principal and interest (J. & D.) pay¬
Irving Trust Co., Tarry town.
Other bids were
Each issue is dated June 1, 1936.
above
able at
the Washington
the debt of any other subdivision having power to levy taxes upon any or
all of the property subject to the taxing power of the village.
The fiscal
year commences March 1.
The amount of taxes levied for the fiscal years
as
commencing March 1, 1933, March 1, 1934 and March 1, 1935, was
respectively $108,237.26, $107,372.88, and $104,957.43.
The amount of
such taxes uncollected at the end of each of said fiscal years was respectively
$17,295.35, $14,230.23 and $14,424.96.
The amount of such taxes un¬
collected as of June 9, 1936 is respectively $10,516.60, $10,070.39 and
$13,750.46.
The taxes of the fiscal year commencing March 1,
1936
amount to $106,680.23 of which $6,573.96 has been collected.
Bancamerica-Blair Corp
JAMESTOWN, N. Y —BOND OFFERING—George S. Doolittle, City
Treasurer, will receive sealed bids until 2 p. m. (Daylight Saving Time)
on June 19, for the
purchase of $44,000 not to exceed 4% interest coupon
or
registered general hospital bonds.
Dated Nov. 1, 1935.
Denom.
$1,000.
Due Nov. 1 as follows:
$12,000 in 1936 and $8,000 from 1937 to
incl.
Bidder to name a single interest rate on all of the bonds,
expressed in a multiple of M or l-10th of 1%.
Principal and interest
1940,
(M. & N.) payable in lawful money of the United States at the Guaranty
Trust Co., New York City.
The bonds are general obligations of the city,
payable from unlimited taxes.
A certified check for $1,000, payable to
the
order
of
the
City Treasurer, must accompany each proposal.
The
approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
BOND SALE NOT CONSUMMATED—'The above bonds
on
April 24
to
were
awarded
Halsey, Stuart & Co., Inc. of New York as 1 Ms, at a price
1.55%.
The sale was not consummated.
of 100,422, a basis of about
follows:
Int. Rate
2M%
2.60%
Rate Bid
100.59
100.44
2.70%
2.70%
Bidder—
Lehman Bros
100.349
Halsey, Stuart & Co., Inc
George B. Gibbons & Co., Inc
Dick & Merle-Smith
____
_..2M%
-
_
Stevenson &
100.66
2.90%
—
Marine Trust Co
100.189
3%
3%
100.65
100.56
3%
3.10%
Co
A. C. Allyn & Co., Inc__
Rutter & Co
100.63
2.90%
Adams, McEntee & Co., Inc
Manufacturers & Traders Trust Co
Bacon,
100.46
100.41
100.53
TONAWANDA (P. O. Kenmore), N. Y.—BOND OFFERING— RoscoeL.
Town Clerk, will receive sealed bids until 2.30 p.m. (Eastern
the purchase of $137,500 not to exceed 6% •
interest coupon or registered municipal building bonds.
Dated June i,
1936.
One bond for $500, others $1,000 each.
Due June 1 as follows:
Rosser,
Standard Time) on June 15 for
$11,500 in 1937 and $14,000 from 1938 to 1946 incl.
the issue, expressed in a multiple
rate of interest on
Bidder to name one
of M or 1-10 of 1%.
Principal and interest (J. & D.) payable in lawful money of the United
States at the First National Bank of Kenmore, with New York exchange,
or at the Chase National Bank, New York, at the option of the holder.
The bonds are general obligations of the town, payable from unlimited
taxes.
A certified check for $2,750, payable to the order of the town, must
accompany
each
The approving
proposal.
opinion of Clay,
Dillon &
furnished the successful bidder. Proceeds
the payment of the town's portion of the cost of
Vandewater of New York will be
KENMORE, N. .Y—BOND OFFERING—Walter Ducker, Village Clerk,
wi 1 receive sealed bids until 3 p.m. (Eastern
for the purchase of $82,000 not to exceed 6%
Standard Time) on June 22
interest coupon or registered
funding bonds.
Dated July 1, 1936.
Denom. $1,000.
Due July 1 as
follows: $22,000 in 1941 and $15,000 from 1942 to 1945, incl.
Bidder to
name one rate of interest on the issue, expressed in a multiple of
M or 1-10
of 1%.
Principal and interest (J. & J.) payable at the First National
Bank of Kenmore or at the Chase National Bank, New York City.
A
certified check for $1,640, payable to the order of the village, must ac¬
company each proposal.
The approving opinion of Reed, Hoyt & Wash¬
burn of New York will be furnished the successful bidder.
The bonds
are
payable from unlimited ad valorem taxes.
COMMISSION (P. O. Ticonderoga),
N. Y.—BONDSALE—Stranahan, Harris & Co., Inc. and James H. Causey
LAKE CHAMPLAIN BRIDGE
&
Co., Inc., both of New York, jointly, have purchased $925,000 3M%
coupon refunding bonds and are re-offering them for public investment at
a price of 103
and accrued interest, yielding about 3.10% to maturity.
Dated July 1, 1936 and due July 1, 1946.
Redeemable by lot at the option of the Lake Champlain Bridge Com¬
mission on any interest payment date upon 30 days' notice at prices ranging
from 104 if redeemed before July 1, 1940 to 101 if redeemed on or after
July 1, 1956 but prior to maturity.
Denom. $1,000. Principal and interest
(J. & J.) payable at the Guaranty Trust Co.. New York City.
Legality
to be approved by Thomson, Wood & Hoffman of New York City.
The bonds, it is said, are direct and general obligations of the Com¬
mission, authorized by amendments to the original Compact between the
States of New York and Vermont with the consent of Congress.
In the
opinion of counsel, they will be secured by a first mortgage upon the bridge
structure as well as the lands on the Vermont approach, and will be a first
lien
charge upon the revenues and tolls arising out of the use of the bridge.
The Commission, the bankers report, covenants to establish and maintain
adequate tolls and charges for the operation and maintenance of the bridge,
payment of interest when due, and payments to the sinking fund of all net
revenues to retire the entire issue on or before maturity.
or
of the issue will be used in
the
new
building.
Financial Statement
real property of the Town subject to taxa¬
preceding town assessment roll is $75,571,360,
The assessed valuation of the
as it appears on the last
and the total contract debt
tion
of said town, including this issue of $137,500
municipal building bonds, is $6,169,200.
Deducting $509,200 obligations
which taxes have been previously levied, $729,200 obligations issued
to provide for the supply of water, and $1,951,590 obligations issued to
provide, improve or maintain a sewer or drainage system where assessments
in an amount not less than such liability have been assessed upon the prop¬
for
erty especially
benefited thereby, the net debt is $2,979,300.
population of said town (1930 census) is 25,006.
does not include the debt of any other sub¬
division having power to levy taxes upon any or all of the property subject
to the taxing power of the town.
Tax Data—Taxes levied for the preceding three fiscal years:
1933
$1,945,131.9311934
$1,842,734.2511935
$1,695,569.96
Taxes of the fiscal year commencing Jan. 1,1936, amount to $1,643,446.97
of which $992,589.89 has been collected.
Pursuant to the Erie County Tax Act, the Receiver of Taxes and Assess¬
ments first pays to the Supervisor of the Town all the moneys levied to
defray town expenses or charges.
The residue of the moneys so collected
is paid to the Treasurer of the County of Erie to whom the receiver of taxes
and assessments also delivers an account of the unpaid taxes.
Said taxes
for the current fiscal year ending Dec. 31, 1936, became delinquent Feb. 16,
1936.
The levy amounts to $1,643,446.97, of which $992,589.89 has been
The
The total debt above stated
collected.
Y.—FINANCIAL STATEMENT—'The following is the
of the city's debt and was issued in connection with
5 of $520,000 bonds to a group headed by Sherwood &
Merrifield, Inc. of New York as 2s, at a price of 100.48, a basis of about
1.92%.—V. 142, p. 3221.
UTICA,
N.
most recent statement
the sale on May
4064
Financial
Financial Statement
'
.
v.
Chronicle
June 13, 1936
■
The assessed valuation of the property of said
Oity subject to taxation
it appears on the last preceding assessment roll
for State or county
taxes, is $132,144,147.
Bonded Indebtedness
as
General purposes
Deferred assessment bonds
Delinquent
$70,000.00
State of North Carolina
--$11,787,753.68
209,381.93
1,020,015.50
-
tax bonds
Total (including present issue)
Sinking funds and cash
F. W. CRAIGIE & COMPANY
$13,017,151.11
460,940.16
Net bonded debt
3'/2s,
July 1942-47 @ 2.20%-2.70% & int.
Richmond, Va.
Phone 8-9187
$12,856,210.95
A. T. T. Tel. Rich. V«. 88
No overlapping debt.
No special tax districts other than three special
lighting districts.
Special lighting district tax included in city tax
charges
on property within
lighting district.
No debt incurred for this service.
There is no subdivision of the city having power to
levy taxes upon any
or all of the property
subject to the taxing power of the city.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
Tax Collections
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
Fiscal Years—
1933
Total levy_.
-$3:341,893.97
Uncollected at end of fiscal yr.
535,263.13
Uncollected as of Apr. 22, 36
None
.-
1934
1935
$4,234,177.31
$3,908,709.20
685,102.47
—
564,003.03
367,617.97
None
.
KIRCHOFER
The tax budget for the fiscal year 1936 is
$6,317,263.64 of which amount
$4,398,246.84 is raised by general tax.
Collection of city tax.
First half June 1
second half Oct. 1.
Tax
becomes delinquent one month later.
RALEIGH, N. O.
Taxes uncollected on this date amount to
$4,398,246.84 (current year).
The population of said Oity (1930 Census), 101,652.
BLOWING
ffanchises_$l,701,173,225.00
79,417,148.20
24,000,876.40
-
Work relief
1,580,000.00
There
are no outstanding certificates of indebtedness
floating indebtedness (bonds about to be issued)
Total indebtedness
630,000.00
—.*
Year—
—
-
-
Levy
$11,122,003.59
10,214,739.27
10,150,481.91
9,434,569.60
9,534,270.81
-
1933—
1932
-
—
$105,528,024.60
—
at End
of '•
Fiscal Year
Uncollected as
of Jan. 1,1936
*
None
None
None
None
$4,399,258.90
16,838,71
None
None
*
Collection has just started and as of close of business
May 9, 1936,
$3,610,987.91 had been collected. The fiscal year is the calenar
year.
WATERTOWN, N. Y —BOND OFFERING—An offering is being made
by the city of a total of $350,000 not to exceed 4% interest
coupon or
registered bonds.
Sealed bids will be received by Perley B.
Dorr, City
Treasurer, until 11 a. m. (Eastern Standard Time) on June 23. The total
of $350,000 is made up of the following issues:
$252,300 emergency relief bonds.
One bond for $300, others in denoms. o*
$1,000 each.
Due July 1 as follows:
$25,000 from 1937 to 1945,
incl. and $27,300 in 1946.
