The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
COPYRIGHTED IN 193« 8Y WILLIAM B. DANA COMPANY, NEW
YORK.
issuedv^ekivv35gent8agop/-1f
vol. 142,-
BROOKLYN
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEWYORK,
new york, june 20,1936.
no. 3704
!'
TRUST
f
.
NATIONAL BANK
Kidder, Peabody & Co.
1866
George V. McLaughlin
NEW YORK
President
■''(:}
OF
,
fember Federal Deposit
OF
NEW
CHASE
YORK
is
tra.
Insurance Corporation
many
served
years
it
has
large number *
a
of banks and bankers
as
New York
correspondent
and
depository.
COMMERCIAL BANKERS SINCE 1852
\
WelkEtigoBank
UnionTrustCo.
SAN
Member Federal
BANK
•
Deposit Insurance Corporation
AND
INSURANCE
FRANCISCO
United States
STOCKS
Government
$200, lilil
OVER
reserve
*
Member Federal Deposit Insurance Corporation
RESOURCES
v%
ditionally a bankers' bank.
BROOKLYN
a
CITY
The
BOSTON
;
PHILADELPHIA
:
THE
For
S
NEW YORK
CHASE
THE
COMPANY
Chartered
UNDER THE ACT OP MARCH 3, 1J79,
Securities
The
Hallgarten & Co.
Established
t
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
1850
63 Wall
newyork
boston
PHILADELPHIA
chitago
London
■
AND OTHER
Street,. New York
Telephone: BOwling Green 9-5000
CHICAGO
NEW YORK
Boston
SAN FRANCISCO
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
120
State and
Broadway
New York
Amsterdam
London-
Municipal Bonds
New^brkTrust
CARL M. LOEB & CO.
j
Barr Brothers & Co.
61 BROADWAY
Capital Funds
NEWYORK
.
$32,500,000
INC.
.
Berlin
Amsterdam
New York
Chines
Paris
London
IOO BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
NEW YORK
EDWARD B. SMITH & CO.
'31
State
-
New York
Nassau Street
Municipal
Industrial
PHILADELPHIA
Cleveland
New York
•
•
Pittsburgh
(5th Ave.)
»
BOSTON
•
Allentown
London
•
Easton
European Representative's Office:
8 KING
Railroad
WILLIAM STREET
-
Public Utility
BONDS
LONDON* E. C, 4
R.W.Pressprich&Co.
Corrsspondsnt
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Member Federal Reserve System
N. Y.
Members Neut York Stock Exchange
and
Clearing House Association
New York
Chicago
Philadelphia
San Francisco
Financial
n
Chronicle
June 20, 1936
BAKER, WEEKS
Becker & Co,
G.
A.
&HARDEN
Incorporated
.
,
Established
J. & W. Seligman & Co.
Investment Securities
1893
Members
New York Stock Exchange
No. 64
Wall
Street
New York Curb Exchange
Investment Securities
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
NEW YORK
STREET, NEW YORK
London
Graybar Building, New York
Correspondents
Commercial Trust Bldg., Philadelphia
Chicago
New York
Buhl Building, Detroit
SELIGMAN
.
BROTHERS
6
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Other Cities
And
52, Avenue des Champs-Elysees, Paris
NEWARK
New Jersey
Foreign
Foreign
State & Municipal Bonds
Newark Bank & Insurance
Australia and New Zealand
Stocks
BANK OF
Royal Bank of Scotland
NEW SOUTH WALES
Incorporated by Royal Charter 1727
(ESTABLISHED 1817)
J. S. RIPPEL & CO.
Newark, N. J.
18 Clinton St.
Capital (fully paid)
(With whlqh are amalgamated the Western Australian
Bank and The
Australlan.Bank ol Commerce, Ltd.)
Paid Up Capital
Reserve Fund
Reserve Liability of Proprietors
£8,807,148
Deposits
£8,780,000
6,150,000
8,780,000
£64,009,174
~
-
£28,710,000
LOUIS
ST.
BRANCHES
Australian
States,
AGENCIES
AND
New
Zealand,
Fiji,
In
CHIEF
8
Business.
Wool
HEAD
Papua,
William Whyte
Total number of offices. 254
Head Office:
London Office:
George Street,
Co.
&
Associated Bank, Williams Deaeon's Bank. Ltd.
29 Threadneedle
1
SYDNEY
St/x
OFFICE—Edinburgh
other
and
DEPARTMENT
London, England
General Manager
Produce Credits arranged.
St. Louis Securities
FOREIGN
Bishopsgate,
Mandated Territory of New Guinea, and London.
Bank transacts every description of Aus¬
Banking
Ooer
the
The
tralasian
■
200 Years of Commercial Banking
Aggregate Assets 80th Sept., 1985. £110,059,000
A. C. DAVIDSON, General Manager
747
£8,780,192
Reserve fund
Street, E.C.2
Agents Standard
Bank of South Africa
New York
ba/nt Laura
OO9OUVC st
Members St. Louis Stock Exchange
NOTICE OF REDEMPTION
To the Holders
of
and Southwestern
Missouri
Stocks and
United States Rubber Company
Bonds
Six and One-Half Per Cent.
Smith, Moore & Co.
Series N, due
St. Louis
Series O, due
The First Boston
Exchange
March lf 1939
March 1, 1940
St. Louis Stock
Corp. Wire
Serial Gold Notes
Notice
is
hereby given
that, pursuant to the provisions
of
of Article Third of the
Indenture dated March 1, 1925, between the undersigned and
National Bank of Commerce in New York, as Trustee (Guaranty
the Notes hereinafter mentioned and
MICHIGAN MUNICIPALS
and
CORPORATION
BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
Detroit Stock Exchange
Company of New York being its successor by merger), the
undersigned has elected to and will pay off and redeem on Septem¬
ber 1, 1936, of its Six and One-Half Per Cent. Serial Gold Notes
issued under said Indenture, all of Series N, due March 1,1939, at
102^% of the principal amount thereof, and all of Series O, due
Trust
DETROIT
New York Curb Assoc.
Chicago Stock Exch. -
DETROIT
884 BUHL BLDG.,
March 1, 1940, at 1033^% of the principal amount thereof, to¬
gether with accrued interest to September 1, 1936. Interest on the
Notes hereby designated for redemption will cease on September
1, 1936.
are required to be presented on September 1, 1936,
redemption and payment at the principal office of Guaranty
Trust Company of New York, 140 Broadway, New York, N. Y.,
with the coupons maturing after such date. Coupons due on or
before September 1, 1936, should be detached and presented for
payment in the usual manner.
Such Notes
for
Notes
registered
as
to principal should be
executed assignments or transfer powers in
UNITED
INVESTMENT HOLDINGS
ANALYZED
Members of
PENOBSCOT
Detroit
Stock Exchange
BUILDING. DETROIT, MICH.
STATES RUBBER COMPANY
By Wilson H. Blackwell, Treasurer.
New
Charles A. Pa reel Is & Co.
accompanied by duly
blank.
York, N.Y., June 15, 1936.
ommerctHi §
Vol. 142
JUNE 20,
1936
No. 3704
CONTENTS
Editorials
Financial Situation
page
....4068
__
Second Thoughts on the
Republican Platform
4081
What Course Will Great Britain Take Now?
....4083
Comment and Review
Book Reviews—
Is There
Enough Gold?
4084
Migration of Industry to South America
4085
Week
on the
European Stock Exchanges
Foreign Political and Economic Situation.
4073
4073
Foreign Exchange Rates and Comment
4078
Course of the Bond Market
&
4118
..4085
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York
4086
Exchange
4071
Curb Exchange
.....4118
News
Current Events and
Bank and
Trust
Discussions
4096
Company Items
General Corporation and
!._.4116
Investment News
4164
Dry Goods Trade
State and
4212
Municipal Department
_____4213
i
Stocks and Bonds
Foreign Stock Exchange Quotations
4163
Dividends Declared
4121
Auction Sales
4163
New York Stock Exchange—Stock Quotations
4131
New York Stock Exchange—Bond Quotations..4130 & 4140
New York Curb Exchange—Stock Quotations
4146
New York Curb Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond Quotations
4149
_
4152
4156
Over-the-Counter Securities—Stock & Bond Quotations. 4159
Reports
•
Foreign Bank Statements
4077
Course of Bank Clearings
4119
Federal
Reserve Bank Statements
General Corporation and
i
4127
Investment News.
4164
Commodities
The Commercial Markets and
the
Crops
4202
Cotton
4204
Bread stuffs
4210
Published Every Saturday Morning by the William B. Dana Company, 25
Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor: "William Dana
Seibert, President and Treasurer; William D. Rlggs, Business
Other offices:
Chicago—In eharge of Fred H. Gray, Western Representative, 208 South La Salle Street (Te^phone
Manager.
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Entered as second-class matter June 23, 1879, at the post office at New
York, N.
in United States and Possessions, S15.00 per year, S9.00 for 6
South and Central America, Spain, Mexico and
Copyright, 1936, by William B Dana Company.
Y., under the Act of March 3. 1879.
Subscriptions
months; in Dominion of Canada, $16.50 per year. 89.75 for 6i months;
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
line.
Contract and card rates on request.
per agate
This is not
The offer of these Debentures is made only by means of the Offering Prospectus.
Offering Prospectus.
an
though registered, is not approved
This issue,
which
does
June 20, 1936
Chronicle
Financial
rcn
not
pass
disapproved by the Securities and Exchange Co mmissionf
of any registered securities.
or
the
on
merits
$12,000,000
CRANE CO.
Fifteen- Year 3y2% Sinking
Dated June 1,
1986
Fund Debentures
•
Interest
June
payable
CONTINENTAL ILLINOIS NATIONAL BANK AND
Coupon
Redeemable, at the option of the Company, in whole
or
1, in
Chicago
New York.
or
TRUST COMPANY OF CHICAGO,
registerable
of $1,000,
denomination
Debentures'in
Due June 1, 1961
•
and December
1
in part, on any interest payment
as
Trustee.
to principal.
date prior to maturity,
on at
least 30 days
published notice, at the following prices and accrued interest: if redeemed on December I, 1936, 102}/%%; after December
1936 and on or before December 1, 1937, 102%; after December 1, 1937 and on or before December 1, 1938, 101}/%%; after
101%; after December 1, 1943 and
December 1, 1938 and on or before December 1, 1943,
ber
The following is merely a brief outline of
before Decem¬
100%%; and after December 1, 1947, 100%.
1, 1947,
certain information contained in the Offering, Prospectus and is subject to the more detailed statements in the
Offering Prospectus and the Registration Statement, which also include important information not
which must be furnished to each
on or
I,
purchaser, should be read prior to
outlined
or
indicated herein.
The Offering Prospectus,
purchase of these Debentures.
any
originally founded in 1855 and was incorporated in Illinois in 1865 as North Western
Company.
Its name Was changed to Crane Brothers Manufacturing Company on
August 9, 1872, to Crane Company on February 1, 1890, and to Crane Co. on January-23, 1922. The Company and its sub¬
sidiaries are engaged in the manufacture and distribution of brass, iron and steel valves, fittings and appliances for con¬
trolling and conveying water, oil and other liquids, steam, air and gases; heating apparatus and auxiliary products for
industrial and residential purposes; sanitary appliances and fixtures, including sanitary enameled iron and vitreous china
and heavy porcelain ware and plumbers brass goods and supplies; and in the jobbing of numerous related items.
The Com¬
pany is also a large fabricator and distributor of steel pipe.
Products manufactured and distributed by the Company and
Crane Co. was
Manufacturing
COMPANY
THE
its subsidiaries
The
used in
are
practically all major industries.
Company and its subsidiaries
United States,
own
and operate thirteen manufacturing plants or groups of plants located in the
Canada, England and France.
cities in the United
The principal plant is located at Chicago, Illinois.
They also maintain 165
Well as certain related products of other manufacturers, in 129
States, 20 cities in Canada, five in England and one in France.
sales branch houses for the jobbing of
Crane products,
as
Outstanding
CAPITALIZATION—The Company and its
Ten
Year Five Per Cent Sinking Fund Gold Notes, due
Minority Interest in Subsidiaries
Common Stock,
par
par
value $100 (145,889 shares)
value $25 (2,348,628 shares) *
*
This figure includes 50,000 shares of Common Stock held in the
$10 per share.
PURPOSE
OF
ISSUE
and to the extent
of
$10,058,000.00
354,411.22
1,138,873.26
14,588,900.00
58,715,700.00
August 1, 1940
Long Term Debt of Subsidiaries
7% Preferred Stock, cumulative,
as
December 31, 1935
subsidiaries—Consolidated:
Company's treasury against the exercise of an outstanding option for their purchase at
The net proceeds from the sale of the Debentures (estimated at $11,428,900 after deducting expenses)
will be used by the Company to the extent of $10,158,580 for the redemption at 101% on August 1, 1936
(or for the prior purchase) of the outstanding $10,058,000 Five Per Cent Notes, due August 1, 1940,
of $1,270,320 for additional Working capital and for general corporate purposes.
Reference is made to the Offering Prospectus for detailed information as to consolidated earnings for
for the ten years, 1926 to 1935, in¬
Such consolidated profit and loss summary
following adjusted net income figures, after depreciation, but before taking credit for adjustments in the con¬
EARNINGS
1933, 1934 and 1935 and the consolidated profit and loss summary
clusive, and for comments of the auditors and notes in connection therewith.
shows the
tingency
reserve,
for the Company and its subsidiaries:
Balance
Balance
Before
Before
Interest
Charges
Year
Interest
Interest
Interest
Charges
Charges
Year
Balance
Charges
Balance
$623,369
$7,998,014*
46,724
$9,203,330
1931
$7,374,645*
5,421,813
50,260
5,371,553
1932
7,944,767*
619,547
8,564,314*
6,876,808
20,121
6,856,687
1933
1,340,141*
596,119
1,936,260*
1929
12,903,351
131,169
12,772,182
1934
1,276,907
567,986
708,921
1930
381,856
302,127
79,729
1935
1,867,716
540,440
1,327,276
1926
$9,250,054
1927
1928
*
$
Indicates loss.
The Debentures will be direct obligations of the Company, issued under an Indenture dated as of
but will not be secured by any lien.
The Indenture will not authorize the issuance of
but will not limit the amount of other securities which may hereafter be issued by the
Company, except that the Indenture will provide that no mortgage or other lien (other than (/) purchase money or pre¬
existing mortgages on after acquired property or (2) pledges to secure indebtedness incurred in the ordinary course of
business and maturing not more than one year after the creation thereof) shall be created upon any of the properties or
DEBENTURES
June 1, 1936,
additional Debentures thereunder,
assets of the
The
Company
Indenture
or
of
any
will also
tribution to stockholders
subsidiary.
provide that the Company shall
pay
no
The Indenture will provide
in cash for the
dividends except stock dividends or make any dis¬
125% of the sum of consolidated current
which would reduce consolidated current assets below
liabilities and aggregate funded indebtedness of the Company and its
for
an
subsidiaries then outstanding.
annual Sinking Fund payment of $350,000 in each
redemption of Debentures
or
year,
Subject to certain terms and conditions, the Underwriters named in
UNDERWRITING
1937 to 1950, inclusive, payable
in Debentures at cost to the Company.
the Offering Prospectus have
severally agreed to purchase these Debentures from the Company at 96%,
accrued interest.
Such Debentures
The underwriting discounts are
are
23^%,
to be offered to the
or a
or a
or a
total of $11,520,000, plus
total of $11,820,000, plus accrued interest.
total of $300,000.
Price 98y2%
The
public at 98%%,
and Accrued Interest
and if issued, and subject to the approval of Messrs. Winthrop, Stimson,
the Underwriters.- It is expected that delivery of temporary Debentures, exchangeable for definitive Debentures when pre¬
the office of Messrs. J. P. Morgan & Co., on or about June 2J+, 1986, against payment therefor in New York funds..
Underwriters have agreed to purchase these Debentures when, as
Putnam & Roberts, counsel for
pared, will be made at
As
tures
more
fully set forth in the Offering Prospectus, the Underwriters have authorized the purchase and sale, in the open market or otherwise, of Deben¬
for their several accounts, either for long
Further information,
with
or
short account within the limits and during the period set forth in the Agreement between themselves.
particularly financial statements, is contained in the Registration Statement
the Securities and Exchange
on
file
Commission, and in the Offering Prospectus which must be
furnished to each purchaser
and is obtainable from the undersigned.
MORGAN STANLEY & CO.
Incorporated
LEE HIGGINSON CORPORATION
CLARK, DODGE & CO.
EDWARD B.
June 18, 1936.
SMITH & CO.
The Financial Situation
gress
nothing especially encouraging for the
should the present Administration be
THE past week thef Republican National interven¬
ing between has^been a period of time Conven¬
next four years,
tion at Cleveland and the Democratic National Con¬
returned to
vention
phia.
shortly to
its
sessions
tance, and
week
.
signature certain
in
addition]* has for the
been
ing to work out
houses
and
tax
a
the
to
A
Presi¬
absorbed
"I
took
with
draw
It
also due in
ure
to
real
a
is,
no
small
lies not in
the
laneous
nonsense
New
and
grams
upon
mon
Deal
policies
sense
of next
as
based
give
A
some
finally adopted.
deleted "in
of its
$51,500,-
From it
the
There is
or
party.
no reason
a
few glaringly unwise
measure
in its final
we
should
measure
passage
of the bill through
and the other broadly simi¬
lar enactments of this and previous sessions of Con-
course
unex¬
consequences
frequently found.
it goes without
underlying
philosophy of
"graduated" taxes
porate
on
cor¬
and
earnings,
the
design to employ the tax¬
ing
power
to.effect
govern¬
mental control of corpora¬
tions in the matter of dis¬
v
posing of their earnings
unsound to their
measure
core.
are
The
of the harmfulness
of this bill is to be found
to doubt that the
only in the extent to which
indulges
course
in
such
madness,
in the
eco¬
and
of
degree of in¬
eptitude exhibited in
the
technical
the
drafting
of
legislation in question.
Formalities
.
at
Phila-
delphia
DVANCE reports con¬
Ar cerning
plans for the
Philadelphia
Convention
of
are
of discretion granted the Presi¬
done to prevent the
This
unsus¬
saying that in principle the
passage
sweep
most
Of
machinery,
But this is only about what was to be
expec¬
Congress.
are
and
ted, and from the first there appeared little that could
be
pectedly evil
have
nomic
drafted
dent, in conflict with the Constitution of the United
States.
would
it
enough in all conscience, and,
in the
Senate, the policies
Administration
is in
unrecog¬
pected meanings and
hasten the day?
later
provisions, but by and large the
suppose,
Senator
cording to basic principles of public policy,
we shall make real
progress once more.
When
will that occur, and what can be done to
was
through the legislative mill
form is bad
did
slogans, conventions and
the like.
In terms of deep convictions con¬
cerning public policies it seems to have lost all
meaning of consequence.
When, as has occurred in the past, the two
great parties shall fuse and re-crystallize ac¬
appro¬
sundry purposes,
stages
the floor of the
present
as
approved in Cleveland.
Yet there is no real "bolt" in sight.
Plainly, the two-party system of which we
are
prone to boast divides the voters of this
country only in terms of the personnel of
000,000 of additional funds
was
convictions
it has laigely surrendered itself into the
party
President
on
the
own
boldly in accordance
form
priation bill, providing the
for
their
as
majority of the thoughtful members of the
party in many States look aghast at the plat¬
Washington
deficiency
It
measure
implications,
wing.
a
due
during the past week.
so-called
harmfulness.
"jokers",
candidly and
be
can
to the extent of
as
nized
as
hounds—or trying to do so—in order to main¬
tain a semblance of a "solid front."
This
consideration to what has
taken place at
be¬
definite and trust¬
a
reached
Republican Party has for years been
running with the hare and hunting with the
Congress
to
finally
worthy judgment
hands of the Philistines of the so-called left
would, however, be
not
been
The
January.
mistake
fore
the floor of the Senate.
on
organized group
com¬
after the; first
The Work of
have
that
year
It
they
study of
provisions when
fixed will be necessary
roundly condemned, not lauded.
are other
States, both in the so-called
Solid South and elsewhere, where the same is
equally as true of the party whose represen¬
tatives are now in power in Washington.
Unquestionably there are many more where
substantial minorities are as completely out
of harmony with what has been
taking place
at
Washington.
Yet apparently any open
revolt on the part of important leaders in the
party will be confined to a few intrepid souls
who will act upon their own responsibility as
individuals, and without the support of any
pro¬
experience and
Careful
There
this
known
for. which I would apologize."
been
making
with
manlike.
its detailed
which 1 would with¬
just this type of
Glass
hodge-podge of miscel¬
the
far from sound and states¬
its
of
endeavor to replace
every
vote
may
but is certainly
measure,
and main¬
national
with
meas¬
at
in
as
a
as
ex¬
the House
as
voted
conditions
action
much
so
and
bad
so
It is an open secret—if, indeed, a secret at
all—that had the members of this convention
influencing Con¬
gressional
time
cast
generally
Glass
ap¬
conviction that the
underlying
quite
policies—and in due course,
with equal aplomb, to have endorsed Admin¬
istration policies bitterly opposed by Senatbr
hope of improvement
in
never
or
gent
believe,
we
niy country
said to. have cheered almost hysterically
the aged veteran of many battles for intelli¬
parently about to adjourn
sine die.
serve
bill, again,
is
has
event
any
oath to
indeed.
one
tax
compromise which
a
a man within the sound of the
Senator's voice had the slightest doubt as to
what he made reference.
Yet the convention
expected of it,
in
large
not be
Probably not
during the week about
was
a
pected, is apparently to be
its
I have
This
Congress
Meaningless System
Constitution, which I regard more
than I do my life.
1 have thought for myself
and permitted nobody else to think for me.
the
*
an
tain
less in part to the circum¬
is
something entirely different
to be
convention
measure
political campaigns.
what
at the moment appears
assembled, on Wednesday:
raised my right hand to Heaven
already
as
uncertain terms—a task that
Senator Glass, referring to his recent career
in the Senate, said to Virginia Democrats in
fact is attributable doubt¬
and
no
was
preliminaries of the coming
that
and to demand it in
larger part of
both
to
considerable
stance
of impor¬
general
same
The remedy,
to lie in persuading the rank and file
seems
of the voters to demand
meas¬
business community has in
been
another of the
The
dent, the attention of the
.very
suggested,
or
power.
endeavor¬
acceptable
ure
measures
power,
type be placed in
completed and sent to the White House for
the President's
done
Philadel¬
at
Although Congress has again been in session,
and has
the
begin
augur
Every
one
small
consequence.
knows that the Administration will be in
full control, and that the delegates will
"point with
pride" to the New Deal from the defunct National
Industrial
Recovery
and
Agricultural
Acts to the abandonment of the
new
tax
Adjustment
gold standard and the
bill, and that they will laud
every
Adminis¬
tration Democrat from the President to the lowliest
postmaster.
Such is politics.
The President is
ex¬
pected to follow the precedent set by him in 1932, and
receive
official
notification
of
his
nomination
at
4070
and to make
once
and
Financial
appropriate
probably: will, give the
coming campaign.
able
which
response
may,
and the key to the-
cue
The able, large but uncomfort¬
minority in the party which is wholly out of
sym¬
Chronicle
votes
June 20, 1936
most
are
easily
be
to
hoping that he will do just this, although to
are
said
surprise it is being
is
candidate
do
tial
"go along with the party " for the sake of
of
while Mr. Landon will remain
although
of the
some
attend
not
may
forthright
more
the
convention
them
among
at
during the campaign,
temerity to speak their minds
is
evidence
no
Republicans
reasonable
of
on
discontented
opportunity to join in
of the
numbers have
have the
occasion, but there
organized revolt.
any
provided
the madness
or even
Had the
Democrats
a
real fight against
a
day, they might in substantial
joined forces with the opposition.
the situation stands at the moment,
As
however, their
opportunity to make themselves effective
to be
seems
severely limited.
more
the
thoughtful elements in the business
Reports have been in circulation that
has
taste
been
number of the
left in
the
mouths
of
a
leaders
conservative .States of the
more
and that considerable deftness
the
on
port in this part of the country.
to
those
of
in
East,
part of those
interested
in
But
issues
impor¬
more
and
principles
designated at Cleveland toward
burning problems of the day.
a
number
The daily
press
Knox, the Vice-Presidential candidate of the
party, and members of the campaign staff have most
of the week been
"an
steadily at work laying plans for
aggressive campaign" from the
however, will depend
word
"aggressive."
upon
very
start. Much,
what is meant by the
Mere condemnation of the New
Deal, with the presentation at the
same moment
enough.
Attacks, however strongly phrased, would
in
circumstances
constitute
meaning though the words
The
in
an
platform, in
untenable
tricated
are
"a tale
of
strong."
judgment, leaves the party
position fropi which it can be ex¬
only by the candidate himself, if at all.
to
tions; it is
ride horses
going in opposite direc¬
various
to
open
inconsistencies; it
interpretations; and
literal observance of its mandates in actual
is
obviously impossible.
find
it difficult
tration
little
our
The document is filled with basic
undertakes
for
the political
jargon
that
to
The
condemn
party will
the
practice
presently
present Adminis¬
completely ignoring the platform
the
public has learned to expect to find there
stage in all Presidential campaigns—specu¬
the
to
as
number
of
votes
the
Republican
Party's choice for Vice-President is likely to bring
the
ticket, the personality of the Chairman of the
Committee
National
ruffled
and
his
ability
years
soothe
to
spirits and obtain earnest support from local
organizations',
just
how
candidate
the
to
plans
etc., etc.
campaigns in this country have of late
become highly organized undertakings all too
remotely related to fundamental issues that
are, or
ought to be, before the public for definite decisions.
The
party nominees have their "practical politician"
machinery oiled, to keep
trends of
of
upon
an ear
to the ground for
public sentiment, and to drive bargains be¬
hind the
They have their advisers composed
scenes.
group
of individuals who in ordinary life call
themselves
"public relations advisers" to edit the
a
candidate's addresses and
that he is
see
other
utterances, and to
attractively "merchandised." In addi¬
tion, there is what has
"brain
now
become known
the
as
trust," although the Chairman of the Repub¬
lican
National
Committee, and Mr. Landon's
paign
manager,
have let it be known that his will be
merely
"research group."
a
These
are
cam¬
the intelli¬
gentsia of the organization, who may be of inesti¬
mable benefit in
an
educational wray,
but who, never-(
theless, have to guard against the danger, all too
common
in the
past, of being chiefly utilized to twist
the truth "to make
of
policies closely similar thereto, will not be nearly
these
at this
lation
with
a
reports that Mr. Landon, the Presidential nominee,
Mr.
American
during the past week has been
press
filled
(usually the National Chairman) to keep the party
above all else is the question of the attitude of the
candidate
daily
largely
bad
managing the campaign of the nominee, Mr. Landon,
will be required to make sure of enthusiastic
sup¬
tant
campaigning
Stage Setting
The
Presidential
community consider what took place at Cleveland,
particularly the platform drafted, the less they like
it.
the
largely in the back¬
reach the rank and file with his messages,
Work for the Opposition
The
most
ground.
Philadelphia.
Many of them probably will sulk in righteous wrath
in their tents
to
our
that the Vice-Presiden¬
pathy with the New Deal will doubtless in large part
appearance,
from the
away
won
present incumbent. There are many apparently who
trap for fools."
a
All of these matters
they
certainly
date
who
what the
doubtless-
are
cannot
be
important, and
neglected
by
candi¬
a
naturally wishes to be successful.
But
intelligent voter wants to know has noth¬
ing to do with all this, but is simply: What may he
reasonably expect of
placed in office ?
have
the
candidate should he
be
Three long years of sad experience
demonstrated
what
may
be expected of the
present Administration if it is returned to power.
The work done at Cleveland has raised
tions
as
to what may
regime elected this
if
one
must find his
be expected of
year
a
more
ques¬
Republican
than it has answered,
answers
in the Cleveland
they-are far from reassuring.
This
seems
or
record,
to
us
to
was
platform that could not with the
literally translated into practi¬
cal
It cannot effectively go before
and
public policies.
country in criticism of evasions and half truths
at the
same
words" of its
time
own.
It
will in all
probability
to "fish
cut
or
are
elected to office while it itself is seek¬
upon a
best of intentions be
the
problem of the Republican candidate and
those who
which it
ing election
be the real
seems
very
to
us
we
think, afford to let
necessary
sum
platform is and what he will
on
heavy tax payments, extensive Treasury borrow¬
turn cash
appeal in those quarters where
recent
ing and the current tendency of commercial banks to
effects of the Federal
under his feet.
FANTASTIC variations in banking statisticsowing
been noted
all
quarter-dates, have
to
actually do should he be elected, if he wishes to
effective
next week, he can¬
grass grow
Federal Reserve Bank Statement
make
an
Landon, but with the Demo¬
cratic Convention out of the way
not,
It is,
yet too early to expect to hear in
definite terms from Mr.
that Mr. Landon
quickly find it
bait," to tell the country in "straightof the
responsible for his campaign.
as
constantly reiterate "weasel
flung words and few" just what he thinks the
and substance
concede,
we
over
to the
Treasury
so as
to minimize the
Deposit Insurance Corporation
\
Volume
levy.
Financials Chronicle
142
The combined condition statement of the 12
Federal Reserve Banks for the week ended Wednes¬
day night shows the effect of such factors to
extraordinary
degree.
member banks
at
week earlier,
a
$910,000,000 in the
weekly
period
$2,040,000,000.
This vast change
almost
by transfer of
entirely
of
total
a
brought about
was
of
some
the
huge
of idle funds from member bank accounts
amounts
to the
to
general account of the Treasury, in connection
with the tax payments on June
000,000 of
new
money
sharp increase of
to
bonus
in
the
15 and the $1,100,-
borrowing then paid for.
A
in circulation, attributable
currency
payments to veterans, also played a part
reduction
of
excess
An
reserves.
upward
movement of
excess
reserves, less abrupt but steady,
probably will set-in during coming weeks, as the
funds
held
Treasury
in
the
swollen
general
of the
account
disbursed and returned to the ordinary
are
credit reservior.
The movement
now
recorded, how¬
remains illustrative of the highly artificial
ever,
ditions ruling in the money market.
con¬
an
of
considered
excess
reserves
was
monetary
inaugurated.
era was
a
by
declared
the
single week, and by the further fact that
tremendous
change has
a
even so
reflection whatever in
no
dated
dividend of 50c.
a
stock,
payable
June
30;
July
the
on
Monetary gold stocks of the country continued to
The
increase
of
by the current statement.
$63,000,000,
entirely by imports, raised
of
far
$10,543,000,000.
than
more
itself for such
with the
bank
at
occasioned
a new
record
ample balances, failed to reimburse
imports by depositing gold certificates
Federal
Reserve
banks, and
we
holdings of the certificates actually
$7,938,539,000
$7,939,040,000
on
June
17,
a
find the
bit lower
compared
as
to
June 10.
Cash in vaults decreased
because of bonus payment
requirements, and total
reserves
on
fell to
$8,227,326,000 from $8,247,873,000.
Money in circulation increased $111,000,000 during
the
period, according to the credit summary, but
onfy part of this was accounted for by Federal Reserve
notes, Which moved up to $3,872,984,000 from $3,785,980,000.
Aggregate deposits with the Federal
Reserve
June
banks
17 from
variations
indeed,
bank
fell
slightly
$6,655,417,000
in the
several
owing to factors
reserve
to
$6,597,086,000
on
June
accounts
10,
were
but the
very
already cited.
deposits fell to
on
large
Member
$4,893,667,000
from
the
$1,421,457,000
from
$516,404,000.
Foreign
to
bank
deposits dropped slightly to $60,378,000 from $61,675,000, while non-member bank deposits decreased
to
$221,584,000
ratio fell to
from
$243,947,000.
78.6% from 79%,
and circulation liabilities up,
fell only a little.
routine
system
changes
increased
reserves
reserve
were
off
while deposit liabilities
In other respects only the usual
are
industrial advances
as
The
to be noted.
$1,136,000
were
down
to
Discounts by the
$6,539,000,
while
$6,000 to $30,058,000.
Open market holdings of bankers' bills were quite
unchanged at $3,076,000, and United States Govern¬
capital
new
half-year
which
ended
recently
were
extra $4
a
share
Lehigh Port¬
dividend of 25c.
a
a
a
share
payable Aug. 1, which will be the
the
on
May 1, 1931.
on
an
Schenley Distillers
stock, payable July 8.
first distribution
stock
since 25c.
was
paid
1
The New York Stock Market
>RICE movements
small
were
and
trading mod¬
erately active in the New York stock market
this
week.
Gains
in
quotations
spite
some unevenness at
less
concerned
than
and international
times,
developments.
promise
impended.
regime to avoid
looms and
now
seems
and
was a
distribution
stimulate
rather persistent advance in im¬
a
further encouragement.
gave
general expectation that the huge bonus
by
the United
business
stances, stocks
States
additionally.
sessions
in quiet demand and the im¬
were
outweighed
volume of
trading
averaged
close
Treasury wrill
In these circum¬
provement that was recorded in
the
a
majority of the
occasional
losses.
to
1,000,000
shares
last
Saturday
was
in
the
full
market
were
quite
dull
and
unimportant, although small gains
appeared in the leading speculative vehicles.
trend
was
was
resumed
in
on
Monday,
Gains
were
groups
advanced
upswing gained momentum
issues advanced to
rent year.
was
were
groups
of
steel, motor, utility
point
a
or more.
Tuesday, when
highest levels of the
on
The
nu¬
cur¬
Activity also increased and the session
satisfactory from all viewpoints.
in
When
modest upward
mostly fractional, but
of the favored issues in the
metal
a
evidence, with virtually all
issues affected.
merous
The
the New York Stock Exchange
on
•
movements
trading
to
lightening of the diplomatic skies in
portant commodities
The
cur¬
Termination of
Business reports in this country remain
favorable,
sessions.
existed that
The French strike
signs of improvement and the obvi¬
against Italy
some
Europe.
were
political
Although Cogress
assurance
inflation proved heartening.
the sanctions
There
the markets
regarding
determination of the Blum
ous
general, de¬
were
as
formerly
deliberations, the
situation showed
some
increased
on
Consoli¬
initial dividend of 75c.
an
common
the common,
on
and
which
account,
share in
a
the
paid; in addition,
land Cement Co. declared
$5,833,391,000, with the offset occurring in Treasury
general
$1
on
the
paid Dec. 31 last.
was
Corp. declared
on
deposits
on
for
old shares,
share had been
a
share
rency
stocks to
our
of
split 5 for 1, regular semi-annual dividends of $1.25
almost
The Treasury, in possession of
share
a
15,
the end of the session
rise in the week covered
dividend
regular quarterly of like amount
Mining & Smelting Co. of Canada, Ltd., de¬
resumed its
rates.
money
$2,-
to
capital stock, both payable July 15.
clared
a
The sharpest possible
extra
an
addition to the
aggregate
variation of $900,000,000 in
a
$6,000
a
Co.
danger signal before the present Treasury-controlled
contrast is afforded
increased
DIVIDENDS declared the current weekEdison
were
largely of
favorable nature. Detroit
It is necessary
only to recall, in this connection, that
$500,000,000 in
holdings
Corporate Dividend Declarations
of
reduced by
were
security
430,253,000.
an
deposits
reserve
legal requirements, which stood
over
$2,950,000,000
Excess
ment
4071
Utility issues
greater favor than other groups, but im¬
portant gains were registered also in industrial and
carrier shares.
After
a
favorable start
day, profit-taking developed
on
and the net movements of the
liquidation
was
day
on
offset in part
Wednes¬
fairly large scale
were
small.
absorbed easily in most
and the small losses in
were
a
The
sections,
utility and industrial stocks
by gains in railroad and equip-
4072
ment
ing
Financial' Chronicle
stocks.
Slight irregularity marked the trad-
Thursday and movements
on
tirely fractional.
small
a
showed
was
fied
to
State.
recorded
In
in
market
because the market
last
Monday.
the
were
were
slightly lower, largely
occupied with the distribu-
was
issues paid for
new
Best rated industrial, railroad and
well sustained, and the
were
36% against 36; Texas Gulf Sulphur at 36% against
35%; Continental Can at 78% against 77%; Eastman
Kodak at 168 against 164; Standard Brands at
15% against 15%; Westinghousp Elec. & Mfg. at
115 against 114%; Lorillard at 22% against 22%;
States
United
issues
new
brought out met excellent demand.
The
Alcohol at
Industrial
36% against
33%; Canada Dry at 14% against 14%; Schenley
Distillers
tillers at
at
43% against 39%, and National Dis-
27% against 26%.
The steel stocks in
the week.
some
instances show gains for
United States Steel closed yesterday at
62% against 61%
pre-
United States Govern-
$1,100,000,000 in
utility bonds
that
prominent issue
cheerful tone
a
marked very
were
of
on
and industrial shares.
bond
vailed at almost all times.
tion
this
utilities, while small losses also
listed
ment issues
modi-
were
rate cut will be ordered in New
a
rail
in
the
leaders
yesterday, and the general
The softness
affected other
re-
American Telephone dipped
degree.
suggestions that
York
Market
that previous advances
easy, so
a
compilations
average
improvement.
little softness
a
tone
en-
The small gains outnumbered the
recessions, however, and
fleeted
almost
were
June 20, 1936
on
Friday of last week; Inland Steel
at 96% against 97; Bethlehem Steel at 52% against
Republic
52%;
Youngstown
Steel
19% against 19%, and
at
Sheet & Tube at 64% against 62%.
In the motor group, Auburn Auto closed yesterday
at 29 against 30% on Friday
of last week; General
Motors at 64% against 64; Chrysler at 98% against
96, and Hupp Motors at 2% against 2%.
rubber
group,
Goodyear
Tire
&
Rubber
In the
closed
speculative and semi-speculative domestic corporate
yesterday at 24% against 24% on Friday of last
issues
week; United States Rubber at 29 against 28, and
B. F. Goodrich at 19% against 19%.
The railroad
moved
persistently
good in the foreign
was
French bonds
did
higher.
above
of
the
recent
the
On
touched
re-
weeks,
a
Stock
York
New
new
low
new
touched
low levels.
on
last
were
236,690
were
shares;
on
on
on
the
Tuesday,
1,221,230 shares;
Friday, 828,080
Exchange the sales
Monday,
on
shares;
294,665
on
on
Thursday, 290,795
Irregularity induced
advance begun
by
heavy
week halted to
profit-taking the
some
extent the
early in the previous week, although
prices for the most part continued to hold the major
portion of their gains and at yesterday's close
higher than for the
Electric
closed
same
day
a
week
ago.
were
Genera]
yesterday at 38% against 38%
on
Friday of last week; Consolidated Edison Co. of N. Y.
at
36% against 34%; Columbia Gas & Electric at
19% against 19%; Public Service of N. J. at 45%
against 45%; J. I. Case Threshing Machine at 179
against 172; International Harvester at 87% against
88%; Sears, Roebuck & Co. at 73% against 74%.
Montgomery Ward
Woolworth at
Tel. at
closed
last
54
&
Co.
at
44% against
44%;
against 51, and American Tel. &
166% against 167%.
Western Union Tel.
yesterday at 84% against 82%
week; Allied Chemical & Dye at
on
Friday of
198 against
197%; Columbian Carbon at 123 against 122 bid;
E.
I. du Pont de
National Cash
148% against 145%;
Register at 23% against 24; Interna-
tional Nickel at
Products at
Nemours at
48% against 47%; National Dairy
24% against 24%; National Biscuit at
Union Pacific at 130 against 128;
33% against 32%;
Southern Pacific at
Southern Ry. at
15% against
15%, and Northern Pacific at 30% against 29%.
week; Shell Union Oil at 16% against 17, and Atlantic
Refining at 28% against 27%.
Anaconda Copper closed
on
In the
copper group,
yesterday at 33% against
Friday of Jast week; Kennecott Copper at
38% against 38%; American Smelting & Refining al
78% against 78, and Phelps Dodge at 34 against 32%.
Trade and industrial reports suggest a rate of
activity, all things considered, that somewhat exceeds seasonal expectations. Steel-ingot production
for the week ending today was estimated by the
American Iron & Steel Institute at 70.0% of capacity, against 69.5% last week and 38.3% at this
time last year. Production of electric power is
reported by the Edison Electric Institute at 1,989,-
Friday, 220,860 shares.
latter part of this
Friday
against 73; New York Central at 36% against 36;
33%
Tuesday,
on
shares;
88,325
Wednesday, 310,230 shares;
shares, and
Curb
375,400 shares;
722,740 shares;
On the New York Curb
Saturday
York
Exchange the sales at the
on
on
week; Atchison Topeka & Santa Fe at 77
Among the oil stocks, Standard Oil of N. J. closed
New
Wednesday,
of last
Pennsylvania
32% against 31
yesterday at 59% against 57% on Friday of last
Call loans
Thursday, 942,536 shares, and
RR. closed yesterday at
stocks
58
remained unchanged at 1%.
were
1,114,850 shares;
,
high levels and 35
new
Saturday last
on
Monday they
year
On the
levels.
new
half-day session
shares.
rose
shares made further gains this week.
while 00 stocks
Exchange
high levels for the
On the New York Stock
on
con-
francs
little lower late in the week.
New York Exchange
on
the., strained
but French
Exchange 30 stocks touched
stocks
of
van
gold shipment point only occasionally.
Sterling drifted
touched
up-
relaxation
modest
a
ditions
of the
Foreign exchange dealings
movement.
fleeted
'
Commodity markets
well, with leading grains in the
ward
also
tone
with Italian and
group,
sharply better.
The
798,000 kilowatt hours for the week ended June 13,
against 1,945,018,000 kilowatt hours in the preceding
week and 1,742,506,000 in the corresponding period
°f last year. Carloadings of revenue freight for the
week to June 13 totaled 686,812 cars, the Association
of American Railroads reports. This was a decrease
of 9,033 cars from the previous week, but an increase
of 34,701 cars over the same week of 1935.
As indicating the course of the commodity markets,
the July option for wheat in Chicago closed yesterday
at 91%c. against 84%c., the close on Friday of last
week.
July corn at Chicago closed yesterday at
65c. as against 61%c. the close on Friday of last
week.
July oats at Chicago closed yesterday at
27%c. as against 25c. the close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.23c. as against 11.80c. the close on
Friday of last week. The spot price for rubber yesterday was 15.81c. as against 15.85c. the close on
Friday of last week. Domestic copper closed yesterday at 9%c., the same as on Friday of previous weeks,
In London the price of bar silver yesterday was
19 7-16 pence per ounce as against 19% pence per
Volume
142
ounce on
Financial
Friday of last week, and spot silver in New
York closed
yesterday at
of last week.
In
the
''
of
matter
transfers
44%c., the close
the
foreign exchanges,
cable
London closed yesterday at $5.02as
on
cable transfers
Friday of last week, and
on
Paris closed
on
but
the
against 6.58%c. the close
yesterday at 6.58%c.
Friday of last week.
on
tone
sued
a
by the Leon Blum regime. Rentes
lower for the
cheerful
was
at
sessions, while the Berlin market
row
The Paris Bourse,
range.
showed
the
effects
of
French financial circles
the
finally followed
on
a
Thursday.
the other hand,
pessimism
in
modest scale
Strikes in France
by the workers.
on
But the effect
the French economy caused
misgivings and
a
continued
movement
is
in
comforted
Spain.
Nor
progress.
the
was
by widespread strikes
Commodity
French
in
price increases
France
re¬
flected the added costs of production caused
by the
new
charges for labor, and the opinion prevailed
quite generally that
period of currency uncer¬
tainty cannot long be delayed. Trade reports from
ebb
since
from
the
depression
other industrial
started.
countries
But
are
dispatches
more
the
German
circulated
on
Reich
well.
as
British
and
week,
and
were
sharp recessions and French equities also dipped,
while
A
The
but
it
Stock
opening, and
can
improvement apparent
a
narrow
rail
range.
issues also
were
some
the
were
better
In another dull session
tended
to
wages
Australian
gold issues hardly varied
all," while the international section remained ir-
regular.
In restricted trading
on
Wednesday, Brit¬
ish Government issues showed modest
and
home
stocks
rails
tended
also
to
recede.
for international
vorable reports
of the sanctions
the
but gold
demand
mining
was
noted
securities, largely because of fa¬
on
the market also did
did
Good
improvement
from New York. Inquiry for British
funds increased
issues of all
advanced,
Thursday and other sections of
wrell, owing to the renunciation
policy by the Cabinet.
Industrial
descriptions reflected the improvement,
gold mining shares and most interna¬
tional securities.
Dealings
on
Thursday
were
foreign securities.
the Bourse, Thursday,
previous losses
only
a
quiet,
little.
fractionally and larger gains
up
uncertain,
were
ap¬
to
recede.
with
Movements
rentes
and
most
equities lower, while bank stocks improved.
Little business
initial
the
firm.
done
Avas
session
of
the
on
the Berlin Boerse in
week, but the tone
German equities advanced 1 to 2
some
demand
sues,
but German
opening
also
was
noted
bonds
for
was
points, and
international is¬
dull.
were
Tuesday, prices receded
on
After
on
a
good
the German
market and the
gains of the preceding session
trading ended for the day.
the
as
while
were
foreign issues remained in demand
thorities made it plain on
no
plans for
such
a
were
Heavy
liquidated morfe than others,
fixed-income securities
were
steady.
and
Ger¬
Nazi
au¬
Wednesday that they have
capital levy, and the market improved
Stocks of all descriptions were
bouyant, with gains of 1 to 2 points frequent, while
assurances.
fixed-interest issues held to former levels.
irregular in
was
gains
were even
more
tended to recede.
drifted
dull session
a
reported in
were
losses
lower
on
In
the
a
on
The trend
Thursday. Small
number of issues, but small
frequent. International issues
a
dull market
yesterday prices
Boerse, but the changes were
unimportant.
Intergovernmental Debts
slump, owing to
dispute, but there
good spots among the industrial issues.
African and
the
International issues tended
yesterday
British funds closed with small
uncertainty regarding the
as
as
Tuesday, British funds again declined slightly.
Home
at
quiet in the
was
gold mining issues also did well. Anglo-Ameri¬
trading favorites and other international issues
moved in
on
Exchange
losses, but most industrial stocks
and
steady
week, with prices uncertain at
some
trading progressed.
net
were
on
peared in French bank, utility and industrial issues.
on
London
unabated for
was
modified
Rentes
;
initial session of the
the
demand
rally finally developed
German
the returns suggested
improvement.
on
2%%, and these statements
proved depressing even though they were promptly
denied by the Ministry of Finance. Rentes suffered
the
made avail¬
were
Wednesday that the interest rate
industrial stocks
foreign trade statistics for May
this
on
equities,
Rumors
canceled
progress appears to be made in
im¬
fractional recessions,"
especially weak.
rentes would be cut to
man
able
stocks
cheerful.
Industrial production in Great Britain still is
increase, and good
bank
a new
France indicate that business there is at its lowest
issues
recorded in French
were
market
Belgium and
in
international
and
Rentes showed only
larger losses
of
gold from France reflected the capital flight that
still
the franc.
with
a
depressed
proved. This is the usual reflection of the flight from
nar¬
degree this week, owing to the rapid
by the Chamber of Deputies of all the
developments
intense
moved in
on
7% for the mid-month
was
in
were
most
some
concessions desired
of such
in
during the first half of the
improvement
enactment
on
but
current
week, although
waned to
London
on
Money
good demand at all times. Trading
Tuesday was on a small scale, with French se¬
curities
week, largely because of apprehensions
regarding the ultimate effects of the French pro¬
tone
marked
were
day, and the initial gains in equities
modified.
were
an
course, this,
The
British funds and
better.
were
liquidation. International
STOCK exchanges in the leading European finan¬
cial
continued
follow
uncertain
gram.
good.
was
firm opening on
Monday, the Paris Bourse
developed its usual symptoms of fear and uncer¬
tainty regarding the effects of the labor policy pur¬
securities
to
again
carry-over, against only (J% at the end of May, the
increase occasioning some
European Stock Markets
centers
4073
industrial issues alike
After
.
against $5.02% the close
as
Friday
on
Chronicle
FINLAND was the only country out of payment,
thirteen
European
debtors to effect
the
Avar
last
Monday, of the instalment then due
able.
The
Avar
unchanged,
amounts
amounted
debt
save
in
position thus
The
payment
Hoover
moratorium.
countries
other
from
pay¬
Finland
$164,315.50, Avhich covered both
ordinary instalment and the
the
and
left completely
for the necessary additions to the
default.
to
was
Sums
aggregated
the
amount due because of
due
from
a
dozen
$1,159,958,451.15,'
con¬
sisting of $193,624,726.91 in regular instalments and
$966,333,724.24 of arrears. The British note, re¬
ceived
early last week,
the stand taken
time
1934.
of
the
Nor
was
merely
a
reiteration of
by the London Government
original complete default
Avas
any
on
at the
June 15,
real encouragement to be gained
Chronicle
communication, received in Wash-
from the French
was
declared that it is unable to
Government
French
portant British naval base near Cape Town. "It
is being realized," a dispatch of Sunday to the
"It has not overlooked
put forward any proposals.
the difficulties involved in the
question of debts and
New York "Times" remarks, "that British naval
strategy must be based on the principle that Great
Britain is an oceanic Power and in wartime her
main line of communications with her far-flung
commonwealths and colonies to the East must lie
southward of the Cape of Good Hope." The belief
that British lines of communication might be
lengthened materially in wartime probably is one
hopes that they may be overcome," the French Goveminent added.
Countries that defaulted, in addition
and
Britain
to
Belgium,
France, are
Italy,
Czechoslovakia, Poland, Estonia, Hungary, Latvia,
Lithuania, Rumania and Yugoslavia.
ernment
soon
debts and currency
on
to
new
main reason for the current and proposed enlargement of the British fleet. Building by some of the
continental European countries affords further rea-
to be
loans, with
Under the Johnson
the budget.
balance
appeared
for
search
French
the
accounts
such
stabilization, \ but
which
cir-
send a special representative to
may
the United States to discuss war
based
Rumor^
Paris, Wednesday, that the French Gov-
culated in
Mediterranean
might prove unsafe in wartime for the large British
fleet units, and discussions now are in progress in
London with representatives of the South African
Government regarding the development of an iru-
Despite the previous admisby Premier Leon Blum that the war debt issue
a live one, at least in
the United States, the
ington last Saturday.
sion
7«ne 20, 1936
tions brought the realization that the
Financial
4074
for the British activities, and it is hardly necesto allude in this connection to the Japanese
Act, war debt defaulters cannot obtain loans in the
son
United States.
sary
O
•
,
denunciation
the
of
Washington accord.
Naval Armaments
EVERY report on thethe great Powersactivities
of naval construction
bolsters
and intentions
the
thony Eden. With the approval of Prime Minister
Stanley Baldwin and other members of the Cabinet,
40,000 tons of over-age de-
United States and
retain
Britain
Japanese Governments.
craft
such
but
negotiation,
by
Washington and Tokio insisted that, this should be
by invoking the escalator clause of the London
treaty, since that would free the other Powers
enable them also to retain over-age
and
London
vessels.
reports last Saturday made it plain that the escalator clause will be invoked. It was indicated at the
same
time that
Japan had protested against British
retention of three cruisers in excess of
and the
procedure
same
type of ships, as well.
indicated
that
is
an
on
treaty limits,
be followed with that
As to capital ships, it was
good authority in London, Tuesday,
extensive British building program
the
punitive measures at the coming
was
probably quite difficult to take, since Great
insisted upon the sanctions policy which
Britain
the League adopted last November.
The fact that
sanctions had failed to deter the aggressor in the
Italo-Ethiopian conflict was faced bravely, however,
and it was intimated also that the League should
be reorganized in the light of that failure.
Mr.
Baldwin closed the stormy debate in the House with
a warning to the British people that war with a
nearby Power might cost them their lives, since the
first
blow
may
come
from
the air.
Collective
treaties, and it is now considered "highly
"I regard it as of first importance," the Prime Min-
be
ister said, "that Germany, France and ourselves
should work for peace throughout all Europe, side
that any
35,000
be laid
that
two
ton
will
battleships
further
It is evident
such building precedent by Great Britain
will be followed
by the United States, since money
already has been appropriated for two 35,000 ton
American
ships, contingent upon
similar building
by other countries. What the Japanese Government
will do in these circumstances has not been disclosed.
Representatives of the British and Russian Governments reached
the
a
compromise agreement late last
Asiatic
fleet
of
the
Moscow
regime.
by side."
That the British Government would move to end
sanctions was implied in the reappointment to the
Cabinet last week of Sir Samuel Hoare. After a
meeting of the Foreign Affairs Committee of the
Cabinet, last Monday, the decision to proceed immediately became an open secret, and the move
received the approval of the entire Cabinet on
Wednesday. Foreign Secretary Eden, who led the
arrangement, which now is being worked out
fight for sanctions in behalf of the London Govern-
detail, provides that the Russian Asiatic fleet
/ment, then had the distasteful task of informing
the Commons and the world that the British
This
is to be excluded from the limitations of the
proposed
Anglo-Russian naval treaty, on the understanding
position had been reversed.
that Russia will not exceed the British fleet tonnage
have
present figures.
national
British
Far
naval
active, support
of
the French Government in the meetings of the
Adding materially to the inter-
League Council on June 26 and the League Assembly
on June 30.
France cannot "take or share" the
leadership in lifting sanctions, French officials
said, but would second the British endeavors. Much
complications
are
the
reported
apprehensions regarding the Suez route to
East.
The British move will
the passive, but not the
Japanese building exceeds
in similar waters unless
the
This step is en-
tirely in accordance with expectations, although it
expressed the hope that it would not do so again,
two
started in 1937 and three more in 1938.
in
lifting
League of Nations gatherings.
immediately after expiration of
will
on
Great Britain would take the lead in a movement
for
security failed in its recent test, he admitted, but
probable"
week
,
vessels of which the
for
sembled
current
already
Machinery already is being as-
being formulated.
keels
may
Mr. Eden made it known that the policy of sanctions against Italy had been. abandoned and that
scrapped
opposition of the
under the treaties encountered the
to
British House
British
retain
to
stroyers that would normally have to be
done
late was announced formally in the
0f Commons, Thursday, by Foreign Secretary An-
pire at the end of this year. The desire of the
wished
policy which have become rather common of
Washington and London treaties ex-
tions after the
Government
Sanctions Abandoned
ANOTHER of the rapid shifts in British foreign
naval race already is in prog-
a
probably will assume threatening propor-
and
ress
;
sea
impression that
The
strain
in
Anglo-Italian rela-
Financial
Volume 142
satisfaction
in
caused
was
the
to
councils.
Rome
was
might insist
accusation
of
but this idea
Captain Eden
he made the
SLOWLY but steadily the strikers in various
French industries
work this week,
week that
and in Paris and its environs the movement
hinted
early in the
upon a
League retraction of the
aggression officially leveled at Italy,
seems
to have been
was
French Strikes
diplomatic
League and to European
It
4075
Italy by the develop¬
ment, which apparently will suffice to bring Italy
back
Chronicle
given
quickly.
up
all
but
ended.
after
soon
The
the
heckled by the .opposition when
He
and
so
of the
time may
some
that
is
now
started
Left Front at the
the
the Provinces, however,
over
the north African colonies
even
that
of
successes
strikes
of
wave
polls continued to roll
embarrassing admission, Thursday, that
the Cabinet had decided to terminate sanctions.
returned to
were
affected,
elapse before the last echoes
These "stay-in"
peculiar movement die down.
pointed out that the British Government had taken
and "fold-arms"
the lead
attempts to adjust
with the
rapid passage by the Chamber of Deputies
Italo-Ethiopian difficulties, and remarked that
of labor
legislation promised by the new Socialist
the
since
several occasions in
on
the
League seemed to be perplexed, the
ernment considered it
a
duty to take the lead again.
"We have to admit that the purpose
tions
gov¬
for which sanc¬
imposed has not been realized," the For¬
were
eign Secretary declared.
The present situation in
Ethiopia, he continued, is
which nothing but
one
military action from outside the country could
sibly
"If the League
reverse.
Ethiopian
means
which the League
peace
pos¬
to enforce an
rightly ap¬
can
prove," he said, "then the League must take action
of the kind
which
must
the Mediterranean—and
confined
be
can
or
such
League favors such
action, and
I
a
in
war
such
say
to the Mediterranean.
to think the
reason
inevitably lead to
no man can
a war
have
no
departure
to support this coun¬
no reason
try, on which the greatest burden of such a war
must
after
may
the
If
fall, desires it either.
the
objective has
we
become
cling to
a course
unobtainable,
we
lose the greater end for which we are working,
greater end being to keep the peace.
If it
means
admitting failure, this is one instance it has got to
faced."
be
naval
The
precautionary increase of British
strength in the Mediterranean would be
tinued, it
indicated, to
was
cover
con¬
the period of
un¬
strikes doubtless had much to
The bills providing for 40-
Premier, Lejn Blum.
hour
weeks, vacations with
agreements
and collective labor
pay
swiftly, with Radical-So¬
passed
were
do
cialists, Socialists and Communists voting solidly
for the
Votes
measures.
the
on
bills, which
were
passed late last week, were 385 in favor and 175
The Senate started to consider the legisla¬
against.
tion
Tuesday, and bitter criticism quickly de¬
on
veloped, although passage is considered certain.
It
pointed out that the 40-hour week will mean an
was
addition of
1,000,000,000 francs to State costs alone,
while French railroads will be burdened with added
was
plied to the
of the
program
increased costs
consequence
already
of the
tinued
take
to
the
from the
country.
step on
Thursday
Nationalist
as a
and the fear that franc
inevitable
as
of
an
offset
con¬
capital flight
a
The Blum regime took the grave
of
ordering dissolution
of
probably
France,
of the
because
Rocque, leader of the Croix de Feu,
reported
was
noted this week,
were
ap¬
Sharply
regime.
new
active form
Leagues
Colonel de la
of the epithets
one
program,
devaluation will prove
"Lilli¬
francs annually.
of 1,300,000,000
charges
putian Rooseveltism"
last
have promised his
Monday to
certainty likely to follow the lifting of sanctions.
700,000
Captain Eden also declared the British Government
"political action" against the Left regime.
is
determined
that
the
League shall
go
in
connection
tions
are
with
liquidated.
Turning
of
and
sanc¬
general
question
of
European
Germany is indispensable for
peace
assur¬
from the Reich that she is
existing
the
respect
status of
willing to recognize
territorial and political
Europe, and expressed the hope that the
anticipated reply from Berlin to the British
tionnaire will be
ing
response
nalize
so
worded.
"A frank and
Europe."
sequent statement by Prime Minister
ing a
peace
many,
ques¬
reassur¬
to that question, I am sure, would sig¬
return to confidence in
a
The sub¬
fealdwin,
urg¬
alliance of Great Britain, France and Ger¬
additional
provided
indication
of
the
im¬
portance attached to this matter by the British Gov¬
Members of the Liberal and Labor
ernment.
assailed the declarations
It
parties
by Captain Eden bitterly.
pointed out that the Government had
was
word of
sympathy for Ethiopia and
demnation
for
the country
no
word of
that used poison
no
con¬
gases
against the black natives, in contravention of treaty
obligations.
Labor
the leader of
waxed
"It
member
a
means
shouted.
truckling to
David
a
dictator,"
Lloyd George,
small remnant of Liberal
indignant
a
\
formed
almost
He emphasized the importance of
Europe.
ances
imposition of
Foreign Minister Eden said that the col¬
affairs,
laboration
in
the
to
the
over
the
a
as
followers,
abandonment
would
them into
lead
Belgian Cabinet
ALTHOUGH
"urgently" considered after the prob¬
lems
he
He
on.
admitted, however, that the future of the organiza¬
tion must be
that
followers
of
the
a
a
new
in
month of
in
that country
of
continually
finally
government
Belgium
late
last
was
week,
after
political negotiations, conditions
remain precarious, largely because
increasing
strikes.
The
French
strikes induced
a
which
appears
to be even more serious at the mo¬
ment
than
sympathetic movement in Belgium
situation
the
in
France.
Fold-arms
strikes, similar to those which started in Paris, be¬
came
quite pronounced in
Belgium, despite unre¬
mitting efforts to prevent such developments.
mier Paul Van
the
Zeeland, who also
in
troubles, and
sight Wednesday when
made that demands of strikers
minimum
anties
mous
wage,
success
appeared to
announcement was
would be met for
a
paid vacations, government guar¬
of trade-union liberties and
certain
in
Pre¬
the head of
previous regime, devoted all efforts to settle¬
ment of the labor
be
was
industries.
a
40-hour week
Notwithstanding such
enor¬
concessions, the strike movement continued to
spread and disorders occurred at various points.
Martial law was found necessary in the Provinces
of Brabant and
Hainaut, but the government used
gendarmerie rather than regular army troops
maintain order.
Industrial, mining and shipping
the
to
activities throughout
a
Belgium
were
affected, with
consequent increase of unemployment and general
suffering.
It was intimated in some reports from*
Brussels that the strike movement was out
of
con-
Financial
4076
of
trol
labor
the
in
fomented
leaders, and probably was being
good part by foreign agitators..
The
regime formed by Premier Paul Van Zeeland last
Saturday
headed
similar
essentially
was
until
resignations
month.
the
to
he
one
presented
were
last
v*
J;
■
proposed Constitution is the establishment of a
the
.Parliament of two
house
TRAVELING rapidly by airplane as the Presi¬
Reichsbank, Dr. Hjalmar Schacht
10
last
effected arrangements that ap¬
and
days
parently will clarify the muddled German foreign
trade
slavian
on
started at Belgrade, the Yugo¬
was
capital,
authorities
Sofia,
was
Greek
visited
banking
The
Athens.
in
and
Bulgarian
trade
capital,
Monday, and Dr. Schacht con¬
on Thursday in Budapest,
on
tinued his conversations
Hungary.
the
an
In
instance the chief concern of
every
Reichsbank
German
head
increase of trade and the
was
reported to be
liquidation of balances
of the nationals concerned which
The Yugoslavian balances held in blocked
many.
accounts in the Reich were
at the
estimated, for instance,
equivalent of $15,000,000; those of Greek mer¬
chants
at
$7,000,000, and those of Bulgarians at
Dr. Schacht was said to have made con¬
$4,000,000.
siderable
to
modities in
inducing
toward
progress
countries
countries
It was
reports that war materials may
some
figure largely in these transactions.
Balkan
Balkan
the
accept German manufactures or com¬
liquidation of such accounts.
intimated in
with
frozen in Ger¬
are
Almost all the
already find that their dealings
other
that the current German drive for still
changes
may
motive.
have
a
political
as
well
greater ex¬
economic
as an
Officially, however, Dr. Schacht carefully
the
avoided
prerogatives
might have enjoyed
as
German
been
Russian
that the
no
as
a
new
now
POLITICALin
affairs in Nicaragua the involuntary
larized,
through have been regu¬
The document indicates also
people.
reference
conflict of
is
made
in
the
according
new
or
the
country and the temporary assumption of that
office
Carlos
Dr.
by
Liberal
Jarquin,
Brenes
Discord developed late in May, when Gen¬
Deputy.
eral Anastasio
Somoza, commander of the National
Guard, led a revolt against the established regime,
ostensibly
servative
on
the ground that the Liberal and Con¬
parties had agreed to support
a
single can¬
didate, Dr. Leonardo Arguello, in the impending
The movement was successful, and
general election.
Dr. Sacasa left
last
El
in
dence
Managua
on
June 6 to take
The Liberal
Salvador.
resi¬
up
party decided
Saturday to name General Somoza as its can¬
didate
for
the
November
the election
Presidency, and
will
presumably
It
manner.
related
proceed
in
next
normal
a
appeared that General Somoza, being
by marriage to Dr. Sacasa, could not be a
Constitution
office.
Presidency under the Nicaraguan
long
so
Dr. Brenes
as
Sacasa remained in
Dr.
Jarquin, who will fill the unex¬
pired term of Dr. Sacasa to the end of this year, is
understood to be
Latin
as
a
close friend of General Somoza.
countries.
American
aroused for
were
a
The
people
of
while by the idealistic
champion of democratic processes, but there
a
were
no
disorders of any consequence
carried
was
and business
without interruption.
on
of the New York
special correspondent
Discount Rates of
rates
banks.
Present
"Times,"
any
rates
at
the
leading
centers
are
shown in the table which follows:
RATES OF
DISCOUNT
con¬
Duranty,
Foreign Central Banks
THERE have been noofchanges during the week in
the discount
of the foreign central
imperialist
or
Constitution
Walter
to
displaced,
preamble to the
capitalism and socialism,
The framers of the
themselves,
sense,
a
resignation of Dr. Juan B. Sacasa as President of
possessed by
original Communist idea of converting the
hostility.
tent
Nicaragua
proposed which will widen
rest of the world has been abandoned
for
develops.
expressions of General Somoza, who set himself up
impend,
greatly the rights and privileges
the
Public discus¬
changes may be made if any great criticism
Nicaragua
ternal
has
would make the Russian Government
merely another of the "palace revolutions" common
CHANGESpolitical organization of theinRussian
of considerable importance the in¬
Constitution
general
new
he
that
Soviet Government
apparently
by
Russian authorities,
the
proposed general charter was invited,
of the
and
in
Government
equal
Minister of Eco¬
functions
and
be. followed
the most "democratic" in the world.
sion
have
and disagreement
Essentially, therefore, this incident turns out to be
nomics.
Soviet
such changes
any
country, and it was hinted in several places
would
houses
two
According* to
candidate for the
Germany far outweigh transactions with
„
would
them
elections.
named by the
various Republics composing
action and initiative,
By last Saturday he
June 11.
with
conferred
had
The tour of the able
position to some degree.
German banker
Senate to be
a
the
These
Union.
the
dent of the
during the
of
consist
to
governments of
between
visited almost all the Balkan countries
houses, the lower house to con¬
deputies elected by popular vote, and the upper
tain
rights of
Germany and the Balkans
June 20, 1936
Chronicle
FOREIGN
Effect
Date
vious
■June 19
Country
CENTRAL
Pre¬
Rate in
Established
BANKS
Pre¬
Rate in
Rate
Effect
Date
vious
June 19
Country
Established
Rate
the
Russia, and the fact that the
are
now,
new
and
of "socialism"
success
means
in
of production
in general, the property of the State.
The
Constitution, however, permits private farming
private sale of produce, on the condition that
such transactions
profit from
place
or
be
direct, without involving
exploitation of
a
any
third party.
of the communist declaration:
In
"From each
3H
July
10 1935
4
Hungary
4
Aug. 28 1935
4 H
4
July
India
3
Nov. 29 1935
2
May
1 1935
15 1935
4H
Belgium
3
June 30 1932
3 H
ZH
6
Aug. 15 1935
2 M
7
Ireland
Bulgaria
pointing out
Austria
Batavia
with
Italy
4M
May
18 1936
Canada
2
Mar. 11
3.29
Chile
4
Jan.
24 1935
4K
Apr.
June
6 1936
2 1935
Colombia..
4
July
18 1933
5
Jugoslavia
3
Jan.
1 1936
3H
Morocco
5
Oct.
21 1935
6
Norway
3H
1936
m,
m
Czechoslo¬
vakia
Danzig
Denmark
Japan
Java
4H
Lithuania.
.
5
.
6
1935
Feb.
1
Jan.
2 1934
5
3.65
SH
6H
7
May 28 1935
...
4H
3 H
May 23 1933
4
6
Aug. 21 1935
2H
Poland....
6
Oct.
25 1933
England
2
June 30 1932
2H
Portugal
5
Dec.
13 1934
Estonia
5
Sept. 25 1934
Rumania
4H
Dec.
7 1934
6
Finland
4
Dec.
4 1934
5X
4H
South Africa
3H.
May 15 1933
4
France
6
May
0 1936
5
Spain......
5
July
Germany
-
.
10 1935
5H
5H
5
Sweden
2H
Dec.
1 1933
3
m
Switzerland
2U
May
2 1935
2
31936
3K
Sept. 30 1932
7
Oct.
Holland
4H
June
_
.
13 1933
4
Greece
_
.
according to his capacity; to each according to his
needs," the
of
new
payment in accordance with work and ability.
•The latter
istic
nor
principle, of
socialistic.
Foreign Money Rates
Constitution embodies the principle
course,
is neither
Another distinct
commun¬
advance
in
IN bills
LONDON open market discount rates for short
Friday
7/$%,
against z/£%
on
were
as
on
Friday of last week, and 7/$% for three-months' bills,
Volume
as
Financial
142,
against %%
-J^%.
was
234%.
on
At Paris the
and in Switzerland
market rate remains at
open
at
Friday
on
Money
Friday of last week.
on
call in London
/Bank of England Statement
circulation and
contraction
a
this
as
£3,401,236 in bullion,
Bank's
£212,801,774 which
by
gain of
a
The
£4,385,000.
reserves rose
high, amount to
a new
with £193,410,944
compares
Public deposits
of
attended
was
gold holdings, again at
year ago.
a
£470,000 and other
rose
deposits £4,792,299. Of the latter amount £4,496,361
was
an
addition to bankers accounts and
to other accounts.
28.60%
The
from 26.50%
proportion
securities
previous
week
a
37.30%.
was
increased
ago,
Loans
£510,000
£295,938,
proportion is
reserve
last
to
up
contraction
a
the total down to
last
loans
£405,582.
Other
discounts and advances which fell off
securities
which
made in the
£1,761,178.
rose
2% discount rate.
different items with
£1,355,596 and
No change
Below
was
show the
we
comparisons for other
BANK OF ENGLAND'S
of
consist
securities
4,076,507,000 marks.
Circulation
before
pears
in bills of exchange and checks of 141,767,000
3,485,461,000 marks.
A decrease
ap¬
marks, in advances of 1,985,000 marks and in other
daily
maturing
Below
we
obligations, of
furnish
15,452,000
marks.
comparison of the various items for
a
three years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
June 15, 1936 June 15,
for Week
Reichsmarks
Gold and bullion
No
Bills of exch. and checks
Silver and other coin...
Notes on other Ger. bks
Advances
Investments
1935
June 15, 1934
Reichsmarks
Reichsmarks
Reichsmarks
+ 100,000
change
84,035,000
70,262,000
94,326,000
22,074,000
26,512,000
23,572,000
3,980,000
+71,000
5,420,000
6,242,000
—141,767,000 4,187,991,000 3,550,747,000 3,081,259,000
187,699,000
250,603,000
171,943,000
1,532,000
13,788,000
12,956,000
-1,985,000
38,247,000
42,472,000
79,222,000
+ 108,000
530,156,000
661,245,000
652,104,000
526,402,000
659,296,000
555,437,000
Of which depos. abroad
Reserve in foreing curr.
Other assets
years:
Notes in circulation
99,900,000 marks, bringing
year
other
on
of
Reserves in
aggregated 3,594,567,000 marks and the
year
the
year
reserve
gain of 71,000 marks and
a
investments of 108,000 marks.
record
The Bank's
1.90%, compared with 2.44%
and 2.9% two years ago.
year ago
Assets—
securities,
at
now
government
on
and
94,326,000 marks.
year
ratio stands
foreign currency register
THE statement of the Bank for the £983,000 in
week ended
17 shows
4077
Gold last year aggregated 84,035,000 marks and the
a
j
June
Chronicle
__
.
Liabilities—■
Notes in circulation
COMPARATIVE STATEMENT
-99,900,000 4,076,507,000 3,594,567,000 3,485,461,000
-15,452,000
677,702,000
771,934,000
478,248,000
211,352,000
145,643,000
184,997,000
Other daily matur. oblig
Other liabilities
_.
June 17
June 19
June 20
June, 21
June 22
1936
1935
1934
1933
1932
£
£
Propor. of gold <fc for'D
curr. to
♦
note circula'n
Validity of notes
on
+0.10%'
1.90%
2.44%
2.9%
other banks expired March 31, 1936.
Circulation...
432,020,000 395,729,805 377,377, 801 372,022, 079 358,548,037
Public deposits
13,950,000 13,594,820 21,759, 288 24,847, 802 35,577,416
Other deposits
128,356,039 141,030,766 135,254, 291 134,995, 573 106,794,912
Bankers'accounts.
90,996,501 104,025,623 99,554, 019 95,195, 445 73,649,460
Other accounts
37,359,538 37,005,143 35,700, 272 39,800, 128 33,145,452
Govt, securities
98,278,310 94,941,044 81,093, 226 73,648, 033 66,644,656
Other securities
21,142,600 19,922,213
19,081, 082 26,857, 933 40,707,048
Dlsct. & advances.
5,794,919
4,810,324
5,877, 010 12,676, 753 12,141,632
Securities
16,332,276
14,127,294 13,204, 072 14,181, 180 26,365,416
Reserve notes A coin.
40,781,000 57,681,139 74,771, 895 77,254, 616 52,928,346
Coin and bullloni
212,801,774 193,410,944 192.149, 696 189,276, 695 136,476,383
New York
......
_.
Proportion of reserve
to liabiliti s
28.60%
2%
Bank rat
37.39%
48.33%
47.61%
2%
2%
37.17%
2H%
2%
Money Market
THERE was an market thisturnoverowing toNew
enbrmous week, in the the
York
extensive
money
Treasury financing and
bonus checks and
tered in all
the cashing
departments.
Payment
shows
francs,
959,299,903
Bank's
decline in
a
gold
making the
total«loss
of the
for the 12 weeks from March 20
reserve
francs,
54,562,131,138
gates
ury
obligations.
cashed
in
70,753,111,621 francs
a year ago
The
58.79%,
compared
000 francs and
circulation
last.
now
at
francs,
francs.
namely 117,000,000 francs, 3,000,-
bringing
total
the
A year ago
before 80,213,585,450
year
An increase appears
bills discounted of
85,113,123,770
to
up
150,000,000
circulation aggregated 81,373,-
371,995 francs and the
francs.
of
increase
an
parent.
Rates, accordingly,
last week.
a
of
Below
we
the
different
items
for
three years:
BANK OF FRANCE'S
rates
.
Francs
Gold holdings-
Credit bals. abroad,
June
12, 1936
Francs
—3,000,000
1,280,|860,161
No change
b Bills bought abr'd
Adv. against securs.
3,527,905,013
+ 150,000,000 85,113,123,770
Credit current accts.
14, 1935
Francs
discount
rates
—371,000,000
hand to sight llab.
a
—0.89%
7,694,158,822
Includes bills purchased in France,
m
58.79%
7,563,510,919 3,801,228,359
1,172,962,976 1,122.005,861
3.331,715,328 3,109,809,504
81,373,371,995 80,213,585,450
13,885,287,547 19,002,762,567
74.27%
79.55%
b Includes bills discounted abroad
THE statement for in gold and bullion of of June
increase the second quarter 100,000
an
marks, bringing the total up to 70,262,000 marks.
continued from
were
the New York Stock Ex¬
the
to
freely at 1 *4% for all maturities
Bankers' bill and commercial paper
Treasury sold
bills
continual
days went at
at
0.242%
with
the
previous figures owing
of
the
volume
of
bills
$50,000,000 bills due in 181
an average
second series of
$100,000,060,
over
increase
One series of
Monday two series of
on
aggregating
discount of 0.191%, while
$50,000,000 due in 273 days went
average,
both computed
on
an
annual
New York
Money Rates
Francs
Bank of Germany Statement
shows
offered
slightly increased
issued.
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
was
ruling quotation all through the week for both
loans and renewals. The market for time money
no
Proport'n of gold on
.
The
June 15, 1934
—959,299,903 54,562,131,138 70,753,111,621 78,929,439.932
2,725,310
14,357,076
475,415,582
—117,000,000
French commercial
bills discounted., + 1,087,000,000 20,519,733,850
Note circulation
June
on
tre¬
was ap¬
bank discount basis.
COMPARATIVE STATEMENT
for Week
sign of stringency
similarly unchanged, with little business
were
done.
Changes
•
a
were
to six months.
in French commercial
1,087,000,000 francs.
comparison
Call loans
But
now are so
change held at 1% for all transactions, and time
loans
a
furnish
no
and
year
371,000,000 francs respectively. Notes
register
faint
that
were
currency
consequence.
market
mendous
Credit balances abroad,
year.
jumped sharply in
of the money
with
bought abroad and creditor current -accounts
record decreases,
in
ratio stand
74.27%
with
79.55% the previous
in circulation
resources
Treas¬
Throughout the week checks
and 78,929,439,932
reserve
increased
on
large volume for veterans, and
now aggre¬
comparison
in
francs two years ago.
bills
Gold
12, 11,138,290,270 francs.
was
considerably by outpayments for interest
the
to June
made last
was
securities floated
new
by the Treasury, and the turnover
THE statement for the gold holdings, this 12 again
week ended June time of
of
bonds, but rates remained unal¬
Monday for $1,100,000,000 of
Bank of France Statement
v
change this week,
reported.
all
Rates
maturities.
paper
transactions
The
nominal
market
for
having been
at
V/i%
for
prime commercial
has been fairly active this week.
been in
Rates
no
continue
new
shows
Paper has
good supply and the demand has been steady.
are
%% for extra choice
four to six months and
1% for
names
names
running from
less known.
Financial
4078
Bankers*
Chronicle
between
Acceptances
available
has
and there
Rates
buying interest.
been
unchanged.
are
of the American Acceptance
marked increase in
a
Quotations
Council for bills
The
rate
$5.01%
following tables give the
Paris, the London
on
and the
with
compared
a
London check
mean
market gold pricQ,
open
price paid for gold by the United States:
MEAN LONDON CHECK RATE ON PARIS
to and
up
$5.04%,
and
of between $4.99 and $5.03% a week ago.
range
THE market this prime bankers' bills have been
for week. More acceptances has
improved
June 20, 1936
Saturday, June 13
including 90 days
four
six
3-16% bid and %% asked; for
are
months, %% bid and 3-16% asked; for five and
months, %% bid and 5-16% asked.
The bill-
buying rate of the New York Reserve Bank is %%
for bills
running from 1 to 90 days, %% for 91- to
120-day bills, and 1% for 121- to 180-day bills.
banks' holdings
Federal Reserve
main unchanged at
for acceptances are
nominal in
of acceptances
$3,076,000.
concerned,
are
The nominal rates for open
as
re¬
Open market rates
far
so
own
rates.
market acceptances
are
follows:
SPOT
—120 Days
150 Days
Bid
Prime eligible
Asked
Bid
Asked
Bid
Asked
%
si6
%
5i6
hf
*16
bills
90 Days
—30 Days
60 Days
Bid
;
Asked
Bid
Asked
Bid
Asked
»,«
Prime eligible bills
H
si«
H
si«
yi
FOR DELIVERY WITHIN
.76.423
Thursday,
June 18
.76.366
76.528
Friday,
June 19.
June 16
Tuesday,
THIRTY DAYS
H% bid
H% bid
Eligible member banks
'.
Eligible non-member banks
Wednesday, June 17
__138s. 7Kd.
Saturday, June 13
138s. 9d.
Thursday,
June 18
138s. 7d.
138s. 5d.
Friday,
June 19
138s. 6d.
PRICE
PAID
BY THE UNITED STATES
FOR GOLD
Saturday, June 13
fact
the
in
the
Thursday,
June 18
35.00
35.00
financial situation
factor
Friday,
June 19
35.00
that the
in
France
foreign
showing
belief that
tinent is
the
critical
is
and
year
In
classes
of
at
paper
a
Con¬
The
pound reflects in
an
long time, sterling is in wide
a
of
capital
only
impoRant
At present,
demand by
the Continent who seek safety
on
•
slightly less degree is such confidence
a
now
in effect
reposed in the United States dollar, with the result
different
that the
Reserve banks:
DISCOUNT
the
on
the
following is the schedule of rates
various
half, indicating
a
international situation
degree this restoration of confidence.
for
financial
confidence than perhaps at
improving and less likely to result in wide
disturbance.
owners
dominant
market,
for their funds.
the
political and
still the
exchange
more
time in the past
any
.$35.00
35.00
—
Tuesday, June 16
Despite
Wednesday, June 17
$35.00
June 15
Monday,
rediscount rates
The
(FEDERAL
RESERVE BANK)
THERE have beenofno changes this week banks.
the Federal Reserve in the
for
138s. 3d.
June 15
Tuesday, June 16
Monday,
as
Discount Rates of the Federal Reserve Banks
76.250
LONDON OPEN MARKET GOLD PRICE
London is
DELIVERY
180 Days
Wednesday, June 17
76.279
the dealers
as
they continue to fix their
as
The
76.382
June 15
Monday,
gold movement to the United States
con¬
tinues, while the larger movement of foreign funds to
London offsets the demand for dollars.
RATES OF FEDERAL RESERVE BANKS
On
Rale in
Federal Reserve Bank
Date
Previous
Established
Rate
Effect on
June
19
2
Boston
8 1934
Feb.
1H
Feb.
2 1934
2
Jan.
17 1935
1H
New York
2H
May 11 1935
Cleveland
2
Richmond
2X
•
2H
Atlanta
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
2X
m
St. Louis
2
Jan.
3 1935
2H
Minneapolis
Kansas Clty._
2
May 14 1935
2H
2
May
Dallas
2
May
San Francisco
2
Feb
statement
they
a
indicating whether, and in what amounts,
taking with them gold, silver,
were
,
precious metalsd
tension
of-
which the
This requirement is
other
or
regulations passed
London
authorities
only
few weeks
a
asked the
an
ex¬
in
ago,
assistance
2
10 1935
8 1935
2H
2H
16 1934
of the
ment
Course of
a regu¬
leaving France to sign
persons
2
9 1935
May
requiring all
2
-
Philadelphia..
Sunday the French authorities passed
lation
Sterling Exchange
London market
cooperate in its enforce¬
whereby French and other Continentals
restricted
STERLING exchangeexchange market generallyal¬
is exceptionally firm is
though the foreign
to
as
to the
foreign bank notes.
The previous and current
lations
the
affect
were
purchase and sale of gold coin and
only
smaller
French
regu¬
of
owners
quite inactive.
On Tuesday sterling cable transfers
capital who
sold
$5.04%,
tities of gold in the bullion market or at the Bank of
high
as
and
move,
$5.03'.
high
several occasions
on
On
.
new
was
as
Feb.
a
last.the
3
rate
on
the present
quoted around
was
considered
are
be
can
purchased is 12-kilo bars at
216,000 francs.
cable transfers.
not
is
time
of
situation
swing
The
due
the
special firmness in the pound at
to
the
French
continuously aggravated
franc,
in which unit the
fluctuations is closely affecting all other
o
foreign exchange quotations and the gold bloc
rencies, the guilder and the Swiss franc, in
ing
entirely by the
a
depress¬
The present market, influenced almost
manner.
marks
a
cur¬
grave
continuation
which began on
financial position of France,
of
the
phase of the market,
March 7 with the advance of German
troops into the Rhine land, which in its immediate
aspect
reflects
the
unrest
lack of confidence
and
been
but
statement of what
French would
gold
reserves
valuation.
between
or
The range for
$5.01%
compared with
last week.
keep the unit
and
a range
The
range
on
its present gold
sterling this week has been
$5.04% for
bankers'
sight,
of between $4.98% and $5.03
for cable transfers has been
out
of
France
are
taking, but the
regu¬
be enforced by penalties,
that
the
general franc situation
has
weakened, rather than improved.
active
are
in
and in the
owned
Swiss
cities.
The
great bulk of capital
has
Financial
regulatory
an
observers
without
orderly
way,
unless
or
measures
France
patterned
some¬
Germany and Italy.
here
such
Premier Blum should
in
long since been
chiefly to London and New York and
severe
even
be
and
in
London
precautions
able
to
and
devalue
there would be
no
believe
even
the
United States
as
most of the money
if
franc
hasty repatria¬
tion of French funds from either Great Britain
in
so
further
"Black bourses"
this movement will continue until
that
been
severe
London, Paris, Amsterdam, Antwerp,
by the larger interests
transferred
by the growing realization that the
probably be unable to maintain their
they
taking
simply required to make
restrictions which may
what after those of
trend initiated
are
probability of further
This
two-and-half-year
price of
lation foreshadows the
adopts
itself part of the
from
prevented
precious metal,
a
a
At the present writing citizens have
following the French elections of April 26 and May 3.
phase is
necessary quan¬
France, at which institution the minimum amount
which
extremely firm when sterling touched $5.03% f°r
this
unable to purchase
or
the
has been invested
paying securities and relatively little in the short-
Volume
Financial
142
term markets.
Increase: $20,983,000
heavy withdrawal
a
foreign short-term funds from that market.
London short-term market is immeasurably
than
that
of
foreign funds
London
high.
other country.
any
clearing banks
are
Last week London
conspicuously and
up
market rates firmed
open
further
a
strengthening
finance
that
department of the
the
Swiss
The
is
above
figures
received from
Mexico; there
increased
$1,535,900.
imports
exports of the metal
or
at
during the week
9-32% to
was
French
It is
the currency
as
for its payments abroad.
thought in informed circles that if Switzerland
has such
plan, the Holland Government is equally
a
prepared to follow
believed
the
the
upon
franc, Switzerland will adopt either sterling
the dollar
or
placed
are
that
sterling
The
an
both
exactly similar
currencies
will before
of
long join
England continues to make
large
purchase^ of gold owing to heavy increases in its
circulation
in
and
anticipation of still further in¬
during the normal period of maximum cir¬
creases
culation
during
the
August
bank
Monday the Bank of England
in gold
bars;
on
holiday.
bought
Tuesday £1,409,795, and
$5.02 7-16@$5.02%,
was
firmer and
On
£1,200,647
on
Thursday
abroad.
On
The. range
easier.
Bankers'
sight
since
as
time has the Bank
March
purchased
so
@$5.03% f°r cable transfers.
lower.
ers'
The range was
a
year ago
On Friday sterling
was
were
recorded.
It is thought entirely
understood
ac¬
bought from the Exchange Equaliza¬
tion Fund, which
operations, and
acquires metal in its sterling-franc
so
that
from the Bank of France.
and
Friday
on
were
$5.02% for cable transfers.
at
be.
the
Bank
of
England
carries
regardless of what the market price
This week the open
its
$5.02, 60-day bills at $5.00%, 90-day
may
market price ranged between
Money rates in Lombard Street
and
bills
Two-months'
four-months'
bills
bills
are
showing
15-16%,
a
firmer
29-32%, three-
are
and
market this week avail¬
England purchases amounted to £170,000
Monday £130,000,
on
Wednesday £263,000,
on
Friday £283,000.
movement
on
on
on
Satur¬
Tuesday £285,000,
Thursday £238,000, and
At the Port of New York the
for the
week ended
June
17,
as
reported by the Federal Reserve Bank of New York,
was
as
Foreign Exchange
The character of the
already been discussed to
review of
follows:
within the
which it
capital
failure
Imports
Exports
6,000 from Guatemala
$79,379,000 total
Leftist government has
a
repatriation of French
domiciled chiefly in London, New York
and
But
these
the
view
in
measures
the
only delay for
are
very
likely to
further flow of Continental funds of every
a
nation to London and New York
As
to
investment
much longer period
a
repatriation of capital and
Leftist
doomed
are
of .informed
fears of extreme
as
policies spread.
already stated, last week the French Govern¬
France
regulation that all
declare
must
precious
a
metal
whether
persons
they
with them and to
were
what
leaving
taking
amount.
Thursday's dispatches from Paris stated that the
had
Government
disclosed
plans
Frenchmen who fail to declare
and
securities
which
they
to
all
prosecute
by July 15 the gold
hold
abroad.
It
was
proposed to introduce into the Chamber of Deputies
yesterday
a
bill to give .the Government
institute this
a
on
measure
by decree.
the statute book for
declaration
a
power
to
There has been
a
few years making such
obligatory, but the
Government has
of enforcement. While investors have
a
full
6,905,000 from Mexico
49,000 from Russia
now
lacked powers
10,682,000 from Holland
extent in the above
some
new
past few days inaugurated measures by
authorities will
GOLD MOVEMENT AT NEW YORK, JUNE 11-JUNE 17. INCLUSIVE
S62.472.000 from France
The
hopes to bring about
Brussels.
and
law
265,000 from England
sterling.
ment formulated
private account and not accounted for by Bank of
gold
closed at $5.02.
THE French franc situation growsfranc crisis has
rapidly more
involved.
six-months'
able to unknown purchasers and doubtless taken for
on
Continental and Other
induce
29-32%.
Gold in the London open
day,
$5.00%, and seven-day grain bills at $5.01%.
i
138s. 3d. and 138s. 9d. per ounce.
undertone.
$5.02 for demand
Commercial sight
$5.00%, documents for payment (60 days)
It is
gold holdings at the statutory price of just under 85s.
per ounce,
was
$5.01%@$5.02 15-16 for bank¬
26, during which time almost the
probable that most of the Bank's recent gold
quisitions
range
sight and $5.01%@$5.03 1-16 for cable transfers.
Closing quotations
much gold
entire increase in its present gold holdings over those
of
The
$5.02%@$5.03% f°r bankers' sight and $5.02%
was
Cotton and grain for payment
no
On Thursday
sterling continued steady and in demand.
September, 1931
but at
On
$5.02%@$5.03%, and
was
$5.02%@$5.03%.
were
at
April 18, 1933,
in demand
was
$5.03%@$5.04% for bankers'
purchase since suspension of the gold standard in
on
was
$5.02%@
was
Wednesday sterling continued firm though slightly
bills
£4,468,121
transfers
pound
sight and $5.03%@$5.04% for cable transfers.
bills finished at
was
on
Bankers'
cabje
Tuesday sterling
The range was
£898,557, bringing its total gold purchases since the
The Bank's record
quoted
$5.03% for bankers' sight and $5.02%@$5.03% for
cable transfers.
first of the year to
£12,118,473.
was
On Monday the
demand.
in
cable transfers
'
group.
Bank
It is
course.
no
discount of %%.
a
firm in limited trading.
$5.02 9-16@$5.02%.
If restrictions
were
Referring to day-to-day rates sterling exchange
Saturday last
sight
gold standard.
there
change in gold held
or
foreign account.
discount of
a
Friday
On
Canadian exchange
be followed in
of French defection from the free
exports of the
were no
metal, but gold held earmarked for foreign account
opposed to devaluation, it has formulated plans to
case
on
On Thursday $1,535,900 of gold was
the
strenjuously
week ended
for the
are
Wednesday.
Swiss Council of State,
Government
approximately $455,000 of gold was
received at San Francisco from Australia.
earmarked for
was
Tuesday by M. Meyer, head of the
on
while
is
July 1.
on
importance in its exchange implications
disclosure
of the
at all-time record
now
Note—We have been notified that
greater
Because
expected with mid-year settlements
Of
The
deposit there the deposits of the
on
4079
Net Change in Gold Held Earmarked for Foreign Account
London market is
Nevertheless the
preparing for the eventuality of
of
Chronicle
right to keep their capital abroad after declaring
it,
deputies said
None
that the
Vincent Auriol,hoped
new
Finance
Minister,
they would repatriate their funds
rather than admit that
they had sent them elsewhere.
Financial
4080
The
new
financial
announced
has
government
new
months inflation
policy"
as necessary
"three-
a
until extended
of various descriptions
measures
can
inaugurated and coordinated.
In the London
"first-aid inflation" is entirely inexplicable
be
view this
and
be
would
because
dangerous
the
experiment
probably get out of hand and lead to the
abandonment of the gold standard under worse
would
•
approved bills for the reorganiza¬
The Cabinet has
tion of the Bank of France,
the creation of
Wheat
a
"organize the market" by fixing a minimum
Board to
The bill approved by the Cabinet
immediately sent to the Chamber for the re¬
price for wheat.
and
organization of the Bank of France provided that the
Federation of Labor and the Industrialists' Cor¬
porations would have the right to be represented on
the Bank's Council of
flow
of
gold
from
likewise increased fears as to the
and have
France
of the week
as
in
'decrease
ended June 12 shows
holdings
gold
the
lowering
Bank of
current statement of the
The
to
reserves
of
a
further
francs,
francs,
959,299,903
54,562,131,138
(approximately $3,619,316,000).
The Bank's gold
were at record high on Dec. 2, 1932, at
holdings
Since March 20 the Bank has
83,359,000,000 francs.
11,138,000,000 francs ($734,551,1101.
In the current statement the Bank's rediscounts,
which Germany has been forced to adopt
the international exchange system of the
unpaid balance
an
on
the British
if deducted, would bring the
credit to France which,
Bank of France down to ap¬
proximately 50,000,000,000 francs. There would be
no real danger in the reduction in the gold holdings
gold holdings of the
-
of the Bank of France were
political
unsatisfactory
it not for the extremely
conditions
Doubtless the French would not
considered
gold stock is
and
other
wish to see a further
an
absolute necessity of
the
the Bank's
as
gold losses have been during
itself would be con¬
position, but for the other un¬
past few years, the Bank
sidered in
strong
a
favorable factors.
When the franc was
stabilized in
28,935,000,000
francs.
Legal requirement at that time was placed
at 35%.
The Bank's ratio in the current statement
is 58.79%.
The Bank's position is now the worst
June,
1928, gold holdings stood at
it has been since Jan. 16,
The
Belgian
1931.
continues the strongest of the
of the prevalence
disorders in Belgium, bankers in
currency
of strikes and other
is a radical
capital for security
as
well as profit may occur from Antwerp.
The
great unrest in France, it is understood is likely to
foreign centers expect that unless there
improvement speedily, a flow of
Walloons
such
are
a
movement,
especially since
the
French
disinclined to cooperate with
strongly in sympathy with the
labor elements and are
The
German
mark
inasmuch
currency
in
any
Berlin from
to
following table shows the relation of the leading
The
currencies still
on
gold to the United States dollar:
Old Parity
France
Parity
3.92
13.90
5.26
6.63
16.95
8.91
19.30
32.67
68.06
(franc)
Belgium (belga)
Italy (lira)
Switzerland (franc).
Holland
(guilder)
Range
This Week
New Dollar
40.20
„
6.58% to 6.58%
16.91
to 16.923^
7.86
to 7.88
32.31
to 32.45
67.58
to 67.67
closed
The London check rate on Paris
Friday
on
week. In
New York sight bills on the French center finished
on Friday at 6.573^, against 6.573/* on Friday of last
week; cable transfers at 6.583/*, against 6.,583/*, and
commercial sight bills at 6.55against 6.553/*.
Antwerp belgas closed at 16.91 for bankers' sight
at
76.21, against 76.43 on Friday of last
> bills and at 16.92 for cable transfers, against
sight bills and 40.28 for cable
bankers'
for
40.27
16.903/2
Final quotations for Berlin marks were
16.913^2in
and
40.26
with
comparison
40.27.
7.85for bankers' sight bills
Italian lire closed at
7.86% for cable transfers, against 7.86 and
and at
Austrian
7.87.
18.78; exchange
Poland
2.22, against 2.22.
for bankers'
0.74, against 0.74%;
at
on
18.81; and on Finland at
18.83 against
at
18.80, against
Czechoslovakia at 4.133^2, against
Bucharest
4.13on
closed at
schillings
on
Greek exchange closed at 0.92%
sight bills and at 0.933d* f°r cable trans¬
fers, against 0.92% and 0.93%.
—«—
EXCHANGE on trends long inneutral during The
the countries evidence. the
follows
war
Scandinavian currencies are firm in sympathy with
The gold bloc
Holland, are severely
exchange operations as a result of the
Switzerland
countries,
shaken
in
French
crisis.
As
and
noted
as
continues
the
in
above
a
glaring contra¬
unit has ceased to be a
international sense.
It would seem
review of
the
sterling, M. Myer, head of the finance department
of the
days
Council, made it known
Swiss Federal
a
few
that while his Government was strongly
ago
opposed to devaluation, plans are fully prepared, in
case
restrictions
are
placed
on
the French franc, to
ments
allied
either
Holland
the
Doubtless
to
sterling
or
of foreign
the
to
Government
has
pay¬
dollar.
also
pre¬
pared similar plans, acting probably in conjunction
with the financial authorities of Switzerland. Holland
Continues to lose
Since
New
York
movement
Holland
York
gold to both New York and Antwerp.
April 24 the
for
Netherlands Bank has lost to
approximately $46,100,000 of gold.
A
of funds has been under way from both
and
the
Switzerland
to
past two years
London
or
March the outward flow of funds
the Flemings.
diction
shipments
gold
Russia.
have the Swiss unit for all purposes
Continentals. Nevertheless, because
stimulate
the
in
reduction
sterling, to which they are allied.
national defense.
Great
American countervailing duties, and
stocks,
outlook.
holdings of the Bank as a large
decline in the gold
owing to the shrinkage in grain and
critical stage
transfers,
still
that
foreign exchange system is again near a
the German
been supplied
with funds by "credit inflation," in the language of
the Opposition, increased 1,087,000,000 francs, to a
new
high of 20,427,000,000 francs.
is
In foreign banking circles, Dr.
money."
Schacht's declarations are interpreted to mean
and
There
future,
"displacing the out-of-date system of international
lost
through which the French Treasury has
foreign trade
will be
saying that the system of clearings in
future, both in France and in neighboring European
countries.
ago
Parity
outward
the
intensified
have
France
interviews
in
much
as
during his visits to several
of the Baltic States, particularly in an interview
while in Belgrade, Jugoslavia. I He is quoted as
few days
a
Regents.
taken by the Blum Government
Thus far all steps
admits
Schacht
Dr.
that
granted
credit and
prevail at the present time.
conditions than
Tune 20, 1936
Chronicle
butable" to fears of devaluation.
ment
was
due to the
more,
was
and
New
but until
hardly attri¬
The longer move¬
necessity of finding profitable
employment for idle funds.
The Netherlands Bank
Volume
142
Financial
rate has been at
Chronicle
4%% since June 3. The Amsterdam
Second
private discount rate following the increase in the
bank rate moved up
but
4%%.
sider the present bank rate
as
It is seldom the
con¬
it
detrimental to general
business.
sight
Amsterdam finished
on
67.65, against 67.58%
cable transfers
mercial
francs
cable
at
67.66, against 67.59%; and
sight bills at 67.63, against 67.56%.
closed at
32.44
for checks
and
transfers, against 32.31% and 32.32%.
22.42, against 22.47 and 22.48.
Checks
on
for
and
and
cable
25.27.
transfers
at
25.24,
which
Spanish pesetas closed at
EXCHANGE
presents
certain
various
endeavor to
South
25.26
These units continue firm
exchange
free
or
in
come
for
they
failed
to
free market close
that
little
they
be
the
on
a
than
the
and
and
or
dangerous in practice than
to be in type.
of the New
long document
their
the
officials, restore and
or
are
1934
£
£
and
the World
Swltzerland.
Sweden
Denmark.
.
Norway
Total week.
1933
Amount
193,410,944
566,024,893
3,102,100
90,780,000
63,043,000
51,771,000
100,732,000
44,293,000
19,670,000
7,394,000
6,602,000
192,149,696
631,435,519
Oct.
20,
or
kept clear of "foreign
political commitments," and that "an
and navy, including air forces, adequate for
national
defense" will
be
supported.
There is
nothing but praise for the pledge to "preserve, pro¬
tect and defend, against all intimidation and
threat,
of
religion, speech, press and radio, and
right of assembly and petition and immunity
3,493,000
90,521,000
73,397,000
68,273,000
77,115,000
61,209,000
151,153,00
7,397,000
6,577,000
£
£
1935; latest figure available,
136,476,383
653,147,958
36,601,650
90,182,000
grettable that any of these
72,073,000
69,303,000
60,960,000
81,032,000
72,876,000
85,424,000
11,444,000
8,031,000
6,561,000
to
76,325,000
67,669,000
12,030,000
7,397,000
6,569,000
b Gold
holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which
the present
year is £1,178,600.
from unreasonable searches and seizures."
189,276,695
649,446,500
12,115,100
90,378,000
1,022,693,323 1,146,822,937 1,226,720,215 1,252,582,295 1,242,875,341
1,259,079,794 1,230,548,474
held
our
1932
Prev. week. 1,033,683,086 1,143,476,587 1,225,442,014
a
army
•
Court and to "any
entangling
foreign affairs," that efforts to promote
maintain peace will be
alliances
the
49,874,000
clear and
freedom
1935
104,071,000
49,303,000
23,983,000
6,553,000
6,604,000
merit
well phrased. It is
gratify¬
ing to be told that the party is flatly opposed to
American membership in either the
League of Na¬
tions
'
£
Italy a
the
"stop the folly of un¬
spending," and "restore to the Congress
authority lodged with it by the Constitution to
Executive"
European Banks
1936
Nat. Belg..
extend
money and regulate the value thereof by re¬
pealing all the laws delegating this authority to the
par
Netherlands
relief, enforce both crim¬
coin
of
Spain
effective
an
State and local tax
systems,"
THE following table indicates the amounts of gold
(converted into pounds sterling at
Germany b_
administration
civil'.laws against monopolies and trusts
alliances in
212,801,774
436,497,049
2,334,50r
88,097,000
42,575,000
Deal
opens
controlled
49.95, against 49.90; Singapore at 59.05,
against 59.05; Bombay at 37.95, against 37.99; and
Calcutta at 37.95, against 37.99.
France
over
vise the Federal tax
system and coordinate it with
Manila at
England
lightly
system in the civil service, balance the budget, "re¬
kong closed at 32.40@33%, against 32.42@32 7-16;
Shanghai at 30%@30 5-16, against 30.15 and 30%;
Banks of—
pass
Supreme Court,
inal
sterling at the rate of Is. 6d. per
of exchange control regulations
as in the case of the
Japanese yen.
Closing quotations for yen checks yesterday were
29.45, against 29.49 on Friday of last week. Hong¬
four years:
disposed
emphasize special features
preserve free enterprise and
competition, end government competition with
private business, separate Federal public works
means
by special cable yesterday (Friday); comparisons
corresponding dates in the previous
seemed
free
which is fixed to
shown for the
an
The pledges to uphold the authority of
as
are
handed to
is, on the whole,
pointed and vigorous arraignment to which the
rejoinder.
except the Shanghai dollar, are allied to the pound
either legally, as in the case of the Indian
rupee,
us
was
Democrats may find it difficult to make
was
exchange) in the principal European banks as of
respective dates of most recent statements, reported
have
commended, and
less confusing
appear
with which the
EXCHANGE firm the practically all these units,
on
Far Eastern countries is
generally
to
Confirmed Republican
assumption, perhaps, that they would
The indictment
close
bullion
a con¬
Republican
to swallow, and the most friendly
from the administration of
Gold Bullion in
The
protest, have found the document
more
could
prove
—«—
by
more
which, in the
closing days of
receive.
commentators
do
to
5.75,
against 5.75. Chilean exchange is nominally quoted
at 5.19, against 5.19.
Peru is nominal at 25.00,
against 25.00.
rupee, or
attention
an
excitement of the
independent
as
27.80@27.85, against 27.85@27.95. Brazilian
milreis, official quotations, are 8% for bankers' sight
bills and 8.44 for cable
transfers, against 8% and
The unofficial
spots, characteristic
one
was
8.44.
in
platform of every party, are pretty
embarrassing
controls
market
way
tender treatment of
interests which the party does not dare
them without
Argentine paper pesos closed on Friday official
quotations, at 33.51 for bankers' sight bills, against
33.52 on Friday of last
week; cable transfers at 33%,
or
a
unfortunate in this respect.
others
The unofficial
the nomina¬
according to the
partisans, accustomed to take what
keep these currencies in alignment with
33%.
over
shortcomings in the platform
platform adopted at Cleveland has been particularly
sterling.
against
to
vention,
13.63% for
•'
American
convention has adjourned
interpreted,
are
or
heat and
on thefeatures of importance from
South American countries
new
those of recent weeks.
party platform looks
inconsistencies, declarations which
or
less of every
or
against
no
the
any
to offend—all these weak
bankers' sight bills and at
13.64% for cable transfers
against 13.633/2* and 13,643/2.
—♦—
passed,
they
sections
Sweden
against
a
may mean much or little
Norway finished at
25.23
Once
a
it seemed to look when
as
momentary enthusiasm
compromises
Swiss
Copen¬
closed at 25.89 and cable transfers at
25.90,
25.92 and 25.93; while checks on
days
are expected to stand are not
long in being pointed out. Evasions or half-truths,
transfers
cable
adopted.
the
that
case
few
a
which candidates
on
com¬
32.45
at
after
tions has
Friday
on
Friday of last week;
on
hagen checks finished at 22.41 and
at
was
and
Bankers'
at
well
as
Business interests
the Republican
on
Platform
on June 4,
4%% only last, week, but has
been reduced to
now
Thoughts
from 4%% to 4%%
reduced to
was
4081
be
assurances
It is
re¬
should need
given, but the times demand them, and the
demand has been met without
equivocation.
At a number of other
important points the Re¬
publican platform is far less clear or commendable.
The
proposal
to
ployment relief
familiar
with
devolve
upon
responsibility for unem¬
"non-political local agencies
community problems" is, of
course,
4082
Financial
Chronicle
June 20, 1936
sound, but the further proposal that Federal grants
of the Federal Government," such benefits or grants
in aid shall be
being specifically declared to be "consistent with a
that "a fair
shall be
local
given
on
the condition, among others,
proportion of the total relief burden"
"provided from the
of States and
revenues
In addition, protection is pi*om-
balanced budget."
ised "against the importation of all livestock, dairy
au-
and agricultural products, substitutes therefor and
pro-
derivatives therefrom, which will depress American
portion," and makes possible the continuance of
farm prices," at the same time that, under the tariff
the
plank, "as to
governments" still leaves to the Federal
thority the determination of what is "a fair
political discrimination and local favor-
same
itism
which
relief
thus
marked
have
In
far.
the
administration
of so-called
the matter
otf
social
Security, again, the platform commits the Republieans to the
zen
proposition that "every American citi-
65 should receive the
over
of Federal funds
a
a
countries."
Having thus promised to shut out all competing
the
to
comply with "simple and general mini-
Federal funds "from the proceeds of
essary
times to defend the American competition emanat-
the imports from low-wage and depreciated-currency
standards," and calls for provision of the
mum
oil fields, our labor and our industries,
ing from the subsidies of foreign governments and
contribution
States which
our
sufficient protection should be maintained at- all
pay-
supplementary
protect him or her from want," favors
graduated
fisheries,
to provide a minimum income suffi-
ment necessary
cient to
all commodities that commercially
compete with our farms, our forests, our mines, our
agricultural
and to keep up the tariff
products
nec-
wherever other commodities compete, the platform
direct
promises government aid "in disposing of surpluses
tax
widely distributed" and the administration of
in foreign trade by bargaining for foreign markets
the
system on a pay-as-you-go basis.
selectively by countries both as to exports and im-
The Federal
plan of unemployment insurance is roundly scored
ports," the present Reciprocal
along with the old age pension
Act, however, being repudiated as "a futile
scheme, but the
Agreement
Trade
and
policy of unemployment insurance, for which there
dangerous policy."
is
storing the flexible tariff principle "in order to meet
clearly
justification and which demonstrably
no
will not work when it is most
less endorsed with the vague
will be
changing economic
conditions
abroad,"
here and
promise that the States
and pledges an adjustment of tariffs "with a view to
encouraged to adopt "honest and practical
promoting international trade, the stabilization of
measures" to
be
needed, is neverthe-
It also declares in favor of re-
give it effect.
How the States
are
to
currencies and the attainment of
balance
a proper
pressure
and in-
between agriculture and industry."
say, nor
is it
ex-
sale restriction of international trade on the one
plained why, after recognizing "protection against
hand is to be-made to promote international trade
"encouraged" without Federal
termeddling the platform does not
involuntary unemployment and dependency in old
age"
as an
aid is
obligation of society, the grant of Federal
championed in
The labor
State
but not in the other,
plank, in pledging the party to support
interstate
and
laws
children
and
women
one case
with
"to
compacts
maximum
to
respect
protect
hours, minimum wages and working
conditions,"
added
can
an
within
ernor
the
expression of belief "that this
Constitution
the
Landon,
as
it
now
stands."
the other hand, in a
on
be done
Gov-
message to
convention, bluntly declared that he would, if
elected, favor
the
protection
without
amendment of the Constitution if
an
called
As the
one.
for could not
women
whole-
a
the other, the reader of the platform is left to
on
discover for himself. The extent to which
consumers
will benefit from the policy of abundance may be
gathered from the proposal that "in the
agricultural products of which there
are
of
case
exportable
surpluses" provision shall be made for "the payment
of reasonable benefits
upon
the domestically con-
sumed portion of such crops in order to make the
tariff
effective."
The
language is vague and
procedure elastic, but
the
will not be de-
consumers
ceived about the intention to keep both the tariff
and
obtained
be
protection desired for
How
domestic prices high.
If the agricultural and tariff planks
are a corn-
bination of straddle and muddle, the money and
cannot, under the recent decision of the Supreme
banking plank is, in large part, when taken in
Court, be accorded to
nection with a further reservation by Governor Lan-
if it is
women
not also accorded
in the matter of wages
to men,
doubt whether, even if extended
sexes,
seem
don, obvious evasion and deception. The platform advocates "a sound currency to be preserved at all
and
as
contract, Governor Landon would
to have overridden the
committed his
women,
platform and virtually
party to support of an amendment.
If he has not done
for
there is
in terms to both
it would not violate the constitutional guaran-
tee of freedom of
so
the
case
for minimum wages
along with maximum hours and pre-
scribed working conditions, is left well up
The elaborate
of
plank, is
a
model
complexity, contradictions and frank surrender
to the New Deal.
economical
on
in the air.
agricultural plank, which must be
read in connection with the tariff
a
abundance instead
seems
Federal financial
the
New
cultural
"to facilitate
Deal
of
scarcity," the
to promise the farmers about all
the
eluding "as
a purpose
production and increased consumption
basis of
platform
Premising
aid and encouragement that
legislation has made available, in-
an emergency measure,
depression,
during the agri-
Federal benefit
payments or
g-rants in aid when administered within the means
con-
hazard,"
"the
declares that
sound and stable currency is
and
opposes
"further
into
a
as a
to
a
balanced budget,"
devaluation of the
Governor Landon added,
currency
first requisite
dollar."
second requisite, "a
expressed in terms of gold and convertible
gold,"
but with
the
qualification that
this
second requisite "must not be made until and unless
it
be done without penalizing
can
economy
and without injury to
agricultural
producers of
and other raw materials."
products
What all this
means
democratic
our
our
is plain enough.
The Repub-
licans do not intend to restore the gold standard
long
as
as
anything is to be gained for farmers and
others by remaining off gold,
nor
do they give any
guarantee against further devaluation if further tin-
kering
seems
profitable.
The platform itself makes
the situation clear in the further statement that
"we will cooperate with other countries toward sta¬
bilization of currencies
as soon as we can
do
so
with
Volume
due
Financial
142
regard for
national interests and as soon
our
stability to justify
other nations have sufficient
as
Such is the
patchwork banner under which the Re-
publican nominees, "as
and
public faith,"
are
matter of private honor
a
specifically pledged to march.
Judging from the comments which, after a week of
reflection,
hold
are
good
a
being maSe upon it, it seems likely to
of the New
excesses
independents
Deal, and attract some
predilections
whose
it
If
Democratic.
than
rather
regular Republicans in line, draw
many
Democrats who are in revolt against the
away some
worst
Cabinet, and advocated at Geneva with a tone of
authority which left his Cabinet colleagues ill at
that when the former Foreign Secretary, Sir
ease;
action."
are
Republican
represents
fairly
Samuel
Hoare, with a more cold-blooded and realis¬
war
for
partition of the country, it was the Eden sup¬
a
porters who assisted in driving Sir
Cabinet
the
in the
Samuel from
installing Mr. Eden in his place
and
Foreign Office, and that only within a com¬
paratively few days has he been willing to admit
fait accomj)li of which political
the
existence of
and
diplomatic observers all over Europe were well
him
the
and
a
Thursday speech, however, marked for
The
aware.
radicalism, has brought confusion to the
by joining in the Hoare-Laval proposal
pian
conclude that the New
Deal, with its political and
situation, sought to stop the Ethio¬
tic view of the
present Republican opinion, however, one can only
economic
4083
Chronicle
Ministry the beginning of the end of
Italy has conquered Ethi¬
official British pretence.
Republican mind and transformed the party into a
opia in spite of Britain and the League, the
mixed
of
following which offers a strange appearance
under the
sanctions
and
Republican name.
only another war in which no country wishes or
to
dares
It would
be necessary
was
In
scene
a
to search long in English
comparable to that which
evoked frequent
which
speech
inevitable and,
sanctions, is
ready to lead in conceding their futility, but the
wound is a deeper one than British foreign policy
having taken the lead in acclaiming
enacted in the House of Commons on
a
It is to the credit of the Min¬
istry that it has at last accepted the
Take Now?
history to find
shake the position in which
can
engage
Italy is entrenched.
What Course Will Great Britain
Thursday.
and
suffered for
has
many years.
hand, Mr. Eden was far from explicit
On the other
violent
interruption from the Opposition benches the For¬
in his indication of the course
eign Secretary, Anthony Eden, announced that the
is
Cabinet,
which
"after
he,
consideration
mature
advice"
on
Foreign Secretary, had thought it his
as
met
of his
still stood
was
a
of pressure on
means
Italy." What
"since the League seemed to be perplexed,
more,
the British Government considered it to be its
to take the lead
again"
sanctions
imposed.
were
"it would be
I
quite
believe
don't
the
purpose
for
he
as
saw
it,
for
the
us
not to do so, but
right attitude for this
which sanctions were
was one
im¬
The situation in Ethi¬
"which nothing but mili¬
"is
verse," and "is there any country," he asked,
is
the
by the League and intended to abide by
decisions.
It
is
well
known, however, that a
League are strongly averse
yielding to Italy and think that sanctions should
There
enough of these members, if
they chose to stand together and speak out, to pre¬
vent any
section of opinion in this country, which
are
action by either the Council or the Assem¬
bly that would support the British position.
It
remains to be seen whether the decision of the
Ministry, on Friday, also to give up sanc¬
French
tions, proves sufficient to defeat the opposition of
other Powers.
Nor does the
tary action outside the country could possibly re¬
there any
in
continue.
posed has not been realized."
opia,
times,
speech, he insisted that Great Britain
number of States in the
to
Several
it had taken the lead when
It had to be admitted, he said,
country to take."
"that
is
another.
"No doubt," he continued,
as
as easy
that
duty
its
avoid
to
is
sanctions "as
which Great Britain
possible, indeed, that, having
conspicuous defeat, he may have to exert
one
himself
duty to give, had "come to the conclusion that there
longer any utility in continuing" the League
It is
to follow.
now
course
no
policy
obviously and completely,
failed
has
tion with
or
the
Italy
speech point to any real reconcilia¬
on
the part of either Great Britain
Italy has successfully defied sanc¬
League.
prepared to take such military action?" "If the
tions, but the verdict of aggression which the League
to say, "means to enforce an
which the League can rightly ap¬
pronounced upon it still galls. On this latter point
Mr. Eden's remarks were the reverse of conciliatory.
then the League must take action of the kind
"Though the League," he said, "has not prevailed in
League," he went
Ethiopian
prove,
peace
inevitably lead to war in the Mediter¬
which must
and
ranean,
fined
011
such
no man can say
I
the Mediterranean.
to
a war can
have
no
be
con¬
reason
to
preventing the successful accomplishment of a vio¬
lation
does
Covenant, the [British]
of the
not
League favors such a departure or such
members
action, and no reason to suppose this country, on
Government
regret, and I do not believe our fellowof
the
regret,
having made the
attempt.
think the
which the
greatest burden of such a war must fall,
desires it either."
The cries of
announcement
opposition which greeted Mr. Eden's
represented
more
cism of the Government and
also
the
profound
were
felt
at
voiced
which
element
doned
of
They
irritation and chagrin
realization
that
a
crucial
British foreign policy was to be aban¬
because
What Mr.
the
than partisan criti¬
its spokesman.
of complete
and resounding defeat.
Eden, naturally, did not emphasize, al¬
though many of his hearers doubtless recalled it,
was
that the
position from which the Baldwin Gov¬
ernment had been driven was one
himself
had
which Mr. Eden
pressed insistently upon a
hesitating
League
We have in common taken all those eco¬
and financial measures on which general
nomic
agreement could be obtained, in the hope that these
actions would be effective.
We ourselves proposed
virtually all the most important of them.
were
the motives with which we did so,
Those
and in that
respect we have nothing to apologize for and nothing
to
regret. There is no question, in our view, of the
judgment passed by the League last autumn on the
act of
aggression being either modified or reversed."
If this is the
British
will
position which the League, with full
support, is to take, the charge of aggression
be left to
rankle in
the Italian mind
as
the
charge of "war guilt" rankled in the mind of Ger¬
many.
What has happened in the case of Germany
4084
is
Financial
-
Chronicle
something which the League might well ponder.
There is nothing
conciliatory, either, in what Mr.
Eden
said
ranean.
about
British
policy
in
the
Mediter¬
Powers, last December,
result of which those Powers
ish aid "in the event of their
being attacked for
any
they were taking" in the imposition of sanc¬
tions, Mr. Eden announced that "it is the view of
Goverment that these
assurances
given by this
country should not end with the raising of sanctions,
but
should
continue to cover the period of uncer¬
tainty which must necessarily follow any termina¬
tion
of
action
nant)."
under
Article
XVI
(of
This view he intended to state
the
at
Cove¬
Geneva.
"I need
hardly state," he added, "that I regard
eventuality as those assurances cover as
such
only
of
hypothetical
but improbable,"
but the
permanently
position stronger than
this
Mediterranean
a
that
which
should
defensive
existed
before
dispute began," and that "arrangements will be.
made
to
The
out that declaration."
carry
London
"Times"
is
correspondent
authority
for
of
the
to
New
statement
York
that
"a
its
cover
German
little alarmed by
a
which
Mr.
Lloyd George
It
retreat.
will
be
to represent
easy
particularly
armament,
Thursday,
on
menace as a smoke screen
in
the
air,
as
a
threat to Britain and European peace, and
by magnifying that danger some support may be.
grave
won
for
well
to
cellor
that
whatever
is taken
course
at Geneva.
It is
remember, in that connection, that Chan¬
Hitler, in his book "Mein Kampf" which has
become
kind
a
of
textbook
of German
policy, in¬
the need of maintaining friendly rela¬
upon
between
Germany and Great Britain.
From
position he has not deviated either in public
statements
in
or
policy.
If there is
a
German
men¬
it is directed toward the East and not toward
ace,
the West.
It remains to be
Government,
having
the Ethiopian
involved
in
Eastern
or
the
those
as
try to use the German
may
tions
light of the experiences of recent months the Govern¬
maintain
•
not
apparent disclaimer was immediately de¬
stroyed by the further announcement that "in the
suspect that the Baldwin
poured out in the House of Commons
sisted
this
ment has determined that it is
necessary we
criticisms
such
any
force
to
more reason
Government, stung and perhaps
assured of Brit¬
were
party to the pro¬
a
•
There is
as a
action
the
ously failed, Italy will not be
ceeding.
Referring to the exchange of views with
certain Mediterranean
June 20, 1936
seen
burned
whether the British
its
fingers
badly in
conflict, will allow itself to become
political
complications in Central
or
Europe by emphasizing the German danger,
will exert itself to insure peace on
Germany,
well
as
terms in which
France and Italy,
as
can
unre¬
servedly join.
stinging passage" relating to Germany which Mr.
Eden had intended to include in his
BOOK
speech had been
blue-penciled by the Cabinet and "further modified"
by Prime Minister Baldwin, and the references to
Germany in Mr. Eden's speech and in that of Mr.
ain
a
are
relatively mild.
Mr.
clear, however, that while Great Brit¬
hoped to bring Germany and France together in
understanding in which the three Powers
peace
would
join, it
was
still waiting for
assurances
about
Germany's plans in Central and Eastern Europe.
"It
important," he said, "for
was
to be assured that
been
reached
recognized
status of
Germany
which
at
and
Europe except, of
sequently
be
modified
could
to
signify that she
the
respect
free
political
it might sub¬
course, as
by
and Europe
us
felt the point had
now
she
intended
negotiation
and
There is little in all this to
support
Great
the view that
Britain, having at last decided that sanctions
dropped, intends to cultivate friendly rela¬
tions
with
upon
Germany.
Italy in order to
use
Italy
as
a
check
The dropping of sanctions by the
much, chooses to regard the lifting of sanctions
carrying with it
a
withdrawal of the charge of
as
this
volume
In
title.
prices before and after the World War,
for
devoted
is
the
to
of his
course
of gold and
gold
of
the production
gold, the non-monetary consumption of gold, the outlook
surplus or deficit of gold, and the international dis¬
new
a
tribution of the
monetary gold supply.
On the basis of nineteenth century experience, the author
concludes that a 2% annual increase in the monetary gold
supply is approximately what is needed if the rate of
eco¬
nomic progress is to be as rapid as it was in the last century,
and he uses that figure in estimating "the need for money
to
maintain
to the
stable wholesale prices."
The "real menace"
gold standard before the depression, lie thinks, was
"not in
the
prospective shrinkage
"in the steady
two
mounting of the
assumptions of
for
a
of gold production"
reserve
requirements
fixed percentage of
but
on
the
and
reserves
sufficient money to maintain the wholesale
a
price
level in the face of the increasing productivity of
industry.''
Since 1930, however, gold production has greatly increased,
South African mining companies, and "probably" those of
Canada, have been conserving high-grade ore, the area of
gold mining has widened, nearly a billion dollars' worth of
gold
has
States,
been
The author
the
withdrawn
gold in
and the price
central
from
banks
circulation
has
increased
in
the
by
United
over
24%,
level has fallen.
thinks
experience
it extremely doubtful, in the light of
1924-29, that surplus gold "will redis¬
of
tribute itself through the operation of ordinary commercial
investment forces.
The deficit countries will do with¬
and
out
ag¬
of
half
Washington:
$1.50
inquiry the author reviews the situation
League would, of course, register
a great victory for
Italy, but unless Italy, having already gained so
than
more
212 pages.
Institution.
answering the question of the
need
agreement."
must be
The Brookings
little
REVIEWS
Enough Gold?
By Charles 0. Hardy.
A
Baldwin which followed it
Eden made it
There
Is
large gold stocks rather
than
try
to acquire
them by
deflation."
gression, and refrains from insisting that the charge
He also does not expect that general stabiliza¬
tion "would be accompanied or followed
by a rational redis¬
of
tribution of
aggression shall be formally repudiated, there is
no
reason
why Italy should not continue to hold
aloof from
the
future of the
observer
are
League.
League, in fact, is
supposes
abandoned,
against
tance
if any,
can
agency
again
be
imposed
may
or
Mr.
war.
What plans,
have for reforming
was
or re¬
not indicated by either
Baldwin, but the Italian defiance
any
attempt is made to strengthen
League at the point at which it has
are use¬
to be of the least impor¬
for preventing
Great Britain
suggests that if
the
ever
cease
organizing the League
Mr. Eden
No impartial
that, if sanctions against Italy
they
League will
as an
open.
other country, and if sanctions
any
less the
The whole question of the
so
conspicu-
the gold stock, if the matter were left to the
operation of ordinary trade and credit forces"
If stabiliza¬
tion is
to take
percentage
place in accordance with the principle of a
there will be needed "a segregation of
reserve,
the gold stock into two parts, only one of which
by
need grow
given percentage in order to provide for an expansion
of credit by that
percentage."
To the objection that this
a
means
that the labor and capital which have
gone
into
gold mining during the past decade have been wasted, the
author replies that "this would be
equally true," as far
as
he
mining
can
of
"under any
see,
gold
social waste.
other
anything
on
like
conceivable set-up.
the
present
scale
The
is
a
The problem is to safeguard against
the development of an excessive requirement for new
gold
in the future, and at the same, time to
protect the credit
.
.
.
structures of individual countries against
mass
withdrawals
of short-term credits without
losing the substantial value of
the gold standard as a check on local inflation"
The second half of the volume is
pamphlet entitled
"The
a
reprint of Dr. Hardy's
Warren-Pearson
Price
Theory,"
a
Volume
trenchant
4085
Financial Chronicle
142
son
criticism, published in 1935, of "Gold and Prices,"
by Professors George F. Warren and Frank S. Pearson of
4s, 1995, closed at 115%, ut> % from a week ago;
gen.
New York Central
Cornell
University, a new edition of which has lately ap¬
peared. Professor Warren, it will be remembered, was for a
time an influential member of the Roosevelt "brain trust."
Union
land
Greater
point.
3y2s, 1997, advanced % to 101%; Cleve¬
Terminal
1st
4%s, 1977, at 102%
volume
This
useful
vestigation,
with
the
13;
335 pages. New York:
Co., Inc.
$4
ment and
such
specific motives
tariffs and marketing; the
them lack of
equipment,
and
materials
raw
5s,
5%s, 1938,
1970,
established.
rose
There
underwriters
Transit
1%
some
has
reoffered
influences which
migrating in¬
the necessity
of
a
careful analysis of conditions
before the establishment of
although
financing,
Brooklyn-Manhattan
3%s, 1942-51.
Trading in industrial bonds has been routine and prices
demand,
1%
dustries have met with and which others need to take into
account,
new
no
have remained relatively stable.
unfavorable
Gas &
Associated
High grades made only
$22,241,000
in
and
speculative
instances new tops have been
been
A
favorable
82;
to
10 to 65.
migrating companies, their profits, and the effects of
the migration upon the United States and Latin America.
chapter gives an admirable summary view of the
and
Light & RR. 5s,
*
the
final
%;
up
upward, although
move
Elmira Water,
advanced
fractional gains, but in
supplies,
and
and the policies of
executive personnel;
30%,
at
Medium-grade
pace.
enjoyed fair gains.
Service
information, prejudice against foreign capital,
supply and
moderate
more
Electric
difficulties to be met with, among
depreciation and the shortcomings of commercial
law; tariffs, taxation and government control; problems of
machinery
week
the
Railway 5%s, 1952, at 91% Were up 2%; Tennessee Public
currency
labor
ended
1956, closed at 107%, up 1% for the week; Cincinnati Street
materials resources,
as raw
a
issues
Argentina,
to
1976,
5s,
Utility bonds have continued to
at
migration
Chile, Brazil and Uru¬
guay.
It deals, in order, with the extent of the migration,
including the capital invested and the number of employees;
the general economic and political background of the move¬
facturing industries
Wabash
Chicago Great Western 1st 4s, 1959, rose 2% to 35%.
first hand study and in¬
of American manu¬
book, based upon
deals
general
Erie 5s, 1975, advanced %
throughout the lower-grade list.
McGraw-Hill Book
%
up
were
were
point to 79; Missouri Pacific 4s, 1975, closed unchanged at
Migration of Industry to South America
By Dudley Maynard Phelps.
prices
higher
and
to close
exhibited
steels
Oil
Empire
at
89%,
although
by
contrary trend
a
have
lacked
Some of the oils have been
5%s,
Refining
&
feature.
1942, advancing
Socony-Vacuum 3%s, 1950,
declining 1 to 104%.
The
The
amusements
have
been
subsidiary companies is decided
policies of the four countries studied, and
slightly weaker, and Warner Brothers Pictures 6s, 1939, at
92% were off 1%.
The issues of automobile companies
political and social conditions which may cloud economic
opportunities.
Appendices give a list of American companies which have
been generally firm.
MeCord Radiator & Mfg. 6s,
1943, closed at 100%, a gain of %.
Building supply com¬
pany obligations have been generally higher, although gains
have been limited to fractions in most instances.
Strength
trade
the
upon,
established
tion
of
South
the
American
companies
subsidiaries, and
according
to
classifica¬
a
their
production
activities.
have
in
the
more
foods
rising 3
The Course of the Bond Market
up
1%
The
Almost
imperceptible
changes
from
former
characterized the bond averages this week.
levels
have
The lower-grade
rails sold fractionally lower early in the week but recovered
Other groups are virtually unchanged.
later.
Aaa
yield
is
3.55%,
now
a
record low,
and
United States Government bond yield for
at
2.32%
this low
turn of the century.
among
having
price
average are
changes
have
average
ei^ht issues stands
been
since
seen
been
BOND
(Based on Average
the
even
of the issues
restricted by call price.
the
order
of
the
high-grade and medium-grade railroad bonds.
MOODY'S
*
the
The corporate Aaa yield would be
computing the
Minor
not
it not been for the fact that many
lower had
used in
mark
The average
to some of the
brought substantial gains
points
and
1943,
Co. 5s,
Childs
foreign bond market has
Italian
German
bonds,
been rather
recording gains
issues
the
among
classes of
points.
72%,
to
moving
to 81%.
standing
Out¬
strong.
all
have been
with price rises ranging up to 11
Government issues
gained
1 to 3
points,
while similar appreciation was recorded by the French Gov¬
ernment bonds.
of the other
somewhat.
Cuban Public Works
5%s,
losers.
stable,
Prices
The
with
for
as
well as some
obligations of the Cuban Government,' also rose
Panama 5s, with a loss of one point, and Polish
bonds, which decreased around 3 points,
balance
South
of
the
list
Americans
has
were
been
showing
the principal
comparatively
fractional
gains.
remaining Europeans also have been quite well
maintained.
day
Atchi¬
has
speculative issues, Hygrade Food Products 6s, 1949, A,
Moody's computed
are
bond prices and
bond
yield averages
given in the following tables;
PRICESt
MOODY'S BOND
Yields)
YIELD AVERAGESt
(Based on Individual Closing Prices)
■
120
120 Domestic Corporate*
120 Domestic
1936
Govt.
Domes¬
by Ratings
Corporate* by Groups
Dailv
Bonds
U
S
tic
Averages
•*
Aaa
All
120 Domes He Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Daily
Domes¬
Baa
RR
U.
Indus.
Averages
110.79
122.46
119.27
108.94
95.63
106.60
108.75
117.63
June 19..
4.13
3.55
3:70
4.23
18— 109.95
110.79
122.24
119.27
108.94
95.93
106.60
108.94
117.63
18-
4.13
3.56
3.70
17- 110.00
110.79
122.24
119.27
108.75
95.93
106.42
108.75
117.63
17-
4.13
3.56
3.70
16..
117.84
16-
4.13
3.55
15-
4.13
3.56
Aa
A
P.
tic
Aa
Aaa
A
Baa
RR
5.03
4.36
4.23
5.01
4.24
5.01
3.70
4.24
3.70
4.24
P
U.
Indus
ctgns
4.24
3.78
5.85
4.36
4.23
3.78
4.37
4.24
3.78
5.02
4.38
4.24
3.77
110.06
110.79
122.46
119.27
108.75
95.78
106.25
108.75
15— 110.06
110.79
122.24
119.27
108.75
95.78
106.25
108.57
5.02
4.38
13.. 110.03
110.79
122.46
119.07
108.94
95.78
106.42
108.75
117.84
13-
4.13
3.55
3.71
4.23
5.02
4.37
4.24
110.01
110.98
122.67
119.07
108.94
95.93
106.42
109.75
118.04
12-
4.12
3.54
3.71
4.23
5.01
4.37
4.24
3.76
11.. 109.99
110.79
122.46
119.27
108.94
95.78
106.25
108.75
118.04
11—
4.13
3.55
3.70
4.23
5.02
4.38
4.24
3.76
10-
110.79
122.46
119.27
108.94
95.63
106.25
108.75
118.04
10-
4.13
3.55
3.70
4.23
5.03
4.38
4.24
3.76
122.46
3.55
i
3.77
12..
.
tt
30
For
June 19— 109.93
Corp.*
,
110.03
118.04
-
4.25
3.76
9— 110.05
110.61
118.86
108.75
106.07
108.57
117.84
9-
3.72
4.24
5.03
4.39
4.25
3.77
8.. 109.99
110.42
122.24
118.86
108.57
95.33
105.89
108.57
117.63
8-
4.15
3.56
3.72
4.25
5.05
4.40
4.25
3.78
6..
109.95
110.61
122.24
118.86
108.94
'05.18
105.89
108.57
117.84
6-
4.14
3.56
3.72
4.23
5.06
4.40
4.25
3.77
95.63
4.14
5— 109.99
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
5-
4.15
3.55
3.73
4.24
5.06
4.41
4.26
3.77
4.. 109.97
110.42
122.24
118.86
108.75
95.18
105.89
108.39
117.63
4-
4.15
3.56
3.72
4.24
5.06
4.40
4.26
110.61
122.24
118.86
108.94
95.33
106.07
108.57
2- 110.02
110.61
122.46
118.86
108.75
95.33
105.89
108.57
117.63
1— 110.04
110.61
122.46
118.86
108.94
95.18
105.89
108.57
117.84
J
3.78
3- 110.06
5.95
3-
4.14
3.56
3.72
4.23
4.25
3.78
2—
4.14
3.55
3.72
4.24
5.05
4.40
4.25
3.78
1—
4.14
3.55
3.72
4.23
5.06
4.40
4.25
3.77
May 29..
6.00
117.63
5.05
4.39
!
•
*
\
'
Weekly—
Weekly—
May 29.. 110.01
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
4.14
3.56
3.72
4.23
5.06
4.40
4.25
3.78
5.91
22- 110.20
110.23
122.03
118.66
108.75
94.88
105.54
108.57
117.43
22-
4.16
3.57
3.73
4.24
5.08
4.42
4.25
3.79
5.92
15— 109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
15-
4.15
3.58
3.74
4.23
5.06
4.41
4.25
3.80
8- 109.70
109.86
121.60
118.04
108.38
94.73
105.20
108.39
116.82
8-
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
5.84
1— 109.69
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
1-
4.21
3.60
3.80
4.28
5.14
4.48
4.28
3.86
5.90
Apr. 24.. 109.80
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24—
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
/
5.89
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17-
4.17
3.60
3.79
4.25
5.02
4.40
4.27
3.83
5.83
9- 109.75
110.42
121.60
117.63
108.57
96.23
106.42
108.39
116.62
9..
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
3-
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
3-
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
5.85
17-
109.96
109.64
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar. 27—
4.17
3.61
3.79
4.24
5.03
4.39
4.28
3.84
109.51
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
20-
4.16
3.60
3.77
4.23
5.04
4.39
4.26
3.83
13— 109.11
110.05
120.75
117.63
108 75
95.63
106.07
108.03
116.22
13-
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
5.94
6.. 109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
6.87
Feb. 29— 108.98
110.61
120.54
117.84
108.94
97.16
107.67
108.39
115.81
Feb. 29..
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
Mar.27— 109.66
20-
•
5.80
21— 108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21-
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
15— 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15-
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
8— 108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115.61
8-
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
6.10
107.96
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
31.. 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
24- 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
17— 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
1„
Jan.
1—
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
31—
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
115.41
24-
4 19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
115.02
17-
4.21
3.66
3 83
4.29
5.06
4.47
4.26
3.91
6.17
Jan.
6.15
10..
108.02
108.39
119.90
115.41
107.14
93.99
103.48
108 21
114.04
10-
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
3..
107.94
107.31
119.27
114.63
106.07
92.53
101 97
107 85
112.69
3-
4.32
3.70
3 93
4.39
5.24
4.63
4.29
4.03
6.23
122.67
119.27
108.57
108.94
3.54
109.49
98.09
118.04
Low 1936
4.12
3.70
4.20
4.87
4.25
4.23
3.76
5.80
Low 1936 107.77
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
6.31
High 1935 109.20
106.96
119.69
114.43
105.72
91.67
101.31
107 67
112.11
Low
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
High 1936 110.28
110.98
1935
1935 105.66
99.20
116.82
108.57
98.73
77.88
90.69
94 14
106.78
High 1935
1 Yr. Ago
Junel9'35 108.86
103.15
119.07
108.86
102.64
85.48
97.62
104.33
107.67
June 19*35
99.52
114.63
108.03
97.31
82.74
100.17
93.11
106.07
Low
June 19'34 105.94
level
3.82
4.25
4.83
6.40
5.37
6.13
4.35
6.97
3.71
4.18
4.59
5.76
4.90
4.49
4.30
5.82
4.78
3.93
4.28
4.92
5.98
4.74
5.20
4.39
7.51
2 Yrs.Ago
2 Yrs.Ago
*
4.80
4.56
1 Yr. Ago
June 19'34
computed from average yields on the basis of one "Ideal" bond (4H % coupon, maturing in 31 years) and do not purport to show either the averag®
movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
These prices are
or
the average
yield averages, the latter being the truer picture of the bond market.
For Moody's Index of bond prioe» by months back to 1928, see the issue of Feb. 6, 1932, page 907.
•♦Actual average price of 8 long-term Treasury Issues,
t The latest complete list of bonds used In computing these Indexes was published in the Issue of May 18, 1935,
page
3291.
ttAverage of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
week.
•f each
t Dally averages discontinued, except Friday
4086
Financial
Chronicle
June 20, 1936
Indications of Business Activity
TRADE—COMMERCIAL
OF
STATE
THE
The first 17 major railroads to report
EPITOME
June
Friday Niyht, June 19, 1936.
high rate at
a
the
near
The steel industry is still operating at a high figure,
peak.
the
continued at
activity
Business
week being estimated
for this
operations
third
the
vance
in
advance at a
successive weekly
when
production
steel
endeavor on the
is
This
in large
due
of
the
loaded
total
a
into effect,
may
of July by some
Hence, sustained activity at or near the present
FREIGHT LOADED AND
REVENUE
1
Electric
observers.
tion
of
14.2%
was
Produc¬
record, and the peak so far this year.
on
some
for the week ended June 13 was the second
power
highest
according to
further gains.
shows
output
above
a
year
with
ago,
all
major
high rate of power use.
regions reporting a
Loaded
Output
geographic
The Federal
June 13
1936
Atchison Topeka & Santa Fe....
Balt'more & Ohio RR
Chesapeake & Ohio Ry.—A.—
Chicago Burl <fc Qulncy RR
Chicago Mllw St Paul & Pac Ry__
22,380
14,368
19,853
2,368
2,178
4,642
14,303
39,692
5,006
19,496
61,067
6,252
6,632
27,062
5,460
Gulf Coast Lines
Missouri-Kansas-Texas RR
Pacific RR
Missouri
New York Central Lines
New York
Chicago & St Louis Ry
Norfolk & Western Ry
Pennsylvania RR
taken
as
Pittsburgh & Lake Erie RR...
of
—
Southern Pacific Lines.—
Wabash Ry
whole,
a
substantially larger than in the corresponding period
any
...
Pere Marquette Ry._
preceding
four
the
the
at
were
highest
Merchants predict that
4,604
4.635
16,806
10,589
7,350
17,405
10,341
8,444
14,912
10,688
6,194
7,473
8,517
l.„07
1,506
1,982
1,782
4,074
3.030
13,166
37*955
2,529
2,595
4,545
15,824
40,311
5,191
36,344
1,984
3,011
9,569
36,398
5,764
5,337
4,934
6,571
26,940
5,225
22,301
5,114
x7,301
8,121
and
years,
types
many
since
levels
early
June retail sales increases
Texas & New Orleans RR. Co
weather
sections
several
in
of
being decidedly on the increase
level
in
shown
any
the
over
of
the
sugar
Com¬
selling at its best
the securities
'While
Retail sales for the week
Car
loadings
rose
34,701
market
prices
were
less than
tinued
to
last
week's total.
was
in
Atlantic
country in the Northwest.
States,
timely and will be
but
the
at
relieve
the
the
from
time
same
critical
section
of
the
Total
in
other
the
Southwest.
A
100 degrees
near
lipolis
was
June
hottest
corded
in many
different
heat.
17
in
wave
the
with
warm
area,
be¬
The latter
in the Mid-West
temperatures
ranging
the
Ohio,
Five boys
trying
In
history
to
get
the New
were
was
re¬
drowned
relief from
York Oity
the
of
cars,
area
cloudy and unsettled, with generally cool
Recent heavy rains caused little damage.
showers tonight
Saturday, generally fair.
Over¬
night at Boston it was 64 to 74 degrees; Baltimore, 70 to
86; Pittsburgh, 62 to 90; Portland, Me., 60 to 70; Chicago,
50 to 56; Cincinnati, 58 to 84; Cleveland, 58 to 80;
Detroit,
56 to 76; Charleston, 76 to 88; Milwaukee, 50 to
58; Sa¬
possibly
vannah, 74 to 90; Dallas, 74 to 94; Kansas City, 82 to 100;
Springfield, Mo., 76 to 96; Oklahoma City, 74 to 102; Salt
Lake City, 54 to 84; Seattle, 50 to 68;
Montreal, 64 to 78,
of
above
cars
in
freight
revenue
the
66,133
above
the
in
Coal
above the
and
week
in
week
districts
June
stock
the
districts
grain
of
the
and
loading
the
Year Ago
Loadings of revenue freight for the week ended June 13,
1936, totaled 686,812 cars. This is a decline of 9,033 cars,
1.3%, from the preceding week, but a gain of 34,701 cars,
or 5.3%, over the
total for the like week of 1935, and an
increase of 67,931 cars, or 11%, over the total loadings for
the corresponding week of 1934.
For the week ended June 6
loadings were 10.5% above those for the like week of 1935,
and 12.8% over those for the corresponding week of 1934.
Loadings for the week ended May 30 showed a gain of
15% when compared with 1935 and a rise of 11.6% when
comparison is made with the same week of 1934.
the
same
amounted
to
19,739
cars,
cars,
freight,
52,137
Pocahontas.
corresponding week
of
All
in
1,459
cars
1935, but-
the
Western
totaled
6
week this
year
3,607
cars
of
week
same
in
and
1935,
cars,
cars,
of
7,482
above
cars
increases
with
in
the
districts
and
in 1934.
a
decrease of
769
above the
cars
week in
same
increase
an
above the corresponding week in 1935,
cars
compared
the
1935.
June
increase
an
above the
increase of 2,574
reported
week
1935.
34,762
cars
of
In
above the preceding
in
the
above
week in
1934.
the week ended
for
cars
loading amounted to 8,309
districts
increase
same
in
the
In
for
cars
week in
same
of
corresponding
1934.
1,688
an
week
in
1934.
increase
an
the
loading
of
above the
same
week in
cars,
week
products
above the corresponding week
an
below
cars
week in 1934.
cars
same
below the
in
week
1935
1934.
the
number
corresponding
reported
of
cars
week
increases
in
with
loaded
1935,
compared
except
with
the
1934.
revenue
freight
in
1936
compared
with
the
two
previous
follow:
1936
1935
2,353,111
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
3,135,118
2,418,985
695,845
_
Four weeks in April
Five weeks in May
629,712
2,920,192
2,461,895
2,340,460
3,026,021
616,768
13,324,706
13,548,417
2,544,843
3,351,801
Week of June 6
Total.
In the
1934
2,183,081
14,499,703
__
Four weeks in March....
a
,
165,065
8,1741 cars
11,473
above
same
11,802
cars
week
same
above the
cars
the
8,943
same
Four weeks in January
Five weeks in February-.
Freight Car Loadings Above
1934.
above
cars
31,690
cars
increase
an
to
1,342
same
1,385 cars above the
Loading
above the
totaled
Winnipeg, 48 to 76.
Revenue
holiday.
a
totaled
week,
decrease of
a
grain
loading totaled
above the
cars
cars,
cars,
below
cars
preceding week,
cars
revenue
increase of
below the corresponding week in 1935.
cars
and 4,802
year
above
preceding week, but
years
2,080
loading of live stock
products
the
All
an
freight
and
above
cars
20,055
increase
the preceding week,
the
862
alone,
3,327
an
cars
Forest
and
lot
preceding
cars
loading amounted
of
alone,
924
Coke
corre¬
increase of 26,647
an
1935,
in
preceding week and 891
decrease
20,137
cars,
the
preceding week, 7,176
totaled
6
preceding week this
Ore
the
above the corresponding week
cars
carload
loading
products
the
and
1935,
Western
above
was
above
cars
increase of 633
an
grain
above
cars
above
6
corresponding week in
than
less
20,077
of
corresponding
however,
Grain
a
week,. 57,106
cars
merchandise
loading amounted to 102,549
Live
above
1934.
1,956
ended
totaled 695,845
6
10.5%
or
12.8% above the corresponding
or
for the week of June
preceding week and 38,470
It was,-
cars,
cars,
loading totaled 289,531
preceding
47,146
of
increase
an
week
follows;
as
7.6% above the preceding week, which included
or
and
1935,
Loading
cars,
'
Railroads, in -reviewing the
freight for the week ended June
increase
an
Miscellaneous freight
10,161
cloudy and warm here, with temperatures
ranging from 66 to 71 degrees. The forecast was for cloudy;
and
Loading
48,986
and
Bureau's
6, reported
revenue
was
62,672
1934.
8,788 cars,
was
temperatures.
Today it was
in
record high of 105 degrees at Galto weather reports.
The
sections of Ohio.
places in
week
Weather
a
contribution
Hailstorms hit Indiana.
the weather
is needed in
abnormally
heat
more
This
22,034
28,002
12,636
J
-
sponding week in 1935, and 79,077
to
On
sections.
deficiencies of rainfall.
was
and
Ohio's
rain
Loading of
cars.
were
favored,
especially in the droughty
country,
more
week ended June
the
areas
insufficient
were
many
showers
England,
in the
June 15, 1935
1936
63,586
'
•
The Association of American
In fact,
Further
New
to
crops
amounts
situation
of long-continued
part of the week it
and
at
Georgia
helpful to
very
Southeast, but much
cause
con¬
of the
areas
whole, however, the outlook has improved in this
Eastern
9,033
damage was reported in many sections of the
spring wheat
6,220
x5,926
7,829
Lines and
22,474
28,426
12,686
66,880
St. Louis-San Francisco Ry
last
week
country, and also in many areas of the Southeast.
irreparable
held
Droughty conditions
prevail in the Northwestern wheat
June 6,
13, 1936
24,034
29,998
12,848
sland & Pacific Ry.
Illinois Central System
not
10 to 15%
up
this
over
has
have
This week's total of 686,812 cars, however,
cars
5,653
4,472
45,148
4,819
country.
montji is counted
spectacular activity recently,
1935.
year.
4,252
Weeks Ended—
Cotton showed substantial
bale, with
a
years
fairly firm
over
$1
over
six
8,543
7,788
5,585
42,674
(Number of Cars)
modity markets generally were buoyant, consumer activity
of
1,133
1,622
2,441
7,492
39,203
RECEIPTS FROM CONNECTIONS
TOTAL LOADINGS AND
Chicago Rock
spending in the latter part of the
advances
6,950
*
1930.
in
to more than offset the regional bad weather.
upon
.
8,899
3,648
41,787
5,030
5,181
x7,348
8,804
22,132
63,259
19,842
59,945
between Southern Pacific Co. Pacfic
Interchanged
cars
June
Bonus
8,302
4,335
1935 level will fully equal the substantial May gains, despite
unfavorable
1935
4,837
19,270
30,811
25,685
13,586
17,105
1,822
302,584 305,713 293,159 179,559 181,460 178,227
—
Exclusive
x
activity
...
June 15
1936
1936
1935
19,619
31,323
22,239
15,652
21,238
20,743
31,082
June 6
June 15 June 13
June 6
1936
Total
of
deceived from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
pointed out in its mid-year bulletin that the
Reserve Board
first five months of this year's business,
was
CONNECTIONS
RECEIVED FROM
(Number of Cars)
International Great North RR..
high level may continue well into July,
in
days
cars
year
price changes
be extended into the first or second wreek
revenue
preceding week and 293,159 cars in the seven
ended June 15, 1935.
A comparative table follows:
part of most consumers to cover their third-
and indications are that the deadline on
of
cars
the
to an
measure
for the week ended
of 302,584
freight on their own lines, compared with 305,713
sustained ad¬
quarter requirements before the new prices go
producers.
1936,
This is the
season
trend is downward.
normal
70% of
at
with 69.5% last week.
capacity, as compared
13,
fallowing table
we
undertake to show also the load¬
ings for separate roads and systems for the week ended
June 6,1936.
During this period a total of 98 roads showed
increases
when
The most
important of these roads which showed increases
compared
with the
same
week
last
year.
the New York 'Central Lines, the Baltimore & Ohio
RR., the Southern System, the Atchison Topeka & Santa Fe
System, and the Illinois Central System:
were
•
Volume
Financial
142
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JUNE 6
Total Revenue
from Connections
1936
from
Freight Loaded
Railroads
Connections
1935
1936
1934
1935
1936
1935
1936
1934
1935
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroad
4087
Chronicle
Group B (Concluded)—
Eastern District—
Ann Arbor
1,162
455
649
1,190
1,524
245
251
9,680
7,819
1,301
1,986
10,034
1,852
13
Chicago Indianapolis & Loulsv.
15
29
59
71
1,914
6,844
5,844
1,028
1,049
972
2,010
Delaware & Hudson
5,608
6,558
5,241
9,392
6,365
6,452
Delaware Lackawanna & West.
Detroit & Mackinac
8,900
363
265
217
129
120
Detroit Toledo & Ironton
2,628
2,322
2,185
404
312
252
1,106
2,455
1,056
2,684
13,318
4,582
13,147
4,293
12,284
3,771
13,758
6,856
9,958
176
142
2,175
8,230
9,337
Maine Central
2,795
Monongahela
3,751
1,684
b New York Central Lines....
N. Y. N. H. & Hartford
2,977
5,276
2,381
36,275
40,317
10,947
New York Ontario A Western..
5,191
Pittsburgh & Lake Erie
6,565
Fere Marquette
5,764
198
Gulf Mobile A Northern
Central
System
Louisville A Nashville
984
672
18,428
17,767
19,524
16,546
9,163
4,455
9,149
3,607
Nashville Chattanooga A St L.
Tennessee Central
Northwestern
Belt Ry. of Chicago
290
307
540
541
51,361
46,673
26,006
24,276
90,452
82,814
55,335
50,571
871
822
16,764
2,070
17,272
3,107
10,205
1,098
5,647
17,548
2,484
9,785
2,646
8,517
3,388
1,745
8,509
2,431
6,577
2,551
21,238
4,051
12,571
1,428
7,352
Chicago Milw. St. P. A Pacific.
11,609
2,156
Chicago St. P. Minn. A Omaha
8,899
5,187
5,030
8,001
Duluth South Shore A Atlantic.
6,292
Elgin Joliet A Eastern
4,291
Ft.
Duluth Missabe A Northern...
27
264
354
17,361
2,907
8,920
1,302
5,698
2,528
241
100
602
352
4,651
3,695
413
330
262
115
131
13,576
14,245
3,744
2,312
599
570
513
494
410
-1,246
1,451
1,222
1,572
865
Green Bay A Western
Lake Superior A Ishpeming
616
596
693
951
959
Minneapolis A St. Louis
5,585
3,902
4,779
5,195
3,679
7,788
3,665
7,120
3,762
2,505
138,911
147,244
144,235
1,427
1,555
5,015
106
5,387
8,281
70
2,037
2,807
1,650
1,503
6,713
10,313
Northern Pacific
144,857
2,455
2,174
Minn. St. Paul A S. S. M
149,746
1,276
1,970
3,779
2,571
258
172
287
249
154
1,211
1,502
1,493
1,153
951
115,683
87,491
90,574
46,798
35,782
19,619
2,922
18,754
18,876
4,604
4,472
2,580
2,833
2,391
310
198
181
50
26
Chicago Burlington A Qulncy,.
Chicago A Illinois Midland
15,652
12,674
14,026
8,444
5,821
1,447
1,050
1,028
682
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
12,092
11,344
2,171
6,881
2,566
1,846
10,316
2,690
6,814
1,895
859
713
703
1,104
2,156
1,974
1,540
2,528
404
416
177
14
1,113
1,788
1,013
1,641
1,214
890
894
Illinois Terminal
1,958
1,275
1,021
Nevada Northern
Spokane International.
Total.
2,395
21,559
Dodge Des Moines A South*
Great Northern
22
274
Wheeling A Lake Erie
2,576
1,067
19,730
Chicago A North Western
253
Wabash
279
1,314
2,132
District—
724
.
319
1,406
2,121
94,488
Grand total Southern District
36,707
5,615
121
1,790
2,619
55,091
435
'
159
1,754
410
Total.
10,872
1,817
5,795
344
154
36,410
4,839
390
307
110
139
176
Chicago Great Western
31
760
1,873
2,659
Mississippi Central
321
255
Pittsburgh A Sbawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
Rutland
2,246
242
1,510
4,185
5,024
5,549
6,658
2,063
1,808
36,960
10,096
9,866
1,849
1,758
N.
Y. Chicago A St. Louis.._.
1,759
1,117
1,385
7,757
2,830
3,365
Lehigh & New England
Lehigh Valley..
13,229
6,102
1,810
1,235
7,264
193
1,520
Lehigh & Hudson River..
Montour
322
Mobile A Ohio
Central Vermont
Grand Trunk Western
294
1,373
Macon Dublin A Savannah
...
Detroit & Toledo Shore Line...
Erie.
1,484
284
1,539
1,033
Georgia A Florida
1,362
7,824
1,264
Illinois
1,479
649
396
1,666
19,949
20,328
Georgia
7,943
1,286
Boston & Maine
Central Indiana
618
1,488
Bangor A Aroostook
Spokane Portland A Seattle
Total...
6,310
Allegheny District—
676
429
391
646
564
31,323
29,716
30,507
17,405
13,904
5,808
4,231
4,509
2,555
1,647
Atch.
324
280
251
7
6
Alton
853
1,432
843
12
15
5,976
Akron Canton A Youngstown.
Baltimore A Ohio
6,573
6,107
10,163
10,435
625
580
42
64
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
...
Central RR. of New Jersey...
Cornwall
815
.
50
244
28
Cumberland A Pennsylvania..
249
Ligonier Valley
Long Island
75
131
64
35
43
873
857
817
2,670
2,553
358
Central Western District—
Top. A Santa Fe System-
Bingham A Garfield
Colorado
A
Southern
1,103
985
59,945
12,755
60,696
13,060
1,101
57,586
12,522
1,354
41,787
14,494
1,135
41,431
Denver A Rio Grande Western.
Pennsylvania System
Reading Co
15,002
Fort Worth A Denver Clty.'-.-
Union (Pittsburgh)
West Virginia Northern
13,159
5,675
9,332
5,366
3,417
Penn-Reading Seashore Lines.
Denver A Salt Lake
2,195
1,988
1,143
2,062
27
Total.
107
50
0
0
3,680
3,226
5.418
6,157
137,140
128,835
128,135
102,004
96,401
1,719
56
68
42
North Western Pacific
844
912
686
357
268
Peoria A Pekin Union
43
3,163
Western Maryland
270
60
205
123
80
16,315
18,097
System.
4,816
3,503
6,915
Southern Pacific
(Pacific)
20,395
Joseph A Grand Island
St.
Included
376
Western Pacific
22,239
19,842
19,760
16,892
3,648
4,372
1,074
936
1,082
4,037
3,602
706
838
46,232
48,387
41,190
15,777
6
5
1,297
1,369
1,877
1,362
83,408
87,569
46,930
40,035
3,627
1,015
16,441
Norfolk A Portsmouth Belt Line
Virginian
Total.
1,172
7,107
134
1,335
3,355
Norfolk A Western.
22,698
20,578
796
Chesapeake A Ohio
380
10,625
258
1,512
Utah
235
97,139
9,896
10,341
9,460
194
Union Pacific System
District—
P.
10,901
Toledo Peoria A Western..
Pocahontas
in U.
a
Total
Southwestern District—
j
198
182
179
4,211
Southern District—
Burlington-Rock Island
147
171
123
210
Group A—
Fort Smith A Western
97
109
124
216
176
2,529
2,595
2,020
1,978
2,640
1,506
1,984
1,183
Alton A Southern
8,378
9,576
1,226
8,218
1,153
3,689
1,655
3,245
986
1,457
International-Great Northern
490
335
413
893
876
Kansas Oklahoma A Gulf
172
126
132
299
265
Kansas
37
28
39
125
74
1,293
2,032
1,626
1,044
998
442
Atlantic Coast Line
Gulf Coast Lines
333
321
874
734
Clinchfield
Charleston A Western Carolina.
Durham A Southern
Gainesville
Midland
Norfolk Southern
Piedmont A Northern
376
326
359
3,911
4,118
7,587
6,602
19,478
6,881
18,099
1.7,169
3,359
12,806
2,715
11,166
158
129
109
674
647
39,397
39,091
36,141
29,329
26,295
Richmond Fred. A Potomac
Seaboard Air Line
Southern System..:
Winston-Salem Southbound
..
1.99S
254
1,734
105
102
936
City Southern
2,073
1,662
1,608
1,785
Louisiana A Arkansas
1,780
1,230
1,128
794
913
Louisiana Arkansas A Texas
375
233
199
451
328
Litchfield A Madison
271
101
249
956
759
174
Midland Valley.
764
142
196
403
437
469
•
1,240
118
Missouri Pacific
101
190
184
4,012
4,617
3,011
2,283
15,824
Lines..
83
4,545
Missouri A Arkansas.
Missouri-Kansas-Texas
12,778
13,101
9,569
7,088
13
13
55
44
47
Natchez A Southern
Quanah Acme A Pacific
96
71
75
68
108
St. Louis-San Francisco
Total.
6,656
3,591
2,513
3,585
1,847
5,184
7,443
2,154
5,524
Alabama Tennessee A Northern
275
246
195
186
119
Texas A Pacific
7,680
2,163
6,545
4,838
4,179
3,868
2,532
4,845
2,226
3,512
Atlanta Birmingham A Coast..
Atl. A W. P.—W. RR. of Ala..
655
598
624
582
462
Terminal RR. Ass'n of St.Louis
2,591
2,740
1,690
18,337
16,164
904
Wichita Falls A Southern
231
196
17S
71
116
31
29
36
31
61
155,417
46,282
47,575
58,016
48,307
St.
Louis
Southwestern
Texas A New Orleans
Group £—
707
642
553
4,034
3,819
3,135
1,228
2,236
2,229
337
209
179
262
237
439
Central of Georgia
Columbus A Greenville
394
411
411
418
Florida East Coast
Note—Figures for 1934 revised.
2,062
*
Previous figures,
Weatherford M. W. A N. W
Total
Not available, b Includes figures
a
for the Boston A Albany RR., the C. C, C. A St. Louis RR., and the Michigan
Central RR.
Moody's
Daily
Commodity
Index
Advances
Sharply
The average price of basic commodities
week.
Moody's Daily Index of Staple
rallied sharply this
Commodity Prices
was 167.2 this
Friday, as compared with 164.1 last week, and
the 1936 low of 162.7 on May 12.
The advance was due mainly to substantial increases in
the prices of wheat and cotton.
There were also rises in
cocoa, corn and hogs, and declines in silk,hides, rubber and
wool.
The prices of silver,, steel, copper, lead, coffee and
sugar remained unchanged.
The movement of the Index during the week, with com¬
parisons, is as follows:
Fri.
June 12
2"Weeks Ago, June 5
164.1
163.8
163.7
Month Ago,
May 19
Year Ago,
June 19..
1935 High-
Oct. 7 & 9
175.3
Mar. 18
148.4
April 18 & 23
May 12
172.1
162.7
Sat.
June 13
Mon.
June 15
...164.8
Tues.
June 16
164.9
June 17
Thurs. June 18
June 19
Fri.
.165.0
Low—
165.3
167.2
1936—High
Wed.
Low
Little Change in "Annalist"
.156.0
Weekly Index of Wholesale
except corn were higher, as were flour, butter and eggs, lambs, lard, cocoa,
cotton, wool and silk, cottonseed oil and gasoline.
and hay.
THE "ANNALIST"
INDEX OF WHOLESALE COMMODITY PRICES
(Unadjusted
Seasonal
for
June
m
i
Variation.
16, 1936
111.7
Farm products
Weekly
Index
of
120.7
Wholesale
120.6
June 9, 120.4 on June 2, 120.6 on
on
on
on
Commodity
June 16,
The index stood at
as
against
May 26 and 120.0
May 19, the "Annalist" said, adding:
The most important changes were a
west
June
18, 19351
115.2
121.3
121.1
126.5
X105.1
106.5
170.8
171.0
162.6
Metals.
110.4
110.5
110.1
Building materials.
111.8
111.8
111.5
Chemicals
97.1
X97.1
98.5
Miscellaneous
86.1
86.1
83.5
120.7
120.6
122.5
71.9
71.9
72.5
__
All commodities
t All commodities on old doll, basis
*
Preliminary,
x
Revised.
J Based on exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to March, 1935.
As to foreign prices during May, the "Annalist" had the
following to say:
Foreign commodity prices continued weak in May, although the decline
in the United States.
Composite
was
due primarily to lower prices
Weekly price indices for the leading countries at the
suggested, however, that the
decline of recent months might have reaiched its end for the time being.
In the usual accompanying table the Italian index reappears for the
first
time since last autumn, when publication of Italian statistics was suspended.
Only the
these
indices for November, 1935, and April, 1936, have been released;
were
made
public in
a
speech last month by Finance Minister di
Revel, and appear to indicate that the sharp rise in prices all last year up
sharp advance in wheat on the North"
drought and heat and a fairly sharp drop in steers.
9, 1936
*105.1
Textile products
end of the month and in the first week of June
"Annalis,"
June
Fuels
Food products
May
the
u
1913=100.)
111.3
in the "Annalist" International
Prices.
petroleum
'
Commodity Prices During Week Ended June 16—
Continued Weakness Noted in Foreign Prices in
For the fourth consecutive week little change took place in
In addition to steers
and corn, losses were recorded for beef, pork, cheese, tin, crude
The other grains
to the
was
opening of the Ethiopian campaign and the imposition of sanctions
thereafter
held strictly in check.
Count di Revel
statecj that "the
4088
Financial
Chronicle
June 20, 1936
oranges,
strict Fascist discipline, facilitated by the wise regulation of the note cir¬
stock and poultry increased 1 % due to higher prices for cattle,
culation, has made it possible to keep the wholesale and retail prices
and live poultry in the Ohicago market.
almost unaltered.' *
.
.
.
To what extent the price indices really reflect the situa¬
tion, and to what extent they represent merely "official" prices for goods,
obtain which, as in
to
Germany,
must actually
one
pay
a
considerably
<In currency of country; index
on gold basis also shown for countries with
ciated
currencies.
depre¬
*May,
April,
March,
May,
1936
1936
1936
1935
April *36
120.4
123.8
124.9
126.0
—2.7
i
Meats,
United Kingdom
Gold basis
73.4
73.6
75.0
—2.4
per
113.1
113.0
—0.4
ago
and 4.8% below
66.7
67.2
—0.1
109.3
109.3
109.0
104.9
0
66.5
x66.0
65.7
62.7
+0.8
370.0
371.0
376.0
340.0
—0.3
Germany
Italy
103.7
100.8
Cattle
feed
Prices of
0
103.7
103.6
y355.7
304.4
y325.8
282.9
145.4
145.4
144.1
137.8
50.6
50.0
49.4
47.2
+ 1.2
cluding denim and
73.8
Japan
74.2
74.4
71.8
—0.5
showed
Gold basis
"Annalist" composite in gold-
-
group to
0
.
a
advance 0.3%.
Index
of
creased Further
Business
In-
Activity
hides and leather
Record
was
improvement in the furable goods industries
general recovery.
a
further increase in
substantially.
Further
in importance in the
was next
The most important exception to the general rule
was a
In the iron and steel industries the rate of activity was
production,
after
Zinc output, seasonally adjusted,
higher retail trade
car
were
also
moved higher.
responsible for
reached another new record.
rose
pushed
These gains and
is
power
estimated to
a
rise normally occurs.
Silk consumption,
It remained at 85.7% of the 1926 average.
whole.
The
TABLE
1—THE
"ANNALIST"
INDEX
OF
BUSINESS
ACTIVITY
Wholesale prices
implements, iron and steel, motor vehicles, and plumbing
and heating fixtures were
unchanged.
.
g,
chemicals and drugs group remained at 77.3% of the
although prices of fats and oils and certain drugs and
fluctuated
moderately.
Fertilizer
materials
mixed
and
1926 level,
pharmaceuticals
fertilizers
were
unchanged.
The
for
index
the
housefurnishing
goods
82.9%.
remained at
group
Average prices of both furniture and furnishings were stable.
The index of the
Bureau of Labor
Statistics includes 784 price series,
weighted according to their relative importance in the country's markets,
and is based
on
the average for
The following
the
1926
year
as
100.
table shows index numbers for the main groups of com¬
1935; June 16, 1934, and
modities for the past five weeks and for June 15,
June
17, 1933;
(1926=100)
the other hand, showed a greater than seasonal decline.
on
Wholesale
Continued weakness in prices of pig tin and lower prices for antimony
as a
have
In the non-durable goods field, cotton con¬
sumption decreased, whereas
1926
remained at 94.6% of the
group
and solder did not affect the index for the metals and metal products group
sharply.
greater than seasonal increase in
a
Demand for electric
loadings.
adjustments,
seasonal
was
prices of shoes, leather and other leather products were firm.
decrease in estimated automobile production, after allowance for seasonal
Lumber
products
prices were reported for cow and steer hides and calf skins.
near-record sales of electric appli¬
or
far this year has boosted household demand
Anthracite coal
Lower prices were reported for goat and kip skins, and higher
of agricultural
electric power production.
fractionally.
Bituminous coal and coke remained unchanged.
slightly higher.
88.4 in March.
The most important single factor in the rise
prices of burlap
Weakening prices of petroleum products caused the index for the fuel
During May
The "Annalist" said:
Average
The index for the building materials group advanced 0.1% due to higher
average.
freight
lower.
was
Wholesale prices of cement, lumber and structural steel were steady.
during May and caused
a
good gain in the "Annalist" Index of Business Activity,
according to the monthly review by H. E. Hansen in the
"Annalist," New York, of June 19.
The May index stood
at 94.3 (preliminary), against 92.7 (revised) in
April and
variations.
yarns,
prices for common building brick, chinawood oil, rosin and turpentine.
The
Business activity again increased
higher.
The index for the subgroup of cotton goods, in¬
cotton
decline.
and lighting materials group to decline
"
Monthly
higher.
Automobile tires and
remained steady.
Pronounced increases in prices of raw silk, silk yarns, print cloths, sheet¬
Preliminary,
x Revised.
1 According to Finance Minister di Revel,
y No
vember, 1935, according to Finance Minister di Revel.
Includes also Belgium and the Netherlands; Germany excluded from July, 1934;
Italy from November, 1935.
Annalist"
month
a
1.2%
was
ing, woolen yarns, and manila hemp caused the index for the textile products
*
ances so
Crude rubber
Pennsylvania cylinder oil also advanced.
tubes and paper and pulp
J328.6
beans, coffee, copra,
a year ago.
prices advanced 8.2%.
1368.4
Gold basis
cocoa
Prices for lamb, veal and pep¬
This week's food index, 79.4, is 2.6% above
averaged lower.
112.8
—-
Higher prices were reported
fresh pork,
lard, raw sugar, cottonseed and peanut oils.
x66.7
France---
1.1%; and cereal products, 0.2%.
New York market, flour, hominy grits, corn meal,
canned pears, prunes, cured and
66.7
71.6
Fruits and vegetables rose 4.4%;
the other hand, were 0.8% lower.
on
for butter, cheese in the
112.3
—
Gold basis
It is, however, 3.1% below the corresponding
1.2%; "other foods,"
dairy products
Canada
The present farm products index, 77.4, is 4%
May 16 level.
week of last year.
Wholesale food prices advanced 0.9%.
From
reported
lambs, live poultry in the New York market, lemons, alfalfa hay,
were
1913=100.)
% Change
United States of America
Gold basis
Despite higher prices for corn and
Additional farm products for which lower prices were
and oats.
above the
DOMESTIC WHOLESALE PRICE INDICES
FOREIGN AND
hogs, wethers
the subgroup of grains declined 0.8% because of lower prices for wheat
rye,
peanuts, and flaxseed.
higher price, remains to be revealed.
Live¬
seeds, dried beans, potatoes and wool, advanced 1.9%.
supervision of prices, entrusted t6 the Fascist party and carried out with
AND
June
COMPONENT GROUPS
13
Commodity Groups
June
May
May
May
23
30
6
June
15
16
June
June
17
16
1936
May
Freight
April
March
72.0
loadings
Steel ingot productions
Pig iron production
70.3
65.6
car
91.3
70.2
61.2
*113.8
alll.8
al09.1
93.2
99.4
95.2
-
,
76.5
Electric power production
Gotton consumption
Wool consumption
85.6
72.6
_
_
Silk consumption
86.2
_
54.3
Boot and shoe production
Automobile production.
-
-
Combined index
*94.3
*91.2
83.6
73.1
87.8
January
1933
83.3
February
74.6
64.5
79.9
63.7
52.8
78.4
77.5
77.4
83.4
70.2
61.0
94.3
94.3
94.8
89.4
87.6
82.8
69.3
89.1
69.2
69.2
69.5
69.1
72.5
60.2
61.4
76.6
76.7
76.8
76.8
76.9
74.9
73.7
85.7
85.7
85.7
85.7
85.7
85.9
88.0
78.9
85.8
85.7
85.7
85.6
85.5
85.3
87.7
73.4
77.3
77.3
77.4
77.3
77.3
80.4
75.4
73.8
82.9
82.9
82.9
82.8
82.8
81.7
83.4
72.8
69.3
69.0
69.1
69.1
69.2
68.4
70.3
60.6
76.9
76.3
76.0
75.6
75.1
♦
*
*
*
—
Miscellaneous
—
Raw materials
*
Semi-manufactured articles
74.1
74.0
74.1
74.1
74.3
*
Finished products
All commodities other
88.4
1932
1931
a63.0
70.1
80.4
80.4
80.5
80.5
80.4
*
78.9
78.8
79.0
78.8
78.9
79.7
76.9
67.2
78.8
78.7
78.8
78.7
78.8
77.9
78.9
68.5
81.4
61.6
68.1
than
farm
than
farm
81.5
78.9
58.4
66.7
80.6
80.0
64.0
63.2
*94.3
79.3
80.2
72.4
60.9
85.1
June
79.6
77.2
83.3
60.4
82.6
July
80.7
73.2
89.3
59.7
83.1
August
September
82.7
71.2
83.5
61.3
78.9
83.6
66.5
a76.4
65.2
76.3
October.
87.4
70.5
72.3
65.4
72.6
90.5
71.5
68.4
64.7
72.2
a94.9
77.4
69.5
64.8
72.1
products and foods
*
Not computed.
86.4
May
other
85.1
a92.7
-
commodities
83.1
88.4
April
March
November.
December
*
:
Preliminary,
a
76.7
79.8
74.4
78.7
products
1934
78.1
75.0
94.6
All
1935
78.2
75.9
94.6
Housefurnishing goods
77.6
TABLE 2—THE COMBINED INDEX SINCE JANUARY, 1931
1936
78.4
76.5
79.4
Chemicals and drugs
74.1
a92.7
78.4
Building materials
52.8
81.7
84.3
1933
Metals and metal products
al08.7
75.3
1934
Fuel and lighting materials
52.6
63.3
1935
Hides and leather products
Textile products
all7.5
all5.1
82.8
1936
78.7
—
products
1936
Foods
107.2
55.9
110.5
-
*113.5
Lumber production
Cement production.
Zinc production
Farm
1936
77.4
All commodities
1936
Revised.
Increase of
0.4% in Wholesale Commodity Prices During
13 Reported by United States
Department of Labor
Week
Ended June
Wholesale
commodity prices advanced 0.4% during the
ending June 13, according to an announcement made
June 18 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor, which said:
May Sales of 28 Chain Store Companies Gain 16.41%
compilation made by Merrill, Lyncli & Co.,
companies, including two mail order com¬
panies, reported an increase in sales of 16.41% for May,
1936, over May, 1935.
Excluding the two mail order com¬
panies, 26 other chain store companies reported an increase
in sales of 11.04%.
Sales of these 28 companies showed an increase of 9.95%
According to
28 chain
for the five
months of 1936
Excluding
two mail order
increase of 7.53%.
The rise
was
due largely to
The
current level is
1.4% lower than in the
same
The
week of last year.
In addition to farm products and foods, textile products, building ma¬
materials registered a minor decrease.
Fuel and lighting
Hides and leather products, metals
and metal products, chemicals and drugs, and
housefurnishing goods
re¬
mained unchanged at the level of the preceding week.
Raw material prices advanced 0.8% during the week and are 2.4% above
a month ago.
Semi-manufactured articles rose 0.1 %, and finished products
(non-agricultural)
now
1% below
products and
rose
of all commodities other than farm products
0.1% to equal the mid-May level.
a year ago.
This group is
The index for all commodities other than farm
processed foods,
representing industrial commodities,
ad¬
vanced 0.1% during the week and is 1.2% above the corresponding week of
last year.
The following is also from the announcemeni:
The largest increase during the week interval,
the
of increase,
farm^products group.
months
the
26
of
1935.
chains
by groups, for the month of
and for the five months ended May
May
31:
1936
Sales—May—
6 Grocery chains
10
Auto supply chain
2
Mail order companies
Total 26 chains—
Total 28 companies
Sales—Five Months—
6
Grocery chains
10 5-&-10 cent chains
4 Apparel chains
2 Drug chains.
3
Shoe chains.
1
Auto supply chain.
Total 26 chains
2
Mail order companies
-
-
$51,844,974
63,046,920
27,298,197
6,850,829
6,318,226
2,070,000
$48,415,793
56,673,024
22,693,235
6,202,175
6,156,050
1,638,000
$141,778,277
55,086,384
+ 11.04
$196,864,661
+ 16.41
$251,818,246
272,094,755
111,399,480
33,237,669
24,485,224
7,022,000
-
.
1
% Change
$229,175,532
Apparel chains
2 Drug chains
3 Shoe chains
1935
$157,429,146
71,746,386
5-&-10 cent chains
4
remained unchanged at 80.4% of the 1926 average.
group
the five
companies,
sharp increases in prices of farm products and
terials and miscellaneous commodities also advanced.
index for the
over
following table shows the amount of sales and the
percentage
The all-commodity index now stands at 78.7 % of the 1926 average,
which is 0.8% higher than in the corresponding week of last month.
The
the
reported an
week
foods.
a
store
$232,957,417259,498,349
99,386,409
31,169,656
21,458,721
6,590,000
+ 12.09
+ 6.63
$700,057,374
284,542,258
$651,060,552
244,447,417
+ 16.40
$984,599,632
$895,507,969
+9.95
+ 7.08
+ 11.25
+ 20.29
+ 10.46
+2.63
+ 26.37
+30.24
+8.10
+'4.85
+ 14.10
+6.56
+7.63
1.2%, was recorded by
The subgroup including cotton, eggs, apples,
Total 28 companies.—
—
Volume
Financial
142
Wholesale Commodity Price Average
Advanced Slightly
National
During Week Ended June 13, According to
Fertilizer
Association
small rise
in the general level of wholesale commodity prices in the
week ended June 13, according to the index compiled by
Due largely to higher food prices, there was a
the National
Fertilizer Association.
4089
Chronicle
April Sales of Electricity to Ultimate Consumers Gains
13.6%—Total Revenues Up 6.2%
The following statistics covering 100% of the electric
light and power industry were released on June 16 by the
Edison Electric Institute:
SOURCE AND
DISPOSAL OF ENERGY AND
SALES
TO ULTIMATE CONSUMERS
index last week
This
Month of April
to 76.1%
of the 1926-28 average, as compared
75.8% in the previous week.
A month ago it stood at
advanced
with
75.1% and a year ago at 76.0%. The announcement by the
Association, under date of June 15, further stated:
The group index
since
last
representing food prices
rose
to the highest point reached
butter, eggs,
potatoes, beef and ham increasing in price; 14 items in the food group
advanced and only 6 declined during the week.
Farm product price trends
were mixed,
with 7 products rising in price and 7 declining; due largely
to lower quotations for cattle, hogs and wheat the group index showed a
moderate decline.
A slight rise in the index of textiles prices was caused'
by higher prices for cotton and raw silk, which were more than sufficient
February,
offset
to
with
such
important
commodities
Price
downward
in the other
changes
in
movement
groups
goods.
cotton
relatively small and of little sig¬
were
Kilowatt-hours Generated {Net)x:
By fuel
By water
Thirty-two price series included' in the index advanced during the week
19
declined; in the preceding week there were 28 advances and 19
declines; in the second preceding week there were 19 advances and 27
and
3,944,880,000
3,347,020,000
8,257,190,000
7,291,900,000
+ 13.2
150,580,000
-—14.4
84,645,000
186,495,000
66,989,000
244,225,000
253,484,000
—3.7
47,460,000
116,965,000
47,040,000
116,120,000
+0.9
164,425,000
8,336,990,000
1,267,563,000
7,069,427,000
163,160,000
7,382,224,000
1,156,894,000
6,225,330,000
+0.8
1,222,513,000
1,280,681,000
3,842,073,000
192,803,000
375,256,000
86,218,000
69,883,000
1,101,684,000
1,128,873,000
3,327,381,000
186,320,000
365,370,000
69,096,000
46,806,000
+24.8
7,069,427,000
$165,702,900
Total kilowatt-hours generated
6,225,330,000
$156,069,100
+ 13.6
+6.2
Additions to Supply—
Energy purchased from other sources
Net International imports
Total
Supply—
Energy used in electric railway departments
Energy used in electric and other depts
Total
Total energy for distribution.
Energy lost in transmission, distribution, &c.
Domestic service
——
Commercial—Small light and power (retail).
Large light and power (wholesale)
-
Electrified steam.
Municipal and miscellaneous.
1926-1928=100
Total sales to ultimate
Latest
Preced'g
Month
Year
Week
Week
Ago
June 13
June 6
May 16
June 15
Total Index
1936
1936
1936
+ 12.9
+9.0
+ 13.6
consumers
+ 11.0
+ 13.5
+ 15.5
+3.5
+2.7
+49.3
Ago
Bears to the
+0.7
Sales to Ultimate Consumers (Kuoh.)—
Railroads—Street and lnterurban
WHOLESALE COMMODITY PRICE INDEX
+26.4
Deductions from
Municipal street lighting
declines.
Compiled by the National Fertilizer Association.
+ 17.0
+8.8
4,616,385,000
3,640,805,000
power
Kilowatt-hours sold to ultimate consumers—
nificance.
WEEKLY
Change
as
Hides and
leather, crude rubber and cattle feeds increased in price during the week,
resulting in a rise in the index representing miscellanous commodities.
general
a
Percent
1935
1936
1935
Per Cent
Each Group
Group
Total
from ultimate consumers
revenue
Twelve Months Ended April 30
Percent
78.9
Cottonseed oil
22.3
75.9
77.7
67.0
68.0
67.9
86.0
Fats and oils
77.5
67.6
Foods
28.6
86.0
86.4
96.9
69.8
—
Livestock
Fuels
69.5
66.0
66.8
72.6
71.4
70.2
Kilowatt-hours Generated (Net)x:—
73.7
65.0
67.7
71.0
Grains
65.5
66.8
Cotton.
70.2
65.8
Farm products
1
79.5
79.6
79.6
72.1
71.6
66.8
Metals
82.6
82.6
83.0
82.8
5.8
Building materials
80.7
80.7
80.2
78.1
1.3
Chemicals and drugs
94.4
94.4
94.4
94.4
6.7
-
.
.3
Fertilizer materials
65.2
65.1
65.6
Fertilizers
70.7
70.7
70.7
.3
Farm machinery
92.6
92.6
92.6
75.8
75.1
—1.8
+9.2
+ 11.6
72,435,836,000
$1,958,265,500 $1,865,036,200
Total revenue from ultimate consumers
91.9
76.1
76.0
combined--
(net)
+ 12.1
Kilowatt-hours sold to ultimate consumers-- 80,845,450,000
76.4
All groups
+ 11.2
Purchased energy
65.0
.3
100.0
96,078,637,000 86,355,090,000
2,995,995,000 2,968,367,000
TOtal kilowatt-hours generated
67.3
_
+ 11.3
+0.9
Energy used In electric railway & other depts. 1,945,585,000 1,981,700,000
Total energy for distribution..«.
97,128,947,000 87,341,757,000
Energy lost in transmission, distribution, &c. 16,283,497,000 14,905,921,000
69.3
66.8
Miscellaneous commodities
|
7.7
+ 10.8
-
By water power
77.4
72.8
67.0
10.3
59,262,912,000 53,502,861,000
36,815,625,000 32,852,229,000
By fuel
75.2
Textiles
16.4
Change
1935
1936
+5.0
Important Factors—
generated by water power
Domestic Service (Residential Use)—
Avge. ann. consumption per customer (kwh.)
Average revenue per kwh. (cents)
Average monthly bill per domestic customer
Earnings of Department and Specialty Stores Higher
During 1935 According to Harvard Business School
Earnings in both dollars and percentage of net sales for
the typical department store in 1935 showed further recovery
from the low levels of the depression, according to a report
issued June 11 by the Bureau of Business Research of the
Harvard Business School,
Cambridge, Mass.
Specialty
store earnings enjoyed similar gains.
The Bureau's report,
the sixteenth in a series issued annually, gives the results of
a survey just completed with the cooperation and financial
support of the National Retail Dry Goods Association.
It
shows that for 1935 net business profits among department
stores typically amounted to 3.4% of sales and among
specialty stores to 2.9%.
In a summary of its report the
Bureau of Business Research states:
Basic information
38.0%
38.3%
Per cent of energy
692
+ 7.8
5.23c.
—6.3
$2.83
as
642
4.90c,
$2.80
+ 1.1
of April 30
1936
Generating capacity
(kw.)-
33,215,000
(589,490)
(219,298)
21,189,020
3,773,275
491,365
63,916
(535,939)
(211,373)
20,587,284
3,732,376
496,963
25,517,576
Total generating capacity in kilowatts
23,760,800
8,951,700
502,500
33,484,900
Waterpower.
Internal combustion
1935
23,974,800
9,011,400
498,700
-Steam.
24,888,208
Number of Customers—
(included with domestic)..
Farms in Western area (included with commercial, large).
Farms in Eastern area
Domestic service
.
Commercial—Small light and power
Large light and power
Other ultimate consumers
..
Total ultimate consumers.-x
71,585
reported to the U. S. Geological Survey, with deductions for certain plants
light and power enterprises.
As
not considered electric
Sales Higher; Expense Rates Lower
In the
of both
case
department and specialty stores improvement in
earnings was due to the fact that sales in 1935 showed
a
further increase
which amounted to about 5% of 1934 sales; while gross margin rates
were
approximately the same as in 1934 or slightly higher; and expense rates were
The year was marked by more favorable general business conditions
lower.
than have
prevailed in several recent
cate that the
did dollar
years
but the Bureau's estimates indi¬
physical volume of goods sold increased
expense;
more
in 1935 than
and this suggests that the better earnings were due
Large Stores Showed Best Earnings
Bureau's report indicates further that the large department stores
showed
higher
stores.
This represents a reversal of the situation prevailing in 1933 and
percentage
earnings in
The Edison Electric Institute in its
weekly statement dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
Total
14.2% over
corresponding week of 1935, when output totaled 1,742,-
June 13, 1935,
totaled 1,989,798,000 kilowatt hours.
output for the latest week indicated a gain of
the
506,000 kilowatt hours.
partly to more effective control of costs.
The
Weekly Electric Production Continues Upward Trend
1935 than the small department
1934 when small stores reported about the same percentage earnings
Electric output during the week ended June 6 totaled
1,945,018,000 kilowatt hours.
This was a gain of 12.8%
over the 1,724,491,000 kilowatt hours produced during the
week ended June 8, 1935. The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
as
large stores, and a return to the conditions prevailing generally prior to
1933, when earnings rates tended to be largest for large stores and to vary
closely with size.
Aside from this relation between size and earnings, the study indicates
that
the
most
profitable stores
ordinarily
from lowdr than average percentages
show some advantage in
margin rates.
their
get
advantage
chiefly
of expense, although commonly they
From this circumstance the Bureau
June
18.7
12.8
8.1
13.4
12.1
16.3
21.7
17.3
14.0
14.9
18.3
17.0
15.5
20.4
10.9
17.5
18.9
22.8
23.3
6.7
4.6
11.9
13.2
14.2
12.8
18.0
15.3
West
Central
Southern
12.7
14.5
States
Coast
-
Total United States.
the figures submitted by 581 firms with
Week Ended
1936 May 23, 1936
11.1
Pacific
on
May 30,
20.3
England..
Rooky Mountain
based
1936
Middle Atlantic
New
with all-round good management.
The report is
June 6,
Central Industrial
concludes that among stores of all sizes exceptional profit clearly is associated
Summary Figures
13, 1936
Week Ended
Week Ended
Week Ended
Major Geographic
Regions
an aggre¬
DATA
14.9
FOR RECENT WEEKS
gate sales volume of $1,678,699,000, slightly more than 40% of the total
department
includes
a
and specialty store
volume in this
country.
The
bulletin
(in Thousands of
Kilowatt-Hours)
special section, and several tables, dealing with trends in expense
FOR 581
1936
1,916,486
1,933,610
1,914,710
1.932.797
1,928,803
1,947,771
1,961,694
1,954,830
1,922,108
1,945,018
1.989.798
1.700,334
1,725,352
1,701,945
1,673,295
1,698,178
1,701,702
1,700,022
1,696,051
1,628,620
1,724,491
1,742,506
1,774,654
June 27..
1,772,138
FIRMS FOR 1935
(Net Sales=100%)
Department
Specialty
Apr.
Stores
Stores
Apr.
May
4-.
11-.
18-.
25..
2_.
459
122
May
9-.
100.0%
100.0%
Apr.
Apr.
Numbnr of reports
Net sales
^
Net cost of sales (total mdse. cost plus operating
t
loss0.1%
Net profit or loss
Net other income (including Interest on owned capital)
f
100.1
cost)
Net gain
«
--
-
99.7
May 16..
May 23-.
May 30-.
0.3%
June'
3.5
2.6
June 13..
6_.
3.4%
2.4%
in Millions
of Kilowatt-Hours
1934
1935
June 20..
SUMMARY FIGURES
Weekly Data for Previous Years
P. C.
Ch'oe
Week of-
during the depression.
+12.7
+ 12.1
+ 12.6
+15.5
+13.6
+ 14.5
+15.4
+15.3
+ 18.0
+ 12.8
+ 14.2
1933
1932
1931
1930
1929
1,617
1.642
1,673
1,669
1,633
1.643
1,650
1,655
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1,461
1,542
1,578
1,598
1,465
1,481
1,470
1,455
1,429
1,437
1,436
1,425
1,381
1,435
1,442
1,441
1,457
1,647
1,641
1,676
1.644
1,637
1,654
1.645
1,602
1,594
1,621
1,610
1,635
1,607
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1,660
1,657
1,707
1,698
1,704
1.697
1,709
1,700
1,688
1.698
1.704
1.705
1,615
1,690
1.699
1,703
1,723
1,576
1,655
1,665
1,675
1,688
1,656
1,663
4090
Financial
DATA
FOR
RECENT
MONTHS
Month
(THOUSANDS
OF
Chronicle
KWH.)
$199,808,400 for the corresponding five months of 1935.
projects started thus far this year totaled $324,412,800
$190,352,200 for the initial five months of last year.
P. C.
of
1936
1935
Ch'ge
1934
+ 11.6
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
1933
1932
June 20,
1931
CONSTRUCTION
Jan
8,664,110
8,026,186
Feb
March
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
8,376.493
_
April
8,336,990
May
June
July
August.
Sept
...
Oct
Nov
Dec
Total
+ 13.9
+ 11.7
+ 12.9
93,420,266
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
CONTRACTS
AWARDED—37
ROCKY
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
OF
THE
New Floor
Space (Sq. Ft.)
Valuation
.1
-
.
•
8,528
20,547,400
$70,253,400
3,436
1,278
15,628,500
186,800
82,251,700
63,565,600
13,242
36,362,700
$216,070,700
6,268
3,178
1,055
13,135,800
9,144,700
67,800
$44,901,800
50,432,500
31,385,800
10,501
22,348,300
$126,720,100
29,784
6,026
75,308,400
75,478,100
2,262,200
$261,240,000
410,870,800
324,412,800
51,259
153,048,700
$996,523,600
22,962
5,087
43,928,900
34,466,200
631,200
$158,341,000
1 199,808,400
190,352,200
42,589
79,026,300
Public works and utilities..
Total construction
1935—Residential building..
Non-residential building
Note—The monthly figures shown above are based on
reports covering approxi¬
mately 92% of the electric light and power industry and
the weekly figures are
based on about 70%.
EAST
■
1936—Residential building
Non-residential building
85,564,124 80,009,501 77,442,112 86,063,969
STATES
engineering
compared with
as
MOUNTAINS
No. of
Projects
Month of May—
Civil
1936
Public works and utilities
Total construction.
First Five Months—
Trend of Business in Hotels
According to Horwath &
Horwath—Rate of Increase
During May Below
1936—Residential building
Non-residential building
Year Ago
Total construction.
Horwath & Horwath, in the
monthly survey of the trend
of business in
hotels, state that during May "there was a
slight falling off in the rate of increase over the
corresponding
month
a
little
a
1935—Residential building
Non-residential building
taking about equal part in
department," the firm said, "was
more
pronounced than that in the rooms."
Total construction
NEW
The firm's
CONTEMPLATED
For the country at large the seasonal
decline in occupancy from
April to
was about the same as in other
years.
However, the Pacific Coast,
which usually has a small
increase, this time registered a small decrease.
Rates in Detroit and on the Pacific Coast
showed continued large increases
year
but what gains other groups made
ago,
were
by the following representative
groups and the
1929
•
NewYork
■'
■;
■
....
„
.
„
„
.
..+_
.
1. - ^
.
Projects
73
Business
Mar.
Apr.
May
32%
29%
29%
30%
23%
28
36
21
17
28
57
29%
Detroit-
41
45
52
49
44
48
24
9
9
35
29
21
21
45
39
39
32f
38
20
15
32
25
22
10 *
21
33
....
Pacific Coast
All others..
22
30
31
27
30 9
29
30
21
The
25,
24
29
23
29 *
25
27%
Total
26%
27%
30%
24%
24%
$1,443,932,500
55,599
$2,209,097,800
Highest
Since 1932, According to
Board—June Survey Says Indus¬
Corporate Profits and Stock Prices
Output,
During First Five Months of 1936
activity in the first five months of 1936 was the
highest for any similar period in four years, the Federal
Reserve Board reported in the June
"Bulletin," issued on
June 17.
The survey found that a decline in the first
quarter
of the year was halted in
April, and an advance appeared
to be holding
through May, on the basis of incomplete figures.
The
was
also issued by Horwath
to
analysis said that increased industrial output, higher
and higher stock profits all contributed
making the first five months better bhan the same period
in any year since 1931.
BUSINESS
IN
HOTELS
IN
MAY,
MAY,
1936,
COMPARED
WITH
Room
Percentage of Increase (+)
or Decrease
(—)
Occupancy
Rate
Percent¬
of
age
Same
Total
Rooms
Restaur't
This
City
+ 12
+ 13
+1
Philadelphia
Washington
Cleveland
(+)
or
Last Year Dec.
(—)
+ 11
+ 14
68
+ 15
+ 11
+3
69
61
+1
+2
47
46
—1
67
—2
63
0
—6
—3
—9
+ 10
+7
+26
+5
+1
61
67
+8
68
+22
+ 13
+6
;
Inc.
Month
Month
Chicago.
V
+9
+ 18
+20
+ 10
+9
+9
62
59
+2
+ 10
+ 10
+3
+3
Total
+ 10
+ 11
+9
64
61
+3
Year to date
+ 12
+ 11
+ 13
66
62
+2
Detroit
Pacific Coast
Texas—
All others
on
the contrary, was
only slightly.
The following is from the "Bulletin":
The
y:+:\
Employment,
found to have increased
1935
Sales
New York
$494,864,700
587,030,500
1,127,202,600
corporate profits
& Horwath:
OF
8,003
19,119
Business
26%
following analysis by cities
TREND
28,477
Reserve
all Advanced
Aver.
28
Activity
Federal
seven years ago*
40
Cleveland
$448,482,500
503,326,000
492,124,000
76
35
_
$381,656,100
64,543
Total construction
29%
Chicago
Philadelphia
Washington
13,076
7,585
77
trial
Fe 6.
$313,292,500
38,553
18,405
Public works and utilities
68
90
Jan.
$94,902,900
134,633,900
152,119,300
Valuation
73
Decreases in total sales during the last six months
from
Dec.
7,472
4,085
1,519
3,933 1
1,327
Non-residential building
78
New York City
$101,994,600
120,893,100
90,404,800
15,031
Public works and utilities
Rates
103
..
Projects
9,771
Residential building
Non-residential building
Total construction
76
...
Valuation
First Five Months—
97
Entire country
1936
No. of
1936
Occupancy
Chicago
Philadelphia
Group "all others"
72
67
63
59
69
65
most
marked
increases
in
production during the
past year,
to the
been
May
than
70% greater than
to
amounted to
F.
W.
was
reported for May, 1935,
Corp.
The total for May
was
Dodge
$216,070,700, covering, the 37 States east of the
During May, 1935, a total of only $126,-
Rocky Mountains.
720,100
reported, while in April of this year a total of
$234,631,600 of construction work was undertaken in the
area
east of the Rockies.
For
States
the
first
five months
amounted
volume
last
was
of
1936
to
$996,523,600.
$548,501,600 reported
of
Every
year.
important
total
This
for
major
construction
was
the
in
corresponding,
geographic
37
the
increase of
an
81%
five
district
Eastern
over
months
shared
the
pf
the
in
general expansion.
The
May,
lag of recovery in construction activity.
In the past
year
figures
$82,251,700 for
building;
public works
and
public
showed
a
total
non-residential
utilities
of
of
$70,253,400
building,
and
for
residential
$63,565,600
for
civil
engineering types.
This latter
category, with an increase of 100%, showed the largest relative gain over
the total for May of last
year.
In point of gain over last year non¬
residential
total.
of
the
the 37
reported
elapsed
was
Residential
advance
For
building
building
56%
over
first
five
States
for
the
months
like
1936
an
started
increase of
in
May
63%
of
the residential total for May
amounted
portion of
next with
to
of
the
current
$261,240,000,
period
of
amounted
1935.
to
a
year
gain of
over
thisi
a
year
65%
as
recorded
an
ago.
residential
Non-residential
$410,870,800
the May, 1935,
year
over
building
in
the volume
building
in
compared with
the
only
there has
increase in construction,
reflecting larger expenditures for resi¬
dential, industrial, and commercial building as well as increased
outlays
for publicly financed projects.
Increased output has been accompanied
by a growth in the number
employed and, reflecting principally an increase in the
average number of
hours worked, by a somewhat
larger growth in payrolls.
Unemployment
has remained large,
however, and there has been relatively little change in
the total number of
persons
receiving relief
or
employed
on
works projects
financed by public funds.
Agricultural income, which had increased
considerably in the past three
a
further growth this year,
reflecting larger income from
the sale of farm products offset in
part by a decline in Governmental rental
and benefit payments.
Stocks of cotton have been reduced during the last
four years but are still at a
relatively high level, while stocks of wheat
have been reduced to about the level
Preliminary
estimates
by the Department of Agriculture indicate a somewhat larger
wheat crop this year than in the three
preceding years, when crops were
unusually small.
The supply of hogs on farms, wrhich was
exceptionally
small
a
year ago, has shown some increase
during the past year,
Wholesale commodity prices, which had
advanced considerably during
1933 and 1934 and slightly in
1935, have declined somewhat this year,
reflecting reductions in prices of farm products and foods
levels since the
end of
1934.
The
grains, and their manufactures.
principal decreases
were
to
the
lowest
in livestock,
Prices of other commodities
as
a
group'
have shown relatively little
change in the past two and a half years.
Retail
food prices and the cost of
living have been about the same as they were
a
year ago.
'
Profits
of large industrial corporations increased
sharply in the last half
of 1935 and,
although somewhat smaller in the first quarter of 1936, accord¬
ing to preliminary reports, they continued at a
higher level than in
quarter since 1930.
1936,
in
an
prevailing prior to 1929.
according
as
other recent
years, have been in the durable goods industries.
Output of
durable goods, however, is still far below
pre-depression levels, owing largely
years, has shown
Valuation of Construction Contracts Awarded in
May
The volume of construction work started in
more
THE
Month of May—
Residential building
X"
OF
country at large:
OCCUPANCY AND RATE INDEX—MAY,
(Same month of 1929=100%)
'•
EAST
1936
illus-
are
$548,501,600
STATES
MOUNTAINS
'
+
The climbs which
occupancy and rates have made since
REPORTED—37
No. oj
very small and
Washington and Philadelphia again showed decreases.
rated
:
V+.'-
v
May
a
WORK
ROCKY
survey continued:
over
14,540
Public works and utilities
year ago, all the groups
That in the restaurant
it.
15,449
Public works and utilities
any
other
♦
Security prices in the early months of
the
year
continued the advance
that began in the
spring of 1935.
There were substantial declines in lower
grade bonds beginning in March and in stocks
beginning in April, followed
by
some
recovery
in
May.
Security
above the highest levels of 1935.
prices
in
general
have
continued
New security flotations have increased
further and during the first five months of this
year were larger in amount
than in any period of similar
length in recent years.
Most of the flotations
continue to be for refunding, and
although the amount of corporate issues
to raise new
capital has increased, it is stiU small
compared with years
prior to 1932.
Furthering its comments on corporate profits during the
first quarter of 1936, the "Bulletin" had the
following to say:
Volume
Financial
142
Profits of large industrial
corporations during the last
and the first quarter of 1936 were
larger than in
since
months of this year,
what smaller
preliminary reports for the first quarter indicate some¬
profits than in the last quarter of 1935, but they were still
about 50% above those for the first
quarter of 1935.
Industries in which these large
corporations
most
as
reported the
group
a
marked increases in earnings in 1936 as compared with 1935
petroleum,
machinery
and
tools,
railroad
equipment
chemicals
ment,
and
and
office
drugs,
non-ferrous
equipment.
a
as
electrical equip¬
materials and
building
metals,
Railroads
reported
group
during the first three months of 1936 but the deficit
include
automobiles.
and
Substantial increases also occurred in industries
producing
supplies,
was
loss
a
about one-third
smaller than in the corresponding period of the preceding year.
The profits
of public utility companies showed a moderate increase during the first
quarter of 1936
the
over
quarter of 1935.
same
Advanced in
According to Col.
Finds Continued
L. P.
High
Rate of Industrial Production—Predicts Increased
Income Taxes
Average prices of
the
second
half
of
26
during
have advanced
stocks
common
the
Presidential
election
from
1926, while business activity has usually also fol¬
lowed an upward trend during the same periods, Colonel
Leonard P., Ayres, Vice-President of the Cleveland Trust
Co., said in that institution's "Business Bulletin," issued
1832
15.
these
records
be
years
to
June
Colonel
Ayres pointed
have
interpreted
however, that while
out,
historical
some
value
they should not
forecasting similar activity during the
present year, since in individual election years in the past
as
the data have
Industrial
12% below normal.
The
that
value
of
of
was
Factory
loadings
Export
trade
is
than
should
Reserve
about
was
58% below normal, while
74% below normal.
These construction
low
because
the
base
from
which
they
are
high.
payrolls
be
added
general
this
to
indexes.
list, although
For the
48% below normal.
residential
first
The average
it
four
is
not
months
of these
of the
one
this
of
indexes,
seven
year
other
construction, is 34% below normal.
corpo¬
will
simplest
means to
be
increased
by
the
next
Congress
raise government revenues.
the
as
The analysis
continued:
the
At
present, time,
the general
and
war
levels of income taxes
the
three
each
solid
show
1913
It
It
The
the changing taxes
is
interesting to
on
tax
new
nearly
while
it,
income
legislation
high
as
[in the
taxes
that
is
they
as
corporation
In the diagram
the
by married
ing only earned income.
years
any
are
following
then.
were
lines
since
year
just
years
higher than they
the
before
and.
enacted,
in the
were
taxes
are
even
"Business Bulletin"]
,.yould
have
been
paid
having two dependents and report¬
men
dished line
shows
for the
same
period of
24
corporation income.
how
note
low
income
taxes
were
before
the
war.
the
was
imperative, need for revenue during the war period that
taught
Congress how mighty an instrument for revenue-raising the income tax
might become.
After the war there were successive reductions in the
the
individual
Then
income
with
the
taxes
advent
war-time levels.
which
of
the
carried them
depression
rising
one,
their lowest levels
to
they
The trend of the corporation
is
restored
were
in
almost
taxes has been
an
1929.
to
the
irregularly
immediate
in
decline
and there is every probability that another considerable advance
prospect.
Improvement in World Business During April Reported
by National Industrial Conference Board
production
advanced
cording
to the monthly report of the
Conference Board, issued June 17.
during
April,
National
Output
ac¬
Industrial
in
rose
the
United
States, Canada, Great Britain, Sweden, Australia,
Mexico, Chile and Peru.
Production in France,
Germany,
Italy,
The
showed
in
tions.
In
to
the
United
slightly
Operations
high
levels.
aircraft
Japan
in
the
the
may
drought
severe
in
continued
gold
index of
industry
iron,
the
steel
further
record
and
shown
in
has
and
in
Japan
certain
of
75 countries
with
quarter
of
79.4% of the
latter
and
Vienna,
the United
States
World
Canadian
the
markets.
resumption of
on
of
11
leading
advances
in
point
reached
higher
of
dividends,
or
by
markets
3.1% below the
was
4.
highest
point
for this
year,
"
York State Factory
Employment and Payrolls
Increased from Mid-April to Mid-May—Contrary to
Usual Trend—Seasonal
Declines in
19260785 19254 193245
New York
City
Employment and payrolls in New York State factories in¬
creased 0.2% and 0.7%, respectively, from the middle of
April to the middle of May, according to a statement issued
in Albany, June 10,
by Industrial Commissioner Elmer F.
Andrews, of the New York State Department of Labor.
"These gains were contrary to a usual decline at this season
of the year," the statement said,
adding that "the usual
changes for the April to May period, as shown by the average
movement for the last 21
years, are decreases of 1.3% in
employment and 0.7% in payrolls."
The following is also
from the statement:
The slight employment gain of 0.2%
during May followed an increase of
0-2% in April, which also
employment.
was
contrary to an average decrease of 0.8% in
The May reports indicated that many concerns continued
employ the forces they had in April, or operated with somewhat
larger
The clothing and millinery
industries, however, reported further
seasonal curtailment of forces.
basis for these statements.
workers
on a
total
and tabulated
During May these factories employed 375,361
weekly payroll of $9,362,265.
and the results
The reports
are
collected
analyzed in the Division of Statistics and
The State Labor
Department's index of the volume of factory employment
higher than in May of last year.
The index of
77.6 in May, 5.3%
was
factory payrolls
was
66.9, 9.2% above last May.
puted with the averages for the three
The
years
Both indexes
1925-1927 taken
to
continued
rearmament
extent,
and.
program.
changes,
favorable.
more
large
a
are
100.
as
com¬
.
.
.
percentage changes in employment from April to May in the last
22 years are given in the following table:
(+)
+2.0%
OR DECREASES
(—) APRIL TO MAY
1923-.
—0.9%
—0.3%
1926--
—4.2%
—1.3%
—2.1%
—1.0%
—1.5%
1927
—1-4%
1928...
—1.1%
—2.0%
1929.
—0.8%
—1.8%
—1.9%
—0.7%
+0.8%
1930
1931.
1936
—2.1%
—7.3%
+3.3%
—1.5%
—1.5%
(prelim.)...
+0.2%
Further Seasonal Reductions in New York City
Employment in New York City factories declined 2.1% and payrolls fel
1.7%.
A large part of the decline was due to seasonal reductions in the
millinery, men's and women's clothing and allied industries.
reduced employment over
Shoe factories
11%.
Almost all subdivisions of the metals and
machinery industries reported
increase in employment.
In miscellaneous chemical plants, most
some net
of the employment gain of 18%
was
due to expansion of forces at plants
manufacturing firew orks and railroad and ship signals.
showed
a
net increase of
beverage and ice
Further
0.8% in forces,
cream
Advance
in
a
The food industries
good part of which occurred
among
plants and candy factories.
Employment in Five
Up-State Industrial Districts
Five of the six major up-State industrial districts reported net increases
in
employment
showed
a
one
slight loss in
rolls which
In
while
w
district,
Binghamton-Endicott-Johnson
orking forces..
City,
Four districts reported total pay¬
greater than those in April.
were
Buffalo, employment and payrolls continued upward in
some
of the
metals and machinery industries; further substantial
gains occurred in a
Rochester reported good-sized increases in employment and
payrolls at some of the metal plants and men's clothing factories.
In
Albany-Schenectady-Troy, larger w orking forces and payrolls w ere reported
by
plants.
some
textile mills and metal plants.
Syracuse,
slight gains in employment occurred in
some
metal
and
chemical plants; total payrolls showed practically no change from
April to
May.
The Utica district reported slight net increases in the forces of
some
textile mills and several other
of the metal plants.
ment in the forces of
shorter
w
industries; total payrolls w ere larger in some
Binghamton-Endicott-Johnson City reported curtail¬
shoe factories; some of these factories w orked a
some
eek in May and this accounted for most of the decline of
5.6%
in payrolls.
The percentage changes from
by districts
are
April to May in employment and payrolls
given below:
by
City
December,
automobile
radical
no
becoming
supported,
in
industries
shipbuilding,
and
German
world
trade
advanced
during March.
public
The
Buffalo
Rochester
Albany-Schenectady-Troy
Syracuse
Utica
-
Binghamton-Endicott-Johnson City
New York City.
ex¬
combined
(excluding Italy) stood at 36.7% of the 1929 average
during the same month a year ago.
For the
the
estimated
physical volume of
trade
amounted
of
foodstuffs
wheat,
coffee,
sugar,
tea,
during
Increase from Mid-April to Mid-May Noted in Pennsyl¬
vania Factory Employment and Payrolls—Delaware
Factories Also
to
level.
This figure is 3.0%
higher than for the same
but 6.0% below the fourth quarter of 1935, the
highest
commodities stood
1932,
During the
apparent, except in the Paris
was
Following announcements
payments,
April
on
recovery
various German companies, security prices
exchange have risen sharply.
On June 6 the combined index
the Berlin
reached
some
Reported Advances
1929
prices
in
and Canada, and
Prague, Canadian and New York exchanges.
part of the month
although
point for the recovery period.
June,
in
France and Germany.
sec¬
34.2%
1936
last year,
Declines
April
Netherlands
The
-
value
compared
67.6%
general price level
Great Britain,
in
during
unchanged
Sweden,
April to May, 1936
expansion,
engineering
the
introduced
is
country
be
to
showed
the
be attributed, in part, to the
penditures.
period
by
government
new
sentiment
industry
first
Switzerland
the preceding month.
Business
low level.
Activity in Brazil was
below
Improvement
industries
business
as
a
Kingdom,
remained
1935.
The
Belgium,
over
extent
some
the
Germany,
Preliminary reports for May indicate
The Conference Board further stated:
activity
In
change
Spain remained at
affected
at
Netherlands,
little
substantially
Britain,
Security prices during the month of May averaged lower in a majority of
leading markets.
Substantial declines occurred on the London, Paris,
Brussels,
In
industrial
Great
the
few
World
in
little change
INCREASES
Colonel Ayres said that business activity made good
prog¬
ress in April and has been
holding its gains well since then.
He predicted that income taxes of individuals and
rations
States,
Information, under the direction of Dr. E. B. Patton
April was, on this same basis, 25% below
were
31% under normal.
Freight car
39% below normal, and department store sales 28% below.
were
United
were
Reports from 1,627 representative factories throughout the State form the
contracts
in
factory
4091
commodity prices
Canada, and declined in France.
forces.
was
was
unduly
employment
while
Federal
construction
abnormally
normal,
April, Colonel Ayres said,
He continued:
contracts
probably
are
measured
it
all
residential
figures
in
a
to
often not conformed to the average trend.
production
the
in
and
New
Business Activity and Stock Prices Have
Average Election Years,
Ayres—Monthly Survey
Wholesale
quarter of 1935
any other six-month period
Reflecting in part the slight industrial recession in the early
1930.
Chronicle
at
March
silk
cotton
68.6%
and
the low point
of
and
and
tin
prices
rubber.
the 1928
represents
of
materials
raw
and
the
an
The
level.
advanced
were
combined
This
increase
depression.
more
during April.
than
index
figure compares
of
about
118%
disbursements
the
Federal
rose
1.5%, according to indexes compiled by
Reserve
received from
Bank of Philadelphia from reports
2,285 establishments employing about 462,000
with
wage
who
from
370,000
offset
of
Factory employment in Pennsylvania increased 0.1 of 1%
from the middle of April to the middle of May, and wage
by
eight
no
earners
week.
received
in
wages
approximately
$10,-
The volume of employment usually shows
change from April to May, but it is customary for faca
4092
Financial
tory payrolls to register a slight decline,
Reserve Bank said
Industries
engaged
in
the
products fabricated from
manufacture
these
during the month and had
ers
usually
there
slight
are
such
brick, cement,
as
nesia, and
to
and
steel
and
heavy
more
work¬
whole
a
1931.
this
period.
were
Employment
and
higher in May than at
Manufacturers of building materials
marble, granite
and
slate,
asbestos
and
mag¬
planing mill products reported
May in
the number of
thus
payments,
tions.
group as
since the early part of
and
employed nearly 3%
during
The
equaling
men
and
industries
textile
substantial increases from April
their rolls and in the amount of wage
on
in
most
exceeding
cases
seasonal
expecta¬
the other hand, registered; a
more-than-seasonal drop and continued to fall below last year by about
1%
in
as
a
group,
employment and payrolls.
The
part of 1930.
May
/•• V,
v
factories
mately
May
in
May
earnings
were
reflected
a
each
of
the
about
two
last
$22.28
in
highest since
in
33.9
the
compensation
a
weekly
April
and
earnings
$19.72
early part
May,
1935,
earnings
Hourly
year.
have
Total
years.
establishments
than
Average
of
a
to
employee-hours
increased
2%
over
year.
38.2
in
remained
in
year
1931,
April
in
month
■/.'
'
•;
lately have
38.4
in
May
unchanged1
27%
greater
Reports from 82 plants in Delaware employing over 10,000 wage earners
a weekly
payroll of $234,000 showed an increase in May of 2.4% in
employment and 3.8% in wage payments, those manufacturing textile
being
the
only
ones
employment and payrolls.
lishments
in
showed
as
to
group
Compared with
of 5%
gains
a
a
register
year
in employ-—>*„
working time.
Mills,
580;
orders,
All
221,525,000
ago,
but
decreases
both
in
all reporting estab¬
17% in payrolls and 14%
/
235,098,000
shipped
booked
feet;
the preceding(week were*.
shipments, 239,085,000 feet;
figures for
253,425,000
Northern
feet;
during
shipments below
Southern
corresponding
hemlock
All
All
reported
above
last
ended June 6,
but
West
California
above
orders
pine
Northern
shipments
the week
212,121,000 feet,
but
regions
hemlock
but
all
6;
and
Northern
year.
1936, by 484 soft¬
12% below the production of the
or
Shipments as reported for the same week were 226,101,000
below production.
Production was 242,259,000 feet.
7%
Reports
Northern
and
June
ended
reported
hardwoods
Southern
and
week
production.
year.
reported for
totaled
mills.
or
last
production
orders
mills
of
the
and
cypress
week
reported
Lumber
hemlock
production
showed
redwood,
feet,
Revised
218,494,000 feet.
below
Coast
were
547 mills produced 251,948,000 feet of
combined;
feet.
production,
regions
orders
same
softwoods
79
from
hardwood mills give new business as 9,404,000 feet,
Shipments as reported for the same week were
7% below production.
Production was 9,689,000 feet.
3% below production.
8,997,000 feet,
or
Identical Mill Reports
Last
week's
feet, and
production of 449 identical
a year
it
ago
feet and 132,660,000
133,742,000 feet.
and
softwood
mills
was
234,179,000
were,
respectively,
received,
206,671,000
137,016,000 feet; shipments
was
219,802,000
feet
feet,
and
orders
♦
Summary of
Canadian
Bureau of
'
with
products
shipments
for
the reporting
were
1935;
in
The Bank had the following to say regarding conditions
Delaware factories:
in
of
These
ago.
hours worked
and
90% of
and
approxi¬
$22.46
and
practically
worked
the
of
were
corresponding increase in the average number of
week—from
this
with
compared
as
week.
a
of
1936
42% heavier than in
26% above last year's
was
orders, 19% above 1935 orders.
and
orders
production
reported
During the week ended June 6,
hardwoods
or
in Pennsylvania
wage earners
about 852,000, receiving
was
$19,000,000
ox
i;'."
According to estimates, the total number of
period
new
was
May of last year,
in
average,
74% of the three-year average,
and the highest since the latter
June
date,
to
year
shipments;
wood
79% of the 1923-1925
was
the payroll index
year;
20% greater than
on
V
index of employment in
5% above last
the
corresponding
iron
increase in total payrolls of almost 4%;
an
recessions
payrolls in the iron and steel
any time
materials
of
For
the Philadelphia
June 17, adding:
on
Chronicle
Crop Situation By Dominion
Statistics—Improvement Noted
On June 16 the Dominion Bureau of Statistics, at
Ottawa,
issued the second of a series of seven telegraphic
reports
covering
crop
conditions throughout Canada, which also
a series of 15 weekly
telegraphic re¬
conditions, in the Prairie Provinces of the
included the fourth of
ports on crop
Dominion.
The
Bureau said that 86 agriculturists dis¬
farming areas provide the basic information
for these reports.
The following summary is from the
report issued June 16:,
tributed
over
the
Summary
Employment and Payrolls in Pennsylvania Anthracite
Collieries During May Reported Above April
The number
of workers
the rolls of Pennsylvania an¬
on
thracite companies in May increased
of wage disbursements over 96% as
when,
10% and the amount
compared with April,
owing largely to the floods, the level for both was
the lowest since November last
year, according to indexes
compiled by the Federal Reserve Bank of Philadelphia from
reports to the Anthracite Institute by 32 companies employ¬
ing some 76,400 workers whose earnings approximated
$2,278,000
week.
Employee-hours actually worked in May
in the collieries of 26
companies showed a gain of 89% as
compared with a month before. The Bank also announced:
a
These increases,
time,
the
the
reflected
a
of
purpose
particularly in the
case
sharp
output
in
the
replenishing stocks
beginning of April
years.
rise
were
the
in
of
and working
wage payments
of
anthracite
producers'
primarily
storage yards,
at
that
month
in
the
•'
of
and eastern fields contain a
been cut and
drought
January
February
The first hay has
fine return is assured in all sections, excepting some western
areas.
The damaging effect of May frosts to fruits and berries
seems to
be less serious than antici¬
pated.
Cool weather and limited rainfall in the Prairie Provinces during
the past week have brought
complaints of slow growth, but the main wheat
crop has maintained its promise of near-average yields.
Another general
rain, followed by higher temperatures would be welcome, particularly to
late-sown fields that are showing uneven growth at present.
In British
Columbia, growth of aU crops has been rapid during the recent period of
dull and rainy weather; heat and sunshine are now
necessary to bring many
crops to
maturity.
*
...
,
In the Prairie Provinces, temperatures were close to normal and
rainfall
rather
was
fell
1936
1933
1934
1935
51.1
62.3
61.1
57.9
36.3
59.4
48.1
57.2
61.4
62.7
60.1
47.7
55.2
53.9
1936
45.8
central
Alberta,
where
Peace
The
moisture
needed.
was
Good
rains
River country and in scattered localities
main wheat
secured
area
practically
no
rain
during the week and
more moisture is needed almost
generally, but not
The early-sown wheat is nearly a foot high in some localities,
urgently.
late-sown
growth.
while
but
Payrolls
1935
in
also recorded in the
were
of southern Manitoba.
wheat
Wire worms
grasshoppers
control.
1934
high proportion of clover.
a
in the Maritime and Eastern Provinces
but
and
Employment
1933
general need
light during the past week.
There was a slight alleviation of
drought conditions in western Saskatchewan by showers and more effective
Statistics, Federal Reserve Bank
1923-25 Average=U00
Philadelphia.
now a
and warmer weather.
The growth of spring-sown crops is
backward, particularly in New Brunswick, eastern Quebec, northern
Ontario and in parts of Alberta.
Pastures are in unusually good condition,
still
rains
Detailed comparisons follow:
Prepared by the Department of Research
appreciable betterment in crop
past five
The index of employment rose from 48.9% of the 1923-25
average in
April to 53.9 in May, and that of payrolls showed a much larger increase
from 24.1 to 47.5 in the same
period.
Compared with a year ago*the
employment index was about 3% higher and wage payments registered a
gain of nearly 14%.
an
conditions in most parts of the Dominion, but there is
of more rain
:.
smallest for
...
which
for
In the past two weeks there has been
and
are
coarse-grains
show
uneven
germination
causing considerable damage in
and
Saskatchewan,
are
threatening in all provinces, but still well under
The first hail
damage is reported from Saskatchewan and Alberta
injury
was
slight.
In British Columbia, the dull, wet weather has promoted a
rapid growth
of all crops but is delaying the
hay and strawberry harvests.
are
generally described
as
Conditions
favorable.
64.7
March
53.1
65.7
50.0
51.5
40.9
69.2
'32.7
35.9
April
May
50.3
56.6
51.5
48,9
31.3
43.3
42.0
24.1
42.0
62.0
52.4
53.9
25.2
53.7
41.8
June
47.5
38.5
56.0
55.6
28.8
44.7
55.5
July
August
42.7
52.2
48.5
32.0
35.4
31.6
46.4
48.2
37.9
39.0
33.3
23.8
September
55.2
55.4
45.2
50.9
39.4
32.2
October
55.3
56.9
57.7
51.6
40.4
47.1
was
November
69.4
59.0
45.7
40.1
42.8
23.9
53.0
59.8
56.3
37.2
43.9
46.7
tural Economics
50.4
57.9
52.0
38.4
46.7
39.9
December
•_
Average.
Weekly
Reports Show 42%
1936
to
Gain in
Date
Over
Gain
Same
Increased farm income in the first four months of this year
shared by farmers in all regions, the Bureau of Agricul¬
in 'Lumber
Period
Last
Output
Year—26%
Shipments—19% Gain in New Orders
industry during the week ended June 6, 1936,
stood at 71% of the 1929
weekly average of production and
68% of 1929 shipments, compared with 70% and 67%, re¬
spectively, the previous week.
Reported production during
the^ week ended June 6, of 6% fewer mills,
were
was
1% below
shipments and orders
2% and 1%, respectively, below that week, according
to reports
to the National
tion
regional
from
important
Lumber
associations
hardwood
and
Manufacturers Associa¬
covering the operations of
softwood
mills.
Reported
was 12% below pro¬
7% below output.
Reported new
business of the previous week, ended
May 30, was 14%
below production; shipments were
6% below output.
Pro¬
duction in the
•, week ended June 6 was shown by reporting
softwood mills 71% above the
corresponding week of last
shipments
year, when
were
production in the West
by strikes; shipments
business, 55% above.
tion further showed:
were
was
largely suspended
66% above last year's week; new
furnished the Associa¬
The reports
1936
$246,736,000
I
North Atlantic
East North Central
-
.
West North Central
South Atlantic—
-----
South Central.
Western
—
—
__
428,854,000
503,342,000
168,849,000
269,385,000
282,366,000
-
•
1935
$209,981,000
370,134,000
413,056,000
152,327,000
263,943,000
258,703,000
The Bureau continued:
All States in the North Atlantic region shared in the
gains this year over
last; all States in the East North Central group; all States except Kansas in
in the
West North Central region; all States except Delaware, Maryland
and South Carolina in the South Atlantic group; all
see,
new
business during the week ended June 6
duction;
reported June 18.
Receipts from the sale of principal farm products during
this period, the Bureau said, totaled $1,899,532,000 com¬
pared with $1,668,144,000 in the corresponding period last
year, $1,454,185,000 in 1934, and $1,085,931,000 in 1933.
Estimated distribution of this money by regions was:
.
The lumber
revised figures of the
preceding week;
Farmers in all Regions Share in Income Gains During
First Four Months of 1936 According to Bureau of
Agricultural Economics
but Kentucky, Tennes¬
Alabama and Louisiana in the South Central region, and all except
Valifornia in the Western States.
The figures do not include
-
Government benefit payments which aggre¬
gated $53,751,000 in the first
four months
$220,837,000 in the corresponding period
1934.
a
of this
year,
year ago,
compared
with
and $104,011,000 in
'■
-
^—
May
Deliveries
Beet
Refined
Sugar by
Companies Below April and
of
a
United States
Year Ago
Deliveries of refined sugar by all United States beet sugar
companies fell off during May, the New York Coffee and
Sugar Exchange was informed by the Unite,|d States Beet
*
Volume 142
Financial
Sugar Association. May deliveries were 77,443 short tons
against 109,268 tons during April and 124,842 tons
during May, 1936, said an announcement by the Exchange
June 16, which added:
refined
For the first five months of 1936 deliveries
amounted to 499,904 tons,
against 620,570 tons during the similar 1935 period,
tons, or 19.4%.
of the
the
decrease of 120,666
a
Deliveries during the first five months represent 34.5%
1,550,000 short ton
value quota fixed under the provisions
raw
Jones-Costigan Act for distribution during 1936, while during the 1935
similar period, deliveries represented 42.8% of an identical quota.
the
on
April
10
figure
1,342,179 tons estimated
of
Adjustment Administration
as
the
maximum
by the
far is equivalent to
were
the
39.8%.
Based
Agricultural
which will be mar¬
amount
keted by United States beet companies during this year, the
so
of
Stocks of refined sugar
on
distribution
hand on June 1
estimated at about 406,000 short tons raw value against 498,000 on
date last year.
same
Increase
,
of
3.4% Noted in Sugar Consumption in
European Countries from September, 1935, to
April, 1936, as Compared with Same Period Year
14
Ago
Consumption of
sugar in the 14 principal European coun¬
tries during the first seven months of the current crop year.
September 1935 through April 1936,
tons,
value,
totaled
5,052,944 long
compared with 4,885,567 tons con¬
sumed during the similar period last season, an increase of
167,377 tons, or approximately 3.4%, according to European
raw
sugar
as
advices received by Lamborn & Co., which said:
The
14
countries
Czechoslovakia,
included:
France,
in the survey
are
Austria,
Belgium, Bulgaria,
Holland, Hungary, Irish Free State,
Italy, Poland, Spain, Sweden and the United Kingdom.
Sugar stocks on hand for these countries on May 1, 1936 amounted to
3,790,140 tons as against 3,943,299 tons on the same date in 1935, a de¬
of
crease
153,159
tone,
Germany,
or
approximately
Production of sugar for the
son
starting Sept. 1,
against 6,490,000
3.9%.
14 principal European countries for the
1935 is placed at 5,758,000 long tons,
in
the previous
season,
a
decrease
of
raw
sea¬
sugar,
732,000 tons,
as
or
11.3%.
+,
Petroleum and Its Products—Lower Allowable in Texas
Seen
Necessary by
Chronicle
lifting the price for thejlatter to $1.23 a barrel.
The answer
to the rising price trend at a time when talk is heard in the
trade of possible crude reductions in Texas and the midcontinent markets is found in the fact that Michigan re¬
fineries are taking some 80,000 barrels daily, against current
production of less than 35,000 barrels.
*t .
Secretary of the Interior Ickes announced in Washington
on June
18 that Federal Tender Board No. 1 at Kilgore,
Tex., would start furnishing daily lists of tank car shipments
from the East Texas fields to officials engaged in the adminis¬
tration of Texas gasoline tax laws, effective July 1.
The
reports, Mr. Ickes said, would show the tank car number
and initial capacity, contents, shipper, consignee and the
destination of each shipment. •
Willam A. Tracy, of • Fort Worth, Texas, bulk sales
Manager of the Sinclair Refining Co. in its Southwestern
district, was indicted on 38 counts of perjury while testifying
as
a
witness before the Special Grand Jury convened in
Madison, Wis., to investigate charges of unfair trade prac¬
tices made against major oil organizations by an independent
distributors group.
The alleged perjury was during Mr.
Tracy's testimony in the six week's hearings held by the
Grand Jury.
The jury recessed until July 7 when it will hold
further hearings.
Daily average crude oil production for the second week
of June approached within striking distance of the record
3,000,000-barrel levels set in the latter part of May, the
American Petroleum Institute repbrt disclosed.
A gain of
35,950 barrels during the week lifted the total to 2,971,400
barrels, against the recommended June level of 2,838,300
barrels Set by the Bureau of Mines and actual production
in the like 1935 week of 2,724,050 barrels./
Substantial gains in Oklahoma and Kansas production,
aided by small increases in California and Texas, offset a
substantial dip in Louisiana and declines in several other oil
producing areas.
All major producing States, with the ex¬
ception of Kansas, were far above the recommended levels
#
of the Bureau of Mines.
Price
Thompson—Michigan Crude
Advanced
Board
10
Cents—New
Oil
Disclosed—Grand Jury
for Perjury
Reports by Ickes'
Indicts' Oil Official
Charge—Daily Average Crude- Output
changes follow:
June 18—An increase of 10 cents
crude
of
the
Texas
daily
average
crude oil
discovery of new pro¬
Ernest O. Thompson, Chairman
of the Texas Railroad Commission, held at the Commission's
meeting in Austin on June 18.
The State-wide meeting was
areas
is
necessary,
called to consider the allowable for next
month, and other
proration matters.
Chairman Thompson pointed out that
despite the cut of
55,000 barrels in the State's daily average allowable ordered
on
May 20, there has been a rise of more than 43,000 barrels
daily since that time, due to the completion of new wells.
The lowered output resulting from the
pared proration allow¬
ables is fast being discounted by the
completion of the new
wells.
Representatives of various producing sections in Texas
made known their willingness to pare
production to levels
more even with market demand.
Current outturn in Texas
is
appreciably in excess of the current market consumption.
Bolin, of Wichita Falls, acting as a spokesman for
producers operating some 15,000 wells in the North Texas
area, said that they would be willing to cutback
production,
other oil men agreeing to take similar action.
The possibility that Texas might cut down on
production
only to see other oil States to continue present high rates,
was answered by unofficial statements at the
meeting that
the control groups in Louisiana, Oklahoma and Kansas are
Houstin
behind any move to curtail
production, and would co-operate
by setting lower allowable for their respective States to bring
down to the levels recommended by the Bureau of Mines.
Estimated demand during July for Texas crude oil was
set at 1,146,500 barrels by the Bureau of Mines in its
market
survey.
Current production in the Lone Star State is
1,184,586 barrels, against market demand of 1,146,500
A further cut in the East Texas field's
proportion
was recommended
by V. E.
of the total
Cottingham, pro¬
Commission, who set the desired
daily, against 439,833 barrels at the
duction engineer of the
level at 425,000 barrels
present time.
The
July quota for Oklahoma was set at 569,800 barrels
daily in the recommendations of the Bureau of
Mines, the Oklahoma Corporation Commission disclosed
of crude oil
on June
18.
The recommended level
compared with the
June estimate of 552,500 barrels, and actual June
allowable,
as fixed by the Commission, of
524,875 barrels. Sentiment
for allowable to the full limit recommended
by the Bureau,
rather than cutting production under the
suggested level,
growing among Oklahoma oil men. Back of this change
feeling is the belief that Texas must play a more effective
part in keeping its production down unless markets are to
is
in
further
suffer
demoralization.
Kansas
understood to be in favor of higher
pares
oil
men
also
are
production unless Texas
its allowable.
advance in seven months was
registered in
prices in the Central field in Michigan, prices there
being marked up 10 cents a barrel on June 18 to $1.42 a
barrel.
A similar advance was posted for Ogemaw
crude,
The
fourth
crude oil
was
posted in crude oil prices
barrel.
Prices of Typical Crudes per Barrel at Wells
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
$2.45
are not shown)
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.42
Darst Creek
Illinois
1.23
Central Field, Mich
1.42
Western Kentucky
1.23
Sunburst, Mont
Huntington, Calif., 30 and
1.15
-
Mid-Cont't., Okla., 40 and above-Winkler, Texas
Smackover. Ark.. 24 and
REFINED
FUEL
1.18
.85
HEATING
OILS
AT
CUT
$1.10
1.15
.97
over---
Petrolia. Canada
PRODUCTS—LOCAL GASOLINE
AND
-
Kettlemen Hills, 39 and over
.75-.80
over
over
PRICE
WAR
SOUTHERN
.95
1.43
1.10
ENDS-
POINTS
—MIDWEST RETAIL GAS PRICES LIFTED—MARKHAM HITS
ATTEMPTS TO TAX FUfcL OILS—REFINERS BUILD UP FUEL
OIL
>
STOCKS—GASOLINE
ATIONS
The local
CONTINUE
STOCKS
UP AS
REFINERY OPER-
RISE
gasoline price
which has resulted in sub¬
the metropolitan area
had dropped as low as
"8 for $1" at some stations, against the prevailing New York
City price of slightly under 20 cents a gallon.
Rising consumption with the accompanying gain in gallonage totals was seen as an important factor in restoring sta¬
bility to the general market.
Again, the war had dragged
prices down to levels where little, if any, profit resulted
from sales and distributors were operating at less-thanaverage returns.
-The bulk gasoline market held firm in
the metropolitan area.
Standard Oil Co. of New Jersey Thursday announced
reductions of l/i cent a gallon in the tank car price of No. 2
heating oil at Baltimore and Norfolk, effective immediately.
The company also reduced other fuels % cent a gallon at the
two points.
A reduction of
cent in tank car prices of
No. 4 heating oil was confined to Baltimore, 'the company
normal
ended
barrels.
a
(All gravities where A. P. I. degrees
allowable to cope with the increase in output as the result
of the completion of new wells and the
ducing
barrel
lifting the schedule there to $1.23
»
reduction
a
in the Central Michigan field to $1.43 a barrel, a similar advance in Ogemaw
Up
Further
4093
war
levels in several sections of
this week after retail levels
announced.
Midwest retail gasoline prices also were seasonally better,
advances posted throughout Kansas by the White
recent
Eagle Oil division of the Socony-Vacuum Oil Co. being met
by other major distributors.
Retail prices for gasoline have
been benefited by the normal summer stiffening, although
tank
car
have
an
markets in
some
sections of the mid-continent still
undertone. Standard Oil of Ohio Friday ad¬
vanced retail gasoline prices 1 cent a gallon at Toledo, Ohio.
Attempts to penalize the oil industry through taxes on its
products to aid other industries were attacked by Baird H.
Markham, director of the American Petroleum Industries
Committee, in a speech before the Pennsylvania Grade Crude
Oil Association at State College, Pa., June 18,
"Railroad interests, by legislation and by taxation, are
attempting to handicap, and even to hamstring, the develop¬
ment of highway transportation," he charged.
"Coal oper¬
ators, by legislation and by taxation, are seeking to throttle
the growing consumption of fuel oil and natural gas for
the production of power, heat and light.
Selfish visionaries
would compel motorists by legislation to use as fuel a blend
made by adulterating economical gasoline with expensive
agricultural alcohol."
Refiners are taking little chance of being caught short
easy
should next winter be
as
cold
as
the last one, stocks of fuel
and gas oils rising 1,095,000 barrels during the past week.
Manufacture of fuel oil when gasoline refining is at its seasonal
Financial
4094
peak will prevent a repetition of conditions ruling at the end
it was pointed out.
The record demand for
fuel oil then brought manufacturing operations to the point
where unwieldy stocks of motor fuel resulted from the higher
refinery rates.
of last winter,
weather in several sections of the nation
Unfavorable
combined with
increase in refinery operations caused a
an
contra-seasonal rise in gasoline stocks during the second week
of June, the American Petroleum Institute reported dis¬
Stocks of finished gasoline showed a net gain of
135,000 barrels to 63,283,000 barrels.
A drop of 198,000
barrels in bulk terminals was offset by an increase of 333,000
barrels in refinery holdings.
Unfinished gasoline stocks
dipped 106,000 barrels to 6,845,000 barrels.
closed.
Daily average runs of crude oil to stills of 2,975,000 barrels
during the week represented an increase of 25,000 barrels
over the previous period and equalled the record high reached
some weeks back.
Refinery operations rose 0.3 point to
80.3% of capacity, only fractionally under the record high
set
short time ago.
a
June
tion for the four
15—Normal prices
daily
a
of
average
barrels
90,143
barrels,
234,286
the
for
June
19—Standard
Oil
advanced
Ohio
retail
prices
gas
1 cent
i
North
'
10,571
of
average
for the
Refinery
or
estimated
barrel
potential
daily
the industry as
indicate that
pipe lines
as
unfinished
refining
whole
.90
$
Phila., Bunker C
1.05
(Bayonne)
$.04-.04%
on
of
all
cracking units
Chicago,
I
daily during the week.
DAILY
an
city sales tax.
I
CRUDE
B.
that the
■;;
;v:..
..
OIL
industry
as
a
PRODUCTION
!
'
v
Average
Week Ended
4 Weeks
Week
Ended
June
June
13,
Ended
June 13,
6,
June
15,
1936
1936
1935
547,450
551,250
532,200
135,150
149,950
148,900
56,450
58,650
153,100
1936
567,250
152,300
552,500
.....
60,400
61,150
55,700
58,700
25,350
59,150
25,350
180,200
153,900
49,500
460,300
59,850
182,250
25,350
179,100
53,000
178,050
53,250
59,050
25,500
437,750
85,450
249,950
436,550
84,400
246,850
52,650
439,550
83,100
251,950
1,145,700
1,143,550
1,153,100
1,046,050
75,150
79,000
144,300
147,400
82,050
146,900
22,950
115,050
175,700
219,450
226,400
228,950
138,000
31,800
103,200
29,750
29,900
30,800
104,500
42,900
37,950
East Texas
1
••••
in
of 660,000 barrels
average
Actual Production
of Mi
Dept. of
East Central Texas
-$.02%-.02%
all
in transit and
(Figures in Barrels)
North Texas
>
Mines
that
.".v
•
.
AVERAGE
West Texas
i Tulsa
32-36 G0..$.02%-.02%
:
States
and fuel oil.
gas
indicates
Bureau of Mines basis, produced
a
West Central Texas
i
27 plus
United
70,668,000 barrels of finished and
gasoline and 103,999,000 barrels of
capacity
Panhandle Texas
1.65
zNot including 2%
the
Cracked gasoline production by companies owning 95.9% of the potential
Oklahoma
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
of
bulk terminals,
end of the week,
the
of
capacity
to stills, on a Bureau of
ran
in storage at refineries,
companies had
Kansas..
New Orleans C
22,714
and
6
crude oil daily during the week, and
2,975,000 barrels of
basis,
a
{June)
Terminal
California 27 plus D
$1.15-1.25
$1.05
Diesel 28-30 D....
June
ended
the four weeks ended June 13.
culations
Texas.$.03%-.03% I New Orleans.$.03%-.04
.04%-.05- I Tulsa
.04%-.04%
Fuel Oil, F.O.B.
N. Y. (Bayonne)
Bunker C
week
Reports received from refining companies owning 89.6% of the 3,869,000-
a
Los Angeles..
barrels, compared
totaled 218,000 barrels, a daily average of 31,143
daily
a
Int. Cal-.
$.04%
for
daily
'v
with
barrels daily for
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
of
average
barrels
Receipts of California oil at Atlantic and Gulf ports for the week ended
gallon at Toledo, Ohio.
New York
daily
a
177,393
and
6
June 13
'.-I'/.-;.'
of
with
compared
ended! June
week
ended June 13.
the four weeks
No. 4 heating oil
% cent at Baltimore.
cut
was
gallon at Baltimore and Norfolk.
a
totaled 1,640,000 barrels,
ports for the week ended June 13
June 18—Standard Oil of New Jersey lowered No. 2 heating oil and other
% cent
principal
Imports of. petroleum for domestic use and reoeipts in bond at
United States
York City area where local conditions had brought prices down sharply.
light fuels
estimated
ended June 13, 1936, is
details, as reported by the Institute, follow:
whole,
restored in several sections in the New
were
weeks
2,964,500 barrels. The daily average output for the week
ended June 15,
1935, totaled 2,724,050 barrels.
Further
at
charging
Representative price changes follow:
June 20, 1936
Chronicle
Southwest Texas
Coastal Texas
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard Oil N. J..$.07%
Socony-Vacuum
Tide Water Oil Co.
New York-
Richfield Oil (Calif.)
Warner-Quinlan Co.
New
Texas
Los Ang.,
Beacon._$.07%
.07%
Gulf
07%
Republic Oil
.07%
Shell East
-.06%
.06
-.06%
.05%-.04%
.06
-.06%
.06
-.06%
Gulf
ex.
ports
Tulsa
..$.192
Cincinnati-
.192
zBrooklyn
Newark
.168
..
Boston
Denver.
.168
..
Camden
Buffalo
...$.184
...
Philadelphia
16
Pittsburgh
20
San Francisco
_.
__
Jacksonville.
.165
..
Houston
.19
.175
..
Chicago
Minneapolis
New Orleans
21
Detroit
.13
..
.......
Los Angeles
Coastal Louisiana
.23
.175
.
Total Louisiana
.195
The
slightly
Production
average
April,
in
St. Louis
Texas
but
according to
that in
of
average
siderable
Declined
During April
by
prepared
report
a
Texas
California
the
declined.
Production
in
_.
and Kansas,
73,950
2,302,800
2,387,800
2,355,150
2,388,000
535,500
583,600
580,300
576,500
575,200
2,971,400
2,935,450
2,964,500
2,724,050
110,200
32,850
36,450
4,550
April being from 191,226,000 gallons
of
the
to
212,436,000 gallons
10,200
4,050
53,300
on
Daily Refining
Capacity
hand
Crude Runs
the
first
any
oil which
Stocks
of Finished and
Unfinished Gasoline
to Stills
Stocks
of
District
Finished
Poten¬
Reporting
Aver¬
Total
Rate
East Coast.
612
Appalachian
Ind.,111., Ky.
Okla., Kans.,
154
146
442
424
453
Mo
P.
Oper¬
At Re-
age
C.
P.
ated
fineries
612 100.0
Unfin'd
Gas
in
Daily
tial
April 30.
Nearly
stocks
at plants
and
2,148,850
(Figures In Thousands of Barrels of 42 Gallons Each)
pre¬
on
.
CRUDE RUNS TO STILLS AND 5 TO 3KS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FLEL OIL, WEEK ENDED JUNE 13, 1936
the
Stocks of natural gasoline continued to increase, the gain
in
4 »y
Note—The figures Indicated above do not include any estimate of
might have been surreptitiously produced.
two States with con¬
crude production, was instrumental in
larger decline in the national total.
month
16,850
73,000
4,500
72,950
2,838,300
A
.
Total United States
498,500 gallons daily compared
558,600 gallons in March.
Increased
flush
a
17,650
4,500
New Mexico
production of natural gasoline declined
production in Louisiana
venting
16,850
4,700
68,300
Panhandle averaged
an
32,150
36,800
Montana
.177
,
com¬
pared with 4,577,000 gallons in March.
Daily average pro¬
duction in California and Oklahoma remained virtually un¬
changed,
32,500
37,500
....
Colorado
Bureau of Mines for Harold L. Ickes, Secretary of the In¬
terior.
The average in April was 4,571,000 gallons
with
109,000
37,000
37,800
13,000
Eastern
.15
Gasoline
daily
-
29,900
108,650
Michigan.
Wyoming
.16
.,.
"
_«
Total east of California.
Natural
»'
.
Arkansas
.175
$.175
.
Cleveland.:.
1,125,700
North Louisiana
.07
Gasoline, Service Station, Tax Included
zNew York
Total Texas
$.06
Orleans.
Colonial
.07%
.07%
.07%
.07%
_
Chicago
and
Nap'tha
Fuel
C.
Terms,
Distil.
Acc.
536
87.6
94.8
101
69.2
1,286
95.9
420
99.1
6,577
11,663
1,046
2,751
4,207
2,188
7,069
967
(HI
9,155
260
466
813
3,852
604
3,199
1,749
384
84.8
293
76.3
Inland Texas
330
160
48.5
107
66.9
1,200
126
202
terminals.
Texas Gulf..
680
658
96.8
608
92.4
5,510
307
2,070
La.
169
163
96.4
114
69.9
818
504
278
PRODUCTION AND STOCKS OF NATURAL GASOLINE (IN THOUSANDS
No. La.-Ark.
80
72
90.0
44
61.1
202
95
91
Rocky Mtn.
California
97
60
61.9
49
81.7
1,364
96
739
852
789
92.6
514
65.1
10,014
2~438
1,190
71,956
3,468
89.6
2,786
80.3
all
the
increase
was
recorded
OF
in
GALLONS)
Production
Stocks
.
Apr. 30, 1936
Gulf
Reported...
Estd.unrepd.
Mar. 31,
7,476
2,047
419
38,247
21,118
189
3,033
1,425
3,869
2,975
3,869
2,950
41,280
40,947
22,543
22,741
6,845 103,999
6,951 102,904
Z32.499 z20,642
z6,366 zl03674
401
6,571 101,058
274
2,941
1936
xEst.tot.U.S.
Apr.,
Mar.,
Jan.-
Jan.-
1936
1936
Apr.,
Apr.,
At
1936
1935
Refin¬
At
Plants
&
eries
Ter¬
minals
At
June 13 '36
Plants
At
June 6* 36.
&
Refin¬
minals
eries
3,869
3,869
Ter¬
U.S. B.ofM.
June 1935.
East coast
6~125
6~264
909
Appalachian
910
111., Mich., Ky..
Oklahoma
2,842
Texas
38,212
4,634
Louisiana
Total
5,637
1,932
4,452
485
1,932
3,948
958
126
5,628
69,612
8,610
17,944
1,072
54,492
9,232
4^643
"420
186
77,616
1,810
1,008
76,398
1,545
3,287
137,130 141,876 566,664 525,997 101,514 110,922 100,002
4,571
4,577
4,683
4,383
91,224
Daily
3,265
3,378
13,492
12,523
109
109
112
104
avge
2,417
2,641
2,381
2,172
z
As of June 30, 1935.
Production of Coal Continues Downward Trend
United
States
Bureau
of
Mines,
in its weekly
coal
report, stated that the total production of soft coal during
the
as
week
ended
against
tion
(thousands
of barrels)..
2,724
Bureau of Mines basis currently estimated,
Tlie
7,595
234
45,189
x
460
21,466
84
84
1,488
California
avge.
84
"462
1,039
4,591
Rocky Mountain
Daily
24",435
1,302
Arkansas
Total
25~902
7,476
3,690
3,463
34,636 133,391 118,104
2,767
11,446
10,838
40,430 160,286 165,872
4,139 19,105 14,811
1,076
3,904
4,249
5,061
19,139
17,348
46,593 189,801 166,877
33,589
Kansas
9,954
June
June 6
is
during the week in
6,
estimated
at
6,545,000 net tons,
6,678,000 tons in the preceding week.
when
stock
1035 corresponding
piles
were
being
Produc¬
with that
fortified,
rose
of
to
8,679,000 tons.
Daily
Average
Crude
Barrels
The
American
daily average
June
13,
Oil
in
Petroleum
Production
Latest
Jumps
35,950
Week
797,000 net tons,
Institute
estimates, that the
production for the week ended
2,971,400 barrels.
This was. a rise of
gross crude oil
1936,
was
35,950 barrels from the output of the previous week.
The
current week's figure was also above the
2,838,300 barrels
calculated by the United States
Department of the Interior
to
be
the
total
oil-producing
of
the restrictions
States
during
June.
imposed
Daily
Production of anthracite in Pennsylvania declined sharply
in the first week
by the various
average
produc¬
of June.
an
The total output is estimated at
actual decrease of 366,000 tons from the
output in the five-day week preceding.
Production during
the corresponding week in 1935 amounted to
1,387,000 tons.
During the calendar year to June 6, 1936, a total of
177,507,000 tons of bituminous coal and 24,104,000 net tons
Pennsylvania anthracite were produced.
This compares
of
with
hard
167,093,000 tons of soft coal /and 24,470,000 tons of
coal
produced in the same period of 1935.
The
Bureau's statement follows:
*
Volume
Financial
142
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE
4095
Chronicle
out that
(IN NET TONS)
Italy continues to be
Demand for lead showed little
Bitum. coal:
May 30,
June 8,
1936 d
1935
All
signs point to
177,507,000 167,093,000 227,571,000
1,693,000
1,252,000
1,330,000
Tot. for per'd 6,545,000 6,678,000 8,679,000
Daily aver.. 1,091,000 1,260,000 1,447,000
will soon be placed.
ness
June than last month.
Penna. anth.: b
Tot. for per'd
Daily aver..
797,000 1,163,000 1,387,000
132,800
231,200
232,600
31,679,000
239,100
24,470,000
,184,700
24,104,000
181,900
Shipments of lead to
per'd
19,800
aver..
Daily
3,300
2,517
2,872,900
21,124
420,300
594,800
4,374
15,100
20,900
3,483
3,090
not much more than
lignite, coal made into coke, lcoal sales, colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised.
ESTIMATED
PRODUCTION
WEEKLY
OF
COAL,
(The current weekly estimates are based on railroad car
ments and are
There
1936
1936 p
1935
the recent high.
2
1
3
193
186
201
332
15
18
11
46
•
66
60
110
168
Colorado
78
61
67
1
1
1
553
603
679
214
217
273
166
40
i
Indiana
39
64
38
....
Iowa
*
283
394
52
89
94
81
44
83
131
689
628
546
814
679
93
133
90
183
183
23
Western
24
credited with fair buying on the decline, which some
preted
a
47
producers
6
12
12
25
42
42
standard tonnage of about 20,000 tons.
New Mexico
22
23
....
35
44
14
24
57
21
20
16
12
sll
343
437
265
357
860
1,494
2,393
3,578
79
100
121
8
19
1,817
1,945
1,751
Tennessee
66
67
81
Texas
13
13
14
•
23
27
26
25
54
183
171
197
231
250
18
21
18
18
39
1,524
,1,429
1,843
503
432
598
862
51
84
110
s4
85
71
Wyoming...;
72
75
*
#
*
*
...
Mills
Embarrassed
The "Iron Age," in its issue
makers
Grand total.
6,811
923
:
7,841
__
6,769
1,240
5,712
1,111
8,589
1,219
10,878
1,932
7,734
6,678
1,163
8,009
6,823
9,808
12,810
Includes operations on the N. &. W„ C. & O., Virginian,
in Kanawha, Mason and Clay counties,
K. <fc M., B. C. & G.,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker, counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Average weekly rate
for month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina, and
and on the B. & O.
* Less than 1,000 tons.
South Dakota included in "Other Western States."
"Metal
and
much tonnage
of June
in June continues
on
about the
same
plane
month, which is generally accepted
Buying,
velopment,
encouraging de¬
the other hand, is proceeding along
on
conservative lines, indicating that the price situation
very
has
in the previous
as
as an
become
a
little
The
uncertain.
political
from
news
of well into July.
When
price increases
the quarter.
abroad is exerting a
depressing influence
that metal in this country,
statistics here
Copper
below the average.
on
the market for
notwithstanding the fact that the
excellent.
are
the movement.
The weakness in zinc
Straits tin made
unchanged.
was
a new
This
showing
a
May
were
of blister are not shown in the following table, but these increased, according
to copper
authorities, making for
refined—of 2,018 tons.
domestic mine output.
a net
The trade
much interested in the decline in
Fortunately, this occurred at
intake increased sharply.
a
time when custom
Domestic apparent consumption was just
under 60,000 tons, or almost the same as in the month of April.
a
little
Foreign
table, all figures in short tons:
April
May
April
May
48,682
U. S. scrap. &C._.. 012,878
Foreign, mine
a68,879
Foreign scrap, &C-a5,452
41,289
20,798
69,354
11,437
(apparent
consumption) re¬
be
to
135,891
142,878
58,801
71,264
59,374
72,186
130,065
131,560
Production, refined
United States
Foreign
—
—
.0141,152
U. S. exports, domestic
copper only.:
3,874
Stock at end, refined:
United States
233,824
Foreign
.....0238,385
137,637
Totals..
copper,
the
3,090
..O472.209
466,132
in sales of domestic
the total amounting to about 4,350 tons, compared with 3,200 in
previous week.
Despatch,
Chicago
three
placed
has
Deliveries are reported
The foreign market absorbed a
as
going ahead at
a
good tonnage during the week.
remained steady in terms of dollars.
Burlington
&
the
for
leasing.
undetermined
Quincy
buy
will
Chicago
The
Great
250
Western
39 to
with
cars
its
hopper,
is
box
500
inquiring for
Central
and
rail
will
accessory
3,200 tons of
take
bids
requirements,
rails.
Buyers of construction steel for identified projects are now being given
code
be placed
may
for
taken in which to place their orders.
are
60-day interval
a
allowed,
was
the life of the job.
over
but
Under
heretofore specifications
as
This factor is accelerating demand
shapes and reinforcing bars.
plates,
week's
fabricated
structural
steel
awards
amount
to
25,400
tons,
compared with 15,800 tons in the previous period, but new projects have
decreased from 23,300 tons to 18.450 tons.
Total awards of construction
steel reported! to
the "Iron Age" this
have amounted to 800,060 tons,
year
companies will benefit materially by
Commerce
a
an
increase
36%.
a
Commission
net ton,
also
reducing
maximum of 44.8c.
and
denied
on
the
a
a
decision
ton to 25c.; on iron
coal and coke from 15c.
of the Interstate
freight surcharges
emergency
gross
application of
The
for pig
raw
material
iron and
a
ore
ton to 10c.1
a
the carriers
markets
are
strong tone in
that
featured
scrap.
the
on
pig iron
from 10c. to 8c.
The
Commission
surcharges be made
by continued heavy contracting
The "Iron Age" scrap composite
has
moved
pig iron composite is unchanged! at 18.84
of
sales of
up
8c.
finished
a
It is pointed
ton
gross
steel
posite remains at 2.097c.
$12.75,
to
after
a
third-quarter prices,
pound.
THE "IRON AGE"
an
a gross
at
eight-week decline.
ton.
In
the finished
the absence
steel
com¬
COMPOSITE PRICES
Finished Steel
The price
The lowering of the French tariff,
formerly, is thought to have little influence on the market.
take
scheduled!
are
considering the purchase of
York
New1
second-half
has bought
carrier
only 30 days after bids
the
good rate
permitting entry of United States copper on a 2 % duty basis instead of 4%
Sept.
Rails
refrigerator
509
large Eastern car builder is
a
its
unnamed
an
Inc.,
locomotives,
cars
and the price continues at 9}$ cents, VaUey.
as
be given until
will
Advances
permanent and extended them only to Dec. 31, 1936.
230,202
235,930
Revised.
The last seven-day period showed a slight increase
market.
and bolts will become
track spikes
The
Totals
a
railroad
the
to
on
Wheeling & Lake Erie is in the market for 259 to 1,000 hopper
tank
26 on
Steel
59,906
77,731
-
Totals.
life
$3
but the carriers
1,
flats, and
and
brought
of material ordered at the old figures.
up
for fourth-quarter delivery.
the
2,000
have
tie plates and
on
Aug.
and
from
Totals
of capacity.
full 19 points
a
marked
shops.
June
of
59,704
081,448
Foreign..
ton
Merchant's
fined:
United States
and is
years
compared with 658,455 tons in the corresponding 1935 period,
Shipments
Production (blister):
U. S. mine
than six
more
are
increases
a
The
The April and May statistics of the Copper Institute are summarized in
prices is taxing active ingot capacity to the
peak reached
shipments
consumption declined.
the following
$2
effective
reduction in total stocks—blister and
was very
old
at
highest level in
operations
Price
of
cars,
Stocks
and mills will be occupied during the interim with
low-priced orders.
cover
when prices were last advanced in June, 1934.
reported this week at Pittsburgh, Philadelphia,
Youngstown, Buffalo, Wheeling and St. Louis.
Finishing mill schedules are still led by the tin plate division, where
output is currently exceeding theoretical capacity.
Rail mills are slowing
down, with the Birmingham unit scheduled to close at the end of the week.
In other departments operations are either maintained or slightly heavier.
100
reduction in world stocks of refined metal of 6,077 tons.
the
Higher
cars
better than expected,
the
is
above
own
Copper Stocks Reduced
The copper statistics for the month of
to
utmost, and production is up another point this week to 71%
were
The publication further said:
that while the new prices will be applied
placed after that date, little buying will be necessary until
time in August,
The rush
low for
Lead sales
announced late last month, it was intended
were
current quotations should be shipped by the end of
This would have made the higher figures effective on July 1.
present situation indicates
some
is taken care
The "Age" further stated:
that tonnage taken at
Europe has not improved in tone in the last week and London
prices for tin, lead and zinc declined.
rolling schedules for
orders have already been booked to fill
18
stated that actual consumption of major non-ferrous metals
they should take at prevailing quota¬
Enough
the remainder of June and flat-rolled capacity
releases against old
Markets" in its issue
Mineral
of June 18, stated that steel
currently more concerned with the problem of
are
to new orders
—Tin Declines
at
tions than with the usual search for more business.
The
Weakness in Zinc Abroad Disturbs Domestic Producers
Buying
Continued Heavy
Quarter Prices
by
Second
how
Total bituminous coal...
Pennsylvania anthracite........
follows: June 11, 42,000 cents;
41.750 cents; 15th, 40.875 cents; 16th, 40,975
cents; 17th, 40,750 cents.
1,380
445
1,459
485
....
Other Western States_c
Chinese tin, 99%, was quoted nominally as
12th, 41,875 cents; 13th,
44
1,618
.....
Northern.b
Tin plate operations in the United
74
198
_
Virginia
Washington.
West Virginia—Soutnern.a—..
Slam, it is said, is holding out for
"tin war."
22
North and South Dakota
Pennsylvania bituminous
prepared for
are
States continue at the 100% rate.
814
322
moderate tonnage on
a
Chairman of the Billiton Co., and the Dutch
13
19
were
Negotiations with Siam are vital for the renewal of the tin control
50
Ohio—
a
Consumers took on
covering by shorts.
as
Monday.
1
21
Professionals
in the industry inter¬
scheme, according to the
36
....
41.375 cents per pound,
spot, a net loss for the week of three-quarters of a cent.
34
■
Utah
Tin Price Lower
7:2
...
Michigan
>
1,292
71
...
89
Montana
820
exported, carrying the usual drawback privileges.
to be
are
The weakness in tin continued, Straits settling at
8
■
*
"
Maryland
s
711
Kansas and Missouri...—
Kentucky—Eastern
8
s
479
Georgia and North Carolina
...
good total, but slightly under
Foreign zinc has been coming into the country in a larger
398
16
Arkansas and Oklahoma.—....
....
that
2
209
...
.....
....
the
but importers claim that most of this material is used in products
way,
Alaska
over
Shipments of Prime Western zinc to domestic consumers during
high grade.
1929
but doubt
which now threatens common zinc as well as
the weakness in London,
the last week amounted to about 4,000 tons, a
1923 d
June 1
1934
r
own
Most producers were disturbed
stability of the price structure continues.
May
June 2
June 1
p
premium on its
fair amount of business in zinc last week,
was a
Avge.
May 30 May 23
a
Zinc Outlook Hazy
loadings and river ship¬
over
Illinois
obtained
*
brands sold in the East.
subject to revision on receipt of monthly tonnage reports from district
operators.)
Week Ended—
are
Smelting & Refining Co., and at 4.45 cents, St. Louis.
-V
State
June requirements
75% covered, with July at less than 25%.
St. Joseph Lead, as in some time past,
and State sources or of final annual returns from the
Alabama.
have averaged around 36,000 tons a
Quotations held at 4.60 cents, New York, the contract settling basis of
the American
STATES
BY
(IN THOUSANDS OF NET TONS)
t
In more than one instance the buyer specified
consumers
month in the first five months of the current year.
Includes
a
Consumption of lead is believed to be larger in
immediate shipment.
Beehive coke:
Tot. for
confident that some substantial busi¬
are
Nearly all of the metal purchased during the week
for prompt shipment.
was
1,700 tons in the preceding week.
underbought condition of consumers, especially against
an
July requirements, and producers
a
'
■
improvement last week, sales totaling
about 2,100 tons, which compares with
1929
1935
1936
steady buyer of copper.
a
Lead Inactive
Calendar Year to Date
Week Ended
June 6,
1936 c
basis for
Canada, Belgium and Chili have enjoyed the 2% duty
time.
some
June 16,
1936, 2.097c.
One week ago
.........
a
Based on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
Lb.
,.2.097c.
One month ago
One year ago..
...2.124c.
rolled strips.
..2.097c.
.
These products represent
85% of the United States output.
•
Financial
4096
2.130c.
2.199c.
2.015c.
1.977c.
2.037c.
'J—
1934
11993282407
1933
*
1932
1931
_
2.286c.
1928
-
1927
119932854
Jan.
Jan.
8
Jan.
Apr.
18
Feb.
2
1.945c.
Dec.
29
2.018c.
Dec.
2.273c.
Oct.
29
2.517c.
July
17
2.212c.
4
Nov.
9
1
June 16,
One year ago...
Philadelphia,
Buffalo,
$18.84
18.84
17.90
1936
-
Jan.
Nov. 27
17.83
16.90
13.56
13.56
14.79
15.90
18.21
17.04
4
17.54
Nov.
May
Dec.
16.90
5
18.71
5
6
7
May 14
18.59
19.71
Jan.
14.81
Jan.
15.90
Jan.
18.21
.
1929
7
5
1
Jan.
_
_
-
May
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
July
Nov.
7
14
27
3
6
15
16
17
24
1
One week ago__
One month ago
J
13.00
12.25
8.50
11.33
15.00
1930.
6
18
Jan.
Feb.
17.58
16.50
Jan. 29
Dec. 31
15.25
Jan.
1
1927...
Iron
American
The
11
Institute on
Steel
and
$12.67
10.33
9.50
6.75
6.43
8.50
11.25
14.08
13.08
13.08
Feb. 25
Dec. 10
Mar. 13
Aug.
8
Jan. 12
June
9
23
Sept. 25
Apr.
Jan.
5
understood
steel
the
Erie
Car
is
In
Tin
all,
98%
3
June
10
June
17.
39.5%
39.0%
38.3%
37.7%
32.8%
48.3%
.48.9%
.50.8%
Sept. 16
Sept. 23
Sept. 30
1936—
49.4% Apr. 27
4
49.9% May
Oct.
7
49.7% Jan.
13
14
Jan.
20
21
Jan.
27
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
50.4%
51.8%
15
39.9% Oct. 28.....51.9%
50.9%
22
42.2% Nov. 5
29
44.0% Nov. 11...r.52.6%
63.7%
5
46.0% Nov. 18
55.4%
12.....48.1% Nov. 25
2
56.4%
19
48.8% Dec.
9
55.7%
26
47.9% Dec.
.54.6%
2
45.8% Dec. 16
Sept.
49.7% Dec. 23
9
49.5%
70.1%
69.1%
69.4%
67.9%
68.2%
.69.5%
11
Feb.
10
Feb.
17
49.4%
50.0%
52.0%
51.7%
June
1
Feb.
24
52.9% June
8
Feb.
3
Mar,
Mar.
May
May 18
May 25
53.5% June 15
55.8%
60.0%
53.7%
2
9
Mar. 16
Mar. 23
Mar. 30
70.0%
40,000
steel,
of
tons
for
this
of
about
month
of
tons
build
rental
for
with
pipe
tank
2,000
a
cars,
Wheeling
&
hopper
placed over
purposes.
for 250 to 1,000
soon
freight cars
protection
5,000
be
may
obtain
to
July
from
of
prices
current
on
though
even
as
to
this
in
increases
line
two
scheduled
are
1.
comparable period
heavy
this month have held nearly equal to those
with producers confident of continued
May,
in
Contracting for the third quarter
rising 3 points to 65%.
district
Detroit was
8 to
78; eastern Pennsylvania, 1% to 44%
and
Young6town
76.
1 to
Others
continued
prices
Scrap
far is
so
than twice
more
in the corresponding period approaching the second quarter.
as
production in the Pittsburgh
Ingot
week,
100%
at
weeks
six
and manufacturing wire products con¬
price
no
consecutive week
deferred
mills
some
of "merchant
tonnage
fifth
experienced their
deliveries
with
steady
tiie
a
high last
100; New England,
12 to
up
1936
new
while Chicago dropped 1 to 69
;
unchanged.
were
falling
decline,
to
set
and
33c.
reducing
"Steel's"
scrap
composite to $12.47, lowest since the early part of, September, 1935.
This
forced
the
and
iron
steel
index remains
price
down
composite
4c.
$32.77.
to
The
s
$52.20.
at
Steel
ingot production
Street Journal" of June 37.
the
15
is
This compares with
69%% in
The "Jour¬
nal" further stated:
U.
estimated at
Steel is
S.
63%% two
weeks
compared with
The
nearest
independents
are
comparison of
a
74%%
with
credited
in the preceeding week and 72%
73%
following table gives
the
65% against 64%% in the week before and
Leading
ago.
two weeks
ago.
the percentage of production
corresponding week of previous years, together with
in
from
points,
of the iron and steel
the week
the
immediately preceding:
U. S. Steel
Industry
,
with an
June
ended
previous week and 68^% two weeks ago.
approximate changes,
steel for immediate consumption, combined
week
for the
placed at about 70y2% of capacity, according to the "Wall
with
62.0%
"Steel" of Cleveland, in its summary
markets, on June 15 stated:
Strong demand for
67.9%
70.4%
71.2%
13
49.2% Apr. 20
Oct.
1
8.....35.3% Oct.
June 24
July
July
Apr.
6
Jan.
8,000
for
is preparing to
Co.
Foundry
orders
The
finished
6. ....64.5%
46.7% Apr.
30
Dec.
order
an
1936—
1935—
1935—
1935—
June
Unusual
tons.
its subsidiary White Eagle Oil Co.,
through
placed
Pig iron shipments so far
operations since June 3, 1935, follow:
cated rates of steel
&
plate producers
operation,
months.
in
the
17,420
to
materials.
for
estimate for
the
Co.,
expected to be in the market
remainder
the
July
This represents an increase of 0.5 points, or 0.7%,
the week of June 8.
Weekly indi¬
year ago.
from
of
Oil
have
to
about
requiring
Nov.
operating rate of steel companies having
capacity
slightly
up
fabricator.
American
tinues
industry will be 70.0% of
capacity for the week beginning June 15, compared with
69.5% one week ago, 69.4% one month ago, and 88.3% one
of
were
the
soon.
improvement.
cated that the
awards
in
noted
is
Socony-Vacuum
Dec.
June 15 a
the few large
of
one
price increases.
advance of
in
six yearB.
in
shape
Dec.
whihh. it had received indi¬
nounced that telegraphic reports
.
taken
3
July
Dec. 29
this is
Apparently
1.
demand for plain structural material.
Four
pipe line projects are up for figures, requiring 25,000 tons of plates.
Los
Angeles will open bids June 17 on 13,000 tons of cast iron pipe and has
awarded pipe contracts requiring
9,280 tons of plates.
Seven thousand
tons of cast pipe has been booked for Cicero, 111.
Bids on 2,000 to 3,000
tons
of shapes for the Port Huron,
Mich.-Sarnia, Ont., bridge will be
activity
cars.
Low
High
.$14.75
13.42
1936.,.
market
this
Lake
10.71
One year ago
July
preparation for the new models, many orders are being booked for
tools and dies, and Detroit reports the greatest activity
In
in
Pittsburgh
Based on No.
1 heavy melting steel,
$12.75 a Gross Ton
quotations at Pittsburgh, Philadelphia
$12.67
and Chicago.
13.25
June 16, 1936,
track
machine tools, hand
is
Steel Scrap
a
being placed
orders
Structural
Low
$18.84 Jan.
$2
before
tons
200,000
Birmingham.
High
1935
Valley
Chicago,
Valley
and
and foundry irons at
furnace
$18.84
18.84
17.84
One month ago
being
are
days formerly granted.
ton in railroad tie plates and $3 a ton on
days instead of the 60
week, effective Aug. 1.
Automobile production in the week declined only about 1,400 units to
100,415.
Some of the manufacturers continue to place moderate size orders
for current models.
Chrysler is reported to have purchased 25,000 tons
of material for axles for its 1937 series and indicates
that it will buy
Based on average of basic Iron at
1936, $18.84 a Gross Ton
One week ago
increases of
Price
protections
price
jobs,
construction
specific
30
spikes and bolts were announced last
automobile
Pig Iron
for
tonnages
extended for only
2
1.867c.
1.926c.
2.008c.
Jan.
7
Apr.
2
Dec. 11
2.402c.
1929..
Mar. 10
2.124c.
Jan.
2.273c.
2.317c.
1930.
2.084c.
7
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan. 13
2.130c.
1935
On
Low
High
1936
1936
June 20,
Chronicle
independents
1936
70%
+1
65
+
%
74%
—1
35%
—1%
41%
49
+ 1
38
+
+ 1%
1935
39
against third-quarter price in¬
creases, raised steelworks operations last week 1 point to 68%.
While new prices become generally effective July 1, it is indicated some
orders now being taken will
require an extension of shipments beyond
1934
60
1933
1931
47%
37%
—1%
1930
68
—3
1929
96
—
the part of some producers to book orders at
This would result
1928
73
—3
75
—3
70%
—2%
1927
71
—3
74
—4
68
—3
increasing
of
speculative
An inclination on
July 1.
buying
prices to the end of June has become apparent.
current
in
amount
shipments being made
at second-quarter prices for
some
time in July.
+ 1%
—1
37
—1%
72
—3
64%
—2%
94
—
Increase
$9,000,000 compared with the preceding week and a de¬
of $1,000,000 compared with the corresponding week
in 1935.
After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
crease
increase
increases
of
of
17 total Reserve bank credit amounted to $2,480,000,000, an
$9,000,000
for
$111,000,000
the
in
This
week.
money
increase
circulation,
in
corresponds
with
and $964,000,000
in
in part by
balances, and $62,000,000
Treasury cash and deposits with Federal Reserve banks, offset
decreases of $939,000,000 in member
in non-member deposits and
bank reserve
other Federal Reserve accounts, and an increase
of $63,000,000 in monetary gold stock.
June
17
were
estimated to
advances
Industrial
(not
including
i
%
$
Total Reserve bank credit
+8,000,000
2,480,000,000
Monetary gold stock
(—)
June 19, 1935
$
+3,000,000
10,000,000
—
Decrease
or
Since
June 10, 1936
$
30,000,000
$25,000,000 commitm'ts—June 17)
Other Reserve bank credit
10543,000,000
—3,000,000
+9,000,000
—2,000,000
+63,000,000 +1,454.000,000
+1,000,000
—20,000,000
Treasury & National bank currency__2,490,000,000
Money in circulation
6,048,000,000 +111,000,000
+550,000,000
Member bank reserve balances
4,894,000,000 —939,000,000
—102,000,000
+964,000,000
+1,005,000,000
—62,000,000
—22.000,000
Treasury cash and deposits with Fed¬
eral
Reserve
4,028,000,000
banks
Non-member deposits and other Fed¬
543,000,000
eral Reserve accounts
Returns
of
Banks
Member
in
New
York
City
and
Chicago—Brokers' Loans
in excess of
Below is the statement of the Board of Governors of the
legal requirements.
Relatively small changes
(+)
.
June 17, 1936
Member bank reserve balances on
be approximately $2,040,000,000
+2
39
•
of
55
-
100
%
.
On June
%
—1
1932 not available.
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 17, as reported by
the Federal Reserve banks was $2,485,000,000, an increase
%
—
69
were
reported in holdings of discounted and
An increase of $50,00u,000 in
holdings of United States Treasury bonds was offset by decreases of $47,purchased bills and industrial advances.
000,000 in United States Treasury notes and $3,000,000 in United States
Treasury bills.
The statement in full for the week ended June 17, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 4128 and 4129.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
June 17, 1936, were as follows:
Increase
(+)
Decrease
or
(—)
Federal
Reserve
System for the New York City member
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.
banks
and
also
for
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
IN. CENTRAL
BANKS
RESERVE CITIES
(In Millions of Dollars)
Chicago
New York City
June 17 June 10
June 17
June 10
June 19
1936
1936
1935
1936
1936
$
$
$
$
$
Assets—
.
1935
$
1,935
1,903
1,584
60
57
52
30
733
143
143
163
9,075
8,917
7,730
1,008
76
Loans and Investments—total.
June 19
1,042
798
73
767
761
Since
June 17,
1936
June 10, 1936
7,00 ,000
3,000,000
2,430,000,000
Bills bought
U. S. Government securities
http://fraser.stlouisfed.org/ I
Federal Reserve Bank of St. Louis
June 19, 1935
+2,000,000
$
Bills discounted
$
$
Loans to brokers and dealers:
In New York City
Outside New York City
—2,000,000
Loans
on
securities
(except banks)
to
2
others
__
Voiumt
'
i4z
'
.
Financial
New York City
June 17 June 10 June 19
1936
.
,
Assets—
Accepts, and
Loans
com'l paper
bought
June 17
1935
$
June 10
1936
$
Court
1935
$
$
132
160
14
14
21
133
127
15
15
16
72
74
60
6
6
7
1,206
1,212
1,166
288
291
247
3,954
3,814
3,314
1,021
996
761
United Press advices from Ottawa
Obligations fully guaranteed by
United States government...
Other securities
rulings
June 17 commented
on
'
follows:
as
business practices, such
two.
564
563
329
94
94
1,113
983
297
292
257
Reserve with F. R. Bank
Cash In vault
1,791
2,335
1,889
641
696
mous
709
52
52
43
35
38
78
74
71
201
207
510
509
69
74
76
6,221
6,387
542
196
decision.
5,485
1,461
1,472
act
1,347
550
556
488
489
471
194
362
102
101
22
2,242
2,408
1,893
565
592
509
448
429
244
4
5
4
United States govt,
deposits...
Inter-bank deposits:
were
a
246
"31
~~29
1,472
1,456
230
230
industry and
govern¬
Canada.
over
all designed to improve labor conditions,
seven,
in one reference.
226
were
bunched
On these three acts the court split evenly.
In each case,
~~31
1,467
account
448
The first provided insurance for un¬
contributiotions of employees,
on
it
was
Council in London.
365
fair trade practices, was
on
The minimum wage act, the forty-eight-hour week and the law for one
10
_r__
industry commission act organizing
voided.
series of employment bureaus all
day of rest in
Other liabilities.........
were
declared unconstitutional.
ment, and
,
Domestic banks....
Foreign banks
prohibit unfair
upheld, four to
The employment and social insurance acts and the Dominion
marketing
employed, based
Demand deposits—adjusted....
Time deposits
sections
some
were
upheld in virtually all sections by unani¬
was
The Dominion trade and
upheld in part, but
206
495
Liabilities—..
discriminatory discounts,
commission to supervise business and insist
35
Due from domestic banks
Other assets—net
as
The farmers' credit act
80
1,165
a
Capital
the
on
In today's rulings amendments to the criminal code to
U. S. Govt, direct
obligations..
Borrowings..
The decisions of the Canadian Supreme
final, however, since the final authority is
Privy Council at London.
not
are
vested in the
130
Loans to banks
Other loans
4097
Roosevelt program.
June 19
1936
$
133
real estate
on
1936
$
Chronicle
Chicago
announced, there will be
appeal to the
an
Privy
The Canadian government will appeal in those cases
where its jurisdiction was not upheld, and the provinces will take similar
action where they consider their jurisdiction was invaded
by decisions
upholding the central government.
The acts that
Complete Returns of the
Member Banks of the Federal
Reserve System for the
Preceding Week
The eight acts were
entire
body
be
of
the statistics covering
reporting member banks in
101
cities
compiled.
the Federal
Reserve
System respecting the
returns of the entire body of
reporting member banks of
the Federal Reserve System for the week ended
with the
close
of
Versailles
ing
cities
statement
June
of
weekly reporting member banks in 101 lead¬
shows
10
increases for the week of
$15,000,000 in
investments, $150,000,000, in reserve balances with Federal
Reserve banks, $97,000,000 in demand
deposits—adjusted, $49,000,000 in
deposit balances standing to the credit of domestic banks, and
$52,000,000
in
on
loans
to
brokers
to
brokers
loans
on
and
securities
ings
of
and
to
acceptances
dealers
dealers
and
in
New York
outside
others
New
paper
"other loans"
declined
$9,000,000 in
$3,000,000 at all reporting member banks.
Holdings of United
States
Government
$18,000,000
in
the
declined
$61,000,000
$6,000,000,
;
increased $2,000,000.
Hold¬
bought increased $3,000,000;
Chicago
district,
the
New
York
district .and
States
Government
$14,000,000
declined
obligations
in
$9,000,000
$2,000,000 at all reporting member banks.
holdings
of
increases
in the
increased
the
"other
securities"
in
the
New
in
the
Chicago
district
A decline of $6,000,000
York
other districts.
+
-.
+
district
offset
was
in
by
Demand deposits—adjusted increased
$38,000,000 in the St. Louis district,
$30,000,000 in the Chicago district, $19,000,000 each in the Kansas
City
San
Francisco districts, and $97,000,000 at all
reporting member
banks, and declined $48,000,000 in the New York district.
Deposit balances
other
domestic
banks
$49,000,000 at all
the
St.
Louis
increased
$80,000,000
in
the
reporting member banks, and
New
York
district
declined $13,000,000
district.
A summary of the
principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended June 10,
1936, follows:
Increase
June 10, 1936
$
Assets—
Loans and Investments—total
Outside New York City
Loans
on
securities
to
(except banks)
Accpts. and com'l
Decrease
(—)
by the
new
$
paper
fully guaranteed
States government
Other securities
' • '
1,303,000,000
3,308,000,000
.
—2,000,000
v
4,744,000,000
386,000,000
2,359,000,000
.
■
/
,
deposits—adjusted
14,677,000,000
5,033,000,000
742,000,000
deposits
United States govt, deposits
Inter-bank deposits:
+279 000 000
'
+150,000,000
+17,000,000
—4,000,000
Liabilities—
<
+312,000'000
'
'
all
+49,000,000
+52,000,000
Borrowings
workers
Held
Laws
jobs.
The walkout
'
+888,000 000
+187,000,000
—1,000,000
on
United
States
New
Invalid
by Dominion Supreme Court—
Constitutional—Government
Plans
Appeal to Privy Council in London
Other
Two Canadian laws, modeled on New Deal
legislation in
the United States, were declared unconstitutional on June 17
by the Canadian Supreme Court.
the
series
Government
third
was
enacted
was
in
1934 and
in office
were
Two other reform laws
1935 while the Bennett
held constitutional, while
found to be valid in part.
a
On the other three laws,
the Court was evenly divided, three to
three, resulting in no
decision. Much of this reform legislation was based on the
was
Week
Bill,
Industries
on
country returned
characterized by
a
June 15,
to
their
so-called "occupa¬
tion" of factories and stores, with workers refusing to leave
premises where they had been employed.
included
a
The objectives
40-hour week,
recognition of labor unions, and
The strike coincided with the advent of
holidays with
pay.
the
Government
Socialist
Premier
under
Leon Blum.
It
particularly effective in metal-working, shipbuilding
and munitions plants, although department stores and other
was
retail
trade establishments
were
also affected,
while for
a
unable to complete their usual
delivery service.
The principal factor accounting for the end of the strike
was the action of the Chamber of Deputies in approving, on
June 12, a 40-hour week bill applicable to all organized
labor.
This measure, which was passed by 385 to 175,
completed enactment of the first section of Premier Blum's
social reform bills, which were compared to the American
NRA.
A Paris dispatch of June 12 to the New York
"Herald Tribune" described this legislation as follows:
The 40-hour bill was the last of the series intended to end "folded arms"
strikes which have paralyzed
France for almost three weeks.
The national
today when 250,000 men returned to work in the
mining and textile industries of the Departments of Pas-de-Calais and Nord.
with restoration of service in most hotels
Paris also showed improvement
In other parts of the country, however,
Premier Blum
government
wras
the situation grew
worse.
Will Keep Order
relieved by a firm statement by Blum that his
"perfectly resolved to
maintain order in the streets."
Earlier Blum had announced that he would not use police to expel strikers
from occupied
factories, and the public had been alarmed by the prospect
of unauthorized street
processions.
Blum's statement, made in today's debate in the Chamber, was designed
to
allay these fears as to whether
Blum hinted, furthermore,
the People's Front could preserve order.
that he believed some of the new strikes were
the work of Nazi elements.
Socialist leader told the Deputies, "that since yesterday
"It is true," the
the surface of things
has the feeling
trade union
has taken
different appearance.
a
It is also true that
that groups of suspects and foreigners are working in
organizations."
The only other
highlight in today's debate was an assurance by Blum
firmly on the gold standard.
He made
that he intended to keep France
this statement in a lively verbal
Centrist,
Deputy
and
exchange with Paul Reynaud, Republican
France's
foremost
of devaluation of
champion
the franc.
Cites Example
Modeled
Ends—Walkout
in France, which had paralyzed
throughout the
♦
Canadian
France
in
Passage of 40-Hour
heavy industry for almost three weeks, ended
when
one
+97,000,000 +1,805,000 000
—2,000,000
+181,000 000
—4,000,000
—40 000 000
5,633,000,000
460,000,000
Foreign banks
...
+630 000 000
+64 000 000
'
Domestic banks
of
+
commerce.
+56 000 000
+314,000,000
:
-
Reserve with Fed. Reserve banks.
Cash In vault
After
Inaugurating "French NRA"—Heavy
Particularly Affected
by
Balances with domestic banks
Deal
trade and
over
Were
+250,000 000
+2,000,000
—30,000 000
+3,000,000
—35 000 000
+1,000,000
—4 000 000
+15,000,000
+2 000 000
—3,000,000
+ 275'000 000
+66,000,000 +1,122 000000
107,000,000
3,583,000,000
8,975,000,000
United
Movement
Strike
Terminated
Public apprehension was
2,096,000,000
bought..
318,000,000
1,148,000,000
Obligations
..
$
—61,000,000
—6,000,000
..
real estate
Two
only carrying out
'■
legislation by virtue of its authority
General
others
Other loans....
Two
was
obligations thereunder.
crisis abated somewhat
June 12, 1935
+15,000,000 +2,329,000,000
1,093,000,000
232,000,000
...
U. S. govt, direct obligations
Time
The government claimed it had
signatory.
In the industrial field, the government argued it had the rights claimed
and cafes.
Loakis to banks
Demand
or
June 3, 1936
22,163,000,000
Loans to brokers and dealers:
In New York City
on
(+)
Since
„
Loans
a
short time newspapers were
•
and
in
Treaty, to which Canada is
the
direct
Minneapolis dis¬
trict, $13,000,000 in the Richmond district, and $66,000,000 at all
report¬
ing member banks.
Holdings of obligations fully guaranteed by the
and
entirely new conception of the Constitution and,
adequate authority under the Versailles Treaty, and
its
and
$1,000,000; loans to banks increased $15,000,000,
and
and
on an
A general strike movement
City decreased
York
(except banks)
commercial
real estate loans increased
United
Was Cited
though it might be invading the sphere of the provinces, because of
even
and
loans
of
lation, though based
deposit balances standing to the credit of foreign banks.
Loans
Treaty
The Federal government claimed the right to enact social security legis¬
business June 10:
The condition
total
dealing with social security
various social and labor conventions that have resulted from the Versailles
In the following will be found the comments of the Board
of Governors of
two-fold in character,
and with regulation of industry.
taneously with the figures for the Reserve banks themselves
covering the same week, instead of being held until the
the
invalidated solely on
were
the ground that they came within the Legislative
competence of the prov¬
and
cannot
declared unconstitutional
inces, not the National Parliament.
As explained above, the statements of the
Ne,w York and
Chicago member banks are given out on Thursday, simul¬
following Monday, before which time
were
of United States
Reynaud urged that France follow the example of the United States and
Great Britain and devalue.
He contended that the 40-hour week, with
the other labor bids,
would raise production costs so that France would be
less able than ever to
compete abroad unless she left the gold standard.
"America," Reynaud said, "got out
ducers of raw materials
to
devaluation."
of the wilderness only after her pro¬
had seen the prices of their products rising, thanks
•
k
price rise, France would suffer a
"prodigious deficit" in her commercial balance, and depletion of her gold
stocks
France, he continued, would be forced to "autarchy" (a policy of
economic self-sufficiency) with control of her foreign exchange.
He then
denounced the strike settlement brought about by the government early
Monday, saying it affected only big business and that 70% of French
workers were employed in small shops outside the scope of the agreement.
Reynaud predicted that, besides a
Financial
4098
Predicts Currency
those
Crash
road of democracies
he told Blum, "because you are headed for autarchy, which presupposes
dictatorship.
Autarchy is murderous.
Just look at Germany. The
French Government is headed for inflation, with control of exchange, and
"You have taken the
road of dictators instead of the
crash of our currency resulting, not in devaluation
of 50%."
In reply, Blum contended that France had repudiated proposals to de¬
value her currency, and he denied that the cost of living was related to the
day there will be a
one
but in a debacle
of 20%,
In illustration, he pointed out that under former
had been cut and living costs had risen.
level.
wage
Premier
of this
"The policy
government," said Blum, "will be to create
in this
industry compensation
for theXcosts which social laws are imposing on it.
Furthermore, the
government is on the point of revalorizing farm products and stimulating the
total amount of exchanges.
Naturally, the transition period will be
renaissance which will give to
'
difficult."
Those reasons are unfortunately no
agreements.
.
appreciation of
your assurance that the United States Government are ready to discuss any
proposals in regard to payments which may be put forward, and I am
instructed to assure you in return that His Majesty's Government will be
glad to reopen negotiations whenever circumstances are such as to warrant
Majesty's Government desires
His
hope that a satisfactory
the
to express their
me
result might be reached.
British, note, United Press advices
Washington, June 8, had the following to say:
Regarding the
reminding London
of State Gordell
The answer to Mr.
that the instalment was due.
which showed Great Britain to
Hull's note,
be in arrears more than three
expected.
was
years,
$668,474,071 due the United States on June 15 includes $96,000,000
on
the principle of $4,025,000,000, plus $438,199,481 interest, $48,-
The
due
moratorium of 1932, and $85,670,765
;•
due June
Financial Policies Criticized by Governor
of Bank of Greece—J. A. Drossopoulos Warns of
Credit Inflation and of Apparent Recovery Based
United States
States are unsound and
government's credit policy leads to inflation and the
burdening of the banks with government securities, accord¬
ing to John A. Drossopoulos, Governor of the National Bank
of Greece.
Mr. Drossopoulos addressed the annual meeting
of the Bank's shareholders on March 11.
A copy of his
speech was received here this week.
The United States, he
said, plays a leading and decisive part in the international
family, but he warned that its present fiscal policies cannot
be continued without disastrous consequences.
An economic
recovery based upon government subsidies and upon inter¬
vention in the normal functioning of economic laws, he
added, can only be faced with "unpleasant surprises."
In discussing the situation in the United States, Mr. Dros¬
Financial
policies in tlie United
the
sopoulos said, in part:
As regards the immediate future, the prospects are entirely satisfactory,
only in respect of private economy, and not of the public finances,
the state of which is, on the contrary, not considered satisfactory.
How¬
ever, a careful examination of the situation leads one to abandon a great
part of the optimism inspired by present conditions, if one considers the
more
remote
consequences
of the methods employed today.
Because,
neither the financial policy which creates a purchasing power among the
but
expenditure, nor the credit
the excessive burdening of the
in fact be continued, without
entailing
disastrous consequences.