75,000 public works bonds.
Denom. $1,000.
Due July 1 as follows:
$8,000 from 1937 to 1945, incl. and $3,000 in 1946.
22,700 tax refund bonds.
One bond for $700, others $1,000 each.
Due
July 1 as follows:
$2,000 from 1937 to 1945, incl. and $4,700 in
'
1946.
All of the bonds will be dated July 1, 1936.
Bidder will be required to
single interest rate on the entire offering, expressed in a multiple of
Y\ or 1-10th of 1 %. Principal and interest (J. & J.) payable at the Northern
New York Trust Co., Watertown, or at the Marine
Midland Trust Co. of
New York, in New York City, at the
option of the holder.
A certified
check for $7,000, payable to the order of the
city, must accompany each
name a
proposal.
The approving opinion of Clay. Dillon & Vandewater of New
York will be furnished the successful bidder without cost.
The bonds are
general obligations of the city, payable from unlimited taxes.
N.
Y.—BONDS
OFFERED
FOR
INVESTMENT—
Offering for public investment of a new issue of $385,000 2.60% school
and improvement bonds, due Oct.
1, 1936-1965, is being made by Manuacturers & Traders Trust Co.,
Buffalo, and Adams, McEntee & Co.,
Inc.
The bonds are priced to jdeld from .50 to
2.60%, according to ma¬
The assessed valuation of the city as of May 18,
1936, according
statement, is $11,074,438, and its net bonded debt is listed
at $712,800,
In addition to the above bonded debt, the city has outstandingfloating debt in the amount of $130,896 issued for work and home relief.
The following is a complete list of the tenders
received at the offering
on May 29:
—Premium Bid
$361,000
Int. Rate
Traders
Trust
Issue
$24,000
Issue
$2,888.00
$192.00
2.60%
450.00
50.00
2.60%
2.75%
249.09
get.Inc
Kean, Taylor & Co., and Granbery, Safford
& Co
'Co
401.00
coupon
inclusive.
CHARLOTTE, N. C.—BONDS APPROVED—The Local
Government
Commission is said to
have approved the issuance of the
$100,000 street
improvement bonds authorized recently by the City Council, as noted here
—V. 142, p. 3900.
GASTON COUNTY (P. O.
Gastonia), N. C.—BOND OFFERING—
a.m. on June 16,
by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $60,000 issue of
coupon school building bonds.
In¬
terest rate is not to exceed
6%. payable J. & D.
Denom. $1,000. Dated
June 1,1936.
Due on June 1 as follows: $2,000,1938 to
1943, and $3,000,
1944 to 1959, all incl.
Payable in legal tender in New York City.
Bonds
are registerable as to
principal only.
Delivery on or about July 2, at place
of purchaser's choice.
There will be no auction.
The bidders are requested
to name the rate of interest in
multiples of H of 1 %.
Each bid may name
one rate for part of the bonds
(having the earliest maturities), and another
rate for the balance, but no bid
may name more than two rates, and each
bid must specify the amount of bonds of each rate.
The lowest net interest
cost to the county will determine the award of
the bonds.
No bid of less
than par and accrued interest will be
entertained.
The approving opinion
Sealed bids will be received until 11
of Masslich & Mitchell of New York, will be
furnished the purchaser.
A
certified check for $1,200, payable to the State
Treasurer, must accompany
bids.
NORTH
CAROLINA, State of—DEBT REFINANCING PLANS
COMPLETED—Plans for the refinancing of the debts of four more North
Carolina counties and 17 municipalities are
virtually complete, Charles M.
Johnson, State Treasurer, and director of local government, said
recently.
Mr.
to the
Johnson
declined to
the
name
governmental units involved prior
completion of the plans.
Including Craven County, plans for which were announced Tuesday,
the debts of 28 municipalities and 15 counties have been
refinanced in
the last
two
years,
Interest rates
from 1 to 3%.
Mr. Johnson said, at
have
been
reduced
in
a
the
saving totaling $40,000,000.
process, Mr. Johnson said,
SURRY COUNTY (P. O.
Bryson City), N. C.—MATURITY—It is
reported by the County Auditor that the $40,000 tax
anticipation notes
purchased on May 26 by R. S. Dickson & Co. of
Charlotte, as 2^%,
plus a premium of $1.50, as noted in these columns—V.
142, p. 3723—are
due in six months.
WINSTON-SALEM, N. C.—NOTESALE DETAILS—It is now reported
by the Commissioner of Public Accounts and Finance that the $125,000
anticipation notes purchased by Oscar Burnett & Co. of Greensboro at
0.75%, plus a premium of $1.93, as noted here recently—V. 142, p. 3900—
are dated June
4, 1936, and mature on July 31, 1936.
NORTH
C.
Bank & Trust Co. of
as
3.40s, at
par,
according to the District Clerk.
N. Dak.—PRICE PAID—The Oity Auditor reports
$69,000 refunding bonds purchased by the National Bank of
Jamestown, as 3^8, as noted in these columns recently—V. 142, p. 3900—
the
were
sold at par.
NOONAN. N. Dak.—BOND OFFERING—Alice
Olson, City Auditor,
will receive bids until 2 p.m. June 22 for the
purchase of $10,000 5% general
obligation waterworks system bonds.
Denom. $500.
Certified check for
2%, required.
OHIO
98.4
N. Y.—GOVERNOR SIGNS BOND VALIDATION
MEASURE—Governor Lehman has signed the Feinberg bill, which vali¬
dates the bonds issued by the
municipality for meeting unemployment
the
MUNICIPALS
MITCHELL, HERRICK 8 CO.
WHITEHALL,
measure,
Fargo,
JAMESTOWN,
that
108.00
1,480.00
Allyn & Co., Inc.; E. H. Rollins &
Sons, and B. J. Van Ingen & Co., Inc
3.20%
approving the
DAKOTA
GARDNER SCHOOL DISTRICT NO. 56
(P. O. Gardner), N. Dak.—
SALE—The $4,000 issue of school building bonds offered for sale
on May 28—V.
142, p. 3390—was purchased by the Merchants National
BOND
27.00
1,624.50
3%
In
CAROLINA
registered water and sewer bonds offered for Bale without success on
May
12, is reported to have been purchased by R. S. Dickson & Co. of Charlotte,
as 6s at par.
Dated May 1, 1936.
Due $1,000 from May 1. 1939 to 1953
56.40
Halsey, Stuart & Co., Inc
Bancamerica-Blair Corp.; Goldman, Sachs
& Co., and Lobdell & Co
2.80%
Bacon, Stevenson & Co., and Estabrook &
costs.
80
16.56
848.35
,
relief
RLGH
or
Co., and
Adams, McEntee & Co., Inc
2.60%
George B. Gibbons & Co., Inc.; Roosevelt &
Weigold, and Stone & Webster and Blod-
A.
TELETYPE
ROCK, N. C.—BOND SALE—The $15,000 issue of
turity.
to its financial
Bidder—
Manufacturers &
T.
tax
-
WATERVLIET,
ARNOLD
or
(The above statement of bonded debt does not include the debt of
any
other subdivision having power to levy taxes
upon any or all of the property
subject to the taxingjpower of the county.)
Population, 1930 Federal census, 520,947.
Uncollected
1936-1935
1934
A. T.
NORTH
Financial Statement
Assessed valuations, real property incl. special
Bonded debt—General
Sewers
&,
INCORPORATED
Governor
700 CUYAHOGA
CANTON
said:
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
"The bonds were
inadvertently issued in excess of the borrowing limita¬
tion of 2% of the assessed value of the
property.
This is an unfortunate
situation; the bonds
are
outstanding.
While approving this bill, I wish
action should not De taken as a precedent."
OHIO
to make it clear that I believe
my
WILLIAMSON FIRE DISTRICT (P. O.
Williamson), N. Y.—BOND
SALE—The $17,000 4% coupon construction bonds
offered on June 8—
Y. 142, p. 3722—were awarded to the State Bank of Williamson for a
premium of $399.50, equal to 102.35, a basis of about 3.61
%.
Rutter & Co.
of New York bid a premium of
$323.
Dated March 1,1936.
Due March 1
as follows:
$1,000, 1937 to 1941, and $2,000, 1942 to 1947.
WINDHAM, JEWETT, LEXINGTON, ASHLAND AND DURHAM
AKRON, Ohio—BOND SALE—The $10,000 public park bonds offered
June 8—V. 142, p. 3555—were
Akron as 4s for a premium of
on
awarded to the Mayfield-Adams Co. of
$106.72, equal to 101.0672, a basis of about
Dated June 1, 1936.
Due $2,000 yearly on Oct. 1 from 1937 to
1941.
The Weil, Roth &
Irving Co. of Cincinnati bid a premium of $8
for 4%s, and Assel, Goetz &
Moerlein, Inc. of Cincinnati, a $30 premium
3.65%.
for 5s.
CINCINNATI.
Ohio—PLANS LARGE REFUNDING PLAN— The
decision or the State Supreme Court
sustaining the validity of the
amended Uniform Bond Act.
particularly with respect to refunding issues
put out by local units, has occasioned the
taking of steps by the city toward
CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Windham), N. Y.—
BOND OFFERING—An
offering is being made by the district of $151,250
not to exceed 4% interest
recent
Sealed
operation a five-year refunding program, involving about $15,000,000 of callable bonds and a possible
saving of approximately $6,000,000
in interest
charges.
The initial step in the program, according to report,
will consist of the
announcement shortly of the proposed refinancing of
$4,595,000 of Cincinnati Southern Railway
3H% bonds which are callable
in October.
The
coupon
or
registered school
building bonds.
bids will be received
by W. Sheridan Cammer, District Clerk,
National Bank of Windham, until 1
p. m. (Eastern Standard Time)
June 23.
The bonds will be dated June
at the
on
1, 1936.
One bond for $250;
others, $1,000 each.
Due June 1 as follows: $3,250 in 1938; $3,000, 1939
to 1943 incl.;
$4,000, 1944 to 1949 incl.; $5,000, 1950 to 1954 incl.; $6,000,
1955 to 1958 incl.; $7,000, 1959 to 1962
incl., and $8,000 from 1963 to
1966 incl.
Bidder to
name
one
rate
of interest
on
all
of the
bonds, ex-
Sressed inmoney of the United1-10 of 1%. Prin. and int. (J.of Windham in
a multiple of % or States at the National Bank & D.) payable
lawful
l
Windham,
obligations
check
for
with New York exchange.
The bonds
of the district, payable from unlimited
$3,000,
payable to the
order
of Merritt
are
direct
taxes.
A
general
certified
DeLong, District
approving opinion of
E.
Treasurer, must accompany each proposal.
The
Clay, Dillon & Vandewater of New York City will be furnished the
cessful bidder.
suc¬
placing in
city just recently effected the sale of $8,128,000 1H%
and
2M% refunding bonds to a syndicate headed by the National
City
Bank of New York.
These were the first bonds to be issued under the law
which has been held constitutional
by the State Supreme Court.
CINCINNATI, Ohio—BONDS
CALLED FOR REDEMPTION—Jessie
of Sinking Fund Trustees, announces
has been issued for redemption on the dates
specified, of the
following described bonds upon presentation at the Irving Trust Co., N. Y.
City, or at the Provident Savings Bank & Trust Co., Cincinnati.
Interest
B.
Brown, Secretary of the Board
that
call
thereon will
cease on
and after the call dates:
Volume
4065
Financial Chronicle
142
On July 1, 1936 the Following
SMITHVILLE, Ohio—BOND SALE—The $2,000 coupon municipal
building bonds offered on June 9—V. 142, p. 3723—were awarded to the
National Bank of Orrville as 3s, at par plus a premium of $1, equal to
100.05, a basis of about 2.99%.
Dated May 1, 1936 and due $200 each
Cincinnati Southern Railway Bonds:
$77,000 bonds, consolidated sinking fund, $1,000 each; 4%.
Dated July
1, 1891; payable 1941; optional July 1. 1921 or at any time
thereafter.
Nos. 1 to 77.
,810,000 bonds, consolidated finsking fund, $1,000 each* 3.5%.
Dated
July 1, 1902; payable 1952; optional July 1, 1932 or at any time
thereafter.
R. S. 2729a-l, Feb. 4, 1902, to pay Cincinnati Sou.
Ry. bonds at maturity, July 1, 1902.
Nos. 1 to 7810,
On Aug. 1, 1936, the following Water Works Bonds:
500,000 bonds, $500 each; 3.5%.
Dated Feb. 1, 1906; payable 1946; op¬
tional Feb. 1, 1926 or at any time thereafter.
Acts of April 24,
1896 and April 25, 1902.
Nos. 15355 to 16354.
245,000 bonds, $500 each; 3.65%.
Dated Aug. 1, 1906; payable 1946;
optional Aug. 1,1926 or at any time thereafter.
Acts of April 24,
1896 and April 25. 1902.
Nos. 16357 to 16846.
Nov. 1 from 1937 to 1946 inclusive.
,
.
„
STRUTHERS,
offered on May 30—V. 142, p. 3391—were awarded to Ryan,
Sutherland & Co. of Toledo as 3Hs at par plus a premium of $47, equal to
100.21,
on
Rate
Prem.
4M%
4%
3H%
Seasongood & Mayer, Cincinnati
Saunders, Stiver & Co., Cleveland
Stranahan, Harris & Co., Toledo
First Oleveland Corp., Cleveland-,
$115.85
108.00
27.56
5%
3%%
4)4%
Bonds
are
.
317.84
156.60
dated April 1, 1936, and
234.90
will mature $3,000 yearly on Oct. 1
from 1939 to 1947 inclusive.
OKLAHOMA
BURLINGTON, Okla —PRICE PAID—It is stated by the Town Clerk
that the $4,500 electric distribution system bonds purchased by the Farmers
Bank of Cherokee, as reported in these columns recently—V. 142, p. 3901—
were sold as 6s, at par.
Due $500 from 1939 to 1947 incl.
$485,000 sewage treatment works fund No. 1 bonds.
Dated Dec. 15,1933.
Due on Feb. 1 as follows:
$15,000, 1943 to 1947; $16,000, 1948
to 1952; $15,000,1953 to 1957; $119,000, 1958; and $136,000,1959.
186,000 Main Street bridge fund No. 1 bonds.
Dated May 1, 1934. Due
on Feb.
1 as follows:
$8,000, 1940 to 1956; $10,000, 1957 and
$20,000, 1958 and 1959.
598,600 relief, sanitary and storm sewers fund No, 1 bonds.
Dated
Dec. 15, 1933.
Relief sewers portion, amounting to $124,000 will
mature on Feb. 1 as follows:
$54,000 in 1958 and $70,000 in 1959.
Sanitary sewers portion, amounting to $63,000, will mature on
Feb. 1 as follows:
$10,000, 1957; $21,000, 1958; and $32,000,
1959.
Storm sewers portion, amounting to $411,600, will mature
on
Feb. 1 as follows:
$3,000, 1940 and 1941; $7,000, 1942;
$20,000, 1943 to 1956; $19,000, 1957; $33,000, 1958 and $66,000,
CENTRALVUE CONSOLIDATED
SCHOOL DISTRICT (P.
Russell) Okla.—BOND OFFERING—J. T. Ellis, District Clerk,
O.
will
June 15 for the purchase at not less than par of
$10,000 school building bonds, to bear interest at rate named in the success¬
ful bid.
Due $600 yearly, beginning three years after date of issue, except
that the last instalment shall amount to $1,000.
Certified check for 2% of
receive bids until 2 p. m.
amount of
bid, required.
REED JOINT CONSOLIDATED SCHOOL DISTRICT (P. O.
Route 2), Okla.—BOND OFFERING—C. J. Thompson, District
Reed
Clerk,
the purchase at not less than par of
$10,000 school building bonds, to bear interest at rate named in the success¬
ful bid.
Due $600 yearly beginning three years after date of issue, except
that the last instalment shall amount to $1,000. Certified check for 2% of
amount of bid, required.
will receive bids until 10 a. m. June 15 for
_
127,000 intercepting sewers fund No. 1.
Dated Dec. 15, 1933.
Feb. 1 as follows:
$56,000, 1958, and $71,000, 1959.
1936, and due $3,000
Other bids were as follows:
Fox-Einhorn & Co., Cincinnati
COLUMBUS, Ohio—BOND SALE—The $1,396,600 coupon, registerable, general unlimited tax bonds described below, which were offered on
June 11—V. 142, p. 3391—were awarded to a syndicate headed by Lehman
Bros, of New York and including Phelps, Fenn & Co., Stone & Webster
and Blodgett, Hemphill, Noyes & Co., and Morse Bros. & Co. of New York,
and Fox Einhorn & Co. of Cincinnati, on a bid of par for $127,000 3s and
$1,269,600 2Ha:
-
Dated April 1,
basis of about 3.46%.
Middendorf & Co., Cincinnati
•
!959.
a
Oct. 1 from 1939 to 1947 incl.
Bidder—
_
^
SALE—'The $27,000 coupon refunding
Ohio—BOND
bonds
Due
Denom. $1,000. except one bond for $600.
Principal and semi-annual
interest (Feb. 1 and Aug. 1) payable at the city's agency in New York.
FINAL TALLY SHOWS PASSAGE OF MILL LEVY—Despite the offi¬
cial
count
which
2.4 mill levy for operating
May primary by 21 votes, two re¬
the certified
showed that the proposed
expenses for 1936 was defeated at the
counts
revealed that the levy carried by 96 votes, according to
returns given to the Secretary of State, George S. Myers.
Oregon Municipals
CRESTON, OHIO—BOND SALE—The $35,000 water works plant
l
bonds offered on June 6—V. 142, p. 3391—were awarded as 3s to the
National Bank of Orrville.
Dated April 1, 1936 and due Oct. 1 as follows:
$1,000 from 1937 to 1941 incl. and $1,500 from 1942 to 1961 incl.
CAMP & CO., INC.
DOVER,
Ohio—BOND OFFERING—Eugene Hickin, Village Clerk,
noon July 2 for the purchase at not less than par
$121,913 4)4% coupon special assessment refunding bonds.
Denom.
$1,000, or otherwise as may be fixed by the Village Clerk.
Dated April 1,
1936.
Interest payable April 1 and Oct. 1.
Due Oct. 1 as follows: $8,913,
1938; $9,000, 1939 to 1945, and $10,000, 1946 to 1950.
Certified check
for 5% of amount of bonds bid for, payable to the Village Treasurer,
will receive bids until
Porter
of
OREGON
required.
5 (P. O. Baker), Ore.
bonds offered for
3724—was awarded to the First National Bank,
of Baker, as 2s, at par.
Dated June 15, 1936.
Due from June 15, 1937
to 1944.
The other bidders and their bids were as follows:
BAKER COUNTY SCHOOL DISTRICT NO.
■—BOND SALE—The
GREEN SPRINGS, Ohio.—BOND OFFERING—E. L. Wood. Village
Clerk, will receive bids until noon June 27 for the purchase at not less than
par of $3,675 5% coupon sewer bonds.
Denom. $500, except one for $675.
Dated April 1, 1936.
Interest payable April 1 and Oct. 1.
Due $675,
Oct. 1, 1937; and $500 yearly on Oct. 1 from 1938 to 1943, incl.
Certified
check for $50 payable to the village, required.
O.
Camp & Co
Marshall Wright & Co
Atkinson Jones & Co
E. M. Adams & Co
Universal Bond & Mortgage Corp.—First $12,000
Last $13,000
Tripp & McClearey, Inc
plus a premium of $267, equal to 100.089, a basis of about 1.48%. Dated
June 1, 1936 and due March 1 as follows: $32,000, 1937 and 1938; $34,000,
1939; $36,000, 1940; $38,000, 1941; $40,000, 1942; $43,000 in 1943 and
$45,000 in 1944.
The following is a list of the other bids submitted for the issue:
$239.70
Co., Inc., and Braun, Bosworth & Co.,
Edward B. Smith & Co., N. Y.; Central Trust Co., Cinc_
Stranahan, Harris & Co., Inc., Toledo
Halsey, Stuart & Co., Inc
Blyth & Co., Inc., Chicago; Johnson, Kase & Co
1)4%
1)4%
IH%
1 H%
1%%
1H%
IH%
1 %%
12.57
63.63
480.00
483.95
530.00
1H%
100.280
100.000
7 l?y E. H. Judd, Secretary of the Board
for the purchase of an $89,000 issue of 4% irrigation bonds.
1934.
Due on Jan. 1 as follows:
$1,500, 1938 to 1940;
$2,000, 1941 to 1946; $2,500, 1947 to 1951; $3,000, 1952 to 1956; $3,500,
1957 to 1959; $4,000,1960 to 1963; $4,500,1964 to 1966, and $5,000in 1967.
Subject to redemption at par and accrued interest on any interst paying
date.
These bonds are issued under authority of Chapter 433, Laws of
Oregon of 1927, as amended.
The bonds are offered for sale subject to
confirmation by Circuit Court proceedings.
A certified check for $5,000
must accompany the bid.
Dated Jan.
531.00
1,
2.315.00
Savings Bank, Chicago; Breed & Harri¬
1 H%
Inc., Cincinnati
2%
2)4%
of Directors,
1,295.00
1SA%
2}4%\
3%
received until 10 a. m. on July
1,555.00
13^%
1H%
100.310
100.083
100.081
ROGUE RIVER VALLEY IRRIGATION DISTRICT (P. O.Medford,
Route 2), Ore.—BOND OFFERING—It is stated that sealed bids will be
129.00
1,734.00
1,380.00
First Cleveland
Corp., Cleveland; A. G. Becker & Co.,
Chicago; Mitchell, Herrick & Co., Cleveland
Eldredge & Co., Inc., New York; Assel, Goetz & Moerlein,
Inc., and Seasongood & Mayer, Cincinnati
John J. Grau & Co., Cincinnati
100.260
prepare
Int. Rate Premium
1)4%
100.027
100.270
100.080
PORTLAND, Ore.—SEWAGE BOND SALE CONTEMPLATED—'The
City Attorney is reported to have been instructed by the City Council to
an ordinance authorizing the sale of the $6,000,000 in sewage
disposal plant bonds that were upheld recently by the State Supreme
Court, as noted in these columns.