An economic recovery based almost
exclusively upon government subsidies and upon unrestrained State inter¬
vention in the normal functioning of economic laws can but hold in store
very unpleasant surprises.
The attraction which, under the present abnor¬
mal international conditions is exercised on the migrating capital by the
prosperity—for the most part artificial—thus produced, is capable of
provoking monetary and other disturbances in the rest of the world.
This
is
especially true of Europe, whence is derived the greater part of the
gold which flows into the United States and which—so long as that country
does not change its commercial policy, but maintains insurmountable bar¬
riers in the way of foreign goods and does not resume foreign lending
on a large scale—contributes merely to widen the basis of a credit inflation
which is capable of leading to disasters such as the crash of 1929.
policy
leads to inflation and to
government securities, can
which
with
4.
Finland
June 13
on
Mr.
to Make June 15 War Debt
United States—Other Countries De¬
Nation
Only
Payment to
fault
**
Charge d'Affairs:
receipt
ment of
the funding agreement of
May 1, 1923, and $19,030.50 due under the moratorium of
May 23, 1932.
The payment represented the entire amount
due from Finland on June 15 and was paid in cash'through
the Federal Reserve Bank of New York.
Including all instalments and arrears, $1,160,122,766 was
due the United States on June 15 from the debtor nations.
included
As
$145,285
previous dates when debt payments were
on
In
instalment.
June 16,
The
States
Treasury
pay.
of $164,315.50.
several years
default on' reparations payments to them and the world
13 war debtors, paid instalments
Finland, alone of the
The
other
ago,
12
explained that due to reasons set forth in notes
Germany's
economic
The
they could not
depression,
amount
due
$966,333,724.24 in
able
yesterday
arrears on
the first semi-annual
on
ments
Great
are
uania,
United
$1,160,122,766.62.
This represented
former instalments and $193,789,042.41 pay¬
instalment for 1936.
defaulted
to
Yugoslavia, Lith¬
Poland, Hungary,
Britain
Great
Latvia.
following note was sent
their June 15 instal¬
Rumania,
of its intention
States
on
France, Italy,
Estonio,
and
pay.
was
Britain,
Belgium,
Czechoslovakia
•
which
countries
The
their governments
Department bearing notes saying
to the State
not
$1,000,000,000 short on its
than
more
was
the semi-annual visit of Ministers and Am¬
today after
accounts
bassadors
could
United
it was stated:
United
debt
due, Finland
country to make full payment on its
Press advices from Washington,
again was the only
war
under
due
default
on
notified
June 8.
State Department on that
to the
day by Sir Ronald Lindsay, British Ambassador:
In
of
accordance
State
your
for
with
Foreign Affairs,
agreement
June
4,
His
reasons
of
from
His
Majesty's
principal
presenting this statement you take occasion
the United States is fully disposed to
In
channels
desire
to put
to
Congress.
been
Government for having
It has not overlooked the diffi¬
involved in the question of debts and hopes that they may be over¬
Accordingly, having in view the communications made by preceding
which
United
June
19,
1923,
they
were
American
the
thanks
French
so
culties
come.
Government
kind
The
to renew these assurances.
as
governments, it desires on its part
to make it absolutely plain that it
prepared to seek, as soon as circumstances
on bases
acceptable to both countries.
is
permit, a settlement of its debt
itself, however, unable to put forward proposals at the
hope that the situation will develop sufficiently
th(e near future, undertaking negotiations with a view to
assuring the early attainment of the understanding desired equally, by the
Still
finding
present time, it can only
to
in
justify,
two
governments.
Please
Mr.
accept,
Secretary
of
State,
the
of my highest
assurances
consideration.
JULES HENRY.
The French instalment
$74,787,725.89.
$250,292,292.86.
to
which was due June 15 amounted
In addition there are unpaid arrears
United States and Ecuador
ing Each Other Most
—Pact to Be Effective
of
Sign Agreement Guarantee¬
Advantageous Tariff Duties
Pending Conclusion of Com¬
mercial Treaty
and Ecuador on
States
United
The
June 12 signed
an
agreement pledging each other tariff duties and other cus¬
toms concessions as advantageous as those given to any
This pact is to remain
other country.
effective until it is
is denounced
It became
operative immediately.
Secretary of State Hull outlined
the provisions of the agreement in the following letter to
Captain Colon Eloy Alfaro, Minister of Ecuador:
superseded by a commercial treaty or until it
by either government after 30 days' notice.
two
conversations
have disclosed
and
duties
mutual
understanding between the
and other
to transit,
United States of America will accord
warehousing and' other facilities, the
to
a
which is that, in respect to import, export
charges affecting commerce, as well as in respect
governments
Republic of Ecuador and the Republic of Ecuador will accord to
of America, its territories and possessions, unconditional
the
the United States
treatment.
most-favored-nation
understood that with respect to customs duties or
imposed on or in connection with importation or ex¬
portation, and with respect to the method of levying such duties or charges,
and with respect to all rules and! formalities in connection with importa¬
tion or exportation, and with respect to all laws or regulations affecting
the sale or use of
imported goods within the country, any advantage,
Accordingly,
is
it
charges of any kind
immunity which has been or may hereafter
privilege or
favor,
be granted
Republic of Ecuador to any article
originating in or destined for any third country, shall be accorded immedi¬
ately and unconditionally to the like article originating in or destined for
the Republic of Ecuador or the United States of America, respectively.
It is understood that the advantages now accorded or which may here¬
after be
accorded by the United States
of America, its territories or
possessions, the Philippine Islands, or the Panama Canal Zone to one
another or to the Republic of Cuba shall be excepted from the operation
by the United States of America or the
of this
agreement.
Nothing in this agreement shall be
construed as a limitation of the right
such terms as it may see fit prohibitions
(1) imposed on moral or humanitarian grounds; (2) de¬
signed to protect human, animal or plant life; (3) relating to prison-made
goods; (4) relating to enforcement of police or revenue laws, or (5) relat¬
ing to the control of the export or sale for export of arms, ammunition, or
implements of war, and, in exceptional circumstances, all other military
of
either
or
restrictions
country to impose on
supplies.
The
and
or
"1936,
present agreement becomes operative on this 12th day of June,
continue in force until superseded by a more comprehensive com¬
shall
mercial
until
definitive treaty of commerce and navigation,
by either country by advance written notice of not less
agreement or by
denounced
30
a
days.
Secretary
Kingdom
and
the
under
of the
agreement of
moratorium
explained in their note of
SEC
Eases
provisions
1932.
for
proposals which the Government of the
any
forward in regard to the settlement of
give them
to
to reiterate that the
discuss through diplo¬
Republic may
this indebtedness and
careful consideration with a view to their eventual submission
matic
than
statement of the amount due from His
the
Majesty's Government
acknowledge the receipt
have the honor to acknowledge receipt of
a
in
Government
debt
I
22 enclosing
note of May
Majesty's
instructions
I have the honor to
Government of
the
The
State:
of
Secretary
your
These
Department announced on June 15 the
of $164,315.50, representing the semi-annual pay¬
Finland on its war debt to the United States.
This
Treasury
The
in
letter was sent to Secretary
Excellency's note, dated May 22, 1936, transmitting a statement
of the amounts due by France to the United States on June 15 next, under
the terms of the agreements signed by the French Government.
of
unreasoned increase of public
the
people by
banks
of State Hull
behalf of the French Government by Jules
The following
Henry,
Federal Subsidies
on
from
in reply to a notice from Secretary
sent
The note was
Hull
603,825 in default under the Hoover
15 under the moratorium.
+
less valid; now than
they were then.
Pierre Laval wages
country an economic
June 20, 1936
Chronicle
June 4, 1934, the
reluctantly forced to suspend payments under
Prospectus^ Rule—Permits
Historical Data
The Securities and
Omission
of
Subsidiaries
Exchange Commission announced June
11 that it has amended the
curities
on
prospectus requirements for se¬
registered on Form A-2, under the
Securities Act of
Volume
Financial
142
1933, to permit omission from the prospectus of historical
financial information regarding subsidiary companies whose
separate financial statements filed with the registration
statement
not
are
contained
in
the
The Com¬
prospectus.
mission's announcement added:
subsidiary
omitted
balance
consolidated
contain
not
be
may
amount to less
sidiary
the
Under
forth
set
subsiriary
a
from
prospectus
the
in
amendment,
Item
the separate
if
45
the
a
total
need
prospectus
development of
of the sub¬
statements
small amount
Further Decline Noted in Short Interest
on
New York
this year represents an increase of 348,860 shares.
In the following1 tabulation is shown the short
or
1935—
28
764,854
741,513
760,678
772,230
768,199
840,537
Apr. 30.-...
May 31
June 28
July
31
870,813
Jan.
913,620
930,219
Oct.
31
Nov. 29
Federal courts
legislation.
Thus,
administrative agencies in passing on the fairness of the
or
standards.
new
measures
comply with
,
,
would go far towards curbing the
exploitation of investors
which has occurred either at the hands of the trustee itself or at the hands
acquiescence of
an
the entire life of the security.
knowledge, consent,
The result would be
complacent and inactive trustee.
a
that investors would have
active guardian of their interests throughout
There would be carried over into the corporate
field the standards of fiduciary relationships
which have long obtained in
personal trusts and with which these professional trustees have had a long
and rich experience.
In view of the history of exploitation of investors
under present trust indentures any less rigid requirement would be inade¬
There
quate.
be
can
no
permanency of
integrity and confidence in this field
held to high fiduciary
standards of conduct.
The
following standards of the proposed legislation
which
are
exemplary of the reforms
as
needed:
are
Feb.
That trustees be
Mar. 31
1,032,788
927,028
Dec. 31
31
927,028
28..-.-.1,246,715
1,175,351
Apr. 30
1,132,817
May 29......1,117,059
998,872
Sept. 30
M
will submit can be made to buttress such
we
suggested by the Commission
1936—
Aug. 30
require these higher standards
integrated legislative program in the reorganization
unless those in control of other people's investments are
interest
the
or
plans of reorganization can be required to examine the indentures under
1935:
31
for the protection of investors to
field which
existing at the close of each month since the beginning of
Mar. 29
holdings, the absence of broad distribution,
trusteeship.
or
Exchange announced June 16 that
the total short interest existing as of the opening of business
on May 29, as
compiled from information secured by the
Exchange from its members, was 1,117,059 shares, which
compares with 1,132,817 shares as of April 30.
As com¬
pared with May 31, 1935, the total for the end of May
Feb.
not of true national
of the reorganization and management groups with the
Exchange During May
The New York Stock
Jan.
of the
Other parts of the
Such
.1935—
of such security issues are
maturity of the obligation it would not be necessary in the public
interest
of
these
Stock
amount
or
Further it may be advisable to vest in the Commission power to
which any new securities are to be issued to ascertain that they
omitted pursuant to the 15% provision.
are
character
provide for exemption of other classes of securities where in light of the
shown by its
as
tracing the
financial
filed for
subsidiary's
the
if
15% of the registrant's assets
sheet.
information
of
accounts
than
4099
Certain exemptions from such regulation doubtless can be provided where
the
concern.
short
Present instructions provide that separate financial statements
assets
Chronicle
bilities.
charged_with active duties and commensurate responsi¬
'
/•
"p?■'V
•
...X-
That the trustee be made responsible for failure to record, file, or refile
the mortgage in the proper
and
care
recording office, and for failure to use reasonable
diligence in certifying the securities.
That the trustee be made responsible for the exercise of such reasonable
SEC Submits Report to Congress on
Corporate Trustees
—Urges Adoption of Uniform Legislation
The
Securities
weaknesses in the present system of corporate trustees. The
suggested legislation was described by the Commission as
"being part of an integrated program of legislation treating
with the whole reorganization problem."
The conclusions
and recommendations of the Commission follow:
acting
patible
or
(1) that the trustees under these indentures be disqualified
serving if they have
transformed into active trustees with the obligation to exercise that
degree
of care and diligence which the law attaches to such high fiduciary position.
This Commission is at present vested only with limited powers which can
be exercised to the end of
the powers vested in it
1934, it
reaching these desired objectives.
By virtue of
under, Section 19 of the Securities Exchange Act
of
by appropriate rules and regulations change the listing require¬
can
ments for securities
national securities exchanges or
on
supplement the listing rules of such exchanges,
Commission that such changes are
by order alter
or
determination by the
on
appropriate for
necessary or
the
pro¬
tection of investors.
we
propose to
In light of the conditions which our study has
revealed,
determine the extent to which listing requirements along the
lines of the foregoing recommendations can be developed.
two practical limitations of such
ever,
There are, how¬
In the first place, such
a program.
listing requirements would reach only the rather limited classes of securities
dealt in
in
such exchanges.
on
In the second place, the Commission cannot
justice to exchange trading set up such strict standards for the indentures
and the trustees acting
to stay
and
more
use
attractive for issuers
any form of trust in¬
desired.
trustee
the
Hence,
objectives of the
although the Commission
proposed reforms
can
by exercise of its
under Section 19 of the Securities Exchange Act of 1934, that power
and method
inadequate for effectuation of the porposed reforms.
are
Uni¬
form
legislation by Congress is accordingly necessary.
Such legislation should be part of an integrated
legislative program
dealing with all phases of the reorganization problem. It should be aimed
at
refashioning the trust indenture in light of the objectives which have
been discussed.
As in case of the Securit ies Act of 1933, the point of control should be
the
public offering of securities.
Such legislation should provide for the
setting
of minimum standards for indentures under which securities
issued and
are
publicly offered and qualifications for those undertaking to act
for such
or
security issues.
It should forbid the
of the mails
use
as
or
trustees
any means
instruments of transportation or communication in interstate
commerce
of securities issued under indentures, unless these
indentures
for the sale
and the trustees thereunder meet the prescribed standards.
of investors
eliminated
will require
but
also
some
safeguards
irresponsible hands.
trustee should be
arid irre¬
This is essential lest the safety of funds
a
or
trust company,
organized under state
resources commensurate with the
or
responsibilities of the proposed
have pointed out in our report on Committees for the Holders
of Real
Estate Bonds certain critical conditions arising out of these fiscal or
paying
We noted there the reckless
invested; the
way
manner
in which the funds
in which control of the fiscal
were
used
or
paying agency by
mortgagor and house of issue led to concealment of defaults; the method
by
which the earnings from these funds were retained
by the fiscal or paying
agent rather than credited to the bondholders
or
might
the
should be
Conseq ently
we
conclude that
or
defaults.
Furthermore, the fiscal
guarded with the
or
or
in the hands of
pendent and responsible bank which is under
same
mortgagor,
fiscal
divorced from the mortgagor and house of issue
placed under the control of the trustee
of
the
standards.
same care as
or
a
com
the
case
a
wholly inde¬
duty to notify the trustee
paying
agency
funds
should
be
trust funds and be invested pursuant to
the
Earnings from these funds should
paying agent; his
as
paying agency
and eithfcr be
not accrue to the
fiscal
ensation should be fixed pursuant to the worth
of
his services..
-
provisions for substitution and release of security and in taking
threatens to violate them.
That the trustee be made responsible for use of
gence in
ascertaining the
occurrence of
reasonable care and dili¬
defaults under the inednture and in
giving notice thereof to the security holders where such notice is necessary
for their protection.
j
That, when default
tion of
occurs,
the trustee be made responsible for failure to
principal
or
interest;
or
in the collec¬
in the representation of their beneficiaries
in legal proceedings, as is reasonably necessary for the
That exculpatory clauses in indentures
protection of investors.
incompatible with the foregoing
standards of conduct be outlawed.
The report, the SEC said, wras prepared in connection with
the general study of protective and reorganization committees
inaugurated by the Commission in October, 1934, pursuant
to Section 211 of the Securities Exchange Act of 1934.
It is
the third part of that study to be transmitted to Congress;
a report
on protective committees for the municipal and
quasi-municipal obligations was referred to in our issue of
May 9, page 3213, and a report on real estate committees
wras referred to in these columns of June 6, page 3768.
The
study and investigation was headed by Commissioner W. O.
Douglas, who was then Director of the Protective Committee
Study. Collaborating with him on the report .on the corporate
trustees wrere Samuel O. Clark Jr., Abe Fortas and Martin
Riger, together with Samuel H. Levy, all of the Protective
Committee Study.
In an explanation of the report the Commission said:
F
The report explores
of the
thoroughly the functioning, under present conditions,
corporate trustee, and reveals, in substance, that it
is "merely
a
mechanical agency", surrounded with
legal relief from obligation to protect
the beneficiaries of the trust against
the numerous pitfalls of complicated
trust indentures.
It concludes, furthermore, that the trustee
disassociated from conflicting interests
that is, that the trustee is often
or
is too seldom
in the administration of the trust,
related, either through its offices or counsel
through its commercial banking activities, to the issuer of the securities
in such
a
way as to
whom it is
vitiate its effectiveness as a protector of the bondholders
supposed to be serving.
gible services performed,
for trusteeship are
It also states that, in view of the "negli¬
and slight responsibility undertaken",
"grossly exorbitant."
the usual trustee of
a
the fees
The report shows that even the
corporate trustees themselves admit that they are a "species
different from
testamentary estate."
$109,691,000 Advanced by Savings, Building and Loan
Associations During April, United States Building
and
Loan
New
federal
Furthermore, such standards should be sufficiently broad as to prescribe
the requirements for the fiscal or paying agent under these
indentures. We
be.
that the
Towards that end provisions should be made that the
bank
trusteeship.
or
.
and
The protection
against impecunious
be jeopardized and the administration of these vast
trusteeships fall into
agencies.
i
not only that conflicts of interest of trustees be
that
sponsible trustees be established.
laws, with
care
...
any
towards
powers
make it
as to
off the exchanges and thus to be able to
denture
move
thereunder
reasonable
appropriate steps to protect the security holders in case the issuer violates
or
acquire conflicts of interest incom¬
or
inconsistent with their fiduciary obligations; and (2) that they be
or
.
That the trustee be made responsible for the use of
diligence in enforcing compliance with negative pledge clauses, and in seeing
take such action in the protection or enforcement of security;
We conclude that it is necessary in the public interest and for the protec¬
from
the circumstances permit in effecting the application of the proceeds
of securities issues to their avowed purposes.
and
Exchange Commission on June 18
transmitted to Congress its report on "Trustees Under
Indentures", commonly referred to as corporate trustees, in
which it embodies suggestions for legislation to cure the
tion of investors
care as
League Reports—Loans for Building of
Totaled $24,849,000
Homes
The savings,
building and loan associations of the country
building new homes during
April, it was announced on June 7 by the United States
Building and Loan League, bringing the total volume of
disbursements by the associations for home buying ^building,
modernization and refinancing to the highest point in six
months.
The League reports that April loans for all pur¬
poses were $109,691,000 to 52,600 families,
the highest
volume of credit extended since October.
The following is
from the announcement issued June 7 by the League:
advanced $24,849,000 to families
Referring to
the
total
volume
of lending
by the
associations
during
April, Morton Bodfish, Executive Vice-President of the League, indicates
that
a
seasonal trend
was
The fourth month activity
followed since they were up 35% from March.
brought total disbursements on home mortgage
security since the first of the year to $325,900,000, the largest block of
home
by
financing reported by any single group of financial institutions or
any group
that
these
using a particular plan for home financing.
He points out
again show the incresaing strength and ability of financial in-
■
Financial
4100
stitutions to make loans on the borrower's capacity and security
without
outside aid.
1935, also
important gains and unfailing signs of better conditions with regard
available
both
to
mortgage
Total loans
and the demand for it.
money
Oct.
84,200,000
31
July
31
168,400,000
June 30
151,300,000
Dec. 31
81,100,000
141,500,000
Nov. 30
Apr. 30
139,400,000
132,800,000
Oct.
109,500,000
113,200,000
Mar. 31
1935—
number
"Between March and April there was a conspicuous gain in the
$71,900,000
28
Jan.
192,000,000
188,100,000
May 31
31
Dec.
went into construction loans as
Mar. 31
Feb.
$187,700,000
Aug. 31
180,200,000
175,600,000
177,721,250
Feb. 29
Jan.
1933
1934—
$184,300,000 Oct. 31
173,700,000 Sept. 30
30
Mar. 31
57% higher this April than last and 23 % of the total volume this year
compared with 20% last year.
were
June 20, 1936
1936—
May 31
Apr.
Comparisions with the record of the associations in April,
revealed
Chronicle
Nov. 30
171,500,000
178,400,000
31
180,400,000
Feb.
28
117,500,000
Sept. 30
Jan.
31
108,400,000
31
84,600.000
1932—
31
Aug. 31
31
110,100,000
108,100,000
100,400,000
Sept. 30
July
June 30
103,300,000
July
31
183,100,000
176.800.000
163,600,000
Dee. 31
108,700,000
May 31
repair financing accounted for nearly a third of the total disbursement by
June
30
159,300.000
Nov. 30
133,400,000
Apr.
111,100,000
107,800,000
For the previous six months their part of
May
31
Oct.
31
129,700.000
Mar. 31.
Apr.
30
173.000.000
173,000,000
29
181,900,000
122,900,000
107,400,000
96.900,000
Feb.
Mar. 31
Jan.
31-_.-_
and
of association
volume
of course, the
loans for modernization and repair, reflecting,
"Construction loans and
spring season," said Mr. Bodfish.
the
associations during April.
the
total savings,
31
Aug
1933
of these two types of Joans in the association pro¬
Feb.
28
176,700,000
Sept. 30
Aug. 31
July 31
hinges about the fact that they are direct contributors to employ¬
Jan.
31-
170,900,000
June 30
72,700,000
Dec.
May 31
Apr. 30
60,100,000
64,000,000
Oct.
building and loan lending was a little more than 29%.
The growing importance
grams
30
1934—
ment."
Deo.
31
166.200,000
Nov
30
105,606.000
102,818.000
107.902,000
1931—
31
117,714,784
Nov. 30
173,684,384
210.000.000
31
177,900,000
Home Loans by Federal Savings and Loan Associations
During April Reached Record Total of $16,521,242
home loans by Federal savings and
loan associations, amouting to $16,521,242, exceeded the
total for any month since Federally supervised thrift and
home-financing institutions were authorized by Congress in
1933, according to a monthly statement of activities of 980
reporting associations, issued June 6 by the Federal Home
Loan Bank Board.
This total represents an increase of
18.9% over March lending by those institutions the state¬
ment said, continuing:
A
During April,
36.5%,
gages
55%
new
construction and reconditioning of homes, which was
contrasted with advances for the refinancing of maturing mort¬
as
which accounted for only 32.4% of the total.
of all loans
mainder
of
the
by Federal associations
April loans
were
were
distributed
In April a year ago
for refinancing.
as
follows:
22.8%
for the
an
increase of $3,322,116
by the public in these institutions,
associations
operating
under
was
Federal
charter.
In
addition
to
mutual
980
the
associations throughout the country covered by the report, there are
other
Federal
associations,
State charter within the past
are
not
either
newly
organized
125
from
converted
or
few months, from which comparative reports
available.
yet
Operating Expenses
State banks, exclusive
of those in New York
City, reduced their total earnings assets and gross earnings
in 1935, but the reduction of interest payments on deposits
resulted in
profit increase of 10%, according to a report
a
Study of the Banking Structure
Association, made public
by the Commission for the
New
of
the
on
June
State
York
11.
Bankers
the composition
items in earnings reports. The
The survey covers changes in
of bank assets, liabilities and
is designed to enable up-State banks to make changes
survey
in their own
In the analysis of 1935 results, the
practices.
report said, in part:
than
1935
in
were lower
at a new low point
This was more than
for by the
reduced income from loans.
There was a minor
income from investments (in spite of the larger amount held),
more
than counterbalanced by an 11% increase in miscellaneous
in
decline
was
surprising that gross operating earnings
At
1934.
in
4%
depression,
accounted
which
year
a
the earning assets were investments, and a smaller
share of
than
the
and investments) were lower at the close
earlier.
In view of this and of the fact
loans
were
it is not
loans,
1935
for
they
larger
a
share
(total
assets
Earnings
of
that
reported in share investment
which are privately owned,
York
New
10% in 1935, Despite
Earnings—Advance Due to
Gross
in
Decline in
The re¬
purchase of existing homes and 8.3% for other purposes.
During .April,
Reduction
new
An encouraging feature of the report is the large and growing proportion
of total loans for
New York State Bank Profits Rose
they
$89,336,000,
below
the
1934
were
figure.
departments other than the
Miscellaneous earnings were 13.6% of total
10.6% in 1933.
In spite of reduced gross earnings, net operating earnings rose by more
than 10%, turning up for the first time suice the depression began.
This
was
due to a decline in the operating expenses sufficient to reduce their
earnings, including service charges, earnings of
$429,000 of Atlantic Joint Stock Land Bank 3% Bonds
Offered—Proceeds
to
Be Used to Retire Outstand¬
ing 5% Bonds
A
banking
comprising
group
Robinson
Co.,
&
Inc.,
Chicago; Priester, Quil & Co., Davenport, and Kirchofer
& Arnold, Inc., Raleigh, N. C., offered on June 17 $429,000
Atlantic Joint Stock Land Bank (Raleigh, N. C.) five-year
3% farm loan bonds, due July 1, 1941, at 100 and interest,
to yield 3%.
These bonds are redeemable at par on July 1,
1938, or any interest date thereafter at the option of the
bank.
The proceeds of the sale of these bonds will be used
to retire an equal amount of 5% bonds, which represents
all of the remaining outstanding bonds of its issue dated
July 1, 1924.
earnings, compared with only
ratio
to
Joint
Stock
Land
Bank
of
Indianapolis
Completes Refunding Program—$1,142,300 of 4^%
Bonds Called for Redemption
Directors of Fletcher Joint Stock Land Bank, Indianapolis,
Ind., have called for redemption $1,142,300 of 4p2% bonds
as the final action in the refunding program of the institution
under which approximately $10,000,000 of the Land Bank's
bonds have been retired or exchanged into lower interest
yields during the past 18 months.
William B. Schiltges,
President of the Joint Stock Land Bank, announced June 13
that in the total authorization by the directors all of the
bank's 5b£%, 5% and 43^% bonds which are callable are
included, with the exception of $681,400 of 4k£% bonds due
Nov. 1, 1937, which are to be paid in cash at maturity.
A completion of the refunding program, Mr. Schiltges said,
leaves outstanding about $600,000 of 4^2%
bonds and
about $800,000 of 5% bonds which are not yet subject to
call.
It
None
in
expense.
bonds
in
interest yield securities,
the
as
$25,807,000,
28.8c.
bonds
1,
case
with
a
number of other issues
The most recent authorization
involved in the most recent call
1955, callable in 1935; of May 1,
Nov. 1, 1956, callable in 1936.
in
more
.
.
are
substantial
many
the
than
K %
There
In the refunding
carrying
The
Commercial
New
Federal
Reserve
Bank
of
New
York
issued
the
following announcement on June 17 showing the total value
of commercial paper outstanding as of May 31:
Reports received by this bank from commercial
total of
$184,300,000 of
open
paper
market paper outstanding
on
dealers show a
May 31, 1936.
This compares with $173,700,000 outstanding on April 30
and with $173,000,000 on May 31, 1935.
Below we furnish
record
of
the bank
on
a
the
figures since they
Oct. 31, 1931:
about
40c.
lower
to
total
a
above
far
due
This
the
reduction
of
compares
with
jn the period from 1923
This represents a
has been and still
banks for which we have/ data.
in
in 1935.
rose
/what
theNlargest
single item of expense.
expenses othervtham^imerest, which
hand,
taking at>ouls.36%
marked
preceding
of
in the period
have taken the
1933, 37.7%; 1934, 40.9%;
earnings,
gross
of
the better
change for
This
figures.
pre-depression
losses and charge-offs
gross
and
recoveries
Net
profits.
in
1935
compared with
as
they were
and charge-offs, though
net losses
in
years
improvement
and,
losses
in
part, to
charge-offs
and
in
part,
very
large
was,
a
compare
as
follows:
$68,230,000
1933
1934
94,462,000
1935
39,599,000
This
The
or
last
banks
more
net
the
of
profits
these,
a
these
That
that
figure
as
than
396
Altogether,
common
losses
683
44.3%
was
whole
of
gross
were
banks
in
losses
not
distributed
equally
the
State
in
for
dividends
or
reported
net
available
1935,
for
banks,
during
or
before dividends of $15,258,000,
earnings.
available
241
earnings for the year.
operating
gross
reported net
17% of
stocks
New
is
456,
evident from
the fact
two-thirds,
reported
or
additions to undivided
undivided
profits
35% of the total, reported
profits.
after
dividends
Of
dividends.
on
their
1935.
of Treasury Bills Dated
or There¬
abouts—$50,000,000 of 174-Day Bills and $50,000,000
of 273-Day Bills
Offering of
were
first reported by
Two Series
June 24, 1936, in
new
Amount of $100,000,000
offering of $100,000,000 or thereabouts of Treasury
was announced on June 18 by Secretary
bills in two series
of the
Treasury Henry Morgenthau Jr., the tenders to which
will be received at the Federal Reserve banks.
thereof,
•
Paper Outstanding as Reported
York Federal Reserve Bank—Total of
$184,300,000 May 31 Compares with $173,700,000
April 30
by
Vhose
were
was
two
still
This
item—-
43.9%.
1935,
the
June
Value of
other
and
in 1933,
following percentages in the last three years:
A
.
$15,000,000 in bonds outstanding.
of several of the issues, exchanges were offered holders of bonds into new
rate of 3
37.2c.
banks
1929
to
one
decreased from $32,934,000
dollar of gross earnings in 1535.
accomplishment
for
On
is
instruments, of
4K%
securities at rates of 3 XA % to 4%, the greater part of the new issues
a
1934,
through
InitoesNpayments to depositors took
21^%.
decline of
a
every
through 1931, for
1956, callable in 1936, and of
Fletcher Joint Stock Land Bank at the peak of its farm mortgage opera¬
tions has
of
out
34.6c.
provides for the payment by the bank of the entire amount of $1,142,300.
The
to depositors and o)m^rs,
Total interest payments,
to
iy 1934 to 72.8% in 1935.
achieveal entirely
was
Deposit Insurance CorpOTation assessments)
Federal
and
taxes
76.3%
from
expenses
Salaries and wages and miscellaneous expenses (including
$1,142,300 will be exchangeable into lower
has been the
called for retirement during the last year.
Nov.
operating
further announced:
was
of the
earnings
gross
decline
interest
up
Fletcher
&c.
department,
banking
gross
22.
up
or
the branches
to 2 p. m., Eastern Standard Time, Monday,
Bids will not be received at the Treasury De¬
The new bills, which will be sold
highest bidders, will be dated
June 24, 1936.
They will, as stated, be issued in two series,
each in amount of $50,000,000, or thereabouts.
One series
will be 174-day bills, maturing Dec. 15, 1936, and the other
will be 273-day bills, maturing March 24, 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 174-day series, approximately
$400,000,000 of Treasury bills will mature on Dec. 15, 1936,
inasmuch as seven previous offerings are also due on that
date.
The following is from Secretary Morgenthau's an¬
partment, Washington.
on
a
discount
basis to
nouncement of June 18:
the
Volume
Financial
142
The bills will be issued in bearer form only, and in amounts or
tions
of
$1,000,
$10,000, $100,000,
value).
the basis of
100, with not
securities.
Philadelphia
The price offered must be expressed
MINTS
AND
Tenders
from
New York.
New Orleans
Domestic
$690.02
214,500.00
1,892,122.65
608,579.92
1,347.85
275,802.69
$350,820.04
$2,993,043.13
243.63
19,067.15
Seattle.
dealers in in¬
accompanied
be
must
New
Secondary
12,441.53
Denver
incorporated banks
and recognized
others
ASSAY OFFICES
$114,592.13
146,700.00
34,445.97
23,573.26
$8,896.58
48,399,600.00
412,027.05
40,514.37
San Francisco
99.125.
v
companies and from responsible
vestment
Each
than three decimal places, e.g.,
more
Tenders will be accepted without cash deposit from
trust
THE
(maturity
$1,000,000
$1,000 will be considered.
Fractions must not be used.
and
denomina¬
BY
Imports
amount less than
an
tender must be in multiples of $1,000.
on
and
4101
RECEIPTS OF GOLD
...
,
tender for
No
$500,000,
Chronicle
by
Total for week ended June
a
12, 1936.
$48,861,281,631
deposit of 10% of the face amount of the Treasury bills applied for, unless
tenders
are
accompanied by
corporated bank
an
guaranty of payment
express
1936, all tenders received at the Federal Reserve banks
the
to
up
probably
the
on
following morning.
the
reserves
as
soon
shall be
particular
will
be
or
branches thereof
Secretary of the Treasury
The
final.
series
will
advised
of
Any tender which
be
the
subject
and his action in any such
does
rejection..
to
acceptance
not
specifically refer to
Those
submitting
rejection thereof.
or
ex¬
parts of tenders,
or
a
tenders
Payment at the
price offered for Treasury bills allotted must be made at the Federal Reserve
banks in cash
The
all
other immediately available funds on June 24,
or
Treasury bills will be exempt,
gain from the sale
any
other
or
as
principal
to
gift tax.)
No loss from the sale
of any tax now
as a
deduction,
or
GOLD
RECEIVED BY FEDERAL
AND
by the United" States
or
RESERVE
Treasury
V-
of its
any
V--
•
,'..V
'
'•
v
•••
•
:
-}
\f,
•'!
.•.
Gold Coin
■
Week ended June 10
Circular
No.
418,
as
amended,
and this
Gold Certificates
Received by Federal Reserve banks:
possessions.:
Treasury Department
BANKS
THE TREASURER'S OFFICE
(Under Secretary's Order of Dec. 28, 1933)
exempt from
not
are
other disposition ofthe
otherwise recognized, for the purpose
or
hereafter imposed
or
and
was
15 of the
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
bills shall be allowed
made by the Treasury Department
receipt of $331,245.84 of gold coin and
certificates by the Federal Reserve banks and the Treas¬
urer's office during the week ended June 10 under the order
of Dec. 28, 1933,
requiring all gold to be returned to the
Treasury. The Treasury revealed that $12,245.84 of this
amount was gold coin and $319,000 gold certificates.
Total
receipts since the order was issued, and up to June 10, it was
made known, amounted to $142,879,883.41.
The following
is from the Treasury's announcement of June 15:
June
disposition thereof will also be exempt, from
taxation, except estate and inheritance taxes,
the
1936.
and interest,
Announcement
on
possible thereafter,
as
right to reject any or all tenders
and to allot less than the amount
applied for,
respect
$331,246 of Hoarded Gold Received During Week Ended
June 10—$12,246 Coin and $319,000 Certificates
June 22,
on
closing hour will be opened and public announcement of the
acceptable prices for each series will follow
pressly
by an in¬
trust company.
or
Immediately after the closing hour for receipt of tenders
$12,245.84
31,581,421.57
$317,700.00
108,235,540.00
$31,593,667.41
$108,553,240.00
$2~68,256~00
2,463,420.00
$268,256.00
$2,464,720.00
Received previously
notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
".•'•'.v:
vO:
Bids of
$250,055,000 Tendered
to Offering of $100,000,000
Treasury Bills Dated June 17—
$50,018,000 Accepted for 181-Day Bills at Rate of
0.191% and $50,012,000 for 273-Day Bills at Rate
of
Two
of
Series
Total to June 10
'■
Received by Treasurer's Office:
Week ended June 10
Received previously
0.242%
was made June 15 by
Henry Morgenthau
Jr., Secretary of the Treasury, that tenders of $250,055,000
were received to the
offering of two series of Treasury bills,
dated June 15, 1936, offered in the aggregate amount of
$100,000,000, or- thereabouts.
The Secretary said that
tenders accepted for the two issues totaled $100,030,000.
The offering was referred to in our issue of June 13, page 3944.
Tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, June 15.
Each series of the bills
was offered in amount of
$50,000,000, or thereabouts; one
of the series was 181-day bills, maturing Dec. 15, 1936, and
the other was 273-day bills, maturing March 17, 1937.
The
details of the bids to the two series, as announced
by Secre¬
tary Morgenthau on June 15, follow:
181-Day Treasury Bills, Maturing Dec. 15, 1936
this
amount
The
series,
was
was
for
$50,000,000,
or
thereabouts, the total
$133,883,000, of which $50,018,000
was
accepted bids ranged in price from 99.916, equivalent to
about
0.167%
per annum,
per annum, to
99.897, equivalent to
bank discount basis.
on a
the latter
at
which
applied for
price
was
_
Note—Gold bars deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
Previous reference to the receipts of hoarded gold was made
our issue of June 13,
page 3945.
Announcement
For
$1,300.00
'
of
accepted.
a
accepted.
a
in
Receipts
A
per
June
For
this
amount
The
series,
which
was
was
for
$50,000,000, or thereabouts, the total
$116,172,000, of which $50,012,000
annum, to
price
be
annum on
a
was
issued
accepted.
is
was
price from 99.900, equivalent to
99.807, equivalent to
per annum, on a bank discount basis.
to
OFFICES
12, 1936—
Fine Ounces
Philadelphia
297,502.95
San Francisco
;
Total for week ended June 12, 1936
Total receipts through June 12, 1936
0.132% per
the latter
series
ASSAY
184,789.19
Denver
accepted bids ranged in
about
MINTS AND
(Under Executive Proclamation of Dec. 21, 1933) as Amended
Week Ended June
bank discount basis.
applied for
a rate
accepted.
a
rate of
Assay
and
15:
RECEIPTS OF SILVER BY THE
273-Day Treasury Bills, Maturing March 17, 1937
annum on a
Mints
total
ratePof about 0.205%
0.191%
by
of 492,363.29 fine ounces of silver, it was an¬
by the Treasury on June 15, was turned over by
the Treasury Department to the various mints and assay
offices during the week ended June 12 in accordance with the
President's proclamation of Dec. 21, 1933.
The proclama¬
tion, which was given in our issue of Dec. 31, 1933, page
4441, authorized the Treasury to absorb at least 24,421,410
fine ounces of newly-mined silver annually.
Total receipts
since the issuance of the proclamation, and up to June 12,
were in amount of 86,997,771.67 fine
ounces, according to
the Treasury, which made available the following data on
rate of
The average price of Treasury bills of
Silver
nounced
Only part of the amount bid for
this series to be issued is 99.904 and the average rate is about
Newly-Mined
of
Offices from Treasury Purchases Totaled 492,363.29
Fine Ounces During Week Ended June 12.
10,071.15
492,363.29
86,997,771.67
—
The
receipts of newly-mined silver during the week ended
June 5 were noted in these columns of June 13, page 3945.
-
of about 0.255%
Only part of the amount bid for at
The average price of Treasury bills of this
99.816 and the
average
rate is about
0.242%
Silver Transferred to United States Under Nationaliza¬
Order
tion
per
bank discount basis.
During Week Ended June 12 Totaled
20,774.05 Fine Ounces.
Under the Executive Order of
$15,794,000
of
Government
Securities
Purchased
By
Treasury During May
purchases of Government securities for
Treasury investment accounts for the calendar month of
May, 1936, amounted to $15,794,000, Secretary of the
Treasury Henry Morgenthau Jr. announced June 15. During
April, as noted in our issue of May 23, page 3435, the
Treasury purchased $19,025,000 of the securities.
Net
market
nationalization
the
metal
1934,
page
The
on
June
January
March
April
June
-
$5,420,800 purchased October.
1,300,000 purchased November...
41,049,000 purchased December
1936—
21,990,000 sold
23,326,525 purchased January
8,765,500 purchased February
-
July
33,426,000 purchased
March
August
35,439,100 purchased
60,085,000 purchased
April
September
May
the
SILVER TRANSFERRED
ounces
of the metal
States
Government.
United
TO
UNITED
STATES
(Under Executive Proclamation of Aug. 9, 1934)
$17,385,000 purchased
18,419,000 sold
1936—
Fine Ounces
'.
-
15,664.00
....
....
5,275,200 purchased
2,394.95
San Francisco
1,831.00
•_
.....
884.10
Denver
New Orleans
Seattle
18,546,850 purchased
4,500,600 purchased
32,702,150 purchased
19,025,000 purchased
15,794,000 purchased
Total for week ended June 12,
Total receipts
Receipts by Mints and Assay Offices During Week
12—Imports Totaled $48,861,282
1936
20,774.05
112,851,324.93
through June 12, 1936
"Chronicle" of June 13, page 3945, reference was
the silver transferred during the previous week
ended June 5.
In the
made
Gold
to
New York
.
February
112,851,324.93 fine
15:
Philadelphia
1935—
during the week
Treasury Department issued the following tabulation
Week Ended June 12,
1935—
May__
858)
transferred
been
have
following tabulation shows the Treasury's transac¬
in Government securities by months since the beginning
of 1935:
Aug. 9, 1934, providing for
silver, 20,774.05 fine ounces of the
ended June 12, the Treasury announced June 15. Since the
issuance of the order (which was given in our issue of Aug. 11,
The
tions
of
transferred to the United States
were
to
♦
Ended June
During the week ended June 12 a total of $52,205,144.80
gold was received by the various mints and assay offices.
Of
this
amount,
the Treasury Department announced
June 15, $48,861,281.63 was imported gold, $350,820.04
secondary and $2,993,043.13 new domestic. According to
the Treasury, the gold was received by the various mints
and assay offices during the week ended June 12 as follows:
of
Mails $1,600,000,000 in Bonus Bonds and
Checks—3,000,000 Veterans Receive Adjusted Com¬
Treasury
pensation—R. V. Fleming Asks
operate in Cashing Checks
More than
mailed
Bankers
to
$1,531,000,000 in adjusted service bonds
by the Treasury Department
on
Co¬
were
June 15 to approxi¬
mately 3,000,000 veterans of the World War, thus complet-
Financial
4102
bonuses authorized by the Adjusted
Compensation Act.
The Treasury also sent to the veterans
checks in excess of $68,950,000 on amounts due up to $50.
The bonus bonds are in denominations of $50.
Estimates
ing the distribution of
placed
about
The
the bonus distribution in New York City alone at
$175,000,000 to some 275,000 veterans.
following statement was issued on June 16 by Henry
Secretary of the Treasury:
Morgenthau Jr.,
the Treasury Morgenthau today announced that up to the
close of business on June 13 the Treasury had received certifications from
the
Administrator
of Veterans' Affairs of the
amounts due 3,004,782
Secretary of
in
veterans
for
Shipments
dispatch by registered
for
Service
a
additional
30,636,089 adjusted service bonds, each for
of the veteran, in the aggregate total
$1,531,804,450, and checks aggregating $68,950,507.72, making a total
been mailed
have already
of
are
in the
registered
and
$50
name
aggregating $1,600,754,957.72.
shipments already delivered
to the Postal Service are divided
the several Federal Reserve districts and the Treasury as follows:
value, bonds and checks,
The
among
District—
Shipments
Minneapolis
71,385
178,768
Shipments
District—
156,861
367,519
Bo3ton
New York
Philadelphia.
Kansas City.:
93,679
254,142
Dallas.
116,500
-
212,600
218,989
Atlanta
Chicago
.'
St. Louis
San Francisco
424,080
108.078
Cleveland
Treasury—Loans and currency.
Total
721,159
2,923,760
of the United States, it was shown
ury's balance sheet for June 15, issued June 17. Within a few
days the public debt rose by about $2,643,000,000, due both
to the bonus and the fact that June 15 was the effective date
quarterly Treasury financing, which realized over
$1,000,000,000 in cash. Previous references to that financ¬
ing were given in the "Chronicle" of June 13 (page 3945)
and June 6 (page 3772).
As the veterans' bonds are cashed
at post offices there will be a reduction in the public debt
for the
that account.
on
17, to the New York "Her¬
Washington advices, June
In
June 18 it was stated:
ald Tribune" of
mail up to midnight June 15, and the
being handled rapidly.
The Department expects to
current basis in preparing and mailing shipments to veterans as
certifications are received.
Included in the shipments which
items are
remaining
keep on
certificates.
2,923,760 veterans have been delivered to the Postal
$34,331,355,867, the largest figure
in the Treas¬
creased the public debt to
in the history
of adjusted service
payment
June 20, 1936
Chronicle
overnight the public debt increased
is as of June 15, and
The statement
$31,687,935,708 to $34,331,355,867, a jump of $2,648,420,159.
The
tremendous public debt will be decreased, however, with the payment of
from
and
are now
The bonus bonds are
decreases with their cashing.
cashing.
debt
The
veterans' bonds that have already been
in the process of being certified for
added to the public debt as they are issued.
$1,600,000,000 of
recipients
the
to
sent
the
of
many
cash in the
second income
tax payments.
The Treasury balance, as of June 15, stood at $3,434,653,537, an increase of $1,119,397,161 from the day before.
The work¬
ing balance totaled
$2,984,512,184, compared with $1,865,118,301, a
$1,119,393,883.
gain of
The
of
financing and through receipts from
$1,000,000,000
recent
increased through receipt of
balance was
Treasury's
The
which lacks only two weeks
deficit for the year to date
Treasury
the high of $4,684,940,227, compared
year-end on June 30, reached
the
$3,303,473,199 the same date a year ago.
increased $1,603,710,581.
with
From the day before the
deficit
Senate-approved bill ex¬
officers below the rank of
major or lieutenant-commander who left the service prior
to June 1, 1922.
In Associated Press advices from Wash¬
The House
June 15 passed a
on
tending the bonus to provisional
ington, June 15, it was stated:
Under the previous Adjusted Compensation Act these officers were
listed
neither as officers of the regular army nor as emergency officers, thus
depriving them of the bonus benefits as outlined in the original Act.
The War Department
estimated' there were 257 such officers in the
army,
65 to 70 in the marine corps, and slightly more than 200 in
the
navy.
Bankers
throughout the coun¬
try to give all possible cooperation to veterans in the han¬
dling of their bonus checks.
He also asked veterans' asso¬
ciations to co-operate with banks in supplying the necessary
President of the American
Fleming,
Y.
Robert
Association, on June 13 asked bankers
unable to establish their identity
are
relationship.
Mr. Fleming's
The
of the
banks
urged that the
has
States
United
checks at par upon
the members of our Association
all possible assistance by cashing these
The
through the Federal Reserve banks and the Treasurer of
handled today, in the aggregate, probably its largest
Treasury,
United
the
in
veterans
transactions in the same cooperative
the handling of these
States,
peace-time financial transactions.
They include receipts on account of
the cash subscriptions to the 21951-54 Treasury bonds and the 1%%
Treasury notes amounting to $1,106,000,000; the retirement of
notes maturing today and Aug. 1, 1936, aggregating $1,025,alnd: issuing in exchange therefor new securities for the same
amount;
issuance of veterans' bonds of approximately $1,600,000,000;
payment of interest on the public debt amounting to $70,000,000, and
other routine Treasury transactions involving both receipts and expenditures
five-year
the Treasury
000.000,
of
approximately $65,000,000.
net result of the public
debt to approximately $34,400,000,000 as of the close of business
15.
The amount of the public debt will decrease as veterans' bonds
issued
already
received
have
I
Association in the handling of these
checks at par, to which I have replied that I felt the banks of this country
would be glad to
see the
veterans receive the cash equivalent of their
checks, without deductions for exchange or collection charges.
At the same
time, I have requested! these organizations to give their
cooperation to the banks by supplying the necessary identification for those
veterans
who are unable to establish their identity through
a banking
members
....
-
Resources—Speech
Natural
ExtolsGeorge Rogers Clark—Executive
Lincoln Cabin in Kentucky
on
New York
to the
the • bonus delivery as
follows:
Administration and verification
the Veterans
applications to
Following
June 15
of
dispatch
Washington
by that division of the government of the claims of veterans, bonds of $50
denomination and checks for odd amounts less than $50 were prepared by
the
and
Treasury
transmitted
then
the
to
Post
for
Department
Office
said
Secretary Morgenthau
the preparation
"With
the
the
that the Treasury
"practically current"
was
mailing.
completed, and delivery
Department of bonds and checks for veterans on the
of bonds and checks for
bonus bonds
of 37,000,000
printing
Office
Post
nearing com¬
pletion, the Treasury Department is ready to perform the next major func¬
tion under the Act of Congress—retirement of the bonds—after they have
been canceled and checks in payment of them have been delivered to service
of
certifications
made
Veterans Administration
by the
Morgenthau disclosed that because of inevitable mistakes six veterans
their bonds in advance of the due date, June 15.
Mr.
received
numbers
hold
up
of
It
about
the
In
of
the
made to
to
rescinded
were
Commissioner of
and check
the
and
bonds
names,
Administration.
his
the President declared that his Adminis¬
conserve natural resources.
His
continue to
speech was the third major address in a tour that extended
southwest to Texas and ended in Washington on June 15.
Previous
speeches
that
said
President
The
described
were
in
the
^Chronicle"
early
the
settlers
accepted
veterans.
to
"Chronicle"
and gave little thought of the principles
conservation.
To
of those resources
many
will
be
on
of June
account
of
loans
made
while
$507,000,000 in bonds on
$60,000,000 will be paid out,
fund will
veterans
on
their
go
cerificates.
13. page 3951,
generation, he said, must restore
of which nature has been robbed. '
"Our modern civilization," Mr. Roosevelt said,
reference was
our
new
form of free government when we arm
against
weapons
Treasury
on
June
15 handled its
peace-time, and,
as
a
largest
financial
result of the payment
approximately $1,600,000,000 in veterans' b.nus bonds, in¬
new
devices
of
ourselves
and
crime
cupidity."
Ambassador Rooso of Italy was among those who
west
attended
Territory."
Mr. Roosevelt briefly outlined the career
Clark
Fort
and
swindle their neighbors, the President
teeming millions there are
those who sought to
still
those
the capture of
Declaring that in those days there were
Vincennes.
that
of George Rogers
campaign which resulted in
his
"today among our
who
dishonorable means seek
by
to obtain
the
possessions of their unwary neighbors."
President Roosevelt on June 14 also visited the Memorial
Building at Hodgenville, Ky.,
Largest Peace Time Treasury Financing Raises Public
Debt to $34,331,355,867—Cash Flotation and Bonus
Certificates Account for Huge Increase
The
We do not
prototypes of a century and a half ago.
their
change
added
Treasury circular prescribing regulations govern¬
transactions in
"must con¬
stantly protect itself against moral defectives whose objec¬
tives are the same but whose methods are more subtle than
birth, to whom, the President said, "next to Clark himself,
the United States is indebted for the saving of the North¬
of the hold-up
bonds and $87,786,050 in cash
banks,
of
The present
Debt,
issued
Public
checks
and
of
3946-49.
June 13, pages
the ceremonies, and also participated in the dedication of a
statue of Colonel
Francis Vigo, an American of Italian
ing the bonus bonds.
of
of
service
on the
the
Most
issuances.
$1,836,213,950 in
life insurance
loans made
a
orders
veterans,
service certificates, about
government
account
by
wrong
veterans after technical difficulties are cleared up.
that
distributed
adjusted
including
errors,
Broughton,
bond
be
will
estimated
be
given
S.
6,000
along to the
was
would
William
however,
orders,
data
other
and
instructions
technical
certain
of
Because
passed
program
Speaking at Vincennes, Ind., where he praised the work of
George Rogers Clark, whose victory in 1779 made secure
for settlers the territory west of the Alleglienies and north
with
Morgenthau said.
men," Secretary
had
social
and
economic
nature's gifts
mailing.
basis
Also Speaks
14 asked public support for
President Roosevelt on June
the
of the Ohio River,
"Times" commented
Pledge to Conserve
at Vincennes,
Ind.,
at
tration would
A
Reiterates
Roosevelt
President
of our
relationship.
to
will be further issues of
tend to offset this
Adjusted Compensation Act, which will
decrease.
organizations asking the
communications from veterans'
of the
cooperation
on
However, there
redeemed.
are
under the
bonds
campaigns.
to
increase the
debt transactions will be to
The
connection with the various Liberty Loan
which they exhibited in
spirit
to
June 15
day:
render
the
on
issued the following statement on
regarding the transactions that
identification, and I feel quite sure
the fullest cooperation by lending every possible assistance to
proper
1917.
in
The Treasury
June
letter said, in part:
the
is comparable with a
$1,282,000,000
of
public
:
of
President
country extend
will
cash bonus checks
through a banking
wishing to
veterans
for
identification
who
$34,331,355,867 is far greater than at any time in
public debt of a year ago of $28,700,415,830, of the lowest post-war debt of $16,026,000,000 in 1920, the
highest post-war debt of $26,596,000,000 of 1919, and the pre-war debt
public debt of
The
history and
he issued
the
following statement
Statement
11
come
have
have
here
been
which houses the
which Abraham Lincoln was born.
cabin in
visited
the
cabin
individually,
influenced
as
for
in
one
:
by the President
which
Abraham Lincoln
was
born.
of many millions of Americans
the good
small log
After his visit
by Abraham Lincoln.
I
have
whose lives
Volume
Financial
142
live, temporarily, in the
I
The
by
him.
the
for
be
to
cabin
here
taken
Here
we
held in
the
even
personal
more
born and lived
this
from
occupied
dark
the
days is
the
can
renew
the
official
later
his
of
scenes
promise,
is the
Here
and
confidence
with
and
less
no
Lincoln
so'simply expressed when he said:
pledge
fidelity
of
faith
to the
which
faith
slave,
a
I would not be
so
This expresses my
master.
a
Whatever differs from this, to the extent of the difference,
democracy."
no
The
virgin /land
life
which
Who
the text
President's address at
of the
Who
light
of
than
history
time.
a
With
century and
independence,
The
the
take
first
effort
Canada
British,
through
to
the
Valley
the
meet
with
of
capture
colonies
13
Lake
of
seeking their
drive
and
Champlain
of
Valley
the
from
the
head of
navigation on the Hudson River.
If this important offensive in 1777 had
been successful, New England would have been cut off from the States
lying to the south, and by holding the line of the Hudson the British,
without
other
much
half
could
of
the
divided
defeat
The
and
The
other
be
of
they
definite
conducted
limited
Canada and
the
crossed
military
what
been
definitely
on
new
territory
scale
Nation
lying
had
Revolution,
the
and Illinois and
Michigan and Indiana
Kentucky and Tennessee.
In
the
The
mountains
in
burning
were
picture
of
south
of
and
Kentucky,
cabins
the
northwest of
and
river.
their fall
this western
driving
Three
seemed
was
the
fleeing
dark indeed.
and
country
regular forts
back
inevitable.
Then, against the dark background stood forth the tall
George Rogers Clark.
action.
With
Out of despair and
flash
a
paign—a
brilliant
goodwill
of
bravado,
he
the
of
genius,
masterpiece
French
the
in
and
Hamilton,
Detroit
stand
Kaskaskia
to
Virginian,
young
leader
the
other
and
conceived
by
Indians
of
towns
cam¬
a
with
Working
strategy.
overawing
the
and
It
on
fort
Kaskaskia
United
it
the
unknown
by
Northwest, had
Fort
patriot
a
is
Sackville,
from
where
we
desperate resolution to
regiment and
attack by
an
with
equipped
man.
the
To
famous
birth,
march
winter
Father Pierre
Italian
of
His
own
the
that
story
next
Gibault,
^began
and
to
himself,
Clark
to
indebted
for the saving of the Northwest territory.
log church, predecessor of yonder Church of Saint
that
Colonel
Hamilton
place
that
of
this
surrendered
service
in
Vincennes
dedication
of
to
George
noble
a
monu¬
Sunday morning.
Governor McNutt and I, aware
relationship of religion to this campaign of the Revolution,
on
a
the later Ordinance of
to
territory
at
Kaskaskia
northwest
in
on
the
later
years
himself
molested
of
that
the
the
all
religions
Ordinance
Ohio
peaceable
a
of
account
River,
and
that
tolerated
established
which
provided
orderly
be
would
1787,
of
"no
shall
manner
person
be
ever
his
mode
of
worship
for religious sentiments in
or
went
to
on
declare
that
"religion,
and
morality
knowledge being necessary to good government and the happiness of man¬
kind, schools and the means of education shall forever be encouraged."
to
seems
149
years
later the
part thereof could, reiterate, and
every
that
that
me
religion,
and the
morality
Today
morality
Rogers
and
people of
the
United
States
for
principle
continue to strive
knowledge
are
to
necessary
the
good
in
their
lived
in
there
are
free within
the
means
thing
same
though
borders—it
our
must
we
protect
whose
half
neighbors, though they
it
as
needs
were
sparsely settled communities.
sions of
those
their
itself
against
ourselves with
Today,
are
We do
ago.
who
unwary
methods
must
meant
apply
remain
ever
in
the
to
it
neighbors.
moral
more
among
than
seek
means
Our modern
defectives
subtle
in this
poor
Today
by dishonorable
not change
new
many,
whose
their
looked
we
have
week I have
past
out
and Alabama
in
the
objectives
knowledge;
what
that
All
of
was
country-side
primeval
traveled
daylight hours
and Arkansas
ize
it
kindly
still
of
the
on
measure
for
15
and
we
rifle.
and
the
fight with weapons
of this
saving
from
fair
celebrate
now,
of Clark and
in
taking
are
us.
the
preserving
signed the Overton bill,
of floods on the
control
the
Senate adopted a
this was described in
The
President
on
Congressional action
June 3, when
before him
of
this
on
June
6,
measure
also
was
3776.
the
referred
to
in
issue
our
v
.
•
.
President Roosevelt
Signs Commodity Exchange Bill—
Regulation for Trading in Major Com¬
modity Markets Similar to that Exercised by SEC
Provides
Securities
President Roosevelt
on June 15 signed the new Commodity
Exchange Regulation bill, designed to extend to major
commodity markets regulatory restraints similar to those
imposed on trading in securities under the Securities Exchange
Act of 1934.
Such regulation is now extended to trading in
grain, cotton, mill feeds, butter, eggs, potatoes and rice.
Congressional approval of the measure was reported in the
"Chronicle" of June 13, page 3950.
J. W. T. Duval, Chief
of the Grain Futures Administration, said on June 16 that
the Act will provide "effective means whereby the economic
ills
resulting from market manipulation and excessive
speculation in the commodities named may be drastically
or
eliminated."
The Department of Agriculture on June 16
which reads in part:
Commission
The
is to be known
created
Grain
by the
Futures
issued
Act,
eliminate
the Commodity Exchange Commission.
as
burden of excessive speculation, this
the
a
circular
comprising the
goods
must
are
of
of
and
constantly
the
same
government
when
but
and
century
a
we
a
arm
crime and cupidity.
but
it
is
vastly
a
and Texas and
looked
forest
or
through
upon
like
a
unfilled
many
States;
modity futures on the Nation's commodity Exchanges that may be done
by
in any commodity covered by the Act.
any person
as
I
Tennessee
Oklahoma, I have tried to visual¬
short
century
and
prairie, inhabited
by
half
a
an
this
vast territory,
gifts
to
the
new
as
ago.
exceed¬
•
here in the Middle West, nature
settlers,
and
for
many
long
years
no
limitations shall apply to hedging
The new Act requires the registration with the Secretary of
Agriculture of futures-commission merchants and floor brokers accepting
and executing orders for commodity
futures.
A
Washington dispatch of June 16 to the New
"Herald Tribune" analyzed the new law as follows:
The Act expressly provides that no limitations shall apply to
The
new
York
hedging
Act requires the registration with the Secretary of
orders for commodity futures.
and executing
Provisions
of the
new
law
gave
these
designed to safeguard customers'
margins
deposited with futures commission merchants prohibit the use of margins
to
credit or margin
extend the
customer for
whom deposited.
t|ie trades of any person other than the
Wash sales,
trades and all fictitious transactions
prohibited,
as are
on
cross trades, accommodation
commodity futures exchanges
aire
fraudulent practices, false reports and the bucketing of
orders, &c., by members of commodity futures exchanges in connection with
the
sale
of any
commodity in interstate commerce or
any
commodity
Bucket shops handling orders for commodity futures are outlawed
future.
by the statute.
The
wider
and
the country-side of
To diminish or
Commission shall fix
trading limitations governing the amount of speculative trading in com¬
transactions.
Act
provides for
further
records by all warehouses
fixing limits
speculation, is
the
making of reports and
from which commodities
may
keeping
of
be delivered under
The Commodity Exchange Commission, in addition to
in order to
also
diminish or eliminate the burden of excessive
authorized to issue cease and desist orders against
commodity futures exchange, office or agent who violates the Act or the
rules or regulations.
Provisions of the new Act authorizing the registration of futures com¬
brokers, and the holding of hearings preliminary
promulgation of rules, regulations and orders under the Act, became
effective
upon
Presidential
.
Final congressional
3776.
page
page
for consideration
$320,000,000 omnibus flood control bill.
action
both the
conference report to the bill;
the ^Chronicle" of June 6,
still has
to the
bounteous
we
the
her
after
come
of the heroism
part
us,
from
taken
the mountains
Though
century and a half
the
of
task
tomahawk
between
anniversary
completed
was
mission merchants and floor
her
the
Mississippi River and its tributaries.
many
teeming millions
'
of
have
we
to continue the
June
on
$272,000,000
ingly small population of nomadic Indian tribes, untouched by white man's
most
a
for
us
civilization.
In
lay
done.
the
is
those who
upon
against
duty
our
Roosevelt
futures contracts.
During the
is
the riches
that
is not
It
Agriculture of futures commission merchants and floor brokers accepting
days
knowledge.
have
imperishable
so.
obtain the posses¬
to
prototypes
form of free
our
world's
our
civilization
weapons against new devices of
1787,
in
as
darkened
•
transactions.
still
Clark,
still
apparently
and
offense.
more
battle
land
three hundredth
think
President
government
George Rogers Clark never dreamt of.
In his day among
pioneers there were jumpers of land claims and those who sought to
swindle
it
once
did
fair
His task
him,
authorizing
situations which
the
would be
the sun
President Roosevelt Signs $272,000,000 Mississippi River
Flood Control Bill
happiness of mankind.
Today religion is
George
falling
or
great clouds of top soil borne
grassy
of
many
The Act expressly provides that
Ordinance
the
gas,
Nation.
territory."
said
And
or
Secretary of Agriculture, Secretary of Commerce and the Attorney General,
declared
Eight
demeaning
of
knowledge in those older days, we have
taken
has
smile
Clark
spot the
men,
1787, have understood and felt the appropri¬
today.
had
America.
It
to
curbed
coincidence
a
nature
the
us
Waters.
the
the
Henry
down
come
mid-winter march and
a
of
been
our
May the Americans who,
this
Illinois
the
Colonel
remained.
Vincennes.
measure
the
the little
historic
Clark
the
the
religious service.
a
Vigo,
Xavier,
not
ateness
in
forces
by the King's
heroic
with
in
takes
ment
for
Father of
at
and
Rogers
saved
sheer
Clark.
is
It
Northwest
manned
States
was
Rogers
and
British
fortified
repeating
Francis
Francis
of
and
the
worth
is
And
regular
Commander of
and the
a
marked
Colonel
the
British
seized
men
riflemen
cannon
at
the
today, made Clark's position untenable.
his
save
of
menace
oil,
of coal, or
use
Atlantic by
had
have
restore to nature
over
the
of the
what
not
that she may
order
country.
But
forget that rotation
to
the days of ancient Babylon?
as
preventable?
as
visualized the day when
did
nature
George
He
for
boom
temporary
a
destruction he brought concerted
26-year-old
military
of
settlers,
swept through
the
across
all that remained
were
them
or
turning their wheels and lighting their homes?
waters
from
man
living, to
their Indian
Ohio,
families
of
them
House and
the
held all the region
English
allies
1778
year
far back
as
or
I
wounded
the
of
west
at first successful, of driving back eastward
Ohio and
tempted
corn
them thought of the
wind
Because
this end
Towawrds
important
an
the
the
Elleghany Mountains.
that
show
whereby
activity to
or
or
out
price for livestock
market
pastures,
of
played
soil
,.
.
the
if
over-grazing
land"
"sub-marginal
original
and
the
themselves
Records
won.
in
of
immediate defeat
maintain
thoqe Americans who, before
now
the
concerned
the
cotton
the
of
of the pioneers?
tmn
the
,
were
means
as
his
to
process,
and
operations
all
is
had
area
purpose,
mountains
into
the
then
and
half
one
in the
not
inability
hemming-in
in
of the
east
Alleghanies, with the
across
first
the
at
Burgoyne at Saratoga is
thereafter
tlieir
independence
a
strictly
south
in
by
the
when
happen
them regarded floods
among
far east
land.
General
of
lay
rather
but
planned
would
conquered
York
colonies.
danger
great
their
after
British
New
from
the turning point of the Revolution.
as
colonies,
grow
have
surrender
recognized
the
doubt,
frigates
the
settlers
prairies?
wedge
a
of
the
of the watersheds?
oLlQod
heard
ever
farming maxim
among
as
Who
as
of the Revolution progressed lay in
their Indian allies, to
British
Vincennes, more
were
permanent significance.
more
the War
as
the
the
the
in
viewed
when
proportions
year
when
ago,
greater and
danger
the
of
Mohawk,
half
assumes
grave
due
passing
every
a
their
on
had
them
of
generation
thought to the tragic extermination of the wild
would
justified
price
a
third
and
ocean?
Who among
water
of
Here was an instance
yet insufficient to see the dangers
as
principal article
them
among
moment
was
second
gave
what
tire
to
the
the
them
about
Who
in
Vincennes:
Events
for the future.
was
-hegcl ...to _tke-future results that attended the cutting
gave
formed the
among
off
ran
crops
following is
day
which denuded the greateivpart
Who among
of
spirit
humanity and
less
no
the
that
found to explore
be
will
means
time
new
of the
Whot^^eh-AmoiW
this
the
be
not
the\knowledge
tha^lay A^ad,
than
child.
renewed
a
men
our
received without thought
were
where
of the timber
cabin
man—the
common
would
gifts
worried
Idea of Democracy.
is
once
rooms
in
his.
than
fortitude
I
same
gazed
..
is
was
America is not dead, that
conquer the problems of a
"As
he
which
splendidly fulfilled.
so
have
I
from
1
this
But
life;
very
house and the
same
window
same.
4103
Chronicle
approval
of the
new
law.
The regulatory
provisions of the Act will become effective 90 days after enactment.
|b
Financial
4104
Deficiency Bill Sent to White House—
Compromise Proposal Gives President Sole Charge
of Relief Funds—Florida Ship Canal Survey Plan
Chronicle
The Borah-Van
$2,375,000
Is
Rejected
Nuys amendment would
rely alone on the Federal
not
$2,375,000,000 relief deficiency bill was sent to the
on June 18 for President Roosevelt's signature,
following Senate and House agreement with the compromise
adopted by a group of conferees, which eliminated a pro¬
posal to resurvey the Florida ship canal. The relief bill,
as finally agreed upon, gives President Roosevelt sole con¬
trol over distribution of the relief fund, and also permits
The
Administrator Harold Ickes of the Public
the Federal
Trade Commission, but would permit prosecution of violators in
courts, with penalties of a $5,000 fin6 or one year in jail.
the operation of the law would
Exemptions from
be
granted in the
A Senate amend¬
handling of perishable foods and in other emergencies.
White House
1936
June 20,
rejected by
ment, excluding manufacturers in the purchase of materials, was
Senate-House conferees.
the
Legitimate discounts for quantity purchases, would be permitted by the
to the point fixed by the Federal Trade
bill up
Action
Congressional
Completed
Commission.
Liquor
on
Revenue
Bill—Provides for Creation of Independent Liquor
Control Agency
Works Adminis¬
$300,000,000 revolving fund so that
grants as well as loans may be made for public works proj¬
ects. The Florida canal proposal would have authorized an
appropriation of $10,000,000 to continue work on the project
if it had been found feasible by a special engineering board.
The House accepted the compromise report on June 17
and it was agreed to by the Senate on the following day.
The House rejected the Florida ship canal proposal by
Action was completed by Congress on the Administration's
liquor revenue bill on June 16 following the acceptance by
the Senate of the amended conference report. It was stated
that Presidential approval of the measure is assured.
Reporting the Senate action on the conference report
June 16, Washington advices, that day, to the New York
"Journal of Commerce" of June 17, said:
108 to 62.
pendent liquor control agency, abolishing the present office of Adminis¬
tration wider
of
use
a
Sponsored by the Treasury Department, the bill seeks to create an inde¬
Alcohol Act and creating
trator of the Federal
In
Washington
advices
Even the relief and
of
hour
an
and
to
New
the
in
the
stated:
was
Senate
yesterday, turning thumbs down
this
morning.
The
quickly.
for
the
Besides the relief appropriation,
Civilian
security
Conservation
$41,000,000
program,
bill
The
relief
appoints
making
him
them
directly
to
giving
portant limitation has
initiated
The
tion.
which
quoddy tidal
and
the
its
use
bill
the
Roosevelt
also
social
a
himself
Progress
spender
for
chief
in
them,
the
of
rather
Administration.
than
One
im¬
prevent
Besides providing
permits
the
ship
new
Public
canals
references
to
tbe
status
Works
of
bill
amendment which provides that domestic wine growers may use
an
word "champagne" was stricken from
both
as
"Herald
The
Administration
to
priation,
was
major step
toward
being
ironed
Except
for
any
canal
House
York
The
responsibility for
Publi.c
relief appro¬
than
more
ever
that the tax conferees' differences
on
permitting
two extra dams,
changes in
Senate
the
the
Tennessee
House made
the deficiency bill
amendment®
the
the
to
Au¬
difficulties
no
except
transferring
Valley
3093.
Works
Administration
to
its
use
$300,000,000
Its
revolving
Following Ap¬
proval of Conference Report by House and Senate
Congressional action on the Robinson-Patman anti-pricediscrimination bill, also known as the "chain store" bill/was
completed this week and the
measure was
sent to the White
Previous reference to Congressional action on the
legislation
made in the "Chronicle" of May 30,
page 3602.
The provisions of the bill were outlined as follows in a
turned
Commerce" of June 19:
In its final form the bill seeks*
prohibit
a
all
price
discriminations
or to
monopoly,
injure, destroy,
person who either grants or
nation;
tials
or
are
tending
or
lessen
knowingly receives the benefit
with customers of either the grantor
not
to
included in this provision.
Commission to fix quantity iimits
as
competition,
prevent competition with any
or
of such discrimi¬
within
protect
market
on
quantities purchased in
against loss through
^changes, perishable goods, &c.
To authorize
price reductions in
cases
where such procedure is necessary
^
To prohibit the seller from paying the customer for services or facilities
furnished by the latter in connection with the seller's goods unless such pay¬
ment
is
available
on
proportionally equal terms to
all other competing
customers, and to prohibit the seller from furnishing services or facilities
to the
purchaser in connection with the processing, handling,
or
sale of the
commodities concerned unless they are accorded to all purchasers on propor¬
tionately equal terms.
To make
equally liable the
person
adopting the con¬
June 18, Associated Press advices from
Washington, that day, had the following to say:
Joseph
Patman
T.
were
measures
Robinson
(Dem.)
of
(Dem.)
Texas.
introduced early in the session by
of
To
Arkansas,
it,
and
however,
Representative
was
attached the
Borah-Van Nuys bill, embodying some of the anti-monopoly theories which
Senator William E. Borah
(Rep.) of Idaho, advanced to the Republican
Platform Committee in Cleveland.
of
The
were
territorial
purely
local
legislative assembly
St.
Croix,
concern
are
of 16,
St. Thomas
placed within local
and of
made
the year
for
universal
suffrage
previous to this date,
beginning
Jan.
1,
1938,
or
if the local Legislature so provides
bill
provides for
appointment of the Governor by the
President,
as
Other executive officials
be* named by the Secretary of the Interior.
District Court,
with the judge and District Attorney appointed
also is provided for.
Congress Votes to Convene 75th Congress
on
Jan. 5
Congress voted this week to convene the 75th session on
Jan. 5, 1937 instead of on Jan. 3 as required by law.
Inas¬
much as Jan. 3 will fall on a Sunday in 1937, the Senate
on
June 17 adopted a resolution advancing the date to
Monday, Jan. 4.
The House on June 18 amended the
resolution making the date Tuesday, Jan. 5, to which date
the Senate readily agreed.
Congress
Speeds Passage of Bills in Drive for Early
Adjournment-—Leaders Hope to End Session To¬
night (June 20)
Congress this week speeded up action on the final measures
remaining for its consideration, in an effort to adjourn before
the Domocratic convention.
Leaders were hopeful that Con¬
gress would be able to finish its work by tonight (June 20).
Speaker Bankhead called a night session of the House on
June 15, after expressing the hope that adjournment by the
end of the week would be possible.
Legislation before Con¬
gress for action before adjournment was discussed as follows
in a Washington dispatch of June 15 to the New York
"Herald Tribune":
Bills
of
Considerable importance,
but with less chance to become law
before the legislators go home, were:
Incident to the action of the Senate in
Senator
is
by the President,
The Housing bill sponsored by Senator Robert
F. Wagner, Democrat,
of New York.
ference report on
Wright
a
existing councils of
Measures
$25,000,000.
when they
power.
A Federal
who knowingly induces or receives a
discrimination in price.
The basis of the bill
provides for
two
1931,
until
Department.
presenj^ along with the government secretary.
would
excess
customers in bona fide transactions.
"purely legitimate trade movements"
to meet competitor's levels.
administration
Price differen¬
grantee.
to various commodities, and when so
own
John.
their
government since the
1917 for
Denmark in
meantime.
the
The
as
of those limits.
To
St.
the
from Washington:
To authorize the Federal Trade
fixed to prohibit further price differentials
To permit sellers to select their
to
1
from
Interior
measure
new
addition
them
of
the
to
Provision
in
June
been operating under a temporary
charge
over
legislative
was
Washington dispatch, June 18, to the New York "Journal
of
States bought
had
Navy
House for Presidential approval.
The action taken this week
by Congress was the adoption of a conference report on the
bill by the House on June 15 and by the Senate on June 18.
representatives of the two insular local councils.
were summarized as follows in Associated
of
The
"Chain
President, was drafted
provisions
The islands have
and
or
in passing
government
Department and amended to meet the de¬
Interior
Press advices
without particular cavil.
Robinson-Patman Anti-Price-Discrimination
Store" Bill Sent to White House
To
of
The bill, which was sent to the
United
in
create
a bill to give the Virgin
resembling Alaska's, with
Earlier Senate approval of the measure
1
June
form
a
by the
Florida
President
(administering the $1,425,000,000 relief fund and permit¬
fund for direct grants were both accepted
of
June 2 concurred in amendments made by
on
on
May 4 was described in the "Chronicle" of May 9, page
on
sires
amendment
of the Senate
rider.
ting the
New
out.
minor
a
thority to begin work
over
the
adjournment, which is
now
previous
we gave
versal Suffrage
The Senate
universal suffrage.
likely to take place Saturday night,
are
to
of the deficiency bill, with its $1,425,000,000
a
3438,
page
Congress Approves Bill to Give Virgin Islands Govern¬
ment Resembling Alaska's—Measure Provides Uni¬
deficiency bill
6, pages 3777-78.
Tribune":
passage
23,
reference to the measure.
Passama-
or
the
17
champagne,
to taxes and trade practices.
Islands
of June
The
this list of names following charges
American-made
that
importers
In the "Chronicle" of May
in
dispatch
such
processed by the
"tank" method, is inferior to the French product.
On the whole, however,
the bill throughout is slightly favorable to the domestic liquor industry,
the
the
Washington
sherry, burgundy, sauterne, chianti, chablis, etc.
wine names as port,
House approval of the compromise was described as follows
a
the Senate inserted into the
for ordinary relief
money
contained in the "Chronicle" of June
present tax rate on
and, in some cases, lower appreciably the
Over the vociferous objections of importers,
on
to
general, the bill would revise and strengthen the existing liquor revenue
domestic wines and "light" drinks.
from
$300,000,000 revolving fund in direct grants.
Previous
were
the
Valley Authority, and
responsible
Works
aimed
projects.
power
CCC,
was
for
the relief spending—no project may
paid for in full out of the same appropria¬
be
cannot
$187,000,000
Tennessee
personally
the
been placed
limitation
quietly
appropriations.
President
funds,
was
In
structure
went through
the bill carries $370,000,000
camps,
the
for
number of miscellaneous
great
be
Corps
action
House's
the Florida ship canal,
on
three-man administrative
a
board to be appointed by the President, with the advice and consent of the
Senate.
acceded to by the Senate, and other minor changes in the bill
as
York
deficiency bill, with its immense appropriations, took
half
a
18
June
of June 19 it
"Herald Tribune"
but
of
The new coal bill sponsored
of
Pennsylvania.
by Senator Joseph P. Guffey, Democrat,
Reported by the Interstate Commerce Committee of the
Senate today, it has also been acted on by
The conference
reports
on
the House floor.
the new liquor bill and the Department of
Interior appropriation bill also were adopted in the
House today, and rapid
action in the Senate is expected.
Besides dealing with the housing bill, which
it agreed to take up again
tomorrow, the Senate passed a bill offered by Senator
Vandenberg which
Volume
Financial
142
gives J. Edgar Hoover's Federal Bureau of Investigation the same retire¬
ment privileges now enjoyed by the Civil Service
parts of the Government
personnel.
The bill was opposed by Senator Burton K. Wheeler, Democrat,
of Montana, who attacked the Government for
accumulating large
of secret police.
'
numbers
Chronicle
In
of
Other
minor
dealt
measures
with
by the
Wyo.)
growers
and
to
Senate
included
Black
the
political pressure for his advancement, which was passed in short
order, after considerable Domocratic righteous indignation.
use
the
mission
to
ask
withdrew
AAA.
While
call
that
objections
resolution
resolution
of
Senator
the
up
his
his
Senators
questioned
when
completed
was
Congress
that
(Dem.,
X.
subsidy bill,
be
in
when
Copeland
ship
resolution
O'Mahoney
support
was a bill giving
employees of the Alaskan railroad a retire¬
similar to that enjoyed by the employees of the Panama Canal,
joint resolution introduced by Majority Leader Robinson making the
a
official date for the convening of the next
Congress Jan. 4, 1937.
Robinson pointed out that the
Senator
previously arranged date, Jan. 3, was
Y.)
Senator
is
The
Senate passed,
within the short space of two
Housing Act, establishing
The vote
The
the bill
on
.
of the
the
on
new
Jones-O'Mahoney bill con¬
sugar quota system, preparatory to a
adopted the conference report
complete revision
on
The
Senate voted to
unfinished
to its
hour.
one
make the compromise ship subsidy legislation its
business to
be
turned
the
taken up
tomorrow, with
prompt passage.
pending
seeks
to
the
in
revise
to
pressed
Congress
and
for
indications pointing
v":..
O'Mahoney resolution
far
Healey
The latter is slated for approval tomorrow and might be
the
as
tive fate of this
Steagall
to
from
Ala.)
is
doubt because of the failure of Chairman
in
House
of the
Banking and Currency
permit any consideration being given to the
measure
Committee
by his
group.
A bill similar to the Wagner proposal passed by the Senate has been
pending in the House Committee for months, and while Administration
leaders
do
not
regard it
"must" legislation, they would like to see it
as
passed before adjournment.
is
The latest reports are that Chairman Steagall
considering introduction of
a
new
this is done promptly the measure
bill, but indications
The
that unless
are
will be crowded out in the last minute
jam which always precedes the end of
a session.
only other matter standing in the
gress this week or
way
of adjournment of the Con¬
Monday, aside from the tax bill, is the relief appropria¬
tion resolution which is still in conference, but
upon which an agreement
is expected tomorrow.
The conference committee members virtually agreed
the bill today except for two items, which must be voted
upon
House.
by the
These
items
are
the
Florida
on
again
ship canal project and the
$300,000,000 public works revolving fund.
In advices from
Washington to the "Wall Street Journal"
of June 19, it was stated:
Pleased
Leader
with
rapid
Robinson
legislative
predicted
yesterday,
progress
adjournment
of
Majority
Senate
Congress
before
nightfall
Saturday.
The
only
holding the legislators here, he said, is the tax bill,
measure
adding that he hopes the conference report
on
it would be passed by both
Houses Saturday.
Not
and
the
to
them
special
attention
The
that
the
House
promise, he asserted.
Some of the outspoken opponents of the bill have
declared they will make
Senator
Robinson
only short talks to place themselves
on
record,
said.
Measured Passed by Senate
legislation,
Wyo.)
Congress
without
approved
by
the
when
resolution
authorizing
the
dorsement
as
of Agriculture
to
pay
ad¬
Soil
Conservation Act; sent to House.
study and report
Bill
ment
the
authorizing the President
to
appoint
commission to
a
unemployment; sent to the House.
on
Whose
costs
were
increased
resolution
Recovery Ad¬
Secretary of Labor to
survey
of
the
of
AAA's
protection
for
is 42
to
ordering the Secretary of Agriculture to survey nation-wide traffic
Senate Education
and
Labor
rehabilitation
not
of
projects,
it
will
and
now
be given
the
House
the
to
goes
by
purely
as
Senator
which
system
"stop
O'Mahoney
Congress would
be
unable
It
recognizes
against
gap"
(Dem.,
to
com¬
also carries in¬
the
measure
threatened
court
V'v'.V',,
v.
24—Similar Measure
to
sums
in lieu
of
to make payments to
taxes
on
States
resettlement
with the limitation that amounts
so
bill
or
or
rural
paid should
exceed the customary tax.
Being Considered by
The
Wagner housing bill, designed to furnish Federal aid
three-year $450,000,000 low-cost construction program,
was passed by the Senate on June 16
by 42 to 24, and was
transmitted to the House Banking and Currency Com-r
mittee, which is considering a similar measure.
Hearings
on the bill, and President Roosevelt's comments on
it, were
described in the "Chronicle" of May 9, pages 3092-93.
The
bill was approved by the Senate Labor Committee on June
3,
when Senator Wagner predicted that it would be acted
upon
before Congress adjourns.
It was indicated late this week
that the companion bill sponsored by Representative Ellenbogen might be reported by the House Committee and con¬
sidered before adjournment.
Before final Senate approval of the bill, a viva voce vote
had defeated efforts by Senator Vandenberg to reduce the
Housing Authorities funds from $450,000,000 for three suc¬
cessive years to $150,000,000 for a single year.
A few other
amendments, changing the bill only slightly, were approved.
Senate approval of the measure was described as follows
in a Washington dispatch of June 16 to the New York
for
a
"Times":
£'
Democratic
ment
of
a
leaders
so
admit
an
earnest
•
desire
to
Federal
housing
which
program,
was
tbe
pass
that the party may go to the country
not
bill through
with the advertise¬
mentioned
the
in
Republican platform adopted at Cleveland.
Although little or no Senate opposition to the bill had been expected,
objection developed after Senator George, Southern conservative, made a
against
on
mounting
the public.
governmental expenditures and increasing tax
He warned that the Democratic party would be
held responsible.
The bill is the product of two years of labor,
including intensive study
Senator Wagner tried hard to have it passed through
the Senate at the last session.
amendment
by
Senator Hastings to limit the Authority Board of
five to not more than three of one political party was accepted, but a little
later the Senate approved a motion by Senator Couzens to reduce the Board
members, with riot
Senate defeated
a
more
than two from the
same
party.
The
plan by Mr. Hastings to reduce salaries of Board
mem¬
$8,000, but it accepted his proposal to limit demon¬
stration projects to a cost of
$2,000,000, with not
The bill, designed to cope with the problem
Committee reported favorably a
permit the Resettlement Administration
political subdivisions
Act
ob¬
Tex.)
House Committee
bers from $10,000 to
conditions; sent to the White House.
The
and
sponsors
q.uota
the
';A'
their
(Dem.,
vote.
section,
sugar
V:
;
to three
transient problem; sent to
the House.
Bill
that
a
signature.
and
proposed
was
17,
quoted
Senate Passes Wagner Bill for Three-Year Federal Slum
Clearance and Low Cost Housing Program—Vote
An
by National
ministration compliance; sent to the White House.
Bill authorizing
a
but
from
' A-:;A AA A.
January,
yesterday
Roosevelt's
opponents
June
paper
Jones
Marvin
in
dissenting
measure
President
both
and lengthy hearings.
giving the U.S. Court of Claims jurisdiction to hear claims of Govern¬
contractors
For
session,
assurances
withdrew
the entire Sugar
reconvenes
a
became apparent
it
means
a
burdens
Secretary
ministrative expenses of groups which cooperate in carrying out the
Joint resolution
this
measure
pletely revise the Jones-Costigan Sugar Act this session.
protest
The Senate yesterday passed the following-
Joint
Sugar Act.
upon
Democrats
Representative
legislation revising
when
for
Recognized
the
on
Florida
and
when
resolution
Senate
White
Louisiana
measure
assured
both Houses
than three hours will be spent in the Senate on the tax com¬
more
substitute
a
Harrison-for-Costigan
measure
Washington that day to the
y'.;-/y.,,.'-' V-'AA-.:
./v'"1.;
Republicans
Wagner Housing Act is concerned, however, the legisla¬
measure
(Dem.,
as
Regarding tbe House action
dispatch
followed either by the sugar bill or the Government contract bill.
so
so-called
the entire
this
of
Guffey Coal bill by the House, that body virtually
bill, the Jones-O'Mahoney sugar bill and the conference report on the lobby
In
few minutes'
leadership that the former bill will be accorded preferential attention
Congress reconvenes in January.
attacks.
cleaned its calendar of major legislation with the
exception of the
registration bill.
the
strengthen
enactment
House Slate Virtually Clear
With passage of the
a
when
the omnibus liquor control
House Committee on Rules, after tw o days of open hearings, voted to
give the Walsh-Healey Government contract bill right of way in the House,
The
now
AAA
approved
bill, which duplicated the action of the House yesterday and cleared the
way for submission of the measure to the President for his signature.
with general debate limited to
the
jections
Jones-Costigan Act when Congress returns in January.
The Senate
is
which
time
Guffey
hour, passed the bill by a vote of 161 to 90.
one
The Senate passed without a record vote the
tinuing the present
bill,
passed after
measure
voice vote.
a
said:
42 to 24.
was
per¬
interrupted
:
/
the Wagner
hours,
housing construction and slum clearance.
House, after shortening the period of debate
Coal Stabilization Act to
is
for
seeking
was
O'Mahoney
considered.
Copeland consented, and the
on
There
United States housing authority with power to
a
make loans and grants for low cost
which
pressing
Debate Is Short
Senator
debate
a
,v;
•
'■•/< '. ,j'
;
Measures considered by Congress on June 16 were listed
as follows in a
Washington dispatch of that date to the New
York "Journal of Commerce":
'
\
Sunday.
both
of
fashion
a
body
Passed also
ment system
and
objectives
Senator
the
has
1(
the
on
several
their
that
characteristic
as
adjournment.
to
afternoon,
explained
action
recognized
this
but
measure,
Senate
Civil Service official to attempt
a
the
4105
Senate,
(Dem.,
.
Civil Service bill, making it a crime for
the
housing, authorizes the sale of bonds.
more than one to a
It creates
a
perpetual United States
Housing Authority to be appointed by the President, with Senate
Under the
measure
the amount of
a
city.
of slum clearance and low-cost
Government
consent.
grant for a low-rent
housing project is fixed at not more than 45% of the cost.
Loans for such
projects are allowed in amounts not greater than the total cost, minus the
Government money.
Senate and House
Pass
O'Mahoney-Jones Sugar Reso¬
lution, Extending Present Quotas for Two Years—
Measure Ready for President's Signature
Senate Passes Ship Subsidy Bill— Measure Submitted
to
Senate
The
on
June
16, without
a
record vote and with
little
debate, passed the O'Mahoney-Jones sugar resolution,
revising and extending in part the Jones-Costigan Sugar
Control
on
Act.
The
resolution
the following day
House
for
described
ment
was
approved by the House
(June 17) and was sent to the White
President
by
Roosevelt's
its authors
Administration
and
by
signature.
the
The
Agricultural
bill
is
Adjust¬
"stop-gap" legislation to protect
quota provisions of the Jones-Costigan Act until Congress
can
as
consider revision of the entire sugar law next
Previous
icle"
June
debate
of June
16
to
6,
the
on
the resolution
pages
New
3775-76.
York
was
A Washington dispatch of
"Journal
of
Commerce"
Senate approval of the resolution as follows:
January.
given in the "Chron¬
noted
Conference—Final Approval This Session Doubted
The Senate
yesterday (June 19) passed without a record
Copeland-Guffey-Gibson compromise ship subsidy
bill, intended to enlarge the American merchant marine
through direct subsidy payments. The measure was imme¬
diately sent to conference with the House for action on
vote the
Senate amendments.
Associated Press advices from Wash¬
ington, last night (June 19) said that it was doubted whether
the differences could be adjusted before the adjournment of
Congress. The following is also from the advices:
Senator
Clark,
Democrat,
of
Missouri
made
the
principal
speech
in
opposition to the bill which would substitute direct payment for the present
mail contract subsidy system.
Senator
Clark said that the
bill
was
"wrong in principle, un-American
and contrary to the long established tenets of the Democratic party."
Financial
4106
House
ship subsidy measure," he said.
United States maritime commission of five mem¬
The bill would create a
The amount of operating
bers to administer the act.
subsidy paid would
investigation of the relative cost of operating vessels
be determined after an
For construction
subsidy
a
up to
commission.
The Government would
the remaining 25% at 3% to be repaid over 20 years.
a reputable operator could not put up the 25% the Government could
Operators would have to put up
25% in cash.
salary limitation for officers of
A $25,000
Idaho, that the
"the lesser of two evils" as compared with
agreed with Senator Borah, Republican, of
bill provided a system
the indirect mail
which was
subsidy.
contained in
Previous reference to the bill was
of
May 30,
issue
our
3600.
page
on
Tax Bill—Congress Expected
Conference Report by Tonight
to
bills passed by the two
in the tax
read a prepared state¬
(Rep, Mich.)
Senator Vandenburg
ment 6n
the floor of the
of the
favor¬
Senate yesterday condemning the
it as economically unsound, a makeshift
product, and ended by saying that it was "beyond extenua¬
tion or compromise."
describing
bill,
Opponents of the bill predicted at least 40 votes would be
cast against it in the Senate.
The major compromise reached by the conferees was on
the
to corporation taxes; it "was here
bills most widely differed.
The House bill
provision relating
the
that
two
income taxes, whereas the
Senate measure increased the present rate by 3%;
the
House taxed corporate undistributed surpluses on a gradu¬
ated scale up to 42%%, the tax increasing with the per¬
centages of income not distributed to stockholders, while
the Senate bill placed a flat 7% tax on undistributed corpo¬
ration
corporation
existing
repealed
approved by the conferees retains the tax on
corporate incomes but. reduces the minimum rate to 8%
instead of 12%%, the rate provided in the present law,
like
and
the
at
time levies
same
a
tax on undistributed
sur¬
,
compromise bill as follows:
visions of the
would be subjected to a normal income
Corporations
8%
ing rates:
next
of
13%
$13,000,
the
on
and
$25,000,
next
tax at the follow¬
net income, 11% on the
the first $2,000 of adjusted
on
15%
on
all
in excess
$40,000.
that portion of their
adjusted net income, after deductions of normal income tax which was
not distributed in dividends.
The rates would be as follows:
7% on the
first 10% of income retained, 12% on the next 10%, 17% on the next
20%, 22% on the next 20%, and 27% on the final 40%.
Dividends to individuals would be taxed as part of their private in¬
In
with
comes,
would
corporations
addition,
no
pay
a
tax
"It
banks,
dends,
current
undistributed profits tax would
the
bill
Vandenberg contended:
Mr.
States,
income
those
and
from
this country would pay a
sources within the United
actually doing business here would pay 22% of their
sources
is
That
the tax
holding
and
$500,000,
48%
$100,000
between $500,000 and $1,000,000, and
income in excess of $1,000,000.
on
would be lowered from $1.40 to $1 per $1,000.
The capital stock tax rate
A
80%
of
tax
would
be
imposed
on
so-called
"windfalls"
or
"unjust
arising from processing taxes refunded by court order.
taxes would be imposed on imports
of certain oils and
expenditures."
surplus" and "the worst of the
and prudence."
and monopoly" and "crucify"
business, and "more candidly approach the Fascist state."
Vandenberg ended by saying that the bill was "beyond extenuation
that
assaults
small
Mr.
would
it
That
apology."
or
be
would
it
That
serial
was.
their
the
take
following
on
Hasty estimates of the bill's probable yield during the next year,
by
fiscal
experts
changes
without
decided
Federal income at about
by
an
opportunity
the
conferees,
$785,000,000, made
as
Corporation
United States Entered
Says
Excise taxes
82,000,000
holding
of
on
33,000,000
10,000,000
10,000,000
20,000,000
companies
certain imports
corporations
Irrevocable trusts (tightening certain loopholes)
Group Praises President
/
$785,000,000
promise
tration
Means
"I
on
both
sides
approve
Committee
so,
a
found
States
United
don't you?"
a situation as that in which tho
the World War, the committee makes three
in
itself
such
of
the recurrance
prevent
recommendaions:
neither
First,
should
loans
Second,
to
be
belligerent
belligerents
to
should be extended to belligerents,
permitted to non-belligerents who might
credits
nor
loans
long term
funds
the
divert
the
uses.
should
Three,
the
American
States
and
once
of
responsibility in
the
of
serious
armed
of American
commodities except medical
norm, and munitions and
merchantmen trading from
citizens on belligerent ships
absolving the
by stringent regulations
all
for
of accident.
case
of Neutral Policy Cited
Reversal
Most
pre-war
belligerent
and the travel
settled
be
of
questions
ports,
should
all
of
exports
be held down to the
not be exported
at all.
should
supplies
committee's
•
findings is that the sudden
reversal of
sterling in American markets at all costs
caused a complete reversal of American neutrality policy in August, 1915.
Until then "loans" had not been officially approved by the Department of
British
State.
of
support
in
policy
Meanwhile,
the United
in
"credits,"
which
States, had been
in
were
reality short-term loans and
securities
used to build up an immense Allied trade.
by the Committee on June 5 praised
after recommending that a President
report
President
Wilson,
promptly notify Congress of any changes lie would
a
neutrality policy affecting shipment of muni¬
should
in
tions.
A
"Times"
"The
the
from
that its study of
legislation, or the lack of
no way a
criticism, direct or implied, of the sincere devotion of
President, Woodrow Wilson, to the high cause of peace and
committee
is in
it,
dispatch of June 5 to the New York
this report as follows:
Washington
quoted
wishes
to
point
out most
definitely
resulting from the then existing neutrality
then
democracy," the report stated.
After
was
the
the
war
logical
"Munition
who
had
declared,
created
as
Three Suggestions
Committee's
To
satisfied' with the com¬
Asked if the Adminis¬
smile:
Entanglements—
Wilson
World War chiefly because
financially involved with the
Allies, according to the Senate Munitions Committee's final
report on its investigations, which was presented to the
Senate on June 6 by the Committee's Chairman, Senator
Nye. The report said that of $2,500,000,000 of Allied financ¬
ing in the United States during the neutrality period, J. P.
Morgan & Co. arranged $1,900,000,000. Other extracts from
the report follow, as contained in
a Washington dispatch
of June 6 to the New York "Herald Tribune":
Chairman Doughton of the Ways and
view of revenue.
measure,
replied, with
certainly think
the
Report—
and
commercially
became
interest
expressed themselves
bill from the point of
would
Final
The United States entered tlie
it
In
of
"became convinced" that the conflict
Wilson
militarism,
profits at
"the
the
exporters
stake"
unrestricted
and
report asserted.
producers in this
felt the same way,
pursuit
of
these
country
according to the
profits,"
the
report
situation which made it to their
Germany.
Wilson, the committee went on, "was caught up in a situation
largely
involved
became
support
interests
Another
Mr.
bankers,
makers,
they
to
President
such
began
outcome
enormous
committee.
Total
Conferees
welcome the
World War Because
Financial
and
Commercial
(pf
Issues
Committee
Munitions
Senate
events
$630,000,000
taxes
taxes
Liquidation
Foreign
follows:
Yield
Item
Windfall
made
review in detail the lastfixed its total addition to the
to
up
would
Roosevelt
dividends.
make
ference bill:
minute
.
President
that
in a Senate-House conference committee last
night.
It goes far to meet his demands for taxes to induce corporations
to distribute more income to stockholders and for additional
taxation on
Another
advices to the "Times"
the estimated yield of the con¬
Also from the June 18 Washington
we
.
.
expected
Senators
He would not say what
plan, which was agreed upon
and certain seeds.
derivatives,
of the tax compromise.
President
acquainted
Wisconsin,
of
Progressive
the President reaction
Some
business
big
...
with the details
Roosevelt
on
being made on thrift
LaFollette,
Senator
tax
"punitive
a
are
"encourage
drawing accounts, financed by either renewals or the sale of Allied
enrichment"
Excise
economize even just a little—in gov¬
corrolary effort to economive—to
of
ernment
would
38% of the amount
than by any
ought to precede a new levy of some $700,000,000 upon the already breaking backs of American taxpayers."
That it "reaches .for more and ever more revenue without any semblance
$2,000 and $100,000, 28% of the amount between
income between
"legislative crime,"
"precipitated more by an anxiety to adjourn
was
United
within the country.
companies
Atrocity
"atrocity" and a
an
as
adequate consideration as
such
be taxed at the following rates:
8% of the first $2,000 of undistributed net adjusted income, 18% of the
Personal
and
the thundering rebuke which
deserve
Condemning
arms
revenue.
Foreign corporations not doing business in
tax of 15% on any income derived from
flat
real
every
recaptured security," he
the American people
will register against it when they understand what has been done to them."
Mr. Vandenberg aimed his attack directly at the conference compromise.
will
reemployment
recovery,
encourage
"It
nor
exemption.
from
of
fall
v
'
impulse which
•
,
on
be provided for
insurance companies, corporations under contract not to pay divi¬
and corporations
under contract to repay indebtedness out of
Exemptions
.
.
.
other measures to read a
on
plague upon' many of its victims."
races
toward the further destruction
a
bill
pluses ranging from 7% on the first 10% of income retained
to 27% on the final 40%.
Washington advices of June 18, appearing in the New
York "Times" of June 19, summarized the principal pro¬
national curse."
a
desperation, has subordinated principle to expediency."
He said that the bill was "at war with the public welfare and will
earnings.
The
took the Senate floor to
the unsound, wishful, dis¬
prepared statement condemning the tax compromise as a "makeshift prod¬
uct
of a
star
chamber House and Senate conference which, in sheer
houses of Congress, and
leaders confidently forecast passage
bill by the House some time last niglit, followed by
able Senate action today or tonight.
climax .in
Bill Called
Agreement was reached June 18 by House and Senate
conferees engaged since last week in ironing out differences
congressional
"a
as
which have become
economics
would
Agree
Approve
compromise
the
Vandenberg interrupted Senate debate
Mr.
said.
Conferees
contained the following:
Michigan,
Republican of
Vandenburg,
Senator
characterize
Washington yesterday
Press account from
Aii Associated
maintained for the
of the revenue could be
the rest
needed.
that
so
(June 19) to the New York "Sun"
companies receiving a subsidy
would be prescribed.
Senator Clark
operation,
ruptive
him.
construct vessels and charter them to
House.
They pointed out
fall off after the first year of
by the
passed
bill
only the windfall taxes would tend to
that
50% of the cost would be authorized
of the five members of the
with the approval of four
If
original
the
than
revenue
Treasury as long as
here and abroad.
lend
Representatives Vinson of Kentucky and Cooper of Tennessee, two of the
conferees, said that the compromise would provide more permanent
impossible for me to support this bill or any other
"It would be perfectly
June 20, 1936
Chronicle
the Allies
by the
in
a
against
profit-making interests in the United
the country."
spread to nearly everybody in
portion of
the
report stated:
States, and
Volume
"After the
fighting
were
found
started, the great democracies,
their
for
hour
their
in
had
need
of
lives.
very
intended
is
to offer other
necessary
No
reflection
An excise tax of 15% on the sale or disposal at the mine of all bituminous
England and France,
of
kind
any
coal produced in the
them
they
on
of the terms which
by discussion
would receive
posed shall reflect,
Munitions
Senate
The
Committee
pared a report which criticizes
mobilization of all national
to have
said
was
pre¬
various
War Department plan for
a
York "Herald Tribune," the committee has
because
features
its
labor
regulations
and
permit the establishment of
A
censorship
To
create
To
give
purchase
to
To
and
control
establish
sell
and
products,
any
with
industry,
over
priorities
of
and distribution, to regulate
to
decision and it
it.
sell
'
authorize
take
to
'
ruled that
of
with
trade
war
ports and imports, secure their distribution,
tion, &c.
To establish a
personal
fix
to
power
power
on June 16 passed and sent to the White House
providing for the sale of the army supply base at Port
Newark to the City of Newark, N. J., for $2,000,000. The
measure, which was passed by the Senate on June 6, is
designed to replace the one vetoed by President Roosevelt
on May 26, as noted in our issue of
May 30, page 3600. The
control
ex¬
Senate action
provide for ocean transporta¬
citizens
liability
deferring
forces,
other
all
making
over
legislative
to
public officers, giving
liable
18
judicial
and
courts martial
service
to
in
officers
concurrent
and
To create
finance
to
war-finance corporation
a
bonds
issue
to
needs,
war
to
up
with
bill provided for a payment of
extend
to
loans
received
&c.
met the
Many of the general principles inherent in the plan have been approved
by the committee, not in the Clark bills but in the
is
House.
Generally
First,
it
central
and
the Senate Finance Committee,
in
now
the
government are too
of
the
dictatorial
and,
press,
everything else,
the
the worst economic evils
in such
second,
to
tax
takes
as
that,
its desire
in
profits
war
to put victory
offer remedies
to
In
for
(the McSwain
The
taxation
enues
v
would
measure
in
war-time
instead
Personal
of
to
heavy
finance
the
increases
military
loans.
personal
and
income taxes would
be
set
at
States
that
that of
like
business
will
it
their
Another
section
Fifteen
value,
declared
value,
declared
would
per
cent,
impose the following graduated taxes
net
on
incomes
in
not
of
excess
on
corpora¬
2% of adjusted
value.
25%
and
on
incomes
net
100%
on
net
not
incomes
in
in
excess
excess
of
6%
of
6%
or
of
adjusted
"
shell
of
other
Bill
as
Substitute
for
parties
It
his
Invalidated
Coal Act—Labor Provisions of Original,
Unconstitutional by Supreme Court, Are
was
The
Interstate
Commerce Committee
had voted 9 to 7 to report the compansion
bituminous coal bill.
on
June
15,
Guffey-Vinson
Labor
provisions of the original measure which the
Supreme Court invalidated were eliminated from the bill
passed by the House on June 16, but otherwise the bill was
practically a re-draft of the original. Representatives of the
Attorney General said that the substitute would meet the
requirements of the Court's decision.
The measure is
endorsed by leaders of the United Mine Workers.
Consideration of the measure by the House
Ways and
was noted in the "Chronicle" of
May 30,
House debate, and the main provisions of the
were described as follows in a Washington dispatch
3603.
measure,
of June 16 to the New York "Times":
The bill would set up a
National Bituminous Coal Commission of
court
Relief
Act
Senator
Appeals,
in
Island
and widows
marines
who
July
may
1919,
11,
and the Congress
of
type
to
persons
be
the
or
from
funds
Record"
Metcalf
had
of
urged
they
of
were
by
appropriated
opposed
purpose
not
Carl
between
Hayden
1935, to find
"Congressional
Senator
discussions
to
Senator
Arizona,
session
that
an
Senator
of
basis for reversal.
a
Con¬
of
amendment
to
the
providing that "in the employment of all officials and
Hayden
substitute
A
J.
behalf of
on
opinion written by Judge Joseph
an
and
the Relief Act of
that
1935
the
"destroy
the
the
this joint
by
measure
(relief)
resolution,
qualified."
are
amendment
the
on
giving
ground
it
that
preference
to
would
veterans,
relief."
on
amendment, interpolating "on relief,"
offered, but
was
was
by a vote of the Senate.
Amendment
"From
this
record,"
when
the Act of
joint
resolution
1935
Lost
Judge Buffington's opinion reads,
was
on
it
"it is
clear
that
sought by the Metcalf amend¬
ment to give soldiers a preference in employment and in opposition thereto
it was stated by Mr. Hayden that "We would destroy the purpose of this
the
Metcalf
"Were
Congress meant
to
legislate
plainly
"In
seven
remanded
no
we
court
to
Act of
and
in that
passage,
should
was
to
agree
was
the
amendment."
Following
this,
defeated.
hold
that
the
soldiers'
preference
1935, it would fly directly
stated when
that Act
regard,
not
and
for
to
the
in the face of what the
passed.
was
courts
applies
to
It
nullify
is for
Congress
what
Congress
stated and enacted.
view
below,
assist, in
.
if
amendment
this
Census
Business
court
regulating the industry.
of
employees paid
lost
the
to
as
member, went back
preference shall be given, where they
whether
treatment
Benjamin
and
"for
and
Executive Order,
his
regulations
Rhode
of
quoted
disclosing
members, instead of the smaller commission authorized by the original act
with 23 district boards of not less than three nor more than 17 me 3 bers to
of
senior
gress,
Means Committee
page
Court
its
Metcalf
H.
The
by
filed
soldiers, sailors and marines,
President, in
specific
prior to enactment of
Guffey Coal Stabilization Bill, designed as a sub¬
Guffey Coal Control Act which was invalidated
by the Supreme Court, was passed by the House of Repre¬
sentatives on June 16, by a vote of 161 to 90, and was sent
to the Senate, where an early favorable vote was predicted.
individual
an
preferential
until
equity
that the Veterans' Preference Act of
the
no
Circuit
Buffington,
Jesse
The
as
in
WPA
restraining
injunction
workers
bill
a
by WPA existed.
Held
stitute for the
on
country.
the
plaintiff."
opinion
where
Guffey
Eliminated.
employ
wives of injured
implicitly bound
Passes
Senate
the
preliminary
a
to
acted
discharged soldiers, sailors and
honorably
and
absorbed
The
continuing
and
veterans
war
projects throughout
also quote:
we
granting
Philadelphia veteran,
such,
adjusted
in
veterans,
become
itself,
House
WPA
"Inquirer"
accorded
Spang,
Pennsylvania,
Eastern
for
of
noted in these columns Feb. 22,
was
preferential status to
all
on
from
officials
was
Welsh
The
the
widows.
A.
project of the WPA, observers believe that
any
Welsh,
Judge
or
Judge Welsh, had reference specifically to the
deny
From the
$800 for single
income
declared
14
wives
Judge
Court
District
census
kin
of
George
their
War,
that
rev¬
and $1,600 for those married. The tax would begin with $40 on an
of $2,000 for a married person, ranging up
through $880,510 for
incomes of $1,000,000. -/.V/
,; X./
.'[■ /
v>.
Circuit
the United States
June 2,
on
Projects
States
In the Philadelphia "Inquirer" of June 3 it was
although the decision of the Appellate Court,
1221.
stated
persons
tions:
World
reverses
page
corporate
establishments through
^ '
)
exemptions from
in
the
of
whose ruling on Feb.
to the Senate, on June 8, Associated
Washington said:
provide
in PWA
Preference
to
decision banded down
a
United
was
bill
from
accounts
Not Entitled
opinion
year ago, viz., April 9, 1935, and reference thereto ap¬
peared in our issue of April 13, 1935, page 2455.
With the
submission of the
objections of President Roosevelt.
erans
Reported to Senate
a
Press
had
he
budget saying that the new bill
Philadelphia, holds that it was
not the intention of Congress to confer any preferential
status in Works Progress Administration projects upon vet¬
profits bill) was passed by the House
war
said
Committee
Affairs
Circuit Court of Appeals, at
reported to the Senate on
June 8 by the Senate Finance Committee.
A similar meas¬
ure
be taken over by the United
may
Military
According to Decision of United
Court of Appeals at Philadelphia
labor relations
questions
Department has neglected
the
of
letter from the director of the
a
Veterans
lines:
two
Department wants for the
in war-time.
Bill to Tax War Profits
A bill
having been passed: by the
War
McSwain
profits bill which
war
committee's ^criticism
finds that the powers which the
freedom
above
speaking,
after
The original
$100,000 annually for 20 years.
provides that the property
Chairman
banks
to
bill
States in time of national emergency.
capital stock of $500,000,000
a
City
/pay instalments of $100,000 for the first five years and $200,000
yearly thereafter until the full price of $2,000X00 is paid.
try
The
$3,000,000,000,
measure
vetoed
that
The only difference in the bills is that the new one provides that the
registrants failing to report for duty, &c.
authorized
with
of Newark
certain
jurisdiction to
issue of Junel3,
our
sent to the White House this
by the President, Washington
advices, June 16, to the New York "Times," said:
armed
the
recorded in
was
vv-iV'v'\ \'-V:Vv.'V':;;
In comparing the
week
providing that all persons registered shall remain subject to induction into
the public armed force of the United States, and placing under military
law
all persons
who are called during and also six months after the
emergency,
the bill
on
3949.
page
draft for all male citizens above the age of 18,
universal
bill
a
property
real
to
insufficient number of those present supported the demand.
The House
to
license
to
■:
or
an
Approves Sale of Army Supply Base to Newark,
J.—Measure, Replacing One Vetoed by President
Roosevelt, Sent to White House
speculation and profiteering,
any
bill under the price-
record roll-call vote failed when Speaker Bankhead
a
House
1
-
administration
an
over
"now stands squarely as a stabilizing
An effort to force
N.
products,
any
He told
requirements of the Supreme Court
fixing powers of Congress."
market.
distribution,
'.r'V:
President
the
the
and
manufacture
requisition
to
money
86 to 63.
through the House today in less than three hours.
the House that the revised bill met all
■
suspend laws.
authorize
To
bills, the plan is:
President
wages,
production, sale,
and
the
capital-issues committee to control the
a
tiie
and
prices
in
80% of the coal mined in such States
over
Representative Vinson of Kentucky', sponsor of the measure in the House,
maneuvred it
'
embodied
of Alabama to
An effort by Representative Huddleston
voted .down,
was
of
the project shortly after the World War.
It was embodied
in seven bills which were introduced by Senator Clark of
Missouri at the beginning of this session of Congress.
Sen¬
ator Clark said that he desired merely to get the plan on
record.
He himself prepared the unfavorable report.
The "Herald Tribune" dispatch referred to above said, in
As
Christianson of Minnesota to eliminate
Representative
except States which consumed
the preparation
part:
by
charge of the bill.
dictatorship," while the plan was said to give too wide a
war profiteering in the matter of mobilization of
The War Department began
motion
lignite from the types of coal affected was accepted by the committee in
latitude to
industry.
The procedure for proposal of minimum
prices shall be in accordance with rules and regulations to be approved by
"actual operating
an
nearly as possible, the relative market value of the
as
qualities and sizes of coal, shall he just and equitable as
the commission."
disapproved the
press
kinds,
interests of the consuming public.
According to a Washington dispatch of June 1 to the New
plan
Cooperating companies
imposed.
was
between producers within the district, and shall have due regard to the
of war.
the event
in
resources
United States
"drawback" of 90% of the tax.
a
Minimum price areas are established, and "the minimum prices so pro¬
in return for support."
powers
4107
Chronicle
Financial
142
war
of
these considerations,
and to
preference.
with
So
we
are
hold the Act of July
holding,
instructions
the
to
decree
constrained
11,
below
dismiss the bill."
1919,
is
to
differ
from
the
gives to the plaintiff
vacated
and
the
record
4108
Judges
Financial
J.
Davis
Warren
opinion.
<'
•'
'
and
J.
Whitaker
Thompson
concurred
in
the
,
...,
Chronicle
could take
ments
bond coupons.
on
occasion
United
States
NLRB
Circuit
Has
Employer
No
Court
Relations
New
in
Power
to
in
Orleans
Regulate
Rules
Employee-
Manufacturing—Secretary
Ickes Withholds Government Contract from Jones
& Laughlin Steel Corp.—District Court in El Paso
Also Rules
Orleans
Board has
and
June 15 ruled that the National Labor Relations
on
authority to regulate the relations of employer
in "production or manufacture."
The de¬
no
employee
cision, which
unanimous and which
was
based
was
the decision
sented
Houthakker
and
the
interest
on
of organized
cause
labor activities.
organization efforts
of the
Amalgamated
Associa¬
tion of Iron, Steel and Tin Workers of North America.
The decision of June 15
in
the first by
was
Circuit Court
a
action instituted by the Board to enforce its rulings.
NLRB officials indicated that it would be
appealed to the
United
States
Another
against
Labor Relations Act
Charles A.
validity
handed down
was
of
the
June 10 by Judge
on
Boynton in the United States District Court at
that
powers vested
Congress through the law had "exceeded the
in it" under the Constitution.
The ruling of the Circuit Court at New Orleans
marized
June
of
The
state
court held
men
engaged in local production, not inter¬
were
the
Guffey
constituted
transportation
of
another.
.1
Manufacture
States
while
thing
products
said
actual
negotiations
'...yf; ' ;,V
therefore, were
The
10
In
involved
the
of
and
Government
had
steel
before
arguments
in
the
had
company's business
the
court,
the
and
the
agreements,
regulable
been
its
at
by
of
employed
had
company
were
laid
off
that
they
were
the
inter¬
;V;
■•
the
in
Aliquippa
men
■7.
The
case
came
"for
violation
before
connections
the
within
of
Fifth
the
rules."
company
contended
Circuit
court's
because
The
that
the
Board declined
the
steel
has
company
jurisdiction.
denying the petition of the NLRB the court in its de¬
The
by the evidence the
Board
has
jurisdiction
no
over
Tiie
Constitution
does
regulate the relation
manufacture.
or
7.
.
vest
such
as
in
the
Federal
employer
as
■-r.:r''//v\;7:7,>,7;'-::
■
We also quote
not
and
Government
the
employee
7',
While
the
Boynton
His
injunction
dismissed similar action
decision
and
said
damage"
labor
complaints
that
the
occasioned
filed
utility
by
the
against
decision
based
was
filing
outlawing of the Guffey
partly
Coal
the
the
over
or
case
vested
powers
and
that
it
in
Labor
Board.
"irreparable injury
complaints
of
the
or
"unfair
"adequate remedy at law."
States
Court's
Supreme
District
"enactment
under
the
either
other
any
of
Court here had
Wagner
the
clause
Act
interstate
of
the
jurisdic¬
exceeded
commerce
United
States
Constitution."
In
his
32-page
opinion the jurist said:
applied to
at
the
The
opinion set
forth that the Act specifically
Amendment
to
the
Constitution,
which
.
.
and
the Fifth Amendment,
deprived of property without due
was
in violation of
provides
delegated to the United States by the Constitution
.
time
held
of
held,
aliens
the
are
that
reserves
which provides that
process
powers
the
not
to the States
no
person
the
The
involved
case
A
similar
given to
writ
a
of
ruling
"limited
as
the
Similar Case
fulfill
June 12 ruled that
agreements
was
an
supporting
cluding those promising to
The decision
the New York
American corporation must
sales of bonds
pay
Supreme
in gold
or
to
aliens,, in¬
foreign currency.
handed down against the Betfilehem Steel
Co., which argued that under the joint congressional resolu¬
tion adopted on June 5, 1933
(the Gold Clause Act), it
States."
the® Gold
Clause
depreciation
Act
in
it
gave
the
discharging
its
that
the
He
held
not seek to
Gold
that
avoid
was
the
Act
its
could
not
agreement
Act
applied only to
obligation of gold.
the
test
a
Clause
abide by
must
company
case.
the Bethlehem Steel Co. was
June 15, when Federal Judge Oliver B.
on
Philadelphia reserved decision
in
test
a
case
corporations must pay their bond in¬
on a
gold monetary basis.
United Press Phila¬
delphia advices of June 15 descrived the suit as follows:
The
suit
tection
in
gold
suits
was
brought by
under the
in
filed
Gold
the
Bethlehem Steel
Clause Act of
the United
States.
action
which claimed
brought as a defense to
by two foreign banks which sought payment in gold for interest
■■'■'7;7
claimants
Mondiale
tenstein.
pro¬
was
coupons.
The
Co.,
1933, barring payment of obligations
The
the
were
Handelsund
They demanded
Anglo-Continental
Trust
Co.,
7
,
Rotterdam,
and
Verwaltungs, A. G., of the Principality of Leiclipayment
in
Holland
guilders.
said that the importance of the case to the Bethlehem com¬
is that in order to. make the guilder payment it would be
necessary
for the company to use
$168.48 of devalued currency for each $100
"gold
payment'' at Amsterdam.
Attorneys
the
Mondiale
their
bank, which filed
claim
a
of
"insufficient
was
a claim for
$16,257.61, and
$4,575.80, sought to have judgment,
defense"
to
the
present
payment
of
claims.
It
brought out that the bank
was
prohibition
it
Corp., with
there
had
no
Act,
but
bearing
attorneys for
on
the
acquired
the coupons
after
the
gold
foreign
corporations
contended
that
the
case.
Against
New
York Title and
Mortgage Com¬
Absolute, Not Contingent—Court
Affects
$1,000,000,000 Obligations Due
Held
panies
Decision
550,000 Investors
New York Supreme Court Justice Alfred
on June 17 ruled that claims of
more than
Frankenthaler
$1,000,000,000 by
550,000 investors in defaulted guaranteed
mortgage certifi¬
cates and guaranteed
mortgages against the 27 title and
mortgage companies taken over for liquidation by the State
in
1933
and
decision
was
1934
absolute and
are
handed down in
a
test
not
case
contingent.
The
involving the New
York Title & Mortgage Co.,
against which more than 40.000
claims have been filed.
Louis H. Pink,State
Superintendent
of
Insurance, had filed
use
companies.
of
petition involving the claims of
a
four
He asked the Court to
present a formula
the Superintendent
Further data
by the New York "Times"
on
the
liquidator for the 27
as
case were
of June 18:
given
as
follows
✓
The insurance superintendent contended
that the determination of the
claims involved "novel" questions of
law, and that there has never been
an
authoritative interpretation of the
liquidator in passing on the claims.
Insurance
Law
to
guide
him
as
Decision Held Vital
Pink
characterized the
that
while
it
proceeding
involved
as
"probably
of the
one
only four specified claims
any
most
court,"
on
mortgage
guarantees, "the decision here made will vitally affect the
distribution to
mortgage guarantee creditors, including holders of guaranteed
partici¬
pation certificates, of all the guaranteed
mortgage companies now in the
the
hands of the State."
In the main Justice
the suggestions of Mr.
Pink
as
to
Frankenthaler's decision followed
his proposed method of
passing on the
claims.
Justice Samuel H. Hofstadter of
on
its
in
United
debtedness
Mr.
York Supreme
Court Holds Gold Clause Act
Applies Only to Domestic Securities—Decision
Says Bethlehem Steel Co. Must Pay Aliens in
Foreign Currency—Philadelphia Court Considers
Court
said
involving
case
of
the
sold.
could
of whether American
and said
7
decision
and that
certiorari."
important applications made by the Insurance
Department to
New
the
case,
Hofstadter
Act
on
dollar's
only $7,000, but
court
a
that
were
shall
law."
of
this
that
however,
and
bonds
American citizens who
for the
nature."
"Tenth
be
Co.
advantage
classes of investors.
"The
constitutional
questions here involved are of grave importance,
seriously affecting the relations between employers and employees, a subject
heretofore always regarded and held to be a
domestic relation, local in
its
Steel
Hofstadter
be
from
Judge
7
(Congress)
clause
commerce
no
United
Justice
denied
described
Relied
take
Claims
here,
Act.
Judge Boynton ruled that the Federal
Clause
strike
the Regional
NLRB
of
the
011
power
had shown
company
practices," and that the company had
The
tion
the
in
it.
7
argued
power
granted against the NLRB, preventing it
was
union
sustained
.
plaintiffs,
review
suit between citizens of
a
'
Justice
from Associated Press El Paso advices of
investigating
the
of
Hofstadter
Bethlehem
to
June 10 regarding Judge Boynton's decision on that date:
further
7
,
for
previous ruling in the
a
collect
production
in
.-.77^/7' y'-yyyy
7
.
counsel
Court had refused to
virtually
Josephus
to
obligations abroad.
labor
a
dispute between employer and employees touching the discharge of laborers
in a steel plant, who were engaged only in manufacture.
to
Justice
contending
petition must be denied, because under the facts found by the Board
shown
who sued
D.
but
right
Middenstandsbank,
Amsterdam,
1 last after the defendant had failed
pany
cision said:
and
of
Miller,
Appeals in
Counsel for the Rotterdam
In
all
Whitney, of counsel for the steel company, had cited a de¬
the Appellate Division which he said was
binding in the present
of
The
the
plant.
of
language and implications to
pro¬
dismissed because of labor activities.
business
by
case,
the
that
Sues
Supreme Court of the United States has
William
company,
and
controlling authority in our jurisdiction to the
constrained to adopt the interpretation placed upon Federal
a
Federal court of high authority, especially where the
am
legislation
summarized
applied to aliens
7
L.
Supreme
court
absence
contrary, I
quite
';j-7:
such
as
in matters
jurisdiction
dismissal
.
commerce,
7 s:-;,/7;
men
end
manufacture
.
'7
commerce.
duction
that
interstate
77;
production,
Federal
and
through
;.7
and
the
opinion, the court
one
7
■
be
not
Bank
Konijin,
Nathan
Court
the
securities.
of June 13
judgment'against the
summary
1, 1934, and May
States
highest
Dickinson
that the
7
Quoting from
production
"in
sum¬
15:
commerce.
state
was
follows in Associated Press New Orleans advices
as
that
Wagner
El Paso, Texas.
Judge Boynton granted a permanent in¬
junction to the El Paso Electric Co. against the NLRB, and
asserted
the
7 ■
the
Soesman
Governor
the Circuit
thus
Supreme Court.
decision
a
Dutch
Nov.
United
the
cision
an
granted
in Dutch guilders.
pay
Former
that
of
Secretary of the Interior Ickes on June 16 canceled a
$40,086 contract with the Jones & Laughlin Steel Corp. be¬
cause the NLRB had found it."guilty of unfair
labor"prac¬
tices"
in conducting a
campaign of "systematic terror"
against
to
of American
brought by The Nederlandsche
was
due
the
by its agreement to
:«
suit
State Circuit Court
pay $25 on each coupon if pre¬
York, five pounds in London, and 62 guilders in Amsterdam.
in New
The
The
before
that the Gold Clause Act did not
Clause Act could
must abide
company
the first
brought
"Herald Tribune"
Hofstadter
holding the Gold
was
was
follows:
as
recent
Supreme Court ruling against the constitutionality of
Guffey Coal Act, denied the petition of the NLRB for
enforcement of an order requiring the Jones & Laughlin
Steel Corp. to reinstate employees allegedly discharged be¬
question
Supreme Court.
The New York
the
on
State
It is stated that this
this
of Appeals recently held
bind the foreign holders
Justice
Appeals at New
which
on
New York
Against Wagner Act
The United States Fifth Circuit Court of
June 20, 1936
advantage of dollar depreciation in meeting pay¬
I
Justice
Frankenthaler found that the claims of
certificates in
recent
a group series of
mortgages
ruling by the Court of Appeals.
are
owners
of
participation
"clearly absolute,"
under
a
The question of whether the claims
upon guarantees of whole
mortgages
and upon guaranteed participation certificates
in single
mortgages "are
absolute
or
contingent," is
a
more
difficult one, said the court, since the
legal nature of the obligations in these
the Court of
Appeals.
cases
has not been determined
by
Volume
Financial
142
"However, in the view this court takes of the matter, whether the com¬
pany's obligation on its 'guarantee' of whole mortgages
in
and of certificates
single mortgages is that of a primary debtor (the mortgages being pledged
security),
as
that of a guarantor, is immaterial for the purpose of deter¬
or
mining whether the claims involved upon the present motion are absolute
or
contingent," said Justice Frankenthaler.
"If the company is
debtor, the liability is obviously absolute and
no
a
primary
real problem is presented.
"It is the court's opinion that even if the company is deemed to
be
a
guarantor, and the mortgage to be owned by the holder of its policy or the
holders of its certificates,
the obligation is likewise absolute."
♦
Governor Lehman Signs Measure Increasing Minimum
Bank Surplus in New York from 20% to 65% of
Capital
i;vv:;
v'
Chronicle
disapprove contracts and arrangements between affiliated
utility companies, if it finds that such contracts are against
the public interest.
The measure empowers the Coimmission, after investigations and hearings, to disapprove
contracts and arrangements for the purchase of electric
energy or gas.
Previous legislation only gave the Com¬
mission jurisdiction over the management,
construction,
engineering or similar contracts between affiliated concerns.
Governor Lehman's comments were reported as follows in an
Albany dispatch of June 1 from the Associated Press:
"While
in
of
double
companies, industrial
liability of banks, trust
banks, safe deposit companies and savings and loan banks is also provided
for in the measure, in that such
bill may contain minor imperfections," the
liability shall
cease
in respect to stock issue
subsequent to June 1, 1936 and, with respect to old issues, after July 1,
1937 provided notification of prospective termination of such liability is
He
pointed out that
gas"
under
In any
amount.
"no
provisions
Governor said
"I believe its provisions are
distinctly for the benefit of consumers."
increasing the legal minimum for surplus funds of
of capital was
signed at Albany on June 4 by Governor Lehman of New
York. The bill provides that where surplus is less than 65%
there shall be credited to that account 10% of earnings as
determined at the close of each dividend period, with the
balance of earnings available for dividends.
The measure
also gives the State Banking Board authority to require a
bank or trust company which has created a 65% surplus to
credit the surplus fund with not more than 10% of net
earnings until capital, surplus and undivided profits are
equivalent to 10% of net deposits.
Other provisions of the bill were listed as follows in an
Albany dispatch of June 5 to the "Wall Street Journal":
banks and trust companies from 2^% to 65%
Termination
the
memorandum accompanying his approval,
a
A bill
.
4109
*
„
charge for the purchase of electric energy or
of the
"shall exceed
law,
and reasonable
just
a
proceedings to determine the reasonable cost, the burden
of proof shall be on the
utility
purchasing the same."
company
■
,
Beginning of New Agricultural Development Era Seen
;
by Governor Myers of FCA—In Addressing Con¬
vention
Fertilizer
of
Men
Points
Farm
New
to
Purchases—Other Speakers
New farm purchases by farmers and former
ing
tenants dur¬
the
beginning of
Governor
said
in
W.
problems
and
period of new agricultural development,
a
I.
White
brightest
the
past few months constitute one of
indications of the passing of farm depression
the
Credit Administration
of the Farm
Myers
W. Va., on June 9 at the
opening session of the annual convention of the National
Fertilizer
with
Sulphur Springs,
Association.
convention
The
opened
June 8
on
meeting of the Executive Committee, followed by a
a
published not less than six months prior to date of termination.
meeting of the Board of Directors, and adjourned the after¬
noon of June 10.
In his address Governor Myers said that
New
financing through
Bill
York
Signed by Governor Lehman Would
Liquidation of Assets of Foreign Cor¬
Facilitate
porations
April 1.
Governor Lehman of New York
"to
provide
on
June 9 signed a bill
machinery for the liquidation of assets in
York which belong to certain foreign
corporations." The Governor added that the measure would
permit an action to be instituted in the Supreme Court for
the appointment of a receiver for the assets of a foreign
corporation which has been "dissolved, liquidated or na¬
tionalized, or its charter has been suspended, repealed,
revoked or annuled, or it has ceased to do business."
He
the
State
some
New
of
it
larger than in the last three months
1935, and that the number and amount of applications
of
farm
for
month
The
corporations which
are now
deposit in
on
to these assets there have been asserted
New York banks.
that
me
some
vest
cash
purchasing
has
of
machinery must be provided for the determ¬
The courts
performance of the determination.
jurisdiction in
our
are the proper
In effect this bill will
to enable them to try and determine the
courts
Act
An
by
to
Governor
Establish
Lehman
■
Permits
Loan
Personal
—Maximum Interest Fixed at
New
York
In
Departments—
be charged
on any
charges incident to investigating and making
the loan.
"No fee, commission, expense or other charge whatsoever shall be taken,
received,
reserved
or
contracted for,"
default, when the bank
interest
on
the
bill reads,
or trust company may
delinquent principal payments
a
except
in
case
of
charge "in lieu of additional
fine in
an amount not to exceed
four cents per dollar on any principal payment Avhich has become due and
remained unpaid for a period in excess of five days."
i
,
Fine Limited to $2
be collected, regardless of the length of period during which the
ment remains in
default; and also that the aggregate of such fines
loan or renewal shall not exceed
$15.
2% of the loan, and in no event
on any
more
The bill provides, however, that actual expenditures, including
pay¬
The bill provides that
nor
on
deposit
shall the
or
no
borrower shall be required to maintain
than
or
any
a
borrower under
cost of such insurance may be
a
group
as
a
con¬
life insurance policy, the actual
charged to the borrower."
Act shall be deemed to prohibit the taking of interest in
Nothing in the
advance, the
new
550
New York State Public Service
Commission
to
Disapprove ! Contracts
Between
Utility Affiliates if not in Public Interest
Empowers
A law
signed on June 1 by Governor Lehman of New York
grants the State Public Service Commission the power to
sold
by the banks for
bought properties
from
Bank Commissioner to finance
Land
the
the
average-size loan
$3,314.
was
in
the FCA
where
farmer
the
was
pur¬
Governor Myers added:
financing the purchase of properties by farmers
production
credit associations which are making secured crop and live
production loans to farmers to buy seed, feed, fertilizers, farm equip¬
stock
and
ment
other
items
necessary
loaned
associations
$88,800,000
needed
in
the
for their
first
normal
operations.
months
four
this
of
The
year,
a
20% increase compared to the corresponding period of 1935.
The
the
emergency
FCA
is
A.
main
annual
Association
now
largely completed,
the financing of
requirements
farmers' normal
through
Federal Land banks,
and
the
production
permanent
credit
asso¬
cooperatives.
address
Strobliar,
to
attention
production
crop
and banks for
liis
D.
and
institutions—the
cooperatiive
ciations,
refinancing of farm debts is
devoting
loan
mortgage
as
President
Savannah,
of
during the
past
of
reviewed
year
the
the
Association,
work
and pointed
to
of
the
the
fact
that many activities had been carried on in cooperation with,
various government agencies such as the National
Administration,
Federal
Recovery
States
Trade
Commission, United
Departments
of Agriculture and 'Commerce,
and
many
He referred especially to the honorable recognition
accorded the Association by the jury of award of American
Trade Association Executives, of which Daniel C.
others.
Secretary of Commerce, served as Chairman.
Dr. H. H. Zimmerley, Director of the Virginia Truck Ex¬
periment Station, Norfolk, Va., predicted that "we are on
the
threshold
of
a
new
production is
era
in
agriculture
the key-word.
in
Better
which
eco¬
utilization
of
commercial fertilizers is destined to play an important
part
in this new regime."
The speakers at the session on June 10 included Charles J.
Brand, Executive
Secretary
and
Treasurer of
the
Associa¬
tion ;
Joseph F. Cox, Chief of the Replacement Crops Section
of the Agricultural Adjustment
Administration, and John B.
Abbott, pasture specialist.
+
Law
young
In his remarks, Mr. Brand said,
in part:
law also provides.
New
especially
and former tenants, whose progress toward farm and home ownership was
delayed by the depression, is being supplemented in the short-term field by
refrain from doing anything
sacrifice to the borrower
dition precedent to the granting of a loan "except that in case the bank
insures the life of
Farm
of
banks, the average-size indebtedness financed
and
nomical
make deposits in lieu of regular instalment payments;
lending institution do anything
which will entail additional expense or
Farm
the
terms
enable farmers,
were
reason¬
able attorney's fees, for necessary court process also may be collected.
sum
loan
but the amount
past year.
Roper,
The bill provides that no such fine shall exceed $2 and that only one fine
may
and
work of
In
such loan and will include all
the
Where operators purchased farms from the Fed¬
chased elsewhere
The
can
liberal
designed to
is
sharply,
over
borrowing $13,171,000 from the Federal
owners,
banks
$2,304,
"Herald Tribune":
12% interest rate will be the maximum that
the
addition, 3,974 farmers
other land
12%
Governor Lehman of New York on June 8 signed a bill
permitting banks and trust companies to establish personal
loan departments and charge up to 12% interest for the un¬
paid balance of the principal of such loans. The loans are to
be payable in regular instalments over a period of not more
than 15 months, and are limited between $500 and $2,500,
according to the population of the city or village in which the
bank is located.
Each bank must receive specific authority
from the Superintendent of Banks to operate a personal loan
department. Other provisions of the measure were outlined
in the following Albany dispatch of June 8 to the New York
The
by
additional number of farms
cash.
eral Land
Signed
has increased
purchase of 5,806 farms in the six months ending
April 1, compared to about 4,000 in the previous six months.
Land
Banks
only increased
not
stimulated
1935, which
purchases.
Bill
been
has
payments
any
the
dividuals.
•„/ v
down
the largest of
was
to buy properties of their own.
rights asserted both by governments and by private corporations and in¬
■
year.
Mr. Myers said the Federal Land banks sold and financed
With respect
attachments, claims, counter claims
ination of these conflicting rights to such assets.
agency for the
this
Russian
and other special rights.
It seems to
far
purchase of farms
farmers'
of
in April
He said:
purchase loans
so
;
provisions of this bill will apply to the assets of certain
the purchases,
Mr. Myers pointed out that
of farm purchases financed in the first quarter
of 1936 was one-third
men,
The
$26,534,000.
was
farmers
farms in the six months ending
borrowed to finance
The amount
stated,
was
the amount
Credit
further stated:
FCA enabled nearly 10,000
the
and previous tenants to buy
The
The
an
practice of
pricing is intended to
to bring
as
rely
on
purpose
the
to
actual
rumors
is to
conditions
and
serve,
on
in
may
the
have
market
information in
many
access
instead
cases
trade rules as,
major
purposes.
so
that members of
to and
reliable informa¬
open
through the publicity involved,,
enforcement of fair
two
serve
competition into the
industry and the buying public
tion
in
open
first purpose is
of
being compelled
unreliable.
as
an
The
to
second
important adjunct
for instance, in the prevention of
.
Financial
4110
secret
and sales below cost and
discriminations,
price
unlawful
rebates,
commercial
Toward Advance in International Morality—Warns
industries
composed
is
industry
least
at
June 20, 1936
Secretary of State Hull Urges Individuals to Contribute
bribery.
of approximately 900 independent operators
with a total of approximately 1,000 plants engaged in the manufacture of
fertilizers.
These plants are located in more than 40 States and represent
an investemnt of approximately $300,000,000.
In addition, there is invested
in nitrogen plants, in
the phosphate rock, sulphur, pyrites, and potash
Our
Chronicle
additional
an
total
$200,000,000—a
investment
of
approximately $500,000,000.
Against National Aggrandizement
Secretary of State Cordell Hull
vidual
citizens
tional
morality
aid in raising
to
that
so
would not
war
indi¬
June 15 urged
on
the standards of interna¬
Ad¬
be possible.
dressing alumni of Brown University, at Providence, R. I.,
denounced
Hull
Mr.
war
as
"unmistakable
an
of
symbol
bankrupt statesmanship."
Berry Shows Factories
L.
by Major G.
Report
Have
He asserted that the "predatory
instinct of national aggrandizement is again rampant," and
Concentrated
added
Increased
human
on
Production Rather Than on
Consumption—Survey Shows Output in
Advanced
While Number of Workers
1919-1929
Manufacturing industries have not contributed to the sup¬
market in proportion to the increase
port of the consuming
production, George L. Berry, Industrial Coordinator, de¬
clared on June 13 in an analysis of production, wages and
in
employment in all manufacturing industries.
The material
made public is intended as a basis for the work of the
Committee
on
Employment and Unemployment of the
Council for Industrial Progress, which met at Washington
on
of
the
Major Berry said that "the cumulative effects
June 17.
1929 between the
1919 to
from
created
unbalance
to produce and the power to consume was one of the
power
principal reasons for industry's collapse in 1929."
Observ¬
ers
saw
in the analysis an argument that business must
its
increase
either
consuming
the
of
support
market
or
of
in
summarized
were
13
of June
dispatch
follows
as
the New
to
York
We
is
his wages," the statement continued.
"The workers of the manufacturing
industry as a group constitute a very large part of our economic national
structure.
They represented in 1920 23% of those gainfully occupied in
all industry, including agriculture.
Consequently, the purchasing power of
this group represents a correspondingly large percentage of the total con¬
suming
of
source
purchasing
of the Nation.
power
We
its
practically the
in
"The
this
(If 1929 is compared with 1920,
Total purchasing power was
the number of persons em¬
was decreasing, and' the purchasing power
small increase when compared with the
purchasing power
showed
a
period,
10-year
very
production.
indication
clear
not contributed
increase in
that
is
industry
manufacturing
to the support of the
as
whole
a
has
consuming market in proportion to the
If manufacture cannot make
production.
achieve
to
and
for
spiritual
the
market,
ijts proportionate con¬
The
and
study
products
new
groups
of
creation
new
its
energies
of
duty,
series
a
Later
the
who
best
shine
of
alone
by
aim
in
Foresees
Drastic
toward
to the youth
productions,
will deal with
Department
Likely to Continue in United States,
M.
Marvin—Canadian
Economist
Bank Practice
of
Revision
Authorizations
Due to Social
in
financial
United
practices
States
result from
will
Government
indebtedness
through funds to be accumulated under the Social Security
Act, Donald M. Marvin, Economist of the Royal
mental
and
agencies and
$10,967,489,934,
by
meeting at Montreal
that interest rates
lower than in
in
rates
Bank of
June 17.
on
past,
debtor
and
a
country
that
he pointed out
naturally
are
Montreal dispatch of June 17 to the
New^ork "Journal
J
Commerce":
the
"For
in
banks
and
portfolio.
If
the
itself
will
Indicating
that
this
insurance
and
disappearance of Government
great
of
Marvin
supply
produce
long
a
of
trust
long
a
such
securities
is
drastic changes
in
period
mean
substantially
interest
low
of
financial
"any
major change
a
curtailed,
of
to
commitments
report
a
notes, the
Tmergency Relief Administrator, $500,Emergency Relief Administrator
Federal
the
lief
Appropriation Act, 1935.
is
noted, $6,194,251,181
Of the total disbursements, it
expended for activities of the
was
Corporation other than advances to governmental agencies
relief, and of this sum $3,751,076,007, or approxi¬
authorized
828,546.
Of
bursed.
Of
notes
rates
is
capital
period
demand
can
for
from
funds
abroad
or
ex¬
in
another of those
the
basic
supply
periods in history when
of
money.
Each
such
internal
in
politics of
fortunate
that
centuries the
able
within
to
the
many
there
countries
should
be
seem
have been
Loans
this
one
the
in
the
last
basic
century,
expansion
of
supply
have
of
money.
Over
have synchronized with the
Not
within
our
life
time,
monetary conditions been equally favor¬
industry."
of
preferred
trust
stock,
capital
aggregating
companies
total authorization for
a
banks and trust
canceled
when
conditions
preferred stock,
companies,
withdrawn
or
of
$1,295,-
and $121,035,230
authorizations
have
and
for
distribution
$70,633,529
and
authorized
depositors of 2,681 closed
to
$249,391,966
remains
this amount
of
available
the
to
was
can¬
borrowers.
$749,316,315 has been repaid.
to
refinance
592
remains
drainage, levee and irriga¬
available
the
to
withdrawn
was
borrowers.
$55,-
disbursed.
hundred
and
sixty-two loans aggregating $16,347,275 have been
through mortgage loan companies to assist business and industry
$10,720,440
Under
provisions
1,685
this amount
National
Recovery
withdrawn
was
of
Section
Corporation
loans
was
to
Administration
canceled,
or
borrowers.
to,
purchases
Act,
5(d), which
June
19,
industry aggregating
withdrawn
the
agreed
the
amount
program.
$5,626,836
was
$1,252,997 has been repaid.
Finance
authorized
to
with
this
of
the
1934,
the
to
the
Recon¬
Corporation
$110,304,210.
has
$25,523,702
cancaled and $33,777,414 remains avail¬
addition, the Corporation has authorized, or has
In
of
added
was
or
participations
$4,106,684 of which
was
aggregating
withdrawn
or
$15,363,011
canceled
and
of
315
$6,055,681
remains available.
The
Corporation has purchased from
of
Public
421.834.
Of
$27,331,975
the horizon.
dis¬
was
authorized in the amount of $25,297,755
6,854
was
$65,736,396
co-operation
clear
on
and
was
sold
spot
authorized
have been
authorized
able
and
$76,-
canceled,
or
$1,952,539,464
86%, has been repaid.
or
districts aggregating $127,332,474, of which $6,192,394
403,685
in
in
banks
disbursed
was
canceled
or
and
purchase
banks
were
$1,218,570,921.
withdrawn
particularly lowering, it is indeed
great periods of economic progress
major increases
nor
history when disturbed international relationships and the
6,730
the
to
aggregating
or
$898,545,426
tion
the
for
by preferred stock,
available
Loans
banks
tion
time
a
of
withdrawn
was
borrowers,
$1,682,199,926,
met.
celed
period in the past has been followed by rapid expansion in general activity
business.
the
$109,955,886 of this
businesses,
faced with
increase
made
were
notes and debentures
428,169.
Dr.
opening,
$429,778,517
to
amount
debentures
secured
is
"At
latter
$1,270,130,414 and 1,121 loans
be
The report continued:
7,466 banks and trust companies aggregate $2,458,-
available
this
and
to
amount,
remains
of
of
this
510,564
value
are
The relief dis¬
report stated.
provisions of the Emergency Appropriation Act, 1935,
$500,000,000 under the provisions of the Emergency Re¬
there
we
Reconstruction
the
of
under
of
major
it
of our land !
the
the Federal
of business in the United States exhaust the large surplus reserves
that are to a great extent responsible for the
present low yields on high
grade securities.
In point of fact then, owing to the
change in the
a
to
$1,799,979,080.86 for relief, have been
said
capital
disbursed, and
practice."
pansion
gold,
May
by the Corporation, $499,991,082 to the States upon certifica¬
struction
over
vision.
bursements include $299,984,999 advanced directly to States
One
companies," he declared,
securities would
of
said:
"Only
inspiring
borrowers and to banks in the purchase of preferred
States will prob¬
in the United
the
Dr. Mar¬
higher
than in a creditor country, since people do not invest abroad
unless for yields higher than obtainable at home.
Extracts
from Dr. Marvin's address are given below, as contained in
a
this
striving,
are
to the
stock and
been
interest
Nation
our
issued June 4 by Jesse H.
Corporation.
Of this sum, $1,106,312,763 has been canceled and $896,921,440 remains available
Association in
said
flaming
a
Chairman
remains
ably be
conception
of
Jones.
Canada, told the financial section of the Special Libraries
vin
exalted
fervor
Corporation in the recovery program to May 31,
including disbursements of $759,310,858.26 to other govern¬
to
a
peace.
more
the
with
and
direct
and:
Finance
Authorizations
changes
of
no
fairly
leading
moral
turmoil
creative
life,
affairs of
guided
be
present
in
world.
today in the
to
its
deal
to
basic
pended for Activities of Corporation
Loans
D.
retirement
of
I
Security Act
the
our
influence
powerful
a
ourselves,
better
a
determination
our
our
mately 61%, has been repaid.
Dr.
and
goal
the exalted
and for
Low Interest Rates
Says
from
to will
power
revitalization of
a
appease
can
dedicate
ability,
our
our
toward
exert
can
suicidal strife
to
active
brighter
ever
we
quest for
are
decline
ex¬
Repprt of Operations of RFC Feb.f 2,^1932 to May 31,
1936—Loans of $10,967,489,934 Authorized During
on
studies
manufactures.
of
It is within
today toward
worthier
than
invariably
America
decadence, let
example,
our
of
from
no
to this
crusade,
by
which
be
moral
same
people
our
existence.
advance
new
the
have
we
eco¬
modern
of
endeavor.
everyone,
world
away
can
civil
a
if
that
national
moral
social and
and
trade associations
classified by the Commerce
as
of
in employment."
slack
first
manufacturing.
in
industries and
individual
census
the
up
and is the
groups,
employment
and
the uncertain
upon
released today to all Council members,
was
organized labor
wages
take
to
of our
sections
dependence must rest
or
and
industries
other
that,
values
tion of
the
to
unflinching
justly with
000,000
look
must
contacts,
growing complexities
character
our
supine
Nation
our
distracted
economic structure,
it
personal
political,
grave
the
problems
these
in
arose
through
than
More
agriculture, trade, services, &c., to create a proportionately larger share of
tribution,
their
and
new
out of
solve
qualities of
same
crises
cannot,
forefathers'
have
in 1929 as in 1919, and that the number of persons
same
during
individual
the
of
increase
Statistics
consumption.
of this large group as originating in wages
and employment show a decline.)
mass
or
earner
wage
of
march
Period—$1,106,312,763 Canceled—$6,194,251,181 Ex¬
mass
upon
employed in 1929 was less than in 1919.
practically static
the
spring
can
spiritual and material greatness.
,
the consuming power
both wages
ployed
average
We
when
hibited
its present type of organization,
of
reason
dependent
is
production,
shown that
was
the
the
in
1
today with
that
problems
fortitude,
level of efficiency, the introduction of labor-saving devices, and
its percent
mass
.
by
"Manufacturing industry
for
power
added:
civilization.
We
sole
"through
individuals,
confronted
are
nomic
"Times":
"The
barrier
responsible citizenship, devote themselves" to that cause.
There
of the report
details
Washington
a
unless
Mr. Hull
ing unemployment.
Other
inevitable
an
War cannot be eliminated, the Secretary
through their influence upon others, through their exercise
the
of new industries to absorb increas¬
the development
foster
is
war
progress.
said, unless the spirit underlying national policies is changed
and
Decreased
that
ties
at
a
having
Works
this
premium
were
par
having
$8,427,863,
of
securities
and
subsequently collected at
value
of
$129,634,300
Corporation has agreed to purchase at
at.
a
later
$66,339,600
date,
as
the
such
Federal
Emergency Administra¬
1,305 issues of securities having par value of
amount
par
a
are
fe
in
a
par,
having
premium
still
par
held.
In
position to
an
aggregate
deliver
were
value
of $25,556.
par
from time
to
of
Securi¬
addition,
to be held and collected
part of securities having
the PWA
$406,-
value of $249,455,559
securities
or
the
sold
value
time.
of
Volume
142
Financial
Chronicle
4111
Disbursement and repayments to
May 31 for all purposes
given in report
ivere
Canceled
Disbursements
„
Federal Land banks-
—
—
—
receivers)
Repayments
moneys-.'.
Federal Intermediate Credit banks
Agricultural Credit corporations—
Fishing industry
Processors
—
—
—
—
84,339,732.54
12,153,720.48
Denver & Salt Lake Western RR.
Co
11,168,395.91
Erie RR. Co
14,718.06
Livestock Credit corporations
State funds lor insurance of deposits of
public
89,519,494.76
15,809,372.29
13,101,598.69
600,095.79
.
104,633,032.76
353,288,432.99
194,618,342.75
173,243,640.72
13,064,631.18
9,250,000.00
5,562,890.94
613,000.00
.
Joint Stock Land banks
Credit unions-.—
14,718.06
—
...
.....
14,220,420.87
9,250,000.00
—
—
Loans to public school authorities for payment
teachers'salaries-..-..-.
loans
for
property
and
repair
damaged by earthquake,
tornado)
Loans
on assets of
Loans
to
10,539
—
3,300,000.00
closed banks (Section 5e)-
finance
marketing
the
of
carrying
agricultural
and
22,300,000.00
"
.._
221,556,043.06
20.224,586.66
20,177,690.67
5,424,466.32
125,000.00
10,696,424.19
-.it-rv;;:
.
v.
Commodity Credit Corporation for:
on
cotton
Loans
on
—
on corn
Loans
—
452,650,993.96
130,192,480.24
-
turpentine...
-
284,545,330.02
125,498,478.32
6,925,985.16
18,027,339.05
—;
6,925,985.16
9,390,666.19
preferred stock
.$4,584,923,159.99 $3,281,087,494.02
—
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (in¬
cluding $20,099,730.00 disbursed and $4,088,767.80 repaid on loans secured by preferred
stock)———
Missouri Pacific RR. Co
Missouri Southern RR. Co
«.
«.
—
520,000
90,000
•
800,000
2,550,000
744,252
985,000
6,843,082
100,000
2,300,000
'■
•«
-
'
571,391
2,300,000
100,000
———
2,300,000
62,500
'
23,134,800
99,200
785,000
1,070,599
.;
Mobile & Ohio RR. Co
Mobile & Ohio RR. Co. (receivers)
Murfreesboro-Nashville RR. CoNew York Central RR. Co
M
«.
V
23,134,800
99,200
200
785,000
1,070,599
785,000
25,000
25,000
27,499,000 v
193,000
•
-
"
'
■
«
27,499,000
15,600,000
18,200,000
18,200,(00
New York New Haven & Hartford
Co—.
2,688,413
7,700,000
221
7,699,779
34,200
29,500,000
3,000,000
Pioneer & Fayette RR.
10,000
Pittsburgh & West Virginia RR. Co.
4,475,207
Puget Sound & Cascade Ry .Co
3Q0,000
600,000
28,900,000
3,000,000
28,900,000
3,000,000
10,000
4,475,207
750,000
Pennsylvania RR. Co
Southern Pacific Co.
$191,812,517.05
-
— —
—
(including
companies
$100,000.00
'
■.
Total
-
97,000,000.00
10,000,000.00
—$1,201,812,053.23
$192,106,844.91
TotalAllocations
-
-
$407,515,968.01
agencies
stock
Home
of
In
in
Owners'
Capital stock of Federal Home Loan banks
$200,000,000.00
98,542,000.00
2,600,000.00
Mortgage
Corporation
Federal Housing Administrator:
To create Mutual mortgage insurance fund
addition to
farmers (net)
loans
-
fund
in
the
—
Interstate
Tlie
115,000,000.00
—
nounced
(Including $15,000,000.00 held in revolving fund)
Expenses:
Prior to May 27, 1933
26, 1933
.
Total allocations to governm'l agencies..
3,108,397.63
11,060,460.63
759,310,858.26
was
denied
missioners
$299,984,999.00
$3,568,528.00
Federal
500,000,000.00
1935—
be
$1,799,979,080.86
-
$3,568,528.00
Interest on notes issued for funds for allocations
and relief advances
by
-.$8,772,463,161.77 $3,754,644,534.94
The loans authorized and authorizations canceled
lowered
tobacco,
with¬
to and
repaid by each, are shown in the following table
May 31, 1936) contained in the report:
be
from
flaxseed
not
Canceled
100
change
and
(as
pounds,
Withdrawn
$
$
Disbursed
-*,
$
127,000
127,000
275,000
275,000
2,500,000
634,757
400,000
Repaid
$
19,500
Alabama Tennessee & Northern RR,
Ann Arbor RR. Co.
2,500,000
634,757
(receivers)
—
Boston & Maine RR
53,960
Carlton & Coast RR. Co
549,000
Central of Georgia Ry. Co
82,110,400
41,300
13,200
535",800
3,124,319
St.
Paul
~35~, 702
464,298
5,916,500
46,589,133
1,289,000
~i~,66o
5,916,500
46,588,133
1,289,000
15,840,000
Chicago & Eastern Illinois RR. Co.
Chicago & North Western RR. Co.
500,000
12,020,000
Chicago North Shore & Milwaukee
—
-
605,367
134,757
75,000
12,150,477
14,300
14,153
230,028
464,298
155,632
4,338,000
838
&
Pacific RR. Co
1,150,000
vote
of
the
it
as
Commission.
authorized
any
found that the maximum
reduced
10c.
to
to
8c.
continuance
net ton.
so-called
indexed
by
per
of
value,
ore
on
coal
should
unmanufactured
and
removed.
ton
iron
on
The charges on
woods
name,
the
of the
V"/."-.-;v
charge of 15c.
10c., and that the charge
per
screenings,
Com¬
from
and
that
on
pig
iron
were
ores
and
con¬
On
to
25c.
on
per gross ton.
A slight
sand, gravel, crushed stone
was
from
Washington state
that
in
railroad
estimated that the carriers would receive from
$40,000,000 to $45,000,000 during the last half of the
year
$55,000,000 which they had estimated on the basis
instead of
of
existing rates and volume of traffic.
In quarters close
felt that the currently increased
movement of traffic would
virtually offset the reductions
ordered, leaving the roads approximately
$52,000,000 added
ICC, however, it
revenue
for the last
was
half-year.
53,960
500,000
Chicago Great Western RR. Co—
unanimous
7,569,437
3,124,319
Central RR. Co. of New Jersey
Milwaukee
14,600
7,569,437
Buffalo Union-Carolina RR
an¬
commodities.
Dispatches
to the
Ashley Drew & Northern RR. Co—
400,000
Baltimore & Ohio RR. Co. (note)
82,125,000
Birmingham & SoutheasternRR.Co
41,300
12
June
on
ex
made in the basis of the charges
was
kindred
circles it
or
Authorized
Alton RR. Co
Commission
parte No. 115, Emergency Freight
authorizing the continuance of the present
otherwise
Authorizations
—...
ICC
by
iron pyrites,
rough stone and terrazzo aggregate the maximum charge was reduced to lc.
per 100 pounds.
The maximum charge on. raw peanuts was reduced, to 3c.
per
or
railroad, together with the amount disbursed
Corp
performance
Months
■.
coke should
centrates
18,922,041,42
Aberdeen & Rockfish RR. Co
Commerce
far
so
The Commission
and
500,000,000.00
drawn for each
Six
Aitchison, Porter and Tate dissented
decision in
Under Emergency Relief Appropriation Act
-
for
charges.
499,994,081.86
—
Under Emergency Appropriation Act—1935.
Grand total
the
upon
charges, in connection with rail and rail-water
freight rates, with certain modifications, for an additional
period of six months after June 30, 1936, the date originally
fixed for their expiration.
The petition of the applicant
carriers for permission to continue the
charges indefinitely
44,500,000.00
For relief:
—
the Corporation has approved,
$33,694,000
emergency
Purchase of capital stock
Total for relief.
of
Extended
decision in
a
Charges, 1935,
40,500,000.00
Regional Agricultural Credit corps, for:
Relief Administrator
amount
•
Rates
to
To States directly by Corporation
To States on
certification of the
22,525
to
provide capital for
production credit corporations
Since May
50,000
22,525
39,000
in Modified Form
Governor of the Farm Credit Administration
for revolving
1,40~3~666
400,000
22,525
_
above loans authorized,
the
loans
34,000,000.00
— —
crop
15,731,583
4,366,000
400,000
—
specified conditions.
Emergency
10,000,000.00
For other purposes.
for
790,000
55,000,000.00
.
Agriculture
30,000
18,672,250
15,731,583
4,366,000
117,750
for
loans to farmers
of
700,000
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 4secured note due Aug.
1, 1939, in the amount of $13.490,000 at a discount of 1% equivalent to $134,900.
145,000,000.00
Joint Stock Land banks
700,000
6,000
Note—Loans to the Baltimore & Ohio RR. Co. outstanding, amounting to
$69,959,923, are evidenced by collateral notes of the railroad in the total face amount of
for loans to:
—
60,000
108,740
...—615,046,795 6,968,156 497,786,572 104,633,033
principle,
of
Loan
264,336
147,700
•
Farm Loan (now Land Bank) Commissioner
Farm
Totals
under
Corporation
Farmers...
.
5,000,000
19,610,000
30,000
39,000
—
—->■
_
22,000,000
100,000
108,740
700,000
30,000
45,000
18,790,000
...
Wrightsville & Tennille RR
162,600
147,700
Wichita Falls & Southern RR. Co.
$277,881,668.01
provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital
Tuckerton RR. Co
200,000
100,000
-
St. Louis-Southwestern Ry. Co——
Wabash Ry. Co. (receivers)
$6,194,251,181.23 $3,751,076,006.94
——
governmental
to
—...
—
Western Pacific RR. Co-
Emergency Administration of Public
Works security transactions
—
Texas & Pacific Ry. Co
Texas South-Eastern RR. Co
294,327.86
./•
162,600
23,200,000 1,200,000
19,610,000
.....
2,805",175
7,995,175
200,000
Tennessee Central Ry. Co
Texas Oklahoma <fe Eastern RR. Co.
30,375,000.00
——
Southern Ry. Co
3,000
300,000
7,995,175
.....
Sumpter Valley Ry. Co.
disbursed
for the purchase of preferred stock).
Marquette Ry. Co
—
Loans secured by preferred stock of insurance
RR. Co
1,729,252
6,843,082
Missouri-Kansas-Texas RR. Co..
-
2,550,000
100,000
200,000
.
•
800,000
_
2,550,000
Sand Springs Ry. Co
$1,064,437,053.23
— -
Commodity Credit Corporation
The RFC Mortgage Co
Chicago
800,000
'-»■
■
6,000,000
7,915
520,000
17,840,333
8,500,000
22,667
1,000,000
9,500,000
St. Louis-San Francisco Ry. Co—.
Salt Lake & Utah RR. Co. (rec.)
Purchase of stock of:
of
520,000
25,312,667
Litchfield & Madison Ry. Co
'•
6,000,000
13,915
13,915
....
Pere
Total loans, exclusive of loans secured by
Secretary
1,061,000
354,721
354,721
105,422,400
New York Chicago & St. Louis RR.
Other
Federal
(rec.).
Great Northern Ry. Co
Greene County RR. Co
Gulf Mobile & Northern RR. Co..
'
Loans
Federal
RR. Co.
Mississippi Export RR. Co.
1,144,000.00
12,146,723.07
627,075
227,434
1,061,000
Georgia & Florida
47,406,979.06
orderly
■
Gainesville Midland Ry. Co. (rec.).
Houston & Henderson
(trustee)
Minneapolis St. Paul & Sault
.
90,000
Galveston
Maryland & Pennsylvania RR. Co.
Meridian & Bigbee River Ry. Co.
,
3,000
717,075
Maine Central RR. Co.
commodities
and livestock:
3,000
176,128.81
56,203,740.01
71,300
4,690
10,539
of
Loans to aid in financing the sale of agricultural
surpluses in foreign markets—
Loans to industrial and commercial businesses.
Loans to mining businesses (Section 14).
3,182,150
16,582,000
......
lV, 000
fire and
—
3,182,150
16,582,000
~
Lehigh Valley RR. Co
.
53~,500
500,000
219,000
15,000
$821,911.24
of
reconstruction
53" 500
8,300,000
227,434
.
struction projects (incl. disbursements of
$10,-
8,300,000
1,481,000
8,081,000
53,500
— —
Fredericksburg & Northern Ry. Co.
55,403,684.84
Loans to aid in financing self-liquidating con¬
on
Copper Range RR. Co..
Denver & Rio Grande Western RR.
Co
13,718,700
8,300,000
28,925,300
60,000
290,635.63
22,300,000.00
-
201,300.90 and repayments
60,000
4,881,590.92
10,083.32
3,300,000.00
Repaid
$
13,718,700
10,398,925 2,098,925
28,978,900
53,600
Cincinnati Union Terminal Co.....
Colorado & Southern Ry. Co
Columbus & Greenville Ry. Co
—
—
Loans for refinancing drainage, levee and irrigation districts
$
Eureka-Nevada Ry. Co...
Florida East Coast Ry. Co.
(rec.)..
Fort Smith & Western
Ry.Co.(rec.)
S3,584,847,583.94 $2,745,120,345.28
Loans to Secretary of Agriculture to
purchase
chase cotton...
—
Co
RR. Co
Total loans under Section 5.....--
of
111,504,096.54
distributor for payment of pro¬
or
cessing tax
$
Chicago Rock Island & Pacific Ry.
497,786,572.11
387,236,000.00
322,129,647.99
173,243,640.72
116,523,180.02
Mortgage Loan companies
or
Authorized Withdrawn Disbursed
$1,940,392,741.39 $1,671,503,501.79
Regional Agricultural Credit corporations.-Building & Loan assns. (incl. receivers)
Insurance companies
Repayments
Authorizations
Loans under Section 5:
Banks & trust companies (lncl.
Railroads (Including receivers)
Disbursements
r
follows:
as
1,150,000
538
Secretary of Interior Iekes Says PWA Has Furnished
2,000,000 Jobs a Year for Three Years—-Issues
Report on Third Anniversary of Program
The Federal Emergency Administration of
Public Works
has directly and indirectly
supplied almost 2,000,000
annually
retary
on
jobs
"useful" and "socially desirable"
projects, Sec¬
Interior Iekes, Public Works
of the
Administrator,
Financial
4112
June 20, 1936
Chronicle
'
said in
15, on
Ickes said that in
report issued June
a
Mr.
PWA.
the
employment had been
of
furnished.
up
Less than $3,000,000,000
on
$4,000,000,000 which Congress has appropri¬
ated for PWA has gone for public works proper, the report
said, while the rest has been distributed among various Fed¬
eral agencies, for navy building, &c.
Mr. Ickes said that of
nearly 17,000 projects started during the first PWA pro¬
gram, 86.7% are completed and in use, including 14,149, or
90.8% of the Federal projects, and 2,786, or 70.7% of the
the almost
of
non-Federal
projects.
furnished by PWA, Mr. Ickes
provided
has
PWA
months
36
approximately
5,801,000
man-years
is equivalent to jobs for nearly 2,000,000
construction sites and more in indirect labor.
our
program
many persons who shared in this
work would: have been forced to apply for relief.
PWA
has
accomplished much more in providing employment than is
commonly supposed.
Tables of figures of the number of men working
on
PWA projects frequently reflect only the number working at the site
of the project.
In reality, this site construction employment is a small
part of the vast volume of work that has been created by PWA.
A factual study by the Department of Labor's Bureau of Labor Statistics
recently showed that the ratio of indirect to direct employment on com¬
pleted PWA municipal power plant projects is 4% to 1.
In other words,
for
every man
employed on the site of these projects there are between
four and five men employed off the site in mines, manufacturing plants
and transportation.
The indirect labor on power projects is higher than on
Over
a
men
three-year period this
a
year—many on
Had
many
for any quarter since the
the smallest
March
On
their
for
declining demand for emergency refinancing and the
Land banks have reentered: the investment market
funds, the issuance of government-guaranteed bonds by the
to
a
Federal
the
that
outstanding
31
Due
256,900.
increased $5,000,000.
These increases were
organization of the Corporation.
bonds of the Corporation totaled $1,047,-
Bank bonds
Land
$308,000,000;
approximately
to
consolidated Federal farm
and
$510,000,000,
Federal
of
own
The net increase of $19,840,000 in bonds
about the same as in the last quarter of 1935, but
in the first quarter of that year.
In order to give the government adequate protection on
its guarantee
of the Corporation's bonds, the board of directors has determined that, in
addition
to
specific valuation reserves against real estate owned and
various delinquent items,
all net earnings shall be carried to a general
reserve
for possible
future losses on mortgage loans until such reserve
it
been
not
during the quarter was
only 14% of the amount issued
was
indirect employment.
direct and
of
second
loan bonds pur¬
chased from the Federal Land banks in the approximate amount of $759,600,000.
During this first quarter of 1936 there was a net increase of
$23,172,097 in holdings of mortgage loans; and the Corporation's holdings
amounting
estate
real
farm
mortgages,
Corporation has declined rapidly.
said:
In
set
31 the Corporation, which was
March
on
two years ago to help refinance farm debts, and authorized to issue up
billion dollars of government-guaranteed bonds, held first mortgages
two
to
fact
discussing employment
In
statement shows that
The
tlie third anniversary of
all 5,801,000 man-years
for
mortgage loans and 2%% of outstanding
transferred to the general reserve for
possible future losses on mortgage loans amounted to $15,280,716 as of
March 31, 1936, while the amount required at that date to meet the 10%
and 2%% reserve requirements on second and first mortgage loans, respec¬
tively, amounted to $58,200,000.
The excess of income over expenditures before adjustments for valuation
equals 10% of outstanding second
set
reserves
mortgage loans, real
sheriff's certificates, judgments, &c., held.
and
chattels owned,
and
estate
these items was $8,112,923, leaving a net profit
adjustments for valuation reserves of $15,280,716, the entire amount
aggregate amount of
after
Secretary Ickes went on to say:
is a mistaken idea that all of the funds appropriated in the National
of valuation
The amount
$23,393,639.
to
equals the amount of delinquent instalments on
aside
The
other types.
amounted
reserves
Earnings
loans.
mortgage
first
for losses on mortgage loans.
of which was set aside as reserves
It
June
this
of
1
subsequent Acts have gone for public works.
To
little less than $3,000,000,000 has been allotted
Recovery and
Industrial
year
a
construction purposes, or about $1,000,000,000 a year
during the past three years.
About half of this total, or $1,558,051,270,
was
allotted for Federal projects, including large outlays for naval vessels,
army
rivers and harbors, Federal aid highways and other regular
of the government.
PWA allotments for non-Federal construction
housing,
activities
have been $1,215,200,396, exclusive of railroad loans.
The estimated expenditures on PWA's Federal and non-Federal program
purposes
Of nearly 17,000 projects started during the
completed: and in use, including 14,149, or
90.8% of the Federal projects and 2,786,^ or 70.7% of the non-Federal
undertakings.
About three-fourths of the money allotted under the first
program has been expended.
More than 90% of the 4.031 projects under the second program are under
construction.
More than 100 of these new projects have been completed.
With tire exception of a few of the larger engineering structures all of the
amount
first
to
$2,292,000,000.
86.7%
program,
are
of
devoted
$3,000,000,000 it has extended in the
relieve distressed mortgagees.
Of
1,866,670 applications received since its establishment on
June
13, 1933, the HOLC has extended 1,016,142 loans
throughout
the
country totaling $3,081,893,559..
It an¬
nounced that it had closed virtually every eligible applica¬
tion for relief received with a loan.
Most of the applica¬
collecting more than
three
last
Reports
Gross assets of the 44
operating Joint Stock Land banks
liquidation have been reduced from $492,639,000 on
May 1, 1933, to $266,423,000 on April 30, 1936, or almost
46%, according to a statement issued June 6 by the Farm
Credit Administration.
These banks have been in liquida¬
tion since the enactment of the Emergency Farm Mortgage
in
now
prohibited them from issuing tax-exempt
loans except as necessary and inci¬
refinancing of existing loans, the Administra¬
Credit Act, which
bonds
making
or
dental to the
tion said,
of
any
debt
held by these institutions at the
period was $419,816,000, and at
this
beginning
the end of the period was $202,-
52%.
outstanding at the beginning of the period were
$394,357,000, and on April 30 they were $152,433,000.
Of this reduction,
61% represented sales, loans refinanced or paid; 27.5% voluntary deed
or
foreclosure, and 11.7% other reductions.
On the loans sold and re¬
financed the banks recovered 91.5% of their investment.
Delinquent mort¬
269,000,
The
decrease of nearly
loans
decreased
loans
gage
of
a
mortgage
from
$227,705,000 to
38.6.
$58,858,000.
The percentage
sheriffs'
three-year period the holdings of real estate and
certificates increased $15,997,000.
Real estate and sheriffs' cer¬
tificates
sold
this
made
banks
the
from
issued by the
announcement
an
June 12:
on
loans throughout
total of $3,081,893,559.
Practically
every eligible application for relief received has been completed as a loan.
The original
past-due mortgages of the borrowers were taken up by the
Corporation through exchange of its bonds with the mortgage holders.
To some 290,000 of the borrowers from the Corporation, the arrival of
June 13 means that they will be required to make monthly repayments
Up
the
of
and
territories to
its
and
principal
interest
moratorium
optional
borrowers
and
their
own
and
term
the
to
including principal
month
low
the
on
extend
over
15-year
a
rate of $7.91 monthly per $1,000 of loan,
which
loan,
This amounts to about $24 per
The long terms and the
$3,023.
was
these
make
and
liberal
convenient
loans
the
most
owners
home
to American
granted
ever
debt.
726,000 borrowers
and interest at 5%.
average
interest
of
rate
of
free
remaining
repayable at the
are
Their
early months of the Corporation's work, before
period
a
properties
made
only.
loans instead of interest
their
on
portion
on
have
will
a
of the Act which allowed borrowers an
principal payments until June 13, 1936.
These
of 12 years in which to pay off their loans
that
repealed
Congress
had closed 1,016,142
28 the Corporation
May
to
country
mortgages were made in the
up
to the time the Corporation
began its activity.
HOLC
borrowers
the
give
mortgages
$60,-
annual saving of nearly
an
000,000 in the reduction from the interest rates they had paid on the loans
taken over,
and in the elimination of renewal charges.
recovery
of
of
liquidation
representing
an
years
83.8%
of
totaled $49,073,000, upon which the
the investment.
At the beginning
these banks owned real estate and .sheriffs'
investment of $58,981,000, and on April 30.
properties were carried . on the books of the
$62,467,000 for the two periods, respectively,
and they represented 10.5 and 23.4% of the gross assets of the institu¬
tions.
On April 30, this year, they had on hand purchase money mort¬
banks
gages,
the
contracts, &c., amounting to $21,159,000, compared to $11,853,000
beginning of the period.
These purchase money mortgages and
represented 7.9 and 2.4% of the gross assets.
Liquid assets
contracts
$10,500,000
greater at the end
of the three-year period.
latest
The
applications
New
organization to March 31, 1936, the net profits of
Federal Farm Mortgage Corporation above interest and
From
deductions for specific valua¬
real estate
owned, amounted to $15,280,716, all of which was set up as a
general reserve for losses on lqortgage loans.
This was
shown in the first issue of the "Farm Credit Quarterly,"
which is a continuation of the quarterly "Statements of Con¬
operating charges, and after
against delinquent instalments and
dition," previously issued, and includes for the first
time a
profit and loss statement of the Corporation as well as its
balance sheet, said an announcement issued June 14 by the
Farm Credit Administration.
The announcement continued:
June
of
show
HOLC
the
of
York
New
12
York
New
the
to
that
financing
received
about
loans;
157,872
in
of
80,000
of 81,920
36,335
of 22,327 in Connecticut.
Jersey, and 10,281
1,000,000 Homes Saved
At the
mate
out
in
have
prevented
more
the country, the
its
operation
retained
the
on
into
agency.
fewer
.
.
1,000,000
been
had
the
in
homes through¬
on
the
on
fee basis.
a
number,
reduced
to
As this phase
including
16,000,
and
only
the
the organization is coordinated
further as
units
for it
midnight,
at
basis,
foreclosures
salaried personnel of 21,000 individuals,
a
13,000 working
ended
fee
than
HOLC had
about
addition to
of
refinancing operations, which officials esti¬
peak of its mortgage
solidated
tion reserves
figures
in
expected to be reduced
$15,280,716 Earned by FFMC to March 3i—Net Profit
Set Aside as Reserve for Losses on Mortgage Loans
the
dispatch
Washington
"Herald Tribune" of June 13 had the following to say:
$74,978,000.
These
at $51,783,000 and
1936,
were
A
same
during the three
a
period
certificates
at
channels
delinquency on April 30, 1936, was
During
of
is
following
Corporation
Loans
of secured
by the terms of the law, or
barred
were
property was sold or refinanced through other
the
adding:
The amount
to
years
closed
not
tions
The
Joint Stock Land Banks Nearly Half
Liquidated—Gross Assets of 44 Units Reduced
46%?from May 1, 1933, to April 30, 1936
FCA
activities of the Home Owners' Loan Corpo¬
June 12, and the HOLC immediately
itself to the inauguration of the 15-year program of
All lending
ration were ended on
before the loans were arranged.
be completed by this winter.
in the second program will
projects
Activities—Begins Collection
$3,081,893,559 Lent During Past Three Years
HOLC Concludes Lending
for
PWA
through
of
course
transition
its
to
few
a
staff
and
is
con¬
collection
a
.
Up to April 30 the HOLC had authorized foreclosure proceedings against
9,330
able
the
of
to
its borrowers,
total
of
corporation
the
14,852
to
borrower,
abandonment
In
their
make
421
borrowers
April
of the
these
of
ceedings had' begun.
loans to
the amount
Borrowers
Other
30.
no
one
cases,
paid
causes
able
on
their loans although actually
This
or
of
63%
represented
group
voluntary
deeds
to
assume
the
of
the
death
foreclosure have been
willing
by
authorized
of
mortgage,
however,
up
their
foreclosure
stopped
was
delinquencies
to
the
because
HOLC
after
the
pro¬
Up to May 21, the Corporation had closed 1,014,508
of
$3,075,385,064.
4,950
although the Corporation's loan
personal
and
property and legal complications.
numbering
15-year period.
defaulted
payments.
foreclosures
leaving
involved
who had
monthly
have
already
paid
up
their
loans
in
plan permits payment to be spread
full,
over
a
Many of these borrowers have taken advantage of improved
circumstances to
discharge the entire
obligation.
Volume
FCA
Financial
142
Reports
Increase in Farm Production
During First Five Months of 1936
Loans
17% increase in the
A
number of farmers
from production credit associations
Credit
which
during the
168,222
average-size loan
number
States
made
five-month period
The
The
and
of
fanners
the
loan
the largest number of
loans
compared to
volume
the
$85,931,000 in
through
was
in
up
the
$104,536,000
increased
38 States.
in
Carolina had
North
Dakota and
New
Hampshire.
Contracts
■■
farmers
to
Agricultural
for
Adjustment
tracts totaled
compliance
follows:
In
his
reply
and
Disclaiming
Administration
is estimated
rapidly
that
winter
wheat
plantings,
compliance is
still
be
will
wheat farmers
payments to
due to
payments
take
somewhat
longer
can
of
the
$14,186,003.78;
the
The
checking
I
am
the
rice,
party.
Is
Work—
at
Dispute Assertion
strikers
other
had
hand,
returned
said
work.
to
that
The
16.
June
Union
40%
only
strikers
of
seek
from the
To
prayers.
announced
result
a
as
N.
cuse,
ciated
that
make
advices
of
June
13
from
The
announcement
about three
cities
that
said
weeks and that
would
be
distributed
expense.
the
dismantling
the
estimated
manager,
Ilion, N.
redistribution
company's
in
that
900
of
the
1,200
in
H. Ensinger, advertising
Syracuse
would
work.
differences
had
struck
men
be
out
of
been
The
with
The
unification
will
by this
been
that
"the
group
completion
at
be
Mercer
in Syracuse
of
or
who
this
the
announces
the company's
policy
expense
to
of
new
its
manufacturing
desirable
locations
to
which
experienced
their
of
the
Norwood have applied to the
employees
company
in
Syracuse,
for transfer to the
Middletown
new
Mr.
duly
is
and
Hamilton
with
Declares Democrats Are
Kansan's
Nomination
and
Re¬
publican Platform
The
coming
struggle
the
for
birth
campaign
retaining
of
the
a
contribute
constitutional
Republican
party,"
the
"greatest
government
Governor
June 13 in
a
message to a
Alf
M.
President, said
celebration in Pittsburg, Kan.,
in honor of his nomination.
The Republican convention
which chose Governor Landon and his running
mate, Colonel
Frank Knox, was described in the "Chronicle" of June
13,
pages
3953-56.
Chairman
of
On
the
June
14
John
D.
M.
fair
prices
market
and it
convinced
that
be restored
to
industry,
with Mr.
to
with
Hamil¬
tentatively de¬
was
make
would
preliminary
a
trip
Pa.,
and
end of
very
include
visit
a
be
would
On the
Landon
of
his
follows by
as
the
his
to
followed
nomination
in
United
leadership
Chairman
for
June 11
on
Snell:
Kan.:
convention
by acclaim
you
assembled,
June
on
their
behalf
candidate
This
as
States.
on
fathers insures
unprecedented
of
11,
for the high
constitutional
of
vote
government
triumphant election next November.
your
SNELL, Chairman, Republican National Convention.
Hamilton,
Chairman,
of
all
and
meet
is
free
Let
the
shall
is
Whom
responsibility.
in
the
see
You
facts
party
our
to
name.
establish
The
and
men
national
our
and
The
-
the
you
women
problems
a
Republican
of
party
dedicated
reality to these
Abraham
of
the people,
the
Republican
government
have
party
rights and institutions
Republican
of
You
life
of
are
way.
people.
new
there
all
a
succeed
and
the
the
ot
obligations
in
purpose
earlier
eternal
Republican
common
to
it served
principles
unite to
make
in the times
out
born.
were
task the
our
which
good
legacy and
ever
as
parties
by bringing
this
of
time
our
inspired
devotion
same
those
declaration
justice.
in
rust
love
the
And
of
prove
themselves,
keeps
will
be
of
of
our
to human
whose
in
in
of
beloved
the
men,
with
than
the
the
common
of
political
cherished
present
sense
government
steps
belief
under
of
the past.
or
of
freedom
we
the
us
puti
people,
in
resolve
firm
leadership
a
people
our
Let
American
and
to
worthy
to
country.
in the
Constitution
a
issue
intelligence
charter
a
justice—never doubting their
their
faith
our
is
faith
better
and the
courage
under
the
principles
liberty and of
cause
to
meet
the
themselves
repossess
serve
It
that
future
a
of
fitness of
of
example
never
their
of
Mr.
their
the American
own
making,
Lincoln,
prejudice,
people to
let
who
us
go
govern
forward
"always addressed
their
passion
or
their
ignorance."
This
is
the
that leads
to
road
the
to
duty well
and bravely
victory for which
we
done,
I
as
fight, and pray
believe;
we
ALF
new
Republican National Committee, charged
James. A. Farley had tried "for
in
follow.
economic
to
to giving
noble
as
Your
the
the
tells
by the splendid work
that
the maintenance
the
for
to
American
continent.
dedicated*to
accept
us
which
in
it
Him
upon
in
from
which
light of changing needs and conditions.
serve
our
telegram
of
the
take
assembled
party
the
humbly relying
responsibility
dedicated
this
people and
We
enough
the
was
upon
was
by
of
by
summons
living proof
spirit inherent
of today
the
strength, I shall
the
are
in
Lincoln
the
and,
face this
brave
Jefferson
men
Republican
conveyed
When
convention.
them
the
Thomas
in the
to
the
of
message
respond
true
heart
me
enough
to
This
of
shall
deliberations
Your
able
Delegates
The
deeply.
me
in your
Republican leaders conferred in Topeka
that Democratic Chairman
Governor
months to prevent the nomination" of Governor Landon and
Henry
firmly
tour the West, and would then
County,
the
and
I
source
done
since
Landon of Kansas, Republican nominee for
on
of
H.
moves
given
their
will
and moral support
am
may
would
the Nation,
of
our
delivered,
the
now
Says Campaign
Will
Constitute
Struggle for Constitutional Government—Repub¬
Dissatisfied
fall
trip
nominee
Convention:
have
locations."
Landon
lican Chairman
utmost efforts.
my
15 conferred
Landon, Topeka,
your
Chairman
welfare
Governor
M.
Bertrand H. Snell,
National
it
percentage
struggle
greatest
Republican National Conventian, Cleveland, Ohio.
work
transferred,
major
the
Governor Landon sent the following telegram in reply:
party
moving
I
on.
plans,
Governor
to
President
of
by
of
increase
of
part of New
BERTRAND
program
facilities has been completed
three less than it previously operated.
to
of
trip Governor
Republicans
established
settle
manufacturing
able
greatly
consolidation of plants:
company
employees
said
of
will have 15 units
company
efficiency
"A
a
to
definite end to the strike," and added:
the
company
"The
has
the return of
arrangements
citizens
same
in
and
statement
company
"When
"The
and
company
demanded
wages,
discharged.
puts a very
the
the
higher
the
V
party carries the responsi¬
sufficient
a
June
on
initial
to the
sent
was
have
and
■
for
Chief Executive
of
State.
r
The
from its citizens.
expected to speak in the western
is
convention
he said, would "benefit most" by the consolidation
Y.,
of
great
■/',
New York City at the
in
The
Notification
in
■
S.
the
at
this
as
party
support
Republican
visit to Chautauqua, N. Y.
a
Hon.
completed
at the
for the
loyal
of
President at the Republican National Convention
N. Y.,
follows:
be
loyal
my
honor,. and
executive
v'/\•%!'''
/
this
Governor
speech
a
Landon
employees" in the three
15 other factories
Many of the strikers will not be taken back.
jobs.
would
"desirable, experienced
among
as
to
Republican party for
Asso¬
Tonowanda,
further details of this announcement
gave
V.V
labor,
to
wages
the
birthplace
Syra¬
Y„ Norwood, Ohio, and Middletown, Conn.
Press
of
the
fight is
regarding campaign
confidence
June 13 that
on
chief
of
the battleground
Republican victory
fair
office
strike it would close permanently its factories at
greetings
great
a
that I have received
the
the
me
the company with violation of
The company
send
it
people of Crawford County their help
1936, have just nominated
the
were
constitutional government since the birth of the Republican
ington-Rand Employees, said on June 15 that he would file
charges with the National Labor Relations Board, accusing
to bargain with the union.
I
nominee
need
nominee of
Governor Alfred
the Wagner Labor Relations
the
as
shall
and shorter hours, as well as union recognition.
Vernon
Crofoot, Chairman of the Joint Protective Council of Rem¬
pay
Act in refusing
"sound currency to be preserved
a
with
success
East in August, would then
the
better
I
Governor Landon
York
the
Mr.
Gov¬
prosperity and security for all.
by
on
of
campaign.
on
success
States,
a
through
officials
leaders,
with
words:
To the accomplishment of this end I pledge
their
employees of Remington-Rand, Inc.,
at its factories in New York, Connecticut and Ohio has been
broken, and 70% of the workers are back at their posts,
announced
of
measure
rallying the people to
ask
ton
Strike
that
carries
■
agriculture,
$198,-
A month-old strike of
company
statements
monetary plank and
The nomination of the
States
it to the loyal support
retaining
I
any
achieve
position
cided
the
these
appreciation
County.
United
had
United
The
only
Remington-Rand, Inc., Claims Month-old
Broken, with 70% of Employees Back
of
it in
State.
every
on
623.67; and peanuts, $1,267,162.50.
Union Leaders
battle of
a
the Republican
tremendous responsibility.
a
have
bility of
follows: Cotton $14,-
$1,737,313.21;
tobacco,
I
for
of August.
as
If
profound
Crawford
of
time,
same
be
525,395.03; wheat, $43,058,429.43; corn-liogs, $61,607,936.70;
sugar,
"indulge in
defended
interpretation of
with
is
friends
President
1936
on
incomplete.
as
his
accept
intemperate
Governor Landon, in his message on June 13, said:
It
and
Payments through June 13 totaled
not
usual
Farley, like his chief, has conveniently forgotten that these words
included in the Democratic platform of 1932."
com¬
farmers for
those for compliance
by the latter part
paid
will
will total approximately $250,-
except
programs,
Mr. Tolley stated:
the necessary auditing work
as
of the
most
pliance under the old AAA
Democratic
the
did
his
in
V'-v>
Hamilton
owe
completed
declared
party
irritation
"Mr.
to
when
Hamilton
Republican
interpretation of the platform which provided for
of
as
as
at all hazards."
State, I
which
quoted Mr. Hamilton
"I am not surprised that Mr. Farley should have seen fit to refer to Governor
Landon's interpretation of the monetary plank as a hazy one, for I know that
any¬
thing having to do with a sound monetary system Is hazy to Mr. Farley.
And it is
quite comprehensible that he should not have understood either Governor Landon's
If
being made
Mr.
the
that
he expresses his
desire to
any
Mr.
Landon's
ernor
former production adjustment contracts.
It
Chicago dispatch of June 14
;.:\w
-G'.
language."
being made under the supplemental appropriation act
which provided funds for making the payments after the
Supreme Court decision in the Butler case invalidated the
done.
A
Farley,
irritated
advice,
$136,580,864 from Feb. 11 through June 13,
payments,
Mr.
to
"seems
impartial
are
are
issued
one
V %
chieftain
the former
adjustment con¬
R. Tolley, Administrator of the Agricultural Adjustment
Act and Related Acts, announced June 17.
The payments
.000,000
reply to
under
H.
These
issued in
was
New Deal platform."
Farley,"
showing the greatest percentage of increase in the amount of loans
Payments
i
feit
17,000; and California the largest amount,
over
$136,580,864 Paid to Farmers from Feb. 11 to June 13
for
Participation in Former AAA Adjustment
■;
Mr. Hamilton's statement
June 13 by Mr. Farley, who said that the Republican con¬
vention had nominated a "synthetic candidate on a counter¬
months of
five
for both periods.
same
associations
.
Indiana, Ohio, South
were
of
amount
approximately the
was
financed
loans,
in
$10,157,000.
States
"clearly dissatisfied" with both the nomination and the
Republican party's platform.
to the New York "Herald Tribune"
associations
1935.
of 1935 was
Credit Administration,
the-Farm
said:
The
41
June 17 by
on
4113
was
obtaining loans
in the first five months
1936 compared to the corresponding period
of
reported
Chronicle
P.
Landon and
Fletcher,
Colonel
former
Knox.
Chairman
It
of
on
may
the road
deserve.
M. LANDON.
June 16 with
was
the
decided that
Republican
Financial
4114
place as General Counsel to the Committee.
taken on June 16 was outlined as follows in
Other action
a
Topeka dis¬
to
answer
Hamilton said,
were
part
of
that
Governor
one
retained.
that
understood
in
of the
Nevertheless, a number of the vet¬
the history of the party.
youngest in
Mr.
party.
that the new Executive Committee was
question,
a
the
Committee of
Executive
new
erans
In
various
as
flexible
He
Landon
for opinions
called
it
desires,
possible,
as
said,
was
idea
leave the
to
campaign
plans
powers
to
slate
The
of
National
the
elect
Committee,
Executive
for the present the
Landon
Committee
only
the
Williams of Oregon, J.
officer
Henry Roraback of
Con¬
Scranton
A.
Hallanan,
Indiana;
Ball,
Hilles, New
D.
Charles
S.
E.
Harrison
York; Daniel E. Pomeroy, New Jersey;
J. Will Taylor, Tennessee; George
Spangler, Iowa; Mrs. John Wyeth, Mis¬
Texas; Mrs. Bertha
Illinois; Ezra It. Whitla, Idaho, and Earl Warren, California.
souri; Mrs. Horace E. Sayre, Oklahoma; R. B. Creager,
D.
Baur,
Paid
from
announced
Hamilton
Mr.
In
custom.
the
after
to
meeting
occupying
convention,
post was
was
The
Thomas
Senator
Governor
selected with the other
secretary,
Oklahoma charged
of
on
June
16 that
campaigning for President on a pro¬
is
Landon
last
that will retain prices where they are today, although
higher prices.
He added that the "money
issue" will be foremost during the campaign.
United Press
gram
the farmers need
of June
advices
Washington
16 reported his
remarks,
The
Republican party has interpreted the
Cleveland platform as meaning a return as
leader of the
in
money"
the
possible
as
against
against
reaction
been
they
the
to
raised
are
The
the
old
discredited
devaluation of the
further increase in prices.
any
tiis
to
further
any
Republican
high enough
money
and that
gold standard.
Likewise, he is
dollar.
This means that he is
A reasonable interpretation of
plank
would
he wants such
be
that
prices
price
of the West,
level
level
a
high
price
wages
were
prices to remain where
high, and every person
money
was
Democratic Convention Begins at
Philadelphia June 23
—Renomination of President Roosevelt and Vice-
Expected
Endorse New Deal—Postmaster General Farley
President
to
Denies
Garner
Sending
Conceded—Platform
Letters
to
Postmasters
Asking
Campaign Contributions.
Plans
were
such letters were
publication of a letter purporting to be signed by
Halleck of Indiana,
Representative
public by
made
who says
in which the entire postal service is
that the letter illustrates the manner
being mobilized as a campaign machine in behalf of the New Deal.|i
"I wish to state with absolute definiteness that I never signed such a
letter, that I never saw such a letter, nor authorized nor
signature of such
countenanced the
letter .
a
"It is perfectly
Letter Itself
that 'Mr. James A. Farley has
Presidential
arranged to finance the entire national campaign by selling
in every section of the country,'
nominator tickets at $1.C0 each
purports to be signed James A.
''Furthermore,
it never
obvious from the form of the letter ifself that
emanated from me for it begins by stating
no
and then
Farley.
such letter was issued
through the Democratic National
in Washington or in New York.
Committee headquarters, either here
<*4
desirous of swelling the
receipts from the meetings that will be held all over the country to listen to
the speech of acceptance that will be delivered from Franklin Field, Phila¬
delphia, may have affixed a rubber stamp signature such as I understand the
letter carries. But if so, it was entirely without my knowledge or consent.
"It is
possible that some over-zealous individual
Postoffice
"The
Department
member of Congress who,
can
careful to avoid stating
has
received
it from
a
particularly careful
been
to
warn
law in any political activities. The Republi¬
the newspapers say, produced the letter was
when or where it was mailed, or by whom received,
that I have been unable to trace the
All he said was that he had
letter.
'specifically protected by the
fourth-class postmaster
Civil Service laws from campaign
of
Death
solicitation'."
Duncan
Senator
of
Chairman
50c. to 75c. wheat to Kansas farmers
10c. cotton to the farmers of the South.
plentiful, prices of commodities
who had something to sell could
find a buyer, and every person who wanted to work could find work.
History sustains the contention that plentiful money makes good prices,
and good prices make good times.
With
United States and its Pos¬
political solicita¬
unauthorized by him.
formal statement Mr. Farley said'
have noticed the
and
me
Washington
June
on
Florida—
of
Currency
Committee
Leader
Administration
Senator Duncan U Fletcher of
was
Fletcher
U.
and
Banking
Foremost
and
During and just after the World War the price level was high.
and
a
"I
means
and likewise means
notice printed in "The Postal
a
have
today.
present
ordered
Farley
Mr.
Coincidentally,
Bulletin," which goes to all postoffices in the
so
soon
,
of the charge that he had sent letters to postmasters with
regard to contributions:
postmasters to keep within the
newly-crowned
"sound
third-party plans of
either the
on
quote from a Washington dispatch of June 17
the New York "Times" concerning Mr. Farley's denia
to
in
part, as follows:
term
comment
Coughlin and others, of the latest bolt from the con¬
Charles E.
Cites Form of
non-salaried, and did not call
it.
to
However, I'm not speak¬
will be, but the rules committee
question to the floor for a decision."
We also
that he had been authorized
for the full time of
whose term expired at the
George DeB. Keirn of New Jersey.
The
the
declined
Farley
Be Chosen
the secretary has been
the past,
officers.
man
Secretary
full-time, paid secretary for the National Committee, a departure
to select a
ing for the delegates or what their attitude
is almost certain to bring this
In
Virginia;
West
"I personally favor its abolition.
said Mr. Farley.
Burroughs, New Hamp¬
Paul Fitz-Simons, Rhode
shire; Joseph W. Martin Jr., Massachusetts; Mrs.
Island;
delegates have always opposed abrogation of this rule,"
tion and declaring that all
Fletcher of Pennsylvania.
Executive Committee—Robert P.
of the
method of
objections, and then the convention will restore the majority
sessions, warning postmasters of all classes not to submit to
Goodspeed of Chicago.
Counsel—Henry P.
They will be permitted to voice their
nominating—unless Mr. Farley and the President change their minds.
Com¬
full
members of its
named in
and
officers
was
today follows:
with
Cleveland
in
Pennsylvania.
General
majority of the
a
vention—that of Senator Copeland.
today was named by the National
Governor
Hamilton
j Mr.
elected
Vice-Chairmen—Ralph
Members
by
States probably would oppose
of southern
Farley said a number
Mr.
Mr.
necticut, Mrs. John E. Hillman of Colorado and Mrs. Worthington
Treasurer—C. B.
governing the convention,
with all rules
renominated,
It may be abrogated, in
his running mate.
as
abrogation of the two-thirds rule.
Father
Party's New Officers
nomination
the
Cleveland.
•Walter
common
York City.
in New
met here
committee which
latter
Buren
Martin Van
Democratic Party since the
when Andrew Jackson was
convention of 1832,
Baltimore
with
"The southern
in the East, the
the campaign with an address
third to wind up
Garden
Square
mittee
of
in
the Presidential nominee, the first
tours by
The
The
situation
that the Campaign Committee and the candidates
so
in the West, and the
Madison
at
time lacked the two-thirds required for nomination.
The two-thirds rule has been in force in the
a
three
of
second
the
on
position to meet changing conditions.
There has been no disposition, however, to change
will be in
a
majority of the develegates pledged to him,
a
delegates;
dealing with campaign strategy it was
conference
the
sections.
Roosevelt had
Mr.
but for
officers of the National Committee were named to-day, together
new
the
the two-thirds
plan first considered by himself and Mr. Roosevelt four years ago
a
when
patch of that date to the "Times":
The
rule,
Two-Thirds Rule
Farley was confident the convention would abolish
Mr.
1936
June 20,
Sees End of
would take over Mr. Hamilton's former
National Committee,
with
Chronicle
Florida, Democrat, died in
June 17 from a sudden heart attack.
He
The Senate immediately recessed until
The death of Senator Fletcher came
77 years old.
18 in tribute.
only little more than a month after that of his colleague,
Senator Park Trammell of Florida, who died 011 May 8.
Mr. Fletcher's office said that funeral services would probably
be held in Jacksonville, Fla., tomorrow
(June 21).
die during the present session
the fifth Senator to
He was
of Con¬
Senator Fletcher was Chairman of the Senate
gress.
Bank¬
Associated Press advices of
Washington commented on his death as
ing and Currency Committee.
June
from
17
follows:
completed late this week for the Democratic
will have its official opening in
Colleagues of the Senator said that the
prolonged battle he had made
undoubtedly contributed to
National Convention, which
during recent weeks for the Florida ship canal
The convention is expected to
Vice-President Garner
and, according to schedule, President Roosevelt will address
the gathering, accepting the nomination, on Franklin Field
on the evening of June 27.
His address will be broadcast over
a national hook-up,
as will much of the other convention
proceedings. Postmaster General Farley, who is also Chair¬
man of the Democratic National Committee, said in Phila¬
delphia on June 17 that the Democratic platform will give
unreserved approval to the New Deal and will endorse all
his death.
Philadelphia
on
June 23.
renominate President Roosevelt and
acts of
President Roosevelt's administration.
Representative Ralleck of Indiana. Mr. Farley said that the
letters in question contained a rubber-stamp signature of his
name, but that he had never seen them.
A Philadelphia dispatch of June 17 to the New York
"Herald Tribune" described Democratic convention plans
as
would say with respect to the
Democratic
Presidency four years ago, Mr.
replied,
fight with you now about the 1932 platform."
Alfred E. Smith, United States Senator Royal S. Cope-
platform on which Mr. Roosevelt ran for the
Farley smiled at his interrogator as he
going to
Former Governor
land and other
have accused
was
prominent Democrats who have
denounced the New Deal
platform on which he
President Roosevelt of repudiating the
elected.
the original allocation
canal^project, last year, and had since defended it in and out
of the Senate.
He
by
was
it.
ago
he fought the battle in the Senate again and won.
was
added to
the
Relief Bill, authorizing a new study of the
additional funds for it if the report should be
President Roosevelt led in
"The
canal and
favorable.
paying tribute.
country has lost an
of Senator
able and conscientious servant in the
death
Fletcher," the Chief Executive said.
"As Chairman of the great Committee on
was
refnsed
Only two weeks
An amendment
genuinely disappointed when the Senate a few weeks ago
single vote to appropriate additional money for
a
Banking and Currency through¬
period of unprecedented financial upheaval,
reflected both in emergency and in permanent
the entire banking structure
his steadying influence
legislation which rescued
of the country from utter collapse
and destruc¬
tion.
in the Senate he was ever
devotion to the public
fine and gallant gentleman goes from our midst."
"Throughout a long and distinguished career
actuated by motives
of high patriotism and unselfish
In his passing a
welfare.
Had Been Urged to Rest
Unusual tribute was paid in the Senate
before it recessed.
Arkansas,
Democratic leader, said that during
Fletcher's long service he had
"exemplified exceptional diligence and
Senator
Mr.
follows:
Asked what the 1936 platform
"I'm not
for the huge
out a
Farley on June 17 also denied charges that he had
written, or had any knowledge of, a form letter sent to
postmasters over his signature, asking them to contribute to
Democratic campaign funds.
The charge was made by
Mr.
Mr. Fletcher was instrumental in getting
notable
Robinson
of
ability."
"Even after his health had become
somewhat impaired," Mr. Robinson
in the performance of the tasks assumed by
him that he labored an excessive number of hours."
The Arkansan said that during his service "there has never been one
added, "he was so persistent
more
his
has there been in the service of
conscientiously devoted to high standards
beloved than Senator Fletcher, nor
State and nation one
of duty
and of service."
more
Volume 142
Financial
.
Chronicle
4115
*
Senator Loft-in,
who succeeded
Senator
the death to the Senate and with
known
breaking voice added that he
Loftin
disclosed that
he
had
tried
to
others
physically able to work,
The
Senator
but the veteran legislator refused and "remained here
steadfastly
his duty to the last."
'
"In my judgment," Mr. Loftin added, "he died
performing
Senator Borah said that "if
need more men like
we
Senator
Fletcher
statement, James A. Farley, Chairman of the Democratic National
have
men
during his long
accomplished
than
more
The
the
by it, directly
Pacific
trustees),
man,
Eastman
1935,
had included
the
of
also
President of the Iselin Securities
of that date become a general partner of the
firm of Dominick & Dominick.
Ernest Iselin Jr. and a
considerable number of the Iselin staff will become asso¬
as
Dominick
&
Dominick.
The
of
statement
the
have
(Patrick H.
Co.
the affairs
affiliations
had
As
group.
these
Luther
Joyce and
M.
controlled
or
(Wilson McCarthy and Henry
controlled
or
trustees.
and
Schumacher
M.
owned,
leased
operated,
same
Sidney M.
leased
operated,
Ehr-
controlled
or
Pennsylvania's Ties
the
railroads
Pennsylvania
Pennsylvania's large
Developments
stock interest in
selected
Wabash,
and
by
him
July,
in
the latter
because
it.
the
at
inquiry, as in the instance of the Van Sweringen
group,v he added, indicated the necessity of taking in other systems which
have had
These
or
he
may
have important interrelations with the Pennsylvania.
now
named
follows:
as
A.
with
(T.
roads
that
wrote
the
ciated
Co.
To Sift
then
given for including the
now
which
trustees.
same
"'v..-.
Stock
Iselin & Co. and
Co.
under the
or
RR.
including all
under the
or
Exchange firm of Dominick &
Dominick on or about July 22 will take over the business of
A. Iselin & Co., also a member of the
Exchange and one
of the oldest Wall Street houses,
according to a joint state¬
ment issued June 16.
On July 1 formal announcement
will be made of the proposed retirement from business of
A. Iselin & Co. and the Iselin Securities
Corp. to take effect
on or about
July 22, 1936.
Also on July 1 announcement
will be made thht Robert M.
Youngs, former member of
Corp., will
extent into
some
Sweringen
public good
Exchange Firm of A. E. Iselin & Co. to Lose
Identity by Union with Dominick & Dominick
About July 22—Iselin Securities
Corp. and Iselin
Corporation of Canada also Included in Merger
York
Van
following:
indirectly
or
Western
|
Old Stock
New
the
Denver & Rio Grande Western RR.
Mr.
The
the
with
trustees), including all roads owned,
by it,
did for
he
of public service.'*
years
selected
going to
named before,
not
interrelations
of
Lehigh & New England RR. Co., including all roads owned, operated,
controlled by it, directly or indirectly.
The
Committee, said-
railroads,
need
or
Swan,
Senate,"
in the
Senator Norris said.
"Few
The
ever a
sacrificed his life to his duties, it was Senator Fletcher."
"God knows
the
Chicago Great Western RR.
leased
Other eulogies were in similar vein.
a
he
that
Walter, trustees), including all roads owned, operated, leased
by it, directly or indirectly, or under the same trustees.
he wanted to die, in
as
harness."
In
-
other
important
Fletcher
persuade
not seem
indicated
certain
or
Monday to go home because he did
man
of
"truly
was
Florida's grand old hian."
as
Mr.
on
date had
Trammell, officially announced
The Seaboard Air
receivers),
son,
by it, directly
The
The
indirectly,
Maine
by
it,
It
should
J.
D.
W. Ander¬
and Henry
leased
operated,
controlled
or
receivers.
same
including all roads
owned,
leased
operated,
indirectly.
or
Co., including all roads owned,
to
unnecessary
MaGee
state,
he added,
systems named,
seven
the investigation
'
undertaken."
under the
or
RR.,
RR.
Powell Jr.
owned,
operated, leased
it.
be
of
scope
roads
directly
Central
controlled by
or
all
&
Maine
(L. R.
Ry. Co.
or
Boston
controlled
or
Line
including
that
"do not
the
in
of these additional railroads
Resigns
as
he
reasons
any
which
had
restrict
way
may
be
Municipal Secretary of
Investment Bankers Association
James D.
The Iselin Corp. of Canada will also be acquired
Dominick and will continue under the direction of Guy
M. Todd, its President.
In view of the fact that Dominick & Dominick
MaGee, Municipal Secretary of the Investment
has
resigned that position to become connected with the invest¬
ment firm of Braun, Bosworth & Co., Toledo, Ohio, it was
announced through the association's office in Chicago on
June 16 by Orrin G. Wood, of Estabrook & Co., Boston,
has for many years maintained
President of the association.
June 16 also said:
Bankers Association of America since December, 1934,
The Paris office of the Iselin Securities
Corp. will be continued by the
firm of Dominick & Dominick with B. de Charnace in
charge and acting
their representative.
as
by|Dominick
&
office in
an
London, England, the London
Mr
office of the Iselin Securities Corp. will be discontinued.
The
firm
Dominick
of
&
Dominick
is
composed of 13
partners, namely; Gayer G. Dominick, F. Wilder Bellamy,
Elton Parks, Ranald H. Macdonald Jr., Andrew Varick
Stout Jr., William T. Mclntyre, Gardner Dominick
Stout,
William C. Beach, Edward K. Davis,
Bayard Dominick,
Andrew Varick Stout, J. Augustus Barnard and Bernon S.
Prentice, the last four named being special partners.
Post of Transportation Coordinator Ended as
Congress
k
Fails to Pass Continuing Resolution—J. B. East¬
man
to
Remain as Member of ICC—Asks Senate
Committee
Railroad
to
Inquire
Seven
into
Additional
Systems
The powers of
Joseph B. Eastman as Federal Coordinator
Transportation expired on June 16 through failure of
Congress to pass a resolution continuing the post.
Such a
of
resolution is still
before the Senate, but Senator Robinson,
majority leader, indicated that it is unlikely to be
approved before Congress adjourns.
The law under which
the
he
served
June
stipulated that the position would continue until
June
Chairman
of
a
It
order
Senator
Burton
Senate
the
K.
Wheeler
Interstate
of
Commerce
Montana,
Committee,
joint resolution designed to continue the office
Coordinator
Federal
1936.
was
that
of Transportation until Sept. 17,
explained that the extension was desired in
pending investigations
any
reports might
or
be
As
man
of his final acts
Federal Coordinator, Mr. East¬
June 16 sent to Senator Wheeler, Chairman of the
one
on
Senate
Committee
railroad
committee
should
as
Interstate
on
additional
systems
Washington
man's term
term
is
dispatch
as
Coordinator
as
17, and
Wheeler,
June
became
firm
seven
believed
the
16
to
New
the
York
of
legal
interpretation
The
law
reads
resolution
has
and
the
has
Commerce
before his committee.
Mr.
he
that
Mr.
when
should
Eastman's
until
serve
interpretation holds that at mid¬
New
Book
approval
been
of
Senate
the
introduced
Committee,
Entitled
A
by
A
Washington
"Times"
dispatch
discussed
recommendations
The
its
on
Senate
railroad
the
5,
Sweringen
as
yet
of
new
directed
these
however,
his
include
all
16
June
inquiry
as
a
the
American
Bankers Association.
roads
the
today
Van
Mr.
opinion this book
my
and effective
the
belonging
Sweringen
Roads
group,
the book
of
presents
endeavor which
the
conclusive evidence
changing times to maintain the business of banking
of
public service.
of the
earnest
banking profession is making in these
the highest level
on
I commend the contents of this volume to the earnest
attention of the bankers of the United States, not only as a landmark in
banking thought, but
as
a
practical text in banking operations.
sents, in practical working form,
very latest
and best banking thought
and
earnest
banking
which made up the
that
no
attention
I think
what
These conferences were attended
constant
at
on
we
may
fairly
It pre¬
say
is the
both the current and long-distance
business.
by more than 4,000 bankers who
the
day-long and late
meetings, and I think I
can say
gave
night sessions
without reservation
profession ever had the opportunity to listen to
more
thoughtfully
prepared, or more practically helpful papers dealing with its operations,
functions and duties than
are
15
were
those presented at these
Nationwide
A
conferences.
chapters in this book devoted to the fol¬
lowing subjects:
-
Program
of
Rules and Regulations;
Bank
Taxation;
Commercial
A
Banking
Development;
Federal
Reserve
Sound Public Policy in Chartering Banks;
Banking;
Savings
Banking;
Facilitating
Farm Credit.
Advertising and Publicity; Customer and Public Relations; Bank Earnings
and Problems
to
the
New
Wheeler
of
York
committee
is
making
select
to
made his first designations
what
to
;
was
termed
the
Van
New
Named
said
it
but
had
that
been
the
his
intention
investigation
up
to
to
Mortgage Lending; Bank Crime Pro¬
+
O.
D.
Young Appointed Class C Director and Deputy
Chairman
Eastman's
Transportation
Involved in
Inter¬
resolution
of
as
The
New
York
Federal
Reserve
Bank—
Acting Chairman
Board of Governors of the Federal
Reserve System
appointed Owen D. Young, Chairman of the
Board of the General Electric Co., as a Class C director of
on
Coordinator
Eastman
subtitle
Relations, Earnings, Management."
The ma¬
terial in this 500-page volume was taken from the regional
conferences held the past year by the Association in its
nationwide program of banking development under the
leadership of Robert V. Fleming, President of the Associa¬
tion.
In a foreword to the new book Mr. Fleming writes:
tection, and The Bank's Responsibility for Its Trust Department.
group.
letter
The
"Public
is
Science
member of the
and Mr.
•
and Mr. Eastman
Related
In
which
the
Association
K.
Burton
the House
bring
to
follows:
be included,
1935,
of
Bankers
book entitled
"Present-Day Banking," written by
84 leading bankers and authorities in the financial field,
has recently been published by "Banking," journal of the
with his term expiring next year.
Senate
under
resolution
inquiry
railroads to
July
the
the
of
transferred to
on
Committee
Senator
Rayburn,
has
Eastman remains,
Commission,
affiliate
was
"Present-Day Banking" Published
by Journal of American
Will Serve
Commerce
Interstate
investment
Mr. MaGee
—Positive and Negative; New Credit Fields for Banks; Bank Investments;
ceases.
Chairman, but Reprsentative Sam
Foreign
to
as
the
of the branch office here.
as manager
Board
expires.
Commerce
and
list of
a
he
the expiration of Mr. East¬
on
the most widely accepted
Senate
Interstate
state
Chicago
There
of
night tonight, therefore, his office
The
affairs
follows:
difference
a
Commerce,
whose
include in the inquiry it is now conduct¬
"Herald Tribune" commented
There
that
Boatmen's National Bank,
Senate resolution.
ing under a
A
was
problems confronting the
completed.
June
when
In
18
introduced
of
engaged in the municipal bond business
before joining the staff of the association,
having entered the profession in 1920 with Kauffman, Smith,
Emert & Co., St. Louis, which in 1924 became Kauffman,
Smith & Co., of which Mr. MaGee was an officer.
Later,
17, 1936.
On
MaGee
.
for many years
June
17
the Federal Reserve Bank of New York for the remainder
of the
term ending Dec. 31, 1937.
Mr. Young was also
designated Deputy Chairman of the New York bank for
the remainder of the current year.
He will serve as Chair¬
man of the Bank pending the filling of the
vacancy in that
position caused by the resignation of J. Herbert Case on
April 30 incident to the change of policy initiated by the
Financial
4116
Board
March
last
in
placing the office on an "honorary
resigned on April 30 as Federal
Reserve Agent; R. M. Gidney is at present Acting Federal
Reserve Agent and taking care of the duties of that office.
An announcement issued by the Reserve Board regarding
the appointment of Mr. Young said:
basis."
In
Mr. Case had also
addition to his broad experience
of the country
of the
in the business and industrial life
and in public affairs, Mr. Young has an intimate knowledge
Federal Reserve System through his previous service as a Class B
and Class C director of the Federal Reserve Bank of New York.
The
Board
Governors
of
unanimous in its request to
was
his official connection
to resume
with the
-<v
President—M.
Szymczak
ican
Bankers Association
convention at
Speaks
Alfred Mullen, who joined The National
York in 1916
Section of the Amer¬
June 12 concluded its annual
Seattle, Wash., which began
June 8.
on
a messenger
operating units of the institution, was appointed an
Vice President at a meeting of the directors on
June 17. Mr. Mullen, who is a graduate of Columbia College,
had been an Assistant Cashier since 1923 and is in charge of
4
Frederic Foster de Rham, Vice President and Trust Officer
of the Fulton Trust Co. of New York on June 18 was elected
director of the company to
Pro¬
At the final session Henry Ver¬
delin, Assistant Vice-President of the First Service Corp. of
Minneapolis, was elected President of the Institute and
Frank R. Curda, Assistant Vice-President of the City Na¬
tional Bank & Trust Co. of Chicago was elected Vice-Presi¬
Paul, Minn.,
for the 1937
selected
was
The following were elected to the
tion.
conven¬
C.
City of New
Forrest
Freer,
appointment of A. Nye Van Vleck as Vice-President, and
as Personal Trust Officer.
Mr. Van Vleck
Robert A. Jones
formerly Personal Trust Officer and the latter formerly
was
Assistant Trust Officer.
4
Y.
York, N.
C.
Bank of the
Burchfield,
Cashier
Citizens
of
State
the
First
Savings
Bank,
Plain-
Mich.
E.
Worth,
Graham,
Cashier
Assistant
of
National
Bank,
Fort
Texas.
Philip
W.
McEntee,
Trust
Assistant
Officer
Spokane
of
and
Eastern
branch, Seattle-First National Bank, Spokane, Wash.
M.
S. Szymczak, member of the Board of Governors of the
Federal
Reserve
System,
June 9, speaking on "The
Banking Act of 1935."
eral
Reserve
stressed
the
of the Continental Bank & Trust Co.
M. Bissell
F.
the
banks
the
convention
on
He discussed the duties of the Fed¬
the
and
of
Board
Governors,
and
importance of open
market operations under
These, he said, enable the central bank¬
legislation.
new
addressed
Federal Reserve System and the
ing organization to take the initiative in controlling credit,
instead of leaving this
to the individual banks.
Mr.
at the annual
1936-1937
are
meeting on June 18. Other officers named for
Edwlard Adams, First Vice President, Arthur
Nash, Treasurer and Joseph Kennedy, Secretary.
for
one
and two year terms also were
Open
market
operations
4
$50,000,000
preferred stock of the Chase National Bank of the City of
New York ($46,222,160 of which is held by the Reconstruc¬
tion Finance Corporation) was authorized on June 17 by the
directors of the institution.
In announcing the directors'
action, Winthrop W. Aldrich, Chairman of the Board,
declared that the Board had directed the release of $49,-:
of
520,000 from
previously set
reserves
up
by the bank but no
longer required for that purpose because of recoveries
realized and by reason of present sound values. The sum of
released and $750,000 now standing to the
preferred stock retirement fund, will be added
to the bank's surplus of $50,000,000.
The bank's capital structure, after giving effect to these
changes will be as follows:
$49,520,000
so
credit of the
Common Capital
Surplus
Undivided profits
—
$100,270,000
— -----
-
—
—
—
— -- -
— -
— -
consist
of
securities the Reserve banks withdraw
decrease
in
the
reserves
of
member
Reserve
banks
It
to
had
volume
till
the
affect
debt
money
of
banks
committee
a
one
As
to
was
credit.
of
formed
By
to
22,000,000
(approximately)------
It
for
then
their
that
as
large
enough
the
The
At
Board's
action
for
sales.
the
time
same
not
was
the
Accord¬
it
profit
follows:
That the time, manner, character, and volume of onen market investments pur"
chased by Federal Reserve banks be governed with primary regard to the accommoda"
tion of commerce and business and to the effect of such purchases or sales on the
general credit situation.
Market
same
The
of
except
time
had
Open
gave
the
already
in
Act
accordance
statutory recognition to the Federal Open
adopted
governed
with
regulations
substantially
the
Committee
and
five
regionally.
This
ITEMS
ABOUT
was
a
of
same
the
Board.
statement
the operations.
should
consist
At
of
the
purpose
«
Banking Act of 1935 went still further.
Market
Governors
of
representatives chosen
all
It directed that the Federal
the
members
of
the
Board
by the Federal Reserve banks
definite centralization of control.
BANKS,
TRUST
COMPANIES,
&c.
The
membership of J. Derrick G. Clayton in the New York
Cotton Exchange was sold June 18 to Richard T. Harriss, Sr.
for another at $11,500, this price being $500 in advance of
the last previous sale.
4
The second N. Y. Coffee &
of S.
retiring the preferred stock and increasing the
The preferred stock has been called for payment at par
dend to
August 1.
of
A.
Schonbrunn
was
Sugar Exchange membership
sold June
13
to
A.
C.
Beane at
$3,300, off $700 from the previous sale, January 24, and
membership in the name of the estate of C. F. Bostwick was
sold June 18 to F. Shelton Farr at $3,330.
Two N. Y. Cocoa
Exchange memberships were sold June
membership to P. W. Russell, for
another, for $2,400; and Stephen Ayles sold his membership
to M. W. Feingold, for another, for $2,500. The sales repre¬
sented advances of $200 and $300 over the last preceding
and accrued divi¬
However, arrangements have been made for the imme¬
diate payment to the Reconstruction Finance
Corporation of the $46,222,160
preferred stock held by it, with dividends accrued to the date of payment
(June 17).
may
Holders of the remaining preferred stock totaling $3,777,840
also receive immediate payment by presenting their certificates to the
bank prior to
August 1, receiving par and accrued dividends thereon to the
Notice of the Board's action is contained in
a
letter being
mailed to holders of preferred stock.
Reference was also made to the proposed retirement of the
preferred stock of the Chase National Bank in our issue of
June 13, page 3961.
1
Committee, and forbade any Reserve bank to engage in open market
operations
as
1935
in
continue transferring 10% of net earnings to surplus prior
date of delivery.
The Banking Act of
12,000,000
_ — -. _
to the declaration of common dividends.
Federal
necessary
purchases and
purpose.
i.
requirements of $1,806,667.60 on the preferred stock and also will make it
correspondingly large
became
—
surplus to 100% of common stock will result in eliminating annual dividend
unnecessary to
a
— -
credit, because
ease
of the operations
purose
The principle was
Contingencies (approximately)
Mr. Aldrich further said:
a
the
securities
financing
war
with
Reserve for
selling
paid for the
are
purchasing
tend
of
billions,
coordinate
to
definitely established that the
was
but control
securities—
of
operations became
result
a
26
securities.
government
Reserve
sales
of member banks.
market
open
market.
from
By
market and
reserves
that
1922
increased
individual
ingly,
increase the
not
was
and
the securities
as
diminished.
are
put funds into the
their payments
purchases
funds from the market and there is
supply of credit, because
banks
100,270,000
-
$222,540,000
securities—by the Federal Reserve banks.
government
Governors
elected.
Szymczak said, in part:
mainly
was
elected President of the Bank Credit Associates of New York,
Institute's Executive
Cashier of the Chase National
Assistant
.
,
.
Retirement of the entire outstanding issue of
Lawrence
T.
May 1934.
Guaranty Trust Co. of New York announced on June 18
Council:
well,
Mr. de Rham
a vacancy.
4
13, pages 3959-60.
St.
dent.
fill
has been with the institution since
ceedings of the convention were described in the "Chronicle"
of June
City Bank of New
and has rotated through all of
the
the
on
as
Assistant
on
1935
Banking Act of
The American Institute of Banking
Lexington Avenue office.
«
a
Concludes Annual Con¬
Officers—Henry Verdelin
S.
and will
Vice-President in charge of the trust department,
be located at the 42nd Street and
the Bronx branches.
American Institute of Banking
Named
a
Mr. Young
System, to which he has long
rendered distinguished service.
vention with Election of
June 20, 1936
Chronicle
4
Plans to increase the
capital stock of the Manufacturers
Trust Co. of this city from $32,935,000 to $50,935,000, by
increasing the number of outstanding shares from 1,646,750,
of the par value of $20 a share, to 2,546,750 shares of the
same
par value, were approved by the New York State
Banking Department on June 9.
This increase of 900,000
shares is classified as 400,000 shares additional common
stock and 500,000 shares of convertible preferred stock,
all of the par value of $20 each.
The Banking Department also on the same date approved
extension of the corporate existence of the Manufacturers
Trust Co. for a period in perpetuity.
Authorization by the
stockholders of the trust company on June 9 of the issuance
of 500,000 shares of cumulative convertible preferred stock
at $50 a share to retire the $25,000,000 in capital notes held
by the Reconstruction Finance Corporation, was referred
to in the "Chronicle" of June 13, page 3961.
•
.
I
-4
Robert H. Catharine, former
Comptroller of the Brevoort
Savings Bank, of Brooklyn, N. Y., was elected Comptroller
and a member of the Board of Trustees of the Dollar Savings
12th: D. E. Wade sold his
Bank of New York
sale.
By resolution of its directors, $50,000 of the $350,000
outstanding preferred stock of the Peoples National Bank of
Brooklyn will be retired, it was announced yesterday,
June 19.
In noting the matter, the Brooklyn "Eagle" of
that date had the folio-wing to say:
Arrangements
on
the
were made for the sale of two memberships
Chicago Mercantile Exchange, one on June 13 for
slight advance over the price of the previous transac¬
$975, a
tions, and the other June 19 for $1,000.
The
retirement
Recoveries and increased
surplus,
recent
meeting of the directors of the Sterling National
Bank & Trust Co. of this city, Herbert M. Olney was elected
a
made,
advance of the time and in
that
At
is
on
in
June
18.
according to
excess
the
bank's
of the amount
with
in
earnings, however1, have augmented the bank's
undivided profit account, and unimpaired
conjunction
announcement,
originally planned.
the
preferred and
represents the satisfactory relationship of 1
reserve
common
to
to the extent
capital,
the
5 to deposit liability.
total
Financial
Volume 142
The directors of two Boston banks, the State Street Trust
and the Union Trust Co., have voted to consolidate,
Co.
retaining the
an
of
name
announcement
the former
June
on
15.
institution, according to
Stockholders
of
Union
the
Trust Co. have signified their approval of the plan and the
stockholders of the State Street Trust Co. will be asked
to
give their approval at
Under the merger plan, stockholders of the Union Trust Co.
of the State Street Trust Co., figured at
will receive stock
$233
share, the shares
per
of the
shares
new
having been ap¬
former
praised, counting the goodwill, at $137.47
ber of
share, the num¬
In
a
issued amounting to
so
This
5,900 shares.
dividend, it
sioner
for
$42,610.93,
more
further
Baltimore
The
at
Charles
and
Francis
President
of
Adams,
former
Secretary
Trust Co.,
of
will
Navy
the
active
become
Chairman of the Board of Directors of the
enlarged State
Street
member of the
Trust
Executive
Allan
Co., and will
Committee
also
and
of
serve as
Trust
the
a
while
Committee,
head
as
of
the
bank.
consolidated
the Union
1934,
part:
William
Holway Hill will
Manager of the present
become
Union
Vice-President
a
Trust
Co.'s office
j
and
at
will
also
an
Assistant Vice-President and
on
the
Oedel
will
and
will
Norman
be
act
Assistant
as
Hall
W.
ex-officio
serve
will
Trust
It
not
was
receivership
Mr.
become Assistant
Vincent
of
State
Street
the
Union
Trust
Trust
Permissions
Co.
of
Street
as
offering
privilege
of
using
either
important financial
branch
trust
and
officers
other
Co., and the entire clerical
positions
the
on
to
the
of
Reserve
continue
State
the
Street
staff
of the
clients
and
each
the
city.
box
thereby
the
renters
situated
in
an
"Herald Tribune"
June 18
on
by Carl K. Withers,
June 18 added:
on
involves about $4,000,000 and 16,000 depositors and mortgage
move
certificate holders.
month under the
The bank closed Jan. 1,1984, but reopened the
following
aegis of the Federal Deposit Insurance Corporation.
believed
this
of
the
"Money & Commerce" of June 13 that
East
Pittsburgh, Pa.,
Pittsburgh
Savings &
Trust
Co.,
follows: Capital $300,000: surplus $300,000, undivided
profits, $75,000 and contingent reserve fund, $40,000. P. W.
Morgan is Chairman of the Board of Directors and C. I.
Miller. President.
The paper added:
institution
the
first
was
Commonwealth
1920,
institution is
Bank
organized
of
East
as
State bank in 1900
a
Pittsburgh, with
Melbank Corporation acquired
a
capital
a
substantial
a
under the
Johnstown,
dates
the final 10%, the court order
from
interest
included
not been
has
have been
stock,
but
stock
to
the
undivided profits
to
$2,000,000,
its main
said.
1933—the
April 1,
bank went into
but
four,
in previous
distribu¬
Sterling set forth
Mr.
that he
there
be
advisability
common
share
to
the
of
here
amount
an
(Johnstown)
not
to
Reconstruction
of
this
be
to
exceed
be
will
common
$300,000 preferred
Finance
determined
Corporation,
by
the
holders
the
of
consist
of
will
6,000
also
pay
shares at the par value
an
additional
to
said
the
sists
of
and
it
obtained, wTent
until the meeting of
was
attendant
said,
tendered
was
the consolidation of the Keystone,
American
payment of
Trust
Co.
of
his
a
month
to say, in part:
on
action
ago,
the board
on
resignation
on
a
successor
Tuesday at the bank.
because
organized about four
defunct
Feb.
on
amount
now
since it
progress
Fifteenth
at
moved
3, President Anderson
and
Main
defunct J.
J.
Wild
F.
Streets
and
F. Wild & Co.
the
real
estate
Bank
Co.
&
of
sqmmer
at approximately
and
contracts
ordered
were
Probate Court.
Chambers, of
sold
Chambers
Judge
$292,000 and
R.
mortgages.
con¬
Davidson,
F.
ordered to sell the property separately at private sale.
The
also
ordered
amounts
$100,000
of
payment
from
range
The
Howard
111.,
was
bondholders
to
in
10%.
2 to
title
of
Avenue Trust
to open on June 15
North
the
from
the
date, which went
Aside
the
from
charter
Shore
to
on
change
will
no
undivided
and
will be
changes
Savings Bank
of Chicago,
national bank under the
a
Bank
National
of
Chicago,
of Commerce"
it is
of
that
say:
in
not
and title the shift from
name
bank.
the
affect
1737 Howard
at
surplus
&
as
Chicago "Journal
Street;
will
It
continue
capital structure
profits of $21,000)
Directors
in either officers
of
years
advancing
ago
of
will
(capital
remain the
directors, it
or
through
Continental
the
State to
a
in
its
a
present
$200,000
with
and there
same
to
depositors
Baltimore, Md.,
was
of
the
announced.
was
National
Bank
&
from earnings $5,000,000 of a
ing preferred stock
the
crease
stock
common
declaring
stock
a
total of $50,000,000 outstand¬
of the institution
Aug. 1 and to in¬
on
from
$25,000,000 to $30,000,000 by
of $5,000,000, or 20% on the
dividend
present shares, payable to holders of record Aug. 1, in the
one
fractions
to
purchase
adjust to
sell
or
in Chicago advices on June
The
retirement of
Walter
J.
"This
will
be
clared,
"and
under
the amount
of
preferred
the
articles
has been
the
to 5%
$2,500,000
a
reduction
stock
of
of
declare
sale
the
in
Mr.
on
the
agreed
Cummings
the basis of
de¬
con¬
of the year."
Finance
on
to
Corporation
retirement
the
of preferred
the $50,000,000 originally sold
for savings
in
charges made possible
dividend rate.
that
the
increase
accordance with
The
dividend
stock
a
is
bank.
of
excess
directors
its earnings
plus $375,000
explained
reduced,
is
in
Reconstruction
of
in the preferred
position
than
rather
of
to
in
the
common
provisions
the
bank
offer
the
stock,
of
enabled
as
the
additional
the
articles
the
Board
common
to stockholders.
The Continental
is
the
is
association,"
fixed' by
The maximum
a year.
year,
Cummings
association
the
with
agreement
required to devote 40%
stock, up
a
their
12, noting the above, added:
tinuing satisfactory earnings since the first
by
express
$5,000,000 of preferred stock will be "from earnings,"
retirement
retirement
is
to
Cummings, Chairman of the Board, announced.
first
annual
bank is
asked
fractional share in order to
a
The New York "Herald Tribune,"
whole share.
a
stock for each five shares
common
No fractional shares will be issued, but stock¬
entitled
to
share of
new
RFC.
Of
owned
was
the
first
the $75,000,000
by
the
RFC,
in
the
large bank in the country to sell stock to
outstanding stock of both classes, two-thirds
West.
institution
giving
it
actual
control
the
of
largest
banking
closed Bank of Shorewood, Milwaukee, Wis.,
another dividend of 5% within 30 days, was
announced by Alfred Newlander, Deputy Commissioner of
Banking for Wisconsin, on June 10, it is learned from the
Milwaukee "Sentinel" of the following day, which added:
the
That
would
pay
The distribution
will amount
to
$21,627.
The
bank already has paid
dividends totaling $151,000, the last one, amounting to 5%, having been
distributed April 10.
+-
former
authorized
Illinois
Trust Co. of Chicago, Chicago, 111., on June 12 voted to retire
Hyde Park and Electric City banks.
10%
June 9 by Judge Robert F.
the
of
Chambers
Russell Jordan
Judge
final
increased
was
o
of Scranton, Pa.,
failing health.
Trust Co.
excellent
Grace Streets
branches
Smiley N.
houses,
was
Judge
to
June 9, promoted George L. Peck from Vice-
Although Mr. Thomas resigned about
Thomas,
surplus
The bank's deposits
made
has
and
maintains
assets
dividends.
of
pearing in "Money and Commerce" of June 13, from which
The Pennsylvania
bank
property has been appraised
preferred
President to the presidency of the institution to succeed
Morgan Thomas, resigned, and elected Dr. J. Norman White,
Vice-President, in lieu of Mr. Peck.
Scranton advices, ap¬
not undertaken
the
the
Indianapolis, Ind. which failed in
82
receiver,
for
Directors of the Pennsylvania Trust Co.
the above information is
the
to
$40,000, making a total capital, surplus and
to
up
that
announced
Anderson
to Fourth
by Judge
$12.50
«
on
according
say:
of $50
of
sum
tje applied toward the $75,000 surplus.
meeting
30,
1927, the Indianapolis "News" of June 12 had the following
Mr.
will
E.
and
bank
The
Under
the
shareholder
June
Concerning the affairs of the
.
stock
each
by
of
as
of the following day, which, continu¬
approximately $300,000.
offices
holders
1
be sold
also be
issuance
stock.
common
while
will
purchased
of
Richmond,
2% dividend, payable July 15 to
a
Westhampton Avenue.
Bank
was
capital stock to
record
Robert
President
ratio of
dispatch further in part:
of
of
outstanding.
organization will be capitalized at $300,000 with surplus of
$75,000 and will occupy the former quarters of the old First
National Bank at Main and Franklin Sts.
We quote the
A
distribution
for a payment to this creditor.
ing, said:
and the
reported in a dispatch from that city,
appearing in "Money and Commerce" of June 13.
The new
years
said the Union Trust would
he explained the
and
period should be included, and the court granted his petition.
$50,000.
of
interest
member of that group.
That a new national bank is being organized in Johns¬
town, Pa., under the title of The National Bank & Trust Co.
Mr.
hand,
creditors'
add
these
there
by $10,000, bringing it
desires
was
with the
merged
was
June 8 voted to join the national
on
as
at a
Sterling to
June 11 declared
on
national
The capital structure of the national institution will be
per
in
authorizing payment of
Richmond "Dispatch"
system under the title of the First National Bank & Trust
The
Co.
Trust
American
Directors of the Southern Bank & Trust Co. of
Va.,
quarters
It is learned from
stockholders
each,
the
balance
cash
between
learned
the
distributions to other
it.
to
which
of
Florida
special Assistant Deputy Commissioner, had been placedsin
charge of the properties with orders to liquidate all assets.
In noting the above, Bayonne advices to the New York
All
after
filed would provide
Mr.
Interest
tions,
institution, the
of
agreement, dated Dec. 4,
an
receivership.
today
Bank of South Hudson, N. J., and that Frank J. Fitzpatrick,
In
Under
Maryland.
excluded from sharing in
was
in his petition to the court,
the
be
to
permitted
...
State Commissioner of Banking & Insurance, that his depart¬
over the Mechanics Trust Co. of
Bayonne,
N. J., including its branch and its affiliated
title
10:
bank's semi-annual interest date—to Aug. 8, 1933, when the
Co.
Co.,
ment had taken
The
of
the
Trust
Union
offices,
and
Board
Trust
downtown
made
was
Federal
department
both
or
center of
Announcement
the
Massachusetts
a
depositors,
its
to
by
granted
Banks
Co.
with
to
addition
3011
been
Commissioner of
Federal
offered
The
N.
Co.
have
office
on
be
will
Farnsworth
Officers.
Trust
elected officers of the State Street Trust
force
East
long
Sterling,
entitled
Trust
a
William
Committee.
Vice-President.
serve
Street.
Federal
24
Officer,
The
Trust
stockholders
Sheridan J. Thorup will be elected
will
Co.
larger bank that the Union Trust crashed, taking the smaller company into
Boston
The
"Herald" of June 15, authority for the foregoing, continued,
as
of June
than enough
from the
Forbes, President of the State Street Trust Co., will
continue
in
"Sun"
quote
only creditor of the American Trust Co. excepted from full payment
In
Union
the
dividend.
creditors.
price of $200 per share.
a
final
the Union Trust
was
account
share for every 10 now held,
new
receiver for the trust company,
and
We
the
pay
shares,
one
Maryland,
to
be
basis of
State Bank Commis¬
Warren F. Sterling,
told the court he had in hand
addition to this issue, stockholders of the State Street Trust
Co. will be asked to approve of a further issue of 3,000
on a
said, will bring payment of creditors'
was
claims to 100%.
meeting to be held on June 24.
a
4117
Chronicle
on
Stanton in Circuit Court No. 2.
approved
tendent
United
of the District Court
on
June
10
the final report of D. W. Bates,
of
Banks
States
for
Bank
of
Iowa,
Des
as
receiver
State Superin¬
for the defunct
Moines, and ordered the insti-
Financial
4118
tution
Final
dissolved.
by
payment
examiner in charge, will be made about July
and will amount to $39,869.
The Des Moines "Register"
THE
to T. J. Nolan,
1
of
June
11, authority for the foregoing, also said:
Messrs.
books
Nolan
with
nection
bank's
of
records
and
Bates both
and
the
discharged from their duties in con¬
were
destruction of the
ordered
and the Court
closing,
institution.
the
Judge Nolan also ordered that any funds in the closed bank that could
not be delivered be deposited with the clerk of district court.
The
bank
will
closed
receive
total
a
1924.
21,
the time the final
By
who had claims in the insttution
63% of the amount of their deposits.
depositors
6,012
of
Oct.
Moines
Des
in
made the
is
payment
$847,233,
or
Resignation of Edwin J. Helck as
Vice-President of the
a
Axton-Fisher Tobacco Co, Inc., to become President of a new
banking institution which was
June
on
16
James
the
B.
bank.
will
of June
Brown,
Bank
National
new
W.
the
from that city, appearing in the "Wall
10. The dispatch went on to say:
ported in advices
Street Journal"
Louisville, Ky.,
Peoples Bank, was re¬
to open in
title of
the
under
former
of
P.
president
Kentucky,
Kincheloe,
be Vice-President and
Cashier.
the
of
be
will
formerly
Bancokentucky
defunct
Chairman
with
of
and
Board
of the
Reserve
Bank,
the
Federal
the
Capital stock is $200,000.
The Valley
National Bank of Phoenix, Ariz., on May 29
Comptroller of the Currency to main¬
tain branches in the following places, all in the State of
Arizona:
Town of Chandler, Maricopa County; Town of
Willcox, Cochise County, and Precinct of Springerville,
Apache County.
authorized by the
was
Directors
of
10.
June
with the
fore
San
the
on
of the
icle"
of
Francisco Bank, San Francisco,
June 9 elected Fred A. Cellarius a Vice-President
institution, according to the San Francisco "Chron¬
Calif.,
San
Mr.
Cellarius, who
Francisco
Manager
of the
Bank for
bank's
connected
has been
thirty years, was hereto¬
West
Portal branch.
At
the
meeting, the directors also elected Alfred R. Tuckey,
same
Assistant
formerly
the post
to
-—♦
-.--v
v
Manager
of
the
Portal
West
branch,
of Assistant Cashier.
Acquisition
of
control
of the
California
First
National
Bank of Long Beach, Calif., by the Transamerica Corp. was
announced last week by L. M. Giannini, President of the
Bank
of America National Trust &
Savings Association
(head office San Francisco), the stock of which is owned
by the Transamerica Corp.
The plan is eventually to merge
the California First National Bank into the Bank
ica
System, giving the latter
Street and Pine Avenue.
Beach at First
the
officers
same
acquired
bank
and
staff
will
heretofore.
as
of Amer¬
additional branch in Long
an
In
continue
the
to
A statement
meantime,
operate
issued
by
the
the
Transamerica Corp. further stated:
In
response
to
the call
as
of
March
4,
1936,
by the Comptroller of the
Currency the California First National Bank showed deposits of $4,218,000 ;
capital stock of $100,000 common and $200,000 preferred, and surplus and
undivided profits of $83,000.
The
agreement
consummated
was
by
Nelson
McCook,
organized the California First National Bank 16
years
Chairman
of
and
America's
Board,
the
Board
and
of
G.
Transamerica
M.
The
that
the
Chairman
Vice-President
who
A. P. Giannini,
of
of
the
Bank of
Bank
of
•
consideration
ration
Corp.
McClerkin,
America.
President,
ago;
to
preferred stock
would
be
be paid
now
was
not "announced, but
owned by
Mr.
Giannini said
the Reconstruction Finance Corpo¬
immediately retired.
J. F. T. O'Connor, Comptroller of the Currency, has given
permission to the Bank of America National Trust & Savings
Association (head office San Francisco) to open a branch
in
Inglewood, Calif., according to an announcement recently
by L. M. Giannini, President.
The Inglewood branch will
be the 441st in Bank of America's
June 20, 1936
according
bank,
tlie
Chronicle
State-wide system, which
CURB
EXCHANGE
The continued demand for
active stocks in other groups
week.
public utilities carried
many
forward to higher levels this
Trading has been quiet and the trend of the market
has
generally pointed upward.
The volume of business has
been comparatively small and the changes for the most
part were without special significance.
Mining and metal
stocks have had spasmodic periods of strength but failed to
hold their gains.
Specialties have been fairly steady, but
the oil stocks have generally sold off.
Public utility shares were moderately active during the
brief period of trading on Saturday, though the market as
a
whole
There
dull
was
and
the
down
transfers
to
a
minimum.
occasional
changes of a point or more in either
direction, but the only noteworthy movement was in Tubize
Chatillon, which moved up 134 points due to an expected
rise in rayon prices.
Most of the regular market leaders
were quiet and so were the specialties and oils.
The trans¬
actions for the day were 88,000 shares with 234 issues
were
traded in.
'
■
V/U'
Many sharp gains were recorded during the trading on
Monday.
Public utilities, particularly the preferred stocks,
were again in demand and moved briskly forward to higher
levels.
Wayne Pump worked into new high ground for the
year as a result of the improved earnings, and American
Hard Rubber forged ahead 334 points to 4124United Gas
pref. moved up to its top for the year at 110, and substantial
improvement was shown by American Gas & Electric and
Electric Bond & Share.
Other stocks showing moderate
gains included Aluminum Co. of America, 2 points to 120;
Dayton Rubber A, 234 points to 2534; Associated Investors,
234 points to 4534» and Childs Co. pref., 2 points to 45.
The undertone was fairly firm on Tuesday as the public
utilities continued their upward swing.
Electric Bond &
Share went up to 22 with an advance of 134 points, and
United Gas pref. moved up 1 point to 111 and registered
its best for the year.
Flintkote moved 134 points higher
and Quaker Oats climbed upward 2 points to 124.
Oil
shares were quiet, with most of the changes toward lower
levels, and Wayne Pump was fairly steady around 3234Other advances included such active
stocks
as
Aluminum
Co. of America, 2
points to 122; American Superpower pref.,
2 points to 44; Penn Salt, 2 points to 125; Sherwin-Williams,
2% points to 131, and Tubize Chatillon, 234 points to 2834Further gains in a number of directions were recorded on
Wednesday, though the utilities continued to lead the
advance, followed by a goodly section of the specialties
group. ; Mining stocks and oil shares were inclined to lower
levels, particularly Sunshine Mining, which worked down¬
ward to a new low for the year due to persistent liquidation.
Sherwin-Williams moved ahead 134 points to 132 34» and
McWilliams Dredging was up 2% points to 79.
The trend of the market continued to point upward on
Thursday, and while the trading was moderately active, the
transfers were below the preceding day.
Oil shares were in
better demand than for sometime past, particularly Gulf Oil
of Pennsylvania which spurted forward 4 points to 82. Public
utilities continued to. advance, but the gains were smaller
than during the early part of the week, most of the advances
being of a fractional nature. Mining and metal stocks showed
little change except Sunshine Mining which was under pres¬
sure and was forced down to a new low for the year.
Note¬
worthy among the advances were Pittsburgh & Lake Erie
3 points to 83, Pacific Power & Light pref. 4 points to 85
and Derby Oil & Refining pref. 4% points to 4634.
The volume of trading again dwindled on Friday as the
market turned irregularly downward. G eneral Tire & Rubber
moved contrary to the market trend and gained 6 points as
it forged ahead to 75.
In the general list most of the changes
were
in minor fractions and
on
the side of the decline.
As
recently by W. W. Hopper,
dividend, amounting to $25,000, will
be paid to Transamerica Corp., which owns 100% of the
outstanding capital stock.
Payment will be made July 1 to
compared with Friday of last week, prices were slightly
higher, Aluminum Co. of America closing last night at 12034
against 11934 on Friday a week ago, Commonwealth Edison
at 102 against 101, Creole Petroleum at 2634 against 2534;
Gulf Oil of Pennsylvania at 8034 against 76
Humble Oil
(New) at 59<34 against 58; New Jersey Zinc at 81*34 against
8134; Niagara Hudson Power at 1134 against 1034; SherwinWilliams Co. at 130 against 12834; and United Shoe Machin¬
eryat 87*34 against 86 34-
stock of record June 25.
DAILY TRANSACTIONS AT THE NEW YORK
now
operates in 271 California
communities.
«
Bankamerica
Agricultural Credit
Corp.,
the Transamerica Corp., has declared a 5%
capital stock, it
President.
subsidiary of
dividend on the
a
was announced
The entire
H. L. Edmunds, heretofore
Manager of the United States
Portland, Ore., has resigned, effective
July 1, to devote his time to his personal affairs, according
National
to
Bank
of
announcement
June 10
by Paul S. Dick, President
of the institution.
Mr. Edmunds will be succeeded by
W. B. Gard, now Assistant Manager, while C. E. Lombard,
formerly Assistant Manager of the branch and now with the
branch bank- department at the head office, will return to
Eugene as Assistant Manager.
The Portland "Oregonian"
of June 11, in noting the changes, added:
an
on
Still another addition to the force of the Eugene branch is E. S.
McClain, who will act
as
Credit Manager.
(Steve)
Mr. McClain has grown up
in the service of the United States National and is
now
CURB EXCHANGE
Bonds {Par ValueJ
Stocks
{Number
Week Ended
June 19
1936
Saturday.,.
Monday
Tuesday
Wednesday.
Thursday,.
Friday
Sales at
Foreign
of
Shares)
88,325
236,690
294,665
310,230
290,795
220,860
Domestic
Government
$930,000
2,075,000
3,366,000
2,703,000
2,268,000
2,283,000
Foreign
Corporate
Total
$5,000
10,000
59,000
75,000
74,000
$23,000
111,000
122,000
19,000
30,000
77,000
117,000
$958,000
2,196,000
3,547,000
2,797,000
2,372,000
2,477,000
Jan. 1 to June 19
Week Ended June 19
New York Curb
Exchange
1936
1936
1935
1935
head of the Credit
Department at the Salem branch.
Stocks—No. of shares.
1,441,565
6,519,150
73,083,609
119,096,044
$13,625,000
382,000
$15,900,000
$446,141,000
6,349,000
$414,358,000
184,236,000
1,008,948,000
$462,198,000
$1,607,542,000
Bonds
Domestic
Tlie First National Bank of
at
Toppenish, Wash., capitalized
$50,000, went into voluntary liquidation on May 27. The
institution
was
absorbed by the Traders Bank of Toppenish.
Foreign government
Foreign corporate
Total
340,000
7,843,000
55,903,000
$14,347,000
$79,656,000
.
9,708,000
Volume
Financial
142
Chronicle
4119
Gold shipments from Bombay last week amounted to about
The SS. Rajputana carries about
Our booklet
"Foreign Exchange Regulations Af¬
and
merchants
Quieter conditions ruled during the week under review and the market
who sell abroad.
has been
steadier, prices varying only between 19J4d. and 19 15-16d.
the lower
MANUFACTURERS TRUST COMPANY
HEAD OFFICE AND FOREIGN
55 BROAD
York.
SILVER
fecting Exports" contains valuable information for
manufacturers
£642,000.
£591,000 consigned to London and the
SS. President Monroe about £51,000 consigned to New
level,
but offerings
China account proved sufficient to meet the demand.
Speculative operations
DEPARTMENT
resales
STREET, NEW YORK
as
well
A
forthcoming from the Indian Bazaars,
more support was
on
not much in evidence, but there were some
were
carrying forward of maturing contracts.
as some
The tone is steady at the moment and no movement of importance is
Member Federal Reserve System
anticipated in the
Member New York Clearing House Association
The
Member Federal Deposit I nsurance Corporation
following
future.
near
the United Kingdom imports and exports of silver
were
registered from mid-day
on
May 25 to mid-day on May 30:
Exports
Imports
Hongkong
FOREIGN
EXCHANGE
Belgium
Pursuant to the
Act
of
-
Other countries
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is
Germany
38,274
6,224
..
Sweden
Norway
985
Denmark
certifying
now
France
give below
FOREIGN
Egypt
RATES
CERTIFIED
BY
13,
1936, TO JUNE
19,
RESERVE
x
1922
Quotations during the week:
Silver per Oz. Std.
2 Mos.
June 15
S.
June 16
June 17
June 18
June 19
*
$
$
$
S
/
.187466*
.187516*
.187583*
.187516*
.187666*
169100
.169100
.169071
.169076
.169092
012825^
.012825*
,041321/
May 28
May 29
May 30
19 15-16d.
19 15-16d.
19 15-16d.
19V8d.
.19 15-16d.
.19%d.
19 15-16d.
2
\9%d.
June
3
19 15-16d.
19 15-16d.
19.925d.
June
.012825*
.012825*
.012825*
.041323
.041321
.041318
.041312
224411
224809
.224615
.224491
.224442
England, pound sterl'g
,026791
4.027932
.037666
.031000
>.029583
5.028583
Finland, markka
France, franc.
,022137
.022118
.022162
.022137
.022137
.022133
.065848
.065828
.065828
.065843
.065836
.065837
Highest price..
Germany, relchsmark.
Greece, drachma..!._
Holland, guilder
Hungary, pengo
.402692
.402821
.402733
.402780
.402584
.402550
Lowest price
.009312
.009293
.009296
.009293
.009293
.009290
Average
Italy, lira
.078650
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu.
.252603
.252553
.187925*
.187825*
045552
.045485
.676021
.675803
.675885
.675967
.294650*
.294750*
.294750*
.294650*
.078641
.078633
.078633
.252723
.252658
.187750*
.187800*
.045535
.045537
.007266
—Bar Silver per
Cash
.045517
.007266
.007266
.007266
.007266
136392
.136387
.136355
.136408
.136408
.136396
.259165
.259662
.259353
.259250
323207
.323207
.323085
.323207
.323375
.323950
022850
.022850
.022866
.022850
.022850
China—
Oz. Fine
140s. lOd.
19 13-16d.
139s. 3d.
20.2764d.
FINANCIAL
140s. 1.04d
MARKET—PER
reported by cable, have been
Sat.;
CABLE
securities, &c., at London,
.299041
.300000
.300000
.299583
.299625
.299208
.299208
.300333
.300333
.299750
.299791
.299166
.299208
.300125
.300333
.299750
.299791
.299208
.299208
.300333
.300333
.299750
.322875
.322406
.322406
.328750
.323041
.379245
.379450
.380000
.379470
.379490
.379510
.294410
.294390
.294960
294980
294712
589187
590000
.589750
.589437
British
004375*4.005234*
013125*4.008750* 4.007187*4.006406*
034500*4.036125*
043500*4.038000* 4.036750*4.030062*
Zealand, pound.
Africa—
South Africa, pound.. 4.971770* 4.969583* 4.983750*4.976875* 4.973541* 4.974583*
North America—
.997682
.998333
.997500
.997513
.997500
.999000
.999000
.999000
.999000
.999000
.999000
.277625
.277625
.277625
.277625
.277625
.995250
.995700
.995000
.994937
.334370*
.334830*
.335180*
.334840*
.334740*
.086387*
.086487*
.086450*
.086400*
The
.050625*
.050625*
.050625*
.050625*
.569000*
.569000*
.569000*
.569000*
.569000*
.796875*
.796875*
.796875*
.796875*
.796875*
105J*
116H
116H
116 H
116H
117
on
the
same
per
ounce
(in cents) in the United
days has been:
BarN.Y.(for'n) Not avail. 44 H
44%
44H
44X
44 H
50.01
50.01
50.01
50.01
50.01
50.01
(newly mined) 77.57
77.57
77.57
77.57
77.57
77.57
U.S. Treasury.
.050625*
.569000*
105H
105 M
price of silver
States
.086400*
Colombia, peso......
Uruguay, peso.
Holiday
105H
Treasury
.334740*
.086400*
85 H
105 H
.995000
Argentina, peso
Brazil, milreis
Chile, peso
85 %
.277625
.995187
85 H
4%
1960-90.
U. S.
.997695
138s. 5d.
85H
*
Australasia—
New
138s. 7d.
85H
Holiday
War Loan...
.589437
Australia, pound
19 7-16d.
19Hd.
British 3H%
.294530
589437
Singapore (S. S.) dol'r
June 19
June 18
19Md.
138s. 3d.
138s. 5d.
fineoz.138s.7Hd- 138s. 9d.
p.
Consols, 2H%- Holiday
.299791
.322708
19 13-16d
Fri.t
Thurs.,
Wed.,
June 17
June 16
June 15
19Hd.
per oz..
follows the past week:
as
Tues.,
Mon..
June 13
Gold,
.299041
Canada, dollar..
Cuba, peso
per
.022850
as
Silver,
India, rupee..
Japan, yen
12 Mos.
20Kd.
The daily closing quotations for
.259238
Asia—
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) do!
Tientsin (yuan) dol'r
Hongkong, dollar..
Bar Cold
Oz. Std.—
20%d.
19%d.
20.2476d.
ENGLISH
.252630
,259195
,007266
Spain, peseta
Sweden, krona
Switzerland, franc...
Yugoslavia, dinar
Statistics for the month of May:
.187900*
.045595
from May 28 to June 3 was $5.02 H and the lowest $4.98$£.
.078616
.253041
.187800*
45 cents
.294650*
.078650
45 cents
2
.675992
,294650*
30
cents
cents
cents
cents
New York recorded during the period
The highest rate of exchange on
.041317
.676178
45
45
45
45
27
28
29
June
19.912d.
.224384
.012825*
May
May
May
May
June
Average
.169069
,187400*
(Per Ounce .999 fine)
Cash
York
Unit
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Czecjoslo'kia,
koruna
Denmark, krone..;
IN NEW YORK
LONDON
IN
Bar
June 13
£351,149
Coin at face value.
1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Country and Monetary
x5,000
1,297
Other countries
£404,161
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF
JUNE
1,800
Malta
We
record for the week just passed:
a
EXCHANGE
.
Arabia.
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
£316,185
11,056
1,500
1,229
1,360
3,345
8,377
British India
..£358,678
Japan.
RATES
.796875*
Mexico, peso
Newfoundland,
dollar
South America—
.050625*
with
a
Nominal rates; firm rates not available.
GOLD AND SILVER
THE ENGLISH
reprint the following from
Samuel Montagu &
the
MARKETS
weekly circular of
Co. of London, written under date of
GOLD
Bank
397,096
on
of England
May 27,
gold
reserve
bar
of
compared
as
amounted to
gold
as
exchanges
those
above
for
against notes amounted to £206,-
with
announced
£205,363,059
by the
Bank
on
the
the
tive summary
gold changed hands at the daily fixing.
week
same
week in 1935.
General
With the weakness of the
continuous and heavy withdrawal of gold from the
_
-
__
Equivalent Value
of £ Sterling
June
2
June
12s. 2.16d.
12s. 2.38d.
139s. 6d.
139s. 3H&.
139s. 3d.
-
-
3
-
-
I2s.2.42d.
12s. 2.51d.
12s. 2.86d.
12s. 2-47d.
139s. 2d.
138s. lOd.
139s. 2 .50(1.
Average
The following were the
United Kingdom imports and exports of gold
registered from mid-day on May 25 to mid-day on May 30:
Africa..—£2,575,069
Tanganyika Territory—
8,979
British India.
;
271,569
South
310,832
25,000
339,656
32,754
63,115
Australia
Canada
France
Netherlands
...
J
Switzerland
Belgian Congo
22,586
Peru
United States of America.. £350,209
British India
10,953
53,208
86,901
France
Netherlands
Switzerland
90,840
47,400
14,050
Austria
Germany
Finland
Other countries..
—
22,687
9,368
31,909
30,986
Other countries
£3.712.455
compara¬
San Francisco
-
Pittsburgh
Baltimore..—.
New Orleans...-
Twelve
cities,
§4,026,033,801
265,433,709
318,000,000
$2,124,967,850
212,199,445
305,000,000
159,000,000
79,133,894
69,400,000
.
Cent
107,695,000
85,925,897
68,654,575
57,270,918
50,353,862
25,371,000
■
+89tf
+25. k
+4.3
+24.1
+9.1
+23.5
+15.7
+37.5
+37.5
+39.0
+23.0
+18.2
+26.?
...
$5,487,531,682
......
670,920,160
$4,344,972,441
606,545,560
+10.6
—
$6,158,451,842
1,231,690,368
$4,951,518,001
1,012,813,157
+24.4
+21.6
$7,390,142,210
five days
Other cities, five days
$5,964,331,148
+23.9
Total all cities, five days...
All cities, one day
*
Total all cities for week
Complete and exact details for the week covered by the
Exports
Imports
British
Our
1935
86,343,449
85,707,000
124,597,000
118,165,690
94,414,365
79,618,642
61,953,026
29,983,000
Kansas City
fit, T.onlR
Cleveland
Quotations during the week:
;
At this center there is
197,282,000
..
Detroit
Bank of France.
Ounce
Our
Per
.
Per Fine
year.
1936
New York
Boston.
as a consequence the
price of gold in the open market continued to decline, today's quotation of
138s. lOd. being the lowest since August 1934.
last
for the week follows:
Clearings—Returns by Telegraph
Week Ending June 20
terms of which
sterling showed further appreciation;
20),
States from
previous
during the
_
May 28
May 29May 30-
based
obtain weekly returns will be 23.9%
corresponding week
gain for the week ended Friday of 89.5%.
Chicago
Philadelphia
a
us,
preliminary total stands at $7,390,142,210, against $5,964,-
demand maintained the premiums over the parities of gold exchanges, in
franc there has been
increase compared
all cities of the United
for
£884,876.
About £1,300,000 of bar
an
Preliminary figures compiled by
which it is possible to
a
Wednesday.
Purchases
this week will show
year ago.
331,148 for the
June 3 1936:
The
CLEARINGS
indicate that for the week ended today (Saturday, June
bank
We
BANK
telegraphic advices from the chief cities of the country
upon
*
OF
COURSE
Bank clearings
foregoing will appear in our issue of next week.
furnish
today,
inasmuch
as
We cannot
the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the lhst day
until
of the week in all
In
cases
has to be estimated.
the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
for the week previous—the week ended June 13.
For that week there is a decrease of 5.5%, the aggregate
results
£685,616
them
4120
Financial
Chronicle
June
20, 1936
of
clearings for the whole country being $5,508,216,549,
against $5,828,592,481 in the same week in 1935.
Outside
of this city there is an increase of
6.2%, the bank clearings
at this center having recorded a loss of
12.4%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
a
falling off of 12.4%, but in the Boston Reserve District
there is an improvement of 7.3%, and in the
Philadelphia
Reserve District of 4.4%.
The Cleveland Reserve District
has managed to enlarge its totals
by 13.0%, the Richmond
Reserve District by 8.6%, and the Atlanta Reserve District
by 14.6%.
In the Chicago Reserve District there is an
increase of 10.0%,, in the St. Louis Reserve District of
6.1%, and in the Minneapolis Reserve District of 3.2%.
The Dallas Reserve District
enjoys a gain of 50.7%,, but
the Kansas City Reserve District suffers a loss of
8.4%,
Week Ended June 13
Clearings at—
Inc.
1934
$
%
$
412,571
92,579,255
1933
$
480,959
—14.2
83,984,891
2,022,135
1,096,192
+ 10.2
785,935
14,576,000
819,050
4,223,108
17,101,462
1,026,344
8,834,195
982,046
7,415,761
3,461,702
438,932
•278,785,148
849,770
4,493,841
1,675,055
1,465,211
2,750,952
444,255
258,919,244
876,084
2,704,176
992,941
940,405
+ 55.8
635,968
798,528
2,147,836
275,254
209,911,978
493,612
2,083,895
+ 511,232
747,943
441,396,191
401,115,596
+ 10.0
358,883,134
296,017,952
73,900,000
25,135,047
65,600,000
+ 5.3
+ 18.1
13,262,751
Detroit.
Grand
Rapids
2,546,551
1,213,241
1,103,417
16,608,000
1,151,836
4,690,396
20,060,726
.
Lansing
Ind.—Ft.
Wayne
Indianaplois
South Bend...
Terre Haute.
__
Wis.—Milwaukee
Ia.-Cedar Rapids
Moines
Des
Sioux
City
111.—Bloomlngton
Chicago
Decatur
Peoria
districts:
Total (18 cities)
BANTK
Dec.
Seventh Feder al Reserve D istrict— Chi cago—
Mich .-Ann Arbor
Rockford.....
OF
1935
$
and the San Francisco Reserve District of
1.9%.
In the following we furnish a
summary by Federal Reserve
SUMMARY
or
1936
Springfield
+ 25.9
402,568
77,860,986
1,810,661
+ 10.7
893,426
611,012
+40.4
615,150
+ 13.9
12,613,000
+ 40.6
+ 17.3
759,011
3,729,693
15,213,448
537,705
10,416,000
450,864
+4.5
588,080
+ 11.1
+ 19.1
2,533,002
—1.2
393,138
230,462,849
46,648,546
918,425
3,223,554
11,919,090
183,798
4,470,117
6,568,932
+ 25.8
467,091
+ 7.7
—3.0
548,372
2,456,322
+ 66.2
+ 68.7
CLEARINGS
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis._
Week Ended June 13,1936
1936
1935
Dec.
1934
1933
84,100,000
Ky.—Louisville
Inc.or
29,696,571
16,303,069
.
Tenn.—Memphis
b
Federal
Reserve
1st
Boston
Dists
S
12 cities
S
%
241,852,471
S
5
+7.3
225,309,863
226,138,969
510,000
510,996
130,609,640
+4.3
b
123,129,512
111.—Jacksonville
2nd
80,600,000
28,212,122
13,806,394
Quincy
b
20,908,253
11,117,977
b
b
—0.2
341,000
337,000
+ 6.1
112,638,798
97,963,230
259440,794
New York__12
"
3,307,965,596
3,774,813,488
—12.4
3,847,282,084
4,097,785,981
3rd
Philadelphia 9
"
350,074,998
335,234,749
277,120,635
Cleveland..
"
272,500,162
241,178,377
+4.4
+ 13.0
+8.6
+ 14.6
+ 10.0
+6.1
326,887,372
4th
226,769,549
185,269,688
5th
5
Richmond .6
121,724,978
112,123,142
95,297,164
Total
(4 cities)
Ninth Federal
77,888,937
Minn.—Duluth..
3,729,511
3,488,622
+ 6.9
296,017,952
Minneapolis...
63.339,171
112,638,798
97,963,230
65,000,157
25,464,128
24,170,464
+2.6
+5.4
D.—Fargo...
2,099,311
2,164,401
S. D.—Aberdeen.
587,082
655,992
760,383
498,600
-f52.5
375,197
484,497
282,603
2,578,453
2,780,208
—7.3
2,244,086
1,961,303
100,219,025
97,097,458
+3.2
86,652,643
81,866,954
Atlanta
10
"
130,066,191
113,545,178
7th
Chicago ...18
"
441,396,191
401,115,596
8th
St. Louis...
4
"
130,609,640
123,129,512
Minneapolis 7
"
100,219,025
86,652,643
"
122,235,202
97,097,458
133,374,167
+3.2
10th KansasClty 10
11th Dallas
5
—8.4
111,319,829
92,447,378
"
66,062,212
43,839,983
+50.7
47,899,464
37,276,730
Mont.—Billings
227,830,968
—1.9
182,386,526
168,152,412
9th
12th San
Fran.. 12
Total
"
223,509,883
-.110 cities
Canada
81,866,954
5,508,216,549
5,828,592,481
—5.51
5,725,136,439
5,755,631,496
2,301,079,071
Outside N. Y. City
2,165,795,298
+6.2|
1,991,153,731
8'
293,921,608
319,634,947
St.
N.
Paul
.
Helena...
334,305,621
+ 14
Total (7
cities).
Tenth Federal
Reserve Dis trict—Kans
Neb.—Fremont..
We
add
now
our
detai^d statement showing last week's
figure for each city separately for the four
years:
1935
Reserve Dist rict—Boston
1933
_%
585,485
1,793,987
195,603,825
777,259
318,766
N.H.—Manches'r
1,887,047
208,140,608
596,118
423,847
641,374
3,139,011
1,787,955
10,393,282
3,829,325
9,958,900
417,607
347,317
Total (12 cities)
241,852,471
225,309,863
Feder alReserve D istrict—New
York-
River
Lowell
New Bedford.,
Springfield
Worcester.
_
Conn.—Hartford.
New Haven
R .1.—Providence
Second
N. Y.—Albany
631,605
3,067,576
1,401,768
8,924,803
3,026,572
8,830,900
8,414,457
18,533,191
1,003,246
1,088,465
Buffalo
28,400,000
27,700,000
Elmlra
669,503
480,488
Jamestown
601,412
650,775
New York
3,207,137,478 3,662,797,183
Rochester.
8,111,026
7,077,249
Syracuse
4,598,083
3,447,971
Conn.—Stamford
3,822,700
3,313,434
N. J.—Montclalr
455,363
500,000
__
Binghamton
+ 8.9
661,447
+ 5.2
+ 20.2
1,695,134
197,903,863
707,426
296,149
678,512
2,996,847
1,275,957
7,538,797
3,435,932
8,432,900
516,005
+ 7.3
226,138,969
13,155,398
807,857
27,771,467
455,881
593,337
9,408,002
+ 33.0
+ 1.5
+ 2.3
+ 27.6
+ 16.5
+ 26.5
+ 12.8
—54.6
—7.8
92,218
2,749,258
+ 51.8
+ 12.0
+0.2
2,270,967
Joseph....
2,856,818
636,938
799,797
30,148,635
2,439,686
2,476,925
91,266,391
2,957,311
582,599
551,596
Total (10 cities)
122,235,202
133,374,167
+ 2.5
+ 39.3
—7.6
—12.4
+ 5.5
—17.4
27,333,552
Total (12 cities)
3,307,965,596 3,774,813,488
—12.4
Third Federal
Reserve Dist rict
Pa.—Altoona
+ 14.6
+ 33.4
+ 15.4
—8.9
Chester
Lancaster
381,259
+ 60.2
a*300,000
301,307
1.168.597
338,000,000
1,167,627
2,316,171
a230,243
251,138
+ 20.0
+ 30.3
+ 13.8
N. J.—Trenton..
948,942
1.559.598
4,002,000
1,026,912
325,000,000
1,250,489
1,844,773
925,531
1,351,647
3,203,000
Total (9 cities).
350,074,998
335,234,749
+ 4.4
Philadelphia...
Reading.
Scranton.;
WIlkes-Barre.
York
440,242
1,121,613
227,510,440
618,203
305,349
706,552
3,047,668
2,501,335
St.
+ 4.0
—6.6
+ 25.6
+ 2.5
+ 15.4
+ 24.9
Eleventh Fede ral
Tex.—Austin
Ft. Worth
Ferer al Reserve D istrict—Clev eland
b
Cincinnati
b
....
b
2,086,261
1,373,704
994,066
5,898,000
326,887,372
43,839,983
+-50.7
47,899,464
37,276,730
Total (5 cities)
.
Wash.—Seattle
Ore.—Portland..
Utah—S. L. City
14,522,170
Calif.-L. Beach._
3,963,152
Pasadena..^._
3,638,525
6,023,024
120,292,000
2,133,488
1,300,678
2,043,792
133,443,560
1,969,217
+ 7.1
1,610,085
861,776
1,331,369
1,214,659
1,628,870
+ 25.5
1,158,677
1,000,628
223,509,883
227,830,968
—1.9
182,386,526
168,152,412
5,508,216,549 5,828,592,481
—5.5
5,725,136,439 5,755,631,496
Outside New York 2,301,079,071 2,165,795,298
+ 6.2
1,991,153,731 1,754,192,459
.
Sacramento
San Francisco
292,058
_
San Jose..
Santa Barbara.
Stockton
Total (12 cities)
total
1,463,981
1,193,375
2,295,500
277,120,635
b
121,724,978
3,073,853
19,185,980
+2.9
+22.9
112,123,142
+8.6
95,297,164
Dec.
15,493,242
1,001,291
.....
Macon
Fla.—Jacksonvlle
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
40,000,000
820,597
957,450
15,449,000
16,452,129
1,443,233
...
828,760
14,225,000
15,598,015
1,109,202
+30.1
b
VIcksburg..
185,269,688
b
97,081
2,277,000
25,086,928
719,720
%
2,385,303
571,523
Calgary
Victoria
Regina..
Brandon
Lethbridge
...
Saskatoon
Moose Jaw
Brantford
84,700,805
3,245,850
9,446,117
+22.0
29,100,000
883.082
+ 15.5
545,050
507,065
+8.6
11.388,000
7,635,922
+ 5.5
14,914,861
1,079,671
10,829,801
b
940,306
b
95,445
+2.4
116,245
81,955
30,198,223
24,031, :32
+25.7
23.294,^39
15,218,839
130,066,191
113,545,178
+ 14.6
102,980,907
492,923
449,793
+ 7.8
98,616,213
82,272,134
57,190,744
13,689,443
4,133,266
4,055,583
2,231,759
3,932,814
+ 5.6
New Westminster
...
1,424,960
2,345,821
3,628,603
2,875,796
291,228
347,915
1,126,132
375,783
+ 45.8
+ 30.0
—39.8
—3.5
+ 10.3
+ 13.8
—5.7
+ 16.3
+ 5.2
+ 5.6
+ 7.6
+ 15.9
+ 5.8
Sherbrooke.
Kitchener
Windsor.
605,702
+ 73.3
642,538
431,047
244,106
+ 35.9
478,607
—15.6
171,213
—0.2
621,426
600,413
2,608,414
Prince Albert
314,368
Moncton
648,818
536,648
Kingston
Chatham
Sarnia
Sudbury
502,862
548,309
947,913
633,938
612,312
1,131,585
2,511,856
337,737
712,495
519,711
431,065
558,980
842,790
334,305,621
+ 8.1
—16.6
Total (32 cities)
a
383,647,699
Not included in totals,
134,480,254
4,738,443
1,289,410
1,367,314
88,616,484
40,369,712
15,734,602
4,542,715
3,911,501
2,010,658
3,793,471
2,478,792
2,827,981
2,563,147
249,376
743,179
760,936
1,049,907
585,863
205,968
632,584
661,659
943,737
S
1,619,229
+ 7.9
+ 17.1
•
329,221
1,049,055
459,707
809,308
516,048
416,091
159,327
571,117
594,041
878,360
+ 3.3
932,265
2,093,814
254,897
679,528
517,080
+ 16.7
421,503
446,447
—1.9
447,475
1344,368
+ 12.5
780,128
622,370
+ 14.8
293,921,608
319.634,947
+ 3.8
—6.9
—8.9
77,888,937
1933
4,380,119
+ 22.6
+ 24.6
805,105
Peterborough
12,351,854
110,598,232
90,744,273
36,002,857
13,799,503
42,012,001
4,171,323
2,370,020
3,903,230
5,152,735
1,527,746
1,600,331
2,589,018
1,884,648
3,014,992
288,678
425,926
1,393,925
2,614,716
4,208,048
5,440,545
1,872,115
1,726,169
2,946,903
3,663,933
3,507,083
303,807
Hamilton
13,528,339
36,100,000
805,084
b
1,099,793
$
1,499,950
Winnipeg
42,991,737
97,770
Orleans
Total (10 cities)
79,100,773
a—
+2.9
+ 11.9
+ 14.8
3,393,330
3,010,808
3,301,627
102,134,700
1934
$
106,267,995
52,475,793
17,934,169
25,306,332
4,026,989
Medicine Hat
2,987,463
13,849,464
+8.3
1935
137,839,681
Fort William....
45,900,000
Nashville
Ga.—Atlanta
La.-New
—3.8
—9.9
3,388,427
101,290,745
$
Canada—
Edmonton
2,280,000
29,786,115
—27.5
10,790,794
2,445,337
2,705,075
Inc. or
London
158,791
825,888
46.946,771
15,399,599
Reserve Dist rict—Atlant
Tenn.—Knoxville
Augusta.
1,150,106
59,921,317
61,647,963
23,578,240
C.-Washingtn
Sixth Federal
29,433,775
1,106,117
Md.—Baltimore.
2,270,000
32,604,436
Richmond
S. C.-Charleston.
cities).
b
Reserve Dist rict —Richm ond—
+74.2
+ 10.4
+ 10.8
+ 23.7
1936
St. John
161,964
2,940,793
8,312,317
+ 23.1
'
Halifax
282,222
2,506,000
+ 13.9
20,513,113
4,582,000
270,199
18,356,829
9,158,016
Week Ended June 11
1,689,241
...
+ 3.4
11,797,955
3,480,254
27,740,176
8,508,000
536,667
21,350,767
Clearings al-
1,175,145
Va.-Hunt'ton
+ 45.2
25,539,331
1,186,964
1,822,465
Quebec
Fifth Federal
+ 17.5
+ 5.2
268,000,000
7,912,000
226,769,549
8,571,000
547,481
(110
cities)
1,305,255
+ 13.0
28,385,531
b
255,189
611,103
10,421,100
101,408,226
SCO—
345,294
1,316,195
+ 14.3
Franci
581,529
Yakima.,
17,356,900
b
b
,001,439,037
6,311,470
3,504,001
2,762,722
477,023
17,731,313
29,082,490
830,641
25,312,459
Mansfield
b
b
33,361,242
9,020,000
795,185
26,416,627
._
Spokane
Montreal
b
4,945,597
1,493,653
66,062,212
364,669
-
b
644,185
27,340,595
4,788,078
2,852,700
Grand
240,886
865,145
314,000,000
1,055,137
728,118
37,705,923
2,186,345
3,847,282,084 4,097,785,981
374,173
+4.7
+61.7
+-20.6
11,063,400
Columbus
Va.~Norfolk
92,447,378
2,491,000
Ottawa.
Total (6
1,118,644
32,819,040
5,643,607
6,805,423
1,616,000
Vancouver
241,178,377
111,319,829
+ 10.1
+80.2
55,909,926
272,500,162
442,937
—8.4
—31.7
40,657,748
Total (5 cities).
571,728
535,292
1,892,692
69,027,963
10,127,100
108,337,424
508,670
2,366,000
a705,607
45,031,115
123,784,094
+9.3
+45.0
2,896,077
a776,739
+ 9.8
+ 66.6
+0.8
Pa.—Pittsburgh.
59,953,983
—3.4
3,410,695
+3.9
b
2,665,235
73,422,187
2,935,920
District—Da Has—
1,170,997
Galveston
71,149,598
b
2,996,566
—12.0
Wichita Falls..
49,965,000
..
2,334,775
+ 1.0
La.—Shreveport.
51,897,619
78,145,354
Youngstown
26,158,889
1,687,913
22,530,468
1,653,829
1,098,212
9,415,179
Cleveland
D.
Reserve
53,059,097
Dallas
Toronto
Fourth
Ohio—Canton..
W.
80,302,232
—33.4
45,208
b
64,345
3,449,267
-Philad elphia
610,756
Bethlehem
._
Twelfth Feder al Reserve D istrict—San
17,815,017
31,409,715
18,792,645
25,959,683
Northern N. J.
V
259,140,794
+ 6.4
—23.3
,733,982,708
6,346,241
3,618,257
3,737,364
376,129
29,103,893
Newark
16,651,964
1,613,494
City
—14.3
30,199,401
1,625,223
Omaha..
1934
as
94,857
Pueblo.......
Dec.
637,397
Fall
•
106,909
Colo.—Col. Spgs.
Mass.—Boston..
1,734,266
497,745
3,077,855
Lincoln
Mo.—Kan. City.
1936
Portland
3,705,582
57,167,511
20,657,134
91,570
Wichita..
Clearings at—
Me.—Bangor
10.5
3,356,716
57,787,499
144,033
Hastings
Kan.—Topeka
Week Ended June 13
First Federal
—3.0
—
(
1,754,192,459
383,647,699'
32 cities
Reserve Dis trict—Minn eapolis
84,700,805
102,980,907
358,883,134
6th
b No clear ngs available.
* Estimated.
2,131,121
191,655
580,768
562,083
Volume 142
Financial
CHANGES
IN
NATIONAL
Chronicle
4121
NOTES
BANK
Per
We give below tables which show all the monthly changes
in National bank notes and in bonds and
legal tenders on
deposit therefor:,
Amount Bonds
National Bank Circulation Afloat on-
Total
$
b600,000
a383,415,980
a397,548,410
384,015,980
398,148,410
Mar. 31
1936.
b600,000
3412,859,760
413.459,760
29 1936.
b600,000
428,725,995
bOOO.OOO
Jan.
31
b600,000
3428,125,995
3445,407,210
Dec.
31 1935.
b600,000
8472,546,661
473,146,661
Nov. 30 1935.
Oct. 31 1935.
b600,000
498,690,117
b600,000
3498,090,117
a529.121.057
b600,000
1936.
3572,428,022
529,721,057
573.028,022
*900,000
600,000
618,311,862
618.911,862
2,351.260
13.984,735
220.605.430
735,754,750
244,006,952
550,975,223
749,739,485
769,095.645
794.982,175
8ept. 30 1935.
June 30 1935.
141.945,660
283,529,310
May 31 1935.
32,307,460
446,007,210
Federal
Reserve
bank
notes
548.490,215
outstanding June
1,
secured by
1936,
lawful money, against 82,380,123 on June 1, 1935.
a Includes
proceeds lor called bonds redeemed by Secretary of the Treasury,
b Secured by $600,000 U. S.
2% Consols 1930 deposited with U. S. Treasurer.
•
Includes $300,000 bonds which were on deposit although
circulating notes had
been retired by deposit of that amount of lawful money.
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits May 1 1936
and June 1 1936, and their increase or decrease during the
month of
May:
National Bank Notes—Total Afloat—
Amount afloat May 1, 1936.
$398,148,410
...
Net decrease during May
14,132,430
Amount of bank notes afloat June 1, 1936...
Legal Tender Notes—
$384,015,980
Amount deposited to redeem National bank notes May 1
Net amount of bank notes redeemed In May.
Amount
a
on
$397,548,410
14,132,430
deposit to redeem National bank notes June 1, 1936..
Includes proceeds for called bonds redeemed by Secretary of the Treasury.
June 30
June
22
June
18
25c
June
25c
June
June 20
June 20
25c
Fireproofing (quarterly)
7% cumulative preferred-(quarterly)
General Tire & Rubber Co., 6% pref. A
Gibson Art Co. (quarterly)
July
July
July
10c
SIM
$1 M
40c
Extra
10c
Gotham Silk Hosiery Co.,
h$ 1
DIVIDENDS
first
we
bring
current week.
we
show
the
grouped in two separate tables.
In the
together all the dividends announced the
Then
we
dividends
follow with
a
second table in which
previously announced, but which
have not yet been paid.
The dividends announced this week
are:
Name of
Share
Company
Abraham & Straus preferred (quar.)
SIM
■
Si
h$2
$2
2 June 19
June 29 June 22
July
SIM
July
July
Oct
SI .25
Dec.
SIM
(quar.)
July
July
20c
5c
Angostura-Wuppermann (quar.)
Arkansas Power & Light $6 preferred
SIM
SIM
$7 preferred
15
June 30 June 25
SI.25
American Screw Co. (quar.)
Art
1
20c
lUc
25c
Preferred
Payable of Record
50c
Alpha Portland Cement
Amalgamated Leather Cos., Inc., preferred
American Box Board (resumed)
American Dredging Co
American European Securities Co. preferred
American Optical Co. preferred (quar.)
Holders
Aug.
July
July 16 June 3U
1
July 25 July
1 June 19
July
Adams Express Co
American Hard Rubber 8% pref. (quar.)
American Mfg. Co. preferred (quar.)
Preferred (quar.)
When
1 June
16
1 June
15
1. Sept. 15
31 Dec. 15
1 June
1 June
13
18
June 30 June 23
July
July
1
June
15
1
June
15
Metal Construction
25c
June 30 June
22
Arundel Corp. (quar.)
Associated Real Estate Corp
Preferred (initial)
25c
1 June
July
1 June
July
1 June
July
1 June
July
July 15 July
1 June
July
1 June
July
2 June
July
2 June
July
1 June
July
1 June
July
1 July
Aug.
July 15 July
July 15 July
22
50c
S3
Atlantic Gas Light 6% preferred (quar.)
Atlas Tack Corp
SIM
...
Autoline Oil Co. (quar.)
Baxter Laundries Corp. preferred
75c
Bel ding Corticelli Ltd. (quar.)
Preferred
SI
(quar.)
SIM
Boston Herald Traveler Corp.
Extra
60c
(semi-ann.)
15c
Broadway Dept. Stores, Inc., 7% 1st pref.
Brooklyn-Manhattan Transit
Preferred (quar.)
Preferred (quar.)
___
*
Preferred
25c
20c
(quar.)
Preferred
(quar.)
Brooklyn Trust Co. (semi-ann.)
Burger Brewing preferred (quar.)
Canadian Light & Power (semi-ann.)
Canadian Eagle Oil
Canadian Westinghouse Ltd. (quar.)
Central Cold Storage (quar.)
Central Power & Light Co. (Mass.) 7% pref
6% preferred
City Investing Co. common
Preferred (quar.)
Cleveland Graphite Bronze Co
_
Special
SIM
75c
SIM
SIM
SIM
SIM
2%
SI
50c
50c
25c
87 Mc
75c
1%
1M%
25c
Columbus Ry.
SIM
SI %
Consolidated Mining & Smelting
Continental Insurance Co. (semi-ann.)
Continental Telep. Co. 7% pref. (quar.)
r50c
60c
SIM
SIM
6M % preferred (quar.)
De Beers Consol. Mining preferred
Dennison Mfg. Co. debenture stock
Dow
20
1
25
30
15
15
22
22
17
1
1
Oct.
15 Oct.
1
Jan.
15 Jan.
1
Apr.
July
July
July
15
Apr.
1
1 June
24
1 June 15
15 June 26
1 June
July
Aug. 15 Aug.
1 July
Aug.
1 July
Aug.
7 June
July
1 June
July
1 June
July
1 June
July
1 June
July
1 July
Aug.
July 15 June
July 10 June
1 June
July
1 June
July
19
5
15
15
29
26
25
25
15
15
30
30
15
15
20s
$2
SI
SI
Detroit Edison Co. (quar.)
Extra
Detroit Steel Products (resumed)
22
9d
25c
Power & Light 6% pref. (qu.)__
6M% preferred (quar.)
22
;
Drug Co
(quar.)
Preferred
25c
15c
SIM
Aug.
July
July
July
Aug.
July
July
1 July 20
15 June 30
15 June 30
10 June 30
15 Aug.
4
1 June 20
20 July
10
75c
June
25c
10c
Aug.
Aug.
July
July
Aug.
Sept.
July
July
July
July
Aug.
Sept.
87 Mc
June
Hibbard, Spencer, Bartlett & Co. (monthly)
10c
Extra.
30c
Monthly
Monthly
Houston
10c
Natural
Gas,
July
June
June
June
June
Oct.
Sept. 22
July
July
July
July
July
July
July
Aug.
Aug.
July
July
July
July
July
July
July
July
June
42c
International Business Machine (quar.)
Iowa Power &
Light, 7% preferred (quar.)
6% preferred (quarterly)
SIM
SIM
_
Kahn & Sons (initial)
Preferred (quarterly)
25c
Kelley Island Lime & Transportation (quar.)..
Kellogg Switchboard Supplies (quar.)
Preferred (quarterly)
Lehigh Portland Cement Co. common
Ludlum
Steel Co
MacAndrews & Forbes (quar.)
20c
10c
SIM
25c
25c
50c
Preferred (quar.)
Magin & Co. (quarterly)
Magma Copper Co
Marlin-Rockwell Corp
Maryland Fund, Inc
McKee (A. G.) Co., class B
(quarterly)
Class B (extra)
Mexican Eagle Oil
Minnesota Mining & Mfg. Co. (quar.)
SIM
18Mc
50c
50c
el 00%
25c
25c
25c
Montreal Light, Heat & Power Consol.
(quar.).
Montrea1 Tramways Co. (quar.)
5c
38c
$2 M
25c
50c
(Philip) & Co., Ltd., Inc
(J. K.) Leather Co..
Nash (A.) Co
National Biscuit Co. (quarterly)
Preferred (quarterly)
National Fire Insurance Co.
(quarterly)
Northern Securities Co
Ohio Brass Co., A & B (quarterly)
Preferred (quarterly)
Pacific Gas & Electric (quar.).
Packer Corp. (quar.)
Pa. Co. for Ins. on Lives & Granting Annuities._
Pennsylvania Salt Mfg. (quar.)
Extra
.J/_
(quar.)
$5 preferred (quar.)
7% preferred (quar.)
8% cumulative preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Randall Co. class A (quar.)
B
Rand Mines (interim)
Bros. Co. (quar.)
Schenly Distillers (initial)
Preferred (quar.)
(resumed)
(initial)
Stetson (J. B.) 8% cumul. preferredStroock (S.) & Co., Inc
Superheater Co. (quar.)
Superior Portland Cement pref. A
Swan & Finch Oil Corp. 6% pref
Tamblyn (G.) Ltd. (quar.)
Telautograph Corp. (quar.)
Torrington Co. (quar.)
Travelers Insurance Co. (quar.)
Twin State Gas <fc Electric, 7 % prior preferred.
United Securities, Ltd. (quar.)
Universal Leaf Tobacco Co., Inc.
(quar.)
15c
June
19
June 22
July
9
Aug. 31
July 31
June
22
June
22
June 30
June 30
June 30
June
30
July
10
June 26
June 30
June 30
June 30
June 20
June
17
June 30
June 30
July
June
1
20
June 20
June 20
June 18
Sept
Sept.
Sept.
Sept.
1
1
1
1
1
July
1
Aug.
1
Sept.
July 25
July 25
July
July
June 23
June 27
June 20
SIM
30c
June
60c
June
25c
41 2-3c June
15
June 26
June 30
July
July
3
3
June
22
June
16
June 20
June 20
July
July
50c
June
June 19
12Mc
July
July
July
h8 7Mc
June
June 22
SIM
July
Aug.
July
July
July
June 20
June
June 20
SIM
2M%
June
June 20
July
July
July
Aug.
Aug.
July
June 30
June 20
$2
27 Mc
15c
SI
_
Si M
75c
1
3
June 23
July
15
June
19
June 15
June 15
June 26
July
July
21
21
10c
(quar.)
Waltham Watch Co., class A (resumed)
6% preferred
6% preferred
Weinberger Drug Stores, Inc. (auar.)
Western Light & Telep. Co. preferred-Westinghouse Air Brake Corp
West Virginia Pulp & Paper Co. (quar.)
(quar.)
June
June 22
$2.24
/i$33 M
SIM
ft$2.43
July
July
Oc.t.
July
July
July
June 20
June 22
$6
30c
(resumed)...
Woodley Petroleum Co...
Young (J. S.) & Co. (quar.)__
Preferred (quar.)
June 20
Sept.
9
June 20
June 20
June
June 20
June 26
15c
July
July
July
July
July-
June 23
10c
June
June
19
July
July
June
19
June
19
1 M%
25c
10c
25c
75c
(quar.)
Williams (R. C.) & Co.
June
June 25
June 22
SIM
Co
23
SIM
4
1
19
June 20
50c
Common (extra)
Preferred (quar.)
Preferred
July
15 July
1 June
SIM
2%
United Gas & Electric Co. 5% pref. (s.-a.)
United Gas Public Service, $6 preferred
June 30 June
25c
June 30
25c
(quar.)
(quar.)
Prior preferred (quar.)
60c
20
June 20
July
SIM
Stearns (Frederick)
New $5 preferred
23
37Mc
June
Aug.
July
July
Aug.
Aug.
July
20c
June 30 June
Empire Trust Co. (quar.)
Fedders Manufacturing
Fidelity-Phenix Fire Ins. Co. of New York
Fishman (M. H.) Co. pref. A & B (quar.)
Fostoria Pressed Steel Corp. (quar.)
15
June
Extra
Stores
July
June 20
June 20
June 22
62 Mc
SI.43
Standard National Corp., preferred (quar.)
Standard Wholesale Phosphate & Acid Works..
Wieboldt
June 22
June 20a
,
Prior preferred.
SIM
SIM
June
July
July
July
75c
50c
July
Sept.
$2
Aug.
SI
25c
July
July
75c
July
$2
87 Mc
July
July
75c
68 Mc
July
Aug.
SI M
July
2%
July
25c
July
SIM
July
37 Mc
July
25c
40c
July
July
75c
$1- July
20c
July
15c
July
July
SIM
75c
July
50c
July
Sept.
60c
Sept.
SIM
Sept.
SIM
Sept.
$2
50c
July
50c
Aug.
Sept.
50c
50c
Aug.
75c
Aug.
75c
Seeman Bros., Inc., common (quar.)
20
S3
h$ 2
75c
Sharon Steel, $5 conv. pref. (initial)
Southern Counties Gas, 6% pref. (quar.)
Standard Cap & Seal Corp. (quar.)