-
New York.^.
100.227
Ore.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on June 16 by C. H. Whitman, City Recorder, for the
purchase of an $8,000 issue of 3)4% fire equipment bonds.
Denom.
$500.
Dated July 1, 1936.
Due $4,000 on July 1, 1940 and 1941.
Prin,
and int. (J. & J.) payable at the Ctiy Treasurer's office.
A certified check
for 2% of the bid, payable to the City Treasurer, is required.
These bonds
were approved by the voters at an election held on May 15.
Cincinnati), Ohio—BOND SALE—
offered on June 10—V. 142, p.
Bidder—
Price Bid
LEBANON,
The $300,000 emergency poor relief bonds
Brown Harriman & Co., N. Y., Hayden, Miller & Co
2)4%
2%
1
—
-
-
' 2 34 %
O. H. P. McCord & Son
3556—were awarded to the Northern Trust Co. of Chicago and the Mer¬
cantile-Commerce Bank & Trust Co. of St. Louis, jointly, as 1 )^s, at par
Lazard Freres &
2% % \
2)4% J
2)4%
2)4%
2%%
--
-
-
HAMILTON, Ohio—BOND SALE—The City Investment Board has
purchased S6.100 3% bridge bonds, dated June 1, 1936 and due Oct. 1 as
$700 in 1937 and $600 from 1938 to 1946 incl.
Principal and
interest (A. & O.) payable at the office of the Director of Finance.
(P.
2)4%
__
Hardgrove—First $21,000Last $4,000
Blyth & Co
Ferris &
follows:
COUNTY
Int.Rate
Name of Bidder—
First National Bank of Portland
Ohio—BOND OFFERING—J. E. Pfalzgraf, Clerk of the Board of Educa¬
tion, will receive bids until noon June 26 for the purchase at not less than
par of $7,000 4% school building bonds.
Denom. $250.
Dated May 15,
1936.
Interest payable semi-annually.
Due $250 on April 1 and Oct. 1
n each of the
years from 1937 to 1950.
Certified check for $700, required.
HAMILTON
$25,000 issue of coupon school
sale on June 6—Y. 142, p.
GREEN TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lain**),
F. S.
Portland, Oregon
Building>
1,557.00
2,676.75
Moseley & Co., Chicago; Nelson, Browning & Co..
Cincinnati
Harris Trust &
son,
will
We
buy
CITY OF PHILADELPHIA BONDS
LORAIN,
Ohio—BOND SALE—The City Cemetery Fund has pur¬
$7,000 4% street sweeper bonds at par.
Dated May 15,1936.
Denom. $1,000.
Due Sept. 1 as follows:
$1,000 in 1938 and $2,000 from
1939 to 1941 incl.
Principal and interest (M. & S.) payable at the office
of the Sinking Fund Trustees.
chased
YARNALL & CO.
1528
LUCAS COUNTY (P. O. Toledo), Ohio—SPECIAL BOND ELEC¬
TION—At a special election to be held on June 30 the voters will be asked
to approve an issue of $829,000 poor relief bonds under the Carey Act,
A. T. & T.
MONROE COUNTY
(P. O. Woodsfield), Ohio—BOND SALE— The
relief excise fund bonds offered on June 8—V. 142, p. 3723—
were awarded to Saunders, Stiver & Co. of Cleveland as 2s, at a premium
of $45.63, equal to 102.70, a basis of about 1.44%.
Dated Nov. 1, 1935.
Due March 1 as follows:
$1,700, 1937; $1,800, 1938; $1,900, 1939; $2,000.
1940; $2,200, 1941; $2,300, 1942; $2,400, 1943, and $2,600, 1944.
$16,900
Teletype—Phila. 22
poor
Commonwealth of
NEW
BOSTON, Ohio—BONDS RE-OFFERED—Gerald Wintersole,
City Auditor, will receive sealed bids until July 7 for the purchase of $36,000
6% flood prevention bonds. These are the bonds for which all bids were
rejected on June 9. This was due to the fact that the notice of sale had been
advertised for only 15 days, as against the period of 21 days required by law.
The issue was originally offered to mature $1,200 annually from 1938
to
Walnut Street
Philadelphia
PENNSYLVANIA
Moncure Biddle & Co.
1967 incl.
1520 Locust
NEWTON
FALLS, Ohio—BONDS NOT SOLD—The issue of $8,000
5% general refunding bonds offered on June 8—V. 142, p. 3556—was not
sold.
Dated April 1, 1936 and due $1,000 on Oct. 1 from 1938 to 1945
PENNSYLVANIA
inclusive.
PORTSMOUTH, Ohio—BOND SALE—The $75,000 6% flood defense
bonds offered on June 10—V. 142, p. 3723—were awarded to the National
Bank of Portsmouth at a premium of $337.50, equal to 100.45.
Dated
July 1,1936.
Due Oct. 1 as follows: $8,000,1942 to 1947, and $9,000,1948,
1949 and 1950.
St, Philadelphia
BEAVER COUNTY (P. O. Beaver),
i
coupon refunding bonds described
V. 142, p. 3902—were awarded to
for a price of par plus a premium
about
2.34%:
Pa.—BOND SALE—The $500,000
below, which were offered on June 8—
Yarnall & Co. of Philadelphia as 2)4s,
of $7,680, equal to 101.536, a basis of
4066
Financial
$400,000 series of 1936-B bonds. Due July 1 as follows: $15,000, 1938 to
1940 incl.; $20,000 from 1941 to 1944 incl., and $25,000 from
1945 to 1955 incl.
100,000 series of 1936-A bonds. Due July 1 as follows: $5,000 from 1938
to 1953 incl. and $10,000 in 1954 and 1955.
Each issue is dated July 1, 1936.
Denom. $1,000. The bonds will be
registered at holder's option and payable as to principal and interest (J. &
J.)
at the County Treasurer's office.
Halsey, Stuart & Co. of Philadelphia were second high bidders, offering/
a premium of
$7,065.
Graham, Parsons & Co. and Kidder, Peabody & Co. were associated with
Yarnall & Co. of Philadelphia in the purchase of the issue.
Public re-
offering
the
was made
1938 to
1943
102.25 for the
by the bankers at prces to yield from 1% to 2.10% for
102.50 for the 1944 to 1948 maturities;
maturities, and at 102 for those due from
maturities; at
1949
1952
to
1953 to 1955 incl.
BETHLEHEM CITY SCHOOL DISTRICT, Pa.—BOND SALE—The
$250,000 coupon, registerable as to principal, refunding bonds offered on
June 9—V~. 142, p. 3557—were awarded to the First Boston
Corp. and the
Bancamerica-Blair Corp. of New York as 2s at a premium of $1,023.75,
equal to 100.4095, a basis of about 1.94%.
Halsey, Stuart & Co. and
Stroud & Co. of Philadelphia were second high with an offer to
pay a
premium of $672.50.
Dated July 1, 1936.
Due on July 1 as follows:
$10,000, 1937, 1938 and 1939; $20,000, 1940, 1941 and 1942, and $40,000,
1943 to 1946.
BRANCH
June 13,
SCHOOL
DISTRICT
(P.
O.
Minersville),
were as
follows:
Bidder—■
Int. Rate
Leach Bros., Inc
E. H. Rollins & Sons.-_
Rate Bid
4%
—
101.11
100.73
4%
COALDALE SCHOOL
DISTRICT, Pa.—BOND OFFERING—Kermit
Hoffman, Secretary of the School Board, will receive bids until 7.30 p.m.
Denom. $1,000.
Dated July 1, 1936.
Interest payable Jan. 1 and July 1.
Due as follows:
$3,000, 1939; $5,000, 1940; $8,000, 1941 and 1942; $12,000, 1943 to 1948;
$11,000, 1949 to 1953, and $12,000, 1954, 1955 and 1956.
Certified check
for 2% required.
June 15 for the purchase of $175,000 3M % coupon bonds.
FALLS CREEK,
Pa .—BOND OFFERING—V. G. Weed, Borough
Clerk, will receive sealed bids until 8 p. m. on June 22 for the purchase
refunding bonds.
of $9,500 4% reservoir and $7,000 3M%
GIRARD, Pa —BOND OFFERING— G. H. Covey, Borough Secretary,
will receive sealed bids until
10 a.m.
(Eastern Standard Time)
on
July 3
for the purchase of $36,000 3% series of 1936 coupon or
registered light'
and power bonds.
Dated July 15, 1936.
Denom. $1,000.
Due July 15
as follows: $5,000 from 1938 to 1940 incl. and $7,000 from
1941 to 1943 incl.
Registerable as to principal only, and redeemable in whole or in part on
interest date after July 15, 1941.
Interest payable J. & J.
A certified
borougn, must accompany each
proposal.
The approving opinion of Townsend, Elliott & Munson of
Philadelphia or Burgwin, Scully & Burgwin of Pittsburgn will be furnished
the successful bidder.
The bonds will be issued only with tne approval of
the Pennsylvania Department of Internal Affairs.
any
check for $360, payable to tne order of the
HATFIELD BOROUGH SCHOOL
DISTRICT, Pa .—BOND SALE—
issue of $10,000 coupon school bonds offered on June 8—V.
142,
3724—was awarded to Dougherty, Corkran & Co. of Philadelphia as
2%s, at a price of 101.772, a basis of about 2.54%.
Dated June 1, 1936
The
p.
and due $1,000 on June 1 from 1941 to 1950 inclusive.
HATFIELD
TOWNSHIP SCHOOL DISTRICT
(P. O. Hatfield,
Pa.—BOND SALE—The issue of $20,000 coupon, registerable as
principal, bonds offered on June 8—V. 142, p. 3724—was awarded to
Dougherty, Corkran & Co. of Philadelphia as 2&s, at a price of 101.535,
a basis of about 2.57%.
Dated June 1, 1936 and due serially on June 1
from 1941 to 1953, incl.
Other bids were as follows:
R. D.),
to
Bidder—
E. W. Clark & Co
E. H. Rollins & Sons
Leach Bros., Inc
Int. Rate
Rate Bid
3%
3%
3%
3M%
3M%
-
Bioren & Co
W. H. Newbold's Son & Co
Par
100.82
101.35
101.55
101.15/
1936
NEW EAGLE SCHOOL DISTRICT, Pa.—BOND SALE—The
$8,000
coupon school building bonds offered on June 8—Y. 142, p. 3724- were
awarded to Leach Bros., Inc. of Philadelphia as 3Ms, at a
price of 101, a
basis of about 3.60%.
Dated June 1, 1936 and due $1,000 on June I from
1940 to 1947 incl.
NORTH
UNION
TOWNSHIP
SCHOOL
DISTRICT,
Fayette
County, Pa.—BOND SALE—The district has disposed of an issue of
$54,000 high school annex construction bonds.
OSCEOLA,
on
Pa.—BOND
SALE—The
$15,000
coupon
bonds offered
Bros., Inc., of Phila¬
interest date after April 15,
June 1—V. 142, p. 3557—were awarded to Leach
Due April 15, 1951; callable
delphia.
on any
1941.
'
,
PENNSYLVANIA (State of)—CONSIDERS
$50,000,000 NOTE ISSUE
Assembly, now in special session, will be asked to approve a
bill authorizing the issuance of $50,000,000 tax anticipation notes.
The
State disposed of an issue of $5O,OO0,OO0 last
year, mainly to institutions
within its borders, after the State Supreme Court had
upheld the consti¬
tutionality of the enabling measure.
—The General
LOCAL ISSUES APPROVED—In presenting below a list of the local
approved recently by the Pennsylvania Department of Internal
Affairs, Bureau of Municipal Affairs, we show the name of the municipality,
amount and purpose of issue and the date of approval:
issues
June
2.
Date
.
Municipality and Purpose—
TOWNSHIP
Pa.—BOND SALE—The issue of $28,000 coupon bonds offered on June 6
—V. 142, p. 3557—was awarded to M. M. Freeman & Co., Inc., of Phila¬
delphia as 3Ks, at a price of 100.0375, a basis of about 3.49%.
Dated
June 15 1936 and due $7,000 each on June 15 in 1941, 1946, 1951 and 1956.
Other bids
Chronicle
Approved
Township,
Decatur
Clearfield County—Paying off
outstanding indebtedness
Martinsburg Borough School District, Blair County—
Erect addition to high school building,
Meadville City School District, Crawford County—
erect and equip an addition to high school
building.
Latrobe
Borough
School
District,
Westmoreland
County—Purchase real estate, build and erect an
addition, equip and furnish same
-
PHILADELPHIA,
Amount
June
2
June
2
8,500
June 2
120,000
June 2
170,000
$11,000
Pa.—TERMS
OF
OFFERING
CHANGED—^The
following outlines the changes that have been made in the terms of the
offering of $5,000,000 3M% bonds in connection with the postponement
of the sale date from June 15 to June 24:
The first advertisement stated the bonds would be dated Feb.
15, 1936,
instead of June 15 as had been planned.
With the readvertisement, the
bonds will now be dated July 1 and mature July 1,
1986, optional 1956.
The original advertisement also provided for the bids to be
opened the
day the bonds were dated, to which counsel for the city raised an
objection. Finally the first coupon would have had to be for 6M months
and the last coupon for 5M months.
The change will permit the interest
to be payable Jan. 1 and July 1 with all coupons for six months'
periods.
same
PITTSBURGH, Pa.—INTEREST DEFAULT—Although the city de¬
on $23,513 in interest charges payable at the
Peoples Pitts¬
burgh Trust Co., Pittsburgh, this was not the result of a lack of funds for
the purpose, but was caused solely by the refusal of
Mayor William C. McNair to sign the warrant authorizing the transfer of earmarked funds from
the city treasury to the local bank, which is the fiscal agent for the
payment
of principal and interest charges on certain city bonds.
These latter were
issued prior to 1911 and the amount currently
outstanding is approximately
$2,000,000. Inasmuch as the obligations were issued as payable through a
bank acting as the city's fiscal agent, payment of the
necessary principal
and interest charges, as specified in the law, cannot be made unless the
necessary warrant is signed by the Mayor.
The City Treasurer has been
made fiscal agent on all of the bonds brought out subsequent to 1911 and
service on such obligations can be made without authority of the
Mayor.
In explaining the situation, City Controller James P. Kerr declared that the
funds required to meet the defaulted June 1 interest
charges in question
have been placed in the city sinking fund and cannot be used for
any other
purpose.
Unless Mayor McNair reverses himself, the default is likely to
faulted June 1
continue
until
one
of the
affected bondholders institutes court action to
compel discharge of the debt. The attitude of the Mayor, according to local
press reports, is that the city is faced with a large deficit in operations during
the present year and should not make provision for payment of debt service
in the light
of a possible default on municipal payrolls. This view of the
city's finances, however, apparently is not shared by any other fiscal officer
familiar with the municipality's financial condition.
'
DEFAULT ON BOND INTEREST INCREASES COST OF DEBT-Con¬
tinued refusal of Mayor William C. McNair to issue warrants for payment
of the defaulted interest is costing the city an additional charge on the
amount due at the rate of
6% per annum.
The extra sum due in the first
of the delinquency is computed at $1,350.
This in itself, however,
factor in contrast with the ultimate loss which the city
HAVERFORD TOWNSHIP (P. O.
Upper Darby), Pa.—BOND SALE
$100,000 coupon street and sewer improvement bonds offered on
June 8—V. 142, p. 3557—were awarded to Drexel & Co. of
Philadelphia
on a bid of 101.053 for 2Ms,
a basis of about 2.21%.
Stroud & Co. of
year
Philadelphia
$1,500,000 improvement bonds and the unfavorable reaction of investment
bankers to the Mayor's attitide is likely to be reflected in the terms of the
offers made for the new issue.
■—The
second high, bidding 100.769 for 2Ms.
Dated June 1,
1936. Due June 1, 1966; redeemable in whole or in part, at par and accrued
interest, on and after June 1, 1946.
were
KENNEDY
TOWNSHIP
(P.
O.
Coraopolis
R.
D.
No.
1),
Pa.—
BOND
OFFERING—A. J. Dockweiler, Chairman of the Board of Super
visors, will receive bids until 7 p.m. (Eastern Standard Time) June 29 for *
the purchase of $24,000 bonds.
Bidders are to name rate of interest, in a
multiple of M %, but not to exceed 4%.
Denom. $1,000.
Dated July 1,
1936.
Interest payable semi-annually.
Due $2,000 yearly on July 1
from 1938 to 1949, incl.
Certified cneck for $1,000, payable to the Town¬
ship Treasurer, required.
Township will pay for printing of bonds and
furnish approving opinion of Burgwin,
Scully & Churchill of Pittsburgh.
LATROBE
SCHOOL
DISTRICT, Pa .—BOND OFFERING—Dorothy
C. Harman, District Secretary, will receive sealed bids until 10 a.m. (East¬
Standard Time) on June 30 for the purchase of $170,000 2%
% school
addition bonds.
Dated June 1,
1936.
Denom. $1,000.
Due June 1
ern
follows: $5,000. 1937 to 1951 incl.; $6,000, 1952 to 1961
incl.; $7,000
from 1962 to 1965 incl. and $8,000 in 1966.
Interest payable J. & D.
A
certified check for $500, payable to the order of F. J. Metz,
Treasurer, must
accompany each proposal.
Successful bidder will be required to pay the
cost of tne legal opinion.
as
LAWRENCE TOWNSHIP SCHOOL DISTRICT (P. O. Clearfield),
Pa.—BOND OFFERING—The Board of Directors of the school district will
receive bids at the offices of Arnold & Chaplin, in
Clearfield, until 3 p. m.
June 22 for the purchase of $22,000
3M%
refunding bonds and $13,000
improvement bonds, also bearing 3M% interest. Denom. $1,000. Dated
June 1, 1936.
Interest payable June 1 and Dec. 1.
Refunding bonds ma¬
ture $2,000 yearly on June 1 from 1937 to
1947; improvement bonds June 1,
1956, subject to call on and after June 1, 1946.
MEADVILLE SCHOOL
DISTRICT, Pa.—BOND OFFERING— Robert
X. Brown, District Secretary, will receive bids until 4
p.m. June 16 for the
purchase of $120,000 2% % coupon bonds.
Denom. $1,000.
Dated July 1,
1936.
Due $5,000 yearly on July 1 from 1937 to 1940.
MORTON,
offered
Pa.—BOND
SALE—The
$35,000
sanitary
sewer
bonds
June 8—V. 142, p. 3392—were awarded to Leach
Bros., Inc., of
on a bid of 101.11 for 3^3, a basis of about 3.44%.
E. H.
& Sons of
Philadelphia, second
on
Philadelphia
Rollins
101.09 for 3Mson
and after
Dated June 15, 1936.
15, 1946.
high bidders, offered a price of
Due June 15, 1966; subject to call
June
NEW
CASTLE
SCHOOL
DISTRICT,
Pa.—BOND SALE—The
$30,000 series D coupon or registered refunding bonds offered on June 10—
142, p. 3724—were awarded to Glover & MacGregor of Pittsburgh as
3s for a premium of $1,410, equal to
104.70, a basis of about 2.61%. Dated
July 1, 1936.
Due $5,000 on July 1 from 1948 to 1953, incl. Other bidders
were:
,
NEW KENSINGTON SCHOOL
DISTRICT, Pa.—BOND SALE—The
$115,000 4% coupon school bonds offered on June 8—V. 142 p. 3902—were
awarded to Brown Harriman & Co. of
Philadelphia at par plus a premium
of $5,901.80, equal to 105.132, a basis of about
2.01 %.
Dated June 1,1936
and due as follows:
$10,000,
Bidder
1937; $15,000, 1938; $20,000, 1939; $10,000
Other bids
—
Singer, Deane & Scriber, Inc
E. H. Rollins & Sons
M. M. Freeman & Co
S. K. Cunningham & Co
Halsey, Stuart & Co., Inc
Stroud & Co
W. H. Newbold's Son & Co
were as
may encounter should the default continue for any length of time.
It is
known that the City Council is prepared to offer for sale soon an issue of
ROYERSFORD, Pa.—BOND OFFERING—Benjamin Detwiler, Borough
Secretary, will receive sealed bids until 7 p. m. (Eastern Standard Time)
June 22 for the purchase of $80,000 1U. 1%, 2, 2M, 2M. 2M, 3, 3M,
or
3M% coupon sewer bonds.
Dated July 1, 1936.
Denom. $l,O00.
Due July 1 as follows:
$5,000, 1941; $10,000, 1946; $15,000 in 1951,
1956 and 1961, and $20,000 in 1966.
The bonds will be registerable as to
principal only and must all bear the same rate of interestl
Interest
payable J. & J.
A certified check for 2%, payable to the order of the
borough, must accompany each proposal.
The bonds will be issued
subject to approval of Townsend, Elliott & Munson of Philadelphia.
on
RUTLEDGE, Pa.—BOND SALE—The issue of ,$25,000
bonds offered
National
on
June 4—V.
Bank of Morton
as
coupon sewer
142, p. 3558—was awarded to the Morton
3s at par plus a premium of $50, equal to
100.20,
a basis of about 2.98%.
Dated June 1, 1936, and due on June 1
$1,000 from 1942 to 1948.incl. ,and $2,000 from 1949 to 1957
Optional on June 1, 1946, or on any subsequent interest date.
follows:
as
incl.