SIM
12Mc
12Mc
25c
July
July
July
July
July
July
June
20
Electric Bond & Share $5 pref. (quar.)_._
$6 preferred (quar.)
$1*4
Scranton Lace Co
June 30 June
SIM
June 30
June 29
4s
Richman
June 30 June
Class B (quar.)
Class A (semi-ann.)
July 14
Aug.
8
June 30
June 30
75c
...
25c
Economy Grocery Stores
June 20
5%
Adjustable preferred (quar.)
North American Rayon Corp., class A & B____
Preferred (quar.)
Northern Central RR. (semi-ann.)
Northern Indiana Pub. Serv., 7% pref
6% preferred (quar.)
5M% preferred (quar.)...
Nortnern New York Utilities, pref. (quar.)
Preferred
June 20
Oct. 15 Sept. 11
Aug. 31'Aug. 14
l'June 18
July
July 15 June 30
June 29
Aug.
25c
(quarterly)
Niagara Wire Weaving Co. (quarterly)
Preferred (quarterly)
Niles-Bement-Pond Co. (resumed)
Vlchek Tool
15
June 20
June 271 June 22
50c
New York Trust Co.
Preferred
June
June 20
June 24
SI
(quar.)..
Neptune Meter Co., 8% cumulative preferred..
Pond Creek Pocahontas Co
Public Service Corp. of New Jersey
19
15
40c
SIM
National Fuel Gas Co
National Power & Light Co., $6 pref.
Philadelphia Co. common (quar.)
Pie Bakeries, Inc
7% preferred (quar.)
2d preferred (quar.)
19
lOd
___
Union Twist Drill Co.
18
15
June 22
June 22
20c
(quar.)___
Industrial Rayon (quarterly)
Inland Investors (quarterly)
Inter-Island Steam Navigation
Class
15
15
21
21
30c
preferred
25c
1 June 20
July
1 June 20
July
1 June 20
July
July 15 July
1
1 July
Aug.
6
1 July
Aug.
6
1 June 19
July
3 June 25
July
July 10 June 30
July 15 June 30
1
July
13
13
SIM
Driver Harris Co
25c
July
July
Great Lakes Steamship
(H. L.) Co. Inc. (quar.)_
Preferred (quar.).
Green
Early & Daniel Co__
Preferred (quar.)
Easy Washing Machine Corp. class A & B
Class A & B (extra)
Economical-Cunningham Drug Stores
June 20
June 20
June 30
June 18
Norfolk & Western Ry. (quar.)
Per
June 20
June 20
July
July
Aug.
Aug.
July
Morris
are
June 26
June 20
SIM
Mosser
Dividends
June
June 30
7% cumul. pref
7 % cumulative preferred (quarterly)
Great Lakes Power Co. pref. A (quar.)
Extra
a$383,415,980
Holders
June
General
'
Tenders
When
Payable of Record
July
July
July
25c
$1,125
General Electric
Legal
Bonds
May 31 1936.
Apr. 30 1936.
Aug. 31 1935.
31 1935.
Food Machinery Corp. (quar.)
Preferred (quar.)
Extra
tion for National
Bank Notes
July
Share
Fulton Trust Co. of New York (quar.)
Gair (Robert) Co. (quar.)
Garlock Packing Co. (quarterly)
on Deposit to
Secure Circula¬
Feb.
Name of Company
si:
June 30
June 17
June 26
Financial
4122
Below
June 20, 1936
Chronicle
give the dividends announced in previous weeks
we
and not yet
This list does not include dividends
paid.
nounced this week, these
being given in the preceding table.
of
Share
Company
75c
10c
Abbott Laboratories
(quar.)
June
12**c
8134c
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
Aug.
July
July
July
July
July
--
(initial)
6)4 % cumul. pref. (initial)
—
75c
Acme Steel Co. (quar.)
Extra
-
12^c
5c
Adams Royalty
(quarterly)
Addressograph-Multigraph Corp. (quar.)
Aetna Casualty Insurance (quar.)
Aetna Fire Insurance (quar.)
15c
50c
40c
15c
Aetna Life Insurance (quar.)
$15*
Agnew Surpass Shoe, pref. (quar.)
Ainsworth Manufacturing Co. (special)
Air Reduction Co., Inc. (quar.)
50c
,
/
Extra
25c
50c
—
3%
3%
Alabama Great Southern RR., ordinary—
Prcforrod
Alabama Power Co., $7 pref.
(quar.)
$1^
$15*
$6 preferred (quar.)
i$5 preferred (quar.)
Albany & Susquehanna RR.
(semi-ann.)
Allegheny & Western Ry. (semi-ann.)
Allied Laboratories (quar.)
15c
$3)4 convertible preferred (quar.)
Allied Products Corp., class A common (quar.).
Allied Stores, 5% pref. (quar.)
Allis-Chalmers Manufacturing Co. (quar.)
Aloe (A.
87?4c
43 Mc
$15*
25c
SIM
8734c
stock
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.)
Capital
43 Mc
7% pref__
50c
—
15c
$1M
$1M
July
13
June
13
June
13
July
15
June
15
June 20
(quar.)
".
6% preferred (quar.)
American Safety Razor (quar.)
American Smelting & Refining
•
First preferred (quarterly)-Second preferred (quarterly)
American Snuff (quarterly)
Preferred (quarterly)
American Steel Foundries, preferred
American Stores (quarterly)
American Sugar Refining, (quar.)
Preferred (quarterly)
American Superpower Corp., 1st pref, (quar.)__
American Surety Co
American Telephone & Telegraph (quar.)
American Thermos Bottle, pref. (quar.)
American Thread, preferred (semi-ann.)
American Tobacco Co., pref. (quar.)
&
Electric
.
$6 34 convertible preferred (quarterly)
Anglo Iranian Oil Co. Amer. dep. rec. ord. reg_.
Appalachian Electric Power Co., $7 pref
Apponaug Co. (quarterly)
Armour & Co. of Del., 7% preferred (quar.)
Armour & Co. of 111., $6 prior pref. (quar.)__.
7% preferred
Art Metal Works (quar.)
Asbestos Mfg. preferred (quar.)
Preferred (quar.).
Preferred (quar.
Associated Breweries of Canada (quar.).
Preferred (quarterly)
Associates Investment Co. (quar.)_._
1 June 20
1 June 15
1 June 20
1 Sept. 20
15 June 30
Sept. 30 Sept. 15
31 Dec. 15
June 30 June 16
June 20
July
Dec.
June
15
June
15
June
10
June
10
30 June 19
June 30 June 19
July
30 June 19
1 June 17a
June
30 June 15
July
July
1 June 19
1 June 12
June
30 June 11
June
30 June 10
1 June 20
1 June 15
15 June 15
15 June 15
-:ne
17
.iug.
Sept.
25
Dec.
1 Nov. 25
July
1 June 19
1 -Tune 16
5
IS. ',une
July
July 15
July
1 June 12
8
Aug.
1 July
July
1 June 15
July
1 June 15
July
1 June 13
Oct.
1 Sept. 12
July
1 Dec.
1 June
12
15
June 30 June 19
June 15
July
July
July
July
July
Sept. 16
June 20
June
20
June
15
June
13
Sept.
5
Dec.
16 Dec.
5
1 June
1 June
'8
June 30 June
10
30c
July
July
15 June 15
1
15 July
June
30 June
10
Aug. 31 Aug.
July 31 July
July 31 July
July
1 June
July
1 June
7
10
$15*
$15*
50c
$15*
75c
$134
50c
50c
8
10
11
11
June 30 June 15
July
1 June 15
June
5
Preferred
(quar.)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
(quar.)
(quar.)
(quar.) —
Boston Wharf Co. (semi-ann.)
Bower Roller Bearing (quarterly)
Brandywine Shares
—
Bralorne Mines (quarterly)
Brazilian Traction. Light & Power
Preferred (quarterly)
...
Brewer (C.) & Co. (monthly)
Bridgeport Brass Co. (quar.)
Bridgeport Gas Light Co
Bridgeport Machine Co., preferred (quar.)
Brillo Mfg. Co., Inc., common (quar.)
Class A (quar.)_
British American Oil Co. (quar.)
British American Tobacco, ordinary (interim)-_
British Columbia Elec. Ry., 5% pref. (quar.).
British Columbia Power, class A (quar.)___ —
British Columbia Rl., Pow. & Gas, 6% pref. (qu.)
British Columbia Telep., 6% 1st pref. (quar.)-.
6% preferred (quarterly)
Broad Street Investing Co. (quar.)
__
Brooklyn & Queens Transit, $6 preferred
Brooklyn Union Gas
—
Brunswick-Balke-Collender Co., pref, (quar.)..
Boston & Providence RR.
July
$2,125 July
July
Buffalo Niagara & Eastern Power,
1st preferred (quar.)
July
July
June
10
June
June
11
Aug.
July
20
35c
Nov.
Oct.
35c
Febl
Jan.
20
20
rl5c
June
June
15
July
June
15
June
June 20
r$lM
375*c
June 26
June
12
$1
June
June
20
Atlanta Gas Light Co., 6%
Atlantic & Ohio Teleg. Co.
$15*
$15*
July
July
July
July
July
July
July
July
June 20
$134
25c
125*c
80c
40c
$15*
June
16
June
15
June
15
1 June
12
1 June 20
1 June 18
25 July
1
1
5
15 June
2 June 15
June
20
June
15
June 15
June
16
June
5
June 30
June 20
June
16
July
17
June
15
June
15
June
1
June 20
June 20
June
20
June 30 June
16
June 30 June 16
July
1 June 15
1 July
2 June 11
15
1
June
15
Extra
California Water & Telep. Co. 6% pref. (qu.)
Camden & Burlington City Ry. (semi-ann.)
Camnbell, Wyant and Cannon, extra
Canada Bread, A preferred
—
Capital Administration Co., class A (quar.).—
Cariboo Gold Quartz Mining (quar.)
Carnation Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Carolina Power & Light Co., $7 preferred
-
Carolina Telephone & Telegraph
(quarterly)
Carreras, Ltd., Am. dep. rec., A and B
Carriers & General Corp. (quar.)
Carthage Mills, preferred A (quar.)
Preferred class B (quar.)
Case (J. I.) preferred
Preferred (quar.)
June
15
June
15
Central Illinois
June
15
6% preferred
Light. 7% preferred
15
June 30
June 30
June 20
June
15
25 June 30
June 30 June 23
June 30 June 23
July
July
July
July
July
July
—
Canfield Oil, preferred (quar.)Cannon Mills (quarterly)
15
June
July 15 June 15
2 June 15
July
1 June 26
Aug.
2 June 15
July
(quarterly)
A
June
July
—
Canada Packers
preferred (quar.)__
Canadian Foreign Investment (quarterly)
Preferred (quarterly)
Canadian General Electric (quar.)
Canadian Industries, Ltd., class A & B (quar.)
Class A & B (extra)
Preferred (quarterly)
Canadian Oil Cos., preferred (quar.)
10
June 15
6
June 26 June
July
2 June 15
-
Canada Northern Power
10
June
July
July
July
July
July
7% preferred (quar.)—
June
July
July
July
Calaveras Cement 7 % preferred
California Ink Co., Inc. (quar.)
June 20
July
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer., 7% cumul. prior pref.
7% cumul. 1st preferred
Contra! Aguirre Association (quar.).
Central Fire Insurance (semi-annual)
June 20
19
1 June 12
July
July
July
July
JulyJuly
Aug.
July
July
July
July
July
July
Preferred (quarterly)
$6 preferred
1 June
15
July
Calamba Su£ar Estate (quarterly)
Canadian Wirebound Boxes, class
17
1 June 15
31 July
July
10
15c
1
July
July
Aug.
June
35c
12
July
Aug.
July
July
July
11
12
June
June 30 June 15
$1M
$15*
h$15*
June
June
July
10
19
June 20
25 June 19
4
June 30 June
June 30 June 16
Building Products, class A & B (quar.)
Bullard Co. (resumed)
Bullock's, Inc., 7% preferred
Bulolo Gold Dredging.
Burco Inc. conv. pref. (quar.)
Burt (F. N.), Ltd. (quarterly)
June
June
June 20
June
pref. (quar.)
2
19
5
June 20
June 30 May 27
July 15 June 30
Extra.
15
1(5%
13
June
5
June
June 20
June 30 June
Bucyrus-Erie Co. 7% preferred
Bucyrus Monighan class A (quar.)
Budd Wheel, participating preferred (quar.).,
June
xw
June
June
June 30
Boston Storage Warehouse
June
15c
June 20
June 20
June 30 May 29
July
1 June 10
June
25c
Aug.
July
Bon Ami, class A (quar.)
Class B (quarterly)
Borg-Warner (quar.)
25c
$25*
June 20
June 20
(quarterly)
(quarterly)
July
July
July
July
July
i
$1M
75c
3
June 23
June 27 June
(quar.)
Bohn Aluminum & Brass
Preferred (quarterly)
$15*
June 15
July
Sept. 30 Sept. 25
Dec. 31 Dec. 24
Canadian Fairbanks Morse
15
June 20
June 15
Nov. 15 Nov. 11
June 31 June 25
15
15
June
15
12
12
Aug. 14 Aug. 11
---■
June
June
June 20
Preferred
(quar.)4
July
July
July
July
July
July
Aug.
July
10
June
June
June 30 June 20
5% preferred (quar.)
Boston Insurance Co.
June
June 30 June 18
June 30 June 20
...
Canadian Cottons Ltd.
5
June
June
Class B common
:
Birmingham Electric Co. $7 preferred
$6 preferred
Bishop Oil Corp. (quar.)—
Black & Decker preferred (quar.)
Bliss & Laughlin, Inc. (quar.)
10
June
June
Automatic Voting Machine (quar.)
Axton-Fisher, class A common (quar.)
Belding-Heminway (quar.)
of Canada (quar.)
Bell Telephone of Penna., 634% pref. (quar.)_.
Bethlehem Steel, 7% preferred (quarterly)
New 5% preferred (initial)
Bell Telephone
June
2
2
1
1
15
1
1
1
25c
Extra
Preferred (quar.)
May 29
July
July
July
July
July
July
July
July
$1M
$234
$234
preferred
(quar.)
Augusta & Savannah RR. Co
Belding-Corticelli, Ltd. (quar.)
Corp., com. (quar.)
7% cum. preferred (quar.)
(quar.)
Canada Southern Ry. (semi-annual)
_
Canadian Canners Ltd., 6% 1st pref
Canadian Celanese Ltd., common
7% cumulative participating preferred (quar.)
50c
$134
$15*
$25*
87 5*c
1234c
134%
7% preferred (quar.)
Atchison Topeka & Santa Fe, pref. (s-a.)_
Atlanta Birmingham & Coast RR., pref.
Atlantic City Fire Insurance (quarterly).
Extra
—
Bickford's, Inc.(quarterly)
Inc.,
Co.,
—
——
June 27
July
July
/i62 34c
American Republics
American Rolling Mill
$6 first preferred (quarterly)
Amoskeag Co., common
Preferred (semi-annual)
Anaconda Copper Mining Co
Anchor Cap Corp., common (quarterly)
Creek RR—
Extra-,
June 27
10c
__
Works
June 22
ft75c
Co., $6 pref
_
Water
June 30
$15*
7% preferred (quar.)
American
Beech-Nut Packing Co. (quar.)__
15
15
15
"
June
American Optical Co., 7% pref. (quar.)
American Paper Goods 7% pref. (quar.)
preferred.
Beech
15 June 30
July
20c
Products
8% preferred (quarterly)
$5
15
31 Dec. 15
June 30 June 15
Jan.
16a
15
July
July
July
„
19
June
June
Dec.
July
June
June
Bird Machine Co. (quarterly)
July
July
July
July
10
June 12
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
15
June
June
July
;
Preferred (quarterly)
19
75c
June 10
Beatrice Creamery
June
40c
May 29
May 29
July 10
July
July
Aug.
July
July
July
July
July
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)4
Bloomingdale Bros
$2
16
Bayuk Cigars, 1st preferred (quar.)
6
Bloch Bros. Tobacco
$15*
June
June 20
30 June 15
June 22
1 June
2 June 15
10 June 30
Sept. 30 Sept. 15
$334
6
June 20
1 June 15
6
June 30 June 15
iig
June
June 22
June 29 June 19
July 15 June 30
1 June
July
—
American Power & Light
1 June 20
10 June 22
July
Bangor Hydro-Electric
7% preferred (quar.)
6% preferred (quar.)
Bankers Trust Co. (quarterly)
Bank of New York & Trust Co. (quar.)
Bank of the Manhattan Co. (quar.)
Barcelona Traction, Light & Power
10 c
- —
American Machine & Metals
15
June
Oct.
8734c
534% preferred (initial)
58 l-3c
7% preferred
15*%
pre^ (quar.)
50c
American Capital Corp., $3 preferred
—
h%3M
American Chain, 7% preferred
$1
American Chicle (quar.)
$15*
American Cigar Co.. preferred (quarterly)
33 1-3 c
American Credit Indemnity Co. ofN.Y
$15*
American Crystal Sugar, 6% pref. (quar.)
15c
American Cyanamid Co., common A & B (quar.)
$1
American District Teleg., New Jersey (quar.) —
Preferred (quar.)
SIM
25c
American Enka Corp
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)—
$134
American Express (quarterly)
American Felt Co., 6% preferred (quar.)
$134
25c
American Fork & Hoe Co. (quarterly)
$134
6% preferred (quarterly)
-35c
American Gas & Electric Co. common (quar.)
Preferred (quar.)
$134
American Hair & Felt Co., 1st pref. (quar.)_-___
$134
$15*
2nd preferred (quarterly)
25c
American Hardware Corp. {quar.)
25c
Quarterly
25c
Quarterly
25c
American Hawaii&i Steamship (quarterly)
75c
American Hide & Leather, 6% pref. (quar.)
Home
15
June
50c
50c
Foundry
American Investors Co. of 111.,
June
30 June 15
July
July
July
American Can Co.,
American
June 20
June
Co., common
June
25c
Preferred (quar.).
June 20
Bangor & Aroostook RR.
Preferred
50c
American Bank Note
American Brake Shoo &
2
2
1
1
Baldwin-Duckworth Chain Corp. (quar.)
Bancamerica-Blair Corp
Bancohio Corp. (quarterly)
July
15c
—
30 June 20
Backstay Welt Co
Preferred (quarterly)
B-G Foods, Inc., 7% preferred
30c
S.), 7% preferred (quarterly)
Aluminum Co. of America (Pa.), 6% pref
Aluminum Goods Mfg. Co. capital stock
1 June 18
1 June 18
July
July
45c
—
Extra
Abraham & Straus, Inc
Acme Glove Works, Ltd.
Holders
When
Payable of Record
Payable of Record
July
July
July
July
July
Automobile Insurance (quar.)
Avon Genesee & Mt. Morris RR., 3)* % gtd—
Babcock & Wilcox
Per
Name
Holders
When
Per
Share
Name of Company
an¬
75c
$1M
£9
h3734c
$1M
50c
75c
234c
ii»
4$
7i$l 34
$2H
15%
5c
$1**
60c
fc$15*
$1M
$1.20
$15*
S3>*
37 34c
25c
SIM
$13*
July
July
July
July
July
2 June 13
2 June 13
15 June 30
1 June 15
1 June
1 June
15
13
31 June 30
31 June
15 June
30
30
1 June 20
1
June
15
June 30 June 20
June 18
July
June
15
June
July
July
July
6
June 20
Sept. 20
Jan2 '37 Dec. 20
June 12
July
June 12
July
July
1 June 24
Oct.
June 26 May 27
June 19
July
June 20
July
July
July
July
July
July
June
20
12
June
12
June
June 20
June
16
June 30 June
June
July
16
18
June 26 June 25
June 29
June
29
Volume
Financial
142
Per
Name of Company
Share
Central Hanover Bank & Trust Co. (quar.)
Central Maine Power, $6 preferred
Chronicle
4123
Per
Holders
When
Name of Company
Payable of Record
Share
July
Central Power Co. 7% preferred
June 17
June
10
Delaware Railroad Co (semi-annually)
De Long Hook & Eye (quarterly)
75c
July
July
June
16
Detroit Gray Iron Foundry
10c
June 20 June
June
10
Detroit Hillsdale & Southwestern RR
Detroit Hillsdale & South Western RR.;
July
July
June
June 22
Aug.
Centrifugal Pipe Corp. (quar.)
Quarterly
Champion Paper & Fibre, preferred (quarterly).
June
Aug.
Nov.
Central Tube Co. (monthly)
Central Western Public Service, preferred.
June 30
June
6% preferred,.
5
June 15
Devoe & Raynolds class A & B
Preferred (quar.)
June 30
15
5
Nov.
July
July
July
July
July
Diversified Investment Trust,
Chesebrough Mfg. Co. (quar.)
Extra
June
16
8
Dixie Vortex
8
June
8
June
5
5
__
Quarterly
Doehler Die Casting, $7 preferred
June 20
June
June 20
June
June 20
Dominion Coal, preferred
Chicago Junction Rys. & Union Stockyards—.
6% preferred (quarterly)
Chicago Towel, preferred (quarterly)
July
July
June 15
Dominion Glass (quarterly)
Preferred (quarterly)
June
June 20
Chickasha Cotton Oil
July
June
June
June
June
June
3
July
June
15
Chicago Flexible Shaft (quar.)
Extra
(special)
luar.)
lectric, 5% pref. (quar.)
Aug.
50c
50c
July
July
July
July
July
July
July
July
July
....
(semi-ann.)
Cocar-Cola International (quar.)
Class A (semi-ann.)._.
Colgate-Palmolive-Peet, preferred
Collective Trading, Inc., A
S3
(quar.)
33c
Colonial Ice Co. $7 preferred (quar.).__..
Preferred series B (quar.)
$15*
u&
Colonial Life Insurance Co. of America
Colt's Patent Fire Arms (quar.)
Columbia Broadcasting, class A & B (quar.)
Columbia Gas & Electric Corp.—
31c
6% cumul. preferred series A (quar.).
5% cumul. preferred (quarterly)
0% conv. cumul. preference (quar.)
Columbia Pictures Corp., common (quar.)
Commercial Credit (quarterly
r)
59*% preferred (quarterly).
$19*
$19*
Commercial Investment Trust common
690c
50c
Commercial National Bank & Trust (quar.)
Commercial Solvents Corp., com. (s.-a.)
Commonwealth Edison (quar.)
...—
Commonwealth Investment Co.
(quar.)
Commonwealth & Southern, S6 preferred
Confederation Life Association (quar.)
Quarterly
Quarterly
Connecticut Gas & Coke Securities, $3 pref
1
June 26
30c
$1
4c
$1
$1
$1
75c
20c
$3
$15*
$15*
(quarterly)
_
Consolidated Bakeries of Canada
20
20
20
18
10
June 30 June 10
June
5a
July
dil&
75c
Extra
June
June
July
Uuly
I
15
14
June
12
June 30 June
Aug.
Aug.
July
5a
5a
1 June 24
_
_
_
June 30 June 25
Sept. 30 Sept.25
Dec. 31 Dec. 25
June 15
July
July
Aug.
1 June 20
_
July
June 30 June
June 30 June
_
20c
July
2 June
15
15c
Consolidated Biscuit Co. (quarterly)
Consolidated Edison, $5 pref. (quar.)
June 23 June
16
$15*
Consolidated Film Industries, preferred
Consolidated Gas of Baltimore (quar.)
25c
90c
Preferred A
(quar.)
Consumer Gas Co. (Toronto) (quarterly)
Consumers Power Co.. $5 pref. (quar.)
6% preferred (quarterly)
6.6% preferred (quarterly)
7% preferred (quarterly)
6% preferred (monthly)
0.6% preferred (monthly)
Continental Assurance Co. (Chicago, 111.) (qu.)
Continental Baking Corn, preferred
Diamond
18
1 June 20
1 June 20
6
June 30 June
June 26 June 12
$1,065* July
July
July
—
Connecticut General Life Insurance
Connecticut & Passumpsic Rivers RR—...
Continental
5
June
1
June 30 June
„
Fibre Co
$15*
Aug.
July
July
July
July
July
$15*
$1.65
$19*
50c
55c
50c
1
$1
July
July
July
July
July
_
June 26
Quarterly
$1
$4
preferred (quarterly)
Courier Post, preferred (quarterly)
Cosmos Imperial Mills (quarterly)
Cream of Wheat (quarterly)
Crosley Radio
Crowell Publishing (quar.)
6%
$15*
$19*
$15*
50c
50c
Preferred
(quar.)
East Tennessee Teleg. Co. (s.-a.)
Ecuador Corp
7% preferred (quarterly),
Elder Mfg. Co. (quarterly)
Class A
Crown Cork International Corp. class A (quar.).
.......
Inc.
3c
25c
$19*
$2
(initial)
Endicott-Johnson
50c
129*c
Erie & Pittsburgh RR. Co. 7% gtd.
Oct.
5 Sept. 26
June 20 June
3
15
1 June
15
1 June
20
1 June
20
1 June
15
15
1 June 20
1 June
10
1 June
June
July
July
July
18
June 18
June
10
June 30 June 26
(quar.)
Sept. 10 Aug. 31
Dec.
Guaranteed
Sept.
betterment (quar.).
Guaranteed betterment (quar
Eureka Vacuum Cleaner (quarterly)
Aug. 31
Nov. 30
July
European & North American Ry. (semi-ann.)
Evans Products Co. (quar.)
Falconbridge Nickel Mines, Ltd
Family Loan Society, Inc. (quarterly)
$3 J* participating preferred (quarterly)
$3 9* participating preferred extra
Famise Corp., common class A (quar.),.
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)..
$5 preferred (quar.);
\).
$5 preferred (quar
Farmers & Traders Life Insurance (quar.)
June
15
Oct.
Sept. 14
July
June
19
June 25 June
4
July
July
July
July
June
13
June
13
June
13
July
June 15
June 20
June 30 June
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 10
July
Oct.
Sept. 10
Quarterly
(quarterly)
July
July
July
June 15
June 20
June 22
June 20 June 10
Fidelity & Guaranty Fire (semi-ann.)
Fifth Ave. Bank (quarterly)
July
July
July
Special.,
Fifth Ave. Bus Securities Corp.,
10 Nov. 30
Dec.
Federated Department Stores (quarterly)
Ferro Enamel (quar.)
15
1 June 10
June 29 June 20
7% guaranteed (quar.).
15
1 June
21
1 Nov. 21
1 June 15
June 30
Faultless Rubber
1 June
3
3
15
Dec.
Federal Motor Truck
15
15
20
26
July
July
Bearer
15
1 June
1 June 10
Oct.
1 Sept.
July 15 June
July 15 July
July 15 July
1 June
July
Sept. 1 Aug.
(quarterly)
15
1 June
July
July
1 June 24
June 30 June 20
1 Sept. 20
Oct.
New 5% preferred (initial)
Equitable Office Building Corp
Equity Trust Shares in America (reg.)
1 June 22
1 June 30
1 June 30
June 30 June
(quar.)
15
June 30 June 19
June 19
July
Sons (quarterly)
69*% preferred (quarterly)
Filene's (Wm.)
Finance Co. of Amer. at Bait., com. A & B
129*c
439*c
89*c
$29*
7% preferred
7% preferred, class A
Finance Co. of Penna. (quar.)
First Cleveland Corp., class A & B (quar.)
First National Bank (N. Y.) (quar.)
First National Bank in Yonkers (s.-a.)
First National Stores, (quarterly)
Preferred (quarterly)
First State Pawners Society (quar.)...
Florsheim Shoe, class A (quar.)...
15c
$25
4%
6§&°
July
July
July
July
July
July
July
July
July
July
July
July
6
6
6
June 20
June 20
June 15
June
8
June
4
June
4
June 30 June 20
July
1 June 10
Extra
July
July
July
July
July
(quarterly)
1 June 10
1 June 15
1 June 15
h$25*
6$ 19*
$19*
25c
25c
15c
25c
$1
125*c
125*c
$35*
50c
50c
50c
1 June
13
Fohs Oil Co. (initial)
Ford Motor Co. of Canada, cl.A&B
June 25 June 15
July 11 June 20
June 30 June
$2
(semi-annually)
Dentist's Supply Co. of New York (quar.)
Quarterly
....—...
Quarterly
7% preferred (quar.)
....
7% preferred (quar.)
7% preferred (quar.)
$19*
$1.44
...
25c
$2
Preferred
$19*
(quar.)
Elizabethtown Water Consol. (s.-a.),_
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
Ely & Walker Dry Goods, 7% pref (s.-a.)
6% pref. (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
Empire Safe Deposit Co. (quar.)
Emporium Capwell (semi-ann.).
Emsco Derrick & Equipment.....
Class B
Preferred
Extra
879*c
$19*
$39*
Extra
5c
Danahy-Faxon Stores (quar.)
Darby Petroleum
Davega Stores Corp. common (semi-annual)
Davenport Hosiery Mills (quar.)
Dayton & Michigan RR. Co., 8% pref. (quar.).
Deisel-Wemmer-Gilbert (quarterly)
"•i?8
Elizabethtown Consolidated Gas
13
20c
Dakota Central Telephone, 63*% pref. (quar.)_
__
(quarterly)
Electric Products Consolidated
13
Extra
Cuban Tobacco Co. preferred (quar.)
Curtis Publishing, 7% preferred
10c
$19*
30c
June 24 June
J.
(quar.)
Preferred (quar.)
$2
$19*
$19*
75c
June 24 June
—..
Crum & Foster (quar.)
75c
50c
$19*
50c
Crown Willamette Paper Co., 1st preferred
Crucible Steel of America, preferred
_
1st preferred (quarterly)
25c
Extra
$19*
20c
Extra
15
Nov. 30 Nov. 15
1 June 10
July
July
July
July
July
July
July
^60c
j,
Driver-Harris, preferred (quar.)
Duke Power Co. (quarterly)
Duplan Silk Corp. (semi-annual)
Preferred (quar.)
Du Pont de Nemours (E. I.). debenture (quar.),
Duquesne Light Co., 5% preferred (quar.)
Eagle Picher Lead Co
Preferred (quarterly)
Eastern Gas & Fuel Assoc., prior pref. (quar.),,
6% preferred (quar.)
Eastern Steamship Lines preferred (quar.)
Eastern Steel Products preferred (quar.)
Eastman Kodak (quar.)
1 June
1 June
July 31 July
6
1 June 15
July
Aug. 31 Aug. 15
20c
20c
Copperweld Steel (quar.)
Coronet Phosphate Co
Cott (C. B.) & Sons Co
Draper Corp. (quar.)
10
June 30 June 15
$19*
r$19*
$19*
Dow Chemical, preferred (quar.)
1 June
50c
preferred (quarterly)
Dominion Textile Co., Ltd. (quar.)
Preferred (quarterly)
1 June
1 June 10
June 30 June 10
July
ISM
1 June
25c
Continental Oil
Continental Steel,
1 June
75c
Conv. preference $49* series of 1935—
Conv. preference optional series of 1929
River Banking
1 June 12
1 June 12
Aug. 15 July
Aug. 15 July
Aug. 15 July
June
July
$1%
1 June 20
1 June 20
20 June 30
20 June 30
8
$15*
25c
"
Connecticut
July
15
8
1 June 20
1 June 10
38c
(quarterly)
1 Aug. 10
1 Nov. 10
Dec.
June 30 June 13
1 June 15
July
July
July
July
July
July
1 June
June 30 June
June 30 June 20
1 June 20
July
$19*
629*c
1
June 30 June
1 June 30
1 June 15
June 30 June 20
1 June 20
July
July
July
Sept.
Dec.
Electromast,
1 June 20
Oct.
1 Sept. 19
Jan 1*37 Dec. 19
...
1
1 June 12
1 June 12
10
June 30 June 20
July
July
1 June 15
Sept.
25c
31 July 21
1 June 18
July
$2
July
July
50c
10
July
July
(quar.)
Extra
June 25 June 20
(Washington),
20
Cincinnati Union Terminal Co.—
5% preferred (quar.)
5% preferred (quar.)
Citizens Water Co. (Washington, Pa.), 7% pref.
(quar.)
City Auto Stamping Co. (quarterly)..
City Ice & Fuel (quarterly)
Claude Neon Electric Products (quar.)
Clayton & Lambert Mfg
Clearfield & Mahoning RR. (s.-a.)
Cleveland Electric Illuminating (quar.)
Preferred (quarterly)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)—.
Registered guaranteed (quar.)
Climax Molybdenum (quar.)
Clinton Trust (N. Y.) (quar.)
Cluett. Peabody & Co., Inc., pref. (quar.),
Coca-Cola Bottling, class A (quar.)
Coca-Cola Co. (quar.)
50c
June 20
June 20
Electric Storage Battery Co., common (quar.).
Preferred (quar.)
1 July
24 June
June 24 June
(semi-ann.)
Cincinnati & Suburban Bell Telephone (quar.),
Cincinnati Union Stockyards (quar.)
$19*
873*c
(quar.)
7% preferred, $50 par (quarterly)
Dome Mines, Ltd. (quarterly)
June 20
June 20
1 June 20
1 June 15
10
1
June
Cincinnati Northern RR.
"8
19
June 20
1 June 10
July
2 June 15
July
2 June 15
July
2 June 15
July
July 15 June 30
Aug. 15 Aug.
1
July
1 May 29
July
1 June 20
July
1 June 15
Aug. 15 Aug.
3
July
1 June 19
July 25 July 10
July 15 June 15
1 June 15
July
1 June 15
July
1 June 15
July
1 June 10
July
1 June 19
July
1 June 15
July
1 June
5
July
1 June
0
July
0
1 June
July
1 June 10
July
1 June 10
July
1 June 10
July
1 June 20
July
1 June 20
July
1 June 20
July
1 June 15
July
1 June 15
July
1 Juine 20
July
1 June 20
July
June 15
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)
Cincinnati New Orl. & Texas Pacific Ry. (s.-a.)
Extra
%
62 He
35c
35c
^
_
June
June 20
June 20
373*c
June
Extra
Dec.
July
July
July
July
July
July
25c
(initial)
July
July
Chicago Daily News (semi-ann.)
Jan.
$19*
Class A, initial (quar.)
Doctor Pepper Co. (quar.)
6 June 20
July
$2
69*% preferred (quarterly)
6% preferred (semi-annual)___
Diamond State Telephone, 63*% pref. (quar.),,
June
15
10
$2
Diamond Shoe Corp. (quarterly)
June
June
June 20
50c
;
(quar.)
*
June
Preferred (semi-annual).
Class A
Holders
July
July
July
„
6% preferred
7% preferred
5% preferred
When
Payable of Record
16
Formica Insulation Co. (quar.)
July
July
Aug.
July
July
Aug.
July
June
10
July
July
June
2
10
10
June
10
July
15
Oct.
Sept. 25
July
July
July
July
June 15
June 15
15 July
6
15 July
6
June 30 June 20
July
July
Sept. 30 Sept.21
June 30 June 20
July
July
$15*
(quarterly)
preferred (quar.)
Ltd., 6% preferred (quar.)
& Malting
Partic. preferred
(quar.)
May 29
Fuller Brush Co. 7% pref. (quar.)
1
June 30
7% preferred (quar.)
Fundamental Investors
June 30 June 20
July 15 July
3
July
July
July
July
July
July
Fortney Oil Co.
Freeport Texas,
Freiman (A. J.)
Froedtert Grain
1
June 20
June 22
June 16
June 20
June 20
1 June 20
June 30 June 20
Sept. 30 Sept. 19
Dec. 21 Dec. 11
June 30
Sept. 30
.....
10a
Dec. 31
Fundamental Investment, Inc
Galland Mercentile Laundry (quar.)
Gannett Co., Inc., $6 conv. pref. (quar.)
June 24
June
12
June
12
General Alliance Corp—
June 30 June 23a
General American Investors, $6 pref
July
July
July
General American Transportation (s.-a.)
General Baking Co., preferred
1 June 19
June
12
1 June 20
General Electric of Gt. Britain, Ltd
Extra
General Mills, Inc., 6% cum. pref.
(quar.)
July
Aug.
General Motors Corp., pref. (quar.)
General Public Service Corp., $6 pref—
$59*
preferred
June 10
July
June 30 June
h$
6
10
June 30 June 15
4124
Financial
Per
Name of Company
Share
General Printing Ink Corp. common (quar.)__
Extra.
50c
50c
Preferred (quar
General Public Utilities, Inc., $5 pref. (qu.)
General Railway Signal
--
SIM
SIM
—>
—
25c
Preferred (quarterly)
SI M
General Refractories Co
General Telep. Corp., $3 conv. pref
General "Water Gas <fc Electric, S3 pref. (quar.)__
1 June
July
July
July
July
July
July
1 June 10
June 30 June
July
July
July
July
Aug.
75c
SIM
tm
1 June 15
1 June 15
1 July
1
June 30 June
40c
SIM
SIM
July
July
July
July
87 Mc
50c
July
50c
Oct.
50c
7% preferred (quar.)_
Globe Discount & Finance, 7% pref.
Globe Wernecke Co., pref. (quar.)
(quar.)_.
Preferred
(quarterly)
Preferred (quarterly)
Godchaux Sugars, Inc., class A (resumed)
S7 preferred
Goebel Brewing Co. (quar.)__—
50c
50c
SIM
5c
Extra
Gold & Stock Teleg. Co. (quar.)
Goldblatt Bros., Inc. (quar.)
10c
SIM
37Mc
Golden Cycle (quar.)
Extra
1
1 June 15
1 June 15
25c
—
17
1 June 17
1 June 17
1 June 20
1 June 10
75c
$5 preferred (quarterly)
Gillette Safety Razor Co., $5 pref. (quar.)
June
8
1 June 15
1 June 18
1 June 18
1 June 18
15 June 10
1 June 20
1 Sept.
20
Janl *37 Dec. 20
1 June 18
1 June 18
July
July
$1
62Mc
July
July
1
1 June
2 June 15
June 29 June
19
15c
June 30 June
June 20 June
19
5c
1
Granite City Steel Co. (quar.)
25c
June 30 June
16
Grant
35c
1 June
12
SIM
July
July
July
July
July
July
July
July
July
July
S100
June 30 June
SIM
$2M
3%
July
July
July
July
July
July
(W. T.) Co
Great Western Electro-Chemical pref. (quar.)__
Great Western Sugar (quar.)
Preferred
30c
60c
(quar.)
Green (Daniel) Co., pref. (quar.)
Greening (B.) Wire Co., 7% preferredGreenwich Water & Gas System 6% pref
SIM
SIM
...
M3 M
SIM
Greig Bros. Cooperage Corp., class A (quar.)__
Greyhound Corp. (initial)
Preferred A (quar.)
Group No. 1 Oil Corp. (quar.)
Guarantee Co. of N. Amer. (quar.)
50c
80c
Extra
Guaranty Trust Co. of New York (quar.)
Gulf Oil Corp
25c
Gulf Power Co.. $6 preferred (quar.)
Gulf States Steel, preferred
Hackensack Water Co.. class A pref. (quar.)_.
Halifax Fire Insurance Co. (N. S.) (s.-a.)
SIM
7i$3M
43 Mc
1 June 16
1 June 15
1 June 20
1 June 15
1 June 20
1 June 21
10
15 June 30
15 June 30
5
1 June
1 June 15
1 June 20
1 June 15
June 30 June
17
10
2Mc
SIM
July
July
July
July
2 June
1 June
1 June
1
17
h50c
July
1 June
15
SIM
July
1 June 15
45c
Quarterly
25c
Extra
Haloid Co.. preferred
Hamilton Cotton Co.. $2 conv. preferred
Hammermill Paper, 6% preferred (quar.)
Handley-Page, Ltd., Am. dep.
1 June 20
2 June 15
2 June 15
partic. pf__
Amer. dep. rec. partic. pref. (final)
xwl5%
Hanes (P. H.) Knitting Co., 7% pref. (quar.)__
SIM
Hanover Fire Insurance (N. Y.) (quar.)
40c
Harbauer Co
el0%
Harbison-Walker Refractories Co., pref. (quar.)
SIM
Harrisburg Gas Co., 7% preferred (quar.)
SIM
Hart-Carter, $2 convertible preferred
hU
June
rec.
—
—
•
17
9
June 29 June
July
July
July
July
July
July
9
1 June 20
1 June 17
1 June 17
6
15 June 30
1 June 15
20 July
Hartford & Connecticut Western RR.—
2% preferred (semi-annual)
Hartford Fire Insurance (quar.)
Hawaiian Agricultural (monthly)
Hawaiian Electric (monthly)
Hawaiian-Sumatra
-—
50c
Aug. 31 Aug. 20
July
1 June 15
20c
June 30 June
25
15c
June
15
10c
Plantations
Hazel-Atlas Glass Co. (quar.)
Heath (D. C.) & Co., 7% pref. (quar.)
Hercules Motors
Heller (W. E.) & Co. (quar.)
June 30 June 20
SIM
SIM
July
25c
43 Mc
SIM
SIM
SIM
S3M
Hercules Powder Co., common (quar.)
Hershey Creamery Co., 7% pref. (s.-a.)
Hibbard. Spencer. Bartlett & Co. (mo.)..
Hickok Oil, 7% preferred (quar.)
10c
Holland Furnace $5 conv. pref. (quar.)
Holmes (D. H.) Co. (quarterly)
Homestake Mining (monthly)
Extra
i
Home Telephone & Telegraph, 7% pref. (s.-a.)-_
Honolulu Plantation (monthly)
Hoover Ball Bearing Co. (quarterly)__
_
Horn & Hardart Baking (quarterly)
Hoskins Mfg. Co. (quar.)
20 June
1 June 17
July
10c
Preferred (quar.)
Helme (Geo. W.) Co., common (quar.)
Preferred (quar.)
SIM
SIM
June 30 June 27
1 June 19
June 30 June 20
June 30 June 20
July
1 June 10
July
June
July
1 June 10
25 June
12
1 June 20
June 26 June
16
1 June 24
$1
July
July
July
SI
June 25 June 20
$2
June 25 June 20
July
1 June 25
SIM
15c
15c
SIM
1 June 19
1 June 20
July
10 June 30
July
July
1 June 22
1 June 20
50c
June 26 June
11
25c
Extra
Houdaille Hershey, class A (quar.)
Class B (quarterly)
June 26 June
11
62 Mc
37Mc
Household Finance Corp., com. A & B
(quar.)_
Participating preference (quar.)
Howe Sound (quar.)
July
1 June 20
1 June 20
75c
July
July
15 June 30a
15 June 30a
87Mc
July
6% preferred (quarterly)
Hudson Bay Mining & Smelting
Humble Oil & Refining (quar.)
Huron & Erie Mtge. Corp. (London, Ont.)
Hutchinson Sugar Plantation (monthly)
Hygrade-Sylvania (quar.)
Preferred (quar.)
Ideal Cement (quarterly)
Extra
Ideal Financing Assoc. A
2 June 15
10c
July
5 June 30
50c
25c
July
July
July
July
1
1
1
1
12Mc
July
1 June 15
$2
50c
July
1
1
SIM
50c
(quar.)
$8 preferred (quar.)
$2 conv. preferred (quar.)
Illinois Bell Telephone (quar.)
$2
$2
Illinois Central RR. Co., leased line
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Imperial Tobacco of Canada, ordinary
Incorporated Investors (s.-a.)
Independent Pneumatic Tool (quarterly)
Indianapolis Power & Light, 6M % pref
Indianapolis Water, preferred A (quar,)
Ingersoll-Rand Co., preferred
Insurance Co. of North America (s.-a.)
International Business Machines Corp
S3M
S3M
S3M
rlM%
25c
SI
SIM
SIM
S3
$1
SIM
International Button Hole Machine (quar.)
20c
Extra
International Cement (quar.)
International Harvester (quar.)
10c
37Mc
30c
International Mining
15c
International Nickel Co
«.
(quarterly)
International Ocean Teleg. Co. (quar.)
International Power, 7% preferred
International Products Corp
International Salt Co
i
Interstate Hosiery Mills (quar J
30c
SIM
SIM
SIM
h$ 6
37Mc
International Shoe (quar.)
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
Extra
June 29 May 29
1
1 June
...
50c
S1.33«j
10c
2Mc
50c
July
July
July
__
.
Oct.
June 30 June 23
July
1 June 19
July
July
July
July
July
July
July
1 June
1
1
15
10
5
12a
June
8
June
June
30
June 20
1 June 15
1 June 15
June 30 June
11
15 June 20
June 20 May 29
July
June 30 June
2
2
Aug.
1 July
July
1 June 30
July
2 June 15
July 15 June 30
July
1 June 15a
July
1 June 15
July
1 June 15
5
July
1 June
5
July
1 June
Aug. 15 Aug.
1
50c
u
60c
15c
15c
15c
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
25c
10
June
18
June 18
June 15
June 15
June 20
June 20
15
July <2^1 June 10
1 June 10
July
1 June 10
July
July 15 July
1
1
July 15 July
6 June 25
July
July 15 June 23
1 June 16
July
1
July
July 15 July
T
June 22 June 13
June 30 June 20
Sept. 30 Sept. 20
Dec. 31 Dec. 21
June 15
June 15
July
July
July
July
July
July
June
15
June
15
June
15
June 20
June
July
20
June 20
July
June 15
July
July 28 July 10
June 30 June
fune
Kerr Lake Mines
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
Kings County Lighting Co., 7% pref., series B_
6% preferred, series C
5% preferred, series D
...
Common
Klein (D. Emil) (quarterly)
Extra
—
Koppers Gas & Coke preferred (quar.)
Kresge (S. S.) (quar.)
Preferred! quar.)
Kroehler Mfg. Co., class A preferred (quar.)
Class A preferred (quar.)
Class A preferred (quar.)
Kroger Grocery & Baking, 6% pref. (quar.)
7% preferred (quarterly)
Lackawanna RR. of N. J. 4% gtd. (quar.)__—
Lambert Co., com.
(quar.)
Landers, Frary & Clark (quarterly)
Quarterly
—
Quarterly
10
July
July
July
July
July
July
July
July
July
^9^Jifne 15
June
12
June
12
June
15
June
15
June
15
June
15
June 20
June 20
Tune 12
June 30 June 10
June 30 June 10
June 30 June 24
Sept. 30 Sept. 24
Dec. 31 Dec. 23
June 19
July
July
July
July
July
July
7
June
5
June
19
Oct.
Jan 1*37
Aug. 15 Aug.
5
Quarterly
Nov. 16 Nov.
5
Preferred (quarterly)
Preferred (quarterly i
Sept. 15 Sept.
5
Leath & Co
(quar.)
Dec.
„
new, preferred (quarterly)
Lehigh Portland Cement, 4% preferred (quar.)_
Lehman Corp. (quar.)
Libby. McNeil & Libby, preferred (semi-ann.).
Liggett & Myers Tobacco, pref. (quar.)
Lincoln National Life Insurance (quar.)
Quarterly
Link Belt, preferred (quarterly)..
Little Miami RR., spec. gtd. (quar.)
Special guaranteed (quarterly)
Original capital
Original capital
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
,
...
Extra.
...
Loomis-Sayles Mutual Fund (quar.)
Extra
London Tin Corp.
7M_% partic. pref. (s.-an.)-_z
Amer. dep. rec. for
Lorillard
15 Dec.
July
July
July
July
July
Aug.
June
15
June
13
7 M % partic. pref
(P.) (quarterly)
Preferred (quarterly)
Loudon Packing Co.
(quarterly)...
Louisville Gas & Electric Co. (Del.)—
Class A and B common (quar.)
Lunkenheimer Co., preferred (quar.)
June 25
June
19
June
25
Oct.
Nov.
10
July
27
June 15
July
Sept. 10 Aug. 25
Dec.
10 Nov. 25
Sept.10 Aug. 25
Dec.
10 Nov. 25
July
1 July
1
Oct.
1 Oct.
1
Jan2 '37 Dec.
31
June 30 June 12
x
June 25 June
_
1
2
July
2 June
Aug. 15 July 15
June 30 June
15
Aug.
July
July
July
Aug.
July
15
July
June
15
June
15
June
23
July
17
June
18a
Oct.
Sept.18
July
July
July
July
June
17
June
15
June
15
June
16
June 25 May 29
June 20
July
1
Oct.
1
(quar.),
Jan .2*37
(quar..
\)
July
1
Lykens Valley RR. & Coal (semi-ann.)
July
1
Lynchburg & Abingdon Teleg. (s.-a.)
Macfadden Publications, preferred
July 15
Mack Trucks, Inc..
June 30
Magnin (1.) & Co., $6 preferred (quar.)
Aug. 15
-Nov. 15
$6 preferred (quar.)
Aug.
1
Mahoning Coal RR. (quar.)
Preferred (semi-annual)
SIM
July
;
Mahon (R. C.) & Co
50c
July
new preferred fquar.)_„»
Manischewitz (B) & Co., 7% pref. (quar.)
July
SIM
Manufacturers Trust (quar.)
25c
July
25c
Special
July
Manufacturers Finance (Balto.) 7 % pref
21 Mc
July
50c
July
Mapes Consolidated Mfg. Co. (quar.)
Marconi Wireless Teleg., ordinary..
*to4M%
Marine Midland Corp. (quar.)
10c
July
Marsh (M.) & Son (quar.)
40c
July
June 25
Mascot Oil (quar.)
lc
Preferred
Preferred
.
5
Aug. 15 July 30
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
_
6% preferred (quarterly)
6M% preferred (quarterly)
Long Island Lighting Co., 7% pref., series A._
6% preferred, series B
Long Island Safe Deposit Co. (s.-a.)
Loose-Wiles Biscuit Co., common
5% preferred (quarterly)
5% preferred (quarterly)
Lord & Taylor (quarterly)
12
$1
50c
SIM
12
June
1 June 15
1 June 25
5
1 June
June 30 May 29
July 15 June 25
15
June 30 June
June 30 June
SIM
SIM
SIM
June
JuneM2
July
July
July
Keith-Albee-Orpheum, 7% preferred
Sugar Co. (monthly)
Kelvinator Corp. (quar.)
Kennecott Copper Corp
Kentucky Utilities, pref. (quar.)
Kekaha
15
31
June 20
June 29 June 20
June 12
July
July
July
July
July
July
July
July
July
July
SIM
-
6
June 20
June 20
50c
_
Vegetable Parchment Co. (quar.)..
Quarterly
Quarterly
Kansas City Power & Light Co., 1st pref. B—
Kansas Electric Power, 7% pref. (quar.)
6% preferred (quarterly)
Kansas Gas & Electric, 7% preferred (quar.)__
6% preferred (quar.)
Kansas Power Co., $6 pref. (quar.)
$7 preferred (quarterly)
Kansas Utilities Co., 7% pref. (quar.)
Katz Drug Co.. preferred (quarterly)—
Kaufmann Dept. Stores (quar.)
10
Jan2 '37 Dec.
18
20c
Kalamazoo
June
1 June 11
1 June 30
1 Sept. 30
June
e50%
June
June 30 June 20
5
July
July
July
July
SIM
SIM
June
15
Nov.
50c
Lone Star Gas..
June
15
Aug.
SIM
10
15
6
Dec.
15c
June
June
July
Sept.
SIM
Kalamazoo Stove
Landis Machine Co.
June 15
June 30 June
37 Mc
Loew's, Inc. (quar.)
July
July
SI M
imc
SI M
SIM
SIM
$6 Ms cum. preferred (quar.)
Lomis-Sayles Second Fund (quar.)
25c
June 30
June 20
SIM
SIM
—
June 30 June 22
r50c
July
July
July
July
25c
—
June 30 June 20
SIM
-
Sept. 15
25c
(initial)
Jefferson Electric (quarterly)
Jersey Central Power & Light, 7 % pref. (quar.)
6% preferred (duar.)_
5M% preferred (quar.)
Jewel Tea Co., Inc. (quar.)
Special
Joliet & Chicago RR. (quar.)
Johns-Manville Corp., common
7% cumulative preferred (quarterly)
Johnson Publishing, 8% preferred
Julian & Kokenge (semi-ann.)
June 30 June 22
June 30 June 20
Oct.
25c
Common
50c
pref. (quar.)_-_
—-
„
SIM
SIM
75c
Extra
Howes Bros. Co., 7% 1st & 2nd
Preferred
SI
1
July
53
6M % preferred
7% preferred
Irving Trust Co. (quarterly)
Island Creek Coal Co., common (quar.)
Preferred
June 15
June 15
40c
preferred
(quar.)
Sept. 15 Sept.
60c
preferred (quarterly)
Preferred
July
82
12
Jeannette Glass Co. 7% pref. (quar.)
75c
Grand Rapids Varnish Corp
Grand Valley Brewing Co
1st $6
Holders
28c
2nd $7 preferred (quarterly)
9
1 June 30
1 June 10
$1.60
—
Royalty (quarterly)
Intertype Corp., common
1st preferred (quar.)
1st preferred (quar.)
»;
2d preferred (quar.)
Investment Co. of Amer. (quar.)
Investment Fund, Ltd., 6% conv. pref
Investors Corp. of R. I., $6 pref. (quar.)
Investors Royalty—
Iron Fireman Mfg. (quar.)
Quarterly
Irving Air Chute (quar.)
Iowa Public Service Co., 1st $7 pref. (quar.)
1st $6 Ms preferred (quarterly)
Iowa Southern Utilities Co., 6%
When
Payable of Record
25c
Interstate
Jamaica Public Service (quar.)
Preferred (quar.)__
40c
Goodyear Tire & Rubber, 1st pref. (quar.)
Goodyear Tire & Rubber Co. (Can.) (quar.)__
Gorton-Pew Fisheries (quar.)
Per
Share
Name of Company
9
June 30 June
June 30 June
July
July
June 20, 1936
Holders
Payable of Record
50c
Georgia Power Co., $6 preferred (quar.)
Common (quarterly)
Glens Falls Insurance (quar.)
Glidden Co. (quar.)
Prior preferred (quar.)
When
Chronicle
Sept. 21
Dec.
21
June
15
June
15
June 30
June
15
Aug.
Nov.
July
1
I
15
June 22
June 30
June 20
June
15
June
15
June 30
June 22
June
12
June 20
June
15
Volume
142
Financial
Per
Name of
Company
Mathieson Alkali Works
Preferred (quarterly)
Share
(quarterly)
37 He
$13*
Maui Agricultural Co.
(quar.)__
May Department Stores (quar.)
Maytag Co.. $6 1st preferred
30c
50c
(quarterly),
McBryde Sugar Co_
McClatchy [Newspapers, 7% pref.
(quar.)—
7% preferred (quarterly)
McColl Frontenac Oil,
preferred (quar.)
McKeesport
SI 34
15c
43 3*c
43 3* c
McQuay Norris (quar.)
Mead Johnson Co.
(quar.)
—
Extra
Preferred (semi-ann.)
Memphis Natural Gas Co., $7 pref.
(qu.)
Memphis Power & Light, $7 pref.
(quar.)
-
--
$6 preferred (quarterly)
Merchants Bank, New York
(quar.)
Extra
Merchants & Miners
Merck & Co.
(quar.)
preferred (quar.)
cumulative preferred
(quar.).
$5 cumulative preferred
(quar
Middlesex
Water,
preferred
(semi-ann.)
Midco Oil Corp.
(quar.)
Midland Grocery Co., 6%
pref. (s.-a.)
Midvale Co
Milwaukee Electric Ry. &
Light Co
6% preferred (quar.)
Midland Steel Products
(quar.)
8% preferred (quar.)
$2 non-cum. preferred
(quar.)
Minneapolis Gas Light Co., 5% partic. unit
Minneapolis-Honeywell Regulator—
6% preferred (quarterly)
Minnesota Power & Light $7
preferred
$7 preferred (quar.)__
June
June 20
June
June
Aug.
Aug. 31
Aug. 15
July 15
30
June
16
June
20
June
15
June
15
June
15
June
20
June
16
June
15
June
15
Aug.
May
May
May
May
May
May
June
23
Preferred (quarterly)
Ottawa Light, Heat & Power
June
16
July
15
June
20
June
20
June 20
20
June
20
11
1 June
11
Vernon-Woodby Mills, 7% preferred
Munsingwear. Inc
Murray Ohio Mfg. Corp.
(resumed)
Murphy (G. C.). 5% preferred
(quar.)
Muskegon Piston Ring
Extra
1 June
11
30c
25c
25c
Mutual Chemical Co. of
Amer., 6% pref. (qu.).
6% preferred (quarterly)
6% preferred (quarterly
Mutual System, Inc., common
(quar.)
8% cumulative preferred (quar.)
Mutual Telep. Co. (Hawaii)
(monthly)
Myers (F. E.) & Bros, (quarterly)
Extra
Nashua Gummed & Coated
7% preferred (quar.)
50c
8c
50c
tlX
75c
55c
40c
25c
r50c
r44c
National Can Co., Inc., common
(quar.)
National Candy Co. (quar.).._—
$1
25c
First and second preferred
(quar.)
National Cash Register Co
National Casket Co.. preferred
15
15
13
2 June
10
1 July
1 Oct.
1
1
5
1 June
1 Aug 27
1 Nov. 26
2 June 15
June
15a
July
July
July
June
15
June 25
June
22
June 30 May 29
June 30 May 29
27
June
18
Sept. 28 Sept. 17
Dec.
28 Dec.
July
July
15 May 29
15 June 30
17
June 20 June 10
June 30 June 15
June 30 June 15
1st preferred
(quarterly)
(quarterly)
—
15 Jims 17
15 June 30
2 June 15
2 June 15
June 15
June
12
June
July
July
June'
June
3
June 3(
June
18
July
July
June
13
June
13
June 3
June
12
Aug.
July
July
July
July
July
July
Aug.
Aug.
July
July
July
[July 17
12Hc
tlX
(quarterly)
National Standard (quar.)
Extra
National Sugar Refining Co. of
N. J
Natomas Co. (quarterly)
-—-—--
62Hc
25c
50c
20c
Nehi Corp. $53* first preferred
Newberry (J. J.) (quar.)
Newberry (J. J.) Realty Co., 6H% pref. A
(qu.)
6% preferred B (quarterly)
New England Gas &
Electric, $5H preferred.—
New England Power, $2
preferred (quar.)
6% preferred (quar.)
New England Telephone &
Telegraph
—
New Haven Water Co.
(semi-annual)
tlX
25c
National Lead, new, initial
(quar.)..
(quar.)
—
Jersey Power & Light, $6 pref. (quar.)
preferred (quarterly)
Ner Jersey Water Co.,
7% pref. (quar.)
Newport Electric Corp., 6% preferred (quar.)
New York & Hanseatic
Corp. (quar.)
New York & Harlem RR.
(semi-ann.)
Preferred (semi-annual)
—
—
New York Lackawanna & Western
Ry.—
5% guaranteed (quarterly)
New York Mutual Telegraph Co.
(s.-a.)
New York Steam, $7 pref.
—
(quar.)
$6 preferred (quarterly)
New York
Telep. Co., 6H % Pref. (quar.)
Transportation Co. (quar.)
Niagara Alkali Corp., 7% pref. (quar.)
Niagara Share Corp., B_Preferred (quarterly)
Nineteen Hundred Corp., class A
(quar.)
Class A (quar.)
Noblitt-Sparks Industries (quar.)
New York
-
-
Nor and a Mines
North American Co., common
1 June 24
1 June 15
1 June 19a
June 12
1
June 30
15
3
June 15
June 15
June
1
June 15
June 15
June 16
July
(July
June
16
16
4
June 10
June 10
June 3(
June 10
July
July
July
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
Aug.
15
May 29
May 29
June 30
June
1
15
|July 10
June 15
June 15
June 12
June 30
June 15
(June 15
15 June 20
15 June 29
June
12
15 June 22
June 15
15 July 31
Nov. 14 Oct. 31
June 20
July
June 30 June 10
July
June 15
July
June 15
Peninsular
$1H
75c
10c
$15*
50c
40c
Parker^en (quar.)
Pathe Film Corp., $7 conv.
pref.
June 3
50c
—
Pahang Rubber Co. (initial)
Panama Power & Light,
7% pref. (quar.)
Paraffine Cos.
(quarterly)
Parke Davis & Co
13
July
tlX
Stamping Co
15c
r75c
1 June
15 June 30
June 30 June 12
July
$1H
$1H
1 June
15 June 12
1 June 19
2 June 10
30c
(quar.).
2c
Page-Hershey Tube, Ltd. (quarterly)
tlX
12Hc
tlX
National Dairy Products
(quar.)
Preferred A & B (quar.)
National Enameling &
30c
Lighting, $6 preferred (quarterly)
Pacific Southern
Investment, Inc., $3 pref. (qu.)
Pacific Telephone &
Telegraph (quar.)
i—
Preferred (quarterly)
16
1 June
Sept.
Dec.
July
July
July
July
July
July
July
July
July
20c
Packard Motor Car
2 June
30c
163*c
17 He
15
1
nx
tlx
10c
—
—
July
June
—
50c
(Del.) (quar.)
2 June
15
25c
(quar.).
$1X
Telegraph Co
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Penney (J. C.) Co., common,
|
-
—
Preferred (quarterly)
Peoples Collateral Corp., 8% pref.
(semi-ann.)_
7% preferred (semi-annually)
Peoples Drug Stores (quar.)
Peoples Natural Gas, 5% preferred (quar.)
Peoria Water Works, 7%
preferred (quar.)
Perfect Circle
(quarterly)
Peterborough RR. Co. (semi-annually)
(quarterly)
Pfieffer Brewing Co. (quar.)
Philadelphia Baltimore & Washington
Philadelphia Co., $6 cumulative pref. (quar.)-.
Pet Milk
$5 cumulative preferred
(quarterly)
Phila. Electric Power, 8% cum.
Preferred (quarterly)
Phoenix Insurance (quar.)
Phoenix Securities Corp., pref.
1 June 15
June 25 June 16
1 June 15
June 27 June 10
June 30 June 19
July
Sept.
1 Aug. 15
July
1 June 22
July
1 June 15
Aug. 15 Aug.
5
5
tlX
tlx
55c
55c
55c
tlX
tlX
tlX
tlx
12Hc
$1
tlX
$2
tlX
25c
62 He
tlX
50c
July
July
July
Aug.
Sept.
Sept.
July
July
July
July
July
July
June 20
June
15
June 20
July 20
Aug. 20
Aug. 20
June 15
June 15
Tune 15
June
15
June 15
June 15
June 30 June 20
June 30 June 20
July
July
July
July
June
8
June 15
June 20
June 17
$ IX
Oct.
Sept. 25
25c
30c
July
July
June 10
June 20
$1H
$1H
tlX
June 30 June 15
June
1
July
June
1
June 10
Aug. 12a
June 30
June 15
June 30
Sept. 30
(quar.)
Jan. 10*37 Dec. 31
50c
July
July
75c
5c
(quar.)
r20c
_
Pittsburgh Bessemer & Lake Erie (semi-ann.)__
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly.
—— — —
—
—
July
July
Oct.
Sept. 15
July
June 10
Oct.
Sept. 10
10
June 10
Oct.
Sept. 10
Jan 5*37 Dec. 10
July
Aug.
July
Sept.
June 26
June 10
Aug. 20
Dec.
Nov. 20
July
Juen 15
June 30 June
July
July
July
July
July
July
July
July
July
July
July
Mining (quarterly)
Extra
(quar.)
Properties (A. P. W.), Inc., class B
Providence Washington Insurance
(quar.)
Providence & Worcester RR.
(quarterly)
12
June 15
June 18
June 15
June 15
15 June 30
15 June 30
1 June 15
15 June 12
15 June 12
1 June 15
15 June 25
Oct.
Mar. 31
June 26 June 11
Prudential Investors, $6 preferred
(quar.)
Publication Corp., original pref.
(quarterly)-
#13*
Public National Bank & Trust
(quar.)
Public Service Co. of Colorado, 7%
37 He
pref. (mo.). 58 l-3c
50c
41 2-3 c
(quar.)
May 30
June 15
Jan 2'37 Dec.
—
Pratt & Lambert (quar.)
common
June 30 June 16
75c
-
Pressed Metals of America
Procter & Gamble Co.. 8% preferred
June 15
June 10
15c
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh & Lake Erie RR. (semi-ann.)
Pittsburgh Plate Glass (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)
Plymouth Fund, special
Plymouth Oil (resumed).
Ponce Electric Co., 7% preferred
(quar.)
Pond Creek Pocanontas Co.
(quar.)
Porto Rico Power Co., preferred
(quar.)
Powdrell & Alexander, preferied
(quarterly)..
Power Corp. of Canada Ltd.,
6% cum. pref.6% non-cum. partic. preferred
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J.
8% cum. pref. (quar.).
7% cum. pref. (quar
$5 cum. pref. (quar.)
6% cum. pref. (monthly)
15 June 30
1 June
6a
July
50c
Pickle Crow Gold Mines
Pioneer Gold Mines of British
Col.
Pioneer Mill Co. (monthly).
iiiuiuwsrijrj--
June 20
June 30 June 20
July
July
—
Premier Gold
June 15
June 20
June 15
June 15 '
June 20 June 10
July
pref
50c
July
Philadelphia Suburban Water Co.. pref. (quar.).
$1H Sept.
Philadelphia & Trenton (quarterly)
$2H July
Phillips Packing Co., Inc., 53*% pref.
(quar.)
$1,313* July
Phoenix Finance Corp..
8% pref. (qu.)
50c
July
Preferred (quarterly)
50c
Oct.
yioiDiiou
June 15
June 15
Nov. 16 Nov.
Penna.
-/q
June 15
June 16
June 15
Feb. 15 Feb.
5
June 30 June 20
July
1 June 10
(quar.)
Central Light & Power, $5
pref. (quar.).
Pennsylvania Gas & Elec. Corp. (Del.)—
7% and $7 preferred (quar.)
Pennsylvania Glass & Sand $7 conv. pref.
(qu.)_
Pennsy1 van! a Power Co.. $6.60 pref.
(monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6 preferred (quarterly)
Pennsylvania Power & Light, $5
pref. (quar.)
$6 preferred (quarterly)
$7 preferred (quarterly)
Pennsylvania Valley Crude Oil, class A
Pennsylvania Water & Power Co., common—
i
June 15
June 15
June 3(
50c
20
Paper Co.-
National Bond & Share
Corp
National Breweries
(quarterly)
Preferred (quarterly).
•iE
25c
Nassau & Suffolk Lighting Co..
7% preferred
National Battery Co. preferred
(quar.)
National Biscuit (quarterly)
Preferred (quar.)
$1H
tlX
Co., Ltd. (quar.)
1 June
1 June
2 June 15
June 15
June 15
July 15 June 26
July 15 June 26
2 June 15
July
2 June 15
July
2 June 15
July
6 June 30
July
June 15
July
June 15
July
Aug.
July 15
Aug.
July 15
Aug.
July 15
June 15
July
June 15
July
July 15 June 30
1 June 15
July
$ IX
1 June
1 June
15
2 June 20
15c
Indemnity Co
11
July
July
%\X
(quarterly).--
Pacific
June 30 June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
25c
Preferred A (quar.)
Preferred O (quar.)
Preferred D (quar.)
1 June
June 30 June 20
50c
$2
20c
—
Pacific Investors
July
h$2X
$2
15c
Pacific
Jn.2'37 •Tn.2'37
$2
50c
(monthly)
11
15
June 16
June 30 June 15
June 30 June 15
July
58 l-3c
50c
Pacific & Atlantic
Tlegraph Co. (s.-a.)
Pacific Finance Corp. of Calif.
11
June
41 2-3c
-
Preferred (quar.)
Ottawa Traction Co., Ltd.
(quar.)
Paauhau Sugar Plantation
1 June
50c
(quar.)
Mfg. (quar.)
(quar.)
1 June
30c
....
(semi-annual)
Mountain States Telep. &
Teleg.
Mount
—
—
Otis Elevator
June
$2H
Ontario
July
July
tlx
tlx
$1.65
tlX
$1.80
$2H
(quar.)
1
Nov. 15
t IX
tlx
$2
(quar.)
20
Nov. 21
Aug. 15
Dec.
50c
Omnibus Corp., preferred
(quarterly)
Onomea Sugar Co.
(monthly)
Ontario Loan & Debenture
Co.
20
Dec.
Sept.
25c
Ohio Service
Holding Corp., prefOld Colony Insurance
(quar.)
Old Colony Trust Assoc.
1 June 20
July
2 June 15
July
July 25 June 30
July 25 June 30
1 June 12
July
Sept
Aug. 22
tlx
2d preferred (quar.)
Aug.
June
SI
—
$1
$1
15 June 30
July
tlX
tlx
Ogilvie Flour Mills Co. (quar.)
Co., $5 preferred (quarterly)
86 preferred
(quarterly)
$6.60 preferred
(quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Ohio & Mississippi
Telegraph Co
Ohio Public Service
Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
June
$1ii
Society (quar.)
Quarterly
15c
Ohio Edison
June
$1H
Morristown Securities
Corp., $5 pref. (s.-a.)Motors Products, new stock
(quar.)...
Mountain Producers
Corp.
$5
29
29
29
29
29
29
t\x
Morris Plan Insurance
New
20
/i58c
Morris & Essex RR
B
16
June
—
Preferred
1
June
,
2d preferred
20
75c
tlX
(quar.)
7% 1st preferred (quar.)_
•
13
June
— —
Nunn Bush Shoe Co.
13
June
(quarterly)
Northwestern Telegraph
(semi-annually)
Novadel-Agene Corp., common (quar.)
June 20
June
Holders
of Record
$2
Northern RR. Co. of N. J.,
4% gtd. (quar.)
4% guaranteed (quarterly)
North Oklahoma Gas
Co., 6% pref. (quar.)
6% preferred (quar.)
Nov. 30
June
When
Payablt
tlX
h8Xc
preferred
Northern Ontario Power Co.
6% preferred (quarterly)
Northern Pipe Line
15
Nov.
July
July
$13* July
6% preferred
h50c July
6% preferred (quar.)
nx July
$6 preferred
/150c
July
$6 preferred (quar.)
tlx
July
Mississippi River Power, preferred
nx July
Missouri Edison Co
$7 preferred (quar.)
$ 1.16 2-3 July
Mitchell (J. S.) & Co., oerferred
(quar.)
$13*
July
Mobile & Birmingham
RR., pref. (s.-a.)
$2 July
Mock. Judson &
Voehringer, preferred (quar.)—
tlX
July
Monarch Knitting Co.
7% pref. (quar,.)
tin July
Monongahela West Penn Public
Service, pref
433*c July
Monroe Chemical
25c July
Preferred (quarterly)
87 He July
Montgomery Ward & Co., Inc
20c
July
Class A (quarterly)
tlX July
Moore Corp., Ltd., common
25c July
7% preferred A & B (quarterly)
tlX
July
Moore (Wm. R.) Dry Goods
(quar.)
tlx
July
Quarterly
Oct.
tlx
Quarterly
National Gypsum,
11
June
July
Sept.
Aug.
July
July
Aug.
July
July
July
July
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
--
Per
Share
Name of Company
Northern Central Ry.
(semi-annual)
Northland Greyhound Lines, Inc.—
$6H series I conv. preferred (quar.)
Northstar Oil Co., 7%
11
June
Metal Thermit. Corp.,
7% pref. (quar.)
Metropolitan Edison Co. $7 pref.
(quar.)
$6 preferred (quar.)
$5 preferred (quar.)
1cum.
June
June
Transportation (qu.)
Mergenthaler Linotype
Mesta Machine Co., common
$7
June
June
Preferred (quar.)
4125
Holders
When
Payable of Record
July
July
July
July
July
July
July
July
July
Tin Plate Co
Chronicle
—
Public Service Electric & Gas Co.
7% pref. (qu.)
$5 cum. pref. (quar.)
60c
$2
$13*
$13*
50c
$13*
$13*
July
July
July
June 10
15 June 30
June 20
July
July
July
July
June 15
June 15
June 20
June
June 30 June
June 30 June
June 30 June
June 30 June
June 30 June
June 30 June
June 30 Uune
15
'
Per
Name of
Share
Company
Public Service of Northern Illinois (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
July
July
July
June
Staley (A. E.) Mfg. Co
7 % preferred (semi-annual)
Standard Brands, Inc.. common (quar.)
$7 cumul. preferred series A (quarterly) ______
Standard Coosa-Thatcher, 7% pref. (quart.) -Standard Oil Export Corp.. preferred
Standard Oil of Ohio preferred (quar.)—
Starrett (L. S.) (quarterly)___
Steel Co. of Canada (quarterly)
—
15
15
15
—
June 20
June 10
June 10
June 10
1
Sept.
1
Dec.
Dec.
1
June 20
June 17
June 20
June 18
June 27
June
June
July
July
June 26
July
Aug.
Aug.
July 15
July 21
July 21
June 20
June 10
June 10
June 10
(semi-ann.)
Republic Investors Fund, Inc—
\ $134
Republic Steel, 6% prior preferred (quar.)
Reynolds Metals Co., 534 % preferred (quar.)—
Reynolds (R. J.) Tobacco Co., (quar.)..
Class B (quarterly)
75c
July
July
July
July
July
July
July
July
July
July
July
July
el00%
June
25c
June
Extra
_
i
Reliable Fire Insurance (Ohio) (quarterly)
Reliable Stores, first preferred—
Reliance Mfg. of
Extra
111. (quar.)—
Preferred (quar.)
'
1
—
Remington-Rand
Resumed
(quarterly)
6% preferred (quarterly)
5 % preferred (quarterly)
Reno Gold Mines (quarterly)
Rensselaer & Saratoga RR.
m
—
Reynolds SpringQuarterly
Rice Stix Dry Goods, 1st & 2nd pref. (quar.)
Rich's, Inc., 634% preferred (quar.)
Richmond Fredericksburg & Potomac RR.—
Common voting and non-voting (s.-a.)
Dividend obligation (semi-annual)
—
$134
$154
Paper (resumed)
Riverside Silk Mills, $2 class A—
Rochester & Genesee Valley RR. (s.-a.)
Rochester Telp., pref. (quar.)
_
j._--
■
—
—
(quarterly)
Paper Co., preferred (quar.)
Safety Car Heating & Lighting
Safeway Stores, Inc. (quarterly)
6% preferred (quarterly)_
7% preferred (quarterly)
St. Joseph Lead
St. Louis Bridge Co., 6% lstpf. (s.-a.)_
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co
common
June
June
June 20
June 20
June 20
June 20
12
15
June 19
June 19
June 20
June 30 June 15
July
1 June 20
July
1 June 15
.—
Sabin Bobbins
July
July
July
1 June 18
1 June 18
1 June 18
June 20 June
9
July
1 June 15
July
1 June 15
June 30 June 15
June 30
Preferred
Preferred
Preferred
Sept. 30
Dec. 31
June 30 May 29a
June 30 June 15
Salt Creek Producers Assoc., Inc. (s.-a.)__
San Francisco Remedial Loan Assoc. (quar.)—
Quarterly
"
Quarterly
....
Sangamo Electric Co. (quarterly)
Preferred (quarterly)
Savannah Electric Power, deb. A (quarterly)
Debenture B (quarterly)
Debenture C (quarterly)
Debenture D (quarterly)
Schenley Distillers Corp. pref. (quar.)
SchoeUkopf, Hutton & Pomeroy
Schwartz (Bernard)
Preferred (quarterly)
Scott Paper Co. (quarterly)
ScoviU Mfg. (quarterly).
;
Seaboard Commercial Corp., class A (quar.)
New 514% preferred initial (quarterly)
Seaboard Finance Corp., $2 pref. (quar.)
Servel, Inc., 7% cum. preferred (quar.)
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 22
July
June 22
July
July
July
July
July
July
7% cum. preferred (quar.)
7% cum. preferred (quar.)__
July
July
July
.
h$lK
10c
i
;
Skelly Oil Co., 6% preferred (quar.)
Corp. (quarterly)
Smith (S. Morgan) Co. (quar.)
Quarterly
Smith (L. S.) & Corona Typewriter $6 pf. (qu.)_
Sonotone Corp. preferred (quar.)
South Carolina Power Co., $6 1st pref. (quar.)_
Southeastern Express Co. (semi-ann.)
Southern Acid & Sulphur, Inc., 7% pref
Southern Calif. Edison Co., orig. pref. (quar.)
S. M. A.
Preferred series C
(quar.)_
.
,
Southern California Gas, 6% pref. A (quar.)
6% preferred (quarterly)
Power Co., Ltd—
6% cumul. partic. preferred (quarterly)
I Southern Indiana Gas & Electric Co—
7% preferred (quarterly)
6% preferred (quarterly)
6.6% preferred (quarterly)
6% preferred (semi-ann.)
Southern New England Telephone (quar.)
South Penn Oil (quarterly)
1 June 20
1 June 20
1 June 15
June 20 June
(quarterly)
Singer Manufacturing Co. (quarterly)
June
Oct.
1 Sept. 19
Jan 2*37 Dec. 19
2
July
1 June
$6 pref
Selected Industries. Inc., $5)4 div. prior stock-_
Shattuck (Frank G.) (quar.)
Sherwin-Williams, Ltd., pref—
Silver King Coalition Mines (quar.)
June
June
June 30 June 20
June 30 June 20
June 30 June 15
;
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)
SheU Union Oil, convertible preferred
June
15
15
15
15
16
June 30 June 16
July
1 June 15
Scranton Electric Co.,
Shawmut Assoc.
June
June 30 June 15
July
1 June 20
—
Extra-.
June
July
July
—
Ross Gear & Tool (quarterly)
Extra
Ruberoid Co.,
July
July
July
July
July
July
July
5% 2d pref. (quar.)
Extra.
June 18
June 15
June 15
June 15
June 15
July
Root Petroleum, $1.20 preferred (quar.)
Roser & Pendleton, Inc. (quarterly)
2
June
11
July
July
July
July
July
June 30
June 10
June 15
June 16
$154
$2 34
$134
June 30 June 10
20c
June 20
$1
$1
15c
53
$134
3754c
3454c
3754c
3754c
June 30 June
10
1 July
1
Aug.
July
Aug.
Aug.
1
Nov.
Nov.
1
July
July
July
July
July
July
July
July
July
June 26
June 10
15
June 16
June
June
10
June 20
June
26
June 30
June 30
Southern Canada
154%
July
15 June 20
154%
July
July
July
July
July
June 22
1.65%
$154
3754c
2254c
Extra.
South Porto Rico Sugar (quar.)..
Preferred (quar.)
50c
$2
Southwestern Bell Telep., 7% preferred (quar.)_
Southwestern Gas & Electric Co., 7% pref
Southwestern Light & Power, $6 pref
$124
$l$Ai
Southwestern RR. of Georgia, 5% guaranteed-South West Penn Pipe Line
Spang Chalfant Co., 6% preferred
Spencer KeUogg & Sons, Inc. (quar.)
Spencer Trask Fund (quarterly)
Spiegel May Stern, preferred-Springfield Gas & El. Co., pref. series A (quar.)
Square D Co., class A (quarterly)
Class B
5% preferred
.
_
55c
1254c
12
2 June 30
2 June 30
1 June 13
June 30 June 18
June 30 June 18
1
July
1 June
1 June 15
1 June 15
June 30 May 23
June 30 June 10
—
Aug.
Sept.
July
July
July
July
July
July
—
—
1
1
1
1
2
2
1
1
June 15
June 10
June 10
June 10
June
20
July
July
July
July
July
July
6% preferred (monthly)-.
7.2% preferred (monthly)
Texaon Oil & Land (quarterly)
Texas Corp. (quar.)
-
.
.
Thatcher Mfg. (quarterly)
Third Twin Bell Syndicate (bi-monthly)
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Tilo Roofing Co.Cum. conv. pref. A
Tip-Top Tailors, 7% preferred (quarterly) —
Toledo Edison Co., 7% pref. (quar.)
6% preferred (monthly)
—
(quarterly)
7% pref. B (quar.)
(quarterly)
Traders Finance Corp.,
6% preferred A
Transue & Williams Steel Forging
Trico Products Con), (quarterly)
Tri-Continent&l, 6% cum. pref. (quar.)
Tubize-ChatUlon, preferred (quar.)
Tuckett Tobacco Co. preferred (quar.)
Tunnell RR. of St. Louis (semi-ann.)
Twentieth Century-Fox Film Corp.—
Preferred
June
5
June 15
June
Thompson Products (resumed)
Tide Water Assoc. Oil, 6% pref. (quar.)
5% preferred (monthly)
Toronto Mortgage Co. (Ontario)
June 10
July
July
.....
June
June
June
June
June
June
June
(quarterly)
6% preferred (quarterly)
7 % preferred (quarterly)
7.2% preferred (quarterly)
3754c
-
June
$2
(quarterly)
Twin Bell Oil Syndicate (monthly)
208 S. La SaUe Street Bldg. Corp. (Chicago) —
Extra
July
July
July
50c
-
Quarterly
Quarterly
Oct.
Jan.
15
15.
15
15
18
1 June 25
l'June 10
l'June 20
llJune 20
2 June 16
June
15
June 15
June 15
June 13
June 15
June 15
June 15
June 12
June 15
June 10
June 30
June 15
June 13
June 30
June 20
June 20
Sept. 19
Dec. 19
June 12a
June
June 12a
50c
60c
July
June 23
$154
July
1 June 15
July
July
July
July
July
Preferred (quar.)
June 15
June 25
June 25
June 25
$154
Unilever, Ltd., ordinary (final).....
Unilever (N. V.) ordinary (final)
Union American Investing
Union Carbide & Carbon Corp
<
June
15
15
June
50c
75c
Underwood Elliott Fisher
8d.
2%
;
July
June
5
Union Electric Light & Power Co. of Illinois—
6% preferred
Union Electric Light & Power Co., Mo.—»
7% preferred
Union Investment Co. (quarterly)
Extra
7.6% preferred (quarterly)
Union Pacific
-
June
1
Union Tobacco, class A (liquidating)..
Common
(liquidating)
Aug.
United Biscuit Co. of Amer., pref. (quar.).
United Carbon (quarterly)
July
July
July
United Corp., $3 cum. pref. (quar.)
United Dyewood, preferred (quarterly)..
Preferred
Oct.
(quarterly)
15
1 June 15
1 June 15
1 June 11
1 Sept. 11
5
June 24 June
July 15 June 18
July
1 June 15
United Fruit Co
United Gas & Elec. Corp. pref. (quar.)
United Gas Improvement Co., (quar.)
Preferred (quarterly)
United Light & Rys. 7% preferred (monthly)
June 30 May 29
June
July
July
July
6.36% preferred (monthly)
6% preferred (monthly)
United Loan Industrial Bank (Brooklyn, N. Y.)
Quarterly
July
July
June 22
June
May 26
June
June
10
July
July
July
July
July
July
July
July
July
July
July
June
15
July
62 He
3734c
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.)
—
15c
$124
$234
$124
50c
—
United States Pipe & Foundry Co. common (qu.)
(quar.)
H8
3734c
3734c
3734c
June 12
June 12
United Verde Extension Mining Co. (quar.)
Universal Products
;
June 20
June
16
15
June 15
June 20
June 20
June
15
June
15
June 15a
June 30
Sept.
30
Nov. 30
June 20
June
25c
July
July
July
July
July
June
Dec.
$134
June 15
June 16
25c
Extra..
United States Tobacco Co., common
Preferred (quar.)
United States Trust Co. (quar.)
June
June 20
July
July
July
July
July
July
Aug.
25c
(quarterly)
June
Oct.
t
June 22
25c
(quar.)
June 22
1 June 15
1 June 15
734c
8734c
—
Preferred (quarterly)
United Shoe Machinery Corp., common
Preferred
United States Playing Card
30 May 29
1 June 15
*104%
$234
$1
Extra
United Molasses, Ltd. (interim)
United New Jersey RR. & Canal (quar.)
United Shirt Distributors (quarterly)
Common
1 July
Janl'37 Dec. 11
Preferred (quarterly)
United Elastic Corp. (quar.)
June 20
June
July
15
3a
Upper Michigan Power & Light Co.—
July
July
lit*
$10
Extra.
June 15
June 15
June
4
June 15
6% preferred (quar.)..
6% preferred (quar.)
Upressit Metal Cap Corp., 8% preferred
6% preferred
June
June 16
June 15
Utah Copper
Utah Power &
June
July
15
15
(quar.)
—
$7 preferred
Aug.
July
40c
4
15
Tennessee Electric Power Co.—
June 30
June 15
June
A$254
June 30 June
July
2 June
Bonus
June 22
June 22
June 18
July 15
July 15 June
July
July
Telephone Investment Corp
7% pref. (quar.)
June
_
1 June 20
1 June 15
June 30 June 19
..
TeUuride Power Co.,
Common
__
30 June 20
30 June 15
July
July
July
July
July
United States Industrial Alcohol Co__
,
June
June
Teck-Hughes Gold Mines_.
June 15
June 12
June 20
June 18
9
7
1 July
7
1 July
1 June 15
—
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, class A & B (quar.)
754% preferred (quarterly)
'
754% preferred
Talcott (James) 554% preferred (quar.)
Taylor Milling (quarterly)
;
10
June 30 June 20
June 30 June 20
July 10 June 24
_
River Raisin
June
30
Aug.
Aug.
July
—
Swift & Co. (quarterly)
Swiss Oil (quar.)
Extra..
June 10
June 15
15
4354c
4354c
Extra
15
June 15
8
8
July
June
.
June 19
June 19
Jply
—
June
30
June
35c
Sunray Oil Corp., 6% preferred------
June 15
June 20
June 30 June
July 15 June
$154
$154
$254
$154
Supersilk Hosiery Mills, 7% preferred
Supertest Petroleum (semi-aim.)
Preferred (semi-ann.)
Sussex RR. (semi-annual)—
Sutherland Paper (quar.)
July
July
July
July
June 20
75c
Sunset McKee, Sales book, class B (quar.)
Sunshine Mining (quarterly)
8a
1
1
1
1
15
75c
Stroock & Co—
June
June
—
"(quarterly)
July
July
July
July
July
20c
50c
June
1
1
June 15
June
_ .—__
$2
$354
$154
(A.) & Co., preferred (quarterly)
Sterchi Bros. Stores, preferred (quar.)
Stix, Baer & FuUer Co., 7% pref. (quar.)
Storkline Furniture Corp. (initial)
Straw bridge & Clothier preferred--—
July
»
Payable of Record
4354c
1254c
Preferred (quarterly)
Stein
July
Aug.
Holders
When
Per
Share
Name of Company
20
June 20
July
July
July
July
July
July
July
Aug.
July
July
July
Sept.
-
Reese Button Hole Machine
June 20, 1936
Holders
JAXy
Puget Sound Power & Light, prior pref
Pure Oil Co., preferred, 534% (quar.)—
6% preferred (quarterly)
8% preferred (quarterly)
Quaker Oats (quar.)
Preferred (quar.)
:
Queens Borough Gas & El. Co. 6% preferred—
Radio Corp. of Amer., $314 cumul. conv. 1st pf_
Railway Equipment & Realty, new 1st pref. (qu.)
Rapid Electrotype (quarterly)
Quarterly.
Rath Packing (quarterly)
R&y-O-V<ic
8% preferred (quarterly)
Reading Co., 2d preferred (quarterly)
Real Estate Loan Co. (Canada) (semi-ann.)—
Reece Folding Machine (quarterly)______
Reed Roller Bit, new initial (quar.)
,
When
Payable of Record
Aug.
Aug.
;_f
Public Service Co. of Oklahoma, 7% prior Hen6 % prior lien (quarterly) —
v.—
Public Service Co. of Texas, 7 % preferred
*
Chronicle
Financial
4126
June
June
June 15
June 20
June 20
light, $6 preferred—..
—
(seini-ann.)
......
Valley RR. of New York
Van de Kamp's Holland Dutch Bakers
Extra
$654 cumul. preferred (quartery)
Aug.
June
19
June
19
15
June
June
1 July
19
26
Nov.
1 Oct. 26
Feb 1*37 Jan. 26
July
1 June 15
June 30 May 29
June
1
July
July
July
July
July
July
June
1
June 12
June 10
June 10
June 10
Volume
142
Financial
Per
Name of
Company
Vapor Oar Heating Co., preferred (quarterly)-.
Preferred
1
2 June 15
15c
Detinning, preferred (quarterly)-
Preferred (quar.)
Wagner Electric
,„
Waldorf Systeni, Inc., common
Walgreen, 6H% pref. (quar.)
Ward Baking Corp., preferredWare River RR., guaranteed
(semi-ann.)
.
June 20 June
5
$1H
UK
$2H
UK
UK
UK
Virginia Electric & Power pref. (quar.)IIIIIII~
Virginia Public Service Co., 7% preferred
Virginian Ry
6% preferred (quarterly)
IZI_ZZ
Vulcan
10 Dec.
June 20 May
July
1 June
29
50c
June 20 June
20c
July
1
1
1
1
75c
15c
50c
preferred (quar.)
UK
Wesson Oil & Snowdrift Co., Inc
Extra
Western Electric Co., common--
-
June
15
50c
15 June 30
15 June 30
July
July
50c
June 30 June
June 30 June
July
1 June
15
7% pref._
in
West Jersey & Seashore RR.
(semi-annually)
Westland Oil Royalty Co.. class A
(monthly) J.
(quarterly)
July
July
July
10c
30c
-
Westmoreland Water Co., $6 pref. (quar.)
West New York & Penna. RR.
(semi-ann.)-.
$1H
$1H
UK
5% preferred (semi-annual)
(Geo.) Co
Weston
UK
$1H
West Point
UV^
6% pref. (quar.)
7% preferred (quar.).
Manufacturing (quarterly)
Extra.--;
West Texas Utilities, $6 preferred
Westvaco Chlorine Products, pref. (quar.)
Weyenberg Shoe Mfg., 7% preferred
Wheeling Steel, preferred
Whitaker Paper, preferred (quarterly)
White Rock Mineral Springs
(quarterly)
Aug.
Aug.
July
July
July
July
$2
-
75c
UK
UK
1 June
1
1
1
1
1
15
June 30
June
20
June
16
June
17
July
July
June
3
3
June
12
June
15
1 June 15
1 June 12
1 June 20
1 June 22
1 June 22
nA
June 30 June 20
July
1 June 15
50c
Aug.
Aug.
Nov.
Nov.
Extra
July
1 June
Wisconsin Investment Co. (initial)
The
weekly statement issued - by the
Clearing House is given in full below:
• 1 June
New
as
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
21,000,000
Guaranty Trust Co
Corn Exch. Bank Tr. Co.
York
declared payable in common stock at the rate of 3-104ths of 1 share of
stock per share of convertible preference stock, optional series of
1929,
held, or, at the option of the holder, in cash at the rate of $1.50 for each
share of convertible prei.rence stock,
optional series of 1929, so held.
Payable in stock.
e
/ Payable in common stock,
g Payable in scrip,
mulated dividends,
j Payable in preferred stock.
I American
common
o
B stock
on
each share of its
Handley-Paga, distribution of
preferred shares held.
5,646,000
33,197,000
415, ,489,000
16,109, 900
249, ,681,000
10,000,000
91,781, 400
59,017, 400
156,845,000
10,806,000
37,899,000
85,607,000
12,899,000
21,898,000
589, ,852,000
Title Guar. & Trust Co..
Marine Midland Tr. Co.
Com'l Nat. Bk. &Tr.Co.
Publio N. B. & Tr. Co..
Total
1..
'
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.
a
Payable in U. S. funds,
Less tax.
y
Less depositary expenses.
w
A deduction has been made for expenses
49", 343^666
15 ,785,000
8,067, 800
87 ,151,000
315 ,467,000
458,000
3,066.000
22,242, 300
7,907, 000
8,176, 200
743,339,100
24,327,000
75 ,762,000
1,231,000
81 ,082,000
42,983,000
9,946,290,000
June
::?■
United States Treasury.*
of
are
not
York
a
following
are
"Times" publishes regularly each
number of banks and
members
of
the
trust
New York
week
companies which
Clearing House.
The
the figures for the week ended June 12:
INSTITUTIONS NOT
OF BUSINESS
17, 1936 June 10, 1936 June 19,1935
$
3
3,011,866,000 3,116,195,000 2,382,061,000
1,605,000
1,875,000
1,359,000
72,715,000
83,373,000
70,349,000
Redemption fund—F. R. notes
Other cash t
Total reserves
3,086,186,000 3,201,443,000 2,453,769,000
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed
Other bills discounted
Total bills discounted
2,618,000
1,681,000
2,200,000
1,490,000
2,357,000
1,782,000
4,299,000
3,690,000
4,139,000
Bills bought In open market
1,093,000
Industrial advances
7,370,000
1,094,000
7,387,000
6,589,000
IN THE CLEARING HOUSE
THE WEEK ENDED
FOR
Bonds
Treasury notes
82,132,000
466,186,000
181,065,000
68,473,000
479,025,000
181,885,000
465,513,000
Treasury bills..
729,383,000
729,383,000
744,318,000
742,145,000
741,554,000
756,876,000
Total U. S. Government securities..
106,396,000
172,409,000
Other securities
Foreign loans on gold
Gold held abroad
""
92^666
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected items
......
——
Bank premises....——-—-—
WITH THE CLOSING
FRIDAY, JUNE 12, 1936
1,830,000
United States Government securities:
Total bills and securities..
New
York
date last year:
♦
The
Per 100 shares.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 17 1936,
in comparison with the previous week and the corresponding
534,294,000
As per official reports:
National, March 4, 1936: State, March 27, 1936; trust
companies, March 27, 1936.
Includes deposits in foreign branches as follows:
a $238,241,000; 6 $75,791,000;
C$85,278,000; d $29,637,000.
returns
t
46, ,718,000
d8S9, ,731,000
5,249, 700
612,480,000
Co.
ordinary share for every two
r
42,309,000
3,435, 200
68,456, 900
5,000,000
12,500,000
7,000,000
5,775,000
New York Trust Co
3,542,000
422,000
1,816,000
532, ,051,000
3,812, 700
54, ,221,000
67,625, 800 cl.835, ,969,000
500,000
25,000,000
10,000,000
Tobacco
stock.
new
Gold certificates on hand and due from
$
147 ,660,000
15,000,000
Fifth Avenue Bauk
own
one
accu¬
Time
50,00p,000
Bankers Trust Co
h On account of
Cigar Co. stock div. of l-40th sh. of Amer.
Average
Irving Trust Co
Chase National Bank
com¬
mon
Deposits,
40,707, 000 al,470 ,260,000
466, 049,000
51,725, 400
177,277, 300 M.414 ,592,000
12,788, 600
483, ,283,000
62,597, 400
775, ,487,000
4,000,000
150,270,000
made:
so
New
City
Average
First National Bank
Continental Bk. & Tr. Co
28
Condition of the Federal Reserve Bank of
Deposits,
10,929, 400
25,431 700
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
City Bank
July
5
Net Demand
and
$
Bank of Manhattan Co..
17
June 20
$2 regular and 25c. extra.
Jk sscts
National
June
regular quarterly dividend on the convertible preference stock,
optional series of 1929, of Commercial Investment Trust Corp. has been
x
Profits
Chemical Bk. & Tr. Co..
s
Sept. 10
July
July
Aug.
t Payable in special preferred stock.
Undivided
6,000,000,
Oct.
following corrections have been
u
OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED
SATURDAY, JUNE 13, 1936
Bank of N. Y. & Tr. Co.
10
June 20
June 10
d A
13
STATEMENT
Capital
10
June
Budd Wheel Co., 1st pref. div. of
$1% and extra of 25c., previously re¬
ported
Weekly Return of the New York City
Clearing House
•
June
Amer. Brake Shoe & Fdry., pref. div.
incorrectly stated June 13 issue,
it should have read conv. pref., $1.4584.
1
10c
Quarterly
The
c
1
50c
..
Extra
Members
July
July
July
July
..
Transfer books not closed for this dividend.
a
1
1
$1H
t
Winstead Hosiery Co. (quarterly)
Clearing House
15
May 15
b A special dividend
payable in common stock at the rate of 1 share for
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.
15
UK
UK
*Surplus
June 30 June
Extra
12
July
July
July
July
July
SI K
35c
(quar.)
20
June
Wrigley (Wm.) Jr. (monthly)
Yale & Towne Mfg. Co.
(quar.)
Quarterly
Young (L. A.) Spring & Wire (quar.)
Youngs town Sheet & Tube, preferred
Zellers, Ltd., 6% preferred
June 20
June 30
June
50c
19
UK
Will & Baumer Candle Co., Inc., pref.
June
June 20 May 29
July
1 June 10
(quarterly)
Wright-Hargreaves Mines, Ltd
15 June 30.
1
1
1
1
1
June 30
50c
West Penn Power,
-
July
July
July
July
July
20c
_
Weston Electrical Instrument, A (quar.)
West Penn Electric, class A (quar.)
First and second preferred (quarterly)
Whitman (Wm.) & Co., 7% pref. (quar.)
Wichita Union Stockyards (semi-ann.)
June 20
July
July
June 20 May 29
June 20 May 29
Amer. dep. rets. ord. reg.
(interim)
15
1 June
50c
;
Holders
Payable of Record
15
37 He
-
Wiser Oil Co.
July
UK
Western Massachusetts Cos.
(quarterly)
Western Pipe & Steel (quarterly)
Western Tablet & Stationery Corp.,
15
June 30
Aug. 31 Aug. 15
July
1 June 15
1 June 15
June 30 June 25
12 He
37Hc
50c
Western Grocers Ltd.
(quarterly)
Preferred (quarterly)
June
1 June 18
June 30 June 20
$1H
Weed en & Co.
(quarterly)
Welch Grape Juice Co.,
1
June 20
(quarterly)
Wolverine Shoe & Tanning Corp.,
pref. (s.-a.)._
Wool worth (F. W.) &
Co., Ltd.—
1 June 20
July
July
July
July
July
$3H
Wayne Knitting Mills Co., 6% pref. (semi-ann.)
i
Share
Wisconsin Public Service Corp.—
7% cum. preferred
6H % cum. preferred
6% cum. preferred
10
20 Oct.
Oct.
UK
„
_
Waukesha Motors
Westmoreland, Inc.
10
July
1 June 19
Aug.
1 July 17
July 20 July 10
Company
Winn & Lovett
Grocery, class A
Preferred (quarterly)
-
1
Sept. 10 Sept.
Dec.
July
When
Per
Name of
Payable of Record
$1K
$IK
2Hc
(quarterly)
Ventures, Ltd., initial
Vick Financial
4127
Holders
When
Share
Chronicle
All other assets
Total assets
92~6OO
"256,006
8,848,000
168,391,000
10,851,000
26,747,000
5,692,000
126,785,000
10,851,000
32,835,000
4,499,000
138.675,000
11,881,000
29,039,000
4,043,260,000 4,119,252,000 3,394,995,000
NATIONAL AND STATE BANKS—AVERAGE
FIGURES
Liabilities—
Loans,
Disc, and
Investments
Manhattan—
$
Grace National
Sterling National
Trade Bank of N. Y.
25,980,500
21,605,000
4,955,554
Other
Cash,
Including
Bank
Notes
Res.
N.
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
$
86,200
Dep.,
Y. and
$
$
4,353,400
4,474,000
1,802,800
708,000
274,021
988,271
86,738
733,000
Brooklyn—
People's National-..
3,144,000
actual circulation
797,620,000
675,676,000
778,655,000
Deposits—Member bank reserve acc't.. 2,087,820,000 2,678,435,000 2,160,488,000
U. S. Treasurer—General account...
679,930,000
178,546,000
74,166,000
Foreign bank
21,189,000
22,486,000
10,073,000
Other deposits
174,874,000
194,964,000
209,583,000
F. R. notes in
$
28,559,200
24,587,000
5,033,482
Total deposits
2,963,813,000 3,074,431,000 2,454,310,000
Deferred availability items..——
96,000
1,439,000
TRUST COMPANIES—AVERAGE
720,000
4,840,000
FIGURES
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
157,840,000
50,864,000
50,825,000
—
—
Loans
Disc, and
Manhattan—
Empire
Res. Dep.
Y. and
Trust Cos.
All other liabilities
Dep. Other
Elsewhere
Cash
Invest.
N.
$
$
58,858,600
8,926,284
11,141,546
18.656,200
S
Banks and
$
Gross
il.
Deposits
$
Lawyers
19,916,300
28,614,200
United States
68,285,231
*5,187,900
212,911
*1,327,993
*2,939,900
*8,102,800
13,810,851
92,387,000
3,018,000
29,679,000
32,045,551
2,338,722
433,000 118,141,000
8,652,864
37,656,214
Federation
Fiduciary
Fulton
7,379,600
838,995
4,783,929
517,600
3,031,100
Brooklyn—
Brooklyn
Kings County
3,199,000
1,281,220
44L600
64,082,700
9,402,051
15,848,381
19,384,300
37,181,100
71,610,992
Total liabilities
Ratio
F.
of
R.
total reserves
to
to
make
vances..—
49,964,000
6,190,000
7,500,000
6,585,000
deposit and
82.0%
83.1%
78.4%
10,203,000
industrial
10,240,000
8,146,000
ad¬
t "Other cash" does not Include Federal Reserve notes
or a
bank's
own
Federal
Reserve bank notes.
These are certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
x
100 cents to 59.06 cents,
clary, $998,884; Fulton, $2,722,600- Lawyers, $7,242,000.
135,423,000
59,347,000
4,043,260,000 4,119,252,000 3,394.995,000
note liabilities combined
Commitments
7,744,000
8,849,000
5,705,000
1
123,087,000
50,863,000
50,825,000
7,744,000
8,849,000
24,798,000
these certificates being worth less to the extent of tne
difference, the difference Itself having been appropriated as profit by the Treasury
nder the provisions of the Gold Reserve Act of 1934.
Financial Chronicle
4128
June 20, 1936
Federal Reserve System
Weekly Return of the Board of Governors of the
Federal Reserve System on Thursday afternoon, June 18,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
The following
Reserve
returns
is issued by the Board of Governors of the
The comments of the Board of Governors of the Federal Reserve System upon
" Current Events and Discussions."
Agents and the Federal Reserve banks.
the
for the latest week appear in our department of
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
ASSETS
,
Gold ctfs. on hand & due from
June
$
3,
1936 May 27, 1936 May 20, 1936 May 13, 1936 May
$
1936 Apr. 29 1936 June 19,1935
6,
$
1936 June 10,1936
June 17,
OF BUSINESS JUNE 17 1836
$
$
$
7,703.337,000 7,703,833,000 6,119.488,000
U.S.Treas.x 7,938,539,000 7,939,040,000 7,840,037,000 7,824,035,000 7,759,336,000 7,729,834,000
21,857,000
12,942,000
13,377,000
12,532,000
12,451,000
13,062,000
13,261,000
12,518,000
13,261,000
234,018,000
339,651,000
322,087.000
316,329,000
324,928,000
310,451,000
290,695,000
295,572,000
276,269,000
'
'
Redemption fund (F. R. notes)
Other cash *
6,375,363,000
8,227,326,000 8.247,873,000 8,143,993,000 8,147.548,000 8,088.197.000 8,067,213,000 8,038,801,000 8,056,426,000
Total reserves—
Bills discounted:
Secured
by
8. Govt, obligations,
fully guaranteed
U.
Other bills discounted
4,177,000
2,362,000
Total bills discounted
6,539,000
Bills bought in open
3,076,000
30,058,000
market
Industrial advances
S. Government
U.
3,076,000
30,064 000
•
3,681,000
3,200,000
2,097,000
2,487,000
4,749,000
4,781,000
4,584,000
5,323,000
6,881,000
4,544,000
30,487,000
4,677,000
29,963,000
4,676,000
30,170,000
4,684,000
30,319,000
4,723,000
2,646,000
2,182,000
2,436,000
2,313,000
5.851,000
5,403,000
2,858,000
2,465,000
2,292,000
2,489,000
3,611,000
2,240,000
3,244,000
2,159,000
direct and (or)
4,828,000
3,076,000
30.166,000
4,299,000
30.462,000
1
27,386,000
316,891,000
265.723,000
265,708,000
265,691,000
265,693,000
265,699,000
265,680,000
265,686,000
315,697,000
1,554,889,000 1,515,436,000
1,494,219,000 1,541,224,000 1,536,227,000 1,545,908,000 1,547,839,000 1,547,849.000 1,549,461,000
597,914,000
609,667,000
615,167,000
616,717,000
616,717,000
618,648,000
628,337,000
623,337,000
620,337,000
securities—Bonds
Treasury notes.
Treasury bills
2,430,247,000 2,430,259,000 2,430,336,000 2,430,279,000 2,430,241,000
Total U. S. Government securities __ 2,430,253,000 2,430,247,000 2,430,244,000 2,430,255,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold
2,470,786,000 2,469,231,000
2,470,107,000 2,468,971,000 2,469,518,000 2,470,025,000 2,470,208,000 2,469,861,000 2,469,947,000
Total bills and securities
Gold held abroad
Due from foreign
—sssTooo
Uncollected items
Bank
"~"238~666
21,916,000
531,098,000
48,051,000
44,685,000
20,243,000
613,591,000
48,052,000
42,689,000
48,052,000
38,196,000
premises
All other assets
237~066
""SKow
"""240"666
"~~640~666
"""63I"6OO
"""678", 000
19,002,000
"'"237",006
24,037,000
696,106,000
banks
Federal Reserve notes of other banks
20,368,000
574,289,000
48,051,000
40,288,000
22,936,000
595,188,000
19,813,000
519,305,000
48,048,000
38,495,000
19,664,000
522,097,000
563,315,000
518,009,000
48,051,000
41,126,000
48,050,000
39,764,000
48,031,000
38,093,000
17,312,000
49,822,000
42,098,000
11,155,728,000 9,517,819,000
11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000
Total assets
LIABILITIES
F, R. notes in actual
3,188,278,000
3,872,984,000 3.785,980,000 3,793,959,000 3,758,973,000 3,760,729.000 3,762,028,000 3,778,880,000 3,741,690,000
circulation
5,694,009,000 5,611,072,000 5,531,998,000 5,506,314,000 4,995,666,000
Deposits—Member banks' reserve account 4,893,667,000 5,833.391,000 5,713,315,000 5,747,228.000
126,035,000
679,209,000
621,759,000
513,104.000
544,183,000
577,985,000
504.733,000
516,404,000
1,421,457,000
U. 8. Treasurer—General account
27,564,000
83,350,000
81,851,000
85,482,000
54,493,000
84,226,000
53,607,000
61,675,000
60,378,000
Foreign banks
273,778,000
278,147,000
263,437,000
267,384,000
266,517,000
271,122,000
295,406,000
243,947,000
221,584,000
Other deposits
6,597,686,000 6,655,417,000
Total deposits
686,625,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
26,513,000
34,111,000
10,429,000
total
522,081,000
694,315,000
130,796,000
145,501,000
26,513,000
34,114,000
46,064,000
130,795,000
145,501,000
26,513,000
34,111,000
8,998,000
574,822,000
130,745,000
145,501,000
595,878,000
130,721,000
'26,513,000
26,513,000
34,114,000
8,697,000
34,109,000
9,243,000
145.501,000
8,680,000
5,423,0jl3,000
521,228,000
130,657,000
145,501,000
26,513,000
34,108,000
511.668,000
130,652,000
145,501,000
26,513,000
34,110,000
551,087,000
9,005,000
12,664,000
w
146,594,000
144,893.000
20,482,000
30,778,000
11,155,728,000 9,517,819,000
11,504,062,000 11,362,832,000 11,338,323,000 11,243,998,000 11,241,641,000 11,243,252,000 11,135,049,000
Total liabilities
of
130,871,000
145,501,000
26,513,000
34,118,000
55,228,000
145,501,000
All other liabilities.
Ratio
529,204,000
130,813,000
Deferred availability Items
6.567,061,000 6,617,026.000 6,559,979,000 6,539,800,000 6,499,045,000 6,547,026,000
reserves
to
deposits
and
79.0%
78.6%
78.5 %
78.4%
78.3%
24,798,000
24,878,000
25,095,000
25,297,000
26,014,000
78.6%
F. R. note liabilities combined
78.2%
78.3%
74.0%
25,842,000
25,576,000
20,404,000
1
24,679,000
Commitments to make Industrial advances
$
$
$
S
Maturity Distribution of Bills and
S
S
$
$
Short-term Securities—
S
3,670,000
28,000
2,877,000
5,180,000
16-30 days bills discounted
684,000
120,000
166,000
2,956,000
718,000
2,910,000
615,000
32,000
31-60 days bills discounted.
586,000
761,000
226,000
221,000
782,000
61-90 days bills discounted...
77,000
340,000
715,000
47,000
68,000
588,000
703,000
86,000
709,000
740,000
362,000
355,000
340,000
303,000
254,000
226,000
146,000
194,000
6,539,000
5,403,000
5,851,000
4,828,000
4,749,000
4,781.000
4,584,000
5,323,000
6,881,000
1,966,000
1,935,000
50,000
1,777,000
275,000
574,000
315,000
394,000
16,000
561,000
2,145,000
986,000
432,000
270,000
445,000
671,000
280,000
762,000
4,852,000
1-15 days bills discounted
Over 90 days bills
discounted
Total bills discounted
1-15 days bills bought in open market.
..
4,159,000
4,501,000
'
469,000
656,000
3,076,000
1,491,000
360,000
403,000
681,000
61-90 days bills bought in open market
i
172,000
668,000
1,671,000
228,000
31-60 days bills bought in open market...
1,934,000
482,000
610,000
3,076,000
16-30 days bills bought in open market...
612,000
3,044,000
>
158,000
756,000
556,000
290,000
723,000
1,059,000
857.000
506,000
607,000
815,000
3,022,000
,401,000
3,282,000
3,274,000
3,339,000
1,327,000
3.076,000
4,299,000
4,544,000
4,677,000
4,676.000
4,684,000
4,723,000
1,513,000
1,526,000
224,000
629,000
675,000
1,600,000
1,669,000
1,716,000
267,000
1,387,000
424,000
266,000
767,000
584,000
557,000
27,408,000
27,324,000
1,652,000
255,000
521,000
760,000
26,775,000
26,945,000
27,328,000
25,035,000
30,462,000
30,487,000
29,963,000
30,170,000
30,319,000
27,386,000
20,080,000
20,400,000
67,263,000
68,489,000
27,106,000
25,806,000
63,810,000
Over 90 days bills bought in open marketTotal bills bought In open market
1-15 days industrial advances
16-30 days industrial advances
620,000
770,000
458,000
Over 90 days industrial advances
26,858,000
26,985,000
593,000
634,000
27,023,000
Total Industrial advances..
30,058,000
30,064,000
30,166,000
31-60 days industrial advances—
61-90 days industrial advances—
241,000
573,000
749,000
232,000
557,000
141,000
44,307,000
24,000,000
48,541,000
45,550,000
24,000,000
20,400,000
71,497,000
33,514,000
20,080,000
41,541,000
94,617,000
94,376,000
103,586,000
67,882,000
107,780,000
115,847,000
98,298,000
31-60 days U. S. Government securlties..
57,190,000
71,082,000
144,744,000
138,728,000
133,070,000
135,762,000
54,415,000
66,661,000
61-90 days U. S. Government securities..
2,215,015,000 2,169,074,000
Over 90 days U. S. Government securities 2,181,236,000 2,175,206,000 2,190,228,000 2,137,726,000 2,135,367,000 2,134,570,000 2,134,500,000
1-15 days U. S. Government securities..
33,514,000
16-30 days U. S. Government securities..
34,975,000
57,286,000
123,242,000
2,430,279,000 2,430,241,000
2,430,253,000 2,430,247,000 2,430,244,000 2,430,255.000 2.430,247.000 2,430,259,000 2,430,336,000
Total U. 8. Government securities
1-15 days other securities
16-30 days other securities
31-60 days other securities
181*1666
Federal Reserve Notes—
""""m'ooo
i8i~666
"""l8l"666
~""l~8~l",666
""l8l",666
""~~I~8~I"666
181,000
Total other securities
i8i~66o
181,000
181,000
181,000
181,000
.181,000
181,000
181,000
4,012,215,000 3,465,678,000
4,132,931,000 4,074,896,000 4,049,745,000 4,036,457,000 4,033,793,000 4,042,174,000 4,037,156,000
277,400,000
270,525,000
258,276,000
277.484,000
273,064,000
280,146,000
255,786,000
288,916,000
259,947,000
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
3,741,690.000 3,188,278,000
3,872,984,000 3,785,980,000 3,793,959,000 3,758,973,000 3,760,729,000 3.762,028,000 3,778,880,000
In actual circulation
I
Collateral Held by Agent as Security for
■
1
Notes Issued to Bank—
4,029,903,000 3,284,139,000
Gold ctfs. on hand & due from U. 8. Treas. 4,125,523,000 4,087,023,000 4,049,523,000 4,038.523,000 4,040,140,000 4,056,140,000 4,042,903,000
5,371,000
3,928,000
3,272,000
3.483,000
3,488,000
4,485,000
3,428,000
4,113,000
5,109,000
By eligible paper
225,100,000
57,000,000
48,000,000
55,000,000
46,000,000
49,000,000
57,000,000
37,000,000
43,000,000
U. S. Government securities
Total
•
3,514,610,000
4,173,632,000 4,128,136,000 4,103.008.000 4,097.011,000 4,100,568.000 4,105,623,000 4,094,175,000 4,090,831,000
collateral
"Other cash" does not include
Federal Reserve notes,
These ar*e certificates given by the
j^n.
of
t Revised figure.
U. 9. Treasury for the gold taken over
31,1934, these certificates being worth less to the extent of the difference,
the
Gold Reserve Act of
1934.
59.06 cents on
under the provision*
from the Reserve banks when the dollar was devalued from 100 cents to
the difference itself having been appropriated as profits by the Treasury
,
•
Volume
142
Chronicle
Financial
4129
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
'RESERVE BANKS
Two Ciphers (00) Omitted
Federal Reserve Bank
Total
Boston
New York
Phila.
RESOURCES
%
%
*
%
of—
Gold certificates
on
Cleveland Richmond
$
Atlanta
Chicago
%
$
S
St.
CLOSE OF BUSINESS
AT
Louis Minneap. Kan. City
$
17 1936
Dallas
San Fran.
%
$
%
JUNE
*
hand and due
from U. 8. Treasury
7,938,539,0 524,948,0 3,011,866,0 418,103,0 584,980,0 267,390,0 217,493,0 1,641,240,0 245,754,0 155,857,0 214,608,0 153,061,0 503,239,0
Redemption fund—F. R. notes._
771,0
12,518,0
231,0
2,248,0
576,0
1,605,0
1,800,0
450,0
945,0
1,020,0
247,0
436,0
2,189,0
Other cash *
276,269,0 24,392,0
72,715,0 38,424,0 25,777,0 17,344,0
10,360,0
34,833,0 12,704,0
7,450,0
14,404,0
5,957,0
11,909,0
Total reserves.....
8,227,326,0 551,588,0 3,086,186,0 456,758,0 611,528,0 285,310,0 229,653,0 1,676,523,0 259,403,0 163,554,0 230,032,0 159,454,0 517,337,0
Bills discounted:
Sec. by U. 8. Govt, obligations,
direct & (or) fully guaranteed
4,177,0
2,362,0
65,0
26,0
25,0
102,0
5,0
12,0
52,0
21,0
8,0
59,0
"mo
10,0
359,0
Bills bought In open market
Industrial advances
110,0
64,0
109,0
369,0
75,0
87,0
61,0
1,338,0
86,0
1,023,0
86,0
1,658,0
217,0
1,623,0
16,034,0
15,636,0
21,258,0
43,693,0
15,858,0
27,185,0
2,618,0
1,681,0
441,0
6,539,0
Total bills discounted
810,0
61,0
871,0
4,299,0
441,0
77,0
78,0
46,0
3,076,0
Other bills discounted
224,0
1,094,0
316,0
120,0
108,0
7,370,0
5,178,0
293,0
1,779,0
3,730,0
763,0
28,877,0
82,132,0 24,663,0
466,186,0 111,972,0 138,343,0
50,805,0
181,065,0 40,485,0
15,458,0
74,059,0
27,198,0
13,272,0
63,586,0
30,058,0
Treasury notes
Treasury bills
2,920,0
315,697,0
U. 8. Government securities:
Bonds.
21,487,0
1,494,219,0
99,609,0
620,337,0
36,581,0
Total U. 8. Govt, securities. 2,430,253,0
157,677,0
Other securities
181,0
Total bills and securities
238,0
74,023,0
26,401,0
53,935,0 126,481,0
19,807,0 46,449,0
95,000,0 199,331,0
742,146,0 183,055,0 220,174,0 120,643,0 101,126,0
323,661,0 123,960,0
77,048,0 118,243,0
97,113,0 201,246,0
23,0
8,848,0
168,391,0
10,851,0
26,746,0
498,0
1,499,0
1,568,0
55,559,0
5,080,0
3,673,0
70,239,0
59,646,0
6,525,0
1,712,0
323,0
66,469,0
48,052,0
38,196,0
Total resources
28,592,0
75,585,0 116,844,0
181,0
92,0
24,037,0
3,113,0
320,0
Bank premises
AM other resources
563,0
16,251,0
78,357,0
321,164,0 123,200,0
18,0
696,106,0
Uncollected Items
23,351,0
2,113,0
34,228,0
163,975,0
122,961,0
,
729,383,0 177,120,0 218,025,0 116,715,0 100,209,0
2,470,107,0 161,692,0
Due from foreign banks
Fed. Res. notes of other banks
384,0
75,0
22,0
10,0
8,0
28,0
4,0
3,637,0
102,461,0
2,919,0
1,296,0
21,762,0
2,284,0
1,092,0
1,509,0
4,830,0
718,0
.
7,0
2,122,0
28,053,0
3,0
894,0
1,810,0
390,0
1,152,0
22,203,0
39,461,0
2,453,0
328,0
1,531,0
425,0
3,360,0
26,199,0
1,526,0
833,0
35,663,0
3,580,0
433,0
7,0
16,0
409,0
11504062,0 783,523,0 4,043,260,0 704,646,0 911,699,0 471,188,0 357,638,0 2,111,858,0 416,321,0 265,658,0 393,346,0 285,522,0
759,403,0
LIABILITIES
F. R. notes In actual circulation.
3,872,984,0 355,668,0
797,620,0 291,407,0 375,151,0 176,678,0 167,763,0
889,783,0 165,324,0 117,485,0 146,558,0
81,703,0 307,844,0
Deposits:
Member bank reserve account. 4,893,667,0
221,311,0 2,087,820,0 260,014,0 335,632,0 156,695,0
U. 8. Treasurer—Gen'l acc't.. 1,421,457,0
109,305,0
679,930,0
60,378,0
4,567,0
21,188,0
221,584,0
1,777,0
174,875,0
Foreign bank
Other deposits
Total deposits
58,129,0
5,740,0
3,475,0
90,590,0
5,678,0
3,299,0
93,455,0
59,511,0
939,701,0 140,719,0
122,606,0
58,756,0
54,733,0
2,716,0
2,160,0
4,139,0
2,812,0
7,160,0
1,852,0
8,527,0
4,145,0
81,920,0 153,084,0 114,567,0 308,749,0
31,128,0 40,099,0
45,846,0 70,824,0
1,481,0
1,787,0
1,790,0
4,259,0
4,309,0
479,0
2,091,0
11,656,0
.
6,597,086,0 336,960,0 2,963,813,0 327,358,0 435,199,0 221,734,0 154,487,0 1,073,612,0 209,854,0 118,838,0 195,449,0 164,294,0
395,488,0
Deferred availability Items
686,625.0
130,813,0
145,501,0
26,513,0
Surplus (Section 13-B)
Reserve for contingencies
66,988,0
34,111,0
10,429,0
Capital paid In
Surplus (Section 7)
All other liabilities
Total liabilities
...
157,840,0
52,422,0
69,686,0
57,872,0
9,372,0
50,864,0
12,274,0
12,648,0
4,714,0
9,902,0
50,825,0
13,406,0
14,371,0
5,186,0
2,874,0
7,744,0
4,231,0
1,007,0
3,448,0
1,413,0
8,849,0
3,111,0
1,274,0
346,0
5,705,0
5,000,0
548,0
22,052,0
4,239,0
5,616,0
754,0
2,519,0
526,0
282,0
208,0
104,734,0
12,045,0
21,350,0
1,391,0
7,573,0
1,370,0
30,969,0
20,486,0
41,557,0
29,076,0
32,943,0
3,765,0
2,976,0
3,953,0
3,805,0
10,158,0
4,655,0
546,0
3,149,0
3,613,0
3,783,0
9,645,0
1,003,0
893,0
1,456,0
265,0
1,142,0
846,0
1,252,0
1,328,0
281,0
1,121,0
1,849,0
355,0
315,0
228,0
11504062,0 783,523,0 4,043,260,0 704,646,0 911,699,0 471,188,0 357,638,0 2,111,858,0 416,321,0 265,658,0 393,346,0 285,522,0 759,403,0
Ratio of total res. to dep. & F. R.
note liabilities combined
Commitments
78.6
*
79.6
82.0
73.8
75.5
71.6
71.3
85.4
69.1
69.2
67.3
64.8
73.6
24,679,0
2,807,0
10,203,0
305,0
1,461,0
2,336,0
291,0
78,0
1,845,0
94,0
406,0
541,0
4,312,0
to make Industrial
advances
...
"Other cash"
does
not ^Include
Federal Reserve notes.
FEDERAL
Two
RESERVE
NOTE
STATEMENT
Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F.R. Bk. by F.R. Agt
Held by Fed'l Reserve Bank..
held
by
New York
Phila.
S
S
$
Agent
Cleveland Richmond
S
Atlanta
S
St.
Chicago
S
S
Louis Minneap. Kan. City
S
S
S
Dallas
San Fran
S
$
as
4,132,931,0 370,918,0
259,947,0
15,250,0
891,162,0 302,229,0 389,478,0 186,933,0 186,177,0
93,542,0
10,822,0
14,327,0
10,255,0
18,414,0
919,941,0 172,823,0 121,690,0 158,791,0
30,158,0
7,499,0
4,205,0
12,233,0
90,619,0 342,170,0
8,916,0
34,326,0
3,872,984,0 355,668,0
797,620,0 291,407,0 375,151,0 176,678,0 167,763,0
889,783,0 165,324,0 117,485,0 146,558,0
81,703,0 307,844,0
4,125,523,0 376,000,0
In actual circulation
Collateral
Boston
$
905,706,0 302,000,0 392,000,0 188,000,0 157,685,0
2,927,0
441,0
77,0
78,0
46,0
926,000,0 173,632,0 117,000,0 152,000,0
90,500,0 345,000,0
319,0
75,0
30,000,0
8,000,0
se¬
curity for notes Issued to bks.
Gold certificates on hand and
due from U.S. Treasury
Eligible paper
5,109,0
43,000,0
U. S. Government securities__
Totaroollateral
871,0
4,173,632,0 376,871,0
110,0
908,633,0 302,441,0 392,077,0 188,078,0 1S7,731.0
64,0
5,000,0
101,0
926,000,0 173,742,0 122,064,0 160,101,0
90,819,0 345,075,0
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
resources and liabilities of the
reporting member banks 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 Discussions "
immediately preceding which we also give the figures of New York and Chicago reporting member banks
for a-week later.
items of the
The statement beginning with Nov. 6,
1935,
covers
also been revised further so as to show additional Items.
In "Other loans."
The Item "Demand
reporting banks In 101 leading cities,
The amount of "Loans to banks"
as
was
It did prior to the banking holiday In 1933, Instead of 91 cities, and has
Included heretofore partly In "Loans on securities—to others" and
partly
deposits—adjusted" represents the total amount of demand deposits standing to the credit of
Individuals, partnerships, corporations,
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
comparable with those shown prior to Aug. 23, 1935.
The Item "Time deposits" differs In that It formerly Included a
relatively small amount of time deposits of other banks,
which are now Included in "Inter-bank
deposits."
The item "Due to banks" shown heretofore included only demand balances of domestic
banks.
The item "Borrowings"
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 cash 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, BY DISTRICTS, ON JUNE 10 1936
(In Millions of
Federal Reserve District—
ASSETS
$
New York
Phila.
Cleveland Richmond
$
$
$
9,791
1,168
1,778
12
1,054
13
232
27
75
18
14
154
905
147
216
Atlanta
%
|,245
2,096
Loans to
22,163
Chicago
St.
Louis
Minneap.
599
384
Kan.
City
Dallas
$
593
535
Dollar*)
San Fran.
$
2,834
658
444
2,134
okers and dealers:
-
In New York City
Outslds New York City
on securities to others
Loans
9
2
3
59
3
14
(except
banks)
Acceptances and com'l paper bought.
on
Boston
1,093
Loans and Investments—total.
Loans
Total
real estate...
Loans to banks
Other loans
U. 8. Govt, direct obligations
Obligations fully guar, by U. S. Govt.
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
66
53
205
31
318
45
44
139
22
7
6
6
30
9
7
24
2
1,148
84
22
248
64
185
23
23
67
41
6
107
17
22
3
74
368
2
4
1
10
7
4
1
3,583
8,975
311
1,355
4,046
183
'211
107
137
435
106
"U4
132
129
425
363
301
812
274
197
1,465
201
160
254
1,303
3,308
18
165
675
595
103
67
40
35
146
55
14
45
31
167
154
1,300
315
262
73
77
408
111
50
132
49
364
4,744
202
2,410
198
295
112
61
881
122
62
52
113
42
77
170
1
221
386
124
68
15
32
18
10
63
11
Balance with domestic banks
5
12
10
2,359
124
164
18
154
234
174
144
444
129
Other assets—net
106
254
1,395
190
78
242
583
89
112
38
41
108
24
18
25
27
252
14,677
971
6,877
751
980
388
299
2,172
372
263
455
5,033
353
296
787
940
268
716
1«94
173
846
175
119
742
145
120
16
226
57
54
40
1,041
43
136
9
3
18
27
113
5,633
225
2,475
299
337
200
182
790
235
119
352
460
166
8
253
430
3
1
1
5
1
956
"~25
"463
"~23
"18
7
"~35
"~4
5
3,546
232
1,605
"338
233
336
86
346
56
77
324
LIABILITIES
Demand
deposits—adjusted...
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
11
Borrowings
Other liabilities
Capital account
June 20, 1936
4130
Exchange
Stock and Bond Sales—New York Stock
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the
of such sales in
United
computing the range for the
Government
States
York
Stock
day's range, unless they are
Securities
on
the
Transactions at the New York Stock
New
furnish
we
a
Exchange.
32ds
117.27
117.27
117.26
Low.
117.27
117.27
117.27
117.26
117.24
117.27
117.27
117.26
117.24
Friday
117.25
units...
l
7
1
3
2
-
7,939,000
$2,760,000
$54,328,000
$45,727,000
$5,841,000
11,103,000
108.3
108.2
107.31
108.5
107.31
108
7
Total sales in $1,000 units.
4s, 1944-54
1
5
24
3
113
113
113.2
112.31
113.1
113
112.30
112.31
113
[Close
113.3
113
[High
] Low.
113.3
113
112.31
112.31
1
6
units...
1
[High
1 Low.
[Close
111.15
111.16
111.15
111.15
1,112,635
253,053,635
$24,970,000
$579,974,000
$594,447,000
Bonds
5,841,000
188,000
45,727,000
237,000
$140,960,000
164,426,000
1,414,239,000
$54,328,000
$25,395,000
$1,719,625,000
Government
State and foreign
Railroad and industrial
111.11
111.15
5,204,836
23,853,215
$2,760,000
Stocks—No. of shares.
111.11
111.15
1935
1936
1935
1936
Exchange
108
108.3
Jan. 1 to June 19
Week Ended June 19
New York Stock
108
108.6
Close
8,596,000
5,877,000
111.11
3*A8, 1946-56
Total sales in $1,000 units...
3
31
108.15
108.17
108.13
108.14
108.11
Low.
108.15
108.15
108.12
108.13
108.11
Close
•
108.15
108.17
108.12
108.13
108.11
7
4
4
9
1
Total sales in $1,000 units.
(High
104.13
104.15
104.15
104.13
104.13
.104.13
104.12
104.13
104.11
104.8
104.8
104.13
104.13
104.8
Stock and Bond Averages
Below
104.10
LowClose
3s, 1951-55
Total.
1
2
1
[High
3^8, 1943-47
•
are
the
daily
bonds listed
stocks and
closing
on
averages
of representative
the New York Stock Exchange
104.10
104.13
104.11
sales in $1,000 units...
1
116
9
14
7
15
[High
105.15
105.16
105.16
105.10
105.11
Low.
105.12
150.14
105.14
105.9
105.10
Close
105.15
105.16
105.14
7
4
3s, 1946-48
*
338,000
9,284,000
6,524,000
942,536
—
Sales at
51
108.2
108.5
108.3
108.3
Low.
3>*8, 1943-45
117.27
108.6
High
Tota
690,000
408,000
624,000
593,000
794,000
1,123,000
1,148,000
1,226,000
1,077,000
117.25
Close
117.27
4^8, 1947-52
Total sales in $1,000
6,865,009
9,280,000
10,338,000
117.25
High
Treasury
Total sales in $1,000
$107,000
5,204,836
—
Total
117.24
$473,000
828,080
—
Wednesday
June 16 June 17 June 18 June 19
Sales
$4,016,000
8,349,000
10,811,000
12,110,000
$3,436,000
722,740
1,114,850
1,221,230
Monday.'....-
Tuesday.
Thursday
Prices June 13 June 15
Daily Record of U. S. Bond
Bond
375,400
Saturday
Quotations after decimal point represent one or more
a point.
Total
States
Bonds
State,
Bonds
Shares
June 19 1936
United
For'n Bonds
Mis cell
and
Number of
Week Ended
Municipal <k
Railroad
Stocks,
Home Owners' Loan,
of
Exchange,
Daily, Weekly and Yearly
Exchange
daily record of the transactions in
Federal Farm Mortgage Corporation's
bonds and Treasury certificates on the New York Stock
Below
the only transactions of the day. No account is taken
year
---■
as
compiled by Dow, Jones & Co.:
s
9
(High
108.18
108.19
108.16
Low.
108.20
108.18
108.15
108.16
Close
108.20
108.18
108.15
108.16
3
6
Bonds
Stocks
105.11
105.9
108.20
1
Total sales in $1,000 units.
35^8, 1940-43
13
25
Total sales in $1,000 units..
10
10
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Date
Total
(High
109.2
109.3
109.1
109.3
108.31
109.2
109.3
109.1
109.2
108.31
June 19_
156.47
47.52
32.69
56.68
106.01
111.75
87.34
106.25
102.84
Low.
Close
109.2
109.1
109.3
108.31
June 18.
157.38
47.96
33.20
57.14
106.03
111.73
87.55
106.19
102.88
1
June 17.
156.97
47.46
33.23
56.91
106.05
111.66
87.44
106.28
102.86
June 16.
156.70
47.30
33.38
56.85
106.24
111.69
86.94
106.28
102.79
3^8, 1941-43
Total sales in $1,000 units...
10$.3^
1
50
1
(High
106.7
106.10
106.10
106.6
106.5
]Low_
[Close
3Ks, 1946-49
106.4
106.6
106.8
106.8
106.6
106.5
106.1
June 15.
155.09
46.50
32.73
56.09
106.30
111.55
86.44
106.19
102.62
106.5
106.1
June 13.
154.64
46.73
32.65
56.04
106.28
111.39
86.39
106.36
102.61
106.8
106.7
106.10
2
Total sales in $1,000 units...
106
106.1
106
105.31
106.3
106.2
106
105.31
20
Total sales in $1,000 units..
3>*8, 1941
[Close
105.31
106.2
106.3
(Cllse
(High
] Low..
14
21
1
3
106.3
(High
-{Low.
3Hs, 1949-52
106.6
109.6
109.6
109.6
109.4
109.6
109.6
109
109.2
109.3
109
109.1
Rates
5
1
107.25
107.27
107.30
107.27
107.27
107.25
107.27
107.27
106.25
107.24
(Close
107.27
07.23
107.25
107.27
(High
■( Low.
102.4
102.7
102.2
(Close
102.4
107.27
10
4
1
5
02
102.4
102.4
102
101.28
01.30
102.7
102.5
102.1
(High
-j Low
103.22
103.21
103.20
103.21
(Close
103.20
103.21
103.18
Total sales in $1,000 units...
4
1
6
02
102
9
47
119
103.21
103.19
103.20
03.17
103.18
,103.19
103.18
03.17
103.19
103.18
03.17
227
100
38
(High
101.28
101.29
101.29
101.28
101.27
| Low.
101.27
101.28
101.26
101.24
101.25
(Close
101.28
101.29
101.28
101.24
101.26
Total sales in $1,000 units...
52
87
54
58
15
01.26
7
(High
101.7
101.8
101.5
101.3
101.3
101.4
100.31
100.31
[Close
101.7
101.4
101.2
101
Total sales in $1,000 units...
23
01.26
2
80
82
(High
104.11
104.12
00.30
104.11
104.12
(Close
104.11
Total sales in $1,000 units..
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%
0.20%
Nov. 18 1930
Mar. 10 1937
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%
Mar. 17 1937.
0.30%
8 1936
July
15 1936
22 1936
July
29 1936
Aug.
5 1936
Aug. 12 1936
Aug. 19 1936
Aug. 26 1936
Sept.
2 1936
Sept.
9 1936
Sept. 16 1936
Sept. 23 1930
71936
Oct.
14 1936
Oct.
21 1930
oct.
28 1936
104.12
10
Nov.
102.27
102.28
102.28
102.26
102.23
102.28
102.28
102.26
102.26
29
10
11
4 1936
11
6
(High
103.24
103.26
103.24
103.24 *103.17
-j Low.
103.24
103.24
103.24
103.24
103.17
103.24
103.26
103.24
103.24
103.17
103.18
1
17
50
15
1
1
(Close
(High
Dec. 30 1936
Jan.
6 1937
Jan.
13 1937
Jan. 20 1937
Jan. 27 1937
Feb.
.
a
Feb. 24 1937.
Mar.
Indebtedness, &c.—Friday, June 19
102.22
102.23
102.23
102.20
102.19
102.18
Dec.
15 1939.__
Low.
102.20
102.21
102.19
102.18
102.15
102.14
June
15 1941
Close
102.22
102.23
102.21
102.20
102.19
102.18
Mar. 15 1939...
Total sales in $1,000 units...
2
10
9
3s, series A, 1944-52
14
"
5
17
Mar. 15 1941.
June
Home Owners' Loan
__
15 1940.
(High
101.14
101.15
101.14
101.13
101.12
101.10
Sept. 15 1936...
1939-49..] Low.
101.11
101.12
101.10
101.9
101.7
101.6
Dec.
(Close
101.14
101.15
101.13
101.10
101.8
101.10
Mar. 15 1940...
10
315
44
50
101.15
101.15
$1,000 units...
Home Owners' Loan
(High
62
18
101.13
101.13
101.13
Low.
101.12
101.13
101.13
101.12
101.11
15 1940...
June
101.7.
101.15
101.15
101.13
101.13
101.13
2
7
43
15
37
7
Deferred delivery sales.
Bid
Asked
2)4%
104.6
104.8
Feb.
1 1938...
103.30
15 1936...
102
102.2
101.21
June
15 1938
2>A%
2%%
2^%
103.28
Dec.
104.28
104.30
101.5
101.7
Feb.
15 1937...
3%
102.4
102.6
101.10
101.12
Apr.
15 1937...
3%
102.19
102.21
101.1
101.3
Mar. 15 1938...
3%
104.23
101.6
101.8
Aug.
1 1936...
3H%
100.8
101.28
101.30
Sept. 15 1937...
3>*%
104.1
103.12
103.14
Asked
Maturity
15 1939
1K%
1H%
100
101.6
101.8
1^%
1H%
100.20
100.22
101.19
1)4%
1)4%
1H%
1)4%
iVs%
2^%
'
FOOTNOTES FOR NEW YORK
*
above
table
includes
only
Transactions in registered bonds
3|*s, 1943-47
39*8, 1941-43
Owners* 2%b, B,
^
sales
of
coupon
were:
n
r
....108.12 to 108.12
109 2
1939-49
to
lOi'g
to 101 10
109 2
Bid and asked prices; no sales on this
t Companies reported in receivership.
a
32ds of
Sept. 15 1938...
Bid
101.13
Total sales in $1,000 units...
Treas.
more
Rate
101.13
Close
2>*s, 1942-44
1
or
Int.
Int.
Rate
Maturity
High
Home Owners' Loan
35 Home
one
|
June 15 1936.
Treas.
3 1937
point.
102.9
Total sales in $1,000 units...
1
1937
Figures after decimal point represent
102.9
(Close
Note—The
3
Feb. 10 1937
Feb. 17 1937,
102.9
j Low
Federal Farm Mortgage
bonds.
9 1936
16 1936
Dec. 23 1936
Quotations for United States Treasury Certificates of
103.18
Total sales in $1,000 units..
*
.
Deo.
103.18
Federal Farm Mortgage
sales in
Dec
102.26
103
103
Total sales in $1,000 units...
Tota
2 1930
Dec.
1
102.31
102.31
Low.
(Close
25*s. series B,
Nov. 25 1930
104.11
8
103
(High
3a, 1944-49
25is. 1942-47
1 1936
July
104.111
Federal Farm Mortgage
3s, 1942-47
0.20%
Oct.
133
104.11
] Low.
Nov. 10 1936
Sept. 30 1936
01.2
24
Federal Farm Mortgage
334s. 1944-64
01.24
01.2
■{ Low.
2.2^8, 1951-54
0.20%
July
102.4
40
June 24 1936
July
102.4
21
Total sales in $1,000 units.
107.27
3
102.7
Asked
Bid
Asked
07.23
Total sales in $1,000 units...
254s, 1948-51
for discount at purchase.
Bid
07.23
Low.
2J*s, 1945-47
are
25
(High
334s, 1944-46
2^8, 1955-60
quoted
109.2
109
109.3
4
Total sales in $1,000 units...
United States Treasury Bills—Friday, June 19
25
70
3
109.3
Deferred delivery
New stock,
Cash sale.
x
Ex-dividend.
V
Ex-rights.
day.
STOCK PAGES
104.25
104.3
Abbott,
Proctor
consolidation of
Members '
New York Stock
Exchange
in
leading exchanges
NEW YORK
Volume
HIGH
and
LIVINGSTON
CHICAGO
MONTREAL
LOW
SALE PRICES—PER
$ per share
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
5012
11334 11334
65
lli2
20
$
5012
*65
lll2
2012
2614
2038
234
*23g
20
203g
2034
20i2
26
2618
26i4
26
234
67l2
1978
23g
23g
23g
2i2
68ig
685g
685g
4ig
4l8
68
*4
68I4
412
*14i8
1412
*91
4
4i4
94
*91
95
14'8
145g
1378
3l2
312
*3i2
4
*3i2
687g
414
95
*3i2
384
4
~~3ig
23.
23ig
22lg
*2118
*2Hs
~~3~
2214
223g
*2H4
22 ig
34
34
*30la
"3"
35
31
"3"
23
22
223g
35
*30'4
23
40
600
22
31
31
*34
3112
19814
345?-
*3034
*102
198
*102
2&fc
69i2
37g
378
*90
135s
95
«.
13i2
1334
*312
4
8,400
1,400
"
"§i"8
338
13",300
2
1®4 Mar
65s Apr
98
Feb
8
103
157
Jan
7
208
*30
3184
3034
*
108
3512
3034
*30l4
♦
105
500
pf_.No par
400
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd-.lOO
2,200 Allied Chemical & Dye.No par
5,400 Allied Mills Co Inc
No par
59,700 Allied Stores Corp
No par
1,400
5% pref..............-.100
6,900 Allis-Chalmers Mfg
No par
1,000 Alpha Portland Cem__No par
105
198"
835g
84
4634
4534
463.J
*23l2
3l2
*48i2
2334
*23
2334
2358
31g
237g
314
*3
314
50'4
5Uo
*45
93
50i4
*47
*90
2334
314
*4812
*9218
93l2
9414
94
94
94l2
9o34
9512
96
*5084
*4234
51
l51
51
*5034
51
5034
5034
50
51
51
51
4314
42l2
*68i2
43
4234
*6812
44
4234
43*4
43
43
70
70
*68l2
4714
*47
4314
12884 129
129
129i8 129i8
*16214 16334
36
*35i2
6712
6712
70
47
50
8812
*3234
59
*8i8
*21&s
130
2184
131
*88
131
8834
,*3284
8i2
*128
*88
*3234
*128lg
*8814
*3234
8i2
217g
2314
99i2
S85g
39
39
9
*8ig
*213g
*8ig
9
217g
2134
217g
*2314
9614
2334
23l4
23l2
23&g
96l4
96
97U
4'8
♦12&8
14
4i8
1334
1384
2314
9714
4ig
*1234
7i2
3358
34
7i2
33l2
337g
*14
4I4
7i2
14l2
29
29
*1634
*14
17
6I4
3714
*39i4
*278
*1758
29iS
1634
4i4
734
6I4
6I4
*3612
393g
27g
183g
10ig
175a
1014
175g
10
10i2
10
1012
27
27
27
27
2634
28
77
77
78
2414
24
2434
*77
78t2
*2334
*1214
*28i2
24
7514
2334
12i2
28i2
12l2
29
*126
175g
1212
28i2
42
1U2
12
62
625g
5314
2H2
527g
2H8
*
*4034
1134
62l4
5234
2114
*
164
"2738
*101
103
*2084
*28
78l4
*101
2H2
29»4
78i4
*2H4
28
IOI4
128
*126
29
123g
*101
21l2
105
2134
29
*28 '
21
*
164
"2734
*101
21
2134
29
*2812
20'8
*
10412 *102
21
*21
29
28
73g
12,100
3938
*234
1814
10i8
3
10'2
123g
29
128
*126
42
Mi •
30l2
-
«.
27i2
*52
28
*120
138
*277g
24
24ig
16758 1683S
97l2 9712
*13934 141
1084
10l2
227S
*78
*534
235g
*106
914
68
6814
1
78
6ig
534
37g
30i2
143
*140
30i2
307g
123
123
*120
28
28
28
28
28ig
28
525g
53
5312
5334
5338
138
24
138
*138
2314
23i2
I68I4 169i4
95i2 95l2
97
235g
*106
97g
703g
140
9534
9714
*138
963g
*225g
168'g
95i2
977g
97lo
237g
14312 *141
IOI4
IOI4
103g
105g
243«
237g
108
2378
243S
106
10612 1061?
9-ig
934
9
6934
67
9
9i2
68I4
78
534
*120
143l2 *141
103g
24
*2258
124
16834 I7OI4
9734
*141
1034
108
93s
3034
123
141
103g
2358
108
9.I4
67l2
141
143
30
1685g 169l2
943g
94l2
9612
97i2
9534
*106
3 l'lg
5312
53t2
*13738 138
*23
*94
*141
3078
'
53
138 '
*141
3034
123
68.14
78
*5
78
34
6
*4
'
7g
6634
*34
1,500
300
1,500
3
500
23,600
h
6
5
5
4
37g
4
55
*50
55
*50
54
*50
54
*51
54
*51
-
-
»
*26
27
*26
27
*26
27
*26
27
*26i2
3414
27
2634
3358
*3834
I8I4
267g
3438
34
3414
197g
34i2
4012
*38
34
*37l2
1934
9934
*9l4
*4034
9934
20
9934 IOOI4
*914
11
37g
3334
*3858
197g
4034
*39
407g
1912
41
3434
1934
19
19lg
343g
*9934 10112
11
*914
11
100
*9U
34?g
3458
38i2
187g
38i2
a;1838
*98i2 100
11
*9ig
100
11
200
5,800
400
400
200
20
6,900
30
200
300
11,400
1,400
4,100
100
4,300
300
2,100
300
110
54i8
5534
12
12
*
108
"56"
1214
*__
56»2
1214
_
For footnote*' see page
55l2
12ig
4130
108
56^8
123g
*
108
5638
565g
1212
121a
*
108
5534
1214
2,200
""266
23,000
100
3,800
99
*918
11
*
108
Nov
66
Feb
96
June
30
Mar
238 Mar
2212 Mar
6i2 Feb
72
Aug
2
145s Feb 17
84 May
234 Apr
Jan 20
534 Jan 7
36i4 Apr 22
37
2
Jan
Feb 17
7
Jan 28
18i4Mar
83$ Mar
46
3
—No
par
No par
Am Rad & Stand San'y .No par
100
American Rolling Mill
Amer Safety Razor
25
No
140
Amer
Smelting & Refg.No
Preferred
2d
700
10,600
1,100
....
5612
~5578
5614
"2",400
123g
1112
1214
2,000
par
100
preferred 6% cum... 100
American Snuff
25
Preferred
100
Amer Steel Foundries. .No par
Preferred
100
Preferred.
No par
100
100
....
Am Sumatra Tobacco..No par
Amer Telep & Teleg
American
100
Tobacco
25
class B
..25
Common
Preferred
100
Am Type Founders Inc
Preferred
1st
10
100
2
3
7i2 Feb 20
43
Feb 20
3658 Feb 20
18 s4 Apr 30
157
Mar
Mar
42
17
Mar
8U Apr
6
3
Oct
28
Oct
/29i8 Apr
26 May 29
48'4 Apr 30
129
Jan
6
205sMar21
149i2 Apr 30
87
Mar 13
88t2 Mar 13
136
Jan
2
95gMay 21
20
May 13
Jan 20
Jan
9
Archer Daniels Mid'ld.No par
37
7% preferred..........100
Jan
2
May 18
June
8
9
118
Preferred
....
Armstrong Cork Co—No
Arnold Constable Corp.
100
par
5
66
Mar
4i2 Mar
20
3358 Feb 19
15i2 Jan 2
97
May 13
5
5
143i2May 28
20i2 Apr 30
10734 Jan 4
35
No par
5
63
28
$6 conv pref
Mar
10i2 Mar
134i2 Mar
1534 Mar
1015s Dec
Anaconda W & Cable. .No par
Armour of Illinois new
Il6i2 Mar
27
6
Feb 19
73i2 Jan 22
Anchor Cap
Armour&Co(Del)pf 7% gtdlOO
Apr
lt2 Mar
10i8 Mar
838 Mar
108i2May 28
pref
25
Anaconda Copper Mining..60
Copper Mining—...20
6334 June 10
5434June 10
2738 Jan 4
Jan
44
conv
Jan
57i2 Mar
13338 Jan
24
$6.50
Jan
104
25
No par
pref erred. No par
72
x24
Feb
121
Jan
84May 19
4'8 Apr 30
3&8May 20
$5 prior
18i2 Mar
414 Apr
13t2 Mar
33t4 Apr 8
9112 Mar 20
15234 Mar 11
5684
5434 Apr 30
Preferred
1414 Oct
4i2 Mar
136i2 Jan
1
Lead & Smelt—1
Oct
6
34
734 Apr 28
..No par
178
42i2 Mar 13
13'j Mar 26
165
19i8 Apr 28
92S4 Jan 3
par
Feb 13
3578 Mar 20
133
7
Jan
Jan 14
1338 April
2534May 22
8938 Jan 21
18
Apr 30
253g Jan 2
100
Preferred—
Zinc
Apr 30
Apr
par
No
JAm Writing Paper
Amer
27
124
z35i2 Jan
No par
preferred
Preferred
Andes
"300
par
American Seating v t c.No par
Amer Shipbuilding Co.No par
Apr 28
24
125
June 10
36
Jan 29
6058Mar
3
14178 Jan 29
263s Jan 28
178
Feb 14
102i2 Feb
6
104
6
150
Feb
Mar 17
Mar
3158 Apr
Feb
Nov
Deo
Nov
Deo
Deo
Nov
Nov
958 Nov
49i2 Aug
4U2 Aug
25is Deo
159
Sept
323s Nov
9534 July
2178 Deo
26!4 Jan
6458 Deo
144
May
117U Aug
76
143
88
Feb
113
32t2 Dec
50'8 Dec
43
Jan
70i2
Feb
124
Dec
18i2 Jan
9878 Mar
72t2 Apr
7434 Mar
129>8
Jan
June
July
2514 Nov
Deo
140i2 May
2778 Nov
I60i2 Nov
104i4 Nov
107
Nov
141
Nov
115sMay 25
35
Jan 10
2514 Apr 9
107i2June 11
lli2 Feb 1
7034 Feb 1
2
10
9
Mar
7i8 Mar
48
Mar
478 Mar
35i2 Mar
5
&8 Mar
Jan 10
214 Mar
Feb
38i2
2234
94U
1084
6834
25g
Deo
Dec
Nov
Sept
Nov
Deo
1184 Deo
2
3
Mar
2
Apr 2
3934 Apr 16
31
Mar
49
Aug
8
Dec
46
734 Mar
73i2 Mar
57g
Dec
31
Mar
30
16ia Apr
37
5
107g Sept
1758
111
Jan 30
15
Feb 17
96i2 Oct
3i8 Mar
50
Jan
Feb 15
26S4 Mar
36
97
84
Jan 28
55t2 May
108
125
Jan 28
85
9
2784
7514
3314
1258
3214
13012
3014
Feb
117
7i2 Jan
Nov
Mar
7
4714 Feb 24
40
38's Nov
478 Jan
3734 Feb
1138 Nov
12
Jan 13
5
Aug
Aug
38*4 Aug
1518 Oct
678 Nov
125
11012 Jan 20
738 Jan 25
June
914 Aug
Jan
May 11
IO5I4 Jan 3
45gJune 10
68I4 Jan 2
Apr 30
19i8 Deo
9234 Deo
378 Deo
914 Deo
2
12
Dec
34*4 Aug
914 Deo
35*4 Nov
3?8 Mar
Jan 27
4H2Mar 7
558 Jan 14
3314
14
934 Mar 26
13
$5 preferred
5,100 American Woolen
10,700
19
40i2 40l2
41
4134
4134
4134
4034
4034
4134
415g
417g
*118
120
*11714 120
*118i2 120
*11812 120
*118i2 120
*118l2 120
10S
108
*10738 10784
108
108
108
10712 107l2 *107
*107l4 108
434
45g
434
434
434
47g
47g
4»8
434
47g
45g
434
*73
74
*73
73i2
7314
73
73
71
7314
7212 72lo
72
*
$6 preferred.
44,000 Am Water Wks & Elec.No
41
99
115
May
3714
Dec
Jan
6
2
24's Mar
43
65
Deo
Jan
99i2June 17
Apr 30
.No par
Preferred.
-
54
4
_
American Stores
*50
378
2
Oct
May
3378
3
Jan
5
Dec
8
1334 Feb 13
3258 Mar
25
-.1
Amer Sugar Refining
4
4
Amer Metal Co Ltd.
1,300
4
25is Mar
Feb
Nov
6
95i2 Mar
34
.
5734
38
June 12
par
6% conv pref erred ...... 100
Amer News, N Y Corp .No par
Amer Power & Light..No par
1,300
2338 23'g
106i2 106i2
85g
85g
6678
67i2
*84
78
*47g
534
37g
37g
7314 Feb 19
130
18i2 Apr
"
*120
93g
6834
168
Mar
Apr 30
100
28
24i4
Jan
10
Feb 21
12
1
Preferred
535g
106
151*4
41
Mar
143
1231;
28
2712
53L
53i2
140
*138is 140
2334
*2238
233g
16934
16634 1685g
9512
9514
9534
98
97i2
9814
143l2 *141
143i2
IOI4
97g
10ig
14958
15
"300
123
4212
Jan
10
5,500
7,300
207{
301.
Mar
Amer Mach & Metals..No par
35,600
2934
21
110
Mar
12it
*140
5078 Mar 28
130i2May 20
134i2 Jan 2
166i2 Jan 14
9
11,200
3034
70
32
103
10434 *101
203
2134
2034
143
Jan
4
9512 Feb 27
2978 Jan 14
54
28
43
Feb
Amer Mach & Fdy Co.No par
4,400
1,300
2,100
63
28
4738 Nov
72
36U Feb 28
275i
28i2
5512 Apr 15
par
50
Amer Home Products
Dec
6i2 Apr 30
2
Dec
Dec
80
Jan
..10
pref
Jan
4i2
40
1714 Apr 23
9^8 Apr 30
23i« Apr 28
66
Apr 28
21
May 9
128
164
conv
9
Nov
7514 Oct
3778 Oct
2234 Nov
48i2 Jan
4D2 June
13t2 Jan
2934
Amer Hide & Leather
6%
984
26
6% non-cum pref
100
Amer Internat Corp—No par
53
20ig
$6 preferred
Amer Hawaiian S S Co
Jan
Apr 8
312 Apr 30
Dec
9
June
53i4June 11
125i2 Mar 29
63i4 Feb 11
American Locomotive-.No par
1,200
160
"27"
No
..No
6
Mar
2458
2i8 Mar
3,300
1,200
403,
*
No par
14
Jan 24
278June 11
1134
6Hg
2734
I6I4
558
5834 Apr 16
Jan 14
89
No par
Sept
American Ice. —...—No par
4034
1214
63'4
543g
21lg
Amer & For'n Power
173*
3,200
187g
10i2
27H
77't
25h
123t
28U
145
*140
200
6
367g
393},
*107
*120
Amer
2d preferred
78i4
79lo
80
7834
783g
787S
7914
7919
787g
79i{
*14414 145
1447a 145
*144U 145
*145ig 148
*145i8 1481.
10812 *107
107
107
107
108i2 107
*106
107
*1O014 107
64
64
*63i4
*6314
64
64
64
*63l2 64i2
*6314 64
64
145
100
10
100
New.l
European Sees..No par
6% 1st pref
800
393g
Jan
83gJune
Amer Encaustic Tiling
1,200
6
31
11434
American Crystal Sugar
1434
164
"2734
28
2,700
29i2
I6I4
*27
117g
6234
537g
No par
2114 June 12
*28
I6I4
162«4May 29
30
Apr 30
5758 Apr 27
;...100
Preferred
18
*4034
42
120
4ig
1334
36i4
2
Feb 24
(Alleg Co).25
3,500
6
Apr 28
124'May
11584
Amer Colortype Co..
10
Am Comm'l Alcohol Corp__20
34
38
40
3
8758May 11
3314 Mar 30
7's
14&g
30i2
16i2
Jan
No par
337g
*14i4
2 77g
*126
128
63i2
5434
21*8
28
*12os
65
6
American Chicle
734
247g
*12ig
2812
12
2U2
99
4ig
200
1,100
11,600
Mar
22i2 Dec
3i8 Mar
Mar
50
Apr 20
42i8May 20
100
Chain
7% preferred
125*
12
10
No par
2
50i2 Apr 6
28i2 Mar 11
Am Coal of N. J
24
*97i2
14
300
914
22i2
2338
25
54
164
*8*8
221g
2484
*12ig
28l2
63lg
2Hg
39
25
1214
273g
*32»4
100
9014
39
*75
535g
*
American
78i2
63
2778
1,100
*88
*75
62
215g
48i2
48i2
127i2 127i2
79
527g
*4034
American Car & Fdy
Preferred
Apr
283s Mar 26
June
par
100
1,600
18
12i2
Preferred.
3,900
lOU
27i2
1712
10i2
28
42
53io
106
3988
*27g
500
36
68U
Dec
/49
Jan
Dec
32
June 17
Apr 20
Dec
Deo
Dec
Jan
84
1934 May 13
27fiMay 1
Dec
21
June 17
353s Jan 21
Dec
Apr
Feb 14
11
75
25
3914 Feb 11
Mar
7
par
100
American Can
.
Jan 31
69
Jan
34
Am Brake Shoe & Fdy .No par
5H% conv pref
5,800
684
50
35l2
89
6
3
*4034
1184
1214
6234
164
~273s
2758
*367g
17«4
29
*126
42"
*16i8
6i4
38i2
39I2
27i2
*733g
24i2
12'g
2834
1212
283g
*126
*4034
175g
123g
1612
6
410
133
23i2 Mar 12
50
68
914
1
7% preferred
34i2
145g
30i2
*16
*37i2
3912
27g
Amalgam Leather Co
Preferred..
900
16334 16334
36&8
6834
conv
1,800 Amerada Corp
No
100 Am
Agric Chem (Del).No
2,000 American Bank Note
12834 12914
4lg
34
3012
100
4784
132
99
*13ig
7i2
77g
900
70
47
163
4
15lg
27g
*69
2258
243g
4i4
145g
39i2
70
*97
24i2
30i2
27g
3
397g
314
5H2
8834
*3234
*8i8
22»8
2378
99l2
15i4
1634
22 ig
*3
4812
48l2
*12434 130
8i2
22',s
30i4
6I4
3884
22lg
36'4
1334
*16
23
68
357g
6's
*3634
391.4
6I4
4634
163
39
35
77g
463g
13H4 133
885g
*13ig
734
14i2
3014
39
3
137g
353g
815g
4634
23
131
4
414
7i2
337g
14l2
29lg
I684
37li
40
9712
10l2
4712
xi7:is
47l2
*12812 130'4
130
130
2434
82
46'2
130L
I29I4 1305g 131
13119
16334 16334 *160i2 16334 *16H4 16319
36
3514
36
3534
36ig
367g
67i4
6714
68
67i4
6712
68i2
49
49
49
49
49ig
49I2
13234 *128
*8778
129
2419
IOI4
28212
130
129
198
83
2M% prior
4
187
1458
14i8
1438
3314
23g Mar
*34
100
warr
Deo
Sept
ar20i8 Jan
3*8
29i2 Feb 18
36
46
4712
Apr
Nov
23s
74
34 Mar
3034 Feb 18
$40 warr___100
173
lt2 June
186
29i2 Feb 18
4578 Feb 5
7,800
3714 Nov
2438 Dec
203s Dec
838 Feb
4&8 Jan 31
2
8314
*47
Mar 25
195
2
27
Apr 28
29i4June 5
4634
2334
42l2
*68is
53g Jan 27
Mar 25
2i2 Apr 28
Oct
2
46
70
13i4
x
123s Jan
4614
4714
Jan 23
Dec
100i2 Deo
Apr
Sept
1214 Jan
12i2 Jan
4512
*46
17i8
74
Pref A with $30 warr__.100
83
*68i2
\
Mar 25
Pref A with
107g
93
91
Pref A without
25
314
6i2 Sept
10438 Mar
1
1,700
200
50
2
Mar
1178
4i2 Mar
June 19
6i8 Apr
Oct
7434 Nov
Jan
8
share
52i2 Nov
116
June
8
1,100
24i2
103g
314
28
23
2412
*48i2
Jan 10
Feb 14
23
24
10i2
314
June
414 Mar
8434 Jan
23
25i2
52
9
69
2
Mar 25
195
51
21i2 Jan
13i4May 22
318 Jan 2
A
Feb 10
Feb 21
23
8314
3l2
91
Jan
per
Apr
110
Feb 28
28
2
Jan
Jan
32
1
Feb
74*4
137S
100i2
3534
Highest
share $
per
237g
25l2
10U
52
2
$
50t2June 11
118
Apr 28
7h
58
Alaska Juneau Gold Min...l0
per thare
25
83
1
Affiliated Products Inc.No par
Air Reduction Inc new.No
par
P W Paper Co
No par
Albany & Susque RR Co.. 100
^Allegheny Corp
No par
Mar31
li2 Mar 18
59
Apr 28
958 Apr 30
100% Jan
177sJune
2218 Jan 21
zlig Jan 14
Air Way
El Appllance.No par
Ala & Vicksburg RR Co__100
$
23°g
83
*49
-
6,500
100
33g
83
*128
-
4
,
No par
share
11
..25
*2l2
200i2 *195&8 200
24
24
247g
24i2
11
1012
1934
105g
196l2 1991?
Acme Steel Co
Adanjs Express
per
42
100
Preferred..
100
2,400 Adams Mtills
No par
1,900 Address Multigr Corp
10
500 Advance
Rumely
No par
69
Year 1935
Lowest
Highest
2214
35i8
22
35lg
Preferred.
203g
2534
4ig
$
No par
203s
:E2534
69
Range for Previous
23i2
2214
22
22
Straus
6,400
""3"
231o
22
*3314
.
*102
....
19834 199
*25i4
25i£
10i8
IOI4
23
*21
Par
&
1112
95
13i2
*3l2
3"lg
22
21l2
22
"3"
V:';
Abraham
"
"*3~
'
•
49
1138
4
14
Love.a
2&g
*90
95
135g
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
20ag
26U
6834
4'g
4131
EXCHANGE
1134
.
26
69
*91
14
*47
*112i2 113
*112i2 113
6 534
*6534
6684
6534
1134
2534
*91
Shares
,.49
lll2
1H2
20
212
$ per share
YORK
NORFOLK, VA.
2
Week
*47
49
*47
2612
*26l4
*2i2
June 19
$ per share
$ per share
50
IH4
the
June 18
1133g H33g *112i2 113
66
65i2
6512
6534
65i2
lli2
113g
Friday
% June 17
share
per
*47
113U 114
65
1U4
*47
Thursday
Wednesday
June 16
$ per share
*47
v
Tuesday
RICHMOND, VA.
Record—Continued—Page
f/iT
Monday
June 15
June 13
executed
for institutions and individuals
INDIANAPOLIS
JOT
Saturday
orders
Stocks, Bonds, Commodities
"
& COMPANY
CLEVELAND
New York Stock
142
AND
Commission
ABBOTT, PROCTOR & PAINE
.
and other
Paine
&
122
6258 Mar 23
15
Mar
4
Jan
Aug
Apr
314 Apr
Jan
2558 July
4
Mar
109
125s
52
Dec
Jan
Apr
Deo
Aug
122U July
109
61®
703s
110
50*4
958
Dec
Jan
Jan
Jan
Dec
Dec
Monday
June 13
June 15
Wednesday
Thursday
Friday
June 17
Saturday
Tuesday
June 18
June 19
June 16
.
share
per
*37
39
39%
*105% 106
24
24%
25
*1634
17
*18
1934
*114
28
*32
33
32%
5341
5%
3%
3%
39%
3%
3%
39%
41
*38%
18%
26
26
44
*4234
L16%
*15%
16
*90
91
15%
1638
17
17%
113
*110
23
23
111%
*110
*36
3%
3%
8,200
3
3
*36
92%
*14%
14%
37%
92%
1438
*83%
«...
2734
28%
21%
21%
21%
54%
54%
53%
54
53%
38
93
93
14%
*83%
28%
21%
90%
*83%
55
114
114
35%
15%
36
*18%
20
*112
85
*78%
*18%
23%
*49%
49%
50
80%
80%
84
4034
41
40%
40%
40
28%
2834
28%
29
28%
40%
29%
7634
77
76
77%
76
77
2%
49%
*134
13%
49%
49%
88
88
14
14%
14%
5038
50%
51%
4334
4334
*50%
53
*51
53
*42
44%
*42
4334
9
9%
*39%
42
*39%
48%
49
4834
*102% 10234
4838
5234
*52%
834
*834
*10%
11
*16
1634
118
13%
107
*106
11
*16%
118
*43
834
9%
8%
9%
40
4834
*38
40
49%
49%
48%
51%
5234
9
1,300
8734
390
42
40%
41
510
28%
7434
28%
13,600
75%
3,200
120
*116
13
13%
107-,
*106
120
120
13
107
16%
16%
16%
16%
9%
13%
13%
105
110
7
100i2 Apr 13
10234 10234 *102% 10234
48%
*50
9%
9%
11
11%
1634
121
16%
*120
13.%
1334
106
*105
4834
52
9%
11%
16%
120%
14
107
48
|48
393S Jan
Borden Co (The).
15
2558 Jan
Borg-Warner Corp
10
64
Jan 21
83i2Mar
Apr 27
1U2 Jan 30
28% Jan
334 Mar
338 Feb 14
% June
Apr
44i2May 11
May 19
Brooklyn Union Gas...Nonpar
1,300
10%
4,600
Bucyrus-Erie Co
16%
16%
3,000
120% 120%
1334
13%
25,300
10
—
Mar
100
100
No par
100
9is Jan
85
Jan
paid rights..
May
Dec
17% Nov
553s Oct
55
Oct
42
Dec
5%
Dec
38
Deo
4634 Aug
Aug
100
90
Jan
43
Mar
71% Aug
655s Jan 15
13
Mar 23
53
Mar
6334 Aug
7
2
8
11%
Dec
1414 Feb 14
4U Mar
8%
20i8 Feb 14
121
June 17
7
8% Mar
1734
Dec
Deo
15%May
Apr
114
Jan 20
538 Mar
2'8 Apr 15
358May
214
......
14
36i2 Mar
Dec
Dec
8%
56i2 Jan 31
8isMay 19
878 Jan 2
13i2May
5
Feb
23% Jan
303s May
13a Apr
12U Mar
i50
10%
1st
69
24i 2
5
5112 Mar 5
50i2Mar 25
104
Apr 7
4,400
No par
8% Apr
4
9734 Feb
7%
Rights
2784 Nov
48i2Mar 11
4014 Jan
300
Mar
4
7
2
4
4i2 Jan
3312 Jan
preferred
G) Mfg..
preferred
21
Jan 17
41
$6 preferred series A,No par
7%
6
4
3014 Feb
6
Bklyn Manh Transit..No par
Budd (E
4734 July
1878 Feb 13
800
Pref erred..
Dec
6478Mar
200
Brown Shoe Co
38
1312 Apr 30
No par
5
July
Jan
4314 Apr 30
48
Jan
4
Bruns-Balke-Collender.No par
110
Jan
234
100
90
Jan 15
45
3
2
U2 Jan
*50% *52
9%
*9%
*105
Dec
70%
100
6
8,200
130
Dec
59%
-No par
Class B
Brooklyn & Queens Tr.No par
Preferred
No par
200
39% July
6318 Mar
Dec
90
22%
80%Juue 12
Bristol-Myers Co
40%
49%
51%
11
26i2 Jan 29
6
Bon Ami class A
Briggs & Stratton
40%
48%
Feb 28
99
3
1678 Apr 30
No par
Bohn Aluminum & Br
300
8%
June
5
Nov
17
2378 Aug
114
46% Apr 30
900
2,300
51
9
78
100
Bridgeport Brass Co...No par
Briggs Manufacturing-No par
4938
10%
215s Feb 11
113
Jan 6
3,100
9
1434
958
1658
IO3I4
28%
6
2014 Feb 19
8
10934 Jan 24
18i4May
51%
52%
Apr
48
1434 Apr 28
14
443jj
27% Sept
Feb 28
19
120% Mar 26
3
No par
14
*8%
Mar
Mar
June
Jan
Mar
6i8 Mar
Jan
Blooiningdale Brothers.No par
Preferred
100
50%
52
57% Nov
23
51%
*4334
Jan
110
14%
5134
2234
34
1618 Apr 28
Apr 30
5% preferred..
20
7% preferred
100
Bigelow-Sanf Carp Inc.No par
5034
4334
15i8 Mar
57% Apr
6334 Apr
Jan
(Del)-No par
14%
43%
Dec
2438Mar
7
Jan 18
48
fBotany Cons Mills class A.50
5134
1434 Nov
117% Mar
24% Oct
4534 Apr 30
20
No par
Boston & Maine
53
Sept
1178 Mar
3134 Apr 15
215s Jan 20
Beneficial Indus Loan..Aro par
100
51
10%
79
700
48%
33% Sept
95
Sept
89%May
134
10234 10234
Feb
5
6%
49%
72
June 10
June
134
40
20% Nov
108% June
Nov
14
83
6%
8%
Oct
Jan
33
11% Mar
Boeing Airplane Co
May
100%
16j4 Mar
Blaw-Knox Co
Dec
1434
115
lll%May 29
37 May
6
96
new
Nov
114% Jan 15
26
Mar 11
2
2
4834
Jan
8
5
Dec
15% Nov
88
IO784
Jan
Aviation....
Sept
Dec
116
578 Mar
8
Feb
634
27,400
18
49% Aug
1834May 26
13i8
6%
49
834
11
7,900
48%
*38
Apr
Deo
25U
June
85
*134
9
£20
6
20
7
40%
49%
49
102% 10234
49%
22%
8534
**
6
17
2
14%
51%
Jan
June
32
Belding Heminway Co.No par
Blumenthal & Co pref
85
4438
51%
51%
41
102% 102%
48%
2%
*134
49%
20
48
77%
2%
6,000
88
29
14%
5038
400
49%
76
106'4 Mar
3% Feb
3
102
1418
40
7% Mar
2034 Mar 19
April
6
Beech-Nut Packing Co
2,500
1,500
28%
11712 Feb
3
Feb 28
16%
77
Jan
35
16%
29%
*6%
*134
7%
*6%
6%
42
1314
8214 Jan 10
50
Beth Steel
77
9% Mar
36% Mar
Beech Creek RR Co
24,200
28%
34U Feb 19
4912 Feb 28
8
53%
113% 113%
35%
*35%
Jan
7% Apr
2
Best & Co
Jan
Dec
334 Apr 22
112i4 Apr
5
Jan
5%
Feb
5412 Feb 28
40%May 28
24U Feb 21
8
52%
22%
4834
88
U2
Jan
Bendix
23
4938
86
Apr 30
678 Feb 24
Jan
10,400
6,700
1,000
*40
49%
85
234 July
May
27%
21%
734 Mar 18
18
54
*87%
22%
4934
23%
50
638
1,200
*83%
*79
14
63
9
Apr
107
21%
85
*79
5% May
35% May
110
54
35%
10% Jan 15
46% Jan 24
25
27%
16%
8
40i2May 28
1578 Apr 30
21
Apr 30
4178 Jan 3
100
Creamery
Mar
5
278May 12
No par
100
Preferred
15
5
48% Nov
Sept
19% Dec
45% Oct
115
Mar
Belgian Nat Rys part pref
900
16
16%
1534
16%
20
20
*18%
*18%
111% 111% *111% 112
23
22
*41
......
5414 Mar
4
29% Apr 30
100
preferred
Beatrice
1,400
Oct
3234 Apr
IO634 Jan
June 11
100
1st
50
3,700
Feb 18
55gJune
31
No par
Bayuk Cigars Inc
73
2
2658June
50
6tf% conv preferred
Barnsdall Oil Co
21%
11334
*35%
20
20
9,300
2,200
Mar
June 12
30i8 Feb 14
100
Barker Brothers
115
126% Apr 18
100
Preferred
30
600
Mar
6
Jan 17
100
Bangor & Aroostook
54%
16%
112
112% *111% 112
85
85
*78%
22%
14%
400
Dec
92% Dec
37% Jan
17i2 Deo
1978 Dec
28
May
3
June 16
—
i
Dec
60
20i2
16
Works..No par
Preferred
3,400
Dec
44
19i2 Apr
£112
assented
54%
53%
16%
23%
14
54%
Pref
Jan
48
3
Baltimore & Ohio
28%
2134
21%
54%
17%
94
14%
«...
2734
21%
54%
20
1534
*18%
113
28%
11334 11334
*35
35%
16%
16%
35%
35%
15%
17
17%
17%
17%
114
94
14%
14%
13i2 Apr 24
2658June 4
11238May 22
Del(The)new_3
Preferred
1,600
18,000
10634June 11
3534 Feb 21
19i2May 28
2134June 18
35i8 Apr 1
100
66% Mar
8658 Apr 13
3
Assented.....
......
38
93%
93%
14%
54%
5334
*36
38
*36
*36
54%
6%
Baldwin Loco
2,300
2
Jan
Mar
2984 Feb
3534 Mar
5118 Feb 10
90% Jan 2
2158 Apr 24
11
Apr 22
__
Aviat Corp of
May 21
59
No par
Preferred
100
Atlas Tack Corp
No par
Auburn Automobile—No par
Austin Nichols.
No par
Prior A
*..No par
6,100
5%
3
*78
13%
5%
3%
85
118
60
3
11334 *112
834
5,300
2,600
3%
*78%
22%
*51
6%
34%
3%
28%
1578
46
6
3
54%
20
9
534
558
534
100
Feb 21
36
1834 Nov
109
Sept
48
2
June 19
112
98
100
4% conv pref ser A
7% Mar
8078 Apr
June 16
10934 Apr
June 19
Oct
Nov
90
Apr
70
108
18
978
334 Mar
22i8 Feb 27
May 13
3
Jan 20
103
100
25
Preferred
600
3
21
35%
49
32
818 Jan
125s Apr 30
95
Atlas Powder
6034
3%
«...
17
14
1,000
115
*60
3
27%
114
*134
Atlantio Refining
338
93
17
6%
28%
1,200
8,500
1,500
3
37%
*36
114
*112
500
28%
3%
54%
5338
*1834
1734
20%
*32
6%
6
1
-32% -if 32
5%
534
21
35%
15%
6%
32
$ per share
Lines..No par
At G & W I SS
17
61%
61%
124%
124% *121
124% 124% *121
*16
17
16%
16%
16%
*16%
29
29%
30
28%
29%
29%
6
34%
6034
25
20%
115
115
60
6
28%
16%
115
105%
24%
40
14%
*83%
*83
52%
78%
105
Highest
$ per share
Preferred
3%
93
14
*113
77
*38
3934
39
39
40
4034
39%
40
3934
41
41
41
*38
41
*38%
*38%
41
*3834
19
19%
18%
19%
18%
1834
18%
18%
18%
18%
26%
26%
27%
26%
26%
2534
2534
25%
25%
*25%
43
43
43%
43%
43
43
44
42% 42%
*4238
117%
117% *115
117% *115
117% *115
116% 116% *115
*15
15
1534
1534
15%
15%
1534
1534
1534
*15%
92
*87
92
92
*90
90%
90%
92
*90
*90%
16
16%
16
16%
1534
16%
16%
15%
16%
15?4
17%
17%
17%
17%
1734
1734
17%
1738
17%
17%
*110% 113
*110% 113
110
110% 110% *110% 113
110%
23%
23
23
23%
23%
23%
23%
23
23
2234
111% 111%
111% 111% 11034 111%
110% 110%
*109% 111%
93
14
2734
20%
77%
Lowest
$ per share
Artloom Corp
338
3%
3%
37%
93
*54
79
115
30%
6
*32%
5%
38%
76
Highest
$ per share
No par
100
1
10,400 Associated Dry Goods
500
6% 1st preferred
100
100
7% 2d preferred
100
25
70 Associated Oil
18,000 Atch Topeka & Santa Fe_.100
Preferred
100
1,100
5,700 Atlantic Coast Line RR—100
*38%
18
*115
5%
2838
29%
6%
33%
534
38%
105% 10534
26
25%
17%
15%
2134
1934
28%
28%
60%
124% 124%
16
16%
31
6
638
39%
Lots
Lowest
......
112
112
117
*37%
IO584 10534
25
25%
16
*15%
19%
19%
28%
2834
61
62%
30%
30%
*6
76
11434 115
124% 12434 *120% 124%
17
*16%
17%
17%
*29%
19%
28
28%
61
62%
*62
16%
16%
114% 114%
1.15%
25
*18
19%
39
115
1053s 10534
24
*112
...
-
*37%
75%
73
16%
16%
*18
28%
27%
39
73%
106%
24%
106
*110
125
39
39%
73
73%
72%
*106
120
*106
125
*106
On Basis of 100-share
Par
1,100
15
15
EXCHANGE
Week
$ per share
$ per share
$ per share
$ per share
$ per share
14
*14
14%
14%
14%
14%
14%
14% *14%
1434
*100% 105
*100% 105
*100% 105
*100% 105
*100% 105
17
17%
18
1734
17%
17
17%
17%
17%
17
17%
17
103%
104%
104% 104% 104% 104% 103
L04% *103
*100% 104% *100
$
NEW YORK STOCK
Shares
*100% 105
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
fnr
the
NOT PER CENT
SHARE,
SALE PRICES—PER
LOW
Sales
JUT
AND
HIGH
June 20, 1936
New York Stock Record—Continued—Page 3
4132
338 July
6234 Mar
314 Mar
5
2
5
5
23
Mar
14 Sept
Dec
100
934 Nov
97%
Dec
3
Nov
1038
1034
1034
10%
10%
4,300
Budd Wheel
No par
83s Apr 30
2% Mar
1038
10%
5
10%
2%
10%
10,100
1038
2%
10%
2%
10%
25%
2534
2534
26%
2534
26
3,300
No par
lli2 Jan 10
1434 Nov
2434
2534
334 May
24%
25
2814 Apr 27
24%
Bulova Watch
24%
26
*2534
26%
2534
2534
26%
*25%
2534
2034 Apr 28
26%
26%
26%
*4%
1134
434
26%
4%
27
25%
2634
24% Nov
25%
6%
534
6%
5%
5%
1,50C
3,900
4
3314 Feb 13
8% Mar
25%
26%
3U8 Feb
1134
15
15%
14%
*13%
14%
1,600
17
17
16%
19%
4%
4%
4%
17%
iU
680
1,300
Butte Copper & Zinc
18%
18%
4,600
Byers Co (A M)
•
2%
2%
2%
2%
26%
*26
*4%
*11%
16%
26%
26%
434
4%
4%
15
*1134
15
16%
16%
16%
4%
43)
4%
4%
17%
17%
1734
1734
54%
55
2634
18
59%
2%
5434
*55
4%
19%
59%
4%
234
2%
3
15
18%
4%
19%
19
19
4%
2%
*25
17%
900
*57%
59%
70
27%
27%
2,200
Byron Jackson Co
No par
1,600
California Packing
No par
28
28%
27%
27%
31
31
27%
3034
28
32
31
30%
3034
3034
1
*%
1
'%
30%
%
3034
1
1
1
1
1
900
9%
834
9
13,200
2,500
5,700
10
33%
33
14%
15
1434
*53
*53 ;
12%
"12%
*39%
40
*13
1334
*48%
*97%
100
7
SOI]
9834
100
7
172% 175
*130
75%
23%
934
140
56
•
123S
12%
12%
12%
.12%
125S
38%
38%
38%
38%
*37%
39%
1334
*13%
*49%
*97%
1334
13%
13%
50
50 •
*4838
50
*97%
9834
100%
*100
6%
174
*130
7
179%
140
76
76
76%
2434
24%
2538
97%
9834
100
100% 100%
634
177
140
•
*7%
7
179
1833a
140
*130
77%
24%
77%
7634
2434
25%
25%
25%
25%
6434
65
65
66
2934
29
29
*28%
29
*41
4334
*40%
2534
2534
65
41%
8
*7
8
*7
*102
104
*102
54%
54%
*9%
934
934
92%
94%
*90%
5434
10
93%
66%
£29
53%
9%
29
93%
10
*101
103
103%
103% *102
103% *100
20%
*19%
19%
19%
19%
19%
19%
19%
58
58
58
*52
59%
58%
*53%
56%
68
68
69%
69
68%
69
69%
68%
58%
58%
58%
57%
58%
58%
5734
58%
2%
238
*134
238
*1%
238
*1%
*1%
*100
'
3%
*134
3%
1%
*6
6%
*8
11%
*28%
134
334
2%
*3%
1%
6%
*8
*28
3%
2
6%
11
3%
2
6%
10
1%
*134
1%
28%
134
334
3%
3%
3%
3
3
3
29
2834
3%
2
6%
10
28-%
1%
4
2%
*838
3
*3%
334
*45
10
2334
24%
25%
25
25
67%
*65
28%
28
40%
19%
3%
500
20%
134
3,900
7
5,300
*8
10
10
*28%
134
3%
2%
29
28%
28%
28%
28%
2
4%
3%
1%
3%
3
8%
*45%
46%
45%
45%
45%
134
434
4%
2834
20%
27%
4%
2734
45%
1%
434
434
28%
21
2034
21
134
1%
1%
45%
134
4%
4%
3%
4%
4%
21
20%
20%
20
For footnotes see page 4130.
21,200
10
15
4
300
5,300
2%
9%
27
70%
5934
15%
4%
26%
58
6934
3%
834
*3%
*53
2
7%
134
634
600
4,600
1%
134
2
4%
3%
3%
5,000
3
6,100
3%
9%
15%
46
1%
.5
2%
*8%
15
20%
preferred
100
Assoc.No par
1%
5
4%
1,400
1,800
2,800
2834
1,700
20%
20%
4,500
5
Cab
92i2 Jan
6
18438June 17
4534 Mar
Dec
111% Nov
Jan
7
142
Apr 22
7834 Apr 15
32% Jan 6
3U2 Feb 19
71% Feb 18
35% Mar 13
83% Apr
126% Nov
35
Apr 28
6I2 Apr 29
25
100
100
101
Mar 13
19i2May 14
57
Feb 21
934 Jan 17
107
Mar 7
Apr 14
19% Mar 24
58
102%June
IO4I4 Mar
Apr
£21
69i8 Apr
2214 Jan
2
$9
Jan
2
74i2 Feb
51
Jan
2
61
Feb
13sMay 19
3% Jan
4
6% Jan
27s Jan
100
U4 Apr 28
100
4
6
Jan
2
May 12
258 Feb
8i8 Feb
12
1
7
29
17
4
19
13
15
5
7
Jan 31
6
25%May 13
3138 Jan
Milw St P & Pac.No par
U2 Apr 30
278 Feb
100
278 Apr 27
Western. 100
2i2 Apr 29
634May
1
578 Feb
478 Feb
12i8 Feb
12i2 Apr 30
20% Jan
6
11
11
21
21
2
56
Feb
6
3
Feb
8
8
Jan 11
Mail Order Co
Preferred
Chicago & North
Preferred
tChic
par
97i2May 2
4734 Jan 21
Ind & Loulsv pref. .100
Preferred
Conv
46%
No par
Chesapeake Corp
Aro
Chesapeake & Ohio
;
JChic & East 111 Ry Co
6%
preferred
Chicago Great Western
Chicago
1%
28
Common
1,600
434
46%
preferred.
2,500
700
*4%
29
Aug
July
2l34May 22
19
Apr 30
54
May 1
2538 Jan 6
9
100
Pneumat Tool.No par
preferred
No par
4034May
Rock Isl & Pacific-.100
li2 Apr
100
100
312 Apr
7%
preferred
6%
preferred
Chicago Yellow Cab
Chickasha
Nov
95
5434 Jan 16
15
Nov
48
88
No par
Central Aguirre
Cotton Oil
No par
10
Oct
14
Feb
Feb
Corp of Am..No par
JCelotex Co
No par
Celanese
tChic
40%
438 Mar
Dec
116
Chicago
June
30
Deo
Oct
Jan
Mar
100
tChlc
1384
1758
7
Co
Checker
Oct
85
4
58
56%
8S8
82%
Preferred certificates
7%
7% Mar
8% Sept
Apr
50
934 Feb 19
97% June 10
4
50
43% Jan 11
Jan
10078 Feb 21
8i4June
700
Feb 19
1%
684 Oct
3338 Nov
2% Mar
4
8012 Feb
20%
16
4
100
Champ Pap & Fib Co 6% pflOO
103%
Apr 13
40% Apr 2
16f2 Jan 2
5734 Mar 24
"42% "Fob
634May 22
Certain-Teed Products.No par
*20
14
Jan
5%
Jan
% July
Jan
Caterpillar Tractor
Jan
Dec
30% Aug
91
Case (J I)
Jan
3% Nov
66
Mar
178 Feb 10
87
..
Jan
22%
32
3758 Jan 13
100
.1
100
Stamped
Nov
3%
10%
June 11
Carolina Clinch & Ohio Ry.100
Carriers & General Corp
28
2058
32%
3,800
*102
Jan 10
29
143s Nov
1% Mar
1138 Mar
18i2 Feb 24
9%
20
74
Mar
52i2 Apr 18
90%
102
658 Mar 20
2514 Feb 13
5% Apr
10
1234May
9%
150
Mar 24
2478 Mar 23
4534 Jan
90%
*1%
2
Apr 30
8
8
19
Mar 23
13% Mar
1
Apr
10
Preferred A
Cerro de Pasco Copper.No par
59%
634
1078 Jan 20
37
9
Mar
1
20
*8
2
6%
6
4,200
11
6%
Jan
54%
54
*9
2
No par
Central RR of New Jersey .100
2%
3%
334
25
Canadian Pacific
1038 Apr 30
54
Century Ribbon Mills.No par
Preferred
100
5934
*1%
5
100
400
59
15%
26
660
1,000
70%
8%
4%
2,200
69%
15%
26%
*3%
*25
104
104
934
1438
1%
*100
4,200
18,300
8
91%
8%
14%
*4
*7
90%
*53
40%
*39
8%
54%
102
68
28%
40%
54%
9%
8%
134
78%
7834
24%
*14%
4
78
78%
24%
25%
67%
28%
8%
I84
10
28C
140
14%
4
98%
180
46
*8%
14%
*97
*99% 100%
7%
7%
40
178
*100
*91%
9%
50%
*130
102
5434
50
140
*7
54%
9%
5434
Capital Adminis cl A
16,100
17834 180
101
93
Cannon Mills
900
12%
Canada Dry Ginger Ale
Canada Southern
2,400
11,100
8
6
400
99% 100
7%
£7%
40
Jan
14
98%
26%
68%
30
40
*97
78%
24%
Campbell W & C Edy__No par
*13.%
12%
97%
*130
6
1334
12%
.39%
50
140
Jan
39%
56
Apr 27
2i2 Jan 2
8I4 Jan 2
1418 Apr 29
258 Jan 2
16i2 Apr 29
54%June 15
22
Apr 30
30% Apr 30
5s Jan 2
6
14%
56
25
Calumet & Hecla Cons Cop_25
3334
50
7%
184%
1
Callahan Zinc-Lead
14%
*52%
12%
*38%
14%
1338
*49%
100
100
Preferred
33%
34
14%
*52%
*7
104
*91%
8%
3334
40
40%
7%
40%
104
54%
56
*13%
2534
*7%
1434
*53
56
*25%
64%
*28%
*102
34
14%
33%
14%
*5334
9%
9%
3334
934
9%
33
1434
No par
59%
2838
10
ctfs.100
5
*57%
*%
33
Debenture
Bush Term Bldg gu pf
19%
*31%
14%
No par
100
59%
*28'
10
JBush Term
19
27%
3034
*32%
Burroughs Add Mach..No par
59%
.
27
*%
No par
Bullard Co
14
314 Apr
1934
20
Jan
4
23
24
28
2
June 12
77s Jan 10
3134 Apr
1
30%
6
Jan
36% Jan
19% Apr
16% Nov
55
22%
34
Nov
Feb
Mar
8%
60
Nov
35% Jan
21% Nov
6234 Nov
29
May
62% Aug
6% July
1238
Jan
96% Mar
3858 Jan
3% Mar
109%
1538
Jan
Dec
Deo
Mar
88%
Deo
21
Dec
23
438 Mar
36
Mar
37% Mar
6538
61% Nov
53% Dec
Apr
2%
Jan
78 June
58 Feb
158 Feb
3%
Deo
Jan
Deo
1
2%
558
Mar
9
Dec
19% June
% Mar
34 Mar
138 June
3% July
458 Mar
£35
Nov
1
3
Jan
434
Jan
5%
J&n
10%
Jan
20%
Deo
Mar
5434
Dec
84 July
1% Mar
1% July
2%
Jan
4%
Deo
20
9% July
25
Sept
4
Jan
1934
Deo
Deo
3134
Volume
HIGH
New York Stock Record—Continued—Page 4
142
AND
LOW
SALE
PRICES—PER
Sales
Saturday
STOCKS
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 13
EXCHANGE
June 15
June 16
June 17
June 18
June 19
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
4133
$ per share
714
712
7t2
734
758
834
*28i2
9618
311;
9714
*28i2
*28i2
96i4
*1734
*79i2
31I4
98i2
96i8
3H4
9734
18
18
1734
1734
79
79
79
*6l2
7918
678
33
33
*75l2
634
32i2
*75I2
■■
■«.
*108
110i8 *10812
*3712 3778
3778
*85
634
3212
6i2
32 I8
*75l2
*10834
3778
3712
*98l2
9934
*5634
5714
14i8
14
103
104
.
20*4
2134
5
111
2014
5
110
21
79l2
79l2
5
2578
33i2
2734
68
69
*1105S 112
*107i8 108
16i8 16iS
3i8
314
68i2 69
*718
778
33I2 33i2
*17i2. 21
13
13
*21
*812
3312
16
6934
*7l8
33l2
*18
778
3312
12'4
13
*22
27
834
838
21
*85g
8»4
80
80
110
*75
110
*1638 17
3458 36
10712 10758
*434
478
12
1178
*105lo
478
I6I4
3578
16i2
3634
6834
69
6134
69
67i2
61
9978
6158
11134 11178 *11134 112ig
108
16
108
10734 108
16ig
312
70
157g
338
16i8
3i2
71
314
71
7178
778
35i8
16
338 113,800
4,300
7134
8
8
3514
21
3514
*18is
1314
*18is
13i2
14
13
27
*25
27
*25
*7l2
35i8
9
834
*65
834
69
834
*65
69
8
13i2
Jan
No par
31
100
*75
80
80
7934
110
*75
7934
110
*75
9
Jan
8
55
Jan
9
8i8
38
2i4
1414
214
14i2
1778
1512
*171o
1538
1?8
7534
77i2
19i2
7734
*77g
~~8h
*77g
¥I2
12
h
a2
212
*2U
H
*2i2
h
258
23s
258
14
14i4
1410
141o
14
1778
1734
177g
1778
15
178
7658
78i4
195g
14I2
134
76i4
78i4
1938
40
40
40i4
238
2878
3238
29
15i8
15
1514
178
178
134
76 ig
775s
193g
7734
*76j4
77l2
195S
1912
40i8
2I2
28i4
2t2
23g
2834
2812
29
32
31
3H4
5978
40
193g
4038
258
23S
33
*778
12
3g
h
:
18i2
1434
178
7614
7834
76
m
8
14I2
17i2
40 I8
*31
16
Jan
100
10
May
100
107
*106
134
*112
*1138
1134
*u2
*1214
1034
108
107
1®4
2
2ig
13ig
1214
I8I4
14i2
1812
14i2
134
134
200
8l4
12
2's
1314
183a
14i2
134
2
13
177g
1412
134
*7512
78i4
1914
19i2
76i4
78i2
1914
4034
3934
1914
4014
2lo
23g
2938
*3134
2i2
2978
29t2
32
8,800
1,300
Jan
..100
.
76i4
7834
13l2
1034
1078
9414
92
36
36
36
36
36
1858
238
900
3,800
6,000
14,400
1,000
*18i4
1812
103i4 10314
6
15i2
6
63g
14-
10i2
92i4
36i2
1858
*36
18is
18i2
1033g 1033g
6i8
63s
1812
103I8 103l2
6
6ig
*60i4
65
63
40
45
5314
9lo
*9i8
7834
*9
9l2
8134
*834
5314
93g
80i2
*40i4
5312
938
80r>8
80i8
30
30
30
30
30
7978
*2934
233g
23
23
23
23
*2238
40
40i2
403g
40i2
40
42
1658
16l2
*534
1634
I6I0
4112
1714
41
16l2
17
173g
6
6
*12
*52
36
3912
2178
58iS
*9i8
5738
*
-
-
-
-
58l4
*3114
3278
14
15
1
*58
*li4
178
*5i8
5l2
15
*1418
*100
*146
6
14312 *138i4 142
6
*334
634
*12
1312
13i2
52
52
5312
36
35U
3514
39lo
*3934
3978
22U
22
2234
2018
20ig
59
59
5734
914
9i8
t9l8
-
-
-
-
14714
58
22
6i2
6
139
*334
*3H4
15i4
*5.14
*14i8
*100
147
1
178
55g
15
....
148
*13l2
*6i4
22
16434 16434
16812
16312 16312
3214
3214
8
*712
164
164
32
36i8
112
112
1258
6I4
16
300
600
127g
6U
734
36
*6i8
36
40
(The)
No par
90 Cuba RR 6% pref.....—.100
2,100 Cuban-American Sugar
10
23
2234
2014
2OI4
2238
20l2
57
58
*9i8
93s
5612
5734
32
32
51l4
800
5638
32
114
5I8
1478
*14
15
*100
167
*162
11212
22
16712
164
164
164
6I4
*138
178
"""266
*5
512
200
Dunhill International
100
Duplan Silk
712
734
3678
36
llli2 Uli2
123s
1212
6i8
6ig
16
16i2
7134
7234
112
1638
16
1638
16
72
723s
7134
67
67
66i2
7234
67i4
7U4
6558
For footnotes see page 4130.
1612
723g
67
67i2
6734
7i2
164
3234
7i2
3638
112
168
250
168
1,900
200
3234
1,900
758
758
700
3512
113
36
113
1234
578
1534
7134
6ig
7314
1534
7134
16i8
7234
67
68
68
68
1214
6
133g
6
6,500
130
13,200
1,600
40,600
6,400
2,300
Jan
Jan
2878 Mar
34
Jan
15i8 Mar
4134 Mar
60
U8I4
Oct
Oct
3734June 19
2734June 19
3578 Jan
1134 Sept
23t2 Mar
43t2 Jan
74i2 Mar
3i2 Mar
6334 Apr 15
4778 Apr 28
105
Jan 30
1034 Mar
41
4
Feb 18
115
14
Mar
Mar
6
278 Feb
4
1
Jan
18i2 Feb
1414 Mar
4
5
Jan
9
5'8 July
Mar
6
47t2 Apr
40i2
Jan
44i2 Jan 14
37
Dec
2414 Apr 13
15
Mar
Feb
4
914 Mar 11
2H8Mar
9
89t2 Mar
2
Mar
6U Mar
i4June 16
90
Jan 21
73
Mar
36i8May 17
70i2 Jan 27
61
June
65
16
Mar
6
June
6
758 Apr 27
19t2
3634
1478
438
128
Jan
Mar
6
6
li8 Jan
-.1
5
May
6
1
1378May 19
100
Du P de Nemours (E
114
Feb
I)&Co.20
133
Apr 30
100
129
Feb
6% non-voting deb
8
7
Duquesne Light 1st pref...100 zlllliJune 12
18
Mar 11
Hosiery Mills pf_100
Eastern Rolling Mills....—5
Eastman Kodak (N J) .No par
6% cum preferred
Eaton Mfg Co
100
No par
..No par
10
6
June
6
156
Apr 28
158
Jan 27
23i2 Mar
11
Mar
H2
Feb
Feb 17
65
Mar
3
2
Aug
Jan
5i8
Oct
35i2 Aug
26i2
Jan
Mar
6
3438
Jan
Jan
2
33
Dec
6H2June 4
1178 Jan 23
?4i8
Jan
7534
Jan 30
I7i2 Mar
Mar 26
13*2 Mar
1878 Mar 26
638 Mar
37
Jan
5l2 Jan 10
58May 2Q
Feb 20
23i8 Feb 20
938 Feb 7
153
29
100
No par
52
I8I4 Apr 30
20i8June 15
41i2 Jan 2
734 Apr 28
5058 Jan 6
Durham
""•TOO
3234
1238
16l2
500
22
16334 164
Preferred...
Preferred
4^866
Jan
7
43U Jan
100
178
36i2
6i8
No par
558
758
6
Participating pref erred... 25
Distil Corp-Seagr's Ltd No par
Dixie-Vortex Co
*5
3634
llll2 llli2
1258
1238
No par
*138
"
46*4
6234
4i8 Mar
42
Match
Duluth S S & Atlantic
1414
58 Apr
6
8
Dresser (SR)Mfg conv ANo par
Convertible class B__No par
3234
738Mar
38
900
*163
Jan 14
82i2Juno 18
168t2 Apr 15
58
Apr 8
40t2 Jan 25
400
1
6I4
69
Dec
4t2 Mar
Mar 20
2138 Jan 31
1412
6I4
4
38i2 Feb 11
46
Apr 8
2
32
*12
Feb 11
Jan 10
1412
6i2
167i2 168
46
3378May
32
400
22
5
42
15l2
22
Jan 13
Diamond
32
6i2
Jan 11
Mar
5% non-cum preferred.. 100
Devoe,& Raynolds A..No par
32
SOO
7,200
s8 Aug
Feb 21
June 12
Douglas Aircr Co Inc..No par
*12
438 Apr 18
20i2 Apr 17
26'4 Mar 9
19i8 Mar 3
4
Denv & Rio Gr West pref .100
Detroit Edison
100
12,300
36
734
1,600
14814 149
129l2 129l2
112l2 11212
June 12
13
Delaware Lack & Western. .50
5712
112
10
lli2 Feb 5
158 Jan 16
8
May 28
17
Jan
5678
112
6
14t4 May
1578 Feb
72i8 Feb
H2 Mar
6i2 Mar
1001? Dec
2t2 Jan
Dec
Dome Mines Ltd
.No par
Dominion Stores Ltd..No par
14U
10i2 Jan
314 May
13
6i8 Feb 10
15U Mar
106
Oct
13
1878
500
3314
3338
"""906
3514
*100
7is Feb
20i8 Feb
385S Feb
1085sJune
6
11,100
-
72f2
Mar
914
«.
Mar 25
Mar
26
5634
1412
85
Apr 28
Jan 20
Apr 30
Jan 4
May 12
Apr 29
*834
M
Nov
19
5638
*1414
69
2284 Mar
56lg
9l8
5838
*34
Mar 24
7
21
1
Mar
85
Nov
7
6
2314
*34
62
6
21
*1412
24
Jan 15
Feb
22l2
3212
758
3234
5114
Feb
934 Mar
21
*100
684
634
16734 168
41
Mar
9
1458 Nov
31
23
*12
6i2
514
1312
27
33t2 Jan
133s Jan 22
Det & Mackinac Ry Co...100
400
Oct
84 Mar
89i4 Apr
1,500
52
Jan 15
60
Jan 10
16*2
29i8 Jan
578 Mar
7
6t2
140
*334
1214 Feb 27
44i2 Jan
2534 Mar
9778 July
2
6l2
*12
t
Feb 17
IIOI4 Dec
Jan
100
514
13l2
82
Feb
Jan
Corp.10
140
110i2May 7
2458 Feb 21
5t2 Feb 17
Jan
Oct
56i4
52
Deisel-Wemmer-Gilb
1734
6l2
8
3
Mar
39t2
110
27
Delaware & Hudson
140
8234May
11534 Mar
1
20
700
*12
22
5
2
No par
Co..
Preferred
7,400
12,200
1487g 14934
149i2 14978
12934 12934 *12912 12978
6i2
Davega Stores Corp
Deere &
23
14818 14934
12934 12934
11112 11134
112
1,000
No par
Inc...No par
4H4
17I4
'
*100
6,600
30
preferred
Cutler-Hammer
5738
138
5is
300
93g
80
Cushman's Sons 7% pref.. 100
8%
7
i8June
*4814
3514
*3978
9ig
1
178
70
SOO
1
6478june
11658June
104
Rights
36
5538
15i2
512
60
53i2
V
23
32
*34
20,800
316 250,400
338 Mar
35t2 Mar
31
102
4
-.1
Jan
June 16
99i2 Mar 13
No par
41
*2012
57
*14l2
Preferred
Class A
Jan
7
4014 Dec
48i2 Dec
June 19
63i2 Jan 7
35i2May 26
1678june 4
50
36
914
57r»8
1
Packing
58,100 Curtiss-Wright
1538
618
100
41
2338
914
5634
15
*1414
*34
*138
*5I8
*1414
*4S58
79
*2934
Preferred
4
Apr 30
95i2 Apr 29
li2 Jan 2
10i8 Apr 28
Cuba Co
750
Jan 27
7UMay
100
2278
*334
40
52
*1934
36
11112 112
12l2
1278
357S
40
Preferred
40U
1658
*12
35
32
36
*12
28
23
638
13l2
5114
36i2
5158
6i2
165
13l2
140
Crucible Steel of America. .100
Mar 27
102
42
17i8
6
6I4
14118 14H8
*334
5I4
3978
3278
14i2
*5g
*138
634
*12
59I4
12958 1295g
*12912 130
11 U4 111*2 *111
113
*1314
*614
6
139
41
30
$2.70 preferred.:
No par
Cr W'mette Pap 1st pf.No par
Crown Zellerbach v t c.No par
1,700
48
53
23
1558Mar 16
435s Jan 7
45i4June 4
par
No par
3,700
65
36i8
53
7S342934
Crown Cork & Seal
2,300
10312 103i2
6
534
36i8
2338
Crosley Radio Corp...No
23,600
Cudahy
15i8
S32
Jan 14
414 Apr 30
Curtis Pub Co (The)...No par
53
79
162
35
700
43
912
55U Apr 30
z68i2 Jan 3
Cream of Wheat ctfs...No par
600
9i2
*4
2,800
May 19
12,700
185g
53
60U
2i8 Apr 30
28igJune 6
No par
36
*36
316
Coty Inc
Jan
29
Apr 11
z45i2 Jan 22
5114 Jan 23
215s Apr
234
7734
87*4
2438
351? Apr 30
100
36
*1814
5312
9l2
7978
'
155s
732
18
Corn Exch Bank Trust Co_20
Corn Products Refining
25
3,400
June 18
is8 Jan
6714 Jan
67i2May
1
Preferred.
5
2
Continental Oil of Del
5
Continental Steel Corp .No par
200
2
12i4June 18
1534May 14
1038 Jan
20
Continental Motors
6
38May
...100
10l2
4H2
316
1514
Preferred.
Jan
678 Jan
Continental Diamond Fibre..5
Continental Insurance
2.50
93
60
60
732
16i8
*4
6OI4
101
par
10'
*36
532
15i2
295g
----
1438
lli2 Apr 30
100
Continental Can Inc
3
par
93
*52i2
*9
*140
9,400
158
1438
5334
70
7812
29l2
*22l2
550
108
15g
v t c
Jan
378 Apr 28
Consol Coal Co (Del) v t c.25
700
4,600
40
3934
102
5
Class B............No par
193g
43
43
*5212
par
par
Container Corp of America.20
Continental Bak CI A ..No par
7834
15l2 16iS
14
316
*60i4 70
316
532
*60
1
par
1,800
76
*107
112
IOI4
93
183s
578
107
ih
13i2
1034
9434
103l8 1031S
15I4
1S4
1312
1038
36*4
578
107
94l2
36
15
.134
108
1034
93
534
134
*107
94
1078
1478
.100
1,900
32
29l2
3234
5978
8138
13
94
1834
72U Jan 27
73i2 Feb 13
438 Apr 30
1514 Apr 30
2714 Apr 30
Consol RR of Cuba pref
100
{Consolidated Textile. .No par
5% preferred
Feb
Feb
658 Mar
78
June
67
Mar
7
Mar
20
May 19
8
100
Prior preferred
450
8,300
2l2
2978
3278
238
29i8
3258
13
93l2
36U
*18U
10314
107
134
13
*10l2
*103
19
No par
Prior pref ex-warrants
Consol Film Indus
59
5934 5978
5912 5934
5958
59
59
59I8
5912
81
80i4 8H4
8034
815S
813g
8034
8078
8212
8034
8158
*162
164
*15514 164
*162
164
162
162
163
163
*16214 165
4lo
412
*434
478
458
45S
41-J
4l2
458
412
458
45s
*3614 36i2
36'4
36i4
36U 3614
36
36i4 3614 x36i8 36j4
36i8
25
25
25
25i4
2534
2512
25
25i2 26
25i2 2534
2734
46 I8
475g
5714
57U
55i8
5634
563g
6012
60
5934
6D4
5834
*4514 46
4514
4514
*45i8 46
*4538
4558
4512
4558
4578
4634
*100i4 10834 *10014 10834 *10011 10834 *10014 10834 *10011 10834 *100l4 10834
758
734
734
778
8
734
778
734
734
778
8'4
83g
32
32
32
33
3112 3112
3338 33i2 *32i2 3314
33
*3158
*105
1534 June 16
par
36t2
"sTg
3s
17S
7534
97
'
*8
9
Jan 10
par
434
*434
478
434
434
458
458 """600
16i2
I6I4
163s
16U
Preferred
1,200
163s
I6I4
1614
No
3714
37
3634 3738
36
3658
3634 105,700 Consol Ed Co of N Y_.No
1073s 10712 107
10712 *10712 IO8I4 107i2 1075S 10714 107L
$5 preferred
2,100
..No
434
478
478
47g
434
„• 458
434
478
434
47g
2,000 Consol Laundries; Corp
12
12
123s
12U
12l2
I2I4
117g
1234
117g
1218 37,600 Consol Oil Corp.J.
No
*105l2
*10512
*10512
Preferred
*10512
*10512
...No
12
;. 6
11058 Jan
214 Apr 30
5914 Apr 28
7i2 Apr 20
32»8June
Preferred
434
*163S
i2 Mar
5
1034
99
Jan
Consolidated Cigar
110
Mar
106
44
290
80
Jan
90ia Jan
8034 Jan
110
"
*75g
14
100
*
795s
May 20
42i2May 26
10
_ "
Jan
9
6934 Mar
6 34 Jan
134
Preferred
"¥260
8l2
69
15i8 June
101
Jan 11
36
Jan
100
27
8l2
*65
16
Connecticut Ry & Ltg
600
72i2 Nov
5338 Apr
938 Feb 19
36l4 Feb 20
3778 Mar 1
Congoleum-Nairn Inc. .No
Congress Cigar
No
300
Jan 15
49
May
94
$6 preferred series...No par
Conde Nast Pub-Inc
No par
______
5
2434 Mar 24
t c No par
Commercial Solvents ..No par
Commonw'lth & Sou
No par
2,800
3514
21
112
Comm'l Invest Trust..No par
Conv preferred
No par
$4.25conv pf ser of '35No par
17,600
314
6934
June 17
5778June
20t2 Jan 6
106i2 Feb 28
515s Feb 3
100
v
preferred..
1,000
1578
30
2H2 Jan
19i8 Jan
..100
preferred
Commercial Credit
500
112
24
100
5%
"4,300
16
22
19
358Mar 16
par
Preferred series A
5,400
108
No par
No par
Columbia Gas & Elec__Aro par
13,500
lllt8 IIH4
6872
6834
108
100
Col Plct Corp v t c
$2.75 conv pref
60
112
*22
80
478
6138
21
69
*75
llllg mi.
68
778
*79
478
llllg 11138
19l2
105i2 106
*93i2
100
100
Columbian Carbon
2,000
1,000
5558 Jan
13i4May
10238May
3912 Apr
107U Jan
8I4 Jan
par
No par
Preferred..
64,700
1,800
96
102
70
20L
96
Jan 31
No par
Collins & Aikman
300
2018
2058
10538 105i2
84
Class A
4% 1st preferred
4% 2d preferred
35
20'4
2034
10434 10514
*96
9978
61
6134
Dec
Aug
Colorado & Southern
4478
May
July
320
*44
87
80
230
*3412
Dec
2758 July
20
300
35
2
110
{Colorado Fuel & Iron.No
4478
Mar
8
1,600
123
46
70i2 Feb 7
127i2 Feb 26
1,040
*44
3434
*18i8
1314
*65
24l2
123
12i4 May
80
Jan 15
21
*34l2
447g
778
80
26
12412
May 18
Feb 26
Preferred
Colonial Beacon Oil
*44
27
*65
*24
97
11034 Feb 14
Apr 28
10
124
3412
69
110
24
Oct
6934 Sept
314 Apr
82
Colgate-Palmolive-Peet No
6% preferred
100
26i4
3214
28i2
2412
Jan 21
Feb
Mar
12
48
100
12534 12534
x 3414
35
13
*21
878
24
32
Jan
9
31
Coca-Cola Co (The)—.No par
5,100
514
Feb 10
Jan
3t2 Mar
Mar 25
124
111
*110
Jan
35
10378 Apr 13
1978 Feb 14
86i2 Feb 19
73jj Mar 5
46is Mar 24
100
Preferred
7,200
2834
*73g
3378
*18ig
21
111
1134 Jan 24
Jan
Jan
IO714 Jan
35
Apr 27
(The).l
Cleveland & Pittsburgh
50
Cluett Peabody & Co..No par
28,800
26
2814
Equipment
No par
C C C & St Louis pref.-..100
20
*27
26
34
Clark
Clev El Ilium Co pref. .No
par
Clev Graph Bronze Co
300
*5is
28
5
10334 10334
4534
4658
$ per share
90
-.100
IOOI4 lOOL
*57
5712
13i4
1358
$ per share
Jan
25
No par
Preferred
900
% per share
8512
1514
7278
434
2334
5
City Stores
"l,200
3634
Year 1935
Lowest
7
25
220
7ig
3212
54
2034
1071410714
1534 16
33s
3ig
69
70ig
314
*110
Copper Co
1,700
80
Range for Previous
Highest
No par
Chrysler Corp
City Ice & Fuel
900
132
514
2578
3212
3312
Chile
.'a,»
71,600
54
2112
27
-
*126
*5i8
2534
32i4
28l2
33
16i8
318
69
111
3634
*8612
2OI4
*79
*434
37"
37
538
*65
*75
3734
2012
2534
107i8 107i8
*12l2
27
3712
*8612
32t2
*75i2
3II4
Par
Childs Co
*108
514
2534
32l2
2714
24
24
*23i2 24
12434 125l2 12512 126
3434 3434
34l2 35
*43
44
44
4478
20i8
2038
1934 2034
*104
10458 105
10434
*96
100
9734 99
6134
6212
6U4 6134
112
1125S 11138 112
68
6712
67i2 68
11112 11112 11134 11134
•
3234
u
2012
2634
35
v
5U
27
*27
4234 4312
1934 2014
10334 10334
*95l4 100
63
62l4
*112
11358
•
2H2
5
33l2
*3412
32^4
*75i2
*108
*107
28
125
33
*75l2
37"I2
7
678
*109
*27
*1914
7
658
33
99i8
175s
7
*16l2
*79i2
*28i2
9738
17i2
79i2
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
6,100
87g
1734
7934
97t2
834
3114
9914
*28l2
7978
6i2
32I2
CENT
9i8
9934
18
*32l2
*124
9
3H4
18
110
2058
5
*2538
26
9ig
NOT PER
*85
*86l2
*5334
55
5434
55"
*5334
5434
55
55"
126i2 126i2 *126l2 132
*126
*12612 132
132
9912 9934
9934 101
lOOU 10118
10012 102
*5634
57i2 *5634 58
*57
5714
5714
5734
14
14
1414
1334
13l2
14i8
13l2
1378
*103
104l2 *103
104l2 *10358 10412 *10358 104l2
45
46
45
4512
47
4514
4738
46i8
45l2 4512
*110
*109l2 111
25l2
87„
*28i2
98i4
18
*85
*5312 55 ~
*126l2 132
SHARE,
3458
21
June 19
634 May
134 Jan 15
3
8UMar 9
18U Jan 17
115i2 Jan 31
153
Apr 8
133i8 Apr 1
11534 Feb 14
25
Jan 13
978 Feb 11
170i2 Apr
166
*4 June
14 June
Jan 15
1
Mar 13
2
June
1234 May
103
Mar
8658 Mar
12678
Feb
104
Feb
12
Nov
334 Mar
110t2
141
Jan
Jan
Electric Boat—...
..3
Elec & Mus Ind Am shares...
28t2 Jan
534 Apr
3034 Apr
IIOI4 Jan
10
Apr
5S4 Apr
28
27
23
30
29
Electric Power & Light-No par
$7 preferred
No par
638 Jan
2
3234 Jan
2
l634June 10
73i2June 9
3
29t2 Jan
2
6878June 11
2t2 Mar
Eitingon
Schild
Elec Auto-Lite
(The)
Preferred
$6
Dreferred..
5
100
No par
6
37
9*4
Apr
6
Jan 30
445s Feb 19
114
Feb
6
1738 Feb
4
734 Feb 21
1658
Jan
314 Mar
193s June
107
Jan
378 Mar
55s Sept
H8 Mar
Mar
Highest
New York Stock Record—Continued—Page 5
4134
HIGH •AND
SALE PRICES—PER
LOW
SHARE, NOT PER
STOCKS
Sales
CENT
Saturday
Wednesday
the
Friday
Thursday
June 13
June 15
June 16
June 17
June 18
June 19
.$ per share
$ per share
8 per share
44
44%
$ per share
$ per share
Shares
*45%
h
45
45%
*168
1®4
*62% 65i2
*113% 114
*14l2 15
45
1%
65%
158
*62%
45%
84
1%
63%
45%
*58
*1%
34
*%
34
63%
114
34
134
84
I84
*60
66%
*112% 113%
114
114
114
15
15
15
15%
15
73%
74
75
75%
44%
*%
*1%
*62
114
44
44%
34
44%
%
1%
I84
63%
62
300
114
110
15%
14%
14%
*14%
15%
75%
76
76
*75
76
73
*7612
82
*77
81
77%
77%
79
79
*81
84
*81
85
*81%
82%
*81%
85
81
6%
13%
19%
1384
6
6
6
13%
19%
13%
20%
14
13%
2038
21.
14
14%
20%
1334
*6
6%
1212
1234
*19%
19%
1334
*12%
19%
12%
*1234
6%
12%
638
12%
19%
12%
638
19
1234
*70
*70
*70
*70
*13%
284
1258 .12%
534
234
12%
13%
3158
6
2%
13%
6%
234
12%
13%
3134
6%
2%
12%
48
49
49
49%
49
4934
149
149
*145
*13
*31%
5%
234
1334
31%
13%
31%
5%
155
37%
21%
*93%
31
*145
155
37%
37%
3734
21
37%
37%
21
21%
94
d 94
1384
*77%
22
22
13%
31%
638
2%
1234
49%
*145
37%
2I84
79%
79
82%
82%
6%
13%
2O84
6%
*13%
*70
13%
Sl%
638
234
12%
49%
155
*145
3734
2134
94
37%
2134
200
6%
6%
1,100
2%
1,680
560
Exchange Buffet Corp. No par
Fairbanks Co
25
Preferred
---100
3,200
Fairbanks Morse & Co-No par
8% Apr 29
3434 Jan 7
100
6% conv preferred
100
Fajardo Sug Co of . 0 Rico. 20
Federal Light & Trac—_ —15
122% Jan 7
31% Feb 24
18«4 Apr 30
1234
12%
50%
50
50%
155
*148
37%
2134
37%
2034
152
37%
21
1,600
1,200
*94
95
*94
95
*42
44
*41%
43
*41%
44
600
83
*78
83
*78
83
*78
83
9
9
9
3%
3%
27%
*41
41
43
41
27%
41%
*23%
*23%
*23%
*112
3%
3%
3%
338
27%
100
*31
42
___
41%
_
*24%
*64
100
*99
*31
3138
*64
68
*64
68
30
30
30
30
*120
122
66
30
122
*120
8%
149
8%
*10%
23%
89
58
7%
58
23%
86
89
58
2334
*83
149
8%
10%
23%
86
11
*22
149
*145
8%
*10
58
10%
58
142%
*141% 142% *141% 142%
3834 39%
3858 39
41% 41%
41% 4158
2
2%
2%
2%
*64
66
30%
30%
*120% 122
57%
57% 57%
35
*3434 3934
5%
5%
5%
15%
15%
1634
938
9%
9%
104% *102% 104%
4934
49% 49%
25
25%
25%
11%
12
11%
149
*147
14934
8
838
838
10%
*10% 11%
24
2334
24%
;
89
89
89%
58
58%
58%
143
145% 145%
38% 39%
39%
41% 42%
4238
2%
2%
2%
3034
122
57
57
57%
*56% 57
3484
*33% 37
*33% 3934
5%
*5%
5%
*5%
53s
15
14
1434
12%
13
9%
9%
9%
*8%
9%
*102
*10138 106
104% *102
50
50
4934
4938 4934
25% 25% *24% 25% *24%
11%
11%
11%
11%
11%
*144
*9%
9%
3%
3%
28%
43
3%
3%
*3%
3%
z27% 28
*41% 42%
*24%
110
*109% III84
29%
2834 2834
105
105% 105
47%
47%
48
28% *27
28%
7%
7%
7%
34% 34%
3434
_
38%
41%
2%
*64
30%
*121
66
*64
30%
29%
122
120
4% Jan
2%June
84
20
110
Preferred series A——100
Florsheim Shoe class A. No pat
"MOO
*
34
Food Machinery Corp new. .10
1,000
'
Foster-Wheeler
No par
99
No par
Preferred
1
Fourth Nat Invest w w
F'kin Simon & Co Inc 7%pfl00
20
Freeport Texas Co—
Preferred..
r
10
70
Fuller (G A) prior
70
$6 2d pref-—
—No par
Gabriel Co (The) cl A.-No par
15%
984
9%
104% *101
104%
49%
4834 49
25
25
25%
11%
11%
11%
14934 *131% 14984
8
*8
8%
11
11
11%
24
2484
24%
1,520
4,100
89
89
5838
58%
(The)-—No par
Gen Amer Investors.—No par
—No par
Gen Amer Trans Corp
88 preferred
59
59
1,000
Feb 28
113% Apr 22
33% Feb 11
105% June 12
48% Jan 11
29%June10
1134 Mar
2
47% Mar 6
111% Apr 21
3884 Feb 17
127
Feb 17
38
Dec
Nov
Aug
106% Mar
13% May
84% Apr
4438 Nov
19
Feb
2% Mar
20% Jan
Aug
25
Dec
Sept
114
July
25%
102%
58%
3038
6%
Aug
934
Dec
Dec
Dec
30% Apr
17% Mar
15
Mar
Feb 29
434 Mar
Jan 23
Jan 27
36% Nov
70
6
14% Jan
6
MarlO
7
Mar
5%
8434
32%
1134
7%
Mar
115
Jan
Mar
Mar
Mar
Jan
Nov
30% Nov
125
Nov
55
Dec
4
% May
3434 Feb
Jan
30
112%June
Feb 19
Dec
111
4
Apr 21
Dec
Dec
9% Mar
8'
2
150
25
45%
60% Mar
1934 Mar
Feb
Feb 20
8% Dec
4% Jan
3% Aug
July
Feb
Feb
%
Dec
5% Nov
13%
10%
Dec
Dec
100% Sept
48% Dec
22% Nov
x1338 Oct
146
Aug
10% Nov
1134 Jan 11
15% Feb 11
5% Mar
2
2
Mar
638 Nov
Jan
2
3334 Feb 10
4
Mar
18% Nov
70% Jan
2
5
95
Feb 13
19
Mar
76
59
June 19
534 Jan
17
..No par
100
53%May
No par
100
Jan 21
140
31,100
14,800
General Electric
No par
34% Apr 30
145%June17
41% Feb 17
General Foods
No par
33% Feb 18
4234June 19
11,100
Gen'l Gas & Elec A—-No par
140
Conv pref series A—No par
50
%
Apr 14
5
Jan 23
2
16% Mar
28% Mar
16
Apr
1
Feb
Jan
334 Mar
Feb
63
7%May 20
5
—No par
7% cum preferred
General Cigar Ino
7% preferred
25
64
Jan 20
77%
27%May 21
35%
118%June 3 *135
75
47% Jan 17
53%
31% Apr 30
334 Jan 6
6%
18%
ll%May 11
12%
8%May 20
97
Jan
3
104%
141
-—No par
Class A
49% Feb 14
1034 Apr 28
6
General Cable
500
"§1%
1
22
<10
General Bronze
1,600
5
6
28%June 12
42% Apr 30
5
General Asphalt.
General Baking
1,400
89
146% *141
146%
38% 38%
38% 39
41%
42%
42%
4234
2%
2%
2%
2%
pref.No par
Preferred
*85
*141
Gamewell Co
June 16
30%June
100
900
6
8
109%June 16
24% Apr 30
100
4^% conv pref
4
Apr 30
25% Mar 21
4% Jan
May
No par
t Follansbee Bros
Jan
4J
First National Stores—No
4,200
9
a:24% Jan 2
100% Feb 26
Firestone Tire & Rubber... 10
1,100
3
3
Apr 28
2% Jan 2
20% Jan 9
38
Apr 30
20% Jan 27
100
6H % preferred
9,600
2,300
125
Apr
Jbilene's (Wm) Sons Co-No par
20
Dec
Mar
May
5%
8
115
""5%
72
3434
10%
24%
Dec
95
5%
14%
9%
*145
Dec
4
Federal Water Serv A.-No par
1,900
15
39% Dec
12% Mar
5% Mar
4% Feb
Jan
7% Jan
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y.—50
1,100
Jan
x85
"3"200
-
Mar
Dec
Jan
3434
11%
4
17
3%
Apr
Apr
*56%
25%
% Mar
Aug
Nov
48
Federal Screw Works—No par
"3" 900
6
Nov
54
30
■
Apr
Dec
40
5%
16
49
2
Jan
13%
8584
14%
40%
6
58
9%
10% Mar
15
May
14
19% Dec
6
36
*101
8% Mar
684 Mar
69% Feb
7
36
15%
7% Mar
Feb
120
58
9
Nov
55% Nov
7% Dec
Mar
*56%
5
Apr
41% Mar 25
25
Apr 3
55
Mar
800
66
155
Feb
15% Mar
4% Aug
Mar 25
18% Mar 25
53% Apr 8
Nov
92
1,800
1,700
120
8
Mar 19
14%
50
97
'1,600
1,600
4
Jan
Dec
8% Nov
Mar
101
"M06
2,900
Mar
134
1% Mar
14
share
6884 Nov
% Jan
1% Aug
66
Sept
69% Mar 30
Federal Motor Truck.-No par
400
3
3
Jan 15
(9
15%
40%
8%
534
per
40% Apr 30
Preferred
/
7
Mar
% Mar
% Apr
5234 Jan
12534 Jan
Highest
—100
No par
Preferred
_
*111% 112% *111% 112% 2110
29
28% 29%
28%
29%
10434 105
10434 10434 *104%
47
4634
47%
47%
47%
*28
*27
*28
29%
29%
7%
7%
7%
7%
734
34
34
34%
34%
3434
*
114
110
109% 109%
109% 109% *105
28
28
28%
28% 2834
2834
2734 28%
99
100
101
*100
101
100
10034 10034 *100
32
313S
32%
31%
3138
32% 32%
31% 32%
*120
i
28
29
29%
28%
29%
105
10438 104% *104
47
47
47% 47%
29
*28
29% *28
*7
738
7%
7%
*35
35%
34% 3434
*109% 114
*109% 114
28% 28%
28% 28%
•
i
42
*24
3%
3%
28
112
112
114
3%
3%
28
9%
Jan
Apr 24
Feb 15
19
39
share $
Federal Mln & Smelt Co—100
70
42
334
3%
Jan 10
6%
2%
93%
28
3
12
42
*3%
3%
68
II84 Jan
29
93%
28
16
5
*78
29%
3%
3%
11
5
83
9%
3%
3%
28
41%
7% Feb 21
17% Feb 21
2734 Feb 21
Jan
5% Apr
Evans Products Co
44
9%
June 12
82%June12
7
Apr 30
Apr 29
Jan
55
Eureka Vacuum Cleaner
43
9%
80
4
48
2,200
*78
9%
6
par
par
par
7
15% Apr 17
June 18
45% Jan 14
"">"606
2%
12%
6
Feb
May 29
76
par
13%
85
9%
3
3084
47
93%
7% Jan
30%
*43
94
;
1
—50
Erie & Pittsburgh
3% Feb
69
114
100
100
preferred
preferred
Second
*70
4
7
5
June 19
*13%
*78
:
Firt
1% Jan
62
1QSK
Lowest
$ per
55% Jan
.1% Feb
si 12% June 17
-100
Erie
4,000
1,300
2
13%
6%
2%
13
50
14
400
1,100
3,800
June 17
% Jan
31»4
13%
Z31
700
100
$ per share
44
60
50
5% Pref
Engineers Public Serv
$5 conv preferred
No
$5^ preferred.-.—No
$6 preferred
No
Equipable Office Bldg.No
1,000
79
81
6%
1334
6% part preferred-Endicott-Johnson Corp
400
1%
62
Highest
$ per share
Par
1,000 Eleo Storage Battery—No par
300 t Elk Horn Coal Corp.No par
114
114
73
73%
%
Range for Previous
Vcnr
Lowest
Week
S per share
1
Range Since Jan. 1
STOCK
exchange
NEW YORK
for
Tuesday
Monday
J"ne 20-
4% Feb
46% Nov
127%
20%
30
%
Jan
Jan
Sept
Feb
6
Nov
% July
145% Oct
40% Nov
37% July
31
31
32
31
32
32
34
*32
34
34
34
1% Aug
15% Aug
2
14
Jan
3
48
No par
No par
19
Jan
3
50
19% Jan
3
50
1584
Jan
18
Gen Ital Edison Elec Corp.—
*30
% Jan
39
5
47% Mar 21
70% Jan 6
32
Oct
6D4
59%
Feb
72%
Oct
121%May 13
71
Apr 6
122 May 16
116
Jan *120%
Dec
5
6
8
Oct
Feb
6
11
Mar
Feb
6
Feb
'
*32%
50
*32%
55
*32%
*32%
*32%
50
*32%
55
*63%
64% 64%
11834 11834 118% 11884
64
6434
64% 65%
*121
121% *12084 121
*27
*27
30%
30%
7
^>7
*6%
7
50%
37%
*116%
238
*28%
37%
37%
*38
1584
*83
1258
434
238
29%
37%
5%
5
37
37%
*37
*107
2%
*28%
*37%
*36%
15%
15%
84
634
*50%
7
51%
37%
*116%
2%
2%
5
39
38
38
1534
13%
13%
13
91
91
42%
42%
92%
43%
91%
*43%
93%
4334
84%
13%
*89
41%
8434
64%
119
6434 65%
12134 12134
31% 32%
7
7%
*50%
51%
5
119
$8 pref class
65
1,500
119
200
64% 65%
12134 12134
31%
3134
700
4,100
2,400
5084
300
4%
35%
"MOO
~5i500
3784
2%
32
3834
37
38
•
50%
*107
484
35
A..
Preferred
Motors
*116%
5934 Mar 17
100
117% Jan 13
-
Corp
10
$5 preferred
No par
Gen Outdoor Adv A.—No par
Common...
—No par
General Printing Ink--No par
86 preferred
2,000
—No par
Gen Public Service
No par
Gen Railway Signal
Preferred
No par
100
8
*1638
*
4%
434
7%
8
16%
122
434
8
16%
16%
*
122
1934
*8884
24%
*89%
205S
20
90
253s
*86
93
*90%
938
984
*94
238
1%
*3%
175s
*2758
96
4%
734
15%
*94
1768
1%
*3%
*17%
28%
a28
28
c28
2%
95%
2%
2%
1%
3%
1%
3%
84
8234
83%
12%
900
12
Gen Realty & Utilities.
86 preferred
92
91
91
32,200
2,200
44
43%
43%
13,000
No par
13%
17%
17%
■
28
4%
734
104% 104%
40
4%
734
15%
2,400
3,500
15%
*115
4%
4%
734
7%
15%
16%
122
*115
91%
91%
90
90%
24%
91%
934
18
934
95%
2%
1%
3%
1838
*2734
28%
9%
*94*
2%
1%
9%
9
95%
95
2%
1%
3%
2%
3%
1%
3%
18%
28%
18%
28%
18%
a28
13,700
122
20
89%
25%
91%
9%
95
i~7~706
900
16,300
700
1,700
60
1%
13,200
3,600
384
18%
1,200
1,400
2%
28
700
3238
32%
3234
17%
4134
17%
17%
42%
41%
32%
17%
41%
3234
1734
42%
32%
17%
42%
32%
1734
43%
32
32%
1734
42%
1734
43%
31%
1734
42%
32
1734
43%
2,700
1,500
35,900
3638
*136% 145
*50%
63
26%
26%
*65% 6834
51% 52
36%
145
36%
3534
145
*50%
145
63
26%
68%
51%
26
*65%
51%
*50%
*66
68%
*66
55%
2%
3534
15%
45%
41
53
5284
2%
2%
3534
*27
36
*27
16
*14
16
15
44%
39%
44%
*35%
44%
39%
45
43
*34%
*112
*33
*34%
*8%
117
2%
*112
3338
35
8%
117
39%
*112
117
33%
35
*33
33%
35
*33
*34
35%
*136% 145
*50% 60
60
26%
*14
2%
145
35%
26
*27
*2%
363«
26%
2%
*27
3534
26
*66
54
*53%
2%
2%
*27
15%
15%
1534
45
47
47
*37
*112
41%
117
35
*33
33%
35%
35%
*136% 145
*50%
60
2584 26%
*66
68%
68%
5134 52%
53%
2
2%
2%
*136% 145
*50%
60
26%
68%
36
35%
*37
: 26%
40
"4)666
"MOO
2,400
3534
27
27
100
16%
47%
16
16
1,000
*46
47%
1,700
42
*37
42
114%
114% *112
33
33
33%
*34%
35
*34%
35
9
9
834
8%
14%
14%
14%
14%
400
*33
"l",366
80
1,900
800
50
2,100
*107
5%
109
6
5%
For footnotes
•
109
*107
see
*107
6
page
«=:
-
6%
109
6%
*107
6%
4130
109
6%
*107
5%
109
*107
*5%
6
109
5%
"2",800
=
1634
5
8
7
18% Jan 16
8184June
3
90
Jan 24
70%
634 Jan
6
Jan
14
Apr
12
Mar
Jan
Oct
4% Nov
41% Dec
109
3%
Oct
Dec
39% Dec
33% Dec
51
NOV
19% Aug
Aug
93
104% June 19
114% Jan 27
104%
Jan
4
516May 22
1
3% Jan 2
7
Apr 30
7% Feb 28
1%
Apr
69
Jan
%4June
1
6
15%May 21
116
Feb 10
10% Feb 17
2138 Jan 6
116
Feb 10
Goodyear Tire & Rubb.No
1st preferred
13% Jan 21
23% Apr 15
100
Preferred.
78
par
2134 Jan 21
98% Apr 15
31% Apr 15
9934 Feb 17
No par
Gotham Silk Hose
No par
100
Preferred
Graham-Paige Motors
1
Gr'by Con M S & P 2d stpd 100
Grand Union Co tr ctfs
1
87
Jan
Jan
6
2
8% Apr 28
77
Jan
6
2%June 10
o;l%June 12
3% Apr 30
16
Apr 29
25
Apr 30
30% Jan 29
28% Jan 16
12% Mar 11
95
Apr 4
4% Feb 19
11% Mar 20
No par
No par
No par
Grant (W T)
No par
Gt Nor Iron Ore Prop-No par
Great Northern pref
100
Great Western Sugar.-No par
100
Preferred
Gulf States Steel
100
No par
31
136
Jan
7
22
Apr 28
65
May 21
I84 Jan
26% Jan
9% Jan
30% Jan
7
7
2
2
Jan
4%
Dec
Oct
13% Nov
5
Jan
14% May
18% Mar
2234 Oct
2984
Jan
26
38% Sept
Dec
May
140
May
119
Jan
Feb
9
21
Apr
28% Mar
2
25% Nov
145%May 20
55
95
Jan 23
80% Jan 27
Feb
6% July
Feb
7
1
Mar 19
19
Feb
4
Mar
6
Apr
3% Feb
39
34
1984 Mar
4
55
Mar
3
50
Dec
28%
Dec
95
Dec
74% Nov
234 May
43%
11%
34%
33%
May
Dec
Dec
Nov
6
12
Mar
Mar
6
48
Mar
6
21%
Jan
3034
Dec
30
Jan
35
Dec
4
Mar
8
9
No par
14
Jan
2
100
109
Jan
4
June 10
May 19
100%June 19
30% Jan 3
1
100
26%
Mar
Jan
12
9
May
6
120
Mar
Dec
34
10
100
39
Mar
3538 Nov
33% Nov
48
25
2
1% June
5% Mar
85
118
33
Corp of America cl A
6M% preferred
Hayes Body Corp
Apr
10% Dec
7
30
Hanna (M A) Co $5 pf. No par
Harbison-Walk Refrac. No par
20
Jan
92
Jan 24
2838 Jan
105
25
7% preferred class A
Hall Printing
Hamilton Watch Co
Apr
2% Apr
26%
MarlO
.100
Hackensack Water
70
Dec
Dec
"34%
3
4834May 11
.100
1584 Mar
Dec
82
jan
Feb 21
Greyhound Corp (The)
No par
Mar
No*
14%
16
44
9
Preferred
40
"22"
105
35%
6
6
Gulf Mobile & Northern.—100
7% Mar
Oct
""434 "Jan
9% Mar
2
16
Jan
Guantanamo Sugar
Dec
Dec
9% Mar
Jan
32% Jan
50% Mar
5
14% May
104
111
Dec
2% Mar
23% Jan 15
35% Apr 2
33% Mar 25
33% Mar 9
20% Feb 19
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper
100
-
2% Mar
638 Jan 15
1% Apr 28
Conv pref series
Granite City Steel
—
Jan
34 Apr
1434 Mar
109
49% Dec
Gold Dust Corp v t c. ..No par
Gold & Stock Tel'ph Co—100
Goodrich Co (B F)
No par
1 < • —1
80 V
June
Jan
3
Jan 20
104% Feb 17
4% Apr 30
"
-
Jan
1% Mar
15% Mar
Deo
Dec
42% Nov
834
7534
Prior preferred
Hat
44% Apr
60% Feb
Feb
Nov
Feb
Preferred
"""300
Feb 21
17%
93%
6%
Mar
Preferred
— —
3% Jan 21
43
21
Aug
18
Gobel (Adolf)—
Goebel Brewing Co
Preferred
118% Mar 14
Mar
3
23%
Preferred
*112
*34%
35
8%
9
8%
*8%
9
*14
1434 *14
14%
*14%
14%
14%
14%
*112
115
*113
*113
115
*113
115
115
*113
115
*112% 115
*101% 102
101% 101% *100% 101% *100% 101% *10034 101% 100% 10034
*33
33S4 34%
33%
32% 33%
33%
3334
33% 3334
33%
33%
*125
*125
*125%
*125%
*125%
*125%
*15%
15%
15%
15%
15%
15%
15%
*15%
15%
*15%
15% *15%
8%
2,900
5
4
59% Nov
13%June15
93%June17
55% Jan 14
100
Rights wi
*36
Feb
120
10
Feb
3934 June 11
No par
Preferred
Part paid rets
32%
17%
4034
6% Feb
50
5
26% Mar
*107% Jan
Aug
Apr
100
Glidden Co (The)
12%
884 Mar
18
No par
Gimbel Brothers
91
1
—No par
Conv preferred
43%
26
1%
3%
Jan 10
84
25%
2%
106
15
26%
*94
Jan 17
3% Apr 28
32% Apr 28
Gillette Safety Razor.-No par
26
.
105
5034June 19
108
Mar 14
General Refractories...No par
Gen Steel Castings pf.-No par
89%
9%
Feb 17
320
89%
89%
38
6,900
90
90
26%
9134
33% Apr 25
15%
1,800
2,000
„
2
3
534 Jan
.15
19%
20%
Jan 27
18% Jan
15%
38
20%
20
118
6
1534
*36
19%
89%
2034
96
2%
1%
3%
18
2%
1%
3%
122
934
25%
91%
..
16
*115
4%
7%
16%
*8734
25%
91'
10
*94
4%
734
20
90
10
122
*115
20%
25%
434
8
16%
53% Jan
2
Apr. 28
26%May 25
33% Apr 30
32% Apr 30
2%
3134
Rights
*458
Mar
No par
General Mills
73,400 General
7%
6%
5%
106% 10634 *104% 105% *10434 105
*106% 10634 *106% 10634
6434
65
119
234
3134
39
15%
8434
13%
84
55
238
29%
3834
1534
84%
15%
87 pref class A
50
*32%
35%
40
38
*36
*32%
55
35%
*116%
23g
29%
39%
*29
50
*32%
37%
—
29%
39%
*32%
*107
5
3734
*29
15%
13
90
41%
50
55
*107
5
*116%
2%
29%
38
39
84
13%
90
7%
52
*47%
50%
40
41
7
50%
*108%
4%
*116%
2%
*32%
*32%
64%
6434
64% 6434
*11884 119
11834 119
64%
65%
6438
65%
121
121% 12134 12134
31
30
3134
31%
64%
*48%
*108%
4%
50
55
—
36% Jan 16
11% Apr 6
21% Feb
119
Feb
4
8
105% Mar 18
41% Apr 1
Apr 23
16% Mar 25
126
115
9
Jan
Mar
9
5
6% Apr
108
Dec
Oct
14% Nov
Jan
112
Dec
100% Sept
105
Nov
63
16
Mar
9984
Jan
5%
Feb
81
Feb
1% Mar
30%
121
14%
Dec
Dec
Dec
113% Dec
6%
Oct
1
>
Volume
HIGH
New York Stock
142
AND
LOW
SALE
PRICES—PER
SHARE, NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
YORK STOCK
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 13
June 15
June 16
June 17
June 18
June 19
Week
$ per share
$ per share
$ per share
Shares
4135
Range Since Jan. 1
On Basis of 100-share Lots
NEW
for
Saturday
6
Lowest
Year 1935
Highest
$ per share
Range for Previous
Lowest
Highest
«
$ per share
$ per share
115
115
*114
*118
125
*148
160
$
114
*120
125
*HH8 11334
113i2 1-1312 *11H8 113
*120i2 125
*120l2 125
*12012 125
*148
160
160
*148
*285S
29
*99is
102
102
*128
*148
102
129
129
*128
per share
1151s 2:114
125
*121
29
*2834
283g
*148
160
129
*3i8
*914
1538
23s
2Us
*3184
3i2
3k
*914
15U
2k
2Us
32l2
6414
*12ls
97S
15k
2I2
2158
33l2
64i2
3i2
*314
9k
15U
2i4
21i8
3314
978
1558
23g
2178
32l2
6412
-
13
*17H2 173
47l2 4734
*88l4
8834
*15414 159
*3
*434
4778
3i8
5i8
4778
*126k 12812
*45s
514
*2i2
234
2k
*29l2
*3812
109
2'8
2934
3934
109
*25
2534
*4712
1514
4812
*51
1334
133s
1514
5214
14
133s
*88
89l2
*19
20i2
*27
2714
*120
*76
9534
*
173
*120
9534
125
*
21lo
20
*33
3412
*34
22i2
22lo
90
73
200
129
13k
3278
1234
450l2 *450
177
97
9634
♦
119
9812
125
"79"
785g
*117
*77
7934
7534
5578
884
54U
x52
28,900
Hudson Motor Car
214
238
2i8
2k
22
2134
223g
2D2
2258
6,300
16,100
177
*174
78
21
2158
2Hs
353g
22i2
28k
35l2
2238
3534
2238
28l4
28i2
*89
283s
92l2
22
2134
22l2
I9I4
19
1934
19l2
2014
1912
1978
*92l2
38k
93l2
393},
*92i2
93k
187g
193g
3878
193g
*26i8
2678
4i2
343,
2358
all7
385g
187g
*26is
*4
4l2
*4I8
33
34
2338
23l2
2314
*10434 10034 *105
*5
6
*514
*4i8
*3134
2314
105
105
26i8
4i8
*33
23l2
105
117
58
11
600
3,500
2,200
300
2034
2138
1934
*92l2
2038
19k
93l2
*9212
3938
3858
v39„is
3838
2078
2058
2H2
26i8
434
34i2
2034
19i2
1,900
31,600
100
800
400
1,400
17,400
*2538
No par
International Shoe
No par
90
4,400
260
800
Jewel Tea Inc
No par
Johns-Manvllle
No par
4,800
m
m
m
m
20
6,100
70
89
*78
89
7478
*68i2
78
2234
22k
2234
22i2
*2018
2634
*22
2334
2334
33lo
*32
2II4
21
21
2138
22i2
32k
21k
22i2
33l2
2U4
*918
13U
1834
*955s
IOI4
*91S
IOI4
IOI4
*9U
3312
2134
10i2
1334
14i8
1414
185S
14
I884
97
*96
*95k
97
96
9i2
23g
10l8
238
1012
2i4
10i2
9234
Ids
l()i8
101o
92
92
10l2
*923s
95s
15
15
1478
1478
15
15
2i8
iou
9434
1478
4518
4512
4614
5334
4638
4614
54
4534
5378
4612
54
54
54
*10
92i2
94
10
"8~6oo
22k
24k
30
37i2
3512
35k
960
x21k
*9i8
1384
2H4
21
21k
2,200
lOli
*9k
10k
14
14
14k
2*306
18
1838
18k
96k
2,400
97
18k
96k
10k
10k
10k
5,500
2k
1,600
*96
10
,
*2i8
2U
218
10
7% preferred
100
Kresge Dept Stores...No par
Preferred
100
'
m
m,
mm
♦
mm
30
103s
10
IOI4
10
10
800
9434
941g
94i8
95
95
800
Preferred
50
No par
—50
147g
14 k
1,100
4734
6,600
Lerner Stores Corp
5438
5434
5434
4,600
77g
7k
7i2
7l2
7k
7k
7k
*27i2 2814
28i4
28k
*27k
28k
*107
108
*106l2 108
*106l2 108
108
*10734 IO8I4
10734 10834
10834
IO8I4 10834
10S34 109
108k 109k
*162
*16038 164
164
♦162
164
164
164
*16012 164
*15834 163
*20
20
20
20i2
20
20
20
*J934
20
20iS
20
*1978
1,700
28i8
200
738
28l4
7k
28 I8
*106
5
Jan
Jan
149i2
Jan
2278 Mar
3418 Mar
135
Jan
No par
Libbey Owens Ford Gl.No par
2*, 900
100
Dec
434 Aug
5414 Feb 19
129i2Mar
Jan
612 Oct
4714 Dec
12378 July
130i2 Nov
73s Feb
4
22U
8
Mar 18
3i8 Feb 10
363s Feb
44
38May
4i2 Mar
21i2 Jan
98i2 Jan
Mar 26
111
5
Feb 10
Dec
318
li8 Mar
s8 July
Dec
238 Dec
2878 Dec
4234 Dec
110
Deo
2914 Feb 27
25
53i2 Feb 21
23i2 Jan 30
4214 Mar
3614 May
49i2 Nov
16
July
565s Dec
78
Oct
558 Mar
14
Dec
878 May
Jan 30
19k Feb 17
14i2Mar 2
Dec
28
Jan
70i2 June
6's Mar
24i2 Oct
16
Nov
36
Jan
113
Apr 29
123
Feb 24
110
Jan
5812 Jan 18
88 May
I2I84 Feb
78
June 18
49
Mar
129
Feb 21
75isMay 27
118
13
Jan 11
Jan
2
1914 Jan
2
Jan
7
Feb 28
28i4 Jan
Apr
2012 Apr
103i2Mar
45s Apr
7
28
28
16
29
74k Feb 26
Mar 16
June 10
1912 Apr
718 Jan
12i8May
15i2 Apr
94i2 Apr
8i2 Jan
218 Apr
958 Apr
29
2
13
30
30
2
30
29
89
Jan
2
3878May
4714 Jan
4
12
Llbby McNeill & Libby No par
5
25
97
25
•
li4 Mar
178 June
June 19
Life Savers Corp
Series B
3678 Nov
6558 Nov
154
93
Liggett & Myers Tobacco—25
108
190i2 Deo
Feb 21
38i2 Mar
117i2 Mar
126k Feb 24
9012 Feb 21
121
Apr 6
26
Apr 2
39
50
384 Mar
Mar 24
225sJune 12
3314 Feb 25
Apr
11514 Mar
65g Mar
7i2
1534
Mar
Jan
25k Jan 2
1103s Feb 10
678 Mar
3
8D4 Apr 23
77i2 Jan 3
7
May 11
2
May 19
May
7
Mar 16
9734 Mar 13
Preferred
500
100 xl60kJune
19
Lily Tulip Cup Corp ...No par
Apr
900
Lima
900
Link Belt Co
28
8
Mar 24
102k Apr
6
22
Dec
3i4 Mar
1014 Aug
84
Mar
1384 Mar
10
258
23
Mar
Oct
Mar
1934 Mar
103i2 Apr
2
May
42
Oct
90i8 Oct
3H4 Nov
28i4 Nov
I8I4 Jan
96
3038
July
Dec
21
Nov
618
41
Deo
Dec
27«4 Nov
113
Apr
6i2 Nov
Jan
80
Oct
5618 Apr
2214 May
80
Nov
Mar
3218 Aug
27i2 Dec
Aug
46
28i2
9
Jan
Jan
14i2 Deo
173s Jan
9
1438Mar
5
Mar
Feb
6
li2 Mar
1638 Feb
6
5i2 May
lli2 Jan
314 Aug
1534 Nov
10034 Apr 8
1578 Apr 27
4734 June 19
6718 Mar
9534 Nov
4
63i8Mar
IDs Jan
6
6
3H8 Jan 29
115
10i2
Oct
21i2 Mar
6k Sept
21
Mar
17U
9414 Apr
120
11618 Jan 15
9334 Apr
122
Feb 28
23U Feb
5
15H2
15i2
Jan
Oct
Jan
49U Oct
103s Nov
295s Nov
Jan 16
165
29
Jan
Nov
20U Nov
6
8
93
12014 Dec
14i2 Dec
30
34
8
Jan
Aug
99i2 Nov
126i2 Dec
Jan
1
18
24
37
Feb
2
2
20
10
14
120i2 Apr
"
105s Mar
25
100
133s Deo
4234
23
Lehigh Portland Cement
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
47k
108
Mar
10k Apr 7
I6I4 Mar 17
5
Jan
July
12
1478
7k
*27i2
May
1914 Mar
2138 Oct
5
May
8i2 Mar
Lee Rubber & Tire
Jan
5
20k Dec
•«^3
Jan
June
26
185i4 Apr 11
43s
Oct
May
3378 Jan 31
55
*106
Oct
I84
47U Jan 31
2634 Feb 6
47l2
7i8
28i4
2
914
li2
414
258
32
100
No par
No par
Oct
7i2 Dec
2358 Sept
2012 Apr 27
5% preferred
838
Mar
884 Mar
Lacelde Gas Lt Co St Louis 100
1478
108
2i2 Feb
4
66
47
7i8
*27i2
Nov
223s Apr 30
15
*106
July
No par
47
5478
Nov
130
No par
Lehman Corp (The)...No par
Lehn & Fink Prod Corp
5
54
121
Kroger Groc & Bak
Lambert Co (The)
Lane Bryant
514 Dec
Oct
108
Kress (S H) & Co
34
96
2:%
934
238
10
2k
10
400
Kresge (S S) Co
Oct
Jan
Jan
60i2 Mar
Mar 23
43
24
24
2334
10634 *105
10634
584
534
*5k
534
Apr
Mar
46i4 Mar
20
13
18
11
28
14
18
14
4
578 Mar 11
41
30
24
•
Feb 14
No par
*105
*23
147
114k Feb
1384 Apr
778 Jan
187S Jan
83gMay
65s Feb
375sJune
5k Feb
1534 Mar
No par
..No par
Preferred
Dec
363S
1734June 4
18i2 Jan 7
378May 11
Kimberly-Clark..
15
Apr
Keystone Steel & W Co No
Kinney Co
Deo
Dec
Deo
Mar
12,000
100
Jan
Dec
414 Mar
2i8 Mar
23k May
23,800
170
Mar
Mar
15
38k
*70
6i2
6U
84
9i2
40
21k
100
Dec
2234 Apr 2
2934 Feb 19
2
434
Nov
60k
Feb
li2 Mar
Jan
4
26k
7
Jan
234
43
Jan
June
par
Nov
15
18
1
No par
Dec
73
Jan
82
26i2May 22
1434 Jan
*79
49
Feb 19
87
Class B
July
31k
Feb 18
Kelvtnator Corp
cl A1
Dec
42
6k Mar
I8I4 Feb 24
13i2 Apr 17
34&8 Apr
Kendall Co pt pf ser A. No par
Kennecott Copper
No par
9,600
20
conv
495
Feb
30k Mar
70
10.600
2034
338
June 16
9D2June
283s Jan
2478 Jan
2558 Mar
93i2June
4158 Apr
2D2June
29k Apr
73s Jan
7478
2234
97
100
Jan
165s Sept
90
Aug
May 20
93k
8
4
1984 Mar
314 Feb 19
2878 Feb 19
67
June
12i8 Apr 30
1038 Apr 30
20
80
23g
Preferred
214 Jan
1&8 Jan
2012 Apr 30
37 May 22
107
Apr 27
23
Apr 28
4718 Jan
15
Apr 29
80
800
33k
6
100
43kMay
125U Feb
334 Apr 30
Kelsey Hayes Wheel
80
10
Kansas City Southern
11
2238 Dec
5i2
1334
17i2
378
2214
38i4
59U
8
Kelth-Albee-Orpheum pf__100
*69l2
2238
183s
Preferred
100
Jones & Laugh Steel pref.. 100
Kan City P & L pf ser B No par
July
3084 Dec
658 Mar
578 Jan 23
1738 Feb
412 Jan
10
74
14
1
14812 Jan 23
284 Apr 30
Jan
118
Jan
19k Dec
90i2June 12
160
Apr 3
5i2 Jan 8
12,100
79
19
1
8134
584 Mar
4934 Mar 24
92k
534
19
No par
Apr 28
2434
*69
,
100
Island Creek Coal
"630
Feb
Mar
5658 Jan
50
36k Dec
1
3512 Jan
Jan 27
*78i2
19
Preferred
Intertype Corp
5
May 13
747g
13lo
100
160
June
17
79
33i8
100
7% preferred
100
m
9k Apr 30
3
May 21
25
27
*68l2
2234
27
International Silver
Inter Telep & Teleg
No par
Interstate Dept Stores.No par
600
m
2
Kaufmann Dept Stores $12.50
Kayser (J) & Co
5
*78
*22l2
33i8
2H4
*9i8
14I8
*1834
100
International Salt
400
9
1,200
74k
2734
3314
Preferred
Int Printing Ink Corp..No par
Preferred
100
43,000
22k
89
23
100
100
79k
*62i2
2258
2258
Preferred
Inter Pap & Pow cl A. .No par
Class B
.No par
Class C
No par
Preferred
*78
23
Int Hydro-El Sys cl A
25
Int Mercantile Marine-No par
Int Nickel of Canada..No par
300
77k
6
*534
100
*4
*32
105
No par
Preferred
170
100
9
212 Jan
100j
Internat Harvester
4,400
May 12
Jan
.No par
3,900
mm
3
..No par
Prior preferred
7,600
mm
6
1914 Jan
No par
Internat Agricul
33
4k
3434
2384
c..100
'
3,300
2014
v t
Int Business Machines.No par
International Cement-.No par
500
35k
23k
Inc...—1
t Interboro Rap Tr
Interlake Iron
10,500
Jan
May 12
90i2May 25
618 Jan 6
5i8June 10
lli2 Apr 30
334 Jan
20
Insuranshares Ctfs
Intercont'l Rubber
28
2434
Inspiration Cons Copper
Dec
109
No par
200
mm*
106
Oct
131
104
100
Inland Steel-.
Internat Rys of Cent Am.. 100
Certificates
No par
Preferred
100
150
June
4is Jan
2558May 21
No par
No par
590
600
28
92i2
10
Industrial Rayon
Ingersoll Rand
Preferred
35k
22k
24
Indian Refining
100
2,400
1,400
4,000
*89
*2538
*4i8
30
21k
92io
26i8
100
100
100
90
Feb
45
Jan
185s Apr 30
Leased lines
900
*116i2 118k
2334
2078
1
10
100
RR Sec ctfs series A
9,200
179
125
~7834
No par
Jan
Mar
73k Apr
4414 Feb 20
33
Dec
11
12U Jan 15
5778 Feb 19
520
9912 10034
*
213s
119
2212
1938
78i2
35
91
2678
125
~78k
21
28k
20
77i2
100
6% pref series A
Apr
7
310
*119k
78"
ion2 ioi78
*
80
22k
32
1787s *173
*11914
78"
28
1834
*2534
600
Preferred
June
9
May 13
638 Jan
3i8June 10
812 Apr 27
13i2May
162
71
5
Feb
56
4884 Jan 21
Jan
122
75i8June 12
5
June
142k
June 17
4
100
Manhattan
120
141
Jan 13
5434june
50
Hupp Motor Car Corp
Illinois Central
Hudson &
5
Jan
Jan
14i8June
36
share
per
85
127
Jan 27
4
6514 Jan 14
t c new 25
16k
91
93l2
3878
187g
2678
47g
3478
235g
10634
57g
22i2May
No par
v
16
28
1934
Class A
Houston Oil of Tex
Howe Sound Co
I6I4
2212
*92i2
r
7,900
16
28
1912
93l2
3S78
39kJune
Household Fin partlc pf
1638
23s
*117
2238
par
No par
Class B__—....
3,000
2
19k Jan 13
108
share $
per
4478 Feb 19
544
Homestake Mining
Houdallle-Hershey cl A No
88s
Jan
119
110
,.100 z450kJune 18
400
7534
9
June 13
112
300
55k
80
Feb 17
10,100
„-
Apr 29
3018 Jan 2
108
5
100
25k
470
113
No par
4034
3458
*89
mm
400
22io
I9I3
*92i2
38k
Hollander & Sons (A)
Holly Sugar Corp
7% pref
mm
10k
*91
22
No par
No par
$
163i2Mar 24
3534 Jan 2
105i2 Feb 17
135
Apr 17
715gJune 10
No par
pref
*914
92U
*19
conv
10i8
2814
19
$5
2414
*7434
5434
8i2
2514
21
3414
*22i8
Conv preferred
4034
41
119
2034
No par
700
125
"78i"2
Hershey Chocolate
4,400
9934 102l2
*
J*n 30
3k
*118l2
~7~7k
Jan 23
128
1,300
"
m
2512 Apr 30
84
100
52k
914
ib
No par
.No par
cum
4,200
13k
32l2
3234
*llll2 114
114
330
.
141
May 14
156k Jan 27
preferred
$7
Holland Furnace
7,000
<,
Hercules Motors
Hercules Powder
*3U
914
153g
214
2112
200
11878 *116U 1187g
37U
3638
367g
*109
109
llik
117
100
3U
338
214
*7214
7214
113kJune 18
$ per share
133
Mar
25
3I4
*9i4
*3U
2178
3314
129
25
Hazel-Atlas Glass Co
Helme (G W)
Preferred..
200
*28
2214
m
"i'ooo
*89
19
m
28
129
-
1558
77
20s4
34 ~8
2214
m
129
129
9k
175
7~6k
125
*21
m
103
*127L
33s
*120
*78k
7912
"785s
*116i2 IIS'4 *117
M*
13
173
7612
9634
-
m
48
4734
4734
473g 48
48ig x4712 48
47U
47k
88
88L
8834
8912
8914
x88
89i4
8914
87k
88k
*154i4 156
*154l4 156
*154l4 156
*15414 156
*15414 156
3
3
3
3k
3'8
314
3i2
3l4
33g
3k
5
434
5
434
434
434
4k
434
5i8
53s
48
4758
4778
4758
48i4
4878
48k
49i2
48k
49k
*12614 12814 *127
128i4 *12712 12814 *12712 128i4
128k 12814
5
5
*4k
5
5U
*5
5
5
5i8
514
3
*2l2
234
234
3
278
*234
*278
2k
27g
2
2
2i8
2k
2'8
2i8
2i8
2's
2i8
2i8
30
29ig
31
3012
3034
3134
30i4 3H2
30k
3134
*38i2 3934 *38l2 3912
39
•39
39
*38i2 39
*38i2
109i2 109i2 109
109i2 109i2 109i2 ♦109l2 110
110
110
25I2
25i2
2514 2514
2484
2434
*235g 2534
*2434
2534
49
*48
49
48i2 48l2 *48
49
*48
*4838
4878
16
15i2
15i2
15l2
16
*14i2 16l2 *16
16k
*15i2
53
521}
53
5214
5212
53i2
52k
5212
*53i2
5478
14
13i2
13l2
137g
1378
1434
14k
14U
14k
14k
14
13k
13i4
14
133s
1378
1334
1378
1334
137g
*88
89
92
89l2 *88
93
8912
89l2
89l2
92i2
*19
*19
20
2OI4
*19
1912
2012
19l2 *19
20k
27
27
*2634
27
27
27l4
2714
z27k
*26i4 27i8
78"
«
'
33
32
32
3312
3312
33k
65
65
65
64i2
64i2
64k
*64i2 65l4
13
13
*12's
127S
1334
13k
1334
1314
*11
1112 *1014
11
1H4
1034
1034
1034
1012 *10
1034
1012
28
29l2
30
2914
2978
30
2934 30l4
30
30l2
x29l2
2978
*118
129
*118l2 129
126
*119i2 125
*12012 125
12D2 12D2 *121
*132
*135
14934 *132
*135
*135
*135
9612
96k
97
9612
9634
9688
96l4
96l4
965s
9612
97l2
97k
*95g
984
95g
934
934
978
10
934
978
*9k
934
978
5k
514
512
5i2
*512
534
558
55g
534
*5k
*558
534
14
*13i2
1334
1478
1358
14
14
14
14i2
14i8
14k
14k
*7
8
*7
8
734
818
8
8
;
778
7k
*714
778
6
6
6
6
6
6i8
6
6
578
57g
6i8
*534
35I4
35l2
36 k
35i2
36
*355s
3534
36i2
3534
36i2 37k
36k
3
3
*278
3
3
3i8
*278
*3
3i8
3
3i8
*278
103s
10i2
IOI4
1012
103s
1078
10 k
1034
IDs
10l2
1078
1034
*3
3
3
3
3i8
3
3i8
3i8
3U
3i8
318
3k
*25i4
25
25
26i4 *2412 2534
*25
26
27
*26
29
.r257g
64i2
*12l8
•
160
72
72l2
"72
*72l4
7212
*72i4
7212
7214
117
117k *116I4 11878 *116'4 1187g *116l4 11878 *11678
34
*33l2
35
34i2
35i8
3434
35i2
3634
36i4
108
108
109
109
109
110
109k 10914
xl08k
13
1314
13l2
1378
13l2
1358
13i2
1334
13i2
*3214
3234
325g
3234
*32l2 33
32i4
3278
32i2
*mi2 114
*112
114
*112
114
*llll2 114
*11112
*460
470
*451
470
46412 46912 4507g 45078 x450k
*40 k
4078
*40k
4078
*4018
4078
4078
4078 a:41
23i2 2378
24
24
2358
243s
24i2
2514 X2488
*7478
*7434
*7434
*7434
*7434
55i8
55
55i8
56
56
55l2
5514
5514
55l2
8I4
8i4
8I4
83S
8I4
8k
83S
8l2
8U
5314
54
5314
r3k
54
53i2 54
54l4
5378
.
«
*148
*72
-
500
_
29
28
28i2
x28k
28l2
103
*102
10212 102l2 *102
2812
*10112 102l2
129
160
Par
Aug
Aug
16712 May
2884 Nov
1
*28'4
3918
30
39i8
*3458
36
45
45
*106i2 107i8
238
238
5
5
*2Sk
30
3914
40
*35
4458
107
355g
4514
107
30
*107
28i2
3914
35k
3812
3534
45i8
*28I8
3914
35l2
4478
45
10712 *107
2U
214
212
2I2
214
5
5
5
5
5i8
43
43
4278
4278
42l2 42k
*10814 114
*10938 114
2234
2284
2258
2278
*43
10938 10938 *10812
23
2234
2284
*14314 146
♦14314
145
145
35
35
34l8
34i8
2134
35l2
2134
22
22l8
22
2258
72
72
7114
72
72l4
2412
7212
2434
*14314 1461?
35
2178
2478
24
243g
355s
3558
35U
*129U
3514
*12918
32i2
*44k
*lll8
33
45
1134
3334
44
45
40l2
40
*178
*1114
*1118
40i2
2l2
*178
12
IDs
For footnotes
35
*35i8
*12914
3378
4034
44i8
1U8
407s
2i2
IH4
*iik
1134
*2
see page
4130
36
33
22i2
*7234
24
29U
36i2
3478
3434
353s
-
-
-
2978
36
36
*129U
29
36k
Works.-No par
No par
1,300
Liquid Carbonic
No par
7.800
Loew's Inc
No par
200
2,800
900
1,000
50
7,200
130
550
4,100
1,300
7,600
36k
*129k
Loco'mot
600
mm
mm mm
10" 500
Preferred
Loft Inc
No par
No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit—
25
20
May
4
Ludlum Steel
MacAndrews & Forbes
6% preferred
1
10
100
10
2k
100
X Manatl Sugar
100
1234
410
2l2
12l2
*2i4
ID4
12
212
*2
*uk
Jan 17
Louisville Gas & El A ..No par
100
Louisville & Nashville
Magma Copper
1U4
45
5H2May 25
300
212
IH4
Mar
7
5,300
3,700
Feb
1
3
ilk
43
102
Jan
42k
4312
Jan 15
Feb 11
838 Mar 24
Jan
43
4278
Jan
6
8
13
42k
*10*8
124
43
Apr
142
10
*105g
lll8
4338
151
2758 Nov
17i8 Mar
24i2 Mar
3U4 Feb
100
11
44
IDs
42i2
1127s April
26i2 Jan 27
1312 Mar
Feb 19
100
44
4338
107
II4 Mar
33
Apr
10734 Nov
18i2 Mar
Feb 21
7% preferred
t Louisiana Oil pref
4312
44l2
IDs
3334
3914
5078
4414
547a
108U
358
100
3434
33
2578 Jan 2
/ 37 May 12
32i2June 3
43
Apr 21
104l2 Feb 28
2
Apr 23
383 Jan 2
40i2 Mar 13
5% preferred
Lorillard (P) Co
34
4234
2i2
*28
38i2 *3712 38l4
37k
38k
36
36i2
36i4
36i2
36k
46
4514
45i2
44k
45k
107
107l4
107
10712 *107
214
214
218
2k
2k
518
5i8
5l8
5k
5k
43
43
4334
43k
43k
10934
1093s 10938 *1093s H2k
23
23U
227S
2278
23k
145
14512 *142k 147
145
37
35
36
3378
33i2
22-k
22k 2234
22t2
22k
74
74U
743s
72k
7234
23
23i2
2412
24i8
23k
*35l2
*12914
»
*29
Mack Trucks Inc
No par
Macy (R H) Co Ino
No par
Madison Sq Gar v t c..No par
Preferred
100
May 19
21i8 Apr 28
57i2 Jan 2
223s Apr 28
35 May 14
127i2 Jan 9
273s Jan 30
4018
85s
34i2
158
714
Apr 30
Jan 30
Oct
37i2 Dec
5518 Nov
10834 Oct
25s Oct
43ft
Deo
4158 July
112
Dec
2612 Nov
Apr xl49k Dec
15
Dec
233g Jan 28
4i2June
103s Mar
23
Aug
77i2 Apr
34
64
Dec
Sept
9
Mar
35
Feb 19
1284 Mar
26
42
Jan 21
3778 Nov
46
Feb
130
May
13012 Mar 16
37
Apr
493s Mar
6
4
Jan
2
Jan
Jan
6
2
Mis Apr 18
43i2June 18
378 Feb 7
Jan
2
I7i2 Feb
7
113
Feb
185$ June
Feb
3084 Dec
5714 Nov
III4 Dec
3734 Dec
214 May
Jan
10
30i2 Apr
5k Jan
185s Jan
78
4
May
New York Stock Record—Continued—Page 7
4136
fflT
J u'
On Basis of 100-share Lots
STOCK
NEW YORK
EXCHANGE
the
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 13
June 15
June 16
June 17
June 18
June 19
Week
$ per share
$ per share
$ per share
$ per share
8 per share
8 per share'
8
8
Shares
*8
9i2
3978
*38
8
*8
834
*37
40
*37
3978
17i2
17l2
17
17
9
*37
3978
18
17i2
17
16i2
8
3978
*8
9
*8
*36
17U
1712
17i2
*1778
1812
*177g
18*2
*1778
18l2
*177g
18l2
*1778
35g
*3i2
35g
35g
35g
3&8
358
914
914
9
358
9i8
35g
9
9
87g
9U
2
*6i4
25
*ll2
2
*134
2
*U2
2
834
2
*6
834
*6
884
*6
778
25
25
2514
*2i4
314
42l2
42l2
157g
1534
1558
157g
52
52
16
*45
*45
50
*110
4934
4934
4934
*493g
43l2
16l2
8i4
1538
157g
16i8
*H2
*5l2
*2314
*214
*4212
1578
7ig
7ig
*718
2214
24
*2i4
314
4312
*41
7i8
*67g
30io
30
30i4
30ig
2978
*15314
*15314 159
*153U 159
51
52
52
52i4
5114
16
1578
1534
*1512
*1512
30
*15314 159
*15i2
*2i4
*41
*67g
7l2
*678
30
24l2
314
24U
314
4212
*2i4
*41
9ig
495s
*45
50
IIOI4 HOI4
IIOI4
4958
4938
*45
50
110
3038
159
110
52
18i2
358
9i8
*3i2
9
914
2
24
Maracnibo Oil Explor
Market Street Ry
*2i4
1578
15i2
4978
Mar
19i2 Nov
1
Feb
514 Apr
38 June
3i8 Mar 19
10i2Mar 18
3034 Apr 6
4i2Mar 18
5034 Mar 5
2i2 Oct
334 Mar
3
May
97s
Dec
178
Dec
10
Dec
2334
Deo
378
4514
Deo
No par
41
Marshall Field & Co
No par
IDs Jan 22
1918 Mar
5
634 Mar
14i4 Nov
No par
Mathieson Alkali Wks.-No par
612 Apr 28
27i2 Apr 27
12
5
4
11
100
15378 Jan 17
May Department Stores—10
43i4May 4
13i2 Apr 30
49
Apr 28
2,800
Preferred
1,400
2i2 Jan
No par
Maytag Co
700
No par
Preferred
900
50
Preferred
60
.
1834 Jan 10
Martin-Parry Corp
.■•I-
48
48
50
10912 1097S *109i2 110
10
Marlin-Rockwell
300
15l2
49i2
*49
Mar 17
684 Mar 17
Deo
Oct
Sept
100
100
9,600
8
15i2
1578
49
30
preferred
2d preferred
100
16
8
8
1314 Mar
Prior
3i4
1534
6618
100
490
43i2
16i8
1214
Apr
1034 Jan 14
3
Jan
share
Apr
Preferred
23i2
23i2
*3834
7
per
3
29
23
17i2May 4
2i4 Jan 3
8i2 Apr 30
H8 Jan 7
1
(Del) .5
--100
Marine Midland Corp
'778
314
43i2
4934
*45
-
300
6,300
200
*6
30
2938
30i4
30ig
*15314 159
*153U 159
51
513s *503g
513g
50
-
•
*H2
778
1,500
$ per share $
10i2 Jan 3
5714 Jan 10
23i4 Feb 3
5
June
32i2May 27
14i4 Apr 30
X Manhattan Ry 7% guar. 100
Mod 5% guar.—..
100
Manhattan Shirt
25
Highest
Lowest
Highest
$ per share
8
-—No par
Mandel Bros
200
17l2
*18
1812
*3i2
Lowest.
$ per share
Par
40
*37
1936
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
SALE PRICES—PER
LOW
AND
HIGH
June 20,
.No par
No par
ex-warrs.
103
1
Mar
June
2334 Mar
Dec
Dec
3378 Nov
Jan
156
3578 Mar
5i2 Jan
20
33
Jan
54
32i8
Jan
55
Oct
84i2
Jan
103
June
136
Feb 28
3
2H2 Feb 28
53i2 Jan
Feb 28
55
Mar
20
36i2 Feb 19
50i2 Apr 8
110i4June 15
2
Jan
Mar
160
Feb 13
45
Prior preferred
6
5
May
Nov
5734 Nov
Nov
Oct
1
1st pref
*29i2
30i2
30
30
30i2
31
3034
3034
3034
*12l2
127g
127g
127g
13
13
13
1258
13
*92
16
17
17
*17
437g
4438
43
44
93i2
*16
44l2
*92
9312
110U IIOI4 x10912 109i2 *107i8 10878
834
S78
834
834
834
834
44
44
44
44
43i2 44
93
87g
*14
15
1434
*14
5H8
37i2
5134
9
37i2
*36lg
5078
5034
9ig
9ig
187g
38l2
395s
1914
19lg
3812
38i2
39
39
12634 12634
*9834 100
127
127
*67
9i2
*3558
37i2
5034
95g
934
19i8
19
*107
10558 10618
7134
*7034
9
834
59i2
59i2
9io
9
19*8
*99
51
12834 12834
*9834 100
100
14
50io
37i2
*36ig
£50i2
9
*36l2
14
141o
10514 105U *1053g 10634 *10538 10558
71
*70
70i2
7d2
7034
70i2
9
9ig
87g
83g
83g
8I4
59
56
57
57
60i2
59i2
93l2
*17
19
200
3,000
19i8
3978
3914
12834 12834
*9834
*9834 100
*9834
99l2
68t2
68
58
*i2
69
69i2
*12
*n2
58
*l2
2
2
70i4
l2
70i2
58
3
*25g
3
3
3
3l2
*3
312
3
31s
I8I4
*175g
100
No par
-No par
750
70
1,000
20
71
1,700
300
*17i2
*814
19ig
85S
*8i4
8i2
83g
255g
2434
253g
247g
*214
*ih
2
200
3i8
*3
3i2
500
3i2
3i2
*3
314
90
1734
3,200
85g
4,200
16,700
17i2
25i2
*2i4
5ig
2534
2i4
2
3is
312
173g
85g
834
25
lh
3
*3
2614
834
212
1734
17
1734
85S
25»8
23g
834
8i2
26i2
253s
26
300
5i2
5i8
258
234
*214
2&s
5i8
2278
53g
5i2
558
5i8
5i2
3,900
225g
227g
5ig
217g
5i2
23
22l2
22
2278
2212
*2238
22i2
9H2
9H2
9138
91&8
91
91l4
9034
91
2214
89i2
4478
4514
45
45
68l2
214
5
5lg
514
534 Jan
Mid-Continent Petrol
10
No par
110
88
Mar
Minn-Honeywell Regu.No par
£65
Apr
No par
6% pref series A
6i2 Jan
5714 Jan
83 Jan
X Minneapolis & St Louis-.100
Minn St Paul & SS Marie. 100
17% preferred
100
4% leased line ctfs
100
Mission Corp..
—No par
4458
*66
114
3278
2014
45
45ig
4434 ■4514
*4434
487S
200
Morrel (J) & Co
No par
Jan
4
*6734
68l2
60
Morris & Essex
50
60i2 Jan
84 Jan
6
2
30
2
30
10
6812
H4
6758
1
Hs
2,800
327g
2OI4
33
3334
3314
34
34
345g
£33U
34
33i2
34
7,000
Motor Products
20
20i2
1934
2014
197g
2038
*1978
20i8
1934
20
3,700
Motor
1
Hs
Hs
68l2
Hs
14i2
1414
74i2
74i2
74
2612
2618
26i8
*26
50l4
50i4
50
50is
*50
51
145s
*7314
26i2
14i8
*73
~l~6~5s
497g
68i2
1638
*48
1
1
H8
Hs
173g
1714
497g
*48
75
26
*5012
__
75
26
I8I4
*48
1438
*7314
*2412
51
51
1914
497g
1834
*48
147g
1434
1434
1,900
50
75
*73
7434
26
*25
26
300
51
50
50
800
100
*101
*101
*10014
1858
4978
1434
19i8
I8I4
1858
4912
49
40,200
49
100
17
1634
1678
1634
1718
1658
1678
16l2
1634
2234
2234
2234
2234
23
23l2
2334
23l2
2334
*2H2
*1412
145g
14l2
15l2
lll2
1514
1512
15
15i2
145g
6,900
23I2
1458
1634
2234
1414
11
11
*11
11
363g
36i2
355g
3634
160
*lll8
III4
36
3638
36ig
*1557g 160
160
160
*155
24
24
24
24l4
2334
241g
2358
24
24l2
245g
24l2
25
2434
25
243g
25
*110
*6734
1678
1634
11
14i8
14l2
1027g 1027g *100i4
*10278
3612
47
160
111
111
111
111
111
111
IIII4
15
1112
*lli8
III4
III4
3634
36l8
3634
36i8
*15578 160
*15578 160
2334
2358
2334
235g
25
24l2 25
2414
111
440
8,600
500
13,400
200
6,600
*1
*12
1034
1078
11
*1
h2
84
1034
*1
112
*l2
66I4
*3712
h
h
*6634
67
66
66i2
38
38
38
38
37i2
11
IH4
*3612
37i2
*85g
9i8
391s
914
*1
lh
11
11
*37
38
lll2
11
lh
*1
58
*l2
3s
68
68i2
68i2
39ig
38i2
10234 10334
858
8i2
38i2
103&8 1035g
*10314 10334 *10314 10334
9i8
llU
1118
lll2
87g
11
lli8
38
37i2
5H2
5134
11
375g
5H2
*1
lh
*38
67i2
68i8
4034
6738
4218
4014
108
8,500
80
*30
37
*30
35
*30
35
*30
35
*30
35
10i8
*3812
IOI4
10i8
ioi4
41
40i2
41
36
3638
2938
2934
6034
312
*lll2
130
lh
*
35l2
*29
6034
6138
130
*lli2
4234
4134
4214
41
36i4
3538
3634
365g
3738
36i2
3738
3638
29
29i2
297g
30i8
3014
32
3H8
3714
32
56,300
29i2
6034
62i2
63
6438
65
67i4
66
66l2
7,200
60
358
43g
11
12
*1285g 13314 *129
Hs
98
*118
114
Hs
*
3,500
4,900
934
41
*35g
37g
12
934
95g
934
41
934
98
*
1
1
1
958
10
*35s
1058
334
lli2
13314 *129
Hs
114
10
4i8
1078
4H2
4,800
3&8
130
1D2
240
13314 *12858 13314
lh
138
ll2
n4
30
358
1112
334
*358
*11
1H2
-
13314 *130
Hs
6,400
No par
10
100
7% pref class B
100
t Nat Depart Stores...No par
No par
Bros
No par
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
N Y Chic & St Louis Co... 100
100
Preferred series A
New York Dock
100
Preferred
100
fNY Investors Inc...No par
1
100
90
3
*4i2
434
434
*434
5
*43g
434
500
3i2
358
35g
3i2
3i2
*33g
3i2
1,700
106
*ll4
235
106
1*2
235
106
106
112
*u4
*235
23712
2778
"2878
287g
2938
29i2
57i2
5734
5734
5734
*56i4
77«
81S
77«
81«
*104l2 105ig *10434 105i8
295g
*4912
2l4
*20
1284
47ig
30i4
5234
2i4
2612
1234
47i8
2912
*49
303g
52l2
234
*214
*20
1234
4734
23
13
48i2
9512
96
8
30ig
57
8
2914
*56i4
8
104i2 1051s *104
2934
*50i4
*2i4
*20
1234
48i4
*108
*108
95i2
2914
2978
28l2
56
56U
55i2
5558
83g
10434
234
*2i4
212
13
495g
104
*10012
52i2
*20
8I4
52l2
26i2
125s
13
48l2
4938
3058
*51
*2l4
*20
85g
10438
—
—
-
3H2
5214
234
23
270
N Y Ontario & Western... 100
N Y Railways pref
No par
400
8
8U
No par
No par
9312 Apr 23
30l8
3H8
44,000
*5014
52i2
20
No par
Preferred
50
1
Dec
Oct
3
Apr 1
Apr 14
Jan
6II4
Deo
"358 July
"III",
Dec
1078
Dec
5914 Jan
105
43
1334 Feb
6
4234 June 17
42*4 Apr 13
35i2 Feb 21
67'4June 18
6i2 Mar 4
4312
438 Mar
18i2 Mar
1214 Mar
Dec
Dec
4
Mar
Feb 28
112
Mar
14 May
5
96
Nov
Mar
4
558 Feb
6
258
Oct
14i2 Feb 7
7i2 Feb 24
538 Feb 24
55s
Oct
5i2 Feb 24
15&8 Mar 13
Dec
19
39
1714 Feb 17
2i4 Feb
2934
Mar
6
Mar
98
36i2 Nov
978 Mar
2
135
Jan
258 Mar
i8 Mar
14 May
6'8 Mar
6I4
1678
139
114
99
8i2
Dec
Deo
June
Dec
May
Jan
1658 Aug
6i2 Nov
334 Dec
2i8 Nov
I6i8 Jan
87
Jan
5
97i2June 19
51
Oct
69
June
92i2 July
Jan 31
79
May
102i8 Dec
2i2 Dec
73i2 Feb
107
84 Aug
218
Dec
108
June
28
Nov
59
9
65s Jan
Jan
35i2 Mar
1034 Mar 19
2
Mar
2
105i2 Apr 7
12i2 Feb 21
101
Mar 3
57
Jan
414 Jan 17
7
2
May 25
Jan
6
24^8 Jan
June
6
Eq new..No par
Oliver Farm
13i8
4134
Jan
12i2 Apr 30
3,800
712 Jan
21U June
Mar
No par
9,500
1314 Jan 24
3878 Mar 5
Aug
Aug
Mar
22J8May
13
Mar
108
9
Norwalk Tire & Rub..No par
Preferred
50
47'2
Mar
2:814 Mar
2
8
23
127g
9
36
Jan
30*4 Jan
23i8 Apr 30
5234 Feb
6
2
47i2
42isJune 19
Apr 13
1178 Jan 17
75
99
24ig Jan
13
Nov
Nov
Nov
li2
34
8334
207s
7738
11&8
li2 Feb 11
158
97i2 Apr
48
1438 Aug
i2 July
14 Mar
4038 Mar
5
278 Jan 14
50
Pacific
1234
478 Mar
Feb 11
3
108i2 Apr 21
100
Central
Northwestern Telegraph
*4758
1478 Feb 17
237i2May 27
No Amer Edison pref--No par
No German Lloyd Amer shs..
Ohio Oil Co
Jan
162i2 May
140i2 July
2
98
Northern
3138May 26
12
105
51
300
45S Jan
34i2 Nov
Jan
100
50
2%
li2 Mar
Deo
Nov
Aug
May
210
North Amer Aviation
400
108
114 Apr 21
100
1,700
16,500
*100i2
23g
100
9i2 Apr 27
57
May 21
83
Mar 17
100
69,400
Apr 24
4ig Apr 29
2i2 Jan
7
Norfolk & Western
Adjust 4% pref
North American Co
2
Jan 10
North
10412 104i2
*20
7%
$7 1st preferred
Jan
6
£258 Jan 17
N Y Shipbldg Corp part stk.
preferred
N Y Steam $6 pref
Jan
738 Apr 28
t Norfolk Southern
...
*108
57
"3t14
23
-
3014
3038
52i4
3058
-
«.
600
97J2
2938
*100i2
*100i2
*100io
*100i2
95
10612
10634 *104
10634 10634 *10134 10634 *102
lh
*13g
lh
*138
h2
n2
*13g
*138
237h
23712 *234i2 237i2 *234
23712 237i2 *235
*108
*108
*108
...100
Preferred stamped
"95"
5714 Apr 29
197s Jan 2
74i8 Jan 6
83sMay 4
lOWune 18
3234 Apr 29
41
Apr 15
104i2 Apr 7
IOI4 Feb 4
9
Apr 30
32i2 Jan 8
2734 Jan 2
1784 Jan 2
36i2 Jan 2
3i2May 28
10i4May 16
119
Conv preferred
8
i2 Jan 10
50
N Y & Harlem
334
95i2
June
7s Jan
Nat Rys of Mex 1st
2d preferred
4l2
95
Sept
Dec
Deo
12158
4i2
95
il06
Mar
*35g
58i4
9312
4
June
143
35g
94
Sept
112
95sMay 11
4,200 1NYNH&Hartford.. ..100
~92i2
108
158i8
23i2
22i8
11314
13734 Jan 21
3,200
60
6
2
100
35g
2,200
25VMar
11234 Mar
30
No par
Preferred B
National Pow & Lt
9
IDs
13i2 Mar
1278 Mar
Feb
Jan
32i2 July
3i2
59
Feb 11
Apr 30
Apr 30
108i2 Jan 4
107i2 Jan 6
10
Apr 28
21
634
213s Nov
47i2 Oct
Jan
858
1034
22i4 Apr
141i2 Mar
Mar 17
358
*
4i2 Mar
162U Jan 24
168
9
1058
484 Mar
9
2
3i2
59
6
158
858
1038
6
100
33g
59
2234Mar
150
10
National Lead
85s
103g
5
3118 Apr 30
Jan
Deo
June 18
May
17i2 Feb 19
15&8 Mar 9
3884 Jan 9
12i2 Apr 30
9i2 Apr 30
26i2
May
33g
59
1534 Fiov
8134 Nov
21
8%
45g
*3l2
1038
Sept
13U Mar
23i8 May
3l4
*
62
15U Mar 11
6
83g
1014
4
51
103
Jan
Mar 27
377s Apr 14
co
5812
Dec
Oct
3338 Mar
8ig
10
9i2 Aug
1538
16U
2558June 11
83g
58i2
914 Aug
2884 Jan 2
27 May 19
3l4
1012
Dec
718 Mar
INo par
Nat Distil Prod
3*s
5814
,
Nat Enam & Stamping. No par
814
*10l8
20i2May
21
8lg
434
Ids
Jan
153
314
5814
43
No par
No par
Nat Cash Register
Apr 30
4478May
100
8ig
*4l2
358
ids
3
4
19i2
""314
*
4
22i2Mar
1734 Mar
27i2 Jan
1458 Dec
14i4 Deo
363s Nov
N Y Lacka & Western
98
3184
3778 Mar
Mar
5% preferred series A...100
t New Orl Tex & Mex
100
40
li8 May
33i8IDec
14
Biscuit
Neisner
37
t4 Apr
178 Feb 10
30i2 Apr
1
Newberry Co (J J)
*30
Feb
65i2 May
Jan
7% cum pref
600
108
66
Dec
60
Apr
Nat Aviation Corp
700
*106
Deo
4178 Dec
Feb 25
71
11
National Acme
53i2
*52
52l8
4078
7
5934 Feb
30
Nashv Chatt & St Louis... 100
38
*37
38
108
2134 Mar
2178 Feb 19
No par
*106
943u Nov
May 29
4578June 12
5D4Mar 11
N atom as Co
112
Dec
Nov
2
8,000
*106
Feb
55
6
Jan
4i2
1618 Arp 24
Myers F & E Bros
Nash Motors Co
1138
112
*5H4
3
23
No par
5% preferred
Murray Corp of Amer
1138
*106
51l2
July
Deo
638 Nov
I6I4 Dec
4
10278May 13
14
Apr 30
1078
112
£51l2
1
li2 Mar
1084 Mar
July
4i2 Deo
1734
4
No par
*106
July
May
Apr
4
National Tea Co
52
Mar
1778 Mar
1,000
112
Mar
28
834
*51
Mar
4
1
114
103s
2i2
578
7
Nov
34 Nov
258 Dec
84
*8i2
*106
34 Apr
7^8 Nov
68
Jan
4% pf. 100
100
25
9,500 National Steel Corp
7,900 National Supply of Del
25
1,300
^Preferred
100
600
i8 Mar
May
Preferred A
25,300
3
Mar
21
8i2
812
IOI4
51
34
66i2
106
10334 105
3734
lh
*58
34
,39i8
llU
1034
1138
100
Feb
Jan ZIIII4 June
378 Mar
70
7% pref class A
2,900
14,400
31
No par
No par
100
10
No par
11
70
50
105
..No par
Preferred
Nat Dairy Prod
*109
1058
1518 Jan
llU Apr
Class B
30,700
111
110
110
11178
11178 *109
11178 *109
11178 *109
11178 *109
13
1234
13l2
13U
1378
1334
1334
135g
13l2
1334
135g
13l2
27
2758 28
277g
2734 28
267g
26i2
26l2
2612
26i2 2634
33
*30
33
*30
31
32l2 £31
*3012
32l2
*30l4
3212
*3012
28
2778
2734
283g
281S
2712
2734
27ig
2784
2778
27ig 2734
*15978 165
165
*15978 165
*163
*163
*163
165
*15978 165
165
*
142
*140i4 142
*140i2 142
14012 140l2 *140l2
14H2
140i4 14114
283s Apr
5
class A_._7.50
Munsingwear Inc
Murphy Co (G C)
National
44
Corp.-No par
Wheel
Mulllns Mfg Co
*26lg
*155
May 19
178May 19
3584 Jan 7
Mother Lode Coalltion.No par
6734
*45
Dec
103
29,300
6758
6734
Nov
79
89i4
45
47
Oct
85
150
4
2i8May
37s Jan
44i2
4538
*45
116's
Jan
734 Feb 11
12838 Apr 8
Mont Ward & Co Inc. No par
jan
11558 Dec
1434 Dec
97i2 Dec
65i4 Nov
8-i8 Nov
6034 Oct
33i2 Dec
42&8 Dec
634 Oct
20i2 Dec
2478 Sept
Nov
20i2 Jan
Monsanto Chem Co
Dec
Dec
153s
58
514 Feb 10
6i2 Feb 8
44
1
1084
40
85
26i8 Apr 14
958 Feb 21
26i2June 18
1684Jnue 10
89
9078
8I4 Mar
60i8 Mar
..100
100
20
X Missouri Pacific
Conv preferred
Carpet Mills
Mohawk
Jan
2i2 Mar
9i2 Mar
Dec
Nov
Apr 13
75 1
2,100
4,400
45
;
*73
1638
234 Jan
Mar
24i8
5i2 Jan
14i2 Jan
No par
Preferred series A
4434
46
*14
*48
4558
li2 Jan
234 Mar
Jan
3
2034 Mar
22
Apr
100
Mo-Kan-Texas RR
Rights
*45
106i4June
No par
Preferred
Dec
1934
45i8 Sept
131
76i8 Mar 24
138 Feb 10
234 Feb 7
8
19
6
17
7
2
27
2
Minn Moline Pow Impl No par
Dec
35i2 June
10978 Mar 16
123s Mar 23
9
%cum 1st pref
May
41
12U Apr 13
Apr 6
47i2 Apr 6
131i2 Mar 30
97i2June 6
Feb 21
100
8
Jan
97i2 Dec
23
ZI7I4 Apr 30
21^8 Jan 9
Mllw El Ry & Lt 6% pref. 100
.