SLIGO SCHOOL DISTRICT, Pa.—BOND SALE—The $3,000 4%
school bonds offered on June 9—V. 142, p. 3725—were awarded to D. L.
Elliott of Sligo at par.
Dated June 1, 1936.
Due June 1, 1942; optional
on
and after June 1, 1938.
\
SOUTH WHITEHALL TOWNSHIP SCHOOL DISTRICT (P. O.
Allentown R. D. No. 3), Pa .—BOND OFFERING- Edwin H. Dorney,
District Secretary, will receive bids until 6:30 p. m., June 19 for the pur¬
chase of $24,000 coupon bonds, which are to bear interest at
2%, 2M%,
2H%, 2H%, 3%, 3M% or 3M%.
Denom. $1,000.
Interest payable
semi-annully.
Due as follows:
$1,000, 1937; $3,000, 1938; $2,000, 1939;
$3,000, 1940; $2,000, 1941; $3,000, 1942; $2,000, 1943 and 1944; and $3,000.
1945 and 1946.
Cert, check for 2%, required.
The bonds due on and after July 1, 1942 will be subject to call prior to
July 1, 1941.
Bidder must name one rate of interest on the issue and the
bonds will be secured by the levy of an "emergency sinking fund tax" and
will be further secured by all outstanding taxes which are liens against real
estate in the district, either recorded or unrecorded for the years 1929-1934.
SPRINGFIELD
TOWNSHIP
(P.
O.
Springfield),
Pa .—BOND
OFFERING—John W. Calder, Township Secretary, will receive sealed bids
7 p. m. (Eastern Standard Time) on June 30, for the purchase of
$177,000 2, 2 M, 2 M, 2 M, 3, 3 M or 3 M % coupon refunding bonds. Dated
Aug. 1, 1936.
Denom. $1,000.
Due Aug. 1 as follows:
$5,000, 1937 to
1941, incl.; $10,000 from 1942 to 1955, incl. and $12,000 in 1956. The bonds
will be registerable as to principal only and must all bear the same rate of
interest.
Interest payable F. & A.
A certified check for 2% of the bonds
bid for, payable to the order of the Township Treasurer, must accompany
each proposal.
The bonds will be issued subject to the approval of Townsend, Elliott & Munson of Philadelphia.
until
V.
from 1940 to 1946 incl.
may prove a small
follows:
Premium
$5,217.00
4,956.50
3,768.00
3,645.50
3.496,.00
2,092.89
949.90
WEST
POTTSGROVE
TOWNSHIP
(P.
O.
Stowe),
Pa.—BOND
OFFERING—Earl F. Mest,
Township Secretary, will receive bids until 7
purchase of $19,000 coupon funding bonds, which are
bear interest at 2%, 2M%. 2M%, 2%%, 3% or 3M%Denom. $1,000.
p. m. June 29 for the
to
Interest
payable Jan. 1 and July 1.
1946 and 1951; and $4,000 in 1956.
Due $5,000 in each of the years 1941,
Certified check for 2%, required.
WHITEHALL TOWNSHIP SCHOOL DISTRICT (P. O. Cementon),
Pa.—BOND OFFERING—Lewis B. Rice, District Secretary, will receive
sealed bids
until 6 p. m. on June 22 for the purchase of $60,000 2M%
operating expense bonds.
Dated June 15, 1936.
Denom. $1,000.
1 as follows- $6,000, 1937 to 1940, incl.: ,*8,000, 1941; $6,000,
1942; $5,000,1943; $7,000,1944; $6,000,1945, and $4,000 in 1946.
Interest
coupon
Due June
Volume
Financial
142
payable J. & D.
A certified check for 2%, payable to the order of the
Treasurer, must accompany each proposal,
The bonds will be issued sub¬
ject to the approval of the Pennsylvania Department of Internal Affairs.
ZELIENOPLE
SCHOOL
DISTRICT,
Pa .—BOND
SALE—The
$37,000 coupon building and improvement bonds offered on June 8—V. 142,
p. 3725—were awarded to Singer, Deane & Scribner, Inc., of Pittsburgh
as 3s, at par
plus a premium of $322.30, equal to 100.871, a basis of about
2.91%.
Dated Sept. 1, 1936, and due Sept. 1 as follows: $1,000, 1938 to
1942 mcl.; $2,000, 1943 to 1951 incl.; $5,000 in 1952 and 1953. and $4,000
in
1954.
Other
bids
were
as
follows:
Bidder—
S. K.
Premium
int. Rate
Cunningham & Co
3H%
334%
3M%
334%
334%
Stroud & Co
Glover & MacGregor
PUERTO
PUERTO
RICO,
$314.50
321.16
3%
M. M. Freeman & Co
B. H. Rollins & Sons
Leach Bros., Inc__
Government
286.7,5
131.50
110.96
1,301.50
RHODE
Bank
bids
of
Providence
were as
at
on
issue
of
discount.
Due
$851, equal to 102.1275,
Dec.
3,
Dated July 1, 1936.
The bonds
2___
divided
follows:
as
orders, churches and schools subject to taxation, thereby adding consid¬
erably to the property tax rolls in the counties of the State, according to
expectations.
Bought
Sold
—
—
Quoted
H. C. BURT & COMPANY
Incorporated
0.57%
0.59%
0.635%
ISLAND, State of—POPULATION
foreign-born residents
TEXAS
ALVIN,
Tex.—BONDS
an
election held recently the
$60,000 in 5% water system
Due in three years, it is reported.
population decreases.
Eleven
showing losses are said to be industrial centers.
Providence
percentage loss of 3.9, with 243,006 inhabitants, or 9,975 fewer
1930.
VOTED—At
voters are said to have favored the issuance of
,
The report, based on figures for Jan. 1,
1936, showed that since the Fed¬
eral census of 1930 Rhode island had lost
6,785 inhabitants, 680,712 being
left.
Among 39 cities and towns, 12 showed
number recorded in
Houston, Texas
Sterling Building
DECREASE—
SHOWS
return of
to their native lands.
a
are
TENNESSEE, State of—NEW LAW ADDS TO PROPERTY VALUA¬
TIONS—We are informed that a law was passed at the last session of the
State Legislature which makes income-producing properties of fraternal
Discount
_0.50%
f
slump in the textile industry and to the
than the
The Park National Bank
FRIENDSHIP, Tenn.—BOND SALE—The two issues of bonds aggre¬
gating $6,000, offered for sale on May 1—V. 142, p. 2715—were purchased
by I. B. Tigrett & Co. of Jackson, as 6s, at par, according to the Mayor.
The first loss in population in Rhode Ialsnd since
census-taking began, in
1790, was recorded in an enumeration made public on June 5 by the State
Census Bureau.
Amounting to 1%, the drop was attributed largely to
showed
basis of about 2.58%.
Due $4,000 yearly on July 1 from 1937 to 1946.
Other
1936.
First National Bank of Boston
12
a
of Knoxville submitted the second high bid, an offer of a premium of $625.
revenue
Leavitt & Co
of the
Maryville), Tenn.—BOND SALE—The
coupon refunding bonds offered on June 5—V. 142, p. 3725—
awarded to the Fidelity-Bankers Trust Co. of Knoxville and the
Union Planters National Bank & Trust Co. of Memphis for a premium of
June 10 was awarded to the Citizens Savings
0.45%
O.
(P.
$40,000 3%
were
follows:
Bidder—
a
COUNTY
TEXAS BONDS
$100,000
"Whiting, Weeks & Knowles (plus $1)
Faxon, Gade & Co
I
RHODE
TENNESSEE
BLOUNT
ISLAND
I.—NOTE SALE—The
anticipation notes offered
July 1 bi each of the years 1938, 1940, 1942, 1944, 1946,
1948, 1950, 1952 and 1953, and $1,000, July 1, 1955.
Prin. and int.
payable at the City Treasurer's office.
1949.
bids
Boned, Treasurer,
coupon road and bridge construc¬
tion bonds.
Interest rate is not to exceed 434 %, payable J. & J.
Denom.
$1,000.
Dated July 1, 1936.
Due $500,000 on July 1, 1937 and 1938.
The
Attorney General of Puerto Rico is said to have passed upon the legality of
this issue.
Prin. and interest will be payable at the office of the Treasurer
of San Juan.
A certified check for 2 % of the
par value of the bonds bid for,
payable to the Treasurer, is required.
OFFERING— Sealed
will be received until 2 p. m. on June
17, by R. Snacho
for the purchase of an issue of $1,000,000
CRANSTON, R.
4067
on
$3,000 street improvement bonds. Due from 1938 to 1948.
3,000 elementary school building improvement bonds.
Due from 1939 to
RICO
of—BOND
Chronicle
purchase bonds.
AMARILLO, Tex.—BOND SALE NOT SCHEDULED—In connection
the $605,000 refunding bonds that were offered for sale without
on
Dec. 18, when all the bids received were rejected, as noted
here—V. 142, p. 165—it is stated by J. M. Barker, City Auditor, that
no definite plans have been made for the sale of the bonds.
However the
City Commission is understood to be ready to receive proposals.
with
success
AUSTIN, Texas—BOND LEGALITY APPROVED—It is reported that
the $400,000 3% water, electric light and sewer system bonds sold to the
Public Works Administration in April, as noted here at that time—V. 142,
Southern Municipal Bonds
p.
2879—have been approved
St. Louis.
BROAD STREET
We
CHARLESTON,
not
was
S. C.
columns
SOUTH
CAROLINA
CHARLESTON,
S. C.—BOND ISSUANCE CONTEMPLATED—
city is said to be planning to issue $1,000,000 in water tunnel com¬
pletion bonds.
m
The
CHER AW,
S. C.—BONDS SOLD—A block of $19,400 5% semi-ann.
refunding bonds is reported to have been purchased by E. H. Pringle &
Co. of Cnarleston and associate,
paying a premium of $130, equal to 100.66.
Due serially in five years.
This sale is said to represent the first move in a
refunding plan covering
all or the town's
indebtedness, and was made in order to clear
up
all the
floating indebtedness and interest due by the municipality.
^
5v^?ROKtEE COUNTY (P. O. Gaffney),
S. C.—BOND SALE DE¬
RAILS—It is stated by the Clerk of the Board of
County Commissioners
that the $144,000 road bonds purchased
by Johnson, Lane, Space & Co.
of Savannah, at a price of 103.90, as noted here
bear
interest
at
recently—V. 142, p. 3902—
4%, are dated March 1, 1936, and mature on March 1
1937: 58,000, 1938 and 1939; $9,000, 1940; $10,000,
1?41: $12,000, 1942; $13,000, 1943; $14,000,
$16,000, 1947, and $17,000 in 1948, giving
BEETS' CAROLINA, State of—NEW
IN
STATE
1944; $15,000, 1945 and 1946;
a
legality by Charles & Trauernicht, of
CROCKETT COUNTY (P. O. Ozona), Texas—BONDS NOT SOLD—
are informed by the County Clerk that a $47,000 issue of road bonds
Telephone WHltehall 4-6765
GREENVILLE, S. C.
as to
said to be part of an authorized issue of $857,000
tion will be held
YORK
NEW
are
CHILDRESS, Texas—BOND ELECTION— It is reported that an elec¬
on June 18 in order to vote on the proposed issuance of
$241,000 in not to exceed 5% refunding water revenue bonds.