34
4058 Jan
5
Midland Steel Prod
110
Apr 2
74i2 Apr 8
10=8 Mar 5
6884 Mar 17
3784 Apr 3
5134June 13
9
6
3
31i2 Jan
5
Miami Copper
1,900
15,800
*h
7% preferred....
Mesta Machine Co...
Nov
11
Mar 24
108
678May 22
30 May 13
Mar
Apr
85i2 Mar
1514 Mar 26
108
Apr 23
19
Mar
714
3334
90i2
578
38i2
8i2
Jan 24
Feb 17
46
97i2 Jan 10
5514 Jan 31
Merch & Min Trans Co.No par
2,900
6,400
4,900
10
958
*69i2
4938
1
100
Melville Shoe
Mengel Co (The)
28
May 27
Jan 31
24
No par
$6 pref series A
60
1,200
99i2
70
34
Mead Corp.
6,300
IO6I4 10638
71
*l2
*H2
6% conv pref
H2
2
*3
I8I4
f2
1
3
2
*17g
*2&8
17*2
71
71
McLellan Stores
4
8
6
118i2 Jan 3
1134 Feb 14
Mar 27
Apr 30
Jan 3
Apr 29
9738 Jan 7
123s Jan 2
No par
$3 conv pref
1,300
300
June 16
3958 Mar 25
1,400
------
95
June 19
103i8
8&S
3784
lli2
5
McKesson & Robbins
1338May
16
McKeesport Tin Plate. No par
9
834
878
878
44
43i2 43i2
1214
1234
1238
1238
*10214 105
*10214 105
14lo
1412
14l2
14i2
106
106
*10538 107
71
7134
7138
713g
9
8i2
8I4
858
60
59i2 *55
58i2
37i2
*3558 37i2
*3558
50
50i2
5034
50i4
93g
93g V 9ig
938
19
1834
1914
19l2
3934
3958
3914
£3912
125i2
*125i2 12634 125
110i2June
32i4 Jan
9
92
Mclntyre Porcupine Mines-_5
43
Feb 24
l2i4May
McGraw-Hill Pub Co ..No par
600
425g
70
68
» 6734
*6812
68
6834
6778
69
6834
IO8I4 *107i2 108U *10778 IO8I4 *10638 108U
IO8I4 *107
10
10
10i8
10i2
10i8
1038
10i2
934
97g
*6634
9212
1814
6,500
43
44
44
13
*1234
13l8
127g
1278
1312
1278
*12l2
105
*102
*102
105
*10214 105
*102l4 105
*145g
300
JMcCrory Stores Corp new._l
6% conv preferred
100
10734 10734
4234
87g
McCall Corp
4,000
92
1083g 10834 *1071S 10834
44
1,000
13
May r2
29
No par
3034
1278
'
I8I4
*92I2
16
45
*9214
185g
45
4478
93
18U
93i2
*17
109
called
30i4
31
13
4
6
3684 Feb 20
57
Mar 24
4i2 Mar
30
6
Jan 22
17f2 Jan 15
5458May
5
55
73s
102
Dec
Deo
Nov
314 Nov
86!2 Mar
10i8 Nov
99
Aug
13i8 Mar
Jan
25U
Dec
5212
Dec
Dg July
214
Mar
32i2
Jan
9I4 Mar
14i4
2714
Dec
Dec
3578
z20
I6I4
Oct
Jan
Volume
HIGH
New York Stock
142
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
fnr
NEW YORK
JOT
Saturday
Monday
Tuesday
Wednesday
June 15
Thursday
Friday
the
June 13
June 16
June 17
June 18
June 19
Shares
$ per share
20
*103
$ per share
20
•
110
*11
*103
2738
2758
*136
271 s
137
*103
11%
136
136
14%
*7614
80i2
14%
*76i4
*51
53
*51
53
*115
1434
*51
*115
*143
144i2
21S
23,6
*15
2%
578
13
*6
367g
37%
*10%
26is
*51
53
143
578
33%
7i2
383s
5234
*6
11%
*103
11
*11
1312
*6
2i8
578
5,600
53
*50
10
*115
143"l2
"3*060
145
218
2l4
Preferred
1,500
578
390
1158
6
5
13%
U58
6l2
*6
39
5134
5178
16
7
38
612
38%
3834
52
52
5U2
16
16
16
16
*16
16
16
16
16
12512 125l2 *125
126
125
125
*124
126
*12414 127
125
125
149
*149
151
*149
151
*149
*149
151
150
*1134
103s
12
*1U2
*2i2
*58i4
17
60
*6938
149
74
*1158
105s
27fi
532
•
83s
65
*63i2
*9i8
*338
3l2
4312
7
64
65
93s
33s
Owens-Illinois
85
85
73g
23s
*214
707s
*6978
23g
85
3i2
3l2
358
35s
6i2
6i2
6l2
6%
*33is
3638
35
30i2
*39is
3U8
3034
4234
*45g
3614
*78
6434
*20l2
125g
15
5
32
49l2
*90i4
*7
40
105s
*178
83I2
2
*10%
83%
405s
*612
712
3934
*6i2
♦
80
*11
12
134
317g
*48i4
*714
1s4
317g
*36
38&s
193.,
24
x43
43
43
2512
2334
7%
678
1078
105g
314
314
43%
2534
678
134
83
83%
32
*178
87g
*64%
*u4
*1334
2
16
75s
34
*51
734
12
17g
32l2
75
734
3934
39i4
180
87g
65%
734
40u
180
2
75g
23
134
80
34
14
34
*134
*1334
*225g
1578
157g
834
65i2
*1%
*1334
75g
16%
80
34
*22
11%
*134
32%
134
7&s
80
184
*137g
80
12
....
834
65
75g
*
*82
9l8
66%
2
17%
8212
33i2
*134
34
14
23
23
16
16
14%
23%
16%
6&s
2
7
63s
638
612
238
27s
3
3
25s
*2is
8
2%
734
2i4
*758
8
3
8
3ig
24
24
2378
26ig
*25
42i2
43
43
4314
43
8is
3ig
3
11912 *118
46
45
107
121
118% *118
4534
107
i07i4
*120% 121
4534
*107
121
*135
136
136
*13414 136
157
*155
157
159l2 *156
*11u4 114% *11058 114
*11058
46l2
4612
46i2
47l4
46l2
17
16%
167g
1684
1678
106
*105% 107
106%
106i2
95
*95
95l2
96'g
95i2
12
12%
12%
12%
12%
12%
125g
12%
1258
1238
*55"32 55i3,6 55"32 5525J2 *552532
106
106
107
*106l2 108
7834
783g
793g
78%
785s
534
558
534
5l2
55g
*32
*32
3278
32i2
3238
42
4912
1058
2I2
214
*70i2
8414
8434
4,200
334
6i2
37g
378
638
37g
600
634
300
3212
23,600
40
*39
3412
32
39l4
39i4
400
1123s H25s
4234
4314
*312
5i4
7,500
11258 112
43ig
4378
*4
534
37%
373g
37U
8412
85
84
68
68
69
*20%
21
*20i2
1234
13
12&s
Xl4%
21
86
*914
10
*9U
83
*7014
4034
407g
7%
*•».
80
134
978
4158
*6
80
1178
1134
1134
17s
1»4
17g
33
33
33
*51
75
*55%
*73g
*38
39
83g
39
39
*180
182
39
*45i8
39i4
49i2
39l2
87g
9%
*
66i2
*134
66i2
12
33i4
*51
38
8i4
38
*17734
82
77g
3
400
2i4
14%
100
24
712
23s
*214
8
8
3
2414
44i8
44
136
*136
19%
*88
2238
300
*156
159
114
2,700
3,600
3
3
24
24
44u
44
47
4612
17%
17
106i2
96i4
12%
25
30
95
95
9634
5512
*108
5014
5014
5534
55l2
62
*12%
14
*30
31
*38
2458
2514
387g
*60
*_
*30*
108
7938
534
3234
106i2
96i8
12
1U2
12%
1258
5525j2 5525j2
107i2 10712
7878
79i8
*9558
558
3238
534
3238
41
41
475g
4758
1512
20
*14%
197g
212
106
96i8
1h2
12%
89
22l2
105l2 106
Enterpr No
Peerless Motor Car
3
Corp
Penn-Dixie Cement...No
600
*2
19
2238
100
110
38
Preferred
Pere Marquette
Prior preferred
100
100
5
19
*4*466
90
*89
90
200
2212
*22U
22?8
600
*38is
For footnotes
see
*29
30
*29
30
100
100
100
100
29
29
100i2 100i2
25l4
25ls
2514
25%
2538
25
25
2478
25
*1087g 110
*107
110
*10s18 110
*108
110
50l2
5u2 5u2
52
51% 5u2
52i2
.5134
5212
56
563s
5658
T5538
5614
5534
56i8
5558
56ig
62
62
62
60
*59i4 62
60
62
*5914
14
14
*12
14
*1u2
*12
14
*12
14
110
387«
page
30
*38ls
4130
30
387«
307s
307s
38l2
3812
31
*3734
1*0*366
34,100
1,100
1,400
500
600
330
2,800
"i",266
8,400
120
*30
31
300
3834
*38
38l2
100
88
6
1238june
Feb 19
13
13l2 Oct
758 Mar
Mar 28
18
2
Feb
5
11
23
81i8 Jan
314 Jan
8i8 Jan
93
Feb 17
38% Mar
12
Mar 13
16s July
3% July
50
50
134May 29
66
Mar 13
par
734 Apr 29
68
May 29
38i8 Jan 6
5
634May 22
100
No
72
100
8
No
15i2 Feb
Jan 31
84
2
17
U2 Jan
3078June
3
212 Feb
37bt Jan
50
Jan
4
61
Feb 21
7i8June
8
12
Feb
100
Preferred
100
Pitts Ft Wayne & Chic pf.100
100
Pittsb Screw & Bolt ..No par
Pitts Steel 7% cum pref
100
Pitts Term Coal Corp
1
6% preferred
Pittsburgh United
....100
3512 Apr 28
176
155
100
Pittsburgh & West Va
3
100
No
par
5% pf (ser of Feb 1 '29). 100
Corp of N J
No par
$5 preferred
No par
6% preferred
100
7% preferred
100
8% preferred—
100
Pub Ser
Pub Ser El & Gas pf $5.No par
Inc
No par
100
100
Radio Corp of Amer...No par
Preferred
50
Preferred B
No par
par
par
Jan
May 18
85% Mar
3
9%
91i2
41%
334
Hosiery
Preferred
Reis (Robt) & Co
1st preferred
6
1
6% Mar
2
1934 Feb 19
934 Mar 4
6% Mar
2
2
33s Jan 11
% Feb
43s June
634May 21
214 Apr 29
18
Apr 30
40i4May
II734 Apr
39
Apr
10312 Feb
113ia Apr
128
Apr
146
Apr
112
12
29
21
3
Jan
6
May
9D4May
9&sMay 9
934May 12
54i2 Feb
8312 Jan
68I2 Apr 28
5
Jan
53s Jan 16
36
Jan 16
49
Jan
2
122i2 Feb 26
4884 Jan 15
June 18
157
June 13
13334 Apr 17
117% Mar 27
1738 Jan 6
1414 Jan 17
56% Mar 9
103% June 18
9% Feb 19
38% Apr 14
483s Feb 24
4758Jurie
41
88
100
1258May 7
1834June 19
8512 Jan 3
22'8June 3
107i2Junell
No
par
Revere Copper & Brass
Class A
5
10
100
No par
5^% conv pref
100
Reynolds Spring
..1
Reynolds (R J) Tob class B.10
10
Westphalia El & Pow__
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
478 Jan 2
1678 Apr 30
77 May 4
78i4May 4
10
Apr 20
24uJune
17
5
22
Feb 17
Mar
85% Mar
100
Mar
Jan
29% Oct
578 Mar
4958 Mar
65
June
8%
Feb
4
Mar
50
Mar
35% Mar
1% Mar
16*2 Mar
2978 Mar
36
Apr
33
Apr
3%
Apr
20*8 Apr
1
Mar
8
Mar
7
June
69
Aug
2 U8
Oct
98% June
2% Mar
9
Mar
Feb 19
285s Mar
Jan 13
78% Oct
5i2 Apr
16% Feb 17
34
117
Jan 10
13
Jan 23
75
Feb
5
Jan 13
55% Apr 14
58&s Feb 28
Jan
2
10s4 Jan
1912 Feb
3
135s Jan
2
35
32
3
39
Jan
73
Feb
95
36
Apr 29
Jan
2038 Mar
6238
99
120
27
Jan 14
2384 Jan 15
9934 Apr 15
2434 Jan 23
114
Apr 15
8% Mar 25
2634 Feb 19
9
50
Feb 17
384 Jan 14
Apr 28
22i2May 25
105
Apr 27
90
60
May
1634 Jan 30
178 Apr 28
115
7934June 18
4
Jan
58 May
6% May
4238 Jan
99
Apr
4878June
2478 Mar 20
Jan
978 Jan
70
2
107%May 26
12284May 22
114
16i4June
158 Mar
6
137
14
367s Jan
103
1214 Feb
37
100
6% conv prior pref ser A. 100
Mar
3
Jan
7
1
Mar
2
Jan
$6 preferred
25
Prior preferred
__25
Rensselaer & Sar'ga RR Co 100
Reo Motor Car
5
1
10% Apr
1% Mar
24% Apr
67s Jv ne
II4 Jan
No par
Remington-Rand
22% Mar
Feb
2878 Jan
3512 Jan
.100
Feb
5% Mar
16% Apr
26% Mar
39
10
8
Apr 11
Apr 8
Apr 4
50
2d preferred
5
Jan
50
par
26*4 June
Jan 17
21
50
1st preferred
Class A
172
May 2
1138 Jan 31
4i8 Jan
t Postal Tel & Cable 7 % pf 100
t Pressed Steel Car
No par
Preferred
2
7
No par
Procter & Gamble
Jan
2
12
No par
2
II2 Apr 24
1178 Jan 6
Porto-Ric-Am Tob cl A.No par
....
Jan
58i8 Jan
20
Apr
Mar
160
21
100
Plttston Co (The)
No par
Plymouth Oil Co
5
Pond Creek Pocahon..No par
Apr
6558 Aug
40*2 Feb 5
Apr 29
180
Mar
&s July
31
7
3
U4May 4
1534May 12
25
Preferred
Feb
5
6
Mar
284 July
5
Mar 25
712 Apr 30
49
July
Jan 15
2
Mar
50
Feb 21
Jan
Mar
3
493s Apr 2
978 Jan 10
par
Pittsburgh Coal of Pa
I84 Mar
5
Mar
Feb
35%
5%
53%
1334
7
88
Oct
1234 Mar
1678Mar 13
3&s Jan 13
87^June 19
Flour Mills
25
Pirelli Co of Italy Am shares..
Reynolds Metals Co
Mar
50i8June 17
Pillsbury
Preferred
16% Mar
7234 Feb 27
24
19i8Mar 4
40U Apr 11
..100
Republic Steel Corp
6% conv preferred
Oct
1734 Mar
2% Feb
9% Mar
14
May 12
25% Jan 7
No par
Pierce Oil Corp pref.
Pierce Petroleum..
Silk
Feb
10838
No par
Phillips Petroleum
Phoenix Hosiery
Real
Mar
17% Mar
30
4512 Jan
preferred
Class B
Mar
50
par
t Phila Rapid Tran Co
7% preferred
Rhine
31
3
18
25
81
1834
I 25i8 Apr 28
6412 Jan 3
11634June
49i2 Feb 17
712 Feb 19
37i2June 19
Jan 13
*80
15%
2
Jan
81
*14l2
Jan
16
500
200
5
Apr 27
56
500
2lo
Mar
<
No par
Pet Milk
1312
*2
4
Feb 19
100
...._.
4012
30
50
People'sGL&C (Chic)... 100
Peopria & Eastern
100
*397s
100
10i2Mar 24
48i4Mar 24
Feb 21
*12l2
99
2
Feb
Apr
2% Mar
Mar 27
1212
19i4
2
39
3978
1538
412 Jan
2884 Jan
43
Reading
2i2
57%
30
1,000
60
64i2
2814 Apr 29
41%
49i2
100
Feb 21
par
*46's
*40
491o
73
85i2June 17
par
Pennsylvania
Peoples Drug Stores..Noo
$3.50 conv 1st pref.No
t Radio-Keith-Orph
No
Raybestos Manhattan.No
4112
2
Mar 13
6?8 Jan 28
No par
8,700
34 Apr
478 Oct
8% Feb
84 July
Apr
3
8% conv preferred
6% preferred
Purity Bakeries
14,400
4u2
10
1178 Apr
1714 Jan 24
278 Mar 17
100
Preferred series A
May
2% Mar
33sJune
No par
558
11
Apr
64i2Mar 13
10
Pure Oil (The)
220
Aug
Nov
9% Aug
69
....No par
Penn Coal & Coke
8
67
28
2
U8 Jan
No par
Feb
514 Jan 23
4714 Mar 10
26&8June 12
678June 19
par
Pullman
~7~9~%
*46i8
397s
732jUne 12
12
Apr 28
4i8 Jan
Jan
8734 Feb
1234 Jan
3
1712 Jan 13
3i8June 19
4034May 4
...1
No par
34,800
512
31&s
June
803 Apr 20
"*7*,200
78%
32
1212
*80
200
96
*95i2
1,300
1u2
11%
2,000
1u2
12% 105,100
552532 55253,
400
32
59
1
Penick & Ford
i2 June
6% Mar
71% Dec
132June 18
Park-Tilford Inc
1,700
558
Apr 28
IO84
414 Apr
74i2 Apr
97i2 Feb 13
7h Apr 20
10
32
5i2
*89
89
2238
IDs
123g
108i2 10812
7912
7934
*1412
2238
96ig
552532 552532
15l2
197s
90
106
*28
31
1,100
200
*156
109% *103
10712 *103
107l2 *102
10712 *102
107l2 *102
10712
5
514
5i4
5i8
514
5
5i8
5i4
5
5i4
5ig
19&s
19%
197s
19% 2038
1958 20i2
1912
20ig
1912
197«
*83%
85l2
85l2
85i2
85i2
89
8634 87
89
88
89
*85
85i2
8534
8512
85i2 8614
86i2
8712
88U
89
8834
8912
1178
11%
1258
*1012
13
1234
1234
*12i2
12i2
12%
13
*lli4
25
50
11,900
137
137
*136l2 137%
159
156l2 156%
*11058 113% ♦110&8 11312
4738
4658
47i4
46&s
47i4
1738
17%
1734
173s
18is
106
125«
5513,6
121
5i8
19%
*8218
95
2,100
6,500
*11034 114
121
*102
25
900
800
*2
20
6i2
23g
8
137
159
200
3,800
25
67
1
100
Parke Davis & Co
2058 Jan
7
3
Poor & Co class B
4,300
16%
8
3%
80
1213s 12Ds
2ig
2234
16%
44i4
118
118
*118u 118% *118% 118%
45l2
4614
4512
4578
4514
457g
1073s 107l2 107l2 10712
107
107
81
90
1634
3
2514
*80
19%
24
6*2
23s
8012
90
14%
*21
*612
14
*22l4
24
7
39i2
20
*2212
23g
83g
*39
90
2i4
143g
163S
*12%
*14l2
*134
1634
14
15%
3,700
3334
40
2
734
3334
*134
*12012 12u2
3934
475«
2i2
10
34's
*3912
*2%
100
34
*12%
*14
160
u2
17%
34i8
2%
143g
14
2i2
5,500
83
41
*50
1,200
82
81
*60
700
""166
82
14%
]38 Jan
I8I2 Jan
No par
Preferred
500
2,600
82
121
*45is
80
66
7i2
7
25
h8i0
*63&s
lh
*1334
8
4378
4618
1073g
17s
1634
*2i8
26
66
*u4
*3978
110
*15*,900
82
33%
*134
14%
*22i2
4334
65
87S
2
13i4Mayl6
100
First preferred
Second preferred
7%
50
85s
*1334
77s
77g
16
9
2
8
*80
*108
^
75
d4
*738
16
*14
*125s
25
^
80
55l2
834
3% Mar
Phillip Morris & Co Ltd..-.10
Phillips Jones Corp
No par
^
734
33
*17734
Dec
684 July
Feb 19
9,100
.
41
*1u4
d4
33%
83g
142%
Feb 30
13
678 Jan
...
S6 preferred
Dec
Nov
18
Phila & Read C & I
83
Jan
3158
1134 Apr 30
par
3,200
87%
10
*6
734
*
17g
*9i2
*70U
40l2
83
1u2
*134
*73g
1*8
86
21
Dec
Pfeiffer Brewing Co...No
Phelps-Dodge Corp
Philadelphia Co 6% pref
1%
8334
56
June
13% Mar
123
900
200
Mar
12
Jan
5,600
*790
19
6
Jan
Jan
3,000
8i2
4
19
.70
51
90%
Dec
11U2
34
12
Dec
Dec
Feb 27
14%
90i4
538
Apr 27
34
91
Mar
150
*50%
34i4
51
1
378
10
130
Petroleum Corp. of Am
17g
8334
*6
200
Mar
312 Apr
3
Rights..
Paramount Pictures Inc
Preferred
Nov
1
Feb 11
8
2,500
8334
40%
600
2,100
Nov
"1734
Jan
Corp..No
Penney (J C)
129
Aug
Jan
127g
1458
1412
3334
*50%
*90%
*7U
i.
.
*800
84i2
67
*7i4
*70
10
37l2
10%
134
2,400
*33
8l2
14
2238
6%
353g
12%
81
*88
658
700
32i2
32
10i4
4034
2238
6i2
*33%
103g
*10
*80
15i2
4
700
71
Mar
3958 Apr
5678 Feb
10i8May 20
2l2
Dec
118
Patino Mines &
707s
Dec
55
140
1,800
84%
92
115% Mar
100
23
212
707g
Dec
Nov
1158 Nov
26&8 Dec
125
July
1758 Sept
14
934 Feb 10
3084 Jan 11
4758 Apr 30
14i4May 15
share
2084
107
80
934 Feb 11
17
3
Rust Proof Co
2.50
Parmelee Transporta'n.No par
Pathe Film Corp
No par
84
Mar
Highest
per
..100
Park Utah C M
6,500
38
4
238June 4
1778 Mar 25
2
6,200
7i8
1078
214
8
Feb
Jan
4% Mar
2234 Jan
164i2Mar
4
Parker
71
*334
312 Jan
912 Jan
4^4 Jan
25
preferred
4,500
85i2
*12%
*2i8
*14%
1934
6%
7ig
1034
10
No par
..No par
1,400
4,700
24i4
658
2i2
70%
8
14
*2
*63g
3i8
2
Jan 20
par
No par
Paraffine Co Inc
2,100
Jan
14
Panhandle Prod & Ref.No par
1,90C
200
128
5
No
Common
87g
*u4
40i4
734
*6
75
*714
37%
10
83
40
4012
77«
32%
*51
8i4
*912
*69
*20U
10.600
853g
134
84
9ig
658
73s
40
10%
65
33g
25 >
40
10%
332
8
9l2
7
634
7%
10%
7%
23g
70's
85%
437g
1,6
26
40
80
*1u4
134
75
*178
*3914
*45%
*397s
1934
*9U
*20i4
3l4
40
178
8312
405s
121
934
40
11
45
65i2
34
83
107
66i2
323S
*9
*118
35,800
34
*68%
1578
300
332
8i4
65i4
9%
23%
3i4
43i2
32
11
*78%
737g
8I4
65i2
32
83
16
*71
8U
3034
*9
65
723g
332
85g
73%
53
7
2
Apr
Apr
114% Mar
Packard Motor Car
No par
Pan-Amer Petr & Trans...5
conv
11*8
106
95i8 Feb 19
Jan
Jan
434
June 12
2084Mar
2'16 June 16
Pac Western Oil
8%
136
47
Co...25
1st preferred
2d preferred
20
31%
*69
*
500
5912
378
658
34%
2
1,000
212
*55
*334
6*2
34l2
105s
14
2l2
58i4
11612 *112% 116l2 *1125g 115% *112% 116%
43
443s
44
43i2
44%
4334
4434
5i2
*458
5%
*484
512
*3i2
5i2
38
36i2
*353g
37
37
*3514
37
*81
84I2
84l2
82
*81%
82
84i2
66
6434
6478
66
*66
6578
67
207s
207s
21
207s
21
*20l2
*2012
125s
13
*1278
13%
13
125s
1278
15
15
15
15%
15%
1478
15ig
3234
33
34
3234
3234
34
33%
4912
49i2
49l2
495g
4978
50%
50ig
91
91
91
*9012
91
93
*9014
8i2
*6i2
8%
8
*7
*6%
75s
*97g
31,500
2i2
35
*39%
1,000
103g
9%
11
70i4
634
7%
10%
238
70%
7%
13l2
Glass
Telep & Teleg
6% preferred
1234
3% July
75
3234 Feb 24
2
share
per
Mar 25
Apr 30
7278May 14
Rights
Pacific Amer Fisheries Inc
Pacific Coast.
Pacific
6578
44
11
10%
Jan
S
100
Pacific Mills
900
1234
10%
*1U2
2l2
127g
13%
27g
58
'16
26
*714
13i2
3,000
16ig
58%
7134
hz
338
44
2534
103g
*2%
22
44
12%
105g
'
95g
*1858
3%
12%
103g
66
93g
19
11
85
*113
8i8
26
714
11
85
*6758
732
812
2512
67g
7
718
73%
44
26
*10l2
*2i8
7034
*50
,16
77«
8i4
338
*12
212
58%
*70
732
*12
14
2l2
58%
7234
19
12%
10%
10%
2i2
918
2034
4312
*25i2
*12
60
64
93g
*19
*11%
17
'16
778
316
.
83s
12%
10%
1038
*11%
2%
*58'4
7234
151
52
51%
14
24i4 Apr 27
par
30
*149
52
51%
1612
2
13
Pacific Gas & Electric
Pacific Ltg Corp
90
52
Jan
123
90
12,500
8
Lowest
25i8 Mar 30
11512 Feb 24
2
100
10
6
*12
4
Jan
...No par
Prior preferred...
100
Outlet Co
No
40,800
157s
173gMay
107
No par
Preferred
1512
$ per share
Otis Steel
_
143
23,6
7
39%
Otis Elevator
20
1558
6
634
4,500
21,6
13%
39
39i8
400
2658
15%
15
*12
7
38%
51%
143*34
218
147S
Omnibus Corp (The) vtcNo
par
Preferred A...
100
Oppenheim Coll & Co..No par
13512 135%
14%
14l4
79l2
51
Year 1935
Highest
$ per share
Par
*7614
*115
143
Lowest
...
11
26
Range for Previous
EXCHANGE
3,400
110
*10%
2634
51
1912
19%
110
27%
*115
23,6
*m2
7i2
3714
53
143%
2', 6
23,e
1458
14&s
6
578
15%
*538
1978
*103
27
143
144
15
1534
*5J4
*1U2
1934
110
11
*115
«
144
per share
*135% 136
*13512 13612 *13512 13612
14%
15%
1434
15
15%
14%
*76%
80i2
*76%
8012
80i2
*76%
80%
14l2
$
20%
*103
1U4
2758
27
i
1958
110
1U8
2758
$ per share
20
19%
110
*11
11%
$ per share
20
1934
4137
Range Since Jan. 1
On Basis of 100-sftare Lots
STOCK
Week
$ per share
8
6558 Feb 10
9
MarlO
June
3
Apr
Apr
17% Apr
101
June
12% Mar
43i8 Mar
55% Apr
1U2 Dec
5% Mar
2178 Feb
New York stock Record—Continued—Page 9
4138
AND
HIGH
SALE PRICES—PER
LOW
SHARE,
NOT PER
CENT
Tuesday
Wednesday
Thursday
Friday
the
June 13
June 15
June 16
June 17
June 18
June 19
Week
$ per share
$ per share
$ per share
81
*79%
$ per share
$ per share
$ per share
Shares
82l2
*7912
*6
6I4
237g
2%
*23%
2i8
♦418
*8i2
.
414
10
81
*79%
6
6
4
23
*3212
3234
2%
4%
2%
4%
4%
4%
24
81
24%
*2%
4%
10
10
*19
10
23
*19
10
*19
23
*19
23
33
i31%
3234
32%
32%
32%
*8%
*78
6%
2434
2%
4%
10
*8%
*19
24
2
2%
*2%
*79%
*5%
6%
*5%
23%
24
23%
*534
32
81
11112 *110
4
32
31%
110
■
75ig
74
7434
743g
*27g
74%
7334
2%
657g
74%
227g
14%
25%
*2%
3
66
6434
6434
2238
223g
22%
22%
22%
22%
14
14
14
14%
14
14%
22%
*14%
25
25%
25%
96%
25%
*94%
7%
*64
3
3
*64
66
*24
243g
24%
*94
96i2
*94%
6i2
*94%
96%
7
•
6i2
*5U2
52i4
6%
52%
7%
53%
533g
*3038
31
303g
30%
*30%
31
7%
*52%
*30%
1634
16%
16%
17
74%
3
73%
*3%
66
*65%
6634
96%
7%
3%
22%
23
14%
14%
24%
96%
24%
*94%
*7%
17
17
*16%
119is 1191s
978
97g
30
29%
47g
*434
*22%
*122
*58%
23
62
*122
58%
9%
9%
30%
2934
4%
>
4%
22%
12334
119% 119%
119% 119%
10
i9%
30
*434
30%
4%
23
22% *2234
12334
123% *122
58%
58%
58%
7834
7834 *75%
*76
79
*4318
477g
*45
47
*23
24
*23
24
*74
•
1234
127g
*45%
*23%
1234
12%
1234
111
*11H2 112
53%
111
111%
*53
56
*30%
31
,
47
23
13
12%
*44
23%
*46
24
*22%
1234
13
112
*111
*111
47%
23%
13%
112
22% Feb
35% Jan
1%
2%
*44
22%
1234
*111
12
Mar
8
31%
6% preferred
100
7% preferred
100
400 Savage Arms Corp
No par
14,300 Schenley Distillers Corp
5
109
Jan
2
113
70
111
Jan
2
11
June
8
100
preferred
5*4%
600
Preferred
1
100
-
250 Scott Paper Co
1
No par
No par
7,900 J Seaboard Air Line
1,300
-100
Preferred
4,400 Seaboard Oil Co of Del-No par
100 Seagrave Corp
No par
14,900
300
160
26,300
2,200
24
1,800
96%
"~9~666
7%
56
800
31
10
Sears, Roebuck &, Co..No par
1
Second Natl Investors
1
Preferred
Servel Inc
1
Shattuck
No
No
85 conv pref
No
Sharpe & Dohme
No
Conv preferred ser A .No
Sheaf fer (W A) Pen Co-No
(F G)
Sharon Steel Corp
_
Shell Union Oil
1,100
3,300
Conv preferred
Silver King Coalition
12,500
400
2,000
100
460
par
par
par
par
par
100
Mines.5
25
112
58
,..100
preferred
Socony Vacuum Oil Co Inc..15
-
-
900
7
76
Solvay Am Invt Tr pref
100
Mar
-
Dec
-
4% Nov
20% Jan
Apr
Jan
91
% June
% Aug
3
Dec
2034 Mar
2% Oct
367g
4%
Dec
31
69% Nov
4% Nov
7
Jan 17
4% Feb
Mar
1% May
Apr
5
Jan 16
June 18
Nov
1% Dec
Jan
70
Nov
7% Mar
40
17
Dec
16% Apr
4
7% Mar
12%
Dec
32
3
9
2534 Nov
Mar
97%May 29
8% Feb 4
Jan
Mar
534 Nov
3% Mar
40% Nov
2
19% Feb 20
120%June 8
50
29%
53% June 15
34
34%
Dec
July
Dec
16% Dec
5% Mar
63% Mar
8% Feb
14% Jan 25
111
Nov
193g Apr
'
3234 Apr 2
634 Jan 15
3
3134Mar 30
132
75
2
95
April
Apr 17
Apr 17
Apr 27
72
Jan 31
4
134 Apr
—
8
23
5
Mar
13%
56% Nov
55
73
22% Feb 18
12%May 20
110
Jan
Mar
7
76%June 11
Jan 16
65% Jan
42
Jan
Mar 31
134 Feb
7
:
113% June
114% June
—
4% Feb 7
43% Mar 12
5
45,700
13%
112
-
4% Feb
20% Feb
2
—100
6
Jan
23% Nov
Oct
22
Feb 29
\
46
Dec
10434 Mar
109
Jan
Nov
3
7
9%June19
4%June
19% Jan
Skelly Oil Co
7%
m
59% Jan 21
234May 25
61%May 13
15% Jan 7
11% Jan 3
2034 Jan 3
94 May 12
434 Jan 3
43% Jan 3
30% Apr 8
14% Apr 30
110% Jan 2
Sloss-Sheff Steel & Iron... 100
Preferred
52
Jan 20
101% Mar
9
1934 Jan
Smith (A O) Corp .....No pa
Snider Packing Corp ...No par
.it
«»
334 Jan
10
Petroleum
800
<
23
38% Apr 30
97% Feb 1
13gMay 26
7%June 4
53% Jan 6
% Jan 2
2
Apr 23
3034June 4
No par
Simmons Co
Simms
par
No par
5,700
46
1
114% Mar 11
163g Jan 13
5,100 Schulte Retail Stores
73% 74%
*3% ■i: 3%
*65% 6634
23
2234
14%
14%
7%
*52%
*30%
1634
6
100
5
*94%
14
Jan 24
2%
3134
24
Apr
Apr
Mar 25
1%
*43g
34 June
6
18
1,000
Dec
2534 Dec
2
30
Safeway Stores
10
Apr
10% Mar
3% Mar 4
63gMar 4
12% Feb 11
100
9%
31%
3
10% Feb 19
No par
61
7s
;
100
Preferred
~2~200
11%
9%
1st preferred
Highest
$ per share $ per share
82
Nov
102
Dec
29% Feb 28
99%
61
.
117% Feb 19
140 % St Louis Southwestern—100
43&{
99%
$ per share
7434 Apr 28
5%June 1
3,000
112
43%
$ per share
Lowest
Highest
223gMay 20
1% Jan 2
2% Jan 2
7% Jan 2
100 Ruber'dCo(The)cap
2234
31%
110%
*1134
Par
300 Rutland RR
16%
17%
17%
17%
*119
120
11884 119
*119% 120
10
10%
934
9%
9%
9%
30
30%
3034
30%
2934
30%
*434
47g
*434
4%
434
4%
24
22% 22%
22% 23%
2334
*122
12334 122% 122% *122% 12334
59
*57
*56
60
60
*55%
*74
*74
79
*74
79
7834
49
111
7%
56
31
112
Lowest
stkiVo par
7% pref
100
9
*19
2234
*113
7414
*278
6%
24%
2%
4%
9
10
Year 1935
EXCHANGE
---10
3,000 St Joseph Lead
900 t St Louis-San Francisco-.100
79%
6%
2334
2%
2%
4%
111% *110
111% *110
111% *110
111%
2:112
112
112
112
113% 113% 114
113l2 *113
12
11%
11%
11%
11%
*11%
11%
*11%
*lll2
117g
39%
3934
39%
3934
42%
43%
43%
44%
39i2 40
99% 100
*99% 1003g
99% 100
99%
IOO84 101
99%
1%
1%
1%
13g
1%
13g
1%
Pa
1%
134
10
*9
934
934
*9%
93g
*9%
9%
914
934
61
61
60%
60%
613g
6178
*60%
623g *6034
61%
1
1
1
1
1
1
78
78
78
78
2%
*2%
2%
2%
2%
2%
214
2%
2%
2%
31
32
32
31
32
31%
31%
31%
*313g
32%
5
5
5
*43g
5
4%
4%
*4%
*4%
*414
*110
79%
6%
2434
Range for Previous
On Basis of 100-share Lots
STOCK
NEW YORK
for
Monday
Range Since Jan. 1
STOCKS
Sales
Saturday
June 20, 1936
28% Jan
6
17
Feb
4
112%May
1
6
Mar
4%
6%
20% Dec
1834 Jan
Oct
20% Dec
116% Dec
65% Dec
Jan
60
Jan
13
Mar
24
Mar
70% Nov
46% Nov
68% Dec
30
Noy
15% May
15% Apr
10% Aug
107%
20
Jan
132
112
Jan
Oct
'
412
28
*150
4%
28
27%
33%
1534
2734
28%
*8
*63i4
106
27%
16
27%
33%
15%
27%
834
68
28
*27%
*8%
*63%
157
*150
28
33%
1534
2734
28%
*40
8%
8%
65
63%
1812
*1978
*48
50
*48
50
*48%
50
70
*68%
70
69%
70
*73%
*2978
70
*103
*27
106
612
v
912
105i2
27i2
28%
*40%
*8
8%
64
105% 105% *104% 110
26%
27%
27%
27%
157
2834
34%
16%
16%
49
27%
*150
34%
28%
4%
27%
29
3334
16%
*102% 106
*102% 106
6%
6%
6%
6%
9
9
*9
934
82
82
*73%
*73% 82
32
*30
*30
32%
3214
19
1834
19%
1834
1834
21
2034
*19%
20% 20%
6i2
*9
4%
4%
2734
28
49
*40
49
43g
4%
157
157l2 *150
2714
33i8
*31
4%
1414
3314
3838
10%
7
10%
6%
10%
7
10%
1334
14%
6%
14%
7
1434
33
33
3334
157
167g
29%
16%
28%
126
10%
7%
14%
*150
3334
27
57%
*25l2
58
48%
238
57l2
2634
69%
23g
*25%
69%
*23g
2%
2%
*834
9%
*834
9%
*834
*69
*47
177g
19is
11%
*78
*120
*30r>8
438
*11 US
28
*21
50
*21
27
27
10%
7%
14%
33%
1434
34%
27
34%
16%
1534
28%
16%
29%
*40%
29%
47%
*40%
47%
8
8
8
8
*123
126
10
10
634
78%
31%
4%
4%
77
78
*120
78%
121
121
30%
4%
30%
43g
,
120
30%
4%
78
120
31%
4%
2%"
9%
*30
4%
70
2%
*2%
2%
700
9%
9%
600
49%
49%
100
50
30%
43g
4%
7,600
*27%
*8%
21
21%
21%
21%
21%
21%
8%
21%
21
50
600
4,500
3034
*1%
*834
3119
*3034
31%
31%
31%
I7g
*1%
1%
9%
8%
*1%
834
834
7
7%
7%
32%
36%
11%
31%
32
31%
35%
3534
36
35%
36%
36%
Ills
101g
Ills
10%
11%
11%
11
11%
11
7
7
7
7
7
10%
10%
10%
10%
40
40
*37
40
39
39
39
*3534
37
*3534
3634
3634
3634
367g
*60%
61
61
*60%
61%
834
10%
61
9%
*884
90
90
8%
8%
7%
834
8934
8%
*634
8934
8%
10%
39%
7
*7%
32%
3534
11
7
7%
33%
36%
11%
9
9
7
30
30
30
2934
30
30
29%
30
*51
57%
16
16%
61%
62
16
61%
6134
62
137g
*2014
*113g
13%
1334
13%
13%
14
20%
20%
20%
20
20%
12%
11%
11%
10%
11%
884
8%
8%
834
104%
*103i2 104i2 *104
6
6%
6%
6%
8%
9
104% 104%
5%
6
8%
*734
8
8
26%
26%
27
26%
26%
35%
35%
*9%
35%
35%
36
*68%
43g
4%
80%
79%
.
8%
934
71
80
12534 12534 *12534 125%
3s
lo
12
O
C
40
40
For footnotes see page 4130.
5%
6%
30
30
15%
15%
36
35%
35%
9
934
934
9%
9%
934
71
70
71
70
*68%
*4%
4%
4%
4%
4%
4%
81
80
81
82
7934
80%
12534 12534 *12534 12578 *12534 125%
^
^
lg
1S32
7,g
^32
916
16
40
40
40
41%
4034
41%
*68%
4%
5%
29%
15%
104% 104% 105% 105%
*51
*51
55
57%
17
157g
16%
1634
6134 62%
61% 6134
14
14
14%
14%
21
20%
21%
21%
11%
11%
11% *11%
87g
8%
9%
9%
*104
105%
105% *104
6
6
6
6%
8
*734
*734
8%
2534
*2434 26
*25%
36
33% Dec
8% Nov
70% Nov
Apr
59% Apr
6
1%
1
June
31
36% May
29%May
1
15% Apr 30
3634 Jan 25
23% Jan 29
7% Mar
13% Jan
24% Mar 20
53% Mar 20
8% Mar
33% Feb
43% Mar
101% July
105% Nov
130
2
2134 Apr 27
No par
14% Apr 19
120% Jan 10
Nov
18% Dec
15% Oct
48
Standard Brands
Preferred
No par
Stand Co mm
Tobacco
1
J Stand Gas & El Co
No par
Preferred
No par
$6 cum prior pref
No
$7 cum prior pref
No par
par
Stand Investing Corp..No par
18
Feb 24
129
Feb 24
12% Sept
122% June
13% Mar 17
2% Mar
10
Apr 27
5% Apr 30
9% Jan 3
24% Apr 28
2634 Apr 30
2
9% Feb 17
Jan 30
39% Feb 17
6
334 Jan 17
113% Jan 24
47% Feb 8
40% Feb 5
Standard Oil of Kansas
10
25
Mar 27
30
Feb
6
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No par
51% Jan
2434May
6
70
9
33% Feb 10
Sterling Products Inc
65
7
71% Mar 19
10
Sterling Securities cl A.No par
Preferred..
No par
Convertible preferred
Stewart-W arner
50
5
Sun
Oil
1
Jan
2%May 21
8%May 8
48 May 18
4%
No par
72
Jan
118
Jan
2
par
27
23
Oct
8
Mar
Mar 12
Apr 16
Apr 8
4
40% Mar 18
—
-
600
7
Class
32% Nov
68
10%
600
40%
37
1,600
100
*60%
*834
61%
*75
90
60
9
900
*834
10
■<;
700
Texas
1
Dec
Deo
50
Dec
6% Mar
18%
Dec
2% Mar
2% Apr
15% Dec
1034 Nov
36
Mar
77
ill
Jan
Apr
&
Pacific
3
Jan
2
6% Mar 12
1%
934 Apr 30
14% Feb 19
3
29% Apr 20
17%
4
20% Apr 28
9&g Feb 14
25
28% Apr 28
No par
3
2
634May 14
5% Apr 27
28% Jan 6
$3.60
conv
5
5
Ry
Mfg
25
No par
10
1
Co. 100
No par
pref...—No
The Fair
Thermoid
100
Co
1
6%
6%
100
Third Avenue.....
*24%
25%
100
Third
9%
9%
200
29%
29%
1,200
Nat Investors
Thompson (J R)
Thompson Prods Inc
6
4,100
Thompson-Starrett Co .No
5%
*27
100
30%
15%
11,700
104% 104%
800
15%
*51
55
------
16%
16%
16,800
61
6134
5,500
$3.50
2?ar
No par
Preferred..
cum
pref
Tidewater Assoc Oil
Preferred
Tide Water Oil
Timken Detroit Axle
23
Jan
6% Jan
100
1
25
No par
par
No par
No par
100
No par
10
1% Jan
5% Jan
Jan
6
7% Jan
6
33
9% Apr 27
28
Jan
2
33% Apr 27
Mar 25
59
834June 16
89
June
4
8%May 23
1234 Aug
25
15
Apr 30
1434 Jan
100% Jan
52
6
3
32% Dec
% Apr
1% Apr
6% Sept
33% Dec
1% Nov
6% Dec
9% Jan
Jan 20
Tri-Continental Corp..No par
6% preferred
No par
93
3434
9%
1,200
*9%
*68%
71
10
*4%
4%
700
7934
80%
5,500
125% 125%
660
13,,
916
70,300
41%
42%
4,400
5
13% Mar
.
Jan
29
Nov
8% Nov
2634 Nov
5
Dec
1% Mar
Apr
28
Dec
7% Mar
15%
Dec
17
84
Jan
2634 Mar
104% Nov
48
Dec
13% Dec
72% Nov
4
200
...10
Mar 11
Jan
12
11,400
No par
60
4
3
Mar
Oct
Oct
10% Dec
June
5%
Nov
15% Nov
8%
Truax Traer Coal
19% Feb
106% Mar
2
16
12%
16
834
Truscon Steel.
39% Feb 25
61
100
50
5% Mar
1% Mar
104% 104%
20th Cen Fox Film Corp No par
Preferred
No par
Twin City Rap Trans,..No par
6
May
5% Apr
61% Jan
2% Mar
7% Mar
1038May 19
11
321? Mar
Jan
Apr
13% May
2
14% Jan
Transue & Williams St'l No par
100
5
8%
14
16% Jan
Transcont & West'n Air Inc..5
3,800
1,200
12% Mar
Dec
4% Mar
800
4,200
5
Feb 28
Dec
3634 Feb
9% Oct
12% May
28% Dec
443g Dec
283g Mar
4% Mar
3,300
734
Jan 15
14% Mar
110
8
8%
30%
1734 Feb 19
13,500
6
62
Jan
Mar
72% Feb 18
14% Feb 25
27% Apr 4
11%
25%
44
4
16% Mar
2834 Apr
3% Jan
6
25%
6
10% Mar 11
7
3834 Feb 3
15% Feb 29
143gMar 6
42
Apr 13
39% Apr
Apr 27
Apr 30
12% Jan
56
Sept
234 Feb 11
11% Feb 19
93g Jan 8
8% Mar 23
26
Dec
9
Oct
3% Mar
35% Jan 30
4% Jan 21
8% Jan
24% Jan
*20
*7%
*25%
34%
Dec
3% Dec
Jan
Mar
2234 Dec
6
9% Feb 18
29% Feb 13
12% Feb 14
Jan
*11%
14
Mar
30%
Sept
Jan
2
5
3
2
3%
2334June
Timken Roller Bearing.No par
Transamerica Corp
No par
13%
Nov
121
60% Mar
115%
5
No par
Thatcher
Nov
4
No par
A
Feb
Dec
10
25
J Symington Co
Dec
52%
3% Mar
Jan 28
Dec
32
'
100
Swift Internat Ltd
2% Nov
Apr
40%
33%
Mar
20
Jan
Apj.
116
Jan
27% Mar
Jan 28
Jan
124%May 15
Jan 11
Mar
% July
111
3534 Mar
12% Mar
5834 Jan
1% Mar
91
2
100
Preferred
Superheater Co (The).-No
Superior Oil
Mar 19
1234
53%
24%
21%
14%
16% Apr 30
14% Jan 2
9% Jan 6
19%
434 Mar
17%
Feb 26
1,800,
-
Oct
12% Dec
9% Aug
113g Aug
26% Dec
28% Dec
1% Mar
134 Mar
36% Jan 27
Standard Oil Export pref. .100 il0978June 8
Standard Oil of Calif
No par
35%June 10
Standard Oil of Indiana
25
3234 Jan 2
Swift & Co....
-
Nov
84
313g Apr 13
4,900
-
Dec
8% Dec
8% Oct
3% June
75
107
3% Mar
2
..No par
Texas Pacific Land Trust
9
25%
10%
16
6
77% Apr 13
105%June15
3,300
9
9%
*9%
61%
Mar
934 Mar
12
10%
90
61%
*6%
*24%
16
July
12% Apr
13
Texas Pacific Coal & Oil
9
10%
104% 104%
July
109% Feb
Mar
9,300
*75
15
7
42
Mar
11
*60%
15%
5% July
15
6
63
1034
9%
15
12% Mar
Feb
99
5,500
8934
7%
25%
15%
15%
104% 104% *104% 105%
*51
57%
57% *51
Nov
25% Dec
16% Jan
21% Dec
78
.100
6)4% preferred..
Square D Co
36%
61i->
*9%
29%
153g
Dec
27
5
22
36
834
8934
*28
152
6
Jan
Texas Corp (The)...
Texas Gulf Sulphur
*603g
2934
Feb
10% Mar
1134 Feb
7% Jan
3
63%June 12
101% Mar 18
534 Apr 30
6% Jan
4
73%June 10
Feb 20
44
Tennessee Corp
36%
*26
49
A
No par
Spiegel-May-Stern Co ..No par
Conv preferred
Telautograph Corp
37%
*67g
*24%
30
3
1,100
37
10%
*26
Jan
2,000
*39
57g
34
23,000
10%
7%
24%
5%
32% Feb 20
Mobile & Ohio stk tr ctfs 100
7%
37
*9%
534
20% Feb 21
21
3334
7
40
24%
534
7
10%
25%
10%
5%
38% Feb 19
Jan
Spalding (A G) & Bros.No par
1st preferred
100
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Spicer Mfg Co
No par
Mar 26
29%June 17
19
33%
40
*9%
*6%
160
20
28% May
'
9
10%
*24
8%
7% Feb 29
34% Mar 3
23% Jan
2
12% Apr 27
100
t Studebaker Corp (The)
21%
7%
..100
Preferred
Sutherland Paper Co
10
Sweets\)o of Amer (The).-.50
11%
27%
*8%
7%
Southern Railway
Superior Steel
11%
27%
9
3134
7
Feb
800
11%
277g
*7%
*7
Jan
25
28
11%
*27%
7%
313g
35%
150
25
100
Stone & Webster.___..No par
600
43gJune 15
26
Apr 27
100
Preferred
Southern Calif Edison
Southern Pacific Co
500
8%
7%
Sugar...No par
11
1134
1%
So Porto Rico
13,900
43g
2734
21
South Am Gold & Platinum..1
27,800
30
*7%
7
40
30
1134
3134
934
200
9%
2734
11%
28
*7%
714
1332
3934
2%
8%
*11%
313g
72
11,700
25
11
9
80
25
1,000
2,800
12,500
19
19
19%
18%
19%
19%
1834
19%
11%
11%
11%
11%
78
78
*76%
7834
11934 11934 *11934 122
3034
*414
27
6,700
19%
*1%
834
984
*683g
39
38%
*2%
3%
109% 109%
37%
37%
3334
34%
*47
30%
3514
1,600
50
50
9
*73g
11,500
*47
*47
2
*25
10,600
14
33%
1,900
30
157g
634
1434
33%
7%
14%
34
69%
*884
15U
6%
14%
6934
*1%
2978
1,400
9
29%
*25
10%
6934
v
■V
11%
5%
10
9
9%
5%
47,800
126
6934
2%
2%
9
20%
7%
253g
1,300
70
11%
*76%
*6i2
200
69%
2
*9i2
*2912
2,100
69%
297g
*2334
100
300
19%
87g
51,900
1,900
26%
19
*812
______
*25%
11%
9%
300
26%
19%
90
10
3,800
26%
6934
*834
*834
200
2634
*112
90
300
*25%
20%
21%
•
26%
11%
2H4
*2934
*
26%
18%
28
-
28,200
19%
8%
«.«•
59%
1934
1138
*,
58%
11%
28
-
10%
33
*21
—
59%
18%
43g
*123
—
58%
11%
*30%
—
-
21,800
32,700
17,400
22,300
5834
50
*120
-
28%
33%
5734
18%
193g
31%
157
28
35
58%
113g
*738
7
*21
18%
1934
78%
*150
27
5834
26%
*47
121
26%
•12,300
1,300
4%
2834
39
38
38
38%
383g
39%
38%
38%
3934
3
*27g
3%
*2%
*27g
3%
3%
3%
3%
3%
*10978 110
1092932l09293Z 1092932l092932 *1092932 110 *1092932 no
36
367g
357g
36%
36%
36%
357g
35% 363g
37%
3334
33%
33%
33%
337g
34%
33l2 34ig
33% 3334
*21
43g
68
*64
68
64
*63%
64%
*102% 106
*102% 106
*102% 106
6%
6%
634
6%
634
6%
9
9
*8%
*8%
8%
8%
80
*73%
*73% 80
*73% 80
*30
*29%
32% *30
31%
31%
19%
20%
19%
20%
20% 2034
21
21
21
21
20% 21%
*49
50
50
50
*4934
4934
71
7034
70%
70%
69%
70%
*105
110
*104% 109% *104% 106%
27%
*26%
27%
26%
26%
27%
15%
16%
16%
1534
16%
16%
10%
3314
27
28%
34%
49
43g
27
35
8%
15%
15%
1534
15l2 15%
15%
*123
126
*123
126
126U I26i4 "124
IOI4
6%
29%
4%
7% Jan
2
3
Jan
6
4% Jan
6
7% Apr 30
22%June 1
31% Apr 27
Feb
107% Mar 11
7
Feb 29
10% Feb 18
323gMar
2
41
2
Mar
12% Jan 31
834May 20
65% Jan 22
4%June12
83
No par
Under Elliott Fisher Co No par
79%June15
100
125% Apr 23
%june 15
38%May 21
52% Feb 19
Apr
Dec
Dec
8% Nov
Oct
97% Nov
6% May
3% Mar
Aug
24% Oct
33% Dec
3%
13
2% June
8% Nov
24% Dec
12% Nov
i%6June12
Union Bag & Pap Cor p. No par
69
14
Preferred
Ulen & Co
Preferred
Rights.
..100
.
Mar
6
18
Mar
8% Jan 20
1% June
99
Jan 13
5334 Mar
133
Jan 17
125
Dec
29
May
73
Dec
5% Nov
87% Dec
133
50%
Apr
Jan
New York Stock
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
June 13
June 15
Wednesday
Thursday
June 16
June 17
June 18
88
$ per share
8812
22U
2214
127l2 12734
*9734
98i2
24
2438
2414
2334
16i2
1612
22i2
275S
*20
2712
*112
115
*8014
*24l2
807g
26i4
714
678
44l2
1234
*23l2
*100
4514
1234
24l2
$ per share
89
885S
2178
22l2
12714 12712
99
88i2
128
99
$ per share
89is
2214
22
128i4
98
2458
2412
1612
*20
22l2
2734 2784
*112
11412
80
80i2
*2412 26j4
7l8
738
4514 46
12i2
1278
2334 24
129
24
237g
8884
217s
98
24
2458
2414
I6I4
2438
163s
79
7934
*24l2
26i4
7»s
734
46
1238
1258
2478
24i2
*100
105
*478
5
5
5
*478
*33l2
7834
35
34
33i2
79l2
3312
*100
797s
105
181s
21
114
*7914
*24l2
758
4514
128s
2434
*100
2614
778
457s
434
80
123s
2414
*3
3i2
1434
*2418
25
71
153
100
U4
14i2
*90
98
*90
98
92
93
93
*84
*214
*3
2458
25
15
15i4
3i2
147g
2714
15l4
25
153g
12
15i8
*90
98
16234 16234 *16234 1647g
12
12
1134
II84
34i8 347S
3534 36'4
12
13
125g
125s
*12&s
1278
85l2
84
84
*84
8534
834
285g
914
2978
723g
88i2
743g
9
85s
285g
7214
*89
7
684
9
29
7284
,| 90i2
90
90i2
7314 7314
615s 6212
*12514 12614
126
126i2
*140
144
141
141
*162
634
65g
634
*1>4
32i2
*19
*35l2
73
6238
111
Oct
80l2
1,500
118
No par
Aug
68
Jan 21
81
June 11
46
Jan
78
Nov
1,000
79
79U
7934
3,800
163s
I6I4
41,300
77g
55g
558
72
*69i2
1638
22,600
8914
*72
63U
*140
142
2678
*26
26i2
1,600
15
15
15
15i2
2,600
U S & Foreign Secur
*84
85i2
883s
89
73
73
73
*140
912
10i8
30i8
7384
745g
lh
1*4
*30
38
514
512
*33i2
35i2
5l2
3512
538
*34
53g
3434
*11314 114
*11314 114
*113l2 114
5
4
578
*434
57g
434
*16
20
*16
*125
126
*123
126
*123
126
♦123
126
*71
78
*71
78
*71
78
*71
78
2012
22l2
400
3,400
38
10
3,100
1,200
5*2
3514
113
40
44l2
*74
5U
34i2
5U
35l2
*71
78
*141,
«.
1,700
1,800
113i2 113i2 ♦1125s 11312
4
4i8
*438
5&S
*1412 20
*1245s 126
'mt'm
«• «. *»
*80
*80
'
1*4
3534
80U
*105
10512
107
107i2
9784
9784
120
120
*U4
18s
35
35l2
*793g
8OI4
105l2
10714
*9654
*120
*1135S 11334 *1135S
7
*614
*U4
345g
*7958
.
«
-
*6l2
.
15s
36
7
*80
*U4
36
*6i2
67g
♦80
112
3618
1*4
357g
*15i2
*2
*6
914
17
23g
6I4
87g
*15l2
*2
57s
82i4
8314
39&s
11334 115
83i4
4018
11478
*
132
*13014 132
*24~
2412
253s
2538
3712 37i2
*3712 38i2
21
*205g
*205s 21
395g
132
132
134
134
134
•
~
~
l~5g
7934
105
IO8I4
—
—
—
2" 500
1,900
20
7,800
2,800
300
1,800
5,500
500
14,200
2l"666
100
30
490
450
250
70
9U
2,700
177g
23g
116l2
300
2,500
17,100
t Warner Quinlan
pref
6% preferred
110
300
3812
21
*2084
2078
*37l2
20&s
38i2
10
2034
75
*70
80
*70
80
*70
80
*70
80
*70
100
*95
80
100
*95
100'
97
*98
100
*98
100
30
26
*90
*
22i2
153s
37g
1614
*37g
77g
*73
26I4
*2512
27
*26
27
*2512
27
*26
95
*90
26l2
95
*90
95
*90
95
*90
95
2258
153s
2234
*15S8
378
*384
I884
*1718
*378
4
8
76
734
*73
2312
15I2
4
1834
4
8
75
513s
2734
51
51l4
*26
2714
*65
66
66
27i2
66I4
5034
54
*85
5418
867g
*68
697g
69
69
34
34
34l8
18lg
54is
34
18
18ls
8512
1 1778
23
2314
23
153s
15l2
334
1834
37g
153s
334
•17is
37«
734
*73I2
5U2
2714
66
77s
2314
153g
4
*334
*17i8
378
I884
7i2
77g
75
73
53
5314
27i2
2712
66
65
4
73ig
537g
2712
65l8
55
*54
57
85l2
*825s
87
857S
6934
693s
857g
6978
36
36
36
6914
*35
1734
18
*55
1734
57
2258
153s
: *334
*17
378
7U
73
2234
1538
4
1834
4
7l2
73ig
5334
5438
*2612
2714
64i8
64l2
543s
*53i8
*8258
8734
2512
25l2
100
100
2d preferred
100
Preferred
100
1st preferred
50
reston Elec Instrum't.No par
Class A
No par
2234
1478
4
*17
*334
658
70l2
5334
*2638
63i8
5312
8258
200
128
126
126
123
126
*126
non-cum
preferred.. 100
Preferred
7U
72
-.100
600
300
Conv preferred
"""506
_
No par
45,300
1,500
23,300
2634
500
64
380
Preferred A
100
500
Preferred B
100
53l2
825g
69i2
*69
69l2
36l2
*36
37
3
50
Jan 18
37i2May 23
114
Jan
i2 Mar
19U Apr
ID4 Apr
ID4 Feb
Mar
91
Feb
46
Feb
34
May
June
63
Dec
2i2 Mar
17i2 June
126
Feb 19
Jan
Jan
May 29
86
85
137i2June 10
4i2 Feb 5
1038Mar 3
784 Mar 6
1578 Feb 11
3484 Jan 8
118
Jan 16
10
63i2 Mar
IO914 Feb
1
Apr
184 Mar
1
May
418 Mar
26U June
Feb 28
114
Jan
114
Feb
34i2 Feb 21
1578 Jan 7
21
Apr 30
19i2 Apr 28
6i8June 9
May 26
U4May 25
34i2 Apr 30
83
78
Feb 25
9134 Jan
7
96
Jan
2
87
Feb 20
116i2 Jan 6
III84 Jan 6
8i8 Apr 27
15
Apr 30
2
Apr 25
514 Jan 2
72i2May 4
3434 Jan 13
94i2 Jan 6
123i2 Jan 7
19
Feb 25
72
June 11
2258June
8
5
Mar
U4
28i2
Feb
Jan
2U Mar
1458 Feb 19
5778 Feb 8
14i2 Mar
278 Feb 29
IOI4 Mar 31
2i2 Mar
2534 Apr 11
28i2 Feb 19
2914 Jan 2
1U4 Feb
83
May
284 Jan
46i2 Jan
823g Feb
105i2June
110
Apr
98l2 Apr
6
4
Mar
85
Apr
1
Jan
2
30i2
Jan
7
72
Jan
4
21
34
Mar
23
Feb 21
116
Mar 23
12i8 Feb 21
2O84 Feb 24
4
2058 Aug
25i8 Dec
13
121
Feb
7
978 Feb
7
95
Mar
778 Mar
26
'
Feb 13
48i8Mar 3
12278 Feb 10
145i2 Apr 18
3334 Jan 25
397s Mar
36
104i2
95
Mar
Jan
Jan
5f2 Mar
7i2 Mar
U8 July
23s
Feb
2058 Mar
18
Mar
325s Mar
Q0
Feb
10
Mar
36I4 Jan 14
2058June 19
28i2 Jan 10
I634 Mar
Jan 14
75
June 13
18
Jan
50
Jan
4
1
25
Mar
23i2 Apr
85i2May
183s Feb
14i8 Apr
314 Apr
16
Apr
234 Jan
30
25
3
39
100
Jan
June
3
37i8 Jan 10
10914 Feb 19
28i4 Mar 4
27
17
28
558 Jan 13
24i2 Jan 10
5*4 Mar 30
28
7
2318 Apr 30
56
Apr 30
Mar
6
11
Jan 14
87
Jan 15
5688 Feb 5
35i2Mar 23
29
Jan
1414 Mar
46i2 Jan
67s Mar
12&S Oct
D4 Mar
6
Jan
1
Mar
378
58
Apr
Apr
51
Jan
Jan
4
66
Mar 23
6258 Jan
6
106
Mar 11
May 15
333g Apr 28
884 Jan 3
83i2 Jan 6
443s Jan 21
4I84 Jan 6
79
Feb 10
45
Jan 23
1184 Mar
25i2 Mar
20
Apr
35l2 Mar
7384 Mar
1734 Apr
20 ig Mar 26
138
May
5
3U2 May
47
66
Preferred
100
1,100
27,900
5H%
3,200
Jan
70i2June 19
4434 Apr 23
900
25", 500
Mar
Feb
100
17,200
160
Feb
1
15
100
1,100
36i2
preferred
rorthington P & M
30
£6938
119ig
14934
6i2Mar
238 Jan 18
2714 Feb 19
Jan
7
65sJune 19
543g
18is
1758
177g
1714
175g
126
126
*122
127i2
126
4712 47l2
47ig
47lg
a;46i2 465s
46i2
46&s
465s
4658
45
*44i8
63
6258
62i2
6312
6234 66i2
647S
6578
6434
653s
6458
653g
*114
119
*114
119
*115
119
*114
116
118is *114
*114
116
22
22
2214
2214
2214 2278
2212
2278
22l2
2334
2312
247g
63g
638
684
684
6U
6i2
63s
63s
6I4
6i4
6i8
6U
For footnotes see page 4130
*126
6%
8,400
I884
"
June 18
6278
27i2 Mar
7358 Mar
34
300
90
89i4
215g
£1478
*384
165
Mar
9i8 Mar
24i2 Mar
9134 Dec
96i2 Jan 24
75ig Apr
7238 Apr
13284 Apr 11
14334 Jan 21
Jan
3
1078 Jan
No par
10
97
53
30i2 Feb
5i2 Jan
No par
400
75
*95
Jan
Apr 15
8084 Apr
4738 Jan 2
914 Apr 30
44
Apr 29
i2June 18
458 Jan 2
100
Maryland
Feb
35
358 Jan 24
lOOf
preferred
Jan
5
35ig Mar
3i8 Mar
7i2 Mar
Mar 12
13
4i2 Mar
143
1884 June 12
.100
rest Penn Power pref
res tern
11012 Feb 15
16914 Feb 18
14U Feb 21
59
Apr 2
978 Jan 27
1838 Jan 28
26i8 Apr 17
1778 Apr 17
5
Mar
65U Mar
June
Apr 30
11514 Apr 2
No par
July
4i2 Mar
5
4
Conv preferred
No par
rest Penn El class A..No par
Preferred
100
6%
Mar
2i8 Apr 29
15,200
38l2
*3712
*2084
Earner Bros Pictures
$3.85 conv pref
5
11
Feb 17
100
Preferred
58 June
1978 Jan 23
3938 Jan 2
2
414 Jan
9i8 Jan
par
Oct
1434 Mar
Jan 23
No par
Class B
9,100
24
38i2
2O84
100
400
134
*3712
2034
preferred
Oct
72i2
30
t Walworth Co.
No par
"Talk (H) Good & W Ltd No
par
Preferred
No par
fard Baking class A ...No
Aug
938
8
5
100
29
938 Feb
23s Jan
No par
No par
Feb
Apr 27
100
Waldorf System.
Walgreen Co
Mar
Mar 24
14 May 4
2:11412 Jan 16
7058 Feb 3
130
Apr 6
100
51
13314
13338May 27
114i2May 15
100
Preferred B
Convertible
Jan
100
Preferred A
6Yn%
100
2,700
24
25
4
Preferred.
134
*24i8
109
100
5
838 Mar 16
4834 Mar 19
Jan 23
""6c
98
63g
4i8 Jan
2,000
....
May
32
preferred
8
Feb
75
Apr 30
105
""800
122
853g
72
2,900
....
241g
25
-
114U
42
40
100
J Wabash
3,566
—
24i8
*37i2
*2414
135
—
35
17i2 Apr 29
2S34 Jan 16
illOU Feb 17
100
Preferred
m
Jan
914 Mar
87i2 Mar
2*8 Jan
3i2 Apr
46
Apr
7
85
preferred
5%
preferred
100
105
20
26i2
24U
734
4534
1334
20i2
96
Nov
Jan
Dec
Nov
Nov
Deo
Jan
6
IDs Jan 28
578 Apr 28
75
55
Mar 23
Apr
6
66i2June 16
118i8June 4
2478June 19
93g Jan
4
7i2
Dec
Dec
Jan
Oct
"16May 18
99
preferred
Vulcan
■
"
*Us
3434
*793g
80U
80U
80U
80
105i2 *10314 105i2 *10314 10512 105U 105U
105
107
1073s
10714 10734 108
108
108
108
97
97
9734
98
97
97i2
97l2
97l2
122
*120
122
11912 120
*120
122
*120
11334
114
113l2 11334 114
114U
*114U
9
9
9
9
9U
9I4
95g
9U
1634
1634
*16
17
I684
17
1734
*1534
*2
23g
2U
214
214
238
212
23g
6i8
6ig
684
*6i2
634
612
67g
6I4
8484
8334 853s
8434 8618
85i2
86i2
84U
4078
4038 4034
42
4U4 42
41
42i4
115l2 115
116
1167s
115
11712 11534 117
6%
7%
67g
*80
1U
3578
*7938
"
*8i2
*6i2
7% 1st pref
100
Vlck Chemical Inc
5
Vicks Shr & Pac Ry Co comlOO
Va-Carolina Chem
No par
Virginia Ry Co pref
Detinning
78
>
714
Preferred
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
320
20
*71
1
No par
100
40
*12278 12584
*130l4 145
*130i4 140
*130i4 140
♦130U 140
*130i4 140
*130U 140
3
3
*234
*234
3
*234
3
3
*212
3
*234
*25s
*65g
7i8
*658
7
7's
65s
65g
7
714
75g
7ig
71g
7
7
*384
*334
7
*4^
7
*414
*414
478
*27g
47g
*14
1414
14i8
1414
1414 14l2
145g 1484 H4i2
15
147g
145g
33
33
*3234 33
33
33ig 3314
33
33
33i8
33
3314
116
116
*116i4 117
II6I4 H6I4 *116l4 118
*116U 118
*1163s 117
67g
7
678
7
634
7
7
7i8
7
7i8
7i8
7ig
28
28
2778
2778
2814 28i4
29
2812 28l2
295s
29U
29i2
18
18
18
18
*18
*18ig I8I4
18ig
18iS
18is
*177s
I8I4
18
1734 1734
1812
17i2 18
17U
1714
1634
1634
*16U
1714
314
3i8
3'8
33g
314
33s
314
314
3i8
33s
3j8
314
70
*6634 715g
70
*69
69i2 70
71
69
69
*6634 70i2
10
978
10
934
10
984
934
97g
9i2
934
9i2
934
*42
*42
49
4978
*42
*42
4914
*42
4912 *42
49l2
49l2
138
*U4
13s
138
138
li2
u2
5s
ll2
*2
84
812
834
S12
834
8i2
85g
85g
85g
8U
834
8i8
8U
*I8i8 2312
*19l2 23l2 *19
233g *19l2 23
*20
22i2
*20ig
2234
*23i2 23's
2312
2312
2334 24
24i8 243s *24
24
24i2
24
23
23
23
22l2
23
227g
23
23
2278
2314
2214
2234
Vadsco Sales
No par
100
80
4
Jan
8
7B4June15
15914 Jan 24
115
Apr 7
314 Mar 24
2234 Mar 23
4278June 19
20
Jan
60i2
758 Mar 26
Apr 30
84i2 Feb 25
68i2 Jan
46 s8 Jan 21
115i2 Jan 7
131
Apr 27
16034 Feb
3i8 Jan
D4 Apr 29
32i2June 13
100
U S Tobacco
193g
5i2
Preferred
Preferred
Utilities Pow & Light A
*43
47
50
50
100
13g
*111
71
100
Min
100
35
3438
Smelting Ref &
15,000
1834
_
1st preferred
S
Preferred
Mar
3U July
Feb 10
1278 Feb
4
758 Apr 30
1638 Jan
5
3434
4412
100
65
5
June 16
1938 Jan
Apr 29
8
May 6
87g Jan 2
33i2June 11
63g Apr 30
lli4May 21
No par
167
35i2
113
v t c
1
113
9
80'4May
77,200
5,100
6
4
Jan
160
...100
'
3,100
1938
*111
91
par
10,700
7234
484
1U
*30
13
15,800
74U
10
20
preferred
Class A
19
*74
....
7
7
7
24i4June
U S Hoffman Mach
Corp
U S Industrial Alcohol-No
par
U S Leather v t c
No
Prior preferred v t c
35
*43
U4
355g
*793s
Jan
2
100
200
88
Mar 23
li4 Apr
13i2 Apr
2U2 Jan
27,700
*165
5
4412
113
300
10
142
81
*80
50
100
200
•
2958
9l2
287s
73U
863S
165
47g
*75
*6i2
153
No par
No par
Preferred
7%
7
Jan
6i8 Apr 30
5
Apr 30
6734May 1
5758 Apr 29
No par
U S Gypsum
60
2,300
6,500
85l2
165
*43
5l4
*84
*130
142
♦111
300
1,300
62U
63*2
127U 128
*135i8 142
4412
113
98
*70
63U 64
12734 129
81
*111
*92
98
9312
*93l2
9478
*16234 16478 *16234 1647g
1134
IP4
1138
113s
37
37i2
3658
37iS
7iZ
*678
712
*6i2
12l2
*12i8
12ig
12ig
89
r
63l4
6412
128l2 129
1283g
2634
834 June
4i2 Mar
2
80
1438 Apr 30
__20
U S Distrlb
Corp
Preferred
U S Freight
89
*72
6412
62l2
100
160
295s
73
126
3
14
1712 Oct
li2 Feb
2034 Mar
4
2
June
738 Apr
2
316May
3
14
*43
7U
Foundry
31.2
105
Mar
2014 May
35i2May
109
100
1434
*75
*6i2
Preferred
U S Pipe &
7
6
16i2 Feb
2558 Apr
9
66i2 Jan
1
Preferred
100
Universal Pictures 1st pref.100
X Universal Pipe & Had
1
*3
81
113
*1414
2,500
Jan
Jan 15
978 Mar
4i2 Mar
2978 Apr 13
9i4 Feb 17
4734 Feb 17
4i2 Jan 3
32i8June 18
Paperboard
*14
4434
2012
138
28i2 Jan
6
Jan
15
100
United Stores class A..No
par
Preferred class A
No par
Universal Leaf Tob
No par
60
4278
>'
Apr 30
Apr 29
Apr 27
93
No par
No par
2,500
mm.
2258
538
4014
1034
No par
X United
41ig
*43
*14i2
United Eng & Fdy.
United Fruit.
2
Jan
1612 Apr 27
24i4 Mar 18
par
United Gas Improve
Preferred
72
13
5
United Corp
No par
Preferred
No par
United Drug Inc
United Dyewood Corp
10
Preferred
100
United Electric Coal___No
5i2
69i2
v t c
United-Carr Fast Corp.No par
100
U4
*13l2
*75
5
Transp
200
13g
1534
81
*434
Un Air Lines
778
113
4114
45
*11314 114
16
*7i8
5i2
*6912
13g
*14i2
114
*34
2,100
33l2
*75
35
24
105
33
*43
*33i2
24
*100
700
*113
514
12U
26i4
73s 155,200
4538
13,100
1238
5,700
434
95g
3014
7484
*16214 165
*162i4 165
*16214 165
478
5
5
5is
514
5i8
13s
U4
13s
U4
138
U4
13g
*32
32l2
38
*30i4 35
*30
38
19
1914
1914
1914
1934
1914
1984
36
36
36
3578 36
35l2 35i2
514
.;
714
44&s
*45s
3314
*7i8
5ig
113
*2412
...
434
914
29l2
7384
165
478
73
Jan 11
9312
*84
72
117
105
*92
94
93l2
1314
.29
Jan 18
40i2
34l2
9
113
190
85l2
70l2
No par
100
80
Preferred.
United Carbon
102
3334
*684
*123s
28
60
*99
25
*16234 16478
7
*113
10134
13U
Jan
No par
101
312
Oct
United Amer Bosch
*98
13
20U
Dec
July
July
Dec
Dec
United Biscuit
170
13
3158 Feb 7
3238 Feb 18
2U4 Apr 4
2834Mar 6
11U2
90i2
26i2
3038
1334
200
2,900
93
312
6
June 10
2,200
70
14
100
2778
11412
156
13s
138i4 Mar
Jan
Jan
share
7534 Nov
24
2D2
154
15l2
7
2
2
Apr 30
Jan
Jan
1434 Feb
82i2 Mar
79i2 Mar
173g
112i8 1121s *112
41
No par
44
9014 June 18
28i2 Feb 7
3
Jan
Apr 30
2634
70
102
Union Tank Car
United Aircraft Corp
Rights
97
117g
3414
1,400
25,000
14,300
154
13s
9614
9278
162
24i2
2314
16
79
15l2
4014
1514
1134
3418
*634
*123s
2412
70
138
15
162
100
900
154
14i2
4012
*2i4
*1U8
*2434
*1434
927g
100
Preferred
3,000
98
70
7012
15334 15334
10134
39
Union Pacific
130
3218
78l2
33
1578
16
1534
1584 1612
I6I4 1688
113l2 *112
114i8 *112
1141s *112
1141s
812
734
784
*714
734
784
734
6
6
584
534
57S
558
534
72
*69l2 72
*6912
*69l2 72
*69i2 72
70
130
7158
2078
108^2
90i8
2258
205s
2U2
458
*734
*578
153
5,700
Highest
$ per share $ per
2378
177g
8OI4
2614
734
4558
1212
2412
*100
153s
*68
70
7012
71k
15334 15334
153l2 15312
*10014 102
*10014 10178
138
138
U4<
13g
1434
1484
14i2 1412
*387g 39
3834
393S
22
9734
114
73g
47g
*32i8
2:787s
22
$ per share
18is
45
125s
$ per share
Par
Union Carbide & Carb.No
par
Union Oil California
25
16,600
Lowest
22
7934
*24i2
25
105
Shares
Year 1935
Highest
2734
2784
114
7934
Range for Previous
Lowesl
90i4
245S
2412
*20
*112
*13
Range Since Jan. 1
89i4
98
2412
23i2
1734
2758
114
$ per share
4139
On Basis of 100-share Lots
Week
90i4
217g
225g
129i2 130
9734
10
STOCKS
STOCK
EXCHANGE
the
June 19
share
per
24l2
24lg
5
79ig
CENT
Friday
.
8884
98
2738
22
2712 2734
11414 114L
45
22l2
12934
2414
2334
1714
2i
1738
*20
$
8938
98
105
*3314
79i2
Sales
NEW YORK
Saturday
$ per share
Record—Concluded—Page
25g June
18
Mar
13
Mar
38i2 Apr
U4 May
2&s June
18i2 Nov
110
Nov
llU Dec
7i2 Jan
78
Oct
73i2 Nov
z159i2 Dec
73
Nov
2i8 Jan
193s Mar
22&8 Dec
■
Complete
Bond
-JFMT
.
Service
Brokerage
RICHARD WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
BROAD STREET,
15
Exchange
Exchange
NEW YORK
Telephone BOwllng-Green 9-4600
A. T. & T. Teletype
On Jan. 1,
1909 the Exchange method of quoting bonds was
NOTICE—Cash and deferred delivery sales are disregarded in the week's range,
Last«
EXCHANGE
Week Ended June 19
S.
Price
N&,
&
High
Cordoba (Prov)
113.10
111.11 111.11
111.16
4
109
111.19
108.11 108.11
108.17
15 1941-1943
38
102.29105.20
108.20
35
107.19109
103*31
108.31
109.3
58
108
106.1
S
D
105.16
108.16 108.15
June 15 1946-1949
106.1
106.10
43
103.24106.13
106.3
118
103.19106.15
109.6
36
108.5
107.30
24
105.12 108
D 105.31 105.31
15 1949-1952
109
A
Aug 1 1941
15 1944-1946 A O 107.23 107.23
101.28
15 1955-1960 M S 102
Treasury 234s.. .Sept 15 1945-1947 M S 103.17 103.17
Treasury 234s.._Sept 15 1948-1951 M S 101.26 101.24
100.30
Treasury 234 s
1951-1954 J D 101.2
102.7
274
101.8
109.12
102.12
100
103.21 2297
101.29
109.9
260
1539
100.31103.26
101.7 102.13
101.30101.8
Federal Farm Mortgage Corp—
3s
,
3s
104.12
19
102.20104.20
103
67
100.26 103.14
J
108.18 103.17
103.26
85
101.20104.1
S
102.9
102.9
15 1942-1947 J
Jan
2 ?4s
1 1942-1947 M
....Mar
102.9
1
100.15102.17
Home Owners' Mtge Corp—
3s series A
1 1944-1952 M.N 102.18 102.14
1 1939-1949 F A 101.10 101.6
May
2%s series B..Aug
234s series G
101.13 101.7
♦Sink fund 6s Apr coup on.
Akershus (Dept) ext 5s
58
99.17101.29
99
9934
99
10
1734
17J4
2034
3
25
10
1034
s
f 7s series B
1945 J
10
1034
8
s
f 7s series C
1945 J
10
1034
2
♦External
s
f 7s series D
1945 J
♦External
s
f 7s 1st series
10034
50
100
10034
68
10034
67
External 6s series B
1958 J
D
loo h
6^
1960 M N
100
10034
10034
100
10034
15
S
10034
10034
28
A
10034
10034
10034
10034
26
Extl 6s pub wks May 1927..1961 M N
10034
9934
10034
30
Public Works extl. 534s
A
100
9934
10034
40
J
107
10634
107
...1957 M S
10634
106
1956 M N
J
1957 J
10134
10034
9734 10034
9734 10034
9734 10034
87
A
2434
1949|M
S
10734
1955 J
J
10634
External 30-year s f 7s
1955 J
D
Stabilization loan 7s
1956 M N
f 6s
s
1945 F
Bergen (Norway) ext s f 5s
1960 M S
♦Berlin (Germany) s f 634s
1950 A O
♦External sinking fund 6s.-.1958 J D
♦Brazil (U S of) external 8s.._1941 J D
♦External s f 634s of 1926...1957 A O
♦External
s f
634s of 1927.-.1957 A
♦7s (Central Ry)
Brisbane (City)
s f
1952 J
5s
1957 M
Sinking fund gold 5s
20-year
s
O
S
s
f 6s
ser
C-3
1960 A
1961 F
Extl
s f 434-434s
Refunding s f 434-4343
434-434s
Extl s f 434-4343.
3% external s f $ bonds
Bulgaria (Kingdom of)—
Extl re-adj
1977 M
10434 10634
9834 10134
10
4
13
10734
10634
108
10734
7
97
22 34
32
10534 110
10134 10934
109
11834
11634
21
10734
10734
15
10534 10934
10034
7
9834 10234
19
2834
19
2734
3534
2734
30
2234
22
2934
2034
2034
2134
3134
2034
2134
8
3134
32
2534
2534
2534
2634
2534
26
10034
10034
2534
2634
10034
19
119
33
10
3
1
9934
10334
1043-4
4
2134
3034
95
10034
95
100
10134 10434
1
2934
J
9734
9734
1
95
9934
O
9734
*9734
9734
1
93
9834
10034
99
o
A
S
O
6834
""3
6734
69
46
10-year 234s..
25-year 334s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s. .July
65
7034
7034
"14
6434
6534
104
6734
54
6834
22
'6734
"j
52
6834
4634
47
27
16
16
3
1534
16
9234
3834
13
D
f 6s__Oct
ser A
Apr
f 7s
34
D
32*34
3234
13
4534
f ser 7s-.1964 M N
*3434
2734
2834
1958
♦(Cons Agric Loan) 6 34s
♦Greek Government
s
♦
7s part paid..
♦Sink fund secured 6s
J
♦6s part paid
98
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl. 734s '50
Helsingfors (City) ext 6 34s
1960
Hungarian Cons Municipal Loan
♦734s unmatured coup on___1945
1934
F
1960 M N
Italy (Kingdom of) extl 7s
1951
8434
53
65
7034
48
9634
9834
52
8134
5134
7034
9134 100
89 34
78
Extl sinking fund 534s
Jugoslavia State Mtge Bank—
1965
1957
♦Leipzig (Germany) s f 7s
1947
Lower Austria (Province of)—
♦734s June 1 1935 coup on ..1950
♦Assenting 5s small
1945 Q
16
f 634s
1958
Sec extl s f 634s
1959
New So Wales (State) extl 5s. .1957
External s f 5s.._
Apr 1958
Norway 20-year extl 6s
1943
20-year external 6s...
1944
f 6s
♦Sink fund 634 s of 1926
♦Guar s f 6s
f 6s_.
O
M
A
Jan 1961 J
J
1534
1434
3Q
1334
1534
1434
10
14
1534
"1434
1434
1434
1434
1434
3
1334
1434
1434
1434
15
1534
1534
13
13
1
1234
5
14
1234
1234
1961 A
O
1234
12
21
12
1962 M N
1234
1234
1134
1234
88
12
1334
1334
1334
12
20
1134
1234
41
41
1
41
52
21
6
1934
2734
2534
2534
♦Chinese (Hukuang Ry) 5s
1951 J
D
♦Cologne (City) Germany 6 34s. 1950 M S
Colombia (Republic of)
♦68 Apr 1 1935 coup on.Oct 1961 A O
♦6s July 1 1935 coup on. Jan 1961 J
J
"•il"
*1934
2134
2034
2134
44
19
2134
21
2134
42
19
1
1734
1734
—
-
»
-
10234
10334
15
21
634
534
50
73
1934
1934
10034 10334
101
10334
10434 10734
1534
1434
7
10034 10434
40
9734
139
9934 10234
9734
10234 10234
1834 27
7834
8634
7234 8234
10134 104
102
9734
10134
9634
*10234
J
F
7934
7334
10134
-
----
2034
2034
.1953 M
1958 M N
1955 IVI N
1953
J
10134
8034
16
•
«
-
-
4
5
75
14
102
10
*
10534 108
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
s
"72
Stabilization loaD
9034
58
81
106
"74%
1947
70
1534
2
12 34
17 34
1334
10
1334
1034
73
10
10
1034
128
10
65
1034
1950
s
67
8
10
D
1940
f 7s
External sink fuDd g 8s
104
2
1434
1959 M
f 6s 2d ser.1961
Poland (Rep of) gold 6s
3
72
65
1334
1947 M
f 6s 1st ser..I960 J
s
104
*72
104
D
.1963 M N
♦Stamped
♦Nat Loan extl
1234
1234
10334
....
63
f 5s ser A
♦Nat Loan extl
D
1960 M S
s
1334
1961 J
♦Chilean Cons Munic 7s
♦Extl
8
"73" "291
"62%
734
734
734
934
9
66
3234
1534
13
10234
10234
3134
14
434
"5
162"
3734
Oslo (City) 30-year s f 6s
Panama (Rep) extl 534s
1
10634
29
.
24
10634
32
—
5%
434
10334
32
Oriental Devel guar 6s
Extl deb 5 34s.
5
106
45
1334
1234
10234
38
27
434
434
434
"*5"
10634
10134
1
20
"4"
1034
734
1034
12 34
103
4
1434
734
734
~~~2
1034
101
F
A
3834
14 34
2
634
734
434
F
J
14 34
8
*17
S
F
1954 J
1434
....
1734
1956 M
1965 A
Municipal Bank extl s f 5s... 1970
♦Nuremburg (City) extl 6s
1952
73
M
External sink fund 434s
External s f 434s.
1434
1434
9
*6
Milan (City, Italy) extl634s—1952 A
Minas Geraes (State)—
9434 10134
A
....
434
91
F
"23
634
434
10134
16
98
934
3234
3134
......
13
14
10234
934
*4
3934
15
23
8
J
6734
6834
6934
4734
1434
25
3
75
...
6534
1434
2
23
*734
58
s
66
32
*334
934
5734
5934
6134
Sec extl
83
*102
D
D
♦Medellin (Colombia) 634s
1954
♦Mexican Trrig assenting 4 34s. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
♦Assenting 5s large
83
32
*32
23
IVI N
♦7s with all unmat coup
J
"1434
8434
8334 100
6034
70
J
A
7034
37
26
9834
Italian Public Utility extl 7s... 1952
Japanese Govt 30-yr s f 634s.. 1954
5534
3434
313
45
24
534
36
8434
100
96
38
11234 115
75
1954
27
1
6734
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small.
♦§Treas 6s of '13 assent (large) *33
♦§ Small
2734
11
44
11334
32 34
2534
75
♦Assenting 4s of 1904
28
20
4134
11334
7434
30
20
1734
1634
25
100
84
18
17
10
24 34
110
1947
External sec s f 7s ser B
1963 M
29
1934
98
Italian Cred Consortium 7s A..1937
69
32
10434
20
,20
I
A
Irish Free State extl sf5s
1634
10634
*1934
55
3134
2634
20
20
1946
♦Hungarian Land M lust 734s. 1961 M N
♦Sinking fund 734s ser B
1961 IVI N
5
29
9334
1934
2534
2034
*1634
*10534
1954
28
2334
98
*20
2034
♦4s of 1904
2934
2634
3434
3734
3134
2834
97
1968
♦Hungary (Kingdom of) 734s.. 1944
26
2634
A
Haiti (Republic) s f 6s ser A...
♦7s unmatured coupon on
3034
"36
36
1968 F
External sink fund 5s
2834
*2834
_____.1964
9634
J
18234
16934 17734
3934
40
o
19
29
9934
10134
o
174
25
9934
15 1938 A
167
'41
17934
172 34
16
9934
15 1960 A
17534
151
$634
A
15 1960 J
27
34 183
2634
71
S
18
149
164
2634
27
1950 M
10434
6
34
2934
11334
3834
101
20
2934
83
11134 115
10
4134 7034
93
9734
10534 10834
165
16334
174
17834
70
13
1634
10534 109
10134
20
16434
4
10634
101
D
1965
1949 AO
..1949
♦534s unstamped
10834
101
2134
20
♦534s of 1930 stamped
10834
11334
♦Extl sinking fund 6s.-Sept 1961 M S
♦External sinking fund 6s... 1962 M S
♦External sinking fund 6s... 1963 M N
♦Chile Mtge Bank 6J4s
1957 J D
s
4
D
11334
♦Extl sinking fund 6s...Feb 1961
s
95
95
10634
*153
10834
♦Chile (Rep)—Extl s
1942 M N
♦External sinking fund 6s..-I960 A O
♦Ry ref extl
7
95
O
1960 A
Aug 15 1945 F
♦Carlsbad (City) s f 8s
s
1
67
M
1961 J
5s.
♦Farm Loan 6s
23
66
66
1952 M N
Canada (Dom of) 30-yr 4s
♦Farm Loan
6534
23
71
98
6634
*7034
6934
1975
83
*80
A
1976 A
82 >4
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 34s May coup offl968 M N
♦Guar
2434
107
2934
1976 F
1984 J
66
9454 10034
2934
♦Buenos Aires (Prov) extl 6s.__1961 M s
♦6s stamped
1961 M s
♦External s f 634s
1961 F A
♦6 34s stamped
30
96
1
D
Buenos Aires (City) 634s B-2..1955 J
External s f 6s ser C-2
1960 A
0634
10134
9734 10034
9734 10034
100
1958 F A
1950 J D
f 6s._.
24
1
116
"10734
D
Budapest (City of)—
♦6s July 1 1935 coupon on... 1962 J
External
6534
N
2234
100
100
External
O
14
9734 10034
9734 10034
9734 10034
9734 10034
♦Bavaria (Free State) 634s
Belgium 25-yr extl 634s
6134
6134
1
45
10
9534
67
7
35
100
96
8
3334
1U0
f 7s
4834
7134
68
6834
3034
6834
6534
65
24
9534 10134
100
s
9934
37
2534
2
100 *8
(Govt)
9334
3934
3134
10034
10034
External g 4 34s of 1928.
9834
,10534
2134
10034
10034
Austrian
9934
102
98
10434 10634
10034 102 34
27
2334
10034
F
24
101
10534
10134
67
♦7s unstamped
German Prov & Communal Bks
1955 J
3
100
33
10
1962
10134
3734
6034
9834 10534
12
100
96 34
100
386
24
734
Australia 30-year 5s
External 5s of 1927
92
"4
5534
2534
854
F
9934
101
10534
O
1965 J
834
.1961
5
*36
1949 J
1949
7s unstamped
7s 3d series. 1957 A
Sanitary Works
34%
9934 103
9954 10034
3
10034
1954
20
2034
23
10134
9934
♦German Rep extl 7s stamped.
1926
100
52
9934
27
High
German Govt International—
10
f 6s (State Ry)._.1960 M
9934
J
100
1941
734s unstamped
External 7s stamped
10
f 6s of May
29J4
1956 M
734
A
2934
9934
French Republic 7 34s stamped-1941 J
8
69 of Oct 1925.. 1959
8034
73
♦Frankfort (City of) s f 634s.-.1953 M N
2
Extl
0
2134
98
10034
1134
734
8
1134
1134
834
1134
734
4
1957 M S
Extl 6s
21
9
f 6s series A
s
1945
834
f
9934
97
7034
9434
7134
10534
1967
1034
s
8834
9
98
9334
73
10034
1948
834
s
s
El Salvador 8s ctfs of dep
834
External
9234
20
97
9434
*9634
1962
6s...1932
§*Stamped extd to Sept 1 1935— M
Dominican Rep Cust Ad 534S--1942 M
1st ser 534s of 1926
1940 A
2d series sink fund 534s
1940 A
♦Dresden (City) external 7s.__1945 M
1034
External
26
Low
Deutsche Bk Am part ctf
1957 A
sec s f
6
97
53 54
1955
f 7s 2d series. 1957 A
s
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s...I960 A
Argentine 6s of June 1925
1959 J
External
External gold 534 s
17
1734
1734
1934
10034
1951
1952
1942
Sinking fund 8s ser B
2
22
1934
1949
Denmark 20-year extl 6s
No.
1934
1934
*1934
100
Sinking fund 534 s
Jan 15 1953
♦Public wks 5 34s.. .June 30 1945
Czechoslovakia (Rep of) 8s
Since
Jan. 1
High
Low
1949
External sink fund 6 34s
1834
*1834
_
♦External
♦External
100.17103.7
111
101.15
♦External
♦External sec
J
1944
External loan 434 s
Range
Asked
2934
J
♦7s Nov 1 1936 coupon on...1951
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
&
99.16 101.29
18
A
1948 A O
1963 M N
♦Anttoquia (Dept) coll 7s A...1945 J
J
_
Argentina 7s._1942
Costa Rica (Republic of)—
Estonia (Republic of) 7s
Finland (Republic) ext 6s
1942-1944
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F
102.23
101.15 3334
Bid
♦Colombia Mtge Bank
External g 4 34s._--.Apr 15
104.11
Mar 15 1944-1964 M S
May 15 1944-1949 M N 102.26 102.26
334s
Price
102.20104.30
111
D
J
106.17108.20
42
Range or
Friday's
Sale
25
113.3
118.8
Week's
Last
-2
104.15 1206
112.31 112.30
Treasury 334s._.June 15 1940-1943
3
Foreign Govt. & Mun. (Concl.)
634s.-.1947 A O
♦Sinking fund 7s of 1926....1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25-year gold 434s
1953 M N
115.3
105.24108.11
Sept 15 1951-1955 M S 104.10 104.8
D 105.11 105.9
June 15 1946-1948
Treasury 234s... Mar
Low
65
Treasury 3s
Apr
No.
40
Mar 15 1946-1958
Treasury 334s...June 15 1943-1947
Treasury 334 s
Week Ended June 19
117.27
Dec
Treasury 334s---Dec
Treasury 314 s
Jan. 1
S3
<»
108.6
108
Treasury 4s
Treasury 354 s
Treasury 334s
N. Y. STOCK EXCHANGE
107.31
117.25 117.24
Treasury 3 34 s.. .Mar
BONDS
Since
Asked
Low
15 1947-1952
15 1943-1945
15 1944-1954
Treasury 3s
transactions of the week, and when selling outside of the
Range
I 53
High
Bid
Government
Treasury 434s...Oct
Treasury 334s.-_Oct
unless they are the only
Friday
Range or
Friday's
Sale
8.«
June 20,1936
No account is taken of such sales in computing the range/for the year.
Week's
Friday
BONDS
STOCK
U.
Y. 1-1793
changed and prices are now "and interest"—except for income and defaulted bonds
regular weekly range are shown in a footnote in the week in which they occur.
Y.
N.
New York Stock Exchange- Bond Record, Friday, Weekly and Yearly
4140
N.
TWX,
68
10
19
1634
1634
8034
7434
79
34
70
7334
20
20
11
6134
7434 11134
96
6034
^Porto Alegre (City of)—
♦8s June coupon off
♦7 34s July coupon off
Prague (Greater City) 734s
1961 J
1966 J
1952
M N
1934
1734
*9934
1734
101
1
16
22
15
1934
9934 10134
For footnotes see page 4145.
3b,
New York Bond
Volume 142
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 19
II
sft.
&Mun,c-1Concl.)
♦P^°r!,9^GovtPrussia (Free
f 6s
s
M
Queensland (State) extl
s
O
f 7s. .1941 A
F
A
...1947
A
Rio de Janeiro
(City of)—
1946 A
O
F
A
A
O
tmJr?a ^ug
couPon off
1953
RI° Grande do Sul
(State of)—
rpr11 coupon off
J
D
coupon off
1967
J
♦<3fl«rhiUS^st
coupon off
,o^s
O
"74"
IVI N
18
18
28%
8
109
112%
110%
1
109
111
25%
13
112%
2
18%
25%
21
15
16%
32
14
11
16
Austin & N W lst gu
g 5s...-.1941 J
16
11
10
17
8
74
193
115
*110
coupon off.. 1957 IVI N
18
5
15%
16
16
16
1936
J
1945
g fund e 6^3
1946
♦»o xrroat? & Slovenes (Kingdom)
♦vf ^°V J 1935 coupon on.. 1962
S1!pIi<wpV 1935 coupon
♦inS £ov of> extl 7s
on..1962
O
J
26%
6
22
21
22
6
25%
32%
26
26%
23%
24%
24%
52%
23%
J
D
50%
F
A
29
*33
18%
16
8
89
40
coupon off
44
150
tmS Sltyis 1 SHS..:,::::I955
Tokvn rSeCc ?W 8 f 5 Hs-.... 1971
lokyo City 5s loan of 1912
1952
®f 5^3 guar..
TrnnrtM
♦
Uruguay (Republic)
♦External
s
F
J
A
92%
103%
103%
J
*75
M S
A
O
*60
"75%
103%
50
18
1
101%
M N
50
50
gJ5tSSuS-;:;}|g-
RAILROAD
extl 6s
F
1961 J
,,
9
79%
♦Debentures
■nUnJLxpr®S3 coll tr
_PtrUst
i
Ala rt
,
g
4s of 1907.
1947 J
Sou 1st
cons A 5s
ser
1943
B__________..i943
6s" 1948
♦JaajL?erfor Wrap
aihJs
1948
LEleiC C°- ext 7s------1952
43t cons 4s
.
4s
Pap
^arr assented
a
1948
1946
1944
1949
1950
^WhU8q ist^ar3Ha
rnSDy Corp coll tr 5s
/°nv5!
ii stamped
5s & c°nv 5s
♦rnii
♦
.
iQ5n
.
4S---"-1998
lst gU
AUee-h
A
D
47%
D
O
J
55
46
O
106%
72
O
A
D
O
89%
A 0
68
67
51
Mfg
conv
♦AJplne-Montan Steel
Am
?
&
p
7s
1955 M
94%
71%
78
89
Stmp
Foreign Pow deb 5s
inntrnaL?.?rp
ling Mill
Am
Am Ro
1949 M N
c°uv 5%s._1949 J
conv
s
deb
S
1953 J D
5%s
Telep & Teleg coll
35-year
2030 M
S f deb 53
Am^r ra£
4%s.l945 M
tr 5s...1946 J
f deb 5s.
1960 J
J
S
D
52%
100%
101%
135%
94%
102%
78
80
77
F
70
97
101
72
69%
112%
53
55
70
,
168
78
393
24
21
9
136
288
6
113%
22
1975 m N
60
101
97
75
60
68
20%
21%
"26"
.19%
20%
12
19%
19%
20
12
F
A
A
O
of $435 pt red
S
J
105%
105%
115%
102
109%
75
113%
61
112
113%
68
J
1053,6
104%
105%
*103332
69%
113%
38
109% 119%
113%
113%
113%
41
112
84
107% 117
114
115%
109%
109%
1
1944 M S
y«rL5? conv coll trust
i ♦Am Writing Paper lst
Certificates
of
114
6s.
g
.
1947 J
♦Anglo-Chilean Nitrate 7s
♦Ctfs of deposit..
D" Arbor l3t
8 4s
36
37
36
,
1945 M N
104%
29
11111995
(Del)
Armstrong Cork deb 4s
Atch Top & S Fe—Gen g 4s
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
Conv g 4s
issue of 1910
4%s
Rocky Mtn Div lst 4s
Conv deb
Q
"j
1964 M
S
1939 J
D
1955 F A
1950 j
139
29
28
11
105
52
29
"l9
70%
71%
"l04%
104%
"53
97%
178
70%
*102%
104%
97%
97%
103
63
105%
105
106
1995 A O
...1995 Nov
115%
114%
115%
225
110%
110
110%
4
1995 m N
111
D
108%
110%
108%
111%
108%
12
1955 J
..1955 J
D
108%
108%
108%
1960 J
D
106
106
1948 J
D
1965 i
111%
J
J
111
111%
*106%
112%
107
1
10
1
44
....
112%
13
1938 J
J
*106%
1944 J
j
121
J
110
103
103%
""78%
21
108%
103%
76%
59%
O
1945 M N
"97%
3
21
21%
57
59%
51
58%
97%
105%
105%
1940 J
J
104%
13%
59
7
97%
T.l.phon« HAnov.r 2-7900
Private
90
92% 101%
1
2
105% 107%
103% 105%
13%
1
114%
7
"120%
114%
118%
114%
J
52
118%
12
120
6
113%
120%
D
118%
118
118%
17
A
116%
116
19
M
S
115%
115%
116%
116%
J
J
J
J
A
"95%
126%
95%
103%
115%
107%
104%
107%
104%
D
108
127
D
*109%
1950 M N
1981 J
D
107%
*81%
J
D
1
8
6
95%
16
116
20
108%
20
104%
33
9%
17%
111% 118%
108% 114%
113% 118%
120%
115% 120%
115
112% 118%
110% 116%
110% 116%
122% 127%
436
104%
*48
54%
96
102%
113%
105%
100%
105
116%
108%
104%
110
54%
106% 108%
108% 110%
107%
102% 108
108
*26%
86%
73
90
27
30
36%
5
52
26%
69
24
36%
13
14
13
12%
20
13
A
14%
28
12
20
67
26%
67
24
68
D
*21
24%
23
29
J
20
20
20
24
J
*5
18
15
23
♦Mobile Div lst g 5s
J
1946 J
Cent Hud G & E lst & ref 3%s.l965 M S
Cent 111 Elec & Gas lst 5s.__.1951 F A
*20
24,
28
{♦Cent New Engl lst
104
107%
103%
24%
107%
104
J
J
57
57
59
43%
J
98%
97
99
97
1987 J
J
88%
89
87
4s—-1961
General/ 4s
—
A.
New York Curb Exchange
-
-
T.
&
T.
105% 107%
99% 104
1987 J
gu
Central N J gen g 5s
Members
—
67
8
Vilas & Hickey
—
68%
56
104%
F
♦Chatt Div pur money g 4s. .1951 J
♦Mac & Nor Div lst g 5s
1946 J
♦Mid Ga & Atl Div pur m 5s. 1947 J
29
80%
48%
105%
120%
120%
Nov 1945 F
104%
65%
84%
19%
30%
104%
13%
J
1948
108% 111
20
"~l6
J
w w
14
21
.
86%
D
.
108
103
113%
1937 M N
O
1
10
86
O
J
103%
109%
103%
78%
103%
109%
BROKERS
-
105%
106%
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
104
105
105% 110
York Stock Exchange
"28
95%
119% 122
124% 128%
108
For footnotes see page 4145.
New
5
85
115
5
*18%
♦Consol gold 5s.
1945 M N
♦Ref & gen 5%s series B....1959 A O
♦Ref & gen 5s series C
1959 A O
118%
BOND
75
109
3
1960 J
1949 J
4s
5s
69
10
29
109%
Dec 1 1954 J
g
104% 108
105% 107%
103%2 106
106
'115%
.
1
10
128%
104%
25
100%
105% 108%
79%
92
114%
88
2
106
A
J
{♦CeDtral of Ga lst
103% 106%
.V 1st 30-year 5s series B
31%
26%
26%
109%
....1944 J
equip trust ctfs..
guar g
4
....
104%
109%
1946 M S
Cart & Ad lst gu g 4s
114
1944 J
trust 4 %s
Carriers & Gen Corp deb 5s
105% 107%
110% 113%
110% 113%
118
1960 A
.
June 15 1955 J
♦Cent Branch U P lst g 4s
109
*118
15
F
104%
1053,6
113%
120%
*127%
Caro Clinch & O lst 5s....
1938 J
lst & cons g 6s ser A..Dec 15 1952 J
102% 107
109
20%
18%
17%
'/
5s A
Coll trust gold 5s
Collateral trust 4%s
103
105
1950
J
{♦Car Cent 1st
103% 105%
94%
98%
105
106%
110% 115%
104% 113%
104% 113%
106% 109
S
109%
D
1957 M N
7s ctfs
cons gu
Guar, gold 4%s
49
32%
32%
48%
99% 105
23%
30%
26%
27%
70%
84%
D
109%
1950 J
98%
1053,
92
114%
1945 M N
5s
O
5s
1962 M
109%
A
O
118%
1946 J
113%
J
1950 F
1942 A
Coll
Atl Knox & Nor lst g 5s
Atl & Charl A L lst 4 %s A
112%
1941 J
1962 A
111
97
96
j
Trans-Con Short L lst 4s___1958 J
Cal-Ariz lst & ref 4 Ms A
23
36
36
104%
*28%
Ark & Mem Bridge & Ter 5s
Armour & Co (111) lst 4 %s
lst M s f 4s ser B
J
O
gtd 5s. 1941 M N
con
Guaranteed gold 4%s.._._.1956
Guaranteed gold 4%s._Sept 1951
Canadian Northern deb 6%s
1946
Canadian Pac Ry 4% deb stk perpet
114%
102
deposit
Anaconda Cop Min s f deb
4%s 1950 A
23
J
Canadian Nat guar
4%s..
1957
Guaranteed gold 5s
July 1969
Guaranteed gold 5s
Oct 1969 A
Guaranteed gold 5s
1970 F
112% 115
113
7
7
98%
1949
J
♦Camaguey Sugar
108%
112%
113%
112%
'j
*15
1941
D
Canada Sou
94
73
1968
79
93%
73
75
1952
83%
43
71%
O
1961 A
1949
66%
43
12
78%
Hotels lst 7s. 1934
as to pay
66
111% 117%
101% 106%
112
134%
107% 110%
30
102% 106%
109% 110
106
Bush Term
Bldgs 5s gu tax ex.
By-Prod Coke lst 5%s A
Cal G & E
Corp unf & ref 5s
Cal Pack conv deb 5s
104
33
79
♦Certificates of deposit.-------{♦Bush Terminal lst 4s
1952 A
♦Consol 5s.
..1955 J
100%
108% 110%
99% 101%
118% 143%
103
45"
29
80
Bruns & West lst
gu g 4s
90
114
114%
105%
;
32%
20%
79%
78%
Consol 4 %s
1957 IVI N
§ {*Burl C R & Nor lst & coll 5s 1934 A O
109%
109%
105%
33
23%
22%
79
1967 M S
1st lien & ref 5s series B
Brown Shoe s f deb
3%s
Amer Water Works &
Electric—
Deb g 6s series A
5
9
*30
121%
129%
9^
24
23%
*109%
Buffalo Gen Elec 4%s ser B...1981 F A
Buff Roch & Pitts
gen g 5s
1937 M S
114
113%
♦
105%
81
90%
20
24~"
24
24
97%
95%
48%
36%
125
....
23%
*23%
lst lien & ref 6s
series A....1947 IVI N
104%
87%
119
16
129%
76
194
43
128%
58
121
..1955 IVI N
Debenture gold 5s—
73
38
112%
*
"24"
1950
g
73 ;
53
105%
J
80%
113% 116%
103% 109%
109% 118
75
68%
100% 101%
101% 101%
98% 100%
120%
*103%
1944
Bklyn Union El lst g 5s
Bklyn Un Gas lst cons
109
110%
103% 107%
101
95%
89%
110%
101
20-year sinking fund 5%s.__1943 M N
Convertible debenture 4 %s._ 1939 J
J
Debenture 5s—
1965 F A
Am Type Founders conv
deblll950 J J
*
129
1955
1st 5s stamped
40
101%
120%
1960
Brooklyn City RR lst 5s
Bklyn Edison Inc gen 5s A
102
4
♦92%
112%
97
'
132%
135%
40%
101%
O
§*{Bowman-BIlt
89%
74
J
1951 A
§{*Botany Cods Mills 6%s—1934
♦Certificates of deposit
45%
D
1948
6s
lst M 5s series II
1st g
4%s ser JJ
•.
1
101
S
S?gar 6s ext t0 Feb 1 1940 F A
Amer I G ok
Chem conv
Am
deb 4s 1945 M N
90
7
62%
f
15
73
110%
gen guar B 4a
1942 M S
A
lr^reS Corp deb 4%8.__1950 A O "i0l"%
Ains-Chalmers
90
,
J
1:♦Boston & N Y Air Line lst 4s 1955
106% |
70%
48%
100
a
98
74
5
51
70%
*103%
92%
86%
100%
94%
105
105
88
230
86
74%
37%
12
99%
72
*70
A
F
J
A
92
114%
100%
74%
61%
111%
51
40
47%
100%
98%
71%
*110%
D
A
"73
D
J
-
166
111%
37%
15
79%
100
.
S
75
108%
84%
100%
99%
368
cons
Bklyn Qu Co & Sub
J
107%
103% 104
102% 108
75
.1951
Bklyn-Manh R T sec 6s A
15-year sec 6s, series A..
M
104% 106%
72
113/
100% 104%
85%
5
Boston & Maine lst 5s A C
102
100
industrial
l3t 53.1953
57%
73
108%
Big Sandy lst 4s
Bing & Bing deb 6%s
COMPANIES
Adl^i?1 P°W & Paper
14
108%
Gen mtge 5s series
E.i
and
73
84%
85
♦Berlin Elec El &
Underg 6%s.l956
Beth Steel cons M
4%s ser D..1960
76%
1
91%
52%
79%
53
D
47%
74%
3%s--1943
♦Berlin City Elec Co deb 6
%s—1951
♦Deb sinking fund
6%s
1959
73%
56
91%
A
51
98
..1951
51%
■
Yokohama (City)
17
103%
103%
2
39%
*62%
M N
19
122
116%
46
51
O
160
1943
19
51'
A
40%
33%
61
103 '
21
84%
116%
53%
48%
1964
96
High
95% 100%
88%
81%
89%;
95%
99%
76
85
F......1996
135
51%
50
7"s:;i952
97%
1960
Belvidere Delaware
51%
166
68%
73
i960 M N
BaUk
107%
v 86%
113%
96%
103%
97%
ser
24
104%
103%
Bell Telep of Pa 5s
series B
lst & ref 5s series
C._
93%
100% 104%
83
73%
75%
101%
A
104%
107%
103%
4 %s
7
15
78
104%
.
103%
1936 J
91
93
77%
-
75
M N
extl 8s..l946 F
f 6s
External sf6s
\r
1961
J m (City) 1st 5%s—.1957
rtrf
FA
74
♦104
Battle Creek & Stur lst
gu 3S..1989 J
Beech Creek lst
gu g 4s
...1936 J
2d guar g 5s_.
75
33
....
M N
1946
104%
104
9
29
71%
104%
113%
Beech Creek ext lst
g 3%s
of)—
Peb
„
70
104
28
Low
29%
23%
50%
*
M N
71%
104%
96%
Con ref 4s_
4s stamped
35
25%
47
86%
Bangor & Aroostook lst 5s
90%
25%
D
1958
14
81%
46
113%
Ref & gen M 5s
23%
25%
46
Sys ref 4s... 1941 M N
Southwest Div lst 3%-5s.-..1950 J
J
Tol & Cin Div lst ref
4s A
1959
Ref & gen 5s series D
2000
29%
15%
23
D
19%
32
15%
87%
88%
M N
qS!n^Dd0Wners As3n 6S..1947
RtvH
?JClty 0I)
1936
Styrla (Province extl 6a
4
18
52%
170
85%
D
14%
16%
98
51%
O
23
99
97%
....1995 J
27
No
85
1940 IVI N
P L E & W Va
17%
High
96%
,79%
52
July 1948 A
lst gold 5s
Ref & gen 6s series C
22%
'
Jan. 1
77%
106%
85%
28%
Since
Asked
96
1940
—July 1948 A O
Refund & gen 5s series A. ..1995 J
21%
20%
18%
.....
D
J
♦Rmlftat»e Mtge Inst 73
25%
J
1940 A
Sorhf ^
26%
&
79%
85%
97%
74
J
Range
Friday's
Bid
96%
1939
{Baldwin Loco Works lst 5s
5s assented..
Bait & Ohio lst
g 4s
Conv
f 7s
.1937
v..
25
30
18
:.
IVI N
25%
14
17%
14%
21
15
20%
54%
74
112
122%
22%
26%
*20
1
1952
i1 63 July coupon off. 1968
a
38
24
17%
Range or
Sale
Price
Low
Atl Coast Line lst cons 4s
July 1952 M S
General unified 4 %s A
1964 J D
L & N coll
gold 4s.
Oct 1952 MN
10-yr coll tr 5s
May 1 1945 M N
Atl & Dan lst
g 4s.—----1948 J
J
2d 4s
1948
Atl Gulf & W I SS col
tr 5s—-1959
.29%
23
Week's
Last
o
jS
High
25
21
*24%
External 8s July
coupon off.1950
External 7s Sept coupon offl956 M S
s
Low
21%
Atlantic Refining deb 5s
Auburn Auto conv deb
15%
16%
16%
63%
1953
San Paujo
(state of)§ 8si July
coupon off
♦Secured
""l6~
1959
Bwftuto (city of Brazil)—
♦PvJf«^COUpoD °«-
No
K
15%
D
A
(City) extl 6%s.,_
1952
(Clty) extl 63
i964
Roumania (Kingdom of
Monopolies)
4141
8
Week Ended June 19
23
"ie"
1966 M N
coupon off
♦Saarbruecken (City) 6s
High
18%
BONDS
N. Y. STOCK EXCHANGE
Since
Jan. 1
Asked
4%s
.1946
1968
coupon off
May
•Drsl
21
1950 M S
couPOD off
&
20%
20%
111%
110%
25%
O
»rii.,year external 6s
Rhine-Main-Danube 7s
♦5! VtUe
7s
S
1952 A
Range
Friday's
Bid
Low
State) extl6%s.l951
♦External
2
Friday
Range or
Sale
Price
Record—Continued—Page
Week's
Friday
-
T.l.typ.
NEW YORK
NY 1-911
Wires to Chicago, Indianapolis and St. Louis
\
77%
103%
93%
New York Bond Record—Continued—Page 3
4142
June 20,
3*o
BONDS
N. Y. STOCK EXCHANGE
cjBennett tyros. & Johnson
"If
r
{Members
f
York Curb dxchang«
1st
s
Y,
133 So.
T>Igby 4-5200
Connection$
*3^. T. 1-761 A- Pell System Teletype
A
D
82
5s. .1943
A
1043*
703*
7434
Debenture 5s
Randolph 7711
Apr 15 1952
Debenture 5s
La Salle St.
Jan 15 1961
J
1948
O
O
A
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
1955
A
Comm'l Invest Tr deb 534s
Cgo. 543
Friday
7134
10434
10434
1043*
*11234
*1103*
1103*
1103*
N. Y. STOCK EXCHANGE
Range or
Sale
Week Ended June 19
1053*
Bid
A
1949
A
1943
O
1951
J
J
Range
is
Asked
Since
s ®
Jan. 1
fiQ&a
1949 F
Through Short L 1st
gu
4s
A
1954 A
Cert Pac 1st ref gu g 4s_.
O
Guaranteed g 6s
1960 F A
CeDt RR A Bkg of Ga coll 5s—1937 M N
Central Steel 1st g s f 8s
1941 M N
1948 M
Certaln-teed Prod 534s A
1103*
High
1093*
1103*
No.
88
10334 1103*
♦Debenture 4s
1955
J
102
108
♦Debenture 4s
1955
100
1956
88
282
1193*
11134
6
9
35
19
119«*
150
11034
11134
36
126
12634
18
11034
111
10
11034
11034
General gold 434s
Ref & lmpt 434s
1939 IVI N
1992 M S
O
1993
Ref & lmpt 4 34s ser B
1995
J
1940
J
Potts Creek Branch 1st 4s—1946
R A A Dlv 1st con g 4s
1989
J
*109
J
*115
1989
J
*112
1941 M
S
con
5s
g
Craig Valley 1st 6s_.May
2d consol gold 4s
Warm Spring V 1st g 5s
Chic & Alton RR ref g 3s
1949
Chic Burl A Q—111 Dlv 334S-1949
3
1
1103*
1103*
90
100
10234 106
11534 137
11034
1103*
138
139
110
41
5534
10434 10854
1083* 113
1075* 11354
1977
1073*
11134
11234
11334
11334
11354
52
10654 114
116
116
117
26
112
*96
97
82
97
19
"37
14
23
18
28
14
213*
1949
1958
...
1st A ref 434s ser B
1st A ref 5s ser A
§ {Chicago A East 111 1st 6s
{♦C A E 111 Ry (new Co) gen 5s
♦Certificates of deposit
1934
1951 M N
_
Chicago A Erie 1st gold 5s
Ch G L A Coke 1st gu g 5s
{♦Chicago Great West 1st 4s.
1982 IVI N
1937 J
{♦Chic Ind A Loulsv ref 6s....1947 J
♦Refunding g 5s ser B
1.1947 J
♦Refunding 4s series C
1947 J
J
♦Chic M A St P gen 4s ser A... 1989
♦Gen g 334s ser B May 1
1989
J
♦Gen 434s series C-.May 1..1989
♦Gen 434s series E-.May 1..1989
♦Gen 43*s series F-.May 1..1989
J
12034
10434
3334
"4534
453*
4534
"4534
455*
6
2334
9
2434
11
12034
233*
*10034
1987 M N
4
*11034
5634
111
58
121
4634
6534
52
5234
26
43
5834
59
"59"
6134
15
18
4734
475*
4934
1734
68
61
63 ;
♦43*8 stamped
{♦Secured g 63*8
10434 10534
2634 393*
49
283*
29
483*
2834 46 34
28
153*
29
1634
925* 1023*
1113* 1115*
10134
60
♦Gen 58 stpd Fed lnc tax
116
5
778
46
J
1987 M N
8
36
23
2434
1175*
105
e
J
Stpd 4s nor-p Fed lnc tax 1987 M N
♦Gen 43*s stpd Fed lnc tax. .1987 M N
7
8
""3534
J
{♦Chic Mllw St P A Pac 5s A.. 1975
A
♦Conv adj 6s
.Jan. 1.2000
O
{♦Chic A No West geng 3 34s..1987 M N
10
11134
,
1734
163*
12034
J
J
♦1st A gen 5s series A
..1966 M N
♦1st A gen 6s series B.May__1966 J
J
Chic Ird A Sou 50-year 4s
J
1956 J
Chic L S A East 1st 4 34s
1969 J D
♦General 4s
""183*
J
1959 M S
__
108
1125*
11134
112
:
375*
6354
2254
854
4034
40
4154
41
21
41
205*
75*
8
"ilk
41
4
648
39
4234
"47
43
6134
2034
20
205*
51
17
27
193*
185*
1834
20
53
16
2534
20
58
16
2554
May 1 2037 J
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F
{♦Chic R IA P Ry gen 4s
1988 J
♦Certificates of deposit
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 43*s series A
♦Certificates of deposit
♦Conv g 43*s
"4834
'4534
"1434"
1434
14
A
377
763*
1034
17
.1934 AO
1952 M
S
1960 M N
70
80
3354
35
109
3234
4634
3254
33
46
3154
4334
193*
96
15
2034
17
32
135*
193*
1954
175*
155*
183*
195*
61
18
J
1634
18
21
1534
1434
22 34
205*
*7434
35
"is"
934
Ch St L A N O 5s
June 16 1951 J
D
85*
11034
Gold 334s.;
June 16 1951 J
D
95*
1113*
51
7
1134
*90
Memphis Dlv 1st g 4s
Chic T H A So East 1st 5s
lnc gu 5s
Deo 1
1951 J
D
87
1960 J
D
1960 M
S
7934
87
9134
1st 6s series B
1963 J
J
1944 J
1944 J
s
Cuba RR 1st 5s g
1st ref 7 34s series A
1053*
10534
39
102
102
1950 MN
S
D
J
J
1936 J
D
1936 J
D
1937 J
J
1960 A
,.1952
...
J
1952 J
J
1st A ref 634s series C
Chllds Co deb 5s
5734
61
105
105
105
1
105
108
107
1
1105*
1113*
10334
""23
1063!6
*10515,6 10634
80
833*
92
1065* 109
10534 1083*
10834 112
9934 1055*
105i5,6108
1943 A
O
Chile Copper Co deb 5s
{♦Choc Okla A Gulf cons 5s
Cln G A E 1st M 4s A
1947 J
J
"161
10234
40
*
1968 A
Cln H A D 2d gold 4348.......1937 J
C I St L A C 1st g 4s
Aug 2 1936 Q
1st mtge 6s series B
1st guar 5s series C
Clearfield A Mah 1st gu 4s
Cleve Cln Chi A St L gen 4s
General 6s serial B
Ref A lmpt 6s ser C
Ref A lmpt 6s ser D
Ref A lmpt 43*s ser E
Cairo Dlv 1st gold 4s
O
2020 J
J
2020 J
J
1957 IVI N
J
1993
102
*
"l02k
°
102
k
*1063*
10734
10734
11034
11034
1045*
1045*
1023*
-
10734
10754
11034
1045*
•103
*1045*
10134
10034
9334
925*
1977
O
O
J
1948 MN
1950 A
F
Gen 43*s ser A.
...1977 F
Gen A ref mtg 4 3*s ser B
1981 J
Cleve Short Line 1st gu 43*s..l961 A
105k
10534
9634
9954
10534
""97""
10134
94
100
J
O
73
108
865*
10034 1033*
35
47
10134 106
10134 10334
10054 102
106
10634
10734 11034
10734 HI
1103* 113
104
1045*
965* 10434
11134 11834
10334 10534
89.
785*
105
10134
95
10634
9334 10034
96
1043*
104
*1043*
1073*
110
104
*100
9434 10134
10154 1073*
10854 1113*
1073*
110
1073*
11034
*11254
1113* 1113*
*10434
*11254
*10654
*10654
1113* 113
A
guar
106
""l6
103
*119
1963
33
4434
*100
1025*
1941
Cleve A Pgh gen gu 43*s ser B.1942 A
Series B 334 a guar
1942 A
Series A 43*8 guar.
1942 J
guar
102
1993
Cleve-Cllffs Iron 1st mtge 43*s. 1950 M N
Cleve Elec Ilium 1st M 33*s... 1965 J
J
33*s
Series D 334s
""8134
F
1942 MN
1943 J
10534
1035*
10354
10515i6 10515,6
J
.1939
Cln Wabash A M Dlv 1st 4s. 1991
St L Dlv 1st coll tr g 4s
1990 M N
Spr A Col Dlv 1st g 48.1
1940 M S
W W Val Dlv 1st g 4s
J
1940 J
Series C
1105*
1952 IVI N
104
10634
2
102
1033*
6534
59J4
69
5534
58
45
493*
683*
16
67
493*
4634
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1023*
10534
M N
J
8234
1013*
1053*
J
J
103
J
J
IVI N
J
7534
7034
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18
10234
10634
83
8234
10434 10634
125
7834
10134
10134
13
98
1053*
10234
1063*
6
103
2
1063*
10034 105
105
*10534
106"
*1103*
1103*
106"
♦Second gold 4s
10634
1073*
323*
333*
3334
55
30
38
323*
2
3134
16
1734
24
1334
3834
203*
77
13
2034
112
23
J
33
J
A
173*
1534
173*
28
2534
28
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2
434
6934
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S
A
3
11634
116
11634
10
1083*
11034
10934
25
11134
15
11134
*3534
D
*25
1163*
*10234
105
68
1073*
*183*
*183*
*10934
East Ry Minn Nor Dlv 1st 4s. .1948 A
O
East T Va A Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons
g 5s
1939 J
J
10734
1995 J
J
35
Elglr Jollet A East 1st g 5s
1941 IVI N
*11234
El Paso A S W 1st 5s
58 stamped
1965
1163*
1023*
1053*
683*
1073*
1934
9
1965 A
O
10934
1093*
109
1940
2
•
5
26
....
1095*
10734
10
5
mm**-
113
'
'
m
110
~
14
*107
10434
855*
1951
1953
85
1953
1975 A
1955 J
1957 J
O
'79k
79
J
_
68
88
10634
1234
Ernesto Breda 7s
Federal Light A Tr 1st 5s
iosk iiok
*111
1938 IVI
..1954 F
A
1033* 111
107
110
105J4 107
9934 1053*
7734
89 34
10534 10634
7434 893*
4
75
8934
__
74
88
194
70
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460
6934
117
119
11834
1
11634 1193*
1023*
6
98
10234
*1003*
S
1023*
S
103
1942 IVI
30-year deb 6s series B
1954 J
10234
D
Flat deb
s f g 7s
{♦Fla Cent A Penln 5s
1946 J
9934
J
1943 J
J
{♦Florida East Coast 1st 4348—1959 J
1023*
10
103
78
10034
10
77
1
56
56
1
59
56
60
18
♦Certificates of deposit
Fonda Johns A Glov 434s
"sk
83*
934
44
9
1974 M S
10434
6034
103
99
77
D
♦1st A ref 5s series A
103
4254
s
86
853*
119
1123*
6
8
1942 IVI
113
1013* 110
1003* 107
10534 107
6034
1942 IVI
f 5s stamped
1st lien 6s stamped..^
s
108
1283* 131
5834
1942 IVI
5s International series
23 34
10
*103
S
723*
85
80
1947 IVI N
107
85
783*
7834
11834
5234
88
85
*11834
J
-
863*
*8134
1967 IVI N
s f 6s
N Y A Erie RR ext 1st 4s
3d mtge 4 34s
-
105
843*
....1963
4s series D
853*
*1063*
105
1073* 1083*
1634
2lk
10434 10434
20
*107
1534
11234 U65*
10234 105
*10734
1940
Erie RR 1st cons g 4s 4s
prior.. 1996
1st corsol gen lien g 4s
1996
35
1534
mm*
*13034
1956 MN
Penn coll trust gold 4s
Conv 4s series A
1083* 110
113
11634
10834 1103*
10834 1113*
60
5034
mmrnm
'
*25
Detroit Term A Tunnel 434s. .1961 IVI N
Erie A Pitts g gu 334s ser B
Series C 334s
7
71
*3534
1995
3134
66
109
10834
10534 10834
105J* 10834
4
10o34
1995 J
♦2d 4s assented
83*
93*
56
1013*
9734 103
1013* 104
95
10034
6034
77
6234
57
663*
6634
8
7
lltt
103*
1952
owner.
(Amended) 1st cons 2-4s
{{♦Proof of claim filed by
M N
*8
934
*43*
*33*
8
434
11
1982
owner
M N
♦Certificates of deposit
Fort BtUDCo 1st g 434s
1941 J
Ft W A Den C 1st
g 534s
1961 J
4
334
4
*1043*
D
*106
Framerlcan Ind Dev 20-yr 7 34s 1942 J
J
{♦Francisco Sug 1st s f 734s.-.1942 IVI N
Galv Hous A Hend 1st
534s A..1938 A O
107
107
1
80
81
29
87
8734
Gas A El of Berg Co cons
g 5s..
Gen Amer Investors deb 5s A..
Gen Cable 1st s 1534 A
♦Gen Elec (Germany) 7s Jan 15
1949 J
D
A
*10334
1947 J
J
1945 J
J
♦Sinking fund deb 634a
1940 J
D
♦20-year
1948 IVI N
—
10634
■
„
„
634
5
105
105
10634
11034
106
3634
753*
8234
903*
*120
1952 F
-
634
105
J
s
f deb 6s
Gen Pub Serv deb 534s
Gen Steel Cast 534s with
1939 J
warr. 1949 J
{{♦Gen Theatres Equip deb 6s_1940 A
♦Certificates of deposit
{♦Ga A Ala Ry 1st cons 5s
1945
{{♦Ga Caro A Nor 1st ext 6S..1934
♦Good Hope Steel A Ir sec 7s. .1945
Goodrich (B F) Co 1st 6348—1947
J
J
J
A Rub 1st 5s
Gotham Silk Hosiery deb 5s
J
J
D
1957 IVI N
-
-
ioik 104k
19
101
2
29
34
343*
13
30
3434
34
303*
34
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8034
-
1
-
—
-
-
-
-
102
10534
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104
8234
2634
44
76
98
48
19
3034
2534
2634
104
19
133*
J
O
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2534
82
"26"
A
-
3434
34
343*
O
J
10334
10534
3434
105
J
.1945 J
Conv deb 6s
Goodyear Tire
1103*
110
10634
*1063*
1995
{{♦Proof of claim filed by
903*
1623*
105
M N
1961
1st 4s assented
1st Hen
61
13
2
10834
84
102
1033* 10634
1
6634
C '62 F
ser
Genessee River 1st
3
105
96
5634
Gen A ref 5s series E
1952
Gen A ref M 4s ser F
1965
♦Detroit A Mac 1st lien g 4s... 1995
Series B
10934
10734
104
10334 104
57
5934
107
127
154
66
♦Ref A lmpt 5s ser B
Apr '78
{♦Des M A Ft Dodge 4s ctfs
1935
{♦Des Plalnes Val lstgu 434s._1947 IVI
9534
47
5
10234 103
"6634
{♦Den A R G 1st cons g 4s
1936 J
{♦Consol gold 434s
1936 J
{♦Den A R G West gen 5s..Augl955 F
♦Assented (subj to plan)
94""
107
1962 M S
1962 M S
74
-
1951 IVI N
as to Penna tax
Detroit Edison gen A ref 5s
Gen A ref 434s series D
10534
J
1942 J
1943
Gold 534a
1937
Del Power A Light 1st 434s
1971
1st A ret 43*8
....1969
1st mortgage 434s
......1969
Den Gas A El 1st A ref sf 5s...1951
conv
62
10534
f 4s
1st lien A ref 6s ser B
Cumb T A T 1st A gen 5s
Dayton PowALt 1st A ref,334s
Del A Hudson 1st A ref 4s
Gen
3134
46
103
Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
7954
105
J
1963 J
"8334
1113*
1051)6
7634
D
1st mtge 4s series D
Chic A West Indiana con 4s
1st ref 534s series A
22
105
105
J
Guaranteed g 5s.
Guaranteed 4s
Cln Leb A Nor 1st con gu 4s
Cln Union Term 1st 43*s A
"87~" '""5
905*
Chic Un Sta'n 1st gu 434s A...1963 J
10
20
55
1003* 10334
56
4834
D
-.1936 IVI N
♦1st ref g 6s
3034
37
J
♦1st A ref 43*s stpd..May 1 2037 J D
♦1st A ref 43*s ser C__May 1 2037 J
D
♦Conv 43*s series A...
1949 M N
31
20
*100
O
575*
32
1954
103 3*
101
10234
A
1937 A
56
30
20
24
-
•
2234
30
10634 10934
1033,6 106
10434
D
1937 J
38
11234
11134
1123*
1043*
10234
D
F
Duquesne Light 1st M 334s—1965 J
J
♦{East Cuba Sug 15-yr t f 7348-1937 M S
♦Ctfs of deposit
41
12
31
343*
108
1943 J
Dul Sou Shore A Atl g 5s
'"26
56
28
47
2034
46
...1946 J
warr
543*
543*
363*
10534
104
4834
34
83
1934
*2034
*203*
J
45
1053*
10334
1942 J
954
10534
9934
983*
11034
1103*
1103*
105
Donner Steel 1st ref 7s
Dul A Iron Range 1st 5s
6
3
45
42 34
K
68
6954
25
636
45
*40
"45"
1987 M N
Container Corp 1st 6s
16-year deb 5s with
♦
99
105)*
Copenhagen Telep 5s Feb 15...1954
Stamped
1
2334
107
1035,6
2034
*1013*
1033*
10434
Crown Willamette Paper 6s
1951 J
Crown Zellerbach deb 5s w W..1940 IVI
110
5334
10234
1970 MN
Cuba Nor Ry 1st 534s
503*
10734
95
6534 8534
9834 105
4834 7034
593*
8034
1043* 1043*
10734 11034
10534 108
2334
10634
47
High
10534 1103*
10034 1083*
May 1 1965 IVI N
1st mtge 334s1st mtge 3s
Crown Cork A Seal
11234 1165*
10834 1093*
"20k
Low
473*
1023*
10834
10534
11034 11334
1085* 111
1971
Illinois Division 4s
General 4s
♦Debenture 4s
Consolidation Coal s f 6s
J
r_1960
Consumers Gas of Chic gu 5S..1936
D
Consumers Power 35*s..May 11965 IVI N
11834 12634
11054 11334
.
*110
52
1213* 12634
19
111
2034
J
67
82
1143*
1033,6 1033,6
O
89
12534
9434
10534
13534
Ches & Ohio 1st
1063*
J
1
1233*
933*
10534
13234
11734
135"
{♦Consol Ry non-conv deb 4s. .1954
93
'12534
Champion Pap & Fibre deb 4 J* si 950 M S
Chesap Corp conv 5s
1947 M N
D
10-year conv coll 6s
1944 J
J
108
9934
8034
933*
High
114
*102
J
D
1957
100
108
"loo""
S
Low
13
*108
guar
Debenture 5s
Low
94
175
*1103*
434s
1951
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7S...1956
Consol Gas (N Y) deb 434s
1951
Stamped
Friday's
Price
4
165
105
1043*
,1043*
Since
Jan. 1
-
148
105
105
-
2
8234
1043*
703*
7434
67
Conn Ry A L 1st A ref 434s
Week's
Last
97
•
«
-
10434
Conn A Passum Riv 1st 4s
BONDS
23
38
10234
*110
J
No.
High
110
10734
102
1945
s f
Bonds Sold
Asked
10934
1063*
A
{{♦Col Indus 1st A coll 5s gu._1934
Colo A South 434s ser A
1980 IVI N
Columbia G A E deb 5s
May 1952 IVI N
Chicago, UL
Private Wire
o
1093*
1073*
1023*
...1938
{♦Colon Oil conv deb 6s
{♦Colo Fuel A Ir Co gen
%AILROAD -BONDS
y[ew York,
O
1977
f 434s series C
O,
1973
Range
or
Friday's
Bid
Low
1972
Coal River Ry 1st gu 4s
One Wall Street
Range
Sale
Price
Cleve Union Term gu 634s
1st s f 5s series B guar..
Exchange
|
Last
c
c
Week Ended June 19
1936
Week's
35
*2034
34 34
6
133*
29
-
-
-
-
4
35
/ 30
12
203*
20
32
30
3534
1083*
10834
14
1073* 10834
'iosk
105
10534
66
104
10434
104
10434
993*
793*
24
10534
1033* 106
wl946 IVI
S
{{♦Gould Coupler lstsf 6s
1940 F
A
Gouv A Oswegatchle 1st 5s
Gr R A I ext 1st gu g
434s
1942 J
D
*97
100
10434
1941 J
J
*108
108
110
w
99
"76"
76
48
14
1
For footnotes see page 4145.
983* 100
66
88
Volume
New York Bond Record—Continued—Page 4
142
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended June 19
Range
Sale
or
A
Since
Asked
Low
Jan. 1
Hioh
100%
95
90
95
92%
88%
99
82
81%
113
General 5%s series B
General 5s series C
1952
113%
112
1973
108%
107
General 4%s series D
General 4%s series E
1976
103%
103%
117%
104%
103%
113%
109%
103%
101
103%
116%
102%
119%
Gen mtge. 4s ser
G.
Gen mtge 4s ser H
♦Green Bay A West deb
1977
..1946
1946
93%
75
11
1942 J
81%
75%
Hackensack Water 1st 4s
♦Harpen Mining 6s
1952
5s
ser
A
1957
♦Adjustment Income 6s.Feb 1957
29%
Illinois BellTelep
3%s ser B..1970
Illinois Central 1st
gold 4s
1951
1st gold 3%s
Extended 1st gold
1st gold 3s
107%!
1951
sterling
Collateral trust gold 4s
1951
1952
Refunding 4s...
11952
77%
75%
*81
*89
1951
{♦Ind A Louisville 1st
82%
ser
♦1st 58 series B
♦1st g 6s series C
86%
90
100%
102%
64%
84%
103% 105
-100
94
87
98%
83%
85%
90%
O
99% 101%
21% 46%
106%
103
105
54%
95% |
108
103% 105%
89%
96%
87%
93%
48
50%
1932 MS
105
45%
97
95% i
97%
98% 102%
115% 141%
134%
35%
A..July 1952
47%
6a
Little Miami gen 4s series
A... 1962
Loews Ino s f deb
3%s
1948
Lombard Elec 7s ser A
1952
Long Dock Co 3%s ext to
Long Island gen gold 4s
72
1941
95% i
James Frank A Clear 1st
4s... 1969 J
Kan AM 1st gu g 4s
{♦K C Ft 8 AM Ry ref
81%,
1950
1937
101%
1949
102%| 102%
p m deb 5s
Guar ref gold 4s
LorUlard (P) Co deb 7s
102%
131%
1940
1946 F
1980 M
4%s
1945 M
South Ry Joint Monon 4s...1952 J
Atl Knoxv A Cin Dlv 4s
1955 M N|
♦Lower Austria Hydro El
6%s 1944 F
McKesson A Robblns deb
5%s.l950 M N|
|{*Manatl Sugar 1st s f 7%s_.1942 A
♦Certificates of deposit
t*Manhat Ry (N Y) cons g 4s. 1990 A
♦Certificates of deposit-..
♦2d 4s
6s
%l
93%'
...1990 A
♦Certificates of deposit
A
K C Pow A Lt 1st
mtge 4%s..l961 F
Kan City Sou 1st
gold 3s
1950 A
Ref A Impt 6s..
Apr 1950 J
Kansas City Term 1st 4s
Kansas Gas A Electric
4%s
♦Karstadt (Rudolph) 1st 6s
♦Ctfs w w stmp (par
92%
*105%
48
45
45
111
"86%
91%
1960 J
109
1980 J
105%
93%
40%
37%
46%
91
111
86%
92%
108%
104%
96%
105%
57%
63%
113%
74%
86%
92%
107
109%
102% 106%
67
109
105%
41
*22
1943 M
84 %
102
112
85%
*37
$645).. 1943
stmp (par $925)..1943
i
"48%
33
*31
♦Ctfs with warr (par
$925).. 1943
Keith (B F) Corp 1st 6s
.1946 M
Kendall Co 5%s
1948 M
93
103
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s...l961 J
103
*112
100
Stamped
1961 J
1961 J
*106%
*105%
*160%
105%
93%
103%
Kings County El L A P 5s
1937 A
Purchase money 6s...
1997 A
Kings County Elev 1st g 4s...1949 F
Kings Co Lighting 1st 5s
1954 J
First and ref 6%s
1954 J
Kinney (G R) A Co 7 % % notes 1936 J
Kresge Foundation coll tr 4s. .1945 J
{♦Kreuger A Toll cl A 5s ctfs.. 1959 N
106
100
44
58%
56%
68
Lehigh C A Nav
s f 4 %s A
1954 J
Cons sink fund 4%s ser C...1954 J
Lehigh A New Eng RR 4s A... 1965 /
Lehigh A N Y 1st gu g 4s
1945 I
106
108%
155
161
103% 108%
112% 115%
122
100
102%
104% 112
27%
41
99
99%
99
71%
66
68
70%
65
66%
*66%
101%
101%
*103%
104%
29%
28%
102%
102%
105%
63%
100
74
86
85
61
81%
68%
*97%
63%
161%
104%
104%
30
102%
102%
105%
69%
98
65
,
96
78%
36
96% i
79%
96
102
100
103
102
105
108
104%
108%
102
102%
102
*1%
23%
24
104
103%
103%
"104
103%
104%
104%
104%
95
88
82%
37%
i
94
109%
106
105
-
.
.
76
*5%
6
*3
*3%
3%
3%
-
.
.
36
32%
32%
29
40
41%
38
52
30%
32
28%
23%
18%
81%
39
27%
J
37%
32
32
J
36
32%
41%
J
J
•
95
104%
38%
70
1949 M
..1949 Wl
90
1978 J
90%
*92
1941 M
83
46%
42%
30%
93%
83
1959 J
38%
38%
36
49%
91%
84%
93
76
93
87%
59%
49%
52%
30%
27%
26%
10%
87%
75%
1962 J
73
75%
1978 J
75%
61%
32%
31%
12%
80
Jan 1967 A
61%
1965 F
32%
31%
ser A
♦General 4s
13
....1975 M
♦1st A ref 5s series F
32%
32
31%
1977 M
♦Certificates of deposit
♦1st A ref 5s series G
30%
32%
30%
10%
32%
1978 M N
♦Certificates of deposit
102%
80%
64%
80%
65
87
67%
77
101% 104
100% 104
99% 105%
21
30
98
104%
98
104%
104% 105%
67
80%
97
101%
63%
72%
60
69%
♦Conv gold 5%s
1949 M N
♦1st A ref g 5s series H
.1980 A O
♦Certificates of deposit..
11
32%
♦Certificates of deposit
1981 F
A
{♦Mobile A Ohio
gen gold 4s
27
10
27
*
11%
110%
104%
103%
12%
90%
Montecatlnl Mln A Agrlc deb 7s "37 J
Montreal Tram 1st A ref 5s
1941 J
95
87%
102
110%
104%
103%
108%
103%
95
102%
1955 A
f 5s series B
12
12
103
s
18%
90
103
Gen A ref
95
1955 A
f 5s
1964 I
*54
f 5s
......1974 I
58
60%
58
68
Gen A ref
s
f 4 %s series C
1955 A
98%
93%
99
98
100
Gen A ref
s
f 5s series D
1955 A
93%
82%
96%
26%
80
62%
36
33%
16%
35%
33%
35%
32%
12%
35%
32%
35%
33%
82
93%
14%
26"
94
"17%
108
f 5s series A
11%
159
1962 J
s
31
33
31%
-.1943 J
Gen A ref
26%
27%
26%
7%
27%
33%
109%
104%
103%
107%
Montana Power 1st 5s A
Deb 6s series A...
27
31%
33%
31
1938 M
1937 J
14%
33%
32%
*93
♦Montgomery Dlv 1st g 5s.. 1947 F
♦Ref A lmpt 4%s
1977 M
♦Sec 6% notes
1938 M
1st guar gold 5s
31%
32
-.
Mohawk A Malone 1st gu g 4s. 1991 M
Monongahela Ry 1st M 4s ser A.'60 M
Mont Cent 1st gu 6s
A
1937 J
62%
33%
*31
♦Mo Pac 3d 7b ext at 4% July..1938 M
8
|
104%
*85%
38%
90
104%
98%
67%
101%
101%
85
104 %
3%
29%
102% 104%
l09~
1962 Q
s
99
1%
23%
"24"
104
*91
*107
85
i
108
110%
100% 103
12%
18%
14
*78
1st A ref
Secured 6% gold notes
1938 J
Leh Val Harbor Term
gu 5s...1954
92
101
103%
...
1st A ref
61
78%
36%
100
103%
108%
♦1st A ref 5s series I
38%
60%
91
*13
♦Certificates of deposit
105% 106%
119
100
108%
37%
71%
93
36
1939
25-year 5%s
1st ref 5%s series B
1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
36
100
Prior lien 4 %s series D
♦Cum adjust 5s ser A
10
67%
ref s f 5s. 1944 I
1954 I
162
*99%
108%
38%
1960 F
1942 I
Coll tr 68 series B
1942 1
Lake Erie A West 1st g 6s.....1937 J
2d gold 6s
1941 J
Lake Sh A Mich So g 3%s
1997 I
♦Lautaro Nitrate Co Ltd 6s
1954 J
105%
42
44
*85%
*79%
79%
{♦Mil Spar A N W 1st gu 4s...1947 M
{♦Mllw A State Line 1st 3%s._1941 J
{♦Minn A St Louis 5s ctfs
.1934 M
{♦Mo Pac 1st A ref 5s
*115%
*119%
Laclede Gas Light ref A ext 5s. 1939 A
Coll A ref 5%s series C
1953 F
f 5s
22
59
62%
57%
*32
40-year 4s series B
115
*102
Plain
Coll A ref 6%s series D
Coll tr 6s series A
41%|
61
23
101
1971 J
M St P A SS M con g 4s lnt gu.1938
1st cons 5s
...1938
1st cons 6s gu as to lnt
.1938
1st A ref 6s series A
1946
99
102% 104%
41
96%
..1940 A
♦1st A refunding gold 4s
♦Ref A ext 50-yr 5s ser A
88
|
Mo Kan A Tex 1st gold 4s
.1990 J
Mo-K-T RR pr Hen 5s ser A... 1962 J
*34
..
~96~
103%
88
41%
62%
|{*Met West Side El (Chic) 4s. 1938 F
1939
"94% |
*93%
Mead Corp 1st 6s with
warr... 1945 M N|
Metrop Ed 1st 4%s ser D
1968 M
Metrop Wat Sew A D 5%s
1950 A
1961 J
108%
81
111% 112
86
96%
108% 113
42
1953 M
1943 J
7s
105
88
109%
106
111%
110%
107%
104%
41%
Manila RR (South
Lines) 4s._.1939 M N|
1st ext 4s..
1959 M N|
{♦Man G B A N W 1st 3%s_._1941 J
Mfrs Tr Co ctfs of partlc In
s f
107%
103%
107%
103%
104%
101%
107%
103
95%
41%
D|
2013 J
s f
108%
104%
103%
107%
107%
88
87%
*113%
"94%
94%
*112%
*90%
133%
122%
111% 113
107% 109
103% 107
108%
103%
109%
109%
104%
104%
104
102
99% 102%
84
Io4~
108%
104%
1941 A
98
131
112
[*103%
108%
107%
103%
103%
111
96%
97%
45%
70
104% 106
104% 105%
101
103%
118
95%|
2003 A
Paducab A Mem Dlv 4s
St Louis Dlv 2d gold 3s
Mob A Montg 1st g
Manila Elec RR A Lt
132
1*108%
2003
ser D
3
28
121
94%
111%
94%
16
102%
101%
102%
121
1944
6S
Louisiana A Ark 1st 5s ser A
1969
Louisville Gas A El (Ky) 5s... 1952
Louis A Jeff Edge Co
gu 5 4s..-1945
Louisville A Nashville 5s
1937
Unified gold 4s
1st refund 5%s series
A
1st A ref 5s series B
i
1*105%
20-year
1st ext 4%s__.
Con dxt 4 %s
2%
g 4s...1936 A
97%
70
({♦MllwANorlstext4%s(1880)1934 J :
93
85
108
96%
59%
1949
122%
137
121% 126
*105
1938
Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
1st mtge 5s
*
1947
115
131
1*110
,
97
58%
64%
40
70%
103% 107
123
70
High
34
56%
96%
Low
81%
33%
5u%
Unified gold 4s
„
I
105%
122%
131%
131%
123%
1951
_
|
1977 M
Debenture 5s
1955 F
{♦Iowa Central Ry 1st A ref 4s. 1951 M
s
,
1956 J
.19551
Since
Jan. I
46%
58
♦Mex Internat 1st 4s asstd
lnt Telep A Teleg deb
g 4%s..l952 J
Conv deb 4%s
1939 J
1st A ref
General cons 5s
2003
Leh Val Term Ry 1st
gu g 5s...1941
Lex A East 1st
50-yr^s gu
1965
Liggett A Myers Tobacco 7s... 1944
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
Jack Lans A Sag
3%s
1951 M
1st gold 3%s
1952 M N|
Ref A lmpt 4%s series C
1979 J
B..1947
1st lien A ref 6%8
Lehigh Val Coal 1st A
54%
♦Mlag Mill Mach 1st
1944
6s series A
w w
2003
1956
lnt Rys Cent Amer 1st 5s
B..1972
1st coll trust 6% g notes
1941
♦Ctfs
49
1956
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
Internat Paper 5s ser A A
Range
Asked\
A
91
1940
2003
Marlon Steam Shovel g f 6s
1947 A
Market St Ry 7s ser
A.April...1940 Q
87%
86%
1 Bid
I Low
Leh Val N Y 1st gu
g 4%s
Lehigh Val (Pa) cons g 4sj
General cons 4%a
A I Namm A Son 1st 6s
90
Friday's
Price
2003 A
97
Range or
Sale
2003 A
71% 92%
67%
88
106% 108%
95%
53
Latt
1st A ref 4s
87
105%
i
94%
93
YORK
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 19
1st A ref 4 %s series C
Gold 6s
98%
85
90%
82
91%
100% 101
44
105%
NEW
A. T. a T. Tele. n. y. 1-1598
x
75
103'ie
1961
St.
91%
72%
106%
lnterlake Iron 1st 5s B
1951|
lnt Agrlc Corp 5s
stamped 1942
Irternat Cement corv deb
4s.. 1945
{♦Int-Grt Nor 1st 6s ser A
1952
86
68%
1965
{Interboro Rap Tran 1st 6s...1966
♦Adjustment 6s
69%
1965
1932 A
108
105
gu 4s... 1956
89%
39%
101% 103%
86% 89%
79% 89
81%
91%
83%
78%
107%
77%
Wall
Telephone Whitehall 4-2900
105% 112
102% 102%
>100%
*96%
3%s...l951
♦Certificates of deposit
§♦ 10-year 6s
♦Certificates of deposit
!♦ 10-year conv 7% notes
♦Certificates of deposit
104
74
*99%
*93%
98%
98%
Western Lines 1st g 4s
195llF
111 Cent and Chic St L
A N O—
Joint 1st ref 5s series A
1963
1st A ref 4%s series C
1963
Illinois Steel deb 4
%s
1940
Ind Bloom A West 1st
ext 4s. .1940
Ind 111 A Iowa 1st
g 4s
1950
Ind Union Ry gen 6s ser
A
Gen A ref 5s series B
Inland Steel 3%s series D
107%
100
St Louis Dlv A Term
g 3s.. .1951
g
78%
26%
30
95%
100
Louisv Dlv A Term
g 3%s..l953
Omaha Dlv 1st gold 3s
1951
Springfield Dlv 1st
"79%
76%
95%
1955
15-year secured 6%s g
1936
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
..1950
Litchfield Dlv 1st gold 3s.-.1951
Gold 3%a
100% 103
38% 48%
119% 123
79%
1953
Refunding 5s
107%
*109%
103%
103%
89%
80%
103% 105%
85
..19551
Purchased lines 3%s
Collateral trust gold 4s
75%
103%
103%
102%
42%
27%
..1951
3%s
.
Members New York Stock Exchange
63
98%
94%
77%
75%
104%
107% 110%
31%
37%
116
124%
44% 64%
64% 89
103% 105
123%
58%
58
75%
103%
103%
102%
102%
42%
42%
*121%
~79%
78%
1937
Houston Belt A Term 1st 5s
1937
Houston Oil sink fund
5%s A. .1940
Hudson Coal 1st s f 5s ser A
1962
Hudson Co Gas 1st g 5s
1949
Hud A Manhat 1st 5s
110
123%
58'
1937
cons g
102
*30
1949
H A T C 1st g 5s lnt
guar
102%
1*107%
Hocking Val 1st cons g 4%s...1999
♦Hoe (R) A Co 1st mtge
1944
{♦Housatonlc Ry
69
102
D. H. SlLBERBERG Si Co.
70
90
93%
*75%
D
113
116
112%
105
7%
14%
106% 107
*76
Gulf States Steel deb
5%s
102%
60
~97%
93%
BANKSIAND^DEALERS
96% 105
105
97
FOR
109% 119%
99% 105
107%
97%
Stamped
s f
100*32
107%
107%
103%
96%
113
10
1940
Gulf Mob A Nor 1st
5%s B...1950
1st mtge 5s series C
1950
Gulf A 8 11st ref A ter
6s_Feb 1952
Ref
100732
*51
ctfs A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s.
BROKERSJINIBONDS
91
91%
81%
100*32
112%
81%
100*32
»
I Low
High
100% 103%
100%
95
Gt Cons El Pow
(Japan) 7s... 1944
1st A gen s f
6%a
1950
Great Northern gen 7s ser
A. .1936
1st A ref 4%s series A
1961
Range
Friday's
d
Price
Grand Trunk Ry of Can
g 6s..1936
Grays Point Term 1st gu 6s...1947
4143
Week's
Friday|
83
9
14%
9%
15%
96
85%
105% 110%
103% 105%
103
104%
106% 108%
97% 104%
66%
95
100% 104%
83.%
87
85%
88
82% 83
June 20, 1936
New York Bond Record—Continued—Page 5
4144
Week's
Friday
Bought
Sold
—
N. Y. STOCK
BONDS
Gen A ref 4%s series A
LOBDELL & CO.
♦Ex
HAnover 2-1720
Ref A lmpt 4 %s
Last
BONDS
N.
Y. STOCK
Range or
Sale
EXCHANGE
19
Price
Week Ended June
A
Since
Asked
*63%
Calif guar g 5s
Nor Ry of
Jan. 1
Low
1939
Morris A Essex 1st gu 3%s
2000
Constr M 5s series A
1955
ConstrM 4%s series B
..1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%.. 1941
Namm (A I) A Son—See Mlrs Tr—
Nash Cbatt A St L 4s ser A
1978
Nash Flo A S 1st gu g 5s
1937
Nassau Elec gq g 4s stpd
1951
Nat Acme 1st s f 6s
1942
Nat Dairy Prod deb 3%s w w..1951
Nat Distillers Prod deb 4%s—1945
Nat Ry of Mex pr lien 4%s—.1957
Morris A Co 1st s f 4%s
104%
No.
104 %
14
90
94%
37
90
98%
Northwestern Teleg 4%s
61
84
92%
*116%.
IVI N
109% 116%
108% 110%
*109%
A
F
A
J
J
90%
*104%
65
D
J
"lMH
IWN
IVI N
64
*103%
103%
103%
103%
J
91
7
86
103
*65" "l2
104%
104%
3
4%
3%
3%
Ontario Power N F 1st 5s
1st A ref 7s series B
Ohio River RR gen g 5s
_
*2%
1951
T"
6%
2%
6%
Ore-Wash RR A Nav 4s
4 on__
108
63
104""
104%
""9
104%
104%
16
106%
106%
108%
38
108
o
J
106%
108
*105%
J
J
101
6%
4%
6%
J
1965
4s
.1954
{♦Naugatuck RR 1st g 4s
107
D
107
61%
IVI N
5s—1948
♦New England RR guar 5s
1945
♦Consol guar 4s
.1945
New England Tel A Tel 5s A—1952
1st g4Hs series B
1961
N J Junction RR guar 1st 4s._.1986
N J Pow A Light 1st 4 Ha
I960
New Orl Great Nor 5s A
1983
NO A NE 1st refAlmpt 4 Ha A. 1952
New Orl Pub Serv 1st 5s A9—1952
First A ref 5s series B
1955
New Orleans Term 1st gu 4s—1953
{{♦N O Tex A Mex n-c lnc 5S..1935
♦1st 5s series B
1954
♦1st 5s series C
1956
♦1st 4%s series D
1956
Newark Consol Gas cons
J
J
76
77
68%
J
J
J
D
124%
IVI N
122%
F
O
106%
106%
84%
1998
1998
1937
Lake Shore coll gold 3 Ha
4s
Refunding 5 Ha series A
1974
1978
Oct 1 1938
Y Connect 1st gu 4 Ha A
1953
1st guar 5s series B
1953
*112%
112
120%
*121
Serial 5% notes
N Y Edison 1st A re? 6 Ha
1st lien A ref 3%s ser
18
75
88%
f g 3s loan ctfs
52
74
Paramount Pictures deb 6s
98
88%
98%
97%
98%
92%
94
89
98%
{♦Park-Lexington 6 %s ctfs
92
42
80%
93
Parmelee Trans deb 6s
34
35%
19
36
40%
75
39%
40
44
24%
32%
33%
37%
39
68
41%
90
38%
.1938
A—.1941
F
F
F
A
A
A
109
291
109
119
97%
97
89
171
94%
167
102
106
96%
93%
44
103%
20
El Lt A Pow 3 Ha. 1965
1937
1937
1940
1943
General gold 5s
Terminal 1st gold 5s
f 4Hs._-1939
1946
6s stamped
1946
{♦N Y Westch A B 1st ser 14 Hs.'46
Nlag Lock A O Pow 1st 5s A
1955
Niagara Share (Mo) deb 5 Ha..1950
N Y Trap
Rock 1st 6s
Nord Ry ext sink sunf 6 Ha
1950
{{♦Norfolk South 1st A ref 5s..1961
Pocah C A C joint 4s
1941
1961
No Am Edison deb 5s ser A
1957
Deb 5 Ha series B
Deb 5s series C
Aug 15 1963
Nov 16 1969
For footnotes see page
4145..
106
%s A. 1977
J
4%s series B
1981 J
Pennsylvania P A L 1st 4%s._1981 A O
IVI N
Pennsylvania RR cons g 4s
1943
1
102% 106%
104%
54
101% 105%
95%
17
99
90%
103% 107%
108% 108%
94%
104%
19
106
*108%
'107%
106%
107%
*111
114%
..1948 IVI N
IVI N
"98
102
101%
122%
.1970 A Oi
121%
102%
122%
106
107%
110% 112%
111% 114%
....
114%
*114
4s sterl stpd dollar-May 1.1948
mtge 3%s ser C
104%
1063%
104
"l41
29
111% 114
101% 102%
118% 122%
D
112%
112%
113%
81
109
D
119%
119%
17
1968
107%
8
—1970
A
*108%
Debenture g 4%s
General 4%s series D
Gen mtge 4%s ser E
115% 120%
99% 104%
A
107%
158
61
A
O
O
O
52
57
106%
36
106%
102%
72
101% 102%
124%
124%
114%
114%
96%
104%
97%
*
M N
96%!
104%'
98%
8
122% 125%
113% 116%
2
92% 100%
6
41
102
>
104%
94% 100%
103
103%
100% 102%
104% 105%
*105%
*107%
26
26%
*26%
"26"
26%
108
105% 105%
100% 100%
101%
12
27%
"~7
25%
26%
39
37
26
26
26%
27%
11
26%
37%
27
27%
30
26
37%
26%
4
25
30%
105
28%
41
36
36
51%
26%
40%
103%
109%
109%
109%
81
J
109
109
109%
46
1943 A
cons 6s
103%
O
1984 J
O
120
119%
112%
120
April 1990
112%
22
88%
87
88%
40
Apr
12%
11%
13%
97
Peoria A Pekln Un 1st 5%s...l974 F
Pere Marquette 1st ser A 5s... 1956 J
112%
110%
A
J
'l04%
1st 4s series B
1956 J
J
97
1st g 4%s series C
1980 IVI
S
100
Phlla Bait A Wash 1st g 4s
General 5s series B
1943
A
1977 J
1981 J
J
Phlla Elec Co 1st A ref
4%s.._1967
D
26%
•
25
37
60
35%
19%
18
19%
29
15%
29%
92%
29
30%
81
43%
38%
92
43%
95
58
44%
49
106%
47%
89
42
40%
22
86%
"87%
6
106%
106%
13
104%
58
31%
38%
*103%
"87%
28%
47
35%
103
48
82%
31%
105%
101
56%
49%
103%
93%
107
50%
50%
99% 105%
99% 105%
105%
107
J
38%
107
107
108%
108% 111
112%
100
111
113
123%
120
124
117
113
114%
110
115%
115%
105%
101
17
105
23
103% 108%
1943
41
40%
42
65
37%
55
8
21%
20%
21%
31%
70
20
32%
28
107%
5
30%
J
107
O
85
112
112
111% 112%
113%
111
114
111
113%
110
110%
O
*112%
1942 M N
70
*112%
1945 M N
110%
*105%
106% 106%
D
*110%
111
111
1957 M N
*111%
109
112
J949
1953 J
1960 F
A
1975 A
O
120%
J
Gen 4%s series C__
1977 J
Pitts Va A Char 1st 4s guar
1943 M N
D
♦Pitts A W Va 1st 4%s ser A—1958 J
108%
1st M
4%s series C
1960 A
IVI N
*108%
109%
106%
106%
106%
2
6
106
107%
107%
75
82%
93
54
89%
1st gen 5s series B
70
•1
45
83
1st gen 5s series C
120%
116
121%
108%
109
107
110
.
87%
88%
"89"
87%
1977
73
92%
88%
75
91%
88%
74
91%
1974
1st 4%s series D
118
115% 121%
87%
1962
70
121%
118%
121
120%
120%
*109
O
O
115%
120%
120%
IVI N
1958 A
108% 108%
110%
120%
A
F
1963
1964
D
1st M 4%s series B
112%
70
A
F
1970 J
Gen mtge 5s ser B
34
25%
106% 109
*71
1942 A
Series J cons guar 4%s
General M 5s series A-
109
J
Series D 4s guar
Series E 3%s guar gold
Series F 4s guar gold.
...
103% 106
106%
104%
Series B 4%s guar
8erles C 4%s guar
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
97%
89
1
106%
1952 IVI N
1940
89
292
100
104%
O
4%s A
17
105%
A
A
Pitts C C A St L
92
9
104%
1937 J
A
.
105%
37
76
108% 111%
98% 105
106%
Phlla A Reading C A I ref 5s. .1973 J
Conv deb 6s
1949 IVI
Philllppine Ry 1st s f 4s
Pills bury Flour Mills 20-yr 6s.
Pirelli Co (Italy) conv 7s
115%
*114
97%
105% 111%^
105% 111%
115% 120
106% 112%
D
.1971 F
1st A ref 4s
96
99
i05" "99
114
M N
1967 J
Phlla Co sec 5s series A
103%
112%
*121%
M N
..1974 F
General g 4%s series C
General 4%s series D
9
O
1947 M S
Refunding gold 5s
Peoria A Eastern 1st cons 4s..1940 A
37%
29%
26%
28%
"27%
O
O
124%
115%
1
105%
*ioi~~
J
D
109%
Peop Gas L A C 1st
O
119%
104%
1981 A
♦Income 4s
M
A
75
101%
M N
A
52
20
77%
106%
97%
IVI N
61
102
'104%
D
105% 109
106% 108%
"62% "35
106%
IVI N
N
J
J
F
F
106%
A
A
81
57%
IVI N
M N
J
J
J
57%
101%
110%
101%
110%
111
82
A
O
14%
O
F
A
F
A
IVI
A
M N
14%
72
102
93
1
80
96
42
13
22%
106%
15
103%
49
126
46
100
110% 111%
80
105%
124
19
32
105% 108
96% 103%
120
12%
12%
Pitts Y A Ash 1st 4s ser A....1948
*119%
101%
Port Arthur Can A Dk 6s A... 1953
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser C..1960 M
J
1st 5s 1935 extended to 1950
conv 6s. .1942 J
{♦Postal Teleg A Cable coll 5s. 1953 J
Porto Rlcan Am Tob
§ t*Pressed Steel Car
conv g
5s. 1933
J
S
72
75%
J
J
30%
29%
J
91%
90%
*10%
{♦Providence Sec guar deb 4s__1957 IVI N
IVI
22%
Pub Serv El A G 1st A ref 4s__1971 A
O
21%
Pure Oil Co
{♦Providence Term 1st 4s
1956
62%
1
51
121%
121
121%
17
115
122
s f 4% a w w
4% s without warrants
Purity Bakeries s f deb 5s
106%
105%
104%
106%
10
106%
104%
18
104
105
24
stk(65% pd)---- J D
{♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s_1951 A O
105%
106
42
22
73%
137
13%
62%
"105%
"ioi"
105%
15%
14%
5
63%
105%
106
107
J
114%
112%
1950 J
J
104%
104%
1948 J
J
95
Gen A ref
4%'s series A
4%s series B
1997
1997
J
J
94
63
99%
107%
99%
106%
106%
66%
80%
64%
82
95
28
41%
41
80
94
10%
28
21%
92%
115
105
287
1022132109%
110% 131%
4
102% 105%
95
27
91% 103
168
*100%
for deb 6s A com
Gen A ref
"~28
79
1022,32 102«32
1950 J
77% 102%
79% 100%
104% 108
77%
31%
91%
13
{♦Radlo-Kelth-Orph pt pd ctfs
52
106%
103%
102%
103%
101%
107%
106%
102%
*80%
S
155
*101%
71%
119% 119%
123
*106
J
13
s
F
82
14%
106
15%
IVI N
OA
1
38
102%
106%
IVI N
A
*6
81%
D
1996
J 'D
1941
North A-mer Co deb 6s
95%
Penn-Dlxle Cement 1st 6s A.-.1941 M S
A O
Pa Ohio A Det 1st A ref 4
Consol gold 4s
104
106%
104%
A
1965
♦Certificates of deposit
{{♦Norfolk A 3outh lstg 5s
N A W Ry 1st cons g 4s
D
104% 106
'102%
1952 IVI N
Gen
107"
'■
t03%
1960
IVI N
1951
M
1956
N Y Telep 1st A gen s
%
D
F
"76%
*101%
S
A
1944 J
IVI N
1st ref 6s
*70
68
120%
S
General 4%s series A
General 5s series B
1947
1st mortgage 5s
63%
66
s
97%
42
32%
72
49%
119% 122%
73%
60
102%
101
Consol sinking fund 4%s
N Y Steam 6s series A
2d gold 4 Ha
J
o
Guar 4s
1963
38
151%
97%
1965
1951 IVI N
1st mortgage 5s
37
"38"
61%
83
112
89%
116
89
N Y A Rlchm Gas 1st 6s A
N Y Susq A West
98
88%
115
99%
1965
Prior lien 6s assented
90
96%
86%
101% 104%
55
70%
IVI N
1965 J
90
59%
88
Jan 1966 Apr
Prior lien 6s series A
74%
59%
58%
109
82
M S
♦lnc 6s assented-
106%
19
61%
44
128
{♦N Y A N Eng (Bost Term) 4sl939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 Ha. .1947
♦Non-conv debenture 3 Ha. .1954
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1956 IVI N
J
♦Conv debenture 3 Ha
1956 J
J
♦Conv debenture 6s
1948 J
♦Collateral trust 6s
1940 A O
♦Debenture 4s
1957 M N
{♦N Y Rys Corp lnc 6s
100
175
46
45%
112
A
N Y Queens
102%
19
87%
105
46
570
J
{♦N Y Providence A Boston 4s.l942
4s.-.1993
98
110
102%
97%
68.1943
4s—.1941
N Y A Putnam 1st con gu
95%
58
102
102% 104%
102% 103
S
1942 J
28-year 4s
93
103
89
D
June 1992
1955 J
90
100%
100%
106% 109%
99% 101%
99%
A
♦Harlem R A Pt Ches 1st 4s. 1954
74%
80%
102% 104%
100%
89
J
IVI
100
87%
114
73
103
109 %
102%
102%
59%
A
B—.1941
E trust ctfs
104
55
45%
Guar 3%b trust ctfs C
ser
101
94%
M N
J
110
20
87%
F
1967
43
108%
98% 103%
96%
J
N Y L E A W Dock A lmpt
32%
123%
105
7
99
121%
119
46
1944
ser
118
"61
*108
Pat A Passaic G A E cons 5s. .1949 IVI
♦Paulista Ry 1st ref s f 7s
1942 M
Penn Co gu 3%s coll tr A
1937 M
F
Guar
3%s coll trust
121%
107%
88%
5s—.1948
1949
1946
N Y A Harlem gold 3 Ha
2000
N Y Lack A West 4s ser A
1973
4 Ha series B
1973
N Y L E A W Coal A RR 5H8.1942
General 4s
.1968
1953
111% 116
113%
109
3
A
M S
A O
Purchase money gold 4s
N Y O A W ref g 4s
8
s
""e
114
112%
121%
113%
103%
111% 114%
102%
103
Guar 3%s trust ctfs D
D---.1965
of 1927
30
42
♦1st M
111
"ii
108%
*100%
1955
Paris-Orleans RR ext 5 %s.
113%
63%
102%
108%
100%
1955
3
71
112% 113%
102
102%
Corp—
37
N Y Greenwood L gu g 6s
Mat A ref 4Hs ser
105% 107%
Paramount Broadway
104% 106
3
*61%
1966
92%
35%
N Y Gas El Lt H A Pow g
i
102
series B
39%
25%
"71
112%
102%
{{♦Pan-Am Pet Co(Cal)conv 6s *40
♦Certificates of deposit
99
85
N Y A Erie—See Erie RR.
N Y A Long Branch gen
100
....
107%
Ref mtge 3%s
106%
98%
107%
Paducah A 111 1st s f g 4%s.-_1955
98
1951
N Y Dock 1st gold 4s
10
107
109
99% 103
103
1937
98%
3-year 6s
N
19
122%
113
112%
113
1938
1938
Pacific Tel A Tel 1st 5s
63
63
series C
Ref 4Ha
2
4s
♦2d extended gold 5s
63
84%
*110%
J J
MN 112% 112%
96
96
F A
87
87
A O
94%
93%
A O
101%
J J 101%
105
J J
87
"87"
A O
95
96
F A
93
92%
F A
A O 103% 103%
97%
99%
A O
Mich Cent coll gold 3 Ha
"~3
125
*103
A
A
124%
122%
1945
N Y Cent RR conv
1944
Consol 4s series A
1998
Ref A lmpt 4%s series A
2013
Ref A lmpt 5s series C
2013
NY Cent A Hud River M 3 %s. 1997
Debenture 4s
1942
Ref A lmpt 4 Ha ser A.
2013
4 Hs
6s
N AC Edge gen guar
N Y Chic A St L 1st g
Pac RR of Mo 1st ext g
106
107%
109% 109%
105%
*
1946
1st A ref 4s series G
61%
77%
120% 121
58
83%
77%
45%
122
125%
119% 122%
122
38%
series A
103% 107%
5
*120
1954
♦1st 6%s
30
61%
D
108
....
1964
107%
J
'""2
21
112%
112%
Pacific Gas A El gen A ref 5s A. 1942
Nat Steel 1st coll s f
9
31
104%
105%
1963
Pacific Coast Co 1st g 5s
101%
103%
104%
104%
107%
*109%
M S
A.__1941
Otis Steel 1st mtge 6s ser
2%
30
30
J
103%
99% 109
o
1961
3%
"31
106%
Ontario Transmission 1st 5s.-.1945 IVI N
D
4%
.....
2%
107%
Oregon RR A Nav com g 4s
1946
Ore Short Line 1st cons g 5s.1946
Guar stpd cons 5s
.1946
4%
2%
1
109%
1937
1943
Oslo Gas A El Wks extl 5s
3%
111%
100
1947
2%
5%
107
27
1946
Ohio Public Service 7%s A
105
93
135
108%
.1965 MN
Ohio Indiana A West 5s ..Apr 11938 Q J
2%
2%
"3% "16
*2%
No 4 on.
1948
1943
Og A L Cham 1st gu g 4s
103
*2%
96
111%
107%
Ohio Edison 1st mtge 4s
73%
102
103%
101% 104%
136
*2%
92%
104%
57%
"287
1926
♦Assent cash war ret
Ref mtge 5s
Ohio Connecting Ry 1st 4s
F
103%
111
108%
J
Norweg Hydro-El Nit 5%s
M N
101%
111%
M N
44
98
141
J
ext.-1944
1957
93%
97
73
104% 112%
85%
74%
63
80%
J
M N
93%
65
75
110%
J
1961
1964
4%s ser B
87%
5 on_.
♦4s Apr 1914 coupon off
Assent cash war ret No
105%
109%
80%
72%
69%
80%
103%
o
1st A ref 6s ser B
Ref mtge
97
93 %
1977
4%s
104
High
87%
D
No 4 on._
♦4s Apr coupon on
♦Assent cash war ret No
Low
M N
J
♦Assent cash war ret
Hiah
110%
o
M N
J
♦July 1914 coupon on
Nat RR Mex pr Hen
J
J
F
1941
1941
Nor States Pow 5s ser A
J
65%
*63%
2047
2047
2047
1938
5s series C
Ref A lmpt 5s series D
Ref A lmpt
Range
Friday's
Bid
series A
Reg A lmpt 6s series B
Week's
Friday
112% 115
1997
2047
2047
4s
121%
120
*113%
♦Apr 1934 coupons
Gen lien ry A Id g 3s Jan
High
Low
*121
s
Apr'33-Oct'33-Apr'34 cpns
North Pacific prior lien
NY 1-735
A. T. & T.:
No.
High
s
IVI
♦Stmpd as to sale Oct 1933 A
123 S. Broad St., Phila.
Kingsley 1030
Since
IVI
6s—1945
{♦North Ohio 1st guar g
Members New York Stock Exchange
New York
Jan. 1
Bid
Low
1974
1974
North Cent gen A ref 5s A
48 Wall St.,
Price
Range
Friday's
A
Asked
Sale
EXCHANGE
19
Week Ended June
Quoted
-
Range or
Last
BONDS
RAILROAD
64
100%
107%
107%
63
158
82%
96% 100%
106% 108%
105% 108
Volume
New York Bond
142
Friday
bonos
N. Y.
Last
STOCK EXCHANGE
Range
Sale
Week Ended June 19
Price
Purch money 1st M conv 5
%s *54 m n
Revere Cop & Br 1st mtge
J
4%s.l956 j
♦Rheinelbe Union s f 7s
J
1946 j
♦Rhine-Ruhr Water series 6s... 1953 j
El Pr 7S..1950 m
♦Direct mtge 6s
...1952 M
♦Cons mtge 6s of 1928
1953 F
♦Cons M 6s of 1930 with warr *55 a
{ ^Richfield Oil of Calif 6s
1944 M
a
No.
109
131
111%
97%
U3%
145
107 %
103 M
108%
31
103%
15
28 M
28%
2
22%
23
24
24
108M
Low
107
110
"m%
97 M
107%
103 M
n
N
98
98
a
23 M
24
107%
96% 100%
106
109%
102% 105
34
9
27%
21%
1
24
34
23
23
33%
33%
23%
"23 k "~2
24
2
28%
39%
32
36
39
64
36
47%
J
103 X
A
103%
*
104
103% 107%
35
52%
90
94%
51
"92"
d
81
42 %
42
92
81%
76%
37%
43
*115
a
108 M
5*»R I Ark A Louis 1st 4%s._.1934 M S
♦Ruhr Chemical b f 6s
...1948 a o
19%
*23%
21%
13
32%
Third
43
j
34%
36
j
J
109 %
109 M
110
m n
103 M
103 M
103 %
J
j
A
O
*85
1937 j
.....
.....
sec s f
78
99%
s
105%
121%
J
123%
j
M n
f
1952
60
71
7
....
D
1949 ivi
f7s
105%
121%
123%
98%
98
N
1
93
*85%
A
3
16
85
90
S
95
1
o
105%
106
12
J
106%
106%
E L A P
42%
27%
107% 110
103
105%
90
85
92
78
87
78%
47
67%
(Hi) lstg 5%s A
20 M
19 M
j"j
21 %
ivi's
"l0%
♦Certificates of deposit..
t*St LSW 1st 4s bond ctfs
1989 mn
♦2s g 4s lnc bond ctfs
j
Novl989 J
♦1st terminal A
unifying 5s. .1952
^Gen A ref g 5s ser A
1990
St Paul City Cable cons 5s
1937
•18
*120%
5
D
102%
102%
A
O
107%
107%
ivi
s
101%
101%
102
s
June 2008
j
ivi
1968 j
5sl II1950
(Del.) 6s
1953
CaQ Sen 4s
{^♦United Rys St L 1st g 4s
1934
rr'a «!De & Fd7 COnV d3b 3 %Sl946
iff®. 3 ' 6 %s series C
.nk fund deb 6%s ser
1951
A...1947
7ersaI P,P® & Rad deb 6s. 1936
Lt A Trac 1st A r© t5s
1944
71
78
4
35
51%
85
23
75
86
20 %
19
22%
97
47
15%
14%
26
20
22%
17
17%
24%
Vanadium Corp of Am
22%
20%
vandalla cons g 4s series A
Cons s f 4s series
B_.
113%
113%
108%
102%
109%
102%
*111
s
•
"27
35
83
26
*29
17
92
*112%
"32%
*31
109%
109
110
j
J
106
106
106%
j
D
*27%
30
j
D
*27%
28%
30
108
74
27%
15
116%
j
J
Rubber 1st A ref 5s ser A.. 1947
♦Un Steel
Works Corp 6 %s A. .1951
2
117%
ivi N
US
77
2
121%
117%
114%
109%
1029,6
112%
103%
107%
.'
United Biscuit of Am "deb
HUted£»rug Co.
&
18
18
A
..1944 ivi
k8t,ie? & ref 53
Gold 48.
:'
O
F
1907 J
42%
21%
;T*
20%
34
20%
148
14%
17
18%
97
13%
76%
91
50
70%
39%
28%
59
90
*63%
90%
65%
55%
57
39
38
39%
20
"55
44
*101%
,*101%
Ioi%
41%
100% 102%
101% 102%
St Paul A Duluth 1st con
j
g 4a. .1968
t»St Paul E Gr Trk 1st 4%s__.1947 j
D
~20"
1
A
17%
31
t*st Paul A K C Sh L
18H
18
18%
22
17
i2?,hT>P<Wer &
104 M
104
L,Sht 1st 5s
{July
...
8
101
37%
100%
39
O
101
36
A
102%
102%
103
94
28%
1
1947 j
D
72
72
72%
38
1959 f
A
68%
68
68%
57
5s. 1941 a
o
87%
88%
33
1955 f
A
87%
*108%
*108%
Debenture 5s
♦{Veracruz
J
d
A
f
1944
Ut" *°wer &
Light 5 %s
j
J
conv
A P 1st gu 4
..1957 M n
J
1955 MN
1949 ivi
__
2003 j
.....
*3
d
14
108%
5
14
j
1942 J
Va Iron Coal A
Coke 1st g 5s.
va A
Southwest 1st gu gs
*2%
j
%s._.1934 J
coupon off
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
.....
14%
109%
64%
104%
108%
*
8
104%
J
7
52
"16
27
J
v
F^b
23%
19%
55 M
..1937
A
,
12-year 4s conv deb
...1947 ivi N
Union Pac RR 1st A id
j
gr 4s...1947 J
1st lien A ref 4s
June 2008 ivi s
Gd,d 4%s
81
19%
18%
1954 j
£♦ {Union Elev Ry (Chic) 5a...1945
£n 011 of Cal,f 63 series A... 1942
84%
j
J
95
1945 ivi
s
41
j
♦Certificates of deposit
♦Con M4H8 series A
1978
♦Ctte of deposit stamped..
106%
7
78%
107%
99%
*109
1946 j
7s
Uljlgawa Elec Power
♦♦rr
1950
106%
o
No.
102%
78
1942 M s
♦Tyrol Hydro-Elec Pow 7%s_. 1955 ivi
♦Guar
High
102%
j
1950 a
Tri-Cont Corp 5s conv deb A._ 1953
Truax-Traer Coal conv 6%s.__ 1943
77
♦Prior lien 5s series B
j
1953 j
3%s" 1960
imp
Tol St L A W 1st 48
Tol W V A Ohio 4s ser C
Toronto Ham A Buff 1st g 4s
Trenton G A El 1st g 5s.
21%
84
1933 M N
t*St L Peor A N W 1st gu
5s..,1948 J
St L Rocky Mt A P 6s
stpd
1955 J
t*St L-San Fran pr lien 4s A... 1950 J
Guaranteed 5s
RR 1st g 5s
Ave
1st 6s dollar series
Tol A Ohio Cent ref A
35
27
J
36
54
'33"
j
33
90
112% 112%
107% 109
108k
1949 J
♦§RIv A G DIv 1st g 4s
♦Certificates of deposit
Asked
Union Elec Lt A Pr
(Mo) 5s._ .1957 a
81M
con 4%s
1941
St Joe A Grand Island 1st 4s...1947
St Jos Ry Lt Ht A Pr 1st 5s
1937
St Lawr A Adr 1st g 5s
...1996
2d gold 6s
1996
St Louis Iron Mt A Southern—
A
49
36 M
j
Rutland RR 1st
Bid
Low
33%
*23%
o
126
37
1962 M
gu g 4s
Range or
Friday's
Sale
Price
Tokyo Elec Light Co Ltd—
1949 a o
1977 m s
Gen mtge 5s series E
WttK'S
Last
IS
STOCK EXCHWOE
Week Ended June 19
High
38%
..1955 f
1939 J
A coll trust 4s A
Roch G A E 4%s series D
RutrCanadan 1st
High
39%
1952 j
con
4145
bonds
N. Y.
Since
Jan. 1
N
♦Rio Grande June 1st gu 5s
^♦Rio Grande West 1st gold 4s. 1939 J
♦1st
Range
or
Asked
M N
♦Certificates of deposit
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
108
J
♦Rheine-Westphalla
6
Friday
Friday's
Bid
Low
Remington Rand deb 4%s w w.1956 M S
Rensselaer A Saratoga 6s gu___194l M N
Republic Steel Corp 4 %s ser A. 1950 m s
Gen mtge 4%s series B
1961 f A
Record—Concluded—Page
Week's
gu
4 Mb.
St Paul Minn A Man 5s
1941
.
1943
...1937 j
Montext 1st gold 4s
*105
J
f
20
J
loo"
1972
J
120
104
10
102% 104%
104% 107%
♦2d gold 5s
1939 f
4
1st lien g term 4s
121%
2
117% 124%
99%
59
89
Det A Chic Ext 1st
5s
Des Moines DIv 1st
g 4s
Omaha DIv 1st g
3%s.
7
108
*119%
"36"
32
34%
34%
32
BlIIIIIIl946
f 6%s series
A
O
Scidto V A N E 1st gu 4s
*31
36
.....
o
♦Adjustment 5s
Oct 1949 F
A
{♦Refunding 4s
1959 A
O
s
9%
m~s
A
O
Shell Union OH deb 3
Ma
Shlnyetsu El Pow 1st 6 Ma
♦{Siemens A Halske
s
f 7s
♦Debenture s f 6 Ma
Sierra A San Fran Power 5s
Sllesian-Am Corp coll tr 7s
1951 ivi N
1951 m S
1952 J
1935 j
..1951 m
1949 f
7%
9%
114
8
4
*3%
109
97 *
d
107%
96%
97%
*86
J
s
a
"20
23
253
90
51%
52%
28
104%
97%
105%
18
87
100%
ioo%
2
125
124%
125
107 %
107%
105%
107%
35
105%
5
93
92%
93%
120
97 M
97%
97%
161
89%
89%
90%
90%
246
90 M
90%
89
90%
191
105X
So Pac coll 4s (Cent Pac
coll).. 1949
ivi
1908 M S
1969 ivi N
..1981 m n
..1950 a o
90 M
113
con gu g
5s
1937 m n
j
..1937 J
J
1955 j
1st 48 stamped
1955
Southern Ry 1st cons g 6s...IIl994 J
Devel A gen 4s series A
1956 a
Devel A gen 6s
..1956 a
113
Devel A gen 6%s
Mem DIv 1st g 5s
118
8
196
181
Mobile A Ohio coll tr 4s
S'west Bell Tel 3%s ser B
1951
68%
84
86%
88%
98
"~86%
d
107 M
107%
105%
*100 %
*17
97 M
l06"
o
Tenn Coal Iron A RR gen 5s__1951 J
Tenn Cop A Chem deb 6s B...1944 ivi
s
Tol"
98%
Tenn Elec Pow 1st 6s
73
*19
'105%
1947 a
B
86 %
86%
154
462
92
110
9
46
*102%
"73%
deb j6s. 1945
Sunbury A Lewlston 1st 4s
1936
Swift A Co 1st M 3%s
..1950
or
104" "~79
65%
98
conv
Tenn Cent 1st 6s A
16§k
82
Staten Island Ry 1st 4%s
1943
{^♦Stevens Hotels 6s series A..1945
♦Studebaker Corp
105%
87
t^Spokane Internat 1st g 5s___1955
Staley (A E) Mfg 1st M 4s
1946
96%
j
97
105k
96%
"74% "~40
108
50
21
106
~2o"
98
123%
104
♦Certificates
.
3%
8%
15%
3%
10%
9%
13%
11%
24%
7%
6%
4%
7%
6%
105% 109
94%
81%
59%
75
1953
J
Texarkana A Ft S gu 5%s A...1950
Texas Corp conv deb 5s
1944
Tex A N O con gold 5s
1943
a
104M
104
105
O
102 %
102%
104%
102%
152
11
24
f g 4s
'.
Texas A Pac 1st gold 5s
Gen A ref 5s series B
Gen A ref 5s series C
110%
*118%
108 %
108%
165"
j
97%
88%
95
5%s A.1975
of deposit..
^Certificates
ttt
Walker
of
o
29%
*25
Wdeb 4%s 1945
28
104
104%
Walworth Co 1st M 4s
6s
104%
1955 a
o
76
1955 a
debentures
Warner Bros Pict deb
o
83
83
92%
92%
94
31
32%
64
64
6s....ZIl939
M s
t*Warner-Quinland
Co deb 6s. .1939 ivi
♦Warner Bros Co deb 6s
1941 ivi
s
♦Deposit receipts
Warren RR 1st ref gu
g
a
21%
3%s.__2o66
Wash Term 1st gu
3%s
1st 40-year guar 4s
Wash Water Power s f 5s
F
1945
109%
1939
85
98%
78
89%
97% 102%
76%
104% 108
34
14%
18%
21%
111%
82
101
108%
109%
111%
*124
West Penn Power 1st 5s
1st mtge 4s ser H
*108
ser
E..1963
Western Maryland 1st 4s
100'
1977
107%
107%
107%
102%
102%
*109%
102%
1937 j
J
1943 a
o
A..IIIl946
♦5s assented...
ivi
1.1960
6s__Il953
35
ser
s
j
J
III2361
D_IIl966
j
166"
106
108%
109
23%
25
107
106%
100%
"91%
1940 MN
Wilson A Co 1st M 4s series A.. 1955
J
101
100%
101%
100%
100
100%
20%
s
2
1
1
50
20%
10
20%
56
54
55%
15
107
101%
j
1949 J
j
"16"
'36 ivi N
107
101%
101%
*109%
111%
10%
5
50
18%
19%
18%
"29
*17
10
10%
"12
deposit.
*9
♦Wor A Conn East 1st 4 %s
1943
Youngstown Sheet A Tube 5S..1978
1st mtge
99
20%
20%
20%
1960 J
A term 1st 4s
of
45
112
♦Certificates of deposit
{♦Sup A Dul dlv
{♦Certificates
8
8
112
J
j
1
16
67
86%
107%
♦Ctfs for col A ref conv 7s A .1935 MN
Wilk A East 1st gu g 5s
1942 j D
Will A S F 1st gold 5s
.1938 j D
Winston-Salem S B 1st 4s
t#WIs Cei 150-yr 1st gen 4s
91%
28
92%
86%
107%
M S
^♦Wickwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
j
45
109
105%
J
A
36
35%
105%
107%
100%
106%
105%
1949 M S
f
110
34
J
2361 j
West Shore 1st 4s guar
ivi
100%
35
s
1940
Wheeling A L E Ry 4s
109
100%
West N Y A Pa 1st
g 5s
Gen gold 4s
30-year 5s
122%
..1952
1st A ref 5%s series A
$♦ Western Pac 1st 5sser
125
122%
1961
White Sew Mach deb 6s
88%
83
*99%
108%
109%
110%
Westchester Ltg 5s stpd gtd_._1950
92% 104
53
68%
71%
76
*_
1945
Wheeling Steel 4%s series A..11966
85
"64"
Washington Cent 1st gold 4s...1948 Q ivi
99% 106%
68%
75
s
♦Westphalia Un El Power
99
94
f 5s ser B
30
J
105%
1970 a
o
1951
A
110%
1961 ivi n
Conv deb 3%s
1st mtge s f 4s ser C__
10
J
1053,6
99%
f
106%
4
106' hz
108%
8
111
626
218
99%
123%
34
55
102
110% 111%
116
118%
105% 111%
87% 105
102%
125%
123
O
104%
104%
105
62
1979
O
105%
104%
105%
41
97
105
104%
105%
48
97
109
109
1
69%
70
40
35
36%
80
36%
28
O
25%
1980 a
77
92%
76%
91%
106% 118
D
o
30%
25%
29%
25%
30%
25%
of deposit
(Hiram) GA
29
"30%
a
Western Union coll trust
5sIIIIl938 i""3
Funding A real est g 4%s
1950 ivi N
15-year 6%s
1936 F a
25-year gold 5s
d
1951 J
1977
a
*_
1976 F
deposit..
102% 106%
94
80%
87%
98%
93
76%
..2000
♦AdJ inc 5s tax-ex N Y_.Jan 1960
66%
98%
30%
30
^Certificates 0f deposit
106% 108%
57%
66%
*98
•Rct A gen 5s series D
90
96%
98%
103% 106%
100% 102%
114% 125
104%
125%
Gen A ref 5s series D
1980 j D
Tex Pac.Mo PacTer5%s A...1964 M s
Third Ave Ry 1st ref 4s
J
..I960 j
98%
110%
66%
1941
♦Ref A gen 5s series B
♦Certificates
"79%
*76
1939
21
5%
120
a
s
34
*102%
102% 105
1944
gold 5s
65
92%
80%
74% 100%
123%
104
O
Gen refund
21
100% 100%
105
107%
106%
D
cons
11%
12%
19%
28%
81% 117
98
1947
A
102%
92
*79
♦Ref A gen
4%s series C_.__.1978 A
66
104% 106
4ks-__ 1939
ser
Term Assn of St L 1st g
1st
35
114% 120%
13
20%
12%
19%
105% 106%
166%
67 M
1938 m
1938 m
1964 j
105%
83%
j
101%
A
Il941
RR 1st consol 4s
103%
..1956 a
1996 J
St Louis Div 1st g 4s
East Tenn reor lien g 5s
*105%
105 M
168
1941
Registered
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
104%
gen
66
16
104%
102
1939 ivi N
Toledo A Chic DIv
g 4s
♦♦Wabash Ry ref A
66
52%
110% 112%
"77 k
104X
30%
42%
*110%
1950
Sou A Nor Ala cons gu
g 5s
1936
Gen cons guar 50-year 6a
1963
South Bell Tel A Tel 1st s f
5s__1941
Southern Colo Power 6s A
1947
So Pac of Cal 1st
109
108% 112
31
62%
3%
35
82
1951
A...1977
15%
4%
4%
*81%
97 %
San Fran Term 1st 4s
1
8
12
97 M
Gold4%s
'13%
9
3%
76
1st4j^8 (Oregon Lines)
10
5%
70 M
Gold 4Ma..
Gold 4%s
13%
6%
1941
Skelly Oil deb 4s
Socony-Vacuum Oil 3%s
12%
6
*113*
'~4%
a
deb 4%s
13
....
3%
0%
99%
111%
60
7
1945 m
♦Series B certificates.......1935 F
conv
16
9
"~5
5%
♦Certificates of deposit
{♦Atl A Blrm 1st g 4s
1933
J*Seaboard All Fla 6s A ctfs.-.1935
Sharon Steel
120
13%
12%
♦Certificates of deposit
♦1st A cons 6s series A
36
*13%
o
a
....
35
12%
a
♦Certlfs of deposit stamped
111
120
1989 M n
a o
{^♦Seaboard Air Line 1st g4s__ 1950
♦Certificates of deposit.
{♦Gold 4s stamped
:
1950
98%
110%
107%
92
104%
1954
31
s
s
68
*113%
99%
J
Stamped
tWabash RR 1st gold 5s
90
o
103
j
Stamped
a
1966 ivi
J—1958
106
Schulco Co guar 6Ma
Guar
?0na 58
.
Virginian Ry 3%s series A.
104%
s
...1946 J
™
106
S A A Ar Pass 1st
gu g 4s
1943 j
San Antonio Pub Serv 1st
6s...1952 j
Santa Fe Pres A Phen 1st 5s...1942 M
J
105
103
D
1940
t Pacific ext gu 4s (large)
St Paul Un
Dep 5s guar
105
105
99% 104%
117% 126%
98
105%
105%
105%
105% 109%
57%
71%
43
22%
e
Cash Sales transacted
during the current week and not included In the
range.
No sales.
'
Gasb 8al®
transaction
during
transaction during current week
current
week,
ISS
n
Under-the-rule
a
Deferred delivery sale on!
sale
'mPalred ^
pwt^.nDT7a^fThLe»irtti ^
Section 77 of the Bankruptcy
selling Rat
only
lQ banttruPter, receivership,
Act,
or securities assumed
in'^yearly range^7
durtc
transaction
f Aocruwl »"""»« »•»»
or reorganized undt
by such companies.
*8 bId ^ asked prIce* No sales transacted during current week.
No sales.
yeari
.
tran3acted durin« the ourrent week
♦ Bon<
and not include
New York Curb
4146
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales areldlsregarded In the week's range, unless they are the only
No account is taken of such sales in computing the range for the year.
regular weekly range are shown in a footnote in the.week in which they occur.
In the following
extensive list
we
furnish
dealings occurred during the week covered:
Last
Par
for
of Prices
Low
High
Price
100
May
40
99
June
300
101X
15
Jan
.60
48 X
49
»
74X
68 X
76X
70X
120
Feb
Jan
115
20M
400
19
Apr
Apr
15
17
200
15
1
*
Conv preferred..
3,500
200
100
300
'"266
-
pref
56 preferred
*
100
40
Allegheny Steel 7% pref 100
Allen Industries com
Alles & Fisher Inc com
*
Allied Internatl Invest
._*
1
conv
pref
Alliance Investment
coml*
.
IlOO
6% preference
Goods
"466
"21 X ~22A
10c
26
"
j
a" 10
10
Jan
121X
15
Feb
3X
3X
400
3X
40
72
72
8
Tx
8
100
IX
IX
*
46
"~6 X
25
46
6X
6X
3,600
I
"§3M
33X
~34X
"el 500
4
40 X
112
111
111
8X
4
8X
8X
44 X
Mar
6X May
31X
Jan
29X
Jan
2
Feb
91X
48 X
9
'22h
Mar
Feb
Jan
Feb
36 X
Mar
40X
Feb
Feb
118
Jan
Jan
Feb
May
24X
Feb
3X May
83X Apr
5
•
Feb
43X
Feb
Feb
114
Feb
Jan
12
Feb
Jan
39 X
Jan
Jan
34
150
41
100
88
Jan
43 X
38 X
23
41X
23 X
2,800
29
Apr
Jan
46
19 X
Mar
Jan
27X
Mar
22
22
X
2,100
27X
27X
400
17X
26X
Jan
Feb
25
25
30 X
Jan
21X
22 X
250
14
Jan
24 X
Mar
IX
27X
IX
28X
4,600
Jan
IX
39X
2X
Feb
29
Feb
4X
99 X
Feb
63X
Feb
4X
2X
Feb
26
1X
27X
i
2X
1st preferred
Preferred
*
"42 H
Tx
A!5!£8FIP« ^ppermanll1
ex
24 X
Apex Fiiec Mfg Co com
*
Appalachian El Pow pref"*
Arcturus Radio Tube..
Arkansas Nat Gas com
Common class A
900
1
L
6X
*
6X
"*7pYefI.*
a
Art Metal Works
com...6
11X
£l
Common..
100
,
1.500
IX
5X
5X
8X
86 X
11X
400
2
24 X
2,200
12,200
1,000
120
104 X
Jan
1,400
2,400
X
3X
3X
Jan
Jan
Jan
Jan
4
IX
6X
6X
9
18,000
4,600
100
86X
10X
200
700
11X
1X
IX
IX
2X
6,700
24,100
8X
11X
4,000
X
13,200
IX
IX
116
X
13
45
*
53 preference A
Warrants
*
"
'
Atlas Plywood
Corp
5
Austin Sliver Mines
"i
Automatlo Products! Ill's
Mar
9X
10X
1
Jan
Jan
Jan
1
Jan
5H
Xz
9
Jan
Jan
June
May
Jan
Jan
Apr
Apr
Jan
X
3i«
46
2X
"M50
1,200
26X
IX
92
"9"
9
Fisheries..*
Atlas Corp common
43 X
2X
L,firht PWf-100
Coast
Atlantic Coast Line Co..50
Jan
Jan
7X
83
June
*
Associates Investment Co *
Associated Rayon com
»
June
IX
4X
200
of'Amerl*
common
4
84
Option warrants
"l2%
"Tx
""600
"12X "12X
"6~,206
52
Tx
52 X
2X
8
"1%
300
2X
3,700
200
8
IX
IX
3,200
9X
9X
9
400
8X
Automatic-Voting Mach"*
Mar
109
7X
10 X
i
HI""
}
Preferred.nnniH*
Class A
Assoc Laundries
26,200
Jan
IX May
21X
Apr
2
Apr
82
Jan
32
May
108 X
IX
6X
23 X
10
a^J^H1 Eleo Industries
Amer deposit rots
Assoc Gas St Eleo—
■2X
90 X
44
*i<
18
4
107
"*
?0
Preferred..
2X
90 X
41X
4
Amer Thread Co
pref III Is
Anchor Post Fence
...»
c
Jan
9
36X
41
Superpower Corp com*
jifSS?
Jan
125 X
7
Amer Potash & Chemical.*
At ant
Jan
600
Jan
Feb
46
Hedges
warr
2X
May
50
82
43
70
Jan
400
X
"2X Tx """266
»
pref...""*
Blckfords Inc com
H
*
52.60 conv prefI III
*
5!?ck,£ Decker Mfg Coll*
Bliss
'l4X
4X
100
4X
3X
•
....
*
v
-
Brazilian Tr Lt A
'"366
800
Pow""»
4,200
2X
600
43 X
20
36
15X
5X
34
~4X
'"BOO
"22"
T,806
12 X
15 X
900
9X
2,800
13X
12X
14 X
.
100
97
B..HH »
HI"*
preferred
IHI60
3
IX
Class A
Brillo Mfg Co com.
Class A
Brit Amer Oil
Registered
"
29
8X
Cent P A L
v
Jan
Apr]
Cent & South West Util.l
Cent States Eleo com... 1
6% pref without warr 100
7% preferred.......100
Mar
96
Jan
12X
Apr
Centrifugal Pipe
*
Charts Corporation
1110
Chesebrough Mfg
25
Chicago Flexible Shaft Co f
Chicago Rivet A Mach
*
8X
HI*
Preferred B_
"H*
Preferred BB
H"*
Cities Serv P &L $7
prefI*
$6 Preferred.........I*
24 X
....
"24"
24X
4151
1
8X
700
2X
9
IX
2,600
1,000
1
100
150
16
Cockshutt Plow Co
Tx
1,000
7X
2~306
Tx Tx
15X
"3"
15X
300
2X
3X
3,300
11
June
Feb
Apr
Jan
Feb
Feb
Jan
Feb
Jan
IX June
II
12X
Mar
Jan
Colon
Colt's
55X
103
2X
70
4X
Jan
Mar
Feb
4X
14X
19X
18
16
Apr
IX
Apr
11X
2X
15X June
2X
Jan
12 X
22
Jan
Feb
Jan
Feb
Mar
4X
Feb
Jan
2X May
18X
Jan
21
Feb
5
Mar
86
Jan
98
Feb
75
Apr
90
Feb
100
100
8X
11X
8,600
45
43 X
lix
11X
45X
12
2,700
9X
109 X 109 X
25
107 X
iix
500
Jan
Apr
45 X
Jan
16X
June
Mar
May
Feb
10X May
116X
Jan
J* Apr
40
99 X
109 X
31
16 X
400
64 X
65 X
"""425
2X
May
92
16 X
26X June
12X
Jan
116
Jan
16 X
65
102
Jan
Jan
Jan
"42 X
4X
2X
4,200
10,200
19X
2X
2X
23 X
550
40
44 X
1,100
26X- 26 X
20 X
23 X
4X
4X
2^
2X
2
114
115
150
700
"""166
14X
Apr
17X
Jan
68
65
Apr
74
Feb
42X
IX
Feb
65X June
Apr
3X. Feb
IX
Jan
3X
18X
31X
Jan
31X
Jan
Jan
54
Feb
20
Jan
44
Feb
30 X
Feb
17
May
x4X May
16 X
105
May
May
6X
22
"29"
44
49
X
1
~29X """266
800
50
4X
4X
57 X
52 X
57 X
83,600
12,100
5X
4X
5X
1,400
44
Jan
38
24
Jan
34 X
34X
Jan
59
100
1
**4X
470
53
X
3
Jan
Feb
Feb
Jan
124 X
38
Mar
Jan
Apr
Mar
IX May
Jan
7X
Feb
41X
Jan
3X May
69 X
Feb
Feb
6 X
40
June
54
Feb
54 X
58
250
42 X
Mar
55 X
400
43
Jan
May
58
51
55
Mar
Apr
Feb
Jan
X
Jan
56X
19X
Jan
May
IX
62 X
"1X "ix """406
9X June
3X
Feb
IX May
7
May
7X
Apr
16 X
IX
X
6
Feb
Feb
3X
8X
Jan
Apr
12
Mar
Mar
2X
10,100
Jan
4
45X
400
42
May
73
Jan
107 X 110X
1,100
93
Jan
114
Feb
IX
45X
IX
Columbia Oas & Eleo—
Conv
5% preierred—100
Columbia Oil St Gas new 1
Columbia Pictures..
*
Commonwealth Edison" 100
Commonwealth St Southern
107 X
4X
2,800
'162"" 'look 102""
"Too
3X
3X
Warrants
16,400
1,100
16
Commonwealths Dlstribll
Community P St L f 6 pref *
Community Water Serv..*
.....1
Compo Shoe Machinery. .1
Connecticut Gas St Coke—
X
Jan
IX
IX
28X
45
Jan
Jan
112
Jan
28
X
Apr]
IX June
32
700
2
Jan
IX
Jan
X May
11X
Jan
16
Feb
May
49
Apr
15X
Apr
IX
IX
716
13X
X
916
15,900
13X
14X
500
3X
16X
4X
90 X
91X
54 X
65 X
225
54X June
5X
5X
1,000
3X May
Stores...Hs
Feb
13
4X
Consol Retail
X
IX May
725
16X
Jan
Mar
Mar
97
46 X
28 X
Seour $3 pref
Jan
5X
36
90 X
16 X
1,400
22,200
3,600
3X June
Jan
113
5X
84
Jan
3X
IX
Apr
Mar
Jan
Jan
23X
6X Apr
92 X May
116
Mar
57X May
ex
105
Mar
Mar
100
90
Jan
2
May
88
Jan
101
June
Feb
Consol Royalty Oil
10
Cont G St E 7% prior pf 100
Continental Oil of Mex...1
X May
2
Feb
Feb
Continental
Jan
Cooper Bessemer com....*
$3 preferred A
*
Copper Range Co
*
Mar
27
IX
6X
June
Jan
Feb
Mar
7X June
3
*
P Bait com*
5% preferred A
100
Consol Min & Smelt—...5
Feb
50
Feb
14X
Consol GEL
80
4X
Mar
_*
Consolidated Aircraft—Hi
Consol Copper Mines
5
Feb
25X
9X
2X
Jrn
Feb
39
53
Jan
Apr
Mar
24X
3
Cohn &
.
Mar
32
24X
*
com.
iox
16 X
Corp.IlOO
Rosenberger.—H*
Oil Corp com
I*
Patent Fire Armsl25
Feb
IX
41
Feb
Apr
Jan
Mar
Jan
7
7 X
Mar
Jan
5X
1,000
Club Alum Utensil Co
85
Jan
May
24 X
Jan
nx
Feb
Feb
Jan
May
iox
May
Jan
15
7X
Mar
25X Mar
107X June
62 X May
*ii
10X
X
Jan
50
Mar
Jan
5
*43X
Clinchfield Coal
4X
Jan
11
Feb
3X
Jan
51X
IX
33 X
X
2X
7X
X
800
Mar
Mar
Jan
Feb
Feb
Feb
8% preferred
ioox look
Cord Corp
5
Corroon 6c Reynolds—
Common
......1
I*
$6 preferred A..
29X
15X
20X
Mar
Cosden Oil com
1
Feb
Preferred.
Courtauld's Ltd
97
Mar
"12 X "13
1
X
41X
Cn-4OOi 0 1
1
Tx "5X
3,800
41
5
5
5
70
68
70
IX
IX
9X
2X
11
300
400
5,500
300.
Feb
dep rets ord reg..£l
Cramp Shp & Engine ..100
8X
53X
Feb
Crane Co
Feb
8X June
7X
Apr]
Mar
29 X
Mar
"206
26X
16X
Jan
Jan
27X
24X
Apr
Apr
...25
com
Preferred...
30X
—5
Crocker Wheeler Elec....*
Croft Brewing Co
.1
Crowley M liner & Co
*
29 X
30X
129X 129X
....100
Creole Petroleum
Jan
3X
10
Jan
Apr
Jan
19
Mar
Jan
49X
Mar
Jan
9
Apr
4X June
8
Mar
4X June
65
8
Jan
77X
IX
Jan
4H
6X
Jan
17
Feb
Feb
Feo
Feb
11X May
X June!
Am
4X
6X
9X
34
6X
...100
Apr
50
1
Securities...*
Crown Cent Petroleum..!
For footnotes see page
48
1,100
1,000
100
*
150
1,225
14 X
X
44
Feb
Feb
93
Apr
14 X
2H
3X
46
Jan
23 X
43 X
14X
X
X
June
103
14 X
123
Jan
•
00m
9
150
.
Chllds Co pref.
...IlOO
Chief Consol
Mining Co..l
Claude Neon Lights Ine.il
Cleve Eleo Ilium com....*
Cleveland Tractor com ."*
Jan
Jan
Mar
City Auto Stamping.....*
Jan
Jan
Mar
iox
16X
Feb
148
Jan
Mar1
31
1I100
1
Conv preferred
100
Conv pref op ser *29.100
Preferred
Jan
Feb
Mar
Jan
Jan
Apr
Jan
Apr
June
Apr
June
May
84X
Jan
106 X 106 X
62 X
62 X
80
84 X
2-X
*'
10
7% pf 100,
7% pref—.100
Cities Service
20H
•
coupH""*
H"
Apr]
X
Jan
3X May
12X Apr
20X May
"2l"
Brill Corp class
7%
13X
"4"
21A
12M
15
Preferred
20
45X
.....
.
Bridgeport Machine
3X
11X
13X
35X
17
3X
-
"♦
II1125
Bearing"" 5
_
'"166
'"**25
35 X
100
com
Bourjols Inc
Bower Roller
16X
2X
43 X
comlH*
7% 1st preferred
Botany Consol Mills
Borne-Scymser Co
"l4X "l4X
"20X "21"
(E W) a Co com.. *
Blue Ridge Corp com..
1
53 opt conv pref.
*
Bohack <H C) Co
2X
121
"~4X
Convertible
Blumenthal (8) A Co
X
55 X
142
100
com.
Cent Hud G & E
Cent Maine Pow
Mar
55
50
46
X
BellTelofPa6H% pillOO
Benson St
46
81X
Baumann(L)&Co7% pfdlOO
Beljanca Aircraft com...l
Bell Tel of Canada..
7% 1st partlo pref.—100
7% prior preferred—100
Mar
12X
Jan
Apr
6X
Celluloid Corp com.....15
$7 dlv preferred
*
1st preferred
—...*
Como Mines...
Class A common
10
Babcock A Wilcox Coil" *
Locomotive
Castle (A M) A Co
10
Catalin Corp of Amer
1
Celanese Corp of America
Jan
39 X
*
7X
9X
Axton-Fisher Tobacco-
Baldwin
Class B
Carnation Co com
*
Carolina P & L |7 pref.I*
$6 preferred
...»
Carrier Corporation.
*
Apr
15X
28
*
7X
51
.
Jan
Feb
16X
88X
16X
2X May
7X May
1H May
8X Apr
8
May
Jan
7X June
25
May
11X May
Jan
Feb
25c
Convertible class A
Jan
29 X
27 X
100
Am
Carib Syndicate
Carman & Co—
3X
Jan
100
9
2X
8X
Feb
Mar
7X May
_24X ~24X
106 X
32X
30X
400
Cables & Wireless Ltd—
Am dep rets A ord shs_£l
Canadian Indus Aloohol A*
B non-voting
*
Canadian Marconi..—1
Capital City Products
*
Jan
Mar
1,800
....__.*
Feb
Jan
7H
30X
28X
9X
8X
9
Canadian Car A Fdy Ltd—
Preferred
25
Jan
400
com
Jan
33 X
40
Burco Inc
77X
•it
108
28X
"~9X
450
9
32
dep rots B ord aha £1
Amer dep rets pref shs £1
Calamba Sugar Estate..20
4H
High
2X May
Bulova Watch $3X pref—*
Bunker Hill St Sullivan..10
Jan
19
15,800
1,250
2,700
*
28
28
7X
31X
50
.
4X
500
3X
37X
$51st preferred.
June
70
3X
39 H
preferred.._._*
Mar
550
20 X
Servi'oe"*
c
Mar
Mar
116
19 X
Amer Meter Co..
Amer Pneumatic
V t
Mar
loo
L & Tr com
55
13 X
115
10c
6% preferred
yS&8
May
75
86H
HI J
Amer Mfg Co com
Amer Maracalbo Co
Am
18
101
27
___l
Amer Hard Rubber com 60
Amer Laundry Mach___20
Apr
Jan
100
Class A
Brown Forman Distillery. 1
Brack Silk Mills Ltd
*
Warrants
But ma Corp Am dep rots—
Butler Brothers..
.10
Cable Elec Prod v t c—*
Jan
2X
700
29X
.....
Brown Fence & Wire B. ..*
Feb
87
..*
Generai Corp
Jan
9X
29X
$3 convertible pref- -.—*
Mar
Low
28 X
100
Feb
45
7% conv preferred...100
52 preferred
52.60 preferred
Jan
4X
25X
109
Equities Co com.._l
Amer Fork «fc Hoe Co com*
Amer Foreign Pow warr.
Preferred
Feb
June
400
Amer
American
I
17
21
6% pref
Buckeye Pipe Line
Jan
Jan
29X
Buff Niag Sc East Pr pref 25
Apr
Apr
June
JH
Brown Co
Jan
115X
A®er Dist Tel N J com..*
com
Feb
Am dep rets ord reg._10s
British Col Pow cl A
*
Feb
23X
2X
114
*
Class A
Class B
Amer Cynamld class
Class Bn-v
82X
115
*
56.60 prior pref
III
Am Cities Pow &
Lt—
Feb
152
10c
com
67X
June
Jan
"266
Feb
Feb
49
87
Tox'iok
Mar
Range Since Jan. 1 1936
Shares
British Amer TobaccoAm dep rota ord bearer *1
IX Mar
Jan
600
American Beverage com.l
Amerioan Book Co
100
American Capital—
Common class B
53 preferred
35
June
Price
Am dep rota ord reg._£l
British Celanese Ltd—
Mar
123
*
Week
Mar
4X
118
com..II"*
6% preferred
I.ZIoo
Jan
Mar
X
58
for
Of Prices
Low
High
Par
4X
15X
62X
120X
Mfg..*
com.
Apr
24
37 X
„
2X
X
*
AlUed Products cl A com 25
Aluminum Co common
*
Amer Gas St Elec
2X
Apr
10X June
44 X May
2X June
27
*
Warrants
Alabama Gt Southern.
Week's Range
Sale
June
76
115
20 X
.10
Class A
46X
113X
4X
10X
50X
2H
4X
Last
High
24
*
com
Aluminum Ind
Aluminum Ltd
Low
3X
10 X
50X
2 X
"gfa
Agfa.Ansco Corp com
Alnsworth Mfg Corp
Ala Power $7
Shares
21H
24
»
Air Investors
Range Since Jan. 1 1936
40
s
Adams Mlllls 7% 1st pf 100
Aero Supply Mfg ol A
ClL
Class B
STOCKS
(Continued)
Week
20
t c com
v
Week's Range
Sale
Sales
Fridayt
Sales
Friday
STOCKS
Aluminum
It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any
$3
complete record of the transactions on the New York Curb Exchange for
a
Saturday last (June 13,1936) and ending the present Friday (June 19,1936).
the week beginning on
from the
Acme Wire
June 20, 1936
transactions of the>eek, and when selling outside of the
26X
10X
24 X
X
X
26 X
11X
9,500
Apr
31
Feb
Apr
130
Mar
2X
50
120X
Jan
19 X
9
Jan
34X
Apr
16
5X
5X
2
2X
4,800
1
24
7,200
1,000
10,600
100
10X
15
X
5
IX
Jan
May
IX
Jan
2X
7
Jan
Feb
Feb
Feb
Mar
Jan
Volume
142
New York Curb
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Week's Range
of Prices
Low
Crown Cork Internatl A--*
Crown Drug Co com
Preferred
Cuban Tobacco
Cuneo Press
High
153*
43*
Range Since Jan. 1 1938
25
24 K
5
3834
3834
2,100
534
3834
5
10,700
175
23
Jan
25
Feb
300
43*
373*
Jan
1134
42J*
Feb
£13 34
£1334
14
12
Reg £1
Dennlson Mfg 7% pref.100
Detroit Gray Iron Fdy.__5
Derby Oil A Ref Corp eom*
12 3*
2534
12%
26
26
Apr
163* May
1934
Mar
Feb
70
Mar
Jan
143*
13*
Jan
253*
Mar
43*
4934
Mar
Apr
Apr
200
33*
4634
300
100
1734
203*
200
17
100
203* June
17
83*
June
15
23
223*
25
2,700
11
11
11
300
,
53*
11
Amer deposit rets
£1
Doehler Die Casting
*
26
7% preferred
26
303*
3234
1,600
434
3234
434
100
100
11034 H2
Driver Harris Co
*
Handley Page Ltd—
Am dep rets pref
115
"2634
High
Hazeltine Corp
Hecla Mining Co
--_*
25
Apr
Hires (C E) Co cl A
Hollinger Consol G M
Holophane Co com
5
Jan
Apr
Jan
26
June
353*
73*
25
Mar
Feb
Jan
12434
7334
Mar
Helena Rubensteln
320
1103*
125
124
2
63*
134
June
3*
*
preferred
Jan
200
82
5,300
63*
634
13*
13*
43*
Apr
1,800
123*
1,000
1334
13*
5,300
"1234
12
13*
33*
1034
113*
13*
42
1534
1634
5,300
323*
31
32 3*
100
*
*
2434
583*
Common
1
3*
123*
123*
25
June
39
Jan
Jan
110
Feb
7% pref stamped
100
7% pref unstamped..100
3,800
2234
60
3,800
57
Duval Texas Sulphur
Eagle Plcher Lead
103/8
»
934
103*
10
6 %
East Gas A Fuel Assoc—
Common
6%
13*
13*
72
13a
Economy Grocery Stores.*
16
43*
43*
Jan
Jan
Mar
Hygrade Sylvania Corp..*
Illinois P A L $0 pref
*
"4334
3534
4134
44
Mar
0% preferred
100
Illuminating Shares cl A.**
41
4234
Mar
Imperial
73*
Jan
Jan
113*
Jan
85
Jan
Jan
900
75
593*
650
83
Mar
June
423*
Feb
13* May
33*
Jan
413*
13 34
153*
16
43 3i
443*
Jan
433*
63*
Jan
14
3,900
450
153* June
200
"~33*
33*
33*
203*
223*
233*
443*
Jan
7434
Jan
87
Mar
93*
634
Apr
Apr
Jan
12
Mar
183*
2
93*
61
Jan
Jan
June
83*
634
3,300
5
May
953*
525
88
May
163*
163*
""206
34 3*
343*
463*
25
343*
463*
42 3*
55i
Electrographlc Corp com.l
Elgin Nat Watch Co... 15
Empire District El 6%. 100
Empire Gas 4 Fuel Co—
6% preferred...
100
10
Feb
55 H
51
57
600
433*
Jan
55
5934
300
47
Jan
21
Jan
24
Jan
15
7% preferred
100
Pref
$3.50 series...
73*
Fansteel Metallurgical...*
Fedders Mfg Co com
..*
Ferro Enamel Corp com
*
14.34
253*
343*
8
343*
Flat Amer dep rets
Fldelio Brewery.
1,100
7
7
200
13 3*
15
Feb
Feb
Internat'1
Apr
Feb
1
534
503*
Jan
34
J*
Fe
Jan
21
Feb
Interstate Power $7 pref.*
233*
1034
73*
163*
Jan
Jan
Jan
May
17
June
3134
403*
100
233*
500
283*
34
600
430
1153*
20
5
53*
2,200
Jan
Jan
May
3*
75
Jan
May
21
13*
Jan
Irving Air Chute..
1
Jan
Italian Superpower A
Jan
Mar
112
434
Feb
Feb
Apr
117
Jan
Apr
9
Feb
53*% preferred
6% preferred
7% preferred
May
70
Feb
June
45
Apr
May
60
Feb
73* May
203* June
£2334 June
93*
283*
Feb
Feb
32
Feb
5% preferred D
Kingston Products
23* June
434
Feb
£203*
£2334
223*
2,800
24 34
150
23*
200
183*
350
23*
23*
600
203*
203*
203*
500
1834
Jan
16
16
£l63s
400
123*
Jan
313*
313*
50
13*
13s
4,000
4,600
Jan
30
Jan
16
JaD
19
Mar
23*
3*
75
Gen Pub Serv $6 pref_£S.»
3s
72 3*
75
Jan
4J*
203*
1834
13
Jan
3*
75
75
•
"loo
Apr
'i«
175
71
10
May
Feb
June
Jan
67
Jan
June
Jan
34
85
Common vtc
Jan
523*
Mar
0% preferred A
100
Georgia Power (6 pref
*
95
95
50
85
*8534
Api
853*
8534
50
79 3*
Apr
903*
Apr
73
534
5 3-4
100
13*
200
163*
2,800
*
Feb
47
100
850
1
Jan
683* June
6834
0%
5
Apr
93
102
83*
Jan
Leonard
4
400
13*
3,900
Jan
Feb
Jan
Jan
Jan
»i«
3*
3t6
34
100
634
2,700
293*
800
273*
23 3*
520
20
34
6
28
21
3*
6
Feb
Jan
"t«
3*
95*
Apr
Jan
June
Feb
82
Jan
Feb
Jan
May
33 3*
Mar
5,100
3* May
34
May
Jan
13*
Feb
2334 May
313*
263*
Mar
134
Feb
34
203*
Feb
234
""150
«
"24% "25
203*
143*
Jan
600
213*
15
34 May
3*
Apr
500
3*
Jan
Feb
86
86
863*
92
93
35
1S16
53*
7034
Jan
3*
Feb
863*
June
60
3 3*
70
Jan
93-
May
86
May
102 3*
June
Jan
43*
1,100
450
36
.....
775
170
10034 102
334
■
13*
3,900
30
2,200
63*
13*
.....
"166
11
Jan
3*
Mar
13*
Jan
1113*
Jan
1034 June
44
Feb
Apr
134
63*
113
Mar
Mar
13*
23*
300
Apr
53*
5,900
33*
300
3*
300
Jan
113* May
33* Mar
74
13*
Jan
74
5
June
134
23*
Jan
7ie May
183*
Jan
8
334
Jan
Mar
Jan
53* June
63*
3*
24
Jan
May
Mar
115*
6
Apr
Mar
OH
1
3334
3334
100
24
Jan
39 3*
Mar
8
Jan
183*
Apr
Feb
434
253*
Feb
7%
Jan
Jan
Feb
Mfg Co—
800
.193*
"366
163*
10
May
Jan
173* June
213*
16
323*
4,000
73*
10,500
903*
Apr
1034 May
107
14
£25
Jan
Feb
1254
Mar
June
743*
Jan
78
Mar
51
Jan
60
May
53* June
70
123*
Mar
Jan
23* May
8
3*
25
Develop
400
153*
83*
2,400
3*
,S16
1,900
15
63*
3*
1073*
100
Jan
11:
1034
113*
500
73*
434
43*
500
3
734
734
8
r3*
53
*
Class B
1834
*
Lockheed Air Corp
1
Rights
Lone Star Gas Corp
83*
June
Jan
78
Mar
May
153*
43*
Jan
25
Jan
113*
Jan
Jan
•
Jan
2
Feb
Jan
111
Apr
15
Mar
Feb
Mar
53*
Apr
Jan
2034
June
173*
Apr
183*
2,600
63*
May
103*
Jan
34
5,600
34
June
103*
1134
2,100
'i6 May
93*
Jan
1434
Mar
43*
8534
43*
3,100
8634
74
75
12
1134
1 234
40
40
11
Feb
Long Island Ltg—
*
preferred.:;
Preferred class B
1634
593*
7
8
Common
Feb
3*
23*
193* June
563*
7
Loblaw Groceterias cl A..*
Godchaux Sugars class A.*
7,300
573*
•
Lion OH Development...*
Feb
"""56
100
1,200
15
Lit Brothers com
Feb
193*
113*
2334
15
Jan
183*
334
3*
175
113*
2334
1
Feb
45
Gorham Inc class A com. *
1023* 1043*
"233*
10
preferred
63*%
Feb
Class B
1023*
Lerner Stores
Apr
Jan
Loudon
434
100
100
Packing
"743*
70
185
.*
Apr
Louisiana Land A Explor.1
Jan
33*
Apr
53*
Feb
72 3*
Jan
88
Mar
64
Jan
76
Mar
034
93*
Apr
834
Feb
Jan
153*
May
Louisiana L P A L Co—
$0 preferred
Lynoh Corp common—
Mangel Stores Corp
pref w
9,100
94
*
Lucky Tiger Comb G M.10
Jan
*
Jan
23*
4151
234
1034
13*
._.*
Jan
Feb
1334
page
June
5
100
Lehigh Coal A Nav
45
see
1
3?4
3*
...1
Realty com
300
footnotes
""266
13*
7% pref. .100
Preferred
1,900
For
64
833*
1,200
1
Class A
Lefcourt
2 3s
"19"
Jan
4,100
4
*
Lake Shore Mines Ltd
143*
Grand Rapids Varnish...*
Gray Telep Pay Station. *
393*
383*
734
Apr
3634 May
33* May
3634
10
preferred
23*
163*
Feb
3634
233*
Kress (S.H.) A Co pref.100
*
V t c agreement extended
53*
1
Knott Corp common
2
Gorham
33* June
2,500
29
Klrkland Lake G M Ltd.l
Globe
"193*
Jan
Feb
1
Klelnert Rubber
Glen Alden Coal
...
...»
Jan
734
143*
Langendorf United Bak—
Mar
75
Goldfield Consol Mines. 10
143*
Feb
.100
Lane Bryant
8134
23*
183*
503*
14
634
*
preferred A
•
7% pref.100
Ken-Rad Tube & Lamp A*
Kingsbury Breweries
1
Kings County Lighting—
Jan
Jan
69
$3 preferred
134
V t c
Feb
1234
~75~~
14
Apr
Jan
Feb
Apr
1
r933*
Lakey Foundry A Mach-.l
General Tire 4 Rubber..25
Underwriters
11
113*
33*
33*
101
Lackawanna RR of NJ
May
163*
503*
*
7
400
334
64
363*
100
2.50
49
"163*
Preferred
100
4934 May
Feb
2H
Gen Rayon Co A stock..*
General Telephone com_20
$3 convertible pref
♦
13*
1,400
9
Apr
34
Koppers Gas A Coke Co—
40
6% pflOO
9
125
634
.100
Klein (Emil)
*
$5 preferred
Gilbert (A C) com
834
1134
Kansas G A E
Kreuger Brewing
13*
750
10
Klrby Petroleum
73*
pref B
74
13*
Jones A Laughlin Steel. 100
Kansas City Pub Service-
40J*
Gen Gas 4 Elec—
$6 Conv pref class B
Warrants
100
3*
33
30
Gen Investment com__...l
Feb
93*
Warrants
46
23*
Gen Flreprooflng com...-*
Jan
84
Apr
Jan
Jersey Central Pow A Lt—
1,050
•
Jan
154
113*
*
9,600
18
334
2034
69
Jan
May
Apr
723*
Iron Fireman Mfg v t C-10
47
1834
Jan
13*
134
»J6
Feb
3734
250
73*
Am dep rets ord reg._£l
*
Feb
June
89
Interestste Hos Mills
Investors Royalty.
Iron Cap Copper com
Jonas A Naumburg
20 H
Fort Worth Stk Yds Co..*
Froedtert Grain 4 Malt—
Conv preferred
15
1
Vitamin
Jan
12
773'8
International
43
2434
63*
34
Apr
7
1
Feb
493*
3334
Ford Motor of France—
American dep rets...100
034
10
1
3*
253*
8
Feb
Jan
Jan
29
74
Class A
47
Am dep rets ord reg__£l
Ford Motor of Can cl A..*
Class B
June
97
*
1434
3534
51
19
Jan
Utility—
36
*
Florida P4LJ7 pref
Ford Motor Co Ltd—
June
Warrants
600
115
100
14
9234
100
Class B
Feb
43*
133*
3*
100
10
134
113*
*
Internatl Safety Razor B
May
600
7534
Jan
25
33*
6% preferred
44
19
Fire Association (Phila).lC
First National Stores—
Feb
Apr
14
Registered
213*
334
700
'
393*
934
20
94
50
Corp
International Products
Jan
*i«
'2~406
Jan
Feb
14
Warrants
Jan
5
13 3*
Gen Outdoor Adv
1
2
1,900
1
Mar
94
New warrants
..1
General Alloys Co
Gen Electric Co Ltd—
V t c common
39
163*
53*
10
Class B
International Petroleum..*
Feb
%
50
Industrial Finance—
Feb
573*
653*
6734
"163*
Feb
June
334
334
513*
62
163*
Jan
A
Jan
Jan
com
class
42
Jan
Fa Is La Lf Brewing
1
Fanny Farmer Candy....1
preferred
Non-voting
200
44
•
10
100
734
15
*
100
7% 1st preferred
734
13
15
1
Feb
43
.3
Jan
Internat Hydro-Elec—
175
FIsk Rubber Corp
10
Internat Mining
100
934
37
£1
Jan
375
Falrchlld Aviation..
Britain and Ireland
Indiana Pipe Line
Intl Metal Indus A
4,900
Feb
Feb
Feb
Feb
"V.ioo
55
5334
Mar
Apr
2 34
Jan
Feb
143*
293*
193*
193*
Feb
243*
243*
37
2 3*
Jan
6334
Jan
Jan
Jan
"183*
Jan
40
May
3634
3834
5234
Apr
Jan
23*
32
Apr
Feb
1334
15
193*
75*
203*
Feb
54
Waliower Lead
conv
1
55
7% preferred
Ex-cell-O Air 4 Tool
400
934
Jan
20
3034
Empire Power Part Stk..*
Fllntkote Co
Jan
934
98
483*
503*
Emsco Derrick 4 Equip. .6
Equity Corp com
10c
Eureka Pipe Line
50
European Electric Corp—
Option warrants
3,000
Jan
23*
1,100
Insurance Co of N Amer. 10
54
100
100
353*
International Cigar Mach *
Internat Holding A Inv_„*
100
63*% preferred
7% preferred.
8% preferred
Feb
Feb
30
5,800
Mar
Shareholding—
6
Mar
234
403*
21
Ma
6,900
923*
763*
May
21
79
1,700
2,200
95 H
Feb
2034
Apr
1034
pref w w
Elec Shovel Coal $4 pref..*
Jan
283*
Indian Ter Ilium Oil—
8534
conv
Jan
Apr
0
7% preferred
100
Ind'polis P A L 6 3* % PflOO
1034
734
5534
734
Common
223*
35
110
203*
Mar
734
175
Feb
21
6434
200
Jan
Feb
10
Jan
103* June
133* June
900
434
Imperial Tob of Canada.5
Imperial Tobacco of Great
Mar
1034
734
Jan
June
Imperial Oil (Can) coup—*
Registered
..*
June
77
583*
,
10
100
43*
253*
73
*
2334
173*
10
Jan
82
warrants
Feb
Feb
10
Feb
*
Elec P 4 L 2d pref A_.
Jan
3
65
Feb
10
Apr
82 Jt
834
Jan
Apr
Jan
Mar
£1
Indiana Service 6% pref 100
1
com
Amer deoosit rets
234
1534
22,700
1,600
Jan
Industries
Mar
75%
Class A
$6
Jan
June
Chem
36
3,700
20 H
com.
Jan
43
2434
13
Jan
l
$6 preferred
Elec Power Assoc
$6
6
23
Edison Bros Stores com
*
Elsler Electric Corp.....!
Evans
Hygrade Food Prod
24
16 preferred series B
»
$7 preferred series A
*
Easy Washing Mach "B".*
$0
Jan
13*
1034
153*
2,100
603*
Eastern Malleable Iron..25
Eastern States Corp
*
Option
Mar
4
1,500
43*% prior preferred. 100
6% preferred
100
Electric
6
80
7
10,600
634
7434
62
Elec Bond 4 Share
*5 preferred
Jan
1
83*
*
10
350
15
Feb
3*
66
Jan
Feb
Mar
June
3*
900
34
Hydro Electric Securities.*
400
83*
7234
23*
63*
143*
1734
Jan
253*
3*
106
3
Jan
Huylers of Delaware Inc—
Jan
10
23*
Apr
133* Mar
83* June
934 Mar
1434 May
293*
Apr
105
2434
5934
Jan
834
June
213*
153*
8434
Apr
Apr
1
300
43
Jan
Jan
200
42
Mar
Jan
63*
734
43*
Feb
91
68
12
Mar
98
200
43*
Jan
Mar
Feb
13*
Jan
400
13*
Jan
813*
1034
33*
72
76
"Tii
100
Hud Bay Min A Smelt
Humble Oil A Ref
1303*
128
81
7534
*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co
*
7%
Feb
Apr
May
100
15,
8034
*
Horn A Hardart
Mar
24 J*
400
7
2
,
10
preferred
100
Dublller Condenser Corp.l
Duke Power Co
10
Durham Hosiery class B
*
7%
High
600
»
June
Jan
Low
8 sh
19
1234
Range Since Jan. 1 1938
Shares
1123* 115
12634 1263*
2634
2634
634
Hartford Electric Llght.25
Hartman Tobacco Co
.*
Harvard Brewing Co
1
25
Jan
£043*
653*
400
»
for
Week
of Prices
*
Mar
22
1103*
Draper Corp
$5.50 preferred
Hall Lamp Co.
Heyden Chemical
2334 Mar
2734 May
43*
Jan
100
Dow Chemical
Week's Range
Low
_.25c
com
...1
Gulf Oil Corp of Penna..25
Gulf States Util $6 pref..*
183* June
213* June
103*
Apr
Mar
Distillers Co Ltd—
Dominion Steel A Coal B 25
Douglas (W L) Shoe Co—.
*
May
83*
Diamond Shoe Corp com.*
Dictograph Products
2
Distilled Liquors Corp...5
Mar
June
50
70
934
Price
Guardian Investors
103* June
200
stock
com
Grocery Sts Prod
223*
1,400
Non-vot
7% 1st pref erred ....100
Gt Northern Paper.....25
Greenfield Tap A Die
*
Apr
Apr
6734
203*
Sales
Great Atl A Pac Tea—
Apr
13*
1634
143*
Jan
663*
42
Detroit Gasket & Mfg coml
6% pref ww._
..20
Detroit Paper Prod
1
Mar
Apr
93*
23*
•
109
Feb
12
Mar
12
200
'
67
534
Mar
H
*9
Class A
35
De Haviii Aircraft Ltd—
Am Dep Rec ord
Preferred
Feb
Mar
100
Davenport Hosiery Mills. 6
Dayton Rubber Mfg com.*
June
1534
200
Sale
Par
Jan
113*
434 June
*
com
Last
(Continued)
High
Low
200
4%
2434
24
vtc..*
STOCKS
Week
1534
63* % preferred
100
Cusi Mexican Mining..50c
Darby Petroleum
for
4147
2
Friday
Shares
13*
4H
*
com
25c
com
Exchange—Continued—Page
Sales
w
5
*
100
234
43*
234
100
4034
400
43*
400
May
234 June
343*
Jan
4
4234
95
Jan
23*
Mar
Feb
Apr
553*
93*
Apr
66
Feb
Jan
New York Curb Exchange—Continued—Page 3
4148
Last
Week's Range
of Prices
Week
Price
Ma pea
Conaol Mfg
High
Low
Shares
Jan
27K
Feb
7K
£1
12
Margay OIJ Corp
*
Marlon Steam Shovel
*
5%
5%
.1
3%
3%
Maryland Casualty
89 %
Maaonlte Corp common..*
2
1
Mass Utll Assoc v t c
5%
Massey-Harris common—*
Mayflower
100
5%
3%
91
2%
5%
%
5%
300
1,000
250
400
600
May
9K
June
22 %
Jan
Mar
12
5
Apr
3K
Apr
62 K
Jan
IK
Jan
4K May
Mar
5K% 1st pref
Feb
Pacific Ltg $6 pref
7K
Jan
Feb
*
600
Jan
13 K
Apr
950
59
Jan
89
Apr
Pan Amer Airways
104
200
79K
5%
Feb
105 K
Mar
Jan
8K
Apr
6%
400
6
K
m
31
30
8
~300
25
99
99
Merrltt Chapman A Scott*
8K
May
300
100
8%
800
"176
104%
Jan
107%
10
85
6K
6K
200
34%
50
89 K
99%
June
Patchogue Plymouth
Pender D Grocery A
Apr
8%
Jan
May
31X
Mar
5K
27
3%
Jan
10K
Apr
Apr
*
IK
Jan
IK
Jan
Mexico-Ohio OH
*
Michigan Sugar Co
3%
400
»
Michigan Gas A Oil
3%
1%
iys
2,700
»
*
18K
Pa Pr & Lt 17 pref
*
$6 preferred
Petrol—
3
*
Class A v t c_.
3%
K
Class B v t c
300
900
-1
Jan
3
»»«
6
Jan
2K
Feb
Penn Traffic Co
24
*
Mining Corp of Can
24%
i%
»
19
600
41K
200
1%
31
32
Minnesota Mining A Mfg
200
44
%
42 K
._*
Mid vale Co.
32
150
91K
Jan
114K
June
Jan
Apr
89
225
81
Jan
29 K
93
59
100
41K
Jan
70
Jan
Feb
Feb
$3
conv
pref ser A
Pie Bakeries Inc
May
13K
100
3K
June
x5
May
17
16%
June
20
June
153%
90
142
Jan
June
Pines Winterfront Co
31%
100
30
May
37%
50
35
28
Jan
35
152"
"""50
149
June
150
37 %
Moody's Invest Service..*
Moore Corp Ltd com
,*_»
149"
152
100
9
4%
5%
10
8 %
4%
8K
Distillery. 1
Mtge Bank of Col Am shs_*
6
142
Mountain Sts Tel A Tel 100
31
1
Feb
40
Apr
K
Feb
Apr
1,100
8K
June
10K May
200
4K
Apr
4K June
6
Jan
8K
138
Apr
2,400
143%
30%
Feb
170
1,700
32
23 K
Apr
35K
7% preferred
Pitney-Bowee Postage
Meter
Feb
Pittsburgh Forgings
1
Pittsburgh A Lake Erie. 50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Feb
Potrero Sugar com
81K
"lX
4 K
5
18%
Nat Bond A Share Corp..*
National Fuel Gas
19
46%
A
6
46
~2
Nat Mfg A Stores com...*
National P A L $6 pref...*
National Refining com. .25
46
June
1,100
1,600
1
National Sugar Refining..*
K
June
IK
600
IK
Jan
3
500
'84X
84%
87
500
3
"~3K "TK
1~, 800
316
26%
26
*
Feb
IK
2K
Providence Gas
Prudential Investors.
$0 preferred
Pub Serv of Colo—
6% 1st preferred
1,800
300
12
Jan
$6 preferred
*
Public Serv Nor 111 com..*
Common
60
87 K
25
1,000
6",600
4,000
9
80
1,650
82
3
3K
84
700
3K
60
Jan
Jan
18%
Feb
2%
Apr
3%
8%
May
12%
Mar
Jan
7%
7%
Jan
10%
Jan
Apr
39
Feb
7%
Jan
14%
Feb
121K
78%
IK
4%
1,200
1%
200
1
4%
900
3%
288
14%
125
30 K
30 K
200
2%
2%
5,000
06% May
Jai
98%
3,600
K
2,200
8K
113
Apr
8K
May
Jan
115
Apr
Jan
19
Feb
May
16
Feb
Jan
4K
Feb
Jan
23
June
74
Mar
87 K
June
Jan
4K
Feb
2K
Apr
128
Mar
69 K
Jan
92 K
Mar
IK
Jan
0K
Feb
Apr
10
74 K
Jan
96 K
Jan
June
25K
Jan
2K
Feb
3%
Jan
6K
50
50
50 K
900
36
27 X
31
300
27K
June
Jan
111K
20
7X
17
18 K
118K 122
4K
4K
400
6K
600
14 K
116K
52
Feb
June
38
Jan
Jan
105
111K June
7
Jan
104
1
54
55
10K
11K
57,400
K
7T6
2,000
IX
2X
1,400
4K
275
100
50
May
Apr
Jan
11H
20 K
200
Jai
Jai
18%
30%
Mai
1%
Jai
Class A oot warr
Class B opt warrants
30%
11K
12K
35X
xl2%
38
6,800
$5 preferred
$6 preferred
*
...»
Quaker Oats
Quebec Power Co.
Ry A Light Secur com
Ry A Utll Invest cl A
May
105
Apr
53
Feb
20%
22%
70
14%
Jai
27%
Feb
Api
60%
Api
Apr
60
Feb
114
Apr
Apr
117%
Apr
98%
92
Jan
98
Jan
1%
2%
150
75%
72%
76%
1,200
29 K
29
900
7
100
122
124
140
Class A
Common..,
*
Reliable Stores
"25
'i« May
K
May
May
2K
Feb
6% preferred ser D..100
Roosevelt Field, Inc
5
Root Petroleum Co
Jan
7K
8K
Feb
5K
Feb
Russeks Fifth Ave
2,550
36K
Apr
49 K
Feb
Rustless Iron A Steel
*
35
Feb
55 K
"""706
Nor Ind Pub Ser 6% pfdlOO
100
8K
7i«
Jan
98 K
Jan
conv
pref
Royalite Oil
103
10
Nor Sts Pow com class A100
28
St Regis Paper com
7% preferred
5
100
79
Jan
Salt Creek Producers
Feb
Jan
108 K
Mar
9K
Feb
4K
21K
Jan
38
100
15K
Jan
39K
39K
200
35%
Jan
26 K
48
Apr
Novadel-Agene Corp....
Ohio Brass Co cl B com..
28
28 K
50
26 K
May
35
Jan
Securities Corp General.
Seeman Bros Inc
Jan
10
_
12%
Jan
300
4%
Jan
7
2,100
1%
Jan
3%
6%
May
Mar
Feb
101%
106%
Feb
108 K 109
500
104 K
Jan
109 K
Feb
Seiberling Rubber
110
Feb
112K
Jau
Selby Shoe Co
Jan
107
June
10
101K
5
13 H
13 X
13X
100
13%
Jan
15
Feb
Oklahoma Nat Gas com. 15
11%
11%
12%
28%
800
11%
June
12
June
150
28
June
28%
June
For footnotes see page 4151
28
com
Feb
Apr
Mar
Jan
Apr
2%
Jan
3%
June
6%
Mar
104%
Apr
2
Jan
4%
Jan
19%
14%
3
14%
3
900
14
15
6,800
Jan
23
700
5%
4%
3%
88
4%
64
7%
5%
11,100
200
3
89%
%
%
100
18
150
S16
June
39%
3%
1%
70
70
Apr
19
Mar
Jan
Jan
Apr
Feb
4%
Apr
92
Feb
Jan
7i«
3K
Jan
5%
73%
Jan
Jan
10
Feb
4%
64%
730
55
May
7%
7%
800
7
Jan
200
26
200
6%
3i«
3%
%
Jan
May
7I6
g
34?;
41%
Feb
Jan
55
2%
Jan
5%
42%
3%
42%
100
41%
Apr
46%
3%
3%
3,700
1%
Jan
2%
500
2
Jan
4%
4%
2%
*
32
*
32
100
Feb
Feb
Apr
350
42
Apr
1%
33
30
Feb
Jan
32
*
Feb
Jan
59%
29
Apr
Apr
Mar
Mar
8
2,100
1%
18,700
K
105% May
4%
Feb
Jan
26%
18
Water Co. $6 pref
100
11
Apr
1%
100
*
Segal Lock & Hardware.
50
20%
1,900
5%
2%
Manufacturing.25
Scranton Spring
Brook
106
107
Mar
Mar
2%
Scoville
1,900
107
1%
1%
5
1st pflOO
8%
Jan
5%
29
Schulte Real Estate com.
24%
109
Jan
*16
5%
com
30
100
Mar
June
15%
26%
700
Savoy Oil
28
100
Jan
38%
24%
106
3
%
...*
June
4K
June
5,200
*
400
Engineering. _*
Feb
7
6K
Safety Car Heat A LightlOO
8t Anthony Gold Mines.. 1
Schlff Co
5
36
Jan
10%
17%
Apr
Feb
300
16
Feb
2%
6%
20
Rossla International
87K
Northern N Y Utilities
100
19%
%
*
6%,
May
Jan
Jan
Ryan Consol Petrol
3K
Jan
3H
Jan
K May
98 K
Jan
71
Apr
77 K
Apr
...50
Feb
Feb
8%
*
Nor European OH com..
%
5%
%
25
Royal Typewriter
Nor Cent Texas Oil Co...5
%
May
Jan
Feb
Rochester Gas A Elec Corp
3,800
25
Jan
1%
100
*
4M
700
2%
%
.1
com
4
4K
Jan
%
25
16
Feb
Jan
200
25
Richmond Rad
$1.20
Apr
17
6%
10
Jan
149
18%
21%
%
13
137%
Jan
K
%
Jan
Apr
Mar
2%
*
10
4%
54
Jan
9
14%
25
*
com
Reybarn Co Inc
700
3K
Jan
May
21
2,800
54
5%
122
200
*
6%
No Amer Utility Securities*
15%
1%
13
50c
Red Bank Oil Co
34%
Jan
19%
%
$3 convertible preferred*
v t 0
Jan
1%
»
Raytheon Mfg
22
16%
*
2K
43
Feb
76% June
19%
*
Class B
6
40 X
54
Feb
6%
Jan
16%
Raymond Concrete Pile—
Rice Stix Dry Goods
Richfield Oil pref
Jan
98% June
110
50%
141
1
2%
41
1% June
Feb
14
30%
7
*
6K
..6
40
10
98%
104
104
Rainbow Luminous Prod—
Feb
Nor Amer Lt A Pr—
Feb
Mar
105
...»
Feb
Feb
11%
102%
Jai
100
11K
13K
June
Jai
*
com
6% preferred
76K
44K
3K
11
Mai
Pyle-National Co
...5
Pyrene Manufacturing..10
53% June
Jan
Feb
Feb
Puget Sound P A L—
Jan
Jan
Apr
Feb
9%
37%
100
Mar
Jan
Mar
800
Apr
1%
48
7K
28%
2K
3K
Nlles-Bement-Pond
Jai
316 Maj
% Maj
8%
A pi
9%
Api
8% Maj
98%
Ap>
Mar
May
48
Reynolds Investing
1
2%
40
200
100
Relter-Fostcr OH
Niagara Share—
Jan
37
21
Feb
Apr
Feb
23%
11%
100
6K
7K
Jan
Jan
34%
103%
Jan
4%
Jan
6%
42%
Reed Roller Bit Co
May
Apr
Jai
40%
Pub Utll Secur $7 pref....*
Jan
122
June
3%
42 K
Pub Service of Okla—
6% prior lien pref
7% prior lien pref
83
140
Jun<
115
3H
Jan
Jan
100
Jan
Apr
Feb
13%
June
100
Feb
40
85
preferred
27 K
110
Jan
7%
June
7% preferred
23 K
11X
Mar
9%
6%
600
400
Jan
36
Jan
"360
54 A
preferred-
Apr
Apr
Niagara Hud Pow—
OHstocks Ltd com
15
300
......
Reeves (Daniel) com
100
June
4%
9
123
81 %
N Y Wat Serv 6% pfd.. 100
_.
10
30
9
118K
Ohio Oil 6% pref—
Mar
Jan
110K
12K
N Y Steam Corp com
*
N Y Telep 6%% pref.. 100
NY Transit
5
Ohio Edison S6 pref
36
Feb
90 K
1st preferred
Northern Pipe Line
June
8K
600
$6 preferred
7%
33%
111
300
3K
3
N Y Pr A Lt 7% pref... 100
7% preferred
Feb
17K
10
*
*
116%
May
14 K
9%
N Y Merchandise
$6 preferred
Jan
Apr
12 K
23
Jan
3K
North American Match-
18
Jan
4K
♦
Common
Apr
Jan
Feb
Jan
12
K
2
Jan
41
10%
83
100
Feb
200
N Y Auction Co com
Noma Electric
200
13
100
7% 1st preferred
Pub Serv of Indiana$7 pref*
Mar
25K
NlplBSlng Mines
38
11%
8%
Feb
15K
Mar
Apr
8K
K
2K
111K
84
5
5,800
•
June
100
83 K
Class B common
900
6%
700
*
Jan
3K
K
23 K
..16
10K
»
Apr
Feb
Apr
1% May
93%
70%
19%
Feb
Jan
»
Common
25
33%
33
Propper McCallum Hos'y *
Prosperity Co class B
*
Feb
89
1,200
14
16
Mar
9K June
Jan
K
New Process com
N Y Shipbuilding Corp—
Founders shares
May
K
June
100
New Haven Clock Co...
N Y A Honduras RosariolO
55
1
8K
2K
New Mex A Ariz Land...l
Newmont Mining Corp. 10
Apr
4K
11
5
25
360
.,_*
6
800
87 K
New England T A T Co 100
New Jersey Zinc
63 K
Pressed Metals of Amer J.*
Producers Royalty
87
""500
14
y k
100
New Bradford Oil..
57
Prentice-Hall, Inc
Jan
K
111K 111K
7K
7%
100
7% preferred
Jan
37% Maj
Jan
,S16
7A
111%
1,900
Nestle-Le Mur Co cl A...*
Nev Calif Elec com
Jan
1
May
"16%
7A
*
Neptune Meter class A
26K
"16"
*
Neisner Bros 7% pref. .100
Nelson (Herman) Corp...5
23
Premier Gold Mining
74 K
2
Mar
87
•i«
K
1
7% pf.100
June
May
500
316
10
Nehl Corp com
IK
44
200
32
32
5K
.....
12.50
Nebel (Oscar) Co com
Jan
IK
Conv part preferred
*
National Steel Car Ltd...*
Nat Union Radio Corp
May
May
ik
*
NatTeaCo6%% pf
14 K
17K
60
»
Nat Service common
May
42 K
2%
1
Nat Rubber Mach
Jan
Mar
IK
Warrants
Nat Leather com
2K
49 K
2,400
National Investors com__l
$5.50 preferred...
19
Jan
2,500
13
*
Mar
91%
2K
June
Feb
100
National Candy Co com..*
Mar
"30K
6
IK
IK
130
14%
Nat Auto Fibre A v t c.._*
100
1UK
107%
Jan
120
Power Corp of Can com..*
Pratt A Lambert Co
..*
6,300
Jan
114%
10
Powdrell A Alexander....*
6
Jan
103
36%
Mar
2*
106%
10
50
8
8
*
Mar
44
Feb
105
Pitts Bessemer ALE RR50
15K
6
June
360
Mar
17
124% 125
"§K ~~9K
"9"
47
2%
Jan
Apr
11
11
*
5
Pioneer Gold Mines Ltd..l
Jan
44
Mar
50
Apr
2%
112
Jan
700
100
UK
1
Mar
85
35
com
Mar
18%
109% 110%
18 K
.100
Nachman-Sprlnfllled Corp*
National Baking Co com.l
Jan
6
20
8%
38
"l2%
Feb
150
37
5%
22%
5%
6
•
Piedmont A Nor Ry
Pierce Governor com
34
May
4% June
Feb
17%
Feb
Jan
10
10
10
com
3A
20
153K
Feb
May
33%
1
7X
700
60
112%
*
Common
2,500
31%
Feb
Phoenix Securitlee—
8%
iy
Apr
35
5%
*
Phillips Packing Co
153% *152
♦
Mueller Brass Co com
Jan
28%
3%
13%
Phila El Pow 8% pref...25
3'A
Montana-Dakota Utll.. 10
Mountain Producers
Mar
Mar
Apr
31%
*
IK
May
7%
75
*
Philadelphia Co com
Phila Elec Co $5 pref
7%
Montreal Lt Ht A Pow...*
Preferred A
Perfect Circle Co
33 K
6%
25
61
62
100
Feb
May
Feb
Apr
IK May
Apr
Jan
Jan
June
06%
May
44
»
Pepperell Mfg Co
89
20
91%
52
57
Monroe Loan Society cl A *
124 X
28 %
89
89
*
1
Montgomery Ward A
Feb
Jan
15K
Moh A Hud Pow let pref.*
preferred
Molybdenum Corp
June
13
Jan
IK
22
109
Mock Judson Voehrlnger.*
2d
Jan
91K
pf 100
Miss River Pow 6% pfd 100
Jan
Jan
3%
Mar
June
51%
19,300
*
.2.50
Pa Water A Power Co
10 K
*
pref
Midland Steel Prod
conv
200
Pennsylvania Sugar Co..20
Jan
Midland oil Corp—
Jan
24
4%
%
4
105
.._*
__60
Penn Salt Mfg Co
Apr
45%
110
Pa Gas A Elec class A
Jan
June
r5 %
r5
Mar
Feb
19K
100
4K
IK
Apr
34%
June
June
* 7%
32
30
45
19K
1
6K
26,200
50
44
1
Jan
5K
22
.*
Preferred
May
May
24
*
*
Peninsular Telep com
5%
85
Jan
4
Pennroad Corp v t 0
Jan
5%
22
Mar
»i«
~56K "o7" ""600
2.50
Class B
May
85
Penn Mex Fuel Co
5K
10
Preferred
.
77
20
...50
Parker Pen Co.
Feb
Feb
83
May
Jan
32%
29%
5K
Parker Rust-Proof
Mar
62
Ohio Pub Serv 7 %
Jan
1
June
102
Ohio Power 0% pref.
29%
20%
1
35
Jan
Northwest
5,100
Pantepec Oil of Venez
82 K
40
100
Nor Pennsy RR
32 K
Paramount Motor
Jan
Apr
Nebraska Power
Feb
31%
56%
Apr
100 x
A preferred
Transit
6%
10
20 %
Metrop Edison $0 pref...*
National
Apr
Pacific Tin spec stk
76
"33% "34%
100
National Gypsum cl
8%
34%
*
79
5%
Participating preferred.*
Natl Bellas Hess
Jan
3%
6K
103
»
7% preferred
(Tom)
Mar
0
2,200
85
10%
42
Merchants A Mfg cl A...1
Moore
Mar
17%
4%
*
10%
78
Memphis P A L 7% pref..*
Minn Pow A Lt 7%
3%
Jan
200
25
76
»
Mercantile Stores com...*
•2
Jan
%
4%
*
*
Page-Hersey Tubes Ltd..*
*
Memphis Nat Gas com..6
States
1
11
6
32
Pacific G A E 6% 1st pf-25
Pacific Pub Serv
May
500
200
6
Pacific P A L 7% pref. .100
Apr
9
107K 107%
1
4
64
June
4K
100%
49
High
Low
1,400
$1.30 1st preferred
McWllllama Dredging
Mead Johnson A Co
Middle
14%
7%
IK
14%
Shares
6
Jan
Jan
Mills—
14 pref w w
McCord Rad <b Mfg B
6%%
1%
14 X
Range Since Jan. 1 1936
for
Week
High
6X
IX
7X
Oldetyme Distillers
1
Outboard Motors B com..*
Class A conv pref
♦
Overseas Securities
*
Pacific Eastern Corp
Low
Price
8%
5%
June
50
Associates...•
Hosiery
of Prices
Par
24 K
12
Week's Range
Sale
High
Low
•
American dep receipts.
Last
Range Since Jan. 1 1930
Marconf Internet Marine—
May
STOCKS
(Continued)
for
Sale
Sales
Friday
Sales
Friday
STOCKS
{Continued)
June 20, 1936
30%
Jan
2%
Jan
40
Mar
Feb
Jan
Mar
Feb
Mar
Selected Industries Inc—
3%
Common
$5.50 prior stock
Allotment certificates
25
3
3%
900
4%
Feb
90
90
90
400
81
Jan
92
June
92
92
93%
550
78
Jan
95
Mar
Volume
New York Curb
142
Friday
STOCKS
Last
{Continued)
Week's Range
Sale
Par
Price
Exchange—Continued—Page
for
of Prices
Low
dep rec
8entry Safety Control
Range Since Jan. 1 1936
Shares
Low
Seton Leather
£1
High
2%
1
104
64
Specialists in Curb Bonds
2
19
37%
)
%
%
Apr
May
33
38%
150
Feb
U S Stores
7%
Feb
United Stores
2%
Feb
6%
32%
Jan
11%
Mar
Jan
40%
Mar
Jan
60
%
24%
28%
1,900
Feb
Feb
Mar
64
Apr
18%
Apr
Jan
49%
Feb
Apr
23%
Jan
preferred
100
Venezuela Mex Oil Co._10
11%
21%
Jan
14%
30%
Feb
Venezuelan Petrol
Jan
Apr
1
Va Pub Serv 7% pref.. 100
Jan
Apr
Vogt Manufacturing
•
11,400
Jan
Feb
%
Mar
13%
5%
41
Apr
%
59
18%
Jan
Feb
Apr
Jan
7%
41%
100
29
May
41%
June
700
6
June
June
June
3%
18
625
2
2%
2%
2%
20
700
100
4%
13%
13,400
37,100
17%
5%
75%
14%
75%
4%
5%
300
50
5
4%
Feb
30
Mar
Jan
June
6%
7%
52%
38%
38%
3%
500
3 %
3%
4%
4%
27%
5%
5%
29%
4
%
1,500
3,000
6%
1,700
4,500
3,200
6,900
8,400
'
54
"6 %
6%
54
55
%
250
500
%
40
40
100
•
,516
100
%
1
3,600
3
3%
800
7%
4,000
29%
90C
10
10%
500
13%
13%
100
12
12%
6%
Corp..
26
10%
1
12
.
1,000
11%
10%
"11%
"llsoo
*
Feb
Feb
5
Apr
13%
June
5%
Mar
24%
6%
Jan
76
62
*
1
8%
110
2%
8
8%
108% 111
2
2%
Common class B
»
52
6%
7%
49%
$0
*
15
12%
1st pref
65,700
4,500
5,600
7%
Jan
West Va Coal A Coke
Jan
Williams (R C) A Co
•
Williams Oil-O-Mat Ht-_*
Wil low Cafeterias Inc—1
June
6
Mar
102
Mar
6
Apr
8%
Mar
52% June
Jan
85%
Feb
2%
53%
June
Jan
4%
Mar
4%
17%
4%
Apr
6%
May
Wolverine Portl Cement 10
Wood ley Petroleum
1
Woolworth (F W) Ltd-
Jan
32%
Mar
Mar
6% June
May
79
Feb
%
Jan
4%
100%
Apr
0
Jan
9%
Feb
63% June
68%
Mar
1%
7%
Apr
2%
19%
6%
32%
Preferred
2%
2%
1,000
87%
1,150
41
220
1
1
200
Conv
preferred
16%
"17%
"WOO
Mar
Jan
32
2%
Jan
May
101
Feb
3% May
73% May
83
4
3
5%
18
2%
Apr
1%
Jan
3
Jan
Jan
Jan
Jan
2%
6%
Jan
May
1%
400
30
Jan
Feb
3,000
14
89%
Jan
66% June
4
400
500
June
Feb
32%
3%
3
Jan
Jan
Feb
Mar
Feb
6%
1,000
"166
81
Apr
May
27
June
10%
Mar
4% May
5%
Feb
10%
2%
2%
Feb
Jan
34%
June
Jan
10%
Feb
5%
IVs
31%
8%
IVs
100
8
Mar
344
18,300
8%
500
Jan
1% June
19
4%
89%
June
Feb
Jan
Jan
102
25
Jan
46
Feb
Jan
102
June
7
May
100
23%
200
Apr
78
15%
Jan
23%
Jan
June
7% May
9% May
70
70
50
64
Mar
25
100
May
800
*
Yukon Gold Co
5
7
500
6% June
100
30% May
40
Jar
Fet
83
Mar
Jar
7
Jan
Jar
11
Mar
Jan
33% June
7%
8%
3,200
33%
100
7%
2%
8
2%
12,900
1,800
*104% 107
I960
1968
"88"
1967
83%
Feb
Jan
Feb
1946
1951
1st & ref 4%s
Aluminum Co
s
f deb 6s *52
Aluminum Ltd deb 5a
105%
99%
99
%
Feb
1 %
Feb
Am Pow A Lt deb 0S..2O16
8%
1%
Jan
6%
Jan
Jan
6%
Feb
23% June
11% Mar
Appalachian Power 6s. 1941
13
Feb
Arkansas Pr & Lt 6s—1956
Mar
Mar
Associated Elec 4%s..l953
Feb
Conv deb 5%s
1938
Conv deb 4%s C—1948
107%
102%
103%
Amer Seating 6sstp -.1946
Mar
May
23%
8%
12%
11%
Jan
Apr
Apr
Apr
9%
37%
14%
16%
16%
Mar
Feb
2%
Apr
25% May
Jan
8%
4%
Feb
30%
12%
Mar
7%
Mar
Feb
Debenture 6a
Apr
107
102%
Jan
105%
June
Mar
Feb
46,000
Feb
100%
14,000
96
Feb
100
Apr
84
Mar
95
Feb
83%
106%
107
105
107
1948
Am El Pow Corp deb 6s '57
Amer G A El deb 5S..2028
Amer Radiator 4%s..l947
Am Roll Mill deb 6s.. 1948
0
Feb
Feb
49,000
47,000
8,000
105%
84%
106%
101%
62%
79% May
105% May
3,000
103%
Feb
3%
13%
Jan
107
108% 56,000
102% 103% 152,000
103
103%
14,000
103
104% 27,000
103J
7,000
104%
106% 106% 40,000
*108
2024
90%
"moo
10
Jan
9%
4%
99%
99%
22
10
Mar
1% June
89
*9%
Mar
Feb
Feb
99
22
.
7%
15%
88
Amer Com'ity Pow 5%s *63
Jan
5%
29
3
104
104% 105% $23,000
Apr
Apr
Apr,
BONDS—
Abbot's Dairy 6s
1942
Alabama Power Co—
Apr
%
%
1
Feb
105% May
21%
5%
48%
100
33%
7%
1%
1st A ref 5s—
Mar
Apr
June
31
200
8%
lit & ref 5s
Mar
Jan
Feb
10
14
12%
1%
3%
Amer
deposit rets
6s
Wright-Hargreaves Ltd..*
5%
Feb
Mar
80
„*
Wilson-Jones Co
24 June
7% Apr
10% May
70
104%
31
-
Jan
110
115% 115% "llooo
101
101% 63,000
60% 63% 151,000
Jan
106
Jan
Feb
91%
108% Mar
103% June
Feb
10%
Feb
28%
108% Mar
92%
Jan
102%
103%
Jan
103%
105%
Jan
105
102
June
Jan
Mar
Pet)
Feb
107%
106% May
Jan
108%
Feb
117
Feb
102%
65%
May
104%
107%
113%
Apr
98
55% May
Apr
Mar
Feb
Associated Gas A El Co—
Debenture
6s
47%
46%
1950
49
43
49
43%
48%
46%
1968
registered
Assoc Rayon 5s
1949
1968
Conv deb 4 %8
Conv deb 6s
5s
65
56%
41%
41%
.1977
"51%
89
1950
Assoc T A T deb 5 %S A *55
Apr
22
Mar
7%
35%
Apr
10
Jan
Atlas
Feb
42%
2%
Jan
9%
Mar
"85%
85%
102%
98%
66
184,000
47%
18,000
47% 313,000
49% 324,000
49% 265,000
48%
1,000
51% 34,000
91
7,000
86% 35,000
103% 21,000
1,000
35%
28%
27%
Jan
Mar
Mar
66
June
47% June
47% June
30
Jan
49%
June
29
Mar
49%
48%
June
30%
Jan
June
33
Mar
51%
June
75
Jan
91
June
78
Jan
91%
Mar
100% May
96%
Jar
103%
June
Baldwin Locom Works—
Apr
4
Jan
81%
%
86%
Jan
Jan
10%
9%
111
2%
Jan
Jan
Jan
Atlanta Gas Lt
4%8--1955
Plywood 6%s__1943
6s with warrants—1938
Mar
6s without warrants 1938
6s stamped x w—1938
Mar
Feb
*58
Mar
9%
Mar
8
1st M 5a series B...1957
6s
series
C
120%
1960
Jan
15
June
May
Birmingham Elec 4%s 1968
Birmingham Gas 6s—1959
139"
Blnghamton L H A P 6s *46
55
Jan
June
Jan
2% May
6%
257
1%
10
June
Broad River Pow 6s.. 1954
Jan
Feb
Canada Northern Pr 6s *53
42
4%
May
May
103"
Gen A ref 6s....—1956
3% May
Jan
16%
85
Buffalo Gen Elec 5s. .1939
Jan
Jan
~92"
Boston Consol Gas 58-1947
90
Apr
Bethlehem Steel 0s... 1998
Jan
Jan
%
88
1st M 6s series A...1955
Mar
June
83
"88%
2%
1%
Canadian Pac Ry 6S..1942
111
May
Carolina Pr A Lt 5s... 1956
101%
Feb
Cedar Rapids M A P 6a '63
Cent Ariz Lt A Pr 6s 190u
Feb
1%
Jan
6%
24%
Mar
Jan
90
*89%
87%
87%
90%
Apr
Apr
Apr
108
Mar
92
June
100%
21,000
77%
631666
73%
Apr
21,000
75
Apr
93
Apr
Jan
117
Mar
79
92
88%
88%
101
.
Mar
Bell Telep of Canada—
Jan
257
90
6s etamped w W..1938
Mar
June
54
X May
17%
Jan
12%
40
350
106
1
For footnotes zee page 4151.
14
113
38%
*
22%
Feb
400
86%
27
12%
1%
6%
Jan
Jan
39
2%
Jan
Feb
250
.
-
4
Jan
*
JB.
4
Feb
Mar
5% June
300
23
101% 101%
3
3%
60
3%
5%
25
v.
1%
Jan
4
U S Finishing common
*
Preferred
.100
U S Foil Co class B
1
70
Mar
29%
87%
Jan
7% May
9% May
1st A ref 5a
175
40
Feb
Mar
60
Apr
12,000
"466
3%
7%
Apr
150
Mar
Profit-Sharing
U S Dairy Prod class A
Class B
54
23%
1
15
"1%
1%
1%
4%
6%
Jan
Jan
22%
%
600
107
5%
T
%
3
Jan
6% June
June
53%
5%
400
37%
Jan
06
22,900
730
Apr
Wise Pr A Lt 7% pref..100
89%
43
5%
Preferred
10
United Shipyards com B..1
United Shoe Mach com..25
IVs
87
102
*
Jan
7%
8%
*
Am dep rets ord reg
£1
United N J RR & Canal 100
Unltea
34%
8%
100
Mar
4%
6%
6%
United Milk Products...*
$3 preferred
United Molasses Co—
preferred
1%
3,500
warrants
United G A E 7% pref. 100
United Lt A Pow com A..*
conv
7%
12
1%
4%
Weetvaco Chlorine Prod—
Jan
Apr
Conv deb 6%8
1%
Jun
1%
West Texas U+ll $0 pref..*
9%
(Pa)—
1%
1
100
4%
22%
Mar
10
($17.60 paid in)
50
United Aircraft
Transport
Warrants
United Chemicals com
*
Option
7% 1st preferred
Appalachian EI Pr 68.1956
dep rets for ord reg_.
Tri-State T A T
0% pref 10
Trunz Pork Stores
Tublze ChatUlon
Jan
300
4
"8%
Western Tab A Sta v t c._*
Westmoreland Coal Co—*
Westmoreland Co
*
21%
11%
4%
41%
Western Grocery Co
20
Western Maryland Ry—
Jan
1,500
3%
May
75
103
%
Trans Lux Plot Screen—
Common
Trl Contlnental
warrants..
Triplex Safety Glass Co-
...
5%
1st A ref 6s
"600
7%
19
18
1
Jan
%
"3%
34
Feb
June
200
1%
89%
Western Air Express
1
Western Auto Supply A..*
Western Cartridge pref .100
Feb
66
4%
4%
3%
73%
1%
3%
1%
22
1
1%
1,900
100
35%
3
25
*
Mining Co
Wayne Pump common
15%
6%
2%
2,800
52%
5)4
2%
Jan
Feb
Class B
Walker
102
T"
27 %
Jan
4%
16%
3,400
20
4
4%
June
1
800
5%
17%
11%
0%
26%
18
5%
5%
18
Jan
63
11%
7
Tonopah Belmont Devel.l
Tonopah Mining of Nev_.l
Pref non-voting
3%
14
7%
%
25
3%
29%June
700
*
105
Conv preferred
*
Util Pow A Lt common..1
7J6
100
•
75
*
June
1%
66
Feb
Feb
Feb
93
*
Waco Aircraft Co
39%
100
84
2% May
Wahl (The) Co common..*
Waltt A Bond class A
*
pref. 100
$3 cum A part pref
United Corp warrants
United Elastic Corp
United Gas Corp com
Priority stock
Utility A Ind Corp
Jan
10%
9%
50
34
Jan
18
Utica Gas A Elec 7% pf 100
Utility Equities Corp..—*
Feb
41%
1,200
8,800
1,400
1
4%
7
4
34
54
27
65
4%
7
Vs
34
44
23%
Mining Co...5
Apr
dep rets ord reg..£l
Am dep rets def
reg..£l
*
1%
41%
Utah Apex
May
Am
Union Gas of Canada
Union Traction Co
Apr
Jan
33
1%
22%
3%
29%
3%
Utah Pow A Lt $7 pref...*
Utah Radio Prod
*
2%
Const.*
*
4%
Jan
70
8
2%
Talcott (J) Inc
5%% pf_50
80c div pref
Twin Coach Co
Feb
10
3%
Syracuse Ltg 6% pref..
100
Taggart Corp common ...*
Unexcelled Mfg Co
Union American
Inv'g
33%
Universal Consol Oil
Universal Insurance..
3%
4%
Universal Pictures com—1
Universal Products
*
4
10c
Class A
Jan
500
500
78%
IVs
29%
3%
22%
34
High
Jan
May
4 May
*
37%
1
Tung Sol Lamp Works
Feb
10% June
t c
3%
20
7% preferred A
%
9% June
v
3%
36%
*
Todd Shipyards
Corp
Toledo Edison 6%
Jan
Feb
Low
1H
Corp com.....*
"36 %
*
Tobacco Allied Stocks
*
Tobacco Prod
Exports...*
Tobacco Securities Trust
%
Feb
76%
IX
3%
22%
United Verde Exten—50c
United WaU Paper
*
May
Range Since Jan. 1 1930
for
Week
Shares
9%
10
U 8 Radiator Corp com..*
7% preferred
100
U S Rubber Reclaiming. _*
17%
18%
76
*
35%
40%
17%
2%
Texas Gulf
Producing
•
Texas P A L 7%
pref.. 100
Texon Oil A Land Co
»
Thermold 7% pref.....
100
Tishman Realty A
*
U S Lines pref
U S Playing Card
97
39%
*
com.*
149
Price
Range
1,600
3%
15
Swiss Am Eleo
pref
.100
Swiss Oil Corp
......1
Corp
Jar
54
May
May
29
39%
5
Tenn El Pow 7% 1st
pf.100
Tenn Products
Apr
U S Int'l Securities
1st pref with warr
Jan
>
28 %
...1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor DlstUling Co
1
Technicolor Inc common.*
Teck-Hughes Mines.....1
27
Par
June
»
10Vs
17%
Stetson (J B) Co
com....*
Sunray Oil
Sunshine Mining Co
Swan Finch Oil
Corp
of Prices
Low
High
3X
60
common
Week's
Sale
12%
40
20
Sullivan Machinery
Feb
Jan
....*
Inc
Mar
41%
2%
39%
Stein (A) A Co
common..*
6%% preferred
100
Stlnnes (Hugo)
Corp
Stroock (S) A Co
Stutz Motor Car
34%
3%
Jan
28%
1
YORK
Sales
Last
Feb
Jan
>
*
2d preferred
5%
Feb
3%
14
74
38
9%
314
Lead.1.11
Sterchl Bros Stores
1st preferred
Jan
%
1
_•
Friday
STOCKS
64
"37%
100
Steel Co of Can
Ltd
Jan
Feb
Mar
4
14
74
NEW
...
DIgby 4-7140
Apr
20%
365
34%
27%
2%
*
II*
BROADWAY
Apr
25%
>
•
Common class B
Preferred
1
Apr
1454
116
Jan
3%
1%
26%
34
Members New York Stock Exchange
Members New York Curb Exchange
39
{Concluded)
*
5% preferred
Standard PAL
Am
Apr
141
Standard Oil (Ky)
10
Standard Oil
(Neb)
25
Standard Oil (Ohio) com 25
Investing
)
28)4
34
*
Common
Conv preferred
Mar
Peter P. McDermott Sl Co.
Feb
55
Jan
May
June
2%
?1 4
Stand Investing $5.60
pf.*
Sun
Jan
800
24
%
34
Standard Brewing
Co....*
Standard Cap A Seal
com.6
Standard Dredging Co-
Sterling Brewers
4%
16
414
264
Am dep rets ord
reg._£l
Standard Silver
Apr
331
284
Spencer Chain Stores....*
com
16)4
343
23)4
5
pref
Apr
Apr
Jan
8%
23%
110%
340
2%
...25
Inc
15
117
So'west Pa Pipe
Line...60
Spanish A Gen Corp—
Am dep rets ord
bear.£l
Stahl-Meyer
JaD
Feb
1%
47%
113
4%
0% preferred B
25
5 % % prof series C
25
Southern Colo Pow cl A.25
Southern N E Telep.._100
Southern Pipe Line
10
Southern Union Gas
*
Hquare D class A
Feb
Apr
7%
4%
1
49)4
49%
127)4 132 %
16 4
341"
Bono tone Corp
1
Southern Calif Edison—
5% original preferred.25
South Penn OH
Mar
2%
1%
%
6%
113
130"
Singer Mfg Co Ltd—
Amer dep rec ord
reg.£l
Smith (L C) A Corona
Typewriter v t c com...*
Southland Royalty Co
»16
11
2~ "~~ih "2"
Shenandoah Corp com..
$3 conv pref
..25
Sberwtn-WiUiama com_.25
5% cum preferred...100
Sherwin-Williams of Can.*
Singer Mfg Co
100
"16
10%
6%
Jan
19%
*
com
Shattuck Denn Mining... 6
Shawlnigan Wat & Pow..*
4149
Week
High
Self ridge Prov Stores—
Amer
4
Sales
115% 116%
119% 120%
112% 122%
139
140%
*106%
91% "92"
83% 85
105% 105%
102% 103
107% 107%
*106%
103% 103%
111
111%
101% 101%
112% 112%
106% 107
10,000
6,000
8,000
13,000
114%
116
Jan
121
110%
Jan
123% May
134
Jan
145
Mar
106%
107
Apr
341666
89%
Feb
Jan
41,000
70
Jan
5,000
8,000
1,000
105% June
94%
87%
109
Mar
Feb
Feb
Jan
89%
Jan
103% June
105%
Apr
109
Apr
108
Feb
104%
Apr
104
491666
102%
Mar
13,000
109%
Apr
56,000
4,000
2,000
98%
Jan
111%
105%
Jan
Jan
Jan
116% Mar
102% May
Feb
113%
107% Mar
Last
Week's Range
for
Sale
of Prices
Price
Low
High
Range Since Jan. 1 1936
BONDS
Low
$
105
Q........1968
104)4 105.
100)4
102)4
1st A ref 4)4s eer F.1976
4)4% series H
100
1981
-
-
-
Cent Maine Pr 4 24s E1957
103)4
Cent Ohio Lt A Pr 68.1960
100
5,000
75,000
27,000
10024
102)4 103 )4
99)4 100
9,000
5,000
18,000
103)4 104)4
99)4 100
10054
Jan
94
Jan
99M
Jan
93 M
Jan
10254
101
Feb
95
Feb
8924
91)4
68)4
7024
70)4 131,000
72)4 374,000
6254 May
71
74
65
69
7124
7324
10424
Chlo Dlst Eleo Gen 4 H* '70
6s series B
..1961
Chlo Jot Ry A Union Stock
i;ooo
98,000
14,000
10424 10454
107
{106
100)4 June
10454
Apr
Apr
May
90)4 20,000
9224 193.000
91 )4
5)4s ex-warrants... 1954
Cent States P A L 524s '53
10054 June
10354
Feb
June
9124
1956
Cent States Elec 5s...1948
Mar
96
88)4
5s registered
105 M
88)4
8924
Cent Power 5s eer D..1957
Cent Pow A Lt 1st 58.1956
110
11024
10254
9,000
103
15,000
76
22,000
92)4
9,000
96
4,000
86)4
36,000
85
653,000
Chic Rys 5s ctfs
1927
Cincinnati St Ry 5 )4s A '52
6s series B
1956
9124
Cities Service 5s.
1966
85
Conv deb 5a..
1950
Cities Service Gas 5 Ms '42
Cities
Service
Gas
Pipe
102
102
.1943
10424
104)4 105
Cities Serv P A L 5 Ms 1952
5 Ms.
1949
7854
7724
7954
7524
9124
95)4
.83
8424
82 M
Jan
91)4
June
61
Apr
Apr
104 M
106
Apr
June
32 M
91M
75M
78)4
80M
106)4
106
June
June
Feb
82 24
109 M
Jan
111M
101M
Apr
28,000
10224
.
-
-
-
-
-
-
-
-
112
112)4
3,000
112
11224
24 11224
3,000
2,000
3,000
106)4
106
10324
10354 10424
70)4
71
111
.
71
Connecticut Light A Power
7s series A
1951
4Mb series C
1956
111
10624 1
125
10624
1962
Indiana Service 5s... 1950
Jan
.....
9754
Feb
Jan
June
Feb
99
Jan
105 H May
10354 June
95
Jan
100)4
86
Jan
96
Mar
June
96
Jan
102
100
Jan
104
Feb
86)4
107
Jan
97
Feb
95m
97
10524 10524
11124 11124
73
7124
72M
71m
1st lien A ref 5s....1963
"~72m
7m
1,000
1,000
35,000
10,000
12,000
20,000
6,000
May
91
Jan
104)4 May
10954 May
Jan
108)4
10124
Apr
107
Feb
Feb
11124
Feb
65
Jan
75 )4
Feb
63
Jan
74
Feb
83
June
International Power Sec—
85
87 m
105 m 106
7m
Intercontlnents Pow 6s '48
Mar
65 M
Jan
66M
Jan
34
Feb
102 M
105
Apr
May
9624
106)4
10454
Jan
4)4
Jan
Jan
17
Feb
Feb
79M June
79M June
47M June
1955
65m
58
6524
48,000
50
Jan
76
Mar
1957
67
62
67
6,000
64
Feb
75
Mar
7s series F
...1952
62
63
7,000
53 M
76
Mar
2,000
43,000
99
7824 146,000
71
52,000
107.
98 M
Feb
Jan
109)4
Apr
103
Feb
74M
67)4
Apr
88
Feb
Apr
79)4
Jan
28,000
81M
Apr
92
Feb
78
6Mb series C
125
106)4t10654
108
a108
6,000
45,000
58,000
110M
110M
110M
110M
105 M
Apr
Mar
113
113)4
113)4
June
Jan
Mar
10724 107m
International Salt 5S..1951
International Sec 5s.. 1947
99
98 m
Interstate Power 5s.. 1957
77 m
77
70 m
70
...1956
88 m
8724
..1958
83 54
1952
5s series D
103 M
Jan
Jan
Jan
Jan
106 M
Jan
Apr
105
Feb
Iowa-Neb LAP 5s.._1957
63 M
Jan
77
Feb
Mar
108
May
4mb series F
5s series A
5s series B
Mar
Jan
Isarco Hydro Eleo 78.1952
109
Jan
Isotta Fraschlnl 7s
1942
Italian Superpower 6s. 1963
Jacksonville Gas 5a...1942
May
Mar
May
12754
106 M
106
8,000
111H
Jan
112 M
May
123M
June
110
Feb
95
9454
95)4
7,000
331)4
3324
5,000
10154 10154
2,000
92 24
9224
9324 269,000
10124
10154 10124
9,000
{102)4 103)4
99 vt 100
9,000
-
-
Cont'l Gas A El 5s
1958
Crane Co 5s
Aug 11940
Crucible Steel 5s
1940
Cuban Telephone 7Ms 1941
-
-
-
---
-
„
...
1944
7954
7954
106)4 10724
Cumberld Co P A L 4Ms'56
Dallas Pow & Lt 6s A. 1949
6s series C
1952
Delaware El Pow 5 Ms 1959
-----
...
Denver Gas A Elec 5s. 1949
109)4 10924
10654 10654
104
104
104
{107)4
10224 102)4
10624
105)4 106 h
10524
105)4 105)4
--
Derby Gas A Elec 6s.. 1946
Det City Gas 6s ser A. 1947
-
-
-
.....
-----
i960
88
Jan
29 M
96
Jan
Jan
85M
Jan
101M June
102
Mar
88 M
Jan
3,000
70
7,000
2,000
106
Apr
2,000
9,000
106
Mar
102 M
------
20,000
20,000
100)4
48
Mar
104
104
102 M
105 M
Apr
6Ms series D
Apr
June
108
May
Apr
105 54
109
Jan
Feb
Aug 1 1952
Certificates of deposit.
654
654
......
.
..
10224
90
------
6
154
{1
7)4
654
52 m
35,000
154
124
102 )4 10224
Apr
Long Island Ltg 6s...1945
11
Feb
Louisiana Pow A Lt 5s 1957
Louisville G&E 4M8 C '61
1054
Feb
Jan
H
Jan
3
54
Jan
Feb
Jan
92)4
June
99 H
Mar
107)4
June
Mass Gas 5 mb
1946
McCallum Hosiery 6 Ms '41
McCord Rad A Mfg 6s 1943
102)4
Jan
105
Feb
Jan
125
June
-
8954
9154 283,000
10554 10724
11,000
74
12354 124
106 54
Deb 6Ms--
1938
109
108
105)4
Mar
117
Apr
Empire Dlst El 5s
1952
Empire Oil A Ref.SMs 1942
101
98 54
Jan
102
Feb
80)4
Jan
92
Jan
40)4
105)4
Jan
109,000
41,000
101
10154
35,000
94,000
8754
8954
58
109
59
6,000
10654 107
5,000
Jan
58)4 June
10754 Mar
Manitoba Power 5 Ms. 1951
Mansfield Mih & Sweet—•
105
Fairbanks Morse 5s.. 1942
-
-
10154
Farmers Nat Mtge 7s.l963
Federal Sugar Ref 6s_.1933
...
10554
14,000
35
3524
3,000
10154 10154
{27
124
154
.....
Federal Water Serv 5mb*54
Finland Residential Mtge
8324
8624
7,000
------
6,000
50,000
75)4
Jan
33)4 May
10154 June
28)4 June
124
Apr
Jan
75)4
105)4
3954
June
{100
10054
99)4
102)4
May
Feb
Mar
105
93
93
10,000
2,000
103
First Bohemian Glass 7s '57
Fla Power Corp 5Ms.l979
93
103)4
9554
91
Jan
103)4 104
27,000
100
Jan
105)4
Florida Power A Lt 5s 1954
Gary Electric A Gas—
June
90)4
Apr
98
43,000
9854 173,000
8854
92)4
Jan
96)4
Feb
Jan
99)4
Mar
97 H
June
June
96
9554
9524
94)4
98
97)4
9724
95
9724
41,000
83)4
Jan
Deb 6s series B....1941
General Bronze 6s
1940
9624
9324
9624
59,000
82
Jan
96)4
10254
102)4
.
.