McALISTER, SMITH & PATE, Inc.
67
These bonds
basis of about 3.40%.
ROAD ACT TO BE TESTED
COURT—Attacking the constitutionality of the highway re¬
organization bill recently passed by the State Legislature over the veto of
the
Governor, a test case has been brought in the original jurisdiction of
Supreme Court by W. A. Coleman, former Mayor of Columbia,
as petitioner,
against the newly-elected Highway Commission and E. P.
Miller, State Treasurer, seeking to restrain the State Treasurer from issuing
$1,500,000 in certificates of indebtedness to construct certain roads in the
State, according to the Columbia, S. C., "State" of June 5.
The petition
for an injunction against the proposed sale of the above certificates
alleges
unconstitutionality upon several grounds.
the State
sold
by the Commissioner's Court,
recently.—V. 142, p. 3725.
as
we
had reported in these
DAINGERFIELD, Tex.—BONDS VOTED—At an election held recently
the voters are said to have approved the issuance of $60,000 in water works
and sewer system revenue bonds.
HARLINGEN, Texas—BOND ISSUANCE CONTEMPLATED—The
City Council is said to be planning to issue refunding bonds to care for
approximately $150,000 in scrip, scrip warrants and notes. Due in 20 years.
KILGORE, Texas—BOND SALE—A $200,000 issue of paving bonds
offered for sale on June 10 and was purchased by the Kilgore National
as 3s at par.
Due serially in 10 years.
was
Bank
LAREDO, Texas—BOND OFFERING—U. S. Algee, Assistant City
Attorney, is calling for sealed bids until 7:30 p. m. on June 16, for the
purchase of three issues of 4% % semi-annual bonds, aggregating $55,000,
dividend as follows:
$25,000 sanitary sewer; $14,000 storm sewer, and
$16,000 street improvement bonds.
Tex.—BOND REFUNDING AGREEMENT—Holders
LITTLEFIELD.
of approximately $300,000 of
outstanding municipal bonds, not including
producing bonds, have entered into an agreement with the city
by which the bonds will be refunded at a lower rate of interest, the re¬
duction being from the present rate of 6% to an average of 4H%.
Only
4% will be paid for several years, the rate increasing to 4H% 10 years
later, and again increasing later to.5%.
Refunding bonds bearing the
revenue
interest rate will be issued.
new
Under the new set-up,
bondholders agreed to accept present city property
valuations, and agreed that the tax rate be continued at the present $1.50
rate.
LONGVIEW
INDEPENDENT
SCHOOL
DISTRICT
(P.
as
noted here—V. 142, p. 3903.
BENNETT
S.
on
COUNTY
HIGH
SCHOOL
DISTRICT
bonds.
announced
by Mayor D. C. Harris that the city will receive until 5 p. m. on June 22,
DAKOTA
Dak.—BOND
held
Long-
-
MINERAL WELLS, Tex.—OFFERINGS REQUESTED—It is
SOUTH
O.
view),
Tex.—BOND OFFERING CONTEMPLATED—H.
L. Foster,
Superintendent of Schools, is reported to be ready to offer for sale the
$35,000 4% school construction bonds approved by the voters on May 29,
dated April 1. 1935.
All offerings should be firm for 10 days and be identified on the face of the
envelope by the following words: "Tender of Refunding Bonds."
.
sealed offerings of city refunding bonds, series of 1935,
(P. O. Martin),
ELECTION—It is reported that an election will be
June 16.in order to vote on the issuance of $35,000 in high school
Due on Dec. 1 as follows: $1,000, 1937 to 1947; $2,000, 1948 to
.
TEMPLE,
Texas—BOND
ELECTION
CONTEMPLATED—An
elec¬
future, according to report, in order to have
the proposed issuance of $800,000 in light and power
tion will be called for the near
1952, and $3,000, 1953 to 1957.
the
FALL
RIVER
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO. 27 (P. O. Edgemont), S. Dak.—BONDS NOT SOLD—The two issues
of bonds, aggregating $66,000. offered on June 1—V. 142, p. 3558—were
not sold, according to the President of the Board of Education.
The issues
are
divided as follows:
$40,000 funding, and $26,000 building bonds.
Due in 20 years, optional in 10 years.
plant construction bonds.
FORT
PIERRE
INDEPENDENT
SCHOOL
DISTRICT
NO.
voters pass
on
WACO, Texas—BONDS TO BE SOLD—The $41,000 issue of revenue
bonds for the construction of a stadium, recently upheld as to validity by
the State Supreme Court, as noted in these columns—V. 142, p. 3225—
will be purchased by the PWA, according to the City Solicitor.
1
(P. O. Fort Pierre), S. Dak.— WARRANT CALL—H. Hendricksen,
District Treasurer, is said to be calling for payment Nos. 7657 to 7727, of
general fund school warrants, and Nos. 8482 to 8639. of tutition fund
warrants.
SIOUX
FALLS,
S.
Dak.—BOND
OFFERING—Andrew
Norstad,
City Auditor, will receive bids until 10 a. m. June 22 for the purchase at
less than par of $35,000 3% general obligation coupon, registerable
as to principal, refunding
bonds.
Denom. $500.
Dated Aug. 1, 1936.
Interest payable Feb. 1 and Aug. 1.
Due $3,500 yearly on Aug. 1 from
1937 to 1946.
Principal and interest payable at the Chase National Bank
in New York.
Purchaser is to pay for cost of printing bonds and legal
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
not
.
expenses.
WAGNER,
S.
Dak.— WARRANTS CALLED—Gerald Halstead,
SALT
Phone Wasatch
LAKE CITY
3221
Bell Teletype:
SL K-37
City
Treasurer, is said to have called for payment on May 28, on which date
ceased, the following warrants:
General, up to and including registered No. 1350.
Road, up to and including registered No. 556.
Library, up to and including registered No. 269.
Water, up to and including registered No. 41.
interest
WATERTOWN, S. Dak.—BOND OFFERING—B. H. Stover, City
Treasurer, wiil receive bids until June 22 for the purchase at not less than
par of $5,500 4% sidewalk construction bonds.
Denom. $500 except one
for $1,000.
Dated July 1, 1936.
Interest payable Jan. 1 and July 1.
FIRST SECURITY TRUST CO.
UTAH
PROVO, Utah—BOND SALE ARRANGED—'The city authorities have
accepted an offer made by John Nuveen & Co. of Chicago to purchase
$800,000 revenue bonds which may be issued to finance the erection of a
municipal electric light and power plant.
The bonds will be submitted to
the voters for approval at an election to be called in the near future.
SAN JUAN COUNTY SCHOOL DISTRICT (P. O. Monricello),
Utah—BOND SALE—An issue of $30,000 3M % school bonds has been
sold to Snow, Bergin & Co. of Salt
Lake City at
par.
Financial
4068
Chronicle
June 13, me
WISCONSIN
VERMONT
WATERBURY TOWN SCHOOL DISTRICT, Vt.—BOND OFFERING
—Charles B. Adams, Town Clerk, will receive sealed bids until 8 p. m.
(Standard Time) on June 19 for the purchase of $72,000 coupon refunding
bonds. Dated July 1, 1936. Denom. $1,000. Due July 1 as follows: $4,000
from 1937 to 1948 incl. and $3,000 from 1949 to 1956 incl. Bidder to name
one rate of interest, expressed in a multiple of Hof 1%.
Interest payable
J. & J.
These bonds will be issued in denomination of $1,000 each, with
interest payable semi-annually on Jan. 1 and July 1. Principal and interest
payable at The First National Bank of Boston, in Boston, or at the Waterbury Savings Bank & Trust Co., in Waterbury, Vt,. at the option of the
holder.
These bonds will be valid general obligations of the Town School
District of Waterbury exempt from taxation in Vermont, and all taxable
property of the district will be subject to the levy of unlimited ad valorem
taxes to pay
both principal and interest. They will be engraved under the
supervision of and authenticated as to genuineness by The First National
Bank of Boston; their legality will be approved by Storey, Tborndike,
Palmer & Dodge, of Boston, whose opinion will be furnished the purchaser.
The original opinion and complete transcript of proceedings covering all
details required in the proper issuance, of the bonds will be filed with The
First National Bank of Boston, where tbey may be inspected. Bonds will be
delivered to the purchaser on or about Wednesday, July 1, 1936 at The
First National Bank of Boston, 17 Court Street Office, Boston, Mass.
Financial Statement, June 1,1936
Assessed valuation, 1935—
$1,936,182.00
Total bonded debt of the town (school district has no bonded
-
—
.-
-
45,000.00
debt)
Water bonds (included in total debt)None
Outstanding notes of the school district...—
72,000.00
(P. O. NeilUvill.j, Wis.—BOND SALE— The
$167,000 2% highway improvement bonds offered on June 12—V. 142, p.
3904—were awarded to F. S. Moseley & Co. of Chicago, as 2s, at a price of
par, plus a premium, of $2,422, equal to 101.45, a basis of about 1.70%.
The Harris Trust & Savings Bank of Chicago, offered to pay a premium of
$2,233 for 2% bonds. • Dated May 1, 1936.
Due on May 1 as follows:
$87,000, 1941; and $80,000 in 1942.
CLARK
COUNTY
COLBY, Wis.'—BOND OFFERING—Carl Holtzhausen, City Clerk, will
receive bids until 8 p. m> June 16 for the purchase of $25,000 3% sewage
bonds.
Denom. 15 for $1,000 and 20 for $500.
Dated July 1, 1936.
principal and annual interest (July 1) payable at the City Treasurer's office,
Due $1,000 yearly on July 1 from 1937 to 1956, except in the years 1940,
1944, 1948, 1952 and 1956.
Certified check for $500, payable to the City
Clerk, required.
Purchaser is to pay for printing of bonds and furnish
legal opinion .
FOND DU
LAC, Wis.—NOTE SALE—A $250,000 issue of corporate
&
purpose notes is reported to have been purchased recently by A. G. Becker
Co. of Chicago, at 1%.
Dated July 1, 1936.
Due on July 1, 1937.
LINCOLN COUNTY (P. O. Merrill), Wis.—BOND OFFERING NOT
SCHEDULED—In connection with the $550,000 highway bonds approved
by the voters on April 7, as reported in these columns—V. 142, p. 2880—
it is stated by Lester W. Litkey, County Clerk, that no highway program
has been devised as yet so no date of sale has been fixed for the bonds.
RUSK COUNTY (P. O. Ladysmith), Wis .—BONDS AUTHORIZED—
The County Board of Supervisors Is said to have passed an ordinacec re¬
cently providing for the issuance of $94,000 in highway bonds.