100
98
98
3,000
9654 May
100
100
1,000
08
May
88
_
90
29,000
79
Jan
1,000
30
Jan
65
64
64
{19
Gen Vending Corp 6s. 1937
Jan
186,000
9454
5s ex-warr stamped. 1944
Gatineau Power 1st 5s 1956
Deb gold 6s June 15 1941
Gen Pub Util 6Ms A.1956
General Rayon 6s A.. 1948
Feb
24
90
Feb
Mar
Mar
June
May
1957
5
Ms...-
1944
6s series B
1957
Nassau A Suffolk Ltg 6s '45
Nat Pow A Lt 6s A...2026
Nebraska Power 4MS.1981
6s series A
2022
Nelsner Bros Realty 6s *48
Nevada-Calif Eleo 5s. 1956
New Amsterdam Gas 5s *48
N E Gas A El Assn 5s. 1947
Conv deb 5s
1948
Conv deb 5s
1950
New Eng Pow Assn 5s. 1948
Debenture 5 Ms
1954
New Orl Pub Serv—
Mar
27
Apr
June
27
Apr
May
94
Feb
—1942
Income 6s series A..1949
9824
98)4
99
150,000
99)4
Jan
88
8524
88
33
29,000
93
Feb
8824
37,000
{29
29
100)4 101
Gt Nor Pow 5s stmp..l950
Great Western Pow 5s 1946
{10554
{106
li:6o6
------
108
------
85
Apr
88
88
June
90
106
Mar
Apr
108
106)4 May
65
2,000
65
May
58)4
58)4
2,000
44
Jan
67
67
1,000
5654
Jan
105
------
Hackensack Water 6s. 1938
103
103
{10954 ho 14
106)4 10624
89)4
9054
.1977
Hall Print 6s 8tmp_._ 1947
Hamburg Eleo 7s
1935
Hamburg El Underground
2954
1938
{22 24
Hood Rubber 7s
1936
Houston Gull Gas 6s.. 1943
6Ms with warrants. 1943
Houston Light A Power—
2954
12,000
23,000
6,000
-
-
-
-
1,000
104)4 June
104)4
Apr
Jan
10254
Jan
108)4
Jan
105)4
------
4151
Feb
107)4
10654
10354
Mar
10954
Apr
10754
Jan
Feb
Feb
May
43)4
Jan
June
32 M
Jan
103)4 May
112
Feb
2154
102)4 June
112
75
25
3,000
1065-4 10654
Mar
1,000
97)4
{9954 100
1951
Mar
60
93)4
3,000
10524 106
10354 10354
105)4 10624
Jan
8254
Jan
105
10624
108)4
72
102)4 10224
105)4
Feb
62,000
25
105
Jan
102)4
65
104)4 10424
105
10524
Mar
Jan
Guantanamo A West 6s '58
Guardian Investors 6s. 1948
104)4
90)4
Mar
Grocery Store Prod 6s 1945
67
88)4
103
Jan
104)4
107
101)4
Jan
Feb
Mar
104)4
Mar
108
Mar
5,000
103
Mar
104
Mar
107)4
106)4
Mar
19,000
3,000
112
June
114
Jan
1,000
106)4
Apr
108
Jan
10,000
Mar
119
Mar
May
103)4
97)4
Apr
7,000
107)4 June
Feb
102 24
90
9724
Jan
104 )4
Apr
112)4 June
104)4 June
Feb
105)4
Apr
104)4
107)4 Mar
106)4 May
7,000
105
60,000
'28,666
99 m
9024
20,000
9,000
90
19,000
51,000
33:666
II,000
106
Jan
Jan
106 M
Mar
107)4
Feb
7524
.Jan
8354
Mar
June
96
Jan
Mar
94 M
Jan
24
June
Mar
106)4
62
Mar
101
Feb
103)4
91M
Feb
101)4 Mar
104)4 Mar
10724 May
Jan
103
Jan
93)4
10624
78
102 H
103M
May
May
98 M
Jan
105)4
Jan
102)4
Apr
105
Jan
83 m
Mar
May
89 M
Mar
9624
106 m
73,000
22,000
105
Jan
10724
May
10824 10924
9,000
107
Feb
109)4
June
2,000
106V| June
106
106
10924
106
106
102)4
Jan
Feb
Mar
37,000
96 m
~6754
15:666
5,000
95
9554
Jan
Feb
Apr
59
99m 100
9024
Feb
Jan
10454 June
103)4
24
2,000
Apr
Apr
5,000
80"
Jan
Feb
95 M
102)4
103 M
102M
t
90,000
6624
57 M
Jan
93)4
Jan
Feb
95)4
Jan
108)4 May
1st 5 Ms
Feb
6824
5s
series
A
102
21,000
102
June
106
102
4,000
102
June
107)4
Jan
10424
6,000
May
106
Feb
103 m
103
10324
14,000
102 m
97
Apr
104
June
94 24
56.00U
85 m
Apr
2824
67,000
18
9324
2724
10724
108
120
120
12024
108
10724 108m
Jan
95)4
Jan
June
2824 June
May
7124
9424
68 m
97 24
99
88 24
7824
107)4
June
112
117M
Jan
122
May
105)4 May
109
Feb
87,000
86)4
Jan
Jan
7824
101
72 m
82:660
7124
"76"
71
97 m
95
8,000
3,000
12,000
109 M
94 m
56,000
7124 100,000
III,000
9 8 24
9924
8 8 24
103,000
5,000
64M May
64M May
6424 Apr
86
Jan
88 M
Jan
74)4
Jan
81
Jan
May
104
Feb
107)4
105
54,000
102)4
10324
{10724 108
10324 10354
{112
10.524 106
10724 10724
95
56
10 7 24
8854 June
69
40,000
95
Mar
97
103
86
Feb
Mar
17,000
10824
10624 106 m
Nippon El Pow 6 Ms. .1953
No Amer Lt A Pow—
79 54
99)4
102)4
21,000
{107
10724
Feb
114)4 June
Feb
79)4
Feb
79)4
79
10324
1959
Jan
95)4
102
10624
1954
SMsserles A
1956
Nor Cont Util 5Ma.-.1948
No Indiana G A E 6s. 1952
101)4 May
104
N| Y A Westch'r Ltg 4s 2004
Debenture 5s
24,000
102
1962
Niagara Falls Pow 6s. 1950
100 m
10424
5s stamped
•N Y PAL Corp 1st 4mb '67
N Y State E A G 4M8-1980
100
102
100
New York Penn A Ohio—
Ext 4mb stamped..1950
88
Jan
Feb
108 M
79 m
105
N Y Central Elec 5 Ms *60
......
3,000
{107
9324
86
1953
10654
115M
16,000
10,000
10524 10524
10554
"so"
2724
10724
20
Apr
May
Jan
103 M
100M
10624 10624
10624
2030
Deb 5s series B
3,000
79
Mar
10424 104 m
104
Nat Pub Serv 5s ctfs. 1978
24,000
Mar
Jan
106
61
Montana Dakota Utilities
22
95)4
Jan
Apr
12,000
h
105 m
10424 10524
Mllw Gas Light 4MB—1967
{10324 10324
Mlnneap Gas Lt 4 Ms. 1950
10124 10124
Minn PAL 4Mb
1978 '16124
10424
10424 104 m
6s
1955
88 m
87
Mississippi Pow 5s... 1955
90
22)4
Feb
June
103)4
48,000
10324 104
106 m 106 m
89
-
11,000
44,000
him 112
104
20
-
60)4
108
10324 10424
104
10424
103 m
106 m
89)4
-
90
47 M May
10824
Jan
103)4
Jan
102)4
Apr
103)4 May
Memphis P A L 5s A.. 1948
5H
101
June
19,000
Metropolitan Ed 4s E.1971
Middle States Pet 6 Ms '45
Midland Valley 5s
1943
Missouri Pub Serv 6s. 1947
Apr
Mar
68 H
48,000
100
Feb
Feb
10554
Jan
May
39 M
Jan
101
Ioom
Apr
103
Firestone Tire A Rub 5s '42
4,000
Jan
44
17,000
61m
10024
June
10554
106)4
9524
10354 10454
101M
104 m
10524 106
105m
111m
Narragansett Elec 5s A '57
Banks 6s-5s stmpd.1961
Firestone Cot Mills 5s 1948
Feb
65
33
28)4
Jan
106)4
Apr
105
104)4
89
Apr
90
105
Mississippi Riv Fuel 6s '44
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5 M« '55
Jan
27,000
Jan
104 M
45,000
{24
Miss Pow A Lt 5s
-
33,000
Jan
106
104
7s without warrants 1941
Jan
2)4
103)4
Jan
10154
-
-
Feb
106)4
May
95
9624
10324 10324
1942
May
{10354 105)4
59
Lone Star Gas 5s
4)4
124
European Elec Corp Ltd—
6Mb
..—1965
European Mtge Inv 7s C'67
Sink fund deb 5 Ms. 1950
Lehigh Pow Secur 68—2026
Lexington Utilities 5s. 1952
Llbby McN & Llbby 5s *42
4)4
-
101
Apr
10424
106 m 107 m
101
101
95 %
2,000
2,000
99
104M June
9624
96 m
"164""
June
6M with warrants.. 1943
.89)4
10424 105
10524 10624
1055*
{118m 120
{10124 102m
1969
5s series I
103 H
El Paso Natural Gas—
Ercole Marelll Elec Mfg—
6Ms series A
..1953
Erie Lighting 5s
1967
104 m
Kimberly-Clark 5s
1943
Koppers G & C deb 5s 1947
12,000
10,000
lo'ooo
{10724 107 m
1948
102 M
Jan
10,000
37,000
65:6,00
...1955
37,000
Detroit Internet Bridge—
6 Ms.
5mb series F
107)4
105)4
Mar
Jan
Apr
Kentucky Utilities Co—
1st mtge 5s ser H..1961
8354
Jan
Jan
1961
Jan
107 M
110
May
107 M May
99 M
Jan
4Mb series C
...1947
Kansas Power 5s.....1947
Mar
105 m
{10424 10424
105li 10524 10524
104 m
10424 105
59
68 M
6824
95
{65
50
6024
"mi
50
Kansas Gas A Elec 6s.2022
Jan
105 M
105
105
Stamped
Jan
June
87)4
102)4
Jersey Central Pow A Lt—
June
10154
93)4 June
Apr
99)4 June
100 m 100 m
1961
109
124
32,000
{10024
1947
w w
Iowa Pow A Lt 4Mb—1958
Iowa Pub Serv 5s
1957
1,000
2,000
5,000
8924
8324
Invest Co of Amer—
5s series B
-
83
Without warrants
10254
113
Feb
Interstate Public Service—
Jamaica Wat Sup 5 Ms '55
Conv deb 6 mb w w.1943
Consol Pub 7 Ms stmp.1939
Feb
81)4
109
6,000
92
108 m 108 M
95)4
June
Jan
82
5,000
43,000
5,000
30,000
90 m
1957
5s
Apr
Mar
Jan
l6lM
10124
Indiana Gen Serv 6s.. 1948
Indiana Hydro-EIeo 6s '58
56 M
100 m 10024
100 m
85
Jan
Jan
Jan
page
,
"yl"
105 h
Mar
see
1951
Ind'polls P L 5s ser A__ *57
106
For footnotes
.1953
10224 10324
29,000
139,000
9924 100
96
9324
78,000
Apr
June
120
Ref&lmprSs
mb -May 1957
10424 10524
99m
95 m
98 M
6,000
1953
1st 4Mb series D
1978
1st 4Mb series E...1981
Hydraulic Pow 5s
1950
8 f deb 6
Indiana Electric Corp—
6s series A
1947
105"
86M
16,000
1st 6s series A
Jan
107
103 h
Jan
123)4 12354
Ry 5 Ms
10124
1st & ref 5Ms ser B.1954
1st A ref 5s ser C...1956
Jan
107)4 107)4
A St
43,000
HI Pow A L 1st 6s ser A '63
69M
69 M
9754
107)4
6s series A
109
93
Gen mtge 4 Ms
1954
Consol Gas El Lt A P (Bait)
1st ref s f 4s
1981
Consol Gas Util Co—
1st A coll 68 ser A..1943
Gulf OH of Pa 5s
1947
Gulf States Util 6s_..1956
4Ms series B
1961
Jan
"87M
11154 11124
Glen Alden Coal 4s...1965
Gobel (Adolf) 4Ms...1941
Grand Trunk West 4s. 1950
107
Indianapolis Gas 5s A. 1952
11124
Gesfurel 6s
HI Northern Util 5s.-.1957
82 M
106
Mar
1939
Georgia Power ref 5s. .1967
Georgia Pow A Lt 5s. .1978
9624
6s series C
Consol Gas (Bait City)—
Certificates of deposits..
Gen Wat Wks A El 5s_1943
96
Debenture 6s
1965
General Pub Serv 5s.. 1953
Illinois Central RR 6s 1937
96 M
2,000
354s series H
Elmlra Wat Lt & RR 6s '56
El Paso Elec 5b A
I960
Mar
Jan
4724
Com'wealth Subsld 6 Ms '48
Community Pr A Lt 5s '57
Aug 11952
Certificates of deposit.
Dixie Gulf Gas 6Ms.. 1937
Elec Power A Light 5s_2030
107
108 m
86M
77)4
11054 hi
10724 10754 109,000
Deb 7s
Jan
6,000
27,000
2,000
1947
Apr
102
10724
5s 1st series B
58
108 m
1949
67
25,000
79)4 558,000
79)4 246,000
1st 4 Ms series C
1956
1st 4Mb series D...1957
1st M 4s series P. ..1981
Cuban Tobacco 5s
High
72
70
103 M
80
47)4
1st M 5s series A...1953
1st M 5s series B
1954
(...
Low
108
6s series B
Idaho Power 5s
6 mb series B
Commonwealth Edison—
6s
Range Since Jan. 1 1936
12,000
6,000
Jan
Jan
$
72 m
72 m
Feb
June
High
7s series E
Comment A Privat 5 Ms *37
5s series D
Week
Indiana A Mich Eleo 5s '55
Yards 5a..........1940
Chlo Pneu Tools 5)4s.l942
Line 6s
for
of Prices
Low
Hygrade Food 6s A...1949
series E........1956
5s series
Price
Week's Range
Sale
(Continued)
High
Central 111 Pub Service—
'
Last
Week
(Continued)
Sales
Friday
Sales
Friday
BONDS
58
June 20, 1936
New York Curb Exchange—Continued—Page 5
4150
86
95 m
56
107 24
~i~,666
21:660
4,000
3,000
24,000
9,000
1,000
.
Jan
Apr
Jan
105)4 Mar
101M Mar
11124
Apr
105M
Apr
10524 May
84 M
90)4
53
106)4
Mar
Jan
Apr
Mar
110)4
107)4
103)4
108)4
105)4
112 )4
108)4
Mar
Apr
Jan
Jan
Feb
Mar
Jan
109
Jan
90
Feb
97
Mar
64)4
108
Jan
•
Jan
Volume
New York Curb Exchange—Concluded—Page 6
142
Friday
Last
BONDS"
Week's Range
Price
for
of Prices
Sale
(.Continued)
Sales
Week
Low
High
Range Since Jan. 1 1936
Last
BONDS
High
Low
$
102 %
Jan
106
June
102%
Jan
105h
June
Jan
1033* June
104 h 104 h
2,000
1033*
1025* 103
665*
665*
7,000
1005*
Ohio Edison 1st 53
1960
Ohio Power 1st 5s B..1952
1st & ref. 4 Ha ser D 1956
Public
102
...1945
Service
66
2,000
Mar
Feb
104 h
Mar
104 3*
Feb
51
Jan
Apr
503*
Jan
685*
685*
Apr
5fl series D
.1954
Okla Power & Water 5s '48
Oswego Falls 6s
104 %
"166""
1st 6s series B_.
1941
89
106 %
98h
Jan
103
19,000
103 h
Jan
109h June
Jan
Tenn Public Service 5s 1970
Terni Hydro Elec 6Ha 1953
3,000
1045* 105 h
19,000
*1085* 109
"5:606
105?* 106
*106
107
107
May
107h
Jan
Tbermoid Co 6s stpd.1937
107
Feb
iob%
105
Feb
Tide Water Power 5s..l9f'C
Tletz (Leonard) 7 Ha. 1946
Toledo Edison 5s
1962
Twin City Rap Tr 5 Ha *52
Ulen Co—
'f06H
Apr
4,000
Jan
100
Jan
5,000
1055*
Apr
107
Jan
99>*
995*
1063* 106 h
94%
Jan
120%
1203* 1203*
101
1013*
Jan
121 h
9,000
98
Apr
102 3*
Mar
1153*
115?*
1,000
114
Jan
116 %
May
80
Mar
86 h
103 h
853*
9,000
127,000
87
103 h 103 h
18,000
1195*
101?*
Apr
943*
Mar
5s series A
5s series B
105
Mar
103h 1043*
93,000
100
Jan
105 j* 105?*
100
1003*
104h
973*
Apr
107 H
Apr
30,000
Jan
101h
Feb
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 6 Ha 1941
1055*
1053* 105h
14,000
101h
Mar
1065* June
United Lt A Pow 6s... 1975
1035* 1045*
*1073*
108h
108h 108h
*1063* 108
37,000
983*
Mar
104 5*
June
6Hs
105
Jan
1075*
Feb
5Hs
106 H
Feb
108 %
June
104 H
Jan
106 H
Jan
1145*
Jan
Penn Ohio Edison—
1st
Pennsylvania Power 5s '50
Penn Pub Serv 6s C..1947
58 series D
1954
Penn Water Pow 5s
4 Ha series B
103?*
.~
-
1940
113
*107
1962
2:606
«
«*,
113
.
-
„
series
B
6s
series
C
1981
109
1979
Phlla Electric Co 68..1966
Phila Elec Pow 5Ha.. 1972
*
-
110?*
89 %
Pledm't Hydro-El 63*8 '60
Piedmont A Nor 58...1954
66 h
Pomeranian Elec 6S..1953
Poor A Co. 6s.
1939
Portland Gas A Coke 6s '40
Potomac Edison 5s...1956
43*8 series F.'_
1961
-
104
Feb
108
Jan
Jan
100
Mar
103 H
Jan
106 H
Feb
6
Jan
155*
1133*
Mar
6 H % aerial notes.
1940
Utah Pow A Lt 6s A..2022
Mar
11 h
72%
106
58h
106
June
1,000
103
Jan
2,000
105
May
108
Mar
Jan
105
96 h
6,000
20%
1035*
May
•
36,000
17,000
5,000
65
1055*
7,000
4,000
5,000
23,000
Mar
106
83 3*
107
Mar
1937
Vamma Water Pow
5Ha'57
Va Public Serv 5 Hs A. 1946
1st ref 5s ser B
1950
6a
76 H
15,000
55
June
*101H 104
100
Mar
*108H 108 h
106 H
56 %
•
106 %
106 %
104% 106 h
114% 114h
68
58%
*26
29%
68
"26 H
26 h
90 h
26 h
92
94
96
....1946
108h
Mar
102 %
Jan
66 %
Jan
Mar
90%
Jan
91%
96%
Wash Ry A Elect 4s.. 1951
Wash Water Power Ss.1960
West Penn Elec 5s
2030
Apr
West Penn Traction 5s *60
97%
Jan
1005*
32
Jan
West Texas Utll 5a A. 1957
Feb
West
23% June
Jan
132%
1455*
May
West United G A E 5
He'5*
Wheeling Elec Co 5s__1941
1085*
Jan
111H
Feb
Wise-Minn Lt A Pow 5s '44
104
Feb
107
Jan
Wise Pow A Lt 5S E
5s series F
1035*
1045* 1053*
26,000
102
Jan
30,000
102
103 %
100
Apr
94
8,000
89,000
86 h
Jan
895*
96 h
93 h
925*
89
84%
102 h
855*
65,000
106 3*
6,000
105?*
1043* 1043*
1053* 106
16,000
100h
100
84%
106
8,000
Newspaper Un 6s '44
785*
103
1043*
103
985*
Apr
Jan
Jan
Feb
York Rys Co 5s
102 %
89 h
81%
Jan
Jan
75 H
Jan
14,000
23,000
51,000
19,000
103 H
June
88 H
90
104H
102
103h 103%
104h 104%
100?* 102
98 h
99
99
■99
99
95H
94%
99%
95%
90H
90%
91
Mar
June
106 h
Jan
Jan
1063*
June
5,000
26
104
96H
34:666
Apr
Jan
May
Jan
91 %
Jan
83 %
39,000
3,000
Jan
107
7,000
16,000
7,000
17
June
104% June
105 H
106
Mar
105
Feb
99
Jan
103 %
Jan
Jan
88%
Jan
33 H
Jan
105
Mar
Jan
95
Apr
112
Jan
33
Feb
Baden 7s
Mar
27
Feb
Buenos Aires
107
Feb
7s stamped
....1952
Mar
12h
Apr
108?* June
Jan
19%
Jan
105
Jan
1273*
124
1085*
1,000
263*
19
25
Mar
May
June
110
Jan
June
33
*64
68
100
100
*107 % 107 H
103 H
103 % 104
103?* 104
103 % 104
67 H
68
99
99
107
103%
June
S0H
16H
May
"0-
101H
Mb"
61
194
Mar
Feh
Jan
72 %
19%
18%
20%
...1947
72 %
71%
72%
8%
72
1948
21
70
19%
1951
7Ha btamped
Cauca Valley 7a
8%
19%
19%
Prov Banks 6s B...1951
68 series A.
1952
5Ha
28
28
1955
5s
27
28 H
26%
28%
100% 100%
1953
97
Danzig Port A Waterways
External 6 Ha
1952
*60
97
Feb
German Cons Munfc 7s '47
22 %
20%
Ap-
103
Feb
20
22%
21%
108
Feb
22
22
0:600
Jan
105 H
Mar
Secured 6s
1947
Hanover (City) 7s
1939
Hanover (Prov) 6 Ha..1949
21%
Mar
20
21
7,000
2
100 H
Jan
105 H
Mar
Mar
10,000
Jan
"9",000
101
Jan
11,000
2,000
47,000
105H
Jan
106
Mar
102H
98
100 H
Ap'
~20~~
*15
25,000
44,000
4,000
8,000
3,000
1,000
6,000
Apr
14
14
Mendoza 7Ha..
21,000
10,000
1,000
2,000
*91
8,000
58
Jan
99 H
7,000
97
Apr
100 H
Mar
Feh
1085*
June
185*
Jan
17
Jan
20
May
55%
57%
Jan
7h
May
Jan
9%
1951
106?* 107 H
85,000
101
Debenture 354s....1945
105?*
105?*
105% 106
28,000
103H
106
June
104% 105 %
104% 105?*
108% 1095*
106% 107
71,000
101
Jan
105?*
June
18,000
100 H
Jan
105 %
June
Mtge Bk of Chile 6s.
8,000
106%
Mar
109%
June
Mtge Bk of Denmark 5s *72
8,000
Apr
107
103% 103H
107% 108
74
75 H
102% 103 %
7,000
105 H
103
Feb
104?*
8,000
106 H
May
56 %
Jan
82
Feb
6 Ha certificates
1919
1
JaD
104
Jan
5Hs
1921
1H
Jan
99
Feb
1921
1
4b stamped
1951
82 h
803*
9%
245* May
May
25
96 h
Jan
89%
Jan
69
18
Mar
Lima (City) Peru 6Ha..'58
Maranho 7s
1958
Medellln 7a aeries E..1951
105 H
70
Jan
4,000
11,000
2,000
....
106H
100 H
~i~o66
Jan
101H
Cent Bk of German State A
Jan
18
14,000
8,000
105%
106
(Province)—
Feb
1015*
.....
103%
103%
and municipalities—
May
Jan
105h
108 %
}103%
103%
103?*
105%
105?*
106%
103%
103%
106 H
16,000
June
185* May
185* May
21
May
19 h
9
13h
28:660
May
4
May
Jan
Jan
71h
82 h
9h
Feb
43:666
63
Feb
1,000
18
Mtge Bk of Bogota 7a. 1947
m"
m%
Sou Indiana G A E 5 Ha '57
Sou Indiana Ry 4s
1951
103
97 H
97 H
97%
103% 103 %
33,000
29,000
101
Mar
Jan
108
June
Jan
%
12,000
92 H
99
Jan
103 H
June
S'western Nat Gas 6s. 1945
104%
104?* 104%
39,000
92 H
Jan
104H
June
So'west Pow A Lt 6s .2022
100H
100
27,000
91
Jan
101
June
100
May
Jan
S'western Lt A Pr 5s. .1957
S'west Pub Serv 6a...1946
101
15,000
tl04H" 106
"78 H
105 H
83 H
Feb
80 H
8~9~666
69
78
78 H
75
78%
45,000
78
78
80
36,000
67 H
69
78
78 H
76 H
12,000
66
94,000
64
May
May
May
May
95,000
63 H
May
76 H
Jan
102H
Issue of
19
19
*19
25
13
13
96 %
20%
96 H
6,000
92%
Jan
"20 H
20 H
5,000
10%
Jan
15H
1,000
12%
Jan
"ill
15%
1%
1%
61,000
1%
15,000
1H
16,000
1
June
1H
17,000
I
May
58
Feb
May 1927
Issue of Oct 1927
Parana
..
(State) 7s
1931
1958
Rio .de Janeiro 6Ha..1959
Russian Govt 6Hs
1919
5 Ha certificates
Santa Fe 7s
i%
1945
7s Stamped
1945
Santiago 7s
13
12
Mar
Jan
1
May
%
May
*60
49
68
49
49
"LOGO
50
Feb
12
12
3,000
11H
Jan
12
12
3,000
11 h
Jan
..1949
1961
7s
Jan
175*
24:600
June
Feb
Certificates of deposit-
105 H
100 H
95 %
106H
2025
Standard Investg 5 Hal 939
Jan
Mar
June
foreign government
25
1105*
17%
18H
102% 102 5^
193'
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
20-year 7s
1947
May
Sou Calif Edison Ltd-*—
Debenture Gs.Dec 1 1966
92 H
7,000
*i6oh
99H
90 %
105
*105h 105%
*107h 107%
QQ
104H June
Feb
1063*
8,000
9,000
*17
1st 4Ha series D...1970
1951
Jan
Jan
Jan
Apr
13,000
12%
*128?*
*1085*
263*
Scripp (E W) Co 5 Ha. 1943
Seattle Lighting 5S...1949
Debenture 68
Jan
Apr
13
108
1958
Wise Pub Serv 6s A...1952
Yadkin RIv Pow 5a
1941
104 h 105
......
1956
25
255*
*20
83 h
74
895*
25h
108h
5,000
100 %
*88 h
*110
18H
1935
Jan
80
Feb
22,000
93 %
89
1935
Certificates of deposit-
76
100 H
104 %
*106?* 107
"12:666
106h 106%
104
19,000
103?* 104
109
109?*
17,000
93%
94% 115,000
"94H
59
23,000
58%
59%
10,000
105% 106%
105?*
107% 107%
10,000
106% 106%
39,000
Baking 6s
1937
Light 5a...1958
Jan
103 h
104%
6a ex warrants
Convertible 68
25H June
11,000
19,000
22
21%
104% 104 %
103 %
______
1935
Stand Gas A Elec 6s__1936
Jan
May
82,000
89
7s with warrants...1954
Danish
S'western Assoc Tel 6s.'6l
Jan
45 H
94%
93
106
Estate—
Southern Nat Gas 6s. 1944
Jan
Apr
111% 112%
106
Mar
1955
Sou Calif Gas Co 4 Ha 1961
Sou Counties Gas 4H8.'68
113H
65,000
38,000
25,000
104 %
104%
104%
1055*
103 %
Wks 6a... 193
35*8 May 1 1960
Jan
Mar
104 %
"moo
91
105h 105h
Apr
25 H
95
105 H
93
June
105
1,000
17,000
6,000
8,000
Wash Gas
Jan
6s with warrants
Ref M
24
Ward
102
Joaquin L A P 6a B *52
Ref M 3 5* 8 B July 1 1960
1st A ref mtge 4s... 1960
Jan
106?*
Jan
1035*
Ruhr Gas Corp 6Ha..1953
Ruhr Housing 6H8-.-1958
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
June
Feb
Apr
Rochester Cent Pow 6s 1953
Rochester Ry. A Lt 5s 1954
Shawlnlgan W A P 4 Ha '67
4 Ha series B
1968
Jan
91
Apr
Waldorf-Astoria Corp—
Jan
104 %
1980
Second Int'l Sec 5S...1948
Servel Inc 6s
1948
1944
May
1065*
100
17,000
Feb
June
273*
Mar
Jan
4 Ha aeries E
Southeast P & L 6s
4Ha
Apr
9,000
101H
104
Schulte Reai
66 %
106 H
1035* 1043*
1035* 104
1978
San
104
Mar
81,000
Valvoline Oil 7s
Jan
17,000
6,000
7,000
25,000
4 H series D
Sauda Falls 6s
Jan
413*
963*
106
Saxon Pub
Mar
943*
1083*
Apr
105 H
99
111h
43*8 '79
Jan
5,000
45,000
106h
106
1 .Louis Gas A Coke 6s '47
?l I Antonio P S 5s B..'58
10,000
4,000
29
34~66O
55
Utica Gas A Elec 5s D.1956
58 Series E
1952
99
1966
ft Harbor Water
1123*
rl09
ill
j
June
16,000
1093*
865*
103 h 104
111h
.
47,000
66h
67
72%
1055* 106
1083* 108 3*
*99
1005*
85 h
87
.
Mar
1113* June
963*
......
6s series C
S
1973
15,000
s9h
895*
1075* 1075*
142 h
Quebec Power 5a
1968
Queens Boro G A E 43*8 '58
6 Ha series A
1952
Reliance Managemt 5s 1954
35,000
202,000
14
1113* 111?*
1093* 1105*
Pub Serv of NJ 6% pet ctfs
1st A ref 5s series C.1950
1st A ref 4Ha ser D.1950
6s series A
99%
104 H
32
106 H 107?*
82
83
55
6H% aerial notes... 1939
Pub Serv of Nor Illinois—.
1st A ref 5s__"
1956
4Ha series I
I960
Pub Serv Subsid 5 Ha. 1949
Puget Sound P A L 5 Hs '49
Un Lt A Rys (Del) 5
Ha '52
United Lt A Rys
(Me)—
6s series A
1952
86 %
235*
235*
1415* 143
1st A ref 4Ha ser F.1981
1959
May
205*
215*
*1043* 105
Corp(Can)4HB B *59
Power Securities 6s___ 1949
Prussian Electric 6s__1954
Apr
955* 167,000
95
rl09
-w---
Potomac Elec Pow 58.1936
Potrero Sug 7a strap..1947
Power
1974
1125*
105h
105*32 1053*
133*
««»•'«.
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E
IHs 57
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6a__.1948
1945
Jan
65,000
10,000
33,000
U S Rubber Co—
95 h
...1957
Peoples Lt A Pr 5s
f 6s
4,000
Peoples Gas L A Coke—
4s
8
Jan
Jan
98H
*
-.1957
100
89
12,000
82 H
1967
4 Ha
May
102 % 103?*
33
32%
105% 105?*
109% 109H
91%
100% 100?*
105%
109%
1954
105%
2.000
103 %
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
Feb
104
1944
Apr
107% June
2l6oo
77% May
Jan
Mar
105 H
Jan
41%
Apr
93 H
Apr
Apr
11,000
Feb
86
104
104
57,000
Mar
102
45
9,000
1,000
5,000
66
112
4,000
37,000
82 H
107
40,000
51%
105
57
Jan
.2022
Feb
82
Apr
6s
49
82
103 h
June
26,000
66
Mar
105
Jan
57
May
93 H
107
1033*
46 H
92
107 h
106
3,000
107H 107%
*107H 108
Apr
17:606
61H
50
Mar
103% 104 %
62%
105
1053*
Texas Elec Service 58.1960
Texas Gas Utll 6s
1945
Texas Power A Lt 5s..1956
74 H 171,000
104H 104%
50
104
Penn Electric 4s F
1950
Deb 5Ha series B...1959
Low
$
55
55
109
20,000
106
104 %
6s series A xw
Range Since Jan. 1 1936
for.
Week
60 H
1957
Penn Cent LAP 4Hs 1977
5a
1979
1971
High
73
73%
Tennessee Elec Pow 5s 1956
June
6s 3d stamped
A.1948
Pacific Ltg A Pow 5S..1942
Pacific Pow & Ltg 5s
1955
Palmer Corp 6s...i_.1938
5s series B
12,000
1025*
109h
105?* 105h
1025* 1025*
86h
89
_
1947
Pacific Coast Power 5s 1940
Pacific Gas A El Co—
•
7-4% stamped
1936
7-4% stamped
1946
Super Power of 111 4Hs '68
1st 4Ha
1970
Syracuse Ltg 5 Ha
1954
109
106
--
5Ha series E
1961
Okla Gas A Elec 5s...1950
6s series A..
1940
ser
1,000
98
102
109?*
105?*
1953
Pacific Invest 5s
66
61,000
Co—
C
Range
Low
Stlnnes (Hugo) Corp—
""66""
Certificates of deposit...
N* western Pub Serv 5s 1957
6s series
6,000
23,000
"103%
105h
105h
1023* 1035*
104%
Ohio
105
105
Ogden Gas 5s
Week's
of Prices
Price
If
Standard Pow A Lt 6s. 1957
Standard Telep 5 3* a. .1943
1966
4 Ha seriesE
Sales
Sale
(Concluded)
Northern Indiana P b—
6s series C
4151
Friday
"75 H
75 H
75
74%
*99
76 H
100
97
Feb
81
Feb
84H
Feb
81
80
Feb
Feb
•
the
No par value
rule sales
range,
x
not
a
Deferred delivery sales not Included In year's range,
In year's range
r Cash sales not Included
Included
n
Under
In
year's
Ex-dtvldend
* Fridays' bid and asked price.
No
sales
were transacted
during current week.
Abbreviations Used Above—"cod." certificates of
deposit: "cons," consolidated
"cum," cumulative; "conv " convertible; "m." mortgage: "n-v," non-voting stock
"v t c," voting trust certificates: "w 1," when
Issued; "w w," with warrants: "xw."
without warrants
Financial
4152
June 20, 1936
Chronicle
Other Stock Exchanges
Sales
Friday
Par
Bid
Ask
*
7
43*
Feb
89*
109*
Apr
84
Apr
Bonds—
St Railway1948
Eastern Mass
Tudor City—
5s
Series B
4th Unit Ino units
84
80
84
*70
$3,200
Jan
7
9th Unit Inc units
103*
83*
Oliver Cromwell ctfs__
Jan
16
4
39 Bway Inc units
75
72
Natl Tower Bid- 6 3*s.l944
90c
215
325
1,050
*15
83*
83*
High
Low
Shares
70c
67c
14
143*
♦
Warren Bros Co
1936
Week
1
Waldorf System Inc..
Stocks
City A Suburban Homes.
Lincoln Bldg Corp v t c_.
30
Dorset otto of deposit
for
of Prices
Low
High
Price
(Concluded)
Utah Metal A Tunnel
Unlisted Slocks
Ask
Bid
Week's Range
Sale
Exchange
Closing bid and asked quotations, Friday, June 19
Unlisted Bonds
Range Since Jan. 1
Last
New York Real Estate Securities
9
523*
61 Bway Bldg 53*8.-.1950
SECURITIES
CHICAGO
Listed and Unlisted
Baltimore Stock Exchange
Orders Executed on
VmlRDavls 6c @o.
STEIN BROS. &> BOYCE
Established 1853
6. S.Calvert St.
Louisville, Ky.
New York
Chicago Stock Exchange
Chicago Curb Exchange
CHICAGO
10 So. La Salle St.,
Stock Exchanges
Baltimore
York and
New
Members
v
Stock Exchange
Curb (Associate)
New York
NEW YORK
York, Pa
BALTIMORE, MD.
Hagerstown, Md,
Members;
39 Broadway
Chicago Board of Trade and Commodity
Exchange, Inc.
Chicago Stock Exchange
Baltimore Stock
Exchange
for
of Prices
Low
High
Week
Price
Par
Stocks—
Week's Range
Sale
Sale
Low
Shares
Price
Par
Stocks—
1st preferred v t 0
497
16J*
Apr
2
2
2
113
5
Feb
43*
49*
529
9*
23*
Jan
4
Jan
73*
Feb
25
*
Preferred
Consol G E L A Pow
20
213*
279* 279*
92
903*
1149* 115
159*
153*
253* 263*
99 3*
973*
39% 403*
355
20
June
30
Feb
27
May
36
Feb
49
84
Jan
92
Apr
70
114
Jan
116
Feb
206
11
Jan
210
17
312
88
-
903*
115
100
preferred
5%
com.l
------
1
Eastern Sugar Assoc
------
Preferred
99J*
20
FldeHty A Deposit
Fid A Guar Fire Corp...10
------
Finance Co of Am cl A.—*
------
113*
1,260
49*
Jan
113*
Apr
Jan
209*
Jan
49*
39*
433*
93*
Bastlan-Blessing Co com_»
283*
Mar
Jan
1059*
Feb
50
Jan
39*
453*
113*
99*
8
44
2
2
2
75
261
261
261
10
248
Apr
363*
263*
160
31
Jan
233*
Feb
113*
123*
697
9%
Apr
913*
145
93*
2
Berghoff Brewing Co
1
PS7% pf25
New Amsterdam Cas
5
26
113*
Penna Water A Pow com.*
"""93*
Seaboard Comm'l com A 10
9 3*
Feb
l>*
113*
23*
256
May
Mar
June
Jan
Jan
8%
93
May
Feb
87
10
Apr
173*
Feb
7%
Brown Fence
143*
927
Apr
139*
Bait Transit Co 4a flat
5s flat-.
1975
1975
273*
323*
------
100
1975
B 5s
Read Drug & Chem
28
$15,500
5,950
333*
100
10,000
1013* 1013*
53*s'45
Boston Stock
June
39*
273*
Apr
463*
93*
1,500
79*
33*
170
2
•
Jan
Jan
53*
463* June
Feb
13* May
11
Feb
3 3*
Jan
12
650
63*
Jan
123* May
4,800
Jan
32
13
1,570
219*
73*
Jan
133* June
3
Jan
Apr
7
Mar
6%
560
3*
273*
500
223*
Apr
309*
Mar
773*
200
64
Jan
833*
Mar
20
Feb
1113*
Mar
303*
343*
189*
1073*
283*
200
27
Apr
313*
323*
650
26 %
Jan
133*
32
*
100
13
Jan
Jan
103*
Mar
Mar
Mar
Mar
850
383*
Jan
46
June
620
57
Jan
66
Feb
19*
450
1
Jan
23*
Feb
23*
7,250
19*
Apr
33*
Feb
Jan
683*
Feb
""sk
83*
453*
583*
433*
579*
14
99*
46
623*
19*
13*
23*
67
560
49
329*
23*
623*
303*
333*
330
203* May
40
50
50
50
130
35
Jan
54 3*
489*
483*
40 3*
Jan
50
43*
49
49*
483*
489*
43*
493*
400
433*
433*
433*
433*
50
333*
289*
289*
100
26
200
3
Jan
4%
Feb
Jan
313*
Apr
Mar
73*
Feb
13* May
963*
Jan
1109*
Jan
593*
Apr
13*
Bruce
Co (E L)
com—.
28
June
10
10
pref—_♦
Cent 111 Pub Serv
17
Jan
33 V£
June
Cent 111 Secur—
84
Jan
60
Feb
1,000
100
Apr
100
Apr
63
Apr
1013*
Apr
Exchange
Common............
1
*
Common
preferred
663*
Week's Range
for
Sale
of Prices
Week
Price
Par
Stocks-
Low
High
*
Cherry Burrell Corp com.*
Chicago Corp commonPreferred
1 1936
Range Since Jan
Last
Chicago Flex Shaft com..5
289*
Chicago Mail Order com
SJiares
Chic Yellow Cab Inc cap.*
25
m
2
40
6% non-cumul pref--_50
1st preferred
50
Amer Tel & Tel
100
3x
3X
14
Common
"283*
♦
49*
Cities Service Co com
Amer Pneumatic Serv Co-
20
30
166 X 170
130
133
2,183
20
20
1673*
13*
Jan
33* Mar
193* May
1493*
Apr
1173*
Jan
2H
Apr
5%
Apr
Compressed Ind Gases cap*
178
Feb
Common
67 X
401
65
May
70
Feb
6% prior pref A
7% cumul pref
100
stpd —100
Class B 1st pref stpd. 100
CI C 1st pref stmpd.. 10C
Class D 1st pref stpd. 100
20
20
21
321
20
May
41
Feb
June
143*
Feb
Common
*
32
17
Jan
Preferred
100
101
Boston & Maine—
5%
5 X
5X
38
53*
83*
8%
8X
45
63* May
53*
CI A 1st pref
5X
21
9X
14**
192
"~9%
93*
Boston Personal Prop Tr_*
14
Boston & Providence-.100
137
Cliff Mining
.....
Copper Range
25
East Gas & Fuel Assn—
43*% prior pref
Cord COrp cap stock
June
Feb
Crane Co common
May
159*
Jan
June
1563*
Apr
143*
1
1
110
1
215
53*
3*
63*
Feb
7
Jan
93*
8%
475
10
Jan
Apr
Mar
Apr
62
130
413*
Jan
83
70
70
73
114
60
Jan
84
2
Common....
100
1st preferred
100
Preferred B
100
Adjustment
100
*
"60 X
X
63*
100
162%
Employers Group
*
22 X
*
*
Hathaway Bakeries pref..*
Button Hole
40
1593* 163
22 34
23%
5
1,668
265
88%
393*
130
13*
10
8
15
15**
153*
27
27
21
23*
Linotype-.♦
100
122X
44 X
N Y N H & Hartford—100
21
VA
io%
8x
*
13*
103*
8%
2
13*
Jan
33
Jan
39*
623*
83*
Feb
18
May
class
A
5 3*
Jan
12 3*
Feb
Feb
130
2
J*
Jan
73*
Feb
29 9*
May
98
May
3* June
*
21
*
41
Class A
150
32
50
53*
303*
128 3* 130
4,350
4,600
24
Apr
Apr
150
120
Jan
49*
293*
43*
47
Apr
1173*
Jan
8
Apr
Apr
309*
1313* Mar
Mar
11
16
Dixie-Vortex Co com
Jan
12 3*
1,650
103*
Jan
149*
24
pref. .35
com—-.5
Dexter Co (The)
33*
263*
1,100
193*
Jan
263* June
15
16
340
99*
Jan
16
June
21
1,250
183* May
383* May
163*
Jan
21
June
30
*193*
50
41
41
163*' 173*
850
413* May
20
Mar
Jan
23
Apr
Eleo Household Utll cap
143*
143*
13
June
183*
Jan
35
343*
35
373*
Feb
Apr
Gardner Denver Co com..*
50
49
Apr
General Candy A
3
Feb
73*
143*
83*
Jan
Apr
Feb
Gen Household Utll com.*
*
Class B
Jan
Apr
Mar
Goldblatt Bros Ino com..*
Feb
Great Lakes DAD com..*
363* May
41
356
5
25
Apr
1
Feb
1%
53*
Jan
8
Jan
Mar
Helleman Brew Co G
Hibb Spencer Bart
*
cap.l
com.25
HoudailJe-Herehey cl B—*
83*
25
Feb
Jan
18
Mar
Jan
.
23*
39*
Apr
Feb
Feb
Mar
59*
34c
600
260
May
68c
22 X
253*
537
20
June
703*
32 3*
436
283*
Apr
39
19*
20
70c
Jan
21
294
153*
Jan
21
113*
974
11
Jan
133*
203*
83*
297
4
1,567
83
39
246
40
page
4155.
143*
13*
903*
873*
13*
38
May
329*
May
12 3*
Jan
1099*
Jan
Feb
Jan
Mar
Interstate Power—
.
"is
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
June
Feb
Apr
219*
33* May
104
93*
903*
42
23*
Mar
Mar
Feb
10
163*
163*
*
243*
243*
249*
150
1
203*
20
209*
2,600
613*
63 3*
$6 preferred
Iron Fireman Mfg vtc
—
Jarvis (W B) Co cap
Kalamazoo Stove com—*
Katz Drug Co com
..1
Kellogg Swltchtoard comlO
"409*
8
403*
8
110
41
83*
120
163* June
May
Feb
Mar
210
43
Jan
70
Mar
500
32
Feb
42
May
3,350
43*
120
June
10
Apr
14
Jan
Feb
43
May
90
1,800
.50
100
393*
383*
393*
440
349*
85
81
863*
170
76
2
2
29*
300
194
300
49*
240
1
19*
*
4
123*
.....
Loudon Packing Co com.
com
Jan
Feb
Mar
3 9*
Jan
7
Feb
Apr
353*
Jan
73*
650
7
May
113*
Jan
12
129*
1,650
7
Jan
123* June
463*
150
359*
Jan
473* June
113*
150
73*
Jan
15
650
69*
June
73*
$33* preferred
Lion Oil Ref Co
13* May
Jan
33*
39*
21
25
Lincoln Printing Co—
Feb
Jan
46
Cumulative preferred
Feb
13*
50
25
Llbby McNeil It Libby—10
Common
Feb
Jan
113*
5
103*
54
103*
cap
Apr
720
109*
Lcath A Co com
Mar
31
24
1193*
La Salle Ext Urtlv com
243*
Feb
Feb
10C
6% preferred
Kingsbury Brew
68
Mar
183*
24
Ken-Rad T A Lamp com A*
Preferred
Jan
May
Indep Pneum Tool vtc.-*
Apr
11
403*
8
Apr
30
229*
23
Jan
13*
500
Apr
Feb
Jan
393*
11
Apr
113*
139*
June
Jan
.5
103*
11
10
4,650
333*
Jan
Jan
61
%
25
253*
Apr
83*
100
9%
7%
137
33
233*
Mar
Apr
June
6
50
51
993*
33
80
2,400
20
130
8
123*
63
Jan
8714
28
119*
108
Apr
x97
—*
1
273*
62
113*
United Shoe Mach Corp.25
279*
108
163*
50
263*
800
"Ilk"
"243*
29 3*
1,300
16
293*
9
Jan
750
153*
283*
28 3*
83*
Jan
Jan
700
111 North Utll Co oref—100
60
1,193
May
393*
189*
225*
83*
223*
339*
Illinois Brick Co..
Mar
3
May
9
Jan
23*
23*
June
16
Jan
Feb
1173*
18J*
503*
Jan
3
193*
40
75c
Jan
1134
35
June
15
164
75c
39
150
263* May
108
25
800
3,500
8
33
*
* Jan
273*
Jan
33
Class A
60
20
159*
.
273*
Godchaux Sugars Ino—
169
1553*
7
100
503*
15
73*
June
50
164
3
For footnotes see
49
Jan
40
44**
443*
122% 124
33*
33*
19
Preferred
193*
23*
2,800
15*
383*
*
Utah Apex Mining
Feb
31
249*
1,742
Suburban El Secure com..*
United Gas Corp
Feb
48
13
May
203*
75c
Shawmut Assn tr ctfs—
Torrington Co
52
Jan
249*
Mar
303*
24
50
Quincy Mining—
.25
Reece Button Hole MachlO
Stone A Webster
128 3*
Dayton Rubber Mfg com. *
Ky Utll Jr cum pref
Pennsylvania RR
Apr
Eddy Paper Corp (The)—*
Mar
2%
30c
*
—100
115
533*
15 X
Mach.10
Old Colony RR
10
27
(Bstn)_25
Maine Central com
100
North Butte
75
14X
6X
10X
8
Theatres
New Eng Tel & Tel
55
85
1X
39 X
Isle Royal Copper Co..25
Mass Utilities v t c
Preferred
303*
Mar
270
101
*101
Apr
53*
May
1,950
53*
313*
49*
5
25
100
Hall Printing Co com
Georgian Inc cl A pref. .20
Gilchrist Co
*
Gillette Safety Razor
2%
50 X
53 3*
"I ox
Edison Elec Ilium
General Capital
X
50
14
*
preferred
3*
Feb
May
Elgin Nat Watch Co—.15
60
Eastern Mass St Ry—
Eastern S S Lines com
800
10
5
Eoon Cunnghm Drug com *
60
100
100
6% cum pref
Feb
63*
83*
25
-
15
209*
83*
12%
132
Arp
Continental Steel—
Cumul
25
Calumet A Hecla
10
43
137
1,900
523*
73*
100
100
June
5
100
9*
9*
.......6
Feb
66
Prior preferred
9,800
19*
4
Consumers Co—
143
66 3*
Boston Elevated
8,000
950
103
503*
52
131
253
70
43*
43*
19*
100
1029*
Commonwealth Edison. 100
Jan
100
—100
Boston A Albany
79*
283*
25
Club Aluminum Uten Co.*
25
3
3
Chi & Nor West Ry com 100
High
Low
5,700
Central S W—
Chain Belt Co com
Sales
Friday
Jan
49*
1089* 1089*
Class A
Class B.
Jan
both inclusive, compiled from official sales lists
June 13 to June 19,
Mergenthaler
Feb
Feb
79*
1,900
1,150
2,250
763*
Preferred
Loews
253*
32 3$
28
Prior Hen
Int
Jan
May
A Wire—
153*
5,000
61
61
61
North Ave Market 6s. 1940
2nd
21
20
6
100
Butler Brothers
Bonds—
-
600
320
Castle & Co (AM) com.
143*
143*
2
U S Fid A Guar
A
Feb
119* June
Mar
283*
26
Corp com. 10
preferred
159*
2,100
43*
12 3*
6
A conv pref ♦
Bliss A Laughlln Inc cap. 6
Borg Warner
Mar
273*
123*
Blnks Mfg Co
163*
91
Jan
27
363*
363*
263*
Merch & Miners Trans p. _*
Monon W Penn
79* May
83*
183*
'
273*
Feb
373*
115
73*
73*
73* May
Jan
June
19*
113*
19*
*
Jan
59*
229*
273*
Armour A Co
6
31
2-213*
Apr
Jan
15
Mar
1
Mercantile Trust Co
1313* May
15
159*
123*
143*
"zi"
Co pref. 100
common—5
Asbestos Mfg Co com.—1
Associates Invest Co com. *
Automatic Products com. 6
Automatic Wash conv pf_*
179*
50
25
pref
Mar Tex Oil
Jan
10
900
73*
25
"A"
Amer Pub Serv
Bendix Aviation com
Mfrs Fin 1st
High
979*
50
73*
73*
73*
10
Common
f"ln<in
159*
'"7k"
93*
37
169*
Jan
229*
393*
154
113*
143*
153*
10
Houston Oil pref
Low
140
Allied Products Corp—
20
-----
18
173*
20
*
Black A Decker com
Week
Shares
1303* 1313*
159*
159*
1313*
com_»
Adams (J D) Mfg com..-*
Adams Royalty Co com.
Advance Alum Castings..5
175*
...»
c_*
*
Bait Trans t Co com v t
of Prices
High
Low
Range Since Jan. 1 1936
for
High
Abbott Laboratories
Arundel Corp—
Week's Range
Last
Range Since Jan. 1 1936
Last
Sales
Friday
Sales
Friday
official sales lists
19, both inclusive, compiled from
June 13 to June
both inclusive, compiled from official sales lists
June 13 to June 19,
*
113*
11
69*
7
83*
Mar
Feb
akU
Volume
142
Financial
Friday
Last
Stocks
(Concluded)
Par
Price
Low
McCord Rad &; Mfg A
*
McGraw Eleotrlo com...5
32%
McQuay-Norris Mfg com. *
Manhatt-Dearborn com..*
"Ik"
High
38
30
54
Range Since Jan. 1 1936
Shares
IX
15%
90%
Prior preferred
*
Mickel berry's Food Prod—
Common
1
30
Apr
43
Apr
1,950
27
Jan
33
Mar
150
64
June
6%
40
11%
Jan
19
Mar
62%
Jan
100
Mar
5%
Apr
8
Jan
340
4%
9%
2%
%
2%
2%
*
Conv preferred A
Midland Utll—
*
25%
May
34
Jan
4
3,300
2%
9,700
7
3%
%
3,230
%
110
2%
10
1%
Jan
%
Feb
2
2%
110
7% prior lien
100
2%
2%
80
pf_ *
Muskegon Mot Spec cl A.*
2%
6%
20%
1
6%
30
20%
200
12%
Nachman-Sprgfllled com.*
6%
20
12%
50
H
3%
4%
Mar
2%
>
Jan
Mar
Jan
11%
Jan
Last
25%
Jan
Sale
11
Jan
"46 k
46%
700
65
1%
1%
250
38%
1%
Jan
1%
10
5%
Jan
pref
North Amer Car com
29
7
30
,
'
450
26
6%
6
7%
3,350
3%
Northwest Bancorp com—*
Northwest Eng Co com—*
Northwest Utll—
8%
8%
9%
550
8%
City Ice & Fuel.
Feb
7%
June
14
Jan
105
24
18
125
100
79
79%
Cleveland Builders Realty*
Cleve-Cliffs Iron pref
*
5
15%
Jan
26%
Apr
Cleve Elec 111 S4.50 pref..*
109
7%
Jan
22
June
Cleve Ry "ctfs of dep'MOO
Cliffs Corp vtc
*
69
920
46%
230
25
Apr
10
104
Apr
200
19
Apr
22%
1%
18%
22%
18%
300
17
36
36
100
32
2
2%
3%
3%
3%
3%
3%
59
210
6%
2%
15%
Jan
Kelley Isld Lim
& Tras.__*
22
19%
3%
4% June
Feb
61%
103
Jan
115
Mar
112%
Jan
123
Mar
400
122
May
140
Jan
30
142
Jan
147
Apr
7%
3,050
2%
Jan
2%
450
1%
Jan
7%
3%
June
Lamson & Sessions
Leland Electric
*
Mar
Mar
19%
22
Myers (F E) & Bro
National Refining
50
50
*
25
Preferred
National Tile.
100
National Tool....
54
54
200
55
Mar
74%
74%
4%
81
Mar
Mar
June
4%
450
13%
400
13
June
18%
17%
May
18%
10%
35%
7
6%
21
Thompson (J R) com...25
9%
Utah Radio Product com.*
Utll & Ind Corp
*
2%
»
31%
21%
5%
20%
12%
5%
24%
7
June
28%
Apr
Apr
300
8%
3
1,200
2%
Mar
1%
400
%
3%
5%
33%
19%
12%
5%
24%
300
2%
900
4
600
30
Apr
350
16
Apr
750
10
Mar
12%
5%
22
Members Cincinnati
231
pf 100
12
65
130
l
16
*
30%
30%
10%
*10%
10%
50
17%
18
114% 114%
282
17
Jan
50
112
Apr
Weinberger Drug Inc
Week's
Range
of Prices
Loiv
Champ Coated
400
16,300
cm
5%% pf 100
Cin
5
20
100
2
Jan
May
5%
Jan
Apr
6%
Jan
5%
High
19%
10%
23%
130
244
5
125
20
1,070
103
48
13
13
30
*
14%
16
151
3%
104%
100
105
3%
105%
38
278
Cin Street Ry
-.50
Cin Telephone
50
Cin Union Stock Yard...*
88
24
Coca Cola A.:
_._*
65
Crosley Radio
.......*
Eagle-Picher Lead
20
25
25
10
10%
20
20
31
33%
7%
43%
11%
449
2|% 22%
Formica Insulation.
6%
7
% 90
*
Gibson Art
*
8%
Jan
Goldsmith
Hobart
*
........
A
Kahn A
7%
43%
*
11
40
....
Kroger
*
Leonard
*
...
Feb
Apr
12
Mar
18
Feb
114% June
Exchange
Sales
Last
Stocks—
Par
Week's Range
for
Sale
Auto City Brew com
Baldwin Rubber com
of Prices
Week
Price
377
102
12%
1
2%
11%
Low
High
Range Since Jan. 1 1936
Shares
Low
High
—50c
'26"
Crowley, Milner
com
com...
*
.10
Detroit Cripple Creek
Detroit Edison
com
1
Federal Mogul common. _*
Goebel Brewing com
__1
com
"9%
30
"7%
*
Mar
Jan
27
Mar
Jan
Apr
25
Feb
63
Mar
19%
19%
2%
5%
21
1,632
13
Apr
21
June
202
19
Apr
19%
2%
5%
425
100
3
9
885
2
1,675
147
1%
162
9%
1,050
26
30
1,362
16%
7%
2%
17
8
1,415
320
2%
425
6%
200
Jan
Jan
2%
5% May
2%
1%
128
7%
23
9%
6%
2%
Jan
June
Jan
Jan
Mar
Jan
Jan
Apr
105
June
Apr
17% Mar
Feb
16%
Feb
4%
105% June
Jan
8%
92
May
6%
Jan
'
Jan
Jan
Kingston Products
McAleer Mfg common
*
Mich St Tube Pd com 2.50
Mich
Sugar
common
Jan
24
60
20
Mar
70
59
44
Jan
70
June
Murrary Corp
1
16
Mar
27
8
Jan
15
May
May
Micromatic
127
Mar
25
Jan
24
June
1
Ivresge (SS) Co com
10
Lakey Fdy & Mach com__l
com
7
18"
Jan
Parker Wolv
45
Jan
32
7
Jan
55
40
Feb
32
11
June
12
32
22%
May
27%
6%
4%
Jan
430
23
May
1,210
14
Apr
7
5%
18
25
16%
5%
23%
7%
5%
18
,
1%
3%
20%
3%
20%
19
3%
3%
Feb
Jan
<23%
3%
7%
Mar
:: 4%
Feb
Mar
4
Apr
152%
10%
Apr
30
18%
10%
4%
Feb
June
Apr
Feb
Feb
Jan
Mar
Reo
Motor
com.
common
*
5
common
1
42
2
Jan
81
7
Feb
9
6
Jan
13
June
40
4%
Jan
%
Mar
5% May
1% Mar
Tlvoli Brewing com
1
United Shirt Dist corni..*
5
Univ Cooler "A"
20
Jan
195
3% June
15%
Jan
1,175
1,380
15
1,743
6%
Jan
41% May
15% June
4%
Jan
835
5
261
2,477
200
Timken-Det Axle com..10
5
Apr
1316
810
26%
22%
4%
Apr
3% June
5%
June
4% May
8%
6%
1%
4
Feb
Mar
Feb
Apr
Feb
May
21%
Feb
22% Mar
4% June
12%
Feb
50
Feb
17% May
8% Mar
7%
Feb
7
Jan
240
25
Jan
29
Feb
701
17
Jan
24
Feb
May
50
16
1,490
299
21
2%
2,460
620
15%
5
*
8
25.
2,356
10%
Stearns
13
20% Apr
5% June
3%
Jan
43
26%
com
630
15%
common
2
River Raisin Paper com..*
Scotten-Dillon com
—10
(Fred'k)
4% May
10%
15%
8% Mar
18%
Feb
15% Mar
31% Mar
19% Mar
5% June
7,670
4%
Rickel, H W
May
Jan
43
*
com
June
11
16%
"3%
Packard Motor Car com.*
33% June
8% Apr
13
1
"3%
10
1
100
335
23%
•
Hone
Jan
13
13%
5
*
Mid-West Abrasive com50c
Motor Wheel com..
5
5%
13
Hudson Motor Car com..*
Mar
Jan
4
June
1%
9%
12%
24%
15%
Houdaille-Hershey "B"__*
June
85
122
Apr
46
6%
Home Dairy class "A"
*
Hoover Ball & Bear com. 10
1%
100%
5%
19%
14
461
1,500
4,374
High
13%
8
28
June
51
141
1
Jan
139
50
2%
11%
3
IK
100
Detroit Paper Prod com__l
Detroit Steel Prod com..*
2%
10%
51
Bohn Alum & Brass com..5
Consol Paper com
10
Continental Motors com.l
Low
9%
19%
3%
19%
1
8
2%
*
4%
1
1
40
*
Pumps
4%
5
205
Proctor & Gamble..
*
For footnotes see
4%
*
18
50
page
20
34
--■_..*
Preferred
44%
7%
.-.._*
U S Printing
43
19
41%
Randall A
Rapid
19%
35
DETROIT
Friday
13
2%
B
B
May
Feb
19, both inclusive, compiled from official sales lists
*
2.50
...
Moores Coney A
National
May
9
Feb
25
Chicago Stock Exchange
Detroit Stock
June
to
_•■——*
Magnavox
Manischewitz
Meteor
14
30% June
Jan
68
Jan
24% June
Parke-Davis
33%
80
Mar
15
27
Telephone, Randolph 5530
Burry Biscuit
Shares
*
_.
Feb
New York Curb Associate
Building
Jan
34%
Jan
22%
13% June
Jan
11
Exchange
Exchange
Buhl
Graham-Paige
102
Advertising Prod
Cin Ball Crank pref.
Cin Gas & Elec pref. -
Jan
4%
Members
May
Range Since Jan. 1 1936
for
*
....
Mar
June
Watling, Lerchen & Hayes
Detroit Stock
Week
100
1st preferred
Churngold
22%
*
16
*
Y't'n S&T
40
12%
16%
32
•
Hall Lamp common
Burger Brewing—
9%
Jan
19% May
56%
Jan
8%
Jan
14
Feb
Sales
10
20
125
8%
BLDG., CINCINNATI
Friday
Amer Laund Mach
1% June
62%
4%
19, both inclusive, compiled from official sales lists
Price
105
20
Vlchek Tool...
Det & Clev Nav
*
1%
61
12%
Cincinnati Stock Exchange
Aluminum" Industries
86
12
20
New York Stock
A.T.&T. Tel. Cln. 291
Sale
Jan
4% June
1%
Tan
Stock Exchange
Cherry 6711
Last
J an
55
,14
Feb
Stocks and Bonds
Par
5
61
*
cm
Corp.:
Stouffer class A
Jan
Wire System- -First Boston Corporation
Stocks—
June
121
*
Seiberl'g Rub 8%
Jan
Specialists in Ohio Listed and Unlisted
June 13 to June
Feb
50
856
*
_
BALLINGER & CO.
TRUST
Feb
26
4%
*
.
S M A
June 13
UNION
7
Apr
25
Jan
18
Zenith Radio Corp com..*
700
1,250
3,300
10
1%
3%
4%
32%
*
Wisconsin Bankshares com*
Mar
2%
v
Wieboldt Stores Inc com.*
Williams-Oll-O-Matlc com*
3%
9%
4%
Packer Corp.
Apr
29%
*
50
Mar
Feb
100
31
common
14%
32%
18
21%
Walgreen Co
74% June
13%
pref.25
com
Jan
18
13%
...25
Wahl Co
35
50
Feb
577
June
8%
86
81%
4%
50
;
8
Feb
16% June
June
■
8
8%
86
4%
Sangamo Eleotrlo Co
*
Sears Roebuck & Co com *
61
Feb
5% May
12%
Feb
17%
Patterson-Sargent
27%
Mar
27%
Richman
20
3%
4% May
18%
Apr
45% Apr
Jan
770 1
153
40
Feb
81
5
4%
15
17%
x79
26
20% May
26
80
19% June
80
Jan
Apr
170
45
Jan
2%
Apr
17% May
155
17
65%
Mar
55
10
13%
100
26
Jan
12
15
11
11
Jan
Jan
10
130
24
100
31
18
34%
273
8
300
11
Jan
15
320
31
Feb
70
24
16%
31
Feb
24%
*
16%
Feb
Feb
69
,cKee (A G) class B
*
Medusa-Portland Cement *
Metropolitan Pav Brick..*
Murray Ohio Mfg
*
25
May
110
Apr
Mar
14
_*
Mar
17%
22
24%
Common.--
15
20
Ross Gear & Tool com...*
'llli
13% May
Jan
48
Raytheon Mfg—
7
Feb
10
18
Quaker Oats Co-
2%
10
110
16%
Apr
123%
10
11
47
May
146% 147
13%
10%
18
1%
100
13%
17%
49%
—_*
May
48
150
Preferred
45
*
1,700
122
20
*
4%
122
58
*
59%
Common
JaD
Interlake Steamship
5%
10
Mar
Jan
18%
Harbauer
6
118
59%
58
Electric Controller & Mfg. *
Enamel Products
*
Foote-Burt.
*
107%
J aeger Machine
Jan
118
Convertible pref
Feb
111
Jan
50
118
16
Jan
71%
810
Apr
3%
100
conv
Jan
6%
210
Feb
Jan
preferred
8wlft International
80
20
3%
Mar
150
Storkllne Fur
Jan
Feb
19%
4% June
54
May
105% June
69
41
2%
114
Swift A Co
79% Junt
245
109
22%
2%
2%
113
com
Jan
18%
Jan
1,200
114
._*
Convertible preferred—*
Jan
15%
25
67%
Mar
1%
4,600
100
109
Jan
3
preferred
Stein Co (A)
90
10
60%
27%
3%
59
Jan
108
Apr
3
*
High
Mar
June
41
46%
107% 107%
1%
Slgnode Steel Strap Co—
Common.
__*
Preferred.
30
Low
11%
38
5
60
700
—.*
S'west Lt & Pow pref
Standard Dredge—
105
17%
24%
Penn Gs & Elec "A" com *
50c
346
24%
17%
*
22
22 X
6% preferred v t c
6
Reliance Mfg Co com..10
Rollins Hos Mills conv pf *
4155
i
Range Since Jan. 1 1936
Shares
.
23%
100
Preferred
17
46%
Process Corp com
*
Public Service of Nor 111—
Common
*
"V*'''
Week
24%
23
107%
Perfect Circle (The) Co..*
Pines Wlnterfront com—5
Potter Co (The) com.—-*
v t c
Price
21
Parker Pen Co com
-10
Peabody Coal Co B com..*
Common
*
24
100
Prior lien pref
100
Okla Gas & El 7% pref. 100
6%
7%
Apex Electric Mfg
Feb
35
June
Prima Co com
Par
Jan
10
Jan
for
of Prices
Low
High
Feb
2%
Apr
*
7% preferred
Mar
Stocks-
Prior pref
7
29
*
Noblltt-Sparks Ind com--*
Sales
Week's Range
'
15%
45%
National Leather com.—10
National Rep Invest Trust
conv
Friday
Jan
Jan
AT. CLEV. 565&566
both inclusive, compiled from official sales lists
Jan
3%
17
A.T
Cleveland Stock Exchange
June 13 to June
19,
Mar
5
Natl Gypsum cl A com..5
Cumul
Union Trust Building, Cleveland
Telephone GHerry 5050
Feb
Mar
1
GILLIS
4% June
Feb
10%
Feb
7%
Jan
2%
*
May
2%
conv
Jan
Apr
550
6% prior lien
100
7% preferred "A"... 100
Miller & Hart Inc
Jan
100
32
3%
8%
3%
Members Cleveland Stock Exchange
Apr
3%
1,900
Midland Unltwd Co—
Common
61.
1% May
4,650
7
3%
8%
Ohio Listed and Unlisted Securities
High
33
54%
IX
16%
90%
■
3%
Low
10
32 %
Marshall Field common--*
Middle West Corp cap
5
Stock purchase warrants
for
Week
38
Masonlte Corp com
*
Mer & Mfrs Sec ol A com.l
.
4153
Sales
Week's Range
of Prices
Sale
Chronicle
8%
34
4%
18
30
225
709
31
Feb
3%
Feb
40% June
48%
Jan
16
Jan
21
Jan
Jan
9
4%
34
June
173
4% June
10
14% June
.
48%
•8%
28%
May
Std Tube B
"B"
Walker &
10%
8%
1
"1%
Wayne Screw Prod com..4
Wolverine Brew
com
1
8%
A
Feb
Wolverine Tube
com
*
com
8%
3%
28
Jan
Warner Aircraft
10
7)
"3%
*
Feb
Jan
3%
16%
*
*
Co units
3M
1%
8%
%
23
16%
10%
9%
7%
2,180
450
3% May
4
5,415
28
110
12%
5%
7%
6%
2%
23%
1,520
is,6
1%
8%
%
23%
4,791
200
350
270
500
640
8
1116
15
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
4% June
17%
11%
12%
9%
4
30%
3
Feb
Apr
Mar
Apr
June
Apr
Mar
11% Mar
1% Mar
23% June
4154
Financial
Chronicle
June 20,
Sales
Friday
Last
;LOS ANGELES SECURITIES
Listed and Unlisted I
General
Asphalt
Member Los
24%
64%
*
13%
31
8%
LOS ANGELES
Preferred
3%
3%
10%
*
*
Last
32%
124%
Price
Week
of Prices
Low
Range Since Jan. 1 1936
for
High
"34%
Elec Power pref..25
Phila
Phila Rapid Transit
Sales
Week's Range
Sale
1
3%
10
7%
2%
10
Bway Dept Store pref__100
Buckeye Un Oil cm
Byron Jackson Co
v t c.
3%
6%
2.%
3%
7%
2%
6c
6c
28
28
50
50
50
*
31
100
Chapman's Ice Cream
28
25
Calif Packing Corp
Central Investment
100
6,700
100
10
6c
*
California Bank
Low
Mar
95
112
6%
4,251
1,989
8
50
preferred
7%
4%
30% 32%
124% 124%
112% 114
34
34%
100
98
Jan
POO
31
j
3%
14
550
16% May
7%
30%
62
136
57
Jan
75
May
Jan
Sun Oil Co
*
77}
77%
Jan
Tacony-Palmyra Bridge..*
33
33
90%
38%
Mar
Apr
71%
29%
Feb
Tonopah-Belmont Devel. 1
Tonopah Mining
1
17c
Jan
28
June
Jan
50
June
34%
Feb
Union
28
Apr
United Corp common
10
5
%
1,400
'
l116
1,020
225
Jan
%
3%
5%
40%
14%
108%
9%
7%
4,858
*
Phila Elec 1st & ref 4s. 1971
104% 104%
$1,000
Jan
4%
Apr
Preferred
*
32%
16%
15%
5%
19%
Jan
United Gas
Impt com...*
Mar
100
27
May
500
12
Apr
600
300
11% June
3%
Jan
14% May
200
14%
Feb
31,400
20c
Feb
20%
Apr
67%c May
440
19%
12
5%
5%
7 ■
7%
44% 45%
15%
16%
111% 113%
12%
12%
8%
8%
Jan
1
14
19%
62%c
%
%
50
Traction
22
12%
.4%
16%
5
20
5%
Jan
1%
Apr
Mar
1
Jan
16
Apr
Jan
June
27
16%
Apr
20
5
Corp
300
2,400
19% May
19
13
4
Jan
Jan
60 J
12
4%
3%
Apr
*
12
16 %
37
Jan
Jan
Mar
Mar
Mar
1
13
*
14
35%
12%
16%
Scott Paper..
27
_*
53
Apr
May
117
•
Salt Dome Oil
Consolidated Oil Corp
Consolidated Steel com
27
370
Jan
Feb
130%
Apr
33%
2%
8%
1%
10%
Feb
Feb
39
Jan
1
3%
3%
260
12%
1%
14%
5%
Jan
6c June
16%
31%
100
305
8
7
10%
50
732
5
Claude Neon Elec Prod..*
Preferred
8
30
8%
3%
104%
Citizens Nat T & S Bk._20
*
Mar
Jan
6%
High
3%
Jan
5% May
2% Apr
3,000
25
*
8%
92
Jan
%
1%* Jan
Feb
9%
Jan
3%
Apr
28%
113% Feb
882
Phila & Read Coal & Iron *
Philadelphia Traction...50
Shares
103
103
103
-1
Jan
25
14%
4
Reo Motor Car Co..
Petroleum
B
Jan
11%
Jan
54
121
20
""4%
50
50
Phila Elec of Pa $5 pref..*
both inclusive, compiled from official sales lists
Friday
Bandini
34
Jan
22%
85
3%
"72
25
...
Light
Pennsylvania RR
Penna Salt Mfg
Angeles Stock Exchange
Bolsa-Chica Oil A
Apr
1,532
8%
4%
*
Pennroad Corp v t c
Par
34% Mar
70% Apr
13% June
31
(NY) com.*
Nat'l Power &
Stocks-
Jan
165
25%
65%
13%
Lehigh Coal & Navlg
1936
High
Low
Angeles Stock Exchange
Spring St.,
June 13 to June 19,
Range Since Jan. 1
for
Week
Shares
High
10
Mitten Bank Sec Corp. .25
626 So.
Los
Low
10
com.
Horn & Hard
Dobbs-Crowe-Wagenseller & Durst
of Prices
Price
Par
General Motors—i
Gimbel Bros
Week's Range
Sale
Stocks (Concluded)
1936
Feb
Apr
Feb
Preferred
*
...
Westmoreland Inc
*
Coal
Westmoreland
7%
44%
16%
*
3,935
119
197
75
705
Feb
8%
Apr
9%
47%
19%
Apr
Apr
Apr
Feb
Apr
Feb
Mar
Feb
113% June
15
Apr
Apr
8% May
Jan
Bonds—
Emsco Der & Equip
Co
Exeter Oil Co A
1
Farmers & Mer Nat Bk. 100
General Metals Corp
General Motors Corp
50c
440
440
19%
67%c
25
440
430
Feb
May
100
23
65%
12%
200
12%
16%
23%
64%
11%
16%
23%
General Paint Corp B
General Telephone Co
1,000
16%
100
Globe Grain & Mill Co..25
11
11
11
100
23% June
70%
Apr
12% June
16%
Apr
13%
Feb
30% Feb
23 %
10
Goodyear Tire & Rub
*
26
26
26
100
54%
Jan
8% Apr
15% May
8%
Jan
23%
Jan
Hancock Oil A com
*
20%
19%
20%
700
18%
Jan
24%
Apr
Holly Development
1
75c
75c
75c
1,000
46c
Jan
1.50
Apr
14% May
Hudson Motors
16%
300
16%
13c
12c
13c
11,000
9c
Jan
16c
"T.6 ~
Apr
52% c
52%c
55c
5,800
48c
Apr
85c
Feb
3,500
8c
Feb
29c
Feb
800
6%
June
11%
Pittsburgh Stock Exchange
j
^0W York Curb Exchange (Associate;
BANK
120
PITTSBURGH,
BLDG.,
PA.
A. T. & T. Tel. Pitb-391
Court-6800
Tel
BROADWAY, NEW YORK
Feb
1
/
Members
June
10c
Jan
16%~
Klnner Airpl & Motor
106%
CO.
H. S. EDWARDS &
UNION
Jade Oil Co
104% June
Jan
Lincoln Petroleum
__1
13c
12c
13c
Lockheed Aircraft
1
7%
7%
8
20c
20c
Rights
Los Ang G & E 6% pref 100
Los Ang Industries Inc
2
115
Los Ang Investment Co. 10
Mascot Oil Co
1
Menasco Mfg Co
114%
3%
5%
4%
5%
27c
6c May
2,400
269
115
111
Specialists in Pittsburgh Listed and Unlisted Stocks and Bands
30c June
6
60c
62%c
4%
4%
May
116%
Jan
2%
Jan
4%
June
1,000
4%
5
Jan
6%
Jan
I,800
65c
Feb
1.00
Apr
Friday
19,000
Pittsburgh Stock Exchange
both inclusive, compiled from official sales lists
June 13 to June 19,
Sales
1
62% c
4%
700
2%
Jan
Last
Week's Range
for
55c
55c
55c
250
32c
Jan
6%
82% c
Mar
Mt Diablo Oil M & Dev_.l
Mar
Sale
of Prices
Week
Occidental Pete Corp
Oceanic Oil Co
1
27c
27c
27c
1,200
25c
Jan
43c
Feb
1
75c
75c
75c
100
50c
Jan
50c
Feb
Olinda Land Co
Pacific Finance Corp
1
10c
10c
10c
1,000
8c
Jan
31c
Feb
10
21 %
10
21%
11%
10
11%
11A
10
*
Preferred C
Preferred D
Pacific Indemnity Co
Pacific Lighting Corp
Preferred
500
21
21
21
400
52
52
52%
200
107% 107%
80
107%
8
8%
41,200
11c
*
Samson Corp 6% pf ann.10
Sec Co Units of Ben Int..*
Security-First Nat Bk_ ..20
Signal Oil & Gas A com
*
Original pref
25
25
6% pref
.25
5%% pref
25
Southern Pacific Co
6%
10c
12c
10,066
32%
32%
100
100
2
2
53%
25%
27%
36%
28%
26%
33%
36%
34
*
37%
Taylor Milling Corp
*
17%
13%
Transamerlca Corp
*
Union Bank & Tr Co...50
_
25
Universal Cons Oil Co... 10
Weber Showcase & Fix pf *
200
2
50
50%
53%
27%
28%
36%
28%
26%
Standard Oil of Calif
Union Oil of Calif.
100
32%
Rice Ranch Oil Co.
So Calif Edison Co...
2,000
11%
11%Q 11%
Republic Petroleum
Safeway Stores Inc..
22
50%
54%
27%
28%
36%
28%
26%
34%
37%
17%
18
13%
14%
149% 150
22
22%
22
27%
150
22%
25%
76
700
200
5,300
66
100
Jan
18%
Jan
10%
Jan
10%
18% May
48% May
Jan
105%
,
23
11%
8%
Jan
47%
Feb
15%
16%
246
14%
Apr
62%
20%
_
Carnegie Metals Co
2%
3%
2,070
2%
Apr
4%
3%
4
m
-
125
369
7%
6%
383
3
Apr
Apr
Ft Pittsburgh Brewing
1%
1%
1,375
Jan
Harb-Walker Refrac com.*
33%
33%
45
31
May
Jones & Laugh Steel pf 100
80
80
10
80
June
June
Koppers Gas & Coke pf 100
105%
220
97
Jan
106%
Feb
May
May
Lone Star Gas Co
11%
1,451
10
Jan
14%
Mar
2%
Mar
45
Jan
50%
11%
25%
Jan
60
Jan
30%
28%
38%
28%
Jan
35
Jan
27%
Mar
27
10%
Duquesne Brewing Co._.5
Class
A
5
Electric Products.
*
....
'
6%
24
Follansbee Bros pref.-.100
1
"T%
102
*
10%
102
10%
1%
60
24
100
1
Apr
227
41
Jan
Jan
14% May
19%
Pittsburgh Plate Glass. .25
9,000
11
14%
Feb
Feb
May
60
120
Feb
Renner
Jan
Apr
Jan
150
28% Mar
27% June
10% Mar
9%
Apr
10%
Feb
27%
7%
5%
4%
5%
Apr
22c
Jan
63c
3c June
7%c
3c
2,500
Cardinal Gold
1
Imperial Development. 25c
1.20
1.20
1.20
2,100
l%c
1%C
l%c
Jan
Feb
Jan
Jan
San Toy
Co
1
Mining Co
1
35c
35c
35c
Zenda Gold
l
11c
11c
11c
2/200
5,000
8%
1.40
2%c
Apr
44c
Feb
15c
Jan
7%
2
*
3%
3%
2,154
*
20
34
924
22%
34
185
40
*
6c
Jan
Sale
Feb
Jan
90c
Jan
Jan
47%
Mar
Jan
122%
Apr
Jan
106%
5%
Mar
65
101
90
Jan
3%
Feb
on
all
MEMBER8
New York Stock Exchange
Louis
Stock
Exchange
New York Curb
Chicago
Board
(Associate)
of
Trade
St. Louis, Mo.
Telephone Central 3350
Price
St. Louis Stock Exchange
Sales
Week's
Range
of Prices
Low
High
Range Since Jan. 1 1936
for
June 13 to June 19,
Week
Shares
Loio
both inclusive, compiled from official sales lists
High
Sales
Friday
27%
167%
*
100
Bell Tel Co of Pa pref. 100
""13%
Rights 1st paid
*
27%
28%
166% 170
3%
3%
40%
40%
122% 123%
13
13%
2%
2%
10%
10%
749
710
130
45.
306
602
50
145
26% May
149% Apr
2% Apr
33% May
119%
Jan
9%
Jan
2% Apr
8% Apr
36
177%
6%
50
Jan
Last
Feb
Sale
Feb
Stocks—
98%
*
96%
18%
"44%
4155
44%
99%
18%
44%
613
86
Jan
20
17
June
156
44% May
103%
24%
55%
Par
Price
Week's
Range
of P rices
Low
High
Range Since Jan. 1 1936
for
Week
Shares
Low
High
Feb
125% Mar
15% Mar
3% May
14% Mar
Amer Credit Indemnity. 10
American Inv "B"
*
"A"
*
com
5
Apr
Dr Pepper common
Apr
Ely & Walker D Gds com25
Jan
2nd preferred
Feb
60%
22
Jan
62% June
28% Mar
29
29
29
60
27
Feb
30
27%
5%
27%
5%
50
27
June
3
Jan
5%
58
*
..100
39
60%
21%
60%
7% preferred...
Columbia Brew
35
Jan
60c
34%
inclusive, compiled from official sales lists
Last
fOotUOlr
Mar
97
Enquiries Invited
30 Broad Street
Friday
CI
40
664
32
315 North Fourth St.,
1
Jan
May
915
85c
42
105% 106
4%
4%
YORK
NEW
Philadelphia Stock Exchange
Battery. 100
Jan
Mid-Western and Southern Securities
St.
..5
5%
26
Business Established 1874
Philadelphia Stock Exchange
com
Jan
I. M. SIMON &CO.
Members
Corp...
Jan
June
4c
ST. LOUIS MARKETS
New York Stock Exchange
Storage
2
Unlisted—
DeHaven & Townsend
Curtis Pub Co
21
116% 117%
Lone Star Gas 6% pref. 100
Pennroad Corp vtc
*
Established 1874
Chrysler
11%
Jan
31
80c
1
.
Apr
Apr
21
33%
United Engine & Fdy
Feb
140
M ar
3%
21
32%
Spring
Feb
4
Jan
Jan
2c
1,000
7%
Jan
1
1,330
2c
51% June
Jan
Jan
810
2c
Westinghouse Elec & Mfg 50
Feb
9%
1%
""1%
*
Standard Steel
Jan
lc
114
690
120
1
Shamrock Oil & Gas
WestinghouRe Air Brake.
33c May
3
120%
4%
2%
98%
3
3
Pittsburgh Screw & Bolt..*
Feb
1.00
5,000
Tom Reed Gold
Elec
Apr
1,753
3c
*
Apr
84
1%
3c
Budd (E G) Mfg Co
Jan
41%
4%
10c
Budd Wheel Co
1%
Jan
51%
Calumet Gold
Preferred
Feb
1%
Jan
June
Mar
1%
4%
26
Vanadium Alloy Steel
Victor Brewing Co.
Baldwin Locomotive
40
Jan
50%
10,000
*
6% June
15%
*
56c
American Stores
7%
5
50c
American Tel & Tel... 100
May
480
12%
5%
Apr
Feb
Supply Co.
Pittsburgh Brewing Co
*
52c
Par
May
13
11%
11%
40c
34%
3%
54%
Mining—
Stocks—
12
Jan
10%
Apr
Jan
Mountain Fuel
10c
Jan
Jan
Jan
1,283
Mesta Machine Co
4,100
Feb
21%
20%
McKinney Mfg Co
II,300
Apr
Jan
14
20
Feb
1
June 13 to June 19, both
6
3% June
Feb
Western Air Express
1415 Walnut Street
-
m
Apr
8%
8%
PHILADELPHIA
3
1
38%
2,200
Apr
7%
238
Jan
1)24
400
Apr
9
200
10c
$35%
1
Mammoth
7%
56%
8%
47
600
Wellington Oil Co
Black
High
Jan
56
Columbia Gas & Elec Co.*
June
Apr
3%
*
.
107% June
8%
9
Low
175
*
com.
Clark (D L) Candy Co...*
Blaw-Knox Co
6%
2%
1,700
9
8%
8%
5%
100
Preferred
Armstrong Cork Co
11% June
22% May
55%
Feb
200
9
Arkansas Nat Gas com...*
Range Since Jan. 1 1936
Shares
High
32% June
1%
Jan
3,300
35
9
Apr
Mar
Low
Price
Par
Stocks—
17%
17
100
22
30
13%
167
95
•
30%
Feb
61
170
17%
237
17
June
16
97
Feb
100
Apr
27% June
6% Mar
61
19%
100
June
Jan
June
Volume 142
Financial
Friday
Last
Stocks
Falstaff
(Concluded)
Brew
Par
Price
Low
common. _1
Hamilton-Brown Shoe
Hussmann-Ligonier
com. *
14%
14 %
*
Hydr Pressed Brick com 100
Hyde Park Brew com
987
75c
250
17
2
June
6%
954
Jan
50c
70
14
Preferred
13
14
100
1154
Jan
1734
Feb
10
10
10
8
Apr
1234
Feb
28
28
10
28
June
3454
Feb
Roos Bros common
10
10%
24
*
com
54
90
29
ioo"
100
G com. .25
June
25
30
Mar
106
June
51
934
Feb
1334
Jan
734 June
11234 June
15
1934
1034
11734
56
100
102
25
100
101
June
4
140
55
6
3
500
134
100
7
46
123
234
"125
126
10
15
10
32
32^
32J4
95
334
Jan
Apr
6% preferred
Transamerica Corp..
40
:
42
3234
3234
22
Jan
42
Jan
Mar
Feb
Feb
3534
Members
Dean Witter & Co.
LEASED
San Francisco
Stock
Honolulu
San Francisco Stock
Friday
Last
Sale
Par
Alaska-Juneau
Gold
10
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc—10
26
Price
1334
2134
434
Low
High
1334
2134
434
Shares
Low
215
3134
2134
434
780
100
May
Apr
Jan
24
111
23
294
22
188
62
27
18054
Jan
27
28
1,515
15 34
Jan
California Copper
2634
2134
534
com.
100
Calif Ink Co A com..
*
California Packing Corp..*
Calif Water Service preflOO
Caterpillar Tractor
*
Claude Neon Elec Prods..*
Cst Cos G & E 6% IstpflOO
Consol Aircraft Corp
1
Cons Chem Indus A
*
Crocker First Nat BanklOO
Crown-Willamette pref...*
Di
Giorgio Fruit com
10
$3 preferred—100
Emporium Capwell Corp.*
Emsco Derrick & Equip. .5
Ewa Plantations..
...
.20
-
Fireman's Fund Indem._10
Fireman's Fund Insur
25
Food Mach Corp com
Foster & Klelser com
10
10
Galland Merc Laundry...*
General Motors com
10
2634
2134
134
29
44
44
3054
3054
*
Preferred
25
1,305
June
30 34 June
99 54
Jan
85
251
1354
555
12
Apr
10
101
Mar
13^4
1334
103
103
17
17
17
2954
2954
55
100
2954
165
320
104
320
325
103
104
8%
754
854
94
93
94
94
9334
94
5%
3834
1734
19 34
5734
3034
100 34
3454
334
4434
554
3834
1734
754
3134
554
41
Apr
21
Apr
1534
Jan
Apr
2934 June
9
301
Jan
130
100
Apr
3,018
734
60
Jan
9134
Apr
91
110
Jan
1,425
10
Jan
122
2734
5034
23
Jan
11,312
734
Jan
5034 June
75
311
15
3134
32
1,022
42
45
260
290
Apr
2634
2334
Jan
Jan
MONTGOMERY STREET
Apr
334
Jan
32 34
14
Jan
June 13
to
June 19, both
Low
High
Mar
167
394
16934
34
25c
62c
51
3734
105
34
39c
50
34
Bolsa
Chica
1634
100
12
12
150
6
10
15%
19%
5%
12
12
15
12
534
534
734
8
1,570
7
zCal
7
100
7934
8434
320
12
"A"
10
10
Art Tile
"A".......
Cal Ore Pow 6% pref
zCardinal Gold
Jan
1
Hill-Sull__
Bunker
Feb
.100
12
100
150
78 34
Apr
16
Feb
Calude Neon Lights
Curtiss Wright Corp
Feb
zCypress Abbey
Feb
325
109
1034
98
78
78
5
1.25
1.20
1.30
High
75c
Feci
177%
Feb
Jan
71c
Apr
34
Jan
20
434
4%
1
76c
95c
1
534
6
80c
Jan
Mar
10
Dumbarton Bridge
85c
k
85
Mai
f May
17
Jan
^May
84
1.00
3
1.40
May
Jan
7%
134
934
Mai
500
65c
4%
Jan
80c
100
56c
Apr
85c
310
80c
Jan
Jan
100
17
17
Man
165
59
2534
2634
June
20
67
2134
21%
Feb
45
21
Apr
90
90
10
90
Apr
f Jan
4234
4234
100
4034
Mar
80c
80c
1,200
Apr
50c
2234
9934
4334
Feb
1.55
Apr
10 34
Preferred
47 34
Mar
Guggenhine Co..
3034
30 34
97
June
36
112
1
80c
20
834
834
100
4.50
Jan
Maryland
1
zluternational Cinema...1
June
May
34% June
20
Jan
434
434
820
3.15
Jan
1.20
1.30
1,000
1434
Apr
4434
360
854
6534
May
547
5434
Jan
729
3334
Apr
1254
3,498
534
Jan
1634
370
14 34
Apr
371
834 June
Jan
1434
39
9
2854
1654
2854
308
26
26
26
289
26
Jan
16
1634
700
16
June
634
754
30
634
932
130
754
Idaho
Feb
Internat Tel & Tel
Feb
Italo Petroleum
1.25
20
19
45c
Feb
8,417
8,278
22c
Jan
75
3.40
Feb
1.60
Jan
54c
56c
3.90
940
50c
May
29c
32c
95c
9,350
13c
Jan
35c
Apr
24%
Jan
634
Mar
Jan
634 June
224
634
Mar
1
55c
1
31c
48%
Jan
1234
Apr
June
18
Apr
1134
Feb
Ban corporation...
22 34
22 34
55
2134
434
zMenasco Mfg Co
Monolith Prt Cmt pref. 10
Montgomery Ward
Mountain City Copper
434
634
380
2.65
6%
44%
8
7
Jan
Apr
3034
Apr
3134
1634
Apr
June
1034
Mar
954
Apr
May
3134
380
27
Langendorf Utd Bak A—*
Jan
12
12
12
210
32
Leslie-Calif Salt Co
11
33
33
33
148
Apr
Jan
1634
2534
30 34
2754
754
31
33
5,780
31
June
Oahu
5
Sugar..
100
3634
1,404
4.10
Jan
1.00
1.00
3,800
25c
Jan
8634
25c
20
1.00 June
3634 May
Jan
20
...
75
27 34
Jan
27c
30c
4,620
21c
Jan
10 34
zPacific Coast Aggregate
Pacific Clay Product
3634
"30c
zOccidental Pete
O'Connor Moffatt
Olaa Sugar.
Letourneau Corp
1
Lockheed Aircraft
Rights..
-.1
Lyons-Magnus Inc B
*
Magnavox Co Ltd
234
Magnin (I) & Co com
Marchant Cal Mch
*
com.
7%
15c
....
Los Ang G & Elec pref.. 100
10
115
2
234
17
1834
15c
115
2
234
1634
1754
8
25
1,885
27c
80
634
134
Jan
2 34
16
Jan
17
1934
1034
10 34
65
83*
3.10
8
3.10
,
634
Jan
366
3,245
25
25
25
37
250
10
13
6% 1st preferred
25
25
534% preferred
25
Pac Lighting Corp com..*
6% preferred
*
Pac Pub Ser (non-vot)com*
Preferred
52
52
52
10734 10734
654
654
2334 2334
26
Jan
3134
2834
10734
634
2334
20%
28
1,123
654
Jan
54
2,530
2,224
38
com
Jan
334
18
1934
734
Pacific G & E
25
Shasta Water
June
39
32
2854
2434
Feb
14
3134
2434
654
37%
3154
2834
315-4
Santa Cruz Prt Cmt
390
3154
Occidental Insur Co
10
Oliver United Filters A—*
"B".
....*
Republic Petroleum
Jan
Jan
4734
1054
1454
1134
1134
June
3334
Jan
1034 June
1054
1454
15
Jan
20
50
36
..--*
Radio Corp Del
30c
3,853
•
13
Feb
Apr
Apr
Jan
Mar
Jan
Mar
1
3.10 June
3.20 June
11
8
June
S P Gold Gt
200
Jan
14
670
334
Apr
375
634
Jan
634
1234
1134
1234
660
10
Apr
734
10,980
3
Jan
100
9
Jan
z
wW.
817
451
30
2,646
1,547
23
June
634 May
31
2934
2634
50
Feb
25
Jan
Jan
Mar
10434
Jan
434
Jan
Jan
50
32
Jan
32
10
31
May
27 34
29
2,070
2634
2834
2654
"2834
2834
40
40
20
37
1534
10
1634
6% pref...100
Texas Cons Oil
Jan
zVictor Equipment..
►
«Preferred.
....5
Warner Brosa Picture
...
West Coast Life Ins.,
.y.B
Western'Air Express.
...i
r
46
June
36
Jan
Feb
29
June
216
Ffeb
27
252
Apr
2734
Mar
2834
Jan
52 34
Feb
Apr
1634
Mar
Jan
1.65
2.10
2,500
1.65 June
3634
3634
25
3634 June
33c
33c
36 34
June
100
33c
June
33c
734
3234
1434
No par value,
1434
Jan
734 June
1334 Mar
1.65
June
7%
100
534
Apr
834
United Corp.
*
Feb
Feb
36 34
33c
zTexas Gulf Sulphur.
Feb
Jan
Mar
2434
2534
-
3354
3934
Apr
3234
Apr
Feb
2934
Feb
5634
10734 iMay
Feb
734
2434
Apr
46
2834
25
zTreadwell Yukon
600
11
1534
25
Standard Brands
P"W,
834 June
11
45
Feb
324
925
434
1034
11
50
Feb
834
32
34% preferred
6% preferred
44c
14
Jan
Apr
3.20
434
1034
634
Riverside Cmt "A"
5
4534
634
11
"434
Corp
Motors
South Calif Edison
37
Natomas Co
Packard
1134
434
200
410
Pacific Eastern
11634
Mar
2
Market St Ry pr pref. .100
North Amer Oil Cons
June
111
254
Nat Automotive Fibres
_
May
6c
10,287
11534
Jan
Apr
45 34
6
Feb
June
zNevada Porph
7
Feb
Feb
Feb
5%
Jan
18
Feb
1434
36c
2.85
May
June
Mar
May
3.15
434
7034
2.95
Jan
"45c
zKinner Air & Mtr
39
5
Apr
1
Preferred.....
Marine
1.00 May
12 34 May
Mar
1
Mar
M J & M & M Oil
40
Apr
605
zHolly Development
47 34
Jan
1
61
Honokaa Sugar Co
3034
Fet
80c
24
Mar
58
Fet
2134
834
June
.
Mai
Feb
59
9734
Apr
Jan
Jan
12
75
2134
2334
May
May
1834
Apr
52
4
20
Feb
21
Mar
Gr Wst Elec-Chem
Mar
Feb
44
7%
934
734
June
Elec Bond & Share......5
zGeneral Metals.......
Mar
1434
334 June
12
Jan
205
.
Jan
Feb
634
Jau
5% May
4,289
2
June
Mar
Jan
57 34
737
>
Apr
June
4%
2,300
434
1
Cities Service
June
3134
Apr
3434
Apr
4534 June
June
1634
6
Bancamerica-Blair
Feb
106 34
23 34
June
327
Apr
150
3,685
12
Corp..............
Aviation Corp
3
Feb
110
334
May
June
Low
200
1634
5
Ark National Gas "A"
Mar
1.077
330
31
2734
5034
Feb
134
167
58c
Atlas
Mar
45
Feb
2834 Feb
1734 May
Range Since Jan. 1 1936
Shares
25c
25c
1
Anaconda Copper
32 34
Mar
♦;
for
25c
Anglo National Corp
Argonaut Mining
2,070
222
10634
1434
Week
Price
100
Jan
May
192 34 May
2834 June
1734
3454
4734 Feb
41% June
Sales
of Prices
25
Feb
27
22 34
7
Jan
Mar
Exchange
Week's Range
Par
Amer Toll Bridge..
534
Feb
9
inclusive, compiled from official sales lists
Sale
Amer Tel & Tel
1954
10134
3834
334
Direct Private Wire
Jan
58
3454
334
3034 May
5834
Apr
Board of Trade—New York Curb
Exchange (Associate)
Feb
19
100
.Feb
Exchange—Chicago
Hawaiian Sugar
198
115
40
Feb
19
Members: New York Stock Exchange—San
Francisco Stock
Exchange—San
Franclsoo
Curb
1734
34
Feb
8
FRANCISCO
(Since 1880)
1936
5734
1634
634
Island Pine Co Ltd com.20
44
78
26
*
280
Jan
105
Hudson Motors Corp
Hunt Bros A com._.»
*
*
542
Jan
78
103
Jan
11
1,520
30
SAN
22 34
Jan
25
1,550
Jan
104
Hawaiian Pineapple.
5
Honolulu Oil Corp Ltd—*
*
Golden State Co Ltd
Hale Bros Stores Inc
Jan
2334
2134
434
34
111
78
16
Gladding-M cBean
3134
Jan
June
104
854
1654
2854
.*
674
2834
6534
3734
1134
1634
B common
290
534
2834
6534
3734
1134
1634
Gen Paint Corp A com—*
2654
2134
5
44
t c—*
v
Preferred A.... _-___._*
Preferred B
-*
24
1
10
Calif Cotton Mills
Crown Zellerbaeh
24
310
101
43,046
2234
1834
40
10
Feb
Feb
9134
Apr
834 June
2934
Feb
Hign
13 34
17
23
20
5034
42
Alaska Tread well
13J4
22%
1734
2934
2234
5034
311
Stocks—
188
Calamba Sugar com
..20
55
10434 10434
1334
14%
Last
1
May
634
Jan
3534 June
2,024
San Francisco Curb
Range Since Jan
23
7% pref
20
Calaveras Cement com...*
40
2
40
Friday
for
188
■-*
40
40
Exchange
Week
5
Byron Jackson Co
200
30
Sales
Week's Range
4 of Pr ices
Bank of Calif N A.....100
Diesel Eng A..5
234
834
3734
133
Exchange
3%
20%
Atlas Imp
B
Jan
734
24
STRASSBURGER & CO.
19, both inclusive, compiled from official
sales lists
Stocks—
Jan
2334
Exchange
Stockton
to June
Apr
42
601
10
*
Sacramento
•
2334
609
25
Coffee t SuoarEx.
Commodity Exchange, Inc.
Stock
410
Jan
Beverly Hills
Mar
234 May
1534 Apr
998
2234
1834
New York
Fresno
12034 June
5
57
*
New York Curb Ex.
(Asso.)
New York Cotton Exchange
Los Angeles
Oakland
10
2834
San Francisco CurbExchange
Board
of
Trade
WIRES
20
3434
10434
1334
York Stock Exchange
San Francisco StockExchange
Chicago
Chicago
140
110
113
24,248
55
Yel Checker Cab Co "A" 50
June
Portland
Seattle
Honolulu
Tacoma
June 13
100
New
Corporation Bonds
434
Jan
1734
Jan
8034
Jan
734 June
2334 Apr
10434
Jan
3334
234
834
3634
7% preferred...
Universal Consol Oil
Waialua Agr Co
Jan
2834
$2,000
2,000
Mar
57
Wells Fargo Bk & U T. 100
Western Pipe & Steel Co 10
tScullln Steel 6s
1941
tUnlted Railways 4s. .1934
26
2834
June
334
3434
234
834
3734
Union Oil Co. of Calif..25
Union Sugar Co common 25
Mar
12734
1034
3434
834
2534
105
Feb
14c
Jan
Tide Water Ass'd Oil—
Feb
13
Mar
1634
Telephone Inv Corp.....*
Jan
Apr
9734
4c June
35
12034 12034
434
434
1634
17
June
Mar
Jan
734
2534
12034
434
Standard Oil Co of Calif..*
Jan
152
2
10
85
105
Spring Valley Water Co..*
Jan
5
Feb
934
2834
558
May
Jan
Apr
68
115
8
*
Gas
June
55
3% May
52
534
534
1834 ' 1834
84
2534
*
Oil
Feb
13934
100
105
Soundview Pulp Co
5
Southern Pacific Co...100
So Pac Golden Gt A
Bonds—
New York
F pflOO
Signal
Feb
Jan
160
*
Southw Bell Tel pref
100
Stix, Baer & Fuller com..*
Schlesinger&Sons.B
130
61,377
Apr
13V4
Feb
100
280
4
;
61
9% June
55
100
com
June
54
44
106
1354
14
19 %
19%
7%
8
11234 11234
100
23
60
10H
2934
106
8
.100
5334
10H
~29%
*
40
1034 June
3034 Feb
Jan
Shell Union Oil com..
53%
106
24
634
14c
234
534
1834
1
Jan
190
4c
Hgih
119
5
7334
234
Feb
Preferred
100
S J L & Pwr 7
% pr pref. 100
Low
97
84
Railway Eqp. & Rlty com *
5%
6%
100
Republic Petroleum..
1
140
7334
Shares
6c
Mar
io%
High
234
18
:
Low
7334
Rights
Pig'n Whistle pref
Feb
Range Since Jan. 1 1936
149
5334
100
National Candy com
National Oats common
PRIVATE
149
Jan
*
Municipal and
149
*
com
1st preferred
Scullln Steel pref
Sieloff Packing com.
12734
Apr
Prod
2nd preferred
June
134
125
6%
14?4 June
Jan
125
preferred
100
Paraffine Co's common
*
Feb
Jan
100
Pac Tel & Tel com
Feb
1534
4734
Mo Portl Cement com. .25
Nat Bearing Metals com.*
Wagner Electric
267
734
354
Jan
Week
Price
181
common. .20
Scruggs-V-B D
35
14%
14%
4%
for
of Prices
Par
48%
*
Rlce-Stix Dry Goods
1st preferred..
215
Stocks (Concluded)
High
4834
*
McQuay-Norris
Low
Week's Range
Sale
2 34
75
Sales
Last
*
Preferred......
Common
Laclede Steel
Range Since Jan. 1 1936
Shares
7
17
International Shoe com..*
Johnson-S S Shoe com
Knapp Monarch com
Laclede-Christy Clay
Friday
for
Week
High
634
234
1334
13%
com
Preferred.
4155
Sales
Week's Range
of Prices
Sale
Chronicle
c Cash
3.50
2.10 June
Feb
3.25
3.50
610
3.10 June
10 34
4.50
1034
Apr
458
1034 May
934
1734
934
1734
1134
1434
Apr
8
8
140
934 May
111
15
Jan
150
5
Jan
Bale. * Ex-dividend. V Ex-rlghta.
Cash sale—Not included in range for year.
z
20
934
Feb
Jan
'Feb
Listed, t In default,
sbk
4156
June 20, 1936
Financial Chronicle
Canadian Markets
LISTED
Provincial and
Toronto Stock
Municipal Issues
Province of Ontario—
Ask
Bid
Province of Alberta—
AND UNLISTED
Sales
Friday
Week's Range
for
of Prices
Low
High
Shares
6s
Jan
1 1948
70
73
5%s
Jan
3 1937
102 %
102%
Last
4%s
Oct
1 1966
69
72
5s
Oct
1 1942
112% 113%
Sale
6s
Sept
Prov of British Columbia—
6s
Oct
12 1949
July
4 Ha
91
93
5s
1 1953
88
90
4s
.June
101
103
I
4%s
Province of Manitoba—
4%s
1 1941
Aug
15 1965
Province of Quebec—
104% 105%
4%s
Mar
105% 106%
4s
Feb
1 1958
4%s
Prov of New Brunswick—
100
June 15 1936
Apr
15 1960
Apr 15 1961
49*8
4%s
4%s
113
2 1950
2 1959
.Deo
6s
•
-
-
«.
113%
108% 109%
112% 113%
1 1961
..May
Prov of Saskatchewan—
Dominion Coal pref
94
96
111
112
5%S
NOV
15 1946
95
97
Oct
90%
92
English Electric A
117%
Sept
15 1952
5s
Mar
1 1960
117
14
May
8
May
13
120
10
Mar
98
100
125
86
Feb
405
3
2%
Jan
3
June
Jan
1%
June
23
13%
20%
13%
22%
94
94
15
69
70
171
64%
57%
57%
58%
340
63%
3
3
125
3
June
5%
*6%
6%
6%
761
5%
May
8%
52%
52%
5
3%
480
2%
165
12%
13%
20%
"76"
*
50
*
*
Hamil Unit Theatres pf 100
Gypsum
"3%
*
Harding Carpets
Hinde & Dauch
13
*
Hunts A
3%
.13
*
30
19%
.
1,340
4,917
13
13%
7%
14
13%
.
May
20
13%
Jan
June
Jan
Mar
Feb
Feb
7%
Apr
May
14%
Apr
105%
Feb
13%
25
101
24,647
43%lMay
10%
45
3%
Jan
1.15
1.25
250
40c
Jan
*
6%
6%
25
6%
Jan
*
67
69
36
*
20%
20%
21
»
18%
18%
18%
1,857
2,195
17%
1.05
1.05
70
1.00
*
Railway Bonds
Bid
6s
4%s
1
6s
111%
5s
Dec
1 1954
100%
4%s
July
1 1960
107% 108
104% 104%
99%
Moore Corp oom
Dominion Government Guaranteed
4%s
Feb
Bid
113% 116
118% 118%
4%s
July
6s
Ask
6%s
.July
1 1946
127%
Grand Trunk Pacific Ry—
Jan
1 1962
101
103
3s
.Jan
1 1962
99
100
July
5s
Oct
1 1969
120%
5s
Feb
1 1970
120% 121
Grand Trunk Ry—
6s...
121
1 1936
Sept
100% 101%
38
604
27%
17%
105
Jan
90%
Feb
39
Mar
18
146
Jan
165
Mar
16
175
Jan
230
Mar
40
50
25
Apr
6
200
5
June
133
10
130
June
135
Apr
17
17
50
16%
June
20
Mar
6
6
50
5%
Jan
10
Jan
*
35
35
590
25
Feb
40
Feb
Page-Hersey
*
87%
89
70
79
Jan
95
Feb
National Sewer Pipe A__
Ontario Equitable
100
.....
1
5%
5%
Photo Engravers
*
22%
22%
5%
22%
Power Corp
♦
13%
13%
14
564
*
28
28
10
19%
19%
100
Remington Rand Inc. .100
100
21%
May
29
Apr
31
Jan
100
Jan
113
May
45
73
May
80
Feb
20
9
35
5
27
Jan
Apr
62%
64%
1,215
67
Jan
58%
924
56%
106
9%
6%
49%
75
28
11%
2%
10%
2%
12
2%
28
29%
18
18
18%
8%
120
29%
2,674
1,147
43
43
*
15
100
110
15
15%
99% 100
*
3
43
3
3%
ZImmerknit
3
3%
Jan
Jan
102
May
5
36
750
94
10
103
13%
98
Apr
June
Apr
Apr
May
106
12%
Feb
12%
Feb
4%
Feb
Apr
34%
Jan
Mar
19
Feb
Apr
May
10
Jan
65
Apr
May
102
Jan
2%
26%
17%
4%
10
35
67%
60%
May
9
4,241
.
Winnipeg Electric
Jan
20
9
Western Can Flour pref 100
Exchange
Apr
19% June
10
Westons (Geo) com
Toronto Stock
29%
260
*
New oreferred.
Jan
75
*
Western Canada Flour.
WA. 3401-8
King Street West, Toronto.
Feb
19
30
*
Preferred
Apr
18%
109
105
*
com
6%
27
9
25
Walker (Hiram) com
New York Curb (Associate)
Jan
21% June
11%
Jan
95
35
"63%
*
Union Gas
United Steel
3%
Feb
75
29%
75
_*
Preferred
Exchange, Inc.
1,225
7%
109
*
100
Tip Top Tailors pref... 100
Twin City..
*
Toronto Stock Exchange
Canadian Commodity
Feb
6
133
100
Steel of Canada
STOCK BROKERS
1.00
133
„_*
Riverside Silk A
Duncanson, White & Co.
June 19,
36%
Apr
Jan
Jan
Feb
225
Standard Steel Con Co
to
JaD
85
Jan
Mar
40
Standard Chemical
June 13
Jan
97
10
40
157% 158
Simpsons Ltd pref
15
May
Jan
218
Russell Motors pref
Members
7%
300
Pressed Metals
4s
113%
118% 118%
5%
88
Pantepeo OH
116%
1 1957
1 1969
2.25
*
Orange Crush
127
114
116
1 1956
Jan
2
4%
29%
100
Preferred.
Canadian Northern Ry—
4%s
June
100
National Grocers.
Bonds
Ask
Canadian National Ry—
Sept
1 1951
June 15 1955
June
19
A
Muirheads com
4%s
Mar
69
B
115% 116%
Bid
37%
*
Feb
Mar
9
21
88
Preferred
104
110%
103
Monarch Knitting
1 1946
Feb
May
12%
102% 103%
*
M cColl-Fr ontenac
Sept
95%
703
14%
100
Ask
4%s
95%
debentures.
.Sept 15 1942
Deo
15 1944
July
1 1944
253
15
Feb
14%
2.25
Apr
123
919
32%
54
Jan
18%
3%
5
June
Jan
Mar
65
5%
32%
15%
2%
32%
100
104 %
Bid
Canadian Pacific Ry—
4s perpetual
5
*
com
Preferred
ASk
Canadian Pacific Ry—
"3%
100
Preferred
Feb
6
10
Massey-Harrls
Jan
Jan
4
*
Maple Leaf Milling
Mar
7% June
Laura Secord
Private wires to Toronto and Montreal
69
15%
*
B
Mar
Jan
May
Kelvlnator
Inc.
72%
4% June
Internatl Utilities A
Co.,
Feb
Feb
May
Loblaw Groc A
New York
Feb
16%
28%
100
53
*
B
JFeb
June
Mar
50
255
102
47%
12%
20% June
50
102
"49*"
June
89
175
7%
Imperial Tobacco
5
Internatl Milling pref-.100
7%
Feb
8
28
;
30
6
B
10 %
75
Internatl Nickel com
&
Feb
11%
13% May
20
*
Preferred
Mar
101
8
*
Gen Steel Wares com
14 Wall St.
Feb
8
17%
8
.100
Goodyear Tire
JaD
34%
20
Ford A
Gundy
4% May
985
Feb
June
105
19
Famous Players
Fanny Farmer
Wood,
647
Apr
*
Frost (S & W) 1st pref.
Bonds
720
Apr
18%
22%
*
*
B
Canadian
Jan
102
3,278
9%
9
loo"
East Steel Prod pref—100
*
50
23%
4%
16%
High
17%
13
*
Easy Washing com
4%s
110%
Low
270
105
20%
4%
15%
9
...»
Eastern Steel Prod
15 1943
16
25
Dominion Stores
June
4%s
4%
Dominion Steel & Coal B 25
5s
1 1951
"23""
*
Range Since Jan. 1 1936
W 00/v
20
19%
103
100
Preferred....
113
110
19%
*
Cosmos Imoerial
112
Province of Nova Scotia—
Price
Par
Distillers-Seagrams
June 15 1954
6s
117%
119% 120%
106% 107%
112% 113%
1 1962
Jan
Stocks (Concluded)
117
15 1943
.May
1 1959
Exchange
Ask
Bid
2%
Jan
2% May
J an
17%
Jan
Mar
4%
Mar
Feb
3
both inclusive, compiled from official sales lists
Banks—
Sales
Friday
Abitlbl
for
of Prices
Week
Price
Low
High
1.65
*
Shares
1.90
2,205
9%
830
High
Low
1.25
Jan
2%
12%
57
58
55
100
153
153
154
139
149
Jan
170
Dominion
100
205
202% 207
42
190
Jan
222%
Imperial
Par
Week's Range
Sale
Stocks-
Commerce
Range Since Jan. 1 1936
Last
100
209
211
184
198
May
221
Feb
188
191
46
182%
Apr
213
Feb
169
172
138
164
Jan
182
Feb
226
229
11
225
Jan
235
Mar
61
137%
Canada
50
57%
51%
Jan
68%
June
Feb
Feb
Feb
Montreal
100
Feb
Royal
172
Toronto—
100
100
Canada Permanent
100
150
Jan
160
Feb
Huron & Erie
100
74
74
14
75
May
90
Mar
*
10
10
150
10
June
14%
Jan
84%
85
10
84
May
95
Feb
6%
Jan
*
4
4
9
3
Jan
6
Jan
Alta Pac Grain pref__.100
30
30
13
25
Jan
39
Jan
95
29%
9
.100
6% preferred
Alberta-Pacific Grain
34
American Cyanamid B.. 10
Beatty Brothers pref
100
1~85
100
Bell Telephone
Blue Ribbon 6 % %
34
101
"
*
148%
Beauharnols Power
1.85
2.00
120
65
93
1%
Apr
150
Feb
27
Jan
33
June
31%
25%
15%
30%
43
30
25%
12%
25%
12%
50
4,845
25%
9%
15
15
16
Brit Col Power A
Apr
18%
Mar
1.10
299
85c
Mar
1.40
Bread
*
B preferred
4%
23%
24%
10,686
16%
Jan
27%
29%
30
28%
May
32%
100
Preferred
pf.100
7
43
Canadian Canners
June
5%
Jan
37%
Jan
40%
41
251
37%
Jan
Conv preferred
47%
4%
Apr
4%
4%
36
6%
69
7
43
4%
5%
7
7
7%
i
_
^
15
42
May
57
4
May
720
6%
88%
5
5%
Jan
June
Apr
5%
100
8%
8
Feb
Feb
Feb
Feb
May
600
13%
May
17%
Feb
545
37%
Jan
49%
Apr
8
3,125
6%
June
12%
Feb
6%
June
11
Jan
25
*
12
130
12%
2%
101%
Smelters..25
100
213
12
35
12
May
18
Jan
130
130
10
123
Jan
130
May
Jan
10%
2% May
12%
12%
2,910
2%
2%
135
101% 101%
6%
6%
16
16%
370
6%
May
390
15%
Apr
55
55
203
201
56%
203
115
100
May
2,024
51
May
75
189
Jan
1,095
Feb
175
27%
Jan
315
21
Jan
26% June
35
5
June
9
81
*
*
20%
20%
20%
25
25
Consolidated
*
5
5
81
100
DeHavlland Aircraft
*
3%
*
38%
Dom Foundries & Steel.
101% June
Feb
n,18% Mar
57% May
Apr
Apr
90
Jan
125
2
Jan
7
Mar
39
1,025
40
100
"39%
International Petroleum..*
Feb
June
4
Jan
7%
4%
5%
265
4
May
6%
40
Apr
70
Feb
Mar
12
May
35
Feb
36%
50
775
10
15
29%
10
29%
Mar
20%
21%
9,497
20%
Jan
24%
Apr
4
Jan
7%
Apr
39%
40
35
30
Jan
42
Jan
36%
36%
Apr
Jan
39%
3
10
3
June
3%
40
40
15
35
June
10
30%
10
5
9
Jan
13%
30%
31%
June
8,253
405
Montreal Power—
*
North Star Oil
5
1.55
1.55
75
Preferred
5
3.50
3.75
275
/ Flat price.
Jan
50
3
100
Feb
6
6
_
No par value.
Feb
50
Jan
35
258
29%
20%
*
40%
32
15
6%
10
*
*
Langleys pref..
Mercury Mills Ltd
77
4
50
*
Humberstone Shoe
Feb
205%
5%
Honey Dew pref
Feb
8%
--
Dom Tar & Chemical
3%
Jan
5
3%
37%
5%
Dominion Bridge
15%
180
40
Corrugated Box pref
Langleys.
Mar
June
Canada Vinegars
Canadian Wire Box A
Preferred
16%
10
9%
32%
Int Metal Indust
June
35
32
Imperial Oil
9
6% Mar
30% May
19% May
32%
Press
High
Low
Shares
330
*
9%
Range Since Jan. 1 1936
for
Week
9%
*
Malting
Feb
16
6%
High
Canada
Honey Dew
48
*
of Prices
Low
9
Hamilton Bridge
15%
6%
Price
Bruck Silk....
Feb
46%
7%
"16%
Apr
10
20
30
Feb
7%
100
Consumers Gas
3%
93
16
Consolidated Bakeries ___*
Carnation Co pref
Cockshutt Plow
Apr
May
47%
100
Canadian Wineries
1%
80
*
Cndn Industrial Alcohol B*
Canadian Paclflo
58
Feb
*
25
Preferred
Canadian Ind Alcohol A.
Preferred
Feb
75
152
*
Canadian Oil
8
Jan
682
5%
Jan
Jan
99%
5%
44
May
6
307
Par
Stocks-
Canada Bud.—
30
50
6%
Feb
42
150
43
6
997
1%
*
Canadian Car
Canadian Dredge
100
83%
99
_
Sale
Week's Range
Mar
4%
*
Canadian Canners 1st pref
Consolidated
4
33
1%
*
Canadian Bakeries pref 100
Canada Steamships
80
265
83%
Canada Steamships
Last
lists
Sales
Friday
Feb
4%
68
Canada Packers
both inclusive, compiled from official sales
Mar
13
34%
6%
*
Exchange—Curb Section
Toronto Stock
June 13 to June 19,
Apr
36
50
Canada Cement
20% preferred
148% 150
Jan
205
4%
25
Trust—
Feb
34%
41
and
Toronto Gen Trusts—100
Feb
29%
*
"24%
B
Building Products A
Burt (F N)
Canada
Mar
June
1.00
*
Loan
June
Jan
30%
*
Jan
141
12%
British American Oil
Feb
Mar
101
25%
Brewers & Distillers
3%
218
*
Brewing Corp of Can
40%
105
33
Brantford Cord 1st pref.25
Brantford Cord
Brazilian
Jan
Jan
June
148% 150
31%
pref.50
34%
102
33%
30%
1
3.15
50
Jan
Feb
Mar
34%
Feb
Jan
1%
Mar
Jan
4.00
Mar
Volume
142
Financial
Chronicle
4157
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange—Curb Section
Friday
Last
Sale
Stocks
(Concluded)
Par
Ontario Silknlt
Price
*
Preferred
*
Rogers-MaJestio
Shawlnlgan
of Prices
Low
7
Tamblyns
High
Stocks {Concluded)
7
45
7
June
14H
Feb
75
June
90
Feb
1H
55
1.25
Sheep Creek
Sherritt-Gordon
4H
19H
3H
650
1H
19
V
*
Par
San Antonio
40
4
*
Standard Paving
Low
2
2
*■'
171
Jan
2.50
Mar
4
Apr
6H
Jan
19
June
23H
Jan
3.00
175
1.15
Preferred
Price
1
2.60
76c
8Qe
8,600
500
20,668
1.00
Jan
J
3.58
3.55
3.85
48,300
2.87
Jan
*
7He
6c
7Hc 289,200
3Ho
Mar
Mar
Mar
Southwest Pete
*
8c
38
Feb
37
47c
30
32
Jan
40
Mar
St
110
Stadacona-Rouyn
Anthony Gold
*
37
1
112
29Hc
14
110
June
114
Mar
18c
Jan
Shawkey Gold Mines
1
125
86c
28
June
85c
95c
37
Feb
Sladen Malartlc
98,650
75c
Apr
1
50c
20
51c
29
Feb
48c
Apr
32,250
43c June
Sudbury Basin
Sudbury Contact
Sullivan Consolidated
•
3.74
3.74
3.90
4,560
4.95
Feb
16c 19Hc
1.35
88,900
60
Jan
20c
June
22,100
83o
Mar
1.41
May
16,860
30,350
2.25
Mar
2.90
Feb
280
Jan
68c
May
4.30
Mar
2H
25
1.25
110
1H June
1.00 June
inclusive, compiled from
3H
Feb
2.25
Mar
1
Price
Week's Range
of Prices
Low
official sales lists
lOKc
10c
Alton Gold
1
6c
6c
1
45c
Low
79,700
1,250
45c
Alexandria Gold
1
"3 He
3c
Algoma Mining
Anglo Huronlan
*
10c
9c
10c
*
5,250
3Hc 104,200
90,800
High
-9Hc June
4C
18Hc
1
Jan
Feb
Jan
5.25
5.50
Jan
5.50 June
1.50
1.48
1.55
7,500
1.15
Apr
82c
77c
89c
65c
Ashley Gold
Astoria-Rouyn
47,860
1.60 May
97c
Jan
1
Apr
10c
10c
14c
8,408
1
5c
6c
27,850
2Ho
8Hc
9 He 106,900
5Hc
Jan
6c
7c
3 He
Mar
14c
18Hc
14c
June
65c
28c
Mar
1
1
6Hc
Base Metals
*
1
""58c
51c
—*
1.48
69,850
Big Missouri
1
Bobjo Mines.
1
""l8c
Bralorne Mines
*
8.15
113,110
1.60
40,456
58c 62 He
11,745
18c 21 He
38,682
50c
8.00
8.25
2,485
25c
Jan
1.20 June
55c
6He
HHc
Jan
13 He
16c
4,400
9c
Jan
1
7.45
7.40
7.75
5,610
3.80
Jan
*
11c
8c
2o
Jan
Bunker Hill
*
14c
12c
11c 144,100
14c
35,610
6o
40c
1
*
1
15
1.18
95c
9H
1.40
15
28,415
30,504
1.15
1.24
1.60
1.80
20,525
1,810
73c
Jan
95Ho
Mar
1.15
Jan
5
Jan
1
1.44
1.43
1.52
22,650
1.24
Jan
1
3.95
3.87
4.05
15,725
2.41
Mar
*
1.02
1.00
1.10
1,865
26,930
90c
*
Chemical Research
Chibougamau Pros
Clerlcy Consolidated
*
1.67
*
9Hc
Commonwealth Pete
*
Conlagas
6
Coniaurum
2.15
_—*
56Hc
1
1.84
Jan
1.22 May
3c
Jan
76c
Jan
23c
Jan
8.60 June
18c
Feb
1.40 June
15
June
1.40
Feb
1.80 June
1.69
Jan
4.25 June
1.60
Feb
2.15 May
14c May
Jan
3.75
1,400
2.80
Jan
Feb
4.25 June
2.12
2.23
6,274
Jan
2.75
55 He 59Hc
2,485
42
5,375
4Hc
5c
6c
1.80
Jan
1
*
8.00
8.20
1
"~8Hc
7c
9c
Franklin Gold
1
5Hc
4Hc
God's Lake
*
1.10
1.10
1.25
59,204
37c
37c
41c
81,700
45c
48c
2,000
32c
Jan
25,800
47,400
6c
Jan
3Mo
Jan
91c
Goldale
50c
90c 91Hc
14,530
3,885
94,200
5Hc 150,500
—1
17c
16c
19c
Graham-Bousquet
1
15c
13c
16c
Granada Gold._
1
30c
30c
37c
37,984
10 H
90c June
Apr
61H
June
7c
Feb
Jan
Eldorado
.
Mar
8.00 May
13c May
4H
Federal-Klrkland
Good fish Mining
25Ho
6,100
Falconbrldge
Gold Belt
Feb
6H
5Hc
Explorers
1.85
7c 10Hc 344,300
6
1.38
Mar
6.90
Jan
9.50
Mar
3c
Jan
10c
Feb
4 He
Mar
lie
Mar
1.45
17o May
Feb
20c May
400 June
10c
10c 10 He
3,750
5Hc
Jan
54c
50c
60c
63.130
21c
Jan
Grull-Wihksne
1
10c
10c
10c
2,200
8c
Feb
Gunnar Gold
1
1.03
1.01
1.15
26,200
75o
Jan
Halcrow-Swayze
1
9Hc
8Hc
9Hc
57,500
2c
Hard Rock
Jan
1
2.47
10Mc
2.35
2.70 231,355
37c
Jan
Harker Gold
1
15c
13c
15Hc
7c
Jan
High wood Sarcee
*
3.20 May
18HC May
13c
20c
62,550
9,500
15Hc 16Hc
5,488
13c
Jan
Mar
1.20 May
June
20c June
1
Kerr Lake—---.
46c
44c
48c
31,600
13 H
11c
Jan
81c
84c
78c
89c 109,675
55 He
Mar
93c
1
64c
May
May
58c
70c 133,034
29o
Jan
70c
June
60
—-,..1
60
Kirk Hudson Bay
1
95c
Klrkland-Lake..
1
66c
Lake Shore Mines
1
57 H
26 He
Lamaque-Contact
_".l
Lava Cap Gold
1
1.15
Lebel Oro.
1
25c
Lee Gold Mines
1
4HC
Little Long Lac
*
6.55
Lowery Petrol—
*
7
60
85c
1.03
24c 26 He 131,876
4c
6c 122,000
12o
Jan
2Mc
Mar
7
7
1
4.45
4.35
21 He
20Hc
1
19c
43
.6
1
1
M cLeod-Cockshutt...
*
McMillan Gold
!
McVltue-Granam
1
1.99
3~70
7H
1.89
3.65
4H
24c
24c
1.56
McWatters Gold
1.44
Merland
16c
Mentor Explor
12,135
3,500
1.32
Morris-Klrkland
Feb
Feb
Jan
4.90 June
25c
Mar
2.12 134,425
63c
25
1.22
Mar
2.12
June
55c
Feb
65c
Apr
3.90
3.60 May
2 HC May
8
28c
21,200
2,101
28,770
315,954
Jan
5Hc
40
5.05 May
15c
Feb
24,800
21c
Jan
42c
Jan
1.78 237,678
16c
3,800
1.19
Apr
1.78
June
24c
Feb
13c
Jan
1.50
500
50c
Feb
1.50 June
1.30
1.40
1.11
Apr
1.50
Jan
7 Ho
Jan
1.00
Mar
72c
3,300
7,900
87,400
54c
59c
7,050
5Hc
5c
N1 pissing
5
2.45
Noranda
*
58 H
53c
2.40
5Hc 207,900
3Hc 24,000
2.58
3,920
58
59
3c
3c
6&c
54o June
Ho
Jan
33c May
80c
Feb
7Hc May
4Hc May
2o
Jan
2.40
Apr
3.05
44H
Jan
59H June
28 Ho
34o
Jan
63c May
2.90 May
52c
57c
10,400
2.44
2.63
65,905
*
9Hc
9Hc
11c
16,360
67c
66c
78c
40,069
Pamour-Porcuplne
*
Paymaster Consolidated..]
Perron Gold
4.55
4.55
4.70
1.06
1.00
1.07
1.44
1.39
1.45
3c
Jan
2,968
2.47
11c
Wiltsey-Coghlan
4Hc
1
9c
.*
8.00
Toronto Stock
40c
Stocks-
Par
Jan
8c May
40c
Mar
20,655
3.50
Mar
92,779
60Hc
Jan
13,325
1.12
Jan
2Ho
Feb
71c
Jan
for
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
High
48c
6c
1
2Hc
2Hc
7Hc
2Hc
*
45c
41c
50c
East Crest Oil
*
7Hc
6Hc
9c
9,100
10,300
6H
5,500
4
Apr
1.10
7,725
3,655
72Hc
22Hc
l4Hc
3Hc
lHc
Jan
1.43
Feb
Jan
28Hc
Feb
22
20c 22Mc 445,400
He
Foothills Oil
*
Home Oil
*
Hudson Bay
Klrkland Townsite
1
Lake Maron
*
""20c
Malrobic Mines
1
3Hc
Mandy Mines......
Night Hawk
1
6
25c
1.00
23c
15c
21c
3Hc
*
3He
15Hc
1
1
25Hc
5c
15c
18Hc 25Hc
7c
7Hc
Pend-Oreille
10 He
11c
Ritchie Gold
63,430
4,900
60,700
5,200
16c
14c
15c
Parkhill
1
4Hc
4Hc
4Hc
Oslsko Lake
Porcupine Crown
12,400
1,441100
21 He 22 He
4c
5
Pawnee-Klrkland
31,300
364,750
52,900
18,800
24Hc 25Hc
22c
*
Nordon Corp
Oi. Selections
9Hc
5
1.06
*
Robb Montbray
6c
Sudbury Mines
Temlskamlng
9 He
7c
Jan
24c June
2c
Jan
HHc
3Hc
lHc
Jan
49c June
Jan
9Hc May
35* c Mar
Jan
13c May
38c June
78c
6Hc May
13Hc
9
Feb
Feb
May
Jan
31c May
Jan
21c June
Jan
12c
Jan
lHc
Jan
14c
Mar
2,000
8,100
71,450
4Hc
Jan
7o
Jan
99,000
2Hc
7c
Feb
34c May
6Mc May
26c
Apr
1
78c
82c
3,500
9Hc 12Hc 172,050
8Hc llMc 226,650
4HC 6He 173,900
4c
4Hc 149,800
17c
Wood-Kirkland
7c
4c
Jan
15c May
85c June
5.20 June
1.25 May
1.74
Feb
18c May
7c
31HC
Jan
75c June
4c
Jan
4c
Feb
11c June
1.20
Feb
15c
Mar
Jan
lc
Jan
18c June
Apr
13Hc May
9c
Feb
Stocks-
Par
Acme Glove Works Ltd..*
6H%
for
of Prices
Price
17
Preferred
*
Alberta Pac Grain A
*
Preferred
*
Associated Breweries
Bathurst Power & Paper A *
Bell Telephone
Brazilian Tr, Lt & Pr
3
14~
Feb
Jan
17 H
Feb
Jan
38
Jan
149 H
251
141
Mar
150
Feb
148
148
12H
12 H
12H
3,958
30
29H
4H
30
10 H
Mar
1H May
4H June
32 H
Feb
,.fi H
Feb
34
34 H
261
33
Jan
6H
812
6
100
May
68
69 H
199
58
Can North Power Corp...*
Canada Steamship
*
24
24 H
265
22 H
1.75
5
1.25
*
6H
Canada Cement
Preferred
9
7
Canadian Bronze
39
New preferred
Celanese
Preferred 7%
*
7
16
Converters.. 100
"loo"
Candn Hydro-Elec pref 100
Candn Industrial Aloohol
"34 H
7H
B
Canadian Pacific Ry
Cockshutt Plow
25
12H
100
Textile
3.25
Jan
2.75 June
Foundation Co of Can
General Steel Wares
Paper
Dairies
27
100
31
7%
6H
12H
6H
3H
Feb
6H ^June
15H
Feb
31
Jan
41
Apr
108
June
May
175*
3,385
25H
31H
204
112
128
Jan
50
18
Feb
21
Mar
27
10
23H
Jan
30
Jan
51
100
48
Jan
51
June
100
9
97
May
105
Jan
29
30
Jan
34
Mar
35
717
Apr
48
Jan
8
1,695
7
June
6
June
12H
11H
Feb
765
15H
9H
Feb
'
6H
12 H
1,645
23 H
26
16
110
15
Mar
21H
37 H
23 H
1,680
18H
39H
1,892
32
15H
15
16
937
14
111
111
150
150
...*
*
Electro lux Corp
1
Enamel & Heating Prod .*
4H
63
5
1.75
23
1.75
23
1.00
4
*
14
Feb
Feb
May
May
16
4H
8
13
Jan
100
Jan
102H May
Apr
5H
May
May
55
Feb
74
6H
*
__—
20
Feb
3,415
.
Jan
Jan
8
25 H
10H
English Electric B
Dryden
120
18
37 H
Jao
51
100
Dominion Steel A Coal B 25
Dominion
29
10
Feb
Jan
38
Dlst Corp Seagrams
Dominion Bridge
Eastern
28
15H
Apr
.
2,585
"55H
Crown Cork & Seal Co—*
Preferred
16
40
7,188
Jan
56
*
Con Mining & Smelt new 25
Dominion Coal pref
Dominion Glass
15
65
16
7H
29
27
100
Canadian Cottons pref.100
Candn Foreign lnvestm't
Class
39 H
108
51
"26'
Canadian Cottons
6H
7H
120
29
..100
Rights
Canadian
108
100
Canadian Car & Foundry.*
Preferred
25
Canadian
%
6H
1.75
100
2.05
Feb
3
15
38 H
June
34 H
2.10 May
21o Mar
28o May
Jan
9H May
25
*
3,600
39 H
Jan
2
80
40
Building Products A
1.90 196,515
85c
5,800
Mar
27
25
Jan
2.50
May
29
3
10H
June
80c
5Ho
28
3
10H
13H
May
1.75
27
Jan
9
2.25
May
6
3H
82c
1.35 May
Mar
Jan
103
1.85
1.62
107
4
685
2.30
Jan
Jan
25
1,004
*
_
50
4
4H
»
50o
Jan
102 H
4
102
•9H
Preston (new)
Quebec Gold
Read-Authler
62,200
10
9
Prospectors Airways
1.56
97
101
*
Mar
1.46
June
June
May
June
7H
100
1,630
*
2.48
1.54
17
2
B
Jan
Jan
155
High
June
14
Bruck Silk Mills
1.80
Mar
192
8H
Low
14 H
95
25
British Col Power Corp A. *
4,600
1.44
97
208
9H
28
2.45
1.00
17
Range Since Jan. 1 1936
Shares
2
*
2.40
22,425
6,775
May
25
100
2.41
1.32
9c
*
1
2.75
Jan
100
(N) Gram
Preferred
Premier Gold
1.25
4c-
28
102 H
4
*
Bawlf
High
15H
7H
100
Arnal Electric Corp
Low
95
*
Jan
2.50
23c May
Week
preferred-....100
Agnew-Surpass Shoe
Apr
1.27
7Hc Mar
Jan
Sales
Week's Range
Sale
Feb
2.60
Jan
2c
Exchange
Last
6.95
May
1.40 May
7Hc
Friday
4Ho
80c June
6Hc
3He
36,275
9,500
June 13 to June 19, both inclusive, compiled from official
sales lists
12.00
Jan
16c 18Hc
Montreal Stock
Mar
9.00
Mar
35c
May
756
Mar
38c
7c
3.95
87,400
7.56
40c
9.00
20c 24Hc
100 June
1
5,600
27c 27 He
Jan
1
3,215
27c
Feb
3o
Churchill Mining
Cobalt Contact.
Dalhousie Oil
10,375
20c
Apr
5Hc June
8c
3c
1
1.37
205* o
Jan
9c
9.10
*
Jan
3c
1
6.50
Royallte Oil
Jan
June
Brett Trethewey
Central Manitoba
6.20
Roche-Long Lao
1,60
1.00
9Hc
*
9.00
*
June
44c May
Feb
2,50
Alder mac Mines
2Hc
Read Lake-Gold Shore
1.63
Jan
Sales
Week's Range
Sale
6.20
1
Apr
Jan
20c
inclusive, compiled from official sales lists
Last
9.00
Reno Gold
2.50
1.20
20,035
Friday
1
—
Pioneer Gold
50c
1.65 June
Exchange—M ining Curb Section
June 13 to June
19, both
1
Pickle Crow
9Hc 12 He 119,000
4c
4Hc 83,700
8c
10c
38,500
7.95
8.10
12,120
*
Preferred
May
26c May
49 H
Jan
28c
1
Peterson-Cobalt
7.76
Jan
69 He
*
Olga Oil & Gas New
Omega Gold
May
14H
3.12
24 He
Murphy Mines
Northern Canada Mining *
1
1.38
29Ho Mar
6Mo June
Mar
5Hc
70c
New bee Mines
O'Brien Gold
June
June
7
14,740
25HC
*
Moneta-Porcuplne
0.05
25c 309.150
57c
Mlnto Gold
Apr
27c
1.50
5
Mining Corp
4.60
19c 19Hc
43
45H
63c
~~
6.85
June
94c May
60
Mar
Jan
6.50
65
1.27 June
Jan
1.15
Jan
Jan
6c
*
...
Feb
30c
17H
41o May
51H
Manitoba & Eastern
Mclntyre Porcupine.
55
27c 468,650
1.25
15,200
19c
Maple Leaf Mines
McKinley Mines
1.Q00
27,900
48,450
2,626
Mac ass a Mines
McKenzle Red Lake
1.00
65c 71 He
56 H
59 %
1.07
13Hc May
72c May
11HC Mar
-1
Howey Gold
2,574
*
Wayside Consolidated -50c
White Eagle......
56C May
26Ho
*
J M Consolidated
22,017
"~l".92
480 June
1
"l5Hc
1.99
1.07
*
5.85 June
Jan
Jan
Grandoro.
Homestead Oil
1.88
1.01
Ventures
Feb
75c
14Hc
Greene-Stabell
Holinger Consolidated .—6
40c
Jan
3.40
5
Dome Mines
1.67
1.55
38c
Feb
65o June
Jan
1.37
2.05
1.40
10c June
Apr
Buffalo Canadian
*
1.75
1.55
Exploratlon.l
Feb
May
13c
5.55
Buffalo Ankerlte
"
2.00
1
Toburn Gold
Jan
Feb
6Hc May
41500
1.34
*
18,950
21,625
2,121
10,125
Ymlr Yankee Girl
Feb
5.45
Barry-Holllnger
55c
5.65
70c
1
4.10
2.81
50c
5.50
3.00
38 He
Feb
1.15 May
52c May
4Hc May
12Hc May
1
5Hc
8Hc
2.72
50c
5.55
Wrlgh t- Hargrea ves
Argosy Gold
Bagamae Rouyn.
2.80
l
...»
88c May
May
40c June
lHc
SVsC
,
Arntlleld
767
1.28
Walte-Amulet
Range Since Jan. 1 1936
Shares
10Hc
6Hc
1.29
Teck-Hughee Gold
Texas-Canadian
Towagamac
Week
High
*
for
16c
1
Tashota Goldflelds
Sales
Acme Gas & Oil
Castle Trethewey
Feb
June
172
Exchange—Mining Section
Sale
Central-Patricia
Feb
10c
49c
Jan
28 H
2H
Par
Calmont Oils
18Ho
22
1.00
Last
Cariboo Gold
8H0
8c June
1,000
46c 48 He 110,600
26c
35c 277,600
Apr
4.05 June
28
Friday
Canadlan-M alartic
8c
Jan
820 May
1.40
22
"~28H
June 19, both
Calgary & Edmonton
3.45
Jan
1.09
Sylvanlte Gold....
B R X Gold Mines
High
Mar
1.02
Jan
Toronto Stock
Bear Exploration
Beattle Gold Mines
Low
2.15
79c
30
AJax Oil & Gas
2.60 105,610
1.06
10
__*
Stocky—
2.26
Range Since Jan. 1 1936
Shares
High
1
35
*
Waterloo MfgA
Low
50c
Slscoe Gold
South Tlblemont
35
.*
100
United Fuel pref
Walkervllle Brew
Dom
Week
*
100
(G)
to
for
of Prices
__*
com
Thayers pref
June 13
Week's Range
Sale
Shares
75
......
Sales
Last
Week
High
Exchange—Mining Section
Friday
Range Since Jan. 1 1936
7
*
Supertest Pete
for
75
100
Praise Cities Oil A
Toronto Stock
Sales
Week's Range
6H
4H
64
5H
1.75.
190
11
Feb
Jan
Feb
57H May
17
Feb
106
Apr
34 H
Jan
H
40 H
Feb
Apr
17H
Feb
Jan
Jan
115
Feb
155
136 H
Jan
150
June
1,150
4H
May
8
Feb
June
79
353
63
140
4H
May
25
1H
19H
May
7
3H
28H
Jan
Feb
Feb
23H
180
1.00
30
1
Jan
5
4
June
14H
100
13
Mar
12H
18 H
3H
261
3
June
5H
Jan
4
Jan
3
Feb
Feb
Feb
Apr
_.*
3
G'year T Pfd Inc 1927.100
Gurd, Charles
»
58
65
55
Jan
6
6H
405
6
June
Gypsum. Lime & Alabast.*
58H
8H
Mar
6H
6H
6H
6H
151
5H
June
8H
Jan
*
No par value.
58
Mar
1
4158
Financial
Chronicle
June 20, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Sale
Hamilton Bridge
Hamilton Bridge
*
pref..100
6
4%
""37%
(Renfrew)
100
Howard Smith Paper
*
100
Holt
-
,
60
25>*
Feb
16%
2,962
13.60
Mar
6
June
9%
June
6
6
_
9%
5
814
10%
90
90%
Imperial Tobacco of Can.5
Preferred
£1
14
13%
14
7%
Int Nickel of Canada
48%
47%
30
30
Int Paper & Power
pref 100
*
International Power
.
pref—100
-100
Preferred
3
3%
20%
57 %c
62c
6,400
3,000
550
Apr
*
56%
*
15c
33
Feb
Dome Mines
Francoeur
Gold
15o
33
9c
8%C
9%C
1.70
1.70
1.85
56%
Feb
June
Goldale Mines
137
May
Greene-Stabell Mines
1
J-M Consol Gold
1
1
22
Feb
Jan
140
June
4
Jan
...1
Lake Shore Mines
4% June
10% May
7%
17%
Jan
Lee Gold Mines Ltd
10
26
Jan
35
30
34
43
85
May
Apr
103
15c
May
2.30
Mar
June
43
58%
400
Jan
61
17c
26,600
14%c June
440
40c
300
22 %o
Apr
48C June
60c
2,700
70c 127,240
23c
Jan
730
May
28%o
Jan
5%
681
70c
June
Jan
60C
May
27c 127,900
60
Jan
27c
June
3.399
3,000
13c
Jan
29o
Mar
30
Apr
6c
Feb
Mar
46%
58c
57
62
630
59%
15%
852
32
31%
94
1
24%p
26c
1
4%C
5%c
Jan
Mclntyre-Porcup M Ltd.5
42%
45
Jan
Niplsslng Mines.
4.55
4.60
Pamour-Porcup M Ltd
Feb
Parkhlll Gold
...1
25 %c
Perron Gold
...1
1.42
1.39
1.45
I
6.25
6.25
6.40
35c
700
45
39%
Mar
43
13
May
17%
Niagara Wire Weaving—*
65
55
110
34
Jan
55
Mar
*
56
56
2
56
Jan
fin
Vph
Pickle-Crow
58
69
3,322
44%
JSD
59% June
220
225
161
165
June
2.48
*
Gold
18c 25 %c
Jan
*
225
100
161
Ogllvie Flour Mills
Preferred
Ottawa L H A Power-—100
.
100
Quebec
Jan
Jan
1.75
Feb
3.95
Mar
6.95
Apr
75c
May
33
St Lawrence Paper pref.
100
Shawinlgan W A Power..*
19%
115
100
Preferred
19
16%
Sberwln Williams of Can.*
2,910
5.85 June
60c 67 %c
63,980
73%c June
48
Mar
57
Jan
11%
Jan
18%
Feb
Wayside Con G M Ltd. 50c
18
Feb
Wright-Hargreaves
4%
May
12%
Feb
97
Jan
1.50
104
1.17
1.25
1
3.90
3.85
4.00
1
5%c
5%c
6c
Eldorado Gold Mines Ltd 1
90c
90c
Howey Gold Mines Ltd.-l
Apr
Jan
130
Jan
Duparquet Mining
33
2,521
20%
Jan
33
June
19
June
16
May
75
114
June
230
11
June
11%
23%
Mar
Jan
Kirkland Lake Gold
Macassa Mines Ltd
San Antonio Gd M Ltd
1.40
Apr
49 %c
June
800
2.38
Mar
2.89
Feb
1.30 May
2.50
Feb
1.05
Stadaconna-Rouyn Mines *
47%c
150
10
150
Feb
Sylvanlte Gold
1.08
Western Grocers pref— 100
--*
Windsor Hotel
»
Winnipeg Electric.-
2%
*
107
1.08
1.15
1.15
5
4%
25
2%
13
100
Preferred
7
325
3%
13
155
Jan
May
1.08
4%
100
Preferred—
Jan
2
70
-
Jan
1
Jan
2%
UK
Jan
57%
58
96
Mar
Brewing Corp of Can
5i%
Jan
Apr
184
May
214
Feb
Jan
300
Feb
181
Feb
Donnaconna Paper A
234
Mar
170
172
73
164
Jan
229
229
2
229
June
172
Feb
15%
15%
18%
Mar
60
30
57
Apr
61%
Feb
30%
4%
Apr
35
Feb
Jan
6
Apr
30
25c
3%
3%
Jan
25,640
2
Jan
3%
Feb
75
33
Mar
35%
9%
Feb
34
5%
5%
*
60c
20c June
539
,
3%
34
.....
115
5%
20c
Dom Oilcloth & Linoleum *
284
4%
Jan
5%
Consolidated Paper Ltd..*
271
190%
283
Jan
32%
6
189
100
Jan
2
13
32
107
100
Nova Scotia
Feb
1.40
19!
Can Power & P Invest pf. *
Claude Neon Gen Ad Ltd.*
140
170
Mar
58
Canada Malting Co Ltd..*
Feb
8
Jan
148
Feb
80c
1,025
15%
133
12%
2%
58
14
Jan
June
1.05
*
65
Feb
6%
2%
»
136%
13
25
395
425
"2%
*
Mar
58
2,163
?■;■■■
1.00
Brew & Distillers of Van..
Mar
4%
18
154
Montreal
-100
9
153
wW
153
—
9%
8
135
100
100
"
1.90
8%
8
4% June
Commerce
••
1.60
8%
Abitlbl Pow A Paper Co..*
Cum 6% pref
100
Abitlbl ctf of dep 6% pf 100
Canadienne
—
1.75
Apr
Can & Dominion Sugar
58
2.80
May
Banks—
50
2.77
1.15
Preferred
Canada
2.77
Jan
Unlisted Stocks—
110%
Apr
46%c 48%c
Feb
3%
32
Jan
4
-
'
May
1.15
June
3.40
Jan
Sherritt-Gordon Mines... 1
Apr
20
4.90
Mar
Jan
Apr
60%
5
May
Jan
2.20
1.00
67%
Jan
5
93c
3.18
43% 0 May
18%o
Jan
49%
2%
Jan
1.06
67
20
Mar
91c
Mar
1.02
1,316
1,255
2%
1.38
55c
700
58
20
Jan
90c June
3,100
79c
10%O
3,900
3,150
1,250
69,750
64%
150
Feb
4o June
2.57
56%
*
Apr
4.20 June
2.30
62%
*
12c
1.42
Mar
70c
64
Vlau Biscuit
Jan
Mar
2.51
1
Mar
14
2o
4.65
12
Tuckett Tobacco pref--100
Feb
4.35
11%
Wabasso Cotton
Feb
67c
1
11%
26
Preferred-.-
Feb
21o
4.45
1
Jan
20
127%
*
Steel Co of Canada
2 50
8.90
98o
600
78c
Jan
40
Mar
2.43
15,930
1,500
1,800
15,700
8
1,680
80
1
„*
119%
16%
9c
7.65
3,310
Unlisted Mines—
Arno Mines..
25
19%
8.10
Gndn Malartto Gold
130
115
9%c June
8.00
Feb
Mar
2%
Central Patricia Gold
3,166
1,750
12,100
1.90
10c
8.00
May
Feb
6%
15% June
May
1.97
37 %o May
1.60
Jan
9%c 12%c
1.93
._*
..*
*
Southern Can Power
Royal.
1.37
Mar
100
26
29%
Mar
4.30
60c
3,152
11%
83c
5.60
48c
5.60
14%
52c May
June
1.35
13,100
20,412
42%c
1.29
5.50
1
170
June
490
1
365
May
2.78 June
4.00
1.30
Thompson-Cad
Ventures Ltd
Jan
1.40
Feb
1
Teck-Hughes Gold
2%
10%
51c
31%
1
Man
Sullivan Consol.
Jan
99%
130
130
Mar
Jan
99
11%
50
Jan
2.88
21
15%
1.80
1.43
17,275
110
16%
2%
12,130
3.88
Feb
165
5
500
2.75
3.58
June
101%-
1,048
4%
85c
2.51
3.58
15
14%
.
82c
2*62
Sladen
5.10 June
Jan
1
10
52
99
*
199%
38
15%
Rolland Paper pref----100
A preferred...
Mar
13%
-'J&
St Lawrence Flour Mills pf.
June
95
16
25
8t Lawrence Corp
Mar
165
Feb
52
*
Power
Knitting
Preferred...
240
Jan
88
16
Power Corp 01 Canada.—*
Regent
Jan
152
16
13%
*
Penmans
46
104
.
93%
106% 109
16%
16%
100
Preferred
Ottawa Traction
93%
May
1.12
1
*
Jan
2.90
3.75
Slscoe Gold
Quebec Gold Mining Corpl
•
18%o
Read-Authler Mine
59
—*
Jan
2.95
2.35 June
400
2.65
Feb
Jan
380
485
39
2.50
2.45
22,650
4.400
64,550
3,450
14%
2,371
40
300
2.43
5
O'Brien Gold Mines Ltd.-l
41%
Noranda Mines
Feb
Jan
5,891
Jan
Apr
18%c
65c
27c
Lamaque Contact Gold M*
Lebel Oro Mines Ltd
1
Feb
Jan
2o
1.10
43,900
9,800
51o
57%
Jan
May
Jan
Jan
37
Apr
15c
""SIC
2
750
40c
15c May
31
723
40o
6
Jan
16%
22c
32
90
45
Preferred
57%c
"32%
Jan
13%
14
May
1
40
25
Preferred
National Steel Car Corp..*
June
47c
Consol Chlb Gold Fields..1
44
45
*
National Breweries
10c
Jan
Cartler-Malartlo Gold
123
93
Montreal Tramways--.100
Apr
Apr
30o
Feb
5
30%
31
81c
4%o
15,250
6
294
32
Montreal L. H & Pr Cons.*
June
6,500
41c
Jan
123%
277
6%c
7c
39c
Bulolo Gold Dredging
3%
4%
100
Montreal Cottons
10
2,060
6%c
Feb
Jan
3%
57
High
Low
Shares
66%c 66% C
Big Missouri Mines......1
Brazil Gold & Diamond.. 1
7%
High
39c
1
1
Gold..
Mar
Mar
54
27
5
195
Beau Tort
Mar
14%
14%
7
10
90
Jan
119
1 1936
Range Since Jan
for
Week
of Prices
Low
Price
1
—
Barry-Holliuger Gold
7
Apr
Apr
14,397
Par
Mines—
Afton Mines
Jan
17%
43%
7%
140
,
Apr
Jan
39% June
Mar
49%
14%
4%
15
*
MeColl-Frontenao OU
140
140
——*
*
Lindsay (CW)
Massey-Harris
19%
19%
*
Lake of the Woods
88
13%
127
127
------
477
1,573
1,515
4
4
85%
90
International Power pf. 100
Jamaica P S Co
6%
May
37%
10
*
4
Stocks (Concluded)
High
15%
90%
Preferred.
Sale
Low'
100
4%
Sales
Week's Range
Last
Range Since Jan. 1 1936
Week
Shares
37
15%
Holllnger Gold Mines
for
of Prices
High
Low
Price
Market
Curb
Friday
Sales
Week's Range
Last
Par
Stocks (Concluded)
Montreal
Exchange
Friday
7%
1,374
4%
Apr
6%
382
2%
Jan
1,860
20%
Jan
Feb
20%
20%
22%
June
7%
28%
General Steel Wares pf 100
46
45
47
125
45
June
65
Jan
Massey-Harris pref
100
Toronto
33
33
33
25
30
May
40
Mar
66
96%
B
6
*
Ford Motor of Can A
*
100
102% 103%
McCoII-Frontenac OllpflOO
HANSON BROS
Canadian Government
i
ESTABLISHED
255 St. James St., Montreal
56
Sparks St., Ottawa
*
No par value
28
23
25
945
22
27
27
27%
450
26%
-
Par
Bathurst Pow A Pap cl B.*
Beaubarnols Power Corp.*
Brit Amer Oil Co. Ltd
*
Brit Col Packers (new)
Week
•
29 %
4
2
*
Can Nor P Corp Ltd pf 100
Canada Vinegars Ltd
24%
Low
108%
High
•
30 Broad Street
Shares
*
City Gas & Elec Corp Ltd *
*
Dominion Eng Works
*
Dominion Stores Ltd
*
Dom Tar A Chemical Ltd *
5
573
37
5%
Industrial and Public
1.95 June
3%
Jan
16%
Jan
May
27%
Jan
Feb
1.11
Apr
May
•27%
Jan
Jan
48%
Apr
Asbestos
Feb
BeauhamoisLH&P 5%s '73
89
28
89%
28%
116
116%
108% 109
8
101
107%
20%
35
48
25
2%
2%
6U
1.75
20
75c
33
9%
5%
80c
34
9%
10
130
32
100
6
130
20
37
1.50
Apr
4
Bid
f±7ys
47%
98%
•»
Corp of Can 5s '42
105%
3%
Feb
3.00
Feb
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 58.1955
65c May
1.35
Feb
Brit Amer Oil 5s
Brit Col Power
8
4%
Jan
36
Feb
Apr
12
Jan
Feb
7%
Feb
Burns A Co
117
60
Mar
80
10
5
Jan
16
25
7
June
7
June
2%s to '38—5%s to *49
*
_.
65c
13%
Freiman(AJ)cum pf 6% 100
*
13
12
*
56
1.05
1.00
/35%
107%
Montreal Island Pr 5 %s '57
80
83
Calgary Power Co 58—1960
98%
99%
1941
108%
Canada Cement Co 5 %s *47
105% 106%
New Brunswick Pr 58.1937
Feb
Cana Canners Ltd 6s_1950
105
Northwestern Pow 68.1960
65
65%
65
65%
56
1.10
10
1,400
55
70o
Jan
Jan
Canadian Inter
91%
Feb
Can North Power 5s__1953
103% 103%
Nova Scotia L A P 58.1958
104%
Can Lt & Pow Co 5s__1949
101%
Ottawa Lt Ht A Pr 58.1957
107%
Canadian Vlckers Co 6s *47
91%
92%
Ottawa Traction 5%s.l955
100
Cedar Rapids M & P 5a '53
Ottawa Valley Pow 5%s *70
Consol Pap Corp
39%
Apr
Inter-State Ray Corp
A..*
3%
4
Rogers-Majestic Corp A._
Sou Can P Co Ltd pref. 100
United Securities
"99"
*
5
% 25
100
24%
2%
*
"l8"
99
1.50
Walkervllle Brewery Ltd.*
Walker-Good «fe Worts...*
Preferred
5%
99%
2%
27%
18
1.10
4
12%
4
13
June
15%
35
4
Jan
14%
Feb
50o
Jan
2.50
May
25
4
Mar
2,750
9
June
350
6%
85
99%
13
3% June
5
97%
-
112%
/44%
45%
109%
1940
103%
Dominion Coal 5s
Dom Gas & Elec
5%
6%s_1945
1949
Donnaconna Paper 5 %s *48
-
mi*
-
-
87
4
June
98
Jan
1.50
5
Jan
Feb
100% June
East Kootenay Pow 7s 1942
Eastern Dairies 6s.
1949
Feb
Fraser Co 6s unstpd__1950
5%
3.00
-
10
5
June
10
Feb
5
20
Apr
25
Mar
84%
Deo
1 1957
1943
Certificates of deposit—
'•
,
85%
---
73%
«.
-
-
«.
«»
-
100%
74%
97%
98%
100% 101%
124%
125
124% 125
Ltd 5%s *47
Quebec Power 5s
1968
Saguenay Power 4%s_1966
Shawinlgan W A P 4%s '67
Simpsons Ltd 6s
1949
Smith H Pa Mills 5%s '53
101%
-
-
-
105% 106%
100
100%
103% 104%
104% 105%
106
106%
"
1950
111
Gatineau Power 5s.-.1956
98
6s stamped
of Can 4 %s '59
5s
Provincial Pap
89
97%
117
Power Corp
Price Bros A Co 6s
-
93
92%
104% 105
Feb
10
2%
29%
18%
-
112%
Dominion Tar 6s
Jan
-
5%s_1961
Feb
8
90%
Dominion Canners 63.1940
Feb
101
69
1.50
Mar
Apr
4
5
4
Pap 6s '49
13%
Mar
100%
24%
Mar
150
200
86
Feb
24%
13%
«
-
1.46
60
Jan
10
«'
-
Certificates of deposit—
Jan
99%
102% 102%
Canada Bread 6s
Feb
33%
Mitchell & Co Ltd (Robt) *
Power of Can cum pref. 100
-
Apr
20%
4
—
51
2%
1,464
11
Montreal Tramway 5s 1941
50%
19
4,176
4
1939
19%
37
11%
value) 3s
Jan
21
*
par
Jan
36%
*
104
Montreal L H & P ($50
65c June
20%
_*
35%
8
36%
Melchers Dlst Ltd A
5%s-3%s.l948
1945
9
20%
Manitoba Power Co
89%
104% 105%
Minn A Ont Paper 6s.
170
*
9%
89
McColl Frontenao Oil 6s '49
755
*
1.10
49%
605
Int Petroleum Co Ltd
13
80%
48
65c
Imperial Oil Ltd
1
79
79%
13%
12%
Apr
Inter Utilities Corp cl A__*
77
Massey-Harris Co 5s__1947
Mar
7
73%
108
106%
Brit Columbia Tel 5s. 1960
6
f72
104%
1 1960
Feb
1 1942
6%s.__
1 1947
MacLaren-Que Pr 5%s '61
Manitoba Power 5 %a.1951
106
5%s—1960
Mar
5s
Feb
Feb
6%s
Maple Leaf Milling—
102%
1945
Ask
Lake St John Pr A Pap Co
*53
Jan
26%
Bid
Ask
Alberta Pao Grain 6s__1946
Abitlbl P A Pap ctfs 5s
2% May
1.75
78
_
Utility Bonds
Apr
13
358
7
Foreign Pow Sec Corp Ltd*
"
Feb
1,631
3,133
6
78
2-6363
w ww
May
2.00
2%
75r
May
30
77
100
Thrift Stores cum pf 6%
Corporation
New York • IIAnover
NY 1-208
24%
9%
1.75
9%
5%
3
Jan
•
w ww w w w vw Nf
yHf yiirif nr "o
1.95
2
33
17%
European Elec Corp A..10
Thrift Stores Ltd.—
•
York, Montreal and Toronto
Bell System Tele.
High
Low
East Kootenay Pr cm pf 100
B
Feb
SECURITIES
Municipal
23%
48
*
Alcohols
4
29%
20%
*
Canadian Wineries Ltd
28
9
Can Dredge & Dock Co—*
Canadian Vlckers Ltd
Inter Utll Corp class B
Mar
39%
Royal Securities Corporation
Range Since Jan. 1 1936
for
of Prices
Price
Asbestos Corp voting tr__ *
Home Oil Co Ltd
40
*******
Private wire connection between New
■
Voting trust ctfs
Apr
-
Government
Sales
Week's Range
Sale
Fraser Cos Ltd
May
/ Flat Price.
Industrial Bonds
Last
Cum pref
May
both inclusive, compiled from official sales lists
Friday
Commercial
Mar
6%
Jan
330 Bay St., Tirooti
Montreal Curb Market
Stocks—
Jan
May
2% May
101
230
*
CANADIAN
June 13 to June 19,
4
3%
104%
102%
100
Royallte Oil Ltd
Public Utility and
1883
4
100
Preferred
Municipa
INCORPORATED
Price Bros Co Ltd
10
101% 101%
Nova Scotia Lt A Pr pf. 100
Feb
Southern Can Pow 58.1955
105%
98%
Steel of Canada Ltd 6s '40
113
82
83%
m
-
-
±
+
„
520
2%
Apr
3%
Feb
General Steel wares 6s .1952
102%
103%
United Grain Grow 5s.1948
50
26 %
Apr
34%
Feb
Gt Lakes Pap Co 1st 6s '50
/53%
53%
United Securs Ltd 5 %s '52
83%
84
210
17%
Jan
19
Feb
Int Pr A Pap of Nfld 5s *68
103%
104%
Winnipeg Elec 6s-Oct 2 454
81%
82%
Financial
Volume 142
Over-the-Counter
Prompt and Reliable
STOCKS & BONDS
•
4159
Chronicle
Markets
on
All
.
Over-the-Counter
HoiiRose STroster
Stocks & Bonds
Established 1914
74
Trinity PL, N. Y.
Members
New
Quotations
Bid
dSHs
a3Xs
o3*4s
o3J4s
03 Ms
103 %
May 1 1954...
Nov 1 1954...
106 X
104 K
107
106 >4
107
Mar
105*4 106
105 *4 105 %
107 *4 108
112
112*4
112
112*4
112
112*4
1 1960...
o4s
Oct
1 1958
1 1980
1 1960
1 1962
1 1964
115*4
115*4
115*4
o6s
112*4
Bank and Insurance Stocks
MUNOS, WINSLOW & POTTER
11714 117J4
11714 11714
11714 11814
— .—
40 Wall Street, New York
Whitehall 4-5500
11814 119
119
11914
Members New York, Chicago
and other Stock and Commodity Exohangea
121
120
12114 12214
10314 10314
Jan 25 1937
Sold and Quoted
Bought,
11614 11614
11614 117
11614 11714
1976
1977
1978
1981
& Nov 11957
1963
1965-.
1967
o414s Deo 15 1971
i
0414s Deo 1 1979.......
115
o4a
May 1 1959
May 1 1977...
112*4
115
May 1 1957.......
Nov
o4a
a41i8 Feb 16
o4lis Jan
1
o4lis Nov 15
a4 lis Mar 1
o4 Ha May 1
o41is Mar 1
04148 June 1
o414s July 1
Ask
1155i 11614
...
lit*
a4a
o4s
o4Jis Sept
o4tfs Mar
a4 lis Mar
Bid
115
11514
11514 116
o4*4s April 1 1966
a4lis Apr 15 1972
a41is June 1 1974
112
Jan 15 1976..
July 1 1975
Private wires to principal cities in United Slates and Canada
City Bonds
Ask
1 1975...
•
Over-the-Counter Securities—Friday June 19
on
New York
July
Inquiries Invited
Open-end telephone wires to Boston. Newark and Philadelphia
•
mm
Whitehall 4-3700
York Security Dealers Association
New
Par
New York State Bonds
Bid
Bank of Manhattan Co. 10
Bid
Ask
Ask
World War Bonus—
2.90
—
27*4
58
...
50
13.55
42
44
12*4
36
38
City (National)
133*4
mm
m
131
Bid
Publlo National
25
39*4
41*4
Sterling Nat Bank & Tr_25
Trade Bank
12*4
32*4
34
mmm
First National of N Y..100 1910
—
Flatbush National
115*4
Avenue
100
Ask
Gen A ref 2d
ser
3 lis *65
104*4 104*4
4 *4s ser B
Gen A ret 3d
ser
314s '76
102*4 102*4
Bayonne Bridge 4s series C
1938-53
J&J 3
105
1939-53. M&N
.
Inland Terminal 4*4s ser D
1936-60
M&S
Holland Tunnel 4>4s ser E
1936-60
M&S
106
4
•
112*4 113*4
4a
Par
Ask
Bid
105
115
Empire
23
24
505
Fulton
100 2208
215
100
294
299
10
Bankers
Bronx
58*4
60*4
Guaranty
10
12
Irving
20
7
100
Brooklyn
121
126
20
County
112
115
8*4
7*4
..10
16
15
100 1680
County
Kings
1720
48
Lawyers
51
112*4 113*4
Central Hanover
Manufacturers
20
44
46
55*4
57 *4
New
26
121
124
75
80
Title Guarantee & Tr. .-20
York
Bid
Ask
100
101*4
Honolulu 5s
3.50
4*48 Oct
1959
105
107
U S Panama 3s June 11961
1952
105*4 106*4
5a
Aprl
1955
5s
Feb
1952
101*4 103*4
108*4 110
5*48 Aug
1941
113
60
25
13
15
Continental Bank & Tr.10
18
19*4
Underwriters
100
58*4
59*4
United States
100 1880
65
75
118*4 119*4
4*4s July
10*4
9*4
Clinton Trust
Colonial Trust
1
Ask
m
Companies
Ask
498
Bank of Sicllly
108*4 109*4
United States Insular Bonds
Bid
Bid
Italians. 100
Chemical Bank & Trust. 10
Philippine Government—
mm
...
Bk of New York & Tr.. 100
;
.
Par
Banca Comm
8.25
1936-50..J&D
B
20
60
New York Trust
Bid
ser
1950
27
National—100
Kingoboro
George Washington Bridge
4s
-
175
116*4
106*4 106*4
17
12
985
126
Gen & ref 4s Mar 1 1975.
15
10*4
52
169
Fifth
Ask
10
50
960
mmm
Port of New York Authority Bonds
Port of New York—
National Safety Bank. 12 *4
Peoples National
100
126
4s Mar & Sept 1958 to
133*4
90
24*4
Penn Exchange
J
ASl
80
20
Bank
Commercial National. .100
'67
Canal Imp 4s J&J '60 to '67
Barge C T 4s Jan 42 to *46
Barge O T 4*4s Jan 1 1945.
Highway Imp 414» Sept *63
Canal Imp 414s Jan 1964..
Can & Imp High 414s '65..
ft85 1
National..50
Bensonhurst
«
Bid
100
National Bronx Bank...50
Merchants
29
50
Chase
2.10
4*4a AprU 1940 to 1949.. b
Highway Improvement—
Par
Ask
Bid
Bank of Yorktown__66 2-3
Canal a Highway—
6s Jan & Mar 1946 to *71 b
Bank Stocks
York
1946./....
......
Hawaii 4 *4s Oot 1958
112
114*4 116*4
20
Corn Exoh Bk & Tr
111
Par
112*4
113*4
112*4
Conversion 3s 1947
113*4
100
Trust
Bid
3s
1955 opt 1945
1956 opt 1948
3s 1956 opt 1946
J&J
3s
.J&J
M&N
314s 1955 opt 1945
M&N
4s 1948 opt
1944
J&J
M&Nl
4s 1957 opt 1937
Ask
Bid
10014 1009)6
10014 100916
100 M
4s 1958 opt 1938
M&N
105 H
called July
1,1936
4148 1957 opt 1937..M&N
10414 104141 4!is 1958 opt 1938..M&N
Ask
265
270
380
405
Northern Trust Co.... 100
790
840
National
First
159*4 163*4
Ask
Hartford Insurance Stocks
100',6 10014
4148 1957 opt 1937...J&J
Bid
100
Harris Trust & Savings. 100
230
210
10514
4148 1956 opt 1936
1007,6
10214 10214
10914 10914
33 1-3
Trust
Par
Ask
Bid
American National Bank &
Continental Illinois Bank &
Federal Land Bank Bonds
1930
Chicago Bank Stocks
113*4
109
4*4s July 1958
6s July 1948
U S conversion 3s 1946
114
3.00
Govt of Puerto Rico—
10214 10214
10314 10314
10614 10714
BOUGHT
SOLD
—
—
QUOTED
PUTNAM & CO.
JOINT STOCK LAND BANK BONDS & STOCKS
Tel.
Boug h t— Sold—Q uo ted
Pnc&ittMm
CENTRAL ROW
VP
State 0544)
St., Chicago
Insurance
Par
Aetna
Teletype CGO. 437
Bid
Atlanta
5s
100
Burlington 5s
Chicago
99*4 100*4
100
5s
/11*4
6s
Dallas 5s
12*4
10
32
34
Importers & Exporters...5
1.5*4
Equitable— ..5
30*4
33*4
Lincoln
.10
10
13
Maryland Casualty
2*4
15
16*4
Mass Bonding &
Ins..12*4
49
52
72*4
75*4
Mercb Fire Assur com.2>4
53
57
10
27*4
29*4
Merch & Mfrs Fire New'k 5
9*4
11*4
American Surety
25
51
53
National Casualty..
10
17*4
10
35*4
37*4
National Fire
10
71*4
National Liberty
National Union Fire
19*4
74*4
10*4
20
125
2
11
American
American Home
99
100
100
97*4
98*4
.
.
6s..
100
101
100
Camden
First of Montgomery 5s...
88
91
Paclfio Coast of Los Ang 5s
Pao Coast of Salt Lake 5s.
100
Carolina
Pao Coast of San Fran 5s..
100
Pennsylvania
99*4 100*4
107*4 109*4
10
City of New York
Connecticut Gen Life.. .10
Continental Casualty.. -.5
44
26
2*4
Eagle Fire
Employers Re-Insurance 10
43
99
90
93
98
100
Fletcher 5s
Ohio-Pennsylvania 5s...
104
Greensboro
98
Potomac 5s
Illinois Midwest 5s
San
100
5s
91
101
101
Southwest
78
Illinois of Montlcello 5s._.
Kentucky of Lexington...
100
93
La Fayette 5s
-
•
-
-
•*
-
96
101
....
69
73
Southern Minnesota 5s....
100
100
35
100
/27
30
Tennessee
82
98
Iowa of Sioux City 6s
101
/32
100
5s
5s
5s
Union of Detroit 5s
98
644
Land
10
25
Lincoln
100
7
..100
30
40
North
100
20
Dallas
100
65
70
Pennsylvania
100
15
20
Denver
100
1
4
..100
18
24
100
75
80
100
54
58
Dea
—
Moines..
First Carollnas..
100
2
6
Fremont...
100
3
5
Carolina
Potomac
San Antonio......
Virginia
5
Virginia-Carolina .....100
Bid
Ask
*4
32
New Hampshire Fire
26
27*4
New Jersey
10
20
46
New York Fire
28
Northern
3*4
6*4
45
4*4
45
8*4
49
4162.
National.25
Pacific Fire
25
Phoenix
10
12*4
37*4
47 *4
45
22
19*4
102*4 106*4
27
25*4
121
125*4
122*4 126*4
86*4
90*4
Providence-Washington. 10
Republic (Dallas)
10
6
31
33
Rochester
10
1
20*4
21*4
Rossla
5
13
24
26
St Paul Fire & Marine..25
216
222
39*4
Seaboard Fire & Marine..5
13
16
24
26
Alliance
10
5
5
Accident
American
5
20
22
39*4
23*4
41*4
24*4
29
32
14*4
Globe & Rutgers Fire.. -15
41
41*4
16*4
44*4
Security New Haven... 10
35*4
15
66
70
Southern Fire
10
25
27
28*4
29*4
Springfield Fire & Mar..25
137
140
11
Stuyvesant
preferred
Great American
5
14*4
Seaboard Surety
10
37*4
Great Amer Indemnity ..1
10
Halifax Fire
22
23*4
Sun Life Assurance
100
470
500
10
20
30
Travelers
100
570
580
.10
36
38
15
29*4
U S Fidelity & Guar Co..2
U S Fire
4
14
27*4
50*4
62*4
73
76
U S Guarantee
10
54
57
Westchester
2.50
35
37
Hamilton
Fire
Hanover Fire
Harmonia
10
.10
8
Hartford Steam Boiler. .10
page
..2.50
River..
Northwestern
42
129
Preferred
Hartford Fire
For footnotes see
North
5
12.50
35*4
45*4
3*4
11*4
2d
H
37
10
9*4
4
76 *4
Franklin Fire
24
Atlantic.
Par
New Brunswlok Fire
28*4
23*4
29*4
3*4
10
General
10
Ask
2
New Amsterdam Cas
3
74*4
Globe & Republic
15
1
98*4 100
Glens Falls Fire..:
Bid
5
Firemen's of Newark.. ..5
Bank Stocks
100
Fire
Fidelity & Dep of Md__ .20
Fire Assn of Philadelphia 10
99
Par
Atlanta
21*4
5
Georgia Home
Joint Stock
5
.10
Fire
Federal
101
97
98
635
Boston
Excess
99
100
Virginia-Carolina 5s
Virginian 5s
9
94
1(H)
Bankers &
...
Antonio
8
2*4
Shippers... .25
Baltimore Amer
99
100*4
100
St Louis 5s
88
...
5s
5s...
100
Fremont 6s
Greenbrier 5s
100
/40
Phoenix
»
5
Automobile
Ask
99
100
8
74*4
13*4
Pacific Coast of Portland 5s
First Texas of Houston 5s.
6
72*4
Maryland-Virginia 6s...
Mississippi-Tennessee 5s..
Oregon-Washington 5s..
First of New Orleans 5s...
6
Ask
28*4
Knickerbocker
91
First Trust of Chicago 5s..
5
27 *4
Ins Co of North Amer_.10
92
Wayne
Bid
83*4
88
First of Fort
10
26
78
6a
10
81
101
First Carollnas
Security
24*4
100
Denver 6s
Fire
.10
American of Newark
...
Homestead Fire
American Reserve
98
North Carolina 5s
Home
.25
100
New York 5s
99*4
55
American Re-lnsuranoe .10
Bid
Lincoln 5s
Par
95*4
53
American Alliance
Louisville 5s
101
Companies
Arjfc
Agricultural
Bank Bonds
Ask
99*4 100*4
Atlantic 6s
California
Land
Bid
Hartford 35
—
.10
Casualty & Surety 10
Aetna Fire
Aetna Life—a
Joint Stock
HARTFORD
A. T. T. Teletype
5-0151
MUNICIPAL BOND DEALERS
120 So. La Salle
York Stock Exchange
Members New
6
MUNICIPAL BONDS
72*4
75*4
..5
34*4
36*4
Home
5
Fire
6*4
7*4
Financial
4160
June 20, 1936
Chronicle
Securities—Friday June 19-Continued
Quotations on Over-the-Counter
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
§!■;
3o$epb Walker $ Sons
Members T^ew
/>
120 Broadway
York Stoek Excbangt
Dealers in
Tel. REctor
2
/;
DUNNE&CO.
Dealers Ass'n.
Members New York Security
JOhn 4-136!
Pine Street, New York
GUARANTEED
NEW YORK
2-6600
STOCKS
Since
185^,
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
—
Sold
—
Quoted
Earnings and Special Studies on Request
■y/f-
(Guarantor In Parenthesis)
Asked
91
95
10.50
6.00
185
101
Members T^ew York Security
105
2.00
41 Broad St., New York
131
133
138
8.00
53
4.00
97
99
6.00
99
101
6.00
95
99
3.60
87
89
2.00
48
51
46
2.00
6548. 1945
Akron Canton A Youngs town
48
86
90
188
193
4.00
76
79
60.00
950
Prior lien
St Louis Bridge 1st
6754
6.00
96
Convertible 6s,
99
1940-45
103
23
26
70
3.00
(Pennsylvania)-.100
7.00
165
100
100
7.00
180
183
Goshen A Deckertown 1st
6.90
103
106
100
100
6.00
146
150
74
40
3754
86
170—
'
3.00
146
150
267
Macon Terminal 1st 6s,
90
94
5.00
100
105
5.00
77
82
5.00
80
85
3.50
51
55
8.00
66
68
<
—.....
4s, 1939.....
1965—
43
103
93
...............
95
9754
80
76
71
454s, 1957
...
93
90
—
73
91
—
9154
92 54
Shreveport Bridge A Terminal 1st 5s, 1955—.......
{Somerset Ry 1st ref 4s, 1955
....
Southern Illinois A Missouri Bridge 1st 4s, 1951....—
Toledo Terminal RR
"'V
9754
—
1
•
m
66
54
St Clair Madison A St Louis 1st 4s. 1961
Quotation«—Appraisals Upon Request
75
72
—
1st 4a, 1955
8754
10254
104
...
.............
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 6s, 1966
—...
New York Central secured 3 J^s, 1946
New York A Hoboken Ferry general 6s. 1946....
Rook Island-Frisco Terminal
61
102
103
Portland RR 1st 354a, 1951
Consolidated 6s, 1945
EQUIPMENT TRUST CERTIFICATES
97
60
.....
Maryland A Pennsylvania 1st 4s, 1961
Meridian Terminal
9954
96
...
10154
Little Rock A Hot Springs Western 1st
253
6.00
Susquehanna (D L & W)—...100
Valley (Delaware Lackawanna A Western)—...—100
Vlcksburg Shreveport A Paclfio (Illinois Contra!)—.100
Preferred
100
Warren RR of N J (Del Lack A Western)—
60
West Jersey A Sea Shore (Pennsylvania)
50
Utlca Chenango A
6754
106
10554
1978
10.00
100
(Pennsylvania)....100
Tunnel RR St Louis (Terminal RR)
10754
9954
86
Kansas Oklahoma A Gulf 1st 6s,
--
87
/ 65
.....—-
Georgia Southern A Florida 1st 6s, 1945
554a, 1978....
»
10154
10154
107 54
Kanawha A West Virginia 1st 6s, 1955
3.00
.......
Hoboken Ferry 1st 6s, 1946
1.50
95
102 54
84
......
—
85
85
...
...—
66,
pref (Terminal RR)
United New Jersey RR A Canal
82
Chateaugay Ore A Iron, 1st ref 4s, 1942...
Chesapeake A Ohio 354a, series D, 1996
—
Chicago Union Station 35*s, series E, 1963
Choctaw A Memphis, 1st 6s, 1962
....
Cincinnati Indianapolis A Western 1st 5s, 1965
Cincinnati Union Terminal 354s, series D, 1971
Cleveland Terminal A Valley 1st 4s, 1995..
101
preferred
./*V
82
...........
....
Buffalo Creek 1st ref 6s, 1961
"70
3.876
1942
454s, 1944
Prior lien 4s.
7.00
(Delaware A Hudson)
105 54
65
.....
m
■
•
5.50
10.00
4.60
Preferred
„
100
10454
60
Rensselaer A Saratoga
•
92
.....
........
4.00
Preferred
80
77
.........
60
Hartford)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
77
76
..............
6s. 1945
Augusta Union Station 1st 4s. 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 454a, April 1 1943
Boston A Maine 3s, 1950—.—
100
60
50
Northern Central (Pennsylvania)....
Asked
Bid
56
...
Pittsburgh Fort Wayne A Chicago
Bell System Teletype NY 1-684
•
Bonds
Railroad
135
8.60
HAnover 2-2455
•
3954
37)4
8.75
......
Old Colony (N Y N H A
Dealers Association
190
Alabama A Vlcksburg (Illinois
Second
Bid
6.00
Central)—
100
Albany A Susquehanna (Delaware A Hudson)..
100
Allegheny & Western (Buff Roch A Pitts)
100
Beech Creek (New York Central)..
60
Boston A Albany (New York Central)....
...100
Boston A Providence (New Haven)
—...100
Canada Southern (New York Central)
..100
Carolina Cllnohfleld A Ohio (L A N-A C L) 4%
100
Common 6% stamped
100
Chloago Cleve Clno A St Louis pref (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)
60
Betterman stock
60
Delaware (Pennsylvania)
...
.....26
Fort Wayne & Jaokson pref (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
....100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)
60
New York Lackawanna A Western (D L A W)—-100
E. SLOANE & CO.
JOHN
Dividend
Par in Dollars
,
87
-•
68
63
91
111
454s, 1957
......
454s, I960........—......—
-
'
m
Toronto Hamilton A Buffalo
Wires to
98
98 H
9954
67
69
Washington County Ry 1st 354a, 1954
Stroud & Company Inc.
Private
97
Union Paclfio debenture 354s, 1971
..........
Philadelphia, Pa.
New York
ROESER & PENDLETON, INC.
Railroad
Bid
61.75
1.00
Baltimore A Ohio
63.00
2.00
63.00
2.00
5s
Analysis upon Request
64.35
64.00
2.50
554s
64.00
2.50
65.00
4.00
4548
2.50
6s
63.75
2.50
New York Central
354s Deo 1 1936-1944..
63.50
2.00
63.75
4^s
454s..
454s.._
454s._
63.00
2.00
63.00
2.00
Canadian Pacific 454s
Cent RR New Jer 454s_._
63.00
2.00
62.00
1.25
Chesapeake A Ohio 5Mb..
61.50
1.00
63.00
2.00
63.00
64.50
3.75
3.75
Par
62.00
4^8—11
6s
2.00
64.50
N Y N H A Hartf
2.00
2.00
63.00
5S
1.25
61.00
0.50
6s
2.00
62.00
1.00
65.10
4.25
1.00
Assoo Gas A El orlg pref..*
4s series E due
5a
1.00
Alabama Power $7 pref..*
Arkansas Pr A Lt 37 pref.*
62.00
454 s
Pennsylvania RR 454s
62.75
65.10
6s
Chic Mllw A St Paul
454s.
4.25
66.75
6.00
66.75
6s
Chicago RIA Pao 454s.__
66
66
6s
6.00
$6.50
Jan A July 1936-49
Pere Marquette
4J4s
Reading Co 454s
6s
65.26
4.25
5^8
65.25
1.25
Erie RR
63.00
554s—
2.50
6s
62.00
1.00
4^8
63.00
2.50
6s
63.00
2.50
61.75
1.00
61.75
1.00
61.75
1.00
Great Northern
4>4s
5s
Hocking Valley
Illinois Central
6s
6s
62.85
4>$8
2%.
62.25
Internet Great Nor
1.50
62.00
...
5^S
1.00
6s
65.00
4%
63.00
454s..
Long Island 454s—
2.00
62.50
554s
Minn St P A S S M 4s
1.00
2.50
63.75
Maine Central 6s
1.00
63.75
454s
68
1.75
61.75
61.75
Loulsv A Nashv
2.50
65.00
4.00
.66.00
4Hs
4.00
62.75
2.00
2.00
62.75
2%
62.75
2%
85
90
85
*54s
4.25
454s..
2.00
63.00
non-call Deo 1 1936-60
St Louls-San Fran 4s
71
65.-6
Denver A R Q West
62.85
2^s series G
5s
71
Public Utility
62.00
Northern Pacific
654s
4548
Chicago A Nor West 454s_
TNO.
HA™v&h2?ia282 52 William Street, N.Y.
63.00
5s
N Y Chlo A St L 454s
Canadian National
robinson, miller & co.
3.00
6s
Missouri Paclfio
New Orl Tex A Mex
Boston A Maine
Ask
Bid
Ask
Atlantlo Coast Line
454s..
454s
(a producing oil company)
Equipment Bonds
90
85
6s
554s
Southern
90
Paclfio
65.00
4.00
65.00
St Louis Southwestern 6s.
4.00
62.65
4>4s
1.75
*
*
Atlantlo City El $6 pref..*
BangorHydro-El 7 % pf 100
Birmingham Eleo $7 pref.*
Buff Nlag A E pr pref...25
Carolina Pr <fc Lt $7 pref..*
6% preferred..
..*
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
preferred
$7 preferred....
63.00
1.75
Consumers Pow $5 pref—*
62.75
2.00
2.00
5s
1.60
61.60
454s—
6s
0.75
61.60
Union Paclfio
0.75
61.75
5s
1.06
61.75
Virginian Ry 4>4s
1.06
6% preferred
6.60% preferred
.100
100
preferred
100
96
New Eng G & E
24 54
25 54
87
N E Pow Assn 6%
72 54
7354
68
71
~
105
101
Dayton Pr<fe Lt 6% pf.100
Derby Gas A Eleo $7 pref.*
Essex-Hudson
194
110 54
49
95
554a
6s
101
103
Hudson County Gas... 100
Idaho Power $6 pref
*
194
62.50
2.00
65.25
4.25
65.25
4.25
7%
preferred
100
Illinois Pr A Lt 1st pref..*
Interstate Natural Gas..*
54
108
pref.. 100
*
Ohio Edison $6 pref
*
*
'%
109
11054 112
4354
4254
Pari
1
Bid
Bond A Mortgage Guar.20
Empire Title A Guar... 100'1
8
Ask
M
Fo
footnotes
see page
4162.
54
12
Par
Lawyers Mortgage
20
Lawyers Title A Guar.. 100
Bid
34
1
Ask
1
111
85
10954 11054
6% preferred C
100
Sioux City G A E $7 pf.100
105
Sou Calif Edison
2
*
88
107
10554
91
2854
11254
Mississippi P <fc L $6 pf
86 54
86 54
110
28
110
83
85""
78
79 54
Western Power $7 pref. 100
113
107
89
103
7% preferred
100
Los Ang G & E 6% pf—100
Memphis Pr A Lt $7 pref.*
84 54
194
101
87
99 54 101
pref B.25
pref 100
7% preferred100
Texas Pow A Lt 7 % pf. 100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.100
Utah Pow A Lt $7 pref...*
Utlca Gas & El 7% pf-100
Virginia Ry
100
98 54
111
*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E 7% B 100
pref
Tenn Eleo Pow 6%
75 54
11154 11354
109
30
85
-
84
24
74
—
108
28
96 54
•
90 54
100
23
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
.
106 54
Okla G A E 7% pref...100
Paclfio Pow A Lt 7% pf 100
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pf.._100
Realty, Surety and Mortgage Companies
87 54
107
Interstate Power $7 pref.*
Jamaica Water Sup pref .50
...
104
105
j
5054
110
South Jersey Gas A El. 100
53 54
49 54
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf—100
Penn Pow A Lt $7
52
O-M*
7% cum preferred... 100
N Y A Queens E L P pf 100
7% preferred
103
112
122
554a
40
106
100 54 102
109 54 111
$7 preferred
106
10554 106 54
Foreign Lt A Pow units..*
5s
39 54
^
104
Nor States Pr $7
51
10454 105 54
Gas A Eleo of Bergen.. 100
Hamilton Gas Co v t o
Western Paclfio 6s....
.*
•
New Jersey Pr A Lt $6 pf. *
New Orl Pub Serv $7 pf--*
110 54
49
10254
2.00
$7 prior lien pref
122
N Y Pow A Lt $6 cum pf.*
102
62.50
pf—100
554% pf-*
pf--100
New Eng Pub Serv Co—
95
102
—
36
11154
2454
99
Western Maryland 4 >4 a
554
3854
85
100
454s
—
4
3554
34
94
100 54
Wabash Ry
6s.
113 54 11554
13 54
16
2454
110
100
7854
Newark Consol Gas...100
Dallas Pr & Lt 7% pref. 100
Gas
1Q0
preferred
70
Nebraska Pow 7%
Continental Gas A El—
7%
Ask
66
7154
6954
106 54 108
J). 100
7%
pref...100
Nassau A Suff Ltg pf—100
109
554s
62.50
11254 11454
1st $6 preferred A... 100
Consol Traction (N
62.75
Mountain States Pr com.*
$6.50 preferred B...100
1.75
1.75
4s
Mo Pub Serv $7
10 54
76
63.00
6% pref. 100
10 54
954
116
Bid
74 54
preferred
Miss Riv Pow
6
5
$7
954
66
5a
454s
8554
73
2.50
Texas Paclfio
76
87 54
64
62.65
454s
Par
Mississippi Power $6 pref..
74
$7 preferred
100
Cent Pr & Lt 7% pref—100
Columbus Ry Pr A Lt—
63.25
5s
Southern Ry
Stocks
Ask
Bid
63 54
6454
7154
72 54
107 54 109 54
110 34 11154
90 54
68
9254
65 54
66 54
97 54
9854
11254 115
100
•
-
—
Volume
142
Financial
Quotations
Chronicle
4161
Over-the-Counter Securities—Friday June 19-Continued
on
Securities of the
Specialists in —
Associated Gas & Electric
System
S. A. O'BRIEN
&
Water Works Securities
CO.
Complete Statistical Information—Inquiries Invited
Members New York Curb
Exchange
150
BROADWAY, NEW YORK
75
FEDERAL
COrtlandt 7-1868
,
&mT.BREOTStC0.
ST., BOSTON
Hancock 8920
'NCOR PO RATED
Direct Private
Telephone between New Yprh and Boston
Bell System Teletype—N.Y. 1074
y---
Public
40 EXCHANGE
Tel.: HAnover 2-0510
PLACE, NEW YORK
Teletype: New York 1-1078
Utility Bonds
OFFERINGS
Bid
Amer States P 8
Ask
5Ms.l948
67 M
Amer Wat Wks A El 6s '75
Aril Edison 1st 5s....1948
101 M
Bid
69 M
103
84 M
86 M
91
93
65
1st 6s series A
1945
Ark Missouri Pow 1st 6s *63
67
Associated Electric 5s. 1961
69 M
705*
Assoc Gas & El Co 4Mb '58
Assoc Gas & Elec Corp—
46
37
37
Income deb 4s
39
39 M
City Pub Serv 3s. 1951
Kansas Elec Pow 1st 6s *37
Kan Pow A Lt 1st 4Mb '65
Keystone Telep 5Ms-1955
Long Island Ltg 5s...1955
Los Angeles G A E 4s. 1970
First
Ask
45 %
American
105
Water Works & Electric
Co., Inc.
Consumers Water Co. (Maine)
101M
106
WANTED
Mortgage Bonds of Subsidiaries
47
104
1085*
105 M
107 M
106
107 M
108
105
105 H
98 M
47
Income deb 3Ma...1978
Income deb 35aa—.1978
Kan
43 M
Income deb
1978
4Ms—-1978
37 M
37 M
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st A gen
4Ma
1960
Mtn States Pow 1st 6s 1938
97 M
Conv deb 4s
1973
42 M
72
Newport N & Ham 5s_ 1944
106
Conv deb
1973
74
79
New Eng G & E 5s.— 1962
New York Cent Eleo 5s '52
70
78
Conv deb 5Ma
1973
Sink fund Income 4s 1983
Sink fund inc 4 Ms-1983
72 M
99
85
88
Northern N Y Utll 5s. 1955
44
46
465*
48
Est. 1854
PORTLAND, MAINE
107 M
75
1973
H. M. PAYSON & CO.
4Mb
Conv deb 5s
Sink fund Income 5s 1983
Sink fund lno 5M8—1983
Participating 8s
495*
Old Dom Pow 5s May 15*51
54
101 J*
1015*
103 M
BellowB Falls Hy El 5s 1958
Blackstone V G & E 4s *65
109 M
Brooklyn Edison 35*8.1966
Bklyn Man Trans 4 Ma '66
1015* 102 M
1005* 100 M
102
Cent Ark Pub Serv 5s 1948
Central G & E 5Ms—1946
1st Hen coll tr 6s
Colorado Power 5s...1953
Columbus Ry P & L 4s '66
-
97
Alabama Water Serv 6s *57
Alton Water Co 5s
1956
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
71
5s. 1962
Telep Corp 1st 4s '65
Peoples LA P5Ma —1941
/70M
105
Pennsylvania Elec
106 5*
Birmingham
107 M
104
Public Serv of Colo 6s .1961
Pub Serv of N H 3 J*s C '60
105 5*
71M
1063*
105 5*
105
104 X
105 M
78
San Diego Cons GAE 4s '65
Sioux City Gas A El 6s *47
Sou Calif Gas lBt 4s. .1965
1095* 1093*
Sou Cities Utll 5s A. .1958
S'western Gas A El 4s. 1960
825*
835*
1065* 107 M
93 M
94 M
58 5*
103 5*
'
105?*
104 M
Pub 8erv of Okla 4s A. 1966
Pub Utll Cons 5Ma... 1948
80
103 M
69
103 M
104 X
Penn
-
98
79
1946
Cent 111 Light 3M8
1966
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4« ser G "60
'
'
Pacific Gas & El 33*8 H '61
Parr Shoals Power 5s .1952
m
*
+
106 M 106
%
Conn River Pr35*s A.1961
Consol Edison NY 35*8*46
1045*
103 M
103 5*
59
103 M
60
105
104 5*
%
106 M
104 %
59 5*
1055*
103 M
Debenture 3Ms—..1956
Consol E & G 5-6s A..1962
77
t
Edison El HI (Bos)
3Ms *65
Federal Pub Serv 1st 6s '47
Federated Utll 5Ma~1957
Green Mountain Pow 5s '48
Iowa Sou Utll 6MS...1950
105 5*
...
—
1065* 107 M
/40
"
*.
—
77
-
79
1025* 1035*
100 M 102
Tel Bond A Share 5s.. 1958
85
Utlca Gas A El Co 58.1957
123
Virginia Power 5s
1942
WashA Suburban 5 Ms 1941
Western Pub Serv 5 Ms '60
West Penn Pr 3 Ma ser I '66
Wisconsin G A El 35*s'66
Wisconsin Pub Ser 5 Ma '59
1st mtge 4s—
1961
Water Bonds
Bid
102 H
51
52
1940
96
Tel. 2-3761
87
Water
Ask
Bid
985* 1005*
104 M
Works
5s series C
1957
102
104
5s series B
1954
100
103
97
91
1063*
102 M
102 H
105 M
100 5*
105
106
New York Wat Serv 5s '51
96
1035* 105
Newport Water Co 5s. 1953
99 M
-
-
-
5s
1951
102
5 Ma series A
1951
103 M
Ohio Cities Water 5 Ms '53
Ohio Valley Water 6s. 1954
Ohio Water Service 5s. 1958
1941
102
City W (Chat) 5s B—.1954
Ore-Wash Wat Serv 5s 1957
Penna State Water 5 Ms '52
101
1st 5s series C
*..1957
Clinton W Wks Co 6s. 1939
105 M
City of New Castle Water
6s
101
...
1947
103
...
Community Water Service
82
Connellsville Water 5s. 1939
Consol Water of Utlca—
100
...
■
Real Estate Securities
95
Roanoke W W 6s
1st mtge 6s._
1958
97
99
Roch A L Ont Wat 5s. 1938
St JoeephWater 4s sel9A66
196(
104 M
...
98 M 100 M
98
100
106
5Ms series B_.
108
5s.
104 M
.
■«»
-
•
«.
-
-
m
•»
-
101 M 103 M
1055*
&. CO.
1055*
1st lien A ref 5s
104
■
-
•
~
105 M
1st lien A ref 6Ms.. 1953
1st hen A re' 5 Ms..19,
100
104 M
107"
105
92 M
94
M
106
"
4 Ma
1958
Scranton Spring Brook
Water Serv 5s... 1961
1st A ref 5s A
1967
Sedalla Water Co 5 Ma *47
South Bay Cons Wat 5s *50
1025*
104
102 M
Pittsburgh Wat 5s "55
104
1960
100
1960
...
1025*
103"
101
1U2M
81"
79
102 M
104M
Terre Haute Water 5s B *56
6s series A
1949
103
Texarkana Wat 1st 5s. 1958
Union Water Serv 5 Ms '51
Water Serv Cos Inc 5s. 1942
94
West Virginia Water 5s '51
Western N Y Water Co—
106
Indianapolis W W Secure
Mortgage Certificates
109"
98
104
5s series B
102 M
INCORPORATED
Real Estate Bonds and Title Co.
1950
5s series A
102
5s
101 M
Sou
---
104
ackensack Wai
Bell System Tel.
N Y 1-588
102
99 M
100 M 102 M
103 M
Scranton Gas A Water Co
1945
5s series B
We invite inquiries for copies of our
compre¬
hensive statistical reports on real estate issues.
100
108
93
D
95
102
1958
105 M
M 100M
92
102 M 104 M
106
107
4Ma—
101H
98
Plalnfleld Union Wat 5s '61
Richmond W W Co 58.1957
87
Greenwich Water A Gas—
Broadway, N.Y.
1948
91
102 M
94
108
Phlla Suburb Wat 4s__1965
Pinellas Water Co 5 Ms '69
84
85
6s series
150
1948
94 M
91M
Pittsburgh Sub Wat 5s *58
1946
1946
v
1948
1st consol 5s
Prior lien 5s
105 M
6 Ma series B
6s series A
Penna Water Co 6s...1940
Peoria Water Works Co—
1st A ref 5s
1950
1st consol 4a
1957
1035* 105
2360
97
98
102
104
Chester Wat Serv 4Mb '58
Citizens Water Co (Wash)
6s series B...
AMOTT, BAKER
94
California Wat Serv 5s '58
1015* 1035*
Davenport Water Co 5s '61
E St L A Interurb Water
BArclay 7
New Roohelle Wat 5s B *51
6 Ms
1951
107 M
104 M
104 M
5 Ma series A
89 M
102 M
102
5 Ma series A
1954
Butler Water Co 5s...1957
5s series C
106 5*
103
M uncle Water Works 5s '65
New Jersey Water 6s., 950
1035*
105 M
100
Monongahela Valley Water
5 Ms—
1950
Morgan town Water 5s 1965
1035*
Commonwealth Wat (N J)
106 5*
95
Ask
103 M 105M
Middlesex Wat Co 5Ms* 57
Monmouth Consol W 5s *56
5s series B
i960
102
102
102
102
104
103"
96
99
1st mtge 5s
19,
97
Interstate Water 6s A. 1940
102
106
•
-
m
-
—
1961
97
100
1st mtge 5 Ms
99
If/50
100
102
Westmoreland Water 5e '52
Wichita Water Co 5s B. '56
102
1025* 104 M
'
Bid
Alden 1st 6s....Jan 1 1941
Broadmoor (The) 1st 6a '41
B'way Barclay 1st 6s. 1941
104 M
Ask
1
/43 M
...
54
/•50M
31
32 M
Bid
Majestic Apts 1st 6s.. 1948
Metropolitan Chain Prop—
6s
1948
—
Certificates of deposit...
B'way A 41st Street—
/31 5*
325*
f 39 M
42
/285*
94
Kokomo W W Co 5s_. 1958
30
Lexington Wat Co 5 Ms '40
104 M
101
103
.
58 series C
1960
104 M
6s series A
1949
103
W'msport Water 5s... 1952
mm
103
105
96
Metropolitan Corp (Can)—
1st leasehold 6Ms.. 1944
Ask
—
Metropol Playhouses lno—
6s
Broadway Motors Bldg—
6s stamped
1948
Chanln Bldg Inc 4s... 1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s__1948
/60M
65 M
62
69 M
65 M
71 M
91
93 M
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
/49M
91
Dorset (The) 1st 6s... 1941
77 M
Deb 5s 1952 Legended
unstamped
795*
76
79
515*
52 5*
1949
35 M
N 'V
1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6a
42 Bway 1st 6s
/25M
/50M
1958
1939
1400 Broadway Bldg—
1st 6 Ma stamped
1948
30
'
-
/42
Fuller Bldg deb 6s
1944
/30
1st mtge 2s stmpA reg'55
1st A gen 6s
1946
N Y Eve Journal 6
5*8.1937
71
/48M
5 Ma series Q
»
-
73
/28M
Prudence
-
Income
1943
73
Savoy Plaza Corp—
Rea ty ext 1st 5 Ma. 1945
'585*
605*
91 M
93 5*
Sherry Nether land Hotel—
1st 5 5*8
May 151948
/535*
555*
60 Park PI
49 M
51M
616 Madison Av 1st 6Ms"38
61 Bway Bldg 1st 5 Ma 1950
50
Keith-Albee Bldg (New
1st 6 Ma
Apr 15 1937
Lincoln Bldg lnc 5Ma. 1963
Loew's Theatre Re alt Corp
l*t6s
1947
London Terrace Apts 6s 40
Ludwlg Bauman—
1st 6s (Bklyn).—1642
1st 6 Ma (L I)
1936
84
-
64 M
-
-
-
-
..
6s
1945
(Newark) 6s '37
General 7s
1945
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
Textile Bldg 1st 6s
1958
68M
Trinity Bldgs Corp—
1st 5 Ma
1939
925*
2 Park Ave Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
/51
66 M
915*
/43M
46
1st 6 Ms
Oct
19
74 M
345*
495*
-
-
-
1st fee A leasehold
*
1P53
79
Bid
Nat Union Mtge
Series A 2-6s
'm
55
Associated Mtge Cos Inc—
Debenture 2-6s
1953
44
Cont'l Inv Bd Corp 2-5s '53
m
~
—-
77
Mtge Co
6s
5 Ma
44
46
46
Mortgage Bond Co of Md
79
68 M
130
49 M
51M
/49M
(Mtge Guarantee series).
/30
51
/35
/20
22
22
1953
43
—
45
43
45
43
45
—-
34
'
Corp 2-68
Realty
1953
67
—
Atlantic
Debenture Corp 2-6s '53
Realty Bond A Mortgage
deb 2-6s
...1953
Union Mtge Co 5 MsA 6s'37
Universal Mtg Co 6s '34-'39
43
45
43
45
/54
/54
76
43
45
36 M
/20
-
76
Potomac Deb Corp 2-6s '53
ture
Nat Bondholders part otfs
/31
77
(all
1953
Potomac Cons Deb Corp—
Potomac
33
—
(Mtge Security series)..
Nat Cons Bd Corp 2-5s *53
Nat Deben Corp 2-6S.1953
1954
Corp
51M
Potomac Franklin Deb Co
2-6s
1953
Potomac Maryland Deben¬
f54
(Central Funding series)
Nat Bondholders part ctfs
50
Bond
2-6s
A
1934-43
1954
Series B2-5s
Potomac
Ask
Corp—
Issues) 2-5s
Cont'l InvDebCorp 2-6s *53
Home
32 M
Ask
77
65 M
Telephone and Telegraph Stocks
Par
215*
24
54 M
53
/13M
Am Dlst Teleg
Preferred
(N J) com.*
Bid
55"
15M
00
99 M
64
1938
/28M
'39
50"
1015*
66 M
Par
New York Mutual Tel. 100
Bid
Ask
25
29
127
116
118
145
N'west Bell Tel pf 6 M % 100
148
21
124
Pac A Atl Telegraph
25
Peninsular Telephone com*
Preferred A
100
19
121
125
Bell Telep of Pa pref—.100
Cincin A Sub Bell Telep.50
87 M
Cuban Telep
JO 00
Ask
117M 120
100
Bell Telep of Canada.. 100
/215*
7% pref.. 100
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
102
Lincoln Tel A Telegraph..*
115
Mtn States Tel A Tel.. 100
New England Tel A Tel 100
141
90
46
63
43
975*
18 M
110
20
1125*
Roch Telep $6.50 1st pf.100
So A Atl Telegraph
25
90
105
112
20
24
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
148
150
Trl States Tel A Tel-
Preferred
144"
'
1235* 1255*
10
105*
Wisconsin Telep 7% pf.100
115M
HM
/72M
Westinghouse Bldg—
74 M
2-5s
Inc 2-5s
1953
Nat Bondholders part otfs
10M
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s "43
Hotel St George 4s
1950
1936
44
Roxy Theatre—
65 M
All series
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
39
Realty Assoc Sec Corp—
*
Bid
Allied Mtge Cos lno—
11
/8
Co
5 Ma double stpd...1961
/48
635*
Roohelle) 1st 6s
5*
88 M
lstfee A l'hold 65*8.1940
70
315*
38
/365*
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
5s
9
Surety Guaranteed Mortgage Bonds and Debentures
1005*
5 Ms series F-l
6M8 unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s. 1951
Lefcourt Manhattan Bldg
1st 4-58 extended to 1948
Lewis Morris Apt Bldg—
36 5*
37
/42M
/33 5*
103 E 57th St 1st 6S..1941
165 Bway Bldg 1st 5 Ma '51
69
Fox Theatre A Off Bldg—
1st 6 Ma
Oct 1 1941
Munson Bldg 1st 65*8-1939
N Y Athletic C ub—
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Ave 6s..Nov 6 1939
42 M
602 Park Ave 1st 6s. .1941
62d A Madison Off Bldg—
6s
98
73 5*
5 Ms series C-2
75*
500 Fifth Avenue—
6Ms
96
72
N Y Title A Mtge Co—
5 Ma series BK
/6
Eqult Off Bldg deb 58.1952
93 M
/30
East Ambassador Hotels—
1st A ret 5 Ms
1947
50 Bway Bldg lBt 3s lnc '46
1947
1945
S f deb 5s
122M 124 M
For footnotes see page 4162.
J
Friday June 19-Continued
Securities
Quotations on Over-the Counter
June 20, 1936
Chronicle
Financial
4162
HAMILTON GAS CO. V T C
Bought, Sold & Quoted
Specialists in all
;
QUAW & FOLEY
DISTRIBUTORS GROUP. Incorporated
63 Wall Street, New York
BOwling Green 9-1420
NEW YORK
BROAD STREET
30
Curb Exchange
Members New York
Telephone HAnover 2-9030
Investing Companies
ISSUED SECURITIES
WHEN
RIGHTS
Established 1919
Teletype N Y 1-1397
2-8780
Gal.
Molybdenum Co.
Climax
Sylvania Industrial Corp.
C. E. UNTERBERG & CO.
[New York Security Dealers Association
SSSSST?.
*
American Book
100
American Hard Rubber—
28
102
8% cumul preferred
29%
Amer Maize Products
American Mfg
23%
21%
23
75
X72
100
Preferred
30%
21%
25
*
100
American Hardware
4%
3%
oom.*
Andlan National Corp...*
Art Metal Construction. 10
Beneficial Indus Loan pf.*
Bowman-Biltmore Hotels
1st preferred..
100
Canadian Celanese com..*
American Republics
49
2
3%
*28
49
114
100
100
North Amer Match Corp.*
Northwestern Yeast
100
Norwich Pharmacal
5
78
*38
*
20
*
*
100
*
23%
25%
Columbia Broadcasting A *
55%
57
Remington Arms com
Scovill Mfg
*
*
55%
56%
Singer Manufacturing.. 100
52%
54%
54"
Sparta Foundry common..
Standard Cap A Seal
6
Standard Screw
100
55%
Stromberg-Carlson Tel Mfg
8%
Sylvania Indus Corp
*
26%
Taylor Milling Corp
*
16%
*
814
44 %
87
preferred
100
Supply Co of N Y
108
*51
*
52%
AGO
119%
Dictaphone Corp
Preferred
41
Dixon (Jos) Crucible... 100
Doehler Die Casting pref.* *101%
60
Preferred
16"
*
68
70
Corp
%
*
Flour Mllleof America
1%
Foundation Co—
Foreign shares
American
*
-
shares...
..*
*
Galr (Robert) Co com
6%
7
4
5
5%
*30
Flreprooflng 87 pf. 100
10
Graton A Knight com
*
100
45
Golden Cycle Corp
Preferred
Great
Northern
Jacobs (F
Paper..25
L) Co
......
1
Klldun Mining Corp
Steel
*
pf.10
Unexcelled Mfg Co
10
Un Piece Dye Wks pf.,100
U S Finishing pref
100
Trico Products
Corp
Tublze Chatillon cum
48%
52%
Welch Grape Juice pref.
4%
6%
48
40%
26
27%
16%
14%
2%
West Va
100
Pulp A Pap com. *
100
Preferred.
Dental Mfg_20
White Rock Mln SpringWhite (S S)
134
*
97.00
Super Corp of Am Tr Shs A
3.87
1.63
1.76
29.59
31.80
1
*
40%
43%
26.15
28.17
*
11.95
9.93
D
4.85
21.87
23.97
6.10
6.75
5.15
118
Bid
American Meter 6s...1946
19
...
110
Wire Fabrics 7s. .1942
95
97
5.90
1.03
1.15
1.37
1.52
Trusteed N Y Bank Shares
1.52
1.73
1.83
1.98
United Gold
1.55
1.68
Equltles(Can)
1
U 8 El Lt A Pr Shares A..
2.92
3.13
18%
19%
2.92
3.02
1.13
1.20
1.15
1.27
1.38
1.50
1.25
1.36
Standard Shares
B
1.50
1.63
Voting trust ctfs
Un N Y Bank Trust O 3..
shares......
1.22
1.33
Un N Y Tr Shs se rF
Equipment shares..
1%
Fund
Wellington
1.11
1.21
1.58
1.43
Investm't Banking Corpi
1%
19.75
1.63
1.31
3%
2%
18.00
3%
Bancamerlca-Blair Corp..
1%
First Boston
24
22
.40
.55
22.26
8%
X7%
51%
50
Corp
SchoeUkopf, Hutton A
23.94
7%
6%
Pomeroy Ino com
BURR & COMPANY INC.
Chicago
NEW YORK
-
-
Boston
18%
105
Store Securities
Chain
9%
46%
115
2 %
3%
6
8
3%
4%
Chain Store Stocks
Par
47
15%
60
125
14
14%
37%
39
4
34
37
102
126
100
•«««..
100
*
preferred
100
Murphy(G C) $5 pf
100
Nelsner Bros pref.....100
114
(Daniel) pref
100
Stores.....5
preferred
100
United Cigar Sts 6 % pf. 100
105
Melville Shoe—
4%%
preferred
Miller (I) Sons com.
101%
•
100
105
7% pref.. 100
Drug preferred.....*
*
Stores
■
••
-
Schlff Co
115
8%
6%
38
36
100% 103
114
109
U S Stores
8%
88
Par
Bid
95
104
preferred... 100
18%
21
18
6% pref ctfs
107
100
preferred
Reeves
Rose 5-10-25o
18
17
Stores...*
Preferred
Green (H L)
Bid
108
pref
106
Flsbman (M H)
7%
Atk
Bid
100
Lerner Stores
6%%
7
100
Bros Stores pref 100
Diamond Shoe pref
Edison
••
-
4%
100
preferred
7%
-at.
3%
Blckfords Inc
131
preferred
92
*
B G Foods Inc com
82.50 conv pref
*
Bohaok (H C) common..*
127
7%
8
100
preferred
7%
17%
10214 104%
14%
13%
Par
Ask
Bid
*
Borland Shoe Stores
100
120
l%s
l%s
100.5
15 1938
15 1937 101.18
Aug
15 1938 102.19
June
1 1939 100.30
..Aug
Aug
20%
6
3
—
A sk
100.9
Sugar Stocks
101.22
102.23
101.1
103
Nat Radiator 5s
1946
/35%
37%
103% 104%
N Y Shipbuilding 5s..
1946
95%
97%
.20
25
26%
%
72
Penn-Mary Steel 5s... 1937
Reynolds Investing 5s 1948
Scovllle Mfg 5%s
1945
106% 107%
Ask
Bid
Savannah Sugar
Ref.....*
117
preferred
100
114
7%
West Indies Sugar Corp..
1
118"
2%
3%
1%
102% 102%
99% 100
23%
16%
15
1
Preferred
Par
Ask
22%
1
Eastern Sugar Assoc.
101% 102
*70
3s.1961
Std Tex Prod 1st 6%s as '42
Struth Wells Titus 6%s '43
Standard Oil (N J)
101.1
1938
/15%
17%
98%
98%
Woodward Iron 5s
Journal of Comm 6%s
76
80
Merchants Refrig 6s.. 1937
99% 101
88%
Wltherbee
Sherman
Conv deb
90%
value,
s
e Registered coupon (serial).
Ex-dlvldend. y Now selling on New
Interchangeable, b Basis prioe.
f Flat price,
a
11%
u i
When Issued,
x
York Curb Exchange.
81
-
'44
/13
16
/62
64
3%s....-1951
par
98%
/9%
1952
6s
No
98%
Youngstown Sheet & Tube
6.85
57 William St.
X55
.Sept 1 1939
1961
2.90
B
1.60
27%
100
l%s
100
Laughlln Steel—
4%s
C
D
1.47
Incorporated Investors..*
31
100.30
l%s
----
14.60
Trusteed Industry Shares .
35
2s
Federal Farm Mtge Corp—
Haytlan Corp 8s
Trustee Standard Invest
'
2.97
Home Owners' Loan Corp
112"
Bear Mountain-Hudson
Jones A
7.12
13.43
...
Trusteed Amer Bank Shs B
9
29
Ask
104%
American Tobacco 4s. 1951
Fairbanks Morse deb 4s'56
7.12
Supervised Shares new
2.34
Kobaoker
Deep Rock Oil 7s
2.64
2.16
Miscellaneous Bonds
1955
1937
4.00
BB
----
2.64
B
6.58
5.99
Katx
3%s
AA
Trustee Standard Oil Shs A
5.77
1.11
1.03
C
*
37%
25
100
1st
3.90
State Street Inv Corp
Huron Holding Corp
100
preferred
Worcester Salt
Chicago Stock Yds 6s. 1961
Cudahy Pack conv 4s. 1950
30.59
3.65
4.80
10
6.95
139
100
$7 1st
112
1953
19%
19.58
Spencer Trask Fund
♦
Standard Am Trust Shares
Standard Utilities Inc...*
4.05
25o
26%
*36
WJR The Goodwill Station
200
River Bridge 7s
9.52
4.94
18
pf
33%
Wllcox-Glbbs common. .50
100
100
Am
.65
1.70
344
25%
Young (J S) Co com... 100
2%
100
preferred
2d 8% preferred
32 %
44
$3 conv preferred
17
1st 6%
.50
1.56
3.70
4%
3%
340
4.90
Selected Income Shares...
Selected Industries conv
3.64
Guardian Inv Trust com.*
42%
39%
13.17
4.60
"
com.
Lawrence Portl Cement 100
Lord A Taylor com
2.60
3.88
7.70
Warren North am—
*36
Great Lakes SS Co com
.25
33
102
Gen
110
1.73
12.67
7
*
Preferred
pref
87 1st preferred
Taylor Wharton Iron &
*51%
13
Draper
i
38%
36%
44%
Douglas Shoe preferred. 100
M
3%
1.08
1.57
4.50
RR
103
Publication Corp com
Dentists'
28%
Preferred
Pathe Film 7 %
Crowell Pub Co com
-
31
Tobacco shares
*104
Leather.;
12%
Class B
.97
Steel shares
22
54
pref...
„
Mining shares
40
45%
81 cum
14
2%
•
_
2.34
Petroleum
56 %
83
53%
10%
*
13%
•
—
-
Food shares
%
43)4
87
preferred
44%
pref. .100
Columbia Baking com
-
.*►
Investing shares
Merchandise shares
5
3%
121
Climax Molybdenum
♦
Class B
Plymouth Fund Inc A.lOo
Quarterly Ino Shares..25c
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management...
Selected Amer Shares Inc.
Selected American Shares.
Selected Cumulative Shs_.
'
Building shares
Chemical shares
53
109
Type com
49
Carrier Corp 7%
42
Automobile shares
106
41
Ohio
30
100 *116
Preferred
Nat Paper &
+*
40%
Group Securities—
Agricultural shares
116
102
Voehringer
100
National Casket
*
Preferred
*
New Haven Clock pf
53
51%
114
Preferred
5%
16
33%
Mock Judson A
51
*14
31 X
1
3%
-
Pacific Southern Inv pref.*
1%
10%
114
General Investors Trust..
2 %
100
preferred
6%
64
-
-
66
2.77
B
-
-
Class A
%
«.
--
62
Securities...100
Northern
Fundamental Tr Shares A.
8
62
-
3.43
Fundamental Investors Ino
AS*
Bid
*
Maytag warrants
Merck A Co Inc com
~
3.39
Series 1958
Foundation Trust Shares A
Preferred
-
6
28.48
5.88
Equity Corp cv pref
Fidelity Fund Inc..
Fixed Trust Shares A
7
73
70
3.43
4
26.49
10
B
»Par
78%
2.59
Series 1956
Eqult Inv Corp (Mass)..5
Tel. BArclay 7-0700
NY 1-1493
Macfadden Publics com..*
31
Arch
American
100
1.88
3%
73%
ctfs.
No Amer Tr Shares 1953..
No Amer Bond Trust
Series 1955
10
100
1.60
4.40
4.50
D
Ask
13
Voting trust certificates.
1.74
1.47
4.30
42
3.33
Dividend Shares
Industrial Stocks
12
27.09
4.10
C
Security Dealers Association
115 Broadway, N. Y.
Bell System Teletype
20.00
39
9%
-
-
18.50
N Y Bank Trust Shares.
19%
17%
V*
-
-
«
25.53
.53
31.51
3.33
7% preferred
1920
Established
Bid
.33
29.46
Deposited Bank 8ha ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B.
Diversified Trustee Shs B.
Bristol & Willett
Par
4%
4-
25.91
1
Mutual Invest Trust
1
Nation Wide Securities. .1
Mass Investors Trust
4.63
Cumulative Trust Shares.*
Market
Major Shares Corp
*
Maryland Fund Ino oom..
2%
.70
3%
6%
23.71
6%
.45
99.37
97.41
Keystone Cust Fd Inc B-3.
4%
5%
AA mod
8% preferred
Common B shares
in the
Over-the-Counter
v t c_.
3%
Series ACC mod..
COMPREHENSIVE SERVICE
Amer Air Lines Inc
1.17
2.67
Cram A Forster Ins oom
Members New York
1.05
of N Y... ♦
2.67
Series
42
Investors Fund O
Investment Tr
43
41%
..*
7% preferred
1.24
12%
Accumulative series
New York
61 Broadway,
10
1.14
Series AA
MemDers^commodlty Exchange, Inc.
..
11%
1.12
1.02
Investors Fund of Amer.
Invest Co of Amer oom
24%
23%
Continental Corp.
Amer General Equities Ino
Am Insurance Stook Corp*
Assoc Stand OH Shares.. .2
Bancshares Ltd part shsSOc
Bankers Nat Invest Corp *
Baslo Industry Shares
*
British Type Invest A...1
Broad St Invest Co Ino—
Bullock Fund Ltd
1
Canadian Inv Fund Ltd.l
Central Nat Corp cl A
*
Class B
.*
Century Trust Shares...*
Commercial Nat'l Corp...
Continental Shares pref
Corporate Trust Shares...
New York Security Dealers Assn.
25 BROAD ST., N. Y.
Angeles,
2.05
Amer &
Members of the
Los
Ask
17.78
1.87
Atk
Bid
Par
Bid
16.71
Par
Administered Fund
*
Affiliated Fund Inc com..
Amerex Holding Corp—*
Amer Business Shares—1
M. S. Wien & Co.
.
Trading Correspondent
Kneeland 8C Co.—Western
REORGANIZATION SECURITIES
HAnover
Company Securities
Investment
t—-
-
Coupon,
-
t Now listed on New
York Stock Exchange.
X Quotations per 100 gold rouble
*
Readmitted to listing on N.
bond equivalent to 77.4234 grams of pure
Y. Stock Exchange.
gold.
Volume
142
Financial
Chronicle
4163
By Crockett & Co., Boston:
Quotations on Over-the-Counter Securities—
Friday June 19—Concluded
Shares
Stocks
29 Boston
Storage Co.,
13 Haverhill Electric
Co.,
Ask
Bid
F I C 1 Xb
F I C 1 X$
Nov
Aahalt 7s to
1946
Antioqula 8%
15 1937 6.50%
1 I1
111
« ft 1
11I
9
I
Ask
Bid
Corporation,
23
33
Housing & Real Imp 7s *46
Hungarian Cent Mut 7s *37
change Bank 7s
1936
/27
Hungarian defaulted coups /20 40
Hungarian ItalBk 7 «s'32 /24
Ilseder Steel 6s
1948
/24
Jugoslavia 5s
....1956
38
39
25
/19
MX
Batavla Petroleum 4Mb '42
Bavaria 6Hs to
1946
16H
MX
Bavarian
Palatinate
Clt 7% to
100
1945
mx
MX
21X
16
Coupons
Koholyt 6 Hs
17
rm
9
6
1969
6s
1940
Brandenburg Eleo 6s.. 1953
/21
168%
/70
/21
/18
Brazil funding 5%. 1931-51
Brazil funding scrip
(Germany)
7s '35
6s 1940«
British
Hungarian
6
11
23
129
Brown Coal Ind Corp—
OX*
1953
Buenos Aires scrip
32
/26^
(Colombia) 7%..1947
48
nx
/10 H
110^
MX
Callao (Peru) 7>4%__1944
1946
1947
1968
11X
/69
11
5
70X
pest, 7s
1953
Mtge
44
Panama 5% scrip
54
Porto Alegre 7 %
Protestant
Church
/22
1949
25
Cundinamarca 6J4s._1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
/50
MX
MX
/20
Dulsburg 7% to
1945
East Prussian Pow 6s. 1953
(20
23
/22
25
Electric Pr (Germ) 6&s '50
OXa
1953
MX
mx
25X
25X
European Mortgage A In¬
vestment 7^8
1966
52
24
22
X
22X
10
X
24
/21
/40
25
/35
16X
Royal Dutch 4s
149
137~X
66 X
26X
/18
Santa
Catharlna
/19
/56
/75
Scrip
26
24.X
23X
154
/45
22
stamped
Apr 15 *35 to Apr 15 '36.
German
Young
f9X
mx
9%
19M
Coupons
stamped
112
June 1 and Dec 1 1935..
mx
Graz (Austria) 8s
1954
Gt Brit A Ireland 5^s '37
4s
1960-1990
93
12 X
15
97
107M 108 ^
MX H7X
44
/38
Guatemala 8s 1948...
/23 X
/38
770
759
770
120
120
14
1
110
'
m
120
151
1,280
1,270
110
156
1,310
1,020
m *» m
414
1,270
1,010
1,010
980
360
350
350
548
522
492
464
457
436
.
.
«• m
— m
1,240
950
528
448
...
770
780
626
625
695
Closed
...
670
'•
360
750
760
627
680
351
16
15
720
*345
15
1,016
998
1,022
-
m
--a...
66.70
65.90
67.10
67.00
65.30
65.10
64.60
65.50
65.30
65.60
—
65.25
64.75
66.10
65.60
69.50
....
68.70
67.60
68.60
68.60
68.50
67.50
66.50
67.70
67.50
86.90
85.40
83.90
85.50
85.50
2,860
2,870
1,091
2,880
1,071
2,860
2,840
1,115
875
860
840
840
...
42
41
1,085
41
"40
40
35
32
33
31
1,025
1,000
980
1,005
522
69
66
65
345
324
343
41
41
40
----
68
356
40
522
THE
BERLIN
STOCK
522
516
EXCHANGE
Closing prices of representative stocks
each
as
received by cable
day of the past week:
June
June
13
26 X
39
15
June
June
June
16
17
18
June
19
Per Cent of Par
Allgemelne Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschaft
37
37
36
37
36
36
117
118
117
117
23X
Berliner Kraft u. Llcht
151
151
151
151
n22
116
151
118
f2\X
Stettin Pub Utll 7S...1946
Stinnes 7s unstamped. 1936
24
93
93
93
93
93
7s unstamped......1946
Electric 7s_.
1955
Commerz'und Privat-Bank A. G.*.._.—.. 93
Dessauer Gas (7%)
121
121
120
121
120
120
/63
94
95
95
95
94
Silesia"Electric6Msi"l946
/66
Toho
Toltma 7s
92 X
/10
1947
Tucuman City 7s
Tucuman Prov 7s
10%
1951
1950
95 X
.
Deutsche Erdoel (4%)
95
151
130
131
131
133
132
132
Deutsche Relchsbahn (German Rys) pf 7%-123
95
95
*
(6%)
(8%)
Deutsche Bank und Disconto-Gesellschaft..
90
123
123
123
123
123
95
95
95
95
Dresdner Bank
90X
Farbenindustrie I G (7%)
95
170
139
171
170
172
172
172
141
140
143
142
142
142
145
144
144
143
Haiti 6%
1953
Hanover Harz Water Wks
6%
1957
94
United Steamship 6s..1937
/24
26
/19
23
Hansa SS 6s stamped. 1939
Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s
1947
/19%
134X
22X
36%
Wurtemberg 7s to
(6%)
Hamburg Elektrlzitaetswerke
Hapag
14
15
14
14
14
123X
15
25X
Mannesmann Roehren
99
100
100
102
101
101
Norddeutscher Lloyd
16
16
16
15
16
16
196
247
182
197
196
198
195
195
246
247
247
248
Salzdetfurth
183
184
185
185
185
Siemens &
197
200
199
203
205
2071
1945
99^101
Gesfuerel
Relchsbank
...
(8%)
Rhelnische Braunkohle (8%)
tSoviet Government Bonds
Bid
Ask
Union of Soviet Soo Repub
7% gold rouble
1943
B\a
(7X%)Halske (7%)
'
143
ASk
Union of Soviet Soo Repub
87.47
91.20
10% gold rouble...1942
87.47
CURRENT
NOTICES
For footnotes see page 4162.
■—The First National Bank of Memphis.
Denham,
AUCTION SALES
The following securities
were
sold at auction
By Adrian H. Muller & Son, New York:
on
2X West Boylston Manufacturing Co., preferred, par $100
170 Deposit Bank Shares of New
York, series A
Casualty Co., par $1
16 Winthrop Building Trust, par $100; 17 Oliver
Building
Co.,
A Power Co.,
par
common
1,000 Scott A Williams Inc..
common and 100 common as
Bonds—
announces that
in
the
Joe E.
State
of
has been appointed Assistant Manager
Co., members of the New York
Stock
Exchange and
other leading exchanges, announce the opening of a branch office in Middletown,
&
Ohio, under the management
of John A.
Aull
Jr.
For
the
past
Mr. Aull has been Manager of the Middletown office of Green
Brock.
For the three years preceding that
he was in the New York
office of Greer, Crane & Webb, and for two years before
that in the New
York office of Brown Brothers & Co.
2%
—The investment
companies common stock price index advanced last
evidenced by the averages compiled by Distributors
Group, Inc.,
63 Wall St., New York. The average for the common stocks of
10
week,
....$103 lot
bonus, par $100
50
14%
17%
54-100 General Service Corp., 50 Insuranshare
Coip., Delaware, par $1, and
60 National Surety Co., New York, par $10
$39 lot
4 E. E. Taylor
Corp., preferred, par $100
25
10 George E. Keith Co.,
preferred, par $100
45
$5,000 Motor Mart Trust 6s, certlf-cates of deposit
years,
Tenn.,
representative
2.36
Trust, par $100;
$100, and 25 Eastern Manufacturing
20 Old Colony Trust Associates
10 B. M. Byllesby & Co., preferred
traveling
34^
$ per Share
4 Maryland
Ry.
their
.
•—Granberry &
two years
Stocks
Tacoma
been
formerly connected
with the First-Columbus National Bank of
Columbus, Miss., will become
their traveling representative in Mississippi, with headquarters in Columbus
.
By R. L. Day & Co., Boston:
14
has
of their bond department, and will be in charge of
Mississippi municipals,
with headquarters in the bank.
James Pope, who was
Wednesday
Shares
Stocks
$ per Share
3-1000ths fee ownership certificate in the
Security Building Site located in Minne¬
apolis, Minn, leased to Minnesota Security Corp
$20 lot
Shares
who
Mississippi for the past four
of the current week:
Per Cent
2% flat
as
leading
management companies influenced by the leverage factor stood at
close of June 12, compared with 17.75 on
June 5.
The
18.51
at the
average
the
mutual
close
of the
funds
closed
at
14.38 June 12,
compared with
of
14.02 at the
previous week.
—<5. L. Ohrstrom & Co., Inc., 40 Wall
St., New York, are distributing
new edition of their publication
"A Comparative Tabulation of NonDividend Paying Public Utility
Operating Company Preferred Stocks."
a
—
m'mlm
353
15
1,028
67.40
-
620
673
354
«»'•»
am* m
'
Wagon-Lits
Serbian coupons
/44 55
Siem A Halske deb 6s.2930 /270
7g
1940
/64
1956
775
910
'
414
25
1947
342
Societe Marseillaise
24
7X
n
German called bonds
f2Q 40
Dawes
Coupons
German
Dec 1934
/23 X
f22X
1946
.
329
m
695
342
'*m L*
•»
900
14
«.
163
12"
Saxon State Mtge 6s.
Serbian 5s
677
880
15
*
418
15%
OX*
25 X
124%
700
930
***»•»«.
•
20
/II
/35
July 1934 to May 1936._
German scrip
19,900
5,700
58
M*A
(Brazil) 68.1943
19,800
Tubize Artificial Silk, pref
Union d'Eelectricltie
12X
Santander (Colom) 7s. 1948
Saxon Pub Works 7s..1945
20,100
351
Societe Lyonnalse
39~~
Sao Paulo
German defaulted
coupons
July to Deo 1933
Jan to June 1934
"l97
19,900
—
Saint Gobaln C <fc C
(Brazil)
8%
1947
Santa Fe 7s stamped-.1942
196
170
Schneider & Cie
Societe Francalse Ford
Societe Generale Fonclere
/40
/10
198
804
Royal Dutch
40
/15
f22X
/38
201
940
Rentes 5%, 1920
Rio de Janeiro 6%
1933
Rom Cath Church 6Hs '46
R C Church Welfare 7s '46
Salvador 7% ctf of dep '57
Salvador 4% scrip
289
424
Rentes 4%, 1918
Rentes 4X%. 1932 A
Rentes 4^%, 1932 B
(Ger¬
/21
278
19,800
......
...
65
1945
cap
Pechiney
Rentes, Perpetual 3%.
Rentes 4%, 1917
22X
Saarbruecken M Bk 6s '47
Salvador 7%
1957
282
Nord Ry
Orleans Ry 69!
Pathe Capital..
/28
23
299
201
L'Alr Liqulde
Lyon (PLM)
95 X
MX
1946
740
Comptoir Natlonale d'Escompte
Coty S A
55
/55
many) 7s
5,700
717
....
/15 X
Prov Bk Westphalia 6s '33
5,600
730
Credit Commercial de France—
Credit Lyonnalse
1945
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
5.600
Courrleres
1968
11
Francs
5,900
740
*
Kuhlmann
52
25
130
Frankfurt 7s to
1945
/22
French Govt 5%a
1937
135
French Nat Mall SS 6s *62
M2X
Gelsenklrchen Min 6s. 1934 f64
German Atl Cable 7s_.1945
124X
German Building <fc Landbank 6 X%
1948
/23
12-1-34
to
June 19
Francs
Cle Generale Transatlantlque...
Citroen B
/26
/19^
52 x
50
June 18
Francs
Energle Electrique du Nord
Energle Electrique du Littoral..
Ooerpfals Elec 7%—.1946
Oldenburg-Free State 7%
70
June 17
Francs
Eaux Lyonnalse cap
/93
53
June 16
Francs
Cle Dlstr. d'Electricltie
Cie Generale d'Electricltie.....
f27
mx
7s stamped
1957
Costa Rica funding 6% '51
Costa Rica Pac Ry 7 Hs '49
Canal de Suez
/84
/81
1948
/48^
/47
Columbia scrip issue of '33
Issue of 1934 4%...1946
Cordoba 7s stamped..1937
5s
7%
/26
/65
received by cable
as
June 15
Canadian Pacific
27
North German Lloyd 6s *47
4s
1947
City Savings Bank, Buda¬
BOURSE
_
X
65X
26
/23
/24
(A A B)
1946-1947
CC4D7
1948-1949
Nat Central Savings Bk of
Hungary 7Xb
1962
National Hungarian A Ind
u%
12
Chilean Nitrate 5s
26
f22X
/20
10c
-
day of the past week:
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parisienne.
MX
Nassau Landbank 6Xa '38
Natl Bank Panama 6X%
-
Francs
50X
Munlo Bk Heesen 7s to '45
$ per Share
Mines
June 13
MX
1945
14%
10c
...
Bank of France
f52X
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
/47
Burmelster & Wain 6s. 1940 /109
Caldas (Columbia) 7Hs '46
MX
Cauca Valley 7Xb
Ceara (Brazil) 8%
25
each
1959
Munich 78 to
1962
55
1952
7s
21 X
...
Stocks
Gold
70
/62
33%
—
THE PARIS
123X
1957
Montevideo 6s.
13
...102
-
Quotations of representative stocks
MlagMill Mach 7s...1956 *124
23 X
22
Bank
7X*
Call
Merldionale Elec 7s
7%
par $12.50
27
f22
Mannheim A Palat 7s. 1941
69 %
Shares
20 Zenda
/44
/22 X
/60
127
/26
1943
-
25X
/25
Leipzig O'land Pr 6«s *46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7%
1948
Bolivia (Republic) 8s.l940
7s
1958
7s
122 X
Land M Bk Warsaw 8s '41
f8%
15%
18
1945
Bremen
25 X
/16
Bogota (Colombia) 6X& '47
8s
101
Cons
152X
Camden, N. J.,
By A. J. Wright & Co., Buffalo:
Hungarian Discount A Ex¬
Barranqullla 8s'35-40-46-48
% per Share
no par
13 First Camden National Bank &
Trust Co.,
20 Glrard Trust
Co., par $10
12 Central-Penn National
Bank, par $10
70 Keystone Telephone
t
Ask
20
20
/
Co., $4 preference, no par
Co., par $25
f20
/31
7% .1947
7% .1948
..11
-
51 Bryn Mawr Ice
Mfg. & Cold Storage
10 Foster Farm Oil
Co., par $1
S19
1946
Bank of Colombia
Bank of Colombia
.....
Shares
Stocks
'
15 Tradesmens National Bank &
Trust Co., par $100
13 Chelten
15 1936 6.40%
Foreign Unlisted Dollar Bonds
Bid
35
50
$1 lot
By Barnes & Lofland, Philadelphia:
15 1937 6 .50%
15 1937 6 .50%
FI C 1X*—Apr
...
Deo
$4.50 lot
par $50
par $100
Ask
16 1936 b .40%
F I O IXb
Jan
F I C l)4s.._Feb
FIC1H3
Aug 15 1936 b .30%
F I C 1^8...Sept 15 1936 b
.30%
FIClHs—.Oct
15 1936 6.35%
$4 lot
Properties, preferred,
Storage,
Bid
1%
2%
...
par $25
20 North Boston
Lighting
53 State Wharf &
13 Providence Gas Co
15 1936 6 .30%
15 1936 6.30%
79 X
par $100
50 1 Wachusett Shirt
Co., common
20 Federal Wharf Co..
Federal Intermediate Credit Bank Debentures
FIG lHs...June
F I C
lXa—July
$ per Share
20 Goodall Worsted
Co., par $50
24 Indian Orchard Co
Financial
4164
FILING
STATEMENTS UNDER
REGISTRATION
OF
SECURITIES
ACT
Exchange Commission on June 16
of 26 additional registration statements
(Nos. 2221-2246) under the Securities Act.
The total
involved is $95,663,300, of which $89,080,700 represents
The
Securities
and
announced the filing
issues.
new
The securities involved
are
grouped
as
follows:
Voting trust certificates
1
6,582,600
*
have been
for which releases
& Seal Co., Inc.—225,000 shares of no par value $2.25
pref. stock with common stock purchase warrants, and 56,250 shares
par value common stock for exercise of the warrants.
(See details
in V. 142, p. 3846.)
(Docket No. 2-2223, Form A-2, included in Release
No. 829.)
no
Steel Corp.—$10,000,000
of 1st (coll.) mtge. sinking fund
in V. 142, p. 4028.)
bonds, 3M% series, due June 1, 1965.
(See details
(Docket No. 2-2229, Form A-2, included in Release
No. 832.)
Companies—$11,000,000 of 3K% coupon
1946.
(See details in V. 142, p. 4041.)
(Docket No.
5-2231, Form A-2, included in Release No. 835.)
Potomac Electric Power Co.—$15,000,000 of 1st mtge. bonds, 3H%
series, due July 1, 1966.
(See detaUs in V. 142, p. 4034.)
(Docket No.
2-2232, Form A-2, included in Release No. 834.)
American Cities Power & Light Corp.—150,000 shares of $25 par
value class A stock, optional dividend series of 1936, with attached warrants
for the purchase of common stock of the North American Co.
(See details
in V. 142, p. 4012.)
(Docket No. 2-2243, Form A-2, included in Release
No. 839.)
Western
Massachusetts
notes, due June 15,
Other securities included in the total are as
American Meter Co. of New
follows:
York, N. Y.—John Gribbel, et al (2-2221,
of Philadelphia, Pa., voting trustees, have filed a registration
statement covering voting trust certificates for 243,800 outstanding shares
of the capital stock of American Meter Co. of New York, N. Y.
John
Gribbel is also President of American Meter Co.
Filed JuneJJ.^1936.
Form F-l)
Associated
of $1,200
of Phila¬
Comstock Gold Mines, Ltd. (2-2237, Form A-l) of San
Calif., has filed a registration statement covering 600,000
value non-assessable common stock.
No public offering
is contemplated, it is stated, as all of the shares are presently outstanding
in the hands of stockholders.
Maynard H. Collins, of San Bernardino,
is President of the corporation.
Filed June 6, 1936.
California
par
Power Co. (2-2238, Form A-2) of Fergus Falls,
registration statement covering $3,000,000 of 1st mtge.
Tail
Minn.,
bonds.
4% series of 1961, due July 1, 1961, and $600,000 of five-year 3% secured
notes, due July 1, 1941.
The proceeds from the sale of the bonds and
notes, together with other funds of the company, are to be used to discharge
the entire outstanding funded debt of the company, it is stated, other
$15,000 of long-term and current assumed municipal bonds
payable.
The principal underwriters are Wells-Dickey
than
and
Co.
Minneapolis, Minn., and Kalman & Co.
of St. Paul, Minn.
Thomas C. Wright, of Fergus Falls, is President of
the company.
Filed June 8, 1936.
and Justus F. Lowe Co., both of
Crown Cork
National
Philadelphia.
contracts
published:
cum.
of
Inc. (2-2236, Form C-l) of
Bernardino,
shares of $1
Otter
$84,080,700
5,000,000
The total included the following issues
Income Estates of America,
Pa., has filed a registration statement covering 4,166 2-3 units,
each, of Trusteed Income Estates certificates.
Allan N. Young,
delphia, is President of the company.
Filed June 6, 1936.
has filed a
Total
No. of Issues
Type
24
Commercial and industrial
1
Investment trust
June 20, 1936
Chronicle
Corp.
Underwriters
American
(2-2222,
Form A-l)
of
Del., has filed a registration statement covering 166,500 shares
stock, to be offered at $20 per share (contemplated).
The proceeds from the sale of the issue are to be used principally to provide
paid-in capital and surplus for Ace Re-Insurance Co.
W. Harry Johns,
of New York City, is the underwriter.
Horace R. Wemple of New York
Dover,
of $10 par common
City is Vice-President of the corporation.
Filed June 3, 1936.
Line Co. (2-2224, Form Av^^of Chicago,
IU., has filed a registration statement covering $1,470,000 North Western
Refrigerator Line equipment trust certificates, to be offered at various
unit prices, both above and below par, whose maximum aggregate offering
price is equivalent to the aggregate par amount.
The proceeds from the
sale of the certificates are to be used to redeem, at 101%, the company's
$200,000 series A equip, trust certificates; to redeem, at 101H%, the
company's $550,000 series D equip, trust certificates; to redeem $349,023
in notes held by American Car & Foundry Co., and to provide $308,777
in working capital.
J. Kibben Ingalls, of Chicago, is President of the
company.
Filed June 4, 1936.
North Western Refrigerator
Naph-Sol Refining Co.(2-2225, Form A-l) of North Muskegon, Mich.,
a registration statement covering 100,000 shares of $1 par common
has filed
stock, to be offered at $2 per share.
The proceeds from the sale of the
issue are to be used to pay bank loans and for working capital.
Walter E.
Anderson, of Muskegon, Mich., is President of the company.
Filed
June 4, 1936.
Rayon Corp. (2-2239, Form A-2) of Providence, R. I.,
registration statement covering 6,000 shares of $49.50 par value
and 40,000 shares of $1 par value common
stock, of which 1,000 shares of preference stock are to be offered to stock¬
holders of the corporation at par and 10,000 shares of common at $7 a share.
The balance of the stock will be offered publicly at the market.
The
Franklin
has filed a
$2.50 cum. prior preference stock
proceeds are to be applied to the
Eaper borrowings and to
•istributors Group, Inc.,
writer.
Royal
reduction of bank loans and
commercial
miscellaneous accounts payable, it is stated,
of Jersey City, N. J., is the principal under¬
of Providence, is President of the corporation.
Little,
Filed June 9, 1936.
Sunshine Consolidated,
has filed
Inc. (2-2240, Form A-l) of Kellogg, Idaho,
registration statement covering 3,000,000 shares of 25-cent par
which 2,790,000 shares are presently outstanding,
a
value common stock, of
and 130,000 shares are held in the treasury
corporation.
The proceeds to be received by the corporation from
option are to be used for the exploration and development
of the mining claims acquired and for working capital, it is stated.
Walter
H. Hanson, of Wallace, Idaho, is President of the corporation.
Filed
June 9, 1936.
80,000 shares are under option
of the
the stock under
National Films, Inc. (2-2241, Form A-l) of N. Y. City, has
registration statement covering 800,000 shares of $1 par value
stock.
Of the stock being registered, 200,000 shares have been
sold at $4 a share to Pathe Film Corp. and the "Alperson Group;" 400,000
shares are to be offered at $1.75 a share to common stockholders on the
basis of two shares for each share held; 40,000 shares are reserved for
issuance to Time, Inc., under an option for the purchase of all or any part
of said shares for $2.50 a share, and 160,000 shares are reserved for issuance
to Edward L. Alperson, President of the corporation, under terms of his
employment agreement.
Any part of the 400,000 shares not taken by
the stockholders will be offered publicly by the following underwriters:
Robinson, Miller & Co., Inc., N. Y. City; Fairfield Associates, Inc., N. Y.
City; O'Brian, Potter & Co., Buffalo, N. Y.: Chas. H. Jones & Co., N. Y.
City: Cohn Bros., N. Y. City, and Hartley Rogers & Co., Inc., N. Y. City.
The proceeds to be received by the corporation from the sale of the stock
are to be applied to the acquisition of branches in various cities of the
United States and other countries for the distribution of pictures, and
Grand
filed
a
common
produce motion pictures tor distribution.
Filed June 9, 1936.
Cereal Food Corp. (2-2242, Form A-l) of Clinton, Mass.,
16,000 shares of $25 par value
preferred stock and 288,000 shares of $1 par value common stock.
The
stock is to be offered in units consisting of four shares of each at $100 a unit.
Of the common stock being registered, 9,000 shares are reserved for the
underwriters and the additional shares not required for the unit offering
are to be offered publicly at $2 a share.
The proceeds from the sale of
the stock are to be applied to the purchase of machinery and raw materials,
advertising, and to general working capital.
Ellis & Co., of Boston, is
the principal underwriter.
Frank Knight, of Clinton, is President of
the corporation.
Filed June 10, 1936.
to
acquire
or
American
has filed a
registration statement covering
Quaker State Oil Refining Corp. (2-2244, Form A-2) of OU City, Pa.,
a registration statement covering 85,000 shares of $10 par value
stock, of which 60,000 shares are presently outstanding in the
hands of stockholders.
The proceeds to the corporation from the sale of
25,000 shares are to be applied to improvements to an oil refinery, it is
stated.
No firm commitment has been made, it is stated, but A. G. Becker
& Co., Inc., of Chicago, is expected to be one of the underwriters.
Harry
J. Crawford, of Emlenton, Pa., is President of the corporation.
Filed
has filed
has filed
registration statement covering 2,500 shares of $6 no par pref. stock,
to be offered at $100 per share, and 7,500 shares of no par common stock,
now held by the underwriter and to be given to purchasers of the preferred
shares as a bonus on the basis of three common shares for each preferred
common
Atlantic Realty
Co.
(2-2226,
Form A-l)
of Atlanta, Ga.,
a
purchased.
The proceeds from the sale of the issue are to be used
principally to acquire equities in apartment house properties and for
operating capital.
Courts & Co. of Atlanta is the underwriter and R. S.
Fleet of Atlanta is President of the company.'
Filed June 4, 1936.
share
J.,
1st
mtge. 5M% conv. sinking fund bonds, due June 1, 1951, to be offered
at 95%, with underwriting discounts or commissions of 13%.
The pro¬
Phoenix Brass Fittings Corp. (2-2227, Form A-2) of Irvington, N.
has filed a registration statement covering $700,000 principal amount
the retirement
and for working
ceeds from the sale of the issue are to be used principally for
outstanding
of
bonds,
for
permanent
improvements
capital.
P. W. Brooks & Co., Inc., of New York, is the underwriter.
Joseph H. Shaw of Irvington, N. J., is President of the company.
Filed
June 4, 1936.
June 10, 1936.
Muskegon Piston Ring Co. (2-2245, Form A-2) of Muskegon, Mich.,
a registration statement covering 9,892 shares of $2.50 par value
stock, of which 6,892 shares have been issued to Baker, Simonds
& Co., of Detroit, and 3,000 shares to Haskell, Scott & Jennings, Inc.,
of Chicago, 111., for services rendered.
Baker, Simonds & Co., as the
principal underwriter, will offer its 6,892 shares at the market, it is stated,
but the remaining 3,000 shares are not to be offered publicly at this time.
None of the proceeds from the sale of the stock is to be received by the
issuer.
T. E. McFall, of Sparta, Mich., is President of the company.
Filed June 10, 1936.
has filed
common
per share, one share of common stock for each share of preferred held,
and 20,000 shares of common stock to be reserved for exercise of the war¬
rants.
The preferred is to be offered at $28.50 per share for the account
Graham-Paige Motors Corp. (2-2246, Form A-2) of Detroit, Mich.,
a registration statement covering 612,866 shares of $1 par value
capital stock and warrants evidencing rights to subscribe for the
stock.
The stock is to be offered through transferable warrants to the
common stockholders of the corporation of record 15 days after the regis¬
tration statement becomes effective on the basis of one share for each four
shares held, at $3 a share.
The warrants are to be exercisable for a period
of 25 days following the date of issuance.
All shares up to 400,000 not
taken by stockholders through the exercise of the warrants are to be taken
up by certain stockholders or creditors at $3 a share.
The proceeds from
the sale of the stock are to be applied to the payment of indebtedness.
Joseph B. Graham, of Detroit, is President of the corporation.
Filed
Southern Security Co., Inc., present owner of the shares.
Leach
Bros., Inc., of New York City, and James M. Johnston & Co., of Washing¬
ton, D. C., are the underwriters.
Scott B. Appleby of Washington,
D. C., is President of the corporation.
Filed June 5, 1936.
which exempts
American Power
Cycle Corp. (2-2228, Form A-l) of Frederick, Md.,
has filed a registration statement covering 250,000 shares of $1 par common
stock, to be offered at $1 per share.
The proceeds from the sale of the
issue are to be used for working capital and to purchase equipment.
Charles
O.
Davenport, of Hyattsville, Md., is President of the company.
Filed
June 4, 1936.
Seaboard Finance Corp. (2-2230, Form A-l) of Washington, D. C.,
has filed a registration statement covering 20,000 shares of $2 cum. pref.
stock, no par value, with warrants entitling holders to purchase at
$10
of
The Industrial Securities Corp.
(2-2233, Form A-2) of Middletown,
Conn., has filed a registration statement covering 10,000 shares of 6%
pref. stock, $25 par value, to be offered at $27.50 per share (estimated)
and 48,750 shares of common stock, $10 par value (of which 13,750 shares
are to be reserved for conversion of preferred stock) to be offered at an
estimated price of $15 per share.
Distributors Group, Inc., of New York,
is the underwriter.
Harold S. Guy, of Middletown, Conn., is President
of the corporation.
Filed June 5, 1936.
cum.
Consolidated
Biscuit
Co.
(2-2234,
Form
A-2)
of Mt.
Vernon,
111.,
has filed a registration statement covering $340,000 1st mtge. 5M% sinking
fund bonds, series O, due June 1, 1946, to be offered at $100, and 91,666
be offered at a maximum of $12 per share,
price to be supplied by amendment to the registration statement.
The proceeds from the sale of the bonds and 81,666 shares of the common
stocks are to be used to pay in part the cash portion of the purchase price
of the outstanding preferred and common stock of Thinshell Products,
Inc.
It is contemplated that F. S. Yantes & Co., Inc., of Chicago, will
be the underwriter.
W. L. Hampton of Louisville, Ky., is President
of the company.
Filed June 6, 1936.
shares of $1 par common stock to
the final
Investment Corp. (2-2235, Form A-l) of Tulsa, Okla.,
has filed a registration statement covering 94,800 shares of $10 par capital
stock, to be offered at $12 per share, the proceeds to be invested in oil
Atlantic Oil
and
gas
royalties and leaseholds.
W. L. Thomas & Co., Inc., of New
underwriter, and Paul I. Johnston, of Tulsa, is President
Filed June 6, 1936.
York City, is the
of the company.
has filed
common
June 10, 1936.
were filed for eight issues under Rule 202,
from registration certain classes of offerings
not exceeding $100,000.
The Act of filing does not indicate
that the exemption is available or that the Commission
has made any finding to that effect.
A brief description
of these filings is given below:
Prospectpses
(File 3-3-663), 1215 Ramsey Tower, Okla¬
900 beneficial interests of no par value at the
McAfee and Paul Brown, 1215 Ramsey Tower,
Oklahoma City, Okla., are the trustees.
No underwriter is named.
Illinois Oklahoma
Trust
homa City, Okla.
Offering
stated value of $100.
K. E.
Metlox Products,
hattan
Beach,
Calif.
Inc. (File 3-3-664), 1200 Morningside Drive, Man¬
Offering to brokers and security dealers 80,000
shares of class A 7% cum. pref. stock of $1 par value
of class B stock of $1 par value in units of four shares
and 20,000 shares
of class A and one
share class B at $5 per unit.
Willis O. Prouty, 1200 Morningside Drive,
Manhattan Beach, Calif., is President of the corporation.
No underwriter
is named.
Gold Mining Royalty Corp. (File 3-3-665), 215 C. A. Johnson Bldg.,
Denver, Colo.
Offering 10,000 shares of class A stock of $10 par value
par.
E. A. Willner, Denver, Colo., is President of the corporation.
at
No underwriter is named.
United
Camps & Oil Co. (File 3-3-666), Black Hawk, Colo.
Offering
Marsh, Black
is to be made
through James B. Murrow, 299 Broadway, New York, N. Y.
49,000 shares or capital stock of $1 par value at par.
J. H.
Hawk. Colo., is President of the corporation.
The offering
Volume
Krome
142
Financial
Chronicle
4165
Alume,
Inc. (File 3-3-667), Lockport, N. Y.
Offering 150
o™r?? °f,common stock of no par value at $250 per share.
Oliver M. Diall,
302 Bewley
Bldg., Lockport, N. Y., is President of the corporation.
The
offering is to be made through H. J.
Noyes & Co., Lohrmann Bldg., Lock-
Specialists
port, N. Y.
k Standard Gold
Mining Co.
(File 3-3-671), Post Office Bldg.,
Redcliff, Colo.
Offering 29,000 shares of capital stock of $1 par value at
»?lce
Punier, Redcliff. Colo., is President of the corporation.
t>
All
Rights and Scrip
"
exir}£ls^° be made through
in
W. H. Fowler. Suite 616, Candler Bldg.,
220 West 42d St., New
York, N. Y.
„Jhe CoM Belt Tunnel & Mining Co. (File 3-3-668), no address.
Offering 100,000 shares of capital stock of 50
cents par value at par.
Frank
L.
Jones, Idaho Springs, Colo., is
President of the corporation.
No
underwriter is named.
McDonnell & Co.
»
Hazle's
Thrifty Mart, Inc. (File 3-3-669), Milwaukee, Wise.
to
The
the
following registrations
statements also
were
SEC, details regarding which will be found
subse¬
on
Transportation Corp. of Chicago (No. 2-2247,
Form A-2)
of
covering $19,250,000 of serial notes.
Filed June 11, 1936.
Southern Kraft Corp. (No.
2-2251, Form A-2) covering $14,500,000
1st leasehold &
gen. mtge. bonds, 4M% series.
Filed June 11, 1936.
New York
1st lien & ref.
Edison Co. (No. 2-2262, Form
A-2)
mtge. 3 M % bonds, series E, due 1966.
covering $30,000,000
Filed June 16, 1936.
Virginia Water Service Co. (No. 2-2264, Form A-2)
$5,600,000 1st mtge. bonds, 4% series, due 1961.
Filed June
covering
17, 1936.
In
issue or
passed
the merits of
on
that the registration statement itself is
correct.
The last previous list of
registration statements
in our issue of June
13, page 4008.
common
A
stock,
have
declared
no par value,
of
10
per share on the
to holders of record June 30.
1, 1935.—V. 142,
Alabama
Power
Operating expensas
Fixed charges
401,316
140,500
on
V.
142
_
Southern Corp.]
1936—12 Mos.—1935
$1,347 440 $17,269 433 $15,810,559
583,699
7,761,931
6,798,626
403,765
116,175
4,853,261
195,173
2,342,138
4,843,166
1,245,790
2,342,201
$48,626
$779,997
$580,775
1,532,105
p.*oobl.
with
SEC—New
stock.
being registered under a plan of reorganization which
for issuance of the entire
$1,750,000 5% first mortgage bonds,
20,690 shares of 6% preferred stock and 227,815 shares of
common stock.
The remaining 39,310 shares of
preferred and 372,185 shares of
provides
common
an
rights.
a
plan of reorganization
undetermined amount upon exercise of
dated March 1, 1936,
company will
change its name to New Mexico Natural Gas Co.
Southern Union Gas Co. will surrender the
following securities of Albu¬
querque Natural Gas: $1,917,000 6% first
mortgage notes, $600,000 7%
notes, $199,464 open account indebtedness,
5,286 shares 7% preferred stock
and 16,101.2 shares of common
stock.
In return, Southern Union will
receive $1,650,000 of the
5% first mortgage bonds, 2,000 shares of the
6%
preferred stock and 163,961.2 shares of new common
stock.
Southern Union will purchase for cash from
company, upon consumma¬
tion of plan, $100,000
5% first mortgage bonds and sufficient additional
new 6% preferred stock to
give company current assets equal to
110% of
its current liabilities as of first
day of the month plan is declared operative.
Southern Union will receive one-half a
share of new common for each share
of 6% preferred purchased.
The remaining holders of the old
7% preferred stock will receive 10 shares
of new common for each share of
preferred and the remaining holders of the
old common stock of
Albuquerque will receive one share of new common
for each share of old.
To holders of its
6H% debentures, company will offer in
exchange for
each $1,000 debenture ($500 debentures in
proportion) its new 6% preferred
and new common stock as follows:
20 shares of new 6% preferred and 10
shares of common and in
addition, cash in a sum equal to the face value of
all 6H% interest bearing
scrip certificates deposited with the debentures
and cash equal to interest accrued on
the debentures and
scrip certificates
to the date which
company designates as the date of original issuance of
the new preferred stock.
Co.,
of $86,000 6K% debentures and
$5,590
scrip certificates, will join with other debenture holders in the
exchange
of their debentures and
scrip certificates on the foregoing basis.—V. 142,
p.
owner
2487.
Allemannia Fire Insurance Co.—Extra Dividend—
The directors
have declared
an
addition to
extra
dividend of 5 cents per share in
a regular
quarterly dividend of 25 cents per share on the
capital
$10, both payable June 30 to holders of record June
20.
A
similar extra dividend was paid on March
30, last, and on Dec. 30, 1935.
The company paid extra dividends of 10 cents
per share on Jan. 2, 1935,
and in each of the four quarters
prior to this latter date.—V. 142, p. 1972.
stock,
par
Allied Products
1935
$596,788
57,097
88,662
expenses
Administrative expenses
Net
1935
1934
f
Not
1933
1932
gen. expenses._
x582,698
Profit from operations
Other income
$134,020
14,044
$128,356
12,520
$186,319
3,733
loss$46,742
35,957
$148,064
60,150
$140,876
54,023
17,192
$190,053
67,927
21,917
loss$10,785
15,239
$72,676
289,711
$69,662
194,622
$100,208
94,414
loss$70,889
211,559
$194,622
$140,670
37,498
8,757
Gross income
Income charges
.
Net income
Previous surplus
Miscell. credits
$2,154,086
1,367,633
x600,133
$1,734,455
xl,199,907
581,290
60,104
10,549
Surplus, Dec. 31
$289,711
$194,622
$94,414
$0.72
charges
$293,709
$351,973
.
29,425
$372,936
20,000
963
Gross surplus
Dividends
$0.69
$1.00
Nil
3,997
Earns, per sh. on 100,000
shs. cap.
stock
Includes depreciation.
x
1935/
Notes,
trade
$451,028
15,159
Other income credits
$466,188
33,361
163,962
30,150
Income charges.
Depreciation and obsolescence
Provision for Federal income taxes
Dividends paid or accrued on old class A shares
Div. declared payable on new class A shares Jan.
2,
1936
$80,607
Liabilities—
ac¬
cepts. and accts.
Rebate
receivables
Accts.
6,904
from
234,219
custs.
7,161
50,066
pay.
affil.
not consolidated
Divs.
employees
officers
2,082
10,000
payable
Reserves
25,298
—,,
Capital stock... 1,580,006
Surplus
351,973
y
employees..-
957
7,336
8,095
Due from subs
$86,000
117,923
7,597
64,607
$160,000
Accruals
619,953
7,930
Investments
294,779
Notes receiv. from
Due
due
361,383
732,901
69,921
Inventories
1934
1935
Notes payable
Accts. payable
1,580,006
289,711
~
6,246
5*706
26,111
19,594
cash
insur.,
surrender value.
Spec, deposits, &c.
22,078
Plant property.-
1,046,327
21,651
1,030,055
25,807
Deferred charges..
44,680
x
Total
x
.
48*941
$2,420,808 $2,145,846
Total..
$2,420,808 $2,145,846
After depreciation of $702,193 in 1935 and $652,809 in 1934.
sented by
100,000 shares (no par).—V. 142,
p.
y
Repre¬
3329.
Amalgamated Leather Cos., Inc.—New Director—
Allen Lehman has been elected a director in
died recently.—V.
142,
p.
place of Arthur Lehman who
3330.
American Box Board
Co.—Preferred Accumulations Paid
—Initial Common Dividend—
The company announced
June 15 that as of June 12 it had cleared
cumulative preferred stock, amounting to S% %,
on
up all arrears on its 7%
in add'tion to its declaration
on June 1 of the regular dividend on the
pre¬
of 1H%These actions are a sequel to the recent sale through
Hegarty, Conroy & Co., Inc. of additional common.
ferred
The
directors
announced
dividend of 20 cents a share
on
on
June
the
15 that they had declared
common
an initial
stock, payable June 30 to holders
of record June 25.—V. 142, p. 3835.
American Brake Shoe &
Foundry Co.—Pref. Divs.—
The directors have declared dividends totaling $1.4584 per share on the
preferred stocks payable June 30 to holders of record June 19.
This
payment comprises a final dividend of 58 1-3 cents per share on the old
7% preferred stock for the period April 1 to April 30, and an initial dividend
of 87 Mi cents per share on the new 5 H% preferred stock which is being
issued for the old 7% preferred stock.—Y. 142, p. 4012.
American
Discount
Co.
(Ga.)—Larger Dividend—
The directors have declared
a dividend of 25 cents
per share on the com¬
value, payable July 1 to holders of record June 20. This
compares with 20 cents paid in each of the three preceding quarters; 15 cents
each three months from July 1, 1934, to July 1, 1935, inclusive; 10 cents
on April 1,1934, and 7H cents per share paid each three months
previously.
—V. 141, p. 2108.
mon
stock,
no par
Amalgamated Sugar Co.—Earnings—
Years Ended March 31—
Sugar sales
1936
1935
1934
$408,653
82,239
73,992
$9,141,585
7,464,672
$8,668,520
7,508,830
$1,676,912
57,319
$1,159,689
77,569
Gross profit from operations
$1,734,232
$1,237,259
.
Cost of sugar sold.
Gross profit from sales
Administrative, general & idle plant expenses, incl.
depreciation, taxes & maintenance of idle plants.
$252,422
11,859
Interest, discount, bad debt recoveries, &c._
$264,282
26,879
140,767
1,074
Interest, discount, bad debts, miscell. taxes, &c
Loss from sale, removal and abondonment of fixed
$238,714
85,600
,
28,087
-
$95,562
properties
Provision for Federal income & capital stock taxes.
Net income for year
Appropriated for provision for contingencies
Remainder of net income
.
_
371,805
599,285
$1,362,426
20,650
Total income
Gross income
Net profit for the year
1934
$78,689
Cash
Net profit from operations
profit from operations
Industries, Inc.—Earnings—
Income from auxiliary operations
Corp.—Earnings—
Calendar Years—
Gross profit from operations
Selling
$2,986,285
$2,339,801
1,599,341
x612,103
Intangible assets.
will be reserved for issuance in
Total.^
for doubtful of $5,516. b After reserve for depreciation of
reserve for possible losses of $95,563.—V. 142,
p. 2487.
1
Life
The securities are
conversion
750,500
364,767
129,477
After
Treasury stock...
Company has filed a registration statement with Securities and
Exchange
Commission covering $1,7.50,000
5% first mortgage convertible bonds,
series A, 60,000 shares
6% cumulative preferred stock and 600,000 shares of
Southern Union Gas
c
/reported)
&
Under
reserve
Assets—
&
Albuquerque Natural Gas Co.—Files
Securities to Be Issued in
Reorganization—
common
1,605,000
Condensed Balance Sheet Dec. 31
195,178
pref. stock
Balance
stock
com.
23,225
Calendar Years—
2142.
$50,706
Prov. for retire, reserve.
Dividends
p.
1936—Month—1935
$1,448 697
660,995
After
603
-
-
conv.
Earned surplus
$2,986,285
$1,084,091.
A
22,674
Total
Co.—Earnings—
[A subsidiary of Commonwealth
Period End. May 31—
Gross earnings
Other assets
a
Deferred liability
(S25 par)
Common stock ($10 par)
Capital & paid-in surplus
3,689
Prepaidexps. & def. chgs
Miscell.
Associates, Inc.—Accumulated Dividend—•
The directors have declared a
dividend of 75 cents per share on account
of accumulations on the
$7 cumulative preferred stock, no
par value, pay¬
able, July 1 to holders of record June 25.
Similar payments were made on
April 1 and Jan. 2 last and on Oct.
—
c
—
u._
Class
Land, bldgs., mach. & eqpt. 1,523,060
$60,147
32,895
42,894
—
Accruals
12,607
receivable
b
Accounts payable
Dividends payable
78,322
Long-term assets, land contr.
cents
dividend paid since Sept. 30,
1931, when
per share was distributed.—V.
Air
530,356
Cash surrender value of life ins.
Contract receivable
Federal income tax
payable July 15
on Jan.
10, last, this latter being the firso
a quarterly dividend of 25 cents
142, p. 2652.
similar payment was made
233,963
Inventories
Selling &
dividend
a
Notes & accts. receivable
a
Cost of sales..
Adams Express Co.—10-Cent Dividend—
directors
Liabilities—
$455,372
103,014
Net sales.
Refining Co., Ltd.—Accumulated Div.—
2-781B
Balance Sheet Dec. 31, 1935
given
The directors have declared a
dividend of 15 cents per share on account
of accumulations on
the 6% cumulative preferred
stock, par $5, payable
July 1 to holders of record June 15.
Similar payments were made in each
of the eight
preceding quarters and on Dec. 1 1933.—V. 142
p. 4009.
The
NEW YORK
RECTOR
Assets—
Cash & U. S. Govt, securs...
Contract of deposit
Aluminum
was
♦
Acadia Sugar
BROADWAY,
TEL.
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
the
120
filed with
quent pages under the companies mentioned:
General American
/Now York Stock Exchange
York Curb Exchanffe
1
Member8|New
Offering
brokers and
security dealers 80,000 shares of class A 6 % cum. pref.
stock of $1 par value and
20,000 shares of class B stock of $1 par value
in units of four
shares class A and one share class
B at $5 per unit.
No
underwriter is named.
$637,973
70,484
$1,383,076
155,364
$708,458
166,181
16,774
197,500
233,730
45,000
$1,013,438
167,000
$263,546
$846,438
$263,546
Financial
4166
bks.
curr.
11,056
3,593,908
105,814
25,000
734
Notes receivable..
Inventories
Cash
In
hands
Invests. In sub.cos.
Accrued
33,775
45,000
363,515
on
funded debt
estimated
100,000
75,299
72,549
59,018
Acer,
49,048
32,428
17,205
23,709
569,966
13,616
2,147
128,362
13,427
estimated
payable.
.
Accrued add'l veet
bldgs., mach. &
Other
Farm lands & wat.
liabs..
curr.
192,793 Consol. Assets Co.
180,374
rights.
•st--
payments,
4,414,881
eqpt., at cost- 4,471,760
637
Crystal
American
Bond dlsc't, lnsur.,
829,400
51,960
3,687,000
y Common stock. 6,165,467
1,451,192
Capital surplus
Operating deficit. - 2,687,197
3,687,000
6,165,467
1,451,192
3,435,617
10,600,806
9,776,927
in
Funded debt
210,807
75,334
Reserves
stock,
cum.
sink'g
8%
x
Total
9,776,927
10,600,806
Total
depreciation of $6,909,112 in 1936 and $6,420,564
Represented by 724,624 no par shares.—V. 142, p. 3835.
After reserve for
y
American Cereal Food
Corp.—Registers with SEC—
1934
1933
$7,886,972
$7,896,743
"
$8,013,594
-
Oper. exps., incl. repairs, reserved for
deprec., rent for lease of plants,
taxes, miscell. interest, &c
r
Preferred dividends
Common dividends
$1,418,890
20,754
$1,439,644
$1,479,954
553,047
399,368
566,875
1,896,998
Property account.20,882,804
Inventories of ma¬
$487,229 def$983,919
Pref.
($100
b
•
Common
and
stock
1,680,897
12,079
46,459
666,667
Cash res. for pref.
for new common stock, at the price and
prescribed by order of the Court, at the rate of one share of
stock for each 10 shares of old common stock so surrendered.
Accounts
develop.
expenses, &c-__
Divs.
170,268
193,905
Consolidated Income and Surplus Accounts
(As the same would have appeared
in effect from June 30, 1934.]
333,333
173,104
160,661
237,180
10,014
197,870
6,183
448,898
1,595,590
3,642,936
470,962
1,610,296
3,099,091
payable.
and
Acer, facll. rents..
Prov. for Fed. inc.
Reserves
1932
1933
1934
1935
$1,008,469
830,331
$1,747,725
$2,292,592
875,863
882,945
$1,780,007
820,895
Other income..
$178,138
55.684
$871,862
84,252
$1,409,647
114,759
$959,112
98,635
$956,114
296,417
98,000
16,612
$1,524,406
$1,057,747
Depreciation
$233,822
156,376
301,311
138,000
113,727
100,000
299,112
85,000
64,834
150,224
220,454
$721,144
1,584
600,000
$388,346
Gross profits
Selling expenses, &c
Operating income
'
4,200
12,660
Federal taxes
deductions
Inventory reserve
Adjust. of investments to
market value
Net
$545,085
1,498
600,000
$60,586
1,400
300,000
income
dividends...
Common dividends
Preferred
Income charges and
2,262
450,000
$1.81
$0.20
$1.29
$2.40
Accounts
payable
Accrued wages and salaries
Processing taxes accrued (cash
deposited
in
escrow,
per
in escrow to cover
in dispute
139,313
at
614,223 Accrued taxes
Income tax)
x517,923
receivable
811,312
172,643
298,487
Inventories
Investments
and advances
Land and Improvements
Trademarks,
cesses,
formulae,
Federal
Preferred stock (par $100)
Treasury stock
Common stock
57,360
1,500,000
Drl,480,500
z3,000,000
2,405,414
pro¬
$5,776,115
Total
Afterreserve for depreciation of $3,360,921.
Represented by 300,000 no-par shares.—V. 141, p. 1084.
x
Afterreserve of$52,518.
$48,673
$57,297
84,086
$8,624
balance sheet June 30, 1934
Surplus as per pro forma
April 16, 1936
14,589
67,086
$141,383
X39.313
balance sheet, at opening of business
$102,071
Reserved for warranties, $30,000; reserved for
bad debts, $21,960; adjustment prior period cost of sales, $14,511; total,
$66,472, less, Surplus credits:
Cancellation of gold note interest for June
1934, $13,750; reduction in amount of liabilities as estimated at June 30,
1934, $12,544; miscellaneous, $864; balance, $39,313."
x
Arrived at as follows:
Consolidated Balance Sheet at
Opening of Business April
[American-LaFrance-Foamite Corp. and Subsidiary
16,1936
Companies]
Assets—
receivable and accrued interest
$234,116.47 reserve for doubtful items
Inventories of raw materials, finished and semi-finished stock
and supplies .less reserve of $213,994.01,as per company records
Notes, warrants, &c., receivable due after one year and overdue
and accrued interest thereon, less reserve for doubtful items
($110,844.67)
$399,136
257,506
739,367
1,161,931
305,957
172,216
machinery and equipment,
tools, &c., $832,923; less, reserve for depreciation,
Elmira plant,
patterns,
$120,405
consisting of buildings,
y
712,518
7
-
Corp...common (55%) and
(La France-Republic
preferred (62%) at estimated
amount)
400,000
—
46,459
1
Deferred charges
Goodwill
$4,195,092
Liabilities—
payable...
...
Accruals, payrolls, interest, taxes, &c
Reserve for patent litigation and other contingencies
20-year income notes issuable as per plan
Capital stock (par $10) authorized 600,000 shares, to
72,429 shares
Capital surplus
Accounts
be issued
$244,001
58,028
66,703
3,000,000
724,290
102,071
$4,195,092
Total..
Note—The foregoing shows the
to or to be transferred to
ferred
order of the
value of the assets and business trans¬
and received by the new company, as
pursuant to the provisions of the plan of reorganization and
U. S. District Court, in consideration of which the company is
securities and assume the general obligations and reorganiza¬
to issue its new
tion expenses as
provided in the plan.—V. 142 p.
American Meter Co. of New
given on first page of this
3661.
•
York—Registers with SEC—
department.—V. 135, p. 821.
Co.—Statement
Woolen
Regarding
Dividend
Arrearages—
issued the following statement on June 18:
dividend arrearages on
problem of dealing with the
stock, which will amount to $60.25 a share as of June 30,
ject of informal suggestion by the shareholders from time
the preferred
has been the sub¬
to time this year.
To these proposals some members of the board have given thought in the
hope that a feasible plan looking to the liquidation of the accumulated
dividends might eventually be evolved.
"No definite plan has as yet been submitted to the board of directors,
but should a plan be evolved which, in!the opinion of the board, provides
equitable treatment of both the preferred and common stockholders and is
approved by the board, such a plan will be submitted to the stockholders
for their consideration and approval.
Two-thirds of both classes of stock
must give consent to a plan for it to become effective."—V. 142, p. 4013.
Power
See list given on
$5,776,115 I
Totel
$138,972
Total
American
1
80,010
&c
Deferred charges
z
(incl.
Surplus
Buildings, machinery & equip.yl,864,083
$118,623
35,903
139,313
contra)..
cost
(market value 8634,823)-..
$115,877
12,737
54,467
1,852
12,619
before surplus adjust.
Surplus as per pro forma
"The
Accounts
hand-.-$l,278,117
securities
$23,095
and deprec—
Depreciation
The company
Liabilities—
Marketable
$278,295
139,323
credits, net.
Income before taxes
determined
Balance Sheet Dec. 31, 1935
processing taxes
(per contra)
1,966,352
$216,944
101,067
Federal, State and foreign taxes
American
Assets—
Cash dep.
1,586,741
& general expenses.
Profit on sales
See list
Cash in banks and on
379,611
$61,351
38,256
Cost of sales
$56,413 sur$119,560
$240,814
Earns. per sh. on 300,000
shs. com. stk. (no par)
Totals
$6,050,791
3,806,143
$4,896,077
3,092,392
Total
-jEarnings-
American Maize Products Co.
Calendar Years—
had been
,
34 to
Apr. 15,*36
$1,154,713
713,752
Sales
Investments:
26,111,00 1 24,412,860
a
After reserve for doubtful accounts,
b Represented by 104,172 5081,000 no par shares in 1935 and 99,848 508-1000 in 1934.—V. 141, p. 3370.
Total
26,111,001 24,412,860
.o>.
*»
*r
Land, at cost
and local taxes..
Def. credits to inc.
Other
If the plan of reorganization
Notes, warrants, &c.,
unpaid
accrued
Tot&i
on the terms
new common
Accounts receivable, less
Nov. 16 1936—
Prepaid rents, Ins.
prems.,
evidencing the right to
Cash
payable—
Notes
1,739,980
stock redemp'n.
warrants of the new company
of new common stock.
Stockholders— For shares of old conpnon stock surrendered:
warrants (including fractional purchase warrants) evidencing a
Purchase
15,079
48,959
Nov. 15 *37-'38_
56,976
sees..
Cash In banks
stock
of old preferred
right to subscribe
of
stock
controlled cos..
510,015
816,917 Pur. money oblig.
payable—
970,274 Notes
505,014
ployees, &c.)—-
share
stock of the new company; and
(C) Common
11,552,089 10,978,695
surplus
Capital
of em¬
7,825,064
7,392,652
par)
cash work, funds
Marketable
stock
$
$
Liabilities—
1,027.244
(Incl.
1934
1935
20,918,142
1,051,425
$1,450,821
31
1934
1935
in hands
(1) One share of new common
Deduct, surplus charges
Consolidated Balance Sheet Dec.
Accts. rec.
each
Stockholders—For
due
surrendered:
Net income
$519,155
Balance
evidencing the
of new
warrants of the new company
29,133
$1,505,700
570,537
416,008
Balance transf. to surplus account-
6,468,082
$1,491,253
14,447
Income from dividends and interest-_
AssctSmmmm
6,445,922
6,522,341
Net operating revenue
a
(3) In addition, purchase
right to subscribe for new common stock at the rate of 5 shares
stock for each $1,000 of old notes surrendered with coupons
Dec. 1, 1934, and subsequently, annexed.
common
Selling, adminis.
1935
Calendar Years—
Gross operating revenue
stock for each $1,000 of old
1, 1934, and subsequently,
Nor. 15,'34
Cos.)—Earnings—
terials &suppl's.
In addition, 5 shares of new common
surrendered with coupons due Dec.
June 30, 34 to Nov. 15,
(and Con¬
Co. (N. J.)
District Telegraph
American
(2)
annexed; and
first page of this department.
See list given on
trolled
stock of the new company (par $10) at the rate of 100
stock for each $1,000 of old notes surrendered with
annexed; and
subscribe for one share
fund
1935.
(b) New common
shares of new common
(2) Purchase
pref.
First
(a) New 20-year income notes
(B) Preferred
7,083
739,265
237,034
Sugar Co
prepd. taxes,Int.
Ac
Noteholders—(1) At the option of each noteholder:
of the new company (fully registered and
of the new company, par $10) on the basis
of one new $1,000 note for each $1,000 principal amount of old notes surren¬
dered with coupons due Dec. 1, 1934, and subsequently, annexed; or
(A)
convertible into common stock
notes
&
salaries
wages
farm
securities,
new com¬
follows:
coupons
Gen. & other taxes.
52,002
notes
& Id. sales contr.
Factories,
27,314
200,000
int.
136,666
Fed. AAA taxes..
to other corps—
r
121,661
_
Fed. Income taxes,
Cap. stock & bonds
mtge.
pay.,
trade accts
of
sink. fd. trustees
Irrig.
250,000
Notes pay. to
Accts.
873,394
1,618,928
_
as
pany as
$
$
Liabilities—
$
318,588
804,663
8,984
3,111,843
Accta. receivable.
1935
1936
1935
$
Assets—
Cash
to receive, upon surrender for cancellation of the old
provided by the above mentioned order, new securities of the
entitled
31
Balance Sheet March
1936
June 20, 1936
Chronicle
American
Cycle Corp.—Registers with SEC—
first page of this department.
Water Works & Electric
Co., Inc.—Weekly
Output—
Output of electric energy
for the week ended June 13 totaled
of 22.9% over the output
corresponding period of 1935.
Corp.—Organized—Ac¬
quires Properties of Old Company—See American-La France
kilowatt hours, an increase
and Foamite
45,115,000
of 36,711,000 kilowatt
years
American-La
France-Foamite
Corp.—V. 142,
p.
3661.
hours for the
Comparative table of weekly output
follows:
Week Ended—
American-La France & Foamite
Corp.—New Company
Organized—Acquires Properties of Old Company—
Pursuant to
an
order of the judge
of the U. S. District Court bearing
date April 15, 1936, the security holders are advised that the new securities
of the new company will be made available for delivery on July 7, 1936,
atjGuaranty Trust Co., New York, agent, 140 Broadway, New York.
The new
has been organized under the name of American-La
France-Foamite Corp. and has taken over the business and assets of the
old company as a going conern and is now in operation.
1
The holders of the five-year 5H % notes, due June 1, 1936 and the holders
of the preferred and common stock of the old company are respectively
company
May 23
May 30
June
1935
1932
26,164,000
24,932,000
44,155,000 38,100,000(35,014,000]33,480,000125,768,000
45,115,000 36,711,000 34,334,000 34,638,000*26,230,000
6
June 13
Power
of electric energy for the last five
1934
1933
44,105,000 37,878,000 35,634,000 32,274,000
43,061,000 36,505,000 33,692,000 31,356,000
1936
Output for Month Increased 16%—
electric subsidiaries of the company for the
kilowatt hours, against 167,831,791
month of 1935, an increase of 16%.
For the five months ended May 31, 1936, power output totaled 954,737,339 kilowatt hours, as against 843,989,589 kilowatt hours for the same
period last year, an increase of 13%.—Y. 142, p. 4013.
The
power
output of the
of May totaled 194,719,997
kilowatt hours for the corresponding
month
Volume 142
American
Accepted—
Financial
Writing
Paper
Co.,
Inc.—Deposits
to
Chronicle
The
New York Stock
Exchange has received notice that the deposit
committee for the first
mortgage 6% gold bonds, due Jan. 1, 1947, will
again accept deposits of
bonds under the
deposit agreement.
^
Judge Hugh D. McLellan,
Boston, has granted the following
(1) American Writing Paper Co. leave to
sell property at private
sale subject to a
lien; (2) authority to
apply for a release of lien of a first
mortgage; (3) petition in respect to the
proposed agreement with Holyoke
Water Power
Co.; (4) petition for disbursements to law firm
of the debtor;
(5) petition for disbursements
Federal
petitions:
case.—V.
of
Calendar Years—
Chicago and Arthur T. Leonard, trustees.
was incorp. in Delaware July
25, 1934.
Aug. 1, 1934, company
acquired all the assets and assumed all the
liabilities of a predecessor
Company & Business—Company
1935
Labor
Expenses
1,155,911
415,398
x538,656
346,726
550,459
Taxes
Floor &
processing taxes-
Repairs, including labor
Depreciation
New
machinery
Bad debts, net
1,494,802
462,605
Net loss
xl,274,174
1.127,275
57,248
1,423,008 Cr4,696,911
$257,355
706,022
$406,783 sur$458,122
601,676
426,678
$790,135
420.091
148,611
$1,008,458 prof$31,443
Comparative Balance
*5
1935
140,062
7,010
210,873
at cost.
Prepaid expenses &
city taxes
S
331,560
accident claimsNotes payable
20-year 6%
g.
V 202,449
5,500,000
30,000
b.,
due 1948
11,379,000
Res. against bonds
dep.
In
11,379,000
escrow
10,025
$284,101
61,084
15,323
Total oper. revenues..
$63,292
$369,443
$360,509
9,935
$271,675
53,892
;
13,152
$338,719
proceeds are estimated at
$698,537.
Company
proposes to apply net
proceeds, together with such additional funds as shall
be
necessary for the purpose, to the
retirement by redemption of the
000 first
$743,mortgage 5)4% gold bonds, series A and series
B, of which $250,are
owned
by the parent company.
Funded Debt and Capitalization
(Giving Effect to Present Financing)
Outstanding
sinking fund 4)4% bonds, series A, due Authorized
April 1,1961 (this issue)-..""Unlimited
$743,000
note
$750,000
750,000
Capital stock (par $1)
30,000
*
30,000
The principal
amount of first
mortgage bonds which may be issued
under the indenture is
not limited, but additional
bonds may be issued
in
only
accordance with
the
terms
a
Promissory
of
the indenture securing the
Owned by parent
company, due May 1, 1961, issued to refund
May 1, 1948, in a like
ful accounts.—.
300,757
inventory
1,231,317
11,825,275
Total
24,628,737 30,452,495
Anglo American Corp. of South
Africa, Ltd.—Results
of Operations for the Month
of May, 1936—•
bonds,
a note,
Interest on note is
7% per annum, but only if and to the extent that payable
the com¬
pany shall have net
earnings available therefor, after payment
of, or provi¬
sion for, all
operating expenses, interest on the first
mortgage sinking fund
4)4% bonds, series A, and provision for
depreciation, and neither principal
nor interest
may be paid if the net current
assets are, or to the extent that
such payment will
reduce such net current
assets, below an amount equal
to one-sixth of the
total operating
expenses of the company for the then
preceding calendar year, or
$35,000, whichever shall be higher; provided,
however, that to the extent that
interest is earned but not paid because of
such
principal
at the rate of
158,239
fluctuations
Profit & loss
res—12,664,188
•Years Ended Dec. 311934
1933
10,171
$288,022
64,874
16,546
due
Court
Reserve for doubt¬
24,628,737 30,452,495
Total
xAccounts payable
only.—V. 142, p. 4013.
1935
10,185
$49,110
11,259
2,914
a
with U. S. Dist.
Res. for
'36
1st mtge.
30,000
Processing taxes--
124,546
29
Local service revenues
Toll Service
Misc. operating revenues
13,695
Res. for expenses &
222,363
period
000
*35,751
salaries & wages
mutual Ins. cos.
Investm'ts
1934
$
14,806,751 15,110,441 Accts. pay. & un¬
settled claims..
7,803,662
1,753,526
7,316,027 Accrued bond Int.,
Other assets
Feb.
Stations served at end
of
$1,210,226
Sheet Dec. 31
Liabilities—
Cash & receivables
7,585,968
with
2 Mos. End-
Purpose of Issue—Net
1934
^
dep.
company.
Stations in Service and
Operating Revenues
49,019
404,372
1935
Prem.
374', 705
company of the same name, which predecessor
(since dissolved)
had, since Jan. 1, 1927, owned and
operated the telephone
serving the City of Ashland and the towns of
Catlettsburg,
Russell and
Greenup, Ky. As at Sept. 3, 1935, company
acquired from
Kentucky Standard Telephone Co., the
telephone properties serving Berea,
Lancaster, Grayson, Olive Hill,
Owingsville, Sharpsburg, Hazard,. Morehead and
Flemingsburg, Ky., and on Feb. 29, 1936,
Telephone Co., which then owned and operated the Kentucky Standard
telephone properties
serving Kirksville, Paint
Lick, Bryantsville, Liberty, Concord, Burtonville
and
Vanceburg, Ky., was merged into the
properties
28*521
$1,111,988
Inventories
378,241
1,026,453
taxes only.
<A.SS€tS**~m~
3,700,874
1,260,068
1,840,162
368,243
845,134
3,610,871
Manufacturing loss
Plant account
1932
,245,295
4,839,630
-
Net interest
paid
Provision
for
doubtful
or overdue
accounts..
Processing
1933
16,113
-
Decrease in
inventory—
x
1934
.$13,880,421 $17,096,195 $13,971,608
3,126,831
5,295,758
9,248,022
4,392,924
6,409,243
4,825,134
Materials purchased
principal
or
1946; 2% if
As at
Amoskeag Mfg. Co.—Earnings—
Gross sales
at
amount thereof and int.
plus a premium of: 5% if red.
before April 1,
1941; 3% if red. thereafter and on or before
April 1,
red. thereafter and on or
before April 1, 1951; 1 % if red. there¬
after and on or before
April 1, 1956; )4 % if red. thereafter and on or before
April lf I960, and if red.
thereafter, without premium.
in denoms. of
Coupon bonds
$1,000, registerable as to principal only.
City National
Bank & Trust Co.
on
to another law firm in
connection with the
142. p. 3837.
4167
in lawful
money of the United States of America.
Company agrees to re¬
imburse on certain conditions
Kentucky and Penn. taxes, not exceeding
5 mills per annum
on each dollar of
principal amount, and Mass. income
taxes not
exceeding 6% per annum on the interest.
Red. all or part at
any time and also at
any time through the operation of the
sinking fund
and the
maintenance, retirement and improvement fund on 60
days' prior
notice
Be
amount.
restriction relating to net
current assets the
deficiency accumulates
and becomes
payable, if, when and to the extnet it
may be paid without
net current assets
restriction.
Such note is unsecured.
violating such
(In South African Currency)
Tons
Milled
Value of Gold
132,000
127,500
138,800
103,000
£240,266
260,404
295,762
x
Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
West Springs, Ltd
Declared
Costs
£136,136
134,403
128,460
73,433
Profit
£104,130
126,001
106,551
Each of which is
incorporated in the Union of South Africa.
Note—Revenue
x
has
ounce
been
fine.—V. 142, p. 3331.
calculated
on
the
basis
of
167,302
33,118
(net)..
Cost of goods sold.
Sales and distribution
expenses
Administrative and general expenses
1935
$675,884
352,399
-
179,467
69,613
Profit from sales
Other income
$74,404
1934
$892,657
463,204
209,193
75,964
$144,296
5,096
$86,980
$149,392
taxes,
conv. of £
excess
capital stock
*
5,167
11,759
7,457
32,475
$58,188
$0.29
$107,635
sterling loan, &c
4,115
profits taxes
Net profit from
operations
per share on 200,000 shares
(par $1).
Earnings
Condensed Consolidated Balance
Sheet, Dec. 31, 1935
Assets—
Cash in banks and on
hand
Accounts receivable
Note
Liabilities—
$49,628
44,609
1,041
159,625
24,852
receivable—Inks, Inc
Inventories
receiv.—Inks,
Investment—Inks,
Fixed assets
Inc.,
20,029
Inc
(cost)
575
—.
Deferred charges and
prep. exps.
Patent application &
formulas..
Exclusive agency contract
*16,259
16,783
Due—Angostura Bitters, Ltd
Accounts and
Accruals
comm.
payable
$7,098
10,520
688
Prov. for Federal tax
Long-term loan
Commonstock
Capital surplus
Earned surplus
Surplus
reserve
2,734
50,300
23,269
payable
12,328
(parSl)
200,000
75,000
37,504
for contingencies
20,029
**
$386,439 I
Total..
After reserve for
depreciation of $10,298.—V.
—.$386,439
142, p. 3663.
Arkansas Power & Light
Co.—Accumulated Dividends—
The directors have
declared dividends of $1.75
per share on the $7 cumu¬
lative preferred
stock, no par value, and $1.50
per share on the $6 cumulative
preferred stock, no par
value, both payable July 1 to holders of
June 15. Similar
record
payments were made on
April 1 and Jan. 2, last, and on
Oct. 1, 1935.
These latter payments
compare with $1.17 and $1
per share
respectively,
previously distributed each three months.
see V. 140,
p. 1996.)—V. 142, p, 4013.
dividend record
Artloom
Albert
(For
145,265
Depreciation.
$163,291
77,360
$147,937
65,010
95,501
85,931
82,927
Net inc. before int. &
Fed. inc. taxesi
Annual interest on
$743,000 1st mtge.
sinking fund 4 )4s
Zimmerman, Vice-President
resigned.—V. 142, p. 3332.
in
charge of
rug
33,435
Underwriters—Central
Republic Co., Chicago; E. H. Rollins &
Sons,
Inc., New York, and J. D. Van
Hooser & Co., Lexington,
Ky., have
entered into a contract with the
company, under which such underwriters
have agreed,
severally, and not jointly, to purchase from the
company
$297,000, $296,000 and $150,000,
respectively, of the bonds at 96 and int.
—V. 142, p. 2814.
■
Underwriters
-V
Corp .—Registers
See list given on first
page of this department.
Co.—Weekly Output—
For the week ended June
6, Associated Gas & Electric
System reports net
electric output of
74,929,075 units (kwh.), which is an increase of
6.6%
above the
corresponding week a year ago. Although the
percentage increase
over
a year
ago is lower, production
compares favorably with that of
recent W6Gks
Output for the past four weeks was
299,851,615 units
than the comparable
period of 1935.
Court
To Rule
on
or
11.6% higher
Associated Gas Case—
The U. S. Circuit
Court of Appeals reserved decision June
15 on the
appeal of the company from
Judge Julian W. Mack's order
transferring
reorganization proceedings from the Northern
District to the Southern
District of New York.
Pending the Court's decision, trial of the issue of
insolvency, which was scheduled to be heard June
15, was postponed.—
V. 142, p. 4013.
The
Co.—Application Approved—
Chicago Stock Exchange has approved the
application of the
com¬
pany to list 63,750 additional shares of
common stock, no par, to be ad¬
mitted to trading on notice of of
issuance and registration under the Se¬
curities
Exchange Act of 1934.
Period End. May 31—
Net profit after charges
1936—Month—1935
1936—5 Mos.—1935
•
and Federal taxes
$291,858
$164,916
Earns, per sh. on 400,000 shs. com.
stock (no par)
—V. 142, p. 4013.
$1,225,493
$2.84
$781,344
$1.73
Topeka & Santa Fe Ry.—Abandonment—
Commerce Commission on June 9 issued a
certificate
permitting the abandonment by the
company of approximately two miles
of railroad in Leavenworth and
Atchison counties, Kan.—V.
142, p. 3663.
Atlantic Ice & Coal Co.—Accumulated
Dividend—
the
$10, payable June 30 to holders of
record June 22.
This compares with 15
cents paid on Jan.
2, 1936, this latter being the
first payment made since Jan.
2, 1932 when a distribution of 10
cents per
share was made.—V.
142, p. 3663.
Ashland Home Telephone Co.—Bonds
Offered—Central
Republic Co., E. H. Rollins & Sons,
Inc., and J. D. Van
Hooser & Co., are
offering; at 100 $743,000 1st mtge. sink¬
ing fund 4}4% bonds, series A.
A prospectus affords the
following:
1, 1936; due April 1, 1961.
Principal and int. (A. & O.)
payable at principal office of City National Bank
& Trust Co. of
or at
Chicago,
principal office of Central Hanover Bank & Trust
Co., New York,
American
with SEC—
Atchison
manufacture, has
Art Metal Construction
Co.—Dividend Increased—
'"The directors have declared a
dividend of 25 cents per
shai-e on
common
P" Dated
April
Associated
The Interstate
r
par
2.672
detailed
Corp.—Vice-President Resigns—
stock,
161,355
1,936
$159,529
64,027
Associates Investment
Total...
x
156,874
2,654
income
Associated Gas & Electric
$0.54
1933
$338,719
114,898
47,676
30,879
115,067
53,111
30,976
.
9.576
Non-recurring charges.
Life insurance
Note
1934
$360,509
..
franchise
taxes, life insurance, &c
Loss in connection with
Federal income and
-
per
12,576
Total income
Interest on loans,
1935
$369,443
121,551
61,071
29,946
Balance
Non-operating
£6 19s. 6d.
Angostura-Wuppermann Corp. (& Sub.)—Earnings—
Years Ended Dec. 31—
Income from sales
Operations
Maintenance
Taxes, State, local, &c
The directors have declared a
dividend of $2.50 per share on account
of
on the 7)4%
cumulative preferred stock,
par $100, payable
July 1 to holders of record June 20. A similar
payment was made on Jan. 1
last, July 1 and Jan. 1,1935. On July 1, 1934, Jan.
2,1934 and Jan. 1,1933,
$2 per share was distributed; prior to which
the company paid
regular semi¬
annual dividends of $3.75
per share.—V.
accumulations
141,
Atlantic
Oil
Investment
See list given on first page of this
Atlantic
See list given
p.
4159.
Corp.—Registers with SEC—
department.
Realty Co.—Registers with SEC—
on
Atlas Tack
first page of this department.
Corp.—Listing—Options—
The New York Stock
Exchange has authorized the listing of 7,500 addi¬
tional shares of capital stock (no
par) on official notice of issue and paymen
in full, making the total number of
shares applied for 105,500 shares.
The directors
20, 1935,
Dec.
on
At a special meeting of shareholders held June 16 approval was given to a
proposed exchange of the present 7% preferred stock share for share for
new $5 annual cumulative dividend preferred with warrants for common
stocks and a cash premium of $5 a share. Under the plan the company will
also issue 100,000 shares of the new $5 dividend preferred stock (no par)
with attached common stock warrants the stated value of the preferred is
$100 a share.
,.,
v,
,.
Warrants attached to the new preferred stock will entitle holders to pur¬
chase one share of common stock for each share of $5 preferred, evidenced
by the warrant upon payment of $25 a share if esercised before July 1,1938,
and upon payment of $27.50 a share if exercised after that date, but before
July 1, 1941, after which warrants become void.
Warrants may not be
detached before Jan. 1, 1937.
,
25-Cent Dividend—
The directors have
.
„
$14,937 per share was fixed.
a dividend of 25 cents per share on the capital
July 15 to holders of record July 1.
A similar
declared
stock, no par value, payable
Co.—Preferred Stock Exchange Voted—
Beatrice Creamery
recommended to the stockholders the
granting options to the chairman and the presesident, to purchase 5,000 shs,
and 2,500 shs. respectively of capital stock at any time within one year after
the approval of the granting of such options by the stockholders, at a price
equal to the book value of the stock at the close of the fiscal year ended
Dec. 31, 1935, or at a price per share equal to 15 times the net earnings of
the corporation at the end of such fiscal year, whichever price is greater.
The stockholders at their annual meeting held March 18,1936 granted the
options and the price of
June 20, 1936
Chronicle
Financial
4168
payment was made on April 15 last, this latter being the first dividend paid
since November 1920, when a regular quarterly distribution of 75 cents per
share was made.—V. 142, p. 3664.
New Preferred—
Files, for
filed an amendment with the Securities and Exchange
connection with its 100,000 shares of $5 preferred stock,
until July 3 in exchange for the 7% preferred stock.
After that, any shares of the $5 preferred not taken in exchange will be sold
publicly at a price to be determined later, but not less than $100 a share.
—V. 142, p. 3839.
The company has
Class A Dividend—
Austin, Nichols & Co.—No
Commission in
which are to be offered
notwithstanding
capital
The company issued an announcement stating that
increase in profits directors believe it desirable to build up working
and to defer further payments of dividends on the $5 cumulative prior
stock, no par value, at this time.
on May 1 last.
Arrearage at the
A
The company paid a dividend of 50 cents
close of the fiscal year April 30 was $3.75
Consolidated Income Account for
$2,302,017
8,711
$1,726,467
$2,136,651
2,051,611
29,083
33,976
$1,733,763
1,721,720
13,140
27,260
15,000
5,100
$2,310,728
1,917,874
23,177
53,023
50,000
$2,122,121
21,548
gen. exps
.
1,989,074
31,528
Interest
Depreciation
Res. for Fed. inc. taxes.
of
sale
on
assets
as
Corp.—Trustee's Sale—
401
4,823
$12,059
142,869
$266,654
def$28,356
65.077
31,594
$32,663 def$130,810
$201,577
on
prior A stock..
Balance, surplus
1936
1935
1934
1933
$531,677
$529,545
$598,230
$634,401
Arizing from exch. of
shares of pref. stock.
x
2,133
9,494
2,270
$531,677
$607,724
Crl,288
$636,672
79,468
_
$531,677
$529,545
$598,230
and 33 shares in 1933.
y 2,587
$531,677
1933).
$150,869
89,705
$281,679
12,058
$80,102
266,654
57,042
$293,737
142,869
$346,756
65,077
$111,696
31,594
$150,869
$281,679
7% cum. pref. stk.
less
$48,328
$26,994
meet dividend-_
14,260
35,782
2,319,668
2,066,405
1,544,383
Notes & accts.rec
z
Salesmen's
Divs.
payable
Accrued
1,203,981
expenses.
12,611
44,857
167,663
31,885
1,091,147
22,300
326,918
17,646
50,889
396,745
30,888
45,731
Special deposits
35,782
90,036
148,659
payable.
Special deposits...
Surplus
(not
Cash
1,650,000
19,527
wages
Accounts
5,926
30,939
18,900
Miscell. receivables
7,112
12,363
$25,900
855,630
125,569
$25,900
855,630
125,569
1,750,000
14,260
Accrued taxes
(less reserve)...
Prepaid
Common stock..
Bank loans
comm.
Mtges.
rec.
current)
Prior A stock
x
depreciation
on deposit to
y
Cash
1935
1936
Liabilities—
1935
31,727
1,123,809
1933
of oper. cos.$30,579,394
14,144.485
amortiz—
„
1932
$29,358,420
174,583
$31,231,581 $28,896,531 $29,533,003
14,616,593
12,973,647
12,569,087
depreciation
for
907,776
7,624,905
2,967,477
695,679
63,209
191,065
$3,958,403
70,032
190,178
$5,675,855
218,474
152,951
$5,541,752
$4,482,209
$4,218,613
$6,047,280
331,514
339,658
450,000
23,604
346,710
500,000
23,604
23,604
357,812
450,000
23,604
1,686,736
1.907,030
$5,186,634
$3,611,895
$3,405,350
$1,622,098
8,008,054
2,000,103
674,406
500,000
7,720,803
3,335,902
8,067,847
3,435,104
884,102
Bal. being rev. to Bra¬
zilian Traction, Lt.
Ltd.. $5,252,346
77,419
investm'ts
211,987
& Power Co.,
Int.
temp,
on
$4,227,935
Miscellaneous income—
Gross
Brazilian
Light &
rev.,
Traction,
Power Co., Ltd—.
Consolidated Balance Sheet April 30
1936
i934
1935
and renewals
$80,102
prior A stock..
Balance, April 30
Inventories
rev.
78,432
113,588
Company and Operating Subsidiaries
oper. cos..
Prov. for gen
$183,532
Total
Plant & equip,
of
Bond interest
$140,052
def28,356
$240,574
Previous balance May 1.
Profit (as above)
Assets—
Total
Cnarge
1933
1934
1935
1936
348,783
96.225,888
387,808
oper.$30,221,757 $30,692,415 $28,469,704
357,637
539,166
426,827
Gross earns, from
Sink, funds & oth. chgs.
Consolidated Earned Surplus April 30
366,094
105,289,685 102,044,183
89,042
83,208
134,886
122,253
Combined Revenue Statement of Parent
Misc. rev.
31 shares in 1935, 138 shares in 1934,
on
No. of teleph. in oper
Operating expenses
shares in 1934 (2,795 shares in
Divs.
96,963
149,034
Gas consumers
Calendar Years—
Total
Adj. of exps. of recap
y Appropr. for pur. shs.
of prior A stock.
x
Passengers carried
Kilowatt hours sold
38,442
_
Prev. balance April 30
Miles run
413,526
Gil sold (cubic meters). 113,143,923
April 30
Consolidated Contributed Surplus
Previous balance May 1.
Combined Companies for Calendar Years
1935
1934
1933
1932
560.84
549.15
547.03
547.13
71,910 270
70 037 364 66 832 545 65 707,625
823,796,758 782,406,381 753,786,219 728,134,991
1,119,893,048 1,013,977,127 903,467,487 821,164,791
def$59,950
Miles of track
Divs.
& Power Co., Ltd.—Earns.
Brazilian Traction, Light
,
Statistics of
$89,705
57,042
(net)
City, N. J., will be offered for
company's plant located in Jersey
142, p. 3664.
The
sale June 24.'—V.
capital
Net profit
Bonds-—Fights
details under
141, p. 4160.
7,296
Bond Electric
$2,143,669
Total income
Loss
$2,106,914
29,737
17,960
Gross profit from sales..
Inc. from other sources.
Selling &
1933
1934
Court Rules Out Devalued
Co.—State
Medium to Pay Foreign Holders of
Gold Bond Claim in Philadelphia Courts—See
"Current Events" on a preceding page.—V.
Dollar
Years Ended April 30
1935
1936
Steel
Bethlehem
share.
a
Deduct—General & legal
exps.
& admin, chgs..
Gen. amortiz. reserves..
Pref. divs.
(6%).
-
Common dividends
Stock dividends
—
Balance, surplus.....
Consolidated Balance Sheet (Co. and Sub.
Cos.), Dec. 31
[Includes Rio de Janeiro Tramway, Light & Power Co., Ltd. (and Its
Brazilian Tel. Co.), Sao Paulo Tramway, Light & Power Co., Ltd.,
Ltd., City of Santos Improvements
Electric Co., Ltd.]
Electric Co.,
subsidiary,
Sao Paula
Co., Ltd., and Brazilian Hydro-
1935
1934
1933
1932
$
$
$
$
Assets—
Properties, plant & equip., const,
$4,185,118 $4,041,044
Total
$4,185,118 $4,041,044
Total
Represented by 125,569 no-par shares,
y Represented by
shares,
z After reserves of $87,527 in
1936 ($92,529 in
~V. 142, p. 2145.
x
no-par
28.521
1935).
Income Account for the
owned
cos.,
or
by
controlled
219,216,526 214,163,739 211,595,662
sub.
incl. premium paid on shs.
84,892,167
89,863,583
90,438,235
47,492,792
47,493,887
47,496,742
contracts,
franchises,
Rights,
87,484,063
45,196,355
of sub. cos. acquired
Corp. (& Subs.)—Earnings—
Automatic Products
(at cost), incl. int.
during construction, &c
234,371,291
Cost of securities & adv. to cos.
expenses
goodwill, &c., discount & issue
Year Ended Dec. 31, 1935
$1,695,713
Sales (less returns and allowances)
Cost of sales
754,165
expenses on
13,490,713
$208,115
27,707
Net profit from operations
•
$235,821
xl04,806
31,232
Total income
Other expenses.
Prov. for Federal & Canadian income and capital stock taxes
1,407,044
1,315,355
7,481,598
7,290,760
24,118,109
889,425
14,363,183
7,088,599
21,839,561
6,577,939
9,309,211
1,729,930
13,446,427
Stores in hand and in transit, incl.
construction material..
8,283,138
4,448,714
Sundry debtors & debit balances.
Invest. (Govt, securities at cost).
16,892,030
Cash in hand and in banks
889,425
10,998,040
403,325,017 415,923,332 406,293,287 393,547,855
Total
63,729
Minority stockholders' interest in profit
11,638,352
1,577,761
Sao
1st mtge. bonds
Other income
12,549,410
1,759,723
Ltd., 1st mtge. bonds at cost
Paulo Electric Co., Ltd.,
$941,547
733,432
Gross profit
Selling, technical, administrative and general expenses
bonds & debs
Sinking fund investments:
Rio de Jan. Tram., L. & P. Co.,
Liabilities—
Net profit attributable to
Includes depletion and depreciation of
x
$36,054
Automatic Products Corp...
Traction,
Capital stock—Brazil.
...179,312,293 179,307,259 179,302,220 179,302,288
393,400
393,400
393,400
393,400
977,633
976,533
976,533
1,684,292
Ltd
Lt. & Power Co.,
$63,532.
pf. shs.
Auth. & issued 6% cum.
Consolidated Balance Sheet Dec. 31, 1935
Shares of subsidiary cos
a
Liabilities—
Assets—
Accts.
payable & accrued exp.
$130,231
Bank.
FundetL Debt—
Rio de
45,000
Janeiro
Tramway,
Light
Cash in banks and on hand...
$216,912
Accounts & notes receivable-
428,350
251,289
Notes pay. to Fed. Res.
Other notes payable
35,000
1st mtge. 30-yr.
159,029
64,376
638,638
Land
10,000
5% 50-year mtge. bonds
& capital stock taxes.
34,569
Sao
874,559
Res. for add'l costs &guarantees
42,466
Power Co., Ltd.:
5% perpetual consol. deb. stock
Sao Paulo Electric Co., Ltd.:
a
Inventories
Investments
Deferred charges..
b Land,
bldgs. & equipment
Goodwill, patents, &c__.
purchase contract
Res. for Fed.
come
Note
Federal Re¬
Bank (not current)
Minority
stockholders'
—
82,500
inter¬
ests in Permutit Co
Common stock (par $5)
Paid-in and capital surplus
Earned surplus
17,717,566
1,319,384
25,000,000
18,084,281
1,318,205
25,000,000
18,433,998
1,317,719
25,000,000
18,768,879
1,317,095
3,999,996
3,999,996
3,999,996
3,999,996
9,733,333
9,733,333
9,733,333
868,717
875,000
436,079
73,591
9,733,333
107,553
163,033
216,080
268,153
163,098
163,360
189,750
214,264
557,195
898,728
1,264,693
Sundry cred. & credit balances __bl2,619,150 bl0,679,142
9,246,845
481,527
1,134,377
6,783,242
423,825
Paulo
a
and
$2,633,154
Total
b After depreciation
1974.
After reserve for doubtful accounts of $35,650.
depletion reserves of $546,190.—V.
Aviation
142,
p.
Corp.—Changes in Personnel—
/ See Cord Corp. below.—V.
i42,
p.
2656.
Baltimore Transit Co.—Interest Payments—
The directors on June 18 declared a semi-annual payment
of 1% on the
Corp.—75-Cent Preferred Dividend—
75 cents per share on the
Light
&
Bond debentures & share warrant
coupons
outstanding
charges
on
cum.
pref.
shares and funded debt
See b
renewals (bal.
aft. meeting renewals to date). 70,209,487
Sinking fund reserves
7,361,073
General amortization reserve
16,984,692
General reserves
51,431,369
Ins. funds for
injuries & damages.
See b
♦Prov. for deprec. &
Profit & loss ba
.
29,585,721
145,412
59,444,749
18,843,014
5,960,000
50,556,823
54,100,659
17,508,151
5,510,000
50,585,304
24,399,087
145,412
20,787,193
145,412
17,381,842
145,412
403,325,017 415,923,332 406,293,287 393,547,855
Total
"
This
63,122,772
20,303,657
6,460,000
50,775,133
Dec. 31—Braz.
Trac., Lt. & Pr. Co., Ltd.—
Subsidiary companies
4% debentures and one of 1M% on the series A5% debentures,
payable on July 1.—V. 142, p. 4014.
Baxter Laundries
Tramway,
5% tramway debentures
series A
The directors on June 16 declared a dividend of
5% gold bonds
5% 50-year 1st mtge. bonds—
City of Santos Impts. Co., Ltd.:
Accrued
$2,633,1541
Total
Co., Ltd.:
5% 22-year bonds
& Canadian in¬
payable to
serve
& Power
reserve
includes provision for
depreciation and renewals of physical assets of
8% cumulative (to extent earned) preferred stock, par $50, payable July 1
to holders of record June 30.
An initial dividend of 25 cents was paid on
companies owned or controlled by subsidiary companies,
a In addition, there are
bonds outstanding of companies owned or controlled by the sub. cos. equivalent to
April 1, last.—V. 142, p. 2489.
$6,863,899 at
par
of exchange, on which the interest
and sinking fund charges
Volume
142
Financial
for the year, amounting to
$399,136, are provided out of the revenue of the sub. cos.
b Includes insurance funds for
injuries and damages.—V. 142, p. 3333.
Boston
Herald-Traveler
Corp.—15-Cent
Chronicle
Blair
value, both payable July 1 to holders of record June 22. A semi-annual
was paid on Jan.
2, last, and on July 1, 1935; 60 cents
paid on Jan. 2, 1935; 40 cents on July 2, 1934, and 50 cents per share
Jan. 24, 1934, this latter
being the first dividend paid since Jan. 2,1932,
par
dividend of 50 cents
was
when
a
quarterly dividend of 10 cents per share was distributed. In addi¬
tion an extra dividend of
25 cents was paid on Jan. 2, 1936, and on July 1,
1935.—V. 141, p. 4012.
Botany Consolidated Mills, Inc.—Referee to Recommend
Reorganization Proposed by Stockholders to Court for Approval—
Operating
Operating
Taxes
55% of the total outstanding bonds have been
declared operative.—V. 142, p. 4015.
Brantford
Cordage Co.—-Stock Offered—Public offering
of 40,000 shares of cu nulative redeemable
sinking fund 1st
preference stock is being made by A. E. Ames & Co., Ltd.,
in the Canadian
market, at $24.50 per share, to yield 5.30%.
The
a
expenses
oper. props
_.
$1,146,594
219,126
Income deductions.....
Curr.
to
*
income
$1,266,339 $12,512,863 $13,096,374
65,838
8,54,308
670,192
$1,365,720
597,657
Grossincome
the bondholders'
protective committee and recently adopted as a substitute
plan by the company officials.
Mr. Grimshaw said he had come to the conclusion
that this plan was for
deposited with the bondholders' protective committee and the
majority of
the common and class A stockholders
have already signified their approval
of the proposed reorganization
plan.
It is necessary for 66 2-3 % of the bonds
to
be deposited with the
protective committee before the plan can be
on
1936—Month—1935
1936—11 Mos.—1935
$4,485,913
$4,497,879 $48,117,376 $47,281,145
2,885,537
2,807,145
31,113,715
30,029,344
453,782
24,395
4,490,798
4,155,427
revenues
Operating income
Non-oper. income
$1,332,177 $13,367,171 $13,766,566
716,279
7,778,286
7,928,862
carried
surplus
Accruing
$768,063
to
$5,588,885
67,528
508,297
583,602
$712,748
Bal. to B.M.T. sys
-V. 142, p. 3498.
Brown
$615,898
55,315
$548,370
$5,080,588
$5,254,102
$5,837,704
min.
int.
of B. & Q. T. Corp...
to
the best interast of all concerned after
"reading and hearing" the abundance
of testimony offered at the
various hearings.
Referee Grimshaw set June
23 for the final
hearing in the case.
It is stated that more than
G *M.-P*MurphyCo..
Co.,
Earnings for Month and 11 Months Ended May 31
[And Brooklyn & Queens Transit System]
Period End. May 31—
Referee John
Grimshaw Jr., sitting in the local
bankruptcy court at
Paterson, N. J., June 15, declared that he was "disposed" to recommend
Judge Guy L. Fake, of the Federal District Court, Newark, the adoption
of the reorganization
plan dated April 24, 1936, as suggested originally by
4169
Ladenburg, Thalmann &
\E. H. Rollins & Sons, Inc., and W. E. Hutton &
Co.
Div.—
Extra
The directors have declared an extra
dividend of 15 cents per share in
addition to a semi-annual dividend of
60 cents on the common stock, no
on
Corp.,
Co.
(Me.)—Prompt Reorganization Urged—
Prompt reorganization of the company and its release from trustees now
running the business under Section 77-B is asked by the first mortgage
bondholders' committee headed by Lee S. Buckingham, President of the
Clinton Trust Co. of New York.
The committee points out that from
a loss of
$2,104,008 in 1931 the company's position has improved steadily
to show a profit of
$454,602 in 1935 and an estimated profit of $1,560,000
in 1936.
The committee has prepared and sent to bondholders a
plan of reor¬
ganization, and is asking for proxies so that it may be adopted.
Bond¬
holders also have been sent a
copy of a report to Stern, Porter, Kingston
&
on
Coleman, certified public accountants, which shows that the company
April 18, 1936, had net current assets of $6,824,259, as against current
liabilities
of
$2,033,584,
working capital ratio of better than 4 to
a
1.
—V. 142, p. 4015.
stock carries dividends at the rate of SI.30
per share, and has
par value of $25.
new
The residue
Brush Electric Illuminating
Co.—Merger-
See Consolidated Edison Co. of New York, Inc., below.- -V.
80, p. 1856.
of
these shares will be offered
publicly after existing 8%
preferred shareholders' requirements have been satisfied under the term
of redemption.
These terms give holders of old stock the
privilege of
acquiring 8 shares of new stock for each 11 outstanding shares held, but
without the right to purchase fractions.—V.
142, p. 3498.
Bullion
Imports,
Inc.—Registration Suspended—
The Securities and Exchange Commission on June 13 announced that it
had suspended the effectiveness of the
registration filed by the company.
—V. 142, p. 2987.
Brooklyn Borough Gas Co.—Extra Dividend—
The directors have declared
addition to the regular
an
6% cents per share in
quarterly dividend of 75 cents per share on the
6% cum. and participating pref. stock, par
$50, both payable July 1 to
holders of record June 17.
An extra dividend of 6% cents per share has
been paid each quarter
(except on April 1) since and including July 1927.
An extra
participating dividend of 56 % cents per share has been paid each
Apri Jsince 1932.—V. 142, p. 1975.
See Consolidated Edison Co. of New
York, Inc., below.—V. 142, p. 3840.
1936—Month—1935
1936—11 Mos.—1935
Operating revenues
$18,18,563
$1,719,025 $19,084,929 $18,772,821
Operating expenses
1,431,098
1,367,845
15,175,444
14,741,215
Taxes on oper. properties
157,850
166,221
1,604,476
1,540,247
$229,615
14,188
$256,959
15,785
$2,305,009
166,468
$2,491,359
174,840
$£43,803
123,849
$272,744
123,668
$2,471,477
1,369,215
$149,076
$1,102,262
$1,265,563
trust
banking
which offered
this
relating to the issue
California Comstock Gold
issue.
The
selling
terminated
was
business June 16, all price restrictions
on
as
group
agree¬
of the close of
transactions
being
closing at 10034 bid, 10034 asked,
as
compared with the original offering price of 100.
(See
original offering in V. 142, p. 2986.)
See list given on first page of this department.
1935
$4,012,000
1,780,996
Gross earnings
Net
Net
the 4%s, as a result of the distribution
made by
group dealers during tne last six weeks, have been
placed in small
with investors in all parts of the
country.
More than
50% of
4%% series bonds, the bankers, report, have been placed with indi¬
and other small investors, few
large issues in recent years having
such
widespread distribution among other than institutional
buyers.
It is anticipated that corporation will make
application shortly
to list
$3,792,623
al,481,356
$2,231,005
6,212
$2,098,234
$2,075,024
11,481
$2,311,267
6,668
$2,237,217
238,864
earnings
$2,104,902
234,252
$2,086,505
240,765
1,046,511
1,049,657
...
earnings
Exchange.
Coincident with the termination of the
selling group
4!4S» announcement was made of the reformation
the
the
original
of
under an agreement which will be in
effect for 30 days, to reoffer the unsold
3%% serial bonds
on a revised scale of
prices, to yield from 3 to 4.10%.
The
group,
reoffering
comprises
approximately
$22,241,000
of
3^%
Cr 859
157,017
300,000
157,158
300,000
157,289
174,842
300,000
$496,215
306,909
$364,997
$460,341
460,341
$189,306
$58,084
(642,546
Debenture interest
•
General interest, &c
Int. charged to constr'n.
count and expenses—
Approp. for retire,
res..
Amount
Series Due
The
May
May
May
May
May
May
May
May
May
May
1, 1942
1,1943
1,1944
1,1945
1, 1946
1,1947
1, 1948
1,1949
1,1950
1 1951
Revised Price
104.01
Balance
dividends
103.05
Balance
100.00
1934
$
Assets—
Cash
$
hand and
97.50
297,569
Accts. & notes rec.
601,151
596,750
Accrued
Mat'ls & suppliesOther curr. assets.
398,689
392,192
27,489
Investments
41,630
188,946
Fixed assets
34,505,262 34,249,347
Deferred charges2,033,645
2,400,681
Other assets
151,954
14,300
4.00
new
from
rank
equally as to security with the 4%% series bonds.
In addition to Hayden, Stone &
Co., Brown Harriman & Co., Inc., and
Lazard Freres & Co., Inc. the underwriting group includes J. & W.
Seligman & Co., Lehman Brothers,
Halsey, Stuart & Co., Inc., White, Weld
& Co., Field Glore & Co.
Goldman Sachs & Co
Kidder
Ston
& Webster and
Peabody&Co.,
Blodget, Inc., W. C. Langley & Co., Bancamerica-
liabilities:
Salaries & wages
73,142
31,064
Taxes
308,073
6,921
76,726
28,305
557,856
335,229
479,055
Interest
Other
Divs.pay.on pf.stk
Indebted, to affils.
Funded
debt
Deferred liabilities
Reserves
"
2,033
76,728
2,604
17,475,800 17,518,200
240,863
93,519
2,217,397
2,234,005
7% cum. pref. stk.
($100 par)
6%
cum.
2,883,000
6%
cum.
2,883,000
1,000,000
1,000,000
5,866,300
6,847,100
5,866,300
6,847,100
11,399
443,945
pref. stk.
($100 par)
series of
1927 pref. stock
($100 par)
x
Common stock.-
Capital surplus
Earned surplus
Total
x
4.10
prices represent reductions of approximately 1 to
nearly 2
the original offering quotations.
This in turn makes the
relationship of the redemption prices to the offering prices more
favorable,
the premiums in the event the bonds are called
widening to approximately
2 to 5 points in the case of unification and to
approximately 3 to 7 points
if the securities are called in the
regular way.
For the 1942 maturities the
unification call price is 106% and the regular call
price 107; for 1943, 105%
and 106% respectively; for 1944,
104% and 105%; for 1945, 103% and 105;
for 1946, 103 and 104%; for 1947, 102% and
103%; for 1948, 102 and 103%;
for 1949, 101% and 103%; for
1950, 101% and 103%; for 1951, 101 and 103.
These bonds, in the opinion of counsel, are
legal investments for life
insurance companies in the State of New York.
The 3%% serial bonds
points
7,326
128,989
-
38,213,245 38,167,276
Total
627,270
38,213,245 38,167,276
Represented by 82,061 no-par shares.—V. 142, p. 4016.
4.05
96.13
1934
52,629
231,781
$
407,769
deposit
3.95
96.84
1935
Liabilities—
Notes payable
Accounts payable.
on
serial
3.85
$1,955
Balance Sheet Dec. 31
1935
3.75
99.11
98.11
$632,057
589,072
41,031
Including $100 ,000 for amortization of extraordinary operating expenses
a
3.25
3.45
3.60
102.05
306.913
116,457
deferred in 1931.
Approx. Yield
3.00%
101.13
26,582
Common dividends
bonds, representing the balance remaining unsold out of a total of
$33,300,000 of these securities, which constituted
part of a total issue of $110,000,000
of rapid transit collateral trust bonds
publicly offered by a prospectus dated
April 27, 1936.
The scale of prices applicable to these
3%% bonds,
dated May 1, 1936, and
maturing serially May 1, 1942 to May 1, 1951,
inclusive, has been revised as follows:
$1,790,000
1,581,000
1,444,000
1,859,000
2,047,000
1,235,000
2,884,000
3,138,000
3,237,000
3,026,000
385,000
.
Amortization of debt dis¬
on
on
Q*l,162
$2,316,753
238,092
597,786
310,750
145,277
Cr23,664
Bond interest
attained
Stock
5,486
Crl ,392
Lease rentals
Preferred
1932
1933
$3,605,473
1,530,449
vidual
the New York
1934
$3,768,848
1,670,614
Other income
Records show that
amounts
on
Mines, Ltd.—Registers with
SEC—
removed and the bonds
thase bonds
Creswell M. Micou,
before Judges Man ton.
3840.
p.
Oper. exp.,maint. & tax.
bonds, 4^% series, due May 1, 1966, was announced
June 16 by Hay den, Stone &
Co.; Brown Harriman & Co.,
Inc., and Lazard Freres & Co., Inc., managers of the
the
declared
company,
Hand that Judge Inch had not determined whether the
Terminal company was solvent and that it probably was insolvent.—V. 142,
Calendar Years—
Brooklyn-Manhattan Transit Corp.—$65,000,000 4J
Sold—To Reoffer Unsold 3%s—Successful
completion of the
initial distribution of the
$65,000,000 rapid transit collateral
selling
Buildings
N.
California-Oregon Power Co.—Earnings—
surplus
—V. 142, p. 3498.
ment
the
Swan and A.
Current income carried
to
group
half of whose voting stock is
had been refused.
representing
$2,666,199
1,400,636
$119,954
Gross income
Income deductions.....
by the Bush Terminal Buildings Co.,
Thomas Kiernan, attorney for the committee, and
Period End. May 31—
_
The appeal was made by a preferred stockholders' protective committee
held by the Bush Terminal Co.
The Buildings company based its case on
the fact that adjudication of $2,000,000 in claims
against the Terminal
company
Brooklyn & Queens Transit System—Earnings—
Co.—Decision Reserved—
The U. S. Circuit Court of
Appeals reserved decision June 19 on an
appeal seeking the rejection of a decision by District Judge Inch which
terminated
equity receivership and reorganization proceedings of the
company and freed its assets from control of receivers and trustees appointed
by the lower court.
and
Brooklyn Edison Co., Inc.—Merger—
Operating income
Non-operating income.
Bush Terminal
extra dividend of
California
Water Service
Calendar Years—
1935
General taxes
Net earnings
Other income
Gross corp. income—
Net interest deductions.
Prov. for Fed. inc. tax..
Net
income—
1934
$2,064,712
858,053
1Q33
1932
_
$2,083,949
810,114
138,084
$2,004,548
790,303
63,968
151,034
$1,024,318
7,287
Maintenance
Prov. for depreciation.
Co.—Earnings—
$2,105,380
858,641
77,238
145,183
Operating revenues
Operation
$996,732
8,109
$999,243
7,842
$1,050,509
9,501
$1,031,605
452,618
33,380
172,302
$1,004,841
452,898
50,931
169,187
$1,007,085
453,569
45,542
174,196
$1,060,011
447,573
52,187
137,121
$373,305
$331,826
$333,777
x$423,129
71,842
70,707
152,618
Exclusive of interest of $40,426.68 on non-negotiable notes payable to
Water Service Corp., canceled Dec. 29, 1932; subordinated to
dividends on preferred stock.
x
Federal
Financial Chronicle
4170
1935
$
1934
$
1934
$
%
.
Liabilities—
Funded debt.....
8,738,000
Deferred liabilities
250,393
Accounts payable.
35,384
Spec. lmpt. assess.
payable..
1,982
Interest accrued..
109,225
Taxes accrued
144,129
Dividends accrued
22,207
Mlscell. accruals..
4,365
Plant,
property,
equipment, &c_ 16,097,008 15,868,692
Mlscell.
invest'ts.
2,002
3,210
159,980
2,002
2,992
164,410
117,929
Special deposits...
Cash....
Mat'ls & supplies.
Deferred charges
129,114
111,167
142,761
& prepaid aocts.
360,855
...
373,080
y
Receivables....
x
Reserves
1,889,282
-
6% cum. pref. stk. 2,961,000
Common stock.. 2,414,200
304,142
z
Earned surplus
8,738,000
265,119
Total...
39,980
Federal cap. stock tax.
crease
and class
June 30.
B
stock, both payable July 31 to holders of record
Previous extra distributions were as follows:
$1.25 per share
Dec.
1,470,558
$1,637,884
$1,483,736
liquidation
on
Rys.;—Earnings—
Earnings of System for Second Week of June
1936
1935
$3,337,186
Gross earnings
$3,153,147
Increase
$184,039
140,548
100,000
47,764
Dividends declared
—
$1,590,119
$1,483,736
$1,470,558
$6.45
$0.55
$6.03
U. S. Gov. & mu¬
671,750
119,358
nicipal securities
Customers'
Earnings of System for Second Week of June
1935
1936
72,171
Inventories
1,539,124
18,657
Due from affil.cos.
Invest, in affil.cos.
18,445
Mtge.on prop.sold 1,574,665
a Real est.,
plant
17,154
1,590,891
77,936
8,810
1,701,024
3,836,552
44,181
a
$9,487,650
$8,545,308
5,859,336
7,197,790
594,151
785,825
618,646
591,927
$909,883
118,530
$1,028,413
636,278
$1,644,106
664,553
4,353
9,234
2,991
$378,631
V:',,
$972,208
secur.
890,834
(at cost)
1,717,592
51,542
25,746
47,138
396,714
7,519
490,414
Depos. for pay't of bond int.
Accts. receivable (trade)
Other accts. & Int. receiv'le..
Materials and supplies
Balances In closed banks
Deferred charges
Potomac
$24,000,000
1,224
14,007,000
164,595
Elec.
Power
Co
....
Taxes accrued
Interest accrued
>
interest!
Fare tickets outstanding
Other current & accrued liab.
Reserves
Capital surplus
Undivided profits
Ry. oper. revenues
Net rev. from ry. oper—
1936—Month—1935
$57,925,710
52,922
460,896
96,188
28,475
123,308
20,029
15,497,189
2,062,102
1,411,779
Total
$57,925,710
a The property and plant account as stated represents the aggregate of
corresponding accounts on the books of predecessor companies and their
transportation subsidiaries at Dec. 1, 1933, including intangibles (with
additions and deductions since that date) in accordance with the com¬
pany's interpretation of provisions for continuity of accounting in the
definitive unification agreement under the joint resolution of Congress
authorizing the unification.
Some adjustment of the amount may be
required should the Public Utilities Commission of the District of Columbia
issue a definite ruling in this respect at a later date based on its interpreta¬
tion of the definitive unification agreement.
The properties acquired from
Washington Railway & Electric Co. are subject to the lien of its consolidated
mortgage under which $9,906,100 principal amount of bonds is outstanding.
By the indemnity agreement dated Dec. 1, 1933, Washington Railway &
Electric Co. has agreed to pay both principal of and interest on $5,927,100
of such bonds and to indemnify Capital Transit Co. with respect thereto,
and Capital Transit Co. has agreed to pay both principal of and interest on
$3,979,000.
b Reacquired securities consist of:
Capital Traction Co. 1st mtge. 5%
coupon bonds, due June 1, 1947, $264,000, and City & Suburban Ry. of
Washington 5% 1st mtge. bonds, due Aug. 1, 1948, $334,000.
c Market value $1,821,784.—V. 142, p. 1976.
Carib
Syndicate, Ltd.—Meeting Adjourned—
Due to lack of
for June 12
to
a quorum
the special meeting of stockholders scheduled
to act on increasing the authorized capital from 800,000 shares
2,000,000 shares
(25 cents par)
$492,878
81,739
$540,134
.
.
.
25,605
3,987
6,545
108,708
Net ry. oper. income
Inc. avail, for fixed chgs.
charges
60,755
63,118
109,218
1936—5 Mos.-—1935
$2,295,818
$2,114,275
164,012
39,704
72,505
def49.274
def39,316
147,377
545,132
542,586
$397,755
$581,902
$46,101
$102,164
has been adjourned to June 26.
Trading Continued—
The Securities and Exchange Commission on June 16 granted the applica¬
tion of the New York Curb Exchange for continuance of unlisted trading
privileges in the common stock, par 25c.
The stock had that privilege
before March 1, 1934, as required by the Securities Exchange Act of 1934.
—V. 142, p. 3498.
City—Earnings
Chanin Building, New York
—6 Mos. Ended Jan. 31-
1936
1935
Year Ended
July 31 *35
$1,446,356
$691,244
21,962
Other services (incl.
21,795
425
48,110
211,641
..
$719,538
$741,758
213,998
$1,498,653
417,154
$510,421
Rent income
$527,760
$1,081,499
sub-metering, &c.)
8,855
Cancellation of leases
$722,062
Total income
Expenses
Operating income.
_
4,188
Chesapeake & Ohio Ry.— -Earnings—
Gross from railway
Net from railway
Net after rents.
-
1933
5,460,501
4,337,645
$8,825,156
3,595,894
2,618,687
$9,401,973
4,134,706
3,038,664
$8,380,632
3,721,121
2.728,935
52,427,902
23,482,165
19,002,525
44,371,435
18.173,706
13,751,662
45,507,676
19,914,801
15,152,986
38,403,595
15,809.728
11,524,283
..$11,257,697
..
1934
1935
1936
May—
Total
Inc.—Earnings—
Central Vermont Ry.,
Period End. May 31—
Fixed
of record June 30.
on Jan. 15, last.—
4162.
Def. transf. to P. & L.
(power purchased)
Matured bond
cents per share on the
—V. 142, p. 3499.
Liabilities—
hand and in banks.,
have declared a dividend of 25
The directors
common stock,
par $10, payable July 15 to holders
An initial dividend of 12& cents per share was paid
Consolidated Balance Sheet Dec. 31, 1935
Property & plant accounts_$53,635,497 Capital stock ($100 par)
Cash on deposit with mtge. tr
42,261 Minority Int. in sub. co
b Reacquiredsecur. (at par).
598,000 Funded debt
Other Investments (at cost)..
22,450 Accounts payable (trade)
on
of $4,165,518
Republic Co.—Larger Dividend—
Central
168,709
4,269
a
Marketable
$9,548,029 $9,435,296
Total
:
in 1935 and $4,065,284 in 1934.
shares,
c Represented by 24,551 shares
d Represented by 194,951 shares of $15 par value.—V. 142,
depreciation
After
$1,475,397
Net income
c
10,513
492,068
...
1934
Net operating revenue
Non-operating income
Cash
■
—$9,548,029 $9,435,296
Total
V. 141, p.
Assets—
2,388,200
2,455,100
2,924,276
1,483,735
stock
p.
1935
...
12,000
2,388,200
c $7 pref. stock
2,455,100
d Common stock. 2,924,276
1,590,119
Surplus
b
&
Other accounts
(no par),
3667. '
Capital Transit Co. (& Subs.)—Earnings—
Interest on funded debt
Amortization of bond discount and expense
Other interest charges....:
16,800
capital stock tax
1st pref. partlo.
3,819,666
50,969
17,233
409,313
accts. receiv.
b Represented by 23,882 no par
Calendar Years—
Gross income
88,546
gencies
678,310
$137,000
,
Operating revenue
Operating expenses
Taxes (including Federal income taxes)
Provision for depreciation
$26,144
57,294
Provision for Fed'l
notes
747,200
&
Increase
$2,340,000
$2,477,000
1934
$34,075
67,693
47,764
24,001
$312,439 Accounts payable.
50,000 Accrued liabilities.
Dividend payable.
701,550 Reserve for contin¬
Time deposits
Purch. money mtg
1935
Liabilities—
1934
1935
$403,343
Cash
and equipment-
Gross earnings
—v. 142,p. 4017.
Nil
Consolidated Balance Sheet Dec. 31
Prep. exp. & chgs.
Patents & licenses.
Devel. charges def.
Ry.—Earnings—
$1,567,119
23,882
(no par) shs. $7 pref..
—V. 142, p. 4016.
Canadian Pacific
$1,567,119
of
inactive merchandise-
Interest receiv..
Canadian National
1,805,170
......
$1,711,105
Reserve for conting
common
16, 1935; 75 cents on July 31, 1935; $1.50 on Dec. 15, 1934; 75
cents on July 31, 1-934, and 87^ ceits per share paid on Jan. 31, 1933.
—V. 141, p. 4012.
on
$143,986 loss$399,181
1,567,119
161,131
$13,178
$154,148
1,483,736
—
Assets—
Ltd.—75-Cent Extra Dividend—
......
of capital-
Total.
Earn, per sh. on
Industries,
$391,550 loss$120,652
217,564
194,437
30,000
84,092
—
Net profit.
be made at the American Trust Co., San Francisco, Calif.—V. 142, p. 4016.
Canadian
$211,660
190,482
8,000
Surplus arising from de¬
bonds, series A, have been
and interest.
Payment will
The directors have declared an extra dividend of 75 cents per share
in addition to the regular quarterly dividend of $1 per share on the class A
_
Previous surplus. -.1.—
Surplus
Bonds Called—
1933
1932
$291,316 loss$230,671
100,234
110,020
Inventory adjustments.
..16,874,311 16,660,893
Including debt discount and expense in process of amortization.
y Less
reserve for uncollectible accounts of $16,300 in
1935 (1934, $13,805).
z Represented by 24,142 shares of $100 par.
1934
$146,417
65,242
$289,403
121,046
14,210
Total income
Provision for deprec—.
2,007
109,225
131,380
21,855
4,065
1,787,453
2,914,000
2,414,200
233,608
x
All of the outstanding 1st mtge. 5% gold
called for redemption on Aug. 15, next, at 105
36,780
1935
$252,624
Calendar Years—
Profits from operations .
Other income (net)
-
Less
16,874,311 16,660,8931
Total
-Earnings-
Celluloid Corp. (& Subs.)-
Comparative Balance Sheet Dec. 31
1935
Assets—'
June 20, 1936
From Jan. 1—
Gross from railway
Net from railway
Net after rents
..
..
..
Equipment Trusts Authorized—
The Interstate Commerce Commission on June
15 authorized the com¬
to assume obligation and pliability in respect of not
exceeding
$9,280,000 2H% equipment-trust certificates to be issued by the New
York Trust Co., as trustee, and sold at not less than 101.201842 and accrued
dividends in connection with the procurement of certain equipment.
(The
pany
securities were offered
Glore & Co.)
Seeks
publicly
on
June 9 by a syndicate headed by Field.
Authority to Sell $15,300,000 Notes—
An application for authority to sell $15,300,000 serial notes, dated
July 15, 1936, and maturing serially, $1,530,000 annually from July 15,
1937, to July 15, 1946, was filed June 16 by the company with the ICC.
The proceeds are to redeem at par $15,300,000. of 4% equipment trust
certificates of 1934, to be called on Sept. 1.
No contracts or underwriting agreements have been made, but pre¬
liminary arrangements have been carried on with investment bankers
looking to their sale at a price which would effect a saving of $1,893,000.
The notes are to be dated July 15, 1936, would mature serially and
bear interest
as
follows:
Principal
Maturity—
Amount
July 15, 1937— .$1,530,000
July 15. 1?38—- 1,530,000
July 15. 1939— 1,530,000
July 15, 1940—- 1,530,000
.
.
Int. per
Annum
H%
iya%
1H1
1 Vs%
lW
July 15, 1941... 1,530,000 2M%
Principal
Maturity—
Amount
July 15, 1942...$1,530,000
July 15, 1943--- 1.530,000
July 15, 1944— 1,530.000
July 15, 1945—- 1,530,000
July 15, 1946— 1,530,000
Int. Per
Annum
2^
2<H
2W
2W
—V. 142, p. 4017.
Caterpillar Tractor Co.—Earnings—
Period End. May 31—
1936—Month—1935
1936—5 Mos.—1935
Net sales
$5,229,340
$3,920,236 $43,829,596 $28,559,674
Net profit after deprec.,
int., Fed. taxes, &c..
845,018
663,297
7,218,492
4,398,497
Earns, per sh. on 1,882,240 shs. cap. stk. (no par)
$3.84
$2.34
For five months ended May 31, 1936, net profit was $3,673,469 after
charges and taxes, equal to $1.95 a share on 1,882,240 no par shares of
capital stock.
This compares with $2,404,284, or $1.28 a share, in the first
five months of 1935.
Net sales for the five months totaled $22,864,178
against $15,481,775.—V. 142, p. 3499.
Central
Power &
Light Co.—Accumulated Dividends—
The directors have declared
a dividend of 873^
cents per share on the
pref. stock, par $100, and 75 cents per share on the 6% cum.
pref. stock, par $100, both payable Aug. 1 to holders of record July 15.
Dividends of 43 & cents and 37)^ cents per share, respectively, were paid
in each of the eight preceding quarters.
No payments were made in May
or February of 1934.
The company on Nov. 1, 1933, paid a dividend of 43 % cents per share
on the 7%
pref. stock as against 87 H cents per share on May 1 and
Aug. 1
1933 and $1.75 per share previously each quarter.
On the 6%
pref. stock a dividend of 37^ cents per share was paid on Nov. 1 1933,
as compared with 75 cents per share on May 1 and
Aug. 1, 1933, and $1.50
per share in preceding quarters.—V. 142, p. 2989.
7%
cum.
r
Chicago Burlington & Quincy RR.- -Equipment Trust
Certijicates—
The Interstate Commerce Commission
on
June 11 authorized the com¬
assume obligation and liability in respect of not exceeding $3,950,000 equipment trust of 1936, 2^i% serial equipment-trust certificates,
to be issued by the First National Bank, New York, as trustee, and sold at
102.72933 and dividends in connection with the procurement of certain
equipment.
The report of the Commission says in part:
The certificates were offered for sale through competitive bidding, and
in addition individual requests for bids were sent to several firms.
In
response thereto 14 bids, representing a total of 24 bidders, were received.
The highest bid, 102.72933 and accrued dividends, was made by the Harris
Trust & Savings Bank, Chicago/and has been accepted.
On this basis
the annual cost of the proceeds to the applicant will be approximately
1.95%.—V. 142, p. 4017.
pany to
Chicago & North Western Ry.—To File Plan by June 27
Fred W.
be filed
on
Sargent,
or
President, states that the reorganization plan will
before June 27 and there is no intention of asking for an
He added that in view of additional work yet to be
extension of time.
a position to discuss any details of the plan.
"We are putting the property in the pink of condition," he stated.
"Our
present plans call for spending $3,000,000 more on maintenance of way
done, he is not in
Volume
142
and $2,000,000
addition to
are
Financial
more
on
maintenance of equipment than
laying 250 miles of new
reballasting 300 miles between
speed
passenger
service."—V.
Chicago Rock Island
The Interstate Com. Com.
142,
a
Chronicle
In
year ago.
3843.
p.
& Pacific
Ry.—Abandonment—
June 4 issued a certificate permitting (a) the
abandonment by the trustees of the
part of a branch line of railroad ex¬
tending from a point at or near Preemption
easterly to Sherrard, approxi¬
mately 4.46 miles, all in Mercer
County, III., and the abandonment of
operation thereof
by the Rock Island Southern Ry., lessee.—V. 142, p
oo4o.
on
cum.
Net
income
after
1936—Month—1935
$139,913
$0.29
$72,181
$0.15
,
City Auto Stamping Co. (&
Subs.)—Earnings—
Calendar Years—
Gross profit from sales..
Com'l& selling expenses.
1935
$657,821
179,678
1934
1933
1932
$224,684
127,691
$174,408
124,583
$154,087
114,258
Profit from above
Re v. from scrap, int., &c.
$478,143
84,353
$96,993
58,176
$49,824
30,514
$39,829
26,333
$562,496
$155,169
$80,338
164,899
$66,162
164,408
Depreciation charges
Extraord.
&
experimental
developm't
88~343
76,798
11,479
$474,153
482,701
$66,892
302,826
$956,855
$520,201
loss$84,561
387,387
loss$98,247
280,253
224,617
$302,826
$406,623
Ad j. for excessive
deprec.
of fixed assets
during
1932 and 1933
150,483
Additional taxes.
Dividends paid..
477
487
37",500
206,250
$750,127
Earns.
per sh. on 375,000
shs. capital stock
$1.27
18,750
$482,701
$302,826
$0.18
•
$387,387
Nil
Nil
1935
$226,834
secure.
803
Cashsurr. bal. life
Insurance
54,046
399,763
147,262
109,513
$110,171
$96,766
128,911
33,413
dividends
53,491
6
250,000
250,000
260,134
Capital stock
1,000,000
Operating surplus.
750,127
Capital surplus
500,000
130,474
2
261,118
1,000,000
482,701
500,000
Liability
on
license
agreement-
Reserve for losses,
ment, &c_
1,383,287
300,000
Patent license
x
1934
Res. for unclaimed
yLand, buildings,
mach'y,
equip¬
1,411,786
300,000
contlng., Ac
x
$2,999,347 $2,624,004
Total
$2,999,347 $2,624,004
Represented
by 375,000 shares, no par.
y After reserve for deprecia¬
tion of $815,716 in 1935 and
$728,417 in 1934.—V. 142, p. 2823.
City Investing Co.—$1 Dividend—
The directors have declared
stock, par
a dividend of $1
per share on the common
$100, payable July 7 to holders of record June 29.
A similar
Sayment 1935; made on Jan. 1935, Aug. 7
uly 20, was $1 on Jan. 4, 7, last, and
compares with 50 cents paid on
and Jan. 4, 1934, and
on
1933; $1.50 on Jan. 16, 1933, and $2.50 per share
paid on July
Jan. 4. 1932.—V. 141, p. 4013.
July 1,
11 and
-
Cleveland Graphite Bronze
Co.—Special Dividend—
The
directors have declared a special dividend of
25 cents per share
in addition to the
regular quarterly dividend of like amount on the common
stock, par $1, both payable July 1 to holders of record
June 25.
Similar
payments were made
1935.—V.
142,
on
April 1 and Jan. 2 last and
Collins & Aikman Corp.
Oct. 1 and July 5,
(& Subs.)—Earnings—
3 Months Ended—
Income from operations
income of $65)
May 1, '36.
(incl. other
jreciation
leral, State and Canadian income
[
$1,213,525
109,091
281,400
Preferred dividends
Common dividends
Not Available
313,221]
-
Net income
June 1, '35. May 26, '34.
}
$1,644,815
118,069
taxes
Surplus
Earnings
on
3162.
p.
$911,955
$270,133
$823,034
per share on 562,800
stock (no par)
shs.
common
$1.96
—V. 142, p. 3502.
$1.43
$0.28
Colorado & Southern Ry.—Abandonment—
The
Interstate
Commerce
Commission
on
June
4 issued
a
certificate
permitting the company to abandon that portion of its so-called
Falcon
Branch extending southeasterly from the
south switch at Connors to
Falcon, the terminus of the branch, approximately 65.16
miles, all in
Arapahoe, Douglas, Elbert and El Paso counties, Colo.
The report of the Commission states in
part;
"There is no doubt that the
proposed abandonment would result in in¬
conveniences and losses to the people of the
tributary territory, but their
losses would be small compared to the inevitable
deficits that would accrue
to the applicant from continued
operation of the branch.
"It appears that motor-truck
competition has contributed as much toward
the plight of the branch in the
past as the unfavorable weather conditions.
The record indicates that neither the
present nor prospective volume of
traffic on the branch, or any portion
tinued operation.
the branch would
thereof, is sufficient to
warrant con¬
It is clear that continued maintenance and
operation of
an undue burden upon the
applicant and
impose
upon
interstate commerce."—V. 142, p. 3844.
Columbia
Extra
on
Baking
have
the common stock,
The
Co.—Initial
Common
Dividend—
Participating Preferred Dividend—
The directors
directors
also
declared
an
initial
dividend
at
of 20
cents
per
Directly and through subsidiaries, the company has been engaged in
specialized forms of financing for 24 years, and is now one of the three
largest finance companies in the country.
The business of the companies
consists of specialized forms of
financing, including the purchase of retail
time sale lien notes
covering the sale of automobiles, refrigerators, oil
burners, household appliances, time- and labor-saving machinery, industrial
equipment and plant installations, the acquisition of wholesale lien notes
and acceptances,
usually representing the sale of merchandise from manu¬
facturers
to distributors and dealers, the purchase of current
open accounts
and notes receivable from
mills, manufacturers and wholesalers, and the
"factoring" business.
The prospectus contains a condensed consolidated summary of the
operations of Commercial Credit Co. which reveals that gross receivables
purchased totaled $525,999,303 for 1935 as compared with
$377,959,030
for 1934 and $442,807,262 for
1929, the previous peak year.
The company
has recently reported that
gross receivables purchased for the 12 months
ended April 30, 1936, totaled
$594,956,473, and that consolidated net
income for the same period was $8,773,441.
After payment of dividends
on all preferred stocks then
outstanding and providing for minority interests,
there remained $7,640,179, or $6.54
per share, applicable to the 1,166,932
shares of common stock outstanding at the end of the
period.
Underwriters—The name of each of the several underwriters of the new
cum. conv. pref. stock and the respective proportions thereof which
4)4%
each has underwritten, are as follows:
Kidder, Peabody & Co., New York
an
extra
dividend
of 20
cents
Goldman, Sachs & Co., New York
Hayden, Stone & Co., New York
Stone & Webster and Blodget, Inc., New York..
W. E. Hutton & Co., New York.
Mackubin, Legg & Co., Baltimore
Spencer Trask & Co., New York
White, Weld & Co., New York
Blyth & Co., Inc., New York
J. & W. Seligman & Co., New York
Clark, Dodge & Co., New York
Lee Hogginson Corp., New York
Baker, Watts & Co., Baltimore
Graham, Parsons & Co., New York
Jackson & Curtis, New York
Estabrook & Co., New York
Eastman, Dillon & Co., New York
addition
partic. pref.
regular quarterly dividend of 25 cents on the $1 cum.
stock, no par value, both payable July 1 to holders of record June
15.—
V. 141, p. 2585.
Broadcasting System—Two Vice-Presidents—
Election of two
new vice-presidents was announced on
June 12 with the
appointment of D. W. Thornburgh to take command of Columbia's
increas¬
ing activities on the Pacific Coast and H. V. Akerberg in
charge of station
relations.—V. 142, p. 3844.
Concord Gas
750,000
750,000
-
:—
700,000
700,000
600,000
600,000
500,000
500,000
500,000
450,000
400,000
350,000
350,000
350,000
300,000
300,000
300,000
300,000
300,000
300,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
—
200.000
200,000
200,000
Co.—Accumulated Dividend—
The directors have declared
a dividend of 87)4
cents per share on ac¬
on the 7%
cum. pref. stock, par $100, payable
Aug. 15 to holders of record July 31.
A like distribution was made on
April 1 and Feb. 15 last.
A dividend of 87 cents per share was paid on
Nov. 15, 1935, and one of 87)4 cents on Aug. 15, 1935, prior to which
regular quarterly dividends of $1.75 per share were distributed.—V. 142,
p. 1979.
count
of accumulations
Commonwealth & Southern
At the
annual
Corp.—Change Approved—
meeting of stockholders held on June 17, the board of
ensuing year.
The stockholders adopted
the proposed amendments to the certificate of incorporation which eliminate
certain powers that have not been exercised, thus bringing the Articles of
Incorporation into conformity with business practices of the corporation.
Immediately following the stockholders meeting the directors met and re¬
elected for the ensuing year the present officers of the corporation.
directors
was
re-elected for the
Electric and Gas
Output, May, 1936—
Electric output of the system for the month
of May was 622,217,625 kwh.
compared with 518,096,207 kwh. for May 1936 an increase of 20.10%.
For the five months ended May 31,1936, the output was
3,023,364,290 kwh.
as compared with 2,570,465,577 kwh. for the
corresponding period in 1935,
an increase of 17.62%,
Total output for the year ended May 31. 1936 was
as
Commercial Credit Co.—$25,000,000
4^.% Cum. Conv.
Pref. Stock Offered—A $25,000,000 refinancing and
exchange
750.000
-
-
Chas. D. Barney & Co., New York
Dominick & Dominick, New York
Hallgarten & Co., New York
Baker, Weeks & Harden, New York
Dean Witter & Co., San Francisco
Edgar, Ricker & Co., Milwaukee
W. W. Lanahan & Co., Baltimore
Mitchum, Tully & Co., San Francisco
Stein Bros. & Boyce, Baltimore
A. C. Allyn & Co., Inc., Chicago—
Baldwin & Co., Boston
Bond & Goodwin, Inc., New York
Alex. Brown & Sons, Baltimore
H. M. Byllesby & Co., Inc., New York
Frank B. Cahn & Co., Baltimore
Cassatt & Co., Inc., New York
Paul H. Davis & Co., Chicago
Pacific Co. of Calif., Los Angeles
S trot her, Brogden & Co., Baltimore
—V. 142, p. 4017.
share
in
$4,000,000
4,000,000
1,000,000
1,300,000
1,000,000
900,000
750,000
The First Boston Corp., New York
Robert Garrett & Sons, Baltimore
payable July 1 to holders of record June 15.
declared
to the
Columbia
of the company upon completion of the
exchange and
Each share of 4)4% cum. conv. pref. stock is
convertible,
the option of the
holder, into shares of common stock at the rate of
one share of common
stock for each $68.40 par value of such
preferred
stock if converted on or before
June 30, 1941, and at the rate of one share
of common stock for
each $74.10 par value of such preferred stock if con¬
verted after June
30, 1941, such right to cease, however, as to any shares
called for redemption at the close of business
no the tenth
day prior to the
date fixed for such redemption.
In the event of payment of the contem¬
plated stock dividend of 20% on the common stock of the
company, the
conversion rate of the 4)4% cum. conv.
pref. stock is to be adjusted in
accordance with the provisions thereof to one share of common stock for
each $60 par value of such
preferred stock if converted on or before June 30,
1941, and one share of common stock for each $65
par value of such pre¬
ferred stock if converted after June 30, 1941.
redemption.
quarterly cash dividend of 75 cents per share was recently declared
the common stock,
increasing the annual dividend rate from $2.50 to
The directors have indicated that if the
20% stock dividend
is paid, the $3 cash
rate will continue on the then outstanding common
stock.
pay'le—pur¬
creditors
taxes, &c
96,899
....
Total
1935
269,657 Accrued Items pay¬
121,693
able—p a y r o 11,
Sundry receivables,
Deferred charges to
operations
cable acceptance of the
$3 per share.
chase and other
Inventories
&c
Liabilities—
Accts.
59,634
Accts. receivable..
or
on
1934
$558,206
Cash
before that date, telegraph
or
A
Consolidated Balance Sheet Dec. 31
Marketable
June 23 may, on
preferred stock
Previous surplus
Miscellaneous credits
Assets—
Corp.
offer, to the corporate agency department of the Chase National
Bank,
stating the number of shares, and the certificate numbers thereof that
they wish to exchange.
Such stock must, however, be received by the
Chase National Bank
by June 29.
The new 4)4 % cum. conv.
pref. stock will become the first and only
......
Net profit transferred
by Kidder,
The First Boston
must deposit their stock with
the Chase National Bank within the
exchange
period, but to take care of emergency cases the
company has made arrange¬
ments whereby stockholders
who are unable to deposit their stock
by
expense
for 1934 & prior
years.
Prov. for Fed'l taxes
offering of $25,000,000 4)4%
price of $101.75 per share.
a
Holders of the company's
5)4 % conv. pref. have been granted the right
to
exchange their present stock on the basis of one share of the
present
conv. pref. for one
share of the new 4)4% cum. conv. pref.
plus
3-20ths of a share of
common.
This right expires June 23, 1936.
The
prospectus states that the
5)4% conv. pref. is expected to be called for
redemption on July 31, 1936, at $110 per share
plus dividends for the
period from July 1,
1936, to the date fixed for redemption.
Subject to
the exchange
rights of the holders of the 5)4% conv. pref. with respect
to a part of the new
stock, the entire $25,000,000 of the new 4)4% cum.
conv. pref. stock is
being offered by the several underwriters.
The full
amount of new 4
lA% cum. conv. pref. which will be available to the public
will not be determined
until expiration of the exchange
period.
Holders of the present 5)4
% conv. pref. who wish to exercise their rights
1936—5 Mos.—1935
v.
pref. stock at
Peabody & Co. and
int.,
deprec., taxes, &c
$32,291
$22,461
Earns, per sh. on
475,239 shs. cap. stk. (par $50),
—V. 142, p. 3502.
cony.
The offering was underwritten
by 38 banking firms repre¬
senting all sections of the country, and headed
Cincinnati Street Ry.
Co.—Earnings—
Period End. May 31—
4171
operation for the company to retire the entire
5x2% conv.
pref. stock, increase
working capital, and enable capital
stock to provide a
larger proportion of the funds required
to finance the
company's increased volume of business, was
initiated June 15 with the
rail between Chicago and Omaha, we
those cities, in preparation for high¬
Financial
4172
compared with 5,902,097,398 kwh. for the year
of 16.38%.
of the system for the month of May was 985,484,700 cubic
feet as compared with 891,857,300 cubic feet for May 1935, an increase of
10.50%. For the five months ended May 31, 1936, the output was 5,986,586,600 cublic feet as compared with 4,835,625,500 cubic feet for the
corresponding period in 1935, an increase of 23.80%.
6,868,954,820 kwh.
June 20,
Chronicle
Company Only) Years Ended Dec. 31
Income Statement IParent
as
1935
ended May 31, 1935, an increase
Gas output
5,680,869
Operating expenses
charges
3,280,046
Fixed
749,760
$151,353
def$75,365
pref. stock
on
Balance—V. 142, p.
10,855,119
8,996,990
869,688
749,740
961,769
reserve
10,192,099
8,996,791
Total income
General expenses
Federal and State tax on funded
debt interest
Other income charges
Only) Dec. 31
:v;:
1936
1935
—$18,127,352 $16,958,822
other purposes
4,574,305
4,467,367
other corp. purposes
3,769,823
3,646,747
J
$3,284
$3,177
Gross operating revenues
Net available for dividends and
Balance avail, for com. stock &
Earnings per share.
p.3670.
—V. 142,
American
Consolidated
Royalty
Corp.—Bankruptcy
1935
1934
$
$
104,349,428 109,039,377
Sinking funds and special deposits
209,394
118,423
Cash.
113,455
470,136
Due from affiliated company (note and account)-38,083
38,072
Other receivables
8,399
11,066
Accrued interest receivable
110
/ 8,834
Deferred debit items77
4,797
Assets—
Investments
-
-
-
Petition—
Threatened by bankruptcy through litigation and inability to meet its
obligations, the corporation, a holding company of which J. Edward Jones
is President and a director, petitioned the Federal Court June 13 for per¬
mission to reorganize under the Bankruptcy Act.
The petition explained that the company's original capital investment
of $1,319,322 had been reduced by a deficit to $319,590.
Dickson Q.
Brown, Treasurer and Vice-President of the corporation, who signed the
petition, pleaded, however, that if sufficient time were given to reorganize
the company under Section 77-B of the Act, all obligations would be met.
The corporation owes $134,989 to the First National Bank & Trust Co.
of Oklahoma and to the American Finance Corp. of the same State.
As
collateral for this loan the Consolidated pledged 125,689 shares of Royalty
Corp. of America preferred stock and 205,450 shares of Petroleum Royalties
Co. of Oklahoma trust shares.
jgainst the company, according to the plea, is a suit
pending in Chancery Court in Delaware seeking the appointment of a
receiver for the company's assets and affairs on the ground that it is in¬
solvent.
The action was started by J. Wiley and Alice M. Edmands,
holders of debentures, and stockholders.
Another obligation the corporation has been unable to meet is the prin¬
cipal and interest on five-year gold debentures in the principal amount
of about $175,300, which matured on April 1.
Each debenture had at¬
tached to it four unpaid coupons.
Another
threat
_
Consolidated
See list
Biscuit
which
Co.—Registers with SEC—
application of the com¬
Exchange has approved the
1934.—V. 142, p. 4018.
Edison
Consolidated
of
Co.
Inc.—To
York,
New
*
JA. n.hi, li. t,
9 by this company in its program of
corporate simplification.
In applications filed with the New York Public
Service Commission, permission is being sought to eliminate four underlying
properties by merger into other system units.
It is proposed to merge the Yonkers Light & Power Co. and the Brush
Electric Illuminating Co. into the New York Edison Co., which owns 100%
of their stock; and also merge the Central Union Gas Co. into New Amster¬
dam Gas Co.-which owns 100% of the Central Union stock; also Amster¬
dam Electric Light & Power Co. into Brooklyn Edison Co., which owns it
Another step was taken on June
^
^These
companies are all units in the Consolidated Edison System.
The
applications are a preliminary phase of the proceedings by which all the
operating gas and electric utilities in the group are expected to be merged
into Consolidated Edison Co. of New York.
It is deemed necessary first
certain companies in the system which are not owned directly by
the companies which do own them, before those
the parent company into
companies in turn may be merged into Consolidated Edison Co.
A further step in the program to simplify the corporate structure
taken on June 15, when
with the Public Service Commission an
company was
of the
the New Ansterdam Gas Co. filed
application for permission to merge
with itself the East River Gas Co. of Long Island City.—V, 142, p. 3845.
Consolidated Electric & Gas Co. (&
Subs.)— ■Earnings
Consolidated Income Statement Years Ended Dec.
31
1934
1935
1933
-$21,970,744 $22,566,624 $22,139,790
14,834,019
15,170,173 14,264,281
Gross operating revenues
Total operating expenses
'< '*»
*'
v
■■ ■
.*
.,
~
18,300,600
1,480,000
1,000,000
46,890,800
18,301,000
1,480,000
1,000,000
48.995,600
Property purchase obligation payable to sub. co.,
Federated Utilities, Inc.—due Feb. 28, 1957-- 20,570,595
20,708,725
5,894,500
3,875
6,344,107
6,100
1,053,551
680,472
239,990
241,601
a
Preferred stock $6 Cumulative
partic. capital stock ($1 par)__
stock ($1 par)
Class A non-cum.
Common
Funded debt--
—-
Notes payable
Accounts payable
-
Accrued accounts
payable on property purch. obligation,
payable to sub. co., Federated Utilities, Inc—
Accrued int.
286
Due to affiliated company
197,376
197,376
667,573
804»O78
7,821,801
11,255,330
def323,971
Deferred credit items--Reserves
—
Capital surpliis
Earned surplus
598,285
-
Total
104,718,947 109,690,707
—
Represented by 183,008 no-par shares in 1935 and 183,012 in 1934.
a
—Y. 141, p. 744.
Consolidated Laundries
Corp.—Listing—
authorized the listing of 400,000 shares
(par $5) in substitution for a like number of shares of com¬
mon stock (no par) previously listed and now outstanding, with authority
to add to the list 29,208 shares on official notice of issuance on conversion
of outstanding convertible 6J^% sinking fund notes, making the total
amount applied for 429,208 shares.—Y. 142, p. 2663.
Consolidated Mining & Smelting Co. of Canada, Ltd.
—50-CSnt Dividend
Merge Units—
to merge
104.718,947 109,690,707
-
-
The New York Stock Exchange has
to list 343,000 shares of common stock, $1 par, 213,000 shares of
are to be admitted to trading on notice of registration under the
Securities Exchange Act of
Total--
of capital stock
given on first page of this department.
The Chicago Stock
pany
28,542
1,208
$23,544 loss$516,439
Net income
Balance Sheet (Parent Company
Light & Power Co.—Earnings—
12 Months Ended May 31—
3,857,834
1,378,835
stocks
3844.
Connecticut
$3,461,473
90,326
3,706,962
34,335
1,509
stocks
7,628
68,601
1,185,760
650
$3,824,606
58,255
-
-
Common
$1,358,425 def$1075514
$2,198,832
--
Other
Dividends, subsidiary cos.—Pref.
Interest charges
Provision for retirement
Dividends
$2,349,469
1,791
94,510
Interest—Subsidiary cos. (to extent earned)___
Sundry
,778,757 $126907,351 $117473,608
4,855,713
64,742,178
59,094,099
40,266,132
40,954,638
3.378,980
$10,823,799
earnings
1934
Gross income:
1936—12 Mos —1935
1936-^Month—1935
Period End. May 31—
Gross
1936
$7,136,726
52,310
$7,396,451
58,058
$7,454,510
1,721,214
2,910,226
$8,036,157
2,005,191
3.149,838
3,062,554
3,134,253
prof$159,737
316,717
$239,484
153,252
$253,125
40,682
N&w Stock—
declared a dividend of 50 cents per share on the
capital stock, par $5 for the half year ended June 30, 1936 payable
July 15.
The old $25 par capital stock; on which the company had paid
regular semi-annual dividends of $1.25 per share was recently split on a
five-for-one basis.
A bonus of $4 per share was paid on the old stock on
1935 and an extra dividend of $1 was paid on Dec. 31, 1934.—
3338.
Dec. 31,
142,
p.
.
(
Consolidated Publishers, Inc.—Payment on Bonds—York Curb Exchange that coupon
No. 2 on account of the principal of the 10-year collateral trust 6%" %
sinking fund gold notes, due July 1, 1936, stamped 7K %, due July 1, 1939,
in accordance with agreement dated May 28, 1934, wiil be paid when due
on July 1, 1936.
Said payment against principal will amount to $120&per
$1,000 note so that there will remain unpaid after the July 1, 1936, pay¬
ment $670 on account of the principal on each $1,000 note.
Accordingly, on and after July 1, 1936, the notes shall be dealt in as
33 % redeemed notes and to be a delivery in settlement of transactions made
on and after July 1, 1936, must carry coupon No. 3 and
subsequent coupons
covering payments to be made on account of principal in addition to the
Jan. 1, 1937, and subsequent interest coupons.
The committee on securities rules that on and after July 1, 1936, the
above mentioned notes on which 33 %, $330 of the face value has been re¬
deemed, shall be dealt in on the basis that the purchase price shall be com¬
puted by multiplying the quoted price of said notes by the $670 principal
Notice has been received by the New
amount which still remains unredeemed.
For example, against a sale of the
above mentioned notes at 98, the settlement price would be $656.60, which
figure represents 98% of the unredeemed par value of $670.
The above
mentioned notes will continue to be dealt in flat.—V. 142, p. 297.
"$7,875,509
$7,189,036
Provision for retirements
1,675,458
Int. & other income charges of subsid2,347,995
Int. & other income charges of Consol.
Electric & Gas Co
3,005,846
on
The directors on June 13
new
Net operating revenues
Non-operating income_
Balance
Net loss
t
Previous surplus
—
160,648
953,830
402,950
$316,717i
$153,252
Inc.—Sales—
1936
$556,759
644,800
April
-
May
1934
$494,434
515,089
759,365
849,202
735,600
765,211
March
$517,572
527,142
835,828
—
1935
717,350
672,696
606,439
688,832
—V. 142, p. 3338.
365,695
$1,430,284
Surplus credits (net)
Surplus, Dec. 31
Consolidated Retail Stores,
Month of—
January
February
Consolidated
Textile
Corp.—Delay
on
Reorg. Plan—
Judge Henry W. Goddard said June 16 that final action on
reorganizing the corporation would not be taken until July 20.
By that
time he will have received recommendations from Peter B. Olney, official
Federal
Consolidated Balance Sheet, Dec. 31
1935
Investments
Sinking funds and special deposits
—
Cash.
4,185,232
15,161
38,083
Due from employees.
_
504,844
1,786,708
384,922
17,545
1,065,569
Other receivables.
Merchandise, materials and supplies, &c
Appliances on rental
Cash in closed banks.
Deferred debit items
$
referee.
135,947,135 141,221,468
4,649,037
4,378,215
399,686
895,980
3,038,324
2,399,095
Accounts receivable—consumers
Due from affiliated cos.—notes and accounts.
1934
$
.
Assets—
Plant and franchises
'
3,314,928
25,551
40,738
460,942
1,751,222
370,937
42,794
823,811
Taking of testimony
Consumers Power
will begin
on
July 2.—V.
142, p. 3670.
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. May 31—
Gross earnings
Operating
expenses
Fixed charges
for retire, reserve
Prov.
Divs.
on
pref. stock
Balance
1936—Month—1935
1936—12 Mos.—1935
$2,680,221
$2,449,847 $31,634,040 $29,341,062
1,369,576
1,190,622
15,452,851
14,360,325
337,324
385,784
4,992,344
4,778,638
262,500
237,500
2,975,000
2,877,500
350,607
350,925
4,207,628
4,206,737
$360,213
$285,014
$4,006,216
$3,117,861
—V. 142, p. 3504.
Total..
j^
h 11, p.B'
151,618,492 156,139,440
-
*
Consolidated Elec. & Gas Co. preferred stock
Subsidiaries preferred stock
Class A non-cum. partic. capital stock of consoli¬
dated Electric & Gas Co
Common capital stock of Consol. Elec. & Gas Co_
Consolidated Electric & Gas Co. funded debt
Subsidiaries' funded debt
Dividends payable—subsidiary
Accrued interest
Consumers deposits
Service extens. deposits, refund, over long term..
Deferred credit items
-
Equity of minority stockholders in common capital
stocks and surplus of subsidiaries
Capital surplus
*.
Earned surplus
1,480,000
1,000,000
48,995,600
38,869,600
9,724,665
1,327,652
15
826,554
Due to affiliated companies
-
1,480,000
1,000,000
44,816,800
37,488,861
1,759,649
657,122
Accrued taxes
Total.
18,301,000
498,000
9,684,135
1,518,522
26,000
Notes payable
Accounts payable
Reserves
18,300,600
1,797,750
144,474
1,454,248
787,058
438
775,880
144,489
488,036
2,004,641
20,801,222
20,573,265
60,058
7,821,801
1,430,284
147,460
11,255,330
316,717
151,618,492 156,139,440
Continental Shares,
Inc.—Committee Being Formed—
being formed to protect the interests of preferred stock¬
stating it is the com¬
mittee's feeling any reorganization should originate with and have the
approval of the preferred shareholders adequately organized to accomplish
this end.
The letter further states that "there now remains in the portfolio
of the company, securities of substantial value and if preferred shareholders
are to realize to the fullest extent the potential values of these securities
they must now form and maintain a united front."
On June 2 a compromise between the receiver for Continental Shares,
Inc., and Chase National Bank, involving a $50,000,000 suit by the holding
company against the bank was approved by Federal Court in Baltimore.
In April, Common Pleas Court in Cleveland approved the settlement
of a $4,147,254 claim against Continental Shares by Chase involving pay¬
ment to the bank of $3,600,000.
The bank was to make a three-year loan
of $2,600,000 to Continental in aiding it to make the payment.—V. 142,
p.3846.
A committee is
holders.
A letter is being sent to preferred holders
Copper District Power Co.—Seeks Exemption—
The company, a subsidiary of the Middle West Corp., a registered
holding company, on June 15 filed an application (32-21) with the Securities
and Exchange Commission under Section 6-B of the Public Utility Holding
Company Act of 1935, for exemption of the issue ana sale of $1,250,000
1st mtge. bonds, series A, 4H%. due June 1, 1956, and 18,000 shares, or
Volume 142
Financial
Chronicle
any part thereof, of its S3 cum.
pref. stock (no par), from the requirement
of filing a declaration
under the Act.
The application states that
the proceeds from the sale of the securities
will be applied to the
payment of $1,975,500 of unsecured interest bearing
30-day or demand notes.
The issue and sale of the securities is
solely
for the purpose of
financing the business of the company, it is stated, and
has
xBalance
of unsecured
notes
aggregating $1,975,500 at
1935
1934
1933
provide that
1932
$364,553
315,981
Operating profit
Other income—net
$201,097
35,537
$48,572
26,572
$26,081 loss$293,333
37,390
25,466
$236,634
220,219
$75,144
222,948
$63,471 loss$267,867
228,866
341,465
prof.$16,415
Previous surplus
793,219
Capital surplus arising
from
adjustment
of
$147,803
941,022
Total
profit
$298,364
272,283
$19,627
312,960
1931._z$7,374,645 $623,369 z$7,998,014
1932.. z7,944,767
619,547
z8,564,314
1933..-zl,340,141
1934... 1,276,907
1935.— 1,867,716
596,119
567,986
zl,936,260
708,921
no
would reduce consolidated
current
solidated
current
liabilities
assets below
pany.
con¬
;
<
Morgan Stanley & Co., Inc., New York
Clark, Dodge & Co., New York
Lee Higginson
Corn., New York
$6,000,000
3,000,000
1,500,000
1,500,000
-
-
Edward B. Smith &
Co., New York---.
—V. 142, p. 3671.
2,510,268
inc.
of
Underwriters—The name and address of each
principal underwriter and
the respective amounts of
debentures severally underwritten are as follows:
$609,332
672,753
_
sum
•
.
$176,223
1,102,321
125% of the
and
aggregate funded indebtedness of the
company and its subsidiaries then
outstanding.
Sinking Fund—-The indenture will provide for an annual
sinking fund
payment of $350,000 in each
year,
1937 to 1950, inclusive, payable in
cash for the
redemption of debentures or in debentures at cost to the com¬
10,828
Net loss.
taxes
paid by Bess.Gas
Eng. Co. in prior yrs_Transfer from reserve
Croft
11,594
$821,228
$793,219
$941,022
$2,573,689
reserves..
xl
Brewing Co,—Eirnings—
Calendar Years—
Net sales.
Cost of goods sold
14,923
Total surplus..
Extraordinary
1935
y$821,228
$793,219
$941,022
$0.19
-
Nil
revenue
$4,163,698
1,490,984
2,488,482
$602,212
330,686
200,387
148,828
tax)
1934
$2,093,196
(including Federal
$1,675,215
357,371
275,529
191,844
_
,471,368
Gross profit
Surplus Dec. 31
Earn, per sh. on 83,402
shs. (no par) $3 pf.stk.
Nil
-
Selling expense
Delivery expense
$1,102,321
...
Administrative expense.-
Nil
x
Extraordinary reserves authorized by company's board of directors:
(1) For possible obsolescence and special
inventory adjustments, $794,386;
(2) for adjustment of book value of permanent
assets to
Net operating loss
Balance
on
on
1935
deposit
$156,642
Ctfs. of deposit
Marketable secs..
Customers'
a
Sheet
96,214
31
Liabilities—
$221,179
190,915
215,826
notes
1935
Accounts payableAccrued taxes
for conting..
21,077
5,946
Res.
cum.
series
566,067
2,377,489
477,318
c
2,233,443
b Plant &
equip
420,085
666,122
2,4i0,395
1
1
15,728
preferred stock. 5,000,000
Common stock..
595,320
Capital surplus...
a
S6,301,064
After
$6,334,1151
Total
5,000,000
595,320
793,219
804,813
c
Represented by 198,440
L. B.
no par
Z>rl93,107
—
Dated
June 1, 1936; due June
1, 1951.
Interest payable J. & D.
1, in
Chicago or New York.
Continental Illinois National Bank &
Trust Co.
Chicago, trustee.
Coupon debentures in denom. of
$1,000, registerable
as to
principal.
Redeemable, at the option of the
company, in whole or
maturity, on at least 30 days' published
if redeemed on Dec.
1, 1936, 102K%;
after Dec. 1, 1936 and on or before
Dec. 1, 1937, 102%; after Dec.
1, 1937
and on or before Dec.
1, 1938, 101 H%: after Dec. 1, 1938 and on
or before
Dec. 1, 1943, 101%; after Dec.
1, 1943 and on or before Dec.
1, 1947,
100H%;and after Dec. 1, 1947, 100%.
in part, on
any int. date prior to
notice, at following prices and int.:
Listing—Company
has agreed to make application in due
course for the
listing and registration of the debentures on the New York
Stock
Exchange.
Summary
of
Certain
Information
Contained
in
Dated June 18
c
15-yr. SM % sinking fund debs., 1951
Long-term debt of subsidiaries
7% preferred stock, cumulative (par $100)-Common stock (par $25)
—
325,070
346,429
40,556
per
Total..
112,360
corn
39,906
Res. for conting..
Deferred income._
58,132
1,667,917
c
Capital stock—
$2,575,992 $2,782,5961
Total
250,000
121,000
34,768
10,074
1,750,000
158*666
"
7" 389
1,732,441
2,850
255,426
471*306
—.$2,575,992 $2,782,596
a After
reserve
for depreciation,
b After amortization,
c After
de¬
preciation of $123,204 in 1935 and $57,280 in
1934 on Boston plant and
$33,871 in 1935 and $169,944 in 1934 on Baltimore
by shares of $1 par.
d After
1934—V. 142, p. 1637.
Creameries of
plant,
reserve
of
c
Represented
$17,870 in 1935 and $7,916 in
America, Inc. (& Subs.)—Earnings—
Calendar Years—
1935
$7,470,826
6,924,068
-
Cost of goods sold
1934
$6,863,056
6,280,857
$546,758
269,354
$582,199
247,218
$277,404
y$334,981
$277,404
Net sales.
$308,418
39,939
Operating profit before depreciation
Depreciation of plant properties and equipment—
Operating profit
-
Loss ($19,088) on cattle and ($7,474) on
dairy farm
operations
26,563
-
Operating profit
Other income (net)
'
96,326
Income before int., Federal & Territorial taxes.Interest charges
Provision for Federal and Territorial taxes
$373,730
54,798
65,000
$348,356
56,476
83,413
$253,931
239,029
14,902
86,599
Net income
Net inc. allocated to Creameries of America, Inc..
Net i nc. allocated to min .interest in sub. cos
Preferred dividends
Before loss
y
on
x$208,467
182,935
25,531
79,526
Giving Effect
cattle and dairy farm operations.
Consolidated Balance Sheet Dec. 31
Assets—
Cash
on
1935
1934
hand & in
banks
securities
Notes,
$314,048
584,272
contracts
a
& accts.
rec
Inventories
Prepaid
than
e
33,811
66,256
329,527
42,854
dl61,501
79,591
exps.
—
Investments, &c_.
current
goodwill.
to Present
Other
def.
See d
94,315
2,225,895
118,546
liab
f461,945
34,722
71,592
2,118,735
116,468
Deferred income.
1st mtge. bonds &
65,000
holds & empl's—
.
2,681,551
incl.
charges
58,982
other
417,142
83,961
Due to off., stock-
mtge.
2,725,472
-
assets,
&
Territorial taxes
Trade routes pur. &
Financing
32,735
Seef
Prov. for Federal &
b Due from officers
& employees
1934
$77,750
118,788
(others)
purchs. of eqpt.
Accts. pay., accr'd
oth.
current—
1935
$72,000
(banks)
Notes payable
Contracts pay. for
expenses-,
b Receivables
Liabilities—
Notes pay.
$361,194
33,810
579,885
335,681
Market,
notes
subs
Pref.
organiz. exp
94,396
*3*, 183
616,396
Pref. stk. of subs.
&
25,823
of
stock
283,380
.
cum. conv.ser.A
g Common
605,223
318,853
1,098,630
2,979,422
1,000,390
2,960,879
31,416
758,270
491,186
Dr277,061
34,479
804,070
380,993
Dr299,713
$3.50
stock.
354,411
354,411
1,138,873
14,588,900
*58,715,700
Res. for redempt'n
1,138,873
14,588,900
58,715,700
of pf. stk. ser. A
Paid-in surplus
Earned surplus
shares.
h
Total
Purpose—Net proceeds
(estimated at $11,428,900 after
deducting ex¬
penses) will be used by the company to the extent of
$10,158,580 for the
redemption at 101% on Aug. 1, 1936 (or for the prior
purchase) of the out¬
standing $10,058,000 5% notes, due Aug. 1, 1940, and to the
extent of $1,270,320 for additional working capital and for general
corporate
14,147^
futures
58,009
85*405
26,872
and
10-yr. 5% s. f. debs
Mortgages payable
50,712
Includes 50,000 shares of common stock held in
the company's
treasury
against the exercise of an outstanding option for
their purchase at $10
i
35,894
Fed.
State taxes
Contracts for
$12,000,000
-
Minority interest in subsidiaries
*
1935
57,118
1,635,004
Properties
Dairy cattle
Outstanding &
$10,058,000
Accrued
43,470
Fixed assets
c
Capitalization (Company and Subsidiaries)
Outstanding
ctfs.
Paid-in surplus
Earned surplus...
r
originally founded in 1855 and was
incorporated in
Illinois in 1865- as North Western
Name changed to
Manufacturing Co.
Crane Brothers
Manufacturing Co. on Aug. 9, 1872, to Crane Co. on
Feb. 1, 1890, and to Crane Co. on
Jan. 23, 1922.
Company and its sub¬
sidiaries are engaged in the
manufacture and distribution of
brass, iron
and steel valves,
fittings and appliances for controlling and
conveying
water, oil and other liquids, steam, air and
gases; heating apparatus and
auxiliary products for industrial and residential
purposes; sanitary ap¬
pliances and fixtures, including sanitary enameled
iron and vitreous china
and heavy procelain ware and
plumbers brass goods and supplies; and in
the jobbing of numerous related
items.
Company is also a large fabricator
and distributor of steel
pipe.
Products manufactured and
distributed by
the company and its subsidiaries are
used in practically all
major industries.
The company and its subsidiaries own
and operate 13
manufacturing
plants or groups of plants located in the United
States, Canada, England
and France.
The principal plant is located at
Chicago, 111.
They also
maintain 165 sales branch houses for the
jobbing of Crane products, as
well as certain related products of other
manufacturers, in 129 cities in the
United States, 20 cities in
Canada, five in England and one in
France.
Dec. 31,
12,992
10,287
containers
Prospectus
Company—Was
10-yr.5%sinkingfundgoldnotes,dueAug.l,'40
Treas.
2%% (1939)...
Barrels, cases &
bottles-...—..
Morgan
of
S.
42,406
-
H. T. Ames,
having resigned as Vice-President and director of
Auburn
Automobile Co., becomes Vice-President
and director
of Cord
Corp.
Harold Kondolf was elected
Vice-President and Secretary of Aviation
Corp.
and L. K. Grant was elected
Treasurer of Cord Corp.—V.
142, p. 1286.
Offered
corn
Gen. & organ, exp.
Deferred charges
latter company.
16,307
tracts payable..
Accrued accounts.
Prov. for outst'd'g
b Permanent signs
with customers
shares.—V. 142, p. 1981.
$125,000
86,041
con¬
129,114
U.
$6,301,064 $6,334,115
Chicago—Debentures
Construction
1934
$50,000
35,522
.
197,124
futures
Stanley & Co., Inc.; Clark, Dodge & Co.; Lee
Higginson
Corp., and Edward B. Smith & Co. offered on June 18 at
98K $12,000,000 15-year S^% sinking fund debentures.
1935
Accounts payable
193,808
Manning, up to ndw President of Cord Corp., has announced
that
he is retiring from that
post, to be succeeded by E. L.
Cord, who in turn is
succeeded as Chairman of Board of
Aviation Corp. by Mr.
Manning, who
is also President of the
Co.,
$175,634
116,718
Contracts for
Corp.—Cord President Again—Other
Changes—
Crane
Liabilities—
Bank loans
$135,958
-
receivable
reserve
Cord
1934
Inventories-
of $35,000 in 1935 and
$40,000 in 1934.
b After reserve
for depreciation and revaluation
of $2,628,912 in 1935 and
$2,447,957 in
1934.
hand.
on
a
Total
1935
Cash in banks and
20,905
Unexpired lnsur'ce
premiums, &c__
Assets—
d Accts. and notes
Profit & loss surp.
16,415
Treas. pref. sharesDr304,567
Pats. & pat. rights
Balance Sheet Dec. 31
7,015
44,483
A
2,566,843
...
Other assets
$214,814prof$47*,054
$81,238
Deferred income.-
12,066
$862,536
388,482
Net loss for year
1934
$116,329
7,193
44,483
$3
& accts. reeeiv..
Inventories
Dec.
1934
hand and
10,722
loss$66,967
106,832
41,014
...
Balance
Deductions from income
Extraordinary losses during the period
Dec. 31, 1934.
Assets—
$77,689prof$850,470
.
Other income
conform with
the management's estimate of the
present sound value thereof,
$601,982;
(3) for possible losses on
investments, $75,000.
y $16,415 of which is
profit and loss surplus accumulated since
Cash
purposes.
:
Balance
e
Provision for deprec'n..
Adjust, of market sees..
stated
capital
Net refund of Fed.
Charges
mortgage or other lien (other than (1) purchase
money or
pre-existing mortgages on after acquired property or
(2) pledges to secure
indebtedness incurred in the
ordinary course of business and maturing not
more than one year after the
creation thereof) shall be created
upon any of
the properties or assets
of the company or of
any sbusidiary,
The indenture will also
provide that the company shall pay no dividends
except stock dividends or make
any distribution to stockholders which
(The) Cooper-Bessemer Corp.—Earnings$574,372
373,274
$9,203,330
5,371,553
6,856,687
12,772,182
79,729
,
Interest
Charges
Year—
381,856
302,127
540,440
1,327,276
x Balance
after depreciation but before
taking credit for adjustments
in the
contingency reserve for company and its subsidiaries,
z Deficit.
Debentures—The debentures will be direct
obligations of the company,
issued under an indenture
dated June 1, 1936, but will not be secured
by
any lien.
The indenture will not
authlrize the issuance of additional de¬
bentures thereunder, but will not limit
the amount of other securities which
may hereafter be issued
by the company, except that the indenture will
there will be no
shares by these two utilities at the
present time.
de¬
$46,724
50,260
20,121
131,169
:
Before Int.
1930...
May 31,
duct. cost of goods sold
Sell., adm. & gen. exps.
Balance
1929...12,903,351
To pay off balance of note
indebtedness, company will issue 9,000 shares
of its preferred shares to
Copper Range Co. and a similar amount to Middle
West Corp., at $45 per share.
According to statement
Calendar YearsManuf. profit after
Charges
1926. ..$9,250,054
1936, of which $984,000 were held
by Copper Range Co. and $991,500 by
Middle West Corp.
offering of the preferred
Interest
Charges
1927... 5,421,813
1928... 6,876,808
authorized by the Michigan P. U.
Commission.
company has filed a registration statement with Securities and
Exchange Commission for $1,250,000
4H% first mortgage bonds, series A,
due 1956, and
18,000 shares of $3 cumulative
preferred stock.
Paine
Webber & Co. will be the
principal underwriter for the bonds, to be applied
payment
xBalance
Before Int.
Year—
been
The
toward
4173
Consolidated Earnings Statement for Calendar Years
a
After
$6,702,557 $6,501,568
allowance
for
Treasury stock.
Total
.
$6,702,557 $6,501,568
lossesfof $84,879 in
1935 and $96,290 in 1934.
After allowance for depreciation of
$1,493,774
in 1935 and $1,093,552 in 1934.
d Includes $25,861 due from officers and
b After allowance for losses.
c
employees,
e Includes notes receivable discounted,
f Includes contracts
payable for purchase of equipment,
g Represented by 390,508 no par
Financial
4174
shares in 1935 and 384,327 no par shares in 1934. h
shares of common stock acquired by wholly-owned
subsidiaries, at cost of
$261,782 in 1935 and 14,461 shares at cost of $264,022 in 1934; 365 shares of
preferred stock, Beries A, in treasury, at cost of $15,279 in 1935 and 796
shares at cost of $35,691 in 1934.—V. 142, p. 3340.
Crescent Public Service
Co,—Earnings—
Earnings for 6 Months from Oct. 1, 1935 to April 1, 1936
9,017
9,070
72,924
24,308
9,503
2,709
•
gross earns.
———-——
Interest accrued on series A bonds of the company
Net income of the company
$135,552
-
:
15 approved the issuance of 225,000 shares of
by 40,487 shares, to provide for exercise of the conversion privilege
the preferred.
This is in addition to some common stock now unissued.
—V. 142, p. 3846.
Telephone Co. (& Subs.)—Earnings—
1934
1935
Calendar Years—
1933
Operating revenues
$2,457,753
Non-operating revenues9,371
$1,557,319
$2,467,124
838,328
434,394
145,668
1,108,463
465,780
$1,579,629
705,917
275,622
110,013
1,115,284
484,934
$525,509
1932
$2,556,477
27,906
$203,220
14,920
$62,232
87,541
$139,276 loss$307,115
123,28a
124,783
Net profit
Bonuses & exps. in con¬
nection with revision
$218,140
$149,773
$262,559 loss$182,332
056,619
of leases
39",086
39,296
35,347
055,359
41,045
77,817
0194,357
Provision for taxes..—
Net profit transfs. to
earned surplus
$179,054
$166,495
$241,525
loss$65,792
252,823
130,268
$431,877
65,910
$296,763
43.940
$241,525
yl 11,257
$36,199
xl03,515
Miscellaneous credits—
Earned surplus beginning
of period
Total
Divs.
-
on common
stock-
Maintenance-.
Taxes
Depreciation
Interest
$2,584,383
826,519
324,699
163,499
940,680
485,363
$3,391,881
997,941
405,290
185,201
885,853
498,059
period
$365,967
$252,823
$130,268
Earnings per share—...
$0.81
$0.75
$1.05
Nil
x Of this
amount $67,317 was charged to capital surplus,
y Of this
amount $67,317 was restored to capital surplus,
z Includes service depart¬
ment income of $49,132.
I
•
Consolidated Comparative Balance Sheet March 31
1936
1935
Cash in banks and
Liabilities—
—
$274,814
U. S. Treas. notes.
receiv—
972,909
1,620,565
Furniture & flxts—
284,972
Accounts
Merchandise
$156,378 prof$419,538
Consolidated Balance Sheet Dec. 31
$
$
Total
-V.
50,571
1,282,600
745,698
252,823
Dr184,000 Dr184,000
Total
$3,191,219 $2,564,105
—
—$3,191,219 $2,564,105
141, p. 3858.
'
invest'ts-
1,144
Speclal deposits—
100,538
Accts. receiv. from
Cuban Federal,
provincial & mu¬
nicipal Govt—
476,151
& Tel. Corp.—-
Owing from Internat Tel. & Tel.
Def'd liab. & inc.Accounts
56,278
184,726
31,001
231,265
24,288
payable-
7,577
866,479
985,750
Int. on funded debt
payable Jan. 1__
65,568
302,348
106,228
Accrued interest--
93,750
95,900
Accts. & loan re¬
Accrued taxes
63,823
ceivable
Res've for deprec.
Earned surplus.—
47,197
4,218,226
524,834
Corp--Deferred charges
-
_
Cash in banks and
hand
on
116,489
514,139
56,010
396,179
Materials & suppl.
32,159,721 32,085,816
Total
a
29,820
29, 953,293 29,764,128
&c
Miscell.
a
93,139
31,723
1934
$
Liabilities—
Common stk. (par
$100)
14,142,000 14,142,000
1,144 7% cum pref.,stk. 6,071,100
6,071,100
136,398 Com, stock of sub.
co. held by min.
stockholder
78,900
78,900
Funded debt
6,567,368
6,372,708
461,538 Owing to int. Tel.
Plant, prop., equip
91,787
State taxes
Treasury stock.
1935
1934
$
65" 914
Prov. for Fed'l and
of net income is unchanged.
1935
$227,639
250,000
106,134
46,600
Note—Due to reclassifications the 1933 figures do not agree in detail
with those shown in the annual report for that year, although the amount
Assets—
1935
$431,182
Prov. for Fed'l and
37,959
prepaid expenses
424,977
—---
1936
Accounts payable.
$211,319 Notes payable
157,078 Accrued expenses.
716,537 Cust. dep. against
undeliv. sales &
1,157,354
other creidt bals.
275,215
State taxes (def.)
70,227
Com. stk. (par $5) 1,282,500
Capital surplus.-745,698
Earned surplus
365,967
hand
on
Deferred charges &
Net loss
Preferred dividends
101,991
Earned surplus end of
Assets—
Gross earnings
Operating expenses
6,868.261
93,129
profit.
earnings-
:
Miscellaneous
$3,271,901
119,980
$1,112,141
.
22,310
6,994,117
76,032
7,674,516
70,445
Inc.—Capital Changes Voted—
$2.25 cumulative convertible preferred stock and an increase in the common
Cuban
$6,654,275
8.956,747
83,482
amortization)
stock
on
$7,209,426
Deprec. and amortiz—
Net oper.
44,694
98,184
period covered by this statement—
-——--applicable to said six months period -—
Amounts necessary to pay for cap, expenditures actually made or
incurred by the subs, during said six mos. period ($73,982)—
not exceeding 6% of gross earnings as defined in said trust
Taxes of subs,
2% of such
$7,807,192
clusive of deprec. and
114,355
in the hands of the
public & not pledged under said trust indenture or under said
special deposit which became cum. or pay. during the six mos.
indenture.----
Year End.
Ended
Year End.
Mar. 31 *35 Mar. 31 *34 Mar. 25 '33
& admin, exps.,
mcl.prov.for bad debts
and reposs. losses (ex¬
695,095
therein defined, the special deposit
Divs. on outstanding pref. stocks of subs,
Amounts reserved by subs., not exceeding
Taxes and expenses of the company
53 Weeks
Year End.
Period—
Mar. 28'36
Net sales of merchandisez$9,243.450
Cost of mdse. sold, selTg,
gen.
as
The stockholders on June
Consolidated Income Account
■
Operating expenses of subs, incurred (incl. maintenance & reasonallowance for uncollectible accounts)——>-——
Accrued int. charges on outstanding indebtedness of subs, in the
hands of the public & not pledged under said trust indenture or,
Crown Cork & Seal Co.,
requirements for working capital.
for obtaining additional funds possibly through the issuance of securities.
In each of the three fiscal years 1934, 1935 and 1936, the company has
operated at a profit, and during these three years has increased its net
current assets (working capital) by over $647,000.
Because of improving
conditions and the increase in instalment sales and also by reason of the
desirability of maintaining larger merchandise stocks, a further increase in
working capital would be advantageous.
i
'—$1 ,215,414
Depletion on properties (existing at time of execution of said
trust indenture) of subs, arising through the use of natural gas,
computed at cost—but not in excess of current wholesale pur¬
chase prices in the respective localities—
-—.—
Amortization of securities discount of subsidiaries—
.
June 20, 1936
to the company's growing
At present plans are under consideration
In the last annual report reference was made
of subs, not incl. profits
Gross oper. income & net non-oper. inc.
or losses from sale of capital assets
—V. 142, p.3847.
Chronicle
Represented by 13,833
Total
Davis Coal & Coke Co.
Calendar Years—
Sales---
.32,159,721 32,085,816
After reserve for receivables of $214,060 in 1935 and $197,206 in 1934.
-Earnings—
1934
1933
1932
$1,752,018
$1,577,651
$1,065,590
$1,217,887
1,607,810
1,511,196
1,096,908
1,222,544
4,049
3,415
6,540
92,132
87,571
91.754
$102,950
Oper. costs, sell. & gen.
Indus, relations actlvs.
Depletion, depreciation,
royalties & amortiz'n.
68,284
5,062,331
de!46,013
(& Subs.)
1935
75,308
prof$68,900
$29,726
$122,304
142,254
132,105
136,970
Profit before interest.
Prov. for Federal taxes,
$211,154
$102,379
$14,667
contingencies, &c——
12,076
65,999
3,800
$133,078
170,271
$98,579
144,075
02.372
Dr4~5li
04",865
$37,193
$43,124
sur$10,156
sur$41.73S
52,400
$2.54
52,400
$1.88
52,400
$0.28
52,400
Net
income
from
•
other
sources—
Other charges
139,823
1
$36,873
—V. 140, p. 4231.
Net income
Darby Petroleum Corp.—Earnings—
Calendar Years—
1934
1935
Number of net barrels of
crude oil produced---
1932
1933
.
1,338,376
1,393,548
1,568,166
$1.02
$1.02
$1,419,256
$1,364,587
$0.63579
$993,469
$0.91488
$1,231,151
821
45,284
Dr2,796
42,036
3,555
35,239
$1,465,361
$1,403,826
$1,032,263
$1,292,227
Increase in inventory of
crude oil
Gas sales
Oper. gen., admin., &c.,
421,578
448,172
547,288
548,521
expenses
$856,537
121,331
$584,092
107.289
$870,649
81,728
$1,047,549
$977,868
4,746
$691,381
$952,376
26,071
175,244
64,679
90,165
98,869
332,731
401,299
,
53,068
318,413
198,490
surrendered,
abandoned wells, &c—
Amortiz.
of leaseholds
137,220
undeveloped, &c_
N et
118,782
14", 367
352,165
204,352
184,859
Depreciation
184,605
stk
$146,109
$0.29
$246,840 loss$379,672
$0.48
Nil
$459,475
$1.31
income
Earns, per sh. on cap.
236,295
Balance Sheet Dec. 31,1935
A. ss6ts~m~~
Oash and U. S. Govt, securities, at market quotations
Listed corporate bonds at market quotations
Notes & accts. rec., less reserve for doubtful accounts
Inventories of crude oil, at market
Mat'ls & supplies (book inventories at lower of cost or
Investments
-
-
12,112
—
x2,028,390
Property, plant and equipment..
Deferred debit items
Total
market)
$344,631
77,100
185,886
15,702
141,284
46,095
-
$2,851,204
-
Liabilities—
Accounts payable
Dividends payable
Deferred
—
$99,935
88,916
19,775
1,756,950
545,539
340,087
liabilities
Capital stock ($5 par)
Capital surplus
Surplus from operations since June 30, 1933
x
p.
-
-
$2,851,204
After reserve for depletion and depreciation of $4,586,593.—V.
141,
Total..
x
H. M. Stein, President, says in part:
The net current assets on March 28, 1936 were equal to $8.91 per share
of stock
outstanding, and the total book value to $10.06 per share.
$
Cap. stk. outst'd'g 5,239,932
Curr.
$0.70
liabll.
1934
$
5,240,024
(Incl.
co.'s est. of Fed.
7,724,143
Securities owned-- 3,307,887
Current assets..-798,737
Deferred charges..
1935
Liabilities—
$
holds, min. r'ts,
plant and equip¬
145,248
67,712
taxes on income)
7,800,645
141,057
3,251,282 Res. for contln. ,&c
193,385
1,007,989 Capital surplus
3,144,523
Profit & loss surp. 3,324,830
156,589
362,783
3,000,000
3,362,023
6l",503
.12,043,727 12,121,4191
Total.
.12,043,727 12,121,419
After reserves.—Y. 141, p. 916.
Dd Beers Consolidated Mines, Ltd.—Final Dividend—
The directors have declared a dividend of 40%, or 20 shillings, on the
preferred stock, less tax. Of the dividend. 10 shillings is in respect to the
half-year ended Dec. 31, 1931, and 10 shillings is in respect to the half-year
ended June 30,1932.—V. 142, p. 3672.
De
Jay Stores, Inc. (& Subs.)—Earnings—
3 Months Ended April 30—
Net income after depreciation and
other charges but before Fed. taxes
Earnings per share on
142, p. 4018.
common
stock.
1935
1936
1934
$58,619
$0.52
$54,158
$0.48
i
$64,325
$0.59
—V.
Dennison
Mfg. Co.—$2 Preferred Dividend—
The directors have declared a dividend of $2 per share on account of
accumulations on the 8% cum. debenture stock, par $100, payable Aug. 1
to holders of record July 20.
Similar distributions were made on May 1,
March 5 and Feb. 1 last, in each of the eight quarters preceding Feb. 1,
and
on Jan. 4, 1934, while on Feb. 1, 1933, the company paid $4 per share.
The last previous regular quarterly dividend of $2 per share was paid on
Feb. 1,1932.—V. 142, p. 1981.
Denver &
Rio
Grande
Western
RR.—New Committee
Seeks Plan for Road—
A committee
representing insurance companies and headed by George S.
Schaick, Vice-President of the New York Life Insurance Co., con¬
ferred June 17 with L. W. Baldwin, Chairman of the Denver & Rio Grande
Western RR., with a view to preparing a reorganization plan for submission
jurisdiction in the company s bankruptcy and the Inter¬
Commerce Commission on Aug. 1. Mr. Van Schaick's committee
one which negotiated unsuccessfully with officials of the Rio
Grande on a reorganization plan.
The insurance companies, it is said,
favor selling one-third control of the company to the Chicago Burlington &
Quincy RR. in return for working capital.—V. 142, p. 4018.
state
Davega Stores Corp.—Annual Report—
1934
$
v
Coal lands, lease¬
to the court of
3376.
$36,873
stock
1935
Assets—
x
Van
Total—
$14,667
Condensed Consolidated Balance Sheet Dec. 31
Conting.fund asset
paid
Income charges
Depletion
Interest
Leaseholds
capital
ment--—
$916,840
130,709
pr
of
outstanding (par $100)
Earns, per sh. on cap .stk
1,726
59,350
-
Other income credits.
Balance, deficit
1,347,584
Shares
Avera&e market value
per barrel producedCrude oil sales
Dividends declared
Profit & loss adjustment
succeeded
Volume
Financial Chronicle
142
Denver Union Stock Yards Co.—Initial
4175
Preferred Div.—
Tbe directors have declared an initial dividend of $1.37 H per share on
the 5H % cumulative preferred stock, par $100, payable Sept. 1 to holders
of record Aug. 20—V. 141, p. 4014.
El Paso Natural Gas Co.
Stamped Preferred Stock
Unstamped Preferred Stock
Derby Oil & Refining Co.—Stated Value Reduced—
The stockholders at their annual meeting June 12 approved a plan
of the capital structure by reducing the stated value of
for
the
the revision
271,706 outstanding shares (no par)
share to
an
the
time create
same
amount
Common
stock from $16.85 plus per
common
which will eliminate the balance sheet deficit and at
a
BOUGHT
Detroit Edison Co.—$1 Extra Dividend—
$100, both payable July 15 to holders of record June 30.
A
similar extra dividend was paid on Jan. 15, 1936.
In commenting on the current extra dividend, President Alex Dow said:
"We are happy to be able to pay to our stockholders an extra dividend of
$1 per share.
During these recent years of the depression they have been
paid less than the interest rate on our mortgage bonds.
"We have thoughtfully refrained from changing the regular dividend
rate—the possibilities in sight are too complex to permit us to do so.
This
extra dividend should be regarded as properly named."—V. 142, p. 3505.
MEMBERS
The directors
have
declared
dividend
a
of 25
cents
per
share on the
capital stock,
no par value, payable July 10 to holders of record June 30.
This will be the first distribution to be made since Oct. 1, 1930, when a
dividend of 35 cents per share was paid.'—V. 142, p. 4019.
Distillers Corp.-Seagrams,
Ltd. (& Subs.)—Earns.
Earnings for 3 Months Ended April 30, 1936
Sales, less freight and allowances
$14,738,419
Cost of sales
10,074,998
Gross profit
Miscellaneous income
$4,663,421
22,571
Total income
Selling, general and administrative
$4,685,992
2,696,390
expenses
Directors' fees
375
Executive salaries
65,050
52,834
125,175
x31,012
95,476
Legal fees
Interest (net)
for
Provision
depreciation
Provision for income and profits taxes
Net
income
Earnings
per
$1,619,680
•
share
on
1,742,645 shs. capital stock (no par)
$0.93
Excluding $108,036 charged to cost of production.
Earned surplus as of April 30 follows: Balance Jan. 31, 1936, $15,252,377;
add net profit for quarter ended April 30, 1936, $1,619,680; total, $16,872,057; deduct provision for additional Canadian income taxes affecting prior
x
rear (net), $71,736; settlement of claims asserted by U. S. Treasury Dept.,
1,500,000; legal fees in connection therewith, $125,000; balance, $15,175,321.—V. 142, p. 3340.
stock, par $5, both payable Aug. 1 to holders of record June 22.
—V, 139, p. 3963.
East River Gas
Eastern
Co.—Merger—•
Operating
Operating
191.
p.
1933
1932
$9,515,489
$9,921,316
8,733,962
$9,539,817
8,544,633
$9,239,850
8,046,383
$1,187,354
13.756
$995,184
22,539
$1,193,467
36.673
$1,239,029
45,160
$1,201,111
619,583
89,320
$1,017,723
729,072
66,238
$1,230,140
847,054
66,763
$492,208
289,192
$222,413
301,646
$316,322
372,133
$410,602
545,382
sur$203,016
$79,233
$55,811
$134,780
366.779
$0.55
366,779
366,779
Nil
Nil
366,779
$0.02
expenses
.
I
expenses..,
Federal taxes
Dividends.
Balance, deficit
com.
stock
8,276,460
out
standing (no par)..._
Earnings per share
El Paso Natural Gas Co.—Bonds Called—
Equity Corp.—Quarterly Report—
Net assets (on the basis of taking capital stocks of American General
Corp. and of taking the capital stock of General Alliance Corp. owned by
this corporation at its net underlying asset amount), before deducting the
face amount of the outstanding debentures, were equivalent to $8,249.12'
per $1,000 principal amount of assumed debentures of the corporation out¬
standing.
'
The net assets on the same basis, after deducting $3,350,000 of outstand¬
ing assumed debentures, were equivalent to $90.12 per share of $3 converti¬
ble preferred stock outstanding, and net assets per share of outstanding
common
stock were approximately $2.17 after deducting the aforesaid
principal amount of debentures and $50 per share (preference in liquidation)
of such preferred stock and accrued dividends thereon.
Earnings for the 3 Months Ended March 31, 1936
Income—Dividends
Interest earned
Interest
1935
1934
S
Assets—
$
$
12 ,525,570
13,740,815
246,206
245,858
z
757,016
445,324
25,469
Cash
Marketable
3,490
secure.
Traf. bals. & other
int.
in
Old
635,696
713,958
357
824
568,470
27,697
14,212
288,353
27,082
26,970
315,085
rec..
Dep. for redem. of
Rents paid in adv.
Def'd ins. prem
Statement of
103,885
577,561
825.739
& listed secure.)
188,167
130,343
350,000
368,599
350,000
Unmat'd divs., int.
& rents payable.
100,700
25,257
Boston.
Fee of Analytical Research Bureau, Inc.,
receivable from Gen. Amer. Life Ins.
Co. uncollected to date, and guaranteed
by the Equity Corp
21,249
-
$762,051
Excess of income over oper. exps.
for the three months
40,378
1936
—
sales of securities and reahzation on
ended March 31,
Net
profit on
foreign loans
155,762
$958,192
Non-oper. exps. for
ended March 31, 1936
Less:
the three months
SI,503
85,000
Taxes—1936--------
871,689
$15,504,019
pref. and common stocks repur¬
values thereof
$210,018
respectively)
($1 and 10 cents per share,
preferred stock:
paid March 2, 1936__$101,225
Div. declared representing all accumulations
to & incl. Feb. 29, '36 (pay. Apr. 6,1936) 730,605
Partial div. of 37Kc.
92,173
Operating reserves
10,582
66,663
44,661
188,167
130,343
31,758
5,555,642
59,303
5,492,496
^
losses
def'd
credit
items
Profit and loss
15,963,923 16,628,429 I
After depreciation reserves,
y
Total
1,041,850
Balance of surplus,
March 31, 1936, carried to bal. sheet
Represented by 366,779 no-par shares,
Balance Sheet March 31, 1936
Common
capital stock
138,406
purchase contract
$27,922,097
Total
Liabilities—
Inc.—Weekly Input—
payable on preferred stock
on debentures outstanding
and contingencies, incl. provision of $550,000
Federal taxes on net unrealized appreciation of general
June
11, 1936, the kilowatt-hour system input of
as
for
Operating Subsidiaries of—
1935
1936
Natl Pow. & Light Co.. 68,697,000
91,676,000
37,934,000
70,163,000
Amount
14,867,000
10,294,000
xl,466.000
Percent.
16.2
27.1
x2.1
declared
made
on
a
carried
Federal
herein over
if realized
of 25 cents per share on
book
cost,
without
provision for
5,160,964
taxes
of general market securities owned,
provision for Federal taxes of $550,000
—Y.
the
payable July 15 to holders of record July 1.
April 15, last, this latter being the first dividend
-
2,272,181
269,463
495,662
Preferred stock ($1 par)
Common stock (10 cents par)
Total
dividend
the corporation
Surplus.-----------------------------------------------
142, p. 4019.
have
are
less
Economy Grocery Stores Corp.—25-cent Dividend—
stock, no par value,
793,822
3,350,000'
securities
of amounts at which stock purchase contract and in¬
vestment in American General Corp. pref. and common stocks
Unrealized appreciation (net)
Increase
Amer.Pow. & Light Co.106,543,000
Elec. Pow. & Light Corp 48.228.000
27,528
730,605
27,916
Excess
Co., Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1935, was as follows::
directors
$331,782
received
interest
Debentures assumed by
the operating compani es which are subsidiaries of American Power & Light
A like payment was
___
A
Reserves for taxes
market
Decrease.—V.
,
Dividends
Ebasco Services,
ended
.
Accounts payable for securities purchased—not
Other accounts payable and accrued expenses
Accrued
3506.
The
—
have declared extra dividends of 12J^
New President—
common
60,135
55,342
—
Deferred charges
Directors have elected J. C. Nelson, President, to succeed the late John
N. Derschug.
Mr. Nelson had been Vice-President since 1920.—V. 142,
x
530,1969,391,251
1,755,640
stock
General Alliance Corp.,
Stock
cents per share in
addition to regular quarterly dividend of like amount on the class A and
class B common stocks, no par value, all payable June 30 to holders of
record June 23.
Like payments were made on March 31, last.
See also
V. 141. p. 1932. for detailed dividend record.
the week
$2,484,815'
62,755
43,418
13,400,135
hand-..----—-.
Accounts receivable for securities sold—not delivered
Accounts and dividends receivable
General market securities at market quotations
Investments in securities of associated companies:
American General Corp.—Preferred stock
Other assets
Easy Washing Machine Corp.—Extra Dividends—
For
$14,462,168
Cash in banks and on
15,963,923 16,628,429
-
Represented by 63,806 no-par shares.—V. 142, p. 4019.
p.
oot
831|8oI
331,702
27,076
debit
The directors
$14,631,079
1,250
Capital surplus, balance, Dec. 31, 1935
Adjustments (net) applicable to operations of prior year
Excess of liquidating div. received from Gen.
Amer.
Secur. Corp. (in dissolution) over
book cost of investment therein
$783,301
115,129
Other
items
Total
1,503
Surplus for the 3 Months Ended March 31, 1936
Reserve for marine
Replacement fund
(cash & call l'ns)
Insur. fund
(cash
def'd
$40,378
Dividends on
4,165^200
Taxes accrued
105,870
pensation insur.)
over
chased and held in treasury over par
Working liabilities
Wharf,
Spec, depos. (com¬
932:
operating expenses (without giving
effect to non-operating expenses and results of security
transactions)
Non-operating expenses charged to surplus (expenses incurred
under Federal Securities Act)
—
of income
Excess of net cost of
8,591
Union
on
$126,610
43,424
41,875-
86,503
Do¬
8,591
1st pref. stk. called
568,470
Equip, trust oblig. 3,933,800
Mtge.
of 1st pref. stock
Working funds
750
1,737
2,839
income
S
minion SS. Co..
working assets._
Unmat'd int.
319",030
No-par pref. Btk.
$121,283
bonds
4,436,411
1,108,900
319,030
Min. stockholders'
investment.
stocks
on
on
loans to controlled companies
Provision for Federal
1934
1935
Liabilities—
Common stock.. 4,436,411
First pref. stock..
y
equipment
on
Operating expenses
Interest on 5% debentures assumed
Tax refunds to debenture holders and taxes paid at source
Consolidated Balance Sheet Dec. 31
Heal property &
N. Y. 1-752
The company has called for redemption on Aug. 11, 1936, all of its out¬
standing 6H% first mortgage sinking fund gold bonds due Dec. 1, 1943,.
with detachable warrants for the purchase of 10 shares of common stock
at $20 per share, and all of its outstanding 6H% 10-year convertible gold
debentures due Dec. 1, 1938.
Each $1,000 debenture is convertible up
to but not including the redemption date into 10 shares of preferred stock
and six shares of common stock, with cash adjustment of accrued interest
and current dividends on the preferred stock.
Payment of both issues, at 105% of their principal amount and accruedi
interest, will be made at the corporate trust department of the Chase
National Bank, 11 Broad Street, N. Y. City.
Holders of the first mortgage
bonds may surrender them for redemption prior to Aug. 11, 1936 and will
receive the redemption price plus accrued interest to the date of surrender.
—V. 142, p. 4019.
$1,284,189
800.525
73,061
revenues
Other income
Shares
1934
1935
.
Other
York, Inc., above.—V. 59,
Steamship Lines, Inc. (& Subs.)—Earnings—
Calendar Years—
z
EXCHANGE
New York
paid since Oct. 15, 1932 when a regular quarterly dividend of 25 cents per
share was distributed.—V. 142, p. 1638.
Excess
x
STOCK
Total income
common
Other
YORK
Street
A. T. & T. Teletype
Duquesne Brewing Co.—Extra Dividend—
See Consolidated Edison Co. of New
Broad
15
Miscellaneous
The directors have declared an extra dividend of 2H cents per share in
addition to the regular quarterly dividend of 12 H cents per share on the
Misc.
NEW
par
Detroit Steel Products Co.—To Resume Dividends—
x
QUOTED
Eastman, Dillon 8 Co.
The directors on June 16 declared an extra dividend of $1 per share in
addition to the regular quarterly dividend of like amount on the capital
stock,
Stock
SOLD
capital surplus not to exceed $3,000.—V. 142, p. 4019.
14,462,168
-$27,922,097
142, p. 2497.
Morse^& Co.—$6,000,000 Bonds Offered—
offeringjof $6,000,000 20-year 4% sinking fund de-
Fairbanks,
Public
Chronicle
Financial
4176
June 20,
was
made June 9 by a group headed by Lee
Higginson Corp. and including F. S. Moseley & Co.; Blyth
& Co., Inc.; Goldman, Sachs & Co.; Lawrence Stern &
Co., Inc.; Estabrook & Co.; The Securities Co. of Mil¬
waukee, Inc., and Whiting, Weeks & Knowles, Inc.
The
bentures
debentures
were
offered at 99 and interest.
dated June 9 affords the
x
129,866
Notes payable
595*530
281,108
542,887
278,271
408,167
302,956
—.
Develop,
71,607
ital stock of sub-
1
1
Capital surplus.—
886,610
282,269
$2,262,419 $1,456,164
$2,262,419 $1,456,164
Total
After depreciation reserves of $249,Includes trade acceptances payable.
y
z
Exchange will list 25,000 additional shares of com¬
The New York Curb
stock, $1 par, upon notice of issuance.—Y. 142, p. 953.
mon
Federal Compress &
Warehouse Co.—To Finance—
which operates cotton compression and warehouse plants
Mississippi, Louisiana and Arkansas, will, according to
Memphis press dispatches, issue 100,000 shares ($25 par) common stock
to finance the acquisition of additional plants.—V. 141, p. 3860.
The company,
in
Tennessee,
Ferro-Enamel Corp.—Earnings—
enterprise
Maintenance & repairs--
Deprec. & amortization.
(other than inc.).
24,458
24,169
8,110
25,676
27,736
4,894
Taxes
280,293
Other mfg. expenses—-
general and ad¬
Selling,
427,984
11,428
357,078
21,610
$235,146
$208,169
33,647
$188,548
20,220
$60,642
$305,978
$241,816
See above119
1,890
$208,768
20,677
12,967
$97,334
19,095
ministrative expensesProv. for doubtful accts.
Operating profit
x70,832
Miscellaneous income—
Profit
Plant depreciation
Loss on sale of assets
Loss
7,558,470
Not available
425
Royalties
$5,438,500
6,565,750
2,597
36,986
14,135
33,187
16,657
23,246
Profit for the year-—
Purpose—Net proceeds from the sale of the $6,000,000 debentures, esti¬
$5,746,450 after deducting expenses, will be used by the company
Aug. 1, 1936, its $5,438,500 5% debentures, due Feb. 1, 1942,
101(accrued interest to be paid out of treasury funds).
The balance
of such net proceeds will be applied to other corporate purposes.
mated at
$239,748
$1.93
$194,169
$1.55
$135,222
$1.06
Earns, per sh. on com—
at
Includes $30,269 commissions
x
1934
$18,221,228 $13,215,727
2,601,944
1,479,441
Net profit before deprec., int.. &c__
632,720
545,128
y Provision for depreciation,
230,011
80,197
Provision for Federal income taxes.
1,739,213
854,116
Net profit before interest on deben,
273,434
Interest on 5% debentures
290,269
563,847
Net profit
1,465,779
as
Notes payable
Bank
Mdse. inventories-
359,346
280,636
Other current liab-
Accts.
308,151
rec.
119,483
58,500
24,091
Plant & equip, less
366,467
42,797
13,238
depreciation
Sundry receivable-—
$1,398,836 $1,052,356
Capital surplus—
Earned surplus
Treasury stock—
.
Florida
Power
Indenture—The debentures will be issued under an indenture dated
1936.
Debentures will be unsecured.
Indenture will prohibit the
mortgaging or pledging of property, except as permitted therein, without
equally securing the debentures.
Additional funded indebtedness may be
incurred by the company under the conditions (relating principally to the
amount of consolidated net earnings available for interest and also to the
ratio between consolidated current assets and consolidated liabilities) to be
set forth in the indenture.
Certain restrictions on the payment of dividends
and the making of guranties by the company are to be contained in the
June 1,
1935
Underwriters—The name of each underwriter and the respective principal
amounts of debentures severally underwritten are as follows:
$1,020,622
51,434
$1,800,000
1,500,000
600,000
on
$1,072,056
Corp. (liquidated
263
pref. stock
1935
$
Accts.
rec.
affiliated
76
$574,322
348,377
170,228
104
$681
15,918
$49,191
19,084
$17,824
23,418
$55,717
23,018
$16,599
$68,275
49,742
52,460
$41,242
57,893
Depreciation
Tools, jigs, dies and pats.
Inventory adjustments.
Miscell adjustments
Int. paid or accrued
Federal taxes
Prop,
co.
M
-
-
-
-
36,164
-
'
..
—
—
—
100
_
4,070
co-
rec.
124
358
263,887
1,957,369
4,416
211,290
1,884,717
Due
25,129
mdse.
on
15
in-
stalm't sales con¬
93,375
Int. accrued
Divs.
163,769
100,858
305,911
44,941
18,611
2,968
18,510
2,316
390,560
1,817,953
295,731
1,783,031
2,229,265
523,740
31,779
2,229,265
470,098
discount-
tracts
Taxes accrued
accrued
on
pref. stock
Miscell. accruals-
Consumers' service
& line deposits &
accrued
interest
thereon
Reserves
Misc.
unadjusted
credits
$65,003
$48,413
$52,674
Corporate surplus.
Cr3,558
Cost of goods sold.
390,000
78,791
—
Cr4,401
y
93,031
Salarles and wages
Capital surplus
$98,869
_ —
291,758
350,000
payable
and employees—
4,832
5,039
2,470
Cr3,267
Sales, less returns and allowances.
payable:
Due to affll. co
due from officers
of deficit of sub.
Net loss for year
11,060,000
125,629 Advances from affilated financing
4,281
company.
295,295
Notes pay'le (bks.)
78,349 Accts.pay.(trade).
for the period, ap¬
plicable to min. int—
x
19,567
2,435
24,363
15,366
20,561
273
par) 2,876,200
To affll. cos——
$78,735
73,723
20,196
41,050
54,903
2,876,200
6,500,000
11,060,000
A ($100
To parent co
305,500
91,953
22,300
479,351
receivable._
Mats. &8uppls.,&c
Def. debit items..
297,000
Com.stk.($100 par) 6,500,000
Accounts
Cash
Notes & accts.
1934
$
297,000
par)
Funded debt
1936--.
Due from affll.
$
7% cum.($50
ser.
178
revenue.
Pref.
Preferred 7% cum.
from
co
payment of bond
Unbilled
1935
Liabilities--
23,696,139 23,713,681
45,602
34,003
Investments
Divs.
$674,135
497,149
159,162
32,500
1934
$
Asscfs—
Fixed capital
Notes receivable—
$1,102,800
801,476
252,132
$326,853
222,042
.31
int., due Jan. 1,
1932
8,374
$375,117
222,124
in 1935)
Divs. paid or accrued on 7% cum.
Dividends paid on common stock
600,000
300,000
300,000
300,000
x$l,533,894
yl,253,048
Selling and adminis. exp.
280,165
Development & tool cost
37,973
47,965
1,756
703
charged to construction (credit)
Loss on liquidation or write-down of investment
in capital stock of Electric Appliance Finance
Interest
600,000
Gross sales and earnings
__
608,7o0
40,815
47,965
on
'
Gross profit
$1,028,159
608,600
funded debt
unfunded debt
Amortization of debt discount and expense
Interest
Special deposits
Cash deposited for
(& Subs.)- -Earnings-
Other expenses
$969,421
58,738
Gross income
Interest
Accts. receivable—
Operating profit.
1934
$2,381,088
1,411,667
Other income.
indenture.
Other income
by 5,464 shares
shares common
$2,554,279
1,533,657
(Company and subs.) (exclusive of Municipal Acceptance Corp., FairbanksSupply Co. and foreign subsidiaries), showed total current
$14,479,223 and total current liabilities of $2,143,009, indicating
net working capital of $12,336,214.
Cash in banks and on hand included
in current assets amounted to $3,436,588.
Property, plant and equipment, stated primarily at cost, as at Dec. 31,
1935 (after reserves for depreciation and amortization of $10,375,873) were
carried in the consolidated balance sheet at a net figure of $11,818,301.
Patents, trade-marks and good will were carried at $1.
1933
75,734
132,000
122,000
232,200
296,924
.Drl3,534
(& Subs.)—Earnings—
Corp.
Years Ended Dec. 31—
assets of
Blyth & Co., Inc., Chicago
Goldman, Sachs & Co., NewYork—
Lawrence Stern & Co., Inc., Chicago
Estabrook & Co., Boston
Securities Co. of Milwaukee, Inc., Milwaukee
Whiting, Weeks & Knowles, Inc., Boston
—V. 142. p. 3674.
'
J.
$1,398,836 $1,052,356
Total
Represented by 24,000 no par shares,
y Represented
of preferred stock in 1935 (2,964 shares in 1934) and 421
stock.—V. 142, p. 3508.
x
Morse Water
Corp., Chicago
Co., Chicago
25,385
132,000
122,000
232,200
446,556
Dr24,580
Common stock—
y
/
105,534
Preferred stock
329,084
53,251
14,529
3,269
con¬
tracts
x
202,629
228,940
70,592
payable—
of Dec. 31, 1935,
F. S. Moseley &
9,074
_
Deferred accts
operations
Total
items
68,411
Deferred charges to
Patents
overdrafts.
Uncompleted
& inv.
in sub. cos
xl,147,340
1,135
Accts. and accrued
Notes & accts. rec.
57,608
3,862
190,494
Cash value life ins.
None
x839,189
y Depreciation provisions have varied in proportion to relative
production, and the above amounts were less than would have
been provided on a straight-line basis at rates used prior to Jan. 1, 1932, by
the amounts of $377,785, $228,483 and $112,640 for the years 1933, 1934
and 1935, respectively.
The consolidated net profits of the company and subsidiaries for the year
1934 and 1935 were, respectively, 2.94 and 6.36 times the interest require¬
ments on the company's 5% debentures ($290,269 in 1934 and $273,434
in 1935).
The annual interest charges on the $6,000,000 debentures offered
will amount, initially, to $240,000, excluding any amortization of discount
and expense.
These charges would be in lieu of the interest requirements
shown above on the company's 5% debentures (which will be redeemed), and
would be earned 7.24 times on the basis of the consolidated net profits
shown above for the year ended Dec. 31, 1935, and would be earned 3.55
times on such basis for the year ended Dec. 31, 1934.
Financial Condition—The consolidated balance sheet,
$30,388
Marketable secure.
x423,330
415,859
1934
$51,135
$17,679
30,812
1,434
389,081
Cash
9,166,035
Loss,
from operations
Nil
1935
Liabilities—
1934
1935
Assets—
1933
valume of
Cost of sales and oper'ns
def $2,898
earned.
Consolidated Balance Sheet Dec. 31
Years Ended Dec. 31
sales less returns
1934
38,637
42,501
207
24,757
Prov. for Fed'l inc. tax..
equipment scrapped-_
to redeem on
36,692
and
furnaces
on
Interest, discount, &c
shs. are reserved for conversion of 6% cumulative
convertible preferred shares.
1935
1932
$644,019]
$1,013,157
profit
1933
1934
1935
Years End. Dec. 31—
Gross
In addition 196,972
Calendar Years—
32,710
882,020
213,610
52,996
To Be Added to List—
Capitalization Outstanding Dec. 31, 1935
Fairchild Aviation Corp.
315,000
7,575
Represented by $1 par shares,
077 in 1935, $220,729 in 1934.
Municipal Acceptance Corp.
company's Beloit, Wis. plant represents
Lee Higginson
889,007
(def'd)
Min. equity in cap¬
x
its largest single plant
In addition, the company has plants at Three Rivers, Mich.;
Indianapolis. Ind.; San Francisco, Calif.; and Stuttgart, Ark., and a sub¬
sidiary has plants at St. Johnsbury, Vt., and Moline, 111.
Company
operates 35 branch and sub-branch houses.
x
Notes pay.
596,818
&c
Total
investment.
Gross
24,495
2,000
Deficit
company's largest single activity.
Other divisions of its business are:
Scales; electric motors, generators and magnetos; pumps and auxiliary
pump equipment; railroad equipment; and home and farm appliances.
Company controls a number of subsidiaries, including its own finance com¬
1935
60,188
49,222
term sales
22,254
:
expenses
ing the improvements invented by Thaddeus Fairbanks.
Today the manu¬
facture and sale of Diesel and internal combustion engines constitutes the
Consolidated Earnings (Company and Subsidiaries)
.
expenses
Good-will,
formed in 1830 in St. Johnsbury, Vt., for the manufacture of scales, embody¬
*
rec.
Deferred & prepaid
principal amount of debentures at the sinking fund redemption price pre¬
vailing on the next succeeding June 1, plus (b) an additional sum, not to
exceed $100,000 in any year, equal to 10% of the amount by which the
consolidated net profits of the company for the next preceding fiscal year
have exceeded $1,500,000.
The sinking fund redemption price is an amount
equal to the principal of and accrued interest on the debentures to the date
or redemption, plus a premium of 2^% if red. on or before June 1, 1938;
and if red. thereafter and on or before June 1, 1954, with such premium
decreased by M of 1% for each 24 months, or part thereof, elapsed after
June 1, 1938; and with no premium if redeemed after June 1, 1954.
Listing—Company has agreed to make application in due course for the
listing of the debentures on the New York Stock Exchange and for their
registration under the Securities Exchange Act of 1934.
15-year 5% sinking fund gold debentures, due in 1942
6% cum. conv. pref. shares (par $100)
Common shares (*434,528H shs. no par)
6,798
6.617
expenses,
commissions,&c.
Mortgages payable
Def. prof, on long-
officers
(non-current)
days' notice, at the principal amount thereof and int. to the date
plus a premium of 4% if red. on or before June 1, 1941; a
premium of 3% if red. thereafter and on or before June 1, 1946: and with
decreasing premiums if red. thereafter and on or before June 1, 1954; and
with no premium if redeemed after June 1, 1954.
As a sinking fund for the retirement of debentures the company has
covenanted to pay annually, beginning April 15, 1937, so long as any
debentures remain outstanding, (a) a sum sufficient to redeem $150,000
Accrued
30,287
and employees—
Trade accept,
73,620
2,000
Mtge. pay. (curr.)
trade
receiv'le
from
Due
billings
partially com¬
pleted orders
and
accept,
at least 30
pany,
The
advance
on
mach. & equip—
Notes
an
9,770
—
yLand, buildings,
of redemption,
$220,000
6,903
133,649
$220,977
z$172,584
Accounts payable.
190,479
Deps. received and
$61,467
Invest. & advances
Dated June 1, 1936: due June 1, 1956.
Interest payable (J. & D.) in
Chicago or in New York City.
First National Bank of Chicago, trustee.
Redeemable, in whole at any time, upon at least 60 days' notice, or in
amounts of not less than $200,000 on any int. date prior to maturity, upon
1934
1935
Capital stock
$182,049
184,554
Deposits on contr.
Inventories
A prospectus
Is the outgrowth of
Liabilities—
1934
1935
Assets—
Notes & accts. rec.
Cash
following:
Company—Incorp. in Illinois in 1891.
1936
Consolidated Balance Sheet Dec. 31
Total
26,850,857 26,367,436
-V. 142, P. 3675.
Total
26,850,857 26,367.436
Volume
142
Financial
Chronicle
Firestone Tire & Rubber Co. (&
Subs.)—Earnings—
n
6 Mos. End.
Ayr. 30—
Net profit after
int., de-
1936
Liberian devel.
exp., Fed. taxes, &c__
1935
1933
1934
prec.,
Shares
stock
com.
J,754,675
Earnings
1,897,597
$0.40
per share
Loss.—V. 141,
x
$2,155,084
1,933,317
$1,521,745 x$l,575,917
out¬
standing (par $10).--
$0.70
1,986,189
1,970,849
$0.06
Nil
4015,
p.
First National
Corp. of Portland (Ore).—Accumulated
vV-,\..v;
Dividend—
The directors have declared
a dividend of 25 cents
per share on account
on the $2 cumulative and
participating class A stock, no
value, payable July 15 to holders of record June 25. Similar dividends
accruing, and for wages (doming due, there remains
$782,016,144 as the
the work of 33 fkars—less than was
spent last year
of accumulations
par
so-called profit for
to run the
factory.
It looks like a lot of money; of
course, it isn't all in
existence now; most of what remains of it is
not in the form of
have been paid in each of the 15
preceding quarters, prior to which regular
quarterly dividends of 50 cents per share were distributed.—V. 142, p. 2318.
Fonda Johnstown
Operating
Operating
&
revenues
expenses
Tax accruals
Gloversville
1936—5 Mos.—1935
Operating income
$331
$256,409
225,028
13,343
$5,055
defo,505
$18,037
2,806
$26,528
Deductions
$1,322
14,460
$1,549
14,871
$20,843
71,510
$25,825
71,273
Net deficit
$13,138
$13,322
$50,666
-
Gross income
*
Includes interest accruals
Ford Motor Co. of
on
; 1
def703
$45,448
outstanding funded debt.—V. 142,
Canada, Ltd.
Years Ended Dec. 31—
Net loss from operations of the Canadian
3343.
p.
Earnings—
/
—
1934
1935
customer
is
sometimes curious to know just how much that
is,
Ordinarily he would
try to find it by dividing the total profit by the total
number of cars sold,
and in this instance the
figure would benearly $32.
But tbat would not
be the average profit on a
car, because the company's profit is not
entirely
derived from cars—there are
by-products and other sources of income which
reduce the costs.
The average profit to the
company on a car is about $20.
Each purchaser of Ford
cars, therefore, has contributed to the Ford
profit
about 66 cents a year over the
33-year period. ' An insignificant price to
pay for the vast economies and improved service the Ford
Motor Co. has
created for the employment and diversified
business it has stimulated,
the amount of capital it has
circulated, and for the immense risks it has
constantly taken.
What now remains of that profit is at
work, being used
in the employment of men and the
production of goods not in our
company
only, but in the 6,000 concerns with which we
directly do busifiess, and
other thousands of concerns with which
they do business."—V. 142, p. 3675.
$261,128
222,085
12,515
990
Other income
*
money at
all, but in bricks, furnaces, machines,
power-houses, and so forth.
"Now, tne profit is that part of a purchase price which a
customer pays
this company for
rendering him its special type of service, and a
RR.—Earnings—
1936—Month—1935
$44,917
$48,806
41,934
41,249
2,651
^
2.501
Period End. May 31
Ford Motor Co. of
branches, after all charges for manufactur¬
ing, selling and gen. exps. (incl. deprec'n)
Income Account Year Ended Dec. 31
$400,719
378,798
1,903,606
231,048
prof .$3,288
5,112,733
3,000
Income from investments
Dividends received from sub. companies
Profit on sale of investments
$2,186,443
Provision for income taxes.
Gross
profit
170,529
—
surplus-—
-
—
—
Prior year's adjustments—income taxes
Other adjustments
Class A dividends
dividends
—
on
305,331
$1,878,113
16,272,066
Total
—
---
investment with credit
profit
Balance Sheet Dec. 31
Assets—
Property
1935
1934
$
S
1935
1935
Patents
1
x
1
Capital stock-
Accounts payable.
1
Investments
2,295,232
Customs drawback
1,105,239
79,880
825,268
1,761,723
134,231
Total
.58,264,448 56,490,254
stock, both of
Ford Motor Co., Ltd.
Years Ended Dec. 31—
(England)—Earnings—
1935
1934
Trading profit, &c
£1,513,450
Sundry profit, rents, &c.
881
Profit on exchange
63,106
Total income
Deprec. & obsolescence
Exp.
for
£1,577,437
714,370
-
new
>
Contrib.
benefit scheme
Directors
Super chgs. for
Res. for loss
Loss
1,770
443,649
£1,357,848
619,300
92,044
388
£1,386,719 loss£l60,249
526,091
273,620
13,415
65,754
6,300
18,529
7,128
6,475
exchange
due
Motor
106,827
from
Co.
of
Cologne
152,755
arising
trading
on
17,879
500,000
22,500
15,007
£657,056
£508,663
388,171
£755,795 loss£681,828
def354,045
371,870
£1,180,140
59,903
348,750
£896,834
25,000
I:£401,750 def£309,958
£771,487
£523,084
14,250
127,527
Profit before approp'n
for income taxes—
Previous surplus
523,084
Total surplus
Carried
tax.
forward
1935
tories, &c
1935
Liabilities—
Trade
Machin'y, plant,
tools & equip
in & adv.
Inv.
4,452,788
3,752,759
2,469,416
2,512,111
30,401
117,457
1,170,363
to
Inventories
Total
account, &c
1,497,510
1,336,568
21,251
57,250
81,398
1,748,679
1,025,476
929,590
69,651
2,661,704
2,564,625
871,833
reserve ac¬
count
14,418,098
—
£
pay.
Reserve for taxa'n
Capital
side Brit. Isles..
Trade accts., &c_-
accts.
1934
9,000,000
Employees' invest.
Fixed assets, in¬
vest., &c., out¬
Cash
£
9,000,000
& accr. accounts
affil. companies.
y
4,372,468
44,087
£388,171 def£354,045
Capital stock
3,761,748
-v
31
1934
£
xLand, bldgs., fac¬
x
13,579
348,750
Balance Sheet Dec.
Assets—
Profit & loss surp.
1,120,236
13,863,9311
Total
14,418,098 13,863,931
After depreciation, &c.
y Leasehold land, buildings, plant,
machinery,
&c., connected with undertaking situated outside British Isles, at cost less
depreciation and stock of autos, parts and stores, debtors'
cash, &c.—
V. 142, p. 2498.
Motor
Co.—Sales
Years—Profit $782,000,000
Since it
Put
or
at
$13,000,000,000 for 33
About $20
a
the Columbia
Broadcasting System.
Of this total sum, Mr. Cameron said the
company has paid out
$12,109,321,884 for labor, materials and taxes, leaving $842,016,144 of the total
for the 33 years.
Deducting $60,000,000 for commitments made,
tal
new
capi¬
investment.- 2,668,975
reserves
253,295
Special
Current liabilitiesDeferred liabilities
2,671,135
54,119
i66,604
Profit.
Total
23,464,127 19,282,219
Total
Foster & Kleiser
987,150
2,518,745
22,499
3,825
23,464,127 19,282,219
—V. 141, p. 2887.
Co.—Recapitalization Plan—
The stockholders will vote June 22
for recapitalization.
on
approving
a
plan of reorganization
Company was incorporated on Feb. 8, 1916, in Nevada.
On March'31
1936, there were issued and outstanding 10,176 shares
(par $100) of pref.
stock (excluding treasury shares) and 608,575
shares of common stock
(par
$10).
It is proposed to reorganize the company by
recapitalizing its stock
structure.
(1)
That proceedings be taken by the stockholders to amend the
articles
existing capital stock and to recapitalize
of incorporation, to reclassify the
the company as follows:
(a) To increase the authorized capital stock by
creating a new class of
preferred stock to be .designated "class A preferred
stock," consisting
of
60,000 shsares (par $25) to rank prior to the present pref.
stock, both as to
dividends and assets, to be entitled to quarterly
cumulative dividends at the
rate of 6% before payment of any dividends on
any other stock of the
corporation, to be redeemable in whole or in part at $27.50
per share and
dividends, and the company to be obligated to set aside each fiscal
year in
a sinking fund for the purchase
or redemption of the
class A preferred
stock, 5% of the first $500,000 or less of net profits
remaining after payment
of dividends on said class of stock and 10% of the net
profits in excess of
$500,000, to be entitled to receive on liquidation $27.50
per share and
divs. before payment to the holders of any other class of
stock, and in the
event of default in the payment of six or more
quarterly dividends
entitiled to elect one less than a majority of the board of
directors.
(b) To reduce the number of shares of old preferred stock to the
number
actually issued and outstanding and to alter the preferences of the old
pref.
stock so that from and after the quarterly dividend
payment date next
succeeding the date the amendment becomes effective, it shall be
noncumulative as to future dividends, to reduce the
dividend rate from
7%
to 6%, to change the designation of the stock to "class B
preferred stock,"
to
eliminate the covenants of the company to maintain a
given ratio of net
current assets to the amount of old
pref. stock outstanding,
and to subordinate the old pref. stock to the class A
pref. stock with respect
to its participation in the assets of the
company with respect to
dividends,
redemption and upon liquidation.
(c) To change the common stock from a par value of $10 per share
to a
value of $2.50 per share, and to provide that as a condition
precedent
to the payment of any dividends upon the common
stock during any fiscal
year the company shall (1) either expend for the purchase or
redemption of
class A pref. stock $75,000 or purchase or redeem
$75,000 in par value of
such stock, if the common stock dividends do not exceed
in the
aggregate
$150,000, or (2) either expend for the purchase or redemption of class
A
preferred stock $150,000 or purchase or redeem $150,000 in
par value of
such stock, if the common stock dividends exceed in the
aggregate $150,000
but do not exceed $300,000, and (3) also expend for the
purchase or redemp¬
tion of class A preferred stock an amount equal to
25% of any amount in
excess of $300,000 paid in any such fiscal
year as dividends upon the
par
common
stock.
(d) To provide for the issuance of scrip certificates in place of fractional
shares of class A preferred stock, and to provide that within six
months after
date of issuance of any scrip certificates company
may sell the shares of
stock evidenced thereby and distribute the proceeds of such sale
among the
holders of the scrip certificates.
(e) To provide for a waiver by the stockholders of all classes of
any
preemptive right of subscription.
(f) To expressly authorize the company in the discretion of its board of
principal remaining unpaid at any time shall not exceed $500,000 without
any other or further consent or approval of the stockholders.
(2) To offer to the holders of the old pref. stock, the right to
exchange
the old pref. stock and to convert it into shares of
non-assessable class A
pref. stock on the basis of shares of class A pref. stock of an aggregate
par
value equal to the par value of the old pref. stock so
exchanged and converted
plus all dividends accrued and unpaid thereon to the quarterly
dividend
payment date next succeeding the date of exchange and
conversion, such
exchange and conversion of the old pref. stock for class A pref. stock to
ipso facto discharge in full the company of all obligations with
respect to
dividends accrued and unpaid upon the old pref. stock
Car—
founded 33 years ago the company has sold
24,500,000 auto¬
mobiles and other products for a total of
$12,951,338,028, William J.
Cameron of the company said June 14 in a radio address over
was
revenue
Intended
1934^
17,000,000 15,000,000
750,000
750,000
reserve-
directors to incur a funded indebtedness from time to time
upon which the
848,009
1,090,760
x
Ford
1935
Capital stock
assets and net
oper. outside Britain-
Approp. for income
Dividends (less tax)
1,698,689
Liabilities—
to be
29,647
7,000
12,059
cap. exp.
on
debt
on
Ford
Loss
559
loss84,830
71,500
12,967
7,000
Interest, &c
1933
1932 /
£942,510 loss£160,637
£1,440,908
of adapting
plant
production—
to
employees'
8,929,035
3,825
The plan of reorganization is as follows:
58,264,448 56,490,2541
Represented by 1,588,960 shares class A stock and 70,000 shares class B
no par value.—V. 142, p. 4020.
x
10,627,724
6,357,842
44,801
Deferred charges--
1,850.410
-----
Interest accrued—
16,348,039
16,344,212
Statutory
500,000
9,764,132
Current assets
$
3,214,057
3,406,708 Res. for Invest1,000,000
1,000,000
Can. Govt, bonds. 9,715,199 14,151,867 Deprec. reserve...
21,172,790 20,983,104
Accts. receivable.. 6,909,065
741,860 General reserve.- 3,250,000
3,250,000
Deferred charges.509,132
732,325 Surplus.
17,167,326 16,027,641
Inventories
3,832,741
2,911,245
Investments
6,205,502
6,205,502
& refund claims.
Adv. to affil. cos--
13,329,983
(Currency in Reichsmarks)
.13,155,193 12,406,497
Patents
13,379,100 13,379,100
Cash
1,116,251
22,378
30,000
1934
1934
$
Liabilities-
26,693,631 25,619,524
6,971,482
13,267,203
charges
Comparative Balance Sheet Dec. 31
Assets—
757,316
Net profit.
-
Total
,
3,656,242
62,779
taxes and all other
Earned surplus, Dec. 31
^
$17,167,326 $16,027,641
Earns, per sh. on 1,658,960 shs. cl. A & B stock-$1.17
$1.13
Plant account
A
co.
Wages, salaries, depreciation, interest,
$17,996,806 $18,150,179
8,105
40,734
794,480
1,986,200
,35,000
87,500
1933
8,124,639
7,107,148
Extraordinary returns
Extraordinary income
Returns
1934
12,520,289
3,000
$1,939,204
16,027,641
29,961
Net profit...
Previous earned surplus---—
Adjustment of prior year's reserve for taxes——
(Currency in Reichsmarks)
1935
466,031
1,636,649
80,476
Interest-
Total income
Directors' fees
Class B
Germany—Earnings—
factory
and
Total
4177
taxes, accruing and wages coming due, this leaves a total
profit for 33 years
or
production, of $782,016,144—less than was spent last
year alone to run
the factory.
Mr. Cameron's
speech, analyzing the history of the company and out¬
lining the business philosophy of its founders, follows in
part:
"Thirty-three years ago next Tuesday (June 16) the Ford Motor
Co. was
born.
Beginning when only the most adventurous souls could be induced
to drive a motor
car, the company has produced 24,500,000 of
them, and
the name of Ford is
synonymous with 'automobile' over all the
globe.
"In 33 years this
company has exchanged 24,500,000 cars and other
products for $12,951,338,028.
It has paid out $12,109,321,884 for mate¬
rials, labor and taxes.
That leaves $842,016,144.
Deducting from this
the always current
obligation of $60,000,000 for commitments
made, taxes
converted.
so
exchanged and
;
That proceedings be taken by the stockholders to reduce the common
stock capital from $6,085,750 to $1,521,437, such reduction to be
effected
by the transfer from capital allocated to common stock to surplus of the
sum of $4,564,312, which reduction of capital will not
involve any distribu¬
tion of assets to stockholders of any class; and
thereafter, by action of the
(3)
board of directors, to write down the asset item of "leaseholds and
goodwill"
$1, and reduce the surplus of the company by an amount eaual to such
to
Financial
4178
write-down.
tangible assets or the net
This change will not affect the net
(4) Holders of the old preferred stock and common stock are invited to
deposit their stock certificates with Wells Fargo Bank & Union Trust Co.,
San Francisco, as agent for the company, in advance of the meeting of
stockholders to be held on June 22, 1936, at which meeting action will be
consummating the plan of reorganization.
(5) The plan of reorganization will not become effective until declared
effective by the directors and the directors will not declare the plan effective
unless prior to the stockholders' meeting, there shall be deposited under
the plan shares of old preferred stock and common stock sufficient to render
the consummation of the plan advisable.
taken with respect to
1923708
Operating
operations
expenses
i
-
Net income from operations
Other income
Deductions from income
Provision for Federal income tax.
Net
income
Earned surplus, March
31,1935
Earned surplus, March
193546
Ended March 31, 1936
Income Account Year
Income from
31, 1936
$4,251,455
$123,368
19,024
-
are
as
follows:
.
Net
Gross
Years End.
Mar. 31—
Net
Gross
Operating
Income
Income Tax
$7,819,307 $1,322,375 1932
8,181,227
1,219,091
8,107,141
1,058,361
7,735,459
698,238
7,024,206
190,392
Accounts and notes rec. (net)
supplies
Invent, of stores and
receivables
Long-term
Investments
Plant and equipment
(net)-.
Prepaid rentals, ins., taxes, &c
$171,400
496,412
185,636
99,211
214,662
2,767,685
147,310
1
Leaseholds & goodwill...
Total
—
$5,092,037 df$230,761
3,575,715 def752,409
3,126,831 def204,059
3,820,274
9,009
4,251,455
114,574
Accounts
quantity discounts.
Prov. for Federal income tax
Prov. for
Plant purchase
Stock purchase
18,489
3,283
30,000
43,492
obligation—
obligation
Long-term liabilities
Employees'
com.
stock sub¬
12,181
1,391,575
6% class A pref. (par $25)...
Common (par $2.50) — ^
1,521,438
809,569
$4,082,317
Total
$4,082,317
1936
171,393
251,301
496,412
185,636
425,600
154,289
Cash
Accounts
Plant
afAccts. and notes
receivable
Inventories
Prov. for
34,162
43,811
5,049
P long-term
8,888
pbanks
Dep. bond in con¬
1934
$1,522,580
1.215,222
138,268
966,932
131,458
$843,602
608,433
111,516
54~389
63,641
40,353
$802,709
23,738
$360,549
19,545
$83,300 loss$155,766
20,157
Dr197,574
$826,447
109,044
$380,094
39,766
$103,457 loss$353,340
7,680
$717,403
159,217
224,583
$340,329
139,412
134,750
$95,777 loss$353,340
209,450
70,395
1935
Exchange convers'n exp.
Other expenses
excise
Duty,
sales
and
Other income
Total income
Federal income tax
Surplus for the year._
Divs.
Divs.
$558,032
587,227
105,498
12,342
8,731
tax loss
paid on pref. stock
paid on com. stock
$66,167 def$113,673 def$423,735
$333,603
per sh. on com.
stock outstanding
Earns,
Nil
$1.11
$3.25
Nil
20,485
2,767,685
147,310
60,000
215,796
2,685,894
125,245
6,198,935
6,198,935
60,000
214,662
ment on appeal.
b Fixed assets
Deferred assets
Leaseholds & good¬
will
18,489
30,000
[
44",862
12,181
Preferred stock— 1,017,600
Common stock
6,085,750
Earned surplus— 2,715,613
102,546
Capital surplus—
12,181
1,078,500
6,085,750
2,601,039
77,323
liabils.
Empl. com. stock
subscriptions—
92,907
10,281,244 10,169,759
$21,253 in 1935 and $21,285 in
b After depreciation reserves.—V. 141, p. 436.
Rayon Corp.—Registers with
Franklin
list given
on
(George H.)
SEC—
Frederick Distilleries, Inc.—Registration
Commission on June 15 "ordered
that the
registration statement filed by the company shall not become effective until
such time as the registration statement is amended tofconform with the
Fundamental Investors,
Rules and Regulations
Inc.—Dividend Increased—
of 25 cents per share on the capital
of record June 12.
An initial divi¬
April 1 last.
The par value of the
capital stock was recently changed from 25 cents to $2, and one share of new
stock was issued for each eight shares old stock.
For dividend record on
The directors have declared a dividend
stock, par $2, payable July 1 to holders
dend of 20 cents was paid on this issue on
old stock see V.
142,
p.
1983.
payable partly from income from investments
The current dividend is
and partly from profits realized on sales of securities held in the portfolio.
It is estimated realized profits and income from investments, after pro¬
will be equal to $1.52 a share for
Continued gain in shares outstanding resulted
$5,370,000 at the close of business June 9,
vision for estimated Federal income tax,
the six months to June 30.
in total assets at market exceeding
figure includes unrealized profits of over
Garlock Packing
$900,000.—V. 142, p. 2666.
Co.—Extra Dividend—
dividend of 25 cents per share in
regular quarterly dividend of like amount on the common
The directors have declared an extra
addition to
a
stock, no par value, both payable June 30 to holders of record June 20.
An extra dividend of 12>£ cents was paid on March 31 last; 25 cents on
Dec. 31, 1935, 10 cents on July 2, 1934 and an extra of 15 cents on April 2,
1934.
See also V. 140, p. 2006, for detailed dividend record.—V. 142,
p.3509.
Wood
Shares of
Industries,
Inc.—Plans to Market 320,000
Common Stock—
The company,
manufacturer of steel and aluminum bodies for trucks and
truck equipment, road machinery, cranes, oil burners, water
&c., has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 for 320,000 shares
of common stock ($3 par).
The company in the past has been a closed corporation with Garfield A.
Wood holding 770,446 common shares, or 97 % of the 800,000 common shares
outstanding.
Mr. Wood, however, has given
Shader-Winckler Co.,
underwriters of Detroit, the right to purchase 43% (320,000 shares) of his
holdings at $9 per share, and has agreed not to dispose of the remainder of
his holdings within 180 days after the date on which the underwriters offer
their stock to the public.
The offering price will be $11 per share.
Upon sale of the 320,000 shares, Mr. Wood will still control slightly more
than 52% of the common stock outstanding.
In March last the capital structure of company was changed under a plan
trailers,
heaters,
under which hollders of the no par common stock agreed to
share of the present $3 par common stock for each share of no
of reorganization
one
stock.
Also under the plan, Garfield Wood agreed to exchange his
20,000 shares of preferred stock ($2,000,000 par) for 293,874 shares of the
lresent $3 par common stock.
The exchanges of stock under the plan of
reorganization have been fully consummated.
For the three months ended March 28,1936, the consolidated net income
after all charges, provision for all taxes, &c„ was $136,479.
In the year
718,298
554,376
sions & wages..
2,707,380
63,920
39,606
Notes payable due
Marketable secure.
19,613
and notes
94,624
23,585
16,514
For
33,968
Prepaid duty
2,493,691
18,862
102,966
30,416
Sundry
deposits, &c
Accrued taxes....
31,116
127,658
25,877
39,500
13,374
4,784
12,039
1,214
43,442
71,406
44,916
dis¬
drafts
counted
Prepaid Insurance,
supplies, &c
Dep. in bks. tem¬
porarily closed..
Empl. coil, notes..
accruals.
4,747
42,204
______
6,809
51,503
1,000
_
balance
Divs. pay.
Serial
657
credit
Customers'
Other assets
(com.).
350,000
notes
Reserve for contin¬
yReal est., bldgs.
equipment...
100,000
Fed. income taxes.
Advs. to travelers,
&
within one year.
and
1
25,500
1,973,800
gencies.
2,083,574
1
25,500
7% preferred stock 1,514,700
1,924,543
trade-mks.
goodwill...
z
Common stock &
$5,886,506 $5,639,318
3,438,166
3,332,718
$5,886,506 $5,639,318
Total
for bad debts of $68,186 in 1935 and $63,541 in
Less reserve for depreciation of $2,672,956 in 1935 and $2,326,723
z Represented by 179,666 shares no par value.
Earned surplus,
$3,023,333 in 1935 and $2,738,725 in 1934.
Paid-in surplus, $14,269 in
1935.
Capital surplus, $400,563 in 1935 and $593,993 in 1934 —V.
141, p. 3536.
...
x
After deducting reserve
1934.
y
in 1934.
General American Life Insurance
Co., St. Louis, Mo.
—Steps to Mutualize Company and r;Divorce Management of
Company and Southwestern Life Insurance Co. Under Way—
The
approval on June 16 by Circuit Judge John
W. Joynt at St. Louis,
Life insurance Co. to
Co. of Dallas, Texas,
definite steps to insure
Mo., of an order permitting the General American
sell 30,000 shares of Southwestern Life Insurance
stock at $60 per share to Dallas interests reveals that
General American Life and the complete divorce¬
of that company and the Southwestern Life have
officers and boards of directors of the two companies
and approved by State Superintendent of Insurance R. Emmet O'Maliey.
The program agreed upon represents an equitable protection of the
interests of policyholders in the old Missouri State Life, General American
Life and the Southwestern Life.
The managements of the two active
The stock of General American
companies have been entirely separated.
Life now held by Southwestern Investors Corp. has been placed in trust
and under the direct control of three trustees, all of whom are residents of
Missouri.
Arrangements have been made whereby this stock will be re¬
leased for purchase on behalf of the policyholders of General American
Life as fast as possible for the same price at which it was secured by the
Dallas interests.
The policyholders of General American Life will be per¬
mitted to name an increasing number of its directors from year to year
until eventually all directors are elected by them.
Although it will take
some time to effect complete mutualization,
the arrangements completed
June 16 insure that all future profits from the operation of General American
life will inure to the benefit of its policyholders.
This is the first instance
of a Missouri stock life insurance company being mutualized.
The Southwestern Life stock has been carried by the General American
Life in the account of the old Missouri State Life Insurance Co. for $45 a
share and when the profit of $15 a share made possible through the sale
approved by Judge Joynt is fully realized, it will be used to reduce the liens
against the reserves of certain of the old Missouri State Life policies.
The plans for the mutualization of the General American Life Insurance
Co. closely follow the methods used to convert some of the larger Eastern
life insurance companies from stock ownership to mutual control by their
policyholders some 20 or 30 years ago.
The process to be followed provides
for a gradual retirement of the outstanding stock of the General American
Life to its policyholders.
Both the holders of new policies issued by the
General American Life since it started business in September, 1933, and
the old Missouri State Life Insurance Co. policyholders will benefit through
ment of the management
Statement—
requirements of the Securities Act of 1933 and the
promulgated thereunder.—V. 142, p. 3851.
$101,263
the mutualization of the
first page of this department.
The Securities and Exchange
1934
$144,669
commis¬
Accrued
surplus
oblig.
Total
Accounts payable-
Mdse. inventories.
Total
58,661
43,492
10,281,244 10,169,759
1935
Liabilities—
$279,604
Customers' accts.
36,092
Federal
Stock purch.
After reserve for doubtful accounts of
x
1934
$317,543
Cash
quantity
for
Long-term
nect'n with Judg¬
3,092
Comparative Balance Sheet Dec. 31
11935
Assets—
!Pats.,
Miscell. accruals..
Investments
138,012
3,283
Income tax
Deposits in closed
Total
173,144
payable.
discounts
Prov.
$
purchase ob¬
ligations
Notes & accts. rec.,
1935
$
Liabilities—
$
$
Assets—
par
$2,210,588
Selling expense
Office & admin, exps—
$173,144
58,661
20,485
payable
Accrued payroll, taxes, &c..
1935
1936
accept
1932
1933
Gross income from oper.
Calendar Years—
Balance Dec. 31
dividends
Comparative Balance Sheet March 31
Gar
outstanding 15,147 shares of 7% preferred ($100 par)
(no par) common stock.
are
and 179.666 shares
Profit After
Earned surplus
which
held.
Income Tax
income
scriptions
"V
See
The present preferred under the plan would be exchanged for the new
preferred in ratio of one old share to 1 2-3 shares of new stock.
The preferred would be convertible into common on a share-for-share
basis.
In the event preferred is called for redemption prior to July 1,
1941, holders will receive warrants entitling them to purchase prior to July 1,
1941, common stock at $65 a share up to the number of preferred shares
Liabilities—
Cash..
a
,
Sheet—March 31, 1936
Assets—
1934.
will vote June 20 on amending the certificate of incor¬
poration so as to provide for 40,000 shares of $3 cumulative convertible
preferred stock, $20 par, and 250,000 shares of common stock (as now pro¬
vided) without par, but with a stated value of $15 a share.
The company proposes to reduce amount of capital represented by and
allocated to the new preferred stock to $20 a share and reduce capital allo¬
cated to the common stock to $15 a share.
The amount of such reductions
in capital would be transferred to capital surplus.
or loss after Federal
to March 31, 1936,
[After giving effect to proposed refinancing with provision for
accumulated to July 1, 1936 with 100% Conversion]
M
Gardner-Denver Co.—To Recapitalize—
Net inc. from oper—
Mar. 31—
Pro Forma Balance
2,601,039
$2,715,613
Profit After Years End.
Operating
$114,574
—
and
The stockholders
There now
$142,392
9,330
18,489
The annual gross operating income and net income
Income taxes for the years ended March 31, 1927,
inclusive
4,128,087
,
consolidated net profit of $684,306, after all charges
compared with a net income of $48,668 in 1934.
1935, there was a
taxes,
thereby.
worth of the company represented
June 20, 1936
Chronicle
been taken by the
the mutualization.
Under the arrangements that have been approved by State Superin¬
tendent of Insurance O'Maliey and the management of the General American
Life, the Southwestern Life Insurance Co. and the Southwestern Investors'
Corp. of Dallas, which bought control of the local company from the
Equity Corp. some time ago, the Dallas men have consented to dispose of
their 45,000 shares of General American Life Insurance Co. stock without
profit.
The 41,666 shares held by the Southwestern Investors' Corp. and
the 3,334 shares owned direct by the Southwestern Life are to be sold to
the General American Life Insurance Co. policyholders for the same price
paid to the Equity Corp., $60 per share.
The plan for the retirement of the General American stock provides
that the holders of the smallest blocks of stock are to be paid out first.
The
plan further
provides that the owners of 100 shares or less of General
are to be paid out within a year.
About $80,000 will
American Life stock
be used for this purpose.
Pending the final purchase of their stock
by the General American Life
Insurance Co. policyholders, the stockholders are to receive only a nominal
on such stock.
During the first five years they will be paid
interest return
only 3^% interest, during the next five years 4% and 4H% thereafter.
The price of $60 per share is fixed and final and the stockholders will have
opportunity to profit from any future enhancement of the assets and
going value of the General American Life.
As stated, the stock will be retired entirely from the earnings of the
no
company.
The mutualization contract provides that the surplus for the
benefit of the policyholders shall not be reduced below $2,000,000 except to
interest on the stock outstanding, but under no circumstances shall it
below $1,500,000.
The only departure from this arrangement will be
pay
go
Volume 142,
Financial
Chronicle
when it becomes possible to
retire all of the remaining
outstanding stock
and thus make the
company 100% mutual.
The company's policyholders are to
name two of the six directors elected
meeting to be held in January, 1938, and three of the seven
1939 meeting.
From that time on there will be a gradual increase
in the number of
directors selected by the policyholders until all of the 13
Sales of General Motors
y.
at the annual
five months of
1936, sales totaled 146,679 units, representing
increase of 21.1% over sales of
121,145 for the first five months of 1935 *
These figures include the
products of the corporation's American, Cana¬
dian, English and German factories sold outside of the
United States
and
Canada. American-sOurce sales of
Chevrolet, Pontiac, Oldsmobile, Buick,
LaSalle and Cadillac vehicles
reflected substantial gains in
practically all
of the 104 countries
comprising the overseas market.
s/
are:
Walter W. Head, President of the
General American Life; Sidney W.
Souers, Vice-President of the
company, and Powell B. McHaney, who has
been counsel for the Missouri
Insurance Department.
They were mutually
agreed upon by the respective boards of
the two companies and Superin¬
tendent O'Malley.
These trustees will receive no compensation for serv¬
ing as such.
•
!'■
Cadillac-La Salle Sales—
to Don E.
hands of
Missourians, notwithstanding that they owned 90% of its stock,
indication that the Dallas men are interested
primarily in protecting
General American Life and the Southwestern
Life from falling into
undesirable hands.
With the General American Life
owning 105,000 of
the 200,000 shares of Southwestern
Life stock, the Texas company would
have been adversely affected
by any mismanagement of the local concern.
While there was
an
totaling 59%
gain of 6,424 stations,
institutions.
General Tire & Rubber Co.—Accumulated Dividends—
The directors
have declared a dividend of $1.50 per share on account of
on the
6% cum. pref. stock, par $100, payable June 30
holders of record June 20.
A similar payment was made on March
31,
last; Dec. 31, Sept. 30, June 29 and March
31, 1935, as against $3 per
share paid on Dec. 31
1934 and $1.50 per share on each of the four
pre¬
ceding quarters, prior to which no dividends had been
paid since March 31,
1932, when a regular quarterly payment of
$1.50 had been made. Accruals
after the current payment will
amount to $7.50 per share.—V. 142, p. 1985.
to
Georgia & Florida RR.—Earnings—
Life account should there be
any failure on the part of the purchasers to
through with this agreement.
The stock being purchased from the
General American Life will be offered to
other stockholders of the South¬
western Life.
While most of the
existing policies of the General American Life, includ¬
ing those of the Missouri State Life, were sold at what are known as non-
—First
go
Gross earnings
—V. 142, p. 4021.
•
Dividends
After
-
Equip,
Equip,
Equip,
Equip,
Equip,
Equip,
Equip,
'
trust,ser.
trsut, ser.
trust, ser.
trust, ser.
17 4H%__
19 4
20 4
75,000
140,000
1,664,000
2,430,000
trust, ser. 21 4
432,000
1843^%--
trust, ser. 23 4
Payment of
July 15,1936
Aug. 1, 1936
Dec.
1, 1936
Dec.
1,1936
Pennsylvania-Conley
1.1936
1.1937
1,1936
$992,600
75,000
142,100
1,685,390
2,466,450
438,480
1,999,820
637,780
1,155,288
Aug.
1,1936
430,000
2,320,000
—
Aug.
1,1936
2,320,000
Glastonbury (Conn.) Knitting Co.
The notes
working
are
redeemable at the option of the corporation in whole
or in
part on any interest payment date after
30 days' notice at the principal
amount and accrued int.
plus a premium equal to M of 1% for each six
months between the
redemption date and the date of
maturity.
The
notes will
mature at the
rate of $1,750,000
principal amount on July 1,1937,
on Jan. 1 and
July 1 in each year thereafter to and
including 1942.
Kuhn, Loeb & Co.,of N. Y. City, is the
principal underwriter.
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. 4020.
and
General Electric
The directors
the common
on
June
Gorham, Inc. (& Subs.)—EarningsYear Ended Jan. 31—
Gross profit from sales
xSelling,
gen.
1936
Interest earned
Cash discounts
on
1934
$772,603
1,072,569
$690,315
1,008,941
$113,174
Loss from operations
Income charges
1935
$848,880
962,055
& administrative exp__
$299,965
99,491
$318,626
61,843
$399,457
6,784
23,904
3,017
$380,469
51,099
$164,274
2,109
18,655
purchases
Profit from sale of securities
Credit balances in accounts receivable
Profit
on
3,415
2,448
~2~ 006
"~2~, 807
$139,530
2,994,117
prior
to Jan.
General Electric
Co.,
Issue Additional Stock—
The directors have declared
.final dividend of
10% (less
March 31,1936.
Ltd.—5%
Extra
Dividend—To
extra dividend of
5% in addition to a
on the common stock for the
year ended
The company
proposes to issue 381,670 common
shares,
holders the
right to subscribe at £3 a share for one new
offering stock¬
share for every
10 held.
Profit for the fiscal year ended March
31,1936,
P. 596.
year
$360,329
2,628,981
$326,448
2,536,999
on
are
12,609
35,749
$3,169,396
_
reserve
Restoration of
$3,001,920
for losses
excess reserve
of stated
value
-
for taxes
of prior years
Excess
$2,863,448
4,504
3,300
over
cost
--
of
104,246
Deficit at end of the year
$3,065,150
234,466
$2,994,116
$2,628,981
x Including depreciation and
amortization, 1936, $48,805; 1935, $61,611;
1934, $69,992.
Consolidated Balance Sheet Jan. 31
Assets—
1936
Cash
1935
$461,609
Market, securs.
Liabilities—
$474,951
at
quoted mkt. val.
51,282
53,125
receivable, net
334,430
Inventories, net.. 4,228,995
325,354
4.454,505
4,578
Trade accts. pay..
Credit balances in
Notes
&
__
Claim for tax ref'd
2,300
2,160
256,542
300,298
44,552
25,859
rent and taxes,
_
Operating supplies
Other
22,455
34,981
53,615
2,990,900
y Class A stock
,625,000
z Class B stock
125,000
Capital surplus... 4,807,471
20,588
625,000
125,000
4,807,470
2,994,116
1,349
1
receivable
$3 cum. pf. stk_. 2,787,250
x
54,812
30,556
1,948
1
Prop. & leasehold
impts. at cost—
Prepaid insurance,
1935
$73,235
Accrued accounts.
accounts
Investm'ts at cost.
accts.
1936
$70,512
Deficit
3,065,150
£1,485.153.—V. 141,
Co.'—Application Approved
Chicago Stock Exchange has approved the
application of the com¬
list 469,455 shares of new common
stock, no par, 299,455 shares of
to be admitted to
trading on notice of issuance.—V. 142, p. 1984.
pany to
»
;
securities
Total
General Household Utilities
to
excise tax and int.
Gross deficit
Restoration of excess
Goodwill
was
applicable
applicable to prior years
a
an
tax)
adjustment
Additional mfrs.'
a
quarter from
25, 1932, incl.
In addition, a dividend of l-6th of
•a share of Radio
Corp. of America common stock for each share of
General
Electric stock held was distributed on
Feb. 20, 1933.
A detailed record of
•dividend payments is given in the
Industrial Number of the
"Railway and
Industrial Compendium" of June
12, 1936, page 141.—V. 142, p. 2995.
April 25, 1930
Net loss for the year
Deficit at beginning of the year
Inventory
18,305
20,861
9,598
977
1,614
1,389
disposal of capital assets
preferred stock retired
dividend of 25 cents per share on
stock, no par value, payable July 27 to holders
of record
June 26.
A like payment was
made on April 25, last and
compares with
20 cents paid on Jan. 25 last
and on Oct. 25
1935; 15 cents paid in each of
the six
preceding quarters; 10 cents per share each three months from
July 25,
1932 to and incl. Jan.
25, 1934, and 40 cents per share each
Bankruptcy
$621,417, of which $157,163 is inventory
and $6,464 is current accounts.
Liabilities, including accrued wages and
claims, are $108,799 in addition to notes payable of $42,785.
Co.—25-Cent Dividend—
12 declared
-Files
The company has applied to the U. S.
District Court for authority to
reorganize under Section 77-B of the Bankruptcy Act.
Hearing will be
held June 22.
Fixed assets are
$18,959,395
capital.
Inc.- -Hearing
Petition—
written off
$18,686,000
a Exclusive of
accrued interest.
The balance of the
proceeds will be added to the corporation's
The
Consolidated, Mines,
Other
Total
which
Eureka
The Securities and
Exchange Commission has called a hearing for June
26 in Kansas City on the registration statement filed
Dec. 3, 1935, under the
Securities Act by this company.
.
Notes to Mfrs. Trust Co....
$1,271,337
6,616,488
430,000
Pennsylvania Tank Line, Inc.:
$1,694,462
Gross loss
1,1936
Tank Car Co.:
Note to Manufacturers Trust
Co
Redemption
Price
Dec. 15, 1936
Oct.
1, 1936
1,982,000
Nov.
trust, ser. 25 4>£
635,000
June
General American Transportation
System, Inc.:
Equip, trust, ser. A 4}-£ %
6,460,000
Sept.
Union Refrigerator Transit Co.:
Equip, trust,ser. G5%-~-.
1,138,000
July
^
a.
Redemption
1,679
no par
June 26—
such purposes:
Title of Issue—
June 30,1936
General American Tank Car
Corp.:
Equip. trust, ser. AA 4 H %
$980,000
stock,
Gilpin
$19,250,000 of—% serial notes, maturing serially
July 1. 1937, to July 1, 1942.
The interest rate is to be furnished
by
amendment to the registrat on statement.
*»According to the registration statement, $18,959,395 of the net
proceeds
from the sale of the notes will be
advanced by the corporation directly or
indirectly to its subsidiaries to be used to pay or redeem
outstanding obliga¬
tions of the subsidiaries
maturing after June 30,1936, as stated below, or to
reimburse the treasuries of the
subsidiaries for expenditures made by them
for
from
~
$141,320
an extra dividend of 10 cents
per share in
quarterly dividend of 40 cents per share on the com¬
value, both payable July 1 to holders of record June 20.
Like payments were made on
April 1, last.
An extra dividend of 5 cents
was paid on
July 2,1934.
For detailed dividend record see V. 141, p. 4015.
—V. 142, p. 1985.
Corp.—Files with
Date of
6,143,229
1,320,000
2,950,486
The directors have declared
addition to the regular
The corporation on June 11 filed with
the Securities and Exchange Com¬
mission, a registration statement (No. 2-2247, Form
A.2) under the Secur¬
ities Act of 1933, covering
Amt. Matur-
6,301,294
1,543,750
2,950,441
Gibson Art Co.—Extra Dividend—
mon
Transportation
$456,069
511,380
110,000
245,873
pref. stock
Balance
Co., Philadelphia,
ing
on
-V. 142, p. 4021.
Corp.—Certificates Called
of $140,000 of
equipment trust certificates due Jan. 15* 1937,
have been called for
redemption on July 15, next, at 101H and interest.
Payment will be made at the Fidelity-Philadelphia Trust
SEC—To Issue $19,250,000 Serial Notes—
$451,808
520,925
133,750
245,870
Prov. for retire, reserve.
2156.
953.
—Jan. 1 to June 7
1936
1935
[A subsidiary of Commonwealth & Southern Corp.]
Period End. May 31—
1936—Month—1935
1936—12 Mos.: -1935
Gross earnings
$2,100,059
$1,892,238 $24,654,231 $22,564,371
Operating expenses
1,058,193
925,305
12,164,283
10,879,318
Fixed charges
The General American Life Insurance
Co. has approximately $750,000,000
of insurance in force,
including ordinary and group life, and $124,000,000
of admitted assets.—V.
A total
1935
$18,400
of June—
$19,450
Georgia Power Co.—Earnings—
large stock companies were mutualized, the final
consummation of the mutualization
plan eventually reduced the annual net
premiums on the policies originally sold
by the stock company.
American
Week
1936
Period—
participating rates, the holders of such policies will also benefit from
any
reduction in the net costs of
carrying their insurance that may be effected
through the mutualization of the company.
It has been the experience in
other instances, where
General
3.19%, compared with a
2.14% for the first five months of 1935.—Y. 142,
accumulations
This assures
complete independent management for each
company and the avoidance of
any semblance of
interlocking of interests.
The contract approved
by Judge Joyht provides that the Texas interests
will pay for 4,500 shares within a
year, 5,500 shares the second year and
5,000 snares for each of the next four
years.
As a guarantee of good faith,
the Dallas interests will post
$50,000 in Government bonds which will be
forfeited to the General American Life for the
benefit of the Missouri State
p.
or
p. 3852.
company.
Pa.—V. 142,
over
General Telephone
Corp.—Gain in Stations—
The consummation of the
plans for mutualization and trusteeing of con¬
trol of the General American Life
mea.is that the present management under
President Head will not be disturued.
There will be no cnange in the
official personnel of the local
company.
Provision has also been made that
no officer or director of
the General American Life or of the Southwestern
Life shall be an officer or director
of the other
p.
,
17% above the
May since 1930, according
The
company reports for its subsidiaries a gain of company-owned sta¬
tions of 3,054 for the month
of May, 1936, or 0.98%, compared to a
gain
of 2,474
stations, or 0.82%, for the month of May, 1935.
The gain for the
fust five months of
1936 totals 9,959 stations, or
originally some misunderstanding of the motives actuating
Equity Corp., largely because the necessary cash was raised
through the Southwestern Life, complete
understanding of the final plan
indicates that it was
arranged solely for the protection of the policyholders
the deal with
142,
any
33.4% above May factory production. Used car
Cadillac-LaSalle dealers are low, due to May used car sales
May, 1935.—V. 142, p. 4021.
inventories of
the
General American Tank Car
;
.
in May were
cars
highest for
Ahrens, Cadillac general sales manager.
Deliveries in the last 10 days of the month were
21% above corresponding
period last year and have been
exceeded by only one such sales period this
year.
Dealers orders for new cars in
May slightly exceeded retail deliveries
for the month and were
-
The willingness of the Southwestern
Investors' Corp. and the South¬
to place
complete control of the General American Life in the
.
.
Retail sales of Cadillac and LaSalle
same month last
year and were
western Life
in both insurance
markets
an
trustees for the
controlling stock of the General American Life,
including the 45,000 shares held in Texas.
There are 50,000 shares out¬
standing.
The trustees will select the directors not named
direct by the
policyholders.
The trustees selected under this trust
is
overseas
In the first
are named by them.
However, in the meantime a 10-year vot¬
ing trust agreement is being established under which
three Missourians
agreement
and trucks to dealers in the
in
directors
as
cars
during May totaled 31,018 units. This volume was
13.9% over the volume
the
corresponding month of last year, and 5.6% over the volume in
April of this year.
at the
will act
4179
General Motors
Corp.—Overseas Sales—
$5,407,519 $5,701,692
Total
$5,407,519 $5,701,692
Represented by 55,745 (59,818 in 1935) no-par shares at a
liquidation
y Represented by 125,000 no-par shares stated value of
$5 a
share,
z Represented by 25,000 no-par shares at a
stated value of $5 per
share,
a After
reserve
for depreciation and
amortization, $406,357 in
1936 and $368,065 in 1935.—V. 141, p. 3691.
x
value of $50.
Financial
4180
with SEC-
Gold Belt Tunnel & Mining Co.—Registers
given on first page of this department.
See list
feet of floor space.
There now remains
Hazle's
See list
Earning
(& Subs.)
Gorham Mfg. Co.
Selling, administrative
general expenses
1935
1934
1933
$1,637,332
$1,633,935
$1,121,659
&
1,118,347
980,994
1,116,948
1,162,938
operation,
depreciation
98,716
$652,941
116,930
$3,311
87.810
$561,420
170,684
176,625
-
Gross income
Deductions from income
Depreciation
$520,384
127,403
$647,786
205,656
196,190
$769,870
281,431
192,664
$91,121
293,877
226,452
$462,704
_
Other income
,
capital
Federal income &
53,684
$214,292
243,574
$83,146
surplus .
Deficit.
57,752
31,648
$160,428
243,574
stock taxes
Cash distrib. of
Thrifty
$29,282
—
—
$238,024 loss$429,208
292,289
175,373
1936
payable.
Accrued taxes, sal¬
$28,552
$35,250
aries, wages, &c.
592,235
301,430
164,877
109,900
549,215
2,006,550
4,343,796
Notes & accts. rec.,
1,681,195
Inc., after res__
investments
500,000
28,617
(debook val.)
1,513,880
x
__
,
Capital stock— 2,006,550
3,789,327
Surplus
Gorham,
Invest, in
Misc.
1934
$111,438
$95,644
$20,171
$0.36
$0.30
$0.06
loss$43,975*
Nil
Hibbard Spencer, Bartlett & Co.—30-Cent Extra Div.—
dividend of 30 cents per sharemonthly dividend of 10 cents per share on the com¬
stock, par $25, both payable July 31 to holders of record July 21.
The directors also declared two monthly dividends of 10 cents each to be
The directors on June 16 declared an extra
mon
paid on Aug. 28 and Sept. 25 to holders of record Aug. 18 and Sept. 15.
respectively.
Previous extra distributions were as follows: 25 cents on Dec. 20 and on<
Oct. 25, 1935; 30 cents on July 26, 1935, and 15 cents on Dec. 28, 1934.
—V. 142, p. 787.
Hoberg Paper Mills—Earnings—
Earnings for 4 Months Ended April 30 1936,
$58,792:
and taxes
Net income after charges
Homestake Mining Co.—Bonus to Employees—
B. C. Yates, general manager of the company, on June 17 announced
$110,000 would be distributed in bonuses or $50 each to the concern's
2,200 employees on June 29.
The bonus was made possible it was indicated
by the price of gold.
Homestake employees received a $100 bonus each
last Christmas and three of $50 each at intervals of six months previously.
—V. 142, p. 3855.
1,603,643
99,592
569,518
971,408
21,252
Deferred charges__
Surplus reserves
883,728
2,109,746
698,386
less reserve
Inventories
1933
1935
in addition to the regular
1935
Accounts
SI,444,920 $1,071,178
U. S. Gov. securs.
Inc.—Registers with SEC—
1936
End Mar 31—
profit after deprec ,
taxes, &c
Earns per sh. on310,100
shs com stk. (no par)
—V. 142, p. 3346.
3Mos
$604,581
$54,265
Liabilities—
1935
1936
Assets—
property.—V. 142, p. 3854.
Mart,
given on first page of this department.
Consolidated Balance Sheet Jan. 31
Cash
be sold 500,000 square feet of floor space andi
to
Net
Profit from
before
The buildings have 395,238 square-
feet.
Hercules Motors Corp.—Earnings—
1936
$1,625,643
Years End. Jan. 31
June 20, 1936
Its total area is 552,158 square
150,000 square feet of vacant
with SEC—'
Gold Mining Royalty Corp.—Registers
See list given on first page of this department.
Chronicle
that
Plant property
prec.
$6,558,825
Total
Hooker Electrochemical Co.—$1.50
82,326
The directors have
$7,044,7111 Total
$6,558,825 $7,044,711
shares.—V. 142, p. 2828.
Represented by 200,655 no par
x
Gotham
Silk Hosiery
Co.—Accumulated Dividends—
June 16 declared a dividend of $1 per share on account
and the regular quarterly dividend of $1.75 per share ordinarily
The directors on
of arrears,
(or a total of $2.75 per share) on the 7% cumulative preferred stock,
par $100, both payable Aug. 1 to holders of record July 13.
Similar pay¬
ments were made on May 1, last, these latter marking the resumption of
dividends, the last previous disbursement having been the regular dividend
of $1.75 per share paid on Feb. 1, 1935.—Y. 142, p. 2159.
pref. stock, par $100, payable June 30, to holders of record June 16.
distributions were made on March 31, last; Dec. 31, Sept. 30,.
April 20,1935; Dec. 31, Sept. 29, June 30, March 23, 1934 and
on Nov. 29 and Dec. 30, 1933.
Following the June 30 payment, accruals on the preferred stock will
Similar
June 29 and
amount to $9 per
Co.—Petition Denied—
Gould Coupler
permission to appeal the refusal of the U. S. District
order ousting the trustees of the Gould Coupler Co. has
refused by the U. S. Circuit Court of Appeals.
The motion was
A motion asking
been
Samuel Zirn, representing two stockholders.
The District Court recently approved the reorganization plan of Gould
Coupler Co. and Symington Co. and the last date on which an appeal
against this approval can be filed is June 20.—V. 142, p. 3676.
brought by
Graham-Paige
See list given on
Corp.—Registers with SEC—
Motors
first page of this
department.—V. 142, p. 4021.
Films, Inc.—Registers with SEC—
page of this department.—V. 142, p. 4021.
Grand National
See list given on
first
Offered—Halsey,
Bonds
Ry.—Serial
Northern
Great
Inc.; Graham, Parsons & Co., and Dick &
Merle-Smith are offering at prices to yield from 0.35%
to 3.25%, according to maturity, $4,935,000 secured 4%
Stuart & Co.,
serial bonds.
1, 1936
April 1,
1944, incl. ^Jnt. payable A. & O. without deduction fro any tax or taxes
(other than federal income tax) which the company or the trustee may be
required to retain therefrom under any present or future law of the United
States, or any State or taxing authority therein.
Principal and interest
payable in such coin or currency of the United States as at the time of
payment is legal tender for public and private debts.
Coupon bonds, in
denom. of $1,000, registerable as to principal and registered bonds in denom.
of $1,000 and multiples thereof.
Interchangeable.
Secured by deposit of $7,000,000 gen. mtge. 6% gold bonds, series F,
Dated April 1,
to Oct.
1935; due serially, $309,000 semi-annually, Oct.
and $308,000 semi-annually, April 1, 1940 to
1, 1939, incl.,
due July 1, 1953.
These bonds were
„
purchased from the Reconstruction Finance Corpora¬
tion
having been originally issued to the Public Works Administration.
The'issuance of the bonds has been approved by the Interstate Commerce
Commission.—V. 142, p. 3853.
Greif Bros. Cooperage
257,191
6,606
41',000
Depreciation
Sell., gen. & admin, exp.
Other deductions (net).
Prov. for est. Fed. taxes
Cr 12,896
104,885
0
v
16,000
223,020
59,511
25,000
$122,428
701,677
$142,936
477,790
loss$42,137
353,746
$1,184,678
$824,105
$620,726
$311,609
48,000
32,000
32,000
$1,136,678
$792,105
$588,727
$189,571
995,107
Previous surplus.
paid on class A
common stock
—
235,606
,
30--.
Balance, April
$329,716
Marketable
$485,594
Notes
secur.
153,693
602,010
1,913,093
91,403
Notes & accts. rec.
Inventory
Other assets
Aftil.
142,375
510,740
1,865,342
96,456
partly
Illinois-Oklahoma
See list
owned-_
properties
Trust—Registers with SEC—
given on first page of this
department.
Participating Co., Ltd., of London—Files Issue
SEC—Will Make Offer to Holders of International
Imco
with
Preference Stock—
Match Corp.
The Imco
Participating Co., Ltd., of London, has filed under
issuance between July 1 and Nov. 1
ties Act of 1933, covering
preference certificate and for odd shares scrip for participating certifi¬
be issued.
(See also under International Match Corp.).
are no underwriters of the participating certificates.
None of the
securities for which the participating shares are to be exchanged is being
offered as secured claims.
one
cates will
There
statement said the protective committee,
The registration
&c
246,046
439,018
Land, bldgs., equip¬
ment, &c_.
1,035,316
Goodwill
1
of such stock.
participating certificates.
The directors of the registrant are Sydney
Penny and Allan Kaye Sterne,
E.
Charles
Adams,
257,796
1935
391,772
Reserves
x
1,015,231
$846,030
A.
interests
Capital stock
Surplus
135,221
124,931
146,315
333,128
11,274
63,533
306,555
12,572
2,491,112
1,315,595
See list given on
Incorporated Investors—New Direvtor—
John
K.
Howard
was
recently elected a director of
Independent Pneumatic Tool
x
Represented
no
par
971,022
1
Miscellaneous
$1,346,012
712,384
617,185
$728,828
65 300
61,999
$790,827
143,444
102,416
16,131
_
charges._
751,396
of capital stock
outstanding (no par) _ _
Earns, per sh. on cap. stk
$4,877,647 $4,815,758
by 64,000 class A shares and 54,000 class B shares both
Total
x
capital stock consisting
Co.—Listing—
listing of this company's
of 60,000 shares all of one class.—V.
141, p. 599.
Grigsby-Grunow Co.—Sale of Property—
The Zenith
Radio Corp.'s bid of $410
of creditors and bondholders.
$1,549,688 as of
property concerned had an appraised valuation of
It includes two 2-story factory buildings, two
buildings, a 2-story office structure and a warehouse.
The
1934.
def$66 469'
81,458
$241,637
30,536
$14,989-
459,311
.
12,251
$190,459
234,811
$2,737
187,849
187,849
$1.01
1-story factory
$3.57
paid dividends of $2 per share as
share in 1931 (amounts not available).
$2.50
per
Consolidated Balance Sheet Dec. 31,
X
$269,256
352,149
Sundry accounts receivable...
Working funds and advances..
stock club.
Property, plant & equipmentTrademarks, goodwill & pat'ts
Adv. to empl. cap.
1935
payable and accrued
Provision
$132,461
lor
British
and
United States income taxes.
142,582
y3,482,450
658,112
46,872 Capital stock
53,577 Earned surplus
35,417
53,217
x595,526
900,835
$4,415,606
After
Accounts
972,884
Inventories
x
compared with.
expenses
1,135,869
187,849
187,849$0.01
Liabilities—
A. csetc
Total
000 for the property of this bank¬
was accepted by the referee,
rupt located west of Austin Ave., Chicago,
in bankruptcy on June 17 on recommendation
$147 418
94,219
Company during 1932
Prepaid expenses
Stock Exchange has approved the
$392,841
$672,280
563,547
187,849
$4.69
(market value $1,167,786)-.
value.—V. 142, p. 4022.
The St. Louis
$643,428
496,010
20,642
20,263
Dividends
1932
1933
$1,690,459
$978,075
profits
Sell., adm. & gen. exp__
Cash in banks
Griesedieck-Western Brewery
this company.—
Co.—Earnings—
1934
1935
Calendar Years—
Customers'notes & accts. rec.
of
Inc.—Registers with SEC—
first page of this department.
142, p.3511.
2,491,112
50,449
$4,877,647 $4,815,758
Harold I. Pratt, Rowland
George, David B. Stern and Frederic S. Goodwin are acting as the protective
for International Match participating preference stock.
This
committee interested certain British holders of International preference
stock not deposited with the protective committee, and as a result the
British holders caused the registrant to be formed.
committee
United States Govt, securities
67,347
Total
Delano,
Shares
for
-
Minority
Disborough. Albert William
all of London.
Frederic
$311,609
Unexpired insuance
premiums
to obtain something for the holders
The registrant, it added, was formed by British holders of International
preference stock for furnishing the machinery to take advantage of this
plan, to make the proposed offering, to execute orders of holders of partici¬
pating certificates for the class B shares of the Swedish Match Co. held by
Lazard Brothers & Co., Ltd., as escrow agent, and to transmit amounts
received thefefrom to such holders in accordance with the terms of the
$879,667
$445,000
pay.
purch., exps., &c
Accrued taxes, int.,
acting under
the participating preference stock
the agreement dated April 15, 1932, for
of International Match, negotiated a plan
Reserve for income tax.
1936
from officer
the Securi¬
of 675,000
participating certificates to be offered to holders of International Match
Corp. preference stock outstanding on the following basis: For each two
shares of International preference stock delivered the registrant will issue
payable for
borrowed
Accounts
companies—
Timber
3678.
money
cost
at
P.
$1,043,375
Liabilities—
1935
1936
Assets—
Exchange.
The company has outstanding 1,596,660 shares of commonstock, with a current market value of more than $20,000,000.—V. 142.
Operating profit
Miscellaneous (net)
Consolidated Balance Sheet, April 30
Cash
stock of the company began June 17 on the
The stock is also listed on the New York
the Detroit Stock Exchange and the Los Angeles Stock
Trading in the common
Gross
Divs.
on
San Francisco Stock Exchange.
Stock Exchange,
Income Estates of America,
$268,685
91,711
148,632
70,478
$555,352
$454,916
93,778
Stock Begins
in
Co.—Trading
Car
Exchange—
San Francisco
1933
1934
1935
$582,572
88,203
mfg.exp.& depl.
labor,
Corp. (& Subs.)—Earnings—
1936
End. Apr. 30—
Mfg. profit after deduct,
for
materials
used,
6 Mos.
share.—V. 142, p. 2162.
Motor
Hudson
due
Court to issue an
Preferred Dividend—
declared a dividend of $1.50 per share on the 6%
cum.
Total
for
depreciation of
shares.—V. 142, p. 4022.
reserve
no-par
Industrial
Securities
See list given on
$1,233,705.
y
$4,415,606
Represented by
Corp.—Registers with SEC—
first page of this department.
Volume 142
Financial
4-
Chronicle
Independent (Subway) System of N. Y. City—Earns.
Period End. Mar. 31—
Operating
Operating
revenues
expenses
Income from oper
1936—Month—1935
$1,125,448
$968,886
734,601
614,215
Net
$7,708,381
5.166,924
$2,541,456
$390,848
$354,672
$2,697 316
789
751
5,660
5 591
$391,634
$355,423
$2,702,976
$2,547,047
Non-operating income—
income
-V. 142, p. 3511.
Industrial Credit Corp. of New
England—Extra Div.—
The directors have declared an extra
dividend of 63^ cents per share in
the regular quarterly dividend of 32 cents
addition to
per
common
stock, both payable July 1 to holders
was made on April 1 and Jan. 2 last
dividend of 634 cents was paid on
July 1,
six preceding quarters extras of
63^ cents per
V. 142, p. 2162.
payment
extra
share
on
the
of record June 15.
A like
and on Oct. 1, 1935.
An
1935, while in each of the
share
distributed.—
were
same
is made.
Holders of certificates of deposit
will be advised of the manner in
preference stock,
which they may
accept the offer of Imco Participating Co., Ltd.
The committee will not receive
compensation of any kind for its services.
Its out-of-pocket
expenses, including fees and disbursements of its counsel
and the costs incident
to the carrying out of the
foregoing arrangements,
will be paid out of
funds which it will receive from
Guaranty Co. of New
York and The City Co. of New
York, Inc., which were among those in¬
terested in the initial sale of
International preference stock.
The committee
will no longer receive
deposits of International preference stock.
Out¬
standing certificates of deposit may no longer be
split up into certificates
of smaller
denominations.
Holders of certificates of deposit are free to
withdraw the International
preference stock representing thereby if
they
so desire without
expense.
The proposed offer of Imco
Participating Co. Ltd. will in no event
be made until late June or
early July, 1936 and until after a registration
statement has been filed under the Securities
Act of 1933
as amended,
and has become effective.
When the offer is made, a prospectus in accord¬
1936—9 Mos.—1935
$8,776,379
6,079,064
4181
the offer in the event
the
and of International
with the
ance
requirements of such Act, setting forth in greater detail the
offer and the rights to which the holder of
a
participating
certificate of Imco
Participating Co. Ltd. will be entitled, will be mailed
to all known holders of
International preference stock and of
certificates
nature of the
International Business Machines
Corp.—$10,000,000
Debentures Placed
Privately—The corporation announced
June 17 that it has effected
arrangements for the sale to a
large institutional investor of $10,000,000 of 3%
debentures at par.
of deposit.
The members of the
committee in addition to Charles E. Adams, are:
Frederic A. Delano, Harold I. Pratt, Rowland H.
George, David B. Stem
Frederic S. Goodwin.
George E. Warren is Secretary and Cotton
Franklin, Wright & Gordon, are Counsel.—V. 142, p. 4022.
10-year
and
*,;r
Thomas J. Watson, President of the
company, announced that the deben¬
International Paper Co. (&
tures provide for a sinking fund
commencing June 15, 1941, or earlier, at
the corporation's option, of $800,000
per annum.
The debentures are
redeemable out of sinking fund moneys at par; or out of funds
otherwise
available from profits, or in connection with
any refinancing for additional
capital, at 101; otherwise, at a premium of 5% on or prior to June
15, 1937,
such premium diminishing 3^ of 1 %
annually thereafter, he stated.
The $10,000,000 of cash provided by the sale of these
debentures will
effect the retirement of the corporation's
1,038,312
Gross income.
Cost of sales and expenses
Taxes (other than income
taxes)
Selling, general and administrative
con¬
expenses
cluded.
Net operating income
Interest on funded debt
Regular Dividend Declared—
Tne directors on June 17 declared
a
quarterly dividend of $1.50
a
Interest
share,
To
on
....
—
_
Depreciation
Depletion
Provision for doubtful accounts
Provision for income taxes
Transfer Foreign Business—
The stockholders at
...
unfunded debt
Amortization of debt discount and expense
payable Oct. 10 to holders of record Sept. 22.
Tne dividend was declared
at this time because of tne improbability of a quorum at
the August meet¬
ing.
»
special meeting on July 20 will vote upon a
proposed
assignment and transfer of the company's foreign scale business of
Dayton
Scale Division to Hobart Mfg. Co.—V. 142, p. 3173.
—
—
Divs. being currently paid on pref. stock of sub..'
Dividends accrued but not being currently
paid on
a
$10,104,222
3,922,764
1,019,224
364,839
5,057,505
723,016
995,773
345,184
12,415
preference shares of subsidiary
Plus Stock—
Profit
—
Balance, deficit
Deficit Jan. 1
-
Net adjustments
A step
toward final settlement of the tangled situation that has existed
during the last four years in the affairs of the various Ivar Kreoger
proper¬
ties was taken June 16, when Oscar W. Ehrhorn, referee in
bankruptcy,
authorized the Irving Trust Co., as a trustee, to accept the offer of
Swedish
Match Co. for the European (except Turkish) and
Philippine assets of the
bankrupt estate of the International Match.
The successful bid, made in May and accompanied
by the deposit of
$1,000,000 as a token of good faith, proposes that Swedish Match Co.
pay to the trustee $8,500,000 in cash and also pay through Continental
investment A. G., a subsidiary of International
Match, 900,000 shares of
Swedish Match B stock, par 25 Swedish kroner, for the
properties and for
settlement of all inter-company claims and controversies.
Following the consummation of the sale, the chief assets of the
bankrupt
estate will consist of about $17,000,000 in cash, of which
about half will
be received from Swedish Match Co. and 900,000 shares of the
class B
stock of Swedish Match, of which 225,000 shares will be
Deficit Dec. 31--
504,400
506,116
$3,009,717
595.850
$2,413,866
3,114,450
12,371,792
--$19,662,507 $17,900,109
-
Consolidated Balance Sheet Dec
1935
$
S
a
1935
Liabilities—
Capital assets. 194,786,596 202,612,067
Cash
3,093,501
receivable
13,129,552
27,675,826
Due from affil. cos. 1,677,193
13,474,829
25,754,510
7,340,324
expenses
Serial oblig. pay.
Due to Internat.
with
Pap. & Pr. Co
Reserves
paid over to him the difference between 20 Swedish kroner and the amount
sale (less any transfer taxes and expenses incident to the
The necessary class B shares to cover the foregoing arrangement
will be deposited, or caused to be deposited, with a
depositary in London,
England, by Continental Investment A. G. (a subsidiary of International
Match Corp.), the Swedish Match Co. and the Swedish
liquidators of
Kreuger & Toil.
Out of the amount realized upon the sale of each class B
share, 20 Swedish kroner will be paid over to the person who
deposited
the same with the depositary in London as aforesaid.
Thus, in effect, the holder of each two shares of International preference
stock now outstanding or of certificates of deposit
representing this stock,
will be given the opportunity, without
expense, to benefit by any rise
within a period of approximately two years in the market
price of one
class B share of Swedish Match Co. over and above 20
Swedish kroner per
share.
On June 3, 1936, class B shares of Swedish Match Co.
Deficit
Total
247,643,012 252,216,8151
were quoted
Stock Exchange, London, at the equivalent of
approximately 20
At the present rate of exchange one Swedish
kroner is
19,662,507
-3
Gross
Months
1936
sales
1935
$877,052
Federal taxes_ _i
Earnings
per
—V.
45,827
share
on
4,542
122,500 shares
stock
common
$0.37
Nil
1935
Operating profit
Other income
committee
the hope that some such offer might be
forthcoming.
The committee is not soliciting the acceptance of the offer
of exchange,
each holder
of
International preference stock or of certificates
of
deposit must make his own decision as to whether or not he will
and
$1,081,909
89,039
78,840
$1,092,108
$1,298,408
742,500
Administrative and general expense
$932,055
Other charges
Profit exclusive of taxes
Net profit
Preferred dividends
Earned per share on 165,000 shares of
com.
119,000
$7.15
stock
accept
403,127
160,053
660,000
119,000
$4.93
Consolidated Balance Sheet Dec. 31
Assets—
1935
Marketable
a
securs.
Receivables
&
1,016,466
Liabilities—
204,696
190,693
1,016,624
of life
value
insur.
$1,175,757
643,001
1 ,789,366
Inventories
Cash
1934
$1 ,215,518
Cash
Accts.
Other assets
consolidated)
plant
&
132,862
113,626
193,056
599,291
537,084
2 ,195,091
profits
taxes
7%
1934
$251,632
224,500
8,040
239,312
157,465
1,700,000
1,700,000
550,000
4,088,422
550,000
3,710.902
cum. pf. stock
2,117,893
&
c
Common stock.
Surplus
1
1
48,711
.
53,582
187,755
& for¬
mulae
Deferred charges
Total
$253,858
307,000
accounts.
excess
(par $10)__
Goodwill
Trade-mks.
1935
ac¬
Income cap. stock
122,121
equipment
&
Dividends payable
Officers
Invest, in sub. (not
b Prop.,
pay.
crued expense._
prems.
paid in advance-
The committee believes that this arrangement
(briefly outlined) is the
best that could be made under all the.
circumstances, and certain large
holders of International preference stock have
expressed to the
1934
$1,504,668
206,259
—
$2,800,831
654,786
661,008
67,397
41,527
expense
$3,291,155
730,713
659,196
422,448
$1,478,798
Shipping and selling
Advertising expense
agreements
Co., Ltd.. will, by
surrendering their shares, give up any claims which they may now or here¬
after have against International Match Corp. and its officers
and directors
the trustee in bankruptcy of International Match
Corp., Swedish Match
Co., and the persons, firms pr corporations from time to time
engaged
in the sale of International preference
stock, which claims are predicated
upon the retention of certificates for International preference stock.
$0.82
(Mead) Johnson & Co. (& Subs.)—Earnings—
Calendar Years—
Gross profit from sales
Under these agreements Swedish
deposit who
$137,030
142, p. 3511.
Common dividends
on the International preference stock.
Holders of International preference stock and certificates of
themselves of the offer of Imco
Participating
12 Mos.
1936
$770,865
Net profit after all charges including
arrangement could only be negotiated because of the existence of certain
agreements made by Swedish Match Co. under date of Dec. 17,
1924, for
the benefit of the holders from time to time of
International preference
stock.
The Swedish Match Co., however, contends that these
dividends
11,864,757
95,978,658
1,826,470
52,500,000
17,900,109
(John) Irving Shoe Corp.—Earnings—
Provision for taxes
Match Co. had agreed that it would continue to hold at least
a
majority
of the outstanding shares of common stock of International
Match Corp.
and would not dispose of the same until it had first offered
to purchase the
outstanding shares of International preference stock at 120% of its
par
value ($35) and that so long as it held a
majority of the common stock of
International Match Corp., the dividends payable on
any class of the
capital stock of Swedish Match Co. would bear a given relation to
10,507,704
4,166,786
Total
Period Ended April 30—
the equivalent
It has long
of approximately 25 cents.
been obvious that the International Match Corp., now in
bankruptcy, cannot satisfy even its creditors in full and this contemplated
909,263
12,500
649,305
247,643,012 252,216,815
a After
deducting depreciation reserve of $59,327,067 in 1935 and
$55,925,399 in 1934.
b Represented by shares of $100
par.
c Represented
by 1,000,000 no-par shares.—V. 142, p. 3174.
Swedish kroner.
paid
12,330,805
7% cum.pf.stk 96,084,558
6% cum.pf.stk
1,827,970
cCommonstock 52,500,000
b
sale).
avail
6,077,139
4,109,821
Pref. & common
various
realized upon tne
entirely invalid and unenforceable.
376~294
stocks of subs.
Each Imco participating certificate will entitle the holder
thereof to
direct the sale, at any time within a period of
approximately two years
from the date upon which the proposed sale of certain assets of
International
Match Corp. to Swedish Match Co., is effected of one class B
share of the
Swedish Match Co., at a price not less than 20 Swedish
kroner, and to have
are
3,084,668
payable-
b
connection
with the proposed arrangements, called Imco
Participating Co., Ltd., will
offer to exchange one of its participating certificates for two
outstanding
shares of International preference stock.
The
4,212,501
4,047,434
935,164
-
Accrued interest
stock (Charle
persons interested in the affairs of International Match Corp. to obtain
something of value for the holders of the participating preference stock.
As a result of these negotiations, arrangements have now been
made pursu¬
ant to wnich it is expected that a new English
company formed in
on
46,719
4,946,130
payable.
Divs.
Offer to Participating Preference Shareholders—
participating preference
15,659
__
taxes,
payrolls, &c.,
option for their purcnase at about $5 a
a similar option at about $6.25 a snare.
The effect of the placing of options on 425,000 shares of Swedish
Match
stock to be received in part payment of
company's assets will be that
holders of International Match participating preference shares
will be given
an opportunity to realize something on their
holdings.
Tne protective committee for the
14,893,900
Accts.
subject to an
share and 200,000 shares
subject to
E. Adams, Chairman) in a notice dated June 11 stated:
The committee has been negotiating for the past
year
15,924,000
payable
(unsecured)
Accrued
7,280,343
$
69,463,694
Notes
assets
and expenses.
1934
68,130,546
Notes payable to
banks (see'd).
3,035,085
Inventories
8
Funded debt...
Accts. and notes
Deferred
31
1934
Assets—
186,864
12,500
$2,420,537
17,900,109
Cr658,139
Net loss for year
on bonds redeemed
Corp.—Referee Authorizes Accept¬
ance of Swedish Match Co.
Offer—Bid for European (Except
Turkish) and Philippine Assets Calls for $8,500,000 Cash
$9,802,026
4,055,576
932,799
373,447
4,946,284
748,531
1,049,626
$2,840,898
420,361
^
International Match
1,094,855
$95,601,634 $87,302,382
58,047,172
52,879,661
12,929,259
10,853,825
6,029,840
5,372,320
1,974,672
2,056,853
6,516,468
6,337,697
Outward freight and delivery expenses
Maintenance and repairs
outstanding bank loans, the balance
be added to the working capital or used for otner
corporate purgpses.
Such additional working capital is deemed by the directors
of the corpora¬
tion advisable in order to provide for expansion of the
to
business, he
Subs.)—Earnings—
Calendar Years—
1935
1934
Gross sales, less returns, allowances &
discounts..$94,563,322 $86,207,527
Other income (net)
__
187,933
..$7,138,593
$6,602,5401
Total
$7,138,593 $6,602,540
a After
allowance for discounts and doubtful
accounts of $21 598 in
1935 and $21,256 in 1934. b After allowance for
depreciation of $1 516 679
in 1935 and $1,486,875 in 1934. c
Represented by 165,000 no par shares.—
V. 142, p. 3857.
-
M
Financial
4182
Jenkins Bros.—Extra Dividends—
dividend of 12 K cents per share in
a regular quarterly dividend of like amount on the common
stock, and an extra dividend of 50 cents in addition to a regular quarterly
'dividend of like amount on the founders share all payable July 10 to holders
a
a
Operating revenues
Operating expenses
1936—12 Mos.—1935
$6,513,186
5,072,066
360,533
$78,795
$1,136,778
b Bottles and cases
Deferred charges
Trade-marks & copyrights
440
23,263
$79,236
37,462
77,540
;$1,160,042
...
475,083
865,336
465,125
858,382
def$35,767 def$180,379 def$415,776
$10,340
Equipment rents
Joint facility rents
$3,831,590
3,000,215
322,000
148,037
32,482
$1,163,745
$328,855
3680.
p.
Drug Co.—-Earnings-
Other oper. revenue....
Total
1932
$8,961,366
131,932
Not comparable
$9,093,298
—
selling
of sales,
1933
1934
1935
Calendar Years—
&
8,621,797.
$471,500
23,800
—
$603,798
18,143
$551,537
6,954
$492,548
8,607
$495,300
operating profit..
(net)
Miscell. income
$621,941)
$558,491
$501,155
in¬
Net income before
taxes
Provision for Federal and
76,762
96,045
83,538
71,935
$418,538
847,616
$525,896
623,579
$474,954
424,133
$429,220
316,023
5,516
6,075
7,175
State income taxes—
Net income
Previous earned surplus.
Profit
on
pref. stock pur¬
for
sinking
chased
fund deposit
Net inc.of wholly own¬
ed sub. prior
9,805
3,059
period-
x44",750
Profit common stock
Sundry adjust applicable
155
Drl77
$1,200,300
$906,417
$757,929
72,166
396,000
79,755
272,929
81,544
201,295
44,750
88,114
200,931
$803,505
$847,616
$623,579
$424,133
132,000
$2.62
132,000
$3.38
100,663
$3.98
100.363
$3.30
prior period
to
$1,271,671
Total
Reduction
&c.
re
....
24,000
140,137
Accts.
payable &c. applic. to
period prior to bankruptcy.
ing cases.
....
217,448
13,187
15,000
Capital stock ($1 par).
/
142,
After
allowance
2671.
p.
295,000
3,000
391,013
Total....................$1,320,797
b After allowance for depreciation.—V.
.$1,320,797
Total
was
>,181,862
3,302,033
414,000
260,150
41,933
$90,689
$296,383
income
oner,
come
fees
Earned surplus....
for losses,
'
A petition for
1936—5 Mos.—1935
1936—Month—1935
$803,314
601,804
66,000
72,649
35,845
9,012
8,975
Railway oper. revenues.$1,163,937
Railway oper. expenses.
697,891
Railway tax accruals
88,000
Net
legal
under 77-B
.
Kirby Lumber Co.—Reorganization Plan—
City Southern Ry.—Earnings-
Kansas
Cost
reorgan.
3513.
Period End. May 31—
Katz
Estimated
Capital surplus
a
142,
16,262
45,630
58,117
Prior year's income taxes
settlement..
$907,730
Net income
Net
Accounts payable
Prov. for claims In process of
280
_
Deductions
—V.
Prov. for est. cost of rebrand-
$904,278
3,451
$118,871
Gross income
-V. 142, p.
Pro v. for returns
226,993
22,901
3,369
Land, bldgs., mach. & equip
Non-operating property
bKegs
$6,059,994
4,795,182
304,342
$119,151
37,391
71,418
Operating income
Non-operating income.
Depreciation
b
1936—Month—1935
$567,484
$532,713
420,395
422,964
28,217
30,953
Taxes
(Fed. & State)
Notes & other accts. receiv'le
Revenue stamps
b
$102,000
Accruals
472,436
101,145
100,768
Accounts receivable-.
Inventories
Public Service Co.— ■Earnings—
Notes payable.
$28,409
259,484
78,627
12,999
13,664
Cash
of record June 26.—-V. 141, p. 4108.
Period End. May 31—
Liabilities—
Assets—
The directors have declared an extra
City
Balance Sheet Dec. 31 1935
,
addition to
Kansas
June 20, 1936
Chronicle
of
treasury
reorganization under Section 77-B of the Bankruptcy Act
filed in the TJ. S. District Court at Houston, Texas, on
_
stk. to par value
of $1 per share
Preferred dividends
com.
Common dividends
May 16 by the
The Court appointed McDonald Meachum temporary trustee.
At the same time a proposed plan of reorganization was filed by the debtor.
This plan of reorganization had previously been submitted to the interested
parties in advance of such proceeding.
The purpose of the plan is briefly stated as follows:
To make an equitable distribution of the new securities among those
entitled to participate.
To eliminate as far as possible burdensome overhead and carrying charges,
and to give the company a capital structure which will allow it to live with¬
out the burdensome overhead and carrying charges which have impaired'
its proper functioning in the past.
That a capital structure be designed which, so far as can be forecast,
will be sound and will provide sufficient cash for working capital and needed'
improvements and for contingencies.
An introductory statement to the plan affords the following:
Company was organized on July 5, 1901, for the purpose of engaging in
the manufacture and sale of lumber.
The original capital stock was
$5,000,000 of common stock and $5,000,000 of preferred stock.
On July 16.
1923, the preferred stock was retired by the issuance of bonds.
The total
bonds authorized was $14,000,000.
Approximately $12,576,800 of these
bonds was issued.
Some $9,341,100 thereof have been retired, leaving
outstanding $3,235,700 thereof.
Of the 50,000 shares of common stock,
49,508M shares are outstanding and 491^ shares are treasury stock.
Prior to the depression company had been in a very sound condition.
On Jan. 1, 1931, it owed a purchase money note for $150,000 to Houston
Oil Co. of Texas, bonds in the approximate sum of $4,074,700, money un¬
paid to Southwestern Lumber Co. of New Jersey on contract dated Dec. 1,
1930 (renewed on Oct". 26, 1931) in the sum of $1,292,574, and bank loans
in the sum of $850,000.
From the beginning of the depression to the re¬
ceivership (Jan. 25, 1934) the lack of demand and low price for the com¬
pany's produce made a very black financial picture.
Western Improve¬
ment Co. on Dec. 31, 1931, purchased and extended the Houston Oil Co..
note and thereafter advanced to the company, largely on a second mortgage,.
the sum of $1,125,795.
This sum was used to pay interest on the first
mortgage, taxes and other necessary operating expenses.
During this same
period the bank debt was reduced to $108,412.
On Jan. 25, 1934, McDonald Meachum was appointed receiver.
While
the receivership shows a substantial operating loss, there has been some
improvement in the company's affairs and sales have increased, especially
during the latter part of 1935.
While the book value, figuring timber at cost, of the stock is approxi¬
mately $4,000,000, the losses during receivership have exceeded the sum of
$1,000,000, and for the three years just prior to receivership exceeded
$3,200,000.
It is not believed that the properties of the company could at the present
time be sold at judicial sale for an amount of cash sufficient to pay its debts
(these debts amount to approximately $7,500,000), together with costs and
expenses of such sale and the receivership.
company.
.
.
,
,
Earned surp., Dec. 31
com.
stock out¬
Shares
standing (par $1)
Earnings per share
During the year the company sold to its executives and employees,
1,350 shares of common capital stock held in treasury since 1929, at $34.50
per share.
The cost of this stock, $34.15 per share, was written down to
par value in 1932, by a charge to earned surplus of $44,750.
The amount
realized from the sale of this stock in 1934, amounted to $46,575, and of the
difference, $45,225, between par value, $1,350, and the amount realized,
there was credited to earned surplus as above, representing recovery of
amount previously written-off to earned surplus, $44,750 and to paid-in
surplus, $475.
Digest
x
Consolidated Balance Sheet Dec. 31 1935
Liabilities—
Assets—
$994,084
Cash
Accounts
111,582
1,316,204
321,500
receivable.
Inventories, at cost
Investments (at cost)..
Accounts
33,324
contra.
cum.
Earned surplus
tioned in paragrapns
$3,431,857
487,274
_•
stands in the
16,600
32,356
33,324
contra
1
Goodwill—Nominal value
covered by the-
(3)
xl ,057,800
132,000
1,053,968
803,504
pref. stock
Paid-in surplus
Cash surr. value of life ins. pol.
approximately 711,000,000 feet of timber
paragraph (1) above.
Western Improvement Co. Mortgage—The mortgage obligation due
Western Improvement Co. is approximately $1,125,795, together with
interest thereon, and is secured by a lien junior and inferior to the liens men¬
118,929
Fixed assets
includes
which
lien mentioned in
Com. stock (par $1)
Prepaid expenses
Notes receiv. discounted—per
(2) First Mortgage Bonds—The first mortgage bond issue of $3,235,700
which there will be six semi-annual interest coupons in default on
July 16, 1936, secured by a second lien on the property mentioned in the
next preceding paragraph, and by a first lien on approximately 317,846
acres of land, and including approximately
1,160,000,000 feet of timber,,
52,755
per
quent
amendments thereto.
upon
76,038
$6.50
cap.
Reorganization
Accrued expenses
Discounted notes receivable—
stock—
$6.50 cum.
Plan of
Federal & State income taxes.
purch. for sinking fund re¬
quirements in 1936 & subse¬
Pref.
$222,466
payable
of
(а) Securities and claims to be dealt with are:
(1) Houston Oil Co. Note—This note for $150,000, now held by WesternImprovement Co., together with interest thereon, is secured by a first lien
on the timber conveyed to Kirby Lumber Co. by Houston Oil Co. of Texas,
et al„ by contract of effective date July 12, 1920, and supplements and"
(1) and (2) above, and by a first lien on
approximately
56,186 acres of land, subject to approximately $31,301 and interest due for
purchase money, with an estimated 91,219,492 feet of timber thereon.
(4) Southwestern Lumber Co. of New Jersey Debt—There is unpaid to.
Southwestern Lumber" Co. of New Jersey, under contract dated Oct. 26,.
1931, with Kirby Lumber Co., approximately $1,264,672, together withinterest.
This claim is against approximately 334,475 acres of land, in¬
cluding approximately 586,550,000 feet of timber.
Approximately 213,189*
acres
of land and
approximately 237.601,000 feet of timber are under the
(2) above.
The record title to this property
of Southwestern Lumber Co. of New Jersey.
bond issue mentioned in item
$3,431,857
Total
x
Total
Represented by 12,300 no par shares.—V. 142, p. 3348.
of $1.25 per share on the
5% cumulative preferred stock, par $100, payable July 31 to holders
of record July 20.
The directors also declared an initial dividend of 10 cents per share on
new
the Common stock,
record July 20.—V.
no par value, likewise payable July 31 to holders of
142, p. 3175.
Keystone Steel & Wire Co.—Meeting
dend Date
Directors
consider
Adjourned—Divi¬
Changed—
have
adjourned their meeting until
July
1, when they will
the
Aug. 1.
Directors voted to change
date from July 15 to Aug.l.—V. 142, p. 2671.
common
next payment
dividend
due
$1,599,529
32,149
$1,567,380
(beer)
634,608
Beverage taxes
$932,771
.
589,925
Cost of sales (beer)
sundries
profit all divisions
Shipping, selling and administrative expenses
Provision for doubtful notes and accounts
Other income
Other deductions
After providing for
.
$353,727
334,703
18,693
Crl7.772
41,261
x$23.158
Net loss...
x
$342,846
10,881
profit (beer)
Gross
depreciation amounting to $63,799.
Travis and Milam
amounting to
$171,283,
of
Miscellaneous Claims—Certain contingent claims and miscellaneous,
small items amounting to a total of approximately $43,456.
(8) Stock of present company.
New Company—In order to effect a reorganization it is necessary that
new capital be obtained.
It is proposed to incorporate a new Delaware
corporation having 50,000 shares of common stock, with or withour par
value as counsel may deem advisable, which shall be qualified to do business
in Texas and Louisiana and named Kirby Lumber Corp.
All the proper¬
(7)
ties of the present company now
be con¬
free and clear from all claims.
in the hands of the receiver are to
veyed and transferred to the new company,
shall be distributed to
$15
Sales (beer)
Gross
Common
the present
share and the
for each
company, may be acquired by any stockholder for
per
surrender in exchange of one snare of stock in the present company
Returns and allowances.
Gross profit on sales of soda, ice, gas and
Claims—Common creditors
which bank loans amount to $108,412.
(б)
stockholders of the present company in the following manner:
Shares of stock in the new company, up to the number held in
Income Account Year Ended Dec. 31, 1935
Balance
and interest, due
lots in Block 141,
streets
Exchange of Stock—The stock of the new company
Kingsbury Breweries Co.—Earnings—
Net sales
(5) West Securities Co. Note—The sum of $250,000,
Securities Co., secured by a first lien on seven
Houston, Texas, and fronting on McKinney Ave. and
West
Kellogg Switchboard & Supply Co.—Initial Dividends
The directors have declared an initial dividend
name
share of stock in the
,
company so
acquired.
stock and $15 per share, shall be sold
for new shares equal in number to their
scribe and pay for additional shares.
Payment of subscriptions
10 days after the plan is
to any stockholders who subscribe
present holdings and who also sub¬
Subscriptions must be paid within
approved and if certificates for additional shares
then the additional shares will be distributed
exceed the number available,
pro rata.
Handling of Each Class of
Obligation Mentioned Above
Houston Oil Note—This $150,000 purchase money note is prior to
by more than one-half of the timber securing the present first
mortgage bond issue.
It is proposed that the Western Improvement Co.
shall receive in payment of the principal of this note bonds under the new
first mortgage equal in principal amount to the face value of the note, and
that there shall be paid to the Western Improvement Co., in cash, in satis¬
faction of its interest claim on this obligation, one-half the interest due
(1)
and is secured
thereon
.
new
accomplished by paying the sum due into a depository in Houston,
Texas, to be approved by the Court.
.
„
Shares equal in number to the present treasury shares (491 % shares),
together with any shares not taken by stockholders in exchange for their
shall be
as
of July 16,
1936.
Volume
(2) First
142
Financial
shall accept in
exchange for the
same
present first mortgage bonds
and all interest coupons appertaining
thereto, first mortgage bonds of the new Kirby Lumber
Corp. equal in
principal amount to tne principal of their present first
mortgage bonds, and
they shall also receive $9 in cash for each $100 of bonds of the
present Kirby
Lumber Co., such $9
being one-half of the defaulted interest (18%) as of
July 16, 1936.
The interest coupon due on Jan.
16, 1934, and all interest
coupons subsequently maturing must be surrendered to
obtain the $9
payment.
The new bonds will be dated and bear interest from
July 16,
1936, at 4% per annum, payable semi-annually, and will be due
July 16,
The
new
first mortgage securing the bonds will cover all the
properties,
store stocks and cash on hand, of the Kirby
except lumber inventories,
Lumber Corp., including all rights to the timber
acquired from the Houston
Oil Co. under contract of effective date
July 12, 1920, and amendments
thereto, all fee lands now owned by Kirby Lumber Co., all mineral
rights
now owned
by Kirby Lumber Co., all lands and timber upon which Western
Improvement Co. now has a first mortgage, and all lands and timber covered
by contract between Kirby Lumber Co. and Southwestern Lumber Co.
of New Jersey, and also two additional
sawmills.
In addition to the mills,
this will give the new first
mortgage security upon approximately 177,000
acres of land and
440,000,000 feet of timber, in addition to that covered
by
the present first
mortgage.; The new first mortgage will be increased in
amount over the present first
mortgage only by the $150,000 of bonds to
be given in exchange for the
present $150,000 Houston Oil Co. note.
(3) and (4) Western Improvement Co. Mortgage and Southwestern Lumber
Co. of New
Jersey Debt—The Southwestern company shall convey, without
warranty, to the new company the properties covered by the contract of
Oct. 26, 1931, with the
present company.
In satisfaction of the amount
due the Southwestern
company and of the mortgage held by Western
Improvement Co., making a total debt of
approximately $2,850,000,
including interest to July 16, 1936, a second mortgage will be executed and
bonds issued by the new
company for approximately such sum and given
in exchange to Western
Improvement Co. and the Southwestern company
for
such
amounts
due
and
unpaid.
Such second mortgage will cover
properties covered by the first mortgage above mentioned, and
all of the
Chronicle
Mortgage Bonds—The holders of the
4183
Lehigh Portland Cement Co.—Resumes Common Divs.—
The directors have declared
a dividend of 25 cents
per share on the com.
$25, payable Aug. 1 to holders of record July 14.
This will
be the first dividend
paid on the $25 par common stock.
A dividend of
25 cents per share was
distributed on the $50 par common stock on
May 1,
1931.—V. 142, p. 3348.
mon
stock,
par
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
The directors have declared
accumulations
the
on
7%
to holders of record
June
20.
"
dividend of $1.75 per share on account of
pref. stock, par $100, payable on June 30,
a
cum.
A
similar distribution was made on March
31,
last, Dec. 21, Sept. 30, June 29 and April
1, 1935, and on Dec. 31, Oct. 1
and June 30, 1934.
Semi-annual payments of 3 A % were made on Jan.
15
and July 15, 1931.—V.
142, p. 1992.
Long Island RR.—Loses
The company sustained
three-cent-a-mile
contrasted
the
to
Commission.
in
Fight for Three-Cent Fare—
dual setback June 18 in its fight to
charge a
on
its intrastate passenger business as
a
maximum
rate
two-cent
rate
prescribed
by the
Interstate
Commerce
The New York State Public Service Commission
ordered the
road to cease, on or before
July 1, from charging any higher one-way fare
for the intrastate
transportation of passengers than it concurrently
charges
for corresponding interstate
transportation of passengers between the
same points and for the
same distance outside of New York
City.
This
tantamount to ordering the road to conform to the ICC maxi¬
on all its
regular passenger one-way fares outside of the city, which
under the Commission's jurisdiction.
mum
come
was
Immediately before the announcement of the Commission's order, the
Supreme Court Appellate Division in
Brooklyn affirmed the order of
Supreme Court Justice Furman, enjoining the
company from charging more
than two cents a mile within New York
City's corporate limits. The Transit
Commission obtained the order from Justice Furman on
June
10 but the
appealed and obtained an order staying execution of Justice
Furman's ruling.
The Appellate Division also .vacated the
stay order.—
company
V.
142,
3858.
p.
will be in terms
substantially tne same as such first mortgage, except that
4% per annum interest, payable semi-annually, will be payable
only
out of earnings until the first
mortgage bonds have been fuly paid, where¬
upon the second mortgage bonds will be entitled to fixed
4% interest and
McGraw Electric
the
until after the first
age
1935
xl934
$3,802,068
$3,190,365
3,118,340
2,647.805
Other income
all amounts of accumulated interest will be
payable ahead of any dividends
o stockholders.
There will be no sinking fund requirements in this mort¬
whereupon there will be
Co.—Earnings—
Calendar Years
Net sales, after
deducting discts., returns & allows.
Cost of goods
sold, general and
$683,728
29,376
$542,560
28,704
Net profits before adjustments of reserves and
provision for income taxes
Adjustments of reserves and accruals set up in
prior years
^
$713,104
$571,265
22,199
120,934
40,848
109,162
$614,369
177,128
$502,950
295,254
$2.12
administrative
mortgage has
come
been fully paid and discharged,
applicable in this mortgage sinking fund pro¬
visions similar to those contained in the
first mortgage.
Net profit from operations
...
(5)
West Securities Co. Note—The West Securities Co. note for
$250,000,
securing it, will be extended by the new company for two years
from the date of closing the
reorganization proceeding, with interest at 4%
per annum, payable semi-annually.
The then past due interest on this
note is to be settled by the
payment in cash of 3 % simple interest on the
principal during the over 2 A years of default.
(6) Common Claims—Company has common creditors in the total amount
of $171,283.
It is proposed that these creditors receive in cash from the
and the lien
new
corporation 90 cents on the dollar, without interest, in full and com¬
plete satisfaction of their claim.
Cash Requirements—In the
receivership as of Feb. 29, 1936, the following
cash and liquid assets are available:
Cosh in
depository account
Cash in general account
Bills and accounts
receivable, estimated
Total
_
__
.
$849,676
_
_
Against this are to be charged the following:
A interest on $150,000 note
lA interest on first mortgage bonds
Settlement
with
common
$418,614
144,473
286,589
$15,270
291,213
154,155
creditors._
Receivership expenses, such as taxes unpaid, and receiver's
counts payable, estimated
Estimated interest at 3% West Securities Co. note
ac¬
266,101
20,000
_
Total
$746,738
Provision for Federal and State income taxes
Dividends
Earnings
costs
The
committee for the 5% secured debentures announced
general extension from June 15 to June 30, 1936, of the time for
receiving deposits under the plan of readjustment.
In this connection,
Grayson M.-P. Murphy, chairman of the
Murphy committee, stated:
"Our committee has been
very pleased with the reception accorded to
the plan of readjustment for the
secured debentures recently adopted by
our committee
jointly with the committee of which Bainbridge Colby is
chairman and which was set forth in the
prospectus dated April 26, 1936.
No deposits were withdrawn from our
committee within the period permitted
under the plan and large additional
deposits have been received or assured.
On the basis of cable reports received
June 15 from foreign forwarding
agents,
such deposits with the two committees will
aggregate over 88% of the
entire
a
no
accurate
records
of
ownership.
throughout the world and there
many debenture-
on
Net loss.
$1,868,754
1,030,367
$1,991,737
989,036
$838,387
$1,002,701
$881,145
819,798
27,965
40,053
468
$838,087
848,925
6,891
41,782
$1,003,168
$6,672
1935
Plant,
859,481
19,888
42,444
$59,510 prof$81.354
for
&C..21,814,845 21,813,719 x
27,453
2,444 Funded debt
exp.,s.f.,&c...
1,042
Accounts
payable
to parent co
Matured bond int.
251,256
(incl.
1,037
work¬
ing funds)
Accts. receivable..
Mat'ls & supplies.
Def'd debit items.
(contra)
Accounts payable.
13,220
14,651
198,417
3,502
1,051,038
120,504
3,609
1,142,098
Taxes accrued
1934
51,333
1
1
surplus
Earned surplus
Cap.stk.intreas'y
$2,104,5651
reserve
reserve
Total
$2,512,470 $2,104,565
receivables of $34,770 in 1935 and $36,607
for doubtful
b After
for depreciation.—V.
142, p.
1821.
(Arthur G.) McKee & Co.—Extra Dividend—
The directors have declared
addition to the regular
class B stock,
extra dividend of 25 cents
per share in.
quarterly dividend of like amount on the no par
both payable July 1 to holders of record June 20.
Similar
paid on Jan. 1, 1936 and on Oct. 1, 1935.—Y.
an
extra dividends were
4019.
p.
141,
McQuay-Norris
Mfg.
Co.-
-Consolidated
Balance
Sheet
Dec. 31—
Assets—
1935
1934
$449,639
$384,902
LiabtlUies-
Cash in banks and
hand
on
aU.
S.
Accts.
&
other
Divs.
294,365
455,725
$124,313
85,761
$110,146.
52,550
43.423-
77,337
2,225,083
payable
taxes
trade accepts.re¬
e
41,265
82,341
438,479
—
87,597
2,225,083.
1,614,642
264,630'
Common stock.
.
431,536
bCustomers' accts.
Earned surplus
1,774,986
276,632
Capital surplus
receivable
85,762
Reserve for income
Customers' notes &
Salesmen's
1934
(trade
exps.,
Accrd. wages, exps.
local taxes, &c_.
thereon.
ceivable
1935
pay.
creditors,
&c.)._.
Treasury
bonds
marketable sees.,
incl. accrd. int.
travel¬
ing advances—
8,800
8,750
65,917
1,730,019
53,180
74,713
1,494,055
340,711
33,456
118,670
326,479
1,027,371
963,896
14,790
5,761
Miscell. notes and
accts. receivable
investments
Land
51,318
33,137
118,670
cBldgs. & impts..
roach'y, factory
tools, equip.,&c.
office furniture &
$
$
5,699,258
5,699,258
15,891,900 16,141,900
424,742
384,348
mm
251,256
85,814
77,347
4
206
Res. for retire., &c
1,314,281
1,057,120
ance in
& copy¬
rights
Total
a
$4,616,665 $4,431,284
After
reserve
doubtful
-$4,616,665 $4,431,284
$42,924 in
for
441,133
418*855
Total
23,360,775 23,098,062
p. 3858.
1934.
reserve
c
After
Managed Oil Royalties, Inc.—10% Dividend—
The directors have declared
stock
a dividend of
10% on the company's capitaL
payable July 15 to holders of record June 30.—V. 140
p. 4073.
Marbridge Building Co., Inc., N. Y. City—$2,600,000
Loan—
The company
has obtained from the Prudential
1st mortgage loan of $2,600,000 at 4% interest.
office and store structure, is at the northeast
St.
The loan is to
run
for
seven
57,103
Corporate deficit-
b After
reserve
Insurance Co. a new
The building, an ll-story-
corner of
3,100
Misc. unadj. credit
23,360,775 23,098,062
Total
Represented by 198,145 no par shares.—V.
142,
Total
for possible loss on realization of
$34,622.
of $34,825 in 1935 and
accounts
depreciation of $1,698,470 in 1935 and $1,810,484 in 1934.
for amortization,
e
Represented by 114,349 no par shares.
Note—The income account for calendar
years was given in "Chronicle"
of May 23—V. 142, p. 3514.
20*022
67,030
123,750
20,389
closed banks
motive equipm't
d Patents
d After
Interest accrued..
MIscell. accruals..
Res. for ba
x
119,912
431,372
Dr62,020<
47,476
.$2,512,470
After
a
reserve
1935
Liabilities—
Common stock..
mat'd
b'd int. (contra)
Depos. for constr.
Cash
266,759
750,487
Dr62,020
Paid-in and capital
goodwill
Total
for
1934
$
prop.,
Investments
1,250,000
in dispute
.
Balance Sheet Dec. 31
Depos.
1,250,000
inc.
fixtures, & auto¬
...
Amortiz. of debt discount & expense.
Assets—
35,840
50,000
Cap. stock ($5 par)
(new products)and
Other
1933
Dr300
funded debt
unfunded debt
on
50,000
291,161
59,043
146,434
for Fed.
taxes of prior yrs.
adian subs
1934
$881,145
Gross income
Interest
Interest
Res. for conting..
182,815
Res.
advances to Can¬
$1,871,757
990,612
Other income.
27,808
51,994
1934
$73,984
Investments in and
1935
expenses and taxes.
22,008
58,056
425,339
1935
$74,427
Accrued liabilities.
Patents, tr.-marks
Prepaid expenses..
Lexington Water Power Co.—Earnings—
Operating
461,816
481,575
b Plant accounts-.
Inventories
Krome-AIume, Inc.—Registers with SEC—
Calendar Years—
606,921
564,490
Liabilities—
Accounts payableDividend declared
Development work
Consequently,
See list given on first
page of this department.
1934
Investments
issue.
holders have doubtless not received
copies of the plan of readjustment and
prospectus which was mailed to all known! holders.
The fact that the
debentures are held very largely in
Europe and that holders have been
found in upwards of 24 countries
throughout the world, doubtless means
that many holders have not
yet had time to effectuate deposit.
Accordngly, the committee has granted a general extension to June
30, 1936, of
the time within which further
deposits may be made."—V. 142, p.4023.
liquidated and
$738,877
Prepaid insurance,
supplies, &c
any
are
of subsidiaries
1935
Receivables
a
"Thatslightlyover 10% of the issue remains, is due apparently not to
opposition to the plan in any quarter, but to the fact that
the deben¬
tures are in bearer form and are
distributed
operations
year.
$788,178
Inventories
Debentures
protective
June 15
include
$2.59
hand and
on
In banks..
in 1934.
Depositing
1934
during that
Assets—
Cash
in the reorganization
proceedings will be paid in cash.
Working Capital— The sum of $750,000 to be raised
by the stockholders
should provide requisite capital.—V.
Kreuger & Toll Co .—Time for
Under Plan Extended to June 30-—
for
236,396 shares
Balance Sheet Dec. 31
the quick assets, leaves a balance of
$102,937.
of administration and other
allowances made by the Court
142, p. 3857.
Accounts
x
consolidated
Deducting this from
The
per share on
Broadway and 34th
years.
Maryland Fund, Inc.—100% Stock Dividend—
The directors have declared
stock
dividend of 100 % on the capital stock,
payable July 20 to holders of record July 15. Stock dividends of
3% were
paid on June 15 last, Dec. 15 and June 15, 1935. The
regular quarterly
a
,
Chronicle
Financial
4184
cash dividend of 10 cents per share was paid on June 15, last.
In addition
an extra cash dividend of 10 cents was paid on March
15, last, and extra
dividends of 5 cents per share were
June 20, 1936
Merchants National Properties, Inc.—Reason for Delay
Payment—
in Interest
distributed in each of the first three
quarters of 1935.—V. 142, p. 4025.
Leonard Marx, trustees in
V. M. Tyler and
a
letter to security holders
state:
Manhattan-Dearborn
Corp.—Earnings—
1935
Years Ended Dec. 31—
plan of reorganization, dated as of Jan. 1, 1936 (V. 142, p. 1993)
which was confirmed March 31, 1936, provided for the issuance of new
debentures and for the payment on June 1, 1936 and semi-annually there¬
after of a minimum of 2 % of the principal amount of the bonds.
Numerous inquiries have come to us from bondholders enquiring why the
distribution of the interest on June 1, 1936 has not been made and how soon
such distribution will be made and the new debentures issued in exchange
The
1934
1933
$81,251
26,701
520
$82,260
26,511
5,095
$108,473
69,046
$113,866
51,521
profit realized on sale of stock
Net
$148,127
and bonds
21,248
225
Dividends received
Other
income
$169,599
60,333
Total income
Administrative
for
Prov.
expenses
Fed.
income
stock taxes
and
Payment under guarantee of divs.
on
preferred stock
of Lawbeck
Corp. (net)__
Interest paid on obligations of sub¬
sidiaries held by Lawbeck Corp—
Operating losses of real estate sub¬
sidiaries
not consolidated (before
257,221
267,238
The
166,664
$369,344
345,032
Merrimac Hat
560,196
cap.
6,059
x
2,012,081
71,145
2,301,890
45,000
Capital stock
>,650,720
556,593
life insurance—
Land, bldgs., &c_.
556,593
1,057,084
Dr3,707
737,935
45,000
Treasury stock..
1934
1935
Accounts payableAccrued items
$26,834
$225,844
85,226
752,816
Preferred stock
x
342,100
Common stock
Consol.
70,383
342,800
149,235
385,462
1,445,827
386,032
__
surplus.1,677,313
Cash surr. value of
166,708
5,650,720
2,281,212
y
109,764
813,260
Investm'ts at cost.
169,175
Deficit
Invest, in Lawbeck
Corp
as
89,104
997,974
Prepaid items
of reserve
Capital surplus.
2,178,735
71,451
_
$211,953
400,059
132,466
596,246
3,435
99,520
"bills
Inventories
4,530
zation of assets.
not consol.
suos.
U.S. Treasury
for losses in reali¬
owned real estate
Real estate owned
6,801
$24,165
Liabilities—
1934
$223,034
301,875
228,295
y. **
Accts. & notes rec.
stock taxes
Balance
6,806,
whoily
to
$4,250-
dvclSll
Res. for Fed. inc. &
Investments in and
ad vs.
Trust Co.,
Corp.—Consolidated Balance Sheet Dec. 31
1935
1934
1935
Accounts payable.
Sundry receivables
& prepayments.
the Chemical Bank &
142, p. 3349.
—V.
$103,381
Assets—
Liabilities—
1934
$513,144
Listed stocks
10 with
totals $341,958, and the only reason why the pay¬
June 1, 1936 has not been made is because the legal papers in
connection with the consummation of the plan have not been completed.
141,532
$319,150
1935
hand June
trustee, and ourselves
ment due
:
$543,270
time.
cash on
above
Balance Sheet Dec. 31
Assets—
effort to effect the completion of the requisite matters within the
every
134,235
31,492
.
Cash in banks
the preparation of the final papers requisite for
be a matter of 30 to 60 days before the plan is finally consummated,
and perhaps another 30 days before the interest distribution is made.
We
are told that this is not a definite promise but that the attorneys are making
may
4,530
—
Net loss for year—
There is some delay in
capital
2U..
depreciation)
for the bonds.
the consummation of this plan, and we are informed by the counsel that it
.$2,780,524 $2,271,306)
Total
Dr3,707
$2,780,524 $2,271,306
Total
x$40,635 shares in 1935 and 40,575 in 1934—V. 142, p. 1477.
Inves. in Obermeler
Construct'n Corp
Metropolitan Edison Co.—Earnings—
1935
Years Ended Dec. 31—
Represented
by 282,536 no par shares,
cost.—V. 141, p. 281.
x
at
Total
--.$5,324,477 $5,656,545
Total
$5,324,477 $5,656,545
Operating revenues
Operating expenses
Represented by 3,132 shares
y
—
Fixed
Com. stk (par
25 ,737,952 25,863,236
10,000
70,761
capital
for
Funded
Notes
ma¬
bond
tured
Liabilities—
$
Investments
Deposits
1935
1934
1935
(contra)
for
&
500
.
$
$50) 4, 861,000
2, 384,000
8,864,428
Notes pay. (banks)
Notes pay. (other)
46,692
50,636
funds, &c
Cash (incl. working
1. 560,000
150,000
98,365
17,018
89,950
39,(175
35,758
68,004
,171,371
67,035
Reserves. _l
Corporate surplus.
__
,229,901
Net income
136",996
23,157
payable-
Taxes accrued.
736
554
197,743
Interest
accrued._
448,799
Miscell. accruals._
1,167,284
Preferred dividends
Consumers' service
&line deposits..
Common dividends
2,589,705
8,196,823
27,412,512 27,896,407
Note— The income account for calendar years was given in
of May 23, page
3514—V. 142, p.
Melchers Distilleries,
"Chronicle"
u
u
CtC
Feb.
$2,121,902
1,413,889
1,886,886
3.812,588
2,795,262
3,601,140
15
Mar. 14
Apr. 11
May
9
June
6.
2,516,819
3,364,128
2,985,692
1934
1 Q3"?
$1,325,240
1,290,858
1,543,401
2,720,111
2,323,145
2,910,143
$1,060,914
1,017,182
$
Capital stock. 35,353,630
x
21,615,357
22,418,366
Funded debt...
40,615,900
Fund.
35,353,630
11,603,158
Investments
affil.
fr.
Deps. for mat'd
Accts.
141,962
322,843
331,650
Notes receivable
6,941
Accounts receiv.
1,232,552
205,893
7,107
1,197,544
510,869
562,023
470,709
funds).
Appli'ce
Mat'd bond int.
Notes
pay(bks.)
Notes pay.(oth.)
Cash(incl. work¬
Int. & divs. rec.
to
pay.
359,759
parent co___.
11,695,426
1,537,912
ing
424,000
parent co
168,173
Special deposits-
dt. called
40,717,100
Note payable to
303,000
co-
,
Ad vs.
fr.
cing
168,173
1,025,000
19,006
ioo'ooo
finan¬
77,200
co
accts.
receivable sold
4,235,499
483,777
319,270
926,993
Interest accrued
1,094,357
*. 553,195
50,387
28,175
374,954
357,443
Accounts
Consumers'
446,000
Def. debit items
pay'le
Taxes accrued..
Miscell. accruals
Mat'ls & suppl's
1935
$1,748,419
1,421,024
1,699,250
1936
1934
$
85,178,112
calleds, &c
Melville Shoe Corp.—Sales—
^
Liabilities—
Plant, prop., &c 85,691,066
Ltd.—To Recapitalize—
a
Four Weeks Ended—
Jan. 18
$
Deps. for red. of
special meeting June 27 will be asked to approve re¬
capitalization plan for company involving reduction in company's capital
by $1,867,818 and by an additional $400,000 to be distributed in casn
payments to class A stockholders, to clear off dividend arrears at rate of
$4 a share.—V. 142, p. 961.
Stockholders at
70
1935
1934
§
'
bond Int.
402fj.
$3,059,403
1,276,317
2,860,000
Balance Sheet Dec. 31
1935
■td.
Note rec.
Total.
27,412,512 27,896,407
Total
—
(credit)
$5,097,852
1,877,980
43,540
116,998
$2,620,025
1,276,317
2,109,000
funded debt
Interest charged to construction
14,274
216,022
384,236
778,271
._
Materials & suppl.
on
Interest on unfunded debt...
Amortization of debt discount and expense
98,435
Accounts
162,099
173,397
funds)
Accounts receivable
Def. debit items
Interest
9,182,122
500
1,449,504
$4,710,327
1,913,946
62,125
117,235
3,004
Gross income.
(contra)
$3,648,348
1,109,014
1,693,417
Other income
Matured bond int.
sinking
Notes receivable
Operating income
4,861,000
2,570,000
accounts
company
cap.
Other taxes
1934
$
payable to parent
int.
Deposits with trus¬
tees
debt
of fixed
Federal income tax
1,750,000
466,697
417,527
$3,016,910
Prov. for retires., renewals & replaces,
Assets—
1,059,871
1,604,160
360,047
786,481
Maintenance
-Balance Sheet Dec. 31-
Manila Electric Co.
1934
$11,046,914 $10,606,658
4,219,445
3,215,072
3,601,599
511,335
serv
& line deps...
Guar, of appli'ce
1.010.003
accts.
1,945,178
1,444,198
2,054.505
Res.
&
unadj,
rec.sold
credits
Contribs. for
—V. 142, p. 3514.
446,000
miscell.
14,297,213
12,807,140
ex¬
Period End. May 31—
1936—May—1935
$941,525
$458,062
799,897
485,437
-
$2,604,674
2,681,064
1,010,134
1933
1932
(transp.). $7,672,424
$7,496,676
$6,770,603
$5,889,686
103,389
102,915
84,317
$7,775,813
Maint. (incl. deprec.),,
1,216,631
Other expenses
5,420,795
Rentals
254,172
$7,599,591
1,174,411
5,585,362
240,409
$6,854,920
1,053,257
4,787,546
215,568
405
305
302
212i2413
242,680
198.723
216,723
208,828
$641,130
379,030
$400,380
379,030
$581,522
367,631
$500,751
360,360
$262,100
236,902
$2.71
$21,350
236,902
$1.69
$213,891
236,902
$2.45
$140,391
238,163
1935
Other income
Total income
Interest
(incl.Fed.tax res.)
Net income
Dividends paid
Balance, surplus
outstd,
Earnings per share
3hs. of cap. stk.
92,091
'
$5,981,777
851,409
4,208,166
$2.10
Balance Sheet Dec. 31
1935
Assets—
1934
1935
Stock of sub. co,
Other investm'ts
Cash
U.S. Govt,
securs-
17,000
119,444
1,389,978
Liabilities—
8,674,928
charges
70,187
655,745
555,256
111,853
118,734
Total
x
38,943
508,776
40,707
not
liabilities
11,795
106,662
25,436
68,606
21,120
37,091
29,773
340,734
and
Middle West
12,032,257 11,764,739
Corp.—-Exchange Approved—
The
Securities and Exchange Commission has approved the acquisition
by the corporation of certain securities to be issued by Missouri Public
Service Co. or by some corporation organized to take over the assets of
that company under a plan of reorganization.
The Middle West Corp. now holds as owner $1,000 1st mtge. bonds
and 306 shares of preferred stock of Missouri Public Service Co., and as
pledgee $156,000 1st mtge.
bonds,
together with unsecured debt of
$1,450,529.
in
Under the proposed reorganization plan, Middle West Corp. will receive
lieu of the securities now owned $700 5% new 1st mtge. bonds and
new common stock.
In exchange for the securities held as
pledgee, it will receive $109,200 bonds and 41,810 shares of common stock.
In an opinion accompanying the order, the Commission states that the
proposed acquisition consists of an exchange of securities now held by
Middle West Corp. for new securities in the same company or a successor
company and will not result in the acquisition of a new subsidiary not already
in its system.—V
142, p. 962.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Recon¬
struction Loan Extended—
on June 11 found the company
public interest at this
for a period ending not later than July 1,
1938, of a loan by the Reconstruction Finance Corporation to the company
in the amount of $5,000,000, maturing Aug. 1, 1936.
Interstate
Commerce Commission
be in need of financial reorganization in the
Extension of $5,000,000
At the
Represented by 245,914
same
|
Total
12,032,257 11,764,739
$5,640,546 in 1935 and $5,164,651 in
shares,
z Represented by 9,012
no par
from 6 to 5% per annum, and (2) to continue the pledge as
therefor of not exceeding $6,250,000 of first refunding
series
B.
Products, Inc.—Registers with SEC—
page
(1) to extend
of this department.
able to pay
the owners
collateral security
mortgage bonds,
•
The report of the Commission says
in part:
Aug. 1, 1936, and the applicant will not be
them at maturity. It has good reasons to expect, however, that
of the notes will be willing to extend their maturity date for
"The notes will mature
Metlox
Secured Notes Approved—
time the Commission authorized the company
from Aug. 1, 1936, to Feb. 1, 1938 the maturity of not exceeding $5,000,000
of secured notes with the rate of interest thereon reduced for that period
shares.—V. 142, P. 3349.
See list given on first
Illinois—Accum. Div.
time and approved the extension,
8,339
1,666
Middle States Telephone Co. of
not to
Fed.
income.
Unearned
128,022,687 113,857,920
Total
The directors have declared a dividend of $1.75 per share, on account of
accumulations, on the 7% cumulative preferred stock, par $100, payable
July 1 to holders of record June 20.
A similar payment was made on
April 1, last, this latter being the first dividend paid by the company since
July 1, 1933, when a regular quarterly payment of $1.75 per share was made.
—V. 142, p. 2507.
The
due—Taxes
(including
Income tax).
After reserve for depreciation of
y
476,526
Unadj. credit items
other assets
1934.
5,173,205
payable
__
vouchers
& wages
Materials and sup¬
Def.
Dr225,300
5,425,047
surplus.
Accrued
5,037
(at cost)--
Treasury stock. _Dr225,300
Aduited
(secured by mar¬
plies
$
Miscell. accts. pay
614,109
ketable coll.)
Accrd. income, int.
receivable
1934
$6,147,850 $6,147,850
Capital stock
z
Earned
Loans & notes rec
Accts. receivable..
$
y
17,000
119,362
1,246,087
614,109
128,022,687 113,857,920
Represented by 17,252 shares of $7 cum. pref. stock (no par); 187,688
(no par); 5,885 shares of $5 cum. pref. stock
(no par), and 360,780 shares of common stock (no par).—V. 142, p. 3514.
x
469 shares of
$
Prop. & equlpt.. 8,408,626
Inv'ts (at cost):
x
Total
shares of $6 cum. pref. stock
Co.—'Earnings—•
1934
Taxes
2,953,776
surplus..
1936—5 Mos.—1935
$3,821,742
3,561,604
1,685,240
Merchants & Miners Transportation
Calendar Years—
revenue
19,274,526
1,252,092
Corp.
Unfilled orders May 31
—V. 142, p. 2834.
Oper.
71,571
Capital surplus. 20,187,371
Mengel Co.—May Bookings—
Bookings
Billings
74,472
tensions
on
Volume 142
Financial
18 months from Aug. 1, 1936, with interest
reduced from 6 to 5% for that
period, provided the extended notes continue to be secured
now
by the collateral
pledged.
The applicant proposes to effect the extension
by entering into an ex¬
tension agreement with the Central
Hanover Bank & Trust Co., New York
as trustee, and such
noteholders as shall deposit their notes with one of the
applicant's agents, which
are to be Dillon, Read & Co., of N. Y. City,
the First National Bank &
Trust Co. of Minneapolis. The agreement
not become effective unless at least
75% of the
and
wijl
principal amount of tne
outstanding notes shall be deposited on or before Aug. 1, 1936, and the
plan of extension is declared operative by the
applicant.
Upon declaring
the plan operative the time of
the payment of the notes will be extended
as indicated.
"In connection with
the notes
as agent in
receiving, stamping and deliver¬
fee of 50 cents for each $1,000 note
deposited, and for other
a
services agreed upon the
sum of $15,000, and will also reimburse them for
out-of-pocket expenses, together with fees and disbursements of counsel.
The applicant will, if it is deemed
necessary to do so, arrange to pay other
parties for their services in connection with the
procurement of such ex¬
tension a sum not in excess of
}4 of 1 % on each $1,000 face amount of notes
all
so
extended."—V. 142, p. 3859.
Minnesota
Mining
&
directors have declared
Mfg.
Co.—Extra
Dividend—-
per
share
paid
were
on
April 1 and
Jan. 2, last.
on
These latter payments
compare with 15 cents paid each three months from
July 2, 1934 to Oct. 1,
1935, inclusive; 12K cents on April 2 and Jan. 3, 1934 and on Oct. 2,
1933;
7)4 cents on July 1 and April 1, 1933, and 12^ cents per share previously
each three months.
In
addition extra dividends of 5 cents
April 1, and Jan. 2, last and 2)4
Jan. 3, 1935.—V. 142, p. 3683.
Missouri
Pacific
cents per share
on
Oct.
were paid on
1, July 3 and
RR.—Hearings Deferred—
The Interstate Commerce Commission
on June 13 postponed from June 23
reorganization of the company.
At sessions to date plans of
reorganization under the Federal Bank¬
ruptcy Act have been filed with the ICC by the Yan Sweringen interests
and a bondholders' protective
committee, of which J. W. Stedman, VicePresident of the Prudential Life Insurance Co. is
Chairman.
There has
been, however, considerable controversy among the interests involved in
the proposals.—V. 142, p. 4027.
;
'
to
Sept. 22 its hearing
on
Missouri Public Service
Public
Service
Co.
by
or
some
corporation
organized to
take
the
over
National Grocer's Co., Ltd.—Accumulated Dividend—
The directors have declared a dividend of
$1.75 per share on account of
accumulations on the 7% cum. pref. stock,
par $100, payable July 1 to
holders of record June 24.
This compares with $3.50 paid on June
1, last;
$1.75 paid on April 1 and Jan. 2, last, Oct. 1 and
July 1, 1935; $3.50paid
May 1, 1935, $1.75 paid on April 1 and Jan. 21, 1935 and on Oct 1,
1934; $3.50 per share paid on Sept. 1, $1.75 on July 2,
May 1 and Apri 2,
and $2.61 per share on Jan.
1, 1934.
After the payment of the current
dividend, accumulations will amount to
$31.50 per share.—V. 142, p. 3517.
on
Neptune Meter Co.—Accumulative Dividends—
The directors have declared a dividend of
$2 per share on account of
accumulations on the 8% cum. pref. stock, par $100,
payable June 23
to holders of record June 19.
A like amount was paid on May 26, April 28
and Feb. 25, last. Nov. 25 and
Sept. 4,1935, as against $3 per share paid on
Dec. 24, Nov. 26, Sept. 26 and June
25, 1934, this latter
payment
made
the
on
pref.
quarterly dividend of $2
New York
Casualty Co.—New Director—
Percy C. Magnus has been elected
director
a
New York Central Electric
Years End. Dec. 31—
Electric
1935
Corp. (& Subs.)1934
Montour RR.
1936
Gross from railway
1935
$174,125
71,198
67,240
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1934
$3,797,168
957,184
47,477
$4,801,830
2,786,132
$5,040,975
3,496,082
$4,766,327
3,069,224
$4,627,281
Prov. for retire., renew.
and replacements
334,563
339,655
280,806
Taxes (incl. provision for
Federal income taxes).
332.735
373,042
384,630
359,871
391,482
$837,287
1,438
$972,817
2,071
$1,133,904
5,435
$1,291,480
$838,725
507,288
234,858
Crl,341
43,505
17,500
174,430
$974,888
507,288
236,615
43,614
19,500
174,430
1,139,339
507,288
266,419
Crl4,616
43,514
X29.700
174,430
1,299,728
495,297
327,481
Crl8,736
43,497
$137,515
$6,408
pf$132,604
pf$114,365
Operating income
Other income
Gross income
Interest on funded debtInt. on unfunded debt._
$163,943
68,734
73,743
Amort. of dt. disc. & exp
Amort, of misc. suspense
1933
$187,310
77,884
71,707
$141,868
58,763
72,073
2,852,700
Divs.onpref.stk.ofsubs.
divs.—Corp
814,297
307,545
307,279
721,202
286,224
309,689
736,616
227,891
270,282
563,196
197,710
272,730
—V. 142, p. 3684.
Crl51
Pref.
x
This amount
was
shown
1935
The directors have declared an extra dividend of 5 cents
per share in
addition to a regular quarterly dividend of 1214 cents
per share on the
common stock, par $1, both payable July 20 to holders of
record July 10.
Like amounts were distributed on April 15 and Jan. 15, last and on Oct.
1935, these latter payments being the initial distributions
V. 142, p. 3684.
15,
the issue.—
on
as a
direct charge to corporate surplus in 1933.
1934
1935
See list given on first
Investments
Funded
9,365,500
9,545,000
9,365,500
3,683,412
3,607,760
Depos.
for
104,052
page
9,056
mat'd
bd. int. (contra)
Dep.
to affil. cos
Mat'd
in lieu of mtged.
_
of this department.
Appl.
accts.
15,615
499,213
315,126
Calendar Years—
Cons'
1934
Total earnings
$15,750,559
Exp., taxes & gas purch_ 10,507,787
Reserve for depr., depl.,
1933
$15,797,486 $14,210,492 $15,375,000
9,784,462
8,818,366
9.890,925
1,021,331
1,137,347
Net earnings
Shs.com.stk.out.(nopar)
Earnings per share
$3,811,636
3,810,183
$4,783,354
3,810,183
$4,370,795
3,810,183
$4,346,728
3,810,183
$1.00
$1.25
$1.15
$1.14
Consolidated Balance Sheet Dec. 31
$
1935
$
$
Fixed
Dividends payable
952,546
Accounts payable.
Int. & taxes pay.-
755,655
952,546
1,691,052
662,384
839
869
capital.....77,453,513 76,711,770
8,991,427
8,496,354
3,352,154
5,175,669
Time deposits
313,419
Accts. receivable1,497,418
1,455,028
Deferred
Notes receivable.-
Res.
_
Int. & rents accr..
Mat'ls & suppliesPrep'd&def. debits
Total----.
675
19,022
71,877
1,229,595
470,782
102,953
1,266,407
102,338
National
Boston
753,239
Mtges. payable—
for
credits.-
955,388
deplet.,
deprec. &amort.20,959,705 20,165,011
Prem. on cap. stk.
x
93,338,471 93,371,932
Represented by 3,810,183 shares,
360,120
360,120
Cap. acct. &sur_68,601,028 69,539,948
Total.
no
Montana
.93,338,471 93.371,932
Mines
against the company's registration statement,
since February, came to a temporary halt
June 12 when the company applied for permission to withdraw its
regis¬
Stop-order
proceedings
way
tration statement.
It is
the first
case
wherein
a
petition for withdrawal of
a
registration
statement has been filed after the securities covered
by the statement have
It is particularly interesting from the Securities and
Exchange
Commission's viewpoint in view of the recent Supreme Court
ruling in the
J. Edward Jones case.
been sold.
Majority opinion in the Jones ruling said, "We are unable to see how
any
right of the general public can be affected by the withdrawal of such an
application before it has gone into effect."
In this case, however, the
registration statement was filed in 1933, when the Federal Trade Com¬
credits._
2,106,317
1,978,046
163,609
7.787,744
422,713
Total
33,817,819 33,637,285
|
Total
33,817,819 33,637,284
of Income (Parent Company Only)
Years Ended Dec. 31—
1935
Operating revenues—Electric-Steam
46,673
$1,598,936
105,231
47,311
$1,795,204
$1,751,480
961,911
159,882
66,462
9,426
143,327
836,614
136,237
94,628
17,043
141,400
$454,194
181,320
$525,554
114,047
$272,874
238,297
138,198
17,121
17,500
Cr728
$411,507
238,297
143,032
17,121
19,500
$137,514
$6,407
heating
-
Provision for retirements, &c
Provision for taxes—Federal
Other
Operating income
Provision for loss of subsidiaries
Gross income
Interest
on
funded debt.
unfunded debt
Amortization of debt discount and
Interest
on
expense
Amortization of miscellaneous suspense.
Interest
1934
$1,655,995
92,535
Gas
charged to construction
par.—V. 141, p. 3544.
Corp.—Withdrawal
Plea Studied by SEC—Company Files Request
During Stop-order
Proceeding Brought by Commission—
which have been under
unadj.
Operat ing expenses
Securities owned..
Cash
141,682
136,000
Contrib. for exten.
Maintenance
1934
Liabilities-
sold (contra)
Reserves & miscell.
Total
Fuel ownership only—Minority interest- omitted)
jA.ssctSmm^m'
rec.
Statement
1,229,670
1934
154,309
._
and
Guar, of appl. accts
1932
1,431,136
1935
14,536
114,103
134,780
56,198
(non-refundable)
166,577
Capital surplus
7,861,863
Corporate surplus241,299
amort., p. &1. adjust-
(Incl. National
service
_
line deposits
885,008
283,411
127,178
38,464
116~543
Miscell. accruals
136,000
734,686
22~200
239,453
stock of sub. co-
Interest accrued.
Subs.)—Earnings—
1935
35,903
Taxes accrued
267,363
The directors have declared a dividend of $1 per share on the common
stock, payable June 27 to holders of record June 22.
A dividend of 50
cents was paid on Dec. 28, 1935, this latter
being the first payment made
since July 15, 1931 when a quarterly dividend of $2
per share was dis¬
tributed.—V. 141, p. 4020.
National Fuel Gas Co. (&
Int.
Accounts payable.
Acer. div. on pref.
161,243
20,838
508,323
rec.
sold (contra)...
Def'd debit items.
bond
(contra)
Adv.from finan.co.
588
149,109
Mat'ls & supplies.
debt
Notes & accts. pay.
35,903
with trustee
Notes receivable..
(A.) Nash & Co.—Dividend Doubled—
$
9,545,000
Accts. receivable-
Naph-Sol Refining Co.—Registers with SEC—
1934
$
Capital stock
funds)
of this department.—V. 142, p. 4028.
page
Liabilities—
Plant, prop., &C..31 ,828,113 31,784,863
property
Cash (incl. work'g
Muskegon Piston Ring Co.—Registers with SEC—
See list given on first
174",440
Consolidated Balance Sheet Dec. 31
Assets—
(Tom) Moore Distillery Co.—Extra Dividend—
8,249
163,384
Net loss.
Net from railway
Net after rents
1932
$3,709,990
872,682
44,608
Int. during construction
Earnings—
-Earnings
1933
$3,827,210
891,804
47,312
common
May—
x
of this company.—V. 142,
$3,985,844
1,008,457
46,673
a
stock; the entire unsecured debt ($1,450,529) for 40.250)^ shares of
stock; each share of preferred stock for 1% shares of new
common stock,
while the existing common stock will receive warrants,
exercisable on or before Dec. 31, 1939, to sugscribe for
13,000 shares of
new common stock at the
price of $25 per share.
The Missouri P. S. Commission has approved the plan of
reorganization.
The plan of reorganization has not
yet been confirmed by the District
Court.—V. 141, p. 1102.
Co.—Merger—
p. 1649.
Steam heating
new
being the first
a regular
stock since Nov. 15, 1932, when
paid.—V. 142, p. 3517.
New Amsterdam Gas
Gas
mon
was
See Consolidated Edison Co. of New York,
Inc., above.—V. 141, p. 760.
The securities will be received in exchange for
Missouri Public Service Co. now held, as owner or
existing securities of
pledgee, in pursuance
plan of reorganization of that company under Section 77-B of the
Bankruptcy Act.
(See Middle West Corp. above.)
The plan of reorganization which has been proposed
provides in substance
that each $1,000 first mortgage 5% bond due 1947 shall be
exchanged for
$700 of new first mortgage 5% bonds due 1960, and 10 shares of new com¬
Co.—Changes in Personnel—
A. F. Hunt has resigned as President of this
company and its subsidiary,
A. C. Lawrence Leather Co., but remains a director of both
companies;
H. N. Goodspeed has been elected President of both leather
companies,
after serving as Vice-President; A. B. Rice has been
elected Vice-President
of the Lawrence
company.—V. 141, p. 1446.
assets of that company.
of
counsel
motion for withdrawal of the registration
a
application, pointing out that hearings, if longer delayed with attendant
expenses, would injure the company. According to the
motion, the company
plans to secure additional
financing for the development of its property by
means other than
public offering or securities.
The case was adjourned
subject to a Commission ruling on that motion.
Co.—Exchange Approved—
The Securities and Exchange Commission has
approved the acquisition
by the Middle West Corj. of certain securities to be issued by Missouri
case,
for the company, introduced
National Leather
extra dividend of 5 cents per share in
addition to a quarterly dividend of 25 cents
per share on the no par common
both payable July 1 to holders of record June 20.
Dividends of 17 Yi cents
an
The statement became ef"
On Feb. 5,1936, the SEC instituted
stop-order proceedings on the ground
that the registration statement
appeared to contain
untrue
statements
and omit material facts.
At the June 12
hearing, after SEC counsel bad rested his
Regular Dividend Increased—
The
4185
mission was administering the Securities Act.
fective and the securities were sold.
the extension of the notes the applicant will pay
Dillon, Read & Co. for services
ing
Chronicle
Net loss
-
Balance Sheet Dec. 31, 1935 (Parent
Cr35
Company Only)
Liabilities—
Fixed
capital—
$10,937,197
Invest'ts (stated at co.'s val.) 10,697,569
29,844
Depos. for mat'd bond int.
Cash (incl. working funds)-30,007
Accounts receivable..167,315
Materials and supplies
72,326
56,000
Appliance accts. rec. sold...
Deferred debit items
477,210
-
7% pref. stock
debt
$22,467,468
...
Accounts payable to affil. cos.
Matured bond interest
Other current liabilities
Res. & miscell. unadj. credits
Contributions for extensions.
Capital surplus
Corporate surplus
Total
$4,668,100
Common & preference stocka2,200,000
Funded
4,437,500
2,205,331
29,843
359,316
182,841
22,849
8,267,030
94,657
Total
$22,467,468
(no-par) shares preference stock and 190,000
(no par) shares common stock.—V. 142, p. 3862.
a
Represented by 10,000
4186
Financial
New Orleans Texas & Mexico
Chronicle
June 20, 1936
The directors said that the expenditures would
Ry.—Interest—
Federal Judge George H. Moore at St. Louis has authorized the
payment
of one-half of the six months' interest on the first
mortgage bonds of the
in the amount of $520,036 allocated and payable as follows:
Due April 1, 1933, on series A, $216,837; due April 1, 1933, on series
B,
$179,323; due Aug. 1, 1933, series G, $57,500; due Aug. 1, 1933, series D,
$66,375. Bonds pledged with the Reconstruction Finance Corporation in
the amount of $1,900,000 are not included in the interest
payment.—
V. 142, p.3862.
company
bring the total equipment
outlay of the company since Jan. 1 to more than $10,400,000.
The com¬
pany has authorized air-conditioning of 43 passenger coaches in addition
to the 23 already placed in service.
Total expenditures for 1936 will involve
$11,669,000, it is said.—V. 142, p. 3686.
North American Car
Calendar Years—
fr.
Inc.
1934
1933
1932
$2,942,696
1,029,992
$3,203,611
1,107,760
$3,152,378
993,230
$3,229,863
$1,912,703
31,125
22,643
$2,095,851
20,093
25,138
$2,159,148
19,321
30,065
$2,247,664
19,844
17,495
$1,966,471
534,072
861,194
323,445
69,473
$2,141,082
$2,208,534
537,094
80,581
$2,285,003
517,942
893,764
x502,635
90,154
8,303
31,525
1,589
29,531
16,466
mileage
& sales of products
New York
Chicago & St. Louis RR.—Equipment Trusts
Offered—A group headed by Estabrook & Co. and including
Co., Inc., and Lawrence Stern & Co., Inc., offered
on June 19 a new issue of $1,410,000
3% equipment trust
certificates, priced to yield from 0.75% up to 3.25%.
Repairs & cost of sales._
The certificates are due $94,000 on each July 1, from July 1, 1937 to
July 1, 1951, both dates inclusive.
They are guaranteed unconditionally
as to principal and dividends (J. & J.) by the
company.
Issuance is under
the Philadelphia plan and subject to the approval of the Interstate Com¬
merce Commission.
Trustee, Guaranty Trust Co., New York.
Gen. & adminis. exps
Stroud &
Operating income
Inc. from for.
car
opers
_
Other income
Total income.
_
Depreciation
Federal taxes, &c__
Other expenses
fr.
liquidation of
Int.
Reported Planning to Refund Government Loans—
equipment trust issue sold to the Public Works Administration and
now
held by the RFC.
The debt to the RFC is $15,511,587 and the agency holds $4,809,000 of
Net profit
Shs.
Co., Inc.—Files with SEC—To Issue
& Ref. Mtge. 3}4% Bonds—
$30,000,000 of 1st lien & ref. mtge.3M% bonds, series E, due April 1,1966.
According to the registration statement, the net proceeds from the sale
of the series E bonds will be applied to the redemption on Oct. 1, 1936, at
105% and int., of $30,000,000 1st lien & ref. mtge. gold bonds, series A,
6 H %. due Oct. 1,1941. Any additional funds required for the redemption
are to be obtained from the company's current cash, it is stated.
The company does not expect to enter into any underwriting arrangements
$260,260
$219,619
150,381
150,381
$0.62
150,381
$0.33
$0.05
1934
$
Telephone
Co.—P.
C.
S.
Plans
to
1,552
secur.
92,237
3,622
bAccts.& notes
rec
550,483
523,945
226,257
233,524
plants,
less depreciatlonll 031,609 11,808,428
Inv. in affll. cos_.
800,723
762,819
Sundry investm't.
1,847
1,697
able & accruals.
Pur.
Other notes
&
17,431
273,231
_
314,520
1
-
money
632,541
935,865
4,393,814
21,614
1,088,485
5,414,359
8,068
146,563
1,620,000
1,128,000
3,007,620
264,056
489,478
Dr34,742
oblig.
maturing within
one year
-
Funded debt
Sundry
reserve
Deferred credit
ac¬
counts receivable
Deferred charges
1
Steamships..
23,636
1,5841)66
Series A pref. stock
Series B pref. stock 1,104,000
Com.stk.($20 par) 3,007,620
Paid-in surplus...
311,145
Earned surplus
p.
1.13,000,920 13,764,429 |
Consists of common
a
660,671
Treas. stock....
a
Total
$
1,031,692
& equip.tr. notes
<fc
Equip.
1934
$
Notes & accts. pay¬
Inventories
Total
Dr49,502
13,000,920 13,764,429
and preferred stock,
b After reserve.—V. 141
3388.
North American Investment
Calendar Years—
1935
Gross earnings
Corp. (& Subs.)- -Earns.
1934
1933
$111,149
91,359
10,243
...
Taxes
$102,644
84,815
Expenses
Order
Immediate Rate Cut—
The New York Public Service Commission in an announcement made
June 18 declared that it was considering closing the telephone rate hearings,
which have been in progress over two years, and ordering an immediate rate
reduction by New York Telephone Co.
Announcing these proposed steps, Commissioner Neal Brewster, who has
been presiding at the hearings which began May 10, 1934, said that first
attention would be given to lowering the special charges i l
the company's
traffics.
While no explanation was made as to what special rates were
likely to be reduced at the outset, it seems probable that the charges
referred to are those embracing special services, or special arrangements of
equipment made to meet varying types of services which do not include
tion of discount
Expense
applicable
prior period
1932
3,995
$111,047
71,114
4,990
$153,403
61,246
3,535
83,170
85,019
119,883
1,807
1,826
1,826
5,000
13,126
212,715
*93.535
*2.816.215
'72,827
on
analyzed testimony already given to an extent where it is indicated
immediate rate reduction should be made.
The company countered with a statement that the commission had
2,920
capital stock-
Prov.
for
loss
on
See
-
_
Prov. for Fed. inc. tax..
Net profit on sale of sec.
Excess
of
55,024
453,931
underwriting
expenses over income.
10,037
Net profit
$313,603
59,897
Preferred dividends
Profit for year
on
capital stock $1,807 charged to surplus.
Loss.
Assets—
x
1935
Invest'ts at
1934
Securities sold not
legal right to close the case and order a reduction of rates before further
testimony could be given.
The company announced it would do everything
in its power to expedite progress of the rate hearings.—Y. 142, p. 3863.
Accts. receivable..
delivered
41,126
Interest receivable
Cash
Accrued interest..
Niagara Falls Power Co.— Underwriters—
follows:
■'"
■
Stanley Morgan & Co., Inc
Schoellkopf, Hutton & Pomeroy, Inc
Bonbright & Co., Inc
Mellon Securities Corp
Lee, Higginson Corp
Brown Harriman & Co., Inc
First Boston Corp
$8,743,000
4,375,000
4,375,000
3,000,000
-
-
.
Spencer Trask & Co
—V. 142, p. 3863.
Discount
on
5,530
1
capi¬
Reserve for contin¬
tal stock
73,798
75,605
92,924
1,833
101,246
2,804
Unamortized bond
Deferred debits.__
$4,244,828 $3,941,5371
June 17 declared
a
as
Charles K. Seymour has resigned as President, but will remain as a
director and Treasurer of the company.
Clayton R. Burt has been elected
President.
Membership of the board of directors has been reduced to
7 from 12.
The five directors who resigned were:
S. G. H. Turner, Robert
M. Derby, E.G. Hines, C. W. Deeds and Conrad Hewitt.—V. 142, p. 3355.
North American Match
4,945,281
Calendar Years—
1935
1934
1933
1*932
Net income
Dividends
$470,000
11,535
$160,000
12,756
$5,000
8.413
$10,000
8,351
$458,465
450,000
.
Expenses
$147,244
def$3,413
$1,649
$8,465
7,259
def$2,756
p.
$4,244,828 $3,941,537
150,000
def$3,413
1,550
def 1,250
$1,649
4,964
Earnings of Nipissing Mining Co., Ltd.
Calendar Years—
Gross sales
1935
1934
$969,677
$393,766
606,922
470,000
294,552
160,000
1933
$404,091
$635,407
146,827
5,000
loss321,961
10,000
Net profit after taxes &
charges
...
$136,922
$134,552
v
$141,827 def$331.961
-V. 141, p. 3870.
Norfolk & Western
Ry.—Program Calls for $11,669,000
Expenditures—
Calendar Years—
Income from all sources_
authorized the expenditure of approximately
1,000 steel box cars. In inquiries
new rails and
indicated that roughly
rails and the remainder for box cars.
$1,250,000 would be spent for the
y
Includes notes
re¬
Corp .—Merger Voted—
Loss
on
sale of securities
Net income
Preferred
dividends
Surplus
Shs.
com.
stk.out.(par$5)
Earns, per sh.
1935
Inc.—Earnings—
1934
1933
1932
on
com_+
No par shares.
$195,119
61,333
56,612
7,032
8,132
$203,194
59,820
72,033
"8,208
1,963
$62,010
Oper. and gen. expenses.
Depletion & depreciation
657
$63,131
5,500
$25,501
13,362
$22,596
19,555
$61,353
250,000
$57,631
262,380
$0.24
$0.22
$12,139
262,446
$0.04
$3,041
*262,446
$0.01
$127,701
$188,701
57,226
108,879
59,629
40,608
Consolidated Balance Sheet, Dec. 31, 1935
Assets—
Liabilities—
$53,246
Accounts
Accounts payable
Reserve for Federal taxes.
25,231
Common stock (par $5)..
13,375
Earned surplus
receivable, trade—
since paid
Marketable
securities
(cor¬
poration bonds), at market
(cost $16,362)
values
Security
trading
$5,987
8,131
1,350,000
Treasury stock
DrlOO.OOO
Capital surplus
115,572
6,799
account—
guaranteed against loss by
officer of company
Accrued Interest receivable
14,733
287
Mineral rights and
leases..xl,259,481
Furniture and fixtures
y51
Deferred assets
June 17
$3,850,000 for 20,000 tons of
1934.
Rayon Corp.—Dividend Doubled—
Cash
1932
of Dec. 31, 1935, was $4,267,-
31,
2677.
x
Balance, surplus
Prof. &losssur. Dec. 31.
as
The directors have declared a dividend of 25 cents
per share on the class A
and class B common stocks,
payable July 1 to holders of record June 22.
A dividend of 12H cents was
paid on these issues on April r last, and an
initial payment of 50 cents per share was made on Jan.
1, 1936.—V 142,
Federal taxes
Nipissing Mines Co., Ltd.—Earnings—
Total
Dec.
North Central Texas Oil Co.,
New President—Directorate Reduced—
was
400
4,693,382
Stockholders at a meeting held June 16 approved an agreement for
absorption of the company by Ohio Match Co.
See also Y. 142, p. 3864.
dividend of 50 cents per share on
the common stock, no par value, payable July 15 to holders of record July 9.
This will be the first payment made on the common stock since March 31,
1932 when 15 cents per share was distributed.
on
649
......
Deficit
The market value.of securities owned
x
543
North American
...
gencies..
Deferred credits
discount-.
Total
1934
compared with $3,017,344
ceivable.—V. 142, p. 1300.
Niles-Bement-Pond Co.—To Resume Common Dividends
Dividends
185,976
1935
$4,240,100 $4,240,100
1,798,700
1,798,700
1,304,900
1,304,900
Coll. trust bonds.. 1,500,000
1,500,000
Accounts payable5,811
2,048
Acer, bond int.pay
25,000
25,000
Taxes payable
62,451
15,020
Other accrued llab.
1,249
6% pref. stock
5H% pref. stock..
2,000,000
2,000,000
1,000,000
1,000,000
Coffin & Burr, Inc
Total income
y1,773
Furn. and fixtures.
of Dec. 31
Common stock
2,000,000
2,000,000
2,000,000
-
Edward B. Smith & Co
Lehman Brothers
on
5,301
8,518
560,715
as
Liabilities—
cost_$3,501,738 $3,527,476
no
The company has filed an amendment to its registration statement under
the Securities Act of 1933 for the issuance of $32,493,000 of 3^%, series
of 1936, 1st & ref. mtge. bonds, giving the underwriters and allotments
*$145,437 *$2,852,223
$75,536 def$145,437df$2,852,223
Balance Sheet
an
$135,433
59,897
$253,706
...
Amortization of discount
x
*
x
accts.
and notes receivable
Commissioner Brewster also asserted that if business improves later on,
further action could be taken for additional rate reductions.
To bring the present rate hearings to a close, would require at least two
years,
Commissioner Brewster stated.
He said the Commission has
to
Amortization of discount
equipment.
for bids it
$0.40
Bond int. and amortiza¬
York
The directors
150,381
1935
Liabilities—■
$
97,785
.
Marketable
the underwriting discounts or commissions,
Surplus
$234,510
Consolidated Balance Sheet Dec. 31
pany
The directors
)
paid only.
1935
for the sale of the bonds before the effective date of the registration state¬
ment, it is pointed out, but anticipates negotiations for an underwriting
agreement at an undetermined time after the effctive date.
The price at
which the bonds may be offered to the public if the underwriting is arranged
and the proceeds to the com¬
have not yet been determined, it is stated.
When and if the company
enters into underwriting arrangements covering the issuance of the series E
bonds, it contemplates filing a post-effective amendment to the registration
statement setting forth terms the of the underwriting and the
price at
which the bonds may thereafter be offered to the general public.
The redemption provisions are also to be furnished by amendment to the
registration statement.
See also Consolidated Edison Co.of New York Inc., above.-V.141 ,p. 1776.
$171,193
Assets—
Cash
The company on June 16, filed with the Securities and Exchange Commis¬
sion a registration statement under the Securities Act of 1933
covering
standard
Interest
x
Nickel Plate refunding 4j^s to be pledged as collateral.—V. 142, p. 3685.
New
x442,410
stk. outstand.
com.
(par $20)
Earnings per share
the equipment 4% notes issued in 1934.
A $15,000,000 collateral trust bond issue was reported under
discussion,
with the Wheeling & Lake Erie stock and Detroit & Toledo Shore Line
securities now held by the RFC and Railroad Credit Corp. and $13,509,000
$30,000,000 1st Lien
895 717
Adj. of chgs. of prior yrs.
The company is reported to be considering plans to fund its debt to the
Finance Corporation and the Railroad Credit Corp. and
New York Edison
883,181
398,070
72,128
'
Reconstruction
an
519,141
982,199
Loss
subsidiaries
'
Corp. (& Subs.) -Earnings—
1935
7,093
rents,
Total
x
After
reserve
20,083
$1,386,4901
Total
$1,386,490
reserves for
depletion, depreciation, &cl of $1,462,262.
for depreciation of $7,811.—V. 142, p. 3686.
y
After
Volume 142
North
SEC—
Financial
Western
Northeastern
On
Public
department.—V. 133,
p.
1937.
Service
Co.—Security Holders
Exchange for Securities of Reorganized Company—
The reorganization committee in
a notice to the holders of the
general
5)4 % gold bonds states:
Pursuant to order dated Jan. 31,
1936, of the Court of Chancery (Dela¬
ware) the time for the exchange of the above bonds for stock of Northeastern
Water & Electric Corp., pursuant to
plan of reorganization, dated April 17,
1934, was extended to and including June 30, 1936. The $4
preferred stock
issued upon such
exchanges will be entitled to dividends only from the first
day of the fiscal quarter in which issued.
lien & collateral trust
The order of the Court of Chancery
provides that no holder of a general
lien & coll. trust
5)4% gold bond, who shall not surrender the same on or
before June 30, 1936, to Northeastern Water &
Electric Corp., or its
agent, for exchange for its stock, as provided
by the plan of reorganization,
shall be entitled to any of the benefits of
the reorganization with respect to
any bond or bonds not so surrendered, nor shall he be entitled in
any way on
account of such bond or bonds to
receive any shares of stock or other
benefits from Northeastern Water & Electric
Corp.
All bonds should be surrendered to
Chemical Bank & Trust Co., 165
Broadway, New York, which has been appointed agent for such purpose.—
Northern Natural Gas Corp.—New President—
Frank H.
of the
Brooks, for five
company,
was
years
/Vice-President and General Manager
June
on
Fisher, who resigned a year
Secretary and Assistant to
17 elected President.
He succeeds L, E.
John Merriam was appointed Assistant
tne President.—V.
141, p. 2745.
ago.
Northern Ohio Ry.—Interest—
The New York Stock
Exchange having received notice that the coupon
due Oct. 1, 1933, on the guaranteed
lst-mtge. 5% gold bonds due 1945,
(from bonds dealt in under option (a),) is now
being paid and that the
Oklahoma Natural Gas
Co.—Pays Off Bonds—
company and its subsidiaries on June 18 paid off $1,221,000 of
outstanding bonds and provided for the redemption of $21,637,500 ad¬
ditional bonds, or a total of
$22,858,500.
This move follows recent public
sale of $20,000,000 1st
mtge. bonds and $10,000,000 debentures by a
banking syndicate headed by Stone & Webster and Blodget, Inc.
The
balance of the proceeds is being used to retire the
remaining debt and
provide additional working capital.
The securities being paid off on June 18
comprise $950,000 of Oklahoma
Natural Gas Corp. gen.
mtge. extended
5% gold bonds and $271,000
Oklahoma Natural Building Co. 1st mtge.