_ _
Population, 4,045.
; "
'
WYOMING
Note—'The proceeds received from the sale of these bonds are to be used
to refund a like amount of outstanding notes. The school district and the
town are co-extensive.
WINDSOR, Vt .—BOND SALE—The $45,000 coupon refunding bonds
offered on June 5—V. 142, p. 3559—were awarded to Coffin & Burr, Inc.
of Boston, as 3s, at a price of 100.59, a basis of about 2.92%.
Dated
June 15, 1936 and due June 15 as follows: $5,000 in 1940 and $4,000 from
1941 to 1950, incl.
Other bids were as follows:
Corp_.._.
...»
O. F.Childs&Co-_
Arthur Perry & Co.-
Rate Bid
3H%
-.
-
An election will be held on June 22 at which
school building bonds will be voted upon.
WASHAKIE COUNTY
100.44
3H%
3M%
3}$%
3>a%
Certified check for $1,000, payable to the County Treasurer, required.
100.789
First National Bank
than 4%. Dated July 1, 1936. Interest payable semi-annually.
July 1 as follows: $3,000, 1937 to 1941, and $4,000, 1942 to 1956.
no more
Due
100.55
100.42
Ballou, Adams & Whittemore, Inc-.---_-------._
(P. O. Worland), Wyo.—BOND OFFERING
—E. M. Conant, County Clerk, will receive bids until 3 p. m. July 7 for
the purchase of $75,000 coupon court house and jail bonds, to bear interest
at
Int. Rate
Bidder—
First Boston
SHOSHONE SCHOOL DISTRICT NO.S, Wyo.—BOND ELECTION—
a proposal to issue $30,000
;
100.493
—
-
—
.—
Canadian Municipals
VIRGINIA
Information and Markets '
HENRICO COUNTY SANITARY DISTRICT NO. 3
(P. O. Rich¬
mond), Va.—FINANCIAL STATEMENT—1The following information is
furnished by the Department of Finance of the above county;
BRAWLEY, GATHERS & CO.
Waterworks Bonds
25 KING
Issue of Dec. 1, 1934, $77,000 (4%).
Interest payable semi-annually,
1 and Dec. 1.
Maturing serially Dec. 1, 1936-1959.
$1,000 each
ST. WEST, TORONTO
ELGIN 6438
June
Dec.
1, 1936-1937; $2,000 each Dec. 1, 1938-1939; $3,000 each Dec. 1,
1940-1952; $4,000 each Dec. 1, 1953-1955; $5,000 each Dec. 1, 1956-1959.
Payable from ad valorem taxes which may be levied without limit as to
rate or amount upon all the taxable property within the corporate limits
of the
district, and the income and revenues of the waterworks system
remaining after the payment of the cost of the operation and maintenance
of the system.
A tax rate of 55 cents per $100 valuation on ail property is
levied for 1936, the proceeds of which, together with such excess revenue
as may be derived from the operation of the waterworks system, to be set
aside in a sinking fund and moneys deposited in a separate bank account
for the retirement of this indebtedness.
Total bonded indebtedness
1936
San. Dist.
No. 3
Taxrateper $100 valuation
$1,200,000
.....
Assessed value—Real estate
Assessed value—Personal property.
Total assessed values
Total taxes levied
San. Dist.
No. 3
...
Entire
County
$65,000,000
1.50 8lc. to $1.60
460,840
31,137,810
81,080
2,758,165
$1,200,000
2.05
466,800
♦
$541,920
8,115
$33,895,975
30.52%
...
....
Amount uncollected May 31, 1936
Percent uncollected May 31,1936----------.
19.15%
392/797
Not
yet
determined.
Bonds subject to redemption prior to maturity on any interest payment
date upon payment of the principal amount plus accrued interest to the
date of such redemption and of a premium which shall equal H of 1% of
said principal amount for each year or fraction thereof from the date of
such redemption to the date of maturity, not to exceed 5% of said prin¬
cipal amount.
Note—This is
the creation of
mation
for
taxing district of the county, being established for
sanitary district, therefore financial and statistical infor¬
years is not available
Approximately 330 potential
are within the district, which is almost entirely residential.
a new
a
prior
water consumers
.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon— Idaho
—
Montana
Ferris & Hardgrove
SPOKANE
SEATTLE
Teletype—SPO 178
the announcement of Hon.
1 on
Charles Cockcroft, Provincial Treasurer, that
mittee representing the
States and England.
holders
or
specified in the
protective com¬
provincial bonds in Canada, the United
CANADA RENEWS LOANS—The Dominion Government has renewed
for one year loans to the Province maturing at the end of May
half of June totaling $2,250,000.
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
and the first
ANTIGONISH COUNTY (P. O. Antigonish), N. S.—OTHER BIDS—
The following other bids were received at the recent sale of $30,000 4%
20-year bonds to J. O. Mackintosh & Co. of Halifax at a price of 100.52, a
basis of about
3.95%:
Rate Bid
Bidder-—
-
*
Order-in-Council scaling down the rate or interest to be paid as of June
all of the $160,000,000 outstanding bonds to an average figure of 2H%
resulted in the removal of three sterling loans from the official list of the
London Stock Exchange on June 2.
Signing of the order was followed by
under no circumstances will interest be paid at the rates
bonds.
Plans are now under way for the formation of a
(including this issue), $77,000.
Actual value of all property (est.)..
CANADA
ALBERTA
(Province of)—LONDON DELISTS
THREE ISSUES
FROM TRADING LIST—The signing by Lieut .-Gov. W. L. Walsh of the
Irving, Brennan & Co..........
Dominion
Securities Corp.
Royal Securities Corp
Johnston & Ward-.-.-...
100.075
99.07
:
...
...
....
99.27
99.76
W. O. Pitfield & Co...........
99.27
Eastern
99.37
Securities
Co
........
ARVIDA, Que.—PRICE RAID—The Banque Canadienne Nationale
paid a price of 98.85 for the $450,000 4 % 25-year serial bonds purchased
recently.
Interest cost about 4.10%.
CALGARY, Alta.—DUE TO DEFAULT—The Finance Committee of
City Council decided at a special meeting held June 8 to go into technical
on bond interest due June 15 by making a token payment of 3%
on the $10,000 scheduled to be paid on that date.
The $47,000 issue due
June 30 and $360,000 maturity of July 1 will also go into default, according
to report.
The Finance Committee recommended that the Public Utility
the
default
Commissioners, who have the power to appoint a city receiver if requested,
be asked to conduct an investigation and survey of the city's financial
A cash deficit of $768,536 has been estimated for this year.
affairs.
GRAND
MERE, Que.—BOND OFFERING—J. E. Derziel, Secretary-
Treasurer, will receive sealed bids until 5 p. m. on June 17 for the purchase
of $69,600 3 H or 4% bonds, dated May 1,1936 and due serially on May 1
from 1937 to 1966, incl.
KENOGAMI, Que.—BOND
SALE—The issue of $45,000 5% school
corporation bonds offered on June 2 was awarded to the Banque Canadienne
Nationale of Montreal, the only bidder, at a price of 99.08, a basis of
about 5.12%.
Dated May 1, 1936 and due serially in from 1 to 18 years.
MONCTON, N. B.—BONDS AUTHORIZED—The City Council has
WASHINGTON
voted to issue $65,000 3H% bonds due in 20 years.
ST. ANDREWS,
N. B.—BOND SALE—The Eastern Securities Co. of
$65,000 4% 25-year and $40,000 4% 20-year bonds,
The bankers made public reoffering at a price of
EVERETT, Wash.—BOND ELECTION—A special election to vote on
proposed $1,300,000 revenue bond issue to finance construction of a pipe
line will be held on June 20.
Sail dated June 1, 1936.
SPOKANE COUNTY SCHOOL DISTRICT NO. 102 (P. O. Spokane),
Wash .—BOND SALE—The $10,000 coupon school bonds offered on June 11
—V. 142, p. 3394—were awarded to the State of Washington on a bid of
par for 4s. There were no other bids received. Dated when issued.
Bonds
are to run for a period of from two to 10
years after date of issue.
to the
a
WENATCHEE RECLAMATION DISTRICT (P. O.
Wenatchee),
Wash.—BONDS SOLD—It is stated by the District Secretary that $170,000
4K % semi-annual refunding bonds approved by the voters at an election
held on May 29, have been sold.
Due from 1938 to 1954.
St. John has purchased
101.
VANCOUVER, B. C.—SINKING FUND OWED %8,546,972—The
general balance sheet of the city as at Dec. 31, 1935 shows that there is due
sinking fund a total of $8,546,972.92, of which $492,277.52 is due on
account of the 1935 levy.
WINDSOR, Ont.—REFUNDING PLAN READY— The Finance Com¬
on June 7, at a special meeting, approved the final draft of the
mission
Slan to refinance the city's $40,000,000 debt. Application forweek.
lunicipal Board's agreement to the plan will be made next the Ontario
Complete details of the refunding scheme submitted by C. McDiarmid,
City Fiscal Agent, will not be made public until the plan has come before
Municipal Board.
A public hearing on the refunding scheme will be held by the Municipal
Board 90 days after application has been made for the plan's approval.
J. Clark Keith, City Finance Comptroller, stated.
Debts of the four former municipalities, with interest to Dec. 31, 1935,
total $40,000,000.
Of this sum $6,110,000 is interest.
Cash surpluses of the former municipalities total $2,662,000, and out of
this sum, according to the
present plan, the Finance Commission plans to
pay the $6,110,000 debt off at the rate of 44 cents on the dollar.
Out of
the $2,662,000, too, will be paid all the costs of refinancing the city's debts
as well as costs incidental
to amalgamation.
the Ontario
WEST VIRGINIA
KLNOVA, W. Va .—BOND ELECTION—It
will be held
on
June 23 in order to vote
wall construction
on
is reported that an election
the issuance of $29,000 in flood
bonds.
PARKERSBURG. W. Va.—BOND SALE DETAILS—It is now stated
by the City Clerk that the $130,000 water works bonds purchased last
March by Walter, Woody & Heimerdinger of
Cincinnati, as reported in
these columns at that time—V. 142, p. 2038—were sold as
3^s, paying
a premium of $1,597.95, equal to 101.15.
They mature from 1937 to 1964.
SUMMERS COUNTY (P. O. Hinton), W. Va .—BONDS DEFEATED—
At the election held on May 12—V. 142. p. 2880—the voters defeated the
proposal to issue $36,00 (in community building bonds, according to the
County Clerk.
WINNIPEG,
Man.—SINKING FUNDS FACE LOSS
AT CUT IN
INTEREST RATE BY PROVINCE—Reduction in the interest rate to be
paid
provincial bonds to an average figure of 2H% will result in a loss
to the sinking fund of almost $30,000 in interest on its holdings of approxi¬
mately $1,106,000 of Alberta obligations.
The school sinking fund, which
holds about $367,000 bonds, faces a loss of some $10,000.
on
@FedFRASER