5)4% serial gold notes.
The company is calling
$6,506,000 Oklahoma Natural Gas Corp. 1st
mtge. 6% series A gold bonds, due July 1, 1946, for
redemption on Aug. 17,
1936, at 103)4 and accrued interest.
In addition, the company is giving
notice of its intention to redeem on Feb.
1, 1937, the outstanding $13,195,500 of Oklahoma Natural Gas
Corp. 1st mtge. series B 5% gold bonds,
due Feb. 1, 1948, at 103 and accrued
interest.
Immediate payment of both of these issues,
however, is being made
available to bondholders.
Holders of the series A bonds, upon surrender
of their securities to Chase
National Bank of New York or Colonial Trust
Co. of Pittsburgh, will receive
principal, premium and interest from July 1,
1936, to Aug. 17, 1936, less bank discount at rate of )i of 1% per annum
Aug. 17, 1936.
The July 1, 1936, coupon should
from date of surrender to
be detached and collected in the usual
manner.
Holders of the series B bonds
may obtain immediate payment of principal,
premium and interest from Aug. 1, 1936, to Feb.
1, 1937, less bank dis¬
count thereon at the rate of
of 1 % from date of surrender to Feb. 1, 1937,
upon surrender of their securities with Feb.
1,1937, and subsequent coupons
attached, to Chase National Bank.
The Aug. 1, 1936
coupon should be
detached and collected when due in the usual manner.
The
Southwestern Natural Gas Co. on July 18, 1936, will redeem its
outstanding $1,807,000 of 1st mtge. 6% sinking fund gold bonds, due
May 1, 1945, at 104)4 and accrued interest, upon presentation to the
Pennsylvania Co. for Insurances on Lives and Granting Annuities, Phila¬
delphia, Pa.
On Sept. 1, 1936, the
outstanding $271,000 of Gas Producers Co. 1st
lien 6)4% sinking fund bonds will
be redeemed.
coupon due April 1, 1935, (from bonds dealt in under
option (b),) is now
being purchased, from the company, the Committee on Securities rules
that the bonds be quoted ex-interest
2)4 % on June 18, 1936; that the bonds
will continue to be dealt in "flat" and to be a
delivery in settlement of
made beginning June 18, 1936, must
carry the coupons as
Registers with SEC—
See list
transactions
(a) "with April 1, 1934, and subsequent coupons," (b) "with
1, 1935, and subsequent coupons"; and that bids and offers shall be
as being for bonds "with Oct.
1, 1935, and subsequent coupons,"
option (b), unless otherwise specified at the time of transaction.
Notice having been received that the above
payments are also being
made on that part of the bonds represented
by certificates of deposit, on
presentation of certificates for stampings the Committee on Securities rules
Oct.
considered
that the certificates of deposit be
quoted ex-interest 2)4 % on June 18, 1936;
that the certificates of deposit will continue to be
dealt in "flat" and to be a
delivery in settlement of transactions made beginning June 18, 1936, must
be stamped as follows:
(a) "stamped as to payment of April 1, 1933, and
Oct. 1, 1933, interest", (b) "stamped as to sale of
April 1, 1933, to April 1,
1935, coupons, inclusive"; and that bids and offers shall be considered as
being for certificates of deposit "stamped as to sale of
April 1, 1933, to
1935, coupons, inclusive," option (b), unless otherwise specified
the time of transaction.—V.
142, p. 466.
April 1,
Northern States Power Co.
Period End. April 30—
Operating
revenues
(Del.) (& Subs.)—Earnings
1936—4 Mos.—1935
1936—12 Mos.—1935
$11,808,226 $11,232,153 $33,483,263 $32,299,850
Oper. exps., maintenance
and all taxes
"
6,679,722
6,119,148
\
19,005,339
18,256,624
Net oper. rev. (before
approp.
for retire¬
ment
reserve)
$5,128,504
29,574
Other income
$5,113,005 $14,477,923 $14,043,225
26,691
104,208
95,007
Net oper. rev. & other
income
(before
propriation for
ap¬
re¬
tirement reserve).. $5,158,078
Appropriation for retire¬
ment reserve
Gross income
Interest charges (net)
$4,274,744
1,977,573
Amortization of debt dis¬
count
and
subsidiary
2,900,000
$4,256,363 $11,682,132 $11,238,233
1,983,874
5,929,432
5,834,894
85,651
16,500
259,491
50,204
241,984
56,501
28,237
Northwestern
23,543
67,272
42,472
$2,146,793
$5,375,731
$5,062,381
Bell Telephone
Period End. May 31—
oper. rev.,
Net operating in
income-V. 142, p. 3518.
$884,727
Ohio Copper Co. of
Calendar Years—
$479,143
$2,756,388
$2,169,601
Utah—Earnings-
1935
Admin, expense, &c
Transf. & registration.
Reserve for deprec
1934
1933
$57,417
9,736
50,054
Total income
Interest on bonds
$25,019
xl3,408
44,117
1,442
$8,175
xl3,884
61,993
7,087
loss$44,964
39,600
39,600
$114,389
708,823
$106,384
594,434
-
2,145
9,536
$38,657
747,480
1932
"4",708
$14,053
866,027
Res. for deplet. of mine.
Adjustments
21" 825
Deficit
Prof. & loss def. Dec. 31
The New York Curb
Exchange has approved the listing of $20,000,000
principal amount of 1st mortgage bonds, series A,
4)4%, due May 1, 1951;
$10,000,000 principal amount 5% convertible debentures, due May 1,
1946, and 22,200 outstanding shares convertible 6% prior preference stock
$100 par.
The Exchange will also list 733,200 additional shares of
stock, $15 par, upon notice of issuance.—V. 142, p. 4031.
common
Oklahoma Natural Gas Corp.- -Bonds Called—
See
Oklahoma Natural
Gas
Co.
Otis Steel Co.-—Reduces
above.- -V.
142,
3182.
p.
Offering and Raises Rate—
The company has filed an amendment with the Securities and
Exchange
Commission reducing the first mortgage bonds to be offered to
$12,500,000
$13,000,000, as originally scheduled, and raising the interest rate to
4% % from 4)4%.
The underwriters and the amounts to be underwritten
by each are:
A. G. Becker & Co., Inc.,
$3,100,000; Kuhn, Loeb & Co., $3,100,000;
Hallgarten & Co., $1,400,000; H. M. Byllesby & Co., Inc., $500,000;
Central Republic Co., $500,000; the First Cleveland
Corp., $500,000;
Goldman, Sachs & Co., $500,000; Ladenburg, Thalmann & Co., $500,000;
from
Otis & Co., $500,000; Lawrence Stern &
Co., Inc., $500,000; Paine, Webber
& Co., $400,000;
Hemphill, Noyes & Co., $400,000; E. H. Rollins & Sons
Inc., $400,000; and McDonald-Coolidge & Co., $200,000.
Old
Colony RR.—To Protect Boston & Providence Lease—
Anticipate That Action in Filing Under Section 77
of Bankruptcy Act and Warding Off Suits Will Make Possible
Rental Payments—
Directors
A letter dated June 15 has been sent to
shareholders of the Old
Colony
RR. by Arthur P. Russell, President, in behalf of the board of
directors, in
which the statement appears that it is
anticipated that the action taken by
the directors (i. e. filing of petition for
the
Bankruptcy Act and obtaining
an
reorganization under Section 77 of
injunction preventing suits against
the company, foreclosure action,
&c.) will make possible the protection of
the interests of Old Colony
through the payment, of
rent, interest and other
obligations coming due under the Boston & Providence lease.
Citing the failure of the New Haven trustees to provide funds to meet
the interest payable June 1
upon some of the Old Colony bonds, and dis¬
affirmance of the lease, the letter says this
"placed upon your company the
immediate necessity of making
arrangements itself to deal with its
obligations."
"Your board was faced with the fact," continues the letter, "that on or
1, 1936, obligations of the Old Colony, amounting in the
aggregate to more than $1,960,000, would become due and payable, includ¬
ing rents and interest due under leases to your company, income taxes,
prior to Aug.
Co.—Earnings
1936—Month—1935
1936—5 Mos.—1935
$2,711,260
$2,550,502 $13,142,263 $12,293,319
7,180
11,248
40,970
53,696
1,478,646
1,818,182
8,871,388
8,862,427
340,707
241,929
1,473.517
1,207,595
revenues
Operating expenses
Operating taxes
x
2,900,000
$2,164,905
Net income
-V. 142, p. 4030.
Operating
883,333
86,727
17,300
expense
Other income deductions
Min. int. in net income of
Uncollectible
$5,139,696 $14,582,132 $14,138,233
883,333
iven on page 4008 of June 13 issue.
Listing—
follows:
at
4187
The
,
See list given on first page of this
Warned
Chronicle
Refrigerator Line Co.—Registers with
Includes taxes.
bank loans and interest
on your
company's bonds.
"As your company was without funds and its
property was under the
control of the Court in the New Haven
reorganization proceedings, steps
had to be taken to avoid the more serious immediate
consequences of
default in meeting any of the obligations mentioned above.
"It was decided to protect your company's interests
by filing a petition
for reorganization under the provisions of Section 77 of the
Bankruptcy
Act.
Such a petition was filed with the U. S. District Court for the District
of Connecticut on June 3 and was
duly approved by the Court.
The chief
concern
of your board was the necessity of
placing the company in a posi¬
tion to maintain rental and other payments
required
Boston & Providence RR. Corp., as it is
by the lease from The
obviously desirable to do every¬
thing possible to protect the interest of your company in that lease.
It
was also desirable to obtain an
injunction preventing suits against your
company, preventing foreclosure of the mortgage on its property, and
preventing the sale of collateral securing its bank loans, pending the out¬
come of the reorganization of
your company.
Such an injunction has been
obtained.
"It is anticipated that the action taken
by your directors will make
possible the protection of the interests of your company through the pay¬
ment of rent, interest and other obligations
becoming due under the Boston
& Providence lease.
Condensed Balance Sheet, Dec. 31, 1935
Assets-
Cash
on
"The reorganization of the Old Colony will be carried on in the same
proceedings and under the direction of the same judge as the reorganiza¬
Liabilities—
hand and in banks
$283
Accounts receivable
2,073
x2,290,005
Fixed assets
Investment In Bingham Central
Railway Co
Other investments
Inventory, warehouse supplies
Prepaid expenses
Accounts payable
Accrued expenses and bond lnt
Funded debt,
1st mtge. 7%
convertible bonds
382,985
12,931
11,325
76
Account payable
pany's
for
predecessor
capital
stock
Dodge,
method
Total
Power
See list given on
$2,699,680
Pan American
Co.
.
Co.—Merger—
Wilkins
&
circumstances
of
1934
1933
1932
$9,642,569
$8,992,515
$8,387,113
exps.,
Net profit for year—_
Previous surplus
Sundry adjustments
Cons. surp. from oper.
Balances approp. for res.
for self-insured risks-
8,934,106
8,578,097
8,094,027
7,688,587
$1,193,732
943,796
686,386
$1,064,471
Dr95,118
$898,488
188,328
Dr80,053
$698,527
def535,884
Cr25,684
$2,823,916
$1,691,133,
$1,006,762
$188,327
376,566
798,917
409,166
315,819
284,983
Dividends paid
19,247
761,289
22,351
$867,897
$1 -85
$943,796
721,779
Amts. approp. for & ad¬
$81,730
$1,672,858
$1,449,479
just, of sundry
reserve
Other charges
See North American Match Co. above.
Barstow,
the
(Minn.)—Registers with SEC—
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. May 31—
1936—Month
1935
1936—12 Mos.
-1935
Gross earnings
$1,420,946
$1,280,079 $16,504,411 $15,552,911
Operating expenses
724,945
589,756
7,627,184
7,050,919
Fixed charges
278,838
328,021
3,987,464
3,860,633
Prov. for retire, reserve125,000
125,000
1,350,000
1,325,000
Divs. on pref. stock
155,576
155,571
1,866,905
1,866,879
$136,585
under
company."—V. 142, p. 3865.
Airways Corp. (& Subs.)—Earnings—
incl. salaries,
maint., depr., tax., &c
Balance
your
first page of this department.—V. 142, p. 4032,1999.
Calendar Years—
1935
Inc. from operations, &c.$10,127,838
Oper.
-V. 142, p. 3518.
available
preserving the assets and interests of
4,404
-V. 141, p. 122.
Ohio Match
"Your directors believe that the steps which have been
taken, upon the
of special counsel, Messrs. Palmer,
Davis, represent the best
Otter Tail
and
3,307,575
866,026
Deficit
Ohio Edison
tion of the New Haven.
advice
13,027
Capital stock
$2,699,680
5,400
com¬
bond Interest
Total
86,886
135,000
1st mtge. on improv. real estate
Reserve
$13,413
Surplus, Dec. 31
Earnings per share
*1.6
$721,779
$1.42
$188,327
$1.36
4188
Financial
Consolidated Balance Sheet Dec. 31
1934
1935
Assets-
Cash.
Sundry
investm'ts
from future
Untinlsb. construe.
& equip, bal
Security reserve for
4,518,523
852,250
Int.
of
34,638
30,510
34 ' 638
153,650
694,149
in
subsidiaries
with construct'n
Reserve
34,037
Mat'ls & supplies.
Securities owned..
1,005,439
61,304
1,341,882
45,513
Prepaid & deferred
charges..
for
Reserve for depre¬
ciation
6,775,794
Reserve for taxes.
174,089
5,891,703
283,179
22,351
6,316,400
9,365,199
943,796
346,477
273,655
Inv. in assoc. cos.,. 1,204,860
1,204,860 Sundry res. of subs
30,508
Capital stock
6,439,590
Airports, bldas. &
9,587,384
| equipment
14,285,826 11,231,237 Capital surplus
Earned surplus
Goodwill, organiza¬
867,897
tion, extension &
2,458,738
development
3,056,432
-
Pennsylvania Electric Co. (& Subs.)—Earnings-
self-
insured risks
June 20, 1936
The contract, approximately one year of which has elapsed, provided for
a salary of $150,000 a year for two years, and of $100,000 a year for three
additional years.
The new directors are Neil Agnew, Vice-President of Paramount, who
has been in charge of the distribution of its pictures for several years;
E. V. Richards, President of Saenger Theatres, a Paramount subsidiary;
Barney Balaban, President of the Balaban & Katz Theatres of Chicago;
A. Conger Goodyear, President of the Museum of Modern Art, and Paul
McClintock, Vice-President of Sterling Products.
Mr. Agnew was elected
for the year ended on July 1, 1937, while the others were elected for twoyear terms.—V. 142, p. 3865.
128,267
_
minority
stockholders
Adv. in connection
705 ' 647
1,070,715
Deferred Income.
work
$
prof,
of subsidiaries..
375,087
576,986
equip, purchase.
1934
$
1,480,218 Accounts payable.xl,248,135
1,383,813 Bal. of purch. price
of assets payable
319,635
2,674,527
1,543,191
523,752
Accts. receivable-■„
1935
Liabilities—
$
$
Chronicle
1935
1934
1933
59,626,577
4,234,335
807,662
59,411,462
3,863,915
621,861
$8,857,923
3,897,507
570,778
521,443
709,725
443,664
523,718
664,370
604,649
457,065
463,263
$3,398,766
35,157
53,611,312
97,450
$3,488,910
297,171
$3,584,790
436,737
$3,433,923
1,870,682
53,708,762
1,972,960
$3,786,081
2,037,898
$4,021,527
2,005,892
131,852
173,986
180,793
165,965
57,292
Cr7,308
54,304
113,172
Crl ,024
CV220
132,726
Cr7,705
$1,381,404
2,125,000
$1,508,537
1,892,500
$1,454,438
860,000
$1,724,649
_-.def$743,596 def$383,963
$594,438
$864,649
Calendar Years—
Operating revenues
Operating expenses—-Maintenance-
x
Taxes incl. provision for
Federal income taxes.
Operating income.—
26,412,910 24,385,331
Gross income
Includes notes.—V. 142, p. 3865.
Int.
American
Pan
(& Subs.) —Earnings—•
Foreign Corp.
Calendar Years—
1935
Gross operating income
.
4,055,718
9,733,462
2,894,804
320,625
882,136
.
.
...
.
Amortization
Retirements
_.
Profit from operations
Non-operating income (net)
Profit before interest paid—
Interest paid
—
Profit for the period
Loss of subsidiary cos.
interests
3,496,024
9,130,222
3,478,436
325,663
1,346,719
$20,275,218 $14,012,658
41,490
97,489
----
$20,233,728 $13,915,168
applicable
minority
to
Amortiz.
(net)
prof1,297
5,586
—
debt.
of
disc.
and expense...
Int. during construction
Balance
Divs. on common stockBalance...
a
$18,138,262 $13,815,913
2,136,956
196,745
.....
—
—
funded debt
on
Int. on unfunded debt to
public
1934
.197,870,330 $87,042,647
61,845,323
55,449,666
Costs, operating, selling and general expenses
Taxes (incl. Government income taxes)..
Depreciation
Depletion
Includes operations of Penelec
Dividends
paid
—1-
Deficit
Earns,
$20,232,431 $13,920,755
—20,496,492
10,248,246
share
per
3,416,082 shares
on
1935
$5.92
$4.07
$
Assets—
1934
5,170,721
276,453
6,556,759
3,684,788
Market, secur..
notes rec. (less
reserves)
32,539,492
18,741,844
reserves)..
Stocks
_
„
_
_
29,845,296
15,561,598
of corps.
(6% non-cum.).
1,965,912
2,148,959
376,699
109,080
and funds
Lands, leases &
...106,899,692 118,283,498
Prepd. int., tax.,
payable
for
549,779
2,302,994
2,649,992
3,144,348
Matured
bd. int.
Advances
634,031
&
(contra)
from
21,278
fi¬
62,000
282,413
544,459
464,067
23,943
157,442
418,070
525,513
52,969
277,378
264,488
6,348,377
Accounts payableTaxes accrued....
_
and line deps...
Notes
receiv.
en¬
dorsed (contra)
332,334
218,139
1,195
Reserves & miscell.
2,487,564
641,595
Contributions
extensions
surplus of min¬
for
(non¬
refundable)
228,855
261,491
y Com.Stk., cl.A
999,957
999,957
y Comi stk., cl.B
2,416,125
2,416,125
Capital surplus.158,137,908 157,923,479
Approp. surplus
53,539
14,353
Unapprop. surp.
3,775,908
2,349,717
Capital surplus
Corporate surplus.
..83,019,239 83,063,383
Total
Total
48,278
9,589,138
821,211
40,094
9,583,011
1,567,266
83,019,239 83,063,383
Represented by 850,000 no par shares.—V. 142, p. 3866.
x
1,041,178
Pennsylvania
accumulations
to
Total
.. —
..174,260,098 177,326,017
1935.
x After
reserve for depreciation, depletion and amortization
589,819 in 1935 and $160,493,759 in 1934.—V. 140, p. 4077.
Parker Pen Co,
(& Subs.)- —Earnings—
1935
1934
1933
1932
$2,790,327
2,231,423
$2,339,578
1,889,050
$1,661,130
1,551,153
$1,192,948
1,754,775
$558,903
$450,528
27,604
24,951
$586,507
$475,480
8,015
69,767
Calendar Years—
Gross profit on sales
Sell., gen. & adm. exps..
profits from oper.
income
of $144,-
less
July 2 to holders of record June 15.
$109,978 loss$561,827
paid
4,493
Provision for inc. taxes.
134,063
.
$134,096 loss$539,073
2,752
3,915
42,405
was
made
on
Jan. 2,
Pennsylvania RR.—Considers Bond Sale—
In financial circles it is
is considering the sale
April 1, 1970,
These bonds
are part of an original issue of $60,000,000 which formed part of the collateral
for the issue of $60,000,000 6M % secured bonds which matured Feb. 1,
1936.
With the maturity of that issue the general mortgage bonds were
released and the interest rate was reduced to 3%% from 6%;
Subse¬
quently the company sold $40,000,000 of the issue to provide funds, to¬
gether with treasury funds, to provide for the redemption of $50,000,000
40-year 5% secured bonds due Nov. 1, 1964, but which were called for
redemption on May 1.
The remaining $20,000,000 of the bonds were
placed in company's treasury.—V. 142, p. 4033.
reported that the
company
Pennsylvania-Reading Seashore
22,754
24,118
As imilar payment
The Interstate Commerce Commission
profits
Dividend—
Co.—Accumulated
of $20,000,000 general mortgage series C 3%7o bonds due
which are held in the company's treasury as a free asset.
mis¬
cellaneous charges
Investing
declared a dividend of $2 per share on account of
the $4 cumulative preferred stock, no par value, payable
have
on
last.—V. 141, p. 4022.
unavoidable circumstances the previous consolidated
included the results of the Mexican operations for only
months, whereas the above consolidated income account includes the
Interest
bonds
Consumers' service
foreign
Reserves
174,260,098 177,326,017
Total
2,540,000
3,507,208
Miscell. accruals..
The directors
income account
Net
'35
unadjusted creds 6,498,176
1,768,648
1,719,950
3,503,894
results of the Mexican operation for the 13 months'period ending Dec. 31,
Other
31
to parent co
nancing co
1,195
2,044,524
4,683,314
579,214
708,648
& def. charges
11
273,628
dorsed (contra)_
Miscell. prepaid
Note—Due
due Dec.
,
ins.&rentals_
Total
25,009
1,011,316
Accts. receivable-.
ority interests
deposits
easements
48,837
177,824
37,957
995,898
255,060
286,686
291,923
37,093,000 37,139,000
6%
Note acct. payable
funds)
Capital stock &
mtges., &c...
x
48,560
160,373
notes
Interest accrued.
exchange fluc¬
tuations (net)
3,923,169
S& other secur. 1,208,389
ing-term notes,
Special
Res.
(less
rec.
Inventories
386,847
1,028,097
Clarion River Pow.
Conv.
Accept's, notes &
loans
s-.V.Y-
$
stock..23,500,000 23,500,000
Funded debt
21,278
(contra)
Dep. with trustee
for sinking fundCash (incl. working
Def. debit items..
2
xCommon
Co. partic. stock
Deps. for matured
bonds and bond
1934
$
Accounts payable
Accrued liabil..
Trade accept. &
Accts.
Liabilities—
$
$
Cash
1935
Liabilities—
—
Materials & suppls.
Notes receiv.
en¬
Consolidated Balance Sheet Dec. 31
1935
1934
1935
1934
$
Assets—
Notes receivable-_
combined
class A & B common stocks (par $!)__.
Coal Corp., merged Dec. 31, 1932.
Plant, prop'y, &c.79,571,435 79,734,088
Investments
187,688
43,875
$264,061sur$3,672,509
-------
860,000
Consolidated Balance Sheet. Dec. 31
int.
Net profit accrued to the corporation
512,717
,
of
Prov. for retirement
fixed capital
Other income—
Total...
.....26,412,910 24,385,331
Total
v
al932
$9,465,631
4,381,142
on
Lines—Acquisition—
June 9 authorized the acqui¬
sition by the Pennsylvania-Reading Seashore Lines of the properties and
franchises of the Stone Harbor RR.
The Harbor company, incorporated
in
1912, owns 3.9 miles of single-track railroad extending easterly from
connection with the Pennsylvania-Reading's biain line at a point called
Cape May Court House, to a seashore resort known as Stone Harbor,
located approximately 30 miles south of Atlantic City and 12 miles north
of Cape May.—V. 142, p. 4033.
a
Amount required to con¬
working capital of
foreign subs, to U. S.
vert
8,431
dollars
Consol. net profits.-.
Dividends
$389,267
$447,951
x276,789
$88,939 loss$542,988
Pennsylvania Salt Mfg. Co.—$1 Extra Dividend—
an extra dividend of $1 per share in addition
regular quarterly dividend of 75 cents per share on the capital stock,
$50, both payable July 15 to holders of record June 30. A similar extra
was paid on April 15, last.
Special dividends of $1 per share were paid on
June 28, 1935 and on Oct. 15, 1929—V. 142, p. 3184.
The directors have declared
to the
Balance, surplus
Capital stock (par $_0).
Earnings per share
x
$171,162
191,044
$389,267
189,544
$2.05
$2.34
Includes dividends payable 25 cents per share
and Sept.
$88,939 def$542,988
189,544
189,544
$0.47
Nil
on
March
1, June 1,
Peoples Gas Light & Coke Co.—Rate Increase Denied—
1, 1936 of $143,283.
The Illinois Commerce Commission has denied the company's application
for an increase in rates to offset the effect of payment by the company of
the State tax of 3% on certain utility revenues.
Consolidated Balance Sheet Dec. 31 1935
Liabilities—
Assets—
Cash in banks and on hand..-
Receivables
$240,665
1,113,966
1,686,858
93,434
;
Inventories
Cash surrender value of life ins.
21,301
improvements, less
amount amortized
and
5,407
trade-marks,
x
After
—-
reserve
143,283
141,085
148,411
2,000,000
89,560
1,187,792
...
Capital stock
Treasury stock
Earned surplus
43,991
$4,090,476
Total
.
.$4,090,476
for depreciation of $589,680.—V. 141, p. 1778.
Paramount Pictures, Inc.—5 New Directors—
Stockholders at
failed to re-elect
a
as
meeting held June 16 elected five new directors, but
director John E. Otterson, President, who went to
a
the company last year soon after its financial reorganization.
Since the by-laws of the company provide that the President
a
director, Mr. Otterson's retirement
as
a
must be
director is expected to be fol¬
will
Mr. Otterson, who presided at the meeting, said that the matter rested
in the hands of the new board which will meet in a few days for the annual
He may continue with the company in an advisory
capacity, or his contract may be purchased by the company, it was said.
ordering the schedule of increased rates to be dismissed, the Com¬
so because the company had failed to show the present
just and reasonable.
George Ranney, Chairman of the board, in commencing on the order of
the Illinois Commerce Commission, said;
"The company has no intention of accepting the Commission's order as a
final answer to its request for an upward revision in certain of its rate
schedules.
Being convinced of the justice of its position, the company will
an early date to secure relief through the courts."—V.
take measures at
142,
p.
3866.
Pere
Marquette
Ry.—Equip.
Trusts Offered—Public
offering of the maturities from 1942 to 1946 inclusive of
a new issue of $1,220,000
2>£% equipment trust certificates
was made June 17
by Hallgarten & Co. and Yarnall & Co.
at prices to yield from 2.10% to 2.45%.
July 1, 1937, to July 1,
Principal and dividends (J. & J.) payable
Morgan & Co., New York.
Issued under the Phila¬
delphia plan.
Trustee, New York Trust Co.
Certificates are guaranteed
unconditionally as to principal and dividends by the company.
In the
opinion of counsel these certificates qualify as legal investments for savings
Certificates mature $122,000 on each July 1 from
1946,
both
dates inclusive.
at the office of J. P.
lowed soon by his resignation as President.
It is understood that he
remain as President until the board names his successor.
election of officers.
In
mission said it did
rates are not
at
cost, less amt. amortized...
Total
Divs. payable (25c. persh. on
Mar. 1, June 1 & Sept. 1 '36)
income taxes
value
Patents
$328,470
230,993
payable
payable-
Accounts
116,099 Accrued wages, bonus, local
13,594
taxes, &c
x755,157 Prov. for Fed'l, foreign & State
Prepaid expenses
Sundry investments, at cost..
Plant and equipment..
Tools and dies at replacement
Leasehold
Notes
par
banks in New York.
The issuance of these certificates is subject to approval by the ICC.
These certificates are to be issued under a trust agreement dated July 1,
1936,
which
will
provide
for
trust certificates to be-secured
the issuance of $1,220,000 of equipment
by the following new equipment estimated
Volume
to
cost
142
not less
automobile
Financial
than
cars
approximately $1,534,000, to wit:
than
more
Evans auto-loaders, and 100 40-ton steel
The par amount of the certificates is to be
cost of the equipment subject to this trust.
cars.
80% of the
V. 142, p. 4033.
of
$5 par shares, or, in
effect, to approve
—V. 142, p. 3687.
A total of
$41,000 first mortgage 6% 30-year gold bonds, due July 1,
1940, have been called for redemption on July 1 at 105 and interest.
Pay¬
ment will be made at the
Irving Trust Co., New York City.—V. 142, p.3520.
with SEC—
134,
p.
1387.
RR.—Equipment Trust Certificates—
on
June
16 authorized the
Prudence
com¬
as guarantor in respect of not
exceeding $7,000 equipment-trust certificates of 1936 to be issued by the
Toledo Trust Co., as
trustee, and sold at par in connection with the ac¬
quisition of a gasoline locomotive.
supplemental
Judge Grover M. Moscowitz in the U. S. District Court in
Brooklyn
dismissed on June 12 a petitiion filed
by Joseph and Louis Sandel, acting
as a committee of
Benjamin Sandel, a disabled war veteran, seeking the
removal of Stephen
Callaghan and William T. Cowin as trustees in the
reorganization proceedings of the company.
application,
approved the purchase for itself by the RFC, at
The Court's action followed a
hearing conducted without the presence
of Clarence McMillan of
2 Rector St., Manhattan, attorney for the Sandels,
who walked out of the court room
when Judge Moscowitz ruled against his
a price not in excess par and
dvis. of not
exceeding $7,000 equipment-trust certificates.
.v
The Commission also canceled its
certificate issued March 24, 1936,
approving a loan of
V. 142, p. 2337.
not
Pioneer Gold Mines of Brit.
Col., Ltd.
Month of—
May 1936
April 1936
$206,000
laghan and Mr. Cowin as trustees for the Prudence
—V. 142, p. 4035; V.
141, p. 3872.
March 1936
131,000
136,000
150,000
$220,000
Public Service Corp. of New
but before
depreciation, depletion &
taxes
—V. 142, p. 3359.
Period End. May 31—
^
Gross earnings-
Oper.
Porto Rico Telephone Co.
'
act without prejudice be¬
cause Mr. Cowin is a
brother of Harold L. Cowin, who once acted as law
secretary to Judge Moscowitz and that the latter had appointed Mr. Cal¬
Earnings—
$206,000
Net profit after
expenses,
'Calendar Years—
Total oper.
affidavit charging Judge Moscowitz could not
exceeding $7,000 to the company by the RFC.—
Gross
Co., Inc.—Petition Seeking Ouster of Trustees
Dismissed—
It is proposed to sell the certificates
at par and accrued dividends to the
Reconstruction Finance Corporation.
At
the same time the Commission
upon
re venues
-Earnings—
^
1935
1934
$768,234
561
484
$768,796
378,799
69,025
Operating
_
expenses.
Taxes
$689,663
366,914
49,915
$676,118
321,579
51,700
Amortization of cyclone
damages
26,727
Provision for deprecia'n,
replace. & renewals
Interest deducts, (net)--
$674,261
2,514
$676,775
348,428
55,770
6,979,391
Net income from
oper.
Bal. for divs.& surplus..
$2,932,298
1,768,940
$115,773
to
minor
119,006
106,313
$33,478
reclassification
slightly from those contained in
income, however, is unchanged.
1935
.
the
of
the
1933
for
report
$33,189
figures
that
Liabilities—
year.
1935
$3,274,886 $3,177,886
Special deposits.
17,903
16,024
Deferred charges..
85,268
120,505
Funded
debt
Owing
to
differ
Net
Cash in banks &
X75.905
Def. llabs. & inc..
Accts. &c. payable
Accrued taxes
60,416
Accrued interest-.
on
30,889
91,501
78,176
_
Accounts receiv'le.
Materials & suppls
45,143
Sund.
curr.
843,881
899,266
51,441
47,147
9,922
10,055
45,023
2,163
727
154,937
236,681
99,720
have
Inc.—Files
Under
A
protective committee for the common and preferred
has been formed
consisting of William B. Anderson of
stockholders
Maloney, Anderson &
Block, Leo Propper, former President of the company, and Arthur
Kahn,
with offices at 11
Broadway, N. Y. City.
Strasbourger & Schallek are attorneys for the committee.
Consolidated Income Account for the Year Ended Dec. 31, 1935
Sales.
_
1941, to
competing concerns may be very much interested in
seeing a liquidation of the Propper-McCallum business result
frorgi the
current proceedings.
While the hosiery business has become very competi¬
tive, Mr. Criscuolo feels that the McCallum name still has substantial
"good will" and trade value and that if the company is
efficiently operated,
and proper financing secured, its former
earning capacity might be restored.
With this in mind, the holders of the McCallum notes are
being requested
to make no commitments until the situation
can be studied
carefully.
Income Account for Calendar Years
1934
$2,004,868
1,662,423
$2,386,984
2,067,632
$342,445
431,255
a216,987
Profit
before
excess
extraordinary
$319,352
474,565
61,861
$265,372
544,710
66,067
588,599
86,964
$345,405
$124,981
29,083
32,271
71,908
$283,621
$187,992
$313,134
3,066
2,190
$53,073
3,106
3,210
$283,621
Assets—
1935
$187,992
$318,390
$59,390
1934
$40,804
119
246,356
278,462
_
$60,972
Inventories
Loans
&
advs.
_
_
—
_
281,397
326,994
&c
Balance Sheet, Dec.
$119,700
$7,350
78,170
75,491
Depos.on sub-lease
250
250
Dep.
agt.
contr.
for sale of mach.
6,967
5,002
notes due 1941.
7%
Prop, not used for
Land,
bldgs.
4,200
&
equipment
Trade-marks
Total
x
142,
p.
1,769,019
50,344
1
39,087
__
820,000
Common stock.
.
1,050,000
325,000
456,567
482,613
1,050,000
325,000
456,567
1
30,768
$2,320,575 $2,535,6651
After
y
depreciation,
2337.
y
dl934
banks
Notes
$106,144
$143,375
223,332
115,980
135,258
77,185
Accts. rec., custs.,
surr.
value of
life insurance...
695
1,067
with
utilities
Earned deficit
payable,
vendors
59,680
33,059
$21,519
15,096
&
150
150
36,716
564,162
510,187
30,843
564,162
393,614
18,206
Dr23,954
Drll4,258
$1,214,051
stock.
$910,977
440,329
2,517
3,958
60,990
Common
8,376
681,010
profits
(est.)
excess
taxes
c
81,320
...
Earned surplus...
Treasury stock
buildings,
&
equip.
improve¬
Leaseh'd
(net)
b Formulae
Goodwill.
4,695
1
1
$1,214,051
Total
$910,977
Total
a After allowance for
depreciation of $484,307 in 1935 and $412,401 in
1934.
b After allowance for amortization,
c Represented
by 44,890
no par shares,
d The figures for 1934 do
figures.—V. 142, p. 3361.
not
include subs,
2-20
Consolidated
—;.— __;—
Gross profit
Net operating profit
Income deductions
198,992
$349,521
1,306
(net)
Net income before Federal income tax
$348,214
47,879
Provision for Federal income tax
Net income
1934
;___
Preferred dividends
$2,320,575 $2,535,665
130,000 shares
(no
par).—V,
Dec.
28, 1935
Earnings per share on 300,000
$300,335
1,762,992
Dr2,219
Dr 1,650
101,658
150,001
Common dividends
Balance at
$22,165,722
16,737,245
$5,428,477
4,737.679
89,983
108,630
142,662
-___
Distribution, selling, warehouse and general expenses
Maintenance and repairs
Taxes (other than Federal income tax)
Balance at Dec. 29,
Represented by
e
(Daniel) Reeves, Inc.-—Earnings—
Additional Federal and State taxes applicable to
prior years
Premium on preferred stock repurchased for retirement
Total
dl934
$34,200
Accrued liabilities.
16,310
3,977
public
Land,
el935
ven-
& others..
Prov. for Fed. inc.
Advs. to salesmen.
Deps.
pay.,
dors
Accounts
(net)
Inventories
Cash
3f
Liabilities—
Depreciation and amortization
1,500
772,000
_
and
good-will
Cash on deposit-_.
el935
hand & in
con¬
stock
Capital surplus
1,662,307
44,350
Prepd. & def. chgs.
preferred
vertible
business purps..
x
on
1934
15-year 6)^ % gold
4,087
5,002
Investments
1935
accrued exp &c.
to
officers, employ.,
$158,777
104,713
$3.60
,
Earnings for the Year Ended Dec. 28, 1935
Notes payable
«.
20,752
26,351
___
Cost of sales.
Accounts payable &
Co
$205,881
Net sales
Liabilities—
Due from Tex. Bk.
Accts. receivable.
and
and rearrange¬
44,043 shares capital stock
on
Assets—
Cash
$141,634.
Consolidated Balance Sheet Dec. 31
Cash..
income
_.
displacement
Net income for period..
b Patents
$550,582
$217,075
expense of
/_
on
equipment at New York plant
Prov. for Federal income and excess
profits taxes (estimated)
ments
$305,796
22,175
.
99
ment of
accounts.
stated
55,261
4,570
CV675
Federal
expenses,
profits taxes
Extraordinary expenses—Loss
a
1932
$2,238,215 Not
1,972,842
,
$642,863
46,849
150,640
180,313
_
Prepaid & deferred
1933
Sales, less returns & al¬
Including idle plant
i_.
recoveries)
mach.
1935
expenses..
Interest paid (net)
_s_
Income from sale of fully depreciated
equipment
[Including wholly-owned subsidiaries]
a
.
General and administrative
expenses
Depreciation of buildings & equipment, amortization of
patents,
secret formulae and leasehold
improvements
Losses on bad accounts (net of
some
.
.___■_.
.
Shipping and delivery
Selling expenses
Earns, per share
A study of the situation so far
says Mr. Criscuolo
Prov. for Can. inc. ta:
Provision for bonus.
.$1,583,636
940,773
...
In
..
$1,621,968
38,332
_
;__
Net sales
view of the fact that company has filed a
petition under 77-B of the
National Bankruptcy Act, Luigi Criscuolo, Financial
Consultant, of 40 Wall
St., New York, is requesting holders of the 6H% notes, due
Other deductions
_(_
_____
Discounts allowed
Dividends paid
Luigi Criscuolo Fears Competitors Prefer Liquidation—
i-
cents per on the class B
,
$2,127,030.
Ernest Torbet, Manager, declared that
damage to machinery here
amounting to $100,000 or more in the disastrous fiood of last March was
one cause.
The other was the depression.
lowances
Cost of sales
dividend of 75
a
cents
Gross profit
The
Calendar Years—
declared
no par
of 35
Rapid Electrotype Co. (& Subs.)—Earnings—
9,667
company filed a petition in Federal District Court at Boston on
June 15 seeking permission to
reorganize under Section 77-B of the Bank¬
ruptcy Act.
The petition set forth that assets and liabilities
balanced at
that
$5,909,119
902,305
$0.18
__
value, payable June 30 to holders of record June 25. A divi¬
was
paid on June 29, 1935 and prior thereto regular
quarterly distributions of 50 cents per share were made.—Y. 140, p. 4413.
.
Hosiery Co.,
Bankruptcy Act—Protective Committee—
reveals
1936
_
Randall Co.—75-Cent Dividend—
Cost of sales (not
including depreciation)
Propper-McCallum
communicate with him.
first page of this department.
$3,578,624 $3,495,881
Includes notes receivable.—V. 142,
p. 1779.
x
A U,'rf
on
123,568
9,667
Total
on
142,
The directors
stock,
24,926
2,736
575
liabs
Paid-in surplus
$3,578,624 $3,495,8811
Resigns—
Chairman of the First National Bank, resigned
3361.
dend
Res. for depred'n.
Earned surplus
Total.
478,200
Inter.
v
Baker,
as a
Earnings for 3 Months Ended March 31,
Net sales...
Net income after
depreciation, taxes and other charges
Earnings per share on 902,305 shares..
—V.
141, p. 2289.
1934
424,200
Tel. & Tel. Cor p.
x-
,v
Inc.—Director
See list given
Com.stk.(par$100)$l 800,000 $1,800,000
&c
81,760,296
Quaker State Oil Refining Corp.—Registers with SEC—
109.297
$51,119
detail
annual
1934
Plant, prop., eqpt.
hand
George F.
June 17
130,090
Balance Sheet Dec. 31
Assets—
Pullman,
P.
Net income
Note—I>ue
6,832,695
$3,020,298 $37,606,235 $39,240,823
1,778,706
23,175,551
24,857,685
director of this company and of Pullman Co.
James F. Bell,
Chairman of General Mills, Inc., succeeded him in both
positions.—Y.
26,400
120,944
91,685
120,467
84,731
Jersey—Earnings—
maint.,
—V. 142, p. 3867.
Gross earnings
reorganization.
1932
$677,254
jDrl,136
Non-operating revenues.
expenses,
Co.
1936—Month—1935
1936—12 Mos.—1935
$9,911,689
$9,852,993 $119,366531 $120,387957
taxes and depreciation
1933
$689,179
four-for-one split-up of the stock.
a
Prescott Gas & Electric Co.—Bonds Called—
Phoenix Brass Fittings
Corp.—Registers
Pioneer & Fayette
Stock Split-Up—
at a special meeting to be held
July 2 will vote on a proposal
change the present no par value common stock to stook with par value
$5 per share, and to exchange each share now
outstanding for four new
See Sunray Oil Corp., below.—V.
142, p. 3185.
The Interstate Commerce Commission
pany to assume obligation and
liability,
on
Stockholders
to
Phillips Petroleum Co.—Acquires Oil Well Interest—
See list given on first
page of this department.—V.
4189
Powdrell & Alexander, Inc.—To Vote
equipped with
automobile-furniture
not
Chronicle
400 40-ton steel
:___
no-par
shares
common
stock
$1,807,797
$0.66
4190
Financial
Balance Sheet Dec. 28, 1935
Liabilities—
Assets—
Cash In banks and on hand...
Customers'
accts.
$895,855
Accounts
miscellaneous
less
rec.,
payable—trade and
$682,881
Miscellaneous accounts rec...
201,226 Provision for Federal Income
tax—1935
11,724
Merchandise at warehouses and
Other taxes accrued.
of $10,000
reserve
retail stores
1,990,593
108,073
Prepaid expenses
Inveet'ts at cost
of
respect
banks)
Funds
funds
of
banks
surplus
Earned surplus
Net
Total
$4,858,968
reserve for depreciation of $830,964.
shares.'—V. 139. P- 3164.
Pressed
Steel
Car
Represented by 300,000
y
Co.—Hearing Adjourned—
been
Regal Shoe Co.- -Balance Sheet Dec. 31—
1934
1935
Assets—
Liabilities—
1934
$1 ,998,000 $2,029,800
Commonstock.. 2, 000,000
Accounts payable.
76,685
c
mach'y, equip.,
impts., &c_
Advanced exp. and
deferred charges
$222,271
$296,716
32,950
Goodwill
2,500,000
Cash....
594,732
Accts. receivable.
8; 263
b Merchandise inv 1,327,382
Life Insurance
139,458
17,291
Prepaid Insurance.
37,973
2,500,000
Accrued
reserve
sundry
559,015
7,061
1,157,030
134,359
19,781
.
Total
1935
Preferred stock
Real est. & bldgs.
expenses,
for taxes,
&
accounts
97,286
49,550
500,000
120.823
Paid-in surplus
Surplus
87,725
40,397
500,000
3,174
...$4,842,345 $4,711,937
Total
in 1934.
426 in 1934.
p.
c
Represented by 25,000 shares of
no
value.—V. 141.
par
1945.
Remington Rand, Inc.—Earnings—Meeting Postponed—
Month of
April—
1936
reclassify the company's preferred stocks has been postponed, and the matter
will be taken up at the annual meeting on July 14.
Syracuse, N. Y., Norwood, Ohio, and Middletown, Conn., are being
and will be closed permanently, the company announced on
said
which affords the following:
garding the company
Authorized
400,000 shs.
Capitalization—
Capital stock (no par)
that
the
dismantling would be completed in
about three weeks and that "desirable, experienced employees" in the three
cities would be distributed among the 15 other factories at the company's
expense.
Many of the strikers will not be taken back.
S. H. Ensinger, advertising
manager, estimated that 900 of the 1,200 in Syracuse would be out of jobs.
Ilion, N. Y., he said, would "benefit most" by the consolidation and
History and Properties—Company is engaged principally in the produc¬
and marketing of petroleum.
Incorp. June 1924 in Delaware to
acquire the business and properties of a partnership of the same name.
Business originally established in 1921.
Company's producing properties consist of a gross interest in 8,295 acres
in which it has a net interest of 4,661 acres.
In addition, it has a net interest
in 34,008 acres of undeveloped properties under lease.
In some instances
a full seven-eighth interest is held, but generally the company owns a onehalf working interest in leases held.
All the important holdings of the com¬
pany are located in Texas
oil properties owned and
and are directly managed.
The major producing
controlled are located in the northern end of the
field, in Gregg and Upshur counties, Texas; in the Cook oil
field, Shackelford County; and in the Cayuga oil and gas field, Anderson
and Henderson counties, Texas.
Company also owns scattered producing
leases in Shackelford, Jones, Fisher and Young counties (north central
Texas) and producing oil royalty interests in 14 counties.
The development of the company is indicated by the growth in produc¬
tion from 68,726 barrels in 1924 to 896,955 barrels in 1935.
Production
for the final quarter of 1935 averaged 69,131 barrels per month, and is now
averaging 78,888 barrels per month.
In 1935, 495 wells were in operation
on
48 producing leases.
■
Natural gas Is sold in connection with some of the company s oil produc¬
ing activities, and a small amount of revenue is derived from its holdings
of oil royalties and from the disposal of casinghead gasoline.
The undeveloped properties include 12,500 acres in the Cayuga distric
which is an important natural gas district as well as a source of oil.
„
Calendar
Earnings for
► The men struck for higher wages, demanded arrangements to settle
differences with the company and the return of a group in Syracuse who had
been discharged.
The company statement said that "the completion of
this
program puts a
definite end to the strike," and added:
"When the unification of manufacturing facilities has been completed the
company will have 15 units or three less than it previously operated.
"The company will be able to greatly increase its manufacturing efficiency
by this consolidation of plants.
"The company announces the policy of moving desirable experienced
employees at the company's expense to new locations to which their work
A
Reynolds Spring Co .—Listing—
The
New
issuance
—V.
as
a
York
Stock
Exchange has authorized the listing of 148,566
stock (par $1 per share) on official notice of
making a total of 297,132 shares to be listed.
common
stock dividend
142, p. 3867.
(H. W.) Rickel & Co.—12-Cent Extra, Dividend—
The directors have declared an extra dividend of 12 cents per share in
addition to the regular semi-annual dividend of 8 cents per share on the
common
stock, par $2, both payable July 25 to holdersof record July 15.
Extra dividends of 4 cents per share were paid on Jan.
15, last and on
97,657
15,570
$699,280
2,350
354,742
Income
.
....
charges
Provision for reserves
Earned per share
1934
1933
1932
$8,134,399
7,080,530
557,976
$8,831,066
7,309,750
565,362
130,669
55,673,108
5,035,307
$5,657,148
5,045,801
567,935
629,922
107,634
27,0,362
109,157
Federal income taxes
_
_
132,898
15,541
_
Net profit
$238,297
Preferred dividends-___
75,000
Divs.
62,143
on
class A
common
Balance, surplus
$418,247
31,526
$175,492
$386,721
$1.82
$175,492
$0.83
211,815 shares, exclusive of treasury stock.
The results for 1935 and 1934 marked these two years as the best in the
company's history.
The outlook for further improvement in earnings this
year is favorable in view of the reported increase in the first quarter, as set
Based
x
forth
on
...
below:
1935Operating
Profits
$65,592
76,204
$53,634
62,457
68.732
$56,863
.1936
in Barrels
March
80,615
74,860
81,191
February
January.
Total
236,666
Operating
Profits
$72,215
Production
in Barrels
$68,187
$72,102
207,393
$212,504
$176,089
Dividends—Recent dividend payments per share have been as follows:
1935, $1.25 (including extras; 1934,55 cents; 1933, 50 cents.
A dividend of
25 cents per share was paid April 1, 1936 representing the regular quarterly
payment of 15 cents and an extra of 10 cents per share.
A regular quarterlydividend of 15 cents and an extra dividend of 10 cents have been declared
payable July 1 to holders of record June 30.
The company has paid a
dividend each year since 1926.
Total dividend payments since the forma¬
tion of the company aggregate $3,414,763, including payments of $1,080,618
in 1930.
$101,154
108,533
220,253
161,220
sub.
from
_
$476,385
288,626
39,808
Due sub. company
Deferred credits..
110,600
$288,061
5,922
S7,579
38,710
56,097
Total liabilities.
$230,978
$381,563
9,813
28,782
Net
37,181
Inv.
in
156,225
1,107,341
1,020,867
reserves.
$626,885 loss$258,920 loss$396,571
75,000
1
186,429
Total
554
....
assets.....$1,980,428 $1,852,133
Paidin capital..
Earned
surplus.
Total.
15,770
12,407
149,230
-.$2,075,567 $1,947,272
95,139
95,139
Less treas. stock
154,496
...
accounts
$313,799
1,633,473
$366,924
1,708,643
...$2,211,406 $2,233,696
Net equity—$1,980,428'S1,852,133
Officers—Chas. F. Roeser, Pres.; T. T. Pendleton, Vice-Pres.;
—
$365,456 def$258,920 def$396,571
..
less
Prepaid & deferred
charges
$119,825
Represented by:
sub., affil.
assets,
Deferred
.
officers
and other cos
Fixed
Current liabilities
and
cos...
and employees..
Consolidated Balance Sheet Dec. 31, 1935
Assets—
to
$428,646
292,311
34,984
134,601
Securities, at cost.
affiliated
1934
1935
Liabilities—
1934
1935
Current assets
Due
1935
Interest-
18,950
Cr266,253
$339,619 *
$1.60
Net profit
x
44,003
$361,477
21,858
Provision for Federal income tax...
-Earnings
earnings from all
sources
$374,244 def$109,711
19,289
Adv.
Operating expenses
Depreciation.
Depletion
$130,120
18,514
221,317
L-»
Profit from sale or disposition of capi
Accts. receivable.
Calendar Years—
$657,112
19,103
263,765
104,095
Comparative Balance Sheet Dec. 31
Rochester & Pittsburgh Coal Co. (& Subs.)
Cross
$123,366
6,754
$342,188
Gross income..
Assets—
3362.
p.
158,545
$643,746
13,366
Other income...
Mfg. Co., Inc.—Transfer Agent—
The Chase National Bank of the City of New York has been appointed
transfer agent
of the company's preferred and common stocks.—V.
142,
108,084
Operating income..
July 25, 1935.—V. 141, p. 4175.
Ritter Dental
$386,007
$958,220
206,389
General and administrative expenses-
Production
percentage of the employees in Syracuse, Middletown and
Norwood have applied to the company for transfer to the new locations."
—V. 142, p. 4035.
1933
1934
227,243
Operating expenses
major
additional shares of
Years
1935
been transferred.
has
t
,
$1,008,610
Gross earnings
redistribution of work.
very
Outstanding
*211,815 shs.
Exclusive of 29,672 shares of treasury stock.
tion
dismantled
June 13.
The announcement
$221,556
,
The three Remington-Rand factories hardest hit by a month-old strike,
in
$282,790
Pendleton, Inc.—Analysis—
1935
Net income after charges and taxes
$277,330
$193,030
The special meeting of stockholders called to take action on a plan to
To Close Three Plants—
1,307
6,151
1,150,090
119,414
East Texas
other
New season's mdse
$4,711,9371
...$4,842,345
2,000,000
50,840
After deducting $672,248 reserve for depreciation in 1935 and $677,577
b After deducting $26,401 reserve for discount in 1935 and $24,-
a
$59,873
....
Robinson, Miller & Co., Inc., New York, have issued an analysis re¬
*
on the reorganization plan in Federal Court at Pittsburgh
adjourned until June 23.
The report of Special Master T.
Chalmers Duff will also be heard at that time.—Y. 142, p. 3521.
a
$1,562,565
3,022
1,144,026
132,727
$1,497,211
1,263
288,507
29,622
435
.
operating income.
Roeser &
$4,858,968
-
Hearings
have
Operating expenses
Operating taxes
1936—4 Months—1935
297,224
33,122
—
Uncollectible oper. rev.
Earnings—
1936—Month—1935
$390,654
$379,699
-V. 142, p. 3186.
After
x
Period End. April 30—
Operating revenues.
1,554,800
y300,000
441,258
1,807,797
11,473
xl,337,335
300,000
Coo d will
no-par
....
Rochester Telephone Corp.
47,879
24,351
preferred
June 20, 1936
July 1 to holders of record June 20.
Similar payments were made on Jan.
2 last, July 1,1935 and on Nov. 2, 1934, this latter being the first dividend
paid since Jan. 1, 1931, when a regular semi-annual dividend of $3 per
share was distributed.—V. 141, p. 4023.
(less
$1,953)...
Fixed assets
Total
cumulative
(par $100)
Commonstock
stock
Paid-in
closed
In
2,685
closed
In
reserve
^acquired In
6)4%
Chronicle
Marshall
R.
Young, Vice-Pres. & Treas.; A. M. Brackett, Sec. & Asst. Treas.;
Philip R. Walker, Asst. Sec.
Directors—Chas. F. Roeser, T. T. Pendleton, Marshall R. Young.
Company's address: 613 Fort Worth Club Bldg., Fort Worth, Texas.
LicibtlUics—*
Land, plant & equipment
x$24, 442,548
778,317
Marketable secur. (at cost)__
772,630
Notes receivable.
1
8,456
Accts. receiv'le (less reserve)
1, 911,609
Accrued interest and divs
17,127
Inventories
1 ,990,307
Advances
26,120
Investments
551,143
Sinking funds
7,502
Deferred charges
165,034
Organization expenses
61,513
Cash
_
...
Future Canadian foreign ex¬
change contr. (see contra).
Adj. arising from elimination
of inter-co. held securities.
Helvetia Coal Min. Co. pf.stk $4,332,800
Rochester & Pittsb. Coal Co.:
Preferred stock
1,500,000
Common—class A stock— 14,444,600
Common—class B stock
9,036,500
Class A stock unissued
Drl,500,000
Class A treasury stock
Z>r516,000
Paid-in surplus
2,028,839
Earned surplus
483,352
Bonded & long-term indebt-2,542,773
Accounts payable
769,476
Notes pay.(due Jan. 30, '36)_
200,000
Accrued interest and taxes.62,024
45,000 Deposits
4,762
Deferred credits
11,926
3,108,319 Reserves
439,025
-
St.
Lawrence
Paper
Mills
Co.,
Ltd.—Bond
Issue
Approved—
The shareholders at
a
a special meeting held June 15 unanimously approved
by-law authorizing the issuance of $2,500,000 20-year 5% first mortgage
bonds^V. 142, p. 4036.
San-Nap-Pak Mfg. Co .—Initial Preferred Dividend—
The directors have declared
cents cumulative
a dividend of 70 cents per share on the 70
preferred stock, par $8.50, payable July 1 to holders of
142, p. 2684.
i
record June 20.—V.
Savoy-Plaza Corp.—Earnings—
6 Months Ended May 31—
Net loss after expenses, int., deprec. & amortiza'n,
—V. 142, p. 634.
1936
$772,495
1935
$852,809
Future Canadian foreign ex¬
change contr. (see contra)-
xJAfter
45,548
Schenley Distillers Corp.—Initial Common Dividend—
The directors
Total
$33,885,629
for
reserves
depreciation
Total
and
.-.
depletion
of
—
.-$33,885,629
$11,339,587.—V.
141,p. 124.
Riverside & Dan River Cotton Mills, Inc.—$3 Div.
The directors have declared
accumulations
on
the 6%
dividend of $3
share on account of
cumulative preferred stock, par $100, payable
a
per
on
on
June 16 declared an initial dividend of 75 cents per share
the common stock, par
$5, payable July 8 to holders of record June 27.
^V. 142, p. 2684._
Schulco Co.,
Inc.—Bondholders' Protecitve Committee—
Formation of a protective committee for $2,168,000 guaranteed 6H %
sinking fund gold bonds, due July 1,1946, and $1,579,000 guaranteed 6)4%
sinking fund gold bonds, Issue B, due Oct. 1,1946, was announced June 18.
Volume
Financial
142
Peter Grimm, President of Wm. A. White &
Sons, is Chairman of the
-committee, which includes Edwin Gibbs of Lehman Brothers, Duncan G.
Harris, Vice-Pres., Brown, Wheelock, Harris & Co., Inc., Maurice Newton,
Hallgarten & Co. and Ralph B. Wattley, Pres., R. B. Wattley Co., Inc.
Alfred J. Williams, 1 William St., is Secretary and Sullivan & Cromwell are
Chronicle
4191
South Shore Utilities
Associates—Pays Initial Pref. Div.
The company paid an initial dividend of 25 cents per share on the $1.50
cumulative conv. preferred stock, no par value on June 1 to holders of
record
May 28.—V. 142,
p.
3524.
counsel.
The committee will intervene in the court
proceedings in the reorganiza¬
tion of the company, Schulte Retail Stores
Corp., which has guaranteed
the bonds of Schulco Co. and controls the latter
through stock ownership,
and D. A. Schulte, Inc., which also is controlled
by Schulte Retail Stores
Corp. and is lessee of all the parcels of real estate mortgaged to secure the
above-named bonds.
These three companies filed petitions under Section
77-B of the Bankruptcy Act on June 3.
Lehman Brothers headed the syndicate which made the original public
offering of the Schulco bonds in 1926 and in which Hallgarten & Co. had an
interest.
Declaring that it is important for the bondholders
to have united repre¬
the reorganization proceedings, the committee in a letter is
to act for them.
It is pointed out, however,
that the letter of authorization will not
empower the committee to approve
sentation in
seeking their authorization
any plan
of reorganization which may be developed, nor does it prevent
bondholders who sign it from selling their bonds.
The committee is not
inviting or accepting deposit of the bonds.—V. 142, p. 3868, 3523.
now
Schulte Retail Stores Corp.—To
Urge Independent Trustee
The protective
committee
for
McRoberts, Chairman) plans to
trustee
or
trustees
at
preferred stockholders
urge the appointment
Samuel
(General
of
an
independent
hearing to be held June 26 in the U. S. District
Court in the proceedings for reorganization of the
company under Sec¬
tion 77-B of the
Bankruptcy Act.
Referring to the decline in earnings,
there are other matters
requiring independent investigation, such as "the
transactions whereby the company disposed of its control of Overholt
Distributing Co., sold its stock in Philip Morris Co. and conducted its
real estate dealings," the committee
says in a letter to the 8% preferred
stockholders.—Y. 142, p. 4037.
a
registration under the Securities
Seaboard
Finance
p.
3362.
•
Corp.—Registers with
■
SEC—
See list given on first page of this
department.—V. 142, p. 2685.
Securities Acceptance Corp.—New
Financing—
The corporation is to enter the investment market
shortly, according to
announcement made June 17.
Barney Johnson & Co., the principal
underwriter, will offer $500,000 5% convertible debentures, due 1946, and
the 6% cumulative preferred stock ($25
par), which carries common stock
purchase warrants.
an
The Convertible debentures will be offered at
99%
Kraft
Corp.—Files
with
SEC—To
Issue
$14,500,000 lsi Leasehold & Gen. Mtge. 434% Bonds—
The corporation on June 11 filed
Commission a registration statement
with the Securities and Exchange
(No. 2-2251, Form A-2) under the
Securities Act of 1933, covering $14,500,000 of 1st leasehold & gen. mtge.
bonds, 4M% series, due 1946.
According to the registration
statement, the net proceeds from the
are to be
applied as follows:
$298,554 to redemption on Aug. 1, 1936, at 102% of $292,700 of Bastrop
Pulp & Paper Co. 1st mtge. 15-year Q}4% sinking fund gold bonds, due
Feb. 1, 1940, of which $20,100 are owned by affiliates.
$1,700,000 as follows: $1,582,759.50 to prepayment in full of the 5%
notes (bank loan) of the
corporation, aggregating that amount and payable
serially from Oct. 20, 1936, to July 20, 1938, and $117,240.50 to reimburse
the treasury of the
corporation for the reduction in bank loans on April 15,
1936, from $1,700,000 to $1,582,759.50.
$1,619,000 to the acquisition from International Paper Co., a parent
company, of a like principal amount of Louisiana Pulp & Paper Co. 1st
mtge. 7% sinking fund serial gold bonds, which, after certain amendments
thereto, and to the mortgage and trust under which they were issued, will
be 5% 1st mtge. bonds, due Jan. 1, 1950.
Upon acquisition by the com¬
pany, these bonds will be pledged under the indenture to secure the bonds
being offered.
The balance, amounting to $10,382,446, will be
applied to the retirement
of the following bonds and notes of the
company owned by International
Paper Co.:
$8,682,634.35 to the retirement in full of $10,000,000 1st mtge. leasehold
and fee5% bonds,series A, dueOct.
1, 1961, of the corporation, owned by
International Paper Co., to be retired at the above cost, exclusive of accrued
sale of the bonds
interest.
Schwitzer-Cummins Co.—Application Approved—
The Chicago Stock Exchange has
approved the application of the com¬
pany to list 145,000 shares of capital stock, 81 par, 143,000 shares of which
are to be admitted to
trading on notice of
Exchange Act of 1934.—V. 142,
Southern
and the preferred at
$25 a share.
The debentures are convertible into common stock at the
rate of 100 shares of common for each $1,000 bond on or before June
1,1938,
and at varying rates thereafter up to and
including June 1, 1941. The war¬
rants attached to the 6% cumulative
preferred stock entitle the holder
>
$1,699,811.65 to the reduction of demand notes of the corporation, owned
by International Paper Co., and aggregating $21,724,454.99.
The balance of the indebtedness to International Paper Co., together
accrued interest, making an aggregate of $22,466,081.84, is to be
satisfied, it is stated, by the issuance to that company oi $14,000,000 of
income notes, due 1947, and 59,900 shares of common stock of the corpora¬
tion, at a stated value of $5,999,000, and the balance, amounting to
approximately $2,467,081.84 will become paid-in surplus of the corporation.
The bonds are redeemable in whole, at the option of the corporation,
after 30 days' notice, at the following prices, plus accrued interestif redeemed
on or before June
1, 1939 at 1023^%; thereafter and incl. June 1, 1940 at
102%; thereafter and incl. June 1, 1941 at 1013^%; thereafter and incl.
June 1, 1942 at 101%; thereafter and incl. June 1, 1943 at
100H% and
thereafter at 100%.
The price to the public, the names of the principal underwriters, and the
underwriting discounts or commissions are to be furnished by amendment
with
to the
registration statement
Earnings for 3 Months Ended March 31, 1936
Net income after expenses, depreciation. Federal taxes, interest &
thereof to purchase common stock from and after June
1, 1936, to June 1,
1940, at a price varying from $10 to $15 a share.
The available cash proceeds will be used to retire the
unexchanged por¬
tion of the predecessor company's
other charges
—V. 142. p. 4037.
business and to increase working capital.
The corporation is one of the largest locally owned and controlled auto¬
mobile finance companies operating between Chicago and the Pacific Coast.
has announced that holders of temporary class A stock
adjustment mortgage bonds may how exchange such
temporary securities for definitive securities.
Holders of temporary class A
stock certificates are requested to forward them to the Central Hanover
Bank & Trust Co., New York City.
Holders of temporary adjustment
mortgage bonds are requested to forward them to the Chase National
Bank of the City of New York.—V. 142, p. 3524.
7% preferred stock, expansion of the
Principal offices
are
in and about the vicinity of Omaha, Neb.—V.
142,
P. 4037.
Sharon Steel Corp.—Initial
The directors
the
on
$5
June 17 declared
on
cum.
Preferred Dividend—
an
initial dividend of $1.43 per share
no par value, payable July 1 to
holders of record June 26.
This payment includes 18 cents for the period
from March 19 to March 31, 1936, the
unexpired part of the first quarter
during which the stock was in existence, and $1.25 per share for the quarter
ended on June 30, 1936.
Pittsburgh Steel Merger—
An official of the corporation states that so far a
merger of the Sharon
Steel Corp. and the Pittsburgh Steel Co. "has been far from our
plans."
he is quoted as
saying: "When it came out that we had purchased a block
of stock in the
Pittsburgh Steel Co.. some reached the conclusion that we
were to
The
merge the
companies.
plans."—V. 142, p. 3691.
However,
far that has been far from
so
Southern Pacific
Net ry. oper. income:
After depreciation.
...
1933
$47,917
6,236
59.894
_
Administrative expenses
Interest paid
Federal capital stock tax
$46,160
5,356
60,762
$51,091
5,597
61,044
$53,064
5,883
65,450
720
498
680
.
Net loss
$18,933
Previous surplus and un¬
divided profits
on
$16,230
$18,269
3,730
2,152
Dr6,575
1,950
1,007
$18,018
227,326
$93,453
prof 1,433
$96,807
15,063
$245,344
$92,020
$111,870
sur$40,551
def$80,180 def$120,128
Assets—
Accrued int.
1936
Accts.
rec._
1935
15,425]
69, 236
rec.—sale
Pro v.
of securities
36,662
Cash
124,527
1936
for
secur..
191,130
Acer.
int.
senior
Junior
pay.
notes:
Mar.
A
2,640
3,794,000
$1,891
3,891,000
46,246
6%
960,000
960,000
pay. on
..$4,888,630 $4,869,7931
Total
$4,888,630 $4,869,793
»"""Note—Share
capital of 75,000 common shares of no par value in part
issued and outstanding and the balanqe issuable on conversion of warrants
outstanding.—V. 142, p. 3523.
Sr'
Skookum Gold Mines, Ltd.—SEC Issues
The
Securities
Stop Order—
and
Exchange
Commission
on
June 13, issued a
200,000 share common stock issued by the company.
was stopping the issue because of misleading state¬
in the company's application for issuing it.—V. 142, p. 2685.
stop order against
a
The Commission said it
ments
500
39,598
$341,321
1,000
221,367
21,725
$97,229
$389,514
4,773
American
4,339
243,172
24,067
$25,203
$25,934
$121,775
Life Insurance Co.—See latter
2172.
Natural
Gas
Co.—Bonds
from
company
Called—
Payment will be made at the Pennsylvania Co. for Insurances
Granting Annuities, Philadelphia, Pa.—V. 141, p. 768.
Standard
in
directors
addition
Dec.
—V.
on
Lives &
Cap & Seal Corp.—Extra Dividend—
have
the
declared
an
extra
dividend
of
20
cents
per
share
regular
quarterly dividend of 60 cents per share on
value, both payable Aug. 1 to holders of record
3.
Previously, special dividends were paid as follows:
40 cents on
30, 1935, Dec. 29, 1934, and on Dec. 29, 1933: in December of 1932,
and 1930 special dividends of 50 cents per share were distributed,
142, p. 4039.
*
common
July
to
stock,
Standard
_Total
200
All of the outstanding first mortgage 6% s. f. gold bonds, due May 1,
have been called for redemption on July 18 at 104^ and interest.
1931
14,400
216,000
40,551 def245,344
Surplus..
1936—5 Mos.—1935
$70,071
100
48,087
above.—V. 142, p.
the
Junior notes
Telephone Co.—Earnings—
Southwestern Life Insurance Co.—To Be Divorced
The
due
1, 1952...
Acer. int.
1935
142, p. 3525.
General
on
debs
series
$31,938
45,101
Senior debentures.
1936
1945
Federal
capital stock tax
-Jan. 1 to June 7-
$78,163
1
Net operating income.
1935
pay.—pur¬
chase of
$5,360,714
8,504,418
$2,021,522 $52,076,266 $44,935,677
1936—Month—1935
revenues
Southwestern
Liabilities—
Accts.
$2,228,052
Operating expenses
Operating taxes
Condensed Balance Sheet May 31
Invest., at cost...$4,712,016 $4,609,427
—First Week of June
1936
1935
Uncollectible oper. rev-.
-V.
$6,486,728
9,772,598
Ry.—Earnings—
Southwestern Associated
Operating
$1,575,046
2,204,881
4037.
Gross earnings
—V.
142, p. 4038.
41,590
prof$22,948
securities sold-.
prof17,603
Deficit May 31
$20,456
6,861
Adjust, of prior period--
Loss
p.
Period End. May 31—
38,151
;
142,
Period—
1934
$1,231,781
1,887,999
_
Before depreciation.
-V.
Southern
1935
Lines—Earnings—
1936—Month—1935
1936—5 Mos.—1935
Railway oper. revenues_$15,318,449 $13,753,683 $72,670,083 $62,362,309
Railway oper. expenses. 11,963,434
10,519,604
56,813,335
49,186,363
Railway tax accruals
1,287,269
1,009,398
5,923,488
5,031,158
Equipment rents
781,470
628,169
3,154,377
2,681,637
Joint facility rents
54,494
21,466
292,154
102,436
our
1936
Co.—Definitive Securities Ready
Period End. May 31—
Shawmut Bank Investment Trust—Earnings3 Mos. End. May 31—
Interest ^and dividends.
Gas
company
and
certificates
preferred stock,
conv.
$764,661
Southern Natural
no
par
Gas
&
Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended June 13, 1936, totaled
94,556,059 kilowatt-hours, an increase of 12.2% compared with the corre¬
Gas
sponding week last year.—V. 142,
p.
4039.
Standard Products Co.—101,000 Common Shares
Offered
—F. Eberstadt & Co., Inc., of New York, and Prescott,
Biggar &
Co.
Cleveland offered on June 19 101,000
stock, of which 80,000 shares are to be
$10.50 per share and the balance subsequently at
the market.
The offering does not represent new financing
by the company, but includes only outstanding shares to be
purchased from certain shareholders who will receive the
net proceeds of the sale.
A prospectus dated June 18
affords the following:
shares of
of
common
sold at
I
Smith-Alsop Paint & Varnish Co.—Accumulated Div.—
The
dividend of 87 M cents per share on account of
cum., pref. stock, par $50, on June 1.
Similar
on April 1, last, Dec. 2, Sept. 1 and June 1 1935
and on Sept. 1 and April 1, 1934, prior to which no dividends were paid on
this issue since Dec. 1, 1932, when the last regular quarterly dividend of
87K cents per share was distributed.—Y. 142, p. 1657.
company
accumulations
distributions
paid
on
a
the 7%
were
made
Southern Canada Power Co.,
Period End. May 31—
Gross earnings_..i
Operating expenses
Net
-V.
earnings
142, p. 3524.
Ltd.—Earnings—
1936—Month—1935
$178,907
$171,757
73,114
69,018
$105,793
$102,739
1936—8 Mos—1935
$1,437,257
$1,430,849
587,122
570,442
$850,135
$860,407
History and Business—Company
the result
was
incorp. in Ohio May 1,
of the consolidation of two predecessor corporations,
1936, as
Standard
Products Co. and Reid Products Co.,
incorp. in 1927 and 1930, respectively.
Company is one of the leading manufacturers of window channel, one of its
predecessor corporations having produced, it is estimated, more than 75%
of all window channel used in 1935 by automobile manufacturers, and also
manufactures
automobile door
checks
and supports
and other minor
products.
4192
Financial
The business
now
owned
was
founded
aggregate investments in 1929
and 1930 of approximately $30,000, and, through accumulation of
earnings,
has grown into an enterprise with net worth of more than $1,000,000. This
enterprise in 1927 began experimenting with various types of window
channel to replace the molded rubber channel then generally in use, but did
not begin manufacturing operations until after the time in .1929 when a
group headed by J, S. Reid, the President of the company, acquired control.
Starting in 1929 the company has continuously endeavored to develop
improved types of window channel and methods of producing it, and is
generally credited with the development of the type of channel now used
by most automobile manufacturers. This has involved not only the origi¬
nation of the present design of channel, but also the
development of equip¬
ment necessary for satisfactory volume production.
Channel is made by
the company from steel strip, in most instances coated with
rubber, and
lined with special fabrics or felts.
The production of automobile door
checks and supports was begun in 1934.
Door checks, designed to check
the opening swing of an automobile door and, in the case of one
type pro¬
duced, to prevent the accidental closing of the door, consists of metal strips
with flexible mountings, as presently manufactured.
Door
supports, de¬
signed to prevent automobile doors from rattling, consist of small metal
devices fitting into the upper and lower parts of door frames as presently
manufactured.
v
•
The company's present products are sold almost exclusively to the auto¬
Two of the leading automobile manufacturers
motive and allied industries.
purchased
directly
approximately
47%
and
21%,
respectively,
of the
combined output of the company's predecessors for the 10 months'
period
ending April 30, 1936, and companies engaged in the manufacture of auto¬
mobile bodies and fittings, some of whom, in turn, sell a portion of their
products to these two automobile manufacturers, purchased an additional
part of such output.
The company has three subsidiaries, Reid Products Co.
(Mich.), engaged
in the manufacture of window channel, and
Michigan Rubatex Co. and
Thermo-Plastics, Inc.
The company has granted licenses to manufacture and sell window channel
under its patents to various persons, including Standard Products (Prance),
a French company, with
respect to continental Europe; Silent Channel Co.,
Ltd., an English company, and Backstay Standard Co., Ltd., a Canadian
company, in the last two of which the company owns a minority stock
interest.
Michigan Rubatex Co.,
a
subsidiary, is at the present time installing at
the Port Clinton, Ohio, plant of the company initial equipment for the
pro¬
duction of articles made of Rubatex, a product
consisting, in very general
description, of a rubber compound into the interstices of which nitrogen
gas has been forced under high pressure.
Thermo-Plastics, Inc., a wholly owned subsidiary, has agreed to purchase
and is at the present time preparing for the installation at the St. Clair,
Mich., plant of the company of an initial machine for the production of
articles made of plastic materials.
Capitalization—
Authorized,
Outstanding
300,000 shs.
300,000 shs.
for the common shares are Bank of the Manhattan
Co., New York, and Central National Bank of Cleveland. The registrars
are New York Trust Co., New York, and National
City Bank of Cleveland.
Underwriters—F. Eberstadt & Co., Inc., New York, and Prescott, Biggar & Co., Cleveland, underwriters, have not made a firm commitment to
purchase the 101,000 common shares, but have the right to purchase from
certain shareholders of the company 80,000 shares at $6 per share and the
remaining 21,000 shares at $10 per share.
Common shares ($1 par).
The transfer agents
Combined Income Statement of Predecessor Corporations
Years Ended June 30Period—
1933
lOMos.End.
1934
1935
158,294
Gross sales
$1,704,006
1,306,588
$3,206,605
2,601,782
Selling, gen. & admin.,
&c., exp., incl. deprec.
71,449
166,093
263,349
351,224
Gross inc. from mfg__
Income from other than
$56,522
$231,325
$341,474
$893,987
April 30 '36
a
former corporation then kown as Sterling, Inc..
company was
ever
with the old company.
The new corporation merely acquired some of
of the old company including its name, which was favorably
the assets
The company also entered into a contract with International & Industrial
Securities Corp. (by change of name now known as I. & I. Holding Corp.)
to collect accounts receivable, which that corporation had acquired from the
Inc.
The seven original stores operated by the present
selected primarily for their volume of business and for the
advantages of their geographical locations in the coUection of accounts.
The management was cognizant of the fact that all of these locations were
not permanent from the standpoint of building a successful installment
business, but that they served the purpose at the time.
As outstanding
accounts in the various sections were liquidated, some of the old stores were
closed, others moved to more advantageous locations and three new stores
were opened.
The work of collecting accounts for I. & I. Holding Corp.
was largely completed by August,
1935 and was thereupon discontinued.
Within the last two years the company has opned two new large stores in
Manhattan.
One of these stores is located on 59th Street opposite Bloomingdale's and the other is at 35th Street and Eighth Avenue, adjacent to
two other large installment furniture stores.
It is the intention of the
company to either close or dispose of the two remaining stores in Manhattan
on or before the expiration of the leases (Dec. 31, 1936) and to consolidate
the business I of these two stores into that of its two new large and wellequippped stores.
Sterling, Inc., is one of the large retail installment furniture chains in the
New York metropolitan area.
This company operates a chain of eight
stores, each of which is located in an important retailing district.
Four
of the stores are located in the Borough of Manhattan, New York and one
in each of the following cities of northern New Jersey: Newark, Elizabeth,
Union City and Paterson.
All stores are occupied under leases, the ma¬
jority of which run for less than 10 years.
Capitalization—Upon the sale of 4,000 additional shares of $1.50 cum.
conv. pref. stock, the capitalization of the company will be as follows:
former Sterling,
company were
Balance Sheet
as
pref. stock (no par)
($1 par)
x
are
Of the 350,000 shares of
stock authorized but unissued, 160,000 shares
reserved for conversion of the $1.50 cum. conv. pref. srock.
Purpose and Proceeds of Issue—Of the 40,000 shares of $1.50 cum. conv.
pref. stock to be offered, 36,000 shares are being sold by I. & I. Holding
Corp., and no proceeds from the sale thereof will be received by the com¬
pany.
The remaining 4,000 shares are to be sold by the company and the
proceeds from the sale thereof, amounting to $85,000, will be added to the
company's general funds to permit it to expand its business, if the board
of directors so determines, to include the sale of products related to those
now being sold by the company.
Of the 280,000 shares of common stock to be offered. I. & I. Holding
Corp., and E. A. Thomson are each selling 140,000 shares and none of the
proceeds from the sale thereof will be received by the company.
Summary of Earnings
-Fiscal Yr. End. May 311934
1935
sales
Gross
$1,244,986
796,883
201,779
60,000
3.36
$0.35
—
sales
$240,415
35,061
$375,314
20,732
$931,074
29,752
Earned per com. share--
$0.18
36,545
54,305
157,000
110,000
$168,809
$300,276
$634,322
Inventories
Investments
Fixed assets
Intangibles
Deferred charges
Accts.
payable
to
sub.
$284,016
49,324
2,291
176,876
1,662
27,325
_
300,000
755,914
Total
$1,597,408
-V. 142, p. 4039.
quarterly dividend payments on this issue starting Aug. 1, 1936 covering
the three mbnths' period ended July 31.
No definite statement has been
made concerning the payment of dividends on the common stock but it is
the present intention of the board of directors that at a relatively early date
the company should adopt the policy of paying out about half of its earnings
in dividends and retaining the other half in the business to provide for a
normal expansion.
Pro-Forma Balance Sheet as of Feb. 29. 1936
tificate of incorporation, whereby the old b]4% Pref. stock (par $100) per
share was changed into $1.50 cum., conv. pref. stock, no par, at the rate of
four shs. of such new $1.50 cum., conv. pref. stock for eachsh. of such old
5H% pref. stock, and after giving effect to the proposed issuance of 4,000
shares of $1.50 cum., conv. pref. stock to be purchased by
Inc., for $85,000 in accordance with a certain contract
Inc. and Hammons & Co.. Inc., dated March 18, 1936.1
additional
Hammons & Co.,
between Sterling,
items
directors
have declared a dividend of 30 cents per share on the
stock, par $20, payable June 30 to holders of record June 16.
This compares with 20 cents paid on April 15 and Jan. 15 last; 30 cents on
Oct. 15 and July 15, 1935; 20 cents on April 1, 1935; 60 cents on June 30,
1934, and regular quarterly dividends of 30 cents per share paid up to
and including Oct. 15, 1933.
In addition a stock dividend of 5% was paid
on Dec. 1. 1934—V. 141, p. 4026.
(Frederick) Stearns & Co.- -Initial Preferred DividendTo Resume Common Dividends—
an initial dividend of 41 2-3 cents per share
cumulative participating preferred stock, par $100, payable
June 30 to holders of record June 20.
This dividend is for the month
ended June 30, 1936.
The directors also declared a dividend of 25 cents per share on the
common stock, payable June 30 to holders of record June 20.
This will be
the first payment to be made on the common stock since Sept. 30, 1931
when a distribution of 30 cents per share was made.—V. 142, P. 3871.
5%
Sterchi Brothers Stores,
Other
1,473,566
233,718
560
238,508
30,831
35,083
238,508
78,575
Total fixed assets.
Deferred charges
_
_
Other assets
587
30,831
35,083
for
come tax
cum.
16,000
in¬
514% pref. stock..
$1.50
587
16,000
Fed.
49,000
.
Long-term debt
Res.
7,449
14,659
49,000
Deferred income.
1,473,566
233,718
560
_
liabils.
curr.
900,000
conv.
985,000
pref. stock
(par $1)
400,000
400,000
surplus...
677,921
677,921
Com. stk.
Earned
Total.
-V.
142,
$2,152,968 $2,237,968
p.
Total
$2,152,968 $2,237,968
3871.
The directors have
1936—5 Mos.—1935
$2,005,957
$1,639,731
158,804
35,745
on
the
Consolidated
Income Statement
(Hugo Stinnes Corp. & Subs.)
1935
1934
1933
1932
$2,557,458
$2,281,680
$2,258,236
$2,137,620
Calendar Years—
Gross earnings
Dividends from Mathias
Stinnes mines & other
not
Sterling, Inc.—Common Stock Offered—Public offering
by means of a prospectus of 280,000 shares of common stock
was made June 16 by Hammons & Co., Inc.
This stock,
which is part of a total of 440,000 shares registered with the
Securities and Exchange Commission, is priced at $3.50
per share.
The remaining 160,000 shares are reserved for
the conversion of the company's cum. conv. pref. stock.
This offering does not represent new financing for the
company, the shares having been purchased by the under¬
writer from two of the principal stockholders.
Registrar: Commercial National Bank & Trust Co. of
Transfer Agent; Manufacturers Trust Co. of New York.
>
declared
a dividend of $2 per share on account of
7% cumulative preferred stock, par $25, payable
July 15 to holders of record July 1. A dividend of $3 was paid on Jan. 15,
last; $1 on July 15, 1935 and one of $2 per share on Jan. 15, 1935, this
latter being the first dividend paid since Jan. 15, 1932 when a regular
semi-annual dividend of $1 was paid.
Accumulations after the payment of the current dividend will amount to
$1 per share.—V. 142, P. 472.
accumulations
(Hugo) Stinnes Corp.—Earnings—
Inc.—Earnings—
1936—Month—1935
$565,622
$471,647
—V. 142, p. 2687.
Accrued liabilities.
$225,700
$87,351
7,449
14,659
$87,351
(John B.) Stetson Co.—Accumulated Dividend—
The directors have declared
\
$140,700
Mdse. inventory.
Feb. 29 '36 Feb. 29 '36
Liabilities—
Accts. pay.—trade
& cash
Investments
common
Net profit after taxes and
other deductions
Pro Forma
Pro Forma
cash
Feb. 29 '36
Feb. 29 '36
Assets—
trade
Phosphate & Acid Works, Inc.—
Dividend, Increased—
Period End. May 31—
Sales
4.15
$0.35
on
Total accts. rec.—
Standard Wholesale
45.000
4.12
$0.47
[After giving effect to the filing, on April 4, 1936, with the Secretary of
and
affiliated cos., current
173,989
24,770 Accrued liabilities
14,524 Other current'liabilities
404,659 Reserve
10,347 Capital stock (par $1)
1,653 Paid-in surplus
,597,408
826,161
186,941
the pref. stock is cumulative from May 1,
1936 and it is the intention of the board of directors to inaugurate regular
Dividends—The dividend
Total
Total
2.23
$1,308,438
State of the State of New York, of a certificate of amendment to the cer¬
$310,729 Accounts payable (trade)
656,306 Unpaid salaries, wages, &c
430
$1,661,498
1,057,424
247,576
60,000
$1,438,332
911,646
133,838
counts, &c)
Gross profit on
$57,811
36,929
Vendors debit balances
Other assets
9 Mos. Ended
Feb. 29, '36
dis¬
(less
60,000
Liabilities—
—
40.000 shs.
x750,000 shs.
cum. conv.
Pref. div. requirementsTimes pref. div. earned-
of the Commencement of Business May 1, 1936
Accts. receivable (customers').
Outstanding
40,000 shs.
400,000 shs.
Authorized
$1.50
Common stock
2*i ,087
Assets-
the
The name of the old company was changed to The Dunfo, Inc.
known.
33,840
x Provision for possible loss on investments
(certain of the companies in
development stage), $55,000; provision or possible claims and allowances,
doubtful accounts, &c. (customers'), $25,000; provision for estimated ex¬
penses in connection with filing of registration statement, $30,000.
The
simultaneously changed to Sterling, Inc.
$16,380
Net profit
The remainder of the
The old Sterling, Inc., is no way connected with the present Sterling, Inc.
The management of the company, the various stores of the chain, the mer¬
chandise on hand and the accounts receivable have no connection what¬
9,090
excess profits taxes
Special charges
on
by
merchandise in these seven stores, together with equipment, fixtures and
trade marks were later purchased for cash and the name of the present
Net inc. after Fed. taxes
Prov. for Fed. income &
demand..
the merchandise in 7 out of the approximately 30 furniture stores operated
4,502
__
on
dated May 20 affords the following:
1,289
Total gross income.
Deduc'ns from gross inc.
Cash,
A prospectus
Company—The present company was formed in June, 1931 under the nameof Roessler-Sterling, Inc., and contracted to sell, on a consignment basis,
1933
operations
x
June 20, 1936
$3,881,507
2,636,296
$286,265
Cost of goods sold
Chronicle
on
New
York.
wholly owned subs,
and invests., int. rev.
and other income
612,107
835,453
742,556
907,500
Total income
$3,169,565
General and admin, exps.
1,772,013
$3,117,133
1,750,736
$3,000,792
1,781,589
$3,045,120
1,681,862
395,364
341,240
288,313
536,115
353,170
544,709
3,063
5,225
79,595
304,766
626,506
448,419
511,874
14,415
18,403
Mtges., and other int.
payableInt. on 20-year gold deb.
Int. on 10-year gold notes
Deprec. of property
Deprec. of investments
Capital exp. written off.
403,424
299,369
276,387
531,812
54,290
40,208
292,664
578,907
14,913
16,305
Losses due to exch. variat
Reserve for bonuses to
managers,
profits, tax.,
statutory reserve,
Net loss for year.
&c._
~
130,904
152,401
202,692
214,457
$338,842
$425,397
$793,679
$775,582
Volume
142
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1935
1934
$
$
Assets—•
•c
and equip., &c
Invest. In & ad vs.
.
l
to
Stlnnes Inds.Inc 4,404,500
1,159,428
passenger
5,022,000
1,188,705
long-term
indebtedness
1,293,028
on
1,325,111
Mtges. payable...
constructional
Other
work In progress
Long-term
Paul G.
Hoffman, President of the company, reports the sale of 2,190
cars and trucks, including export,
during the first 10 days of
June, compared with 999 in the corresponding period of 1935—an increase
of 119%.
During the same period, deealers in the United States alone
delivered 2,293 units continuing the reduction of their
inventories, which
was
notable in May.—V. 142, p. 3694.
$
4,265,500
g. debs, of Hugo
affil.&oth.cosl3,970,942 13,696,190
Prepayments
$
10-yr. 7% g. notes 3,943,000
20-yr. 7% sink. fd.
11,019,445 11,527,805
.
1934
1935
Liabilities—
Ld.,bldgs.,macb.
312,568
18,172
accts.
Bank loans &
receivable
1,547,440
Inventories
1,429,838
Accts. receivable..
3,574,937
Bills receivable.-164,334
Marketable secur.
48,246
-Cash
369,851
2,378,179
1,399,752
147,720
122,527
389,361
Deferred charges to
;
operations-...,
105,088
97,092
2,063,768
517,007
2,987,484
2,005,866
Bills payable
611,671
Accounts payable- 3,829,417
3,i33,359
Sunshine
companies
Insurance reserve.
1,920,244
17,702
Deferred Income.62,597
MIn. int. of subs..
72,929
on
to
been extended from June
1, 1936, to Dec. 1, 1936.—V. 142, p. 3694.
Superior Portland Cement, Inc.—Accumulated Dividend
The directors have declared a dividend of 27 Yi cents per share on account
notes
354,870
459,187
393,087
190,568
172,143
Capital surplus
7,969,813 a7,969,813
b Capital stock
4,944,450
4,944,450
Earned deficit---.
314,429
Liquidation acct--def297,627
Exchange that 1,500
company under option
an
employee of an affiliated company have been taken up by said
employee, and that the option covering the remaining 2,850 shares has
18,177
25,796
72,929
due Oct. 1, 1936
of this'department.
The company has notified the New York Stock
shares of the 4,350 shares of common stock of
the
1,859,662
Accrued liabilities.
Adv. from custom.
Consolidated, Inc.—Register sjwith SEC—
on first page
Superheater Co.—Options—
Accts. pay. to affil.
Def. Int.
See list given
•_
over¬
drafts
4193
Studebaker Corp.—Sales—
f
of
accumulations
no
par
on
the $3.30 cumulative class A
participating stock,
payable July 1 to holder® of record June 23.
Dividends
value,
of 55 cents
per share were paid on May I, March 2, and Jan.
1, last, and
Nov. 1, 1935; 27H cents was paid on Sept.
3, July 1, and May 1, 1935,
Sept. 1,
on
and dividends of 55 cents on March 1 and Jan.
2, 1935, Nov. 1,
July 1, and May 1, 1934, and on Dec. 1, 1933—V. 142, p. 2687.
Total
32,542,689 32,910.1571
Total..
32,542,689 32,910,157
a Balance after
writing off deficit from operations accumulated to date,
Represented by 988,890 shares at $5 per share,
c After depreciation of
$4,217,268 in 1935 and $3,767,990 in 1934.—V. 142,
p. 4039.
Superior Steel Corp.—New Officer—
William P. Ewing has been made Executive Vice-President.
He was
formerly Vice-President in charge of sales, to which post L. W. Briggs
b
has been appointed.
David Pryde has been made Vice-President in charge
of operations.'—V.
142, p. 3528.
1
(Hugo) Stinnes Industries, Inc.—Earnings—•
Consolidated
Income
Statement
Swan-Finch
(Company and Subsidiaries)
Calendar Years—
1935
Gross earnings
;
$2 ,578,375
Other oper. and miscell.
1933
$2,054,557
$2,226,354
641,184
586,590
657,011
$3 ,154,446
1 ,635,575
317,637
299,369
Deprec. of properties
431,000
Allow, to assoc. company >
105,855
Deprec. of investments.
17,042
Capital exp. written-off.
40,242
Losses due to exchange
I
variation (net)
52,917,545
1,651,840
$2,812,944
1,616,742
204,188
536,114
452,818
$2,711,568
1,510,400
215,125
642,236
420,945
127,381
15,631
16,666
"3" 063
10", 889
5,225
18,403
18,283
69,966
_
income and credits
Total income
Gen. and admin, exps
Mtge. & other int. pay..
Int. on 20-year deb
Reserve
for
managers,
financing
bonuses
304,330
354,180
482,880
Swedish Match Co.—Settlement—Stock Increase—
See International Match Corp. above.
The stockholders at an
extraordinary general meeting held April 27
approved the proposal to increase the share capital to 117,500,000 kroner
by the issuance of 1,100,000 new class B shares with a total nominal value
of 27,500.000 kroner.—V. 142,
p. 2846.
md
(James) Talcott, Inc.—Admitted to Listing & Registration
to
The New York Curb Exchange has admitted to listing and registration
the 5H% participating preference stock, $50 par.—V. 142, p. 4040.
amortiz. of
exps., profits,
taxes, &c
Miscellaneous
129,394
151,631
22,601
194,738
prof$178,332
$227,878
$269,910
207,515
(G.) Tamblyn, Ltd.
Calendar Years—
Net loss for year
?
Consolidated Balance Sheet Dec. 31
1935
Assets—
$
1935
Ld.,bMgs.,maeh.
Ar equip.,
Funded
&c.._
4,947,667
5,101,365
to affil.
Prepay,
Other
312,568
receivable
1,318,169
Inventories
1,068,167
3,392,637
164,334
254,396
1,013,096
1 ,899,946
1,554,397
2 ,003,030
pay.
1,924,818
1,114,600
2,911,122
72,929
363,142
$135,421
37,842
$66,764
669,069
$76,788
592,281
$97,580
494,701
$827,495
$735,833
,069
$592,281
190,235
Balance Sheet Dec. 31
1935
Assets—
Bonds
cus¬
tomers
48,245
122,164
Deferred income..
62,597
25.796
Receivables
358,477
Insurance reserve.
17,702
18,177
Inventory
95,477
Capital stock
1. 100,000
1, 100,000
Capital surplus ...11, 000,000bll, 000,000
a
Earned surplus
1934
$247,180
85,958
4,270
774,284
5,801
Cash..—
103,561
„
$112,119
35,331
$91,662
Total surplus..
342,099
secur.
..
Def. chgs. to opers
14,246
$100,333
33,569
735,833
Surplus
389,676
171,717
from
17" 907
12,714
72,929
Accrued liabilities.
147,720
56,252
Deferred charges..
26,563,150 25,827,058
Total
245.131
$291,166
Dividends payable
Provision for taxes
7,910
20,512
150,000
150,000
Property accts..
541,707
591,236
Int.
& mtges.
accr.
$243,658
8,346
14,172
325
payable
32,500
452,000
177,289
Mortgage
Preferred stock
y
Common stock-_
Deferred stock.
72" 500
476,900
177,289
1
1
827,495
Surplus
26,563,150 25,827,058
Represented by 220,000 shares at $5 per share,
b After writing off
deficit from operations accumulated to date,
c After
depreciation of
$3,614,574 in 1935 and $3,232,622 in 1934—V. 142, p. 4040.
1934
1935
Accts. & bills pay.
86,064
5,236
691,950
5,750
Goodwill..---—-,
z
Liabilities—
S198.462
x
Total
$215,928
5,825
19,580
55,101
$124,084
32,422
Balance forward
2,
,028,159
515,579
2,
,642,618
Min'ty int. of subs
960,072
1932
$186,277
with
Trade bills payable
611,671
Accounts payable. 3 ,233,335
Advs.
Hugo Stinnes Cp 1,417,023
48,932
Net profit
Preferred dividend
Bank
Current acct. with
—
5,022,000
262,822
affil. companiesloans
and
13,257
accts.
Accts. receivable..
Bills receivable...
Cash.-.
4 ,404,500
..
1933
$183,283
4,726
15,633
48,343
23,808
—
Prov. for amort. of leases
& improvements
-
1 ,114,628
Accts.
on constr.
work in progress
Marketable
S
overdrafts
_13,448,6S0 13,077.956
Long-term
long
term
indebtedness
& other
companies
debt
Mtges. payable.
Invests, in & advs.
-----
Depreciation
1934
$
Liabilities—
1934
$213,370
3,832
Taxes
1931
.
Earnings—
1935
Operating profit
$313,945
Interest-------
d
Corp.—Accumulated Dividends—
directors have declared two dividends of 43^ cents per share each
(a total of 87 H cents) on account of accumulations on the 7 % cumulative
preferred stock, par $25, both payable June 29 to holders of record June 22.
Similar payments were made on March 17,
last, and on Dec. 16, 1935.
The first of the current dividends
applies on the quarter ended June 1,
1932. and the second on the quarter ended Sept. 1
1932.—-V. 142, p. 971.
1932
$2,276,361
_
Oil
The
1934
576,071
_
735,833
_
a
Total..
x
Sunray Oil Corp.—Sells 50% Interest in Wells—
to
purchase the oil at
the posted
price; the properties to be
operated by Sunray.
The leases participated in by Phillips are exclusive of
other properties
owned and under development by
Sunray in the Capitol Field.
Drilling
operations thus far, including those adjacent to the Governor's
Mansion,
have attested the value of the new field as an oil
producer and as
of revenue for the State, Mr. Wright said.
source
z
and
After
issued
reserve
one
a
large
Oil & natural gas produced (at market
prices)
transferred to own refinery & transmission
(incl. $457,821
system), $1,514,profuction & ad valorem taxes, $63,405; production
expenses (excl. of depletion & depreciation,) $278,475
$1,172,943
Refining & marketing division: Sales & other operating income,
$1,554,672; crude oil transferred from own leases, $453,516;
outside purchases & freight, $557,258;
gathering cost, $12,520;
total, $1,023,295; less increase in inventories, $15,619;
net,
$1,007,675; refinery & service station expenses, $271,837
275,159
Other operating income,
75,418
gross
Total operating income (excl. dep. &
General & administrative expenses
depletion)
$1,523,521
214,285
Balance
Other
$1,309,236
income
46,606
Total
$1,355,843
Income deductions
443,958
Depletion & depreciation
Taylor Milling Corp.
(& Subs.)
Net income
Cash dividends
Earnings
per
25,000
on
$333,837
preferred stock
on 1,587,000 common shares.
11,625
$0.21
Net sales
x
Liabilities—
Cash
a
$370,813
Accounts & notes
rec
$236,320
Inventories
Marketable
179,919
securs.
(deposited)
20,273
3,433
Advances to employees
Deterred charges
15,596
b Operated leases, &c__
Unoperated leases, &c
2,319,539
1,355,580
Notes payable, 1936
Accounts payable
Dividend
on
preferred stock..
Accrued liabilities
1st mtge.
6% notes..
6% cum. pref. stock (par $100)
Common stock (par $1)
a
$4,501,4751
After
reserves
surplus
Earned
Total—
Capital
surplus.
Total
$345,000
256,862
3,687
132,802
1,100,000
122,900
1,588.476
575,113
376,635
Gross income
reserve
for doubtful notes and accounts of
$7,000.
b After
for depletion and depreciation of
$5,696,366.—V. 142, p. 3871.
$3,267,731
$165,813
12,726
„
Loss from ranch & storage oper'ns, &c
Other income charges
*P
W
~
••
•'
•
|
2,721,797|1
12,119
35,901
«.
'•
292,347 j
42,157
$190,195
20,430
v
$210,624
32,000
29,708
30,203
—
$118,714
278,326
$541,113
125,000
$397,040
50,000
$416,113
$347,040
$1.15
Surplus Dec. 31
per sh. on 100,000 shs.
Earns,
$194,073
347,040
$356,234
Gross surplus
Dividends
9,094
$531,234
175,000
surplus
15,397
$115,121
416,113
Net income
Previous
•
Not avail.
$280,324
35,000
Provision for doubtful accounts
Federal income tax
•
■
-.
$253,586
26,738
$178,539
Profit from operations
Interest & discount & miscell. income.
$1.94
com.
stock (no par)
$1.18
x Includes
depreciation of plants and equipment of $39,817 in 1935
($47,309 in 1934) and maintenance and repairs of $14,510 in 1935 and
$12,108 in 1934.
Consolidated Balance Sheet Dec. 31
1935
Assets—
Cash
x
Accts.
1934
$69,096
57,170
.
receivable
Inventories
$105,108
23,669
295,586
325,441
803,671
667,122
Due from employ's
5,754
1,711
9,076
yLand, buildings,
equipment, &c.
Deferred charges..
1,037,797
21,813
Liabilities—
1935
Accounts payable.
Fed'l income tax.
$118,851
35,901
Dividends payable
25,000
Accrued salaries..
6,583
z Capital stock
1,613,481
Surplus
356,234
_
1934
$77,075
42,108
50,000
11,969
1,613,481
416,113
923,771
Total
x
711
19,297
$2,156,049 $2,210,745)
Total
$2,156,049 $2,210,745
After deducting reserves for losses of $73,362 in
1935 and $72,764 in
After deducting reserves for depreciation of $302,346 in 1935 and
$346,988 in 1934. z Represented by 100,000 shs. of no par value.—V.
141,
p. 1608.
1934.
y
Telluride
Power
Co.—Accumulated Dividend—
The directors have declared
$4,501,475
1933
$3,337,0731I
69,342 i
$4,172,087
3,664,227
342,047
Cost of goods sold
Expenses
Miscell. investm'ts
Consolidated Balance Sheet Dec. 31,1935
Assets—
1934
$4,268,681
96,594
]
Notes receivable.
share
Earnings—
1935
Freight, outward, discount allowed--
553^048
Provision for Federal & State income taxes
..$1,809,199 $1,728,699
Represented by 28,000 no par
$354,995 in 1935 and $298,003
y
Calendar Years—•
Gross sales
Consolidated Income Account Year Ended Dec. 31, 1935
824;
Total
share,
for depreciation of
in 1934.—V. 142, p. 1136.
C. H. Wright, President of the company, announced on June
15 that the
corporation had concluded an agreement with Phillips Petroleum
Co,
whereby Sunray and Phillips will share the development of the
Sunray
leases of State lands surrounding the
capitol at Oklahoma City.
Phillips
has purchased a 50%
working interest in the leases from Sunray and has
contracted
...$1,809,199 $1,728,699
Authorized
shares,
accumulations
on
the
7%
a
cum.
Similar payments were made in
dividend of $1.75 per share on account of
pref. stock
par $100
payable July 1.
preceding quarters. Arrearages after the
above payment amount to $12.25 per share.—V.
142, p. 2688
Financial
4194
Inc.
Technicolor,
$832,505
708,012
144,696
69,395
$630,546
483,613
129,036
66,093
$500,191
_^_prof$86,404
66,263
$89,598
13,270
$48,196
55,706
$138,335
228,145
$152,667
1,451
127,434
loss$76,327
6,076
176,590
$7,510
3,652
*187,349
$89,810
1,583
184,511
27,253
23,614
24,234
21,540
41,672
117,678
x$249,396
x$235,504
-
expenses
Net loss
Other income
Total income
Other deductions
search & develop, costs
down
•
_
Prov. for deprec. of plant
Amortiz. of patents, re¬
Overhead
1932
1933
$1,499,845
1,152,764
207,207
53,470
Net sales
Cost of sales, &c
Gen. & admin. expenses
Selling
1934
of
exp.
427,163
135,168
76,196
shut¬
plant
Net loss for the year-,
x$282,608
$3,472
Loss is after capitalizing expenditures of $36,470 in
1935; $30,806 in
1934; $36,830 in 1933 and $61,150 in 1932, deemed to be research, develop¬
ment and patent costs and does not include $75,424 in 1933 and $241,689
in 1932 charged directly to surplus account in connection with termination
x
of Boston lease and sale of equipment.
Condensed Consolidated Balance Sheet Dec. 31
Cash
Liabilities—
1934
1935
Assett—
Officers & empl.
$541,771
84,475
694
Technicolor,
Ltd.
capital stock.
Mortgage
payable
19,384
3,376
15,000
Customers' dep. on
contr. for future
67,726
1,212,339
150,000
Res. for rebates
1,331,540
pat. & good will 3,730,600
b Common stock
3,721,384
13,810
Surplus
$5,725,545 $5,609,934
Total
19,106
200,000
9,479
4,614,470
725,282
5,144
4,551,475
694,037
on
partly filled ords
Deferred charges..
$5,725,545 $5,609,934
After
sented
depreciation of $661,378 in 1935 and $581,665 in 1934. b Repre¬
by 691,039 shares in 1935 (687,706 in 1934) no par.—V. 141, p. 1784.
Tennessee Electric Power
Mountains.
The Texas Co.
(Calif.), a wholly-owned subsidiary of an intermediate
99.9% of the capital stock of which is owned by the corporation,
engaged primarily in similar production activities and in the purchase,
sale and refining of crude oil in California, in the marketing of petroleum
company,
is
delivery
ma¬
Research develop.,
a
25,000
7,494
8,983
15,000
forlmmed. deliv.
9,614
secure.
chinery & equip.
Total
75,500
contracts
1,143
Accrued interest..
66,452
60,493
Merch. inventories
Ld., bldgs.,
$96,516
Cust. dep. on cont.
sold...
a
$119,337
Customers dep. on
Acct. rec. equip.
Marketable
1934
1935
Accounts payable.
$371,519
102,811
1
Accts. receivable..
101%, the convertible sinking fund 5% gold debentures, due Oct.'l,
1944, now outstanding in the principal amount of $60,000,000.
The
corporation will also pay out of its treasury funds the accrued interest on
such 5% debentures to the redemption date, in the amount of $1,500,000,
and incidental expenses to be incurred in connection with such redemption.
History and Business—Corporation was organized on Aug. 26, 1926,
in Del., and acquired by exchange of shares substantially all of the out¬
standing stock of The Texas Co. (a Texas corporation), organized in 1902.
In 1927 all of the property and assets of The Texas Co. were conveyed to
the newly-formed The Texas Co. (a Delaware corporation), a wholly-owned
subsidiary of the corporation, and The Texas Co. (a Texas corporation)
was
dissolved.
The corporation is
not an operating company.
It holds securities
of subsidiary and other companies engaged for the most part in one or
more phases of the petroleum industry, or in businesses related thereto, r
in the United States and in foreign countries.
The corporation and its subsidiaries constitute an integrated organization
for the production, transportation, refining and marketing of crude oil
and the products thereof.
Substantially all of the producing, refining and
pipe line operations of the corporation s subsidiaries are carried on within
the
United States.
Marketing operations are conducted both within
the United States and in a number of foreign countries.
The principal domestic subsidiaries of the corporation are as follows:
The Texas Co. (Del.), a wholly-owned subsidiary, is engaged primarily
in the acquisition, through purchase, lease or otherwise, of interests in
productive and in undeveloped oil and gas lands; the exploration and
development of such lands; the production, purchase, sale and refining
of crude oil; the marketing of refined products, and activities incidental
thereto.
Practically all of the production activities east of the Rocky
Mountains and a major portion of the marine transportation operations
of the corporation's subsidiaries are carried on by this subsidiary.
It
markets petroleum products in nearly all of the States east of the Rocky
at
(& Subs.)—Earnings1935
Calendar Years—
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos. -1935
$1,106,500 $13,976,919 $12,624,361
$1,224,951
575,802
7,836,960
6,778,584
691,541
221,507
2,687,033
2,670,803
225,799
Prov. for retirement res.
105,000
1,260,000
1,260,000
105,000
Dividends on pref. stock
129,339
1,551,006
1,551,245
129,356
Period End. May 31—
Gross earnings
products in the Pacific Coast area, and in activities incidental thereto,
including transportation.
Indian Refining Co., 90.88% of the voting power in which is owned
by the corporation, is engaged in refining crude oil at Lawrenceville, 111.,
and in marketing petroleum products principally in Illinois,
Indiana,
Kentucky and Ohio.
The Texas Pipe Line Co., a wholly-owned subsidiary, operates trunk
and gathering pipe lines in Arkansas, Louisiana, New Mexico and Texas.
The Texas Pipe Line Co. of Oklahoma, a wnoily-owned subsidiary, operates
similar pipe lines in Oklahoma.
In addition to the foregoing subsidiaries, there are 14 domestic sub¬
sidiaries (all except two of which are wnolly-owned) operating within the
United States and 30 foreign or domestic subsidiaries (all except one of
which are wnolly-owned) operating in foreign countries.
The subsidiaries
operating in foreign countries are engaged for tne most part in marketing
activities.
Certain of the subsidiaries at tne present time are inactive.
,
Operating expenses.
Fixed charges
Balance
$74,850
$73,253
$363,727
$641,919
-V. 142, p. 3529.
Balance
$4,662,529
8,939
Other income
Gross corporate inc..Net int. & other deducts.
1932
1933
1934
1935
Calendar Years—
$9,100,223
4,388,131
59,144,718
4.237.664
30,000
$9,150,299
4,241,993
$4,712,092
9,473
$4,877,053
$4,878,305
60,164
9,087
30,000
$4,671,468
2,448,327
462,015
$4,721,564
2,457,559
450,000
$4,886,140
2,459,136
450,000
$4,938,470
Balance, surplus
.$1,761,125
on 7% pref. stock.
453,978
on $6 pref. stock.
411.072
$1,814,005
453.978
411,072
900,000
$1,977,003
453,978
410,939
$2,037,148
453,746
407,857
900,000
1,600,000
Prop, retire, res. approp.
Divs.
Divs.
stock.
675,000
2,451,321
450,000
Balance Sheet Dec. 31
1935
1935
1934
$
1934
$
Capital stock...33,443,976 33,443,976
Plant, prop., fran¬
chises, &c
82,758,830 80,417,987
Invests, (secure.)
36,740
39,642
x
Cash in banks
Note payable (Am.
(on
1,531,313
receivable.
Accts.
Mat'ls & supplies.
Prepayments...^Misc.
92,364
482,648
91,401
875,820
charges.
Total
Accrued accounts.
Misc.
curr.
Mat'd &
on
liabils.
accr.
449,708
1,290,609
1,784
int.
422,759
78,000
Capital surplus
91,401
2,851,805
117,203
Earned surplus...
2,773,579
97,801
2,448,263
117,203
2,623,009
&c
Conting.
liability
(contra)
Total
88,563,831 86,104,472
88,563,831 86,104,472
x Represented
by 7% pref. cum., $100 par; pari passu with $6 pref;
authorized, issued and outstanding, 65,000 shares; $6 pref. cum., no par
(entitled upon liquidation to $100 a share); pari passu with 7% pref.;
authorized 70,000 shares; issued and outstanding, 68.786 shares; common,
no par; authorized,
issued, and outstanding, 4,000,000 shares.—V. 142,
p. 3190.
Texas
Corp.—$60,000,000 33^% Debentures Offered—
Dillon, Read & Co.; Brown Harrima.& Co., Inc.; Lehman
Brothers; Mellon Securities Corp.; The First Boston Corp.;
Blyth & Co., Inc.; Edward B. Smith & Co.; Lazard Freres
& Co., Inc.; Lee Higginson Corp.; Dominick & Dominick;
Field, Glore & Co., and Halsey, Stuart & Co., Inc., on June
16 offered at 100 and int., $60,000,000 33^% debentures,
due June 15, 1951.
Dated
June
15,
1936; due June
15,
1951.
Central
Hanover
Bank &
Trust Co., trustee.
Interest payable June 15 and Dec. 15.
The coupon
debentures are to be dated as of June 15, 1936.
The registered debentures
without coupons which are issued prior to Dec. 15, 1936, are to be dated
1936, and those issued thereafter are to be dated as of the
payment date immediately preceding their issuance unless they
are issued on an interest payment date
in which event they are to be dated
as
of said interest payment date.
Principal of and interest on the de¬
bentures are to be payable in any coin or currency of the United States
of America which at the time of payment is legal tender for the payment
of public and private debts.
Principal of and interest on coupon deben¬
tures are to be payable at principal office of the trustee, New York, or,
at the option of the holder, at office of Continental Illinois National Bank
& Trust Co. of Chicago.
The definitive debentures are to be issued in
coupon form (registerable as to principal only) in the denom. of $1,000
and as fully registered debentures without coupons in denoms. of $5,000,
$10,000 and $50,000.
Coupon and registered debentures interchangeable.
Listing—Corporation has agreed to use its best efforts to procure in due
course the listing of the debentures on the New York Stock Exchange and
the registration thereof under the Securities Exchange Act of 1934; con¬
tingent upon ability of corporation to comply with the other rules and
regulations of such Exchange and of the Securities and Exchange Com¬
mission with respect to such listing and registration.
Purpose—Net proceeds will amount to approximately $58,324,000,
exclusive of accrued interest but after deducting $476,000 as the estimated
amount of expenses.
Such net proceeds are to be used, together with
approximately $2,276,000 from the treasury, to redeem on Oct. 1, 1936,
as
—
of June 15,
interest
$25,000,000
$100,000,000
(par $25)—9,338,876
60,000,000
shares
el4,000,000 shs. d233,471,900
above the corporation and its
March 31, 1936, $4,119,323 principal
(wnich the corporation does not regard
as funded
debt and wnicn consists principally of purchase obligations)
of whicn $3,718,790 principal amount is payable subsequent to March
In addition to the funded debt shown
a
had
subsidiaries
outstanding
of otner long-term
amount
at
debt
1937.
31
1, 1936, of $30 000 000
debentures due Oct. 1 1944. The Texas
ootained bank loans aggregating $25,000,000
on its unsecured notes dated March 30, 1936, payaole serially 8,
14, 20,
26, 32, 38, 44, 50, 56 and 62 months after tnat date (or before maturity
at the option of Texas Co. on 30 days' written notice, subject to certain
conditions), in instalments aggregating $2 500 000 each
with interest
at rates ranging from 1 Yi% to 3 3^% per annum.
These notes have been
guaranteed oy endorsement as to principal and interest by the corporation.
The $25,000,000 thus obtained by Texas Co. was paid to the corporation
in payment of a note payable of the Texas Co. (given in part payment
b In connection with
the redemption on April
convertible sinking fund 5% gold
Co.
of
(Del.),
subsidiary,
a
held by the corporation.
principal amount of these 5%
dividend declared in 1935,
a
The
full
authorized
The corporation has retired
been issued.
$40,000,000
as
debentures has
follows: Trior to
31, 1935, $10,000,000 was purchased in the open market and can¬
celed; and as of April 1, 1936 an additional $30,000,000 was retired through
redemption.
Corporation intends* after the issue of the 3 >6% debentures
offered by this prospectus, to redeem on Oct. 1, 1936, the remaining
$60,000 000 5% debentures, using for that purpose the net proceeds of
the 3H% debentures, together with other funds from the corporation's
Dec.
treasury.
d Includes 82,552 shares held as of March 31,
1936, for the benefit of
employees by T. J. Donoghue, trustee, under the terms of an
dated April 15, 1929, between the trustee, the corporation
certain subsidiaries.
Does not include (a) 512,367 shares held in
certain
long-tr. debt,
Reserves
asset
(contra)
Deferred
97,801
1,129,210
1,119,921
15,732
Misc. assets
Contingent
54,780
1,408,155
1,146,354
23,300
45,890
139,024
47,844
1,511,215
assets.
curr.
200,000
464,495
1,427,826
9,665
Co.)
Customers' depos.
500,000
deposits)
rec
Pow. & Lt.
1,102,328
Cash in bks. (time
Notes, &c.,
debt..46,600,000 45,405,000
149,118
161,120
Long-term
Accounts payable.
aOutstanding
Authorized
c
Liabilities—
$
Assets—
demand)
Capital Stock March 31, 1936
b Notes (of a subsidiary) payable to banks.
c Conv.
sinking fund 5% gold debentures,
Capital stock
outstanding
Light Co.- -Earnings-
Operating revenues
$9,093,240
Oper. exps., incl. taxes.
4,430,711
Rent for leased property
on common
Funded Debt and
\
due Oct. 1, 1944
Texas Power &
Divs.
June 20, 1936
Chronicle
agreement
and
corporation's treasury, or (b) 18H shares held against the surrender
deposit or subscription certificates.
Includes shares reserved for conversion rights of holders of convertible
the
of
e
sinking fund 5%
1, 1944, who have the right
stock.
600,000 shares of capital
gold debentures, due Oct.
such debentures into capital
to convert
stock would be required if all conversion rights were exercised on or before
Oct. 1, 1939, and 480,000 shares if all such rights were exercised thereafter.
The corporation intends, after the issue of the 334 % debentures offered
by this prospectus, to redeem on Oct. 1, 1936, all of the outstanding 5%
debentures, and after the call therefor has been issued, all conversion
rights under the 5% debentures will cease after the tenth day prior to
said redemption date.
Gulf Oil Corp. of Pa.—The above table does not include $6,000,000 of
indebtedness incurred since March 31, 1936, evidenced by notes payable
of the corporation to Gulf Oil Corp. of Pa., or order.
These notes, aggre¬
gating $6,000,000, represent the unpaid balance of a purchase obligation
of $12,500,000 and were issued pursuant to an agreement dated April 23,
1936,. between the corporation and Gulf Oil Corp. of Pa. under which the
corporation (for the equal benefit of itself and Socony-Vacuum Oil Co.,
Inc.) purchased all of the outstanding capital stock of South American
Gulf Oil Co. and the indebtedness of that company to Gulf Oil Corp. of
Pa.
These notes, in various amounts, are dated May 1, 1936, and are
payable serially (semi-annually commencing Nov. 1, 1936) over a period
of eight years from their date, with interest rates ranging from 134% to
334% per annum.
The payment of any of said notes due on or after
•Nov. 1, 1940 ($2,000,000 principal amount) may be anticipated.
SoconyVacuum Oil Co., Inc., in payment for its one-half interest in the stock
and indebtedness of South American Gulf Oil Co. so purchased, has paid
to
its
the corporation $4,500,000 in
notes aggregating
$1,750,000
amounts
over
a
period
cash and for the balance has delivered
principal amount, payable in various
interest rates ranging from
of three years with
134%
to 234% per annum.
Purchase Fund—Corporation is to covenant in the indenture
as
and for
and
on
or
the sum
that it will,
a purchase fund for the debentures, on or before Dec. 15, 1941,
before each June 15 and Dec. 15 thereafter, pay to the trustee
of
$1,250,000 in cash, less the amount, if any, of the credit to
shall be entitled with respect*to such purchase fund
The corporation shall be entitled to a credit on its obligation
pay in cash the amount of any such purchase fund payment, to the extent
which the corporation
payment.
to
of the aggregate principal amount of (a) any debenture which the cor¬
poration shall have delivered to the trustee for cancelation by it and for
credit upon such purchase fund payment, and (b) any debentures previously
redeemed by the corporation, or purchased by it and canceled by the
trustee, and in either case not theretofore applied as a credit on the obliga¬
tion of the corporation with respect to any purchase fund payment.
The
cash, if any, thus paid to the trustee for the purpose of the purchase fund
is to be applied by the trustee to the purchase of debentures, if obtainable,
at not exceeding par and interest.
Any unexpended balance of any pur¬
chase fund payment which shall not have been used for the purchase of
debentures prior to the Feb. 15 or Aug. 15, as the case may be, next suc¬
ceeding the purchase fund payment date with respect to which such payment
was made, is to revert to the corporation.
Volume 142
Financial
Redemption—Debentures
Chronicle
redeemable, at the option of the
corporation, as a whole, or in part by lot, at any time, upon prior notice,
at the following rates: At 103 if
red. on or before June 15, 1941; at 102 if
red. thereafter and on or before
June 15, 1942, and if red. thereafter at
102 less H of 1% for each full
year elapsed after June 15, 1941, but in
no event at less than
100, together in each case with accrued interest.
Principal Underwriters—The names of the principal underwriters and
the respective
principal amounts of debentures severally to be purchased
by each are stated below:
Dillon, Read
&
Co., New York.
___
Corp., Pittsburgh
The First Boston
Corp., New York-Blyth & Co., Inc., New York
Edward B. Smith & Co., New York
Lazard Freres & Co., Inc., New York
Lee Higginson
Corp., New York
Field, Glore & Co., New York
Halsey, Stuart & Co., Inc., Chicago
Dominick & Dominick, New York
Hemphill, Noyes & Co., New York
F. S. Moseley & Co., New York
Goldman, Sachs & Co., New York
Hayden, Stone & Co., New York.
Kidder, Peabody & Co., New York
Shields & Co., New York
White, Weld & Co., New York..
Chas. D. Barney &
Co., New York
J. & W. Seligman &
Co., New York
Stone & Webster and Blodget,
Inc., New York
Riter & Co., New York
Dean Witter & Co., San Francisco
*
-
-
_
_
Ladenburg, Thalmann
& Co., New York
E. H. Rollins &
Sons, Inc., New York
Bancamerica-Blair Corp., New York
___
Central Republic Co., Chicago
Graham, Parsons & Co., New York
Harris, Hall & Co., Chicago
Mitchell, Hutchins & Co., Chicago
Paine, Webber & Co., New York.
Blair, Bonner & Co^yGhicago
Cassatt & Co., Inc., New York
-
_w
.
i
_•
-
-
-
.
___
'
-
—------
.n-—
on
Angeles..
...
Stockholms Enskilda Bank A.B., Stockholm
_______
22,995
Est. Fed. inc. tax.
11,487
14,.500
9,130
74,506
1,652
73,176
4,680,121
320,578
261,171
Due to affil.
12,137
not
Donated surplus.-
3,170,437
divs.
74,506
10,482
73,177
10,482
on
dep.
for
'
Deferred
965.892
Total...
$5,041,146 $5,364,025
expense..
Textileather
;
Assets—
'
.
_
_
Prov. for Federal income &
excess-profits taxes
—
„
__
_
—
stk. (no par)-
trade
acceptances
accounts receivable
&
x232,157
351,667
6,635
——
Inventory
Prepaid items and supplies.. ;
...
Prep'd int.on debs.to Oct.l '36
29,535
.y
Sundry receivaDles
5%
Cash in
on
1,253,480
25,311
Notes payable.
$28
1,448,206
Oct. 1, 1939
due Oct.
30
1,471,887
Accounts payable (trade)...
Accrued liabilities
Inventories..
97
T,593,779
Prov. for Federal income &
Long-term receivables.5
>,084,862
Empl. stock purch. accts.—
1,300,168
Invests. in & ad vs. to cos.
which
not subsidiaries
are
Properties; plant & equip._
Patents
_
_
40,450,438
259,323,521
1,761,008
8,154,164
__..
Deferred charges
excess
profits
Def. inc. & suspense credits,
Reserves.
Cap. stock &
1 otal
Reserve for
—V.
$473,588,032
142,
p.
....
Total
reserve
for
doubtful
contingencies and
1§,000
non-cumulative
Cost of sales
missions,
(incl.
Adminis.,
royalties
-Earnings1934
before
244,435
243,640
211,989
$212,461
$118,089
$73,705
loss$13,763
111,831
13,431
120,913
14,565
110,105
108,628
42,124
loss$17,390
/
657
loss$36,400 loss$164,516
2,842
5,330
$88,538
loss$16,732
loss$33,558 loss$159,186
&
Federal
income tax_-i_ ; ^
Prov. for Federal income
profits taxes.
Net profit--
13,000
loss$16,732
Sheet, Dec. 31,
—
—
------
1935
(a stockholder)
55,340
accrued to Dec.
Investments
(as
(incl.
capital stock taxes
34,367
1st mtge.
$5 cumulative preferred stock
1,001
y484,780
Pats., licenses, &c,, less amort
Deferred charges
68,238
139,000
z225,121
a247,373
______
Capital surplus
50,000
Earned surplus (since date of
reorganization)
17,876
2,635
—_..
$720,9141
Total.
—
x
Tilo
Roofing Co., Inc.—Earnings—
-
The company announced that it has
effected a contractual
arrangement
with the Ferodo Co. of
France, under which Ferodo will pay Thermoid
a
monthly fee for transmission-of i ts laboratory
expenses.
780,418
Cost,
1935
$116,128
129,423
11,599
oper. & admin, exp
Taxes
Net operating loss.
Equity in
earns,
not
current
of
$394,147
479,361
188,824
non-producing
..
102,991
leases.
on
—
to lower
$128,834
$1,714,695
15,649
12,461
Balance, deficit
300,000
300,000
assigned
163,626
12,275
6,776
2,156
on
accts.
$423,095 loss$224,277
702,018
655,217
$317,542
$1,580,866
1,404,051
x
12,723
3,957
pref. stk.
due Jan. 1, 1936
Bond & mtge. due
19,668
20,523
Divs.
8,929
on
May 1,
9,241
462
rec.
3.194
25,595
expenses.
$1,132,240
1938...
6,000
income tax..
a53,000
Res.for ins. claims.
1,81 S
241,648
18,469
11,218
29,750
2,228
9,651
stock, series A..
299,520
Common stock.52,566
314,940
y
for loss..
investm'ts
Total...
y
taxes...
Fed.
15,575
Prepaid
24,155
Purch. money note
& mortgage....
1,520
249,435
$278,923
46,521
6,796
29,738
Reai est. & equip
x
&c—
33,986
Pats., less amortiz.
14,500
$244,073
y561,615
missions,
life
empl.
receivable
reserve
3,500
59,940
87,893
Sundry debtors,less
Miscell.
&
—
123,114
policies—
&
note
Miscell. accts. pay
int.
and
sundry
319,852
officers'
1934
$46,815
Accts. pay. to empl
for bonuses, com¬
accts.
Cash surrender val.
ins.
1935
$31,312
in
Accrued
receivable-
of
due
mortgage
1,475
withheld
Miscell. accts.
19,562
),545
1935 on purchase
money
193,094
Officers'
25,000
11,218
$303,283
-
Liabilities—
Payments
<fc
ties at cost
300,000
$879,494 sur$l76,815
x Includes
intangible development costs,
y $60,722 paid out of donated
surplus and $500,893 paid out of earned surplus.
1934
$163,507
accts.
losses
fees
86,983
27,284
Est. Fed. income tax
Dividends
credit
Inventories.
2,151
14,785
-
Trade accts. pay..
S152.115
less res. for
rec.,
1,360,665
246,603
$754,531
of
income..
hand
Instalment
Bals.
cost or market..
Net
1935
deposit &
on
Marketaole securi¬
42,152
114,680
-
Consolidated Balance Sheet Dec. 31
$27,999 prof$107,427
12,327
other
53,000
Net profit.
$205,536
85,482
12,627
x21,112
of
investments & advs__
Adj. of inv.
$128,593
142,560
14,032
$577,513
amortiz.
loss
443,975
158,431
-
1932
$174,754
Other charges
Misc. accts. receiv.
_
Depl. & surr. leaseholds.
Depreciation.
for
prof$86,345
1933
$135,406
39,347
Provision for Federal income tax.
on
cos.
Total income
Prov.
403,162
15,323
year's
contr.
consolidated
for
$504,831
$24,894
Divs. and int. received.
Prov.
1934
705,891
$358,776
35,370
Other income.
Cash
Earnings—
866,071
$841,297
selling & general
Assets—
(& Subs.)-
$1,707,369
1,071,010
Gross profit on sales
Branch office
This
p. 3190.
Texon Oil & Land Co.
1934
$2,210,234
.
of the
Year 's Ended Dec. 31Gross operating income-
"
1935
Sales
of Thermoid
$720,914
-
.
x After reserve of $32,275.
y After reserve for depreciation of $444,253.
Represented by 2,833 no par shares,
a Represented
by 15,847 no par
shares.—-V. 128, p. 4022.
46,715,657
58,612,719
.
sales
8,000
bonds,
Common stock
xl
at
Real est., plant & equip., &c.
Thermoid Co.—Contract—Sales—
net
14,785
—
mtge. serial gold
due 1937-1938...
31,1932)..
-
$18,757
7% serial gold bonds
1st
31,1932, by directors)
Total..--
/
—
due in 1936..
11,086
int.
valued
•
Accts. pay. & accr. expensesAcer. Fed. inc., excess prof. &
$63,465
—
Years End. Dec. 31—
Consolidated
-----
loss$33,558 loss$159,186
Liabilities—
_
Materials & supplies at cost..
Duefrom Thermatomic Corp.
Dec.
'
-----
$75,538
Balance
Cash in banks.
$198,225
$87,199
1,339
laboratory
excess
1932
$317,345 V
407,323
____
Profit
&
1933
$362,524
&
int.
exp.,
amort,
of
pats. & oth. deduct
Plant shutdown expense
Profit
$1,936,049
com¬
Gross profit
2,313,816
86,218,789
1,078,635
6,974,554
Co. and domestic
subsidiaries in
May showed an increase of 13% over April, the
company announced
today.
The increase over May, 1935, was
20.16%.
For the five months
ended May 31,
1936, net sales showed a decrease of 4.16%.—V
142
7,061
135,454
.
Total
1935
shipping expense)
-.$473,588 032
developments.
525,000
235,734
of $11,617.
y After reserve for
Represented by 117,867 no par shares.—
$619,785
$5,995,557
16,273,636
12,915,074
arrange¬
gives Ferodo, which directly and through subsidiaries does
about 85%
automotive brake lining, clutch
facing and other friction material
business in France, the benefit of the
developments of the Thermoid Co's
laboratory technicians in the French market under
special arrangements
The contract was effected
by M. Salle, Director of Ferodo, who is
visiting
America at the present time.
preferred
accounts
z
Thermatomic Carbon Co.
Years End. Dec. 31
4041.
ment
603,520
stock (par $100)
Common stock.
$1,936,049
After
x
depreciation of $1,317,988.
V. 140, p. 650.
surp. of subs.
applic. to minor, interests
828,150
Capital stock (par $25)--..
233,471,900
Capital surplus..
Earned surplus.:
Total
162,000
-
—
Capital surplus.
taxes.2,189,542
Div. payable April 1, 1936—
Funded & long-term debt—.
1, 1944
Operating surplus
Inventory of carbon at cost
(lower than market)
Notes & accounts receivable
•-
6% deos. dated Oct. 1, 1934 &
z
Accounts receivable...
___-
151,171
44,107
mtge. 5-year notes
dated Oct. 1, 1934 and due
losses..
Liabilities—
banks, in transit & *
hand
$54,000
.
1st
7%
Consolidated Balance Sheet March 31, 1936
Assets—
Nil
Accrued items payable
23,625
Land
Plant accounts
$5,842,897
-
$2,264
Notes payable
Accounts payable—
Assets—
Net income.
1934
Liabilities—
'
$13,637
&
1935
$135,455
$0.84
,
com.
Balance Sheet Dec. 31,1935
Cash.
Notes
1,124,435
77,108
97,999
471,049
—__
$5,364,025
Corp.—Earnings—
Years Ended Dec. 31—
Net income after all charges
Earns, per share on 117,867 shs.
' 1761346
...
.$5,041.146
reserves for depreciation,
depletion and intangible development
$1,505,884 in 1935 and $1,499,725 in 1934.
b Represented by
936,024 no par shares.—V. 141, p. 1949.
of
-
Amortization of bond discount &
Other interest—
Jotal
After
a
costs
$7 789 836
expensel
funded debt
on
1,314,145
2,357
640
expense.
Other income
Total.v--i„
Interest
4,680,120
259,857
'
6,236
Earned surplus—
3,021,290
&c_
$5,529,572
2,260,264
Income deductions other than int. & bond discount
&
Capital stock...
Leases, wells,eq.,
■
$42,104,460; sell. & gen. & adminis.
exps., $13,165,898-------55,270,359
Maint. & repairs, $2,642,065;
depreciation, $6,108,666; deplet.,
$704,187: lease forfeitures, $299,680; intangible
development
costs, $912,292; taxes (other than Fed. inc. &
excess-profits
taxes,)$2,245,714; provision for doubtful accounts, $213,25713,125,865
-
co
Unclaim.divs. pay.
b
consol.
unclaimed
$l,240,920-$73,925,796
—
200
investments
Cash
Other
Consolidated Income Account 3 Months Ended March
31, 1936
Net sales, $72,684,875; miscell.
gross oper. income,
Cost of sales & oper.
exps.,
*$1,339
10,036
18,210
(net)
500,000
500,000
..
1934
$1,261
current acct.
cos.
250,000
250,000
.
& Scribner, Pittsburgh
R. de Lubersac & Cie, Paris
1935
Accrued liabilities-
adv'ces to contr.
a
Liabilities—
Accounts payable-
21,172
Investments in and
250,000
250,000
250,000
Singer, Deane
1934 Pi
$749,060
299
Inventories
300,000
Alex. Brown & Sons, Baltimore
Illinois Co. of Chicago, Chicago.
William R. Staats Co., Los
1935
$937,690
.
Due from affil. co.
400,000
400,000
400,000
400,000
400,000
350,000
300,000
Laurence M. Marks
& Co., New York
Lawrence Stern & Co., Inc., Chicago.
Spencer Trask & Co., New York
Hayden, Miller & Co., Cleveland
Estabrook & Co., New YorkWhiting, Weeks & Knowles, Inc., Boston.
Battles & Co.,"Inc., Philadelphia.
Assets—
Cash
Accts. receivable.
900,000
800,000
800,000
800,000
700,000
700,000
600,000
600,000
550,000
500,000
500,000
500,000
500,000
500,000
500,000
-
A. C. Allyn & Co., Inc.,
Chicago.
ConsolidatediBalanceJSheet Dec. 31
$9,000,000
4,000,000
3,400,000
3,400,000
3,400,000
3,400,000
3,400,000
2,000,000
2,000,000
1,500,000
1,400,000
1,750,000
1,400,000
1,300,000
1,000,000
1,000,000
1,000,000
1,000,000
.
Brown Harriman'&
Co., Inc., New York
Lehman Brothers, New York
Mellon Securities
Operati ng i ncome
Other .income;..:-....-ww...
4195
be
to
are
$2
cumul.
pref.
Surplus
z52,566
606,701
Treasury stock—
343,045
Dr4,796
Drl 5,610
28,122
$832,9141
Total
1,132,240
$832,914
x After reserve for
depreciation of $67,545 in 1985 and $57,618 in 1934.
Represented by 9,984 no par shares in 1935 and 10,498 shares in 1934.
Par
value
$1.
a
Includes
excess
profits
taxes,
b Represented
by
150
Financial
4196
(& Subs.)—Earnings—
Time Inc.
shares in
in 1934).
shares $2 cumulative preferred stock series A in 1935 (514
1934) and 296 shares common stock, par $1 in 1935 (196 shares
no par
June 20, 1936
Chronicle
Jan. 4 '36
Dec. 29 *34 xDec. 30 *33
$8,621,170
$6,700,993
6,594,076
4,733,719
3,527,268
$2,027,094
562,295
$1,967,274
156,343
$1,123,585
108,545
$2,589,389
41,397
298,169
$2,123,617
61,767
288,756
$1,232,130
56,627
165,875
$2,249,823
.1,126,560
$1,773,094
824,013
$1,009,628
$1,123,263
Years Ended—■
$949,081
$581,636
subscriptions, advertising and news agent sales.-Costs and expenses—Printing, distrib¬
Income from
Listing Approved—
Exchange has approved the listing of 220,386 out¬
standing shares of common stock, SI par, and will list 89,782 additional
shares of common stock, $1 par, upon notice of issuance.—V. 142, p. 3872.
The New York Curb
ution and general expenses—
Operating profit
Other income
Thompson's Spa, Inc.—Earnings-—
Sales
Other income
-
Total income
Salaries and wages.
792,001
—-—
Depreciation (incl; amort, of imp. to
Interest
w;:_ - - » -±
„
j.
-- - -
:'
- —.- *■ *
56,318
191691
Rent.
Insurance
»-• v,:;':
expenses.----.--.--—------
—
Material cost & other
Federal income tax
(estimated)
Consolidated net profit...
Dividends
——
operating
Balance, surplus-------
156,316
72,640
leased premises)
-
-
Other deductions
69,668
.-
-
•
$2,251,635
29,892
........——$2,281,528
--
Taxes.
-
--
-
_
-
Total income
Dec. 31, 1935
Earnings for the Year Ended
1,1261507
-----
427,992
(Rogers & Manson Corp.) not con¬
Adjusted to include subsidiary
x
solidated in report for
$4,650,853
1933.
Consolidated Balance Sheet
Liabilities—
Jan. 4 '36 Dec. 29 '34
Jan. 4*36 Dec. 29 '34
$297,269
$1,962,169 $1,974,592 Accounts payable. $457,411
Dividends payable
237,445
Securities (at cost) 3,526,266
2,236,199
Accrued accounts.
420,758
344,844
Accts.
receivable,
less allowance
250,260
374,588 Deferred Income—
subscriptions... 1,982,187
1,615,917
Inventories
432,179
317,402
Other assets
425,680
230,591 Advtg. &news agt.
(future issues)..
151,610
105,422
Permanent assets.
77,021
41,358
Goodwill
1
1 Res. for redempt.
of pref. stock
xl81,152
44,784
Deferred charges..
81,873
42,036
Assets—
•Net loss for the year---
Earned surplus as at Jan. 1,1935
Earned surplus as at
$11,616
222,621
------—....—-——--.—- -—- ----—
$211,005
Dec. 31, 1935-----------—-------
Cash
,
31, 1935
Balance Sheet Dec.
A sscto
Liabilities—
■
1
$54,094
$329,093 Accounts payable
15,663
6,535 Acer, salaries, wages & exps_.
6,400
Inventories
63,100 Prov. for Fed. & State taxes—
1,680,902
Real estate, fixtures & equip. x5,413,333 Mortgages on real estate
100,000
Deferred charges
21,105 Reserve for contingencies
y3,430,000
Good-will
1 Preferred ($6 cum.) stock
Cash
on
hand & on deposit.
__
stock
purch. payments
Capital & surplus
Capital
Employees'
Accounts & rents receivable--
Common stock
285,279
211,005
------
$5,833,169
Total
$5,833,169
46,255
677,500
1,947,330
—$6,755,451 $5,216,766
13, 1936, adopted a resolution setting aside out of
surplus an additional amount of $210,269 to be used for the purchase or
redemption of preferred stock pursuant to the certificate of incorporation
as
amended,
y Represented by 4,319
(18,229 in 1934) shares of $6.50
dividend cumulative convertible preferred stock (no par value), and 228,084
(207,352 in 1934) shades of common (no par).
Directors on Feb.
x
of capital stock.
——-
Surplus
Total..
$6,755,451 $5,216,766
Total.
sulting from re-acquisition
Total.—
89,620
577,500
2,895.215
z49,825
....
Cap. surpl.—comprising paidin surplus
& surplus re¬
Earned surplus i
y
x After
provision for depreciation, including $25,886 amortization of
improvements to leased premises of $1,004,542.
y Represented by 34,300
no par shares,
z Represented by 199,300 no par shares.—Y. 139, p. 2375.
Dividend Increased—Extra
Dividend—
declared an extra dividend of $1 per
The directors have
share in addition,
quarterly dividend of like amount on the common stock, no par value,
both payable July 1 to holders of record June 20.
Regular quarterly divi¬
dends of 75 cents per share were paid from July 1, 1935, to April 1, last,
and dividends of 50 cents per share were distributed each three months
to a
Thrift Stores,
Ltd.—Earnings—
14,929
Net
$1,052
loss.
$32,801
previously. In addition, extra dividends of 50 cents were paid in each of
the six preceding quarters and extras of 25 cents were paid on Jan. 30,
April 30, July 2 and Oct. 1, 1934.—V. 142, p. 2174.
•
8,400
8,400
8,000
6,300
4,000
dividend
Ordinary dividends..
$59,810 prof$41,507
119,712
150,089
$1,052
87,086
Net loss
prof$44,248
93,296
Consolidated Income Account
1935
1934
1933
$3,861,731
3,384,713
3,230,377
$2,710,561
2,509,732
$2,475,052
2,399,942
$636,887
$631,355
225,521
197,088
$200,828
194,408
$75,111
166,930
$862,408
106,407
$828,443
122,010
$395,237
148,021
292,127
135,954
2L660
303,396
123,547
37,100
293,712
$242,040
166,253
290,972
93,251
101,198
Cost and expenses
Operating profit.
Other income
$88,324
40,000
Call loans
ful
accounts
for doubt¬
36,147
-
304,754
Inventory...
value
at
cost
$143,503
6K % 1st cum. red. convertible
preference shares (par $25).
7% 2d cumui. red. convertible
preference shares (par $10).
120,000
Fixed assets
*
$4,334,873 $4,197,511
149,942
120,742
Cash
and
x
After
reserve
for depreciation of
$692,288
Total————————
$692,288
Prov. for Fed. inc.
and
15,425
$116,730.—V. 141, p. 4027.
under
Calendar Years—
names,
1934
1935
_•
1
$1,264,605
315,786
-
98,692
-—
30,220
4,409
5,000
106,532
28,345
4,462
4,800
Gas——-————^^ -——- -—- -
Railway
—
-
-
Water
Bus
Miscellaneous
130,154
231,618
$504,987
$535,306
313,075
13,913
13,924
Cr 15
$521,175
313,075
9,637
175
$194,233
on
funded debt
Interest on unfunded debt
-
Amortization of debt discount & expense
Interest charged to construction
Loss on liquidation or write-down
of investment in
capital stock of Electric Appliance Finance Corp.
(liquidated in 1935)
13,924
979,049
546,346
a
131.094
Cr 1,887
1,591,000
979,049
859,812
$6,690,378 $6,411,422
5,000 shares of 6% convertible pref. stock offered for sale subsequent
to April 30, 1936.
b After depreciation and depletion of $5,811,614 in 1936
and $2,341,393 in 1935.
c Represented by 282,175 no par shares in 1936
and 276,325 shares in 1935.—V. 142, p. 4041.
$180,843
income
Gross
Interest
8,498
1, 490,000
-
Total
$6,690,378 $6,411,422
Total--
5,582
------
—
income
Funded debt-
Capital surplus
Earned surplus
16,187
of fixed capital
-
Operating income
Other
1,644,700
646,844
113,425
157,450
246,267
8,781
Prov. for retire., renewals & replace,
Provision for taxes
*
-
$1,718,713
675,045
$526,525
Total operating revenues
Operating expenses.
Maintenance
100,287
140,984
22,871
10,710
fund, &c
1,176,021
324,539
>
;
27,000
22,872
burial
Employees'
and
deferred charges
Operating Revenues—
Electric
1
&c
Prepaid exps.
pur¬
chase contracts.
79,367
trade
Goodwill,
Co.—Earnings—
land
Prov. for conting.
84,145
vestments
Tide Water Power
37,100
prof.
excess
Non current obllgs.
in¬
Miscellaneous
95,412
,
taxes
3,177
1,225,742
.
78,067
19.950
206,351
1,225,742
4o"66o
136,135
Accrued accounts
237,396
Invest, in affil. cos.
$3,013,078
110,222
payable.
449,044
value of
surr.
Tooo
Notes payable
531,069
Inventory--..—Cash
Common stock..$3 030,629
Preferred stock, .a
Accounts
accts.
receivable
1935
1936
Liabilities—
c
&
equipment
life insurance-..'
Total
loss$92,530 loss$316,384
$327,043
1935
1936
b Coal property
Notes
Goodwill
7,206
Consolidated Balance Sheet April 30
Assets—
11,438
xl70,586
39,000
taxes
$2427390 loss$139,747 loss$316,384
47,217
84,652
$313,467
Net profit
86,034
surpms
2,037
$2,131).
...
$3067260
342,750
Unexpired insurance & prepaid
rent and
—
Profit
payable
Trade accounts & bills
Earned
(market
Depreciation.
Depletion
Federal tax, &c
Disc, relaized on debs .ret
Liabilities—
,
Cash on hand & in banks
Total income
Interest
1936
Consolidated Balance Sheet March 28
Investments
$119,711
$150,089
$87,086
$86,034
Profit & loss surplus—
$139,863
20,151
$161,219
11,129
$90,279
3,194
$86,034
Total surplus
Income tax & adjustm't.
Accts. rec., less res.
for Years Ended April 30
$4,021,601
Net sales.
2,320
stock
Assets—
Subs.)—Earnings—
Truax-Traer Coal Co. (&
1936
Previous surplus Profit on redemp. of 290
shs. 1st pref.
prof$80,185 prof$75,044
22,397
22,279
16,709
1st pref. dividend...
2d pref.
$111,837
36,793
$110,701
30,515
loss$16,442
•
16,358
$13,878
profit
Depreciation
1933
1934
1935
1936
Years End. March 31—
Operating
Tung-Sol Lamp Works, Inc.—Earnings—
$516,053
1934'
$352,215
$284,545
42,937
26,689
48,942
43,967
$378,904
139,1641
39,035'
$333,487
170,244
$204,366
1304,388
1
$200,704
173,310
$163,243 Ioss$100,022
263,348
$27,394
$163,243 def$363,370
1935
Calendar Years—
Net operating profit
Other income
$558,990
154,738
Gross income
Disctvallowed, int., &c_
Federal tax provisions
_
•
73,099*
-
$331,153
Net income
Divs.
on
Divs.
on com.
pref. stock
j
stock
275,102
$56,051
Balance, surplus.
1932
1933
—
$160,399
—
1
Consolidated Balance Sheet Dec. 31
Net income for the year....-
Marketable
Balance Sheet Dec. 31, 1935
Notes & accts.
Liabilities—
Assets—
Fixed
$11,488,050
capital
Investments
24,389
9,685
74,407
Special deposits
Cash (incl. working funds)..
Notes
receivable
Accounts
receivable
Int. & dividends receivable..
Materials
Deferred
&
supplies
debit
items...
j
.
$2,218,794
1,157,890
6,261,500
Cumul. pref. stock
Common stock ($10 par)
Funded debt
Accounts
90
payable..
Advs. from affil. finane. co._
296
Notes
272,001
Accounts
47
4,800
payable—trade.
168,612
Taxes
718,970
Interest
73,847
payable
accrued
Consumers'
on
serv.
pref. stock
& line dep.
109,987
1,846
for
(non-refundable)
Capital surplus
x
General
surplus
Corporate surplus
Total
$12,756,460
I
Total...
1,197,136
extensions
-
28,285
677,130
503,689
195,488
and receivables
a
_
Fixed assets
1
1
736,464
Deferred
harges.
_
for
15,175
16,690
$12,756,460
$6,960
120,373
64,106
76,302
wages,
&c
uncom¬
pleted bldg.cont.
Dividends payable
Deferred liabilities
Reserves
Preferred stock
Common stock...
Surplus
'
"19,734
100,537
73,159
3,907
44,035
b711,427
d280,659
39,035
4,232
44,579
c438,617
e548,424
1,723,405
Prov. for Fed. tax.
Franch'se licenses,
pat. rights, &c._
sal.,
expenses,
Acer,
Other investments
1,191,084
$3,288,426 $2,413,338
a After reserve for depreciation of $746,169 in 1935 and $724,940 in 1934.
b Represented by $208,757 shares of $0.80 cum. pref. stock, no par.
c Rep¬
resented by 60,919 no par shares preference stock,
d Represented by
shares of $1 par.
e Represented by shares having a declared value of $2.40
Total...
per
.$3,288,426 $2,413,338
Total
share.—V. 142, p. 3191.
Union
Arising from exchange of no par common stock for $10 par value com¬
mon stock as authorized by stockholders Feb. 20, 1933, less charges thereto.
—V. 139, p. 2532.
x
373,632
635,898
Accounts payableAcer.
1934
$100,000
111,187
Notes payable.—
11,929
Miscell. unadjusted credits..
Reserves
Contributions
Mdse. inventories.
$278,767
101,953
271,449
73,874
130,633
accrued
Divs. accrued
109,539
rec.
$580,366
113,635
303,004
908,756
260,042
1,105,930
secur.
1935
Liabilities—
1934
1935
Assets—
Cash
Investment
Co.—Earnings—
3 Months Ended March 31—
other charges
share on 50,692 common shares
4041.
Net income after expenses and
Earnings
—V.
142,
per
p.
1936
1935
$54,881
$0.80
$52,437
$0.75
Volume
142
Financial
United Air Lines
tion of Voting Trust—
Transport Corp.
cluding fractional scrip for 12 % shares); (2) 1,043,938 shares which are issued
and
outstanding in the names of voting trustees upon the termination of
the voting trust
agreement; (3) 57,708% shares on official notice of issue on
the exercise of certain
outstanding stock purchase warrants of United
Aircraft & Transport Corp.; and
1,889 shares on official notice of issue for a
number of shares of the former National Air
Transport, Inc. (now
merged and consolidated into the
like
corporation), making the total amount
for 1,103,814% shares.
The voting trust
agreement provides that "This agreement and the trust
created hereby shall
terminate, in any event, at 12 o'clock, midnight,
July 22. 1936."
Real prop. &
equip
Mar. 31,'36Dec. 31,'35
used in oper
Land,
Liabilities—
y
$6,276,622 $6,296,207
bklg.
and
■
,
.
Mar.
31,'36Dec. 31,'35
Capital stock (par
$5)
$5,219,950 $5,219,885
406,159
285,636
Accounts payable
Accrd. wages,taxes,
,
.
equip, of airport 1,186,529
Invests.
&
other
1,184,263
insurance, &c
196,632
220,020
695,429
2,286,541
631,346
Unearned tuitions.
188,037
216,990
2,233,964
S. Treas. notes
46,464
60,440
334,769
444,651
Notes receivable..
Accts. receivable..
Unused transport.
Res. for liability to
90,680
1,136,532
133,947
1,030,118
assets
Cash
U.
Invents,
of
liquidating
port Corp
Estd.
int.
co.
con¬
deter¬
ac¬
31,1936)
Reserves
Paid-in
($66,470)
surplus._.
President of Transamerica Corp., on June 15 con¬
that Bancamerica-Blair Corp.,
Transamerica affiliate,
the J. Henry Schroder
Banking Corp., W. C. Langley & Co., A. C. Allyn
3.249,245
The auction sale has been canceled.
'
■"Purchase of the notes," said Mr. Grant, "was made by our syndicate
with a view to
permitting the stockholders of United States Electric Power
Corp. to share in the purchase upon some plan details of which will be
announced later."
Standard Power & Light Corp. controls public utility corporations in
Among these are Market Street Ry.,
California-Oregon Power Co., Mountain States Power Co.,
Diego Consolidated Gas Co., Louisville Gas & Electric Co., Northern
States Power Co., Oklahoma Gas & Electric
Co., Philadelphia Co., Southern
Colorado Power Co., and Wisconsin Public Service Corp.—V. 142, p. 3532.
124,951
stockholders
on
June
30
will
vote
on
increasing the
United States Printing &
Lithograph Co; (& Subs.)-—
1935
based on completed
orders (before interest, dividend income, bonuses,
depreciation and Federal income tax)
Interest and dividend income
57,989
$576,158
x
......$12,364,455$12,305,911'
Total
Inventory of salvaged repair parts ($66,470)
upon a
physical inventory which
recorded
was
on
$12,364,455512,305,911
at Dec. 31, 1935 is based
the books for memorandum
purposes at that date and since reversed.
A comparable inventory at
March 31, 1936 is not available and
accordingly such inventories are not
eflected upon the books at that date,
y 57,893 % shares of stock at Dec.
31, 1935 and 57,885% shares at March 31, 1936 are issuable upon the ex¬
ercise, on or before Nov. 1, 1938, of stock-purchase warrants of United
Aircraft & Transport Corp.
Proceeds will amount to $18.49 per share so
issued.—V. 142, p. 3531.
$682,922
9,048
$584,875
United Camps & Oil
$691,970
16,135
75,854
5,176
33,554
97,500
270,067
19,000
Dec. 28 '35
a
$1,594,892
1,232,560
207,395
7,568
201,597
17,529
$1,177,032
871,075
241,915
35,452
159,003
12,677
$1,120,68S
832,649
$77,729
Depreciation
Taxes-
--------------
Net loss for year
Portion of net profit ap¬
plicable to min, int.—
Net income for the year
Earnings
$71,757
$143,090
$141,009
Cr28,133
ances,
278.124
6,693
139,834
4,394
,Crll,963
062,270
Deficit
$82,131
$131,127
$787739
40,073
$82,131
$49,596
Dec. 28,'35 Dec. 29,'34
Cash
$285,083
31,003
$131,127
453,324
securities.
405,503
(less reserve)
162,235
Deferred
377,392
Min.
4,115
4,007
998
in
cum.
to
future operations
13,511
901,368
1,607,941
Patents & processes
63,008
Goodwill
736,943
8,961
stock.
859,450
2,763,782
$4,705,016 $4,840,908
1935
1934
1933
$29,646
19,929
$78,006
19,929
$107,482
19,929
$20,597
218,598
$9,717
203,920
4,961
$58,077
144,608
$87,553
63,625
10,500
$249,694
$218,598
$202,685
prof1,235
$151,178
$203,920
224,605
$144,608
Balance, surplus
.
securities sold..
Earnings
per
sh.
$249,694
236,611
Balance Sheet
Asstes—
Cash in banks and
$218,598
236,608
$0.04
$0.09
on com.
,
1932
6,570
$0.26
224,600
$0.37
Dec. 31, 1935
$126,617 Accounts payable, trade
$53,799
Accrued salaries, wages & exps..
1,673
at Dec. 31, 1930
(at market
Provision for income, franchise
quotations, $23,632)..
and other taxes...
19,995
12,623
Accounts receivable
*168,990 Unpaid cash and stock dividends
13,326
Inventories
yll8,083 Prov. for redemp. of coupons
132,571
Notes receivable
57,127 Deposits advanced for coupon
$4,513,052
in
1934.
d Represented
by
171,256 9272-10,000
shares
issued (less 5,980 62-10,000 shares held in
treasury in 1935 and 5,703 62-10,000
held in treasury in 1934).—V.
United States
Having reached his 70th birthday and desiring to confine his business
to
with
company
the practice of law, Richard Gordon Babbage, associated
and subsidiary organizations since Oct. 1, 1901, has
President and Chairman of the Board.
He held these positions
for the past several years.
this
resigned
as
Babbage.
States
Rubber
a
director.—V.
142, p. 2690.
Co.—Completes
Redemption
of
°
The company announced on June 15 that
of all of its outstanding 6% %
on Sept. 1 it will complete the
serial gold notes.
The two
aggregating $4,000,000, have been called for redemption
on that date.
These are series N, due March 1, 1939, to be redeemed at
102%, and series O, due March 1, 1940, at 103% together with accrued
interest to Sept. 1, 1936.
Payment of series N and series O notes will be
made at the principal office of the Guaranty Trust Co., New York.
Since the present management took charge of the
company in January,
1929, the company has retired more than $46,000,000 of funded debt
without recourse to borrowing.
The retirements now announced will
retirement
remaining series
make the total reduction in funded debt of the
company
than $50,000,000 and result in annual
savings in
than $3,000,000.
more
since Jan. 1, 1929,
interest charges of
Two series of earlier maturity, due in 1937 and 1938,
aggregating $4,000,were redeemed before maturity on March 1 of this year.
The original
000,
amount of the
6%% serial notes, issued in 1925, was $30,000,000.
During 1935 the company redeemed before maturity its three-year secured
6% gold notes due in 1936.
The company also retired in 1935 its 6%%
serial
gold notes, series K, in principal amount of $2,000,000 due in 1936.
The retirement now announced, on Sept. 1, 1936, of the balance of the
6 % % serial gold notes will reduce the total funded debt of the
company
subsidiaries to
approximately $54,000,000, which figure includes
approximately $2,400,000 of bonded debt of a subsidiary.—V. 142, p. 3017.
revalued
Special deposits for payment of
on
United States Steel
George F. Baker resigned
5,041
Merrall & Condit Co.'s capital
stock, representing 83% thereof
or $5.45 per share
224,210
1,091
199,290
Common stock
59,229
Capital surplus.
28,498
Earned surplus, since Dec.
31,*30 249,694
Treasury stock
Dr568
June 16
Fraser,
elected to succeed him
was
142,
Corp.—Director Resigns—
on
p.
as
a
director and
a
member of the
Vice-President of the First
on
National
both the board and the committee.
4041.
$751,2291
Leaf
Universal
Tobacco
Co.—Extra
Dividend—Larger
Regular Dividend—
The directors
on
June 15 declared
extra dividend of $1.75 per share
dividend of 75 cents per share on the common
an
a quarterly
no par value, both payable Aug. 1 to holders of record
July 21.
Previously regular dividends of 50 cents per share had been distributed
each three months from Aug. 1, 1932, to
May 1, 1936, inclusive.
In
stock,
Total
$751,229
for doubtful accounts of $6,288.
y After allowance for
Obsolescence, &c. of $2,500.
z After allowance for depreciation of
$19,235.
a Represented
by 236,916 no par shares,
b Represented by 305 shares
—V.
Leon
in addition to
Prepaid taxes, postage, lnsur.,&c
13,423
Furniture, fixtures & improv
zl7,741
After allowance
Bank,
Committee.
10% cumul. pref. stock (par $10)
Investment, at cost, In Acker,
Total.
Finance
redemptions
capital
stock
x
3192.
p.
Realty & Improvement Co.—President
Resigns—
__
unclaimed dividends
$8,386,933 $8,385,506
and
hand
as
Total
for doubtful items,
b After reserve for overruns, spoilage,
After reserve for depreciation of $4,559,170 in 1935 and
more
Liabilities—
on
Marketable securities
c
V/2% Notes—
Total
$40,526
19,929
dividends
Profit & loss surplus..
227,213
_
40,118
2,520,833
2,499,346
966,699
1,341,122
255,123
reserve
&c.
United
Profit-Sharing Corp.—Earnings—
Shs. com.stk .out. (no par)
46,808
2,395,511
pref. stk._ 2,499,346
965,081
1,365,407
Henry C. Von Elm has been elected
$4,840,9081
Previous surplus
on
cum.
Earned surplus—
Edwin J. Beinecke will succeed Mr.
736,943
40,794
Credit applic. to prior yrsi
Loss
231,391
held in suspense
Funded debt
$3
68,943
Calendar Years—
Net profits
Preferred
After
165,506
credit—est.
prof, on partially
completed orders
$8,386,933 $8,385,506
returns,
195,950
1
341,071
207,813
1
d Common stock.
charges.
Total
1934
$358,500
ma¬
within
Paid-in surplus—
activities
a After reserve for
depreciation of $849,494 in 1935 and $642,443 in 1934.
b Represented by 102,000 no
par shares.—V. 142, p. 3531.
United
1
Deferred
1.123,601
60,738
936,847
1,783,832
10,266
....$4,705,016
12,480
partic.
b Common
Organization exp._
4,292,266
33,602
4,213,163
on pur¬
Goodwill
713
1,077,505
779,700
2,757,651
$190,815
$0.24
6,345
sub.
pref. stock
Fixed assets
Total
credits..
int.
companies
$3
Investments...
a
751,570
1,131,998
91,622
547,065
142,
6,870
2,030
181,329
416,125
Insurance Co
$56,056
22,000
tax._..„__—
Dep. with Mutual
charges
$68,778
Res.for other taxes
Interest receivable
Defd.
Dec. 28,'35 Dec. 29;'34
Accounts payable.
rec.
Inventories..
Def.
64,373
455,220
Property
1935
$280,500
248,541
193,018
year
for
ship¬
payment
apply
debt
turing
Def. accts. rec..
a
Subs, note payable
Res. for Fed. inc.
marketable
Accts. & notes
held
Advance
Funded
857,022
con¬
ping instructions
825,135
Inventories..
1,274,687
$118,812
Liabilities—
$243,399
20,274
U. S. Govt, bonds
837,535
customers'
a
Liabilities—
Notes payable
Accounts payable.
Accrued accounts-
goods
specific
tracts
Consolidated Balance Sheet
Other
1934
$528,070
& accts.
Finished
on
c
$49,596
Nil
accept¬
chase option
Dividends paid-.--—.
Assefs—
1935
$296,642
In vestments
10.375
$129,287
on common
receivable
b
to
Balance of net loss ap¬
plicable to
United
Chemical, Inc
share
per
Notes,
Dec. 31 '32
186,036
_
Consolidated Balance Sheet Dec. 31
60,254
217,294
15,415
Sell. & adm. expenses...
Other deductions, net
_
—
20,662
147,297
264,493
7,000
•
Provision for depreciation_
Prov. for Federal income tax (estimated)
Cash
Dec. 30 '33
$1,647,999
1,246,729
Cost of sales
—
funded debt
on
Assets—
Dec. 29 '34
funded debt)
Bonuses
department.
Chemicals, Inc. (& Subs.)- -Earnings-
Years Ended—•
Net sales
on
Special commissions
Co.—Registers with SEC—
See list given on first page of this
United
Total
j.
Deduct—Interest (other than
Interest
1934 V
8,716
..
Total-.
authorized
common stock by 88,869 shares and the creation of
30,000 shares 5%%
cumulative convertible preferred stock, par $50.—V. 142, p. 3016.
Calendar Years—
Net profit from operations
293,424
&c_
are
Bank, Guaranty Trust
secured by 1,226,298 shares of
common stock and
12,798 shares of series B common stock of Standard
Power & Light Corp., subsidiary of United States Electric Power
Corp.,
and by other miscellaneous securities.
The notes had been advertised by the banks for sale at
public auction.
3,393,285
476,947
832,403
of
x232,398
from
The notes, which were held
by Chase National
Co. and Chemical Bank & Trust
The
37,354
26,592
3,619,628
3,393,393
Earned deficit
salvage value...
Prepd.
taxes,
in¬
>
Grant,
reportrs
Stock—
pending
surance,
M.
Corp.—Transamerica
at Private Sale—
& Co., Inc., and Emanuel &
Co. have purchased at private sale
New York banks the notes of United States Electric Power
Corp.
31, 1935 &
2,071 shs. atj Mar.
priced at cost &
realization
John
firmed
Power
6, '36 June 15, '35
80,114,506
72,709,313
United States Hoffman Machinery Corp.—To Increase
in a merged
(2,767 shs. at
Dec.
mined by the cos.
prov.
Electric
Group Acquires Notes
quiring min. stk.
salvage value, re¬
spectively,
less
reserve
100,000
100,000
of
cost
quantities &
as
States
82,145,041
San
Aircraft & Trans¬
■/'
repair
parts & supplies
at Dec. 31.1935,
dition
United
June 13, '36 June
various parts of the United States.
San Francisco
com¬
mittee of United
new
parts, & salvaged
($66,470)
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system
(kwh.)
—V. 142, p. 4041.
Co.,
Consolidated Balance Sheet
„
Assets—
4197
United Gas
-Listing— Termina-
The New York Stock
Exchange has authorized the listing of (1)_279%
shares which are issued and
outstanding in the hands of the public (in¬
applied
Chronicle
addition
on
an
extra
dividend
or
$2 per share
Aug. 1, 1934, and $1 per share
Utah Standard Gold
See
on
was paid on Aug. 1, 1935; $1
Aug. 1, 1933.—V. 141, p. 1786.
Mining Co.—Registers with SEC—
lisp given on first page of this department.
Financial
4198
June 20, 1936
Chronicle
Consolidated Balance Sheet Dec. 31
Venezuelan Petroleum Co.-—Earnings$300,101
19,277
Int. & miscoll. income..
Profit
ketable
of
sale
on
x32,500
1.784
$345,618
$391,010
$207,040
$162,940
238,373
198,570
226,406
213,822
$107,246
2,000,000
$0.05
$192,440
2,000,000
loss$19,365
2,000,000
loss$50,882
2,000,000
$0.09
Nil
—
Net income
_—
Shs.cap.stk.out.(par $5)
Earnings per share
Nil
redemption.
on
(Exclusive of the assets and the liabilities of all British subsidiaries)
Assets—
xl935
1934
$246,864,348 $251,783,042
8,625,940
7,893,806
200,000
215,682
Notes & accounts receivable
3,982,202
4,226,024
Unbilled income
1,528,546
1,435,991
Operating and construction materials, supplies
and merchandise
2,957,009
3,397,113
Investments, loans and advances
—
20,565,017
25,837,240
Miscellaneous assets
872,919
756,641
Special deposits
1,979,452
1,645,216
Deferred charges.
__i
16,076,966
16,997,914
Discount on pref. stocks of subsidiary companies
1,185,094
1,185,094
Fixed assets
hand—
Cash in banks and on
U. S. Government securities
6,667
securities—_
Total income
Profit
21,724
•
mar¬
Expenses, incl. deplet'n,
taxes, &c
x
$150,244
12,696
$178,648
$369,949
13,017
Royalties
1932
1933
1934
1935
Years End. Dec. 31—
—
-
—
Condensed Balance Sheet Dec. 31
•
1935
$
Inv. in sub. cos
Marketable
Accrued
50,015
57,926
securs.
royalty..
Acer. Int.
on
Capital stock...10,000,000
payable.
5,534
Accounts
Accrued taxes
Total..
$
24,239
612,808
10,000,000
17,741
34,200
505,563
277,111
14,521
Deferred charges._
Total
$5
par
value,
11,594,074
41,227,235
9,315,198
41,426,840
>3,409,849
3,543,877
182,524,000
184,554,668
800,000
1,106,909
375,870
2,083,314
/fx;-.'
y
Accrued interest
1935
$1,406,300
1,701,250
152,363
60,330
--
Non-utility subsidiary companies
Other companies
Rental income from real estate
-
1934
$1, 058,882
1, 833,530
325,744
27,319
13,972
1,849
974
$3,347,266
_ — .
_
$3,381,037
—
__
'
Miscellaneous interest and discounts—
—
-
;
payable
funded debt accrued.
on
_
2,144,145
—
454,092
Reserves
-
Miscellaneous unadjusted credits.
Total-,.
$19,302
84,316
1,509,321
1,515,537
25,594,390
309,062
_
$304,837,496 $315,373,765
—
Exclusive of two American subsidiaries but including investments
x
Years Ended Dec. 31
the
British, Canadian and American Subsidiaries)
(Including both
..
Net income
Balance Sheet Dec. 31
(Company Only)
__
—
.
Liabilities-
$18,053,400 $18,053,400
1,642,989
1,642,989
1,167,882
1,167,882
2,210,879
2,210,879
16,242,899
19,221.688
1,694,084
1,757,570
50,000,000
50,000,000
976,042
961,559
7% cumulative preferred stock ($100 par).
Class A stock ($1 par).J.
Class B stock ($1 par)
Common stock ($1 par)
Capital surplus
Earned deficit
Funded debt
—
v
Accounts payable & accrued expenses
Liability for interest obligations of subs. cos. pay¬
able Jan.
Amt. due
Provision for retirements
5,738,278
2,567,630
5,544,143
4,003,529
3,702,437
—
purch. of
common
$14,177,136 $13,990,608
Public utility gross operating income
Other income (net)
on
funded debt
on
$15,773,122 $15,454,973
10,892,351
11,031,256
312,590
393,335
;___
—
Interest
unfunded debt.
Cr64,819
644,598
327,083
3,773,024
Interest during construction capitalized
Amortization of debt discount and expense
Normal & State taxes on bond int. & other charges-
Divs.
on pref. stocks of subsidiary companies
Minority interest in net income
1,465,625
397,693
stk. of subs. co__
Consolidated net loss
a
American subsidiaries but
dividend received from one such company.
of the British companies have been converted at
the pound.
$4.8665
to
Consolidated Balance Sheet Dec. 31
not
Cash....
'
xl935
Property, plant and equipment
673,752
Matured interest, &c
109,146
1,617.885
Reserves
673,752
118,270
1,605,576
'
■
10,253,371
Notes & accounts receivable.
1,588,078
9,154,709
Unbilled income
1,528,546
Marketable securities
5,132,302
6,964,242
Investments, loans & advances
yl935
1934
$30,019,414 $28,912,519
20,098,407
18,946,925
_____
Public utility gross operating income—
$9,921,007
124,452
Public utility non-operating income.
Non-utility
gross
Int.
on
income.
$10,523,040 $10,757,715
____
funded and unfunded debt, amortization of
debt discount and
normal and State
&c., charges—
7,810,114
•
439,411
Prov. for Federal and Dominion income taxes
Balance
Dividends
on
Net income of subs, avail, for
declared
or
or
cum.
362,246
40,691
$898,030
1,076,054
pref. stock divs.
accrued—
__
Consolidated net income of subsidiaries.
or
J2.417.247
1,116,279
$1,057,966
accrued
$2,273,515
1,051,230
1,252,824
pref. stocks paid
Minority interest in net income
Cum.
7,944,994
395,473
148,360
15,958
________
pref. divs. of certain sub.
cos.
not
earned
declared
Consolidated net loss of subsidiaries.
_____
_
_
$194,858
$178,023
$404,751,381
Light Corp. and Utilities Power
& Light Corp., Ltd.—
from
Greater
London
Exchange profit
on
remittances
_____
Miscellaneous income
.
'
_
■
_
9,750
60,330
22,799
13,097
2,952,750
27,318
Wf- 4-
5,226,570
3,204,307
62,730,060
62,934,653
Minority interest
13,088,974
12,834,999
214,726,446
6,565,589
214,749,791
7,675,549
1,422,104
1,332,852
Unfunded debt
Consumers' deposits
Bank loans
Notes and contract
Expense—Admin., accounting & general
expense..
,225,987
320,555
Provision for abandoned developments
Amounts written off notes and accounts
1,938,137
359,365
60,000
24", 178
rec
Provision for depreciation
21,140
22,137
$860,114
Balance
$^496,635
Other deductions of Utilities Power & Light Corp.:
Int. on debs, and unfunded debt, amortization
of debt discount and expense, normal and
State taxes
on
debenture interest
Consolidated net loss..______
*
2,783,132
2,877,035
____z$l,923,019
x$380,401
x Not
including consolidated income of Greater London & Counties
Trust, Ltd., but including a div. of $2,952,750 from that company, a
major portion of which was declared out of earnings of prior years ,and
after deducting $1,076,053 for cumulative pref. divs. of certain sub. cos.
which were not earned or declared,
y Exclusive of two American sub¬
sidiaries but including income received from such companies,
z After
crediting $1,339,522 income from subsidiaries not consolidated and de¬
ducting $1,252,824 for cumulative preferred dividends not earned or de¬
clared by certain subsidiaries consolidated.
333,000
Taxes and expenses accruedFunded debt (current)
Other liabilities
1—
3,701,636
3,446,007
3,718,088
7
375,870
3,317,029
5,020,908
obligations
Accounts payable
Interest on funded debt accrued
3,461,679
3,233,517
84,317
182,508
1,509,321
184,596
1,515,537
41,994,867
300,501
$404,751,381
$409,196,178
Miscellaneous unadjusted credits
Total
:
Exclusive of assets and liabilities of two
minor
American
companies.—V. 142,
Co.—Plans to Reorganize
A proposal to consolidate
2,083 315
1,481,901
45,056,611
_t
Accrued & matured bond interest, &c
Reserves.
as
p.
subsidiaries,
3017.
Shaker Heights
and simplify the corporate and financial struc¬
of the
tures of five of the six subsidiaries of the company by conveyance
assets of the subsidiaries to the Van
was
122,584
13,508
1,629,987
1,152,053
2,206,081
31,616,395
Preferred stocks of subsidiaries
Sweringen Co., the parent company,
a reorganization plan filed wtih William B. Woods,
Special
hearing on the plan has been set for July 3 by the special
The five subsidiarieswould then be
dissolved, their obligations
made in
Master.
A
Master.
obligations of the parent company and their indebtedness to the
The name of the parent company would then be changed
Heights Co.
The Shaker Co., the only subsidiary not to be consolidated, will retain
its identity under the name of the Sh iker Square Co.
The principal provisions for reorganization of the Van Sweringen Co.,
provide for the issuance of preferred and common stock by the reorganized
company in payment of an indebtedness to its predecessor company totaling
more than $12,000,000 so that the reorganized company will be relieved of
the carrying charges on that amount of debt.
Outstanding common stock
of the Van Sweringen Co. will be surrendered to the reorganized company.
All of this common is held by Midamerica Corp.
Each share of the out¬
standing preferred of the Van Sweringen Co. is to be exchanged under the
plan for one-half share of the preferred stock of the reorganized company.
The principal indebtedness of the Van Sweringen Co. is its two issues of
first mortgage and collateral trust bonds.
This indebtedness is provided
for by issuance of interest bearing certificates of indebtedness for the out¬
standing bonds and permits conversion of these certificates, under certain
conditions, into the land securing the original bonds.
Other secured obligations are also funded in the reorganization plan by
additional certificates of indebtedness, issued in five series and likewise,
under certain conditions, convertible into the land securing this issue of
treated
Balance
$18,007,566
1,128,619
2,175,484
25,951,135
Capital surplus
Deficit from operations
Van Sweringen
1,314,868
$409,196,178
1,629,524
but including investments in such
Counties
&
Trust, Ltd
Interest and divs. from other companies
American public utility subs. div. on pref. stockDividends and interest from investments
.__
stock
Class A stock (par $1)__
Class B stock (par $1)
Common stock (par $1)
x
Utilities Power
Income—Div.
1,645,216
19,232.642
1,185,094
$1*7,819,367
:
7%lcum! pref.
Funded debt
expense,
taxes on bond interst,
not
$9,965,594
196,594
-$10,045,459 $10,162,189
477,580
595,526
Gross income
756,641
18,673,977
1,185,094
Deferred charges.
Discount on preferred stocks of subsidiaries
Total.
11,624,479
872,920
-
Special deposits
(Exclusive of British Subsidiary Companies)
1934
10,766,392
3,094,145
8,812,462
1,435,991
5,431,739
1,979,452
Miscellaneous assets
Consolidated Income Account for Years Ended Dec. 31
■
—$347,418,690 $345 211,377
___
Materials, merchandise & supplies
$90,986,309 $95,776,227
Public utility gross income
873,154
$2,230,577
Exclusive of the operations of two minor
including
Assets~-~~
1931 representing deficiency in Federal
a consolidated basis, which taxes have
yet been determined by or paid to the Treas¬
Department
Public utility operating revenues_
Public utility expenses
3,868,987
684,710
719,587
1,058,551
—
pany in
taxes on
Total
Crl31,326
638,202
327,230
$1,889,844
Provision for income taxes..
x
1,464,365
1,595,986
—
Gross income
Balance of amount received from subsidiary com¬
ury
2,864,458
—
(exclusive of income taxes)
Note—The accounts
1, 1935
on
1934
Taxes
Interest
.$90,986,309 $95,776,227
Total.
1. xl935
_____—$45,520,438 $42,732,749
18,737,037
16,927,930
Operating revenues
Operating expenses
Maintenance—
1934
1935
Investments, loans and advances
$86,495,277 $89,346,100
781,070
Notes and accounts receivable—Sub. companies..
241,320
122,904
Accrued interest, &c.—Sub. companies.
121,075
Cash in banks and on hand
971.362
2,167,639
118,397
Special deposits
—
134,146
79,730
Office furniture & equipment, &c
58,697
3,160,386
Deferred charges
2,964,430
Assets—
in,
such companies.
Condensed Consolidated Income Account for
2,887,162
$109,139
499,656
182,508
1,481,900
26,358,727
187,823
other liabilities (not current)_
Accrued & matured interest, &c
Contract oblig.&
474,573
2,784,034
1,692,954
3,093,092
1,887,072
679,409
Other expenses accrued
Funded debt (current)
and loans to,
— —
—
Other deductions....
1,156,432
333,000
3.317,029
1,648,655
3,076,726
Consumers' deposits
Bank loans
Taxes accrued
10,711
122,584
1,291
11,200
Total income..
—
RFC
Demand note payable to
Interest
(Company Only)
■
Income—Public Utility subsidiary companies
Utilities Power & Light Corp., Ltd
Expense
1
Notes & contract obligations
of Income Years Ended Dec. 31
Exchange profit on remittances.
Profit on sale of securities (net)
1,152,052
2,206,081
31,616,395
Accounts
Statement
y
2,175,484
25,951,134
Funded debt
10,642,582 10,557,503
Total..
Corp.—Annual Report—
Utilities Power & Light
1,128,619
'-v..
$18,007,567
1,629,987
Minority interests in subsidiary companies
2,000,000 shares,
2849.
by
.y,
$17,819,367
1,629,-524
Earned deficit
10,557,503
...10,642,582
Represented
.•"vv*.•'■■■•'" ''/••v-*
>
cum.
Capital surplus
bonds only.—V. 142, p.
on
*'
pref. stock (par $100)__
Class A stock (par $1)
Class B stock (par $1)
Common stock (par $1)
7%
Preferred stocks of subsidiary companies
Earned surplus
4,398
59,242
19,824
y437
& mi8c.accts.rec.
$304,837,496 $315,373,765
-
Liabilities
bonds
Cash In banks
x
x
1934
$
Liabilities—
1,946,889
8,149,107
298,296
79,746
1,910,489
8,332,079
interests.
Royalty
1935
1934
<2
>4 o<?/>/<?——.
as
latter canceled.
to the Shaker
certificates.
,
Volume 142
Financial
Chronicle
Unsecured creditors as well as
holders of contingent claims against the
Van
Sweringen Co. will receive preferred stock of the
reorganized company
on the basis of
4199
half of its unsecured
Resumption of dividends by the
company was made possible by the fact
that in 1935 earnings were the
largest since those of 1929. Net of $313,123
last year compared with
common
are
one
issuable to the
share for each $100 of valid
claims.
In payment of oneclaims, the Midamerica Corp. is to receive all of the
company.
A part of the preferred stock
Midamerica Corp. in payment of the balance
of its unsecured
the
or
reorganized
claims will be made
available to the reorganized
company to
<
(S. D.) Warren Co. (&
Subs.)—Earnings—
enable it to
exchange for the presently outstanding preferred shares
of the Van
Sweringen Co.
The principal
indebtedness of the Shaker Co. is made
up of its first mort¬
leasehold bonds and its first
mortgage sinking fund bonds.
These are
ten-year income basis.
Ail of the net earnings from
the
mortgaged properties are applicable to the
payment of interest and
principal of the bonds.
The company under the
plan, will issue preferred
shares and the new
Shaker Heights Co. will have the
ownership of all the
outstanding common stock in consideration of the
Van Sweringen Co.'s
having canceled
Earnings for Years Ended Dec. 31—
Gross profit on sales and other
inc.,
before depreciation
gage
to
deficits in 1934, 1933, 1932 and
1931.
Dividends
recapitalization which recently became effective.—
a
sequel to the
142, p. 3533.
V.
1935
expenses-_
„
672 608
439 130
286 198
340,006
281,931
330,600
283,772
144,234
$94,744
Selling and administrative
Depreciation
def $40,691
$2,223
-
Net profit for year..
its
1935
Van Sweringen
Co., or one share of preferred stock of
Square Co. for each $100 of claims.—V.
142, P- 974.
Assets—■
Virginia Electric &
Power\Co.—Earnings—
Maintenance
_
Taxes
$543,990
6,666
Interest & amortization.
Balance
$6,736,623
26,666
$516,522
155,199
$6,763,290
1,936,536
$402,899
Balance
$516,522
$550,656
147,756
Inc. from other
sources.
$361,322
Appropriations for retirement
Balance for
common
—V. 142, p. 3366.
Vulcan
1935
$598,025
299,020
$299,005
71,133
$193,574
28,776
$227,872
49,030
$222,351
96,281
12,000
$276,902
143,003
18,000
$114 069
.....
$115 899
Condensed Balance Sheet Dec. 31
$163,835
$86,999
<fc
interest
Ctfs. of deposit &
interest
86,440
securs.
cost
Liabilities
Accts. payable fSr
1935
190,924
213,125
accts. receivable
229,815
Vendors' debit bal
219,222
$128,416
46,238
492,400
Res. for conting's.
52,724
Preferred stock...
1,383,800
Common stock
500,000
Contingent surplus
160,000
283
notes &
Inventory
1934
purch., exp., &c.
Accrued taxes, &c.
Serial mtge. bonds
91,998
327,981
21,086
1,360,212
19,704
Profit & loss., def.
357,739
$101,838
42,991
626,400
63,948
1,383,800
500,000
160,000
214,380
Deferred
assets.--
Total
—V. 142
1,673,202
14,313
33,056
1935
loss—
Other income, less other
deductions
Federal income tax
Total.
shares capital stock__
Net loss after taxes and
other charges
1933
1932
$895,421
747,409
$974,547
721.221
223,819
196.357
196,068
prof$56,968
8,840
10,764
loss$66,966
$67,733
$28,671
$0.46
$0.19
12,396
$4,523
$0.03
1936
Nil
1935
$31,263
Nil
Nil
Nil
1934
Liabilities—
3,552
Investments
2,670
1,513
2,670
9,993
4,369
(less
Deferred expense.
prof$34,310
$0.23
294,384
9,561
289,227
5,841
1935
Accounts payable.
payroll..
$1,719
5,026
Accrued county &
Federal taxes...
4,699
Cust. & oth. credit
balances..
Cust. dep. on order
14,730
Accrued
Guar,
deposits
1,419
1934
$1,950
3,351
3j,313
1,644
14,454
by
distributors
Other cur. liabil..
Res.—for conting.
Com. stk. (145,000
11,901
12,200
1,350
3,689
"4",148
Capital surplus
520,000
60,192
Earned surplus
520,000
60,192
118,989
104,218
$743,717
$725,472
shs.
Total
for
the
company.
Weinberger Drug Stores, Inc.—Dividend Increased—
The
directors
have
declared
dividend
a
1935
turn.
1934
$29,292
property
Equip.,
$29,292
of 30
cents
$743,717
$725,472
no
par)
Total....
—V. 141, p. 3706.
per
share
Walker & Co.—Accumulated
Dividend—
p. 2690.
Waltham Watch Co,—Resumes
Dividends—
1935
on
the
1,219
83,940
10,370
—
1,313
89,195
Res.
expenses.
15
401
$239,674
9,319
claims,
Deficit.--..-
—_
9,573
133,345
9,573
131,176
15
Interest receivable
for
9,334'
suits & oth. items
7,205
1934
$239,674
Accounts payable.
371
Total--..
p.
After
$125,236
reserve
1289.
$127,391 i
Total
$125,236
$127,391
depreciation of $656 in 1935 and $563 in 1934.'—V.
141,
,;/■/ ;"-;U
'**■
V;:l
for
Wesley an College, Macon, Ga.—Protective Committee—
A protective committee for holders of
bonds of Wesleyan College,
Macon,
Ga., old educational institution under the control of the
Southern Methodist
Church, has filed under the Securities Act of 1933 for the
deposit of $1,000,000 of 1st (closed)
mortgage 53^% serial gold bonds, of which $998,000 is
outstanding.
bonds have
been
in
default since
registration statement, and for
on
more
account of the semi-annual
serial maturities of principal.
It is desired that the bonds be
some one in
"to obtain
The
The directors on June'18
declared, payable July 1 to holders of
record
June 20, accumulated dividends of
$33 .25 per share on the prior
preference
stock, and also declared a quarterly dividend on
the same issue of
$1.75
per share, payable Oct. 1 to holders of record
Sept. 19. These will be the
irst dividends paid on the
prior preference since Oct. 1,
1931|.
The directors also
declared, payable July 1 to holders of record
June 20,
a dividend of $6
per share on the 6% preferred from
1935 earnings, plus
previously accumulated dividends of $2.43 per share.
These will also be
the first payment on the
6% preferred since one of 50 cents on Oct.
1, 1931.
The directors declared a dividend of
$2.24 a share on the class A
common,
payable July 1 to stock of record June 20. Tnis
will be the first dividend
on
the class A stock since one of
$1.41 a share, paid Feb. 5, 1931.
Feb.
15,
1933, according to the
than three years no
payment has been
instalments of interest and the annual
V
deposited, the statement said, to have
authority to negotiate and if an agreement cannot be
reached,
some
action."
statement said that no legal
proceedings were pending, adding,
however, that the trustees under the bond
mortgage, the Citizens & South¬
ern National Bank of Macon
and the Trust Co. of
Georgia, Atlanta, Ga.,
"have threatened to proceed if
nothing were done."
The bonds were issued
in
1928.
The statement said that the market
value of the bonds, as fixed
by the
latest sale at $25, was $250,000.
The protective
committee,
which will serve without
compensation,
receiving only expenses, is composed of E. K.
Hagemann, manager, mu¬
nicipal department, Stix & Co., St. Louis; John
McCorkle, general partner
in Fenner & Beane, member of the
New York Stock
Exchange, and Thomas
M. Johnson of Johnson, Lane,
Space & Co., Savannah, Ga.—Y. 126, p.2164.
West Virginia Coal & Coke
Years Ended Dec. 31—
The directors have declared a
dividend of 50 cents per share
on account
of accumulations on the $2.50
cumulative class A convertible
stock, no
par value, payable July 1 to holders of
record June 15.
Similar payments
were made on April
25, and Feb. 15 last, and on Dec.
20, Nov. 15, Aug. 15,
May 15, and Feb. 5, 1935.—V. 142,
Liabilities—
Capital stock.
&
fixtures
The
1933
$52,034
Oth. current assets
assets
Coetz
Files Bonds with SEC—
1934
$44,918
235,271
for deprec).
Norman
An accountant's report
indicated that in 1934 the
company had a con¬
solidated loss of $1,884.934 and in
1935 of $2,804,012.
Another hearing will be held June
25.—V. 142, p. 639.
made
222,958
res.
by
nothing.
4,767
$75,807
$176,586
Fixed
made
was
of
The plan provides that
prior lien claims other than mortgages be
paid in
cash to the extent allowed
by the court. Unsecured claims and debentures
finally allowed by the court will be settled in cash in
full if under $100.
Creditors for larger amounts will
get $1,000 in Cities Service 5% debentures
and 40 shares of Cities Service
common stock for each
$3,000 of claims
allowed. '
'.v
prof$23,904
$7,148
$181,459
23,560
5,571
Inventories
announcement
counsel for Cities Service Co. voiced
acquiescence.
Under the plan all assets of the
company, including the stock of subsidiaries,
would be conveyed to a nominee or
nominees of Cities Service Co.
In behalf of a
group of creditors, however, Frank Weinstein
objected
to a provision of the
projected plan that would enable the Cities Service
Co. to withdraw its
approval if the management
changed during the re¬
organization.
He declared also that efforts
should be made to get some
money for stockholders, for advocates of the
plan had informed the court
that because of the
company's insolvency the stockholders would receive
$923,001
703,030
Balance Sheet Dec. 31
1935
.
The
Henry L. O'Brien
x
3706.
Cash..
10,562,107
454.
hearing before Federal Judge Murray
Hulberg, June 17, attorneys
Prepaid
1934
145.000
shs. (no par) cap. stock
Accts.rec.(less res)
Notes receivable.
9,752,881
informed the court of a tentative
agreement for the reorganization of the
company under Section 77-B of the
Bankruptcy Act. The Cities Service
Co. owns 54% of the stock.
Cash.
Earnings for 3 Months Ended March 31
Assets-
4,100,000
4,927,943
Warner-Quinlan Co.—Reorganization Plan—
At a
....$2,405,839 $2,664,597
Dr724
Net profit for the year
Earns, per sh. on 145,000
on
*3,920,000
Capital stock and
surplus
4,897,052
_
Assets—
243,930
admin, expenses
p.
20,833
6% sinking
1
Real
$1,235,903
999,122
Cost of sales.
141,
x
x
Co.—Earnings—
Engineering, selling and
Earns, persh.
year
fund gold bonds-
Investments
Calendar Years—•
Net sales..
—V.
40,000
before July
'35 to release
Wells, Fargo & Co.- —Balance Sheet Dec. 31
3533.
Waco Aircraft
Net operating
1, 1936...
Obligation payable
1
$2,405,839 $2,664,597
p.
before
on or
Feb.
stock, no par value, payable July 1 to holders of
record June 22.
Previously regular quarterly dividends of 25 cents
per share were distributed.
—V. 141, p. 2754.
Land, bldgs., ma¬
chinery, equip.,
&c_......
bereacq.forsink
fund
common
338",237
Other assets
417,292
605,512
1st mtge. bonds to
6,491,544
18,850
164,323
1,
1934
$540,568
270,958
Net profit
deposits
428,390
467,438
stock in escrow-
ex¬
*
Cash..
&c
items--
9,752,881 10,562,107|
Total
xRepresented by 101,415 no-par shares.—V.
141, P
$269,610
76,036
1934
accrued
4,602
6,343,499
Prepaid insurance13,413
Deferred charges-147,215
Total-.-
Provision for depreciation.
Customers'
382,252
4,602
Treasury stock
$1,551,292
Provision for Federal income tax.
at
1,725,934
1,431,557
1,800,000
1,171,608
$1,855,192
Other income.
.accrued
1,667,751
$4,522,900
Other deductions.
Marketable
holders,
Accts. payable and
1st closed mtge. 20-
1,800,000
1,171,562
dividends and surplus
1935
Deposits of stock¬
17,635
$6,419,184
1,896,283
$4,826,754
reserve
Calendar Years—
Mfg. profit after deducting cost of
goods sold,
clusive of provision for
depreciation
Selling, general and administrative expense
accrued
601,633
receivable,
current.!
Investments
Corp., Portsmouth, Ohio—Earnings
Assets—
$
160,000
330,527
Trade accept. pay-
809,648
Inventory
$6,419,184
1934
$
Notes payable
on or
Preferred dividend requirements
Time
not
&Liabilities—
123,663
Fixed assets
Balance
I
Accts.
1936—12 Mos.—1935
$1,251,785 $15,564,367 $15,196,007
492,118
6,143,173
5,916,220
82,786
1,040,315
964,131
160.358
1,644,254
1,896,470
1935
$
366,866
Accounts and notes
receivable
1936—Month—1935
1934
$
Cash-_-
-
$1,307,523
507,442
86,115
169,974
$869,359
Balance Sheet Dec. 31
those against the
the new Shaker
Period End. Apr. 30—
Gross earnings
Operation
1933
$1,244,448
•Interest and other charges
(net).-___
unsecured claims against the Shaker
Co.
The unse¬
against the Shaker Co. would be
paid on the same basis as
cured claims
1934
$1,345,671
624,723
-
De extended on a
Net coal sales.
depreciation
Gross profit on coal sales
Other operating profit and income—
Gross profit from operations
Selling, adminis. and gen'l expenses-.
Net operating profit
Other income (net)
_
_
Net profit before int.,depl. &
deprec
Interest on funded debt
Amortiz. of debt disct. & expense—Miscell. interest charges
Provision for Federal income tax
Provision for depletion & depreciation
Net profit-Previous
----------
surplus
Total
Excess
----
of stated
value
over
cost
of
company's common stock retired..
Sundry adjustments prior years
Balance, Dec. 31, surplus
—
-
1934
1933
$3,453,072
$2,303,166
2,816,088
2,159,921
$618,075
803,073
$636,984
774,145
$143,245
827,908
$1,421,148
566,635
$1,411,130
548,335
$971,153
577,624
$854,513
117,878
Cost of coal sales, exclusive of
deple¬
tion and
Corp. (& Subs.)—Earnings
1935
-
$3,735,735
3,117,660
.-
$862,794
67,492
$393,530
25,103
$972,392
$930,287
55,199
$418,632
54,235
57,459
690
•
58,540
498,578
$361,037
847,068
8,958
52,114
501,854
509,382
$321,119 loss$157,861
def855,563
def699,476
$l,208,105def.$534.444 def$857,338
Crl,389,452
2,853
$1,205,251
7,940
-
1,774
$847,068 def$855,564
Consolidated Balance Sheet
U. 8. Treas. bills--
Accrued items
Inv.
981,362 Unclaimed
887,348
Liability
mine sup¬
of
296,360
147,620
5,320
375,778
129,347
taxes, &c
distrib. share
68,527
56,659
of receivership..
144,000
49,606
Cash in closed bks.
hands
24,975
1,000,000
sub¬
scription
Funded debt
for
Res.
of
lost
1,600,000
coal
22,320
434,588
25,000 e Capital stock— 5,103,066
1,205,251
602,246 Surplus
5,861
2,726
trustee
—
Due on stock
80,821
royalty
conting..
586,994
b Coal lands & rts.
1
3,809,839
1,433,683
277,854
1,649,178
479,789
d Dock & river eq.
Constr. in progress
..$8,972,726 $8,075,872
Total
..§8,972,726 §8,075,872
Total
1934).
0154,681 ml934).
doubtful accounts of $75,545 in 1935 ($77,969 in
b After depreciation and depletion of $69,932 in 1935
c After reserves
of $2,669,716 in 1935 ($2,289,981
1934). d After
serve for depreciation and depletion of $865,967 in 1935 ($800,200 in
e Represented by 400,000 no par shares.—V.
142, p. 2852.
After reserve for
a
it seemed
equality for the
5,103,066
847,068
1
equip.,&c 3,959,786
Coal leaseholds
re¬
1934).
-Files with SEC—
Water Service Co.1st Mtge. 4sfor Refunding Purposes—
The company on June 17 filed with the Securities and Exchange Commis¬
sion a registration statement (No. 2-2264, Form A-2) under the Securities
Act of 1933, covering $5,600,000 of first mortgage bonds, 4% series, due
West
Virginia
To Issue $5,600,000
1961.
i
.
the sale
outstanding
and int.
general
According to the registration statement, the net proceeds from
of the bonds will be applied to the redemption of $5,260,000
first mortgage 5% gold bonds, series A, due Aug. 1, 1951, at 102%
Any balance of the proceeds will be used by the company for
cor¬
porate purposes, it is stated.
.
_
The bonds are redeemable as a whole or in part at any time after 30 days
notice at the following prices plus int.: On or before March 31, 1941, 105%;
thereafter and before April 1, 1960, at K of 1% less for each full year from
April 1, 1940, and on or after April 1,1960, at par.
The names of the underwriters are to be furnished by amendment to
but it is stated that Halsey, Stuart & Co., Inc.,
of Chicago is expected to be one of the principal underwriters.
The price to the public, the names of other underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
the registration statement,
registration statement.
Accumulated Dividend—
dividend of $1.50 per share on account of
cumulative preferred stock, no par value, payable
July 1 to holders of record June 15.
A similar payment was made on
April 1, and Jan. 1, last, and on Oct. 1, 1935, and compares with
on July 1, April 1 and Jan. 1, 1935, this latter being the first
to be made on this issue since April 1, 1932, when the regular quarterly
$1 paid
distribution
paid.
of the July 1 dividend
3366.
of $1.50 per share was
dividend
Accruals after the payment
per
share.—V.
142,
p.
Express Corp. (&
Western Air
will amount to $16.50
$586,989
& parts, incl. res'ves
provided
$379,209
495,295
71,109
Net operating income
sale of equip.
468,444
62,348
$20,585 loss$151,583
19,100
34,272
4,644
Miscellaneous charges
Profit on sale of equipment
Interest earned, less interest
15,986
1,188
Dr646
charges
1,500
Sundry income—net
$8,188
ies
Loss
Defi cit¬
Consolidated Balance Sheet Dec.
$710,121
Notes
Cash in banks and
hand
Notes receivable-.
Accts. receivable
48,219
$713,338
$82,400
1,854
on
x
rec'le
Accts.
61,014
Accounts
Accrued
from
'
pur-
payableexpenses.
Dividends payable
U. S. Post Office
1934
1935
payable for
airplane
chases..
.
31,
Liabilities-
1934
1935
Oct.
Oct.
April
April
April
July
30
30
30
31
Dec.
16 1930
31 1923
31 1924
5 1929
1 1929
5 1930
Oct.
Feb.
June
15 1930
2 1931
31 1925
May 28 1931
31 1926
Nov. 17 1931
Nov. 19 1931
Conv.
May
Oct.
Oct.
1927
1928
1929
1930
scrip
17 1932
5 1932
35
19 1932
623,826
831,768
831,768
Sept. 27 1933
Aug. 18 1934
Sept. 27 1935
Sept. 25 1933
Aug. 15 1934
Sept. 23 1935
Feb.
1
May
1 1936
311.912
311.913
June
41936
4,158,840
Does not include
aggregating
1,039,710
25 1936
April 24 1936
May 29 1936
Jan.
1936
Total
*
831,768
831,768
831,768
831,768
14 1930
Oct.
June
31 1921
*
$831,761
415,880
2,911,163
623,826
1 1928
Mar. 15 1929
Sept. 26 1929
Jan. 31 1930
June 10 1930
Oct. 10 1930
31 1922
Amount
Dates Paid
Nov.
25 1928
Mar.
31 1921
July
July
July
July
July
of
Record
Oct.
April 30 1918
dividends on $200 of
78 quarterly
$273^ accrued out unpaid.—Y. 142, p.
$16,219,476
convertible scrip,
4042.
Inc.—Preferred Stock Offered—A. G.
Becker & Co., Inc., New York, on June 18, offered at $98.50.
per share 17,500 shares of $5 cumulative prior pref. stock
Wieboldt
Stores,
A prospectus dated June 18
dends from date
affords the following:
stock of any other class to cumulative divi¬
of issuance at the rate of $5 per share per annum, payable
fol¬
Q.-J.; red. in whole or in part at option of company on any div. date,
60 days' notice, at $110 per share if called before July 1, 1939:
at $107 per share if called on July 1, 1939, or thereafter before July 1, 1942;
at $105 per share if called on July 1, 1942, or thereafter before July 1,
1945; at $103 per share if called on or after July 1. 1945. plus accrued divs.,
except that in 1939 and subsequent years, so much of the prior preferred
stock as is redeemed for the purpose of complying with the required re¬
tirement of the prior preferred stock, is subject to redemption at $103
lowing
Entitled on involuntary liquidation to $100 per share,
then current redemption price, plus,
before any payments may be made to
any other class of stock.
Entitled to one vote for each share.
This prior
preferred stock when issued will be fully paid and non-assessable.
First
National Bank of Chicago, transfer agent; Continental Illinois National
share and divs.
per
and
$153,509
556,612
Dividends.
Assets—
Holders
Period
Ending
31 1917
Oct.
Entitled in preference over
1934
1935
Operating and general expenses.
Depreciation
on
approximately nine years with respect to the preferential voting rights
claimed by the holders of prior lien stock and demand for dividends on
the part of the principal holders of the preferred stock.
"6. There is submitted herewith a statement showing the record of divi¬
dends paid on the prior lien stock of the applicant for the 10 years ended
June 30,1936.
No dividends have ever been paid on the preferred or on the
common
stock."
The statement submitted by Mr. Martin follows:
"Dividends paid on prior lien stock of the Wheeling & Lake Erie Ry. in
the 10 years ended on June 30, 1936:
(no par.)
Subs.)—Earnings—
Calendar Years—
Loss
the
April 30 1931
April 30 1936
Tne directors have declared a
accumulations on the $6
this stock by $51,069.79 per annum.
"4. As the payment to April 30, 1936, of the accrued dividends on the
prior lien stock has eliminated its preferential voting rights,
proper to place all of the stock of the applicant on a voting
future.
Thereby the minority stockholders of the applicant would be en¬
titled to elect two directors at each of the annual meetings of 1937, 1938
and 1939, a total of 6 out of 15 directors.
As a matter of fact, the
minority interests have already been given this representation on the board
as a result
of resignations and elections at meetings of the stockholders
and the board held May 27, 1936.
"5. The advantages hoped to be derived from the proposed plan of mod¬
ifying the provisions of the prior lien and preferred stock (aside from
estimated saving shown in the application) are those inherent in
the
settlement of a controversy among stockholders which has existed for
the dividends on
18,600
434,588
Res. for
Deposit on real est.
purchase option
cPlant&
Va.
Coke Co
48,066
64,619
assoc.& other cos
151,193
24,375
for
Coal &
receiver
Due
W.
Inv. in and adv. to
stock from
the
of
the principal holders of the preferred stock to reduce the rate of dividends
•from 6% to 5^% per annum.
If the future earnings of the applicant
continue at the present rate it will not be long before the applicant will
pay dividends regularly on its preferred stock, and assuming such regular
payments, the reduction of the dividend rate from 6% to 5H % will reduce
4,173
11,864
151,193
Res^ for insurance-
Deferred charges..
in
5,598
15,456
min. royalty—
Est.
applicant.
,
.
,
.
»
"3. The proposal to change the dividends on the preferred
non-cumulative to cumulative is part of a proposed compromise among
stockholders and is related particularly to the agreement on the part
tions of the
1,130
unearned
for
Res.
7,005
Prepaid insurance,
Cash
36,000
4,371
tonnage
144,000
plies, coal, &c-_
Inventory of mdse.
~3~, 206
elimination of convertibility. The suggestion that as an alter¬
native the prior lien stock and the preferred stock be converted into com¬
mon stock is believed impracticable, as this would require funds of approxi¬
mately $24,390,000 to be derived from the sale of common stock and obliga¬
4% and the
exch.
on
features or this
from 7 % to
stock
$213,504
225,338
Equip, trust ctfs__
wages.
aAccts.& notes rec.
and accrued int.
$134,516
273,156
prior lien stock of the company re¬
principal holders of the
The
quired the elimination of the redemption and retirement
on account of the reduction of the annual dividend rate
1934
1935
$98,347 Accounts payable-
§230,848
400,000
Cash
"2.
Dec. 31
Liabilities—
1934
1935
Assets—
June 20, 1936
Chronicle
Financial
4200
on
voluntary liquidation to the
in either case,
accrued dividends,
registrar.
Listing—Company has agreed to
Bank & Trust Co.,
make application in due course
listing of the shares on the Chicago Stock
tration under the Securities Exchange Act
for the
Exchange and for their regis¬
of 1934.
Company—An Illinois corporation, the business of which was established
1883.
Owns and operates five department stores, four located in
neighborhood business centers in Chicago and a fifth in Evanston, a suburb.
in
$48,568
20,536
12,691
............
.............
'
$26,104
7,565
556,612.
It
to
planned
also operates two household specialty appliance stores.
It is
establish a sixth department store in the Oak Park-River Forest suburban
district following the present financing.
The stores specialize
business
sales
50,956
Capital stock (par
$1)
222,645
16,765
26,047
Capital surplus
Operating deficit--
413,887
44,490
9,442
16,065
popular priced merchandise and approximately three-fourths of
normally made for cash.
Company's principal properties are: The West Town Store, a £roup of
four-story and five-story and basement buildings fronting on Milwaukee
Ave. and Bauwans St.; the North Town Store, a group of seven-story and
two-story and basement buildings, fronting on Lincoln Ave., School St.
and Ashland Ave.; the Mid West Store, a group of five-story and base¬
ment and two-story buildings, fronting on Ogden Ave., Monroe St., Ash¬
land Blvd. and Adams St.; the South Town Store,
a seven-story and
U.S.P. O. Dept.
35,054
35,612
basement building
Misc. stks.A bonds
1,387
887
Dept. under old
air mail contract
50,711
Inventory of parts
and
supplies....
Prepaid expenses
_
_
in
222,645
413,887
41,302
U. 8. Govt, bonds
and
notes
value
$35,000)
deposited
y
(par
with
428,001
x
281,591
$673,837 $1,185,5111
Total
After
reserve
Total..,
$673,837 $1,185,511
$10,000 in 1934.
y After reserve
$131,688 in 1935 and $233,418 in 1934.—V. 142, p. 2346.
of $5,098 in 1935 and
for depreciation of
Wheeling & Lake Erie Ry.—ICC Gets Details of Plan—
plan to modify provisions of its prior lien and preferred
as submitted to the Interstate Commerce Commission by the com¬
pany, will, it is hoped, settle a controversy among stockholders which has
been
going on for nine years, according to a letter received by Oliver E.
Sweet, Director of the Finance Division of the ICC, from Andrew P.
The proposed
stock,
voted upon at a stockholders' meet¬
suggestion by Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation, intended, it was understood at the
time, to end a dispute between the Van Sweringen and Taplin interests
by making concessions as to representation on the board and in other mat¬
June 29 followed
a
ters to the latter.
When it
was
submitted to the
ICCjrecently, Mr. Sweet, on behalf of
the
Commission, sent a letter to W. M. Duncan, Chairman of the Board of the
Wheeling, expressing doubt as to the advisability of some of the proposals
and asking a more detailed statement which would indicate the effect that
the changes would have upon the railway.
The reply from Mr. Martin, dated June 15, follows:
Your letter of June 11, 1936, to Mr. W. M. Duncan, Chairman of the
board of directors of the Wheeling & Lake Erie Ry., has been referred to
me
for answer.
In reply to the request for information contained in
letter, I have to advise you as follows:
"1. The payment of $7.50 a share on the prior lien stock
consideration proposed to be paid by the applicant for the
your
.
represents the
agreement on
stock to relinquish the present redemption
price of $15 a share.
The payment of this amount as consideration for
the relinquishment of the redemption premium of $*5 a share redounds
to the benefit of the preferred stockholders and the common stockholders,
as it is reasonable to suppose that the prior lien stock would be ultimately
redeemed and retired.
The payment will be made out of cash in the
applicant's treasury.
the part of the holders of this
Ave.
two
St. and Peoria St.; North
buildings, each three stories
in
height, which are wholly occupied, and the second and third floors of a
third adjacent building, all occupied under lease.
A warehouse at 26192631 Arlington St., Chicago, is occupied under lease.
Company also owns
a site for the proposed Oak Park store.
Purpose—Net proceeds from this financing will be added to working
capital.
Company plans immediately following receipt of proceeds to
commence construction of the proposed Oak Park store.
It is anticipated
that the net proceeds, or their equivalent in working capital, will
company for the expenditure made for the site of this store and will be
used to discharge the mortgage on a portion of this land, to erect and equip
the store building and to provide part of the additional working capital
estimated to be necessary for operation of the store.
Outstanding on
reimburse
Completion of
Outstanding
Martin of counsel for the company.
The proposed readjustment to be
ing on
fronting on 63rd St., Green
Town Garage at 3425 No. Ashland
The Evanston store consists of
Properties & eq.,
at cost
are
Jan. 25, '36 Present Financing
Authorized
Capitalization—
W. A. Wieboldt & Co. 1st mtge.
5^% s. f. gold bonds, due
Aug. 1. 1939
1st
mtge. note to Northwestern
Mutual Life Insurance Co.,
Milwaukee, Wis., maturing
in semi-ann. instalments of
due
$5,000,000
None
$3,864*400
Wieboldt Stores, Inc., 43r£ %
each from Feb. 1,
1, 1955, incl.,
$1,050,000 on Feb. 1,
$75,000
.
■
1938 to Aug.
and
3,750,000
shs.
1956
cum. prior pref. stk. (no par)
17,500
6%
cum.
conv.
pref. stock.
($50 par)
60,000
Common stock (no par)
340,000
$5
None
None
k
shs.
58,622 shs.
shs. 263,520 shs.
$3,750,000
17,500 shs.
58,622 shs.
263,520 shs.
the above securities, the company's liabilities
at Jan. 25, 1936, included $91,500 of Wieboldt Realty trust 6% seri;
notes dated May 1, 1933, due $5,000 each six months beginning May 1,
1936, to and incl. Nov. 1, 1938, and the balance of $61,500 on Aug. 1,
The notes are a part of the liabilities subject to which the company acquired
certain assets of its affiliate, Wieboldt Realty Trust, in the 1935 reor¬
Note—In
addition
to
1939.
ganization.
Subsequent to Jan. 25,
1936, the company
acquired a store
Volume
142
Financial
site subject to a $25,000
mtge. due
assumed by the company.
May 22, 1937, which
was
Chronicle
4201
not expressly
Principal Underwriters—A. G. Becker & Co. Inc., Chicago, and Field,
Glore & Co., Chicago, as
principal underwriters, have severally agreed to
purchase an aggregate of 17,500 shares of $5 cum.
prior preferred stock,
at $94.50 per
share, or a total of $1,653,750, in the following respective
amounts:
A. G. Becker & Co., Inc., 8,700
shares; Field, Glore & Co.,
8,800 shares.
CURRENT
NOTICES
—induction of officers of the Municipal Bond Club of New York for the
club year
annual
1936-37 took place
on_
meeting
oFthe club""held
Wednesday of jhis week at the fourth
the"quarters
in
of "the"*B ankers ~Club""of
America.
Income Account for Fiscal Years
Dunstan, Assistant Vice-President of the Bankers Trust Co. in
charge of the municipal bond department, assumed the presidency of the
club after Myron G. Darby, the
incumbent, had reported on
_
Jan. 25. '36 Jan. 26, '35 Jan. 27, '34
&c_._$19.991,210 $19,511,273 $17,893,774
16,380.724
16,094,272
14,539,149
Selling, adminis. & gen. exps
3,116,367
3,028,027
2,808.105
Provision for doubtful accounts
50,412
69,959
53,501
ha P*
f
Operating profit
$443,706
$493,019
$319,015
Other income
219,577
221,768
170,409
Gross sales less disc.,
returns,
Cost of goods sold
the_yearns
activities of the
club^and'formally"introduced'his
successor.
Mr. Dunstan left the Mercantile Trust Co. of Baltimore in 1921 to
join
the Bankers Trust"Co. From 1932 to
1934*he was Chairman"of the Municipal Securities Committee of the Investment Bankers Association of America!
...
Total income
$665,475
Interest & other, charges
Provision for Federal income tax
Net income.
79,982
$469,182
—
$712,596
135,240
$489,424
29,706
54,896
116,311
76.293
$501,063
$404,822
Finance
Tax anticipation warrants-..
Accounts receivable
Inventories
Other assets....
Fixed assets
Deferred assets
cum.
of
Citizens'
the
conv.
$110,000
834,102
635,458
187,167
3,750,000
81,600
85,358
2,931,125
3,391,538
pref. stock-.
Common stock (263,520 shs.)
Capital surplus...
214,272
Earned
$12,907,782
Total
$12,907,782
„
142, p. 4042.
(R. C.) Williams & Co.—Dividends Resumed—
Co.,
Inc.,
Vice-President;
no par
value
6 Months Ended—
Net sales
.
Co.—Earnings—
Chemical Bank & Trust Co., Secretary-Treasurer, and the
following gov¬
Elwood D. Smith of Brown Harriman & Co.,
Inc., and
Harley A.
Mr. Dunstan is the fifth President of the club, which was formed in 1932
with Warren J. Hoysradt, Vice-President of First of
Michigan Corp. as
President.
Other presidents have been
man, Sachs &
Middle West
was
resumed in
years,
Now*York,
a
Net profit from operations
Other income
disclosed.
average
came
2.7 for the
prices increased
same
Total income
$226,089
defl8,485
$406,057
136,140
$207,603
68,070
$269,917
478,285
_
$273,684
55,172
29,200
Cr .36,776
$266,451
139,606
Provision for Federal income tax
$372,922
65,371
41,100
$139,533
478,285
Recovery of cash in closed bk., previously writ'n off
month.
Eastern issues have been climbing steadily since
face value advancing
49.1%~from
have increased
Jan. 1,
Earned surplus
Total surplus.
Dividends paid
Earned surplus, since Aug. 31,1932-.
Capital surplus
rose
...
$748,202
$617,819
Balance Sheet
Feb. 28 '35
on
hand
$697,475
and
$820,372
632,332
611,669
915,902
notes
(less res.)..
Invent'ies (at cost)
1,136,272
22,003
Investments
Officers & employes
notes and accts.
a
22,003
accruals
$227,198
States
42,116
2,997,360
478,285
Capital stock
Capital surplus
2,994,281
478,285
269,917
139,533
Earned surp., since
33,264
1,213,065
Plant and equip,
54,201
1,072,714
Aug. 31, 1932..
Deferred charges..
Pats, (less amort.)
Total
a
London
or
Stock
Total...;.....$4,033,739 $3,804,168
for depreciation of $1,560,608 in 1936 and
$1,463,460 in
for loss on disposal $652,368 in 1936 and
$695,949
reserve
b After
reserve
in 1935.—V. 142, p. 3534.
Woodward &
Lathrop Co.—Extra Dividend—
terly dividend
increased from 30 cents to 37H cents.
paid on Dec. 28, 1935, and extras of 25
Sept. 27 and June 27. 1935.—V. 142, p. 2007.
was
was
regular quar¬
An extra dividend
cents were
paid
on
(F. W.) Woolworth Co., Ltd .—Interim Dividend—
The directors have declared
the American
on
an
interim dividend of 27.8 cents
per share
depository receipts for ordinary shares, payable June 22
May 15.—V. 142, p. 976.
to holders of record
Yonkers Electric
See Consolidated Edison Co. of New York, Inc.
above.—V. 142, p. 1662
Zenith Radio
Corp
of royalties &
1935
1933
$542,593
$522,227
463,864
67,969
$1,212,752
$10,760
Fed.inc. & cap.stk. taxes
Net profit
401,211
70,618
$203,372
157,438
414,400
100.435
$50,398 loss$578,110
1935
Cash
$53,464
2,100,000
524,261
Mdse. inventory..
608,868
Other assets
59,702
xFurn., fixt., &c_
169,760
Broadcasting
sta¬
U.S.Treas. billsReceivables-
tions and equip.
318,732
26,709
177,971
Liabilities—
1936
Accounts payable-
$438,169
Sundry accts. pay.
Accrued liabilities
11,856
.
y
Capital stock
Surplus..
1935
$94,105
7,950
682,770
222,646
3,609,910
3,609,910
462,246 def750,506
After
brook & Co. were elected to the Board of Governors to serve for three years.
Blizzard
&
Co.,
V'
■
Philadelphia,
announce that Joseph A.
their trading department.
Mr. Zeller
was recently with C. H. B. Phillips & Co. in the past having managed the
trading department of Fant & Co. and Robert L. Whittaker & Co. of
Philadelphia.
*
•—Seligman, Lubetkin & Co. announce formation of a new department
general market securities under the management of E. R. Parry.
Associated with Mr. Parry in this department are John Lauridsen, Alfred
L. Gould, John Daly, Henry I. Shulman, Robert L. Harper, and Charles
to deal in
'
•—Eli T. Watson &
:•'
Co., Inc., announce that F. E. Burnham, Jesse E.
McCourt and J. W. Freeman are now associated with them in their Boston
office,
in
G.
Walter Lord in their Philadelphia office,
tbe New York office.
and
Richard Elliott
»
Co., 41 Broad St., New York, have issued their
monthly summary of comparative earnings of 89 of the principal railroads
of the country for the first four months of 1936.
—■John
E.
Sloane &
—Hemphill, Noyes & Co. announce the removal of their Harrisburg
office to new and larger quarters in the Penn Harris Hotel. The office is
under the management of Henry M.
Gross.
Haupt & Co. announce that Edward M. Longbotham is now
connected with their bond trading department, specializing in industrial
and real estate bonds.
Co., Inc., 40 Exchange Place, New York, has prepared for
distribution its fortnightly circular on the high-grade railroad bond market.
—James Talcott, Inc., has been appointed factor for Bender Mfg. Co.,
Inc., Chicago, 111., manufacturers of ice and coal yard equipment.
—Williams, Bailey & Benjamin,
1 Wall St., New York, have prepared
analysis of New England Public Service Co. preferred stocks.
—Phelps, Fenn & Co., 39 Broadway, New York, have issued
State and municipal bonds yielding from .50% to 3.85%.
a
list of
large list of municipal bonds in their current circular.
Co., Inc., 57 William St., New York, has issued
York municipal bonds.
analysis of National Department Stores has
Arthur Warner & Co., 120 Broadway, New York.
—An
been issued
—Josephthal & Co., 120 Broadway, New York, have prepared
on
Great Northern Ry. preferred stock.
a
by J.
circular
—Peter P. McDermott & Co., 39 Broadway, New York, have prepared
York, is distributing its
current
cur¬
of corporate bond quotations.
—Britsol
& Willett, 115 Broadway,
offering list of baby bonds.
—Hare's Ltd.,
New York,
are
Porter
as
distributing their
19 Rector St., New York, is distributing an analysis of
.Manufacturers Trust
Approved—See
a
bulletin on Rustless Iron & Steel Corp.
—Eugene Holland has become associated with Sanderson &
their resident manager in Chicago.
1,665,541
25,984
of Grigsby-Grunow Co. Property
latter company above.—V. 142,
p. 1662.
■'
:
H.
—First of Michigan Corp., 1 Wall St., New
for
Purchase
year;
rent list
$5,204,951 $3,184,104
reserve
—At the annual meeting of the Bond Club of New Jersey, officers were
a
Total
....$5,204,951 $3,184,104
depreciation of $221,545 in 1936 and $184,362 in
1935.
y Represented by 500,000 shares (no par).
x
(not
list of New Jersey and New
1
Pats., licenses,con¬
tracts .trademks.
and goodwill
1,665,541
Deferred charges..
23,355
Total
$83,261
450,000
435,905
17, Moorgate, London, England, at 7s. 6d.
*
—B. J. Van Ingen &
Balance Sheet April 30
1936
No.
—Farson, Son & Co., Ill Broadway, New York, quote the prices of a
Includes other income $30,120.
Assets—
a
elected for the ensuing year as follows: President, Foy W. Porter of A. G.
Becker & Co.; Vice-President, Charles E. Reed of Kean, Taylor & Co.;
and Secretary and Treasurer, William C. Rommel of J. S. Rippel & Co.
Julius A. Rippel of J. S. Rippel & Co., retiring President of the club,
Fred J. Brown of H. L. Allen & Co. and James G. Campbell Jr. of Esta-
an
1,072,743
62,801
239,946
Depreciation
a
Council House,
including postage).
109,207
idle plant
exps.
certain loans appearing in the
on
Daily List of officially quoted securities and
principal defaults which occurred prior to the 1930 world crisis.
Homer &
1934
*
incl. maint.of plant,&ca$2,588,243
Reserve for inventories.
Excess overhead due to
Selling & adminis.
Exchange
Copies may be secured through the Corporation of Foreign Bondholders,
(& Subs.)—Earnings-
1936
mfg.exp.
It lists
budget
■—Ira
Light & Power Co.—Merger—
Years End. Apr. 30—
Mfg. profits after deduct.
This report
to deal.
upon
Reagan.
The directors have declared an extra dividend of
12
cents per share
in addition to the regular quarterly dividend of 37
H cents per share on the
common stock, par $10, both
payable June 27 to holders of record June 20.
A similar extra was paid on March 31 last, at which time the
of 55 cents
sinking fund payments,
Zeller has become associated with
$4,033,739 $3,804,1681
After
1935.
England.
It also contains a statement of defaults at Jan. 2, 1936, in respect
—Herbert
263,638
34,261
9,406
8,537
been published in London,
(or countries) with whose debts it is called
figures.
one
255,154
35,635
Report of The Council of the Corporation of Foreign
has just
George M. Griffith of Post & Flagg was elected to serve on the board for
b Idle
plant (Kan.
City, Mo.), less
depreciation
Middle
1.
the various protective committees, contains trade statistics, and 1936
$149,951
60,978
Provision for Fed'I
income tax
The average price
gives statistics regarding the economic and financial condition of the various
at
Liabilities—
Feb. 29 •36 Feb. 28 '35
Accts. payable and
issues
five-month period.
from $319 on Jan.
—The 62d Annual
statement of
Total capital and earned surplus.
appreciation of Eastern prices since
to~Amott-Baker.r Middl<TWestern
same
Eastern issues continue to command higher prices.
West issues
of interest
....
4.7% in the
per
from^ $29l>toj_$399. jVIiddle West prices
1935, to^June 17"1936. The average price
increased from $389 on Jan. 1, 1936, to the June 1 figure of $399.
Bondholders
Net income for six months
and Middle
In that period the rise has been 37.1%, the average price
has increased from $224 to $334The
20,244
coincidence7both*East
a
$1,912,542
1,657,311
Other deductions
rec.
By
0,3_in May. This resumption of the advances
2.5%"in April and a Middle"\Vest"Srop of
have risen
$255,231
18,453
April interruption, the first
after an"Eastern decline of
Feb. 28 '35
l\ $352,678
an
survey^f^Amott,JBakerCo.,JLnc., 150
Jan." 1" 1936, is 2.6%, according
Accts.
of real estate bonds in the East and
$2,251,607
1,898,929
Feb. 29 '36
Stephenson of Gold¬
The club has 152 members.
May after
West
$l,000""of
■
Cost of sales and expenses
Assets—
Kenneth
F.
Co.; John S. Linen of the Chase National Bank, and Myron
G. Darby of Darby & Co., Inc.
Feb. 29 *36
Cash in banks and
Gib¬
Williams, Vice-President of
Watson of Eldredge & Co., Inc.
Jan. 1,1935.
Wilson-Jones
Emil C.
ernors:
Broadway,
a dividend of 15 cents
per share on the com¬
payable July 1 to holders of record June 23
This
will be the first dividend paid since
May 1 1935, when a quarterly payment
of 25 cents was made.—V. 141, p. 1112.
•
stock
of the
A
&
break in nearly two
The directors have declared
mon
isaTmember
687,263
surplus
After deducting depreciation of
$2,605,596.—V.
a
He
Commission of New York
of the State of New York; the Bond Club
York, Sigma Chi, and Rock Spring Country Club, West Orange,
—The steady upward movement
Total
Budget
Other officers inducted today were George B. Gibbons of Geo. B.
$431,192 Notes payable
3,903 Accounts payable
1,688,493 Accrued liabilities
2,773,439 Other current liabilities
297,675 W. A. Wieboldt&Co. 5^s-a7,590,298 Other long-term debt
122,781 Reserves
6%
of"the*associ ati on.
a governor
City, the Chamber of Commerce
of New
bons
Liabilities—
Cash
is
Committee
N. J.
Balance Sheet Jan. 25, 1936
Assets—
present"he
and at
Co.
-—C. B. Ewart & Co., Inc., have removed their offices to larger
quarters
at 70 Wall St.
Financial
4202
Chronicle
June 20,
The Commercial Markets and the
1936
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
in unchanged for actuals, and 1% to 3d. higher on
exchange, with 550 tons traded in futures.
Local
closing: July, 5.94; Sept., 6.04; Oct., 6.06; Nov., 6.11;
Dec., 6.16.
On the 18th inst. futures closed unchanged to 2 points
lower.
Wall Street was reported a moderate buyer, while
manufacturers were in evidence picking up cocoa of the later
deliveries.
Sales for the day totaled 381 contracts, or
5,105 tons.
Cash cocoa in London was 3d higher, while
futures ruled unchanged to 3d better.
Sales on the London
Exchange were 1,070 tons.
Local closing:
July, 5.93;
Sept., 6.03; Oct., 6.06; Nov., 6.11; Dec., 6.15.
Today
futures closed 1 to 4 points up.
There was considerable
came
COMMERCIAL EPITOME
the
Friday Night, June 19, 1936.
Coffee—On the 15th inst. futures closed 3 to 6 points
down for Santos contracts, with transactions
.
totaling 18,000
Rio, old contracts, closed 6 to 2 points lower, with
sales of 10,250 bags, while new contracts ended 9 to 5 points
lower, with sales of 250 bags.
Rio de Janeiro futures were
50 reis higher.
Cost and freight offers from Brazil were
about unchanged.
Havre futures were unchanged from
Friday to today.
A cable from Brazil stated that the Council
on
Saturday studied methods of maintaining statistical
equilibrium based on crop estimates.
On the 16th inst.
futures closed 4 points lower for Santos contracts, with
transactions totaling 25,000 bags.
Old Rio contracts closed
6 to 3 points lower, with transactions totaling 13,750 bags.
New Rio contracts closed 7 points lower with trades of 500
bags.
Rio de Janeiro futures were unchanged to 100 reis
lower.
Cost and freight offers from Brazil were unchanged
to 5 points better, with the general run of Santos Bourbon
4s at from 8.40 to 8.55c.; 4s for even monthly shipment,
July-Dec., were offered at 8.65c.
Havre futures closed
1 to
francs higher, with trading 17,500 bags.
No news
from Brazil Consultative Council meeting.
On the 17th
inst. futures closed 3 to 4 points down for Santos contracts.
Old Rio contracts closed 5 to /6 points lower, and the new
Rio contract closed 5 to 6 points lower.
The day's volume
totaled 83 lots, or 20,750 bags.
No news was received from
the Consultative Council meeting in Brazil.
The open
dollar rate was cabled 10 reis better at 17.220; the Rio
futures market was 25 reis lower to 50 reis higher, and the
spot No. 7 price unchanged at 12.800.
Havre closed
to
1 franc lower, with sales of 22,500 bags.
On the 18th inst. futures closed 5 to 7 points higher for
Santos contracts, with transactions totaling 7,500 bags. Old
Rio contracts closed 1 lower to 4 points higher, with sales of
12,000 bags.
New Rio contracts closed 9 to 10 points
higher, with 1,750 bags traded. Rio de Janeiro futures were
unchanged to 50 reis lower.
Cost and freight offers from
Brazil were about unchanged, with Santos 4s at from 8.30 to
8.55 cents. Havre futures were % to 1 franc lower.
Brazilian
cables reported the Consultative Council had not
yet
reached a decision on regulations for the next crop, as
second week of conference began.
Tbday futures closed
3 to 4 points down for the Santos contract, with sales of 32
contracts.
Rio (old) contract closed 1 to 3 points down, with
sales of 55 contracts.
Trading was quiet during most of the
session.
Rio de Janeiro futures were 25 to 75 reis higher,
while the open market exchange rate was 10 reis higher at
17.230 milreis to the dollar.
Cost and freight offers from
Brazil continued unchanged, with Santos 4s at from 8.30 to
8.55 cents.
Havre futures closed irregular at l/2 franc lower
to l/i franc higher.
Rio coffee prices closed as follows:
bags.
„
July
September
4.73
4.391 December
-.--4.541 March
_
.
-
-
-
4.87
Santos coffee prices elosed as follows:
March
8.481 September
8.53 December
May..
July-
_.8.39
8.48
—-8.121
Cocoa—On the 15th inst. futures closed 13 to 17
points
tons.
The
Transactions totaled 636 lots, or 8,522
pronounced strength of the cocoa market at this
up.
was
due to
sources
level
.
of buying from both domestic and foreign
^movement prices advanced to the highest
a wave
On this
since
session
the
"inflation
market"
of
July, 1933.
There
heavy profit taking, but these offerings appeared
to be readily absorbed, the market
closing at the highs
of the
day.
Traders were impressed by another large
reduction in the United States visible
supply, as repre¬
sented by New York warehouse stocks.
These stocks were
down 3,833 bags, continuing the
uninterrupted daily decline
since May 1.
Importers continue to report a scarcity of
offerings from primary markets.
Local closing July, 5.88;
Sept., 5.98; Oct., 6.00; Dec., 6.09; Jan., 6.11; Mar., 6.19;
May, 6.26.
On the 16th inst. futures closed 4 points down.
This decline was attributed to
profit taking.
Transactions
totaled 284 lots, or 3,806 tons.
The visible supply, as
represented by New York warehouse stocks, decreased
2,406 bags.
These stocks have declined 77,000 bags since
May 1, and now total 748,629 bags.
Local closing: July,
5.84; Sept., 5.94; Oct., 5.96; Dec., 6.05; Mar., 6.15; May,
6.22.
On the 17th inst. futures closed 10 to 11
points higher.
This advance brought prices into new
territory on the local
Exchange.
There was a good speculative and investment
interest in evidence.
Along with this was extensive buying
of Dec. and March contracts by chocolate
manufacturers,
with one of the industry's leaders an
outstanding'operator.
Transactions on the local
Exchange totaled 458 lots, or
6,137 tons.
Prices in today's session showed advances of
77 to 85 points over those prevailing the
early part of May,'
and the trade expects still higher levels to rule.
London
was
some
profit taking in the early trading, and prices broke under the
Subsequently the market rallied and closed at the
highs of the day.
Warehouse stocks decreased 3,000 bags,
and are now at a newT low level of 743,823 bags.
Local
closing:
July, 5.95; Sept., 6.05; Oct., 6.07; Dec., 6.18;
Jan., 6.20; March, 6.28; May, 6.35. Sales were 205 contracts.
pressure.
Sugar—On the 15th inst. futures closed 1 to 3 points
higher.
Sales were 10,150 tons.
In the market for raws
the undertone was firm, though no sales were reported.
Duty frees and Cubas were not offered at under 3.85c.
Washington reports were to the effect that the House Com¬
mittee was considering the Jones-O'Mahoney resolution as
amended by the Senate to exclude benefit payments and
eliminate the appropriation of $20,000,000 in the original
draft of the bill.
Refined withdrawals continued good,
with withdrawals being made against 4.85c. contracts and
resale sugars passing at 4.85c.
London futures closed un¬
changed, except Dec., which was up ^d.
On the 16th inst.
futures closed 1 to 4 points down, with sales of 7,500 tons.
In the market for raws, prices held steady, with offers at
3.85c. and higher, except for several nearby parcel lots of
Puerto Ricos, one of which was believed available at 3.78c.
and others at 3.80c.
Many traders appear disinclined to
make commitments until Washington action on the JonesO'Mahoney resolution materializes.
On the 17th inst.
futures closed 2 to 4 points up.
Advances in the market
was attributed to the prospect of final passage of the JonesO'Mahoney resolution strengthening the sugar control pro¬
gram in the House this week, after it had been passed by the
Senate on Tuesday.
Refiners are reported as displaying
more interest in the raw sugar market.
Sales totaled 237
lots, or 11,850 tons.
Sept. sold up to 2.90c., which was a
new
seasonal high.
Refiners and an operator purchased
approximately 20,000 tons of raws Wednesday, at prices
ranging from 3.80 to 3.88c., depending upon position.
National bought 12,000 tons of Philippines for July-Aug.
shipment at 3.88c.
This price established a new high for
the year, and the best price paid for duty frees since January,
1930.
McCahan bought 2,000 tons of Philippines for late
July-first half Aug. arrival, and 1,000 tons for June ship¬
ment at 3.85c.
Colonial got 10,000 bags of Puerto Ricos,
clearing June 25, at 3.87c., and an operator bought a cargo
of Puerto Ricos for early July clearance at 3.80c.
On the 18th inst. futures closed unchanged to 2 points
t
lower with sales totaling 4,450 tons.
September, after selling
at 2.90c. at the opening, dipped to 2.88c.
Trading was dull,
operators generally appearing to wait on the action of
refiners toward raws.
The Jones-Mahoney resolution is now
ready for the President's signature,but its passage apparently
been discounted.
Today prices closed 3 to 5 points,
has
down.
There
was
considerable liquidation of the September
delivery and this had a depressing effect on the rest of the
list.
That month opened at 2.86 but dropped to 2.82 in
active trading.
The selling was believed for tired longs who
were
disappointed because of the failure of prices to advance
following the news of approval of new sugar legislation.
There were no sales reported in the raw sugar market.
London was unchanged to 3^d. lower.
Prices
were as
July
March-
September
follows:
2.83! January
2.55! May
2.821
2.56
2.56
Lard—On the 13th inst. futures closed 5 to 7 points
down.
Chicago lard stocks report expected to be issued shortly,
will very likely show a liberal increase, due to the fairly
heavy hog receipts during the past two weeks.
Export
clearnances of lard from the Port of New York, as reported
The
Saturday were heavy, and totaled 147,110 pounds for
Gothenburg.
Exports of lard from the principal
ports of the United States during April amounted to 9,535,000
pounds; this figure represents an increase of 2,200,000 pounds
over April,
1935.
In May shipments fell under last year,
and amounted
to
7,300,000, against 8,800,000 pounds.
On the 15th inst. futures closed 2 to 7 points up.
The lard
stock report issued after the close of the market showed an
increase of 3,423,723 pounds for the first two weeks in June.
The latter figure was below trade expectations, as an inon
Hull and
Volume 142
of
crease
Financial
Chronicle
about 5,000,000 pounds was
anticipated.
June 14th were 49,727,030
Total
stocks on
pounds, against 42,093,216 pounds on the same
day a year ago.
Hog prices at the
principal Western markets average quite steady, the top price
at
Chicago registering $10.25, and the bulk of sales ranged
from $9.50 to $10.15.
Receipts for the Western run totaled
63,200, against 51,100 for the same day a year ago.
Export
15.92.
On the 16th inst. futures closed 6 to 8
points up.
were
990 tons.
Spot ribbed smoked
sheets advanced to -15.81 from 15.75.
London and
Total
Singa¬
closed unchanged.
Local closing: July, 15.79; Sept.,
15.89; Oct., 15.92; May, 16.17.
On the 17th inst. futures
closed 6 to 10 points lower.
Transactions totaled 810 tons.
Spot ribbed smoked sheets declined to 15.75 from 15.81.
London
and Singapore closed
unchanged.
Tuly, 15.69; Sept., 15.81; Dec., 15.90.
r
the
and
closing:
quiet,
unchanged to
l-16d.'< higher.
Singapore closed
unchanged.
Local closing: July, 15.75; Sept., 15.85;
Dec.,
15.96; Mar., 16.05.
Today futures closed 2 points
6d.
lower on the Sept. and Oct. deliveries.
lard clearances
reported from the Port of New
York.
On the 17th inst. futures closed 22
to 30 points up.
This sharp advance is attributed
largely to speculative short
in
covering, influenced by the continued steadiness in
hogs.
Hog prices at Chicago continued very firm, with Wednes¬
day's closing quotations mostly 10c. higher. The
top price
16.07.
There
was
were no
same
day last
Hides—On
On the 18th inst. futures closed 2
points higher to 5 points
Trading light and without special feature.
Hog
prices were 5c. to 10c. higher at the close.
Receipts at the
and
were
hog and grain markets.
DAILY CLOSING PRICES OF
Sat.
July..
September
October.
December
LARD
Mon.
—..—10.07
-10.12
10.12
10.02
9.42
;
FUTURES
Tues.
Wed.
IN
CHICAGO
Thurs.
Fri.
10.45
10.42
10.15
10.17
10.25
10.27
10.52
10.57
10.50
10.52
9.42
9.65
9.90
9.87
10.15
10.57
10.70
10.70
10.05
Pork—-Mess, $30 per barrel; family, $29, nominal,
barrel; fat backs, $19.50 to $24 per barrel.
per
Beef, quiet;
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.,
16c.; 6 to 8 lbs., 14He.; 8 to 10 lbs., 14c.
Skinned, loose,
c.a.f., 14 to 16 lbs., 22%c.; 18 to 20 lbs., 21
He.; 22 to 24
lbs., 19Hc. Bellies, clear, f.o.b., New
York, 6 to 8 lbs.,
21 He.; 8 to 10
lbs., 21He.; 10 to 12 ljj)s., 20Hc.
Bellies,
clear, dry, salted, boxed, N. Y., 14 to 16
lbs., 14 He.; 18 to
20 lbs., 14 He.; 20 to 25
lbs., 14^c.; 25 to 30 lbs., 14Mc.
Butter: creamery, firsts to
higher than extra aud premium
marks, 28c. to 30Hc. Cheese, State, whole
milk, held 1935,
fancy, 22 to 22He. Eggs, mixed colors, checks to
special
packs, 20c. to 24 He.
mess,
Oils—Little
or no
change has taken place in the linseed
market, prices ranging from 8.8c. to 8.9c. in tanks.
Quotations: China wood, tanks, forward, 17.8c. to.
18.0c.;
drums, spot, 18Hc. Coconut: Manila,
tanks, April-June,
4 He.; Coast, 3% to
3He. Corn, crude, tanks, West mills,
8c.
Olive, denatured, spot, Spanish, 75c.,
shipment for¬
ward, 72He. Soya bean, tanks, mills, 6.10 to
6.25c.; C. L.
drums, 7.6c.; L. C. L., 8.0c. Edible, 76
degrees, 9%c.
Lard, prime, 11 He. Extra strained
winter, 10Hc. Cod,
crude, Newfoundland, nominal;
Norwegian yellow, 33c.
Turpentine, 40c. to 45Hc.; rosins, $5.25 to $6.60.
oil
Cottonseed
Oil
Crude, S. E., 8Hc.
December---January—
June-
sales, including switches, 154 contracts.
Prices closed as follows:
-9.70@
__9.31
I August
@9.321September
—
9.13@
,_-9.00@
8.96@ —I
8.93@8.98
--
_9.00@ ---lOctober
,—9.25@9.261 November--
July
Petroleum—The summary and tables of
prices formerly
appearing here regarding petroleum will be found on
an
earlier page in our
department of "Business
Indications,"
in the article entitled
"Petroleum and Its Products."
Rubber—On the 13th inst. futures closed
16 to 20 points
down.
Transactions totaled 660 tons.
This sharp
drop in
prices was attributed to the reduction in
freight rates on
rubber from Singapore.
Rates were reduced from $12.75 to
$8 per ton, and are to
go into effect immediately.
While
the futures market here
dropped off sharply, outside quota¬
tions were reduced
by only l-16c.
per lb.
Nearby deliveries
quoted nominally at 15 13-16c..
unsettling effect on the futures market is regarded
as but
temporary in view of the tight spot situation
locally.
Local closing: June,
15.59; July, 15.63; Aug., 15.67; Sept.,
15.72; Oct., 15.75; Nov., 15.77; Dec., 15.80.
On the 15th
standard
sheets
were
This rather
inst. futures closed 8 to 12
points higher.
contrast to the action of the
market the
when pronounced weakness
drop
in
was
shown
This
was
in
sharp
previous Saturday,
as a
result of the
sharp
freight rates on rubber from Singapore.
Some
quoting standard sheets at 15Hc. per lb. for
nearby deliveries, although the prevailing price still
appeared
to be 15 13-16c. at the close.
Futures opened 4 to 6
points
higher and held steady throughout the
day, closing with
were
the gains reported above.
Transactions totaled 1,030 tons.
London and Singapore closed
quiet and steady with little
13th
Trading
i
Trading
changes
no
export clearances of lard reported from the
Port of New York on
Thursday.
Today prices closed 15 to
20 points up. .. This advance was
attributed to the stronger
dealers
12.22.
year ago.
There
the
inst.
futures
closed 2
to 5 points
amounting to only
360,000 pounds.
The market did very well considering the
fact that prices at the
opening eased off 6 to 9 points and
later recovered,
closing with net gains.
The stocks of cer¬
tificated hides in warehouses licensed
by the Exchange
increased by 2,001 hides to a total of 864,899 hides.
Nothing
of importance
developed in the Argentine or domestic spot
markets.
Local closing: June, 11.56;
Sept., 11.89; Deb.,
lower.
principal Western markets were
moderately heavy
48,900, against 37,000 for the same day a
rubber
higher.
Shipments of lard from the Port
of New York
Wednesday was very light, totaling only 5,600
pounds for Glasgow.
Liverpool closed unchanged on the
spot position and 3d. to 6d. higher on the deferred months.
year.
totaled
was
nothing especially noteworthy about the trading
today.
Transactions totaled
109
contracts.
London closed slightly higher, but
Singapore was unchanged.
Local closing:
July, 15.77; Sept., 15.87; Dec., 15.98; Mar.,
$10.25 and the bulk of sales
ranged from $9.40 to $10.15.
receipts for the Western run were 50,000, against 39,200
for the
up.
There
Total
of
Local
On the 18th inst. futures closed 4 to 6
points higher.
Sales
totaled 1,180 tons.
Spot ribbed smoked sheets in New York
advanced to 15.81 from 15.75.
London closed dull and
top price was $10.20.
Western receipts were quite
heavy and totaled 58,200, against 45,600 for the same
day
last year.
Liverpool closed unchanged on the spot and July
option,
transactions
pore
shipments of lard over the week end from the Port of New
York, as reported Monday, toatled 63,250 pounds for Glas¬
gow.
On the 16th inst. futures closed 12 to 15
points up.
The major portion of the
buying was credited to cash and
speculative interests.
Hog prices closed 10c. lower at Chi¬
cago,
4203
change in prices.
Local closing:
June, 15.67; July, ;15.71;
Aug., 15.76; Sept., 15.82; Oct., 15.86; Nov., 15.89;
Dec.,
was
limited,
very
On the 15th inst. futures closed 2 to 9
points down.
was quiet during most of the session, with
price
within
200,000 pounds.
a
narrow
Transactions
range.
totaled
Stocks of certificated hides increased by
total of 865,779 hides.
In the domestic
spot hide market business was quiet, with no sales
reported.
Local closing: June, 11.54;
Sept., 11.84; Dec., 12.13.
On
880
hides
to
a
the 16th inst. futures closed
Sales totaled 80,000 pounds.
unchanged to 5 points higher.
In the domestic spot markets
20,000 extra light native steer hides sold
at
The stocks of certificated hides in
the Exchange increased
12He.
a
pound.
warehouses licensed by
by 1,000 hides to a total of 866,779
hides.
Local closing: June, 11.55;
Sept., 11.87; Dec., 12.18.
On the 17th inst. futures closed 1 to 3
points lower.
actions totaled
1,000,000 pounds.
Sales of hides
domestic spot markets amounted to
25,200 hides.
Trans¬
in
the
Included
in this
figure were 2,000 light native cows for June take-off
at 11 He.,
unchanged.
In the Uruguay spot market 4,000
frigorifico steers were reported at 12c.
Local closing:
Dec., 12.17; June, 11.54; Sept., 11.84; Mar., 12.47; June
(.1937), 12.77.
On the
18th inst.
futures closed
7 to 10 points lower.
320,000 pounds.
In the domestic
spot market sales totaled 9,700 hides, with
May-June light
native cows selling at 11H to 11
He.
In the Argentine spot
market3,000 frigorifico steers sold at 11 9-16c., and frigorifico
light steers sold at 11c.
Local closing: June,
11.47; Sept.,
11.77; Dec., 12.07; Mar., 12.37; June (1937), 12.67.
Today
prices closed 2 points down to 1 point up.
Sales approxi¬
mated
120,000 pounds.
Certificates stocks of hides in
Transactions
totaled
warehouses
were
unchanged at
closing: Sept., 11.75; Dec., 12.08.
Ocean
Freights—General
Underlying requirements
Charters
included:
866,779
demand
were not
Trip—Canadian
hides.
again
was
Local
quiet.
pressing.
round,
prompt
redelivery United Kingdom-Continent,
June, North Atlantic to Genoa, $4.65.
$1.40; North Atlantic,
$1.55.
Scrap Metal—
Coal—Bituminous
production as forecast for last week
steady at 6,620,000 tons, up 75,000 tons for one week,
down 2,636,000 tons frpm the
figure of a year ago.
In well
informed quarters it seems
unlikely that anthracite output
will sink much below a
weekly level of 700,000 tons, though
major cellar storage demands seem to have been well covered
already. - Bituminous dumpings at New York on Tuesday
was
were
about 400
cars.
Copper—It is estimated conservatively that sales for the
month will total
approximately 20,000 tons, as against
16,000 tons in May.
So far there is no appreciable pick-up in
the trade, though opinions
generally are quite optimistic
concerning the near future, especially in view of the con¬
tinued high pace of the steel
industry and a number of other
lines.
It is pointed out that-the
copper industry has been
relatively dormant for some weeks past and this all implies
that before long consumers must
replenish supplies again.
The European market holds
fairly steady with the price
around 9.10c. to 9.12He. per
lb., c.i.f. European ports.
Business abroad was reported as moderate.
Copper sales
in
the
home
market
for
the
month
to
date
approximate
8,443 tons.
Tin—Not much is expected in the
way of market
ment in tin until after the
Committee at Paris
on
It is said that this
should prove one of the most
important in the
the committee, since not only will the third
decided
on
agreement
but
as
the
continuance
of Jan.
The Ford Motor Co.
tonnage recently.
tons.
Tin arrivals
1
develop¬
meeting of the International Tin
June 26.
of
will receive
the
entire
serious
meeting
history of
quarter be
restriction
consideration.
reported in the market for a fair
Tin afloat to the United States is 7,660
so
was
far this month have been:
Atlantic
Financial
4204
65 tons.
Commodity Ex¬
unchanged at 1,050 tons.
ports ,3,638 tons; Pacific ports,
change Warehouse stocks are
Lead—There
were
no
spectacular developments, dulness
It is expected that sales
for this week will not pass 3,000 tons.
Recently what
purchasing there was appeared pretty evenly divided between
June and July deliveries, but next week it is expected that
consumers will start ordering July supplies in earnest.
It is
estimated that about 80% of July requirements still remains
to be purchased.
Prices appear to be holding firm, and
few, if any, observers expect any yielding in the quotation
prevailing during most of the week.
for
a
long time to come.
optimistic feeling prevails in this industry,
the fact that price is holding firmly at
and the outlook is far from discouraging
in view of the high pace of steel operations.
With steel
operations increasing each week, and with a new peak for
the year predicted for late June, it seems likely that con¬
sumption of zinc in the steel industry is still heaviy. Pro¬
ducers say that zinc prices would have advanced by now
Zinc—An
based largely on
4.90c. per pound,
had it not been for the low prices
prevailing
the London
on
It was reported recently that some resale
zinc was being offered at 4.85c. per pound, East St. Louis,
or $1 per ton under the market, but apparently this cheap
offering was not affecting the producers' prices.
Metal Exchange.
Steel—According to steel authorities, operations for
this
70% of capacity as compared with
69.5% last week.
This is the third successive weekly
advance at a season when declines usually take place.
The
rate for the corresponding week last year was 38.3% of
capacity.
It is expected by some that by the end of June
the pace may reach 75% of capacity, a new peak for the year,
and comparing with the previous peak of 71.2% of capacity.
However, it is expected that the labor factor will be an
important influence in the near future.
There are already
several strikes in steel and metal working plants, such as>
the Eastern Rolling Mill Co., Baltimore, one of the plants
of the Wheeling Steel Corp., and the big boiler plant of
Babcock & Wilcox at Barberton, Ohio.
There have been
rumors
of an impending advance in wages in the steel
industry generally, though these rumors cannot be con¬
firmed.
Just now the steel makers are hard pressed to make
week
are
deliveries
estimated at
on
demand.
schedule in view of the heavy
troubles would prove highly embarrassing at this
Norfolk & Western has entered the market for
Labor
time.
June 20, 1936
Chronicle
Cash sales were 175 bales, and
14,150 bales, total for both centers.
Local
respectively.
14 to 19 yen,
futures trades
closing: June, 1.64; July, 1.60; Aug. 1.55; Sept., 1.55; Oct.,
1.55% Nov., 1.55; Dec., 1.55.
On the 16th inst. futures
closed 2 to 5 points lower.
Transactions totaled 1,120
declined J^c. to $1.67%
Japanese cables
loss of 5 yen for grade D in Kobe, putting the price
down to 710 yen.
The Yokohama Bourse closed 4 yen
higher to 7 yen lower, and at Kobe prices were 8 yen up to
8 yen down.
Sales of silk on the primary outside markets
were 475 bales, while the trade in futures reached 7,400 bales.
Local closing: June, 1.61; July, 1.57% Aug., 1.53; Sept.,
1.52; Oct., 1.51-Hi; Nov., 1.52; Dec., 1.51. On the 17th inst.
futures closed unchanged to lc. lower, with the exception
of Dec. and Jan. deliveries, which were 1 %}. higher.
Trans¬
actions totaled 570 bales.
Spot market declined 2%?.
to $1.65.
Japanese cables reported grade D lost 7l/2 to
10 yen in Yokohama and Kobe, going to 7023^ and 700 yen,
respectively.
At the Yokohama Bourse quotations were off
9 to 20 yen and at Kobe Bourse were off 14 to 28 yen.
Sales
of spots totaled 550 bales and of futures 6,550 bales—totals
for both centers.
The yen was firm at 29 %.
Local closing:
June, 1.60% July, 1.57; Aug., 1.52% Sept., 1.51% Oct.,
1.51; Nov., 1.51; Dec., 1.52.
On the 18th inst. futures closed 3^ to 3 cents lower.
Transactions totaled 1,560 bales. Spot declined 3 cents, to
$1.62. Japanese cables reported the primary markets weak
again. Grade D lost 15 yen at Yokohama and 20 yen at
Kobe, the price going to 6873^ and 680 yen, respectively.
Yokohama futures were 1 yen higher to 17 yen lower, and
the Kobe Bourse was 2 to 18 yen weaker.
Cash sales for
both centers totaled 975 bales, while transactions in futures
totaled 6,150 bales. Local closing: June, 1.60; July, 1.54%
Aug., 1.51% Sept., 1.51; Oct., 1.49% Nov., 1.49; De¬
cember, 1.49. Today prices closed %?. to 1%3. up. Sales
were
113 contracts.
The price of crack double extra silk
in the New York spot market advanced Yz cent to $1.62%
bales.
Spot
reported
a
bales
Ten
June contracts.
Yokohama Bourse.
silk in the outside market was 5 yen lower at
tendered for
were
Prices advanced 2 to
Grade
D
The
COTTON
of steel rails and 1,000 box cars.
8,000 tons of 6-inch pipe for a gasoline line for the White
Eagle division of Socony-Vacuum Oil Co.
The Cornwall
has ordered 20 hopper ore cars from the Bethlehem
Steel Co.
Prices on steel rails, most important of the heavy
on
6823^ yen a bale.
Closing of local market: June, 1.61;
July, 1.55% August, 1.52% September, 1.51% October,
1.50% November, 1.50% December, 1.50; January, 1.50.
20,000 tons
Tin plate production shows
no signs of receding from 100% of capacity, a rate maintained
for six weeks.
The National Tube Co. has been awarded
deliyery
12 points on the
FHday Night, June 19, 1936.
Movement of
The
grams
the Crop, as indicated by our
Pig Iron—In the New York district it is reported
consumers are beginning to take a serious interest in
that
their
It is expected that sales in this district
third quarter needs.
this week will run between 2,000 and
week's sales in this area were said to
3,000 tons.
Last
approximate 3,700
Imports of iron are increasing, according to the
Department of Commerce reports.
Barge movement of
pig iron by the New York State Barge Canal from Buffalo
tons.
The Troy Furnace Co.,
Troy, N. Y., is shipping much iron down the Hudson
River and thence by Sound to New England points.
It is
reported that sales of pig iron for third quarter delivery in
some of the Middle Western centers are twice as large as
813
Houston
for
second
Wool—Prices for
quarter shipment three
this
months ago.
commodity continued strong, es¬
pecially in the West.
Large interests in the industry are
now paying 87c. to 88c. for Montana type, and around 85c.
for Colorado and New Mexico top-making ungraded wools,
and according to observers are actually securing the cheapest
fine wool fiber in the world.
Wool on the average is about
10c. per pound
of unsold wool
higher
was
now
than
a year ago.
then the main feature,
A large volume
while at this time
unsold wool. Prevailing price is
the dull period in the
early part of 1935.
Wool is being taken up in the West by
dealers in large quantity, approximately 4,000,000 pounds
in Idaho since the first of the month at prices ranging from
27He. to 31c.
In Utah and Montana, growers have been
paid prices indicating about 88c. clean, landed Boston.
Further activity is seen in Texas, where 31c. is being paid
for average 12 months'; up to 35c. for choice fully grown
wool.
Purchases in the territory sections seem generally
established at a minimum 85c. clean, landed Boston.
Fleece
wools are in a very strong position.
Country graded threeeights and quarter blood, Ohio and Michigan fleeces, are
offered at 37c. in the grease, as compared with 35c. around
the end of May
there
is
practically
no
said to be high only in relation to
.
Silk—On the 15th inst. futures closed
ro
3!^c. higher.
compared with
4,950 bales on Friday.
Japanese cables indicated recovery
of prices there following Saturday's sharp break.
Grade D
recovered 5 yen in Yokohama and Kobe, going to the level
of 715 yen. • Futures at these centers rose 2 to 17 yen and
Sales for the day totaled 950 bales, which
303
483
5
237
36
Total
155
854
289
2,790
2,244
47
:
Corpus Christi
47
__
5,619
1,610
Mobile."
6,120
193
New Orleans
Savannah
__
3,010
224
611
140
211
14
203
704
1,347
—
104
351
„
133
871
76
646
105
465
__
Lake Charles
...
^
—
-
—
12
12
_
25
'
Wilmington
26,138
5,271
2,827
1,205
999
7,357
-
__
Charleston
........
—
Pensacola, &c
-
—
—
25
1,090
109
108
184
262
487
487
8,619
4,701
2,656
4,831
39,972
220
207
NorfolkBaltimore--
9,927
9,238
Totals this week-
table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
The following
last year:
is said to be the heaviest in years.
business
42
1,486
331
Galveston
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
RR.
products of the steel industry and a key item in the price
structure—will be marked up in the fourth quarter, according
to advices from usually well informed quarters.
It is ex¬
pected the new prices will be made effective Oct. 1.
tele¬
from the South tonight, is given below.
Stock
1934-35
1935-36
Receipts to
This
18
This
Since Aug
1 1935
Week
1 1934
City
Houston
Corpus Christi--.
Beaumont
New Orleans
279,707
1,030,318
132", 268
105", 246
63,563
79,353
6,878
115,334
6,737
9,875
3,169
83,505
906,068
62,885
2",322
1,073,390
170
274,912
4,693
4~,887
347
3,902
Gulfport
5",271
389",962
351
871
161,471
3,693
312,600
"646
Mobile
213", 670
"556
55,847
23,261
44,610
27
14
148
144,186
57,220
18,200
53,161
31",423
"316
27", 040
Pensacola
Jacksonville
Savannah
*243
1935
1936
419,171
2,074
275,901
28,806
28,139
342,314
534
2,790 1,556,202
44,483
2",244 1,719,325
47
271,526
38,036
26", 138 1,772,120
Galveston
Texas
Since Aug
Week
June
2,237
170,178
4,709
435,531
36,106
768
368,556
459
Brunswick
Charleston
25
1,090
_
1
_.
II
Boston
I
I
i
ITf! IOO it»
Baltimore
Philadelphia
1
1
I
"8",789
1,481
1,721
1,920
i
39,972 6,638,229
Totals
33,233
10,025
17,874
19,060
i
1
12,522
14,261
28,827
646
Wilmington
Norfolk
N ewport N ews
New York
29", 693
"3", 980
Lake Charles
12
13,466 3,986,365 1,472,652 1,377,672
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
1935-36
Receipts at—
Galveston
Houston
New
Orleans.
Mobile
2,790
2,244
26,138
5,271
871
Savannah
1934-35
11932-33
1931-32
1930-31
2,583
13,134
17,906
18,418
2,109
1,545
3,467
4,476
26,905
2,173
2,589
1,291
1,799
7,255
1,475
4,319
l",275
"2", 069
104
"""329
8,954
2,322
4,887
19,465
8,866
3/343
347
'
243
Brunswick
"
Charleston-__
Wilmington
1933-34
534
_
_
Norfolk
"""646
"""556
25
14
68
177
63
1,090
148
1,343
""'674
44
452
Newport News
All others
Total this wk_
"
'""897
"4"415
1,706
""4", 498
"""858
"4", 151
39,972
13,466
47,623
60,353
40,793
21,134
Since Aug. 1__ 6,638,229 3,986,365 7,183,167 8,405,483
9,554,709 8,417,552
Volume
Financial Chronicle
142
The
exports for the week ending this evening reach a
bales, of which 14,518 were to Great Britain,
13,440 to France, 5,236 to Germany, 3,550 to Italy, 35,760
to Japan, 1,684 to China, and 15,645 to other destinations.
total of 89,833
In the corresponding week last year total exports were
92,509 bales.
For the season to date aggregate exports
have been 5,773,227 bales, against 4,507,702 bales in the
same period of the previous season.
Below are the exports
for the week.
'
Week Ended
Exported to—
June 19, 1936
Great
Exports from—
Ger¬
Britain France
Galveston
Houston
4~080
New Orleans
6,266
Italy
many
1,796
200
2,864
3,474
1,363
7,091
3",350
China
Japan
1,684
19,670
2,928
13,162
7,725
2,159
5,356
15
102
250
1,784
3,850
351
1,684
15,645
89,833
5~989
37,133
13,366
92,509
66,453
87
Mobile
"109
1,425
3~850
Wilmington
Norfolk
~467
111
Gulf port
578
211
14,518
Total 1934---..
13,440
5,236
3,550
35,760
12,690
7,345
...
Total 1935-..--
34,549
10,530
38,089
140
Lake Charles
Total
Total
Other
11,056
2,921
14,149
14,184
10,196
6,102
7,285
16,546
From
Ger-
Italy
many
965
336
10,665
1,246
8,784 224,613 1313,176
42,665
13,352
3~ 750 28,100 298,263
50
3,413
3,659 144,673
11,128 179,583
6,694 188,071
283,648 147,586
62,948
86,590
209,374115,522
31,682 20,188
55,418
250
7~817
Beaumont
New
Orleans..
916
Mobile
Jacksonville.-.
150
200
158,370116,185
7,477
3,931
52,085 23,982
1,171
222,108
3,062
38,085
3~385
16*024
40,757
31,248
4,051
301,332 281,784
5,455
9,388
122,074 31,849
Lake Charles..
5,497
10,500
1,086
Charleston....
2,192
81,298
111,701
150,129
Wilmington...
3,850
Norfolk
3,630
3,875
1,668
1,224
1,292
1,384
14,450
2,622
4,026
210
36,423
792
Pensacola, &c.
Savannah
Gulf port
New
York
Boston
2~222
50
l'soo
300
9,701
1,185
22,019
14,313
12,887
7,376
390
1,700
2~897
1,656
8,907
11,201
~14
Baltimore
14
Philadelphia...
"213
""45
"77
Los Angeles...
32,887
5,426
14,810
35,123
192,680
314
3,506
58,667
San
Total
Other
440,158
456,797
71,178
745|
2,109
178,131 150,396 206,678
Houston
Corpus Christ!.
Texas City
China
Japan
12,231 248,998 1323,182
14,339 314,308 1541,574
1,078 48,297 290,789
6,838
2,769
Galveston
Francisco.
6", 750
552
6,108
2,727
315
Seattle
Total
1359,122698,290
7,637
281,608
70,640
315
40,182 931,552 5773,227
842,875 382.224 1518,982
Total
1934-35.
Total
1933-34. 1232,586729,2181357,155648, 6041733,749 306,89610060617014,270
402,683461,804 1519,611107,826895,2964507,702
748,139372,343
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
June 19 at—
Ger¬
Britain France
Galveston
700
wise
Stodc
Coats-
Foreign
Total
..
2,200
451
858
1,814
2,722
5,000
4,638
3,848
178
16,500
9,135
9,820
~199
7,600
3,010
1.436
Houston
New Orleans
Other
many
Great
"199
1,000
:
,
Savannah—__
Charleston
"125
Mobile
125
Norfolk
Other ports
Total 1936.
.
Total 1935-Total 1934.
.
12,171
7,722
12,669
Speculation
active,
with
movement.
rather
the
The
bullish
cotton
for
reaching
strong
crop
spot
reports,
However,
the
13,486
44,735
73,271
future
the
13th
were
402,671
266,766
332,494
170,178
29,494
105,121
28,827
101,322
1,377 35,779 1,436,873
1,815 71,294 1,306,378
2,000 104,822 2,491,535
delivery
was
quite
highs for the current
situation, together with the
new
much to do with the
increasing strength of cot¬
had
statistical position and the sustained
goods market
On
5,780
8,426
11,520
prices
upward swing.
ton's
in
2,965
8,596
5,362
improvement in
also contributing influences.
inst.
prices closed unchanged to 4 points
lower.
Trading was fairly active, but at the expense of
prices during the early session.
Many traders, not caring
to be committed over the week-end, liquidated their holdings,
and this in conjunction with profit taking caused prices to
ease off to a maximum decline of 2 to 10 points.
Subse¬
quently prices recovered on quiet persistent tradebuying.
Offerings were so well absorbed as the session progressed
that many shorts thought it wise to take in their commit¬
ments over the week-end.
As a result prices closed at about
the highs of the day.
Pool brokers liquidated about 2,000
bales of the July position on bids of 11.70c.
There were
reports of further showers in the dry sections of the eastern
belt.
An encouraging feature of trade reports was an item
to the effect that last week's sales in the goods market
reached proportions of about 200% of production.
Also
the acute shortage of contracts brought ih some speculative
buying.
The Census Bureau placed domestic consumption
for May at 530,799 bales, against 536,763 in April and
470,412 in May last year
Liverpool closed steady at 3 to 4
points decline.
Average price- of middling based on the 10
designated spot markets Saturday was 11.79c.
On the 15th
inst. prices closed 1 point lower to 8 points higher.
After
a maximum advance of 75c. a bale, which
pushed the new
crop deliveries into new high ground for the movement,
cotton futures eased off, losing a substantial portion of the
early gains.
The principal pressure against the market
was in the July position,
this selling coming largely from
pool brokers, who sold an estimated total of about 35,000
to 40,000 bales on bids of 11.70c., the July option closing
.
11.69c., registering the only net decline in the list.
The
pool's long interest in July is now believed to be in the
neighborhood of 200,000 bales.
Near the close, a broker
with commission house connections, sold about 5,000 bales
of October, which were absorbed mostly by the trade and
local
professionals.
Around
11.20c.,
Oct.,
for
a
local
professional purchased about 10,000 bales.
October moved
up to 11.27c., the highest since Dec. 9 last.
The weather
news appeared to
play little part in the rise.
The strength
was
attributed again to the strong statistical position of
cotton; together with the favorable goods market.
Sales
by the Producers' Pool to the close Friday, June 12, totaled
46,400 bales, according to the New York Cotton Exchange
Service.
This reduced its holdings to 368,500 bales, leaving
about 244,300 bales yet to be liquidated.
Sales of spot
cotton by the pool aggregated 1,636 bales for the same
period, making a total of 395,100 bales sold since Feb. 12.
Average price of middling based on the 10 designated spot
markets
Monday was 11.78c., compared with 11.79c.
Saturday. On the 16th inst. prices closed 6 to 11 points up.
On this advance new high levels were registered for this
Brokers with wire connections sold
movement.
bales
brokers
Aug. 1,1935, to
France
at
15,000
Exported to—
June 19, 1936
Great
Exports from— Britain
4205
11.90c.
Dec.
and
March
around
more
11.25c.
than
Pool
sold
bids of
of
July during the morning on bids of 11.70c.,
but raised their limit to 11.73c., and shortly before the
close withdrew their offerings.
It was estimated that the
pool sold 30,000 to 35,000 bales of July.
The total pool
interest in the July contract is now somewhere between
165,000 and 170,000 bales.
In spite of the heavy pressure
referred to, offerings were readily absorbed, a steady per¬
sistent demand being in evidence most of the day, coming
largely from the trade and short interests.
There was also
a good foreign demand.
The undertone at the close was
firm, with prices ending at virtually the high levels of the
day.
Activity was especially pronounced during the last
half hour.
There was no appreciable change in the weather
reports.
The eastern belt is still in much need of moisture.
On the 17th inst. prices eloped 10 to 13 points up.
On this
upward swing the market touched new high levels for the
season.
This renewed advance appeared to be based largely
on
a
scarcity of spot cotton to meet rapidly increasing
demand resulting from textile activity.
Trade shorts were
substantial buyers.
Mills were also good buyers of new
crop months against requirements.
The foreign element
was also conspicuous
on the buying side.
This combined
demand more than offset the heavy sales by pool brokers,
which approximated 80,000 bales of July cotton.
At the
day's high, July sold at 11.95c., up $1 a bale, but fell off
slightly towards the close and ended at 11.88c.
Pool
brokers sold on bids of 11.75c. upward to 11.90c.
A block
of 4,000 bales of October sold at 11.31c. to a local pro¬
fessional.
There was no small amount of profit taking
indulged in, but offerings generally appeared to be well
taken.
The weekly weather report disclosed some relief
in sections of the eastern belt, but there were still many
areas not sufficiently relieved by rains.
The major portion
of the day's business was confined to the July, October and
December positions.
Liverpool closed 7 to 8 points higher.
Average price of middling based on the 10 designated spot
markets Wednesday was 11.93c.
On the 18th inst. prices closed 2 points higher to 6 points
lower.
Feature of the trading was liquidation by Pool
brokers of 30,000 bales of July.
However, the volume of
the day's business was sharply under the previous day's
total.
July closed at 11.90c. for the only gain, while the
later positions were 4 to 6 points lower.
It is estimated
that the Pool has about 50,000 bales of July yet to be
disposed of.
Thursday's sales by the Pool were made on
Traders appeared to be awaiting some de¬
velopments in connection with the release of further gov¬
ernment holdings.
Further, many traders were inclined
to believe that the technical position of the market was
not any too strong, in view of the recent substantial ad¬
vances.
The trade and Japanese interests bought July,
while the distant positions were bought by Wall
Street
interests in a moderate way. Wire houses were also buyers
of the distant deliveries.
Spot houses, the South and the
Continent were the principal sellers.
Average price of
middling, based on the 10 designated spot markets, was
11.97c., compared with 11.93c. Wednesday.
Today prices closed 4 to 11 points up, with the exception
of the July delivery, which closed -23 points up.
The sharp
demand for July cotton led the way to higher prices.
This
option held the center of the stage in today's session.
Pool
brokers were reported to have sold about 20,000 bales of
July at bids of around 11.95c.
It is estimated that there
still 30,000 bales to be disposed of.
Local professionals
are
bid
up
There was heavy realizing, but the
absorbed.
It is reported that on the
has made excellent progress, but is not up to
the position.
offerings were well
whole the crop
average.
It is unusually spotted and about 15 days lat,e.
portion of the belt, while not general,
Rains in the eastern
have been
is
beneficial in the extreme.
An excellent demand
reported in the goods market, with prices
on
the upswing.
Mills everywhere are reported running full time.
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
June 12 to June 19—
Middling upland
-
Sat.
Won.
Tues.
11.80
11.79
11.85
Wed.
11.98
Thurs.
12.00
FrI.
12.23
Financial
4206
highest, lowest and closing prices
week have been as follows:
Futures—The
Saturday
Monday
June 15
Thursday
June 16
June 17
Friday
June 18
Wednesday
Tuesday
June 13
June 19
movement—that
the
Towns
Interior
the
At
at
New York for the past
June 20, 1936
Chronicle
is,
the
receipts for the week and since Aug. 1, the shipmentslfor
the week and the stocks to-night, and the same items foFlthe
of the previous year—is set out in
corresponding period
detail below:
June(1936)
Closing
11.88ft
11.75ft
11.69ft
11.70ft
.
11.90ft
Movement to June
19, 1936
Movement to June
Range—
21, 1935
12.13ft
'
Range.. 11.68-11.70 11.69-11.71 11.70-11.75 11.75-11.95 11.88-11.93 11.93-12.15
11.-90
11.88
12.13
11.69-11.70 11.75
Season
Week
Closing. 11.70
Receipts
Stocks
June
Week
Receipts
Towns
Ship¬
19
June
Week
Season
Week
Stocks
ments
Ship¬
ments
July—
21
Aug.—
Range..
Closing
Sept.—
11.83ft
11.70ft
11.64ft
11.60ft
_
11.85ft
12.08ft
11.84ft
11.75ft
11.79ft
11.68ft
11.58ft
11.53ft
_
Range— 11.06-11.13 11.13-11.27 11.20-11.29 11.30-11.43 11.31-11.41 11.35-11.47
11.35-11.36 11.44-11.45
11.28-11.29 11.39
11.18 —
Closing. 11.13 —
Nov.—
14
Ark., Blythville
Forest City—
Range..
Closing
68
Hope
2
11.41ft
56,666
20
136
55,192
70,990
10,090
7,932
16,279
9,867
46,342
23
163,288
31,262
2,699
2,971
Augusta
600
250
46,289
Macon
11.07-11.08 11.15
.
11.25
—
11.35-11.36 11.31
—
11.37-11.38
Closing
391
54,561
11.07
.
11.15
—
11.25
—
11.34-11.35
11.30
11.35
—
Feb.—
Range__
11.30ft
11.35ft
11.25ft
11.15ft
Closing. 11.08 ft
11.35ft
Mar.—
Range— 11.04-11.10 11.10-11.23 11.17-11.27 11.27-11.37 11.27-11.37 11.30-11.39
11.31
11.37
11.26-11.27 11.36 —
11.16 —
11.10 —
Closing
Walnut Ridge
Ga., Albany...
22
Athens
Range— 11.00-11.07 11.07-11.22 11.16-11.25 11.27-11.37 11.25-11.35 11.28-11.28
_
April—
Atlanta
1,679
_
11.32ft
11.37ft
11.27ft
11.16ft
11.39ft
30
57,961
2,267
1,121
2,104
4,042
28
125,731
41,510
178,320
446
_
Natchez
Range— 11.08-11.13 11.12-11.27 11.19-11.28 11.29-11.40 11.29-11.38 11.32-11.43
11.39-11.40 11.33
11.42
11.28 —
11.17 —
Closing. 11.13 —
June—
Range..
Vicksburg.__
"256
31,564
2,422
Yazoo City..
3
1,059
Mo., St. Louis.
6,473
37,804
226,723
6,636
N,C.,Gr'asboro
M ay—
199
8,811
309
32
387,112
163,249
15 towns*...
Nominal.
New York for week ending
option:
future prices at
Range of
June 19 1936 and since trading began on each
S.C., Greenville
Tenn.,Mem phis
Texas, Abilene.
1,997
17,278 2,010,966
54,777
18,553
Austin
79,517
17,698
24
178
12,772
19,390
24,504
712
5
1,285
25,712
77,674
100,591
29,500
5,214
49,983
92,152
11,861
78
13,792
19,258
1,180
14,509
250
2
57,720
677
133,633
23.487
137,047
l"l41
84
21,493
20,969
26,694
13,874
852
34,386
25,272
3,910
22,309
28,358
952
12,139
423
196,518
4,331
35
240,965
16
"27
283
458
700
6
268
12
3
97
3
3,463
2,918
2,449
Range
Range for Week
Option for—
10.58
June 1936—
Since Beginning of Option
Sept. 30 1935 11.38 Oct.
July
1936- 11.68 June 13 12.15 June 19 10.21 Jan.
Aug.
1936—
10.39
10.42
Sept. 1936.
1936.. 11.06
June
13 11.47
June
19
9.80
10.12
Nov. 1936—
11.4b" June" 19
Dec.
1936— 1 LOO"
June" 13
Jan.
1937.. 11.00
June
13 11.38
June
19
Feb.
"780
125
1,972
600
41
4,572
156
4.334
148
12,513
3,979
1,148
1,018
4,615
31
13 11.39
June
19 10.20
Jan.
9 1936 11.55
8 1935
June 19 1936
Nov. 25 1935
Sept.
3 1935 11.40 July
26 1935
Jan.
9 1936 11.47
June
19 1936
Mar.
3 1936
10.35
May 22 1936
Jan.
9 1936 11.40
9.94
106,800
25 1936 11.38
Mar. 27 1936 11.39
June
34,696
11
10,527
7
5,894
24,918
222
182
7
383
7,127
2
116
80,118
277
2,953
101
4
San Antonio.
Texarkana
..
Waco
Total, 56 towns 32,467 5,155,008
*
June 13 11.43
June
19 10.48
New York
June
"l
1936
11.43
June
19 1936
1936
12.23c.
made up
by cable and telegraph, is as follows.
Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
Supply
of
Cotton to-night,
1936
June 19—
Stock at Liverpool
Stock at Manchester
bales.
606,000
1935
592,000
as
1934
873,000
1933
678,000
103,000
100,000
Stock at Havre
Stock at Rotterdam
Stock at Barcelona.
Stock at Genoa..
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
107,000
681,000
181,000
104,000
21,000
67,000
47,000
25,000
9,000
980,000
474,000
219,000
24,000
73,000
61,000
13,000
8,000
781,000
543,000
203,000
22,000
83,000
99,000
526,000
Stock at Bremen
89,000
706,000
204,000
140,000
14,000
70,000
78,000
11,000
9,000
Total Great Britain
454,000
872,000
950,000
Total European stocks
1,232,000 1,135,000 1,852,000 1,731,000
125,000
55,000
132,000
109,000
American cotton afloat for Europe
359,000
202,000
223,000
143,000
85,000
143,000
Egypt, Brazil,&c.,afl't for Europe 169,000
151,000
Stock in Alexandria, Egypt
393,000
173,000
297,000
186,000
Stock in Bombay, India
926,000
740,000 1,133,000
848,000
Stock in U. S. ports
1,472,652 1,377,672 2,596,357 3,546,466
Stock in U. S. interior towns
1,465,362 1,218,931 1,262,078 1,392,603
U. S. exports today..
9,467
9,381
16,262
21,936
supply
1934
12.25c.
1926
9.35c.
5.20c.
1925
1923
1930
8.85c.
13.95c.
1929
18.75c.
1921
.bales.
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...
.
1932
1931
256,000
197,000
363,000
357,000
44,000
34,000
43,000
62,000
142,000
133,000
108,000
86,000
104,000
879,000
100,000
742,000
359,000
202,000
223,000
143,000
1,472,652 1,377,672 2,596,357 3,546,466
1,465,362 1,218,931 1,262,078 1,392,603
21,936
9,467
9,381
16,262
Bremen stock
Havre stock
Other Continental stock
395,000
55,000
48,000
18,000
510,000
64,000
321,000
41,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday.
.
._
71,000
125,000
85,000
393,000
926,000
....1,913,000 1,758,000 2,332,000
....3,815,950 3,379,070 5,158,816
1,962,000
6,612,331
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
7.00d.
6.79d.
7-W
6.69d.
12.23c.
11.85c.
12.10c.
9.50c.
9.33d.
5.67d.
8.50d.
5.88d.
9.01d.
5.20d.
9.00d.
6.35d.
6.09d.
5.37d.
5.88d.
Continental imports for past week have been 80,000 bales.
The above figures for 1936 show a decrease from last
of
39.25c.
1912
11.60c.
33.60c.
1911
15.30c.
1910
15.00c.
1915
1914
30.30c.
26.95c.
12.80c.
9.80c.
13.25c.
1913
12.35c.
1917
1916
1909
11.40c.
1908
12.20c.
1907
12.95c.
1906
10.95c.
1905
9.15c.
SALES
Market
0
unchanged1 pt. dec—
8 pts. adv..
13 pts. adv.
2 pts. adv..
23 pts. adv.
Contr 'ct
Spot
Steady
Steady
Very steady—
Steady
Steady.
Steady
Total
"700
"700
300
300
1.000
1,000
90,619
58,619' 32,000
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
movement
telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1934-35-
1935-36
Since
Since
June 19—
Aug. 1
Week
Shipped—
Week
Via St. Louis..
6,636
223,938
3,979
Via Mounds, &c
Via Rock Island
3,232
80,969
3,100
Aug. 1
207,448
99,161
77
3,576
11,339
192,654
615,626
3,316
2,000
13,046
174,795
516,581
15,929 1,128,102
12,395
1,011,108
31,482
316
Via Louisville
4,061
2,000
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N.
169
Total to be deducted
—
Leaving total net overland*
238
287,720
9,370
26,706
13,747
306,368
4,831
329,743
9,924
346,821
11,098
Between interior towns
Inland, «&c., from South
10,542
4,175
Y., Boston, &c—
798,359
2,471
664,287
487
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 11,098 bales, against 2,471 bales for
the week last year, and that for the season .to date the
year
aggregate net overland exhibits an
of
increase
over a year ago
134,072 bales.
1935-36
Spinners'
Takings
•
Week
39,972
Receipts at ports to June 19
Since
Aug. I
6,638,229
11,098
798,359
>: 90:000
5.6!8:88S
141,070
.*52,571
12,446,588
345,024
Net overland to June 19.
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool..
45,8751218931
1918
Since Aug. 1
In Sight and
Total East India, &c
Total American
15,278
8,315
1919
Closed
6.18d.
...
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India..
3,434
1
30
19,986 3,477,422
Total week.
this
69,000
130,000
109,000
55,000
151,000
143,000
173,000
297,000
740,000 1,133,000
Indian afloat for Europe
95
Oklahoma.
Futures
*
Manchester stock.
1922
Closed
r__.3,815,950 3,379,070 5,158,816 6,612,331
350,000
56,000
62,000
32,000
78,000
132,000
169,000
186,000
848,000
1924
Spot Market
East Indian, Brazil, &c.—
Liverpool stock
11,132
1.335
9
Market and Sales at New York
5,728,950 5,137,070 7,490,816 8,574,331
Manchester stock
"l4
6,037
214
1920
21.25c.
16.90c.
18.35c.
24.15c.
29.65c.
27.80c.
23.25c.
11.40c.
1927
Of the above, totals of American and other descriptions are as follows:
Liverpool stock
93
Overland Movement for the Week and Since Aug. 1—
India cotton afloat for Europe._.
Total visible
10
2,395
4,455
31
47,729
35,750
6,748
16,773
26,947
57,337
Quotations for 32 Years
1928
11.85c.
1933
Visible
34
85,038 1465362
Includes the combined totals of 15 towns in
19 1936
June 19 1936
Apr
11.0~8
21,215
15,245
20
Paris.
3,694 42,983
19,098 343,619
8,054
June 19 1936
Feb.
613
3,400
4,755
3,892
1,040
Robstown
1935
Mar. 1937— 11.04
1937
May 1937-
9.76
60
187
1,842
128,071
10,753 1,401,559
24,007
609
190
1937..
June
9 1936 12.15
637 90,736
4,283 47,001
32,724 459,061
4
1,377
12,181
58,152
Brenham
Dallas
week
1,116
Oklahoma—
Closing.
The
18,070
36,054
42,196
14,297
25,633
11,103
3,777
24
207
2,048
3,303
3,010
64
729
Columbus
66
3,262
1
458
27,701
47,217
29,133
28,082
86,585
17,109
79,931
24,873
4,630
14,392
7
4,823
22,096
12,286
9,966
8,795
646
Miss.Clarksdale
3
3,997
67
8,866
24,044
44,323
123,304
306
6,572
3,567 108,817
300 33,350
766 36,378
400 22,584
2,147 16,792
71,432
Jackson
Closing. 11.11ft
124
111
21.486
13,980
37,396
11,738
16,558
36,501
126,008
350
15,448
Rome..
La., Shreveport
Greenwood.
Range—
200
114,658
34,465
24,335
66,112
302,240
184,345
Columbus
Range— 11.00-11.08 11.07-11.22 11.16-11.26 11.27-11.39 11.27-11.38 11.30-11.40
Closing
1,806
1,316
1,351
585
Newport
Pine Bluff.
Jan A1937)
Oct.
35,806
11,060
342
Little Rock..
11.33ra
11.37ft
11.27ft
11.17ft
11.10ft
_
33
1,054
85,696
109,781
27,493
36,935
31,826
19,359
50
Helena
Jonesboro...
Dec.—
w
1
Selma
Oct.—
15,558
82,883
23
Eufaula
Montgomery.
Range..
Closing
58,680
Ala., Birming'm
94
Total marketed
Interior stocks in
Excess
over
of
excess
Southern
mill
1934-35
Since
Week
Aug. 1
13,466
2,471
80,000
3,986,365
664,287
4,305,000
95,937
*25,889
8,955,652
71,453
takings
*150,520
336,835
consumption to June 1
Came into sight during week
Total in sight June 19
North, spinn's takings to June 19.
21,760
70,048
88,499
8,876,585
13,128,447
152,462 bales,
a gain of 591,880 bales over 1935, a
1,761,866 bales over 1934, and a decrease of
2,845,381 bales from 1933.
decrease of
1
*
Decrease.
1,095,492
18,188
977,188
Volume
Financial
142
Movement into sight in previous
Week—
Bales
1934—June 22
I
1933—June 23
1932—June 24—
years:
Bales
Since Aug. 1
-137,782 1933
118,403 1932
-.195,525 1931
—
—;
.
13,603,934
15,402,161
—
-
-
w
12,569,292
—
—
—
Chronicle
4207
and 1935.
Cotton consumed amounted to 530,799 bales of
lint and 64,670 bales of
linters, compared with 576,762 bales
of lint and 61,450 bales of linters in
April, 1936, and
470,412
bales of lint and 64,583 bales of linters in
May, 1935.
It
will be seen that there is an increase in
May, 1936, when
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
compared with the previous year in the total lint and linters
combined of 60,474 bales, of
11.3%.
The following is the
of the week:
statement:
Below
Y-
:V:VV;;
MAY REPORT OF
Closing Quotations for Middling Cotton on-
Week Ended
June 19
COTTON
AND EXPORTED.
CONSUMED, ON HAND,
AND ACTIVE
(Cotton in running bales, counting round
Saturday Monday
Tuesday
Friday
Wed'day Thursday
Galveston-
11.70
11.70
New Orleans..
Mobile.
Savannah
11.89
11.70
11.89
11.75
11.95
11.69
11.75
12.00
12.00
12.10
12.15
11.87
11.90
COTTON
half bales, except foreign, which is in
as
500-pound bales)
12.00
11.85
11.85
12.10
12.12
12.32
Cotton Consumed
11.86
12.16
11.90
12.13
12.43
During—
Norfolk
12.00
12.00
12.05
12.00
Montgomery..
11.69
11.69
11.75
Augusta
Memphis
Houston-----.
12.20
11.70
12.19
12.25
12.38
12.45
11.65
11.75
11.90
11.85
11.85
Little Rock...
Dallas
11.65
11.32
11.70
11.70
11.65
11.32
11.75
11.70
11.70
11.72
11.75
11.51
11.52
11.75
Fort Worth
11.32
11.32
11.51
11.52
11.75
New Orleans Contract Market—The
as
Ten
Tuesday
June 15
June 16
United States---.-
Cotton-growing States
New England States
Thursday
Friday
June 18
June 19
11.69
11.75
11.90
11.92
August—
October
11.09
11.14
11.24
11.31
11.29
11.39
11.09
11.22-11.23 11.29
11.25
11.09
11.22
11.29
11.25
Bid. 11.26
{bales)
{Number)
—1
1936
678,928
709,787
149,601
15,792
24,103
203,475
( 1936
cotton
cotton
...J
5,179
5,625
5,934
3,524
1,413
1935
1,417
55,502
73,065
49,092
30,499
18,288
8,733
1936
64,670
64,583
597,288
596,878
1936
1936
;
895,325 5,150,224 16,857,592
760,834 6,413,767 16,836,386
154,405
81,239
5,281,598
169,122
154,907 5,520,734
40,347
5,619
689,698
44,798
11,925
683,668
23,305
24,025
13,741
6,399
8,583
2,970
..
Not Included Above—
November
Linters
(1937) 11.03
February
If
■-....A
"
•
"|
1935
239,556
.231,376
49,416
20,044
24,352
11,645
16,605
11.32
11.30
{bales)
67,071
66,271
1935
11.34
Jan.
May
{bales)
Included Above—
Egyptian
Amer.-Egyptian
December- 11.03
presses
1936
12.125-.14a
September
During
ments
1936 447,936 4,351,791
1935 380,038 3,672,911
Other foreign cotton
11.69
Active
Establish¬ & at Com¬
(
1935
June(1936)
July
Spindles
May 31
|
1935
June 17
Public
Storage
...f 1936 530,799 5,180,320 1,090,077 5,237,082
22,828,888
1935 470,412 4,586,173
974,754 6,580,599 23,040,788
cotton market for
Wednesday
In
{bales)
10
1935
Monday
suming
Ended
All other States..—
June 13
Hand
May
follows:
Saturday
In Con¬
Months
Year
12.54
12.15
12
on
Cotton
12.25
12.03
closing quotations
leading contracts in the New Orleans
the past week have been
12.20
Cotton
May 31—
12.08
11.38
11.38
for
IMPORTED
SPINDLES
9,255
1,816
57,276
.
March
11.05
11.11
Bid.
11.13
Bid. 12.22
11.21
11.33
Imports of Foreign Cotton (500-Z5.
Bales)
bid
11.35
bid
April
May
11.06
.v
Bid.
Bid. 113251133a 11.27
Bid.
Country of Production
10 Mos. End.
May
May 31
Tone—
Spot
Quiet.
Options
Quiet.
Steady.
Steady.
Quiet.
Very
Steady.
Steady.
stdy.
Quiet.
Steady.
Very
st'y
Steady.
Report
Cottonseed Oil Production—On
June 12 the Bureau of the Census issued the
following state¬
on
ment
showing cottonseed received, crushed, and on hand,
and cottonseed products
manufactured, shipped, out, on hand
and exported, for the 10 months'
period ended May 31,
1936 and 1935:
COTTON
RECEIVED.
CRUSHED
AND
ON
HAND
1935
1936
289,878
102,599
420,799
158,423
515,142
223,487
191,386
206,861
Louisiana
282,905
92,632
424,030
173,999
Georgia
269,772
292,294
.
472,680
247,128
1935
297,164
289,269
91,756
439,919
174,799
509,338
1936
267,276
1935
1,704
5,434
99,736
401,786
21,583
5,848
1,225
6,279
282,138
3,043
3,794
505
3,544
194,974
207,375
194,445
1,247
1,600
All other...
280,269
714,183
123,010
233,822
287,996
1,377
799,441
10,259
104,268
120,750
140
17,403
2,836
3,701,197 3,362,800 3.739,429 3,416,414
51,343
169,047
956,672
104,023
18,816
Includes seed destroyed at mills but not
89,575 tons and 222,761 tons
nor 56,523 tons and 116,556 tons
reshipped for 1936 and
Aug. 1
hand
on
1935, respectively.
PRODUCTS
MANUFACTURED,
AND ON
SHIPPED
Produced
Shipped Out
Aug. 1 to
Aug. 1 to
Aug. 1
1935-36
1934-35
1935-36
1934-35
May 31
May 31
*28,262,543
34,400,287
a444,833,215
656,804,840
1,138,304 204
1,065,192 577
On Hand
May 31
102,127,733
*62,601,919
47,589,008
064,489,325
bl02l494 777
a460,726,546
540,863,916
1,004,116 233
1935-36
198,367
1,699 445
1934-35
meal.j
tons.
OUT,
HAND
On Hand
Season
Refined oil, lbs. I
1,731,540
124,572
1,554 900
166,272
242,204
'
1934-35
Hulls, tons
J
Llnters, running
30,958
878 107
1935-36
1,437,268
974,234
805,624
854 585
836,021
89,856
771 308
721,363
125,903
36 175
37,182
325
1935-36
76,604
969 549
71,919
103,441
1934-35
71,292
75,958
500-
1935-36
1,332
1934-35
646
Grabbots, motes,
&c.,
500-lb.
63 ,989
63,224
1,411
1935-36
5,966
41,362
1934-35
3,970
36,661
39,304
32,414
8,024
8,217
b&l68
lb. bales
bales
Includes 8,916,786 and 5,661,761
and
8,589,280
,
pounds held by
refinig and
and
10,007,210 pounds in
Aug. 1, 1935, and May 31, 1936,
respectively.
transit
manufacturing
to
refiners
and
Includes
5,175,698 and 17,312,873 pounds held by refiners,
brokers, agents,
and warehousement at places other
than refineries and
manufacturing establishments
and 7,214,525 and
2,878,569 pounds in transit to manufacturers of lard
oleomargarine, soap, &c., Aug. 1, 1935, and May
31, 1936, respectively,
b Produced from
EXPORTS
1,108,989,750 pounds
AND
IMPORTS
substitute,
OF
COTTONSEED
ENDED APRIL
Europe
35,186
Japan
;"i
950
PRODUCTS
NINE
1935
299,720
2,256,020
Oil, refined, pounds
1,172,805
2,626,844
10,314
2,381
178,359
*100,672,385
-
_
Imports—Oil, crude and refined, pounds
Cake and meal, tons of 2,000 pounds
146,032
65,693,113
48,394
2,543
♦Amounts for May not included above are
1,110,480 pounds of crude and 5,401,398
refined,"entered directly for consumption," 165,336 crude and
10,853,885 refined
warehouse
for
consumption"
and
directly Into warehouse."
&c., in
Bureau
Report
its
refined
"entered
on
Cotton
Consumed
report
United States, cotton
13,
and
1936,
on
the
Hand,
Census
showing cotton consumed in
the
on hand, active cotton
spindles and
imports and exports of cotton for the month of May, 1936
5,518,804
105,933
188,447
69,067
4,173,762
Brooks is also
and Mr.
a member of the
Memphis Cotton Exchange,
Hirsch is a member of the
Memphis Cotton Ex¬
change and the New Orleans Cotton Exchange.
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening indicate that the drouthy sections are
drier than ever with grave
danger that a large portion of the
intended acreage in northern
Georgia and the Carolinas will
not
come
over
up to cotton this season.
Temperatures are high
the entire cotton belt, maximum of 106
degrees being
reported in some parts of Texas; 104 degrees in Oklahoma and
Arkansas; 103 degrees in Mississippi and Georgia.
Rain
Texas—Galveston
1 day
Brenham
—
Dallas.
Del
El
Rainfall
dry
dry
dry
0.01 in.
dry
dry
dry
dry
Rio—dry
Paso
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
Henrietta
Kerr ville
l
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio—
Taylor
May—Under date of June
issued
5,992,887
1,375,296
224,045
44,347
277,977
218,139
80,423
443,564
Two Elected to
Membership in New York Cotton
Exchange—At a meeting of the Board of Managers held
June 15, Douglas W. Brooks of the
Newburger Co., Memphis,
Tenn., who are engaged in the cotton business, and Eric D.
Hirsch of the Allenberg Cotton
Co., also of Memphis, who
are
engaged in the spot cotton business, were elected to
membership in the New York Cotton Exchange. Mr.
Brownsville
1936
3,430
659,838
333,302
412,843
286,910
Note—Linters exported, not included
above, were 21,053 bales during May in
1936 and 21,910 bales in
1935; 199,412 bales for the 10 months ended
May 31 in
1936 and 167,942 bales in 1935.
The distribution for
May, 1936, follows:
United
Kingdom, 3,526; Netherlands, 4,136; France, 895;
Germany, 7,663; Italy, 1,061;
Canada, 1,080; Japan, 2,476; South Africa, 216.
Abilene
FOR
800
10,778
351,734
Total..
,
30
Item
Census
15,921
11,793
49,078
91,085
1935
;
1,265,720
636,800
349,925
716,113
191,727
151,865
507,085
1,397,050
34,127
4,330
Austin
Exports—Oil, crude, pounds
from
1936
51,902
14,461
15,388
13,341
22,356
Corpus Christi--
Cake and meal, tons of 2,000 pounds
Linters, running bales--
77,665
China——..
AnxariUo
of crude oil.
MONTHS
"withdrawn
39,811
10 Mos. End. May 31
1935
17,487
968,825
4,366
Canada
All other States
Crude oil, lbs...
_
Belgium
Other
110,519
Texas-
Item
24,375
28,621
42,868
11,051
Italy
45,023
562
99,966
Germany..
Spain
193,124
230,793
a
93,920
May
United Kingdom
France
229,770
.
Tennessee
consumers
122,049
1936
96,058
North Carolina
*
810
10,423
972
22,154
3,247
Q
Total
1,080
35,020
14,580
South Carolina
establishments
417
19,891
...
British India
160,883
456,955
234,489
Mississippi
fiber,"
3,542
1,725
9
Mexico
All other
May 31
California
Hull
533
8,809
63,313
1,064
3,096
5,137
20,152
1,158
Country to "Which Exported
Aug. 1 to May 31
Alabama.--
Cake and
""""37
41
On Hand at Mills
1936
COTTONSEED
1935
55,055
2,980
China-..
(TONS)
Crushed
Auy. 1 to May 31
State
*
4,702
•
Exports of Domestic CoUons Excluding Linters
{Running Bales—See Note for Linters)
Received at Mills *
United States
1936
'
SEED
Oklahoma
1935
7,519
Peru
Census
Arkansas
1936
Weatherford
Okla.—Oklahoma City
Ark.—Eldorado.:
1 day
dry
dry
dry
dry
dry
FortiSmith
Little Rock
Pine Bluff
La.—Alexandria
Amite-
0.82 in.
---2 days
dry
0.38 in.
—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
94
low 77
mean
85
98
98
102
94
low 62
low 68
low 62
mean
80
mean
83
mean
82
low 70
low 74
mean
82
96
mean
85
94
low 76
mean
85
98
low 68
mean
83
98
102
102
98
100
102
102
94
low 70
low 68
mean
84
mean
75
low 64
low 56
mean
83
low 54
mean
77
low 62
mean
82
low 68
low 62
mean
85
mean
78
96
low 68
low 68
mean
mean
82
83
low 70
low 62
98
96
98
96
102
104
102
98
99
97
99
mean
77
mean
83
mean
80
low 64
low 66
mean
80
mean
84
low 61
low 64
mean
83
mean
83
low 66
low 64
mean
mean
82
low 69
low 61
mean
83
mean
75
82
Financial
4208
Rain
Meridian.
dry
dry
high 102
high 100
Vicksburg
dry
high
96
dry
high
96
high
high
98
98
high
high
high
low 76
low 69
low 65
high 98
high 101
92
84
90
Shreveport
Miss.—Greenwood
low 66
3 days
0.29 in.
high
90
low 68
low 75
low 68
low 72
low 70
low 70
low 74
low 70
2 days
-1 day
0.38 in.
2.26 in.
high 97
high 102
low 69
low 64
0.02 in.
high
low 66
0.62
0.14
0.43
0.02
high 96
high 90
high 100
high 98
low
low
low
low
high
93
low
high
high
high
92
98
92
low
low
low
high
94
low
high
Ala.—Mobile
1 day
Birmingham
Montgomery
Fla.—Jacksonville...
0.04 in.
dry
1 day
0.02 in.
4 days
5.78 in.
Miami.
dry
Pensacola
Tampa
Ga.—Savannah
Atalnta
-
Augusta
--lday
3
3
3
2
Macon
S. C.—Charleston
Greenwood-.
Columbia
days
days
days
days
in.
in.
in.
in.
dry
0.50 in.
0.58 in.
2.69 in.
3 days
5.24 in.
Conway.N.O.—Asheville
1 day
lday
2 days
Charlotte
Newborn
Raleigh
0.62 in.
dry
2 days
0.33 in.
lday
dry
Nashville-
66
70
61
67
60
52
64
61
62
mean 87
mean 85
mean 84
mean 83
mean 82
mean
mean 81
mean 77
mean 82
mean 80
mean 83
mean 83
mean 82
mean 81
mean 80
mean 81
mean 83
mean 77
Sherman
Sulphur Springs
low 61
mean
low 66
low 61
low 64
low 60
mean
June 19, 1936
2?6(/t
Feet
■
Central Texas
(Milam County)—Past week very favorable for growing cotton.
Another week dry weather will get us out of grass.
Old cotton squaring
and some blooms, very little complaint of insects so far.
Cleburne (Johnson County)—Have had another week of ideal
cotton
weather.
All the cotton is up to a good stand and about 60 % of it is chopped
and plowed.
The fields are in a good state of cultivation and no insect
damage reported.
Glen Rose (Somervell County)—About 95% of cotton up to a good stand,
very little chopped out, but growing fine.
Had good rains in most of our
county this week. Cloudy now and looks like it might pour down. A large
per cent of our farmers have signed the Government contract.
Hillsboro (Hill County)—Weather past week ideal for cotton both as to
growth and cultivation.
Majority of fields clean, with 75% chopped to
stand.
A rain would be beneficial; however, not suffering for moisture at
this time.
We consider conditions up to normal with no complaints of
79
7.6
29.8
8.9
10.4
Above zero of gauge.
Above zero of gauge.
Nashville
7.7
8.2
: v
16.8
Above zero of gauge.
-Above zero of gauge.
Memphis
26.5
43.6
:
the
from
insect d&m&£»o *
San
clean out crop, and with another
week of same kind of weather will be in good shape.
Rains were very
beneficial and no more moisture needed for 30 or 40 days.
Considerable
complaint of cotton lice, and the plant is very small for this season of the
year.
The stand is not as regular as should be due washing rains. Increase
in acreage will average around 15%.
Taylor (Williamson County)—Another week of warm open weather has
added much to the improvement of the cotton crop in this county.
Fields
are 85% cleaned.
The plant has a good color, and all the old cotton is
fruiting nicely.
Some complaint of the flea doing damage, but not serious
yet.
A good rain at this time would be welcome, especially to late cotton.
each week from the planta¬
figures do not include overland receipts nor"
Southern consumption; they are simply a statement of the
tions.
The
that part of the
weekly movement from the plantations of
crop
u
Marcos' (Hays County)—Past week has been dry and hot, just what
Farmers are working hard to
is needed.
Plantations—The following table
indicates the actual movement
which finally reaches the market through the outports.
East
Slocks
Receipts at Ports
Week
at
Interior
Receipts from Plantations
Towns
Ended
1935
1936
,
1934
1935
1936
1936
1934
,
1935
1934
132027.
241491
24,287
38,439
47,370
48,797
30,138
101724.
35.770
35,607
34,922
34.771
25,927
25,529
68,255 1,902,472 1,492,794 1,620,120
70,948 1,871,482 1,474,028 1,581,871
15,829
21,251
74.294 1,833,913 1,451,845 1,546,878
79,174 1,814,475 1,423,178 1,506,117
15,791
21,595
75,235
46.544
51,676
34,486
8.
20,044
39,157
15-
40,509
22-
45,482
21,061
18,627
29-
52,470
21,846
5-
47,072
12-
32,597
39,972
18,907
14,317
1,779,0761,396,198 1,467,685
1,732,379 1,370,838 1,436,369
1,693,07111.345,933 1,404,254
39
39,702
Nil
Nil
25,687
4,617
6,763
32,699
with
43.060
Nil
Nil
Nil
38,413
Nil
Nil
Nil
Nil
36,803
15,228
13,466
1,201
Nil
4,060
1,106
19,561
8,501
Nil
Nil
6,280
1,554,313|l,269,5641,312,579
7,151
Nil
Nil
34,833 1,517,9331,244,8201,284,177
47,623 1,465,3621,218,9311,262,078
Nil
Nil
Nil
Nil
6,431
25,524
The above statement shows:
no
insects as yet.
(1) That the total receipts
plantations since Aug. 1 1935 are 6,998,758 bales;
were 4,140,563 bales and in 1933-34 were 7,158,125
bales.
(2) That, although the receipts at the outports the
past week were 39,972 bales, the actual movement from
plantations was nil bales, stock at interior towns having
increased 52,571 bales during the week.
Corpus Christi (Nueces County)—Weather conditions have been altogether
At present it is clear and hot.
It is surprising to see
rapid improvement in the crop, especially where farmers have been able
to secure labor to clean the fields.
Even though there is complaint of weevil,
fleas andleafworm, cotton is fruiting well, many fields waist high and many
half grown bolls.r Some farmers in scattered sections have begun to poison,
especially in the southern part of this county, both for leafworm and weevil.
A nice rain within a week or so will help. At present, labor from some cause
favorable past week.
is rather scarce.
Harlingen (Cameron
County)—Weather favorable past week.
Cotton
Exchange Weekly
Crop
Report—The
Exchange each week publishes a compre¬
hensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
The current week's report, dated
Cotton
June 15,
is
as
be 10 to 15 days
OKLAHOMA
follows:
TEXAS
at the moment.
(Childress County)—Cotton crop in this section is 90% planted,
Some of the earliest planted has been worked out.
Plenty of
moisture over entire county for present needs; in fact, crop prospects are
Childress
65% up.
brightest since 1933.
Acreage increase at least
are co-operating in the
Government program
20%.
Many farmers
are only leasing the
Many small farmers are planting all the acreage they
ever planted before the AAA.
Quanah (.Hardeman County)—About one and a half inches of rain has
fallen in this county since eight o'clock.
Most of acreage planted and abput
25% is up to a stand. Weather until now has been too dry and hot for best
results.
The season we are getting to-day should help lots.
Shamrock (Wheeler County)—90 % of the cotton land is planted and there
is a 10% increase in acreage.
Weather has been ideal this week.
Light
rains in some communities and more than half the days have been cloudy.
Farmers are getting the fields clean of grass and weeds.
Stamford (Jones County)—Cotton crop all planted, 90% up, stands are
good.
Crop 10 days late. Cultivation fair. Rain badly needed. A large
percent of the acreage was planted since the rains and is standing in loose
minimum acreage.
dry dirt.
Sweetwater
(Nolan County)—Scattered showers have fallen over this terri¬
Prospects as a whole
tory the last of the week, which were very beneficial.
are extremely flattering.
North Texas
Clarksville (Red River County)—Two weeks
of ideal weather have enabled
to put crops in excellent condition.
98% chopped.
Height of
plant ranges from 8 to 16 inches.
Plants are growing nicely, squaring and
some blooms.
Best outlook in years.
Moisture conditions have been very
favorable during past month.
No complaint of insects as yet.
Crop 15
to 20 days in advance over last year.
Denison
(Grayson County)—Weather dry and hot, ideal for growing
cotton.
Splendid advance in growth of plant. Plant still small but vigorous
and growing rapidly.
Fruiting in some localities.
Generally free of weeds
and grass and in fairly good state of cultivation. No insect infestation or
damage reported.
Honey Grove (Fannin County)—Weather has been hot and dry all week in
this section and the cotton has made fine progress.
The farmers have all
been very busy and are practically out of grass and weeds.
We still have
sufficient moisture but will begin to heed rain by the middle of next week.
farmers
Prospect is looking very
time.
Altus
50%
(Jackson County)—Possibly 90% has been planted to date, with
fair stand.
No insects reported so far.
Some replanting in
to start growth. Rains in this territory
immediate locality now needing rain
up to
sections where ground was too dry
have been very scattering.
This
badly.
Anadarko
(Caddo County)—Weather past
week was clear and hot with no
rains, which was very beneficial to the farmers.
All fields are in excellent
condition with about one half of cotton chopped and plowed.
Development
plant is above normal. Farm labor is ample for present needs.
(Carter County)—The past week has been fair and warm, fields
been worked, stands are good.
The plant is healty and is making
progress.
We need another dry not week to make tap root. Probably 25%
to 30% increase in acreage.
of
Ardmore
Chickasha
(Taylor County)—The cotton crop has made good progress the
weeds and grass have been well cleaned out and growth has
been rapid, and no complaint of insects. Stands are perfect ana if we can
get rain the last half of July will be sure of a crop.
Big Spring (Howard County)—Most of our farming area has received
light showers the past two nights which were beneficial.
Planting is just
about complete in all sections and most of the crop is up to a fairly good
stand and is now being knifed out.
Outlook on the whole is very favorable
Abilene
last week,
who
(Pontotoc County)—Weather conditions good.
A two inch rain
5 and 6.
Crops growing rapidly.
Season very favorable up to this
Ada
June
have
West Texas
the
Cultivation
stands perfect.
Have seen some weevil. Crop will
late.
Acreage increase ranges from 25% in some sections
to 65% in others.
Looks like we are headed for a big crop.
fair to excellent, and
from the
Dallas
/
the
in 1934-35
Dallas
/
„
_
South Texas
39.301
15.333
June
19-
of fleas have been noticed.
2,103
42,301
1,651,649,1,328,412 1,378,269
33,148 1.594,234!l,301,899 1,351,401
34,989
Longview (Gregg County)—Continued dry weather the past week.
A
good rain in the next 10 days would be beneficial.
Cotton is growing
nicely and has a very good color.
Crop about 80% chopped.
Some signs
1,713
8,322
May
1-
Texas
'>
22,525
Nil
Apr.
3-
:
Timpson (Shelby County)—We are having ideal weather and crops are in
good condition.
Blooms will shdw up in a few days. Prospects for a real
crop are good at this time.
Tyler (Smith County)—Crop conditions remain about the same as our
report of last week.
This teritory has had another week of dry hot weather
and the crop is progressing rapidly. Most of the crop has been chopped out,
Mar.
80,965 2,012,824 1,587,972 1,720,902
76,297 1,967,167 1,559,937 1,687,665
64,579 1,944,895 1,535,485 1.662.788
continuously
Cameron
named at
2.4
advantage of it by plowing and chopping
free of grass and weeks. Only a few scattered
fields are not
of dry weather should give ample time to get them
in shape.
Due to dry weather before planting there was a poor season in
the ground, and we will be needing rain before long.
However, crop is not
suffering, and it would be best if we did not have rain for a week or 10 days.
Wills Point (Van Zandt County)—Crop as a whole continues to improve.
There is still a small per cent to be planted.
60% chopped. Size of plant
ranges from just up to knee high.
April cotton squaring and ail cotton
showing good growth. Small per cent of bottom land cotton still grassy and
may be abandoned.
A good soaking rain is needed right now.
until they were
June 21, 1935
Above zero of gauge-
New Orleans
terri¬
clean, and another week
mean 78
mean 80
mean 82
98
taken
have
ers
78
95
(Hopkins County)—Weather conditions over this
tory good with ample moisture and hot days.
Fields grassy at present but
being cleaned up rapidly. Fo this time of season, outlook is good.
Terrell (Kaufman County)—Have had week of hot dry weather, and farm¬
mean 72
mean 81
mean 77
mean 73
high 90
high 97
high 100
graph, showing the height of rivers at the points
8 a. m. of the dates given:
Receipts
cally all chopped
statement has also been received by tele¬
The following
Shreveport
Vicksburg-
85
mean 83
mean 85
high
1.32 in.
--2 days
Weldon
Wilmington
Tenn.—Memphis
Chattanooga---
98
(Lamar County)—Stands good, plant growing and fruiting, practi¬
and clean, plenty of moisture.
(Grayson County)-—Cotton crop in this section has made wonder¬
ful advancement in past two weeks.
Most fields are now clean and the
growth of the plant is excellent. Prospects at this time the best in years.
No insects, and plenty of moisture for some time. Weather is ideal.
Paris
-Thermometer
Rainfall
0.04 in.
dry
1 day
La,—New Orleans
June 20, 1936
Chronicle
good for
a
big crop.
(Grady County)—Weather
for past week very favorable.
Some
replanting in hailed out district in north part of county and also some that
was overflowed along Washita River.
No rain this week. Stand very near
perfect.
Fields are in good state of cultivation.
No insects. Some fields
beginning to fruit.
No rain needed for at least another week unless we
have some high winds.
.
„
Elk
City (Beckham
County)—Cotton 95% planted, 60% up to fair stand.
that is up is growing nicely.
Weather conditions past week good.
Cotton
We need continuation of warm dry weather.
(Tillman County)—Weather conditions past week have been
Some light rains in extreme western part of county, practically
planted, with exception of a few fields that have to be
replanted.
Most all fields worked out where the cotton is large enough.
Plant gorowing fast.
No insects yet,
A good rain would be welcome,
though not badly needed.
Hugo (Choctaw County)—Whole week of practically dry weather and crop
has been chopped out from 65% to 85%.
Still few scattered fields that are
grassy.
Growing conditions ideal and crop has made fine progress.
Plant
squaring well and blooms in evidence.
Some reports of cotton lice in locali¬
ties, but no damage.
General coditions at this time point to a good crop.
Mangum (Greer County)—Practically all cotton planted, about 75% up to
good stand. We are needing moisture.
McAlester (Pittsburg
County)—Rain badly needed.
Fair and warm
weather past week was unfavorable.
Lack of moisture has caused some
small cotton to die and much of late plantings have failed to come up.
95%
planted, 70% up to fair stand, 25% chopped.
Pauls Valley (Garvin County)—Past week has been ideal for growth of
cotton in this territory.
Stands are better than they have been since 1924.
With the continuation of dry weather I believe 90% of crops will be chopped
out and free of grass and weeds.
Increase in acreage is better than 20%.
Condition at present is about 90 %.
Waurika (Jefferson County)—Weather conditions past week favorable,
although nights too cool. Cultivation good and unless more rain occurs all
fields will be free of grass within the week.
Sunshine needed next few weeks.'
Stands good and plant is healthy looking.
No insects. Increase in acreage
Frederick
fairly good.
all cotton has been
between
15% and 20%.
Weleelka
(Okfuskee
County)—No precipitation since our last report.
However, past few days have been cool and crop is holding up well. There
will be no abandonment.
The plant is beginning to square, and if we get
rain shortly progress of plant
will be rapid.
There does not seem to be much
deficiency in moisture except from here east as all other
good rains last week.
directions received
ARKANSAS
Ashdown
(Little River County)—No rains this week but plant continues
Practically all fields well worked and plant is healthy,
to make progress.
6 inches to 15 inches high and is squaring freely.
Practically no
sign of insects yet.
Would like to have good general rain.
Blythevilie (Mississippi County) Weather last two weeks hot with light to
heavy rains locally.
Cotton all chopped, well cultivated, perfect stands.
averages
Volume
Financial
142
Plant healthy and squaring.
No insects. Crop 10 to 15 days early.
Not
suffering for rain.
Conway (Faulkner County)—Past two weeks crop has progressed nicely.
Had some good rains.
Most crops are chopped out and cotton is growing
nicely.
Little Rock (Pulaski County)—Cotton plant made excellent progress follow¬
ing copious rains in this territory on 7th and 8th. Plants are healthy and
have good tap root, with fields clean.
Condition as near perfect as it could
possibly be. Abandonment will be practically nil. Farmers are continuing
Chronicle
1936
d.
20
Stand¬
.50c
Flume
.30c
Piraeus
.65c.
.450
Manchester. 30o.
.45c.
,30c.
.450.
Barcelona
Havre
.27o.
.42c.
Japan
.45c.
Shanghai
Genoa
Oslo
.45o.
.60c.
Bombay
,46c.
.
Stockholm
.61c.
Bremen
.42o.
.57c.
Hamburg
c
Salonica
Venice
*
.50c.
1.00
85c.
*
*
Stand-
Density
ard
.85c.
1.00
ard
Density
Trieste"
Antwerp
Rotterdam .30c
Hioh
Stand¬
High
ard
.45c.
Copenhag'n.42c.
Naples
40c.
Leghorn
.40c
Gotbenb'g .42c
65c
.30c
.45c
32c
.650.
.500.
d.
d.
b.
9 2
d.
d.
9 1
d.
s.
d.
d.
s.
@
9 4
2
6.59
87
9H@ 11H
6.44
'
@
9
@ 9 1
@ 9 2
6.36
10. @11H
6.34
@93
'
9 2
9 0
9H @11
6.30
@94
3
9
1
@93
0
9
6.30
9H
UX
9
1
9
1
@93
@93
6.58
24
9H<& 11H
9 0
@
9
2
6.35
10
6.57
y%@iiX
9 0
@
9
2
6.65
10
9 0
@
9
2
6.63
6.78
6.50
10
17
9«@11 H
9«@11
@11«
1
@93
6.62
@UH
10K@11 %
9 0
@ 9 2
9 1
@93
6.46
ioH®nH
9 0
@ 9 2
9%®UM
9 1
@93
6.46
@
9 2
6.88
9
1
@93
6.56
IOX@UH
10X @u*A
90
9jA®UH
9%@ U%
9
0
@
9
6.90
9
1
@93
6.57
9
9H@UX
9
1
@93
6.64
9H@UX
9y8@UX
9 1
.
May—
1
9X@UH
8
15
22
29
10
0
@
9
2
9 0
®ux
6.81
2
@
9
2
7.01
6.92
.
June—
5
High
s.
9H@11K
9W@11H
9H@11H
27
Cotton
Density
.30c.
Up'ds
April—
rain is needed.
Liverpool
Cotton
Middl'g
to Finest
Upl'ds
Mar.—
Newport (Jackson County)—Two and a half inches of rain has fallen here
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Middl'g
to Finest
ings. Common
Twist
ings, Common
32s Cop
Cotton
32s Cop
Twist
13
bumper crop.
Pine Bluff (Jefferson County)—Local rains have done much good, a general
The moisture must meet to satisfy.
Cotton is holding its
own and where local rains have fallen cotton is simply fine.
The first cotton
blooms came in this week from the Arkansas River plantations.
Tempera¬
ture at night remains in 60s, day times around 85 deg. and 90 deg.
Searcy (White County)—Weather conditions first of week slowed growth of
cotton on account of cool nights and ground being dry.
Have had two
good rains since Sunday and weather conditions have been fine this week.
Hail reported in one small community damaged the cotton crop some but
in practically all other sections fields are clean and crops are looking fine.
1935
814 Lbs. Sh rt-
814 Lbs. Shirt¬
intensive cultivation.
past week, and crop is making excellent progress.
Fields have been well
cultivated and plant is above normal in size.
Present prospect is for a
4209
12
19
10%@11^
9
6.68
@
9
@
93
9H@ UH
9%@11M
8
6.82
8 6
@
9 0
6.76
@93
1
9
6.83
@92
0
7.00
9J4@llH
8
@
9
6.79
6
6
0
0
Shipping
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 89,833 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
,57c.
GALVESTON—To
Copenhagen—June 12—Georgia, 126
June
15—Uddeholm, 636.
^
To Antwerp—June 17—West Camak, 44
To Gdynia—June
12—Georgia, 461—June 15—Uddeholm,
.55c
57c
.47c
762
-
-
55c
44
3 339
To Havre—June 17—West Camak, 3,474
3 800
....
•Rate Is open.
a
Only small lots
3,474
To Japan—June
World'8 Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
To Ghent—June 17—West Camak, 4
To Hamburg—June 12—Youngstown,
•
from which statistics
amounts
or
12—Taketoye, 7,482—June
June 16—Sangstad, 1,966
To Rotterdam—June 17—West Camak, 375
To Bremen—June 13—Youngstown, 1,642
out
gone
13—Kiyosumi
Maru, 10,222
375
1,642
4
154
To Genoa—-June 17—Sahale, 200
To China—June 13—Kiyosumi Maru,
of
19,670
154
200
1,684
To Barcelona—June 17—Sahale, 1,500
To Oslo—June 15—Uddeholm, 300
1,684
1,500
...
300
To
Cotton Takings,
Week and Season
1935-36
Week
Visible supply June 12
Visible supply Aug. 1
Week
Season
Bombay receipts to June 18-_
supply
31,000
3,000
1,000
7,000
6,035,111 23,292,706
5,137,070
HOUSTON—To
Copenhagen—June 13—Uddeholm,
To Oslo—June 13—Uddeholm, 114
To Gdynia—June 13—Uddeholm, 1,099
To
Total takings to June 19.a
Of which American
93,200
5,137,070
298,260 15,827,834
178.260 10,192,234
120,000 5,635,600
306,161 17,563,756
212,961 12,099,756
Of which other
*
5,728.950
5.464,000
To Havre—June
India Cotton Movement from All Ports
1935-36
1934-35
1933-34
June 18
Since
Receipts—
Week
Bombay
Since
Week
Aug. 1
40,000 >2,834,000
-
Since
Week
Aug. 1
31.00C 2,412,000
For the Week
Aug. 1
60,000 2,237,000
Since August 1
To
15—West Camak,
Conti¬
Jap'ndc
Britain
nent
China
Great
Conti¬
Britain
nent
.
Total
Japan
6
110
1,363
1,363
4,080
2,928
June 17—Eglantine, 3,196
13,162
To Ghent—June 17—Narbo, 950
To Liverpool—June 13—West Chatala, 4,936—...
To Manchester—June 13—West Chatala, 1,330
To
Antwerp—June 13—Nevada, 260
June 17—Narbo, 4,095June 17—Narbo, 200-1,311
June 10—Idar-
To
China
1,123
Rotterdam—June 13—Nevada,
wald, 818—June 17—Narbo, 98
To Venice—June 17—Alberta, 1,231
To Genoa—June 15—Ida Zo, 1,519
:
To Bremen—June 16—Anhalt, 2,128
To Naples—June 15—Ida Zo, 600
To Hamburg—June 16—Anhalt, 736
To Gdynia—June 15—Georgia, 100—June 16—Toronto, 367
To Gothenburg—June 16—Toronto, 1,125
To Abo—June 16—Toronto, 91
To Wasa—June 16—Toronto, 100
To Montylota—June 16, 136
NORFOLK—To Hamburg—June 15—Minden, 467
To Manchester—June 18—Manchester Brigade, 111
WILMINGTON—To Liverpool—June 16—Montreal City, 3,250--
2,227
1,231
1,519
2,128
600
736
467
1,125
91
100
136
467
111
3,250
City, 600
GULFPORT—To Barcelona—June 13—Mar Caribe,
A
950
4,936
1,330
260
5,968
s
To Havre—June 13—Nevada, 1,873
To Dunkirk—June 13—Nevada, 923
To Manchester—June 16—Montreal
Creat
114
1,099
355
--
-
Liverpool—June 17—Olav Beigh, 4,080
Japan—June 17—Sangstad, 2,928
To
Exports
From,—
15
87
475
1
NEW ORLEANS—To Japan—June 12—Montevedo Maru, 1,540
___June 15—Montreal Maru, 4,544; Furplitz, 3,882
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption
by
Southern mills, 5,010.000 bales in 1935-36 and 4,305,000 bales in 1934-35—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 12,553,756 bales in 1935-36 and 11,522,834 bales in
1934-35, of which 7,089,756 bales and 5.887,234 bales American.
b Estimated.
Gothenburg—June 13—Uddeholm, 355
475
To Antwerp—June 15—West Camak, 6
To Ghent—June 15—West Camak, 110
5,435,330 20,964,904
5.728.950
1,225
LAKE CHARLES—To Ghent—June 11—West Camak, 15
To Havre—June 11—West Camak, 87
Deduct—
Visible supply June 19
250
200
10—Nevada, 200
10—Nevada, 1,225
To Havre—June
6.879,719
8,876,585
2,412,000
799,000
1,470,600
527,000
70",048
940
109
To Dunkirk—June
Season
5,323,282
4,295", 259
88.499 13,128,447
40,000 2,834,000
14,000
912,000
1,200 1,632,000
10,000
491,000
Other India ship'ts to June 18
Alexandria receipts to June 17
Other supply to June 17 *b
Total
1934-35
5.881,412
American in sight to June 19-
Gothenburg—June 15—Uddeholm, 940
Hamburg—June 8—Anhalt, 109
To Gdynia—June 8—Anhalt, 250
MOBILE—To
600
140
140
To Liverpool—June 12—Arizpa, 211
Total
211
Total
Bombay—
1935-36._
6,000
1934-35.-
2,000
1933-34..
12,000
7,000
48,000
14,000
18,000
35,000
111,000
64,000,
380,000 1,233,000 1,724,000
311,000 1,220,000 1,595,000
1,000
5~o66
24,000
65,000
314,000
868,000 1,247,000
3.000
11,000
3,000
2,000
14,000
339,000
251,000
250,000
573,000
548,000
591,000
912,000
799,000
18,000
62,000
17,000
27,000
450,000
953,000 1,233,000 2,636,600
859,000 1,220,000 2,394,000
905,000
868,000 2,088,00
Other India1935-361934-351933-34..
i~66o
3,000
3,000
841.000
1934-35..
1933-34-
9,000
2,000
2,000
35,000
3,000' 12,000
7,000
18,000
May 29
63,000
610,000
255,000
66,000
19,000
177,000
71,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Total all—
1935-36..
89,833
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
315,000,
315,000
Amount afloat.
Of which American
June 5
41,000
614,000
259,000
54,000
24,000
166,000
64,000
June 19
58,000
606,000
256,000
June 12
59,000
618,000
_
259,000
74,000
36,000
182,000
70,000
44,000
20,000
194,000
66,000
The tone of the
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Saturday
12:15
1935-36
1934-35
Moderate
demand.
demand.
6.77d.
6.80d.
6.82d.
Mld.Upl'ds
Receipts (cantars)—
6,000
8,207,651
Aug. 1
5,000
7,355.558
17,000
Market
8.411,608
■
opened
i
This
Week
Exports (Bales)—
Since
Aug.
This
1
Week
Since
Aug.
This
1
Week
Market,
Since
Aug.
1
4
P. M.
To
Liverpool
To Manchester, &c
_
4,000 194,947
152,270
14",000 636,393
35,217
126,950
143,222
691,309
36,170
251,507
177,708
11,000 628,658
1,000 69,234
15,000 997,651
17,000 1127107
15",006
Thursday
Friday
Moderate
More
Moderate
demand.
demand.
demand.
6.88d.
6.94d.
7.00d.
Quiet but
Futures.
This week
To Continent and India.
To America..
Moderate
Wednesday
1933-34
June 17
Since
Tuesday
demand.
•
P. M.
Alexandria, Egypt,
Monday
Moderate
Spot
Market,
5~,666
Quiet, un¬ Steady, un¬ Quiet but
Steady.
Steady,
stdy., 4 to changed to changed to steady, un¬ 2 to 4 pts. 1 to 3 pts.
1 pt. dec. changed to
5 pts. dec. 1 pt. adv.
advance.
advance.
3 pts. adv.
Quiet but Very stdy., Very stdy., Very stdy.,
Quiet,
Steady,
stdy., 3 to 5 to 6 pts. 2 to 3 pts. 7 to 8 pts. 1 to 3 pts. 3 to 5 pts.
4 pts. dec.
advance.
advance.
advance.
decline.
advahce.
Prices of futures at
June 13
Liverpool for each day
Tues.
Mon.
Sat.
are
Wed.
given below:
Thurs.
Frl.
to
Total exports
18,000 1018827
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June
17
6,000 cantars and the foreign shipments 18,000 bales.
Manchester Market—Our report received
night from Manchester states that the market
cloths is firm.
Demand for both yarn and cloth
We give prices today below and leave those
weeks of this and last year for comparison:
June 19
New Contract
were
by cable to¬
in yarns and
is improving.
for previous
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
July (1936)
6.28
6.30
6.33
6.32
6.35
6.38
6.43
6.44
6.42
6.45
6.47
October
5.94
5.97
6.00
5.99
6.02
6.07
6.10
6.11
6.08
6.10
6.12
December
5.85
January (1937)--
5.85
5.87
5.90
5.89
5.93
5.97
6.01
6.01
5.98
6.00
6.02
March
5.85
5.87
5.90
5.89
5.93
5.97
6.01
6.01
5.98
6.00
6.02
May
5.85
5.87
5.90
5.89
5.93
5.97
6.00
6.00
5.97
5.99
6.01
July
5.82
October
5.64
December
.
-
5.91
-
»»
•
--
«...
«.
5.87
5.69
»«•
-
-
--
«...
5.93
5.89
5.71
«.
—
6.01
m
—
mm
-
«.
mm
5.97
5.79
-
-
-
--
«.
-
-
-
«...
5.99
5.94
5.77
"_±.
.
w
6.03
«.
-
*»«.
-
--
-
5.98
5.80
Financial
4210
June 20,
Chronicle
CLOSING
DAILY
BREADSTUFFS
Sat.
Friday Night, June 19, 1936.
was
week.
There was a fairly good demand for
odd lots to be shipped over the next 30 days.
However,
little was worked in round lots, with that little being done
trade the past
in
new
crop
hoping
Consumers are still
Southwesterns.
prices.
Prices for flour have ruled virtually un¬
Only the winter patents had a firm tone, reflect¬
for lower
changed.
Sat.
December
102%
September
97%
- -
DAILY
- -
•
Fri.
115%
FUTURES IN CHICAGO
Mon.
Wed.
Tues.
Thurs.
8834
8924
8834
87%
8934. 8834
88
91
9134
90%
9034
Fri.
91%
92%
94%
Season's Low and When Made
When Made
78%
July
6, 1935
Apr. 16. 1934 September
81
July
6, 1935
July 31, 1935 December
88%
Aug. 19, 1935
Aug. 1, 1935 May
High and
December
Thurs.
11134 111% 11134
8724
88%
--
Season's
Wed.
Tues.
1936
NEW YORK
IN
8534
8634
July
September...
May
Mon.
OF WHEAT
CLOSING PRICES
DAILY
the flour
appreciable change in
110
WHEAT
108% 11134
No. 2 red
Flour—There
OF
PRICES
98%
OF WHEAT FUTURES
CLOSING PRICES
Sat.
Mon.
IN WINNIPEG
Wed.
Tues.
Thurs.
Fri.
Wheat—On the 13th inst.
The
July
City cash premiums.
prices closed %c. to
up.
upward movement in price today was attributed to the
in the spring wheat
failure of much needed rains to develop
predicted, and
area as
a
forecast far from promising over the
the long range weekly weather
did
Neither
week-end.
predict any important rainfall.
The situation is
becoming acute in substantial areas of the spring wheat
belt, which is causing not a little apprehension over the
crop outlook.
The Minneapolis market reflected the situa¬
forecast
tion in
How¬
advancing over 2c.
most substantial way,
a
the Chicago market was a little more conservative,
showing but fractional gains, but with a firm undertone.
A
feature of the spot situation was the premium of 9c. in spot
grain over the July contract.
This wide disparity is not
making shorts any too comfortable.
On the 15th inst.
prices closed 21/£c. to 3^c. higher.
This sharp advance was
due to reports of high temperatures and the continued
absence of much needed moisture in the spring wheat belt
ever,
Minneapolis and Duluth led with gains
permissible daily limit.
Other wheat centers
scored substantial gains of around 3c. a bushel, prices reach¬
ing the highest levels in about six weeks.
It is reported that
many sections of the wheat crop have been definitely damaged
in parts of the Dakotas and Minnesota, and further serious
deterioration threatens unless general heavy rains are received
soon.
Official statements are now to the effect that a
the week-end.
over
of the full 5c.
200,000,000 bushel spring wheat crop is hardly probable.
On the 16th inst. prices closed ye: to %c. higher.
There
was a sharp drop of 2 to 2^c. at Winnipeg and Minneapolis
in the early trading, influenced by the general heavy rains
over Canadian wheat fields, which threatened to extend into
Chicago reflected the heaviness of these
markets by declining lc. a bushel.
Subsequently, when the
daily weather forecast predicted only scattered showers and
field observers reported that heat and drought of the past
ten days has irreparably damaged large areas of northern
United States wheat fields—there was a sharp turnabout
Dakotas.
the
Chicago prices not only erased the early loss of lc. but
gains at the close.
Minneapolis led the
upturn with a recovery of better than 3c.
Strangely,
Winnipeg did not respond to the bullish reports.
On the
17th inst. prices closed yc. higher to
lower.
Despite
the decidedly unfavorable crop conditions prevailing in the
spring wheat areas, principally the Dakotas, Minnesota and
and
scored fractional net
Montana—traders
were
the
loath to become aggressive on
buying side of wheat.
Canada's plentiful supplies of the
grain are an ever-present threat whenever prices in the
domestic markets get above a certain point.
Further, the
Canadian wheat fields have been enjoying favorable crop-
Rains in these sections have been quite
another excessive crop
surplus.
This would seem to offset reports of
crop experts touring domestic spring wheat areas.
Reports
are to the effect that irreparable losses already have been
suffered because of heat and lack of moisture.
Some
estimates say earlier indications have been reduced by better
than 50,000,000 bushels.
Deterioration will continue until
good rains are received, and the forecast gives no hope for
the next 36 hours.
The domestic crop scare has resulted in
a sharp improvement in the
demand for spot wheat from
growing weather.
and indications point to
sufficient
with large
millers.
the
On
decline
18tli
was
inst.
prices closed % to %c. lower.
This
to profit-taking, influenced appar¬
attributed
ently by the forecast for unsettled and showery conditions
over the
Northwest.
The recent upturn in prices was be¬
lieved
to
have
discounted
in
large
the
measure
77%
79%
78%
78%
78%
81%
October
ing the upward movement of Kansas
77%
7834
79%
8034
79%
79%
7934
79%
79
7934
81%
81%
December
-----
---
%c. higher.
light.
Gains were attributed to the influence
of stronger wheat
markets.
Receipts from the country
were quite large, and spot prices declined as much as 2c.
Shipping demand was only fair.
On the 15th inst. prices
closed % to l^c. higher.
This grain was influenced to a
considerable extent by the sharp rise in wheat, which more
than offset the heavy receipts of corn from the country as
an influence.
There was also an improved shipping demand
for actual grain, and this played its part in firming prices.
Local supplies are kept low by the transportation of large
supplies to store at other Lake ports.
Stocks are at such
a low level, that a squeeze in July may not be at all unlikely.
On the 16th inst. prices closed y to J^c. higher.
There was
little in the way of incentive to encourage the speculative
Corn—On the 13th inst. prices closed y to
Trading
very
News and developments were more or
firmness of prices being due largely to the
advancing tendency of wheat.
Daily fresh arrivals, though
moderate, are being absorbed, with no appreciable effect
on the market.
Keen commercial demand is limited to the
white corn used in processing human food.
Reports are
coming in of droughty conditions prevailing over important
corn-producing areas.
On the 17th inst. prices closed y to
J4c. higher.
Droughty conditions are now beginning to
develop in many sections of the corn belt, and the trade is
becoming more or less apprehensive lest extensive damage
result from a prolonged dry spell.
Rain is needed in all
sections of the corn belt.
The condition of the crop in the
in
element
corn.
less routine, the
Ohio Valley is
especially low.
On the 18th inst. prices
reports
are
becoming
In addition, approximately 500,000 bushels
Today prices
to 3c. up.
This grain continued to climb in sym¬
155,000 bushels.
were
loaded for
closed 2 ys
shipment on previous sales.
pathy with wheat.
Many areas of the corn belt are also
feeling the effects of drought.
DAILY
CLOSING
PRICES
7734
6134
58%
61%
59%
December...
5334
54%
December
May
in
corn
ment
and rye
DAILY
CLOSING
Aug.
a
bushel.
dealings
well
3c.
a
Tumultuous
buying
owing to anxiety
spring wheat,
as
severe
the
as a
over
was
increased
domestic
in
the
late
winter wheat
as
result of the hot winds causing
damage in many cases.
Shooting abruptly skyward
bushel early to-day, wheat reflecte news of 100 degree
temperatures in
drought.
traders
the
Dakotas
and
no
Speculative buying of wheat
assuming that spring
would be aggravated.
bushels.
moisture
relief from
was
large scale,
on
a
conditions, already bad,
Open interest in wheat was 59,208,000
crop
80%
6234
59%
54%
62%
59%
55%
62%
60%
56%
and bullish weather reports.
PRICES
OF
Sat.
37
of
Thurs.
Fri.
82%
65
63%
59%
Today
prices closed 1% to l%c. up.
May....
finals.
United States Government on the
spring wheat crops was responsible for the spectacular rise
in wheat,
prices being pushed up to around the limits
allowed in any one day.
At Minneapolis and Kansas City
the actual maximum limit was scored, prices advancing 5c.
report
8034
prices closed y to %q. higher.
light, and devoid of special feature.
On the
15th inst. prices closed y2 to Ye. higher. This grain moved
largely in sympathy with the pronounced strength in wheat
prices.
On the 16th inst. prices closed y8c. higher.
There
was nothing of interest to report on this grain, trading being
very quiet.
On the 17th inst. prices closed y to %c. higher.
The firmness of this grain was more or less the result of bullish
-weather reports and the upward tendency of the other grains.
On the 18th inst. prices closed % to %c. higher.
The
advance in this grain was ascribed to the upward move¬
Jan.
June
Today prices closed 3% to 4Y2c. above yesterday's
Wed..
very
44%
35%
Official
NEW YORK
79%
Oats—On the 13th inst.
Trading
at Wichita
Monday.
IN
Tues.
High and When Made
1
Season's Low arid When Made
84%
Jan.
5, 19351 September---- 67%
Mar. 25, 1935
65
June
6, 19351 December
6034
June
1, 1935
68%
July 29, 19351 May
56
Aug. 13. 1935
Season's
September
December
next
79%
July
September.
current
the spring wheat crop.
Mon.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
No. 2 white
of
OF CORN
Sat.
No. 2 yellow
With the predictions of
showers, combined with the broader interest in the corn
market at the expense of wheat, there appeared to be little
inclination to support wheat.
The Southwestern movement
of wheat to market is increasing, particularly in Oklahoma.
According to reports, 200 cars of new wheat are anticipated
status
Bullish
closed % to l^c. higher.
quite general now, and
promise to be a strong factor in this grain.
There is an
increasing interest in this commodity, and the December
option appears to be the delivery favored.
Some rains fell
overnight in parts of the Ohio Valley, but other important
sections remained dry.
Sales by local shippers aggregated
weather
DAILY
38%
CLOSING
PRICES
OF
2534
25%
27%
December.
39
OATS
Sat.
July
September
OATS IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
3934
39%
FUTURES
Mon.
25%
26%
28
Tues.
25%
26%
28%
IN
Wed.
2634
27
28%
39%
Fri.
41%
CHICAGO
Thurs.
26%
27%
28%
Fri.
27%
28%
30%
Season's High and When Made
September
I
Season's Low and When Made
7, 19351 September
31%
June 13,1935
4, 19351 December
33%
June 13, 1935
1. 1935! May
2934
Aug. 17, 1935
DAILY CLOSING PRICES
1
July-
OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
31%
29%
October...
31%
29%
31%
29%
31%
29%
31%
29%
31%
30%
Rye—On the 13th inst. prices closed
Outside of
a
firm undertone in
y to yc. higher.
sympathy with the wheat
little to report concerning this grain.
closed 1% to l%c. higher.
This
grain was also largely affected by the drought scare, and
responded readily to moderate buying and the bullish in¬
fluence of an advancing wheat market.
On the 16th inst.
prices closed y to yo. higher.
There was very little of
interest in the trading or news, though prices held fairly
firm throughout the session.
On the 17th inst. prices
closed unchanged to yc. higher.
It was rather unusual
that this market did not respond to bullish influences,
markets, there
On the
was very
15th inst. prices
Volume
especially
142
Financial
the
to
weather
adverse in many grain
Chronicle
which were decidedly
Rye for some time has been
areas.
Flour
On the 18th inst.
prices closed
3%c.
% to *4c. higher.
light and without feature.
up.
This upward movement
that
ences
DAILY
affected
CLOSING
the
due to the
was
influ¬
same
OP
RYE
Sat.
j
December
Tues.
57%
57%
59%
56 %
57%
CHICAGO
IN
Wed.
57%
58%
59%
Thurs.
57 %
58%
52%
DAILY
Aug.
1. 1935!May
CLOSING PRICES
OF
58%
59%
59%
July
October
DAILY
_
CLOSING
OF
Tues.
42%
BARLEY
Mon.
39
Thurs.
43
45%
47%
4%
44%
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
39
39
41
40
:•
43
CLOSING PRICES
July__
October——
OF
BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
37%
—
—
—
Closing quotations
37%
35%
35
-
36%
35%
37%
35%
37%
38%
37
35%
follows:
were as
—
—
—
FLOUR
Soft winter straight*
Hard winter stra gh
Hard winter patent*,
Hard winter clearr-
6.35@6.601 Rye flour patents
$4 40 @ 4.45
6.05@6.35! Seminola, bbl., Nos. 1-3. 7.80@7.85
d
5,00<a)5.35lOats, good
2.35
2.00
4.50@4.801 Corn flour
;
<
5.20@5.40 Barley goods—
5.40 @5.60
Coarse
2.85
4.30@1.50
Fancy pearl,Nos.2,4&7 4.00@4.75
.
—
ports
for the week ended last
of the last three years:
Flour
45,065
28,216
18,000
36,000
Other countries—.
2,418,155
137,286
The
95,185
visible
203,000
Oats
1,399,000
15.000
312,000
394,000
136,000
16,000
80,000
12,000
456,000
375,000
123,000
Duluth
160,000
75,000
41,000
12,000
Detroit
Indianapolis
Barley
bush. 56 lbs. bush. 32 lbs.
bush.56lbs. bushA8lbs.
615,000
252,000
Toledo
Rye
14,000
448;666
178,000
Peoria
25,000
Kansas City
13,000
6,000
45,000
30,000
81,000
102,000
25,000
451,000
648,000
7,000
5,000
67,000
109,000
40,000!
135,000
98,000
44,000
402,000
571,000
Omaha
375,000
98,000
54,384,000
46,330,000
6,000
614,000
3,000
10,000
5,000
7,000
184,345
254:606
4,445,812
3,544,459
90,000
"if. 000
859,000,
401,000
3,993,000
3.606,000
6,571,000
6,006,000
2,160,000
2,567,000
1,804,000
722,000!
818,000!
56,000
1,000
1,977,666'
14:666
36:660
10,000
179,000
36:666
3,870,000 101,592,000
556,000
68,524,000
30,000
197,000
28,000
supply
GRAIN
STOCKS
Wheat
Corn
Bushels
United States—
Boston
Bushels
2,000
55,000
New York
afloat
Philadelphia
3
v.
New Orleans
38,000
5,000-
:
Galveston
-
Fort Worth
-
268,000
372,000
91,000
151,000
189,000
4,071,000
941,000
90,000
571,000
311,000
Wichita
Hutchinson.
__——.
-
Joseph—--,—.
.
.
.
—
Sioux City.:
St. Louis
_
Indianapolis
-
Peoria.
-
-
-
-
: 4,512:660
Chicago.—
On Lakes
81,000
Milwaukee.-.-.-
—
-
Minneapolis
.
Duluth
.
Detroit—
Buffalo
56:666
_
-!
_
.
"
afloat.
On Canal.
-
._
780,000
5,718,000
2,831,000
95,000
2,932,000
55,000
43,000
Oats
Total June 13, 1936
Total June 6.1936
24,258,000
26,381,000
Total June 15, 1935
25,076,000
Rye
Bushels
Barley
Bushels
Bushels
11,000
150.000
252:606
36:606
"LOGO
37:660
"3:606
"2:606
18,000
42,000
10,000
59,000
14,000
95,000
31,000
2,000
2,000
1,000
266:666
62,000
2,000
12,000
210,000
1,666,000
1,000
176:666
330,000
465,000
8.000
15,000
132,000
171,000
3,754,000
326,000
66,000
506,000
3,000
409,000
152,000
586,000
193,000
13,000
1,684,000
5,076:666
90,000
105,000
90,000
425,000
67,000 10,363,000
292,000
6,923,000
8,000
5,000
791,000
1,779,000
424,000
71,000
23,000
109,000
89,000
1,645.000
853,000
"21:666
1,183,000
4,714,000
1,534,000
75,000
2,030,000
1,734,000
10,000
800,000
30,000
790,000
36:666
180:666
6,185,000 31,318,000
6,076,000 32,289,000
7,891,000
8,862,000
6,652,000 10,207,000
73,000
Note—Bonded grain not included above:
Wheat,
N. Y. afloat, 63,000;
Boston, 41,000; Buffalo,
New
6,775,000
10,673,000
9,107,000
6,206,000
York,
245,000 bushels;
7,818,000; Duluth, 378,000; Erie,
Lakes, 354,000; Canal, 971,000; total,
15,047,000
1,150,000; Albany, 4,027,000; on
bushels, against 7,146,000 bushels in 1935.
,
Wheat
Corn
Oats
Bushels
Rye
Bushels
Barley
Bushels
Bushels
Bushels
7,384,000
Arthur.35,954,000
516,000
714,000
Other Canadian and other
water points
39,418,000
518,000
1,712,000
1,355,000
1,896,000
Total June
13, 1936— 82,756,000
Total June
6,1936-— 86,631,000
Total June
255,000
15, 1915—111,559,000
—
260,000
500,000
3,126,000
3,263,000
3,241,000
2,227,000
2,428,000
3,073,000
2,373,000
2,736,000
3,170,000
Summary—
American
Canadian
—
-
.—_i
-
24,258,000
82,756,000
Total June 13,
Total June 6.
1936—107,014,000
1936—113,012,000
15. 1935—136,635,000
6,185,000 31,318,000
3,126,000
6,652,000 10,207,000
2,227,000
2,373,000
6,185,000 34,444,000
8,879,000 12,580,000
6,076,000 34,552,000
9,204,000 13,409,000
7,891,000 12,103,000 12,180,000
9,376,000
9,000
78,000
54,000
68,000
14,000
795,600
548,000
154,000
59,000
St.
203,000
Bushels
of grain, comprising the stocks in
granary at principal points of accumulation at lake
and
seaboard ports
Saturday, June 13, were as follows:
Ft. William & Pt.
Corn
1935
Bushels
2,235,000
1,629,000
565.312
435,000
836,000
10:6O5
Total 1936
Total 1935
Canadian—
Wheat
203,000
Louis—
Bushels
Saturday and since Aug. 1 for each
bbls.mihs bush. 60 lbs
St.
Bushels
Continent..
Montreal
Milwaukee..
Barrels
Kingdom-
So. & Cent. Amer.
All the
Chicago
Minneapolis.
1936
t
-
statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are
piepared by us
from figures collected
by the New York Produce Exchange.
First we give the
receipts at Western lake and river
Receipts at—
June 13
1935
—
Wheat, New York—
.Oats, New York-7f No. 2 red, c.i.f., domestic
-.115%
No
2 white
I
41%
Manitoba No. 1, f.o.b N Y.
90% |Rye, No. 2. f.o.b. bond N. Y_. 68%
Barley, New York—
Corn, New York47% lbs. malting
52%
No. 2 yellow, all rail
82%
Chicago, cash
---.48-91
Spring pats.,high prote
Spring patents
Clears, first spring
July 1
1936
Kansas City
Omaha.
-——
GRAIN
Since
July 1
June 13
1935
Barrels
United
St.
"
Week
July 1
Baltimore
—
-
DAILY
Since
1936
Fn
43
Corn
r
Week
r
June 13
WINNIPEG
Wed.
42%
44%
44
Sat.
July
September
Aug. 19. 1935
FUTURES IN
Mon.
42%
43%
—
PRICES
46%
RYE
Sat.
July 1 to—
Since
Fri.
51%
61%
63%
57%
Season's High and When Made
I
Season's Low and When Made
September76
Jan.
5, 1935' September
45
June 13, 1935
December
53 %
June
3, 19351 December
48%
June 13, 1935
May
Week
Brit. No. Am. Col.
FUTURES
Mon.
55%
______
and Since
West Indies
other grains.
PRICES
•x'
July
September-
Trading
Today prices closed 3V2 to
Wheat
Exports for Week
showing itself very responsive to market trends and weather
reports on wheat, but for some reason or other was dormant
during this session.
was
4211
reports,
Joseph.
Wichita
Sioux
__.
City.
Buffalo
Total week *36
Same wk.1935
365,000
338,000
Same
355,000
wk,1934|
Total June
3,000
55,000
7,000
295,000
505,000
2,002,000
901,000
1,022,000
65,0001
67,000
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended June
12, and since July 1 1935 and July 2 1934,
following:
shown in the
Wheat
Since Aug. 1
1935
16,769,000 307,087,000175,868,000 126,033,000
24,685,000 90,403,000
16,210,000 182,786,600166,785,000 46,346,000
14,176,000 56,954,000
15,876,000'216,033,000 180,260,000 68,306,000
1934
1933
Exports
Total receipts of flour and
grain at the seaboard ports for
the week ended
Saturday, June 13
1936, follow:
Wheat
Flour
Corn
Oats
Rye
Barley
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
bush.56lbs. bushA8lbs.
138,000
231,000
31,000
Philadelphia28,000
1,000
ii:666
6,000
"2:606
Baltimore
11,000
2,000
15,000
7,000
29,000
New Orleans *
17,000
16,000
18,000
Galveston.—
5,666
2,000
Montreal
61.: 000
New
~
l'0i:666
8,000
Boston
16,000
Sorel—
1,113:606
Quebec
53,666
"2:666
2,452,000
"1,000
288:666
Total wk.1936
Since Jan.1'36
122:606
279,000
6,963,000
3,839,000
44,000
46,615,000
1,805,000
165,000
2.773,000
207,000
288,000
1,947,000
1,534,000
Week 1935.
237,000
502,000
294,000
107,000
174,000
65,000
5,722.000 19,622,000
6,571,000
8,005,000 3,283,000 1 1,110,000
L1
Receipts do not include grain passing
through New Orleans for foreign ports
through hills of lading.
,
Since Jan. 1'35
■
*
on
The exports from the several seaboard
ports for the week
Saturday, June 13 1936, are shown in the annexed
statement:
ended
m
Exports from—
Wheat
York
Corn
Flour
Oats
Rye
Barley
Bushels
New
Bushels
Barrels
Bushels
Bushels
Bushels
x198,000
Albany
Montreal
65,286
"36:666
72,000
New Orleans.
Sorel..
Fort William
Halifax
206:666
53:666 *288:606
8,000
3,870,000
30,000
barley,
x
137,286
102,000
95,185
556,000
Includes 71,000 U. S.
308,000
Argentina.
256,000
121,000
488,000
17,000
.
The destination of these
exports for the week and since
July 1 1935 is
as
below:
July 1
July 2
June 12
1935
July 1
1934
1936
1935
Bushels
Bushels
Bushels
North Amer.
Black Sea-
Australia
India
...
Oth. countr's
Total
Bushels
Bushels
6,583,000 181,930,000 155,586,000
36,546,000
6,857,000
936:666 75,803,000 180,100,000
1,252,000 106,797,000 108,705,000
48,000
304,000
328,000
632,000 37,985,000 46,348,000
9,451,000 439,365,000 497,924,000
-
Since
July 2
1934
Bushels
122,000
39,000
136,000 10,426,000 17,079,000
2,382,000 273,088,000 218,049,000
816:666 40,631:600 40,26"5",666
3,334,000 324,267,000 275,432,000
Weather Report for the Week Ended June
17—The
general summary of the weather bulletin issued
by the
Department of Agriculture, indicating the influence of the
Temperatures during the week tended to subnormal in the
western Lake
region and some adjoining sections, but elsewhere
they ranged mostly
from around normal to considerably above.
The latter part of the week
was abnormally warm in
the Midwest and
Southwest, especially in the
northern Great Plains and from Texas
westward, where temperatures in a
good many places were reported in excess of 100
degrees.
The highest
occurring at first-order stations was 104 degrees at
Huron, S. Dak., and in
the far Southwest, Phoenix, Ariz., 116
degrees.
For the week as a whole, the temperature
averaged somewhat below
normal in the Lake region and the upper
Mississippi Valley.
Elsewhere,
the weekly means were generally from around
normal to decidedly above
normal, the latter in Rocky Mountain sections and the
Northwest.
The
greatest plus departures, ranging up to from 6
degrees to 9 degrees, are
shown for the
Rocky Mountain area and the northern Great Plains.
Showers were ratner general in the Atlantic
area, ranging up to
heavy
in northern sections; New
Haven, Conn., reports 10 inches of rainfall
for the week.
In Middle and South Atlantic areas
the weekly totals
at most stations ranged from around 0.5 inch to
about 3 inches
locallyg
With the exception of these eastern
rains, and fairly good showers in
the Northwest,
western
Texas, and Rocky Mountain
sections, there
was very little precipitation
during the week.
Most stations between the
Appalachian and Rocky Mountains reported inappreciable
in some northern
122,000
35:666
-
Total week 1936..
Same week 1935
*
lOLOOO
Since
Mississippi Valley districts there
amounts,
were
some
rains.
2,452,000
Quebec
"1:666
6i:666
1,113:606
—
81:666
"3,666
Week
weather for the week ended June
17, follows:
35,000
Fort William.
Since
1936
York
Halifax
Since
June 12
Argentina...
Receipts at— j
Corn
Week
11,664,00049,090,000
are
though
substantial
Additional showers in the Atlantic States, from
Georgia to New England,
were
timely and will be very helpful to crops in the areas favored, but at
the same time the amounts were insufficient to
relieve the critical situation
in some sections.
On the whole, however, the outlook has
improved in this
more eastern section of the
country, especially in the droughty
but
much
deficiencies
more
rain
of rainfall.
is
needed in the area, because
For example, the Carolinas
of
and
Southeast,
long-continued
Georgia, up to
June 15, or including the recent showers, have had
only about one-third of
normal rainfall for the past 2 months and even
much less than normal for
June so far.
Much of the interior of the country had
practically a rainless
now needed from
many sections of the Plains States
moisture is
week and
eastward,
Financial
4212
especially in Tennessee and the Ohio Valley.
The Ohio Valley States had
only about half, or even less, of normal rainfall for May, and the first half
of June continued dry.
For the latter period Tennessee has had only
25%; Kentucky, 21; Ohio and Illinois less than 50, and Indiana about
60% of normal.
In the Great Plains States the soil moisture in the south
is still generally favorable, but with scanty rains so far this month the topsoil is getting dry in a good many places, including the interior of Texas,
eastern Oklahoma, and the eastern half of Kansas, while most crops are
beginning to need rain in Nebraska.
In the northern Great Plains the drought situation is largely unrelieved
and moisture is
badly needed.
North Dakota, especially, continues very
definicent in precipitation; in this State there has been only
of the normal rainfall during the past 234 months, or since
about one-third
the beginning of
June 20, 1936
Chronicle
Condition of cornfmostly fair; progress poor; needs rain;
much not planted.
Cutting winter wheat made rapid progress; condition
rather poor to fair.
About half of tobacco not set; stands poor to fair.
Oats, hay, pastures and vegetables mostly poor to very poor.
Kentucky—Louisville: Light to moderate rains in a few eastern counties;
none in
most districts; soil very dry.
Progress and condition of corn
southwest.
To¬
poor to fair; some twisting on uplands; late plantings poor stands.
bacco transplanting by machine nearly finished; stands only fair, consid¬
and condition of
north.
Pastures
young dying.
Potatoes very
erable dying; not much set in hilly districts.
Progress
winter wheat fair to good; harvesting commenced in
drying.
Timothy poor.
clover fair;
Old
poor.
April.
THE DRY GOODS TRADE
Small Grains—In southern sections of the winter wheat belt the week
favorable for outside operations and harvest made good advance.
It
begun as far north as southern Illinois, has become rather general in
Missouri, and is well under way over the southeastern quarter of Kansas,
being nearly completed in the extreme southeastern portion of the latter
State.
Cutting will begin in northeastern and north-central Kansas within
the next 10 days.
In Oklahoma harvest is general; yields are light, but
better than earlier indicated.
In many Ohio Valley sections conditions
have been too dry for best filling of wheat and the straw is generally short,
the drought being especially critical in much of Ohio.
The spring wheat belt continues generally without sufficient moisture,
through the situation is rather favorable in Minnesota, except locally.
In
this State grains did well, except in some middle-western counties and parts
of the Red River Valley, where it is too dry and some spring wheat has
been damaged beyond recovery.
In South Dakota the crop deteriorated,
except in the southeastern portion.
In North Dakota progress of early and
well-planted spring wheat continued fair to good, but late and poorly
planted fields are mostly poor, with considerable deterioration in the west
and south.
In Montana progress was mostly satisfactory, except in the
southeast, though more rain is needed in north-central sections.
In the
Pacific Northwest conditions continued decidedly favorable for smallgrain crops.
In the Ohio Valley there are many complaints of short straw and poor
crops of oats.
In Iowa oats are vigorous in most of the State, though
headed short in the southeast.
Flax needs rain in the Dakotas, but is
was
has
mostly fair to good in Minnesota, while in Louisiana the rice crop is mostly
good to excellent.
Corn—In most sections east of the Mississippi River corn continues to
make fair progress and is mostly well cultivated, though a good general rain
is needed.
In Ohio late-planted corn is reported as deteriorating, while in
Kentucky plants on upland fields are beginning to curl.
In Missouri corn
in good condition.
In the lower Great Plains satisfactory growth
is mostly
is reported, but rain would now be helpful; in.the northern Plains
is still good in most places.
In Iowa progress is fair, but the
advance ranges from some corn just replanted to knee-high for
much has been cultivated twice and fields are generally clean.
advance
seasonal
the tallest;
the
cotton
belt temperatures averaged slightly above
rather generally.
Moderate to substantial showers occurred in
places from Alabama eastward and northeastward, but from the
Mississippi Valley States westward the week was nearly rainless, except
in a few places.
In Texas cotton shows further general improvement, and, except locally,
Cotton—In
normal
many
mostly in good condition, with cultivation advancing favorably.
Also
Oklahoma, Arkansas, and Louisiana satisfactory condition is indicated
In Tennessee progress was poor in the east, but fair to
good in the west and it was mostly fairly good in Mississippi.
In Alabama,
especially the southeastern part of the State, and in the eastern belt from
Georgia to North Carolina, showers of the last 2 weeks have been decidedly
helpful, but there are many poor stands of cotton because of the longcontinued drought; some areas are still unrelieved.
is
in
rather generally.
The
Weather Bureau furnished
the following resume of
conditions in the different States:
Virginia—Richmond: Normal temperatures: scattered showers. Drought
mostly relieved, but growing crops seriously retarded.
Cotton and oats
Corn fair; considerable replanting.
Wheat harvest continues.
Digging potatoes begun.
Transplanting tobacco badly delayed.
Meadows
and pastures very poor.
Peanuts short.
Apples growing nicely; trees
poor.
not well loaded.
Carolina-—Raleigh: Crops and pastures improved by good rains
beneficial showers, but sufficient only for tem¬
porary relief.
Progress of cotton fair to good, though many poor stands;
mostly just up in Piedmont.
Tobacco good advance, but very late; many
poor, irregular stands; setting and resetting not yet completed in middle
and upper sections.
Corn poor to very good; more to plant and replant.
Harvesting wheat, oats and peaches.
North
in much of State: elsewhere,
South
Carolina—Columbia:
Warm,
with
local
moderate
rains,
but
heavy falls still spotted.
All crops up made good progress where ample
rain, with germination of replanted satisfactory; many localities still too
dry.
Stubble planted to late corn forage where soil wet.
Tobacco good
growth generally; first load sold on 9th.
Cotton blooming in south;
progress and growth good but stands mostly poor; additional germination,
however, in moist areas.
Georgia—Atlanta: Warm with adequate rains in south, where pastures
well revived and conditions generally quite satisfactory.
Cotton bloom¬
Corn silking.
Tobacco thriving and some places best in 10 years.
light rains elsewhere; helpful in some places but cotton and
corn month or more behind; some places just coming up; some
ground
still too hard to permit planting.
In large areas cotton is under four inches
ing.
Scattered
tall and possibly past recovery.
Florida—Jacksonville: Progress of cotton fairly good; condition fair;
chopping made good progress; weather moderately favorable for weevil
activity.
Corn growing well.
Tobacco good; harvest beginning.
Citrus
good; being cultivated and fertilized.
Alabama—Montgomery: Local rains, moderately heavy in southeast
where most needed, with good distribution past two weeks; mostly inade¬
quate in northeast.
Progress of cotton good in southeast, mostly poor in
northeast and fairly good to very good elsewhere; condition poor to fair
in southeast, badly deteriorated to poor in northeast, mostly fairly good
to very good elsewnere..
Corn and pastures improved, except in dry area.
Mississippi—Vicksburg: Moderate rain in extreme south and a few
inland localities; generally dry or light rains elsewhere.
Progress of cot¬
ton
mostly fairly good; squares becoming plentiful.
Progress of corn
generally poor account dry weather, with early planted deteriorating in
south, except in moist localities.
Louisiana—New Orleans: Favorable for growth and cultivation.
Corn
condition fair to excellent.
Condition of cotton generally
good; squaring general; scattered bloom in many sections.
Good progress
making hay, narvesting and threshing oats, digging potatoes.
Rice good
to excellent; growing rapidly and being flooded; some complaints of worms.
Cane fair to good.
All crops need rain.
Texas—Houston: Warm; scattered showers, except in extreme south.
Farm work made rapid advance.
Winter wheat and oat harvests pro¬
gressed rapidly; threshing progressing favorably.
Progress and condition
of corn very good; silking and tasseling well to north.
Truck, cattle and
ranges mostly good, but rain needed for truck in interior.
Cotton im¬
proved generally and mostly in good condition, though some poor locally;
putting on squares and'some bloom in south; planting practically com¬
pleted except extreme northwest; coming up to good stands generally;
cultivation advancing favorably.
Oklahoma—Oklahoma City:
Favorable week, except rain needed in
east and east-central portions.
Progress and condition of cotton very
good; some replanting in west; chopping made excellent progress; com¬
pleted many places.
Oat harvest general, yield mostly light.
Winter
wheat ripening unevenly in northwest, but harvest general other sections;
much being combined; yields light, but better than early anticipations.
Progress and condition of corn fair to very good, but rain needed in east.
Prairie hay rather weedy.
Grasshoppers numerous, but only slightly
damaging.
Alfalfa, broomcorn aqd minor crops good advance.
Arkansas—Little Rock: Progress and condition of cotton fairly good
to excellent in nearly all portions; unusually clean; well cultivated; squar¬
ing in most southern and some central portions; blooming in southern
Lonoke County.
Progress of corn poor in some southern localities; con¬
dition fair to very good elsewhere; silking and tasseling in south and some
central portions.
Local rains favorable to late oats, meadows, pastures,
sweet potatoes and truck.
Highland orchards suffering for rain.
Tennessee—Nashville: Scattered, light rains gave some relief locally;
tasseling;
.
general situation unimproved.
Progress of cotton poor; condition fair to
good in west, rather poor in east and central; some squaring in extreme
New York, Friday Night, June 19,
conditions in many parts
1936.
of the
country retarded retail trade to some extent during the past
week. Although the Southeast was relieved of its drought by
beneficial rains, some sections of the South were still suffering
Unfavorable
weather
from
dry weather, and trade in other areas of the country
adversely affected by heavy rains. Nevertheless, sales
for the entire month of June are anticipated to show gains
oyer last year equaling those registered during May.
The
effect of the bonus spending, on which most June estimates
are based, is expected to become a real factor soon, with many
stores already reporting a noticeable increase in sales, par¬
ticularly in men's, women's and children's apparel.
An
added stimulant to consumer buying was rendered by the
approach of Father's Day, with its customary beneficial
effect on the sale of all classes of men's furnishings.
was
Trading in the wholesale dry goods markets also showed
decline from its recent brisk activity. In anticipation
of the spending of bonus money, inventories of retail stores
had generally been increased, with nearby requirements of
merchandise reduced materially.
Cotton goods, however,
continued to be ordered in good volume, with immediate
deliveries hard to obtain and prices continuing their rising
trend. New lines of fall goods were reported to meet with
good response. Wholesalers continued to buy freely. With
the price situation showing a considerably firmer trend, they
appeared anxious to cover their needs. Sheetings, sheets and
pillowcases were advanced, and, together with chambrays,
moved in good volume.
Business in silk goods showed a
further slight improvement.
Re-orders on chiffons, mostly
printed or black, and on crepes and cires, were received in
good volume. Trading in greige goods improved likewise,
with prices displaying a firmer trend, due to higher raw silk
quotations. Fall goods were ordered in increasing volume.
Business in rayon yarns continued active.
The moderate
price advance on coarser numbers announced by leading
viscose producers at the beginning of the week stimulated
buying still further, and the popular counts of 100 and 150
denier were reported to be rather scarce.
With producers'
stocks said to be below normal and millmen covering heavily
some
against their fall needs in anticipation of another advance
some time during August, a shortage of
yarns within a month
or so was predicted in some quarters.
Goods—Trading in gray cloths re¬
Sales, although not quite as heavy as during
the previous week, continued to exceed production by a sub¬
stantial margin, and forward commitments were extended
into September and October.
Prices maintained their rising
trend, in sympathy with the further advance in the raw
cotton market.; With mills reporting a heavy backlog of
orders and with buyers still in need of covering late summer
Domestic
Cotton
mained active.
and fall
continuance of the present activity
prices is confidently predicted.
Trading in fine goods continued quiet. Few signs of an early
resumption of activity were in evidence, with the possible
exception of the combed broadcloth division where a mod¬
erate improvement was noted. Closing prices in print cloths
were
as
follows: 39-inch 80's, 7^c.; 39-inch 72-76's, 7c.;
39-inch 68-72's, 6^c.; 38^-inch 64-60's, 5Mc.; 38^-inch
60-48's, 4^c.
and
the
requirements,
firmer
a
trend
in
Goods—Trading in men's wear fabrics was fairly
Mills continued to receive substantial orders on fall
Woolen
active.
suitings and topcoatings as well as some advance business on
spring's staple suitings and gabardines. An appreciable
volume of orders is expected to reach mills in a week or so,
when Army purchases of winter needs, consisting of blankets,
flannel shirts and trousers are scheduled to be made. Clothing
next
busy on sports and summer wear in
anticipation of an active retail business due to bonus spend¬
ing, although retail clothing centers reported a decline in the
demand for summer apparel, due to unfavorable weather con¬
ditions. While business in women's wear goods continued to
make a good showing, garment manufacturers were somewhat
reluctant in replenishing piece goods stocks, pending better
indications as to the types of cloths likely to be favored by
the buying public.
Consumer interest in swim suits and
sports wear was active and re-orders were received in heavy
volume, with manufacturers in some instances unable to
manufacturers continued
make immediate deliveries.
Goods—Trading in linens slowed down
reported diminishing demand for
linen apparel, owing to adverse weather conditions. Business
in burlaps continued light, with only scattered orders being
placed by bag manufacturers, for spot and afloat goods.
Prices, however, were fairly steady, in line with Calcutta
cables, and due to reports of substantial purchases by South
American interests.
Domestically lightweights were quoted
at 3.95c., heavies at 5.40c.
Foreign
somewhat
Dry
as
retailers
Volume
Financial
142
Chronicle
4213
MUNICIPAL
Specialists in
Dealer
111 in o is &, Missouri
Bonds
BONDS
Markets
WM. J. MERICKA &
CO.
INCORPORATED
Union Trust Bids.
One Well Street
135 S. Le Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
DIRECT
WIRE
ST. LOUIS
RECONSTRUCTION
FINANCE
CORPORATION
Report on Sale of 32 Bond Issues Taken Over from PWA
Holdings—The above Corporation on June 18 received bids
on $4,935,000 of Great Northern
Railway Co. secured 4%
serial bonds and 31 issues of securities of States, counties,
municipalities and districts, all paying 4% interest, which it
had tak£n over from the Public Works Administration, as
announced in these columns recently—V. 142, p. 3891.
For the railway bonds seven bids ranging from 102.94 to
104.527 were made, the highest being submitted by Halsey,
Stuart & Co., Inc., of New York.
Various bids were
tendered for the municipal obligations, which we summarize
as
PUBLIC WORKS ADMINISTRATION
314 N. Broadway
CHICAGO
follows:
;r
A/:,
$12,000 Board of Education,
Jefferson County, Ala., school warrants:
from $1,012.60 to $1,062.50; highest by Mackey,
Dunn & Co., Inc., New York City.
Four
bids
66.000 Williams, Ariz., water works improvement bonds:
Three bids
from $976.20 to $1,016.60; highest by Boettcher & Co., Denver,
and associates.
34,000 Special School District of Little Rock, Ark., school bonds: Seven
bids from $1,000 to $1,035.20; highest by W. B. Worthen Co.,
Little Rock.
127,000 Laguna Beach, Calif., Act of 1927 municipal improvement district
No. 1 sewer bonds:
$933.75 bid by Banks Huntley & Co., Los
Angeles.
7,000 School
District No. 12, Teller County, Colo., school bonds,
Three bids from $986.30 to $1,020; highest by Brown,
Schlessman, Owen & Co., Denver.
series 1934:
,
111,000 Pensacola, Fla., water revenue certificates:
Mohr & Co., Inc., Mobile, Ala.
$977.80 bid by King-
22,000 Alameda, Idaho, municipal coupon water works bonds:
bid by Brown, Schlessman, Owen & Co., Denver.
138.000 Edwardsville, 111.,
$966.89
bonds: Two bids of $1,010.50
and $1,020; higher by Newhard, Cook & Co., St. Louis.
-203)00
sewerage revenue
Goshen, Ind,, waterworks
to
revenue bonds:
Six bids from $1,011.60
$1,075.55; highest by Indianapolis Bond & Share Corp., Ind.
27,500 Oldenburg,
Ind., waterworks revenue bonds:
Three bids from
$1,000 to $1,013: highest by City Securities Corp., Indianapolis.
46.000 Midway, Ky., waterworks revenue bonds:
Two bids of $1,013.60
and $1,020.60; higher by Security Trust Co., Lexington, Ky.
19,000
Road District of
1934:
Washington County. Miss., road bonds, series of
$1,060.60; highest by
Seven bids ranging from $1,036.10 to
the First National Bank, Memphis.
Central
School
District No.
This sum went largely into wages paid for indirect
employment in pro¬
duction, fabrication and transportation of the materials placed in Public
Works Administration construction projects.
It is in addition to con¬
struction site employment, which is frequently taken as the scale of em¬
ployment produced by the program.
The report was one of a regular series of such studies made
by the Bureau
of Labor Statistics in analyzing the facts of the Public Works
program on
industry and the production of raw materials.
Reports are made to the
Department of Labor by contractors covering all materials used in PWA
projects.
Reports cover the various construction activities of all Govern¬
ment agencies, regular and emergency.
It showed that up to March 15
more than 80% of the materials required in the
programs of the various
agencies were used in PWA projects."
The breakdown on PWA materials according to types of materials
showed:
For
Textiles—$1,470,421, including: Cotton goods, felts, linoleums,
awnings, carpets, cordage, &c.
For Forest Products—$62,995,259, including: Lumber, planing mill prod¬
ucts, windows.
For Chemicals—$10,037,751,
including: Related products, chemicals,
compressed and liqufied gases, explosives and paints.
For Stone, Clay and Glass Products—$339,781,873,
including: Glass, lime,
minerals, sand and gravel, tiling, wall board and floor composition.
For Iron and Steel Products—$301,114,586, including:
Bolts and nuts,
firearms, hardware products, structural and reinforcing steel, wire products,
heating and ventilating equipment, but not including machinery.
For Nonferrous Metals and Their Products—$6,444,264,
including: Copper
and lead products, and sheet metal work.
For Machinery (not including Transportation
Equipment)—$222,148,879,
including: Electrical machinery, elevators, engines, foundry machines,
pumps and refrigerators.
For Transportation Equipment—$86,793,886, including: Aircraft and
parts,
boats, wagons, locomotives, motor vehicles and railway cars.
Miscellaneous—$146,295,689, including: Coal, creosote, furniture, in>
struments, matresses, models and patterns, petroleum products, paving
materials, plumbing supplies, radio supplies, rubber goods, window fixtures.
Continuation of
—The
12 of the Towns of Brookfield and
Plainfield, N. Y., school building bonds:
Two bids of $1,036.60
$1,038; higher by A. C. Allyn & Co., Inc., New York, and
There will be no change in the established and accepted basic
policies of
Administration with respect to allotment of the
$300,000,000 made available by passage of legislation through the House and
Works
Administrator
Harold L. Ickes
today announced that
change the policies adopted in 1933 which have stood
a three-year test in operations and which
provide that all public works
projects must be socially desirable and useful, legal, financially sound and
feasible from an engineering standpoint.
Communities will continue to
provide from their own local funds the major part of the finances required
for PWA projects.
When opportunity presents itself to further improve
administration through simplified procedure and regulations, such
improve¬
no reason to
ments will be made.
As in the past,
preference will be given to applicants seeking grants only.
Coincident with passage of the law authorizing continuation of the
public
»
works
76.000 City School District of Lackawanna, N. Y., school building bonds:
$1,053.30 bid by A. C. Allyn & Co., Inc., New York, and associate.
contributions from
102,000 County of Catawba,
54,000
-592,000
20,300
40,500
460,000
N. C., school building bonds, and school
bonds:
Two bids of $1,014.20 and $1,023.10; higher by Branch
Banking & Trust Co., Wilson, N. C.
County of Guilford, N. C., school bonds:
$1,023.10 bid by
Branch Banking & Trust Co.. Wilson, N. C.
The Board of Education of Larimore, N. D., school construction
bonds:
Two bids of $1,003 and $1,001.80; higher by Charles A.
Fuller Co., Minneapolis.
Akron, Ohio, street improvement bonds (1935) and sewer bonds:
$951 bid by Stranahan, Harris & Co., Inc., Toledo, and associates.
Deer Creek Consolidated School District No. 6, Oklahoma City,
building bonds of 1935:
Five bids from $1,016.60 to $1,037.50;
highest by the Brown-Crummer Co., Wichita, Kan.
Klamath Falls, Ore., armory bonds:
$971.10bid byBlyth&Co.,
Inc., New York, and associate.
State of South Carolina, South Carolina School for the Deaf and
Blind bonds,
School for
South Carolina
Sanatorium bonds,
the Feeble-Minded bonds and
Insane bonds:
State Training
Hospital for the
$1,085.52; highest by
State
Nine bids from $1,070.57 to
F. W. Craigie & Co., Richmond, Va., and associate.
30,200 Hot Springs, S. D., sewage disposal bonds:
$1,003.89 bid by
Piper, Jaffray & Hopwood, Minneapolis.
58,000 Arlington Independent School District, Texas, schoolhouse bonds,
series 1934:
$890 bid by Callender, Burke & MacDonald, Kansas
City, Mo.
28,000
City, Utah, waterworks improvement bonds:
Two bids of
$981.66 and $1,043.70; higher by Blyth & Co., Inc., New York.
112,000 Price, a municipal corporation, Carbon County, Utah., water
works improvement revenue bonds:
Three bids from $955.86
I
to $984.70: highest by C. W. McNear & Co., Chicago.
72,000 Sanitary District No. 3 of Henrico, Va., water works bonds:
Two bids of $977.70 and $1,009.58; higher by F. W.
Craigie &
'
Co., Richmond.
82,000 Adams, Wis., sewerage system (tax) bonds and water revenue
bonds:
$1,007.60 bid by Channer Securities Co., Chicago and
associate.
In addition to the above offerings a combined
offering of
$665,000 water works, street improvement and school bonds
*of Bayonne, N. J., brought three bids of from 100.601 to
101.328, the highest by the Bancamerica-Blair Corp. of
.New York, and associates.
These bonds were re-offered for
as
noted
program,
Directors.
Administrator
Ickes
issued
instructions
to
PWA
State
His letter of instructions reads:
"Every effort will be made to
sources
States Government.
applicants to provide applicants'
other than the sale of securities to the United
encourage
In general, allotments will first be considered for those
Erojects for which to all applicants whose projects have been recommended
communicated applicants for grants only are pending. This fact should
e
by our examining divisions for loans and grants so that they may be in a
position to take any action desired. In negotiating with applicants in this
regard, care should be exercised to make no definite commitment as to any
allotment.
"Any request for a change in an application from a loan and a grant only
should be accepted by the State office and forwarded to
Washington imme¬
diately in accordance with the existing procedure."
News Items
Alaska, Territory of—Municipal Debt Authorization Act
Approved by Congress—A measure was approved by Congress
May 28 which authorizes municipalities in the Territory
incur debts for permanent improvements up to
10% of
the aggregate taxable value of the real and personal
property
within the municipality.
It had formerly been required of
on
to
such local units to secure congressional
authority for projected
improvements.
The following is the text of the new Act (No. 626—74th
Congress):
.
Lehi
investment
-
-
Public
there is
69,000 Central School District No. 3 of Cortland, N. Y., school building
bonds:
Two bids of $1,045.30 and $1,081.70; higher by George B.
Gibbons & Co., Inc., New York.
:232,000
Allotment Policy on New Funds Announced
release (No. 1930) has just been made
press
the Public Works
and
associate.
following
available by the above named Federal agency:
Senate.
100,000 California, Mo., electric plant bonds:
Six bids from $1,045.1383
to $1,073,3286; highest by City National Bank &
Trust Co.,
Kansas City, Mo.
V-.'"
Three bids from
24,000 Wayne, Neb., municipal auditorium bonds:
$1,010 to $1,031.29; highest by Steinauer & Schweser, Inc.,
Lincoln, Neb.
>"■.
-87.000
Report on Step-up in Employment Through Works Program—
The impetus given industry through factory and plant pro¬
duction and employment was revealed to-day in a report
from the Bureau of Labor Statistics of the Department of
Labor, to the Public Works Administrator, Harold L. Ickes,
showing that up to March 15, 1936 the value of specifically
listed orders placed for materials required by PWA con¬
struction was $1,177,082,608.
on a
subsequent
page
of this section.
v;
'
:
>
AN ACT
'
To authorize
municipal corporations in the Territory of Alaska to incur
bonded indebtedness
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United
States of America in Congress
assembled, that municipal corporations in
the Territory
of Alaska are hereby authorized to construct improve extend
better, repair, reconstruct, or acquire public works of a permanent character
and to incur bonded indebtedness and issue negotiable bonds
for
any
or
ail of such purposes: Provided, however, That no
municipal corporation
shall incur a bonded indebtedness or issue its negotiable bonds
under this
Act to an amount which, including existing bonded
indebtedness shall
exceed 10 per centum of the aggregate taxable value of the real and
personal
property within the corporate limits of such municipal corporation.
Such
public work shall include but not be limited to streets, bridges wharves
and harbor facilities, sewers and sewage-disposal
plants, municipal build¬
ings, schools, libraries, gymnasia and atheltic fields, fire houses, and public
utilities.
,41
Chronicle
Financial
4214
shall
incurred
be
by any municipal
corporation in the Territory of Alaska unless the proposal to incur such
indebtedness be first submitted to and approved by not less than 65 per
centum of the qualified electors of such municipal corporation whose names
appear on the last tax assessment roll or record of such municipality for
purposes of municipal taxation.'
Not less than 20 days' notice of any such
election shall be given by posting notices of the same in three conspicuous
places within the corporate limits of such municipal corporation, one of
which shall be posted at the front door of the United States Post Office
therein.
The registration for such election, the manner of conducting the
same, the form of ballot, and the canvass of the returns shall be prescribed
by the governing body of such municipality.
Sec. 3. Bonds issued pursuant to this Act shall bear such date or dates,
may be in such denominations, may mature in such amounts and at such
time or times, not exceeding 30 years from the date thereof, may be payable
at such place or places, may be sold at either public or private sale, may
be redeemable (either with or without premium) or non-redeemable, may
carry such registration privileges as to either principal and interest, or
principal only and may be executed by such officers and in such manner as
shall be prescribed by the governing body of the municipality issuing the
bonds.
In case any of the officers whose signatures appear on the bonds
or coupons shall cease to be such officers before delivery of such bonds
such signatures, whether manual or facsimile, shall, nevertheless, be valid
and sufficient for all purposes, the same as if such officers had remained in
office until such delivery.
The bonds so issued shall bear interest at a rate
to be fixed by the governing body of the municipality issuing the same,
not to exceed, however, 6 per centum per annum, payable semi-annually.
All such bonds shall be sold for not less than the principal amount thereo
plus accrued interest.
Sec. 4. It shall be the duty of the governing body of every municipal
corporation which incurs such bonded indebtedness to levy or cause to be
levied each year during the life of such outstanding bonds, taxes in amount
sufficient to seasonably provide for payment and to pay all interest on and
the principal of such obligations as they respectively accrue and mature.
Sec. 5. All Acts and parts of Acts in conflict herewith are hereby re¬
pealed to the extent of such conflict; but nothing contained in this Act
shall affect any bonded indebtedness heretofore incurred or heretofore
authorized by law.
The powers conferred by this Act shall be in addition
and supplemental to and the limitations imposed hereby shall not affect
the powers conferred by any other law.
Sec.
No
2.
indebtedness
bonded
taxation
machinery and to substitute therefor a flat cor¬
poration tax of $5.00 per $1,000 of valuation. The local tax
hitherto in effect on machinery averaged $33.00 per
$1,000 last year and in some mill centers is reported to have
exceeded $40.00 per $,1000 valuation.
The new law is said
not to apply to public utilities.
It is reported to be retro¬
active to last January.
rate
Massachusetts—Addition to List of Legal Investments—
Henry H. Pierce, Commissioner of Banks, has added to the
list of investments legal for savings banks in this State,
Brooklyn Edison Co., Inc., cons, mortgage 3\i% series of
1936, due on May 1, 1966.
New Jersey—Tax Increase in
a
total
of
$40,000,000 worth
second of its series of bulletins.
In order to
was
all
Charges
Thrown
President Machado and several of his cabinet secretaries.
Mr. Rosenthall said the ruling was "most important to the bondholders
as well as the bankers interested in the credits."
The bond
issue, to mature in 1945 at 53^% was handled by a group
headed by the Chase Securities Corporation and the Bankers' credits by
the Chase National Bank, the Continental Bank & Trust Co. of Illinois
and the National City Bank.
In January, 1934, President Ramon Grau San Martin declared a mora¬
torium on the principal and interest on the bond issue and bankers' credits
as well as other obligations.
Nothing has been paid in interest on principal after the downfall of
President Machado in August 1933.
Moratorium Continued
of
President
Carlos
Mendieta,
succeeding
that
of
added a clause
by which interest payments were to be resumed if and when the govern¬
ment's total annual income exceeded $60,000,000.
The government's income exceeded that figure in the 1934-35 fiscal year,
but payment of interest was deferred until the matter could be studied by
President Grau San Martin, affirmed the moratorium but
a
constitutional government.
Indiana—Securities
revenue
to
Ruled
Non-residents
Exempt
from the State:
in the
bond
stamps.
Several similar suits
issue sold to
are
out-state
an
concern
should bear
Security Laws—
a special session
Legislature for July 7 to consider a constitu¬
tional amendment that would permit the State to benefit
under the Federal Social Security Act, according to news
dispatches from Topeka.
If approved by the Legislature
Kansas—Special
Session to
Governor Alf M. Landon
of
on
Convene
on
June 18 called
the State
it is said that
the
amendment would be submitted to the
people next fall for ratification.
The amendment under consideration, however, is reported
to be merely a permissive act, transferring authority over
certain social services from the localities to
the State.
To
bring the State law into line with the provisions of the Fed¬
eral
Act
and
insure
financial reimbursements from
Wash¬
ington, the Legislature would have to enact additional laws
after the amendment is ratified.
Massachusetts—Governor
Approves Bill Exempting In¬
Equipment from Taxation—Governor; James M.
Curley signed a bill on June 16 exempting machinery used
in manufacturing from city and town taxation, according to
dustrial
Boston
news
advices.
The
bill
is
said
to
eliminate
local
the
tax
estate.
"It is also
clear," the bulletin says, "that the tax on real estate is almost
consequence of the cost of local government, and that it is
problem in New Jersey.
In order to lighten noticeably
the burden on real property without recourse to new
taxes, only one way
is open—reduce the cost of local govesment."
"The survey can make no recommendations at this
time," Dr. Harold
W. Dodds, President of the University, wrote in a foreword.
"The purpose
of these bulletins is merely to share its factual
findings with the people of
New Jersey, as its work proceeds."
The new bulletin is called "Where the
entirely the
the heart of the tax
Tax Burden Falls."
The first bulletin released three weeks
ago, called
Jersey local government a "political patchwork," and asserted it had
been pieced together with "little thought or direction."
New
State and local taxes in New Jersey in 1935 totaled $320,477,621,
which,
is a figure "approaching the enormous sum of $1,000,day."
Of this, $86,037,195 was levied by the State; the remainder of
$234,440,426 was levied by cities, towns, boroughs, villages, townships,
school districts and special districts.
the
bulletin notes,
000
a
State Turns Over Revenue
The place
of local governments in the tax picture is even larger, how¬
because of substantial revenues which the State collects but turns
over to local units, the bulletin points out.
A total of $27,902,936, or about
32% of the $86,037,195 levied by the State, was levied in 1935, to be
transferred to local units, $17,941,599 to school districts and
$9,045,000
to counties and municipalities for roads.
ever,
New
York
State—Five
Laws Enacted to Aid
Mortgage
affecting bondholders of unguaran¬
teed mortgages were passed by the Legislature at its recent
session, according to Assemblyman Saul Streit, chairman of
the joint legislative committee to
investigate bondholders'
committees, trustees, fiduciaries, &c., in a statement issued
Bondholders—Five laws
June 13.
on
Laws enacted for the protection of the bond¬
holders, including Chapters 900 899 264 265 and 898,
affect deposit agreements, the civil practice act,
by inserting
a
new
article, known as Article 84-A; Section 21 of the
Personal Property Law is amended through the elimination
of the right of trustees in the future to invest in
any shares or
part of bonds and mortgages; Chapter 265 amends Section 111
the
Decedent
executors
and
Estate
Law
administrators
,
and
,
eliminates
from
the
right of
investing in
parts of
bonds and mortgages, while Chapter 898 amends Section
188,
Subdivision 7, of the Banking Law by:
1
1.
Prohibiting trust companies from purchasing securities from them¬
selves.
2.
After Sept. 1, 1936, no trust company is permitted to invest in
any
bond or mortgage on behalf of any estate or fund held
such trust company, as executor, administrator, guardian, personal or
testmentary, trustee, receiver, committee or depositary.
Trust companies are no longer permitted to purchase
mortgages and
apportion or transfer to any estate or fund held by it in trust, any part
interest in any bond and mortgage.
art interest of any
y
Part interests in bonds and mortgages
for trust funds held by trust companies.
Trust
are
no
longer legal investments
companies
shall have the same powers heretofore had with re¬
spect to investments already made but shall not transfer to any estate
or fund any part interests in bonds and
mortgages heretofore purchased
or invested in, from itself or from
any other estate or fund.
This act takes effect
tax
pending in other courts of the State.
general
general
govern¬
Realty and Government
of
Intangibles executed by residents of Indiana in favor of non-residents
are not subject to the State's intangibles tax law, Judge Herbert E. Wilson
of superior court, Room 5, decided to-day.
His ruling was made in a suit for declaratory judgment sought by the
Indianapolis Union Railway and the Fletcher Trust Co., as trustee against
the State tax board and the attorney-general.
It involved the sale of $4,714,000 bond issue of March for refunding an
improvement mortgage bond issue.
It was sold in New York.
The State tax board and the attorney-general refused to give a clearing
for the recording of the indenture pending payment of the intangibles
tax.
When the railway company filed suit for a declaratory judgment,
the tax board and the attorney general filed a demurrer, which was over¬
ruled by Judge Wilson.
"The contention of the attorney-general," said Judge Wilson, "was im¬
possible to reconcile with the intent of the legislature when the tax act
itself was viewed as a whole.
The purpose of the act was to replace a high
personal property tax on intangibles with a low property tax and thus
induce owners to stop hiding their property.
Its burden falls on the owners
of intangibles."
He said there was nothing to support the contention that the intangibles
involved
revenue.
,
Sold
from Intangibles Tax—The Indianapolis "News" of June 8
carried the following article on an intangible tax ruling given
by the Superior Court, which may remove a source of con¬
siderable
real
on
I
Out
in the United States and Cuba
government
local
declares.
unconstitutional."
malversation of public funds and
usurpation of authority against officials of the Chase National Bank, former
The
and
Other high-lights among the bulletin's findings are: that the
property tax is used almost entirely for local purposes: that the
property tax provides nine-tenths of the tax money used by local
ment; that nine-tenths of the general property tax consists of
filed by Dr. Rafael Ramos Grau, who charged the negotia¬
credits were fraudulent and uncon¬
'
State
"Any marked reduction in the total tax bill by economies in government
mean
less spending by local governments, the economical alloca¬
tion of public services, business-like planning and
management of local
finances, and restraints on excessive borrowings by local units," the survey
must
tions for the bond issue and bankers'
The court also dismissed all charges of
as
Emphasizing that "local and not State government is responsible for
load," the survey reveals further that New Jersey local govern¬
made up of some 1,200 "self-governing" areas, uses four-fifths of
of
stitutional.
some
quote in part
ment,
Louis Rosenthall, Vice-President of the Chase National Bank in Havana,
was
we
most of the
said the court's decision "destroys forever the contention of successive pro¬
visional governments of Cuba that the financing of public works under the
The suit
give
of the findings of the survey com¬
follows from a special Princeton
dispatch to the New York "Herald Tribune" of June 13:
mittee
Cuban public works bonds and $20,000,000 in bankers'
credits, many of which are held in the United States, accord¬
ing to an Associated Press dispatch from Havana on June 3,
from which we quote in part as follows:
administration of President Gerardo Machado
Twice General
Average—Taxes on general property in New
Jersey increased twice^as much between 1922 and 1932 as
the average for the entire United States, the Princeton local
government survey committee reported on June 12 in the
Supreme Court Upholds Validity of Public
Works Bonds—The Supreme Court of Cuba, in an eight-tothree decision, dismissed a suit on Jan. 2 which sought to
unconstitutional
State Found
States
United
Cuba—Island's
declare
June 20, 1936
on
Sept. 1, 1936.
Ohio—Municipal Bond Exchange Bill Approved—Gov¬
ernor Martin L.
Davey on June 8 signed a bill allowing sub¬
divisions to exchange notes or bonds for new issues with the
consent of 70% of the bondholders,
according to a Columbus
news
report on that date.
_
Governor Asks Repeal of Food Sales Tax—A United Press
dispatch from Columbus
to the New York "Journal of Com¬
merce" of June 16, had the following to say:
.
Repeal of Ohio's 3% sales tax on food, except that sold in restaurants,
proposed to the Legislature to-day by Gov. Martin L. Davey.
Under
his plan the tax would be lifted September 1 and would save Ohioans
ap¬
proximately $4,000,000 in the last quarter of 1936.
Governor Davey said that the loss to the State would be offset by the
amount which the general sales tax will raise this year, estimated to yield
from $3,000,000 to $5,000,000 more than anticipated."
Governor Davey suggested that a committee be authorized to make a
thorough study of the entire sales tax preliminary to "constructive recom¬
mendations" to the Legislature next January.
"In the meantime," he pleaded, "let us properly repeal the sales tax on
food for home consumption."
The sales tax on food for home consumption is yieldling approximately
$12,000,000 a year.
was
South
Carolina—Record of Recent Legislative Session—
following is a brief summary of the results obtained by
the Legislature at its regular annual session which adjourned
on June
6, as it appeared in the Columbia "State" of June, 8
The
Volume
Bills
at
142
Financial
an
average rate of five a
1936 session of South Carolina's
the
day
were
enacted
into
law,
during
general assembly which ended Satur¬
day.
During the 145 calendar-day session—which set an all-time record
by
exceeding last year's 131-day period—almost 800 bills
passed both houses
and were signed by Governor Olin
Johnston.
Of Six social
security measures introduced, only two became law.
One
was an
enemployment compensation measure, the other a resolution sub¬
mitting to the people the question of
changing the constitution to make
State aid to needy individuals
lawful.
For labor, there was established
a labor department and a measure set¬
ting a 40-hour working week for textile mill
operatives, to become effective
when North Carolina and
Georgia enact similar laws.
Five
boards
new
established: a board of bank control, textbook
commision, labor department, unemployment
compensation board, and a
were
commission on interstate
co-operation.
Most bills to tighten the
liquor law were
squelched, but three managed
survival.
They allow the State law Commission to make rules governing
the sale of rejected
shipments, refund taxes on liquor returned to dis¬
tilleries, and refund part of a license fee to the executor of a
deceased
licensee.
For the educational part of the
session's work,
was set up, with free
textbooks in first grades.
The
highway reorganization bill passed,
bile license fee and road bond
feature.
Bills killed included a measure
a
rental textbook system
including
a
reduced
automo¬
placing the State in a tobacco compact,
changing the chain store tax, levying a 75% State tax on
processing tax
refunds, and making pari-mutual
betting and divorces legal.
Tennessee—Report Issued
on
State and County Debt Sta¬
Department of the First National Bank
tistics—The Bond
of
Memphis, has prepared for distribution a leaflet showing
State and county debt statistics.
This report gives informa¬
tion, all of which is dated as of 1935 and
1936, as the case
may be, on population, assessed
valuation, bonded debt,
tax rates,
sinking funds and related data.
Also contained
therein is
its
an
revenues
Chronicle
improvement assessments.
Name of Bidder—
♦Lobdell
&
Co.,
$353,000Int. Rate
-$298,000-
Bid
Int. Rate
Bid
$355,209.78
3A%
$299,865.48
355,171.00
3A%
299,833.00
353,278.87
355,753.40
3A%
3 K%
298,235.42
300,324.40
356,138.17
3A%
300,649.22
353,067.07
3A%
298,054.62
356,883.00
3A%
301,278.00
353,483.61
353,442.00
3 H%
298,408.26
298,373.00
New
York;
McAlister, Smith & Pate, New
York; First Nat. Bank, St.
Paul., and Merchants National
Bank, Mobile
3XA%
Bancamerica-Blair Corp.; Halsey,
Stuart & Co.;
Graham, Parsons
& Co., and Ward, Sterne &
Co_3H %
Goldman, Sachs & Co.: Edlredge
&
Co., Inc.; Robinson-Hum¬
phrey Co., and Equitable Securities Corp
3%
Watkins, Morrow & Co_
-3A%
Blyth & Co., Inc., New York;
First of Michigan
Corp., and
King, Mohr & Co., Inc
3A %
Phelps, Fenn & Co.; A. G. Becker
& Co.; Wells,
Dickey & Co.,
and Steiner, Rouse & Co
3%%
Lehman Bros.; Stone & Webster
^
and Blodget;
Hemphill, Noyes
& Co., and Steiner
Brothers
3 A%
Cumberland Securities Corp.; Wm.
R. Compton &
Co., and R. S.
Dickson &Co_
3^%
Weil, Roth•& Irving Co.
3A%
»
*
3A%
Successful bid.
ARKANSAS BONDS
up-to-date schedule of the State's funded debt,
and
4215
BONDS OFFERED FOR
INVESTMENT—'The successful bidders reoffered the above bonds for
general subscription, priced to yield from
2,00 to 3.20%,
according to maturity.
These bonds are said to be general
obligations with additional
security from special liens on sinking funds and
local
Markets in all State,
County & Town Issues
resources.
The Union Planters National Bank &
Trust Co. of Mem¬
a similar chart
comparing the bonded
ndebtedness of counties and
larger cities within the State.
phis, has also prepared
SCHERCK, RICHTER COMPANY
United
States—Substitute Municipal
Bankruptcy Bill
Abandoned—The House Judiciary Committee is said to have
decided
on
June 18 to allow the
ruptcy bill,
declared
as
go over
United
Wilcox municipal bank¬
new
substitute for the
a
unconstitutional
Court, to
Act
designed
by
United
the
States—Invalidation
of
the
one
recently
ARKANSAS
States
Supreme
Congress.
until the next session of
Discupsed—Asserting that
LANDRETH BUILDING, ST. LOUIS, MO.
State & Municipal Bonds
Municipal
recent
decision
Bankruptcy
Supreme Court
invalidating the Municipal Bankruptcy Act is "a
clear-cut conflict between realism and
legalism," Howard P.
Jones, director of the National Municipal
in
WALTON, SULLIVAN A CO.
LITTLE ROCK, ARK.
League, declares,
special municipal debt issue of the National
Municipal
Review, that the action is "most unfortunate for those
a
municipalities which
are bonded for more than
can
for the holders of such bonds."
Municipal Bankruptcy Act, Mr. Jones said, "did
nothing
repaid
The
extend
debts
well
as
to
by
who say
insolvent
agreement
that
a
ever
be
more
the
as
unit
municipalities
with
of
the
the power to
effectively adjust
majority of their creditors.
As for
Government
with
sufficient
taxing
power
can
their
those
always levy
taxes to meet its
obligations, they forget that there is a limit
only to the ability to pay taxes but to the
willingness to pay taxes.'
"Those who close their
eyes to this fact and reply with moral
preach¬
ments would do well to look into
the dusty ease of St. Clair
County, Mo.,
when the failure of public officials to
levy a tax for indebtedness became
an act of heroism and
those who served jail terms for
contempt of court
were lifted by public sentiment
into the realm of
martyrdom."
not
United
States—Revised
Bulletin
of Comparative Mu¬
nicipal Debt Statements Issued—Webster
Kennedy & Co.,
Inc., of New
York^nd Boston, have just issued the Eighth
Edition of their semi-annual "Bulletin of
Comparative Debt
Statements," which includes debt statistics of all cities in
United States having a
population of over 30,000, a
the
restricted
counties
selection
of
throughout
Hawaii, Puerto Rico
smaller
the
municipalities and leading
the Philippine Islands,
country,
and all the States.
ST. LOUIS, MO.
ARKANSAS
ARKANSAS, State of—CALL FOR TENDERS ON HIGHWAY AND
BRIDGE BONDS—The
folloing bond redemption has been announced by
Earl Page, State Treasurer:
"Pursuant
to Section 37 of Act No. 11 of the
Second Extraordinary
Session of the Forty-ninth General
Assembly of the State of Arkansas,
the Treasurer will receive in the office of
the Treasurer of the
State, in
Little Rock, until 10 o'clock a.
m., Central Standard Time, July 6, sealed
tenders of State highway
refunding bonds, series A and B, State toll bridge
refunding bonds, series A and B, DeVall's Bluff
Bridge refunding bonds,
road district refunding bonds. series A
and B.
"All funds on hand available for the
purchase of the
respective obliga¬
tions, will be applied immediately in the purchase of
obligations tendered
at the lowest price or best bid
submitted.
"When tenders are received and a
greater amount of obligations is
at the same price than funds
available for purchase (after the
Treasurer shall have purchased all
obligations tendered at a lower price,
if any), the Treasurer will
purchase the obligations tendered at said price
in the order in which the tenders are
received.
"Certified check or exchange in the sum
equal to 3% of the face value,
payable to the Treasurer to guarantee delivery of
bonds, if accepted,
must be attached to this offer.
This check will be returned to the
depositor
when bonds are accepted and delivered to the
Refunding Board.
If bonds
are not accepted, this check will be
returned.
If check is not attached
prompt delivery of bonds must be guaranteed by a bank or trust
company.
REPORT ON DEPOSITS OF
ROAD, HIGHWAY AND BRIDGE BONDS
—State Refunding Board, which is
tendered
refunding $155,000,000 highway debt
under provisions of Act 11 of
1934, reports various descriptions outstanding
following amounts:
Road improvement district
bonds, $2,730,000:
highway bonds, $635,000; toll bridge bonds, $37,000; DeVall's Bluff
Bridge
bonds, $90,000, and deferred interest coupons, $290,000.
in the
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
Act
on
MUNICIPAL BONDS
Francis, Bro.
ESTABLISHED
&
11 of 1934 makes no provision
bonds not deposited for
refunding.
LOUIS
principal payments
California Municipals
TULSA
DONNELLAN
Bond
or
Co.
1877
Investment Securities
ST.
for interest
Proposals and Negotiations
111 Sutter St.
San
& CO.
Francisco, Calif.
Telephone Exbrook 7067
Teletype-S F 396
ALABAMA
ALABAMA, State of—TOLL LIFTING PLAN UPHELD IN
COURT—
Alabama's 15 toll-paying
bridges, built by the State Bridge Corporation in
1928 and 1929, at a cost of
$5,000,000, advanced a step nearer to
being free
bridges on June 13 when Judge Walter B.
Jonesrsitting on the equity side
of the Circuit Court of
Montgomery, handed down a declaratory judgment
decreeing that the plan of Governor Graves to free the
bridges from the
payment of all tolls was a legal plan and did not
conflict with any provisions
of the State
Constitution, and that the Alabama State Bridge
Corporation
had the right to lease the
bridges to the State Highway Commission at an
annual rental not to exceed
$300,000.
CALIFORNIA MUNICIPALS
$10,000 San Francisco Water 4^s 7-1-61
@3.10%
ffBoot/iefffilletie
& Co.
ill
west
7th
Mayor, that
the
at 7:30 p. m. on
is stated by W. S.
Coleman,
City Council will offer for sale at public auction
beginning
June 25, a $36,000 issue of public
improvement
refunding
Interest rate is not to exceed 6
%, payable semi-annually.
Denom.
$1,000.
Dated July 1, 1936.
Due on July 1 as follows:
$2,000, 1940 to
1953, and $4,000 in 1954 and 1955.
Prin. and int. payable at the
Chase
National Bank in N. Y. City.
Said bonds shall not be sold at less than
bonds.
and accrued interest.
par
Tne approving opinion will be
furnished by Storey,
Thorndike, Palmer & Dodge of Boston.
A certified check for
$720, payable
to the order of the
city, must accompany the bid.
BIRMIN G HAM, Ala.—BOND SALE—The two
issues of refunding bonds
aggregating $651,000, offered for sale on June 16—V.
142, p. 3716—were
awarded to a syndicate
composed of Lobdell & Co. of New
York, McAlister
Smith & Pate, Inc. of
Greenville, S. C., the First National Bank
of St!
Paul, and the Merchants National Bank of
Mobile, on a bid of 100.626
3J^s, a basis of about 3.16%.
The issues are divided as follows:
$353,000 public improvement bonds.
Due from July 1, 1939 to
1951, incl
298,000 capital improvement bonds.
Due from July 1, 1939 to
1951, incl
for
LOS ANGELES
st.
ANNISTON, Ala.—BOND OFFERING—It
teletype
la
566
MEMBER LOS ANGELES STOCK EXCHANGE
CALIFORNIA
IMPERIAL
IRRIGATION
DISTRICT
(P.
O.
EI
Centre), Calif.—
RFC LOANS CANCELED—It is stated
by F. H. Mclver, District Treas¬
urer, that because of the action of the United States
Supreme Court in
declaring unconstitutional the Municipal Debt Readjustment
Act, the
Reconstruction Finance Corporation has canceled the
application of the
district, which had been tentatively approved and held in
abeyance for
this decision, providing loans in the total
amount of $13,298,500
for re¬
financing and rehabilitation.
LOS
ANGELES
COUNTS
(P.
O.
Los
Angeles),
Calif.—BOND
OFFERING—Sealed bids will be received until 2
p. m. on June 22 by L. E.
Lampton, County Clerk, for the purchase of a $14,000 issue of Rivera
School District bonds.
Interest rate is not to exceed
5%, payable J. & D.
Denom. $1,000.
Dated June 1, 1936.
Due $1,000 from June 1, 1937 to
Financial
4216
1950 incl. Prin. and int. payable in lawful money at
The bonds will be sold for cash only and at not less
Bids will be received for
interest.
the County Treasury.
than par and accrued
all or any portion of said bonds, desig¬
nating specifically the bonds bid for. A certified
bid for, payable to the Chairman of the Board of
check for 3% of the bonds
Supervisors, is required.
Los Angeles), Calif.—BONDS SOLD
—It is stated by Inez R. Babbitt, Assistant Bond Clerk, that $6,000 Soledad
School District bonds offered for sale without success on March 16, have
been disposed of to the County Employees Association as 5s at par.
LOS ANGELES COUNTY (P. O.
Calif.—BOND SALE CONTEMPLATED—The City
the Water and Power Commission to
seU approximately $3,000,000 in revenue bonds, below par if necessary,
to raise funds needed to match Public Works Administration funds for
improvements in the city's water system.
LOS ANGELES,
Council is said to have authorized
LOS ANGELES COUNTY (P. O.
Los Angeles). Calif.—BOND SALE
NOT SCHEDULED—We are now informed that no further
for the sale of the remaining $58,000 out of the
drawn
building bonds approved by the voters in October, of
mont Elementary School District bonds were sold in
here.
•
plans have been
$65,000 school
which $7,000 ClareDecember, as noted
.
Calif.—REPORT ON TAX
DELINQUENCY—The following information was forwarded to us by the
Gatzert Co., Los Angeles investment house:
COUNTY
ORANGE
O. Santa Ana)
(P.
As of June 30
As of April 20
For fiscal year
7.99%
10.41%
1933-34
7.07%
6.48%
4.58%
-—-'All school and high school districts, road improvement districts, ac¬
quisition improvement districts and county water district bond issues in
Orange County are up-to-date in both principal and interest payments as
For fiscal year
1934-351935-36
For fiscal year
of June 15,
----—
1936.
CITY, Calif.—BONDS VOTED—It is reported by the City
June 11—V. 142, p. 3548—the voters
approved the issuance of the $266,000 in not to exceed 4% harbor improve¬
REDWOOD
Treasurer that at the election held on
ment
bonds.
FRANCISCO (City and County), Calif.—BOND ELECTION
CONTEMPLATED—In connection with the report given in these columns
SAN
of $52,700,000 in subway system
bonds had been recommended—V. 142, p. 3894—we are advised as follows
by J. S. Dunnigan, Clerk of the Board of Supervisors, in a letter dated
recently, to the effect that the issuance
June 9:
"The Public Utilities Commission
has recommended building of a
subway
system—the matter is now being investigated by Joint Committee Finance
and Public Utilities of the Board of Supervisors—in its preliminary stages
and no decision has been reached and no action can be taken until studies
are finished.
Should the Board of Supervisors by two-thirds vote recom¬
mend submission to the electors the vote could not be had before November
election."
SANTA BARBARA, Calif.—BOND SALE— The two issues of bonds
aggregating $24,000, offered for sale on June 15—Y. 142, p. 4057—were
awarded
as
June 20, 1936
Chronicle
is
DENVER (City and County), Colo.—LIST OF BIDS—The following
an official tabulation of the bids received for the $1,500,000 sewage
disposal bonds awarded on June 8 to the syndicate headed by Lazard
Freres & Co., Inc., of New York, as reported in these columns at that time:
Lazard Freres
and
& Co., Inc.; Stone & Webster
Blodget, Inc.; Watling, Lerchen & Hayes; William
R. Compton & Co., and Garrett-Bromfield & Co.,
2H%
8,000 water system improvement bonds to Donnellan & Co.
cisco. as Is.
Due $4,000 on June 15, 1937 and 1938.
of San Fran¬
SANTA CLARA VALLEY WATER CONSERVATION DISTRICT
<P. O. San Jose), Calif.—BOND OFFERING—Le Roy Anderson, Secre¬
tary of the Board of Directors, will receive bids until 10 a.m. June 23 for
the purchase at not less than par of $400,000 bonds, which are to bear
interest at no more than 4%.
Denom. $1,000.
Dated July 1, 1936.
.
Interest payable Jan. 1 and July 1.
Due yearly on July 1 as follows:
$16,000,1941 to 1944; $18,000,1945 to 1948; $20,000,1949 to 1952; $22,000,
1953 to 1956; and $24,000, 1957 to 1960.
Certified check for 5% of
amount of issue, payable to the district, required.
Approving opinion of
Orrick, Palmer & Dahlquist of San Francisco and Herbert C. Jones of
San Jose, will be furnished by the district.
100.5299
102.30
2M%
Loughridge & Co., Denver
National City Bank of N. Y.; Eldredge & Co.,
L. F. Rothschild & Co.; Roosevelt & Weigold,
and Sullivan & Co., Denver
100.619
2^%
-
101.085
2)i%
2H%
Denver-.
First National Bank, N. Y. City; Darby & Co., Inc.,
N. Y. City, and Brown, Schlessman, Owen & Co__
Bankers Trust Co., N. Y.; First Boston Corp., N. Y.;
International Trust Co.,Denver;Bosworth, Chanute,
100.139
Inc.;
Inc.;
Goldman, Sachs & Co., N. Y. City; Graham, Parsons
& Co., Philadelphia; Geo. B. Gibbons & Co., Inc.,
N. Y. City; Stern Bros. & Co., Kansas City, Mo.;
Wertheim & Co., N. Y. City; Crouse & Co., Detroit,
Mich., and Oswald F. Benwell, Denver
Chase National Bank; R. H. Moulton & Co., Inc.;
Shields & Co.; Illinois Co. of Chicago; A. C. Becker
2H%
100.4786
2)4%
*100.63
2H%
100.14
2)4%
101.81
2)4%
102.4177
2)4%
101.69
2K%
100.328
2)4%
Dougherty, Corkran & Co
Denver
Co., Denver;
Rice & Co.,
Denver; Phelps, Fenn & Co.; Boatmen's National
Bank, St. Louis, and EngleAdams & Co., Denver-Edward B. Smith & Co.; First Nationa1 Bank & Trust
Co. of Minn.; B. J. Van Ingen & Co.; Chas. D.
Barney & Co., and Boettcher & Co
Blyth & Co., Inc.; R. W. Pressprich & Co.; Newton
Abbe & Co., and Peters, Writer & Christensen, Inc.
Harris Trust & Savings Bank, Chicago; First National
Bank of Chicago; Northern Trust Co., Chicago, and
100.18
2}£%
& Co., and
Otis & Co. and J. H. Goode, et al.,
100.079
Lehman Brothers; Sidlo, Simons, Day &
Morse Bros. & Co., Inc.; Charles J.
1934
J. K. Mullen Inv. Co
_
Brown Harriman & Co., Inc.; Mercantile Commerce
Bank & Trust Co., St. Louis; Kelley, Richardson
&
Co.; Lawrence
Stern
Sudler
Co.; Amos C.
&
& Co
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann &
Co.; E. H. Rollins & Sons; Adams, McEntee &
Co., and Stranahan, Harris & Co
Chemical Bank & Trust Co.; Kean, Taylor & Co.;
Hemphill, Noyes & Co.; Granbery, Safford & Co.,
and James H. Causey & Co., Inc
1
*
on
Successful bid.
*
•
,
CONNECTICUT
BRIDGEPORT, Conn.—OTHER BIDS—The $1,000,000 notes awarded
June 12 to Salomon Bros. & Hutzler of New York at 0.68% interest,
plus a premium of $3, were also bid for as follows:
Premium
$27.00
Int. Rate
0.72%
Bidder—
follows:
$16,000 National Guard Armory site bonds to Lawson, Levy & Williams of
San Francisco, as 1 }4s.
Due $4,000 from June 15,1937 to 1940 incl.
Rate Bid
Int. Rate
Firm—
*
Leavitt&Co—
Halsey, Stuart & Co., Inc.; G. M.-P. Murphy & Co.,
and the R. F. Griggs Co
—
Phelps, Fenn & Co., and Putnam & Co
Lehman Bros.; R. W. Pressprich & Co.; Kean, Taylor
& Co., and Bridgeport City Co
0.73%
0.85%
32.00
35.00
0.85%
Par
DERBY* Conn.—BOND OFFERING—Henry T. Waters, City Treas¬
will receive bids until 5.30 p. m. (Daylight Saving Time), June 29 for
the purchase of an issue of $50,000 2)4% highway, sewer and public im¬
provement bonds.
Dated May 1, 1936.
Prin. and semi-ann. int. payable
at the Birmingham National Bank, in Derby.
Due $3,000 yearly on May 1
from 1938 to 1953; and $2,000 May 1, 1954.
Bonds ar#to be certified by
the Birmingham National Bank; legality is to be approved by Thomson,
urer,
Wood & Hoffman of New York.
Financial Statement
Assessed valuation (1935)
Tax exempt property..--....,...,.,...
$14,879,077
2,197,530
-------
-----
445,000
Total bonded debt
ARIZONA—COLORADO—IDAHO—MONTANA
NEW MEXICO
—
*
Amount Collected
Levy
$348,954.41
—
———
—
-
——
1935-
$348,496.71
340,405.28
335,959.39
332,656.24
1932—-
WYOMING
336,880.93
326,879.07
314.843.92
STAMFORD, Conn.—BOND SALE—The $650,000 coupon or registered
Wood, Struthers &
2s, at 102.032, a basis of about 1.69%. The sale con¬
DENVER
—
Tax Collections
Year—
DONALD F. BROWN & COMPANY
Telephone: Keystone 2395
25.000
Floating debt
Rocky Mountain Municipals
bonds offered by the town on June 19 were awarded to
Teletype: Dnvr 15
Co. of New York as
sisted
of:
Due $50,000 on July 1 from 1938
$550,000 emergency bonds of 1936.
COLORADO
Colo.—BOND SALE DETAILS—It is stated by the City
purchased by N. E. Crist of
Pueblo, as reported here recently—Y. 142, p. 3894—were sold as 5Hs at
a price of 95.00, and mature $500 from 1938 to 1945, and $1,000, 1946 to
1951, giving a basis of about 6.15%.
BOONE,
Clerk that the $10,000 water works bonds
to
1948 incl.
Due $10,000 on July 1 from 1938
100,000 trade school addition bonds.
to
1947 incl.
Each issue is dated July 1,
1936.
Legality approved by Ropes, Gray,
Boyden & Perkins of Boston.
Financial Statement, June 1, 1936
(including exempt property
$14,053,370)—
$160,233,554.00
Total bonded debt, not including present loans
—
4,647,000.00
Sinking funds
456,286.99
Assessed valuation of the town
CITY, Colo.—BOND OFFERING CONTEMPLATED—The
City Council is said to have decided recently to issue $90,000 in oiling
CANON
bonds.
*
DENVER. Colo.—BOND REFUNDING PLAN HALTED—The
follow¬
ing commumcation was just forwarded to us by our Denver correspondent:
"Plans of Denver city officials to call in special improvement bonds now
paying around 5% in a big refunding operation were stopped this week when
the Colorado Supreme Court ruled that special improvement district bonds
cannot be made a general obligation without specific approval of the taxpaying residents of the towns affected.
Under the interpretation of the
ruling, Denver voters would have to approve the refunding operation at a
special election.
Denver dealers in close touch with the city administration
said the decision ended plans for callihg in the special improvements.
"While not affecting the Denver bonds directly, the ruling covered the
question that the city officials were trying to answer.
The case before the
Supreme Court arose over a suit instituted before Judge Samuel W. Johnson
of the First Judicial District.
Artuhr W. Krauss, an investor, sued the city
of Aurora for $13,000 in bonds issued by the water district of the city on
which payments had been defaulted.
Mr. Krauss contended the bonds
were general obligations of the city and that the city council had indorsed
'guaranty certificates.'
Judge Johnson at Brighton upheld the contentions
in Mr. Krauss' suit and it was on this and other grounds that he was re¬
versed
of
Net debt of town
Assessed val. of city
(incl. exempt property of $12,824,750).
Total bonded debt
Sinking funds
trial
court
further
held
that
the bonds
were
a
3,132,000.00
311,045.86
—
Net debt of the city
No water debt,
-
town or city.
$2,820,954.14
—
Population, 56,532.
BONDS
FLORIDA
PIERCE-BIESE CORPORATION
-
by the Supreme Court.
"The
4,190,713.01
122,111,910.00
—
—
valid municipal
JACKSONVILLE
Miami
Orlando
Tampa
obligation because of a constitutional provision prohibiting cities and towns
from creating debt by loan only by a vote of the taxpaying citizens and
made exception to debts contracted for supplying water to such city or
town.
"The
Supreme Court took an
oppiosite view
declaring the 'exception
prescribed does not mean that there are no limitations whatever upon an
indebtedness which may be incurred even for water supply and that such-an
unlimited debt would be a general obligation of the city.'
The Court held
if that
were so
could be created in
payable in such short limits of time as to be confiscatory
Florida
such amounts and
of property."
LEEDY. WHEELER & CO
COLLINS, Colo.—BOND CALL—The City Treasurer is said to
July 1. on which date interest shall cease, Nos. 1
25 of water bonds, series of 1925. Optional any time after three years.
FORT
Orlando, Fla.^^^HJacksonvillo, Fla.
be calling for payment on
to
Municipals
'debts to be paid from general taxation
Bell
Orlando
OVID, Colo.—BOND CALL—It is reported that Nos. 1 to 80 of 5H%
bonds, are being called for payment at the office of the J. K. Muflen
Denom. $1,000.
Dated April 15,
1926. Due on April 15, 1941, optional on April 15, 1936.
*
10
System
Teletype
Jacksonville
No.
96
water
Investment Co. of Denver, on July 1.
PUEBLO
COUNTY
SCHOOL
DISTRICT
NO.
4
(P.
O.
Pueblo).
4%
Colo.—PRICE PAID—The District Secretary reports that the $9,000
semi-ann. school building
bonds purchased by O. F. Benwell of Denver, as
Due $1,000 from
noted here recently—V. 142, p. 4057—were sold at par.
Nov. 1,
1937 to 1945 incl.
FLORIDA
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 18,
Fla.—BOND OFFERING—H. F. Zetrouer, Secretary of the County Board
Instruction, will receive bids until 10 a. m. (Eastern Standard
Time) at Gainesville for the purchase of $6,500 4% coupon school bonds.
of Public
Volume 142
Financial
Denom. $100. Dated Dec. 1, 1935. Principal and semi-annual interest
(June 1 and Dec. 1) payable at the First National Bank of Gainesville.
Due on Dec. 1 as follows: $300, 1937 to 1947; and $400, 1948 to 1955.
ORANGE COUNTY (P. O. Orlando), Fla.—BOND EXCHNAGE
PROGRAM—The county is said to be currently validating for exchange a
total of $941,000 4% bonds, to be used in its program to let the old 6%
bonds mature and be paid off in these new bonds or in cash, the unex¬
changed portion to be sold in the market.
Chronicle
4217
Woriey & Wood of Davenport—V. 142,
4058—were sold to the bankers
at a price of par.
Dated June 1, 1936.
Due in 1946, optional after two
years
lnterrat payable J. & D. Denom. $1,000. Information furnished
us by E. R.
Gronewold, Town Clerk.
PEKIN PARK DISTRICT, 111.—BOND SALE—The Channer
x,
ties Co. and Robinson &
$80,000 bonds
as
ST.
PETERSBURG, Fla.—MUNICIPAL LEAGUE REPORT ADVO¬
CATES DEBT SERVICE REDUCTION FOR FINANCIAL STABILITY—
A summary of principal findings and recommendations relating to the
financial affairs of the City of St. Petersburg, Fla., was issued on June 9
by Dr. Thomas H. Reed, director of the Consultant Service of the National
Municipal League, which was engaged by the city to make a survey.
Dr.
Reea states that the city has not for the last six or seven years spent a
sufficient sum for proper upkeep of municipal properties, and he suggests
certain reforms in taxation.
"A total tax levy for both operation and debt service of $1,600,000 is the
limit beyond which disaster is certain, and $1,500,000 is the highest it can
go without grave danger of slowing up collections,"
the report holds.
A constructive solution of the problem requires reduction of the total
levy for debt service of $800,000 annually to cover all bonds, and placing of
costs of garbage collection and disposal
sewer maintenance and sewage
disposal on a service-charge basis. The latter step would take $95,000 out
of the proposed operating budget and reduce the amount of a cash-basis
operating levy to $723,311. The result of these two steps would be a total
levy of only $1,523,000, the reduction in debt service making possible the
increase in operating expenditure."
A representative of the St. Petersburg bondholders protective committee
issued a statement to the effect that the survey was prepared by Dr. Reed
at the request of the city, and it was suggested that it represents the picture
from the debtor's viewpoint.
Creditor representatives will not subscribe
to all the conclusions of the survey, it was added.
"It is not likely that the creditors will subscribe to the recommendations
that at this late date the creditors should make possible an increase in
operating expenditures by further reducing the amount of their interest
requirements," it was indicated.
nThere appears to be some substantial errors in the figures quoted. For
instance, the debt service requirements are built up by including a figure of
$167,564 as an 'additional committee' appropriation. The committeebas no
knowledge of what this figure is supposed to represent. 'Furthermore, past
experience indicates that amounts to be raised for other bondholders than
those who deposited with the committee should be materially less than
indicated in the summary. Finally, an official statement from the city as of
April 30,1936, shows the net debt to be $20,689,100, rather than the figure
of $22,000,000 referred to in the report. An adjustment of the figures given
in the summary might easily lead to very different conclusions."
v
INDIANA
BLUFFTON SCHOOL CITY, Ind.—BOND OFFERING—The School
Board will receive bids until June 30 for the purchase of $14,000 334%
school
building bonds.
Denom. $500.
;
EAST CHICAGO,
Ind.—BOND OFFERING—M. A. McCormick,
City Controller, will receive sealed bids until 2 p. m. on June 29 for the
purchase of $13,000 not to exceed 5% interest refunding bonds.
Dated
June 1, 1936.
Denom. $500.
Due July 1 as follows: $1,000, 1937 and
1938; $2,000, 1939; $1,000, 1940 and 1941; $500 from 1942 to 1955 incl.
Bidder to name one rate of interest on the issue, expressed in a multiple of
34 of 1%. Interest payable J. & J. The levy of general taxes to pay prin¬
cipal and interest on the issue, according to counsel, is not subject to the
limitations on such taxes established in Chapter 237 of the Indiana Acts
of 1933.
A certified check for $1,000, payable to the order of the city,
must accompany each proposal.
The approving opinion of Matson, Ross,
McCoyd & Clifford of Indianapolis will be furnished the successful bidder.
HAMMOND, Ind.—BOND OFFERING—G. B. Smith, City Controller,
willreceive sealed bids until 2 P. m. on June 23 for the purchase of $41,170
3% refunding bonds. Dated July 1,1936. One bond for $170, others $1,000
each. Due July 1 as follows: $6,000 from 1945 to 1950 incl. and $5,170 in
1951. Principal and interest (J. & J.) payable at the City Treasurer's office.
A certified check for
234 % of the issue bid for must accompany each pro¬
Legality to be approved by Matson, Ross, McCord & Clifford of
Indianapolis. The city will print the bonds and arrange for delivery on or
posal.
about July 1.
KOKOMO, Ind.—BOND SALE POSTPONED—Mel Good, City Clerk,
reports that the
date of sale of the issue of $61,000 not to exceed 434%
was postponed from June 12 to July 14. Dated
as fellows: $6,000 from 1938 to 1946 incl. and
interest improvement bonds
May 1, 1936, and due Jan. 1
$7,000 in 1947.
LEWIS
TOWNSHIP
SCHOOL
(P.
O.
Jasonville),
HAWAII,
offering of
Territory
a new
$21,807.70 school building bonds.
MARION, Ind.—BOND SALE—The $15,000 darn construction bonds
on June 15—V. 142, p. 3718—were awarded to A. S. Huyck & Co.
Chicago as 234s, at par plus a premium of $56, equal to 100.37, a basis
of about 2.69%. Dated June 15,1936, and due as follows: $1,000 on July 1
from 1938 to 1941 incl.; $1,000 Jan. 1 and July 1, 1942; $1,000 Jan. 1 and
$2,000 July 1 from 1943 to 1945 incl.
offered
of
Other bids
were
as
follows:
Inf. Rate
of—PUBLIC
3%
3%
Stokes, Woolf & Co.,©Inc., Chicago
Robinson & Co.,
OFFERING
issue of $1.750.00Q 2.10% bonds, to
OF
BONDS—Public
be issued for refunding
{urposes,W. Pressprich June 15, by Anglo California National Blyth & Co.,
was made on & Co.; The Edward B. Smith & Co.; Bank of San
nc.; R.
Francisco, and Dean Witter & Co. The bonus are to be dated July 20, 1936,
and will mature July 20, 1941 to 1945 inclusive.
They are priced to yield
from 1.60% to 2.10%,-according to maturity.
In the opinion of counsel,
the bonds will be general obligations of the Territory of Hawaii, payable
from its consolidated revenues. They are legal investment for savings banks
and trust funds in the State of New York and certain other States, according
Chicago
City Securities Corp., Indianapolis
C. W. McNear & Co., Chicago
Wabash Valley Trust Co., Peru
•
Premium
$255
125
38
66
3%
;
334'
334'
51
MARTINSVILLE SCHOOL CITY, Ind.—BOND OFFERING—Harry
F. Dutton, Treasurer, willreceive sealed bids until 2 p. m. on June 30 for
the purchase of $11,500 not to exceed 5% interest judgment funding bonds.
Dated July 1, 1936. Denom. $575.
Due $575 July 1, 1937; $575 Jan. 1
and July 1 from 1938 to 1946 incl. and $575 Jan. 1 1947. Bidder to name
one rate of interest on the issue, expressed in a multiple of 34 of 1%.
A
bid must accompany each proposal.
certified check for 3% of the
to the bankers.
Ind.—BOND
OFFERING—The Township Trustee will receive bids until 7p.m. July 6
for the purchase of
Bidder—
HAWAII
Securi¬
Co., Inc., both of Chicago, jointly, have purchased
2 34s, at a price of 101.267.
ORLANDO, Fla.—BOND REFINANCING PROGRAM—It is reported
that the city has a program to issue $3,690,500 in 4% bonds to be sold in
the open market, tne proceeds to be used to retire the old bonds which
bear a higher rate of interest.
p.
;
SCHOOL CITY, Ind.—BOND SALE—The $20,000
school building bonds offered on June 11—V. 142, P. 3718—were awarded
to Harrison & Austin of South Bend as 234s at a premium of $5, equal to
100.025. Robinson & Co. of Chicago offered a premium of $283 for $40,000
234 % bonds, but this bid was rejected as irregular. Denom. $1,000. Dated
July 1, 1936. Interest payable Jan. 1 and July 1.
Due $10,000 in each
of the years 1943 and 1944.
MISHAWAKA
IDAHO
BLAINE COUNTY (P. O.
Hailey) Idaho—BOND SALE DETAILS—
It is reported by the County Auditor that the $36,000 4% tax anticipation
bonus purchased by local banks as noteu in these columns recently—V. 142,
p.
3895—were sold to the Hailey National Bank, and the F.rst Security
Idaho, both of Hailey, at par. Due $20,000 on Jan. 15, and $16,000
July 15, 1937.
Bank of
on
DAYTON, Idaho—BOND OFFERING CONTEMPLATED—It is stated
by Charles Jones, Village Clerk, that the $25,000 water supply bonds
approved by the voters on March 14, are expected to be offered for sale
about July 1.
OREGON
SCHOOL TOWNSHIP
(P. O. Grange
ville), Idaho—BOND SALE—The $33,000 issue of refunding bonds offered
for sale on June 12—V. 142, P- 3895—was awarded to Paine, Rice & Co. of
Spokane as 234s and 3s, paying a premium of $15, equal to 100.04, accord¬
ing to the District Secretary.
LITTLE WEISER IRRIGATION DISTRICT
(P. O. Council). Idaho
—BONDS TO BE SOLD—E. B. Snow, District Secretary, reports that it is
expected local banks will purchase $30,000 of the $60,000 4% reservoir
bonds approved by the voters at the election on Jan. 11. The balance of
the issue may also be taken by local investors.
O. MarysviHe),
1936.
Due serially up to 1951.
Denom. $750.
SCHOOL TOWNSHIP (P. O. Marco),
Huyck & Co. of Chicago paid a price of 100.787
bonds reported sold to the bankers in a
recent issue.
Cost basis to district about 4.36%.
Dated Nov. 15, 1935,
and due as follows: $600 July 1, 1937; $600 Jan. 1 and July 1 from 1938 to
1951, incl., and $600 Jan. 1. 1952.
TOWNSHIP
Ind.—PRICE PAID—A. S.
for the issue of $18,000 434 % school
SUGAR CREEK SCHOOL TOWNSHIP (P. O. Boggstown), Ind.—
SALE—The City Securities Corp. of Indianapolis was awarded
June 16 an issue of $12,000 434% coupon school bonds at par plus a
BOND
on
premium of $641.15, equal to 105.34. Dated June 16, 1936. Denom. $600.
Due over a period of years, with the last bond maturing on Jan. 1, 1947.
Interest payable J. & J.
SUGAR CREEK SCHOOL TOWNSHIP (P. O.
Ind.—BOND OFFERING POSTPONED—Date of the
ILLINOIS
Ind.—BOND
12—V. 142, p. 3895—was awarded to Robert M. Huncilman of Indianapolis
as 5s at par plus a premium of $507.50, equal to 105.07.
Dated June 12,
STAFFORD
IDAHO COUNTY UNION HIGHWAY DISTRICT
(P.
SALE—The issue of $10,000 coupon school building bonds offered on June
New Palestine),
offering of $13,000
and terms of sale
of not more than
ALTON GRADE SCHOOL DISTRICT NO. 101, 111.—BOND SALE—
The Illinois State Bank of East Alton has purchased an issue of $41,000
school bonds has been changed from June 19 to July 7
revised to provide that the bidder name an interest rate
334% bonds, due in 15
5% as originally proposed.
Sealed bids will be
Trustee, until 10 a. m. on July 7.
The bonds
Denom. $500.
Due July 1 as follows: $2,500
from 1937 to 1940, incl., and $3,000 in 1941.
Prin. and int. (J. & J.)
payable at the New Palestine Bank of New Palestine.
No conditional
bids will be considered and the township reserves the right to sell each of the
years.
ASHLAND, 111.—BOND SALE—The Channer Securities Co. of Chicago
purchased last January an issue of $22,000 334% coupon road graveling
bonds at par plus a premium of $54, equal to 100.24, a basis of about
3.46%.
Dated Feb. 1, 1936.
Denom. $1,000.
Due Feb. 1 as follows:
$2,000 from 1938 to 1945 incl., and $3,000 in 1946 and 1947.
payable F. & A.
Interest
434 %, instead of a limit of
received by John S. Scott,
will be dated July 1, 1936.
maturities separately.
CHICAGO, 111.—SELLS $2,000,000
WARRANTS—Hickey, Doyle &
Co. of Chicago and associates have purchased $2,000,000 Board of Educa¬
tion tax anticipation warrants of 1936 at 2% interest.
Iowa
Municipals
COOK COUNTY (P. O. Chicago), III.—NOTICE TO HOLDERS OF
COUNTY AND FOREST PRESERVE DISTRICT BONDS—Stifel, Nicolaus
& Co.,
Polk-Peterson Corporation
Ihc., of St. Louis and A. C. Allyn & Co., Inc., of Chicago, refunding
both the county and its forest preserve district, announce as
agents for
Des Moines
follows: All
county bonds outstanding, except series B refundings dated
bonds, and all pres¬
ently outstanding bonds of the district except series B refundings dated
Jan. 1, 1936, and series J refundings, dated July 15, 1923, will be exchanged
for series A refunding obligations.
Exchanges will be made as rapidly as
possible, beginning June 18, 1936, and will be effective as of July 1, 1936.
Interest coupons on bonds submitted for exchange and due prior to July 1,
1936, will be paid with interest adjusted on the principal to July 1, 1936,
from which date the refunding bonds will bear interest.
Coupons on bonds
not exchanged and which have not been called for payment, will not be paid,
as insufficient
moneys have been collected from taxes to meet the pay¬
Jan.
ments.
Transfer of bonds together with interest payments will be made at the
American National Bank & Trust Co. of Chicago.
The refunding agents
further state that holders of bonds not deposited or committed for eachange
may avail themselves of the benefits under the refunding provisions for
both the county and the district by forwarding bonds for exchange to the
American National Bank & Trust Co. of Chicago.
LITCHFIELD, 111.—BOND SALE—Lewis, Pickett & Co. of Chicago
have purchased and are now offering to investors at prices to yield from
2.00% to 3.60%, according to maturity, an issue of $330,000 4% coupon,
registerable as to principal, water works revenue bonds.
Denom. $1,000.
Dated May 1, 1936.
Principal and semi-annual interest (May 1 and
Nov. 1) payable at the Continental Illinois National Bank & Trust Co. of
Chicago.
Due yearly on May 1 as follows: $6,000, 1937 and 1938; $7,000,
1939 to 1942; $8,000, 1943 to 1945; $9,000, 1946 to 1948; $10,000, 1949 to
1951; $11,000,1952; $12,000,1953 to 1955; $13,000,1956 and 1957; $14,000,
1958 and 1959; $15,000, 1960; $16,000, 1961 and 1962; $17,000, 1963;
$18,000, 1964 and 1965, and $8,000, 1966.
NORTHEAST
(P. O. Golden), III.—BOND ISSUE DETAILS—The
$25,000 334% coupon road bonds purchased recently by Vieth, Duncan,
Building
DES MOINES
1, 1936, will be exchanged for series A refunding
Ottumwa
Waterloo
A.
Sioux City
Davenport
Sioux Fails,
Iowa City
Cedar Rapids
T. & T. Teletype:
S. D.
DESM 31
IOWA
BELLE
PLAINE
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—
BOND SALE—An issue of $20,000 refunding bonds has been sold to the
Iowa-Des Moines National Bank & Trust Co. of Des Moines as 234s at a
premium of $115; equal to
100.575.
CARROLL INDEPENDENT SCHOOL DISTRICT, la.—BOND OF¬
FERING—B. A. Gregory, Secretary of the Board of Directors, will receive
bids until 7:30 p. m. June 22 for the purchase of $45,000 refunding bonds.
CRESCO
INDEPENDENT SCHOOL
DISTRICT. I bwa—BOND
OFFERING—H. H. Webber, Secretary of the Board of Directors, will re¬
18 for the purchase of $2,500 school building
4%.
Due serially from 1937 to
Printed bonds will be furnished by the district.
ceive bids until 10 a. m. June
bonds to bear interest at no more than
1941.
GERMAN TOWNSHIP SCHOOL DISTRICT (P. O. Algona), Iowa—
D. Welhousen, Secretary of the Board of School
June 29 for the purchase of $25,000
school building bonds.
BOND OFFERING—G.
Directors, will receive bids until 2 p. m.
(P. O. Logan), Iowa—BOND OFFERING—
will receive bids until 1:30 p. m. June 23
of $25,000 refunding poor bonds.
Pin-chaser to furnish
HARRISON COUNTY
Fred C. Behm, County Auditor,
for the purchase
printed bonds and legal opinion.
Financial
4218
IDA
Chronicle
(P. O. Ida Grove), Iowa—BOND ELECTION— It is
reported that the County Board of Supervisors has called an election for
June 24 to have the voters pass on the proposed issuance of $960,000 in
primary road refunding bonds.
'"
'
LEE
COUNTY
(P.
Fort
O.
CONTEMPLATED—In
Madison),
connection
with
a
Iowa—BOND
report
that
was
fund bonds, it is stated
fund bonds
current
by John F. Judy, County Treasurer, that
Scharff L Jones
INCORPORATED
fund bonds on the market in September.
A. T. T. TEL. N. O. 180
MESERVEY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P.
O.
Iowa—BOND SALE—The
Meservey),
$8,000
school
building
bonds offered for sale on June 15—V. 142, p. 4058—were purchased by
the Polk-Peterson Corp. of Des Moines, as 2Ms, paying a premium of $10,
equal to 100.12, a basis of about 2.23%.
Dated May 15, 1936.
Due
$1,000 from May 15, 1938 to 1945, inclusive.
LOUISIANA
MONTEZUMA, Iowa—BOND SALE—The $2,000 coupon water works
bonds offered for sale on June 15—V. 142, p. 4058—were pur¬
chased by Shaw, McDermott & Sparks of Des Moines as 5s at par. Denom.
$1,000.
Dated July 1, 1936.
Due in 1946 and 1947.
Interest payable
&
BATON ROUGE, La.—BOND CALL—L. J. Ricaud, Commissioner of
Finance, states that the city will exercise its option and call for payment on
July 1, 4% semi-ann. public improvement gold bonds numbered 29, 103,
143, 144, 163, 171, 176, 177, 186, 189, 206, 226, 234, 239, 249, 250 and 259
drawn by lot as provided in the original ordinance, authorizing the issuance
thereof and adopted on June 7, 1905.
Said bonds may be presented to the
Commissioner of Finance, or the City National Bank, or the Louisiana
National Bank, both of Baton Rouge.
Interest shall cease on July 1,
D.
COUNTY
MUSCATINE
(P.
O.
Muscatine),
Iowa—BOND
SALE
DETAILS—The County Treasurer reports that the $22,000 2M% semi¬
annual funding bonds purchased by the Muscatine Bank & Trust Co. of
Muscatine,
as
noted here recently—V. 142, p. 4058—were sold at par and
1942 to 1944.
CALDWELL PARISH SCHOOL DISTRICT No. 18 (P.O. Columbia),
La.—BOND OFFERING—Sealed bids will be received until 11 a. m. on
June 24 by E. B. Cottingham, Secretary of the Parish School Board, for
mature from Dec. 1,
OGDEN, Iowa—BOND SALE CONTEMPLATED—In connection with
the purchase of a $25,000 issue of school bonds.
the $64,000 municipal electric light and power plant bonds approved by
D. O. Clark, Town Clerk, states
exceed
the voters at an election last November,
(This
V. 142,
OSCEOLA, Iowa—DETAILS OF BONDS SOLD—The $17,500 sewer
purifying plant and $18,000 sewer fund bonds which were awarded
May 29 to Shaw, McDermott & Sparks of Des Moines as 3Ms at a
premium of $16, equal to 100.045, a basis of about 3.49%, are coupon in
Iowa—
142,
3896—were awarded to the First National Bank, the State Bank of
Waverly and the Waverly Savings Bank, all of Waverly, as 2Ms, at a
premium of $111, equal to 100.653. Due serially from 1937 to 1945. The
Carleton D. Beh Co. of Des Moines were second high, bidding $100 premium
for 2Ms.
on
June 17—V.
142, p. 3386—was purchased by the Citizens National
In connection with the above report we quote as follows from a Wash-1
ington, D. C.,
Due serially over a period of 20 years.
(This report
given here recently—V. 142, p. 4059.)
news
dispatch of June 16:
"Sale of the last block of bonds held
to the New Orleans Public Belt
COUNTY
(P. O. Orange City), Iowa—BOND ELECTION
POSTPONED—It is reported that the election Originally scheduled for
June 19, to vote on the issuance of the $1,000,000 in primary road bonds,
as noted in these columns—Y. 142, p. 3896—has been postponed to about
RFC.
is $930,000.
by the
KANSAS
Winfield),
Kan.—MATURITY—It is
reported by the County Clerk that the $75,000 2M% semi-ann. poor fund
bonds purchased by the Ranson-Davidson Co. of Wichita, at a price of
101.289, as reported here last March—V. 142, p. 2029—are due $7,500 from
March 1, 1937 to 1946, giving a basis of about 2.01%.
KANSAS
was
CITY, Kan.—BOND SALE—An issue of $38,338 city bond
premium of $326.81.
sold recently to the Board of Public Utilities at a
RUSSELL, Kan.—BOND SALE—The $112,000 issue of 3% semi-ann.
plant bonds offered for sale on June 16—Y. 142, p. 4059—was
awarded to L. C. Atkins & Co. of Topeka, at a price of 100.731, a basis of
about 2.90%.
Dated June 1, 1936. Due on Feb. and Aug. 1 from Feb. 1,
1937 to Aug. 1, 1951.
The second highest bid was an offer of 100.601,
electric
for
was
10 years.
v'fnow
are
informed by
C.
C.
Ellis, City Clerk, that the city did not sell $40,000 2M % public work relief
Co. and the Small-Milburn Co.,
bonds to the Brown-Crummer Investment
both
of
Wichita,
at
100.67,
as
reported in
these
columns
recently—
V. 142, p. 4059.
due
to
increased cost
of construction
after the loan
authorized."
PINE PRAIRIE SCHOOL DISTRICT (P. O. Ville Platte) La.—
BOND ELECTION—It is reported that an election will be held on July 6
on the issuance of $40,000 in school construction bonds.
in order to vote
ING—Sealed bids will be received until 11a.m. (Central Standard Time) on
June 25, by I. B. Rennyson, Secretary of the Board of Commissioners, for
the purchase of an issue of $1,304,000 4% coupon or registered port bonds.
Denom. $1,000.
Dated July 1, 1936.
Due on July 1 as follows: $29,000,
1937; $30,000, 1938; $35,000, 1939 to 1941; $40,000, 1942 to 1944; $45,000.' *
1945 to 1947; $50,000, 1948 to 1950; $55,000, 1951 and 1952; $60,000, 1953
and 1954; $65,000, 1955 and 1956; $70,000. 1957 and 1958; $75,000, 1959,
and $80,000 in 1960 and 1961.
Prin. and int. (J. & J.) payable in lawful
money at the State Treasurer's office or at the fiscal agency of the State in
New York City.
No bids will be considered for less than all of the bonds
offered for sale and
no bid for less than par ana accrued interest to date of
delivery will be considered. The approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished.
A certified check for 3% of the
par value of the bonds, payable to the Board of Commissioners, must
accompany the bid.
KENTUCKY
SIMPSON SCHOOL DISTRICT
(P. O. Simpson), La.—BONDS
VOTED—At the election held on June 9—V. 142, p. 3719—the voters are
Municipal Bonds
said to
WEST
Chattanooga
Knorvllle
Memphis
KENTUCKY
COVINGTON, Ky.—BOND VALIDITY UPHELD—The Court of
Appeals is said to have upheld the validity of a proposed issue of $395,000
in funding bonds.
Ky—BONDS
AUTHORIZED—'The Town
Council is said to have passed an ordinance recently calling for the issuance
of $15,000 in water system bonds, to be used in connection with a Public
Works Administration grant.
ROUGE
PARISH
SCHOOL
DISTRICT
NO.
3
Board,
for the purchase of an issue of $135,000 coupon school bonds.
Interest rate is not to exceed 6%, payable J. & J.
Denom. $500.
Dated
July 15, 1936.
Due from 1937 to 1951.
Prin. and int. payable at a bank
designated by purchaser.
The approving opinion will be furnished by
Chapman & Cutler of Chicago.
A certified check for $6,750, must accom¬
pany the bid.
(This report supplements the offering notice which appeared here re¬
cently—V. 142, p. 4059.)
w
KENTUCKY, State of— WARRANT CALD-State Treasurer John E.
Buckingham has issued a call for nearly $600,000 in State of Kentucky
warrants, which will retire all warrants of the general fund issued prior to
Aug. 1, 1930.
Interest on the warrants, totaling $585,395, will, cease
June 23.
The serial numbers of the warrants called today are D-5 to
D-564.
The call brings the number of warrants called in the six-months'
period since Jan. 1 to the highest total called in any whole year in the
last eight years.
At the beginning of business June 1 the State had $5,687,630 cash in
the Treasury and an outstanding interest-bearing debt of $20,302,363.
Warrants against the general expenditure fund totaled $20,276,805, and
against the road fund $25,558.
Cash balances in the various funds were:
General expenditure fund, $972,240: general fund (special), $29,382; minor
funds, $1,534,312; highway bridge fund, $134,121; highway bridge sinking
fund, $757,056; State road fund, $1,809,933; transfer fund, $35,664;
country road trust fund, $262,245, and NRA trust fund, $152,673.
GROUND,
BATON
until 3 p. m. on June 24, by J. H. Bres, Superintendent of the Parish School
Nashville
New York
$75,000 in school construction
(P. O. Port Allen), La.—BOND OFFERING—Sealed bids will be received
Securities Corporation
Birmingham
have approved the issuance of the
bonds.
EQUITABLE
STAMPING
advances made
PORT OF NEW ORLEANS (P. O. New Orleans) La.—BOND OFFER¬
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND SALE—'The
$100,000 2M % registered poor relief bonds offered on June 15—V. 142, p.
4059—were awarded to the City National Bank of Kansas City at a price of
100.30386.
Denom. $1,000.
Dated June 15, 1936.
Due in from one to
Kan.—CORRECTION—We
'
.
tendered by the Small-Milburn Co. of Wichita.
WICHITA,
as collateral for its $13,000,000 loan
Bridge Commission was announced today
on,all the blocks of bonds
The total premium received
"The loan was partly secured by $7,000,000 State of Louisiana 5%
highway bonds, series G, which were previously sold to Chase National
Bank of the City of New York and associates, at 109, or a premium of $630,000.
The second block, sold to the Public Belt Bridge Commission,
was $518,000 of 5% revenue bonds of the Public Belt Bridge Commission,
sold at the call price of 105, a premium of $25,900.
"The third and final block which was sold yesterday was the balance
of $5,482,000 of the revenue bonds, sold to B. J. Van Ingen & Co. and
Bancamerica-Blair Corp. at par after the interest rate on the bonds had
been reduced from 5% to 4%, at the request of the Public Belt Bridge Com¬
mission, for a consideration paid to the RFC of $274,100.
The total
amount received for this block was equivalent to the call price of 105.
"A portion of the $930,000 premium received by RFC, $121,260, will be
used to reimburse the Federal Emergency Administrator of Public Works
•
O.
4059—are
ORLEANS, La.—BONDS PURCHASED FROM RFC—A syndicate
by Bancamerica-Blair Corp. and including W. E. Hutton & Co..
Ingen & Co. and others, has purchased from the Reconstruction
Finance Corporation $5,482,000, Public Belt Railroad Bridge Revenue 4%
bonds, maturing serially from Oct. 1, 1937 to Oct'. 1, 1956, and Oct. 1,
1982.
The bonds are callable on any interest date at 105 and interest.
It is
expected that a reoffering of this issue will be made shortly.
corrects the election notice
(P.
p.
NEW
CITY, Iowa—BOND ELECTION—We are informed by Edgar
V. Moone, City Clerk, that an election will be held on July 1 in order to
vote on the issuance of $750,000 in not to exceed 4% auditorium and ex¬
COUNTY,
sewerage revenue bonds
B. J. Van
.
COWLEY
recently—
headed
SIOUX
June 30.
here
KENTWOOD, La —BOND OFFERING—Sealed bids will be received
July 7 by Roy Atkins, Town Clerk, for the purchase of a
$15,000 issue of 6% sewage and water bonds.
Denom. $200.
Dated Aug.
1,1936.
Due in from 1 to 10 years.
All bids must be unconditional except
that the purchaser may name a legal depository for the proceeds of the
sale of the bonds.
The bonds will be delivered and must be paid at the
Guaranty Bank & Trust Co. in Amite.
A certified check for $500, payable
to the town, must accompany the bid.
p.
SIOUX
given
until 7:30 p. m. on
BOND SALE—The $17,000 refunding bonds offered on June 15—V.
position hall bonds.
notice
■
EUNICE, La.—BONDS SOLD—The $125,000
10 a. m. June 25
fund anticipation
DISTRICT,
3896.)
p.
that were authorized recently by the City Council—V. 142,
reported to have been sold as 5s.
Due serially in 30 years.
The larger issue will mature
SCHOOL
School Board, must accompany
offering
1951, incl.
certificates.
CONSOLIDATED
the
Bank of Plaquemine as 4s, paying a premium of $225.39, equal to 100.37,
basis of about 3.95%.
Dated June 1, 1936.
Due $4,000 from 1937 to
COUNT"* (P. O. Clarinda) , Iowa—CERTIFICATE OFFERING
ROCK
supplements
a
form and will be dated June 1,1936.
The $17,500 block will be issued in the
denomination of $500 each and the other issue in $1,000 denomination.
SHELL
report
IVERV1LLE PARISH SCHOOL DISTRICT NO. 2 (P. O. Plaque •
mine), La.—BOND SALE—The $60,000 issUe of school bonds offered for
sale
on
PAGE
Interest rate is not to
Dated June 1, 1936.
Due
the bid.
outlet and
—B. F. Mitts, County Treasurer, will receive bids until
for the purchase of $24,000 secondary road construction
Denom. $500.
payable to the Treasurer of the Parish
OSCEOLA, Iowa—MATURITY—In connection with the sale of the
$35,500 sewer plant and sewer fund bonds to Shaw, McDermott & Sparks
of Des Moines as 3Ms, at a price of 100.045, as reported in these columns
recently—V. 142, p. 3896—it is stated by the City Clerk that the $17,500
sewer plant bonds mature in 1953 and the $18,000 sewer fund bonds mature
in 1955, giving a basis of about 3.49%.
December.
6%, payable J. & D.
from June 1, 1937 to 1956.
The approving opinion of B. A. Campbell, of
New Orleans, will be furnished the purchaser.
A certified check for $500,
that the bonds are to be offered for sale in the near future.
Interest will be payable June and
in 1953 and the smaller in 1955.
TELEPHONE RAYMOND 1189
New Orleans
revenue
J.
on
last
poor
no poor
offered at that time but that the county expects to place
were
issue of poor
Immediate Firm Bids
LOUISIANA MUNICIPALS
ISSUANCE
February, that the Board of Supervisors intended to issue $50,000 in
an
June 20, 1936
COUNTY
WESTON HIGH SCHOOL DISTRICT NO. 25 (P. O.
Jonesboro),
La.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
July 13, by W. H. McLaurin. Secretary of the Parish School Board, for the
purchase of a $10,000 issue of coupon school bonds.
Interest rate is not
to exceed 6%, payable semi-annually.
Denom. $100.
Dated Aug. 1,
1936.
Due
serially from 1937 to 1948.
the place or places to be agreed upon by
Prin. and int. will be payable at
the purchaser and the school board.
approving opinion of a nationally known bond
attorney will be furnished the successful bidder without cost to him, and
all bids shall be so conditioned.
A $500 certified check, payable to C. M.
Womack, President of the Parish School Board, must accompany the bid.
(This report supplements the offering notice given in these columns
recently—V. 142, p. 3897.)
A certified transcript and the
MAINE
AUBURN, Me.—BOND SALE—The $30,000
ment bonds offered on June
coupon
public improve¬
15—V. 142, p. 4059—were awarded to E. H.
bid of 100.232 for 2Ms, a basis of about 2.22%.
Rollins & Sons of Boston on a
The Merchants National Bank of Boston bid 100.09 for 2 Ms.
1936.
Due $2,000 yearly on July 1 from 1937 to 1951.
Dated July 1,
Volume
Financial
142
—W.
W.
Lanahan
&
Co.
of
SALE
(P. O. AnnapolU), Md.—
Baltimore
have
awarded
been
issue of
an
$40,000 Sanitary Commission bonds as 3^s, at a price of 100.799, a basis
3.45%. Due as follows: $1,000 from 1937 to 1956 incl. and $2,000
of about
from
1957 to
1966 incl.
HAVRE DE
redemption
GRACE, Md.-BOND CALL—City Council has called for
July 1 the following issues of bonds:
on
$20,000 5% sewer bonds, dated June 1, 1908, issued under Chapter 276 of
the Acts of 1908, and subject to redemption after 10 years from
said
date of issue.
>•
27,000 5% floating debt bonds dated June 1,1910, issued under Chapter 86
of the Acts of 1910, and subject to redemption after 10 years from
^
said date of issue.
210,000 5% water bonds, dated July 1, 1926, and issued under Chapter
176 of the Acts of 1922, and subject to redemption at any time
after 10 years from said date of issue.
All of said bonds will be paid in full upon presentation of the same with all
unmatured coupons attached at the Citizens National Bank, Havre de
Grace, Md. Matured and accrued interest will be paid on all of said bonds
at the rate of 5 % per annum to July 1,1936, upon presentation of said bonds,
and upon presentation of the matured interest coupons attached to said
water bonds
No further interest will be paid on any of said bonds thereafter.
HAVRE DE
GRACE, Md.—BOND SALE—W. W. Lanahan & Co. of
have been awarded an issue of $247,000 refunding bonds as
$100,000 3s, maturing $5,000 annually, at a price of 100.699;
$100,000, 3 Ms, optional at any time, at 100.099, and the balance of $47,000,
bearing 3M % int. and optional in five years were sold at a price of 102.499.
Baltimore
follows:
KENT
COUNTY
(P.
$80,000 4% bonds offered
Alex.
O.
Chestertown),
Md.—BOND SALE— The
June 17—V. 142, p. 4059—were awarded to
a price of 110.819, a bltSis of about
The sale consisted of:
Brown
2.87%.
&
4219
Bidder—
MARYLAND
ANNE ARUNDEL COUNTY
Chronicle
on
Sons of Baltimore at
$45,000 funding bonds. Due Jan. 1 as follows: $10,000 from 1948 to 1951,
including and $5,000 in 1952.
35,000 road bonds.
Due $5,000 on July 1 from 1942 to 1948, inclusive.
Each issue is dated July 1, 1936.
The successful bidder re-offered the
bonds for public investment at prices to yield from 2.25% to 3%, according
to maturity. A bid of 107 was made by Stein Bros. & Boyce of Baltimore
and associates.
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND INTEREST
$194,000 refunding bonds sold recently at par to John
Nuveen & Co. of Chicago—V. 142, p. 4059—$97,000, due from 1941 to
1951 incl., bear 2M% interest and the other $97,000,-maturing from 1946
to 1951 incl., are 3Ms.
RATES—Of the
-
___
100.186
100.169
114%
100.067
1M%
100.949
1M%
100.88
IM%
100.769
Financial Statement, June 1,
1936
Assessed valuation for year 1935 (including motor vehicle excise)
Total bonded debt (not including present loan)
Water debt (included in total debt)
$36,671,236
1,801,600
317,500
281,000
134,165
_a
Municipal light debt (included in total debt)
Sinking funds (other than water)
Population, 38,000.
WELLESLEY, Mass.—LOAN OFFERING—Sealed bids will be received
by the Treasurer until noon on June 22, for the purchase at discount of
$200,000 notes, due March 1, 1937.
WINCHENDON, Mass —TEMPORARY LOAN—The $50,000 revenue
notes offered
on
June
12
awarded to the
Second National Bank of
Due April 15,1937.
Other bids were as follows:
were
Boston at 0.545% discount.
Discount
?
0.56%
0.57%
0.57%
Faxon, Gade & Co
MASSACHUSETTS
Merchants National Bank of Boston
Mass.—NOTE SALE—The $200,000
anticipa¬
tion temporary loan notes offered on June 16—V. 142, p. 4059—were
awarded to the First Boston Corp. of Boston on a .36% discount basis,
plus a premium of $1.80.
The Brockton National Bank was second high
bidder at .37% discount.
revenue
Rate Bid
114%
114%
TAUNTON,,
Mass.—BOND OFFERING—Lewis
A.
Hodges,
City
Treasurer, will receive sealed bids until 11 a. m. (Daylight Saving Time) on
June 23, for the purchase of $105,000 coupon, registerable as to principal,
municipal relief bonds, Act of 1936.
Dated July 1, 1936. Denom. $1,000.
Due July 1 as follows:
$11,000 from 1937 to 1941, incl. and $10,000 from
1942 to 1946, incl.
Bidder to name one rate of interest on the issue, ex¬
pressed in a multiple of M of 1%.
Principal and interest (J. & J.) payable
in Boston, Mass., or at the City Treasury.
Coupon bonds exchangeable for
fully registered certificates, interest on which is payable at the City Treassurer's office.
These bonds will be valid general obligations of the city,
exempt from taxation in Massachusetts, and all taxable property in the
city will be subject to the levy of unlimited ad valorem taxes to pay both
principal and interest.
The bonds will be engraved under the supervision
of and authenticated as to their genuineness by the First National Bank of
Boston.
The legality of this issue will be examined by Ropes, Gray,
Boyden ^Perkins of Boston, a copy of whose opinion will accompany the
bonds when delivered without charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
in the proper issuance of these bonds will be filed with the First National
Bank of Boston, where they may be inspected.
Bonds will be delivered to
the purchaser on or about Friday, July 3, 1936.
Bidder—
BROCKTON,
Int. Rate
•
Halsey, Stuart & Co., Inc., New York.
Lazard, Freres & Co. and Hornblower & Weeks, N. Y__
F. S. Moseley & Co., Brown Harriman & Co., Inc.-,
Stone & Webster and Blodget, Inc., and Kidder, Peabody & Co., Boston
Jackson & Curtis, Blyth & Co., Inc., E. H. Rollins &
Sons and Bond & Goodwin, Inc., Boston
Harris Trust & Savings Bank, Chicago; the Northern
Trust Co., Chicago, and Dougherty, Corkran & Co.,
Philadelphia.
R. L. Day & Co., Estabrook & Co., the First Boston
Corp., Whiting, Weeks & Knowles, Inc., Boston
Jackson & Curtis
__.
Newton, Abbe & Co
0.57%
National Shawmut Bank
0.575%
Brown Harriman & Co
0.58%
First National Bank of Boston (plus $1 premium)
0.69%
FITCHBURG, Mass .—OTHER BIDS—The $100,000 bridge and wall
construction bonds awarded
of New York
also bid
for
l%&, at
as
a
on
June 12 to the Harris Trust &
price of 100.297,
a
Savings Bank
basis of about 1.57%, were
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc
Burr & Co., Inc
Brown Harriman & Co
■____
-
__
Blyth & Co
R. L. Day & Co
______
___
Estabrook & Co
Dated July 1, 1936.
1911.
Due $15,000 yearly
on
July 1 from 1937 to
-
HOLYOKE,
Mass .—VALUATIONS ALMOST $1,000,000 LOWER—
The Holyoke Board of Assessors issued a statement recently which shows
that local valuations for 1936 are $957,150 below the $84,471,330 total for
1935.
Of the total decline, $744,740 was on real estate.
The sum of
$90,000 will be borrowed on tax titles for 1936.
LYNN, Mass.—NOTE SALE—The issue of $300,000 notes offered
on
June 16 was awardea to the Security Trust Co. of Lynn on a .49% discount
basis.
Notes mature $100,000 on each of the dates April 7, April 14 and
April 21, 1937.
The Day Trust Co. of Boston bid .50% discount.
Mass.—OTHER BIDS—The $85,000 coupon sewer con¬
struction bonds awarded recently to Frederick W. Swan & Co. of Boston
as 3s, at 100.29, a basis of about 2.98%, were also bid for as follows:
Bidders (All for 3s)—
V,
Rate Bid
Brown Harriman & Co
National Shawmut Bank
100.20
100.17
100.10
Merchants National Bank
ipation
offered
notes
on
June
15 were awarded to
Boston at 0.54% discount.
Due $50,000 each on
Other bids were as follows:
R.
L.
revenue antic¬
Day &
West
Co.
of
April and May 20, 1937.
Bidder—
Discount
Newton Savings Bank
0.57%
0.59%
0.61%
0.623%
0.68%
Merchants National Bank of Boston
Whiting, Weeks & Knowles
Leavitt & Co_
___
Jackson & Curtis
SALEM, Mass.—NOTE OFFERING—Charles G. F. Coker, City Treas- t
urer, will receive bids until 11 a. m. (Daylight Saving Time) June 24 for
the purchase at discount of $200,000 revenue anticipation temporary loan
notes, dated June 25, 1936, and payable Nov. 11, 1936, at the National
Shawmut Bank of Boston, in Boston, where delivery of notes to purchaser
will be made
to suit the
on
or
about June 25.
Notes will be issued in denominations
purchaser.
Notes will be authenticated as to genuineness and validity by the National
Shawmut Bank of Boston, under advice of Storey, Thofndike, Palmer &
Dodge, and all legal papers incident to this issue will be filed with said bank,
where they may be inspected.
.
Financial Statement
as
of June 1, 1936
1933
Assessed valuation
Tax
levy
Uncollected taxes_____
Gross debt
1934
1935
$58,234,630 $58,084,910 $57,946,090
1,863,100
1,945,800
1,999,140
53
38,680
289,683
1,538,000
Net debt
1,081,000
Sinking funds
None
Notes outstanding for year 1935
Tax titles held
-
-
1
330,000
144,525
-
Borrowed against tax titles
Cash on hand
None
348,449
SPRINGFIELD,
Offering of
a new
Mass.—BONDS OFFERED FOR INVESTMENT—
issue of $700,000 114% bonds, to be issued for municipal
relief purposes, was made recently by Edward B. Smith & Co., Newton,
Abbe & Co., Burr, Gannett & Co. and Tyler, Buttrick & Co., Inc.
The
bonds, dated April 1,
1936, will mature April 1,
1937 to 1946 incl.
The
1937 to 1944 maturities incl. are priced to yield from 0.25% to 1.55%,
and the 1945 and 1946 maturities are priced at 99 M and 99 respectivelyThe bonds, in the opinion of counsel, will be general obligations of the
city, payable from ad valorem taxes to be levied against all taxable property
therein, without limitation as to rate or amount.
They are legal invest¬
savings banks and trust funds in New York, Massachusetts and
Connecticut, according to the bankers.
ment for
Edward B. Smith & Co. and associates
at a
price of 100.199.
Other bids were
were
as
awarded the issue
follows:
on
Cray, McFawn & Company
DETROIT
A. T. T. Tel. DET347
Telephone CHerry 6828
MICHIGAN
DEERFIELD, Mich.—BOND SALE—The $30,000 water works bonds
offered on May 18 were awarded to Siler, Carpenter & Roose of Toledo.
Dated June 1, 1936, and due June 1 as follows: $1,000 from 1939 to 1948,
incl., and $2,000 from 1949 to 1958, incl.
TOWNSHIP
DEERFIELD
FRACTIONAL
SCHOOL
DISTRICT
NO. l
(P. O. Deerfield), Mich.—BOND SALE—The Deerfield State Bank
of $13,000 4% scnool bonds at a price of par.
Dated
April 1,1936 and due April 1 as follows: $850, 1937 and 1938; $900, 1939 and
1940: $1,000 1941 and 1942; $1,100 1943 and 1944; $1,200, 1945 and 1946;
$1,300 1947; $1,400 in 1948 and $200 in 1949.
has purchased an issue
DETROIT,
Mich.—$2,000,000
BONDS
PUBLICLY OFFERED—The
of
Bankers Trust Co. of New York is offering for public investment a block
MEDFORD,
NATICK, Mass .—TEMPORARY LOAN—'The $100,000
Own Account
MICHIGAN MUNICIPALS
100.289
100.243
100.059
101.068
100.899
100.677
100.63
100.485
HOLYOKE, Mas3.—BOND SALE—The $75,000 coupon soldiers' memo¬
rial building bonds offered on June 19 were awarded to Newton, Abbe &
Co. of Boston as 1.25s at a price of 100.03, a basis of about 1.24%. Halsey,
Stuart & Co. of New York were second high bidders, offering a $15 premium
for lMs.
Buy for Our
Rate Bid
1M%
1M%
l%%
2%
2%
2%
2%
2%
.
First National Bank of Boston.
Horn blower & Weeks
.
We
follows:
as
June 11
$2,000,000 non-callable refunding bonds on the following basis: $1,000,000
314s, maturing from 1957 to 1962 incl., are priced at par and the other
$1,000,000, due from 1952 to 1956 incl., are offered to yield 3.60%.
The
bonds are dated June 1, 1936, and payable as to principal and interest
(J. & D.) in New York City or in Detroit.
Coupon bonds in denoms.
of $1,000, exchangeable for rgistered certificates.
HIGHLAND TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Clyde),
SOLD—The $25,000 coupon school bonds offered on
142, p. 3898—have oeen disposed of in small lots to local in¬
Mich.—BONDS
June 9—V.
price of par for 4s. Due July 1 as follows: $2,000. 1937 to 1941;
$3,000, 1942 to 1946 incl.
vestors at a
and
HOLLAND,
Mich.—BOND
CALL—Oscar
Peterson,
City Clerk, an¬
par and interest,
due Aug. 1, 1943.
made at the City
2, 5, 8 and 9 of
series A; 14, 16 and 19 of series A; 2, 4, 5 and 12 of series B.
that the city will redeem on Aug. 1, 1936, at
$12,000 refunding bonds of 1933, dated Aug. 1, 1933, and
All of the bonds are of $1,000 each and payment will be
Treasurer's office.
The call embraces bond numbers 1,
nounces
LAKE TOWNSHIP
SCHOOL DISTRICT NO. 7
(P. O. Bridgman),
Mich.—-BOND SALE—An issue of $7,000 4% coupon refunding bonds has
been sold to Emma Bunks and Katherine Donaldson, both of St. Joseph,
at a
price of par.
Dated May 1, 1936. Denom. $500. Due serially
Interest payable semi-annually.
on
Dec.
15 from 1938 to 1951 incl.
LINCOLN PARK SCHOOL
SUBMITTED
DISTRICT, Mich.—REFUNDING PLAN
TO BONDHOLDERS—Mattnew
Carey, refunding agency,
2149 Union Guardian Bldg., Detroit, has furnished us with the text of the
plan approved by the Board of Education for refunding the $2,386,737.80
of funded debt outstanding as of Nov. 1, 1935.
Under the plan, $2,059,480
of outstanding issues will be exchanged on a basis of par for an equal amount
of series A refunding bonds of 1935, to be dated Nov. 1, 1935, and mature
Nov. 1, 1965.
They will be callable at par and accrued interest on any
interest date upon 30 days' published notice.
The bonds include $560,980
issued by School District No. 5 of Ecorse Township, $354,500 by School
District No. 10 of Ecorse Township and $1,144,000 by the Lincoln Park
The series A refunding bonds will bear interest at 2% to
School District.
and including Nov. 1, 1938; 214% to Nov. 1, 1941; 3% to Nov. 1, 1944;
314% to Nov. 1, 1947; 4% to Nov. 1, 1950, and 4^% to final maturity.
Series B bonds, dated Nov. 1, 1935, and due Nov. 1, 1947 callable on
any interest date, will be issued in exchange for $64,000 of tax anticipation
notes.
The new bonds will bear interest on the same basis as paid on series
A liens.
Certificates of indebtedness will replace a total of $194,371.54
due in interest on the original indebtedness.
The certificates will be dated
Nov. 1, 1935, and mature Nov. 1, 1945.
They will be non-interest-bearing
prior to maturity and thereafter pay at the rate of 3% per annum. Callable
on May 1 and Nov.
1 of any year on 30 days' notice.
Series C and D refunding bonds of 1935 will refund sums of $32,154.27
and
$36,731.99, representing judgments for unpaid interest.
Bonsd so
designated, dated Nov. 1. 1935, and due Nov. 1, 1945, will be non-interestbearing prior to maturity and thereafter earn 414% per year. They will be
callable on May 1 and Nov. 1 of any year.
The plan also provides for re¬
funding the $106,731.20 due in bond interest from Jan. 1, 1935, to Nov.
1, 1935.
MICHIGAN (State of)—COVERT ROAD BOND EXCHANGES—The
State Highway Department has announced that more than half of $4.600,000 worth of refunded Covert road bonds have been turned over to
4220
Financial
w
bondholders in 19 assessment districts since May 1, the date the
o il: 11
started.
The announcement said that 2,695 refunding bonds have been exchanged
for old issues while' 1,908 remain to be exchanged.
The bonds are mostly
in $1,000 denominations.
The entire issue is expected to be exchanged not
later than Nov. 1.
State
Highway Commissioner Murray D. Van Wagoner, acting as the
fiscal agent for all inter-county assessment districts created by the Covert
Road Act, set up the new bonds with maturities running fromlO to 20 years.
The old issues are serial bonds with maturity dates ranging all the way from
1933 to 1941.
Assessment districts affected by the refunding plan are in
Washtenaw, Oakland, Monroe, St. Clair, Macomb, Sanilac, Wayne, and
Lenawee counties.
SAULT STE. MARIE. Mich.—BOND SALE DETAILS—Hood, Truett& Thisted, Inc.,
of Detroit, purchasers of the $15,000 library addition
15, paid a premium of $96.30, equal to 100.642 for 2Ms,
making a basis of about 2.13%. Denom. $500 and $1,000. Dated July 15,
1936. Interest payable Jan. and July 1. Due in 10 equal annual instalments.
ner
bonds
on
June
WHITEHALL,
Mich.—RATE
OF IN TERES T—The
$30,000
sewage
disposal system awarded recently to Robinson & Co., Inc., of Chicago at a
price of 100.666—V. 142, p. 4060—were sold as 4s, the basis cost being
about 3.94%.
Dated May 15, 1936, and due $1,000 on May 15 from
1937 to 1966 incl.
Chronicle
.
June 20, 1936
Receipts
r---
(
428,033.38
402,215.27
-
Estimated operating expense (not incl.
Amount required for principal 1936
Amount required for interest
1936
-
Tax Collection Record
Penalty date, taxes become delinquent Jan. 1.
per
$100.00.
1936-37, $1.85
per $100.00.
of uncollected taxes for all past years to
Total amount
Condition of Sinking Fund
Cash
on hand, June 1, 1936
Property owned
—
...
First deeds of trust
Home Lowners Loan bonds
Total.
$77,013.49
--------
Mo .—BOND ELECTION—An
HILL,
A
Teletype—Mpls287
reported here recently—Y. 142, p. 4061—it is stated by the
were sold as 3s, at par.
District Clerk that the bonds
Anoka), Minn.—BOND OFFERING—
10 a. m. June 27 for
public welfare bonds.
Dated June 1, 1936.
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the
Northwestern National Bank & Trust Co. of Minneapolis.
Due Aug. 1
as follows:
$5,000, 1938; $15,000, 1939, and $10,000, 1940, 1941 and 1942.
County will furnish the blank bonds.
O.
E. A. Carlson, County Auditor, will receive bids until
the purchase of $50,000 3%
DANVERS INDEPENDENT SCHOOL DISTRICT NO. 84, Minn.—
BOND OFFERING—D. L. Connolly, Clerk of the School Board, will re¬
ceive bids until 2 p. m. June 20 for the purchase of $17,500 3% series B
bonds.
GILBERT, Minn.—BOND SALE—A $10,000 issue of 3% semi-ann.
construction bonds is reported to have been purchased by the State Board
of Investments.
Denom. $5,000.
Dated July 1, 1936. Due $5,000 in
1941 and 1942.
*
COUNTY
RAMSEY
(P.
O.
St.
Paul)
Minn— BONlJ OFFERING—
Sealed bids will be received until 2 p. m. on July 6, by Geo. J. Ries, County
Auditor, for the purchase of a $200,000 issue of public welfare, series G
bonds.
for
one
Interest rate is not to exceed 6%, payable J. & J. Bidders must bid
rate of interest, expressed in multiples of M of 1 %. Denom. $1,000.
Dated July 1,1936.
Due on July 1 as follows: $18,000, 1937; $19,000, 1938
1940; $20,000, 1941 and 1942; $21,000, 1943 to 1945, and $22,000 in
1946. Delivery of these bonds will be made to the purchaser at such place
as he may designate within the United States, at his own expense and he
will be required to take and pay for said bonds immediately upon being
notified by the County Auditor of readiness to make delivery. The approv¬
ing opinion of Calvin Hunt of St. Paul, and Thomson, Wood & Hooffman
of New York, will be furnished. A certified check for 2% of the amount of
bonds bid for, is required.
to
cents on the dollar.
Minn.—BONDS NOT SOLD—The
$18,000
construction
The
Board
(P.
O.
Gulfport),
bonds.
Bonds
either
amortization
serial
or
BILLINGS, Mont.—BOND SALE—The $50,000 airport hangar bonds
on June 16—V. 142, p. 3552—were awarded to the Wells-Dickey
Co. of Minneapolis as 3s at a premium of $1,300, equal to 102.60.
The
First National Bank of St. Paul, second high bidders, offered a premium
of $1,296 for 3s.
Dated July 1, 1936.
BUTTE, Mont.—BOND SALE CONTINUED—It is stated by Beryl
Wilson, City Clerk, that the sale of the $900,000 not to exceed 4% semiann. refunding
bonds, scheduled for June 17, as reported here recently
—V. 142, p. 4061—is being continued until July 1.
CHOTEAU COUNTY (P.
O. Fort Benton), Mont.—BOND CALL—
O. B. Fjelstad, County Treasurer, is said to be calling for payment on July 1,
which date interest shall cease, Nos. 35 to 37, 40 to 48, of funding bonds,
issue of 1918.
Payable at the Central Hanover National Bank & Trust
on
Co. in New York City.
MEDICINE LAKE SCHOOL DISTRICT NO. 7 (P. O. Medicine
Lake), Mont.—BOND SALE—The $15,000 issue of 4% semi-annual school
building bonds offered for sale on May 12—V. 142, p. 2710—was purchased
at par by the State Board of Land Commissioners, according to the District
Clerk.
-
MILES
bonds
are
CITY, Mont.—BONDS CALLED—It is reported
.■
'■ ,/
that'6%~water
being called for payment at the City Bank Farmers Trust Co.
Dated April 1, 1920.
in New York City on July 1.
MUNICIPALS
NEBRASKA
OFFERING
WANTED
DOUGLAS COUNTY, LINCOLN
OMAHA,
OTHER
NEBRASKA
ISSUES
THE NATIONAL COMPANY
OF
First National Bank Bldg-
OMAHA
A. T. & T. Teletype OMA 81
of
YAZOO
J.
on
Miss.—BOND SALE—
TISHOMINGO COUNTY SUPERVISORS DISTRICT NO. 1 (P. O.
Iuka), Miss.—BOND SALE—A $28,000 issue of 6% semi-annual refunding
bonds was purchased at par by Leftwich & Ross of Memphis, according to
the Clerk of the Chancery Court.
Dated May 1,1936.
Legal approval by
Charles & Trauernicht of St. Louis, Mo.
F.
offered
are
3M%
Supervisors is said to have sold to M. B. Herring of
Pascagoula the following bonds, aggregating $198,500, for a premium of
$3,750, equal to 101.88: $6,000 City of Biloxi refunding; $15,000 City of
Gulfport; $3,000 Tallahatchie County; $1,000 City of Pascagoula; $500
Pike County; $4,000 McComb City, and $169,000 Harrison County bonds.
until
OFFERING—
offered
■MISSISSIPPI
COUNTY
.
bases.
Dated July 10, 1936.
Interest rate is not to exceed 6%, payable
semi-annually on Jan. 1 and July 1.
Certified check for $1,000, payable
to the Clerk, required.
semi-annual refunding series A bonds offered on May 19—V. 142, p. 3387—
were not sold as no bids were received, according to report.
HARRISON
Mont.—RFC
Hardin), Mont.—BOND
Harry E. Cox, Clerk of the Board of County Commissioners, will receive
bids until 2p.m. July 6 for the purchase of $20,000 court house and jail
AND
PARK,
(P. O. Kalispell)
•refinancing and rehabilitation purposes, mentioned in these columns in
April, it is stated by the District Secretary that the loans have been com¬
pleted and the old security holders have received their money to the extent
RENVILLE, Minn .—CERTIFICATE OFFERING—F. R. E. Dun well,
City Clerk, will receive bids until 8 p. m. June 26 for the purchase of $30,000
3% certificates of indebtedness of Paving Improvement District No. 1.
WAITE
DISTRICT
BIG HORN COUNTY (P. O.
ADAMS SCHOOL DISTRICT (P. O. Adams), Minn.—PRICE PAID
$20,000 school bonds to the State of
(P.
said
LOAN COMPLETED—In connection with the loans of $21,000 and $4,000
the Reconstruction Finance Corporation to the above district, for
—In connection with the sale of the
COUNTY
to be
the issuance of $50,000 in sewer
is
from
of 54.71
ANOKA
on
election
MONTANA
ASHLEY IRRIGATION
MINNESOTA
as
$9,961.73
19,906.76
36,870.00
10,275.00
system bonds.
WELLS-DICKEY COMPANY
Minnesota,
Feb. 1, 1936,
$384,731.01.
Minnesota, North and South Dakota, Montana,
Telephone—Minneapolis Atlantic 4201
1934-35
1935-36
$333,028.62 $324,834.38
321,109.26
289,558.84
Tax rate: 1935-36, $1.80
Amount of levy for all purposes.
Collections to latest date available
scheduled for June 30 in order to vote
Oregon, Washington
419,047.14
402,215.27
$291,406.99
47,746.00
42,191.52
5,000.00
debt service)
Estimated income other than taxes
ROCK
Northwestern Municipals
Expenditures
$1,138,516.95 $992,978.61
563,155.64
696,441.47
July 1, 1933
Fiscal year ending
Fiscal year ending July 1,1934
Fiscal year ending July 1,1935.
Estimated budget, 1936
COUNTY (P. O. Yazoo City), Miss.—BOND OFFERING—
Love, Clerk of the Board of County Supervisors, will receive bids
July 6 for the purchase of 4% refunding bonds constituting
noon
500.
feneralDated July of Yazoo County Separate Road District No. 2. Denom.
obligations 1, 1936. Principal and semi-annual interest payable at
the
county depository in Yazoo City. Due $1,000 yearly on July 1 from
1938 to 1942 incl.
Certified check for $250, payable to the Clerk of the
Board of County Supervisors, required.
NEBRASKA
DISTRICT (P. O. Bar tic tt;, Neb.—
$5,000 school bonds that were purchased by the Bartlett
noted here in May—V. 142, p. 3388—were sold as 4s, at
according to the Secretary of the Board of Education.
BARTLETT
SCHOOL
PAID—The
State Bank,
par,
as
HARRISON,
Neb.—BOND SALE—A $16,000 issue of 4% semi-ann.
school bonds is reported to have been purchased at par by the Sioux Na¬
Due on Dec. 1, 1950, optional after three years.
tional Bank of Harrison.
SCOTTSBLUFF COUNTY (P. O. Gering), Neb.—BOND SALE—The
County Commissioners have sold $50,000 warrant funding bonds to the
Greenway-Raynor Co. of Omaha at 3H %
The sale was made subject to
approval by the voters at an election to be held in the near future.
•
SPENCER, Neb.—BOND REGISTRATION REFUSED—It is reported
State Auditor has refused to register the $247,027 in refunding
that the
bonds authorized in March—V.
142, p. 2373—to refinance $240,000 of old
bonded indebtedness.
MISSOURI
CAPE GIRARDEAU SCHOOL DISTRICT (P. O. Cape Girardeau),
Mo.—BOND ELECTION—It is reported that an election will be held on
June 23 in order to vote on the issuance of $85,000 in school
bonds.
construction
DUNKLIN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
(P. O. Kennett), Mo.—BOND SALE—A $5,000 issue of 5% sem -ann.
school bonds is said to have been purchased recently by the St. Louis Union
Trust Co. of St. Louis.
Dated April 1, 1936.
Legality approved by
Charles & Trauernicht of St. Louis.
FULTON
SCHOOL
DISTRICT
(P.
O.
NEVADA
HUMBOLDT COUNTY
(P. O. Winnemucca), Nev.—
Davey, County Clerk, reports that the $40,000 3% semi-annual hos¬
pital bonds purchased jointly by the First Security Trust Co. and Edward
L. Burton & Co., both of Salt Lake City, at 100.10, as noted here in May
—V. 142, p. 3388—are due $2,000 from May 1, 1937, to 1956, incl., giving
a basis of about
2.99%.
J. W.
We Are
Mo.—BONDS
Fulton),
VOTED—At the election held on June 9—Y. 142, p. 3898—the voters
approved the issuance of the $146,000 in school building bonds, according
to report.
MAINE—NEW
Specialists in
HAMPSHIRE- VERMONT
,
NORMANDY CONSOLIDATED
SCHOOL
DISTRICT
payable semi-annually.
Due as follows: $6,000, 1937 to 1940; $8,000,
1941 to 1945; $10,000, 1946 to 1950; $11,000, 1951, and $12,000, 1952 to
1956, all inclusive.
The approving opinion of B. H. Charles of St. Louis
will be furnished to the purchaser.
All expenses of preparation and print¬
ing will be borne by the School District.
A certified check for $2,000,
payable to the order of the Treasurer of the Board of Education, must ac¬
company the bid.
Official Financial Statement
Assessed valuation 1933 (amount used for bonding purposes) $19,404,500.00
Assessed valuation 1935 (not incl. valuation of utilities which
-
is_f1,600,000.00)
Estimated actual valuation.
Estimated present population
Bonding power, July 1, 1936Bonded debt, June 1, 1936
Other debts
—
-
-
-
_
_
Municipal Issues
(P. O. Nor¬
mandy), Mo.—BOND OFFERING—Bids will be received until 8 p. m. on
June 22 by the Clerk of the Board of Education for the sale at auction of an
issue of $185,000 coupon school bonds.
Bidder to specify the rate of
interest bonds are to bear.
Denom. $1,000.
Dated July 1,1936.
Interest
18,046,360.00
40,000,000.00
40,000
974,725.00
874,000.00
None
E. H. Rollins & Sons
Incorporated
200
Devonshire
NEW
St., Boston, Mass.
HAMPSHIRE
MANCHESTER, N. H.—LOAN OFFERING—F. D. McLaughlin, City
Treasurer, will receive sealed bids until 1 p. m. (Eastern Standard Time)
on June 25 for the purchase at discount of $500,000 tax anticipation notes
of 1936.
Notes will be dated June 25,1936, and payable $250,000 Feb. 18,
1937, and $250,000 March 18, 1937, at the First National Bank of Boston
in Boston, Mass., or at the Central Hanover Bank & Trust Co., in New
York City, and will be ready for delivery on or about Friday, June 26,1936,
at either of said offices.
The denominations will be $25,000, $10,000 and
$5,000.
The notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Ropes, Gray, Boyden
Volume
142
Financial
& Perkins of Boston, and all legal papers incident to
"with said bank, where they may be inspected.
1, 1936
Financial Statement June
Valuation,
Valuation,
1935
1936--
this issue will be filed
$92,757,548
—.—85,038,060
-
-
-
110,279
None
Tax titles
Borrowed against
Total uncollected taxes for all years prior to
1934, $8,495.
1934 levy,
date, $8,961.
1935 levy, $3,061,541; uncol¬
Tax antic pat on notes outstand ng aga nst 1935,
$300,000; 1936, $1,500,000.
$2,823,931;
uncollected
to
lected to date, $213,514.
Chronicle
4221
assessed valuation in that period; (4)
1935 and estimated 1936 cash surplus
cash operating surplus of $252,199 in
of $59,000, after retirement of $259,000 bonds of the Budget and Water Department, contrasted with annual
deficits of $250,000 to $400,000 in the three previous years; and (5) im¬
proved credit, as evidenced by current prices for the city's outstanding
long term obligations.
Commenting upon the progress made by Garfield in restoring its credit
through resolute pruning of operating costs and the adoption of a pay-asyou-go policy, Dr. Samuel Alexander, President of the Board of Chosen
Freeholders of Bergen County, asserts: "Garfield is a shining example of
what efficient government can do. Dr. Bleasby and his officials have made
Garfield one of the finest municipalities in Bergen County."
PASSAIC VALLEY WATER COMMISSION, N. J.—NOTE SALE—
The $200,000 water revenue notes offered on June 16—V. 142, p. 3899—
awarded to Adams & Mueller of Newark at 0.60% int., at par plus
were
a
H. L. Allh Company
New Jersey
revenue notes
N.Y. 1-528
STANHOPE, N. J.—BOND OFFERING—Job J. Shaw, Borough Clerk,
New York
100 Broadway
will receive sealed bids until 8 p. m. (Daylight Saving Time) on June 22
for the purchase of $18,000 4, 4M, 4H, 4% or 5% coupon water bonds.
Dated July 1, 1936. Denom. $1,000.
Due $1,000 annually on July 1 from
1937 to 1954 incl. Principal and interest (J. & J.) payable in lawful money
of the United States at the Citizens National Bank, Netcong." A certified
check for 2% of the issue, payable to the order of the borough, must accom¬
municipal bonds
New Jersey
pany each proposal.
and General Market Issues
B. J. Van
WILLIAM
57
A. T.
&.
Telephone:
STREET, N. Y.
John 4-6364
Newark Tel.: Market 3-3124
Dated May 1,
years
1936.
Due from May 1, 1937 to 1966, subject to call 10
after date of issue.
LEA
jersey municipals
COUNTY
M.—BOND
$1,100 in
*
New Yor
MArket 3-1718
'■
V.N-A:.
2
(P.
O.
Lovington),
be received until
11
a.
m.
1940.
Principal and interest payable
at the
State Treasurer's
or at such other place as the bidder may elect.
None of such bonds
will be sold at less than par and accrued interest nor will any discount or
commission be allowed or paid on the sale of such bonds. A certified check
for 5% of the amount bid, payable to the County Treasurer, is required.
119354932
HOT
A. T. & T. Teletype
Wire:
REctor 2 2055
NO.
will
bids
office,
INCORPORATED
Raymond Blvd., Newark
DISTRICT
SCHOOL
OFFERING—Sealed
June 29 by D. C. Berry, County Treasurer, for the purchase of a $4,100
issue of school bonds.
Interest rate is not to exceed 5%, payable J. & D.
Dated June 1, 1936.
Due on June 1 as follows: $1,000, 1937 to 1939, and
on
Colyer, Robinson $ Company
1180
MEXICO
NEW
GALLUP, N. Mex.—BONDS NOT SOLD—The $110,000 issue of 4%
semi-annual water system bonds offered on May 25—V. 142, p. 3553—
was not sold as no bids were receive'd, according to the Town Treasurer.
N.
new
The approving opinion of Hawkins, Delafield & Long¬
fellow of New York will be furnished the successful bidder.
Ingen & Co. Inc.
T.: N. Y. 1-730
1936.
being formulated for the refunding of the approximately $160,000 of tax
and tax title liens presently outstanding.
ror 2-7333
Telepho
Dated June 20, 1936, and due $50,000 July 20, 1936;
RIVERSIDE TOWNSHIP (P. O. Riverside),
N. J.—PLANS RE¬
FUNDING ISSUE—F. S. Grogan, Township Clerk, states that plans are
Municipal Bonds
A.T.&T.
premium of $10.
$50,000, Aug. 20, 1936, and $100,000 Sept. 20,
SPRINGS, N.
Mex.—BOND SALE— The $15,000 issue of 5%
semi-ann. hospital bonds offered for sale on June 1—V. 142, p. 3553
purchased by tlie Hot Springs National Bank of Hot Springs, at par.
Due $1,000 from 1941 to 1955 incl. No other bid was received.
coupon
NWRK 24
•—was
NEW JERSEY
SANTA
AVON-BY-THE SEA,
N. J.—BONDS
for the $20,000 4H% coupon
NOT SOLD—No bids were
or registered sewage disposal
outfall pipe bonds offered on June 16—V. 142, p. 4061.
Dated May 1,
1936, and due $1,000 on May 1 from 1937 to 1956 inci.
submitted
BAYONNE, N. J.—BONDS OFFERED FOR
INVESTMENT—'The
$665,000 4% coupon or registered water, street improvement and school
bonds which were purchased from the Reconstruction Finance Corporation
in the past week by the Bancamerica-Blair Corp., Graham, Parsons & Co.,
both of New York, and MacBride, Miller & Co. of Newark, were re-offered
by the bankers for public investment at. prices to yield from 0.50% to
3.85%, according to maturity.
The bonds mature serially from 1936 to
1963 incl. and, according to the bankers, are legal investment for savings
banks and trust funds in the States of New Jersey and New York.
_
BUTLER, N. J.—BONDS SOLD—The $20,500 coupon or registered re¬
funding bonds offered on June 8—V. 142, p. 3552—were awarded to the
Sinking Fund Commission on a bid of par for 4s.
Dated May 1, 1936.
Due May Fas follows: $3,000 from 1937 to 1942, and $2,500 in 1943.
CAMDEN, N. J.—BOND SALE—The successful and only bidder at the
offering on June 16 of $5,010,000 coupon or registered refunding bonds
was a
syndicate composed of Lehman Bros.; Blyth & Co., Inc.; the Banc¬
america-Blair Corp.; Stone & Webster and Blodget, Inc.; E. H. Rollins
& Sons; Graham, Parsons & Co.; Estabrook & Co.; Eastman, Dillon & Co.
of New York; J. S. Rippel & Co. of Newark; Pnelps, Fenn & Co.; Kean,
Taylor & Co.; B. J. Van Ingen & Co., Inc. of New York; C. C. Codings
& Co
of Philadelphia; Hemphill, Noyes & Co.; A. C. Allyn & Co., Inc.;
Bacon, Stevenson & Co.; Morse Bros. & Co., Inc.; H. L. Allen & Co.;
the First of Michigan Corp. of New York; Edward Lowber Stokes & Co.
of Phildelphia; Stranahan, Harris & Co.; Adams & Mueller; Schlater,
Noyes & Gardner, Inc.; Colyer, Robinson & Co. of New York; VanDeventer,
Spear & Co. of Newark; Hannahs, Ballin & Lee ; Starkweather & Co. of
New York; Morris Matner & Co. of Chicago; Lobdell & Co. of New York;
Dougherty, Corkran & Co. of Philadelphia; Campbell, Phelps & Co.,
and Charles H. Newton & Co. of New York.
The group bid for the issue as
4s, at
a
price of 92,
a
the city of 4.307% annually.
issue to investors at prices
for
for
Tne bonds offered were described as follows:
net interest cost to
The bankers reoffered $4,780,000 bonds of the
to
a
to 4.30%.
The remaining $230,000 were exchanged
like amount of temporary debt held by other creditors, as provided
yield 4.10%
in the city's notice of sale.
$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: $5,000 from
1945 to 1963
incl., and $10,000 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, incl.
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 circu¬
lating in the city, county and State of New York.
CAMDEN
COUNTY
(P.
O.
Camden),
N.
J .—TO REDEEM
OUT¬
STANDING SCRIP AND WARRANTS—John W. Sell, County Treasurer,
will redeem
July 15 all scrip and warrants issued during the years from
and outstanding on the above date.
Payment of the
principal amount of the obligations and accrued interest to July 15, 1936,
will be made at the County Treasurer's office.
1933
to
on
1936
incl.
CHATHAM TOWNSHIP SCHOOL DISTRICT, N. J .—BOND SALE—
The $40,000 coupon or registered
school bonds offered on June 15—V. 142,
p. 3899—were awarded to H. L. Allen & Co. of New York at 4% interest
for a premium of $268, equal to 100.67, a basis of about 3.95%.
M. M.
Freeman & Co. of Philadelphia offered a premium of $233.33 for 4s. Dated
July 1, 1936.
Due July 1 as follows:
$1,000, 1937 to 1946; and $1,500,
1947 to 1966.
GARFIELD, N. J.—CASH BASIS PROGRAM CUTS TAX RATE
22%—Marking the success of its program to rehabilitate the city's finances
through rigorous economy measures, the present administration of Gar¬
field, N. J., largest city in Bergen County, reports what has been accom¬
plished.
According to Dr. Charles B. Bleasby, Mayor of Garfield, who was elected
in 1933 and re-elected by a larger majority in 1935, steps to refund the
city's entire floating debt were completed last year, with the assistance of
Norman S. Taber & Co., consultants on municipal finance.
At the same
time, the municipal budget was placed permanently on a cash basis, with
the following resulting benefits to the city's taxpayers or creditors, ac¬
cording to Dr. Bleasby:
•
(1) Reduction of 22% in the tax rate, from $7.54 in 1934 to $5.84 in 1936;
(2) gross debt reduced from $6,590,633 on Dec. 31, 1933, to $6,020,284 on
Dec. 31, 1935; (3) a cut of 26% in the annual tax levy, from $1,583,771 in
1934 to $1,162,938 in 1936, in spite of a reduction of over $1,160,000 in the
FE
COUNTY
(P.
O. Santa Fc),
N.
Mex.'—BOND SALE—
The $100,000 Santa Fe Municipal School District coupon bonds offered on
15—V. 142, p. 3389—were awarded to Edward L. Burton & Co. of
Salt Lake City.
The purchaser offered a premium of $140, making a price
June
equivalent to 100.14, for $42,000 3% bonds and $58,000 2% % bonds. The
J. K. Mullen Investment Co. of Denver, second high, bid a premium of
$1,333 for 3% bonds.
Dated July 1, 1936.
Due in substantially equal
annual instalments from July 1, 1937 to 1951.
SOFIA SCHOOL DISTRICT NO. 4 (P. O. Clayton), N. M.—BONDS
VOTED—The County Treasurer reports that the voters approved
of $18,000 school building bonds at a recent election.
the issu¬
ance
It is said that
these
bonds
are
to
be offered for sale
before July 1, if
possible.
1
'-.v-;:/'-
Offering»—
Wanted
New York State Municipals
County—City—Town—School District
Gordon Graves & Co.
MEMBERS NEW
WALL ST.,
YORK
Whitehall 4-5770
NEW
ALBANY
STOCK EXCHANGE
N. Y.
YORK
COUNTY
(P. O. Albany), N. Y.—BOND OFFERING—
Felix Corscadden, County Treasurer, will sell at public auction at 2 p. m.
(Daylight Saving Time) on June 23 an issue of $500,000 not to exceed 4%
interest coupon or registered tax revenue bonds.
Dated June 1, 1936.
Denom. $1,000.
Due $100,000 on June 1 from 1937 to 1941 incl. Rate of
interest to be expressed in a multiple of M of 1%.
Principal and interest
(J. & D.) payable at the New York State National Bank, Albany. Purpose
of 'the financing is to renew tax anticipation notes issued against 1935
taxes.
A certified check for $10,000, payable to the order of the County
Treasurer, must be deposited by each bidder prior to the commencement of
the sale.
The bonds are payable from general taxes, without limitation as
to rate or amount.
Legal opinion of Reed, Hoyt & Washburn of New York
will be furnished the successful bidder.
Financial Statement
The assessed valuation of the property subject to the taxing power
of
the county is $316,210,609.50, the total bonded debt of the county, incl.
the bonds described above, is $10,582,000; the population of the county,
according to the most recent United States census is 211,953; the bonded
debt of the county does not include the debt of any other subdivision having
power
to levy taxes upon any or all of the property subject to the taxing
power of the county.
Taxes for the City
mans,
Colonie,
of Albany and the towns of Berne, Bethlehem, CoeyGreen Island, Guilderland, Knox, New Scotland, Rens-
selaerville and Westerlo are levied in December each year.
The taxes for the City Albany are collected by the City Treasurer for
one year thereafter and are then returned to the County Treasurer who
collects the taxes for nine months. After nine months the County Treasurer
proceeds to sell them at a tax sale.
The town taxes are collected, by town tax collectors for the first four
months of the year and are then returned to the County Treasurer who
collects them for about a year and then proceeds to sell them at a tax sale.
The collections by the City Treasurer, the County Treasurer and the
town collectors are
for all city, county, town and State taxes.
*
School taxes and special district taxes are not included.
Fiscal Year
Beginning—
1933
W1934
Total
Levy
(not Incl. Special
Assessments)
$8,969,284.18
9,211,583.28
9,236,322,85
Uncollected
at End of
First Year
$1,264,421.73
v
Uncollected
June 18,
1936
$299,864.23
402,631.24
986,181.18
776,923.41
587,981.58
1935 tax collections started Jan.
1, 1936.
1935 total tax levy $9,277,611.14.
1935 estimate of taxes collected to June 18, 1936 is $6,089,754.64.
By custom in the City of Albany a large percentage of the unpaid taxes
is paid on Dec. 31 of the year in which they are levied, the last day before
the taxes are returned to the County Treasurer.
The amounts of taxes levied by the Board of Supervisors for county
purposes only for the fiscal years 1933, 1934 and
1935, being the taxes
levied at the annual sessions in December 1932, 1933 and 1934 respectively,
the amounts of such taxes uncollected at the end of each such fiscal year
and the amounts of such taxes which remain uncollected
as
of the date of
this notice were, respectively:
Year—
Uncollected
Levied
$1,596,192.82
2,035,424.16
2,029,086.99
End ot Year
$1,264,421.73
986,181.18
776,923.41
Now
Uncollected
$299,864.23
402,631.24
587.981.58
4222
Financial
The amount of taxes levied in December 1935 for the fiscal
year 1936 for
county purposes only were $2,032,555.10.
Bonded indebtedness including this issue
$10,582,000.00
1,000,000.00
--316,210,609.50
Temporary tax loans outstanding
Assessed
valuation
Population
_
census
ALEXANDRIA
Chronicle
Y.—BOND SALE—The
NASSAU COUNTY
N. Y —BOND OFFERING— Roy F. Pearce,
Village Clerk, will receive bids until 3 p. m. June 23 for the purchase at
not less than par of $21,000
coupon, fully registerable, paving bonds
Bidders are to name rate of interest, in a multiple of M %, but not to exceed
6%. Denom. $1,000. Dated July 1, 1936. Principal and semi-annual inter¬
est (Jan. 1 and July 1) payable at the Alexandria
Bay branch of the Northern
New York Trust Co., in New York exchange.
Due $2,000 July 1, 1937,
and $1,000 yearly on July 1 from 1938 to 1956.
Certified check for $500,
payable to the village, required.
Approving opinion of Clay, Dillon &
Vandewater of New York will be furnished by the village.
■"
N.
$44,000 coupon or regis¬
tered general hospital bonds offered on June 19—V. 142, p. 4063—were
awarded to Halsey, Stuart & Co. of New York on a bid of i00.06 for 1.70s,
a
basis of about 1.67%.
Dated Nov. 1, 1935.
Due Nov. 1 as follows:
$12,000 in 1936 and $8,000 from 1937 to 1940 incl.
1930, 211,953.
BAY,
■;/,
June 20, 1936
JAMESTOWN,
Financial Statement
The assessed valuation of the property subject to the
taxing power of the
village is $1,476,569. The total bonded debt of the village, including the
bonds now being offered/is $110,250, of which none is water debt.
The
population of the village (1930 census) was 2,008.
The bonded debt as
stated does not include the debt of any other subdivision
having power to
levy taxes upon any or all of the property subject to the taxing power of the
village. The fiscal year commences March 1. The amount of taxes levied
for the fiscal years commencing March 1, 1933, March
1,1934, and March 1,
1935, was respectively $30,773.22, $34,335.74 and $38,123.30. The amount
of such taxes uncollected at the end of each of said fiscal
years was, respec¬
tively, $4,522.31, $8,168.42 and $4,890.35.
The amount of such taxes
remaining uncollected as of the date of this notice is, respectively, $3,520.60,
$6,020.25 and $4,870.75. The taxes of the fiscal year commencing March 1,
1936, amount to $34,618.63, of which none has been collected.
BRIDGEHAMPTON FIRE DISTRICT
N. Y.—BOND OFFERING—Daniel Downs,
(P.
O.
Bridgehampton),
Chairman
of
the
Board
0.61s, dated June 16, 1936 and due Dec. 16, 1936.
An
additional $500,000 worth was taken by F. S. Moseley & Co. of New
York, the report said.
NEW YORK CITY—TOTAL DEBT REDUCED DURING MAY—Total
$83,749,000 under the 1936 high point of $2,551,546,226, established in
March, the monthly report of Comptroller Frank J. Taylor reveals.
The
total on May 31 was $2,467,797,226.
V
All the reduction was in temporary debt, and was due to heavy tax
collections.
The temporary debt at the end of May was $138,619,500, a
reduction of $104,397,000 from the high of March 31. Funded debt, on the
other hand, was up nearly $4,000,000, to $2,268,177,726, while special
corporate stock notes outstanding totaled $61,000,000, the same as on
April 30, but $5,000,000 more than for March 31.
Total outstanding taxes, including assessments collectible with taxes
totaled $377,342,679 at the end of May, against $410,765,052 on April 30
and $161,161,298 on March 31.
Total outstanding against 1936 taxes was
$230,484,101 on May 31, against $258,300,873 as of April 30.
Against 1935 taxes, the total outstanding on May 31 was $46,570,913,
against $40,961,685 on April 39 and $54,656,606 two months ago. The end
of May also saw a further drop in taxes outstanding for 1934, the amount
being $29,411,887, against $30,649,309 on April 30 and $32,994,859 at the
end of March.
Further reduction in the total outstanding taxes of 1933 and prior years
recorded, the total at the end of May being $70,875,777, against
$71,853,183 on April 30 and $73,500,720 on March 31.
was
of
and equipment bonds. Dated March 1, 1936.
Denom. $1,000. Due $1,000
on March 1 from 1937 to 1945 incl.
Rate of interest to be expressed in a
multiple of M or 1-10th of 1%. Principal and interest (M. & S.) payable
at the Bridgehampton National Bank,
Bridgehampton. A certified check
for 2% of the bonds bid for, payable to the order of the District
Treasurer,
must accompany each proposal.
The approving opinion of Thomson, Wood
& Hoffman of New York will be furnished the successful bidder.
CATSKILL UNION FREE SCHOOL DISTRICT NO.
1
(P. O. Cat-
skill), N. Y.—BOND SALE—The $125,000 coupon or registered school
bonds of 1936 offered on June 16—V
142, p. 4068—were awarded to E. H.
Rollins & Sons, Inc., and A. C. Allyn & Co., Inc.,
jointly, as 3s, at par
plus a premium of $825, equal to 100.66, a basis of about 2.94%.
Dated
June 1, 1936, and due June 1 as follows: $3,000, 1938 to
1946, incl.; $4,000,
1947 to 1954, incl.; $5,000 from 1955 to 1960, incl., and $6,000 from
1961
to 1966, incl.
Other bids were as follows:
Bidder—
Int. Rate
Rate Bid
3%
3.10%
3.10%
3.20%
100.29
100.28
CatskilI Savings Bank
Manufacturers & Traders Trust Co
Halsey, Stuart & Co., Inc
George B. Gibbons & Co., Inc
Par
100.22
DRYDEN AND HARTFORD CENTRAL SCHOOL DISTRICT No. 1
(P. O. Dryden), N. Y.—NEW ISSUE OFFERING—Bancamerica-Blair
Corp. and Adams, McEntee & Co., Inc. are offering a new issue of $168,000
coupon 2.80% bonds.
The bonds are dated June 1, 1936 and mature from
June 1, 1938 to 1962 inclusive and are priced to
yield from 1.25% to 2.85%,
according to maturity.
Assessed valuation, as officially reported by the
district on May 25, 1936, was $2,210,807 and total bonded
debt, including
this issue, $179,000.
The bonds are legal investment for savings banks and
trust funds in New York State.
as
debt of New York City was reduced $15,545,000 during May, and is now
NEW
Fire
Commissioners, will receive sealed bids until noon on July 1 for the
purchase of $9,000 not to exceed 5% interest coupon or registered apparatus
(P. O. Mineola), N. Y.—NOTE SALE—Lehman
Bros, of New York purchased on June 16 a block of $500,000 school tax
notes of 1936
State
YORK,
of—REPORT
following
NEW
ON
LAW—The
LIMITATION
MUNICIPAL BOND
regarding
a
recently
statement
enacted municipal bond curb law is taken from the June 4 issue of "Just
Moment,"
official
the
weekly publication
of the
Buffalo
Municipal
a
Re¬
search Bureau, Inc., Buffalo, N. Y.:
The attention of all the cities, towns,
villages, school districts and special
itself is called to a new law—
Chapter 509, Laws of 1936.
By its terms, bonas or other obligations by which a debt of three years or
more is contracted must be paid in annual instalments, the first of which
districts in Erie County and of the county
becomes
due in
the calendar year
bonds; or, in case of
a revenue
immediately following the date of the
producing improvement, not more than three
The last of the instalments must become
of the maximum period of usefulness as
years from the date of the bonds.
due not later than the expiration
specified below.
The City of Buffalo, however, is permitted to issue term bonds and is
not restricted to the use of serial bonds, as are the other municipalities
mentioned.
But the final payment of its bonds of either type must be
made within the same maximum period of usefulness.
A general indication of what the law fixes as to this period is given below:
1. Sewer; Systems—New and complete, 30 years; reconstruction or addi¬
tions, 20 years.
2. Water Systems—Forty years.
\v-,.
3. Electric Light and Power Systems—New and complete, 30 years; re¬
construction or additions, 20 years.
■
4.
Incineration Plants—Fifteen years.
5.
•
Parks and Playgrounds—Twenty years.
6. Land or Buildings—For purposes not elsewhere specified in this list,
but exclusive of furnishings, machinery or equipment thereof, 20 years;
additions to such buildings, 15 years.
7. Bridges—Twenty years.
8.
Roads and Streets—Of sand and gravel, five years; water-bound mac¬
adam
or
penetration process, five
years;
of other material, 10
years.
9.
Land for Roads and Streets—Twenty years.
Curbs, Sidewalks and Gutters—Of brick, stone or concrete, five years.
11. Police and Fire Alarm Systems or other systems of communication—
10.
DUNKIRK,
N. Y.—BONDS NOT SOLD—The Dunkirk Trust Co. of
Dunkirk did not exercise its option of one week on the issue of
$130,000
deficiency bonds offered on June 1—V. 142, p. 4062.
Ten years.
12. Fire and Police
HEMPSTEAD AND NORTH HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 5 (P. O. New Hyde
Park), N. Y.—BOND SALE—The
$37,500 coupon pr registered school completion bonds offered on June 13—
V. 142, p. 3721—were awarded to A. C. Allyn & Co., Inc., of New York, as
3.10s at a price of 100.144, a basis of about 3.09%.
Dated June 1,
as
fire engines, police automobiles—Five
years.
and due June 1
Apparatus,
years.
years.
13. Seioer
Other bids
were as
follows:
Bidder—
Int. Rate
Manufacturers & Traders Trust Co
Rate Bid
3.40%
3.75%
3.40%
3.70%
Stranahan, Harris & Co., Inc
Geo. B. Gibbons & Co., Inc___
Bank of New Hyde Park
100.279
100.319
100.3794
100.01
IRONDEQUOIT (P. O. 1340 Ridge Road East, Beechwood Station
R. D. No. 5, Rochester), N. Y.—BOND OFFERING—Fred E.
Hussey,
Town
Time)
Clerk, will receive sealed bids until 3:30 p. m. (Eastern Standard
on June 30 for the purchase of $31,500 not to exceed 6% interest
registered bonds divided as follows:
Each issue is dated June 1,
1936.
Bidder to
one rate
name
of
expressed in
interest,
a multiple of M or 1-10
of 1%.
Prin. and int. (J. & D.)
payable at the Genesee Valley Trust Co., Rochester, or at the Irving Trust
Co., New York City.
In event that special assessments on property bene¬
fited by the improvements financed by the bonds are not sufficient in amount
to service the obligations, the town will be
required to levy such ad valorem
taxes on all its taxable property as may be
necessary to pay the principal
and interest on the debt created.
Such taxes may be levied by the town
without limitation
as to rate or amount.
A certified check for $630, pay¬
able to the order of the town, must accompany each
proposal.
The approv¬
ing opinion of Reed, Hoyt & Washburn of New York will be furnished the
successful bidder.
NEW
BERLIN,
COLUMBUS,
PITTSFIELD,
EDMESTON
AND
1 (P. O. New
registered school
bonds offered on June 16—V. 142, p. 3900—were awarded to George B.
Gibbons & Co., Inc., and Roosevelt & Weigold, Inc., botn of New
York,
jointly, as 2,90s, at a price of 100.64, a basis of about 2.85%.
Dated
June 1, 1935, and due June 1 as follows:
$4,000 from 1937 to 1941, incl.;
$5,000, 1942 to 1946, incl.; $6,000, 1947 to 1951, incl.; $7,000, 1952 to
1956, incl.; $8,000 from 1957 to 1961, incl., and $9,000 from 1962 to 1966,
BROOKFIELD
CENTRAL
SCHOOL
DISTRICT
Berlin), N. Y.-—BOND SALE—The $195,000
are
Other bids for the issue
Bidder—
were
as
followsRate Bid
int. Rate
>
George B. Gibbons & Co., Inc., and Roosevelt &
Weigold, Inc
2.90%
Halsey, Stuart & Co., Inc
2.90%
Kean, Taylor & Co., and Benedict & Son
3%
Charles H. Drew & Co., and Mohawk
Valley Invest¬
ment Co
E. H. Rollins & Sons, and A. C. Allyn & Co., Inc__
Manufacturers & Traders Trust Co
♦Various local banks
;
B. J. Van Ingen & Co., Inc_
Rutter & Co.; Granbery, Safford & Co., and Clarence
L. Doolittle
♦
These
institutions
were:
100.64
100.359
100.069
100.06
100.48
100.829
Par
100.301
3%
3%
3%
3%
3.10%
National
Bank
&
3.10%
100.15
3.20%
Adams, McEntee & Co., Inc
100.71
Trust
Co.
of
Norwich,
National Bank of New Berlin and of Oxford, Sherborne National Bank,
Chenango County National Bank & Trust Co. of Norwich and First Na¬
tional Bank in Greene of Afton and Earlville.
service
main
to
the
curb—Ten
•
Equipment, Apparatus
or
Furnishings, not otherwise included—Five
Unspecified Purposes—Any construction or acquisition not embraced
by any of the foregoing—Ten years.
These limitations do not apply to debts authorized by general law for
welfare work or unemployment relief, nor to refunding bonds or debt
equalization bonds; and are, of course, not retroactive and do not apply to
the locality's share of payments for PWA or WPA projects.
We regard this enactment as a wise one.
The more restraint that can
be placed upon the issuing of bonds the sooner the
taxpayers will be freed of
the heavy load of interest and principal payments wnich constitutes so
large a part of the tax bills.
Of the Buffalo general city tax rate for 1936-37, $10.89 was for debt ser¬
vice and $14.80 for all other purposes.
Of the general county tax rate for
1936, $2.90 was for debt sendee and $4.88 for all other purposes.
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. O. OssinN. Y.—BOND SALE—The $145,000 coupon or registered school
on June
17—V. 142, p. 4063—were awarded to the Manu¬
ing),
bonds offered
facturers & Traders Trust Co. of Buffalo on
basis of about 2.58%.
Dated July 1, 1936.
a
bid of 100.277 for
Due $5,000
on
2.60s, a
July 1 from
1938 to 1966, incl.
PELHAM MANOR,
N. Y.—BOND OFFERING—Gervas Kerr, Village
Clerk, will receive sealed bids until 4 p. m. (Eastern Standard Time) on
June 26 for the purchase of $45,000 not to exceed
6% interest coupon or
registered local improvement bonds.
Dated June 25,
1936.
Denom.
$1,000.
Due $2,500 on June 25 from 1938 to 1955 incl.
Bidder to name one
rate of interest on the issue, expressed in a
multiple of K of 1 %.
Prin. and
semi-ann. int. payable at the Chemical Bank & Trust
Co., N. Y. City.
The Continental Bank & Trust Co. of New York will
prepare the bonds and
certify as to the genuineness of the signatures of village officials and the
seal impressed on the instruments.
A certified check for
2% of the bonds
bid
for
is
required.
The approving opinion of Caldwell &
Raymond of
New York will be furnished the successful bidder.
Delivery of bonds will
be made at the Continental Bank & Trust Co. at 11 a. m. on
July 7.
It
was
previously indicated that the sale would be held
on
June 29.
NO.
making public offering of the issue at prices
to yield from 1 to 2.85%,
according to maturity.
The bonds, the bankers
report, are legal investment for savings banks and trust funds in New
York State.
from
Grade Crossing Abolition—Thirty years.
16.
PRATTSBURG, PULTENEY, WHEELER, URBANA, ITALY AND
coupon or
incl.
The successful bidders
Connections
15.
coupon or
$21,000 Charlton Delmar Sewer District bonds.
Denom. $1,000.
Due
$1,000 on June 1 from 1937 to 1957, inclusive.
10,500 Seneca-Rogers Sewer District, Titus Ave. Extension bonds.
One
bond for $500, others $1,000 each.
Due June 1 as follows: $1,000
from 1937 to 1946, incl., and $500 in 1947.
Water
14.
1936,
as follows: $2,500,
1939; $2,000 from 1940 to 1947, incl,.
and $1,000 from 1948 to 1966, incl.
Second high bid of 100.57 for 3.40s
was made by Roosevelt & Weigold, Inc., of New York.
and
JERUSALEM
bur^),
N.
CENTRAL
Y.—BOND
District of $37,000 not
SCHOOL DISRRICT NO. 1 (P. O. PrattsOFFERING—An offering is being made by the
exceed 4% interest coupon or registered school
bonds.
Sealed bids addressed to Joseph C. Allen, District
Clerk, will be
received until 2 p.m. (Eastern Standard
Time) on June 23.
The bonds will
be dated June 1, 1936.
Denom. $500.
Due June 1 as
to
follows:
$1,000,
1939 to 1943 incl.; $1,500, 1944 to 1954
incl.; $2,000 from 1955 to 1961 incl.
and $1,500 in
pressed in
a
1962.
Bidder to
multiple of l4
or
name
of interest on the issue, ex¬
Prin. and int. (J. & D.) payable
one rate
1-10 of 1%.
lawful money of the United States at the Chase National
Bank, N. Y.
City.
The bonds are direct general obligations of the District,
payable from
unlimited taxes.
A certified check for $740, payable to the order of Warren
C. McConnell, District
in
Treasurer, must accompany each proposal.
The
approving opinion of Clay, Dillon & Vandewater of New York will be fur¬
nished the successful
bidder.
PUTNAM COUNTY (P. O. Brewster), N. Y.—BOND SALE—The
$50,000 coupon or registered county building bonds offered on June 18—
V. 142, p. 3900—were awarded to
Adams, McEntee & Co., Inc. of New
York,
as
of about
to
2Ms, at par plus a premium of $220, equal to 100.44, a basis
2.72%.
Dated July 1, 1936 and due $5,000 on July 1 from 1946
1955 incl.
York, offering
Second
a
high bidder
was
James
H.
Causey & Co. of New
premium of $159.95 for 2Ms.
RENSSELAER, N. Y.—BOND SALE— The $116,000
coupon
or
regis¬
tered general
improvement bonds offered on June 15—V. 142, p. 4063—
awarded to the Rensselaer County Bank & Trust Co. of Rensselaer
as 2.40s for a
premium of $378.16, equal to 100.326, a basis of about 2.37%.
The Manufacturers' & Traders' Trust Co. of Buffalo offered a
were
$204.16 for 2.40s.
from 1938 to 1955
Dated
June
1,
1936.
and $8,000 in 1956.
Due Jan.
1
as
premium of •
$6,000
follows:
Volume
Financial
142
RYE COMMON SCHOOL DISTRICT NO.
N. Y.—BOND OFFERING—An
5
(P. O. Port Chester),
offering is being made by the district of
$23,000 not to exceed 6 % interest coupon or registered school bonds.
Sealed
bids will be received by Robert H.
Brown, Sole Trustee, at the law office
of William C. Young, 216 Westchester
Ave,, Port Chester, until 10 a. m.
(Eastern Standard Time) on June 22.
The issue will be dated May 1,
1936.
Denom. $500.
Due Nov. 1 as follows: $1,500, 1937 to 1940, infcl.;
$2,000 in 1941 and $1,500 from 1942
rate of interest on the
to
issue, expressed in
1951, incl.
a
or
l-10th of 1%.
exchange.
A certified check for $500,
payable to the order of the Sole Trustee, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
COUNTY
(P.
O.
Saratoga
Springs),
N.
LA
MOURE,
4% semi¬
approved by the voters in May—V. 142,
$20,000 to the First State Bank, of
La Moure, and $14,780 to the North Dakota Famers Mutual & Cyclone
Insurance Co.
Dated June 1, 1936.
Y.—BOND
OHIO
TONAWANDA (P. O. Kenmore), N. Y.—BOND SALE— The $137,500
coupon or registered municipal building bonds offered on June 15—V. 142,
p. 4063—were awarded to E. H. Rollins & Sons, Inc., and A. C. Allyn &
Co., Inc., jointly, as 3 Ms, at a price of 100.20, a basis of about 3.21%.
Dated June 1, 1936, and due June 1 as follows: $11,500 in 1937 and
$14,000
from 1938 to 1946, inclusive.
.
Public re-offering was made by the bankers at prices to
yield from 1.50%
banks
and
trust
funds
assessed
an
in
New
valuation
They
York
are
State.
legal investment for savings
The town of Tonawanda
of $75,571,360
and
a
net
bonded
debt
of
$4,930,800.
YORKTOWN (P. O. Yorktown Heights), N. Y.—BOND OFFERING—
Sealed
bids
addressed
to
the
Town
Clerk
will
be
received until
2
p.
m.
KEastern Standard Time) on June 29 for the purchase of $42,813.28 not to
exceed 6% interest coupon or registered bonds, divided as follows:
$38,013.28 tax equalization bonds.
each.
and
Due June 15
One bond for $1,013.28, others $1,000
follows:
$3,000 from 1937 to 1948 incl.
as
-
700 CUYAHOGA
CANTON
as
follows:
One bond for $800, others $1,000 each.
$800 in 1937 and $1,000 from 1938 to
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
ASHLEY, Ohio—BIDS—The following is
a
record of the bids submitted
for the issue of $12,000 water works bonds offered
which was deferred until June 18:
Bidder—
G. Parr Ayres & Co
Nida, Schwartz & Seufferle
Farmers SavingsJBank Co. of Ashley
Bliss, Bowman & Co
on
Int. Rate
Ohio—BOND
Premium
334%
334%
4%
534%
534%
Seasongood & Mayer
BETHESDA,
June 15, award of
SALE—The
$3,177.50
$140.97
63.00
290.00
22.80
12.00
refunding
pay¬
able from unlimited taxes.
A certified check for $900, payable to the order
of the town, must accompany each proposal.
The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
on May 2—V. 142, p. 2549—were awarded to the Goshen National
Bank of Bethesda as 6s, at par plus a premium of $62.64, equal to 101.97,
a basis of about
5.45%. Dated June 1, 1936, and due $500 on Dec. 1 from
CINCINNATI
SCHOOL
DISTRICT,
Ohio—BOND
SALE—The
refunding bonds offered on June 15—V. 142, p. 3723—were
Halsey, Stuart & Co. of Chicago and the First Cleveland Corp.
of Cleveland as 2s at a premium of $197.28, equal to 100.048, a basis of
about 1.99%.
Dated July 1, 1936.
Due Sept. 1 as follows: $22,000,
$411,000
McALISTER, SMITH & PATE, Inc.
87 BROAD STREET
NEW
YORK
Telephone WHltehall 4-6765
S.
C.
1937 to 1948: and $21,000, 1949 to 1955.
Lazard Freres & Co. of New York
and Braun, Bosworth & Co. of Toledo, second
mium of $6,831 for 2Ms.
Other bids
were as
high bidders, offered
Rate of
Bidder—
Bid Price
2%
2.25%
$411,197.28
417,831.00
2.25%
417,695.19
2.25%
2.25%
2.25%
2.25%
415,993.65
415,849.80
415,521.00
413,383.39
2.25%
411,822.85
2.25%
411,739.80
CRESTON, Ohio—PRICE PAID—In connection with the
COUNTY (P. O. Newton), N. C.—NOTE OFFERING—
COUNTY
(P. O. Gastonia), N. C —BOND SALE—'The
$60,000 coupon school building bonds offered on June 16—V. 142, p. 4064—
were awarded to
McAlister, Smitn & Pate of Greenville and the Equitable
Securities Corp. of Nashville as 3s at a premium of $68,
equal to 100.113,
a basis of about
2.99%.
The Interstate Securities Corp. of Charlotte was
second high bidder, offering a price of par for $15,000 3 Ms and $45,000 3
Ms.
Dated June 1, 1936.
Due on June 1 as follows: $2,000, 1938 to 1943; and
$3,000, 1944 to 1959.
GREENVILLE, N. C —NOTE SALE—A $30,000 issue of notes is re¬
ported to have been purchased by the First Citizens Bank & Trust Co. of
Sinithfield at 2%.
HENDERSON, N. C.—NOTE OFFERING—Wr. E. Easterling, Secretary
of the
11
a.
Local
m.
Government Commission,
will receive bids at
Raleigh until
June 23 for the purchase at not less than par of $42,000 revenue
notes.
Bidders are to name rate of interest, not to exceed 6%.
anticipation
Denominations to suit purchaser.
Dated June 25, 1936.
Principal and
interest payable in New York.
Due $20,000 Oct. 10, 1936; $5,000, Dec. 1,
1936: $5,000,
and
recent report
in these columns of the award of $35,000 water works plant construction
bonds as 3s to the National Bank of Orrville—V. 142, p. 4065—we learn
CAROLINA
It is reported that the Secretary of the Local Government Commission will
receive sealed bids at his office in Raleigh, until Junn 23, for the
purchase
of an issue of $113,000 tax anticipation notes.
GASTON
o
Interest
Co.. Cincinnati
CHARLESTON, S. C.
NORTH
a pre¬
follows:
Halsey, Stuart Co., Inc., First Cleveland Corp__»-__
Lazard Freres & Co., Inc., Braun, Bosworth & Co__
Harris Trust & Savings Bank, Chicago; Breed &
Harrison, Inc., Cincinnati
(
Blyth & Co., Inc. and Granberry & Co
Field. Richards & Shepard, Inc
The First Boston Corp., First of Michigan Corp
Brown Harriman & Co., Inc., Hayden. Miller & Co_
Western Bank & Trust Co., Otis & Co., Widman,
Holzman & Ivatz, Seasongood & Mayer
Stranahan. Harris & Co., Toledo; Weil, Roth &
Irving Co., and Provident Savings Bank & Trust
Southern Municipal Bonds
CATAWBA
bonds
offered
awarded to
Each issue is dated June 15, 1936.
Bidder to name one rate of interest on
the bonds, expressed in a multiple of M or
1-10 of 1%.
Prin. and int.
(J. & D.) payable at the Westchester County National Bank, Peekskill, with
New York exchange.
The bonds are general obligations of the town,
GREENVILLE,
AKRON
1939 to 1941 incl., and $177.50 June 1, 1942.
$2,013.28 in 1949.
4,800.00 highway impt. bonds.
Due June 15
1941 incl.
MUNICIPALS
MITCHELL, HERRICK & CO.
be furnished the successful bidder.
reports
Dak.—WARRANT SALE—The $34,870
N.
p. 3723—were sold at par as follows:
$20,000 from 1937 to 1948 incl. and $10,000 in 1949.
Principal and
(March 1, 1937 and M. & S. thereafter) payable at the County
Treasurer's office.
A certified check for $5,000, payable to the order of
the County Treasurer, must
accompany each proposal.
Legality to be
approved by Clay, Dillon & Vandewater of New York, whose opinion will
3.25%, according to maturity.
Dak.—BOND SALE—The
annual special assessment warrants
interest
to
N.
$21,000 issue of re¬
funding bonds offered for sale at auction on June 17—V. 142, p. 3222—
was awarded to the First National Bank of
Minneapolis as 4s at 100.05,
a
basis of about 3.99%, to maturity.
Dated July 1, 1936.
Due from
July 1, 1937, to 1951, inclusive; optional on
any interest payment date at
par and accrued interest.
The second highest bid was an offer of par on
4s, tendered by the Merchants National Bank of Fargo.
OFFERING—Arthur I. Bumstead, County Treasurer, will receive sealed
bids until 3p.m. (Daylight Saving
Time) on June 25 for the purchase of
$250,000 not to exceed 4% interest coupon or registered tuberculosis hospital
bonds.
Dated June 1, 1936.
Denom. $1,000.
Due March 1 as follows:
.
4223
CARRINGTON,
Bidder to name one
multiple of M
Prin. and int. (M. & N.) payable at the First National Bank & Trust Co.
of Port Chester, with New York
SARATOGA
Chronicle
Jan. 2, 1937: $5,000, Feb. 1, 1937: $5,000, March 1, 1937.
$2,000, April 15, 1937. Certified check for M% of amount of offering
that the bank paid a price of 100.035 for the issue, a basis of about 2.99%.
Dated April 1, 1936 and due Oct. 1, as follows:
$1,000 from 1937 to 1941,
incl. and $1,500 from 1942 to 1961, inclusive.
COUNTY
CUYAHOGA
(P.
O.
Cleveland),
Ohio—BOND SALE—
June 12—V. 142, p.
as lMs, at par plus a
premium of $327, equal to 100.19, a basis of about 1.71%.
Dated June 1,
1936 and due March 1 as follows:
$18,600, 1937; $18,000, 1938; $19,000,
1939; $21,000, 1940; $22,000, 1941; $23,000, 1942; $24,000 in 1943 and
The $171,600 emergency poor relief bonds offered
3723—were awarded to Otis & Co. of Cleveland
on
$26,000 in 1944.
CUYAHOGA FALLS, Ohio—BOND SALE— The $40,098 street im¬
provement bonds offered on June 15—V. 142, p. 3723—were awarded as
4s to the Provident Savings Bank & Trust Co. of Cincinnati.
Dated June 1,
1947,
1936, and due Oct. 1 as follows: $4,098 in 1937 and $4,500 from 1938 to
inclusive.
HANCOCK
$58,000
poor
COUNTY
(P. O. Findlay), Ohio—BOND SALE—The
relief bonds offered on June 18—V. 142, p. 3723—were
awarded
to Johnson,
Ivase & Co. of Cleveland.
Dated June 1, 1936,
March 1 as follows:
$5,900, 1937; $6,200, 1938; $6,600, 1939;
$7,000,1940: $7,400, 1941; $7,800,1942; $8,300 in 1943, and $8,800in 1944.
and
due
HOCKING COUNTY (P. O.
Logan), Ohio—BOND SALE—The $28,-
500 poor relief bonds offered on June 15 were awarded to Stranahan, Harris
& Co. of Toledo as 2s, at par plus a premium of $131.11, equal to 100.46,
required.
a
LEE COUNTY (P. O. Sanford), N. C.—MATURITY—The Chairman
of the Board of Commissioners reports that the $12,500 bond
anticipation
$3,800,
notes
purchased by the First National Bank of Sanford, at 4%, plus a pre¬
$16, as noted here recently—V. 142, p. 3900—are due on Nov. 1,
basis of about 1.89%.
Dated June 1, 1936 and due March 1 as follows:
$3,100, 1937; $3,000, 1938; $3,200,
1939; $3,400, 1940; $3,600, 1941;
1942; $4,100 in 1943 and $4,300 in 1944.
Other bids were as
follows*
1936.
NORTH
CAROLINA,
State
of—COUNTY
TAX
BURDENS
RE¬
DUCED—Reductions in the tax burden of North Carolina counties aver¬
aging about 50% have taken place since 1930, R. S. Dickson & Co. of
New York and Charlotte, point out in a survey of local tax burdens in the
State.
The reductions are the result of State school and road aid.
"With a State-wide system of modern school
buildings
requiring only
extension and replacement of such buildings to accommodate the increas¬
ing population, North Carolina counties in the future have only to provide
such replacements and additions to school
buildings, to maintain court
houses, court terms, jails and their functions, and to pay their debts, as
compared with their previous expenses in not only providing debt service,
but for the construction and maintenance of roads, construction and main¬
tenance of schools, as well as all administrative functions of the
counties,"
the survey says.
The survey cites the tax burden of eight counties as of June 30,
1936, and
compares the totals with that of June 30, 1930.
In Burke County the tax
burden is $195,000 now against $316,187 in 1930: in Catawba
County,
$342,000 against $611,890: in Davidson County, $247,582 against $663,818:
Mecklenburg County, $905,255 against $1,823,023: Nash County, $308,250
against $646,550: New Hanover County,
$.348,788 against $801,338;
Sampson County, $205,554 against $426,323:
Stanly County,
$246,106
against $473,415.
ORANGE COUNTY (P. O. Hillsboro), N. C.—NOTE SALE—A $10,000 issue of notes is reported to have been purchased by the Durham Loan
& Trust Co. of Durham, at 1.90%.
WAKE
COUNTY
(P. O. Raleigh), N. C.—NOTE SALE—A $5,000
antiicpation notes is reported to have been purchased by the
First Citizens' Bank & Trust Co. of Smithville at 2%.
issue of
revenue
WINSTON-SALEM,
N. C.—NOTE SALE—A $375,000 issue of
NORTH
DAKOTA
BISMARCK, N. Dak.—BOND OFFERING—Myron H. Atkinson, City
Auditor, will receive bids until 8
refunding bonds.
p. m.
Logan, Ohio
Saunders, Stiver & Co., Cleveland
The Provident Savs. Bank & Tr. Co., Cincinnati
Seasongood & Mayer, Cincinnati
2M%
None
$88.55
65.55
31.85
158.00
44.00
2 /o
2 M %
2%
2)4%
2M%
Braun, Bosworth & Co., Toledo
The Weil Roth & Irving Co., Cincinnati-
JACKSON, Ohio—BOND SALE—The $15,000 municipal building bonds
on June 11—V. 142, p. 3556—were awarded to Saunders, Stiver &
Co. of Cleveland as 3 Ms for a premium of $108.50. equal to 100^721, a basis
of about 3.14%.
Dated Oct. 1, 1935.
Due $1,000 yearly on Oct. 1 from
offered
1937 to 1951, inclusive.
LUCAS
COUNTY
•
(P.
O.
Toledo),
Ohio—BOND
OFFERING—
Adelaide E. Schmitt, Clerk of Board of County Commissioners, will receive
bids until 10 a. m. July 7 for the purchase at not less than par of $117,000
Denom. $1,000.
Dated July 1, 1936.
Principal
(Jan. 1 and July 1) payable at the County Treas¬
Due July 1, 1951; subject to call on and after Sept. 1, 1942.
Certified check for 1% of amount of bonds, required.
Delivery to be
made at Toledo on July 20.
Legality approved by Squire, Sanders &
Dempsey of Cleveland; their opinion may be obtained by the purchaser at
4%
refunding bonds.
and semi-annual interest
urer's office.
his own expense.
MAHONING COUNTY (P. O. .Youngstown), Ohio—BOND
SALE—
The $132,000 poor relief bonds offered on June 15—rV. 142, p. 3723—were
awarded to Stranahan, Harris & Co. of Toledo and McDonald-Coolidge &
Co. of Cleveland as 2s for a premium of $884.40, equal to 100.67, a basis of
1.86%.
Johnson, Kase & Co. of Cleveland, second high bidders,
a premium of $777 for 2s.
Dated June 1, 1936.
Due March 1 as
$13,000,
1937; $14,000,
1938; $15,000,
1939; $16,000,
1940;
$17,000, 1941; $18,000, 1942; $19,000, 1943; and $20,000, 194,4.
about
offered
follows:
NEW
BOSTON,
Ohio—BOND OFFERING—Gerald Wintersole,
City
Auditor, will receive bids until noon July 7 for the purchase at not less!
than par of $36,000 6% flood defense bonds.
Denom. $1,200.
Dated
July 1, 1936.
Interest payable semi-annually.
Due $1,200 yearly on
Oct. 1 from 1938 to 1967, incl.
Certified check for $360, payable to the
City Treasurer, required.
June 22 for the purchase of $95,000
BRENNA SCHOOL DISTRICT No. 13 (P. O. Grand Forks, R. F. D.
Box 1), N. Dak.—BONDS SOLD—A $4,000 issue of building bonds is said
to have been sold on June 6 to a local investor, as 4s, at a price of 101.25.
The Farmers & Merchants Bank,
notes
is reported to have been sold to the Wrachovia Bank & Trust Co. of WinstonSalem at 1 %.
Premium
Int. Rate
Bidder—
mium of
NILES,
i
Ohio—BOND SALE—The
$32,000
coupon
refunding
bonds
June 15—V. 142, p. 3723—were awarded to Nida, Schwartz &
Seufferle of Columbus as 3s at par plus a premium of $60, equal to 100.19,
offered
a
on
basis of about 2.97%.
Dated April 1, 1936 and due $4,000
from 1939 to 1946 inclusive.
on
April 1
Financial
4224
June 20, 1936
Chronicle
HILL, Ohio—BOND SALE—The $8,500 special assessment re¬
bonds offered on June 13—V. 142, p. 3723—were awarded to
& Co. of Columbus as 4Ms at par plus a premium of $53,
equal to 100.62.
Dated June 1, 1936, and due serially from 1937 to 1946,
OAK
funding
G. Parr Ayres
Oregon Municipals
inclusive.
(P. O. New Lexington), Ohio—NOTE SALE—
Commissioners have sold $65,000 bond anticipation notes to
National Bank of New Lexington.
COUNTY
PERRY
The County
the Peoples
Ohio-^OTHER BIDS—The $75,000 flood defense
the National Bank of Portsmouth as 3 Ms, at
also bid for as follows:
Bidder—
Int. Rate
Premium
Grau & Co., Cincinnati
—
—
3.25%
$247.55
Seasongood & Mayer with Van Lahr, Doll & Isphording, Inc., and Chas. A. Hinsch & Co., Inc., all of
\
PORTSMOUTH,
CAMP a CO., INC.
bonds awarded on June 10 to
par
plus a premium of $337.50, were
Cincinnati
3.25%
3.5%
3.5%
Bank & Trust Co., Cincinnati
First Cleveland Corp., Cleveland
The Security-Central National Bank of Portsmouth,
Portsmouth
136.85
487.50
240.00
4%
....
The Provident Savings
615.00
.
COUNTY (P. O. Akron), Ohio—FINANCIAL STATE¬
MENT—The following information is furnished by the County in connec¬
tion with the offering on June 19 of $168,000 poor relief bonds, previously
described in these columns:
SUMMIT
'
Statement of
Assessed valuation
Bonded Indebtedness
$340,859,980.00
5,964,728.50
a.
_
Total bonded debt
114,140.47
Cash value of sinking fund
Population:
344,131.
1930,
TRIMBLE, Ohio—BOND OFFERING—M. E. Christman, Village Clerk,
will receive bids until noon July 6 for the purchase at not less than par of
$8,000
4%
Dated
Dec.
1935.
1,
Denom. $320.
1.
Due $320
Certified check for $1,000, payable to
OREGON
1948, and
$4,000, 1942 and 1943; $5,000, 1944 and 1945; $6,000, 1946 to
$7,000 in 1949; provided, however, that all of said bonds which mature on
and after July 1, 1947, shall be subject to call and redemption on July 1
1942.
Principal and interest payable at the State's fiscal agency in New
York.
The approving opinion of Teal, Winfree, McCulloch, Shuler &
.•Kelley of Portland will be furnished.
A certified check for $1,100 mustaccompany the bid.
■,■: ;■
,•
:
Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on June 22 by C. R. Beardsley, City Recorder, for the purchase of
a $16,000 issue of sanitary sewer system bonds.
Interest rate is not to ex¬
ceed 5%, payable M. & S.
Denominations $500 and $100. Dated Sept. 1,
1936. Due on Sept. 1 as follows: $500, 1940 and 1941, and $1,000, 1942 to
1956 incl.
Principal and interest payable at the City Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of
Portland will be furnished.
A certified check for 3% of the bid, payable
to the city, is required.
MALIN,
street and sidewalk bonds.
Interest payable April 1 and Oct.
sewer,
coupon
yearly on Oct. 1 from 1937 to
the village, required.
1961.
Ohio—BOND OFFERING—John A. Jones. City Auditor,
July 3, for the purchase at not less than par of
$10,500 4% coupon sewer system and sewage disposal plant bonds.
Denom.
$500.
Dated July 1, 1936.
Interest payable March 1 and Sept. 1. Due
$500 each six months from March 1, 1937 to March 1, 1947, incl.
Certified
check for $105, payable to the city, required.
VAN WERT,
will receive bids until noon
WINDHAM, Ohio—BOND SALE—The $4,824.01 4M% street improve¬
bonds described below, which were offered on June 12—V. 142, p.
National Bank of Garrettsville at par.
Portland, Oregon
Building,
Porter
NOT SOLD—The $28,500 issue of 6%
refunding bonds offered on June 9—V. 142, p. 3391—was not sold,
according to the City Treasurer.
NORTH BEND, Ore.—BONDS
coupon
as no
bids were received,
WEST LINN,
until 7.30 p.m. on
Ore—BOND OFFERING—Sealed bids will be
July 1, by R. S. Millin, City Recorder, for the
receive
purchas
$69,888 issue of refunding bonds.
Interest rate is not to exceed 4%.
payable J. & J.
Dated July 1, 1936.
Due on July 1 as follows: $7,000,
1937 to 1945, and $6,*88 in 1946; optional after July 1, 1939.
Prin. and
int. payable at the City Treasurer's office.
The Approving opinion of
Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
A certified check for 3% of the amount biu, is required.
of
a
ment
3723—were awarded to the First
$4,000.00 South Main Street bonds.
Due $400 each six months
May 1, 1937, to Nov. 1,1941.
824.01 South Main Street bonds.
Due in substantially equal
annual instalments from May 1, 1937, to Nov. 1, 1941.
Dated May 1, 1936.
Interest payable semi-annually.
from
We
will buy
semi¬
CITY OF PHILADELPHIA
BONDS
OKLAHOMA
DISTRICT,
SCHOOL
ADDINGTON
Okla.—BOND
YARNALL & CO.
OFFERING—
Clerk of the Board of Education, will receive bids until
June 23, for the purchase at not less than par of $10,000 school
building bonds, which are to bear interest at rate named in the successful
bid.
Due $1,000 yearly, beginning three years after date of issue.
Certified
check for 2% of amount of bid, required.
H. A.
2 p.
Jackson,
m.
1528
Street
Walnut
Philadelphia
A. T. & T.
Arnett), Okla.—BOND OFFER¬
Chesnut, District Clerk, that he will receive
bids until 2 p. m. on June 23 for the purchase of an $8,000 issue of
bonds. Due $1,000 from 1941 to 1948 incl.
Teletype—Phila. 22
ARNETT SCHOOL DISTRICT (P. O.
ING—It is stated by A. V.
sealed
school
BLAINE COUNTY SCHOOL
City of
DISTRICT NO. 72 (P. O. Eagle City),
OFFERING—Harold F. Ward, District Clerk, will receive
less than par of $7,500
Okla.—BOND
bids until 12:30 p. m. June 22 for the purchase at not
school building bonds, which are to bear interest
PHILADELPHIA
at rate named in the
after date of issue,
Due $1,000 yearly beginning three years
successful bid.
except that the last instalment
Certified check for
shall amount to $1,500.
2% of amount of bid, required.
Moncure Biddle & Co.
CONSOLIDATED SCHOOL DISTRICT No.
11
(P. O. Russell), Okla.—BOND SALE—The $10,000 issue of school build¬
ing bonds offered for sale on June 15—V. 142, p. 4065—was purchased by
the First National Bank & Trust Co. of Oklahoma City, according to report.
CENTRALVUE
DALE
CONSOLIDATED
SCHOOL
DISTRICT
NO. 2
(P. O.
Shawnee, Route 1), Okla.—BOND SALE—The $20,000 issue of school
building bonds offered for sale on June 10—V. 142, p. 3901—was awarded
to the Borown-Cummer Co. of Wichita, according to the District Clerk.
HOOKER, Okla.—BOND OFFERING NOT CONTEMPLATED—It,
stated by the City Clerk that the city has agreed not to
within the next year the $50,000 municipal light and
is
place on the market
power plant bonds
approved by the voters on Jan. 21.
KONAWA, Okla.—BONDS DEFEATED—At the election held on
11—V. 142, p. 3724—the voters rejected the proposal to
to exceed 6%
semi-annual light and power plant
25 years.
not
June
issue $65,000 in
bonds.
Due in
LEEDEY, Okla.—BONDS SOLD—A $15,000 issue of town hall bonds
offered for sale on June 17 and was purchased by local investors, as
was
1520 Locust
PENNSYLVANIA
TOWNSHIP SCHOOL DISTRICT (P. O. Pittsburgh),
Pa.—BOND OFFERING—S. H. Noll, District Secretary, will receive sealed
bids at 3045 Churchview Ave., Pittsburgh, until 7.30 p m. (Eastern Stand¬
ard Time) on July 7 for the purchase of $52,000 not to exceed 3M% int.
coupon
school
bonds.
Dated Aug. 1,
1936. Denom. $1,000. Due
Aug. 1 as follows: $10,000, 1941; $15,000, 1946, and in 1951, and $12,000
in 1956.
Rate of int. to be expressed by the bidder in a multiple of M of
1%.
The bonds are registerable as to prin. and int. and will be payable,
together with semi-ann. int. (F. & A.) at the Fidelity Trust Co., Pittsburgh.
A certified check for $500, payable to the order of the District Treasurer,
must
accompany
each proposal.
The approving opinion of Burgwin.
Scully & Churchill of Pittsburgh will be furnished the successful bidder.
Issuance of the bonds is subject to approval of issue by the Pennsylvania
Department of Internal Affairs,
BALDWIN
6s at par, according to report.
COALDALE SCHOOL DISTRICT, Pa.—BOND
NEW CORDELL SCHOOL DISTRICT (P. O. New
Cordell), Okla.—
L. Brown, District Clerk, that he
will receive sealed bids until June 30 for the purchase of $24,000 schoe
bonds.
Due in 19 years.
These bonds were approved by the voters at ol
BOND OFFERING—It is stated by A.
election held on
June 9.
OKLAHOMA, State of—BOND ISSUES APPROVED— The Attorneyapproval to the following issues of
funding; $12,000 Woodward County funding; $7,227
Elk City funding, and $1,500 Ellis County School District No. 56 bonds.
General is reported to have given his
bonds: $45,262 Pryor
REED
JOINT
CONSOLIDATED SCHOOL DISTRICT
NO. 15
(P. O. Reed, Route 2), Okla.—BOND SALE—The $10,000 school building
15—V. 142, p. 4065—were purchased by
R. J. Edwards, Inc., of Oklahoma City, according to report.
bonds offered for sale on June
Okla.—BOND OFFERING—H.
STILLWATER,
sioner of Revenue and Accounting, will receive
J.
Nester,
Commis¬
bids until 1 p. m. June 23
for the purchase at not lass than par of $80,000 electric light plant improve¬
ment and extension bonds, which are to bear interest at rate named in the
and $28,000 in six years.
$26,000 in five years
Certified check for 2% of amount of bid required.
DISTRICT, Okla.—BOND OFFERING—
iR. D. Dockerty, Clerk of the Board of Education, will receive bids until
7:30 p. m. June 22 for the purchase at not less than par of $26,000 school
building bonds, which are to bear interest at rate named in the successful
bid.
Due $2,000 yearly, beginning three years after date of issue.
Certi¬
fied check for 2% of amount of bid required.
WOODWARD
SCHOOL
OREGON
BAKER, Ore.—BOND SALE—The $60,000 street intersection refund¬
3724—were awarded to the First
National Bank of Portland.
Half of the issue will bear interest at 2% and
the other half at 2M%.
The purchasers are paying a price of 100.019.
The Universal Bond & Mortgage Co. of Portland, second high bidder,
offered 100.27 for 2Ks.
Dated July 1, 1936.
Due $5,000 yearly on July 1
3.01%.
Dated July 1, 1936, and due as follows: $3,000,
1940; $8,000, 1941 and 1942; $12,000, 1943 to 1948, incl.;
1949 to 1953, incl., and $12,000 from 1954 to 1956, incl.
DERRY TOWNSHIP SCHOOL
1948.
BAKER, Ore.—BOND CALL—It is reported that 5% street intersection
bonds, numbered 1 to 60, are being called for payment at the Chase National
Bank in New York City on July 1.
Dated July 1, 1923.
Due on July 1,
1943; optional on July 1, 1933.
CURRY COUNTY (P. O. Gold Beach); Ore.—BOND OFFERING—
bids will be received until 1 p. m. on June 19 by O. A. Walker,
Sealed
County
purchase of a $53,000 issue of refunding bonds.
5M%. payable J. & J. Dated July 1, 1936.
follows: $2,000, 1938 and 1939; $3,000 1940 and 1941;
Clerk, for the
Interest rate is not to exceed
Due on July 1
as
1939; $5,000,
$11,000 from
DISTRICT (P.O. Lewistown), Pa.—
school building bonds offered on June 15
3724—were awardedjo the Russell National Bank of Lewistown
as 3s at a premium of $1,621, equal to 102.493, a basis of about 2.80%,
The Lewistown Trust Co. of Lewistown submitted the next high bid,
BOND SALE—The $65,000 coupon
—V. 142, p.
$1,371.50 premium for 3s.
Due as follows: $6,000, 1939; $2,000, 1940 to
1948; $3,000, 1949; $2,000, 1950 to 1952; $3,000, 1953; $2,000, 1954 and
1955; $3,000, 1956; $2,000, 1957; $3,000, 1958 to 1962; $5,000, 1963.
SCHOOL
FARRELL
DISTRICT,
Pa .—BOND SALE—'The issue of
$35,000 coupon school bonds offered on June 15—V. 142, p. 3724—was
awarded to E.H. Rollins & Sons of Philadelphia as 2Ms, at par plus, a
premium of $112, equal to
MEADVILLE
100.32.
Dated June 1, 1936.
SCHOOL DISTRICT,
Pa.—BOND SALE—The $120.-
offered on June 16—V. 142, p. 4066—were awarded
Singer, Deane & Scribner, Inc., of Pittsburgh at par plus a premium of
$4,941.60, equal to 104.11, a basis of about 2.37%.
Dated July 1, 1936,
and due $5,000 on July 1 from 1937 to 1960, incl.
000 2M % school bonds
to
SCHOOL
DISTRICT,
Pa .—BOND SALE— The
coupon bonds offered on June 15—V. 142, p. 3557—were
Dougherty, Corkran & Co. of Philadelphia at a premium of
$888, equal to 103.70, a basis of about 2.69%.
The Palmyra Bank &
Trust Co. of Palmyra, second high bidder, offered a premium of $721.
Dated Dec. 1, 1935.
Due Dec. 1 as follows: $1,000. 1941 to 1952; and
MIDDLETOWN
$24,000
3%
awarded
to
$3,000, 1953 to 1956.
Other
ing bonds offered on June 15—V. 142, p.
from 1937 to
SALE—The $175,000
3M% coupon bonds offered on June 15—V. 142, p. 4066—were awarded
to Stroud & Co. of Philadelphia at a price of 107.869, a basis of about
Due $26,000 in four years from date,
successful bid.
St., Philadelphia
bids
were
as
Bidder—
follows:
Premium I
Palmyra Bank & Trust Co
Leach Bros
E.
H.
Rollins
&
Sons
Bidder—
$721.001 Stroud & Co
Premium
$374.40
487.20|Bioren & Co__
347.76
384.001Peoples-Pittsburgh Tr. Co.. 196.80
MT. PLEASANT TOWNSHIP SCHOOL DISTRICT, Wayne County,
Pa.—BOND SALE—On June 10 the School Board sold $35,000 bonds to
the Honesdale National Bank of Honesdale at a premium
to
of $525, equal
101.50.
NICHOLSON TOWNSHIP SCHOOL DISTRICT
(P.
.
Smithfield
R. D. No. 3), Pa .—BOND OFFERING—E. E. Deffenbaugh, District
Secretary, will receive bids until 7:30 p. m. (Eastern Standard Time)
June 22 for the purchase of $10,000 3% revenue deficiency bonds.
Dated
Aug. 1, 1936. Interest payable Feb. 1 and Aug. 1. Due $1,000 yearly on
Aug. 1 from 1937 to 1946.
Certified check for $1,000, payable to the
district, required. Legal opinion will be furnished by the district, if required.
Volume
Financial
142
Chronicle
4225
NORWOOD, Pa.—BOND OFFERING—William J. A. Kimber, Borough
Secretary, will receive sealed bids until 7 p. m. (Eastern Standard Time)
on July 10 for the purchase of $10,000 3, 3M, 3J4, 3or 4%
coupon
fire fighting apparatus bonds.
Dated Aug. 10, 1936.
Denom. $1,000.
Due Aug. 1, 1966.
The bonds will be registerable as to principal only
and must all bear the same rate of interest.
Coupons payable in F. & A.
A certified check for 2% of the bonds bid for, payable to the order of the
Borough Treasurer, must accompany each proposal.
They will be issued
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
TENNESSEE
Municipal Bonds
EQUITABLE)
Securities Corporation
FUNDING ISSUE—An ordi¬
nance was scheduled for consideration of the City Council on June 16,
providing for an issue of $1,300,000 bonds to fund outstanding temporary
indebtedness, including contractors' claims and judgments for damages,
also the issue of $600,000 notes maturing this fall.
The bonds would
PITTSBURGH,
Pa.—PLANS LARGE
ROCKWOOD
SCHOOL
DISTRICT,
OFFERING—J.
Fa.—BOND
Rosco
Shanks, District Secretary, will receive bids until 1 p. m. July 15
for the purchase of $20,000 bonds.
Prin. and semi-ann. int. (J. & J. 1)
payable at the Union National Bank of Rockwood.
Due $1,000 yearly on
July 1 from 1941 to 1960, incl.
SCRANTON SCHOOL DISTRICT, Pa .—BOND OFFERING—J acob
Eckersley, District Secretary, will receive sealed bids until 8 p. m. (Eastern
Standard Time) on June 29 for the purchase of $600,000 2, 2M. 2H, 2%,
3, 3M or 3>£% coupon high school bonds. Dated May 1, 1936.
Denom.
$1,000.
Due $30,000
May 1 from 1937 to 1956 incl. Bidder to name
one rate of interest on all of the bonds.
Interest payable M. & N.
The
bonds are registerable as to principal only and will be issued subject to the
favorable opinion of Townsend, Elliott & Munson of Philadelphia. A certi¬
fied check for 2%, payable to the order of the District Treasurer, must
accompany each proposal.
on
SWATARA TOWNSHIP SCHOOL DISTRICT (P. O. Harrisburg
D.
No. 1), Pa.—BOND SALE—The $25,000 coupon school bonds
on June 15—V. 142, p. 3725—were awarded to the Capital Bank &
Trust Co. of Harrisburg at a premium of $203.20, equal to 100.8128.
Memphis
Knoxvflle
Chattanooga
mature in 20 years.
PROSPECT
PARK, Pa .—BOND OFFERING—Albert D. Forrest,
Borough Secretary, will receive sealed bids until 7 p. m. (Eastern Standard
Time) on July 10 for the purchase of $30,000 2%, 3, 334, or 3H% coupon
public improvement bonds.
Dated Aug.
1,
1936.
Denom.
$1,000.
Due Aug. 1, 1956.
The bonds will be registerable as to principal only
and must all bear the same rate of interest.
Coupons payable in F. & A.
A certified check for $600, payable to the order or the Borough Treasurer,
must accompany each proposal.
They will be issued subject to favorable
legal opinion of Townsend, Elliott & Munson of Philadelphia.
Nashville
New York
Birmingham
TENNESSEE
GALLATIN, Tenn.—BOND ELECTION—An election will be held on
June 22 for the purpose of voting on the question of issuing $45,000 factory
construction bonds.
HENDERSON, Tenn.—BONDS VOTED—By
residents
recently approved
system bonds.
a
proposal
distribution
to
vote of 176 to 6 the
$35,000 electric power
a
issue
«
MEMPHIS. Tenn.—BONDS OFFERED FOR INVETSMENT—Geo. B.
Gibbons & Co., Inc., New York, offered on June 19 $177,000 coupon 4%
bonds due Jan. 1,1955 to 1963, at prices to yield 2.90% to 3.00%, according
to maturity.
These bonds, issued for water purposes, are valid and legally
binding obligations of the city, payable from unlimited ad valorem taxes
levied against all the taxable property therein.
The bonds are legal
investment for savings banks and trust funds in New York State, according
to the bankers.
The financial statement of the city, as officially reported on May 2,
1936, showed total assessed valuation of $278,547,160 and net bonded debt
$21,574,748.
of
PARIS, Tenn.—BOND OFFERING—Sealed bids will be received until
10 a. m. on July 1, by Fred R. Balch, City Recorder, for the purchase of a
$20,000 issue of 3H% public improvement bonds. Denom. $1,000. Dated
March 1, 1936.
Due $1,000 from March 1, 1937 to 1956, optional on
March 1, 1946.
These bonds are registerable as to principal. They will
not be sold for less than par and accrued interest, plus cost of printig the
bonds and approving opinion.
A certified check for $500, payable to the
R
City Treasurer, must
offered
(These bonds were sold on May 22, as reported in these columns at that
time.—V. 142, p. 3725—but the sale was not consummated.)
E.
H.
Rollins
&
Sons
or
June 1, 1936.
Philadelphia were second high bidders.
Dated
on June 1 as follows: $2,000, 1937 to 1941, and
Due yearly
$3,000, 1942 to 1946.
PUERTO
ROCKWOOD, Tenn.—BOND SALE—The $3,000 issue of 5% coupon
park construction bonds offered for sale on June 15—V. 142,
semi-ann.
Dated July 1, 1936
ue
SULLIVAN
RICO, Government of—BOND SALE POSTPONED—We
are now informed that the sale of the $1,000,000 not to exceed 4^ % semi¬
annual coupon road and bridge construction bonds, originally scheduled for
June 17—V.
was
the bid.
B 3725—was purchased 1968, incl. a local investor.
$100 from 1939 to at par by
RICO
PUERTO
It
accompany
142, p. 4067—has been postponed indefinitely.
reported later that the sale of the above bonds probably will be
held about June 26.
It is
now
COUNTY (P. O. Blountville), Tenn.—CORRECTIONstated that at the election to be held on June 27, the amount ol
school construction bonds up for a vote will be $160,999, not
had been previously reported.—V. 142, p. 3393.
$235,000, as
TENNESSEE, State of—BOND SALE—The $371,000 refunding bonds
on June 15—V. 142, p. 3903—were awarded to a syndicate composed
Savings Bank of Chicago, the American National
Bank and Nunn, Shwab & Co., both of Nashville.
The successful bidders
offered a premium of $27.77, equal to 100.007. and stipulated that $250,000
bonds maturing in 1944 should bear interest at 2}£ % and $121,000 coming
due in 1945 should bear 3% interest, making a net interest cost of about
2.68%,
Dated July 1, 1936.
The Northern Trust Co. of Chicago offered
offered
of the Harris Trust &
ISLAND
RHODE
PAWTUCKET, R. I.—PROPOSED BOND ISSUE—The City Council
has passed an order to
issue $200,000 bonds to establish a new fire and
Mayor John F. Quinn stated that he would veto
police signal system.
the order unless it is thoroughly explained to him.
RHODE
ISLAND
(State
a
SALE—The issue of $300,000
on June 19 was awarded
to Halsey, Stuart & Co., Inc., of New York at a price of 110.765, a basis
of about 1.27%.
Dated Dec. 2, 1935, and due $150,000 on Dec. 1 in
3 % coupon or
of)—BOND
registered public works bonds offered
1942 and 1943.
MARKETS APPRAISALS INFORMATION NORTH CAR0UNA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
KIRCHOFER
&
ARNOLD
INCORPORATED
RALEIGH, N. C.
A. T. T. TELETYPE RLGH
SOUTH
CHARLESTON,
S.
80
CAROLINA
C.—BOND
ELECTION
NOT
SCHEDULED—
It is stated by Joseph C. Barbott, City Clerk, that no petitions have been
drawn up as yet requesting an election to vote on the proposed issuance
premium of $2,252 for 3s.
The
following is
an
official tabulation of the other bids received:
Name of Bidder—
Cleveland Corp.
Rate Bid
Price
First
and Mitchell, Herrick & Co.,
Cleveland, and Weil, Roth & Irving, Cincinnati
3%
$374,079.30
First of Michigan Corp., Stone & Webster and Blodget,
Inc., and R. S. Dickson & Co., Inc
3%
375,042.53
Robinson, Webster & Gibson, Inc., Cumberland Se¬
curities Corp. and Wells-Dickey Co. of Minneapolis.
%
372,011.00
Blyth & Co., Inc., Chicago" and Jack M. Bass & Co.,
Nashville.
-3%
373,953.16
Commerce-Union Bank, Nashville
—3%
375,650.00
Lazard Freres & Co., Inc., New York, and Third Na¬
tional Bank, Nashville
3%
374,212.86
Lazard Freres & Co., Inc., New York, and Third Na¬
tional Bank, Nashville
*
*
Chemical Bank & Trust Co., New York; Equitable Se¬
curities Corp., Nashville; First National Bank of
Memphis and Union Planters Nat. Bank & Trust Co_2
%
372,183.49
Bancamerica-Blair Corp. and Phelps, Fenn & Co.,
New York, and Nashville Securities Co., Nashville..3%
374,891.79
Halsey, Stuart & Co., Inc., New York; Gray, Shillinglaw & Co. and J. W. Jakes & Co., Nashville, and
Hamilton National Bank, Chattanooga
—2H%
372,910.65
*
$372,584.17 for $250,000 bonds at 3% interest and $121,000 bonds
at 2%% interest.
of $1,000,000 in water works system bonds, mentioned in these columns
recently—Y. 142, p. 4067.
HARLEYVILLE SCHOOL DISTRICT NO. 9 (P. O. Harleyville),
S. C.—BONDS NOT SOLD—An issUe of $18,000 not to exceed 5% semi-ann.
school bonds was offered for sale on June 16 but was not sold
as all the bids received
were rejected.
Denom. $1,000.
Dated June 1,
TEXAS BONDS
Coupon
1936.
Bought
—
Sold
—
Quoted
Due in 20 years.
NINETY SIX, S. C.—BOND CALL—It is announced by W. B. Jeter,
H. C. BURT & COMPANY
Town Clerk and Treasurer, that electric light bonds numbered 1 to 10, and
13,
are being called for payment at par and accrued interest at the Central
Hanover Bank & Trust Co. of New York City on July 1, on which date
cease.
Dated July 1, 1916.
Incorporated
interest shall
Houston, Texas
Sterling Building
ROCK HILL, S. C.—BOND OFFERING—It is reported that sealed bids
will be received by the City Clerk, until July
issue of 4% semi-ann. sewer bonds.
1, for the purchase of a $15,000
TEXAS
SOUTH
CAROLINA, State of—BONDS SOLD BY RFC—The $460,000
bonds offered by the Reconstruction Finance Corporation at public
sale on June 18, as noted in these columns recently—V. 142, p. 3892—
were awarded to Gertler & Co., Inc., of New York, and F. W.
Craigie &
Co. of Richmond, at a price of 108.55, a basis of about 3.09%.
The issues
4%
are
divided
as
follows:
Due from July
1,
1936
1950.
1956.
BONDS OFFERED FOR INVESTMENT—'The
successful
bidders reoffered the above bonds for general investment at prices to yield from 1 %
for the 1937 maturity to 3.15% for the last four maturities, the first
maturity having been withdrawn from the offering.
SOUTH CAROLINA, State of—LAWS PASSED BY LEGISLATURE—
The State
Legislature has enacted laws to require payment of excess credit
Federal estate taxes to the State, to regulate the sale of securities in the
State, to reduce the tax on wine of 14% alcohol by weight or 21 % by volume,
and under, from 80 cents to 32 cents a gallon, and to permit banks to own
their own buildings, prohibited under an emergency law.
on
SOUTH
•
V
(P. O. Jourdanton),
SOUTH SHORE INDEPENDENT SCHOOL DISTRICT NO. 38,
S. Dak.—BOND OFFERING—H. M. Schoepp, Clerk of the School Board,
will receive bids until 1 p. m. June 26 for the purchase of $18,000 4% re¬
Due $1,000 yearly
on
K.
1924, due in 1948, optional in 1934, in the amount of $36,000.
It is
reported that these bonds will be refunded into a like amount of 4><j%
bonds maturing
$3,000
a year over a
period of 12 years.
AUSTIN, Texas—BOND SALE DETAILS— In connection with the sale
of the $350,000 3% school bonds to the American National Bank of Austin,
at a price of 101.071, reported in these columns recently—Y. 142, p. 3903—
it is stated by the Director of Finance that the bonds are more fully de¬
scribed as follows: Dated Jan. 1, 1936.
Due on Jan. 1 as follows: $13,000,
1937 and 1938; $14,000, 1939 and 1940; $15,000, 1941 and 1942; $16,000,
1943 and 1944; $17,000, 1945 to 1947; $18,000, 1948; $19,000, 1949 and
1950; $20,000, 1951 and 1952; $21,000. 1953 and 1954; $22,000, 1955, and
$23,000 in 1956.
Prin. and int. payable at the City Treasurer's office or
at the Chase National Bank in New York.
Legality approved by Thom¬
son, Wood & Hoffman of New York.
Basis of about 2.88%.
AUSTIN, Texas—BOND SALE—It is stated by Geo. C. Grant, Director
that a syndicate headed by the American National Bank of
purchased the $404,000 3% semi-annual electric light and
bonds approved as to legality recently, as noted in these
columns—V. 142, p. 4067.
Dated Jan. 1. 1936.
Due as follows:
$50 000,
1937 to 1940, and $51,000, 1941 to 1944,
The price paid for the bonds
was 101.25, giving a basis of about 2.70%.
Austin,
the District Clerk.
funding bonds.
Dated July 1, 1936.
1938 to 1955; subject to redemption
with the W.
Ewing Co. of San
refunding of 5H% road, series A, bonds dated July 15,
said to have entered into a contract
of Finance,
DAKOTA
CODINGTON COUNTY SCHOOL DISTRICT NO. 52 (P. O. Watertown), S. Dak.—BOND SALE—A $2,400 issue of 4% semi-ann. school
bonds was offered for sale on June 15 and was purchased by the First
Citizens National Bank, of Watertown, at a price of 100.66, according to
.
ATASCOSA COUNTY ROAD DISTRICT NO. 4
Antonio for the
50,000 Sanatorium bonds.
Due from July 1, 1936 to 1953.
125,000 State Training School for the Feeble Minded bonds.
Due from
July 1, 1936, to 1959.
260,000 State Hospital for the Insane bonds. Due from July 1, 1936 to
•
Administration.
Texas—BOND REFUNDING CONTRACT—'The Commissioner's Court is
$25,000 School for the Deaf and Blind bonds.
to
ARP, Texas—BONDS SOLD—It is stated that $11,000 4% semi-annual
sewer system
bonds have been purchased at par by the Public Works
on
July 1 from
any int. payment date.
sewer
has
revenue
FLOYDADA, Texas—BONDS VOTED—The voters are said to have
approved recently the issuance of $120,000 in electric light plant bonds.
GARZA COUNTY ROAD
DISTRICT NO. 3
(P. O. Post), Texas—
BOND CALL—It is stated by Mrs. Annie Ellis, County Treasurer, that
the following 5H % bonds are being called for payment at the office of the
State Treasurer on July 15, on which date interest shall cease:
4226
Financial
$3,500 special road, series A bonds,
Denom. $100.
Numbered 1 to 35.
36,500 special road, series B bonds.
Denom. $500.
Number 36 to 108.
Dated June 19, 1924.
Due on June 19, 1954; optional at any time after
June 19,
1934.
H1LLSBORO, Texas—BOND SALE—The City Council has arranged
with the Colonial Trust Co. and the Citizens National Bank
of Hillsboro
for the sale of $75,000 4%
refunding bonds, which will mature
yearly for
18 years.
Chronicle
1936
on June 16—V.
142, p. 3904—was awarded to the State of Washington,
according to the County Treasurer.
Due in from 2 to 15 years, optional
No other bid was received.
after five years.
WENATCHEE
RECLAMATION
DI TRICT
(P. O. WenatcheeL
-onnection with the $170,000 4H%
bonds reported sold recently—V. 142, p. 4068—
it is stated by the District Treasurer that they were purchased by Drumheller, Ehrlichman & White of Seattle at par.
Due $10,000 from Jan. 1,
1938 to 1954, inclusive.
Wash.—BOND SALE DETAILS—In
semi-annual
HOUSTON, Tex.—BOND ISSUANCE CONTEMPLATED—It is re¬
ported that the city will issue $550,000 in exposition building bonds, to be
used in conjunction with a Public Works Administration
grant.
June 20,
STEVENS COUNTY SCHOOL DISTRICT NO. 80 (P. O. Colville),
Wash.—BOND SALE—The $8,500 issue of school bonds offered for sale
LAREDO, Tex.—BONDS NOT SOLD—We are informed by U. S. Agee,
that the three issues of 424% semi-ann. bonds
aggregating $55,000, offered on June 16—V. 142, p. 4067—were not sold
as all the bid were rejected.
The reasons for this action were that the
city is not authorized to sell its bonds at less than par and accrued
interest,
and that the published notice of sale did not
give sufficient details for the
refunding
Assistant City Attorney,
$52,000
STATE OF WEST VIRGINIA Road
information of prospective bidders.
The two highest bids received were:
Rauscher, Pierce & Co. of Dallas, offered 98.25; G. L. Simpson & Co. of
Dallas, bid par less a commission of $840.
The issues are divided as follows:
$25,000 sanitary
$14,000 storm sewer, and $16,000 street imp. bonds.'
sewer;
LONGVIEW
INDEPENDENT SCHOOL
Texas—BOND SALE—The $35,000
view),
Due 1946-56 at
DISTRICT
school
(P.
O.
F. W. CRAIGIE & COMPANY
Long-
construction
4y2s
2.50-2.70% and int.
Richmond, Va.
bonds
mentioned in these columns recently—V.
142, p. 4067—were purchased by
the First National Bank of
Longview, as 3s at par, according to the Superin¬
tendent of Schools.
Due in 19
Phone
3-9137
A. T. T. Tel. Rich. Va. 83
years.
MIDLAND INDEPENDENT SCHOOL DISTRICT
(P. O. Midland),
Tex.—BONDS VOTED—At the election on June 6—V.
142, p. 3725—the
approved the issuance of the $75,000 in school con¬
WEST
voters are said to have
struction bonds.
NEW
land purchase bonds which
were
of
park
the
to
New
approved by the voters at a recent elec¬
Bank and the Guaranty State
Braunfels,
at
VIRGINIA
O.
Charleston),
W.
Va .—BONDS DE~_
proposal that the county issue $2,200,000 school construe
bonds was rejected by the voters on May 12, a vote of 17,108
17,095 "against" being short of the 60% majority required for
"for"
to
passage.
plus
par
expenses.
Denom. $500.
Dated Aug. 1, 1936.
Interest payable Feb. 1 and Aug. 1.
Principal and
interest payable at the First National Bank of
New Braunfels.
The issue
WISCONSIN
will mature
serially for 30 years, $19,500 becoming due in the first 10 years,
$26,000 in the next 10 years and $34,500 in the last 10.
During the first
10 years all the bonds will bear
3%, during the second 10 year period the
remaining bonds will bear interest at 3 )4 %, and during the last decade
4%.
Bonds not retired at the end of 20
years will be subject to call after that time.
ODESSA SCHOOL DISTRICT (P. O.
Odessa), Tex.—BONDS VOTED
^—At the election held on June 5—V. 142, p. 3725—the voters approved the
issuance of the $86,000 in school
bonds, according to report.
/TEMPLE,
Texas—CORRECTION—We are informed by W. B. Hoyle,
City Clerk, that he is not familiar with an election scheduled for the near
future to vote on the issuance of
$800,000 in light and power plant construe
tion bonds, as reported in these columns
recently—V. 142, p. 4067.
WACO, Texas—BONDS SOLD—It
is
reported by the
V. 142, p. 1516.
Due on Oct. 1 as follows:
1956 to 1964, and $1,750 in 1965.
COLBY, Wis.—BOND SALE— The $25,000 3%
sewage bonds offered
142, p. 4068'—were awarded to Bartlett, Knight & Co. of
Chicago at par plus a premium of $333.25. e:iual to 101.333, a basis of about
2.86%.
The Milwaukee Co. of Milwaukeo was second high with an offer
to pay a premium of $150.
Dated July 1, 1936.
Duo $1,000 yearly on
July 1 from 1937 to 1956, except in the years 1940, 1944, 1948, 1952 and
1956, in which years $2,000 will be payable.
$2,000, 1936 to 1955; $3,000,
June 16—V.
on
LA CROSSE COUNTY
(P. O. La Crosse), Wis .—NOTES CALLED—
It is announced by R. W. Davis, Chairman of the County Board, that the
county is calling for payment on July 1. on which date interest shall cease,
1M % corporate purpose notes, numbered 1 to 15, in the amount of $150,000.
Denom. $10,000.
Dated Jan. 1, 1936.
Due on July 1, 1937.
Payable at
the office of the County Treasurer.
City Secretary
that the city has purchased the $68,750
4% semi-ann. street bonds approved
by the voters at the election held last December, as noted in these columns—
WAELDER
(P.
tion program
coupon
First National
both
COUNTY
FEATED—A
BRAUNFELS, Texas—BOND SALE—The $80,000
tion have been sold
Bank,
KANAWHA
COUNTY
POLK
(P.
O.
Balsam
Lake),
Wis .—BOND OFFERING—
It is stated by V. A. Hansen, County Clerk, that he will receive sealed bids
until 2 p. m. on June 30,
for the purchase of a $58,000 issue of 3% semiann.
highway improvement bonds.
Denom. $1,000.
Due on May 1 as
follows:
$50,000, 1939, and $8,000 in 1940.
(An issue of $100,000 highway improvement bonds was sold on May 19,
as reported in these columns at that time—V.
142, p. 3560.)
-
SCHOOL
DISTRICT
(P.
O.
Waelder),
Texas—BOND
SALE DETAILS—In connection with the sale of the
$44,000 4% semi-ann.
school bonds to the Public Works
Administration, at par, as reported here
recently—V. 142, p. 3903—it is stated by the District
Secretary that the
bonds are dated Oct. 1, 1935, and mature on
Oct. 1 as follows:
$1,000,
1936 to 1951, and $2,000, 1952 to 1965.
*
RICE
LAKE, Wis.—BOND ELECT I ON—In connection with the report
fiven here recently that the City Council had authorized theisissuance by
59,000 in 3% school building bonds—V. 142, p. 3904—it
stated of
T. G. Hoff, City Clerk, that an election will be held on June 25 to vote on
the approval
OFFERINGS
of these bonds.
SUPERIOR,
WANTED
$172,000
issue
of
refunding
on June 16—V. 142, p. 3560—was awarded to Robin¬
Inc. of Chicago as 324s, paying a premium of $2,050, equal to
basis of about 3.68%.
Dated July 1, 1936.
Due from July 1,
& Co.,
son
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
101.19,
a
1939 to 1956.
MUNICIPALS
of
Chicago,
The second nigaest bid was submitted by A. S. Huyck & Co.
tender of $164.41 premium, on 324s.
a
VILLAGE
ELM
FIRST SECURITY TRUST CO.
AND
OF
ELMWOOD,
WESTON,
TOWNS
JOINT
OF
SCHOOL
SPRING
DISTRICT
LAKE,
NO. 6,
ROCK
Wis.—
BOND
OFFERING—Sealed bids will be received until 3 p. m. on June 30,
by Joe Johnson, Clerk of the Board of Education, for the purchase of a
SALT LAKE CITY
Phone Wasatch 3221
Wis.—BOND SALE—'The
bonds offered for sale
$30,890 issue of school bonds.
Bell Teletype:
SL K-37
Interest rate is not to exceed 3%, payable
Denom. $1,000, one for $890.
Dated July 1, 1936. Due on April 1
A. & O.
follows:
as
$1,890 in
1937;
$2,000,
1938
and
1950,
to
$3,000. in 1951.
Bonds maturing after April 1, 1,946. to be redeemable at the option of the
district at par and accrued interest on April 1, 1946, and thereafter.
Prin.
and int. will be payable at any suitable bank or trust company designated
UTAH
COUNTY (P. O. Nephi), Utah—BOND SALE—An issue of
$20,000 refunding bonds was sold
recently to Ure, Pett & Morris and Snow,
Bergin & Co. of Salt Lake City at 2% interest for a
premium of $970.66,
equal to 104.8533.
by the purchaser.
The approving opinion of Junell, Driscoll, Fletcher,
Dorsey & Barker, of Minneapolis, will be furnished.
A certified check for
least $600, payable to A.
B. Schuler, Treasurer, must accompany
at
the bid.
VERMONT
SWANTON, Vt.—BOND SALE—The $100,000
offered
on
June
16—V.
Corp.
as 3s, at a pr
1936 and due July 1
coupon
Canadian
refunding bonds
142, p. 3904—were awarded to the First Boston
102.05, a bas s of about 2.55%.
Dated July 1,
ce of
as
follows:
from 1945 to 1956 incl.
Other bids were
as
Int.Raie
Arthur Perry & Co..
E. H. Rollins & Sons
Montpelier National Bank
.
Markets
follows:
Bidder—
First National Bank-.
Municipals
Information apd
$7,000 from 1941 to 1944 incl. and $6,000
_
_
Ballou, Adams & Whittemore, Inc...
Jenks, Gwynne & Co
Coffin & Burr, Inc.
Burr & Co
C. F. Childs & Co-
Rate Bid
3%
3%
3%
3%
3%
314%
314%
31^%
3y2%
101.783
100.635
100.385
100.368
100.269
101.149
100.888
100.88
BRAWLEY, GATHERS & CO.
KING
28
ST.
ELGIN
WEST, TORONTO
6438
CANADA
100.762
ALBERTA (Province of)—SCALE OF REDUCED INTEREST RATES
copy
of order-in-council of the Alberta Government authorizing
—A
reduced
VIRGINIA
BRENTSVILLE
William
County,
MAGISTERIAL
is
DISTRICT,
Prince
AUTHORIZED—The County
School
authorizing the district to issue $25,000 school
Va.—BONDS
Board has passed a resolution
in
a
payments on the Province's debt, shows that reduction
minimum of 2% int.
Table of rates of computation of pay¬
on the securities of the Province follows: 6)4%
respect of int.
reduced to
3)4%: 6% to 3%, 5)4% to 224%; 5% to 2)4%: 4)4% to 2)4%;
4% to 2%; 3)4%, to 2% and 3% to 2%.
refunding bonds.
DUFFERIN COUNTY
SUFFOLK, Va.-—BOND SALE—The $100,000 issue
bonds offered for sale on June
Investment Corp. of Norfolk,
1936.
interest
50% with
ments
SCHOOL
Due from July 1,
of coupon refunding
15—V.
142, p. 3726—was awarded to the
according to the City Clerk.
Dated July 1,
1937 to 1969.
The issue of
was
awarded
(P. O. Orangeville), Ont —BOND SALE—
on June 16—V. 142, p. 3726—
$62,000 3)4% bonds offered
L.
J.
to
Graham
Due serially from 1936 to 1950,
Other bids were as follows:
Bidder—
A. E. Ames & Co
Harrison & Co
...
&
Co.
Oregon
—
Idaho
—
Rate Bid
SPOKANE
Teletype—SPO 176
SEATTLE
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
Wash.—BOND OFFERING—Mary Ellison,
in 15 years.
City Clerk,
will
SEATTLE, Wash.—BOND CALL■—H. L. Collier, City Treasurer, is
said to be calling for payment from June 12 to June
24, various local
102.00
101.53
....
-
-
-
101.29
101.27
101.07
99.277
LAPRAIRIE, Que.—BOND OFFERING—L. J. Bourdon, SecretaryTreasurer, will receive sealed bids until June 22 for the purchase of $36,000
4% improvement bonds dated July 2, 1936, and due in 30 years; optional
receive bids until 8 p. m. July 10 for the purchase of
$1S,000 5% general
obligation bonds.
Denom. $500.
Certified check for 5% of amount of
bid required.
improvement district bonds.
102.07
101.55
GRAND
MERE, Que.—BOND SALE—1The issue to $69,600 bonds
offered on June 17—V. 142, p. 4068—was awarded to L. G. Beaubien &
Co. of Montreal as 3 J4s, at a price of 95.40, a basis of about 3.93%.
Dated
May 1, 1936, and due serially on May 1 from 1937 to 1966 inclusive.
WASHINGTON
PASCO,
102.27
..—....;
...
Ferris & Hardgrove
price of 102.537.
—
...
Montana
a
—
.
_
—
at
J
Griffis, Fairclough & Norsworthy.
Dyment, Anderson & Co
Fry & Co
R. A. Daly & Co.
McTaggart, Hannaford, Birks & Gordon
C. H. Burgess & Co
Dominion Securities Corp
NORTHWESTERN MUNICIPALS
Washington
of Toronto
incl.
,r
■
TECK AND LIBEL TOWNSHIPS ROMAN CATHOLIC SEPARATE
SCHOOL DISTRICT (P. O. Kirkland Lake), Ont— BOND OFFER¬
ING—The Board of Trustees will receive sealed bids until 6 p. m. on June 22,
for the purchase of $55,000 524 % school bonds.
Dated Sept. 1, 1936. Due
in 20 annual instalments.
Principal and semi-annual interest payable at
the
Royal Bank of Canada's branch in Kirkland Lake.
legal opinion.
Purchaser to furnish
@FedFRASER